Interview With BTCC Co-Founder Bobby Lee About Cryptocurrency Revolution, Satoshi Nakamoto’s Identity And The Future Of Bitcoin
How did you get to know about the concept of cryptocurrency and what impact it had on you?
I heard about blockchain for the first time from my brother Charlie Lee back in 2011. Before this we were investing in gold that was good enough for investments. We heard about blockchain and started to study this technology. We both had computer science background and we found our that it is possible to use software for something like digital assets to have value. That is why we started bitcoin mining back in 2011 and after a few years I even decided to dedicate my whole career to it. In 2013 I joined the team to become the co-founder of BTC China.
Did you just believe in it?
Indeed, I believe in blockchain because I understand computer science, mathematics, and I know what a decentralized peer-to-peer network is that uses proof-of-work concept, which is a very special one.
You said crypto assets would became the global assets but how would it maintain taxation system and other governmental programs?
As a supporter of bitcoin I do not exclude taxes and government. I think government has a good role to the society and taxes are very important for governmental functioning. I think Bitcoin is not against taxation. Moreover it allows to collect taxes more efficiently. The Bitcoin transactions are anonymous but they point that transaction was done correctly. If I go to the store and buy something I would have to pay GST and if I go to the restaurant I have to pay 10%, for the internal income of a company there is another type of taxation. And there is no problem in using Bitcoin for this.
Is there any possibility for governments to create common standards for cryptocurrency regulation?
I think there is no need in a common global standard and different countries do it in different ways. Countries have to be more innovative and take the challenge to really accept digital assets. Governments have to be used with the idea that information can be value and digital money can be value, so it can return the freedom of money to the people, which is very important.
Talking about bitcoin 21-billion-limit. It's interesting to know what will be after all this amount would be mined?
After 21 billions of bitcoin are issued in more than a hundred years, the mining of the blocks would be continued because there still will be transaction fees. The miners will still make money from transactions maintaining. There is also no rush with limit fulfillment (laughing).
How can developers get through the volatility and the lack of stability of Bitcoin?
I am personally not worried about that because Bitcoin once costed just ten dollars and at one point it has reached 10 thousands dollars. Bitcoin is highly volatile because some people believe in it while other just have fear. This currency exists only nine years so we should give it some time.
Mr. Lee, why don't you believe in ICOs?
ICOs are tricky and I really don't believe in ICO for this moment, I decided not to support and invest in any ICO because too many projects just avoid the regulation rules. I think the risk on crypto market is too high for me now.
But we have seen the great success of some ICO projects like Ethereum, for example, which demonstrated a fast development.
Ethereum became useful because of ERC-20 token technology which all ICOs are based on. So without this technology I don't think Ethereum would be so valuable as it is today. Ethereum is a platform for ERC-20 tokens and in the end that is why Ethereum Network has such great power today.
Why don’t many people trust cryptocurrencies?
People do not trust cryptocurrencies because they do not understand it. I hope that people would be interested in this sphere more. There are well educated people but many of them do not understand bitcoin and have a very negative opinion of it. I am holding four main cryptocurrencies which are bitcoin, Bitcoin Cash, Litecoin, and Ethereum. Some people may not trust Bitcoin Cash but I think it is great. It is very much fulfilled with the spirit of the Bitcoin white paper which Satoshi Nakamoto have written.
Some people told me you may know a lot about Satoshi.
I think I know who Satoshi Nakamoto is. It is a very good story. I think there were three people. I have chatted with them in messenger, and I think one of them is Phil Wilson. Two of these people are from Australia and New Zealand. The third guy was from the USA but he is already dead. When they launched Bitcoin it was very advanced and unorthodox, very challenging. So the group was really afraid for some notable reasons that the government may have done something bad. So they didn't want their identities to be publicly revealed. And I am excited because I think I know who Satoshi is, and the rest of the world would come to the same conclusion based on my opinion in a few years.
Can you disclose some information about the future of cryptomarket and bitcoin?
I think bitcoin will grow and one day we will see its cost at one million or even more. Nowadays all cryptos volume is two billion dollars and one day it will reach two hundred trillion dollars, especially at the current speed of fiat money printing. USA already printed forty trillion dollars so what’s the point.
There are many governmental projects on issuing stablecoin and different oficial blockchain solutions. Is there any risk for a decentralized system?
I think it is fine and countries should issue their own stablecoins. But those are not cryptocurrencies, for me such stablecoins are just a sort of evolution of physical money turning it into governmental crypto. I can not stop them from doing it.
Don’t you have a fear that all the thing with cryptocurrencies is just a bubble?
The whole single life is a bubble from the time perspective, and cryptocurrencies might be nothing but a bubble but fiat money itself is a much bigger bubble.