10 reflections as bitcoin turns 10

Sam Radocchia, cofounder and CMO of Chronicled, a tech company offering blockchain solutions for supply chains, said:

Bitcoin has created a snowball effect. What started with simple money transfers on a blockchain has transformed into countless blockchain projects that tackle problems ranging from supply chain to art provenance, charitable donations to retail. The most remarkable byproduct of the Satoshi white paper has been the vast, far-reaching communities that have sprung up around the idea of a distributed ledger. The decentralized nature of blockchains has lowered the barriers to entry so that people of all socioeconomic, cultural, and educational backgrounds can participate in building a brighter future. Blockchain is not merely a technological proposition, but a social paradigm shift from centralized to decentralized, from opaque to transparent, from siloed to open and interoperable. We’ve lived in a system for so long where anything from our finances to our data to what we buy to what we eat and what we know has been centralized. I’m super excited to see the new business models, industries, and governance frameworks that will arise in the next ten years.

Michael Sonnenshein, managing director at Grayscale Investments, said:

It’s interesting to reflect on the last 10years and realize that this time period encompasses the first generation that truly grew up in the digital realm.  10years later, after the advent of bitcoin, I firmly believe that this is the same generation that will rely on this technological innovation for living in the digital economy.  While the last 10years have been characterized by building, I believe the next 10years will be characterized by transacting in, investing in, and otherwise utilizing digital currencies in our everyday lives and businesses. 

From my seat at Grayscale Investments since 2014, I have witnessed first-hand the rapid acceleration in investor knowledge and comfort with the digital currency asset class.  Investors no longer require bitcoin101 or even 201 and are putting capital to work for the medium to long term, recognizing that digital currency may very well be the springboard to financial inclusion and give rise to entirely new business models and industries.  As we head into bitcoin’s 11thyear, I have never been more excited by the human and intellectual capital entering in and improving upon the digital currency ecosystem and the receptivity of these innovations by the global investment community. 

Danny Kim, head of growth at SFOX, a crypto prime dealer platform, said:

I don’t think anyone saw how fast and quickly Bitcoin and cryptocurrency would adopt and be where it is today. We knew Bitcoin‘s innovative technology would eventually capture the interest of various industries, but on a macro level it has impacted a far array of areas we couldn’t have imagined. For example, I never would have thought crypto would be a driving factor in influencing the new and younger generations in having a stronger interest in finance and technology. Another impact is how Bitcoin has brought so many brilliant minds across the globe together. People from every inch of the globe are traveling to various countries for crypto-related conferences to learn more about how it’s impacting the countries locally and then ultimately building projects together. Within two years from now, you’ll start seeing bitcoin and crypto held in traditional 401K plans.

Gabor Gurbacs, head of digital strategies at VanEck, an asset manager, said:

I hope a Bitcoin ETF gets approved; it depends on the regulators. If I was the president of the United States for one day, I would ask regulators to consider approving a Bitcoin ETF ASAP in order to better protect American investors and facilitate fair and efficient markets, which are all synonymous with what American capital markets stand for historically. Else, innovation will fled away from the U.S. and American’s will continue to invest on unprotected or foreign platforms.

Travis Kling, founder of cryptocurrency hedge fund Ikigai, said:

If the BTC whitepaper was never written, I would still be working on advancing distributed ledger technology to become a platform that affects societal change for the greater good. The world needs and wants this change. If it had not been BTC, it would have been something else and I would have been involved in investing in the most promising projects that bring this technology to the world. 

“The problem of course is the payee can’t verify that one of the owners did not double-spend the coin. A common solution is to introduce a trusted central authority, or mint, that checks every transaction for double spending” …The problem with this solution is that the fate of the entire money system depends on the company running the mint, with every transaction having to go through them, just like a bank.” – Satoshi Nakamoto

The current BTC network is still an accurate implementation of the network described in the whitepaper. The community has done a good job of adhering to this original vision. It is likely that the individual(s) that is Satoshi is still working on the BTC network today and guiding the community towards the best solution. 

