LETS TALK BITCOIN

Episode 79 A Bitcoin World

Participants:
Adam B. Levine (ABL) - Host
Stephanie M!ph" (SM) # Co-host
$at!i%& B"!ne ($B) # CEO o' Ove!sto%&.%om
Ba!!" Si()e!t (BS) # *onde! and SEO o' Se%ond Ma!&et
+e!em" Lie, (+L) # $a!tne! at Li-htspeed .ent!es
*!ed /i(son (*/) # $a!tne! at 0nion S1a!e .ent!es
Came!on /in&(evoss (C/) # /in&(evoss Capita( Mana-ement
T"(e! /in&(evoss (T/) # /in&(evoss Capita( Mana-ement
2eo!-e $apa-eo!-ios (2$) # *onde! and CEO o' NEO 3 BEE
ABL: Toda" is +ana!" 45
th
4678. /e(%ome to Episode 9: o' Lets Ta(& Bit%oin; a t,i%e
,ee&(" sho, a)ot the ideas; peop(e and p!o<e%ts )i(din- the di-ita( e%onom" and the 't!e
o' mone". .isit s at ,,,.(etsta(&)it%oin.%om 'o! o! dai(" -est )(o-; a(( o! past episodes
and; o' %o!se; tippin- add!esses. =6>4?@
M" name is Adam B. Levine and toda" Im <oinin- "o in the adien%e as ,e ,at%h the
,o!(d %han-e a(( a!ond s in ,hats -ot to )e the 'astest t!na!ond time eve! in a Lets Ta(&
Bit%oin episode. /e!e happ" to )!in- "o a t,ent" minte set o' eA%han-es I 'ond
pa!ti%(a!(" inte!estin- '!om the 'i!st pane( o' +ana!" 45
th
Bit Li%ense hea!in-s ta&in- p(a%e
in Ne, Bo!& Cit". Lots o' pe!spe%tive # ,e(( (et "o de%ide. =6>8:@
Ove! the ,ee&end; the No!th Ame!i%an Bit%oin %on'e!en%e ,as he(d in Miami;
*(o!ida. Ce%o!d )!ea&in- attendan%e ,as on(" one indi%ato! o' a ve!" s%%ess'(
event. Toda"; Im p(eased to sha!e anothe! ta(& '!om it. NEO and BEE a!e )ased ot
o' C"p!s and a!e on t!a%& to )e the 'i!st Bit%oin )!i%& and mo!ta! 'inan%ia(
instittions a!ond.
/e end toda"s sho, ,ith 2eo!-es ta(& on ho, thin-s have -one sin%e thei!
s%%ess'( 'nd!aise! and ,hats %omin- ,ith thei! p%omin- (an%h.
*i!st; LTBs Stephanie M!ph" !e%ent(" %a-ht p ,ith CEO o' ,,,.ove!sto%&.%om
$at!i%& B"!ne a)ot thei! eApe!ien%es so 'a!; ,h" the" a%%epted Bit%oin; ,hen he -ot
his ,a((et set p and mo!e.
En<o" the sho,D =7>49@
EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
SM: This is Stephanie M!ph" 'o! Lets Ta(& Bit%oin and Im he!e ta(&in- ,ith $at!i%&
B"!ne. He is the CEO o' Ove!sto%&.%om. Hi $at!i%&; ,e(%ome to Lets Ta(& Bit%oin. =7>87@
PB: Stephanie; -!eat to )e as&ed. =7>8F@
SM: I thin& eve!")od" ,ho (istens to this sho, has hea!d the ne,s a)ot Ove!sto%&.%om
sta!tin- to a%%ept Bit%oin and Id (ove to ta(& ,ith "o a)ot that toda" )t 'i!st o' a((; Im
%!ios ho, did "o 'ind ot a)ot Bit%oinG Ho, did "o 'i!st hea! a)ot itG =7>H5@
PB: Im a p!ett" p!o-(i)e!t" -" and I sta" in tne ,ith the ,o!&in-s and a%tivities o' those
o' "o s%h as "o! (istene!s ,ho a!e p!o-'!eedom and sa((" ma&in- p a!-ments... I sed
to )e in a%ademia ,he!e I had to ma&e p a (ot o' a!-ments a-ainst p!o-'!eedom peop(e.
Not to sa" that eve!"one in a%ademia is anti-'!eedom )t the!e a!e %e!tain(" some. It ,as <st
that I ,as ve!" attned to these isses and Im o'ten havin- to de)ate them ,ith m"se(' o!
tea%h them to some peop(e; so I <st sta" ve!" attned to isses o' )ein- p!o-'!eedom ve!ss
anti-'!eedom. =4>FF@
SM: Ci-ht. Thats so!t o' a nat!a( 'it; at (east to me ,ith Bit%oin; so I %an see ho, "o !an
a%!oss it the!e. =4>F:@
PB: Sond mone" is a(( pa!t o' the dis%ssion o' )ein- p!o-'!eedom o! anti-'!eedom. I'
some)od" ,ants '!eedom; the" ,ant a (imited -ove!nment )e%ase its <ea(os" ,hi%h %ases
s to )ind do,n (imited -ove!nments ,ith %onstittions. I' "o )e(ieve in (imited
-ove!nment; "o!e )e(ievin- in ho, "o %onst!ain the po,e! o' -ove!nment. I' "o!e anti-
'!eedom; "o ,ant n)onded -ove!nment and thei! (a%& o' !est!aint; in%(din- a (a%& o'
!est!aint !e-a!din- the mone" spp(" and that the %ent!a( )an&e!s a!e a)(e to; one ,a" o!
anothe!; %ent!a( p(an p!i%es 'o! mone" and %!eate mone" at no %ost. That )asi% distin%tion
!ns th!o-h; on the moneta!" side; !ns th!o-h the p!o-'!eedom anti-'!eedom =inadi)(e@.
=F>44@
SM: Bo ,o(d %onside! Bit%oin as pa!t o' the idea o' sond mone"G =F>4H@
PB: Bes. I ,o(d pt Bit%oin on the side o' p!o-'!eedom )e%ase its sond mone". =F>F4@
SM: 2!eat. =F>FF@
PB: Not somethin- th!o-h a %ent!a( )an& )t it has a (ot o' the advanta-es that a!e )ased on
-o(d. 2o(d is (imited in spp(" and that spp(" is movin- at a)ot FI pe! "ea! # it has 'o!
a)ot H;666 "ea!s and man" o' these sto%&s o' -o(d -oes p FI a "ea!. Its )i(t in... its
'nn" the!e a!e st!i%t mainst!eam e%onomists; (i&e Cha!(es Ta"(o!; ,ho sa" ,e sho(d have a
Ta"(o! !(e ,hi%h is to !n the moneta!" s"stem )t <st )asi%a((" set the p!i%e ,hi%h ne,
mone" -ets %!eated at FI pe! "ea! and i' ,e do that; thats <st eno-h ()!i%ation and
eve!"thin- ,i(( ,o!&. /hat the" dont <mp to... even tho-h the"!e mainst!eam; the"!e
mainst!eam thin&in- ,ithin the )oA... ,hat the" dont <mp to is i' "o ,ant a mone" spp("
,he!e the moneta!" 'ondation is -!o,in- at FI pe! "ea!; <st s,it%h to -o(d o! sin%e ,e
%ant -et them to s,it%h to -o(d and -o(d doesnt ,o!& too ,e(( on the inte!net an",a";
s,it%h to Bit%oin )e%ase Bit%oin has that identi%a( p!ope!t" and o''e!s FI )t the!e is a
%e!tain amont o' it that has )een mined and the sto%& o' it is -oin- to -o p at a 'e, pe!%ent
pe! "ea! 'o! 766 "ea!s o! somethin-; o! not even FI pe! "ea! )t the!e ,i(( )e a (itt(e )it o'
ne, spp(". Bit%oin has a(( the vi!tes o' -o(d ,ith the advanta-es o' )ein- a)(e to )e
somethin- "o se in a di-ita( a-e. =8>HH@
SM: I %an see that "ove !ea((" pt a (ot o' tho-ht into this and that "ove stdied the
e%onomi%s )ehind <st mone" in -ene!a( and Bit%oin in pa!ti%(a!. Ho, (on- have "o )een
a,a!e o' Bit%oin and ho, (on- have "o )een (oo&in- into thisG =H>65@
PB: I 'i!st )e%ame a,a!e o' it a)ot t,o "ea!s a-o. I thin& the!e ,as an a!ti%(e in /i!ed o!
Sas %ompan" that did a sto!" (and it ,as <st a sho!t sto!") eAp(ainin- it. I thin& I even ,ent
on(ine and !ead a (itt(e )it a)ot it )t it ,as !ea((" 1ite nas%ent. I <st &ept an e"e on it; then
sometime a!ond Septem)e!; I !ead anothe! sto!"... it ,as p!o)a)(" a)ot a "ea! and a ha(' I
didnt hea! m%h and then I !ead anothe! sto!" a)ot ho, it ,as %at%hin- on in p(a%es and
,hen some p(a%es ,e!e 'ai(in-; (i&e C"p!s; the pop(ation; the shop&eepe!s ,ent and
%onve!ted into )it%oins as 1i%&(" as the" %o(d; so I sta!ted to pa" attention. At that point; it
,as sti(( 1ite 'o--" ,hat the 0S attitde... the 0S -ove!nments attitde ,as -oin- to )e
a)ot Bit%oin; so )e%ase the" ,e!e sti(( 'o--" I didnt !ea((" p!se it too m%h. =?>68@
SM: /hen did "o sta!t to thin& a)ot Ove!sto%& a%%eptin- Bit%oinG =?>6:@
PB: In Novem)e! the!e ,as a se!ies o' hea!in-s in '!ont o' the Senate and in those hea!in-s;
va!ios -ove!nment o''i%ia(s -ot p and )asi%a((" said the" dont see an" !eason; o! an" ,a"
the" %an ma&e Bit%oin i((e-a(. It doesnt seem to vio(ate an" mone" (ande!in- (a,J it
doesnt vio(ate this (a, o! that (a,. No, it %omp(ete(" disen'!an%hises the 'inan%ia( s"stem.
