Goldman Sachs are eyeing to create their own digital asset!

[cryptoaddictchie]

A news just popped in about newly appointed Digital asset global head Matthew McDermott is interested and firm to embrace blockchain and digital assets.

"We are exploring the commercial viability of creating our own fiat digital token, but it’s early days as we continue to work through the potential use cases," he said.

In addition, he also expanding their team by hiring Oli Harris as their head of strategy. Mr. Harris is known for the launching of JPMCoin last year JPMorgan's digital asset. Seems banks are coming in. I wonder if these executions will be a threat to our precious BTCitcoin.

^{Not sure if this is the right thread for this topic. If Im wrong please kindly inform me or report for moving to appropriate thread.}

[bitsurfer2014]

With this development, I would hope they would seriously consider adopting some promising projects on fintech especially on tokenized securities rather than building it from scratch.

Otherwise they would have to build it from the ground up according to their needs to achieve seamless transition. Imho.

[Upgrade00]

A 'fiat digital token'? We sort of have that with the current fiat currencies, adding the blockchain technology would not really make it different from the centralized currency system.
I don't think it would be a huge threat to Bitcoin, CBDCs would eventually become more popular as more countries looks to monopolize the digital market and spread their control, but it would not satisfy the current use case of bitcoin

[Darker45]

I wonder if these executions will be a threat to our precious BTCitcoin.

Not the least. At the end of the day, everything boils down to features.

First and foremost, as being mentioned, it might just be another stablecoin pegged on the USD. Secondly, it is a coin by Goldman Sachs which means it is centralized because it is owned by the powerful bank. Therefore, even if it uses the blockchain technology it is most likely just another fiat token built on a centralized blockchain.

[amishmanish]

The guy has already dabbled into making a Ethereum based coin. The coindesk article says that they are looking at a possible "Stablecoin". This is not mentioned in the original CNBC report it refers to. A stablecoin like Tether would be an interesting space for an established investment bank to start with and allow people to use it to buy BTC and other crypto.

Apart from this, the idea from the new guy seems to be about sing DLT to replace the army of bankers, lawyers involved in international settlements and trading. There is mention of using it for credit and mortgage market too. Towards the end, they talk about consensus and standardization amongst institutions. So basically after trying to discredit bitcoin for so long, they want to get together, adopt a common cryptocurrency platform and declare to their customers and the world, "Look, we have adopted this revolutionary new technology that will change the way banking is done". Basically repeat what Bitcoiners have been saying for a decade and make it sound like its their idea. Neat.

[Jating]

I doubt that this will be a threat to bitcoin though, even Russian's biggest bank are also eyeing their own stable coin.

https://cointelegraph.com/news/russias-biggest-bank-hypothesizes-its-crypto-token

So we shouldn't surprised by the move coming from Goldman&Sachs. And just like any other government or banks that has it's crypto, they are simply experimenting on it. If something comes out every positive about it, then for sure those tokens are going to stay. But I'm seeing it as something that will disrupt bitcoin or the whole crypto in general. They have different purposes, and so we can exist exclusively without hurting the other market.

[rodskee]

With this development, I would hope they would seriously consider adopting some promising projects on fintech especially on tokenized securities rather than building it from scratch.

Otherwise they would have to build it from the ground up according to their needs to achieve seamless transition. Imho.

Chances that they'll be creating new one that will fit to how they wanted to build it,
most for their benefits for sure.
I also agree that adopting good project that already exist and use it for the intention
that  they wanted to be.
There's already lots of options, blockchain system is adoptable so there's no need to
to build from scratch.

[reliable]

This only means that we have 1 of the coins which can be trusted as they GS are legitimate and existing for decades and will have coin so one can invest in such coins if things look good to people. Atleast we would be away from the scam when invest early in any projects and will add 1 good coin to our list.

[bitsurfer2014]

I doubt that this will be a threat to bitcoin though, even Russian's biggest bank are also eyeing their own stable coin.

