WCN Episode Summary: Josh Scigala from Vaultoro (2015-03-12)
This segment features Josh Scigala of Vaultoro, a new Bitcoin exchange, discussing the critical need for transparency in the digital asset space following market collapses. Vaultoro aims to address the lack of trust by integrating radical transparency mechanisms with physical gold storage and trading.
Main Topics:
* Transparency in Exchanges: Vaultoro addresses industry opacity by providing real-time Bitcoin gold price discovery and utilizing publicized code wallets and audited records for user holdings.
* Gold as a Store of Value: The discussion emphasizes locking in value using physical gold, comparing its nature to Bitcoin.
* Gold Trading Mechanism: Vaultoro facilitates buying and selling gold, offering a highly secure service likened to "Bitstamp for gold."
* Security and Auditing: Gold is stored in Switzerland, benefiting from high security, insurance, and auditing by BDO.
Key Quotes:
* "Both Bitcoin and gold are 'spent into existence,' unlike fiat currencies which are backed by debt."
* "Vaultoro addresses the lack of transparency in existing exchanges."
* (Analogy) "Bitstamp for gold."
People Mentioned:
* Josh Scigala
* AnnaKNonE (Interviewer/Host)
Bitcoin Price:
* Not mentioned.
Summary:
Josh Scigala introduced Vaultoro’s mission to build a highly transparent platform, contrasting it with the failures of existing exchanges. The service allows users to buy and sell physical gold, which is stored securely in Switzerland and audited by BDO. Vaultoro’s commitment to transparency is evident through publicized code wallets and auditable records. The core argument presented is the superior value proposition of Bitcoin and gold, which Scigala argues are "spent into existence," unlike debt-backed fiat currencies. The platform provides a secure, auditable mechanism for users to hedge against currency instability by utilizing physical gold.