So m%h o' the 'inan%ia( s"stem is a)ot ta&in- 'ees '!om "o in o!de! to move mone" #
ta&in- (itt(e... ni%&(e and dimin- and not ma&in- p the 'ees; it e(iminates a(( o' that. The
'inan%ia( s"stem isnt -oin- to (i&e it )t the"; '!om ,hat I %o(d te((; the po,e!s that )e # the
esta)(ishment ,as sa"in- # 2!een (i-ht. /e dont see an" ,a" to stop this. =9>64@
SM: Had "o tho-ht a)ot it )e'o!e that )t )een %on%e!ned a)ot (e-a( and !e-(ato!"
issesG =9>69@
PB: Id sa" '!om Septem)e! and O%to)e!; Id tho-ht a)ot it )t ,as %on%e!ned a)ot #
2ee; I dont ,ant to -et m"se(' in anothe! hass(e ,ith the *edsJ (eave a s(eepin- do- (ie )t
then in Novem)e!; on%e I hea!d that the" ,e!e sa"in- that the!e ,as a Senate hea!in-; I sa,
some o' the 1otes; I !ead some o' the 1otes and as soon as I sa, that; I said thats a -!een
(i-ht. B" Ke%em)e!; I ,as thin&in- that Bit%oin is somethin- ,e!e -oin- to do sometime in
4678. /e have a )n%h o' )i- p!o<e%ts to do )t in the se%ond ha(' o' 4678; o! s%hed(e
sho(d '!ee p and ,e sho(d p!o)a)(" -et a!ond to doin- Bit%oin. I said that ,ithin the
%ompan" and I said that to a )(o--e! <o!na(ist )t then the sto!" ,ent so vi!a( and ,ent so
mainst!eam; it ,as pi%&ed p a(( ove! that ,e had de%ided in the se%ond ha(' o' 4678; ,hi%h I
had made as some o''-hand %omment ("o %an a(,a"s p!omise somethin- siA months ot). I
<st meant it in an o''-hand ,a" that ,ed -et a!ond to it p!o)a)(" in the se%ond ha(' o' the
"ea!. That sto!" -ot so m%h %i!%(ationJ the!e ,as 'a! mo!e inte!est in Bit%oin than I had
)een nde!standin-. =5>7F@
SM: Bo de%ided to -o ahead ,ith it a (itt(e )it ahead o' s%hed(eG =5>79@
PB: Ci-ht. On Ke%em)e! 4:
th
and F6
th
; ,e sat the!e ta(&in- and m" -"s; the -"s I ,o!&
,ith; ,e!e te((in- me... m" %o((ea-es ,e!e te((in- me i' "o -et this do,n to a month; ,e!e
(oo&in- at these di''e!ent imp(ementations it ,o(d )e a month; ,e %o(d ,o!& th!o-h ea%h
testin- )t ,e -ot on the phone to the head o'... a -" named B!ian at Coin)ase and to(d him
o! thin&in-. He said "o %o(d -et it do,n even mo!e than that and ,e(( send "o
some)od" ,ho &no,s it '!om o! side and ,e(( he(p "o! peop(e. /e(( send "o a %op(e
o' peop(e ,ho ,i(( he(p "o! peop(e and ,ed do this as a !ea( sp!ead. I said; -!eat; ,e(( pt
them in a !oom; -et them hote( !ooms; pt them a(to-ethe! in a !oom; <st 'eed them; ta&e
%a!e o' an"thin- the" need and the" -et it done. The" sta!ted that... that ,as Ne, Bea!s
evenin- and the" sta!ted the neAt da" on Ne, Bea!s Ka" and )" a)ot ? o%(o%& at ni-ht;
the" had %ome to the %on%(sion that the" %o(d -et the thin- done in; ma")e; ten da"s. It
,as !ea((" 1ite eA%itin-. /e too& %a!e o' them 'o! those ten da"s. The" had 'o!t" peop(e
sta"in- in a !oom. I (i&e to sa" that ,e s(id piLLas nde! the doo! )t... metapho!i%a( )t I
said that and *o!)es ma-aLine p!inted it in head(ines. The" &no%&ed it ot in ei-ht da"s.
=:>FF@
SM: Ko "o %onside! "o!se(' a t!endsette! )e%ase its %(ea! to me "o ,e!e an ea!("
adopte! o' Bit%oinG Bo 'ond ot a)ot it ea!(" and Ove!sto%& is the )i--est !etai(e! in the
0S so 'a!; to )e-in sin- Bit%oin. A!e "o hopin- othe! %ompanies ,i(( 'o((o, sit o! a!e "o
not %on%e!ned a)ot thatG =:>HF@
PB: T,o di''e!ent thin-s. I do thin& that ,e!e a t!endsette! on a(( matte!s !e(ated to sa"
'!eedom; )ein- p!o-'!eedom and doin- the !i-ht thin-. I thin& ,e a!e t!endsette!s in <st
&eepin- p on thin-s (i&e this so that ,hen the" )e%ome avai(a)(e; )ein- %(ed in on them
)e'o!e eve!")od" e(se. M" eA%itement... this is one o' those innovations and "es; ,e a!e; I
thin&; the 'i!st ma<o! !etai(e!... and I thin& ,e %ame a(on- the (ine and (oo&in- )a%& at ,hat
peop(e ,e!e sa"in- a %op(e o' months a-o. The" eApe%ted the neAt pe!son o! me!%hant to
si-n p 'o! ta&in- Bit%oin ,o(d )e a sma(( and then a medim and then ma")e some months
(ate!; a "ea! (ate!; the"d -et one o' the )i- -"s. No, that ,eve done it; ,eve a%%e(e!ated
the ,ho(e Bit%oin adoption; ,e thin&; )" a)ot a "ea!. No!ma(("; ,hen ,e do innovations;
,e hope no one e(se adopts them )e%ase the innovation -ives s an ed-e and ,e hope
no)od" e(se adopts them )t in this %ase; it ,o(d have <st the opposite e''e%t and Im -(ad.
B" s doin- this; a(( the )i- -"s have to adopt it. AmaLon; E)a" et%. # the" have to adopt it
and I ,i(( )e stnned i' the" dont )e%ase... ma")e the" ,e!e thin&in- a)ot it one o! t,o
"ea!s do,n the !oad adoptin- it )t no, the" have to adopt it )e%ase othe!,ise as this pie%e
o' the ma!&et -!o,s (and its -!o,in- so 1i%&(" and the!es %(ea!(" s%h desi!e 'o! it) # as
this pie%e o' the ma!&et -!o,s; the" a!e seedin- that to s and the" %ant a''o!d... the" dont
,ant to do that. I %an a(most -a!antee "o ,i(( see (and I dont have an" inside in'o!mation)
some o' the )i- -"s 'o((o,in- s ,ithin a ,ee&. Im s!e the!e a!e teams no, and othe! )i-
%ompanies that have seen ,hat ,eve done and the"!e sa"in- to thei! peop(e # Bove -ot
ei-ht da"s to -et it done. Eithe! neAt ,ee& ,e sta!t seein- othe! )i((ion do((a! p(s !etai(e!s
eme!-e and on%e a %op(e mo!e do; it ,i(( sp!ead and it )e%omes ha!de! and ha!de! 'o!
an"one to sta" ot o' it. =74>68@
SM: Thats a ve!" inte!estin-... =74>69@
PB: Im hopin-; i' I ma" sa"; Im hopin- at the !is& o' )ein- %!ass(" %omme!%ia(; Im hopin-
that it ,i(( )e%ome pa!t o' the Bit%oin (o!e that Ove!sto%& ,as the %ompan" that made that )i-
step that )!o&e that i%e and that sho,ed that (o"a(t" to Bit%oin )e'o!e an"one ma<o!; ,hen the
!est o' the esta)(ishment ,as doin- ,hat the" %o(d to stop it. B" doin- it; Ove!sto%& 'o!%ed
open the adoption %"%(e o' Bit%oin and as a... to %omp(ete the %i!%(e; that i' some Bit%oin
se!s de%ided to shi't some o' thei! on(ine shoppin- to Ove!sto%&.%om; I ,o(d not o)<e%t.
=74>H:@
SM: I thin& "o sho(d -et %!edit 'o! that too )e%ase its !ea((" eA%itin- and amaLin- to me.
2!eat. Ko "o pe!sona((" se Bit%oinG Have "o t!ied doin- Bit%oin t!ansa%tions and )"in-
st''G /hat do "o thin& a)ot thatG =7F>7F@
PB: I <st -ot an a%%ont <st this ,ee&. Some)od" set me p. I did se o! a%%ont to )"
somethin- on Ove!sto%& to -et the thin- sta!ted )t in te!ms o' -oin- ot to )" thin-s; no; I
<st -ot m" a%%ont; I -ot m" ,a((et. =7F>4:@
SM: 2!eat. /hat did "o thin& ,hen "o -ot to t!" itG /as it easie! than sin- a %!edit
%a!dG =7F>F8@
PB: Its smooth. At Ove!sto%&; its ve!" smooth. I tho-ht it ,o(d )e mo!e %omp(i%ated.
Its ve!" smooth and the &no,(ed-e that Im not... Im OK pn%hin-... Ove!sto%& a(!ead" has
m" in'o!mation )t I thin& that it -ave me pie%e o' mind to &no, that Im not pttin- m"
.isa %a!d nm)e! into someone e(ses ma%hine; t!ansmittin- it ove! ,i!es and that some)od"
mi-ht possi)(" inte!%ept it and do somethin- ,ith it. It -ives me a -ood 'ee(in- to &no, that
a(( the vi!tes I ,ant in it and a!e not )ein- mana-ed )" hmans some,he!e ,ho have to do
thei! <o)s )t a!e )ein- mana-ed )" the !(es o' mathemati%s # ma&in- s!e the mone" is m"
mone" and it hasnt )een 'o!-ed and a(( that st''; thats mathemati%s doin- that and not an"
hman. It -ives me a (ot o' %on'iden%e. =78>F6@
SM: A)so(te(". Ive hea!d that Ove!sto%& is not a%ta((" &eepin- the Bit%oin as Bit%oin
,hen the" -et Bit%oin sa(es; the"!e %onve!tin- it into 0S do((a!s. /h" is thatG Bo
mentioned !e-(ato!" %on%e!ns )e'o!e # is that ,h" "o!e doin- that 'o! no,G =78>85@
PB: Not !ea((" a(tho-h in o!de! to &eep them; the"(( have to )e a !(in- '!om the *SC
a)ot ho, sho(d this )e pt on "o! )a(an%e sheet. $!esma)("; it sho(d )e t!eated (i&e a
'o!ei-n %!!en%" and ma!&ed to ma!&et at the end o' ea%h 1a!te!. O! p!o)(em at the
moment is i' ,e &ept )it%oins on o! a%%ont; the" ,o(d <st )e a%%m(atin- )e%ase ,e
pa" o! vendo!s in do((a!s. I' ,e pa" o! vendo!s in do((a!s; then ,e need to %onve!t the
)it%oins into do((a!s so ,e have somethin- to pa" o! vendo!s in; othe!,ise ,e ,o(d have
a(( o' o! %ash... a(( o' o! do((a!s ,o(d -o ot and )" thin-s '!om vendo!s; ,ed se(( them
to the ,o!(d and some do((a!s; )t a(so some )it%oins ,o(d %ome )a%&. I' "o did that %"%(e
ove! and ove!; eventa(("; a(( "o! mone" is in )it%oin and the!e is no %ash to se to -o )"
thin-s ,ith. Thats not p(asi)(e. Ho,eve!; it is o! intent to )e in the (eadin- ed-e o' the
instittions that ,i(( deve(op to hand(e these othe! 1estions (i&e pa"in- o! vendo!s; pa"in-
o! emp(o"ees in )it%oin. The!e is -oin- to )e... I )et some)od" ot the!e !i-ht no,; ma")e
someone (istenin- to this sho,; is )i(din- (and it ,o(d )e ve!" sma!t i' the" do) )i(d a
pa"ment s"stem that tied into sa" an O!a%(e $C$ s"stem; o! a /o!&da" C$ s"stem; o!
