Lightspark’s Post

Name: Lightspark on LinkedIn: At Sync ’24, Lightspark CEO David Marcus shares his thoughts on the…
Uploaded: 2025-01-23T01:33:31.440Z
Duration: 4 min 3 s
Channel: Lightspark
Description: At Sync ’24, Lightspark CEO David Marcus shares his thoughts on the current state of payment networks and why Bitcoin is the only network neutral and decentralized enough to be the interoperability layer between them. Learn more at lightspark.com

Lightspark

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At Sync ’24, Lightspark CEO David Marcus shares his thoughts on the current state of payment networks and why Bitcoin is the only network neutral and decentralized enough to be the interoperability layer between them. Learn more at lightspark.com

Transcript

And our core belief, something that we have a very, very strong conviction about, is that the only network that has achieved the level of decentralization and neutrality that is actually good enough to become the Internet of money is Bitcoin. And when you think about it, Bitcoin when it was first invented. Was actually invented as a means for digital payments, right? It was a peer-to-peer payment system. But it was very inefficient at moving money. But the one thing that people really got right was the were the incentives. And so when you think about the incentives that were built into the proof of work algorithm of Bitcoin, it drove miners to start buying GPUs and then ASICS and then buy power to actually start mining blocks and have a chance at winning a Bitcoin. And gradually it got more and more people interested in it because of price appreciation and speculative value of Bitcoin, but also for some people. As a hedge through money printing and massive inflation, the next thing you know is that you have millions of people caring about it and you have network effects that are profound as such that you know it is truly today the most neutral form of digital money in existence. And this concept of neutrality is really important and let me explain why. All the payment systems in the world are either national or run by companies that are perceived to be national like PayPal, Visa, MasterCard are considered to be American companies. And so while they work really well, you know, if you're staying within the same network, you can't really interoperate between them with any of those because it's not like, you know, the US is going to be comfortable using SEPA to interface with picks in Brazil. And so you need something that's neutral enough that it's going to be an acceptable choice to serve as an an interop layer, an Internet of money of sorts between all of these payment systems that work quite well. And so, you know, what about other blockchains, there's lots of other blockchains that do things much better than Bitcoin, like in terms of speed of settlement, in terms of capabilities, smart contracts, in terms of, you know, new L twos that perform all kinds of different things. But the problem is those haven't achieved the level of decentralization and liquidity that Bitcoin has. And when you think about this for any of these logos or you know, any one of those, I can name a person. A group of people or a company that's actually leading the effort of that blockchain and that can be pressured into submission. And trust me, I know how it feels like. So. What about stable coins now? So stable coins serve a good purpose. They serve a purpose of providing stable digital money as a mirror to our countries currencies. But the problem with stable coins is that they're fully centralized. A company has to manage the reserve backing the stable coin and as such it's also subject to pressure. But it does serve a purpose and it does serve now a new purpose of offering mainly U.S. dollar. Nominated virtual bank accounts for people who can't have the real thing around the world, but. Who can tell which one of these stable coins and blockchains are going to be around in 100 years? I don't know, and probably none of you know, but I feel pretty good about making a bet that Bitcoin is still going to be around 100 years from now. Why? Because there's no one you can influence. Because it's reached escape velocity? Because it has regulatory clarity? Because it has the depth of liquidity required. And so Bitcoin truly is the only network that is open, neutral, decentralized, and liquid enough to serve as a true Internet of money.

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