Wozniak thinks Bitcoin is better than gold


Steve Wozniak (aka the ‘Woz’) thinks Bitcoin is better than gold and the U.S. dollar, which he called “phony,” because the government can always print more.

On Sunday, October 22, 2017, the co-founder of Apple Computers shared his thoughts on cryptocurrencies and blockchain technologies at Money20/20 in Las Vegas where he was interviewed by Deirdre Bosa, technology reporter at CNBC. The conversation was around artificial intelligence, but the topic of Bitcoin emerged as well.

Wozniak feels a currency is more “stable” when it cannot be diluted and, while Bitcoin has a fixed future supply (only 21 million bitcoins will ever be mined), the same cannot be said about government-backed fiat currencies.

“There is a certain finite amount of bitcoin that can ever exist,” Wozniak said in explaining that the U.S. government could wind up printing more dollars for political reasons. He described the U.S. dollar as “kind of phony” in that sense, while describing Bitcoin as more “genuine and real.”

Similarly, he said, gold does not necessarily have a fixed supply either, because humans will continue to find more efficient ways to dig it out of the earth.

“Gold gets mined and mined and mined,” Wozniak said. “Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.”

He compared owning Bitcoin to owning a house. “Your house has value. And if it is a house today, 40 years from now, it still is a house in value,” he said, even if the price goes up and the government draws more taxes out of it.

Wozniak said he “admired” Bitcoin when the digital currency was first presented.

“I looked at it as a form of currency,” he said, adding that initially he did not understand the underlying blockchain technology but now he does.

He said, initially, he had a tough time buying bitcoin because that required setting up a special bank account. The process, he said was “so awkward, it kept me from getting early bitcoin.” When he finally was able to buy bitcoin, he said the price immediately dropped in half.

But those kind of numbers don’t mean so much to Wozniak. “I am not financial,” he told the crowd, admitting he never followed the price of bitcoin, nor the price of Apple stock but said he was drawn to bitcoin because it was based on mathematics.

“My wife and I, we judge a hotel room more by the number on the door than what is inside the room. We are both mathematicians,” he said.


lots of bitcoin stories.around..some like it..some hate it..some are scared of it..

woz likes it..

“Wozniak said he “admired” Bitcoin when the digital currency was first presented.”

and this:

“thinks Bitcoin is better than gold and the U.S. dollar, which he called “phony,” because the government can always print more.”

hes sort of right here..


~ by seeker401 on October 31, 2017.

13 Responses to “Wozniak thinks Bitcoin is better than gold”

  1. Reblogged this on World4Justice : NOW! Lobby Forum..

  2. How more or even less Bitcoin is made or taken out of the equation I have no idea. It can be manipulated and economics is far more than the currency. I think a lot of money will be made off of Bitcoin, but the expectations are utopian-like, which is a fantasy. But it seems to be a ride to take for now. The comparisons with gold especially make Woz’s expectations very long term. But then again, if the economy is going e-wallet, then bitcoin will be around for a very long time. Subject to the same manipulations as gold and currency are, but around for awhile.

  3. article above, “[Wozniak] said, initially, he had a tough time buying bitcoin because that required setting up a special bank account. The process, he said was “so awkward, it kept me from getting early bitcoin.””

    It is being made easier for companies to using digital payments:

    “That’s because the ride-sharing firm, which recently raised $2 billion from SoftBank and China’s Didi Chuxing, rolled out support for its GrabPay service among third-party merchants for the first time today.

    “For merchants in Singapore, the moment they sign up they get access to four million customers,” she said. “Telcos and banks haven’t been able to move to mobile wallets is because it requires them to adopt new customer behavior. [But] we’ve already shifted a significant portion of customer behavior.””

  4. fintech (financial technology)
    “Forty percent of the City of London’s workforce is employed in financial and technology services. (an interesting fact about the rise of fintech).” https://en.wikipedia.org/wiki/Financial_technology

    “KFAR SAVA, Israel, Nov. 1, 2017 /PRNewswire/ — Silicom Ltd. (NASDAQ: SILC) today announced that it has been awarded a design win from a leading Fintech player for its most advanced FPGA (Field Programmable Gate Array)-based networking card, confirming the positioning of the Company’s FPGA technology as a platform for a variety of emerging new “FPGA in the Cloud” applications.”

