Deconomy 2018 - Day 2 Summary

Deconomy 2018 day 2 summary

Cryptocurrency exchange Bithumb kicked off the second day of the Deconomy 2018 with an overview of South Korea’s growing cryptocurrency market, considered to be the largest in the world. Bithumb Vice President Jung-a Lee took the stage and gave a rundown on the growth the company has experienced in the past six months.

With trading volume reaching a daily record high at KRW3.2 trillion and a current market share of 40-55%, Bithumb shared security measures for the overheating market. In the wake of the latest cryptocurrency cyber-attack in Japan, Coingeek.com spoke to Sangyup Lee, Bithumb’s head of PR, on how the company can prevent this from happening in South Korea.

“We also have experienced some security issues last November, but we have made a lot of improvements in our security system, so we now have some security software which ensures people that their accounts are safe and also convenient to trade,” Lee said.

The highlight of Deconomy 2018’s Day 2 focused on the decentralized platform and shared global infrastructure, Ethereum. Research scientist Vlad Zamfir started the segment speaking about blockchain governance. He stated that there is no need to rush legitimizing blockhain governance nor choose a solution that is convenient to empower certain stakeholders over others as this may result in negative consequences down the line.

“We need to be careful not to just quickly legitimize everything because we’re anxious we don’t have clear governance processes,” Zamfir said. He also added, on the contrary, that the community needs to be mindful that if they don’t legitimize anything then they won’t have any governance process either.

He recommended to have a public conversation and build legitimacy on blockhain governance. “If we don’t have legitimate blockchain processes, someone else might govern for us,” Zamfir concluded.

Zamfir later joined an Ethereum research scientists panel led by Vitalik Buterin. Moderated by Joseph Poon, the group discussed the importance of scaling and opened up about the challenges around it.

“One of the greatest barriers to this space’s growth in a more productive way is the dissemination of the information that will allow people to evaluate and validate these protocols themselves,” said research scientist Karl Floresch.

Buterin closed the day with an “Ethereum vision” speech, which focused blockchain’s potential and efficiency. “The point of all these is that there is a large set of designs that we could choose from if we want blockchains that are more efficient,” he explained. He added that the community can use a combination of on-scale improvement like sharding and plasma, and do things like state channels. Although Buterin didn’t provide any clear timeline for these solutions, he claimed that it’s more cultural and social factors that are slowing down the process.

He ended his speech with statements on the current state of where blockchain is. “Finding the right end part of the space for your application to be in, fully developing the all the corners of the space and making all the corners of the space as easy to use, as easy to develop and as easy to build things in and really trying to figure out how much you can really get if you want it,” Buterin said, “that’s what I think the next phase of the blockchain space is about and that phase has already begun.”

Also watch: Deconomy 2018 Day 1 summary

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Deconomy 2018 day 1 summary

Deconomy 2018 day 1 summary

Seoul, the critical hub for blockchain and cryptocurrency in South Korea, is hosting to the first annual Deconomy 2018. The two-day forum brings together intellectuals and the brightest minds from the digital space, entrepreneurship, the academe, and thought leaders and enthusiasts of cryptocurrencies.

With over a thousand attendees, the day one was inaugurated by a special keynote by David Chaum, cryptographer and recognized as the inventor of digital cash. Chaum is famous for creating ecash in the 80s, and has been an important figure in the development and innovations in cryptography.

The launch of bitcoin in 2009 has opened the world into the possibilities of how we live and will live in the future with blockhain. As paradigm shifts into open, public protocols within the technology, more projects that are actively underway are expected to grow the cryptoworld’s future even further.

Several of these projects were presented by some of the biggest names in the crypto space. Ripple Chief Cryptographer David Schwartz presented Ripplenet, a frictionless global epayments solutions. He also added how Ripple continues to carve its own niche in the industry with its latest products Xvia, xRapid and xCurrent. Lightning Network’s creator Joseph Poon also gave an overview of what Plasma is, a system of smart contracts built on top of Ethereum. Poon also shared his thoughts on scalability structures and advised to be very skeptical about it as a lot of ‘bullshit’ is happening in the space. He has not elaborated what these are, though.

These presentations were preceded by a keynote speech by financial cryprographer Ian Grigg who talked about the need to make identity work in the blockchain space. To do that, Grigg said trust is needed—after all, trust makes your identity safe, nurtured and growing.

