have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting.
Through making investments in the likes of Square and Blockchain, I hope to be a part of what could be a democratisation that helps to put more power and control back into the hands of the everyday citizen.
Korea Herald, which quoted Vessenes as saying “Samsung will be biggest beneficiary of the bitcoin market.” Vessenes backed up the logic behind his speculation by saying that the most efficient chipmakers make far more money than those with less efficient chips. With Samsung Electronics being already one of the most prominent chipmakers in the world, it’s no surprise that he would come to this conclusion.
“At least half a billion U.S. dollars, up from $10 million two years ago, will be spent on purchasing Bitcoin mining systems worldwide next year or in 18 months.”
You read that correctly…I believe that Bitcoin is the most important technological breakthrough in the history of money.
he Middleman is Obsolete
With 31,000 lines of code, the creator of Bitcoin (Satoshi Nakamoto) made the middleman obsolete. Bitcoin does to the financial middleman what email did to the US Post Office.
The history of business is replete with examples of industries that have been transformed beyond recognition by disintermediation. When was the last time you walked into a travel agent’s office? Or asked a real estate agent for a brochure? Or looked in the phone book? Because of the need for trust and security there is one industry that has been missing from the list—financial services. Now the Bitcoin protocol can disrupt the trusted third party of financial services allowing peer to peer lending, banking and transacting to flourish.
The Patek Philippe Supercomplication pocket watch sold for 23.2 million Swiss francs ($24 million) at Sotheby’s in Geneva, setting the new record price for any timepiece sold at auction. It has held the record since 1999 when it last sold at Sotheby’s for $11 million.
Henry Graves Jr., a New York banker, ordered the Supercomplication in 1925, aiming to surpass James Ward Packard, an Ohio-based auto manufacturer who had been buying complicated pieces from Patek Philippe for years. Graves paid $15,000 for the watch, which was delivered in 1933, and it is often credited with keeping the Swiss watchmaker in business during the Great Depression.
Here’s a quick wiki guide to what complications are (before the age of the iwatch)
In horology, the study of clocks and watches, a complication refers to any feature in a timepiece beyond the simple display of hours and minutes. A timepiece indicating only hours and minutes is otherwise known as a simple movement. Common complications in commercial watches are day/date displays, alarms, chronographs, and automatic winding mechanisms.
Wang admits startup valuations are far too high in China, often outpacing their American counterparts. Thanks to oversized early stage funding rounds, a bubble is definitely present. But this trend is already beginning to correct itself, according to his observations.
In Virgin’s entrepreneur series, Dominic Frisby makes the case for bitcoin, comparing it to the telecommunications industry
Much as telephones moved from landlines into the handphones of today, bitcoin will allow for more inclusion financially, expanding access into the capabilities and benefits of banking without the gated walls.
So, with some seven billion people on the planet, the vast majority of whom, one assumes, are not hermits and like communicating, you might expect that 1.3 billion figure to have been higher. Along comes the mobile phone and the point is proved. There are now 6.3 billion users in a global population of 6.9 billion people. More people have a mobile phone than have a toilet, a recent UN study showed.
Quite simply, many people couldn’t get access to the basic financial services needed to get a landline. Landlines were, except for pay-phones, credit-based. You needed a bank account. Many people might have liked a landline, but couldn’t. The financial system actually prevented them. The telecoms companies concluded that the demand was not there, they did not put in the infrastructure and people were held back by their inability to communicate.
But with the cell phone, you don’t need a bank account. You can buy the credit you need with cash. There are not the same barriers to entry. Anyone can get one – and they have.
And the developed world will have a potential 3.5 billion new people to outsource jobs to, to sell products to and to receive products from. That is a lot of new trade. In fact, the money that the unbanked 3.5 billion make from ecommerce might enable them to buy the sanitation, education and healthcare they have been so deprived of and escape the poverty that has so blighted them.
How mobile money has turned Kenya into Africa’s tech hub
It began in Kenya in the early 2000s with the M-Pesa. M stands for mobile. Pesa is Swahili for money – so you have ‘mobile money’. People started transferring their mobile phone minutes – their airtime credits – to friends or family. This airtime, of course, has a definite value. Based on a ‘real thing’ it would become a modern day commodity currency. You can now send airtime, M-Pesas, by SMS.
decentralised ledger is a major innovation in the field of transactions, the last being double-entry bookkeeping in C16.
decentralised ledgers eliminate credit risk, liquidity risk and operational risk.
Thus they are more efficient and more robust.
As with money held as bank deposits, most financial assets today exist as purely digital records. This opens up the possibility for distributed ledgers to transform the financial system more generally. (e.g. coloured coins).
The article is thorough and accurate.
… digital currencies may be thought of as an ‘internet of money’. But since the potential applications are, in principle, broader than just payments, the distributed ledger technology may perhaps be better described as a first attempt at an ‘internet of finance’.