DXMarkets Part 2: Government Bodies Always Play the Catch-Up Game
This is the second part of Coin News Asia’s exclusive two-part interview with Marcelo Garcia Casil, Co-Founder and CEO of DXMarkets. You may read the first part here.
Even though we started building the company over a year ago I would say that we’re really only in our infancy, so I feel that our greatest accomplishments are yet to come. However, bringing our product to market without external funding can be considered a great achievement by itself.
We’ll continue to improve our trading platform but we will also grow our product offering. At the same time we’re working with financial institutions to help them benefit from using blockchain technology so there may be some announcements in that space in the near future.
Governments bodies and in particular regulators always play the catch-up game when it comes to technology and innovation. It’s normal that they struggle to properly understand cryptocurrencies and the role they play, and a knee-jerk reaction is to try to apply the old models and rules to anything new that comes up. I trust that over time they will come up with specific laws and regulations that will make sense for cryptocurrencies and that will actually be beneficial for this industry that’s still forming and taking shape.
On Alternative Cryptocurrencies
Bitcoin is the internet money and as such there is no need to have two currencies in the same way there is no need to have two internets – it just doesn’t make any sense to me. Some altcoins may fill a niche (e.g. full anonymity, tokenized physical assets, etc.) but there is no need to have more than one mainstream digital currency.
I don’t really think that criticizing banks invalidates any arguments against altcoins as they play different roles. I believe in the natural flow of things and natural selection eventually will discard what’s not needed and empower what is needed. Altcoins which don’t serve any purpose will simply perish over time.
I’m a Bitcoin holder and I would personally benefit from a price increase. However, I don’t think that would be beneficial for Bitcoin adoption and therefore I would prefer the Bitcoin price to be stable. Having said that, if Bitcoin is to become a true mainstream digital currency its market capital would need to increase significantly to satisfy a decent share of global trade (at least to cover a good chunk of digital commerce). So I’m bullish on the Bitcoin price long term, but I don’t think we’ll see it skyrocketing to crazy prices any time soon (unless something truly unexpected happens – like governments using it as a reserve currency of sorts).
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