LETS TALK BITCOIN

Episode 62 The First $900 Bitcoin Episode

Participants: Adam B. Levine (AL) !st Andreas ". Ant!n!p!#$!s (AA) C!%&!st Ste'an!s "em(er !' &ac)erspace.*r Es(en +rii, -ensen (E+-) +!#nder !' Cr!.dc#rit/ -ac!( ansen (- ) +!#nder !' Cr!.dc#rit/ Ant&!n/ 0i I!ri! (A0I) E1ec#tive 0irect!r !' Bitc!in A$$iance !' Canada AL: i2 and .e$c!me t! Epis!de 34 !' Lets Ta$) Bitc!in2 a t.ice%.ee)$/ s&!. a(!#t t&e ideas2 pe!p$e2 and pr!5ects (#i$din* t&e di*ita$ ec!n!m/ and t&e '#t#re !' m!ne/. 6isit #s at ....$etsta$)(itc!in.c!m '!r !#r dai$/ *#est ($!*2 a$$ !#r past epis!des and2 !' c!#rse2 tippin* addresses. "/ name is Adam B. Levine and t!da/ .ere a$$ !ver t&e p$ace. Andreas is (ac) !n native s!i$ a*ain2 ed#catin* a(!#t Bitc!in and visitin* 'ami$/. e c&ec)s in .it& an intervie. 'r!m At&ens%(ased &ac)erspace.*r. T&e/ ta$) c#$t#re and &!. eas/ t&!se ear$/ (itc!ins came and .ent in t&e da/s (e'!re t&eir va$#e .as #nderst!!d. T&en2 t&e (att$e '!r /!#r (itc!ins !n$ine is !'ten a (att$e a*ainst (#*s and t&!se .&! e1p$!it t&em t! /!#r detriment. T&e *#/s at Cr!.dc#rit/ &ave ta)en t&e (#* &#nt t! an instit#ti!na$ $eve$ % .e ta$) .e(sites and .a$$et sec#rit/2 (itc!ins and (!#nties. Later2 Ant&!n/ 0i I!ri! is a 'ami$iar 'ace !n Lets Ta$) Bitc!in (eca#se &es a$.a/s d!in* s! man/ t&in*s. 7e catc& #p a(!#t t&e ma5!r Canadian c!n'erence t&e/re p$annin* '!r sprin*2 t&e m/steri!#s$/ named and ver/ c!!$ !pen s!#rce Kr/pt!Kit pr!5ect and m!re. +ina$$/2 .&ere d! /!# stand !n t&e C!in 6a$idate .&ite$ist8 Ive (een ta$)in* t! a $!t !' '!$)s and t&in)in* .a/ t!! m#c& a(!#t t&e t!pic. 7e .rap t!da/s s&!. .it& m/ e1p$anati!n !' t&e pr!($em2 t&e pr!5ect2 t&e p$a/ers and t&e c#rrent (att$e $ines s#rr!#ndin* t&is piv!ta$ #pc!min* iss#e. +irst2 $ets 5!in Andreas n!.2 $ive 'r!m 9reece. :;:<3= AA: i2 ever/!ne. Andreas Ant!n!p!#$!s &ere rep!rtin* $ive 'r!m &ac)erspace.*r2 t&e 9ree) &ac)erspace &ere in t&e center !' At&ens2 .&ere .e &ave a 'antastic c!mm#nit/. I 5#st c!mp$eted an intr!d#cti!n t! Bitc!in t! a *reat a#dience and *!t >#ite a (it !' a *at&erin*. I &ave .it& me &ere t!da/2 Ste'an!s2 .&! is !ne !' t&e $!ca$ Bitc!in #sers and &as a*reed t! ta$) t! #s a (it a(!#t Bitc!in. i2 Ste'an!s2 &!. are /!#8 :4:?@= Stefanos: e$$!2 ver/ .e$$2 t&an) /!#. :4:;?= AA: Ste'an!s2 te$$ me a (it a(!#t /!#r e1perience .it& Bitc!in. I )n!. /!#ve (een inv!$ved '!r >#ite a .&i$e and /!# #nderstand t&e tec&n!$!*/ >#ite .e$$. 7&en did /!# 'irst *et in8 :4:4?= Stefanos: I t&in) it .as ar!#nd 4?;? .&en a 'riend intr!d#ced me t! t&e pr!5ect. e &ad 5#st started minin* &imse$' and &e .anted t! 'ind s!me m!re s!#rces '!r minin*. e *!t me rea$$/ interested int! t&e idea2 s! I st#died a (it: t&e pr!t!c!$ % m!st$/ (/ st#d/in* t&e s!#rce c!de and see &!. ever/t&in* .!r)ed. :4:A;=

AA: Bi*&t. Bi*&t. Bi*&t int! t&e s!#rce c!de. T&ats t&e (est .a/ t! st#d/ it. E1ce$$ent. S! /!# *!t in in 4?;?2 ear$/ da/s. T&at m#st &ave (een a prett/ *!!d price '!r t&e (itc!in ri*&t8 :4:C;= Stefanos: It .as rea$$/ eas/ (ac) t&en. Act#a$$/2 a $!t !' pe!p$e 5#st *ave t&eir c!ins a.a/ !n t&e Bitc!in '!r#ms. It .as2 I t&in)2 ar!#nd D?.;? !r s!met&in* c$!se t! t&at. :<:?<= AA: 7!.. Ear$/ !pp!rt#nities. Let me as) did /!# mana*e t! )eep an/ !' t&!se !ri*ina$ (itc!ins8 !. did t&at *! '!r /!#8 :<:;?= Stefanos: Act#a$$/2 I didnt. I mined s!me (itc!ins $ater !n2 I (!#*&t s!me *rap&ic and s!me 9PE cards '!r t&at (#t a'ter t&e 'irst $ar*e cras& !' t&e mar)et .&ere I t&in) it .ent t! D;F !r s! and t&en s!me acc!#nt *!t &ac)ed and t&e price rea$$/ .ent (ac) t! ,er!. I didnt (!t&er resettin* #p m/ minin* &ard.areG I $!st s!me !' m/ c!ins in s!me '!rmats and didnt rea$$/ pa/ an/ attenti!n t! t&em. :<:<H= AA: OK. I!# )ept s!me !' t&em t&!#*&8 :<:A;= Stefanos: Ies2 5#st a 'e. !' t&em. :<:A4= AA: -#st a 'e.. T&ats *reat. At $east /!# *!t in s!me.&at ear$/. S! /!#ve (een inv!$ved in Bitc!in '!r a$m!st t&ree /ears n!.. ave /!# (een '!$$!.in* it c!nsistent$/ since t&en !r did /!# 'a$$ !''8 :<:C<= Stefanos: I 'a$$ !'' (#t I re*#$ar$/ % ever/ c!#p$e !' m!nt&s % c&ec) #p2 !r .atc& ne.s2 see s!me researc& papers t&at t&e/ *et p#($is&ed ever/ n!. and t&en and '!$$!. #p t&e price. :A:?<= AA: Late$/2 t&e price &as (een rat&er interestin* t! sa/ t&e $east. :A:?H= Stefanos: It &as (een e1treme$/ impressive2 act#a$$/. :A:;?= AA: Ies2 /es. 7&ats /!#r inv!$vement at t&e m!ment8 Are /!# minin* at a$$8 :A:;C= Stefanos: Bi*&t n!.2 Im n!t minin*. I #sed m/ ear$/ (itc!ins t! (#/ an ASIC miner. :A:4;= AA: O&2 ver/ *!!d. :A:4;= Stefanos: 7it& s!me e1pectin* t! arrive t&is .ee). !pe'#$$/2 I .i$$ (e (ac) in t&e minin* *ame m#c& m!re. :A:4H= AA: 0! /!# t&in) t&ere are !t&er miners in 9reece !r in At&ens t&at /!# )n!. !'8 0! /!# )n!. !t&er pe!p$e .it& ASICs2 '!r e1amp$e8 :A:<C= Stefanos: I )n!. t&at .e &ave an ASIC in ac)erspace. 7e (r!#*&t it as a d!nati!n s! t&at ever/(!d/ can p$a/ .. :A:A;= AA: O&2 e1ce$$ent. I!# &ave !ne ri*&t &ere. :A:A4=

Stefanos: Iea&2 (#t its ri*&t n!. n!t in t&e space. One !' !#r mem(ers is ta)in* care !' it (eca#se .e didnt rea$$/ &ave t&e dedicati!n t! pr!per$/ set it #p and .e didnt #se it /et. :A:C<= AA: I see. T&eres at $east !ne m!re. 7&at d! /!# )n!. a(!#t t&e c!mm#nit/ &ere8 0! /!# see m#c& activit/ .it& Bitc!in8 :C:??= Stefanos: I d!nt )n!. man/ #sers (#t t&e 'e. pe!p$e t&at I )n!.2 t&e/ &ave mined >#ite e1tensive$/. :C:?H= AA: C!mmitted an ear$/ start. :C:;?= Stefanos: I &ave met m!st$/ ear$/ pe!p$e t&at *!t in t&e *ame ear$/ !n2 #s#a$$/ 'r!m #niversities and p$aces $i)e t&at. :C:;H= AA: E1ce$$ent. 0! /!# see t&e c!mm#nit/ *r!.in*8 as t&e ne. price $eve$ made m!re pe!p$e%% :C:4H= Stefanos: -Its de'inite$/ e1p$!din*2 in a sense. "!st pe!p$e are ver/ impressed (/ t&e price !' t&e (itc!in and n!t rea$$/ in t&e net.!r)2 !r t&e '#ncti!na$it/2 !r .&at it represents an/.a/. :C:A<= AA: I )n!. t&at 'r!m /!#r perspective2 .eve disc#ssed t&is (e'!re2 /!# see Bitc!in m#c& m!re as a tec&n!$!*/ and a net.!r) t&an as a c#rrenc/. 0! /!# .ant t! te$$ me a (it a(!#t t&at8 :C:CC= Stefanos: Iea&2 !' c!#rse. 7&en I 'irst disc!vered t&e Bitc!in as an idea2 it .as rea$$/ a (ri$$iant idea !' a distri(#ted c#rrenc/. I .as rea$$/ ama,ed t&at it can act#a$$/ .!r) and t&at t&ree !r '!#r /ears d!.n2 it is sti$$ .!r)in* and sti$$ p!p#$ar. I (e$ieve it rea$$/ &as t&e p!tentia$ t! c&an*e t&e .a/ t&at ec!n!mics .!r) !n a *$!(a$ $eve$. I' n!t as a #ser $eve$ c#rrenc/2 per&aps as s!me (ac)(!ne '!r s!me di''erent (an)in* s/stem !r s!met&in* $i)e t&at2 and per&aps i' n!t t&e e1act same tec&n!$!*/2 s!me !t&er tec&n!$!*ies derived 'r!m t&is idea. :3:<H= AA: E1ce$$ent. S! I t&in) .ere ver/ m#c& !n t&e same pa*e t&ere. Im (e*innin* t! n!tice t&at /!# can te$$ t&e di''erence .&en pe!p$e ta$) a(!#t (itc!ins2 t&e/ mean t&e c#rrenc/ and .&en t&e/ ta$) a(!#t Bitc!in2 t&e/ #s#a$$/ mean t&e net.!r). T&ats a c$ear distincti!n (eca#se t&e tec&n!$!*/ is s! m#c& m!re interestin* t&an t&e c#rrenc/. A$t&!#*&2 /!# )n!.2 at D3??JDF??2 its n!t t!! s&a((/. :F:?4= Stefanos: 7e$$2 !' c!#rse2 t&e Bitc!in net.!r) rea$$/ needs (!t& )inds !' pe!p$e (eca#se a $!t !' t&e tec&n!$!*/ and t&e deve$!pment2 in partic#$ar$/ t&e ASIC pr!d#cti!n2 .&ic& is e1treme$/ e1pensive2 .!#$dnt &ave (een p!ssi($e .it&!#t t&e ec!n!mic side !' t&e t&in*. :F:4?= AA: 0e'inite$/2 t&e/ c!e1ist. 7&at a(!#t a$tc!ins8 0! /!# see an/ interest in a$tc!ins &ere in 9reece8 :F:4C= Stefanos: 7e$$2 I )n!. t&at t&ere &as (een a $!t !' interest in Litec!in $ate$/. "!st$/ (eca#se it &asnt sti$$ ca#*&t #p and /!# cant rea$$/ mine it as e''ective$/ (eca#se !' t&e &as&in*

