New commission to examine cryptocurrency in NH

ADAM: WELCOME BACK. IT’S ALWAYS FUN TO TALK ABOUT SOMETHING NEW IN STATE POLITICS AND THAT’S DEFINITELY GOING ON RIGHT NOW IN THE WORLD OF FINANCE AND GOVERNMENT WHEN IT COMES TO CRYPTO CURNCREY. THE GOVERNOR IS VEUNILING A NEW COMMISSION TO STUDY THE ISSUE AND HOW NEW HAMPSHIRE MIGHT BENEFIT. ONE OF THEM SERVING IS KEITH AMMON JOINING US NOW ON “CLOSE-UP.” LOTS START WITHHE T BASICS IN THE WORLD OF CRYPTO CURRENCY, WHAT IS BIT COIN AND WHY DO POLICYMAKE NRSEED TO BEING ABOUT IT IN THE FUTURE? KEITH: THAT IS A VERY LARGE QUESTION. BIT COIN WAS INVENTED BY SOMEONE IN THE YEAR 2008 WHEN THE IDEA WAS RELEASED ON THE WORLD SO IT’S BEEN AROUND 13 OR 14 YEA.RS IT WAS A WAY TO TAKE TECHNOLOGY, EXISTING PIECES OF TECHNOLOGY, SORT OF PUT THEM TOGETHER TO COMPLETE A PUZZLE AND THE PULLS AIS DECENTRALIZED NETWORK THAT SORT OF LIVES ON THE INTERNET SORT OF LIKE WATER IN THE OCE.AN IT LIVES EVERYWHERE ON THE INTERNET BECAUSE IT’S DECENTRALIZED AND ALSO OPEN SOURCE, NO ONE REALLY CONTROLS THE PROTOCOL, BASICALLY. AND YOU CAN THINK ABOUT IAST A WAY TO SEND MONEY AND MAKE IT AS EASY AS SENDING AN EMAIL OR TTEX MESSAGE. YSOOU CAN RESEARCH BIT COIN FOR MONTHS AND I ENCOURAGE PEOPLE TO GO DOWN THAT RABBIT HOLE BUT THAT’ST I IN A NUTSHL.EL ADAM: LET’S TALK PROS AND CONS. WHAT’S THE BIGGEST ADVANTAGES OF BIT COIN? KEITH: IT WAS ACTUALLY A REACTI TONO THE BANK BAILOUTS IN THE YEAR 2008 AND YOU CAN TELL THAT BY THERE WAS A MESSAGE ENCODED IN WHAT WAS CALLEDHE T GENESIS BLOCK, THE FIRST BLOCK ON A BIT COIN BLOCK CHAIN WHICH HAD AN ARTICLE FROM THE TIMES OF LONDON THAT SAID THE CHANCELLOR IS GETTING READY TO BAIL OUT THE BANK FOSSA SECOND TIME WAS BASICALLYHE T HEADLINE. SO THERE’S AN ETHOS AROUND BIT COIN WHERE WE WANT TRUTH IN MONEY AND THAT’S BASICALLY WHAT THE MATHEMACSTI ANDHE T CRYPTOGRAPHY ARE THE BUILDING BLOCKS OF BIT COIN WHICH ENFORCE A CERTAIN ISSUANCE RATE THAT’S ENCODED — IT’S INHE T CODE AND EVERYBODY CAN SEE AND NO ONE CAN CHANGE. SO THAT’S REALLY — THE IDEA OF TRUTH ANDON MEY, WE HAVE BANKS, CENTRAL BANKS AROUNDHE T WORLD, THEIR ISSUANCE IS GOVERNED IN A CIGAR FILLED BKAC ROOM AND THEY DECIDE AROUND THE BOARD TABLE HOW MUCH TO ISSUE AND WHEN. AND SO THIS TAKES THAT AWAY FROM ANYONE BEING ABLE TO MANIPULATE AND THERE’S A STEADY ISSUANCE RATE AND THAT CREATES A SCARCITY AROUND THE NUMBER OF TOKENS THAT WILL EVERE B RELEASED. SO BIT COIN IS SORT OF THE FOUNDATION AND ON TOP OF IT IS SO MUCH NEW INNOVATION IT’S REALLY HARD TO KEEP UP WITH. YOKNU OW, THERE’S A WLEHO ENTIRE CRYPTO CURRENCY SPACE THAST’ JUST A FOUNTAIN AND GUSHING INNOVATION ON THE INTERNET AND LOTS OF THINGS ARE BEING TRIED. AND EVENTUALLY I THINK IST’ GOING TO RE-CREATE A LOT OF THE ADTRITIONAL BANKING INDUSYTR PRODUCTS AND SERVICES ARE GOING TO BE RE-CREATED IN THE DIGITAL SPACE AROUND BLOCK CHAIN TECHNOLOGYND A CRYOPT CURRENCY. SO IT’S COMG.IN EVERYBODY THAT LOOKS INTO THIS CAN AGREE THIS IS A BIG DEAL AND IS ONLY GOING TO GET T BOE A BIGGER DEAL SO OUR STATE SHOULD BE EMBRACING OF IT, UNDERSTANDING OF IT AND ENCOURAGING THE CAPITAL AND INNOVATORS TO COME TO NEW HAMPSHIRE AND BUILD AND WORK HERE. ADAM: WHAT AUTBO DRAWBACKS, ONE THING PEOPLE HEARBO AUT IS CRYPTO CURRENCY AND THOSE WHO MIGHT WANT TO HIDE FINANCIAL ACTIVITY LIKE CRIMINALS. HOW MUCH OF A CONCERNS I THAT? KEITH: THE AMOUNT OF LIQUIDITY IS SLLTI RELATIVELY SLLMA COMPARED TO THE WORLD MARKET SO THERE’SIM LITATIONS ON HOW MUCH MONEY CAN BE MOVED. BUT