LETS TALK BITCOIN Episode 35 The Smart Money Parti ipants! Adam B" Le#ine $ABL%!

! &ost Stephanie M'rphy$SM%! Co(host Char)ie S hrem$CS%! CEO o* BitInstant A)an Sa*ahi$AS%! CEO o* +ip+ap Sha,i) Khan $SK%! Creator o* Coindes, Mar &o hstein$M&%! Editor o* Ameri an Ban,er ABL ! &i and -e) ome to Lets ta), Bit oin . a t-i e -ee,)y e/p)oration o* the ideas peop)e and pro0e ts 1'i)din2 the ne- di2ita) e onomy and the *'t're o* money" My name is Adam B Le#ine and today -ere 2oin2 to *o 's on some o* the most in*)'entia) doers in the Bit oin spa e today" Sha,i) Khan is an in#estor and seria) entreprene'r most o*ten asso iated -ith spoti*y" &e is the reator o* Coindes, . one o* the top so'r es o* ori2ina) reportin2 in the Bit oin spa e and he sat do-n -ith Mar &o hstein . editor o* Ameri an Ban,er *or a *ireside hat at the end o* )ast months Inside 1it oins on*eren e" This is a rea))y *antasti ta), . i* yo' -ant to ,no- -hat the smart money is ta),in2 a1o't Bit oin and it o 'pies the )ast 33 min'tes o* todays sho-" B't 1a ,in2 'p *or a moment . Stephanie starts thin2s 'p -ith a )i2htnin2 inter#ie- 1y LTB standards -ith Char)ie S hrem" A)an Sa*ahi is ne/t -ith a 45 min'te inter#ie- ond' ted 1y Stephanie dis 'ssin2 the ash trans*er 1'siness . *reedom . re2')ation and more" I* yo' appre iate the -or, -e are doin2 . stop 1y the ne- )etsta),1it oin" om . send 's a tip and he , o't o'r ne- dai)y 2'est 1)o2" So *ar this -ee, -e#e had 6ohn Li2ht introd' e 's to the tr'st *rame-or, that -i)) 2'ide o'r persona) )o'd *'t're" Mar, a)so )oo,s into an a)ternati#e rea)ity -here the internet -as reated in 7885 rather than rypto 'rren ies and -hat ,ind o* response it -o')d in#o,e" Mar, Matthe-s ma,es the ar2'ment that rypto ,eys are *ree spee h and sho')d 1e prote ted as s' h" Im thri))ed -ere a1)e to ,eep the on#ersation 2oin2 -ith ne- ideas and ana)yses *rom a -ide #ariety o* perspe ti#es . a)) *or *ree . at the ne- )etsta),1it oin" om" O,ay . thats eno'2h *rom me . )ets 0oin Stephanie no- on the *)oor o* inside 1it oins as she ta),s -ith Char)ie S hrem . CEO o* BitInstant"

(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((( Stephanie M'rphy inter#ie- -ith Char)ie S hrem SM ! A)ri2ht . Im here ta),in2 -ith Char)ie S hrem" &i Char)ie . I 0'st heard yo'r ,eynote spee h at the Inside Bit oins on*eren e" CS ! 9as it 2ood : SM ! It -as 2reat ; CS! Than, yo'" SM! <o' ,no- . I )earnt some ne- thin2s a1o't yo' . 1e a'se I started to ,no- that -e ha#e some m't'a) *riends and e#erythin2 . in the Bit oin omm'nity and as -e)) as 2oin2 to e#ents )i,e the por 'pine *reedom *esti#a)" CS! <eah . that -as a )ot o* *'n" SM! B't I )earned today that yo' are 73 years o)d . ri2ht : CS! <'p" SM! And theres another n'm1er that peop)e asso iate -ith yo' . its *o'r (*in2ered Char)ie . ri2ht : CS! <eah . *o'r(*in2ered Char)ie" SM! Can yo' te)) me a1o't -hy yo' are a))ed that : CS! I 'sed to -ear a rin2 that had my Bit oin pri#ate ,ey" SM! 9here did it 2o : CS! I ta,e it o** 1e a'se e#eryone ,no-s and I don=t -ant to 2et my *in2er hopped o**" I ha#e a rin2 on that has my 1it oin pri#ate ,ey on it. and I don=t -ear it any more" I ha#en=t -orn it *or a-hi)e 1e a'se I=m s ared" SM! That=s pro1a1)y a smart mo#e. I see" So. yo' to)d a rea))y interestin2 story a1o't hoBitInstant 2ot started. and o* o'rse yo'r the *o'nder and CEO BitInstant" >i2ht: CS! Mmmhmm. yep" SM! 9hat is BitInstant in 0'st one senten e *or any1ody -ho doesn=t ,no-: CM! It=s the *astest. easiest. and heapest -ay to 1'y and se)) Bit oin" 9e ma,e it rea))y easy to 1'y 1it oins. -ith partnerships -ith ?(44. C"@"S". A'ane >eade" <o' an -a), in and 1'y 1it oin there"

SM! So. yo' an 1'y Bit oin -ith ash instant)y. 1y the time yo' 2et home. ma,e a ash deposit" It=s there" CM! <ep SM! And. ri2ht no- yo'r doin2 a )itt)e 1it o* a re#amp as yo' e/p)ained" CM! I=m pretty e/ ited a1o't that. yeah" SM! Can yo' te)) me -hat=s omin2 ne/t *or BitInstant: CM! 9e=re han2in2 a )ot" <o'=)) see ,ind o* a -ho)e ne- -e1site" 9e=re han2in2 the -ay o'r system -or,s" The -ay -e intera t -ith o'r 'stomers" And. -e=re )o-erin2 *ees and han2in2 the -ho)e *ee str' t're aro'nd" And. 2ettin2 o'r re2')atory st'** in he ," 9e de ided to. )i,e I said in the thin2" SM! 9hat does that mean. B han2in2 the *ee str' t're aro'ndB: CM! <o'=)) see" SM! 9e=)) see: CM! It -i)) 1e heaper to 1'y Bit oin" SM! CLa'2hterC So. -hat a1o't ne- *eat'res: Are yo' 2oin2 to ha#e ne- *eat'res: CM! <eah. -e=re 2oin2 to ha#e some rea) )o ations. -e ha#e 1an, trans*ers no-" <o' an 1'y Bit oin instant)y -ith a 1an, a o'nt" Dm. and a *e- other st'**" 9e ha#e the a1i)ity -ithdra- money 1a , to yo'r 1an, a o'nt instant)y" So i* yo' ha#e a de1t ard. -e an a t'a))y *'nd yo'r de1t ard" That=s rea))y e/ itin2" SM! I ,no- a o'p)e years a2o BitInstant had this idea. that they -ere -or,in2 on. -ith 1it oin de1t ards" <eah. is that sti)) in the -or,s or -hat: CM! So. -e *ina))y 2ot appro#a) *or the E'ropean #ersion o* a ard" B't. the D"S" #ersion is rea))y rea))y hard to do" Be a'se o* re2')atory reasons and st'**" So. I don=t -ant to )a'n h the ard 0'st in E'rope" I -ant to ha#e it 2)o1a). so -e=re -aitin2" SM! Te)) me rea) E'i ,. the story o* ho- BitInstant ame into 1ein2" <o' said yo' -ere o't o* o))e2e. and" CM! I -as sti)) in o))e2e" SM! Oh; <o' -ere sti)) in o))e2e: CM! <eah. I -as 0'st 1ro-sin2 the internet *or'ms one day" I sa- someone post an interestin2 idea *or a 1it oin ompany" It -as o'r CTO Fareth Ne)son"

SM! &o- did yo' *ind o't a1o't Bit oin *irst o* a)). a t'a))y: CM! I 0'st read a1o't it on)y some-here" I don=t remem1er" I read a1o't. heard a1o't it" And then he had his idea" I o')dn=t rea))y raise any money. so my mom had to 2i#e me some #ent're apita)" SM! <o'r mom is a t'a))y sittin2 1ehind me. at the top" @ery pro'd. 1oth o* yo'r parents -ere here" B't. yo' tried to 2et. I 2'ess #ent're apita) thro'2h traditiona) hanne)s 1a , in"""-hat -as it: 7844: CM! 7844. yeah" Three years a2o" SM! And yo' 2ot )a'2hed o't o* some o**i es" CM! E#ery-here" E#eryone )a'2hed at me" They=re sti)) )a'2hin2. I )a'2h them a)) the -ay to the 1an," SM! <eah" C)a'2hterC That=s ri2ht" On e yo'r done -ith this 1i2 'p2rade. -here do yo' see BitInstant 2oin2 in *i#e years: CM! F)o1a)" SM! F)o1a): CM! F)o1a)" Bi2 time 2)o1a)" SM! Are yo' thin,in2 a1o't other rypto 'rren ies 1esides Bit oin: CM! <eah. BitInstant is e/treme)y a2nosti " 9e an s'pport any rypto 'rren y" 9e=re Loo,in2 at >ipp)e. and I rea))y )i,e the idea o* >ipp)e" I )o#e the peop)e 1ehind it" So -e=)) -ee -here that ta,es 's" SM! 9hat is yo'r *a#orite thin2 a1o't Bit oin ri2ht no-: CM! 6'st the omm'nity" SM! Comm'nity: CM! <o'. and e#eryone" A)) my *riends and *ami)y. these 2'ys are my *ami)y" They=re the on)y ones -ho 'nderstand -hat I=m doin2 e#ery day" Its )i,e my parents. they 'nderstand. 1't they don=t 'nderstand" So. 0'st 1ein2 a part o* this -ho)e omm'nity is the 1est thin2 o* it" SM! A)ri2ht Char)ie S hrem. than, yo' so m' h" 9e an *ind yo' on)ine at BitInstant" om. ri2ht: CM! <ep"

