Does the Price of Bitcoin Really Depend on the Opinion of Elon Musk? An Interview With Norbert Goffa, the Co-Founder of ILCOIN Blockchain Project

An interview by Alyona Karpinskaya
Interviewing: Norbert Goffa

Q: What is your opinion about the publish of Elon Musk, the place Tesla dissociated itself from Bitcoin, concerning the environmentally damaging impact of its mining?

A: Honestly, I discover it very amusing! Naturally, Elon Musk simply occurred to appreciate that the mining of Bitcoin has an environmentally damaging impact. I suppose somebody at Tesla simply informed him that we don’t like Bitcoin anymore, since it’s harming nature… In one phrase, I feel this entire factor is a joke. Of course, I don’t really feel like laughing about its impact, since we noticed what occurred. However, I enormously doubt that the crashing of the value was solely brought on by one tweet from Elon Musk. If it’s true, then this market is standing on a lot weaker foundations than I had thought.

Q: If it was not brought on by the opinion of Elon Musk, then what was the actual cause for the 30-40% fall of Bitcoin and Ethereum over only some days?

A: I don’t need to breed conspiracy theories, however the assertion of Elon Musk simply got here useful to sure teams who needed to quick. Let us simply ask the proper query! Who earnings the most when the value crashes? The reply is admittedly easy – the exchanges. I don’t need to accuse anybody, however the actions of sure exchanges could be severely punished on a regulated market.

Q: What is the drawback with the exchanges? Why do you assume that the exchanges are liable for the in a single day collapse of the market?

A: I’m not stating that the solely catalyst of the occasions are the exchanges, I solely want to say {that a} state of affairs the place the TOP cryptocurrencies are shifting 30-40% is sweet for them. Let us for one second think about that Elon Musk tweets one thing and his concepts generate 100 billion in gross sales. I don’t need to over or underestimate Elon Musk, however I feel that he alone is simply not sufficient to make something occur. A market is critical for issues to start out shifting, a market the place there’s a big hole between reported and actual commerce. The volumes we see are removed from actuality. Every trade makes use of market makers. There are a number of corporations that present MM companies. Besides this, tasks use their very own free accounts. So allow us to not be naïve. Loads fewer folks promote as a result of of an Elon Musk tweet, than what’s proven in the information of the itemizing websites. In essence, the market falls as a result of of false volumes.

Q: So you simply don’t like the exchanges. What sort of resolution do you see for the talked about drawback?

A: It shouldn’t be true that I don’t like exchanges. There isn’t any drawback with the exchanges, however fairly with the speculative nature of the market that has arisen from their unregulated operations. It’s similar to the Wild West! Let us simply assume – Bitcoin falls by greater than 30% over just a few days. Of course, there are an entire lot of folks with open buy positions at low costs, which simply drags the value down. Make no mistake, the exchanges should not the solely ones liable for this. The exchanges are offering alternatives and it is usually of their curiosity to create a state of affairs the place Ethereum falls to 2,000 USD from 4,000 USD. This is hard, very robust. I’m not even mentioning Bitcoin, which skilled a way more important drop. It simply hurts the eye once you see the Binance coin going below 300 USD. The coin of the trade that everyone is aware of is the greatest participant of the cryptocurrency market. Do not inform me that it’s as a result of of Elon Musk!

Q: It appears from the above talked about, that you’re extra the pessimist with the market than the optimist. What future do you see for cryptocurrencies? What sort of value do you assume Bitcoin will attain by the finish of 2021?

A: I don’t assume I may be referred to as a pessimist, as a result of I don’t let myself be manipulated. I simply merely don’t assume {that a} tweet might end in a fall of 30-40%. That is my opinion. This is why I defined the causes that might be standing behind the value fall. This shouldn’t be a pessimistic or an optimistic level of view. It is just an opinion, which is sweet for giving a distinct angle at the occasions of the market. Yes, I’m a critic of exchanges. It principally comes from expertise. We have a lot unhealthy expertise with exchanges, however when requested whether or not I’ve or unhealthy expertise with exchanges, sadly I’ve to say that it’s extra unhealthy than good.