ANY TECHNOLOGY, ADAM, IS AMORAL. SO YOU CAN USE A KNIFE TO CUT A STEAK OR TO HURT SOMEONE. YOU CAN USE A CAR TO ROB A BANK OR GROW TO — GO TO THE GROCERY STORE AND NUCLEAR TECHNOLOGY, THE SAME THING. IF YOU REMEMBER, I WAS THINKING THE OTHER D,AY THOSMA EDISON AND NICHOLAS SAYS LA HAD A — TESLA HAD A DISPUTER O AC ANDC D ENER.GY AND THEYOU WLD SHOCK PEOPLE TO DEH.AT ADAM: ELECTROCUT AED ELEPHANT, DIDN’TE? H KEITH: YEAH. THOSE WHO PUT IT IN A BOX AS A BAD THING IS LIKE EDISON STRIKING A STRAY DOG BUT IT CAN BE TECHNOLOGY FOR A LOT OF THINGS, INCLUDINGHO TSE WHO HAVE WORLD WITH NO ACCESS TO THE BANKING INDUSTRY BUT HAVE A SMART PHONE CAN BECOME PART OF E THGLOBAL NETWORK JUST WITH THEIR SMART PHONE AND THERE’S A LOT OF GOOD THINGS TO HAPN.PE ADAM: THAT’S A GOOD SEGUE TO ANOTHER LAWMAKER, MARIA PEREZ IS FROM ELF SALVADORHERE W THAT COUNTRY IS WELCOMING BIT COIN AND WAS AT A CONFERENCE IN WAINSHGTON BUT HERE’S HER PERSPECTIVONE WHAT BIT COIN DECENTRALIZATION IS DOINGN I HER COUNTRY. MARIA: IN EL SALVADOR EVERYONE IS ABLE TO HEAV WHAT WE CALL WALLETND A WITH THAT PEOPLEAN C USE BIT COINO T BASICALLY BUY ANYTHING. YOU CAN GO TO DUNKIN’ DONUTS OR GO TO THE STORE AND CAN YOU GO TO THE GAS STATION. EVERYWHERE YOU ARE IN EL SALVADOR THEY’RE ABLE TO USE BIT COIN AS A SECOND MONEY. WE HAVE A DOLLAR AS OUR MONEY BUT NOW BIT COIN IS THE SECOND WAY THAT PEOPLE CAN PAY FOR ANYTHING AND EVERYTHINGN IEL SALVADOR. A LOT OF PEOPLE SEEMO T LIKE IT BECAEUS IT’S EASY FOR THEM TO YPA WITH THE PHONE. NOW THAT EL SALVADOR IS GETTING BIT COIN CITANY D PEOPLE ALL OVER THE WORLD CAN INVEST IT TO THE BIT COIN CITY AND YOUAN C BUY STOCKS AND THEN IN TURN BUYING THE STOCKS FROM THAT PEOPLE CANEN BEFIT, I THINK THEY CAN GET 6% BKAC FOR WHAT THEY INVEST ON THE BIT COIN CITY. I SEE A LOT OF REVENUE AND A LOT OF THE THINGS CAN HAPPEN BECAUSE FOR WHAT I’M SEEING, PEOPLE INVESTING IN BIT COIN CITY IN EL SALVADOR, PEOPLE FROM ALL OVER THE WORLDND A BUSINESSES, THEY BRING MONEY INTO EL SALVADOR AND I’D LIKE TO SEE THAT REVENUE COME INTO OUR STATE. BIT COIN IS GETTING A LOT OF ATTENTION AROUND THEOR WLD AND I THINK EVERY COUNTRY CAN BENEFIT FROM THAT. ADAM: THAT WAS MARIA PEREZ. AS WE WRAP UP HERE, THE FINANCIAL SYSTEM IS BUILTN O TRUST. AND YOU MENTIONED THIS TECHNOLOGY IS AMORAL. HOW DOES TRUST FACTORN I TO BIT COIN, IS THAT PART OF THE SYSTEM? KEITH: THAT’S A REALLY GOOD QUESTION. AGAIN, IT’S A BIG TOPIC AND BIT COIN IS NOT THE ONLY CRYPTO CURRENCY AND EVERYBODY SHOULDO D THEIR OWN RESEARCH AND DON’T PUT ANY MONEY INTO IT YOU CAN’T AFFORD TO LOSE. TH’SAT VERY IMPORTANT. BIT COIN IS SOMETHING CALLED A TRUSTLESS NETWORK. THE NETWORK VALIDATES THE TRANSACTIONS BETWEEN STRANGERS THAT MAY NOT KNOW EACH OTHER, TRUST EACH OTHERUT B THE NETWORK ITSELF PROVIDES THAT LEVEL OF TRUST BECAUSE BASEDN O THE CRYPTOGRAPHY BEHINDT I AND THE WAY THE PROTOLCO WORKS, BIG TOPIC, RESEARCH IT. BUT THE NETWORK ITSFEL ESTABLISHES TRUST BETWEEN GLOBAL THATRE A USING IT. SO TRUST IS KIND OF BAKED INTO THE PROTOC.OL ADAM: REPRESENTATIVE KTHEI AMMON OF NEW BOSTON, YOU’RE ON THE EDGE OF THIS TALKING ABOUT IT AT THE STATEHOUSE SIX OR SEVEN YEAR

CloseUp: New commission to examine cryptocurrency in NH

Updated: 10:59 AM EDT Mar 27, 2022

Will New Hampshire be betting on Bitcoin? Legislation is moving forward and a new commission is studying cryptocurrency.

Will New Hampshire be betting on Bitcoin? Legislation is moving forward and a new commission is studying cryptocurrency.