October 06, 2013
We are stopped before the gates of virtual finance: electro-money. A strong, steady demand for BTC’s utility continues alongside the explosion in mobile money, the next wave of Internet-driven new dawns now that social media has had its moment and implanted itself forever as a game-changer comparable to the Gutenberg Bible, at least in the opinion of an ex-banker (as opposed to ex-bankster) and lawyer friend of mine who goes by the name of Panda Monium.
Panda gets it. I get it. The line in the sand lies between the generations. The oldsters won’t buy into this, but BTC’s sheer utility suggests the youngsters will be swapping their parents’ pocket money for goods behind their backs in BTC tender. And their parents never saw it coming.
The Winklevii stated that BTC’s future lies in its being taken on as a national currency. Somalia? Montenegro? I lie awake at night counting countries, guessing what back-door deal they have made and which country is desperate enough to make such an implausible move. Or maybe the twins’ PR is financially uneducated. I have no idea. Nobody does, the Winklevii included, for which I tip my hat to them.
When or if this ever happens, the currency’s value will naturally climb higher. What then? We’ll see.
I like the idea of a currency whose value holds alongside different frequencies to the capital markets’. A would-be “workers’ currency,” or a Lilliputians’ currency, the opposite of paper money (as in balance-sheet paper, not dollar bills). A universal and more democratic tender for the age of monetization. (See Max Keiser and Stacy Herbert for references on my favorite channel Russia Today.)
If you’re a global traveler visiting five countries, you must take five hits on commission and exchange as you go or travel with dollars and exchange per country. Already you can avoid the minimum of two transactions (i.e., traveling with dollars) if you hold BTC. Simple.
I’m writing this from a jail cell in Sausalito. My time and space are constrained. I’ll be out Monday. I was in the wrong car with a DUI.
Sorry.
😉
“Bombay
