Exclusive: Full Analysis of Consensus Invest 2018 Crypto Conference
NEW! The Smaulgld Store is Now Open – Click to Visit the Smaulgld Store
Smaulgld Super Classic Mug – $23.99 with Free Shipping in the Continental United States.
Smaulgld Live Stream – November 27, 2018
Last night we provided an overview of the conference speakers and panels at Consensus Invest cryptocurrency conference in NYC.
Watch the video companion to “Consensus Invest Conference Lights Fire Under Cryptos”
Smaulgld Classic Mug – $19.99 with Free Shipping in the Continental United States.
Take Smaulgld To Go!
Donate to Smaulgld via Litecoin
LW1USYQ6jZVUpFrX4zBtZKE3J9Lopo8B6g
Resources
Bakkt (MSFT, NYSE, Starbuck Boston Consulting venture)
Our Federal government has acknowledged that #Bitcoin is the only token of all the 1000's of tokens that they are prepared to give regulatory certainty to
Jeffrey Sprecher – Chairman of the New York Stock Exchange & Chairman/ CEO of Intercontinental Exchange Inc#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Anyone else wondering why Starbucks is working with @NYSE crypto exchange @Bakkt? Bakkt CEO Kelly Loeffler says it was "to be able to give their customers more options in their ability to pay…to be able to pay with bitcoin." at #ConsensusInvest tweeting via @ForbesCrypto pic.twitter.com/TAUiGZ37MU
— Michael del Castillo (@DelRayMan) November 27, 2018
#Bitcoin is durable and accepted as money and currency
Kelly Loeffler
Chief Executive Officer. Bakkthttps://t.co/nfGbyAvcby— Smaulgld (@Smaulgld) November 27, 2018
#Bitcoin is durable and accepted as money and currency
Kelly Loeffler
Chief Executive Officer. Bakkthttps://t.co/nfGbyAvcby— Smaulgld (@Smaulgld) November 27, 2018
"ICE Founder: ‘We’re Kind of Agnostic’ on Bitcoin’s Price" https://t.co/quEyCVRpbm ICE founder and chairman Jeffrey Sprecher and Bakkt CEO Kelly Loeffler took to the stage during… #Bitcoin
— Bit-Sites.com (@bitsites) November 27, 2018
Asked if price is important, Kelly Loeffler, CEO of Bakkt, says it is immaterial to what the new platform is working on: "The price is being expressed but there’s a lot of missing infrastructure and use cases." #ConsensusInvest
— Bitcoincorner (@bitcoincorner) November 27, 2018
Echoing her thoughts, ICE_Markets CEO/founder Jeffrey Sprecher notes that "we’re the largest exchange operator in the world and we price all kinds of things on our exchanges … we’re kind of agnostic on price." #ConsensusInvest
— Bitcoincorner (@bitcoincorner) November 27, 2018
Kelly Loeffler from @Bakkt just stated that they are focused on having crypto prices established in federally regulated markets, just as any other commodity or indice. Along this they are focused on many other features simultaneously. #ConsensusInvest2018
— Tobias van Gils (@tobiasvangils) November 27, 2018
Investment Advisors and Bitcoin -Ric Edelman
" I am convinced cryptos are a legitimate asset class and should be considered in an investment portfolio" Ric Edelman, Executive Chairman Edelman Financial Services, LLC#ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
26,000 registered investment advisers with $ 4 trillion in assets under -management- 600 manage half those assets – in five minutes I can convey in five minutes why they need to have crypto in their porfolios – Ric Edelman Executive Chairman Edelman Financial Services, LLC
— Smaulgld (@Smaulgld) November 27, 2018
BUT i am not recommending it to my clients because it is the wild west. I own #bitcoin and ethereum my self – Ric Edelman Executive Chairman Edelman Financial Services, LLC#ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
We NEED A #BITCOIN ETF – need to get the SEC to approve an ETF- and then it will become a broad based asset – Ric Edelman Executive Chairman Edelman Financial Services, LLC#ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
Once we have a 40 act product available, we can raise billions and we need to get to that stage. – ie reach investors that are working through financial advisors (not direct consumer) – Ric Edelman Executive Chairman Edelman Financial Services, LLC #ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
Mohammed El Arian
I am anxious as an observer in crypto not a participant
Dr. Mohamed A. El-Erian Chief Economic Advisor Allianz#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Precious Metals traders have an attention span of ten minutes
Dr. Mohamed A. El-Erian Chief Economic Advisor Allianz#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
global financial system and payments system almost collapsed causing a loss in trust.
