Could he give West Point the results of his findings. They need a boot in the backside right now.
Norman Powers
1 year ago
First Thiel, then Musk, then Coinbase and now Kraken. It’s maybe not surprising that the libertarian pushback in Silicon Valley is coming from people with close ties to (or in) the crypto space. It has always been the part of the industry most committed to individual freedoms and letting people say or explore unpopular ideas, for obvious reasons.
As someone in the tech industry, I am very happy to see this. Powell’s answers are sensible and moderate. I’d consider these firms as future employers.
Last edited 1 year ago by Norman Powers
Jon Hawksley
1 year ago
Fascinating to hear directly from an active proponent for digital currencies being used for everyday transactions and savings. What he did not explain was how a fixed number of bitcoins can be held by an ever increasing proportion of the population. Mathematically it can only be by them owning ever smaller units of bitcoins, which means an ever increasing price. That means the bitcoin of everyday goods has to go down as the currency goes up. Meanwhile all those savings of fiat money transferred into bitcoins get paid to the sellers who retire super rich. Then when there is a contraction in savings and people want to cash out who pays them? There is no investment to liquidate so they have to hope a fool comes along to buy their number in a blockchain. Without buyers the price will plummet. The sooner that happens the less the pain or ordinary investors.
Could he give West Point the results of his findings. They need a boot in the backside right now.
First Thiel, then Musk, then Coinbase and now Kraken. It’s maybe not surprising that the libertarian pushback in Silicon Valley is coming from people with close ties to (or in) the crypto space. It has always been the part of the industry most committed to individual freedoms and letting people say or explore unpopular ideas, for obvious reasons.
As someone in the tech industry, I am very happy to see this. Powell’s answers are sensible and moderate. I’d consider these firms as future employers.
Fascinating to hear directly from an active proponent for digital currencies being used for everyday transactions and savings. What he did not explain was how a fixed number of bitcoins can be held by an ever increasing proportion of the population. Mathematically it can only be by them owning ever smaller units of bitcoins, which means an ever increasing price. That means the bitcoin of everyday goods has to go down as the currency goes up. Meanwhile all those savings of fiat money transferred into bitcoins get paid to the sellers who retire super rich. Then when there is a contraction in savings and people want to cash out who pays them? There is no investment to liquidate so they have to hope a fool comes along to buy their number in a blockchain. Without buyers the price will plummet. The sooner that happens the less the pain or ordinary investors.
Its a Ponzi scheme and really only a vehicle for speculation by the wealthy or foolhardy. A currency it is not.