Sea to Summit Trail & Sea to Sky Gondola

A couple of weeks ago the Sea to Sky Gondola started its operations, a new cable car just outside of Squamish that opens up a new high altitude hiking and snowshoeing area next to the Stawamus Chief. I heard good things about it, but I was a bit worried that it would be very busy on a weekend (some blogs were saying that waiting times for the gondola were 45 minutes on weekends). However, because the weather was very nice (30 degrees Celsius!) and my family-in-law is visiting we decided to go there anyway.

My family taking the brand new Sea to Sky Gondola

It turned out that it was not busy at all, the parking lot at the gondola entrance had a number of empty spaces and there was no line at all at the gondola. I think the weekend lines may have been due to the fact that the gondola had just opened and many people wanted to try it out. My family bought tickets to take the gondola but I decided to run (actually, mainly hike and climb) up the newly built 1o km Sea to Summit trail to the top at over 900 meters altitude.

Hiking the Sea to Sky Summit Trail

The trail starts right behind the parking lot and merges with another trail after a few hundred meters. At that point the path got really busy, but I soon found out that these were all people hiking up to Stawamus Chief and not to the top of the gondola. After about 20 minutes the Sea to Summit trail turned to the right, following the Shannon Falls trail, and it was quiet again.

Hiking the Sea to Sky Summit Trail

The Sea to Summit trail is similar to the Grouse Grind in terms of its vertical distance, but where the Grouse goes up 900 meters in less than 3 km, the Sea to Sky takes 10 km for that. A large part of the trail is relatively flat, meaning that you can recover easily, which is never the case on the Grouse Grind. But part of the trail is very steep as well and reminded me of the Grouse, I even had to climb over rocks using both my hands (on Grouse that’s hardly ever needed, only when it rains or when it’s freezing). The Sea to Summit is not a trail you want to do with young kids!

Selfie at the Shannon Falls (Sea to Sky Summit Trail)

The Sea to Summit has some beautiful sights along the trail, among others the upper Shannon Falls that are located about halfway to the top. I heard the waterfalls from far away already and was happy that the trail passed by them so I could check them out.

View over Howe Sound from the Sea to Sky summit trail

Ten minutes past the Shannon Falls is a great viewing area, where you can see Howe Sound and part of Squamish. It’s a good place to rest before tackling the final 3-4 km to the top. I just stopped for a minute for another drink: I was dehydrating fast because of the hot weather and kept on drinking water during the work-out.

Some parts of the Sea to Sky summit trail are quite hard and ropes are needed

At the final part of the trail I took the Wrinkle Rock trail shortcut, which is about 1 km shorter than the normal route but also a lot more difficult. You have to go over some rocky terrain where the fixed ropes (see picture) are needed to get to the top. From there it’s another 20 minutes of relatively steep trails through the woods to the top of the gondola.

Arrived at the top of the Sea to Summit trail, Scott & Elaine were waiting for me

After 1 hour and 57 minutes I arrived at the summit where Scott and Elaine were waiting for me. I was completely exhausted, not only because of the long and quite difficult trail, but especially because of the heat. 30 degrees Celsius is actually too hot for a hike/run like this and I drank about 2 liters of chocolate milk, water and smoothies before I started to recuperate a bit.

Made it to the top of the Sea to Sky summit!

After about 15 minutes I felt good enough to walk around at the top and so I did a bit of sightseeing with Scott. The summit area looks great and the views are stunning. I think this may become an important tourist destination in the future.

Scott looking at the map at the Sea to Sky gondola summit

It’s also a good start for some new trails that were recently built. However, because it’s high mountain area you have to watch out where you hike: last weekend a hiker died after falling only 6 km away from the top of the gondola. Easier accessibility to the backcountry does not mean that it’s less dangerous.

Top of the Sea to Sky gondola

Although I was too tired to try any of the new trails (next time!), I did join Scott on the suspension bridge that’s close to the gondola.

Suspension bridge at the top of the Sea to Sky gondola

After that I joined my family in the gondola to go down to the parking lot again. I would not advise anybody to hike down if you’re tired already. The downhill fee for the gondola is only $10 (the same as on Grouse Mountain), so that should not be a reason to hike down.

