2020 Digital Money Forum
January 7, 2020, Las Vegas, USA
2020 Digital Money Forum
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A Survivor’s Guide to Investing in Crypto
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About speakers

Lori H. Schwartz
Principal, Curator of Experiences at Storytech | Storifying Experiences Everywhere
Jonathan Johnson
CEO at Overstock.com
Alex Mashinsky
CEO at Celsius Network
Matthew Roszak
Chairman & co-founder at Bloq
Michael Terpin
Founder & CEO at Transform Group

Lori​ is an experiential marketing executive whose StoryTech initiative pairs brands, storytellers and technology companies together to create experiences that foster business success. StoryTech's trends briefings, curation & tour products are well known globally through work @CES, @NAB, @NATPE and @IBC to name a few.Lori also collaborates directly with top creative and strategic executives at AT&T, ShowTime, HP and Clorox to ensure their understanding of emerging business models while designing unique experiences. Los Angeles Based, Lori is a CNN Technology Contributor and a frequent speaker at industry & private events where she facilitates conversations around new business models & technology. She sits on the Board of Governors and the Executive Committee for the Television Academy. You can find her broadcasting weekly on Voice America's business channel on her 'Tech Cat Show'​ where she talks tech with industry leaders.Previously, Lori was Chief Technology Catalyst for McCann Worldgroup, NA, where she was responsible for driving technology innovation at one of the world’s largest marketing communications companies. She was the principal to launch the highly regarded IPGLAB (http://www.ipglab.com/) where she advised Fortune 500 clients for the Interpublic Group of Companies like General Motors, Nestle, Sony and Yum! Brands. She has been profiled as one of the “30 Executives Shaping the Evolution of Media & Technology” by Variety and “100 People to Have Lunch with” by M

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Experienced CEO, President and Board Member with a dedicated dual history of successfully leading retail and advancing blockchain technology.

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Alex Mashinsky is an entrepreneur who has founded several notable technology firms in the United States. He founded Arbinet in 1996 as a commodity exchange for telecommunication companies to trade unused long-distance minutes. Mashinsky's other company, VoiceSmart, was one of the first firms to offer telecommunications switches to handle ordinary voice as well as Voice over IP call routing.Mashinsky later founded GroundLink in 2004 as a service to book an on-demand limousine and car services from a computer or smartphone. He was also the founder of Q-Wireless, which later became part of Transit Wireless. From 2014 to 2015, Mashinsky served as CEO of Novatel. He currently serves as CEO of the Celsius Network which is a CeFi lending platform operated by use of blockchain technologies. Mashinsky lives in New York City with his wife Krissy Mashinsky and 6 children.

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Matthew Roszak is a leading blockchain investor, entrepreneur and advocate. Mr. Roszak is chairman and co-founder of Bloq, a blockchain technology company and the creators of Metronome, a next generation cryptocurrency. Mr. Roszak is also founding partner of Tally Capital, a private investment firm focused on cryptocurrencies and blockchain-enabled technology, with a portfolio of market leading companies including: Binance, Block.One, Blockstream, Civic, Genaro, Orchid, Polymath, Rivetz, Spacechain, tZERO and Qtum.Mr. Roszak serves as chairman of the Chamber of Digital Commerce, the world’s largest trade association representing the blockchain industry — and the founder of the Token Alliance, an industry-led initiative developing best practices and standards for the responsible issuance of tokens. In addition, Mr. Roszak serves on the board of BitGive, a non- profit foundation that improves philanthropic impact with blockchain technology. Mr. Roszak is also the founder of the Chicago Blockchain Center, a public-private partnership with the State of Illinois, CME Group, DRW and Lightbank. Mr. Roszak was a producer of the industry’s first ever documentary, The Rise and Rise of Bitcoin.

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Michael Terpin is founder and CEO of Transform Group International, whose divisions include Transform PR, a global public relations firm that has served more than 200 clients in the blockchain field and helped launch 65 ICO’s, including Augur, Ethereum, Gnosis, Qtum and WAX; CoinAgenda, an event series for cryptocurrency investors, and Transform Strategies, the company’s advisory division. Transform Group is headquartered in San Juan, Puerto Rico, with offices in Santa Monica, Las Vegas, Silicon Valley, New York, Boston, Denver, Toronto, Paris, and Cape Town.Terpin holds an MFA from SUNY at Buffalo and dual BA in journalism and English from Syracuse University, where he serves on the board of advisors at the top-ranked Newhouse School. Terpin is also an investor and advisor to many blockchain, media and technology companies, including CommPro, GoCoin, Polymath, Purse.io, ShapeShift, Videocoin and WAX.