Dr. Mohamed A. El-Erian Chief Economic Advisor Allianz#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
I opened an account and put $400 in it. Major innovations, go through cycles- over consumption then production brings us down and then there is a washout and establish a foundation and change investor base
Dr. Mohamed A. El-Erian Chief Economic Advisor Allianz#ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
Respect the technicals because it is hard to determine #Bitcoin's intrinsic value. It's not a asset class, or a currency but it is part of the commodity ecosystem (with gold and silver) but is not money.
Dr. Mohamed A. El-Erian Chief Economic Advisor Allianz#ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
There is growing interest on the institutional side which is good long term.
Dr. Mohamed A. El-Erian Chief Economic Advisor Allianz#ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
Warren Buffet- rat poison squared? This was a "warning" #Bitcoin is not going to disappear but will find its place in the ecosystem
Dr. Mohamed A. El-Erian Chief Economic Advisor Allianz#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Public vs private blockchain?
validate vs crowdout- if there is a govt blockchain currency that would validate the private currencies, not crowd them out.#bitcoinDr. Mohamed A. El-Erian Chief Economic Advisor Allianz#ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
Why can Master Card and Visa just adopt this technology?
Big organizations are bad at "self disruption" & bringing people in doesnt work
We will see PARTNERSHIPS as the most effective" (ie coopt/integrate)
Dr. Mohamed A. El-Erian Chief Economic Advisor Allianz#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Crypto is NOT a major source of systemic risk
Dr. Mohamed A. El-Erian Chief Economic Advisor Allianz#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Dont use Venezuela and Zimbabwe as a reason why crypto currencies make sense. They are disfunctional economies
Rather cryptos makes sense because they are a USEFUL addition to the current system. Dr. Mohamed A. El-Erian Chief Economic Advisor Allianz#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
I was initially negative on crypto b/c people were saying that #bitcoin would be the world reserve currency BUT THEN I LEARNED. It's silly to sell it as the next reserve currency. People that over positioned crypto made a mistake Dr. Mohamed A. El-Erian #ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
Bitcoin as a macro hedge – Mark Yusko
#Bitcoin is technology and takes time to utilize. We haven't had chaos to determine if Bitcoin is a macro hedge, but we will see as QE turns to QT in 2020 & global debt bubble burst bitcoin will shine @MarkYusko1 CEO & CIO Morgan Creek Capital Management, LLC#ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
Reformed Broker panel – Wealth Managers
" #Bitcoin is a new category of investment"
Mark Casady General Partner
Vestigo Ventures#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
The existence of a #Bitcoin ETF doesnt change the ability to hold your own keys and keep all the advantages of why @TR401 got interested in the first place- and it helps with boosting market cap!
— Smaulgld (@Smaulgld) November 27, 2018
Institutional Quality – Greyscale Van Eck
Why are institutional investors are now in cryptos? – The asset class is not going away
Michael Sonnenshein Managing Director Grayscale Investments#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Van eck is a $50 billion firm- We build vehicles for hard to access assets. 90% of bitcoin demand is retail. Need a Bitcoin regulated ETF with custody solution.
