CoinDash Sprinting Toward Its ICO

Interviews, News, Opinion, Regulation | July 10, 2017 By:
CoinDash is a cryptocurrency-based, social-trading platform, removing investment entry barriers by providing tools and services that make interacting, handling and trading accessible for everyone. It allows users to follow traders and mirror their initial coin offering investments. The company will have its own ICO starting July 17.

Adam Efrima, co-founder and COO of CoinDash, answered a few Block Tribune questions

BLOCK TRIBUNE:  Are there too many ICOs?

ADAM EFRIMA:  Most people will answer “yes,” taking into consideration the recent boom in the blockchain space. However, if you compare companies with ICOs to the total number of Internet or tech companies out there looking for funding, I imagine it is a relatively minuscule group. The main difference is that the funding mechanism, availability, and inclusiveness of ICOs allow investors of all sizes to participate in funding ideas they believe in on a global scale. The huge rise in ICOs is also important for the growth of the space. I see a near future in which companies will really need to excel in order to initiate a successful token sale. In the past, a whitepaper was enough, but even today it’s already a different ball game to succeed in the space.  

BLOCK TRIBUNE:  What is your strategy for making the value of tokens more comprehensible to the Average Joe or Jill?
ADAM EFRIMA:  Blockchain is a socially driven tech revolution. This resonates to today’s crypto investing space; a lot of the companies are evaluated by the community effect they are able to create and investments are almost always determined by the level of communication with your close circle regarding the quality and prospect of a project. Yet, tech and information hurdles make it harder for outside investors to enter the space and start investing. CoinDash will be a social network in which newcomers will be able to view, copy and follow experienced traders as well as interact with different users in our ecosystem, this will allow us to lower the entry threshold for the average Joe and allow more people to be a part of this fast-paced market.  
BLOCK TRIBUNE: What questions do institutions have when considering this as an investment asset?

ADAM EFRIMA:  (Assuming you mean institutions investing in Crypto) Well, first and foremost, what is the risk? The industry is still small and volatile. Returns can be staggering, but so can loses. Second, which assets do I start with? Start from large cap assets, which tend to be less volatile (ETH, Ripple, BTC etc.). Third, what are the fundamentals? You need to posses in-house ability to evaluate changes in the underlying technology you are investing in. The last question, although hard to touch everything, is how do I frame a portfolio? Think long term, Crypto assets might seem like a roller coaster at times, but if you believe in the technology and its future, just hold on tight.

BLOCK TRIBUNE:  Do analyst predictions of bitcoin and/or ethereum hitting (name your outrageous valuation level) help or hurt the market?’

ADAM EFRINA:  I don’t think the effect is significant. Admittedly, a lot of people might develop a ‘get rich quick’ approach and a market which relays on speculation is prone to investor panic. However, for every person boasting about the Crypto boom you will find 100 others doing the same for Gold, Forex or Google stocks. I think we need to change the discussion from solely focusing on price to include the future and promise of blockchain technology. The lack of a broader industry narrative is problematic because it prohibits acceptance and adoption.

BLOCK TRIBUNE:  What affect will Russia and India’s plans for bitcoin legalization have on perceptions?

ADAM EFRIMA:   One of the main ways to create widespread adoption for Crypto currencies is regulation. Japan is a pioneer in this space and we can already see a significant spike in popularity for Bitcoin due to increasing adoption. Russia and India could be game changers and I believe there will be more countries to follow.

BLOCK TRIBUNE:   Similarly, does the mainstreaming of bitcoin, etc. for buying a hamburger help or hurt the market?

ADAM EFRIMA:    The mainstreaming of Bitcoin will help the market. Global recognition in the value of Bitcoin and facilitation of day-to-day usage will create awareness and demand. There is a famous story about a guy who bought a pizza for 10,000 Bitcoins in the early days of the industry, today this amount of Bitcoin is worth $26 million. It is still not trivial to use Bitcoin for buying pizza, but it’s only a matter of time as the mainstream recognition in the value of Bitcoin is growing rapidly.

BLOCK TRIBUNE:  What is your stance on the gamification of cryptocurrency trading?

ADAM EFRIMA:  Gaming platforms developed around tradable assets is not new. It is inevitable to have such platforms in the cyprto asset class. However, if anyone asks me if crypto gaming is safe and represents a good investment option, my answer would be “no”.

BLOCK TRIBUNE:  What affect will Russia and India’s plans for bitcoin legalization have on perceptions?