"today is Thursday which usually means that adora or myself sit up here with someone notable and have a hopefully interesting conversation the someone notable we have today is Andy Bromberg my friend a..."

"and hiring a team and managing a team and firing people and figuring out how to how did you do all those things while you were in high school I did yeah I got started was a lot of fun what what made y..."

"not a primary so did you so you really weren't thinking of this as like I'm an entrepreneur and I'm gonna be like my family's been entrepreneurs forever it was more an escape an alternate route from s..."

"truly would have been kind of delusions of grandeur at that point they were these were like little things they were fun and they made money and I you know covered my expenses and was able to do what I..."

"a class much like this one that said know if you're actually going to do this what you need to do there's a lot of time with guest lecturers coming to classes a lot of time with you know things like i..."

"company and left even that behind well so that different company was side wire which interestingly seems like it's more relevant today maybe more than Bitcoin because it was all about like real news r..."

"someone solve it so maybe for the benefit of these folks and never fear we will we will talk about crypto TED talk a little bit if you would about the process of starting the company you left school t..."

"build and so we said alright well we need to get some validation for this before we get going which was just the the state of mind that we were and I don't think this is always true for entrepreneurs ..."

"was just yeah sending out 44 Dawn's a lot of DocuSign son send out but imagine one one issue with like 40 or 50 or 60 investors is that even if you really try to only get high quality investors the pr..."

"seed round and then we launched the product and ran it for a couple years and ultimately wound it down last summer yeah 22:17 mid-2017 I think from a product perspective just just just before you get ..."

"and testing it but a thesis we felt really strongly about it wasn't so far as build and they will come but we thought this is a marketplace a two sided marketplace if we can get the supply if we can g..."

"try a couple other related but more more than ten or twenty four twenty degree tweaks but related topics you know a subscription service we tried for a little bit and pitched some enterprise related t..."

"last question on side where do you think if you could have persuaded President Trump to call you fake news you might have been able to survive you know it's that we've talked about that a lot um I I d..."

"habits are easiest started with something very small that might eventually expand to something big and think about how much time many people spend on Facebook but it often starts with something really..."

"how did that transpire yeah so even to take a step further back than that when I left school in 2014 I was crazy interested in crypto spending a ton of time on it with the the Stanford Bitcoin group m..."

"run we can talk more about what that number might be and how we should think about that but I feel comfortable going back to the space now and the story with coin list is that coin was started about a..."

"selling them yeah yeah everyone yes you know at its core yeah exactly at its core a token is a scarce digital asset we'll talk more about what each of these things mean a scarcity lasts that that repr..."

"literally no idea if anyone has anyone right and so that is kind of the ultimate ideal how to think about it that that's possible you can launch this token network and have it go out into the world an..."

"list was working on was was not like you could say bitcoin is a value you know itself it's like a new currency but the token for protocol Labs was inextricably linked to a different value that was bei..."

"question about how to value a website and actually is the way people have always valued things which is well I would say huh let tell me about the cash flows that that website will generate over time ..."

"looks something like Amazon s3 if Jeff has files that he wants to store and I'm say I'm gonna start a business that helps him store these files I'm probably gonna buy a bunch of servers and Jeff's gon..."

"problems we talked about it does first of all make it a little bit cheaper most likely because this is kind of late and storage space is cheaper than buying new servers but still there's a middleman r..."

"interesting step number one you're on to the second problem which is who's the judge of that if we're not trusting a central intermediary how do we know if you are not storing the files well or corrup..."

"right thing disincentivize we're doing the wrong thing and there is no trusted intermediary and you avoid all those problems I sided with the S three example at the beginning and that that really gets..."

"think that's one of the best articulations I've heard I've heard of what the blockchain based tokens are about incentive alignment but they're about one more thing isn't it true that they're also abou..."

"this trustless system can exist just between the counterparties that need to be involved in a transaction kind of the ultimate ultimately Democratic version of networking right markets for everything ..."

"that's not a it's not a bandwidth issue that's not you know it's not being able to service that that's us sitting there and saying yeah these 2495 tokens not a good fit for us and that that's kind of ..."

"for the ICO industry one thing it shows is demand because these are proxies for investing in startups but it also I guess shows a propensity for people to believe things that maybe they shouldn't be b..."

"money that has gone into icos is going into I SEOs that are not going to be successful so just for for the edification of everyone here could you just step back and say what is what's an ICO so what a..."

"exactly right and so while chrome is the first token sale that we supported a coin list they raised a staggering two hundred and five million dollars in their initial coin offering and we've worked a ..."

"little bit of money to get started they can send some money you send it to a friend pay for something and then they're gonna get really addicted and start to put more money in and that's what an airdr..."

"than to try and fit into a category that could have a ton of tokens coming out of it I want to say some time for questions but but just before we move on you've talked in the past about pros and cons ..."

"from the investor perspective the exact flipside of that which is on one hand you're not obligated to the company at all you can do whatever you want you just own tokens on a network they've released ..."

"there's still going to be these key differences of what it is that you're buying and what that means for the relationships between the people involved awesome so in the time remaining if there's any q..."

"to find out the characteristics that I think are really important for investors is one alignment with whatever your goals are as an entrepreneur not everyone's goals in this room are going to be exact..."

"time when it's supposed to be really positive you're talking about joining forces a one plus one equals three situation if you're walking away and saying this does not feel totally right that's a real..."

"about this all the time but the idea of value add I don't think every investor has to be some sort of crazy perfect they're gonna make some amazing difference in your business but if they're aligned a..."

"do something amazing and I would I would love to work with you as one of my investors um is it cool can I talk to some people that you've invested in before I just want to go since you're working styl..."

"answer so please please please pay attention pay Andy's wisdom there yes okay so the question is given the"

"okay so the question is given the nuclear winter of in crypto land is coinless looking to pivot to stos or are you going to stick firmly with icos yes so to unpack that a little bit sto is a security ..."

"looking to support those where traditionally we supported i COS of these tokens that are more kind of token networks that only exist in the network itself and not in the actual I guess you could do an..."

"can do anything with it aside from me who has that access and so when we talk about transmitting value as opposed to transmitting information it's about direct interactions between nodes I can pay Jef..."

"of a comment on the rigidity of networks once you put them out there it's hard to then go and change them and upgrade them and make them backward compatible to other things do you agree with that yes ..."

"change I can't just like make a new Facebook that goes back to the old change that doesn't work I don't have access to all of Facebook's infrastructure and code in the crypto world if you know say Pro..."

"who's a node a person who's part of the network to propose a change that then gets incorporated into the network yeah absolutely so any one node or otherwise can try to fork a network and create a new..."

"totally up to that person to do so let me argue that for a sec please isn't it true that to really let these these these decisions become somewhat democratic and so the network decides but isn't it al..."

"is complicated okay a couple more questions right there yeah so what what develops would I expect to see in the ico industry before they become a viable path for more startups it really depends on and..."

"coming months or years great one more question right here yeah do I think the futures gonna be a handful of block chains are hundreds of block chains and you know I think it'll be a relatively small n..."