As part of the Digital Currency Council’s Continuing Education partnership with Inside Bitcoins, the DCC’s Director of Curriculum, Dan McArdle, had the opportunity to interview the thought leaders that will be speaking at the Inside Bitcoins Conference in New York City on April 27-29, 2015. Today, we share an interview with Yoshi Goto of Bitmain Tech.
Dan: Can you tell us a little about why you got involved with Bitcoin?
Yoshi: Bitcoin Mining is an interesting technology and so much future, at the same time, 2013 was a tough year for the miners with many failed pre-orders. In 2013, as part of Bitmain, we brought first ever in-stock Bitcoin Miner into the market.
Dan: How do you see the Bitcoin mining industry developing as ASIC-hardware becomes more mature? Do you think mining with centralize to a few large industrial players, or will commoditized ASIC gear lead to a large number of small miners comprising a big portion of overall hashpower once again?
Yoshi: For now, due to the bitcoin value, centralized mining is unavoidable to reduce operating expense for most of the miners to include the ASIC manufactures. Eventually once we move into the next generation chips in the summer, more de decentralized consumer mining may be back with value added mining method such as bitcoin mining being implemented to more day to day tech gadgets near by you! Centralized farm continue to glow and exist, but again mining be back to the consumer’s hand as well.
Dan: Inside Bitcoins has brought together many of the best minds in the industry. What do you hope to learn, discuss, or accomplish at Inside Bitcoins New York this year?
Yoshi: Bitcoin industry is a rapid paced world and networking with others is very important to learn things from others to avoid re-inventing the wheels or failing into the same mistakes others have already made. Mining is one of the most matured field of the Bitcoin, however, we are still developing and hope to learn where the Bitcoin is moving into and how we as the ASIC manufacture can help mature the industry as well as how to secure it with working closely with others.
Dan: As digital currency technology evolves, what are you looking forward to seeing develop in the next 1-3 years? And what’s your long-term (5-10yr) outlook?
Yoshi: Hopefully similar to Paypal back in 1998, there are many skeptic people out there for now but hopefully, in a year or two, Bitcoin be accepted widely by more merchant not only just the large publicly traded merchant but local small businesses world wide. Also, a solid but flexible to new technology regulation as a guidance to help ease the fear of new business entering the Bitcon Business. Without a more detailed guidance from regulators, we have to operate extreamly cautious and attempt to over comply with existing regulations that are not applied to Bitcoin side yet. Hopefully in a long term, a set rule from the regulators in place as the guidance and more broad acceptance and new technology be ventured into by others without your friends looking at you, saying, you are working with the Bitcoin the drug money? or I heard Bitconi bankrupted last year or Bitconi closed the door last week on the news.
In the long term, hopefully Bitcoin be another method of day to day payment method and commonly traded commodities in the regulated market just like stocks and the volatility exist today to be less.
Technology stand point, we probably be in the stage that we can’t imagine at the moment. Just like mining as an example, when everyone thought CPU mining was the only way and efficient way, then to GPU and now with ASIC. May be in 5-10 years, new technology be the standard or quantum computing. It is exciting to just even think about what kind of tech we would be working in 5019 years.
Dan: What do you see as the greatest challenge for the industry as a whole?
Yoshi: Getting out of the Dark image of Bitconi. Unfortunately criminals will always use the new technology a few steps ahead of good guys. Bitcoin was no different and it was abused by those dark side and it received more than enough bad press.
Hopefully as the industry matures and the bitcoin value being low end, it will weed out some bad players and more traditional corporate setting to come into play and bring back brighter image as Bitcoin and Blockchain technology is a bright innovation with a lot of future potential for world wide use.
Dan: What’s your best advice for growing the ecosystem? How can we educate more people as to the benefits of Bitcoin and how can we better serve users overall?
Yoshi: Again, get out of the dark side of the image while educating the mass how the Bitcoin truly works. When used as a payment method, It is like cash but also provide more security to the consumers as well as merchant. Need to educate mass when to use Bitcoin and when to use credit card and traditional payment method. Bitcoin is just another tool and its not the technology that would replace the existing currency system. May be easy to say, Bitocin is like a County Fair Token Ticket except, it is accepted worldwide.
Dan: Thanks very much for your thoughts, Yoshi. Looking forward to a great conference.