Ex-Goldman President: We Will Have a Future Global Crypto, but It Won’t be Bitcoin
From NewsBTC
The Cryptocurrency of the Future Will be Simpler to Use Speaking to CNBC’s ‘Squawk on the Street‘ Gary Cohn, the ex-Goldman president, said that he wasn’t a big believer in the number one digital currency, but was in the potential of the blockchain, adding:Read more: https://www.newsbtc.com/2018/05/08/ex-goldman-president-we-will-have-a-future-global-crypto-but-it-wont-be-bitcoin/“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.”
Even though bitcoin is steadily gaining more mainstream traction, there are still issues with it such as high transaction volumes. As a result of this, Cohn is of the opinion that the cryptocurrency of the future will be much easier to use than bitcoin is at the moment.
“It will probably have some blockchain technology behind it, but it will be much more easily understood how it’s created, how it moves and how people can use it,” he said.
Cohn’s remarks come at a time when there is heightened interest from financial establishments and their push into the cryptocurrency market. The New York Times reported at the beginning of the month that Goldman Sachs was taking steps to use its own money to trade with clients in a number of contracts linked to the price of bitcoin.
This is a bit of a mixed bag of confidence in the technology and it's usefulness in the global financial system while also taking a bit of a swipe at bitcoin. I tend to agree that the future hold's a fiat crypto but I think bitcoin will be there as well. It makes sense that countries will need to have some control measures to help manage economies and keep a stable digital currency but that doesn't mean bitcoin as a store of value has to go away. Look at our current legacy system which has all kinds of fiat currencies yet still finds a place to value gold. At this point bitcoin will most likely always hold some sort of value if even only as a collector's item. I doubt that though I think there will come a day when owning a single bitcoin will be akin to being a billionaire. I don't think I'll still be living during this time but hopefully one of my heirs won't have spent all the bitcoin before it happens.
Leave your thoughts in the comments below.
Follow @contentjunkie to stay up to date on more great posts like this one.
Click one of the links below to signup for a free crypto trading account
Fair talk from Gary Cohn.
I agree with most of what he said.
I also hope it will not be blockchain either, but DAG or something else that is better.
POW is a bad choice for a global scale verification of transactions.
I also hope, and may turn to be correct, both due to energetic/efficiency considerations, that full recordings of transactions histories will be eradicated.
No need for it.
Costs are too high.
Whomever wants it should keep complete documentations for themselves.
Most of Bitcoins worth today stems from potential derived hardforks like Bitcoin Cash, Bitcoin Gold and from dividends/airdrops like Byteball.
This is also a major part of Ethereum's worth.
You got a 37.97% upvote from @proffit courtesy of @stimialiti!
Send at least 0.01 SBD/STEEM to get upvote , Send 1 SBD/STEEM to get upvote + resteem
You got a 100.00% upvote from @luckyvotes courtesy of @stimialiti!
You got a 11.76% upvote from @luckyvotes courtesy of @stimialiti!
You got upvoted from @adriatik bot! Thank you to you for using our service. We really hope this will hope to promote your quality content!
You got a 14.03% upvote from @steembloggers courtesy of @stimialiti!
You got a 59.41% upvote from @proffit courtesy of @stimialiti!
Send at least 0.01 SBD/STEEM to get upvote , Send 1 SBD/STEEM to get upvote + resteem
@youtake pulls you up ! This vote was sent to you by @stimialiti!
Most chances that I can't predict the future. But it will come...
We shall see if a Government Backed Crypto can compete against the free market. Never in history has such a simple comparison been able to be made. I for one am voting on the free market Bitcoin and others. End the Fed and Government Monopolies.
That's right, it won't be bitcoin, BECAUSE IT'S GONNA BE STEEM!!
Hey @contentjunkie
interestingly they said:
Is this really an argument we can take seriously? I mean is it really in the banks interest to get everybody understanding the money system? If yes, why do we have our current system, which isn't understood by many people out there.
I think Henry Ford was right when he said:
People are not supposed to understand this system and it would probably never change if we act in the interest of the banks..
The union of technology and economics has emboldened many people from the finance world to predict the future of crypto just because they are ‘experts’ on one side of the equation. Well, I’m familiar with the other more important side. One word: Dumbasses. #DontTrustGoldmanThugs
This post has received a 9.72 % upvote from @boomerang.