Jeremy Welch on Why Bitcoin Changes Everything
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Interview location: London
Interview date: Tuesday 11th Jun, 2019
One of the hardest things to define is what Bitcoin is. Is it digital gold, a medium of exchange or an entirely new financial system? As people continue to fight on Reddit about whether Satoshi built Bitcoin as a store of value or a medium of exchange, would he have envisaged Microsoft would create decentralised IDs using the protocol?
As Bitcoin continues to evolve, it is becoming more apparent that the protocol has the potential to be much more than just money, even more than a new financial system. Bitcoin could change our entire relationship with the Internet, each other and our governments.
I met with Jeremy to discuss the Tweetstorm he published addressing threats to the ad tech industry. I wrote about something similar, the decentralised threat to advertising, the common thread being the growth of data farming by silicon valley behemoths eroding our privacy.
Jeremy identified that Bitcoin has changed the game, creating an imperative for Bitcoiners to protect their privacy. Other large companies are recognising this too, not just Microsoft with their decentralised IDs, but now Apple is stepping up their game with their new privacy-focused login functions. What is clear is that privacy is now in demand and becoming a tool for competition.
In this interview, we quickly moved beyond ad tech and discussed how Bitcoin changes everything, a civilisation change and we may be just scratching the surface. The impact on the Internet and society at large could be profound, killing the freemium web model and giving users much more control over their data and online relationships.
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Mentioned in the interview:
Book: Ogilvy on Advertising
Other relevant WBD podcasts:
WBD047: Adam Back on a Decade of Bitcoin
A big thanks to my WBD Maximalist Patrons for helping support the show: JP Petit, Logan Shultz, Seb Walhain, Steve Foster, Tony, Gordon Gould, David Burlington, Jesse Powell, Bitcoin Tina and Wiel Menger.