The ability to move value electronically without counter parties and without IOUs and promises is very useful. If people use it, it will have value. If machines use it, it will change everything.
You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete. -Buckminster Fuller
Why are the biggest user markets (international) of internet companies not top revenue sources?
Why do Universities spend on non-teaching lures to attract students who can neither afford the cost of education not find jobs to repay their debt once they’re out in the real world?
- Inevitable hyperdeflation of education
Digital technologies, which reduce the cost of production and distribution, are transforming flows in three ways: through the creation of purely digital goods and services, “digital wrappers” that enhance the value of physical flows, and digital platforms that facilitate cross-border production and exchange.
- QR Codes
- Glocal Experts
Digital technologies enable even the smallest company or solo entrepreneur to be a “micromultinational”, selling and sourcing products, services, and ideas across borders.
- Intellectual Property
Microfinance platforms enable entrepreneurs and social innovators to raise money globally in ever-smaller amounts.
Solar Energy, Telecommunications , and Bitcoin.
[Checks] have no value because they are infinitely createable. There are 12m bitcoins out there and there will [only ever] be 21m. If there were 21m check in the world and that was all there were, and all transactions went through checks, checks would be very, very valuable.
In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions.
Is the Internet like mail, telephones, or broadcast TV? Is Bitcoin commodity, currency, property, protocol?
It is a programmable way to transfer scarce resources of any kind.