>Why would they have a vested interest? If they felt it was a good way to make money they'd be all over it.
Because blockchain based currencies like Bitcoin cannot be controlled or manipulated by large entities who have ingrained themselves into the system like a traditional fiat banking system. You can't just create Bitcoin out of thin air and for financial mammoths like JP Morgan who contributed to the 2008 global financial crisis because of irresponsible lending/banking practices, it scares them.
I see BTC as being no different to trading stocks, some days you lose and some days you win.
Mines put in work. Jpm can/does create wealth by moving figures around on reports, or by betting one asset against another, without any physical limitation on its actions.
It's lost work though, and the amount of work is governed only by the level of competition with other miners, rather than the amount of effort involved insome external task.
> Jpm can/does create wealth by moving figures around on reports, or by betting one asset against another, without any physical limitation on its actions.
> It's lost work though, and the amount of work is governed only by the level of competition with other miners, rather than the amount of effort involved insome external task
It's the cost of securing the network. It's not lost. Fees and rewards pay the miners for the cost of their computing cycles, to provide a secure, very difficult (near impossible) to attack network.
I think there is another simpler short term vested interest. A lot of people are moving long term savings, and stock market holdings which are managed and profitable for banks and wealth advisers to Crypto Currency that they manage themselves. And for the last couple years, they have been outperforming traditional investments.
Obviously financial advisers will be getting up to speed quickly, but for now I can't ask for ANY % of my 401k to be placed in Crypto. This means less commission and activity in the traditional investing marketplace.
They are already interested in smart contracts, when I was working with them last year I went to a presentation on ethereum and how interesting it is.
It's the speculative nature of BTC and other coins that he seems to be commenting on.