Decentralization in Bitcoin and Blockchain Pros and Cons Take Center Stage at BlockShow
BlockShow Panelists Argue Over Bitcoin’s Decentralization, Pros And Cons
Speakers at the BlockShow Americas 2018 have recently questioned how decentralized Bitcoin is and the benefits of its application to the global cryptocurrency community during the event. The panel was titled “The Great Controversy: Blockchain as Seen From Major Institutions’ Perspective”.
The participants argued that there is an actual need for the blockchain technology in payment systems but criticized its lack of practicality in implementation by major financial companies at the same time that they criticized its decentralized nature.
Nouriel Roubini, which acts as the CEO of Roubini Macro Associates, has claimed that the fintech industry does not need the blockchain technology as millions of people are already making billions of transactions using software like PayPal, AliPay, WeChat Pay, Square and others.
It is important to remember that Roubini predicted the 2008 crisis and now it claims that Bitcoin “will find its end”. According to her, the rest of the fintech industry has zero to do with the blockchain technology and technologies like AI, big data and IoT make “real money” and truly revolutionize things, instead of being an idea that never happens like the blockchain technology.
A Heated Discussion
After Roubini finished talking about how people all over the world already have solutions that do not use the blockchain technology, the discussion got heated. The Wall Street executive Tone Vays, which is a specialist and consultant on cryptocurrencies and the blockchain technology, started to talk about the benefits of cryptocurrencies.
While both of them agreed that the blockchain will not compete with traditional payment systems, Vays cited three reasons for Bitcoin to be able to compete: its decentralized nature, decentralized transactions and its scarcity, which makes it similar to gold. He also noted that, for the first time in human history, Bitcoin is an asset that is really unconfiscatable and the government can’t take it.
While it will not compete on speed or cost per transaction, it is not competing on scale but it is censorship-resistant and nobody can stop it.
Roubini stated that it was a delusion to believe that Bitcoin was really anonymous and impossible to confiscate, as you still have to declare the asset and it can be subject to regulation.
About BlockShow Americas 2018
The BlockShow Americas 2018 has started this week in Las Vegas and it has reunited more than 1,500 attendees and 80 speakers from the crypto industry. The panels are about the news in the blockchain market and perspectives for the future.