Page 8 - March 2018 Disruption Report

CRYPTOCURRENCY FJEABNRUUAARRYY 22001188
have different visions of the future of the coin. It’s interesting because forks are about governance and discipline of the people in charge. There is nobody in charge which is why it’s interesting. When Bitcoin was launched there was a folklore that when you had disagreements, anyone could put out a new version of the software and if they got 51% to run that software that would become the new code.
...You don’t need 51%. You just need enough to sustain a blockchain you know to mine
it regularly and so forth. So it looks like rather than two versions you might have many versions of Bitcoin if it keeps growing. Whether this is a good or a bad thing remains to be seen. It’s certainly something very new in nance. And it’s a very organic bottom-up form of governance, where people who disagree, if you can get enough of them together they go off on their own Fork with their own version of the software. Ultimately they have to convince other people that this is the best way you know to people who might accept the token and so forth the.
Bitcoin Cash was thought to be almost a joke that wouldn’t have any value, but it’s trading right now for about $1500 fteen hundred dollars. And the people who got it, if you own Bitcoin before August 1st, which was the date of the fork, you now own both —you still have your original Bitcoin [and Bitcoin Cash]. But if you have the fork today, you have a choice. If you want to buy into it, you could buy either. But if you happen to have owned it before the fork occurred, you get both versions.
I think [the regression line is upward for cryptocurrencies over the next few decades]. I say this partly because I think a lot of the mainstream nancial technology will cross over. In ten years, I think all the stock markets will be using these digital assets with blockchains to clear transactions.
I think the sovereign currencies will be moved on to block chains controlled by central banks. This will get to the point where this actually becomes the mainstream nancial system where you recognize that this technology is so valuable. It shouldn’t just be
for these private coins and tokens but [for] the real institutions--the foundations of the economy, the central banks and stock markets. and so forth will nd ways of co-opting the technology and integrating it into people’s routine daily business
I fully expect that cash—physical cash—will be gone probably within ten years and in
most parts of the world. I think all of the nancial records on stock markets bond markets derivative markets will all be kept on blockchains. Whether these will be private blockchains where people compete on a decentralized basis and there’s no central authority—I’m
© 2018 by Can eld Press, LLC. All rights reserved. www.can eldpress.com
8