a$*!rit&m. I )n!. a 'e. pe!p$e t&at are .!r)in* active$/ !n t&at. I )n!. t&at t&e 9ree) Pirate Part/ can accept d!nati!ns in $itec!ins and t&e/ a$s! pr!vide t&e Litec!in c$ient t&at /!# can #se t! '#nd t&em (/ d!natin* /!#r CPE time !r 9PE time. Litec!in is >#ite p!p#$ar. I &ave seen a c!#p$e m!re c!ins (#t n!ne !' t&em &as..... I &ave a$s! an!t&er interestin* c!in2 is peer t! peer c!in2 PPC2 I t&in)2 .&ic& &as s!me e1tra centra$i,ed mana*ement )ind !' str#ct#res2 (#t I &avent st#died e1tensive$/. :H:;<= AA: 0!es t&is ac)erspace ta)e (itc!in d!nati!ns8 :H:;H= Stefanos: I d!nt t&in) .e d! /et2 (#t its in !#r p$ans2 /ea&. :H:4<= AA: E1ce$$ent. T&ats rea$$/ *!!d. 7&at d! /!# see as t&e p!tentia$ !' Bitc!in '!r 9reece8 0! /!# see an/ )ind !' specia$ app$icati!n !r p!ssi(i$ities &ere in 9reece *iven t&e ec!n!mic crisis and t&in*s t&at are *!in* !n8 :H:<H= Stefanos: 7e$$2 its an eas/ .a/ t! av!id s!me pr!($ems. "!st$/ (eca#se t&ere are services t&at accept an/ c#rrenc/ !r (itc!ins2 $i)e Bitpa/ .&ic& are rea$$/ eas/ t! inte*rate in an !n$ine s!rt !' e1perience and )ind !' transparent$/ #se t&e Bitc!in net.!r) '!r /!#. I *#ess t&ese services c!#$d rea$$/ c!me in &and/ as t&e (an)s are m!re re$#ctant t! interact .it& !t&er merc&ants. Apart 'r!m t&at2 I d!nt t&in) it .i$$ p$a/ a *reat r!$e int! trans'!rmin* t&e ec!n!m/. :@:;A= AA: 0! /!# see t&e p!ssi(i$it/ !' a c#rrenc/ crisis &ere2 p!tentia$$/ )ic)in* #p interest8 :@:;H= Stefanos: 7e$$ in t&at case2 !' c!#rse2 t&ere .i$$ (e a $!t !' interest (#t t&e *enera$ p#($ic in 9reece isnt t&at tec&nica$$/ in'!rmed. S! pr!(a($/ t&e/ are n!t rea$$/ a($e t! '#$$/ #ti$i,e s#c& a t!!$. :@:<;= AA: S! its *!in* t! (e a nic&e tec&n!$!*/8 :@:<A= Stefanos: Iea&2 /ea&. I (e$ieve s!. :@:<3= AA: 7&at a(!#t merc&ant activit/ &ere in 9reece8 I!# menti!ned Bitpa/. ave /!# seen an/ merc&ants &ere start t! c!nsider inte*ratin* Bitc!in capa($e cards and ec!mmerce s!$#ti!ns t! se$$ t&in*s8 Is t&ere an/ mar)et '!r (#/in* st#'' .it& (itc!in &ere8 :@:C4= Stefanos: I &avent #sed an/ (#t s!me !' m/ 'riends .!r) in c!mpanies t&at accept (itc!ins. I &avent seen it reac& t&e *enera$ p#($ic /et as in (i* s#(s !r2 t&ats &ard. :;?:?C= AA: 7e$$2 t&ats 'ine. I mean .e d!nt &ave t&at prett/ m#c& an/.&ere2 .it& 5#st a 'e. cities e1cepti!n2 $i)e Ber$in and Bratis$ava .&ere t&e/ &ave a c!#p$e !' streets. :;?:;<= Stefanos: A 'e. !n$ine s#(s d! #se (itc!ins and t&ere is a $!t !' interest in (itc!ins (#t t&at &asnt materia$i,ed /et int! acti!ns. :;?:4A= AA: 7&at are /!#r '#t#re p$ans in t&is space8 Are /!# *!in* t! *et inv!$ved in minin*2 /!# said2 .it& /!#r ne. ASIC8 :;?:<C=

Stefanos: Iea&2 I .i$$ *et (ac) int! minin* and see &!.... *et m/se$' #pdated !n t&e $atest ne.s (eca#se I &avent (een '!$$!.in* t&e past t.! !r t&ree m!nt&s. I a$s! &!pe t! set #p a nice .a/ t! d!nate and &and$e (itc!ins in t&e ac)erspace (eca#se its a space r#n (/ man/ pe!p$e2 s! t&ere are s!me tr#st iss#es and .e need t! see .&! mana*es t&e (itc!ins and &!. p#($ic :ina#di($e= !#r pr!cesses. I *#ess t&ats m/ c#rrent pr!5ect. Later !n2 I .as t&in)in* !' s!me .e(%(ased pr!5ects '!r (itc!ins and per&aps inte*rati!n .it& an/ s#(s (#t t&ats 5#st ideas '!r ri*&t n!.. :;;:;F= AA: 0! /!# see a p!ssi(i$it/ !' (ein* a($e t! .!r) in t&e space and .!r) '!r (itc!ins2 '!r e1amp$e8 I )n!. /!# are a pr!*rammer (/ trade and /!# &ave $an*#a*e and c!din* s)i$$s. ave /!# '!#nd an/ !pp!rt#nities t! .!r) '!r (itc!in8 :;;:<<= Stefanos: N!2 (#t I &avent e1act$/ searc&ed '!r an/t&in* $i)e t&at. :;;:<F= AA: O)2 *reat. 7e$$ I certain$/ &!pe t&ats *!in* t! &appen m!re and m!re in t&is '#t#re space. B/ t&e .a/2 I &ave t! sa/2 since /!# are a mem(er !' t&is ac)erspace2 it is a .!nder'#$ c!mm#nit/ in t&e space /!# &ave &ere. I .!#$d certain$/ enc!#ra*e !t&er 9ree)s .&! &ear t&is pr!*ram t! c&ec) !#t t&e ac)erspace. 7&ere can t&e/ 'ind m!re in'!rmati!n a(!#t ac)erspace8 :;;:CF= Stefanos: &ac)erspace.*r !n t&e site. It &as pa*es a(!#t !#r visi!n and c#rrent pr!5ects. 7e a$s! &ave a +ace(!!) pa*e2 .&ic& is re*#$ar$/ #pdated (#t n!t as $ive as t&e 7i)i itse$'. T&ere is a$s! a p#($ic mai$in* $ist2 .&ic& /!# can 'ind !n t&e site .&ic& is &!. ever/da/ c!nversati!ns are act#a$$/ *et !r*ani,ed and /!# can 5!in in. :;4:4;= AA: I can sa/ 'r!m &avin* visited t&is space2 its ... t! me2 it .!#$d &ave (een a dream c!me tr#e i'2 as a /!#n* *ee) I &ad access t! t&e )ind !' t!!$s2 e$ectr!nics2 man#'act#red 'a(ricati!n capa(i$it/2 Beprap mac&ines2 EA6 dr!nes and a$$ t&e !t&er .!nder'#$ t&in*s /!# &ave &ere. "!re imp!rtant$/2 access t! a c!mm#nit/ !' same minded pe!p$e2 .&! I can $earn 'r!m and rea$$/ t&is is a rea$$/ *reat c!mm#nit/ /!#ve (#i$t. :;4:C;= Stefanos: T&an)s a $!t. :;4:C4= AA: C!n*rat#$ati!ns. :;4:CA= Stefanos: Its n!t 5#st m/ ac&ievement t&!#*&. T&ere are !t&er pe!p$e t&at s!me !' t&em &ave $e't (/ n!.. T&is .as !ne !' !#r !ri*ina$ *!a$s .as t! create a p$ace .&ere .e can *et pe!p$e t!*et&er and partic#$ar$/ &e$p /!#n* pe!p$e t&at .... its &ard t! 'ind tec&n!$!*/%re$ated materia$ in 9reece2 s! .e rea$$/ .anted t! create t&is )ind !' space. :;<:;H= AA: Ste'an!s2 t&an) /!# s! m#c&. Its (een a *reat p$eas#re t! (e &ere t!da/ and disc#ss Bitc!in .it& s! man/ pe!p$e .&! are ver/ ent&#siastic a(!#t t&e t!pic and t! see t&is $!ve$/ space /!#ve (#i$t and I &!pe t! visit /!# a*ain. :;<:<;= Stefanos: T&an) /!#. T&an)s a $!t. It .as nice spea)in* t! /!#2 as .e$$. :;<:<A= AA: T&at .as Ste'an!s and t&is is Andreas rep!rtin* 'r!m &ac)erspace.*r2 .&ere I am !n t&e 'irst $e* !' a .!r$d t!#r2 visitin* Bitc!iners in a n#m(er !' di''erent cities ar!#nd t&e .!r$d. O(vi!#s$/2 c!min* (ac) t! m/ !ri*ina$ &!me c!#ntr/ .&ere I *re. #p &as (een a *reat p$eas#re and seein* t&e $!ca$ Bitc!in c!mm#nit/2 .&ic& is /!#n* (#t '$!#ris&in* and

