OpinionFree Markets Will ALWAYS Shine says, Jack Mallers

Free Markets Will ALWAYS Shine says, Jack Mallers

Jack Mallers says Free markets will always shine because ultimately the open network is going to be adopted. You will be able to send payments from any one application to any other application.

Much of the coverage in the mainstream media about bitcoin. It’s all about the asset it’s got a price tied to it. As always It just goes up and then grows down a lot and quite fast. Bitcoin also is a network it’s a payment rail that is more efficient and allows anyone in the world to participate.

Jack Mallers the founder and CEO of the strike says free markets will always shine. Strike Which is building on the lightning network recently at the Bloomberg crypto conference. Jack Mallers was asked about the idea of bitcoin, not the asset but the network of those payment rails here’s how Jack Mallers described why this is so valuable and why inherently every single payment company in the world is eventually going to adopt it.

Jack Mallers replied that the thesis is that the network is going to be better than what we have today. Today we have these kinds of like old bifurcated. Like if I walk into Starbucks with western union. They’re gonna be like what am I supposed to do with that. If I try and remit money over a visa to el Salvador don’t really work. I think that this one open global singular network will all these other services will consolidate on it. So it’s implied that the cash app comes on. What’s the use of a network if I’m the only guy on there. So it’s implied that yeah one day before I die my wire transfer from chase to Barclays should be over a more efficient payment rail. 

So I think free markets will always shine. What we all want is open free market competition where anyone can it’s an open standard to transfer value. It’s very simple people think like well you know visa is easier they don’t have to touch bitcoin. Visa is not easier it’s slinging around a bunch of credit liabilities all over the place. So it’s not easy. It’s you go online read the instructions implement it and you can build the experience you want. That’s where you get inherent competition which inherently suppresses pricing. You get to really get to the bottom of things like financial inclusion problems. 

If JPMorgan chase can’t bank someone because the only way they make revenue on you is if you’re creditworthy. Now if the value transfer standards open. People could build services for whoever they want if there’s a real market opportunity the market’s gonna find that. So it’s just a better world and the more people that come on the better and for a business like mine, we benefit from the network effects of that. What happens when amazon turns it off like I don’t know is probably worth 10 times more overnight.

Free markets will always shine: Now one of the great things about this explanation is that it highlights open networks beat closed networks. Companies like Visa and MasterCard they’re great businesses plenty of people use them. But inherently they box people out they’re not super efficient and they don’t allow for building on top of them. So when you have something like bitcoin.

Which is an open decentralized protocol it’s open source software. Anyone in the world can come in they can build on top of it they can adopt it can integrate it into their own products. Open networks are closed networks and the bitcoin network is showing that you’re able to do this without a CEO a marketing department no board of directors and no venture capital funding.

Related: Bitcoin Network Remained Strong During this Crash

Free markets will always shine because ultimately the open network is going to be adopted. You will be able to send payments from any one application to any other application. They don’t even need to have a business development deal they don’t need to know each other. You simply have one common open network which everyone plugs into around the world.

That may sound like a crazy crazy idea in today’s world given the side load of centralized services that we have in the traditional financial system. That’s not the world we are gonna live in ten or twenty years from now. Yes it is early yes there is tons of work to do but you can already see the signs of adoption and the signs of the infrastructure being built. Over time as more and more people figure out the value here as more people dedicate their time energy and money to building these services.

Read: Bitcoin Network can’t be Hacked & it Can Scale Globally

To build this infrastructure my guess is that adoption is going to go through the roof. The lightning network’s exploding. It’s just a matter of time until you, your company, your business, your product, and your competitors and colleagues all get on board as well.

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