Preethi Kasireddy, CEO of TruStory and blockchain engineer, talks about Bitcoin’s price fall and what it means for the industry, at the Yahoo Finance Summit.
A loss in value means a loss of trust in the infrastructure. It is indeed the pullback, Preethi insists. The end of last year was just crazy. The correction that should have come earlier has held out till now, and arrived, Preethi says. In fact, she expects a greater correction to come about soon.
“This is minor,” she says, shaking her head vigorously. The problem in the crypto industry is the giant information asymmetry that exists, because of all the hyped up marketing, but investors are finally getting smarter.
“This is what TruStory tries to help with”
A blockchain for whitepapers may actually become a necessity, so the paper trail can’t be hidden, said Preethi. There are definitely companies like Tron who ‘carelessly plagiarize’, and IOTA who are making blatant false claims, which were some of the major points that Preethi had spoken about.
The bigger problem is that these companies are rising very quickly, without hitting regular milestones. Preethi, however, wants to fight this.
Preethi feels even Facebook can help fight this problem with misinformation, as long as it helps create the right incentives, rather than apply the equivalent of a Band-Aid on, like fact-checking after the fact. There needs to be better regulation around fundraising, she says, so that some of the worse actors may be weeded out and the system will be more transparent.
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