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About the talk

Four veteran investors share their strategies. Then we’ll look at how All Roads Lead to Decentralization (or not).

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All right, come on everybody. Let's hear a bigger clapping. It's the hump of the afternoon. Let's go. All right, let's have let's bring out our panelists. Let's get Michael Johnson, and come on out. I'm in the back there, they're making some deals with crypto right now. So it's going to be a movie. All right, well while we're waiting, what we're going to do is we're going to get into a really exciting and quick a conversation about how, how do you play in this game and how are large companies doing it? How are

Venture capitalists doing it? How are retailers, doing it? And we're going to look at a lot of different perspectives. And this is all about surviving, getting into this space, and when you're ready my darling, come on up on the stage. That's how we fly in the crypto space, right? All right, so I'm going to do is feed round of having my panel just quickly introduce themselves. Then we'll come back and we'll have them talk about their perspective and then we'll get into some exciting conversations. Let's just go down the road and just introduce who you are real quick

capital and I am stand very, I wasn't me. I promise I'm a Stansberry Research and I have a pretty broad background, probably one of the more weird people. That's been on the stage written, a screenplay sold at the Adam Sandler. I used to buy and sell domain names and told Wall Street. Com for a million bucks. And then discovered Bitcoin and went down the rabbit hole. You are very weird OK and Jonathan to accept Bitcoin is a payment method back in January 2014, we've been set up a company called Medici Ventures which invests in

companies advancing blockchain technology. And so in addition to being the CEO of Overstock on the president of Medici Ventures, I'm Michael Turpin. You'll be hearing from you later around 4 ish. I guess I'm going to clean out, but I went down the rabbit hole in the 2013, Mr. Olympia winner in the marketing and Technology investing in the body wave of multimedia begat the internet to get social media. And then I saw digital assets and was like, this changes everything, and I still feel fantastic in jail, in Putra founder of future. Perfect

Ventures were in early-stage Fund in New York. I launch the fund in 2014, a focus on decentralization. I've been Avicii since 99. To invest in the early days of the internet and I what I saw in the early days in the 2012/2013 time frame of the Bitcoin conferences, I was going to but the energy and the talent that that I found the early days of the internet. And and so I decided to launch Adventure fund. That was packing company building the infrastructure around decentralisation and in crypto

is certainly part of that. We have 50 portfolio companies right now over to funds and about to launch our third side and we must globally later. So give just this in for this topic, for the survivors guide, give me a little blip about why Bitcoin because of all the people in the universe. You are the most foolish about Bitcoin of anyone I've ever met. So give us a little taste of why but a short taste. So I can hear from everyone else and then we'll come back and

argue or we haven't talked to Tony Vegas or some of the Bitcoin know I'm bullish on the overall blockchain sector. I'm very bullish on public blockchain just like in the early days when you know, corporates would say well we don't really Be on the Internet is too scary and dangerous. We're going to go and build their own internet and then they realized I could just put stacks on top of that. I think that's what the future is for the public blockchain. But, you know, we're 11 years in now as of this week and we've gone from something that was,

you know, laugh that and and you know, ignored and now it's, you know, 200 billion dollar market cap. 210 actually one of the building in the last 48 hours and it is a number of things. But at its Essence Bitcoin, and everything else that came after it. What makes it important is just as the web 1.0 allow you to have digital files where you can copy and reproduce in a billion times. You don't want to do that with money, you don't want to do that without their scarce assets. This is a digital assets of the hard-ass, I would

visual qualities, digital gold and end all this variance and that is a game changer. Do you have a favorite to have one that you're more excited about? I get all address of that my keys out. I think that there's opportunities in a number of areas, five or six in particular. I think Bitcoin is, is still the leader. In terms of being able to be a store of value for the third world. And four places that have governments, that will degrade, and debase and, you know, confiscates assets from the Personnel, we don't have that issue in the

