Bitcoin fell below $ 30,000 again this week. In the crypto industry, this is a pretty big problem, but for many of them, the reaction is like “OK, so what?”
More than a decade after Bitcoin was first introduced, there is still a lack of understanding of the US crypto industry, which is the country with the largest Bitcoin trading volume in the world. According to a recent study, 24% of American adults still don’t know how cryptocurrencies work, and 20% don’t know how to buy them.
As for the world of cryptography and blockchain, society is still very divided not only in knowledge, but especially in seeing its future.
Related: NFT Craze remains not a factor in Ether prices
Two years ago, Google Product Manager Neel Mehta, along with Microsoft and Facebook leaders, wrote a book that tried to answer the question “Is the world of cryptocurrencies a bubble or a revolution?” But I’m alive.
Over the last few years, he has shown both sides of the coin again. One tweet from the ultra-rich made people a millionaire in Bitcoin, but it was also introduced as fiat currency in El Salvador. Meanwhile, former leaders and pioneers have stopped believing in the industry and left. The crypto world is still divided.
CoinDesk had the opportunity to talk to Mehta about his views on no-coiners and superfans, the current mining crackdown in China, the competition between Web2.0 and Web3.0, and, of course, Tesla CEO Elon Musk.
The following has been lightly edited for brevity and clarity.
Related: Market Wrap: Bitcoin Holds Over $ 30,000 As Emotions Improve
CoinDesk: You’re Google’s Product Manager, one of the largest Web 2.0 adapters in the world, but you also seem to be very interested in Web 3.0. Is it a little inconsistent?
The story continues
Mehta: One of the conclusions we’ve reached towards the end of the book is that cryptography is a revolution in a way we might not have expected for a long time. I don’t know if it’s Web3.0 or Web2.0. It can be a combination of the two, or it can be adopted by Web3.0 in Web2.0. Web 1.0 didn’t disappear when Web 2.0 came out, but I think the same thing happened here.
You might see Big Tech adopt crypto, or you might see crypto work at Big Tech-we’ve already seen it within the financial system. Banks that seem to have been trying to make cryptocurrencies obsolete are all working together. They recognize that there are some duplications and some positive “synergies” to abuse corporate buzzwords. I think the same thing will happen with technology. Web 2.0 has its advantages, Web 3.0 has its advantages, and as it evolves organically, it overlays internal meshes. One is not like replacing the other.
Cryptography doesn’t go anywhere, many still believe it’s just a “bubble”. Do you think it’s fair?
Those who say that cryptocurrencies will be very big in the future and those who say that there are a lot of Bitcoin bubbles now are both correct in their own way, but that is to understand what the core beliefs are. It leads to analysis of both of these sides. Perhaps a few percent of the world has heard about cryptography, and only a few hold it. Many people don’t think crypto is a good investment. There are many good points about its ecological and environmental impact, and many have the right to become a no-coiner.
On the other hand, with new financial innovation, some people don’t like it, others have it. Eventually, these new technologies will be mass-adopted rather than the original method. It was devised. Not everyone is a super fan of NFTs (non-fungible tokens), and not everyone is looking for the latest altcoin and putting money into it.
People like cryptography and they intend to make it bigger.
All technologies have super fans, but one of the predictions in this book is that Bitcoin is slowly normalized. You’re exposed to crypto, for better or for worse, and I think what happens is ultimately that these new technologies mesh with real existing systems, so you can imagine a few years later. You can, maybe there is a regular Bitcoin index fund that just works, like S & P. What happens with these new technologies is that they will be built into it and become part of the status quo. I think that’s how cryptography achieves its mass adoption.
One of my complaints about some no-coiners is that they don’t go anywhere because they are said to have problems. I agree that there is a problem, but whether I like it or not, I still go somewhere. It’s about thinking about where it goes and accepting it going somewhere. People like cryptography and they intend to make it bigger. It will be part of the establishment.
Is El Salvador an example of a bubble or revolution?
There is a lot of complex geopolitics there. Much of it depends on what is counted as fiat currency. Do you want to tokenize your economy? There may be some debate about that, but El Salvador is that the president thought it was good for his country and made it fiat currency, but I’m not sure if he thought through all the consequences. Hmm.
Steve Hanke recently said on CoinDesk TV that the adoption of Bitcoin in El Salvador is not legal but a “compulsory bid.”
That’s funny. One thing I say to the crypto booster is that it’s nice to see something like this go to the moon, but at least it’s in line with some of the philosophies you put out there. I think one of the goals of cryptography is to replace the system organically, but when forced, it feels a bit strange because it violates some of the philosophical beliefs behind it.
Elon Musk? Bubble or revolution?
Elon Musk is a millionaire. He likes to have money. If he is pumping Dogecoin or Bitcoin here, you should believe that he has been working on them for a long time and he is trying to make money from it. Tesla lost money in a car last year and made more money with Bitcoin, including the carbon offsets it was selling.
Along with Earon, you better believe he is participating in it for the motive of profit. Cryptofans are confident that they are enjoying this kind of rich and famous super cool guy who supported them. As a result, many crypts feel like they are on fire.
Elon Musk bought it, pumped it up very reasonably, and he managed to escape, and it’s someone really pumping up something and hype and making such predictions in the future. When you look at it should be a lesson for everyone I wonder why they are saying this – are they trying to make money right away? – And I think that was the case with Elon Musk.
China is currently cracking down on the mining industry, which has a significant impact on industries not only in China but around the world. What do you think is the motive of China behind this?
The crisis reveals what was already broken. China’s mine explosion has shown that centralization is a cryptocurrency issue. Theoretically, if it’s a truly fully decentralized system, and a country bans it, it’s not a big deal, it just goes somewhere. But what you are seeing is a very high degree of dependence on China. All the big mining companies are based there, so a lot of innovation comes from it and much of the investment in new crypto coins comes from it. This is a mark for cryptography, and I think it shows that the crypto community and the economy need to change what is already centralized, such as returning to their original beliefs.Regulations are increasing around the world and this will happen again, so I hope it’s a call for crypto boosters and investors to awaken. [realize] They need to be decentralized and less dependent on one country.
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