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a16z Podcast | Building Companies in Crypto, from People to Code
17 segments available
with Tina Bhatnagar (@tinab), Preethi Kasireddy (@iam_preethi), Lily Liu (@calilyliu), and Kim Milosevich (@kimbatronic) Whether it’s sharing the decision-making behind joining a crypto company to the perspectives of a passionate early adopter (or relative latecomer), this episode of the a16z Podcast -- based on a panel from the “Intro to Crypto” event that Andreessen Horowitz and #Angels put on in April 2018 -- covers what it takes to build companies in crypto, from people to code. You can find other sessions from the event, covering the building blocks of crypto to decentralization to the regulatory landscape, here. Why crypto? What was the biggest surprise in the space? Do the same skills from other domains apply? This discussion, moderated by Kim Milosevich, explores these questions with Coinbase VP of Operations Tina Bhatnagar; CEO and founder of TruStory Preethi Kasireddy; and Lily Liu, co-founder at Earn.com. photo credit: Erin Brethauer
Segments Timeline
Introduction to Crypto Panel
In this segment, Kim Milosevich introduces the panelists for the a16z Podcast episode focused on building companies in the crypto space. The guests include Tina Bhatnagar, Preethi Kasireddy, and Lily Liu, each bringing unique experiences from their respective roles in the crypto industry. The discussion is based on a panel recorded at the 'Intro to Crypto' event, highlighting the diverse backgrounds and insights of the speakers.
"hi everyone welcome to day 6 and Z podcast today's episode focuses on what it takes from people to code to build or work in crypto companies its moderated by a 16 Z comms partner Kim milosevic and fea..."
Misconceptions About Decentralization
Preethi Kasireddy addresses common misconceptions in the crypto space, particularly the idea that decentralization is always beneficial. She argues that while decentralization is important, certain aspects, like governance, may require some centralization. This segment emphasizes the need for a balanced approach to decentralization and the importance of understanding its implications in the crypto industry.
"recorded at our inaugural intro to crypto event co-hosted with hashtag Angels in April 2018 you can also find other sessions from this event as podcasts as well as on our YouTube channel as videos cov..."
The Ideological Divide in Crypto
The panel discusses the ideological underpinnings of the crypto community and how they can both motivate and alienate individuals. Preethi shares her experiences with the passionate nature of crypto enthusiasts and the importance of being an independent thinker in this space. This segment highlights the challenges and rewards of navigating the diverse beliefs within the crypto community.
"centralization I think one of the misconceptions there have been a couple of articles recently is that somehow it's an unfriendly play for a woman that's never been my personal experience in fact I've..."
Reframing the Crypto Narrative
The conversation shifts to the need for reframing the narrative around crypto from being anti-establishment to empowering consumers. The panelists discuss how this shift can resonate with a broader audience, especially in light of growing concerns about data privacy and control. This segment emphasizes the importance of inclusivity in the crypto message to attract a wider community.
"you think it figures into people getting into it I think it's a big thing I are very ideological in this space and sometimes they will hate you if you don't follow their ideology and that's okay becau..."
The Evolution of Crypto Communities
The panelists reflect on the evolution of crypto communities and the increasing availability of resources for newcomers. They discuss how events like the 'Intro to Crypto' help demystify the technology and foster understanding. This segment highlights the growing interest in crypto and the importance of education in driving innovation and participation in the space.
"into the space and to keep it going from 2008 until when there's sort of first wave of adoption in you know maybe 2013 2014 and again 2017 and so you know there's two sides of the same coin but I thin..."
Understanding the Movement Behind Crypto
In this segment, the discussion focuses on the importance of understanding the ideological foundations of crypto as a movement rather than just a technology. The panelists emphasize that having a clear thesis for the principles guiding crypto is crucial for defining its future. This segment underscores the significance of recognizing crypto's broader implications beyond mere investment opportunities.
"think that there's a general there's more education and people are like hungry to understand it and so a lot of like the volume that we get our calls or people just trying to understand the space so t..."
The Shift in Company Formation in Crypto
This segment explores how the advent of ICOs and token launches has transformed traditional company formation and funding models. The speakers compare the decentralized nature of projects like Ethereum to traditional tech companies, emphasizing the role of community in value creation and the unique challenges of engaging with a non-traditional workforce.
"pretty important so coinbase and urn are both traditionally venture funded companies in the way that were you know familiar we're seeing tech companies kind of grow up in the valley early you know VC ..."
