Narrative Watch: 3 Key Battlelines of the Digital Currency Wars

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 22 October 2019

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

The digital currency wars are getting hotter and hotter, but they're not one dimensional. This narrative watch looks at three key battlelines: Nations vs. Private companies - who gets to make digital currencies? Nations vs. Nations (specifically China) - competition to get their faster and better Pegged vs. Basket vs. Fractional Reserve - the actual composition of the asset matters - as we see from pressure on Facebook to make Libra a 1:1 peg USD instead of a basket Watch: https://www.youtube.com/nathanielwhittemorecrypto

Transcript

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0:00.0	Welcome back to another narrative watch. What's going on, guys? It is October 22nd, and today we are
0:06.4	talking about the digital currency war. So over the last few months, we've obviously been talking
0:11.1	in the broader macro economy about currency wars in the context of the larger trade war between
0:17.0	the U.S. and China. But there's also been really since the emergence of Libra, this
0:22.2	burgeoning digital currency war. And what I mean by that is a war for the battle of the future
0:28.5	of digital currencies, right? Who's going to have the right to produce digital currencies?
0:33.5	What are those digital currencies going to be able to consist of and be made up of?
0:39.0	Who is going to and how are our governments going to interact with them, right?
0:44.2	So I wanted to really kind of draw the battle lines for this because I don't think it's as simple as it's not one-dimensional, right?
0:53.6	These digital currency wars are more
0:55.6	complicated as they are right now with a lot of contestants who are offering up a lot of different
1:00.5	strategies. And so this narrative watch is about just a quick hit layout of those battle lines
1:06.7	using some of the things we've seen in the news over the past week as as context, right? So what's the first battle line to me? I think the big battle line, the one of the one of the things we've seen in the news over the past week as context, right?
1:11.4	So what's the first battle line to me?
1:13.5	I think the big battle line, the one that really is shaping the discourse, is nations versus private companies, right?
1:20.7	Who actually gets to make the money of the future?
1:24.0	That is in some ways just the biggest question and the question that has been
1:28.0	brought up over and over again with the emergence of Libra. And so let's talk about a couple
1:36.7	things that have just, we've seen in the last week to see how this conversation is playing out.
1:41.8	First, as you can see from Nick here at CoinDesk, the Bank
1:46.4	of International Settlements, who is like Central Bank or Central Bank type of an actor, called
1:52.0	Stable Coins a threat to monetary policy and financial stability. Basically, they're coming out
	...

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