Electronic Money Supervisory Commission

Borislav Agapiev’s opinion

Borislav Agapiev’s opinion

Borislav Agapiev an Accidental Cryptotourist opinion about tokens/cryptocurrencies.

It is an excellent interview and he makes a great point about the parallels between the early Internet and the current state of cryptocurrencies and blockchains. He is saying that it is still very early and lots of infrastructure needs to be built out, which will make it a lot easier for later entrants.

But the main point is that it is not about the ease of building, but enabling and rise of native blockchain applications that are not even envisioned yet. I think he is right on about that. And those later entrants typically garner the most money, e.g. like Google and Facebook.

So Fred has made these great points and it is only natural that he expects the financial evolution to follow with more rises, though bumpy ones, with lots of noise and rough rides ahead. One thing I would add, and which he did not mention for whatever reason (I think he is likely aware of it) is sort of an elephant in the room – and that is natural competing nature of cryptocurrencies with the traditional financial system and conventional monies.

Governments have been treading lightly so far, IMO smartly, as they do not want to cause additional commotion by coming hard on it. But the issue is not going away and is clearly growing with overall market cap of cryptocurrencies.

At some point, it is possible, perhaps even likely, that there might be a Napster moment, where governments might feel there is no other choice but to come down on cryptocurrencies hard. With bitcoin, that seemed less likely until recently, as blockchain technology seemed on its way to mainstream adoption by the financial industry. The recent mushrooming rise of alternate cryptocurrencies has thrown a monkey wrench in all that, creating again a seeming free-for-all.

In summary, the coming collision of government regulation and cryptocurrencies will have a lot to do with how things play out, in addition to the excellent points Fred Wilson made.