LETS TALK BITCOIN

Episode 105 Let There Be Price

Participants:
Adam B. Levine (ABL) Host
Stephanie M!ph" (SM Co#host
$onathan Mohan ($M) Co#%onde! o% Bit&oin Ne' (o!) Cit"
$e%%!e" *a+ ($*) Ha&)e!, ent!ep!ene!, se&!it" e-pe!t
ABL: Toda" is Ap!i+ ./th .012 and this is Episode 103. This p!o4!am is intended %o!
in%o!mationa+ and ed&ationa+ p!poses on+". C!"pto&!!en&" is a ne' %ie+d o% std".
Cons+t "o! +o&a+ %t!ist, +a'"e! and investment adviso! 5e%o!e ma)in4 an" de&isions
'hatsoeve! %o! "o!se+%.
6e+&ome to Lets Ta+) Bit&oin, a t'i&e 'ee)+" sho' a5ot the ideas, peop+e and p!o7e&ts
5i+din4 the di4ita+ e&onom" and the %t!e o% mone".
M" name is Adam B. Levine and toda" 'e!e 5a&) in Ne' (o!) 'ith Stephanie on
the da" a%te! the !e&ent Inside Bit&oins event. She sat do'n 'ith LTB %avo!ites
$onathan Mohan and $e%%!e" *a+ to ta+) !e4+ation and !ea+ism, 'a+)in4 time 5om5s
o% &ompanies and the ma4i& o% p!i&e dis&ove!"
En7o" the sho'8 90:2/;
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Stephanie Murphy interview with Jonathan Mohan and Jerey Pau!
SM: This is the Lets Ta+) Bit&oin pod&ast '!ap#p o% the Inside Bit&oins Ne' (o!) Cit"
event. I am Stephanie, o% &o!se and Ive 4ot 'ith me $onathan Mohan and =Snea) $e%%!e"
*a+. Hi 4"s, than)s so m&h %o! 7oinin4 me.
JP: Than)s %o! invitin4 me. I made it he!e +ast minte %o! this &on%e!en&e and Im !ea++"
e-&ited to 5e he!e. Its so m&h +a!4e! than eve!" othe! Bit&oin &on%e!en&e Ive eve! 5een to.
Its !ea++" ama>in4 to me. 91:1?;
JM: Its a+'a"s %n to 4et on. 91:1@;
SM: (eah, "o 4"s have 5oth 5een on the sho' 5e%o!e so I thin) peop+e )no' "o 5t 7st
in &ase an"ones meetin4 "o %o! the %i!st time, $onathan, "o a!e the o!4ani>e! o% the Bit&oin
N(C meetps. (o &an int!od&e "o!se+% i% "o 'ant to. 91:AA;
JM: I do a meetp 4!op %o! Ne' (o!) and 'eve had 3? meetps in t'e+ve months, so
thats as it !e+ates to o! a&tivit". I a+so am the Ne' (o!) !ep!esentative %o! Ethe!em, so an"
hate o! +ove &an &ome m" 'a" %o! that. 91:2?;
SM: Coo+. Sha++ I &a++ "o $e%%!e" o! Snea)B 91:31;
JP: (o &an &a++ me $e%%!e", thats tota++" %ine. 91:3.;
SM: OK. 91:3A;
JP: A++ &ompte! ha&)e!s have to have t'o names. The" have thei! name that 4oes on the
indi&tment and then the" have thei! name that the" se on the Inte!net. 9.:00;
SM: (La4hte!) Ci4ht. 9.:01;
JP: Im e-&ited to 5e ot he!e. M" !o+e in Bit&oin is !ea++" a +ot p!ett" m&h as an o5se!ve!
as I 4ot into Bit&oin th!o4h the &!"pto4!aph" side o% thin4s. Ive 5een a ha&)e! and 'hatnot
%o! "ea!s. I sta!ted ta+)in4 a5ot it "ea!s a4o 'hen no one 'as +istenin4 and no' its &oo+
5e&ase no' eve!"one is +istenin4 and its !ea++" e-&itin4 to see h4e &on%e!en&es 4oin4 do'n
that 'o+d not have 5een possi5+e, even t'e+ve months a4o. Bein4 at San $ose +ast "ea! and
)ind o% 4ettin4 this %ee+ that Bit&oin 'as a5ot to e-p+ode and this is the +ast time 'e!e 4oin4
to )no' eve!"one in this !oom. Comin4 he!e and sdden+" not )no'in4 an"one in the !oom.
6e )ne' it 'as &omin4 5t no' this .012 is !ea++" an in&!edi5+e "ea! %o! Bit&oin. 9.:2?;
SM: Lets ta+) a5ot that a&ta++". I thin) thats a pe!%e&t 'a" to +ead into the dis&ssion
a5ot this &on%e!en&e. It 'as a 5i4... it 'as in a +a!4e spa&e. The" de%inite+" had a vene
'he!e the!e 'as p+ent" o% !oom to e-pand. 9.:3/;
JM: A&ta++", the $avits Cente! 'hi&h is 'he!e Comi& Con and p!ett" m&h an" ma7o! t!ade
sho' in Ne' (o!) Cit" is he+d the!e. No', 4!anted it 'as in a ve!" tin" pa!t o% the $avits
Cente! 5t 7st that its in the!e a+one, thats +i)e the Ca!ne4ie Ha++ o% &on%e!en&in4. 9A:1A;
JP: It s!p!ised me a +ot 'hat 'hen I sa' that. 9A:13;
SM: The!e 'as a 5i4 5i++5oa!d otside that )ept %+ashin4 the si4ns %o! di%%e!ent events that
'e!e 4oin4 on and 7st seein4 Inside Bit&oins p in +i4hts 'as p!ett" &oo+ 5e&ase a +ot o%
peop+e pass 5" that. 9A:.D;
JM: It 'as on 5ses too. 9A:.?;
JP: A++ o% m" %!iends in Ne' (o!) Cit", 'hove )no'n me %o! "ea!s, have hea!d me, this
&!an), ta+)in4 a5ot Inte!net mone" %o! "ea!s and "ea!s and sdden+", its on 5ses
eve!"'he!e and Ive 4ot %o! o! %ive &ame!a phone shots o% it 7st in the +ast &op+e o% 'ee)s.
He", its that Bit&oin thin4 "ove 5een ta+)in4 a5ot, its at the $avits. (La4hte!) It 'as a
'a)e#p &a++ %o! me. 9A:22;
SM: MediaBist!o !ea++" does )no' ho' to pt on an event that 4ets a +ot o% p!ess. 6e sa' a
+ot o% mainst!eam media, 7st +i)e thei! event +ast "ea!, the" had anothe! event in Ne' (o!)
Cit" that 'as ve!" 'e++ attended 5" mainst!eam p!ess. This "ea!, 'e sa' tons o% investo!s
and ECs, o% &o!se, as I thin) 'e 'e!e e-pe&tin4 %o! an event +i)e this. (o said, $e%%!e" that
"o didnt )no' a +ot o% the %a&es the!e and "o 'e!e s!p!ised a5ot that. Can "o ta+) a
+itt+e 5it mo!eB
JP: I )ne' that Bit&oin 'as e-pandin4 in te!ms o% 7st mindsha!e, %o!4ettin4 a5ot the a&ta+
&!!en&" itse+% and 7st the mindsha!e, peop+e 'ho )no' a5ot it, peop+e 'ho ta+) a5ot it,
peop+e 'ho have even a %ndamenta+ nde!standin4 and o5vios+", eve!" "ea! it 4ets 5i44e!.
Its the !ate at 'hi&h peop+e have 5een +ea!nin4 a5ot it has 5een 4!o'in4, I thin). One o% the
Lets Ta+) Bit&oins %!om $ana!" (I thin) it 'as) tipped .012 as 4oin4 to 5e the "ea! o%
Bit&oin and thats a5so+te+" t!e. This is 4oin4 to 5e&ome the "ea! that eve!"one, even i%
the" dont nde!stand Bit&oin, )no's 'hat it is. 6a+)in4 into a 4iant ha++, and "es, +i)e "o
said it 'as a sma++ se&tion o% the ha++, 5t 'a+)in4 into a 4iant ha++, seein4 it on 5ses and
'a+)in4 into this !oom 'he!e the!e 'e!e these peop+e 7st mi++in4 a!ond and it too) me ten
mintes 5e%o!e I %ond one %a&e I )ne'. Eve!" othe! Bit&oin event Ive eve! 5een to, I %ind
th!ee peop+e in the %i!st thi!t" se&onds. This time, I 'as +ost in a sea and this !ea++" 7st sho's
ho' m&h 5siness inte!est the!e is, ho' m&h e&onomi& inte!est the!e is %!om the a&ademi&
side o% thin4s, e&onomists and po+i&" ma)e!s and !e4+ato!s and a+so 7st ent!ep!ene!s, and
p!o4!ame!s, and en4inee!s, and peop+e 5i+din4 ne' &ompanies and ne' se!vi&es in the
e&os"stem. Its !ea++" e-&itin4 !i4ht no'. 93:.@;
JM: The!es a&ta++" a 5oo) that Id !e&ommend eve!"one &he&) ot 'hi&h is =C!ossin4 the
Chasm, 'hi&h essentia++" is a semina+ 'o!) on ho' te&hno+o4" 4ets adopted and the phases
o% adoption. (o )no', one o% m" %avo!ite ta+)s 'as this 4", I thin) it 'as a FEGCON ta+),
'he!e he 5!in4s ot the 5oo)+et and the 5oo)+et 'as eve!" sin4+e pe!son 'ho 'as on the
Inte!net. It 'as +i)e ei4ht" names and it in&+ded thei! phone nm5e!, thei! %++ name and
thei! home add!ess. That 'as THE Inte!net. 6hen "o!e ta+)in4 a5ot ho' "o &o+dnt
see an" 5siness... 93:3/;
SM: The" 4ot do-ed 5e%o!e the Inte!net even e-isted. (La4hte!) 9D:01;
JM: Thats 'hat the Inte!net 'as and as 'eve seen Bit&oin 4o th!o4h the same p!o&ess,
'e!e seein4 e-a&t+" the same thin4. I thin) a &onseHen&e o% that is 'hat the" %o&sed at
thei! &on%e!en&e. Its so!t o% an inte!estin4 thin4 to see 'hat the Te-as &on%e!en&e %o&sed on
and the di%%e!en&e 5et'een a &ommnit" d!iven media event ve!ss 'hen indst!" does it and
ho' the" app!oa&h it. I thin) 'e 'e!e ta+)in4 5e%o!e a5ot ho' s!p!ised "o 'e!e, happ",
that it 'as ve!" !e4+ato!" %o&sed. 9D:A1;
SM: I 'as not happ" a5ot that (+a4hte!) 5t thats a 4ood se4'a" in to ta+) a5ot that.
