LETS TALK BITCOIN

Episode 88 Gox, Gox, Gox, Gox, Gox, Gox, Gox

Participants:
Adam B. Levine (ABL) Host
Stephanie M!ph" (SM) Co#host
Ba!!" Si$%e!t (BS) CEO o& Se'ondMa!(et
)on *!oss ()*) # E+e'tive ,i!e'to! o& the Maste!'oin -ondation
Ma!( .e&tovi' (M.) CEO o& Eas",NS
T!a'e Ma"e! (TM) Ent!ep!ene! and Bit'oin investo!
.oe$ ,iet/ (.,) CEO o& Eve!0!een pa"ment s"stem
Toda" is Ma!'h 1
st
2314 and this is Episode 55.
This program is intended for informational and educational purposes only.
Cryptocurrency is a new science so do your homewor !efore putting money on the line.
6e$'ome to Lets Ta$( Bit'oin7 a t8i'e 8ee($" sho8 a%ot the ideas7 peop$e and p!o9e'ts
%i$din0 the di0ita$ e'onom" and the &t!e o& mone". :isit o! 8e%site at
888.$etsta$(%it'oin.'om &o! a$$ o! past episodes7 &!e;ent7 o!i0ina$ and va!ied pe!spe'tives
and7 o& 'o!se7 o! Bit'oin add!esses 8he!e donations a!e app!e'iated. <3=>1?
"#$: M" name is Adam B. Levine and toda"7 its a$$ a%ot *o+. This $ast 8ee( sa8
&ondationa$ mem%e! o& the Bit'oin in&!ast!'t!e '!m%$e and &a$$ and 8hat $oo(s $i(e
'e!tain %an(!pt'" and a "ea!s $on0 !e'ove!". 6e 8ont (no8 8hats !ea$$" 0oin0 on nti$
the &o$(s in .apan open p %t eve!"%od"s 0ot an opinion on it and thats 8he!e 8e %e0in
toda". <3=@4?
E!i' :oo!hees is a %ea'on in the 8o!$d o& Bit'oin phi$osoph" and one o& the most
otspo(en 'ommnit" advo'ates. 6e (i'(o&& toda"s sho8 8ith Stephanie M!ph"s
!eadin0 o& E!i' :oo!hees $ette! entit$ed ASome 8o!ds &o! m" &!iends
Then B$oom%e!0 Ne8s is 'on'e!ned a%ot the !epe!'ssions o& *o+ on the
'ommnit"7 the '!!en'" and the momentm 8eve %i$t ove! the $ast &e8 "ea!s.
)e'ent$" the" inte!vie8ed Ba!!" Si$%e!t7 &onde! o& Se'ond Ma!(et and p!o0enito! o&
8hat '$aims to %e the &i!st 6a$$ St!eet#%a'(ed Bit'oin e+'han0e
Th!o0hot this episode7 8e$$ hea! &!om mem%e!s o& the 'ommnit"7 in'$din0
Maste!'oin di!e'to! )on *!oss and $e0a$ mind T!a'e Ma"e!7 Eas",NS CEO Ma!(
.e&tovi' and Ethe!em evan0e$ist .oe$ ,iet/. 6e even he!e a %it &!om &nn" man .on
Ste8a!t on the !i0ht 8a" to %!ea( the $a8s o& &inan'ia$ instittions
6e end toda"s sho8 8ith a 'o$$a%o!ative pie'e7 %oth in its 8!itin0 and in toda"s
pe!&o!man'e7 as 8e e+p$o!e the A*host in the Ma'hine at Mt*o+7 8ith po!tions o& an
I)C $o0 !e#ena'ted %" the ne8$" &o!med LTB p$a"e!s
-i!st7 8h" %othe! %i$din0 to8e!s 8hen the" sometimes &a$$ do8n. E!i' :oo!hees
e+p$ains <2=34?
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Eric %oorhees letter &'ome words for my friends(, read !y 'tephanie )urphy
'): ASome 8o!ds &o! m" &!iends 8!itten %" E!i' :oo!hees7 !ead %" Stephanie M!ph".
He$$o &!iends
Mt*o+ is 0one so $ets p!epa!e o!se$ves. On Tesda"7 and &o! the !est o& the 8ee(7 a$$ he$$
8i$$ %!ea( $oose in the media. It 8i$$ %e %$amed on Mt*o+7 it 8i$$ %e %$amed on Bit'oin7 it
8i$$ %e %$amed on the A%0 and it 8i$$7 mo!e than an"thin07 %e %$amed on the $a'( o&
!e0$ation. Cndits and e+pe!ts o& a$$ t"pes 8i$$ 8ei0h in on the 'a$amit". It 8i$$ %e 8o!$d
ne8s in a matte! o& ho!s. *et !ead" %e'ase it 8i$$ %e an 0$" 8ee(. <2=@4?
-o! a$$ o& "o 8ho $ost mone" m" hea!t 0oes ot to "o. Some peop$e $ost a $itt$e7 some
$ost a &o!tne. It 8i$$ ma(e peop$e si'( and dep!essed and &$$ o& 0!ie&. Ce!sona$$"7 I had ove!
@@3 %it'oins in *o+. I 8i$$ neve! 0et an" o& that %a'(. I& mise!" $oves 'ompan"7 then 8e$$
%e en9o"in0 a 0!and &east toda". I sho$d have (no8n %ette!7 o& 'o!se. I ta(e !esponsi%i$it"
&o! $eavin0 those &nds 8ith an entit" that had p!oven in'ompeten'e !epeated$". I 'hose to
i0no!e even m" o8n 8a!nin0s &o! nothin0 mo!e than the sa(e o& 'onvenien'e. <>=>>?
*o+ is sti$$ at &a$t7 to %e s!e %t I have $ea!ned the $esson. I hope it is not s'h an e+pensive
$esson &o! othe!s and7 &o! a$$ "o o%se!ve!s7 p$ease ta(e a moment to 'onside! it as 8e$$. Be
mind&$7 ho8eve!7 that the 8!on0 $essons a!e not $ea!ned &o! that 8o$d %e the t!e t!a0ed"
indeed. Let me s00est that the $esson is not that Bit'oin is %!o(en. Bit'oin is &ine.
