Entrepreneurs

Jack Dorsey

Jack Dorsey is famous as a

bitcoin⁠

maximalist as his company has converted a considerable amount of balance sheet in bitcoin.

Why has Dorsey been a Bitcoin Maximalist?

Some Bitcoin Maximalists take that position out of greed. Some don’t see the potential of crypto economics and think it’s a Ponzi scheme. And for others, it’s a philosophical position. Based on previous Dorsey Tweets, we’d speculate it’s the latter case for Dorsey.

Bitcoin did not start with an ICO and hence is viewed as genuinely owned by the community. Satoshi’s tens of billions worth of holdings are untouched. In the decentralized world, this blockchain incarnation focused on the community is considered a “Fair Launch”. That said, there is an increasing number of institutional Bitcoin holders.

In contrast, most blockchains either ran an ICO or a “free” initial coin drop where the founders or early coin holders get massive financial benefit from the network’s growth. Given that the community builds the apps and uses the network, which makes it valuable, many consider that unfair.

Michael J Saylor

Saylor is CEO and founder of the company Microstrategy which has bought 2.2 Billion USD worth Bitcoins.

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Winklevoss Twins

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Jeff Booth

Jeff is the author of ‘The Price of Tomorrow: Why Deflation is the Key to an Abundant Future’ – a fascinating book that charts the rise and rise of technology and the unforeseen exponential growth that accompanies it.

We live in an extraordinary time. Technological advances are happening at a rate faster than our ability to understand them, and in a world that moves faster than we can imagine, we cannot afford to stand still. These advances bring efficiency and abundance--and they are profoundly deflationary.

Our economic systems were built for a pre-technology era when labour and capital were inextricably linked, an era that counted on growth and inflation, an era where we made money from inefficiency. That era is over, but we keep on pretending that those economic systems still work.

We need to build a new framework for our local and global economies, and soon; we need to accept deflation and embrace the abundance it can bring. Otherwise, the same technology that has the power to bring abundance to us and our world will instead destroy it.

The world is becoming increasingly more polarised and the systems in place only serve to reinforce that conflict. The global economy is being held together by enormous debt, and our governments continue to print more money than ever before. Technology is creating huge swathes of unemployment which will likely only increase. The combination of these two factors is drastic.

Jeff suggests our only real hope is to embrace deflation as it is ultimately the only way we can create abundance in the future. Of course, this is merely scratching the surface of what is truly a fascinating conversation with an incredibly knowledgeable man, and there’s so much more detail and important information for us to dive into.

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