somethin- ,ith 2!eat $(ains o! an" o' the a%%ontin- pa%&a-es that sa"s that 'o! ea%h
spp(ie!; the"ve %hosen the option o' a%%eptin- pa"ment in Bit$a". That ,a"; the" -et the
mone" ten da"s 'aste! o! ,hateve! it is. Bo %o(d sta!t pa"in- some nm)e! o' "o!... some
p!opo!tion o' "o! vendo!s in Bit$a". On%e the"!e -ettin- paid in Bit$a"; then "o!e -oin-
to have emp(o"ees ,ho sa" # /e(( ta&e some pa" in Bit$a". Thats de'inite(" -oin- to
happen; in%identa(("; ,hen the do((a! sta!ts in'(atin-. =7?>87@
SM: Beah. =7?>84@
PB: I' ,e -et to 46I o! F6I; the!e a!e a )n%h o' peop(e ,ho a!e -oin- to sa" # $a" me in
Bit$a". /hen ,e %an sta!t pa"in- vendo!s and ,e %an sta!t pa"in- emp(o"ees; as that sta!ts
to move; ,e(( sta!t sa"in- # /e(( &eep 7I o! 4I o' the )it%oins that %ome o! ,a". /e
,ont t!ade ot o' them; ,e ,ont %onve!t them; and ,e(( se them to pa" these othe! )i((s.
As ,e do that; and the e%onom" does that and +anet Be((en %on'i!ms the mista&es o' Ben
Be!nan&e; these -"s have %he%&ed themse(ves into a moneta!" ve!sion o' a Coa%h Mote(.
(La-hte!) As the" dis%ove! that; the <o&e is on them. I' ,e have Bit%oiniLed o! e%onom";
so to spea&; o! e%onom" ,i(( )e !o)st in the 'a%e o' that '!a-i(it" %!eated )" ,hat the"!e
doin-. I' that a(( )!ea&s; i' that eApe!iment ends )ad(" # that the 0S -ove!nment is %!!ent("
doin- ME4; MEF... ,hen that eApe!iment ends )ad(" (,hi%h Im %on'ident it ,i(() and Im o(d
eno-h to !emem)e! ,a"s in ,hi%h it %an end )ad("; the!e a!e thi!d ,o!(d %ont!ies ,hi%h
dest!o" thei! %!!en%ies and one o' thei! ,a"s ot o' it is to do((a!iLe thei! e%onom". I'
h"pe!in'(ation -ets too )ad and peop(e %ant even &eep p ,ith the p!i%es; the" do((a!iLe thei!
e%onom". /hat ,e a!e doin- is; at (east; %!eatin- the %hanne(s to Bit%oiniLe o! e%onom". I
hope it )e%omes... I hope ,e %an -et to sho, 76-46I o' o! sa(es a!e in Bit%oin; ,e!e
pa"in- 76-46I o' o! emp(o"ment %osts in Bit%oin; ,e!e pa"in- 76-46I o' o! vendo!
spp(ies in Bit%oin; and ,e!e -ettin- mo!e ne, %oins '!om the %stome!s. /e have that
e%onom" spn p in time so that i' somethin- )ad happens to the 0S e%onom"; ,e a(!ead"
have in p(a%e a 'n%tionin- a(te!native; pa!a((e(; sta)(e 'inan%ia( s"stem )t one that is not
p!one to %ent!a( )an&in- manip(ation. =75>HF@
SM: Ho, has it -one 'o! Ove!sto%&; <st in the 'i!st ,ee& o' a%%eptin- Bit%oin pa"mentsG
Have a (ot o' peop(e )een ta&in- advanta-e o' itG Ko "o thin& its -oin- to )e sstaina)(e
,he!e "o %an -et to; 'o! instan%e; pa"in- 76I o' "o! spp(ie!s and emp(o"ees in Bit%oinG
=7:>65@
PB: Its de'inite(" sstaina)(e. /e!e havin- s%h an otpo!in- o' sppo!t '!om the Bit%oin
%ommnit" that ,e have a(!ead" -ot it to a point that I(( sa" Im -(ad ,eve done it. The!e is
no 1estion ,e!e -oin- to &eep it -oin- as (on- as Im !nnin- the %ompan". Its a(!ead"...
the!e a!e so man" hnd!eds; and hnd!eds; and thosands o' peop(e %omin- to o! site no, to
)" somethin- ,ith Bit%oin and (eavin- messa-es; o! sendin- %hats to o! %stome! se!vi%e
a-ents sa"in- # Ive neve! )een a %stome! o' "o!s )t I am )e%ase o' ,hat "ove done
'o! Bit%oin and Im -oin- to ship m" shoppin- to "o and the"ve p(a%ed a %op(e o' hnd!ed
do((a!s ,o!th o' sheets o!de!s o! the" )" some '!nit!e. Thats a(( ,e!e as&in- is that the"
-ive s a (oo& '!om no, on ,hen the" shop on(ine; i' the" ,ant to than& s. Be%ase the!e
has s%h an otpo!in- o' this; I a%ta((" had a dis%ssion ,ith the )oa!d o' di!e%to!s
"este!da" and ,as a)(e to point ot this has a(!ead" moved '!om the eApe!imenta( %ate-o!" to
it )ein- pa!t o' o! )siness mode( %ate-o!". =46>7F@
SM: /onde!'(. Thats -!eat to hea!. Is the!e an"thin- e(se "o ,ant to add $at!i%&G
=46>75@
PB: No. Th!o-h Bit%oin and 'indin- the Bit%oin %ommnit" and 'indin- a (ot o' othe! p!o-
'!eedom 'e((o, t!ave((e!s in the %ont!" has )een !ea((" i((minatin- and Im in "o! de)t and
I hope that a(( the peop(e ,ho ,!ite (ette!s to than& me and I ,ant to )e ve!" modest # its
not... I dont 'ee( I sho(d )e than&ed )t i' "o do ,ant to than& s; %onside! s,it%hin- "o!
shoppin- to Ove!sto%&.%om. =46>8H@
SM: 2!eat. ,,,.Ove!sto%&.%om o)vios("; peop(e %an 'o((o, "o on T,itte! at (,hats
"o! T,itte! hand(eG)... =46>H4@
PB: I thin& its NOve!sto%&CEO. =46>HH@
SM: OK; -!eat. $at!i%& B"!ne; than& "o so m%h 'o! "o! time toda". I app!e%iate "o
ta(&in- ,ith me. =47>66@
PB: Than& "o so m%h Stephanie. =47>64@
EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
ADVERT:
Shop sma!t ,ith "o! Bit%oin and -et FI )a%& ,ith 2"'t. On 2"'t; "o %an -et -i't %a!ds
,ith Bit%oin. Choose '!om ove! 466 !etai(e!s; in%(din- Ta!-et; 2ameStop; 2ap and mo!e.
2"'t ma&es it eas" to shop on And!oid o! on the ,e). The!e a!e no additiona( 'ees and; ,hen
"o shop ,ith Bit%oin; "o -et FI )a%&. 2o ahead; t!" 2"'t. Thats ,,,.2"'t.%om.
=47>H5@
ADVERT:
The Bit2ive *ondation is a non-p!o'it %ha!ita)(e -ivin- o!-aniLation (eve!a-in- the po,e!