Grigg later joined the first panel and discussed the journey and the evolution of Bitcoin with Schaum, nChain Chief Scientist Dr. Craig Wright, and Mattereum co-founder Vinay Gupta, who admitted to have experienced a lot of failed revolution in the past. The morning session ended with panelists offering advice on how not to become a victim of a failed revolution: Take risks. Continue working hard no matter what other people say about you or what you do, according to Wright; Find a use of case when creating products or services, said Grigg; Create something that of value to the society, said Chaum; and don’t be afraid to work on old ideas, said Gupta.

The second half of the forum kicked off with simultaneous sessions discussing the state of blockchain, market trends and the views of traditional financial businesses. As the global interest in Bitcoin increases, the cryptocurrency market expands beyond financial institutions leading to the creation of more blockchain-supported businesses and investments.

Investors and entrepreneurs venturing into the space shared their positive outlook despite the recent drop on the value of cryptocurrencies. “I think this will correct and the main cryptocurrencies again as they typically do,” nChain Group CEO Jimmy Nguyen said, noting that this event may scare some people for a short term but not necessarily a bad thing in the long run as it will funnel out ICOs and alternative coins.

Air Asia’s CEO Tony Fernandes who spoke at this event shared how being in the blockchain space is the place to be for his company. “Air Asia is always trying new things, and change management is what we are about,” he said, “so being here has been an experience for me. Air Asia is all about modernization…(blockchain) That’s why we’re here.”

The late afternoon sessions brought on the most interesting discussions on Bitcoin and the controversies surrounding it, featuring the best pool of speakers a crypto event could bring together. Blockstream CSO Samson Mow, Bitcoin.com Roger Ver and Dr. Craig Wright spoke respectively about their passion—Bitcoin and the Future, How Digital Currency Will Change the World, and A Visual depiction of Bitcoin Scaling and Enterprise Growth. A notable moment during these sessions was when Ver, who talked about the impact of Bitcoin on economic freedom, showed a slide with Bitcoin Core and Blockstream logos, and emphasized how the Core group has been delaying the adoption of Bitcoin, thus preventing more people to achieve economic freedom.

The day closed with an intense, one-on-one panel on Bitcoin scaling between Mow and Ver, which turned into a heated debate about BTC and Bitcoin Cash. Ver who has been challenging Mow for a debate for quite some time was clearly at the forefront.

“Samson has made one Lightning network payment this week, and I’ve made countless Bcash payments today. Therefore, lightning network isn’t being used,” Ver said responding to Mow’s answer about the number of transactions he made with the Lightning Network. Ver added, “Samson can only name three merchants that accept Lightning network. Therefore, only three exist.”

Ver emphasized, “Bitcoin Core is some science project for people who live in first world countries.”

When moderator Jeff Paik asked about why there is so much animosity between the two, Mow answered, “Now that you (Ver) have your own coin and BCH people have their own chain to promote, there really doesn’t need to be any animosity.”

During the Q&A session with the panel, Ethereum founder Vitalik Buterin called out Dr. Craig Wright who previously asked a question to the panel. Buterin questioned the organizers why Wright was allowed to speak at the conference forcing the organizers to cut the debate—which has gone overtime—much to the dismay of the attendees.

Also watch: Deconomy Day 2 summary

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/deconomy-2018-day-1-summary-video/

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Fear and Loathing in Seoul – Samson Mow and Vitalik Buterin exposed!

I recently attended three back-to-back cryptocurrency events. An ICO-focused one in HK, then Satoshi Vision in Tokyo and now I am at the Deconomy-branded ICO event in Seoul. I had intended to write an article about my experience that focused on the overall cheesiness of the ICO space. However, yesterday I got to see Segwit thought leader Samson Mow and Ethereum ‘founder’ Vitalik Buterin up close and, frankly, was shocked at what I saw.

First some background. The first event in HK was just as cheesy as I expected. nChain’s Dr. Craig Wright, who most consider one of the premier thought leaders in crypto today, was a speaker. His presentation could be viewed as a bit angry, as he is prone to getting angry when forced to listen to the nonsense that passes for science in our industry, but I found his talk impassioned and technically strong.

Mostly, the aspiring ICO CEO’s did not even come in to listen to Wright, choosing instead to mill around in the hall discussing – what else – their upcoming ICOs. After all, why wouldn’t anyone be more interested in talking up such truly inspired ideas as a coin that can be used to purchase sex (though why a sex worker would want to take a coin that could only be used to have sex with another hooker is beyond me). The event had the feel of an old school multilevel marketing event and I was hard pressed to find anyone interesting to talk to. This event confirmed my opinion that ICOs are essentially scams.

