Why Caitlin Long and Meltem Demirors Are Worried About Crypto’s Future in the US - Ep. 470
Caitlin Long, founder and CEO of Custodia Bank, and Meltem Demirors, chief strategy officer of CoinShares, share their concerns about crypto in the U.S. following a wild week in the banking sector. With Signature Bank’s takeover looking like a targeted takedown and crypto-friendly upstarts like Custodia being shadowbanned by the Fed, the two longtime experts look ahead at the fights to come. Is USDC next to land in regulators’ crosshairs?
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.
Show highlights:
how crypto is viewed as a “big, scary, and strange” industry
how Signature and Silvergate became so important for the crypto industry with SEN and Signet
why Caitlin says it’s “crystal clear” that we are now in Operation Choke Point 2.0, with U.S. regulators pushing to debank the crypto industry
why Caitlin says the Fed’s vote against Custodia’s application was preordained
whether Sen. Elizabeth Warren had an impact on the current crisis
how everything comes down to game theory
whether VCs are responsible for causing the bank run
whether the rollback in 2018 of certain provisions of the Dodd-Frank Act played a role in the recent collapse
Caitlin’s hot takes on what happened with Signature Bank
the unique characteristics of Custodia’s business model as a bank
how stablecoins challenge the current financial system
why it’s so important for crypto to improve its public perception
Thank you to our sponsors!
Crypto.com
Halborn
Guests:
Meltem Demirors, Chief Strategy Officer at CoinShares
Caitlin Long, founder and CEO of Custodia Bank
Links
Previous coverage of Unchained:
Jim Bianco on Why the Banking System Has Always Been Broken
The Fed Is In Checkmate: What Will Powell Do?
The Fall of SVB: What Happened and How It Affects Crypto
NYT: Congress Approves First Big Dodd-Frank Rollback
NYMAG: Barney Frank Talks More About the Surprise Shuttering of Signature Bank
WSJ Editorial Board: Signature Bank’s Crypto Execution
Unchained:
FDIC Denies Asking Signature Buyers to Give Up Crypto: Report
Was Signature Bank Actually Insolvent?
Circle to Bring On New Banking Partner for USDC Minting, Redemption
Circle Clears Backlog of USDC Minting and Redemption Requests
Regulators Close Signature Bank Following SVB Collapse
Silvergate to Wind Down Operations in ‘Voluntary Liquidation’
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Deal Room: here’s what top crypto VCs anticipate for 2023
In this venture-focused segment of The Scoop, veteran crypto VCs Meltem Demirors and Vanessa Grellet unpack the trends shaping crypto's venture landscape in 2023.
According to Demirors, crypto companies must follow the flow of funds:
"The name of the game is 'interchange,'" Demirors said. "The closer you migrate to where the actual interchange happens, the more likely you are to earn consistent revenues, which then results in you being able to raise capital."
Although crypto venture funding hit a two-year low last quarter amidst the chaos caused by FTX's collapse, Grellet is seeing "a lot of excitement in the early stage," with infrastructure and scaling plays among the most popular with investors.
This episode is brought to you by our sponsors Circle, Railgun, Flare Network, NordVPN
About Circle
Circle is a global financial technology company helping money move at internet speed. Our mission is to raise global economic prosperity through the frictionless exchange of value. Visit Circle.com to learn more.
About Railgun
RAILGUN is a private DeFi solution on Ethereum, BSC, Arbitrum, and Polygon. Shield any ERC-20 token and any NFT into a Private Balance and let RAILGUN’s Zero-Knowledge cryptography encrypt your address, balance, and transaction history. You can also bring privacy to your project with RAILGUN SDK and be sure to check out RAILGUN with partner project Railway Wallet, also available on iOS and Android. Visit Railgun.org to find out more.
About Flare
Flare is an EVM-based Layer 1 blockchain designed to allow developers to build applications that can use data from other blockchains and the internet. By providing decentralized access to a wide variety of high-integrity data from other blockchains and the internet, Flare enables new use cases and monetization models. Build better and connect everything at Flare.Network
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Venture Round with Meltem Demirors and Vanessa Grellet
In this venture capital-focused segment of The Scoop, CoinShare Chief Strategy Officer Meltem Demirors and Aglaé Ventures Managing Partner Vanessa Grellet explain which crypto verticals are oversaturated, and examine how market dynamics have changed since last year.
