INX: Legitimate Token or S***coin? With Alan Silbert, Jameson Lopp & Samson Mow

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“ICO’s and those kind of scams have poisoned the well to the point where people can’t really tell what is a real business and what is not a real business anymore.”
— Samson Mow

SHOW DESCRIPTION

Location: Squadcast
Date: Monday 31st August
Company: INX, Casa, Blockstream
Role: Executive Managing Director, CTO, Chief Strategy Officer

Last week INX launched their token offering, a first of its kind,  a security token approved by the US Securities and Exchange Commission. 

INX is a trading platform bringing regulated and digital asset opportunities to institutions and retail investors. Their token offering allows investors to gain pro rata distributions from the companies cumulative adjusted operating cash flow. Controversially the token was launched on the Ethereum blockchain.

The project already has its detractors and critics, with the advisory board catching direct criticism with accusations of hypocrisy, specifically Jameson Lopp and Samson Mow.

While many Bitcoiners have expressed their opinions against the project, others have thrown their support behind it, believing that INX is a legitimate use of a token.

In this interview, I talk to Alan Silbert, Jameson Lopp and Samson Mow about the launch of INX. We discuss why they chose to tokenise on Ethereum, what makes something a shitcoin and the key criticisms directed towards them.

TIMESTAMPS

00:04:25: Introductions
00:05:54: Background to INX & Alan
00:10:37: Exchange competition
00:12:34: What is a shitcoin?
00:18:54: Shitcoins on exchanges
00:24:15: Financial incentives
00:30:02: Judgement from the industry
00:33:01: Using Ethereum for INX
00:36:15: Is Ethereum a scam?
00:40:26: Choosing Ethereum
00:42:31: Tokenizing assets
00:44:01: The need for KYC
00:47:42: Legitimising security token platforms
00:51:46: Company equity and the INX token
00:57:25: Investment speculation
01:01:46: Cash fund and current legal agreements
01:07:35: Best case scenarios
01:12:26: Equity holders holding tokens
01:13:41: Token metrics
01:20:04: Importance of cash fund
01:21:31: Game theory and potential scenarios
01:26:06: Final comments

 

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SHOW NOTES

PodcastPeter McCormack