Crypto Investing #25 – Why Was & Augur Created?

Tai Zen: So you want to talk about the Slock.It. What did you research about it?

Eric Gerber: Well, I was researching Slock.It and a couple of other items that I can’t remember the names right now. One of the reasons that the Ethereum builders split up was not personal reasons or anything like that. They simply had personalized projects to manage.

They separated a bunch of guys. That’s why you see companies like Slock. It and other Ethereum blockchain-based companies, IPOs and so on, which are starting their crowdfunding as well. They did that for two reasons.

One, there were questions about where the money was going from the additional Ethereum crowdfunding. Some people say that some of the money was wasted. It wasn’t perfectly used and things like that. Maybe it was personally used.

Therefore, what they did is rather than having the funding run out for Ethereum, they immediately started a couple of other items that were based on the Ethereum technology. In that way, they could handle new crowdfunding for the new items and on top of that, essentially double the life of their money for being able to build Ethereum correctly.

Tai Zen: Okay. I see what you’re saying there. The purpose of having these individual companies to build these applications on top of the Ethereum blockchain is that they have a methodology to raise more money to develop the Ethereum blockchain.

Eric Gerber: To develop it better so that they can have fewer issues and it can be a higher standard. Everybody’s expecting.

Hence, the number one reason is the money and two is if you’ve already got a bunch of technology like…

Okay. How big of an influence was it to you? I remember when they started talking about having Bitcoin ATM machines and they had one that came out to Austin, Texas. At that time, you were like: “Bro, they’re putting ATM machines. This is huge”. Little things like that such as peripheral businesses, products, and services suddenly start popping up to make it user-friendly. That is kind of a big deal on telling people which way Bitcoin was going to go. That’s another purpose.

The secondary purpose to explain why companies like Slock. It and things like that are coming out. One is the crowdfunding and stuff like that is used to support Ethereum and apparent technology. Then, part two is when you have more supporting items coming up, that’s more of a statement of where it’s going in the future.

Tai Zen: When the main guys, Dr. Gavin Wood, came in, he was getting rid of them, I guess, unnecessary individuals.

Eric Gerber: Trimming the fats

Tai Zen: He’s basically trimming the fat and got rid of the people that was not critical to the Ethereum project because they were low on funding.

Eric Gerber: You could say that they were got rid of or were reallocated to different projects that way they could all focus to one end.

I mean that’s speculation on my part. I have no idea who’s doing what over there.

Tai Zen: That makes some sense to me because it’s a public awareness that their funds were running out and they probably not expect to collect that much money during the fundraising, during the crowd sales. I would say that would be a common or obvious move to make.

Instead of having to pay for everyone, they split up to where they work on other projects and they are able to raise extra money. They’re all basically still working on the Ethereum blockchain except they are under different projects.

Eric Gerber: Expanding the technology and it’s also on a different level like there are multiple phases of this project. One would be the underlying crypto technology and then all of the things that can be built on top of it, which is Slock. It and Augur and stuff like that coming to fruition now. Therefore, they’re starting to build on that. In that way, it brings to the public eye of what the technology is good for.

Tai Zen: Okay. That makes sense to me. Instead of just firing these guys, they just have them work on projects that go on top of the Ethereum blockchain. That way they don’t have to…

Eric Gerber: …and on top of that, they get their own crops on it.

Tai Zen: They don’t have to feed off of the original pot of money that they got for the initial crowdfunding that they gathered.

Jeff: Eric, you do you actually like this idea? Do you actually like it?

Eric Gerber: Yeah I like it. I don’t know. I like manual stuff that I can see how it works. If I’ve got a piece of electronics and it stops working, I’m like a caveman bumping it. I mean I’ll start googling and figuring out how to fix it and find out what’s wrong with it. However, realistically I like stuff that I can look at and I can fix it.

If I’ve got something where my phone is controlling everything, I don’t know about you but I’ve messed up a lot of phones. I’ve lost a lot of phones and when I get into having a password so long that a human brain can’t even remember it. When I get into having all this stuff, there’s a part of me that really likes to have the old caveman style technology. It’s simply because the human brain is made to understand it no matter where you’re from in the world.

Therefore, if you ask my opinion about those projects such as locking mechanisms and things like that, I don’t know man. People like what they’re used to. It’s not to say that it is something I would never use.

Jeff: I do think that technology will definitely grow because many businesses have uses electronic locks. I mean every bank building in the world has extra electronically locking doors. Every major institution does. It doesn’t seem like it’s something that’s a small technology. It seems huge to me. Whether I use or not, I think it’s kind of relevant. I think the world is going to use it. Therefore, it’s worth investing in me.

Hey Eric, where are you from?

Eric Gerber: Well, I’m not in Austin right now. I was born and raised in Germany until about 12. Then, I went to Texas. After that, I bounced around for a long time, around the US and around Southeast Asia.

Tai Zen: Jeff comes to Texas quite a bit. The next time he’s in Austin, I’ll get you to meet up.

Jeff: You can hit me up. I’m out in West Texas, Midland and then sometimes on the weekends, I can make it out to Austin which is about a 5-hour drive.

Eric Gerber: That’s great!

Tai Zen: Thanks for that input man. I will give you a holla back.

Jeff: Yeah and then give me some more Intel about some of the stuff you guys are discussing with the hedge fund stuff. I’ll put together a list of questions and see if I can locate my friends’ contact. I’m still got pain in contact.

Tai Zen: Let me just end this recording first and I’ll catch up with you later on that.

Jeff: Alright, bye.

Tai Zen: Alright, take care bro.

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