Today we hosted an AMA with Executive Chairman of Bitcoin.com and Bitcoin Cash leader, Roger Ver. The AMA took place in our official WeChat group. It was hosted by TEAMZ CEO Tianyu Yang. During the AMA, Roger airdropped $400 USD worth of BCH.
Below are the questions and answers to the AMA.
Tian: Thank you Roger for supporting TEAMZ all the time. Also, we’re looking forward to your great presentation on Crypto Asia Summit. Roger’s presentation takes place at 9am JST. May 20, 2020. May I know what kind of topics will you cover then?
Roger: How digital currencies will change the whole world for the better!
Tian: You’re from San José right. Why would you come to Japan, why choose to work in Japan?
Roger: I only spend part of my time in Japan. This year I’ve spent more time in St Kitts already. Japan is very nice, but there are lots of very nice places around the world.
Questions related to COVID-19
Tian: As the global situation of COVID-19 is getting worse, the number of infected people in Tokyo is growing exponentially. For the sake of safety, TEAMZ has been conducting remote working. Small and medium-sized businesses are facing bankruptcy; large-sized businesses are facing deficits. Bitcoin.com team is also based in Tokyo, right? Can you talk about how your team manages to work? What advise you have for crypto projects to survive the pandemic?
Roger: bitcoin.com’s team is based all over the world. For the team members who are based in Tokyo they have the option to work from the office to work from home. Basically people get to do what they want so long as they are helping spread Bitcoin Cash adoption around the world.
Tian: I found your recent 2 tweets very interesting. One on April 5th : “A world wide Great Depression caused by locking down the world’s economy will kill more people than #COVID2019.” Another one April 2nd: “If printing money could make the world a richer place, why is anybody poor?” What are your thoughts on what is happening in the global crypto market with respect to the lockdown and money printing?
Roger: It seems like governments are unintentionally doing everything they can to make crypto currencies more attractive to the world.
Impacts of BCH halving and BTC halving on price and liquidity
Tian: What are your thoughts on the first Bitcoin Cash halving on April 8th?
Roger: Just like all the previous halvings, it was a non-event.
Tian: 2020 is a special year, from January to October, we’re expecting 8 mainstream currencies—BEAM, ETC, BCH, BSV, BTC, DASH, XZC, ZEC—to be halved this year. What’s your thought on BTC price movement in 2020? What’s your price prediction of BTC at the end of 2020?
Roger: Price is set by supply and demand. If the demand stays constant, but the new supply coming into the market is reduced, the price should increase.
Questions About BCH
Tian: TEAMZ has been around since 2017, and we’ve been witnessing you promoting BCH in Tokyo since 2017. We believe the Japanese community is one of the main communities of BCH. What made you believe in BCH? Why would you switch from “BTC Jesus” to BCH evangelist?
Roger: I didn’t switch anything. I am still promoting the peer to peer electronic CASH system that I originally started promoting. BTC may have the Bitcoin name today, but it isn’t the Bitcoin that got everyone excited early on.
The Bitcoin everyone got excited about original offered fast, cheap, reliable payments, and was trying to become money for the world. The thing everyone is calling Bitcoin today no longer has fast, cheap, reliable payments for the world and isn’t even trying to be money for the world. BTC with its limited block size is just coasting on its brand recognition. All the innovation is happening on other chains.
BTC has turned into speculators speculating on the speculation of future speculators.
Bitcoin Cash is building a peer to peer electronic cash system for the world.
It is clear which one of those will be a better safe haven asset in the long term.
I’m still promoting the same version of Bitcoin today. Peer to peer cash for the world.
Tian: You recently were quoted saying this about Bitcoin, “There’s nothing that can ever be used as a store of value that doesn’t have a secondary use case.” Can you explain?
Roger: Dollars are used as a store of value because you can spend them everywhere.
A house is used as a store of value because you can live in it.
Gold is used as a store of value because it is useful in industry.
Tobacco and salt have been used as a store of value because you can consume them later.
Postage stamps have been used as a store of value because you can mail things with them.
There has never been something that’s ONLY use case is as a store of value. In order for something to be usable as a store of value, it MUST have a secondary use case.
BTC damaging its ability to be used for payments has damaged its ability to be used as a store of value, and at least tens of billions of dollars worth of value are now being stored in things other than Bitcoin because of that damage.
