Andy, Bromberg, Stanford Bitcoin Group discussed on Bitcoin Radio
I'm your host Joe and we are going to have a a treat today. We got any Bromberg. He is he's from coin lists. He's the CO CO founder and president of that project and we're about to get a really cool insight in really good look into you know the nature of of the of the crowd rays of the Seo Oh of Sto in where we've come from and where we are today so in the meantime. I wanted to bring up a couple of things I've got a kind of cool announcement that I'm going to be sharing with the community community and I really WanNa bring about that that live audience interaction soon so we're GonNa start doing some live videos on the bitcoin channel on facebook and probably twitter's well. Maybe even instagram and will include Youtube is that and that as well but but before we get into the interview I just want to thank everybody again for their participation in for their influence the success of this show so far and I can't get great guests without people being interested in having people listening and watching you know Andy's a example of that you know the Eto. Pr Agency which is one of the top in the space. I mean they're not just with the CRYPTO. They're all over the place but I want to give a big shout out to them and trey and Liz and everybody else involved over there. Jake Cetera and thanks again but you know we'll we'll bring on Andy here in a second but keep in mind folks were in a very beginning of the show and I'm just so proud proud of where we stand today and I look at like you know where I'm at in Crypto coin trader what Bitcoin radio is doing and it's all collection of people who care about the space care about transparency care about the blockchain right and so it goes without saying though we gotta do this together support the good projects and that's exactly why Andy Fits in perfect today with that messages you know he's in the front end of this and you know as a as he went to Stanford he was a CO founder of the Stanford Bitcoin Group and I'll get him to explain a lot about that. I'm just learning some of this for the first time obviously but you know Andy has brought about a opportunity in a platform. That kind of vets lot does a lot of different things that we haven't seen quite done the way they're doing it in the space and again. I'm I'M LOOKING FORWARD TO HAVING MON and so I'm not GonNa wait too much longer. Andy upbringing you on now actually all right everybody. This is anti Bromberg. He is is the CO founder and the President of coin. What's up Andy. Welcome to BITCOIN radio. I'm Geoff. Oh Man my pleasure dude in fact. I've been looking forward to this interview since it. It was a proposed that we'd have opportunity to bring on just because you guys have such a unique perspective on this market right now and I mean really does it. Get any deeper than you man like. Let's kind of get a little bit of a background story first before we get to the questions but tell us oh but a little bit about Andy so I like you said I got started in the space when I was at Stanford sitting math and computer science and started the Stanford Bitcoin group with a few other folks and that was led at the time by about son who most recently was the CTO of coin base and before that ran earned dot com and was ordered recent Horowitz and it was him and the professor and then seven of US students and we did a bunch advocacy work we built school projects Ettelaat of academic research on Bitcoin says back in Twenty twelve twenty thirteen there was not a lot of that happening and so we got an early start on that got his attention to the space meet. Everyone and it was a really small community in those days. I was excited absolutely and you know although we weren't connected or we didn't really know each other. We all share that similar experience about that time period especially early on and where we're at today is a direct reflection from people like me and you and I don't want to put myself in the same category as you of that at least that interest that that desire that passion to promote the space and take its assets and what blockchain's able to do this this world right and really present it to not just the community but to the world and I see what coin is doing and what your goals and your missions are but let's start from the foundation. Why did you even start Queen List Andy. Yes aucoin. Lewis got started originally as a collaboration between protocol labs who's building file corn and angel. EST atop started fundraising platform and and file coin protocol is needed a platform to run the following token sale and so they enlisted angels help with compliance and actually running that process and as they were going through that process. I'm getting the foul quinto concealed live. Everyone's step back and said wow. This is really hard costs a lot of money to these token sales right every single token issuer where is going to be this exact same set of services. We should spend this edison new companies we spun out of angels. APP In at the end of twenty seventeen after completing the file coin token sale and and I was one of the founders of that time of the project so this five of us that went out the start of this new independent coined list to provide exactly the services to the broadest array of token issuers can and so from that one four in the last couple of years. We've helped run a lot of token sales help with compliance help with at managing the actual process logistics marketing and have helped whole stack of of helping projects raise money that have started some other services while along the way but it really came from genesis of saying these token projects need to go through a fundraising process that is not their expertise. What can we do to make it really