Tim Draper
Founder at Draper Associates, DFJ & Draper University
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Blockchain Life 2019 Asia
April 23, 2019, Singapore, Singapore
Blockchain Life 2019 Asia
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How institutional investors/venture capital firms will change the world of cryptocurrency
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About speaker

Tim Draper
Founder at Draper Associates, DFJ & Draper University

Tim Draper founded Draper Associates, DFJ and the Draper Venture Network, a global network of venture capital funds. The firms’ investments include Baidu, Focus Media, YeePay, KongZhong, Skype, Hotmail, Tesla, SolarCity, Coinbase, Ledger, Robinhood, Athenahealth, Box, TwitchTV, SpaceX, Cruise Automation, Carta, Planet, PTC and many others.He is a leading spokesperson for Bitcoin, Blockchain, ICOs and cryptocurrencies, having won the Bitcoin US Marshall’s auction in 2014, investing in over 50 crypto companies, and having led investments in Coinbase, Ledger, Tezos, and Bancor, among others.He created viral marketing, a marketing method for exponentially spreading an electronic service from customer to customer, instrumental to the successes of Hotmail and Skype and other applications, particularly effective for mail and communications applications. Arguably, social media, crowdsourcing and growth hacking are all outgrowths of viral marketing.

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About the talk

Topic: Business


00:22 Introduction

00:44 What is Bitcoin and what is it for?

01:13 Bitcoin is not a company!

01:44 Bitcoin is not still the only cryptocurrency

02:02 - The impossible has become real or the history of the first cryptocurrency

03:09 First strange Bitcoin application

03:40 Giant bubble that is inflated or how did the popularity of Bitcoin grow?

04:08 Bitcoin store success secret

04:45 The largest VC deal!

05:14 Bitcoin has become cash for the Internet and how people fought against it

06:21 Bitcoin share in a common ecosystem of markets

06:49 2 versions of Bitcoin and their features

07:37 Ecosystem on Bitcoin cash

07:56 Drop in the number of transactions happening on Bitcoin and their consequences

08:26 How to cryptocurrencies helps investors and entrepreneurs

09:08 Competition for supremacy among cryptocurrency

10:06 Why Bitcoin cash is popular?

10:59 - Digital currency may be the most effective way the world has ever seen to increase economic freedom

11:25 Top countries in terms of economic freedom and how economically free countries emerged

16:12 If we can create more economic freedom in the world, it will serve as a giant economic stimulus package for the world accelerate innovation reduce wars make the poorest 10% better off!

19:07 Request for help

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T in place start and we are listening to you very closely. 00:00 They will never go so thank you so much for having the and I'm so sorry. 00:05 I'm not there to experience this. 00:11 The The whole blockchain life world. 00:13 I think you guys are doing extraordinary things and and I'm sorry. 00:16 I'm not there to join you but I did wear my Bitcoin tie and apparently I was all over the twittersphere is the Bitcoin Tyga. 00:22

Uh because I was in uh some documentary so this is kind of fun. 00:32 Uh what I thought I'd do is start to talk to you about my perspective. 00:39 On on Bitcoin and Blockchain and how they how I see them molding into history. 00:45 I you know, I'm old enough to have vested and benefited from the big boobs and the big bust of the Internet. 00:53 And then the long run of the Internet after the bus. 01:03

And that uh that made a big impact on on on all of us in a in a lot of different ways to transform any different industries, 01:07 including communications and information. 01:18 A gaming entertainment, 01:18 axes, all these industries were transformed. 01:25 These are industries in the 10 to $100 Billion range. 01:29 These are big, big industry. 01:33 And uh. 01:36 As an investor I got the benefit from all the entrepreneurial activity that came out of that. 01:36

Well, you know, we're we're in a time. 01:44 When? 01:49 There is a new technology and that new technology has the potential to transform industries that are the biggest industries in the world. 01:49 Industries that were up until now really not as much affected by the Internet. 02:01 And those are banking in Kommersant financing insurance. 02:08 And Healthcare and government itself. 02:14 All of these industries have the potential to go through a major change, 02:17 and in you. 02:23

Fortunately, you all of those of you out there who are building businesses, 02:23 helping people build businesses funding. 02:29 People who are building businesses. 02:32 All of you are going to benefit from this amazing transformation of society and I'll get into what I'm thinking what I'm thinking there. 02:35 Um first first let's talk about uh how I best I invest by looking at industries better too. 02:46

Fat that are providing bad service at a high cost and they run run as monopolies or old got in and they need transformation and then I looked into space 02:54 and then I look to technology. 03:09 Better and and have the potential to change those big industry. 03:12 And we are in one of those confluence where. 03:18 Where we have? 03:22 The these extraordinary technology. 03:22 And we have plenty of these big industries that need transformation. 03:28

So I so to start with just let me layout at the the technologies that I'm talking about. 03:33 I'm thinking a bit coin and all the associated technologies around Bitcoin Blockchain Smart contracts. 03:43 All of that is, is very excited and then on the other side, 03:50 artificial intelligence and all the technologies around that deep learning big data. 03:55 If you start putting both of these technologies together. 04:02

