Connect with us

Bitcoin

Bitcoin mining will “revolutionize the way we gather renewable energy”, says BTC maximalist

Anirudh VK

Published

on

Bitcoin mining will "revolutionize the way we gather renewable energy", says BTC maximalist
Source: Unsplash

Many have claimed the ICO market to be full of scams and fake projects, thus lending more credibility to established cryptocurrencies. Many others, however, claim the ICO space to be the birthing ground of so-called disruptive and revolutionary ideas. Tone Vays, a Bitcoin [BTC] maximalist, quashed these ideas at a conference earlier this week, where he said that ICOs exist to solicit funds from unqualified investors.

Other ideas expressed by Vays during his treatise included his perspective that there were zero good ideas in the ICO space, with the closest the market got being Ethereum [ETH]. He has been a fervent dismisser of Ethereum in the past, continuing his stance by saying that it was just a platform for other people to create securities. He went on to say:

“Bitcoin is actually revolutionary. There are not that many revolutionary things. Airbnb and Uber have done well but again, it’s not that revolutionary, it’s just a way to pick up people in cars. I haven’t seen anything that revolutionary, I think that word is grossly misused.”

This consists of the ICO market as well, which Vays said amounted to separating unqualified investors from their money. Drawing on the example of VCs, he stated that they can barely beat the returns that the S&P 500 offers, even as it is their jobs to find profitable companies to invest in. Analogizing it to the cryptocurrency market, he stated:



“This concept that an average person that has a job or an ability to pick out winners and losers in a brand new industry, they don’t understand speculative companies. People always say, what if you had the opportunity to invest in Facebook before it went IPO. You would have lost all your money in Myspace or Friendster or god knows any of the twenty or thirty other social media platforms.”

Vays revealed that the reasons for VCs to invest in companies was because they wanted something in return. However, in comparison, those who have invested in ICOs have lost a lot more money than they have made, with a few people getting out at the top.He then went on to speak about Bitcoin, and how many parties were looking to demonize the cryptocurrency due to its electricity consumption. He stated:

“I think Bitcoin mining is going to revolutionize the way we gather renewable energy. I think it’ll revolutionize the way energy is being processed. I think the chip manufacturers are going to revolutionize the way we process information in computers. I think there are lots of good coming out of it. The whole concept of separating money from the control of government is going to be amazing.”

The power of Bitcoin lay in transferring money across borders to yourself, friends and family in an unstoppable way, stated Vays. He further said that this was what was going to change the world and that soliciting money from unqualified investors are going to go away. He then stated:

“If your distant cousin that you know has never achieved anything comes to you and asks you for a bunch of money to start his company, you would laugh and not give it to him. But yet you’re going out and buying someone else’s ICO, that cousin of yours probably knows what he’s doing better.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

Published

on

By

John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
Source: Unsplash

Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending