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Twitter CEO Says Bitcoin Will Be the World's 'Single Currency' In 10 Years (theverge.com)
In a recent interview with The Times, Twitter and Square CEO Jack Dorsey said he believes that bitcoin will become the world's single currency within 10 years. "The world ultimately will have a single currency, the internet will have a single currency," said Dorsey. "I personally believe that it will be bitcoin." Dorsey went on to say that the transition would happen "probably over ten years, but it could go faster." The Verge reports: That Dorsey is a fan of bitcoin isn't too surprising, though. In addition to serving as the CEO of Twitter, Dorsey is also the CEO of Square, which recently added the option to buy and sell Bitcoin directly from the Square Cash app. The company also released an illustrated children's story touting the benefits of the digital currency. As for Dorsey himself, he's gone on the record in an interview with The Verge's own Lauren Goode about the benefits of bitcoin as a currency, describing it as the "next big unlock" for the world of finance. (Dorsey owns an unspecified amount of the cryptocurrency.)
Well, at least it will be sooner than twitter's working business model.
I guess no one informed him that bitcoin has a limited number of transactions. Good luck with that.
Obvious pump is obvious
You need Internet to do bitcoins, right?
So, in 10 years everyone on this planet will have internet access and able to handle bit coins...
What idiot!
Because he seems to be suffering from it. Alternatively, he bought a lot and now is trying to pump the exchange rate.
Most ACs are not even worth the keystrokes to insult them. Be generically insulted by this and ignored otherwise.
Because everyone likes spending $20+ in fees to buy a $5 combo at McD's.
Am I the only one who's starting to get the impression that the people who are running these immense dot-com behemoths might not be as bright as we've been led to believe?
Could it really be that the so-called leaders of the tech sectors are really just a bunch of shallow jackasses with zero self-awareness?
You are welcome on my lawn.
âBlockchain is unsustainable in its current form. The energy expenditure to validate transactions is HUGE!!!â
...everyone has one and most stink.
Table-ized A.I.
If it requires a computer or network, it's no good.
This is the same guy whose company is banning cryptocurrency ads.
I guess that means he's holding bitcoin and is worried about it.
Even the bitcoin fans will tell you why that won't work. Crazy overhead to validate transactions, limited number of transactions, overall currency limit.
And the big reason, which is that it's not money. It's just a fantasy. OK, I think dollars are a fantasy too, but cryptocurrency takes all of the problems of fiat currency and amplifies them.
Bruce Perens.
Bitcoin is an inherently deflationary currency thats been in almost permanent recession since it first got hype. The thing is , what makes a currency good to invest in is somewhat the opposite of what makes a currency good for an economy. When an economy is working, the dollar will buy less and less over time, commensurate with the increase in money flowing in the economy. But bitcoin is hard wired to a very slow increase in money supply and has no financial instruments capable of stimulating that supply of money. This is counter intuitive to a lot of people, but if you look at how real money actually works, you can see its true. In the good times, theres lots of inflation,. both in the price of things, but also in peoples wages. When that trend reverses, we have a depression on our hands(assuming that trend lasts a few quarters, I believe).
Excuse the Unicode crap in my posts. That's an apostrophe, and slashdot is busted.
Let me laugh harder!
Given that Twitter can't seem to make any money, what makes their CEO's views on economics noteworthy?
Listening to this guy's opinion on bitcoin is like buying stock based on tips from a homeless guy.
Progressivism: Parasites helping parasites to help themselves - to other people's stuff.
Advantages of crypto currency over money: anonyous transaction? Nope, its a ledger. Cannot be infinitely inflated? Nope, there can/are an infinite number of these currencies with different keys and techniques. Cheaper to transact? Nope, they're damn expensive to transact and there's nothing inherently expensive about transacting money.
It has no real utility and therefore no real value. The value is there because people believe it has value.
I could set up a server right now and sell you numbers if you like. The block chain doesn't add any utility. It's garbage in garbage out, it only records what you feed it, and that could be total garbage, so we can throw that part away. Would you think my numbers have value? Number 3 sold for $100 (to my mum) and she sold it on for $300 (to my dad) who sold it on for $700 (back to me), so that gives my currency a worth of billions!
Depends on how much of a mock auction I run, and how much astroturf I push to scam the gullible.
In inflation times, money moves into hard assets, typically stocks and resources not fluff like this.
How does bitcoin deal with inflation and the finite number of coins?
With standard money the government can print larger values of it to deal with inflation and the higher cost of things eg when a burger eventually costs $100 one day people will be using $1000 dollars notes but with bitcoin the base is always one bitcoin.
