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Deep Dive with Andy Bromberg, CEO CoinList

CoinList posted 10 months ago

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Faizan
What are your thoughts on tokenized securities? New compliant ICO platforms like tZERO and Templum are arriving. How is CoinList evolving with this and going beyond the SAFT framework?
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Andy Bromberg
@KhanProtocol Tokenized securities are going to be a massive value-driver in the industry. Illiquid securities would benefit from the combination of digitization in general (fractional ownership, ease of transacting, auditability, etc.), plus the liquidity benefit of tokenization. CoinList is working on a lot in that space -- including working towards such an exchange.
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Faizan
Approximately how many deals per quarter is CoinList looking to facilitate?
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Andy Bromberg
@KhanProtocol As many high quality deals as we can find! There are not a lot of sales that meet our diligence bar. But we'd love to work with every single one that does.

We separately provide whitelabel compliance services for a much broader set of token sales, beyond those that meet our diligence bar to market to our investors.
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soona
Something you've recently changed your opinion on in the crypto space?
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Andy Bromberg
@soonaorlater The potential upside of existing, large companies launching tokens. I still think that most are likely low quality, but I'm increasingly a believer in the value of the social movement behind crypto -- and that social movement could have real long-term benefits for existing companies (beyond just the short-term hype).
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soona
Advice for people who have just set up their Coinbase account and don't know what their next step should be:
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Andy Bromberg
@soonaorlater Read the Bitcoin whitepaper! Shockingly readable even if you don't have a technical background (although chunks of it won't make sense). Then start reading about projects in spaces you already think are interesting. Do proper diligence before putting your money in anything!
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Erik Torenberg
What do you think of stable coins?
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Andy Bromberg
@eriktorenberg Important for the long term success of the industry. I think there's likely to be at least two winners -- at least one USD-backed stablecoin (or another asset-backed) and at least one algorithmic stablecoin. Hopefully those emerge sooner rather than later.
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Erik Torenberg
What do you think of privacy coins?
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Andy Bromberg
@eriktorenberg Am cautiously excited. Problems can always emerge but they feel like a natural progression in crypto.
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Token Daily
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Erik Torenberg
What is your take on decentralized exchanges
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Andy Bromberg
@eriktorenberg Very excited. Seem to be clearly the future, at least for crypto-to-crypto exchanges. Gotta work out a lot of UI/UX/product kinks along the way, but they feel inevitable.
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Erik Torenberg
What is the future of CL?
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Andy Bromberg
@eriktorenberg Grow our investor network + continue to be the best place for high quality token sales to happen. Then expanding into the world of tokenized securities as an exchange as more. And eventually: be the leader in financial services for all digital assets/companies/networks. Lots of work to do :)
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Erik Torenberg
If you weren't building CL, what would you be building in the space?

What other opportunities are you excited about?
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Erik Torenberg
How do you advise companies on whether or not to ICO?
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Andy Bromberg
@eriktorenberg I ask them over and over again: is there a reason for your token to exist? If yes, then you can get into the strategic and tactic questions of how it fits into your company roadmap. But that first question is key -- you really need to be leveraging the core benefits of a token for it to make sense at all. A shocking number of them don't.
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soona
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Ben Tossell
What do you believe in crypto that others disagree with you on?
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Andy Bromberg
@bentossell Alluded to this in another common, but: the value of the social movement behind crypto. For a long time, my inclination (and I think many others') was that the technology was all that mattered. But people getting excited about crypto will be a long-term driver of value and adoption, beyond just the hype.
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Faizan
Is CoinList looking to launch a Syndicate-style fund structure, similar to Angel List? I am seeing a lot of value in this, as competitive deal access becomes more and more important in this space (e.g. Private token sales) and as ICOs move away from the original models (pure utility, non-KYC, non-accredited, etc).

I think if CoinList could replicate that, there would be major demand for Angels to come on board and facilitate/host deals. Through my fund, I am currently facilitating my own accredited syndicate for regulated token sales but would love a platform to host it on for more reach and self-service.

I'd also be happy to chat with the CoinList team about it!
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Andy Bromberg
@KhanProtocol Definitely evaluating directions to go here! I think funds/syndicates will look very different in crypto-land than in traditional venture investing (much shorter liquidity timelines, etc.). But we're working on cracking the code and would love to help innovate on funding structures in crypto.
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Romane Geraci
How do you vet crypto companies? What are things non accredited investors should be looking for? Thank you!
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Andy Bromberg
@Romane-Geraci Great question. Our evaluation process involves couple committees that help us, plus a compliance diligence process. But at a high level, some of the things to look for (in no particular order):
- team quality
- team history of shipping product
- any technical work completed already
- technical roadmap
- sale structure
- accountability measures in place
- other backers involved who have good diligence processes
- adoption / growth plan
- token economic model
- etc.
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Erik Torenberg
Walk us through your story -- how you got into crypto and then became CEO of Coinlist
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Andy Bromberg
@eriktorenberg I got into crypto when Balaji Srinivasan (now CEO of Earn.com, formerly A16Z, formerly Stanford professor) told a few of us about it in 2012/2013. We then started the Stanford Bitcoin Group (7 of us students + Balaji + Vijay Pande) and did all sorts of cool work there. Then after a couple years largely out of crypto, CoinList was getting started as a collaboration between Protocol Labs and AngelList and I knew folks on both of those teams. It was too compelling of an opportunity to pass up -- especially considering the other members of the founding team. Been doing it since August!
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Erik Torenberg
I'll name a person and you tell me what you disagree with them on (whether a huge difference or slight nuance):

Vinny Lingham
Balaji Srinavasan
Vitalik Buterin
Roger Ver
Naval Ravikant

Obviously that's very high level but I'll just start there :-)
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Erik Torenberg
What kind of shifts do you forsee in 2018 in the crypto ecosystem?
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Andy Bromberg
@eriktorenberg Increased diligence by investors in token sales. We're going to see people get much more sophisticated and expect much more from investments they are making.

Plus, the rise of securities tokens/tokenized securities.
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Token Daily
@eriktorenberg @andy_bromberg can you explain the difference (if any) between securities tokens and tokenized securities?
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Erik Torenberg
@eriktorenberg @tokendaily *Token Daily speaks!*
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Erik Torenberg
What other altcoins (besides Zcash and Monero) are you bullish on?
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Erik Torenberg
What do you think is the biggest existential threat to Bitcoin? Curious of your views on either a technical level, or a non technical level.
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Erik Torenberg
What do most people not understand about the regulatory ecosystem?
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