easy for them so they can focus focus on going back and building products need to exist sure and you know. I think about all the different projects that we've seen from the twenty sixteen twenty seventeen time time period up into now and with what you offer you know there's a lot of risk associated with with just attaching herself to any project right right and I know you have to be impartial and you have to be very committed to doing your job at the same time you gotta be careful who you work with. You know so what what does that been like in that in that evolution of where the market market has been starting back in twenty seventeen when all this stuff was happening. I'm assuming time period for pointless was was even back then you know but but I know in two thousand eighteen because I saw one of your interviews. That was that was on. I think it was on NBC. You know it was really neat to hear the way that you explain this but I'll let you kind of take it from here. What is it like that you had had to look for especially early early on man like where did you draw the line. What was right? What was it right. You know what was wrong yeah. No you're absolutely right. We put projects through a long long hard vetting process for we actually publicly work with any projects and that's really important for us because there are so many bad projects in the space that we're just not comfortable putting up on our website and and you have to be really careful when we think about that process we think about what we what smart investors should do when they're looking at oaken project and that's really what this boils down to your smartvestor in token projects. What is it that you're looking for in the framework that we've come up with their and I'll go through this quickly. We can dig in deeper after really has six points. I four of them are things you should look at whether you're investing token project or just normal start up even if it's just normal star equity the team the products the market market and the deal terms so team is a strong team that you're willing to bet on for the future product is a product needs to exist in the world that actually going to make a difference market are they going after a big market and deal terms. The deal terms make sense of the price reasonable for what it is getting those four things. I would say every venture capital firm. The world looks at those evaluating deal feel every crypto firm looks at them and those are important start with then you layer on these last two items that are specific to crypto that you don't have to look at if you're investing investing in a normal startup. The first of those is the legal structure. This is not fun to look at but it's really important. There's so much innovation happening at the legal level in how people are structuring these these deals that you know it's it's just such a new world and you have to be able to look at that. Make sure that they're doing things in a compliant way. You can feel comfortable with backing for long-term so yellow legal structure and then the last piece most nuanced piece is called a token economics. So is this token who can going through a crew value in the long term. If the network successful will the token actually grow in value will be a good investment and and that's a really important piece of it and then there's other kind of smaller pieces of the token economics are the incentives on the network properly lines that good actors do do the right thing bad actors. Stay away from the network. Don't try and attack it and so you get into all these details so for us again. Just stepping back the team the product market the deal terms all absolute baseline foundation items you gotta look at providing vetting a project crypto investor on top of that we look at the legal structure and then the token economics is those criteria like you mentioned and you know those first four that you'd obviously spoken about. I mean that's that's everybody that's like whether you're a you're trying to your angel veteran to normal start up in San Francisco or if if you're in where I'm at and near New Orleans and you're trying to do something similar quality or capability you still gotta get investors and they're still gonNA be looking at their smart. At least you know they're gonNa look things things but you brought up a great point with specially with the legal right and to me you know the space is still the chapters are being written even in whether it be the legalities or how you can you can raise or whatever it might be you know an ever changing space with grey areas being filled in. I mean this has got to be frightening for someone on your shoes deal. You have to be really careful. I think everyone doesn't in this space. There's so many many laws are unwritten and there's gray areas. You have to work your way around that and do what you think is best and so we've in some sense. It's challenging for us the the flip side of that is that at times it's not that hard because we tend to just take a very conservative stance. We're out there saying. We're building this business for the long run. We're on and make a quick buck in the next year to get out of it. We're saying we're building this for for a long time and if you're doing that if you're taking that approach you have to be conservative about these things because the legal side tide can pose an existential risk. If you step over line that can be the end of the story. Your Business can be done and so for us. Our has been the super-conservative. Yes does that mean that you give a few opportunities on day one but it ensures the around on day one thousand and keep operating and grow the business in that point yeah and especially especially someone doing what which coin is doing as a whole..