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Get Ready For Most Cryptocurrencies to Hit Zero, Goldman Says (bloomberg.com)
An anonymous reader shares a report: The tumble in cryptocurrencies that erased nearly $500 billion of market value over the past month could get a lot worse, according to Goldman Sachs Group's global head of investment research. Most digital currencies are unlikely to survive in their current form, and investors should prepare for coins to lose all their value as they're replaced by a small set of future competitors, Goldman's Steve Strongin said in a report dated Feb. 5. While he didn't posit a timeframe for losses in existing coins, he said recent price swings indicated a bubble and that the tendency for different tokens to move in lockstep wasn't rational for a "few-winners-take-most" market. "The high correlation between the different cryptocurrencies worries me," Strongin said. "Because of the lack of intrinsic value, the currencies that don't survive will most likely trade to zero."
... is because they feel the threat. And it's very real.
Bitcoin and other cryptocurrencies is a nightmare for the powers that be - especially Goldman Sachs who's used to being in control of your money for ages. Sure you can ridicule the cryptocurrencies for being a rollercoaster of the smart outsmarts the lesser, but at least those who are not in "power" stand a chance at the big bucks for a small time, if done right - and understood correctly.
Goldman is nervous as HELL about this, we're talking big bucks - and they want to be in control of it, and they're not.
What this world is coming to - is for you and me to decide.
Does anyone want some tulip bulbs?