{"id":251,"date":"2014-05-27T08:11:00","date_gmt":"2014-05-27T08:11:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/former-us-mint-chief-bitcoin-serious\/"},"modified":"2014-05-27T08:11:00","modified_gmt":"2014-05-27T08:11:00","slug":"former-us-mint-chief-bitcoin-serious","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/05\/former-us-mint-chief-bitcoin-serious.html","title":{"rendered":"Former US Mint Chief: Bitcoin a serious challenge to government money"},"content":{"rendered":"
\n<\/a><\/div>\n
\n(CoinDesk<\/a>) Edmund C. Moy, the former director of the US Mint \u2014 the government
\nbody responsible for producing the country\u2019s physical coins, made waves
\nin the bitcoin<\/a> community this week when he took to Twitter to voice his
\nenthusiasm for digital currencies.<\/div>\n
\nMoy\u2019s comments were issued in response to the most recent $2.6bn Credit Suisse settlement<\/a>, in which the Switzerland-based banking giant pleaded guilty to helping clients evade taxes.<\/div>\n
\nIn light of this news, the 38th Director of the US Mint<\/a> went so far as to suggest that digital currency could provide the answer to current problems in the financial system, writing:<\/div>\n
\n

\n$2.6B fine ‘won’t do much damage’: Credit Suisse CEO. It’s time banks got competition. Time for cryptocurrencies. http:\/\/t.co\/OT3dBTDlrq<\/a>
\n\u2014 Edmund Moy (@EdmundCMoy) May 22, 2014<\/a><\/p><\/blockquote>\n<\/div>\n

\n

However, Moy didn\u2019t stop there. The former member of the Department of Homeland Security took to his blog on 23rd May<\/a> to issue an entire post on how bitcoin is leading to \u201ca revolution in payment systems\u201d.<\/div>\n

\nMoy wrote:<\/div>\n
\n

\n\u201cBitcoin,
\n and the ideas behind it, will be a disruptor to the traditional notions
\n of currency. In the end, currency will be better for it.\u201d<\/p><\/blockquote>\n<\/div>\n

\nThe
\n full post lightheartedly addressed bitcoin and its strengths and
\nweaknesses, with Moy offering a perhaps surprisingly optimistic
\nassessment of how the technology will impact the global financial
\nmarketplace.<\/div>\n

\nBitcoin removes government monopolies<\/h2>\n
\nPerhaps
\n most notably, Moy suggested that digital currencies can even help
\nprevent some of the more severe drawbacks associated with fiat
\ncurrencies. In particular, he predicts it will eliminate what he views
\nas the government monopoly on money, writing:<\/div>\n
\n<\/div>\n
\n<\/div>\n
\n

\n\u201cIt has a
\n low risk of collapse unlike a sovereign government\u2019s currency (just ask
\n the Greeks or more broadly, the European Union).\u201d<\/p><\/blockquote>\n<\/div>\n

\nMoy acknowledged this as a positive, even if he realized the innovation would likely threaten his former employer.<\/div>\n
\nHe added: \u201cYou can mine your own bitcoins. No mint needed!\u201d<\/div>\n

\nBitcoin an innovative means of exchange<\/h2>\n
\nMoy was also enthusiastic about bitcoin\u2019s potential to offer a new way for global consumers to transact, stating:<\/div>\n
\n

\n\u201cAs
\n a medium of exchange, bitcoin offers several unique innovations to
\ncurrency: global nature, infinite divisibility and easy to carry.\u201d<\/p><\/blockquote>\n<\/div>\n

\nCalling
\n today\u2019s transaction systems \u201carchaic\u201d, he argued that bitcoin\u2019s ability
\n to divide effortlessly would allow for new methods of monetization via
\nmicropayments, and that it could eliminate existing barriers to global
\nmarkets.<\/div>\n

\nBitcoin will be a safe store of value<\/h2>\n
\nMoy was equally positive about bitcoin as a store of value, saying that he believes bitcoin\u2019s price<\/a> will become more stable as it\u2019s adopted by mainstream consumers.<\/div>\n
\nHowever,
\n he took aim at critics of the idea who believe that government-backed
\nalternatives are perhaps more secure, saying that the US dollar is
\ndriven mostly by market demand.<\/div>\n
\nAs an added benefit, he theorized
\nbitcoin could even allow governments the ability to dedicate more time
\nto monetary policy that could positively impact their economies should
\nit reach its full potential.<\/div>\n
\nTo read Moy\u2019s full remarks, read his full post<\/a>.<\/div>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

(CoinDesk) Edmund C. Moy, the former director of the US Mint \u2014 the government body responsible for producing the country\u2019s physical coins, made waves in the bitcoin community this week when he took to Twitter to voice his enthusiasm for digital currencies. Moy\u2019s comments were issued in response to the most recent $2.6bn Credit Suisse […]<\/p>\n","protected":false},"author":1,"featured_media":817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,76,542,656],"tags":[764,1201,1307],"yoast_head":"\nFormer US Mint Chief: Bitcoin a serious challenge to government money -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2014\/05\/former-us-mint-chief-bitcoin-serious.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former US Mint Chief: Bitcoin a serious challenge to government money\" \/>\n<meta property=\"og:description\" content=\"(CoinDesk) Edmund C. Moy, the former director of the US Mint \u2014 the government body responsible for producing the country\u2019s physical coins, made waves in the bitcoin community this week when he took to Twitter to voice his enthusiasm for digital currencies. 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