Dan Tapiero, Gold Bullion International co-founder, has asserted that the value of Bitcoin resembles a truth machine.
On Sept. 10, Tapero made the following remarks during an interview with AlphaWeek business news outlet:
“What is an invention, and I think it should be referred to as an invention rather than all the other things. It’s a, you know, what it really is […] It’s a truth machine. […] It’s a way to eradicate all fraud or lying by human beings.”
Bitcoin is a reward for network maintenance but costs hundreds of billions of dollars
He also highlighted that the system had had a good track record after ten years of its existence. Later, he made a conclusion that
“Bitcoin, really, is just the reward that miners get for guaranteeing the security of the framework of the network, that’s what it is.”
Tapero was also able to give a rough idea of what the company would spend to come up with the system. According to him, it would cost hundreds of billions of dollars since a lot of work hours will be dedicated to the development and maintenance of Bitcoin as well as its ecosystem.
In addition, he stated;
“Could a company even develop that? You know, maybe Satoshi realized it can only be developed slowly over time in a decentralized way.”