Clip compilation from Korea Blockchain Week 2019 featuring short statements from industry figures (Vitalik Buterin, Mike Novogratz, Tom Lee, Sergey Nazarov and others). Speakers discuss bitcoin price outlook and intrinsic/network value, the resilience and role of Bitcoin, growth of decentralized finance (DeFi), Ethereum’s capacity and dapp/privacy/wallet trends, and policy interest from organizations like the OECD. The piece highlights market predictions, technical trends (privacy tech, smart-contract wallets), and the search for consumer-facing crypto killer apps.
Chapters
Feels like there's still buyers here. I still think within 12 months we're at 20,000.
The Ethereum network, at least from a stability point of view, is capable of handling much more.
90% of what you buy with the stock market is the future.
Are you curious about the future of decentralized finance? Wondering what Vitalik Buterin thinks are the best dapps around? Or maybe you just want to know when bitcoin will reach the moon. This is Cointelegraph bringing you the best moments of Korea Blockchain Week 2019.
You know, I think people have to understand that when you ask what's intrinsic value of any asset, they often think that something has to be tangible. And that's the misconception. 90% of what you buy with the stock market is the future. You know, what is the intrinsic value of gold? I mean it's just metal, so there's no intrinsic value. And then if you look at monetary systems by design, current fiat is actually not backed by anything. So what is Bitcoin's intrinsic value, its network value which is the basis for the value for most tech and platform companies.
Historically, Bitcoin has been the currency that's retained its value. If you look at the top 10 coins from maybe five years ago, probably most of them you wouldn't have heard of anymore because they've changed over time as new coins come in and some other coins have fallen out of the news. Bitcoin network has been the biggest source of security focused RD in evolving the cryptocurrency mechanism in a safe and reliable way. And of course it has to because it has by far the largest market cap or value of users money involved.
I think we have some risk that we could go as low as 6,500. It feels like there's still buyers here. I still think within 12 months we're at 20,000 because I think the big institutions from the US have done lots of work.
All of these different applications that are putting data onto the blockchain for verification purposes are like also valuable in their own way. Kind of not quite at the DAPP level, but some. But another kind of trend I'm interested in and that I care about, I mean two of them. One is kind of the growth of privacy technologies that are starting to be deployed. And the second is the growth of kind of more secure wallets, like smart contract wallets, so that to avoid like problems of losing your account or having your account stolen if someone hacks your computer or your phone or you lose your device.
The big question is Is there going to be a replacement product for like WeChat or Facebook? Is there going to be payments integrated with messaging that also includes an open platform for dapps? That's a two sided business model. That's the real question. Because everyone in the real information technology world knows that's the killer app. That's what consumers want. So if we can create that using crypto, then we win.
I think decentralized finance is the next iteration of the space. The first few iterations of the space were focused on tokens because that was the built in functionality of a lot of these systems. And I think the next iteration is starting to have just slightly more computational capabilities on chain for defining financial products. Our relationship with these financial products is that we provide data into them and we also allow them to interact with other systems like payment systems, other chains, whatever other system they want to interact with. Our goal is actually to make it so that decentralized finance, decentralized insurance spaces eclipse the token space. So our goal is to provide all the inputs and outputs that people need to build decentralized finance contracts, because we feel that these contracts are really where the future of the space is.
The OECD's Blockchain Policy center was actually only established at the start of this year. And the goal there is really to create a global reference point for policy makers on blockchain and other distributed ledger technologies. And really the genesis was a project that the OECD did called Going Digital, which looked at digitalization across the policy spectrum. And at the end of that project, our members decided they really wanted to focus very much on two technologies going forward. One's artificial intelligence, the other one of course is blockchain. Because they really see how it's not just impacting the environment in which policy is being implemented and therefore how they might need to adjust policy making as a result, but also its potential to be used as a tool by government to achieve their own objectives.