SM! Than,s so m' h *or ta),in2 to me today" (((((((((((((((((((((((((((((((((((((ad#ertisement((((((((((((((((((((((((((((((((((((((((((( More than 388.888 'sers and o'ntin2. tr'st B)o , hain"in*o" Its a 1it oin -a))et ser#i e. and a -ea)th o* 1it oin in*ormation" And its omp)ete)y *ree to 'se" 9ith a B)o ,in*o -a))et. yo'=)) 2et the on#enien e o* a -e1 -a))et. and the se 'rity o* a des,top )ient" B)o , hain"in*o is a)so a 1)o , e/p)orer" <o' an 'se it to see 1it oin transa tions in rea) time" Che , the 1a)an e o* any 1it oin address. and #ie- many handy 1it oin harts. a)) *or *ree" See -hat they ha#e to o**er today. at B)o , hain"in*o" (((((((((((((((((((((((((((((((((((((((end ad#ertisement((((((((((((((((((((((((((((((((((((((( ABL! <o'=re )istenin2 to Let=s Ta), Bit oin" The premiere a'dio ast pro#idin2 ne-s and insi2hts into the rapid)y e#o)#in2 -or)d o* di2ita) money" O'r T-i e -ee,)y sho-s in )'de ana)ysis o* )ate 1rea,in2 ne-s" Dpdates on ,ey te hni a))y. 1'siness. and re2')atory iss'es" And. in depth inter#ie-s -ith the ,ey peop)e dri#in2 the ne- di2ita) e onomy" Let=s Ta), Bit oin o**ers sponsors an attra ti#e -ay to rea h a tar2eted and sa##y a'dien e" Gor more in*ormation. emai)! SponsersHLetsTa),Bit oin" om" (((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((( SM! I am here. ta),in2 -ith A)an Sa*ahi" &e is the CEO and *o'nder o* +ip+ap. ri2ht: AS! Corre t" I a)so sit on the ad#isory 1oard -ith Open oin. -hi h is the reator o* >ipp)e" SM! 9e -ere 0'st on a 1it oin and *reedom o* spee h pane) to2ether" And I *o'nd o't yo' ame to the D"S" *rom Iran. in the 45?8=s. to 2et more *reedom 1asi a))y ri2ht: AS! <eah" I ame here to a t'a))y 2et ed' ated" B't. *o'nd o't that a*ter I 2ot here that the o'ntry had han2ed -hi)e I -as o't" So. I -o'nd 'p stayin2. and I=#e 1een here 3I years no-" SM! And yo'=#e )ear)y 1een rea))y s' ess*'). startin2 some 1'sinesses" Fettin2 in#o)#ed -ith the 1it oin omm'nity" Te)) me. -hat is +ip+ap: Gor some1ody that=s ne#er heard o* it" AS! +ip+ap is a 2)o1a) ash payment net-or," It 1asi a))y ena1)es 'stomers to shop on)ine. and pay ash. o**)ine" In the )o a) 'rren y. )o a) retai)ers. 2ro ery stores. ompanies. stores. post o**i es. and so *orth" SM! And -hen yo' say B2)o1a)B is it tr')y 2)o1a): AS! 9e)). -e are in D"S". BraJi). >'ssia. a)) the Cari11ean o'ntries" A1o't ?88.888

)o ations. -e are e/pandin2 to o#er t-o mi))ion )o ations 1y ne/t year. the third E'arter o* ne/t o* ne/t year" SM! 9o-" AS! So -e=re 2oin2 to 1e a1o't *i*ty p)'s o'ntries" SM! 9hat ma,e +ip+ap di**erent *rom. *or instan e. PayPa) or somethin2 )i,e that: AS! 9e)). *irst o* a))" PayPa) Tar2ets peop)e -ho ha#e 1an, a o'nts and redit ards" So i* yo' ta,e the -or)d pop')ation as a pyramid. they tar2et the top o* the pyramid" SM! S're" AS! In the o'ntries. the -estern o'ntries. they a)ready ha#e esta1)ished 1an,in2 systems and so *orth" B't -hen yo' pee) the onion. and 1ehind that. yo' -i)) see" That e#en in those o'ntries there are more peop)e that are ash 1ased. than are redit ard 1ased or 1an, 1ased" Ei2hty(*i#e per ent o* a)) on)ine transa tions in >'ssia *or e/amp)e" Is paid -ith ash o**)ine" SM! &mm AS! And. in BraJi). a)most the same n'm1ers" Peop)e are 'sed to payin2 -ith ash in their o-n o'ntries" 9hat -e do is ena1)e them to do the same thin2 on a 2)o1a) s a)e" SM! I see. yeah" So that=s )ear)y somethin2 not rea))y a#ai)a1)e. espe ia))y in the D"S" <o' ,no-. or any-here e)se" AS! 9e are the *irst ompany" Be a'se o* the API *or ash. -e -or, -ith -e1 de#e)opers. app de#e)opers and thin, tan, ompanies" To )et them inte2rate -ith o'r API=s to o**er them a ash option to their 'stomers" It o')d 1e a mer hant se))in2 -id2ets on)ine" Or it o')d 1e a so*t-are ompany reatin2 an in#oi in2 mod')e. *or e/amp)e" No-. yo' don=t ha#e to 0'st p't redit ard as the method o* payment. or PayPa)" <o' o')d a)so add ash as a method o* payment" SM! And ho- -o')d someone do that. )o2isti a))y: I* I -anted to 1'y some thin2 *rom some mer hant" I=d ha#e to 2o ta,e ash some-here: AS! There are se#era) pro esses" Lets say i* yo' -ere a 1it oin on)ine. yo' 2o to an e/ han2e )i,e BitInstant" <o' hoose to pay -ith ash" Then. 1ased on yo'r )o ation. -e -i)) 2i#e yo' three options near 1y -here yo' an 2o to ma,e that payment" And. on e yo' hoose that option. -e 2enerate a payment s)ip" 9hi h )oo,s )i,e a 1i)). and yo' ta,e that -ith yo' and ma,e yo'r payment -ith ash" 9e *o))o- the 1i)) payment mod')es o* these ompanies that 1i)) these retai)ers" So the )er,s are #ery 'sed to that mode)" 9hen yo' )oo, at o'ntries )i,e >'ssia *or e/amp)e. they ha#e ,ios,s" So. the mode) is a )itt)e

1it di**erent in >'ssia" <o' sti)) start on)ine. 2oin2 thro'2h an e/ han2e" On e yo' de ide to pay. -e send yo' to a ,ios, )o ation near 1y" <o' 0'st -a), 'p and p't in the a o'nt n'm1er -e 2i#e yo' and p't in the ash" In BraJi). -e 'se a 1a)'ta system. -hi h has 1een aro'nd *or de ades" That=s a *orm that=s sort )i,e o'r payment s)ip. 1't yo' an ta,e it to any 1an, and deposit it. and ma,e ash payments" The person -ho ma,es the payment -i)) re ei#e noti*i ation immediate)y that the payment has 1een made. and they 2et their oins" O*ten. 1e*ore they )ea#e the store" So there are rea))y 2ood payment options aro'nd the -or)d" 9e 0'st ,inda p't a )ayer on a)) o* these 2ood payment options. and pro#ide a rea))y 2ood 'niE'e 'stomer e/perien e" SM! <eah. so it -o')dn=t 0'st 1e *or 1'yin2 1it oins. ri2ht: It o')d 1e *or 1'yin2 anythin2" AS! <eah" Anythin2" <o' an pay yo'r rent. yo' an 1'y m'si . yo' an 1'y min'tes *or yo'r )on2 distan e" Anythin2. yeah" SM! So. I am 2'essin2. and yo' an te)) me i* I=m orre t" That this is pro1a1)y the hardest to a omp)ish *rom a re2')atory stand point in the D"S" is that ri2ht: AS! <eah" I* yo' an ma,e it here. yo' an ma,e it any-here" That=s tr'e" SM! 9oAS! It=s more di**i ')t to do payments in the D"S" than it is to do in E'rope or e#en in A*ri an o'ntries these days" SM! 9o-. that=s pretty"""I thin, that=s -orth notin2" AS! <o' ,no- -hat=s di**i ')t. is theres no 'ni*ormity a ross the states" Ea h state has their o-n r')es. so yo' ha#e to 2o state 1y state" I* yo'r an e/ han2e and yo'r se))in2 1it oins. yo' ha#e to ma,e s're yo'r )i ensed in ea h state" SM! Oh" AS! It ta,es a )on2 time" T-o or three years" SM! Ones 1ad eno'2h" AS! Costs a )ot o* money. e/a t)y" And. yo' 2et a'dited 1y ea h state potentia))y" So -hen yo'r in E'rope *or e/amp)e" <o' 0'st need one )i ense *rom *inan ia) a'thorities. G"C"A". and that=s 2ood a ross E'rope" A )ot o* peop)e thin, -e are *i#e to ten years 1ehind in inno#ation. in the D"S" 1e a'se -e ha#e a)) this re2')ation that sti*)es inno#ation" SM! Oh yeah. I ima2ine not on)y the ost o* omp)ian e -ith a)) those re2')ations has to

