In a recent interview, Tone Vays, a noted Bitcoin influencer commented on the factors that make Bitcoin better than Altcoins, alternative uses of non-cryptocurrency blockchains and the associated risks.
The discussion started with Ton Vays explaining why he was curious about Bitcoin instead of Altcoin. Using the example of Monero, Vays said that the value of a cryptocurrency goes well beyond the network effect. He explained:
“[Monero], it’s uneven distribution to the world’s population is another factor.” The third factor concerns developers: the developers are at a different level and the are programming at a different level creating another bigger factor for Bitcoin and against Monero.”
He went on to say that they need to invest in the cost of electricity and equipment. Monero, which would not be interested in investing in a currency like the one that “could disappear over time,” he also said. Moreover, the profits made by winning a coin like Monero for a better corner are not forever. Agreed that Bitcoin was the solution to the “big problem” and said:
“Bitcoin does not compete with Monero for anything, it is not competing with Litecoin, Bitcoin is competing with gold, Bitcoin in competition with the dollar, Bitcoin is competing with the euro, it could with the SDRs IMF [International Competition Monetary Fund ] as a reserve for the trustee currencies, you know that the euro is falling and that the United States is not far behind the world map would move to a basket of currencies from other countries “
On the other hand, he says that Bitcoin and Monero are “not on the same footing” as Monero competes with Litecoin, Zcash and other Altcoins.
He went on to discuss using the blockchain when connected to a physical asset. He said that while it is easy to transfer property rights or lose ownership of an asset in this case, the risks outweigh the benefits. In his words, there is no use other than a currency that would be suitable for a blockchain.
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