Cryptocurrency death watch

[brainhulk]

http://fortune.com/2018/02/07/bitcoin-price-usd-prediction-goldman-sachs-cryptocurrency/

according to a Feb. 5 note featuring a Q&A with Goldman Sachs head of Global Investment Research Steve Strongin. Strongin says that he believes most cryptocurrencies will ultimately fall to zero as current iterations are “too primitive” to be viable in the long term. Transactions are costly and lengthy, and cybersecurity issues plague the current cryptocurrency infrastructure.

How long before they go to zero?

 

[VirtualLarry]

"and cybersecurity issues plague"

O, RLY? Last I heard, the NiceHash hack, was accomplished by poor security practices, and social engineering, and not through any real software hole or error in the protocol's security. (I'm not saying that there aren't any, but just that, so far, it's proven pretty secure overall.)

You also need to take that article with a big grain of salt, and put it into perspective - that the bigger banks, and some countries, don't really approve of the decentralized nature of current CCs, and want to introduce their own centralized competitors, that they control.

So, for that reason alone, I don't see existing CCs dropping all the way to zero, any time soon.

Sure, the current-gen of code bases could probably use some upgrades in various areas, and most of them are still 1st-gen, in terms of performance.

 

[Zeze]

This supposed expert doesn't even distinguish the diff between cryptocurrency and blockchain.

And I agree with him bitcoin sucks. It's slow and costly.

OP seems to be typically unaware that bitcoin is just a surface of crypto. You got tons of other newer iteration of coins that are much faster and cheaper. (Nano, ethereum, REQ, etc)

Look at how many crypto we have. Top 20 are mostly solid projects with all different applications. Some have nothing to with currency but just blockchain as a service.
https://coinmarketcap.com

Blockchain = invented combustion engine
Bitcoin = 1 car maker using engine

If that car maker sucks, there are tons of other cars. Also there are tons of things you can do with combustion engine outside of cars (planes, lawn mowers, power generators, etc)

 

[KB]

http://fortune.com/2018/02/07/bitcoin-price-usd-prediction-goldman-sachs-cryptocurrency/

How long before they go to zero?

Many of them already have. Go to https://www.worldcoinindex.com/trending/overview and see just how many are trading below 1 penny (effectively $0.00). This page only lists the ones that survived, many others have never completely taken hold.

Heres a list of all the ponzi cheme coins that are now almost worthless:
https://www.reddit.com/r/CryptoCurr...is_a_list_of_crypto_ponzi_schemes_and_people/

"and cybersecurity issues plague"

O, RLY? Last I heard, the NiceHash hack, was accomplished by poor security practices, and social engineering, and not through any real software hole or error in the protocol's security. (I'm not saying that there aren't any, but just that, so far, it's proven pretty secure overall.)

Are you saying Social engineering isn't a cybersecurity issue? I would disagree. Its actually one of the most common forms of cyberhacking. Just because it isn't a buffer overrun or remote exploit, doesn't mean its not cybersecurity related.

 

[cbrunny]

There is literally zero possibility of a non-regulated crypto ever becoming ubiquitous, and no government in their right mind would ever turn over minting operations to a bunch of decentralized computers. That doesn't even begin to make sense.

crypto is for speculating and smuggling. everyone knows this.

 

[MrSquished]

Bring back the video cards!

 

[BudAshes]

The real problem with them is the way they are created. The idea that they are made by wasting energy seems daft in this day and age of trying to conserve energy..

 

[momeNt]

Goldman Sachs, show us your shorts!!!

I'll believe somebody when they take up a large short position against one of the big coins. They can be famous like when Soros broke the Bank of England.

Chase calls it a fraud, but doesn't take up a short, Goldman Sachs says they will fail, but no short. Words are wind, and this is getting pathetic.

 

[ultimatebob]

I don't think that they'll ever go to 0. The criminal underworld will always need a way to launder money and make payments outside of government overreach, and crypto seems to be popular for that.

I could see a day where most privately minted cryptocurrency gets regulated to the point where they only get used for dark web transactions, though.

Besides, I'd be amazed if IBM and Goldman Sachs aren't working on their own blockchain project right now.

 

[Zeze]

Besides, I'd be amazed if IBM and Goldman Sachs aren't working on their own blockchain project right now.

They are. It's no secret.

Also Google "USC crypto" all the mega banks are having a joint venture in a common blockchain (hsbc state street jpm etc)

 

[PricklyPete]

Goldman Sachs, show us your shorts!!!

I'll believe somebody when they take up a large short position against one of the big coins. They can be famous like when Soros broke the Bank of England.

Chase calls it a fraud, but doesn't take up a short, Goldman Sachs says they will fail, but no short. Words are wind, and this is getting pathetic.

Jamie Dimon thinks cryptos in general is a fraud, but not block chain technology.

As crbunny already mentioned, any corporate/government entity would be fool hardy to buy into a decentralized/unregulated platform.