Secondly when the government needs to they can print more money as the economy grows but bitcoin has a finite supply. Wouldnt that be a problem?
In 6 months it will be the sole topic on /.
Yesterday we saw an article saying the bitcoin blockchain contains kiddie porn inserted by the users.
Today we saw an article saying the senate has taken another step to amend the Communications Decency Act to cut into the broad protections [online services] have from legal liability for content posted by their users.
Maybe Bitcoin won't be around much longer because the miners will all be in jail as pornographers.
Bantam Dominique roosters crow a four-note song. Once you've heard it as "Happy BIRTHday" you can't NOT hear it that way
Jack Dorsey is a moron.
why? because governments can't control it. 1st world countries will put the kibosh on it because it can't be taxed easily
for a bitcoin 10 years ago I woulda called you nuts, so I can't rule this craziness out. I could see the rich and powerful using it to hide money from the tax man. I'm pretty sure that's what they're doing in China. I'm pretty sure that would suck. Getting the rich to pay a share for civilization is hard enough as is. I don't think they need any more easy ways to hide money. And I'm sure just like today I won't be able to get away with hiding the pittance of my salary in bitcoin anymore than I can declare my earnings taxed in whatever country has the lowest rate.
Hi! I make Firefox Plug-ins. Check 'em out @ https://addons.mozilla.org/en-US/firefox/addon/youtube-mp3-podcaster/
LOL, so did he happen to have a needle stuck in his arm at the time or was he plastered on cheap moonshine? or does he actually believe that magically every country in the world is going to convert to an inherently flawed, non scalable currency controlled by the chinese? and that is before you consider the technical problems of no way in hell will everyone in the world have sufficient technology access for this to even be possible.
The USA has spent 40 years locking-down international finance, so there's major incentive for its use but popularity will only result in governments demanding Id. for purchases with crypto-currency.
There are several countries (*cough* BRICS *cough*) that want to move away from a currency that mostly benefits one country (USA). Replacing the greenback with another currency that is easily manipulated, is pointless.
That China and India have heavily restricted and S. Korea has basically banned? Yeah, it will surely take over the world.
It is surprising Jack Dorsey did not realize that bitcoin cannot scale.
There are already too many transactions, which cause delays and/or rising fees. This is such a serious problem that even ransomware business turns away from it.
And the worst is to come. Since bitcoin volume is limited by design, mining new bitcoin will become harder and harder over time, leading to the situation where the incentive for miners to maintain the blockchain will vanish.
Was reading one of those Facebook "lists", this one about the world's worst 15 disasters. Those things are fun to read, but one is pertinent to this. One notch on the list was some poor Brit that bought bitcoin early and amassed a fortune of 7.5 million (dollars? pounds?) and lost it all when he lost the hard drive (discarded it, I think) in his computer.
I'm not sure we want to be using a currency that is quite so fragile. You have $7.5M, you're looking for a fork lift to move it around (just weighed a dollar bill at about 1 gram, so $7.5 M would be 7,500 Kg, or 16,500 lbs), and losing it would be a chore. I hereby vote to keep the current currency...
Sell!!! Sell!!! Sell!!!
The Twitter CEO also thinks Twitter has a viable business model, so I wouldn't believe anything he says!
I've abandoned my search for truth; now I'm just looking for some useful delusions.
Dorsey obviously has a shitload of Square stock that he's trying to pump and dump before it's value goes down.
I've abandoned my search for truth; now I'm just looking for some useful delusions.
1) Tech firm isn't being talked about enough.
2) CEO spouts shite
3) ????
4) Profit!
Confucius say, "Find worm in apple - bad. Find half a worm - worse."
Twitter will still be a money-sink in ten years.
Il n'y a pas de Planet B.
To have a single world currency, you'd have to find a replacement for the role that exchange rates play in international trade relations. Currency is portable. Economies are not. They are tied to regions. Inequities are created when vastly different economies use the same currency.
You can see some of the issues within the US. You can buy a home on loan for say $800K in California, hold it for a few years, sell it for a $1M, take the $200K to Tennessee, and buy a nearly identical home for $200K.
I once used that equation as a recruiting method to recruit experienced engineers from California. They went from struggling to make it to living on easy street despite a 30% cut in salary because their house payment completely disappeared and all other expenses went down at the same time.
That is only possible because California and Tennessee use the same currency. If they didn't, the exchange rate would likely counter the difference so that $1M California dollars = $200K Tennessee dollars since money should have the same purchasing power everywhere. Granted, using houses as the comparison stretches this a bit over reality. But, even when you look at mundane things like gasoline, groceries, or getting your grass mowed, the dollar is worth less in California than Tennessee.
