The US Dollar and Volatile Crypto as Stores of Value

Transcript

but good okay I have this prepared oh yes oh hello right um I have this prepared and as usual I will prop is it that way or that way um that way okay I have this prepared I'll probably deviate from it um right in 1997 Southeast Asia was hit by a financial tsunami in a matter of weeks the Malaysian Ringgit and the Thai Baht lost about 40% of their value in Indonesia the Indonesian Rupiah

lost over 80% of its value banks closed businesses closed those banks were not bailed out people who had done what their parents told them to what we'd all been taught to do you know study get a job save up buy a house and so on they found all of their plans were being dashed people who'd sent their kids or were planning to go overseas to study suddenly couldn't and this left a big impact on the people of the region we've seen similar things in longer timescales in places like

Zimbabwe in Venezuela and it's always a big problem now affluent people although wonder uh I would like sorry I press the wrong thing okay so okay so in Malaysia let me give you a kind of profile of the people of the region approximately half of the population only have cash savings they are not looked at yo

they do not have access to any kind of investments any way of preserving what they have saved the affluent of course in every society have kinds of means of saving ways of preserving their wealth and one of the biggest ones of these is gold right now in after after the financial crisis one of the cofounders of hallow gold was the chief financial officer of the World Gold Council as a result of his job he had oversight of Spyder gold

which is the world's largest gold ETF and he could see firsthand how institutions and the affluent were able to put their money into gold to preserve their wealth during times of crisis and he was able to see how that happened - through the 2008 financial crisis and from that we developed the idea of bringing that down to a micro level for ordinary people to preserve the money that they have managed to earn so we developed a product and it is a mainly a traditional

product it is not a huge block it's not a big block chain project it uses banking it uses a wallets and things like that to allow ordinary people to buy fractionalized gold from as little as 25 cents one malaysian ringgit or i think is about 2500 time but the fees are very small is based on mobile so that it's accessible to everybody we partner with trusted brands so that our credibility can be maintained and with this we are building on a range of

financial services for ordinary people now it's been a survey by the Malaysian National Bank very recently said that in an emergency the average Malaysian cannot get access to even 200 US dollars so these are the problems that we are trying to address we have at this point nearly 40 thousand savers who are saving with hallo gold right we have a smart saver program so that people can get into the discipline

of regular savings because it's very difficult selling financial prudence to anybody and especially those who don't have much money so that is background to what hallow gold is doing and while there is some blockchain technology in there I'm not going to talk about that what we also have is gold X which is an ER C 20 based token backed by physical gold vaulted in Singapore it is it legally the gold legally belongs to the person who owns the tokens it's fully insured I'm fully audited and we launched this

in 2017 and it's had exactly the amount of success that we expected which is very little and basically in the crypto space I see two kinds of people the people who go do some work get paid in crypto but it's not their main income so they just hold it and then there are the people who trade right and they're looking for margin trading here there and everywhere and neither of those kinds of people are gonna put anything into gold right right and digits for a bigger name although we launched first I found exactly the same

problem and to be honest it doesn't really worry us because it's not our main business right we are looking to help average people in specific countries where we have legal legally registered operations but one thing that is kind of important to me and I'm a coder I'm not a marketing guy is that I have been involved with youth if they're in communities since late 2015 in this community I have met a lot of great projects I've seen people who you know some of these projects are us-based

some of them are international and you in my view if you have raised money for a project you are trying to achieve a specific goal saving keeping that money in ether is not a particularly good thing to do as the roller coaster ride since late 2017 up until now or even in the last week or two since Corona has been getting bigger it's showing very well that you cannot do any kind of financial planning based

upon crypto if your project is not us-based I would also say that probably the US dollar is not the right thing for you and so based upon the fact that I have close ties to the theorem community and I got close ties to a lot of the blockchain for for social impact projects in this hearing community we would basically like to ask can we help you we have tokenized gold in ERC 24 we have also done work on ERC 72/1 tokenized

equivalent to gold bars we have we are a legally registered entity so we can have legal contract contracts with anybody that wants to put some of the money they have raised into gold the gold is faulted in Singapore in an internationally-recognized vault the gold is always in emp1 kilobars and you get extremely good prices on it so if anybody is interested in of the funds that you have raised for a

social or financial impact project into gold to preserve the value right I'm not pushing it but we're here to help if anybody would like it that's it if anybody has any questions I'd love to try to answer them that's too many questions we have cashews Oh it's more like an opinion question um

don't you see the education crypto as a community's doing towards lots of key slaughter coins and posing a problem for please buy our we promise I owe you gold storage um not really I'm very much pragmatist I think I think that if you have launched a project to achieve a particular purpose you use anything you can to achieve that purpose I totally understand that point I have been in crypto since 2014 I have worked on other blockchain projects before this I told I totally understand that right in my view

you use blockchain where it is appropriate to achieve what you want to write in turn in terms of the in terms of the tokens we will design a token to do exactly what you want it to from that point it would be your tokens but you would sit but obviously being asset based it still has to be linked to something in physical storage but there again if your project is shifting grain across Africa equally something on the blockchain is linked to the grain moving across Africa right so your youth yeah

so I mean the my my main point is that blockchain is not a religion right you use it where you can use it to have the kind of transparency that you want I and if we can work with you great and if you you know if you feel that it's not suitable we're equally good with that we're just trying to offer an alternative because you know in our view these are very trying times can add something because I was thinking it might be just like a brain fart or something and but maybe for capital or capital safe-haven um

maybe a derivative market might be interesting where you basically just follow the price of goat through the central circles and the busting of a bank doesn't really influence and the asset base so to speak um well you can um we wouldn't be able to help you with that okay hello gold is based in Malaysia one of we are about to move into Indonesia these are both Muslim markets and we have to be Shariah compliant we cannot sell you any kind of derivatives we can only sell you what is physically there I want to

if you want to go further and maybe [Music] propose something in the real estate or do you want to only aim gold if you want to talk about a hallow gold business we already have think we are already planning to go beyond that to offer a wider range of financial services you know targeting the same people who do not have access where basically the banks aren't interested in them real estate yeah possibly at some point you know with where I believe we're already looking at insurance is one thing there are some other financial products if you

and if you've got some something you'd like to propose to as well come and talk to us yeah yeah we may may please anyone else oh great hi thank you very much you