Gabor Gurbacs Digital Asset Strategy VanEck (bitcoin ETF pending)
#Consensusinvest— Smaulgld (@Smaulgld) November 27, 2018
Why is a #Bitcoin ETF needed? ETFs bring extra liquidity, regulatory certainty- Bitcoin fits into the capital market structure – not necessarily revolutionize banking (co-existance is possible )
Gabor Gurbacs Digital Asset Strategy VanEck (#Bitcoin ETF pending)
#Consensusinvest— Smaulgld (@Smaulgld) November 27, 2018
Fidelity client interest led to coming launch of crypto trading platform
Terrence Dempsey Product Development Fidelity Digital Assets
#Consensusinvest— Smaulgld (@Smaulgld) November 27, 2018
Education is important in the space-what are forks? airdrops? Fidelity spends a lot of time educating people on this
Terrence Dempsey Product Development Fidelity Digital Assets
#Consensusinvest— Smaulgld (@Smaulgld) November 27, 2018
Customers ask us if we have a crypto custody solution-we do not at the moment, but our customer are interested-Bakkt & Fidelity are developments for what is needed for an ecosystem to develop.
Justin Schmidt VP, Head of Digital Asset Markets Goldman Sachs
#Consensusinvest— Smaulgld (@Smaulgld) November 27, 2018
Crypto is a growing ecosystem but outside the of the traditional financial asset system.
Michael Sonnenshein Managing Director
Grayscale Investments#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
BREAKING : Partnership Announced – Van Ex and Nasdaq have partnered to bring regulated surveiled 2.0 Crypto Options
Gabor Gurbacs Digital Asset Strategy VanEck (#Bitcoin ETF pending)
(this may help get the Bitcoin Etf approved)— Smaulgld (@Smaulgld) November 27, 2018
"Nasdaq has vast experience in market surveillance" Gabor Gurbacs Digital Asset Strategy VanEck (#Bitcoin ETF pending)
lack of surveillance sharing agreements have been a roadblock to approving a Bitcoin ETF.#Consensusinvest https://t.co/2M3dOyGTia
— Smaulgld (@Smaulgld) November 27, 2018
#Bitcoin ETF is on my wish list – We are working on that and greater institutionalization of bitcoin and more partnerships and implementation
Gabor Gurbacs Digital Asset Strategy VanEck (#Bitcoin ETF pending)#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Big announcement on-stage at #ConsensusInvest: @gaborgurbacs reveals that VanEck is partnering with Nasdaq to "bring a regulated crypto 2.0 futures-type contract" to the market.
— CoinDesk (@coindesk) November 27, 2018
@Nasdaq and VanEck’s @MVISIndices announces #index #partnership and intention to bring to market transparent, regulated and surveilled #DigitalAssets products, such as #Bitcoin futures contracts. More info to come. Share & follow us. #crypto #futures #SMARTS #ConsensusInvest pic.twitter.com/Q2oCZx4pp1
— Gabor Gurbacs (@gaborgurbacs) November 27, 2018
Going Full Crypto
#Bitcoin hasn't had its prime time moment yet @APompliano Anthony Pompliano Founder & Partner Morgan Creek Digital#ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
Yale was a "Game Changer" when it made an allocation to crypto – Caitlin Long#ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
Yale University Investing in $400 Million Cryptocurrency Fund
The investment case for cryptos is that it is technology that will clean up settlement system issues @CaitlinLong_ Former Chairman & Presidenthttps://t.co/juxNvtCgB3
— Smaulgld (@Smaulgld) November 27, 2018
Not enough @APompliano today @ #ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
The Futures of Futures
What is different between Ledger X and Bakkt? We were the first to do cash settled #bitcoin futures – we have been live for a year. Juthica Chou Chief Operating Officer Ledgerx
— Smaulgld (@Smaulgld) November 27, 2018
SEC Regulations Jay Clayton
"We don't believe #Bitcoin is a security" Jay Clayman – SEC Chairman
SEC cracks down on initial coin offerings https://t.co/zn49zubrpq— Smaulgld (@Smaulgld) November 27, 2018
Jay Clayton Chairman U.S. Securities and Exchange Commission
remarks are his own not the SEC- block chain has incredible promise in the infrastructure#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Jay Clayton Chairman U.S. Securities and Exchange Commission
Blockchain drives efficiency- a goal of the SEC and encourages its use
How can we improve what we are doing without degrading investor proection #ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Jay Clayton Chairman U.S. SEC
