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The PRIZM team took part in the conference on cryptocurrencies "Crypto Space"

Even in the past year, the blockchain conferences held in Russia have reached a new level - enthusiasts of the innovative industry are increasingly organizing thematic events, meetings and conferences.

Of course, the team of the advanced crypto currency PRIZM is in the locomotive of the global and Russian blockchain trends, taking part in the most anticipated and high-profile events. PRIZM activists already took part in the "Cryptoconference" held in Skolkovo Technopark, but this time there was no less than a major event that gathered 56 representatives of the world's leading crypto companies and thousands of start-ups and industry experts in a single site. Thus, the past conference "Crypto Space" has become the largest thematic event among the blockchain developers of Europe.

While the speakers of international level were on stage in the big hall of the Technopark, on the small stage, according to the already established tradition, there was a competition of blockchain-startups - each team received 10 minutes to present their ideas and project. Already after the speeches, the guests of the event made decisions about investments in this or that Blockchain project.

"Excellent conference. And it really can be called the biggest event on Blockchain in Europe. What surprised me was that with so many international speakers and a constant discussion of decentralization, no one mentioned that all the current crypto-currencies are just an illusion of this decentralization. Today, with a huge number of crypto-currencies, there is not even one to single out. All crypto-currencies are either not initially decentralized, or are centered as they develop same like Bitcoin. As a result, we see the power over the emission of new coins, the adoption of decisions on changing the rules for the whole community, the fluctuation in rates, - often depend on small groups of investors and the largest mining pools.

It is the process of centering in cryptocurrencies that is notf accepted by the members of the International public movement "Change the World Together". The world needs a truly decentralized world financial system, and not an illusion of this decentralization. We were the first to raise this issue 2 years ago and started to develop a truly decentralized crypto currency - PRIZM. We grow very fast. While we are 10 months old and we just learn how to walk, our teeth appear already, but when PRIZM grows up, the medieval fiat system will come to an end, "the leader of CWT and the founder of the crypto-currency PRIZM, Mr. Alexei Muratov, summed up.

Meanwhile, in the industry

In turn, experts from Saxo Bank compiled a traditional list of economic forecasts for 2018 and among them - the collapse of Bitcoin.

According to the forecasts of the expert group, 2018 will bring several major shocks to the world economy. The main and the most priority are considered: the weakening influence of American and Japanese central banks, the collapse of the stock index S & P 500, political instability in the EU and the decline of public interest towards the first crypto currency - Bitcoin. Also in Saxo Bank believe that it is the policy of Russia and China in respect of crypto-currencies which will lead to the collapse of Bitcoin, but before that, its rate will still grow at a rapid pace.

"If we talk about the collapse of Bitcoin, then I think this will happen only after the collapse of the exchange rate of fiat currencies. Bitcoin, with all its drawbacks, is a much better and more attractive financial instrument, than they are. Already a huge number of people understand that the world financial system built on the US dollar is a financial pyramid, and national currencies are simply a part of it. Because of the unlimited emission of $ US, the currencies rate is constantly depreciating. That's why, opposed to them, Bitcoin looks much more attractive as an investment tool, as well as a means of saving or accumulating money. The Bitcoin rate will fall only when it is replaced by cryptocurrency, which is technically and conceptually better than it. And such a crypto currency today is PRIZM - this is the first one.

Also, Bitcoin rate may fall if it is specifically manipulated by the founders, on whose wallets one million Bitcoin is there, as well as by large-scale mining. In the absence of truly decentralized crypto currencies, it's simply not clear who is at the helm of a particular crypto currency - this is what frightens and causes opposition from the state authorities. Until truly decentralized financial instruments appear, with the lack of ability to manipulate them, the authorities will be wary of the crypto currency market. However, already at the time of the emergence of the industry, it is beneficial to both China and Russia. China is interested in the development of Bitcoin - the main part of the mining equipment is produced today in China, and as is known, the main income is received by manufacturers of mining equipment, and not miners. Russia should also be interested in developing crypto-currencies: in fact, Russia does not have its own national currency, as the Russian ruble is provided by 47% of US dollars, 40% of euro and a small amount of another foreign currency. In fact, the Central Bank, operates as the currency exchange, allowing to third countries to greatly influence our national economy and placing Russia in dependence on the interests of the United States in the first place. It will be much better for Russia to use decentralized crypto currency, and not "converted into Russian" US dollar, especially in the conditions of the economic blockade that the West is trying to make for us, "said Mr. Alexei Muratov.

At the same time, even the world's leading mass media and experts begin to talk more about the gradual centering of Bitcoin: large-scale mining pools, major market players is the current problem of the crypto-currency, which all industry participants are trying to solve (and not only BTC owners, but also start-up projects).

According to Mr. Aaron Brown, head of the financial market research department of AQR Capital Management in his interview to Bloomberg, about 40% of all Bitcoin coins existing today belong to just a thousand of the largest players in the market - they are called "whales" in the blockchain community. The expert is sure that almost all this community of people were familiar with each other long before the public's special attention to Bitcoin crypto-currency market began.

"I think there are several hundred of them. It is likely that they are in touch with each other, “Mr. Kile Samani, Managing Partner of Multicoin Capital, agrees with Mr. Brown, who is even more skeptical about the situation.

These are pessimistic views of market experts on the concept of the first crypto currency, which was conceived as an innovative tool for the real decentralization of the world economy and and the maximum "dispersion" of finance tool around the world. But in the end, we see that Bitcoin and even other crypto-currencies (usually based on obsolete Proof of Work technology) are subjected to sharp centralization due to the infusion of resources into mining and speculation of rate.

"And if you add to this the questions about who is behind Satoshi Nakamoto? What will happen when this 1 000 000 bitcoins on his wallet starts moving? We will get a very unpredictable financial instrument.

It is the solution to all of the above problems and the elimination of the disadvantages of Bitcoin and other crypto-currencies which was the main task for the team of developers of advanced crypto currency PRIZM," - commented Mr. Alexei Muratov.

  • December 18, 2017 8:22 PM MSK