1e passed on to the ons'mer" AS! The ost is o1#io's)y passed on" E#erytime yo' 2et a'dited 1y a state. they send yo' the 1i)) *or that a'dit" 9hat=s rea))y more ost)y is the time that entreprene'r ha#e to spend )oo,in2 *or )i ensin2 and stayin2 omp)iant" SM! <eah" AS! I=m ad#o atin2 that there sho')d 1e re2')ations. and there sho')d 1e in a -ay that is non intr'si#e and that=s not o#errea hin2" B't. ri2ht no- a)) these re2')ations are ta,in2 so m' h time *or entreprene'rs" The peop)e that -ant to start 'p ompanies in the 1it oin 1'siness" They are spendin2 a )ot o* their time dea)in2 -ith re2')ations #ers's inno#atin2. and that=s -here the dan2er is" The other dan2er is in#estors may shy a-ay *rom in#estin2 in ompanies 1e a'se they are 'ns're a1o't the re2')atory en#ironment" SM! I remem1er 0'st ear)ier today. -e sa- a pane). here at the 1it oin on*eren e" A1o't in#estin2 in 1it oin ompanies -ith a 1'n h o* in#estors" They -ere sayin2. one o* the thin2s that -as a red*)a2 *or them. that they -o')d a#oid" 9as a start 'p that -o')d ha#e re2')atory )ia1i)ity" It mi2ht 1e omp)i ated to 2et aro'nd the re2')ations that are ,inda han2in2 o#er their head" And. I 0'st tho'2ht that. -o-" Its in redi1)y 'n*air I 2'ess to the person -ho=s startin2 a ompany" They don=t ,no- -hat its 2oin2 to 1e )i,e. 1e a'se it=s the 1it oin -or)d" AS! <eah" SM! And no- they don=t 2et in#estors 1e a'se re2')ators are threatenin2. to. p't some )a- on them" AS! E/a t)y" That=s pre ise)y -hy I 0oined a 1'n h o* other ompanies in the emer2in2 payments" To he)p *o'nd the Sa*e >e2')ation Or2aniJation" 9e a)) it Ai2ita) Asset Trans*er A'thority. or AATA" This -as 0'st anno'n ed )ast ni2ht" 9e are *ormin2 a ommittee to reate an or2aniJation to he)p ompanies in emer2in2 payments. and #irt'a) 'rren ies" To se)* re2')ate. in order to a#oid 2o#ernment steppin2 in and te))in2 's -hat to do" It=s a mode) that=s 1een 'sed in other ind'stries" SM! >i2ht" AS! Is this sorta )i,e the mo#ie ratin2s: SM! The mo#ie ind'stries ha#e 1een #ery s' ess*') at that" To se)* re2')ate" Dsin2 ind'stry and others. -e need to reate 2'ide)ines *or these start 'p ompanies" &e)p them 'nderstand -hat the re2')atory en#ironment )oo,s )i,e. -hat the omp)ian e iss'es are" To )et them 1e prepared *or that" SM! Sometimes in those ind'stries -here they=re attemptin2 to se)* re2')ate" The se)*

imposed 2'ide)ines. 1e a'se they are a*raid o* -hat the re2')ators mi2ht do. o*ten end 'p 1ein2 pretty stri t" Or pretty harsh. may1e e#en harsher than an a t'a) re2')ation -o')d 1e" I ,no- that sometimes""" AS! I do'1t that" I do'1t any o* 's -o')d e#er reate anythin2 harsher than -hat the 2o#ernment has reated *or *inan ia) ser#i es" I a2ree to some e/tent that *inan ia) ser#i es ind'stry is not the 1est ind'stry *rom a ons'mers perspe ti#e" I*. yo' thin, a1o't it. -e=re pro1a1)y the -orst ind'stry. e#en -orst than air)ines" And I onsider myse)* amon2 them" 9e ta,e peop)es money. -e te)) -here they an spend" &o- they an spend it. -ith -hom they an spend it. ho- m' h" 9hen they don=t do that. -e pena)iJe them" And. -e har2e them *ees -hen they do" So. It=s not rea))y a ons'mer *riend)y or2aniJation" 9e are #ery o2nate o* that" The 2ro'p that I 0oined. a)) #ery pro2ressi#e minded" Peop)e in the payment spa e" A )ot o* 1it oin e/ han2es. >ipp)e. Open oin. other peop)e that are at the *ore *ront o* this te hno)o2y" I do'1t -e are 2oin2 to 1e s' 'm1in2 to those ,ind o* *ears that yo' ta),ed a1o't" 9e are not doin2 this o't o* *ear. -e=re doin2 this o't o* a ne essity to ed' ate peop)e. ed' ate the 2o#ernment" A )ot o* times the peop)e in 9ashin2ton are in their o-n )itt)e 1'11)e" They don=t rea))y 'nderstand -hy there is a need *or Bit oin" SM! Oh yeah" AS! 9e -ant to he)p ed' ate them. 1't the -ay to do that is not to #io)ate the )a-s" The -ay to do it is to se)* re2')ate and -or, -ith the 2o#ernment to ease 'p on the re2')ation do-n the road" SM! Some o* these ind'stries that say. B9e=re 2oin2 to se)* re2')ateB" They are 1asi a))y 0'st predi tin2 or the 2o#ernment has said. BAo this #o)'ntari)y. or -e=)) ma,e it a )a-B" That hasn=t happened in yo'r ase has it: AS! No. no" SM! Be a'se they don=t e#en 'nderstand Bit oin eno'2h to e#en say that. do they: AS! That=s not the reason *or this or2aniJation" Ai2ita) Asset Trans*er A'thority -as 1orn o* the idea that there -as a need *or se)* re2')ation" Be*ore the 2o#ernment o#er rea ts and reates somethin2 that ma,es it more di**i ')t than it is today" As I said. -e are a)ready )osin2 the inno#ation -ar to E'rope and other ontinents" Be a'se o* a)) the h'2e o1sta )es -e=#e reated in the D"S"" So -e=re not aimin2 to add more re2')ation. -e 0'st -ant to ,inda de*ine it 1etter" SM! S're yeah" So. te)) me more a1o't yo'r in#o)#ement -ith Open oin" &o- did yo' 2et in#o)#ed -ith that in the *irst p)a e: And -hy: AS! I=m e/ ited a1o't Open oin. I thin, it addresses some o* the on erns that peop)e

ha#e re2ardin2 the minin2. and *or e/amp)e as a pro ess as a payment pro ess" I* it ta,es ten min'tes to an ho'r to 2et appro#a) on a 1it oin. that doesn=t )end itse)* easi)y to a payment pro essin2 p)at*orm" Peop)e -ant instantaneo's 2rati*i ation" So it needs to 1e a )ot *aster" 9ith Open oin. 1e a'se they ha#e a )ed2er that they a'thoriJe a2ainst. yo' an 2et it in *ra tions o* se onds" That=s one o* the reasons I )i,e it. I )i,e the -ho)e net-or, on ept o* tyin2 in a 1'n h o* di**erent 'rren ies to2ether and ma,e it easier *or peop)e to emai) money to ea h other *or e/amp)e" SM! >i2ht" That -o')d 2et aro'nd the -ho)e idea o* 1)o , siJe and the on*irmation time -ith Bit oin" So the idea is that e#ery ten min'tes. a 1)o , is 2enerated" And the transa tion has to 1e in )'ded in a 1)o , to 1e on*irmed" So. sometimes <o'r -aitin2 ten min'tes *or that *irst on*irmation to ome 'p" Some other a)ternati#e oins ha#e tried to address that" By ma,in2 ma,in2 sma))er 1)o ,s that ome o't e#ery t-o min'tes or *or e#ery min'te" Somethin2 )i,e that" AS! <eah. Lite oin" There is a mar,et *or sma))er transa tions" SM! B't that an reate its o-n pro1)ems. ri2ht: Be a'se sometimes. I thin, it -as Terra oin it -as on e e#ery min'te" Then yo' ha#e the pro1)em o* miners that aren=t a'2ht 'p -ith -ith the rest o* the net-or,. and they ha#e orphaned 1)o ,s or somethin2 )i,e that" AS! No- yo'r 2oin2 into the -oods -ith the te hni a) st'** )i,e that" SM! C)a'2hterC AS! B't I an te)) yo' that -ith >ipp)e. it=s a oo) on ept" It=s a on ept -hose time has ome" I thin, it ma,es it easier to trans*er money aro'nd the -or)d. ma,es it *aster to do payment pro essin2" It ena1)es yo' to 2o in and o't o* 1it oin easi)y" 9hi h I thin, is one o* the iss'es -ith Bit oin. the ash in ash o't pro1)em" So. i* yo' ha#e a )ot o* 2ate-ays and points o* entry *or ash and. points o* e/it *or ash" That -o')d add #a)'e to 1it oin as a 'rren y" SM! There=s a potentia) that some peop)e hearin2 this are not 2oin2 to ,no- -hat >ipp)e is" So ho- yo' e/p)ain >ipp)e in a *e- senten es *or someone -hose ne#er heard o* it: AS! >ipp)e is another math 1ased open system . 0'st )i,e Bit oin" It ena1)es yo' to do t-o thin2s" K>P is the 'rren y o* >ipp)e. so there=s a 'rren y and there is a)so a payment pro essin2 p)at*orm" The 'rren y is ni e. 1't I=m rea))y e/ ited a1o't the payment pro essin2 aspe t o* Open oin" It a))o-s yo'. *or e/amp)e. to trans*er yo'r 1it oins to do))ars and then do))ars to 1it oins on the other side" I* yo' thin, o* it as the ear)y days o* emai)" <o' o')d on)y send emai)s to peop)e -ithin yo'r o-n 2ro'p" SM! Oh yeah" Li,e AOL or somethin2 )i,e that"

