NOTHING IS ABOVE BITCOIN

[HammadAli]

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

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[hello_good_sir]

I like this quote from the man

I think that blockchains are more about permissionless, uncensorable usage and free market money - separating money from state - using  a gold-like mined digital commodity money: Bitcoin. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users.

He is very supportive of bitcoin technology, but he doesn't like appreciate bitcoin - he is able to also reflect on other investments that are also popular and successful and he understands that these ones also have a place in the ecosystem, very open-minding thinking.

Back also pointed out that if blockchain applications cannot be auditable, such as Bitcoin, they have no value.

I agree with this as well, a lot of people miss the open-ledger side of blockchain technology when it's one of the most important features and helps users feel a lot safer with it's transparency.

[ChrisPop]

This is exactly why stablecoins like USDT, TUSD, DAI, Libra, etc. won't gain much popularity. Cryptocurrencies and the blockchain technology were created with a scope - that we get rid of all the centralization and excessive control of authorities over the world. Corruption is at all time high level and transparency is nowhere near where we would like it to be. By adopting Bitcoin and blockchain & adiacent tech like smart contracts I'm sure we will make a much efficient & fair world.

[youdacapt]

This is exactly why stablecoins like USDT, TUSD, DAI, Libra, etc. won't gain much popularity. Cryptocurrencies and the blockchain technology were created with a scope - that we get rid of all the centralization and excessive control of authorities over the world. Corruption is at all time high level and transparency is nowhere near where we would like it to be. By adopting Bitcoin and blockchain & adiacent tech like smart contracts I'm sure we will make a much efficient & fair world.

Many sweet sentences circulate about the potential of BTC, but I want to know how the world adopts them simultaneously. The bitcoin-blockchain solution for verbal justice looks real, but bureaucracy is very complex. If bitcoin is used in political power, prices can be manipulated worse than before. this would be an economic apocalypse worse than fiat.

[Malam90]

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

Bitcoin is so popular that no cryptocoins is still can gained this perception till now or even in the future. Stable currencies ( USD, EURO, POUND etc) are different and it not like Bitcoin. I think he is little bit right.

[chaoscoinz]

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

I really don't think there is anything above Bitcoin at the moment, but as of now, we are on the verge of there being a 4th generation of Blockchain technology. Many people say and agree that Bitcoin was the first generation. Ethereum was the second with it's introduction of smart contracts and tokenization. It's arguable but EOS may be considered the third wave of Blockchain generation technology. EOS has delegated proof of stake, which makes proof of work obsolete and EOS scale-able.

[oleg681010]

And this will continue for a very long time, bitcoin will be the most value on the market.

[fuguebtc]

We should not be too emotional towards BTC, it has its own pros and cons just like fiat currency. There are few things which BTC needs badly to gain global acceptance. The first is regarding regulation issues and second is about scalability.

[BrewMaster]

This is exactly why stablecoins like USDT, TUSD, DAI, Libra, etc. won't gain much popularity.

it depends on your definition of popularity!
for example Tether is already very popular if you believe the daily trading volume of it and define popularity by how much people are using it. or for example Libra is something that has a big name (Facebook) behind it and it automatically is being advertised and is ahead in popularity.

but it is important to know that you can not compare things that are not in the same category! for example all these centralized coins should be compared with banks, paypal,... not with bitcoin.

[mk4]

This is exactly why stablecoins like USDT, TUSD, DAI, Libra, etc. won't gain much popularity. Cryptocurrencies and the blockchain technology were created with a scope - that we get rid of all the centralization and excessive control of authorities over the world. Corruption is at all time high level and transparency is nowhere near where we would like it to be. By adopting Bitcoin and blockchain & adiacent tech like smart contracts I'm sure we will make a much efficient & fair world.

Stablecoins actually gained popularity. Why? Simply because having stablecoins eliminates the risks of volatility through assets like bitcoin. Along with that, not everyone(or probably even majority) don't even care about decentralization and security in the first place! This is the exact reason why for some reason people still "invest" in other cryptocurrencies like XRP, and other worse shitcoins.