Bryan Myint, managing director at Republic Crypto, said:

With bitcoin turning 10, I feel the greatest contribution of the technology is the fact that it has opened the eyes of the public to blockchain technology and the ability to create digital scarcity. Bitcoin is an example of what a globally accepted currency has the potential to do, even enabling one to send money across the world in the same way that you can send email. As the technology becomes more widespread and adopted, the perception of bitcoin will continue to change from being a currency that is accepted for black market activities, to an actual viable currency that is being used in global economies as a means of value store and transfer.

As we look to the next 10 years, scalability and user experience will be the next steps that bitcoin and cryptocurrencies need to address to gain mass adoption. Due to the fact that Proof of Work technologies — such as bitcoin — are susceptible to 51% attacks, I am hopeful that there is research and experiments done to address this concern. To build on that, there needs to be a user experiences that makes onboarding easy for the everyday user and there will also need to be an infrastructure that supports large volumes of transactions. All in all, bitcoin has done a great job in its first 10 years and I’m excited to see what lies ahead.

Fran Strajnar, CEO of Brave New Coin, said:

Those who have been involved in digital currency since the early days have seen the cyclical rise and fall of bitcoin. I believe that bitcoin’s supply curve will continue to follow the boom-bust cycle, but expect all-time highs following block-halving by 2020. As an asset class, bitcoin’s value has witnessed outstanding upward momentum – with the value far above now what it was in the early days following its inception.

The systematic problems that have contributed to the rise of blockchain and its mainstream adoption have summoned many bright minds to get involved in the industry, which is why I believe that blockchain will scale and is here to stay. When we least expect it, the first ‘Killer Decentralized App’ will be born – it is only a matter of time. And while nobody has a crystal ball to foresee what will happen to this innovative industry, what we do know is that we now have a fourth superclass, which has already been proven useful in transmitting value quickly, safely, and globally.

Joel Kruger, currency strategist at LMAX Exchange, said:

Bitcoin has done a great job demonstrating its resilience over the years. There have been many instances since Bitcoin’s inception where the cryptocurrency could have easily been sold into nothing and long forgotten, and yet, not only is Bitcoinstill standing, but it does so in a world where everyone now knows its name. Even if the price of Bitcoindeteriorates further into the $3,000 area, it should not be viewed as a failure by any stretch, as $3,000 was a fresh record high level set just over one year ago – not too far back at all. Interestingly enough, the price of Bitcoinhas managed to hold up in recent weeks, despite ongoing deterioration in global risk sentiment and an intense liquidation in the equity markets, clearly a development that reflects well on the crypto asset.

Michael Moro, CEO of Genesis Trading, the cryptocurrency market making firm, said:

I’ve said this before, but it’s amazing how far things have come in 10 years, and I feel like developments are only accelerating as time goes by.  I mean, it wasn’t that long ago when buyers were showing up at our old office with suitcases of cash and wanting to buy bitcoinwith no ID (they couldn’t!)…and here we are now with firms like Fidelity, CME and Goldman Sachs all creating products and services around this digital asset.  As an industry, there’s no question that we have a LOT of work to do and advancements to be made.  But I also strongly believe that we’re headed in the right direction and that digital assets will become a normal allocation for even the largest institutions within a short period of time.  I couldn’t be more excited for the next 10 years!

Iqbal V Gandham, U.K. managing director of eToro, said:

On Wednesday 31st October, we will be celebrating 10 years since the still unidentified Satoshi Nakamoto published the Bitcoin white paper. A decade on, it’s appropriate to recognise the disruptive impact of this paper. As a business we believe that in the future all assets will be tokenised and that we will see the greatest transfer of wealth ever onto the blockchain. We cannot today set out a clear timeline for this transition, but the pace of development of cryptoassets and the examples of tokenised gold, diamonds and art show that this vision is not far-fetched and that the creation of bitcoin was just the first step.

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10 reflections as bitcoin turns 10 written by Frank Chaparro @ https://www.theblockcrypto.com/2018/10/31/10-reflections-as-bitcoin-turns-10/ November 1, 2018 Frank Chaparro

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