The Next Level For Bitcoin Entrepreneurs: Understanding Money, Says Financier Lawrence Lenihan
"Fiat" is a dirty word in the Bitcoin world, and perhaps that's not the best thing, insinuated Coinapult backer Lawrence Lenihan in a recent interview with CoinDesk. Worse, many people are offended by the idea of traditional venture capital firms getting involved in anyway, because, they say, the entrepreneurs are then not loyal to their communities but instead to the hand that feeds. While there is legitimacy to both sides of this argument, the fact is, you need money to do anything in business, and when you're pioneering as many cryptocurrency startups are, you need a lot of money....
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Despite the record levels of venture capital pouring into the bitcoin ecosystem, there is still one determining factor that is holding back overall ecosystem development - the inexperience of the technology's entrepreneurs. At least, that's the opinion of FirstMark Capital managing director Lawrence Lenihan, who, despite overseeing his firm's first bitcoin investment in Coinapult this October and being a self-described "bitcoin bull", argues that many current bitcoin entrepreneurs fail to understand how the traditional financial system works. Lenihan, whose firm has backed marquee startups....
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Coinapult has raised $775,000 in funding from a group of notable investors and investment firms, including Barry Silbert's Bitcoin Opportunity Corp, angel investor Roger Ver and technology-focused VC firm FirstMark Capital. The Panama-based bitcoin wallet service provider raised the capital through two rounds of funding, and aims to use the money for additional marketing and product improvements. Speaking to CoinDesk, Coinapult CFO and COO Justin Blincoe indicated that the biggest benefit for his company will be the expertise of its now-solidified investor group, which he characterized as....
Gold bug Peter Schiff has been publicly confronted by his 18-year-old son, a bitcoin proponent, on the topic of value. Calling his dad’s understanding of money “Flawed,” Spencer Schiff made the statement in defense of TV Personality Max Keiser, who was having an argument with Peter on Twitter. ‘Your Understanding of Money is Flawed’ Gold bug Peter Schiff was confronted by his son, Spencer Schiff, on Monday after he accused TV personality and bitcoin proponent Max Keiser of not understanding the concept of fiat money. “According to Max Keiser, I oppose....