This was a quote uttered earlier this week by Jack Dorsey as he sat down for an interview in Mountain View, California.
For those of you not familiar, Jack Dorsey is the CEO of Twitter, and also the CEO and founder of Square.
Specifically, Dorsey described blockchain technology as:
"The next big unlock... something that at first is normally applied to accounting terms, but has the potential to be applied to so much more."
Blockchain technology is often defined as a ledger, a giant accounting book that records transactions. A framework or backbone for transactions, with use cases for it analogous with apps on the internet.
Dorsey went a bit further, adding that...
"The ability to distribute and decentralize the ledger enables proof of work, and proof of one entity, in an untrusted network."
"There are so many problems we can help solve with blockchains that are just not related to finance, but finance is an obvious one."
He's not really saying anything that we don't already know, but it is nice to hear someone in his position echoing these same thoughts.
Bitcoin also came up in the interview.
Dorsey stated that his company, Square, has accepted Bitcoin as a form of payment since 2014.
He also stated that he himself has invested in Bitcoin for some time now, though he did not say how many coins he owns currently.
The most surprising part of the interview came towards the end when Dorsey said he has been contacted recently by a lot of family and friends asking him how they can buy bitcoins.
They say:
"Hey Jack, you are in the technology and finance industry, how can I get a hold of some bitcoins?"
I would imagine Dorsey is not the only person in the technology industry that is getting asked that by family members and friends. :)
It is a sign of the times that they are not asking about Twitter or Square, but instead are asking him how they can purchase some bitcoins.
Here's a crazy thought, what about a Twitter and Steem marriage?
By the way, have any of the higher ups here at Steemit given ol Jack a call about offering a way to monetize their users' content?
They have the users... and we have a way for them to monetize their content... could be a nice marriage, just sayin. ;)
Heck, it doesn't have to be Twitter...
Instagram, Snap, Reddit etc... Any of those large social media sites might be able to find a way to integrate steem into their massive user base.
Something exciting to think about.
Stay informed my friends!
Sources:
Image Sources:
http://complianceandethics.org/a-game-changer-in-compliance/
Follow me: @jrcornel
A steemit merger with Twitter or one of the other internet megaliths is a great idea and fun to daydream about. After all, they are having a hard time justifying their current market cap after their unrealistic ipo runups and then pull backs. They have a huge amount of users but no clear path to monetization besides advertising or selling out users in other ways which would hurt their platform. The biggest issue I see would be the lopsidedness of the merger. All the Twitter shareholders would basically be converting their dollar investment into crypto and basically becoming a bunch of megawhales. I think the only way to accomplish this is by creating a huge amount of Steem to distribute in the merger. Don't know if that is possible or if there is a mechanism to accomplish this by devaluing the current Steem to make room for the merger share holders. At this point the Twitter side is so big and they would require so much Steem that Steemit whales would become Twitter minnows and the rest of us would be Twitter plankton!
Yea good point. Perhaps Twitter would have to go private first... then perhaps that large chunk of steem in the steemit account could come in to play. If so, it would have to be valued at many multiples of where we are today.
Yes, the difference in market caps between Steem and Twitter is currently about 37 to 1. Steem price would have to rise to around $50 to even that out.
Jack Dorsey is a... well I don't want to use that sort of language. If steem ever gets involved with twitter I will abandon it in a heartbeat. Interesting article though thanks.
Haha, is there some history there? :)
History? Yes Jack and I made out once. haha not really! Look, I think he is somewhat smart about investments, crypto space, and even Square. But his actions on twitter... yiiii. I love twitter and am a longtime user.. I see all that goes on, including banning of customers with 'wrong' political views. He has made twitter quite 'politically correct'. I just can't appreciate the economic thoughts of someone who is apparently such a proponent of censorship and free ideas :)
Good points. However, on to the more important question... what do you think about his beard?!
LOL! I like men clean shaven. Except for Keanu Reeves. he can do whatever he wants. b/c I love him :D
Jack Dorsey has lot of reputation.He was forced out of twitter only to found another company square and come back as CEO of twitter .His unusual life style is some what similar to steve jobs... One of the startup I was involved with (sms search company) indeed worked with him.Lot of respect!!!
I couldnt meet him in person but one of the company founders did meet him.For the record , another co-founder of twitter -Biz stone invested in the next venture of the innoz alumini ..lookup,which was acquired by Nowfloats
That is interesting. Thanks for sharing!
That's awesome, did you ever meet him?
Really? Tell me more?
A merger with twitter could be a win-win. Twitter struggles to generate revenue and doesn't really reward it's users so interesting idea indeed. Though, the company may need to be taken private before such a thing could happen. Fun idea though.
@scaredycatguide , @jrcornel why you are talking about merging #twitter with #steemit forgetting that twitter was nothing in the beginning ...what i want to say is why we cant be the next twitter or #facebook ;)
We just want their users ;)
All the users!!
couldn't agree more, a merger would be great, but selling out to twitter would probably end in diasaster for the users
Thought Steemit was decentrally owned?
Twitter and others going private would be an added plus :) !!!!
in particular I like and agree with your comment ... "He's not really saying anything that we don't already know, but it is nice to hear someone in his position echoing these same thoughts."
