Vitalik Buterin, Mike Novogratz, Tom Lee | The Future of Blockchain


Feels like there’s still buyers here. I still think within 12 months we’re at $20,000.
The Ethereum network, at least for me, 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, your current
fiat is actually not backed by anything. So what is Bitcoin’s intrinsic value? It’s network
value, which is the basis for the value for most tech and platform companies. Historically, Bitcoin has been a currency
that’s retained its value. You know, 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 of the coins have fallen out of the news. Bitcoin
network has been the sort of biggest source of security focused R&D and 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 also invaluable in their own
way. Kind of not quite at the depth level, but another kind of trends I’d be 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 problem 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, the WeChat or Facebook? Is there going to be payments
integrated with messaging that also includes an open platform for dApps? That’s a two sort
of 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 systems they want to interact with. Our goal is actually to make it so that
the decentralized finance, decentralized insurance bases 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, really where the future of the
space is. So the OECD 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 policymakers 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 is artificial intelligence, the other one, of
course, is blockchain. So I really see how it’s not just impacting the environment in
which policy is being implemented and therefore how they might need to adjust policymaking
as a result, but also its potential to be used as a tool by government to achieve their
own objectives.

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