    A, if not the, leading fintech corporation.
    Silicom Ltd. 14 Atir Yeda St. Kfar Sava 4464323, Israel

  5. The global financial sector of the whole world is getting an upgrade. Singapore’s will “be similar to the one launched by the London Stock Exchange Group (LSEG) in July.”

    “Fintech hubs — cities where startups, talent, and funding congregate — are proliferating globally in tandem with ongoing disruption in financial services.
    “These hubs are all vying to become established fintech centers in their own right, and want to contribute to the broader financial services ecosystem of the future. Their success depends on a variety of factors, including access to funding and talent, as well as the approach of relevant regulators.

    “It’s wise of MAS [Monetary Authority of Singapore] to focus on the whole financial sector, rather than simply new developments. This top-down approach will help to transform the city-state’s entire financial services market, improving Singapore’s overall infrastructure and connectivity. Additionally, by enabling Asian growth companies to get access to a wider network of investors and helping Asian infrastructure projects to gain funding more broadly, other countries in the region should get a boost. With these steps, it seems that Singapore has recognized that technology is now an integral part of the financial sector, and that it can be used to disrupt the industry for the better.

    “In full, the report:
    Explores the fintech industry in six countries or states, including Singapore, and identifies individual fintech hubs.
    Highlights successful fintechs in each region.
    Outlines the challenges and opportunities each country or state faces. 
    Gives insight into the future of the global fintech industry.”

    “Most countries in Europe have made some formal attempt to foster the development of domestic fintech industries, with Germany and Ireland seeing the best results so far. France, meanwhile, got off to a slow start, but that’s starting to change.
    The Asian fintech scene took off later than in the US or Europe, but it’s seen rapid growth lately, particularly in India, China, and Singapore.”

    Only $500 for the full report – lol!

    • the new hub to be in dubai?

      • There are many international hubs:
        “Experts are responding positively to Dubai’s plan for a FinTech hub. David Horton, head of innovation at Synechron, told PYMNTS that, Dubai is easily giving cities like London, New York and Singapore a run for their money as a thriving FinTech center.”

        These fintech hubs have been around, but increasingly are boasting their “smart” applications throughout the city and services for international exchange. The recent fintech upgrade in Singapore mirrors one that happened in London (July 2017). The recent upgrade is in the financial service sector. It is an upgrade that will make digital currency exchange and other technological “smart” applications in the financial sector possible. Regulation is a key component, as well as, capability.

      • The following was taken from a June 2017 IMF report:

        “Change has accelerated in the new millennium. New payment tools have emerged (such as digital wallets), and new service providers have entered the market for financial services (including internet, retail and telecom firms). Recent years have witnessed a rise in automation, specialization, and decentralization, while financial firms have found increasingly efficient and sophisticated ways of leveraging vast quantities of consumer and firm data.

        “Artificial intelligence (AI) and big data capture the parsing of vast databases containing the characteristics and transactions of billions of economic agents through advanced algorithms to derive patterns used to predict behavior and prices, and in the end mimic human judgement in automated decisions. Related applications can automate credit approvals or advice, facilitate regulatory compliance and fraud detection, and automate the trading of financial assets.”

        “Fintech innovations are characteristically overlapping and mutually-reinforcing. For instance, distributed computing relies on big-data as well as AI and cryptography for effective distributed ledgers, used by online applications such as digital wallets to transform cell phones and/or wearable devices into points of sale for payments. These strong complementarities reinforce the potential for disruption of the financial sector.”

        In the report, other familiar techy words appear: biometrics, and mobile access (unbanked consumers will have access to global financial markets).

        • “Artificial intelligence (AI) and big data capture the parsing of vast databases containing the characteristics and transactions of billions of economic agents through advanced algorithms to derive patterns used to predict behavior and prices, and in the end mimic human judgement in automated decisions. Related applications can automate credit approvals or advice, facilitate regulatory compliance and fraud detection, and automate the trading of financial assets.”

