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In this episode of “Bitcoin Magazine Podcast,” hosts Alex McShane and Q interview Strike CEO Jack Mallers to discuss Bitcoin, life, and legacies built on a solid monetary standard.
Building the best financial experience
Jack Mallers talks about taking lessons from the development of the Internet and integrating them into the process of building Strike. He wants to launch the app in as many countries as possible, but also recognizes the challenge of a lack of merchants accepting bitcoin. Mallers hints that Strike is partnering with a major online e-commerce platform, saying, “I think someone needs to become a Shopify partner, wink.” He goes on to say, “Somebody’s got to get on board with the great coffee merchants of the world.” These are perhaps indications of what awaits Strike in 2022.
Throughout the episode, Mallers repeatedly states his goal for customers to have the ability to choose the best experience, and an open network, such as Bitcoin, provides that opportunity.
The Game Theory of Starting a Bitcoin Business
Mallers believes it is a network, Bitcoin, that will defeat the financial system by competitive companies making better products for the consumer. He says, “We are all peers on the same network. He then compares Strike as a bitcoin company to Google as an internet company, because more companies built on the same network only increase the value of the whole network. If Google was the only search engine it would be valuable, but since other companies also built on the Internet, all Internet companies were worth more. The Internet has forced many network players to dematerialize radio, newspapers, etc. but it is the construction on top of an open system that has enabled this dematerialization. Mallers thinks there is plenty of room for everyone to win because Bitcoin is a collective network.
“Personally, I see the world as a better place if bitcoin was the monetary network of the world, I think the world would be a better place. I think society would work better. I think human freedoms and many freedoms would be restored and protected and there would be a renaissance of innovation for financial services and experiences.
Regulatory clarity benefits consumers
Mallers speaks passionately about a desire for regulatory clarity on the digital asset space as a whole. He says, “The Federal Reserve has perverted risk tolerance on all assets… No one knows the price of nothing more. No one knows the true rate of inflation. And no one can save dollars right now. What were once clear violations of securities laws are now more opaque due to the lack of clarity for these types of assets. His obvious concern is with people being exploited by proponents of altcoins and non-fungible tokens (NFTs).
Mallers thinks what is happening in Canada with the freezing of financial assets is an opportunity for Bitcoin and Lightning to shine. His main focus as he builds Strike is: “The ongoing work to optimize the protocol to be successful, but also retain the properties that make it important and allow it to survive… Trying to get us to make a network resilient, private and open currency and enable good experiences in addition.