BitCoin the Economic Singularity?
I’ve been involved with digital cash systems for almost 15 years now. I’ve attended the Financial Cryptography conference in the Virgin Islands. I’m good friends with the fellow who ran DigiCash. I’ve build software and operated online services for Visa. I’ve built software for SWIFT, NASDAQ, the Federal Reserve and many of the world’s top banks.
So it was interesting to read this blog from Jon Matonis. Jon writes about monetary futures, particularly electronic cash systems. He recently wrote that he thinks that BitCoin is the economic singularity. That this cross-border, open source, non-pegged P2P currency could fundamentally change the world.
Im not sure I agree, but he does make some interesting points. I do think that exchanges will face challenges, particularly by the US legal system who will want to enforce Know Your Customer regulations.