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Presentation on theme: " Bitcoin : werkwijze en toekomstperspectieven Le bitcoin: fonctionnement et perspectives."— Presentation transcript:

1 Bitcoin : werkwijze en toekomstperspectieven Le bitcoin: fonctionnement et perspectives

2 2 AGENDA INTRODUCTION: Frédéric de Laminne, General Secretary BFC THE CONCEPT OF CURRENCY: Prof. Dr. Bruno Colmant, President BFC THE BITCOIN: WHAT IS IT? David Boveington-Fauran, EBTM TECHNICAL ASPECTS: Prof. Hugues Bersini, ULB TAX AND LEGAL ASPECTS: David Spaas, Director Belgian Bitcoin Association QUESTIONS & ANSWERS WALKING DINNER

3 What is money ? The most intriguing human creation A common "artificial" belief Freudian explanation : money deflects violence The representation of value, since money does not carry value per se Need to recognize the value representation in a specific time/geographic zone Money is also past work accumulated To create money, there must be some kind of work The most puzzling fact : Take a snapshot, and money is a stock But money is really a flow Central banks create an indicative flow Commercial banks create the monetary flow, loans make deposits So, money exist only "At the margin of a transaction" Bruno Colmant - October 15,

4 Some intuitions regarding the functions of money Unit of account, mean of exchange Money can arbitrate present and future consumption A weak money is immediately transformed into real goods A strong currency is saved Arbitrage between transaction/savings : measure of the trust put into the monetary symbol Inflation is the tension point Hyper-inflation : money becomes valueless Hyper-deflation : money is exclusively saved Gresham law ( ) : bad money drives out good Sometimes, money dies…. (1923) Bruno Colmant - October 15,

5 Governments monopolize moneys Money = A sum of individual trust "atoms" Collective trust is ensured by government/central banks Money is debased : Trust or coercion is the base Example : Zimbabwe : The USD replaces the domestic currency The regulation of the trust is measured through the money depreciation, that is inflation Unit of account must be the same for Money/Taxes/Public Debt Hayek : only private currencies disciplinate governments Bruno Colmant - October 15,

6 And the bitcoin : is it so far from a money ? A currency that is computationally impractical to reverse … Crypto/Electronic : OK Decentralized : OK Anonymous : OK Peer-to-peer : ? No regulator/cebteal bank : ? Wallet: OK Work behing the money : yes : the dataminers Issues : quantity ? Volatility ? Ability to be saved Black economy ? Bruno Colmant - October 15,

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