Simi$a!$"7 the $esson is not that se'!it" is impossi%$e. Those 8ho (no8 8hat the" a!e doin0
'an a'hieve it and he$p othe!s to do so. The $esson is not that no%od" 'an %e t!sted. The!e
a!e 'ont$ess 0ood men and 8omen in this 'ommnit" 8ho a!e 8o!th" o& t!st and some o&
the ve!" %est peop$e Ive eve! met. -ina$$"7 the $esson is not that 8e o0ht to see( ot
!e0$ation to save s &!om the evi$s and in'ompeten'e o& man7 &o! the !e0$ato!s a!e men too
and 8ie$d the ve!" same evi$ and in'ompeten'e on$" ensh!ined in an atho!it" &!om 8hi'h it
'an 8!ea( amp$i&ied and &a! mo!e insidios dest!'tion. Let s not !et!eat &!om o! !isin0
p$at&o!m on$" to 'o8e! %a'( nde!neath the de!an0ed ma'hinations o& Leviathan. <4=45?
The p!ope! $esson7 i& I ma" s00est is this= 6e a!e %i$din0 a ne8 &inan'ia$ o!de! and those o&
s %i$din0 it7 investin0 in it and 0!o8in0 it 8i$$ pa" the p!i'e o& %!in0in0 it to the 8o!$d.
This is the ha!sh t!th. 6e a!e %i$din0 the 'hanne$s7 the %!id0es and the to8e!s o&
tomo!!o8s &inan'e and 8e pt o!se$ves at !is( in doin0 so. 6e a!e at !is( &!om a''idents.
6e a!e at !is( &!om &!ad7 &!om 'o!!ption and &!om evi$. 6e a!e at !is( &!om 9o!na$ists
see(in0 head$ines and &!om po$iti'ians see(in0 po8e! and 0$o!". 6e a!e at !is( &!om the ve!"
ma!(et 8e a!e t!"in0 to %i$d a ma!(et 8hi'h 'a!es not a%ot o! po!t&o$io7 o! am%itions o!
o! de$i'ate s"mpathies. -o! a$$ these !is(s7 devastation 8i$$ %e&a$$ s !epeated$". Some o& s
8i$$ %e dis'o!a0ed. Some 8i$$ %e !idi'$ed and ins$ted. Some 8i$$ %e t!i'(ed o! s8ind$ed.
Some o& s 8i$$ %e '!shed o! 'a0ed. 6e 8i$$ %e set pon %" a$$ manne! o& anta0onists7
!epeated$"7 &o! a $on0 time. <@=@D?
So 8h" do 8e do itE 6h" do 8e %i$d these to8e!s that &a$$ do8n pon sE 6h" do 8e toi$
and st!ain and !is( o! p!e'ios time 8hi'h is the on$" !ea$ 8ea$th 8e possessE Be'ase the
8o!$d needs 8hat 8e!e %i$din0. It needs it despe!ate$". I& that matte!s to "o7 as it does to
me7 then ho$d to that tho0ht. Fo$$ see th!o0h the smo(e and "o! 8onds 8i$$ hea$. So7
sha(e it o&& %!othe!s7 &o! this 8ont %e the $ast 'a$amit" end!ed %e&o!e the 8in. Toni0ht7 m"
hea!t is 8ith "o a$$. Tomo!!o87 m" head is do8n7 m" e"es a!e open and I am %i$din0
to8a!d pea'e and &!eedom. <G=@3?
E!i' :oo!hees
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#loom!erg *ews
)ale news reporter +)*,: Bit'oin is in need o& dama0e 'ont!o$7 "et a0ain. HS p!ose'to!s
a!e investi0atin0 possi%$e '!imina$ vio$ations %" To("o#%ased Bit'oin e+'han0e Mt*o+.
This7 a&te! *o+ 8ent o&&$ine ea!$ie! this 8ee(7 8ithot !et!nin0 a%ot I433m 8o!th o&
'$ients &nds. Mt*o+ CEO7 Ma!( Ka!pe$es t!ied to ;e$$ the masses this mo!nin07
p%$ishin0 on the site I 8o$d $i(e to !eass!e eve!"one that Im sti$$ in .apan and 8o!(in0
ve!" ha!d to &ind a so$tion to o! !e'ent isses %t no 8o!d on 8he!e that I433m is7 8hi'h
p!o%a%$"7 a $ot o& peop$e 8o$d $i(e to (no8.
-emale news reporter +-*,: Espe'ia$$"...##
)*: ..E+a't$"7 !i0ht. <J=42?
-*: Fo have one do$$a!. <J=4>?
)*: I dont (no8 8he!e the I433m is %t Bit'oin does have a $ot o& si/e investo!s %ettin0
on its &t!e. :ent!e 'apita$ists $i(e Ma!' And!eessen7 -!ed 6i$son7 the 6in($evoss t8ins (I
dont (no8 8hat si/e the" a!e I 0ess the"!e ve!" ta$$) <J=@G?
-*: The"!e ta$$. <J=@J?
)*: Tim ,!ape!7 a $ot o& %i0 names %t ma"%e the most impo!tant7 the CEO o& Se'ond
Ma!(et Ba!!" Si$%e!t is p$annin0 on $an'hin0 the &i!st eve! Ame!i'an Bit'oin e+'han0e.
Thats ma"%e 9st 8hat Bit'oin needs &o! $e0itima'" and Ba!!" 9oins s no8. -i!st o& a$$7
than(s &o! 'omin0 in. <5=12?
#': *ood to see "o. <5=1>?
)*: Se'ond$"7 I tho0ht it 8as inte!estin0 the timin0 o& "o! annon'ement7 "o!e 0oin0
to sta!t "o! o8n Bit'oin e+'han0e !i0ht 8hen Mt*o+ ta(es its t8eets o&&$ine and shts do8n
its 8e%site and Ma!( Ka!pe$es %"s an on'e o& 8eed and hides in his apa!tment. 6ho
(no8s 8hat hes doin0 in the!e7 !i0htE <5=>1?
