LETS TALK BITCOIN

Episode 82 The Bitcoin Opportunity

Participants:
Adam B. Levine (ABL) - Host
Jonathan Mohan (JM) LTB !o""es#ondent
$a%& 'e"non ($') (o%nde" and CEO o) C"*#ts* e+!han,e
Ha*den -i&& (H-) Co&%mnist on Chinese iss%es
Mi!hae& Case&&e (MC) On the China ma".et )"om No"th Ame"i!an Bit!oin Con)e"en!e
S!ott /o0inson (S/) (o%nde" o) $&%, 1 $&a* Bit!oin
Toda* is (e0"%a"* 2
th
3456 and this is E#isode 23.
7e&!ome to Lets Ta&. Bit!oin8 a t9i!e 9ee.&* sho9 a0o%t the ideas8 #eo#&e and #"o:e!ts
0%i&din, the di,ita& e!onom* and the )%t%"e o) mone*. 'isit o%" 9e0site at
999.&etsta&.0it!oin.!om )o" a&& o%" #ast e#isodes8 )"e;%ent8 o"i,ina& and va"ied #e"s#e!tives
and8 o) !o%"se8 o%" Bit!oin add"esses 9he"e donations a"e a##"e!iated.
M* name is Adam B. Levine and Im the edito"-in-!hie) o) the LTB net9o". and toda* 9e"e
&oo.in, )o" o##o"t%nit*.
Ha*den -i&& is a !o&%mnist 9ith a )ai"&* %ni;%e #oint o) vie9 a 7este"ne" )ami&ia"
9ith the s%0t&eties o) Easte"n !%&t%"e. Ha*den "e!ent&* s%0mitted a #ie!e !a&&ed <The
China S*nd"ome. I )o%nd it to 0e a tho%,ht #"ovo.in, Mino"it* /e#o"t anothe"
9a* to #%sh )o"9a"d
Then8 Ma&!o&m Case&&e is no st"an,e" to China himse&). At the "e!ent No"th Ame"i!an
Bit!oin !on)e"en!e8 Ma&!o&m sha"ed his vie9 o) 9hats ha##ened in China ove" the
"e!ent months and 9hats &i.e&* to ha##en movin, )o"9a"d
7e 9"a# toda*s sho9 9ith S!ott /o0inson8 a &ead at the $&%, 1 $&a* Te!h Cente"
in!%0ato" and mo"e. I !a%,ht %# 9ith him as the* sea"!h )o" thei" )ina& #"o:e!ts to
invest in )o" this8 thei" )i"st "o%nd o) Bit!oin sta"t-%# in!%0ation
(i"st8 LTB !o""es#ondent and Bit!oin N=C o",ani>e"8 Jonathan Mohan8 sat do9n 9ith
$a%& 'e"non8 the man 0ehind C"*#ts*. The* ta&. o"i,ins and destinations8 #"io"ities
and )%t%"e deve&o#ment
En:o* the sho9? @5AB5C
DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD
Jonathan Mohan interview with Paul Vernon
JM: Im sittin, do9n 9ith $a%& 'e"non 9ho is the (o%nde" and CEO o) a site I thin. *o%"e
a&& )ami&ia" 9ith8 C"*#ts*. $a%&8 !an *o% te&& %s 9hat it 9as &i.e sta"tin, itE Ho9 did *o% ,et
invo&ved 9ith !"*#to!%""en!iesE @5A66C
PV: I ,ot invo&ved in 3455 initia&&*. Id hea"d a0o%t Bit!oin and I !"eated a mine"F I set %# a
mine" and sta"ted minin, it %sin, a ,"a#hi!s !a"d 9hi!h is somethin, that *o% !o%&d do 0a!.
then. I #"o0a0&* mined it )o" a !o%#&e o) months and "ea&&* the "et%"n on investment 9asnt
ve"* hi,h at that #oint. The* 9e"e &i.e G3 and the amo%nt o) e&e!t"i!it* I 9as %sin, 9as
m%!h mo"e than that. I ,ot .ind o) 0o"ed 9ith it a)te" a 9hi&e and the"e 9as "ea&&* nothin, I
!o%&d do 9ith Bit!oin at that time. I :%st she&ved it 0%t )o"t%nate&*8 I did not de&ete m* 9a&&et
so I .e#t those. @3A3BC
JM: The"es no sto"* o) H8444 o) them e+istin, in a... @3A3IC
PV: =eah8 I didnt th"o9 them o%t. I :%st t%"ned o)) the !&ient and that 9as that. 7hen 345B
!ame a&on, and a&& o) a s%dden I had #eo#&e te&&in, me He*8 have *o% hea"d a0o%t Bit!oinE
Its %# ove" G544. I 9as &i.e Oh8 Bit!oin. I "emem0e" that. I thin. I have some o) those. I
,ot 0a!. into it. It d"%,,ed me 0a!. into it. I 9ent home8 t%"ned on the Bit!oin !&ient8 9aited
)o" it to do9n&oad t9o *ea"s 9o"th o) !hain that had 0een 9aitin, )o" me to do9n&oad and
noti!ed I had some Bit!oin in the"e. At the time8 I said OK8 Im ,oin, to ,o and se&& them
on Mt-o+ 0e!a%se thats 9he"e *o% ,o se&& *o%" Bit!oin. The* had a 9ho&e ve"i)i!ation
#"o!ess that too. 9ee.s. J%"in, this time8 I sta"ted t"adin, the 0it!oin on thei" e+!han,e
0e!a%se I !o%&dnt !ash o%t. That ,ot me inte"ested in that. I tho%,ht a0o%t minin, a,ain 0%t
9hat I "ea&i>ed 9as that the di))i!%&t* 9as m%!h too hi,h )o" me to set %# some ,"a#hi!s
!a"ds and mine a,ain8 at &east )o" Bit!oin. 7hat I hea"d a0o%t 9as this thin, !a&&ed Lite!oin
that eve"*0od* 9as ta&.in, a0o%t and that *o% !o%&d mine 9ith *o%" -$K. Sin!e I a&"ead*
had -$K !a"ds8 it 9as eas*. I set %# a #oo& and #eo#&e sta"ted %sin, m* #oo& and 0e)o"e *o%
.no9 it8 the"e 9e"e additiona& a&te"nate !"*#to!%""en!ies !omin, o%t E&a!oin8 (eathe"!oin.
The* 9e"ent !omin, o%t as o)ten as the* a"e no9 0%t the* 9e"e !omin, o%t #"o0a0&* on!e a
9ee.. Eve"* time one 9o%&d !ome o%t8 #eo#&e 9ho 9e"e #a"ti!i#atin, in m* #oo&s said
He*8 !an *o% !"eate a #oo& )o" this o"8 !an *o% !"eate a #oo& )o" thatE I said S%"e8 9h* not.
I&& !"eate a #oo& )o" that. $eo#&e 9o%&d mine that and 0e)o"e *o% .no9 it8 I had a0o%t t9ent*
di))e"ent #oo&s set %#. The #"o0&em 0e!ame 9as that #eo#&e had no9he"e to... the* mined
these !oins 0%t the"e 9as nothin, that the* !o%&d do 9ith them. The* !o%&dnt &i;%idate
themF the* !o%&dnt %se them to s#end mone* some9he"e8 o" an*thin, &i.e that. Ha&) the
time8 these ,%*s 9e"e t"adin, these !oins th"o%,h -oo,&e Jo!s on the Bit!oin (o"%m. I :%st
tho%,ht that 9as a ho""i0&e idea to t"ade 9ith #eo#&e on a )o"%m8 that *o% have no idea "ea&&*
9ho the* a"e and ho#e that the* ,ive *o% 0a!. 9hat the a,"eed #"i!e is. I said OK8 I have
a&& these %se"s o) m* #oo&s. Let me !"eate an inte")a!e )o" them to %se to t"ade the
!"*#to!%""en!ies that the*ve ,ene"ated on o%" #oo&s. Initia&&*8 the !oins that 9e"e &isted on
C"*#ts* 9e"e )"om the #oo&s that I had. I 9hi##ed that %# )ai"&* ;%i!.&*. I thin. I ,ot the
0eta ve"sion o%t 9ithin th"ee 9ee.s o) C"*#ts* and it :%st .ind o) too.. $eo#&e &i.ed it and
the* %sed it. Be)o"e *o% .no9 it8 the"es man* mo"e #eo#&e that eve" !ame to m* #oo&s 9e"e
%sin, C"*#ts* and #eo#&e sta"ted as.in, )o" ne9 !oins and !oins that I didnt have a #oo& )o".
I sta"ted investi,atin, those and said OK8 9e !an add that. It :%st .ind o) 9ent )"om the"e
and the "est is histo"*. @LAB6C
JM: I a!t%a&&* have a )"iend 9ho8 9hen he &ea"nt a0o%t Bit!oin8 his on 0oa"din, #"o!ess 9as
thats a&& he did )o" a month and a ha&) 9as Bit!oin8 Bit!oin8 Bit!oin. I to&d him a0o%t
C"*#ts* and I sho9ed him that the"e 9e"e &i.e a h%nd"ed othe" a&t!oins o%t the"e and he 9as
&i.e I !ant hand&e this. It 9as :%st !ons%me me. (La%,hte") @LAL4C
PV: /i,ht. 7e do have %se"s that #"o0a0&* s#end m%!h mo"e time on o%" site than is
hea&th*. @LALHC
JM: I &i.e to te&& #eo#&e He*8 *o% .no9 that thin, that ,oes %# and do9n 34M #e" da* that
9e !a&& Bit!oinE Thats the 0&%e-!hi# sto!.. I 9o%&d &i.e to int"od%!e *o% to this site !a&&ed
C"*#ts* 9he"e *o% !an &oo. at 9he"e the "ea& vo&ati&ities at. @IA54C
PV: /i,ht. Not ne!essa"i&* vo&%me 0%t de)inite&* vo&ati&it*. @IA56C
JM: Oh8 thats )o" s%"e. @IA56C
PV: =eah. @IA5LC
JM: 7hat do *o% thin. is the #&a!e )o" a&t!oins in the e!o-s*stemE Jo *o% a&9a*s thin. that
Bit!oin is ,oin, to 0e the do, and the a&t!oin is the tai&E @IA36C
PV: A&t!oins the #&a!e to mine "ea&&*. I mean8 i) *o%"e a ne9 mine" and *o% dont 9ant to
0%* an ASIC !hi#8 an ASIC mine"8 invest h%,e ;%antities o) !ash and ,ettin, into minin,8
a&t!oins a"e that #&a!e to ,o to ,et into !"*#to!%""en!ies 9itho%t havin, to s#end a &ot o)
mone*. A !oin !omes o%t8 the di))i!%&t* is &o9 and *o% !an mine 9ith the -$K thats on *o%"
&a#to# and a!;%i"e a )e9 !oins that 9a*. J%st .ind o) ,et into the e!o-s*stem. I) C"*#ts* is
a!!e#tin, that !oin8 then *o% !an ,et into the othe" !oins. =o% !an t"ade them )o" Bit!oin and
no98 a&& o) a s%dden8 *o% have 0it!oins and *o% didnt have to s#end an* !ash )o" them.
