Category Archives: geopolitics

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Alec Ross and Jonathan Luff – Why Bitcoin Is On The Money

Alec Ross and Jonathan Luff – Why Bitcoin Is On The Money:

The Telegraph (UK) published an essay by Alec Ross (@AlecJRoss) and Jonathan Luff (@JILuff) on the geopolitics of Bitcoin.  Excerpts:

“An interesting advert appeared in a handbook accompanying [last week’s G8 meeting], placed by a company that was until recently known only to a small number of technology entrepreneurs and early adopters. The advertiser was Mt Gox.”

“Alternative currencies are, of course, nothing new. Many Londoners carry an Oyster Card, which they load with traditional currency and then exchange for travel.”

“In the developing world, value transfer via SMS is already replacing cash. With virtual currencies like BitCoin now operable without the need for a bank account, why would you open one?”

“The rise of digital currencies like BitCoin threatens to render obsolete even the modest progress made by the G8. BitCoin’s distributed network structure makes it hard for any one country or group of countries to regulate its activities.”

“Unless the issues that BitCoin raises are addressed in a thoughtful and proactive manner by existing authorities, the disintermediating power of technology is likely to have a disruptive impact on currency systems and those that regulate and rely on them.”


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