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Author Topic: Steve Wozniak says bitcoin is better than gold and the "phony" US Dollar.  (Read 249 times)
MWalk
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October 23, 2017, 09:05:11 PM
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https://bitcoinmagazine.com/articles/money2020-wozniak-thinks-bitcoin-better-gold/

How about that for a vote of confidence??!!
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October 23, 2017, 10:03:16 PM
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The article OP's link leads to.

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Steve Wozniak (aka the ‘Woz’) thinks Bitcoin is better than gold and the U.S. dollar, which he called “phony,” because the government can always print more.

On Sunday, October 22, 2017, the co-founder of Apple Computers shared his thoughts on cryptocurrencies and blockchain technologies at Money20/20 in Las Vegas where he was interviewed by Deirdre Bosa, technology reporter at CNBC. The conversation was around artificial intelligence, but the topic of Bitcoin emerged as well.

Wozniak feels a currency is more “stable” when it cannot be diluted and, while Bitcoin has a fixed future supply (only 21 million bitcoins will ever be mined), the same cannot be said about government-backed fiat currencies.

“There is a certain finite amount of bitcoin that can ever exist,” Wozniak said in explaining that the U.S. government could wind up printing more dollars for political reasons. He described the U.S. dollar as “kind of phony” in that sense, while describing Bitcoin as more “genuine and real.”

Similarly, he said, gold does not necessarily have a fixed supply either, because humans will continue to find more efficient ways to dig it out of the earth.

“Gold gets mined and mined and mined,” Wozniak said. “Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.”

He compared owning Bitcoin to owning a house. “Your house has value. And if it is a house today, 40 years from now, it still is a house in value,” he said, even if the price goes up and the government draws more taxes out of it.


Mathematical Appreciation

Wozniak said he “admired” Bitcoin when the digital currency was first presented.

“I looked at it as a form of currency,” he said, adding that initially he did not understand the underlying blockchain technology but now he does.

He said, initially, he had a tough time buying bitcoin because that required setting up a special bank account. The process, he said was “so awkward, it kept me from getting early bitcoin.” When he finally was able to buy bitcoin, he said the price immediately dropped in half.

But those kind of numbers don’t mean so much to Wozniak. “I am not financial,” he told the crowd, admitting he never followed the price of bitcoin, nor the price of Apple stock but said he was drawn to bitcoin because it was based on mathematics.

“My wife and I, we judge a hotel room more by the number on the door than what is inside the room. We are both mathematicians,” he said.

Countless Opportunities for Blockchain Technology

Wozniak also touched on Bitcoin’s underlying blockchain technology, and its importance in allowing people to transparently track things, like minerals.

“Right now, there is conflict with minerals in the world, and you don’t want to buy conflict minerals. Well, how do you avoid it?” He continued by explaining how companies will usually buy gold from different countries and smelt it together, so there is no way of knowing where it all comes from. With blockchain-based solutions, however, tracking where that gold comes from is now possible.

“They are applying the technology where all the payment can only go to the good, legitimate sources that don’t have conflict minerals,” he added.

Wozniak pointed out that, currently, there are so many applications popping up using blockchain technology that are so different than what people initially imagined, and it will take time to get used to
.

He also likened the introduction of smart contract platforms, like Ethereum, to when computers first came out and suddenly people were writing “tens of thousands of programs” nobody had ever thought of before. Smart contract platforms open those same doors of opportunity.

“There is a lot more to this cryptocurrency than just the Bitcoin,” he said.

https://bitcoinmagazine.com/articles/money2020-wozniak-thinks-bitcoin-better-gold/

Steve Wozniak makes several good points here. I tried to bold text the best parts. Very good analysis by him. His point about more efficient methods of mining gold being developed making gold inferior to btc's cryptographic supply limitations could be some of the best points made about btc in a long time.

Wozniak seems to confirm he bought bitcoin around 2014 when the price dropped from $1,000 down to below $500 after silk road was shutdown and china banned exchanges.

Also for those who don't know who Steve Wozniak is. He created both the apple operating system and the hardware architecture it ran on. He is very underrated when it comes to his skill and intelligence. Steve Jobs gets most of the credit for apple's success but Steve Jobs would never have been anything without Steve Wozniak.

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October 23, 2017, 10:20:39 PM
 #3


Yes, Absolutely right said. I agree with him. Yes, Bitcoin is better than gold. I believe this. If you see the Bitcoin trade chart from the beginning to till now. You will understand. Bitcoin price is increasing rapidly. But Gold and USD price are stable. That's why I also think so that Bitcoin is better than Gold and USD.

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October 24, 2017, 02:05:11 AM
 #4

I don't have a very high opinion of Steve Wozniak, but this is something we can kind of agree on. I mean, I would not go as far as to call the US Dollar a phony, but it's true that the possibility of printing more puts way too much power on the government's hands. It's a very remote possibility as it's a bad idea in most cases, but still.

I kind of see his point in gold, but I don't think that necessarily diminishes its value. Humans can just as easily find a ton of gold in one day as it can find half a ton in two years. The only difference is that you don't know precisely how much gold enters the market at any given time, and you don't know the exact limit. What we do know is that gold has been mined for just about how long civilization has existed, and it's still precious and rare today.

I like how he gives Ethereum credit. I honestly think that it has the most potential out of all cryptocurrencies simply because of the technology behind it, but having infinite amounts hurt it some.

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October 24, 2017, 02:09:03 AM
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It's is so strange how many people in the finacial industry are trashing Bitcoin and Altcoins, while many people in the tech industry are praising it. 

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October 24, 2017, 02:23:05 AM
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Its nice to know that he is a BTC supporter, but calling the US dollar phony is giving it an over simplified view. The Federal Reserve and the US Treasury dont print and issue because they simply need to exert their control, they do it to keep the economy balanced. They will print money to pump it in the economy to try and save it.

There are some people who oppose this, but there are economists who support it, like John Maynard Keynes.



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October 24, 2017, 10:47:51 PM
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The tech aspect of bitcoin has been praised many times, but the financial aspect is being resisted, this is because the tech is clear, but the impact on finance is unknown which causes these various opinions.

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