• The future of Bitcoin and digital money (Getty Images)
Bitcoin is doomed and has “failed” according to one of the crypto-currency’s high-profile developers.
By
Oliver Jones

Source:
SBS News
21 Jan 2016 - 1:30 PM  UPDATED 21 Jan 2016 - 2:48 PM

Bitcoin is doomed and has “failed” according to one of the crypto-currency’s high-profile developers.

Mike Hearn, the Zurich based developer who had been working on new software to support the currency, shocked Bitcoin fans when he wrote on his blog: “The now inescapable conclusion that it has failed saddens me”.

So what’s next for the future of money… or rather a future without money? 

Star Trek introduced us to the iPad, the Internet of Things, big data and 3D printing. Now the sci-fi series has the answer for a future without money, said Chris Gledhill, CEO and co-founder of Secco.

The CEO of the bank that aims to reinvent banking doesn’t expect us to being using dollars, pounds and yen in the future: he has different ideas. All of which are based in science fiction.

“If Star Trek introduces us to the idea of not having banks in the future, it’s probably something we should listen to,” said Gledhill, speaking at a conference in London last year.

A literal take on self-worth

The former Lloyds TSB bank Innovation Technologist’s vision for the future is based on the mantra of human beings bettering ourselves – the crux of Star Trek. Currency in the future could be based on reputation, rather than wealth.

Gledhill suggests we’d all have our own currency – the bank of self – with our own interest and inflation rates. We’d be able to quantitatively ease (print our own money) and our ‘banks’, which could be coupled to our Twitter and LinkedIn accounts, would be valued against our reputation.

Gledhill explained how a new stock market would work: “You would have your own share price and be able to buy and sell our people’s currency. Instead of having a FTSE 100 we could have an Oxbridge 100.”

He added that you wouldn’t have to always invest in successful individuals. Investing in unsuccessful individuals would be worthwhile too; enabling people to get jobs and a house would increase their share price dramatically.

Describing the change in thought Gledhill said: “It would now be very lucrative to help your fellow human beings.”

 

Trading in power

But before we get to that stage, Gledhill expects us to be trading in actual power and energy within the next 10 to 15 years. “There will be a battery in everyone’s house – homes then become self-sufficient in terms of power.

“If you can generate and store your own electricity, then there’s also a very real potential to have a surplus of electricity which you can sell back into the electricity economy,” said Gledhill.

We would go from having a traditional wallet to having a second-generation wallet.

“The new currency is kilowatt hours, we’d have to carry around a battery instead of a wallet.” Gledhill suggested a coffee could cost one-kilowatt hour.

Gledhill added that comparison of wealth wouldn’t matter in the future, with the concept of rich and poor melting away.

Luckily, we’ve got bags of time to get there. Star Trek is set in 2365, which leaves us 350 years to get to Gledhill’s “utopian society”.