Blockchain Asset Valuation. Tallin

1. Blockchain Asset Valuation Dima Starodubcev @21xhipster Bitcoin Conference Tallinn 9 March 2017 cyber • Fund Open Source Blockchain Investment Service Satoshi • Fund Blockchain Asset Management Satoshi • Pie Blockchain Traded Fund
2. 10x in 14 months 70x in 30 months 200x in 70 months 25x in 20 months 15x in 34 months Satoshi • Fund Since 2011 Blockchain Asset Management We Proud of our Decisions Proof cyber • Fund
3. Current Results 110 Assets Listed 1400 Individual Investors $5 Millions Public Assets Under Management Cyber • Fund Since 2014 Open Source Blockchain Investment Service cyber • Fund
4. 220% in $ and 15% in BTC Profitability since Inception 7% in Possession of Portfolio Managers $1.7M Assets Under Management First Satoshi•Fund product Satoshi • Pie Since 9 of May 2016 First Blockchain Traded Fund cyber • Fund
5. Blockchain Assets vs Traditional Assets Blockchain Assets Traditional Assets Availability Global Transferable Public - Locked in Markets Private - Closed Groups Full control Yes No Taxation Optional Mandatory Limits No Yes Transparency Cheap Expensive Privacy Cheap Impossible Liquidity Nearly Instant Delayed for Years Programmability Yes No Examples Bitcoin - bitcoins Ethereum - ethers Factom - factoids Coinbase - US equity 21 Inc. - US equity Factom Inc. - GB equity cyber • Fund
6. Forget About Bitcoin Maximalism cyber • Fund Total share of Bitcoin in cybereconomy 84%
7. What if Uber is designed like Bitcoin? 2009 Legal Entity Available for SV guys 2010 Blockchain Entity Available for Everybody 2016? Blockchain Entity Available for Everybody ~300% CAGR ~400% CAGR >400% CAGR Why Blockchain Investments are Superior? Blockchain secret sauce? Tax Free Low-cost General Purpose Tech Economic Incentives No ability to enforce without owner permission. Supranational, borderless and permissionless. No need for buildings and people to operate. Once programmed it just works as defined. 1 specialized blockchain can disrupt dozens of industries and thousands of companies. In the core of success are properly designed economic incentives that command&control network behaviour
8. Blockchains as the Biggest Opportunity since the Internet The new Internet of Things, Values, Chains and everything No theory. Proof of Concepts are in Production clickable Smart Contracts Autonomous Devices Programmatic Corporations Finance, Law & Middlemen disruption enabled Control Layer for Internet of Things Disruption of White Collars enabled cyber • Fund
9. cyber • Rating Evaluation Space Digital Assets Economy proofs are in a blockchain Paper Assets Economy proofs are on a paper Evaluation Purpose Growth & Risks Creditworthiness Truthfulness Algorithmic Opinionated Evaluation Process Community Driven Closed Expert Circle Decision Making Decentralized Centralized Rating Acquisition Nearly Free F@#%ing Expensive Score Freshness Near Real Time Months of Delay Base on Open Source Decentralized Reporting Spec IFRS GAAP How to Evaluate Assets of the Next Internet? White paper draft & Proof-of-Concept implementation
10. Blockchain is a database of equal nodes which syncs accounting state of transactions moving property rights aka tokens
11. Blockchains 30 Tokens 46 7 tokens 6 tokens ERC20 ALL non-core tokens are speculative Except SBD, BitUSD (collateralized)
12. Stage Idea Research Implementation Liquidity Usage Primary Criteria Team Subjective White Paper Not brown Code on Github Security Audit Trade Volumes >1% Daily Turnover Transactions !!! Risks ✪ ✪ ✪ ✪ ✪ ✪ ✪ ✪ ✪ ✪ ✪ ✪ ✪ ✪ ✪ Reasonable Cap < 1000 bitcoins 500-5000 bitcoins 1000-20000 bitcoins 5000-50000 bitcoins 10000+ bitcoins Asset Lifecycle (Think about ICOs) cyber • Fund Do Your VERY OWN Due Dilligence
13. Lifetime Blockchain Crowdsales cyber • Fund Raised Diluted Dead Results $ 70 mln* ~ 20% Mining + Dev $ 1 mln 5 projects + $ 1.5 bln + 3.3 mln bitcoins 35 projects on paper 30 projects live 25 000 people participated * - Except TheDAO High Return Follows High Risk
14. White Papers https://steemit.com/blockchain/@hipster/library-of-blockchain-scientific-papers White Paper Should Not Be Brown
15. Cap Calculaltion Cap = Current Supply (Curculating) * VWAP Coinmarketcap Cyber • Fund Ripple $ 245 M $ 645 M Stellar $13 M $ 182 M Byteball $ 7.8 M $ 61 M Storj $ 7.5 M $ 74 Blockchain Data is the King Undervaluation is Worser Than Overvaluation
16. Sometimes Markets are Crazy Stupid
17. Transactions ~300k / day 120 k / day ~200 satoshi per byte ~600k / day ~0.00006 XRP per tx Ethereum Golos Bitshares Dogecoin Monero Dash Litecoin 50k / day 30k / day 25k / day 10k / day 3k / day 3k / day 3k / day ~20 STEEM for Account Transaction Are the Only that Matter
18. CMGR в $ 12.7% 15.9% CMGR is the Destination
19. Hiring Engineers! https://cyber.fund https://satoshi.fund Bitcoin Conference Tallinn 9 March 2017 cyber • Fund Decentralized Investment Service Satoshi • Fund Blockchain Asset Management Satoshi • Pie Blockchain Traded Fund