#I have no intention of wasting my time to digitally pay 1 cent

[artemistorm]

I got a pharmacy bill in the mail the other day for 1 cent. Like it probably cost them more money for postage than what I owe 😂🙄

[meipathy-blog]

KingsRoad Bot

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[teiraymondmccoy78]

After a riot 2018, the VC case for blockchain is no clearer in 2019

After a riot 2018, the VC case for blockchain is no clearer in 2019

Cryptocurrencies have had a wild 2018. 

Take bitcoin for example. Barely a year from its close to $20,000 high in 2017, the cryptocurrency now sits at $3,700, posting double-digit swings that continue to make volatility a hallmark characteristic of the virtual currency. Ten years after the issuance of Satoshi’s cryptocurrency, its potential remains just as elusive today.

Alex Marquez was thrilled when he first encountered crypto. From 2013 to 2014, Marquez and his team of colleagues at USAA began studying the investment opportunities for cryptocurrencies and blockchain companies.

“When we first got into it in 2014, IBM’s research facility was literally right around the corner from my house,” said Marquez. “I would walk across the street and we would spend half a day with IBM Research talking about the projects that they were doing with blockchain at that point of time.”

Marquez invested in Coinbase on behalf of US financial services company, United Services Automobile Association (USAA) at a $400 million valuation in early-2015. He put some of his own money in as well. It’s been five years since and cryptos have come a long way, but so has Marquez’s view on them. He acknowledged that the hype has distracted a lot of the potential he first saw in the technology.

“The original thesis (for cryptos) was that you didn’t have to have all these fiat currencies all over the globe. You have one uniform digital currency and basically trade it, so it’s not logical or common sense to think that you should have hundreds and thousands of cryptocurrencies. I think the value has been distracted because of all the cryptos and ICOs that were issued has zero value and intentional purpose,” said Marquez.

According to ICOdata, there were 1234 ICOs in 2018, or 1.4 times more than the previous year. The amount raised has also risen. About $7.5 billion was raised in 2018, compared to $6.2 billion the year before. But where ICOs have really shifted things is in VC fundraising.

Since 2017, ICOs have delivered at least 3.5 times more capital to blockchain startups than VCs. In a Crunchbase report, the amount raised by ICOs from 2017 to the first two months of 2018 was 32 per cent – remarkable considering how recent ICOs are as a development.

All this is on top of the record $2 billion dry powder that Southeast Asian venture capital investors are already accumulating today.

What that means is – startups don’t just have access to lots of money. They have the benefit of fundraising from multiple sources, some of which require less governance than the more traditional route of a VC firm.

“Founders today are on the winning end because now they get to choose,” said Will Klippgen, managing partner of Singapore-based seed investor, Cocoon Capital. “The wonderful thing about that is if you’re a founder, you can choose to raise at ridiculous valuations from anonymous people.

Klippgen added that he tends to pass on the blockchain startups when hunting for portfolio companies. The frothy valuations have nothing to do with it.

“I just see so much irrelevance in some of their developments,” said Klippgen. “I have not seen one single blockchain company that makes sense so far. Sometimes you see founders who can do amazing stuff but are drawn to trendy stuff like blockchain. We think they’re wasting their time in many cases because they can do many other things.”

While global regulators have made headway to encourage the use of blockchain, their efforts are patchy at best. Some jurisdictions are more progressive, others less so. But the complexities further compound when the use of blockchain intersects an overarching global framework like GDPR.

Marquez, who currently heads Experian Ventures said increasing scrutiny around online identity and “the right to be forgotten” is making the future case for blockchain slightly problematic.

Blockchain promises ironclad security by memorialising data on the chain. But what happens if GDPR requires you to remove an online identity after it’s been placed on the blockchain?

“You could argue that’s in direct conflict with the providence of blockchain because you technically can’t remove any data that’s been memorialised on the chain,” said Marquez. “There have been some options of taking that identity information off which will make it compliant with GDPR, but then – what’s the point of using blockchain at all?”

Blockchain is not short of optimists. Money speaks.

According to a Diar report citing Pitchbook data, blockchain firms have raised almost $3.9 billion in VC capital globally in 2018, a 280 per cent jump from 2017. The number of deals and median deal value is also rising. Deal count has doubled, while median deal size has grown by over $1 million since last year.

Closer to home, Asian VC heavyweights are beginning to pay attention to blockchain as well.

South Korea’s largest VC, Korea Investment Partners (KIP) made an undisclosed investment in TEMCO, a blockchain-based supply platform. Temasek-backed, Vertex Ventures invested in Binance, a global cryptocurrency exchange.

In November, Singapore-based Quantum Energy Asset Management and Pundi X, a blockchain developer announced a $100-million blockchain fund for 2019.

Kenrick Drijkoningen, founding partner of blockchain-focused fund, LuneX Ventures likens dismissing blockchain to dismissing the Internet.

“Let’s not forget that this technology is still only 10 years old and it takes time to build out the required infrastructure and applications,” said Drijkoningen. “The Internet disrupted traditional content businesses, while crypto and blockchain is set to disrupt much larger and often more regulated industries.”

“Our job is to separate the wheat from the chaff,” said Drijkoningen. “Any early days technology comes with a good dose of hype, experimentation leads to discovery of viable business models.”