#': It 8as not enti!e$" 'oin'identa$. 6e 8e!e p$annin0 on ma(in0 this e&&o!t p%$i'
p!o%a%$" ne+t 8ee( %t 8hen 8e sta!ted hea!in0 the !mo!s7 8e de'ided 8h" not t!" to
'onte!#%a$an'e this sto!m that 8e sa8 'omin0. <5=44?
)*: The %ad ne8s o! some 0ood ne8sE <5=4G?
-*: So7 ho8s it 0oin0 to 8o!(E <5=4G?
#': 6e!e settin0 it p in7 a'ta$$"7 a ve!" inte!estin0 8a". 6e!e a'ta$$" $oo(in0 at the
Ne8 Fo!( Sto'( E+'han0e mode$ as the mode$ 8he!e "o have a %n'h o& mem%e! &i!ms7 a$$
!e0$ated7 8ho tap into this one e+'han0e and 8e!e doin0 it in !ea$$" '$ose 'o$$a%o!ation 8ith
a nm%e! o& %an(s and the !e0$ato!s as 8e$$. <D=32?
-*: OK7 so this is 8hats inte!estin0 %e'ase this is 8hat I said to "o ea!$ie!. Fo need to
have some !e0$ation in this ma!(et in o!de! &o! peop$e to t!st it. Fo made the point7 and
"o ma" ma(e it a0ain... <D=11?
)*: 6e$$7 Im not a h0e &an... o& !e0$ation. KD=12?
-*: ...that Bit'oin... pa!t o& its appea$ is the &a't that its not !e0$ated. Ho8 'an "o have a
'!!en'" thats not !e0$ated7 espe'ia$$" 8hen it 'o$d %e vi'tim to sitations $i(e 8eve seen
8ith Mt*o+E <D=24?
)*: M" ;estion is ho8 m'h o& the '!!en'" itse$&... "o 'ant !ea$$" !e0$ate it. Someone
to$d me this mo!nin0 # the" sho$d sht it do8n. 6e$$7 ho8E T!n o&& the inte!netE The"
8o$d !e0$ate7 o%vios$"7 the %sinesses that to'h the '!!en'"7 $i(e "o! e+'han0e. <D=>@?
#': Feah. <D=>G?
-*: 6o$dnt "o &ee$ %ette!E I 8o$d &ee$ %ette! i& I 8e!e investin0 in Bit'oin to (no8 that
"o 8e!e 8o!(in0 8ith %an(s that 8e!e !e0$ated %" a 0ove!nment entit". <D=44?
#': T8o (e" a'tivities that I thin( need to %e !e0$ated. One is the e+'han0es7 so i& "o!e
%"in0 o! se$$in0 Bit'oin and then7 an" 'ompanies that ho$d 'stome! &nds7 $i(e a %an(7 "o
sho$d %e !e0$ated. I dont thin( me!'hants 8ho a''ept Bit'oin sho$d %e !e0$ated7 mine!s7
me!'hant p!o'esso!s none o& them sho$d %e !e0$ated %t the %an(s o& Bit'oin and the
e+'han0es. <13=32?
)*: The inte!estin0 thin0 he!e is that "o have sta!ted an e+'han0e %e&o!e that had a $ot o&
'!iti's o& a 'omp$ete$" (ind o& a ne8 asset '$ass to %e t!aded on the e+'han0e and "o 8e!e
ve!" s''ess&$ 8ith Se'ondMa!(et... <13=1@?
#': Feah and 8e did it in a !e0$ated 8a". I& "o 8o!( 8ith the !e0$ato!s in a ve!"
t!anspa!ent... <13=23?
)*: ...%t 8ith a &i0ht &i!st7 !i0htE 6hen "o &i!st said 8e!e 0oin0 to sta!t t!adin0 p!e#
ICO sha!es o& -a'e%oo(7 I thin( I !e'a$$ -a'e%oo( not %ein0 tota$$" 'oo$ 8ith that to %e0in
8ith. <13=>3?
#': Oh no. 6hat I thin(... "o 'o$d des'!i%e it as a &i0ht %t it 8as !ea$$" the indst!"
t!"in0 to 'ome to te!ms 8ith the idea that an ICO is not the on$" and %est 8a" to 0et $i;idit"
%t7 ove! time7 8hats a'ta$$" happened is7 its %e'ome ve!"7 ve!" 'ommon &o! a$$ these te'h
'ompanies to se Se'ondMa!(et to p!ovide $i;idit" &o! thei! sta(eho$de!s and so7 in this ne8
e+'han0e %siness7 8e de'ided p &!ont7 $ets 8o!( 8ith the Bit'oin indst!"7 $ets 8o!( 8ith
the %an(s and $ets invo$ve the !e0$ato!s on da" one o& the '!eation o& this e+'han0e. <13=@J?
-*: This7 "o thin(7 theo!eti'a$$" so$ves that $i;idit" isse7 !i0htE Be'ase its to0h7
!i0htE I& "o 8ant to ta(e "o! Bit'oin ot7 Mt*o+ aside7 its 'ha$$en0in0. <11=3D?
#': T8o %i0 isses that this is 0oin0 to so$ve &o!. Nm%e! one is "o have a ve!"
&!a0mented e+'han0ed %siness and so i& "o a'ta$$" 8ant to se$$ a $a!0e amont o& Bit'oin
o! %" a $ot o& Bit'oin7 "o!e 0oin0 to move the ma!(et. <11=15?
)*: I %" and se$$ Bit'oin do8n on 43 B!oad St!eet7 !i0htE 6ith a %n'h o& 0"s that a!e
%"in0 and se$$in0 Bit'oin. <11=24?
#': 6e$$7 "o!e %i0 mone" and so 8hen "o sta!t d!oppin0 the mi$$ion do$$a!s on Bit'oin7
"o$$ move the ma!(et and so it so$ves that p!o%$em %e'ase it %!in0s a$$ $i;idit" into one
e+'han0e and it...## <11=>2?
-*: ,oes it do an"thin0 to so$ve vo$ati$it"E <11=>>?
