CryptoFinance 2017: Wow!
It took me some time to write this post, as I like to reflect on things a little.
But the event CryptoFinance 2017 was just awesome!
Great location, great speeches, great hosts and a great social gathering as well.
If you have time available, I would highly recommend to watch the livestream CryptoFinance2017: Oslo, October 19th (Steemit Livestream).
I do not think I exaggerate if I said that every speech were fantastic: They were all pretty short, and straight to the point, just as I like it.
So, I just wanted to comment on a some of the speeches (mostly Steemians) and some of my epiphanies during the event.
Ivan Liljeqvist @ivanli had an amazing speech, which included how blockchain technology can help citizen that live in corrupt regimes and which suffer from hyperinflation (rubles). His speech is posted @ivanli.
Stephan Nilsson, the founder and chairman of the Norwegian Bitcoin and Blockchain Association, is pretty bullish!
Christian Lains @clains had an amazing speech about Bitgate, the internet of value and the need to integrate old finance with cryptofinance.
Chris Coney @marketingmonk had a very interesting talk about decentralised exchanges.
My personal thinkering is that we should also try to make exchanges based on cryptocurrencies where you can also trade stocks (as UIA) and have chat rooms, and that investors can post stock analyses etc that can get upvoted (similar to Steemit). This will definitely help bridge that gap between cryptofinance and traditional finance.
Cédric Cobban @cob had a very passionate speech about Muse,
which is aiming at being owned and controlled by musicians.
Robert Viglione @finpunk
He is the co-founder of ZenCash and is currently doing a PhD in finance too.
He had an amazing speech about finance and ZenCash.
He talked about that finance is being disrupted and the ‘uberization’ of finance.
That Bitcoin is not correlated to other asset class, and even though pretty volatile itself, could decrease the overall portifolio variance. My investment hypothesis is that the very rich are going to go hard into digital assets, once they understand or are told this.
He talked about the lack of price models for digital assets.
However, we do not have price models for gold either, we have just agreed to give it value.
He also talked about tapping into the Holy Grail: making money and change the world.
He also talked a little about ZenCash:
ZenCash is a privacy coin, which I personally believe has some very interesting technological aspects concerning privacy, reward system, and how the nodes are distributed.
Very shortly, I have bought some ZenCash and planning to buy more.
Disclaimer: This is not meant as trading advice. Do your own research and due diligence. Cryptocurrencies are high risk investments.
Lasse Meholm works in DNB with fintech and blockchain development. He had a very interesting speech about the evolution of money.
We later ate dinner at the same table and it was cool to be able to discuss money in such a philosophical manner with a bankier.
He argued that Bitcoin could never be used as 'money' as the volatility is too high, and that we need to have cryptocurrencies with lower volatility. I did not tell him, but there is actually a cryptocurrency that is specifically aimed at lowering the volatility, and it is called MinexCoin and is going to be listed at exchanges very soon.
I do not know if his argument is relevant though. On the contrary, most thing that turned out to be used as money started as commodities, and then become money.
As you know, commodities (e.g. silver) are pretty volatile too. Bitcoin’s volatility is going to decrease over time as the ‘true’ value is reached. Until then, expect booms and bust cycles.
I also think that one reasons why the banks are reluctant to include cryptocurrencies is that you cannot print them. Actually, in fractional reserve banking only 6% of the money is from the central bank, and the rest is printed in the other banks (such as DNB). Very scammish business model!
I also discussed my concern about the ethics of using such a large amount of energy to mine BTC, given the much more efficient alternatives. A miner on my table said he got all this heating from his mining rig.
I suppose my problem is solved then. We could just create rigs that are both effective at mining and creating heat, and we get the BitOven that creates money, and you get heating indoors too!
The food was fantastic (no photos) with a mixture of steak and also a lot of fish (sashimi) and seafood (crabs, shrimps and mussels). The beer was free (I drank 5):)!
So, I wish to thank the people at BitSpace and all the speakers for an amazing event.
