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MINUTES
CITY OF FORT COLLINS
FUTURES COMMITTEE MEETING
Date: February 12, 2018
Location: CIC Room, City Hall, 300 Laporte Ave.
Time: 4:00–6:00pm
Committee Members Present:
Ray Martinez
Wade Troxell
Other Councilmembers Present:
Ken Summers
City Staff:
Darin Atteberry, City Manager
Jeff Mihelich, Deputy City Manager
Jackie Kozak-Thiel, (Staff Liaison)
Presenters:
Matt Bristow, Esq
Meeting called to order at 4:00 p.m.
Approval of Minutes:
Futures Committee approved the minutes of the December 11, 2017 meeting unanimously.
Chairman Comments:
None.
Think Tank Item 1-2018: Bitcoin and the Future of Currencies
J. Matt Bristow, Esq, presented on cryptocurrencies, specifically Bitcoin, and the future of
currencies.
•Bitcoin, blockchain and cryptocurrency – disruptive, ground-shifting technology
•Why is bitcoin a big deal?
o Perception is that it is imaginary internet money that is prone to theft
o The ability to send any amount of money to any person in the world
instantaneously without friction is game-changing
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o Could solve problems like global poverty
o Decentralized, public ledger
o Individual-to-individual with smartphone technology
•Internet took our fractured ways of communicating and streamlined them into one,
created a new economy/business structure
o Bitcoin takes fractured ways of exchange and can do everything through one
medium, few middle men
•What makes good money?
o Portable, uniform, divisible, durable, limited supply, good for trade
•Definitions of bitcoin and blockchain:
o Blockchain is the technology: decentralized public ledger
o Bitcoin is different than Apple Pay, there is no boss, no one on top, no corporate
structure
o Don’t think of them as currencies, they are tech startup companies, aim to do
different things in payment systems, contract rights, etc.
o Bitcoin is not backed by anything
o Other examples:
▪Ethereum is programmable (can put code into money)
▪Humaniq mission is to extend banking to the third world
▪Gemini can link to your PayPal, debit card
▪Digibyte introducing money into gaming economy
•Decentralization is the theme of doing business going forward (Airbnb, Lyft/Uber)
o Social Structure is a great book on this topic
•Prediction of mainstreaming (bitcoin will be 3x as fast as internet uptake because of
existing infrastructure, 2-3 years crash/explosion, and then rise of what will be
normalized)
o Could eliminate wealth disparity, universal basic income may be necessary
Comments/Q&A:
•Ground-shifting
•New ways of doing business
•Trending towards inevitability
•How might it also impact doing business with the city or with other businesses? How will
it change exchange with residents?
•Highly linked to automation
DO: Next Steps
•Continue to monitor cryptocurrencies and other states/munis (in nascent stages)
•Explore the role for them in our local government (how do we use/invest, how do we
prepare), within constraints and conservative approach as stewards of taxpayer money
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Bloomberg Harvard City Leadership Initiative
•Mayor Wade Troxell reported that he just completed a session on negotiation and is
continuing to work on a narrative. He will be submitting a report to Bloomberg about the
City’s results from participating in What Works Cities.
•Mayor Troxell mentioned that Bloomberg and Bloomberg Philanthropies have been great
partners.
Additional Discussion:
None.
Meeting adjourned by Wade Troxell at 5:30 p.m.