@HA55C
JM: That so"t o) 0"in,s anothe" e&ement into it 9ith8 9hen *o% ,et an a&t!oin and *o% &ea"n
a0o%t it and *o% 0"in, it onto the e+!han,e8 9hat is that #"o!essE Ho9 do *o% dete"mine this
is an a&t!oin that is "ead* to 0e on C"*#ts*E This is an a&t!oin thats not ;%ite the"e *et8 o" this
is an a&t!oin to 9hi!h I "ea&&* dont thin. 9as made 9ith intent that 9as #%"e. Ho9 do *o%
ma.e those distin!tionsE Ho9 do *o% &oo. into thatE @HAB3C
PV: I have a !o%#&e o) ,%*s that he&# me o%t. One ,%* does &ess o) the non-te!hni!a& st%)).
He&& "evie9 the !oin and the #eo#&e invo&ved and anothe" ,%* is mo"e )ami&ia" 9ith the !ode8
so he&& &oo. at the !ode and ma.e s%"e that the"e a"e no hidden ,ems o" 0%,s. Some !ode
ve"sions a"e .no9n8 es#e!ia&&* 9ith #"oo) o) sta.in,8 that the"e a"e 0%,s in it and i) *o%
)o".ed o)) a !e"tain ve"sion o) Nova!oin8 o" 9hateve" then the"e is a .no9n 0%,. I) *o%
didnt .no9 a0o%t it 9hen *o% !"eated *o%" !oin8 then *o%"e ,oin, to have #"o0&ems &ate".
7e &oo.ed at 9ho !"eated the !oin. A"e the* a!tiveE A"e the* ,oin, to !ontin%e 0ein, a!tive
deve&o#in, this !oinE 7as the"e a h%,e #"emineE I #"e)e" no #"emine 0%t i) the"e 9as a
#"emine8 9hats the #%"#ose o) that #"emineE Ho9 is that "e,%&atedE A"e 9e :%st ho#in, that
the* do 9hat the* sa* the*"e ,oin, to do 9ith this #"emine o" a"e the* a!t%a&&* doin, 9hat
the intent isE 7hats the a&,o"ithmE Ho9 man* %se"s a"e as.in, )o" this !oinE Is this
somethin, that 9e !an inte,"ate easi&* 0e!a%se the"e a"e some !oins that have !ome o%t that
the inte,"ation :%st isnt as eas* as some othe" !oinsE 7e ma* have a hand)%& o) !oins 9e"e
&oo.in, at and these !oins a"e eas* to inte,"ate and this !oin is not that eas* to inte,"ate. The
one thats not eas* to inte,"ate is the one that ,ets #%t on the 0a!. 0%"ne". Not ne!essa"i&*
that 9e 9ont inte,"ate it8 its :%st that 9e have to 9o". a"o%nd the te!hno&o,* to ,et it
inte,"ated. @2ALNC
JM: I :%st thin. that *o%"e in a t"emendo%s #osition to he&# the e!onom* in settin,
standa"ds and ,%ide&ines )o" 9hat it &oo.s &i.e8 9hat a hea&th* a&t!oin &oo.s &i.e8 9hat that
so"t o) s#a!e sho%&d 0e. As 9e"e ,"o9in, into 9hat this !"*#to!%""en!* s#a!e is ,oin, to
0e!ome8 9e "ea&&* need to %nde"stand 0est #"a!ti!es and ,%ide&ines. I mean8 I :%st &i.e
hea"in, 9hat *o%"e sa*in,. I 9ish that the"e 9as a mo"e se&)-"e,%&ato"* 0od*. Li.e i) *o%
and BTC-e and a !o%#&e o) othe"s 9e"e to !ome to,ethe" and sa* He* ,%*s8 these a"e the
,%ide&ines to 9hi!h 9e"e not )o"!in, %#on the e!onom* 0%t 9e "ea&&* thin. that this 9o%&d
0"in, a0o%t the most #ositive e))e!t )o" the a&t!oin e!onom*. Its :%st somethin, I 9o%&d 0e
ve"* e+!ited to ,et 0ehind 0e!a%se I "ea&&* thin. that !omm%na& !omin, to,ethe"8 in 0est
#"a!ti!e settin,8 is "ea&&* 9hat 9e need to ,"o9 as a !omm%nit*. @NA6IC
PV: =eah. 7e "ea&&* dont dis!&ose inte"na&&* o%" dis!%ssions )o" in!&%sion 0e!a%se 9e dont
9ant #eo#&e to !"eate !oins s#e!i)i!a&&* to meet o%" s#e!i)i!ations and then sa* OK8 9h*
a"ent *o% addin, m* !oin. I met a&& *o%" "e;%i"ements. Eve"*thin, is !ase 0* !ase. Eve"*
!oin is !ase 0* !ase and its "ea&&* a0o%t the !omm%nit*. The 9ho&e o) C"*#st* is a0o%t the
!omm%nit*. I) the !omm%nit* is 0ehind the !oin and it seems &i.e a )ai" !oin8 then it 9i&&
#"o0a0&* ,et added. I) its some !oin that some0od* is :%st t"*in, to #%sh and it doesnt
"ea&&* have a &ot o) !omm%nit* 0a!.in, then it #"o0a0&* 9ont 0e a !oin 9e add. @54A33C
JM: I dont thin. I&& 0e t"adin, m* Coin*e #a#e" 9a&&ets ove" the C"*#ts*. @54A3LC
PV: Coin*e had a &ot o) $/ and had a &ot o) #eo#&e 9ho 9anted to do it. 7e had a &ot o)
%se"s "e;%estin, Coin*e!oin 0%t the #"o0&em is that Im not "ead* to ,et into a &e,a& 0att&e
9ith t"adema".s. @54A63C
JM: Most !e"tain&*. @54A6BC
PV: 7e didnt. 7e did not add that. (o"t%nate&* not 0e!a%se hes t"%e to his 9o"d8 as )a" as
#"ote!tin, his t"adema".s. Thats not somethin, that 9e 9o%&d 9ant to ,et invo&ved in.
@54ALLC
JM: /i,ht. 7hat do *o% thin. o) the idea o) 0"and o" !om#an* 0ased a&t!oinsE Ho9
e+!ited a"e *o% )o" thatE 7he"e do *o% thin. the innovation in a&t!oins is ,oin, to 0eE
@55A46C
PV: I thin. that thats a ,ood idea. I &i.e #%"#ose8 I &i.e !oins 9ith #%"#ose somethin,
thats :%st not a !&one o) anothe" !oin 0e!a%se that ,ets 0o"in, a)te" a 9hi&e. 7h* do I 9ant
to %se this !oin i) its :%st a !&one o) this othe" !oinE @55A34C
JM: =o% mean I !ant :%st !han,e the s%##&* #a"amete" and ma.e a tota&&* ne9 !oinE
@55A36C
PV: S%"e *o% !an and i) eno%,h #eo#&e sta"t %sin, it and its #o#%&a" eno%,h then *eah8 *o%
!an. @55A3NC
JM: I thin. Im sta"tin, .5!oin and the"es on&* ,oin, to 0e .5!oin in !i"!%&ation. (La%,hte")
Lets see ho9 )a" it ,oes. @55ABLC
PV: /i,ht and one satoshi !oin )o" eve"* 0&o!. o" somethin, &i.e that. I thin. 0"anded
!oins... *eah8 es#e!ia&&* i) the"e is a #"od%!t o" se"vi!e atta!hed 9ith that. 7e have this !oin
and 9e have this se"vi!e and *o% !an %se this !oin 9ith this se"vi!e. Thats a ,"eat idea. I
dont have an e+am#&e o)) the to# o) m* head 0%t it !o%&d 0e an*0od*. An* sto"e o" an*
ma:o" on&ine o%t&et !o%&d !"eate a !oin and that !o%&d 0e a method o) !omme"!e )o" them.
@53A54C
JM: 7hat do *o% thin. in the a&t!oin s#a!es somethin, to .ee# *o%" e*e on8 o" somethin,
that *o% 9o%&d &i.e to see have deve&o#ed in the ne+t *ea"E @53A5IC
PV: 7a&&ets that a"e a0&e to have m%&ti#&e !oins. @53A34C
JM: M%&ti!oin 9a&&et. @53A33C
PV: =eah8 a m%&ti!oin 9a&&et 9o%&d 0e ni!e and not ne!essa"i&* )o" minin,8 :%st so *o% dont
have )i)t* di))e"ent 9a&&ets "%nnin, on *o%" !om#%te". @53AB5C
JM: B&o!.!hain.in)o is the "oom do9n the"e. 7e sho%&d ,o and *e&& at them and sa* He*8
9h* dont *o% inte,"ate 9ith C"*#ts* and ta.e mo"e a&t!oins. @53ABIC
PV: =eah. 7e have that 9a&&et t*#e o) se"vi!e 9he"e *o% !an ,ene"ate an add"ess and ho&d
)%nds at C"*#ts* 0%t thats not o%" !o"e. Thats not o%" #%"#ose. @53A62C
JM: I have a n%m0e" o) (&o"in!oin on C"*#st* and I have a 0%dd* 9ho is one o) the !o"e
deve&o#e"s and I said He*8 ho9 do I !o&d sto"a,e thisE Is the"e an* eas* 9a* to do thisE He
9as &i.e 7e&&8 *o% do this8 this8 this and that and I 9as &i.e Ah8 I&& :%st .ee# it on
C"*#ts*. (La%,hte") It .ind o) is )%nn* that *o%"e t%"nin, into the de )a!to B&o!.!hain.in)o
)o" a&& the othe" thin,s that a"ent Bit!oin. @5BA4NC
PV: Ho&din, them at C"*#st* is #"o0a0&* )a" mo"e sa)e" than ho&din, them an*9he"e e&se8
es#e!ia&&* on *o%" &o!a& !om#%te" 0e!a%se so man* thin,s !an ha##en to *o%" &a#to#. =o%
!an s#i&& !o))ee on *o%" &a#to# and )"* *o%" ha"d d"ive. Thats it8 "i,htE Kn&ess *o% !an
)i,%"e o%t a 9a* to #%&& the data o%t o) the"e o" some0od* stea&s *o%" &a#to#8 *o%"e s!"e9ed.
