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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.
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.
...everyone has one and most stink.
Table-ized A.I.
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.
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.
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.
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.
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.
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.
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.
Translation: Twitter CEO has bought bitcoin and want to dump it
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.