14.06.2016

Lovink: the monetary system will change with an earthquake

400In an interview with the Italian newspaper Repubblica, Geert Lovink, a critic of the Dutch media, expressed some thoughts about the future of digital money: "In the UK electronic payments exceed those in cash. The Indian prime minister Narendra Modi says he wants to turn India into a cashless society. When we say goodbye to the bill? 'Payment systems and currencies will become largely, if not entirely, digital. New technologies will govern our wallets within ten or at most twenty years. The monetary system will not change with a reform but with an earthquake: there will be a crisis, an emergency and the elites try to impose a new system. With the bitcoin went something like this: the first cryptocurrency was launched after the 2008 "crisis.

The digital cash promises to liberate "the money from the brokerage of state and banks: the -blockchain" (technology where the registry of accounts is not handled by the bank but from the network, by users as a whole) can operate transactions without intermediary authorities . In the Global South telcos are already guardian of banks and payments are increasingly via mobile phone. Blockchain will be a job killer in the banking and administrative sectors. "
According his opinion, Bitcoin was born in reaction to the 2008 crisis and discontent towards the institutions: "The primary use was criminal, drugs, illegal trade. Behind the criptomoneta there was a group of geeks, then speculators and entrepreneurs have arrived. It will also be no State or banks, but bitcoin is not free from political choices: is designed not to exceed the 21 million BTC and a deflationary vocation. Bitcoin is an avatar of the privileged classes. "

Geert Lovink is a media theorist, essayist and Dutch writer. Since 2004 he directs the Institute of network cultures and is an associate professor of new media at the University of Amsterdam.


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