Goldman Sachs Report Says Bitcoin Could Shape 'Future of Finance'

amiryaqot

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Quote from: maku on March 20, 2015, 12:27:09 AM

Quote from: Bit_Happy on March 18, 2015, 11:42:11 PM

Goldman Sachs ends up destroying many of the things they promote, but they will not be able to do that to Bitcoin.

Bitcoin in a way is very similar to internet. You can't destroy internet as a whole. But you can make awful websites, provide idiotic services and start questionable project linked with internet. So I am now worrying that something like that can happen to bitcoin now.

agreed with you bitcoin is not just a crypto currency now, bitcoin is more than crypto currency because bitcoin already has changed the whole scenario of old currency transaction with so many restrictions, Bticoin is a way of freedom.

MF Doom

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Quote from: PolarPoint on March 23, 2015, 01:11:53 PM

Golden Sachs are not to be trusted. They were fined $550 million for misleading investors in a subprime mortgage product as the housing market began to collapse a few years back. They are no "impeccable moral compasses"

Quote

Merchant adoption of bitcoin could rise in coming years, the report found. The analysts conducted a survey with the Electronic Transactions Association that found 23% of merchants planned to accept bitcoin within the next 24 months.

The part about 23% of merchants interviews planned to accept bitcoin is interesting. Nearly 1 in 4? That is big for bitcoin.

I'm not sure it will necessarily mean for price increase though. Price stability, yes. Price rise, probably, but a slow gradual one.

PolarPoint

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Golden Sachs are not to be trusted. They were fined $550 million for misleading investors in a subprime mortgage product as the housing market began to collapse a few years back. They are no "impeccable moral compasses"

Quote

Merchant adoption of bitcoin could rise in coming years, the report found. The analysts conducted a survey with the Electronic Transactions Association that found 23% of merchants planned to accept bitcoin within the next 24 months.

The part about 23% of merchants interviews planned to accept bitcoin is interesting. Nearly 1 in 4? That is big for bitcoin.

Frijj

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I honestly really don't care what Goldman Sachs has to say about bitcoin. I suppose positive things from them may open the door to other bitcoin skeptics or doubters, though.

Quote from: maku on March 20, 2015, 12:27:09 AM

Quote from: Bit_Happy on March 18, 2015, 11:42:11 PM

Goldman Sachs ends up destroying many of the things they promote, but they will not be able to do that to Bitcoin.

Bitcoin in a way is very similar to internet. You can't destroy internet as a whole. But you can make awful websites, provide idiotic services and start questionable project linked with internet. So I am now worrying that something like that can happen to bitcoin now.

Like what? But it wouldn't matter anyway. You can create whatever services you want around or to be used with bitcoin but whether they're bad or good ideas is up to the market to decide.

MF Doom

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Quote from: maku on March 20, 2015, 12:27:09 AM

Quote from: Bit_Happy on March 18, 2015, 11:42:11 PM

Goldman Sachs ends up destroying many of the things they promote, but they will not be able to do that to Bitcoin.

Bitcoin in a way is very similar to internet. You can't destroy internet as a whole. But you can make awful websites, provide idiotic services and start questionable project linked with internet. So I am now worrying that something like that can happen to bitcoin now.

To be honest I think it is happening now in some sense. Major large exchanges have gone down, lost/stolen lots of money, and shaken confidence in cryptocurrency. Thats not to say crypto in general is bad, but clearly there are a lot of people running "businesses" that should not be. Its happened many times on this forum alone.

maku

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Quote from: Bit_Happy on March 18, 2015, 11:42:11 PM

Goldman Sachs ends up destroying many of the things they promote, but they will not be able to do that to Bitcoin.

Bitcoin in a way is very similar to internet. You can't destroy internet as a whole. But you can make awful websites, provide idiotic services and start questionable project linked with internet. So I am now worrying that something like that can happen to bitcoin now.

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: Incryptex on March 19, 2015, 10:25:08 PM

I see where you're coming from and I know there are many more than those two. Unfortunately we have an unlimited memory for wrong-doing. Things like $6000 shower curtains last forever. However the other 5 million or more people in the financial services space from bank tellers to your 401k advisor or securities lawyer would be a more accurate representation. Equally most of the people even at Goldman. The problems are not the people or even the .1% of bad apples, it literally boils down to an unaccountable, fractionally reserved monetary system with no oversight or checks or balances or even audits. No business built on this foundation can ever have the chance to be regarded as credible. The negative actions and fines against HSBC, Barclays, JP Morgan and all the others, masks the source of the actual problem, the World Reserve Currency. Unfortunately it was designed with the best of intentions but the path to hell has been paved with those.

