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Cryptocurrencies’ bear market cleansed all the wrong players from the market, says Brock Pierce

Arijit Sarkar

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Integrity is the key to success in the cryptospace, says Brock Pierce
Credit: U.S. Air Force

Brock Pierce’s quest to master challenging businesses led him to enter the cryptospace by founding Blockchain Capital (BCC) in 2013. The successful entrepreneur recently featured in an interview held on the sidelines of the AIBC Summit 2019, in which he revealed his secrets to success and opined on the future of cryptocurrency.

The interview started with Pierce speaking about the positive effects of blockchain applications. Although blockchain has found home in several business verticals over the past few years, the crypto-enthusiast focused the discussion on blockchain’s role in “the concept of financial inclusion.” He said,

“Most of us take having access to a bank account without the fear of getting robbed. But that’s not true for the majority of the population of the (underbanked) planet.”

Pierce also spoke about technology’s role in democratizing the global financial system, which can ultimately result in equal access and benefit to the less fortunate. The idea behind the move is to provide the essential tools that can help users in attaining financial stability. The philosophical genius tied this vision of helping people across the globe to success in life. He added,

“Money doesn’t make you happy, which they think is the key to success. What actually happens is they end up less happy because of all the compromises they make in pursuit of that success.”

While concluding the interview, Pierce shared an unpopular opinion of the bear market, stating that it did some good for the crypto-ecosystem. The business prodigy backed up his claim by saying,

“It (the bear market) solved the biggest challenge of cleansing the wrong players from the market. When you come into this space, don’t compromise your integrity for the quick buck.”

Brock Pierce also warned aspiring entrepreneurs about the technology’s immutable nature, cautioning them to make wise decisions along the way. Further, he also suggested that future technologists build scalable applications as the ecosystem needs more people to ultimately make the world a better place.





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Bitcoin

Bitcoin is an enterprise; its users are comparable to traditional shareholders, claims Goldmoney Founder

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Bitcoin: Age old discussion about Bitcoin being a commodity or security brought to life; Could it be a security?
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Bitcoin was conceived in the backdrop of banks bailouts and the 2008 financial crisis. The recession and the loss of faith in banking, financial institutions gave Bitcoin a platform to rescue the ones affected, giving them hope for a better financial system without the hassle of corrupt institutions. With the rise of Bitcoin’s fame, both in the darknet and in the mainstream, questions about its regulations had to arise.

The question was put to rest when the SEC/CFTC ruled Bitcoin as a commodity and taxed it. However, Goldmoney’s Roy Sebag brought this discussion up again recently in his tweet thread, where he said that Bitcoin as an enterprise is working towards its good, comparing its users to traditional “shareholders” among other things, while concluding that Bitcoin is a security. He tweeted,

“Is Bitcoin a security? <10 years old so regulators haven’t even had enough time to truly learn how it works (think Napster or Kazaa in early days). Miners are clearly issuing coins and responsible for governance, an absence of formal relations among them is irrelevant….”

In successive tweets, Sebag attributed miners with the role of “stewarding” the so-called enterprise. In return, these miners get paid in “direct fees” or in “share appreciation.” In Bitcoin’s case, it is the mining reward, which is “BTC”. Similarly, buyers are compared to “shareholders” with a common interest in the enterprise, i.e. profit. Sebag added,

“Coins trade at exchanges. The common enterprise is designed for the price appreciation of coin.”

Bitcoin could face a shutdown by the government, just like it did with big players in file sharing, said Sebag, who added that Bitcoin could also be interpreted as a security under the “34 act of the SEC.” The Goldmoney Founder concluded that “this realization rests on the belief that neither Bitcoin nor any common enterprise is truly decentralized.”

However, his inputs weren’t very well-received by many in the crypto-community. Casa’s CTO Jameson Lopp refuted Roy Sebag’s ideas, tweeting,

“Roy will believe what he wants to believe, though if he’s not actually participating in Bitcoin then his beliefs are irrelevant to its consensus formation.”





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