*r!.in*. It &as (een a *reat e1perience. Bep!rtin* 'r!m At&ens2 t&is is Andreas. I &!pe t! see /!# a$$ s!!n. :;A:?<= KKKKKKKKKKKKKKKKKKKKKKKKKKKKKK ANNO N!E"ENT: i2 $istener. ere at Lets Ta$) Bitc!in2 .ere (#i$din* a *$!(a$ net.!r) !' c!rresp!ndents a($e t! c!ntri(#te !n t&e *r!#nd perspective .&en cr/pt!c#rrenc/ re$ated in'!rmati!n c!mes acr!ss t&eir 'i$ters. I' /!#d $i)e t! 5!in !#r *$!(a$ c!nversati!n2 send an emai$ .it& /!#r name and *e!*rap&ic !r c#$t#ra$ nic&e t! app$/L$etsta$)(itc!in.c!m. -#st $i)e Bitc!in2 t&e !n$/ (arrier t! entr/ is /!#r time and *!!d .!r). T&an)s '!r $istenin*. :;A:C<= A#$E%T: Eas/0NS is t&e S.iss Arm/ )ni'e '!r /!#r d!main names. e$pin* meet t&eir c#st!mers individ#a$ needs since ;@@H. Eas/0NS &as (een an !#tsp!)en critic !' SOPA and CISPA. Eas/0NS .as an ear$/ s#pp!rter !' Bitc!in and n!. t&e/ are pr!#d t! sp!ns!r t&is s&!.. 0! (#siness .it& a c!mpan/ t&at s&ares /!#r va$#es. 9et a ;<M disc!#nt .&en /!# pa/ .it& (itc!in. 9! t! (itc!in.eas/0NS.c!m and (e s#re t! #se disc!#nt c!de LTB. :;C:43= KKKKKKKKKKKKKKKKKKKKKKKKKKKKKK AL: 7it& t&e price !' (itc!in s)/r!c)etin* and .e( .a$$et &ac)s in t&e recent ne.s2 sec#rit/ is c$ear$/ an imp!rtant iss#e in Bitc!in. -!inin* me t!da/ t! ta$) a(!#t .&ite &at s!$#ti!ns t! ($ac) &at pr!($ems2 Es(en +rii, -ensen and -ac!( ansen are t&e '!#nders !' Cr!.dc#rit/. 9ent$emen2 t&an)s '!r spea)in* .it& #s. :;C:A4= !ro&dc'rit(: T&an) /!#. :;C:AA= AL: I!#r C!mpan/2 Cr!.dc#rit/2 c!ns#$ts !n sec#rit/ iss#es (#t in a rat&er #nc!nventi!na$ .a/. Can /!# e1p$ain /!#r pr!cess8 :;C:C;= !ro&dc'rit(: 7&at .ere (asica$$/ d!in* is #sin* t&e c!ncept !' (#* (!#nt/ pr!*rams. As s!me !' /!# mi*&t (e 'ami$iar .it& t&e (#* (!#nt/ pr!*ram t&at C!in(ase is r#nnin*2 .&ere t&e/ are !pen$/ invitin* s)i$$ed sec#rit/ testers t! )ind !' rep!rt v#$nera(i$ities !n C!in(ase app and t&en2 in ret#rn2 t&e/ can *et re.ards. Basica$$/2 .&at Cr!.dc#rit/ d!es is .e ta)e t&is )ind !' c!ncept and t&en .e pr!vide t&e str#ct#re '!r t&e c!mpan/ t! )ind !' d! it. Instead !' creatin* t&eir !.n (#* (!#nt/ pr!*ram2 t&e/ *! t! !#r site and create it .it& #s. T&e (ene'its !' )ind !' d!in* it .it& #s2 instead !' d!in* it !n /!#r !.n site2 (eca#se /!# sti$$ *et t&e (ene'it !' v#$nera(i$it/ s#(missi!ns (/ d!in* it !n /!#r !.n site2 s! i' /!# d!nt decide t! d! it .it& #s2 .e2 !' c!#rse2 rec!mmend t! d! it an/&!.. B/ d!in* it .it& #s2 /!# *et a str#ct#re2 /!# *et a (est practice r#$e set2 /!# *et pa/ment mana*ement2 and .e &and$e t&e pa/ments. 7e a$s! &and$e a$$ t&e ta1 r#$es2 .&ic& c!me .it& t&e pa/ments. 7e are ta$)in* a(!#t testers 'r!m a$$ !ver t&e .!r$d2 s! t&ere are di''erent ta1 r#$es re$ated t! t&at. 7e ta)e care !' t&at and .e !n$/ send !ne inv!ice t! t&e c#st!mer. T&ats s!me !' t&e t&in*s. 7e are a$s! &and$in* 5#st t&e >#esti!ns. S!metimes t&ere are s!me >#esti!ns t&at sa/ t&e/ mi*&t &ave a (#* t! test and .e are )ind !' t&e 'irst $eve$ s#pp!rt and &and$in* t&at. 7e are ta)in* a.a/ a $!t !' t&e admin 'r!m t&e (#sinesses. :;F:;H=

AL: Basica$$/2 .&at /!#re d!in* &ere is /!#re p#ttin* !#t (!#ntiesG /!#re p#ttin* !#t re.ards '!r pe!p$e .&! can 'i*#re !#t .a/s t! (rea) t&e site. OK2 s! /!#r c!mpan/ is pr!vidin* $i)e an in'rastr#ct#re $eve$ '!r t&is2 s! t&at c!mpanies2 .&en t&e/ .ant t! d! t&is2 d!nt &ave t! reinvent t&e .&ee$ and s! t&e/ 5#st c!me t! /!#. I!#ve a$read/ *!t a s/stem in p$ace t&at .!r)s. I!#ve a$read/ *!t a c!mm#nit/ t&at is ma)in* m!ne/ 'r!m /!#2 I ima*ine. I ima*ine t&at /!# pr!(a($/ &ave s!me !' t&e same testers .!r)in* !n !ne pr!5ect as an!t&er2 5#st (eca#se its c!nnected t&r!#*& /!#. :;F:AA= !ro&dc'rit(: T&ats c!rrect. I mean2 at t&e m!ment2 .e &ave ar!#nd A?? testers si*ned #p via !#r p$at'!rm. One can t&in) !' it a (it as cr!.ds!#rcin* IT sec#rit/2 in t&e .a/ t&at i' /!# start a re.ard pr!*ram2 .e .i$$ *! and mar)et t&at t!.ard t&e testers and .it&in a 'air$/ s&!rt .&i$e2 /!# .i$$ &ave a $!t !' testers2 sec#rit/ testers inspectin* /!#r site and pr!vidin* a cr!.ds!#rce sec#rit/ test !' /!#r site. O' c!#rse2 t&e (ene'it 'r!m t&e testers in t&is case is t&at i' t&e/ 'ind s!met&in* t&at mi*&t (e v#$nera($e !r &arm'#$ t! a (#siness site2 t&en t&e/ .i$$ earn re.ards '!r t&!se v#$nera(i$ities. :;H:4?= AL: One !' t&e c!ncerns .it& t&is t/pe !' appr!ac& is t&at2 essentia$$/2 /!# are invitin* attac)s. I ass#me its $e*a$ t! d! t&is t/pe !' testin* '!r /!#r testers (eca#se a*ain2 its )ind !' a *ame &ere t&ats (ein* p$a/ed. 0! /!# ever &ave a pr!($em .&ere t&e va$#e !' t&e c!mpr!mised t&in* t&at is disc!vered2 !#t.ei*&s t&e (!#nt/ t&ats (ein* !''ered8 :;H:<H= !ro&dc'rit(: T&ats a ver/ *!!d >#esti!n. Its a va$id c!ncern '!r man/ (#sinesses. I t&in)2 in t&is case2 .&at .e n!rma$$/ !''er is t&at (#siness can d! .&at .e ca$$ a private re.ard pr!*ram2 .&ere in t&is case2 .e !n$/ invite a $imited n#m(er !' testers t&at .e )n!. and &ave a trac) rec!rd .it&. I t&in) t&at t&e m#c& (i**er >#esti!n t&at is imp!rtant t! as) is t&at % a $eve$ !' t&ese sites are a$read/ #nder attac) and are c!nstant$/ (ein* e1amined (/ ma$ici!#s #sers .&! are $!!)in* '!r .a/s t! )ind !' e1p$!it v#$nera(i$ities. I!#re a$read/ attractin* t&ese #sers and I t&in) t&ats .&at .ere seein* .it& t&e vari!#s e1c&an*es and .a$$ets (ein* &ac)ed. Sec!nd$/2 i' a &ac)er .ere interested in d!in* ma$ici!#s activit/2 it .i$$ simp$/ n!t (e a ver/ *!!d strate*/ '!r t&em t! si*n #p .it& !#r service. T&e/ c!#$d 5#st *! strai*&t a&ead and start p!)in* ar!#nd .it& t&e site and tr/ t! e1p$!it s!me !' t&ese v#$nera(i$ities. :;@:4H= AL: I!#re sa/in* t&at t&e penetrati!n testin* is &appenin* rea$$/ !ne .a/ !r t&e !t&er. Its 5#st t&at !ne .a/ it !n$/ is &appenin* '!r evi$ p#rp!ses and in t&is .a/.. it mi*&t2 /!# )n!.2 s!me !' it is *!in* t!.ards &e$p'#$ p#rp!ses8 :;@:<@= !ro&dc'rit(: T&ats simp$/ c!rrect. A$$ t&e sites are a$read/ !n t&e attac). Basica$$/2 .&at a (#* (!#nt/ pr!*ram !r re.ard pr!*ram rea$$/ d!es is t&at it pr!vides an a$ternative '!r a $!t !' t&ese testers t! n!t d! ma$ici!#s activit/ .it& p!tentia$ v#$nera(i$ities (#t *ivin* t&em a )ind !' a $a.'#$ .a/ !' earnin* re.ards and rep!rtin* t&ese v#$nera(i$ities t! t&e (#siness. :4?:?4= AL: On Bitc!in2 speci'ica$$/ % Bitc!in and !n$ine .a$$ets. T&eres a sa/in*: sec#re .e( .a$$et. I!# *et t.! !' t&!se .!rds (#t n!t t&ree2 .&ic& imp$ies t&at i' /!# .ant a sec#re .a$$et2 it cant (e !n$ine ena($ed. Ive re'erred t! !n$ine .a$$et sites )ind !' $i)e piNatas2 .&ere t&e m!re pe!p$e .&! #se t&e service2 t&e &i*&er t&e price !' (itc!in2 t&e *reater t&e pri,e '!r .&!ever (rea)s it !pen. 0! /!# t&in) t&at its p!ssi($e2 *iven t&e t/pe !' re.ard2 t&at t&ese .a$$et services &ave2 t! act#a$$/ &ave sa'e and sec#re2 rea$$/ $i)e tr#st.!rt&/ and sec#re !n$ine .e( .a$$ets8 :4?:<;=

