This article is translated from dutch.
Its about the bitcoin summit in amsterdam hosted by ABN amro witch is a bank.
Old finance minister of the netherlands Jan kees De jager who owns bitcoin is bullish on them as you can see here
http://youtu.be/cmP3QFFi5sY (activate dutch captions and then activate translation to what ever you want)
other info about the summit can be found here
http://www.rtlnieuws.nl/economie/home/meer-werkgelegenheid-door-bitcoin (dutch only)
http://www.netkwesties.nl/684/bitcoin-wordt-gehypt-maar-cryptovaluta.htmBitcoin is hyped , but crypto currencies are large
May 16, 2014 | A coterie of conference organizers , investors and some media hype Bitcoin . However, this kind of a method of payment , whether or not the Bitcoin , become large . However, without government interference , one reason for the Dutch Bitcoinpionier Safello to choose . Sweden as home
That turned out during the first and immediately successful Bitcoin National Congress yesterday, with more than a hundred visitors at ABN Amro in Amsterdam Southeast . It showed a clear contrast : hyperig enthusiasm about the great opportunities versus prudence and realism . The first dominated initially like a moderator and co-organizer Vincent Everts . After five hours of chatter dominated realism , with a firm conclusion .
Which was articulated by Peter Verhaar , founder of Alex and now publicist and bank adviser : "The technology and structure behind Bitcoin captivate the most. The decentralized structure and speed make payments faster and cheaper .... But here is the general public is not to wait, because the payment is outstanding. "
Ex - minister Jan Kees de Jager hit the same tone : " Bitcoin is not a house of cards , but fragile. For example, local storage by users still tricky . Trust needs to grow and it has an even limited function as a medium of exchange and investment . "
During the congress Bitcoin was named as "solution looking for a problem" , but no one denied that the new mode of payment , the crypto currencies in general - a great future ahead . Incidentally, it also called on Paypal . ING was the first major bank in the world - late 20th century - took 12 percent share in PayPal and it was going to make the same in Europe . The rest is history .
ING splits
That unfortunately was not submitted to the panel and Mark Buitenhek , the boss of all transactions ING . He was enthusiastic : " I 'm probably hired to burn like a ponzi scheme , Bitcoin but I think it's a fantastic innovation . The speed, decentralized structure and low cost make it very attractive . Bitcoin is a wake - up call for banks , we should go . " New forms of payment
The key question for ING is whether they - as with PayPal - can invest or all banks must establish an infrastructure itself . In the latter case, it may take a long time , know Buitenhek , who as director of banking network Swift thousand banks coordinate changes . With Chipper vs. e-purse , he learned that banks are not able to go to new infrastructure intended for a wide audience only. However, to take the lead and prevent other new ( Bitcoin ) parties are creaming , you should invest early. That is a dilemma for the banks .
" Banks are going to take over '
According to Internet entrepreneur , and now investor Marc van der Chijs banks will therefore now wait and buy later Bitcoin intermediaries , precisely because of the technology . For that reason he invests in Bitcoinbedrijven and the currency itself . To the satisfaction of moderator Everts predicted Van der Chijs an increase in value by at least a factor of ten .
May be much higher , according to Van der Chijs if the U.S. stock market watchdog SEC recognizes the currency and Winklevoss Bitcoin Trust ( known Windex ) the Winklevoss brothers - yes, Facebook - can go to the fair early 2015 .
" Official recognition and regulation are needed , as emphasized Frank Shelters . With his Bitcoinhandel Safello he chose Sweden as a base , precisely because of the authority of the AFM ( FinansInspektion ) there. Already achieved Even with the tax authorities ( Skatteverket ) and Swedish plisie ( Polisen ) Shelter has contacts , precisely because the Bitcoin ideal show for black and obscure transactions .