AS! So yo' ha#e omp'(ser#e. AOL. and others that o')d on)y send emai)s to ea h other" No-. the internet has ome in and onne ted a)) o* these to2ether" 9ith &TTP yo' an send emai)s to any1ody aro'nd the -or)d" So. Open oin and ripp)e is &TTP *or 'rren y" <o' ha#e a)) these peop)e -ho ha#e Foo2)e -a))et. may1e Isis -a))et" They ha#e a )ot o* di**erent money in a )ot o* di**erent po ,ets. in di**erent -a))ets" No- they an *or the *irst time e#er. onne t them and mo#e in and o't o* their o-n -a))et and 'rren y #ery easi)y" SM! Coo). I )i,e that e/p)anation" I had ne#er heard anythin2 )i,e that 1e*ore. 1't it ma,es sense" Ao yo' thin, Open oin or >ipp)e -i)) 1e apart o* the AATA onsorti'm: AS! <es. they a)ready are" SM! Oh. they a)ready are: AS! <es" They are a)ready on this idea" SM! 9hat ,ind o* thin2s -o')d a mem1er do to se)* re2')ate: 9hat terms do yo' a)ready ha#e )aid o't: AS! 9e)). -e p'rpose)y didn=t )ay o't terms. 1't -e )aid o't some 2'ide)ines that -e a)) a2reed 'pon" It=s a)) on the -e1" SM! 9here an peop)e *ind that on the -e1: AS! I -o')d )oo, 'p the Ldata" Or yo' o')d 2o to data'thority"or2" There is a -e1site a)ready *or that" There is a *a e1oo, pa2e *or A"A"T"A. -hi h is Ai2ita) Asset Transit A'thority" There are some @C=s that are part o* it" There are some ons')tin2 2ro'ps that are a part o* it" 9e are 2oin2 to 1e re r'itin2 )o11yists and other peop)e -ho an ons')t 's. and an he)p 's ed' ate the re2')ators" So. I thin, peop)e sho')d 2et in#o)#ed" 9hi)e it=s sti)) a ne- on ept. -e 0'st *ormed the ommittee to *orm the or2aniJation" A )ot o* 1it oin ompanies an sti)) 0oin as *o'ndin2 mem1ers sti))" I ha#e a sayin2. that I o')dn=t 2et a han e to say in the on*eren e -hi h is. BI thin, Bit oin is the 'rren y o* the peop)e. 1y the peop)e. and *or the peop)e"B 9e need to )oo, at it as. yes its a 'rren y and its somethin2 that is 2oin2 to 1e aro'nd. -hether it=s in the *orm it is today. or a di**erent *orm" 9e need to em1ra e it. and *ind inno#ations to 1'i)d aro'nd it and on top o* it" I=m e/ ited to 1e a part o* Bit oin" I=m e/ ited to 1e apart o* Open oin. as -e)) -ith >ipp)e" Be a'se. that he)ps *a i)itate -ith e#en more 1it oin in ir ')ation" SM! Freat" A)an Sa*ahi. than, yo' so m' h" 9here an peop)e *ind +ip+ap. on more time: AS! +ip+apin " om. 1't -e don=t se)) dire t to o'r ons'mers" <o' -i)) ha#e to thro'2h one o* o'r e/ han2e partners to *ind 's"

SM! Fot ha. OK than, yo' so m' h" ((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((( C ro-d noise dyin2 do-nC M&! <o' ,no-. I -as thin,in2 they=d at )east ha#e arm hairs *or the *ire side hat" B't. 0'st ima2ine -e=re in *ront o* a *ire p)a e" Smo,in2 a pipe. and drin,in2 Co2na " Sha,. yo' ame *rom Spoti*y. so yo' -ere part o* the 1i2 disr'ption in the m'si ind'stry some years a2o" 9hat para))e)s do yo' see *rom that e/perien e to -hat=s 2oin2 on today -ith money" SK! The *irst one -o')d pro1a1)y 1e a person a) one" That I ha#e I do ,no- ho- to pi , the ind'stries that are 2oin2 to 2i#e me the 1i22est head a he" There are *ar easier ind'stries to 2et in#o)#ed in" B't. one -ay yo' o')d )oo, at it. in the ear)y days o* Spoti*y. it 'sed to 1e -e=d 2o o't and ta), to 1e peop)e" Peop)e -o')d 2o B9e)). I rea))y need to o-n my m'si . I need to 1e a1)e to *ee) the CA" That on#ersation then -ent on to. BI need to o-n my do-n)oadB" Aid they a t'a))y o-n a do-n)oad: It -as a *i)e on a omp'ter" That on#ersations no- stopped" I=)) e/p)ain ho- that omes to the di2ita) 'rren y side o* thin2s. 1't the A@A spa e is a simi)ar thin2" I=m s're yo' remem1er peop)e 1'yin2 A@A=s. and ha#in2 1i2 oa, a1inets 1'i)t *or their A@A o))e tion" These days e#eryone 0'st streams o** o* iT'nes or *rom Net*)i/" So. that o-nership has 2one a-ay" So. this physi a) *ee) and to' h o* a prod' t or a 2ood. o* -hate#er #a)'e. has a t'a))y diminished" I* yo' )oo, at the money side o* thin2s" A prime e/amp)e. the -as 0'st a report this -ee," That o#er ten per ent o* Star1' ,s transa tions are no- 1ein2 do-n 1y smart phones" That may1e o** 1y one or t-o per ent" B't. aro'nd ten per ent o* a)) transa tions. some1ody -a),s into Star1' ,s and is 1asi a))y p'))in2 their phone o't" They are no )on2er rea hin2 into their po ,et. or their -a))et to ta,e money o't" Te hno)o2y and smart phones ha#e *'ndamenta))y shi*ted -hat o-nership" 9hether it=s ontent or it=s ertain 2oods" &o- I a)-ays try to e/p)ain Bit oin and the 'rrent di2ita) spa e -e=re in as" 9hy is it in 7843. I an send yo' an emai). a te/t messa2e. a #oi e messa2e. an a'dio messa2e. any ,ind o* *i)e it -i)) ta,e yo' t-o se onds" B't yo' say to me. B&ey Sha,. yo' o-e me ten 1' ,s *or that piJJa *rom )ast -ee,"B And I=m )i,e. B9e)). I=)) try and send it to yo'"B" The amo'nt is ten do))ars. my 1an, is 2oin2 to har2e me t-enty se#en do))ar transa tion *ee" &ope*'))y. yo' may 2et it ne/t -ee,. and that isn=t 2'aranteed" I* yo' 0'st )oo, at that di#ide. -e )i#e in a -or)d -here Brea) timeB is not rea) time eno'2h" And then yo'=#e 2ot this 1an,in2 system. -hi h is s)o-er than its e#er 1een" Those simi)arities start omin2 into p)ay" The te hno)o2y 1e a'se the te hno)o2y is no- there. as has 1een pro#en 1y 1it oin" A prime e/amp)e is App)e=s App store" Mi ro transa tions" Gri tion has 1een remo#ed and -e need to do more thin2s to ma,e it more *ri tion )ess"

M&! Ao yo' thin, that money and 1an,in2 may 1e a )itt)e 1it di**erent in the sense that 1an,in2 and *inan ia) ser#i es are prote ted ind'stries: <o' and I an=t 0'st start a 1an," 9a,e 'p one mornin2 and start a 1an, in o'r 2ara2e" There=s )i ensin2. there=s harters. there=s )ots o* re2')ation" Co')d that 1e some thin2 that s)o-s do-n. a disr'ption in a -ay that yo' didn=t see: SK! A1so)'te)y. 1e a'se there is a )ot more Jeros in the 1an,in2 system. than most other ind'stries" <o' ta,e the to1a o ind'stry. it=s an ei2ht h'ndred 1i))ion do))ar a year ind'stry" Then yo' ta,e the 2)o1a) *inan ia) ind'stry. I ha#e no idea ho- many tri))ions that is" It=s not as easy as settin2 'p an Insta2ram. 2oin2. B&ey. I=m 2oin2 to set 'p a -e1site in my 2ara2eB" Nat'ra))y. there are 2oin2 to 1e more 1arriers" Nat'ra))y. there are more peop)e at sta,e. and there are more peop)e -ho are 2rand*athered in. that ha#e had a ertain -ay o* doin2 thin2s and they *i2ht it" So. there=s a)-ays a *ear" I don=t mean that they=re petri*ied that someone is 2oin2 to ome o#er and ta,e o#er the 1an,in2 system. 1't they=re *ri2htened o* han2e" The ones -ho em1ra e it. seem to 1e the ones that in the ear)y days tend to 1e re2arded as a *ad. and they=)) end 'p ma,in2 2reat 1'siness o't o* it" 9ho ,no-s -here it ends 'p" B't. a1so)'te)y there is *ear there. and yo' om1ine that -ith re2')ation. re2')ation and )a-s and r')es are a 2reat -ay to insti)) *ear in the peop)e" A )ot o* times there=s #a)id reasons *or ha#in2 these r')es. and ha#in2 this *ear *a tor" <o' 0'st annot ha#e e#ery Tom. Ai ,. and &arry reatin2 a mini 1an, o't there -itho't an ons'mer prote tion" M&! As a @C. -hose 1een spendin2 a )ot time in the Bit oin spa e. no-" 9hat ad#i e -o')d yo' 2i#e to entreprene'r -ho are )oo,in2 *or apita): In terms o*. ho- do yo' approa h potentia) in#estors 1ased on the pit hes that yo'=#e heard so *ar" SK! I m'st ha#e spent the 1est part o* a year. met o#er *orty ompanies in the 1it oin spa e" There -as a presentation *rom Maria *rom Aire t Pay net a1o't an ho'r a2o. e#eryone sho')d read that presentation. reread it. reread it. reread it" To a t'a))y 'nderstand -hat 2oes on in the 1'siness -or)d" 9hat I ha#e seen. a2ain. this is 0'st my opinion" A )ot o* peop)e -antin2 to 1'i)d a 1'siness in the 1it oin ind'stry. ha#e no e/perien e o* r'nnin2 a 1'siness" Aon=t 2et me -ron2. I=m a hi2h s hoo) drop o't. I didn=t e#en *inish my hi2h s hoo)" 9ho am I to ta),: B't. o#er the years I=#e r'n eno'2h 1'sinesses and had eno'2h *ai)'res to 'nderstand the *'ndamenta)s o* r'nnin2 an enterprise" 9hi h is pro*it and )ose. ash *)o-. -hat a 1a)an e sheet )oo,s )i,e" 9hat I=m seein2 is a )ot o* peop)e -ith 2reat ideas. -ith Jero or minima) e/e 'tion e/perien e" B't. a)so the strate2y a )ot o* the time. is hope" And hope is not a strate2y" It=s 2reat i* its yo'r money" B't thin, a1o't it" Gor me. I in#est my o-n money" B't i* yo'r a @C o't there. han es are yo'r money. the mi))ions o* po'nds are *rom )imited partners s' h as <a)e or Prin eton" So. on one side yo'=#e 2ot 1i))ions o* do))ars. and they are ta,in2 many di**erent 1ets" Some o* them are sa*e some are hi2h ris," On the other side. yo'=#e 2ot 6ohnny *rom Estonia -hose 2ot this idea *or ran App" The di#ide there is so 1i2 and the

