Incrypted Kyiv Meetup #2. Key Highlights
The GNcrypto journalists recently had the opportunity to attend the grand Incrypted Kyiv Meetup #2 in Kyiv. Here’s our take on the event with some exclusive insights.
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The event consisted of several parts and venues:
- A panel discussion about the legalization of digital assets in Ukraine.
- A presentation by Vlad Nozdrachev (Superludi).
- A panel discussion on crypto startups.
- An influencers panel.
- A shock quiz and an afterparty.
Incrypted Kyiv Meetup #2 Stage Source: GNcrypto
Crypto Regulation in Ukraine
The topic of cryptocurrency industry regulation in Ukraine was addressed by hosting key figures, including Alex Bornyakov, Deputy Minister of Digital Transformation of Ukraine; Maksym Libanov, Commissioner at the National Securities and Stock Market Commission (NSSMC); and Peter Bilyk, Chief Innovation Officer at the legal firm Juscutum.
The discussion was notably intense and engaging due to the contrasting positions held by the Ministry of Digital Transformation and the NSSMC on this matter. This divergence of perspectives caused a delay in the completion of the legislative project aimed at implementing the European MiCA regulations. For a more comprehensive account of this part of the event and an update on crypto regulation in Ukraine, please refer to our dedicated article.
Panel Discussion on Crypto Regulation in Ukraine Source: GNcrypto
The Crypto Industry's Missing Links
Vlad Nozdrachov, with his background in advertising and marketing, provided a unique perspective at the event. Not being a dedicated crypto enthusiast like most attendees, he offered an outsider's insightful view on potential challenges within the crypto industry.
Drawing from user statistics, he underlined that the cryptocurrency market is currently positioned in the innovator stage, akin to the initial developmental phase that emerging technologies commonly experience, and blockchain is no exception. This observation may seem somewhat surprising, especially given that almost a decade and a half has passed since Bitcoin's introduction. Nozdrachov postulates that this perception is influenced by how the industry is portrayed. It's not uncommon to come across anonymous individuals sporting hacker-style avatars or encounter sellers promoting dubious training, inadvertently associating the industry with the darkrnet.
Vlad Nozdrachov at Incrypted Kyiv Meetup #2 Source: GNcrypto
He suggests that another challenge lies in developers often creating products that appear overly complex, cryptic, and lacking a user-centric approach, neglecting crucial elements such as user experience and product accessibility. Therefore, Nozdrachov recommends that crypto startups start by clearly defining their problem-solving approach. Subsequently, they should prioritize establishing a compelling brand identity, emphasizing transparency, cultivating open communication within their community, and striving to build a strong and reputable image.
The Team Is Key to Success
The panel discussion on crypto startups featured representatives from diverse initiatives, including HAPI, ScamFari, Trustee, Stroom Network, UACatsDivision, and Majinx.io. They explored the fundamental question: How are startup ideas born?
Mister from HAPI playfully offered a unique tip, suggesting that great ideas often flow during a shower, citing the stimulating effect of hot water on blood circulation. However, he stressed that the core of startups isn't merely the idea itself but a strong and cohesive team.
Mister at the panel discussion on crypto startups Source: GNcrypto
How Much Funding Do Startups Need and Where to Get It?
The answer can vary, depending on your growth goals and target user base. Startups often aim to secure as much funding as possible, as mentioned by one of the panelists in a recent discussion.
On the other hand, Kseniia Zhytomyrska, CTO at Trustee, argues that money isn't the be-all and end-all. She shared how their venture was initially funded through personal savings and support from a single ‘angel' investor. Despite limited funds, they achieved profitability. Having too much capital can sometimes hinder your drive. It can lead to complacency and a false sense of success, which may not reflect reality.
Do Startups Need Their Own Token?
Surprisingly, for founders, managing a token can be more of a hassle, as it involves maintaining its liquidity, which can be extremely challenging for an unknown project. Therefore, the creation, development, and launch of a token is something startups often view as premature. However, as the company grows and gains market traction, introducing a token could become a strategic decision down the line.
Will Spot Bitcoin ETFs Boost the Market?
At the conclusion of the event, attendees had the chance to ask questions to three well-known crypto influencers: Kostia Kudo (Cryptology), Cryptomannn, and Ihor Tunik (ELRMCF). Naturally, many were interested in their thoughts on the potential approval of spot ETFs.
Kostia Kudo noted that in Canada, such exchange-traded funds have been available for over two years with minimal impact, aside from a slight increase in market liquidity.
Can Artificial Intelligence Replace Traders?
Cryptomannn expressed skepticism about the possibility of complete replacement. However, he believes that this technology could serve as a tool or assistant. When it comes to analyzing extensive data sets, the “iron brain” outperforms humans. But in terms of making decisions, considering market sentiment, and, most importantly, being accountable for those decisions, that responsibility still rests with the trader.
Ihor Tunik, Kostia Kudo and Cryptomannn at Incrypted Kyiv Meetup #2 Source: GNcrypto
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