Taking the gondola down with my family after hiking up to the Sea to Sky Summit

The Sea to Summit is a much nicer hike than the Grouse Grind, but also more time consuming (it takes approximately twice as long, my Grinds normally take 50-55 minutes). It only took me 30 minutes to drive home from the gondola station, so I think I will come back here more often. However, I’ll probably wait until it cools off a bit, in the height of the British Columbia summer it’s actually too hot to do a 2 hour outdoor work-outs.

Because of its proximity to Vancouver the Sea to Summit could become a competitor to the Grouse Grind, especially for weekend hikes (a 2 hour after-work hike instead of 1 hour, plus extra travel time, will be too much for most Grouse Grinders). So far there is no official timer yet like on Grouse, so you’ll have to time yourself, but once the hike becomes more popular that may come as well. I’m looking forward to doing this one a couple of times per year!

Mini break in Victoria, BC

Grace’ family is visiting at the moment, so last weekend we decided to take the ferry to Victoria on Vancouver Island to spend a few days there. I enjoyed the trip a lot, because I had not seen a lot of Victoria during my last trip there and because of the great summer weather.

We decided to take the ferry instead of a seaplane so that we would have our own car while in town. That was a good idea, because there is a lot to see outside of Victoria. Below a couple of pictures from the 3 days and nights we spent there.

Ferry from Tsawassen to Swartz Bay

On the ferry from Tsawassen to Swartz Bay

On the ferry to Vancouver Island

View during the ferry ride to Vancouver Island. The Gulf Islands are beautiful, I hope to come back here soon on my own boat. Lots of places to anchor and so quiet! Happy to have this kind of places within one day of sailing from home.

Sidney, BC

Sidney, BC. A small seaside town between the ferry terminal and Victoria. We walked along the waterfront and looked at some of the shops.

Kids looking out of the window in the living room at Fairmont The Empress, Victoria, BC

Scott and Elaine enjoying the view from our living room in the Fairmont hotel. There was always something happening in the harbour and it was nice to see the ferries, seaplanes, sailing boats and whale watching tours arrive and depart continuously.

Fairmont The Empress, Victoria, BC

Fairmont The Empress, one of the best hotels I have stayed in in North America and in a great location in the center of town. I will likely stay here again on future trips to Victoria.

View from our room at Fairmont The Empress, Victoria, BC

Sunset view over Victoria Harbour, taken from our room

Fairmont The Empress, Victoria, BC

Fairmont The Empress at night

Parliament Building, Victoria, BC

Parliament Building at night, taken from the harbour

Craigdarroch Castle, Victoria, BC

Craigdarroch Castle, the former residence of mining tycoon Dunsmuir. Highly recommended to visit this huge house that was put back in its original state. 

Royal BC Museum

Royal BC Museum, explaining and showing the history and nature of British Columbia. Even Scott and Elaine liked the museum a lot.

Victoria Parliament Building

Parliament Building, next to Victoria’s inner harbour.

Victoria Parliament Building

Inside Parliament Building. The Parliament is open to the public, either on a guided or a self-guided tour.

Sooke, BC

Sooke, on the Pacific Coast. It was much colder here because of the clouds that came in over the ocean. A relaxed atmosphere in a beautiful setting, I plan to come back here.

Lunch in Sooke, BC

Lunch in a restaurant on the water, just outside of Sooke

Butchart Gardens, Victoria, BC

The Butchart Gardens, about 20 km outside Victoria. Planted in a former mine, this is a nice park to stroll for an hour or 2. The park has among others a rose garden, an Italian garden and a Japanese garden.

Butchart Gardens, Victoria, BC

Japanese Garden at the Butchart Gardens, Scott and Elaine posing for pictures.

Scott in the lounge at the Fairmont The Empress (Victoria)

Scott in the lounge of our hotel. We spent quite some time here every day for breakfast, drinks, high tea, appetizers and wine before dinner, and for a last glass of wine after the kids were in bed.

Horseshoe Bay from the ferry

On the ferry right before arriving in Horseshoe Bay.

