Woz: Bitcoin is mathematical purity

Apple co-founder Steve “Woz” Wozniak has compared and contrasted the “artificial” U.S. dollar and the “mathematically pure” Bitcoin.

Apple co-founder Steve Wozniak
Apple co-founder Steve Wozniak

Tyler DURDEN for ZeroHedge:

Bitcoin is mathematical purity and impossible to be copied, said Apple co-founder and ‘Unicorn Hunters‘ Circle of Money Investor, Steve Wozniak, in an interview with Yahoo Finance on October 29.

“Look at the U.S. dollar, the government can just create new dollars and borrow; it’s like you never have it fixed, like Bitcoin,” Wozniak told Brian Sozzi and Julie Hyman. “Bitcoin is mathematics, mathematical purity. There can never be another Bitcoin created.”

“If there’s inflation, your house goes up 10x in 40 years and you think you’re a smart investor; no, you have an old house,” Wozniak articulated. “You used to have a new house, but the government says 90% of its value is earnings and we’re going to tax it. The government makes all of its taxes off inflation.”

The programmer behind the first Apple computer also highlighted how Bitcoin is not controlled by one single entity and thus can retain a level of predictability that is hard to attain with the U.S. dollar, as regulators can create new paper bills on a whim.

“Bitcoin doesn’t even have a creator that we know of, it isn’t run by some company, it’s just mathematically pure, and I believe nature over humans always,” he added.

MacDailyNews Take: Yahoo Finance’s Brian Sozzi and Julie Hyman speak with Woz about Bitcoin, his new TV show, Apple earnings, the state of big tech, and much more here.

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  1. Pithy sentence. It’s easy to besmirch BTC as an “intangible” asset, but the dollar is the vaporizing “asset.” I agree with Woz’s “purity” destination re: BTC. What is happening to the dollar cannot happen with BTC (devaluation via creation-inflation). Maybe it’s not BTC, but there’s nothing on the horizon of “hard money” that’s close. Gold fit’s the “hard money” definition…except for “portability.” In the digi-age it’s archaic in this regard.

  2. The day I can take a bitcoin to buy chips at the corner store, pay for my laundry, purchase a pair of pants at the local mall and buy the new iMac at the Apple Store, I’m all in. Mathematical purity or not, a currency is not a currency until it is generally accepted as a medium of exchange. Not for me, anyway

    1. Per US tax law definition, it’s NOT currency. It’s designated as property. Big difference.

      In El Salvador, it functions as currency as the Lightening Network (overlaying tech) enables functioning as a currency…by govt designation. It enables the citizens to sidestep the huge amount of income that’s sucked up by remittances (cost of sending $$ in/out of country). Estimates of GDP involving remittences are above 30%. They are early in this process, but it’s worth circling back in a bit to ask how they like their BTC as-currency.

      I’m sorry, thinking BTC can be outlawed is naive. Someone, please shut down the internet, or say hello to USA_CCP. Besides, you may have missed the horse’s mouth (SEC Chair Gensler) stating the aim isn’t to shut it down.

      Taxing & regulation is a different story. Currently, it’s taxed as property…based on short/long-term cap gains. Differentiating BTC from any other asset in these regards is simply narrative bias, or unawareness.

  3. Bitcoin is a terrible currency. It keeps appreciating. Why would you spend a currency today if it will be worth more tomorrow? Imagine you bought a bag of chips with 1 bit coin many many years ago when it was worth nothing. That bag of chips today cost you $60k! What if you buy a new Mercedes with a bit coin today and 5 years from now one coin is worth $600k? That’s a failed currency by any standard.

    Plus, any time you buy something in bitcoin, you convert to dollars and then what? Taxable event. The feds step in and get a cut.

    And the feds can outlaw bitcoin in one pen stroke, making it illegal for any banks to touch them.

    Bitcoin has a LOT of problems that are not being addressed now.

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  4. Bitcoin (and its ilk) seem as much like a Ponzi scheme as anything else. Get in early and hope more people buy in and the price can go up. Its value bounces around so much it’s ridiculous. It’s only ‘worth’ what other Bitcoin users will pay you for it. A single Bitcoin today is worth > $62,000??? Hmmm, a beautiful downpayment on a HOUSE, OR one Bitcoin. Or better yet, you can be the proud owner of 1/100th of a Bitcoin for the low price of >$620.

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