This place will destroy the banks - Genesis Block Grand Opening Livestream

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This place will destroy the banks - Genesis Block Grand Opening Livestream 0:00 Introduction 4:00 John Keh (CMO of Genesis Block) Why be optimistic? 9:02 Clement Ip (CEO of Genesis Block) 11:02 Is ph...

AI Analysis

The grand opening of Genesis Block's new physical Bitcoin center in Hong Kong, strategically located directly opposite a traditional bank, marks a significant moment for cryptocurrency adoption. This event symbolizes the increasing mainstream acceptance of digital assets, as the space aims to make crypto more accessible and understandable to both the general public and professional investors, directly challenging the established financial system.

Here's a breakdown of the key insights and discussions from the event:

* Genesis Block's New Physical Presence:
* Genesis Block's new Bitcoin center in Tsim Sha Tsui (TST), a bustling Hong Kong district, is strategically placed directly opposite Hang Seng Bank. This move, as Clement Ip, CEO of Genesis Block, points out, symbolizes the "new bank versus the old bank," sending a strong message that crypto is now mainstream and no longer "hiding in the buildings."
* The center is on the ground floor, unlike their previous upstairs location, enhancing visibility and public accessibility.
* It features 24/7 ATMs that allow users to buy and sell Bitcoin, Ethereum, Tether, and other cryptocurrencies, facilitating easy cash-in and cash-out.
* Joanne, Head of Coin Here, is rapidly expanding the ATM network, with over 30 locations already operational and plans for 10-15 more in the next two months, a significant feat given Hong Kong's conservative stance.
* Clement Ip believes this physical presence is vital for building trust among Hong Kong residents, who are traditionally more inclined towards real estate and stocks. It allows them to interact with real people and experiment with small crypto investments, like $100 USD.
* The center also aims to educate people about the nature of money and Bitcoin, with Clement confidently stating that fiat money is "dog shit" and Bitcoin is the future. They even plan events to explain crypto basics and offer small amounts of Bitcoin to new users.

* Market Sentiment & Adoption:
* The current crypto bull market is generating significant excitement and profits, with many in the crypto space seeing 2-3x returns on their investments.
* A notable difference from the 2017 bull run, as Clement Ip observes, is the shift in investor demographics. While 2017 was characterized by retail investors and ICO booms, Genesis Block's OTC desk now primarily serves "professional people" – barristers, lawyers, and accounting partners – who already understand Bitcoin and mainly seek assistance with wallet setup.
* Institutional adoption is also growing, exemplified by Meitu, a Hong Kong-listed company, purchasing Bitcoin, which Clement sees as a crucial step for broader corporate engagement.
* The typical investor journey, according to Clement, starts with Bitcoin, progresses to Ethereum after gaining understanding, and then expands into the burgeoning DeFi and NFT narratives.
* Wincent Hung, Founder and Director of Genesis Block, notes that mainstream media in Hong Kong is increasing its coverage of crypto, though he believes many journalists lack a deep understanding. However, he sees an improvement in the quality of questions being asked by the media, indicating a growing general comprehension of the space.
* Despite upcoming regulations for crypto exchanges in Hong Kong, Wincent highlights that OTC services and ATMs are currently exempt, allowing for continued rapid expansion of their physical network.
* Leslie from Genesis Block Ventures adds that the bull market is attracting "smarter guys" who were previously cautious, now seeking to raise funds, signaling a maturing and more robust project landscape.

* The Threat of Inflation & Fiat:
* Wincent Hung explains that Hong Kong's currency peg to the US dollar makes it vulnerable to US financial policies, especially the extensive money printing.
* He observes that people are increasingly concerned about massive money printing, linking it directly to rising inflation and increased daily living costs, such as bus fare hikes despite high unemployment rates and stagnant salaries.
* The recent surge in the 10-year US bond yield to 1.7% is seen by Wincent as a clear market signal of impending inflation, which he predicts could lead to a "disaster" if rates reach 2-3%.
* Genesis Block's core message is that Bitcoin serves as "your own bank," offering individuals control over their assets and protection against the inflationary effects of unlimited fiat money printing.