You are you start to see a world that we never even imagine. 04:06 And that's kind of what happened with the Internet, 04:12 a World Venom is it imagine happen. 04:16 Who knew that we be using you know smartphones and and and the Internet to find every Internet solid every argument nobody thought that that would ever happen, 04:18 but it did. 04:31

So now you have these really interesting technology and they can potentially transform these really cute tandis present trillions of dollars vendors. 04:34 And uh and how are they gonna do that that's going to be kind of an interesting it's gonna be interesting to see how well plays. 04:46 But here's my perspective. 04:53

Bitcoin came out and it had this new feature, 04:53 which said it is decentralized is open and transparent frictionless for the world to use there is now a currency that they global earthy isn't hide any political backing for 05:00 another. 05:16 It is open and transparent and way I can describe that it let's say you have your in Sudan or Syria. 05:16

And you are being driven out of your country and you are suddenly if you got a refugee in another country and let's say you had plenty of money in 05:26 Instanter, Syria. 05:37 But you know been moved completely up. 05:37 Well, if you just have Syrian money or standing money, 05:43 you arrive in Greece in a recipe and you have nothing. 05:47 You start from scratch. 05:51 You have to start all over you don't know the language you don't know anything. 05:51

But if you had Bitcoin you could just cross that order and start your life over and pull down your Bitcoin and and you know start. 06:00 Start over start again. 06:11 And uh and so that's kind of an interesting way of looking what I can do for Society for global side. 06:11 It also tells you. 06:22 But these geographic borders become less and less relevant. 06:22 Uh because uh? 06:29 The idea that some if you have a currency is completely global and completely open. 06:29

And transparent and decentralized then you don't you don't require the the tribalism that we've had over all these years. 06:42 The nationalism that is AT and tribalism that has protected our species for so many years is now becoming less relevant. 06:52 As as more of some more of the government can be provided. 07:04 Essentially so let me give you a few examples of government and be essentially provide. 07:10

A government is really an insurance policy an an uh most of our government does is provide you healthcare insurance pension sore workmen's compensation insurance. 07:18 Or unemployment insurance or number different insurance is. 07:33 And that that makes up about 80% 07:39 of government. 07:41 And uh in it, 07:41 so. 07:44 If you think about what's technologies can do with start with? 07:44 With Bitcoin Big Point is this logo. 07:50 Let's see runs on a blockchain. 07:53

Blockchain is imperfect ledger, which keeps perfect track of money. 07:56 And it can be keep perfect track update. 08:03 And then there's the smart contract and that is if something happens, 08:07 then. 08:13 Something else happens so for instance, 08:13 an insurance policy. 08:17 Uh you are paying your premium OK, 08:17 Babe and then something happens event happened and you get a claim. 08:22 And right now when you have that claim. 08:29 You you fight the insurance company. 08:31

It takes months and finally you get half of what you thought you get well. 08:33 Well, now with a smart contract. 08:39 You can build in a smart contract for inference, 08:41 then if something happens, if there's a death or? 08:44 At a very discrete event that happened, 08:48 then all the paints can be done automatically on the smart gun. 08:51 Well, that changes the whole nature of insurance you get paid him media tly you it, 08:56 it the premiums become very directly connected. 09:03

To uh to what kind of insurance you end up getting the event. 09:08 It's very discreet. 09:12 You lose job get them You You Die. 09:12 You get the money, you have a medical bill. 09:16 You get the money and it's automatic and there's no fighting about this to that. 09:20 That's that's a major breakthrough that's a real transformation and that's that's French. 09:26 But then take that government. 09:34

All the sudden we have governments that are all of these insurance policies around the world and they're all run like local monopolies are all run is is 55. 09:37 And uh and they have people are nationalistic and say it's US against them. 09:50 Well, it turns out, it's not so true anymore because we're all interconnected. 09:56 Uh the geographic borders become less and less relevant and we are now. 10:02

Business anywhere, and now we have a currency that can do it any. 10:09 So that kind of opens up this decentralized world. 10:14 And it can provide for this whole new way of thinking. 10:18 And in one way of looking at it is, 10:22 is by using the example of Finance. 10:25 Tiny had started out in China and they build it $10 Billion business. 10:29 And uh and it it was based on Big Point. 10:35 And then China, said bitcoins illegal here. 10:39 What are the China? 10:43

What is an entrepreneur do that finds out thing that he's building for 10 years and now we're $10 Billion is illegal in his country well, 10:43 he looks around for a country where it is legal so she went to Singapore, 10:53 where you guys. 10:58 And Singapore took him in and they had to $10 Billion business and things were going very well and then Singapore, 10:58 a little heavy ended on Bitcoin and he went to Malta. 11:08 And so suddenly there's this new dynamic. 11:12

I'm calling it competitive government governments have to come for you. 11:16 For the money for the entrepreneurs for the business the citizens of the world. 11:22 Entrepreneurs have to come I mean come get country are now having to compete well. 11:28 That's really good news for all of us because where countries used to be very heavy handed. 11:34 And they they decided what all of us had to do. 11:41

