Cryptocurrency: Erik Voorhees via Liberty Entrepreneurs Podcast
grarpamp at gmail.com
Sun Feb 3 12:16:44 PST 2019
Today’s guest is Erik Voorhees, Founder and CEO of Shapeshift.io, the
best way to exchange digital tokens on the Internet.
I met Erik in Panama City, Panama in 2013 because he had a Bitcoin
sticker on his laptop while posted up working at the NY Deli Bagel
Cafe in El Cangrejo. I was working for Peter Schiff’s Euro Pacific
Bank and had just heard Erik on Peter’s radio show.
I was amazed at how eloquently Erik could communicate the benefits and
value of Bitcoin as well as why it should be embraced by every person
who supports “free market money” (Gold/Silver). Unfortunately, Peter
Schiff wasn’t able to (and still doesn’t) grasp the paradigm shift and
advancements in money created by Bitcoin and blockchains.
Since his [Erik’s] entry into Bitcoin around 2010, he has either built
or helped build several cryptocurrency companies including
SatoshiDice, BitInstant, Coinapult and his most recent project
Shapeshift.io. Tune in to hear how a fundamental understanding of
money and freedom was instrumental in all of Erik’s business ideas.
Protecting Customers: Market-based solution vs Government Regulations
Most people (general public) believes that a government needs to
“regulate” the Free Market in order to protect customers. We discuss
how such government regulations actually harm the customer and
protections should be left to the Entrepreneurs and business leaders
to figure out.
At Shapeshift, Erik has built a digital token exchange which does not
require your private information (name, address, utility bill, social
security number, etc). Simply send tokens to an address and receive
the new, different tokens to your crypto wallet.Once an exchange is
requested, Shapeshift only controls byour tokens for a few seconds as
they perform the exchange and send back to you. This is a revolution
in “financial custodial accounts” and is an evolution in how financial
companies will protect clients in the future…as long as the government
stays the hell out of the way.
How Shapeshift has Created a Revenue Stream for Digital Token Wallets
Speaking of revolutionizing business models, before Shapeshift it was
very difficult to create a cash-flow positive business that builds
crypto-currency wallets. Selling ads, allowing purchases with a credit
card (very difficult and risky) or creating a LocalBitcoins-eque
marketplace were the only ideas. None of them worked well. Now with
Shapeshift, crypto-currency wallets who support multiple tokens can
now integrate the Shapeshift exchange engine and make a small cut of
all the token exchanges happening from within the wallet.
More information about the cypherpunks