Here’s What Dorsey, Musk, And Wood Bitcoin Talk Missed

cryptoshitcompra.com/wp-content/uploads/2021/07/This-is-what-was-missed-in–Dorsey-Musk.png »alt =» This is what they missed at Dorsey, Musk and Wood Bitcoin Talk 101 ″ class = »content-img» /> Source: video screenshot.

Wednesday, a highly anticipated conversation about Bitcoin (BTC) between Ark Invest CEO Cathie Wood, spaceX and Tesla CEO Elon Musk, and Square And Twitter CEO Jack Dorsey took place online as part of the B word initiative. While most have focused on the notable aspects of the speech, such as whether SpaceX has bitcoin on its balance sheet or whether Tesla is likely to accept BTC again in the near future and the company is not selling its BTC, there are a number of others. Key points to consider when it comes to the fundamentals of Bitcoin as a revolutionary technology that has the potential to change the world for the better.

Social media was quite excited for Musk to reveal that he personally owns both ethereum (ETH) and dogecoin (DOGE) (but he also owns a much larger amount of BTC), but for me, the key point was the remarkable cypherpunk philosophy he supported. Various statements made during the roundtable, which was also cararated by Crypto Square ‘s Steve Lee.

Musk: Bitcoin empowers the individual

For Musk, money is an information system, primarily for job assignments, and there are several problems with the various database systems in use around the world today. In particular, Musk sees serious problems when it comes to the speed and security of these outdated systems.

“[ credit card system] is like giving your username and password to a stranger in a restaurant if you buy a meal,” Musk said.

In his view, Bitcoin has the potential to offer improvements in the areas of performance, fraud prevention, government interference, and other error-prone areas of the current financial system. “Bitcoin is fixing itself so it doesn’t have a throat to choke,” Musk added.

With this in mind, the CEO of Tesla sees Bitcoin and cryptocurrencies in general as something that fits into a larger vision of doing things for the benefit of people and creating a better future for the world.

“It can have an empowering effect on individuals and increase the power of the individual over government,” Musk said.

And really, the government is just a society on the edge. Sometimes some people are against companies, but [in favor of] government. It’s like: guys, the government is just a society on the edge. It is the largest society of all and has a monopoly on violence. So if you don’t like corporations, you really should hate government.

Musk said that he has been thinking deeply about money since his X.com days (a forerunner of PayPal ), and sees Bitcoin as a candidate for creating a better standard of living for everyone around the world and providing more power to the individual. Tesla CEO also discussed the importance of non-custodial wallets versus leaving funds on exchanges, as the latter does not understand why Bitcoin was created in the first place. In terms of strengthening his own companies, Musk made it clear that having BTC is definitely more attractive than having cash in some European bank accounts due to the negative interest rate policies that have been adopted on the continent and that are directly affecting Tesla. .

Also Read Bitcoin Overtaken by Ethereum: Will ETH Hit $ 6,000 Soon?

Dorsey: Bitcoin changes everything

For Dorsey, BTC is a possible native internet currency that could eventually change the world. CEO of was frank about the influence cypherpunks had on his thinking.

“[Bitcoin] is deeply principled,” said Dorsey. ” It’s strange as hell. It is always evolving. And it reminded me of the internet as a kid. I met alt.cypherpunks when I was quite young. This has been a topic of discussion for years. I didn’t touch it until 2008 when we founded Square.

Echoing some of Musk’s claims, Dorsey shared that he encountered a “predatory” and “boring” financial system when he founded Square. In his view, Bitcoin offers the opportunity to build something entirely new from scratch rather than trying to build around the existing system.

“[ traditional financial systems] are just not relevant for today, and they certainly are not relevant for the future, especially when you look at the whole world and countries like Nigeria, Ghana or India and [their] interconnection with countries like the United States, Canada and all of Europe, ”Dorsey explained.

Square’s CEO also offered specific examples of the kinds of problems she sees with the legacy financial system, such as the problems a woman in Ethiopia faced when she first tried to create the local equivalent of the app. Lyft .