@5BAB3C
JM: I 9as #"ett* ha##* 9hen *o% ta&.ed a0o%t the t"ade .e* 9he"e no9 *o% :%st have *o%"
C"*#ts* .e* and that #"ovides an*one 9ho has an a&t!oin thats on C"*#ts* to :%st send *o%
the !oin 0e!a%se I a!t%a&&* had the ,"eat )o"t%ne o) havin, a )"iend 9ho 9anted to #a* me
0a!. the GL4 he o9ed me in N+t!oin8 9hen N+t :%st sta"ted. Hes &i.e He*8 *o% .no9 that
GL4 is 9o"th &i.e GL44 no9. (La%,hte") Im &i.e Jan, it. I 9ish Id :%st ,ot... I :%st didnt
have the time to ,o insta&& the !&ient and do9n&oad the 0&o!.!hain and do a&& those so"ts o)
thin,s. @56A44C
PV: Mmmm. N+t!oin is somethin, that 9e"e &oo.in, at 0%t its one o) those !oins that is
not a !oo.ie !%tte" !oin so the te!hni!a& im#&ementation is somethin, thats ,oin, to ta.e a
&itt&e mo"e time 0%t its #o#%&a" and %se"s 9ant it. Its )ai" and it has #"emine8 o) !o%"se8
0e!a%se o) ho9 the 9ho&e thin, 9o".s 0%t it has a #%"#ose. I )ee& !om)o"ta0&e 9ith that !oin.
@56A3HC
JM: Ive hea"d the 9o"d #%"#ose a n%m0e" o) times - a !oin 9ith a #%"#ose. 7hen *o% sa*
#%"#ose8 9hat do *o% meanE 7hats an e+am#&e o) a !oin 9ith a st"on, #%"#ose so that 9e
!an so"t o) %nde"stand 9hat *o% mean 9hen *o% sa* #%"#oseE @56A65C
PV: OK8 so &i.e #"emine 9ith a #%"#ose. $eo#&e #"emine and then #"emine 9ith a #%"#ose.
I&& ,o !"eate a !oin and I #"emine 34M o) it and I sa* Im ,oin, to %se it )o" ,ene"i! thin,s8
not s#e!i)i! thin,s and the"es nothin, "ea&&* ho&din, me to #e")o"m these a!tions. Thats an
%n!om)o"ta0&e #%"#ose. The"es nothin, ho&din, that ,%* to his 9o"d to sa* that hes ,oin,
to do that that st%)) that he sa*s hes ,oin, to do. An* #%"#ose that seems %n!om)o"ta0&e
.ind o) "ed%!es the &i.e&ihood that 9e&& add that !oin. I) the"es a !oin that had a #"emine
0e!a%se o) an inte"na& #"o!ess that the #"emine 9as 0asi!a&&* "e;%i"ed in o"de" to )a!i&itate
this #"o!ess8 and the #"o!ess is a%tomati!8 then that 9as a #%"#ose. The"es a #%"#ose )o" that8
o" i) some0od* has a 9a&&et and he #%ts the !oins in the 9a&&et and he sa*s OK8 Im %sin,
this )o" this8 Im %sin, this )o" this. This is the 0o%nt* )o" this. This is the 0o%nt* )o" this and
hes a!t%a&&* #a*in, o%t these 0o%nties as the* a"e o!!%""in,8 then ,"eat I mean8 hes doin,
the "i,ht thin,. Thats 9hat Im ta&.in, a0o%t 9hen Im ta&.in, a0o%t #%"#ose. @5LAL3C
JM: One o) the thin,s I 9as s%"#"ised a0o%t 9as... and a!t%a&&* I ,ot it 9"on, a !o%#&e o)
times... *o%"e a!t%a&&* 0ased in Ame"i!a. @5LAL2C
PV: =es. @5LALNC
JM: =o%"e in (&o"ida and I 9as &i.e Oh8 isnt he the one thats in Si0e"ia8 o" /omania8 o"
this o" that. No d%de8 hes in (&o"ida. @5IA4IC
PV: Si0e"ia is a &itt&e !o&d. (La%,hte") I dont 9ant to ,o the"e. @5IA42C
JM: Ame"i!a has s%!h a ha"sh "e,%&ato"* envi"onment that I 9as )"an.&* s%"#"ised that *o%
9e"e 0ased in (&o"ida. Jo *o% intend to move to anothe" !o%nt"* thats mo"e "e,%&ato"i&*
)"eeE @5IA35C
PV: Thats not the intention. I 9"est&ed 9ith this idea o) o))sho"e ve"s%s onsho"e 9hen I 9as
settin, %# the !om#an* and the"e a"e #&%ses and min%ses on ea!h. The #"o0&em is *o% !ant
"%n o))sho"e to "%n a9a* )"om "e,%&ation 0e!a%se the "e,%&ations a&9a*s ,oin, to 0e the"e.
=o% !ant hide )"om it so *o% ma* as 9e&& :%st )a!e it and *o% sho%&dnt %se "e,%&ation as
*o%" dete"mination to 9he"e *o% 9ant to "eside. The dete"mination )o" )o"min, a KS
!o"#o"ation and 0ein, in the KS 9as I 9anted to ma.e #eo#&e !om)o"ta0&e 9ith dea&in, 9ith
me as a !om#an* and to have a "e#%tation and to 0e the de )a!to #&a!e )o" a !om)o"ta0&e and
sa)e envi"onment )o" t"adin, *o%" !"*#to!%""en!*. I) that means I have to !om#&* 9ith
"e,%&ation8 then so 0e it. I #"e)e" not to )i&e a 0%n!h o) #a#e"9o". 0%t i) I have to8 I 9i&&. I&&
do 9hateve" is "e;%i"ed. 7i&& 9e move o))sho"e )o" !e"tain thin,sE 7e ma* 0%t it 9ont 0e
the #%"#ose 0e!a%se o) some "e,%&ation8 it 9o%&d 0e 0e!a%se it 9o%&d ma.e !e"tain thin,s
easie" to do. @5HAB4C
JM: 7hat do *o% thin. Bit!oin sho%&d 0e !ate,o"i>ed asE Jo *o% 0%* into the a",%ment
that the ,ove"nment sho%&d ma.e its o9n !ate,o"* )o" the !"*#to!%""en!* s#a!e in &i,ht o) the
Bit!oin BitLi!en!e hea"in, thats ha##enin, in Ne9 =o". this 9ee.E 7hat do *o% thin. the
dis!%ssion sho%&d 0e 9hen it !omes to ho9 the he!. do 9e !ate,o"i>eE @5HA6NC
PV: I :%st )ee& that 9hateve" the dis!%ssion is8 it :%st needs to 0e dis!%ssed. Its not "ea&&*
0ein, dis!%ssed. I dont &i.e the )a!t that 9e have these 0"oad "e,%&ations that 9e"e 9"itten
t9ent* *ea"s a,o8 thi"t* *ea"s a,o8 that 9e"e t"*in, to )it Bit!oin into. 7e need !&a"i)i!ation
9hi!heve" 9a* it ,oes8 Im not too #a"tia&. I dont "ea&&* !a"e 9hi!h 9a* it ,oes. I :%st 9ant
it dis!%ssed and I 9ant it de)ined. @52A5NC
JM: The on&* thin, thats 9o"se than a 0ad o%t!ome is an %n.no9n 0e!a%se *o% !ant even
#&an )o" it. @52A3BC
PV: /i,ht. I dont &i.e %n.no9ns. I) 9e !an de)ine it8 then 9e !an !om#&* 9ith it. I) its
%n.no9n then its ,oin, to 0e %n.no9n 9hethe" o" not 9e"e in !om#&ian!e8 "i,htE I thin.
its ,"eat that the*"e #%&&in, o%t Bit!oin as a to#i! o) dis!%ssion as )a" as !"eatin, &i!en!es
:%st )o" the vi"t%a& !%""en!* medi%m and ho#e)%&&* ,ood st%)) !omes o%t o) that and othe"
states )o&&o9. 7hat I 9o%&d "ea&&* &i.e is to have some .ind o) one )ede"a& &i!en!e one
!ent"a& entit* to dea& 9ith "athe" than )o"t* somethin, di))e"ent states 0e!a%se its .ind o) a
#ain. @5NA4BC
JM: 7he"e does C"*#ts* )it into the &ands!a#e o) a&t!oin e+!han,esE 7he"e do *o% ,%*s
see *o%"se&) in that s#a!e and 9hats *o%" 9o"&d domination #&anE @5NA5BC
PV: I dont have a 9o"&d domination #&an. @5NA5LC
JM: Thats 9hat *o%"e s%##osed to sa*. (La%,hte") @5NA5NC
PV: The"e a"e thin,s I 9o%&d &i.e to im#&ement and I 9o%&d &i.e to im#&ement them 9e&&.
