At 8:45 the Pompous, Arrogant but not Stupid, Larry Summers explains why BitCoin is the next evolution in the payment system. Everyone will use it, why? Same as cash, “frictionless” no debit card fees of 1-3%, merchants can forego VISA MC fees, and I can wire funds w/o losing $75 every-time, whether it’s $500 or $5,000.