Public Market CEO KJ Erickson Discusses Her Journey Into Crypto with CoinBundle CEO Saad Rizvi
Check out the video below or scroll down for select quotes.
The Big Question // “Is there a way to break the mass corporatism in the few, but extremely powerful, monopolies that are dominating the entire economic environment, raising prices for everybody, making it harder to get buy as a normal person?”
eCommerce v. Commerce // “eCommerce sounds niche, like just another industry. But remove the ‘e’ from that, we’re talking about Commerce, we’re talking about most of the economy. Many other industries are just contained inside of Commerce and eCommerce is rapidly eating regular Commerce. In 10 years there will cease to be a meaningful distinction. And probably even the stuff you buy at the corner still will actually be bought online.”
Marketplace eCommerce — the Status Quo // “Amazon cares so much about you believing that they are the cheapest place to buy something. However, when they’ve got these commission fees that the sellers are inherently adding to the cost of their good, they’re not the cheapest place. If I knew I could just go to your website and buy a $10.00 book for $6.00, I would do that.”
“Amazon knows that and so they put in their seller contracts these clauses called ‘price parity’, which says that if you want to sell on Amazon and get access to buyers, you can’t seller cheaper anywhere else. That’s how Amazon is maintaining the illusion that they’re the cheapest place to buy from.”
Introducing Public Market // “How do you take the advantages of the network effects that made these platforms really powerful [and] maintain those advantages for consumers while removing the opportunity for any part of the marketplace stack to be monopolized. It’s the monopolization that drives these outsized rents that lead to higher prices for consumers.”
“We’re taking all the data sets that lie under the hood of a private marketplace and recreating those in an open, transparent, public format. We’re building network effects in a way that provides consumers with value, but we’re doing that outside of a private corporation and we’re allowing anyone to build on top of those network effects or take advantage of them.”
Blockchain, put simply // “You think about a world where we were just playing each other in physical cash or coins. We always knew who owned any particular coin — whoever has it in their pocket. Once we entered a digital world, we lost the ability to track a digital item. Blockchain has given us a way, without using an intermediary, to know who has a digital asset, or who has a dollar bill, or who has a coin. And also where has that dollar bill or coin been in the past? All in a way that you know you can trust…”
Evaluating cryptocurrency investments // “Crypto is a very high-risk assets class, no matter what. I think that using very similar principles to old school investing — paying attention to the team, paying attention to the product, their skills, who else is backing them, and the trustworthiness of those sources, and their progress. I think that one of the ways you see how young this industry is the fact that so many teams are raising so much money without delivering a product, just on a white paper. I’m a big believer that you can’t judge something until you see a team actually ship.”
Original story published on CoinBundle here.