An interview with an economist who predicted the LUNA situation.

The aftermath of LUNA’s recent wave is still underway.

Upbeat Exchange Luna Photo Last look before delisting.

In this situation, I would like to introduce you to an interview with a world-class authority in the virtual currency sector that seems to have predicted the LUNA crisis a year ago.

The virtual currency boom is now a bubble. After the bubble bursts, an innovative virtual currency world will open.

Professor Finn Brunton, during an interview with Maeil Business

Finn Brunton, a professor of science and technology at the University of California at the University of California (UC Davis), raised “Bublon” in a written interview with Maeil Business. Professor Brinton is the author of “Digital Currency,” a historically in-depth analysis of virtual currency, and is a world-class expert in related fields.

Professor Brunton warned, “What can be said for sure is that the current virtual currency boom is a speculative bubble that we have seen in the past,” adding, “If the bubble bursts, many people will lose a lot of money and there will be a huge aftermath.” 바이비트 한글 However, Professor Brunton predicted that virtual currency would not disappear after the bubble burst, but rather emerge as new technologies and industries in name and reality.

He said, “The bubble collapse will open a new way for an innovative system that creates real value, not the subject of speculation.” He then said, “Virtual currency is the most successful and popular answer that came after 50 years of efforts by mankind to create digital counterparts to replace cash.” This is because virtual currency has conditions that can be transmitted as digital data but cannot be copied.

Professor Brunton said that trust building is essential for virtual currency to act as a real currency. “We need to convince people of the value of digital data first,” he said. “We need to create a ‘reliable system’ first while people mine, store, and use it as a legal currency for accidents and transactions.”

He said, “Blockchain is a tool that can verify the reliability of data. He pointed out that although there are infinitely many areas where blockchain is applied, not only virtual currency, but also computation, logistics, cloud services, data authenticity determination, and knowledge asset ownership verification, it is now unfortunately hidden from virtual currency investment.

Professor Brinton predicted that virtual currency will not disappear and coexist together even after the digital currency (CBDC) issued by the central bank comes out.

Professor said, “Human history has used different kinds of currency for most of the time, depending on the class system and the situation at the time. In the future, various kinds of specialized digital currency systems will emerge and use different currencies for different purposes.He said. However, it is predicted that when the financial crisis comes, there will be a small number of coins that survive as they cool down together.

Bitcoin, the No. 1 market cap, is poorly designed and the craze will not last long.

In a written interview with Maeil Business, Finn Brunton, a professor of science and technology at the University of California at Davis Campus, said, “It is poorly designed and the craze will not last long.” In addition, the NFT, which has recently been in the spotlight, has been devalued as it is impossible to target “new speculation” because it relies on value for people’s beliefs and hopes and values.

The following is an interview with Professor Finn Brunton.

Q. What is virtual currency worth?

A. It is of no value in itself. This is the same for all other currencies. There is a mutual belief that money is valuable, and the habit of trading it is created and used, and it is gradually accepted as a means of payment. However, it is clear that cryptocurrency is the most popular and successful solution that mankind has made after 50 years of efforts to create digital counterparts to replace cash.

Q. What do you mean by that?

A. Cryptocurrency is a challenge for non-existent virtual data to become valuable. For example, a computer is a ‘copy machine’. It can produce, transmit, and copy data in the digital world. If virtual currency can be copied, it can be used in duplicate. However, what can be done to make certain data transmittable but sparse and impossible to copy at the same time? One solution to this problem is virtual currency.

Q. Can it be a currency just because only technical requirements are met?

A. There are more difficult steps. You have to convince people that digital data has value. People should build a ‘trust system’ by mining, storing, buying, and using it for transactions. The story of reaching an agreement on the value of virtual currency is the “story” that Bitcoin should create.

Q. What will virtual currency look like in the future?

A. Various kinds of specialized digital currency systems will emerge and different currencies will be traded for different purposes. It’s like a money specialized in business or money used for collateral purposes.

Q. What will be the price of Bitcoin?

A. The Bitcoin craze is unlikely to last very long. Because bitcoin is an inefficient and poorly designed coin. The purpose of Bitcoin is also not appropriate. Like the art market, some forces that have invested a lot of money in Bitcoin can increase their fictional value. But in the end, better technology will replace it.

Q. What is your outlook for NFT?

A. NFT is just a new form of speculation. The value of NFT depends solely on people’s faith and trust. NFT can also be used as a money laundering tool like expensive art. But it is interesting in that NFT is a new concept that can own rights.

Q. The Korean government plans to impose income taxes on virtual currencies, but does not recognize them as financial assets or currencies.

A. Each country is looking for a balance between two conflicting goals. The aim is to block the possibility that one shock will affect other systems while not suppressing future new technology industries. If not cracked down, there could be a speculative bubble, and if the bubble bursts and everyone falls into panic.

Q. What do you think of the digital currency (CBDC) issued by the central bank?

A. From the standpoint of the central bank, the CBDC will allow the government to implement monetary policy flexibly and elaborately. It will also simplify the delivery of services provided by the government to the people. However, it is necessary to introduce it very carefully because it is possible to monitor and control the transaction details of all citizens through CBDC.

Q. If CBDC is issued, won’t it harm ‘decentralization’, which is the charm of virtual currency?

A. I disagree with the premise that virtual currency is a ‘decentralized currency’. Currently, the mining and trading methods of virtual currency, codes and development, and digital books that are recorded from issuance to transaction details are all already centralized.

Q. How much can blockchain technology, which is the premise of virtual currency, develop?

A. Blockchain technology is a tool that can objectively verify the trust of data. Virtual currency is not the only area where this can be applied. It ranges from logistics, the format of owning knowledge assets, cloud services, and the authenticity of data, but unfortunately, it is now only hidden by the cryptocurrency investment frenzy.

Q. What will happen to virtual currency if it occurs?

A. In the event of a financial crisis, the virtual currency market will also cool down. This is because virtual currency is a luxury goods, so low-interest liquidity and related infrastructure are needed to be maintained. However, the current social and technical infrastructure of virtual currency is at a very weak level. Some of the cryptocurrencies will live and some will die.
Professor Finn Brunton says the current virtual currency boom is a bubble, but after the bubble bursts, a bigger innovative world of cryptocurrency will open.

Due to the Luna crisis, more than 10 related bills are pending in the National Assembly, and today, all representatives of the domestic virtual currency exchange will be summoned.

Whether it’s technology or industry, it always needs labor to take a leap forward, so the current economic recession and the overall downward trend of virtual currency are considered labor pains to grow further.