Triton Today [Fri.] - PBIBS 2022

FRIDAY

TODAY

Palm Beach International Boat Show 2022

SHOW HOURS: Thurs. 12pm–7pm; Fri & Sat 10am–7pm; Sun 10am –5pm

DRINKS & DINING MYERS LOUNGE 329B CLEMATIS ST | 561-400-5163 Restaurant with a personalized craft cocktail experience and art gallery.

O’SHEA’S IRISH PUB 531 CLEMATIS ST | 561-833-3865 Irish pub and restaurant serving lunch and dinner, with live music Wed-Sat.

PALM BEACH IMPROV 550 S ROSEMARY AVE #250, Improv fans and newcomers can expect amazing food and first-class comedy.

ROCCO’S TACOS & TEQUILA BAR 224 CLEMATIS ST | 561-650-1001 Casual restaurant with authentic Mexican cuisine. More than 175 varieties of tequila.

ROXY’S PUB 309 CLEMATIS ST | 561-296-7699 More than 60 beers on draft, open daily for lunch and dinner through the late night.

CAMELOT 114 S NARCISSUS AVE | 561-408-1001 Semi-private, upscale bar, lounge, club and restaurant in the “old guard” style of the Kennedys era in Palm Beach.

TRITON EXPO IS BACK! May 25 at National Marine Suppliers 2800 SW 2nd Ave. Fort Lauderdale Reserve your spot now!

KQ@TritonNews.com

Photo by Dorie Cox

Check out our daily crew photo gallery inside and online @ TritonNews.com

Crypto sales, charters grow

By Dorie Cox

With more than 10 yacht charter and sale transactions using cryptocurrencies to date, Bob Denison, president of Denison Yachting, is excited. Interest in digital currencies is growing in the yachting sector, he said.

During a panel discussion the week before the boat show, he and three cryptocurrency experts worked to clarify and educate a group of marine professionals about Bitcoin, Ethereum, and other popular virtual currencies.

In 2014, Denison Yachts began offering BitPay, a Bitcoin service provider to store, swap, and spend Bitcoin.

“It helps convert Bitcoin to U.S. dollars for transactions,” Denison said. “We add

all of our contracts, our MYBA contracts, and then within 15 minutes the deal is complete.”

These transactions include a 1% charge for the buyer that is deposited to the Denison account and then transferred to the seller, he said.

These charges are not expected to deter a younger, more digitally savvy owner and charter clientele, according to Denison.

“Cryptocurrency accounts for less than 1% of our total sales, but we expect it to increase to 5% in the next year,” he said.

Along with Denison, the panel that spoke at the Marine Industries Association of South Florida headquarters in CONTINUED ON PAGE 3

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Page 3

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Leading the talk last week at the MIASF event are, from left, Chris Smith, of Summit Global Strategies; Michael Fisch, CTO of TradeStation Group; Rob Petrosino, head of emerging technology and innovation with Peak Activity; and Bob Denison, president of Denison Yachting.

Crypto yacht sales, charters growing CONTINUED FROM PAGE 1

create the money.

“Why be a miner?” Smith asked. “Bedowntown Fort Lauderdale on March cause you are paid in crypto.”

15 featured Chris Smith, of Summit This has entire cities mining cryptocurGlobal Strategies; Michael Fisch, CTO rency, he said. of TradeStation Group; and Rob But the decentralized nature of the Petrosino, head of emerging virtual payment system technology and innovation brings up concerns about with Peak Activity.

“We want to be scams, fraud, ransomThere is a mystique around a tech-savvy ware, and money laun“crypto,” as these decentralized company, but dering, Smith said. currencies are called. One asBecause the system it’s really about pect is the market fluctuation. uses smart contracts, making it easy “In 2009, if you bought transactions only occur $1, today you would be a for the clients.” when agreed-upon conbillionaire,” said panelist Bob Denison, president ditions are met. And only Chris Smith, of Summit Denison Yachting then does the cryptocurGlobal Strategies. And now rency transfer between there are thousands of crypparties. tocurrency options valued at about $3 Real risks are that the digital storage trillion, he said. can be stolen or the password can be lost, With no bank as middleman, it is posSmith said. sible to digitally transfer cryptocurrency Denison feels that overall, the system to anyone, anywhere — and to buy, sell, is safe. He said his company practices and invest it. It is equivalent to money “KYC,” or know your client. He ex— or as Smith has heard it described, it plained that it is illegal for anyone to is the “new magic internet money.” facilitate illegal transactions.

To put into perspective the introduction And he looks forward to increased of a new currency, Smith reminded the adoption of the option. audience that the first U.S. currency was “We want to be a tech-savvy company, only issued about 200 years ago. The U.S. but it’s really about making it easy for the government did not issue paper money clients,” Denison said. “Bitcoin allows until the American Civil War in 1861. us to use any variation of transaction. It Traditionally, a middleman moves the can be used like a credit card, a partial money and takes a cut. But with cryptopayment, or PayPal.” currency, there is no middleman because He recommends those interested give it people donate to “mine,” the word used a try. “It’s still early, but start playing with crypto to learn how it works.” to describe the computer codes used to Triton Today is published by Triton News Network, LLC, parent company of Triton: News & Networking for Captains and Crew. Copyright 2021. All rights reserved.

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KEEPING IT REAL ON THE DOCKS The work never ends on board a yacht, especially at a boat show.

Triton was there to catch the action.

PHOTOS BY DORIE COX

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A DV ERTORI A L

Derecktor Marks 75th Anniversary A message from Paul Derecktor, President of Derecktor Shipyards I wanted to take a moment to note that this year marks the 75th anniversary of Derecktor. Some may already be aware of this milestone, but I believe it is an ideal time to reflect on it, and to take a look ahead.

To start, I’d like to thank everyone who has made it possible to navigate through 75 years of our unique, challenging and rewarding history. That includes thousands of employees and customers, along with countless others.

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The company was started by my father with a handful of talented people and the belief

that hard work, passion and a commitment to doing right by people would define and distinguish Derecktor. That belief has sustained us ever since. From building small wooden sailboats in NY to servicing megayachts in FL, to launching the largest yacht ever built in the US, to the exciting changes of today, it has been the value we put in our work and our people that guides us.

It’s what brought us, from modest beginnings in 1947, to being one of America’s leading small shipyards. It’s what will take us through the next generation and generations to follow.

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A DV ERTORI A L

The last few years have been a time of transition and challenge. Within months of starting development of the new Ft. Pierce yard, the world was hit by a pandemic unlike any seen for a century. At the same time there has been great change within our company and industry. New competitors have come onto the scene (or old ones now have new corporate owners), highlighting our need to adapt to remain a leader in the market.

Although we face challenges as always, I have never been more excited about the future of the company. Ft. Pierce will give us the most flexible large yacht facility on the East Coast. Dania will continue to benefit and grow along with the everexpanding world yacht fleet. But more than anything else, I am excited about our people, both old and new, and about how they will take Derecktor to new heights.

We’re proud of what we’ve accomplished over the past three quarters of a century.

But we are also determined to leave our own distinct mark on the next 75 years.

Certified Recognized External Specialist for Condition Monitoring Robert “Bob” Derecktor, founder TESTING & ANALYSIS

ALIGNMENT

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