BTC News was in Riga, the capital of Latvia, last weekend report to do from the Baltic Honey Badger 2019. This event focuses primarily on bitcoin maximists. The famous bitcoin investor Tone Vays was also one of the speakers and he made remarkable statements.
Alcoins have no use case and are all worth 0
Tone Vays does not have a good word for altcoins. He expects that all current altcoins will not be worth anything anymore. That is because he sees no good use cases for altcoins. In his eyes, altcoins are only used for speculation.
He tries to reinforce his argument by looking at litecoin:
A good example is the litecoin block halving. Litecoin has a maximum of one more halving (red: in four years) because if the price remains so low, nobody wants to mince litecoin. This affects the entire security and reliability of the network.
You can actually already see that now. Immediately after the halving of last August, the hashrate dropped considerably.
Other altcoins in ten years
Vays thinks that all current altcoins undergo the same fate. In 10 years all altcoins are worth nothing anymore because there is simply no use case. All current altcoins are being replaced by other altcoins with relevant use cases at that time
Hype Is incomprehensible
At the request of the audience present, Tone Vays also responded to the forthcoming launch of Bakkt. He sincerely does not understand the hype. In his eyes there is no difference between a Bakkt and, for example, Coinbase: “The only difference is that Bakkt only supplies bitcoin once a day.”
Vays had to admit that Bakkt probably has better security and can use a much larger network.
Little innovation
The added value of Bakkt is not in any innovation, according to Vays. He expected that, just like a regular stock exchange, Bakkt would take over the role of all crypto exchanges in the world. So there is only one fixed place to trade bitcoin. Brokers such as BTC Direct can then enter the market for private individuals and companies.
If all bitcoins are in one and the same place, there is always enough liquidity on the market to trade. He emphasizes that he is not a fan of this. This entails enough other problems.
Tone Vays also shared a technical analysis between the hectic pace of the conference:
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