Jack Dorsey, Twitter’s CEO, on an episode of Stephan Livera’s podcast, shares his enthusiasm on Bitcoin. He claims that good technology existing on other Cryptocurrency, and that if they are exceptional enough, might someday make the cut and be interspersed with Bitcoin.
It appears almost obviously that it’s going to be a promotion. Dorsey is heavily pronouncing Bitcoin during these past few days; he explained to Joe Rogan how Bitcoin could potentially be the constitutional internet money in the future, with a huge following and highly cheered for.
Naturally, not anyone would agree on how Dorsey sees Bitcoin, and believes that the statements he has been blurting out is to just light a fire under the competing Cryptocurrencies.
Repeating what he has said in the Joe Rogan Experience, Dorsey made clear to Livera that Bitcoin’s underlying foundations is what makes him interested.
Emerging from the stereotypes
Dorsey has also explained that he is very keen on hacking, and he labeled Bitcoin to be “very Internet” as most of its features would have never been possible before the internet became a thing. Something Dorsey cleverly states is that Bitcoin, during its development stages, emerged out of the common stereotypes and the meritocratic internet long ago.
Bitcoin’s development is not anymore being driven by hippie programmers and activists, but more significantly, by companies that actually make profits, Blockstream, for example. In partnership with Lightning Labs, they are the two firms that lead the development of the Lightning Network. It is a set of rules to be followed by the underlying blockchain technology of Bitcoin which would make it follow the logic written in Satoshi Nakamoto’s original writing.
Power of a brand name
Dorsey really upholds the current status of Bitcoin and signifies its brand name, which is almost synonymous to Cryptocurrency. He said that because of the power of its brand name, it is what’s going to bring it to the mainstream and would survive until it is well known and get submerged unnoticed to the daily lives of normal people.
“Most of it is just due to the principles that created it, the community around it, the ideals that it fosters, the brand, but there’s an element of practicality to it as well… I think there’s interesting ideas elsewhere, but I think those ideas can be integrated into Bitcoin if they have the merit that is above some bar, and it feels like the one that wants to be the currency the most vs. others that are doing more general-purpose things,” he said.
He also states that it would be the go-to brand for Cryptocurrency just like we associate Coca-Cola as the household, well, Cola.
Sticking with Coca-Cola, the brand of Bitcoin has been dramatically altered ever since it was introduced, that in 1985, Coca-Cola revealed New Coke, the masses reacted with hostility and it caused for a roll- back to the original plan.
Gold standard in crypto
During the time that Blockstream got to the scene and hindered an increase in the size of the block, and then soldiered on to sell non-blockchain expansion solutions to solve problems that wouldn’t have existed if it wasn’t for them, the public would have reacted the same way, if they actually have known about it.
Rather, people who disagree got blocked off of subreddits and the CEO of Blockstream just persevered with their objective, somehow true and transparent about their plans to capitalize on a space where it’s supposedly free for all.
Dorsey believes fervently that Bitcoin would be the standard when it comes to Cryptocurrencies and that great concepts from other Crypto systems would be picked out and applied to the underlying technology of Bitcoin.
There is almost no way of telling if the apparent inclination of the underlying systems of Bitcoin is true, because he has one of the biggest investments in Lightning Labs, and the motivations might just be to alter the way we think about Bitcoin.
When sitting around a table along with people who also invest in the same technology, it’s easy to dismiss any technology out there that’s not Bitcoin.
(Jet Encila is a freelance writer, editor and journalist from the Philippines).