Crypto Currency and Bitcoin

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We enjoyed the discussion on what’s in your wallet. See Mike Van Loy, (pictured) and a team of happy hour folks at Mintz Levin recently in San Diego, including yours truly.

Do you trust the cash in your wallet? What makes that cash and not just paper is that we trust in it. Well, it wasn’t until the Civil War that the government started being in charge of your currency, and now there are alternative means of paying for products and services. We spoke about this last month at the MIT Enterprise Forum of San Diego. The topic on everyone’s mind was if bitcoin would make sense someday. Right now it’s selling at $233 a coin.
Other crypto currencies exist. Just ask Amazon.com, Nike, and Tide detergent, all using some form of other currency. And Starbucks has a lot of their customers who use “points” instead of money to buy products. This discussion is just getting started. Let us know your thoughts. Maybe bitcoin needs better marketing.

Here are my remarks from the event:

Tonight we will take a look at Crypto currencies like bit coin.
We will Learn a bit about how Bitcoin and crypto currencies work.

To introduce the first video, here are some thoughts…
The speaker is Paul Kemp Robertson, co founder of Contagious Communications, filmed in June 2013, less than two years ago. and the title is : bit coin. Sweat. Tide.
Meet the future of branded currency.
This has 900,000 views thus far on YouTube.
Edinborough Scotland is where this takes place.

What is currency?

Currency is the money in your wallet and your bank account. Trust has been built through marketing, which is my expertise.
This new currency is based on a brand, a private brand, not a bank. We will talk about bit coin, but there is more. We will also talk about other known brands, such as Nike, and their product called sweat bands, and also Tide, yes, the detergent. It’s the non-bank currency of tomorrow.

Bitcoin was founded in 2008 by Satoshi Nakamoto, who left the project in 2010.
It is extremely complicated, so if this is your first exposure, you may just want to get a basic understanding tonight and that’s just fine.
What is it? A decentralized peer to peer payment network without a central authority or middleman. For accounting purposes, it’s called a triple entry bookkeeping system.
Nobody owns the technology, like no one owns the internet or email.
Miners verify transactions using a Network of computers.
The person who solves it first is rewarded.
The market cap is over $4 billion and as of yesterday, the price for one coin was $223.(apr 28, 2015) coinmarketcap.com

Completely decentralized, Managed by the network
Private anonymous cheap, Gaining ground and respectability, according to the speaker.
Because we are Trusting technology more

How we think about money is changing.
In banks we don’t trust anymore.
PR firm Edelman survey of a global audience shows we trust each other, businesses, then leaders of government.
Today in Digital age we can Quantify value easier.
Expressions of value are changing.
What defines money?
Here is the big question:….
“Does the government need to be in charge of currency?”

The speaker, Robertson, lives in Britain, with a career in publishing and former creative director at Leo Burnett, Chicago. He talks about global brands.

He talks about Starbucks and their own currency is coming through their own ecosystem.
Other examples include Amazon books and goods, predicted here as a brand to go head to head with govt someday.

Tide in New York magazine, $20 tide equals bag of weed.
Cocktail of chemicals, supported by advertising. Quality. Loyal crime wave. Liquid gold.

Bid your sweat. Nike. Well being partner and service provider. The more you run the more points you get. Purely for the users of the product in Mexico.
In Africa, mobile vodaphone solves a currency problem. Loose change is a problem. You get a piece of gum. Faca is currency that goes to credits on their mobile phone.

This will change how you think about what is in your wallet.
How many Bitcoin wallets are out there? 8.4 million and growing at 14% per quarter. That’s under expectations from a year ago.

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