Player is loading...

Embed

Embed code

Transcriptions

Note: this content has been automatically generated.
00:00:00
yeah have a great on him great i guess it's over may now um thank you sorry thank you analyst
00:00:07
for joining us here today um as was mentioned on the preserve this was fine as a technology association
00:00:12
i'm a banker by background so some of this block chain and i see oh stuff is a bit new to me
00:00:17
but i think that's the idea here today is to have a bit of an outsider asked some of the uh
00:00:21
more pointed questions about how do we make sure that prospectuses are being followed in the ice your market
00:00:27
um so i i'm sure many of you are familiar to the audience but when we just do a
00:00:31
quick round of introductions and you can talk about your role within the i seal process neglect clerk
00:00:37
my name is uh the most and they had a fly show it because was because his is financial
00:00:42
intermediary based and shook we've been based lessons two thousand thirteen been regulated since two thousand fourteen
00:00:48
oh are also ties yo is the financial aspect of an i. c. o. for both pretty eyes you know
00:00:53
to post as you where we take the i show entities through this amazing financial tool which allows us
00:01:00
thanks hi michael turban i'm still entrepreneur and technology marketing um try best known for starting yeah
00:01:07
marker wire which is a large news why in the world um i've been in the black change spaces twenty thirteen
00:01:14
and um my my from a transform group else uh worked with over a hundred
00:01:19
and fifty block chain companies and forty five oh i see those as a
00:01:24
uh the visor and p. r. for men and uh some other services
00:01:29
i'll just admit angels thanks michael r. a. my i'm i'm here is um
00:01:35
see i'm founder of a block house which is the blocks in there is the uh
00:01:41
investment bank impact is uh for the benefit of doing token generation events
00:01:47
i think sorry address yeah i'm a i'm a take away from background a part
00:01:53
of a mixed group thirteen we've been uh before corporate law forbids that currently
00:01:59
slightly strong focus on on the block shared project we've been gauges feel for the past
00:02:04
four years currently have a team of fourteen the third is dedicated to auction issues
00:02:11
great well uh i wanna start off with getting right to the point um in the last couple of months i've
00:02:16
been amazed how many times people come up to me and said john you should do a nice yellow
00:02:20
um first of all i don't know enough about them to really take that seriously but now that
00:02:24
i've gotten uh you know made if you treat more trips to zoom gotta know things
00:02:28
i'm starting to get the hang of it the one thing that still makes me
00:02:31
wonder is are we at a point yet with ice use where you can
00:02:35
go through one and still sleeping like are their best cactus is that you
00:02:38
can follow that make this something that is a smooth predictable process now
00:02:43
does anyone wanna start with that don't actually start with that and um if
00:02:48
you're not in a rush if you are doing things probably in
00:02:51
yes of course you should be able to sleep will probably not get much of sleep doing a nice job but that's a different story
00:02:57
but it's a civil important to be away and be nervous about the
00:03:00
different risk factors that is involved by doing a nice yo
00:03:04
um and by that protect yourself as possible to take your contributors investors in
00:03:09
the long run into take the prosperity of your project great well
00:03:16
over you that was the same for four years in right now uh says
00:03:19
the first place yeah which we we'll work with the mast acquainted
00:03:23
august twenty thirteen and so uh i think we're getting past the early
00:03:27
days the wild west and maybe into the or somebody phase
00:03:32
uh but uh there are now numerous law firms who have had experience with dozens
00:03:37
um of um by sears a piece of lead more the hundred and uh i think it different jurisdictions are getting a
00:03:44
handle on what's the security was not a security is important
00:03:47
to us other things are important in different jurisdictions and
00:03:51
was really the main things of them as other prospectuses for highways money and how to market them
00:03:57
yeah i do believe that um what you both said is probably the whole lot of
00:04:02
the story it's true shouldn't go fast you should take your time to write um
00:04:10
i've informant what you're doing and i believe that there is a way to do it legally in
00:04:14
yes there's really three but my pretty well i agree with his role that were around
00:04:20
sort of the tail end of the wild wild west but we're not done that are still some madness
00:04:25
going on um but there is something that is
00:04:29
arising from from this tale and which is
00:04:33
um there's there's there's this set of standards or language that is being um
00:04:39
written and created by enemy and it is going
00:04:44
to give switzerland an opportunity to lead
00:04:47
you started the conversation by saying that switching has all the your markings of
00:04:52
why but train here is so fitting and it
00:04:56
goes much deeper than just business it's
00:05:01
it's a gestalt no the swiss people that sits here that has a um
00:05:08
a very close affinity to the bar chain and what look uh and and realising the
00:05:12
cryptic tonight and then have done is create easy way to define their compliant
00:05:19
legal and regulatory acceptable way of saying what is it that we have here uh_huh and
00:05:25
i'll buy you don't know about that well i i personally don't get much
00:05:30
sleep at night lately but that's more because we're not involved it is what i
00:05:34
see all because of multiple but principally uh i think the question is and
00:05:40
it's the uh if they'd be never have been in a while well what's always uh uh i think if
00:05:46
you look at i. c. e. o.'s hosted being down the road to world the structures are similar so
00:05:51
yeah i think uh is is this one has one certain particular it is but
00:05:55
all jurisdictions have also interesting part of this to the formal to an end
00:06:01
uh i think every law for which is involved in feel tries to do it the most the safe is
00:06:07
the best way of the according to the state of the art which is to vote no time
00:06:12
and uh having said that the uh i think yes you
00:06:16
should be able to sleep but it's nothing afford or
00:06:20
for someone who has a very light sleeve as receiving china uh uh things uh regulators consume