Imagine the abuses that could occur if this was extended to California vs. a poor third world country. It doesn't seem dangerous when you just look at people taking their money to a place where it is worth 10 times more and living there, but if they purchase resources there and bring them here to where they are worth ten times more and then sell them, you could dangerously reduce the resources in the third world country.
With someone like this at the helm, divesting from Twitter may be the thing to do.
I feel so sig.
Crypto currencies are so much easier to use than regular FIAT currency that there will be a crypto currency that will be used for at least 10% of all world wide transactions in the next 10 or 15 years. It just won't be bitcoin. There are just to many problems with it. The supply is limited, the transaction times are too long, the number of transactions per second is far to low, and the governing group on policy is not the people using it but the miners. Oh and the cost of the mining in terms of electrical usage is just nuts.
I'm firmly in the this will never happen camp but if it were possible bitcoin and Blockchain currencies would have to solve it's huge number of issues from the already mentioned speed and transaction issues to the abuse issues, it was only a few days ago researchers found people using bitcoin to spread and share child pornography. I think a world currency probably shouldn't have the feature to attach random data.
They were going to be big too.
She was like chocolate when she drank... semi-sweet at first and then increasingly bitter.
Perhaps Ethereum, because it solves several of the problems with Bitcoin. Perhaps ripple, because it has support from banks. Perhaps one of the other top 10, but Bitcoin itself has a lot of problems, discussed by pretty much everyone in the comments.
Anyone want to bet that Dorsey bought a bunch of Bitcoin before releasing this statement hoping to make a quick buck?
... twitter still has no working business model ... Maybe Jack should go back to school
Sounds like a self serving prediction.
Appr. quote:
We tend overestimate things that will happen in 2 years, and underestimate things that will happen in 10 years.
Despite bumper sticker nature of that quote, it's a food for thought.
I do not believe in karma. "Funny"=-6. Do good and forbid evil. Yours, Oft-Offtopic Flamebaiting Troll.
Translation: Twitter CEO has bought bitcoin and want to dump it
that just sunk a few millions into bitcoins.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
Bitcoin in its current state is already a failure, both from the technical and social point of view. Now it is merily a global Ponzi scheme. What global currently with transaction verification time of a few hours and energy consumption of a small skyscraper?
Who uses deceptive business practices to bilk money off of people by offering advertisement services, then bans the advertisements they created, and the customer, and does not refund the money.
Twitter's business model is total shit and eventually they will see their day in court.
Governments depend too much on their power to issue currency. Bitcoin will be made illegal before that happens. It's already happening in some places.
I guess that idiot thinks that only a few people in the world need to buy and sell at any given time.
These tech prophecies are never correct... it's like weather forecasting.
"Why the Iphone will fail"
Twitter CEO declares to world plus dog that he is really insane!!! News at Nine.
Obviously not in many econ classes. Bitcoin is failing as a currency precisely because now that most of the ultimate available supply has been mined, that's all there will ever be. Because of this, Bitcoin has transitioned from being a digital currency to a sort of imaginary investment which will be hoarded so long as each buyer thinks he can sell it for a higher price to some other buyer. Either Dorsey already holds a lot of it or he just doesn't know any better.
Even gold makes a better currency than BTC, because the gold supply has increased by an annual couple of percent or so over all historic time as new gold comes out of the ground. That's why it made a perfectly good currency across the pre-technology centuries when the amount of wealth in the world barely changed and every transaction was a zero-sum exchange. When the Industrial Revolution made it possible for net economic wealth to increase every year, the need arose for managed currencies that grew at the same rate as everything for which it can be traded.
15-year old script kiddies control the world's economy through their successful hacking of the sole world currency.
I guess dumbing it down to the lowest common denominator works for some things. If every single Twitter user went strictly Bitcoin, that's less than 5% of the worlds population.
Sound economics from this guy. What's next? Uber CEO touting the global ramifications of New Coke?
Your sig here!
when there is a limit on the amount there can be. rich wanna get richer! Fuckwit.
no
It is not backed by anything. At most, it may act as a way to get free conversions between two denominations of currency instantaneously.
Other than that it's worthless. Literally. It is not backed by anything. Not gold or a government. So good luck to people that think this will last.
If it is not outlawed before that due to embedded child porn references, see
https://www.sciencealert.com/bitcoin-illegal-almost-everywhere-after-shocking-blockchain-discovery-child-pornography
http://www.bbc.com/news/technology-43485572
https://gizmodo.com/child-pornography-that-researchers-found-in-the-blockch-1823927566
Bitcoin is piece of shit:
- Bitcoin wastes energy
- Bitcoin fuels all illegal activity including gambling, which is restricted by law to some geographical locations only.
