Interview with Tone Vays Discusses Bitcoin, Threats Against It’s Survival and the Lightning Network
One of the biggest and most well-known names in the crypto industry is Tone Vays. He has been in the industry for about six years, promoting the freedom that crypto assets provide. With a decade under his belt on Wall Street, Vays was right in the middle of the financial crisis of 2008, watching as Bitcoin was introduced the world. He has been in multiple documentaries, and now he is the subject of a recent interview with Crypto Globe, talking about possible threats on Bitcoin, price predictions he has for this year, and STOs.
Speaking on what could threaten Bitcoin and its entire presence in the market, Vays references a blog that he wrote on that exact topic called “What is the Biggest Threat to Bitcoin. (Visit http://www.libertylifetrail.com/2014/05/03/what-is-the-biggest-threat-to-bitcoin/ to read the article in its entirety.) He says that his answer has not changed since then, standing by the fact that misinformation is often the worst culprit. Newcomers or outsiders to the crypto world believe that Bitcoin Cash or Bitcoin SV is the same thing, while altcoin proponents try to play off their products as better than Bitcoin. Vays puts those coins in their place during the interview, saying that Ripple, Stellar, and “its clones” are the biggest scams that the market has seen, calling them
As much of a supporter that Vays is of Bitcoin, the halving process gets less of his admiration. He says that imposing these cuts to mining rewards “create[s] crazy shocks to the ecosystem and miner profitability. Vays believes that the price of Bitcoin will rise about three to six months before the halving, much like last time, but the current state of the market is
“not an ideal situation.”
Another debatable topic that was brought forth is the STO, or the security token offering. Vays explained that the only difference he sees is that STOs have a chance of being approved through regulatory actions, reducing the risk of a scam. However, he points out that it still has a lack of security that the platforms that ICOs support have. Considering the lack of interest in the ICO since 2017, Vays believes that the market will stay that way.
Going forward, the main mission for many proponents is to make Bitcoin into a mainstream asset for the public, which is part of the reason that Vays is not continuing to HODL his Bitcoin. Despite the ebbs and flows of the bear market, Vays has faith that central banks could end up holding bitcoin reserves, and even that bitcoin could replace dollarization in a collapsed economy, saying that both situations have “greater than 50%” likelihood.
There are many things hindering the mainstream adoption of Bitcoin, leading the interviewer to question if establishing full anonymity would put an even greater delay on it. Without question, Vays confirmed that it would, despite the fact that he thinks that full anonymity should be “a default feature.” Considering that there are many functions that simply would not work with full anonymity and that the government pushback is a concern, holding off on this type of feature would make Bitcoin “less confrontational” in the regulatory process.
On the other hand, Vays sees the Lightning Network as a major benefit for Bitcoin, considering that it could make transactions instant, private, and inexpensive. It would effectively render all other cryptocurrencies unnecessary, which could be great for Bitcoin and the public, but altcoins would likely have some words.
So, with all of these factors considered, what does Vays think 2019 will bring for Bitcoin? Stating that the bear market is finished, he believes that Bitcoin will stay around $5,000 as a price level but explained that this kind of change is “really impossible to predict.” He added that the changes that happen each day are why he hosts videos to update his followers on what he thinks will happen.
He added that he is
“waiting for Bitcoin to decouple from other crypto’s so that when it starts to rise in price & other tokens like Ethereum, Litecoin, Monero & the rest continue to fall or stay flat, I will know the Bear Market is over.”
He added that he is waiting for fights between citizens and their government, which is when survival will be a major use case for Bitcoin.
At the time of writing (4:15 pm MST), Bitcoin has dipped below the $5,000 threshold and is trading at $4,930.39. Still boasting an overall gain of 1.88% in the last 24 hours, the gains experienced this week are still worth having hope that Bitcoin will rise again.