A two-day blockchain conference, Blockshow Americas 2018 was held in Las Vegas on 20th and 21st August. At the conference, many leaders and influencers from the blockchain and cryptocurrency industry marked their presence. Here, a popular Bitcoin influencer and ex-Wallstreet professional, Tone Vays along with other panelists discussed a general outlook on the cryptocurrency space.
Some of the members on the panel were David Drake from LDJ Capital, Nouriel Roubini [economist], Sang Lee from Darcmatter and Sterlin Lujan from Bitcoin.com, among others.
Nouriel Roubini, a Turkey-born American economist was one of the few experts who predicted the 2008 financial crisis. Roubini, during the panel talk, stated that he holds expertise in finance-related crisis, which is both academic and policy-driven. He also added:
“My expertise in crypto-blockchain came from the fact that when there is a bubble I can see the bubble… Based on my academic, policy research experience and that’s where I came and said that this is the mother of all bubbles.”
Tone Vays, on his turn, expressed his disagreement with the idea of the cryptocurrency space being a bubble. Referring to a past comment during the conference, Vays also said that Ethereum is neither sustainable nor useful. Subsequently, he stated that Bitcoin is the only useful product in the cryptoverse. In his words:
“I disagree with Nouriel that everything in the crypto-space is useless and is not functioning but I mostly agree with him because only Bitcoin, I believe, is useful and everything else is either useless or outright scammy.”
David Drake, the moderator of the panel discussion switched the subject to the institutional space in the cryptocurrency market. Here, Vays tapped in and presented his viewpoint, saying that there is much ongoing hype regarding the institutions moving into the cryptocurrency space.
He further explained that the Bitcoin and other markets are entirely unregulated, which is unsuitable for the institutions as they are obliged to comply. According to the crypto-speaker, it is evident by the low volume in the futures market that the institutional players are not getting into cryptocurrency. This is because futures is the only legitimately tradable product for the institutions at present. Furthermore, Vays explained:
“Maybe some hedge funds are born into Bitcoin but then there are custodian issues, I mean even hedge funds have to follow regulations. Now they’re responsible for their own storage of Bitcoin and hopefully they only bought Bitcoin but securing your Bitcoin is like securing your nuclear waste. You really need to know what you’re doing or it’s gonna get hacked from you, internally or externally.”