[stompix]

This is exactly why stablecoins like USDT, TUSD, DAI, Libra, etc. won't gain much popularity

Too late for that, tether is popular because a lot of people are scared of volatility, a lot of so-called traders entered the market for quick gains but they are afraid to leave their funds in some coin and they quickly convert them to tether so they can sleep easily at night.
It might not have gained traction in RL shopping but it might and at that point..god knows what might happened next.

Unfortunately, the masses are all about $ and instinctively when they don't have a clue what will happen next they tend to switch their stash to something that would not lose value against the $ no matter how bad the news hitting the crypto world is. Quite interesting, a lot of people also predict the fall of the usd and euro but that isn't making them switching all the savings into crypto either, no matter how scared of a fall they are they still keep their funds in fiat. Because of convenience, because of...who knows.

In short, it's a bit too late for those coins to NOT gain popularity or even more popularity.

[goodblockchain]

NOTHING IS ABOVE BITCOIN

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

Quantum computers are.

Blockchain latest news: a state-owned quantum computer could break blockchains in as little as three years  https://www.computing.co.uk/ctg/news/3033006/state-owned-quantum-computer-break-blockchains-three-years 'A commercially viable quantum computer is still probably a decade away but the first rudimentary, state-owned device capable of breaking common one-way encryption algorithms like AES and elliptic curve cryptography could be with us much sooner.'
'Whoever achieves it first - and it could be within as little as three years according to Cheng - don't expect to learn about it in the news.'

Blockchain latest news: a state-owned quantum computer could break blockchains in as little as three years  https://www.computing.co.uk/ctg/news/3033006/state-owned-quantum-computer-break-blockchains-three-years 'A commercially viable quantum computer is still probably a decade away but the first rudimentary, state-owned device capable of breaking common one-way encryption algorithms like AES and elliptic curve cryptography could be with us much sooner.'
'Whoever achieves it first - and it could be within as little as three years according to Cheng - don't expect to learn about it in the news.'

Post quantum we will have lots of forks. But the quantum upgraded original chain with all the mined coins will be the strongest. Anyone who has the privatekey of an old address can now move their coins and they will be quantum secure. Otherwise they are 'shalecoins' and have no owner and will be 'fracked'. These coins are the reward of their 'frackers'. If some think that the 'shalecoins' should be locked/destroyed, they can use the fork with excluded 'shalecoins'. They are already discussing such things: Fork and Destroy Satoshi's 1 million Bitcoin? https://bitcointalk.org/index.php?topic=5131393.0

No matter what, a decade is not such a long time. We should be discussing this stuff today.

Yes, squatter.
Quantum computers will surprise the Bitcoin community. The 'shalecoins' will be moved and will become active. Thereafter BTC owners will decide, which fork they want to use.

I have no idea and I just learned it from this thread. Those coins in Satoshi's wallet will then be activated which sooner there might not have forgotten coins after all. I guess we can all say Bitcoin will live on to be 21M in total. Nothings wasted and SAtoshi has really thought all of these will happen one day.

'Quantum computers will surprise the Bitcoin community.'

[xiboothrezi]

Choosing a stable coin is not an indicator that a person cannot utilize the functionality of cryptocurrency, everyone has their own tendencies, right? there are those who like risk, there are those who prefer the safe way so that occasionally apply a trading or investment strategy using stable coins if something happens that is unexpected.

~~

Unfortunately, the masses are all about $ and instinctively when they don't have a clue what will happen next they tend to switch their stash to something that would not lose value against the $ no matter how bad the news hitting the crypto world is. Quite interesting, a lot of people also predict the fall of the usd and euro but that isn't making them switching all the savings into crypto either, no matter how scared of a fall they are they still keep their funds in fiat. Because of convenience, because of...who knows.