United States since we don't have it right now and but it's something that really gives people power just like they had when they would just, you know, keep gold in the, a lockbox in the backyard 3.0 Jonathan. Let's pop over to you, I'm a huge fan of Overstock. I'm a working mom, and I, and he didn't tell me to say that I actually to shop there, and I really like it. And you guys were literally one of the first sword online retailers to accept Bitcoin. So, I know you guys are big and dusters to tell us on the, on the blockchain. So I tell us a little bit about

that. The blockchain is great because it lets us transfer assets digitally today or pre blockchain in order to transfer assets. We always need a middleman. We need is Banks. When there's a government, we need a Brokers. We cannot do that. With blockchain technology, with a digital handshake rather than a handshake through a trusted agent, it's going to take a fee for that. So we're we're investing or companies that we see natural assets. Digital assets. Transferring weather

that's on Wall Street with a company like t 0, which is letting security tokens and we think eventually stocks and bonds, I'll trade visually using blockchain technology, whether it's in voting, where your digital asset is your boat. Then when you cast it, it's cast once in that election and not multiple time to the company was invested in called votes boa. Kizi Oregon, be in helping a central bank's is issued digital currency which is what did one of our portfolio company is doing. I've been the last

one, I think it's, it's really going to be a revolutionary in the developing world. Is what Medici land governance is doing, where Land Title is digitized and where people can't prove title. Now can prove that they own their property, whether they're going to borrow against it, sell it, subdivided, it really created, makes dead Capital land that's not owned or proved to be on proved to be on and then they can they can access and lovers then retailer an online retailer to be in this space. So deeply

is there a reason you guys jumped in? Is always. We've always beat ourselves and technologists. We started an online Commerce and e-commerce in 1999 when that was going to be early wave. One of the reasons we began accepting Bitcoin with said that are technologist would become more familiar. With blockchain technology, the internet made it to the, we exchange information freely and frictionless Lee watching going to let us exchange assets freely. In first of the first month, with the police as a technology

company, there's a lot of it makes a lot of sense to more from one of the other. If you think it was purely as someone who sells sofas and sheets, it's a little different but we're more than just so tell us a venture capitalist in the space and I know you were you've been in this since 2014 and had a thesis about a to share with us what you're thinking was And all that. So yeah. So I I was just looking in from a macro perspective what was happening in the world and that's how I've always invested and the proliferation of

data and data that was getting hacked consistently by the current infrastructure that was in place for the servers more and more sensors and devices out there that are collecting data that are going to have to exchange that data somehow, but doesn't really make sense for that data to move off the device into a cloud. And I just thinking broadly, we need other infrastructure not the infrastructure that's in place now. So when I started digging into blockchain technology, thought that a lot of these challenges could

be addressed by different business models and different Technologies emerging out of the Bitcoin blockchain technology. And so when I eat when I compare it to the internet to me, just how the internet impacted Finance impacted, media impacted Healthcare. Every single industry, we are going to see that impact through blockchain technology. To the point where most of it will hate invisible, we won't know that we're always using it and that's where I think about it. Going Beyond just crypto. Now, I'm very excited about the idea of of, of crypto and

and cryptoeconomics and and, and being able to reduce the need for intermediaries. I was born in Nairobi, one of my first Investments out of the sun with a company called bitpesa that's been throwing astronomically at the last couple years and the founder decided to use Bitcoin. Blockchain technology for that transfers are not only remittance consumer bringing Another Western Union cost. Sometimes in Africa, can be up to 20% down to less than 3% instantaneously because usually, you have to go through Many different banks offshore onshore, which adds costs and time into

those transfers, and but also have found that a lot of businesses are very interested and in being able to pay their people more efficiently at lower cost. How would you like to get paid for cost? Alright, nobody right, it's right there. So many intermediaries. Like, if I want to wire money overseas, it's a $50 fee. There's no reason in this day and age other than the fact that a bank business models are under a lot of pressure post 2008 around compliance and

they have to make it up through fees and and that's what they've been doing but that's not going to last that much longer and I do think blockchain text going to be an important part of the transition was great. So saving a lot of the fees and eliminating all that hassle. Eric, let's jump over to you. So You're editor-in-chief of crypto Capital. So give us the perspective of what you're doing cuz you have a unique model as well. So I have the luxury and burden of being able to look at just about anything in the crypto space. That could possibly be a viable investment or

