George Meets the Drapers - FULL EPISODE
Eight thumbs up! George Weiksner, Founder & CEO of Pocketful of Quarters, pitches Bill, Tim and Polly Draper and a special guest judge, i...
“Why should coins get stuck in games I no longer want to play? I was coming home from school and my dad was explaining the new big thing, crypto. At the time, I was frustrated because whenever I quit a game I lost all my hard-work, time, effort, and worst of all, my coins. I know my friends share my frustration. With Quarters, you will have one wallet for all of your games.”
— George Weiksner, 12, CEO
George on the set of Meet of the Drapers
Virtual currencies (Coins, Gold, Gems, etc.) are used in games across genres and platforms. Players buy these currencies with real money.
Players usually don't spend all of the virtual currency. When they want to play a new game, they have to abandon their winnings and start again from scratch.
This leaves millions of dollars frozen inside games, every day!
Players have a single wallet with Quarters. When they start playing a new game, they can transfer Quarter coins to that game. When they don’t want to play that game any more, they can transfer Quarters back to their wallet, and use them in other games.
Quarters are designed specifically for playing games and not for storing value. Like classic arcade tokens (i.e. Chuck E Cheese), you can buy Quarters but you can’t redeem them outside of the gaming ecosystem.
You are investing in Q2 tokens, which pay you royalties on the sales of Quarters tokens, not the gaming-centered Quarters tokens. See “Token Economics” for more info.
1. Register to get a Quarters wallet
2. Buy Quarters with USD or ETH (Quarters have a fixed price for players)
3. Approve transfer of Quarters to developer
4. Play game, potentially earning more Quarters
Game developers compete to collect Quarters from game players. Players transfer Quarters to developers in order to play games. In turn, developers (but not players) exchange Quarters for Ether, based on a formula set in the smart contract.
Quarters can incentivize game adoption. Players get free Quarters when they sign up, and whenever the number of Quarters sold doubles. Free Quarters are a fun reward for everyone in the Quarters ecosystem.
For further detail on the Quarters ecosystem, you can read the Quarters Whitepaper.
With the core infrastructure built and key partnerships lined up, the Quarters ecosystem is prepared for rapid adoption by players and developers. Highlights include:
1. We’ve launched Quarters and the portal, pocketfulofquarters.com — tokens are already available for purchase by players with an email address and a credit card — it's that easy!
3. Technology partnership with Matic.network to enable us to scale Quarters transactions without creating congestion on the Ethereum mainnet or incurring excessive fees.
4. Distribution partnerships with influencers via Rise9 (www.rise9app.com). Rise9 influencers have over 700,000,000 followers in their community.
5. Raised $400,000 from leading media figures and investors including Michelle Phan, Ugur Koyoglu and other angel investors in a SAFE note and in a private pre-sale of Q2 tokens (same tokens you are investing in).
Investor & Advisor
An early pioneer on YouTube with over 1 billion views. Founder of Ipsy, which is valued at $1B and has over 3,000,000 paid subscribers for its beauty and wellness products.
Ugur is currently Vice Chair at Oliver Wyman. He has been steering the firm’s high-impact corporate strategy, finance and risk management projects for financial institutions across the globe. Ugur invest in innovators who reframe a customer problem and solve it with an unconventional approach. Ugur holds a PhD from Princeton University. Full Biography at Oliver Wyman
Revenue from video games is about seven times (7x) bigger than movies and music combined. One in seven people play video games globally, which is about 1.2B people.
Video games are a $138B market, growing rapidly (>10% per year).
Quarters are intended to be the first gaming token desired by players, distributed directly to players, that has a stable value and works across platforms. Meanwhile, traditional in-game currencies are stuck in each game. Other gaming cryptocurrencies that we are aware of have fixed token supplies with fluctuating values.
We’re on track to launch the Quarters Beta by December 2018.
Our version 1 was a success: we’ve collected a lot of valuable customer feedback and implemented it into an upcoming v.2, which we plan to launch at the end of 2018.
This fall, we will open up a waitlist, and let some players and their friends test our first games. Gaming influencers will play the games to get players excited about Quarters. Then we will launch the Beta to the public for mid-December 2018.
