A Quote by Perianne Boring
Through decentralized cryptography, Bitcoin eliminates the need for banking intermediaries, significantly lowering transaction costs, and could liberate poverty-stricken economies around the globe by providing access to capital to the one-third of humanity that is excluded from the financial world.
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There are hundreds of millions of people around the globe who could safely repay loans but nonetheless do not have access to a line of credit. Financial institutions in developing economies are broken and inefficient, and hard-working people have not been given the chance to establish a credit history.
Growing economies are critical; we will never be able to end poverty unless economies are growing. We also need to find ways of growing economies so that the growth creates good jobs, especially for young people, especially for women, especially for the poorest who have been excluded from the economic system.
At the very least, you must make the Internet free in areas that are poverty-stricken. Without the Internet and access to information, poverty-stricken households will never catch up to households above the poverty line - throwing the African-American community deeper into the stone ages.
I think the money for the solutions for global poverty is on Wall Street. Wall Street allocates capital. And we need to get capital to the ideas that are successful, whether it's microfinance, whether it's through financial literacy programs, Wall Street can be the engine that makes capital get to the people who need it.
People need the financial sector to be safe; people also need the financial sector to go through a massive phase of innovation. That means delivering on the positive rhetoric, like around settlement accounts, not allowing Open Banking to be diluted, and leading the way on AML.
Bitcoin was created with security in mind. The Blockchain is Bitcoin's public ledger that records every transaction in the Bitcoin economy.
The scripting language in Bitcoin is important because it is what makes Bitcoin 'programmable money'. Within each Bitcoin transaction is the ability to write a little program.
With private chains, you can have a completely known universe of transaction processors. That appeals to financial institutions that are wary of the bitcoin blockchain.
The bigger thing with bitcoin is not bitcoin itself, but what does that decentralized technology really do?
Regardless of how it's done, transaction costs will continue to plummet as computers get more powerful. Low transaction costs are a wonderful thing if you're in the transaction business. They're wonderful for consumers too, making it cheaper and easier to buy things and creating new things to buy.
I grew up in a poverty-stricken neighborhood, but I didn't really know I was a deprived, poverty-stricken child until the media made me aware of it.
First, climate change is the greatest long-term threat faced by humanity. It could cause more human and financial suffering than the two world wars and the great depression put together. All countries will be affected, but the poorest countries will be hit hardest. Secondly, the costs of inaction far outweigh the costs of action.
Once you experience Third World poverty, you're really changed forever, if you're at all open to it, because we're all united in our common humanity. And we are so made as to feel something for people who are in pain. It's not possible to be human and to be unaffected by what you see in the third world.
Getting global innovation projects right is really important as they create competitive advantage two ways. When the knowledge for an innovation is from different sites around the world, it's very much more difficult for competitors to copy these innovation - they'd have to access the same knowledge from the same places. Secondly, costs and time to market can be significantly reduced leading to first mover advantage through parallel development in global projects.
If you don't have a functioning financial system the world economy won't be revived. All the major economies have their responsibility to assist at a pace which is required to clean up the balance sheet of the banking system and to ensure that credit flows are resumed.
In fact, a large part of what we think of as economic activity is designed to accomplish what high transaction costs would otherwise prevent or to reduce transaction costs so that individuals can negotiate freely and we can take advantage of that diffused knowledge of which Friedrich Hayek has told us.
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