More pictures of our trip are here on this set on Flickr: https://www.flickr.com/photos/chijs/sets/72157645572454626/

Bitcoin close to a tipping point? An overview of all the recent positive news

Bitcoin

Today’s warning by the European Banking Authority for banks not to sell, hold or trade Bitcoin was reported as negative for Bitcoin in mainstream media. I think these media are wrong, the fact that even the EU is now asking for regulation of Bitcoin means that cryptocurrencies are actually getting much closer to a breakthrough than I had assumed just a few months ago.

I believe Bitcoin regulation will be needed in order for it to succeed, so I applaud the fact that more regulation will come soon. Only then the average Joe will start using Bitcoin, so they might as well start regulating it sooner than later.

Mainstream media are very biased in their Bitcoin reporting, it reminds me a bit of how they report about China: mainly negative, stereotypical stories make it into the media. Over the past weeks so many positive, important things have happened to Bitcoin that I feel that it’s coming close to a tipping point. But of course you don’t read these stories in your daily newspaper or on the national news. Therefore here an overview of some of the most important Bitcoin news stories from the past weeks, that show how far Bitcoin has come already.

California makes Bitcoin legal currency
Last week California Governor Jerry Brown signed a bill that makes “various forms of altnernative currency such as digital currency” legal in purchasing goods and transmitting payments. A major step for Bitcoin!

Russian may legalize Bitcoin
After basically banning Bitcoin a couple of months ago, Russia is seeing the light. Bank of Russia deputy chairman Luntovsky said this week that the Bank of Russia is ready to legalize Bitcoin. At a conference he said: “One can’t ignore this instrument, maybe this is the future”. However, “We advocate a careful approach to bitcoin and are monitoring the situation along with the Bank for International Settlements,”

Newegg accepts Bitcoin payments
Newegg, the multi-billion dollar online retailer of computer hardware and software started to accept Bitcoin this week. According to Newegg: “Our customers have been asking for Bitcoin as a payment option for months. We believe there is a pent-up demand just waiting to be served and we are happy to open this payment option to them.” Newegg is using Bitpay to convert its Bitcoin into traditional currency.

Winkelvoss Bitcoin Trust getting closer to launch
Wall Street can still not buy Bitcoin because there are no Bitcoin instruments available to them. Therefore it’s imperative that ETFs (electronically traded funds) come onto the market. The first one will most likely be the Winkelvoss ETF, because they (again) handed in an amended S-1 to the SEC. They also announced that the ETF will trade on the NASDAQ under the symbol COIN. Once this ETF will start trading I expect an immediate big increase in the Bitcoin price.

Successful US Bitcoin auction
The big news in Bitcoin land this week was the succesful auction of 30,000 BTC that the US government seized from Silk Road. Venture Capitalist Tim Draper turned out to be the winner of the auction, but he did not want to say how much he paid for them. The Bitcoin price had gone down after the auction was announced, but right after the auction was over it increased again to pre-auction levels. For me the auction is signficant not only because it was successful, but also because it signals that the US does not see Bitcoin as an illegal asset. If they would have seized drugs they certainly would not have auctioned it off!

South Korean payment processor Galaxia integrates Bitcoin
I have to admit that until a few days ago I never heard of Korean payment processor Galaxia, but after they announced that they will integrate Bitcoin most people in Bitcoin land will remember them. They are in the top 3 of largest payment processors in Korea and because of their Bitcoin integration Koreans can now pay in cryptocurrency on more than 10,000 domestic and international websites.

Bloomberg, Yahoo Finance and Google Finance add Bitcoin
A few weeks ago Bloomberg suddenly added Bitcoin to its terminals for financial professionals. An important prerequisite for traders to start paying attention to the cryptocurrency. And for people like me who don’t want to spend $3000 per month on real time financial news and data, both Yahoo Finance and Google Finance also added Bitcoin price data.

Apple allows Bitcoin wallets
When Apple started to ban Bitcoin wallets last year I was seriously thinking to switch back to Android, despite all the drawbacks for an Apple junkie like me. But it looks like that won’t be necessary anymore, because Apple changed its mind and started to allow Bitcoin wallets again. Great news for me and many other people who are married to the iOS infrastructure. Bitcoin now even appears in the official iPhone stock quotes app, but that’s likely because of the Yahoo Finance integration (Yahoo delivers the data for this app).