It is not step forward it is 2 steps backward in technology
He's one of the many blowhards out there trying to talk up his bad investment so he can unload it on someone else. Everyone who has two brain cells realizes bitcoin is many times more expensive to transact than any other currency on the planet and is unsuitable for anything other than planting in a virtual tulip pot.
As soon as people figure out the places they can spend it is limited and exchanges for it have been Shady at best People will decide that Bitcoin is worthless than like Pu o Hiro the rock that the people of Easter island used to fight wars over, that now sits on the side of the road getting poor reviews on trip advisor, deemed worthless and almost forgotten.
I suspect that twitter will allow messages longer than 280 characters, and we will see that sometime in the next 10 years. Maybe faster.
Bitcoin as the only currency in 10 years? ROFLMGDAO!
just go my pay, I can buy a new house! wait ! no, just an ice cream, hang on, a car! nope, a sandwich...
Clickbait at best. I feel dirty even commenting on it this much.
While we're making wild claims, I may as well make one of my own: in 10 years, everyone will have forgotten cryptocurrency, except as something only used regularly by criminals, and that it was banned worldwide. Since I'm saying up front that's a 'wild claim', you can't criticize me for saying it. xD xD xD
This Slashdot or Slashpropanda? Sometimes I forget. How can Slashdot seriously post this under anything but the humor or propaganda categories. Jack Dorsey is not just with Twitter, but also CEO of Square which is now accepting Bitcoins, so he will profit quite nicely of Bitcoin and "fake news" like stories on here.
If so-called cryptocurrencies are really good innovation, why they attract so many criminals/criminal activity?
Could it really be because, all cryptocurrencies themselves are scams, and that is why they attract all kinds of criminals/criminal activity?
If so-called cryptocurrencies are really currency, why no company/store can use Bitcoin as currency anymore?
Because the price of Bitcoin proved to be extremely unstable to use as a currency?
Would the result be different, if Bitcoin replaced by any other "cryptocurrency"?
Aren't all work the same way?
Or, they are not actually virtual currency but virtual investment?
But, if they are actually investment, why we need/want them?
What would happen to world economy, if people invested in virtual investments, instead of real investments?
Or, all so-called cryptocurrencies are actually just a modified (made decentralized and paying variable interest) Ponzi Schemes?
(Price of cryptocurrencies would keep increasing in the long term (by their design), so it is equivalent of paying variable interest to all long term investors.)
As more and more people invest in cryptocurrencies, it will become harder and harder to ban their trading everywhere!
All cryptocurrencies need to be banned globally before it is too late!
Crypto currencies are the single biggest threat to freedom the world has ever seen.
As somebody else said to me: "Crypto currencies are such a big threat that it mandates a military response on any and every government agency or other entity that tries to force it's use."
There isn't enough bitcoin for it to be the single worldwide currency. According to coindesk, the market cap of bitcoin is $0.146T, or $146 billion. Apple alone has more cash than that, so it is not feasible for bitcoin to ever be the single worldwide currency.
WTB [sig], PST!!!
Not a chance, from 0 to 100%.Nothing suggest that this will occur. More, which one of the criptocurrencies will be used ?
Just more proof that the super rich are so far disconnected from the real world its not funny.
Jack of all trades,master of none
Bitcoin is not a currency it is a easily traded bubble stock. The current value has no substance, value is only based on speculation. I was there in the dotcom bubble, I was a virtual millionaire, I was looking through the Ferrari catalog, no the stocks were not sell-able. No, I am not bitter, I did not pay for my virtual fortune.
For those of you who don't speak Silicon Valley sociopathese, let me translate:
"I thought about selling all my BC last December when they hit their high-point of $16k a pop, but I really thought they'd go higher. However, now that the story has broke regarding the use of the blockchains as secure vehicles for kiddie porn, I think cryptocurrencies fifteen minutes of fame are up and I want to pump the price as much as I can so I can sell out and move to a country that doesn't observe international law nor has an extradition treaty with any country that does."
The problem with the expansion of centralized economies is that the partners in such a scheme loose the flexibility to adjust their own economy (and debt) VIA currency deflation/inflation.
This was most noticeably seen very recently with Greece and the Euro.
As soon as a country agrees to do this, they loose the sovereign ability to control their currency and will be at the whim of all the other countries that use the same thing.
Never mind all the intrinsic fundamental issues with using bitcoin as an actual currency rather than a speculative "investment". I'd think it would be more likely that one of the larger conventional currencies eventually get adopted more and more until only one is left standing (Dollar, Euro, Yuan). Even then that would likely take many decades, and not in the next "10 years".