Guys, you're being a little rough on gibs. I don't know him from a hole in the ground but... he's been calling this play for a while now. Give props to those who deserve it.
IMHO what you are failing to see is the underlying fundamental change that is behind BTC, the often-abused "blockchain". What this new protocol is going to introduce is basically a death sentence to the current banking system, not complete death, but the role of banks, in 10-20 years, will be relegated to what are now check-cashing places. And this includes the role of the Federal Reserve. Let's be clear about something: Banks would not exist were it not for individual citizens to hold surplus assets and the government in place allow these entities to create money from thin air 7x fold (again, without the corresponding assets to back it up). This inflationary system is at the heart of all the bubbles, all the economic slumps and many other economic/political/social maladies that will be greatly alleviated once people start adopting cryptocurrencies for all their exchanges and, in doing so, bypassing all these intermediaries that add NO VALUE to the chain whatsoever and distort the system.
Securities will be traded instantaneously (no more two-day trade settlement bullshit,) securities will finally move to virtual existence (no more certificate bullshit,) travelling overseas will involve using cryptocurrencies, we'll be able to get loans (mortgage, car, et cetera) at much cheaper rates from individuals all over the world without the exorbitant fees, send wire payments over the internet in micro-seconds for pennies on the dollar, be able to vote over the internet, et cetera. All governed by a system of earned trust and backed by blockchain. Politicians, bankers and corruption will quickly be weeded out in a trust-based system. You fuck up, you're out. You will be forced to 1. Tell the truth and 2. Trust your fellow gringos.
I can't stress how FUNDAMENTAL of a change is staring us in the face. This is not a proxy company looking for funds to grease their scaling issues because their customers like surfing porn too much.
And finally, this change in how information and products are exchanged without a middleman will 1) minimize the role and size of the government and 2) politicians will get progressively younger and younger (because it will be in their interest to safeguard the current and future well being of their society and economy).