Bitcoin Bowl
Bitpay and ESPN signed a 4-year deal to rename the college football bowl in St. Petersburg, FL to the Bitcoin Bowl. Heads off to Bitpay for not naming it Bitpay Bowl, because now a 100 million Americans will hear about the Bitcoin Bowl on ESPN. According to CryptoCoinNews the Bitcoin Bowl agreement has the potential to: “To win over a public still skeptical of digital currencies and to get some good headlines in a year marked by bad press for its falling price and bankruptcy scandals, Bitcoin promoters are turning to America’s favorite pastime – football.”

Coinbase Vault
If you mined some Bitcoin a few years ago or spent a thousand dollars in 2010 or 2011 on Bitcoin, you would now be a (multi)millionaire. The problem is that if you keep your money in Bitcoin (as most would stilll do of course) you may suddenly have sleepless nights because you wonder how safe your Bitcoin really are in your online wallet. Several of my friends who intend to buy serious amounts of Bitcoin did not do so yet because of the same problem, they worry about the people stealing their coins. Of course you can keep them in paper wallets, but they can get lost and most non-techies don’t even understand what a paper wallet is yet.

Coinbase has now solved this problem with a new product called Vault. They will store your coins offline and withdrawals are time delayed, meaning that if someone threatens you and forces you to give them your pass codes they can’t access your money until after 48 hours. Also you can add multiple signatures to your account, so that you need more than one person’s password to access your money. An important product that will lead to a higher Bitcoin adoption.

MIT students all get $100 in Bitcoin
What happens if the smartest technical students would all get $100 worth of Bitcoin? We’ll find out, because all undergraduate MIT students will get $100 this fall when they arrive back on campus. The money for this was privately raised through MIT alumni and the Bitcoin community and will likely not only lead to more Bitcoin awareness but also to a lot of Bitcoin projects by MIT students.

Expedia allows Bitcoin payments
One of the largest online travel agencies, Expedia.com, now accepts Bitcoin as payment. To start with for hotel bookings only and only on its US site, but it’s a good start. Expedia uses Coinbase for its Bitcoin transactions. Expedia announced this week that the bookings in Bitcoin have exceeded their expectations.

Dianrong offers 10% guaranteed investment return in Sina partnership

New Dianrong.com product: 10% guaranteed return!

Update: Unbelievable, the product below was so popular that it sold out in just 2 minutes! Only in China, finding lenders for 3 million RMB (about US$ 500K) in 2 minutes. I love it!

Last week Grace and I visited the offices of Dianrong.com (formerly SinoLending) in Shanghai, a p2p lending company where I’m a board member. They have some innovative products coming up and one of them will launch today.

In a cooperation with Sina, Dianrong will now offer lenders a 10% guaranteed annualized return on their investments in a new product that they offer. Anybody can join, the minimum amount that you need to lend out is RMB 500 for a period of 6 months. However, the offer is only available until Monday or until 3 million RMB has been lended (whatever comes first). You can check the progress here: https://www.weicaifu.com/v/p2p/detail/30004

I think this will be a very popular product, because the principal and interest are guaranteed and because it’s offered in cooperation with leading portal Sina. The product will introduce more people to the concept of p2p lending in China, where the savings rate is traditionally quite high and banks like anywhere give low interest rates on deposits.

Dianrong is growing extremely fast and I am proud of the strong team that comes up with these new products and implements them quickly. Expect some more innovative products over the next couple of weeks.

Sold out in 2 minutes!

Chinese entrepreneurship

During our meetings over the past days in Shanghai it became once again very clear to me that there is no country for entrepreneurship like China. Things just go so much faster than in most other parts of the world. Just one example here, judge for yourself if this would be possible outside China:

Grace and I were meeting with an entrepreneur for breakfast. Grace had known him online for about 3 years and met him once in real life, but so far I had not seen him in person. Grace talked highly about him, because he was smart and had a lot of potential.