00:06:27
in regulators can also change your mindset can uh it get you opinions uh so uh
00:06:33
i think we we still there many many open questions and of um remember
00:06:38
much agree with with in switzerland it's never really been awhile west
00:06:42
i'm bridget pansies in general and how we handle it also from the side of because his whistles
00:06:48
two thousand fourteen handle it as as a monetary businesses it's money we're
00:06:52
transmitting it's compliant it's regulated and and that's why i think the
00:06:57
most basic quality projects on the safest ah being created in switzerland so
00:07:01
we have never never really happiness while while waste attitude here
00:07:05
no i fully agree and i also agree and a point you mentioned earlier that it is about
00:07:12
taking the time to do it properly uh_huh babies we face a lot of
00:07:16
and project which are reducing from the content side air
00:07:20
but which are in the tour rush um obviously they're always
00:07:24
good reasons way by your project must move on within
00:07:27
one month after the first idea you had but uh uh from a from a legal point of view
00:07:33
yeah it makes sense to do it properly to take things a bit slower
00:07:37
to allow a structure to really be put into place before you start
00:07:43
collecting phones i was gonna say that 'til later on the discussion but we've talked a number of times already about
00:07:48
why switzerland um do you all agree that's what's was probably the best place to do and i see what
00:07:53
the world right now yes yes okay now but yeah you have we have we have to export uh_huh what
00:08:05
switzerland has here uh_huh to the world and ask list so i have to be swiss about saying that
00:08:10
but the first law i'm not sure i'm not sure this has has either but
00:08:14
i'm a resident i know yeah and i'm living here and if we don't
00:08:19
do this yeah switzerland will lose it it scares now yep this is for switzerland
00:08:23
to lose there's we have an opportunity of delivering what you have here
00:08:27
two four billion people and not just the first one where it's nice to have
00:08:33
for the rest of the world would you guys have here it is
00:08:36
the difference between participating in an economy and knocked right eating or
00:08:40
not feeding your kids are not uh_huh so for sure switzerland
00:08:44
has the lead and exciting and she was either that open a can of worms quite quickly typically friends and then
00:08:50
besides having absolutely wonderful nature you have a disability
00:08:54
legal wise regulatory stability you have preceded
00:08:57
and that is a very unique thing about switzerland you you
00:09:00
nothing change one hundred eighty degrees all night and is
00:09:04
very important to remember the pay higher price but you also pay the price for stability instability will like
00:09:10
sorry yeah i was gonna say we have a theory in here and and so like that sort of sees the crown to start with
00:09:17
but um you shouldn't be complacent 'cause there are a lot of other folks were chasing a troubled
00:09:21
is obviously being very uh aggressive look to the sinus all's been a jurisdiction that has
00:09:25
been fairly friendly luxembourg uh in the caribbean there's a number of places beady eyes been very
00:09:30
active a little colour that does this for a while for the hurricane cayman islands
00:09:34
lucius that was also getting very aggressive the council's appear in my one so i think the most important thing
00:09:41
from marketer and from an investor point of view and one entrepreneur is are all the pieces together so it's great
00:09:47
to have uh the points a lot on the might money transmission and things like that it's great to
00:09:51
have tax strategy is a lot of zero tax uh a lot of presentations but you also have to have
00:09:57
a whole picture you you obviously i have a huge amount of providers here which is a tremendous thing
00:10:03
um you also have to make sure that the sample banks does that the like they'll island and that one
00:10:08
point and say well we way we don't these people here some of the altogether spearheading a few the
00:10:13
point so why to lead into what does it take to maintain that leadership position to really realise the potential
00:10:18
for switzerland our unity cooperation yeah to compete call out
00:10:24
but patient i mean to all cooperate and
00:10:28
give ourselves an opportunity to give this um ecosystem an opportunity to flourish here crabtree valley
00:10:34
labs which is an initiative that andreas anemone and lakeside partners are working on is
00:10:40
trying to material wise that opportunity yeah the the communication amongst peers that do
00:10:47
similar things should be improved and and the most important thing is is
00:10:52
not to stress the balloon so it breaks eh um it's it's being
00:10:56
friendly towards the regulators meeting them and have way being compliant a.
00:11:01
m. l. k. why's he going to what connecting the established traditional well with
00:11:06
this new trip to well it by that the balloon lately and
00:11:10
the loser loser loser and then gives more more space and i think
00:11:14
that is very important pauses whistling to focus on because dropping this
00:11:18
an amazing revolutionising financial to which a nice yellow is about applying capital capsule
00:11:23
and utilise the whole humility would be ashamed to push the regulators away
00:11:28
to select as late as a way to get it and it would be a tragedy in my opinion i think
00:11:34
one of the main advantages with someone has uh being a very small country been racially having a very
00:11:40
a a low hierarchy level between authorities it in the community
00:11:45
i is that it is a good contact between directly to the end
00:11:50
a disservice pride is a little different law firms working a
00:11:54
field is a good contact a constant communication and
00:12:01
blowing the other for for no reason that would be a in danger because it's like those positions of this conflict is very important
00:12:07
yeah it's amazing to compare how close you are to burn either in geneva at super wherever you may be doing a nice you know
00:12:13
um compare that to silicon valley the distance to washington at the type of connection probably could
00:12:18
have a place like the us with the regulator that ultimately the type of uh
00:12:22
troublesome situations that's like two already with the u. s. a. t. and uh watching
00:12:26
yeah advantage of the swiss regulated really being they probably have um we have
00:12:32
a very high no no how by now on the bottom technology a nice e.