t-o o* them aren=t ne essari)y spea,in2 the same )an2'a2e" 9hat I -as tryin2 to say -as that I don=t -ant to mista,e this -ith re2')ation" 9hat I am tryin2 to say is. *rom -hat I am seein2 is a ertain amo'nt o* ad')t s'per#ision is reE'ired 1e*ore it 2oes to tota) haos" M&! Ad')t s'per#ision" C ro-d 2i22)esC M&! Can yo' e)a1orate on that a )itt)e 1it: SK! Dm. I met an entreprene'r a1o't t-o months a2o" &e -as in the 1it oin spa e" I as,ed him. -hat he -as -or,in2 on" &e said. B I=m -or,in2 on a -a))et *or the emer2in2 mar,ets" Geat're phones not smart phones" Geat're phones *or the emer2in2 mar,ets. espe ia))y India and A*ri a" 9hat a 2reat idea. I=m s're there=s a 1i2 need *or it" I said. BTe)) me a1o't yo'r se 'rity 1a , 'p p)an"B And. he )oo,ed at me" 9e)). -hat happens -hen yo' 2et r'n o#er 1y a 1's: &e said. B9e)) I=)) 2i#e my mom the pass-ord"B That -as his -ho)e de*ensi#e meas're" I tried to 1e a rea)ist. so I said to him. BI=)) te)) yo' -hat happens in the rea) -or)d" Some1ody. in A*ri a has 2ot a h'ndred tho'sand or a mi))ion do))ars -orth o* 1it oins" 9hi h some ho- they de ided to 'se yo'r prod' t" Be a'se they tho'2ht this -as the 1est prod' t on the mar,et. yo' 2et r'n o#er 1y a 1's" <o' thin, they are 2oin2 to 0'st a ept it: =Oh. 6ohnny 2ot r'n o#er 1y a 1's. that=s it" 9e )ost a h'ndred tho'sand do))ars"=B It doesn=t E'ite -or, )i,e that in the rea) -or)d" A2ain -e ome to that hope. hope*'))y I=)) ne#er 2et r'n o#er 1y a 1's" So one. as an in#estor. hope is not somethin2 I an 2o to s)eep at ni2ht 2oin2. B9e)). I ha#e this 2reat in#estment"B and the entreprene'r hopes he doesn=t 2et r'n o#er" So. there is a )ot o* idea)ism" B't. hey. that=s a 2ood thin2" Be a'se. Aanie) E,. -ho is the *o'nder o* Spoti*y" &e -as an idea)ist" &e -as a 77 year o)d ,id -hen I met him. and I said. B &o- are -e 2oin2 to *i/ this:B And he as )i,e. BI=)) *ind a -ay"B B't. he=d done 1'sinesses 1e*ore" 9hi)e there -as an amo'nt o* nai#ety and on*iden e. he 'nderstood the *'ndamenta)s o* -hat the other party -anted" Li#in2 in denia) and not 'nderstandin2. ho- the 2)o1a) e osystem o* 1'siness a t'a))y -or,s" That=s a dan2ero's thin2 to 1e in#o)#ed in" I hate to ,eep 2oin2 on a1o't it" B't. I sat there are and -as mesmerised 1y the presentation that Maria did" Be a'se she a t'a))y e/p)ains it in p)ain En2)ish" 9hi h is. 2reat there is no *ri tion" And. mer hants aren=t 1ein2 har2ed as m' h as the redit ard ompanies are har2in2" <o' try and 2o and 1'y ten do))ars -orth o* 1it oins o't there" I thin, it -o')d 1e easier to 2o on a p)ane. 2o to MtFo/ and amp o'tside" Kno , on the door and 2o here is my ten do))ars" Co')d yo' 2i#e me some 1it oins: Be a'se. they aren=t 2oin2 to send them to yo'. ri2ht: So. this is. yo' ta), a1o't *ri tion )ess" I thin, this is the hi2hest *orm o* *ri tion that -e=re dea)in2 -ith" No1ody ta),s a1o't that. 1e a'se its not oo) to ta), a1o't that"

M&! I ha#e de*iant)y )earned thro'2h e/perien e that the hardest part a1o't Bit oin is 2ettin2 them" That=s -here a)) the *ri tion is. at the entry points" On e yo' ha#e them. its rea))y easy to send" It=s a)most )i,e i* yo' -ere to 1'i)d the *inan ia) system *rom s rat h. it -o')d )oo, more )i,e Bit oin" In *a t. that=s not the *inan ia) system -e=#e inherited" To 2et yo'r 1it oins. 'n)ess someone sent them to yo' *or *ree. yo'=#e 2ot to -or, -ith that *inan ia) system" SK! 9e)). i* there -as a ne- *inan ia) system 1'i)t today. I=m 2'essin2 *i*ty per ent o* the )iE'idity -o')dn=t 1e o't o* one 1'i)din2 in To,yo. -o')d it: 9e )i#e in a -or)d. and I don=t ,no- ho- many peop)e there are in To,yo. 1't it de*inite)y doesn=t ha#e *i*ty per ent o* the -or)ds pop')ation" So. yo' ta,e a)) those *a tors in" A2ain. -e=re in an ind'stries that=s a)-ays 2ro-in2. han2e is 2oin2 to ome" 9e ha#e to em1ra e han2e" 9hat I a)-ays try to say. it -i)) ome 1a , to the ad')t s'per#ision" It=s a)) #ery -e)) sayin2. B9e don=t need re2')ations" 9e pro1a1)y don=t need inter*eren e"B B't -ho is 2oin2 to re2')ate a)) this: Be a'se. -e ome 1a , to the sit'ation o* there are in#estors -ho -ant to in#est in so)id 1'siness mode)s" There are entreprene'r -ho -ant to 1'i)d 2reat ompanies" The *'ndamenta)s there aren=t e/a t)y a)i2ned" The entreprene'r says BI -ant to 1rin2 do-n the entra) 1an,"B I=#e met entreprene'rs that are )i,e. B I -ant to 1rin2 do-n some entra) 1an," Introd' e me to some @C=s"B I -as )i,e. B<o' do rea)iJe that the same peop)e yo' ta),in2 a1o't 1rin2in2 do-n are the same peop)e yo'r )oo,in2 to *'nd yo'"B Be a'se. I don=t ,no- any 1it oiners that are r'nnin2 m')ti(1i))ion do))ar *'nds" So. 0'st this di#ides. I thin," Some sort o* ed' ation and a eptin2. this is the rea) -or)d this is not a *airy ta)e" I spend a )ot o* time in the norma) -e1spa e. )ets a)) it" It=s a)-ays 2reat to )oo, at Ke#in Systrom. *rom Insta2ram" There -as a photo app and he so)d it *or a 1i))ion do))ars" I ,no- a1o't Go'r tho'sand other 2'ys -ho reated a photo app. -ho ha#e 2one 1a , to their nine to *i#e 0o1s 1e a'se it didn=t -or," So 0'st thin,in2. -e an han2e the -or)d" Freat. and I hope it happens in some shape or *orm. 1't yo' ha#e to )oo, at the 1i22er pi t're" There=s a )ot more 2oin2 on in the -or)d. then 2oin2 B&ey. -e=re 2oin2 to 2o on 1it oin *or'm. and to2ether -e=re 2oin2 to 1rin2 do-n the 2)o1a) *inan ia) system"B M&! Startin2 -ith the *ed. o* o'rse" I -anted to ta), a )itt)e 1it a1o't omp)ian e" C)ear)y. pro*essiona)ism is important. and 'nderstandin2 ho- 1'siness -or,s is important" There is a de1ate in the start 'p -or)d. e#en o'tside o* Bit oin" <o' see this -hen yo' read a1o't D1er. the ta/i app. Air1n1" Is it 1etter to. -hen it omes to re2')ators and parti ')ar)y -hen yo' ha#e a disr'pti#e te hno)o2y that does not per*e t)y map to the ate2ories that e#eryone 'nderstands" Is it 1etter to as, permission. or 1e2 *or2i#eness: And is the ans-er to that E'estion di**erent in money. than it -o')d 1e in other re2')ated ind'stries: SK! That=s an interestin2 E'estion" I )i#ed in China *or a *e- years. and there. as,in2 permission *or anythin2 yo' 2et a no" It stems *rom the omm'nist mindset. 1a , in the

