Key opinion leaders, community builders, and business developers in Web3 met last December 14, 2022, and took part in the Davao leg of the Philippines’ premier Web3 debate, Bull or Bear. The event was organized by cryptocurrency education platform Bitskwela; co-presented by Blockchain Network Philippines and Gcash; in partnership with Tekkon, MetaRollers, Playgroundzero.io, and Refit.
BoB was a night of education, sharing, and fun, which Web3 content creator Tony Rebamonte called “a milestone for Mindanao blockchain communities.”
Attendees witnessed as the debaters explored different viewpoints on local crypto and Web3 adoption, based on their unique experiences in the space. Making up the panel were well-known names in Web3, namely: Gilbert Lazaro (a.k.a. TitoVlogs), JQ Crypto of Crypto Pinas, Gilson Po of Blockchain Network Philippines, Patty Tiu of Thompson Collective, Ryan Morris of BreederDAO, and Robbi Samson of FirstMetroSecurities. The debate was moderated by Kish Morales of Women in Blockchain Philippines.
Key issues tackled included:
- Should the Philippines adopt a digital peso?
- Should Bitcoin be legal tender?
- Should documents containing sensitive information be stored in NFTs?
- Do the environmental effects of crypto outweigh its benefits?
- Is the Philippines currently conducive to crypto adoption?
Keynote speaker Engineer Jefferson Salvador also discussed how blockchain gaming could serve as a gateway to Web3. To maximize its potential, past issues with the Play-to-Earn space and crypto, in general, would need to be resolved to make the experience more frictionless for everyone.
The debate heated up as the panelists analyzed crypto’s place in the local scene. Better payment solutions, faster remittance, increased transparency, and more secure transactions are all good—but would they work in a developing country like the Philippines?
Next, they explored the various factors influencing decision-making in the crypto space, including stakeholders involved, government policies, financial constraints, technical infrastructure, privacy concerns, accessibility, and security.
They emphasized that Web3 and crypto adoption requires a balance between innovation and careful risk calculation. The key, Gilbert Lazaro claimed, was to keep an open mind, and as Gilson Po added, to consider all the benefits, disadvantages and implications on a national level.
One of the highlights was the issue of whether to stick to the core crypto principle of decentralization or to make adjustments for the common good and stick with centralization. Another hot topic raised was how much regulation would be healthy and how it would be implemented. Ultimately, the debaters agreed, instead of blindly imitating what seems to work globally, decision makers have to decide based on what works best in the local scene.
True to the spirit of Web3, Bull or Bear Davao was more than just a non-biased presentation of different perspectives. It was an attempt, once more, to find common ground and build a better, more crypto-friendly local space for all.