Although the crypto industry has experienced many boom-and-bust cycles before, Demirors says “2021 will be one of the worst years for crypto venture returns.”
Demirors explains that one of the reasons for this is a mismatch in block space supply and demand that was created during the proliferation of competing Layer 1 blockchains last year:
“We're seeing that now with all of these overfunded L1s — there's just more block space than there is demand for block space.”Instead of mimicking existing successful projects, Grellet suggests that up-and-coming crypto projects should identify how they plan to differentiate themselves early on:
“The question is, if you are a new platform coming into space or a new marketplace, what is distinctive that you bring that will allow for the end user to come to your platform rather than going to the existing incumbents?”
Episode 115 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro, CoinShares CSO Meltem Demirors, and Aglaé Ventures' Managing Partner Vanessa Grellet.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to podcast@theblockcrypto.com.
This episode is brought to you by our sponsors Tron, Ledn, Athletic Greens
About Tron
TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |
About Ledn
Ledn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io
About Athletic Greens
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Arbitraging Culture in Size | Meltem Demirors
In this episode of Empire, Jason and Santi are joined by Meltem Demirors to discuss the creation and monetization of culture. We explore how culture is already monetized today, just indirectly, and that crypto-based market microstructure will be the catalyst for the fusion of a new culture-meets-capital paradigm.
Where is the market shifting today, and what are the biggest opportunities ahead? Trust me, this is a must-listen if you are interested in NFTs, financial markets or the creation of culture.
- -
Timestamps:
(00:00) Introduction
(01:29) Crypto Is A Market Structure Story
(06:09) Everything Is Perception & Speculation
(12:38) Arbitraging Culture
(21:47) Where's The Utility? Culture Is Utility
(30:22) Circle Ad
(32:05) Why NFT Communities Don’t Scale
(36:31) IP, Mimetic Transmission and Community
(42:22) Boomer ETH NFTs & Lower Price Points
(45:47) The Biggest Opportunities?
(57:49) Culture Is Not Emergent, It’s Manufactured
(1:08:34) Read Sci-Fi, Here’s Why
- -
Follow Meltem: https://twitter.com/Melt_Dem
Follow Jason: https://twitter.com/JasonYanowitz
Follow Santi: https://twitter.com/santiagoroel
Follow Empire: https://twitter.com/theempirepod
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--
Circle’s USDC has quickly become one of the most trusted and widely used stablecoins because of its composability, stability and reserve transparency. As a seamless, trusted digital currency, USDC is a zero-to-one opportunity for the global financial system. Check out their Transparency Hub at http://empirepodcast.link/circle that outlines everything from links to USDC weekly reserve reports, monthly attestations, and blog posts written by their executive team highlighting how and why USDC was built the way it is.
- -
Resources
Reminiscences of a Stock Operator
https://amzn.to/3rTNWUw
A Survey of NFT Licenses: Facts & Fictions (Galaxy)
https://bit.ly/3MqIhid
--
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
Venture capitalists are shunning tokens, say veteran crypto investors
Last year’s bull market exuberance is a distant memory, as are the wildly inflated crypto funding rounds that attracted an unprecedented amount of venture capital to the space.
In this episode of The Scoop, CoinShare’s Chief Strategy Officer Meltem Demirors and Aglaé Ventures Managing Partner Vanessa Grellet unpack how the crypto VC landscape has changed since last year’s bull market, and particularly why venture capitalists are becoming more reluctant to invest in early token rounds.
As Demirors explains, savvy investors are realizing the token model is not always the best way to capture value:
“There's now consideration of the fact that tokens, in particular governance tokens, are not necessarily the best way to capture value creation… an investor who's willing to write really large checks is going to have some fundamental questions around monetization that doesn't just rely on ‘number-go-up’ tokenomics.”
According to Grellet, regulatory concerns — particularly regarding some token models’ similarity to unregistered securities — are another reason tokens are not as attractive to investors these days.
While hesitancy regarding seed-stage token rounds is becoming more widespread, Grellet believes there is still interest in tokens if they make sense as part of larger equity investments:
“We see a lot of investors being comfortable with both the equity and a token option so that if the main company has one project, but also has several other projects that warrant tokens, then you can have upside in the ongoing life of the company.”
Episode 89 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro, CoinShares CSO Meltem Demirors, and Aglaé Ventures' Managing Partner Vanessa Grellet.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.