We have an amazing team backing George and his vision. This award-winning team has decades of experience in the gaming and technology industry.
Co-founder & CEO
“Why should coins get stuck in games I no longer want to play?” George founded Pocketful of Quarters to fix this problem for himself and his friends. George is also a seventh grader at Greenwich Country Day School. He is a regular speaker about cryptocurrencies and games, he has appeared in various publications, including Marketwatch, BusinessInsider, Sunrise TV, ICO Investor TV, Be Inspired, and The New York Post. He streams games on YouTube and Twitch as ThisKidCEO. LinkedIn - YouTube - Twitch - Instagram
Co-Founder & CTO
A tech investor (Rostrum Capital and Flatfooted, LLC) and a tech entrepreneur (EndlessTV and E-thePeople.org). Ph.D. in communications from Stanford University and an A.B. in Computer Science from Princeton University. LinkedIn - Github - Twitter
Chris is a gaming legend best known for designing the original Medal of Honor. Chris has designed and directed games that have been played by over 300M players and earned in excess of $6 billion in revenue. LinkedIn - Moby Credits
Devo is a 3x grammy award winner, for his work with Kanye West and John Legend. He has also collaborated with Britney Spears, Nas, Aretha Franklin, Common, and Barack Obama. Devo is founder & CEO of Adventr.tv, named one of the 100 Most Innovative Companies in the world. LinkedIn - Wikipedia - Medium
When you investing in this deal, you’re investing in Q2 tokens, not Quarters tokens.
Quarters (symbol:Q) are a token designed for game use only. They’re available for sale on PocketfulOfQuarters.com, can be earned as rewards for participating, and - by design - cannot be sold back for financial gain.
Players can use Quarters to play games within our ecosystem. Game developers compete to collect Quarters from game players. Players transfer Quarters to developers in order to play games. In turn, developers (but not players) exchange Quarters for Ether, based on a formula set in the smart contract.
Q2 (symbol: Q2) are revenue-sharing tokens, designed to attract the initial investment needed to jumpstart the Quarters ecosystem. Q2 tokens are royalty tokens that distribute the ETH dividends earned as Quarters are sold.
Q2 investors earn royalties on the sale of Quarters whenever Quarters are bought via the smart contract. When that happens:
Q2 holders will earn royalties from the sale of Quarters proportional to their ownership of the Q2 network.
Investors are offered to invest in POQ Issuer, LLC and receive a Token DPA — a debt instrument, payable by assets (Q2 Tokens).
Per the DPA Agreement:
Please consult the DPA Agreement for complete terms including timing, Republic’s and POQ Issuer’s commission, how funds are handled, what happens with the funds in case the Tokens never get distributed by POQ Issuer, LLC, etc.
This debt offering is suitable for sophisticated investors with knowledge of blockchain technology and the ability to assess its applications and their market potentials only.
POQ Issuer, LLC is conducting this debt offering, with principal plus 20% interest payable by Tokens (Q2) in lieu of cash, as per the terms of the DPA Agreement. Please carefully review the entire DPA for complete offering terms. POQ Issuer, LLC is a Delaware company and an affiliate of Pocketful of Quarters, Inc., a service company to help promote the adoption of the Quarters ecosystem.
Together, we can bring Quarters to games everywhere, and make games better for players.
Thank you for supporting my effort to make games better for me, my friends and players all around the world! — George Weiksner
The smallest investment amount that Quarters is accepting.
Quarters needs to reach their minimum funding goal before
the deadline. If they don’t, all investments will be refunded.
Token DPA (Late Stage with Escrow)
If the campaign is successful, you’ll receive a Token DPA for your investment.
The DPA is not equity or a token itself, but a loan that payable in tokens in
the future, with interest.
If the campaign is successful, you’ll receive a Token DPA for your investment. The DPA is not equity or a token itself, but a loan that payable in tokens in the future, with interest.
The amount of time Quarters has to pay out your investment in tokens.
If the DPA isn't repaid with tokens after that time, it will be payable in cash
The interest amount that will accumulate on your investment
if it’s paid back to you in cash.
The interest amount that will accumulate on
your investment if it’s paid back to you in tokens.
