Twitter CEO Declares Bitcoin Will Become World's Single Currency Within 10 Years

DooKey

DooKey

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According to Jack Dorsey, Twitter CEO, Bitcoin is going to be the world's single currency within the next 10 years. I won't call this pumping, but he does own Bitcoin and often speaks positively about Bitcoin. However, I don't care what he thinks because there is no way any major government is going to give up their fiat currency for Bitcoin. This is just wishful thinking on his part.

If ten years seems fast to you, it’s worth noting that Dorsey actually said that the transition could even happen more quickly than that, something that seems particularly unlikely despite what can only be described as Bitcoin’s huge increase in popularity over the past few months.
 
How do these people get where they are in life?

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World's single currency? Uhhh.. yeah right. Bitcoin will usher in an era of unprecedented cooperation in a decade. Got it.

World's reserve currency even? Highly unlikely ever, sure as hell not in 10 years.
 
Well, if the goal was to prove he is an idiot, he could not have done it better. Kudos!

Hmmm,...Kyle does that count as name calling? I was really making an effort to not call him names.
 
I don't know about Bitcoin but some sort of cryptocurrency will be the standard. But governments and more importantly banks aren't about to give up their currencies. You will probably have a local and universal currency. Which means yes you'll have two currencies to deal with.
 
Many people still cant even use normal currency correctly, what luck does the world have with moving to bitcoin? Honestly, try explaining bitcoin to a 75-year-old
 
DukenukemX said:
I don't know about Bitcoin but some sort of cryptocurrency will be the standard. But governments and more importantly banks aren't about to give up their currencies. You will probably have a local and universal currency. Which means yes you'll have two currencies to deal with.
Click to expand...

Governments will NEVER give up control of their currency. They will never give up the ability to manipulate the values and simply print more money when needed.
All cryptocurrency will be banded before it ever comes close to replacing our current system.

If Bitcoin is outlawed, only outlaws will have Bitcoin :D
 
Willypants said:
Many people still cant even use normal currency correctly, what luck does the world have with moving to bitcoin? Honestly, try explaining bitcoin to a 75-year-old
Click to expand...

Age has nothing to do with the ability to understand/comprehend something. My 85 year old Father-in-law understands it just fine.
 
Ha...ha ha ha ha wait seriously... you mean your actually serious ha ha ha ha...

Jesus there's being optimistic about bitcoin and then there is being batshit insane.
 
TwiceOver said:
So by then they'll have the transaction time and fees sorted out?
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There are a couple of outfits/ETFs that deal with the transaction fees etc. An advisor told me that is where people should be invested rather than the coins. Fiat won't go away. Government debt is too tied to currency.
 
But but there is only ~17,000,000 BTC coins ever for Bitcoin! - and how many billions of people in the world?

Except the smallest unit for Bitcoin is a Satoshi, 100,000,000 Satoshi's make 1 bitcoin! So unit wise it is 16,933,587 BTC X 100,000,000 Satoshi/BTC = 1,693,358,700,000,000 Satoshi's which is over a quadrillion

So is this currency viable for 7.6 billion people on the earth? If evenly divided it would be:
  • 222,810 units of Bitcoin (Satoshi) for each person
How much money is in the World, only an estimate is 80 Trillion. Looks like Bitcoin has the numbers to be a world currency - too bad it would be so slow in transferring anything that it would be worthless

Bitcoin mining:
CPU individuals - Early GPU individuals - more advance GPU's into farms - ASIC miners - ASIC Farms - What comes after ASIC farm mining??? -> Governments (only governments would have resources to maintain the blockchain)

It would go from a decentralize individual maintain to group maintain to decentralize governments. My tin foil hat is on.
 
gigaxtreme1 said:
There are a couple of outfits/ETFs that deal with the transaction fees etc. An advisor told me that is where people should be invested rather than the coins. Fiat won't go away. Government debt is too tied to currency.
Click to expand...

Not talking about investment. Talking about going to the store, buying a candy bar, paying $0.45->$35 in fees and waiting 5-Forever minutes for the transaction to post.
 
The world currency is still the $ and it is being run into the ground due to debt. US debt (` 20 trillion) is about 1/4 of all money in the World - think about that.
 
BSmith said:
Well, if the goal was to prove he is an idiot, he could not have done it better. Kudos!

Hmmm,...Kyle does that count as name calling? I was really making an effort to not call him names.
Click to expand...

Oh jack has done far worse - like censoring and shadowbanning accounts of people who have a different political opinion than him, while ignoring people reporting Twitter accounts of Isis members recruiting and pedophiles. I wish I could say I was joking.
 