#': It does %e'ase7 a'ta$$"7 the 8a" that 8e!e 0oin0 to do this is 8e!e $oo(in0 at the 0o$d
ma!(et and 8e 8ant to s$o8 do8n the p!i'e dis'ove!" p!o'ess and ma"%e !n7 !ea$$"7 9st a
on'e o! t8i'e a da" a'tion 8he!e the spot p!i'e 0ets set and then it doesnt 'han0e &o!
anothe! da". The 8ho$e idea is to s$o8 do8n the inte!#da" vo$ati$it" so that means 8hen "o
0o to %" a 'p o& 'o&&ee7 the p!i'e o& the 'p o& 'o&&ee is not @L hi0he! o! $o8e! dependin0
on the e+a't minte that "o 0ot to the 'o&&ee shop. <11=@@?
-*: Ba!!"7 does it have to %e Bit'oinE Co$d "o not do this 8ith some othe!
'!"pto'!!en'"E <11=@D?
#': 6e$$ set this p in a 8a" 8he!e an" di0ita$ '!!en'"... i& the mem%e!s o& the e+'han0e
8ant to ma(e a ma!(et at it7 the" 'o$d %e on the e+'han0e. Honest$"7 I thin( Bit'oin is the
8inne! and the &o's7 !ea$$" at $east at the otset7 is 0oin0 to %e &o'sin0 on Bit'oin to do$$a!
e+'han0in0. <12=14?
)*: Fo 8i$$ %e a%$e to t!ade othe! di0ita$ '!!en'ies. 6i$$ "o %e a%$e to t!ade Bit'oin in
and ot o& "en and e!oE <12=23?
#': A0ain7 as a mem%e!#%ased e+'han0e7 the mem%e!s de'ide. A$$ the !e0$ated entities...
<12=2@?
)*: A $ot $i(e the Bit'oin p!oto'o$ to %e0in 8ith7 !i0htE Its (ind o& a demo'!ati' p!o'essE
<12=2D?
#': T!" to %e7 t!" to %e. <12=>3?
-*: 6hats the appea$ he!eE 6h" do "o need Bit'oin7 i& "o 'o$d se Ca"Ca$ o! some
othe! mo%i$e pa"ment s"stemE <12=>G?
#': I thin( Bit'oin is7 potentia$$"7 0oin0 to t!ans&o!m the 8a" that mone" moves !ond the
8o!$d7 the 8a" that peop$e thin( a%ot mone" and peop$e ta$( a%ot the !emittan'e %siness
%ein0 dis!pted7 peop$e ta$( a%ot the pa"ments spa'e %ein0 dis!pted and I7 pe!sona$$"7 thin(
that Bit'oin is %e'omin0 a &antasti' a$te!native to 0o$d. The!e is a $ot o& inte!est in Bit'oin as
a sto!e o& va$e %e'ase it has a $ot o& the att!i%tes o& 0o$d. 6hat it has that 0o$d doesnt7 is
it a'ta$$" has ti$it". Fo 'an no8 0o %"7 as "o (no87 %ee!. Fo 'o$d 0o %" a hose.
<1>=34?
)*: I spent t8o 8ee(s on$" spendin0 Bit'oin7 so I didnt se do$$a!s &o! t8o 8ee(s. It
8asnt in'!edi%$" eas" and I didnt pa" !ent and phone %i$$s and st&&. <1>=13?
-*: Fo did %" me some pi//a tho0h. <1>=11?
)*: I %o0ht the 8ho$e o&&i'e pi//a. I %o0ht Tom Keene some *enesee C!eam A$e in
'ans. <1>=1G?
#': Its %e'omin0... @37333 me!'hants... <1>=1D?
)*: I %o0ht a p$ane ti'(et. <1>=23?
#': )i0ht. <1>=21?
)*: I %o0ht video 0ames at *ameStop. I %o0ht st&& at 6ho$e -oods. Fo 'an %"
:i'to!ias Se'!et st&& 8ith Bit'oin i& "o 8e!e so in'$ined. <1>=>3?
#': 6hat the %an(s a!e te$$in0 s is the" no8 thin( that di0ita$ '!!en'" is not 0oin0 a8a".
)e0$ato!s &ee$ the same 8a" and that %an(s nde!stand that e+'han0in0 mone" &o! di0ita$
'!!en'" and vi'e ve!sa is a se!vi'e that the"!e 0oin0 to have to p!ovide &o! thei! 'stome!s.
<1>=4>?
)*: I thin( its a$so (e" to thin( a%ot some pa"ments that 8e dont 'onside! toda"7 $i(e
ma'hine to ma'hine pa"ments 8hi'h "o!e 0oin0 to have to dea$ 8ith7 at some point7 as
mo!e and mo!e thin0s %e'ome atomated. Thin( a%ot d!ive!$ess 'a!s &i$$in0 p at peop$e
$ess 0as stations. <1>=@@?
-*: 6hats inte!estin0 he!e is that no8 peop$e $i(e "o!se$& a!e 'omin0 ot and sa"in0 6e
8o$d em%!a'e some !e0$ation he!e. <14=32?
#': O& 'o!se. A%so$te$". )e0$ation done p!ope!$" is not %ad and the on$" 8a" that
Bit'oin 8i$$ %e s''ess&$ is i& the Bit'oin indst!" 8o!(s 8ith the e+istin0 &inan'ia$ spa'e
and the on$" 8a" to do that is in a !e0$ated 8a". <14=14?
)*: B" the 8a"7 Senato! .oe Man'hin &!om 6est :i!0inia 'ame ot and 'a$$ed &o!7 so!t o&7
a '!a'(do8n on Bit'oin in the $ette! that he 8!ote to !e0$ato!s7 in'$din0 .anet Fe$$en. Fo
dont a$8a"s thin( o& ,emo'!ats &!om 6est :i!0inia as the e'onomi' 0iants o& o! so'iet" %t
hes a ve!" sma!t man7 an hono!a%$e man Im s!e. 6hat do "o thin( a%ot his 'ommentsE
<14=>G?
#': -!om 8hat I !ead7 its simi$a! to 8hat Senato! S'hme! said a &e8 "ea!s a0o and I thin(
i& "o !ead Senato! S'hme!s !e'ent 'omments7 hes 'ome to app!e'iate the possi%i$it" o&
Bit'oin. Senato! Ca!pe!7 as 8e$$7 has 'ome ot ve!" positive a%ot the possi%i$ities &o!