Earlier this year, LuneX Ventures launched a $10-million fund focused on blockchain. The Golden Gate Ventures-backed fund has two portfolio companies in the bag – a crypto options exchange and a crypto custody solution. According to LuneX, the fund targets services around the broader blockchain ecosystem such as custody, KYC/AML, SaaS solutions, wallets, and analytics startups. 

Drijkoningen added that deal flow is strong and expects to add another ten companies to its global portfolio. Valuations are reasonable too, due to the market cynicism around blockchain. 

“This is driven by the wariness and lack of industry understanding from traditional VCs. This is something we’re looking to fill. There’s quite a bit of education involved in the fundraising process but the people more familiar with the industry clearly recognise the value we bring as a dedicated fund,” said Drijkoningen.

“Anyone saying it’s all hype clearly has not done their homework.” 

Source link http://bit.ly/2CJVlNv

[vanessawestwcrtr5]

After a riot 2018, the VC case for blockchain is no clearer in 2019

After a riot 2018, the VC case for blockchain is no clearer in 2019

Cryptocurrencies have had a wild 2018. 

Take bitcoin for example. Barely a year from its close to $20,000 high in 2017, the cryptocurrency now sits at $3,700, posting double-digit swings that continue to make volatility a hallmark characteristic of the virtual currency. Ten years after the issuance of Satoshi’s cryptocurrency, its potential remains just as elusive today.

Alex Marquez was thrilled when he first encountered crypto. From 2013 to 2014, Marquez and his team of colleagues at USAA began studying the investment opportunities for cryptocurrencies and blockchain companies.

“When we first got into it in 2014, IBM’s research facility was literally right around the corner from my house,” said Marquez. “I would walk across the street and we would spend half a day with IBM Research talking about the projects that they were doing with blockchain at that point of time.”

Marquez invested in Coinbase on behalf of US financial services company, United Services Automobile Association (USAA) at a $400 million valuation in early-2015. He put some of his own money in as well. It’s been five years since and cryptos have come a long way, but so has Marquez’s view on them. He acknowledged that the hype has distracted a lot of the potential he first saw in the technology.

“The original thesis (for cryptos) was that you didn’t have to have all these fiat currencies all over the globe. You have one uniform digital currency and basically trade it, so it’s not logical or common sense to think that you should have hundreds and thousands of cryptocurrencies. I think the value has been distracted because of all the cryptos and ICOs that were issued has zero value and intentional purpose,” said Marquez.

According to ICOdata, there were 1234 ICOs in 2018, or 1.4 times more than the previous year. The amount raised has also risen. About $7.5 billion was raised in 2018, compared to $6.2 billion the year before. But where ICOs have really shifted things is in VC fundraising.

Since 2017, ICOs have delivered at least 3.5 times more capital to blockchain startups than VCs. In a Crunchbase report, the amount raised by ICOs from 2017 to the first two months of 2018 was 32 per cent – remarkable considering how recent ICOs are as a development.

All this is on top of the record $2 billion dry powder that Southeast Asian venture capital investors are already accumulating today.

What that means is – startups don’t just have access to lots of money. They have the benefit of fundraising from multiple sources, some of which require less governance than the more traditional route of a VC firm.

“Founders today are on the winning end because now they get to choose,” said Will Klippgen, managing partner of Singapore-based seed investor, Cocoon Capital. “The wonderful thing about that is if you’re a founder, you can choose to raise at ridiculous valuations from anonymous people.

Klippgen added that he tends to pass on the blockchain startups when hunting for portfolio companies. The frothy valuations have nothing to do with it.

“I just see so much irrelevance in some of their developments,” said Klippgen. “I have not seen one single blockchain company that makes sense so far. Sometimes you see founders who can do amazing stuff but are drawn to trendy stuff like blockchain. We think they’re wasting their time in many cases because they can do many other things.”

While global regulators have made headway to encourage the use of blockchain, their efforts are patchy at best. Some jurisdictions are more progressive, others less so. But the complexities further compound when the use of blockchain intersects an overarching global framework like GDPR.

Marquez, who currently heads Experian Ventures said increasing scrutiny around online identity and “the right to be forgotten” is making the future case for blockchain slightly problematic.

Blockchain promises ironclad security by memorialising data on the chain. But what happens if GDPR requires you to remove an online identity after it’s been placed on the blockchain?

“You could argue that’s in direct conflict with the providence of blockchain because you technically can’t remove any data that’s been memorialised on the chain,” said Marquez. “There have been some options of taking that identity information off which will make it compliant with GDPR, but then – what’s the point of using blockchain at all?”

Blockchain is not short of optimists. Money speaks.

According to a Diar report citing Pitchbook data, blockchain firms have raised almost $3.9 billion in VC capital globally in 2018, a 280 per cent jump from 2017. The number of deals and median deal value is also rising. Deal count has doubled, while median deal size has grown by over $1 million since last year.

Closer to home, Asian VC heavyweights are beginning to pay attention to blockchain as well.

South Korea’s largest VC, Korea Investment Partners (KIP) made an undisclosed investment in TEMCO, a blockchain-based supply platform. Temasek-backed, Vertex Ventures invested in Binance, a global cryptocurrency exchange.

In November, Singapore-based Quantum Energy Asset Management and Pundi X, a blockchain developer announced a $100-million blockchain fund for 2019.

