Eric voorhees bitcoin
Crypto winter has hit Zug: a renowned trading platform is letting go one-third of its staff. Shapeshift founder Erik Voorhees is one of the more well-known faces of Switzerland's «Crypto Valley». His Zug-based trading plattform has seen exuberant growth since , and drawn kudos as well as, more recently, criticism from renowned outlet « The Wall Street Journal ». The crypto founder struck a downbeat tone in a log post on «Medium» : the crypto winter, or the substantial fall in the asset value of many digital currencies last year, has hit Shapeshift.
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ShapeShift recently announced an intent to decentralize — a move that would transition the one-time centralized exchange to a full-on DAO. Erik Voorhees, founder and CEO of ShapeShift, comes onto the show to talk about decentralizing the exchange, along with his thoughts on Bitcoin maximalism and crypto regulation. Show highlights:. Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto. I started covering crypto over six years ago and, as a senior editor at Forbes, was the first mainstream media reporter to cover cryptocurrency full-time.
This is the July 27th, episode of Unchained. The Crypto. Earn up to 8. Download the Crypto. Tezos is smart money that is redefining what it means to hold and exchange value in a digitally connected world. Discover how people are reimagining the world around you on Tezos! Conjure brings any asset you want onto Ethereum by allowing for users to create synthetic assets which track other markets. What did ShapeShift used to look like and what will it look like going forward? We are a normal centralized company today.
We have 66 employees. We have an office. We have VC investors. We have decided that we are going to start dismantling the entire corporate structure and open-sourcing all of our code and moving to a decentralized DAO type organizational format instead of a centralized corporate organizational format.
So there are certainly a number of decentralized projects within crypto. A few reasons… One is just that the strategic landscape of cryptocurrency, in my opinion, is clearly moving toward decentralized applications and will move away from centralized ones. The more companies that are in line with that ethos, the better. And so ShapeShift as one of the oldest companies in this space, and also you as an entrepreneur and one of the long longest-serving entrepreneurs in this space, both of you have been through a lot when it comes to the different cycles in the industry, and also when it comes to regulation, banking, and all these other issues.
So what does that transition signify for you? This was not something I understood or thought possible even a year ago. Years ago, we had to beg banks for bank accounts, and we were always on the precipice of having one bank account closed and having to open another one.
That was always a stressful thing. And we were beholden to that system. Like not at all. If we need stability, we hold stablecoins. All right. So early on, or before you started making this transition, if a user went to ShapeShift, what would happen if they wanted to make a transaction?
In our first form starting in , someone would arrive at our website and they would say, I have some Bitcoin, I want some Litecoin. We would show them a Bitcoin address. They send their Bitcoin to that address. We, ShapeShift, receive that coin and upon receipt of it, we send them their Litecoin from our own wallet. So it was a quick and easy way to convert one digital asset into another, without custody. And back then, of course, there was no KYC. There was no user accounts. It was just like a vending machine really.
And people loved that. It was simple, it was clean. It did exactly what the user wanted in the way that the user wanted it. So that was our first incarnation. By , we had gotten pretty large. We were over a hundred employees, and that was at the tail of the boom. We had invested a lot of time and money into the regulatory world. We came to the dismal conclusion that we may be treated as a financial institution. And as such, would have to start imposing all sorts of financial regulatory obligations on our users and on ourselves.
This was extremely costly to implement, but more importantly, violated all of the ethical principles that we held and that our users held.
Our users hated it. We hated it. But we felt coerced into that because regulators are going to regulate, and we did not see a way out at that time. So so we bit the bullet we implemented KYC, know your customer, basically a lot of the financial surveillance apparatus that all financial institutions have.
And that was a couple of years of struggle, for sure. And we would rip out our entire trading system, which had been our lifeblood from the beginning and instead let our users trade directly with these decentralized protocols.
So we got out of the business of regulated activity. And that was the start of our move into an entirely decentralized mode, which we just announced recently. So much stuff? I mean we are certainly not decentralized today. We are starting a process of decentralizing. Part of that is open-sourcing our code.
And we have like seven years of software at all levels and layers. So that in and of itself is a huge project. We have to unwind the corporate entity, all of our contracts, all of our banking relationships. We have to do this in a way with shareholder approval and board approval and through all the corporate steps that a normal company has to deal with.
And we have to build and cultivate a community of our users now that hold FOX tokens and bring them into the governance process of where ShapeShift goes because we will no longer be governed by essentially a foundation of shareholders. We will be governed by a foundation of FOX token holders. And so earlier, when you talked about how ShapeShift started, and it was kind of like a vending machine, what is the user experience like now?
And then what will it eventually look like? People can use us to exchange, but we are not in exchange. So ShapeShift is best today as a multi-chain, self custody crypto platform. So that means we support lots of different chains. We are self custody, so users always maintain control of their keys. You can hook up various wallets to the ShapeShift platform, like a KeepKey or Ledger or Trezor on the hardware side, or Portis or our mobile app on the software side.
