10 interesting things I found out about Blockchain, cryptocurrencies & ICOs last night
Last night at TableCrowd, we welcomed Tory Norcross of Blockchain Rookies, who was tasked with the challenge of demystifying Blockchain over food and wine – as well as exploring with us the opportunities it brings.
Cut to the chase, if you’re not sure what Blockchain is, try this video. Whilst my knowledge has gone from a low 2 to a high 6, I’m still definitely not the best person to explain it. My post focusses more on the light hearted trivia!
- Bitcoin was launched in 2009 and the last Bitcoin will be mined in 2140. If you don’t know what Bitcoin is, try this.
- Right now, there are 1622 individual cryptocurrencies (expected to drop to around 25 in the next 18-24 months as the price of Bitcoin stabilises).
- 22 May 2018 is “Bitcoin pizza day” — the date eight years ago when Laszlo Hanyecz completed the first ever purchase with bitcoin. Hanyecz bought two pizzas for 10,000 bitcoin, a quantity of the cryptocurrency that is now worth more than $21 million.
- The smallest unit of Bitcoin is 0.00000001.
- When and selling buying Bitcoin, the “bigger fool” theory applies. Buy right now, if you believe there’s a bigger fool [than you] out there to buy it off you for more than you paid.
- Blockchain facilities “smart contracts” – contracts between numerous parties where terms can be automated, as well as closing routes for corruption. A real world use would be automatic refunds when one party defaults on contract terms. More on this here.
- With an ICO you are not investing in the company and receiving equity, you are investing in the future of the company which may or may not materialise. Highly speculative. The fact ICO sounds like IPO is just trickery.
- When deciding whether to invest in an ICO, strictly apply the “3-day Vegas rule”. Invest only as much as you would spend on the gambling tables, bars and hotels in that 3-day jolly. Knowing that the only guarantee from both is an experience.
- The opportunities for Blockchain arise when a whole industry adopts and commits to it. It can increase efficiency across that industry, saving both businesses and customers time and money. There is no real point in a company starting their own Blockchain, they may as well stick to Google docs!
- I should definitely have bought some Bitcoin when we hosted our first dinner on the topic in November 2014, of course also taking Troy’s advice on when to sell it – December 2017, it seems, was that time!
A truly brilliant TableCrowd evening, with a group of insightful, interesting and entertaining guests I feel privileged to spend time with.
Fancy joining our tables? I’m dining next Monday too when Alex Cheatle, CEO and Founder of Ten Lifestyle Group will be talking about his journey from startup to IPO. Founded in 1998, Ten currently has a headcount of over 700 staff around the world and more than 1.6 million registered private and corporate individuals on behalf of over 40 organisations. In November 2017, Ten was listed on the AIM market of the London Stock Exchange.