Cryptocurrency

Manuel Alejandro Flores: The law FinTech Mexico does not work

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Undertaking is always difficult, but the dynamics of the startups are already known. The capital of risk have tools to assess and diagnose in that stage is a venture and what are the necessary steps to take to prevent problems in the future.

The projects focused on solutions that use the technology that is the basis of the cryptocurrencies present particular characteristics that give them a set of completely new problems. The ecosystem is newly maturing, the capitals are losing the fear and the entrepreneurs should learn the most important lesson of all: Blockchain is not the answer to all the questions.

Content

Bitcoin or blockchain. Other uses of blockchain. What Blockchains permisionadas? With what do you eat that? Recent endeavors in Mexico. What a ICO? Let’s be serious. Digital identity and medical records. The problem undertaken in crypto. Generating solutions or creating problems. Funding ventures, crypto, or What phone you use your banker? Contracts not smart. The beta of the votes in the blockchain. Academic certificates in blockchain. The Law FinTech in Mexico. As the scamers get aggressive. The startups are not solving real problems. UX and UI, the eternal absent in solutions usability in crypto. Undertaking in times of COVID. The importance of the communities.

Notes of the episode

A preview of what you’ll find in this episode:

Elena: The first thing that I want to ask you, is the classic: what Bitcoin or the blockchain?

Manuel: I here think that I go very hand-in-hand with the response that you gave Tomás Alvarez makes a few interviews, where Bitcoin would be the most important part, and blockchain should be something added to wine to stop Bitcoin. But, however, there if I am a little more flexible since some time, because I’ve always been quite maximalist, but I’ve become more flexible and I think that we can also see cases where the blockchain can reach out to serve for something more.

Elena: Ok. Then, the next question is: what Altcoins or Shitcoins?

Joseph: Interesting.

Manuel: Altcoins, definitely.

Joseph: Aha, we will delve into the first thing that you answered. What do you think you’ve become more flexible with regard to what to blockchain? what do you find most useful? I don’t know if beyond Bitcoin, or even of the cryptocurrencies.

Manuel: Really, because as you know, technology will always have different types of uses. Initially, as Bitcoin comes to us for what has been a decentralized economy, but as has been advancing the time, for we have seen that lack to provide a little more tools that can be supplemented with more uses of the blockchain. Already we see a bit more what comes to be the finance decentralized, they still need a long way to go, but there it is advancing little by little. After is what comes to be the digital identity, the access to private data. For example, there is the startup access to genetic data by means of blockchain, and other things that are out there has been seeing we could have some uses quite interesting.

Joseph: Ok, ok. Here I would like to differentiate some blockchains. Does that apply both to the blockchains public open permissions, such as the blokchains private permisionadas? Or do that for you because it is not blockchain, as for many?

Manuel: No. Well, a blockchain permisionada comes to be practically a clone wanna be of blockchain (laughs)

Joseph: Yes (laughs)

Elena: (laughs) A database, let’s say it clear.

Manuel: Yes, I have even, within my community, people who work directly with DLT’s and other companies as Accentureand , well, very commonly have that encounter of itself really a DLT is a blockchain, yes blockchain is actually within the DLTs, and others. But to make it a bit more maximalist the matter, I believe that in the end, if you do not have a token and an economy that makes people unable, or not encouraged to attack the system and cheat others, because they do not have much sense to call it blockchain.

Joseph: I understand.

Elena: And of all the things that are coming out now, to see, you have a background quite important on the subject of ventures, and I imagine that there must be a significant overlap with the endeavors aimed at the cryptocurrencies. Everything that is coming out lately what you see interesting? what is there that we see the future?

Manuel: What’s the level of Mexico or international level?

Elena: If I could say to the international level would be the lid of the jar. But in the end, you bates copper in Mexico. so I don’t know where you have got more data.

Manuel: Well, in Mexico I would really like to say it is going well. But really, being realistic, we’re not going so well as many times it is said in the media. Lack still so much to delve into really the principles, where it really is useful. There is still plenty of hype in tokenize anything and others. But, in what comes to be, virtually the last year, yes I have seen that it is advancing a bit more, which will make the projects more grounded, no longer aware of tokenize anything and make a ICO. Projects as such

Elena: Since the ICO we’ve overcome a bit in the market.

Manuel: Yes. But no, here not so much. Wherever there are still many people willing to throw their ICO, but hey, it’s something that is going to mature isn’t it?

Elena: Gives the feeling that they have such a bad name that companies that are serious, that is seen to be serious, forget about the ICOs and already, we’re going to do it any other way.

Manuel: Exactly, yes. It really is like a indicator also. If it is a serious business, usually you are going to give back to ICO.

Joseph: Well, that is just what is happening, what they are doing otherwise. A ICO launched by a house of change, a ICO launched by a specific person, in which the person can direct his life by tokens and so on. So, well, it’s not like he has lost the habit.

Manuel: (laughs) Well it is.

Elena: Well, like there always is. For example, I’m thinking Telegram at this time, I don’t know why I came to mind that example but, in the end, things than one, like to flip it, because the idea of the ICO was a good idea. The idea that the owners put skin in the game, have the skin in the game. And well, that people who are interested to establish things, but it would be like a thing between a DAO and the one who put the materials. In the end, here I am rambling isn’t it?

Joseph: Yes.

Manuel: Aja. The problem is that you never established really what was the duty of those who created the ICOs. Then it was simply was a token to collect funds, a crowdfunding as such, and there was nothing really to the end user that was buying more than the token, which in the end was no good for anything.

Elena: That is, there is no way to iterate that idea. There is No way to say, “Well, ICO but 2.0”

Manuel: There have been certain proposals where there are already a few more controlled, in which the investors themselves can decide, “you know what? I’ll allow the creators of the ICO to withdraw so much money to move forward in the next Timeline of the project”. This has been a good step forward. But so far has not materialized no progress implemented on a mass scale.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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