The!e 'as, I thin), a h4e %o&s on !e4+ation, even on the pane+ that I 'as on, 'hi&h 'as
&a++ed Bit&oin Cemittan&es and the Feve+opin4 6o!+d. I tho4ht that 'as 4oin4 to 5e one o%
the pane+s that 'as mo!e hman inte!est and mo!e hmanita!ian %o&sed 5t even on that
pane+, most o% the pane++ists 'e!e ta+)in4 a5ot !e4+ations and to me, that 7st... its st!&)
me !ea++" odd 5e&ase thats not the %o&s o% a pane+ a5ot mi&!o#+endin4 and !emittan&es.
The %o&s is on the peop+e 'ho need mone", !i4htB 9?:0?;
JP: I thin) the %+ip side o% that &oin is that it has to %o&s on the peop+e 'ho a!e 5i+din4
these s"stems and s57e&t to nationa+ +a's, as the sphe!e o% Bit&oins in%+en&e 4!o's, 'e
&ant he+p 5t have !e4+ato!s 'ho t!aditiona++" move ve!", ve!" s+o'+". The"!e sta!tin4 to
&ome into the %o+d. The!es 5een eno4h p!ess a5ot Bit&oin and these peop+e a!e not stpid.
6e mi4ht not +i)e 'hat the" do sometimes 5t the"!e not stpid and the"!e hea!in4 a5ot
this and an"thin4 that 'e do, espe&ia++" hmanita!ian e%%o!ts, a!e 4oin4 to have to... it 'o+d
5e a shame to 5i+d somethin4 that a++o's mi&!o#+endin4 o! somethin4 that a&ta++" he+ps
peop+e and &han4es peop+es +ives and then have the !e4+ato!s &ome in and sa" 6e++, "o
didnt &!oss this T, o! "o didnt dot this I. 6e!e 4oin4 to sht "o do'n. It 'o+d 5e a
t!a4ed" and so, i% 'e!e 4oin4 to do it in Ame!i&a, 'e have to )ind o%... 9?:2?;
SM: I disa4!ee 'ith that 5e&ase the!e a!e so man" thin4s that "o &an do 'ith Bit&oin that
7st &ant 5e !e4+ated. The" ta)e p+a&e on a pee! to pee!, tota++" de&ent!a+i>ed... in a
de&ent!a+i>ed 'a" and !e4+ations 7st dont !ea++" matte! to those )ind o% thin4s. 9@:0.;
JP: I% "o +oo) at And!eessen, he 'as on a ta+) and he said Loo), 'hat 'e!e seein4 at
Bit&oin is the mat!ation o% an indst!". 6hat that means is the %!in4e e+ements... on&e it
mat!es, "o 4et mo!e and mo!e peop+e and Bit&oin 5e&omes +ess and +ess %!in4e and then the
peop+e 'ho 'e!e %!in4e 4o on to the ne-t %!in4e thin4. That 'hat "o mi4ht 5e e-pe!ien&in4
is 7st the se++in4 ot o! the mat!ation o% the spa&e and I a&ta++" thin) that, as it !e+ates to
Bit&oin, I dont thin) Bit&oins 4oin4 to 5e the thin4 'e 'anted it to 5e %!om a visiona!"
standpoint, %!om the =Chan4e the 6o!+d so!t o% standpoint. I a&ta++" thin) that these ideas
o% sma!t &ont!a&ts and that Fo's and Fa-, that those a!e the thin4s I thin) that 'i++ 5e non#
!e4+ata5+e 5e&ase the" have !e4+ation inte!na+ to the s"stem. I thin) this ni&he, this idea o%
!e4+atin4 somethin4, !e4+atin4 a s"stem is needed and Bit&oin doesnt have that inte!na+ to
itse+% so 'hen Maste!&oin &omes on+ine, I thin) it &o+d do that %o! Bit&oin. In so %a! as that
Maste!&oin o! is it no' Bit&oin, I !ea++" thin) that the idea o% !e4+ation needs to 5e the!e 5t
I dont thin) 'e need 4ove!nment !e4+ato!s doin4 it, I thin) 'e &o+d do it inte!na+. I dont
thin) on&e 'e do that... 9/:11;
SM: The" dont thin) "o &an do it inte!na+. 9/:1A;
JP: I% on+" 4ove!nment !e4+ato!s a4!eed 'ith "o. (La4hte!) 9/:13;
SM: (eah. 9/:13;
JM: Ci4ht, !i4ht. 9/:1D;
JP: $st as a 5siness pe!son, "o +oo) at the envi!onment in Ame!i&a and Ive spo)en 'ith
a %e' peop+e in the %ede!a+ 4ove!nment a5ot Bit&oin !e&ent+" and the idea that it &an 7st 5e
6i+d 6est, even i% its not, +ets sa" Bit&oin had %eat!es that a++o'ed it to &ontine 5ein4 +i)e
that, the !e4+ato!s a!e not 'i++in4 to a&&ept that. Honest+", Bit&oin +a&)s... doesnt have Hite
the &omp+ete+" anon"mos nat!e that a +ot o% peop+e tho4ht it did and it &an 5e !e4+ated in
the IS as 'eve seen. I thin) thats 4oin4 to &ontine 'hethe! 'e +i)e it o! not. $st %!om a
5siness standpoint, o! even a hmanita!ian standpoint, 'e have to %i4!e ot ho' to &oe-ist
'ith !e4+ation in the IS. 910:0.;
JM: I +oo) at it in te!ms o% ho' &an I do a 5siness in it and And!eas e-p+i&it+" states Im
4oin4 to ta+) a5ot this spa&e 5t Im not 4oin4 to 5e doin4 a 5siness in it 5e&ase those a!e
the peop+e the" 4o a%te!. Thats e-a&t+" 'h" "o see !e4+ato!s and ent!ep!ene!s inte!ested
in that dis&ssion 5e&ase 'hen "o sa" !e4+ation, "o!e not ta+)in4 !e4+ation, 'hat
"o!e ta+)in4 a5ot is +ia5i+it" !ed&tion, ho' do I need to dan&e as a mon)e" so that the
4ove!nment 'ont th!o' me in 7ai+. I thin) 'hen "o see the hose pa&)ed, 'hat "o!e
a&ta++" seein4 is the inte!est in Bit&oin and in so %a! as the" dont 'ant to 4o to 7ai+, the"
have to +isten to this 4" ta+). 910:2.;
SM: Lets 5e honest a5ot that. No5od" !ea++" sa"s that. The"!e a++ doin4 this son4 and
dan&e sa"in4 Oh, its !ea++" p!ote&tion o% the &onsme!. This Bit&oin thin4 is too dan4e!os
%o! "o and its %o! "o! o'n 4ood. I mean, thats 7st &!ap. 910:3?;
JM: I %o!4ot, I thin) it 'as (I dont 'ant to 4et too deep)... I thin) it 'as Niet>s&he, o!
some5od", the s+ave mo!a+it" 'hi&h is 'hen "o! envi!onment %o!&es "o into somethin4 that
"o didnt 4et to &hoose, "o then ma)e a vi!te ot o% it &+t!a++"... 911:10;
SM: Mmmm. 911:11;
JM: ...and t!n it into a positive. Go! instan&e, this notion o% Ame!i&ans, o! Ne' (o!)e!s as
4!eed", 'he!eas I 'as ta+)in4 to a E!opean and he said He" +oo), 'e see that as "o 4et
one 7o5, "o do it, "o!e the 5est "o &an 5e, and I said Ho' m&h o% that is an e-tension
o% "o havin4 so&ia+ p!o4!ams that dont need "o to 'o!!" a5ot 'ants in the same 'a" that
'e do as Ne' (o!)e!s, and ho' m&h o% that as a Ne' (o!)e! is the e-tension to 'hi&h +i)e
'e &an a&hieve o! d!eams he!e, 'he!eas 'e dont need to 5e satiated 5" 7st 5ein4 an
ama>in4 5t&he!, o! an ama>in4 nt!itionist, o! p+m5e!. 6e &o+d a&ta++" &han4e the 'o!+d
5" 5ein4 he!e. Sometimes its the &a!t +eadin4 the ho!se 'he!e its the envi!onment that "o
then a!e %o!&ed into that "o ma)e a vi!te ot o%, so I thin) these peop+e, these ent!ep!ene!s
dont even !ea+i>e that the"!e a s+ave to the s"stem o! the" do 5t in o!de! to see themse+ves
in the mi!!o! and so!t o% %a&e it, that the" need to ma)e a vi!te ot o% it !athe! than a vi&e
5e&ase thats ho' the" &an dea+ 'ith it. 91.:0?;
SM: I a4!ee 'ith "o the!e that peop+e do o%ten ma)e vi!tes ot o% thin4s that a!ent vi!tes
and that the" have no &ont!o+ ove! 7st to 4et 5" 5t a +ot o% the mo!a+ sppo!t that peop+e
4ive st%% +i)e !e4+ation, the" dont have to 5e 4ivin4 it that mo!a+ sppo!t. 91.:.?;
JP: The!e a!e 'a"s o% p!ote&tin4 &onsme!s 'ithot 4ettin4 4ove!nment th4s invo+vedB Is
that 'hat "o!e sa"in4B 91.:A2;
SM: (eah, o% &o!se, a5so+te+", 5t some o% the !eason that... OK, ta)e ta-es %o! instan&e.
