Bobby Lee to Finance Magnates: “The Industry Will Find a Way”

The cryptocurrency industry descended on Kiev Friday for the Next Block Conference at the Hilton Hotel Kyiv. Hosted by Cryptovest and Krypton Events, the conference featured a wide range of participants, crypto providers, and leading executives across the industry.

Finance Magnates was also in attendance at the Next Block Conference, which this year saw no shortage of marquee industry figures. This included Bobby Lee, co-Founder of BTCC and Board Member of the Bitcoin Foundation. Lee spoke to Finance Magnates, who touched on a rather complex subject, i.e. Chinese regulators’ approach to BTC.

Over the past year, the industry has certainly adapted to a tightened approach out of Beijing, despite repeated measures to crackdown on cryptos and Bitcoin. Speaking exclusively to Finance Magnates, Lee noted: “The industry will indeed find a way. The regulators can try to suppress it and they will, but the industry will indeed find ways to survive. Besides, companies need to be compliant, so they are vulnerable. But BTC as an asset will live on. They can’t suppress it.”

Keynote splash

In addition, Lee, the event’s keynote speaker also had several other things to discuss during the course of the event. Of particular note was his concept of money and ownership, and how this notion has changed in recent years.

“Whatever you own now its own under your personal name. Back in the days, owning meant possessing. When someone takes something from you - this meant he owns it. So, there are 2 models: ownership by identity and by possession,” he noted.

“The future is ownership by information. Now we have our ownership via a private key, your phone, some Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Read this Term device, etc. That kind of ownership is the future. This allows you to have actual control of your money. Of your assets. What I own by possession - someone may take it from me by force. Stuff I own by name - I don’t really own.”

“For instance, upon going to a bank for a wire transfer - the bank gives you a hard time for wanting to move your own money. Another example is payment services, like WeChat - you are limited in the amount of money you can transfer. Take the system of points - airlines mileage, hotel honors programs… this actually gives them the control of your consumption. Bottom line - your money isn’t really your money,” he explained.

I’m flying to #Kiev today, to speak at the #NextBlockConference organized by #KryptonEvents. I’ll talk about #Bitcoin and the revolutionary nature of #DigitalAssets.

Please join us! I’m looking forward to visiting Ukraine for the first time! pic.twitter.com/BAsHr4DhvE — Bobby Lee (@bobbyclee) May 16, 2018

Diverse areas of focus

The Next Block Conference also delved into other areas of emphasis across the cryptocurrency and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term industry. With Bitcoin celebrating its ten-year anniversary, several leaders have certainly taken note as to how far the industry has come in just a decade. The focus has now shifted firmly towards the future, with cryptos and blockchain technology jumping into the mainstream over the past year.

Indeed, the event touched on multiple key areas, perhaps no more relevant than global regulatory trends. This includes regulating exchanges, banning banks from transacting, controlling ICOS and token issuance, requiring proof of funds, and KYC & compliance measures.

It is worth noting that the mood at the conference as strongly upbeat, with many crypto components seeing only brighter days ahead for the industry. Much like Lee reiterated, most feel the industry will always find a way.