He indeed turned out to be a very smart guy in his early 30s who spoke fluent English. Not surprising considering his tech degree from one of the top 5 universities in the US and his work experience there. He mentioned that Canada had given him a permanent residence but that he let it expire because of the opportunities in China. This actually reminded me of Grace not taking a Singapore permanent residence after getting her INSEAD degree (at that time Singapore offered this to all INSEAD MBA graduates).

After ordering food and drinks on the terrace in Xintiandi he started telling us about his start-up. I hear a lot of pitches in my job a venture capitalist, but this was one of the best I had ever heard. The guy was extremely passionate about his idea and I immediately got what he was planning to do and how it could disrupt a major industry. The idea was a relatively simple (tech) execution play and I realized this was a potential multi-billion dollar idea. I can’t talk about the idea here because he is in full stealth mode, but if it comes out and becomes as succesful (as I think it will be) I will likely blog about it.

He started the company about 6 weeks ago and now already has 15 people on his payroll. Not just average developers and operations people, but top people from China’s leading online companies. I was very impressed but I understood how he had managed to convince them to join him in his start-up.

Although it was not an ‘official’ pitch I became intrigued and decided on the spot that I wanted to invest (something that’s highly unusual for me by the way). However, he then told me that 2 weeks ago he had had lunch with a partner of one of the leading Silicon Valley venture capital funds (a fund that I can’t name here either), where he had informally mentioned his plan. Although he wasn’t ready to raise money yet, he also offered to invest immediately and within 5 days all documents had been signed and the deal was closed! I guess we were just 2 weeks too late. Maybe there is a chance to get in at a later stage, but likely at a very inflated valuation.

Two months ago this was just an idea, and now it’s already a fully operational and well-funded company that will grow to 20 employees before its launch later this month. Wow, just wow.

When hearing this kind of stories I sometimes wonder whether I made the right decision to leave China. Of course I know I can’t really live in China anymore with my family because of the pollution, the food scandals, the traffic jams and the censored, slow Internet. Also I am very happy with my new life and job in Vancouver and I would not consider leaving. But as an ambitious investor and entrepreneur I realize the quality of life in Canada comes at a price. You can’t have it all, so it’s great to be back every now in the place where things really happen.

Back in China for a few days

View over Xintiandi

View over Xintiandi (Shanghai)

Grace and I landed in China on Sunday afternoon for a couple of days of meetings, dinners or drinks with companies, friends and family. The longer we live in Canada the longer it takes to get used to China again. Things that were normal just 15 months ago now seem so foreign to me. But it’s great to be back and to see what’s going on in business – and in the Chinese Bitcoin world!

The love/hate relationship I used to have with China is still there, but I feel more of an outsider now. My driver’s license here has expired so I can’t drive myself anymore (probably a good thing), I have trouble finding my way in Beijing because the city changes so fast, and I seem to have lost much of my Chinese so I have trouble communicating.

Taishan (during train ride from Beijing to Shanghai)

Taishan (Mt. Tai), during train ride from Beijing to Shanghai

The good thing is that because I am only here for 10 days I don’t take things so serious anymore. People jumping the queue don’t bother me as much as before and the endless traffic jams in Beijing are a pity, but then I just leave a bit earlier. When I ordered a cafe mocha during a meeting in a hotel lobby yesterday and the waitress came back 20 minutes later telling me that they don’t have mocha, I just smiled and ordered a black coffee instead. Vancouver made me a lot more patient it seems.

That doesn’t mean that things don’t bother me, the slow and censored Internet is still a big nuisance, but I know it’s just for a few days. I started coughing again a bit a few hours after I landed in Beijing (despite the relatively low smog levels), which is something I am not too happy with. But also there I know I’ll be out of the bad air soon again, so it’s just part of the package.

What I still love is the speed of business here, businesses keep on developing much faster than in Canada. People in China just execute better and faster it seems, and not just Chinese entrepreneurs but also non-Chinese ones. That’s what I still love (and miss) most about China, things just get done here and every week you see progress. Bitcoin gets blocked? Companies find a way around it, and if the way around it gets blocked they will come up with something else.

