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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
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.
If it happens, it won't be used as a day-to-day currency.....the transaction times are too slow, and the volume is too limited for that. Instead, it will be used the way gold was a century ago......mostly kept track of on ledgers in a bank, used for large transactions between currencies.
The only way that will happen is if there is massive inflation and no one trusts fiat currency anymore. Somehow we made it through the 70s and 80s without that happening, so it seems unlikely.
"First they came for the slanderers and i said nothing."
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.
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.
But Lightning network fixes that by providing Bitcoin the capability to support extremely high volumes of almost instant and nearly-feeless transactions.
There may be someone who figures out how to make Bitcoin derivatives that enable high volume, low-fee transactions, but it won't be Lighting Networks. They will be in the trashbin of VC funding before the end of next year. Their focus on marketing, combined with their lack of focus on actually getting the thing to work has doomed them: if they ever gain any popularity at all, they will be hacked and lose it all, like many other bitcoin startups before them. Lightning Networks is making all the same security mistakes.
"First they came for the slanderers and i said nothing."
There may be someone who figures out how to make Bitcoin derivatives that enable high volume, low-fee transactions...
And they still wouldn't have fixed the biggest flaw in cryptocurrency: instability. Since around noon today, BTC has gone from a high of $9,174, a low of $8,745, and was at $9,000 when I started writing this, but has since dropped about $8.
The whole concept of a transaction is an exchange of goods or services for an agreed upon sum of currency. Cryptocurrency completely fails at this. Hell, even used iPhones would be a more stable form of currency.
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DRM is like antifreeze, to the MPAA/RIAA it's sweet, to the consumers it's poison.