Erik Voorhees, CEO of ShapeShift was interviewed today by Bloomberg. He spoke about the regulation of cryptocurrencies, the security in the crypto work and about ShapeShift.
On asked about how he sees the crypto landscape building at the moment, he said he had been involved crypto since Bitcoin was $5 and back then it was the only coin. The concept of blockchain back then was not that talked about. He and his team spent a lot of time daydreaming about a day when the global corporations’ and governments would be paying heavy attention to this because it was getting bigger.
“It’s taking over the world in some ways and it goes and I think paying have started to pay attention to it.”
Talking about regulation he said and thinks that most regulation is superfluous and best. But, a lot of it is quite harmful, especially in the area of finance, he thinks:
”Money itself, is in need of being let-loose and freed from government control.”
He also added that in a market-based economy how having money as the primary good and that being centrally planned is problematic and that no one tolerates a monopoly in the manufacturing of shoes, cars, or cellphones and yet one does tolerate monopoly in the realm of money. And hence, people in crypto verse basically want to offer alternatives.
Talking about Bitcoin remaining the dominant player in the crypto market, he went on to tell that Bitcoin has become an asset class and it is defiantly the biggest, and Ethereum being the second biggest he quoted:
“I don’t know which one will be talked about most, 5 or 10 years from now, but the important point is that these things [cryptocurrencies] can compete now.”
Talking about Shapeshift, Voorhees says Shapeshift is a market-maker and people think of them as an exchange. They build a way to do that part of the trading much more safely and much faster than how it was done in the past.
On asked about why didn’t go for an ICO, Voorhees said that they have plans of doing the same and he added:
”We wanted to bring in institutional expertise, we wanted to have a formal board with people who knew what they were doing, people who have built bossiness, because that would help us built our own. ICO’s are great for raising a lot of money quickly, but you don’t get the expertise of the people you are partnering with. So that was a large part of it and also because was ICO’s had not become merely as popular when we were actually putting that together.”