In early July between BitMEX CEO Arthur Hayes and the main opponent of Bitcoin by Nouriel Roubini held a debate. Opponents discussed the prospects of Bitcoin and the stock market as a whole. Unfortunately, they failed to come to a single point.
The day before this event, Hayes gave an exclusive interview to journalists Cointelegraph. Chapter BitMEX has called the basic conditions under which Bitcoin will truly become a mass phenomenon all over the world.
WHY IS FINANCIAL PRIVACY IMPORTANT?
Society values privacy. That’s why some people use cash only — they do not want the government knew about each of them. On the other hand, in business sometimes you have to bargain, which is not very welcomed by the government. For example, if an opposition movement wants to Finance their activities.
In China are WeChat Pay and other centralized services for financial transactions. If all customers in the country will be on the same platform, financial flows between them will be completely transparent to a single center of power. He will be able to limit the financial freedom it objectionable persons.
People need to understand that their data is very valuable. In the light of recent news about a major leak of information ordinary users should think about their anonymity.
HOW WILL THIS HAPPEN? PEOPLE WILL COME TO THIS GRADUALLY OR IMMEDIATELY AWARE OF THE IMPORTANCE OF FINANCIAL FREEDOM?
I think it will be a kind of revolution. Maybe there will be a new data breach at some big company. Or suddenly someone realizes that the government has banned transactions with pornographic sites. The bureaucrats will cut back the personal freedom gradually, however, the patience of the citizens will burst at one point.
“FINANCIAL FREEDOM” — A TERM THAT CAN TAKE ROOT IN THE WEST. BUT I WILL DO IT SERIOUSLY, FOR EXAMPLE, IN ASIA?
Look at some Asian countries. Due to the instability and restrictions of governments, the local elite prefers to hide their wealth in gold away from prying eyes. I would say in the West even more confidence in their government. At least in the United States. Americans believe that what is happening in the world in any way will not affect them.
The demand for Bitcoin and other cryptocurrencies comes from Asia. Also think about the countries with unstable banking system where a small percentage of the population has access to normal banking services. For local citizens the opportunity to dispose of your finances with a smartphone and bitcoin looks very attractive.
HOW BITCOIN CAN ACHIEVE FINANCIAL PRIVACY?
Bitcoin is the most promising digital asset for mass adoption. It has properties of electronic payment systems, BTC is supported by a huge community of users and developers. However, now the cryptocurrency has a high degree of privacy.
To break Bitcoin, it is enough to cause financial institutions not to accept bitcoin from certain addresses. This leads to the fact that coins with the “banned” wallets will begin to depreciate, i.e., will have some bitcoins, which nobody wants to deal with. In the end, in these conditions the Protocol of cryptocurrencies will lose its value.
For the survival of BTC in the long term is critical to solve the problem of anonymity. While she was there, the mass adoption of the cryptocurrency will not happen.
WHO WILL MAKE A BLACK LIST OF ADDRESSES?
This may take the Office for foreign assets control of the United States in the USA (OFAC). The government is sufficient to bring a couple purses on the black list, and bitcoins will become “untouchable”. Anyone who tries to deal with them, be persecuted, fined or to sit down in jail. This trick is very difficult to pull off with the cash, that’s why I appreciate her for keeping your own financial freedom.
AS DEVELOPERS OF BITCOIN CAN COPE WITH ALL THIS?
Privacy is the main feature of some altcoins. Narrow range of projects (Monero, zcash for Dash) can get quite a lot of popularity, if the state really starts to take information of the people in a vise.
I think that the advantages mentioned of coins you need to implement in Bitcoin by hard forks. If all to neglect, cryptocurrency is simply “strangle”, and this is the only way to help her to survive in the long term.
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