The B Word Event (Elon Musk VS Jack Dorsey On Crypto)
Elon Musk : (talking about Dogecoin)
Dogecoin has the community, I think, has somewhat irreverent, obviously, and it has great memes and I loves dogs and I love dogs memes. It doesn’t take itself too seriously. You know the simplest answer, is the most likely. It’s a summary of Occam’s razor. The simplest answer is the most likely one. And there’s a friend of mine came up with a variant on that, that the most ironic outcome is the most likely one. And then I have a variant on that, which is the most entertaining outcome is the most likely one. So if that is true, then the most ironic and entertaining outcome would be that the cryptocurrency that was started as a joke to make fun of crypto currencies ends up being the leader, the leading cryptocurrency. That would be the most ironic outcome.
Jack Dorsey : (talking about Bitcoin)
I think it’s resilient. But also I think you find I mean, that’s what attracts me to the Bitcoin in the first place is the reverence. A lot of that just brings it forward and you know, at first go, it makes it a little bit inaccessible, but as people get into it, it makes it more accessible and most credible. And I think I absolutely think the resilience is there. I think it’s important to have fun as well. And anyway, folks can express themselves. I think that goes back to the main idea of like how do we how do we create a native currency for the Internet and anything that goes towards that path think that’s whatever whatever wackiness or fun we can have along the way, that’s going to make a lot more enjoyable and it’s going to make a lot more people want to use it.
Elon Musk : (talking about Bitcoin and money)
We were think about money for long time. And really, it’s best to think of money as an information system, primarily an information system for labor allocation and for practical purposes. It exists in a series of heterogeneous databases like very different databases and bank mainframes around the world. It moves quite slowly. In reality, it may seem to move fast sometimes, and it does with PayPal, which is real time, but the vast majority of the systems out there are batch processing. So the actual reconciliation may take one to five business days, sometimes longer. And you have the system, which is ancient and still still in operation, which is allows transfers to be like a check would be an actual transfer, but it’s not secure. And you’ve got the credit card systems which are also not secure, or it’d be like having your username and password to a stranger in a restaurant if you buy a meal. So there’s definitely an opportunity for something that is that is better from an information theory standpoint. So and there you can see with like data on a network I think is the way to do it. What has the most throughput? What has the least error lost of what drops the fewest packets for fraud, for example, being a source of error and government interference in currencies, being a source of error. But it’s fundamentally an information system. So I think it makes sense to support something that improves the quality of information with which we conduct the economy. And if Bitcoin is a candidate for that, it is it is adding some as well. And it’s obviously it’s evolving. And there are additional things like lightning being done on top of Bitcoin. But Bitcoin is mostly solving for scarcity or rather solving for essentially having no throat to choke it decentralized. So there’s no one who can be coerced in any way to empty that Bitcoin account. Well, I guess that could technically, but on an individual basis, but the system as a whole cannot. And and it has an open ledger, which is also quite, quite good for transaction. Volume is is low, transaction cost is high. And usability for the average person is not yet very good, but has a lot of potential. And I should say that I’m not just taking our time, but there certainly is lots to say in general. I’m a supporter of Bitcoin and the idea of paper, currency and general. But as I’ve said publicly, you need to watch out for crypto, taking especially Bitcoin, using proven work to maybe use energy that’s maybe a bit too much and not necessarily in a different environment. But on balance, I support Bitcoin and I’m not an investor, the only publicly traded stock my own is closer and the only significant thing outside of Tesla is SpaceX stock that and publicly both companies. So it’s possible that I do own Bitcoin and Tesla own Bitcoin, SpaceX own Bitcoin. And I personally own Ethereum and Dogecoin as well.
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