Whether or not we’re going to add AI or IoT to the applications, that’s a question for future developments. But fortunately, blockchain enables decentralization, and allows people to become more autonomous in relation to their own finances. I don’t see them in a competitive “one or the other” scenario, and there is enough room to improve one element with features from the others. The same goes for Internet of Things and Big Data. How do you think that crypto can remain relevant among other technological leaps?Īlex Mashinsky: Well, crypto can use AI too, and we can have plenty of applications for code-driven decision making. Roubini seems to be really positive in regards to the FinTech innovations like AI, Internet of Things, and Big Data. Roubini who wrote extensively about the financial collapse of 2008 and remarkably predicted it two years before it happened. If you look at Nouriel Roubini, he’s an advocate of this type of centralization, while I’m a fan of decentralization.įurthermore, let’s not forget that it was Mr. Cryptocurrency is universal, quick, safe, and a worthy challenger to a system which relies on people trusting incompetent institutions with their money. Now we’re seeing the results of over 500 years of institutional centralization, and there are big gaps and discrepancies in terms of wealth distribution and access to financial services. Vlad: Let’s begin by talking about the Milken Institute conference: would you please do a brief recap of the arguments you presented throughout the 1-hour debate?Īlex Mashinsky: I strongly believe that we find ourselves in the middle of a fight between centralization and decentralization. The following lines are an adapted transcript of the most interesting ideas presented throughout the dialogue. He was nice enough to have a 40-minute conversation with me on Skype about MoIP (ironic, because Skype is also founded upon VoIP). Mashinsky one-on-one, and understand his rationale in a more private context. The Celsius platform will offer crypto-backed loans, and provide annual interest in the form of CEL tokens for simply using it to store your bitcoin & ether.įeeling intrigued by these bold promises, I decided to interview Mr. We can all contribute to the dawn of crypto banking with projects like Celsius. A single blockchain-based killer app could usher in a tremendous wave of crypto users. Two decades later, he’s certain that the same kind of evolution will happen in the financial system by virtue of cryptocurrency, thus establishing the world of MoIP (Money over IP). It is now used by over a billion people across the globe. In the 1990s, when Alex invented VoIP (Voice over Internet Protocol), he strongly believed that internet calls through a decentralized protocol could disrupt the business model of phone companies. He recently had the ICO for his crypto lending platform Celsius Network, but his involvement in the tech world dates a few decades back.
During the recent Milken Institute conference debate, Alex Mashinsky really stood out as a harsh critic of the traditional banking system, and a strong believer in the future of cryptocurrency.
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