SATOSHI VISION
Next up I attended the Satoshi Vision event put on by Bitcoin Unlimited. Though not a top-tier group from a thought-leadership perspective in my opinion (they are too academic and not practical enough and they talk too much trash on the internet against others in the space), the event they produced was pretty good. My only complaint was that it should have been half the size…too many speakers who added nothing and killed me to sit through.

This event was all about evolving the Bitcoin platform to become the world’s dominant public blockchain. Trouble is, Bitcoin BCH is the one true Bitcoin and the only platform that conforms with the original Satoshi White Paper. It’s also the only true cryptocurrency and therefore the only technology that can do low-cost, fast and secure micro-transactions.

As Roger Ver said in his speech at this event, this will be the technology that brings financial freedom to billions in the developing world and also fuels the Internet of Things (machine to machine commerce). All in all, I found this event had most of the true thought-leaders in the space in one spot.

Besides Ver, the event featured Amaury Sechet of Bitcoin ABC, Joannes Vermorel of Lokad, Clemens Lee of Yours.org and, of course, nChain’s Dr. Wright, whose presentation can be viewed here. Real people solving real problems.

DECONOMY 2018
Next, I hopped on a plane to Seoul for Deconomy 2018, an event that seemed similar to Satoshi Vision but had representatives of two other platforms, Segwit Technology and Ethereum.

Day one of the event promised a Bitcoin BCH v. Segwit BTC showdown but day two was entirely devoted to Ethereum worship. So I wasn’t surprised that all conversations by anyone not directly aligned with Segwit or Bitcoin immediately drifted to ICO talk. The exception was the one lonely Ripple presenter.

On day one, I listed to a few speeches but didn’t find much to hold my attention so I waited until the big keynote faceoff at the end of the day. The speakers were Samson Mow, Roger Ver and Dr. Wright, each of whom was given 30 minutes to argue his case.

This was capped by a 30-minute debate between Mow and Ver on the subject of Bitcoin scaling. Why Dr. Wright was not on this panel was a mystery to me as he was in the room and is one of the world leaders in Bitcoin scaling technology.

Mow’s speech was low key and mostly about his views on the history of money (not shared by many). It also had a pitch for his Segwit and sidechain technologies. Ver’s presentation detailed his view of what the economic freedom Bitcoin can offer will mean for the world. He also outlined the damage Mow’s Blockstream had done to Bitcoin. Last up was Dr. Wright, who set out to correct the record on areas where he believes the Segwit technology controllers (mostly Mow and his company Blockstream) are spreading technical misinformation. (You can view Dr. Wright’s speech here.)

But things got really interesting during the debate. Right in front of my eyes, Mow did all the things everyone has accused Blockstream and Core developers of doing on the internet. He got into some petty name-calling, and kept referring to Bitcoin as BCash. Roger did a strong job of laying out his grievances in this space and clearly won the debate, in my opinion.

And then, things got crazy. They opened up the floor to questions and Mow insisted that the last question go to Vitalik Buterin (who speaks on day two so was in the front row). Though Dr. Wright had not mentioned Buterin or Ethereum in his presentation, this was Buterin’s question:

“Why do we allow people like Craig Wright to speak at a conference like this?” Buterin then suggested that Dr. Wight’s university degrees are not real.

The question was shocking enough, but more shocking was Mow publicly agreeing to this call for censorship. Censorship of others’ opinions is exactly what Blockstream and Core stand accused of by many – including directly by Roger in his debate – and here was Mow, in front of the entire crowd, advocating for the silencing of someone’s voice.

Dr. Wright, who was also in the front row, declined to dignify this childish display with a response. You will note the editors of the official video purged Buterin’s question, so you have to take my word for this, as I was in the room.

I have known Dr. Wright for three years now and have been to his home in London for dinner on several occasions. During one of the dinners, I was able to look through all his university degree certificates and can attest that they are all real. I also know he is working on his third PhD in law at a university in Paris right now. See for yourself in this wheelbarrow and then ask yourself: why would a 24-year-old university dropout be criticizing an industry thought-leader, who had just given a speech that did not mention Ethereum or Buterin, about his university degrees?

The answer, as is usually the case, boils down to money and power. Earlier in the day, nChain CEO Jimmy Nguyen was also on a panel. As I said above, all discussions went immediately to ICOs. So Jimmy mentioned a number of times that by the end of the year smart contracts and ICOs will be able to be done on the Bitcoin BCH chain.