o' the Bit%oin %ommnit" to imp!ove p)(i% hea(th and the envi!onment ,o!(d,ide. He(p s
demonst!ate the si-ni'i%ant impa%t o' Bit%oin in add!essin- these %!iti%a( isses on a -(o)a(
s%a(e. Sppo!t inte!nationa( -ivin- in Bit%oin. $(ease visit o! ,e)site at
,,,.Bit2ive*ondation.o!-. =44>F8@
EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
Hearing panellists:
Sperintendent Ben!a"in La#s$% &BL'
Barr% Sil(ert &BS'
)ere"% Lie# &)L'
*red Wilson &*W'
+a"eron Win$le,oss &+W'
T%ler Win$le,oss &TW'
ABL: He" (istene!s; ,e!e <mpin- into this Bit Li%ense hea!in- a)ot an ho! in. The 'i!st
spea&e! is the p!esidin- -ent(eman (Spe!intendent Ben<amin La,s&") '!om Ne, Bo!&; the
pane((ists in%(de Ba!!" Si()e!t; 'onde! and CEO o' Se%ond Ma!&et; +e!em" Lie,; pa!tne! at
Li-htspeed .ent!es; *!ed /i(son; pa!tne! at 0nion S1a!e .ent!es. The pane( ,!aps p
,ith Came!on and T"(e! /in&(evoss o' /in&(evoss Capita( Mana-ement. En<o"D =4F>66@
BL: Ko "o thin& its 'ai! to sa"; and I thin& its in a(( o' "o! testimon" )t I <st ,ant to
hea! i' "o ,ant to pt an" -(oss on it o! an" nan%es; that -oin- 'o!,a!d 'o! the vi!ta(
%!!en%" ,o!(d to so!t o' th!ive and s%%eed and )e%ome mo!e mainst!eam is (timate("
-oin- to have to !ea((" em)!a%e !e-(ation. I thin& I said in m" openin- statement; the!e a!e
some peop(e in the Bit%oin %ommnit" '!om the (i)e!ta!ian side o' thin-s that ,ant
-ove!nment to <st (eave it a(one. /o(d "o sa" !e-(ation is )oth inevita)(e )t mo!e
impo!tant(" a%ta((" (timate(" -oin- to )e %!%ia( 'o! the s!viva( o' vi!ta( %!!en%"G
=4F>84@
BS: One o' the %ha((en-es "o have; as a !e-(ato! ,ith !espe%t to Bit%oin; is that its a
-(o)a( phenomenon and i' "o (oo& at the (ands%ape; )oth &ind o' '!om a !e-(ation
pe!spe%tive and taA pe!spe%tive; "o!e seein- a (ot o' di''e!ent app!oa%hes ho, to !e-(ate
Bit%oin and ho, to taA Bit%oin. I do )e(ieve that; I thin& +e!em" made the point ea!(ie!; one
o' the !easons ,h" the dominant eA%han-es a!e (o%ated ove!seas is )e%ase o' the n%e!taint"
a!ond ho, those )sinesses sho(d )e !e-(ated. I thin&; n'o!tnate("; thats a missed
oppo!tnit" and I do hope that ,e !i-ht the ship and the dominant eA%han-es end p in the
0S and; 1ite '!an&("; he!e in Ne, Bo!&. I thin& ove! time; the !e-(ato!s a!e -oin- to have
to %ome p ,ith a ,a" to t!eat Bit%oin that is )a(an%ed and tho-ht'( )t a(so !e%o-niLe that
this is a -(o)a( phenomenon. As m%h as %e!tain po(i%" ma&e!s and !e-(ato!s ma" hate the
idea o' Bit%oin; t"pi%a((" on%e the" di- in; the" %ome to app!e%iate the po,e! o' it;
!e%o-niLin- that %ompanies a!e -oin- to -et %!eated; <o)s a!e -oin- to -et %!eated and
innovation is -oin- to happen. /eve -ot to 'i-!e ot a ,a" to do it in a )a(an%ed ,a" so
that it happens he!e in the 0S and; hope'(("; he!e in Ne, Bo!&. =48>H9@
)L: Spea&in- se('ish(" as an investo!; I thin& that havin- %(a!it" a!ond !e-(ation thats
)ased in the 0S and he!e in Ne, Bo!&; ,hi%h %an se!ve as a positive eAamp(e 'o! othe!
!e-(ato!" !e-imes as the" deve(op a!ond the ,o!(d; is (i&e(" to )e a ve!" positive thin-. I
thin& that; a-ain; it needs to )e )a(an%ed and it needs to )e app!op!iate so that the innovation
%an o%%! )e%ase i' it isnt then that innovation ,i(( o%%! otside the )onda!ies o' the 0S.
A-ain; as an investo! thats (ess inte!estin- to me and I; '!an&("; thin& its (ess -ood 'o!
%onsme!s. =4H>F:@
BL: M! /i(son; an"thin- to addG =4H>84@
*W: Beah; I thin& its inevita)(e that the!es -oin- to )e !e-(ation. The!e sho(d )e
!e-(ation and %(a!it" is impo!tant. The othe! thin- that I thin& is impo!tant is to !e%o-niLe
that man" o' these ne, %ompanies a!e 4; F; 8 pe!son %ompanies. Its ve!" di''i%(t 'o! them
to do the same thin- that +$ Mo!-an Chase does. I thin& ,hen the" -!o, p; the" sho(d )e
eApe%ted to do eAa%t(" the same thin- that +$ Mo!-an Chase does )t I thin& the!e needs to )e
some idea o' an on-!amp to !e-(ation that is invitin- o' these "on- %ompanies to en-a-e
,ith the !e-(ato!" envi!onment in a ,a" that the" %an a%ta((" do it. Thats the isse. Its
not that the" dont ,ant to do it. Its (i&e # Ive -ot to !n m" se!ve!s; Ive -ot to ,!ite m"
%ode; Ive -ot to dea( ,ith m" %stome!s and Ive -ot to app(" 'o! mone" t!ans'e! (i%enses in
a(( 'i't" states. I <st ,o(d en%o!a-e "o a(( to )e mind'( o' that %ha((en-e and not eApe%t
a th!ee pe!son %ompan" to )e a)(e to do the same thin- that a -(o)a( %ompan" ,ith hnd!eds
o' thosands o' emp(o"ees %an do. I thin& i' "o do that; I thin& eve!"thin- sho(d )e <st
'ine. =4?>H7@
BL: Its a 'ai! point and I thin& the /in&(evoss )!othe!s mentioned this in thei! ,!itten
testimon" as ,e((. /e; on the !e-(a! o(d )an&in- side ('o!-et the inte!net 'o! a minte and
the vi!ta( ,o!(d); ,e dea( ,ith the me-a)an&s ,ho have thosands and thosands o' peop(e
,o!&in- the!e; ,ho ,e a(so dea( ,ith a)ot ei-ht" most(" pstate %ommnit" )an&s; some o'
,hi%h have 76; 7H; 5 emp(o"ees and one thin- ,e!e a(,a"s %o-nisant o' is not imposin- the
same %omp(ian%e %osts on a +$ Mo!-an o! a 2o(dman Sa%hs that ,e do these sma((e!
%ommnit" )an&s. It ,o(d d!ive them ot o' )siness. Sometimes; ,hen "o see some o'
the 'ede!a( !e-(ations that a!e hittin- those sma((e! %ommnit" )an&s; I on%e -ot a %a(( '!om
a CEO ,ho said # I no, have th!ee (oan o''i%e!s and t,e(ve %omp(ian%e o''i%e!s. I said #
/e(( then "o! )siness is -oin- to 'ai( nde! that mode(. I thin& its somethin- ,e!e
%e!tain(" %o-nisant o'. The '(ipside; o' %o!se; is ,e ,ant to ma&e s!e that "es; the!es this
on-!amp pe!iod )t ho, do ,e ens!e... a-ain; ,e!e movin- a,a" '!om a ,o!(d ,he!e i((i%it
a%tivities a!e -oin- on and mo!e to,a!ds a ,o!(d ,he!e ,e!e en%o!a-in- innovation; ,e!e
en%o!a-in- eA%han-es to %ome to Ne, Bo!&; ,e!e en%o!a-in- mo!e hi-h te%h %ompanies
to %ome and )i(d ne, a!%hite%t!e on top o' ,hats a(!ead" )een )i(t he!e in Ne, Bo!& and
e(se,he!e in the 0S; as opposed to pshin- it o''sho!e. Its a ve!" t!i%&" p!oposition to -et
that )a(an%e !i-ht. Thats ,hat ,e!e t!"in- to do.
*W: Its -ood that "o a(!ead" have some eAamp(es ,ith the %ommnit" )an&s ,he!e "o
nde!stand this and "ove %ome p ,ith ,a"s to dea( ,ith it. I thin& that sho(d )e a
!oadmap 'o! ho, to thin& a)ot some o' these !ea((" sma(( Bit%oin %ompanies. Thats ve!"
en%o!a-in- to hea!. =45>8H@
)L: I ,o(d add one othe! point ,hi%h is; I thin&; the %ost pot o' the !e-(ato!" )!den is
de'inite(" one isse 'o! the sma(( %ompanies. The time pot is a(so anothe! ve!" impo!tant
point )e%ase these sma(( %ompanies a!e d!iven on innovation and the 1i%&e! that the" %an
%"%(e thei! innovation; the mo!e (i&e(" "o a!e to see !ea((" ne,; inte!estin-; nove( ideas
%omin- ot o' them. Thats ,h" (on- ho(din- pe!iods and thin-s that p!event them '!om
-ettin- to ma!&et 1i%&("; not %ost isses; )t time isses that p!event them '!om -ettin- to
ma!&et; 'indin- a %stome! and 'indin- that p!od%t ma!&et 'it %an !ea((" dampen innovation
as ,e((.
*W: A -ood metapho! 'o! this is the msi% indst!". The!e a!e (ite!a((" thosands o' sta!t-
ps that have ,anted to %!eate ne, msi% (istenin- eApe!ien%es ove! the past 'i'teen "ea!s and
it ta&es t,o o! th!ee "ea!s and p!o)a)(" seve!a( mi((ion do((a!s o' (e-a( 'ees to -et the !i-hts
to st!eam msi% (e-a((". Most; sa" :HI; o' those %ompanies a!ent -oin- to )i(d somethin-
that mo!e than H;666 o! 76;666 o! 46;666 peop(e a%ta((" even %a!e a)ot. The idea that "o
,o(d !e1i!e eve!" sin-(e one o' them to -et '((" (i%ensed )" the msi% indst!" )e'o!e the"
even &no, i' the"ve )i(t somethin- that matte!s ma&es no sense and "et; thats ho, the
msi% indst!" is ope!ated. /hen a sta!t-p ,a(&s into the o''i%es o' a msi% eAe%tive and
sa"s # Ive )een ope!atin- 'o! siA months and no,; a(( o' a sdden; the se!vi%e is ,o!&in- and
,e!e !ea((" s%%ess'( and no, ,e need to -et !i-hts; the 'i!st thin- that the"!e handed ,ith
is a (a,sit. Thats not the !i-ht ,a" to en-a-e ,ith a "on- ent!ep!ene!ia( %ompan" and
so; I <st thin& as (on- as the !e-(ato!" envi!onment doesnt )ehave that ,a" too and
nde!stands that sometimes an ent!ep!ene! needs to )i(d somethin- and pt it in the ma!&et
to see i' an")od" even %a!es )e'o!e the" -o and as& 'o! the pe!mission to ope!ate. Thats
a%ta((" a -ood thin- and that ,e sho(d a((o, that so%ieta(("; ,e sho(d a((o, that to happen
a%!oss a(( indst!ies. On%e it t!ns ot that the!e is a !ea( )siness the!e; the mone" ,i((
%ome; the !e-(ation ,i(( %ome and a(( o' that %an happen in -ood time. Thats !ea(("
impo!tant. =F7>74@
)L: A -ood %onte! eAamp(e that has en%o!a-ed that ,o(d have )een; 'o! instan%e; 2oo-(e
o! *a%e)oo& A$Is; ,hi%h a!e '!ee p to a %e!tain point and the!e'o!e; en%o!a-e the
innovation )t then a'te! a %stome! sta!ts to !ea%h a %e!tain siLe; then its a )siness
!e(ationship. =F7>F4@
BL: Loo&; I thin& the!es a (esson 'o! !e-(ato!s in the!e too ,hi%h is a-ain; o! mone"
t!ansmitte! !(es ,e!e ,!itten ,a" )a%& and the p!o%ess ,as o'ten m%h s(o,e! and it;
'!an&("; didnt matte!. The te%hno(o-" o' the mone" t!ansmission that ,as )ehind the mone"
t!ansmission )sinesses ,e ,e!e (i%ensin- ,asnt %han-in- eve!" 'e, months and so it didnt
matte! i' the (i%ensin- p!o%ess too& a "ea!; nine months o! ,hateve! it is. /e; a)ot t,o
"ea!s a-o; ,hen ,e sta!ted to see app(i%ations 'o! mone" t!ansmission '!om the (i&es o'
2oo-(e and *a%e)oo& and the di''e!ent ,a((ets that ,e!e ot the!e; !ea(iLed that o! no!ma(
p!o%ed!es and o! no!ma( p!o%esses had to )e mode!niLed. The" didnt ma&e sense an"
mo!e in a di-ita( a-e and that )" the time ,e ,e!e (i%ensin- someone; the te%hno(o-" had
%han-ed enti!e(". It ,as a 'oo(s e!!and. I thin& ,e!e -oin- to have to; as ,e %onside!
