Erik Voorhees, the CEO of ShapeShift, is a big fan of crypto-currencies and Blockchain since the time when Bitcoin was worth only $ 5. He took advantage of an interview with Caroline Hyde from Bloomberg to share his opinion on the subject.
Focus on the regulation of cryptocurrencies
Voorhees hopes that regulations around Bitcoin and altcoins will be less stringent, as emerging technologies can clearly make a difference in the future.
"The regulation of the cryptocurrency market is not necessary," he said. "A lot of things are harmful, especially in the field of finance," which brings ShapeShift's CEO to say that "money has to be released and free. Crypto-currencies are decentralized by nature. These are alternatives to fiduciary money. In this case, competition is happening, which is a good thing. "Admitting that digital currencies can now compete with each other, Voorhees emphasizes this aspect to demonstrate the determination shown by some to be at the top of the ranking.
"There are a lot of projects on the cryptocurrency market, many of them are unthinkable, others are well-intentioned, but will fail while some will actually end up changing the world. "
"Regulations have nothing to do with fraud or theft"
Host Caroline Hyde asked Voorhees if he believed that regulating the digital currency market could help identify scams and frauds. The great crypto-currency advocate has said no. Regulation should "prevent fraud and theft," no need to make "a thousand pages. ""Most regulations have nothing to do with fraud or theft ... they apply to controlling the behavior of consenting adults, and some of them are very problematic," Voorhees added.An example illustrated this during the interview. The licensing issue prompted many crypto scholarships to leave New York City.
As for ShapeShift, its system "protects consumers ... without incurring high risks," says Voorhees.In order to satisfy its customers, the company has created a secure and fast trading platform.
The company has considered raising funds through an Initial Coin Offering (ICO) at some point. However, she abandoned this idea in order to create formal advice and partnerships with professionals.
Voorhees concluded by mentioning the confusions that still hang around and should be discussed - like the question "whether a Security Token (note: A Token as Financial Title) is valid or not. "
Do you agree with Erik Voorhees, the eternal optimist of crypto-currencies? Tell us in the comments section below.