The first day of the World Crypto Con began with an amazing panel discussion among the 5 greatest minds in the world of crypto.
The panel discussion “Bitcoin Inception to Digital Assets and Beyond began with Charlie Shrem, the host of the untoldstories.com as the moderator.
Joining the panel were Eric Wade , Editor at the Crypto Capital Stansberry Research; Anthony Pompliano, Founder of Morgan Creek Digital; Mr. Charles Hoskinson, Chief Executive Officer- Founder at IOHK and the one and only Michael Terpin, Founder and CEO of the Transform Group.
Talking about his journey, Charles Hoskinson recollected how when he first entered the crypto market, he was more of an accidental entrepreneur. After fooling around for a while, he did stumble upon something good but when he realized that he did not hop on to the phenomenon soon, he decided to pivot. Upon the suggestion of a professor who told him that “those who can’t do, teach” He began his first bitcoin course. He does attribute his success to reach that his course has bought him and it eventually one of his Students being the VC that funded his company later.
Starting off by talking about why bitcoin, Blockchain or any cryptocurrency has made it to great media but not into the mainstream lives of people; Eric Wade suggested that this is “because we try to shove bitcoin down people’s throats as an equity based asset” crypto is more than just a currency.
As the 2018 bear market came in, they have bought as much as bitcoin they can get their hands on because they believed in the potential of the technology than the coin itself.
Crypto as a true World Currency:
The problem with fiat currencies of the world is that they are authority backed. What bitcoin essentially does is that it separates the state from the money. The panel Consensus agreed that Crypto or just Bitcoin itself has the true potential to be the first global currency that is not backed by any sovereign nation.
To this, Charlie says “This could be the largest socio economic experiment in the world. Bitcoin’s legacy could easily be taught in textbooks”
Followed by a few laughs, Anthony Pompliano talked about how the price of crypto is different than the pricing of any other intangible asset. Quoting the example of Uber, he talks about how the stock price of Uber grows or falls. At this juncture, Charlie Shrem puts forth a serious question to Anthony Pompliano.
He asks ” What would it look like if we simply remove the price of bitcoin. What would the industry look like”. To this, Anthony countered by asking another interesting question” What is the price of the most valuable computing network in the world?”
“You can’t put a price on it” Charlie says. Exactly, Bitcoin or any other blockchain is one of a kind network that simply cannot be hacked or jammed. Everyone would love to have a piece of this network and being one of a kind increases the natural value of anything exponentially.
Crypto vs the World Economy:
Now shifting the dialogue towards how various financial institutions are trying to fight bitcoin, the consensus also discussed JP Morgan. How it made $7.1 Billion in credit revenue. When we introduce a system that makes any sort of fee for payments redundant, institutions tend to pounce on them.
The talk included how throughout history, fighting change has always been redundant. These are some of the smartest men in the world from some of the greatest universities. How could none of them see the potential and collaborate than to fight this change.
After a few laughs about the possible Wall street vs Crypto show down, the topic then shifted towards the laws and regulation of Bitcoin and Cryptocurrencies
Regulation and Crypto:
The funniest part of the US regulation is the fact that people who make the regulations have very little understanding of the potential or the power of cryptocurrencies. This is because they treat crypto institutions the same way as they treat banks. While this is the second biggest issue, the first biggest issue is the UCC.
The Uniform Commercial Code UCC of the Uniform Law Commission stands as a direct roadblock to the growth of Crypto in US. This is probably because the law itself is more than one hundred 100 years old. If they win, there may be regulations that would dictate that crypto must be bought from brokers or banks which would efficiently defeat the purpose.
The success of bitcoin or any crypto should now not be focussed on the US because the world is adapting to it faster than we can imagine. With China not so far behind the race, Micheal Terpin says that we should maybe look at how the private firms are doing it.
Talking about Libra directly, a Cuban citizen Terpin says that we should probably cozy up to the idea of Libra and Facebook against a thousand Elizabeth Warrens if needed. It could open a possible basket of crypto, says Terpin
While there was not an entire consensus on that, there were talks of how Libra might sound good to the ear but may be a hit to the government. By accepting Libra, we would now open gates to Apple, Amazon and other companies that would lead to billions of users. Billions of users relying on crypto would weaken the american dollar and this is the reason why the government is so vicious in its attack against Libra and its associated crypto.
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