Building on the Blockchain

Published on
August 3rd, 2017
51 minutes

Building on the Blockchain

Cypherpunks beyond Bitcoin ·
Featuring Joey Krug

Published on: August 3rd, 2017 • Duration: 51 minutes

Joey Krug is one of the most exciting young developers in the cryptocurrency space, as the founder of online predictions market Augur, which is the one of the first major applications on Ethereum. Joey sets out his vision for the progression of digital currencies, building for the Blockchain and where the future opportunities will emerge, as well as how millennials will view the next generation of banks. Filmed on July 10, 2017, in San Francisco.


  • MS
    Matt S.
    8 August 2017 @ 17:34
    If anyone is wondering where the volatility is these days that is so lacking from traditional markets... look to the crypto-markets. There be money to be made in the Wild West, who cares about the future of blockchain right now! (it's probably an invention of central banks/the Pentagon anyway, they chose to release it in 2009 just after the writing was on the wall about how screwed the existing financial system is - it's quite a coincidence that as all world governments are in huge amounts of unpayable fiat debt, huge financial crashes are now inevitable, people are globalised and old transaction methods are too slow and cumbersome, that governments world-wide are trying to eradicate cash, that having secrets and payments outside of recorded systems is so frowned upon now, that "transparency" is such a buzzword.... as all this is happening, a mysterious man releases for free to the world the concept of the blockchain, aka, digital money)
    • bs
      bob s.
      21 January 2018 @ 14:39
      so the gov't is smarter then the private sector? Interesting they choose a decentralized uncontrollable market to roll out...
  • cc
    colu c.
    24 September 2017 @ 15:14
    Also e.g. these stuff aren't real yet. I invested in the Augur ICO in 2015 and am still waiting for the product.
  • cc
    colu c.
    24 September 2017 @ 15:13
    Great interview. As a Crypto person myself I have to say Joey is slightly bullshitting the interviewer at some points. No wonder things are so bubblly
  • AL
    Alex L.
    3 September 2017 @ 23:01
    Auger sounds pretty interesting, but I still have yet to hear a convincing case for how Ethereum is going to scale to process 50-100 thousand arbitrary program executions across millions of nodes per second.
  • SS
    27 August 2017 @ 03:11
    Truly phenomenal interview Mike.
  • RD
    RP D.
    19 August 2017 @ 20:25
    Great Interview. Awesome interviewer. Thanks for the awesome concept-wrangling Mike!
  • AO
    Alex O.
    19 August 2017 @ 14:43
    This guy is my hero. Also i predict that he is going to get to know some Federal Agents, a few jidges and a lot of lawyers names in this venture. That being said when does it go love I would support t
  • AE
    Aleksey E.
    13 August 2017 @ 08:58
    Very big fan of Mike's interviews, great questions & discussion points, keep it up !
    • JL
      Jordan L.
      16 August 2017 @ 03:29
      I couldn't agree more. Now we just need to get him on Twitter.
  • JS
    John S.
    7 August 2017 @ 22:36
    Keep the crypto/blockchain videos coming please. This is the future.
  • JD
    Josh D.
    6 August 2017 @ 21:28
    All options will move to a platform like this eventualy
  • TH
    Thomas H.
    5 August 2017 @ 02:13
    It is just a matter of time before the government steps in to control this. Too much chance that there will be fraud.
  • GC
    Gary C.
    5 August 2017 @ 01:16
    but was rewarded a PhD. Looking at slim viewing interest, could be a contrarian bet.
  • GC
    Gary C.
    5 August 2017 @ 01:14
    Agree with Elizabeth that MG did quite sensitive job questioning Joey with genuine curiosity. It reminded me of oral board questioning to get an advanced degree....he was sitting for a Masters......bu
  • KJ
    Keith J.
    4 August 2017 @ 15:04
    I agree with some of the comments below about the betting use case. I suppose there may be some advantage of decentralization over, for example Betfair, in that the commission on winnings could be reduced. However Betfair typically offers better odds than the other online bookmakers, yet the others are still making millions. Logically these should have been killed off by Betfair as it grew and became more efficient with higher volumes etc. So while augur may theoretically be better than both, other things like marketing and the user experience will be more important. I would not fancy my chances of playing the explanation of reputation in a Dundee betting shop and emerging without getting a slap. I'm not convinced the advantage of decentralization is important to 99% of the user base. The same could probably be applied to cryptocurrencies in general. It is clear to me that the mainstream banking cartel are going to fight back against its adoption. I am UK based and was recently told by my bank to stop using my account for transactions on crypto exchanges or it would be closed. This is not mentioned in their terms and conditions and HMRC have published guidance so the profits I have made will be subject to income tax, last time I checked governments do not collect taxes on illegal activities. Now I effectively have an asset which I cannot sell, thus denying the government tax revenue. There are so many vested interests everywhere from visa and mastercard to anti money laundering compliance officers who would like to stay employed. Will there be a killer app that is a game changer? Personally I think some sort of systemic issue with the mainstream system has to happen first to drive widespread adoption. Nevertheless an extremely smart young man and an interesting video. Hope this series will continue.