00:12:36
o.s token functionalities so they really up to speed and compared to order
00:12:42
at least within the european area uh regulators and think demo which is far beyond
00:12:47
anything else yeah obviously there's some offshore jurisdictions like the traditional ones which
00:12:53
or definitely competing which are very interesting poser projects but the with regard to reputation there
00:12:59
uh yeah the phase more difficulties uh_huh um one thing that brings to mind as
00:13:04
i came from the private banking industry i can just what's like after the
00:13:06
financial crisis what was a lot of work to be done to rebuild some
00:13:09
of the reputation all damage around uh our banking secretly seeing was handled
00:13:14
do you see there being any potential risk about mishandling of ice yellows
00:13:18
where something similar could happen is that a potential risk their
00:13:21
risk in any business where there's exchange of value um and there
00:13:29
are no differences in the risks that you're taking in
00:13:32
um uh buying and an initial corn offering or token generation event or a token sale
00:13:38
then the one that you would take when you buy an i. p. or private place for headphone or a
00:13:42
black box that you know warm bathtub put together of forty years ago that ended up being a
00:13:47
brilliant machine but you didn't know so it's of some risks that you are taking
00:13:52
what about the risk of having women should try to briefly what about the risk of switch we're doing everything right but other
00:13:57
countries deciding that this is something that that a block or interfere with i think that is of absolute risk and there's
00:14:04
a address just said regulators can change their mind over night for
00:14:07
reasons that have nothing to do with their intentions right
00:14:10
oh a fair enough uh uh i think we we also have to kind of review by the time the decision
00:14:16
at the end of they most jurisdictions around the rule tend to focus on their
00:14:20
own territory and there's some exceptions which we all know of but um
00:14:25
which kind of have a broader understanding of of thirty the principle of territorial sea than most of us have
00:14:32
yeah but china for example doesn't turn us very much focused on its own jurisdiction
00:14:37
it does not want anyone else to interfere with internal and it does not
00:14:41
want to interfere with other jurisdictions that are trying to ban is it china internal band on related to
00:14:48
companies doing i. c. e. o.'s in china so it this may
00:14:52
happen in other jurisdictions whoa but it would not be
00:14:57
this is only a most likely not be touching a uh switzerland and all the countries which to to uh uh seals in
00:15:03
the may not necessarily be that the entire reason we're trying or did what it did had anything to do with
00:15:09
big point in the first place right there are alternative reasons that
00:15:13
only version china like the lash and a couple weeks and or for
00:15:16
example flight capital seoul china they and they spoke china band google
00:15:23
we'll take stock prices see other than this is the bans yep yeah well i wanted to um change the direction of it
00:15:31
get back to i. c. e. o.'s themselves because it is i see of aspect is that we're here to talk about
00:15:35
ah michael uh we were discussing some of the topics in in how we were gonna stage this type
00:15:41
mentioned how we probably talk about communications last and how that was a bit of a
00:15:44
disservice i understand sort of the three or four uh four five steps nice
00:15:49
you know to be team a business model uh_huh technical legal audit and i communications
00:15:55
would you argue that the storytelling and framing of the picture of a
00:15:58
nice you know is more important than the format as well i think you need
00:16:01
all the pieces to be successful um you get a great story a lousy
00:16:04
tina do well um you could have a great team in that tell the
00:16:08
story well or or habit you know trying to total bad product around
00:16:12
uh you know i hold on to live through the entire arc of the data on your ah
00:16:17
and they created so great companies little came out of the flames uh
00:16:22
uh even a amazon largest company in the world um but
00:16:26
you know there's also flake that follows community for baptists
00:16:29
are lovers that you've left immediately um so you know i
00:16:33
think the you're right now sort of it the
00:16:36
um and the the beginning and the next wave is gonna have some larger companies
00:16:41
that are saying is you've seen with k. a. c. l. and uh
00:16:45
just some other larger company saying well i can actually go and and take a product you know like kick
00:16:50
starter except it that has a value and the after market this is something that never happened before
00:16:56
uh just like in the nineties you giggly and when it was new and
00:17:00
say i would have internet division i'm gonna get ten times the valuation
00:17:04
might work more that's actually profitable to these things tend to equalise but
00:17:08
you know investors believe in stories right i mean they believe that
00:17:12
face because we're thirty five x. uh revenues the some of the company is worth a hundred and thirty five x. that's what
00:17:18
fundamental judgement is about and that's really where the message to the investors um
00:17:24
you know and it's interesting because you've got so many next thing is
00:17:28
countries around the world style than figure out because of currency come out of
00:17:31
the uh it's in the origination nation interior something is essentially treated by
00:17:37
many times balls investors and consumers as as a security but ninety percent of them don't need it
00:17:44
um so this is the while we're living in this is something that
00:17:48
has to be identified i think first and foremost in the priest
00:17:52
l. 'cause that's prices these days to find the people who actually have
00:17:57
the coins on either end communicator down and that's a different
00:18:00