,hethe! ,e need a Bit Li%ense o! somethin- (i&e that; ,e a(so need to thin& inte!na((" at the
*S a)ot ho, ,e %an )e a mo!e mode!n di-ita( !e-(ato!. Its not simp(" ,hat o! !(es a!e;
its a(so ,ho ,e emp(o"; ho, 1i%&(" ,e a%t; ,hat o! !evie,s a!e (i&e. The!es a (ot to do.
=F4>89@
*W: He!es one thin- to <st thin& a)ot. It ,o(d seem to me that step one in a mode!n
!e-(ato!" '!ame,o!& ,o(d )e 'o! an ent!ep!ene! to simp(" (et "o &no, that the"!e
ope!atin- in "o! state. Man" ent!ep!ene!s te(( me that the" dont ,ant to do that )e%ase i'
the" ,e!e to do that; "o! !esponse %o(d )e; p!o)a)(" ,o(dnt )t %o(d )e; to sht them
do,n immediate(" so that the" %hoose not to do that. I' the!e ,e!e a sa'e ha!)o! o' some so!t
'o! an ent!ep!ene! ,ho ,i((in-(" noti'ied "o that # I am in )siness; I am ope!atin- and Im
ope!atin- in "o! state and then that the!e ,as some time pe!iod # a "ea! o! siA months o!
ei-hteen months; o! ,hateve! that time pe!iod is; I dont &no, ,hat it is; 'o! them to move
th!o-h the (i%ensin- p!o%ess in pa!tne!ship ,ith "o )t that the" ,o(dnt ne%essa!i(" )e
sht do,n. The" &ne, that the" ,o(dnt )e sht do,n 'o! simp(" !epo!tin- that the"!e
ope!atin-; and then "o ,o(d &no, o' eve!")od" ,hos ope!atin- in "o! state )e%ase
the!e ,o(d )e no !eason not to !epo!t. An")od" ,ho %hose not to !epo!t ,o(d %(ea!(" )e
p!o)a)(" not on the p and p. Somethin- (i&e that is &ind o' ,hat Im ta(&in- a)ot.
=FF>H?@
BL: Let me !aise "o one. Ho, ,o(d "o !ea%t to a sa'e ha!)o! that i' "o ,ant to 1a(i'"
'o! the sa'e ha!)o!; "o need to sho, some )asi% (eve( o' )an& se%!e%" a%t; anti-mone"
(ande!in- %omp(ian%e !(es pt in p(a%e. =F8>7F@
*W: I thin& the 1estion is ho, )!densome a!e those thin-s 'o! a F; o! 8; o! H pe!son
ope!ation. The (i-hte! that the" a!e; the mo!e that the" %an )e imp(emented in %ode as
opposed to in (a)o!. The mo!e that someone %o(d -et %omp(iant 1i%&(" ,ith those thin-s; I
thin& those a!e -ood ideas. I thin& i' it !e1i!es some)od" to -o and !aise O7m o! hi!e 'ive
peop(e; then that %o(d )e ha!d 'o! peop(e and that a-ain; mi-ht %ase some)od" to not se('
!epo!t. I thin& thats !ea((" the thin- that "o ,ant to thin& a)ot is i' "o %an en%o!a-e
peop(e to )e %omp(iant )e%ase the %ost o' )ein- %omp(iant; at (east initia(("; is not ve!" (a!-e
and then; ove! time; that %ost <st -!o,s as thei! )siness eithe! -!o,s o! doesnt -!o,. I
thin& thats a !ea((" -ood !e-(ato!" app!oa%h in the mode!n a-e. =FH>6H@
--: I' I ma"; )t isnt that ,he!e "o 'o(&s %ome in. Ce-(ation has a(,a"s )een a )a!!ie! to
ent!" in eve!" ma!&et and the ,a" "ove <st des%!i)ed a t,o o! th!ee pe!son ope!ation %an;
in ,o!se %ase s%ena!io; ,!ea& havo% and ,e need to )e ve!" %a!e'( a)ot that. Simp("
&no,in- that someone is ope!atin- is not a s''i%ient sa'et" net. Isnt it the !o(e o' the
investo! to ana("se an" one pa!ti%(a! )siness p(an ove! anothe! and sa" # The!es somethin-
he!e and s''i%ient(" 'nd and "o have a nat!a( se(e%tion -oin- on s%h that ,hen "o do
open the doo!; "o have ade1ate mone" (ande!in- p!ote%tions; "o have ade1ate so(ven%"
# a(( these thin-s a!e in p(a%e. It ,o(d )e -!eat; in an" indst!"; i' "o %o(d <st open the
doo! and (et 'o(&s !n ot and -ive a shot )t its one thin- ,hen "o!e dea(in- ,ith
%op"!i-ht vio(ation )t its anothe! thin- ,hen "o!e dea(in- ,ith a sitation ,he!e someone
%o(d )e sendin- te!!o!ist 'ndin- o! en-a-in- in some othe! i((i%it a%tivit"; ,hi%h; a'te! the
'a%t; ,e 'ond a 'e, months into it (even tho-h the" to(d s) ,o(d )e t!emendos("
p!o)(emati%. =F?>7H@
*W: I thin& the!e a!e t,o sepa!ate isses that "o !aise. One is the de di(i-en%e that ,e do
,hen ,e ma&e an investment and ,e %e!tain(" do that de di(i-en%e. /e ,ant to ma&e s!e
that the %ompan" is ope!atin- on the p and p and ,e ,ant to ma&e s!e that the" have
some %omp(ian%e in p(a%e and the" have some Kno, Bo! Cstome! in p(a%e and thin-s (i&e
that. That ma" not )e the (eve( o' %omp(ian%e and anti-mone" (ande!in- and Kno, Bo!
Cstome! that "o mi-ht eApe%t; so the!e %o(d )e a -ap the!e. The othe! isse; I thin&; "o
need to thin& a)ot is that ,e ma" %hoose not to invest in a %ompan" i' the" %ant -et
(i%ensed )" "o; so the!es -oin- to )e this %hi%&en and e-- p!o)(em that -ets in the ,a" o'
innovation; ,he!e an investo! is not -oin- to p(mp do,n the O4m o! OFm that its -oin- to
ta&e to -et (i%ensed nti( "o!e (i%ensed; and then no)od" is -oin- to -et 'nded. I thin&
these a!e; in some ,a"s; theo!eti%a( %onve!sations )t I thin& its impo!tant 'o! "o a(( to
nde!stand o! ,o!(d and the ,o!(d o' the ent!ep!ene! so that at (east "o %an )e open
minded to some o' these thin-s. Bo have "o! <o); "o -ot to do it # ,e -ot o! <o); ,e -ot
to do it - the ent!ep!ene!s have thei! <o); the" -ot to do it. The mo!e ,e nde!stand the
!ea(ities o' ea%h othe!s <o)s; I thin& the )ette! o'' ,e!e a(( -oin- to )e. =F9>F4@
)L: The one thin- that I ,o(d <st modi'" *!eds %omments is i' thats the %ondition o'
ent!" 'o! a %ompan" to )e sta!ted in the 0S; o! in Ne, Bo!&; then ma")e ,e ,ont do it. I'
that same %ompan" %o(d )e sta!ted in the 0K; o! in 2e!man"; o! some,he!e e(se; then
ma")e that innovation <st -ets pshed o''-sho!e and that seems (i&e a net (oss to the 0S.
=F9>H:@
BL: A-ain; it !aises a )!oade! 1estion and ma")e... and Id (i&e to -et "o! opinions on this
)e%ase ma")e ,e(( have di''e!ent pe!spe%tives. I' the %hoi%e; (timate("; is )et,een
p!eventin- mone" (ande!in- on the one hand; and I p!o)a)(" even sho(dnt se the ,o!d
mone" (ande!in- )e%ase its too ni%e a ,o!d; '!an&(". Mone" (ande!in- is the 'a%i(itation
o' a(( &inds o' ho!!i'i% %!imes that I thin& eve!"one in this !oom neve! ,ants to see happen.
Na!%o-t!a''i%&in- )ein- one )t a%ts o' te!!o!ism; 'ndin- !o-e nations et%. a(( ta&es p(a%e
th!o-h massive mone" (ande!in-. /e have it in o! s"stem as ,e do no, )t to have
mone" (ande!in-... i' the %hoi%e 'o! the !e-(ato! is pe!mit mone" (ande!in- on the one
hand o! pe!mit innovation on the othe!; ,e!e a(,a"s -oin- to %hoose s1e(%hin- the mone"
(ande!in- 'i!st. Its simp(" not ,o!th it to so%iet" to a((o, mone" (ande!in- in a(( o' the
thin-s it 'a%i(itates to pe!sist in o!de! to pe!mit a thosand '(o,e!s to )(oom on the innovation
side. I thin& the 1estion is ,hethe! ,e %an -et some,he!e in )et,een ,he!e ,e!e ve!"