Bit'oin7 a0ain7 i& the!es p!ope! !e0$ations in p$a'e. <14=@>?
-*: 6hats it do to 6este!n Hnion in the $on0 !nE <14=@@?
#': 6este!n Hnion is 0oin0 to have to in'o!po!ate Bit'oin into the %siness. A'ta$$"7 I
8o$d hope that 6este!n Hnion 8o$d %e one o& the &ondin0 mem%e!s o& this e+'han0e. 6e
8ant to see the 6este!n Hnions7 8e 8ant to see the Ca"Ca$s7 the %an(s and the Bit'oin
'ompanies. <1@=3G?
-*: Fo!e 0oin0 to !ed'e thei! ma!0ins tho0h. <1@=3J?
#': Its 0oin0 to happen eithe! 8a". Its 0oin0 to happen eithe! 8a". <1@=13?
)*: A$so7 "o 'o$d see &o! e+amp$e7 t!ansa'tion 'osts 0o do8n so t!ansa'tions !ise. Listen7
8e 'o$d ta$( a%ot it a$$ da"7 espe'ia$$" I. <1@=15?
-*: I (no8. <1@=15?
)*: I 'o$d ta$( a%ot it a$$ da". Than(s &o! 'omin0 in7 I !ea$$" app!e'iate it Ba!!". <1@=21?
-*: A$!i0ht7 0ood st&&. <1@=22?
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"#$: No87 8e hea! &!om )on *!oss7 E+e'tive ,i!e'to! o& the Maste!'oin -ondation.
<1@=>J?
/G: 6eve p!ett" m'h 0!o8n a''stomed to a$$ these (inds o& thin0s happenin0 in the
Bit'oin spa'e and *o+ 8asnt the &i!st to $ose se!s &nds and it 8as *o+ spe'i&i'a$$"...
8eve p!ett" m'h seen the 8!itin0 on the 8a$$ &o! some time no8. Me7 pe!sona$$"7 and
eve!"one at the Maste!'oin team a!e ve!" so!!" &o! the se!s 8ho $ost thei! &nds. Bit'oin7 as
the sa"in0 0oes7 8ith 0!eat po8e! 'omes 0!eat !esponsi%i$it". Ceop$e need to $ea!n to %e
!esponsi%$e &o! thei! mone" and !ea$$" (eep it7 eithe! 8ith themse$ves o! 8ith !epta%$e
'ompanies. Mt*o+ has o%vios$" sho8n itse$&7 &o! the $ast "ea!7 to not %e s'h a 'ompan".
C!oto'o$s $i(e Maste!'oin7 !ea$$" inte0!ate and so$ve a p!o%$em that is ve!" em%edded in this
n!e0$ated spa'e thats p!ovidin0 se!vi'es that dont !e;i!e an" t!st &!om thi!d pa!ties.
<1G=>4?
The!e a!e t!adeo&&s and the!e 8i$$ a$8a"s %e a need7 in o! vie87 &o! 'ent!a$i/ed e+'han0es
that 'an p!ovide hi0h &!e;en'" t!adin07 the" 'an p!ovide some %ette! inte0!ation 8ith
m$tip$e... &o! di&&e!ent p!pose %t as 8e (eep 0ettin0 !eminded7 the!e is a need &o! some
othe! 'omp$imenta!" p$a"e!s he!e o! 'omp$imenta!" p!oto'o$s he!e7 ma"%e &o! t!adin0 $a!0e!
%$o'(s 8ithot an" t!st in the s"stem. 6e!e seein0 a$$ o& this as pie'es o& one sin0$a!
8ho$e and 8e!e happ" to !ea$$" %e$ieve in that !evo$tion. I dont (no8 i& its the !i0ht time
to p$0 this %t 8e have the 8a$$ets 'omin0 on$ine. 6e have a &e8 o& them p at
888.Maste!'oin8a$$ets.o!0 and 8e$$ %e happ" i& an"one 'he'(s that ot. The!e a!e %onties
ot the!e &o! peop$e to 'ome and test that and p$a" 8ith the 8a$$ets. 6e!e hopin0 to see7 in
23147 the Bit'oin 'ommnit" and e'o#s"stem 'ontine to mat!e and 0!o8 and 9st $ea!n7 a$$
o& s7 &!om this e+pe!ien'e and 9st %e %ette! and $ead to0ethe!. <1J=4@?
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"0%E/T:
This is Ch!is .oseph %!in0in0 "o ne8s on N+t7 the &i!st t!e se'ond 0ene!ation
'!"pto'!!en'" &o! Ma!'h 1
st
2314. Spe'i&i'ations a!e '!!ent$" %ein0 %i$t &o! N+t atomated
t!ansa'tions7 o! N+tAT7 a T!in0 'omp$ete inst!'tion $a"e!7 simi$a! to the Bit'oin Ethe!em
p!o9e't7 %t inte0!ated as a ne8 t!ansa'tion t"pe on top o& N+ts $i0ht8ei0ht7 ene!0" e&&i'ient7
p!oo&#o&#sta(e %$o'('hain. N+tAT 8i$$ imp$ement a %"te'ode inte!p!ete! to a$$o8 a 8ide
va!iet" o& app$i'ations to %e %i$t on top o& N+t. C!!ent se 'ases in'$de an atomated
$otte!" s"stem7 a do!mant &nd t!ans&e! app$i'ation and a p!o9e't '!o8d#&ndin0 a0ent.
,etai$ed in&o!mation on the p!o9e't 'an %e &ond at 888.'i"am.o!0MN+t. -o! mo!e 0ene!a$
in&o!mation on N+t7 head to 888.N+t'!"pto.o!0 o! 888.M"N+t.o!0. Sta" tned &o! mo!e
ne8s on N+t in the ne+t Lets Ta$( Bit'oin %!oad'ast. <15=4D?
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)1: Im Ma!( .e&tovi' and Im the CEO o& Eas",NS and the 8e%maste! o&
888.8ea$th.net. The Mt*o+ imp$osion 'o$d %e the $timate t!imph o& n!e0$ated &!ee
ma!(ets. Fes7 "o hea!d that 'o!!e't$". Ho8 'o$d the dest!'tion o& the sin0$e $a!0est
Bit'oin e'onom" %e 0ood &o! Bit'oin and 0ood &o! &!ee ma!(etsE Ho8 'an a ma!(et va$e o&
an"8he!e %et8een 23#>3L o& the do$$a! va$e o& the enti!e Bit'oin e'onom" 0oin0 p in
smo(e7 p!ove &ina$$"7 %e"ond a shado8 o& a do%t7 that p!e$" &!ee ma!(ets7 n!e0$ated &!om
0ove!nment inte!vention a!e spe!io! in a$$ 8a"s to 0ove!nment !e0$ated7 'ent!a$$" p$anned
e'onomiesE O! sta!tin0 point7 %e'ase peop$e 8i$$ 0o he!e a$most immediate$" is the tte!$"
%ase$ess asse!tion that7 had on$" Bit'oin %een !e0$ated7 this so!t o& thin0 8o$d have neve!
happened. 6e (no8 this is &a$se %e'ase &inan'ia$ pani's7 s'anda$s and me$tdo8ns o''!
8ith a$a!min0$" in'!easin0 &!e;en'" amon0st the 0ove!nment !e0$ated e;ities7 %onds7
'!!en'ies and de!ivatives ma!(etsN some o& these ma!(ets %ein0 the most !e0$ated in the
8o!$d. <23=35?
Ove! IJ t!i$$ion o& 8ea$th vapo!i/ed d!in0 the 0$o%a$ &inan'ia$ '!isis o& 2335M3D and the
po$i'" !esponse to that 8as to '!eate an a$most identi'a$ te+t%oo( setp &o! "et anothe! '!isis
sin0 sove!ei0n de%t &o! inte!est !ate ma!(ets 8hi'h 'o$d hit an" time. 6hen 8i$$ Ca$
K!0man nvei$ a temp$ate &o! the Bit'oin %ai$otE Im 9st (iddin07 o& 'o!se. One o& the
T8itte! sea!'h s00estions &o! Bit'oin is ABit'oin %ai$ot and most o& those t8eets a!e
!e&e!!in0 to the dea$ %oo( a!ti'$e on the Ne8 Fo!( Times a%ot no %ai$ot &o! Bit'oin ho$de!s.
Some o& the sna!(ie!7 p!o#!e0$ato!" &an%o"s a!e 'hidin0 ,ont "o 8ish "o had a
0ove!nment !e0$atin0 it no8E 6e$$7 no I dont. Im 0$ad the!es no 0ove!nment !e0$ation
o& Bit'oin. I hope the!e 'ontines not to %e. 6hen I !ai$ed at the po$i'" !esponse to the *-C
in 3D7 peop$e as(ed me Bt 8hats the a$te!nativeE To 8hi'h I !ep$ied that i& a$$ %an(s 8ho
8e!e inso$vent 8e!e a$$o8ed to &ai$7 the!e 8o$d have %een an eno!mos amont o& pain &o! a
sho!t amont o& time. I a$so 8ent on to sa" that the shenani0ans that '!eated that mess7 8o$d
neve! %e attempted a0ain &o! a%ot 133 "ea!s. <21=22?
That is the !eason "o dont 8ant 0ove!nment !e0$ations and %ai$ots. ,avid Sto'(man
'ame ot in his %oo(7 AThe *!eat ,e&o!mation and said p!ett" m'h the same thin0. Mo!e
impo!tant$"7 8hat Sto'(man o%se!ves a%ot &inan'ia$ me$tdo8ns in 0ene!a$ is that $e&t to thei!
o8n devi'es7 the" a!e $a!0e$" 'ontained to the pa!ti'ipatin0 sta(eho$de!s and the" do not
9eopa!di/e the 8ide! e'onom". Fes7 the!e 8i$$ %e pain %t then the &ai$!e 8i$$ %e $i;idated
into st!on0e! hands. The peop$e 8ho 0ot %!nt 8i$$ %e 8ise! &o! it and $i&e 8i$$ 0o on. 6hen
"o $et thin0s !n thei! 'o!se7 "o &o!'e the !esponsi%i$it" onto the sta(eho$de!s to do thei!
home8o!( and (eep thei! e"es open. Mt*o+ had %een &$ashin0 %!i0ht !ed 8a!nin0 si0na$s &o!
ove! a "ea!. I 'ant nde!stand 8h" an"%od" sti$$ had mone" in the!e %t 8hen eve!"%od"
moves past this7 8e!e a$$ 0oin0 to ho$d o! Bit'oin se!vi'e p!ovide!s to a hi0he! $eve$ o&
a''onta%i$it" and t!anspa!en'" and thats a 0ood thin0. This episode 8i$$ not (i$$ Bit'oin7
n$ess7 o& 'o!se7 the !e0$ato!s step in and t!" to &i+ eve!"thin0. <22=2J?
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"#$: He!es somethin0 &!om &nn" man .on Ste8a!t. <22=43?
1': (La0hte!) (App$ase) 6aitO 6aitO 6aitO It sta!ted ot as a p$a'e to t!ade ma0i' 'a!ds.
So did m" %asement. (La0hte!) ,oes that mean m" %asement is no8 a '!!en'" e+'han0eE
(La0hte!) Ho8 did this happenE Its not $i(e mone" that doesnt !ea$$" e+ist 'an 9st
disappea!7 !i0htE <22=@D?
+2uestion3answer recording played regarding )tGox,
2: ,o "o thin( the!es %een &!ad he!eE <2>=33?
": I thin( the!es a p!ett" st!on0 $i(e$ihood o& that. I thin( a $ot o& s have sspe'ted that &o!
;ite some time and the &a't that the"!e not ta$(in0 ve!" open$" a%ot 8hats 0oin0 on. The"
de$eted a$$ the t8eets &!om thei! T8itte! a''ont "este!da". <2>=12?