!ro&dc'rit(: In *enera$2 I d!nt t&in) t&at an/.&ere /!# are a($e t! *et ;??M sec#rit/ !n /!#r .a$$et. Neit&er in t&e p&/sica$ .!r$d !r !n t&e di*ita$ .!r$d and .e sti$$ see (an)s *ettin* r!((ed2 even t!da/. Its an i$$#si!n t&at /!# .i$$ ever *et ;??M sec#rit/. 7&at .e s&!#$d see is t&at (#sinesses2 as t&e/ *r!. and &ave a $ar*e #ser (ase2 t&at t&e re.ard si,e increases and (eca#se t&e/ .i$$ (e m!re seri!#s a(!#t t&eir sec#rit/. I' /!# $!!) at2 '!r e1amp$e2 9!!*$e and "icr!s!'t t&ese da/s2 t&e/ are pa/in* (et.een D4?2??? and D;??2??? '!r ver/ seri!#s v#$nera(i$ities2 .&ic& *ives &#*e incentives '!r testers and t&e .&!$e sec#rit/ c!mm#nit/ t! impr!ve t&eir sec#rit/ and rep!rt t&ese v#$nera(i$ities. I t&in) .e .i$$ (e e1pectin* as )ind !' t&e Bitc!in mar)et and t&e Bitc!in space is mat#rin*2 t&at m!re and m!re e1c&an*es .i$$ start r#nnin* t&ese re.ard pr!*rams and t&at t&e re.ards .i$$ increase. I t&in)2 'r!m a #ser perspective2 i' Im a #ser2 I .!#$d #se a .a$$et service !r an e1c&an*e t&at active$/ &ave a re.ard pr!*ram and /!# can )ind !' meas#re &!. *!!d t&eir sec#rit/ is in terms !' &!. &i*& t&e re.ards t&e/ are pa/in* !#t (eca#se t&e &i*&er t&e re.ards are2 t&e m!re c!n'ident t&e/ are a(!#t t&eir !.n sec#rit/ and t&e m!re t&e/ are )ind !' as)in* '!r t&e sec#rit/ c!mm#nit/ t! &e$p t&em impr!ve t&eir sec#rit/. :4;:C3= AL: I' s!me(!d/ is interested in $earnin* m!re a(!#t /!#r service !r c!ntactin* /!# *#/s2 .&at is t&e .a/ t! d! t&at8 :44:?;= !ro&dc'rit(: 7e are a$.a/s reac&a($e (/ emai$. I!# can 'ind !#r emai$s !n t&is site2 .&ic& is ....cr!.dc#rit/.c!m and an/(!d/ can reac& !#t t! #s .it& >#esti!ns. 7e are m!re t&an &app/ t! ans.er. :44:;4= AL: OK. Last >#esti!n. 7e d!nt &ave sec#rit/ e1perts t!! !'ten !n t&e s&!. and I am c#ri!#s &!. d! /!# st!re /!#r cr/pt!c#rrencies8 7&at d! /!# t&in) is t&e ri*&t (a$ance (et.een sec#rit/ and c!nvenience8 :44:43= !ro&dc'rit(: I t&in) t&at is a ver/ *!!d >#esti!n and I t&in)2 rea$$/2 .&at /!#re p!intin* !#t is t&at t&ere is a trade !'' (et.een c!nvenience and sec#rit/. I .ei*&ed it !#t. I !n$/ st!re a$$ m/ (itc!ins in !n$ine .a$$ets2 (#t I never &ave m!re t&an 4C (itc!ins in an/ .a$$et and t&!se are spread acr!ss2 at t&e m!ment2 '!#r di''erent .a$$et pr!viders spread !#t acr!ss t&e .!r$d. T&ats2 !' c!#rse2 a trade !'' (et.een &avin* /!#r (itc!ins in an !n$ine .a$$et c!mpared t! !''$ine .a$$ets. T&e reas!n .&/ I c&!se '!r *!in* .it& !n$ine .a$$ets is t&at2 (asica$$/ '!r t&e $ast t.! and a &a$' /ears2 Ive (een trave$in* ar!#nd t&e .!r$d and Im $!sin* st#'' and Im !n$/ &avin* m/ (a* .it& me. Its n!t ver/ c!nvenient '!r me t! ... I d!nt &ave a p&/sica$ p$ace simp$/ .&ere I can st#'' in m/ !n$ine .a$$et !r m/ &ard.are .&ere m/ !n$ine .a$$et .!#$d (e2 s! I need s!met&in* t&at is c!nvenient and !#t t&ere in t&e internet s!me.&ere. :4<:;@= AL: ave /!# ever $!st an/ $i)e t&at8 :4<:4;= !ro&dc'rit(: S! 'ar2 t&at &as n!t &appened. O' c!#rse2 I mean I $!!) ver/ care'#$$/ at t&e pr!viders t&at I st!re m/ (itc!ins .it&2 and $et me p#t it t&is .a/: i' t&e/ cann!t pr!vide t.! 'act!r a#t&enticati!ns2 I .!#$d n!t #se it 'r!m a #ser perspective. :4<:<C= AL: Bi*&t. I #nderstand. :4<:<3= !ro&dc'rit(: OK. T&at .as (asica$$/ &!. I treat (itc!ins in m/ pers!na$ $i'e and m/ pers!na$ (itc!ins2 .&ere I .ei*& in !n t&e side !' &avin* *reater '$e1i(i$it/ and c!nvenience2

in terms !' !n$ine .a$$ets. !. .e treat (itc!ins in Cr!.dc#rit/ is % its ver/ di''erent. +irst !' a$$2 .e d!nt &!$d a $!t !' (itc!ins. T&e (itc!ins .e d! &!$d are in t&e am!#nt !' C t! ;? (itc!ins and .e #se t&!se main$/ t! pa/ !#t re.ards '!r testers and .e (#/ t&em )ind !' ever/ time t&at .e need t! pa/ !#r re.ards in (itc!ins and t&en (asica$$/ #se t&em strai*&t a.a/2 s! .e never &!$d an/ $ar*e (a$ances !' (itc!ins. Once .e are in t&e ran*e !' C t! ;? (itc!ins2 .e d! &!$d t&!se in !n$ine .a$$ets. I mean2 .e *! '!r t&e m!st sec#re !n$ine .a$$ets t&at .e can 'ind !#t t&ere. :4A:4A= AL: I!# pa/ t&e (!#nties in (itc!in. 7&ats t&e avera*e si,e !' a (!#nt/ t&at /!#re pa/in* t&ese da/s8 :4A:<?= !ro&dc'rit(: A$$ t&e (!#nties are $isted in d!$$ars (#t .e d! &ave c$ients .&ere t&e (!#nties are $isted in (itc!ins. O' c!#rse2 in t&ese (itc!in (!#nties2 .e pa/ t&!se !#t in (itc!ins as .e$$2 s!me )ind !' p#re Bitc!in pr!*rams. Bit (!#nties are )ind !' cate*!ri,ed int! &i*&2 medi#m and $!.2 .&ere )ind !' t&e standard pac)a*e '!r &i*&2 medi#m2 $!. is D;??? '!r a &i*& re.ard and D<?? '!r medi#m and DC? '!r $!.. T&at .!#$d am!#nt int! .&atever t&e e1c&an*e rate is '!r (itc!ins at t&e m!ment t&at .e pa/ !#t t&e re.ard t&ats t&e (itc!in part !' it. I t&in)2 at t&e m!ment2 i' its ar!#nd &a$' !' a$$ !#r re.ards t&at are paid !#t in (itc!ins and t&e !t&er &a$' are paid !#t in d!$$ars via Pa/Pa$ !r via trans'er. :4C:;F= AL: 0! /!# pre'er (itc!in re$ative t! t&e !t&er !pti!ns8 :4C:4?= !ro&dc'rit(: O' c!#rse2 '!r !#r p!int !' vie.2 its a $!t easier t! pa/ !#t in (itc!ins (eca#se .e can d! a $!t 'aster and t&ere are $!.er 'ees2 s! .e are tr/in* t! )ind !' *et a$$ !#r testers t! accept (itc!ins (#t2 !' c!#rse2 in !rder t! attract testers2 s!me testers .!#$d simp$/ pre'er &avin* t&em in d!$$ars. 7e tr/ t! p#s& '!r t&em acceptin* (itc!ins and t&at a$s! $!.ers t&e 'ee and .e can pa/ !#t t&e re.ards 'aster. I m#st sa/ t&at t&e reas!n .&/ .eve (een a($e t! pa/ !#t ar!#nd &a$' !' !#r re.ards at t&is p!int t! testers in (itc!ins2 is its )ind !' !#r tar*et *r!#p2 a$$ t&e sec#rit/ testers are )ind !' ver/ tec& !riented and2 !' c!#rse2 are ear$/ ad!pters !' (itc!ins. I mean2 !ver time I e1pect t&is n#m(er t! increase. :43:?A= AL: OK2 *reat. 9#/s2 t&an) /!# ver/ m#c& '!r /!#r time. T&is .as ver/ ed#cati!na$ and I $!!) '!r.ard t! seein* m!re !' t&ese pr!*rams deve$!p. T&an) /!#. :43:;;= !ro&dc'rit(: T&an) /!#2 Adam. ave a *!!d da/. :43:;A= KKKKKKKKKKKKKKKKKKKKKKKKKKKKKK AL: Ant&!n/ 0i I!ri! is t&e E1ec#tive 0irect!r !' t&e Bitc!in A$$iance !' Canada and a 'ami$iar 'ace !n Lets Ta$) Bitc!in. Ant&!n/2 &!. are t&in*s8 A#): T&in*s are e1ce$$ent2 Adam. T&an)s '!r &avin* me (ac) a*ain. :4F:??= AL: Listeners )n!. t&at I $!ve a *!!d c!n'erence. 7eve (een &!!)ed at Lets Ta$) Bitc!in &ere since t&e San -!se event. Ant&!n/2 I )n!. /!#re p#ttin* !n a )ind !' (i* event c!min* #p in Canada t&is sprin* and .ere &!pin* t! (e &eavi$/ inv!$ved. T&is is a (it !' a .a/s !#t2 can /!# )ind !' s&are /!#r visi!n and .&/ /!#re startin* t! ta$) a(!#t it s! ear$/8 :4F:;3=

A#): O#r initia$ p$an .as t! &ave it in Oct!(er !' t&is /ear and .&en .e .ere startin* t! p$an it2 .e !n$/ &ad a(!#t t.!Jt&ree m!nt&s t! *et it *!in*. 7e .anted t! d! it (e'!re t&e sn!. came and (e'!re it *!t t!! c!$d2 s! .e 'i*#red it &ad t! (e d!ne in a time t&at .asnt t&e .inter (eca#se .e t&in) .e$$ &ave a $!t !' drivin* tra''ic &ere. A'ter .e 'i*#red .e c!#$dnt d! it in Oct!(er 5#st (eca#se !' time restraints2 .e decided t! d! it in Sprin* and set it #p ear$/2 *et t&e date (!!)ed2 *et t&e ven#e (!!)ed2 start *ettin* s!me )e/ spea)ers &ere and t&e rest .i$$ c!me in time2 (#t it *ives #s s! m#c& time t! p$an ever/t&in* and (rin* it a$$ t!*et&er. :4F:AH= AL: I!# &ave dates set. 7&at are t&e dates ri*&t n!.8 :4F:C?= A#): T&e dates are Apri$ ;;t&2 ;4t&2 and ;<t&. 7ere p$annin* !n a +rida/ evenin*2 a$$ da/ Sat#rda/ and S#nda/. :4F:CF= AL: Its *!in* t! (e interestin*. T&is is $itera$$/ .it&in da/s !r .ee)sG Im n!t e1act$/ s#re .&at t&e date is !' t&e start !' Lets Ta$) Bitc!in. T&is .i$$ a$m!st (e e1act$/ t! !#r !ne /ear anniversar/ !' d!in* t&is s&!.2 s! t&at$$ (e interestin* t!!. 7&at is it t&at /!#re tr/in* t! acc!mp$is& .it& t&is (eca#se2 I mean2 di''erent c!n'erences *! a'ter di''erent tar*et a#diences2 di''erent nic&es2 di''erent an*$es. I )n!. t&at /!#re p$annin* )ind !' a $ar*er event. 7eve seen a $!t !' !ne da/ events. I!#rs is a t.! da/2 ri*&t8 :4H:44= A#): It .i$$ (e t.! p$#s .e$$ d! $i)e a *a$a dinner2 I t&in)2 !n t&e ni*&t (e'!re !n t&e +rida/2 as an !penin* t&in* .it& t&e )e/n!te. 7e$$ d! t&e +rida/ evenin*2 t&en t&e t.! da/s !n $eaders&ip and *r!.in* Bitc!in c!mm#nities. 7ere &!pin* t! *at&er t!*et&er a .&!$e c!re !' internati!na$ Bitc!in $eaders 'r!m ar!#nd t&e .!r$d. T&ats t&e ma5!r t&eme. T&e t&eme is 'aci$itatin* t&e *r!.t& !' Bitc!in c!mm#nities .!r$d.ide and d!in* t&at !n $!ca$ and nati!na$ and internati!na$. 7!r)in* t!*et&er2 s&arin* res!#rces2 *ettin* (est practices and passin* t&!se a$!n*. 7!r)in* t!*et&er and .ere seein* a$$ t&ese *r!#ps t&at are '!rmin* ri*&t n!.. 7eve *!t 9!!*$e *r!#ps '!r $eaders&ip2 t&eres a S)/pe *r!#p t&ats '!rmin* ri*&t n!.. T&ere are a$$ t&ese di''erent !nes and its *!in* t! tr/ t! (rin* ever/t&in* t!*et&er &ere. Lets c!me #p .it& a res!#rce !r a p$ace t&at .e can a$$ 5#st c!ntri(#te t! and $et t&e ideas '$!. and ta)e ideas and adapt t&em 'r!m c!#ntr/ t! c!#ntr/. -#st2 (asica$$/2 $i)e t&ats a$.a/s (een m/ *!a$ is t! &ave a ($#eprint .it& t&e A$$iance2 &ave s!met&in* .e can pass a$!n* (eca#se .eve *!ne t&r!#*& a $!t s! 'ar. 7e started t&is pr!cess in Apri$. Its (een a $!n* pr!cess (#t .eve $earned a $!t 'r!m it and pe!p$e seem t! (e receptive t! t&e .a/ t&at .ere appr!ac&in* it. T&e/re ta)in* it2 t&e/re r#nnin* .it& it and t&e/re ad!ptin* it. 7e .ant t! (e &ere 5#st t! &e$p 'aci$itate t&e speed !' t&ese !r*ani,ati!ns. T&ats .&at t&e main '!c#s !' t&is E1p! is is t! *et internati!na$ $eaders t!*et&er and '!rm#$ate p$ans t! deve$!p t&ese c!mm#nities. T&e sec!nd !ne is t! see and '!c#s !n &!. Bitc!in is *!in* t! (ene'it t&e .!r$d c&arities. !. its *!in* t! (e a''ectin* A'rica. T&ats a sec!ndar/ '!c#s. T&!se are t&e t.! t&in*s t&at .ere *!in* t! (e stressin*2 s! eac& c!n'erence d!es &ave a t&eme. T&!se are t&e t.! t&at .e$$ (e '!c#sin* !n. :4@:CA= AL: 7&at t/pes !' spea)ers8 7&at t/pes !' ta$)s8 7&at t/pes !' events8 I mean2 is t&is m!st$/ *!in* t! (e a pane$ event2 .&ere t&eres $!ts !' pe!p$e sittin* #p t&ere and ans.erin* >#esti!ns !r is it *!in* t! (e m!re prepared ta$)s2 a mi18 :<?:?A= A#): T&e act#a$ ta$)s and &!. .ere *!in* t! d! it &asnt (een decided /et. T&e 'irst t&in* .as t! *et a *!!d c!re !' sa/ 4? spea)ers t&at .i$$ (e t&e (ase !' t&e c!n'erence. 7eve a$read/ *!t a *!!d c!re 'r!m T!r!nt! and 'r!m t&e ES. 7ere n!. '!c#sin* internati!na$$/.

