Tone Vays Talks On Bitcoin’s Revolution, ICOs And Crypto Mining At Blockshow Asia Conference
At the recent Blockshow Asia conference, Tone Vays, a crypto influencer spoke about various issues around the crypto ecosystem. The event was held in Singapore on 28th and 29th November with many roundtables and discussions taking place at the Marina Bay Sands convention center.
On The Current State Of ICOs
Vays began by saying that ICOs are not a unique way to get around regulatory space of fundraising. He disagrees that there were any lessons to be learned from the previous years of overvalued ICOs. He says its the same phenomenon as the dot-com bubble when stocks of tech companies were being traded at over $100 a share.
“It took 15 years for the NASDAQ to recover financially. Meanwhile, the internet was being used and used and used. I never understood why people got into this group thing and irrational exuberance of buying into this stuff until I was smack in the middle of this ecosystem.”
The Bitcoin maximalist went on to add that it is not that ICOs are revolutionary, rather Bitcoin owing to the lesser centralized control.
“The ICOs were not revolutionary, it was just a way to get around the regulatory space and the regulation is finally catching up. I was very critical of the Ethereum ICO and I thought it would only lead to something bad and I guess now other people are somewhat starting to realize it. I was on the other side of it I was warning people the whole way up, the whole way down I will continue to do so.”
He went on to say that even products like Airbnb and Uber are not revolutionary, like ICOs. In his opinion, the word revolutionary is grossly misused and inflates its value.
“People always say, what if you had the opportunity to invest in Facebook before it went IPO. You would have lost all your money in Myspace or Friendster or god knows any of the twenty or thirty other social media platforms.”
Bitcoin Mining Will Revolutionize The Way We Gather Renewable Energy
When questioned about the massive energy consumption when mining cryptos, which has been one of the biggest criticism of Bitcoin he had an answer ready.
“I think Bitcoin mining is going to revolutionize the way we gather renewable energy. I think it’ll revolutionize the way energy is being processed. I think the chip manufacturers are going to revolutionize the way we process information in computers. I think there are lots of good coming out of it. The whole concept of separating money from the control of government is going to be amazing.”