One o) the thin,s that Ive a&9a*s 9anted to do 9as 0"in, KS do&&a"s to the e+!han,e 0%t8 o)
!o%"se8 thats di))i!%&t8 es#e!ia&&* 0ein, a KS !om#an* 0%t 9e&& ,et the"e. 7hat that 9i&&
a&&o9 is #eo#&e 9ho 9ant to t"ade a&t!oins8 it&& ma.e it m%!h easie" )o" them to 0%* ,"o!e"ies
9ith thei" a&t!oins 0e!a%se "i,ht no9 *o% have to ,o 0asi!a&&*8 !ash o%t *o%" a&t!oin )o"
Bit!oin o" Lite!oin8 ta.e *o%" Bit!oin to a di))e"ent e+!han,e to ,et KS do&&a"s8 o" 9hateve"
!%""en!* *o%"e &oo.in, )o". Its a #"o!ess. I) 9e !o%&d "ed%!e that #"o!ess )o" the )o&.s that
a"e &oo.in, to do that st%))8 then its ,oin, to 0e o) ,"eat 0ene)it. The"e a"e a &ot o) thin,s that
9e 9ant to do and Im not ,oin, to te&& o" 0"oad!ast it o%t on a&& o) o%" )%t%"e endeavo"s 0%t
0asi!a&&*8 eve"*thin, 9e do is ,oin, to 0e to enhan!e the !omm%nit* as a 9ho&e8 es#e!ia&&*
)o" a&t!oins. @34A3BC
JM: -"eat. Than. *o% so m%!h. @34A3LC
PV: =o%"e 9e&!ome. Than.s )o" havin, me. @34A32C
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AVE!T:
K"*#toKit is the 9o"&ds )i"st Ch"ome 0"o9se" Bit!oin 9a&&et. Its the easiest8 )astest Bit!oin
9a&&et #a*ment s*stem 9ith a sim#&e one !&i!. insta&&8 it ta.es :%st se!onds to ,et *o%" 9a&&et
set %# and 0e!a%se K"*#toKit )inds the add"ess and #a*ment )o" *o%8 the"es no mo"e )%ssin,
a"o%nd o" ta0 s9it!hin,. K"*#toKit is mo"e than :%st a 9a&&et. It !omes 9ith a #"e-&oaded
$-$ en!"*#ted so!ia& net9o".8 ne9s)eeds )"om /eddit and -oo,&e and %# to date !ha"ts )"om
e+!han,es. (ina&&*8 K"*#toKit di"e!to"* a&&o9s *o% to ma.e t9o !&i!. #a*ments 9ith an* o)
the Bit$a* me"!hants. On!e *o% insta&& K"*#toKit8 *o% 9ont need an*thin, e&se. (o" mo"e
in)o"mation8 o" to do9n&oad K"*#toKit8 visit 999.K"*#toKit.!om. @35A34C
AVE!T:
7o%&d *o% &i.e to 0%* Bit!oinE Cash Into Coins #"ovides the )astest8 easiest and sa)est 9a*
to 0%* Bit!oin in the Knited States. Sim#&* #&a!e an o"de" on&ine8 de#osit !ash at an*
s%##o"ted 0an. and "e&a+. Cash Into Coins 9i&& ve"i)* *o%" de#osit and send o%t *o%" Bit!oin
9ithin 36 ho%"s. Join tens o) tho%sands o) #eo#&e 9ho have #%"!hased )"om Cash Into Coins.
7hat a"e *o% 9aitin, )o"E B%* *o%" Bit!oin toda*. -o to 999.!ashinto!oins.!om. @35ALNC
DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD
AB": #The China S*nd"ome 9"itten 0* Ha*den -i&& and "ead 0* Adam B. Levine
Part One $ Practicin% &uiet diplo'acy and winnin% 'ainland acceptance o( Bitcoin)
The China ;%estion is a "heto"i!a& iss%e o) #o&iti!a&8 mi&ita"* and e!onomi! )o"!e. Its
amo"#ho%s nat%"e !han,in, )"om a matte" o) !o&d 9a" 0e&&i!osit* to di#&omati! en,a,ement8
!onve"tin, *et a,ain into 7hite Ho%se s%mmits and !%&t%"a& e+!han,es )o&&o9ed 0* massive
investments and m%t%a& 0onds o) )inan!ia& inte"-de#enden!*8 !&ima+ed 0* st"ate,i!
!om#etition. It is this sit%ation nea"&* O o) a !ent%"* o) "evo&%tion and %#heava& o) )ive
*ea" #&ans and ,"eat &ea#s )o"9a"d8 o) )amine8 "a#id ind%st"ia&i>ation and demands )o"
#e"sona& &i0e"t*. Its this 9hi"&9ind o) !han,e )"om Comm%nist #o9e" to !a#ita&ist
e+!itement that ma.es Chinas &eade"s #ine )o" the sa!"edness o) sta0i&it*. To m* )e&&o9
s%##o"te"s o) Bit!oin8 these events a"e a #"ime" a0o%t mode"n Chinese histo"* and the
ne!essit* )o" ;%iet di#&oma!*8 th%s8 9e sho%&d vie9 the $eo#&es Ban. o) China "est"i!tions
a0o%t the %se o) Bit!oin as an o##o"t%nit* to ass%a,e the !on!e"ns o) main&and )inan!ia&
instit%tions and mem0e"s o) the Comm%nist $a"t* o) China. 7e8 as %se"s8 me"!hants and
!ham#ions o) this a&te"native !%""en!* need to t"ansition o%" a!tions and tem#e" o%" &an,%a,e
9itho%t #o&&%tin, o%" messa,e8 so Bit!oin !an )&o%"ish a&on,side the "enmin0i and *%an. 7e
m%st #"a!ti!e the a"t o) #o&iti!s as ed%!ation8 ena0&in, Chinas &eade"s to ta.e !"edit )o"
em0"a!in, Bit!oin8 9hi&e "eass%"in, main&and o))i!ia&s that this !%""en!* 9i&& not "e#&a!e the
"enmin0i. (o" the ;%iet di#&oma!* I #"o#ose8 is an a!.no9&ed,ement o) "ea&it* as 9e&& as an
%nde"standin, o) the s*m0o&ism o) a nations #a#e" mone* - im#"inted on eve"* "enmin0i8
do&&a"8 e%"o8 #eso and *en %#on this !o&&e!tion o) !otton and &int in h%es o) "ed8 ,"een and
*e&&o98 9hi!h 0ea" the ima,es o) #"emie"s8 #"esidents and #"ime ministe"s. Im#"inted on )iat
mone* is a statement o) nationa&ism that 9e8 the $eo#&es /e#%0&i! o) China8 a"e ,"eat a!to"s
on the e!onomi! sta,e. In othe" 9o"ds8 dont th"eaten the sta0i&it* o) the main&and o"
dis"es#e!t he" #"o:e!tion a!"oss Asia and the $a!i)i! /im. A!hievin, this ,oa& sta"ts 9ith the
.ind o) ;%iet di#&oma!* 9e !an #"a!ti!e th"o%,h so!ia& media8 9he"e 9e modi)* o%"
&an,%a,e )"om %to#ian #"o#he!ies to #"a,mati! !omm%ni!ations. Indeed8 the Bit!oin
!omm%nit* needs to have its o9n ve"sion o) the th"ee :oint !omm%ni;%Ps a !o&&e!tive8
a&0eit &ess o))i!ia& se"ies o) statements )"om to# investo"s8 mine"s and me"!hants8 that this
a&te"native !%""en!* is a 9e&!ome asset )o" the $eo#&es Ban. o) China8 0oth as a means o)
#"o)it and as a hed,e a,ainst in)&ation. The #"omise o) addin, "even%e and a T"eas%"* a9ash
in mo"e ta+ do&&a"s8 than.s to the a!!e#tan!e and %se o) 0it!oins8 is a 0oon )o" the main&and
and an att"a!tive addition to Chinas sove"ei,n 9ea&th )%nds. @36ALNC
Part Two Preservin% sta*ility and easin% acceptance o( *itcoins one country+ two
syste's)
The 0est e+am#&es o) s%!!ess o) ;%iet di#&oma!* "e,a"din, Bit!oin8 is the one 0et9een Hon,
Kon, and the main&and. 7ithin the )o"me"8 9ith its o9n #o&iti!a& s*stem8 inde#endent
:%di!ia"* and !%""en!*8 the"e a"e a&so Bit!oin ATM ma!hines8 one o) 9hi!h #"o!essed G5m in
t"ansa!tions &ast month. The #&a!ement o) mo"e o) these ma!hines8 as 9e&& as the )"e;%en!*
0* 9hi!h "esidents and t"ave&&e"s in Hon, Kon, %se these ATMs8 !on)i"ms t9o im#o"tant
#oints. The )i"st is a0o%t #o&iti!a& and e!onomi! )"eedom8 9hi&e the othe" is a matte" o)
!ommon sense. -iven the &eve& o) !on!e"n a0o%t sta0i&it* )"om main&and o))i!ia&s8 the"e is a
)&i#side to 0it!oins. The"e is no s%!h thin, as a &itt&e 0it o) )"eedom. Its not se&)-!ontained
and its not !ont"o&&a0&e and 9hateve" *o% "e&ease he"e 9i&& "eve"0e"ate 0e*ond the e+#anse o)
s.*&ine and ha"0o"s o) Hon, Kon,. Neithe" the a&tit%de o) 'i!to"ia $ea.8 no" the hi,h "ises o)
Ko9&oon $enins%&a !an en!&ose an idea8 invisi0&e in its #"esen!e and vi"a& in its
dissemination. Time8 and time a&one8 9i&& so)ten the main&ands "esistan!e to the %se o)
0it!oins. Events !an8 ho9eve"8 a!!e&e"ate time8 #"ovided the inevita0&e is not a s*non*m )o"
%navoida0&e !haos. ("eedom and &i0e"t* have thei" o9n !onst"aints 0* &a9 and 0* !%stom 0%t
the* ,a"ne" a!!e#tan!e as an iss%e o) !ommon sense. Let %s8 the"e)o"e8 do o%" d%t* and
ed%!ate main&and me"!hants and 0an.e"s a0o%t the m%t%a&&* 0ene)i!ia& "e&ationshi# 0et9een
0it!oins and the "enmin0i. 7ith h%mi&it* and "eso&%tion8 &et %s #"a!ti!e the ;%iet di#&oma!*
that main&and dese"ves and 9hose !iti>ens e+#e!t to "e!eive. 7e !an m%te o%" t"%m#ets
9itho%t si&en!in, o%" t"i%m#ha& s#i"its 0e!a%se 9e !an and sho%&d de)e" to the needs o) the
$eo#&es Ban. o) China8 9hi&e ed%!atin, he" &eade"s and ,%idin, he" mem0e"s to9a"ds a
so%"!e o) #"o,"ess and 9ea&th. Those a!tions a&so si,ni)* the evo&%tion o) the Bit!oin
!omm%nit* )"om o%t&ie"s on the )"in,e to o!!%#ants o) mainst"eam !"edi0i&it*. 7ith the
a""iva& o) that mi&estone8 9e !an "e:oi!e in the Chinese #"ove"0 a0o%t 0ea%t*8 !"eatin,
ha"mon* in the home so the"e ma* 0e o"de" in the nation and )"om that o"de"8 the"e ma* 0e
#ea!e in the 9o"&d. Let %s !he"ish that ada,e. @3HA36C
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Michael ,aselle on the ,hina 'ar-et (ro' the .orth A'erican Bitcoin con(erence
Hi8 m* name is Ma&!o&m Case&&e. Im :%st ,oin, to ta&. to *o% a &itt&e 0it a0o%t 9hats