There are some notable stablecoins already on the crypto market yet I don't see any of them to be a real threat to BTC so far.

There's already lots of options, blockchain system is adoptable so there's no need to
to build from scratch.

Well, they will have to consider all available options that will be suited according to their needs. I think maybe they could also build it from scratch and at the same time adopting some working features / technology from other projects to hasten its development.

[audaciousbeing]

A news just popped in about newly appointed Digital asset global head Matthew McDermott is interested and firm to embrace blockchain and digital assets.

"We are exploring the commercial viability of creating our own fiat digital token, but it’s early days as we continue to work through the potential use cases," he said.

In addition, he also expanding their team by hiring Oli Harris as their head of strategy. Mr. Harris is known for the launching of JPMCoin last year JPMorgan's digital asset. Seems banks are coming in. I wonder if these executions will be a threat to our precious BTCitcoin.

^{Not sure if this is the right thread for this topic. If Im wrong please kindly inform me or report for moving to appropriate thread.}

Of course eventually major banks will join into the moving trend in other for them to ensure they feature in the future. On the concern whether they are threats to bitcoin, I don't see that happening because it means that we will have several of these banks backed coins and eventually polarised the space which would make it no difference that what we have currently that each bank operating its business looking to acquire more customers as much as they can and they continue to compete with each other and bitcoin would remain standing.

[Coin_trader]

This only means that we have 1 of the coins which can be trusted as they GS are legitimate and existing for decades and will have coin so one can invest in such coins if things look good to people. Atleast we would be away from the scam when invest early in any projects and will add 1 good coin to our list.

I believe there token will be a stable coin too just like JPMorgan coin since they are both involve in banking industry. It means that there is no investment opportunity on buying there coin. And I believe there token will not be a direct threat to BTC because BTC considered as investment that's why its price is continue to rise over time.

There coin might help BTC too in the future because they might pair them to BTC once regulatory guidelines were available for them to trade in BTC.

[South Park]

A news just popped in about newly appointed Digital asset global head Matthew McDermott is interested and firm to embrace blockchain and digital assets.

"We are exploring the commercial viability of creating our own fiat digital token, but it’s early days as we continue to work through the potential use cases," he said.

In addition, he also expanding their team by hiring Oli Harris as their head of strategy. Mr. Harris is known for the launching of JPMCoin last year JPMorgan's digital asset. Seems banks are coming in. I wonder if these executions will be a threat to our precious BTCitcoin.

^{Not sure if this is the right thread for this topic. If Im wrong please kindly inform me or report for moving to appropriate thread.}

The bigger the number of assets like that being created the more legitimate bitcoin will seem on the eyes of the public and while I have no doubt that if private banks begin to create their own tokens they will be popular at the beginning at the end they are going to implement the very same disadvantages that fiat already has as such those coins are not really a threat to bitcoin and if anything the more they try to hide this fact the bigger the eventual fall will be.

[jaysabi]

A news just popped in about newly appointed Digital asset global head Matthew McDermott is interested and firm to embrace blockchain and digital assets.

"We are exploring the commercial viability of creating our own fiat digital token, but it’s early days as we continue to work through the potential use cases," he said.

In addition, he also expanding their team by hiring Oli Harris as their head of strategy. Mr. Harris is known for the launching of JPMCoin last year JPMorgan's digital asset. Seems banks are coming in. I wonder if these executions will be a threat to our precious BTCitcoin.

^{Not sure if this is the right thread for this topic. If Im wrong please kindly inform me or report for moving to appropriate thread.}

I doubt any banks are seriously interested in crypto as a currency, but integrating blockchain technology into their existing ecosystems to speed up settlement of fiat transactions.  To the extent they are interested in their own crypto, I reckon it's as a surrogate of the dollar (therefore a stablecoin) which they can completely control, to make transfers instantaneous from all market participants in that ecosystem.  In that regard, it is absolutely a competitor to Bitcoin as it will seek to function in one of the areas that bitcoin currently has an advantage over banks (fast, cheap remittances and cross border payments) and it will likely be able to quickly adapt to market needs since it will be centrally controlled.  We all saw what happened when Bitcoin tried to solve the block size problem.  It took months to make any headway in the debate and in the end literally tore the community apart and the BCH splinter group was the result.  Bitcoin's only advantage at this point was being first, but it is not agile and that's its greatest weakness.

