BITCOIN: COHN, TRUMP’S EX-ADVISOR PREDICTS A GLOBAL CRYPTOCURRENCY

in #cryptocurrency6 years ago (edited)

Gary Cohn, an ex-advisor for Donald Trump, has aired his views on the future of Cryptocurrency. Though Gary Cohen claims that he does not really believe in the world leading cryptocurrency Bitcoin, he has admitted that he is a fan of the blockchain technology and he expects that in the future a global cryptocurrency is going to emerge.  

  "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."These were the words of Gary Cohn who is The former COO(chief operating officer} of Goldman Sachs, who has also served as the director of the National Economic Council and was the chief economic advisor to President Donald Trump in 2017 and 2018  

  Bitcoin is a very popular cryptocurrency, and it relies heavily on its miners. It uses a lot of electricity, and in last October, its electricity costs were estimated to reach 6.7 million dollars. Bitcoin also has an overall complex working mechanism, Cohn expects that the global cryptocurrency of the future is going to be much simpler and easier to understand.  

  Cohn is a believer in blockchain technology and is optimistic in that a blockchain-based cryptocurrency will emerge at a global level, but he doesn’t believe in the mechanisms used by the popular cryptocurrency Bitcoin. Bitcoin has been storming the news with its valuations; it has failed though to achieve its to deliver on its promises of being a free, easy, decentralized, self-governed and borderless cryptocurrency. The world still yearns for a cryptocurrency that can deliver on these promises globally. Can Bitcoin be the one? Cohn doesn't think so.  

  Cohn doesn't seem to believe in the POW(point of work) used by Bitcoin and other cryptocurrencies. He might be suggesting that a POS(point of stake)mechanism is going to be the right approach. This is vivid in his remarks that the global cryptocurrency coming is not gonna be based on mining costs, electricity costs or anything like that.  

  Goldman Sachs, Cohn's former employers, seem to believe the opposite. They have announced their plans to start a Bitcoin trading division. When confronted with this, Cohn said that Goldman Sachs should do whatever they believe is in the interest of their shareholders.  

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Bitcoin NEVER will be defacto currency of the world. Bitcoin is plagued with people who just seeks profits using power hungry miners, if bitcoin were to change to Proof of stake, THAT would be defacto currency, but its not happening as miners who have to suicide voting for a BIP like that, so Bitcoin is doomed to fail in the end. Now, by other hand, ethereum has PoS future and is well known as bitcoin, i am positive that ethereum will take over the world

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