Jimmy Song is a Bitcoin educator, developer, and entrepreneur. In this interview, the venture partner at Blockchain Capital explains why the power of Bitcoin lies in the change it brings. From removing the power to print money from governments to promoting entrepreneurship and minimizing rent seeking behavior in the economy, Song explains why the future for Bitcoin adoption is bright. He illuminates why he is a Bitcoin evangelist, outlines when Bitcoin could become a true medium of exchange, and reveals why he is an Initial Coin Offering skeptic. Filmed on December 13, 2018 in Austin, Texas.
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The Anti-ICO Bitcoin Cowboy (w/ Jimmy Song)
For the full transcript visit: https://rvtv.io/2ZQxkg2
What do you believe the future of ICOs will be?
Will ICOs stick around? I believe that there will be ICOs from time to time. Although the degree and scope
of these ICOs will certainly diminish as more and more of these ICOs failed to deliver on their promises.
That said, ICOs are really centrally controlled. The issuer gets to decide what to do. They have no investment
protections, whatsoever. Most of them say these are not meant to be money as to avoid regulation. People
still buy them with the expectations that they might go up in price. Unfortunately, the real world does not
work that way. And economics of token generally are not in favor of those that are holding it.
So, yeah, that’s my personal view on ICOs on why they don’t really succeed, because even if they had
utility, there’s no real reason why they should go up in value per se. Most of these projects claim that they
will be decentralized, but they already are centralized by the very fact that they are issuing the token.
There’s a central entity that controls the development, that controls the token distribution, that does the token
generation event. You can’t be centralized and decentralized at the same time. If you’re both, you’re really
just centralized. So, in a way, a lot of these ICOs are ways to get around regulations, while getting the
benefits of a public sale. This is why the SEC exists to a large degree is to protect consumers from this
How do you see the ICO shakeout unwinding?
ICOs have been around since 2013. I think the very first one was something called Master Coin. There were
ICOs or the equivalents, I think they called them token sales back then, back in 2014. None of them have
really delivered anything. And I expect most of the projects, if they deliver anything at all, will be completely
useless. Maybe some of them will have a slight use case. But the vast majority or actually, I think I am going
out on a limb here, all of them will not deliver the value that the investors put in is my guess.
Now in 2018, what we saw was that a lot of ICOs dropped 90% or more, some of them like 98%, 99%. I
imagine more of that will be happening in the next year as well. But because a lot of these ICOs are
centralized, what you will end up having are a lot more lawsuits, a lot more litigation, a lot more of the
things that everyone was here in crypto to get away from, that’s I think the reality of the next year. Will
there still be ICOs? Probably. And there will always be room for that thing because it’s the cat’s out of the