[2018-01-17] Xapo CEO Foresees A Single Blockchain To Move All Value, ‘Most Like

[cybersofts]

Xapo CEO Foresees A Single Blockchain To Move All Value, ‘Most Likely’ Bitcoin’s




During a Facebook Live interview between Xapo CEO and Paypal board member Wences Casares and PayPal CEO Dan Schulman on Jan. 12, Casares explained his vision of a single “robust” Blockchain to move value globally, saying Bitcoin (BTC)’s Blockchain would likely play this role. He also predicted that BTC could become an apolitical standard of value.

Casares, who grew up in Patagonia, Argentina, explained during the interview that he had seen his family lose everything three times during his childhood due to banking failures and hyperinflation. He, like many tech pundits, compares the creation of Blockchain technology to the creation of the Internet in terms of its innovative potential.

Earlier this year, Casares had predicted that the price of Bitcoin would eventually reach $1 mln. During the Jan. 12 interview, Casares repeated the same prediction, but in a modified form, calling Bitcoin and crypto in general an “interesting experiment” and predicting BTC’s $1 mln price if that experiment should succeed:

    “I also think that there is a higher than 50% chance that this experiment succeeds...If that happens the world is going to look very very different... I happen to believe that if it succeeds that one bitcoin is going to be worth one million dollars.”

He also said he thinks there is an “at least a 20 percent chance that this experiment fails”.

Casares’s optimistic views on the digital currency, however, are bigger than price gains:

    “I can imagine a world in which bitcoin becomes a global standard of value — it’s the first global and non-political standard of value — coupled with the first global and non-political standard of settlement [...] It would be the biggest leap forward in the democratization of money we’ve ever seen.”

According to Casares, the future of crypto lies in the cooperation around a singular, robust Blockchain, and in his opinion Bitcoin’s is the most likely to be the Blockchain of choice:

    “There is a huge incentive to have one very, very robust blockchain. At least for any process that, in the end, will be moving value of any kind [...] There may be other use cases that do not entail value that may merit a different blockchain, but in terms of value, it’s most likely, in my opinion, that we’re going to have one. And right now, the most likely one seems to be the Bitcoin blockchain.”

Casares’s focus on Bitcoin underlines the importance of miners being able to successfully rely on transaction fees as incentives to replace block rewards, once the 21 mln Bitcoin mining cap is reached. 80 percent of bitcoins had already been mined on Jan. 13, leaving 4.2 mln coins left until the supply cap.


Source: https://cointelegraph.com/news/xapo-ceo-foresees-a-single-blockchain-to-move-all-value-most-likely-bitcoins

[Samarkand]

...

Casares, who grew up in Patagonia, Argentina, explained during the interview that he had seen his family lose everything three times during his childhood due to banking failures and hyperinflation. He, like many tech pundits, compares the creation of Blockchain technology to the creation of the Internet in terms of its innovative potential...

I think Casares is able to grasp the potential of Bitcoin faster than most other people, because
of precisely these personal experiences in his childhood - arguably the developmental period
with the biggest impact on your personality.

Most people in the Western world never really had
these painful experiences of banking failures and hyperinflation (particularly, because the 2008 financial
crisis was never really solved and the central banks only kicked the can down the road, which will
eventually come back to haunt us all) and therefore do not appreciate the value
of a non-depreciating asset like Bitcoin.

[J. Cooper]

I really think bitcoin will become an apolitical standard of value at some point. It has to. We've been deceived by the fraudulent governments for way too long now.

Most people in the Western world never really had
these painful experiences of banking failures and hyperinflation (particularly, because the 2008 financial
crisis was never really solved and the central banks only kicked the can down the road, which will
eventually come back to haunt us all) and therefore do not appreciate the value
of a non-depreciating asset like Bitcoin.

I live in the west and I was fortunate enough to not be affected major market collapses in the past (my parents worked in sectors that are necessary regardless of the economic situation). But that doesn't diminish the fact that I'm painfully aware of this issue, and therefore I can really appreciate such a revolutionary technology as bitcoin's.

[Samarkand]

...

I live in the west and I was fortunate enough to not be affected major market collapses in the past (my parents worked in sectors that are necessary regardless of the economic situation). But that doesn't diminish the fact that I'm painfully aware of this issue, and therefore I can really appreciate such a revolutionary technology as bitcoin's.

Then you are ahead of your peers in my opinion. The average person in the Western world is not
really worried about issues like this, because they have never experienced it and are
busy with consumption, video games and social media.

The people, who gravitate towards revolutionary technologies like Bitcoin are probably
much smarter than average. I´m not talking about the people, who got Bitcoin in order to
get rich quickly, but the people who had genuine interest in the technology and the economics
of Bitcoin.

[FrueGreads]

I completely agree with what is being said on that article, and I really liked that he touched in 2 key points in my opinion.

The first one is that this is an experiment that could end up being successful or not. Most people that are getting into bitcoin right now don't even understand this. Some see it as an asset, others as a bubble, but very few understand that bitcoin aims to become a truly decentralized currency, that could end up being used as a world standard for value. Not saying that fiat will disappear, but if this experiment succeeds we won't be seeing bitcoin being valued in euro, or dollar, or yen, etc. We will see fiat being valued and compared to bitcoin, to see how strong they are, and in a more distant future, we might see countries only using bitcoin to settle commerce trades.
From this point of view, we can see that we are definitely very early in the game, and that buying and holding bitcoin is a very good long term investment. If it succeeds one bitcoin should be worth $500k or $1M, so we are still very far from those values. If it fails, we didn't lose that much.

From this perspective I also go to another very important point. Since we are in the beginning, it's perfectly normal that bitcoin is not ready for use right now, and it needs more development. So there is no point to keep complaining about how slow it is, and how expensive it is, etc. We are in beta or even alpha mode for all I care. We can use it at our own risk, but we need to be patient.

The second one is that he noted that if the experiment succeeds we will probably see only one blockchain being used for this "decentralized world currency goal", and that it's very likely that "this" blockchain will bitcoin blockchain, and not the one from any other alt. Not saying all other coins are useless, but they will only take over bitcoin role, if BTC totally fails on a technological point of view. Comparing the BTC potencial, it's hashrate, and the number of devs that are currently working on it, it's highly unlikely that any other coin surpasses bitcoin.