Kenrick Drijkoningen, founding partner of blockchain-focused fund, LuneX Ventures likens dismissing blockchain to dismissing the Internet.

“Let’s not forget that this technology is still only 10 years old and it takes time to build out the required infrastructure and applications,” said Drijkoningen. “The Internet disrupted traditional content businesses, while crypto and blockchain is set to disrupt much larger and often more regulated industries.”

“Our job is to separate the wheat from the chaff,” said Drijkoningen. “Any early days technology comes with a good dose of hype, experimentation leads to discovery of viable business models.”

Earlier this year, LuneX Ventures launched a $10-million fund focused on blockchain. The Golden Gate Ventures-backed fund has two portfolio companies in the bag – a crypto options exchange and a crypto custody solution. According to LuneX, the fund targets services around the broader blockchain ecosystem such as custody, KYC/AML, SaaS solutions, wallets, and analytics startups. 

Drijkoningen added that deal flow is strong and expects to add another ten companies to its global portfolio. Valuations are reasonable too, due to the market cynicism around blockchain. 

“This is driven by the wariness and lack of industry understanding from traditional VCs. This is something we’re looking to fill. There’s quite a bit of education involved in the fundraising process but the people more familiar with the industry clearly recognise the value we bring as a dedicated fund,” said Drijkoningen.

“Anyone saying it’s all hype clearly has not done their homework.” 

Source link http://bit.ly/2CJVlNv

[bobbynolanios88]

After a riot 2018, the VC case for blockchain is no clearer in 2019

After a riot 2018, the VC case for blockchain is no clearer in 2019

Cryptocurrencies have had a wild 2018. 

Take bitcoin for example. Barely a year from its close to $20,000 high in 2017, the cryptocurrency now sits at $3,700, posting double-digit swings that continue to make volatility a hallmark characteristic of the virtual currency. Ten years after the issuance of Satoshi’s cryptocurrency, its potential remains just as elusive today.

Alex Marquez was thrilled when he first encountered crypto. From 2013 to 2014, Marquez and his team of colleagues at USAA began studying the investment opportunities for cryptocurrencies and blockchain companies.

“When we first got into it in 2014, IBM’s research facility was literally right around the corner from my house,” said Marquez. “I would walk across the street and we would spend half a day with IBM Research talking about the projects that they were doing with blockchain at that point of time.”

Marquez invested in Coinbase on behalf of US financial services company, United Services Automobile Association (USAA) at a $400 million valuation in early-2015. He put some of his own money in as well. It’s been five years since and cryptos have come a long way, but so has Marquez’s view on them. He acknowledged that the hype has distracted a lot of the potential he first saw in the technology.

“The original thesis (for cryptos) was that you didn’t have to have all these fiat currencies all over the globe. You have one uniform digital currency and basically trade it, so it’s not logical or common sense to think that you should have hundreds and thousands of cryptocurrencies. I think the value has been distracted because of all the cryptos and ICOs that were issued has zero value and intentional purpose,” said Marquez.

According to ICOdata, there were 1234 ICOs in 2018, or 1.4 times more than the previous year. The amount raised has also risen. About $7.5 billion was raised in 2018, compared to $6.2 billion the year before. But where ICOs have really shifted things is in VC fundraising.

Since 2017, ICOs have delivered at least 3.5 times more capital to blockchain startups than VCs. In a Crunchbase report, the amount raised by ICOs from 2017 to the first two months of 2018 was 32 per cent – remarkable considering how recent ICOs are as a development.

All this is on top of the record $2 billion dry powder that Southeast Asian venture capital investors are already accumulating today.

What that means is – startups don’t just have access to lots of money. They have the benefit of fundraising from multiple sources, some of which require less governance than the more traditional route of a VC firm.

“Founders today are on the winning end because now they get to choose,” said Will Klippgen, managing partner of Singapore-based seed investor, Cocoon Capital. “The wonderful thing about that is if you’re a founder, you can choose to raise at ridiculous valuations from anonymous people.

Klippgen added that he tends to pass on the blockchain startups when hunting for portfolio companies. The frothy valuations have nothing to do with it.

“I just see so much irrelevance in some of their developments,” said Klippgen. “I have not seen one single blockchain company that makes sense so far. Sometimes you see founders who can do amazing stuff but are drawn to trendy stuff like blockchain. We think they’re wasting their time in many cases because they can do many other things.”

While global regulators have made headway to encourage the use of blockchain, their efforts are patchy at best. Some jurisdictions are more progressive, others less so. But the complexities further compound when the use of blockchain intersects an overarching global framework like GDPR.

Marquez, who currently heads Experian Ventures said increasing scrutiny around online identity and “the right to be forgotten” is making the future case for blockchain slightly problematic.

Blockchain promises ironclad security by memorialising data on the chain. But what happens if GDPR requires you to remove an online identity after it’s been placed on the blockchain?

“You could argue that’s in direct conflict with the providence of blockchain because you technically can’t remove any data that’s been memorialised on the chain,” said Marquez. “There have been some options of taking that identity information off which will make it compliant with GDPR, but then – what’s the point of using blockchain at all?”

Blockchain is not short of optimists. Money speaks.