days of messaging it's getting the right advisers it's than getting you sort of a big bang out right at the heart of the
00:18:07
preset all not public sell so the the big whales here about you and then you go to shows like the us
00:18:13
yeah you need them and you know by the time you get your free
00:18:16
to public sale uh you already have had a steaming that you
00:18:20
couple big articles and potential for us and uh and you know people
00:18:24
on the board that uh are going to show that you have
00:18:27
a great brandy great product and therefore you know people wanna buy it i find it interesting when i talk to
00:18:33
people who do what you do and um i i recognise that most of you look at the future and
00:18:41
define what it should look like and then go back to the present time and
00:18:45
weave the story to connect the future with the present and it's fascinating that
00:18:49
this is how we created the reality that we're in this place to begin
00:18:53
with if you had you had a few dimensions to this comment but
00:18:58
there's there's a there's a sense that we're building economies not
00:19:02
just applications like there's a sense that we're building um
00:19:07
property which is what the p. c. b. classification is a there is a sense
00:19:13
that there are um there are opportunities across economies to build our towers
00:19:20
of all of these things and all of their concomitant uh applications so the
00:19:26
need for a structure that allows for that sustain ability to grow
00:19:32
it is essential for various to continue being successful
00:19:37
and i think that here this is the a happening already with a with a certain sense
00:19:43
of advantage over other jurisdictions to piggyback again and governance is a big word because um
00:19:50
you know i seal governance a year ago meant that you don't offer the money
00:19:55
now it's like what are you doing with the money you actually going hitting
00:19:58
a benchmark citizens must have never not been a part of doing business it just
00:20:03
isn't a part of doing business for the elite group of becoming pioneers
00:20:09
who are paving the road to different ways of doing things altogether well let's be clear
00:20:12
about uh on the hole shot up for what we're talking about i see also
00:20:16
public watches right so there's no board of directors nobody can fire are the c. l.
00:20:22
and um that's never happened before you go out and you say thirty six
00:20:26
sorry i don't wanna give a forty percent for finally the company will respect among the selling the product
00:20:31
then control how percent of my destiny investor happen if
00:20:34
i think that's gonna actually prevent that clash
00:20:38
to the same degree that happened or that commas when investment bankers and he sees came and said
00:20:43
we're gonna solves for cash that i can't do the public lecture this is the transitional tool
00:20:48
from the centralise paradigm in it's totalitarian iteration today to
00:20:54
uh de centralise balance between centralise and essentially system
00:20:58
in these systems other areas that will balance the equation between the two systems allow
00:21:04
to take away i'm i'm familiar with it quite swiss for probably what was years
00:21:09
ago what was or the younger a response i've heard that you guys
00:21:13
across you know just huge by doing tons and tons of business round eyes you know can you give us a bit of insight what's going on
00:21:19
yeah yeah i'm the yeah yeah we don't quite a lot now and but we
00:21:23
focus on the financial aspect and and kind of to comply and aspect
00:21:27
what we do is we we go in and and advise and i still itself the this financial to where
00:21:32
when we see ourselves as the experts how to structure this falls short term but also launching because
00:21:38
your fundraising is not just laying in the fundraising aspect of period
00:21:42
it's laying in your asset class which recreating this is
00:21:45
gonna be what is funding you for the remaining many many many many years ago when inhaled them with that
00:21:51
then we facilitate contributions both up relocating uh put allocating offerings
00:21:56
but also full i she was not just in
00:21:58
the k. y. c. compliant way but also in in a. m. o. compliant way and this is
00:22:03
something i really emphasise the importance of yeah yeah because i only know of one bank which is that asking for these things
00:22:10
the rest of the banks has one or two things uh let's up right celeste it's anti money laundering it's anti terrorism
00:22:16
and that these production companies just to succeed out in the future h.
00:22:21
the best to protect them it's necessary to protect yourself and be prepared
00:22:25
for the regulations which con and i think it's very very important
00:22:29
to do this and to comply and it might take longer it might be a little more of the but but this is what
00:22:35
we have to this is how we keep this financial to active in
00:22:39
switzerland then we help then stole the asset class afterwards in a
00:22:43
very very safe way because when you're doing a nice you know
00:22:46
when you're racing massive amounts of funds becoming highly exposure person
00:22:51
everybody knows you have million and with pro choice we now it it's pretty hard to
00:22:56
get back wanted firestone should have going we handle millions who is a hundred millions
00:23:01
on a monthly basis and purchases and we apply our high security standards will die shows
00:23:07
and then afterwards which is the most important thing because yeah joe as i
00:23:11
am a lot of the focus now days for many as you want to choose their
00:23:14
calling themself and i feel now you you hate to to your particular company
00:23:19
or foundation yeah i feel is a financial tool that is not what you uh
00:23:23
what you are and if you're focusing on that then you should do it
00:23:26
but then have the will to go and we help them do wealth management we go in and
00:23:30
help them diversify the as it into different has a classes leaving out the s. a.
