A big crowd was treated to a fascinating presentation on cryptocurrency by Arik Van Zandt and John Sawyer, who are both with Alvarez & Marsal’s Seattle office. Here are a few takeaways:

• There are thousands of different virtual currency mechanisms, known as “tokens”;
• Initial coin offering tokens are very different than equity securities issued by start-ups;
• Tokens are traded on exchanges throughout the world, which can be volatile and subject to manipulation due to lack of regulatory oversight; and
• To value cryptocurrency, look to a relevant exchange and one that has a good amount of trading volume.

Half of the audience had no knowledge of cryptocurrency, and only one in 10 had ever valued it, according to a poll taken during the presentation. A recording of the presentation, Cryptocurrency – Price versus Value, will be available soon.