50% of net debt amount before 2 years
How much you can get back of your investment if you choose to cancel
the Token DPA before it’s paid back.
$100,000 – $1,070,000
Quarters needs to raise
before the deadline. The maximum amount Quarters is willing
to raise is $1.07M.
Generally, players don't directly purchase in-game assets. Instead, players buy packages of in-game coins (or gems, etc.) with USD, and then use these coins to make purchases.
Quarters replaces these in-game coins. Like in-game coins, players can buy Quarters with USD . Unlike traditional in-game coins, Quarters can be used within the original game as well as any other participating Quarters game.
We will acquire users in two ways. The first way is with a waiting list with tasks and rewards. The second way will with influencers. Influencers will play our games and their viewers will be intrigued by the games and want to learn more.
Two ways. First, reduced marketing costs, by accessing player who have already bought Quarters. Second, increased revenue, because we’ve removed friction for micropayments within your game by moving the paywall outside of your game.
We’ve got two great resources for you:
A white paper that walks through the math: https://downloads.pocketfulofquarters.com/POQ_Whitepaper_v3.0.pdf
To earn ETH. Approved developers can exchange Quarters for ETH.
ETH is valuable! Ethereum is a terrific cryptocurrency loved by developers and investors, and is easily traded on all major exchanges for fiat money like USD or for any cryptocurrency use.
To earn more money! Large developers can earn money when players use Quarters in games by small developers. When you go to the arcade to play Ms Pacman, you may drop a few credits in Missile Command on the way out. Missile Command only makes money because Ms Pacman got you to walk in and open your wallet. So Missile Command should and will subsidize Ms Pacman.
Being pro-player is pro-video game industry, period.
We’ve been accepted! We worked with Apple over this past summer, and developed a solution that lets you buy Quarters in the Apple App Store and Google Play Store and bring your Quarters from other games into your apps. We will release these games as part of our closed beta in 2019.
Stay tuned, TBA. We’re going to have some great games.
We need Quarters because you can't gamble or bet with USD which is fun and can be enabled with Quarters because you can't sell them for money. With Quarters, we only have *simulated* gambling. Why not use another gaming currency that already exist in the app store? The issue there is that you can only use them in that one game, while you can use Quarters in any game.
Yeah, me neither :) But my friends tell me they’ve experienced issues with wasted coins. For example, you have to buy 1,000 V-bucks and to buy a Fortnite skin that costs 800 V-bucks. If you bought Quarters instead, you would be able to spend those leftover coins in another game.
And even people who buy full games waste money from time to time…
A universal game token like Quarters can make games both *more fun* and waste *less time* from players.
Here's an academic paper that explains why:
The short answer is; No, the backlash against loot boxes won't affect Quarters. We are a player first built gaming token, the use of loot boxes is an issue we wish to fix via quarters. Quarters are the first coin available that allows you to take your unspent coins in games any game. Loot boxes are a monetization tactic used to confuse in order to build retention. It is a play for whales rather than the average player. Preying on those with addictive personalities and collective habits will not change. However, Quarters will free you from being bound to a single game because you have spent X amount of dollars. Quarters allows those dollars to move freely through the gaming ecosystem.
We will send you a message via Republic with a one-time promo code when we launch early 2019.
There are 15% of the royalties when a Quarter is bought goes to the Q2 contract were they are divided to the owners of Q2's evenly per Q2. You can pay out whenever you want but you are forced to pay out whenever you sell a Q2.
Absolutely! George is a visionary, backed by a great team. Judge for yourself on December 9, 2018 when he pitches on Meet the Drapers, as well as these great videos of George in action:
- Fireside chat at WyoHackathon:
- Live interview on Sunrise TV:
No, you get the right to have your DPA repaid in Q2 royalty tokens.
Quarters are a consumer product that you can be used to play games only. Q2 tokens are a security token that distributes royalties to investors. On Republic, anyone over 18 can invest as little as $25 in Q2 tokens.
