I was recently (virtually) introduced to Simon de la Rouviere after reading his recent article, “In the Future, Everyone Will Have Their Own Cryptocurrency.” Simon makes a bold prediction: personal cryptocurrencies will be the norm in the next 10 to 20 years.
Having your own coin isn’t so different from my current practice of selling “shares” of myself. The difference is in the technology, which should be pretty invisible to the average user. What the user cares about is the value of the person, and in order to determine that, a person needs a clear plan or thesis for how they will live.
Imagine I sold shares of myself but never allowed shareholders to vote on how I live my life. Without my thesis about the wisdom of crowd-based investing, it’s just an ask for money: people give me money and I get to do whatever I want. That’s not very interesting or valuable to any potential investors. By adding a thesis about collective decision-making and backing that belief up with technology, the experiment in selling my shares gains meaning.
Simon points out that personal coins will develop gradually: “We will start seeing (mostly tech) people slowly but surely minting their own coins…until a platform exists for anyone to easily create one, and allowing easier and quicker exchange between them.” I don’t completely disagree, but think this is nonetheless a grand understatement. Practically speaking, obtaining cryptocurrencies, let alone creating them, is nearly impossible for most of us.
Consider the most well known cryptocurrency of them all, Bitcoin. The first Google result for “how to buy bitcoins” starts by pointing out that that “the existing Buying bitcoins page is too complex” and then warns, “Bitcoin services are not highly regulated. A service can continue operating even when it is widely believed that it is insecure or dishonest.” If that doesn’t scare you off, you then run into the problem of dollars and Bitcoin being like oil and water: “You can’t directly buy Bitcoins using PayPal.” More confusing still, there is a service that “accepts credit cards via PayPal (or Skrill) but you have to buy SLL which you can then trade for Bitcoin.”
The Latest on: Cryptocurrency
via Google News
The Latest on: Cryptocurrency
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Shares of Hong Kong-listed Chinese photo editing app Meitu Inc rose as much as 14.4% on Monday morning after the company said it had bought $40 million of cryptocurrencies. The beauty-focussed ...
- Coinbase's CEO is set to get a $3 billion windfall as his company goes public amid a cryptocurrency boomon March 7, 2021 at 9:33 am
Like other tech moguls, he'll need to shepherd the company through a series of stock price milestones in order to cash in on the full payday.
- Feds indict John McAfee for cryptocurrency pump-and-dump fraudon March 6, 2021 at 4:44 am
Federal prosecutors have indicted noted cybersecurity eccentric John McAfee for securities and wire fraud for misleading investors at the peak of the last cryptocurrency boom. In late 2017 and early ...
- Antivirus software creator John McAfee indicted on cryptocurrency fraud chargeson March 5, 2021 at 5:25 pm
McAfee and his "cryptocurrency team" advisor Jimmy Watson allegedly engaged in an "age-old pump-and-dump scheme," authorities said.
- John McAfee facing charges for alleged cryptocurrency 'pump and dump' scheme on Twitteron March 5, 2021 at 2:36 pm
John David McAfee, the eccentric antivirus software pioneer, has been indicted on fraud and money laundering charges by the Department of Justice, which alleges he and a business partner participated ...
- Software mogul John McAfee charged with cryptocurrency fraudon March 5, 2021 at 11:25 am
Federal prosecutors have charged antivirus software mogul John McAfee and an adviser with conspiracy to commit fraud, among other crimes, in a scheme involving cryptocurrency investments, authorities ...
- Bitcoin-mining stocks sink as the cryptocurrency struggles to reclaim $50,000 levelon March 5, 2021 at 10:38 am
Bitcoin miners Marathon Patent Group, Riot Blockchain, and Hive Blockchain Technologies were all down double-digit percentages on Friday.
- Eco raises $26M in a16z-led round to scale its digital cryptocurrency platformon March 5, 2021 at 9:30 am
Eco, which has built out a digital global cryptocurrency platform, announced Friday that it has raised $26 million in a funding round led by a16z Crypto. Founded in 2018, the SF-based startup’s ...
- Cryptocurrency trading volumes spike 17% in Feb - CryptoCompareon March 5, 2021 at 8:10 am
Cryptocurrency trading volumes soared by 17% last month in the wake of Tesla's $1.5 billion bitcoin bet, with larger exchanges taking a growing share of the overall volumes, data showed on Friday.
- IRS Adds New Guidance But Form 1040 Cryptocurrency Question Is Still Causing Confusionon March 5, 2021 at 5:57 am
The IRS really wants to know about your cryptocurrency. For tax year 2020 the IRS moved the cryptocurrency question from Schedule 1 of the Form 1040, where it was in 2019, to the much more prominent ...
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