* RioDeFi and Bridging TradFi & DeFi:
* James Anderson, from RioDeFi, outlines their mission to accelerate digital asset adoption by connecting blockchain systems with traditional financial institutions.
* RioChain, built on Parity's substrate, is interoperable with the Polkadot ecosystem, and RioDeFi is actively bidding for parachain slots on both Polkadot and Kusama networks.
* James highlights the exciting potential of DeFi's high yields, particularly on stablecoins (e.g., 20%+ on Curve Finance), which drastically outperform traditional bank savings accounts yielding a paltry 0.05%. He also emphasizes the transparency of capital deployment in crypto.
* RioDeFi supports innovative projects on RioChain, including Labs, which tokenizes real estate to enable fractional property ownership for as little as $100, and Leprechaun, a gamified DeFi platform for prediction markets.
* James sees a future where NFTs offer utility beyond just art, envisioning them for airdrops, staking rewards, or even representing real-world assets like a timeshare backed by an NFT.
* He firmly believes that the current period is an opportune time for building new projects in the crypto space.

* Linear Finance and Synthetic Assets:
* Kevin Tai, co-founder of Linear Finance, describes their protocol as a decentralized, cross-chain compatible platform for synthetic assets. This means users can stake Linear tokens to generate stablecoins and then trade on the price of various assets without actually owning them.
* A key advantage of Linear Finance is its low transaction costs ($1-2 per transaction) and high speed, thanks to being built on Binance Smart Chain (BSC).
* Currently, popular synthetic assets include crypto assets (like BNB and LINK), as well as gold and silver. Kevin noted a surge in synthetic silver trading during the "Wall Street Bets" frenzy.
* Linear Finance plans to expand its offerings significantly, introducing synthetic foreign currencies, stocks (e.g., NASDAQ-listed companies like Tesla), and a broader range of ETFs within the next few months.
* Kevin is particularly enthusiastic about "thematic ETFs" that will replicate real-world financial themes such as coffee, biotech, robotics, or automated cars, making these diverse investment options accessible globally, especially for those without direct access to traditional markets.
* He believes synthetic assets will carve out a significant niche within DeFi by offering broad market exposure, quick entry/exit for portfolios, and enabling cross-asset swaps, all with fair and rapidly updated pricing.

* Genesis Block Ventures' Investment Insights:
* Leslie from Genesis Block Ventures notes that while the current bull market is great for new projects and attracting capital, the influx of less experienced investors may also introduce some risks.
* He is particularly excited by the improved quality of projects, observing that previously conservative and "smarter" individuals are now actively seeking to raise funds, leading to more robust proposals.
* Leslie highlights the evolution of DeFi, stating that unlike 2018 when crypto was primarily about exchanges, projects like Compound, Aave, and Yearn Finance now demonstrate "real use cases," which he appreciates as a "real user."
* Genesis Block Ventures is actively exploring new NFT projects from various regions, as well as undervalued existing projects from 2019-2020 that have strong teams.
* As an example, Leslie mentions Astro Tools, an innovative project built on PancakeSwap with a surprisingly low market cap of $5 million. Genesis Block Ventures is engaging with Astro Tools to help them focus on the booming BSC ecosystem and is considering investing in their tokens to help them gain wider recognition.

Transcript

Oh All right, all right, we're officially live so welcome back guys to another episode of box mining This is so chaotic. This is the grand opening. Hi guys the grand opening of Genesis block in one of the most populated most hottest areas in Hong Kong right now in chimzha chui you can see everything's packed. It's a grand opening event So we're giving you guys the first class ticket. I label this as This place is gonna destroy the banks, right? So what's behind us John? So right across the stre...