speculation or new technology. But on the other hand have the burden that I have to recommend it to people who may or may not have ever invested in them before. And also challenged with making the story something that people can come get their arms around me of something that you've got a lot of experience with that. If I could find the world greatest widget and I knew next week, it was going to be one point value for that way. I still have to reduce it down to a concept story that I could, then I can hang share with people, I can say, oh yeah, that

looks good. I can see why are ants recommending that. So I I have He's different lenses that I have to hold all of the different cryptos up to that. When I first got involved thing, I like the most punk-rock Anarchist libertarian, idea of money that the man didn't create and doesn't touch. And then you started taking you to an you realize that the aspect of storing value doesn't have to just be about dollars. And that's what really intrigues me the most if you can you can almost see this. This hierarchy of people

thought is when you start talking to them about value and they can't get their mind off of dollars, you know where the conversation is going to go right there, speculators they want to buy low, sell high, and 97% of them lose money. But you start an artist about value or or someone who's got photographs of, of important, family members and end in all, send the conversation changes, right? Because what, what is the price of Photograph of your dead grandmother so to speak or something like that or or or a record album that you've maybe worked 12 months, and you know what's the value

that may be a little bit harder to pin down into dollars. That's why I look at crypto as a trying to find ways to match up. Its match itself up to all these problems that humans have and some of them have been identified, some of them haven't been solved, but I think this idea of using open-source and everybody can bring their different talents to this. It's it's just exciting to me because the solutions that are coming there, they're some of my things are going

to going to blow us away. They're going to surprise us. Let me just ask the sort of, you know, hyped, question around crypto in general that people are afraid of it. They're afraid of it. It's not real. It's weird. It's unstable. Just as a panel. Anyone want to jump in here. Someone's coming up to you and saying, you know, should I get into, should I buy some Bitcoin? What should I do? You know what, what are you going to tell them? Because there's all sorts of bad press about it, even now about the internet and social media, and more people laughing, and anybody on

Twitter saying, why the hell do I care what you had for breakfast? I'm not going to go on Facebook. I don't want people to know where I am, and I also remember the early days of the internet and it wasn't even that early to me cuz I got it in like getting on 92 was in like 95, there was still a big piece of Newsweek basically saying no one's going to ever read on a computer versus buying shiny magazine like this. There go out of this. Play news on the internet. And I remember also, a studio executive at NBC saying NBC will never be on the internet

because my mom is not going to go and put a second phone line in. She's not going to get woken up in the middle of night, with something, going through my phone and say, watch Netflix. So the gooey improves for all of these thing. And the gooey will maybe not next year. But in 5 years, in 10 years, it'll be so transparent that you won't even like be saying, will Forsyth on blockchain, talk about blockchain. We don't talk about HTTP protocol, you know, that's the internet. Why? Don't know how my cell phone works? I don't know how the apps on my cell phone work.

How they work and then make my life easier and more simple. And when mobile voting comes, and it's on blockchain based technology, we won't care that. It's on blockchain, we'll just know it's safe secure, it's easy. And we don't have to stand in line at the junior high and we won't know where a county called Broward is. And a hanging chad, won't be something. We don't understand. What's the win money and prizes on Angry Birds, right? If it's powered by blockchain micropayments, do you care? If you look at their what's happened, today there's been a lot of reasons to not trust,

not due to what happened on the actual, but the on in the off-ramp Insiders tilta, telcos. Telecom companies with assets. Yes, but so, I would say that the industry at an end, this is one of the things we did. We invest in the infrastructure, scalable to make it safer to use to, to use better security mechanisms. And, and we've seen a lot of movement on that front of the last couple years, I say, especially since 2017, you know, the height that happened and then all the Fallout from that. We've we've actually seen

serious entrepreneurs, come into the sector, and then really build an end end. So yeah, I think it's some of that is going to go the way I think that user interface is K but I also think people need to feel like the underlying infrastructure is secure and there hasn't been a lot to make them feel that way, right? Right. The current system with little man's not say, you know, when we buy and sell stocks and bonds, they settle in 2 days after the trade, not instantaneously that adds cost in as potential for mistake, and it has potential for

mischief. And I don't think it's not safe as any time you have trusted middleman, they are then honey pots of information. That's why we know the name Equifax, because when it gets hot, that's the honey pot. Where all our information is when you have blockchain-based wallet that can only be accessed because of Biometrics, you been don't have honey pots of information. You can Maintain your privacy in a way that we can today. I was not safe for you, it's not that long ago when Marc Andreessen got funded that, you know, right out of college for Netscape.

