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E779: Brian Armstrong Coinbase &Tim Draper: crypto matures, ICO v VC, fiat end, bitcoin resiliency

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Filmed at DFJ Summit 11/16/17: Brian Armstrong, Coinbase & Tim Draper, DFJ on the state of cryptocurrency's maturing market: ICOs as new funding vehicle, disruption of VC, the end of fiat, rise of open source, & the continued dominance & resiliency of bitcoin Timestamps 0:01 Thank you to Walker Corporate Law & Wordpress for supporting TWiST, visit them at http://walkercorporatelaw.com & http://wordpress.com/twist 0:30 Introduction to fireside chat at DFJ Summit November 16, 2017. Guests: Brian Armstrong, Coinbase & Tim Draper, DFJ. Moderated by Jason Calacanis. 1:55 Brian talks about his first project, getting people to watch videos and paying them in Bitcoin. 3:12 Will the next Facebook be cryptocurrency-based? Brian explains exciting trend that could happen with incentivising user-generated content by cryptocurrency. 3:58 Jason talks about Tim Draper’s “superpower” as an investor. Tim explains his process behind investing, importance of transformative opportunities, & betting on the upside. 9:07 Should you be investing in ICOs by founders with zero track record? Are they scams? Brian explains the bubble, need for regulation, and potential of ICOs. 12:57 Thank you Walker Corporate Law for supporting TWiST. Visit them at http://walkercorporatelaw.com 14:07 Jason asks Tim if he is concerned about the current state of ICOs and raising large amounts of money on only a white paper. Tim explains why too much money is detrimental to a company. 16:24 Tim describes the benefits that ICOs have for investors, and how government regulations have made it difficult for companies to go public. 19:23 Jason voices his disagreement on accredited v. nonaccredited investor qualifications, and proposes an idea. Tim likes it. 21:45 Jason ask Brian if it is safer to store digital currency in a server, or in cold storage. Brian compares the two, and shares what he does personally. 23:45 Do you know who your buyers are? Brian explains the regulation behind Coinbase. 25:03 Thank you to Wordpress for supporting TWiST. Go to http://wordpress.com/twist to save 15% on a website. 27:27 Will Bitcoin move from being a store of value to something else? Tim explains why he won’t sell his Bitcoin. And the inefficiencies of government-issued currency. 29:23 What are the chances of the U.S. launching its own cryptocurrency? Tim explains why country-based cryptocurrency is a bad idea. Brian believes digital currency will soon be as stable as fiat currencies. 30:41 Is Bitcoin in a vulnerable position, due to miners in China having majority compute power? Brian thinks most digital currencies will move away from mining. Tim explains the resilience of Bitcoin thus far. 33:25 How manipulated is Bitcoin? Brian explains that market cap for bitcoin is too large to be manipulated by a small number of people. 35:38 Jason presses Brian: Bitcoin or Ethereum, which do you prefer? Brian shares the story of his first love, Bitcoin … and why he’s now more interested in Ethereum trajectory. 38:29 Jason and Tim talk about the structural change about to occur in Venture Capital. And the rise of lawsuits against ICOs. 42:52 Should all startups use ICO rather than raise VC money & dilute ownership? Brian explains what he would do. “Right now today, I would go with traditional investors.” Tim explains entrepreneurs should figure out use/purpose of a coin before an ICO. 46:45 Brian & Tim talk about how people working on protocols/foundational pieces of technology can participate in the upside through coins. It’s a fundamental shift -- developers are leaving big tech co’s to work on open source projects. 50:18 Jason asks his final question: What will the price of Bitcoin be in 10 years?
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Text Comments (49)
Serhat Ates (5 months ago)
He mentioned "Golem" as the top project!
xtremeHackerzPro (5 months ago)
Golem <3
John Gwak (8 months ago)
Dont blcok answer. worst interviewer!
Benegal Phadatare (9 months ago)
How to buy Neuromation (NTK) tokens, aka Neurotokens? http://bit.ly/2m2Tnhj Follow the link to get special bonus in first days of the ICO.
Jesus worshipper V (9 months ago)
Brian loves Tim
nelsonthekinger (10 months ago)
wordpress dot com slash twist!
Cherrlyn (10 months ago)
Lots of great info. I just wished Jason would stop speaking after he's asked a question.
Vercusgames (10 months ago)
Still pushing my idea for a coin/ico grader website to warn people of fraud. Cough Bitconnect, cough! I did 3 months of research on crypto before buying. It paid off greatly. The average person isn't going to do that level of work, and that's the problem. If it remains unaddressed, no hub, go to for everything site. Crypto will just become another market for the rich elite.
Ryan Richardson (10 months ago)
At 3:12, they're talking about a blockchain-powered social network... why no mention of STEEM?
Bart Visser (10 months ago)
WildSpark gentlemen, WildSpark
Open Set Foundation (10 months ago)
Check Wildspark people, Wildspark. The new attention economy! exactly what Tim talks there but has no idea exists, yet.
