Adrianne Jeffries and David Birch on BitCoin, digital worldwide currencies at Lift 2012

Posted by Charbax – February 24, 2012

Adrianne Jeffries, reporter at The New York Observer and David Birch, Consult Hyperion offer their opinions of the status of BitCoin, worldwide digital currencies, the future of financial services and more.

  • What I want to know is what are national governments realistically able to do to survive? If everyone starts using Bitcoin and not telling their government’s revenue collection arm about it, what means can a government use to convince its userbase to continue funding it? It seems to be they’ll have to offer a service of some kind to entice donations or something, like any other organization.

  • That ‘something like bitcoin but better will come along’ is often claimed, but hardly backed up.
    It’s highly likely that the ‘something better’ will just be improved user-interface software and services over the existing bitcoin system. 

  • Wise-guy

    It means they will not be able to tax income but will need to resort back to the 19th century practice of tariffs and consumption (e.g., VAT and sales taxes).

  • Sprewell

    Nobody’s backing it up because it’s tough to predict the future, but that doesn’t mean they’re wrong, and there are people who have pointed out flaws with the way bitcoin fundamentally works:

    I’d say the biggest flaw is that the entire concept of “currency” is outmoded in the online world and it’s much more likely that we’ll obsolete currency, rather than simply recreate it digitally.

  • Hugolp

    Sprewell that article is ridiculous and no one took it seriously. As a friendly advise I would recommend not linking it because it makes you look bad.

  • Sprewell

    I haven’t looked into his argument in much detail, but I usually trust what that guy says.  If you think otherwise, you could try critiquing his argument, rather than trying to hand-wave it away.  In any case, my main problem with bitcoin is that it’s not radical enough, ie it simply takes currency and recreates it online, though it does take the step of making it more decentralized, albeit with the flaws I linked to.  I think the future is getting rid of currency altogether and moving to some sort of online barter system, so bitcoin is unlikely to be the answer.

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