I just ran into this article https://letstalkpayments.com/goldman-sachs-introduces-its-own-cryptocurrency-setlcoin-and-files-patent-for-securities-settlement/ and am curious what the Steemit community thinks. I am not a cryptocurrency guy, so am not going to expose my ignorance with much personal comment. However, Goldman Sachs is a huge player in the global economy, and when Goldman Sachs creates a currency, EF Hutton listens.
Let me know if you think this is the start of a trend of banks or financial institutions creating new currencies, or if financial institutions are going to eschew established cryptocurrencies for this one, or what ever you think about cryptocurrencies, Goldman Sachs, and the global financial system.
Steem is exploding, with a price over $2, and a market cap approaching $1B. Last I saw, Steem was the 11th largest cryptocurrency in terms of market capitalization.
Is SETLcoin a threat to Steem, will it boost Steem, or not have an impact at all?
I sure don't know, but am interested in finding out what those who have greater understanding of cryptocurrency think.
Thanks!
Setlcoin would really only have a positive impact on Steem or Cryptocurrencies in general as wider acceptance/usage of blockchain and distributed ledger tech will only increase the value of the varous digital currencies. Realistically, noting that this article is from 2015, and that it is highly probably that Setlcoins would not be something the general public has access too would indicate that it isn't really something to be concerned with. I am sure others will be able to add additional insights here but this is just my take.
I appreciate your consideration of my post, and substantive response. I just saw another post on steemit mere moments ago regarding a congressional hearing on cryptocurrency in a couple days, June 8, I think, that approached the topic in terms of terrorism.
Given Goldman Sachs revolving door at the director level of the CIA, do you have any thoughts regarding the potential regulatory impact on cryptocurrency?
Thanks!
I appreciate your post. I've been on the look out for any other news regarding your post-Well, here is an update:
Interesting to say the least. Anyone want to throw in some scenarios on how this can play out?
I am looking at this in terms of how it is intended to affect consumers in view of the almost 500% increase in the money supply between 2008 and 2017, that has not yet been absorbed by markets as inflation. The crash of loan originations, particularly, indicates we are in a recession, and if hyperinflation begins to impact consumers, flight to anything other than fiat will be strongly motivated.
Given the notorious manipulation of traditional hedges against inflation, precious metals, and the touting of crypto by Goldman Sachs, the obvious inference is that they intend driving consumers to cryptocurrency in a crashing economy.
Thanks for adding to my understanding of the matter with this valuable information!
Is this coin available for purchase?
I don't believe it is. I didn't find it on coinmarketcap.