ha##enin, in the China ma".et. I thin. that the"e a"e a &ot o) inte"estsF a &ot o) thin,s have
!han,ed ove" the #ast si+ months. A !o%#&e o) months a,o8 I 9as s#ea.in, at the 'e,as
!onvention on Bit!oin. Im an investo" in one o) the e+!han,es in China. It 9as a #"ett*
e+!itin, time 0e!a%se at that time8 China 9as !ont"i0%tin, the &a",est amo%nt to the t"ade
vo&%me and thin,s have !han,ed a &ot. I tho%,ht 9hat Id do8 sin!e I thin. its an a"ea o) a &ot
o) inte"est )o" )o&.s8 9o%&d 0e to ta&. a0o%t 9hats ha##enin, in the China ma".et and ma*0e
,ive *o% a &itt&e histo"i!a& #e"s#e!tive in 9he"e thin,s a"e ,oin,. @32A42C
(i"st o) a&&8 *o% ,%*s #"o0a0&* .no9 that8 at the 0e,innin, o) the *ea"8 the China !ont"i0%tion
to t"ade vo&%me 9as LM at 0est8 and the"e 9as :%st this intense "%n-%# and ove"ni,ht eve"*one
9as "ea&i>in, 7ait8 the Chinese t"ade"s a"e a!t%a&&* d"ivin, the #"i!e. Thei" #"e)e"en!e is8 i)
the* tho%,ht it 9as a ,ood da*8 #"i!e 9ent %# a &ot and i) it 9ent do9n8 same thin,. A &ot o)
the "eason )o" that8 9e 0e&ieve8 9as #a"tia&&* 0e!a%se in the Chinese e!onom*8 the"e a"e a )e9
#&a!es to a!t%a&&* #%t mone*. /ea& estate 9as a ma".et that ,ot ve"*8 ve"* hot and ,ot sh%t
do9n8 in man* 9a*s 0e!a%se the )inan!in,... the a0i&it* to 0asi!a&&* )inan!e "ea& estate 9as
sh%t do9n. The a0i&it* to 0%* m%&ti#&e #"o#e"ties )o" investment ,ot sh%t do9n and in a
savin,s a!!o%nt in China8 *o% ma.e a&most nothin,. Basi!a&&*8 the ave"a,e !ons%me" the"e
sa*s He*8 9o9? Bit!oin is a!t%a&&* a #&a!e )o" me to s#e!%&ate. Thats one !ont"i0%tin,
)a!to". The se!ond )a!to" is that its a ve"* te!hni!a&&* savv*... the"es a h%,e te!hni!a&&*
savv* a%dien!e the"e8 so the idea o) the !om#&e+it* a"o%nd Bit!oin is not a 0i, dea&. Its a
ve"* en,inee"in, d"iven so!iet*. The thi"d !ont"i0%tin, )a!to" is !%&t%"a&&*8 the Chinese :%st
&ove to ,am0&e. In )a!t8 ,%*s 9ho da* t"ade the"e8 thin. o) it &i.e a :o0 and the* !a&& it
,am0&in, 0%t the*"e &i.e =eah8 thats m* :o0. I ,am0&e )o" a &ivin,. Its "ea&&* :%st &i.e this
thin, that #eo#&e do. The"e a"e :%st a &ot o) "easons 9h* Bit!oin 0e!ame a!!e#ta0&e 0%t then
the )o%"th )a!to"8 9hi!h I thin. "ea&&* made it a #e")e!t sto"m8 9as a&& o) the e+!han,es
de!ided He*8 9e"e not ,oin, to !ha",e an* )ees. As soon as the"e 9as no !ost to ,et in and
,et o%t o) a #osition8 it :%st 9ent n%ts and then *o% sa9 9hat ha##ened tons o) mone*
sta"ted to #o%" into the ma".et8 the #"i!e shot %# to G58344 and 9e&&8 the"e 9e"e othe" #ea.s as
9e&&. That "ea&&* ,ot the attention o) the "e,%&ato"s. @B4A52C
The "e,%&ato"s had 0een &oo.in, at this )o" ;%ite a 9hi&e and 0een t"*in, to8 I thin.8 de!ide
inte"na&&* 9hat to do. The"e 9as not a &ot o) in)o"mation as to 9hat the* 9e"e thin.in, and
9hat the* 9e"e #&annin,. As *o% .no98 a &ot o) othe" ma".ets &i.e -e"man*8 Canada8 the KS
9e"e a&& so"t o) ma.in, some statements8 some hints as to 9he"e the* 9e"e ,oin, and 9hat
the* 9e"e ,oin, to do 9ith it. I thin. China8 inte"na&&*8 9as t"*in, to )i,%"e o%t 9hat made
sense e+te"na&&* and a&so8 &oo. and see ho9 othe" )o&.s 9e"e hand&in, it. A !o%#&e o) thin,s
ha##ened in s%!!ession and &ite"a&&*8 "i,ht a)te"... I 9as on sta,e in 'e,as and some ma:o"8
ma:o" thin,s ha##ened. One the ,ove"nment said 7e&& OK8 Bit!oin is not a !%""en!*. B*
doin, that8 that 9as a!t%a&&* a ,ood thin, in man* 9a*s 0%t 9hat the* a&so said 9as the* said
9as =o% !ant %se it to set #"i!in,8 so that means that te!hni!a&&* i) *o%"e se&&in,
somethin,8 *o% !o%&dnt #"i!e it in Bit!oin. The idea that *o% !o%&d a!t%a&&* set &i.e
Ti,e"Ji"e!t and Ove"sto!.8 and so )o"th8 9e"e settin, #"i!es8 that 0asi!a&&* too. that o#tion
o)) the ta0&e )o" China8 9hi!h )o" ,%*s 9ho have #a*ment #"o!esso"s8 o" have a &ot o)
investments and one o) them is in a #a*ment #"o!esso"8 I 9as .ind o) ho#e)%& 9e 9o%&d 0e
a0&e to do 0%siness in China. That .ind o) &i.e &e)t the "oom. @B5A66C
Audience &uestion: 7h* did the* do thatE @B5A6LC
M,: Its a ,ood ;%estion. Eve"*0od* sa*s 7h*8 9h*8 9h*E 7hats the "ationa&eE I
mean8 9e as.ed that as 9e&&. 'e"* "a"e&* do *o% ,et e+#&anation and I&& te&& *o% that
9hateve" e+#&anation *o% do ,et is #"o0a0&* not the one thats the "ea& "eason. The"es a &ot
o) misdi"e!tion ,oin, on he"e. This is #o&iti!s and its 0i,. I mean8 *o%"e dea&in, 9ith 0i,8
0i, minist"ies and so )o"th. 7e dont "ea&&* .no9 9h* 0%t I 9o%&d sa* that one o) the iss%es
is !%""en!* !ont"o& in China is ve"*8 ve"* sensitive and so the o0vio%s "ationa&e 9o%&d 0e
Oh8 9e dont 9ant somethin, that 9o%&d !om#ete 9ith the "enmin0i inside o) Chinese
0o"de"s. The"e 9as a "%n-%# )o" somethin, !a&&ed the QQB 9hi!h 9as anothe" vi"t%a&
!%""en!*. This 9as a&most ten *ea"s a,o and it had t"adin, #&at)o"ms and it 9as iss%ed 0* a
#"ivate !om#an* and it had a va&%e and #eo#&e 9e"e t"eatin, it &i.e mone*. That ,ot sh%t
do9n so"t o) %nde" the same ,%ise o) He*8 *o% !ant #"i!e thin,s in this8 and *o% !ant t"ade
it &i.e mone* and so )o"th. That isnt e+a!t&* 9hat ha##ened he"e 0%t the"e 9as a #"e!edent
)o" it. A &ot o) #eo#&e 0e&ieve thats "ea&&* 9hat it !omes )"om. No0od* !an sa* )o" s%"e 0%t
thats .ind o) a &ot o) #eo#&es theo"*. @B3ALIC
The ne+t thin, that ha##ened 9as the* said 7e&&8 t"adin, Bit!oin8 o" Bit!oin as a 0%siness8
in dea&in, 9ith it8 hand&in, it and so )o"th8 ins%"an!e !om#anies8 0an.s8 !ommodit* )i"ms
*o% !ant to%!h that. That 9as a!t%a&&* ,ood ne9s 0e!a%se the* 0asi!a&&* !"eated s9im &anes
and the* said that a&& these othe" 9e&& esta0&ished8 9e&& )inan!ed8 &a",e ind%st"ies !o%&dnt
#a"ti!i#ate in the Bit!oin e!o-s*stem. A&& the ,%*s in the Bit!oin e!o-s*stem 9e"e doin,
!a"t9hee&s 0e!a%se 9e 9e"e &i.e 7oohoo? 7e have &i.e a )"ee "ein to ,o and "o&& o%t o%"
0%sinesses and deve&o#. That 9as ,ood ne9s. 7e 9e"e &i.e OK8 thats not too 0ad. That
anno%n!ement 9as "i,ht 0e)o"e the !on)e"en!e and then8 "i,ht a)te" the !on)e"en!e8 0asi!a&&*
the ,ove"nment !ame o%t and heavi&* diss%aded thi"d #a"t* #a*ment #"o!esso"s )"om 9o".in,
9ith Bit!oin e+!han,es. The* didnt o%t"i,ht sa* He*8 its i&&e,a&8 9hi!h is anothe" ta!ti! to
&eave the doo" o#en to do thin,s &ate" 0%t m* %nde"standin, the"e 9as 0asi!a&&* a ;%iet
meetin, 9ith the #a*ment #"o!esso"s. The* ,ot them a&& in a "oom and the* 9e"e &i.e =o%
need to sto# doin, 0%siness 9ith the e+!han,es. The ne+t da*8 a&& the #a*ment #"o!esso"s
0asi!a&&* said No mo"e. That 9as 0ad ne9s 0e!a%se it meant that *o% 9e"e no &on,e" a0&e
to %se a #a*ment #"o!esso". Thin. o) it &i.e a $a*$a&8 the e;%iva&ent o) 0ein, a0&e to )%nd
)"om *o%" 0an. a!!o%nt and then t"ans)e" that mone* to an e+!han,e. =o% 9e"e no &on,e"
a0&e to do that. That "ea&&* too. a &ot o) 9ind o%t o) the sai&. The se!ond thin, the* said 9as
Ban.s 9e"e no &on,e" ,oin, to 0e a0&e to a!!e#t de#osits and 9ithd"a9a&s )o" Bit!oin
e+!han,es. That 9as ho""i0&e. The* said that 0* the end o) Jan%a"*8 a&& mone* had to 0e
ta.en o%t and *o% had a #e"iod o) time to ,et *o%" mone* o%t i) *o% had it sittin, in an
e+!han,e and *o% 9anted to de#osit it to *o%" 0an. a!!o%nt. That sent a !hi&& th"o%,h the
9ho&e e!o-s*stem. Its a!t%a&&* ;%ite simi&a" to 9hat ha##ened in the KS a"o%nd e+!han,es
and 0an.s dea&in, di"e!t&* 9ith e+!han,es. The "eason 9h* *o% !an sti&& %se Coin0ase in the
KS is 0e!a%se the*"e not a!t%a&&* t"adin, and have an o"de" 0oo. the 9a* a &ot o) othe"
e+!han,es do. The* have a !om#&i!ated 9a* o) essentia&&* 0%*in, ahead and *o%"e 0%*in,
o%t o) thei" invento"*8 o" the*"e se&&in, o%t o) thei" invento"* and vi!e ve"sa its a s%0t&e
di))e"en!e in the "%&es that a&&o9s them to !ontin%e 9hat the*"e doin,. Ban.s8 in ,ene"a& in
Ame"i!a8 i) *o% t"* to o#en an e+!han,e8 the*"e &i.e He*8 9e dont 9ant to to%!h Bit!oin.
