YOUTUBE RECORDING of Proof of Talk Conference
Where are we with the state of institutional crypto adoption today?
JP Morgan’s CEO Jamie Dimon called crypto a fraud in September 2017. Fast forward to February 2022 and JP Morgan is proudly boasting about its own digital coin for payments. Does this mean crypto is winning?
Not at all – tradfi players are adopting some elements of crypto and blockchain while remaining very sceptical of what crypto has been designed to be – an alternative financial system. We are still nowhere near a major adoption across various institutional players:
How Can We Get The Next Trillion Dollars Into Crypto: What strategies or shifts do you think are necessary to attract the next trillion dollars of institutional investment in crypto? Could you provide examples or hypothetical scenarios to illustrate your points?
Accountability & Regulation
While you can invest, see your money disappear, and then see the thief drinking pina colada on a yacht bought with your stolen money and having absolutely no punishment – you are much less likely to invest any money in crypto-related ventures
Fake charities are being framed as DAOs to avoid any legal responsibility openly stealing donations with zero accountability, great example being Ukraine DAO, which has been allegedly set up to help Ukraine, while in reality has been tacitly stealing money for 16 months of ongoing war
You see “businessmen” creating a fraud exchange or a pump & dump scheme, stealing millions of dollars, just to later say it was a hack or some malignant actors tarnishing their pure intentions
And then you think – why on Earth would I get involved in something where I am expected to be taken advantage of
People whose money were stolen through Mt Gox in 2014 only now are getting some form of compensation
We have to decide what crypto is – a play tool for geeks or a new financial system for the world
If it is the first – it is better stay unregulated
If it is to become the second- people need to be able to trust it
How does the current regulatory landscape facilitate or hinder this goal? What changes or developments would you like to see in the future?
Legislators should create the laws to punish the bad actors if they break those laws; not create the laws that punish someone they do not like post factum
Working in crypto I’d like to see a sustainable co-existence and integration of cryptocurrencies and blockchain into the modern financial system
Why?
Because it is progress, it is better technology, it is the convenience, – it is future
Now, are all parties in power genuinely interested in changing the status quo and fast trekking us into the future?
I would not be so sure
Crypto is being sabotaged largely by the same people that sabotage green energy or generic drugs for the same selfish reasons:
Why change something if my money source would be hurt?
Still, worth remembering KODAK story – crypto is the digital camera and banks are the KODAK
Technological and Operational Challenges: What are the main technological and operational challenges that institutions face in adopting crypto, and how can these be addressed? Are there specific technological innovations that could be game-changers in this regard?
I believe the hindrances to wider crypto adoption are less technological than operational in nature – network effect and the economies of scale are not on the side of crypto at the moment. Oftentimes we think crypto is different and independent from blockchain. In fact, we should go back to basics – back to 2008 and actually focus on blockchain rather than crypto and all those various coins and NFTs
Because the main invention of crypto is still very ill adapted. We need to move all aspects of human activity and productivity onto Blockchain if we are to see any meaningful adoption and difference these technologies can bring to the world:
- Record keeping on blockchain
- Real estate on blockchain
- All our medical data should be safely stored on blockchain
- Our government info should be kept on blockchain
Only once we realise the full potential of blockchain we can focus on real, and not speculative crypto adaption
There is no way to hack yourself into the next trillion of crypto adoption. Only using the real technology for the real life use cases will attract more people into crypto and create the self-reinforcing mechanism of growth