 

[momeNt]

Jamie Dimon thinks cryptos in general is a fraud, but not block chain technology.

As crbunny already mentioned, any corporate/government entity would be fool hardy to buy into a decentralized/unregulated platform.

My point is, these guys have the capability to make an enormous amount of money if they would just put money behind their predictions. The fact that they aren't actively betting against any coin specifically shows that they actually are truly uncertain of the outcome. Warren Buffet was at least honest in saying, I don't believe in them, but I'm not taking short positions against them.

 

[ImpulsE69]

The way I look at it, if you have to go thru an exchange, and can be taxed on it, it has failed its goal.

 

[MistaFreeze]

The way I look at it, if you have to go thru an exchange, and can be taxed on it, it has failed its goal.

With you on that.

 

[BudAshes]

The way I look at it, if you have to go thru an exchange, and can be taxed on it, it has failed its goal.

Well that goal would be anarchy. So it's a pretty stupid ass goal.

 

[ponyo]

Jamie Dimon thinks cryptos in general is a fraud, but not block chain technology.

As crbunny already mentioned, any corporate/government entity would be fool hardy to buy into a decentralized/unregulated platform.

Jamie Dimon
9/11/17 Bitcoin is fraud: drops to ~$4,100
1/09/18 I regret calling Bitcoin a fraud: closes at $14,760.

You have to learn their snake speak language. When he called it a fraud, that was him saying I need to drop the price so I can buy in without it taking off. When he said it's not a fraud, that's his speak for "Suckers, I'm cashing out so I need to say something positive so the market stays up while I cash out."

Goldman Sachs have perfected this game so if you see Goldman recommend something, that's your signal to get out.

 

[momeNt]

The way I look at it, if you have to go thru an exchange, and can be taxed on it, it has failed its goal.

There are decentralized exchanges - they are not nearly as mainstream as coinbase as people are currently mostly programmed to think in the way of centralization. If you want though you can certainly keep your tax footprint non-existent.

 

[Arcadio]

There is literally zero possibility of a non-regulated crypto ever becoming ubiquitous, and no government in their right mind would ever turn over minting operations to a bunch of decentralized computers. That doesn't even begin to make sense.

crypto is for speculating and smuggling. everyone knows this.

When the same thing keeps being repeated every few weeks for the past 8 years, and crypto STILL doesn't die, it might be time to give up waiting for them to die and admit the fact that this technology is indeed useful, it solves problems, and it will grow more over time.

 

[cbrunny]

When the same thing keeps being repeated every few weeks for the past 8 years, and crypto STILL doesn't die, it might be time to give up waiting for them to die and admit the fact that this technology is indeed useful, it solves problems, and it will grow more over time.

I'm sorry, which government has adopted bitcoin as official currency?

 

[[DHT]Osiris]

When the same thing keeps being repeated every few weeks for the past 8 years, and crypto STILL doesn't die, it might be time to give up waiting for them to die and admit the fact that this technology is indeed useful, it solves problems, and it will grow more over time.

Date: 2432.

The robot uprising took place 37 weeks ago, and since, the global population has dropped by over 97%. The last bastion of mankind exists in San Francisco, where the commercially-run US Cyber Command was headquatered prior to the machines declaring war on humanity. The only thing that saved them was the relatively heightened levels of cyber security personnel who were able to prevent many of the systems from being hacked into and remotely controlled by the machines.

Somewhere within the city of wires and dead dreams, a young admin re-established connectivity to a long-disused system. Not recognizing the name, he calls upon one of the elders to decipher his discovery.

'Hah', he says, looking at a squiggly line chart 'I knew Bitcoin would eventually die out'.

Four days later, an EMP detonates over San Francisco. Humanity falls soon after. Bitcoin is still trading, because it amuses the machines.

 

[Zeze]

I'm sorry, which government has adopted bitcoin as official currency?

Read my first reply in this thread.

 

[Crono]

"Goldman Sachs"

Sounds like a trustworthy brand. Right up there with Wells Fargo.

 

[VirtualLarry]

Are you saying Social engineering isn't a cybersecurity issue?

Not with Bitcoin or other CCs themselves. Perhaps, it's an issue for organizations, like exchanges, and whatnot, that have employees, but the original context implied that there were
"cybersecurity issues" with Bitcoin itself, somehow.

 

[zinfamous]

Jamie Dimon
9/11/17 Bitcoin is fraud: drops to ~$4,100
1/09/18 I regret calling Bitcoin a fraud: closes at $14,760.

You have to learn their snake speak language. When he called it a fraud, that was him saying I need to drop the price so I can buy in without it taking off. When he said it's not a fraud, that's his speak for "Suckers, I'm cashing out so I need to say something positive so the market stays up while I cash out."

Goldman Sachs have perfected this game so if you see Goldman recommend something, that's your signal to get out.

Absulotely. I find it to be the only predictable alrogithm in the entire market: What kind of influence is GS deliberitely trying to exploit?