W3C home > Mailing lists > Public > public-webpayments@w3.org > September 2014

Re: OECD Working Paper: "The Bitcoin Question"

From: Timothy Holborn <timothy.holborn@gmail.com>
Date: Tue, 9 Sep 2014 00:12:20 +1000
Message-Id: <B346C0F1-CB4E-44DD-ADEB-25806A76D6DE@gmail.com>
Cc: Joseph Potvin <jpotvin@opman.ca>, Web Payments CG <public-webpayments@w3.org>
To: Melvin Carvalho <melvincarvalho@gmail.com>

> On 8 Sep 2014, at 11:59 pm, Melvin Carvalho <melvincarvalho@gmail.com> wrote:
>> On 8 September 2014 15:44, Joseph Potvin <jpotvin@opman.ca> wrote:
>> Working paper: http://www.oecd.org/daf/fin/financial-markets/The-Bitcoin-Question-2014.pdf
>> By OECD's Director, Financial and Enterprise Affairs, and Special Advisor to the Secretary-General on Financial Markets.
>> http://www.oecd.org/finance/financial-markets/adrianblundell-wignall.htm
>> Too bad this OECD "working paper" not include a request for feedback via some venue, the way the US Fed openly solicited comments on its paper via an expliciat call for submissions.
> "it is likely that the main reason crypto-currencies are ‘taking off’ in acceptability as a means of payment is due to the anonymity feature"
I signup to a service in oz, to get more bitcoin.  I had to check my passport, my drivers licence, my electoral role & something else.  I then got an email, to say I needed to send them a photocopy of my passport or license.

Took a few days already. It's hardly anonymous.  I don't think I need that much ID to get a bank account...

> Im unsure what has lead to this conclusion.  The main advantages of crypto currencies are speed of transaction, distance of transaction, low fees, irreversibility and divisibility.  
Main advantage for me, is in it's use as redeemable tokens, that may be assigned to something for the purpose of accruing economically relevant benefits.  Whether that's via putting a stamp on correspondence (supporting a time stamp, and checksum for example), or obtaining a credit for successfully submitting useful work towards a project - the ability to have some form of token that means, you're able to use for revenue purposes - seems like it's most useful purposes to me.

Not so much replacing currency, but rather a way to be recognised economically for work undertaken on or in connection to, internet communications.

Although, IMO, Anything that makes it easier to democratise globalisation, is probably a good thing.

>> -- 
>> Joseph Potvin
>> Operations Manager | Gestionnaire des opérations
>> The Opman Company | La compagnie Opman
>> jpotvin@opman.ca
>> Mobile: 819-593-5983
Received on Monday, 8 September 2014 14:12:57 UTC

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