Gregory Ferenstein wrote a post on Tech Crunch about the director of ideas from Google and his belief that crypto currencies are going to be a mainstay as we move forward.
Google Director of Ideas and former technology advisor to former Secretary of State Hillary Clinton, Jared Cohen, says that digital “crypto-currencies” like Bitcoin are here to stay. “I think it’s very obvious to all of us that crypto-currencies are inevitable,” he told the audience at SXSW, in conversation with Chairman Eric Schmidt, to promote their co-authored book, The New Digital Age.
The most popular digital currency, Bitcoin, has caused media and political firestorm for its wild swings in value, strong support from the libertarian hacker community, and association with the black market. “There’s lots of value to it,” he argues, but “there’s a danger to it not being regulated.”
The comments were a back and forth kind of like what we see between new gtld believers and those who think they are destined to fail.
Joe Bennett · Top Commenter · Graphics Architect at Intel
Crypto-currencies are far from being “obvious”. Look, people. You can’t simply rewrite the rules of finance and currency. There are hundreds of years of evolution behind how currencies work. The reasons currencies work the way they do now is because we’ve learned from a lot of mistakes. You *do* need central banks. You *do* need governments backing the currency. You *do* need the ability for the currency to grow at a reasonable rate (and sometimes, at an unreasonable rate, which is the concept of “lender of last resort”).In short, you need regulations. Lots of regulations. And if you don’t understand that you are either hopelessly naive or a con artist. Unregulated financial instruments (or financial operations) always always always always spiral out of control. Always.If you believe in BTC, you are an idiot.
Daniel Mestre-Rodriguez · Stevens Institute of Technology: Class of 2017
So I see you comment on bitcoin-related articles ALL the time..and I have to as: what did bitcoin do to you? Some people just write angry rants ALL the time on bitcoin and I cannot fathom why. If you don’t like bitcoin, then don’t use it. Its as simple as that.Also, its arguable that regulations (lots and lots of regulations) are there for the protection of a minority of businesses in a given industry(ies).We also make the mistake of associating regulations with safety and order, when the very institutions that are supposed to provide such allow such disorder to ensue. The very Wolf of Wallstreet and Bernie Madoff both had the SEC in their pockets (or at least looking the other way), yet the financial instruments they dealt with were and still are heavily regulated. When such regulatory institutions prove that they aren’t capable of doing their job, we irrationally believe we need more of them. Its insane, kind of like a religious belief in the State.People who genuinely want more regulation need to really examine how they expect such regulation to be achieved, because the State is and always will be vastly incompetent.
I like the optimism. I believe him.
Is Google planning their own Crypto-Currency?
“The comments were a back and forth kind of like what we see between new gtld believers and those who think they are destined to fail.”
who are you quoting?
who said that?
That was an error on my part block quoting that Domo, thanks for pointing that out, I edited it.
no biggie…
Thanks.