The ICS doesnt have the manpo'e! to 4o and adit eve!"ones ta- !et!n and t!a&) eve!"
sin4+e do++a! "o spend and ma)e s!e "o!e !epo!tin4 eve!" pie&e o% ta-a5+e in&ome. The
!eason that the" 4et so m&h ta- !evene is 5e&ase peop+e o5edient+" and dti%++" %i+e and
!epo!t it. So m&h o% thei! po'e! is 7st in peop+es minds and so, 'hen peop+e +end
+e4itima&" to the &on&ept o% Lets t!" to !e4+ate this 'i+d Bit&oin and even the 'o!ds that
'e se a!e impo!tant +i)e t!st and +e4itima&" and %!in4e, +i)e "o said 5e%o!e, "o hea! a +ot
o% that vo&a5+a!" at &on%e!en&es +i)e this. Thats a++ optiona+. 6e dont need to 5e sin4
those 'o!ds. Bit&oin is a+!ead" +e4itimate and 'e dont need t!st this pe!son 5e&ase
Bit&oin is desi4ned so that "o dont need t!st. Its a t!st+ess, de&ent!a+i>ed s"stem so 'h"
a!e 'e ta+)in4 a5ot 5!in4in4 +e4itima&" to it. It a+!ead" has +e4itima&". 91A:23;
JP: I thin) that )ind o% i4no!es one thin4 is that Bit&oin e-ists in a va&m and this idea that
the 4ove!nment has atho!it" in a +ot o% &ases on+" in peop+es minds, not in p!a&ti&e, 5t I
mean, Bit&oin on+" has va+e in peop+es minds and %o! Bit&oin to have va+e %o! most
peop+e, most peop+e 'ho se &!"pto&!!en&ies in the e&onomi& state o% the Ea!th in the ne-t
&op+e o% de&ades, have neve! sed them toda". 912:0/;
JM: A+tho4h I 'o+d a+so +i)e to sa" that the int!insi& va+e a!4ment in%!iates me to no
end 5e&ase va+e on+" has va+e in peop+es mind. 912:1D;
JP: The s57e&tive theo!" o% va+e, "eah. 912:1@;
JM: I 'o+d +i)e to see some %ood o! some 4o+d 'ith no hmans on the p+anet and then "o
a!4e to me ho' m&h va+e that has.
JP: Ce!tain+". The s57e&tive theo!" o% va+e is the one I s5s&!i5e to and eve!"5od" has
thei! o'n 5t I thin) that this idea that it on+" has po'e! in thei! minds, o! on+" has va+e in
thei! minds is an impo!tant one that 'e need to pa" attention to. Most peop+e that a!e sin4
&!"pto&!!en&" %ive o! ten "ea!s %!om toda", 'hi&h 'i++ 5e, I thin), most peop+e on the p+anet,
is &e!tain+" ten "ea!s ot, most peop+e on the p+anet 'i++ 5e sin4 some so!t o% de&ent!a+i>ed
&!"pto&!!en&". To 4et to that point, !i4ht no' Bit&oin e-ists in a va&mJ "o &ant 4et in o!
ot o% it 'ithot to&hin4 some 5siness 'hethe! its a pe!son on a st!eet &o!ne! that "o
meet, o! 'hethe! its an e-&han4e on a 'e5site that "o si4n p 'ith. Those peop+e have !ea+
&onside!ations as %a! as thei! 5sinesses, and thin4s +i)e that. Thats somethin4 that 'e !ea++"
need to pa" attention to. 6e &ant 7st sa" Bit&oin doesnt matte!, o! !athe! that !e4+ation
doesnt matte! 5e&ase it does matte! to the peop+e that a!e 4oin4 to 5e sin4 these thin4s.
913:1/;
SM: It does, I a4!ee and it matte!s and it a%%e&ts 5sinesses a5so+te+" 5t Im sa"in4 that
the!e a!e some pa!ts o% the Bit&oin e&os"stem that dont have to &a!e and that dont have to
'o!!" a5ot it so m&h. 913:A1;
JP: Ci4ht. 913:A1;
SM: I thin) that peop+e 4ive !e4+ation and 4ove!nment 'a" mo!e po'e! than it a&ta++" has
5e&ase the" 5e+ieve in its po'e!. (o )no' 'hat I meanB Its the s57e&tive theo!" o%
=po'e!. (La4hte!) 913:2A;
JP: Thats a 4ood one. 913:22;
SM: (ove 4ot to %!ee "o! mind (+a4hte!). I dont )no', "o 4o to a &on%e!en&e +i)e this
and "o see some peop+e 'ho... +i)e thei! ta+)s !ea++" e-&ite me. The"!e ta+)in4 a5ot the
%t!e and the"!e ta+)in4 a5ot ideas and the"!e ta+)in4 a5ot ho' Bit&oin is 4oin4 to
&han4e the 'o!+d, and te&hno+o4ies that a!e 5i+t on top o% it, and 5+o&)&hains, and st%% thats
+i)e Bit&oin is 4oin4 to &han4e the 'o!+d. Thats the e-&itin4 thin4. I dont !ea++" 4et e-&ited
a5ot +e4a+ Bit&oin st%%. 91D:1D;
JP: The!e a!e 4oin4 to 5e !o&)s on that path to that 'o!+d. M" %o&s !i4ht no' is ma)in4 it
as sa%e and eas" as possi5+e %o! peop+e to not t!ip ove! those !o&)s on the 'a" 5et'een the
s"stem 'e have no', 'hi&h essentia++" tota+ 4ove!nment &ont!o+ to tota+ pop+a! &ont!o+,
'he!e peop+e individa++" &an &ont!o+ thei! moneta!" %t!e. 91D:A3;
SM: Sometimes "o dont have to 'o!!" a5ot t!ippin4 on the !o&)s i% "o 7st 4o !ond
them. I )no' 'e!e ta)in4 this metapho! 'a" too %a! 5t... (+a4hte!) Its +i)e a !ive!, "o
)no'B 91D:2D;
JP: In the sho!t te!m, I see most peop+e 'ho dont ne&essa!i+" have o! ideo+o4i&a+ attitde
'he!e the"!e 'i++in4 to ma"5e ma)e sa&!i%i&es o! 5e in&onvenien&ed to 4o a!ond the !o&)s
5t I thin) a +ot o% peop+e 7st dont &a!e a5ot these thin4s and the" mi4ht 'ant to se them
and i% thei! +i%e... peop+e 'e!e sin4 MtKo-, a pe!%e&t e-amp+e, those peop+e 'o+d have 5een
5ene%itted 5" !e4+ation 5e&ase ma"5e the" 'o+dnt have +ost mone" that 'as impo!tant to
them. 6hethe! o! not "o thin) the !e4+ations a!e a 4ood o! 5ad thin4, in this one &ase, it
ma" have a&ta++" saved some peop+es mone". 91?:13;
SM: The!es an nseen pa!t o% that too 5e&ase 'ho 'o+d have 5een h!t 5" othe!... 5" the
!e4+ationsB 91?:1@;
JP: It 'o+d &ost othe! peop+e, &e!tain+". 91?:.1;
JM: I a+so thin) that its a+so so!t o% a &!o&) o% poop. It 'as 5e&ase o% the !e4+ation and,
5" that I mean the +a&) o%, 'hi&h is to sa" 'e++ th!o' "o in 7ai+ no matte! 'hat "o do. In
Ne' (o!) and in Ame!i&a, that p!evented Ame!i&an &ompanies %!om 4oin4 on+ine that made
MtKo- MtKo-. T!adehi++ had th!ee imp+ementations, %o! i% "o &ont... %o!4et ho' "o
&ont them, 'he!e the" 'e!e &omp+iant ea&h and eve!" %!i44in4 time and i% "o +oo) at eve!"
sin4+e time the" did it, the +ast time the" a&ta++" had a &!edit nion, the" a&ta++" had it
'o!)in4. T!adehi++ 'o!)ed %o! th!ee da"s and then the %ede!a+ 4ove!nment &a++ed the &!edit
nion and s&a!ed them into &+osin4 thei! a&&ont. I% "o!e sa"in4 that !e4+ations... i% 'e
had 5ette! !e4+ations, o! 'e had !e4+ations, MtKo- 'o+dnt have happened, Id sa" that it
'as the !e4+ato!s 'ho &ased MtKo- to happen 5e&ase I &an +ist mo!e &ompanies than I
have %in4e!s on m" hands that 'o+d have 5een on+ine and ope!atin4 and doin4 'a" mo!e
vo+me than MtKo- 'o+d have and 'e!e t!st'o!th" and 'o+dnt have done that massive
s&am.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
A"#E$T:
K!"ptoKit is the 'o!+ds %i!st Ch!ome 5!o'se! Bit&oin 'a++et. Its the easiest, %astest Bit&oin
'a++et pa"ment s"stem 'ith a simp+e one &+i&) insta++, it ta)es 7st se&onds to 4et "o! 'a++et
set p and 5e&ase K!"ptoKit %inds the add!ess and pa"ment %o! "o, the!es no mo!e %ssin4
a!ond o! ta5 s'it&hin4. K!"ptoKit is mo!e than 7st a 'a++et. It &omes 'ith a p!e#+oaded
*K* en&!"pted so&ia+ net'o!), ne's%eeds %!om Ceddit and Koo4+e and p to date &ha!ts %!om
e-&han4es. Gina++", K!"ptoKit di!e&to!" a++o's "o to ma)e t'o &+i&) pa"ments 'ith an" o%
the Bit*a" me!&hants. On&e "o insta++ K!"ptoKit, "o 'ont need an"thin4 e+se. Go! mo!e
in%o!mation, o! to do'n+oad K!"ptoKit, visit '''.K!"ptoKit.&om. 91/:1?;
A"#E$T:
He" %o+)s. Adam B. Levine he!e 'ith an e-pe!imenta+ sponso! toda" a hi!in4 one. Favid
$ohnston said it 5est An"thin4 that &an 5e de&ent!a+i>ed 'i++ 5e de&ent!a+i>ed. Ceve!se
Fea+e! is that idea app+ied to 5"in4 and se++in4 o% &a!s. At Ceve!se Fea+e!, the peop+e a!e
the dea+e!ship and the 'ho+e point is to save eve!"5od" mone". The %onde! '!ites 6e a!e
the e-a&t opposite o% a t!aditiona+ dea+e!. 6e a!e the &han4e 'e 'ant to see in the 'o!+d and
'e a!e &!!ent+" hi!in4. The" a!e +oo)in4 %o! one s)i++ed deve+ope!, a so&ia+ ma!)etin4 e-pe!t
and the"!e inte!ested in spea)in4 'ith additiona+ investo!s as 'e++. Inte!estedB Send an
emai+ to !eve!sedea+e!L4mai+.&om. 91/:32;
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
SM: Its impo!tant to point ot those thin4s that a!ent !eadi+" appa!ent. Sometimes the
hidden &onseHen&es o% +a's and !e4+ations &an 5e !ea++" h4e and the"!e nseen so peop+e
7st sa" Oh, +oo) at a++ the 5ene%its that &ome %!om this, 5t the!e a!e &osts too. 9.0:.0;
JP: M" thin4 is this, I )no' that !e4+ato!s a!e not s5s&!i5in4 to this and the" have a +ot
mo!e po'e! in these ma!)ets than 'e do, n%o!tnate+". I see 7st the 5siness path and thats
'hat 'e!e seein4 a+!ead", +i)e "o said, the!e a!e +ots o% 5sinesses that 'o+d have 5een
on+ine i% not %o! these. The !eason %o! that is 5e&ase the !e4+ato!" envi!onment is po'e!%+
and 'e have to &ope 'ith it in some 'a", 'hethe! 'e em5!a&e the !e4+ations and... Ive
ta+)ed to a nm5e! o% peop+e 'ho ta+)ed a5ot innovatin4 in te!ms o% not 7st the +ette! o% the
+a' 5t the spi!it o% the +a'. Ginan&in4 te!!o!ism is somethin4 that eve!"one 'ants to stop,
%inan&in4 vio+en&e is somethin4 that no5od" 'ants to a&ta++" have happen and so, as an
indst!", the!e a!e p!o5a5+" 'a"s o% innovation 'ithin Bit&oin and 'ithin &!"pto&!!en&ies o%
stoppin4 thin4s +i)e that, that the !e4+ato!s have not tho4ht o% "et 5e&ase the"!e sti++
'o!)in4 on the o+d mode+. I thin) that the!e 'i++ 5e some so!t o% s"m5iosis in the %t!e
5e&ase no5od" 'ants to %inan&e &!imina+s, no5od" 'ants to %inan&e... 9.1:.D;
JM: I dont 'ant to %inan&e &!imina+s so thats 'h" I t!" not to se the do++a!. (La4hte!)
