BitCoin; the Global backlash to the Establishment?

Bitcoin Digital Adventure 

Another month and another digital adventure courtesy of BitMalta, who recently held a well attended event entitled “Blockchain Legal Summit  by BitMalta”  at the Hilton Hotel in St. Julians Malta.

Several topics were addressed by speakers, and one of the most interesting was the local expert Jonathan Galea, President of BitMalta.

‘President Galea’Jonathan Galea, President of BitMalta

Like it said on the tin, the focus was on the legal implications of using the Blockchain in a business environment. Naturally the conference room was packed, and I mean packed, with lawyers, Tax and Audit advisers and a few of us Gaming chaps who are starting to geek out on the subject. 

Now the Lawyers, especially speakers like John W. Pigott, of ‘the-ABE.com’ were totally up for what the Institutions and Government of Malta are attempting to create. Essentially ‘Blockchain Island’ in the Med. Though the Tax advisors are having a rougher time, certainly those dealing with the very business related matter of Value Added Tax.

Listening to them try to present what is in effect unformed practises and at the same time provide safe council to those of us there from business, was verging on the bizarre at times.

“What do you think we should do? Dunno, what do you think we should do?”

Yes, at points that’s the version of events I was receiving; though as we here at CasionSolutionPro have stated before. When this many smart people get together and discuss a subject, something important is happening and the Blockchain for sure is not going to go away.

Today it was not the Bitcoin fans or the Alt. Coin geeks enthusing about this digital transformation, it was that pillar of the Establishment – the Accountants.

Is BitCoin really a Global middle finger salute to the Establishment?

Think about it. BitCoin was invented along the same lines as the internet ideal. Trans-national, notional control or none, free to use or only costing what the users agree to and anonymous.

That was how the public internet was meant to be, and now it’s ICANN’d, filtered and business has made it an essential part of it’s model – it is now established and the Establishment relies on it increasingly.

Except for the cryptocurrencies. The banks, countries and Establishment still hold no sway there.

This may in fact help explain why for BitCoin the value seems totally unrelated to anything else at all on the planet, and if some are to be believed it still has upside in it’s value. Currently 8K each.

As the old Chinese curse says ‘May you live in interesting times’, well we certainly seem to.

So to finish off, I would like to consider spending a well rewarding ten minutes of your valuable time dear readers with a YouTube viewing of ‘The Crimson Permanent Assurance’ by Monty Python.

This pretty much sums up my feelings about what the Maltese financial sector has in view for the rest of the world!

Buckle Up!

Keeping you posted, and keeping you up to date – CSP.

Acknowledgements:

BitMalta

John W. Pigott

The Monty Python Team – thanks for everything else too!

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