when digital currency acts as replacement for sovereign currency, it is not a security#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Jay Clayton Chairman U.S. SEC
what is a security, commodity? dollar yen are neither a security nor a commodity. Bitcoin -decentralized- no one is creating it for their own control and is a payment system replacement for a sovereign currency is not a security #ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Jay Clayton Chairman U.S. SEC#bitcoin is not centrally created -no one has the right to create more #ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
Jay Clayton Chairman U.S. SEC
not legal tender, not the liability of a bank so not a currency for the purpose of the FED's jurisdiction. #ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
IS on the NY Fed Board
Jay Clayton Chairman U.S. SEC
Which digital asset are securities? ICOs are not per se problematic. #ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Jay Clayton Chairman U.S. SEC
definition of security-1.aspect- investment contract- investor gives someone money with an expectation of a return from the person the investor gives the money to#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
JUST IN: The head of the SEC says a lack of investor protections makes it unlikely that his agency will approve a Bitcoin ETF anytime soon https://t.co/EbIRfxvxlG
— Bloomberg Crypto (@crypto) November 27, 2018
Jay Clayton Chairman U.S. SEC
decentralized vs centralization – decentralized means no one controls its supply ie that is distributed, each trade is not required to be re-registered#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Jay Clayton Chairman U.S. SEC
How to get guidance or registered ICOs- we are HAPPY TO ENGAGE in this space #ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
https://sec.gov/ico
Jay Clayton Chairman U.S. SEC
If you are funding a venture and issuing a token- START with the assumption that you are issuing a security#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Glenn Hutchins Chairman of North Island/Director of the NY Federal Reserve Bank/director of AT&T/former Nasdaq director to Jay Clayton
Ether and Bitcoin not securities-but what about XRP ( Ripple)?
Jay won't answer at the moment#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Glenn Hutchins Chairman of North Island/Director of the NY Federal Reserve Bank/director of AT&T/former Nasdaq director
Need securities lawyer to do an ICO!#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Jay Clayton Chairman U.S. SEC
discussed two ICOs that were not registered- the remedy for non compliance was return of investor money- In this case#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Jay Clayton Chairman U.S. SEC
Why not an Bitcoin ETF? a commodity underlying an ETF the ETF is a security & requires registration. Primarily concerned w/ investor and that the trading in the underlying commodity is free from manipulation and there is good custody#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Jay Clayton Chairman U.S. SEC
Many of the exchanges where bitcoin trades don't all have proper safeguards/surveillance = a reason not to approve #Bitcoin ETF #ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Jay Clayton Chairman U.S. SEC
Let's see how this evolves -when asked about Nasdaq trading… #ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
exactly- bakkt, coinbase registers, nasdaq/Van eck futures exchange
— Smaulgld (@Smaulgld) November 27, 2018
Scaling
Transactions per Section is a misleading metric -Spencer Bogart Managing Director, Head of Research Blockchain Capital#ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
Brute force (do more on chain-leads to greater centralization & STILL cant fully scale to Visa level through put) vs elegant approach (bundle/layered architecture – like running a tab at a bar)
Spencer Bogart Managing Director, Head of Research Blockchain Capital#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Valuation Models
Valuation Model for #Bitcoin – transaction volume gives the network a total value
Willy Woo Cryptocurrency Researcher Helion and Chris Burniske Partner
Placeholder#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Creation of ADAM
Special Announcement: formation of ADAM Association of Digital Assets Market-