00:23:35
liquidating the hazards into field and help them being
00:23:38
the financial partner also after everything's font excellent
00:23:43
um i wanted to jump to address this is gonna be a interesting question i
00:23:48
i remember being look a whole or you're you're sort of lead on that watching topic a two three years ago
00:23:53
and he was very passionate about solving a lot of these best practised questions making
00:23:57
sure that the legal questions route i see those were being addressed for for
00:24:00
a long long time now um i've only just recently started here of other law
00:24:05
firms getting involved in i. c. e. o.'s and blah change more broadly
00:24:08
how do you look at that is that a healthy thing to get more law firms
00:24:11
involved is is it a small marketing gonna be tough to keep everybody involved um
00:24:16
and if they are gonna get involved what sort of aspect is is do you think law firms need to be aware that well or i mean basically of
00:24:22
course uh uh those two ways is to look at things the the economic way which
00:24:26
you don't want to competition and then the best break this way it and
00:24:30
we we really looking for the best but maybe we welcome other law firms to
00:24:34
do that he also already in contact me is change the exchange ideas because
00:24:39
if if switzerland want to be one of the leading to restrictions for this form of
00:24:45
funding uh it can't be only one service provider delivers here and there it just
00:24:50
doesn't work it doesn't work from because we become downloading cases it doesn't work because
00:24:56
we can't establish brecht x. press aspect is all by ourselves we need others
00:25:01
who challengers we need to challenge others be directly to the charges
00:25:05
and vice versa so it is is is the right way
00:25:09
eh for switzerland differently um yeah i think the other question the ios before maybe
00:25:15
what is a success for us you and how you do that from from
00:25:18
our perspective obviously being uh uh devices on legal paxton complains issues
00:25:23
we we tend to look at it a bit different um false you
00:25:28
know the question what is success is not measured in numbers um
00:25:33
we have seen very successful i seals on a financial level which
00:25:39
have been on structure to uh to uh for extended probably
00:25:44
not compliant is many regulations aren't wrote but of course they have
00:25:48
a lot of funding so you can say successful them
00:25:52
for francis success i see it was just a mean you found the project
00:25:58
it's a project funding so at the end success is if the project is sex so
00:26:03
so uh you know you you see a lot of startups you have uh it
00:26:07
they get a lot of fun thing but on the excuse inside and they need a lot of support so our task
00:26:15
uh as a solo for men a tax consultant for it was not only to help them get the funding
00:26:22
successfully but goes far beyond that it's a lot about governance structures it's a lot about contractual
00:26:28
uh the uh support a getting the right contracts it not being exploited by service providers
00:26:34
uh uh so uh i think the success part comes off to the i. c. or
00:26:39
not based the icy and the post service to the i. c. uh that you
00:26:43
guys bring to the table and i mean i'm i'm still working with them even almost
00:26:48
a year after one of the companies that we did a token so for
00:26:53
i think it's important to say that i'm in switzerland um enemy has has been uh about leader
00:27:01
yep in the space very flattered i mean they're obviously all the law firms with great
00:27:06
services out there but as i say i think it's been for years and for quite a
00:27:11
long time the only for so full full credit seventy for the leadership that shot
00:27:15
i'm sorry i wanted to segue into to block house uh what
00:27:18
was the inspiration to start one house what you see the
00:27:22
the value proposition really being in the context of the ice yale processed so i think um
00:27:28
you said most of it already i think that there is a an opportunity to
00:27:33
do it right in a systematic way so my background is in banking so i just
00:27:39
chose to adopt a binding model so i'd go from origination to distribution to
00:27:44
post secondary market um maintenance you could call it so that we've
00:27:50
created together with enemy a process called the token generating event because we
00:27:55
don't necessarily like the time initial korean offering for many reasons
00:27:59
um we could do a whole panel about why right yeah oh by um we we originate
00:28:06
we want to create an environment where people are
00:28:09
welcome so people can complete certain due
00:28:13
diligence questionnaires that we would have value and we would like to build their
00:28:17
community in front there are some people that um should be
00:28:21
sent to several places because they may not be
00:28:24
entirely ready and then there's the process of doing workshops or which include a lot of legal preparation
00:28:31
in my particular case because of my economic background i like to do an economic study of economic models
00:28:37
the monetary policies the the economic incentives in
00:28:41
the alignment of the feedback loops and
00:28:44
a self referencing systems that we create with these type demise because systems
00:28:49
you have the deals that we are to rating have the
00:28:52
potential of being disruptive as economies themselves and so
00:28:57
uh i believe that if you get the economic model right and you get the economic incentives correct
00:29:03
and the monetary policy is right you have a much
00:29:06
higher uh chances of success that if you didn't
00:29:10
uh also a good idea good product good team execution wiener started method
00:29:15
although for can why commentator stuff and who are you what
00:29:19
do you do what's the promise you don't ever all those things need to be in the right place the story has
00:29:23
to be for a t. f. to weave the future back to the present and then go there and then we have also
00:29:28
knew tampa i'm a little disappointed that we didn't meet before we started bar 'cause 'cause i've received a lot of programming
00:29:35
so we have a little bit of a t. t. v. in a box at the end of the day we have
00:29:38
a four k. we see a male spider pair of tackle that uh which we also do i don't touch
00:29:45
the up so i don't do the last mile deposit interfere because i don't want to touch money
00:29:50
uh all of the transactions that we do throw jargon generating and don't don't through smart contracts and
00:29:55
all of the tokens are arse warped without any uh human activity
00:30:01
oh and then at the end of the post market side we do market making market taking liquidity provisioning
00:30:06
on the other side for asset management and uh from the perspective of the distribution
00:30:12
once you're out there and you're actually operating you're sitting on all this money there's an opportunity for
00:30:17
you to actually run your business as a token i just ecosystem properly so you should
00:30:23
probably be incentive eyes to use your token as a means to
00:30:26
pay your staff so security t. v. together with sensuality
00:30:31
uh i have put together a an application called paycheck and blah keeper um zack above
00:30:36
the sea of security to be a co founder company minor night together with
00:30:40
any andreas thomas and um central you have created an application to
00:30:45
hire people to pay themselves in either be fully compliant
00:30:49
with say fifty five and thin mark in addition to a party per a scraping tool that will allow you
00:30:54
to monitor all the activities of awful lot for the people so this is probably a way to
00:30:59
further enhance all of that which you've already done you've said a tremendous a road map your oh
00:31:05
and this is just another a mousetrap a better mousetrap to a different mousetrap attract
00:31:12
better i have to say it's not better because we are start up
00:31:16
i have so far i don't have the benefit of three years of track record as block
00:31:21
house it's better for the people who get paid interfering with it was seven dollars
00:31:26
yeah well that that happened to sing the d. t. v. of thirteen fifty yeah there you go um i do have a couple more questions i wanted
00:31:33
to ask but is it possible to get a few audience questions we have a microphone for that i have a question ready it looks like whatever
00:31:41
um what we take these two questions and that will switch to the other side
00:31:44
quickly i do you me like ah it's conscious k. from expert k. o.