  • SR
    Steve R.
    4 August 2017 @ 05:00
    Young kids 'playing with tech' trying to solve problems that don't exist before they eventually grow up and get real-world jobs, just love it! Ever seen the film Surrogates with Bruce Willis? And this is how this generation want to end up? Seriously? I can see a massive 'human cost' to all this tech in the decades to come and it does look good.
    • CH
      Colin H.
      4 August 2017 @ 09:15
      The kid got a Thiel fellowship
    • KS
      Kim S.
      4 August 2017 @ 12:32
      It will be interesting to see where this ends up. I was thinking when he mentioned the names of some exchanges that they are treating crypto like 1 big video game. I think there are lessons to be learned on both sides.
  • GG
    George G.
    4 August 2017 @ 11:41
    The chasm between the 20 somethings and the 40+ somethings is still pretty wide but narrowing.. I am betting on the former. I wish the guest had talked about more than Auger .. There are some pretty interesting alt coins although most are junk. But alt coins are to 2017 as bitcoin was to 2009. This new way of funding startups has already affected the VC players by allowing all to risk not just the few professionals and the startups keep control of their project/business .full disclosure I am invested in POPULOUS. ..thank you RV
  • PN
    Paul N.
    3 August 2017 @ 23:38
    Blockchain startups should be facing alot more criticism than they do. I'd be asking: 1. Why does their project need decentralization? Are they afraid that their delivery service/prediction market/social media app/etc will be censored by a government? 2. Why do they think their project is decentralized when their entire system is controlled by a single company/team anyway? Looking at you ripple, augur, civic. If a government did want to censor it they could. 3. Why do they think their system is more efficient than a centralized one? The scaling issues of blockchains should make it pretty clear the systems arent efficient by design. They trade efficiency for censorship resistance. 4. Why does their project need a blockchain? Without proof of work mining it isnt immutable. Existing database tech works fine for most privately controlled databases. 5. Why does their project need a token? Most will argue they need to fund development, ignoring the fact that the most successful blockchain in the world (bitcoin) is a free open source software project. Others may argue they dont want exposure to bitcoins volatility even though their token is orders of magnitude more speculative and illiquid. 6. Why do they think their token, being issued or presold by a company, is not a security and subject to the securities laws of every major jurisdiction? 7. Why are smart contracts better than legal ones? There are a million factors that can change the circumstances of a contract that a program cannot account for but lawyers and courts can. And unless the parties remain anonymous, they can use the existing legal system to overturn a smart contract anyway.
    • PN
      Paul N.
      4 August 2017 @ 05:46
      "There are a lot of scammers in this space who don't know they are scammers yet" - Riccardo Spagni
    • GM
      Gavin M.
      4 August 2017 @ 10:51
      Good points Paul. In answer to 4. smart contracts are in theory much more efficient and reduce costs significantly compared to 'regular'/legal ones, since they can automate the execution and enforcement of contracts under pre-defined 'if then' scenarios. The exception scenarios can then be resolved by offline/legal arbitration if required. Currently an if then scenario could be true in a legal contract, but one party can refuse to uphold their end, so further legal enforcement action and costs are required. I don't see them as completely replacing offline/non token based legal contracts, just complimenting the process.
  • PS
    Paul S.
    4 August 2017 @ 01:51
    Augur 'coin' valued at $192 million down 50% from highs Can someone please make a value case for this?
    • js
      jacob s.
      4 August 2017 @ 03:54
      it's crypto.
    • js
      jacob s.
      4 August 2017 @ 03:54
      it's crypto.
    • js
      jacob s.
      4 August 2017 @ 03:54
      it's crypto.
    • CM
      Carl M.
      4 August 2017 @ 10:46
      We get it, it's crypto but what's the value case for it?
  • CH
    Colin H.
    4 August 2017 @ 09:03
    Whizz kid. 22 years old? He seems mature for his years. Interesting interview.
  • JB
    Johan B.
    3 August 2017 @ 21:01
    How interesting to have a clever young persons opinion on RV!
  • EL
    Elizabeth L.
    3 August 2017 @ 15:19
    Very informative look into the digital thinking of the millennial generation. Mike I feel you did a great job in building a bridge from the "physical" conceptual/reality world and the new digital conceptual world. I wonder how much more we will be living in a digital world in 10 - 20 years from now. Joey, you did a great job in this interview. Thank you.
  • PU
    Peter U.
    3 August 2017 @ 13:20
    Apple's net cash is approx $150B. Let's look at it net of debt as Apple recently raised >$100B.
  • PU
    Peter U.
    3 August 2017 @ 12:28
    good interview. The explanation of how Augur works and for that matter all of the new digital "currencies" seems like a complicated instruction manual on a popular board game, requiring many months to play before you get it correct.
  • PN
    Paul N.
    3 August 2017 @ 11:49
    Paul Sztorc, the original creator of decentralized prediction market platform Truthcoin, has written a long detailed criticism of the Augur project which can be found here. Seems like the history between him and the Augur team is not good at all: