Bull or Bear Grand Event, Web3: The New Internet

August 10, 2023

On July 15, 2023, Bitskwela presented its highly anticipated Web3 debate themed "Web3: The New Internet" at Ayala Malls Central Bloc in Cebu, in partnership with Hive, Bitget, Tekkon, and CoinW. The event brought together experts, industry leaders, and curious minds to delve into the topic of Web3 adoption and its potential to reshape the internet.

The debaters for this event were Giu Comia, Brand Ambassador for Tekkon, he is also one of the top KOLs in the Philippines for Web3; Ashtley Sandoval, a Gen Z Freelance Digital Marketer and Creative Strategist; Donald Lim, founding president of Blockchain Council of the Philippines; Coach Miranda Miner, President and CEO of Global Miranda Miner, a trading community dedicated to helping people to be successful and profitable traders; Tyrone Bretana, Tier One Entertainment's Head of Alliance and General Web 3 Business; Nathan Senn, Co-founder of DBuzz, a decentralized MicroBlogging platform. 

With her vibrant energy and engaging presence, professional host Kish Morales moderated the event. Her wit and humor added a delightful touch to the proceedings, leaving a lasting smile on the faces of all attendees.

From left to right: Donald Lim, Ashtley Sandoval, Nathan Senn, Kish Morales (Moderator), Coach Miranda Miner, Giu Comia, and Tyrone Bretana

Debate Format

During the debate, the participants have the option to take a "bullish" or "bearish" position on the given prompt and must articulate their stance within a concise time frame of 1.5 minutes or less.

Event Flow

The event commenced with Aaron Lay, Bitskwela's Resident Trader, delivering an insightful talk on crypto education, followed by Sphera Solutions Founder Raine Laluna's presentation on Web3 in Cebu. Key partners, including Hive, Bitget, Tekkon, and CoinW, delivered short keynotes, sharing their perspectives on Web3 adoption. Following this, DICT Cebu Engr. Royden delivered a talk about Web3's contribution to the digital transformation in Cebu. Lastly, Atty. Lambert Poca Cuizon delivered an insightful keynote on behalf of Congressman Edu Rama, shedding light on future plans for the Tech and Web3 landscape. 

Debate Highlights

Question 1: Web3 makes it easier to commit malicious activities such as theft, fraud, and hacking. 

Bullish: Donald Lim

Donald Lim agrees with this statement based on three (3) key characteristics of Web 3: Pseudonymity, Illiteracy, and Anarchy. He emphasized that the laws still need to be put in place and the technology is moving faster than our lawmakers can create laws to regulate it. He believes it will be the future but for now, it is a very dark space and we have to take care of ourselves.

Bearish: Giu Comia

Giu Comia stands on the bearish side because he believes that wherever the market is, wherever the hype is, that’s where scammers and fraudulent acts are, regardless if it’s Web3, Web2, or whatever industry you’re in. Generally, he believes that people like to scam where people can scam.

Open Discussion:

At present, Coach Miranda has aligned himself with the bearish camp. He stresses the significance of acknowledging that every time we log into Google Chrome, we are already sharing our data, which directly impacts our data privacy.

Ms. Ashtley states bullish as she mentioned that over the past years, it has been detected that there are many frauds and scams that happened in the Web3 space and even if it’s still developing, the security and privacy aren’t stabilized yet. 

Tyrone holds a strongly bearish view on the statement, as he perceives Web 3 as a technology that is inherently neutral. He firmly believes that the emergence of Web3 does not imply a vulnerability in the system; rather, the foundation of blockchain actually enhances its security compared to existing technologies. In his perspective, Web3 does not make illicit activities easier, but it does attract bad actors and malicious individuals. He attributes theft, fraud, and hacking to the existence of bad actors, not to Web 3 itself. According to Tyrone, the true adversaries are disinformation and a lack of education within the space.

Nathan Senn also joined the bearish camp by saying that true Web 3 actually makes it much harder to scam people. He agrees with Giu’s sentiment that people will scam where people can scam.

Audience Vote:

55% Bullish / 45% Bearish

Question 2: Web3 play-to-earn gaming is a passing fad.

Bullish: Coach Miranda Miner

Coach Miranda exemplified Axie as evidence that play-to-earn is indeed a fad, citing the decline in Filipino players actively engaging with their Ronin wallets. He emphasized that the narrow focus on revenue has caused the disappearance of Triple-A games and shifted the mindset away from enjoying the gaming experience. In conclusion, he proposed introducing twists or additional activities to enhance these play-to-earn projects.

