Speculative Crypto Trading Akin to Casino Gambling, Not a Sign of Adoption, Says Bitcoin Expert
The progress of the crypto industry Is a complex topic that is often up for debate and discussion among those within the industry. Bitcoin, for example, has seen great growth in the first decade of its life and though it has faced a lot of criticism in this initial stage, it has converted many of those who did not believe in it into being open about making use of it. Similarly, many World governments and private firms who had been skeptical or were dismissive of crypto have been forced to either embrace or create regulations for it as it has become apparent that crypto is here to stay.
Examples of this are nations in Europe who have finally created comprehensive crypto regulation even after being skeptical of the technology and also firms such as JPMorgan who have announced that they will be investing in cryptocurrency after previously dismissing the technology.
Still, there are some issues such as scalability and transaction time that continue to linger within the industry. The lightning network has been able to solve some of these problems to a degree but has not fully solved the problem of scalability which is one of the final puzzle pieces towards crypto adoption.
A recent discussion was held among Tone Vays, Jeffrey Tucker, and Naomi Brockwell at Porcfest on June 22, 2019. Vays, a trader and bitcoin enthusiast, stated that while he was happy at all the progress that has been made within the Bitcoin space in the last few years he was rather sad that in the last five years people have been more focused on how to make a quick buck from crypto and there is no unified in their efforts to usurp the dominance of fiat currency.
“… it’s fractured the community a lot because everyone wants their own money to succeed and that’s not what a protocol is so I’ve been really disappointed with the community,”
Tucker disagreed as he stated that the ripple effect of the development of cryptocurrencies could not be dictated by anyone.
“We now have choices in currency and we now, have brought market forces to the topic of money, which I never believed would happen in my lifetime. I think that is a good thing,”
There is something to what Tucker stated as, before the advent of crypto, individuals had the option of using fiat currency that was available within their country and nothing else. But now, with the crypto community, users have more freedom and choice and what can tell what trajectory this will lead into the future. Vays also said that adoption has not quite gotten the level who would have thought it would end up. In 2014, he had given his customers the option to pay for their goods in Bitcoin but that did not catch on as he imagined it would and that bitcoin will eventually see as much exposure as it requires and that unless the business itself understands crypto, they should not be accepting it as a number of complications can come into the picture.
Accepting bitcoin for services, according to Vays, was to hodl it until they realized this and they stopped converting bitcoin to fiat which was hurting the Bitcoin ecosystem. This belief has been understood by a number of businesses such as Kraken who now offer their employees the option of taking their salaries in crypto.
Vays also stated that contrary to popular belief, he does not think of speculative trading as a form of Bitcoin adoption.