Ever since the (almost) immediate closure of of live wagering on poker within the US, it's been a difficult ride for the game of Hold 'Em to prosper. Consisting of a predominantly US line up, the faces of professional poker have been forced into playing free money games to stream and coach from within the American border.
Since digital currencies leapt onto the scene in the early 1990s, they have been steadily gaining traction in the financial sector. The economic crisis in Greece and the recent slowdown in China's growth have given credibility to digital currencies as an alternative to traditional fiat currencies and led people to look for more innovative methods of transaction.
LEOcoin is already leading the way in demonstrating how a secure, internationally tradable currency, existing outside the financial status quo, can galvanise the SME sector. I see no reason why it cannot radically change the way governments do business too. Once the dam is breached we'll likely look back and wonder how we used to do finance any other way.
Yanis' reflections on digital currency have focussed on Bitcoin as the case study for his assessments of the potential they offer, and his appraisal of their potential has largely been negative. Yet this has not prevented him from examining how a digital currency of sorts could work for his native Greece.
Digital currency Bitcoin is the worst performing major asset class of 2014. At the start of the year one Bitcoin bought 770 US dollars, now a Bitcoin is only worth $330 USD. Even the Russian rouble has performed better: it's only declined forty-five per cent against the dollar, whereas Bitcoin has fallen by near to 60 per cent.
You wake up and decide to print out a million of pieces of paper with your face on the front. You've been very clever and made it so that these pieces of paper cannot be forged because the quality of the image is so remarkably high. You try selling these pieces of paper to other people in return for real money. Low and behold, people start to buy your paper off you and trade it amongst themselves. You are pretty pleased with yourself.