Tian: What do you think needs to happen for BCH to take over BTC?
Roger: More people need to try both BCH and BTC and they will quickly see that BCH is
- More reliable
- More private
- Likely has more merchant adoption as well.
The only thing BTC still has going for it is:
- Large network effect
- Name recognition
- More liquidity.
A smart investor invests where the capital is going to be in the future, not where it is today.
BTC is where the crypto capital is today, but due to its intentionally bad user experience, it won’t be the future.
Tian: Low transaction fees, high transaction speed, and liquidity are what BCH aiming to achieve. However, at the current state, the liquidity of BTC is far more than BCH. Do you think the liquidity of BCH can overtake BTC in the future? If so when?
Roger: BCH gives people a better user experience than BTC in almost every area, but BTC is the brand that more people know. The question is will the better user experience win out over the more well known brand. We have seen the answer to this many times in the past with things like Friendster vs Myspace vs Facebook.
Tian: Where can people use BCH payments in Tokyo? Could you please give us some examples of BCH payment over the world?
There are actually more physical places accepting BCH than any other crypto currency in the world.
The Bitcoin Cash Register app makes it super easy, and anyone can find many of the BCH accepting locations using map.bitcoin.com
I also love browsing the items for sale on: https://local.bitcoin.com/goods/Buy as well.
Tian: Apart from BCH, which cryptocurrencies are you closely paying attention to in 2020? Any recommendation?
Roger: ETH, XRP, XMR, ZEC, XZC, DSH, BNB, BAT, XTZ, etc. etc..
I’m interested in anything that is useful in commerce.
Questions about application scenarios of blockchain technology
Tian: Some people are passionate about the application of blockchain technology but are negative about cryptocurrency, while some are only interested in cryptocurrency. What do you think of the relationship between blockchain technology and cryptocurrency?
Roger: I think that crypto currency was the first application for blockchain technology, and is the one that is currently the most interesting for me. Maybe people will find out other more interesting uses for blockchains in the future, but today crypto currency, including tokens, seems by far the most important to me.
Tian: We’re concerned with the future development of the blockchain industry. What do you think will happen in this industry in the next 5 to 10 years?
Roger: I would like to see more permission less finance tools come into existence. The SilkRoad as an illegal dark net market that was incredibly interesting philosophically.
I want to see an illegal dark net market have an illegal IPO in the future.
The world will be a more prosperous place when the SEC can no longer control the world’s investors.
Of course, I’m against anyone using force or fraud against peaceful people though.
Latest Investment Movement
Tian: We know you’re also very active as an investor, during the current recession of the global economy, what’s the key for the blockchain and cryptocurrency industry? Which industry do you think will have a good performance in the future?
Roger: The things that are useful will be used the most. So look into the world to see what people are using, or would like to be able to use. Those are the things that will be good investments.
Of course I think crypto currencies will continue to do well too.
Message to Chinese Community
Tian: We heard that you’ve been practicing Jiu-Jitsu for many years. Does the philosophy of Jiu-Jitsu influence your business philosophy?
Roger: It is a never ending journey of learning new things, and incorporating them into my own movements. It is like a wonderful book that never comes to an end. Just like the world of business.
Tian: What is your message to the Chinese community?
Roger: Give things a try!!!
Download a wallet where you have the private keys yourself, and get started from there!
Bitcoin.com is a great place to do just that.
Attendees Q&A session
Q. Have you looked into the Holochain project at all. Any thoughts?
Roger: I don’t know about Holochain.
Q. What do you think of the computational competition with BSV?
Roger: I like BSV technically, but HATE the things that CSW and the BSV thought leaders for BSV are doing. They are suing everyone around the world including me, Vitalik, CZ, Jihan, and many many more, and they are threatening to use patents to sue every other crypto currency business in the world to force them to use BSV. I could never support that kind of tactic, so for that reason, I don’t own or use BSV.
Q. If you ever think there will be a BCH transaction on Mars?
Roger: It takes about 15 minutes for light to travel the distance from Earth to Mars, so I don’t think we will see people using BCH on Mars.
Q. What is the direction of the relationship with BTC?
Roger: BTC started being too slow, expensive and unreliable to use in commerce, so I switched to using something else for my business.