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Monday, May 8, 2017

Bitcoin is Ultimate Insurance Against Autocracy: Golden State Warriors NBA Team Owner

Bitcoin is Ultimate Insurance Against Autocracy: Golden State Warriors NBA Team Owner

Chamath Palihapitiya, the owner of the $2.6 bln NBA team Golden State Warriors, recently stated that Bitcoin is the ultimate insurance policy against autocracy and currency curbs.

Bitcoin is a unique store of value, settlement network and digital currency in the sense that it offers absolute financial freedom and independence to its users. Within Bitcoin’s peer-to-peer network, users can send each other transactions or payments with the absence of intermediaries and third party service providers.

Palihapitiya described Bitcoin as the insurance policy against autocracy, or a government with absolute power, and currency curbs because of its decentralized nature. Central entities or authorities can’t possibly censor, restrict, manipulate and control the Bitcoin network.

For this reason, to prevent Bitcoin moving over to the over-the-counter (OTC) market that is arguably much harder to oversee and surveil, governments were forced to adopt and regulate Bitcoin against their will. Regulated or not people will still use Bitcoin. With regulatory frameworks, however, Anti-Money Laundering (AML) and Know Your Customer (KYC) policies can be used to the advantage of the government to identify Bitcoin users.

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