00:31:52
uh i have a question to ari because uh expertise also working
00:31:58
on the on the l. p. g. look into generation event
00:32:02
and you mentioned that uh you doing k. y. c. a. m. l. and all
00:32:06
the the people who want to participate the go to the contract so
00:32:12
i'm interested how it's how it's done because i understand how we can squeeze about k. y. c. a. m. l.
00:32:19
but how the the make that possible in the the probably the simplest way
00:32:24
i know there are some options but i'm just curious about your being thank you to relieve developed an application that
00:32:33
takes the no sales process are from from the point of
00:32:39
the token being a generated to the point where
00:32:44
the buyer submits their token into a smart contract system and swap for the token that they're buying
00:32:51
so the distribution network makes available to the purchases of
00:32:57
the token the mechanism by which the slop
00:33:00
and so the actual buyer is buying the token at the moment of the sale
00:33:05
and this is done through k. y. c. a. m. l. process that proceeds
00:33:09
the purchase and we have multiple ways in which we can do it there's a way of
00:33:14
issuing into our cover that allows the buyer to them redeem the tokens when issued there's a way to do it on the spot
00:33:20
oh there's a way to do it in a combination of ways if we do a pretty so we do a pretty so with
00:33:26
an actual token now with the voucher or or with a soft
00:33:32
uh it's an actual instrument itself so the sale is final happy to discuss it
00:33:36
um we're we're using a matrix of thirty six
00:33:38
financial standardise contracts to issue these tokens because
00:33:44
um the work of our monitor economist willie brown arts and the work of actors have
00:33:49
distill the global work of capital markets into a thirty second matrix of thirty six financial contracts
00:33:54
and we're using those to actually build the instruments they could provide a more um
00:34:01
creative way of of of something some of the problems that we have
00:34:05
how the hell do you perform the region of the phones on ether and on the scripture assets which is being
00:34:11
sent in over k. y. c. n. m. l. at this point is done both mentally and automatically through
00:34:16
either technology you are actually somebody validating the process internally with
00:34:22
another question yep of no ah okay sorry and
00:34:34
who am waking them mm kay for either one of
00:34:37
the most collaborative organisations and i have a question
00:34:43
we see in mind now okay yeah yeah the martin anyway sigh marketing
00:34:49
in ballet and they are a marketing take no name using uh
00:34:55
and i wanted to know if you cooperate if these meetings and
00:35:00
and which i didn't see right now offering insinuations
00:35:05
oh i see oh project because i need
00:35:08
to have some huh it to a foreign companies little would like to common sense depending
00:35:15
basis since it's and maybe technical question first yeah um as i see it as it
00:35:21
currently two banks in switzerland one based in shoe issue make sure the continental bank
00:35:26
and one based in shook credit suisse and uses it to from uh as i see it
00:35:31
will uh it'll be nice you entities um and in those of course something's in liechtenstein
00:35:37
and of course some singaporean banks and the second question was about bridging between the raw
00:35:44
for those not familiar what's what's with or something called the rush to grab it
00:35:47
the divide between the french and the german side like that question really speaks to how does it
00:35:52
affect uh blah change our system i can maybe answer from you know from the legal
00:35:56
part of exchange yes there is an exchange um there are some because that was what i
00:36:02
was in the in the french or switzerland not maybe though in this field and
00:36:07
but we'll contact with them and your exchange but obviously bees with
00:36:12
cement be we tend to focus on our own regions
00:36:16
that's a kind of an old tradition but we definitely open to any is so if you have additional questions that
00:36:22
on the race so happy it happened afterwards as well it's another question
00:36:27
so my name is cheap money a represented here start vocal
00:36:30
layering as well as a newspaper like if you don't have a
00:36:34
question to mistaken on or about the um you could fall
00:36:38
uh could you comment some companies choose a foundation and you have a a
00:36:43
the l. c. d. of a corporation um you have corporate t. v. in combination was holding
00:36:49
one can you also comment on the particular case of
00:36:53
every um it's a foundation bandaid injected many
00:36:57
in l. a. c. on the l. a. c. e.'s being um the salsa who do maybe
00:37:04
yeah okay good problems uh i can't really comment on on cases we've worked only details so
00:37:09
i would leave out the second question but uh with the go to first question
00:37:14
uh huh what structure is the appropriate one for your project that certainly could not give you an answer in out of the
00:37:21
blue but in principle um what we move off about the
00:37:26
foundation structure and is it really you can look at
00:37:32
it this is like a small contract basically it's rock solid it
00:37:36
has one input function as algorithm inside which is the
00:37:40
purpose of the foundation which defines for which purposes and which
00:37:45
means the phones of the foundation can be used
00:37:48
and that's it so the funds which flow into a foundation they're secure and so it's
00:37:54
a very profitable organisation nobody can re run away this money or misappropriated money or
00:38:01
use the phones for any other mean then for the project without risking
00:38:06
to be a you know a involved in a criminal investigation
00:38:11
and the foundation is being supervised by a supervisory authorities as a federal authority
00:38:16
which does the regular although it's so um this is this rock so what nature of
00:38:22
this foundation reserves well for projects that yeah intend to maintain a real estate
00:38:29
