The blockchain pioneer argued that 2nd tier solutions are likely to grow significantly in the next 12 months
This Tuesday, as grey clouds hung over the skies of Tel Aviv and rain crashed on to the skyscrapers below, over a thousand people headed to the first Israel Bitcoin Summit. Front and center at the event, which was held at Tel Aviv University, was Nick Szabo, an early pioneer in the Blockchain space and a man many believe could actually be Bitcoin’s anonymous founder, Satoshi Nakamoto.
Via a lengthy presentation, Szabo outlined the history of currencies and examined parallels between different forms of cash that were used in the past and the current development of cryptocurrency as a medium of exchange.
More interesting for us Finance Magnates hacks were Szabo’s predictions for the coming year.
Concluding his talk, Szabo said that he expects cryptocurrency use to grow in countries subject to conflict. He also noted that governments which badly mismanage their fiat currencies, though that could include every country in the world, can also expect to see more of their citizens turn to cryptocurrencies.
Both predictions are certainly valid. Ukraine, which is both wildly corrupt and engaged in a proxy war with Russia, has seen a huge uptick in cryptocurrency usage in the past 12 months.
At the same time, cryptocurrency has exploded in Venezuela and, if you wanted to find the paragon of fiat currency mismanagement, you would be hard pressed to find a better one than Hugo Chavez’s government.
In the same vein as Venezuela and Ukraine, Szabo also said that he thinks 2019 will see an increase in the use of cryptocurrency as a means of bypassing political blacklists.
We’ve arguably already started to see this in both Iran and Venezuela. Both countries have made noises about launching their own cryptocurrencies to bypass US sanctions. In the case of Iran, this could work, but any form of currency issued by the Venezuelan government would be better used as toilet roll.
Cryptocurrency reserves
Szabo also claimed that central banks might start to supplement their gold reserves with cryptocurrency.
“There’s going to be some situations where a central bank can’t trust a foreign central bank or government with their bonds for example,” said Szabo. “One solution that’s been developed is to have the Swiss government hold it for you - that’s not a trust minimised solution. The Swiss government itself is subject to political pressures and so a more trust minimised solution is cryptocurrency."
“The other problem with gold reserves is that they’re physically vulnerable. When the Nazis conquered countries in Europe, the first place they went to was a central bank’s gold reserves.”
Alongside his more politically oriented predictions, Szabo kept the techies in the conference crowd pleased with his suggestion that 2019 will see the adoption of more second tier solutions, such as the Lightning Network.
Without going into too much detail, these are essentially solutions that strengthen many of the weakness inherent to the Bitcoin blockchain.
The Lightning Network, for example, would allow two people to make Payments to one another almost instantaneously - an important development for Bitcoin considering how slow and expensive transactions using the cryptocurrency have become.
This Tuesday, as grey clouds hung over the skies of Tel Aviv and rain crashed on to the skyscrapers below, over a thousand people headed to the first Israel Bitcoin Summit. Front and center at the event, which was held at Tel Aviv University, was Nick Szabo, an early pioneer in the Blockchain space and a man many believe could actually be Bitcoin’s anonymous founder, Satoshi Nakamoto.
Via a lengthy presentation, Szabo outlined the history of currencies and examined parallels between different forms of cash that were used in the past and the current development of cryptocurrency as a medium of exchange.
More interesting for us Finance Magnates hacks were Szabo’s predictions for the coming year.
Concluding his talk, Szabo said that he expects cryptocurrency use to grow in countries subject to conflict. He also noted that governments which badly mismanage their fiat currencies, though that could include every country in the world, can also expect to see more of their citizens turn to cryptocurrencies.
Both predictions are certainly valid. Ukraine, which is both wildly corrupt and engaged in a proxy war with Russia, has seen a huge uptick in cryptocurrency usage in the past 12 months.
At the same time, cryptocurrency has exploded in Venezuela and, if you wanted to find the paragon of fiat currency mismanagement, you would be hard pressed to find a better one than Hugo Chavez’s government.
In the same vein as Venezuela and Ukraine, Szabo also said that he thinks 2019 will see an increase in the use of cryptocurrency as a means of bypassing political blacklists.
We’ve arguably already started to see this in both Iran and Venezuela. Both countries have made noises about launching their own cryptocurrencies to bypass US sanctions. In the case of Iran, this could work, but any form of currency issued by the Venezuelan government would be better used as toilet roll.
Cryptocurrency reserves
Szabo also claimed that central banks might start to supplement their gold reserves with cryptocurrency.
“There’s going to be some situations where a central bank can’t trust a foreign central bank or government with their bonds for example,” said Szabo. “One solution that’s been developed is to have the Swiss government hold it for you - that’s not a trust minimised solution. The Swiss government itself is subject to political pressures and so a more trust minimised solution is cryptocurrency."
“The other problem with gold reserves is that they’re physically vulnerable. When the Nazis conquered countries in Europe, the first place they went to was a central bank’s gold reserves.”
Alongside his more politically oriented predictions, Szabo kept the techies in the conference crowd pleased with his suggestion that 2019 will see the adoption of more second tier solutions, such as the Lightning Network.
Without going into too much detail, these are essentially solutions that strengthen many of the weakness inherent to the Bitcoin blockchain.
The Lightning Network, for example, would allow two people to make Payments to one another almost instantaneously - an important development for Bitcoin considering how slow and expensive transactions using the cryptocurrency have become.
US Prosecutors Recommend 3-Year Prison Sentence for Binance's Changpeng Zhao: Report
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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