“You still have to take paper, fiat money from your passengers and pay all your drivers equally because there is no monetary system you can use,” said Dorsey. “re is nothing digital.”

Dorsey also covered the high costs of transferring money between African nations, with the costs of 10% to 30% of transfers made from Ghana to Nigeria as a specific example. Additionally, Dorsey supports the advertising-based earnings caral that social media platforms like Facebook , and YouTube are built around today would not exist if Bitcoin had been invented prior to the development of these platforms.

It is clear that, for Dorsey at least, Bitcoin is much more than an investment, and it is something special and unique that those who use it must help protect and develop.

” idea is to have a solid currency separate from the state,” said Dorsey.

“My hope is that it will create world peace or help create world peace,” Dorsey added later in the discussion. “Elon said this before, we have all these monopolies on violence and the individual has no power… It may sound a little ridiculous, but you solve that fundamental level and all of the above improves so dramatically. It will be a long time. end, but my hope is surely peace «.

se comments from Dorsey will sound extremely familiar to anyone who has heard the “fix the money, fix the world” meme about Bitcoin.

Wood: Bitcoin is the best money for ESG

Wood spoke of Bitcoin’s ability to change the world in the context of the movement found within many traditional institutions regarding how businesses affect various social causes, which is commonly referred to as ESG (environment, society and governance. ).

potential environmental impact of using Bitcoin’s proof-of-work was widely discussed at the event, with a general consensus that it would make sense for Bitcoin to be powered primarily by renewable energy sources. And again, Musk indicated that Tesla is likely to resume accepting Bitcoin payments in the near future due to his perception that the negative environmental impact of Bitcoin has diminished in recent months.

At this point, Wood said: “I really believe that Bitcoin will be much more environmentally friendly, certainly than traditional gold mining or the traditional financial services industry. In many ways, it already is and will improve that way.

While Wood noted that many institutions think of things like diversity and pay equity when it comes to the social impact of various companies, he also noted that he thinks of this aspect of ESG a little differently when it comes to disruptive technologies like Bitcoin. Like Dorsey, Wood pointed to statistics related to reducing friction in global payments, such as the heavy reliance on remittances in places like Tonga and El Salvador, as a social responsibility aspect of the Bitcoin phenomenon. Wood also pointed out that the 4.3 billion people living under authoritarian regimes and 1.3 billion people living with inflation levels in the double digits or higher as other areas where Bitcoin can enable economic empowerment. Wood also pointed to the work of Alex Gladstein of the Human Rights Foundation for those seeking more information on this topic.

“Saving them from the destruction of their purchasing power is certainly a noble social goal,” added Wood. “We are expanding social media to be much more than the traditional ESG community.”

In terms of governance, Wood highlighted the openness and transparency of the entire ecosystem around Bitcoin. “It is completely transparent, unlike the opacity of financial systems and tolls in the traditional financial world,” Wood said.

CEO of Ark Invest also shared how he became familiar with Bitcoin transparency through conversations with various Bitcoin Core contributors.

“As for talking to them about economics, economic theory, [and] monetary regimes that have historically failed, they know economic history, many of them better than anyone I’ve ever met,” Wood said of the Bitcoin development community. .

“So this gives me a great degree of confidence that they believe they have a noble mission. y could be paid a lot more than they are being paid right now if they worked at Google or Facebook or in some of these other areas, but I have chosen this sense of purpose for a noble goal… It comforts me a lot when I think about governance of the ecosystems, much more than I think we would find in other financial ecosystems.

Notably, Wood took the time to share his understanding of the Bitcoin development community, as this brings us back to a direct connection to the core ethic of “cypherpunks writes code” that supported much of Wednesday’s discussion. ._____

To find out more: – EU regulation can hurt small crypto players, stablecoin users and Elon Musk – 9 tweets from Elon Musk and 9 reactions from Bitcoin

– Bitcoin Shows Resistance Amid Global Political Pullback – Surprise! ESG Aware Giant Increases Indirect Exposure To Bitcoin

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