uh infrastructure level some new protocol for example or isn't
00:38:34
up occasion protocol which show you maintained and
00:38:38
belief for a very long time and not be controlled controlled by a single entity which can
00:38:43
change its mind and solicit well no we stopped that has so for project like the three protocol
00:38:49
a tasteless or um you name it over basically
00:38:53
use the basic infrastructure for digital economy
00:38:57
and we believe that this is right structure that is this advantage of that obviously being it's not too
00:39:02
flexible it's not meant for commercial purposes so it it's pretty limits or like you probably yeah
00:39:10
yeah could we could probably take one more after this if anybody has something burning thank you a
00:39:19
wholesome family really enjoying is um i also enjoyed are you kinds beautiful description of uh
00:39:27
society in transformation from a usable a totalitarian economy
00:39:33
to use a a a a distribute economy and its transition
00:39:38
there also building blocks that we need such brokerage
00:39:42
it's insecurity clergy you knew spike nickel about securing which i can see that once they
00:39:49
see kind of important so much is being so brokerage part which is why
00:39:54
we still have to pay people salaries in projects before they will take the uh
00:40:00
what's needs to improve the brokerage part is it politically satisfactory like um well
00:40:09
i believe we have an opportunity to build an avatar of that is better than the
00:40:16
current one that's operating i'm from um financial
00:40:22
point of view at the fundamental
00:40:24
level all um all that which arises from
00:40:29
the business of finance is going to
00:40:31
change fundamentally from the bottom up because we have an opportunity to build
00:40:38
at the at the metal layer we have an opportunity to
00:40:41
build regulatory beagle taxing compliant basic building blocks that allow
00:40:46
for anything that plugs into that to be inherently compliant
00:40:50
admonition yeah and so then the the the
00:40:54
the and of compliance in tax gets left to
00:41:00
of a of a more uh creative
00:41:03
of designing of economies which is i'm i'm more i'm beautiful
00:41:09
brackets of law um other than just the uh the
00:41:14
law that the regulators leading on to modulate society it
00:41:20
could evolve so with finance having an opportunity to
00:41:24
create this potential continuous real time auditing substrate on top of which
00:41:30
regulatory legal taxing compliance can be overlaid and then eventually at some point we'll
00:41:34
have identity and the critter graphic security anything that goes in there
00:41:40
everybody can go back to playing instead of being afraid of the regulator and
00:41:44
and i will already getting there they they only would acidic in the x. i. d.
00:41:48
tokens correct so i think that uh to to your to your point you have
00:41:53
to go back to the to the beginning because the opportunity is to transition into a
00:41:58
balanced system where centralise servers will do what they do best which is protect
00:42:04
delay prevent slow down and ensure that there's maximum control anti
00:42:09
that's but the intent of things of that transaction layer
00:42:13
that belongs out there cannot be run and centralise systems they
00:42:18
have to do live in a de centralise world
00:42:22
and that's where we can add a an extra layer of a regular of that universe which today
00:42:27
exists in a tower of the bad because the entire derivative markets is it's a different language you can
00:42:35
understand anything that has been produced because the standards for producing all of the instruments up in
00:42:42
not there the languages are different so you can't communicate so you can't penalise so him you can't really grow
00:42:49
and scale exponentially you arrive at these boom and bust cycles in in in the central stations only one
00:42:55
of the key features public law chains i mean for example identity you have a token that has like
00:43:00
the only you can stop telling all these forms you have we talking you you sort of everywhere
00:43:05
yeah and they can say many times left it repeatedly repeatedly repeatedly show the passport do this and
00:43:10
bruno knuckle duster you have a token island immutable law chain um and uh you don and
00:43:17
i that's gonna be permeating many other parts of the
00:43:20
regulations society you know little transcend banking it'll
00:43:24
only sufficient it's sufficient to not allow us in banking to go back to doing banking
00:43:30
uh_huh we're running low on time so i can't take one more question unfortunately but will will be here for a while but afterwards
00:43:36
um i wanted to try and with a little bit of a spacey question um you
00:43:40
don't have to name names or give specific examples but if each of you could
00:43:43
maybe give one example of something that you've seen in the last year round i see
00:43:47
those that you would recommend avoiding is is there anything that comes to mind
00:43:51
any prospectuses of what not to do it if the da
00:43:56
okay yeah well uh if i have various examples
00:44:01
popping i might but don't copy another project and don't copy everything which was was on the web page
00:44:08
and this was most the probably the most hilarious i have the plagiarism as bad okay you are a oh
00:44:16
it's very hard for me to boil it down to one to be honest with you on that
00:44:20
i'm michael anything from say social media or communications that that's a big red
00:44:25
flag or something people should avoid i guess astroturf thing but uh
00:44:30
you know for the most part i i think that uh you know social media has a tendency to
00:44:38
a reactive lot right in in sometimes overactive perceived file i
00:44:43
mean we are wrap so nice yellow that was
00:44:46
completely utterly legitimate and they raised you know five and a half
00:44:52
million dollars that what if there was worth a lot last
00:44:54
had a great playa it was a great success story natural and
00:44:58
when they got funded they bought a new c. t. l.
