The battle of Yurumazu and Kano over the true value of crypto assets

Are Crypto Assets Really Worth It?

Mr. Yuzo Kano running hard while being restrained

Mr. Emin Yurumazu has often criticized Mr. Yuzo Kano for trying to disseminate crypto assets (virtual currencies) as magical coins.

While the cryptocurrency community is screaming due to the crash of Bitcoin and the collapse of FTX, Mr. Kano, who keeps his eyes on the value of crypto assets, has the following points from Mr. Yurumazu.

これだけの詐欺が出て今頃懲りているのかなと思ったらまったく懲りていないのはマジカルコイン界隈。資金がじゃぶじゃぶの時代が終わりました。世界の財布の紐がもはや緩くない。詐欺にお金が行きませんし、行かせたはならない。暗号資産そのものを全面禁止すべきです。

— Emin Yurumazu (エミンユルマズ) (@yurumazu) November 12, 2022

[Translation]

I wondered if I was being punished for this many scams, but the Magical Coin neighborhood is not at all. Gone are the days when money was a mess. The world's purse strings are no longer loose. The money doesn't go to scams and shouldn't go. Crypto assets should be completely banned.

— Emin Yurumazu (@yurumazu) November 12, 2022

Seeing this confrontation reminded me of the TV Tokyo BIZ program "Market professionals talk about the hidden risks in Japanese and US stocks [Nikkei Plus 9]" (August 27, 2022), in which Mr. Emin Yurumazu appeared.

Among them, Yuirumazu predicted that the Nikkei Stock Average will fall after August 2022, bottom out around October, and then rise towards the end of the year.

Looking back three months later, the bottoming out in October and the upswing toward the end of the year are surprisingly consistent with reality.

In addition to the time of decline and rise, it also predicts the bottoming out around 26,000 yen and the rising around 28,000 yen.

On the other hand, Shingo Ide, Chief Equity Strategist at NLI Research Institute, predicted that the stock would remain at 31,000 yen toward the beginning of the year with little depreciation after August, which was a misguided result.

(Refer to the video below, with time designation)

The implication of this is that while Mr. Yurumazu is free to show off his knowledge, people in the financial industry like Mr. Ide are constrained not to openly mention the decline.

This probably applies to Mr. Yuzo Kano as well, and it is thought that there is a restriction that he cannot mention anything notorious about crypto assets regardless of his own intentions.

Stupid honest and capable manager.

Which one will Mr. Kano choose?

In order to achieve both of these two things, the products we handle must be completely flawless.

And since there is no such thing as a flawless product in this world, Mr. Kano will definitely choose the latter.

Therefore, even if the value of bitcoin drops to one-third, even if the value of bitcoin drops to one-third, exchanges that are related to the basis of credibility of crypto-assets will go bankrupt. However, it means that they are forced to justify their own products, either by making a convenient reasoning, shifting the point of discussion, or sometimes being misunderstood.

Is anything worth anything if one believes it is worth it?

Make people believe that you are worth something by reasoning.

This is called a Japanese proverb, "A heron is called a crow.'' (I'm not calling it a scam)

It's a term used to describe the technique of making a white heron look like a black raven, or to make it look like a black raven, which Mr. Yurumazu also points out.

それとIEOはEquityかい？IEOのEはEquityではなくExchangeでしょう。Initial Exchange Offering. 暗号ゴミ界隈は用語を株式市場の用語に寄せてまるで同じみたいな印象操作をするのが得意です。ビットコインのことをデジタルゴールドとか言っているように。ゴールドでもなんでもない電子ゴミなのにね。

— Emin Yurumazu (エミンユルマズ) (@yurumazu) November 14, 2022

[Translation]

And is the IEO an Equity? The E in the IEO would be Exchange, not Equity. Initial Exchange Offer. Just like Bitcoin is called digital gold. Even though it's electronic garbage that's not gold or anything.

— Emin Yurumazu (@yurumazu) November 14, 2022

Mr. Kano can only dodge the answer to Mr. Yilmaz's question.

IEOはEquityといったけど、IEOのEがEquityとは言ってない。（日本語）

デジタル・ゴールドは、ゴールドのように資産価格が簡単に算定できないが、人々が信じているので価値がつくというメタファーと理解している。 https://t.co/T7JGDieip9

— 加納裕三@bitFlyer (@YuzoKano) November 14, 2022

[Translation]

IEO says Equity, but the E in IEO doesn't say Equity. (Japanese)

I understand digital gold as a metaphor that, unlike gold, the price of an asset cannot be easily calculated, but it has value because people believe in it. https://t.co/T7JG Dieip9

— Yuzo Kano @bitFlyer (@YuzoKano) November 14, 2022

Are gold and digital the same if people believe they are worth it?

Gold is actually useful.

People are fascinated by the beauty that only gold can give.

There is a guarantee of immortal value that it does not rust (hard to rust) and does not burn (melts and remains even if it burns).