Now they have to have an eye toward competition and other countries doing a better job and they're gonna have to approve themselves So what countries really heavy handed. 11:44 Another country has a light touch. 11:57 The light touch country will outperform and move heavy handed country. 11:59 The light handed country. 12:04 In fact that happens is happening because China did buckle down and say say we're going. 12:04

We're gonna make a Bitcoin illegal and then Japan responded by saying bitcoins a national currency of Japan. 12:14 Suddenly, what do all those entrepreneurs do? 12:23 Go to Japan. 12:26 And and becomes this new new melting pot for some of the best burgers and then you then you project out for years and think of a 12:26 country band Internet 40 years ago. 12:40 They would be living in the dark. 12:44

And now those people like US Open their doors to the Internet and they allowed the Internet to thrive and they were hugely benefit. 12:47 On the growth and expansion the same things gonna happen with Bitcoin and all the associated technologies big coin and ATI and all the associated technologies pay up. 12:58 It's going to be 40 years from now. 13:11 Basically, the amount of time it took for Lee Kuan Yew. 13:15

Completely transform sing up. 40 years from now people are going to look back and say wow. 13:19 Those countries opened up. 13:26 New new technologies and these new opportunities. 13:26 They really ruin things went very well for them and all there was a brain drain out of the countries that clamp down on these nude 5 minutes left. 13:33 Please 5 minutes left OK. 13:45 So I will get into one other one other industry that's really going to be transformed that's healthcare. 13:49

Healthcare we're going to put all of our all our data up into the cloud and it's gonna keep perfect records of all of our data blockchain an in and 13:56 that data can be not just your medical record. 14:07 It can be your your blood test results in your genetic history in your Fitbit results and all those other things that Dave picks up like where you've traveled and 14:11 who you have an but you had breakfast at you went to this conference. 14:23

And then you go into the doctor and the doctors gonna know so much more. 14:28 Uh we have a company called Cloud Matics Matics. 14:33 Outperform the average doctor on the Doctor Test. 14:39 Uh as as an AI tool. 14:43 And when combined with the doctor it scored in in the high 90s Santa. 14:47 It uhm it shows Maine that it's not just gonna be your Uber driver that has to go think about a next to it's gonna be every job. 14:54

Uh the lawyers are gonna be transformed because there gonna be all these smart contracts and they're going to be very stinky. 15:04 And discreet as to what happened with a smart contract well that's gonna that's gonna. 15:12 Level the level the ground make it so that there are lot. 15:18 Or fewer dispute. 15:23 Accountants are going to have to change their ways because if they do any bookkeeping the black bean does perfect book gate keeping with pick one. 15:23

And so people are going to say, 15:34 Well wait why, why do we need audit? 15:36 It's already on the blockchain stop? 15:38 Venture capital business gonna change, 15:41 so we're all gonna lose our jobs to AA. 15:44 So then what? 15:48 Then, what do we do? 15:48 Well, I think it's going to loop humanity to this new higher plane now for awhile there gonna. 15:52 There's gonna be turmoil. 15:59

And in all sorts of trouble and that's going to be great for entrepreneurs and venture capitalists because we 15:59 Drive when there's big, big changes in an industry big transformations in the world and we are better on so we're very pleased because the funds we raise will be 16:10 really well put to work. 16:23

Um it also encourages more people to start businesses and and I encourage you all if you're animated twenties and getting going and ready to start a business trying to 16:27 figure out how how to go about it think about trying to Drake University Place. 16:40 One minute, please. 16:46 And then uh and then read my book. 16:49 It's called how to be the startup hero and an it. 16:51

It'll take you through some of the thought process that you're gonna need to go through before you start a business so this is really you we're all in one 16:55 of the greatest. 17:07 Historic times best times in the history of the world. 17:07 It'll make it'll pale the Renaissance with pale by comparison. 17:13 We are also much better off because of this new where we are going to be so much better off because of this new world. 17:18

We're going to transform some of the biggest industries in the world. 17:26 We're going to make it much better for the provider, 17:31 and for the customer and we all gonna be beneficiaries, 17:35 so be very thrilled. 17:38 We're living in this time because people are gonna look back at this time and say wow that Bitcoin and that blocking and the. 17:38 Smart contract and that artificial intelligence that happened in early 2020. 17:49

That was absolutely transformation, TLE for all of our lives today. 17:55 An I think your your grandchildren will laugh at you when you talk about how you used to have to put your panties down or pay with the political currency 18:01 to buy your Starbucks and then they laugh even harder when you say that you used to have to go through these boots? 18:13 From one place to another there was called Customs Team 20 seconds, 18:23 please order. 18:28

Uh it where the world where your grandchildren are going to look at you and say, 18:28 Well that was really stupid. 18:34 A customs in no sense, 18:37 but at the time it did, 18:38 and when we were tribal and when that mattered. 18:40 It did matter. 18:43 But now I think the world's going to change. 18:43 We're all opening up worlds gonna be a better place. 18:47 Thank you so much. 18:50 Thank you so much miss. 18:50 It improper from Trevor associations for your insurance for your advice is. 18:53

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