This post is the first part of a mini-series about all the stuff I picked up at the two-day DagVanDeCrypto (Day of the Crypto) Conference @ Amsterdam (Jan 29th and 30th). The event featured 70+ speakers and 30+ ICOs and themes ranging from legislation and the future of blockchain to panel discussions and investment and research tips.
Since attending a conference like this gives me an opportunity to create some unique content for Steemit, here it is! I share with you my most interesting insights and pieces of information. There is a lot to share, so let’s start!
On the first day, there was a video interview (in Dutch) with Marc van der Chijs, the first Dutch crypto billionaire who is currently living in Vancouver. In short, Marc founded First Block Capital which is one of the first Bitcoin investment trust with a worldwide licence. Also, a few weeks ago Marc sold his four months old ICO investment bank (First Coin Capital) to Mike Novogratz (a big Wallstreet guy). Currently Marc is focusing on building the biggest mining company outside of China, Hut 8.
During the video interview Marc shares some nuggets of experience. After playing around with Bitcoin and other crypto since 2013, he decided during Christmas 2016 to go all-in on crypto. One thing I really took away from this interview was that Marc thinks extremely big. He says that comes from having lived in China for years where you need to think extremely big otherwise you will not win. He an all-in type of guy.
Vincent Evers, the interviewer and organizer of the event, asked Marc what The Netherlands should do to become THE ICO/crypto-country with the right regulations and methods to protect people in place. Marc replies:
“When I look at Canada, they just have very **clear legislation and rules**, explaining what is possible and what is not. The problem in The Netherlands is that you don’t know what rules you have to follow. There are some rules, but there is a big grey area and grey is a problem. Because if you are doing an ICO and raise 20 million and 6 months later it turns out something is not fully compliant, you have to return the money. So basically it comes down to having very clear rules and legislation. This is what Singapore, Canada, Estonia and Switzerland have done and that works.”
Also, Marc is very clear. ICOs will disrupt IPOs. In the long-term, stock exchanges like the Nasdaq and the Dow Jones will disappear. Clarity of legislation and rules is key to be a winner. When there is clarity, entrepreneur will come.
About the current ICO landscape Marc says:
“I think 98% of the currently existing 5,000 projects will not make it. There is only a very small portion that will make it. You have to do very solid research, a few coins are very undervalued. If you don’t feel like doing all that research, just stay with the top 5 or 10 and leave the other ones alone. Definitely don’t partake in the hypes on all the fora. They usually take 2-3 weeks and then you’ve lost your money.”
And what about Bitcoin with its clogged blockchain, high transaction fees, ineffective governance? Does it have any future? (of course, Marc’s answer is slightly biased since he’s building a huge mining operation…)
“Absolutely. Look, what I am waiting for is the **Lightning Network**, which will be there soon. We were in Las Vegas a few weeks ago and it really looks good. I expect a usable live version of the Lightning Network within 3-4 months for the average Bitcoin user. That will change Bitcoin. Than new advertising models can be created, a new type of Facebook with micropayments etc.”
Futhermore, Marc expects the big exchanges to become decentralized ones and will be one of the most important shifts in 2018 (note: he’s currently also building a DEX). Although the technology might not be ready yet, it will adapt and will be fast enough for decentralized exchange solutions.
“The **power of Bitcoin mining** is actually the fact that it costs money. That is what makes the blockchain secure and it is not hackable. With this, we’re disrupting the financial sector, which by the way costs a lot more than mining. So yes, it costs a lot of money, but it makes it more secure. On the other hand it will save costs as well.
Some predictions Marc makes for the end of the year:
- Bitcoin will be worth $40,000
- Ether might be reaching $5,000
What do you think about the possible Proof of Stake (PoS) model of Ethereum? Or do you think the necessary level security can only be reached with Proof of Work (PoW)?
“I think we’ll have **hybrid models of PoS and PoW** in the future. PoS only is dangerous since it is hackable, so you need a hybrid model. Partially PoS is good, but not solely PoS. You need PoW for the most secure blockchain. Clearly Ethereum is not the most secure blockchain, that’s Bitcoin and I don’t think Bitcoin will ever change from PoW to PoS. Bitcoin will remain the coin with the highest market cap. It’s the coin that is most resilient and has the most secure blockchain. There will come a few other big ones, but definitely when the Lightning Network is here and it works, Bitcoin is by far the best coin out there.”
So as a final question for the people in the audience, what are the three best sources to gather market information about crypto according to you?
“The most important one is **Twitter**. Make sure to follow the right people on Twitter. Next to that I use Telegram. There are **Telegram groups** for specific coins and you’ll have to find those. And just in general **Coindesk**. Everyday the right articles are there. If you just read those every thay you’ll have a basic knowledge of what is happening in the crypto world.
Lastly Marc tells us he stores his coins on hardware wallets at different locations and through Xapo in the mountains in Switzerland. Only small amounts he keeps on exchanges. I agree with his method, although I don't use Xapo. I guess that is mostly for the heavyweights. Keep them safe guys!
I thought these nuggets were interesting enough to share with other Steemians.
What do you think? What interested you the most?
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Disclaimer: I am not a financial advisor, trader or developer. I am just a blockchain & cryptocurrencies enthusiast. Make sure you do your own research, draw your own conclusions and do not invest any money that you cannot afford to lose.