I know this to be true as over 50 groups have applied to be in the contest to do this and both Lokad in Paris and nChain themselves are also working on solutions (nChain is working with SBI in Japan on this among other things). Craig is providing technical advice to everyone in the contest and to Lokad and SBI. If this happens there will be no reason for Ethereum to exist. BCH has superior technology and the capacity to add features from other platforms, meaning there will eventually be no need for other platforms. Just as there is no need for two internets, there does not need to be more than one payment platform and Bitcoin BCH is clearly the technically superior platform.

So basically what I was witnessing with my own eyes was the fear that the centrally-controlled Segwit and Ethereum platforms have for the person they believe is working to make them both obsolete. I already knew this, but I was still shocked by the immaturity on public display at this event. I doubt I was the only one in the audience that left there inspired to buy more Bitcoin BCH.

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source: https://coingeek.com/samson-mow-vitalik-buterin-exposed/

Dr. Craig Wright exposes Blockstream’s false narrative

Dr. Craig Wright exposes Blockstream’s false narrative

Don’t believe the lies, according to Dr. Craig Wright. Bitcoin is incentive-compatible.

On Tuesday, the nChain chief scientist took the stage at the inaugural Deconomy 2018 blockchain forum in Seoul, South Korea, to debunk the myths perpetuated by Blockstream, which were designed to take away the power of Bitcoin and basically tell everyone that it needed to be fixed.

“One of the issues you are told is you need to run a full node and verify everything,” Wright said. “No, you don’t. No, you can’t. You can sit there and verify things if you want, but you don’t actually do anything as a node unless you are a full node, and a full node, if you read the white paper, mines. You vote with CPU power.”

The people behind Lightning Network think Bitcoin works as a mesh, according to Wright. In actuality, Bitcoin is an overlay network that pulls everything into a tight ball as it forms, with every machine connecting to everything it can—or what is also referred to as near-complete.

“You connect as much as possible as a miner because you’re incentivized to,” he said. “What this actually means is we start connecting all over the place, so we are resilient because we connect everywhere.”

Wright also debunked the notion that an outfitted Raspberry Pi can be used as a full Bitcoin node, saying that there is not a single piece of data on the Bitcoin network that has ever been verified by a non-miner.

“By the time any Raspberry Pi ever existed on the network has verified a packet, every single miner has decided whether to mine it or not,” he said. “You’re not helping because there’s nothing altruistic in Bitcoin. Nothing. Bitcoin is money. It is working because it is competitive. It is working because people fight to get their transactions on the blockchain fast.”

Watch Dr. Craig Wright’s presentation here:

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/dr-craig-wright-exposes-blockstreams-false-narrative-video/

Roger Ver

Roger Ver, Samson Mow Deconomy 2018 debate goes off the rails

The war of the words continues this week at the inaugural Deconomy 2018 blockchain forum in Seoul, South Korea.

On Tuesday, Bitcoin.com owner Roger Ver was pitted against Blockstream Chief Strategy Officer Samson Mow in a panel discussion that tackled the controversial question, “Can Bitcoin Scale?”

As expected, the debate on Bitcoin’s scaling issues as well as Satoshi Nakamoto’s vision for Bitcoin—as a peer-to-peer electronic cash system—turned into a tension-filled exchange between the two panelists. Mow pointed out that the computer science behind scaling Bitcoin needs to be taken into consideration, which means looking at the code and following the consensus rule.

“I think the scaling that works is to take an engineering standpoint to look at the code and to follow consensus rules and build layer 2 solutions,” Mow said. “I think scaling Bitcoin, we have to take into consideration the computer science aspect of it. We can’t just make things up. We actually have to look at the code and we have to follow the consensus rule, so if you look at what Bitcoin Core has been doing, is they’ve been scaling all along so that everything is backwards compatible.”

The intention might be good, Ver responded, but the effect was damaging—Bitcoin lost its first-mover advantage, the market cap of altcoins skyrocketed, and the number of transactions on the Bitcoin Core (BTC) network today was only half of what it was in December 2017.

Bitcoin Core is having negative merchant adoption around the world. Bitcoin Cash is having positive merchant adoption around the world,” Ver said.“So even if Samson and Blockstream and Bitcoin Core supporters have the absolute best intentions in their heart, we have the empirical evidence to show that the effects were negative and incredibly damaging to Bitcoin. Let’s judge things by their effect and their results, not the intent of the people that were putting it together.”

And that’s just the first 10 minutes of the debate, ladies and gentlemen.

Watch how it all went down here:

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/roger-ver-samson-mow-deconomy-2018-debate-goes-off-rail-video/