As readers of this blog can tell, I’ve been spending a lot of my time recently focused on cryptonetworks and blockchains, and in particular, working through the complex legal and regulatory issues involved.
Explaining what cryptocurrencies, cryptonetworks and blockchains are is hard to do. As Naval recently said on twitter:
It is the mark of a genius to explain a complex topic in a simple way. https://t.co/17vfhQB9uK
— Naval (@naval) March 12, 2017
One person who is able to describe this complex topic remarkably simply is Peter van Valkenburgh from Coin Center. A few weeks ago Peter testified in the House on a committee exploring cryptocurrencies and so-called ICOs. His 5-minute description of the “true innovation” here is crystal clear and worth watching:
So his final point is what we will be replying upon to keep the centralised ancient regime in the US honest in its deliberations about how to treat crypto. There is a world beyond the territorial borders of the United States of America, and if Wall Street et al try to kill crypto then global competition will step in and take up the opportunity it would present That’s a good thing. I think the future for crypto is bright. There are too many pessimists out there.