Hi @janusface. Many of my questions have been answered from your post. Thank you! Please, if you have the time listen to this, David Dubyne, American investor/businessman fluent in Mandarin and based out of china with inside connections. It's an interview from the SGT report, not only do I think you will find it interesting and entertaining I think the info is very valuable and accurate. If you do listen to it, let me know if any of the info matches up with what you heard at the conference. Here is the link.
Thank you,
-Dan
Sorry for the late reply. I am not so much on Steemit these days due to the technical issues. Great, video. Lack of food has concerned me for years. However, humans usually find ways out of such problems before it becomes a total collapse. For example by research in how to more efficiently produce food etc. Anyway, we live in interesting times.
Yeah, I cut my commenting way way back. To only those I really care about on here.....that means you!
Steemit has been such a drag lately. I've been back logging travel posts. So I can be steady posting each day to bring in that bit of income that helps me out. Glad you watched the video. Interesting times indeed, and agree with what you say, humans are the innovative/creative especially when they have to be.
Sorry for the late reply. I am not so much on Steemit these days due to the technical issues. Great, video. Lack of food has concerned me for years. However, humans usually find ways out of such problems before it becomes a total collapse. For example by research in how to more efficiently produce food etc. Anyway, we live in interesting times.
Bitcoin reaching 5 million sounds like a thing never bound to happen ^^ It could potentially be used as a personal bank, but that's all. Volatility might be one problem, it's technical aspects are far worse. Waste of energy, waste of money during transactions, and it takes far too long for transactions to be made. I don't get how people can say it will continue to rise as the number #1 currency, while in fact it just can't scale with the demand...
Yes, I agree with you. It is strange that people are so bullish on a technology that is outdated. However, I believe that the digital asset space is pretty darwinistic (survival of the fastest adaptable) and that some other coins will climb up the ranks. I am not a technologist, but all this hardforks looks a little scammish from the outside and also a kind of inflation. BTC should decrease after a fork which it did not, which is not rational and pointing to a information asymmetry of the participants or just plain manipulation. Cryptocurrencies are not really that scarce in my definition of scarce. Gold is scarce.
It must be Logician thinking but I had the exact same thoughts ^^ Once enough people realize what the Blockchain can actually do they are gonna look for the best suitable ones to fit their needs (hint, hint, EOS ;p). Bitcoin is far from being the best candidate when it comes to actual utility.
@janusface,
Wow according to these topics I could say yeah this was an amazing event! Hope you get a wide visionary about Crypto world and confidence as well! Great that you decided to summarized the event for us! Really appreciate your work!
Cheers~
@janusface,
Firstly i want to say you specially thanks for updating huge news for steemians.
"CRYPTO FINANCE 2017"
Such a brilliantly meetup. Most of important speeches,hosts and a social gathering as well. But we search always what discussions were success what advantages receive? what rewards get like also.
Very important news in introduce needful integrate old finance with cryptofinance. better way my idea.. This will absolutely help less margin between cryptofinance and traditional finance.
Zencash is stunning technical aspects and attractive cryptocurrency module.
Definitely very successful meetup and article.
Upvote &Resteem
BitOven! :) Great idea!
Thanks for the short summary on the speaches!
I wish I could have been there, but unfortunately I couldnt go.
Next time I will definitely go!
So cool that you where there! I was there too, but did not know who anyone was :D
Cool. So unfortunate we did not meet. Next time perhaps:)
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Seems like you had fun! BTC to 100.000 sounds somewhat realistic.. but 5.000.000? That would be awesome! I ll have a look into zencash and buy some as I trust your judgement. Thanks for the breakthrough of the event!
Yes, BTC $5 mill would be nice! I believe in ZenCash, but I do not like to give specific advice as I am mostly an investor in stocks and cryptocurrencies are hard to analyse.
I was waiting... Super dope to hear you had a great time! Hell Yeah!
Imma take the time and check on the stream now, but I see its 6hours+ lolz might take a few days to see it in full!
Anyway, stay awesome Bossman!:)
Cheers!
is this an event one has to get an invite to, or is it open to anyone? Thanks for a great summary. Get's my mind wandering