day" The person -ho says yes. is responsi1)e" So i* yo' 2o and as, BCan I do this:B and they say to yo'. B<es. yo' an"B" They are the sin2)e point o* responsi1i)ity" 9hen anythin2 e)se *ai)s. some1ody says. B9ho a'thoriJed this:B So it=s *ar easier to say no" Then yo'=#e 2ot. as,in2 *or *or2i#eness" <o' 2o 1a , to. -e)) )ets do this. and -e=)) )i#e in hope" I thin, it depends in di**erent se tors" The iss'e -e=#e 2ot ri2ht no-. espe ia))y in the 1it oin spa e" 9hether peop)e admit it or not. is. no 1ody has a )'e -hat=s 2oin2 on" I -o')d )i,e to thin, Coindes, -hi h is one o* the 1i22er p'1)i ations" A t'a))y I=m 'rio's. -ho reads Coindes, here: A )ot o* peop)e" No-. yo'=d thin, I=d 1e sittin2 'p here 2oin2. BI=m an e/pert I ,no- e#erythin2;B And. I=)) 'se a s-ear -ord here. I=m $1eep%in2 )'e)ess" I serio's)y am" CM& and ro-d )a'2hC SK! As are most peop)e in this room" &o-e#er. -e ome 1a , to. BI read this arti )e and I read that arti )e -hi h ma,es me an e/pert"B no 1ody has any idea -hat=s 2oin2 on. and e#eryone is o))e ti#e)y )i#in2 in a 1it o* hope" I* -e ,eep on ta),in2 a1o't it. hope*'))y some1ody some-here a)on2 the )ine. is 2oin2 to *i2're it o't" Inside the 1an,s. no1ody a t'a))y ,no-s -ho di#ision it is" I=m s're it started o** -ith the 2'y -ho -as doin2 the T-itter a o'nt. 2oin2. BOh. there=s this ne- start 'p thin2 a))ed Bit oin and yo' dea) -ith it"B I had emai) *rom some1ody yesterday 2oin2. BI ha#e some *riends -ho that -o')d )i,e to ta), to the 2'y 1ehind Bit oin. an yo' introd' e him:B CM& and ro-d )a'2hC SK! These are serio's peop)e. -ho don=t a t'a))y ,no-" So""" 9hat -as the E'estion a2ain: M&! Is it 1etter to as, permission or 1e2 *or2i#eness: SK! 9ho do yo' as, permission *rom: The t-itter or the so ia) media 2'y: Ao yo' 2o 'p to the 2'y and 2o. BStop t-eetin2" Can I r'n this e/ han2e: 9here I=m not 2oin2 to ans-er E'estions *rom peop)e" And. yo' ,no- -hat: I may 0'st pa , 'p. and 2o a-ay *or t-o -ee,s" P't a si2n 'p" No o**ense to Char)ie S hrem. 0'st p't a ho)din2 pa2e 'p sayin2 =&ey" 9e=re redoin2 o'r p)at*orm. redoin2 o'r -e1site" 9e=re o't o* here"=B Is he 2oin2 to 2i#e yo' permission *or that: I don=t e#en ,no- -ho -ants to 1e as,ed permission" So. yo' end 'p 2oin2 to the -ron2 peop)e" <o' end 'p 2oin2 to the peop)e -ho thin,. this is money )a'nderin2 )ets send it strai2ht o#er to the money )a'nderin2 'nit" And they are )i,e. B9e)). there is no money here. -hat ha#e they )a'ndered:B So. yo'=#e 2ot )a-yers ta),in2 a1o't it" I=)) 2i#e yo' another prime e/amp)e" I=m )ettin2 it a)) o't today apparent)y" I met a )a-yer )ast -ee,. -ho=s ad#isin2 a start 'p -ho -ants to raise money" I as,ed. B9hat=s yo' re2')ation sit'ation:B They said they had this amaJin2 )a-yer. -ho -as this 1it oin e/pert" I as,ed. BCan I meet him:B So. I meet him. -e start ta),in2 and I as,. B&o- many 1it oin do yo' ha#e:B &e )oo,s at me. and he te))s me.

BNone"B I=m )i,e. ho- an yo' possi1)y ad#ise: <o'=re the sin2)e person in this meetin2 room that an send these 2'ys to 0ai) or ,eep them o't o* 0ai) and yo'=#e ne#er 1o'2ht a 1it oin" B't. -hat I rea)iJed is a)) he does is read Coindes," I* I as the p'1)isher o* Coindes, am sittin2 here 2oin2. I don=t ha#e a )'e" B't. he=s ma,in2 a 2reat 1'siness" Dn*ort'nate)y. that=s -here the naii#ity ome in" Peter and L' y doin2 the start 'ps o'tside" In the )and o* the 1)ind. the one eyed man. is ,in2" Be a'se he=s 2ot tit)e o* K<+. he an no- ma,e a 2reat 1'siness ad#isin2 them o** st'** -hi h I am 1'sy tryin2 to o'tso'r e. to *ree)an e -riters -ho I=#e ne#er met" 9ho are -ritin2 -hat they=#e see on MrM1it oin. >eddits Bit oin *or'm" That=s the tr'th o* -hat=s 2oin2 on in this ind'stry" B't. -e an 2)oss it 'p as m' h as -e )i,e" M&! >i2ht" SK! <o' did -ant a *ireside hat. ri2ht: So. here it is" Capp)a'seC ((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((( SM! <o'=re )istenin2 to Let=s Ta), Bit oin" The premiere a'dio ast pro#idin2 ne-s and insi2hts into the rapid)y e#o)#in2 -or)d o* di2ita) money" O'r T-i e -ee,)y sho-s in )'de ana)ysis o* )ate 1rea,in2 ne-s" Dpdates on ,ey te hni a))y. 1'siness. re2')atory ne-s" And. in depth inter#ie-s -ith the ,ey peop)e dri#in2 the ne- di2ita) e onomy" Let=s Ta), Bit oin o**ers sponsors an attra ti#e -ay to rea h a tar2eted and sa##y a'dien e" Gor more in*ormation. emai)! SponsersHLetsTa),Bit oin" om" (((((((((((((((((((((((((((((((((((((((((Ad#ertisement((((((((((((((((((((((((((((((((((((((( &i. this is 6ason Kin2. *o'nder o* Seans O'tpost. and yo' are )istenin2 to Let=s Ta), Bit oin" Sean=s O'tpost is a home)ess o'trea h in Pensa o)a. G)orida" 9e are pro'd)y po-ered 1y Bit oin" To date. o#er thirteen tho'sand mea)s ha#e 1een *eed to the home)ess in o'r area" A)) p'r hased thr' 1it oin and thr' the 2enerosity o* the rypto( 'rren y omm'nities" >ead more a1o't 's at seanso'tpost" om" Good" She)ter" Bit oin" E#ery1ody" Seanso'tpost" om ((((((((((((((((((((((((((((((((((((((((End Ad#ertisement(((((((((((((((((((((((((((((((((( Capp)a'seC M&! More )i,e a 1arside hat" Not to ,eep harpin2 on this. 1't part o* -hat I -as thin,in2 o* -hen I as,ed that E'estion -as""" I mentioned D1er" D1er 2ets a )ot o* 'stomers. and then they dea) -ith the )o a) ta/i ommission" There*ore it is a )itt)e 1it tri ,ier po)iti a))y *or the esta1)ished interest to say. no yo' ha#e to"""" SK! It=s ity 1y ity. ri2ht:

M&! <es. ity 1y ity" SK! I ,no- that spa e #ery #ery -e))" Its ity 1y ity. and -hi)e is re2')ated *rom some-here a)on2 the )ine in the 2o#ernment" It=s not ontro))ed entra))y" There isn=t the 9or)d 1an,. there isn=t I"M"G". there isn=t tri))ions and tri))ions o* do))ars at sta,e" Some they -in. some they )ose" They are ha#in2 an iss'e in Aen#er at the moment" They had an iss'e in S-eden" E#ery o'ntry and e#ery ity has ertain di**erent restri tions" I=)) 2i#e yo' an e/amp)e" Sto ,ho)m. said -e ha#e no pro1)em -ith yo' operatin2 here. as )on2 as yo' p't a meter o* some ,ind -hi h sho-s a 'ser -hen they=re in the ar. ho- m' h yo'r 1i)) has ra ,ed 'p" D1er de ided that=s not somethin2 -hi h they 1e)ie#ed in" They de ided not to do it" There are sma)) pro1)ems" The *inan ia) ser#i es: 9e=)) ome 1a , to it" I don=t e#en ,no- -ho to ta), to" Ao I ta), to some1ody in 9a)) street: Ao I ta), to some1ody in S-itJer)and: No1ody rea))y ,no-s -ho to ta), to" There=s di**erent on#ersations" 9e ran a story a1o't the &"M">"C" -hi h is the DK=s re#en'e 2o#ernin2 1ody" They 2a#e a 2reat statement sayin2. B9e don=t thin, yo' need to 1e )i ensed 'nder K<+. 1)ah 1)ah"B It )oo,ed )i,e a 2reat thin2. 'nderneath it said. BBy the -ay this o')d han2e at any moment it 1e omes )e2a) or i))e2a). and yo' -i)) ha#e to ma,e re)e#ant han2es"B So. yo' o')d 2o 1'i)d a -ho)e 1'siness mode). and one emai) omes *rom them means yo'r i))e2a) o#erni2ht" I don=t e#en ,no- -here or -ho to start -ith this at the moment" M&! PayPa). in their *ormati#e years. they had a )ot o* str'22)es -ith re2')ators" There=s a 2reat story" I thin, it -as Lo'isiana. they -ere to)d 1y the state re2')ator" <o' need a )i ense or yo' don=t ha#e the ri2ht )i ensin2. yo'=#e 2ot to sh't do-n in Lo'isiana" B't. at that point. they had a )ot o* 'stomers in Lo'isiana and those Lo'isiana 'stomers 1'rned 'p the phone )ine" Is there a a) ')ated ris, yo' ta,e. reatin2 *a ts on the 2ro'nd: SK! There is" B't. then yo' ome 1a , to. ho- an an army o* peop)e -ho -ant to remain anonymo's. 1'rn 'p the phone )ines: 9hat are -e 2oin2 to do: Set 'p anonymo's emai) a o'nts: This is the ha))en2e. yo' don=t -ant anyone to ,no- -hat yo'r doin2" B't. the in#isi1)e man doesn=t e/ist" Gi#e tho'sand peop)e an=t 0'st t'rn 'p at the re2')ators o**i e 2oin2. B9e=re 'sin2 1it oin. and -e don=t -ant yo' to ,no- -e=re 'sin2 1it oin" Appro#e it *or 's" Not to ma,e a 0o,e. 1e a'se this is a #ery serio's matter" I thin, there are a )ot o* di**erent para))e)s -hi h an 1e ta,en in" 9e=re headin2 in the ri2ht dire tion. ri2ht: E#ents )i,e this" The ri2ht peop)e are startin2 to ta,e noti e o* it" There 0'st isn=t any ma2i -and" I* there -as one sin2)e person. in a or2aniJation" That yo' o')d sit do-n and e/p)ain the )o2i to""" That=d 1e 2reat" B't. there 0'st isn=t" There are other ons'mer iss'es that are at sta,e" A prime e/amp)e is. re 'rrin2 month)y 1i))in2" A )ot o* peop)e ome to me" The *irst thin2. they ome to me and say. B&ey. -o')d yo' )i,e to in#est in o'r ompany: May1e yo' an he)p 's 2et the Spoti*y a o'nt. 1e a'se Spoti*y is 2oin2 to do a mi))ion do))ars" That -o')d 1e 2reat *or re 'rrin2 1i))in2"B And I=m )i,e. they sho')d ta,e 1it oin" I 2et that. 1't i* -e ome to this month. the a#era2e

