Bitcoin – what is the use case DEC_TECH

The Bankwatch

The lecture by Andreas Antonopouloswas highly entertaining with anticipated shots at banks. In the audience of 400+ there were 6~ bankers so we were an easy target.

Apparently banks are busy developing strategies he surmises for use of the blockchain without the currency, or with normal currency. He poo pooed that idea noting that the bitcoins and the blockchain were inseparable.

Having said all that and thoroughly enjoyed his talk I am still no wiser for the use case, let alone the business case for Bitcoin. Some facts mentioned tonight are well known:

  • bitcoin is unsupervisedwith no centralized authority
  • Fintrac have indicated that standard KYC and AML checks are required on Bitcoin service providers
  • Volatility; no real answer. Reality of large surges in demand.
  • Standards: there is no similar standard to PCI/DSS
  • Block chain is a ledger
  • Bitcoin is 100% confidential although this is at odds with the stanceā€¦

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