Cash and Cryptography, Hash Rates and Hegemony The Currency Cold War by David Birch The way that money works now is a blip. It’s a temporary institutional arrangement agreed in response to specific political, technological and economic circumstances. As these circumstances change, so money must change. Many people think that it will undergo a pretty significant change in the very […]
Cash and Cryptography, Hash Rates and Hegemony
The Currency Cold War by David Birch
The way that money works now is a blip. It’s a temporary institutional arrangement agreed in response to specific political, technological and economic circumstances. As these circumstances change, so money must change. Many people think that it will undergo a pretty significant change in the very near future and we need to start planning for the coming era of digital currency. The historian Niall Ferguson wrote in 2019 that ‘if America is smart, it will wake up and start competing for dominance in digital payments’. Competing for this new currency dominance could mean a new cold war in cyberspace with, for example, Facebook’s private currency facing off against China’s public currency facing off against a digital euro. Or would a digital dollar win this new space race?
In The Currency Cold War Dave’s storytelling is as masterful as ever and his thinking both grounded and provocatively audacious.Brett King, Author of The Rise of Technosocialism, Augmented and Bank 4.0
This is not just the concern of wide-eyed technologists obsessed with Bitcoin. In a 2019 speech the governor of the Bank of England said that a form of global digital currency could be ‘the answer to the destabilising dominance of the US dollar in today s global monetary system’. But which digital currency? Will we really be choosing between the Federal Reserve and Microsoft (between dollar bills and Bill’s dollars)? Or between Facebook’s Libra and the Chinese Digital Currency/Electronic Payment system ‘DC/EP’? Between spendable SDRs and Kardashian Kash?
How profound will the digital money revolution be? David Birch has written an insightful and provocative guide to the high stakes involved.Huw van Steenis, former Senior Advisor to Governor Mark Carney on the Future of Finance
It would be a mistake to see this as a technical debate about cryptocurrencies and blockchains, about hash rates and key lengths. It matters far beyond the virtual boundaries of the new age. The dollar’s dominance gives America the ability to exert soft power through the International Monetary and Financial System. A serious implication of replacing existing monetary arrangements with new infrastructure based on digital currency is that this power might be constrained. How might America respond to losing its hegemony?
No one knows more about digital money than Dave Birch, and his insights into where the world of digital currency sovereignty is going, will shock you. Our lives are about to change, radicallyJeffrey Robinson, expert on international financial crime and author of the worldwide bestseller “The Laundrymen”.
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David G.W. Birch is an author, advisor and commentator on digital financial services. He is Global Ambassador for Consult Hyperion (the secure electronic transactions consultancy that he helped to found), Technology Fellow at the Centre for the Study of Financial Innovation (the London-based think tank) and a Visiting Professor at the University of Surrey Business School. An internationally-recognised thought leader in digital identity and digital money he was named one of the global top 15 favourite sources of business information by Wired magazine and one of the top ten most influential voices in banking by Financial Brand; created one of the top 25 “must read” financial IT blogs; was found by PR Daily to be one of the top ten Twitter accounts followed by innovators (along with Bill Gates and Richard Branson), was rated Europe’s most influential commentator on emerging payments by Total Payments and was awarded “Contributor of the Year” by the Emerging Payments Association.Dave Birch
No-one has put as much thought into understanding and explaining the exceedingly complex world that all these parallel economic, political and technological developments are creating for us than David Birch.Michael Casey, author of “The Age of Cryptocurrency”.
Dave is right on the money, outlining the technological and geopolitical trends that shape future digital currencies. A timely analysis which urges us all to design our own smart and anonymous currencies before other nations or bigtech players force us into using theirsSimon Lelieveldt, formerly with Dutch Central Bank and Dutch Bankers Association