The first #CryptoPH Conversations meetup, organized by BitPinas and crypto thought leader Luis Buenaventura, took place in collaboration with BLINC/BITSHARES LABS and had GCRYPTO as a key partner. The meetup consisted of two engaging segments that provided insights into the forces driving the cryptocurrency industry forward.
The first segment featured a deep-dive discussion and a Q&A session with Buenaventura, a prominent figure in the Philippines’ cryptocurrency scene. The second segment brought together a panel of speakers, including Henry Banayat of BLINC and Christopher Star of Web3 PH, who explored various aspects of cryptocurrency and web3. Attendees were encouraged to come prepared with a question to foster active participation.
During the session with Buenaventura, the topic of mass adoption was discussed. He explained that the mass adoption of crypto cannot be compared to the adoption of e-wallets and cashless transactions in the Philippines. He highlighted that while e-wallets saw a surge in users due to the necessity brought about by the pandemic, crypto adoption is a principled choice that requires overcoming certain hurdles.
Buenaventura also shared that the benefits of using crypto include the potential for the fiat value to rise due to the market’s volatility. However, he expressed that he does not see trading as a key driver for adoption. He emphasized that the industry still needs to solve the problem of making crypto easy to use as a form of payment.
The discussion also touched on Central Bank Digital Currencies (CBDCs). Buenaventura examined the smart contracts of some CBDC projects and found that they resembled average stablecoin smart contracts. He pointed out a concern that CBDC issuers have the power to freeze or blacklist addresses, which goes against the ethos of blockchain technology’s goal to eliminate central authority control.
Buenaventura noted that the first countries to launch their own CBDC systems were communist countries because it gives them more control over their people’s money. He highlighted cryptocurrencies as an alternative that allows value transfer without government censorship.
Another topic discussed was the impact of real-world assets (RWAs) on the decentralized finance (DeFi) landscape. Buenaventura found the concept of tokenizing personal assets and turning them into crypto and vice versa interesting. He gave an example of mortgaging a Rolex in exchange for crypto.
Buenaventura also shared advice for non-developer builders in the space, urging them to lower their expectations and understand that not everything they want will always happen. He emphasized the importance of maintaining a strong community during bear markets.
During a panel discussion, the speakers were asked how long they plan to stay in the industry. Banayat expressed his passion for collecting art and supporting the community without expecting anything in return. Star emphasized the importance of giving back to the community that supported him, while Buenaventura jokingly said he will continue working in the industry until the Philippine Peso does not suck anymore, highlighting the potential of crypto as an alternative to traditional monetary policy.
The panel also discussed their hopes for the country. Banayat mentioned the need to eradicate corruption, which he believes can be achieved through blockchain technology. Star highlighted the importance of Filipinos managing their own companies, creating opportunities driven by networks and experience. Buenaventura’s wishes were for no more overseas Filipino workers (OFWs) and no more heavy traffic.
The issue of trust in Filipino-founded NFT projects was also addressed. Buenaventura raised concerns about founders with a history of rug-pulling NFT projects still gaining support from the community. He questioned if the community has a “weird capacity to forget.” Star emphasized that winning back trust requires NFT projects to… [content continues]