This episode is brought to you by our sponsors Tron, Chainalysis & IWC Schaffhausen
About Tron
TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |
About Chainalysis
Chainalysis is the leading blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.
About IWC Schaffhausen
IWC Schaffhausen is a Swiss luxury watch manufacturer based in Schaffhausen, Switzerland. Known for its unique engineering approach to watchmaking, IWC combines the best of human craftsmanship and creativity with cutting-edge technology and processes. With collections like the Portugieser and the Pilot’s Watches, the brand covers the whole spectrum from elegant timepieces to sports watches. For more information, visit IWC.com.
Crypto markets still have an 'opacity' problem says CoinShares CEO
CoinShares — a London-based crypto firm whose operations include asset management, venture capital, and proprietary trading — had exposure to Terra's "algorithmic" stablecoin UST, the collapse of which resulted in a loss of $21 million for the firm's trading unit of the business.
In this episode of The Scoop, CoinShares CEO Jean-Marie Mognetti provides an inside look at how CoinShares navigated Terra's collapse, and why crypto's "private company environment" leads to marketplace uncertainty.
According to Mognetti, a lack of standardized disclosure requirements for crypto firms makes it difficult to verify balance sheet details.
"The opacity despite all the progress we're doing is quite intense, so you don't have as much information as you want."
While Mognetti points to Voyager Digital as an example of a crypto company that has fully disclosed the state of its book, he acknowledges this is likely due to Voyager's status as a publicly traded company — for private companies, the disclosure requirements aren't nearly as robust and largely vary by jurisdiction.
This leads to uncertainty, Mognetti argued.
"Even if they tell you they're good, you don't know what they have in the book and against whom they are exposed."
Episode 75 of Season 4 of The Scoop was recorded remotely with The Block's Frank Chaparro and CoinShares Co-Founder and CEO Jean-Marie Mognetti.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.
This episode is brought to you by our sponsors Chainalysis & IWC Schaffhausen
About Chainalysis
Chainalysis is the leading blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.
About IWC Schaffhausen
IWC Schaffhausen is a Swiss luxury watch manufacturer based in Schaffhausen, Switzerland. Known for its unique engineering approach to watchmaking, IWC combines the best of human craftsmanship and creativity with cutting-edge technology and processes. With collections like the Portugieser and the Pilot’s Watches, the brand covers the whole spectrum from elegant timepieces to sports watches. For more information, visit IWC.com
Cults, Culture, & Crypto with Meltem Demirors | Layer Zero
Meltem Demirors is the Chief Strategy Officer of CoinShares, a digital asset investment firm that manages $4B. Meltem is also known as the vibes sorceress, curator of vibes, and the queen of crypto. She’s been in the space for more than eight years and has seen the ebbs and flows of not only the markets, but the people that make up the space.
As a whole, the people that make up the space are part of the entire crypto cult. Whether you’re team Bitcoin or Ethereum, or whichever other coins, protocols, DAOs, people, etc. you support—you’re part of the cult. We don’t mean the negative connotation of the word cult, anon. Relax. Cults are everywhere.
Over the years, the online magic of crypto has bled into the IRL side of the space. How will this trend impact the future of the space? Why are cults everywhere? What advice does Meltem have for new crypto participants? Answers to these questions and so much more in the episode.
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------ Topics Covered:
0:00 Intro 5:02 Meltdem’s Trajectory into Crypto 13:08 When Crypto Became Real 20:17 The Power of Removing Your Ego 27:50 Why Meltdem was Wrong About Ethereum 34:24 Cults Are Everywhere 46:00 Cults vs. Communities 48:00 Meaning & Social Crypto Culture 52:00 Inter-generational product-market fit 54:50 Developing Your Own Perspective 1:05:53 How Social Crypto Has Changed 1:20:15 Meltem’s Advice For People New to the Space 1:22:44 What Meltem’s Optimistic About
------ Resources:
Meltem Demirors https://twitter.com/Melt_Dem
CoinShares https://coinshares.com/
Simulacra and Simulation by Jean Baudrillard https://www.goodreads.com/book/show/22613.Simulacra_and_Simulation
The Denial of Death by Ernest Becker https://www.goodreads.com/book/show/2761.The_Denial_of_Death
Finite and Infinite Games Book by James Carse https://www.goodreads.com/book/show/189989.Finite_and_Infinite_Games
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
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40 - WTF Happened in 2020? | Meltem Demirors
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40 - WTF Happened in 2020? | Meltem Demirors
Meltem Demirors is Chief Strategy Officer of Coinshares... former Vice President of the Digital Currency Group, advocated for crypto in front of Congress... and overall badass.
