Bitcoin Is A New World Country

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Sam Abbassi is Founder and CEO of Hoseki, the proof-of-assets Bitcoin service.

De Soto Dreams Of Electric Money

Countries in the Global South are not poor because of culture, collective IQ, a lack of entrepreneurial spirit or market orientation; they are poor because they lack formal frameworks around property rights. Hernando de Soto discusses these topics at length in the “The Mystery Of Capital.” The ability to formalize and express ownership of property is at the foundation of capital and wealth generation, and if you think it has anything to do with culture, try (as de Soto puts it) jumping into a taxi in Addis Ababa, Ethiopia, or walk through a bazaar in Tehran, Iran, or hustle your way to the Golden Temple in Amritsar, India without having someone try and strike up a deal with you. The notion that the people in these regions lack the creativity and the “right” culture to generate wealth is inhumane, absurd and entirely unconvincing. When you walk out the door of the Hilton hotel in Lima, Peru, you’re not leaving behind the wonderful world of mobile tech, antibiotics, internet and refrigeration. The people of Peru have all of those things. What you’re leaving behind is the magical world of legally enforceable transactions on property rights.

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