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Daily diary of what's happening with Bitcoin.
Privacy lawyer Ross Schulman (@RossSchulman) writes a post on DisCo introducing Bitcoin to policymakers and describes the disruptive power of Bitcoin on the financial services industry. Excerpts:
“[Bitcoin] disrupts what we think we know about money. It rewrites the value rationale for money itself, and undermines the ways in which we think we have to pay for goods over the Internet.”
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“[Bitcoin potentially is] incredibly disruptive to a number of financially centered industries. Credit cards, Western Union, and companies like Paypal exist because of the fact that it is hard to transfer money over the Internet cheaply and securely.”
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“Bitcoin, to the extent that it is usable, completely changes that regime. People can use it to connect directly with peers, whether they are friends sitting around the same dinner table, or complete strangers across the globe, and send money cheaply.”
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