9.1:./;
SM: (eah, !i4ht. (La4hte!) I dont eithe! 'ant to %inan&e &!imina+s and te!!o!ists 5t
an"one &an 5e +a5e++ed a &!imina+ o! a te!!o!ist %o! doin4 thin4s that dont h!t an"one %o!
simp+" movin4 ove! MA,000 %!om one 5an) a&&ont to anothe!, o! M10,000 a&!oss an
inte!nationa+ 5o!de!. 6ho have the" ha!medB 6hats the &!ime the!eB Bt the" a!e te!!o!ists
sdden+" 5e&ase... 'hatB Some5od" '!ote it do'n on a pie&e o% pape!. 9.1:3D;
JM: Not me. 9.1:3?;
JP: I thin) eve!"one has p!ett" m&h 5een th!o4h this st!44+e o% 'hat is &!imina+ and 'hat
isnt. Thats 'h" m" %i!st 4o to 'he!e the!e 'as vio+en&e. I thin) the!e a!e &e!tain pa!ts o%
'hat !e4+ation is desi4ned to do that 'e &an a++ a4!ee on and the !e4+ato!s, o% &o!se, se
this as thei! 4o to 6e++, i% "o dont &omp+" 'ith !e4+ation then "o!e 4oin4 to 5e
%inan&in4 te!!o!ists and thats s&a!" to a +ot o% peop+e, espe&ia++", 5ein4 he!e in Ne' (o!),
thats somethin4 that !esonates 'ith peop+e. 9..:.3;
JM: I thin) that 'hat peop+e +i)e to %o!4et is histo!" +i)es to !epeat itse+% and peop+e tend to
%o!4et ho' &"&+i&a+ these thin4s a!e. Keo!4e Bsh 4ot a +ot o% heat 'hen he &ompa!ed
himse+% to Lin&o+n. Kood o+d Keo!4e 6. Bsh said, the" said 6ho do "o most thin) o%
"o!se+% asB He said I most see m"se+% as A5!aham Lin&o+n. 6e!e +i)e Oh, its
p!eposte!os. A&ta++" 4o 5a&) to 'hat he said, A5!aham Lin&o+n did spee&hes 'he!e he said
he needed to sspend ha5eas &o!ps, and the %o!th amendment, and sea!&h and sei>!e, in
o!de! to %i4ht the te!!o!ists. 9..:3D;
SM: 6o'8 9..:3?;
JM: The te!!o!ists he 'as !e%e!!in4 to 'e!e pi!ates in the 'ate!s. 6hen Keo!4e Bsh
&ompa!es himse+% to Lin&o+n, its a&ta++" a ve!" astte... he is a .0
th
&ent!" Lin&o+n... .1
st
,
e-&se me. Eve!"thin4 is &"&+i&a+. (o !ea++" 7st need to +oo) 5a&) and see the +ies that the"
te++ s no' a!e the +ies the" to+d s t'o hnd!ed "ea!s a4o, o! the +ies the" to+d s th!ee
thosand "ea!s a4o. The!es a+'a"s 4oin4 to 5e a !eason to ta)e +i5e!t" a'a" %!om "o. The
Hestion is, is the !eason mo!e +e4itimate no' than it 'as t'o hnd!ed "ea!s a4o and 'h" do
'e need it ta)en a'a" no' 'hen 'e didnt need it ta)en a'a" then. 9.A:./;
JP: I thin) the hman &on&e!ns that d!ive those &"&+es a!e p!o5a5+" the same toda" as
the"ve a+'a"s 5een. 9.A:A3;
SM: S!e, %ea! and... 9.A:A?;
JP: 6hethe! "o!e 4ettin4 atta&)ed on the hi4h seas o! i% some s)et&h" dde in $apan
disappea!s 'ith "o! mone", peop+e a!e a%!aid and 'hat I 'ant... m" d!ive he!e is not 'hethe!
o! not 'e &omp+" 'ith !e4+ation, its not 'hethe! o! not the!e a!e !e4+ato!s, o! is its
possi5+e to 5e !e4+ated, its 7st ho' do 'e he+p peop+e ot the most 5" 5i+din4 5sinesses,
and 5i+din4 se%+ thin4s, and ma)in4 peop+e a5+e to e-e!&ise thei! 5asi& !i4hts. I thin) i%
'e!e 4oin4 to do that in Ame!i&a then that means some +eve+ o% !e4+ation 7st 5e&ase the
!e4+ato!s a!ent 4oin4 to sdden+" 4o a'a". Im !ea++" e-&ited to see, even 'ith the
some'hat opp!essive !e4+ato!" envi!onment 'e seem to have, the!e a!e tons o% ne'
&ompanies and the!e a!e tons o% ne'... 'a" mo!e than I 'o+d have e-pe&ted &onside!in4 the
4idan&e thats &ome ot a5ot 'hat the !e4+ato!s 'ant. The!e a!e seve!a+ ne' e-&han4es
that I sa', seve!a+ ne' t!adin4 p+at%o!ms that I sa', Ive hea!d ta+) o% %nds and thin4s +i)e
that. Its !ea++" inte!estin4 to me to see, that even despite a++ this, the!es sti++ this %e!ti+e
4!ond. The mind !ee+s 'hat 'i++ happen in a &ont!" that de&ides that the"!e 4oin4 to 5e
&omp+ete+" hands o%% Bit&oin and a++o' an"one to &ome and 5i+d a 5siness %!om this. The
&ont!" that does that is 4oin4 to e-p+ode. 9.2:2@;
SM: 6e!e a+!ead" seein4 that 'ith S'it>e!+and and pe!haps Hon4 Kon4 and othe! p+a&es
a!ond the 'o!+d, and *anama, and Bit&oin &ompanies movin4 to those p+a&es. I thin) its
sti++ an open Hestion 'hat is 4oin4 to 5e the 5est p+a&e in the 'o!+d %o! Bit&oin 5t one
thin4s %o! s!e, Bit&oin &an a+'a"s 4o a++ ove! the 'o!+d. 9.3:0D;
JM: Im e-&ited that the Hestion is 'he!e is the 5est p+a&e in the 'o!+d %o! Bit&oin
ent!ep!ene!sB (La4hte!) 9.3:11;
SM: Ci4ht, "es. 9.3:1.;
JM: Bit&oin is %ine. Its an a5st!a&t idea and nm5e!s. 9.3:12;
SM: (es, a5so+te+". Than)s %o! that. 9.3:1D;
JM: Its s and the meet spa&e I 'o!!" a5ot. 9.3:1@;
JP: Its inte!estin4 the idea... some o% the ideas in Ethe!em and othe! peop+e 'o!)in4 on
se+%#e-e&tin4 entities, and atonomos &ompanies, and sma!t &ont!a&t, sma!t p!ope!t".