Meltem wants to answer the question 'WTF Happened in 2020', specifically as it relates to monetary policy from the Federal Reserve, economic forces that result from a top-heavy pension and social welfare system, as well as how COVID impacts financial decision-making.
This is our first video-podcast, because Meltem brought RECEIPTS. She has DATA and CHARTS and FIGURES to show!
We also turn to a discussion on Bitcoin vs Ethereum identity and in-group, out-group dynamics, and have a jovial discussion regarding tribalistic affairs.
Hope you enjoy!
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time we may add links in this channel to products we use. We may receive commission if you make a purchase through one of these links. We'll always disclose when this is the case.
The Episode That Turned Tracy Into A Bitcoin Bull
Bitcoin has been on a tear lately, but it's been a bit unclear as to what's driving it. But whatever's driving it, co-host Tracy Alloway has given up her longtime skepticism on the digital currency and now believes in its value. This episode is why. We spoke with Meltem Demirors, the Chief Strategy Officer at CoinShares, a firm that offers vehicles for investing in digital assets, about this year's move and why people are buying now.
See omnystudio.com/listener for privacy information.
Why Bitcoin Now: Meltem Demirors and Lyn Alden on the Perfect Conditions for Bitcoin - Ep.197
In this seventh installment of the Why Bitcoin Now series, Meltem Demirors, the chief strategy officer at Coinshares, and Lyn Alden, the founder of Lyn Alden Investment Strategy, discuss the state of Bitcoin since June, amidst the presidential election – which takes place on the date of publication of the show -- and a global pandemic. Topics discussed include:
the significance of bitcoin staying above $10k for over three months
why the pandemic has created the conditions for which Bitcoin was designed
how the markets may react to a Trump or Biden win
why they believe, no matter which party wins, there will be massive deficits and a money-printing debt spiral
why other countries see opportunities to erode the supremacy of the US dollar
why Bitcoin has shown that it’s possible to have money without state
how the current record unemployment and massive stimulus efforts during the pandemic have impacted Bitcoin
the increasing interest in Bitcoin from traditional investors
the IMF’s recent call for a “New Bretton Woods moment” and how it may impact crypto
China’s DCEP central bank digital currency and the effects it may have on increasing China’s trade leverage
why the pandemic has made clear the importance of bringing more Bitcoin mining onshore
whether or not Bitcoin will be able to remedy growing wealth inequality
why privacy/encryption will be the main issue Bitcoiners need to watch from the coming administration
Thank you to our sponsors!
Crypto.com: https://www.crypto.com
Episode links:
Lyn Alden: https://twitter.com/LynAldenContact
Lyn Alden Investment Strategy: lynalden.com
Meltem Demirors: https://twitter.com/Melt_Dem
Coinshares: https://www.coinshares.com/
Lyn’s post on how the economy and stock market perform under Democratic vs. Republican presidents: https://www.lynalden.com/presidential-elections/
US stimulus spending: https://datalab.usaspending.gov/federal-covid-funding/#section-tracking
IMF New Bretton Woods speech: https://www.imf.org/en/News/Articles/2020/10/15/sp101520-a-new-bretton-woods-moment
Stocks in a bubble: https://www.longtermtrends.net/sp500-price-earnings-shiller-pe-ratio/
Meltem on the financialization of internet infrastructure: https://medium.com/coinshares/the-financialization-of-compute-connectivity-66beaffe7501
BitOoda report on Bitcoin mining: https://bitooda.medium.com/bitcoin-mining-hashrate-and-power-analysis-bitooda-research-ebc25f5650bf
Bloomberg wealth report: https://www.bloomberg.com/news/articles/2020-10-08/top-50-richest-people-in-the-us-are-worth-as-much-as-poorest-165-million
Cash app’s Bitcoin sales: https://www.theblockcrypto.com/linked/74001/square-q2-bitcoin-cash-app
JPMorgan research note on Bitcoin: https://fortune.com/2020/10/26/jp-morgan-chase-bitcoin-predictions-analyst-jpm-cryptocurrency/
https://twitter.com/DTAPCAP/status/1319703750450302980?s=20
Forbes interview with Daniel Masters of Coinshares: https://www.forbes.com/sites/michaeldelcastillo/2020/10/24/jp-morgan-veteran-daniel-masters-explains-how-blockchain-will-end-commercial-banks/#77ec4f6a6bdd
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The Third Bitcoin Halving Just Happened: What Now? - Ep.172
Amanda Fabiano, director of Bitcoin mining at the Fidelity Center for Applied Technology, and Christopher Bendiksen, head of research at CoinShares, discuss the third Bitcoin halving, which occurred hours before the publication of this episode. They discuss:
the significance of the halving
what effect it could have on price and what Amanda and Christopher think of Dan Morehead's projection that it could reach $115,000 next year
how macroeconomic events like the coronavirus and quantitative easing could impact uptake of Bitcoin
how the halving could affect miners and hash rate
how the halving could influence the environmental impact of Bitcoin
why mining was the first activity Fidelity pursued with Bitcoin
what they think needs to happen in Bitcoin to foster more adoption
why hash rate derivatives will be a crucial step
what the outlook is for institutional adoption of Bitcoin
plus, is it halving or halvening?