1': OooohO The" de$eted the t8eets. That$$ so$ve it. (La0hte!) Listen7 Bit'oin e+'han0e7
"ove 0ot a $ot to $ea!n a%ot %ein0 a &inan'ia$ p$a"e!. Fo dont 9st 'ommit %!a/en &!ad
in one &e$$ s8oop. Fo instittiona$i/e and no!ma$i/e s"stemi' &!ad 8hi'h %!in0s s to o!
ne8 se0ment ASho8 Me the Mone"O so I 'an ta(e it and pt it in a p$a'e 8he!e "o 'an no
$on0e! &ind it. (La0hte!) Che'( ot ho8 a p!o&essiona$$" 'o!!pt &inan'ia$ instittion does
%siness.
+*ews reports recordings on #an 'uisse and Goldman 'achs played in italics,
Banking giant, Credit Suisse, helped thousands of wealthy Americans hide billions of dollars
from the IRS overseas.
A wealthy customer hiding !"#m in pantyhose, wrapped around her body. <2>=@3?
1': (La0hte!) PPPPP S8issO Be'ase "o see7 Mt*o+7 "o! %!a/en Bit'oin &!ad means
that "o 8i$$ spend "o! da"s hnted do8n %" eve!" inte!nationa$ hi0h te'h $a8 en&o!'ement
a0en'" (no8n to man. Mean8hi$e7 i& "o 8o$d have instittiona$i/ed "o! 'o!!ption7 this
8o$d %e the pena$t" "od &a'e. <24=3J?
Credit Suisse$s management team regrets, very deeply, that despite the industry leading
compliance measures we put in place, we had some Swiss%based private bankers who appear
to have violated &S law. <24=1D?
1': It t!ns ot "o did not 8ant this mone" hidden &!om "o! ta+ $a8s. (La0hte!) So7
so!!". (La0hte!) I have %!o0ht "o m$ti#'o$o!ed S8at'hes S8at'h &o! "o7 S8at'h &o!
"o7 so 8e!e 0ood no8. (La0hte!) On'e "o 0et in and ma(e "o!se$& a 'o!ne!stone o& the
&inan'ia$ ma!(etp$a'e7 the!e is no $imit to 8hat "o ma" a''omp$ishMpe!pet!ate. <24=@1?
'irst of all, how (oldman Sachs come to own uranium) <24=@4?
(La0hte!)
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T): This is T!a'e Ma"e!7 ea!$" seed !ond investo! in %oth BitCa" and the A!mo!" 8a$$et. I
thin( a %i0 ta(ea8a" that 8e 'an 0et &!om this 8ho$e Mt*o+ de%a'$e... and !ea$$"7 an"%od"
8ho has %een a!ond Bit'oin a si0ni&i'ant amont o& time7 the" sho$d have had eithe! di!e't
e+pe!ien'e 8ith thin0s $i(e this %e&o!e o! this is the &i!st e+pe!ien'e... %t the %i0 dea$ he!e is
8ho ho$ds the p!ivate (e"s to "o! mone"E I& "o dont ho$d the p!ivate (e"s "o!se$&7 then
thats a %i0 dea$ %e'ase "o have to t!st some%od" e$se. Not on$" do 8e have e+'han0e
!ate !is( 8ith Bit'oin7 !e$ative to the do$$a!7 %t 8e have pe!&o!man'e !is(7 8hethe! some%od"
8i$$ a'ta$$" pe!&o!m thei! 'ont!a't. Mt*o+ isnt the &i!st e+amp$e o& this 8he!e the!e has
%een a pe!&o!man'e !is( &ai$!e. The!e has %een M"Bit'oin "ea!s a0o7 the!es Bit'oini'a7
Sheep Ma!(et !an o&& 8ith a%ot I133m 8o!th o& Bit'oin and Si$( )oad 2 !an o&& 8ith I2.Jm
8o!th o& Bit'oin. <2G=33?
6hen "o!e t!stin0 peop$e 8ith "o! p!ivate (e"s7 thats a %i0 dea$ and thats one o& the
!easons that Ive &nded the deve$opment o& the A!mo!" 8a$$et 8as so that individa$s 'o$d
ho$d the p!ivate (e"s to thei! o8n %it'oins. I thin( thats a ve!" impo!tant thin0. Its not 9st
in the Bit'oin 'ommnit". 6ith Bit'oin7 8e!e !ea$$" '!eatin0 a 8ho$e ne8 &o!m o& p!ope!t"
!i0hts. C!ope!t" !i0hts that a!ent de&ined %" $e0a$ 'ode %t p!ope!t" !i0hts that a!e de&ined %"
mathemati'a$ 'ode. -o! e+amp$e7 HSBC !e'ent$" denied peop$e the 8ithd!a8a$ o& ph"si'a$
'ash &!om thei! %an( a''onts. Thats an e+amp$e 8he!e 8e see HSBC ho$din0 the p!ivate
(e"s o& the B!itish ponds and the ph"si'a$ 'ash and some%od" e$se ho$din0 the $e0a$ (e"s7 o!
the o8ne!ship to those ponds %t the!e is a di&&e!en'e in ho8 the" 8ant those p!ivate (e"s
administe!ed. <2G=@4?
6ith this 8ho$e Mt*o+ de%a'$e7 8e!e !ea$$" &indin0 ot that he 8ho has the p!ivate (e"s7
ma(es the !$es %e'ase the!e is not !ea$$" an" !e'o!se. I& "o sent "o! %it'oins ove! to
Mt*o+ and the" $ost them o! the" a%s'onded 8ith them7 and the!e is !ea$$" no 8a" to te$$
8hethe! the" 8e!e $e0itimate$" ha'(ed %" some ne&a!ios thi!d pa!t" o! 8hethe! the" 9st
a%s'onded 8ith the %it'oins themse$ves7 the!e is no 8a" to p!ove eithe! 8a"7 then "o t!sted
them 8ith "o! p!ivate (e"s. The!e is 0oin0 to %e a%ses o& this t!st and 8hethe! the"!e
!e0$ated o! not doesnt !ea$$" ma(e a di&&e!en'e. Be!nie Mado&&7 peop$e ent!sted him 8ith
%i$$ions and %i$$ions o& do$$a!s o& assets and p!ivate (e"s and he !an o&& 8ith it. This is not
somethin0 ne8. I thin( 8hat 8e have to do as a 'ommnit"7 in o!de! to move &o!8a!d &!om
this7 is= One ta(e !esponsi%i$it" &o! o! o8n p!ivate (e"s and se somethin0 $i(e A!mo!"
et'. T8o 8e 'an %i$d s"stems o! p!o'esses into p$a'e 8he!e 8e 'an !e0$ate o!se$ves
m'h mo!e e&&i'ient$". -o! e+amp$e7 e+'han0es 'o$d se0!e0ate 'stome!s %it'oins and then
p%$ish %a$an'es o! somethin07 dependin0 on 8hat 8o$d ma(e the most sense the!e. <25=1>?
