Bitcoin, Ether, Sterling – BitGold CEO Darrel MacMullin Talks the Future of Money

While the fintech world is yet to see the implications of the DAO hack and Brexit, CoinTelegraph attended MoneyConf in Madrid to collect expert opinions on the future of money. In-between the inspirational keynotes and thought-provoking panel discussions CoinTelegraph had a chat withDarrel MacMullin, CEO of BitGold.
MoneyConf is an invite-only event organized by experts behind Web Summit, the world’s fastest growing technology event, and focused on the future of finance. This year more than 1500 decision makers from across the industry, including over 100 exhibiting startups looking to revolutionize the industry came to sunny Madrid.
Challenges of digital currencies
MacMullin says to CoinTelegraph about the DAO attack:
‘It is exciting to see what is going on with different cryptocurrencies. The situation around the DAO hack and how serious this is, is still rather unclear. Many conventional systems have been hacked many times. Take, for instance, the Swift system which was hacked a few times last year. The biggest concern here is of course the reputation and gaining of trust, if you are trying to build a currency and make people use it as a primary currency making them invest in it.’
The fact that in the case of digital currencies you are dealing with just the digital ledger and digital token is rather challenging. Any attack to the ledger is therefore putting all the system at great risk. The other downside of digital currencies, as mentioned by Darrell, is that all transactions are anonymous which makes it difficult to resolve the problem if something goes wrong.

This post was published at Coin Telegraph on 2016-06-27.

Comments are closed.