Due to its high density, it is heavy compared to its volume, and it has been distinguished from other metals, so it has reigned as the highest rank of money.

It is also used in electronic circuits due to its excellent electrical conductivity.

So, when humans manufacture something, they need gold.

People compete to make better things.

Competing to make better things inevitably leads to competing for gold, a "limited resource".

The preference for gold over other metals forces people to put a high price on gold.

It's not that it's worth it because it's "believed", but the initiative of the gold itself that makes you "believe" that it's worth it. (Gold itself has an advantage over human will)

On the other hand, digital gold (cryptographic assets) has no value other than what people believe.

This is because digital gold itself has no utility value.

It's like entering "¥10,000" in a computer word and saying that it is worth 10,000 yen, or that it will be worth 10,000 yen.

If you copy and paste, you can multiply it infinitely, and you can send it all at once by e-mail.

Of course, cryptocurrencies have issuance limits, but that is like a sophistry that proves the value of the cryptocurrency itself.

It's a playing house.

Digital gold itself has zero value until someone believes it has value.

"Infinite resources" cannot be called resources.

The pictured rice cake is still worth more.

In the case of gold, the gold itself makes people believe that it has value, whereas with digital gold, someone who wants to make money selling digital gold makes another person believe that digital gold has value..

It can no longer be called "believe".

It's better to assume, or convince, that it's worth it.

Things make people compete.

People make people compete.

Things to people, people to people.

Can you understand this critical difference?

Mr. Kano who supports Mr. Yurumazu's theory

Now to the main subject, Mr. Kano can barely make fun of Mr. Yurumazu by saying, "IEO's E does not say Equity. (Japanese)", and the content is just an excuse.

If you say that, Mr. Yurumazu will also say, "You are not saying that you think of E in IEO as Equity (reading comprehension)."

Mr. Yurumazu asks, "And the IEO is Equity?"

And the true meaning of Mr. Yurumazu's words is "an impression operation in which the crypto-asset community tries to use the same name as a stock with established value and history in order to somehow put a foil on a worthless crypto-asset."

It is not the purpose of this tweet to ask the meaning of E separately.

Mr. Kano, who can't read it, asks Mr. Yurumazu how he speaks Japanese.

Mr. Kano may not be aware of this, but Mr. Kano himself has taken the lead in embodying Mr. Yurumazu's point that Mr. Yurumazu is manipulating his impression.

This is because, as I mentioned earlier, Mr. Kano is in a rather difficult position in terms of controversy.

If he speaks ill of cryptocurrencies, it means he is out of business.

If you think of Mr. Kano as being forced to run with shackles on, you can understand his anguish a little.

I think that not only those who forcefully defend his point, but also those who criticize him should understand his position and be a little kinder and quieter.

In a way, Yurumazu does use the stocks as a tool of the trade.

But he doesn't sell stocks.

Therefore, it can be said that stocks can go up or down, and he can freely say whether crypto assets are good or bad.

Crypto assets are one of the financial products.

Just as bad stocks can be said to be bad out of many stocks, I would like to say that treating crypto assets in the same way as bad stocks is not positional talk at all.

Controversy between opponents and proponents of crypto assets (followers)

Mr. Emin Yurumazu, who is against crypto assets, and Mr. Yuzo Kano, who is in favor of crypto assets.

Their exchanges are commented on by their followers and people who agree or disagree with cryptocurrencies.

However, the strange thing is that not a single practical theory about crypto-assets has come out from the proponents of crypto-assets.

Not just one.

There are many people who make fun of Mr. Yurumazu, such as "I'm saying something appropriate" or "Something man.

But that's really the only comment.

There is not a single comment explaining the benefits of crypto assets in theory.

I get the impression that even those who are in favor of it probably don't understand what Mr. Kano is saying.

Although it mentions the usefulness of crypto assets, it cannot be said to be an advantage because it is already in stocks and is superior to stocks.

“Eenten” called pseudo-currency, Agura ranch disappeared with the collapse of the bubble economy, Reiwa natto using crowdfunding (digital technology).

Crypto assets have existed in Japan for a long time.

Nothing new.

Ironically, the uselessness was hinted at in the names.

• "Pseudo"-Currency (Pseudo)
• Aguraku's gu is "stupid(愚)" in Chinese character (stupid)
• Reiwa natto “decree” (decree （令）→ lei（零） → zero → 0)

Crypto assets were called virtual currency until a long time ago.

It seems that the name was changed to crypto assets with the intention of not wanting to be considered the same as currency.

Crypto-assets: Financial Services Agency (fsa.go.jp)

Crypto is a word that means "hidden" or "secret".

The impression is worse than the Japanese code.

It may be that Japanese are hated overseas more than they think.

I think it would be better to call them "virtual assets" or "imaginary assets", which have the same meaning, to make it easier to understand.