          • Social media and other electronic data mediums feeds AI, which the IMF report understands not in so many words as established platforms. Use what is already in place. Its’ like the taxis.

      • What is happening with fintech is questioned to be either evolutionary or revolutionary. The new city of Saudi Arabia and perhaps the new Egyptian capitol probably will be fintech international hubs. Fintech, or “smart”, technology has reached the point of new material infrastructure. New cities, in other words, may be necessary for some in order to “plug-in” to the new global structure.

        More from the IMF report selected intermittently:
        “The Financial Action Task Force (FATF) has therefore issued specific guidance that calls on countries to impose these CDD obligations and other AML/CFT preventive measures on new types of virtual currency service providers—primarily virtual currency exchanges—by clarifying that they are “financial institutions” under the FATF standard. This focus on exchanges may be effective for now as most users will, at some point, have to buy or sell virtual currency for fiat currency. But it may need to be revisited if virtual currencies become so widely used that conversion may no longer be necessary.

        “The future could be different, as suggested by a simple analogy. Before the internet, sending (snail) mail domestically was fundamentally different from sending mail internationally. Pricing was significantly different, the infrastructure was different (air as opposed to land transport— thus the ubiquitous “air mail” stamp), and the handling of cross-border mail required international agreements on payment sharing, and standards on packaging, tracking and handling, as well as addressing other matters. In the age of the internet, instead, there is no distinction between a message going to a domestic or foreign recipient; both take a click. A message is a message; might a payment just be a payment in the future?

        “Two applications of DLT as a means of payment are relevant for cross-border payments; the first involves a privately run hub-and-spoke payments network. As illustrated in Figure 6, users exchange fiat money into a virtual currency (DLT-based tokens) held in digital wallets through ATM machines, point of sales terminals, online interfaces, or other means (the spokes). These tokens are then transferred, possibly across borders, over the virtual currency’s secure network (the hub) to the payee’s digital wallet. Finally, tokens are exchanged into foreign fiat money, as desired, through the same means as above (spokes again).

        “A central bank digital currency (CBDC) would not be a parallel currency, but merely a widely available DLT-based representation of fiat money. The idea is not to introduce a new unit of account, but a new means of payment and store of value.

        “For instance, the earlier discussion of services underscored the advantage of companies that users trust, and that offer services that are easy to use, and tailored to users’ behavior and preferences. From this perspective, social media companies, online retailers, and popular tech companies are well positioned to enter, if not further extend into, the payments space.

        “To ensure that effective regulatory frameworks are developed to address the challenges posed by fintech, international cooperation will be essential, and the IMF is well placed to play a role in this process.”

        The central bank will remain the operator and catalyst for digital currencies overseeing (regulating and governing) exchange at the commercial bank level. E-wallet is considered as essential to the central bank in the whole operation. Who is making inroads into society to make e-wallet widely available? Taxis. I have read taxis being the main inroad in Singapore, Thailand, and Dubai. It is undoubtedly the main method in other countries, too. Retail, social media, and other smart technologies will be used, also. There is the space stations view with the Pope “without borders” era.

  6. https://techcrunch.com/2017/11/01/transferwise-280-million/
    “TransferWise, the international money transfer company and one of Europe’s better-known unicorns, has announced $280 million in new investment today.

    “In fact, the company is entirely agnostic on how that happens: the more money moving via its infrastructure, the better. This can be done directly via the TransferWise app and service for both consumers and SMEs, via third-party integrations, or via the company’s own Borderless account. In all three cases, Hinrikus says the company generates revenue, regardless.

    “He also stressed that TransferWise’s direct consumer and business international money transfer offering also has a long way to go yet. He is particularly excited about the plans the company has for India, whilst I understand he recently visited Brazil on TransferWise business.
    Meanwhile, the most recent public figures for U.K market share stand at 10 per cent and Hinrikus says that other geographies are following a similar trajectory. The company now serves over two million customers and offers 750 currency routes, seeing customers transfer more than £1 billion every month.”

    • btw, TransferWise is London based and also announced they will be working in the Asian financial sphere where Singapore also recently announced their fintech upgrading.

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