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Author Topic: 2013-10-29 Coindesk: Advance to 'third wave' of startups and accept regulation  (Read 816 times)
Kikkerdril
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October 29, 2013, 12:42:05 PM
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The bitcoin industry still has some way to evolve and some “adult supervision” in the form of regulation is necessary to bring digital currencies to the mainstream – they were the main points of agreement between a panel featuring CoinDesk’s own founder Shakil Khan, at TechCrunch’s Disrupt Europe 2013 Conference in Berlin from October 26-29.

...

Joining Khan on the panel were investor Michael Jackson of Mangrove Capital and Nejc Kodrič, co-founder and CEO of popular bitcoin exchange Bitstamp.

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Bitcoin companies were all part of a three-wave or generation process. The first wave of bitcoin-related businesses has already been shut down, and some operators may even go to jail. The second generation is the current one, with Mt. Gox and upstarts arriving to challenge its dominance.

The third generation would arrive soon, said Khan, predicting Q1 next year or or even in the next couple of months. This wave would see the entry of serious and seasoned startup professionals, who have already experienced big companies and big exits.

“I’m looking more forward to the next wave of companies. There are teams of entrepreneurs with tier A VCs, with lawyers, with regulators, sitting in rooms around the world, thinking how do we launch the next generation of digital currency companies. I think that’s where the opportunity is. We’re still very, very early in this journey.”

http://www.coindesk.com/bitcoin-third-wave-startups-regulation/
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October 29, 2013, 06:08:04 PM
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I think Shakil Khan had a kinda like low blow comment to the community when he said that he doesn't invest in companies that doesn't know PN&L and investor terms. That is so far from the truth, I met many business people here in the bitcoin community and that could run companies. I doubt he knew that stuff when he was founding his first company. Give us a break he even mentions how we need supervision from the another entity to protect us. That is probably the real reason he probably rather have some big names just come in and build around the community making for easy investments.

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October 29, 2013, 06:12:09 PM
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https://www.youtube.com/watch?v=v2SJ6uoncBc

prophetx
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October 29, 2013, 07:07:11 PM
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I think Shakil Khan had a kinda like low blow comment to the community when he said that he doesn't invest in companies that doesn't know PN&L and investor terms. That is so far from the truth, I met many business people here in the bitcoin community and that could run companies. I doubt he knew that stuff when he was founding his first company. Give us a break he even mentions how we need supervision from the another entity to protect us. That is probably the real reason he probably rather have some big names just come in and build around the community making for easy investments.

who cares about P&L when the space is growing 100x or more each year, in fact you barely need investors.  just need hard work and some capital.

the VC's in the US are likely freaking out because what's happened is that the pool of innovative developers and technologists they squeeze terms from have figured out a way to get around them.  i've been around sand hill road enough times to know what's up.  I would never take money from a VC ever again.

why give up 50%+ of your company to some venture capitalists when there is an easier way to fundraise without dealing with them.

all the regulations now are designed to favor them but seeing the investments that have happened on this forum they are worried that their time is up...  

just watch what will happen... prediction:

long term: VC funded companies that hire loads of lawyers and accountants will not grow as quickly as virtual corporations comprised of individuals (that is what bitcoin is by the way), all the VC companies can do is suck from the teats of bitcoin and feed their VC overlords slightly above average returns.  

VCs who can't adjust to the new paradigm will turn to dust.

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gweedo
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October 29, 2013, 07:13:41 PM
 #5

I think Shakil Khan had a kinda like low blow comment to the community when he said that he doesn't invest in companies that doesn't know PN&L and investor terms. That is so far from the truth, I met many business people here in the bitcoin community and that could run companies. I doubt he knew that stuff when he was founding his first company. Give us a break he even mentions how we need supervision from the another entity to protect us. That is probably the real reason he probably rather have some big names just come in and build around the community making for easy investments.

who cares about P&L when the space is growing 100x or more each year, in fact you barely need investors.  just need hard work and some capital.

the VC's in the US are likely freaking out because what's happened is that the pool of innovative developers and technologists they squeeze terms from have figured out a way to get around them.  i've been around sand hill road enough times to know what's up.

why give up 50%+ of your company to some venture capitalists when there is an easier way to fundraise without dealing with them.

all the regulations now are designed to favor them but seeing the investments that have happened on this forum they are worried that their time is up... 

just watch what will happen... prediction:

long term: VC funded companies that hire loads of lawyers and accountants will not grow as quickly as virtual corporations comprised of individuals (that is what bitcoin is by the way), all the VC companies can do is suck from the teats of bitcoin and feed their VC overlords slightly above average returns. 

VCs who can't adjust to the new paradigm, will turn to dust.

This why we stick with our own. We help each other out, most VC wish they could have a company that not only profitable but their holdings are making profits as well. The companies are double profit.

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ko2a
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January 26, 2014, 08:27:45 AM
 #6

I think Shakil Khan had a kinda like low blow comment to the community when he said that he doesn't invest in companies that doesn't know PN&L and investor terms. That is so far from the truth, I met many business people here in the bitcoin community and that could run companies. I doubt he knew that stuff when he was founding his first company. Give us a break he even mentions how we need supervision from the another entity to protect us. That is probably the real reason he probably rather have some big names just come in and build around the community making for easy investments.

who cares about P&L when the space is growing 100x or more each year, in fact you barely need investors.  just need hard work and some capital.

the VC's in the US are likely freaking out because what's happened is that the pool of innovative developers and technologists they squeeze terms from have figured out a way to get around them.  i've been around sand hill road enough times to know what's up.  I would never take money from a VC ever again.

why give up 50%+ of your company to some venture capitalists when there is an easier way to fundraise without dealing with them.

all the regulations now are designed to favor them but seeing the investments that have happened on this forum they are worried that their time is up...  

just watch what will happen... prediction:

long term: VC funded companies that hire loads of lawyers and accountants will not grow as quickly as virtual corporations comprised of individuals (that is what bitcoin is by the way), all the VC companies can do is suck from the teats of bitcoin and feed their VC overlords slightly above average returns.  

VCs who can't adjust to the new paradigm will turn to dust.

From what i understand VC want 90% control over the decision making as well in some cases along with the majority of the profits.. honestly that doesn't sound very enticing unless you have no other options.
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