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.”
Unacceptable. In round numbers, almost 5,000 U.S. servicemen killed; some 32,000 additional casualty injuries; at least (some estimates go much higher) 150,000 Iraqi’s killed (110,000+ estimated to be civilians); undetermined number of additional casualties and displaced peoples. And an estimated $1.7 Trillion U.S. (taxpayer money) price tag.
And now the kicker, politicians now running for office taking the position it was a mistake to invade. Including Hillary Clinton who as a senator voted in favor of invasion. Even Jeb Bush now running for President, takes the position it was a mistake. Based on an article being circulated today in major newspapers by Washington writer Connie Cass, the argument for the reversal is based on the information at the time and “what we know now”.
Bitcoin is driven by the Blockchain protocol. This protocol allows for the application of its use to be ABOVE AND BEYOND its use as currency enabler.
When delving into the understanding of Bitcoin and other cryptocurrencies it is important to be aware of this enabler of bitcoin as a currency – the Blockchain – sometimes referred to as the “rails” upon which the system operates. The blockchain is a perpetual ledger that verifies each transaction by solving an algorithm created for each transaction, going back to the original transaction in the perpetual chain. This is the foundation of the “trust” in the system. We trust essentially in the math, that “1+1=2”. The integrity is guaranteed by being vetted by the vast network of decentralized personal computers that constantly are working on one transaction algorithm after another.
This means any other transaction between parties where verification is essential for it to have integrity, can be applied. Examples then include such new concepts as loans without banks; contracts without lawyers; and stocks without brokers, executed and recorded across hundreds of fully distributed servers at all over the world!
Richard Branson will be hosting a Bitcoin conference May 25 – 28 on his Island in the British Virgin Islands. The intention of the conference is … “to lay out the framework for a world where the humankind is fully benefiting from the amazing technology behind the blockchain.” http://www.blockchainsummit.io/
Facebook is experimenting with an application that will allow users to exchange units of monetary value based around the bitcoin protocol.
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When I visited Occupy Wall Street NYC in early days of fall of 2011, I was electrified by the energy – a library, scores of reporters doing interviews, people from every where beginning a new dialogue, people holding signs. One sign in particular caught my attention. It simply read …. “This Is A Sign”. It said a lot.
Likewise, the simple sign below, held up at an Aubern college football game last fall, is a sign of the Times. The QR image on the sign displays the student’s bitcoin wallet public address, to which anyone can scan and send funds. The image was scanned and began to circulate on Reddit. The student received 23.01 bitcoins from donors – about $24,000 U.S.
Bitcoin donations gratefully accepted by The Professor, to my QR code in the header above!
The digital currency age is here.
For this writer, whose focus since 2009 has been a shift to a better way to do the financial system, it has been a watershed week. I haven’t stopped buzzing since the opening panel at the Coinsummit conference, which took place in San Francisco Tuesday and Wednesday of this week.
I was impressed by 2 essential aspects: the quality of the panel members engaged in the advancement of the digital currency ecosystem; and the demonstration of the validity of a more efficient and egalitarian, decentralized, digital currency system, building upon on the genius of the Bitcoin / Blockchain protocol.
The conference was limited to 500 and represented by top-flight members of this evolving, game-changing field. An example below is the clip with Chamath Palhapitiya, successful silicon valley tech venture capitalist and former software engineer with Facebook, in which he sees facebook-like growth ahead in the cryptocurrency sector.
Currently, the entire 2 day conference video has been posted at:
The game is-a-chang’in. Get informed and get on board!