Presented in Sao Paulo, this talk by Andreas focuses on the opportunity that bitcoin brings to emerging economies like Brazil. The Five Stages of Grief, evolution of banks' reaction to bitcoin.
Transcript
[AUDIENCE] What do you foresee will be the most likely reactions of incumbents, banks and regulators? [ANDREAS] I have done a talk about that called "The Five Stages of Grief." It starts with denial: "Clearly, this is a silly technology that cannot possibly work. Bitcoin will be dead soon." That [stage] lasted for the first three years of Bitcoin. Then it switches to anger: "This is not correct.
It must be stopped. Make it illegal. Ban it. Only criminals use it." That lasted for about a year and didn't work either.
Then we went to the third stage of grief, bargaining: "Bitcoin is not that interesting. Blockchains are really interesting. [We should] do 'blockchain,' without... any of the things Bitcoin does?
Maybe we can keep all of the control and power." "Do 'blockchain' and that way we won't be disrupted." That stage [has] been [ongoing] since the middle of 2014 until today. It will not work. Bitcoin is interesting because it is open, decentralized, uncensorable, immutable, and unforgeable. You can get some advantages with blockchains, but not all of those advantages.
Then they will go to depression: "Aww, but we had such a good run for two centuries." "Why is everyone taking away our business now? Why do young people not want to only bank... Monday to Friday, 9:00am to 5:00pm, with high fees? Why do they want all these cryptocurrencies instead?" Cryptocurrencies work twenty-four hours per day.
"And that is unfair!" Finally, acceptance. I am hoping that the banking industry will realize that, if you want to reach customers and make this an economy not of two or three billion billion people, the most financially privileged people, but make it global with seven and a half billion human beings, then Bitcoin is a solution and not a problem. It is a promise, not a threat. Then we all win.