Tuesday, October 19, 2021

Automata Podcast: Preston Byrne on What ICOs Need to Do

Automata Podcast: Preston Byrne on What ICOs Need to Do

“Venture hype became retail hype” in 2017, as enthusiasm surprised many by switching away from enterprise blockchain projects and back to cryptocurrencies. In this interview, long-time blockchain advocate (and yet skeptic) Preston Byrne talks about why the space can still be a minefield for amateur investors.

Also see: Automata Podcast: Why Bitcoin Philanthropy Is Still Challenging, with Connie Gallippi of BitGive

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Preston Byrne: Due Diligence Is Hard for Beginners

Listen to the whole interview to find out why Byrne credits his view of a multiple-blockchain world to a Guatemalan think tank, and the creation of Dogecoin. Something weird happened in 2017 though — instead of focusing on private blockchains for businesses as everyone expected, the scene pivoted back to cryptocurrencies, and especially ICOs.

Byrne talks about how “retail hype” has brought an influx of new investors to crypto who don’t necessarily understand what they’re doing. How are they supposed to perform due diligence on an ICO project and its team, if they don’t even know who to ask? It’s sometimes difficult to separate fact and fiction at the street level.

ICO projects of the future will probably face more pressure to disclose financial and other information, whether that pressure comes from regulators or investors themselves. That can be “expensive, a huge time-sink… and really very painful”.

Preston Byrne is also co-founder of Monax (formerly Eris Industries).

About the Automata Podcast

Jon Daniel Automata“The future is automated.” Automata is a series of brief audio introductions to the projects that will drive the automated economies of the future. Pactum Capital‘s Daniel Cawrey and Bitsonline senior editor Jon Southurst chat with leaders in blockchain, cryptocurrencies, freer markets (and the occasional regulator) to find out where all this is going.

You can find older Automata episodes on Soundcloud, and subscribe to the channel for more.

If you have any requests for future episodes, we’d love to hear them. Post your feedback in the comments below.

Images via Daniel Cawrey, Jon Southurst, Pexels

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