“The open-source nature of public blockchain protocols, combined with intrinsic mechanisms to break down monopoly effects, mean that the vast majority of this economic surplus will accrue to users. While tens or perhaps hundreds of billions of dollars of value will also likely accrue to the cryptoassets underlying these protocols and therefore to investors in them, this potential value will be fragmented across many different protocols and is generally insufficient in relation to current valuations to offer a long-term investor attractive returns relative to the inherent risks. The one key exception is the potential for a cryptoasset to emerge as a dominant, non-sovereign monetary store of value, which could be worth many trillions of dollars.”
John Pfeffer
We want to sincerely thank Max Tertinegg for contributing to this chapter. Max Tertinegg is the CEO and founder of Coinfinity. Coinfinity is one of the largest cryptocurrency brokerages in Austria. Recently, Coinfinity was the first company to successfully complete a transaction using the Lightning Network on a Bitcoin Automated Teller Machine. In addition to managing Coinfinity, Max is a Bitcoin activist and musician.
This chapter features a sneak peek into the life of the CEO of Coinfinity and advisor to the Crypto Research Report, Max Tertinegg.
1.) How did you get into the crypto space?
I heard about Bitcoin in 2011 in a Podcast and was fascinated by the idea of a non-governmental form of money. To be honest, I thought about Bitcoin as just a purely idealistic concept without any real-word relevance and did not expect it to grow that fast. But here we are now …
2.) What does your business do?
We are a cryptocurrency broker, helping people buying and selling Bitcoin and other cryptocurrencies. Also, we consult on the topic of blockchain technology.
3.) What is the competitive advantage your company has over other firms in your industry?
We focus on customer service and try to help people getting into this new space safely and with caution.
4.) As a crypto broker, what is the most challenging part of your job?
Keeping up with the enormous pace – the crypto scene is developing very, very fast.
5.) Some investors claim that high-frequency trading and intermediary markets exist for cryptocurrencies. Do you think that exchanges manipulate prices on a small scale so that limit orders are executed, which generates handsome transaction fees for the exchange?
I’m pretty sure that crypto markets are manipulated by one player or another. But I guess that’s the case in any market without too much regulation and is something that can’t be avoided.
6.) What is the biggest opportunity for young entrepreneurs who want to make a successful business in the crypto space?
Having a mindset advantage over other players in the market who still think that crypto is just a fad that will go away at some point.
7.) What is the biggest threat to the crypto space?
Internal risk (technological and political obstacles, e.g., the block size debate) and external threats like over-regulation or potential prohibition of cryptocurrencies. But I’m pretty optimistic that all these threats won’t stop Bitcoin and other cryptocurrencies.
8.) Where will the sector be at the end of 2018?
Many banks and traditional financial players will be active in the space. We won’t have mainstream adoption yet, but cryptocurrency users will be in the hundreds of millions.
9.) Where will the sector be at the end of 2025?
It will be ubiquitous – like the Internet today.
10.) Do you mind telling us what coins you like most at the moment?
Bitcoin and Ardor.
11.) During your career as a crypto broker, what were the strangest and the funniest things that happened? Please give us a story.
People have to fill in their Bitcoin address on our web platform when buying Bitcoins from us. It was a funny moment when a customer in our office tried to put in his postal address and then complained that the form won’t accept it.
