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Author Topic: Eric Schmidt talked about Bitcoin on MWC Keynote  (Read 5587 times)
marketGuy
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February 28, 2012, 11:25:18 PM
 #1

It seems that Eric Schmidt did just talk about P2P money on his MWC Keynote.

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Schmidt also revealed that Google wanted to create a rival to Internet peer to peer currency Bitcoin. The company planned to call it "Google Bucks." Though Schmidt said peer to peer currencies like Bitcoin are "a great idea," Google Bucks never got off the ground because these currencies are illegal in many countries.
http://money.cnn.com/2012/02/28/technology/google_future_of_internet/index.htm

Quote
Also, Google at one point had considered a virtual currency akin to Bitcoin, named Google Bucks, but had backed off over concerns it would violate US law.
http://www.electronista.com/articles/12/02/28/google.chief.talks.phones.and.robots.at.mwc.2012/#ixzz1ninmGB00

Bad thing is, he thinks P2P money is illegal in US. On the other hand, i am not so sure if we ever want money in the hands of Google Smiley
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cypherdoc
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February 28, 2012, 11:33:37 PM
 #2

of course Google couldn't create its own currency; it would be centralized and prone to gov't intervention.

Bitcoin is not.

its not illegal until there is some sort of ruling. and even then...
Stephen Gornick
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February 28, 2012, 11:47:47 PM
 #3

Is there video of this anywhere?

proudhon
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February 28, 2012, 11:54:27 PM
 #4

Free advice for Eric Schmidt:

1.  Buy a bunch of bitcoins.
2.  Integrate bitcoin into Google Wallet.
3.  Go to sleep.
4.  Wake up.
5.  Eat breakfast.
6.  Check the price of bitcoin on MtGox.
7.  Profit.
8.  See step 7.
9.  See step 8.
10.  See step 9.
Serge
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February 29, 2012, 04:15:50 AM
 #5

conspiracy theory idea: google created bitcoins and open sourced it after realizing they wouldn't pull it off as google bucks
rjk
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February 29, 2012, 04:16:59 AM
 #6

conspiracy theory idea: google created bitcoins and open sourced it after realizing they wouldn't pull it off as google bucks
Eric is Satoshi! </tinfoil>

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Steve
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February 29, 2012, 04:21:56 AM
 #7

conspiracy theory idea: google created bitcoins and open sourced it after realizing they wouldn't pull it off as google bucks
I've mentioned a similar theory about amazon.com before.  While unlikely, I don't think it's completely out of the realm of possibility.  

I must say, I do like the fact that the chairman of a major corporation has just endorsed Bitcoin as a "great idea."   Grin

Edit: In fact, if someone can get the exact quote, it should be put on the front page of bitcoin.org, weusecoins.com and lovebitcoins.org.

(gasteve on IRC) Does your website accept cash? https://bitpay.com
MemoryDealers
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February 29, 2012, 05:05:45 AM
 #8

Here is the video,  but it is long.

Link removed.
(Sorry wrong year)


I'm not sure which section has the quote,  but I am watching it now.

ineededausername
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February 29, 2012, 05:10:32 AM
 #9

Free advice for Eric Schmidt:

1.  Buy a bunch of bitcoins.
2.  Integrate bitcoin into Google Wallet.
3.  Go to sleep.
4.  Wake up.
5.  Eat breakfast.
6.  Check the price of bitcoin on MtGox.
7.  Profit.
8.  See step 7.
9.  See step 8.
10.  See step 9.

the first major existing company to adopt Bitcoins will definitely make immense profits.

(BFL)^2 < 0
Steve
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February 29, 2012, 06:12:30 AM
 #10

I don't think all of the video has been posted yet.  But, I went searching for video on Schmidt and google bucks.  He talked about Google Bucks at the 2011 MWC keynote as well.  The segment is between 8:45 and 11:20 in the following video:
http://www.youtube.com/watch?v=EYxP5bLY5gI

The interesting part about this segment is that he mentions "Larry and Sergey have periodically mentioned we should offer something called Google Bucks and I pointed out the regulation issues, etc…and, uh, probably not going to happen."  Schmidt was also very quick to dispel any notion that they were interested in being a "bank."  From his mannerisms, I'm guessing that they wish to avoid that topic not because they don't think they could be very good at banking, but quite the contrary…that they could be very good at banking.

I think Bitcoin is Google Bucks.  And Larry and/or Sergey is Satoshi.

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Gabi
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February 29, 2012, 06:21:35 AM
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because these currencies are illegal in many countries.

Once more, just FUD

Nothing sure, just "in many countries", wich mean nothing. What countries? Syria? Lybia when there was gheddafi?

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but had backed off over concerns it would violate US law.
Of course we must trust you on that because ehi he would never lie uh? I wonder wich US LAW is being violated. Oh, no one?
rjk
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February 29, 2012, 06:23:45 AM
 #12

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because these currencies are illegal in many countries.

