Former paypal COO, David Sacks, discussed bitcoin and cryptocurrency during a recent interview with CNBC. During the interview, Sacks articulated that bitcoin is fulfilling the vision for a digital payment network originally held by Paypal, and expressed his belief that cryptocurrencies pose a significant threat to the venture capital sector.
Silicon Valley veteran, David Sacks, discussed bitcoin and cryptocurrency at length during a recent CNBC interview. David Sacks is the former Paypal COO, founder of Yammer, and early investor into Facebook, Uber, and Airbnb.
Sacks describes "bitcoin [as] fulfilling PayPal’s original vision to create ‘the new world currency’." For sacks, Paypal’s belief was to get "enough people to participate" so that "money would never need to leave the system. PayPal could become the database of money." As with bitcoin today, Paypal "added features like interest and debit cards so you’d never have to withdraw funds to the legacy banking system." Sacks states that "cryptocurrencies like bitcoin are now fulfilling that original vision. They are doing it in a decentralized way... whereas PayPal tried to do it in a centralized way."
Sacks recently described bitcoin and cryptocurrency as potentially comprising ‘Web 3.0’ via Twitter. Addressing the comment, Sack told CNBC that "it feels like we are witnessing the birth of a new kind of web… Ultimately this is a technology for maximizing the efficiency of every asset, means of ownership, fluidity of markets, and mechanism of payments. The goal is the optimization and maximization of the world economy. That may make it the biggest revolution of all."
Full story at http://bit.ly/2x4Uthy
Source: Bitcoin News
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