Currency’s Digital Future

Note from the CEO:  A great read and slides too. Of course money is power and power is very hard to give up. Probably one of the reasons digital currencies face some headwinds since countries will lose control of their own fiat currencies. Check the Euro and Brexit for some current thoughts. Nice piece by Meltem Demirors of Digital Currency Group. 

“Creative destruction threatens power. This is why disruptive innovations require new models of thinking to truly enable new technology to reach its potential in a competitive market. — Tim Wu, The Master Switch

We use money every single moment of our lives — whether we actively think about it or not. Yet very few people know the history of money in human society, and how the global money supply today is managed, moved, and yes, even manipulated, by various actors on the global stage. Money is one of the oldest industries, and in most of the history of civilizations, money has been a tool of political, social, and economic control — centralized in the hands of few for the control of many.

Money has always been framed as a public good, one that must be stewarded by governments, when in fact, it is a private enterprise like any other which is fueled by personal agendas, regulation, and the quest for geopolitical hegemony. I have been reading and re-reading Tim Wu’s spectacular book The Master Switch. In this book, the author focuses on cycles of control v. open innovation in information technology, analyzing the history of telephony, film, and the internet. What I realized while reading it is that digital currencies are also a form of information technology.”

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