You’ll need to set up a wallet. Happy to walk you through, and here are the instructions:
Happy to answer any questions you may have. Here are three resources that may help:
1. Pitch Deck: https://bit.ly/q2-deck
Yes! Here’s a 3 minute demo video that shows:
- how players can buy Quarters and play games, on IOS and on the web
- how developers can integrate Quarters and Earn ETH
- how everyone can track Quarter transactions on the blockchain
Meet the Drapers Season 2 Episode 3 Transcript
Tim Draper: Okay, let's bring on our first entrepreneur, but first let's see what's happening behind the scenes.
George: Hi, I'm George Weiksner, and the co founder and CEO of Invest In Quarters. At Invest In Quarters, we try to make gaming better for players. It started when my dad was telling me about cryptocurrency when I was coming home from school. At the time I was frustrated because whenever I quit a game, I'd lose the coins, and the coins are stuck in that game. There's not many young entrepreneurs, but I think that anyone can make a company or solve their problem if they really put their mind to it. I'm just most excited about getting our idea out there, and getting some more players, and just people who wanna get involved. I'm really excited to get to meet the Drapers, and I hope that this will really help Quarters get off the ground even more.
Tim Draper: Welcome to Meet the Drapers, give us your pitch.
George: I was frustrated whenever I quit a game, 'cause that meant I lost all my coins, hard work, time and effort. With Quarters, you'll be able to use one coin in all your games. We have a great team, and have raised $350,000 in our presale. Our mission is to make gaming better for players. Join us, and make this a reality.
Tim Draper: Terrific. So tell me how this works. How do I get Quarters?
George: So Quarters, you can buy four quarters for a dollar, and then these quarters can be used online in any game on our platform.
Tim Draper: So it's just, hey, I put down a dollar, I get four quarters, I can now use those quarters to go play video games online?
George: Yep. And also, we're planning to do some casual eSports, so you can anti how many quarters you want to bet in the way in that game.
Tim Draper: To bet against each other when you're playing?
Sonny Singh: So is this sort of a digital currency you're paying?
George: It will be a coin in the games. You buy the coin with dollars, whether you want apps or-
Sonny Singh: So in game purchasing, essentially.
Sonny Singh: Let's take a step back, how old are you, actually?
Polly Draper: Yeah.
Sonny Singh: What am I ... 'Cause [crosstalk 00:07:35] what's going on?
Tim Draper: How old is he?
George: Sure. I'm 12, and I'm going into 7th grade at Greenwich Country Day.
Tim Draper: Good.
Polly Draper: 12 year old from Connecticut.
Tim Draper: Good school that got you doing this.
George: The Winklevoss twins went there, George H. W. Bush went there, Donovan Mitchell who is a rookie of the year contendant in basketball went there.
Sonny Singh: Are you ...
Polly Draper: Great school.
Tim Draper: Actually, the Winklevoss twins are the ones where my eyebrows went, "What?"
Polly Draper: Yeah.
Tim Draper: Fantastic.
Sonny Singh: I hope they're a part of your presale.
Tim Draper: Yeah. You said you've got $400,000-
Tim Draper: $350,000?
George: Yeah, Michelle Phan invested, also Chris Cross who's been a game designer for three billion dollar gaming franchises, Call of Duty, World of Warcraft, and God of War.
Bill Draper: Is there somebody with you on your team?
Polly Draper: That's over 12.
Bill Draper: Maybe 13?
Sonny Singh: In the teens.
George: Yeah, so the two people I just mentioned are advisors, and Michelle is an investor. My dad, the CTO.
Sonny Singh: What's your dad's background, is he in this?
George: My dad is a venture capitalist in hedge fund.
Tim Draper: How is it having your dad work for you? I've got him doing the same thing. My dad works for me, too. He works pretty well, right?
Tim Draper: They do a lot of work and they just you know, they don't expect too much.
Bill Draper: [crosstalk 00:08:48] get paid.
Tim Draper: You just got paid.
Polly Draper: Yeah. In [crosstalk 00:08:52] dollar bills.
Bill Draper: You're right.
Tim Draper: Who wrote the code?
George: My dad, and we use a side chain that's created by a man who actually lives in India named Jianti.
