>"We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency: they are neither a medium of exchange, nor a unit of measurement, nor a store of value."
"A medium of exchange is an intermediary instrument used to facilitate the sale, purchase or trade of goods between parties. For an instrument to function as a medium of exchange, it must represent a standard of value accepted by all parties. In modern economies, the medium of exchange is currency."
Bitcoin is a medium of exchange in a small set of economic actors (all parties within this subset use it to facilitate the sale purchase or trade of goods between themselves) It is a medium in exchange only as much as it has a network effect. Right now usability is not as widely adopted as fiat currency in MOST countries (venezuela is getting there). Anything can be a medium of exchange in a group as small as two parties if they agree on it. This is just flat out spin. They are playing on the fact that people will read definitions like the one above and assume "all parties" means everyone in the world or everyone in the domestic economy of a given state currency area.
"A unit of account in economics is a nominal monetary unit of measure or currency used to represent the real value (or cost) of any economic item:
Bitcoin by definition is a unit of measurement, or unit of account as it is always referred to in this context except in this instance. Goldman likely chose that wording on purpose so that if someone stated the obvious, that it literally is the bitcoin network's unit of account they could say "it doesn't measure anything". this would be irrelevant. bitcoin can be transacted in amounts which translate to the cost of an economic item in trade very easily. it is the one thing bitcoin is very good at.
"A store of value is the function of an asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved."
This is the element they're not completely bullshitting on. Bitcoin is a speculative commodity at the current time more than a store of value. It has a lot of risk. Risk is volatility. To get high returns there needs to be a lot of risk. If bitcoin scaled and was widely adopted it COULD be a store of value. It is heading in the right direction. It's down 60% from its peak in USD 7 months ago, but it's up 15x from 2 years ago. To buy and use it now is to make the choice to participate in a system that could become a store of value with wider adoption. there is a risk that it might not become more widely adopted. there is a large reward if it were to, as the implied price per unit of account would settle at a much higher rate than the present price
>"Importantly, we continue to believe that such declines will not negatively impact the performance of broader financial assets, because cryptocurrencies represent just 0.3% of world GDP as of mid-2018," the report said. "In fact, we believe that they garner far more traditional media and social media attention than is warranted."
Goldman wants normies with 401ks and 30 year old boomers on robinhood to make the choice not to participate, because they would be less powerful in a world where bitcoin was widely adopted. The USD is currently the most widely adopted currency globally and is the international reserve currency. Goldman is a primary dealer. They are the equivalent of "Dollar Miners" through the treasury bond process that silently robs the non-moneyed classes through inflation. I'm not a commie so I can't hate on them for that. But I do see through their ruse. They want it forgotten. Personally, I'm not going to listen to them.
Joshua Watson
I hope bitcoin never moves north ever again to be desu. It's too much to hope for those. Institutional investors are crypto babbies mostly in the "xD guess ill buy me sum o dat bitcorn to get sum exposure. mebbe sum 'therium if I'm feelin' friskey" category and then the "woke muh next gen platform gotta buy EOS dudes xD siccc throughput brah xxD" like that bald headed guy whats his face oh right Novogaritz or whatever.
They're going to pump useless shit like bitcorn and litecope. There are some smart money funds out there buying stuff like chainlink, but they're the absolute minority of institutional shekels wanting to increase positions in crypto.
William Garcia
I think he's probably right. This stuff will never truly mainstream, but it'll never 100% go away either. I think it can continue to be used as a way to transfer value in edge cases where fiat isn't useful, but I think people will tend to immediately convert back to fiat when complete.
I'll be screencapping this goldberg shit so I can laugh at them in two years time when their stocks, bonds and other twisted shit goes to 0. Then they will be promoting government intervention to boost the (((wallstreet economy))) in order to prevent the mob from lynching them on the streets.
Elijah Sanders
Jewish tactics
Aiden Lee
you probably live somewhere with single digit inflation, good bank privacy, due process for asset confiscation, and that hasn't had bank bail-ins or those things just don't bother you. if that is the case you wouldn't have much reason to hold bitcoin or monero
Liam White
>Stop buying crypto g-goys..
Cameron Fisher
Investing is never a mainstream idea, if it was people would be woke to our corrupt monetary system. The general population of humans are just sheeple and as long as they have a place and to live and are fed they don't give a shit.
