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Twitter CEO Jack Dorsey continued his love letter to Bitcoin in a recent episode of Stephan Livera's podcast, in which he proclaimed that interesting ideas could emerge from other pieces of crypto-space, but that they could all be integrated with Bitcoin if they were compatible. are good enough
In what's starting to look like a press, Dorsey spoke about Bitcoin to the extreme last week and he recently confided to Joe Rogan that he thought Bitcoin could become the native Internet currency of the company. 39; future – with much applause and fanfare.
However, not everyone is as enthusiastic as Dorsey, and his latest comments are likely to fuel the fierce competition between the various pieces, chips and chips. principles in the crypto space.
Jack Dorsey: Bitcoin 'Feels Very Internet'
Echoing his own claims from the Joe Rogan experiment (video above), Dorsey told Stephan Livera that Bitcoin's core principle attracts him:
"It's very principled, it has a strong point of view, and I really like it being broadcast by pseudonym, which I think is very Internet."
Dorsey also explains his background as a member of the hacking community in St. Louis, Missouri – a "very internet" experience. He keeps on:
"The whole thing feels very much about the ideals of the Internet, which is very appealing. This thing was designed on the Internet, then created on the Internet, published, and continues to be developed throughout. "
One thing Dorsey conveniently forgets during this speech (as he speaks alongside the CEO of Lightning Labs Elizabeth Stark) is that the development of Bitcoin is out of the meritocratic Internet, pseudonym, long ago.
The development of Bitcoin is no longer influenced by a group of coders and hackers decentralized, but by a for-profit company, named Blockstream. Blockstream, along with Lightning Labs, are the two main developers of Lightning Network – a protocol for BTC's blockchain that redefines the initial ideals set out in Satoshi Nakamoto's famous white paper.
CEO of Twitter: The strength of the Bitcoin brand is unparalleled
Jack Dorsey says the strength of the Bitcoin brand should not be underestimated. | Source: Shutterstock
Dorsey continued to talk about the current incarnation of Bitcoin and emphasized his recognition of "brand":
"The strength of the brand, the Bitcoin brand is really spectacular. This allows more of this resiliency. It is a well-known concept of "household". Everyone does not really know what it can be used for and can have different perspectives on what they are doing … but everyone knows it's digital currency, digital currency, a digital badet. "
If we can focus for a moment on the Bitcoin brand – it is certainly true that Bitcoin is the household name in cryptocurrency, just as Coca-Cola is the household name for … cola.
And just like Coca-Cola, Bitcoin's brand for the public has been radically changed since its inception. When Coca-Cola launched New Coke in 1985, the public's reaction was not only negative, it was hostile and finally forced a policy shift.
When Blockstream came in and halved the size of the BTC blocks, then sold off-line extensibility solutions to solve the problem they had just created, the public reaction could have been the same – if the audience had known about it.
Instead, dissenting voices have been driven out of important community subreddits and Blockstream and its managing director, Adam Back, are pursuing their plans, quite open and honest about their intention sell private services on a supposedly public blockchain.
Bitcoin will steal the best ideas from other cryptographic projects
Jack Dorsey, who, in addition to Twitter, runs the payment company Square, said Bitcoin was the only cryptocurrency he owned. | Source: REUTERS / Mike Blake / Files
When asked why he tended to focus on Bitcoin and not on other crypto space currencies, Dorsey replied:
"There are some interesting ideas elsewhere, but I think these ideas can be integrated with Bitcoin if they have a higher merit than some. he [BTC] has the impression that it is the one who wants to be the motto most, as opposed to others who do more general things, or distributed computing, etc.
It's hard to say if Dorsey's appreciation of Bitcoin's core technology is real, mainly because he's one of the investors in Lightning Labs, and financial motivations have sometimes been known to override our more rational functions.
When you're on a podcast to talk about your Bitcoin-specific Cash App, sit next to the CEO of Lightning Labs – in which you're also invested – so it must be nearly impossible for Dorsey to be positive about Bitcoin . Mentioning another cryptocurrency would be a little as if Coca-Cola had talked about Pepsi.
Note: There is nothing wrong with the manager of a private company talking about his own product – but at least be honest about what you do. On average, Joe listeners who listen to these recent podcasts expect to hear an unbiased and open discussion about innovative and public technologies.
They are not. In the case of the episode Joe Rogan, they heard perhaps the biggest sponsor of the JRE podcast use the global multimedia platform to hook up a smartphone app – the success of the latter relying on another vehicle of Investment by said sponsor (Bitcoin / LN); that he also proceeded to plug.
Can Jack Dorsey Help take Bitcoin – and the Lightning Network – to the general public?
Critics say Bitcoin's Lightning Network is sacrificing security and decentralization for greater efficiency. | Source: Shutterstock
Anyone who already knows what I'm talking about probably has already seen the videos where Roger Ver leads the developers of Bitcoins to admit that BTC is no longer the peer-to-peer digital payment system it once was.
It is true that the Lightning network is trying to facilitate micro-trading via Bitcoin, an essential feature for the growing online micropayment sector.
But this type of scalability has a cost, namely security and decentralization. A few months after the implementation of the Lightning network, efforts towards scalability had already led to a compromise on decentralization.
My badertion that we are attending a press event for Dorsey, the Cash, Bitcoin and Lightning network application is not a throwaway line. Lightning Labs CEO Elizabeth Stark also spoke about the Lightning Network protocol and abandoned this rather saccharine rhetoric:
"It's a hobby and a way of life … I really think we're building a movement here."
Unfortunately, few people seem to know what this movement is – but Jack Dorsey knows it.
Disclaimer: The opinions expressed in the article only commit the author and in no way represent those of NCC.
Jack Dorsey Picture of Prakash SINGH / AFP
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