N!. .eve 5#st *!t a 'e. m!re $eaders 'r!m s!me !' t&e c!#ntries in E#r!pe t&at are c!min* !ver. T&e act#a$ ta$)s and '!r#ms .ere *!in* t! decide t&at in t&e #pc!min* m!nt&s. 7&at .eve d!ne ri*&t n!. is: .eve $a#nc&ed t&e .e(site2 .eve *!t a *reat c!re !' spea)ers2 t&en2 I (e$ieve2 t&e sp!ns!rs&ip and ever/t&in* .i$$ '!$$!. and .ere *!in* t! start se$$in* tic)ets and *ettin* t&e ta$)s and ever/t&in* strai*&tened !#t in t&e Ne. Iear2 s! startin* in -an#ar/. :<?:<H= AL: !. man/ pe!p$e are /!# e1pectin* t! attend t&is event8 :<?:A?= A#): I t&in) .ere ma1in* !#t at a(!#t F??%H?? ri*&t n!.. T&ere can (e #p t! '!#r t&eater r!!ms. T&ere are t.! $ar*e r!!ms: !ne &!$ds C?? and !ne &!$ds a(!#t <C? and t&!se can (e sp$it in &a$'2 as .e$$2 t! *ive #s '$!!r i' .e .ant. T&en t&eres a $ar*e E1p! Center2 .&ic& &as en!#*& space '!r2 I t&in)2 (et.een 4? and A? e1&i(it!rs and t&at .i$$ (e t&e space t&at .e #se t&e ni*&t (e'!re '!r t&e dinner. T&at .i$$ (e t&e main *at&erin* space. Ies2 simi$ar t! .&at .as *!in* !n in San -!se at t&e (e*innin* !' t&e /ear. 7ere &!pin* t! *et m!re !' an internati!na$ '$av!r t&!#*&. T&at is t&e '!c#s: t! *et pe!p$e 'r!m a$$ !ver. 7ere a$s! !''erin* s!me sc&!$ars&ips2 s! t&ere .i$$ (e app$icati!ns .&ere .e .i$$ (e pr!vidin* '$i*&t and tic)ets and t&in*s $i)e t&at t! pe!p$e in eit&er #nderdeve$!ped c!#ntries !r t&e/ve *!t a st!r/ t! te$$ and .ed $i)e t! *et t&em !ver &ere. T&ere .i$$ (e a c!ntest '!r t&at. Ca$$ '!r a(stracts .i$$ (e *!in* !#t ear$/ ne1t /ear. 7eve *!t t&e c!mmittees t&at are '!rmin* ri*&t n!. and t&e pr!*ram and ever/t&in* e$se .i$$ (e c!min* in t&e ne1t c!#p$e !' m!nt&s. :<;:<<= AL: 7e$$ t&en2 .e$$ $!!) '!r.ard t! &earin* m!re a(!#t t&at as it )ind !' mat#res and deve$!ps a (it m!re. T&an)s '!r $ettin* #s )n!. t&ats c!min*. Be'!re t&is intervie.2 /!# menti!ned t&at !ne !' t&e t&in*s t&at /!# .ant t! ta$) a(!#t is ca$$ed Kr/pt!Kit. I &ave n! idea .&at Kr/pt!Kit is. Can /!# *ive me an !vervie. !' .&at t&at is8 :<;:C4= A#): Certain$/. T&e c!ncept stems (ac) a 'e. m!nt&s. 7e &ad a site t&at &ad a rea$$/ sec#re secret EBL s/stem and it .as tr#e and it .as tried and tested. 7e &ad A2??? #sers !n !#r site !ver t&e m!nt&s t&at .e &ad it. Secret EBL s/stems are a 'ricti!n$ess .a/ t! *et int! /!#r acc!#nt. Basica$$/2 /!# *! t! a site2 /!# *et /!#r secret EBL2 s! its an individ#a$ secret EBL and t&ats /!#r acc!#nt. T&ats &!. /!# *et (ac) t! eit&er a .a$$et s/stem !r i' /!#re !n a *am($in* site2 t&ats &!. /!# *et (ac) t! /!#r acc!#nt. :<4:4?= AL: 7&ats an e1amp$e !' a service t&at s!me(!d/ mi*&t &ave #sed i' t&e/re #sin* !n$ine .e( .a$$ets t! d! t&in*s t&is .a/8 :<4:4C= A#): Insta.a$$et .!#$d &ave (een a per'ect e1amp$e. :<4:4F= AL: OK. :<4:4H= A#): N!.2 t&e pr!($em t&at t&e/ &ad and Im n!t s#re i' /!#r $isteners )n!.2 Insta.a$$et .as an instant .a$$et service t&at ena($ed /!# t! *! t! t&eir site and (e instant$/ *iven2 (asica$$/2 a ne. .a$$et. I!# *! t&ere2 /!#re *iven a secret EBL and /!#re *iven a dep!sit address2 t&e/ &ad a c!#p$e !' iss#es t&!#*&. +irst$/2 t&at t&eir EBLs .ere *ettin* spidered (/ 9!!*$e. T&ats a (i* pr!($em .&en /!#re &avin* pass.!rds2 (asica$$/2 (ein* *iven !#t !n t&e internet. T&e sec!nd is t&at2 t&e/ .ere &!$din* !nt! c#st!mer '#nds and t&at .as a (i* pr!($em (eca#se .&en t&e/ event#a$$/ *!t &ac)ed2 .&ic& t&e/ did2 t&e/ $!st a $!t !' acc!#nts. I t&in) t&e/ &ad #p.ards !' !ver a mi$$i!n acc!#nts !n t&ere. T&e/ s&#t d!.n and t&eres rea$$/ (een a v!id !n an instant .a$$et service. I #sed t&em 're>#ent$/2 (ac) t&en. 7e &ad

a$.a/s .anted t! *et t&e .... I &ad a$.a/s &ad it in m/ &ead I .anted t! deve$!p a ne. instant .a$$et service and since .e &ave deve$!ped a secret EBL s/stem2 .e (e*an .!r)in* !n a pr!5ect ca$$ed B#s&.a$$et. B#s&.a$$et .as ver/ simi$ar t! Insta.a$$et. It &ad a secret EBL s/stem. 7e )ne. .&at t! d! s! it .!#$dnt *et spidered .it& 9!!*$e and t&e )e/ t&in* is t&at .e .erent &!$din* !nt! an/ c#st!mers '#nds. Ever/t&in* .as *!in* t&r!#*& ($!c)c&ain.in'!s API2 t&ere .ere n! st!red '#nds !n !#r end2 ever/t&in* .as c$ient%side2 s! n!t&in* *!t sent t! an/ servers. 7e &ad n! access t! pass.!rds2 .e .ere never *iven t&e pass.!rds and .e d!nt .ant t! &!$d !nt! pe!p$es pass.!rds !r '#nds. 7e t!!) B#s&.a$$et t! a (eta a 'e. m!nt&s a*! and it .as .e$$ received and t&en s!met&in* &appened .it& t&e ($!c)c&ain API and .e )ind !' s&e$$ed t&e pr!5ect '!r a (it. T&en2 a(!#t $ast .ee)2 m/ (#siness partner came in and said &ed (een .!r)in* !n s!met&in*. 7&at &e s&!.ed me .as an e1tensi!n '!r C&r!me t&at .as inc!rp!ratin* ($!c)c&ain.in'! credentia$s and a$$!.in* /!# t! p#t in /!#r #sername and pass.!rd and /!# n!. &ad a (r!.ser%(ased .a$$et 5#st 'r!m an e1tensi!n. I!# c$ic) !n t&e e1tensi!n in C&r!me2 it p!ps !pen /!#r .a$$et and it p#$$s !#t an/ Bitc!in address t&ats !n t&e site and p#ts it in a (#$$eted $ist ri*&t in t&e .a$$et2 .&ic& ma)es it easiest2 'ricti!n$ess s/stem t! ma)e Bitc!in pa/ments. 7&at /!# d! is /!# can *! t! an/ Bitc!in site .it& an address2 it p!ps #p ever/ sin*$e !ne !n t&e site2 /!# p#$$ #p t&e !ne /!# .ant t! ma)e a pa/ment t!2 /!# p#t t&e am!#nt /!# .ant2 /!# press enter2 and /!#ve n!. sent a pa/ment t! t&at address. It n! $!n*er re>#ires /!# &avin* t! *! (ac) and '!rt& 'r!m .e(sites !r *!in* t! ($!c)c&ain.in'! and $!**in* in and t&en p#ttin* t&e address in2 c!p/in*2 pastin*2 *!in* (ac) t! an!t&er .ind!.. It )eeps t&e .a$$et !n t&e side !' /!#r screen and it s&!.s t&e main .e(site t&at /!# .ant t! ma)e a pa/ment t!2 /!# p!p it !pen2 ma)e a pa/ment2 /!# c$!se it and /!#re d!ne. Its rea$$/ simp$e. 7e t&en inc!rp!rated !#r (ac) end !' B#s&.a$$et t&at .e sti$$ &ad2 p#t it int! t&is e1tensi!n2 s! .e d!nt even need t! re$/ !n ($!c)c&ains in'!rmati!n. Its n!t /!#r ($!c)c&ain acc!#nt /!#re settin* #p. Prett/ m#c&2 /!# insta$$ t&e e1tensi!n2 /!# !pen it #p2 /!# m!ve /!#r m!#se ar!#nd and it rand!m$/ *enerates a privateJp#($ic )e/pair. +r!m t&ere2 /!#ve *!t a .a$$et in a(!#t 'ive sec!nds. Its t&e easiest s/stem t! act#a$$/ *! *et a (rand ne. .a$$et. :<C:;C= AL: N!. t&at /!#ve descri(ed it2 I act#a$$/ did #se t&is. It 5#st .asnt ca$$ed t&is at t&e time. I t&in) it .as 5#st ca$$ed B#s&.a$$et p$#*%in2 at t&e time !r s!met&in* $i)e t&at .&en /!# s&!.ed t&is t! me a da/ !r t.! a*!. :<C:4A= A#): Iea&2 t&ats ri*&t. :<C:4C= AL: T&is is a rea$$/ eas/ .a/ t! #se Bitc!in .a$$ets and2 I mean2 Im s!me!ne .&! d!es n!t ever #se .e( .a$$ets (eca#se ever/ time I &ear a(!#t s!me(!d/ $!sin* m!ne/ !r *ettin* &ac)ed !r s!met&in* $i)e t&at2 its a$.a/s 'r!m t&ese .e( services and s! Ive started descri(in* t&em as $i)e2 piNatas (eca#se t&e m!re va$#e t&ats in t&em2 t&e (i**er t&e pri,e is '!r (rea)in* t&em !pen2 s! t&e/ *et (r!)en !pen. 0!es t&is act#a$$/ 'i1 t&at8 I!# said t&at it st!res t&e )e/s $!ca$$/2 s! .&/ is t&is s!met&in* t&at isnt (ein* d!ne (/ s!me!ne $i)e B$!c)c&ain !r .&/ didnt "/7a$$et d! t&is !r Insta7a$$et8 :<C:CA= A#): Ive s&!.n t&e *#/s at B$!c)c&ain and t&e/ rea$$/2 rea$$/ t&in) t&at .ere !nt! s!met&in*. Ive s&!.n it t! B!*er2 Ive s&!.n it t! Nic) t&e/ $!ved it. 7&en I .as in Ne. I!r) Cit/2 I .ent t! t&e c!n'erence t&ere2 t&e Inside Bitc!ins and t&e/ &ad t&e *#/ 'r!m t&e 7e( Standards2 .as it 7< 7e( Standards .as t&ere8 :<3:;?= AL: "an# Sp!rne/. :<3:;;=

