I live and work in Singapore and Santa Monica. Yes, I am blessed. However, my life has been by design, I think of what I want and so I make my life choices and make them happen in my life. Hence the bi-continent living and that comes with bi-continent and now global community living, being and ecosystems building. So I am now never surprised when one part of my world meets another.
I went to Wavemaker Partners venture capital event this evening, keen to meet Adam Draper, who is one of the many great presenters at Crypto Invest Summit, April 30- May 2 in Los Angeles.
Since I actively support leaders who are building scalable, sustainable businesses and movements for the betterment of many; of course I am learning about Blockchain and Cryptocurrency. I had been keen to report on the Crypto Invest Summit as I would be back in May to LA for my PhD programme. I was in communications with the organizers. However, I am being awarded an award at the Women Economic Forum in Delhi that same week and could not be physically present.
Still I wanted to report on the event, somehow.
I wanted to listen to the speakers and support some of the speakers who are already friends and experts I rely on for greater insights on cryptocurrency. I like learning and sharing with the greater audience, I have in Asia what I am learning from the US and vice versa. So I feel I had my chance tonight to do a bit of that.
I could not help but smile as Adam Draper shed light into his world of investing in more than 85 crypto related products because he was such a breath of fresh air to the last few Blockchain and Financial conferences I have been reporting on; especially here in Asia.
He just says it like it is.
He kept stopping the audience when they said Blockchain and he said, “You know you really mean cryptocurrency.” He hit the nail on the head because I have seen so clearly how this phrase had been said in Singapore time and again – “I am not into cryptocurrency but I believe in Blockchain.”
When he said how there was an incongruity as he sat across bankers who personally invested in cryptocurrency and when faced with an inbound of requests from their clients on the same investment; are tied by regulations and are unable to respond.
Here’s some of his best lines. If you don’t laugh or “ah-ha” the way I did, you probably just had to be there. The truth is funny because it calls out for something we all see but sometimes just do not want to admit.
There is a growing understanding of the underlying thematics that the cryptocurrency world has been experiencing as the interface between centralize; de-centralize and personal autonomy becomes more and more apparent and lines get drawn.
1) The newest phenomenon is that some of the ICO founders are now just so rich from their ICOs that they really don’t need to work on the project they asked for money for.
2) For the crypto-world, money doesn’t matter anymore!
They need talent
It’s so founder friendly now.
3) What Bitcoin made us ask is “What is money?”
The next question is “What is government and governance?”
He highlighted if an entrepreneur is looking for a problem to solve., then the entrepreneur is always looking for horrible industries with poor services and high costs. So yes – Governments are those horrible industries and they need to be disrupted.
4) Any company who comes to an investor and leads with how much ICO has raised; is a red flag. Leave immediately and go read a Harry Potter book instead.
If they are leading with value and not the problem they are solving. Beware. (read more here https://medium.com/boost-vc/6-questions-every-potential-lp-should-ask-a-crypto-fund-41832880015e)
5) If you are going to invest in where the brains are. It’s in crypto.
6) Philosophically, Coinbase is against ethos of what Bitcoin and the cryptocurrency movement is trying to do. However to do such a move from fiat to digital currency, there would need a way to do that. So Coinbase acts like a browser does for internet. One day there will be no need to cash in or out as everyone is already there on digital. Cryptocurrency is the exchange of value. His advice and we know his bias as he is invested in Coinhako https://www.coinhako.com/; is to hold onto an exchange for 3-5 years since onboarding of all users to the new digital currency will take some time.
Adam met with many banks and government bodies on his trip to Singapore – I hope they got his truths.
I ended the night by thanking Adam for making me laugh. He reminded me of how much I miss LA.
If you are in LA on April 30 – May 2.