He was he went all over the place, we went to like Macy's and said you should go and put macys.com though like why we want to drive people out of her stores and it's not like anybody would ever trust putting a credit card on the internet and obviously verisign another SSL Technologies. Now it's safe. It is it is it is still. There are still at hacks with the telephone industry is by far away. The number one today, I'm such a thing as it is, the two-year anniversary of the day. I'm leaving hack for 24 million dollars by an employee at AT&T, and it still is in, in, in

court. And the rest of not been made yet even know that you know where they are. Eric, I'm sure you must have a little bit of a different take on all of this. I agree with you that I I don't know how my phone works, but someone has to write at the very core of its someone has to know how my phone works. And for the first time with different than, than any of the previous waves of Technology, it is possible. If I wanted to, for me to go out and acquire that information and an audit my technology when it comes to something like a blockchain or Raven, or something like

that, right? It is now possible in ways that never was before. So so I I may not have to be the guy who understands how it all works. But I now have this option of designating. Someone I do trust or That person, he or she when they're developing this they have to do it. Knowing there's a possibility. They could be audited. And then by all that, I need to be the marketplace, or it could even be trusted government or something right now. At least we've raised the bar to wear. If you're not building something that that is open source,

you're risking someone may want to do it open source or someone may want to do it for free over a weekend with their friend, right? You're risking this confidence level of competition because I think that the horses out of the bar as far as people raising their expectations on on dap's or on anything that we use that we have to be able to trust who we turn it over to Alex out from Celsius. I just really speed speed round if you were going to give advice to it. Maybe invest in either a company or a particular crypto. What would it be like to

start with you? I do not get financial advice, do your own research? I would say they'll for my personal perspective. If you're new to the sector Bitcoin, probably has, you are highest risk-reward opportunity and it's the easiest to to buy in. The south is no liquidity issues whatsoever. Do it for Michael said about Bitcoin think? If you're looking to invest in the underlying technology that's probably not in any particular crypto but it's in Venture funds. Like blacks or places like Overstock where we're investing in companies that are advancing blockchain technology

and go to you like in private companies are very hard to to assess and that's where you have a lot of folks who are LPS in are fun that that you can maybe try to go direct into the different cryptos. Realize that I saw this 7 days a week, 20 hours a day write. This is the highest velocity information sector I've ever noticed a long time without the 14th. So but I would say, I mean going back to Italy in a Bitcoin or any crypto if you want to buy it says the beauty of it is the only have to buy $5

worth or $10 worth Play around with it. And and that's how I get tell people to get started, where it's going to get comfortable with, how is the news impacting the sector, or do you have time to follow the news, or do you just want to buy and hold and and, and, and that's great. Cuz it's such a low entry point low friction point to get engaged in the sector. And that, that's really the best way to learn is still are very, very early days. Who's really Eric, take us home baby. Can you give advice? And obviously advices do your own research. If you're nervous dollar cost average into anything,

if you don't have enough Bitcoin, to last you for the rest of your life and your kids lives and their kids lives. That you don't have enough Bitcoin. There's not there, I'm making any more a little bit. Little bit of time I like East you need to have at least a little bit of that because you're so much as being built on it. And I really like simple token OST, very tiny. If we all bought some right now, it would probably go through the roof because it's that small, but you have access to You get the best in people like herself, usually have the excess. Do I think two million dollar market

cap for 5 or something OST, simple token builds. Other tools that allow corporations who want to create token value to do it easily. So I think this could be a lot of company, money, that's built onto the blockchain that we talked about. And I think Honesty is going to leave that including they have an app for Androids and iPhones called people that is going after tick, tock and Snapchat. So if you wanted to find a way to that, turn your time into value and point your phone at yourself and say, hey guys, I'm at CVS and get paid for that, someone built

that, and it's OST. And I recommend it break break on the coast.

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Lori H. Schwartz
Jonathan Johnson
Alex Mashinsky
Matthew Roszak
Michael Terpin