DNB reluctant
Safello now gives bitcoins in eleven countries and works with 87 banks , including eight large Dutch where you involve with iDeal Bitcoins of Safello . He thinks that the Dutch Central Bank (DNB ) should interfere to struts . Trust themselves with the market of virtual currency
According to researcher Kim Pinkas DNB the risk is currently low. The regulator is already looking at Bitcoin and Pinkas since early 2011 co- published the report "The potential of bitcoin as a competitor for regular currency . (Although DNB is a national institution , this piece is read . Purely fee)
The conclusion : "Few ease of use, safety and low fluctuations over regular currency making Bitcoin for most users unsuitable as an alternative to conventional money . "
This negative judgment also emphasized Pinkas yesterday , while Bitcoin brightly labeled as media hype . With 50,000 to 70,000 transactions per day suggests it is not yet widespread. "We see opportunities especially for countries with limited banking infrastructure or as a medium of exchange for transactions between countries with different currencies such as EUR / USD trading . Western Europe is currently less interesting given the existing well-functioning payment infrastructure and low inflation . "
Of course, also the limited security that has resulted to date the necessary crime and lack of stability that include the bankruptcy of Mt . Gox no recommendation for a large audience to participate . Confidence in the new currency Half of the established exchange exists no more .
Bitcoin for a part of the market
There must be a stable , professional organization around the Bitcoin get so stressed developer Mike Hearn . Now hold ten to fifteen developers from June 2009 the technology voluntarily going. Pioneering was beautiful : " There was nothing , it did not work well , the Bitcoins began worthless and we feared imprisonment . "
Hearn objected most to the 'all or nothing ' idea : Bitcoins are a huge success and blows it go to the crypt . "It can also take some of the money to his account . E - mail was a success, but the paperless office never came and daily still loads paper mail drag . "According to Hearn Bitcoin mainly growth opportunities with specific applications such as settlement of small sums , gratuities, and cash -only payment places like for example, in pubs and payment online video without advertising and articles .
After strong growth in 2013 is the increase in use since February 2014 stagnated . The Android Bitcoin wallet was the biggest incentive of 450,000 units, but active use was much lower. Also, the number of stores that accept Bitcoins increased much faster than its use by the public
Make public Friendly
Use it appears as Hearn heavily on press coverage . With the bankruptcy of Mt . Cox thought that many users Bitcoin was defunct itself . Inflation was also too high , but who sees Hearn stabilize and soon to be very low . Above all, the ( competitor ) credit infrastructure quite beneficial for users who only enjoy the benefits while retailers bear the high costs .
However, the Bitcoin core does not want the invention which they worked so hard in a corner and ends that end they must " ... listen to what the people want ." Hearn gave the example of Google Maps where he previously worked . Using Maps rose thanks to a simple improvement: load much faster on computers and mobile.
Hearn also find it important that developers make money since their invention more worthy and not by a regular salary. According to him, that death in the pot , even at Google.
The biggest technical require any great success of Bitcoin , because of the need for technology on a much larger scale. After all, the amount of data involved in the Bitcoin is enormous.
Netherlands lead with Bitpay
In ' our country ' , the Bitcoin relatively widely accepted as Moe Levin , director of BitPay in Amsterdam . This has 30,000 merchants in total including 8,000 in Europe, including Thuisbezorgd.nl Vincent Everts Moe encouraged to chains of stores 'opt out' to force to join .
Bitpay announced the European investor Index Ventures Richard Branson and others to get for international expansion . An investment of $ 30 million This year like the middleman 100,000 stores connected to Bitcoin acceptance .
Hype air insufflation
Levin has also conference organizer . Also moderator Vincent Everts did not hide Bitcoins to possess and showed repeatedly prove to be . A ' believer ' Thus creating stakeholder attention and publicity . There are another major conferences in Amsterdam today , in September and November. There is money earned and enhances value .
Confidence in the new currency have to be constructed . Mediacracy in Van der Chijs thrives well in this sphere as frequent speaker and investor. Same ilk for ' believer ' Structure DeMeester who claimed earlier the euro looks to go beyond the Bitcoin . Slicing He gave as an example Deutsche Bank with a capital cover 1 : . 32 , worse than Lehman Brothers bankruptcy in 2008 with her " That is never good . " DeMeester also invests heavily in Bitcoin and evangelist .
Of all these men will believe hand in hand with personal benefit . The tone of the discussion of the conference yesterday was sometimes as that of the dotcom bubble of 1999/2000 . Realism overcame retaining the idea that with Bitcoin an extraordinarily interesting new phenomenon arises in the slipstream of the banking crisis ..
The black scenario for speculators Bitcoin is the collapse of the ' pioneer' itself, but the preservation of technology and structure for a new , more stable and generally accepted " crypto currency that gets the confidence of banks, public and regulators . That will be exciting.
