Jack Liu on how Bitcoin SV is changing the payments ecosystem

Hi everybody. It's amazing to be here. I'm a name is Jack. You know, I started my career ten years ago, right here, when I came to training for two months in the summer of 2010 at Barclays Capital right over at Canary Wharf and I could not believe it. If you told me, then that 10 years later, I will be up on stage talking about, not just a transformation of Future Finance, but the future of the entire global economy. Thanks to all the people in this room empty on who have worked tirelessly and your rolls to make Bitcoin to where it is today. So please give yourself a round of

applause. I also want to give a quick shout out to our community and China so don't worry too much. Going to meet halfway between 10 of a cup. Now, before we get into the point of the talk, I want to give you a quick update about each of our businesses starting with Flo We started flow SV at a time of critical need when buying and threatened to list Phyllis. Bsv allowed, other exchanges from the face of the Earth. We got flow up within two days of their sweat and

with all of your support for the first time I'm sharing that we traded over 500,000 Bitcoins in less than 10 months. Not as well-known is our understated. OTC Dusk and we've helped large institutional investors either acquire or invest Bitcoin to the tune of 250,000 dsv as well. Next that's allowed us to find a lot into our passion which is relay relay. We started as a beta product April 1st launching with a blog post that made it look like an April Fool's joke, but I'm not kidding you. We are going to try and make onboarding to pick coins the most seamless thing

for every end-user we're still in beta. But these are some of our small accomplishments, 3000 user, September Apple. Try over a hundred thousand cross-platform rails of these are top up or payments to various mobile wallets in the Fiat world have occurred on relay. We started as a mobile app for. We also saw the need for to create an interface that was cross-platform. We're very excited to be the second wallet to integrate into apps like to watch female astronaut and more. That building relay made us

so excited but as you know a lot of Bitcoin companies are only one, two or three people. And we thought the importance of grass gathering at a critical time. When I remember when relay started, this is what before whether SV there were less than 3,000 transactions per day, and how am I dismissed at? Unless we feed them transactions. So we got people coming from South America, North America Europe, everyone in the world to a remote location in Bali. I know some of the best times were alive to share values to share insight and our team. Can I have learned more from

people that came. So I want to give a huge round of applause to both of the Cambridge and Cambridge with just ended in Lisbon and I want you guys to get a chance, please stand up and give you guys a round of applause. Now there's a bug on the internet above that. I don't we realized cuz I'm not the one for myself. But is pervasive and that bug is that the internet is missing micropayment you think okay but I use my credit card, I buy things online, who cares? No, you should care because every single

minute. Every single second, every interaction, you spent online should have a micro payment occurring. Okay, if you look at the early internet companies, these are no better looking than the Bitcoin company thing, start today. It's important to look at what they look like at the beginning. I remember being I think in Grace 6 trying out Google for the first time how would I know anything other than this is really cool for the first time I get to search things and as you would think that as Internet Groove, 2 3 billion users as these companies got more and more resources to

make their products better. That the world is a better place but nothing further could be the truth. The more resources, these companies got the worse they became. And now the internet is a place that is beyond broken. Because without micropayments, you know, none of us can make money, which is fine. Maybe, I'm just browsing the internet baby. I'm just killing time. But if I'm not making money and the content creators, not making money, the only way to make money for these platforms is through the back door with a huge, check from advertisers. And

so there is centralized not to make your life better. Not like, you can fulfill your potential but so you can waste time on their platform. Said, they can squeeze money out of you. And so every app should be a Bitcoin app. Every app need to be a dick went up but don't kid yourself that does not meet every off. Will be a pick one up for that to be true. It's not because we hold Bitcoin is not because we understand the promise with Bitcoin it has to be easier to build a big Point often to build any other app. And I couldn't have known this without doing it,

but through building blocks myself, through, seeing people at Cambrian have together a product in a weekend. I know for a fact, it is actually easier to build a Bitcoin app for number of reasons, you can start like those simple websites, but you can evolve and because they Point scales your app scales, you don't have to worry about all the things that these companies have worried about. As a scale-out infrastructure, you can leverage the network effects of your peers as data is interoperable, so that you can share in the global Network effect. We believe in this idea of attention

at bill on bitcoin so much. So that today, I'm announcing Alpha capital. We are going to invest in those applications built on bitcoin. But not like the way investors do it today. You see you're being lied to by people about how difficult it is to build the company, how glossy and amazing affect my stars are how you need their money, and their influence and their contacts for you to be successful. So we're going to be different in the way we invest on three key metrics. One, we don't want your