%om'o!ta)(e; ve!" %om'o!ta)(e that ,e!e p!eventin- the mone" (ande!in- )t sti(( a((o,in-
innovation. I -ess I ,o(d open it p to the pane( and ,e %o(d sta!t do,n he!e. /o(d "o
a-!ee that; (timate("; i' the %hoi%e is (and ma")e this is an n'ai! 1estion)... )t (timate(";
i' the %hoi%e is )et,een -ettin- !id o' mone" (ande!in- )t s1e(%hin- innovation; that ,e
a(( a-!ee the 'i!st <o) is to -et !id o' the mone" (ande!in- and a(( that it 'a%i(itates. =F:>FF@
+W: I a-!ee the!e is de'inite(" a tension the!e. No)od" ,ants to see mone" (ande!in- )t I
thin& ,e %an !ea%h that midd(e -!ond and nde!standin- in hea!in-s (i&e this )" <st &eepin-
a ve!" open dia(o-e so its not s ve!ss them o! !e-(ato!s a!e this m"ste!ios )od". I thin&
,e %an 'ind that dia(o-e in midd(e -!ond ,he!e ,e %an &ind o' have a 'i!m nde!standin-
and ,e dont (ose innovation )t; at the same time; dont pe!mit %!imina( )ehavio!. =86>64@
TW: I a-!ee that I dont thin& an")od" ,ants mone" (ande!in-. /hen ,e -ot in and 'i!st
sa, Bit%oin a)ot a "ea! and a ha('; a(most t,o "ea!s a-o; I dont thin& an")od" ,o(d den"
that it ,as a )it o' a /i(d; /i(d /est )e%ase the!e ,as no !e-(ationJ the!e ,as no
'!ame,o!& to eva(ate the asset; eva(ate %ompanies to dete!mine ,ho ,as %omp(iant and
,ho ,as not. A /i(d /est att!a%ts %o,)o"s and I dont thin& an")od" he!e ,o(d disa-!ee
,ith the 'a%t that a she!i'' ,o(d )e a -ood thin-. Its <st ho, do ,e app(" that (a,. I &ind
o' (i&e the %on%ept that *!ed )!o-ht p a)ot a )it o' a sa'e ha!)o! ,he!e i' "o !e-iste! and
(et s &no, ,hat "o!e doin-; 'o! a %e!tain pe!iod o' time; so ,e %an )i(d o! te%hno(o-"
and 'o%s on ,hat ,e do ,e(( and the investo!s %an 'o%s on ,hat the" do ,e((; ,hi%h is
)asi%a((" %omin- p to speed on Bit%oin; doin- de di(i-en%e on the sta!t-p as opposed to
havin- to )e%ome a(so a !e-(ato!" eApe!t. I thin& that that ,i(( at (east a((o, the so!t o'
nas%ent %ompanies that a!e sma((; ,ith sma(( 'ndin-; '!om )i(din- thei! te%hno(o-" and
seein- i' it ,o!&s and it a(so doesnt have to ne%essa!i(" !e%!eate... )asi%a(("; the %(t!e o'
investo!s is not to )asi%a((" )e pa"in- mi((ions o' do((a!s in sta!t-ps to ma&e s!e that the"!e
%omp(iant. Im not sa"in- that ,i(( a(,a"s )e the %ase )t I thin& its one o' the thin-s
ent!ep!ene!s have !n thei! head p a-ainst is -oin- to investo!s and sa"in- # I need %apita(
'o! this and this and a(so this h-e sm 'o! !e-(ato!" %omp(ian%e and (a,"e!s. I thin& one
potentia( ot%ome that %o(d %ome '!om the t"pe o' !e-(ation that ,e!e ta(&in- a)ot is
sta!t-ps that a!e -ea!ed to,a!ds he(pin- othe! sta!t-ps )e %omp(iant. +st (i&e a sta!t-p
doesnt; -ene!a((" spea&in-; the" ,o(d otso!%e thei! emai( site o! app(i%ations to (ets sa"
2oo-(e apps. The"!e not ,o!!"in- a)ot thei! ITJ the"!e )asi%a((" otso!%in- that to the
%(od. I' the!es %(ea! !e-(ation; I ,o(d not )e s!p!ised i' the!e a!e othe! %ompanies that
%ome ot and sa" # Loo&; i' "o!e an eA%han-e o! "o!e a mone" t!ansmitte!; o! "o!e
dea(in- in Bit%oin and eA%han-es to 'iat; ,e!e -oin- to he(p "o )e %omp(iant. /e!e -oin-
to o''(oad that )!den '!om "o and ta&e %a!e o' that. The p!o)(em !i-ht no, tho-h; is the!e
is no %(ea! !e-(ation ,he!e the %ompanies %an )asi%a((" )e (i%ensed as a %omp(ian%e t"pe
%ompan". Thats <st one ot%ome; I see; that %o(d potentia((" so(ve the p!o)(em that ,e!e
a(( ta(&in- a)ot he!e. =84>F?@
BL: Its an inte!estin- idea )e%ase %e!tain(" the!e is an enti!e indst!" !i-ht no, he(pin-
)an&s t!" to sta" %omp(iant; 'o! )ette! and ,o!se sometimes. /ith o! BSAPAML !(es and
%e!tain(" the!es an indst!" a(!ead" ot the!e that ma")e pa!t o'; o! a pie%e o' it %o(d )e
spn o'' mo!e into the vi!ta( ,o!(d to t!" and he(p '(ed-(in- %ompanies do that. It ,o(d )e
a ,a" to ens!e that "es; its a sma(( %ompan"; "es; ,e ,ant them to innovate )t; at the same
time; ,e <st %ant (ive in a ,o!(d ,he!e ,e!e -oin- to pe!mit mone" (ande!in- to -o on.
=8F>6:@
*W: That sonds (i&e a te!!i)(e idea to me. =8F>77@
BL: No, ,e!e ta(&in-. (La-hte!) =8F>78@
*W: Bo!e ta(&in- a)ot int!od%in- a(( o' the %ost )a%& into the s"stem that ,e!e t!"in- to
ta&e ot o' the s"stem. Lets <st nde!stand ,hat ,e!e t!"in- to do ,ith Bit%oin. /e!e
t!"in- to %!eate a ,o!(d ,he!e t!ansa%tions %an move -(o)a((" 'o! '!ee; OKG Ma&in- these
%ompanies hi!e some otso!%e %omp(ian%e 'i!m is a )ad idea. The -ood idea is to pt the
%omp(ian%e into the %ode. +st "este!da"; I opened a )an& a%%ont ,ith Kets%he Ban&
)e%ase I -ot dist!i)ted some sto%& '!om a vent!e 'nd Im in and Kets%he Ban& ,as the
a-ent ,ho ,as =inadi)(e@ so I have to open a )an& a%%ont. I had to 'i(( ot 'ive sepa!ate
pie%es o' pape!; I had to 'i(e an AML 'o!m; I had to 'i(e an a%%ont openin- 'o!m; I had to 'i(e
ot a /:; I had to 'i(e ot... ma&e s!e that I ,asnt a pa!tne! in some )!o&e!a-e 'i!m # a((
this st''; !i-htG I' I %o(d have <st athd ,ith m" *a%e)oo& a%%ont; i' I %o(d have <st
-one to the Kets%he Ban& ,e)site and athd ,ith m" *a%e)oo&; it ,o(d have -otten most
o' that in'o!mation di!e%t(" '!om *a%e)oo& and the" %o(d have on-)oa!ded me instant(".
Thats the idea o' pttin- it into %ode. No, "o ma" sa" # Loo&; *a%e)oo& %ant a%t as the
Kno, Bo! Cstome! p!ovide! 'o! the ,o!(d and ma")e thats !i-ht and ma")e thats ,!on-;
I dont &no,; ma")e Lin&edIn p(s *a%e)oo&; p(s 2oo-(e; p(s m" so%ia( se%!it" nm)e!;
p(s m" -(o)a( ent!" nm)e!; I dont &no, ,hat it is )t somethin- (i&e that that %o(d
hand(e AML; Kno, Bo! Cstome! in %ode; as opposed to this !ea((" heav",ei-ht
%omp(ian%e in'!ast!%t!e that ,e!e no, en'o!%in- on %ompanies is the !i-ht ans,e!. That
,a"; "o %an do %omp(ian%e at s%a(e; 'o! no mone" and ,e %an d!ive the %ost to the %onsme!
o' doin- t!ansa%tions do,n to Le!o. O' %o!se; ,e need to stop )ad peop(e '!om movin-
mone" )t )" ma&in- me have to 'i(( ot 'ive 'o!msJ Im a -ood -" # thats not a -ood
ans,e! in m" opinion. =8H>69@
EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
ADVERT:
Eas"KNS is the S,iss A!m" &ni'e 'o! "o! domain names. He(pin- meet thei! %stome!s
individa( needs sin%e 7::5. Eas"KNS has )een an otspo&en %!iti% o' SO$A and CIS$A.
Eas"KNS ,as an ea!(" sppo!te! o' Bit%oin and no, the" a!e p!od to sponso! this sho,. Ko
)siness ,ith a %ompan" that sha!es "o! va(es. 2et a 7FI dis%ont ,hen "o pa" ,ith
Bit%oin. 2o to )it%oin.eas"KNS.%om and )e s!e to se dis%ont %ode LTB. =8?>67@
ADVERT:
Hi; Stephanie he!e. /o(d "o (i&e to t!n "o! )oo& into an enth!a((in- adio )oo&G Need a
pe!sasive %omme!%ia( to p!omote "o! %ompan"G Ho, a)ot a na!!ato! 'o! "o! eAp(aine!
videoG He!es ,he!e I %an he(p. Im a '!ee(an%e voi%eove! a!tist and sin%e 466:; Ive (ent m"
voi%e to doLens o' adio p!o<e%ts. To hea! some eAamp(es o' m" ,o!&; %he%& ot m" ,e)site
,,,.smvoi%e.in'o. I' "o (i&e ,hat "o hea!; Id (ove to )e the voi%e o' "o! neAt p!o<e%t.
2et in to%h at ,,,.smvoi%e.in'o. =8?>F7@
EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
Speec. (% /eorge Papageorgios +E0 o1 2E0 3 BEE
He((o eve!"one. Im 2eo!-e and ,e a!e NEO. /ed (i&e to thin& that ,e!e one o' the
)i--est sta!t-ps in the Bit%oin %ommnit" and ,e!e )ased in C"p!s. Can I see a sho, o'
handsG Ho, man" peop(e a%ta((" &ne, ,he!e C"p!s ,as )e'o!e Ma!%h 467FG (La-hte!)