Sonny Singh: And as you know, digital currency for the video game space is very big, especially eSports gaming. And an investor in Unikrn UKG, which is backed by Mark Cuban for eSports gaming, there is WAX which is OPSkins, has their own token, too, for the Steam platform and all that. How do you see yourself fitting into all that, 'cause there's so many now doing this, actually. It's a great fit.
George: Most of these other currencies are either developed, focused, or like you said more eSports focused. We're the universal gaming token that's player focused, so our goal is to make gaming better for players.
Tim Draper: Is it working now?
George: So we're pla-
Tim Draper: Can I go buy some quarters and start playing games?
George: So the smart contracts are launched, we're not planning to fully launch for a month or two.
Sonny Singh: Wait, when you looked at tokens though, did you think about using a bitcoin token, or Ethereum based one using a side chain? What made you decide which one?
George: So we're basing ours off ERC-20.
Sonny Singh: Oh, you are using ERC-20, okay.
George: So if the price of quarters was to fluctuate, that would make it to people would be holding on to it, and them some of the gaming currencies more of an investing currency. So quarters are always 25 cents, and they can't sell them back as a player, so then you use anting and stuff like that.
Bill Draper: Was this originally your idea?
George: Yeah. So my dad, we were coming home from school, he was explaining to me cryptocurrency. And then I was frustrated, 'cause whenever I quit a game, I'd lose all my coins. So then we created this. It started off as a hobby, and it took off on when we went to a crypto meetup and we got interviewed, and then Michelle Phan, Chris Cross and Devo Harris, who's a three time Grammy Award winner, also reached out to us. And yeah, it's just blown up.
Tim Draper: And then you got to be on Meet the Drapers.
George: I know, it's great.
Bill Draper: I don't know how many people you have in your company, but I'll tell you, they sent the best salesman [crosstalk 00:10:49]
Polly Draper: They did.
Sonny Singh: I agree with that.
Bill Draper: Best salesman we've seen all day.
Sonny Singh: And what happens if you actually get funding? How would you eventually run the company? You have 8th grade coming up-
Sonny Singh: 7th grade coming up, that's a big year. You can't miss it.
George: Yeah. It's working really well 'cause I'm really good with my homework management.
Polly Draper: So believe-
George: The most homework I've come out with from school, you can ask my dad if you don't believe me.
Polly Draper: I believe you.
George: Is ten minutes, because I just do it all during study halls.
Tim Draper: Are you better in math or english?
Tim Draper: Yeah.
Sonny Singh: Yeah.
Tim Draper: Not surprised. Do you play any sports?
George: Yeah, I play football, tennis, skiing, I run.
Sonny Singh: Wow, that's multi-
Polly Draper: Where do you find the time to do that, in between ...
Tim Draper: Well what about eSports, do you play any eSports?
George: Well, I play video games. I'm not good enough to be an eSports player, kind of-
Tim Draper: Do you watch eSports? Yeah. So you go to Twitch.
George: Yeah, I've got a Twitch account.
Tim Draper: Yeah, okay.
Polly Draper: Wait, what does that mean, Twitch?
Sonny Singh: You watch people play.
Tim Draper: Well you've gotta watch Twitch TV, and they can watch people play video games.
George: And they stream.
Sonny Singh: Polly, you'd love it. You just watch people play video games.
George: And I stream.
Polly Draper: Alright.
George: I stream.
Tim Draper: And you stream?
George: I just started.
Tim Draper: Oh, so you're a part, oh my gosh.
Sonny Singh: Yeah.
Tim Draper: So he's a streamer. This is a [crosstalk 00:11:58]
Sonny Singh: So he's big time.
Tim Draper: You've got a lot of great things going on.
Sonny Singh: All the platforms.
Tim Draper: You're on to a great, successful career.
George: Thank you.
Bill Draper: We're all gonna vote thumbs up.
Tim Draper: I am very excited for this. Hey, don't- we'll have to consult the crystal ball.
Polly Draper: Crystal ball.
Bill Draper: That's true. And your parents here?
George: Yeah, my dad's over there.
Tim Draper: Great.
Bill Draper: Hey, not bad.
Tim Draper: Hey, come on down here.
Bill Draper: Not bad.
Tim Draper: Come on out here.
Bill Draper: Hey, hey.
Tim Draper: Terrific.