According to a Diar report citing Pitchbook data, blockchain firms have raised almost $3.9 billion in VC capital globally in 2018, a 280 per cent jump from 2017. The number of deals and median deal value is also rising. Deal count has doubled, while median deal size has grown by over $1 million since last year.

Closer to home, Asian VC heavyweights are beginning to pay attention to blockchain as well.

South Korea’s largest VC, Korea Investment Partners (KIP) made an undisclosed investment in TEMCO, a blockchain-based supply platform. Temasek-backed, Vertex Ventures invested in Binance, a global cryptocurrency exchange.

In November, Singapore-based Quantum Energy Asset Management and Pundi X, a blockchain developer announced a $100-million blockchain fund for 2019.

Kenrick Drijkoningen, founding partner of blockchain-focused fund, LuneX Ventures likens dismissing blockchain to dismissing the Internet.

“Let’s not forget that this technology is still only 10 years old and it takes time to build out the required infrastructure and applications,” said Drijkoningen. “The Internet disrupted traditional content businesses, while crypto and blockchain is set to disrupt much larger and often more regulated industries.”

“Our job is to separate the wheat from the chaff,” said Drijkoningen. “Any early days technology comes with a good dose of hype, experimentation leads to discovery of viable business models.”

Earlier this year, LuneX Ventures launched a $10-million fund focused on blockchain. The Golden Gate Ventures-backed fund has two portfolio companies in the bag – a crypto options exchange and a crypto custody solution. According to LuneX, the fund targets services around the broader blockchain ecosystem such as custody, KYC/AML, SaaS solutions, wallets, and analytics startups. 

Drijkoningen added that deal flow is strong and expects to add another ten companies to its global portfolio. Valuations are reasonable too, due to the market cynicism around blockchain. 

“This is driven by the wariness and lack of industry understanding from traditional VCs. This is something we’re looking to fill. There’s quite a bit of education involved in the fundraising process but the people more familiar with the industry clearly recognise the value we bring as a dedicated fund,” said Drijkoningen.

“Anyone saying it’s all hype clearly has not done their homework.” 

Source link http://bit.ly/2CJVlNv

[courtneyvbrooks87]

After a riot 2018, the VC case for blockchain is no clearer in 2019

After a riot 2018, the VC case for blockchain is no clearer in 2019

Cryptocurrencies have had a wild 2018. 

Take bitcoin for example. Barely a year from its close to $20,000 high in 2017, the cryptocurrency now sits at $3,700, posting double-digit swings that continue to make volatility a hallmark characteristic of the virtual currency. Ten years after the issuance of Satoshi’s cryptocurrency, its potential remains just as elusive today.

Alex Marquez was thrilled when he first encountered crypto. From 2013 to 2014, Marquez and his team of colleagues at USAA began studying the investment opportunities for cryptocurrencies and blockchain companies.

“When we first got into it in 2014, IBM’s research facility was literally right around the corner from my house,” said Marquez. “I would walk across the street and we would spend half a day with IBM Research talking about the projects that they were doing with blockchain at that point of time.”

Marquez invested in Coinbase on behalf of US financial services company, United Services Automobile Association (USAA) at a $400 million valuation in early-2015. He put some of his own money in as well. It’s been five years since and cryptos have come a long way, but so has Marquez’s view on them. He acknowledged that the hype has distracted a lot of the potential he first saw in the technology.

“The original thesis (for cryptos) was that you didn’t have to have all these fiat currencies all over the globe. You have one uniform digital currency and basically trade it, so it’s not logical or common sense to think that you should have hundreds and thousands of cryptocurrencies. I think the value has been distracted because of all the cryptos and ICOs that were issued has zero value and intentional purpose,” said Marquez.

According to ICOdata, there were 1234 ICOs in 2018, or 1.4 times more than the previous year. The amount raised has also risen. About $7.5 billion was raised in 2018, compared to $6.2 billion the year before. But where ICOs have really shifted things is in VC fundraising.

Since 2017, ICOs have delivered at least 3.5 times more capital to blockchain startups than VCs. In a Crunchbase report, the amount raised by ICOs from 2017 to the first two months of 2018 was 32 per cent – remarkable considering how recent ICOs are as a development.

All this is on top of the record $2 billion dry powder that Southeast Asian venture capital investors are already accumulating today.

What that means is – startups don’t just have access to lots of money. They have the benefit of fundraising from multiple sources, some of which require less governance than the more traditional route of a VC firm.

“Founders today are on the winning end because now they get to choose,” said Will Klippgen, managing partner of Singapore-based seed investor, Cocoon Capital. “The wonderful thing about that is if you’re a founder, you can choose to raise at ridiculous valuations from anonymous people.

Klippgen added that he tends to pass on the blockchain startups when hunting for portfolio companies. The frothy valuations have nothing to do with it.

“I just see so much irrelevance in some of their developments,” said Klippgen. “I have not seen one single blockchain company that makes sense so far. Sometimes you see founders who can do amazing stuff but are drawn to trendy stuff like blockchain. We think they’re wasting their time in many cases because they can do many other things.”

While global regulators have made headway to encourage the use of blockchain, their efforts are patchy at best. Some jurisdictions are more progressive, others less so. But the complexities further compound when the use of blockchain intersects an overarching global framework like GDPR.