Its not eve!"one. A(!i-ht. The !e%ent events o' Ma!%h eAposed C"p!s to the p(anet and
a%ta((" sho,ed s that moneta!" s"stems a!e not as sa'e as ,e a(( tho-ht. /e had;
espe%ia((" Kann"; o! CEO; Kann" B!e,ste!; ,ho %o(dnt )e he!e )e%ase ,e!e ve!" %(ose
to (an%h and he %o(dnt ma&e it; so Im !ep(a%in- him 'o! this. He had this tho-ht o' ho,
%o(d "o a%ta((" )i(d in'!ast!%t!e; on a ve!ti%a( s%a(e; not on the t"pi%a( ho!iLonta( s%a(e
that most Bit%oin sta!t-ps a!e doin-; to a%ta((" )!in- Bit%oin to the masses and )!in- a)ot
mo!e adoption ,ith ease o' a%%ess and %onvenien%e; (i&e most(" mo!e o! (ess ,hat the" &ne,
a(!ead". The on(" thin- the" &ne, a(!ead" ,as )an&s. The )an&s do not s''i%e; o' %o!se;
,hen ,e have Bit%oin ,hi%h is 'a! )ette!. /e ,ent on an advent!e t!"in- to %!eate a(( these
se!vi%es one )" one. Id (i&e to ,e(%ome eve!" one o' "o to the NEO e%onom"; as ,e %a(( it.
/e )e(ieve that the peop(e a!e the ne, e%onom"; the" a!e thei! o,n )an&s and )e"ond the
mana-ement team that ,e have; ,e have t,e(ve mo!e '(( time emp(o"ees; ,e have a
dedi%ated team o' deve(ope!s; peop(e ,ho a!e (o%a(s. The" a!e ve!" s&i((ed and )i(d )an&in-
s"stems in the )a%&-!ond and the"ve )een ,o!&in- ,ith s 'o! the (ast 'ive months
deve(opin- a(( the in'!ast!%t!e that ,e need in the )a%&-!ond. /e have a (ot o' peop(e
'!om K$N2; o! aditin-; o! a%%ontin- se!vi%es and ,e have t,o spe%ia(iLed (e-a( se!vi%es
'o! the 'inan%ia( indst!" that ,e(( see '!the! do,n the !oad and a(( the %o!po!ate st!%t!e
that ,e ,ant to )i(d. =85>88@
The peop(e # ,e had to )i(d eve!"thin- '!om s%!at%h. /e had to !e%!it a(( the peop(e; ,e
had to deve(op a(( the mana(s and p!o%esses; t!ainin- them into not on(" nde!standin- ,hat
Bit%oin is )t t!ansmittin- this &no,(ed-e to othe! peop(e ,ho a!e not te%h savv". /e had to
man a(( the stations that ,e!e )i(din- ,ith 48P9 ,e) sppo!t and te(ephone sppo!t and
pe!sona( %onta%t ,ith an"one that !e1i!es it. /e a!e one o' the 'i!st %ompanies ,ho have a
dedi%ated %omp(ian%e o''i%e! ,hi%h %ommni%ates a(( the AML and KBC p!o%esses to the
!e-(ato!" )odies ,ithin C"p!s - o! inte!na( (e-a( %onse(; hes sittin- some,he!e )a%&
he!e. /e have eno-h peop(e to )i(d a ph"si%a(; pe!sona( %onta%t point to eve!"one ,ho
need to &no, ,hat Bit%oin is and ho, it %an )ene'it him. It a(( sta!ts '!om the peop(e.
=8:>8F@
Be"ond that %omes the )i(din-. O! 'i!st )!an%h is -oin- to )e de(ive!ed in the midd(e o'
*e)!a!" ,hi%h is t,ent" da"s a,a" '!om he!e. /e t!ied to -o ,ith an open and t!anspa!ent
desi-n # mo!e '!iend(" and nothin- that (oo&s (i&e a )an& )e%ase ,e &eep !emindin- peop(e
,e!e not a )an& and ,e!e neve! -oin- to )e a )an&. /e dont ,ant to )e a )an&. This is
ho, it (oo&ed "este!da". Its a 'a! %!" '!om the p!evios one )t <st &eep in mind a(( the
mate!ia(s have )een o!de!ed and a!e !ead" and the on(" thin- thats missin- is the assem)(".
=H6>7:@
/hat ,i(( ,e )e doin- at NEOG Initia(("; ,e(( )e a)(e to ph"si%a((" eA%han-e )it%oins 'o!
'iat %!!en%ies and p!ovide to the %stome!s ,hat ,e %a(( the time-(o%&ed a%%ont. It ,i(( )e
an int!od%tion meas!e so that peop(e -et a%%stomed ,ithot !is&in- mone". Ho, do the
time-(o%&ed a%%onts ,o!&G The (imit o' the time-(o%&ed a%%ont ,i(( )e H66 "ea!s. The
initia( te!m ,i(( )e F months. /e!e ta&in- the pe!sona( )et that the Bit%oin eA%han-e !ate
does not -oin- to d!op that si-ni'i%ant(" in these neAt F months. /hat ,i(( )e happenin- is
the" %an )" the )it%oins at a p!i%e o' QH66 and ,e -a!antee that; at the end o' this te!m
!e-a!d(ess o' ,hat the Bit%oin eA%han-e !ate does; it ,i(( sti(( )e QH66. /e %an -a!antee that
'!om o! !ese!ves. /e meas!ed the nm)e!s p!ope!(" so that; !e-a!d(ess o' the t!a''i% that
,e have; ,e %an 'a%i(itate that easi(". In the meantime; i' the p!i%e !ises the %stome! ,i(( -et
a pe!%enta-e o' that -!o,th; i' it happens. The neAt sta-e ,i(( )e; ,hi(st ,eve deve(oped the
in'!ast!%t!e and ,e!e a)(e to hed-e a-ainst o! o,n !is&; ,e(( )e a)(e to o''e! E!o-
pe--ed a%%onts; ,hi%h is somethin- that ,e 'ee( is ne%essa!" in the e%onom" )t its a(so
ve!"; ve!" ha!d to imp(ement. Ho, do "o -a!antee to a pe!son that the va(e o' his mone"
is a(,a"s Q7;666G The initia( mone" that he )!o-ht "o. To do this; "o have to add o!
s)t!a%t )it%oins '!om his a%%ont so that "o a!e a(,a"s a)(e to have a '(oatin- p!i%e o'
a!ond Q7;666. That %o(d )e ve!"; ve!" p!o'ita)(e as a p!oposition )t; at the same time; it
%o(d )e ve!"; ve!" !is&" )e%ase "od need h-e amonts o' !ese!ves. Thats ,h" ,e a!e
postponin- it 'o! no, and ,e!e imp(ementin- it do,n the 't!e. At the same time; ,e!e
)i(din- on the ease o' p!%hase ,ith Eas"%oin. Eas"%oin is one o' the 'astest ,a"s that ,e
%o(d deve(op to -ain a%%ess to %oins '!om an" side o' the p(anet that %an a%%ept the %ash
pa"ment. Bo! AMLPKBC is done ,ithin the 'i!st ho! and i' "o have a Bit%oin ,a((et; "o
(o- in; "o %!eate "o! a%%ont and "o -et "o! )it%oins ,ithin the ho!. /eve %omp(eted
a(( the ,o!& on the so't,a!e )a%&-!ond thats needed and ,eve done the inte!na( testin-.
/hat ,e need to deve(op a )it '!the! a!e the %ash pa"ment p!ovide!s and ,e have a (a!-e
net,o!& o' %ont!ies ,hi%h a!e a)ot to %ome in. Some o' these %ont!ies a!e in Latin
Ame!i%a. Some o' these %ont!ies a!e in E!ope. /e(( see eAa%t(" ho, that pans ot. /e((
pdate an" ne,s th!o-h o! 'o!m and espe%ia((" the Bit%oin %ommnit" ,hi%h p!ovided a((
the 'ndin- 'o! o! initia( sta!t-p. In the 0S; ,e ,e!e aimin- to sta!t ,ith the 0S )t the!e
is %on'(i%tin- (e-a( stats ,ith *INCEN and eve!"thin-. /e have di''e!ent (a,"e!s sa"in-
di''e!ent thin-s so this ,i(( have to ,ait 'o! a (itt(e )it (on-e!. =HF>8F@
Be"ond that; ,e have the B pa"ment net,o!& ,hi%h is somethin- ,hi%h ,o!&s in tandem
,ith the NEO a%%ont )e%ase it a((o,s me!%hants to a%%ept Bit%oin pa"ments and have them
t!ans'e!!ed immediate(" to E!os in thei! a%%ont ,ithot an" &ind o' 'ees 'o! inte!na(
t!ansa%tions and ,ith instant sett(ement; and the %stome! p!ote%tion p!o-!am; ,hi%h as 'a! as
,e &no, has not )een imp(emented "et in an" Bit%oin pa"ment s"stem. These =inadi)(e@
pa"ment te!mina(s that ,e ,i(( )e shippin- to the me!%hants ,i(( have... the" ,i(( )e p!ett"
open so an"one ,ho has )it%oins on thei! Sma!tphone %an pa" on the spot in seve!a( hnd!ed
p(a%es; ,e hope; )" the smme! in C"p!s. The da" that ,e!e openin- the )!an%h on 48
th

*e)!a!"; ,e!e havin- a )i- me!%hant %on'e!en%e in Ni%osia and the neAt da"; ,e!e havin-
the same %on'e!en%e in Limasso(; ,hi%h a!e the t,o )i--est %ities in C"p!s. /e a(!ead"
have a (ot o' inte!est '!om me!%hants ,ho a!e 'i-htin- 'o! p!o'its in this ma!&et. Its )e%ome
ve!" %ompetitive and the!e is a )i- monopo(" on the pa"ment s"stems; so an"thin- that ,e
%an do to he(p them; its !ea(("; !ea((" app!e%iated. =HH>68@
Be"ond that; ,hat ,e 'ee( is missin- '!om ,hat ,e %a(( the NEO e%onom" is !esponsi)i(it"
and !esponsi)i(it" %an )e -a!anteed )" sin- Bit%oin th!o-h s )ein- as t!anspa!ent as
possi)(e and s )ein- as (ia)(e to the (a, 'o! an"thin- that ,e do ,ith o! %stome!s )it%oins
o! o! %stome!s 'nds. In that spi!it; ,e!e app("in- 'o! a C"p!s Investment *i!m (i%ense
,hi%h is the most !esponsi)(e (i%ense ,e %o(d -et in C"p!s. It is passpo!ta)(e th!o-hot
the E!opean 0nion and it a((o,s s to pe!'o!m; in '(( !e-(ato!" '!ame,o!&; these &inds o'
se!vi%es. /e(( see 'o! the 'i!st time that ,e %an !e%eive t!ansmit o!de!s; eAe%te the o!de!s
on )eha(' o' %(ients; dea( ,ith o! o,n a%%onts; mana-e po!t'o(ios o' %(ients; p!ovide
investment advi%e; nde!,!itin- 'inan%ia( inst!ments ,hi%h is ve!"; ve!" impo!tant 'o! the
Bit%oin e%onom" )e%ase it needs a p(a%e ,he!e ne, )sinesses %an -et thei! 'ndin-. I' ,e
%an nde!,!ite inst!ments (i&e sha!es on p!o'its on them and )e a)(e to adit them on ho,
,e(( thei! p!ospe%ts pe!'o!ms; ,e %an have a mo!e de%ent st!%t!e to -et 'ndin- to Bit%oin
)sinesses. =H?>4?@
Ma!&et ma&in- ,hi%h is a ve!"; ve!" impo!tant pa!t thats missin- '!om ma<o! eA%han-es; the
'a%t that ,e dont have eno-h (i1idit" that the ma!&et is sha((o, and; at the same time;
en<o" a nm)e! o' an%i((a!" se!vi%es ,hi%h ,i(( he(p s p!ovide the %onventiona( se!vi%es
,hi%h a!e missin- '!om the Bit%oin e%onom" !i-ht no,. This ,i(( a((o, s to )i(d a t!adin-
p(at'o!m ,hi%h is !e-(ated and this is impo!tant )e%ase an"one ,ho t!ades needs to &no,
that his mone" is sa'e; that the eA%han-e is not -oin- '!a%tiona(; as the!e a!e !mo!s a!ond;
and the" need to &no, that its a p(at'o!m that is adited in the )a%&-!ond. /e!e
%stoma!i(" )i(din- o! o,n p(at'o!m )i(t to pe!'e%tion via a(( the ,o!& that the open
so!%e %ommnit" has done on some (eve(s; p!op!ieta!" deve(opment on othe! (eve(s. One o'
the &e" di''e!entiatin- aspe%ts that ,e(( have is the m(ti-si-nat!e aspe%t o' Bit%oin ,hi%h
,e 'ee( has not )een imp(emented eno-h and ,e 'ee( %an a((eviate some o' the !is& o' t!st.
