Tone Vays is a well-known trader in the bitcoin space who previously worked at Bear Stearns and JP Morgan. Vays is currently head of research at Brave New Coin, and he was featured on a panel regarding the pros and cons of investing in Bitcoin at last week’s Blockchain Agenda Conference in San Diego.
During the panel discussion, the participants were asked for their opinions on the Bitcoin versus blockchain debate. Not one to hold his tongue, Vays let it be known that he doesn’t see how private blockchains will offer any revolutionary changes to the world of finance.
How Useful is a Private Blockchain?
One of the key points multiple individuals, from Xapo CEO Wences Casares to Bitcoin Foundation Chief Scientist Gavin Andresen, have mentioned when it comes to private blockchains is that these solutions aren’t much different from traditional database technologies. In fact, a synchronized MySQL server may make more sense than a blockchain when decentralization is not a top priority.
Tone Vays hinted at this issue during the recent panel discussion, as he noted there isn’t much of a point