James Altucher: blockchain is the rock-n-roll of today
Bitcoin SuperConference Diary. Day 2.
Author: Ilia Stechkin
Have you ever been to the rock festival? I guess so. Now remember the moment when the frontman just came on the stage checking the microphone. That how it was at the beginning of the second day of the conference. Famous blockchain guru, writer and eccentric millionaire James Altucher opened the program speaking about his view on the crypto industry unfolding in 2018.
Once Tim Leary said that computer geek would be the new hero of mass culture after the rocker. Now we can say that crypto investor today is like a rockstar back in the 1980s. Also the legendary visionist mentioned, that “much of the real action is taking place in what is called cyberspace. People have learned how to boot up, activate, and transmit their brains”. Let’s change “brains” with “money” and we’ll have the best description ever for Altucher’s presentation.
The first idea was that there is no privacy of transactions at all. Frankly speaking, it seems like there is no privacy as is, you know? Such a surprise! Human intervention in the world of money lets bad things happen. The transaction, from Altucher’s perspective, should be the deal between only two human beings: the sender and the recipient. Everything else should be delegated to IT infrastructure. Machines do not have their own interest in your transaction. The privacy means safety. Bitcoin is secure enough, but transactions are slow. Ethereum sold part of this huge problem with smart contracts. Now transactions are faster. But they are not fast enough yet to compete with traditional tools, like Visa.
Then James reached the problem of scam in Blockchain community. It means that there are a lot of projects that are thinking crypto just as a new fundraising tool. We need blockchain-native products as well as cloud-native applications. Not everyone can win. There are too many new tokens in the market. “Before you decide to invest, check the model of the token and if it’s the important part of the project” — he advised, — “Internet of money is really huge. But don’t be full”. Yes, mr. Altucher, you are right! As for ET4 we know for sure that we are here not only to raise some money (we already did it, by the way, without any crypto — eticket4.com has the annual revenue approximately $2 mln.), but to solve the problem of selling the fake tickets on the secondary ticketing market.
Valentin Schmid from The Epoch Times: why Bitcoin is Money
At the Bitcoin CuperConference there were to flows in two different areas, so James Altucher spoke at the Main Ballroom, but some very specific and interesting topics were covered at the Special Topics Room. Valentin Schmid spoke their about the history of money, comparing Bitcoin and cryptocurrencies in general to other forms of money, like bank credit, fiat and gold. So I decided to move from the main stage to the little room dedicated to special topics. And that was the right decision I should say, because there was no way to breathe in the room when John McAfee was speaking.
According to Mr. Schmid relative valuation is the following:
- Fiat — $15,6 trillion (USA),
- Gold — $8–10 trillion (World),
- Bitcoin — $250 billion (World).
So Bitcoin, the most expensive cryptocurrency at the moment, is cheap. Let’s keep it in mind for a minute. Why is it important, that Bitcoin seems cheap? Because that’s the way to prove it’s not a bubble: low valuation, underowned, and no reflexive credit cycle. Also your crypto wallet could be hacked, but Bitcoin network itself is very secure. Fiat and gold both have security issues, at least they could be stolen.
The final Valentin’s statement was pure optimistic: the cryptofuture should be stable for loans, for purchase and for how to get there.
To be continued…
Visit: et4.io
