Crypto industry nightmares: Bitcoin’s worst-case scenario

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This year BTC celebrated the 13th anniversary. On the last day of October, back in 2008, someone under the pseudonym Satoshi Nakamoto published the White Paper of the first cryptocurrency in the world

Bitcoin’s birthday coincides with All Saints Day (Halloween). This significant combination evokes different thoughts. So Cointelegraph took advantage of the occasion and asked industry leaders the burning question – what are their biggest fears about virtual currencies? What scenario are the gurus of the crypto world most afraid of?

ALAN CHIU. CEO of Enya, a privacy firm that operates the Boba Network cryptocurrency platform. Chiu serves on the Stanford Graduate School of Business Alumni Council and serves as Co-President of the Stanford Angels and Entrepreneurs Council.

My biggest fear is that the US will take over China’s digital asset policy and drive this innovative industry out of the country. Cryptocurrency will still survive, but the United States itself will suffer – due to the fact that it will be deprived of new technologies created using cryptography, for example, Web 3.0 or DAO“.

AMANDA KELEKHER. Amanda is the Chief Expert of ConsenSys, a global community of developers, investors, programmers, journalists, lawyers and other professionals who create and promote blockchain and cryptocurrency infrastructure.

My worst nightmare is waking up 5 years later and realizing that the cryptocurrency industry has turned into a kind of old Wall Street – into an industry for the elite. The cryptocurrency ecosystem provides us with a unique opportunity to create a global financial system that is accessible to everyone. And in order to build it, we need the most talented and versatile individuals. I am afraid that we will not be able to seize the opportunity presented to us in order to achieve real, meaningful and lasting change.“.

ANDREW LEVINE. CEO of Koinos Group – a company that creates tools for the development of decentralized applications.

My worst nightmare comes down to the likelihood of a situation in which we get stuck on old smart contract platforms that are completely incomprehensible to the common man because of their complexity. Ordinary users expect new technologies to be easy to use, while typical developers want to work in programming languages ​​they are familiar with. And they don’t care what happens next. Until we have a free, easy and enjoyable cryptocurrency ecosystem, there will be no truly massive adoption of blockchain technologies.“.

HOLSEY MINOR. Strategic partner of VideoCoin Network – a company that provides decentralized encoding, storage and distribution of video content using tokens.

I fear that the SEC will ignore the ETN threat (investing in these securities today translates into a loss of tens of billions of dollars), but will see a threat in the DeFi market. Mortgage-backed securities, Libor, Wells Fargo, manipulation of the gold and silver markets, now ETN – all these issues were stubbornly ignored by the SEC until it was too late. Today, the Commission should better regulate traditional markets, and not go through fire and sword over innovative industries.“.

MITCHELL CUEVAS. Head of Growth at the Stacks Foundation. The company is developing the concept of an Internet controlled by all users.

My worst nightmare is an attack on our metaverse orchestrated by someone, as a result of which all these NFTs come to life, and the world plunges into absolute chaos. It surprises me that so few people take this threat seriously. Elon Musk, where are you when you need it?“.

ROB VILLIONE. Co-founder and CEO of Horizen, a blockchain platform dedicated to building a feature-rich, open source cryptocurrency ecosystem with cutting edge sidechain solutions. Here is his biggest fear:

The US dollar or other world fiat currency suddenly turns into normal money. This refers to a currency that is managed responsibly, transparently, in accordance with previously established rules, and its emission is limited by common sense, and not infinity. I’m not sure bitcoin can survive this. But we still have DeFi and NFT to rely on! “

RYAN STEFEL. CEO of Radkl, a digital asset trading company.

My worst nightmare associated with the cryptoindustry is becoming part of the existing financial system, obeying the rules and requirements of regulators. At the same time, it loses all its innovativeness and dynamics of development. Cutting-edge technology is being driven out, and the best and brightest in the industry are forced to seek new jurisdictions to do what they love and change the world for the better.“.

TIM DRAPER. Co-founder of Draper Fisher Jurvetson, a leading investment firm dedicated to finding and promoting early stage technology startups.

His response to fears about the crypto industry is:

I have no fears about the development of the industry in the long term. Bitcoin cannot be stopped. In the near future, it worries me that some people are willing to abandon this ideal of freedom and trust in favor of state control, which has already destroyed the lives of many people.“.

JOEL JOHN. Head of DeFi and Venture Capital at LedgerPrime, a digital asset investor.

Most of all, I fear that we will not be able to offer our developments to an ordinary person in an accessible and useful version for the mass markets. Very few applications today have been able to provide this. The Axie Infinity project can be cited as a worthy example. But OpenSea is a bad example, because its users can get lost in complex functionality.“.

DARREN FRANCZINI. Co-founder and COO of BlockBank, a cryptocurrency wallet developer that combines the power of decentralized and centralized technologies in one application.

My biggest fear is losing my private keys forever – this is my worst nightmare. Or relive what other people are going through, who are being taken hostage just to get hold of their keys.“.

Based on the responses, some in the industry took the important issue seriously and others with humor. Nevertheless, most of them are optimistic about the future, expecting only further development of the industry and the geography of the use of cryptocurrencies. And we can only hope that all their fears will remain empty horror stories that are remembered exclusively on Halloween.

Source: Cointelegraph

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