pri e or the norma) pri e is N5"55 a month *or premi'm ser#i e" I* it=s N5"55""" -hat is it: 8"4 1it oin today: And it=s *ine the pri e 2oes 'p and do-n" In three months time. yo' may1e payin2 t-o h'ndred and *i*ty do))ars a month *or Spoti*y" 9ho=s 2oin2 to ontro) this e)ement there: The a#era2e ons'mer doesn=t -ant to 1e p)ayin2 the 'rren y mar,et" The traders in 9a)) street. they are E'ite om*orta1)e 1e a'se there are a)1atross opport'nity" B't. the a#era2e ons'mer. it=s 'n*air on them to p't this 1'rden o* #o)ati)ity" At one sta2e. sayin2 that this is the *'t're. this is sa*e. et " And the ne/t sta2e sayin2. BOh. 1y the -ay yo'r Spoti*y ser#i e is ost N758" M&! I -o')d thin, that there -o')d 1e a *air)y easy so)'tion to that" I mean. i* yo' ha#e a ser#i e )i,e Coin1ase. and yo' a'thoriJe oin1ase to ded' t the eE'i#a)ent o* N5"55 *rom yo'r 1it oin a o'nt. or B)o , hain. or -home#er" The math an=t 1e too omp)i ated o* an a)2orithm" SK! It an=t to yo' and I. 1't thin, a1o't -ho -e=re dea)in2 -ith here" &o- *ar o'r 0o'rney has to 2o. to 2et to that sta2e" 9e=#e a)ready a epted that tryin2 to 1'y oins is a 1it o* a head a he" &a#e yo' tried 'sin2 B)o , hain: Most teams. most ompanies ha#e a DI team" 9hi h ma,e this prod' t -or, rea))y -e))" I ,no- the 2'y=s at B)o , hain" I=m s're the ha#e an anti(DI team" They are )i,e. B&ere=s a 2reat prod' t" Ma,e it rea))y rea))y hard to 'se"B It too, me many months to -or, o't. that=s -here my oins -ere" Be a'se. it seemed )i,e there -as this data thin2. and some harts 2oin2 on" 9e are pro1a1)y here. -e need to 2et here. and there are random po ,ets o* in*ormation that peop)e are 2oin2 to 2et in#o)#ed in" 9hi h. hope*'))y -i)) 2et it to-ards the end so)'tion" Then. is it Bit oin or some other *orm o* di2ita) 'rren y: I honest)y don=t ,no-" I am a 1e)ie#er in di2ita) 'rren y. -hat I a)) Bmoney o#er IPB" Gri tion" I don=t rea))y are i* its pe22ed to the 1it oin. 1e a'se it=s o1#io's)y *ri tion the peop)e -ant so)#in2. and Bit oin is the 1est o't there at the moment" M&! 9e=#e 2ot a1o't ten more min'tes. then Sha,=s 2ot to 2et on a p)ane" So I thin, this -o')d 1e a 2ood time to ta,e E'estions *rom the a'dien e" C@! &i. I=m Caro) @an )ea#e -ith Patton Bo22s" I -as 2)ad to hear the re*eren e yo' made to yo'r )a-yer. or the )a-yer sittin2 at the ta1)e 'sin2 the prono'n BheB instead o* BsheB" I thin, it is a #ery serio's iss'e. that e#eryone in the room -ho=s tryin2 to ma,e that de ision o* ho- they are 2oin2 to mo#e *or-ard" 9hether to as, *or *or2i#eness )ater. that=s *ine in one ,ind o* settin2" B't. yo' ha#e to rea)iJe there are m')tip)e peop)e at the ta1)e on this iss'e" One o* them is the department o* 0'sti e" Thin2s are *ine as )on2 as they are 2oin2 -e)). 1't i* somethin2 2oes -ron2" It o')d 1e the s)i2htest )itt)e thin2. that p'ts yo' on the radar o* the department o* 0'sti e" The *irst thin2 they are 2oin2 to ome a*ter yo' on is. are yo' re2istered appropriate)y: &a#e yo' addressed the money transmitter )i ensin2 iss'e: A)) they need. some o* yo' ha#e heard me say 1e*ore. is one state to p't 'p a hand and say yo' needed a )i enses in this state" That=s the 1asis o* a

*edera) rimina) a tion" It=s 2oin2 on. rea) time. ri2ht no-" The department o* 0'sti e is rea))y ta,in2 o** a*ter third party payment pro essors. and is doin2 this ri2ht no-" 9e=re seein2 it -ith some o* the pro1a1)y more inno ent. as I -o')d say. p)ayers in the mar,et p)a e" Gor -hat e#er reason they end 'p on the radar s reen. i* it happens it=s a)most a 2ame o#er type sit'ation" There are steps yo' an ta,e to try and sho- yo'r ma,in2 a 2ood *aith e**ort" Li,e sendin2 in )etters to the states. may1e p'ttin2 app)i ations in and so on" I* yo'=#e a)ready 1e2'n the a ti#ity" B't. -e=re in. espe ia))y -ith Bit oin. a #ery #ery de)i ate sit'ation ri2ht no-" I* yo' ta), to some o* the state re2')ators" The *eed1a , *rom the state re2')ators. there is a 2reat dea) o* )a- en*or ement interest aro'nd the iss'e" So. it=s on the radar s reen" I ,no- that that -as a #ery entertainin2 presentation yo' 0'st made. 1't. I ha#e to ome in -ith a )itt)e 1it o* a dose o* rea)ity here" Be a'se. 'n*ort'nate)y I end 'p on the other side here" &a#in2 to 1ai) peop)e o't o* these sit'ations" SK! One" <o' -ere s'pposed to as, a E'estion. 1't yo' made a statement" 9hi h is *ine" C@! It -as s'pposed to 1e a hat I tho'2ht" SK! I a)so made a statement that a)) -e an do. is 2i#e o'r opinions" Gor me. do I *ee) om*orta1)e in#estin2 in an ind'stry -here there are too many 'n,no-ns" Pro1a1)y not" I=m #ery #ery a-are. and that=s pro1a1)y -hy I=m not in#estin2" There ha#e 1een ases -here. and i* yo' ta,e the 2am1)in2 ind'stry. -here the in#estors and 1oard mem1ers are responsi1)e" Sometimes yo' an )oo, at it *rom a )e2a) aspe t. 1't han2 o't a min'te" <o'=re the 1oard. yo' -e=re the ones -ho -ere s'pposed to 1e s'per#isin2 this" Dnti) there is some )ari*i ation. yo' ta,e the anti money )a'nderin2 r')e" There is so m' h noise o't there. that *or me as an in#estor. it=s -ay too m' h to e#en pro ess. to de ide" I am a)) *or ha#in2 )a-yers. 1e a'se it=s reE'ired in any shape or *orm" 9hat I=m not *or is peop)e thin,in2 that they met a )a-yer. and he may ha#e 1een doin2 rea) estate the -ee, 1e*ore" It omes 1a , to -hat -e=re sayin2. that is yo' ha#en=t r'n 1'sinesses than yo' don=t ha#e the main e/pertise to 2o and do the ri2ht d'e di)i2en e on the ri2ht )a-yer" To see. is this the person -ho=s 2oin2 to ,eep me o't o* 0ai). or not" I thin, *'ndamenta))y. I a2ree -ith e#erythin2 yo' say" M&! Another E'estion" A'dien e! &o- do yo' thin, an entreprene'r )i,e Mar, +' ,er1'r2 -o')d respond to ad')t s'per#ision: SK! &o- do I thin, an entreprene'r )i,e Mar, +' ,er1'r2: Mar, +' ,er1'r2 has a )ot o* ad')t s'per#ision aro'nd him" I* yo' )oo, at his 1oard. it onsists o* Mar, Andreessen. the *o'nder o* Nets ape" It onsists o* >eed &astin2s. -ho is the *o'nder o* Net*)i/" It onsist o* Peter Thie). -hose the *o'nder o* PayPa)" I -o')d )i,e to thin, that those are three ad')ts -ho ha#e -ho ha#e 2one thr' disr'pti#e ind'stry han2es o#er the )ast ten

