The concept of cryptocurrency is once again on limelight with positive headlines – as the president of Y Combinator, the largest Seed Accelerator praises the universal idea cryptocurrency is carrying.
First reported by Quartz, Sam Altman, the lead of Y Combinator appreciates the way cryptocurrency mechanism and suspect the way it works as universal basic income to likely serve as the fair financial infrastructure for poor people.
His view on cryptocurrency comes forth following the podcast conversation with Tyler Cowen – wherein the idea of February episode was to discuss ‘providing fair financial infrastructure for poor people’ (Stop at 38.10 to listen to his view on Cryptocurrency)
By not pointing Bitcoin in specific, Altman embraces cryptocurrency and suspect it provides the foundation for universal basic income. Citing the security aspects and network limitations, Altman says that the present digital currency is not viable on a global scale.
I can imagine a cryptosystem where you see something that is more powerful than any government on Earth,” Altman said, “where you actually figure out a way to give every person on Earth a coin, and then you make this gigantic network that everyone believes in, and you can do redistribution outside the control of any government.
He encourages crypto-based UBI over blockchain and states the former one would be cool. In his words;
“That would be the most powerful network effect the world has ever seen economically, and I think that would be cool.”