Marquez, who currently heads Experian Ventures said increasing scrutiny around online identity and “the right to be forgotten” is making the future case for blockchain slightly problematic.

Blockchain promises ironclad security by memorialising data on the chain. But what happens if GDPR requires you to remove an online identity after it’s been placed on the blockchain?

“You could argue that’s in direct conflict with the providence of blockchain because you technically can’t remove any data that’s been memorialised on the chain,” said Marquez. “There have been some options of taking that identity information off which will make it compliant with GDPR, but then – what’s the point of using blockchain at all?”

Blockchain is not short of optimists. Money speaks.

According to a Diar report citing Pitchbook data, blockchain firms have raised almost $3.9 billion in VC capital globally in 2018, a 280 per cent jump from 2017. The number of deals and median deal value is also rising. Deal count has doubled, while median deal size has grown by over $1 million since last year.

Closer to home, Asian VC heavyweights are beginning to pay attention to blockchain as well.

South Korea’s largest VC, Korea Investment Partners (KIP) made an undisclosed investment in TEMCO, a blockchain-based supply platform. Temasek-backed, Vertex Ventures invested in Binance, a global cryptocurrency exchange.

In November, Singapore-based Quantum Energy Asset Management and Pundi X, a blockchain developer announced a $100-million blockchain fund for 2019.

Kenrick Drijkoningen, founding partner of blockchain-focused fund, LuneX Ventures likens dismissing blockchain to dismissing the Internet.

“Let’s not forget that this technology is still only 10 years old and it takes time to build out the required infrastructure and applications,” said Drijkoningen. “The Internet disrupted traditional content businesses, while crypto and blockchain is set to disrupt much larger and often more regulated industries.”

“Our job is to separate the wheat from the chaff,” said Drijkoningen. “Any early days technology comes with a good dose of hype, experimentation leads to discovery of viable business models.”

Earlier this year, LuneX Ventures launched a $10-million fund focused on blockchain. The Golden Gate Ventures-backed fund has two portfolio companies in the bag – a crypto options exchange and a crypto custody solution. According to LuneX, the fund targets services around the broader blockchain ecosystem such as custody, KYC/AML, SaaS solutions, wallets, and analytics startups. 

Drijkoningen added that deal flow is strong and expects to add another ten companies to its global portfolio. Valuations are reasonable too, due to the market cynicism around blockchain. 

“This is driven by the wariness and lack of industry understanding from traditional VCs. This is something we’re looking to fill. There’s quite a bit of education involved in the fundraising process but the people more familiar with the industry clearly recognise the value we bring as a dedicated fund,” said Drijkoningen.

“Anyone saying it’s all hype clearly has not done their homework.” 

Source link http://bit.ly/2CJVlNv

[mccartneynathxzw83]

After a riot 2018, the VC case for blockchain is no clearer in 2019

After a riot 2018, the VC case for blockchain is no clearer in 2019

Cryptocurrencies have had a wild 2018. 

Take bitcoin for example. Barely a year from its close to $20,000 high in 2017, the cryptocurrency now sits at $3,700, posting double-digit swings that continue to make volatility a hallmark characteristic of the virtual currency. Ten years after the issuance of Satoshi’s cryptocurrency, its potential remains just as elusive today.

Alex Marquez was thrilled when he first encountered crypto. From 2013 to 2014, Marquez and his team of colleagues at USAA began studying the investment opportunities for cryptocurrencies and blockchain companies.

“When we first got into it in 2014, IBM’s research facility was literally right around the corner from my house,” said Marquez. “I would walk across the street and we would spend half a day with IBM Research talking about the projects that they were doing with blockchain at that point of time.”

Marquez invested in Coinbase on behalf of US financial services company, United Services Automobile Association (USAA) at a $400 million valuation in early-2015. He put some of his own money in as well. It’s been five years since and cryptos have come a long way, but so has Marquez’s view on them. He acknowledged that the hype has distracted a lot of the potential he first saw in the technology.

“The original thesis (for cryptos) was that you didn’t have to have all these fiat currencies all over the globe. You have one uniform digital currency and basically trade it, so it’s not logical or common sense to think that you should have hundreds and thousands of cryptocurrencies. I think the value has been distracted because of all the cryptos and ICOs that were issued has zero value and intentional purpose,” said Marquez.

According to ICOdata, there were 1234 ICOs in 2018, or 1.4 times more than the previous year. The amount raised has also risen. About $7.5 billion was raised in 2018, compared to $6.2 billion the year before. But where ICOs have really shifted things is in VC fundraising.

Since 2017, ICOs have delivered at least 3.5 times more capital to blockchain startups than VCs. In a Crunchbase report, the amount raised by ICOs from 2017 to the first two months of 2018 was 32 per cent – remarkable considering how recent ICOs are as a development.

All this is on top of the record $2 billion dry powder that Southeast Asian venture capital investors are already accumulating today.

What that means is – startups don’t just have access to lots of money. They have the benefit of fundraising from multiple sources, some of which require less governance than the more traditional route of a VC firm.

“Founders today are on the winning end because now they get to choose,” said Will Klippgen, managing partner of Singapore-based seed investor, Cocoon Capital. “The wonderful thing about that is if you’re a founder, you can choose to raise at ridiculous valuations from anonymous people.

