do you think ethereum and crypto at large will continue to grow
and gain usership over the next five to ten years despite your personal thoughts i mean
the only thing i'm going to advocate is bitcoin and that's the only thing i advocate i don't look
i'm not advocating google stock or apple stock or amazon stock i'm not even advocating my own stock
like to be to be clear like i'm an equal opportunity uh ambiguous uh ambiguous uh analysts
with regard to property i'm not gonna tell you to buy property in new york city or moscow or
los angeles i'm not gonna advocate a trophy asset or a collectible i'm not going to
advocate or opine on any other crypto i don't know how they will end uh i'm i'm open-minded
to the sense that it's possible to create things but there are many many different ways to do it
right i mean there's there's a lot of ways to create functionality and there's a lot of models
and i think there are a lot of different countries in the world right so different countries and
different different regulators will have different opinions and and different management teams will
do different things and stuff will happen and if you uh if you want to have an opinion on silver
i think you should study silver for 10 000 hours and for someone to have an opinion
on ethereum they should study that for 10 000 hours and you can take their opinion if you like
my my opinion is clearly the least risky thing and uh and the purest thing that's come out of
the crypto ecosystem is bitcoin and uh and the reason i advocate is because it's property and
not a security and i just i'm not going to i'm not going to advise you to invest in a private company
i'm not going to advise you to invest any public company i'm not going to advise you to invest in
any of 20 000 other things i think that those are all individual decisions that people have to make
and i would willingly grant like maybe the best investment for you is to own a ranch in kansas
people do well or own a bunch of lumber right or own an oil well or own a natural gas facility
there's a lot of businesses that make sense for people and you know if if you have uh if
you have proprietary knowledge about it and you have strategic assets and interest in it
and it fits with your family you know your and your uh you know your citizenship and your
long-term intent right to live wherever you're going to live then i think you do that thing
but uh you know cryptocurrency is global right it's not just in the u.s so even if u.s cracked
down hard from a regulatory standpoint you know presumably like raul paul says maybe
they just go offshore so if you had to just i know you're not advocating for it but best
guess do you think crypto will continue to grow and gain usership in five to ten years
i think that uh that what's going to happen is
digital property in the form of bitcoin is going to grow i think digital currency in the form of
the dollar is going to is going to grow i can't be sure which network but i think that i think
that the overall digital currency network will grow i think that um other digital currencies
will grow as well but much less so i think that the dollar is the king winner and i think the euro
maybe number two and the cny and then all the rest will will be small and i think that ultimately the
the currency the digital currency will eat into fiat currencies uh the digital property bitcoin
will eat into properties it'll eat into gold it'll lead into real estate it'll demonetize other other
corporate bonds and stores of value instruments over time i think that there'll be a lot of
innovation in other areas but again like most of the proof-of-stake networks they're all companies
right and so they're private companies and if they can if they can come public maybe they'll be you
know the next google or the next something but the way i think about them is i think of them as
technology ventures a la instagram or snapchat or or something like that and you manage your
risk accordingly right i mean do you trust the people doing it do you understand the regulations
look i i they're most of them are non-compliant right now but uber and airbnb were non-compliant
too right like airbnb was like illegal in half the places they operate and uber is
so i it's what happens who knows what happens right people tend to get very sensitive when
money is at stake as opposed to other things but people are sensitive about a lot of stuff so
so if you want to invest in technology then uh you go and invest in technology but just keep your
eyes open about what the risks are and i generally think the most important thing though is that is
the regulatory risk is huge if you're going to move money around and the reason that bitcoin
works is because the use case is property it's i'm buying a block of money i'm holding it for a
decade and i'm not moving it around at the point that you want to move the money a million times
an hour and you want to move it to a thousand or 100 000 counterparties you start to cross uh into
other regulatory jurisdictions right now you're dealing with the treasury and the occ and you're
dealing with tax issues and and and the like so so if you're going to get into those use cases
the ulti the big question that everybody in crypto's got to ask themselves is why is it
that google hasn't already done this because google has more money than god why has why has
amazon not done this why has citadel not done this why you know why has apple not done this why why
has a centralized company running in silicon valley not done it they all have infinite money
they all have infinite programmers and if the answer is because they thought they get shut down
by the regulators then you have to figure out how you're going to deal with that
right and and if the answer is they could do it and the question is do you need a token or not
that the challenge with funding anything with a token is a token looks like equity if there's
a management team and it's giving the token to itself or it's selling the token to an investor
it's equity and equity is a security and securities could be sold pursuant
to full and fair disclosure and there's always a bunch of laws around them so
that's that's the thing you've got to ask yourself it you know it's if you're actually
ducking all those rules then you've got no competition and the reason you have no competition
is because it's illegal and unethical right so you got to make sure that you work out
the law and work out the ethics and if you're if you're an entrepreneur in the crypto world
and after that if you're an investor you just got to have a very str a very very thoughtful opinion
about about uh what is this thing i'm investing in and how is all this going to work itself out right
now it's just a very murky world charles hoskinson founder of cardano just spoke in front of congress
regarding fair cryptocurrency regulations now this question i would ask you it's not about
regulations it's not about investment but you're a tech expert so from a technology point of view
cardano versus the rest of the cryptocurrency market what are your thoughts i don't have any
opinion on cardano my opinion is bitcoin is a digital commodity but you know i i think that uh
all the proof of stake networks are securities and they're all very they're very risky so
you know that don't but but it's not it's above my pay grade the regulators will decide whether
or not they allow them to continue or whether or not they don't allow them to continue
technology won't save you though ultimately ultimately if you if you're selling a security
the general public without a disclosure statement the fact that it's technically advanced won't save
you from you know the securities liability so so i would say technology is not an issue i think
they're all going to compete with each other one shape or form but all of those things could be
done on a layer two you can build those things on lightning without a token or you can build
them in cash app without a token or you can build them into a into a simple exchange i mean coinbase
and binance are exchanges they can do high-speed trading citadel does high-speed trading you can
do all those without a token so when you start to get into this issue of what can i do with token
well that's interesting but the token is a liability if it's not a commodity and
so fundamentally this all comes down to an issue of can you establish your network as a commodity
network and to be a commodity network there has to be no issuer no ico no central organization
and if you study the history of cardano it's pretty obvious it's a security you know
it checks all the boxes so i don't know how you actually get around intellectually to
convincing yourself that it's anything other than a security and the question is really going to be
how will the securities regulators deal with crypto networks that are based on security tokens
i don't know it's not my business i'm not i'm not in the business i will leave it to other people