Transform Group CEO Talks Bitcoin, Naysayers, and Hacks During ChainXChange Event
CEO of Transform Group and founder of several others, like BitAngels and Coin Agenda, Michael Terpin took the opportunity to share his thoughts on cryptocurrency and its specs during a recent Las Vegas event dubbed, “ChainXChange Conference”. Of all the speeches given during said events, Terpin’s was well rounded as he considered the pros and cons, while weighing in on the good versus bad players.
The Truth Lies with Terpin, Not Paul Krugman
According to Terpin, anything that comes out of naysayer, Paul Kruger should not be considered, as he describes the award-winning economist as holding a viewpoint that reflects “fiction”. Instead, investors are supposedly better off relying on the words that come out of his mouth. Why? Based on his argument on the fact that innovative technologies typically get turned down when they are first introduced. This, according to the investor, is the same thing that’s taking place within the crypto sphere.
Terpin Disapproves U.S Approach Towards Cryptocurrency and Blockchain
Terpin argues that given U.S continues towards making it tougher to do crypto business, then it will surely lose its chances to compete within the respective industry. In particular, he thinks excessive regulations can prevent businesses from being established, let alone defeat the purpose of progress. He also gives the example of Malta, the island known for lax regulations that still welcome crypto businesses with open arms.
When he decided to call out poor performing players, Terpin did not simply stop at calling out the country, but also several organizations, and firms, which include the U.S Securities and Exchange Commission (SEC), along with CBOE, and other Wall Street names.
In terms of his viewpoint on how the SEC has been handling the entirety of the blockchain and crypto industry, he described it as being “the biggest pieces of FUD” on the SEC’s part. The reason for such a strong accusation comes from the numerous times the organization failed to accept exchange-traded funds (ETFs) as well as their inefficiency when it comes to differentiating securities from simple tokens.
Traditional Players Think Everything is Fine as is
How do firms like CBOE, JP Morgan, and PayPal come into play? First, the investor claims that CBOE was responsible for Bitcoin’s price drop because of their ongoing effort in offering “regulated options” as reported by Bits Online. Second, he made the case that “Banks are entrenched interests. That doesn’t mean they are bad guys, […] they like things the way they are.” He went on to say that any changes that said players view as unnecessary will eventually be “killed off”.
Telecommunications Have it Great, If They Play the Cards Right
Terpin has admiration for telecommunicates, as he appreciates the industry for being a first mover when it comes to welcoming new technology and making it available to consumers. He trusts that – like their acceptance of the internet – blockchain technology will also be one that is embraced over the long run.
With some praise comes criticism, as Terpin openly blamed AT&T for their lack of emphasis on security, which he fell a victim to. In particular, he accused the firm for the hack that took place in which he lost over $24 million. He supposedly has the necessary evidence to take the firm down and plans to carry forward with suing them.
What are your thoughts on Terpin’s speech? Were there some areas where he fell short in providing adequate evidence? Let us know in the comments below.