David Sacks was PayPal's COO back in its early days (for more than 15 years), and says cryptocurrency is now fulfilling that company's original vision of creating a "database of money" which was there goal in Paypal then. He sais these during his interview with Eric Johnson of CBNC.
He also comment on his recent tweet that cryptocurrencies have the chance to be Web 3.0.
He said "It feels like we are witnessing the birth of a new kind of web. Some people have called it the decentralized web or the internet of money.
The big development since the emergence of bitcoin itself is that the underlying enabling technology, the blockchain, has been turned into a developer platform. The leading platform is called ethereum. It's a platform for creating new kinds of decentralized apps and cryptocurrencies (or "tokens" or "coins"). It's also created a new funding source for this innovation in the form of Initial Coin Offerings (ICOs). So we have all the ingredients necessary for a whole new wave of innovation.
For those of us who lived through the dot-com era, this feels reminiscent. You have some of the same speculative excess and random enrichment. But you can also feel that something revolutionary is happening. Money is being made programmable. That's a fundamental change with implications we can still barely see."
He also gave his thoughts on Howard Marks' recent comments in his investor letter that these digital assets "aren't real."
He said : " Marks isn't wrong to raise an alarm bell about speculation, but he's wrong in saying it's not "real." That's like saying software isn't real. Of course it's real.
Did the U.S. dollar become less real when it stopped being backed by gold? Cryptocurrency is the next step in that same evolution — to make currency more virtual."
Read the full interview at CNBC
Thanks for reading
Mister baart