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Episode links:
Amanda Fabiano: https://twitter.com/_amanda_fab
Fidelity Center for Applied Technology: https://www.fidelitylabs.com
Christopher Bendiksen: https://twitter.com/C_Bendiksen
Coinshares: https://coinshares.com
Coinshares’ 5 Popular Bitcoin Halving Theories: https://coinshares.com/research/5-popular-btc-halving-theories
Coinshares’ December 2019 Bitcoin Mining Report: https://coinshares.com/assets/resources/Research/bitcoin-mining-network-december-2019.pdf
Unconfirmed episode with Dan Morehead: https://unchainedpodcast.com/a-bitcoin-price-of-115000-next-year/
Bitcoin stock-to-flow ratio: https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
Fidelity opens trading to institutional customers: https://www.bloomberg.com/news/articles/2019-05-06/fidelity-said-to-offer-cryptocurrency-trading-within-a-few-weeks
Fidelity Digital Assets signs first exchange: https://www.coindesk.com/fidelity-digital-assets-to-sign-up-its-first-crypto-exchange-by-end-of-the-year
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Meltem Demirors and Jill Carlson on the Sh*tcoin Waterfall - Ep.74
In this hilarious skeptics' episode, Meltem Demirors, chief strategy officer of CoinShares, and Jill Carlson, an independent consultant, explain why they think crypto needs fewer moral arguments and more empirical evidence, and how there's too much focus on financial engineering, but not enough focus on winning hearts and minds. They also explain why people are not machines where "you put in a token and get out an action," what the "sh*tcoin waterfall" is, and why cryptoeconomics isn't anything new. Plus, they give their tips for working in the space.
Thank you to our sponsors!
DACC: https://www.digitalassetcustody.com
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Quantstamp: https://quantstamp.com
Episode links:
Meltem on Twitter: https://twitter.com/melt_dem
On Medium: https://medium.com/@Melt_Dem
Jill on Twitter: https://twitter.com/_jillruth
AirTM: https://www.airtm.io
Fat protocols thesis: http://www.usv.com/blog/fat-protocols
Amber Baldet's tweet about the finger guns guy: https://twitter.com/amberbaldet/status/1006286345122275331
Meltem's tips on working in crypto: https://medium.com/@Melt_Dem/so-you-want-to-work-in-crypto-57961ca074c4
Jill's tips on working for yourself: https://medium.com/@jillcarlson/working-alone-165ababeafc2
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Why Digital Currency Group's Meltem Demirors Is Concerned About The ICO Craze
The DCG director of development talks about why she thinks identity will be the first tangible application of blockchain technology that consumers experience, why DCG supports Ethereum Classic as an investment vehicle and yet still supports Ethereum as a protocol, and how bitcoin itself as a global currency hasn't taken off as much as she thought when she first got into the industry. She also explains what the top regulatory issue is for blockchain startups and projects -- it's a lot more mundane than you might expect -- and why she doesn't, at this point, have a lot of confidence in crypto hedge funds. Plus, she makes suggestions on how ICOs could improve and reveals her top picks for new tokens.
Show notes: https://www.forbes.com/sites/laurashin/2017/06/13/why-digital-currency-groups-meltem-demirors-is-concerned-about-the-ico-craze/
The phone hijacking article referenced in the episode: https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/
DCG: http://dcg.co/
Ethereum Classic Investment Trust: https://grayscale.co/ethereum-classic-investment-trust/
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