A new report from the World Economic Forum predicts that the underlying technology introduced by the virtual currency Bitcoin will come to occupy a central place in the global financial system.
Phi Beta Iota: Worth reading closely. Remarks by top experts on blockchain highlight two facts. First, blockchain over the Internet disintermediates (puts out of business) banks. Second, blockchain over the Internet radically increases transparency and truth such that individual parties can trust each other, which lowers the cost of doing business across all boundaries. We wonder if Donald Trump has anyone that understands that blockchain is also inevitably leading toward the need to end all taxes in their present form, and adopt the Automated Payment Transaction (APT) Tax on all transactions. This will also enable the World Brain, burying intermediaries such as Bloomberg, Elsevier, and Thomson Reuters, enabling individuals to profit responsibly from micro cash for micro knowledge across all boundaries.