I'm a Bitcoin believer but I feel a little embarrassed after reading this. I'm impressed that Marc Andreessen can get an entire Dealbook page to advertise a pet technology without any fact checking. (Is that the point of Dealbook? I almost never read it.)
> Even Netflix, a completely virtual service, is only available in about 40 countries.
The implication is that mere payment logistics are inhibiting Netflix's internationalization. What about copyright and regional distribution restrictions?
> Ben S. Bernanke, formerly Federal Reserve chairman, recently wrote that digital currencies like Bitcoin “may hold long-term promise, particularly if they promote a faster, more secure and more efficient payment system.”
I don't understand this. He did say it....here is the paragraph in it's entirety from his address to the Senate:
Historically, virtual currencies have been viewed as a form of “electronic money” or area of payment system technology that has been evolving over the past 20 years. Over time, these types of innovations have received attention from Congress as well as U.S. regulators. For example, in 1995, the U.S. House of Representatives held hearings on “the future of money” at which early versions of virtual currencies and other innovations were discussed. Vice Chairman Alan Blinder’s testimony at that time made the key point that while these types of innovations may pose risks related to law enforcement and supervisory matters, there are also areas in which they may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.
He was using Vice Chairman Alan Blinder's testimony to prove the point that while those innovations may pose risks there are areas which they may hold long-term promise.
So not sure what you mean by he didn't say that.
Marc's original statement is indeed accurate, per the transcript of Bernanke's speech. [1]
He's paraphrasing Alan Blinder's 1995 testimony in the context of the history of virtual currencies. It is more accurate to say, "In 1995, Alan Blinder stated that virtual currencies hold long-term promise, particularly if..."
My larger point is that whenever you see the Bernanke "bitcoin statement," it implies that he is a Bitcoin advocate. He may very well be a Bitcoin fanboy in his private life, but there is not public evidence that this is true.
> Even Netflix, a completely virtual service, is only available in about 40 countries.
The implication is that mere payment logistics are inhibiting Netflix's internationalization. What about copyright and regional distribution restrictions?
> Ben S. Bernanke, formerly Federal Reserve chairman, recently wrote that digital currencies like Bitcoin “may hold long-term promise, particularly if they promote a faster, more secure and more efficient payment system.”
Bernanke never said this (http://imaginarymarkets.com/reddit-corrects-bitcoin-quotes-a...), and it's tacky to perpetuate this falsehood.
> But I hope that I have given you a sense of the enormous promise of Bitcoin.
Indeed, he succeeded here, though a little too breathlessly.