The document discusses the key principles needed for a sustainable crypto economy and token ecosystem. It argues that self-regulation in the tokenized world means embracing decentralization while avoiding the imperfections of traditional systems. Privacy, payments, access to economic opportunities, and peace of mind are identified as important drivers ("The Four Ps"). Ultimately, the joy of blockchain lies in enabling privacy that supports independent decision making through a bottom-up process of user innovation and consensus among untrusted parties.

1. The Joy of Blockchain
Exchange and Ecosystem
David Lee
BlockAssetVentures
Singapore University of Social Sciences

2. No one, not the incumbents, not the
regulators, not anyone can derail or
destroy the crypto community,
except from within.

3. When the token economy embraces
all the imperfections and resembles
the old financial or economic world,
the eco system of the crypto
economy will not be sustainable or
may even collapse.

4. Liquidity, like listing on the exchanges for
individual project, is needed for the
sustainability of the eco system.
But if there is too much liquidity that leads
to over speculation in a concentrated and
centralised manner, that may spell the end
of the beginning if we don’t change
direction.

5. Self regulation in the tokenised world means
to embrace decentralisation and at the same
time, has zero correlation with the
imperfection or bad habits from the old
world.
It means distribution of wealth, power and
maintaining the ability to make independent
decision.

6. That also means minimising
concentration of objective judgement
by a few and minimising trust on
intermediaries.
Forming consensus among untrusted
parties is important. Crypto system
that involves human judgement and
non inclusive is costly and not
sustainable.

7. Without using token to improve
collaboration efficiency, the crypto
proposition is inherently inefficient,
just like blockchain on its own is an
inefficient ledger compared to a
centralised system.
Privacy is expensive but worth
embracing.

8. Token economy is more valuable
when it has no correlation with the
fiat world.
Token economy is worth the most
when it has no value in fiat currency.

9. Remember that we are investing in
an ecosystem and not a single
project or experiment.
These projects and experiments are
risky and complicated where
favourable outcome is a rare
occurrence but impactful.

10. The Four Ps
▪Privacy
▪Payments
▪Piece of the Action
▪Peace of Mind

11. What are we buying into?

12. Privacy
▪Freedom from unauthorised intrusion;
Being let alone and to keep certain
especially personal matters to oneself
▪ZCash
▪The USA SEC
▪Singapore

16. ▪ As a NewYork trust company, Gemini is, arguably, the most
regulated digital asset exchange and custodian in the world. It is
subject to rigorous regulatory oversight by the NewYork State
Department of Financial Services (NYDFS), is held to the highest
level of fiduciary obligations and banking compliance standards,
and must adhere to all anti-money laundering (AML) laws, know
your customer (KYC) requirements, and consumer protections set
forth by the Bank SecrecyAct (BSA), the NewYork Banking Law,
and the NYDFS.
▪ Gemini went through an extensive approval process with the
NYDFS prior to adding support for Zcash.This process included an
overview of the Zcash technology and a comprehensive plan that
describedGemini’s ability to adequately meet any specific
challenges posed by the addition of this new virtual commodity.

17. The Joy at Zcash!
▪ We at the Zcash Company believe that privacy and
confidentiality are part of the foundation of an open
and democratic society.
▪ Privacy supports societal values such as human
rights, political freedom, financial inclusion, and
economic opportunity.
▪ These are values that we share with the regulators
of countries like USA and states like NewYork.

18. Privacy
▪The t and z addresses
▪Blocking of Signals

19. Privacy
▪The t and z addresses
▪Information

23. Payments
▪Bitcoin P2P Decentralised Payment
▪Japan has a free global payment system
▪Low Marginal Cost
▪Transparent, Instantaneous and requires
no trust among intermediaries of Peers
▪2008 Crisis

25. Piece of the Action
▪Lithuania

30. Peace of Mind
▪Systematic User Innovation versus
Rebellion
▪Sustainable new business models
▪Expansion beyond existing customers

38. There is an old axiom in economics called Gresham’s Law, which is loosely
interpreted as “bad money drives out good”.
We must work together – regulators and the crypto industry – to make sure
that bad money does not take hold.
And that a new generation of crypto tokens emerges, that harnesses the
potential of blockchain technology for social good while mitigating the risks
today’s tokens pose.
This is a future worth securing and I hope that some of the talents gathered
in this hall will help to make it happen.

40. The Four Ps
▪Privacy
▪Payments
▪Piece of the Action
▪Peace of Mind

41. Conclusion
▪ Fintech Innovation must lead to new business models and
serving new customers
▪ Financial stability, consumer protection and literacy remain
the most important
▪ The joy is to see the use of new decentralised technology with
bottom-up user innovation leading to sustainable and
inclusive growth.
▪ Hopefully, the four P’s will be the driving forces in a fast
moving AI dominated world!

42. Eventually, everyone will be a bank and
everyone is an exchange.
Self regulation, if decentralised, is about
individual actions of untrusted parties
forming consensus.
It is going to be a bottom-up innovation
exercise.

43. The Joy of Blockchain is about
privacy that maintains the ability
of making independent decision!