A#): T&ats ri*&t. is main p!int .as t&at /!# need t! *et t&is int! t&e (r!.sers. Once /!# can *et t&is int! t&e (r!.sers2 it can *et t&e mass ad!pti!n and acceptance (eca#se t&en it ma)es it e1treme$/ simp$e '!r pe!p$e t! ma)e pa/ments. T&ats a$.a/s (een in t&e (ac) !' m/ &ead. -#st c!incidenta$$/2 m/ partner started .!r)in* !n t&at and (r!#*&t it t! me 5#st a 'e. da/s a*!. 7ere read/ t! $a#nc& t&is in (eta m!de. Its2 in m/ !pini!n2 t&e easiest2 simp$est .a/ t! *et a .e( address and .e( .a$$et. Its m!st sec#re2 in t&at .e d!nt st!re an/ pass.!rds and never *et sent t! an/ server2 .ere n!t &!$din* !nt! an/(!d/s '#nds2 /!# instant$/ ma)e dep!sits2 /!# p!p #p a OB c!de in /!#r $itt$e .a$$et2 /!# can 'irst !'' '#nd it 'r!m an/ !t&er .a$$et and n!. /!#ve *!t (itc!ins in /!#r e1tensi!n. It st!res /!#r credentia$sG /!# can p#t a pass.!rd !n it2 i' /!# $i)e. Im a$$ a(!#t 'ricti!n$ess services and ma)in* t&in*s eas/ '!r c#st!mers t! #se. T&ats t&e .&!$e step. I t&in) $!*ins and pass.!rds are a pain in t&e (#tt and i' /!# can av!id t&em2 t&en d! t&at. T&is can st!re ri*&t int! /!#r e1tensi!n and /!#re ma)in* pa/ments in t.! sec!nds and t&en it act#a$$/ drives and p#$$s #p an/ Bitc!in address t&ats !n t&at pa*e and p#ts it int! a ver/ simp$e eas/ $ist '!r /!# t! se$ect a pa/ment !' &as &#*e imp$icati!ns. 7e can n!. tie in an/ di*ita$ media and descripti!ns !' t&at media t&ats !n t&at pa*e and p#$$ it #p ri*&t int! /!#r .a$$et in a $ist !' pr!d#cts t&at /!# mi*&t .ant t! p#rc&ase and start (#/in*. T&is c!#$d n!t 5#st c&an*e Bitc!in p#rc&ases (#t c!#$d act#a$$/ c&an*e t&e .a/ t&at s&!ppin* *ets d!ne !n$ine. :<F:<?= AL: OK. I t&in) t&at /!#re de'inite$/ !nt! s!met&in*. I t!ta$$/ (#/ a$$ !' t&ese ar*#ments. T&e nat#ra$ c!#nter t! t&is is2 !' c!#rse2 .&at &appens i' /!#r (r!.ser is c!mpr!mised8 :<F:A;= A#): I' /!#r (r!.ser is c!mpr!mised2 it .!#$d :ina#di($e= (e a )e/$!**er2 t&at .!#$d (e t&e .a/ t&at it c!#$d (e c!mpr!mised. An/ !t&er .e( service t&at /!# *! t! !r .e( .a$$et2 it .!#$d (e dea$in* .it& t&e same iss#es. OK8 :<F:C4= AL: O)a/. :<F:C<= A#): T&is e1tensi!n2 a*ain t&at it sits !n /!#r c$ient%side and t&at n! in'!rmati!n d!es *et sent an/.&ere2 is prett/ sec#re. :<H:??= AL: 7&en /!# send a pa/ment t&r!#*& t&is2 d! /!# &ave t! enter a pass.!rd !r is it $itera$$/ an/!ne sittin* at /!#r c!mp#ter can p!p t&is #p. I mean2 I #nderstand t&at s!me!ne .!#$d &ave t! &ac) in .it& a )e/$!**er. Im as)in* can /!# encr/pt t&ese .a$$ets8 Beca#se /!# .erent a($e t! .&en I .as testin* it !#t and it seems $i)e t&at .!#$d (e an imp!rtant $a/er. :<H:;@= A#): T&ere is a pass.!rd. 7&en /!# act#a$$/ set #p /!#r 'irst acc!#nt2 t&e pass.!rd is n!t set. One !' t&e settin*s is t! ena($e a pass.!rd2 s! '!r me2 I )n!. !n m/ c!mp#ter its in m/ &!#se2 I d!nt .ant t! &ave a pass.!rd !n it. A*ain2 'ricti!n$ess t&in*. I $i)e 5#st (ein* a($e t! !pen it2 *! ma)e a pa/ment. I' I .ant t&e !pti!n t!2 I can set a pass.!rd and n!. ever/ pa/ment t&at *!es !#t .!#$d re>#ire a pass.!rd t! d! it. As .e$$ as a$s! i' an/!ne tried t! reset t&e acc!#nt2 it .!#$d re>#ire t&at pass.!rd t&ats t&ere !r /!# .!#$dnt (e a($e t! reset t&e acc!#nt. N!.2 t&e !t&er interestin* t&in* is t&at2 .e a$s! imp$emented a (rain .a$$et s/stem t&ere. 7&en /!# *! int! t&e e1tensi!n and /!# set #p a ne. acc!#nt2 it *ives /!# t&e !pti!n t! p#t in a (rain .a$$et2 s! /!# c!#$d #se a p&rase t&ere. T&at can (e /!#r acc!#nt. I!# can t&en ta)e t&at p&rase an/.&ere e$se2 insta$$ t&e e1tensi!n and p#t /!#r (rain .a$$et in2 n!. /!# &ave access t! /!#r '#nds t!!. :<@:?3=

AL: 6er/ interestin*. It seems $i)e an/ v#$nera(i$it/ t&at impacts t&is2 .!#$d a$s! impact an/ !t&er .a$$et t&ats insta$$ed !n /!#r c!mp#ter (eca#se a )e/$!**er .!#$d *ra( an/t&in* (eca#se its 5#st essentia$$/ s&arin* /!#r pass.!rd and t&en (ein* a($e t! c!mpr!mise t&at. Are t&ere an/ .ea)nesses t! t&is (esides t&at8 T&at $i)e2 it &as m!re in c!mm!n .it& a .e( .a$$et8 :<@:4C= A#): 7e$$ act#a$$/2 /!# can *et rid !' t&at )e/$!**er iss#e (eca#se .e a$s! are imp$ementin* a )e/(!ard p!p#p2 .&ere /!# can t&en #se /!#r m!#se t! c$ic) !n t&e )e/s. T&at .!#$d act#a$$/ ne*ate t&e )e/$!**er aspect !' t&at. T&ats .&at B$!c)c&ain d!es2 '!r e1amp$e2 '!r t&eir sec!ndar/ pass.!rd !n /!#r acc!#nt. T&e/$$ p#$$ #p a )e/(!ard and /!# &ave t&e c&!ice t! #se /!#r m!#se t! se$ect and p#t /!#r pass.!rd in t&r!#*& a vis#a$ )e/(!ard !n t&e screen. T&at even *ets t&r!#*& t&e )e/(!ard aspects !' t&in*s. 7&at .eve d!ne is .eve created t&e easiest2 simp$e !' #se .a$$et t! set #p2 easiest2 simp$e .a$$et t! ma)e pa/ments2 a$$ c$ient%side s! n! in'!rmati!n *ets sent2 .e d!nt st!re an/(!d/s pass.!rds2 a$$ p#t int! t&is pac)a*e .e ca$$ Kr/pt!Kit. T&e reas!n .e ca$$ it a )it is (eca#se n!t 5#st are .e a .a$$et2 .eve n!. imp$emented t&e simp$est2 easiest t! #se 9P9 encr/pti!n messa*in* and c!mm#nicati!n s/stem (#i$t ri*&t int! t&e .a$$et. Once .eve *!t t&e pa/ment s/stem and t&e .a$$et2 n!. .eve *!t c!mm#nicati!ns and *ettin* t&at 9P9 encr/pti!n )e/2 it n!. !pens t&e d!!r '!r s! man/ !t&er t&in*s. 7e can n!. #se encr/pted c!nversati!ns2 c&ats2 and vide!. 7e can inc!rp!rate 9ri(($e. 7e can inc!rp!rate an/ !pen s!#rce s!'t.are $i)e2 t&eres !ne ca$$ed "ai$ve$!pe2 t&at a$$!.s /!# t! d! 9P9 encr/pted #sin* /!#r 9mai$2 O#t$!!). 7e act#a$$/ &ave a s/stem t&at is sec#re$/ NSA pr!!'2 in terms !' messa*in* ri*&t n!.. 7e .i$$ t&en (e inc!rp!ratin* s!met&in* simi$ar t! Cr/pt!pa) ri*&t (#i$t int! t&e .a$$et2 as .e$$ and int! t&e )it. 7e .i$$ t&en (e a s!#rce !' identit/. I!# c!#$d act#a$$/ &ave pr!ven identit/ !n !#r s/stem2 /!#$$ &ave a pa/ment s/stem and /!#$$ &ave c!mm#nicati!ns a$$ (#i$t int! !ne. 7&en /!# &ave t&!se t&ree t&in*s t!*et&er2 /!# *et a ver/ p!.er'#$ t!!$ )it2 .&ic& can t&en imp$ement int! a s!cia$ net.!r). 7eve *!t 'riends $ist n!.2 .&ere /!# send me /!#r 9P9 )e/2 it *!es int! m/ 'riends $ist inside t&e )it and I se$ect /!#r name2 I send /!# an encr/pted messa*e2 /!# *et a $itt$e n!ti'icati!n in /!#r e1tensi!n2 .&ere /!# *et a s!#nd and /!# *et a $itt$e !ne t&at p!ps #p and sa/s PI!# *!t a ne. messa*e. I!# !pen t&at #p2 its encr/pted a$$ t&e .a/ ti$$ it *ets t! /!# and t&en !n /!#r c$ient%side /!#ve *!t /!#r )e/s t! #n$!c) it and vie. it. It rea$$/ is a p!.er'#$ )it. 7ere rea$$/ e1cited a(!#t it and .e t&in) it rea$$/ c!#$d (e a rev!$#ti!nar/ t&in* '!r Bitc!in. :A;:A?= AL: It s!#nds $i)e a ver/ impressive pac)a*e t&at /!#re p#ttin* t!*et&er. A*ain2 $i)e t&e $ast time .&en /!# s&!.ed me t&e pr!t!t/pe2 it .as a pr!t!t/pe. 7&ere are /!# act#a$$/ in t&e deve$!pment c/c$e !' s!met&in* $i)e t&is8 :A;:C?= A#): OK. T&e messa*in* s/stem2 t&e 9P9 )e/ s/stem2 .&ic& .i$$ (e t&e )e/ '!r a$$ t&e !t&er encr/pted services is in p$ace. 7e can n!. send sec#re c!mm#nicati!ns t! an/(!d/ e$se #sin* 9P92 in t.! .a/s. I!# can c!p/ and paste t&e 9P9 messa*e and p#t it int! an emai$ !r .ed send it ri*&t t&r!#*& !#r s/stem. I' /!# t! pr!vide me .it& a 9P9 p#($ic )e/2 I imp!rt t&at )e/ int! m/ )it. I!#ve 5#st imp!rted Adams )e/2 it p#ts /!# in a $ist. 7&enever I .ant t! send /!# a messa*e2 I .!#$d c$ic) /!#r name2 t/pe it in2 &it send2 /!# *et a n!ti'icati!n !n /!#r end !n /!#r (r!.ser e1tensi!n .it& a $itt$e !ne t&at p!ps #p and a s!#nd2 /!# can t&en vie. t&at messa*e !n /!#r end. T&ats .&ere .e are. 7ere startin* t! imp$ement t&e c&atG .ere startin* t! imp$ement t&e mai$ s/stem. I!# )n!.2 encr/pti!n. 7ere p$annin* t! *et t&is !#t in (eta ver/ s!!n. Its act#a$$/ read/ t! *! t! (eta. 7ere *!in* t! (e $!!)in* '!r a c$!sed (eta and tr/ t! *et s!me pe!p$e t! a#t! dec!de '!r #s. 7e .ant t! *et s!me *!!d (ac)in* !' pe!p$e in t&e c!mm#nit/ t! sa/ and *ive t&eir sea$ !' appr!va$ !n

