Blockstream’s Samson Mow Recent Interview on Bitmain and Bitcoin

 

Blockstream CSO and general cryptocurrency figurehead, Samson Mow, gave an interview recently with Korean news source, HanKyung, discussing his thoughts on Bitmain’s IPO and Bitcoin. Hankyung refers to Mow as one of the most outspoken critics of Bitmain and question him on the recent controversies that are surrounding Bitmain’s IPO.

Bitmain, the leading crypto-mining ASIC producer, announced earlier in the year their plans to hold an IPO to list on the Hong Kong Stock Exchange and forecast an estimated value of 34 trillion when listed. It was also reported that huge Chinese companies like Tencent and Softbank would be the main investors which later turned out to be false as the companies claimed no involvement.



Photo Via Reporter Choi Hyuk Kyung

 

During Block Festa 2018, held in Gangnam South Korea, Mow sat down with Hankyung news to answer some questions.

– I think you are the most famous person on Twitter for Bitmain related issues. 

“It’s a very bad thing that there are many false facts about who invested where. This is actually a fraud. But there are always many rumors in the industry. It is speculated that a particular group will intentionally produce false information to entice investors.”

– Information that the Softbank and Tencent invested in Bitmain turned out to be false. What should we do to stop this fake news? 

“It is more important than anything else to stop fake news. When an article is cited with inaccurate information or sources, it is often the case that the rumor is viewed as the truth as the article becomes widespread. Investors can get hurt. Clear facts must be confirmed. ”

– The predictions for Bitmain’s Q2 earnings seem to be false. Explain why.

“It’s just a simple calculation (laughs). I can not assure you that my guess is correct, but at least I think someone who knows corporate finance can come up with similar conclusions. Bitmain has issued discount coupons to dispose of its stockpile inventory assets. As a result, the price has fallen by up to 85%. It is doubtful whether Bitmain fully reflected this part when calculating sales. In addition, their core asset, Bitcoin Cache, has plunged throughout the second quarter. I am looking forward to seeing that the sales were accurate and how the financial status was transparent. ”

– I think that is good insight. I will turn the topic and ask about Bitcoin. 

“Most investors are looking at Bitcoins from a consumer perspective. They think Bitcoin is like an iPhone app, but Bitcoin is closer to a protocol. It is a kind of communication protocol like TCP / IP. There’s a lot of possibilities. ”

– Many people look at Bitcoin negatively. In 2009, It was pointed out that it was lagging behind in technical aspect, what do you think? 

“Currently, Bitcoin developers are developing Bitcoin blockchains into a sort of ‘layer’. The first layer, the main blockchain, has its limitations. To overcome this, developers are paying the most attention to a technique that uses an external source of Bitcoin blocks to operate on two layers. We are developing using ‘Lightning Network’ and ‘Side Chain’ technology.

Investors tend to think of Bitcoin as a means of payment. So, how important is the ability to pay a few per second (TPS)? The limit of Bitcoin is clear in this view. But I think we should focus on how much value to send per second rather than how many I can pay per second.”




– What is the strength of Bitcoin? 

“Bitcoin is the only blockchain that can deliver the most value in the fastest time. Other blockchains can not transmit that much value. In terms of liquidity and universality, Bitcoin is still more useful than other blockchains. That’s why I do not worry too much about the technical aspect of Bitcoin . ”

– How do you view the future of Bitcoin?

“I do not think Bitcoin’s price will be between 100,000 and 200,000 dollars within the next five years. It will depend on how much it is adopted by the general public. If Bitcoin is really adopted as a means of value transfer, more than that amount would be possible. People will start to realize that Bitcoin is a scarce asset. ”

– I’m positive. 

“Until Bitcoin’s invention, there was no concept of scarcity in the digital world. Bitcoin has created a new concept of ‘scarcity of digital assets’. Bitcoin is still the safest asset among the existing coins. Numerous developers are developing Bitcoin-related technologies. I think the future of Bitcoin is really bright. ”

– When do you see Bitcoin’s ETF approval? 

“Bitcoin ETF approval requires more liquidity. One of the reasons why Bitcoin ETFs are rejected is price manipulation. Is liquidity not a solution? We will soon launch a Bitcoin side chain project. I think it will give some help to Bitcoin’s liquidity supply. It will speed up the trading of bitcoins between exchanges. These efforts will indirectly help deliver Bitcoin’s liquidity, and as a result, be able to expedite the launch of Bitcoin ETFs. ”

– How will it affect Bitcoin if ETF is approved?

“It will be a kind of ‘booster.’ In traditional financial markets, it would be a significant advantage to have an easy way to trade assets like ETFs. I can easily get more money. The introduction of ETF will play a big role in the price increase of Bitcoin. I do not think Bitcoin ETF approval is a matter of ‘if’. It’s just a matter of when. ”

Interview from Hankyung News



 

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