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The challenges of remaining distributed in a centralized system

Sorbonne University Conference -- March 22, 2024

Attractiveness is the source of all economic value, defining the hierarchy of monetary attributes. Circulation over time and space transforms and preserves value, thus determining the unit of account and store of value. Attractiveness is essential to garner acceptance and define a price.

Two experts, Michel KHAZZAKA and Pierre Schweitzer, along with the vice-president of the Kryptosphere France association, shared their experiences in the field of payments and cryptocurrency during this conference at the Sorbonne. They discussed the value of Bitcoin, emphasizing its attractiveness as a fundamental source of value. The value of money and goods is influenced by attraction and acceptance, as well as scarcity.

Bitcoin challenges the notion of value in economics as a record of production efforts and exchanges. Monetary scarcity is not the only determinant of value. The energy consumption of the banking industry is enormous compared to that of Bitcoin, which is much more efficient.

The discussion covers various topics related to Bitcoin, including its role as life insurance for the current financial system, the relationship between costs and value, the measurement of labor, and a critical analysis of Nassim Taleb’s works on Bitcoin. The speculation around Bitcoin is mentioned, particularly in connection with the arrival of the halving and its impact on monetary policy. The discussion addresses the notion of Nakamoto consensus in the context of Bitcoin, highlighting its link to security and labor.

The conference also discusses the adoption of Bitcoin by banking actors, the impact of central bank digital currencies on trust in the euro, and the implications for monetary policy. Bitcoin is the most distributed cryptocurrency in the world, unlike Facebook and Google, which are decentralized. It is advised against keeping bitcoins in an exchange to avoid the risks of bankruptcy and confiscation. The recommended book, ‘Life After Google,’ explores the link between artificial intelligence, Web3, and Blockchain

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