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  • Bitcoin is basically a money like any other money.

  • You can spend it on things, you can pay people, except instead of being in physical dollars,

  • where you can hold dollar bills, these coins exist on computers and you hold the coins

  • on your computer.

  • Because it acts very much like gold, you can apply many of the same rules, and so one of

  • the ideas is that you don't need a complex new system of regulations or a complex new

  • law to be able to govern Bitcoin.

  • You can go with the same old property rules and the same old procedure rules, uh, that

  • govern other forms of property.

  • So the benefits of competing currencies are the benefits of any kind of competition.

  • You have more suppliers and so you have lower prices, essentially, so for money, that means

  • lower transaction costs, for instance, and you have higher quality.

  • Now, whatever those qualities for money are, are something to be determined by the market.

  • Maybe, privacy is a quality of money that we want, or maybe, neutrality between creditors

  • and debtors is a quality we want.

  • It's essentially allowing the market to satisfy consumer demand.

  • The Legal Tender Act and legal tender laws generally around the world act as a kind of

  • monopoly advantage to central bank currency.

  • The downside of competition is, from the government's perspective, they're no longer able to able

  • to effect monetary policy in the way that they would like to.

  • Now, many would say that the legal tender laws are necessary, and allow the government

  • to conduct monetary policy.

  • So, in a sense, having a monopoly power is good for the government.

  • Now, whether you think this is a good thing or a bad thing is gonna depend on your view

  • of government.

  • Some would have the view that because the government is all of us, we want to confer

  • a sort of monopoly privilege on the government.

  • And some have the view that the federal government, at least, is an entity separate from us, and

  • is beholden to all sorts of special interests, and it’s subject to all sorts of political

  • pressures that don’t necessarily narrow down to the good of all of society, and so

  • giving them this monopoly is really not great for society writ large.

  • Many think that the real benefit of Bitcoin is going to be in settlement across borders,

  • and going to be in places in the developing world where they don’t have the kind of

  • monetary stability that we have in the U.S.

  • No one has any doubts that something that cost a dollar yesterday is going to cost a

  • dollar today.

  • But this is not true in developing countries like Zimbabwe or in, in places like, Argentina,

  • for instance, where they have major currency problems.

  • So these countries are using Bitcoin as a store value and they know that it’s gonna

  • fluctuate less, the price of Bitcoin is gonna fluctuate less, and perhaps it might even

  • appreciate more than their own currency.

  • So, in the developed world, many think that Bitcoin plays a tangential role, which is

  • one reason why some people say if you were to repeal legal tender laws with respect to

  • digital currencies, it wouldn’t be that big of a deal.

  • But it’s really in the developing world, and in places that don’t have stable political

  • regimes and stable monetary situations that something like Bitcoin, which isn’t susceptible

  • to political pressures is gonna be able to thrive.

Bitcoin is basically a money like any other money.

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B1 中級

ビットコイン:競争力のある通貨 (Bitcoin: Competitive Currency)

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    Ntiana に公開 2021 年 01 月 14 日
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