mostly OTC bitcoin platforms -creates a code of conduct- but not an Self Regulating Organization or lobbying group#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Financial Products
Van Eck Bitgo
Is market manipulation a legitimate concern for approving an ETF Not defined what level of comfort we have to get-source prices from exchanges that have survelliance in place- what % do we need? Jan van Eck President & CEO Van Eck Securities Corporation#ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
Re custody concerns – compliance and risk – we have some good solutions – this will get solved fast
Mike Belshe
Like Co-Founder & Chief Executive Officer BitGo, Inc.#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Capital reserve requirements
How much "backing" does one need for storage? Jan van Eck President & CEO Van Eck Securities Corporation#ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
Re custody concerns – compliance and risk – we have some good solutions – this will get solved fast
Mike Belshe
Like Co-Founder & Chief Executive Officer BitGo, Inc.#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
2019 interesting institutional offering coming on board- which will attract others. 2019 will be the year of the "ON Switch"
Mike Belshe
Like Co-Founder & Chief Executive Officer BitGo, Inc.#ConsensusInvest— Smaulgld (@Smaulgld) November 27, 2018
Traditional crypto community is not waiting for the ON Switch- adoption will be slow unless there is a bull market – Will be a multi year process
Jan van Eck President & CEO Van Eck Securities Corporation— Smaulgld (@Smaulgld) November 27, 2018
What will you do re pricing and custody to satisfy the SEC
We got OTC market makers gave price information
but they havent defined exactly what the finish line is
Pricing problem is fundamentally solved
the question is custody!
Jan van Eck President & CEO Van Eck Securities Corp— Smaulgld (@Smaulgld) November 27, 2018
We think we have access to enough market data with market survelliance data to get the SEC comfortable
Jan van Eck President & CEO Van Eck Securities Corp— Smaulgld (@Smaulgld) November 27, 2018
I like the spirit here- my first crypto conference we have a long way to go and the regulatory process is frustrating, I am excited for the crypto world may be not about the regulatory side 2019 a year of singles not homeruns
Jan van Eck President & CEO Van Eck Securities Corp— Smaulgld (@Smaulgld) November 27, 2018
Coindesk announces with NY city economic development block chain week May 10-17, 2019#ConsensusInvest
— Smaulgld (@Smaulgld) November 27, 2018
Charts by Nick Laird (unless otherwise labelled)- goldchartsrus.com
Compare American Silver Eagles for sale at:
Golden Eagle Coins
SD Bullion
Money Metals Exchange
You can buy Bitcoin, Ethereum and Litecoin through Coinbase.
Click HERE to open a coin base account and get $10 of free Bitcoin.*
NEW! The Smaulgld Store is Now Open – Click to Visit the Smaulgld Store
Reasons to Buy and Hoard Mugs
- 1. Mugs have been used for drinking for more than 5,000 years.
- 2. They are finding more uses for mugs every day.
- 3. We could not live our lives without mugs.
- 4. The Russians and Chinese are buying mugs hand over fist.
- 5. Mugs are made in China
- 6. Mugs are hard assets
- 7. Mugs are real wealth
- 8. Mugs can’t go to zero
- 9. Mugs are Portable
- 10.Mugs are drinking vessels, Period.
Wait there is more:
You can mix Mountain House in a mug.
You can carry your barter silver in a mug.
You can do many things with mugs that you can not do with fiat currencies.
Measure your wealth in mugs.
They have Mugs at the offices of JP Morgan and Central Banks -that is all you need to know.
When TSHTF you’ll want to have your Smaulgld mug close by.
Buy your Smaulgld Mug(s) today.
Browse other Smaulgld Essentials
Check out all the Smaulgld podcasts here.
Donate To Smaulgld.com via paypal
Compare Pricing and Shipping on American Gold Eagle Coins
You can compare pricing and shipping charges on American Gold Eagles coins of all sizes at these web sites:
SD Bullion
Golden Eagle Coins
Money Metals Exchange
Compare American Silver Eagles for sale at:
Golden Eagle Coins
SD Bullion
Money Metals Exchange
Please consider making a small donation to Smaulgld.com. Thanks!
If you have enjoyed this report, please consider buying your precious metals through the Smaulgld affiliates linked to on this site* and subscribing (for free) to Smaulgld.com.