Author Archives: Aaron Koenig

“Everything in Crypto Except Bitcoin is a Scam”

Interview with Tone Vays, trader & consultant

The price of Bitcoin nearly doubled from September to December 2020*, why do you think did that happen?

* This interview was conducted on December 8th, 2020

Bitcoin has been in a bear market for more than two years, so it was just Bitcoin’s time to go up. We saw a lot of corporate interest in Bitcoin, and that is a huge driver. Companies like Microstrategy are buying so much Bitcoin, taking it off the market, and when people read about this, they feel that they are missing out. So the fact that big companies are getting into Bitcoin drives the retail confidence.

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The Power of DeFi on Bitcoin

DeFi, shorthand for “Decentralized Finance”, has been one of this year’s most significant trends. According to a report by DappRadar, the total market volume of DeFi has risen more than tenfold in 2020, from 12 Billion USD in Q2 to 125 Billion USD in Q3. Tokens of DeFi platforms such as Uniswap, Aave or Compound have seen a dramatic rise in value.

What Bitcoin does to money transactions, DeFi promises to bring to lending, borrowing and trading: a system that works without the need to trust any middlemen. All intermediaries such as banks or exchanges, which make the traditional financial system so vulnerable to fraud and corruption, are replaced by the cold hard math of open source software. A crucial role in this financial revolution play so-called smart contracts, a concept that has been developed by the computer scientist, lawyer and cryptographer Nick Szabo in the early 1990s.

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