There will be a global cryptocurrency, but not bitcoin says EX Goldman Sachs - page 3.

pitiflin

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Quote from: SuperD007 on May 09, 2018, 02:26:32 AM

I think that much like fiat currencies, there will be multiple global cryptocurrencies that will enjoy mass adoption.

The difference is that these currencies will not be bound by imaginary borders within specific countries like fiat currencies.

Technically we are in such a situation. Bitcoin and every other crypto is global. Anyone can use it. It is not bound by imaginary borders. There is mass adoption of bitcoin and the other cryptos. So what is this discussion all about?

HabBear

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Of course it won't be Bitcoin, according to Goldman Sachs, it would have to be a Goldman Sachs created cryptocurrency. They'll keep denying and it'll just bring great free press and push people to the strongest competitor against the big banks.

Any believer in Bitcoin, any hodler, knows that the big banks can redeem themselves through simply adopting blockchain to find a way to make more money.

Saying "I believe in blockchain, but Bitcoin isn't going to survive" is the most cliche response from corporations and governments. They can't accept the great idea, unless it comes from their own brain trust.

eaLiTy

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Quote from: sarajahon on May 09, 2018, 02:15:03 AM

Cohn believes that world will have global cryptocurrency in future but it will not be a Bitcoin.
The future will have simpler global cryptocurrency

The solution for a simpler global cryptocurrency is available with bitcoin, they need some great front end development and wallets that can be used by anyone and it will happen in the near future, even now we have mobile wallets which is easy to use and transact the coins without much fuss and i am sure in the future we will have some integration with mobile phones where you could send money to your contacts with the help of an app which could link every contacts to the wallet.

Quote

“I'm not a big believer in bitcoin. I am a believer in blockchain technology. I do think we will have a global cryptocurrency at some point where the world understands it and it's not based on mining costs or cost of electricity or things like that”.

He has the wrong idea about things as the price of bitcoin is not based on mining cost or cost of electricity, it is simply supply and demand.

BChydro

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Finally they admit that some cryptocurrency will be traded globally in the future and it is a contrast on what they said earlier about the entire market, if they can come out and claim that bitcoin wont be the globally traded currency in the future, which decentralized coins have that ability, they can just close their eyes and say anything but the world will move on.

brickafterbrickwalldpt

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There is nothing difficult in using Bitcoin, especially if you use a proper wallet. People don't need to understand how mining works. Is he trying to say that we will have something similar to Ripple as a global currency? That wouldn't be so interesting. Some governments may try to aim for cryptocurrencies which are partialy centralised. Bitcoin does not allow them to block certain transactions and wallets so it shouldn't surprise anyone that they are against it. PoW might be not a good solution. There are many other protocols which could be used

Slow death

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Quote from: sarajahon on May 09, 2018, 02:15:03 AM

I'm not a big believer in bitcoin.

this responds because he said all these things and I do not understand why the hell these news channels still care about negative opinions of these guys who just want to appear on the news channels

Quote from: RodeoX on May 11, 2018, 02:14:50 PM

Let me guess, "Sach's bucks" are the crypto of the future. Roll Eyes

hahahaha

he hates bitcoin so I do not doubt that hatred will make him commit the madness of creating his own altcoin, it would be something like Bitcoin Sashs ( Bsahs)

Quote from: ABCbits on May 11, 2018, 02:13:25 PM

Yet another "expert" who even don't know how bitcoin works at all. He don't even why Bitcoin use PoW as it's protocol consensus & difference between required mining electricity and electricity used to mine.
Furthermore, Bitcoin (and most cryptocurrency without complex feature) can be understood and used easier just by make a wallet with good UI/UX and open-source Roll Eyes

DooMAD

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Quote from: dupee419 on May 11, 2018, 02:16:13 PM

I do think that bitcoin lacks on some aspects, first of all its feature of being anonymous, how cam you expect that the global cryptocurrency would be allowed go this if it ever become the global crypto, and I akso think that because of this people can secretly make. illegal transactions

You've heard of these things called banknotes, right? Is your name attached to each transaction you make with those? Is something preventing people from secretly making illegal transactions with a stack of cash? How would that ever be allowed to become a global norm? I assure you, the world already knows how to cope with anonymous money. We've had it for some time.

However, Bitcoin isn't anonymous. Bitcoin is pseudonymous, tied to addresses and recorded publicly for all to see. Considerably less anonymous than cash is.

Quote from: ABCbits on May 11, 2018, 02:13:25 PM

Yet another "expert" who even don't know how bitcoin works at all. He don't even why Bitcoin use PoW as it's protocol consensus & difference between required mining electricity and electricity used to mine.
Furthermore, Bitcoin (and most cryptocurrency without complex feature) can be understood and used easier just by make a wallet with good UI/UX and open-source Roll Eyes

Bingo. Anyone who doesn't understand it naturally assumes it'll be easy to make something "better". But the fact is, they always have a poor notion of what "better" actually looks like. No doubt they'll make a walled-garden-currency, try to pass it off as a cryptocurrency with some flashy marketing and some benighted fools might think that's great for a while, but eventually it'll go wrong because all centralised systems are prone to corruption. I'm looking forward to the spectacle. All the while, real crypto will be getting stronger.

