Jul 10 / 2019
Latest News / Blockchain news/ Crypto
katy micallef
Posted by: Katy Micallef

[WATCH] I think people will realise how important politically neutral money is – Tone Vays

An exclusive interview with Tone Vays

We caught up with Tone Vays at the Malta A.I. and Blockchain Summit for his views on Bitcoin, mass adoption and the importance of ‘politically neutral money’.

“Over the last couple of years we haven’t had big financial shocks, I remember the Greece events, the Cyprus events and I think other similar economic shocks like that could open up the need for Bitcoin for more people and that’s when I think real mass adoption will take off. I don’t think there are any serious barriers for Bitcoin mass adoption other than the tech is not ready for mass adoption. If everyone started using Bitcoin tomorrow the system may not even function.

It’s like what would happen if everyone wanted to download and stream a movie in 1998, it’s just not going to work.

Bitcoin scaling solution, the off-chain solution, Lightening, the second layer solution is almost ready, may need another year or two in order to handle a million transactions a second, right now on chain you’re dealing with 4 transactions a second and the fees could get very expensive. But in a few years we’ll actually be ready for mass adoption of Bitcoin all the time.”

Tone also expressed doubt about the value of ICOs and STOs, saying it was uncertain whether any of the ideas being floated at the moment would stand the test of time, however he had faith that Bitcoin would lead the way – at least until someone invents something to top it.

“I believe Bitcoin will be around for another 100 years until someone invents something totally innovative that’s so far beyond Bitcoin – all of these ICOs, STOs and IEOs …it’s all the same stuff, a way to just get around financial regulation to finance your company with something that’s quasi stock, quasi currency. It’s debatable if any of the ideas are actually going to amount to something.”

“I do think it will be Bitcoin [that amounts to something], I think people will realise how important politically neutral money is.”

Watch the interview in full below:

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