As the pe!son ,ho deve(oped the open t!ansa%tions said )e'o!e # Bit%oin ,as not )i(t 'o!
t!st; Bit%oin ,as )i(t to )e t!anspa!ent and a t!st(ess s"stem. /e ve!" st!on-(" )e(ieve a((
that. I(( eAp(ain the m(ti-si-nat!e p!o%ess do,n the !oad. =H5>6F@
/e(( )e (i%ensed )" the Se%!it" EA%han-e Commission o' C"p!s; C"SEC; to p!ovide a((
the %ontempo!a!" 'inan%ia( inst!ments that a!e missin- and espe%ia((" ,ith !e-a!ds to the
se!vi%e that ,e ,ant to o''e! # the E!o-pe--ed a%%onts. /e need options and in o!de! to
p!ovide the time-(o%&ed ,a((ets; ,he!e ,e!e essentia((" -a!anteein- to them that ,e(( )"
a 'inan%ia( inst!ment at a 't!e date; ,ith a set p!i%e; this is an option. /e need to )e a)(e
to p!ovide options. This ,i(( a(( ta&e p(a%e ,ith a CI* (i%ense. Be"ond that; ,e!e sti(( not
satis'ied ,ith o! eA%han-e so ,e!e -oin- to deve(op; ,hat ,e %a((; NEOpo!ta(s ,hi%h a!e
-oin- to )e dedi%ated BTMs )i(din- '!om s%!at%h a-ain that %an )e a)(e to 'a%i(itate
NEO,a((ets. I' an"one has an a%%ont on a NEO,a((et; ,hi%h %an a(so )e on(ine; it %an
t!ansa%t ,ith the BTM in a da( 'n%tiona(it" ,a" - inse!t 'iat; ta&e ot )it%oins; inse!t
)it%oins; and ta&e ot 'iat # !e-a!d(ess o' ,hat "o need. Kedi%ated deve(opment ,i(( )e-in
in Ma!%h and ,e ,i(( a(so 'ind it easie! to eApand ,ith the BTMs 'i!st and then; invest in
)i(din- ne, )!an%hes; the t!ainin- o' ne, pe!sonne( so ,e(( -athe! data '!om the BTMs and
)i(d a(on- the )!an%hes th!o-hot E!ope; o! an" othe! %ont!" that has eno-h potentia( to
)e se'(. One o' the )i--est p!o)(ems that ,eve en%onte!ed is %onte!-pa!t" !is&. This is
eAa%t(" the !eason that Bit%oin ,as deve(oped # the t!st(ess aspe%t that ,e ,e!e ta(&in-
a)ot )e'o!e. I' ,e had instittiona( investo!s ,ho ,anted to -et into Bit%oin; ,e 'ee( and
,eve seen and ,eve had inpt '!om 'nds; eA%han-e t!ade!s and )!o&e!s that; %!!ent("; the
!is& is too hi-h. At the same time; ,eve seen that Bit%oin )sinesses a!e a(so ta&in- a h-e
!is& pon themse(ves )e%ase the" 'a%e %onte!-pa!t" !is& '!om an" )an& that %o(d; at an"
moment; sht do,n thei! a%%ont and (eave them han-in- and disso(ve thei! ,ho(e )siness
mode( '!om ,he!e it is. One o' the annon%ements; i' an"one is (oo&in- at the 'o!m # o!
'o!m 'o! the I$.O; that ,e ,anted to ma&e toda" is that one o' the steps that ,e!e ta&in- to
a((eviate this !is& is ,e!e a%tive(" (oo&in- into p!%hasin- an inte!est in a 'inan%ia( instittion
# in a )an&. The!e ,as a dis%ssion )e'o!e that )an&s sho(d )" Bit%oin %ompanies and
,e!e adamant a)ot it that ,e ,ant it to )e the othe! ,a" # Bit%oin )sinesses sho(d )e
)"in- )an&s (App(ase) and tea%h them ho, it sho(d )e done and ho, t!anspa!ent(" ,e
%an ,o!&. Thats the )e-innin- o' it. =7>67>7F@
Movin- on ,ith that; a(( o! ,a((ets in NEO; BEE and the t!adin- a%%onts ,i(( have a m(ti-
si- t!ansa%tion s"stem imp(emented. This means that; at an" point; a se! ,i(( have a p!ivate
&e"; ,e(( ho(d the p!ivate &e" and the thi!d entit" ,hi%h is n!e(ated to s; t!anspa!ent and
p!o)a)(" a m(ti-)i((ion do((a! %ompan" I %annot annon%e "et; Im so!!"; ,i(( ho(d the thi!d
&e". In %ase ,e disappea!; the %stome!s mone" is sti(( the!eJ its pe!'e%t(" a%%essi)(e and
ot o' o! o,n !ea%h. I' somethin- happens to the %stome! (i&e he (oses the p!ivate &e"; he
passes a,a" # the!e ,i(( )e a (e-a( st!%t!e in the )a%&-!ond o' -ettin- the Bit%oin sa'e("
ot ,hi%h is ,hat ,e need. At the same time; ,e(( have the same imp(ementation 'o! the
t!adin- p(at'o!m ,hi%h ,e 'ee( is ve!"; ve!" impo!tant )e%ase the )!o&e!s ,i(( have one &e";
,e ,i(( have one &e" (i' the p(at'o!m is ,o!&in- ,ith s) and the same t!sted pa!t" ,i(( have
anothe! &e". The!e is no %onte!-pa!t" !is& 'o! ,a((et ho(de!s o! )!o&e!s. The (ast thin- Id
(i&e to sho, "o )e'o!e ,e -o is a snea& pea& o' the tease! t!ai(e!s that ,e!e sho,in-
sta!tin- 7
st
*e)!a!" th!o-hot C"p!s. /e!e -oin- on a B(itL&!ie- app!oa%h so ,e!e
-oin- to )om) the media ,ith seven di''e!ent tease! t!ai(e!s 'o! th!ee ,ee&s and )" the
openin- date these seven t!ai(e!s ,i(( %ontine into seven %omme!%ia(s a)ot it. Id (i&e to
see these t!ai(e!s and then eAp(ain to "o ,hat eAa%t(" it is that "o!e seein- so "o dont -et
the ,!on- imp!ession )e%ase its impo!tant. I ,ant to than& "o and )e'o!e that; (et me -o...
o! app!oa%h !e-a!din- .AT %on%e!ns ,o(d )e that sin%e 2e!man" and the 0K is p(annin-
on doin- 'inan%ia( inst!ments; as ,e sa"; ,e 'ee( the same app!oa%h is %o!!e%t 'o! C"p!s
and th!o-hot E!ope. Thats the app!oa%h ,e a!e ta&in- ,ith the !e-(ato!s. Than& "o
'!om me and (ets see the tease!s p(ease.
&Sond o1 t.e teaser trailers'
(App(ase)
Be'o!e I 'inish; p(ease; p(ease ,ait; ,ait # <st a se%ond. The %on%(sion o' this is that a'te!
a(( the tease!s; NEO has )i(t (i&e this shado," ima-e o' the spe! he!o and; in the end; eve!"
%ha!a%te!; ,ho sta!s in the t!ai(e!; opens his shi!t and the!e is a NEO ,!itten nde! it; ,hi%h
means that ea%h and eve!" one o' them is NEO; ,hi%h is o! -oa( to p!omote the spe! he!o
,ithin eve!"one; that %an ta&e the e%onom" in his o,n hands and )e the savio! o' himse('
and his 'ami(". Than& "o ve!" m%h. (App(ase) =7>68>F9@
EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
+RED4TS:
Than&s 'o! (istenin- to Episode 9: o' Lets Ta(& Bit%oin.
ROve!sto%& inte!vie, ,as p!od%ed )" Stephanie M!ph"; edited )" Adam B. Levine
and 'eat!ed $at!i%& B"!ne and Stephanie M!ph"
RBit Li%ense ,as -!a%ios(" p!ovided )" the Livest!eam B!oad%astin- IT
RNEO ,ith 2eo!-e ,as %apt!ed and p!od%ed )" Stephen Ma(a-odi; edited )"
Adam B. Levine and 'eat!ed 2eo!-e $apa-eo!-ios
Msi% ,as p!ovided 'o! this episode )" +a!ed C)ens; 2ene!a( *LL and Ca(vin
Hende!son
Mestions o! %ommentsG Emai( adamN(etsta(&)it%oin.%om
Have a -ood oneD =7>6H>65@