00:45:01
and the call fouling see he'll get really angry about that any rubber thing saying
00:45:06
that actually guys well i know i know yeah and um they had they
00:45:09
had a uh you said you know i'm out up the seal probably didn't and
00:45:14
says scam 'cause i call the clients listening in to approve the uh
00:45:18
well that was a two three into the three d. and and it was like almost subtle is just
00:45:23
a rumour that literally got like wildfire hot point telegraph premise of this fact some very big
00:45:29
people on social media just set always real shame that the scam still happens and and we have
00:45:35
to crisis control and then finally when there's one big piece called the scandal that wasn't soul
00:45:41
a social media can be a blessing it be a curse i think everybody has to just you know
00:45:46
basically look for the truth like you do in any other field yeah we've got ten seconds last words
00:45:51
like away not focusing on just raising at as much as possible budget and stick to that
00:45:56
yeah great maybe if i can use the last five section does remember you sit in
00:46:02
a glass house that's the picture you should have so every move you do
00:46:06
yeah we'll be transparent people will see that and try listening to
00:46:11
the lawyers which tell you things because you they pay them
00:46:14
to do that and don't ignore them from every great one that

Share this talk: 


Conference Program

Welcome and opening remarks
15 Sept. 2017 · 9:25 a.m.
446 views
Tokens Generation on the Blockchain
William Mougayar, General Partner, Virtual Capital Ventures
15 Sept. 2017 · 9:29 a.m.
146 views
Panel Discussion: Inside the Token Economy, moderated by David Wachsman
Alexander Bulkin, Ransu Salovaara, Dominic Zynis, John Quinn, Resp: Co-founder, CoinFund.io - CEO, TokenMarket - Co-founder, WINGS Foundation - Co-founder, Storj
15 Sept. 2017 · 9:54 a.m.
Swiss Finance in Transition
Olga Feldmeier, CEO, SMART VALOR
15 Sept. 2017 · 10:32 a.m.
102 views
Panel Discussion: IPO 2.0: How Blockchain is Disrupting Venture Capital and Investment Banking? Moderated by Marc Badertscher
Jamie Burke , Kenzi Wang, Eddy Travia, Richard Muirhead, Resp: Founder & CEO, Outlier Ventures - Managing Partner, Superbloom Capital - CEO, Coinsilium - General Partner, Open Ocean
15 Sept. 2017 · 11:19 a.m.
102 views
Panel Discussion: State of ICO Market – Cutting through the Hype, moderated by Daniel Haudenschild
Richard Kastelein, Daniel Zakrisson, Alexander Ivanov, Miko Matsumura, Resp: Co-founder, Cryptoassets Design Group - Co-founder, Cofound.it - CEO and founder, Waves Platform - Partner, Pantera Capital
15 Sept. 2017 · 11:54 a.m.
Fireside Chat: Investor Journey: from Bitcoin to VC. Moderated by Eric van der Kleij
Richard Moorhead, Olga Feldmeier, Charles Hoskinson, Resp: General Partner, Open Ocean - CEO, Smart Valor
15 Sept. 2017 · 1:42 p.m.
Pitch DomRaider
15 Sept. 2017 · 2:19 p.m.
Pitch Science
15 Sept. 2017 · 2:30 p.m.
Pitch Swapy / Credit Dreams
Edmilson Rodrigues, CEO
15 Sept. 2017 · 2:38 p.m.
Pitch Modex
15 Sept. 2017 · 2:45 p.m.
Pitch Etherisc
Stephan Karpischek
15 Sept. 2017 · 2:54 p.m.
Pitch RecordGram
15 Sept. 2017 · 3:02 p.m.
Pitch AION / NUCO
15 Sept. 2017 · 3:11 p.m.
Pitch BitBoost
15 Sept. 2017 · 4:14 p.m.
Pitch Sweetbridge
15 Sept. 2017 · 4:20 p.m.
Pitch Streamr
Henri Pihkala, CEO
15 Sept. 2017 · 4:29 p.m.
Pitch RightMesh
15 Sept. 2017 · 4:36 p.m.
Pitch Sun Exchange
15 Sept. 2017 · 4:44 p.m.
Pitch Papyrus
15 Sept. 2017 · 4:50 p.m.
PanelDiscussion ICO Best Practice, moderated by John Hacker
Nicolai Oster, Michael Terpin, Arie Y. Levy Cohen, Andreas Glarner, Resp: Head of ICO, Bitcoin Suisse - CEO, Transform Group - President, Blockhaus - Partner, MME Legal
15 Sept. 2017 · 5:03 p.m.
157 views
Investor Jury Announcement and Closing Remarks
Olga Feldmeier, CEO, SMART VALOR
15 Sept. 2017 · 5:50 p.m.

Recommended talks

The Art of Discovery, as seen by a physicist
Subodh Patil, Research Physicist, University of Geneva, CERN
11 Feb. 2016 · 4:39 p.m.
115 views