My dad asked me to give a speech about cryptocurrencies at his Rotary Club. Here’s a lightly edited transcript in which I talk about the history of currencies and cryptocurrencies, why cryptos are probably in a bubble and how they’ll change the world for the better. 

For hundreds of years, people used salt as a currency. Eventually they moved over to gold. And people who had been used to exchanging salt were upset. “We don’t want gold. What’s the use of gold? If you’re going to take my chicken, I want salt in exchange, so I can preserve my meats and live long and be able to eat.”

But eventually they were, like, “All right, fine, gold is pretty. Let’s use gold.” And the guy would exchange chickens for gold instead of salt. In the last couple hundred years, we created fiat currencies. We had central banks. Hamilton and Jefferson had huge fights about whether we should have a central clearing bank. Or should we allow the private market to do this? They decided to give control of the currency to the…

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Source: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-76F6-CFC1E0EB39A7%7D&siteid=rss&rss=1