Once more, just FUD

Nothing sure, just "in many countries", wich mean nothing. What countries? Syria? Lybia when there was gheddafi?

Quote
but had backed off over concerns it would violate US law.
Of course we must trust you on that because ehi he would never lie uh? I wonder wich US LAW is being violated. Oh, no one?
In the context of a large corporation, these statements may very well be true. Not to mention that Google also has large teams of lawyers available to them to look at this kind of stuff all the time.

In the context of something decentralized... well to put it simply, it's murky.

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bb113
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February 29, 2012, 06:31:43 AM
 #13

What does P2P mean if not decentralized?
cbeast
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February 29, 2012, 06:36:43 AM
 #14

I'm not sure Eric even realizes what Bitcoin really is. Google isn't a big enough company to control the block chain. It would be susceptable to many types of attacks.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
mrb
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February 29, 2012, 07:11:10 AM
 #15

I don't think all of the video has been posted yet.  But, I went searching for video on Schmidt and google bucks.  He talked about Google Bucks at the 2011 MWC keynote as well.  The segment is between 8:45 and 11:20 in the following video:
http://www.youtube.com/watch?v=EYxP5bLY5gI

This is the wrong video. It was uploaded in May 2011. The keynote happened in 2012. Nevermind.
memvola
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February 29, 2012, 08:11:45 AM
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I don't think all of the video has been posted yet.  But, I went searching for video on Schmidt and google bucks.  He talked about Google Bucks at the 2011 MWC keynote as well.  The segment is between 8:45 and 11:20 in the following video:
http://www.youtube.com/watch?v=EYxP5bLY5gI

This is the wrong video. It was uploaded in May 2011. The keynote happened in 2012.

Read the comment you've quoted.

of course Google couldn't create its own currency; it would be centralized and prone to gov't intervention.

"Google's own blockchain" is a topic that's been around since I first started using Bitcoin in 2010. My common answer is, it makes more sense for Google to wait and see, and adopt Bitcoin itself if and when it proves to be useful, rather than create a competitive product. This is what big companies do. It's good to know that the higher-ups of Google are keeping an eye on Bitcoin. That says to me, if Bitcoin overcomes some of the regulatory issues, it has a good chance of being adopted by Google.
Ukigo
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February 29, 2012, 08:15:04 AM
 #17

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Of course we must trust you on that because ehi he would never lie uh? I wonder wich US LAW is being violated. Oh, no one?
1) Maybe he mean --> "the FUTURE laws that WILL be violated" ?
 
  2) Is this his REAL opinion ?Has he personal blog or something ?
       We need to trust ONLY reliable sources.
       Not the forged video made by mainstream media.
       This very easy may be special operation in the making.

"...Enemies are everywhere ! Angka is all rage ! Be a good soldiers, blow everything... " <-- Pol Pot (C)
memvola
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February 29, 2012, 08:28:20 AM
 #18

 2) Is this his REAL opinion ?Has he personal blog or something ?

http://live.theverge.com/Event/Eric_Schmidt_keynote_at_MWC_2012?Page=2

Quote
6:36 pm Q: If it comes to real democracy, payment has to be peer-to-peer. Would you like to know about my technology called FairCash?

6:37 pm A: Are you familiar with BitCoin? There are some issues with peer-to-peer money. In most cases it's illegal, besides that it's a great idea. We had our own proposal called Google Bucks, but we didn't want to get into these issues. Most of these systems will have reguatory issues.
Ukigo
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February 29, 2012, 09:17:01 AM
 #19

@memvola
 Thanks for the link !

  The REAL opinion is what he THINKS -- not he SAYS  on the public  Wink

  Also i am stick with the 1) thought from my above post -- the laws in concern
  are not CURRENT, but the FUTURE ones...

 
Quote
5:40 pm A: The internet is one of the greatest achievements of mankind. DO NOT GIVE THAT UP EASILY. I cannot be more emphatic. Be very careful about moves that seem logical but balkanize the internet.
Hmm, "balkanize the internet" ?!
  What this does mean ?
 Perhaps, Eric does not like end-to-end encryption of future Inet protocols.
 Indeed, how to mine data for profit, when there is only encrypted "garbage" in the net ?
 Smiley

What if someone will invent cheap distributed search engine ?
Google will be toasted !!

"...Enemies are everywhere ! Angka is all rage ! Be a good soldiers, blow everything... " <-- Pol Pot (C)
memvola
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February 29, 2012, 09:44:22 AM
 #20

 Also i am stick with the 1) thought from my above post -- the laws in concern
  are not CURRENT, but the FUTURE ones...

I don't think he is particularly talking about laws even. What he means is that the State will not want to let people have free money, and that's a war they will not fight. Decentralized money has both freedom of use and independence from economical control.

Indeed, how to mine data for profit, when there is only encrypted "garbage" in the net ?

I thought he was talking about closed systems that require authentication to access content.
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