These thin4s 'i++, as "o pointed ot, !esist !e4+ation 5t the" set p in some 'a"s a ne'
7!isdi&tion, that is, not in a 4iven p+a&e and I thin) that the!es 4oin4 to 5e innovation in
7!isdi&tiona+ positionin4. The +a'"e!s a!e 4oin4 to &at&h p to the ne' !ea+it" o%... and the"
'i++ 5e&ase this is ho' thin4s a!e happenin4 and I dont thin) the!e 'i++ 5e that man" !%%+ed
%eathe!s 5t to... pe!haps some so!t o% spe&ia+ +a' o! &ate4o!" o% +a' that app+ies to thin4s that
e-ist vi!ta++" 'ithin the Inte!net that a!e 4ove!ned 5" &!"pto4!aph", as opposed to a nationa+
7!isdi&tion. 6e!e de%inite+" headed the!e. I see that ve!" soon. 9.D:1A;
SM: Lets t!n this &onve!sation a +itt+e mo!e positive a'a" %!om the 4+oom and doom o%
4ove!nment. $e%%!e", I 'anted to %o&s in on somethin4 that "o said 'hi&h 'as that "o
'a+)ed th!o4h the &on%e!en&e %+oo! 'ith a++ the e-hi5ito! 5ooths and a++ o% these &ompanies
'e!e ne'. (o 'e!e s!p!ised to see some o% these &ompanies &omin4 p and these
e-&han4es that "o mentioned, a!e these the peop+e 'ho 'e!e sa"in4 si- months a4o, a "ea!
a4o Oh "eah, Im 4oin4 to sta!t a ne' e-&han4e. A!e "o s&epti&a+ o% that at a++ 5e&ase
the!e 'e!e a +ot o% peop+e sa"in4 that and the" 'e!e 4ettin4 a +ot o% investment. 9.D:30;
JP: The!e 'e!e a +ot o% peop+e sa"in4 that and +ots o% investment. I thin) the!es sti++ a +ot o%
mone" in Bit&oin !i4ht no' &hasin4 too %e' dea+s. The!e a!ent, as %a! as I see, that man"
4!eat dea+s in Bit&oin !i4ht no', %!om the oppo!tnities %o! investment in the &ompanies 5t
the!e a!e seve!a+ and Im s&epti&a+ 5" de%a+t o% an"thin4. Thats )ind o% 'hat I do. Im a
ha&)e! and so the moment someone &omes to me and sa"s Oh 'e++, this is se&!e. I sa"
Oh !ea++"B Thats inte!estin4. I said the same thin4 a5ot Bit&oin 'hen I %i!st dis&ove!ed
Bit&oin. 9.?:.A;
JM: The 5est thin4 "o &o+d do %o! a p!od&t is sa" its nha&)a5+e, !i4htB 9.?:.D;
JP: (La4hte!) Tota++". *eop+e a!e 4oin4 to %ind ot. An" time someone sa"s that, 'e %ind
ot ve!" Hi&)+" 'hethe! o! not its t!e. Thats one o% the !easons I dont !ea++" have man"
5it&oins toda" 5e&ase +i)e eve!"thin4 e+se that is ne' and &+aims to 5e nha&)a5+e, I didnt
5" it. The!e a!e a +ot o% 5sinesses sta!tin4 and I 4ess this is... I %o!4et 'ho said this 5t
someone pointed ot that a 4ood sta!tp seems +i)e a 5ad idea at the time 5t is a&ta++" a
4ood idea. The!e is this &+ash o% thin4s that seem +i)e 5ad ideas and then the!es some +itt+e
s+ive! in them that a!e a&ta++" 4ood ideas, "o 7st &ant see them "et. 9.@:0.;
JM: 6e a&ta++" had that &onve!sation on o! 'a" he!e 'he!e I said that I 'anted to !eso+ve
a++ 7d4ment a5ot Conte!pa!t" 5e&ase it is an innovation and it does sond 4!eat 5t its a
t"pe o% thin4 'he!e immediate+" 'hen I hea!d it, its +i)e That sonds +i)e a ho!!i5+e idea.
*!oo%#o%#5!n. 6hat a!e "o doin4B M" poo! mone", m" poo! mone". The mo!e I +oo) at it,
the mo!e Im +i)e He", this does pass the sme++ test. I 7st need to !ese!ve 7d4ment nti+
Ive hea!d mo!e a5ot it. 9.@:.?;
JP: I thin) a +ot o% the 5sinesses that 'e!e seein4 pop p a!e p!o5a5+" te!!i5+e ideas
&onside!in4 the !e4+ato!" envi!onment. I &o+d have sta!ted man" o% them and didnt
5e&ase Im a%!aid o% the %t!e in te!ms o% 'hats 4oin4 to happen in the Inited States.
The!es a +ot o% !e4+ation that Im s!e 'e havent seen "et thats 4oin4 to happen in the ne-t
si- to t'e+ve months as mo!e and mo!e... MtKo- is not 4oin4 to 5e the +ast one, the!e a!e
4oin4 to 5e othe! idiots that sta!t &ompanies and t!"... 9.@:3A;
SM: Oh "eah. (La4hte!) 9.@:3A;
JP: As +on4 as the!e a!e peop+e, the!e a!e 4oin4 to 5e idiots. 9.@:3D;
JM: Bt thats not to 5e dis&o!a4ed. The 'ho+e point o% a %!ee ma!)et is that "o 4et the
idiots ot. The 'o!st thin4 that "o &o+d have is these 5ai+ots that )eep these idiots a!ond
so "o &an neve! a&ta++" %+sh the s"stem. 9./:0@;
SM: (eah. The" have to 5e a++o'ed to %ai+. 9./:10;
JM: I mean, the 'ho+e point o% a %!ee e&onom" is to have %ai+!e. I% "o dont have %i!es in a
%o!est, the enti!e e&os"stem 5!ea)s do'n. 9./:1@;
JP: I 7st see that the!es a +ot o% %ea! !i4ht no' %!om a +ot o% peop+e 5e&ase no', the!es
mo!e peop+e to 5e a%!aid. I 4ess thats the 5i4 di%%e!en&e is that a "ea! o! t'o a4o eve!"one
'as +i)e # MtKo-, thats te!!i5+e, its 4oin4 to &o++apse and then, it did &o++apse 5t 'hen it
&o++apsed the!e 'e!e so man" mo!e peop+e in the Bit&oin spa&e than 'hen 'e %i!st sta!ted
seein4 si4ns that it 'as 4oin4 do'nhi++ that it had a m&h 5i44e! e%%e&t than I tho4ht it 'as
4oin4 to, in te!ms o% pe!&eption and attitdes a5ot Bit&oin. The sta)es a!e hi4he! no'. Even
peop+e that didnt have mone" in it, the" point to it and sa" 6e++, this is mi4ht 5e 5ad
5e&ase o% this. Its not an a&ta+ p!a&ti&a+ &on&e!n, its mo!e o% an emotiona+ &on&e!n
5e&ase I 'ant to see Bit&oin 5sinesses e-p+ode. I 'ant to see mo!e and mo!e... (+i)e "o
'e!e sa"in4) I 'ant a %!ee ma!)et. I 'ant peop+e to sta!t ten 5sinesses and then %o! them to
a++ t!" ten di%%e!ent thin4s and nine o% them to 4o nde! and the one to s&&eed. (o )no',
the standa!d ent!ep!ene!ia+ sta!tp e&os"stem. I +ove that )ind o% st%%. I +ove 5i+din4
thin4s, &ond&tin4 e-pe!iments and %indin4 ot i% the" 'o!). This is 4oin4 to sp! a++ )inds
o% innovation %o! ne' se!vi&e &ate4o!ies and no' 'e have m+ti#si4 and the!es a++ so!ts o%
ne' 5sinesses a!ond that. I met 'ith 6i++ %!om BitKo "este!da" and the"!e doin4 a !ea++"
&oo+ thin4 thats !ea++" 4oin4 to he+p a +ot o% peop+e, I thin), 5e&ase the" have a m+ti#si4 set
p that is a +ot sa%e! than 'hat most peop+e a!e sin4. Im s!e the" a!e the %i!st o% man"
di%%e!ent se!vi&e p!ovide!s that a!e 4oin4 to 5e o%%e!in4 that. 9A0:22;
SM: 6hatB A m+ti#si4 set p %o! 'hatB 9A0:2?;
JP: Go! Bit&oin ho+de!s. 9A0:2@;
SM: OK. 9A0:2@;
JP: 6he!eas "o &an set it p so "o have t'o o% th!ee )e"s !eHi!ed so "o! e-&han4e o!
"o! on+ine 'a++et ho+ds one o% them and then "o have one in &o+d sto!a4e and "o have
anothe! one on "o! &ompte!. I% an" one o% these th!ee points is &omp!omised then "o
dont +ose a++ o% "o! mone". 9A1:0A;
JM: Go! instan&e, in the &ase o% G!AA Aid, i% 5+o&)&hain 'e!e to have somethin4 +i)e this,
5+o&)&hain &o+d have said He", "o 'ithd!e' mo!e than M.00 toda", thats an a5no!ma+
5ehavio! %o! "o. Fo "o 'ant s to &on%i!m this o! &o+d "o ta)e "o! thi!d )e" ot o% &o+d
sto!a4e and si4n this to &on%i!m that "o 'anted to ta)e mo!e than M.00 ot. 9A1:.A;
SM: Ci4ht. 9A1:.2;
JM: That &o+d p!event thin4s +i)e that. 9A1:.D;
JP: A5so+te+". The!e a!e a +ot o% &ompanies sin4 these ne' te&hno+o4ies to ma)e thin4s
sa%e! and Im e-&ited a5ot that 5e&ase its 4oin4 to mean that the!e a!e %e'e! instan&es
'he!e !e4+ato!s sa" 6e++, somethin4 mst 5e done and &ome in and t!" to medd+e 'ith a
pe!%e&t+" 'o!)in4 e&onom". 9A1:21;
SM: Someho' I do5t that 5t I do thin) the!es a need %o! se&!it" and se!vi&es in the a!ea
o% se&!it" and ins!an&e and a++ that )ind o% st%%. Im 4+ad to see those thin4s poppin4 p.
