Page 9 - May 2018 Disruption Report Flip Book

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In theory, ...you’ve actually got a blockchain that is a record of every [crypto] transaction and this makes it really quite hard to hide then your whole history is there. Even if today they don’t know what you’ve done or who you are, they have all the time they need to kind of try and invert this and figure it out. But I think you’re going to see an arms race between cryptographers who are selling anonymity in the form of block chains that have super encryption and the zero knowledge proofs and various other features. You’ll see consulting firms go into business to try to unravel these things and deliver up to the authorities who really is controlling these wallets and who’s really moving the money. ...You’ve already seen the opening of an arms race in this little corner where some groups think you can use this technology to hide. Other groups think it’s kind of a trap that the government can lure people under these platforms and then see exactly what they’re doing.
There is kind of a high road in a low road you see a lot of people doing voluntary compliance and just putting up their hands and saying we agree we’re securities. So it’s box to each along those lines. [In] initial coin offerings, there’s a flight to quality. There have been more than 2,000 ICOs since the beginning of last year. Half of those never got off the ground... There’s a lot of them go very quickly to zero, but some of them have been very successful and raised hundreds of millions of dollars. ... I think one thing that’s true about these coins the tokens they’re not going away. This is a real innovation that’s quite interesting and people are being able to raise large sums of money rather quickly. (The Crypto Economy, David Yermack, 05/17/18)
Robert Shiller, professor of economics at Yale University, wrote:
The cryptocurrency revolution, which started with Bitcoin in 2009, claims to be inventing new kinds of money. There are now nearly 2,000 cryptocurrencies, and millions of people worldwide are excited by them. What accounts for this enthusiasm, which so far remains undampened by warnings that the revolution is a sham?
... Now we have something new again: Bitcoin and other cryptocurrencies, which have spawned the initial coin offering (ICO). Issuers claim that ICOs are exempt from securities regulation, because they do not involve conventional money or confer ownership of profits. Investing in an ICO is thought of as an entirely new inspiration. ...The cryptocurrencies
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