Category Archives: The Port for Thought

Bitcoin brand!

Bitcoin brand … the end game?

In the beginning, conspiracy theorists with ideas about the true origins of the ubiquitous crypto-currency held sway with the media. Six years ago the story opened with the introduction of the mysterious Satoshi Nakamoto as the principal ‘character’ and evolved through the exposure of multifarious international opportunists who saw the chance to exploit this unconventional money transfer device. We human beings are drawn to things which exceed our expectations, especially when the focus of our attention has a ‘magical’ quality which breaks the rules of the game as we know them. Judging from the media attention which Bitcoin attracts, the virtual currency embodies all the compelling hallmarks of just such a magical surprise package. The concept is sexy, it represents an asset without liability, it is stateless with limited controls and, in the wrong hands, is downright dangerous. As with all things, many of us are desperate to be ‘fashionably unique’; seen by our peers as risk-takers, members of an elite club rubbing shoulders with a new-age technology.

However, perhaps we have misunderstood the prime objective of the Bitcoin initiative. Maybe the true aim of the pseudonymous creators of the concept was to maximise brand awareness over time on a global scale. Despite the opportunity to design a mechanism which was sensitive to changing economic conditions, the Nakamoto team decided that a fundamental element in the Bitcoin scenario was that there could never be more than 21m electronic tokens in circulation. Perhaps this is a clue to their projected time-frame within which to achieve their ultimate objective? The intermittent use of Bitcoin to pay for goods, tales of ingenious would-be competitors and the volatility of market values keep the ‘brand’ story rolling. Meanwhile investors fill their Bitcoin wallets and speculate on the final magic trick. The acquisition of the Bitcoin Brand initiative by a major player in tomorrow’s monetary system perhaps?!

Further reading: Bitte kein Bitcoin! 

© Spyglass