Tone Vays, blockchain consultant, researcher and trader, explains why he considers most altcoins a short-term bubble.
Tone Vays got involved in the cryptocurrency world in 2013, after working on Wall Street for almost 10 years. He is now an independent content creator and maintains his website Liberty Life Trail, publishes regularly on his YouTube channel, and on World Crypto Network.Tone is known for critiquing anything that isn’t bitcoin, making him what many refer to as a bitcoin maximalist. In this interview we get deeper into discussing why he considers most altcoins a short-term bubble. We also talk about the regulation of blockchain, the broader influence of governments, economic freedom, and what would be the best use cases for blockchain in the future.
What we cover in this episode:
- The key innovation of Bitcoin – separating government from money
- Why altcoins can prove challenging from a technical and regulatory perspective
- How politics can overrule technologies like blockchain in totalitarian regimes
- Misuse of blockchain technology for creating bigger databases instead of employing the proof of work feature
- Good use cases for blockchain in gaming, media,legally grey areas, credit card fraud prevention, and ultimately, auditing government revenue
- Why ICO’s as crowdfunding projects can hurt the real decentralization and the censorship resistant properties of Bitcoin
- The most promising altcoins and how they can supplement Bitcoin
- Does the world really need that much decentralization and how privacy protection can be also solved with encryption
- The role of big companies in protecting people’s privacy against government censorship
- Safety risks in applying blockchain technology and why governments need to legalize as many voluntary contracts as possible
- The difference between trading and investing and why we need solid education in both