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|This is interesting, but I'd not focus on Bitcoin too much. This could be a test-bed for Goldman for something much bigger, because central banks are seriously

by drcross 11y ago

|This is interesting, but I'd not focus on Bitcoin too much. This could be a test-bed for Goldman for something much bigger, because central banks are seriously thinking about digital, potentially Bitcoin style, currencies. So bitcoin without the bitcoin? Have a think about what you said and what attributes bitcoin lacks that don't qualify it for widespread adoption. The narrative that's being pushed by the media is that bitcoin is almost perfect but unfortunately the big guys can't use it. The reason is that they can't print more of it, for free, on a whim.

ggguntha 11y ago
Exactly. The mechanism that makes bitcoin what it is - which is that mathematically it cannot be 'printed' without substantial effort and complications - is the only 'issue' to the old guard, the elite, the current power structure. The media is either diligently covering the given talking points or they know that bitcoin is a threat to the power structure and play up doubt about bitcoin to appease. Its only a matter of perspective between thinking this one 'weakness' is a fundamental flaw or a feature that offers the most significant contribution to human financial liberty in the last six thousand years. The cat is out of the bag and the privileged few will NOT be liking this cat!
yc1010 11y ago
Well banks used to use gold as an asset and then give loans on top of that, nothing stopping anyone making Bitcoin IOUs on top of bitcoin holdings. The problem is the same that was solved by banks hundreds of years ago, why would someone store gold with them instead of storing it at home, replace gold with bitcoin in previous sentence ;) Anyways this might explain Goldman Sachs involvement, when one puts bitcoin into Circle you do not control the keys (the "gold" is no longer yours) you get a Bitcoin IOU and you put your trust in Circle, down the road once Circle have millions of users they could offer a lending service and/or make it easier for people to get into stocks (and hence Goldman Sachs profit) and other investments
- imaginenore 11y ago
  > why would someone store gold with them instead of storing it at home 1) Security 2) Insurance There's insured Bitcoin storage already: https://www.elliptic.co https://www.elliptic.co
- jasonisalive 11y ago
  You can't send perfectly divisible quantities of gold halfway around the world in seconds. You also can't store gold in your brain and thus move unlimited quantities of gold across national borders undetected. Furthermore, unlike gold, Bitcoin storage and transaction signing needs can and will be satisfied by low-cost dedicated computing units, opening the freedom to store bitcoin to any who wish to use it, and the chance of possessive governments successfully trying to prevent people from doing so is about as likely as governments stamping out smartphone use.
  - yc1010 11y ago
    You don't need to "sell" bitcoin to me :) I use it almost daily since 2011-2012 ;)
- zhte415 11y ago
  Indeed. This setup could work well as a repo or stock loan and trying out market making in such a currency agreement.
zhte415 11y ago
> So bitcoin without the bitcoin? Have a think about what you said and what attributes bitcoin lacks that don't qualify it for widespread adoption. I did provide a link, and quoted from it, and even included the page number. It asks about attributes and adoption, the questions you ask.

by drcross 11y ago

ggguntha 11y ago

Exactly. The mechanism that makes bitcoin what it is - which is that mathematically it cannot be 'printed' without substantial effort and complications - is the only 'issue' to the old guard, the elite, the current power structure. The media is either diligently covering the given talking points or they know that bitcoin is a threat to the power structure and play up doubt about bitcoin to appease. Its only a matter of perspective between thinking this one 'weakness' is a fundamental flaw or a feature that offers the most significant contribution to human financial liberty in the last six thousand years. The cat is out of the bag and the privileged few will NOT be liking this cat!

yc1010 11y ago

Well banks used to use gold as an asset and then give loans on top of that, nothing stopping anyone making Bitcoin IOUs on top of bitcoin holdings. The problem is the same that was solved by banks hundreds of years ago, why would someone store gold with them instead of storing it at home, replace gold with bitcoin in previous sentence ;) Anyways this might explain Goldman Sachs involvement, when one puts bitcoin into Circle you do not control the keys (the "gold" is no longer yours) you get a Bitcoin IOU and you put your trust in Circle, down the road once Circle have millions of users they could offer a lending service and/or make it easier for people to get into stocks (and hence Goldman Sachs profit) and other investments

imaginenore 11y ago
> why would someone store gold with them instead of storing it at home 1) Security 2) Insurance There's insured Bitcoin storage already: https://www.elliptic.co https://www.elliptic.co
jasonisalive 11y ago
You can't send perfectly divisible quantities of gold halfway around the world in seconds. You also can't store gold in your brain and thus move unlimited quantities of gold across national borders undetected. Furthermore, unlike gold, Bitcoin storage and transaction signing needs can and will be satisfied by low-cost dedicated computing units, opening the freedom to store bitcoin to any who wish to use it, and the chance of possessive governments successfully trying to prevent people from doing so is about as likely as governments stamping out smartphone use.
- yc1010 11y ago
  You don't need to "sell" bitcoin to me :) I use it almost daily since 2011-2012 ;)
zhte415 11y ago
Indeed. This setup could work well as a repo or stock loan and trying out market making in such a currency agreement.

zhte415 11y ago

> So bitcoin without the bitcoin? Have a think about what you said and what attributes bitcoin lacks that don't qualify it for widespread adoption. I did provide a link, and quoted from it, and even included the page number. It asks about attributes and adoption, the questions you ask.