Montu said:
According to Jack Dorsey, Twitter CEO, Bitcoin is going to be the world's single currency within the next 10 years. I won't call this pumping, but he does own Bitcoin and often speaks positively about Bitcoin. However, I don't care what he thinks because there is no way any major government is going to give up their fiat currency for Bitcoin. This is just wishful thinking on his part.

If ten years seems fast to you, it’s worth noting that Dorsey actually said that the transition could even happen more quickly than that, something that seems particularly unlikely despite what can only be described as Bitcoin’s huge increase in popularity over the past few months.
Click to expand...

I want some of what he is smoking.
 
Humans will always value natural resources for survival.
A war isn't going to start over Bitcoin so it will never lead the way.
 
noko said:
How much money is in the World, only an estimate is 80 Trillion
Click to expand...

There's over 80 trillion jsut in the stock market.
Current money supply is another $90+ trillion (all cash, coins, deposits, etc.)
Global debt is over $200 trillion.
Real estate valuation is another $220 trillion.
Derivatives is another $500+ trillion to 1.4 Quadrillion depending on whose estimates you go by.

So, trying to enumerate such markets, assuming your quadrillion satoshis isn't insufficient already, is problematic given that all those markets are likley to expand in valuation faster than you are minting crypto coins without seriously altering the algorithm. So yeah. Denominating markets in something with a finite cap isn't going to happen as it means the markets can't expand faster than the currency.

The global economy fucking HATES deflation and has in fact abandoned multiple standards to escape that effect.
 
Zarathustra declares Twitter CEO is a fucking moron if he believes that.

#hodlgang

#hodlgang

#hodlgang

I'd argue it is more likely to be banned and lose all its value in the next 10 years, than it is to become a single global currency.

(to be clear, I don't think either are going to happen)
 
until i can swipe a card and pay for fuel or groceries, or buy pc parts online with reputable etailers its just monopoly money

i run nicehash on my office pc and home pc for giggles, maybe some day ill be able to buy a new gpu but at the rate its be going itll soon be mining farms or nothing, not much left for the little guy. would like to see more places ban the big power hungry farms or make their hydro to much there is no profit
 
Putz said:
until i can swipe a card and pay for fuel or groceries, or buy pc parts online with reputable etailers its just monopoly money

i run nicehash on my office pc and home pc for giggles, maybe some day ill be able to buy a new gpu but at the rate its be going itll soon be mining farms or nothing, not much left for the little guy. would like to see more places ban the big power hungry farms or make their hydro to much there is no profit
Click to expand...

Does your employer approve of you using company resources to mine?
 
Whatever he took, take half the amount next time. LoL

As Zarathustra, i believe in the "grey" in between, it won't go away ( Blockchain and cryptocurrency ) but banks will try everything and more to keep control, bet on that, that is a safe bet.
 
Except for the fact that bitcoin contains links to child porn... So I don't see a future in it.

Maybe a smoldering crater.

(Here once stood crypto, until idiots happened)
 
How long can a world of "wealth holders" where nobody has any "real skills" survive?

Need a new movie, Soylent GPU, or something like that. What a mess (which is to say, the topic will never happen, but something similar might).
 
Putz said:
until i can swipe a card and pay for fuel or groceries, or buy pc parts online with reputable etailers its just monopoly money
Click to expand...
You can use Bitcoin at the Newegg and Microsoft online stores. I know folks sometimes have problems with both companies, but I wouldn't exactly place them in the 'disreputable' category.
 
This just look like someone that's a little bit desperate to try to pump up the value of Bitcoin.
World's single currency, yeah that will never happen.
 
raz-0 said:
There's over 80 trillion jsut in the stock market.
Current money supply is another $90+ trillion (all cash, coins, deposits, etc.)
Global debt is over $200 trillion.
Real estate valuation is another $220 trillion.
Derivatives is another $500+ trillion to 1.4 Quadrillion depending on whose estimates you go by.

So, trying to enumerate such markets, assuming your quadrillion satoshis isn't insufficient already, is problematic given that all those markets are likley to expand in valuation faster than you are minting crypto coins without seriously altering the algorithm. So yeah. Denominating markets in something with a finite cap isn't going to happen as it means the markets can't expand faster than the currency.

The global economy fucking HATES deflation and has in fact abandoned multiple standards to escape that effect.
Click to expand...
Should say something about the stock market, more make believe then worth.

As a side note Bitcoin allows for more divisions. Blockchain was built with that option. So wealth could be transferred in a digital legal tender vice paper tender.
 
Jack forgot to mention that AI will take over the world in 9 years for bitcoin to be the standard in 10.
 
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