True. But in my opinion the cost/win factor does not make any sense for normies with little capital. Why would take their precious time that the otherwise use for cosuming (((media))) of all sorts to research and get into boomerstocks for 5% of their $5000 investment....
Christian Nelson
>they are neither a medium of exchange, nor a unit of measurement, nor a store of value crypto can be and will be >a store of value like fiat lmao
Bentley Morgan
most don't. for a large number they are bribed by their employer up to $18,500 at a 1:1 ratio for an amount taken out of their paycheck and locked into the stock market ponzi until they are of retirement age. this is given to goldman sachs or a less smart version of goldman sachs and fees are charged for their whole life while goldman takes care of all that heavy lifting that would prevent watching the latest house flipping show or reading facebook. peer pressure can play an important role in this, as co-workers will often ostracize or look down upon people who choose not to contribute to a 401k. 1 in 20 Americans are now millionaires according to TIME magazine recently, the largest contributor to this being the historic gains seen in equity markets over the past few years. if millenials begin to opt out of this system of locking their money up for 40+ years, when all those millionaires need to retire there will be a lot of sad faces. that's why if you're a millenial goldman wants you to forget about it.
Jonathan Howard
>In May, Goldman touted its plans for a bitcoin trading operation. Two of the planned executives for the unit sat down with the New York Times to discuss how the bank plans to get regulatory approval and calculate risks inherent to the nascent space. For now, at least, Goldman's bitcoin operations will be limited to institutional investors.
So, on the one hand their CEO said 2 weeks ago that he likes Bitcoin and they're buying up BTC in mass to open up an elite exchange to sell it only to big "institutional investors," while on the other hand they tell the public it's worthless and will be a waste of money. Which is it?
There is some truth, though. BTC as a store of value is a joke when it can drop 10% from one day to the next. Nobody really measures anything in BTC other than other cryptos when you buy on exchanges.
It's limited as a medium of exchange (mostly due to scaling issues and adoption problems) but it has some clear utility in black markets, gray markets, international transactions' and in countries with absurd inflation.
Brayden Sanders
>hardworking millenials
Robert Edwards
importantly, the government is in on this too by making the tax benefits "too good to refuse" by giving special treatments to this whole scheme which subsidizes the private industry of fund management very heavily. in partnership with the federal reserve system and FDIC and government sponsored housing agencies the government really goes all out to "nudge" normies into making these decisions. before cryptocurrency there was not really an alternative
Chase Wilson
Sounds to me like he he was worked in this field and knows what he is talking about. Who would I rather listen to for financial advice? The actual expert with experience, or some faggots posting anime girls that shill fake internet money?
Ryan Bell
looks like another salty nocoiner forgot to logn le cron xd cya on the moon lol
Carter Richardson
>pls buy stocks sirs >bitcoin no good for poo in loo, but stocks in PooLoo (TM)
I am a millennial and have been working in a factory for over 6 years, after I got done with my graduation ceremony I went straight to work for my orientation class. Boomers are the biggest complaining brokedicks I ever work with, not only that they deserve to fucking starve for putting their trust in 3rd parties for retirement because they are literally too dumb to do it themselves. I pay over 200$ every week into social security I will never get back because these people were so dumb they trusted someone else to take care of their retirement and were lazy in their youth.
I own a house and make over 70k a year with overtime but i'm smart enough to realize it's nothing compared to how much of a free ride these people had. Fuck your centrally planned economy, I would rather see humanity die than work my whole life for crumbs.
Goldman Sachs is a den of liars and thieves, I would never follow their advices on anything.
However it's true that cryptos are: 1) not ready technically 2) not accessible enough But it's temporary and the fact that the fiat system is bound to explode will at some point propel cryptos.
Kevin Russell
>trusting the Jews Enjoy paying ending like Greece
Jonathan Cook
If you are ok with knowing that your children and grand children are going to be pushed onto drugs and raped by niggers that only exist because of 6+ generations of foodstamps then listen to goldman sachs obviously.
Angel Ramirez
didn't they out a report earlier basically saying to buy BTC by the masses below 4k?
Zachary Adams
the GS guys are telling us as it is, since they are part of the cartel manipulating the price what do you expect to happen?
Kevin Brown
I hope Zilliqa's mainnet isn't shit, it could save crypto (potential to be the first public permissionless blockchain that scale) and ETH will implement sharding faster.
full adoption won't happen until we have a fully developed platforms.
