Working at CNNMoney, he came across the Silk Road events of last year and discovered Bitcoin. It inspired him to further find the depth into the potential this technology can bring. Where he sees the lagging behind of banks and traditional financial institutions, this could and will be the next big development in money and by extension, the modern world.
“They see it as digital dollars; they don’t see it as ‘The Blockchain. […] If we all had that record, it doesn’t matter that your house burned down – you still have that money.”
The record keeping function of the Blockchain segue’d into talking about the Island of Yap where, if you haven’t heard the story already, the civilization uses big, donut shaped rocks as money, but instead of transferring ownership by moving them, the society keeps a public ledger on the up-to-date ownership of the rocks. There was even a time when a family was transporting a rock by water and it fell to the bottom of the sea. With the public ledger, the society as a whole still acknowledged their ownership of the rock. Theft of these rocks is now virtually impossible.
Mr. Pagliery continued the evening by reading a section out of his book about a Bitcoin miner named James Kafka, who was scammed in a mining hardware presale. Once again, it needs to be stressed that the internet is full of scams, and this would include the digital marketplace of mining hardware. It is crucial that research is undertaken to make informed choices in investments.
Jose Pagliery ended with a very potent message:
“Will Bitcoin be THE leader in the digital currency revolution? That doesn’t matter – it’s already made a lasting impression on money.”
Afterwards, I was able to get an interview with him to wrap up the evening.
Jose Pagliery is a cybersecurity reporter at CNNMoney and author of Bitcoin: And the Future of Money.
Image from Shutterstock.