Taking the bullet train from Beijing to Shanghai

Boarding the bullet train in Beijing

I am now on the fast train from Beijing to Shanghai, my favorite mode of transport between these 2 cities. After the Xinjiang terrorist attacks the security at the train station has become as much of a nuisance as at the airport. We had to go through train station security twice, once at the entrance to the station and once before going to the train tracks. Twice we were stopped because we had a Swiss army knife in our suitcase. The first time we had to register the tool (just sign a document) but could keep it, not sure what the value of that is. Would a terrorist not use a knife after he signed a document for it? We were told to make sure not to lose the knife!

At the second security we had to give them the knife and they put tape around it before handing it back. We were not allowed to take the tape off until we arrived in Shanghai. What’s the use of that? Do they think people with criminal intentions would now not dare to use the knife?

A carpenter got into an argument with security because they wanted to take away his hammer. How can people who need to take the train for their jobs take their tools with them? I understand the country is afraid of a new attacks but either provide a different solution (you can’t check luggage on the train, so maybe provide a temporary solution where you can check in knives and tools?) or just let people take tools anyway (taping them doesn’t help much anyway).

So China has not changed much, but I certainly have. I am more relaxed and don’t take things too serious anymore. Maybe that will change in a couple of days again? I don’t know, but if so I’ll probably update this post. For now I am happy to be back in my former home country.

Dancing on the ceiling in Vancouver

Lionel Richie concert in Vancouver (May 29, 2014)

In China we regularly went to concert and events, but in Vancouver we spend most of our nights at home (mainly working or reading work-related materials, some things never seem to change…). That’s actually not because we don’t want to go out, but mainly because we don’t have live-in staff, so we can’t leave the kids at home at night. But because my parents were in town we decided to watch the opening concert of Lionel Richie‘s North American Tour last night at the Rogers Arena in Vancouver.

IMG_2252

Grace managed to get us front row seats, which is a special experience because you are so close to the artists and you can really feel the music (because of the speakers that are literally right in front of you). Next time I’ll bring ear plugs though. Lionel may not be one of the loudest acts, but my ears still lack some hearing the morning after the show!

Lionel Richie concert in Vancouver (May 29, 2014)

The tickets were not cheap, but I guess that’s supply & demand at work. In Shanghai we were normally invited to concerts, so tickets and even backstage events were for free, and I did not always realize how expensive this can be.

Lionel Richie concert in Vancouver (May 29, 2014)

I grew up with Lionel Richie’s music in the 80s and remember among others that my first slow dance in high school was on a Lionel Richie song. I had his albums on cassette tapes and later owned a couple of his CDs, but I had never been to any of his concerts, so this seemed like a good chance.

Cee-Lo Green, opening act of the Lionel Richie concert in Vancouver (May 29, 2014)

The opening act was Cee-Lo Green, who gave a decent (but not great) 40 minute performance with lots of covers of old R&B and soul songs, but also with his hit Crazy. The scarcely dressed girls that surround him made the show fun to watch, but did not add much to the music. Cee-Lo understood very well that most people were not there to see him and referred to Lionel Richie a couple of times. I like him a lot better now than before, but I can’t believe he is only 38 (he looks 20 years older, partly because he is so obese).

Lionel Richie concert in Vancouver (May 29, 2014)

After the opening act the stage was rebuilt, which took about 30 minutes. That gave me some time to post pictures to social media, answer some emails and to have a beer. And then Lionel Richie came up! Although he will turn 65 next month, he looks and acts much younger. He seems to be in great shape and gave a fantastic show for all ages.

Lionel Richie concert in Vancouver (May 29, 2014)

Of course all of his greatest hits were on the playlist (from Hello to Dancing on the Ceiling and from Penny Lover to Say You, Say Me), but also a lot of Commodores hits. The light show was pretty good as well, which colorful background images and animations. Lionel is a good actor and did quite some talking in between songs (introducing songs, making some jokes), which made the evening even more interesting.

Lionel Richie concert in Vancouver (May 29, 2014)

The interaction with his band was great, he gave them a lot of room to perform and they did a great job. Especially the saxophonist gave a super performance, he was really amazing but Lionel did not introduce him.

Lionel Richie concert in Vancouver (May 29, 2014)

I had expected the last song to be All Night Long, but Lionel Richie and his band came back on stage after that song to perform We Are The World. I did not know that he co-wrote that song with Michael Jackson, but it was the perfect ending for a great night in the Rogers Arena.

