Crypto Venture Capitalist Katie Haun: Bitcoin Innovation is Still Comparable to Its Dial-Up Days
A former U. S. Federal prosecutor and current cryptocurrency executive named Kathryn Haun has recently affirmed that cryptos are still in their dial-up days. The affirmation was made during a debate with Paul Krugman, a Nobel-prize winning economist. You can see the video, which was posted by the venture capital firm Andreesseen Horowitz.
The debate was hosted by KIO Networks, a Mexican teh company, as it was moderated by Rodrigo Pacheco, a local journalist. While the video was released soon, it was actually shot in Mexico in September 2018.
Haun, which is currently a general partner of Andreesseeen Horowitz, was very optimistic about the potential of the blockchain technology. Haun is very involved with cryptos and she is also a board member of the major crypto company Coinbase, the largest exchange in the U. S. Paul Krugman, as expected, was very negative about it.
Katie Haun has affirmed during the debate that the current crypto industry is in its very early stages and compared it with the internet. She described it as the days of dial-up crypto and complained that the critics confuse the blockchain technology current state with the end state of the tech.
Krugman has stated the opposite point of view. According to him, Bitcoin already exists for 10 years, not one or two and that people are still undecided whether they should use it or not. According to the professor of the Graduate Center of the City University of New York, even in its early ages, the internet offered something that no other technology did while the blockchain does not.
His main argument is that Bitcoin (BTC) has failed because it is promising to become the major way to pay for things online for about ten years and it is still far away from transforming this dream into a reality.
Haun defended her side affirming that it took Bitcoin almost five years to reach the masses and that only in 2012 to 2013 the technology was more widespread. Also, even with Bitcoin finally getting mainstream last year, the world still believes in myths about crypto and crime and that this is working against the adoption.
Krugman was very negative and called out to the fact that there is no authority to prove that Bitcoin is not fraudulent and Katie replied affirming that fiat currencies are also very easy to counterfeit and that the governments of the world lack the resources to fully stop them from being falsified.
At least They Agreed On Something
Towards the end of the video, they finally both agree on something: the blockchain technology will not supplant the current systems that we use. Krugman defended that people will still use the USD because it is simply easy and natural to use while Haun sort of agreed by saying that there is a future for cryptos even if they do not supplant the current monetary system.
She affirmed that she does not believe that Bitcoin will supplant the Euro or the Dollar, for instance, only that the technology will be an alternative.
While Katie Haun has approached cryptos after working in the notorious Silk Road case, Krugman still seems very wary of the technology and believes that the collapse of the whole industry is a very real possibility. According to him, the crypto industry celebrates the use of cutting-edge technology to set the monetary system back 300 years.
It is clear that they do not agree very much. Who is right between the two of them? Answer in the comments.