"The Bitcoin Big Bang" by Brian Kelly

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Meconomy153
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"The Bitcoin Big Bang" by Brian Kelly

Post by Meconomy153 » Mon Dec 01, 2014 11:56 pm

"The Bitcoin Big Bang" by Brian Kelly (a investor and contributor to CNBC's "Fast Money") asserts that Bitcoin some day replace:
- the whole global financial system,
- doing the job of banks,
- insurance companies,
- credit card issuers and
- even trusts.

Some quotes from the book:

- "If the Industrial Revolution was the catalyst for modern economies to move from an agrarian to a manufacturing society, then the Bitcoin is the vehicle that will transport the financial system from centralized to decentralized."

- "Over the next decade, creative destruction will be the mantra within financial services, and it will all be due to an anonymous genius who gave his/her/their invention away for free."

- "The current financial system relies on centralized institutions acting as the traffic cops and collecting a fee for this service. The Bitcoin solution ... holds the potential to decentralize the system."

- "The Bitcoin protocol replaces the banker with the miner and by doing so removes the cost of a middleman. The traditional role of the banker was to be a trusted third party, watching every transaction and verifying validity. Satoshi Nakamoto designed a way for a computer to replace a banker. Bitcoin can accomplish this task securely through the use of cryptography."

- "The smart money features of Bitcoin can even be used to eliminate trust banks when transferring generational wealth."

- "Traditional bankers stand at the center of the financial system and ensure that money moves from one rightful owner to another. The Bitcoin miners do the same thing but without the need to employ thousands or erect skyscrapers."

- "The financial crisis of 2008 fertilized the ground for economic change. Bitcoin and the blockchain will play a starring role in the new economy."

"The Bitcoin Big Bang" by Brian Kelly is published by John Wiley & Sons.

MaxcoinBeliever
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Re: "The Bitcoin Big Bang" by Brian Kelly

Post by MaxcoinBeliever » Tue Dec 02, 2014 4:39 pm

Bitcoin has a lot of benefits that would serve a world financial system well. That goes for Maxcoin too.

The way I see it happening is that when the wheels of the economy fall off people will be looking to secure their wealth in the most traditional way. Throughout history this has been in precious metals; gold, silver etc... The only problem is that all the gold and silver is being sucked from the exchanges in their physical form. Once people realise that this option is not available because of the scarcity they will be forced to scramble to grab whatever assets can retain value while everything else falls off a cliff. I believe that anyone holding even the smallest amount of cryptocurrency will benefit from being an early adopter.

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