Lionel Richie concert in Vancouver (May 29, 2014)

First Grouse Grind of the year

Grouse Mountain after my first Grind of the season (May 20, 2014)

Top of Grouse Mountain, completely snow free already!

Last weekend the Grouse Grind opened for the 2014 season, but because I was in Holland I could not do the climb on opening day (like last year). I love Grouse Mountain and ran/hiked it many times last year. It’s a great work-out because it only takes an hour (or less) and the nature on Grouse is beautiful. There are not many views during the climb, but because you are normally so focused on where to put your feet for the next steps that’s not a big deal. The views from the top are fantastic of course.

Today I drove over to Grouse Mountain after work and did my first Grind of the season. I expected it to be hard, because I had not done any mountain hiking or climbing activities in months and because of too much travel over the past days. But the opposite was the case: the Grouse Grind was relatively easy and I did the trail without stopping once. I finished in 52 minutes and 39 seconds, a decent time for the first climb of the season.

After the first Grouse Grind of the season

Happy that I made it to the top

Probably the fact that I ran a full marathon just over 2 weeks ago makes a big difference. I especially noticed that I was able to control my breathing most of the time (just like while running a marathon), meaning that I still had some reserves. That was not always the case last year during my Grouse Grinds, so this is a good incentive to keep on running long distances next to climbing Grouse Mountain.

For people in Vancouver: there is no free parking at the bottom of Grouse Mountain anymore. The former free parking spaces close to the start of the trail now cost $2 for 3 hours (which should sufficient for a Grouse Grind plus the gondola back down), or you can park at the gondola for a bit more than that. I opted to buy a yearly parking pass for $42, considering the number of times that I’ll be at Grouse that’s probably money well spent.

Bitcoin conferences

Dutch coastline

Flying over the Dutch coastline

I am a big fan of financial tech, especially technologies that will disrupt the current financial system. For that reason I went to the peer 2 peer lending conference Lendit2014 in San Francisco 2 weeks ago, where it became clear to me that p2p lending has really made a breakthrough over the past year. Banks and funds are entering the market, by investing in it and by inventing new products (e.g. securitization of loan portfolios).

But where p2p lending (started around 2007) already made its initial breakthrough in finance, Bitcoin (started in 2009) still has some work to do. I personally believe that Bitcoin and its related technologies will have a much bigger impact on the financial world than p2p lending, but because it’s more difficult to understand and more controversial it takes longer to take off.

Over the past year I probably spent almost half my working hours on bitcoin and bitcoin related things. This includes looking at companies’ business plans, reading most bitcoin related blogs and going to bitcoin conferences. Over the past days I went to 2 conferences in Amsterdam, the inaugural Dutch Bitcoin Conference and the global Bitcoin Conference, organized by the Bitcoin Foundation. I spoke at both conferences.

The Dutch conference was held at ABN AMRO, probably a first for a bitcoin conference to be organized at a bank. Banks are still very wary of bitcoin, which is logical because if bitcoin breaks through it will be a huge risk for their business and they probably see that by now. So it was great to talk about bitcoin at a bank’s facilities and to hear banker’s views as well.

Marc driving a Tesla

Tired and jet lagged in a Tesla

The Dutch conference was organized in just a few weeks by Rutger van Zuidam and Vincent Everts, 2 well-known trendwatchers and serial entrepreneurs in Holland. Vincent picked me up at the airport when I arrived, let me drive his Tesla to my hotel and immediately did an interview that he recorded while I was driving. The fact that I was jet lagged after a long flight did not play a role 🙂

It’s quite something what Rutger and Vincent pulled off in this very short time. They managed to get top speakers on board such as Dutch former finance minister Jan Kees de Jager, Mike Hearn of the Bitcoin Foundation, Bitcoin economist Tuur Demeester, and even a representative of the Dutch Central Bank. Despite the short time they had the conference was sold out and there were not even enough seats! There was also a lot of Dutch press representatives: TV stations, newspapers and several bloggers were present at the event.

