Goldman Sachs thinks that Bitcoin believers need to take a cold shower, drink some coffee, and sober up.
In the wake of Mt. Gox’s collapse, the supposed outing of Bitcoin’s creator, and some high-profile arrests, the financial services firm has put together an exhaustive survey of “Bitcoin” and “bitcoin” and ultimately finds the technology promising but the currency wanting.
The key takeaway: Bitcoin likely can’t work as a currency, but … the ledger-based technology that underlies it could hold promise.
For those still unfamiliar with the concept Bitcoin is a peer-to-peer network that allows for the proof and transfer of ownership without the need of a trusted third party, the Goldman Sachs report explains. The unit of the network is bitcoin.
Goldman Sachs’ analysts consider bitcoin — the unit of exchange — more like a commodity than a currency, according to the report.
“We would argue that Bitcoin, and other…
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