.&at .eve d!ne. 7ere ver/ c!n'ident in it. "/ partner is2 I$$ sa/ it2 &e is a *eni#s. e .!r)s in .a/s and a speed t&at Ive never seen an/(!d/ d!. 7eve a$s! (een t!$d .eve (een a($e t! d! t.! t&irds !' .&at 0ar) 7a$$et is tr/in* t! d! ri*&t n!. and .eve d!ne it in a 'e. da/s. Im n!t s#re i' /!#re a.are t&eres meetin*s in "i$an *!in* !n n!. t! decide &!. 0ar) 7a$$et is *!in* t! pr!ceed. 7eve act#a$$/ d!ne a (i* c&#n) !' .&at t&e/re tr/in* t! d! a$read/. Ive reac&ed !#t t! t&em and Im &!pin* t! *et s!me c!mm#nicati!n $ines !pen .it& t&em and see .&ere t&e/re t&in)in* .it& t&is. T&e !n$/ t&in* .e &avent d!ne ri*&t n!. is t&e mi1in* service. 7e &avent even $!!)ed at it /et (#t I d!nt see it as rea$$/ (ein* s!met&in* t&at .e cant imp$ement d!.n t&e r!ad. :A<:43= AL: T&ats 'ascinatin*2 Ant&!n/. Ever/ time .e ta$)2 /!#ve *!t s! man/ pr!5ects *!in* !n and /!# seem t! (e imp$ementin* !n t&em prett/ .e$$. T&at s!#nds 'antastic and a*ain2 t&e pr!5ect t&at /!#re .!r)in* !n is t&ere *!in* t! (e a c!mpan/ (ac)in* it8 Is it 5#st *!in* t! (e an !pen s!#rce pr!5ect t&at /!# .!r) !n and t&en re$ease int! t&e .i$d '!r pr!5ects $i)e 0ar) 7a$$et t! c!ntin#e8 7&ats t&e *ame p$an8 :A<:AC= A#): T&e *ame p$an is t&is .it& e1tensi!ns2 t&e/ are !pen s!#rce. An/(!d/ can vie. t&e .&!$e >#!te !' an e1tensi!n. O#r *!a$ is t! ... .ere *!in* t! p#s& a vide! !#t e1p$ainin* t&e 'eat#res !n it and &!. it .!r)s and t&en a ca$$ '!r a c$!sed (eta. T&ats !#r 'irst step. T&e sec!nd step is t! *et !#r pr!d#ct (randed and s#pp!rted (/ pe!p$e in t&e c!mm#nit/ t&at can stand (e&ind t&e s/stem and (e$ieve in it. Im p#ttin* m/ name (e&ind t&is. Ive sp!)en t! a 'e. !t&er pe!p$e t&at rea$$/ $i)e it. I ma/ appr!ac& t&em t! *et t&eir name (e&ind it t! sa/ t&at.... $isten2 t&is is a sec#re s/stem2 .e rea$$/ (e$ieve in t&is. T&ats .&ats $ac)in* .it& a $!t !' (#sinesses in Bitc!in. Its t&e pr!'essi!na$ism. 7e .ant t! *et a pr!'essi!na$ mar)etin* c!mpan/ and (randin* c!mpan/ .!r)in* !n t&is ri*&t a.a/. 7e .ant t! c!me !#t and d! t&in*s pr!per$/ and rea$$/ a$$ a(!#t #ser e1perience rea$$/ a$$ a(!#t c#st!mer s#pp!rt. I t&in) its cr#cia$ t! &ave c!mpanies t&at are d!in* t&is in t&is space (eca#se ever/ time .e see s!me!ne *et &ac)ed !r a sit#ati!n .&ere c#st!mer s#pp!rt is $ac)in*2 it rea$$/ is a ne*ative aspect !n t&e c!mm#nit/. Im a$$ '!r c!mm#nit/ (#i$din* and seein* .&at .e can d! and &!. Bitc!in is *!in* t! &e$p t&in*s. Its imp!rtant '!r me t! d! t&is pr!per$/2 pr!'essi!na$$/ and .it& (ac)in* !' pe!p$e t&at (e$ieve in !#r pr!d#ct t&at are respected in t&e c!mm#nit/. 7e t&in) t&at .e can t&en *ive and !''er an ama,in* s/stem t! Bitc!in #sers t&ats *!in* t! &e$p speed #p t&e ad!pti!n rate !' Bitc!in (eca#se .&ats easier t&an 5#st &avin* it ri*&t in /!#r (r!.ser and ma)in* /!#r pa/ments2 .it&!#t '$ippin* (ac) and '!rt& 'r!m an/ !t&er .a$$et s/stem8 :AC:;;= AL: Bi*&t. I mean2 t&ese #sa(i$it/ iss#es certain$/ are c!min* t! t&e '!re'r!nt as t&e price *!es #p. I mean2 it a$$ (ec!mes 5#st s! m#c& m!re pressin*. Ant&!n/2 .eve *!ne !ver !#r a$$!cated time. I d! .ant t! as) /!# !ne >#ic) >#esti!n (eca#se .eve reac&ed !#t t! t&e Bitc!in +!#ndati!n '!r a c!mment !n C!in 6a$idate pr!p!sa$2 .&ic& is essentia$$/ a .&ite$ist pr!p!sa$ !' appr!ved addresses % identit/ veri'ied transacti!ns. 0!es t&e Bitc!in A$$iance !' Canada &ave an/ s!rt !' c!mment /!#re a($e t! ma)e !n t&at iss#e at t&is time8 :AC:<@= A#): 7ere &avin* a (!ard meetin* t!m!rr!. ni*&t. On t&e ta($e is !#r p!$icies. T&ats .&at .ere *!in* t! (e disc#ssin* (eca#se .e t&in) its ver/ imp!rtant t! c!me #p .it& c$ear p!$icies 'r!m t&e start. T&e A$$iance is $a#nc&in* t! t&e p#($ic !n N!vem(er <?t&2 s! !#r mem(ers&ip str#ct#re and !#r nati!n (#i$der2 c!mm#nit/ (#i$din* p$at'!rm .i$$ (e $a#nc&ed !n <?t&. 7e t&in) its rea$$/ imp!rtant t! c!me #p .it& !#r p!$icies ri*&t at t&e (e*innin* .&ere t&e/re ver/ c$ear c#t and t&e/$$ (e ever/t&in* t&at .e re'erence (ac) t!. T&ats *!in* t! (e s!me &eated disc#ssi!n !n t&at t!m!rr!.. 7e .i$$ (e ta$)in* a(!#t t&e C!in 6a$idati!n

and t&e $ists t&e ($ac)$ist and .&ite$istin*. I cant *ive /!# an/ c!mments !' .&at t&e *r!#p .i$$ decide at (#t I t&in) .&at .e .i$$ (e a($e t! pr!vide is !#r p!$icies and ma)e t&em c$ear '!r !#r mem(ers&ip and c$ear '!r pe!p$e t&at2 t&is is .&ere .e stand and t&is is &!. .e .i$$ (e m!vin* !#r !r*ani,ati!n '!r.ard. :A3:43= AL: 9reat. 7e$$2 t&an) /!# ver/ m#c& '!r /!#r time2 Ant&!n/. I $!!) '!r.ard t! /!#r c!ntin#ed .!r). A*ain2 at t&e pace t&at /!#re *!in*2 I ima*ine .e$$ (e ta$)in* a*ain s!!ner t&an I can t&in). :A3:<A= A#): 9reat c&attin* .it& /!#2 Adam. T&an) /!#. :A3:<3= KKKKKKKKKKKKKKKKKKKKKKKKKKKKKK ANNO N!E"ENT: Is t&e Bitc!in price in a (#(($e8 On$/ time .i$$ te$$ (#t !ne t&in*s '!r s#re2 Bitc!in vide! passes are !n sa$e. N!rma$$/2 DFC '!r t&!se pa/in* in ES '#nds visit ....(itc!invide!pass.c!m and spend !n$/ ?.;%?.4 (itc!ins (?.;4 (itc!ins at t&e time t&is .as rec!rded) t! access a$$ t&e ta$)s and pane$s 'r!m t&e Oct!(er cr/pt!c#rrenc/ c!n'erence. See &!. eas/ (#/in* .it& (itc!in can (e and e1perience instant access2 as s!!n as /!#ve paid2 .it&!#t even re$!adin* t&e pa*e. C&ec) it !#t at ....(itc!invide!pass.c!m. KKKKKKKKKKKKKKKKKKKKKKKKKKKKKK A#$E%T: i. T&is is -as!n Kin*2 '!#nder !' Seans O#tp!st and /!# are $istenin* t! Lets Ta$) Bitc!in. Seans O#tp!st is a &!me$ess !#treac& in Pensac!$a2 +$!rida and .ere pr!#d$/ p!.ered (/ Bitc!in. T! date2 !ver ;<2??? mea$s &ave (een 'ed t! t&e &!me$ess in !#r area2 a$$ p#rc&ased .it& (itc!in and t&r!#*& t&e *ener!sit/ !' t&e cr/pt!c#rrenc/ c!mm#nit/. Bead m!re a(!#t #s at ....seans!#tp!st.c!m. +!!d2 s&e$ter2 Bitc!in ever/(!d/. ....seans!#tp!st.c!m. KKKKKKKKKKKKKKKKKKKKKKKKKKKKKK AL: I d!nt )n!. .&ere /!# stand !n t&e C!in 6a$idate iss#e (#t its a piv!ta$ 'i*&t t&at &as t&e p!tentia$ t! destr!/ Bitc!ins net.!r) e''ect !r *ive it t&e mainstream $e*itimac/ it needs t! pr!pe$ cr/pt!c#rrenc/ int! *$!(a$ #se. I &ave 'riends in (!t& camps and t&e/ a$$ spea) .it& e>#a$ and !pp!site passi!n. Its entreprene#rs vers#s idea$ists2 a$$ !ver a*ain2 e1cept2 t&eres a sp$inter *r!#p .it&in t&e idea$ists camp2 .&! 'ind t&eir s&!rt term *!a$s $inin* #p .it& entreprene#rs (#t .it& t&e aim !' ac&ievin* a ver/ di''erent $!n* term e''ect. T! >#ic)$/ *! !ver t&e iss#e2 as Andreas $i)es t! remind #s as !'ten as p!ssi($e2 t&e m!st imp!rtant part !' Bitc!in is t&at its a ne#tra$ pr!t!c!$. It d!esnt matter .&! /!# are2 it d!esnt matter .&at /!#re d!in* it treats /!# t&e same and ever/ (itc!in is interc&an*ea($e '!r an/ (itc!in !r c!m(inati!n !' 'racti!ns !' man/ (itc!ins2 it ma)es n! di''erence. Enter C!in 6a$idate t&e2 !(vi!#s$/ .&at is needed2 e''!rt !' "att&e. "e$!n2 a psi!n !' t&e 'amed (an)in* d/nast/.