Equity, we don't want you to IPL in 10 years, who knows, if your company will exist in 10 years, okay? I'll going to come exclusively from pick my transaction output. Not this talk about building microtransactions for your end user so that they can eat on their own data. How about what is the relationship between you and your investor? If they just said, the only way they can sell their stake in your business is via you going IPO on the public market that nothing to do with Bitcoin 10 years from now. Then they encourage you to build weird mouth on the blockchain

viruses that will take away from the potential of Bitcoin. We want investors to take a return in the same microtransactions so user or like a Content artist. Video game. Bye stupid in the platform by being the developer built that interface you'll take. Let's say one sent that one said. Can that be split between the founders the team members and investor? Second, we want to have our steak or percentage share in your business just like Bitcoin does. Why? Because Bitcoin is a red queen game. Okay,

we might be a support to you today but you're going to innovate again again again tomorrow and you need to have your cap table clean so that you can continue to inspire innovation. And we invest in understand me two hours. I really wish his number was lower, as we figure out more things, we want to make that number lower. There's no time to waste 3 to 6 months, due diligence doc standing PowerPoint. Why are we saying? PowerPoints your business is on chain, I can see from your big cam how your business doing, what are you are. Lying does your business? Ask

you what the way it is and are you actually paying out today? Bastard the way you say you are. Because you do not have time to wait. As you're sitting here watching this presentation, there's a developer in South America and Southeast Asia who are building the very companies that will distract the people in this room. And so let Capital not be a deterrent to your growth. Let Capital being a servant to your growth and so if you're interested in any of that, by the way, if you think that this is just me throwing around money and whatever I'm not, I don't have that much money because you don't

actually need that much money to make your businesses succeed. And investor decision can be fast because we can't wait to see what you're doing. If you have interested please just send an email include what you do on chain to input output Capital so that we can make this internet bill on bitcoin happen. Much faster, weather expanding the future or building a platform with Fiat rails that can help you build a future faster or the next version of flow which we hope to come in the following year. Trading. Those belts and revenue streams. Think of it, like the public markets,

trading Commodities trading currencies with float, or eventually, as we take on a leadership position in the society, making sure that our values are being delivered to the wider audience, that people don't fear a world of What It's Like on bitcoin. Not just for developers. But as a message, That's what I want to do. Thank you very much. Start, we got there was one more thing. I have two minutes to know. Okay. When we started relay in beta, we try to learn from the best Bitcoin

and Fiat Mobile wallet in the world. But the power of Bitcoin. Astounded us to a level. We can never imagined and that's why today. I'm excited to show you the new really Acts. A wallet that does not show you your balance, that does not have send field, not even your full transaction history. Why? Because we don't want a thousand Wallace. We want a thousand interfaces to the wallets. You can see how much you earn on Twitch right now. Why can't you see what you're really about? Us is on Twitch. And the reason we take a step back from our user interface is because

developers shouldn't be working for the wallet. The wallet should be working for the developer. Okay. What can you do? What this is the most radical and Powerful conception of a wallet ever made in Bitcoin. You're going to be able to authorize any app and let them choose to show your balance because I see history, you'll pay mail as you wish. You're going to be able to pay those payment request with any Fiat or any other form of money. You want just like that. and, you know,

the last 10 years, so many Merchants have adopted various sorts of cryptocurrency be at PTC is barium bchs cetera and there's a scare out there that we can't take the SV. Well by a knife they bring you to pay to any blockchain. We want to thank all the merchants for today, accept VSP And lastly this is not all showing smokes. The Fiat rails to payout have been a challenge for us and we're working tirelessly to make that experience better. So one day you can just carry one wallet and any wallet and pay across any services So let's fix that but on the inside together, I'm

counting on you. Thank you so much. Jackson. Indeed.com. And I'm here with JetBlue from real ax. Lovely for you to join us hair. While we remove the entire user interface from the wallet, we have that much confidence to let other developers build interface. So now in relay, you cannot check your balance. You can't see your transaction history, you can't send funds. There's no scent heels. We realize that just like, you don't see the AT&T company provides to the data. And you look at internet, bill, by other people, is not about wall. It's like money

button. Hank, Asher relay, only the entire user experience. It had to be squeezed inside. What we believe is that people can now show their creativity. You can imagine a new balance app that shows you how much money you're standing. Is Matt. You can imagine some other app that posing your taxes. So I'm going to do is now just log in with relay and you can think of it almost like a Google 2fa type of app and let the Wallace and other apps on bitcoin surface on top.

Christy developers can build on bitcoin and we think that it's rishel venture capital is broken because big devices can only return money from the company. Having a Final Exit weather in the form of acquisition or the former IPL allows you to have Micro exits. Every time I use their uses, the coins can be paying your company LOL now, which might be $0.01 for interaction. Could be going a tenth of it to the founders attentive, it to come in for yeast and sweat even further to investors, so it's called output capital is will be launched named after the Bitcoin transaction output where you

can send money to different people and the entire Returns, the fun will come out of Bitcoin. Transactions on change your second Cambrian SV boot list. So how does that compare to the Fest in Bali, for the first was one of its kind for the second? The teams came together and even the number of people in the same, we had 70% new faces and each member End up watching two or three products could you will not very familiar with a big fan of architecture. So it was an explosion of an ounce is that we couldn't keep up with. Waiting for you. No papers to be written out and conventions and meetings. People

make decisions like that. I was shocked, being two weeks. Ahead of London that people were launching pause. I can bring block from you, I do companies in the future. So what I want to set, an example for the people much more time to let myself, do you know, I'm not even a developer. So it's all about pushing yourself to the Limit and I think people need to know that about the coins. Do for me, I would love to see are really X products, really mature and come out of beta and let's do you look

1,000 companies be built.