=o% !an ,o to 0an.8 a)te" 0an.8 a)te" 0an. and the*"e #"ett* m%!h te&& *o% that. Thats so"t
o) that 9a* no9 in China. @BLA63C
The"e is an e+!han,e8 ho9eve"8 that is 0"ea.in, the "%&es and *o% de#osit to a !o"#o"ate
a!!o%nt. Thats the one on the &ist he"e RRRRRRRR 9hi!h *o% !an see in the #ast thi"t* da*s8
0e!a%se the*"e the on&* ones doin, this8 the*"e doin, a&most a&& o) the vo&%me in China8 in
"enmin0i. Thats #"ett* m%!h 9h*. The"e is a &ot o) s#e!%&ation that thei" vo&%me n%m0e"
isnt "ea& 0%t 9e !an ta&. a0o%t that a&& da* &on,. The"es a &on, #"e!edent )o" )o&.s in China
not "ea&&* "e#o"tin, a!!%"ate n%m0e"s to a##ea" 0i,,e" 0%t 9e do .no9 thei" vo&%me is
si,ni)i!ant&* &a",e" than othe" ,"o%#s8 main&* 0e!a%se the* a"e sti&& a!!e#tin, 0an. de#osits
and its in a ve"*8 ve"* ,"e* a"ea. The !om#an* has in!"edi0&e &ia0i&it* 0e!a%se its
essentia&&*8 not a&&o9ed. @BIA32C
Thats the !%""ent e!o-s*stem. Basi!a&&*8 *o%"e not a&&o9ed to %se a thi"d #a"t* #a*ment
#"ovide"8 &i.e a $a*$a&8 to )%nd *o%" a!!o%nt. =o%"e not a&&o9ed to essentia&&*8 de#osit into a
0an. a!!o%nt te!hni!a&&*. Ho9 a"e *o% ,oin, to t"ade Bit!oinE Thats a 0i, ;%estion.
No0od* "ea&&* .no9s. The* have not o%t&a9ed Bit!oin in China. The* have not said its
i&&e,a&. O) !o%"se8 *o% !an do #e"son to #e"son t"ansa!tions &i.e the Lo!a&!oins mode&. The"e
is no "est"i!tion a"o%nd that that 9eve seen. Its a #"ett* %n!e"tain time a"o%nd ho9 the e!o-
s*stem is ,oin, to %n)o&d. @BHA45C
Let me ta&. a &itt&e 0it a0o%t othe" thin,s that ha##ened in histo"* that 9o%&d ,ive %s an idea
o) ho9 thin,s mi,ht %n)o&d. T*#i!a&&* in China8 9hen somethin, is %n"e,%&ated8 the"e 9i&& 0e
seve"a& #&a*e"s 9ho 9i&& o#e"ate in this ,"e* >one and then8 9hat ha##ens is on!e "e,%&ation
is dete"mined8 the to# seve"a& #&a*e"s8 to# hand)%& o) #&a*e"s8 53B #&a*e"s 9i&& ,et &i!en!es
and eithe" the*&& a%!tion o)) additiona& ones o" the*&& :%st sa* thats it. Most o) the
e+!han,es 0e&ieve that as &on, as the* maintain o#e"ations and t"* to )o&&o9 the "%&es as m%!h
as the* !an8 event%a&&*8 9hen &i!en!in, !omes o%t8 the*&& 0e a0&e to o#e"ate 9ith a !e"tain
amo%nt o) &e,itima!*. This ha##ened 9ith vi"t%a& ,oods. 'i"t%a& ,oods 9as ve"* inte"estin,
0e!a%se8 simi&a" to the QQB e+am#&e I ,ave *o%8 vi"t%a& ,oods had va&%e to #eo#&e. It 9as a
so"t o) a9esomeness )"om some MMO/$-8 #eo#&e 9e"e t"adin, and a!t%a&&* ma.in, mone*
o)) o) it. That 0e!ame ve"*8 ve"* 0i, ve"* ;%i!.&* in China and so then the"e 9as a ;%estion
o) ho9 is this ,oin, to "e,%&atedE In Ko"ea8 the* set a ve"* inte"estin, #"e!edent 9hi!h is
9hat ended %# ha##enin, in China as 9e&&. The "e,%&ato" said I) *o% a"e a ,ame !om#an*8
*o% !annot "%n *o%" o9n e+!han,e )o" these ,oods. That 9as "ea&&*8 "ea&&* ,ood )o" the
!ons%me"s 0e!a%se it meant *o% !o%&dnt se&)-dea&. In othe" 9o"ds8 i) *o% 9e"e the !"eato" o)
a vi"t%a& ,ood8 the )a!t that *o% !o%&dnt "%n an e+!han,e meant that *o% !o%&dnt mani#%&ate
#"i!e8 *o% !o%&dnt mani#%&ate s%##&* and demand and so )o"th. It 9as ,ood to have it as a
thi"d #a"t* thin,. 7hat 9as 0ad8 ho9eve"8 9as that the ,ove"nment 9as in!"easin,&*
!on!e"ned a0o%t the im#a!t o) these ,ames on so!iet* and ho9 #eo#&e 9e"e ,ettin, addi!ted
to it and so )o"th. Ove" time8 the"e 9e"e "e,%&ations that t"ied to 0asi!a&&* !ont"o& a,es o)
#eo#&e 9ho !o%&d #a"ti!i#ate and so )o"th 0%t event%a&&*8 9hat ha##ened 9as &i!en!es 9e"e
iss%ed and the ,%*s 9ho 9e"e ea"&* ended %# ,ettin, those &i!en!es and have 0i&&ion do&&a"
0%sinesses toda*. @B2ALLC
7hat a &ot o) %s 0e&ieve is that event%a&&*8 the ,ove"nment 9i&& iss%e some .ind o) &i!en!in,
and the ,%*s 9ho a"e #&a*e"s8 as &on, as the* #&a* ni!e and maintain "e&ationshi#s 9ith the
"e,%&ato"s8 9i&& %&timate&* ,et a!!ess to that &e,itima!* and then 0e a0&e to do 0%siness. In
the meantime8 the"e is sti&& a &ot o) t"adin, ha##enin, in China. =o% !an see8 i) *o% &oo. at
the #ast thi"t* da*s8 even i) *o% dont 0e&ieve this n%m0e" o) vo&%me &ets sa* it 9as ha&)
that8 China sti&& "e#"esents a #"ett* si,ni)i!ant !ont"i0%tion to the ,&o0a& t"ade vo&%me and I
thin. it 9i&& )o" the )o"eseea0&e )%t%"e. I thin. that on!e "e,%&ation !omes o%t8 9e"e ,oin, to
see a m%!h 0i,,e" #"o&i)e"ation o) 9a*s it !an 0e %sed. The minin, !omm%nit* in China is
#"ett* massive. Minin, has not 0een "e,%&ated in an* 9a*8 sha#e o" )o"m the"e. The"e is
some )ea" that that !o%&d ,et "e,%&ated i) minin, 9e"e s%dden&* made i&&e,a&8 that 9o%&d
de)inite&* 0e a ve"* !ha&&en,in, #&a!e )o" the Bit!oin !omm%nit* 0%t I dont thin. that thats
,oin, to ha##en. Id sa* the &i.e&ihood is #"ett* &o98 as )a" as I !an te&&. That is #a"t o) the
e!o-s*stem the minin, !omm%nit* the"e is ve"* st"on, and the"e is a &ot o) 0e&ieve"s in
Bit!oin8 simi&a" to )o&.s he"e. @64A53C
7hats ha##enin, in the )%t%"eE $ost-"e,%&ation I thin. the ma".et the"e 9i&& 0e ve"*
e+!itin,. The"es de)inite&* a &ot o) enth%siasm and a &ot o) #a"ti!i#ants sti&& on the t"adin,
side. One o) the thin,s that does !han,e thin,s 9ith the "e,%&ato"s is the !ha",in, o) )ees.
The to#i!s !han,e he"e is not !ha",in, )ees and so the*"e sti&& 0asi!a&&*8 a&&o9in, #eo#&e to
,et in and o%t o) #ositions8 so it d"ives a t"emendo%s amo%nt o) vo&%me. The "e,%&ato"s do
9ant )ees !ha",ed 0e!a%se the* 9ant a &itt&e 0it mo"e !ont"o& ove" the ,"o9th o) the ma".et.
Basi!a&&*8 0e)o"e "e,%&ation &ast month8 the ma".et 9as :%st ,"o9in, ve"ti!a&&* it 9as :%st
insane. A)te"9a"ds8 its no9 ,"o9in, at8 I ,%ess8 ma*0e a &ess a,,"essive !%"ve 0%t sti&&
,"o9in,. I thin. that %&timate&*8 )ees in the ma".et a"e ,ood 0e!a%se it 9i&& so"t o) .ee#
thin,s a &itt&e 0it mo"e o"de"&*. That ,ives *o% .ind o) an ove"vie9 o) the e+!han,e ma".et
the"e. As I said8 thi"d #a"t* #a*ments a"e not ha##enin,. Minin, is sti&& #"ett* th"ivin,.