A'ter spendin* t&e $ast 'e. .ee)s ma)in* t&e r!#nds in San +rancisc! and Ne. I!r)2 ta$)in* t! t&e names and p$a/ers in t&e Bitc!in space2 &e 5!ined .it& A$e1 7aters2 t&e n!. apparent$/ de'#nct BitInstant CTO2 t&e p!$ari,in* $eader !' t&e Ava$!n ASIC pr!5ect2 Ii'# 9#! c!mp$etes t&e ann!#nced e1ec#tive team. Ii'# &as (een deve$!pin* a t!!$ '!r miners t! r#n t&at2 (asica$$/2 $ets t&em !n$/ accept transacti!ns 'r!m addresses !n an appr!ved $ist. T&is is a cr#cia$ piece !' in'rastr#ct#re t! ma)e a pr!*ram2 $i)e C!in 6a$idate2 .!r). T! ma)e t&e s/stem .!r)2 t&e/ .!#$d need t! c!nvince miners and $ar*e p!!$s t! #se t&is minin* 'i$ter and simp$/ n!t pr!cess transacti!ns t&at are n!t !n t&e appr!ved $ist. T&is appr!ved $ist .!#$d (e c!ntr!$$ed centra$$/ (/ C!in 6a$idate2 actin* as a tr#sted )eeper. T&eir r!$e is t! ass!ciate Bitc!in addresses and $e*a$ identities. 7&en t.! .&ite$isted addresses d! (#siness2 t&eir presence !n t&e .&ite$ist means C!in 6a$idate2 essentia$$/2 v!#c&es t&at t&e/ &ave an identit/. It remains t! (e seen i' disc$!sin* /!#r identit/ in a$$ (#siness .i$$ (e re>#ired !r i' t&at in'!rmati!n is )ept private2 (#t in practice t&e/re t&e same. A centra$ $ist !' Bitc!in addresses and identities e1ist2 accessi($e t! *!vernment and &ac)ers and t&e seas !' a m!st$/ mapped Bitc!in net.!r)2 .&ere t&e pr!mise !' a transparent transacti!n $ed*er means /!#r privac/ is !n$/ as *!!d as t&e )eeper !' t&e $ist is .i$$in* !r a($e t! de$iver. T&e t&in)in* *!es Bitc!in is a marve$$!#s inn!vati!n2 it ma)es t&e transmissi!n !' m!ne/ c&eap and eas/ c!mpared t! an/ s/stem .e &ave2 (#t it &as a '$a. t&at c!#$d (e 'ata$. In 7estern m!netar/ s/stems2 t&ere are c!ntr!$s in p$ace t! ma)e s#re t&at certain t/pes !' individ#a$s2 terr!rists and crimina$s2 d!nt (ene'it 'r!m m!dern2 'inancia$ in'rastr#ct#re2 .&ic& in practica$ terms means t&ere are transacti!n $imits2 s#spici!#s activit/ rep!rts '!r ever/ (an)in* c#st!mer .&! deviates 'r!m t&eir n!rma$ and accepta($e #se pattern. T&is in'rastr#ct#re re$ies !n it (ein* impractica$ t! dea$ .it& $e*ac/ c#rrencies2 $i)e d!$$ars2 in a peer t! peer 'as&i!n. A'ter a$$2 &!. man/ pe!p$e .!#$d s&!p !n t&e internet i' t&e pr!cess '!r pa/in* '!r it .as t! p#t /!#r cas& in a stamped enve$!pe and mai$ it direct$/ t! t&e merc&ant8 In t&e da/s !' Searss cata$!*s2 t&is ma/ &ave (een n!rma$ (#t n!. its n!t sa'e. T&at and .e $ac) t&e patience. Bitc!in2 .it& its !n$ine P4P nat#re &as n! reas!n t! d! an/ !' t&ese t&in*s. C&ristianit/s Ten C!mmandments c&ise$ed !n man/ st!ne m!n#ments ar!#nd t&e .!r$d2 &as as m#c& p!.er !ver its ad&erents as Bitc!ins ($!c)c&ain. T&e/ cant '!rce /!# t! '!$$!. t&e r#$es (#t !n$/ t&!se .&! d! '!$$!. t&e r#$es can ca$$ t&emse$ves participants !' t&e s/stem. 7it& t&at as (ac)*r!#nd2 t&e si*&ts $ine #p $i)e t&is idea$ists $!!) at t&e C!in 6a$idate pr!p!sa$ and sa/2 t&is is terri($e. Even i' /!# !n$/ *et $ess t&an ;?M participati!n !nce t&e '!#ndati!n is in p$ace2 it .i$$ (e eas/ '!r nati!na$ *!vernments t! simp$/ dec$are it i$$e*a$ t! ma)e transacti!ns .it& addresses n!t !n t&e .&ite$ist2 .&ic& means t&at an/t&in* n!t !n t&e .&ite$ist is de 'act! !n t&e ($ac)$ist. Entreprene#rs sa/2 are /!# cra,/8 T&ere .i$$ 5#st (e t.! s/stems a .&ite$isted part2 .&ere a$$ identities are pr!ved and transacti!ns $!**ed '!r ta1 p#rp!ses and a n!n%.&ite$isted part2 t&ats $i)e t&e c#rrent state !' a''airs. A (it !' a 7i$d 7est2 $!ts !' 'ra#d2 pe!p$e &app/ t! n!t pa/ t&eir ta1es and n! c!ns#mer c!n'idence t! (e '!#nd (eca#se !' t&!se t&in*s. T&e s$ipper/ s$!pe ar*#ment is temptin*. In rea$it/2 I d!nt )n!. .&! &ere is ri*&t and even i' its .!rt& ta$)in* a(!#t. T&ese divisi!ns in t&e c!mm#nit/ enam!#red .it& Bitc!in are n!t s#rprisin* and2 in 'act2 its a $itt$e !dd re$ati!ns &ave (een s! c!rdia$ t! t&is p!int. Bitc!in is ne#tra$. Its di''erent t&in*s t! di''erent pe!p$e and /et Bitc!in never c&an*es2 s! t&is va$#e is '!#nd in eac& individ#a$ .&! $earns. I did .ant t! menti!n t&e t&ird *r!#p Ive n!ticed in t&is c!n'$ict. T&eres a strain !' idea$ists .&! vie. C!in 6a$idate as a *!!d t&in* and desired t&in* (eca#se t&e/ t&in) it .i$$ ma)e Bitc!in 'ai$. N!t 'ai$2 as in cras& in va$#e2 mass .ipin* !' .a$$ets2 9PEs and ASICs $/in* dead in t&e street2 dedicated .ater c!!$in* s/stems spasmin* visc!#s $i>#ids int! dar)ened st!rm drains (#t t&e #nderstandin*2 (/ #sers !' cr/pt!c#rrenc/2 t&at Bitc!in &as (een c!mpr!mised and its time t! a(and!n s&ip. In an/ 'ree mar)et2 (#t cr/pt!c#rrenc/ speci'ica$$/2 events in !ne part !' t&e ec!s/stem in'!rm t&e deve$!pment !' !t&ers. Pe!p$e *!in* t&e .a/ !' ($ac)$ists .!#$d

cata$/se t&e e>#a$ and !pp!site reacti!n. 7e are a$read/ startin* t! see it in t&e ann!#ncement !' t&e2 m#c& $i*&ter .&ite2 Qer!c!in c&ain n!t .aitin* '!r Bitc!in imp$ementati!n at a$$2 5#st *!in* '!r it as an a$tc!in t&at .i$$ a$$!. '!r !n ($!c)c&ain c!in mi1in*2 .&ic& ma)es t&is s!rt !' trac)in* imp!ssi($e. L#)e 0as&5r &as $ed t&e c&ar*e 'r!m a di''erent an*$e2 re$easin* a piece !' s!'t.are t! c!#nter t&at re$ease (/ Ii'#2 .&ere C!in 6a$idates c!ntri(#ti!n .!#$d !n$/ pr!cess transacti!ns 'r!m addresses !n t&e appr!ved $ist2 L#)es re$ease d!es t&e !pp!site. It '!r(ids miners 'r!m pr!cessin* transacti!ns t! addresses t&at &ave a$read/ received a transacti!n. Simp$/ p#t2 L#)es c&an*e .!#$d mandate t&at ever/ transacti!n made t&r!#*& t&e Bitc!in net.!r) #se a ne. receivin* address2 .&ic& ma)es trac)in* '#nds e1p!nentia$$/ m!re di''ic#$t and an/t&in* resem($in* a .&ite$ist2 .&ic& re$ies !n repeatin* #se !' t&e same appr!ved addresses2 '$at$/ imp!ssi($e. I d!nt )n!. .&ere /!# sit !n C!in 6a$idate and Im n!t rea$$/ s#re .&ere I sit eit&er. I ta)e c!m'!rt t&!#*& in )n!.in* t&at c!ntr!versia$ pr!p!sa$s $i)e t&is2 even .&en d!ne (/ private c!mpanies2 &ave a tan*i($e and immediate reacti!n 'r!m t&e passi!nate c!mm#nit/ (#i$din* t&e '#t#re !' m!ne/ and I $!!) '!r.ard t! .&at c!mes ne1t. :C<:<F= KKKKKKKKKKKKKKKKKKKKKKKKKKKKKK T&an)s '!r $istenin* t! Epis!de 34 !' Lets Ta$) Bitc!in. &ac)erspace.*r .as pr!d#ced (/ Andreas " Ant!n!p!#$!s2 edited (/ Adam B Levine and 'eat#red Ste'an!s and Andreas " Ant!n!p!#$!s. T&e se*ments !n Cr!.dc#rit/ and Kr/pt!Kit .ere pr!d#ced and edited (/ Adam B Levine. Cr!.dc#rit/ 'eat#red Es(en +rii, -ensen2 -ac!( ansen and Adam B Levine. Kr/pt!Kit 'eat#red Ant&!n/ 0i I!ri! and Adam B Levine. T&e C!in 6a$idate O#andr/ .as .ritten2 pr!d#ced2 edited and per'!rmed (/ Adam B Levine. "#sic '!r t&is epis!de .as pr!vided (/ -ared B#(ens. O#esti!ns !r c!mments emai$ adamL$etsta$)(itc!in.c!m. ave a *!!d !ne. :CA:4A=