Crypto Valley Summit Keynote
17 Sept 2014
Douglas, IoMSteve [email protected]
+1-310-980-9677
www.gocoin.com
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 Harding
And ……especially big thanks to …
• Paul Davis, Counting House
Isle of Man and GoCoin
Why would Entrepreneur Magazine’s
“Hottest Silicon Beach, CA Startup”
come to the Isle of Man?
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”
HERE IS SOME TEXT
VC Investment in Bitcoin ~$300M with $200M in 2014
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…
HERE IS SOME TEXT
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?
HERE IS SOME TEXTLearning from Bitcoin’s Roots
Early Bitcoin business were
successful establishing a
cycle use…
Silk Road
Satoshi Dice
Black Market Bitcoin Casinos
What can we learn from these
“Use Cases” …
Which ones have the right “USE CASE”
HERE IS SOME TEXT
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 desired
2. Other payment methods commonly rejected
3. Fees are extremely high
4. Eco-systems that are cyclical (i.e. mining)
Real Money Gaming…the Right Use Case?
Closed Loop Cycles
HERE IS SOME TEXT
4. BTM
HERE IS SOME TEXT
HERE IS SOME TEXT
HERE IS SOME TEXT