Bitcoin is the most expensive cryptocurrency in the world. The movement of its price is seen as one of the most important factors in determining whether the crypto market is bearish or bullish. However, is the price its most important feature?
Mike Brock, Lead of TBD by Block, said at the Bitcoin 2023 Miami event that the price of bitcoin shouldn’t be treated as the primary aspect of the crypto asset. “I think what we mean when we say numbers go up is not a use case.”
He noted that while an increase in the price of bitcoin is good, the most important aspect of bitcoin the industry should focus on are its use cases. An example he cited of use is how he wants to see users save money and build wealth using Bitcoin.
With the current trend of the price not going as high as expected, Mike believes that it is the best time to be building, and having conversations with decentralized money, internet money, and as these are solutions to “concerns about the stability of the financial system”.
NFTs on bitcoin not needed
In his explanation to the audience on his stand on bitcoin, the TBD official noted that while he wants to see the Bitcoin ecosystem flourish, he is against use cases such as NFTs on the network as well as on other blockchains in the industry.
“I don’t really buy into the whole NFT on bitcoin or on or on any other network. It makes no sense to me,” he said. Mike also noted that he is willing to wait to be proven wrong in the future about his stand and he would change his mind.
AI worries
Mike added that in terms of use case, there is a need to look at how artificial intelligence is developing while considering the use of decentralized identity and social networks to solve some of the challenges AI poses to humans. Since “there are novel risks that we don’t even understand yet” how AI will evolve fully.
He advised that while there should be concerns about AI, there is no need to be thrown into a panic.
We’re at an interesting inflection point in the history of human technology as we’ve never had a technology that can think for itself, that can make its own decisions, that can potentially manipulate people, trick people into thinking it’s someone when it’s actually just an AI model.
The Bitcoin maximalist believes that everyone – whether they are Bitcoin enthusiasts or not – should be engaged in such topics on how to manage the excesses of AI because “we’re building a technology that we fundamentally do not understand what the potential consequences of it are.”
The rise of AI and the risk of deep fakes and AI-driven cyber attacks are making it increasingly important to have decentralized trust on the internet. Decentralized trust is a way of verifying the identity of users and the authenticity of content without relying on a central authority. This is important because it makes it more difficult for attackers to impersonate users and spread misinformation.
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