On the Silk Road: the Dark Side of Cryptocurrencies
Channel: New America
Date: 2014-02-12

Cryptocurrencies: The New Coin of the Realm?
On the Silk Road: the Dark Side of Cryptocurrencies

In 2009, the mysterious and pseudonymous Satoshi Nakamoto launched Bitcoin, the world's first online cryptocurrency. Backed by no government or hard assets, the currency's value has skyrocketed and plunged repeatedly. And yet, a diverse group of entrepreneurs, businesses and would-be money launders has followed Bitcoin's trajectory avidly.  The receptivity indicates a real demand for an Internet-centric medium of exchange, without banks and without fees. Yet the rise of "criminal eBays" like the Silk Road, which allow for the anonymous purchase of illegal items with the cryptocurrency, have also brought the digital cash to the attention of government authorities. Beyond monitoring illicit activity, should regulators have a role in this new financial system? Could Bitcoin-or another cryptocurrency-become a universal alternative currency? Will we ever be able to use a cryptocurrency at our local bodega?

James H. Freis, Jr.
Counsel, Cleary Gottlieb Steen & Hamilton LLP
 
Chip Poncy
Co-Founder, Financial Integrity Network
Former Director, Office of Strategic Policy for Terrorist Financing and Financial Crimes, 
United States Department of the Treasury
 
Jason Thomas
Chief, Innovation at Thomson Reuters Special Services
@jasonthomas
 
Matthew D. Green
Professor of computer science, Johns Hopkins University
@matthew_d_green
 
Moderator: Kashmir Hill
Senior Online Editor, Forbes
@kashhill

http://newamerica.net/events/2014/new_coin_of_the_realm