“The most important thing you need to win in business…is a very unique kind of mental toughness. I believe the difference in winning and losing in the free enterprise system is so small it’s almost too scary to talk about. You can do 99% of the things right in business right yet if you don’t possess that winning edge, that mental toughness folks, it’s impossible to win.”
Listen to https://www.youtube.com/watch?v=7R9c0RAz678 from 4:00 to 4:30
Bitcoin is like dial up internet. Something better will win. People will look back and instead of saying “Remember when we used the internet through telephone lines” they’ll say “Remember when we they ran that currency experiment called bitcoin?”
Bitcoin does have some advantages to traditional currencies but it has some critical flaws that make it an easy target to get replaced.
Bitcoin facilitates transactions with rapid speed, and cost effectiveness but there’s a lot of disadvantages that an alternative currency could fix.
There’s several ways to improve on this currency including:
In summary, I think crypto currencies are here to stay. I don’t think bitcoin will be the market leader in 5 years.
Bitcoin: The $14B Primative Crypto Currency
There will be better alternatives that people will use instead of bitcoin.
Bitcoin does have unique advantages including its widespread usage, and including ability to send funds across borders inexpensively.
However, its limitations (eg. unclear regulatory frameworks, unsafe wallets, and slowness in funding) make it very susceptible to better alternatives.
I do think cryptocurrency is here to stay and I think this innovation will be adopted with more credible financial and regulatory backing.
Once the currency falls below $800 there will be panic selling because $600 is the next support level.
According to Walter Isaacson in his book on Steve Jobs, many people who worked for Steve claimed he had unrealistic expectations, as if he was operating under a distortion field.
Based on experience, I think this distortion field was likely a conscious technique Steve Jobs used the maximize the productivity of his team. If he didn’t set the bar high, how could people be pushed to do great things on time? Without breaking laws or doing something crazy, how else could he push for hitting deadlines?
Without deadlines, it’s challenging to get something great done. You need this sense of urgency.
In reality, I think Walter/others like to criticize tough managers. However, to be an effective leader, you need to do whatever it takes sometimes. You can’t please everyone. That might not be polite. That might be unpopular to 90%+ of people. Still, results don’t lie.
Again, this is purely speculative, but I truly believe this was a strategy Steve used and I think it’s pretty smart to use this strategy.
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