"People need to understand who the enemy is." Erik Voorhees is back on the show. He opens up about crypto culture, life as a entrepreneur and what to look for in 2020.

"What that means is it's a grey area.... We wanted to be patient and see the token models that worked, the token models that did not, and the things that we should stay away from as a business."

If you are going to start a business in cryptocurrency, you must deal with a high level of regulatory and legal uncertainty.

Navigating the world of KYC, lawyer fees, and vague directives from government agencies, ShapeShift has evolved over the last 5 years.

The uncertainty has caused Erik to make some very tough decisions in order to stay relevant as a cryptocurrency company.

Recently, they launched commission-free trading with the FOX token.

Erik walks through this decision, critique of their move to implement KYC/AML, and views on money and state.

After all, you don't have to go through KYC when you go out to eat at a restaurant!

Erik is a crypto legend as well as a "Libertarian's libertarian". Listen and learn.