As for the future, I feel that Bitcoin will likely be one of the greatest investments of all time. Regardless of its present short-term discretion. Of course, Bitcoin shouldn’t be good, however its fundamental idea predestines it for fulfillment. I don’t wish to predict, there are greater than sufficient “experts” for that, who want to achieve reputation with just a few hundred thousand greenback quick time period ideas. I feel that these are hole statements. Nevertheless, I’m sure that in the long term, the value of Bitcoin will likely be a lot larger than it’s right this moment. It wants time. Not even mentioning the quick and long-term results of the occasional laws.

The cryptocurrency market ought to go as much as the activity. This “Wild West” like state must be eradicated with time, and a transparent, secure and clear market is critical with a purpose to attain success. Bitcoin will fulfill its mission and shall fill the position for which it was destined. It could have a critical position in financial life as the digital gold. It could have the similar position as gold, however solely with completely different foundations, since the technological revolution is altering every thing. I hope you now see that I’m extra of an optimist, however I want to stand with each ft on the floor.

Q: If we have been talking about Bitcoin, allow us to discuss Ethereum. What do you concentrate on the future of Ethereum and the altcoins?

A: I don’t actually like the time period “altcoin”, as a result of whereas it bears which means, it’s nonetheless a bit unclear. Bitcoin doesn’t want alternate options. However, I don’t need to get into this, since it will be a distinct dialog.

Ethereum is getting stronger. DeFi and NFT tasks elevated Ethereum to a brand new degree. Two years in the past, I believed that Ethereum could be dismissed, however right this moment, I see it in a completely completely different gentle. The community has to develop robust sufficient to deal with the innumerable tasks. It is evident  that the value of the Ether additionally relies upon on Bitcoin, similar to every other challenge on the market. So, any speak about the future of Ethereum can solely be comprised of the shadows of Bitcoin. If Bitcoin will likely be stronger, then Ethereum may also be stronger. I can’t contribute extra to this query. Clearly, many extra challenges lie forward for Ethereum if it desires to remain in the position of a market chief in the long term for the DeFi and NFT markets. We will see how the future performs out. It is admittedly arduous to remark on this.

Q: If we have been speaking a lot about the market, might you say just a few phrases about ILCOIN? What sort of future is ready for you?

A: ILCOIN is present process big modifications. Sadly, the values we have been constructing on throughout 2018-19, are now not in impact on the market. Nobody desires giant block sizes, no one desires to retailer information on-chain and questions on safety grow to be secondary. Now, DeFi and NFT are the high hits. Nothing is admittedly essential anymore. There could also be an exaggeration to this, but when we take have a look at it, there’s reality in my assertion. We have developed and are nonetheless creating games, they do bear worth, however right this moment, the emphasis shouldn’t be on such developments. Therefore, we do have to change the challenge in such a means the place we hold the precious issues, and a renewed challenge ought to be capable to attain new customers. Our current neighborhood has an enormous position on this, in making us identified amongst a broader viewers of customers.

In one phrase, there are new plans in focus, the place we are going to attempt to validate the energy of ILCOIN, however we’d like time. The modifications won’t occur in a single day. The market is altering quick. What we expect to be a pattern this 12 months won’t be so subsequent 12 months. Therefore, you can not wager every thing on one card. With greater than 5 years of expertise, we noticed fairly just a few issues. And that mixed expertise helps us so much in constructing our future. ILCOIN wields the most superior expertise amongst the     SHA-256 PoW cash. This is superb, however after we are talking about altcoins, there’s larger want for Ethereum-based options than Bitcoin-based approaches. But, this may be modified. This is the most enjoyable factor about the crypto market. It is dynamic, unpredictable and you’ll win huge or lose huge. If one can’t deal with it, then go and purchase Swiss or Norwegian state bonds.

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About Alyona Karpinskaya: Founder of the PR-Blockchain company, technical author, journalist and publicist

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