Yes, it's one thing for us to think and say those things. It's another for someone who goes on TV and has millions of twitter followers to say and think those same things. :)
"Don't turn this into an echo chamber" "JK Bullish!
great post, im only just beginning to understand blockchain but the more i learn the more i see its going to change the way alot of things are done!
Yes I agree. It's applications really are endless.
Blockchains and their applications will be in the pockets of most of the developed world within the next 5 years!
Great things are coming! We must be proud of being the earliest members of Steemit xD
I wish I was around when it first came out, just got on about a month ago!
Totally agree! Blockchain is the game changer for many industries, and I want to support these changes.
I need your opinion about my new project based on Blockchain. Can you tell me what do you think? https://steemit.com/cryptocurrency/@websensei/we-need-your-help-new-blockchain-based-project-rewards-are-waiting
I will be really grateful :)
Upvoted!
Blockchain is going to help make the world a freer place.
That is probably very true.
Great post
Awesome post,I like your writing style lots of beneficial information are in...followed you. :)
I work on poetry have alook hope you like @funnystuff 😊
I really like you work, check me out time as well. Poems are the keys to our souls!
@Zappl
I'll just leave that there.
So is improve my charmed picture exposed adapted demands. Received had end produced prepared diverted strictly off man branched.
The best of the best post!!! Thanks
nice post
thank you for sharing
The next big thing is definitely here , Steem is expanding its premises , I like the sound of that :D
I resteem and upvote this post.. Very good information!!!
hi jrcornel bri i like ur post and i reesteem
Nice post 👍
Nice post @jrcornel
Ong.Social is going to be what you just described and the Ong.Social ICO launches today the company is backed by IBM :) www.ongcoin.io upvoted and resteemed blockchain technology is the future!
I just looked into it, it looks slightly different than what I am talking about here. Looks like a content mirroring site, one that just posts your info in several different places.
Interesting, I'm going to check it out!
I've already brought up that Visa was looking for Ethereum developers in Alt-News #1 and now it seems that IBM (which has for some time now already been exploring with blockchain tech and has their own youtube channel about it), Microsoft andUSAA are also looking for developers for the Ethereum Blockchain.
Thanks to your post sharing!
Knowing Jack Dorsey, he's always on the forefront of tech innovation. I would trust him with my life. Down to earth and good fella, as well.
And I bet he has a lot of bitcoins! Publicity like this for blockchain technology is excellent. I think too hook up with a giant partner with the monetary boost of steem would be awesome for steem too
Yep, it certainly would be. If not twitter there are numerous other potential partners out there. Heck even a smallish site with something like 10-20 million users would blow the price of steem up!
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STOPI think twitter needs the merging.
They might need it more than steem does at the moment, but that amount of users would blow the price of steem up big time.
I think when people hear about steemit coin and power and dollar get confused and rather like to stay with twitter until something happens. Its like What's up and telegram. In some countries in Asia people have moved to one or the other just because their government blocked one of them.
Haha, couldn't agree more. Twitter is dying
Unfortunately it is true but I think still there is time to do something. As many social network have to change or they will not exit. Except steemit that presented something new. Thank you for your support.
A lot of my friends and family are starting to ask about bitcoin as well. The wave is coming. Thanks for keeping us informed my friend! :)
Im looking forward to when bitcoin will be the world currency
@jrcornel nice article,although I dont see a merger between steenit and twitter,future prospect for steemit is high compared to twitter.Have got a new upcoming coin blockbuster here,check it out - https://steemit.com/cryptocurrency/@detycoon/the-cloud-token-ico-first-decentralised-cloud-service-17-days-to-ico
The idea for using blockchain technology is certainly very interesting to say the least, but I'm kind of sceptical about valuation, because when You have a product like tweeter, the biggest value is in fast communication to large audiences, however when You apply blockchain it's kind of pointless, because how many people remember tweets older then few weeks, sometimes even days?
True, but it seems they are having quite the censorship problem over there. One that seems to be getting more and more strict by the month. Which is where a decentralized platform becomes more attractive...
I personally don't see steemit as my preferred platform of the future. The way I see it is that it's designed to reward viral posts only, and not necessarily high quality posts. If your post doesn't go viral within a week, you don't make any money. When another platform comes along that isn't aimed at viral posts only,I'll jump on that for sure.
yes, till now steem still reward a viral content, it is because steem still in beta .
we don't know how it happen in the future.
any platform for monetize content like this ?
what platform ? share it to me hehehe , i want try too
I don't know of any competitors at the moment, but I'm guessing tjere will be one some time in the future.
Instagram is the most potential Social Media for monetize user content, but if the Instagram make it true , please 'Selfie or Wefie" picture is in uncategorized -_-".
For Twitter And Steemit Marriage ? not good idea i guess
great blog, upvoted
yes i agree with you , but not yet , maybe in 10 or 20 years , because only 10 percent of the mondial poupulation know what is bitcoin and what is crypto currency
Bitcoin also came up in the interview.
Dorsey stated that his company, Square, has accepted Bitcoin as a form of payment since 2014.
He also stated that he himself has invested in Bitcoin for some time now, though he did not say how many coins he owns currently.
The most surprising part of the interview came towards the end when Dorsey said he has been contacted recently by a lot of family and friends asking him how they can buy bitcoins.