It has to be restful sometimes to live in the mind of a maximalist. Because for each question asked in relation to the cryptocurrency ecosystem, only one answer or alternative remains valid: Bitcoin. An unwavering faith, certainly very reassuring for lovers of certainty. But in the tone that clearly feels the shortcut, facing an altcoins sector whose usefulness and relevance are confirmed every day. However, Bitcoin still remains the undisputed emblem of important ideological choices, too often forgotten in favor of immediate profitability. And for Twitter co-founder Jack Dorsey, the only real alternative to the dollar and the establishment of a highly questionable Web3.
If there is only one news item to remember from this year 2021, it is undoubtedly the adoption of Bitcoin as the official currency of El Salvador. A historic event, in the wake of which other countries do not fail to ask themselves the question of doing the same. And irrefutable proof of BTC’s ability to become this apolitical monetary tool for subversive and liberating use. With as the main decisive element of its selection, the decentralized and out of control character which makes its legendary strength.
However, recent news has highlighted the choice of the Burmese government in exile to adopt the USDT stablecoin for its financial transactions. A boon for the Tether company, which is very interested in presenting itself as an official currency in the form of a better version of the US dollar. But a decision that poses this strategic question as simple as it is decisive: price stability or decentralization of the tool. Because it is not enough to succeed in hanging its course on that of the dollar to become more secure than Bitcoin. Particularly when the main risk to be fought against is government censorship, legitimate or not.
Jack Dorsey: “Yes, Bitcoin will”
And no need to ask the question for too long to Jack Dorsey, former CEO and co-founder of Twitter. The latter currently engaged full-time in the promotion and adoption of Bitcoin, using its Block structure (formerly Square). With a very maximalist vision of this mission, sometimes close to the digital crusade. And unwavering assurance as to the solution to be provided in the current monetary landscape. This certainty once again asserted in the face of a question from the famous rapper Cardi B, asked last night on Twitter: “Do you think that cryptocurrencies will replace the dollar? And the answer is unequivocal:
” Yes, Bitcoin will. “
Jack Dorsey
Indeed, Jack Dorsey loves Bitcoin as much as he ignores – at best – the rest of the alternatives developed in the altcoin market. The only real downside to his motivation in the field. Because by wanting to sell your soup too much, you very often end up gaining the credibility of an illuminated in commercial mode. In particular when this obsession takes the form of a desire to develop a new version of DeFi on the Bitcoin network. While the latter already exists on many other blockchains built on purpose. And that its implementation is not necessarily a good thing, in particular for a Proof of Work (PoW) network whose limits Ethereum is painfully testing …
Web3: “centralized entity with a different label”
An intervention by Jack Dorsey at the origin of many exchanges. And this not just about a Bitcoin capable – or not – of dethroning the US dollar. Because following this statement, other themes were discussed with this historical player in the construction of the current Internet. Especially about this “Web3” sold all over the place in the cryptocurrency sector. And whose credo is to give power back to users, facing the current BigTechs who hold the slightest bit of it. But it doesn’t all seem so simple …
” You do not have the “web3”. VCs (risk capital structures, editor’s note) and their LPs (limited partners, editor’s note) do. He will never escape their inducements. It is ultimately a centralized entity with a different label. Know what you are getting into …”
Jack Dorsey
A central question in a cryptocurrency ecosystem whose explosive development often deviates from the fundamentals that make it strong. And in which real protocol politicians take power, with governance votes with a very questionable democratic aspect. And in the face of venture capital structures buying everything while pretending to do it for users. While their decision-making power represents – even diluted with intermediaries – the assurance of winning all “community” decisions. ”
” I believe in you and your ability to understand systems. It is essential that we focus our energy on truly secure and resilient technologies owned by the mass of people, and not by individuals or institutions. Only this base will provide the applications you are referring to.”
Anyway, Jack Dorsey is positioned as a real defender of the cypherpunk philosophy inherent in Bitcoin. The latter supposed to be exported to the rest of the cryptocurrency sector. But exposed to the eternal dilemma between personal interests and real community building. Knowing that in most cases, the second option amounts to insuring the first. But less quickly and more fairly.