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Crypto Mondays at Bagatelle NYC - Feb. 12, 2018
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February 12, 2018 - NY Crypto Mondays Meetup Transcript


 

Erik Kops:

The possibilities are endless, and I guess that's what I'm most interested in, all of the different applications. So, here we are PurpleThrone, we're applying blockchain technology and cryptocurrency into the music world, into the streaming platform world, and digital label production live venue world. But there are so many possibilities, and that's what I'm most interested to see. All the different applications of blockchain technology.

Raju Panjwani:

We look for good execution skills, good management teams, etc. to the extent they want to do ICOs. We'll bring them into other players who do ICOs and who are specialists. But our purpose as Irvington Partners, which is my firm, is to really help companies establish a business to the extent it lends itself to, as I said, blockchain application.

Shaun Dindial:

I like the fact that crypto takes down the borders. Transaction times are much quicker, and although you do have the blockchain, which acts as a third party, it also can become very transparent, so you're able to track product, supply chain, and you're able to do transactions which are peer-to-peer.

Aziz Bey:

I think the current regulatory policies are pretty naïve, depending on what jurisdiction you're in. You know, right now, we're in the jurisdiction of New York, and in New York, because the knowledge is still new, and the technology is still new, they don't understand how a currency or a token is not all ubiquitous as a security. And what happens is, they are labeling everything as security just to protect against money laundering, and fraud, and terrorism. But not all tokens are securities, and a lot of them have great utilities that aren't about investing it in value appreciation of that actually token. And what I believe, is the regulators need to do more homework and more studies on this particular science, so they don't stop the science from growing and really revolutionizing industries that could stand the change because of the wonderful of this technology.

Erik Kops:

Current regulatory landscape. I mean, it's tough to keep track of, because like anything in this space, it's changing on a day-to-day, week-to-week basis. The government should, obviously, step in and try to hamper out and cut out all these frauds and everything, because the space is riddled with it. So, I do like a government regulatory approach in fraud prevention. But other than that, let the market correct itself. Let the people trade. Blockchain technology is here to stay, I mean, it's not going anywhere. Just let it blossom.

Raju Panjwani:

I think regulation is important, to the extent that it broadens the acceptance of cryptocurrencies, if we're talking about currencies, or we're talking about ICO issuances. I think regulations are critical piece to give the confidence to the public that it is a legitimate instrument. So, I think whether it's a security or there are other definitions of it, we do need an understanding and clarity around it. Because, I think that makes all the difference.

Shaun Dindial:

Regulations are changing very rapidly. Different governments and governing bodies are trying to figure out the cryptospace and figuring out how can we regulate it. I don't think banning is in the scope for many countries, including the U.S. But I think that lots of change will come, and we're currently seeing it now.

Richard Anthony:

I have learned that the blockchain technology is here to stay, irrespective of what your opinion is of coins or their market cap and future value. It's all about the blockchain technology, which has a lot of applications in my world of derivatives, specifically for institution. And derivatives for the people.

Raju Panjwani:

I think there is a good argument for why it's a security. But I think clarity, whether it's a security or anything else, needs to be established, so that people can go forward with life. So, I think the fact that it's a security, is perfectly fine with me, because I'm also a former banker, and if it means it's similar to having equity stake in a company, I think that's perfectly fine. And I think it gives it more credence and acceptability to this whole cryptoworld.

Shaun Dindial:

Crypto is technically viewed by our government as a commodity. I could see why that he's calling it a security, because it is a tradable asset. And being that you do have these things that which are tradable on the open market, technically you are governed by the SEC, and the whole point of the SEC is to protect the people. So, they don't want someone to invest and lose their money when they're not a seasoned investor or someone that's accustomed to seeing big fluctuations in the market. So, I think that they want to view it as a security so they can regulate it as such.

Raju Panjwani:

The way crypto, in this context, is being applied, it's very generic, because crypto could mean ... It means different things to different people, it's blockchain technology, it could be coins, it could be ICOs. ICOs, on the other hand, is a very specific subset of the overall crypto world, as I see it. If a business wants to issue tokens, or issue coins, or there are other currencies being mined, that's to me, by way of an ICO or otherwise, or tokenization. For me, crypto is just a generic all-encompassing word for many things that are using the blockchain technology, private or public.

Richard Anthony:

All investors need to do their due diligence and understanding of what they're getting involved in before they get involved in it. This is not a free lunch. Risks are inherent in this burgeoning new world, but if you do your work, do your homework, you're going to get paid off.