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Bitcoin  : werkwijze en toekomstperspectieven Le bitcoin: fonctionnement et perspectives. www.belfinclub.be. AGENDA. INTRODUCTION: Frédéric de Laminne, General Secretary BFC THE CONCEPT OF CURRENCY: Prof. Dr. Bruno Colmant , President BFC

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  1. Bitcoin : werkwijze en toekomstperspectieven Le bitcoin: fonctionnement et perspectives www.belfinclub.be

  2. AGENDA • INTRODUCTION: Frédéric de Laminne, General Secretary BFC • THE CONCEPT OF CURRENCY: Prof. Dr. Bruno Colmant, President BFC • THE BITCOIN: WHAT IS IT? David Boveington-Fauran, EBTM • TECHNICAL ASPECTS: Prof. Hugues Bersini, ULB • TAX AND LEGAL ASPECTS: David Spaas, DirectorBelgian Bitcoin Association • QUESTIONS & ANSWERS • WALKING DINNER

  3. What is money ? • The most intriguing human creation • A common "artificial" belief • Freudian explanation : money deflects violence • The representation of value, since money does not carry value per se • Need to recognize the value representation in a specific time/geographic zone • Money is also past work accumulated • To create money, there must be some kind of work • The most puzzling fact : • Take a snapshot , and money is a stock • But money is really a flow • Central banks create an indicative flow • Commercial banks create the monetary flow, loans make deposits • So, money exist only "At the margin of a transaction" Bruno Colmant - October 15, 2014 1

  4. Some intuitions regarding the functions of money • Unit of account, mean of exchange • Money can arbitrate present and future consumption • A weak money is immediately transformed into real goods • A strong currency is saved • Arbitrage between transaction/savings : • measure of the trust put into the monetary symbol • Inflation is the tension point • Hyper-inflation : money becomes valueless • Hyper-deflation : money is exclusively saved • Gresham law (1519-1579) : bad money drives out good • Sometimes, money dies…. (1923) Bruno Colmant - October 15, 2014 2

  5. Governments monopolize moneys • Money = A sum of individual trust "atoms" • Collective trust is ensured by government/central banks • Money is debased : Trust or coercion is the base • Example : Zimbabwe : The USD replaces the domestic currency • The regulation of the trust is measured through the money depreciation, that is inflation • Unit of account must be the same for Money/Taxes/Public Debt • Hayek : only private currencies • disciplinate governments Bruno Colmant - October 15, 2014 3

  6. And the bitcoin : is it so far from a money ? • A currency that is computationally impractical to reverse … • Crypto/Electronic : OK • Decentralized : OK • Anonymous : OK • Peer-to-peer : ? • No regulator/cebteal bank : ? • Wallet: OK • Work behing the money : yes : the dataminers • Issues : • quantity ? • Volatility ? • Ability to be saved • Black economy ? Bruno Colmant - October 15, 2014 4

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