Bearish: Tyrone Bretana

Tyrone initiated his statement by pointing out that play-to-earn emerged during a highly opportune moment - the pandemic. He went on to highlight the inherent flaws in these models, such as poor tokenomics, susceptibility to hyperinflation, reliance on volatile markets, and other related issues, which ultimately doomed them from the very beginning. Look back at gaming itself, what makes a game good, what makes people stay, and what makes people play. He emphasized that gameplay and entertainment value are starting to be realized by Web3 game developers. The games we saw before are more of clicking mechanisms and farming tools than actual games. He thinks it’s not impossible to see a future where we actually have triple-A games where earning becomes not the highlight but a potential bonus. He ended his statement by saying that play-to-earn will be there where? maybe, but not in its current iteration. We’re just in a very early stage, where we’re finding the correct formula and balance.

 Open Discussion:

Ashtley states bullish on this stance because she thinks that banks might question funds coming from play-to-earn applications. Donald Lim then joins the bearish stance as he emphasizes Filipino psychology that when there’s a potential to earn, Filipinos are there. He mentions that Axie may not be the ultimate model for this and predicts that numerous variations and iterations will emerge beyond gaming until the correct formula is discovered. Giu holds a differing opinion regarding play-to-earn gaming, yet he firmly believes that it is not just a passing trend. He expressed that due to the economic conditions in the country, referring to it as a "third-world country," Filipinos would eagerly seize the opportunity to earn through such platforms if given the chance.

Nathan Senn is bearish as play-to-earn has been around for a long time. He also states that most people play Axie not to enjoy the game but mostly to earn from it. For play-to-earn to work, it has to be a fun game that most people want to play.

The discussion ultimately concluded with Tyrone debunking Ashtley's statement and strongly emphasizing that gaming can indeed be a legitimate profession. He asserted that gamers are just as capable and worthy as anyone else and encouraged them not to let anyone undermine their passion and talent.

Audience Vote:

53% Bullish / 47% Bearish

Question 3: Cryptocurrencies should be used as modes of payment for goods. 

Bullish: Donald Lim

Donald Lim points out that the evolution of money has been evident, and with the onset of the COVID-19 pandemic, a widespread shift to e-wallets like Gcash and Paymaya became inevitable. In Donald's view, while cryptocurrency can simply serve as an alternative payment method, disregarding its potential would be unwise. He emphasizes that it is currently straightforward to establish wallets that can accept cryptocurrencies. Looking ahead, Donald envisions a future where restaurants and businesses readily embrace crypto as a valid form of payment.

Bearish: Ashtley Sandoval

Ashtley provided concrete evidence to support her viewpoint, citing statistics that show 28% of businesses in America currently accept cryptocurrency as a form of payment. Drawing from her own experience as a freelancer dealing with international clients, she mentioned that crypto adoption among her clients is relatively low. Additionally, her research indicates that 40% of US customers using cryptocurrency tend to spend double the original price of the goods they purchase, emphasizing the potential benefits of accepting crypto for businesses.

However, Ashtley also acknowledged that the adoption of cryptocurrency is still limited, as only 400 business owners in the Philippines currently accept this payment method. She raised concerns about the inconveniences that could arise from adopting crypto, such as payment delays, the need for currency conversion, and other potential challenges.

Open Discussion:

Nathan Senn holds a strong belief in the future of cryptocurrencies, considering the increasing global interconnectedness, which necessitates alternatives to government-issued currencies for international transactions. He draws from personal experience, highlighting the inconvenience of constantly converting money while traveling. Coach Miranda shares this optimism but emphasizes the need to address issues like volatility (favoring stable coins as an alternative), staff training, and transaction speed. Tyrone also expresses bullishness, particularly for stablecoins, but stresses the importance of establishing regulations and ensuring proper facilitation. On the other hand, Giu is bearish on cryptocurrencies as payment for goods in general, but he is 100% bullish on stablecoins as of now. 

Audience Vote:

77% Bullish / 23% Bearish

Question 4: Web3 advocates for transparency, but in doing so, it can violate privacy

Bullish: Tyrone Bretana

Tyrone reiterates that tech is inherently neutral, it is not good nor bad, it really depends on the players on the space. He added that Web3 can trace blockchain transactions to combat money laundering, but at the same time, it can also trace blockchain information to actual personal information. He also mentioned that we need proper regulations that won’t make malicious movers move as freely as they can. He ended his statement by saying that the sooner we can accept it can, the sooner we can prevent it to happen.