Klippgen added that he tends to pass on the blockchain startups when hunting for portfolio companies. The frothy valuations have nothing to do with it.

“I just see so much irrelevance in some of their developments,” said Klippgen. “I have not seen one single blockchain company that makes sense so far. Sometimes you see founders who can do amazing stuff but are drawn to trendy stuff like blockchain. We think they’re wasting their time in many cases because they can do many other things.”

While global regulators have made headway to encourage the use of blockchain, their efforts are patchy at best. Some jurisdictions are more progressive, others less so. But the complexities further compound when the use of blockchain intersects an overarching global framework like GDPR.

Marquez, who currently heads Experian Ventures said increasing scrutiny around online identity and “the right to be forgotten” is making the future case for blockchain slightly problematic.

Blockchain promises ironclad security by memorialising data on the chain. But what happens if GDPR requires you to remove an online identity after it’s been placed on the blockchain?

“You could argue that’s in direct conflict with the providence of blockchain because you technically can’t remove any data that’s been memorialised on the chain,” said Marquez. “There have been some options of taking that identity information off which will make it compliant with GDPR, but then – what’s the point of using blockchain at all?”

Blockchain is not short of optimists. Money speaks.

According to a Diar report citing Pitchbook data, blockchain firms have raised almost $3.9 billion in VC capital globally in 2018, a 280 per cent jump from 2017. The number of deals and median deal value is also rising. Deal count has doubled, while median deal size has grown by over $1 million since last year.

Closer to home, Asian VC heavyweights are beginning to pay attention to blockchain as well.

South Korea’s largest VC, Korea Investment Partners (KIP) made an undisclosed investment in TEMCO, a blockchain-based supply platform. Temasek-backed, Vertex Ventures invested in Binance, a global cryptocurrency exchange.

In November, Singapore-based Quantum Energy Asset Management and Pundi X, a blockchain developer announced a $100-million blockchain fund for 2019.

Kenrick Drijkoningen, founding partner of blockchain-focused fund, LuneX Ventures likens dismissing blockchain to dismissing the Internet.

“Let’s not forget that this technology is still only 10 years old and it takes time to build out the required infrastructure and applications,” said Drijkoningen. “The Internet disrupted traditional content businesses, while crypto and blockchain is set to disrupt much larger and often more regulated industries.”

“Our job is to separate the wheat from the chaff,” said Drijkoningen. “Any early days technology comes with a good dose of hype, experimentation leads to discovery of viable business models.”

Earlier this year, LuneX Ventures launched a $10-million fund focused on blockchain. The Golden Gate Ventures-backed fund has two portfolio companies in the bag – a crypto options exchange and a crypto custody solution. According to LuneX, the fund targets services around the broader blockchain ecosystem such as custody, KYC/AML, SaaS solutions, wallets, and analytics startups. 

Drijkoningen added that deal flow is strong and expects to add another ten companies to its global portfolio. Valuations are reasonable too, due to the market cynicism around blockchain. 

“This is driven by the wariness and lack of industry understanding from traditional VCs. This is something we’re looking to fill. There’s quite a bit of education involved in the fundraising process but the people more familiar with the industry clearly recognise the value we bring as a dedicated fund,” said Drijkoningen.

“Anyone saying it’s all hype clearly has not done their homework.” 

Source link http://bit.ly/2CJVlNv

[adrianjenkins952wblr]

After a riot 2018, the VC case for blockchain is no clearer in 2019

After a riot 2018, the VC case for blockchain is no clearer in 2019

Cryptocurrencies have had a wild 2018. 

Take bitcoin for example. Barely a year from its close to $20,000 high in 2017, the cryptocurrency now sits at $3,700, posting double-digit swings that continue to make volatility a hallmark characteristic of the virtual currency. Ten years after the issuance of Satoshi’s cryptocurrency, its potential remains just as elusive today.

Alex Marquez was thrilled when he first encountered crypto. From 2013 to 2014, Marquez and his team of colleagues at USAA began studying the investment opportunities for cryptocurrencies and blockchain companies.

“When we first got into it in 2014, IBM’s research facility was literally right around the corner from my house,” said Marquez. “I would walk across the street and we would spend half a day with IBM Research talking about the projects that they were doing with blockchain at that point of time.”

Marquez invested in Coinbase on behalf of US financial services company, United Services Automobile Association (USAA) at a $400 million valuation in early-2015. He put some of his own money in as well. It’s been five years since and cryptos have come a long way, but so has Marquez’s view on them. He acknowledged that the hype has distracted a lot of the potential he first saw in the technology.

“The original thesis (for cryptos) was that you didn’t have to have all these fiat currencies all over the globe. You have one uniform digital currency and basically trade it, so it’s not logical or common sense to think that you should have hundreds and thousands of cryptocurrencies. I think the value has been distracted because of all the cryptos and ICOs that were issued has zero value and intentional purpose,” said Marquez.

According to ICOdata, there were 1234 ICOs in 2018, or 1.4 times more than the previous year. The amount raised has also risen. About $7.5 billion was raised in 2018, compared to $6.2 billion the year before. But where ICOs have really shifted things is in VC fundraising.

Since 2017, ICOs have delivered at least 3.5 times more capital to blockchain startups than VCs. In a Crunchbase report, the amount raised by ICOs from 2017 to the first two months of 2018 was 32 per cent – remarkable considering how recent ICOs are as a development.