There was never any good intentions. The American Founding Fathers prohibited central banks from tainting the New World. Such corrupt banking systems have been known for many centuries. They infect nations by claiming to solve economic problems with easy pain-free solutions. They are the drug lords of finance.

thew3apon

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they are correct, there has been so many lucrative and high esteemed individuals for over 3 years now saying bitcoin will do well,

Incryptex

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I see where you're coming from and I know there are many more than those two. Unfortunately we have an unlimited memory for wrong-doing. Things like $6000 shower curtains last forever. However the other 5 million or more people in the financial services space from bank tellers to your 401k advisor or securities lawyer would be a more accurate representation. Equally most of the people even at Goldman. The problems are not the people or even the .1% of bad apples, it literally boils down to an unaccountable, fractionally reserved monetary system with no oversight or checks or balances or even audits. No business built on this foundation can ever have the chance to be regarded as credible. The negative actions and fines against HSBC, Barclays, JP Morgan and all the others, masks the source of the actual problem, the World Reserve Currency. Unfortunately it was designed with the best of intentions but the path to hell has been paved with those.

Bit_Happy

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A Great Time to Start Something!

Quote from: Incryptex on March 18, 2015, 11:59:34 PM

You know, we tend to disagree with that. Everyone we have ever personally known in finance houses like Goldman (never knew anyone in Goldman directly) have had impeccable moral compasses. They woke up each and every morning to do the best job they could to provide credit, or figure out a profitable strategy for their company, what-have-you. Goldman and the others are not evil (although Blankfein has made some borderline satanic references), what makes them appear less than credible is the instrument that underwrites their entire business.

How can you create a solid business built on the foundation of a baseless trust?

If you take these same types of infrastructures and build them upon the foundation of a publicly accountable ledger, I assure you they will operate flawlessly and the perception of their purpose will change dramatically. This will take 50 to 100 years but it can happen.

Good luck running a financial institution when today you had to search around for the word "patience" in order to gauge your VAR. This kind of foolishness is not how mankind should operate its money supply.

"Impeccable moral compasses" in major finance houses like Goldman?
Assuming you are serious:
Both the Enron scandal and Bernie Madoff had huge numbers of industry insiders (at "finance houses like Goldman") who either knew, or should have known, that they were clearly doing something wrong by helping sell the expensive lies.

croato

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I dont like that guys as i dont like any financial leach but this is good for Bitcoin and no matter i like them or not that guys know what they talk about for sure.

NUFCrichard

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Quote from: Jamacn on March 19, 2015, 04:53:29 AM

Quote from: Bit_Happy on March 18, 2015, 11:42:11 PM

Goldman Sachs ends up destroying many of the things they promote, but they will not be able to do that to Bitcoin.

Goldman Sachs are all liars

Goldman Sachs are incredibly schrewd, they might make statements to move markets in their favour and do some morally questionable work, but at the end of the day they make money, even when markets are going downwards.

If I was a banker, I would want to work for them.
I am happy to see they see a big future for bitcoin, I'd rather have them with us than against us!

Undermood

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Quote from: Jamacn on March 19, 2015, 04:53:29 AM

Quote from: Bit_Happy on March 18, 2015, 11:42:11 PM

Goldman Sachs ends up destroying many of the things they promote, but they will not be able to do that to Bitcoin.

Goldman Sachs are all liars

yes, they hype up anything what they could get profit from! Pump and dump tactic is their common way to grab a chunk of profit from others' unfortunate investors!

Jamacn

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Quote from: Bit_Happy on March 18, 2015, 11:42:11 PM

Goldman Sachs ends up destroying many of the things they promote, but they will not be able to do that to Bitcoin.

Goldman Sachs are all liars

Incryptex

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You know, we tend to disagree with that. Everyone we have ever personally known in finance houses like Goldman (never knew anyone in Goldman directly) have had impeccable moral compasses. They woke up each and every morning to do the best job they could to provide credit, or figure out a profitable strategy for their company, what-have-you. Goldman and the others are not evil (although Blankfein has made some borderline satanic references), what makes them appear less than credible is the instrument that underwrites their entire business.

How can you create a solid business built on the foundation of a baseless trust?

If you take these same types of infrastructures and build them upon the foundation of a publicly accountable ledger, I assure you they will operate flawlessly and the perception of their purpose will change dramatically. This will take 50 to 100 years but it can happen.

Good luck running a financial institution when today you had to search around for the word "patience" in order to gauge your VAR. This kind of foolishness is not how mankind should operate its money supply.

Bit_Happy

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Activity: 2114

Merit: 1040

A Great Time to Start Something!

Goldman Sachs ends up destroying many of the things they promote, but they will not be able to do that to Bitcoin.

LakeBTC

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LakeBTC.com

It’s always music to our ears when pieces like this is out there, it’s good for the ecosystem, the $84bn opportunity for payments between business and consumer is just a starter, it’s the debate about bitcoin that matters, the more adaptation by general public, the better. Some of the bitcoin exchanges such as LakeBTC is one the optimistic for bitcoin’s long term development, and they never adopt high-risk products, because security has always been their strong suit and priority, which makes the trading environment there much safer under the circumstances.

http://www.coindesk.com/goldman-sachs-report-says-bitcoin-could-shape-future-of-finance/

Topic: Goldman Sachs Report Says Bitcoin Could Shape 'Future of Finance' (Read 1666 times)