Anothe! thin4 that I !ea++" 'anted to ta+) a5ot on this sho' 'as the!e 'as a +ot o% 5>> at
this &on%e!en&e a5ot MaidSa%e. Fid "o 4"s hea! thatB Eve!"5od" seemed to 5e ta+)in4
a5ot it, a+on4 'ith, o% &o!se, the Bit&oin ..0 t"pe o% p!oto&o+s, +i)e eve!"5od" ma)in4 thei!
o'n &oin o! &ompan" I*Os, and thin4s +i)e that. 6e had a ta+) %!om Navie! Ha') 'ith
*e!ma&!edits and he 'as ta+)in4 a5ot this so!t o%... its 5i+t on Conte!pa!t" and its a
&!!en&" thats 5a&)ed 5" the pe!ma&+t!e e&os"stem. Im s!e "o++ hea! mo!e a5ot that
+ate! 5t $ohn, "o a+so had a ta+) a5ot FAN and FAOs and so, that 'as e-&itin4 to me. Fo
"o 'ant to ta+) a +itt+e 5it a5ot 'hat "o said in "o! ta+) a5ot FANB 9A.:A?;
JM: I thin) that the thin4 thats +east nde!stood a5ot dist!i5ted atonomos
o!4ani>ations, o! 'hateve! "o 'ant to &a++ them is the most t!ans%o!mative thin4 that the" do
is the" &!eate p!i&e dis&ove!" 'he!e the!e 'as none 5e%o!e. I +i)e to &a++ it =Let the!e 5e
p!i&e, 'hi&h is a +i4ht s'it&h. 6hen 'e!e +oo)in4 at 5ehavio!s o! s"stems 'he!e the!e is no
p!i&e dis&ove!", the!e is no &apa&it" to )no' 'hethe! o! not "o 'ish to invest in that
5ehavio! as a 5siness, o! to do it in an" 'a" 5e&ase "o have no idea. On&e the!es a p!i&e
me&hanism and that p!i&e me&hanism 'i++ not 4o a'a", 'hi&h on&e "ove &!eated a
dist!i5ted atonomos s"stem, that p!i&e vehi&+e, that thin4 that is &!eatin4 the p!i&e
dis&ove!", 'i++ sti++ e-ist. It 'i++ a+'a"s 5e in&entivi>ed %o! peop+e to do it 5e&ase 'hat
happens is on&e "o have p!i&e dis&ove!", it doesnt matte! ho' !is)" o! ho' dan4e!os. It
doesnt matte! ho' ha!d o! anno"in4, the!e 'i++ a+'a"s 5e someone 'i++in4 to do it 5e&ase
that 7st means the p!i&e 4ets hi4he!. The &on&e!ns !e+ated to the se!vi&e o! the p!od&t 4ets
inte!na+i>ed into the p!i&e that the ma!)et is 'i++in4 to 5ea! %o! it and the se!vi&e 'i++ a+'a"s
5e !ende!ed. The!e ma" not 5e that +a!4e o% a vo+me %o! it 5t it 'i++ a+'a"s 5e !ende!ed 5"
some5od" 5e&ase the!es a+'a"s someone doin4 somethin4 %o! the !i4ht p!i&e. I thin) that
'hen 'e app+" that to eve!"thin4, thats a !ea++" t!ans%o!mative idea. 6hen 'e!e ta+)in4
a5ot a ve!" simp+e e-amp+e, "o )no', Maste!&oin is doin4 thei! Cidesha!e p!o4!am. The"
said He", this 'ho+e idea o% I5e! and havin4 p!o5+ems 'ith the !e4+ato!s, 'h" dont 'e
7st ma)e I5e! a FAC and then its done. 9A2:03;
SM: E-a&t+", "eah. 9A2:0D;
JM: It doesnt matte!. On&e "o have p!i&e dis&ove!", I mean, a++ these so!ts o% thin4s a!e
a5+e to happen. 9A2:11;
SM: Thats 'hat Im ta+)in4 a5ot 'ith movin4 thin4s a'a" %!om t!aditiona+ &o!po!ate
st!&t!es that &an 5e !e4+ated and pt p!ess!e on and 7st de&ent!a+i>in4 eve!"thin4 so that
the!es nothin4 to pt that p!ess!e on. I% "o thin) a5ot I5e!, its !ea++" ha!d to a!4e
a4ainst it, o! L"%t, o! 'hateve!, one o% these Cidesha!e apps. Its !ea++" ha!d to a!4e a4ainst
it n+ess "o a!e eithe! an e-istin4 ta-i d!ive! o! some5od" 'ho is p!o%itin4 %!om ta-i se!vi&es
5ein4 monopo+i>ed. I% "o!e a !e4+a! pe!son, "o &an no' 4et a !ide on demand %o! a
&heape! p!i&e than "o 'o+d have 5een a5+e to pa" 5e%o!e, so 'hats to +ose a5ot thatB
9A2:30;
JP: One o% the isses that peop+e have 5!o4ht p ove! and ove! a4ain is thei! p!i&in4 mode+
is not %+at o! %i-ed and so it so!t o%, in times o% e-t!eme demand, (I dont ne&essa!i+" disa4!ee
'ith this 5t some peop+e do) it %avo!s peop+e 'ho a!e 'i++in4 to pa" ma"5e a %e' hnd!ed
5&)s to 4o a %e' 5+o&)s. (o &an a+'a"s 4et a &a!, +i)e "o said, 'hen "o have p!i&e
dis&ove!" "o &an a+'a"s %ind someone 'i++in4 to !ende! a se!vi&e at a p!i&e 5t then the
p!o5+em is 'hat i% that p!i&e is 5e"ond 'hat "o thin) is sane. 9A3:1/;
JM: The idea o% p!i&e 4o4in4 is tota+ ma+a!)e". 9A3:.3;
SM: (La4hte!) (eah and I a4!ee 'ith that. 9A3:.@;
JP: I a4!ee as 'e++ 5t I thin) the!e a!e a +ot o% peop+e 'ho dont. 9A3:A1;
JM: *!i&e e+asti&it" is... 9A3:A.;
SM: Ci4ht. 9A3:AA;
JM: ...a ve!" impo!tant thin4 to 5!in4 the e&onom" to +i%e. I% "o +oo) at s"stems to 'hi&h
dont a++o' p!i&e 4o4in4 'hi&h !ea++" means a++o'in4 e+asti&it" o% demand, 'hat happens is
"o have peop+e d"in4 in the st!eets 5e&ase "o &ant Hanti%" peop+e 'ho need it ve!ss
peop+e 'ho 'ant it. 6hen "o +oo) at thin4s +i)e Sand" 'he!e 4aso+ine 5e&ame a s&a!&e
&ommodit"... 9A3:3A;
SM: O! 'ate!. 9A3:32;
JM: ...and "o had peop+e d"in4 %!om &o+d e-pos!e and thin4s +i)e that 5e&ase the"
needed heat, the" needed e+e&t!i&it". The!e 'e!e peop+e 'ho &o+dnt +eave the hose.
9AD:0.;
SM: The" &o+dnt p!i&e it at a +eve+ that 'o+d !ea++" a++o&ate it most e%%i&ient+" 5e&ase
the!e 'as p!i&e 4o4in4. 9AD:0@;
JM: And, the peop+e 'ho did that 4ot th!o'n in 7ai+. I )no' some5od" 'ho 'ent a!ond
the 5+o&) and said He", Im d!ivin4 a++ the 'a" p the State and Im 4oin4 to 4et some
4aso+ine and Im 4oin4 to d!ive it 5a&). Can I &ha!4e "o M?O4a++on and 'o+d that 5e
somethin4 "od 5e &om%o!ta5+e doin4B (o 'o+dnt have to 'ait in +ine, "o 'o+dnt
have to spend %o! ho!s 'aitin4 in +ine. Is this somethin4 that "od 5e inte!ested inB
Eve!"one said S!e. Then, one o% those nei4h5o!s &a++ed the &ops on him and 4ot him
a!!ested. 9AD:A0;
SM: 6o'8 Thats too 5ad. 9AD:A.;
JM: 6hat ended p happenin4B No' peop+e dont have... p!i&e dis&ove!" is needed and
4o4in4 in a s"stem 'hi&h isnt manip+ated 5" an o+i4opo+", o! a monopo+", o! 4ove!nment
inte!vention is the ma!)et d!iven demand. 9AD:23;
SM: I a4!ee. Im 4+ad "o 5!o4ht that p $onathan 5e&ase it sonds +i)e a &ase o%
5asi&a++" dete!minin4 t!ansa&tion %ees. A+most +i)e e-a&t+" +i)e on the Bit&oin net'o!)J
t!ansa&tion %ees to send Bit&oin %!om one p+a&e, t!ansa&tion %ees to move a pe!son %!om one
pa!t o% the &it" to the othe!. Those t!ansa&tion %ees &an and sho+d 5e dete!mined 5" ma!)et
me&hanisms. I% the"!e set 5" a 5oa!d o% di!e&to!s, then its +i)e OK, thats p!o5a5+" not the
5est 'a" to do it and I 'o+d )ind o% a4!ee 'ith "o the!e. (eah, +et the ma!)et de&ide,
e-a&t+". The!e 'i++ 5e p!i&e. 9A?:1@;
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
A"#E$T:
Eas"FNS is the S'iss a!m" )ni%e %o! "o! domain names, he+pin4 meet thei! &stome!s
individa+ needs sin&e 1//@. Eas"FNS has 5een an otspo)en &!iti& o% SO*A and CIS*A.
Eas"FNS 'as an ea!+" sppo!te! o% Bit&oin and no' the" a!e p!od to sponso! this sho'. Fo
5siness 'ith a &ompan" that sha!es "o! va+es. Ket a 1AP dis&ont 'hen "o pa" 'ith
Bit&oin. Ko to '''.Bit&oin.Eas"FNS.&om and 5e s!e to se dis&ont &ode LTB. 9A?:3D;
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
He" +istene!s. In the &!"pto&!!en&" spa&e 7st +i)e the 6i+d 6est, the!e a!e pionee!s and
e-p+o!e!s. E-p+o!e!s dont 'ant o! need pe!mission, a+so )no'n as !+es, 5e&ase the"!e 7st
mappin4 the te!!ain, testin4 the +imits and that 'o+d 7st s+o' them do'n. *ionee!s dont
initia++" need pe!mission, 5t the" do 'ant !+es. Ho' e+se &o+d "o invest in 5i+din4,
'hethe! a home o! 5siness that 'i++ +ast in an envi!onment 'hose %t!e !+es "o dont
)no'. Both o% these se!s se!ve a p!pose and %i++ a need. Its 'o!th &onside!in4 tho4h, a!e
"o an e-p+o!e!, o! a!e "o a pionee!B Ba&) to the sho'8 9A@:AA;
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
SM: *!i&e is s&h an impo!tant pie&e o% in%o!mation that 7st te++s "o so m&h 5t an"'a",
'e!e 4ettin4 a +itt+e 5it o%% t!a&) 5t this is a 4!eat dis&ssion a5ot FAN and a5ot
t!ansa&tion %ees. I 7st 'ant to as) "o 4"s Hi&)+" 5e&ase 'e!e sho!t on time 5t I 'ant
to as) "o, $e%%!e", 'hat do "o thin) o% MaidSa%e 'hi&h eve!"5od" 'as 5>>in4 a5ot.