All this is on top of the record $2 billion dry powder that Southeast Asian venture capital investors are already accumulating today.

What that means is – startups don’t just have access to lots of money. They have the benefit of fundraising from multiple sources, some of which require less governance than the more traditional route of a VC firm.

“Founders today are on the winning end because now they get to choose,” said Will Klippgen, managing partner of Singapore-based seed investor, Cocoon Capital. “The wonderful thing about that is if you’re a founder, you can choose to raise at ridiculous valuations from anonymous people.

Klippgen added that he tends to pass on the blockchain startups when hunting for portfolio companies. The frothy valuations have nothing to do with it.

“I just see so much irrelevance in some of their developments,” said Klippgen. “I have not seen one single blockchain company that makes sense so far. Sometimes you see founders who can do amazing stuff but are drawn to trendy stuff like blockchain. We think they’re wasting their time in many cases because they can do many other things.”

While global regulators have made headway to encourage the use of blockchain, their efforts are patchy at best. Some jurisdictions are more progressive, others less so. But the complexities further compound when the use of blockchain intersects an overarching global framework like GDPR.

Marquez, who currently heads Experian Ventures said increasing scrutiny around online identity and “the right to be forgotten” is making the future case for blockchain slightly problematic.

Blockchain promises ironclad security by memorialising data on the chain. But what happens if GDPR requires you to remove an online identity after it’s been placed on the blockchain?

“You could argue that’s in direct conflict with the providence of blockchain because you technically can’t remove any data that’s been memorialised on the chain,” said Marquez. “There have been some options of taking that identity information off which will make it compliant with GDPR, but then – what’s the point of using blockchain at all?”

Blockchain is not short of optimists. Money speaks.

According to a Diar report citing Pitchbook data, blockchain firms have raised almost $3.9 billion in VC capital globally in 2018, a 280 per cent jump from 2017. The number of deals and median deal value is also rising. Deal count has doubled, while median deal size has grown by over $1 million since last year.

Closer to home, Asian VC heavyweights are beginning to pay attention to blockchain as well.

South Korea’s largest VC, Korea Investment Partners (KIP) made an undisclosed investment in TEMCO, a blockchain-based supply platform. Temasek-backed, Vertex Ventures invested in Binance, a global cryptocurrency exchange.

In November, Singapore-based Quantum Energy Asset Management and Pundi X, a blockchain developer announced a $100-million blockchain fund for 2019.

Kenrick Drijkoningen, founding partner of blockchain-focused fund, LuneX Ventures likens dismissing blockchain to dismissing the Internet.

“Let’s not forget that this technology is still only 10 years old and it takes time to build out the required infrastructure and applications,” said Drijkoningen. “The Internet disrupted traditional content businesses, while crypto and blockchain is set to disrupt much larger and often more regulated industries.”

“Our job is to separate the wheat from the chaff,” said Drijkoningen. “Any early days technology comes with a good dose of hype, experimentation leads to discovery of viable business models.”

Earlier this year, LuneX Ventures launched a $10-million fund focused on blockchain. The Golden Gate Ventures-backed fund has two portfolio companies in the bag – a crypto options exchange and a crypto custody solution. According to LuneX, the fund targets services around the broader blockchain ecosystem such as custody, KYC/AML, SaaS solutions, wallets, and analytics startups. 

Drijkoningen added that deal flow is strong and expects to add another ten companies to its global portfolio. Valuations are reasonable too, due to the market cynicism around blockchain. 

“This is driven by the wariness and lack of industry understanding from traditional VCs. This is something we’re looking to fill. There’s quite a bit of education involved in the fundraising process but the people more familiar with the industry clearly recognise the value we bring as a dedicated fund,” said Drijkoningen.

“Anyone saying it’s all hype clearly has not done their homework.” 

Source link http://bit.ly/2CJVlNv

[brassyy]

Today, my mother needed help with some things, which included putting her air conditioner in. Alright, sure, I’ll help out with that - maybe I can help her clean up her apartment. 

NOOOO. She needed help bagging these stupid dry erase boards. Her part time job is to create advertisements for the perimeter of the boards, which sounds stupid because if I were a business owner, I’d be funneling my money into digital advertisements. This bagging process is a complete waste of time and SUPER NON ENVIRONMENTALLY FRIENDLY!!! She attaches these 3M adhesives to the back, puts the board in a plastic bag, tosses in a worthless little dry erase marker, which also has an adhesive, and seals the board with a machine. I helped her out for a little while, and I did maybe 50 or so in a half an hour... but she has about 800 of these (if not 800 more), so I’m not spending a half an hour doing this... especially when I’m questioning if this is really necessary? If people have a place to set out the dry erase boards, would they have a place to set out a little bowl of dry erase markers or something, thus eliminating the need for plastic bagging, which is probably going into the trash or being tossed out somewhere and ending up in some poor animal’s digestive system? She wants me to work for her boss and bag these boards as a summer job, but I just can’t process the fact that it’s so unnecessary and that there has to be a better way that takes up less time and plastic!!!

