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Thursday, 15 May 2014 00:00

Bitcoin Volatility, As A Store Of Value & The Opportunity/Threat Proposition To Money Center Banks Featured

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This is a FinTech panel I joined yesterday with Barry Silbert (SecondMarket, the company that facilitated trading Facebook's private stock, see also Facebook on SecondMarket) & Katina Stefanova (partner at Bridgewater Capital) on Bitcoin Volatility and the Opportunity/Threat to Money Center banks at the 2014 FinTech Startups Conference.

One interesting question that was asked of the panel, but not captured in this video, was...

Where do you think we are today in terms of the state-of-the-union of cryptocurrencies, in terms of acceptance, stability, and reliability as a form of value retention and value transfer in the economy?

 

Acceptance is increasing.

Stability is increasing.

Reliability as form of value retention asks the wrong question. What we need to do is redefine the concept of currency. The static store of value made plenty of sense with the “dumb” fiat model. Now, with the advent of these new inventions, we can “program” the money and create smart contracts that redefine the concept of value. I query, “Is the value in the currency’s embedded contract, or is the value in the currency itself.” More importantly, where is the line of demarcation between the two.

Example, with a “smart” currency, you can  embed bitcoin with the value qualities of any fiat, asset, or even index, thereby further blurring the line.

Read 4332 times Last modified on Tuesday, 20 May 2014 11:22

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