We know they're wasting their time, they just haven't caught on yet.

European Central Bank

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i think he has some valid points such as needing to address volatility, burning electricity, simplicity and ease of use.

but these are all things that bitcoin itself is likely, and incentivized, to solve for itself given enough time. by the time goldman coin is out bitcoin will have a decade or two of history, much wider adoption, most flaws dealt with and will have worked almost perfectly 24/7 since inception. that's quite some catching up to do.

dupee419

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At some point I do think that bitcoin lacks on some aspects, first of all its feature of being anonymous, how cam you expect that the global cryptocurrency would be allowed go this if it ever become the global crypto, and I akso think that because of this people can secretly make. illegal transactions but I do hope that devs can change their features and make btc more promising.

RodeoX

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The revolution will be monetized!

Let me guess, "Sach's bucks" are the crypto of the future. Roll Eyes

ABCbits

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Yet another "expert" who even don't know how bitcoin works at all. He don't even why Bitcoin use PoW as it's protocol consensus & difference between required mining electricity and electricity used to mine.
Furthermore, Bitcoin (and most cryptocurrency without complex feature) can be understood and used easier just by make a wallet with good UI/UX and open-source Roll Eyes

richardsNY

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Quote from: Argoo on May 11, 2018, 01:46:37 PM

As much as we do not want bitcoin to be a single global crypto currency, this will not happen, because bitcoin can not eliminate its high volatility.

Volatility is only present because of how immature this market is, and that eventually will change. It's impossible to obtain a total form of stability, but nothing in the world is completely stable -- fiat currencies can jump up and down significantly in value against each other as well, so there is no real difference technically. People blatantly assume that just because Bitcoin's price is volatile right now it will stay like that for ever, but that's not the case. Bitcoin currently still is somewhat of a niche in different ways, but that niche layer will make place for a more professional ruled market. The less short term minded individuals this market counts, the better it will be for the market in the long run.

Argoo

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As much as we do not want bitcoin to be a single global crypto currency, this will not happen, because bitcoin can not eliminate its high volatility. The global crypto-alaith can only be an adjustable centralized crypto currency, which will not have high volatility. It is the stable crypto-ala price that can be used in interstate settlements.
Citizens, of course, can use any crypto currency, so they will later use different crypto currency with good functionality.

greenvally

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Yes I believe so. There will be a common cryptocurrency that will be widely accepted and used as common medium of transaction. I hope then it will be more popular on the world.

DooMAD

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The only way to create a "simpler" global cryptocurrency is to sacrifice all the favourable qualities that make Bitcoin useful. Bitcoin isn't complicated for the sake of it. It's complicated because it solves the Byzantine Generals' Problem, because it's neutral and self-governing, because it works without any one person or company in control. I've always been fond of this particular quote to summarise what that means:

Quote from: https://dealbook.nytimes.com/2014/01/21/why-bitcoin-matters

Bitcoin gives us, for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate.

If you want to make it simple, it means you're willing to discard all of that and more. You can't cut corners and expect the result to be of equal quality and value. But then I wouldn't expect any of Trump's advisors to be intelligent enough to realise this. Just because Cohn can't understand how Bitcoin works, it doesn't mean people aren't going to use Bitcoin. Few people in the world truly understand the inner workings of automated clearing houses, for example, but it doesn't prevent the average person from utilising those on a daily basis, likely blissfully unaware of their existence.

Peoples' ignorance does not detract from the beauty of Bitcoin. It just means they'll be late to the party while they're wasting their time trying to come up with something simpler (but worse).

salinaangel

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It is also similar with crypto currency. There are multiple crypto currency available in the world. But this currencies are not legal all the countries.

nickmax

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I do not think that in the near future there will be some kind of crypto currency, which will be able to beat bitcoin in popularity and become generally accepted throughout the world. Yes, when such a coin appears exactly, it is easy to predict, but I think this will not happen for another 20 years.

fuer44

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although some of the world's top executives do not really believe in bitcoin investments, but they all believe in the blockchain technology that's on bitcoin and maybe it will be applied in the future. I've also heard that local banks in my country will use blockchain as their technology.

croptodic

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Yes, there can be a global cryptocurrency and this is the need of the age. There should be a decentralized digital currency. But Goldman said ther will be a cryptocurrency but that will not be bitcoin. Bitcoin is the oldest crypto and I think this should be that global currency but Goldman said the reverse in the article. Lets look forward to future anything is possible in crypto.

availcrypto

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This theory seems kind of interesting and more helpful for the investors. It's good to see Cryptocurrency being accepted by many influential people. But Bitcoin has sustained all this way in the market. Though recently it went through some downside, but I guess Bitcoin will rise again and prove its worth.

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