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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.)
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.
in other words, he wants to cash-out his own bitcoin holdings but is pissed the market is down significantly from its all time high; so he's using his position as square c.e.o. to try to boost it... sounds like the sec should take a really close look at him.
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.
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.
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.
Oh Slashdot, with your low UID graybeards who know everything from decades ago but are just clueless reactionaries on anything current and unfamiliar. You do realize mining in a pool doesn't require maintaining a full local copy of the blockchain, right? And being the sage you are, I'm sure you also realize that virtually no one mines solo.
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.