years. and *o'2ht a )ot o* 1att)es" &e s'rro'nds himse)* -ith a )ot o* smart peop)e" A'dien e! 9o')d yo' say s'rro'ndin2 yo'rse)* -ith the ri2ht peop)e -hi)e maintainin2 )e2a) ontro) o* yo'r 1oard is a 2ood idea *or an entreprene'r: SK! It=s simi)ar to -hat Mar, said" The *inan e ind'stry is E'ite di**erent" Mar, +' ,er1'r2 didn=t reate a 1an,. he reated a 1an, o* in*ormation -hi h onsists o* e#ery person in the -or)d ha#in2 an a o'nt" &e=s 2ot his o-n ha))en2es. on2oin2 in the ompany" As do a)) )ar2e ompanies" B't. he didn=t *'ndamenta))y try and disr'pt the 2)o1a) *inan ia) system" It pro1a1)y needs disr'ptin2 in some shape or *orm. I thin, the para))e)s are s)i2ht)y di**erent" I* yo' -ere to 2o as, Mar,. he -o')d say the most important thin2 I did -as s'rro'nd myse)* -ith peop)e -ho ha#e r'n 1'sinesses" Lets not *or2et Mar, +' ,er 1'r2 -as in a dorm in his o))e2e 'ni#ersity and Sean Par,er *)e- o't there -ith the )ast 1it o* money he had" Sean Par,er had done Napster" I )i#ed 1ein2 in#o)#ed -ith Spoti*y. Sean Par,er had do-n Napster and 1een s'ed *or 1i))ions and 1i))ions o* do))ars" 9hi)st he had 2one thro'2h it. )ets ta,e Napster and Bit oin in the same spa e" &e )i#ed thro'2h the ha))en2es. 1't ame o't on the other side" I 2'ess his #a)'a1)e messa2e to Mar, +' ,er1'r2 -as. )ets not 'pset the peop)e -ho an send 's to 0ai) or s'e 's *or tri))ions o* do))ars" So. ad')t s'per#ision in any shape or *orm is #ery important" M&! And don=t *or2et Shery) Sand1er2. as *ar as ad')t s'per#ision 2oes" S<! &i Sha,. my name is S'san <o'n2" My E'estion *or yo'. I=)) pi22y 1a , o** o* the other t-o E'estions that -ere pre#io's)y presented" In re)e#ant to 2o#ernment a ti#ity. ho- does Spoti*y and Coindes, anti ipate that *or the *'t're: To a)so pi22y 1a , o** o* the so ia) media E'estion re2ardin2 *a e 1oo," I a2ree -ith yo'r statement that he has s'rro'nded himse)* -ith some #ery inte))i2ent indi#id'a)s" &o- does Spoti*y and yo'r ta,e on Coindes,. as *ar as monetiJation. in the m'si ind'stry spe i*i a))y" 9hat is yo'r tho'2ht pro ess s'rro'ndin2 that. as *ar as em1edded ontent: As -e)) as prote tin2 the ri2hts ho)ders *or artists: SK! Are -e re*errin2 to the Spoti*y 1'siness mode). as s' h: Or the )in, o* that -ith di2ita) 'rren y and Bit oin: I=m 'rio's" S<! I am ta1)in2 that E'estions to yo'. to ans-er 1oth topi s" SK! So. one" I=m sittin2 here as a minor in#estor in Spoti*y" B't. o'r a2reements are -ith the ri2hts ho)ders" 9e didn=t do -hat a )ot o* peop)e did in the m'si spa e" 9hi h is. )et=s as, the permission a*ter -e )a'n h" 9hi h is -hy it too, Spoti*y many many years to 2et the )i ensin2 reE'ired" That -as a *o'r year str'22)e o* ontin'o's)y ,no ,in2 on the doors" That on#ersation han2ed o#er the years. -hat -e -ere a1)e to do -as. startin2 in a sma)) o'ntry )i,e S-eden -ith nine mi))ion peop)e" 9hi h on the 2)o1a) )e#e) o* m'si sa)es. is pro1a1)y o'ntry n'm1er nineteen" Then sho- ho- that -or,ed in that o'ntry.

and 2o. -e)) no- its -or,in2 in Nor-ay. and -e=#e tried it here" Then. *or the DS mar,et -hi h is the -or)ds )ar2est m'si mar,et" To 2o. OK the is some tra tion *or the ri2hts ho)ders to ris, e#erythin2 on one 1et" 9hi h -o')d 1e raJy *or them" At the same time -hi)e this -as 2oin2 on. -e sti)) had this on#ersation 'p 'nti) )ast year" E#en these days. yo'=)) ha#e a on#ersation -ith the ri2hts ho)der. -ho=s )i,e. BI don=t 1e)ie#e in this han2e. and I=m E'ite happy se))in2 d=s. and I don=t -ant my m'si on Spoti*y or any other di2ita) ser#i e" Then yo' 2o to him and say. yo' do rea)iJe there are mi))ions o* pirate opies o* yo'r *i)e. yo'r m'si . yo'r a'dio *i)e on the -e1 -hi h yo' ha#e no ontro) o#er" A )ot o* them don=t rea))y ha#e an ans-er *or that" I thin, there is a possi1)e )a , o* ed' ation on 1oth sides that te hno)o2y is tryin2 to han2e" It=s 2oin2 to ta,e time. it=s 2oin2 to ta,e a ertain amo'nt o* time 'nti) the di2ita) re#en'e is eE'i#a)ent o* -hat the CA sa)es -ere" B't. at the same time. yo' sti)) ha#e -hat -as 2oin2 on -hi h is either it=s pirated A@A=s or pirated CAs. yo' sti)) ha#e ompanies o't there that are 2i#in2 a-ay the ontent" Gree o* har2e" I thin, it=s a m' h 1i22er p)ay" Are the )a1e)s. ri2hts ho)ders: <es" Are they re2')ators: Pro1a1)y no" There are re2')ators in#o)#ed. 1't i* yo' are a t'a))y doin2 -hat yo' are s'pposed to do. there is #ery minima) re2')ation reE'ired" I thin, that=s that. in terms o* Coindes, it=s a se)* *'nded pro0e t 1y me" It started o** 1e a'se I -anted in*ormation" I=m in a1so)'te)y no r'sh to monetise this. it -as rea))y 0'st *or me to )earn a1o't the spa e" To 1e a 1etter in*ormed in#estor" It=s a t'a))y had the opposite e**e t" I tho'2ht ha#in2 a)) this proprietary ,no-)ed2e a1o't the spa e -o')d a))o- me to ma,e more in#estments" I ha#en=t done a sin2)e in#estment. sin e I )a'n hed Coindes," Be a'se. there is an o#er *)o- o* in*ormation. there are *ar too many opport'nities. 1't the ris, *a tor is to hi2h *or me. and my appetite *or in#estin2" I hope that ans-ers yo'r E'estion" S<! That does a t'a))y" Than, yo'" A t'a))y one more E'estion *or yo'" &o- is yo'r 'rrent e/istent 1'siness mode)s: &o- do yo' *oresee that in ompetition re)ati#e to the spa es that yo' are doin2 1'siness in: >e)ati#e to *esti#a)s. and IANT mer2er: Thin2s that are -ithin that spa e. a2ain 1a , to the monetiJation iss'e" SK! Co')d yo' repeat the )ast part a2ain: S<! &o- are yo' )oo,in2 at ompetitors s' h as 1i2 mer2ers and a E'isitions. espe ia))y in the m'si monetiJation spa e" S' h as IANT. -ho is no- ome to north Ameri a" Ca1)in2 that -ith )ar2e )a1e)s s' h as Co)'m1ia. Sony. and so on. into yo'r e/istin2 1'siness mode)" SK! <o' -on=t )i,e this ans-er. 1't )' ,i)y I don=t ha#e to 2et in#o)#ed in any o* that st'**" S<! A t'a))y. I )i,e that ans-er" SK! I ha#e no in#o)#ement" There are peop)e *ar smarter than me in#o)#ed in thin,in2

a1o't the 1i22er p)ay" Gor me. it -as one part o* the 0o'rney" I ha#e *i*teen in#estments. 1't one in the 1it oin ind'stry" 9hi h I a ti#e)y made in#estment. -as a ompany a))ed Bitpay" I 1e)ie#e Tony is o#er there some -here" There he is" Gor me the in#estment in that -as one. Tony and the team" T-o. my in#estment in Bitpay. I don=t )oo, at as a 1it oin in#estment" I )oo, at as a te hno)o2y in#estment" Be a'se di2ita) 'rren y is 2oin2 to ome" I ha#e eno'2h 2rey hairs to ,no- ho- this one p)ays o't" The peop)e -ho are pro#idin2 the ser#i es on the side are the ones -ho I -ant to 1a ," Be a'se it=s some1ody I an he)p s a)e #ers's in#estin2 in somethin2 that is ta,in2 a *ar hi2her ris," As an e/amp)e. an e/ han2e" I )oo,ed at a n'm1er o* e/ han2es and I -asn=t om*orta1)e -ith that" S<! Than, yo' #ery m' h" ABL! I thin, -e are o't o* time" M&! <ep ABL! I -ant to than, yo'. *irst o* a)). Mar " Gor doin2 a 2reat 0o1 thro'2h o't the on*eren e" M&! My p)eas're" ABL! Sha,. than,s a )ot" It -as a )ast min'te addition. and it -as 0'st -onder*') ha#in2 yo' here" So. )ets 2i#e these 2'ys a 1i2 ro'nd o* app)a'se" Capp)a'seC ABL! Than,s *or )istenin2 to episode 35 o* Let=s Ta), Bit oin" Content *or todays sho-as pro#ided 1y Stephanie M'rphy. Mar &o hstein. Char)ie S hrem. A)an Sa*ahi. and Sha,i) Khan" M'si -as pro#ided 1y Farad >'1ins .and a)so me" Be a'se no- that=s some thin2 I do" I* yo' -ant to he)p o't -ith m'si -e p)ay on LBT. 2et in to' h" As a)-ays. omments a1o't the prod' tion an 2o to AdamHLetsTa),Bit oin" om" <o' an read o'r dai)y 1)o2 at LetsTa),Bit oin" om" And. yo' an parti ipate in o'r )istener s'1reddit at LetsTa),Bit oin" omMta)," See ya ne/t time"