The only data that’s immutable is in the Bitcoin blockchain
During a blockchain and cryptocurrency inspired conference UCIM, Tone Vays addressed the audience with several insightful examples, spanning across the time between the dot-com bubble and what he calls the ‘inevitable ICO bubble.’
With over ten years of experience in Wall Street and the most recent experience as a content curator for an immensely popular Youtube channel, Tone Vays shared with the delegates of the United Conference of Money that how he has a slightly different view of what the blockchain is in a very specific sense.
“To me, blockchain is something that was invented by Satoshi Nakamoto. He created the mining structure. He created the proof of work, and the reason he did that is to solve the double spending problem,” Vays shared. He also emphasized that Bitcoin is censorship resistant, non-confiscatable, and delivers a final transaction because individuals lose possession of the digital data that they share.
“Whenever someone talks about how data in their blockchain is immutable, they are wrong. The only data so far that has proven to me as immutable is the data only in the Bitcoin blockchain, and everything else can certainly be censored and can certainly be changed,” he further added.
Describing how he believes that the ICO bubble has already passed and it’s the aftermath that we are currently experiencing, Vays also shared several real-life examples to support all that he said. From the time when people talked about owning their own internet to the time when everyone is creating their own coin, he had some brilliant analogies.
“Did people stop using the internet after 2000? No, the people kept using the internet more and more. But the evaluation of that internet just became smaller because people realized that everything was globalized. And, some people realized that things were getting over-priced,” Vays shared.
Something that everyone present there cherished was how Vays was able to uncomplicate things and offer a clear perspective about what he truly thinks about decentralization. “If your blockchain has a CEO, it’s not a blockchain. If your blockchain has an office, it’s not a blockchain. It’s a company; a company that’s regulatable,” Vays shared, describing the current ICO space.
Further emphasizing upon the need to understand where innovation actually is, Vays said that “there’s only one blockchain out there and that’s Bitcoin. That’s the only decentralized one that we got.” According to him, it’s proof-of-work and mining that can drive innovation by preventing censorship and making digital data scarce so that it gets decentralized.
UCIM concluded with some equally engaging keynotes, including that of venture capitalist Tim Draper, Zebi CEO Babu Munagala, Senior Vice President of VNX Exchange Zing Yang, and Senior Director of Huobi Global Edward Chen. Having created a sizeable impact in the Singapore ecosystem, UCIM is now hosting ‘Pitcher Perfect’ to further its presence and influence.