Building a Culture for Crypto Companies
The conversation delves into the cultural aspects necessary for success in crypto companies. The speakers discuss the need for a culture that embraces rapid change and risk-taking, contrasting it with more traditional, structured environments. They highlight the importance of adaptability in a constantly evolving market and the challenges posed by regulatory uncertainties.
"people of whom are not fully employed right most people with whom you you know don't give them w-2s you need to motivate them through other means oftentimes very indirect means and so that's one anoth..."
Speculation vs. Real Use Cases in Crypto
In this segment, the speakers address the speculative nature of cryptocurrency as its initial use case. They discuss the energy and attention generated by price fluctuations while emphasizing the need for building practical use cases that integrate cryptocurrency into daily life. The focus is on moving beyond speculation to create inherent value.
"risk-taking versus risk-averse so I know you know a lot of the headlines are really focused on price right and that's a lot of the conversation and I would love to just kind of hear your thoughts on l..."
Navigating the Regulatory Landscape
The discussion turns to the regulatory environment surrounding cryptocurrency. The speakers share insights on how regulation impacts their companies and the importance of being proactive in compliance. They highlight the evolving nature of regulation and the need for a global approach, while also acknowledging the challenges and uncertainties that lie ahead.
"time one thing you're gonna hear a little bit more about in depth later is the regulatory environment I would love to hear you know and Tina maybe you can start off like how much does that play into h..."
The Dual Approach to Regulation: Stay or Go?
The speakers reflect on the challenges of starting a crypto company in the U.S. and the temptation to operate abroad to avoid regulatory hurdles. They discuss the implications of such decisions and the desire of U.S. regulators to keep innovation within the country. The conversation highlights the tension between regulatory compliance and entrepreneurial freedom in the crypto space.
"it's um it's not a bad deal yeah I mean the regulatory thing is it's like an unknown unknown I can't say I or anyone knows the answers for me personally I like for example my project does have a token..."
Advice for Newcomers to Crypto
The panelists offer guidance for individuals looking to enter the cryptocurrency space. They stress the importance of education, research, and understanding the community. The discussion highlights the wealth of resources available, including podcasts and mentorship, and encourages newcomers to engage with the crypto community to gain insights and knowledge.
"something the US regulators really don't want to see happen I think they're making that clear that they want to see the innovation stay here so lastly and then I want to open it up to some questions f..."
Identifying Scams in Crypto
The speakers share practical tips for recognizing scams in the cryptocurrency market. They emphasize the importance of due diligence, such as researching projects, reading white papers, and consulting with knowledgeable individuals. The conversation underscores the need for caution and informed decision-making in a space often associated with fraudulent activities.
"yeah so you're looking at the backgrounds of some of the attendees it seems like everyone here has a pretty pretty great career in technology and various functions and I think there's really great nee..."
Corporate Responsibility in Crypto
The panel discusses the ethical responsibilities of companies operating in the cryptocurrency space. They highlight the importance of education and creating a safe environment for users. The conversation reflects on the role of companies like Coinbase in guiding newcomers and ensuring that their first experiences with cryptocurrency are positive and informative.
"research great um with that I'm gonna open it up to any questions from the audience hi everyone my name is Bianca first thank you all y'all you could be doing a lot of different things this morning so..."
Real-World Use Cases for Cryptocurrency
This segment explores the practical applications of cryptocurrency beyond speculation. The panelists discuss innovative ways to integrate crypto into everyday life, such as trading labor for cryptocurrency and the potential for cryptocurrencies to enhance existing business models like affiliate networks and loyalty programs.
"experience for people you talked about the first lily you talked about the first use case being speculation and we've obviously seen massive valuations and all of these things around these coins and y..."
Navigating GDPR in Decentralized Networks
The discussion turns to the challenges of complying with GDPR regulations in decentralized networks. The panelists share insights on how companies like Coinbase manage data privacy and deletion requirements while maintaining their responsibilities as financial institutions, highlighting the importance of adapting existing practices to meet regulatory standards.
"we've already at least heard is that what was I think Starbucks talked about maybe integrating ball chain to the loyalty program Rakatan which is you know nine ten billion dollar business owns Ebates ..."
Finding Reliable Regulatory Resources
In this segment, the panel addresses the need for centralized resources to track regulatory developments in the crypto space. They discuss the current landscape of dispersed information and recommend engaging with communities and experts to stay informed about regulatory changes affecting the industry.
"first of all thank you for sharing your insights and advice to the community this is terrific following on the question and regulatory is you can you guys recommend a public or good public slack chann..."