Last week during LA Blockchain Week, the Crypto Invest Summit took place at the Los Angeles Convention Center. This event followed a successful Spring event where over 4500 individuals registered but organizers struggled to handle the sudden rush to attend the event. The Fall CIS was much better organized and able to handle the crowds as management adjusted expectations for the considerable interest in the emerging sector of digital assets and blockchain development.
Organizers Alon Goren and Josef Holm opened up CIS with the statement that while Bitcoin has dropped dramatically in the past months, and the over-all crypto market has perhaps entered a crypto winter, interest has risen dramatically as blockchain entrepreneurs, security token advocates, and crypto enthusiasts, bumped up attendance by over a thousand event registrants.
Los Angeles has become a hotbed of blockchain innovation in the past few years. It is interesting to hear that some entrepreneurs have skipped out of SF (and the super high cost of living), or moved from wintery NYC, to build and create Fintech startups in LA. The fall iteration of CIS saw an expansion of vertical tracks that focused on security token offerings (STOs), blockchain & healthcare (huge), and women in crypto. Added to these were the builder and the crypto trader track. Each segment was well attended.
One of the headliners this year was none other than Steve “the Woz” Wozniak – the iconic co-founder of Apple. He packed the room as he shared his thoughts on the creation of Apple and his expectations for blockchain innovation.
Below we share just a few of the comments CI heard from the sessions we were able to attend. Our only question is when will they bring CIS to NYC?
“The one thing that works for founders is someone that constantly iterates their product and someone who constantly iterates themself.”
“In ten years there will be more digital currency than Fiat … In a year, and we will be back here, and there will be three apps that use cryptocurrency and the blockchain, and you will not think about it.”
Adam Draper, Founder Boost VC
“Don’t believe that movie with Ashton Kutcher… I showed Steve Jobs…”
“Steve Jobs had no tech background so he had to think what he was good at … it was marketing.”
“Everywhere I go in world I run into huge crowds which are developing on blockchain … I love the purity of Bitcoin.”
Steve Wozniak, co-Founder of Apple
“The thing I like about crypto is that it is very open, you can talk to everybody. Silicon Valley is very cliquey…”
Randall Crowder, COO Phunware
“There are apps today that are built on EOS that you don’t have to buy tokens for. User friendly design is something a lot of people need to think about.”
Amy Wan, co-Founder SageWise
“In San Francisco, EOS is not even on the Map. They are convinced that crypto has failed. They absolutely do not have an idea what is happening…”
Fred Krueger, Founder EOS Lynx
“The supply of companies that want to tokenize is endless. The problem is the demand is not there to meet the supply.”
“… this is not about regulatory compliance. This is regulatory enforcement.” [referencing Regtech potential]
“We are now in crowdfunding 3.0”
Ami Ben David, Managing Partner SPiCE VC
“This is one of the most exciting times in the history of the world.”
“The two big ones, I think, are healthcare and government. These are the two industries that are providing the worst services at the highest cost.”
“You can replace the entire bureaucrat with artificial intelligence, smart contracts and blockchain…”
“Bitcoin will be at $250,000 by 2022”
Tim Draper, Managing Partner Draper Associates
“95% of the startups in the space will not be here in 5 to 10 years … we need a much bigger shakeout.”
“No one is making any money right now except the exchanges.”
Jeremy Gardner, Founder Ausum Ventures
“Shitty ICOs are a problem and we need them to die.”
“FCoin is wash trading with Bots.”
Miko Matsumura, Founder Evercoin
“I am a firm behavior there is a utility token out there … we just have not seen many yet … Its always going to be a facts and circumstances analysis”
Georgia Quinn, General Counsel CoinList
“The SEC is actually trying to be incredibly careful ….. If you are developing something truly unique, they have opened the door.”
Dina Ellis Rochkind, Of Counsel Paul Hastings
“Our Bitcoin Fund is up 9000%” [note: he agrees with Tim Draper that BTC is going to $250,000]