When Google’s director of engineering, Ray Kurzweil, started accepting audience questions at the Exponential Finance conference earlier today, the first three asks were about blockchain.
The man who in large part built his reputation based on what are widely considered accurate predictions based on historical data, talked about the power he believes cryptocurrencies have to cross borders and maybe replace national currencies.
But, he expressed skepticism that bitcoin would be that replacement. Addressing an audience of 700 senior executives, technologists and more, at the Exponential Finance event hosted by Singularity University, which he co-founded, Kurzweil explained his doubts.
While he described "assumptions" about bitcoin’s ability to scale as "quite accurate" he said that people won’t be looking at algorithms to make their spending decisions.
Read more here: http://www.coindesk.com/googles-director-engineering-wont-invest-bitcoin/
well, he's not wrong in questioning how far it can scale from perspective of current bitcoin since transaction times are increasingly slow, you wouldn't be able to go into walmart for example and buy something using bitcoin since at the checkout you would need to stand around for half an hour or more, and if everyone where using it more like stand around for several hours at best before confirmation and you can walk out with your stuff. but there is some talk of forking bitcoin upcoming that may solve a lot of the problems, and even if it doesn't a guy that always brags about predictions should have invested in bitcoin either way, in my opinion
That means more BTC for us. The elite still don't get it!
I think that bitcoin has great potential, maybe even that 250k by 2020 type potential, but I also understand what he's saying here, there very well could be another crypto that over takes the spot bitcoin aims to have
not if the other cryptos cannot be cashed out to USD directly.
that's a good point but couldn't you just use blocktrades to convert any alt coin to eth and then from eth to usd on coinbase?
Blockchain as an Industry is like facebook was about 13 years ago nobody taught something like was possible but we know it is, every working adults taught it was useless until it became a mainstream thing, because of the popularity it gained among-st the younger generation.
If they don't accept it then let the majority adapt to it and majority always wins, they will have no choice but to accept.