Crypto

VIDEO: Crypto has become a cash grab – Waves Founder Sasha Ivanov | Invezz


I had a pretty interesting discussion this week on the Invezz podcast with Waves cryptocurrency founder Sasha Ivanov.

It was almost philosophical at times. Sasha lamented that crypto isn’t in the same place it was a few years ago; that it has largely become a cash grab.

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Looking at all the scams, pumps and dumps and frauds in space, he’s definitely right. He also mentions manipulation and how the industry is so obsessed with watching prices and money that it has lost touch with the technological roots and mission it had in the first place.

Sasha explains that he “never got into crypto for the money”, but rather for the technology and to make a real difference.

Indeed, Waves – and Sasha – have been around for quite some time. Formerly ranked in the top 10 cryptocurrencies by market capitalization, Sasha isn’t very price conscious these days. Waves, for the record, have dropped down the ranks, but remain entrenched in the top 100 coins.

Sasha’s most impactful thoughts were about scalability. He says “crypto will never progress” unless it solves this scalability problem. Honesty is refreshing. In all honesty, he’s right. It’s hard to argue that scalability is simply a problem that no one has yet managed to solve. And there’s no way to fix anything in a global sense until this issue is resolved.

I asked him if the much-hyped Ethereum merger — and in particular the sharding feature that’s planned for the future — can help solve the scalability problem. He is bearish on the idea that sharding will help Ethereum, widely dismissing it as a dead end. Any technical manager might find his reasons interesting.

At a time when most founders and investors repeat the same lingo about bear markets being a time of construction, everything is fine and there is nothing to worry about, this was a whiff of Fresh air to hear Sasha address crypto issues so candidly.

I asked him if he was motivated to continue. He said yes, and the answer was emphatic.

It got me thinking about how crypto has changed over the past few years. Granted, it’s unrecognizable from where it was – today it’s legal tender in two countries, state-owned companies hold it on their balance sheets, and it occupies space in the world’s largest newspapers.

Yet there are also ugly parts. There is theft, greed and vitriol. And neglecting all of this does no one any favours. It was nice to hear the founder of a great coin address these concerns head on.

As always, please send us your comments.

Continue the conversation on Twitter with @InvezzPortal, @DanniiAshmore and @wavesprotocol Or visit https://waves.tech/ for more information.

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