Since 2015, Coindesk’s New York Consensus conference Consensus has been held for five consecutive years, attracting major companies, developers, entrepreneurs and investors in the cryptocurrency and blockchain world to participate, and attracting attention every year. This year's Consensus Conference was held from May 13th to 15th EST.
Editor | Liang Chen
Produced | Odaily
Since 2015, Coindesk’s New York Consensus conference Consensus has been held for five consecutive years, attracting major companies, developers, entrepreneurs and investors in the cryptocurrency and blockchain world to participate, and attracting attention every year. This year's Consensus Conference was held from May 13th to 15th EST.
STO and stablecoins have become the focus of discussion at the 2019 Consensus Conference, and the hottest staking economy and POS mining will also become hot topics for discussion among the guests.
New developments in supervision
New developments in supervision
At Consensus yesterday, the SEC CommissionerHester PeirceDeliver a speech on the future of cryptocurrencies.
In his speech, Peirce encouraged internal governance among crypto players, claiming that "testing each other is very healthy." While Peirce still noted that the SEC will be able to spot some misconduct in the marketplace, it suggested that those using crypto should "watch over each other," adding that "a lot of regulation can be done without a government watchdog."
Director of the US SEC Capital Market Trends OfficeAmy StarrArguing that securities laws are "written to be dynamic," regulators (SEC) are willing to interact with local crypto and blockchain-related businesses to better understand how securities laws are applied in various situations. Actively engaging with regulators is the only way to facilitate changes in securities laws related to the crypto market, Starr said.
Jerry Brito, executive director of Coin Center, said that the recently resubmitted Token Taxonomy Act (TTA) will establish a minimum tax exemption (De Minimis tax exemption) for crypto transactions below $600. The De Minimis tax exemption standard states that if a cryptocurrency owner receives a capital gain of up to $600, the owner does not need to report the gain to the US tax authority, the Internal Revenue Service (IRS).
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Blockchain technology and application
He believes that the future of cryptocurrencies and blockchain lies in democratization, enforceability, resistance to corruption, and extreme transparency. Liu Yukun said that bad guys always rely on the past to predict the future, while curious people in the blockchain industry are building infrastructure for the future digital world.
He believes that the future of cryptocurrencies and blockchain lies in democratization, enforceability, resistance to corruption, and extreme transparency. Liu Yukun said that bad guys always rely on the past to predict the future, while curious people in the blockchain industry are building infrastructure for the future digital world.
Ken Nessel, a business technology executive at pharmaceutical giant Pfizer, believes that blockchain technology is “essentially good enough for us to have more production blockchains than we have today.”
When asked what held back the development of the blockchain industry, Nessel said that it is generally believed that the limiting factors in the speed of blockchain adoption are related to the technology itself, such as the technology is not scalable, not fast enough, developer tools are not in place, etc. , but the main hurdle is that commercial competitors must start sharing infrastructure and governance, which is a daunting task.
Ryan Zagone, director of regulatory relations at Ripple, said that technology needs to become a national security issue in the United States to ensure that the country is a leader and does not rely on foreign innovators, and blockchain and cryptocurrencies will be recognized within this goal.
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Collision of Tradition and Trend
As an emerging financial product, is cryptocurrency an antagonistic relationship with traditional finance?
Steven Quirk, executive vice president of TD Ameritrade, a US brokerage giant, gave a negative answer to this question. At yesterday's Consensus Conference, Steven Quirk said that Bitcoin's price fluctuations have not affected customers' interest in cryptocurrency futures, and "countless TD Ameritrade customers are interested in cryptocurrencies." He expressed the belief that institutional investors are waiting for ETF approval to invest in Bitcoin and that there is a demand for Bitcoin futures that are physically delivered rather than delivered in U.S. dollars.
Steven Quirk predicts that giants like FAANG will be born in the field of digital assets in the future, because the Internet bubble in 1990 gave birth to giants such as Facebook, Apple, Amazon, Netflix and Google.
For the integration of traditional finance and cryptocurrencies, Alexandre Kech, CEO of cryptocurrency custody service provider Onchain Custodian, is more optimistic. He said that cooperation between crypto custodians and traditional financial institutions will increase.
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Who is the cornerstone of the digital currency world?
Since the emergence of Bitfinex at the end of April"embezzle"After the Tether reserve incident, there have been voices in the cryptocurrency market that are short on stablecoins, believing that Bitcoin is the cornerstone of digital currencies.
On May 15, at the CoinDesk 2019 New York Consensus Conference, Peter Brandt, a veteran cryptocurrency trader, said that he has no interest in altcoins. At the end of 2017, Bitcoin moved from the hands of smart people to the hands of dumb people, and now it is going back to the hands of smart people. 99% of all coins will eventually become worthless, but of course Bitcoin is not included. In addition, Brandt also stated that he is not an extremist, but a cryptocurrency trader. He believes that there is a 50% chance that Bitcoin will go to zero, but there is also a 50% chance that it will become $100,000.
Sarah Olsen, director of business development at Gemini and managing director of GUSD, is very optimistic about the role of stablecoins in the future payment field. He said that stablecoins provide verifiable transactions with zero fraud risk, which is the perfect tool for payment and an irreversible trend of future payment.
In addition to BTC and stablecoins, participants also gave their views on other cryptocurrencies - Deloitte Blockchain is very unfavorable on the cryptocurrency Zcash.
Deloitte Blockchain ExpertTim DavisIt is said that the cryptocurrency Zcash will be difficult to develop long-term use cases and is already a dead project. It believes that Zcash's "inherent flaws" stem from the way it is set up, and too much trust depends on the effective execution of Zcash's secure multi-party computation (MPC). It is too risky for the company as well as the players to use a network where someone might leave a back door. At the same time, the current valuation of Zcash in the market is actually misleading.
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$600,000 Bet on Ethereum's Future
I have to say that Blockchain Capital partner and Bitcoin core developer Jim Song really likes to bet with others. At the Consensus Conference in 2018, Jimmy Song shook hands with Joseph Lubin, founder of Ethereum startup Consensys, and made a bet in front of the audience: "Blockchain technology will cease to exist in five years. Blockchain technology is useless. Instead, Bitcoin is an innovation."
As soon as Song's words came out, half of the audience applauded for his ruthless words, while half remained silent. Song believes that the use of blockchain in enterprises can be replaced by other technologies, thereby increasing efficiency.
He also mentioned, "Blockchain is not a magical thing. You can sprinkle a layer of dust on it, and it cannot be transformed into a universal technology."
What is puzzling is that in 2018, he was not optimistic about blockchain technology, but founded a blockchain company, and contrary to the views of many traditional industry experts in China, he was not optimistic about blockchain technology, but Very bullish on Bitcoin. However, he stopped bad-mouthing blockchain technology in 2019. In this year’s bet with Ethereum co-founder Joseph Lubin, he began to bad-mouth Ethereum, and he is not optimistic about the development of Ethereum after four years .
On May 15, at the CoinDesk 2019 New York Consensus Conference, Jimmy Song and Joseph Lubin finally reached an agreement on a bet on the future development of Ethereum. If Ethereum does better four years from now, Song will pay Lubin (or his beneficiary) 810.8 ETH. If the DApp economy drops by then, Lubin will pay Song 69.74 BTC. For Lubin to win, Ethereum needs to have 15 unique DApps with 10,000 daily active users in any six calendar months, and every The number of monthly active users reached 100,000.
When the pair first bet on May 14, 2018, BTC was trading at $8,577. Therefore, Lubin effectively wagered $598,190 based on the then-current price.