In short, it's a bit too late for those coins to NOT gain popularity or even more popularity.

Yes, so as long as we can still use cryptocurrency safely, it doesn't matter if you don't follow the initial essence, and there are no rules you have to hold volatile coins or tokens if the situation is chaotic and difficult to predict.

[liuqi]

That is 100% truth and there is no single cryptocurrency over the Bitcoin in all the aspects because many people giving attention to Bitcoin only more than any cryptocurrencies so as a service person for investor everyone will love to to invest on Bitcoin and utilise Bitcoin more than anyone.

[The Sceptical Chymist]

This is exactly why stablecoins like USDT, TUSD, DAI, Libra, etc. won't gain much popularity.

I totally agree, and I'm not even sure why anyone would want to own any of those outright--I can see the need for them on exchanges, where you'd want to have a cash equivalent (maybe) in order to make more trades or something like that, but why bother holding a stablecoin instead of cash? 

I really don't think there is anything above Bitcoin at the moment, but as of now, we are on the verge of there being a 4th generation of Blockchain technology.

That may well be true, but bitcoin is still rocking the house as far as cryptocurrencies go, except for its price lately.  But every other crypto, including ETH, has also gotten hammered by the market.  It doesn't matter if bitcoin doesn't achieve mass adoption as a form of money.  It will still remain a good investment tool.  It's got the strongest community by far, lots of miners, lots of support.  All of that can't easily be taken away from bitcoin, believe me.

[southafricadude]

He is correct. Only bitcoin combines permissionless, censorship resistant, decentralized, borderless, immutable and unconfiscatable into one neat package that is pretty easy to use.

[franky1]

Quantum computers are.

Blockchain latest news: a state-owned quantum computer could break blockchains in as little as three years
'Quantum computers will surprise the Bitcoin community.'

quantum computing is just as . to dumb it down. bios/firmware level programming. much like asics.
it will take time to scale up to be more generalised to be like a DOS platform and time again to scale up to be a colourful multitask windows platform

what people dont realise is these tests that quantum computers are doing is tasks designed for qubits to solve fast.. and then obviously because binary is not qubit would take binary longer

however just because a qubit problem can be done in 3 minutes but may take a binary computer 10,000 years
does not mean a 10,000 year binary problem will be solved in just 3 minutes on a qubit system
so relax a little

[Youghoor]

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

I don't think i will agree with him on what he is saying. As it stands now, Bitcoin is actually struggling to gain mass adoptation in the mainstream financial transactions. In as much that Bitcoin makes it possible for everybody to gain financial freedom and also provide decentralization, you can not just conclude that nothing is above Bitcoin. Bitcoin has a long way to go before we can finally say and classify bitcoin as something that do not have anything above it. His reasons are not enough to conclude that nothing is above Bitcoin.

[elisabetheva]

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

I don't think i will agree with him on what he is saying. As it stands now, Bitcoin is actually struggling to gain mass adoptation in the mainstream financial transactions. In as much that Bitcoin makes it possible for everybody to gain financial freedom and also provide decentralization, you can not just conclude that nothing is above Bitcoin. Bitcoin has a long way to go before we can finally say and classify bitcoin as something that do not have anything above it. His reasons are not enough to conclude that nothing is above Bitcoin.

Many conclusions occur with how bitcoin, obviously maybe some say true that nothing is above bitcoin at this time, but you also have different perceptions as you say. but we know that the blockchain is very reliable in all transactions and is headed in a more modern direction than returning to traditional transactions. this is the advantage of crypto that all have different interpretations.

[avikz]

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

What Adam is saying is technically correct! However, we need to look at the reality! The benefit of bitcoin is actually its biggest enemy to gain adoption. If bitcoin were not pseudo anonymous and easily trackable, governments around the world would have adopted it into the mainstream economy! Governments are protesting the inclusion only because they know that, its beyond their reach to control bitcoin!

So Adam is right technically, but the reality is somewhat different!