In this brief chat, I review whether Bitcoins, scamcoins, digital coins and tokens can ever be real money.
The answer: yes — if they have real ‘stuff’ backing them up.
Most every tradable good/service (like chocolate) need prices to sit in a real economy.
Py=mv is more than simple maths. It is the future of digital currencies.
I give two sets of recommendations: 1- to you and I, and 2- to regulators.
For us, we can protect ourselves be looking for the underlying value behind the ‘coin’. No real pig— I’m probably the Greater Fool.
For regulators, a “real economy=real use” case for their regulator seems like the right way forward. Lets not get bogs down in regulatory requirements, exempt some with sandboxes.. and bureaucratize financial markets more.
Use a simple approach. If the users had an honest, real use in mind — a price wipe wipeout, auto-contract glitch or 1,000 other problems were probably all innocent victims. Restitution goes like normal. Getting ‘Hushpuppied’ probably should get fraud investigators out there quickly.
In a ever complex regulatory landscape, Michael’s appeal for a simpler, common sense, tied-to-our-shoes approach approach toward regulation seems desperately called for.
NONE OF THE REMARKS MADE REFLECT THE OPINIONS OF ANY INSTITUTION I MAY AFFILIATE WITH, NOW, PAST OR FUTURE. I DONT THINK I GAVE AN AFFILIATION FOR THAT PURPOSE.