Harshad Patel (10 months ago)
Synereo and Wildspark.me is the social media revolution they are referring to! Social media integration will be the new wave in crypto in 2018
Fermin Reyes (10 months ago)
Tim said he predicted 10k to be the price I’m 2018 he is right we are only a few weeks from 2018 and it’s above 10k and growing, I’ve heard enough people say there were concerns with bitcoin to believe I should follow litecoin instead
Roy Tyndall (10 months ago)
This IS WildSpark! It pays people who upload and pays you to ...pay.
obbly (10 months ago)
check out synereo and wildspark, they're aiming to do exactly what you mentioned at the start of the video.
Mythocurrency Email (10 months ago)
3:04 - IT IS ALREADY HAPPENING! Check out WildSpark.me
Hamish Webb (10 months ago)
BRAIN ARMSTRONG & TIM DRAPER – “If that idea existed today it would be revolutionary!! Where people were getting paid for their attention to something on YouTube” LOL, It does exist today – it is called Wildspark
Paul Coman (10 months ago)
Json Cucumber or whatever the f%ck his name is...
ThinkFreeFindTruth (10 months ago)
Don Ragnar (10 months ago)
Tim Draper should call his younger bro, Don Draper to come sort this prick of an interviewer out
Omar Delawer (10 months ago)
Why is Draper wearing a lab coat? lol dude is loosing his mind. He made a proposal to cut california in several different states.
Nandi Langa (10 months ago)
Shit guests from the Central-banking side and a shit interviewer
Nandi Langa (10 months ago)
Interviewing the turds of Crypto
ProducerOM (10 months ago)
Chancoin. That is all. Edit: BTW.........I agree interviewer is a complete "I didn't buy bitcoin....fuck" idiot cuck.
John Cook (10 months ago)
9 minutes in and I wanna punch this fuckin interviewer
Mark jackson (10 months ago)
tezos is garbage
Kat Ana (10 months ago)
Good video but the interviewer is a real noob. Interrupts, doesn't let them finish and seems that most of this is above his head.
Crypto Ware (11 months ago)
Dharma Dreams (11 months ago)
Armstrong is so full of shit. He and Coinbase were behind #S2X which was a failed effort to centralise Bitcoin. Innovations like Lightning Network that dramatically lower fees were rejected by the S2X crowd, placing the whole Bitcoin project in jeopardy. Etherium has a huge attack surface and is going to (continue to) lose people lots of money.
Tom B (10 months ago)
Lightning Network doesn't require permission. Go use it. It's a different layer. Also 2MB blocksize doesn't hinder LN whatsoever. Educate yourself pls.
David Lopez (11 months ago)
10,000x from today's crypto market cap ($220B), assumes a crypto market cap of 2.2 quadrillion or 2200 trillions. For Tim Draper's prediction to be true, all money and the future money created will have to be in crypto including: Currencies, real state, global debt, stocks, derivatives, hard assets (gold, minerals), etc. According to: http://money.visualcapitalist.com/worlds-money-markets-one-visualization-2017/ I like it, but I think that's the very edge of optimism.
A. X (11 months ago)
Wow Jase -- Looking good dude! Been a while since I've seen you! And hey, thanks for your work; This is at least one person who took your advice and the knowledge you dispense and executed against it to change their life by magnitudes for the better! Blessings/ Respect
WattanaPui (11 months ago)
Lol, Armstrong ranting about transaction fees, but Coinbase still denying their customers ultra-cheap Segwit transactions for MONTHS.
Tom B (10 months ago)
Because Segwit coins can be stolen by a hostile miner attack. Not secure, especially for a custodian company like Coinbase.
Mattzuful (11 months ago)
The host is antagonising dick - askes loaded and dumb questions
flowerz (10 months ago)
Mattzuful I like it. He's putting these guys on the spot. This is good interviewing. I would be more upset if he was throwing them softballs and wasn't challenging them and testing their integrity.
Freddan0 (11 months ago)
Why the fuck are they even mentioning Tezos?
Paul Coman (10 months ago)
Because Draper is an investor in it.
William Evan (10 months ago)
You will see in time... :)
RapatipatooO (11 months ago)
Tezos will be awesome, i've invested in it after learning about it.
jderoc (11 months ago)
probably Tim Draper
Science Recruit (11 months ago)
Asshole interviewer.
NewsRedial (11 months ago)
Jason is one of the few interviewers in any field who asks hard questions and doesn't let subjects wriggle out of answering. He seems knowledgeable and passionate about the subject matter too.
Mattzuful (11 months ago)
Chris Dark (11 months ago)
He was one of the first investors in Uber you dufus...
Blah Blah (11 months ago)
yeah, jealousy takes on many forms....and he's probably threatened that he has no idea what's being discussed.
Phillip Winslow (11 months ago)
Absolutely agree with Jason. Remove the 'accredited investor' strata. It's incredibly oppressing, poorly reasoned & makes little to no sense in a networked age. (I'm looking at you CoinList) I hope Jason continues to espouse this view. Also, Brian Armstrong is great. He cares about a true Cryptocurrency ecosystem/revolution. Tech evolution >> dogma & tribalism.
Todd Merkin (11 months ago)
36:44 lol, Brian Armstrong said hodl

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