10 insights on bitcoin — paul vigna
TRANSCRIPT
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This presentation consists of highlights from the interview with Moe Abdou,
founder & host of 33voices®.
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Paul Vigna is a markets reporter for The Wall Street Journal, covering equities and the economy. He is a columnist and anchor for Money-
Beat. Previously a writer and editor of the MarketTalk column in Dow-Jones Newswires, he has been a guest on the Fox Business Network,
CNN, the BBC, and the John Batchelor radio show. He has been in-terviewed by Bitcoin magazine and appeared on the Bitcoins & Gravy podcast, and boasts a collective 20 years of journalism experience.
Paul Vigna@paulvigna
Reporter at Wall Street Journal
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What is a Bitcoin?Bitcoin is a digital currency whose value is created and held electronically. Its value is
determined by two things: use of the payment system today — volume and velocity of payments running through the leader — and speculation on
future use of the payment system.
Insight #1
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Insight #2
What makes Bitcoin Unique?
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Insight #2
What makes Bitcoin Unique?
It’s a community
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Insight #2
What makes Bitcoin Unique?
It’s decentralized with no one governing authority
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Insight #2
What makes Bitcoin Unique?
It’s open-source which attracts the brightest minds to perfect the technology
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Insight #2
What makes Bitcoin Unique?
It’s fully transparent because each transaction is recorded and identified in a general ledger
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Insight #2
What makes Bitcoin Unique?
Its fees are de-minimis
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Insight #3
Marc Andreessen on why Bitcoin Matters:Bitcoin offers a sweeping vista of opportunity
to reimagine how the financial system can and should work in the Internet era, and a catalyst to reshape that system in ways that are more powerful for individuals and businesses alike.
WHY BITCOINT MATTERS
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Insight #4
Bitcoin’s central nervous system is its blockchain — the ledger that keeps track
of every Bitcoin transaction that’s ever been executed; including the addresses and
balances from the genesis block.
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Insight #5
Bitcoin’s volatility isn’t to be ignored. Consider these risks:
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Insight #5
Bitcoin’s volatility isn’t to be ignored. Consider these risks:
It’s still early in the process
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Insight #5
Bitcoin’s volatility isn’t to be ignored. Consider these risks:
No regulations or consumer protection safeguards like the FDIC
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Insight #5
Bitcoin’s volatility isn’t to be ignored. Consider these risks:
Vast and common price volatility
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Insight #5
Bitcoin’s volatility isn’t to be ignored. Consider these risks:
Lost or theft. Once a coin is lost or stolen, you can’t recover it
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Insight #6
“Cryptocurrency’s great promise is not that the wealthy will rush into it and bid up its price, but
that the poor will find it extremely useful.”
- Paul Vigna & Michael Casey on the big opportunity
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Insight #7
While the centralized models offers safety and protection, it’s important not to lose sight
of how decentralization goes beyond the emergence of new business models.
Changes in technology and culture are leading to new methods of interacting,
both socially and economically.
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Insight #8
Bill Gates on the future of mobile banking.
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Insight #9
The Age of Cryptocurrency:The decentralized bitcoin network and
its public ledger, the blockchain, are at their essence a radical new way of dealing with
information. It takes information about monetary transactions and economic
exchanges out of the hands of monopolist institutions and creates a decentralized
mechanism for society to judge the validity of that information.
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Insight #10
To explore how one buys or mines Bitcoins, study these exchanges:Coinbase - https://www.coinbase.com/
Bitfinex - https://www.bitfinex.com/Bitstamp - https://www.bitstamp.net/
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Presentation created by Chase Jennings
Insights by Moe Abdou