Eventually we will add MetaMask as well and other leading ones. You sort of bring your own wallet to our interface. And in that interface, you can interact with your digital assets. You can send and receive, you can track your portfolio balance, you can do trades from one asset to another.
And now we open source that. But if you hold the FOX tokens, you have pro-rata ability to govern the changes that are made to the platform going forward. Over time, it will become the complete and holistic way that all major decisions get made for the entire project. There are some other utilities of the token. For example, you get rebates on your gas fees if you hold the token and things like that. But primarily it is about moving the ability to govern the organization from the shareholder base to a open community that is global around the token.
And so a lot of projects went from centralized to decentralized via a foundation. And it looks to me like ShapeShift will start that way. And so how will that part look? Our end goal is not to have a foundation, but we are establishing a foundation that will exist for somewhere between one and five years. Its sole purpose is to help facilitate the decentralization. Those parts need to move to the foundation for now.
As and when we can figure out how to decentralize them, we will. Ours is meant to be temporary. Ideally it becomes fairly redundant. To start, you airdropped these FOX tokens to users across a number of different protocols, but obviously to ShapeShift users historically. This was an interesting part of our design over the last few months.
So how do we allocate these tokens in the best way to cultivate a decentralized community and make this successful longterm? One decision was a lot of these tokens have to get out and into the hands of the community.
So we took a third of all of them and airdropped it to over 1.
Erik Voorhees: Bitcoin's Point Is 'To Change the Whole Financial System of the Planet.'
The conference was a circus. Literally a circus, complete with trapezes artists, mimes and a unicyclist. The panels focused on stuff like artificial intelligence, biometrics at the cash register and how to use big data. But where was bitcoin BTC?
Who is Erik Voorhees? What is Erik Voorhees’ net worth?
Erik sees Bitcoin and the innovation that has grown out of it as a tool that could fundamentally change the world and give money the freedom it has long deserved. There was a time when Erik had Bitcoin and wanted to exchange it for Litecoin. He was surprised by the cumbersome process of exchanging, as it seemed to him like something that should have been quick, easy and safe. ShapeShift is a digital marketplace that allows users to seamlessly convert between over 50 different digital assets. A Revolutionary Part of the Cryptocurrency Ecosystem The ShapeShift team has put a lot of thought into the simplified process that can best serve the crypto community with its products and services. Where need arises, the company works to meet it, and thus has built several products, utilizing various technologies emerging in the crypto industry. ShapeShift allows users to seamlessly trade one digital asset for another. It builds products that help people recognize the incredible potential of this technology. ShapeShift is growing and continuing to work towards becoming the most influential crypto company in the world.
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Crypto world rocked after long-time advocate backpedals
Three big names in the bitcoin world are joining a start-up that hopes to bring simplicity and ease-of-use to bitcoin. Reports indicate that Roger Ver, Erik Voorhees and Vitalik Buterin are taking ownership roles at Toronto-based KryptoKit — a bitcoin wallet in the form of a web browser plugin along with a slew of other option. Eric Voorhees co-founded Coinapult and has investments in a number of bitcoin-related projects. And Vitalik Buterin co-founded Bitcoin Magazine, and is also involved with programming at several bitcoin projects. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.
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Instead, store of value and hedge against inflation narratives have led the way, giving the king coin enough fuel to gain widespread acceptance. While there are still uncertainties about Bitcoin, Voorhees says BTC appears to be resilient in the midst of a pandemic-induced economic crisis. However, he warns the progress can be stymied by attempts to regulate the system. If an increasing number of large governments try to ban BTC, Voorhees says that alone would set the crypto movement back for years. Back in , that was a very, very strange and fringy thing to believe. Check your inbox for confirmation email. Consenting to these technologies will allow us and our partners to process personal data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Erik Voorhees is among the top-recognized serial Bitcoin advocates and entrepreneurs, understanding Bitcoin as one of the most important inventions ever created by humanity. Erik founded ShapeShift in August as an elegant, secure, and fast solution to digital asset exchanges. As a non-custodial solution, ShapeShift offers users the ability to convert digital assets without having to trust a centralized entity. All images, branding and wording is copyright of Erik Voorhees.
You are now logged in. Forgot your password? Few figures in the bitcoin community are as controversial and visionary as Erik Voorhees, founder and CEO of the cryptocurrency exchange ShapeShift. Back when cryptocurrency was in its infancy and its conferences included lectures delivered to empty rooms , Voorhees was helping to popularize bitcoin's unique attributes with an unregulated online casino called SatoshiDice.
Erik Voorhees is the founder of ShapeShift, an interface for digital assets. He was one of the earliest bitcoin and cryptocurrency advocates. Max Raskin: I want to start with the origin story — where and when did you first hear about bitcoin? Erik Voorhees: I had moved to New Hampshire to join the Free State Project, which is an ongoing attempt to get 20, radical libertarian types to move to a small, concentrated area and have an outsized influence on politics. He's actually now a state house representative up in New Hampshire. He posted on Facebook this article about bitcoin.
The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today. ShapeShift founder Erik Voorhees gave his picks on Episode 2 of the gm podcast. Photo: Rick Wilking Create an account to save your articles.