IRVINE, CA - The Indus Entrepreneurs (TiE) SoCal hosted an event on the digital currency Bitcoins here on April 30. The meeting was opened by President Toni DasGupta who spoke on key TiE initiatives and upcoming events. Attorney Sunny Kalara speaking on Bitcoin shared his passions and legal expertise on the matter,
He captured the audience’s imagination by spelling out the disruptive nature of Bitcoin -decentralized currency. He said it has learnt from the mistakes of other currencies in existence, and has some basic principles. The currency is divisible, can be authenticated, secure and base intrinsic value. Similar to Gold, the cost of data mining Bitcoin goes up over time as easy options are exhausted. The rough value of Bitcoin is around $700 while it intrinsically costs $400 - $600 to generate a bitcoin. The small markup indicates both scarcity and value in the eco system.
He reiterated that Bitcoins would co-exist with existing currencies and the fact that mainstream media is accepting payment in Bitcoin as well as leading financial magazines providing daily snapshot of Bitcoin value are proof that Bitcoin is increasingly integrated with markets. Bitcoin removes brokers that provide no value-add in the commercial exchange and can save the merchant 1% to 5% of his fees. He also handled audience questions from basics to more advanced topics ranging from - how can a merchant leverage Bitcoin to should one be investing in Bitcoin. He said the system has been tested and proven for over five years. He also touched upon Mt Gox, Silk Road as temporary hiccups to an increasing value proposition. The meeting was attended by TiE Socal executive committee members Vijay Kotrappa, Dinesh Srirangpatna, Pannkaj Kummar, Harina Kapoor and Dhivyaa Boominathan, several charter members and TiE members.