My irony meter just pegged: Goldman Sachs is sanctimoniously criticizing Bitcoin as an unreliable medium of exchange, a shaky institution not to be trusted.
Let's all savor this moment together.
Let's all savor this moment together.
But let's not judge the article and assertion based on our preconceived bias against Goldman Sachs. I think that their conclusion “We would argue that bitcoin, and other digital currencies, lie somewhere on the boundary between currency, commodity and financial asset” makes a lot of sense.
Really, Bitcoin does have more similarities to a commodity than a currency (especially a fiat currency). It's fungible, untraceable, and unregulated.
But another difference between Bitcoin and traditional media of exchange is that Bitcoin relies on very good, utterly reliable software, and that doesn't exist at the moment.