Bitcoin is a stumbling block: The call to “Be Your Own Bank”, the other point to scaling problems, and how slow the network was. Saifedean Ammous has indirectly contributed to this debate and before the representatives of the Bank’s Capital about the value and role of Bitcoin spoke.
Almost a year ago, was put on BTC-ECHO the question of whether it actually needs a Killer App for mass adoption. The answer was clear: Instead of a new fantastic App, you should put the fact, to answer the basic question, why are you even using Bitcoin to pay. The answer to this question can, depending on the questioner Person has a different Nuance.
Saifedean Ammous, Assistant Professor at the Lebanese American University and author of the Bitcoin Standard, there are representatives of Central banks and banks a response.
Bitcoin – the new gold standard for the global financial market
The Basis of his argument is that cultures with money systems with more complex Standard, were superior to those whose Standard was easy to copy. Gold as a rare Element is superior in times of nautical cowrie shells. Cowries have been used for a long time as money. With the increasing Maritime use of the cowries spread increased, resulting in Inflation. Gold and other precious metals are not limited absolutely. Not only on other planets huge could Happen, what lies under the earth is also largely unknown.
In contrast, Bitcoin is limited absolutely. Without a basic Consensus changes to all of the Node hosters, the number of existing tokens can not be changed. Thus has the mother of all crypto-currencies as a property, otherwise, only our life time have can: you is strictly limited.
According to Saifedean Ammous is the role of Bitcoin is actually as a Store of Value, as a Standard like the gold standard. Discussions about high transaction speed pass the actual Motivation of Satoshi Nakamoto. If the crypto currency is a digital Gold, you can realize smaller transactions on the Second-Layer applications. The Final Settlement will consist in complex transactions. But enough with the Video talk, here now:
Saifedean Ammous: The Bitcoin Standard book presentation in Vienna, Austria
Watch this Video on YouTube.