The opening story for episode two features the Global Digital Currency Conversation, and event held during the 2014 G20 summit in Brisbane, bringing together together policymakers and digital currency pioneers. I gave the opening keynote:
The first coin comes from before 600 BC in Lydia:
Paper money is a Chinese invention.
Bitcoin’s value – relative to the US Dollar – from its launch in 2009 through the present:
Back in 2013, Ron Tucker launched BitTrade – one of the first Bitcoin exchanges in Australia.
Later that same year Ron co-founded the Australian Digital Currency Association (ADCA), so that governments – who have a lot of questions and concerns about cryptocurrencies – have a peak body liaise with.
Ron Tucker mentioned the importance of cryptocurrencies in the developing world – here’s VICE reporting on the launch of ACOIN, which is meant to become the functioning currency for a whole Senegalese city.
Money is changing – evaporating into digital banknotes known as cryptocurrencies.
CRYPTONOMICS explores and explains how cryptocurrencies – like Bitcoin – and the technology underneath them – known as the blockchain – are transforming finance, business and everything else touched by money.
CYRPTONOMICS shows you what makes it all tick – starting with an explainer of the blockchain so easy anyone can understand it.
In every episode of CRYPTONOMICS we hear from experts using this tech to do amazing things – reinventing agribusiness, energy, even gambling – and we’ll learn what it all means for the future of investing and the economy.
We start at the very beginning – all the way back to the first writing.
The origins of writing are the origins of accounting. Here’s a 5500 ledger tracking ownership of that most important of commodities – beer!
Baked clay tablets are a reliable form of record keeping – you can’t change them without breaking the tablet – but as we moved to papyrus and paper, records grew more complex and errors crept in.
In the 14th century, the Genoese invented double-entry bookkeeping, which used the balance of assets and liabilities to keep the books in order – leading to the world of banking and finance as we know it today.
All of this was ‘good enough’ – but far from perfect. Those flaws became apparent in the collapse of Lehman Brothers in September 2008, triggering the Global Financial Crisis, and nearly bringing the entire global banking system down with it.
Six weeks later, Satoshi Nakamoto posted his white paper to the Internet:
It’s both surprisingly easy to read – given the subtlety of the ideas – and unleashed a financial revolution whose impacts are only now becoming apparent.
Introducing the ‘blockchain’ as the foundation for a new form of nearly foolproof accounting, Nakamoto inspired individuals around the world, including our first guest, Mark Jeffrey:
Mark Jeffrey had his inspirations confirmed by this article written by legendary Web pioneer and venture capitalist Mark Andreesen “Why Bitcoin Matters”
But it’s not all smooth sailing: The New York Times recently weighed in with “After the Bitcoin Boom: Hard Lessons for Cryptocurrency Investors”