The"e a"e a &ot o) othe" e!o-s*stem #&a*s that I thin. #eo#&e a"e 9aitin, on the side&ines to see
0e!a%se the e+!han,e side d"ives thin,s. I&& ,ive *o% an e+am#&e i) *o% &oo. at 9hat
ha##ens 9ith ATMs8 ATMs !ant "ea&&* 9o". 9e&& %n&ess *o% have a!!ess to e+!han,es and
e+!han,es a"e o"de"&*. Knti& e+!han,es ,et 9o".ed o%t8 the ATM 0%siness 9o%&d 0e on ho&d.
The"e a"e a ton o) othe" 0%sinesses that 9o". that 9a*. The one in#%t that is 9o".in, "i,ht
no9 is the vo%!he" s*stem. Thats 0asi!a&&* 9he"e *o% 9o%&d sa*8 0%* a !a"d )o" !ash and
then *o% "edeem that !a"d )o" Bit!oin on an e+!han,e. That is the one in#%t me!hanism that
does seem to 0e 9o".in, and is !onside"ed &e,a& "i,ht no9. @65ALHC
AB": Adam B. Levine he"e. This ;%estion 9asnt #i!.ed %# 9e&& 0* the "e!o"din, 0%t
0asi!a&&*8 the ;%estione" as.s )o" mo"e in)o"mation a0o%t the Chinese e+!han,e that sti&& does
a!!e#t *%an de#osits8 a,ainst the ,%idan!e. @63A4HC
M,: Basi!a&&*8 i&&e,a& de#osit o) )%nds o" i) the* sta"t to !ha",e )ees8 I thin. that the"e&& 0e a
d"amati! "ed%!tion in vo&%me in China. I thin. *eah8 it 9i&& #"o0a0&* ne,ative&* a))e!t #"i!e.
I thin. the"e a"e othe" )o"!es ,oin, on that 9i&& #"o0a0&* !om#ensate )o" that8 ma*0e not
immediate&* 0%t Id sa* in the nea" te"m. I #e"sona&&*8 as an investo"8 Im not 9o""ied a0o%t it
0e!a%se 9eve 9at!hed sho"t te"m de!&ines that #"ett* ;%i!.&* "e!ove" 0%t I thin. the"es a
&i.e&ihood that 9e !o%&d see a 0i,8 0i, "ed%!tion in vo&%me 9hi!h 9o%&d a))e!t #"i!e. @63A62C
Audience &uestion: Ho9 do the >e"o )ee e+!han,es ma.e mone*E @63AL5C
M,: (La%,hte") 7e&&8 the )%ndamenta& 0%siness mode& in China is !a&&ed <7a" o) Att"ition8
es#e!ia&&* a"o%nd net 0%sinesses. B* !ha",in, no )ees8 the idea is to d"ive &ots o) vo&%me8
ma".et sha"e and t"* and ma.e it 0a!. &ate". Basi!a&&*8 the 0%siness mode& is 0%"n *o%"
investment !om#o )o" as &on, as *o% !an and then see 9ho sta*s in 0%siness the &on,est.
Thats the mode& the"e. @6BA5IC
Audience &uestion: I ,%ess a )o&&o9 %#. I) it 9as att"i0%ted to Bo00* Lee in !ha",e o) BTC
China8 I 0e&ieve he said that he 9anted to sta"t !ha",in, )ees. I) it 9asnt him 9ho said it8 it
9as #%0&ished that the* 9anted to !ha",e )ees 9ith the )ee&in, that the* 9o%&d 0e in a 0ette"
#osition to ,et a &i!en!e do9n the "oad. Joes that a",%ment seem va&id to *o% 9ith *o%"
e+#e"ien!eE @6BABIC
M,: Oh *eah8 *eah a0so&%te&*. Its #"ett* !&ea" that a no-)ee envi"onment d"ives :%st
in!"edi0&e s#e!%&ation and the ,ove"nment a,en!ies dont &i.e that. The* &i.e to see it mo"e
!ont"o&&ed. @6BA62C
Audience &uestion: Its t"%e that the* no9 !ha",e a )ee and H%o0i8 "i,ht no98 is notE
@6BAL3C
M,: =es. H%o0i does not !ha",e )ees. The"e is sti&& a 9ithd"a9a& )ee 0%t thats a0o%t it.
On!e *o%" mone* is in8 ,ettin, in and o%t o) #ositions !osts nothin, and thats 0asi!a&&*8
9he"e the vo&%me !omes )"om. @66A4IC
Audience &uestion: Chan,in, the s%0:e!t a tin* 0it 0%t Bit!oins n%m0e" one8 t9o mi,ht 0e
Lite!oin 0%t 9hat do *o% thin. th"ee and )o%" isE @66A5HC
M,: I) *o% 9ant to .no9 0* ma".et !a#8 :%st ,o on 999.!oinma".et!a#.!om and *o% !an
see *o%"se&). @66A35C
Audience &uestion: J%st *o%" o#inion &i.e 9hat do *o% thin. has <&e,sE @66A3LC
M,: <Le,s8 *eah. Its a ,ood ;%estion. Im #"o0a0&* the 9o"st #e"son to as. a0o%t a&t!oins
0e!a%se Im #"ett* ne,ative a0o%t them 0e!a%se I thin. that the*"e di&%tin, the Bit!oin
envi"onment. I thin. )o" !"*#to!%""en!ies to e+ist8 I thin. that a&t!oins #"o0a0&* need to ,o
not that I have an*thin, a,ainst a&t!oins8 its :%st that I thin. that... Bit!oin is sti&& in a8 9hat I
9o%&d sa*8 in)an!* and so8 the iss%e is Bit!oin needs to 0e easie" to %se8 the"e a"e some
te!hni!a& iss%es that have to 0e add"essed8 the"e have ,ot to 0e tons o) on-"am#s8 tons o) o))-
"am#s and8 I thin.8 ma*0e the"e is "oom )o" one a&t!oin 0%t8 I thin.8 )i)t* is :%st "idi!%&o%s and
it di&%tes the ene",* o) the deve&o#ment !omm%nit* as 9e&& as eve"*one e&se 9ho is t"*in, to
ma.e Bit!oin mainst"eam. I thin. investo"s a"e... !e"tain&* o%tside"s &oo. at it and the* see a&&
the a&t!oins and the* a"e !om#&ete&* )"ea.ed o%t 0e!a%se the* a"e &i.e 7hat is a&& o) thisE
Thats one o) the thin,s that I thin. h%"ts the ind%st"* so8 I thin. that )o" Bit!oin to s%"vive8
the"e has to 0e !onso&idation a"o%nd !"*#to!%""en!ies. I thin. thin,s have to &ive on the
0&o!.!hain i) *o%"e &oo.in, at the ne9 (sha&& 9e sa*) #"oto!o&s. I thin. the #"oto!o&s sho%&d
0e s%##o"tive o) the e+istin, 0&o!.!hain 0e!a%se I thin. its ,ot to 0e... eve"*one has to
s%##o"t one thin, )o" the 9ho&e e!o-s*stem to 9o".. Thats :%st m* o#inion. Ive &ived
th"o%,h 9hen the"e 9e"e a tho%sand B&%etooth va"ieties and a tho%sand 9i)i va"ieties and a
tho%sand #o"t #"oto!o&s. It 9o".s 0e!a%se 9e have one B&%etooth8 9eve ,ot one 9i)i and
9eve ,ot one KSB8 9hateve" it is. The"e a"e some e+!e#tions 0%t 0asi!a&&*8 !onso&idation at
this sta,e is ,oin, to 0e8 I thin.8 ,ood )o" it. Thats :%st m* o#inion. @6IA5NC
Audience &uestion: I have a )o&&o9 on ;%estion to that. I a,"ee 9ith *o% that a&t!oins a"e
some9hat di&%tin, the messa,e o) Bit!oin 0%t no9 the*"e ta&.in, a0o%t BitSha"es. 7hat
9o%&d ha##en i) a si,ni)i!ant n%m0e" o) the sto!. t"adin, on the NASJAQ and the Ne9 =o".
Sto!. E+!han,e moved into BitSha"es and sta"ted t"adin, on the e+!han,es and sta"ted 0ein,
%sed )o" !%""en!*E 7hat 9o%&d that a))e!t 0eE @6IA64C
M,: I) *o% had di"e!t a!!ess to Bit!oin th"o%,h e+!han,es8 I thin. 9e 9o%&d see d"amati!
a##"e!iation. @6IA6HC
Audience &uestion: 7hat I mean is the sto!.s that a"e t"adin, the"e8 instead o) t"adin, on
the e+!han,e8 i) the* moved into a&t!oins and sta"ted t"adin, on C"*#ts*.!om8 as a BitSha"e
instead o) Ne9 =o". Sto!. E+!han,e sha"e. I o9n a !o"#o"ation and 9e"e in the #"o!ess o)
ta&.in, 9ith Invi!t%s and ,oin, #%0&i! !"*#to,"a#hi!a&&* and havin, an a&t!oin that "e#"esents
sha"es in o%" !om#an*. @6HA42C
M,: I) an a&t!oin "e#"esents a s#e!i)i! !om#an*8 I dont thin. thats di&%ted to the Bit!oin
e!o-s*stem 0e!a%se *o%"e 0a!.in, a #a"ti!%&a" ente"#"ise 0%t I thin. a !oin )o" the sa.e o)
0ein, a !oin is di&%ted 0e!a%se I thin. #"oto!o&s 0%i&t on a&t!oins 9i&& di&%te the 9ho&e e!o-
s*stem and I thin. #eo#&e 9ont ,et it. I) *o% sa* Oh8 that :%st "e#"esents a !om#an*8
#eo#&e I thin. ,et. Oh8 OK thats a !om#an*. Bit!oin sho%&d 0e the on&* !"*#to!oin8 o" at
&east the on&* 0&o!.!hain !"*#to!oin. Than. *o%. (A##&a%se) @6HA6BC
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AVE!T:
This is Ch"is Jose#h 0"in,in, *o% ne9s on N+t the )i"st t"%e se!ond ,ene"ation
!"*#to!%""en!* )o" (e0"%a"* H
th
3456. Ive ,ot t9o thin,s to te&& *o% a0o%t toda*. (i"st8 a
deve&o#ment team has 0een )o"med and has #"ovided )%ndin, )o" an e))o"t to !"eate N+t !ash
9hi!h 9i&& im#&ement the Se"o!oin a&,o"ithm as a &a*e" on to# o) N+t. I) s%!!ess)%&8 it 9i&&
ena0&e )%&&* anon*mo%s t"ansa!tions se!%"ed 0* N+ts &i,ht9ei,ht #"oo) o) sta.e 0&o!.!hain.
