Last night, Crypto currency enthusiasts from all over Johannesburg came together at the Mesh Club for The Matt Brown Show #CryptoKungfu – The Deep Dive Series Part 1. The show was the first of its kind with it being globally live streamed via video and podcast; and with live interaction from the physical and virtual audiences.
This was the 7th sold out Matt Brown Show in a row, with this one as the first edition of a deep dive series looking at the bitcoin family of coins, what makes the coins different, their utility and the opportunities for traders and investors.
World renowned panellists included American Adam Meister who is regarded as one of the world’s leading Bitcoin experts, fellow American Tone Vays, Crypto Currency educator, evangelist and public personality; South African Lorien Gamaroff, founder/CEO of Bankymoon and co-founder/CEO of Centbee.
Although all big Bitcoin supporters, experts and investors, it was clear from the outset that panellists were divided about Bitcoin forks, with each making a strong argument.
The Matt Brown Show has built a listenership and captive audience in over 100 countries around the world. #CryptoJHB was the first podcast event to trend in the #1 hashtag position on Twitter in the history of South African media.
Matt Brown says, “these 3 experts have the uncanny ability to read the cryptocurrency market and are considered part of the top 100 most influential people in blockchain/cryptocurrency space in the world”.
“Matt Brown Show #cryptokungfu in essence helps consumers triangulate information to get to the truth, because there’s a lot of bullshit out there” says Brown.
Meister sees Bitcoin as a long-term investment and the forks as interest earned. This is because anyone who owns Bitcoin has access to these free forks. The creators did this to give credibility to the new type of crypto currencies by associating itself with the Bitcoin name. He recommends converting your Bitcoin Cash into more Bitcoin and adding that to your investment. Meister is quite conservative when it comes to Bitcoin and believes in treating it like a savings account. No matter what the market indicators say, he weathers the inevitable storms by not cashing out or trading when Bitcoin hits a bit of a dip. He plays the long game and encourages people to hold on to their Bitcoin.
Vays is one of the world’s leading Bitcoin technical analysts, and tracks Bitcoin and forks on daily charts to make predictions on the crypto currencies. He was passionately against forks and was surprised by the amount of people who supported Bitcoin Cash to begin with. He is of the opinion that these forks will become less and less valuable and that it poses too many risks. Vays strongly advises people to stay away from forks and stick to Bitcoin as he believes it will keep reigning supreme in the long run.
On the other spectrum of the debate was Gamaroff who was an avid supporter of forks. He believes that developing countries could benefit greatly from it. In these countries where most people do not have bank accounts, but own cellphones, digital currencies have the potential to transform lives. He stated that Bitcoin right now is difficult to use, expensive and slow to transact whereas forks such as Bitcoin Cash will be faster, cheaper and more convenient sooner. It’s only human nature that those are the crypto currencies that would rise to the top according to him. Gamaroff hopes for a world where Bitcoin and forks will be used as we do cash now. He conceded that if *Lightening Networks became a reality sooner rather than later, Bitcoin would become faster, cheaper and convenient and thus more accessible. All three were in agreement that Bitcoin needs some form of regulation as that would be the only way Bitcoin and its forks could be used in every day transactions and recognised as a mainstream currency.
The panellists were supportive to regulate those who solicit investment advice and opportunities but believe that there should be less regulation on how people spend it, thus keeping it mostly decentralised.
*Lightening Networks are dependent upon the underlying technology of the blockchain. By using real Bitcoin/blockchain transactions and using its native smart-contract scripting language, it is possible to create a secure network of participants which can transact at high volume and high speed.