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Xapo CEO Foresees A Single Blockchain To Move All Value, ‘Most Likely’ Bitcoin’s

Xapo CEO Foresees A Single Blockchain To Move All Value, ‘Most Likely’ Bitcoin’s

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During a Facebook Live interview between Xapo CEO and Paypal board member Wences Casares and PayPal CEO Dan Schulman on Jan. 12, Casares explained his vision of a single “robust” Blockchain to move value globally, saying Bitcoin (BTC)’s Blockchain would likely play this role. He also predicted that BTC could become an apolitical standard of value.

Casares, who grew up in Patagonia, Argentina, explained during the interview that he had seen his family lose everything three times during his childhood due to banking failures and hyperinflation. He, like many tech pundits, compares the creation of Blockchain technology to the creation of the Internet in terms of its innovative potential.

Earlier this year, Casares had predicted that the price of Bitcoin would eventually reach $1 mln. During the Jan. 12 interview, Casares repeated the same prediction, but in a modified form, calling Bitcoin and crypto in general an “interesting experiment” and predicting BTC’s $1 mln price if that experiment should succeed:

“I also think that there is a higher than 50% chance that this experiment succeeds…If that happens the world is going to look very very different… I happen to believe that if it succeeds that one bitcoin is going to be worth one million dollars.”

He also said he thinks there is an “at least a 20 percent chance that this experiment fails”.

Casares’s optimistic views on the digital currency, however, are bigger than price gains:

“I can imagine a world in which bitcoin becomes a global standard of value — it’s the first global and non-political standard of value — coupled with the first global and non-political standard of settlement […] It would be the biggest leap forward in the democratization of money we’ve ever seen.”

According to Casares, the future of crypto lies in the cooperation around a singular, robust Blockchain, and in his opinion Bitcoin’s is the most likely to be the Blockchain of choice:

“There is a huge incentive to have one very, very robust blockchain. At least for any process that, in the end, will be moving value of any kind […] There may be other use cases that do not entail value that may merit a different blockchain, but in terms of value, it’s most likely, in my opinion, that we’re going to have one. And right now, the most likely one seems to be the Bitcoin blockchain.”

Casares’s focus on Bitcoin underlines the importance of miners being able to successfully rely on transaction fees as incentives to replace block rewards, once the 21 mln Bitcoin mining cap is reached. 80 percent of bitcoins had already been mined on Jan. 13, leaving 4.2 mln coins left until the supply cap.

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iCloud Hacker Demanded $175,000 Ransom to be Paid in Bitcoin

A hacker who filmed himself accessing Apple iCloud accounts has appeared in a U.K. court. Kerem Albayrak had demanded around $175,000 in ransom be paid in Bitcoin and Apple iTunes vouchers for the non-disclosure of sensitive user data. Apple Hacker Charged in Connection with Bitcoin Blackmail An IT analyst from north London has been charged with one count of blackmail and two counts of unauthorised acts intending to hinder access to a computer. Albayrak appeared at Westminster Magistrates’ court where he was granted unconditional bail until his case is heard at Southwark Crown Court on November 14. According to a report in the U.K.’s Daily Mail, Albayrak had recorded himself hacking into iCloud accounts and posted the footage on YouTube. He then contacted Apple and demanded $170,000 to be paid in Bitcoin and iTunes vouchers. He warned the global tech giant that he would disclose the personal details taken from the 319 million users’ accounts he had gained access to if they did not meet his demands. During court proceedings today, it was revealed that Albayrak initially requested around $75,000 before upping his demands to double that figure. He finally settled on $174,000 in Bitcoin and around $1,000 worth of iTunes vouchers. The prosecution’s legal representative, Lorna Vincent, stated: “Mr Karem Albayrak is accused of sending emails to Apple making financial demands for downloading database iCloud accounts and factory resetting those iCloud accounts… He entered into the accounts of the alleged victims and posted a video of his hack onto YouTube.” Albayrak is far from the first to make such ransom demands on big companies. His efforts are reminiscent of last year’s WannaCry ransomware attack. Based on the same principle of blackmailing firms with threats of releasing sensitive data, the malware attack infected hundreds of thousands of computers across the globe. The hacker behind it was able to evade authorities for over a year, but was arrested last month. In a number of decidedly more analogue attacks, people replaced data as the cornerstone upon which to leverage Bitcoin blackmails. In July of this year, a businessman from Cape Town was kidnapped and a demand of 50 BTC was made for his safe return. Liyaqat Parker was returned to his family in September. It is unknown if the ransom was met. Likewise, in Ukraine last December, a crypto-analyst from the EXMO exchange platform was also kidnapped. Once again, those responsible demanded Bitcoin for his safe return. In this example, the demands were met and Pavel Lerner was returned just days later. Fortunately, authorities were able to track Albayrak down before any harm could be done with the data he reportedly managed to access. This is hardly surprising, given how amateurish the young hacker went about coordinating his attack. Featured image from Shutterstock. The post iCloud Hacker Demanded $175,000 Ransom to be Paid in Bitcoin appeared first on NewsBTC.

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