Bhagwan Chowdhry, a professor of finance at UCLA, has nominated Satoshi Nakamoto, the creator of Bitcoin, for a Nobel prize in economics. It’s an excellent choice. Nakamoto made a fundamental breakthrough that combined cryptography and a distributed database to create the first decentralized cryptocurrency.…Marginal Revolution
Satoshi Nakamoto Nominated for Nobel Prize
Alex Tabarrok | Bartley J. Madden Chair in Economics at the Mercatus Center and Professor of Economics at George Mason University
5 comments:
The biggest contribution of bitcoin is the block-chain technology, not the currency itself.
The technology and the more new refinements and evolutions could completely change the way payment and transaction systems operate, but not only that, network safety in general.
After the removal of some attack vectors in new implementations of the blockchain technology is basically unhackable.
I think that's what Chowdry is saying.
But beyond demonstrating the possibility of creating a reliable digital currency, Satoshi Nakamoto’s Bitcoin Protocol has spawned exciting innovations in the FinTech space by showing how many financial contracts — not just currencies — can be digitized, securely verified and stored, and transferred instantaneously from one party to another.
…Not only will Satoshi Nakamoto’s contribution change the way we think about money, it is likely to upend the role central banks play in conducting monetary policy, destroy high-cost money transfer services such as Western Union, eliminate the 2-4% transactions tax imposed by intermediaries such as Visa, MasterCard and Paypal, eliminate the time-consuming and expensive notary and escrow services and indeed transform the landscape of legal contracts completely. Many industries such as Banking, Finance, Law will see a big upheaval.
The consumers will be big beneficiaries and indeed the poor and marginal sections of the society will reap the benefits of financial and social inclusion in the coming decades. I can barely think of another innovation in Economic and Finance in the last several decades whose influence surpasses the welfare increases that will be engendered by Satoshi Nakamoto’s brilliant, path-breaking invention. That is why I am nominating him for the Nobel Prize in Economics.
https://en.wikipedia.org/wiki/Namecoin
Any views on this Tom?
Just one of the many iterations emerging. It will take a while to determine what sticks to the wall and what falls off. But the concept and technology is here to stay because efficiency.
" it is likely to upend the role central banks play in conducting monetary policy,"
Don't see how that can be. Bitcoin is essentially an intangible asset that can be transferred easily and securely. In reality it works more like bottles of wine or other commodities.
What you find is that people go through Bitcoin into their native currency, so the pinch points then becomes the exchanges. Just as it is with Gold, Copper, etc.
Post a Comment