Originally posted by Cromwell Schubarth, Senior Technology Reporter-Silicon Valley Business Journal:
Tony, CEO of Korbit, pitches to 3 generations of the Drapers at beGLOBAL
Bitcoins prompted an interesting exchange between three generations of Silicon Valley's prolific investment family, the Drapers, at beGLOBAL last Friday.
Boost VC incubator Co-Founder Adam Draper is an unabashed enthusiast of the virtual currency. His dad, Tim Draper of Draper Fisher Jurvetson, is a dabbler in bitcoin startup investing. But grandfather Bill Draper of Draper Richards is apparently not at all a bitcoin fan.
The Drapers appeared at beGlobal, a Korean entrepreneurial conference, where they spoke about their experiences in Asia and views on the state of startups and venture.
But after Adam called bitcoin "the closest thing to an international currency that we have" and boasted that he considered a subpoena last month by New York banking authorities "a badge of honor," the elder Draper leaned over with some advice.
"Don't be the first Draper to go to jail," he said.
"Pops still isn't a believer," Adam told the crowd. "But he will be."
Which prompted Tim to quip, "Dad, about that jail thing...."
Later in the program, the three Drapers listened to pitches from several Korean startups, leading off with Korbit, a distributed bitcoin exchange.
Adam debated the founder about the virtues of operating a central bitcoin exchange and a decentralized exchange such as Korbit.
"I believe in the future there will be one giant central exchange," he said.
Tim apparently liked what he heard, telling the founder, "Let's talk. I'm interested."
But Bill held his tongue, asking no questions.
Looks like you have your work cut out convincing him, Adam.