MaidSa%e is a... 5asi&a++", its 4oin4 to (a&&o!din4 to Favid I!vine) de&ent!a+i>e &omptin4.
(od 5e a5+e to +o4 in 'ith a &op+e o% pass'o!ds %!om, essentia++", an" devi&e, a&&ess a++
"o! %i+es, a++ "o! apps and its a &omp+ete+" de&ent!a+i>ed method o% &omptin4 'he!e
eve!"thin4 is en&!"pted and "o!e a&&essin4 "o! &omptin4 envi!onment th!o4h a +o&ation
that on+" "o )no' and &an 5e &onve"ed 5" "o! pass'o!ds. 9A/:.3;
JM: I thin) the Inte!net 'as &!eated 5" the 4ove!nment %o! the 4ove!nment and 'eve 7st
a++ hn4 a+on4 %o! the !ide. 6hen 'e +oo) at the p!o5+ems 'e have 'ith the Inte!net toda",
its 5e&ase it 'asnt ma!)et d!iven, and it 'asnt &!eated in an o!4ani& 'a". 6hat 'e have
no' is so!t o% 5ootst!apped %!om 'hat 'as &!eated. A tota+ ove!ha+ o% 'hat 'e &a++
&ommni&ations ove! the Inte!net, 'hat 'e &a++ the Inte!net, I thin) 'o+d 5e a'esome. I
havent +oo)ed at MaidSa%e eno4h to ma)e that dete!mination 5t a++ the peop+e 'ho I t!st
in this spa&e a!e sa"in4 Oh m" 4od, this thin4 is a'esome. I !ea++" 'ant this to pass the
tests 'hen I +oo) into it. 920:03;
JP: I thin) that MaidSa%e is the +atest in&a!nation in a +ot o% p!evios ideas to 5i+d
de&ent!a+i>ed se!vi&es on top o% I* net'o!). I% "o 4o 5a&) th!o4hot the time... Ive 5een
t!a&)in4 this spa&e sin&e even +on4 5e%o!e Bit&oin and I 'as ta+)in4 'ith some othe! pionee!s
("o had them 5a&) on this sho' not +on4 a4o, an e-&e++ent episode) and I 'as ta+)in4 to
Adam Ba&) !e&ent+", 'ho a+so has 5een invo+ved in this spa&e +on4 5e%o!e Bit&oin. He 'as
the one 'ho invented the p!oo% o% 'o!) that ended p 5ein4 sed in Bit&oin. The!e a!e %o!
o! %ive %ai+ed p!o7e&ts that immediate+" &ome to mind that t!ied to do thin4s +i)e this that
%ai+ed 5e&ase the" didnt have a 5+o&)&hain, and a dist!i5ted s"stem, and a p!oo% o% 'o!),
and va+e sto!e that &o+d no' 5e !es!!e&ted 'ith some 5it&oin, o! an a+t&oin, o! somethin4
that inte!ope!ates 'ith Bit&oin to 5!in4 those ideas 5a&) to +i%e. MaidSa%e, +i)e I said o!
!athe! +i)e "o said, I havent +oo)ed at the a&ta+ te&hni&a+ imp+ementation "et, so I &ant
spea) to 'hethe! o! not its 4oin4... 921:1D;
SM: Its not avai+a5+e "et. 921:1?;
JP: ...'hethe! o! not its 4oin4 to 5e MaidSa%e 5t somethin4 that de+ive!s on these ideas o%
dist!i5ted t!st+ess &omptin4 is 4oin4 to 5e 5i+t and it 'i++ se &!"pto&!!en&ies as its 5ase
idea to p!event a5se and to &ompensate peop+e %o! thei! &omptin4 !eso!&es and sto!a4e
!eso!&es. Thats p!ett" inevita5+e. It a&ta++" s!p!ises me eve!" sin4+e da" that mo!e C+od
p!ovide!s dont a&&ept Bit&oin !i4ht no' 5e&ase 'ith &!"pto&!!en&ies it 5e&omes ve!" eas"
to minimi>e &onte!pa!t" !is). Ci4ht no', i% I 'ant to se a thosand ma&hines %!om Ama>on
to !n some s&ienti%i& &omptation, I 4ive them m" &!edit &a!d and to 4et "o! a&&onts +imits
!aised "o have to have a !ep and the" have to )no' "o and )no' that i% "o!e 4oin4 to 5i++
M20,000 o% &omptin4 time in .2 ho!s, that the"!e 4oin4 to 4et paid %o! that. It 'o+d 5e
!ea++" &oo+ i% the in%!ast!&t!e 'e!e in p+a&e to 5e a5+e to se on demand &ommne !eso!&es
'ithot !ea++" them !is)in4 mo!e than a &e!tain sma++ th!esho+d 5e&ase then, "o!e 7st
&onstant+" sett+in4. The idea o% dai+" 5i++in4 o! month+" 5i++in4 is a th!o'5a&) to 'hen 'e
had to p!int ot 5i++s, o! even '!ite 5i++s, o! t"pe 5i++s and pt them in the mai+ then the"
!et!n anothe! pie&e o% pape! that inst!&ts the 5an) to pa" them, and a++ o% this. 6ith
&!"pto&!!en&ies, no' 'e &an do thin4s +i)e minte to minte sett+ement to )eep &onte!pa!t"
!is) at +eve+s %a! 5e+o' 'he!eve! possi5+e %o!. I thin) thats )ind o% the %t!e o% a +ot o%
se!vi&e p!ovide!s. Thin4s +i)e MaidSa%e, o! !ein&a!nations o% the mini attempts the
C"phe!pn)s had in the =/0s, a!e de%inite+" 4oin4 to 5e&ome p!ominent. The!es a h4e need
%o! them, 5oth %!om the se!vi&e p!ovide!s side 5e&ase it !ed&es the !is) and %!om the
&stome! side 5e&ase it !ed&es the %!i&tion o% the t!ansa&tion. Eve!"5od"s 4oin4 to 'in.
92A:0A;
JM: I thin) %ndamenta++", 'hen 'e!e +oo)in4 at 'h" is it that this sta5 at the &"phe!pn)
'a! is 'innin4... 92A:0/;
JP: Its 5e&ase o% Bit&oin. 92A:10;
JM: Its not 5e&ase o% Bit&oin. I 'o+d a!4e its 5e&ase 'e have one thin4 that the"
neve! had 'hi&h is p!i&e dis&ove!". In an" s"stem, 'hen "o add p!i&e dis&ove!", it no'
5e&omes via5+e. I% "o +oo) at To! and i% "o +oo) at the thin4s that the"!e doin4 in this
envi!onment, To! is a s"stem to 'hi&h 'hen "o have a node, the!e is no in&entive othe! than
ideo+o4i&a+ as to 'h" "o 'o+d 'ant to 5e a node on To!. 6hat happens on To! is that that
p!i&es ot peop+e 'ho 'ant to do it %o! p!a4mati& !easons 5e&ase 5ased on 'hateve! +o&a+it"
"o!e in, "o need to inte!na+i>e the &osts asso&iated 'ith 5oth ope!atin4 it and the !is)s
asso&iated 'ith ope!atin4 it. Bein4 a node on !e+a", a !e+a" on To!, is not 'ithot !is)s,
espe&ia++" dependent pon 'hi&h &ont!" "o!e in. 92A:31;
JP: A5so+te+". 92A:3.;
JM: The!e a!e peop+e in Ame!i&a 'ho have 4one to 7ai+ %o! 5ein4 !e+a"s %o! To!. 6hen "o
have the p!i&e dis&ove!" me&hanism, it doesnt matte! ho' !is)" it is, it doesnt matte! ho'
one!os it is to doJ that 'i++ 5e %a&to!ed into the p!i&e. 6hen "o have p!i&e dis&ove!", "o
have the a5i+it" to a&t. I thin) 'hat 'e!e seein4 'ith &!"pto4!aph" is no' that 'e have a
s"stem %o! p!i&e dis&ove!", that 'as the missin4 &omponent in a++ these a'esome
&!"pto4!aphi& thin4s that no' is 'h" 'e!e seein4 a++ these a'esome 5ehavio!s. I thin)
Bit&oin is this %o! mone" 5t I thin) that the )e" innovation isnt Bit&oin, its the 5+o&)&hain
and the )e" !eason 'h" the 5+o&)&hain 'o!)s is 5e&ase it %a&i+itates p!i&e dis&ove!" in a 'a"
that &annot 5e sht do'n. 922:A0;
SM: Thats &!"pto4!aph" 'ith 4ood e&onomi&s, !i4htB 922:A2;
JM: (es. 6e++ "eah, the!es Ast!ian e&onomi&s and Ke"nesian e&onomi&s. I a+'a"s +i)e to
&a++ it Ke"nesian e&onomi&s and e&onomi&s. (La4hte!) 922:2.;
SM: (La4hte!) Ci4ht. 6e a!e a&ta++" a5ot to head to the Lets Ta+) Bit&oin meetp,
ho'eve!, I 7st 'anted to 4ive "o 4"s 5oth the oppo!tnit" to add an"thin4 that 'e didnt
&ove! o! that "o 'anted to ma)e s!e 'e said. 922:3D;
JP: Bi4 ne's toda" is Kavin And!esen is steppin4 do'n as +ead deve+ope! o% the Bit&oin
&o!e... 923:0A;
SM: Thats !i4ht. 923:02;
JP: ...'hi&h is some p!ett" 4!ond 5!ea)in4 ne's. His posts on the Bit&oin dev mai+in4 +ists
a!e some o% m" %avo!ite and hes a+'a"s )ind o% 5een this sta5+e so!&e o% 'hats 5est %o!
