This amendment tabled March2nd, 2017 and sponsored by Representative Matt Schaefer, would alter Article I of the Texas state constitution to enshrine the right to use any “mutually agreed upon medium of exchange”.
“Article I, Texas Constitution, is amended by adding…the right of the people to own, hold, and use a mutually agreed upon medium of exchange, including cash, coin, bullion, digital currency, or scrip, when trading and contracting for goods and services shall not be infringed. No government shall prohibit or encumber the ownership or holding of any form or amount of money or other currency.”
A key premise in my books in building sustainable economies, has been the premise of multiple currencies (vs. the present central, sovereign-based mono-currency system).
Venture adviser William Mougayar of Toronto has recently posted on article on what he calls “the circular economy” with his accompanying illustration shown here.
William’s article illustrates what I refer to as the “elephant in the room”. i.e. the ability to generate value within a smaller economic unit, then be paid in Multiple Currency formats, with a link to external economic units via Exchanges. A multiple currency system includes the present centralized system, so there still can be applications for sovereign currencies though central currency will no longer be essential and the only option, in generating things such as food, shelter and clothing. Variations on these systems in the form of complimentary currencies have been around for many decades (see WIR from Switzerland and LETS “Local Exchange Trading Systems”.) The big difference today is the unfolding of internet-based technologies in the creation of the Exchanges – the new “on and off ramps” in the world of multiple/digital currencies. Entrepreneurs are creating this infrastructure today, just as in the most early days of the Internet, pre-Email; pre-Google; pre-EBay; pre-Facebook. I remember first being introduced to e-mail in 1989. My response was … “why would I use that? I have a fax and a telephone.”
This morning Bitcoin cracked $700 U.S. – advancing from $450 about a month ago.
Large buying in China as a means of transferring funds out of the country and a hedge against currency devaluation is credited for the advances, as well as the anticipated “Halving Event” toward the end of July – a built in software limitation to the number of BTC coins that can be created. This will top out at 21 million coin somewhere around 2030.
“I would say, as someone said earlier, ignoring or trivializing what other people are up to is a very dangerous trade. It makes you feel better when you dismiss your competitors. It feels good when you’re talking to yourself, but the risk of ignoring the opportunity is gigantic.”
Blythe Masters, former J.P. Morgan banking executive and now CEO of Digital Asset Holdings of N.Y. – a blockchain based settlements and ledger services company – quoted yesterday at the Depository Trust and Clearing Corporation’s (DTCC) Blockchain Symposium.
Your timing is right. For almost 2 years I have been working on a book that would be a practical handbook and “on ramp” for you, to the new and now fast unfolding world of cryptocurrencies and in particular the “proof of work” blockchain protocol.
Image it were 1990 and someone asked you for a book that would explain the internet and how it might be beneficial and widely used in the future. CURRENCY By Bolt is that type of book, introducing you to how you can benefit from currencies that are now independent of the central banking system – a system now openly acknowledged as outdated and unable to address the needs of country-based economies – now crushed under central banking debt.
Your copy of CURRENCY By Bolt can be (currently only) ordered directly on line. See http://www.professorlancebolt.com.
Siting how the Millennials generation will trust and use decentralized, crowd-created platforms to form decision making (such as Uber), NYSE Chairman Jefferey Sprecher, discussed their investment in the San Francisco based, Bitcoin wallet and exchange services provider, Coinbase.
Speaking to CNBC‘s Bob Pisano on “Power Lunch”, Sprecher opened up about NYSE‘s investment in bitcoin services provider Coinbase‘s recent $75m Series C funding round, one of the largest so far closed by an industry firm.
Sprecher suggested NYSE has been looking into bitcoin and the blockchain for “over a year”, but noted the exchange has found the language of the industry difficult to navigate.
However, Sprecher said his interest had persisted due to the fact that millennials are becoming comfortable using the technology in the same way that they are becoming used to other platforms – such as ride-sharing app Uber – where the crowd, rather than a central authority, informs decision-making.
Sprecher told CNBC:
“We’re seeing millennials trust a currency that is created in the ether, more than they trust fiat currency by government. I think that trend, whether it’s a restaurant review or a taxicab or the way you exchange value, is something they believe in and we want to be on top of it because I think it’s going to impact you and I.”
“I think there’s something to it,” he said, alluding to bitcoin and the blockchain. “I think there’s something here, that’s why we invested in it.”