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Author Topic: [2014-04-30] Larry Summers has warning for Bitcoin naysayers  (Read 1103 times)
windpath
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May 01, 2014, 01:49:21 AM
Last edit: May 01, 2014, 11:54:43 AM by malevolent
 #1

Larry Summers has warning for Bitcoin naysayers: ignore change at your own peril

Former Secretary of the US Treasury, World Bank chief economist and Obama administration economic advisor Larry Summers weighs in on Bitcoin

http://blogs.wsj.com/moneybeat/2014/04/30/in-bitcoin-debate-larry-summers-sides-with-the-history-of-change/

Quote
he offers this to critics of bitcoin and other cryptocurrencies: “The people who rejected the Internet as a curiosity for scientists were on the wrong side of history, the people who rejected digital photography as really an artificial thing were on the wrong side of history, and the people who felt that non-gimmicky tennis racquets were made with wood were on the wrong side of history. So it seems to me that the people who confidently reject all the innovation here [in new payment and monetary systems] are on the wrong side of history.”

To Mr. Summers, the potential contained in bitcoin’s breakthrough technology, with its fast, low-cost system for confirming transactions, is demonstrated by problems with the current multi-layered system for domestic and global fund transfers. He cites, for one, “the costs to transfer money to a child in college either within the United States or across international borders, or more consequently, what it costs an immigrant to remit money to Mexico or the Philippines.”

Mr. Summers also notes that the existing system requires “enormous investment” in mitigating credit-card fraud and that in an “increasingly uncertain world” there’s a natural desire to have “secure global stores of value,” a role that some digital-currency enthusiasts see being performed by these new instruments.
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May 01, 2014, 03:50:07 AM
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Larry Summers has warning for Bitcoin naysayers: ignore change at your own peril

Former Secretary of the US Treasury, World Bank chief economist and Obama administration economic advisor Larry Summers weighs in on Bitcoin

http://blogs.wsj.com/moneybeat/2014/04/30/in-bitcoin-debate-larry-summers-sides-with-the-history-of-change/

Quote
he offers this to critics of bitcoin and other cryptocurrencies: “The people who rejected the Internet as a curiosity for scientists were on the wrong side of history, the people who rejected digital photography as really an artificial thing were on the wrong side of history, and the people who felt that non-gimmicky tennis racquets were made with wood were on the wrong side of history. So it seems to me that the people who confidently reject all the innovation here [in new payment and monetary systems] are on the wrong side of history.”

To Mr. Summers, the potential contained in bitcoin’s breakthrough technology, with its fast, low-cost system for confirming transactions, is demonstrated by problems with the current multi-layered system for domestic and global fund transfers. He cites, for one, “the costs to transfer money to a child in college either within the United States or across international borders, or more consequently, what it costs an immigrant to remit money to Mexico or the Philippines.”

Mr. Summers also notes that the existing system requires “enormous investment” in mitigating credit-card fraud and that in an “increasingly uncertain world” there’s a natural desire to have “secure global stores of value,” a role that some digital-currency enthusiasts see being performed by these new instruments.

Suddenly the MSM is our friend againSmiley
The positive media cycle is verified:
Get ready for a big rally!
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May 01, 2014, 04:51:58 AM
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this is one of the guys that's responsible for the 2008 financial crash...

watch these assholes start talking up Bitcoin so everyone buys into it and then they pull the plug the internet and everyone with BTC will be holding a bag....
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May 01, 2014, 06:22:48 AM
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this is one of the guys that's responsible for the 2008 financial crash...

watch these assholes start talking up Bitcoin so everyone buys into it and then they pull the plug the internet and everyone with BTC will be holding a bag....

I intended to tell you the net cannot easily be shut down, but I did some research:
The internet was originally created to survive Nuclear War, but "we" are not using that one now. Currently major sections could be shut down if underwater cables are cut.
There are projects to increase the number of satellites bringing the web to more parts of the world and some of them are proposed by private companies.

The modern web was built in a big hurry and is much more fragile than I expected. Hopefully major upgrades are coming soon.
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May 01, 2014, 12:38:33 PM
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this is one of the guys that's responsible for the 2008 financial crash...

watch these assholes start talking up Bitcoin so everyone buys into it and then they pull the plug the internet and everyone with BTC will be holding a bag....

Yes, I'm used to thinking of Summers as a contrarian indicator. It is out of character for him to support crypto. Lest we forget - he was a leading candidate to succeed Bernanke as head of the Fed and he had a much-publicized dustup with the Winklevii when he was in a position of power and they were undergraduate supplicants.

Something is up, but what? Is it mischief or is he just starting to think about his legacy, Alfred Nobel-style? At best, it's just one more talking head to ignore.
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May 01, 2014, 01:19:31 PM
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I intended to tell you the net cannot easily be shut down, but I did some research:
The internet was originally created to survive Nuclear War, but "we" are not using that one now. Currently major sections could be shut down if underwater cables are cut.
There are projects to increase the number of satellites bringing the web to more parts of the world and some of them are proposed by private companies.

The modern web was built in a big hurry and is much more fragile than I expected. Hopefully major upgrades are coming soon.

How about the "Loon" project from Google:



http://www.google.com/loon/

A loon for every node! Wink
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