At the recently held CoinMarketCap conference, The Capital, former editor of TechCrunch, Michael Arrington, took part in a backstage interview and spoke about Bitcoin, the U.S. dollar, and curing the “sickness” prevalent in the cryptocurrency industry today. At an earlier stage of the conference, Arrington had spoken about the top 100 coins, calling it a “bleak topic because everything’s manipulated by exchanges.” He added,
“Sometimes it’s based on if you pay off the exchange to get on the exchange, but there’s a whole game there, personal relationships — but none of it’s really about the fundamentals.”
Arrington claimed that there is a need for something interesting to happen in the industry, similar to how spreadsheets revolutionized the use of computers with their ability to perform tasks that couldn’t be completed using a paper and pencil system.
“That’s what they first started calling a “killer app,” and the fact of that app sold computers. We don’t have that now.”
According to Arrington, the world already has Bitcoin’s killer app: money. He added that for a while, Ethereum had a killer app of being able to issue ERC20 tokens, something which drove the coin’s growth in 2017. However, what the killer app is right now isn’t very clear to Arrington, he said.
“If I knew what it was, I’d built it. But I don’t know what it is.”
With respect to his labeling of Bitcoin as money, Arrington claimed that even gold is not money as much as Bitcoin is. Further, he stated that the U.S. dollar is not backed by anything of value, adding that there is no system in place to restrict the government from printing more of it.