DAA Manager Insights: Steven Reynolds
The Chinese general Sun Tzu said that “All men can see these tactics whereby I conquer, but what none can see is the strategy out of which victory is evolved.” This principle is aligned with the achievements of our DAA manager Steven Reynolds, from the tokenization of his GEM DAA to his fascinating predictions for 2018.
Many common sayings apply to both the military and to finance, from decision-making to making sacrifices. Tell us how a former US Army officer got involved in the financial services industry and the crypto world. What would you outline as a financial edge the army gave you?
I separated from the military in 2004 and was given the opportunity to put my experience in operations to work with a startup focused on assisting clients in obtaining economic security through traditional financial products.
What I discovered was that clients are similar to soldiers in that if you treat them with respect, ensure that their needs are met, and act in their best interests, you can build relationships that matter.
It was those relationships that led me into the crypto world after a former employee introduced me to this “crazy” thing called Bitcoin. I bought some bitcoin early, and sold way (way) too soon, but the technology fascinated me, so I stayed abreast of projects and developments as the technology matured. Up until 2016, I had considered crypto-projects a hobby, but my friends and family recognized the value in what I was doing and began to ask me how I could help them. It had not occurred to me that I could do what I love and make it a business at the same time, and I began to explore ways to make that happen. It was during this phase that I discovered ICONOMI and fell in love with its vision. Here was a platform where I could do everything my friends and family were asking of me without having to hold custody of funds, where I could focus on what I loved doing and still provide a valuable service.
Recently, we have seen quite a few countries stating that they will create their own cryptocurrencies. What effect do you expect this to have on Bitcoin and other cryptocurrencies that are meant for value transfers and payments?
I am a strong believer in the crypto ecosystem, and I view government-backed crypto with extreme skepticism. That being said, a fungible token that gives the average investor an easy onramp to crypto can only benefit the entire space.
Your GEM DAA focuses on projects that will bring financial services to the unbanked and other financially disconnected communities of the world through credit, cashless transactions, identification, and other projects with ancillary effects. The projects you have included in your DAA will have a huge effect on our society. Do you believe those projects will also have the highest returns when it comes to cryptocurrencies?
The entire crypto space is the internet in 1990, when you may have known one person with an email address. There was no Google, and there was certainly no Amazon. The reality is that most of the projects in crypto are going to fail, but I believe the projects I have included in GEM have the greatest chance to succeed in their missions to change and disrupt. Every single project has implications for the way people use, exchange, and think about value. I fully expect a few of the projects in GEM to become companies that bring significant returns to early adopters and investors.
Your mileage in crypto is almost ten years. With your excellent understanding of trends and crypto dynamics, what do you expect in 2018?
I fully expect 2018 to be the year of the privacy coin and of high-quality Chinese projects. With unstable regimes and uncertain regulatory environments, the demand for privacy in digital assets will continue to grow. I expect the demand for blockchain technology and solutions to explode in China over the next year as the Chinese government provides clearer guidance regarding tokens, technology, and ICOs.
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