Bearish: Nathan Senn

Nathan supports his stance by highlighting that the very technology behind Web3, cryptography, plays a vital role in safeguarding privacy. He acknowledges that while the data stored on the blockchain is public for transaction validation purposes, the identities of the individuals behind those transactions and the specific details remain hidden due to the effective use of cryptography, which forms the foundation of the technology.

In Nathan's view, the key factor here is education. He points out that many people willingly provide their personal information to large corporations like Google without much concern. Nathan urges people to take their privacy more seriously, urging them not to overshare personal aspects of their lives publicly. By being more mindful of privacy, individuals can better protect themselves and their data.

Tyrone then added an impactful statement that the internet can be a scary place, but it’s the bad actors that we should be wary about. Don’t be afraid of Web3, be afraid of the people who want to take advantage of malicious intents.

Open Discussion:
Giu stated that he is both bullish and bearish about this as it depends on what institution we are in. If we’re aiming for government, it has to be transparent. However, he also adds that for public people, it has to be private. 

Ashtley is bullish on this statement because she believes that anything in life that is too much is not good. On the other hand, Donald Lim holds a slightly bearish perspective, emphasizing that Web3 provides the ability to control privacy and reveal only desired information. He thinks that the real power is in the people, they just have to be educated enough to do it.

Audience Vote:

64% Bullish / 36% Bearish

Question 5: The government should fully regulate Web3 products and projects.

Bullish: Coach Miranda Miner

Coach Miranda emphasized that without regulation, everything is messed up and the market becomes volatile. Regulation does not mean curtailment of privacy. As a matter of fact, he believes that regulation can coexist with decentralization in the crypto space. While decentralization is one of the core principles of crypto and blockchain, it doesn't necessarily mean that crypto cannot be subjected to regulation.

Bearish: Nathan Senn

Nathan Senn starts off with the disclaimer that he won’t speak on anything concerning the Philippine government but as a US citizen, he doesn’t like how the U.S. government is making decisions.

As an example, he stated that one of the main reasons for Web3 is to protect us from tyrannical governments who wish to silence and remove our voices and opinions. 

Open Discussion:

Donald Lim is bullish on this because as long as you live in a country, you abide by laws. Ashtley agrees with Donald’s statement in terms of regulation and having the government guide us in the Web3 space. Additionally, Giu is bullish in terms of the bigger entities but believes that we have to go back as to why Web3 was created in the first place. It is made for the people, by the people. On the other hand, Tyrone is bullish with reservations. According to him, there has to be a balance between protecting the consumers and stimulating market growth. 

Audience Vote:

64% Bullish / 36% Bearish

Question 6: Web3 does not need to be fully decentralized.

Bullish: Ashtley Sandoval

Ashtley is bullish for the reason that in different aspects in life, there’s is always this choice of going hybrid. She understands that Web3 promotes decentralization but somehow, we have to understand that there are several aspects that we need to centralize. 

Bearish: Giu Comia

Giu started his discussion by stating that he’s not against centralized exchanges but if you read why Web3 was created in the first place, it’s meant to be fully decentralized. It was created because people want to make it for the people by the people. He ended his statement by saying that he believes that Web3 can live fully decentralized.

Open Discussion:

Tyrone is bullish for now because Web3 in itself encompasses both centralized and decentralized solutions. Every problem requires a different approach. However, he acknowledges that his stance might change in the future. He emphasizes the significance of prioritizing adoption before fully embracing decentralization as a goal.

Coach Miranda is bearish as he thinks decentralization can not be fully taken away from crypto and hopefully, this continues. Nathan also joins the bearish camp for the reason that we need decentralization to make sure it secure. On the other hand, Donald is bullish because he believes that a balance of decentralization and centralization can happen.

Audience Vote:

50% Bullish / 50% Bearish


Bitskwela’s Web3 Debate on "Web3: The New Internet" was a huge success, gathering a diverse and enthusiastic community of industry leaders and curious minds. There was a vibrant exchange of ideas, helping more Cebuanos learn about the incredible innovations that Web3 can offer.

This debate shed light on the world of Web3 adoption and its potential implications for the future of the internet. The success of the Web3 Debate marks just the initial step in Bitskwela's commitment to providing Web3 education to all Filipinos.

To watch and replay the whole event, check the Bull or Bear Livestream here: https://www.facebook.com/bullorbearph/videos/671683031492922 

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