Bloomberg Technology
Gary Cohn Warns Bitcoin May Fail
Nov.30 — Gary Cohn, a former economic chief to Donald Trump and Goldman Sachs president, says Bitcoin may fail. He spoke to Bloomberg’s Emily Chang on “Bloomberg Technology.”
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Ed Reyes
December 1, 2020 at 12:54 am
Bitcoin is just another Ponzi scheme owned by elite maggots sweJ!
A B
December 1, 2020 at 12:55 am
Obviously it will fail. It doesn’t even have a centralized bank. That’s all there is to it.
Mike
December 1, 2020 at 1:03 am
Absurdity… None of the currencies we use today have any of the assurances that he mentioned
hollajack
December 1, 2020 at 1:03 am
everything cohn said bitcoin lacks, it has. lol it super transparent, everything is logged on a the ledger is viewable by everyone. we know the supply and future supply as well.
hollajack
December 1, 2020 at 1:03 am
everything cohn said bitcoin lacks, it has. lol. it’s super transparent. everything is logged on the ledger and is viewable by everyone. we know the supply and future supply as well.
Martin Kennelly
December 1, 2020 at 3:34 am
LOL! I logged into YouTube just to make this comment, but glad you made it first. This Cohn guy doesn’t have a clue. Scary to have someone this uninformed acting like an expert.
Kay Realist
December 1, 2020 at 9:06 am
He does make some good points. What happens to the bitcoins of thousands of people who died without the keys being handed over to their heirs?
Max Welch
December 1, 2020 at 10:46 am
@Kay Realist It simply makes the supply less that 21million coins. You might be asking ‘that’s pretty stupid if we don’t know the exact figure of coins in circulation’ and in a sense you’re right. But it’s no stupider than being able to print infinite money in today’s financial system.
BTC will become digital gold. It’s the responsibility of CBDC’s / ETH to play the role of money in the future system. Bitcoin isn’t the answer to all our problems but it’s certainly a step in the right direction and is definitely worth holding.
Kay Realist
December 1, 2020 at 6:15 pm
@Max Welch I guess it could become digital gold if enough people adopt the idea and buy into it. A digital coin backed by nothing but the miners seem to easy to replicate. Why couldn’t another coin say backed by JPM be more intriguing? Just as the dollar is backed by the US government. Plus, the lack of oversight with the coin would keep many investors at bay I would assume. Who goes after the bad guys who scam people out of bitcoins? Why couldnt Visa and Mastercard get into creating their own coins?
Leon Finch
December 1, 2020 at 1:18 am
Same can be said for cash. No transparency there either.
Cassidey Ousley
December 1, 2020 at 1:33 am
Idiot.
All of his concerns have already been addressed.
I.B.L.B 562
December 1, 2020 at 1:36 am
👎
Joren Villano
December 1, 2020 at 1:37 am
Hilarious. Every negative aspect he mentioned about bitcoin has been with cash for like the past decades haha
Bernatha Brondiva
December 1, 2020 at 1:52 am
#remember2008
Smelson
December 1, 2020 at 1:57 am
Same story since it was 100 bucks
Utkarsh Anand
December 1, 2020 at 1:58 am
These are like gold/silver coins minted by a private institution/bank. Once you have those gold coins, they’re owned by you and it’s purity is enough to make it valuable for you to transact, because the supply is going to be limited. You don’t have to worry about how much gold/silver is stashed somewhere. If there’s a shortage (not enough liquidity), you have platinum and palladium. Similarly, Bitcoin’s purity is ensured by the network of miners (you cannot transact other cryptocurrencies on its blockchain and you cannot forge it. Double spending and a few other attacks are possible but the security provided by the network is as good as that provided by special markings on fiat currency or gold/silver coins to prevent that from happening) and limited supply is ensured by the code the all the miners use and agree upon. If there’s a shortage, you have other cryptocurrencies, so you don’t have to worry about it being stashed or locked up somewhere. The purpose and participants of the transaction is also not known when you use cash or gold/silver coins, but they have been extremely successful (gold/silver backed cash being more successful than the fiat that we use now). So, this statement that the purpose of transaction (whether legitimate or not) has to be known for success, is false. There has been an evil socialist/communist/authoritarian attempt to implement modern monetary theory and invade into people’s privacy, for the purpose of choosing the winners and losers among corporations and taking away the freedom that people have, and this provides a hedge against it, just as much as other commodities and even cash.
J G
December 1, 2020 at 2:07 am
Here we go again. The dark side of the force is strong with him. His lies can be felt in the force.
Juan Francisco Herrera Hoyer
December 1, 2020 at 2:09 am
🤣🤣🤣🤣🤣🤣🤣
Cliff Smith
December 1, 2020 at 2:23 am
This dude is an idiot, b/c you actually can audit Bitcoins blockchain with 100% transparency and no risk of counterfeit unlike our current economic system
Enrique Chaug
December 1, 2020 at 3:01 am
Wow this guy clearly has no idea what he’s talking about. Please don’t ever have this guy on ever again
John Smith
December 1, 2020 at 8:04 am
He disagrees with the narrative. But technically speaking he is not incorrect.
Óscar Taylor
December 1, 2020 at 3:40 am
So wrong it hurts
j d
December 1, 2020 at 3:46 am
even after all this he said, institutions and retail are FOMO buying.
Corey Chambers
December 1, 2020 at 4:07 am
Gary Cohn is not a Bitcoin expert. He’s a corrupt politician who is attempting to criticize Bitcoin, but his negative points apply much more to the U.S. dollar than to Bitcoin. Bitcoin has an open-source, public distributed ledger. The dollar does not. Bitcoin has a limited supply to maintain value. The dollar has an oversupply and rapidly diminishing value. The dollar is the #1 currency used by criminals worldwide. Bitcoin is not.
james M
December 1, 2020 at 5:29 am
This guy is a idiot. Bitcoin is the most transparent monetary network in the world honestly.
Zetraxes
December 1, 2020 at 6:00 am
Reported for misleading content.
Jay Nguyen
December 1, 2020 at 6:28 am
is it being used for illegitimate causes? oh you mean like the US Dollar?!
T
December 1, 2020 at 7:33 am
All the bitcoin speculators are butthurt in the comment section
BROSCIENCE
December 1, 2020 at 8:37 am
What a loser…… Fiat is failing.
James B.
December 1, 2020 at 9:18 am
Ask him about 1MDB.
Goldman Sachs one of the largest fraudsters ever supporting money laundering and stealing from the people of billions of dollars.
Max Welch
December 1, 2020 at 10:42 am
The statement ‘Bitcoin is not transparent’ tells you all you need to know about this fools perspective
street fighter
December 1, 2020 at 1:17 pm
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Cody Strang
December 1, 2020 at 2:05 pm
Has no transparency huh. Bitcoin has an open ledger for every transaction, seems transparent to me.
Chris Male
December 1, 2020 at 7:13 pm
This guy is clueless