Erik Voorhees on Maximalism, KYC & Shoddy Reporting

Mr Obnoxious - Un pódcast de Peter McCormack

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Interview location: Denver
Interview date: Wednesday 20th March, 2019
Company: Shapeshift
Role: CEO

With the growth of cryptocurrencies and Bitcoin, there has been a growing pressure from regulators for exchanges to implement KYC/AML policies. The privacy afforded to users through cryptocurrencies is under attack from fear of these blockchains being used for nefarious means.

Erik Voorhees has long been a supporter of the right to privacy and with Shapeshift users were able to trade digital assets anonymously. The business was put under pressure by regulators to implement KYC/AML policies, which when activated drew criticisms from users.

What could Erik do? Close down the business? What about his fiduciary duty to his investors and his duty to his employees?

In this interview, I talk to Erik about the pressures of implementing KYC/AML, the impact on the business and what this means for privacy. We also discuss the Wall Street Journal hit piece on Shapeshift, maximalism and market conditions.

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Timestamps:

00:02:38: Introductions
00:03:07: Discussing Bitcoin maxilmalism
00:06:20: Erik’s past experience with maximalism
00:08:24: The beginnings of ShapeShift
00:11:27: The importance of listening to all sides of the debate
00:16:43: Dealing with questions surrounding Erik’s credibility and integrity
00:18:14: Why KYC has been implemented in ShapeShift
00:27:56: The impact KYC has had on ShapeShift’s business
00:33:01: Erik’s views on the Wall Street Journal hit piece on ShapeShift
00:39:12: What is the vision going forward for ShapeShift?
00:41:31: Views on the current crypto market
00:44:27: How important is Bitcoin to Erik, compared to other digital assets?
00:45:49: The most important technical features for Bitcoin in the future
00:47:12: Final comments and how to stay in touch

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Helpful Links:

Connect with Marc:
- On Twitter
- On Instagram
- On LinkedIn
- On Medium

Mentioned in the interview:
- Marc’s Medium post: Lessons from the Fyre
- Links to documentaries:
- Netflix - The Greatest Party That Never Happened
- Hulu - Fyre Fraud
- Fyre Social Media Campaign
- Fuck Jerry
- Fyre Fraud Twitter Account

Go Fund Me Campaigns:
- Exuma Point- Fyre Fest Fiasco
- Exuma Foundation for the locals impacted by Fyre
- Billy McFarland sentenced to 6 years on fraud charges

Festival failures:
- TomorrowWorld
- Pemberton
- Ticket Vendor Tablelist Sues Fyre Festival Organizers for $3.5 Million
- MDMA for PTSD treatment

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