[electronicash]

this will be stablecoin again, its usually for hedge services they will be offering for their clients. Its easy money for those companies that owns stablecoins, its the next best thing to have. its not a threat to BTC but they can absolutely use it to profit and accumulate BTC in the future.

the battle of countries was once to accumulated gold but will probably turn now to accumulating BTC. its no wonder most countries and banks today are going to create stablecoins.

[arallmuus]

A news just popped in about newly appointed Digital asset global head Matthew McDermott is interested and firm to embrace blockchain and digital assets.

"We are exploring the commercial viability of creating our own fiat digital token, but it’s early days as we continue to work through the potential use cases," he said.

In addition, he also expanding their team by hiring Oli Harris as their head of strategy. Mr. Harris is known for the launching of JPMCoin last year JPMorgan's digital asset. Seems banks are coming in.

If you cant beat them, then join them   . I remember few years ago, alot of those influential people/company has been saying negative stuff about crypto and such . Yet all of them want a piece of those cake for themselves to make money from it. We could see alot more of this skeptical people ride the crypto train in the future as well

I wonder if these executions will be a threat to our precious BTCitcoin.

It wont be, it will be nothing more than just a normal coin with nothing special on it except being able to use it on some purchases ( Probably )

[Coyster]

the battle of countries was once to accumulated gold but will probably turn now to accumulating BTC. its no wonder most countries and banks today are going to create stablecoins.

I don't think so, centralized governments are not going to battle to accumulate decentralized bitcoins that they can't control or be a third party in, the central bank digital currency (cbdc) is different from the bitcoin, the only synonymous feature is their digital nature, the banks and the government will only support stablecoins and cbdc's that would be no different from it's fiat currency

[Twentyonepaylots]

I wonder if these executions will be a threat to our precious BTCitcoin.

Not the least. At the end of the day, everything boils down to features.

Well it could be but there are less likely for it to have an impact to bitcoin coz it seems that bitcoin is unaffected by any events unless it is related to it like halving.

First and foremost, as being mentioned, it might just be another stablecoin pegged on the USD. Secondly, it is a coin by Goldman Sachs which means it is centralized because it is owned by the powerful bank. Therefore, even if it uses the blockchain technology it is most likely just another fiat token built on a centralized blockchain.

That is what probably is coming, if they are going to create an asset it will be a safe one, a less volatile or a stable one at least. I think they are going with digital assets because this is what most of the people are looking for, convenient and accessible just like any cryptocurrency, just register, deposit and buy, that's all it takes for a digital asset. This isn't a huge threat for bitcoin unless it will become tradeable in the market perhaps it won't.

[pixie85]

They can launch their own coin but will it ever be used on a large scale.

There are coins that were trying to become centralized bank payment methods.
XRP is one of such coins but who uses XRP to pay for groceries these days? Who uses it to shop online? Nobody.
Facebook Libra was supposed to be something similar. Who uses Libra today? Nobody.

To me another bank launching its crypto is not an important piece of news.

[Reid]

Now that's a bubble.   

Yeah, they should create their own digital assets all of them.
Goldman, JP, Vanguard, fidelity, etc..
That way we will see what is the real deal.

Is it Bitcoin or their newly created coins that came from nowhere and created for the reason of profit once again. 

[jossiel]

Being mentioned, the JPMcoin isn't that popular.

But let's see if this digital asset which Goldman Sachs is trying to say will click just like the other altcoins that we have. I guess we will start to see the same era as the ICO but this time, it is going to be more of the institutions and not with any project that doesn't have a back up by a real company.