Bit&oin in m" e"es. It 'as 4ood ne's to me an"'a" to hea! that he 'as sti&)in4 a!ond as
&hie% s&ientist, so hes sti++ 4oin4 to +end insi4ht and 'hatnot. I thin) "o mentioned his p+an
'as to %o&s on deve+opin4 some othe! thin4s. 923:A1;
JM: Ci4ht. I thin) he said he 'anted to add!ess some spe&i%i& isses and 5ein4 the man in
&ha!4e 'o+dnt a++o' him to so!t o% have a +ase! %o&s on one o! t'o pa!ti&+a! topi&s.
923:21;
SM: Is that !ea++" the !easonB (La4hte!) I% I 'e!e him, I p!o5a5+" 'o+dnt 9inadi5+e;
923:30;
JM: No one at hi4h +eve+ eve! 4ets %i!ed, the" !esi4n... 923:31;
SM: (eah. 923:3.;
JM: ...is 'hat "o!e sa"in4B The" have to ta)e &a!e o% the )ids. 923:3A;
SM: O! an" othe! !eason, +i)e it &o+d 5e an"thin4. 923:3?;
JM: He", %o! "ea!s is a +on4 time to have an" 7o5. 92D:00;
SM: S!e and ima4ine the!e is s&h a h4e amont o% p!ess!e 5ein4 as)ed to 4o to the CGC,
spea) to the CIA. 92D:0/;
JM: Ma"5e he 7st 'ants his in5o- 5a&). 92D:10;
SM: (eah. (La4hte!) 92D:11;
JM: A+so, ho' nde!app!e&iated o% an asset is heB 92D:13;
SM: (eah. Its a than)+ess 7o5 %o! s!e. 92D:1/;
JM: (o +oo) at eve!"one 'ho... not to ma)e it a 4ove!nmenta+ e-amp+e 5t peop+e 'ho !n
an instittion and then 4o 'o!) %o! the %!ee ma!)et and 4et M10 o! M.0N. I 'o+dnt 5e
s!p!ised i% dai+" he 4ets honded 'ith a5s!d +eve+s o% sa+a!ies to 'o!) %o! N &ompan" o! (
&ompan". I% thats the &ase, I thin) no one dese!ves it mo!e than he. Gndamenta++", 'e )eep
ta+)in4 a5ot Bit&oin as this a'esome de&ent!a+i>ed thin4 and one o% the thin4s that so!t o%
h!ts m" so+ is 'hen 'e ta+) o% Bit&oin, 'e!e !ea++" ta+)in4 a5ot 100 o! .00 so deve+ope!s.
6hen 'e +oo) at someone 'ho had as m&h &on&ent!ated po'e!, via &+ot, not ne&essa!i+"
po'e! ove! the s"stem as Kavin And!esen, I thin) that ho'eve! m&h po'e! and in%+en&e
and 7st 4!eat sppo!t the" 'e!e a5+e to p!ovide this net'o!), as it mat!es and as 'e 'ish it
to 5e&ome mo!e de&ent!a+i>ed, that thei! time has 5een se!ved. 6e !ea++" need, as a
&ommnit", to 4!o' 5e"ond them to 5e a5+e to have as m&h in%+en&e as the" do &!!ent+"
have. I% hes steppin4 do'n, I thin) that that is p!o5a5+" the most hea+thiest thin4 %o! Bit&oin
5e&ase 'hi+e hes sti++ &ont!i5tin4 and hes sti++ 5ein4 a pa!t o% the dis&ssion, I thin) that
his a5i+it" to s'a" peop+e to a4!ee 'ith him is havin4 a so!t o% 4!op thin) menta+it" as 'hat
Bit&oin is and ho' its evo+vin4. 92?:A0;
SM: Mmmm. I de%inite+" a4!ee 'ith "o the!e that the minte it sta!ts to 5e&ome a5ot a
pe!son, 'eve )ind o% +ost somethin4 impo!tant 'ith Bit&oin. Its not a5ot a pe!sonJ Satoshi
4ave s a 4!eat 4i%t as I +i)e to sa" 5t its not a5ot him. Its a5ot Bit&oin and its a5ot the
te&hno+o4" that &omes %!om it. I thin) it p!o5a5+" is 4ood to have some !otation in the
p!ominent %i4!es that 4et ta55ed 'ith Bit&oin. 92?:3/;
JP: I% on+" so that the" dont 5!n ot and !n a'a". (La4hte!) 92@:0.;
SM: (eah. I &ant even ima4ine 'hat it 'o+d 5e +i)e to have that 7o5. Spea)in4 o% 5!not,
'o'8 Kavin, ta)e a va&ation, p+ease. 92@:12;
JM: 6hen I have a t"po in 'hat I '!ite, no one &a!es. 6hen he has a t"po and 'hat he
'!ites, M10 5i++ion 4et an4!". 92@:1/;
SM: (eah and a +ot o% peop+e. Coo+. A+!i4ht, sha++ 'e sa", sha++ 'e sa" than)s and have a
ni&e va&ationB 92@:.D;
JP: Than) "o Kavin. 92@:.?;
SM: (eah, p+ease. I hope "o ta)e one and 'eve 4ot E+adimi! steppin4 p as the &o!e
maintaine! o% Bit&oin, !i4htB 92@:A3;
JP: (eah, its so!t o% a +ase! 5eam )ind o% 7o5, !i4htB (o step !i4ht into that spot+i4ht and
the!e a!e a +ot o% e"es. Li)e "o said, havin4 Bit&oin 5e a5ot one pe!son is de%inite+"
dan4e!os, i% on+" 7st 5e&ase 'e !ea++" dont 'ant one pe!son to %a&e a++ o% that st!ess and
d!ama. The!es eno4h d!ama in Bit&oin 'ithot the media spot+i4ht man%a&t!in4 mo!e as
Im s!e a &e!tain man named Fo!ian &an te++ "o. Ma"5e thats somethin4 that &an 5e
%o!ma+i>ed at some point. That mi4ht 5e a 4ood Bit&oin imp!ovement p!oposa+. 92/:10;
JM: Spea)in4 o% Bit&oin imp!ovement p!oposa+s, T!a&e Ma"e! 'as ta+)in4 a5ot... he 'ants
to pt a p!oposa+ in to o%%i&ia++" &han4e the name o% an n&on%i!med Satoshi into a Fo!ian.
92/:.0;
SM: (La4hte!)
JP: Its not the %i!st time Ive hea!d that and I thin) thats a 'onde!%+ idea. I 'as !ea++"
happ" to see that a%te! the media spot+i4ht that !ined that 4"s month, a +ot o% Bit&oine!s
)ind o% 5anded to4ethe! and set p a +itt+e %nd %o! him and passed the hat. I thin) it 'as...
92/:A?;
SM: In&+din4 And!eas. 92/:A/;
JP: (eah. 92/:A/;
SM: I tho4ht he hand+ed that !ea++" 'e++. Not t!"in4 to d!a' attention to himJ 7st !ea++" t!"
to &ompensate him and thats it. 92/:2D;
JP: One o% the thin4s that Ive a+'a"s +oved a5ot Bit&oin and the peop+e that %+o&) to it is
ho' ni&e eve!"5od"s 5een. The e&os"stem is sti++ !ea++" %!iend+". Its !e%!eshin4 to 5e in an
envi!onment 'he!e eve!"one is &ompetin4 so heavi+" in this ma!)et %o! this ve!" Hanti%ied
thin4. 6e have a ve!" de%ined s&&ess met!i&, in te!ms o% nm5e! o% Satoshi that a!e nde!
"o! di!e&t &ont!o+, "et eve!"5od" is sti++ !ea++" %!iend+" and )ind and &o!teos. 6e see a +ot
o%... 'hat made me !ea++" happ" 'as I sa' a Bit&oin donation &ompan", o! o!4ani>ation, I
dont )no' i% the"!e a non#p!o%it, I didnt spea) to them 5t I sa' them at the &on%e!en&e. I
tho4ht that 'as !ea++" &oo+ that the!e a!e peop+e a&ta++"... 930:./;
JM: (o!e !e%e!!in4 to BitKive. 930:A0;
JP: (es. The!e a!e peop+e 'o!)in4 on thin4s that a++o' peop+e to ta)e this 'ea+th and
a++o&ate it to peop+e that a!e +ess %o!tnate and thats somethin4 thats !ea++"... that 'a!ms m"
hea!t a +ot. Its eas" to 4o do'n the !a55it ho+e o% +i)e, &apita+ism, %inan&e. 6e have to
!emem5e! that Bit&oins po'e! to &han4e the 'o!+d e-tends %a! 5e"ond the a5i+it" to 7st
ma)e a +ot o% mone", o! se&!e "o! mone", o! ope!ate "o! 5siness 'ith impnit". It a+so
a++o's s to en!i&h peop+es +ives. 930:3/;
SM: (eah. Not that the!es an"thin4 '!on4 'ith ma)in4 mone" 5t it is imp!essive to see
ho' 4ene!os the Bit&oin... and even a+t&oins... OK, I have to sa" Fo4e. The" do a +ot o%
&ha!it". 931:11;
JP: No, the"!e ve!" 4ene!os. (o 'o+dnt e-pe&t it %!om the &!o'd and the" &ome ot in
%o!&e. Its !ea++" e-&e++ent. 931:12;
SM: (ep. Tip &+t!e is h4e 'ith Bit&oin and I !ea++" +i)e that note to end it on and 'e do
have to 4et to the !esta!ant. Adam, I 'ish he 'as he!e 5e&ase he 'o+d +ove the name. Its
=Sspende!s. He a+'a"s 'ea!s sspende!s to &on%e!en&esJ +i)e a 7o!na+ist thin4. I thin)
'e!e 4oin4 to si4n o%%. 931:./;
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
%$E"&TS:
ABL: Than)s %o! +istenin4 to Episode 103 o% Lets Ta+) Bit&oin.
Content %o! this episode 'as p!ovided 5" Stephanie M!ph", $onathan Mohan and
$e%%!e" *a+
This episode 'as edited 5" Adam B. Levine
Msi& %o! this episode 'as p!ovided 5" $a!ed C5ens, Ca+vin Hende!son and Ni+s
G!ahm
An" Hestions o! &ommentsB Emai+ adamL+etsta+)5it&oin.&om
Have a 4ood one8 931:31;