Then, she was saying how there’s someone else who does these as well who doesn’t have anything else to do, so I wondered why he isn’t doing them? She was paid for these in advance, I guess.. and she wanted to work on a website for another job, so she didn’t really want to finish them, but she needs to since she was already paid for them... I just don’t even know... she needs to set priorities and not take on too many tasks... she’s drawn to these little odd jobs because she can earn money, which is great, but at some point she needs to be realistic, because I have no interest in helping her out! I was done with them after I did about 80, and she was all upset, but I don’t even feel bad. When I was sitting there for 30 minutes, I was just thinking of how much practice I could be getting in on trumpet, or how much marching or exercising I could be getting in... 30 minutes isn’t a lot of time, but it IS a lot when you’re doing something that truly adds value to your life!! So perhaps in that respect, it was a good experience going over there even though I just felt as if I wasted a whole afternoon...

Her apartment, though... oh god. It just gets worse every time I go there. I just stand around in shock every time I visit her... out of all of her places that she’s lived, THIS ONE is the one I’ve spent the least time in. I just have no intentions of ever going over there for dinner or hanging out or anything. Her worthless friend has so much stuff, there’s WAY too much furniture all around the place... she wanted me to help move a bunch of stuff from in front of a window to put her air conditioner in, and there wasn’t anywhere to put it! I tossed one thing outside and she got all upset and brought it back in, but at what point is she going to draw the line? Then, I sprayed down the window with Windex... in my experience, Windex is normally blue, and when I spray it onto a surface, it is still blue. This Windex was no different - it was blue, but when you sprayed it onto this window.. it was brown!!! Her worthless friend smokes SO MUCH that the window was just completely covered in smoke!!! I think I have found part of the reason why her place smells so horrible!!! If the window is that bad, you have to wonder how bad the walls and ceiling and surfaces and etc. are... 

She now has 8 cats, because her worthless friend has brought over 3 cats (one of her original 5 cats is his as well). So, ideally, she should have 4 cats, which is still 1 cat over the limit, but you know, it would save about 50% on cat litter and cat food... but the most recent cat that he brought over is in a cage with a litter box and food bowl and everything! It’s just so disgusting! Like, why would you have a cat caged up? Apparently it has some skin issue - great - perhaps it should go to a loving home instead of being caged up!!!! LIKE... at what point do I just go screw it and call in an anonymous report to the city??? I tried telling her that her friend shouldn’t be bringing more cats in, and she literally doesn’t seem to care... well, she doesn’t particularly seem to enjoy it, but she doesn’t know what to do about it, I guess? So I don’t know how sorry to feel for her if she’s not going to be more assertive towards her friend! 

Her friend shouldn’t be bringing in so much furniture and cats and etc.... and the basement is just a mess, holy hell. He has a workshop all set up down there with a bunch of tools and wood and etc. and I don’t even know what he’s doing with it all? He just seems to sort of be hoarding wood or something? Then, the other side of the basement is just really gross and there’s so many boxes and clothing and I don’t even know what to make of it! Previously, she’s kept saying that her friend is building a tiny house in the next 6 months and he’ll be out of there, but now she said he lost his job so she doesn’t know when he’s building his tiny house... I don’t believe building a tiny house OR losing a job is a legitimate enough reason to more or less just trash her place and continuing to drag stuff in?

The most horrible part is probably all of the furniture, which both my mother and her worthless friend drag in. They see free furniture on the curb or a $5 chair at a yard sale, and they need to bring it over!! She has way too much furniture in her place... and not enough “functional” furniture, such as storage solutions. It’s mostly trashy chairs and tables.I could see if she was replacing something or other, but I’m 99% sure that the whole perimeter of her apartment is consumed by something or other. There’s no place in front of windows to clean the window or open up the window or whatever, which would be super useful to get some of the odor out of the apartment...

99% of her stuff, she wants to save and hold a yard sale... alright, this is great, but she doesn’t have a garage, and there’s no place to go with stuff in the evening! It would just be way too much work to hold a yard sale... in fact, in two weeks, I guess my dad is taking off work for a week, and he’ll help take all of the clothes to Goodwill, so I think I’ll help her with her yard sale after that... because she wants to include a lot of our useless stuff in the yard sale, but it’s just too much of a hassle to haul everything over to her place, and then you make maybe 50 cents, and it’s just... what’s the point, even? I need to make some sort of deal with her if I help her with her yard sale - anything that she doesn’t sell will either be 1) donated, or 2) sold online (within reason). I don’t want her to sell everything online, but you know, putting a couple of her chairs or tables onto Facebook for $10 wouldn’t be horrible idea! 

I just don’t really want to put the effort into helping her out if she’s just going to continue living like this and allowing her worthless friend to take advantage of her! He doesn’t pay rent, which is perhaps understandable right now, but even when he had a job, he wasn’t really helping her out much! She said he “helps out with cat food and litter” among some other things and was sort of defending him, but that’s nothing! If he wasn’t there, she wouldn’t have these random cats! I don’t understand why she puts up with this worthless dude, but it really pisses me off!! Especially when I was wiping off the windows, it’s like oh god - when is this guy going to get it through to his head that he needs to quit smoking, or at least go outside when he does smoke? Apparently she tells him to go outside to smoke, but I don’t think she really confronts him about it while he’s smoking or really enforces her “no smoking inside” rules or whatever?? SO ITS LIKE... that’s another thing... just... gah. I just don’t know what to do!