First Dutch Bitcoin Conference 2014

Panel at Dutch Bitcoin Conference

The level of the discussions and conversations at this conference was quite basic, because for most participants and bankers bitcoin is still something they need to learn about. But it was a good introduction for them to learn what bitcoin is and how it might change their world. The basics of bitcoin were discussed and everybody even received some free millibits (a fraction of a bitcoin).

I had a great day at the conference, spreading the bitcoin gospel and talking to many people that I had not seen in years. Vincent Everts interviewed me on stage about my view on bitcoin and investment opportunities and I participated in a panel with 2 bankers and with Tuur Demeester. The panel was interesting but too short, it would have been good if we had been able to discuss a bit more about the potential of bitcoin for banks.

Bitcoin conference Amsterdam

Financieel Dagblad article about the Dutch Bitcoin Conference

My main conclusion at the end of the day was that there is no real need for bitcoin yet in well-developed countries like The Netherlands where everybody has a bank account and where mobile and Internet payments are very easy. The real growth will come from the developing world, and after innovation there, bitcoin will likely change the financial system in the Western world as well.

During a TV interview with RTL I decided to talk about the price. I strongly believe that once hedge funds, PE funds and pension funds can start investing in bitcoin (through ETFs for example) the price will explode. A 10x price increase to USD 4000-5000 would be quite possible, because these funds will put tons of money and the bitcoin float is still very low. Among my friends who watched it several afterward asked how to buy bitcoin!

Jon Matonis @ Bitcoin2014

Jon Matonis opening Bitcoin2014, the global Bitcoin Foundation Conference in Amsterdam

The main program of the Bitcoin Foundation’s conference Bitcoin2014 took place on Friday and Saturday. In total about 1200 people from 50 countries flew to Amsterdam to attend the event. It was probably the best bitcoin conference that I have been to so far, mainly because almost all the top speakers were there and the level of presentations and conversations was very high. I learned a lot during the 2 days and I met a lot of people that I had only known virtually so far.

#Bitcoin2014

Before the opening of Bitcoin2014

The highlights for me were Gavin Andresen‘s State of the Bitcoin 2014, his annual speech about the core development of Bitcoin and some risks that need to be discussed (esp. the block size is a potential problem that might lead to higher transaction costs), and Circle’s product launch. Circle.com is the first bitcoin exchange/bank that is not only very easy to use (you can even transfer funds to and from your credit card!) but that also insures your bitcoins in case they should lose them or get hacked (Circle holds your private keys, which is likely what the masses will want). There were tons of other good sessions, but many are too difficult to talk about here.

Bobby Lee at Bitcoin 2014

Bobby Lee talking about Bitcoin in China

Another session I enjoyed was Bobby Lee‘s presentation about bitcoin in China. Main take away is that even though the PBOC (China’s Central Bank) prevents banks to work with bitcoin and bitcoin exchanges, people keep on finding ways to trade bitcoin, it’s unstoppable. Roger Ver mentioned later that last weekend’s bitcoin conference in Beijing was a huge success, despite the fact that the press and all websites were told not to report on the conference (the CEOs of the bitcoin exchanges were not even allowed to speak there!). It’s a real pity that China is trying to stop bitcoin, but in a way it’s understandable (they want to control everything and bitcoin got out of control for them). I hope they don’t shoot themselves in the foot when bitcoin will break through.

Speaker's dinner at Bitcoin 2014

Speakers dinner

I also participated in a panel about bitcoin investment opportunities, which I really enjoyed. The New York Times journalist Nathaniel Popper led the discussion with Roger Ver (Bitcoin Jesus), Nick Shaleck (Ribbit Capital), Steve Waterhouse (Pantera Capital) and myself. Among others we talked about centralization vs. decentralization, the price of bitcoin, and new ideas for killer apps. A detailed write-up of the discussion can be found here on Coindesk.

My hotel in Amsterdam

Venue of Bitcoin2014

I had a great time in Amsterdam, although I probably should have stayed a few days longer. Luckily I did not have a real jet lag this time (despite the 9 hour time difference between Vancouver and Amsterdam), but I will need to catch up on sleep over the next 1-2 days. I even slept on the plane for a couple of hours just now (I am writing this while flying home), which is unusual for me on a daytime flight.

IMG_2132Flying home again