Se!ond8 999.N+tvote.!om has 0een !"eated to he&# the N+t !omm%nit* ma.e de!isions. Its
a sim#&e a##&i!ation that %ses N+ts se!%"e t"ansa!tions to ens%"e that ea!h N+t a!!o%nt !an
on&* s%0mit one "es#onse to a #%&&. This 9i&& tide the !omm%nit* ove" %nti& N+ts 0%i&t-in
#"oto!o& 0ased votin, s*stem )eat%"e is )inished. (o" mo"e in)o"mation8 head to
999.N+t!"*#to.o", o" 999.M*N+t.o", and sta* t%ned )o" mo"e ne9s on N+t in the ne+t
Lets Ta&. Bit!oin 0"oad!ast. @62AL5C
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Ada' B) "evine interview with /cott !o*inson
AB": This mo"nin,8 9e"e :oined on Lets Ta&. Bit!oin 0* S!ott /o0inson8 one o) the &eads
at the $&%, 1 $&a* Te!h Cente"8 Bit!oin a!!e&e"ato" in the Si&i!on 'a&&e* meet-%# ,"o%#.
S!ott8 than.s )o" sto##in, 0*. Ho9 a"e thin,sE @6NA43C
/!: Thin,s a"e ,oin, ve"* 9e&&. Than.s )o" havin, me a,ain8 Adam. @6NA4LC
AB": A0so&%te&*. The &ast time 9e s#o.e8 *o% had :%st anno%n!ed the Bit!oin a!!e&e"ato"
#"o,"am. Can *o% 0"in, %s %# to s#eed on ho9 thats ,oin,E @6NA53C
/!: At this #oint8 9eve 0een a0&e to #%&& to,ethe" Id sa* a0o%t t9ent* )ive di))e"ent
mento"s8 ea!h o) 9hi!h 9i&& 0e ,ivin, t9o ho%"s #e" month ove" the !o%"se o) the th"ee
month a!!e&e"ato" #"o,"am. The )i"st )ive sta"t-%#s that !ome th"o%,h8 the*&& 0e #"ett*
intimate and ve"* !&ose .nit "e&ationshi# 9ith ea!h o) these #eo#&e and8 o) !o%"se8 some o)
these in!&%de the &i.es o) $e".ins Coie8 Li,hts#eed 'ent%"es8 Cha"&es /ive"8 /o,e" 'e"8
And"eas Antono#o%&os and a n%m0e" o) the othe" tho%,ht &eade"s in the s#a!e. At this #oint8
9eve had a &itt&e ove" )o"t* )ive a##&i!ants and 9e"e ,oin, to have to d"i&& do9n to )ive ove"
the !o%"se o) the ne+t t9o 9ee.s. Its ve"* e+!itin, and 9e"e havin, a &ot o) en;%i"ies as to
#a"tne"s )o" investment. Its de)inite&* a hot s#a!e :%st )"om the mo"e t"aditiona& investment
#e"s#e!tive. The"es &ots o) 9o". 0%t its ve"* e+!itin, and Im ve"* ene",i>ed )o" this )i"st
0at!h. @L4A46C
AB": Lets ta&. a0o%t 9hat .ind o) the e+#e"ien!e is )o" these 0e!a%se it seems &i.e
in!%0ato" #"o,"ams and a!!e&e"ato" #"o,"ams "ea&&* do .ind o) va"* )"om #&a!e to #&a!e. It
so%nds &i.e *o%"e 0"in,in, in &ots o) o%tside e+#e"tise )"om the a!t%a& Bit!oin s#a!e and
)"om the investment s#a!e. 7hat is the #%"#ose o) the mento" #"o,"am and *o% t9o ho%"s
#e" month 0et9een a 0%n!h o) di))e"ent sta"t-%#s ho9 is somethin, &i.e that ,oin, to 9o".E
@L4A3LC
/!: The )i"st 9ee. o) ea!h o) these months 9i&& 0e some9hat &i.e a 0oot !am# 9he"e mo"e
o" &ess &i.e )ina&s8 i) *o% 9i&&. /ea&&* 9e"e t"*in, to t"a!. the t*#e o) #eo#&e that a"e ea"&* in
thei" #"od%!t o" thei" sta"t-%# 0%t the*"e the t*#e that a"e ,oin, to have to sa* ,ood0*e to the
,i"&)"iend o" 9i)e and sa* Ive ,ot anothe" )o%"teen ho%" da* toda*8 simi&a" to 9hat Im
havin, to do "e!ent&*. 7ith this .ind o) one on one s&ash one on thi"t* ,"o%# mento" session8
0asi!a&&*8 the"e&& 0e a s#e!i)i! ve"ti!a& o" e+#e"tise that&& 0e s#o.en to 0* one o) these
mento"s8 ea!h o) 9hi!h 9i&& then have some9hat o) a dis!%ssion a)te"9a"ds so8 a ,"o%#
envi"onment )o" them to inte"a!t and inte")a!e 9ith some o) these #eo#&e that have had 9e&&
ove" t9ent* *ea"s e+#e"ien!e in thei" "es#e!tive ve"ti!a& o" ma".et. I have 0asi!a&&*8 t"ied to
one-o)) eve"* tan,i0&e need that a sta"t-%# in Bit!oin mi,ht have and Ive t"ied to ta.e 0oth a
t"aditiona& sta"t-%# #a"adi,m as 9e&& as a vi"t%a& !%""en!* #a"adi,m. 7ith that 0ein, said8 9e
have a n%m0e" o) #eo#&e that have so&d !om#anies and e+ited 9ith GH44m #&%s. I thin. some
o) the #eo#&e in the ,"o%#8 i) *o% 9e"e to !o&&e!tive&* #%t that to,ethe"8 the*ve easi&* 0een
a0&e to e+it 9ith ove" G30n 9o"th o) in!ome. The*"e ve"*8 ve"* t"ied and t"%e 9hen it !omes
to thei" e+#e"tise and I thin.8 in the &on, te"m8 this so"t o) va&%e o) 0ein, a0&e to im#a"t thei"
e+#e"tise and e+#e"ien!es is %n#a"a&&e&ed. Bet9een Bi&& Tai )"om Cha"&es /ive" and8 o)
!o%"se8 #eo#&e &i.e Mi!hae& =an,8 7en!es Casa"es and Ben Javen#o"t8 I thin. those
individ%a&s a"e ,oin, to #"ove to 0e ve"* va&%a0&e to the sta"t-%#s :%st #%"e&* )"om 9hat
the*ve ,one th"o%,h in thei" o9n di))e"ent #"o:e!ts and vent%"es in the #ast. @L3A46C
AB": This is ,oin, to 0e a "ea& ;%i!. hit inte"vie9 )o" Lets Ta&. Bit!oin 0%t I do have one
)ina& ;%estion. (o" sta"t-%#s that a"e .ind o) t"*in, to )i,%"e o%t ho9 0est to #"o!eed 9ith
thei" #&an8 9hat a"e the !osts o) asso!iatin, 9ith somethin, &i.e *o%" #"o,"amE Is the"e an*
do9nside o" do the* ,ive %# an*thin,E @L3A52C
/!: 7e t"* and o))e" G3L. )o" LM o) thei" !om#an*. 7ith that G3L. !omes 9ith o))i!e s#a!e
and o0vio%s&* the mento"shi# sessions and then eve"* othe" o))e"in, that $&%, 1 $&a* has8 so
man* !o"#o"ate "e&ationshi#s 9hi!h in t%"n 0"in, dea& )&o9. 7e have se"vi!e #a"tne"s )"om
a&& ove" the 'a&&e*8 so an*thin, )"om H/8 #a*"o&& et!. =o% a&so ,et the !omm%nit* and at the
same time8 *o%&& 0e a0&e to inte")a!e 9ith the Si&i!on 'a&&e* Bit!oin meet-%# eve"* T%esda*
and that !omm%nit*8 in and o) itse&) Id sa*8 is ve"* he&#)%& :%st #"ima"i&* 0e!a%se its ,ot
man* deve&o#e"s and en,inee"s8 #eo#&e in 0%siness and )inan!e. I) *o%"e &oo.in, to
)%nd"aise and *o% need some he&# ,ettin, *o%" sta"t-%# o)) the ,"o%nd and *o%ve 0een
0ootst"a##in, it )o" a 9hi&e8 *o%ve ,ot a ,"eat idea and ma*0e *o%"e in stea&th8 Id hi,h&*
en!o%"a,e *o% to !ome to o%" An,e& List 9e0site 999.an,e&.!oT#&%,-and-#&a*-0it!oin and
!he!. o%t 9ho 9eve ,ot on0oa"d )o" mento"s and then ma*0e hit the a##&* 0%tton and 9e&&
,o )"om the"e. @LBA5NC
AB": S!ott /o0inson8 $&%, 1 $&a* Te!h Cente" and Bit!oin a!!e&e"ato"8 than.s )o" *o%"
time. @LBA3BC
/!: Than.s Adam. @LBA3LC
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,!E0T/:
Than.s )o" &istenin, to E#isode 23 o) Lets Ta&. Bit!oin.
<C"*#ts* 9as !a#t%"ed 0* Jon Mohan and edited 0* Matthe9 Si#.in
<The China S*nd"ome 9as 9"itten 0* Ha*den -i&&8 "ead and #"od%!ed 0* Adam B.
Levine
<China 9ith Ma&!o&m Case&&e 9as !a#t%"ed 0* Steve Ma&a,odi o) S#e!ta!%&a" So%nd
and edited 0* Adam B. Levine
<$&%, 1 $&a* 9as !a#t%"ed and edited 0* Adam B. Levine
M%si! )o" this e#isode 9as #"ovided 0* -ene"a& (%>> and Ja"ed /%0ens
Have an* ;%estionsE Emai& adamU&etsta&.0it!oin.!om.
Have a ,ood one? @LBALHC