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Doesn't matter one single bit. Goldman Sachs can't mine gold and control its physical supply, but they sure can play with its market price. So they can drive do
by aviv 9y ago
Doesn't matter one single bit. Goldman Sachs can't mine gold and control its physical supply, but they sure can play with its market price. So they can drive down the futures price and then hoard physical bullion on the cheap if they have a large institution or country wanting to accumulate gold reserves. Rinse, repeat. Finance 101.
- etr-strike 9y agoExcept clients don't need a third party to store their Bitcoin, unlike gold. Additionally, the blockchain is a public ledger -- anyone can audit it.
- MadSudaca 9y agoAlso, bitcoin as it stands right now is pretty useless compared to other cryptocurrencies. The value of bitcoin long-term is tied to the core team's ability to make the necessary changes to the protocol and to do it fast before another currency overtakes the lead of the cryptosphere. This is not gold, this is a world of software that changes and evolves constantly. The bubble for bitcoin might burst soon, but other coins that provide actual value will take its place.