Brock Pierce is a US entrepreneur, investor and public speaker, co-founder of Blockchain Capital, chairman of the Bitcoin Foundation.
Brock Pierce talks to the world about the issues of blockchain future development, Bitcoin and the way to deal with the ICOs.
BP: I've been in the digital currency space since the late 90's with video games like World of Warcraft and Second Life. I was the primary market maker with 400,000 people in China, which naturally led me to Bitcoin and Blockchain. I have been working full time in the space since 2012 and affiliated with a lot of projects.
Bitcoin price performance
The Bitcoin in Korea and South Korea, especially in the hard fork. I mean, it's very impressive how much we've been able to grow, which also means we could see a price increase. If you want to follow Bitcoin, I recommend Spencer Bogart's research for Blockchain Capital.
CT: What Is the Best Price for Bitcoin to Strike Between Growth and Stability?
] BP: Well, the Bitcoin is not really connected to the technology. The Bitcoin is the primary barometer of sentiment, which actually has nothing to do with the fundamental performance of the technology. The technology itself has already been improved – it's going to continue to do so. But the prices are really high, it's driven by the market, it's very difficult to predict that. I am not a trader, but I keep both Bitcoin and Bitcoin Cash. If you have forked coins, I recommend not selling them because it's a bitcoin.
how those markets are going to develop the safest thing to do is hold. Gold if you lose confidence – sell, whatever you want to do. The best thing is not to listen to anybody else's advice. I do not know what to do with their money or what to invest in.
CT: How Do You Approach ICO token phenomenon?
BP: I have been around since day one. I was one of the founding board members of Mastercoin. We were the first ICO in June of 2013; it was J. R. Willett's idea. You know sometimes ICO has been overly credited with inventing the ICO. I was not the inventor; I was just one of the founding board members of the first ICO, which is still pretty close. But obviously, I have been in the ICO market and probably the largest investor in the first year, certainly one of them. Leading to what I did with B Cape or Blockchain Capital third fund where it was the first ICO of a security, which is where I think the market is going.
now security tokens will outnumber utility tokens. Because they can actually have ownership, when they can actually have royalties, when they can have dividends, when you can have smart contracts that would allow for
I think the market is a little out of control right now. I think that it is funded that should not be funded. I think that they are getting more capital than they should be receiving. But that is the market. When the ducks are quacking, you feed the ducks.
So I'm not blaming anyone for those market conditions but we want this market to continue to evolve. There is this Japanese term called Kaizen, which is to continually improve. Every time you look at a deal you know how to do it.
My opinion on the current ICO market is we should be looking for a $ 50 mln in contributions, which is probably more than that project needs in the immediate term, that there is some milestone. This is how venture capital historically has worked. It's milestone based financing, but where they say 'with this first $ 5 mln, we are going to accomplish – blank' and have some sort of KPI associated with it. And if the team is back to the original contributors. Essentially it's in escrow. It's these types of improvements in the market that I think can allow the market to continue to grow. If we continue to improve the market, the market will continue to perform well.
Some advice for the ICO projects
For anyone in the space whether you are focused on doing an ICO or anything else , I have a very strong principle that I communicate to everyone. I am here to help everyone I possibly can. I really only have one rule and that is absolutely complete. Never ever compromised your integrity. In this space you can make a mistake. You may have projects that do not work out as long as you will always be able to do so, as long as you always try to do the best you can do and you are always looking for you with continued opportunity. This is a market that is filled with infinite opportunities at this point. There is going to be so much abundance here that you should never ever compromise your integrity. This is one of the most important things in the world, but it is a long time ago.
Blockchain implementation in government services
Blockchain technology is being played within every sector. The Blockchain is going to have a larger impact on the world than the Internet has. I could argue that it is a secure Internet. It's the real Internet 2.0 or call it 3.0-Web 3.0.
Governments are no different. This is a technology that's going to be pervasive in a way that it touches every industry. Governments are recognizing that there is great benefit for them. As well as banks, I mean it's worth talking about the JP. JP Morgan and Jamie Dimon type quotes. (19459003)
Jamie Dimon is doing his job, his job as the incumbent is to protect the status quo. The fact that he is making statements about Bitcoin. He is validating the things we are doing. Jamie!
Governments are doing the same thing like Bitcoin. The Philippines has talked about this for a while. They could have financial inclusion, ubiquitous financial inclusion across the nation. In the way that the industrial revolution has developed, I think that this technology has the potential to allow the developing world to grow.
Because they do not have the same incumbent infrastructure that
I get in the way of these times because of this space is too hot . Brock, Brock Why should I want to Bitcoin? Always argumentative because they read some fake news or something, some sense of headline like 'Brock why should I want it?' My answer is always 'You should not' And then they are all confused like 'What do you mean I should not?' Well, it's not for you. And then this really gets them upset, 'What do you mean for me ?!' I go, 'Do you have a bank account? And they are like, 'Yeah!' I'm guessing you got a piece of plastic in your pocket. And they're like, 'Yeah.' And I got it, 'You've got the rule of law that's going to be in most cases often. You've got a good faith in the system I guess you've got a lot more. This is not going to change your life unless you want to speculate and judge by the things you're going to say that you're not going to be the speculator unless it's that no matter what your beliefs are. '
South of the border
But the real benefit is in the South, or it's in Africa, it's in Southeast Asia. Much like Africa leapfrog wired telecommunications and went straight to wireless. (19459003)
The majority of the world is in the United States, and the primary currency is the largest foreign exchange market in the world. of Kenya is now no longer the government-issued one, the Kenya Shilling, it's a prepaid minute cellphone known as M-Pesa.
CT: For how much will you sell your bitcoin five years?
BP: Well the concept of selling cryptocurrency is something I am often asked by people with old world mentalities.
I do not have any intention of selling my bitcoin or my cryptos. I 've been approached by some traditional wealth management' How are you diversifying? How are you getting out of this? What are you doing? What are you doing? I am doing everything as aggressively as I can. He goes well what's the strategy? I go: I'm trying to get rid of my dollars as quickly as I can for more cryptocurrencies. He was like, 'What?' Trying to understand why that would be the approach.
The reality is that it was designed to go down in value over time.
So really the main asset classes that I find interesting today are Blockchain related things and real estate if I am looking for something more conservative, because it weathers well against currency depreciation in price, and it's the other thing I like right now. I do not intend to sell. If I sell my Bitcoin, it will be for other cryptocurrencies. Thank you.