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CRYPTO CURRENCY ... BLOCKCHAIN
WHAT IS IT? IS CRYPTO DEAD? Crypto is dead | Yanis Varoufakis and Viktor Tábori in debate at the Brain Bar Original article: https://www.youtube.com/watch?v=1JGYpDZixlY Peter Burgess COMMENTARY The concept of a 'crypto currency' and 'blockchain' are very much confused in the public mind ... and indeed in my own. It is my understanding that 'blockchain' is a digital technology that enables the current wave of 'crypto-currency' initiatives, but that 'blockchain' is not limited to this use. I have been told that 'blockchain' is essentially a digital ledger, very much like the accounting general ledger that was at the heart of every accounting system for a very long time before the electronic computer became the foundational tool for accounting. So what is a general ledger in conventional old fashioned accounting. It is a quite simple document that is used to record all the accounting transactions that an entity engages with. All the transactions are associated with a 'money' value and recorded in two columns ... the Debits and the Credits. I won't go into all that is involved with this process of recording money transactions at this time, but all the transactions are put into a record and do not get changed. In the old days, this was done by managing the physical custody of the general ledger and the books of account, but in modern times this had evolved and now with 'blockchain', an electronic 'blockchain' system provides a more convenient and scaleable system of security and especially an effective way of stopping the record from being changed in any way at all. I had an accounting training, and the ability of 'blockchain' to be used to run and electronic general ledger system that can never be changed other than by official updating is a massive improovement on anything that has gone before. The idea that 'blockchain' can be used to create the equivalent of money is pure fantasy ... and the fact that a lot of people have bought into this fantasy amazes me ... just as conventional gambling with the expectation that the gambler will win is also fantasy. I find 'blockchain' as the foundation for a massive global system of recording enviro-socio-economic progress and performance is exciting and quite reasonable. But I hasten to add that this is a massive ledger record and not a currency per se. A company with a strong balance sheet and a history of profits and a potential for future profits can be financed ... but the company itself is not 'money'. Similarly, a society that has good characteristics like a company with good characteristics should be able to be financed in much the same way. For this to happen, there has to be good record keeping and a more reliable way of handling the measurement of social state, progress and performance. The same goes for nature and the characteristics of the environment. The metrics need to be coherent and comprehensive, and I would argue quite similar to the money metric that is widely used for economic state, progress and performance. The recent FTX debacle does not really surprise me at all. It is bigger than I expected, but its characteristics could have been predicted. I am amazed at how many major financial names are associated with the debacle ... and how the whole idea of 'due diligence' seems to have been ignored. It has been explained to me how really stupid big corporate decisions get made in the real world, but it also confirms to me that in the modern corporate world my idea of 'due diligence' and meaningful 'oversight' are as dead as the dodo and the dinasaur. Something like the TrueValueMetrics (TVM) framing for global management metrics is clearly needed ... and it might be it is 'blockchain' that gets to be the enabling technology. Peter Burgess | ||
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Crypto is dead | Yanis Varoufakis x Viktor Tábori x Brain Bar
Brain Bar 47.3K subscribers ... 117,692 views ... 2.1K likes Nov 25, 2022 Should we say farewell to the dollar, the euro and all national currencies? Is crypto the future of money? Join our fierce battle between former Greek finance minister and maverick anti-bitcoin economist Yanis Varoufakis and blockchain developer Viktor Tábori, and find out yourself. About Brain Bar Brain Bar, the biggest European festival on the future brings together the world’s most exciting visions. Lively, ambitious and unique, Brain Bar creates the stage for top trendsetters, decision-makers and challengers to exchange ideas in unusual and unrestrained conversation. Follow us:
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