Please, tell us about the relevance of crypto currencies for your work.
100% relevant for our bitcoin startup incubator 🙂
What are you doing in this field, and where do you want to go within
the next year?
I’m the CTO for Seedcoin. We have incubated 7 companies since July 2013
and we’re looking to do may more next year.
What work challenge keeps you up at night?
I usually sleep during the night…
What has been the most exciting work development this year?
We started in July 2013, organized the 1st bitcoin conference in Asia in
November 2013, have raised over 2,5k BTC for 7 startups and were
nominated among the ‘most influential investors’ for the blockchain
award in May 2014. 🙂
It’s been said that Bitcoin could be as “big as the Internet” in reshaping the world and spurring economic growth. Do you believe that?
Bitcoin has the potential to reshape our understanding / relationship
with money / banks. Since money has been the cornerstone of our current
civilization, Bitcoin could indeed have a big impact on society.
As far as economic growth is concerned, as a complementary currency,
Bitcoin has the potential to act as a macroeconomic shock absorber.
Can you tell us something about yourself that your team would be
surprised to know?
I’m convinced that one day humans will learn to live without the need
for a monetary system.
A variety of bullish Bitcoin price predictions have been touted
over the past year. What’s your crystal-ball forecast for what Bitcoin
will be worth in six months?
I don’t have a crystal ball but considering the current trend, the price
could be as high as USD 3k by year end.
What are the biggest benefits and largest risks of doing business
Benefits = too many.
Risks = legislations motivated by the desire to protect the legacy banking system
What’s the best way for people in the Bitcoin community to build
trust and facilitate standards that will expedite mainstream adoption?
Once multi-signature transactions are implemented by most bitcoin
business, we will the rise of a new paradigm: trust-less financial
services. Considering the demise of companies like MF Global, amongst
others, this will boost the credibility of the bitcoin monetary system
way past the legacy system.
How can financial institutions adapt to a technology that
ultimately threatens their dominance?
Dominance is so lat millennium. Time to make space for a richer, more
diverse, more resilient ecosystem.
What’s to stop the banking industry from coming up with their own
implementations of a virtual-currency model?
It all comes down to adoption. A virtual-currency is not as attractive
as a decentralized one. People won’t be as interested in a virtual
currency now they have had a taste of decentralized currencies. The
legacy banking industry is build on centralization. I can’t see them
adopting a decentralized system.
What will come of Bitcoin regulation? Is this key to convincing
politicians and governmental institutions to pass favourable legislation?
Regulation is not a panacea. The MF Global incident is one indication,
so is the libor rate rigging scandal and the current financial crisis
that arosed from regulated firms miss-selling risky assets. Regulation
is meant to protect customers and help create a stable ecomony. So far,
we have not had either. With multi-signature wallets and a diverse
ecosystem, crypto customers will be much better protected than any
others before. Politician do need to understand this paradigm.
It’s being said that Litecoin right now is where Bitcoin was the
same time last year. What’s your opinion on the future of Altcoins?
I like diversity. Only in diversity, will we find resilience. There’s
room for more than one crypto-currency.
Thank you Hakim! We are looking forward to see you at Inside Bitcoins London!