"People put more faith in a guy named Satoshi Nakamoto... than they do in the U.S. Fed" - Jeffrey Sprecher
They still don't quite get it, even as they see the waves of societal change crashing toward them.
Jeffrey Sprecher, the chief executive of ICE and owner of the New York Stock Exchange admitted to exploring the possibility of cryptos being traded on the NYSE in the future.
Explaining that the societal trend can not be ignored - a trend where people trust technology over institutions, where people trust a crowd-sourced rating of an Uber driver over a taxi service - Sprecher admits that he can not discount the notion of cryptos being traded via the mainstream exchange.
Sprecher still doesn't quite get it. He points to a new generation placing their trust "in a guy named Satoshi Nakamoto that no one has ever met". This is not the case. The point of this new technology is that nobody needs to trust a guy named Satoshi, or a guy named Sprecher, or a central bank, or any financial institution. What people in Sprecher's realm - who are so immersed in a world that reeks of manipulation - can not quite wrap their minds around, is that there is no hidden figure behind the curtain, pulling the strings. It's a classic case of projection.
But here's the truth: The future of money is trustless.
No trust is necessary. And that's the point. Bitcoin and other cryptocurrencies only need mathematics - no single person or agency controlling any movement or storage of money. This is precisely the value of these forms of money and it's exactly why they, as flawed as they may be in terms of the current state of scalability and adoption, are a technology that will change the future of economics.
If anything, one could argue that those who choose to trust in cryptocurrency are indeed trusting something; objective, verifiable, provable mathematics - but that's it. The fact that Bitcoin and cryptocurrencies eliminate the need to trust anyone else is the reason this trend can not be ignored.
*This is not professional trading advice - it's just my opinion!
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