Bill Draper: Really good.
Tim Draper: So ...
Bill Draper: He didn't dress very well, compared to you, much better image.
Speaker 11: I'm not even supposed to be here.
Sonny Singh: Company dress code.
Tim Draper: What's it like working for your son?
Speaker 11: He's great. He sees things really clearly. So it's terrific.
Tim Draper: Has he threatened to fire you?
Speaker 11: Within the sort of bed time for our more coins sort of conversation.
Tim Draper: This is gonna be great. You're gonna learn a lot, and you're gonna make a fortune, I think. In quarters. And all those quarters, what are you gonna do with all those quarters?
George: Play games.
Bill Draper: Very good.
Tim Draper: Terrific. Thank you both. Thank you so much for coming on to Meet the Drapers. Oh my gosh, the handshake is unbelievable.
George: Very surprising, I can play kind of the cute game for a second, and then they started a lot of good questions. Bill even went to say that they are gonna give me thumbs up. What more could you ask for? Maybe I smiled a little bit too much if that's possible.
Speaker 12: Is that how it normally goes in your interviews?
George: Yeah. To be honest, yeah. 90% of the time. Unless they are you know, [inaudible 00:13:33] I don't usually do that. I hope I'm the next Tim Draper, 'cause he's really successful. Tim Draper, watch out, I'm coming for you.
Tim Draper: So, now let's see what we all thought of Quarters. Before we do that, I just wanna ask each of you, what did you sell when you were 12?
Bill Draper: Bobby Frick, my next door neighbor and I, decided we would sell horse chestnuts. And I collected all, a big box full of horse chestnuts, and we went and sold them thinking they were edible. And we said, "And these are great chestnuts, we sell them for $1 a dozen." And some people would buy, but very few.
Tim Draper: Well I sold apples. We had an apple tree, and I picked all the apples, and I brought them to the end of the driveway. I sat out there for, pretty much I thought, the entire summer. And at the very end our next door neighbor's mother came over and said, "So how much did you make?" And I went, "$8." This was the whole summer. She said, "Well, who helped you?" I said, "Well, once in a while this guy came over, and once in a while somebody else, and somebody else," and she said, "Okay." And she took the $8. She gave one to each of them.
Polly Draper: Oh, no.
Tim Draper: And gave one to me, and took two for herself.
Polly Draper: What?
Tim Draper: I realized that that was my first experience with socialism.
Polly Draper: Oh my gosh.
Tim Draper: Now it's Sonny's turn, what about you?
Sonny Singh: In 7th grade I was 12 years old, and I was trying to sell KitKats 'cause we had them lying around the house, the little chocolate bar. So I'd take a bunch of them to school and sell them for like 25 cents, 'cause there was no margin cost. The problem was, I ended up eating 90% of them actually. So then I would start buying them, but then I started eating more, and I ended up losing money and the whole thing fell apart within a couple days.
Bill Draper: But gained weight.
Sonny Singh: Yes. So about four days of trying, it didn't work out. I'm still trying to have a successful business, it's been a lot of failure so far.
Tim Draper: Yeah. Polly, how about you?
Polly Draper: My sister, also your sister, and I created a summer camp for kids.
Tim Draper: Oh, I remember that.
Polly Draper: We just heard recently from one of the girls that that was one the high points of her childhood, was coming to our summer camp where Becky and I were like, "What are we gonna do with them today? Throw 'em in the pool, it's okay."
Tim Draper: Anyway, this was a 12 year old that blows us all away.
Polly Draper: Yeah, that's the point.
Tim Draper: And I think the vibes coming off the crystal ball are so strong-
Bill Draper: Yeah, we don't need to-
Polly Draper: Yeah.
Tim Draper: I think we're just gonna vote.
Sonny Singh: Yeah.
Tim Draper: Okay. Thumbs up, thumbs down, thumbs all around. Boom.
Polly Draper: Duh.
Tim Draper: Whoa. You flew us away.
Polly Draper: He really did.
Tim Draper: Eight thumbs. That's a record. A record number of thumbs here on Meet the Drapers. Okay, let's bring on the next entrepreneur, but before we do, let's see what's happening behind the scenes.
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