BlockShow commentators discuss the decentralization of Bitcoin, the pros and cons of Blockchain


Today, August 21st, at BlockShow Americas 2018, panel blockchain panelists discussed the issue of Bitcoin's blockchain decentralization (BTC) and the benefits of its applications to the global community.

At the discussion panel entitled "The Great Controversy: Blockchain as seen from the perspective of large institutions", participants discussed the effective need for blockchain applications in payment systems and questioned the decentralized nature of Bitcoin blockchain , as well as its practical implementation by the main financial institutions. [19659002] Nouriel Roubini, CEO of Roubini Macro Associates, said that the fintech industry "has nothing to do with the blockchain", claiming that "billions of people" manage to conduct "billions of transactions" every day using traditional digital payment systems like AliPay, WeChat Pay, Square, PayPal and others.

Roubini, who had predicted the financial crisis of 2008 and previously cla Imed that Bitcoin "will find its end" claimed that the basics of fintech, such as artificial intelligence (AI), big data, l & # 39; Internet of Things (IoT), capital markets and others, have "zero" to do with cryptography or blockchain technology. Instead, according to Roubini, "real financial companies and projects" make "real money" truly "revolutionizing and democratizing the financial system":

"A poor farmer in Kenya can use M-Pesa on his cell phone, [and] it has nothing to do with the blockchain You can borrow money, you can lend money, you can make transactions, you can earn a living […] Why does this have something to do with the blockchain? "

Roubini's speech sparked a heated discussion about the real benefits of Wall Street encryption and blockchain, Tone Vays, a crypto and blockchain researcher and consultant.

While Vays agreed with Roubini that Bitcoin and blockchain were not the best competitors for traditional payment systems, the industry expert still cited three main reasons why Bitcoin could compete on the issue, including its decentralized nature and decentralized transactions, as well as the scarcity of Bitcoin which makes it similar to gold.

Considering the decentralization of Bitcoin, Vays noted that the emergence of Bitcoin has "for the first time in human history" enabled an asset that is "non-confiscable". According to Vays, the only way to own an asset that can not be confiscated is to own Bi tcoin, noting:

"It is not competing on the cost, on the speed [or] on the cost of a transaction, it is not in competition on a scale … It is in competition on the fact that your transfer of value is resistant to censorship, nobody can stop that payment. "

In turn, Roubini has challenged a single point quoted by Vays, claiming that Bitcoin is effectively confiscable as it is subject to regulation, adding that there will be "no anonymity in Bitcoin or any other cryptocurrency" from that type of assets must be declared because of the tax and anti-money laundering policies (LAM):

"It is illusory to believe that this resource is anonymous and can not be confiscated. "Nonsense."

BlockShow Americas 2018 started yesterday in Las Vegas, gathering over 1,500 participants and 80 speakers in the crip industries to and blockchain. During the first day of the event, industry experts discussed important issues such as the new perspectives offered by technologies, the question of interaction between major financial institutions and cryptography, as well as the role of an appropriate approach. regulatory framework to bring forward the "future blockchain". . "

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