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Crypto Valley Summit Keynote17 Sept 2014Douglas, IoM
Steve [email protected] +1-310-980-9677www.gocoin.com
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CVS Committee Shout Out
Big “THANK YOU”
• Peter Greenhill, Dept of Economic Development
• John Spellman, Dept of Economic Development
• Eric Benz, GoCoin • Steve Brennan, Gaming Supervision
Commission• Boston Team• KPMG• Appleby, Andrew & Simon HardingAnd ……especially big thanks to …• Paul Davis, Counting House
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Isle of Man and GoCoin
Why would Entrepreneur Magazine’s “Hottest Silicon Beach, CA Startup”
come to the Isle of Man?
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Island Weather?
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Santa Monica, CA
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The TT Race?
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Long Beach Grand Prix
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The Benefits are Compelling Competitive Advantage
Regulated iGaming
Federal Gov’t Clarity
State by State Clarity
Bitcoin Banking
Open Gov’t Access
Talented Business People
Favorable Tax Rates
TT Race or F1
Isle of Man Government MUST remain opened, innovative and nimble to maintain this “pole position”
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VC Investment in Bitcoin ~$300M with $200M in 2014
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Operator Benefits are Compelling Competitive
Advantage
Low Transaction Fees
No Per Transaction Fee
No Chargebacks
No Fraud
No International Fees
No MCC Restrictions
No PCI Compliance
No Regional Restrictions
The savings opportunities are massive 3 – 5% or perhaps more…
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Bitcoin has a Challenge!
Bitcoin owners don’t want to spend them…Why?
• “Bitcoin Millionaires” – Early Investors / Miners
• “Gamblers” - Day-traders / Speculators • “Hoarders” – Long Bitcoin / Cold Storage• Is it the deflationary nature of
Bitcoin?• How can we stimulate Bitcoin
spending?• What “Use Cases” encourage use?
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HERE IS SOME TEXTLearning from Bitcoin’s Roots
Early Bitcoin business were successful
establishing a cycle use…
Silk RoadSatoshi Dice
Black Market Bitcoin Casinos
What can we learn from these “Use Cases” …
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Which ones have the right “USE CASE”
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Stop Trying to Boil the Ocean
What will Bitcoin owners use coins to purchase?
Answer: Not much!
The real question…”What key characteristics will repeatedly motivate people to obtain
coins for no other purpose than to use in a transaction?”
Answers: 1. Where privacy is desired2. Other payment methods commonly
rejected3. Fees are extremely high4. Eco-systems that are cyclical (i.e. mining)
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Is Real Money Gaming the Right Use Case?
“I believe the next wave of cryptocurrency demand will be fueled by RMG activity”
Why: 1. Payment friction2. Other payment methods commonly
rejected3. Fees are extremely high4. Cycle of usage
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Closed Loop Cycles
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4. BTM
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