Maxim Orlovsky: a regulator who wants to ban Bitcoin will find a coronavirus in his blockchain

The pandemic will not speed up the adoption of legal regulation of the cryptocurrency market, but it may bring it closerban. This was stated by Pandora Core CEO Maxim Orlovsky during the ForkLog Digital Digital Middle Ages online conference.

According to the expert, regulators have every opportunity to ban cryptocurrency, both on paper and by force.

“If regulators want to ban something on paper, there is no need to find a hash of data with child pornography. There will be a coronavirus in the Bitcoin blockchain contrary to all the laws of nature. ”

To avoid this, Bitcoin should be as decentralized as possible.

«There must be a critical mass of peoplewho mine it and use it not for the market price, but because it is a way of their struggle for digital sovereignty. If this mass exceeds a critical level, then Bitcoin will collapse in price, but as an asset it will exist»,- noted Orlovsky.

According to the expert, the main thing that Bitcoin brought to the society was not blockchain and Proof-of-Work, but resistance to censorship and the inability to confiscate assets:

«An asset can only be taken away through physical violence. Moreover, the world cannot prevent a PoW transaction, although it can see it. It was this algorithm that gave Bitcoin its properties.

Among the problems of smart contracts Maxim Orlovskypointed to storing data on a fundamentally unscalable blockchain. At the same time, the expert called zero-knowledge proof technology the basis of «digital slavery»:

«The imaginary privacy of transactions in the Proof-of-Stake blockchain is intended only to build a digital concentration camp».

Check out the Digital Medieval Online Conference here.