)ea$$"7 8he!e 8e need to 0o is 8e need to %i$d ot s"stems 8he!e 8e 9st dont have to t!st
an"%od" and thats 8hat I thin( the %i0 vision o& Satoshi is7 is to de'ent!a$i/e t!st as m'h as
possi%$e. Not havin0 these 'ent!a$ points o& &ai$!e7 $i(e Mt*o+7 8he!e the HS -eds 'an sei/e
I@m o& thei! 'stome!s &nds7 8he!e Mt*o+ 'ant 0et ha'(ed and $ose thei! %it'oins o!
a%s'ond 8ith the %it'oins 8he!e 8e 9st dont have to t!st. I thin( that %i$din0 ot the
Bit'oin p!oto'o$ mo!e7 in te!ms o& m$ti#si0nat!e and es'!o8 so$tions et' is some8he!e to
0o and a$so 9st pttin0 on o! %i0 %o" pants and pttin0 o! %it'oins in o! A!mo!" 8he!e
8e ho$d the p!ivate (e"s and 8e (no8 that no%od" e$se ho$ds those p!ivate (e"s %e'ase
!ea$$"7 "o dont ho$d o! o8n an" %it'oins n$ess "o so$e$" ho$d the p!ivate (e"s. Thats
!ea$$" (ind o& the messa0e o! statement Id $i(e to 0et ot is individa$s ta(in0 that pe!sona$
&inan'ia$ !esponsi%i$it" &o! the se'!it" o& thei! o8n p!ivate (e"s to thei! 8ea$th. <2D=24?
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"0%E/T:
K!"ptoKit is the 8o!$ds &i!st Ch!ome %!o8se! Bit'oin 8a$$et. Its the easiest7 &astest Bit'oin
8a$$et pa"ment s"stem 8ith a simp$e one '$i'( insta$$7 it ta(es 9st se'onds to 0et "o! 8a$$et
set p and %e'ase K!"ptoKit &inds the add!ess and pa"ment &o! "o7 the!es no mo!e &ssin0
a!ond o! ta% s8it'hin0. K!"ptoKit is mo!e than 9st a 8a$$et. It 'omes 8ith a p!e#$oaded
C*C en'!"pted so'ia$ net8o!(7 ne8s&eeds &!om )eddit and *oo0$e and p to date 'ha!ts &!om
e+'han0es. -ina$$"7 K!"ptoKit di!e'to!" a$$o8s "o to ma(e t8o '$i'( pa"ments 8ith an" o&
the BitCa" me!'hants. On'e "o insta$$ K!"ptoKit7 "o 8ont need an"thin0 e$se. -o! mo!e
in&o!mation7 o! to do8n$oad K!"ptoKit7 visit 888.K!"ptoKit.'om. <>3=1>?
"0%E/T:
6o$d "o $i(e to %" Bit'oinE Cash Into Coins p!ovides the &astest7 easiest and sa&est 8a"
to %" Bit'oin in the Hnited States. Simp$" p$a'e an o!de! on$ine7 deposit 'ash at an"
sppo!ted %an( and !e$a+. Cash Into Coins 8i$$ ve!i&" "o! deposit and send ot "o! Bit'oin
8ithin 24 ho!s. .oin tens o& thosands o& peop$e 8ho have p!'hased &!om Cash Into Coins.
6hat a!e "o 8aitin0 &o!E B" "o! Bit'oin toda". *o to 888.'ashinto'oins.'om. <>3=@1?
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10: Im .oe$ ,iet/ and Im CEO o& Eve!0!een7 888.*!een/.io. Im ve!" passionate a%ot
the Ethe!em p!o9e't and othe! imp!ovements that a!e 0oin0 on !i0ht no8 in the de'ent!a$i/ed
app$i'ation $a"e!. I thin( no8 that 8e!e seein0 the &a$$ot &!om *o+ and these pa!ties that
have not %een pa!ti'$a!$" !esponsi%$e 8ith the &nds the" 8e!e ent!sted 8ith7 it 9st
!eemphasi/es the need7 not ne'essa!i$" &o! e+te!na$ !e0$ation I thin( the!e 8i$$ %e a $ot o&
'a$$ &o! that o%vios$" and thats so!t o& the t!ap thats %ein0 sed %" man" 'ompanies $i(e
Coin%ase and Ci!'$e. The"ve 0one in and inte0!ated ve!" 'a!e&$$" 8ith the e+istin0 %an(in0
s"stem. Im not opposed to that %t I thin( that !ea$$"7 the $timate 0!o8th and need in the
ma!(et7 at this moment7 is &o! t!st net8o!(s that !ea$$" %i$d in !eptationa$ s"stems that 'an
va$idate thin0s 8ithot the need &o! e+istin0 p!o+" se!vi'es7 in'$din0 0ove!nments and the
$e0a$ s"stem. <>1=@4?
I thin( those thin0s 0et sed to to a 'e!tain point %t the !ea$ 0!o8th and this is 8h" the sma!t
'ont!a't a%i$it" o& Ethe!em is so impo!tant and potentia$$" !evo$tiona!" is that it a$$o8s
peop$e to have the 'omp$ete &!eedom to desi0n these s"stems &!om s'!at'h and evo$ve them
in'!ementa$$" and e+pe!imenta$$". 6e!e a$!ead" seein0 in the Ethe!em m%!e$$a a $ot o&
&as'inatin0 dis'ssions o& ho8 to %i$d a !o%st 8e% o& t!st &o! the &t!e that doesnt &o!'e7
ne'essa!i$"... !ea$ name ve!i&i'ation doesnt &o!'e "o to se "o! -a'e%oo( a''ont %t sti$$
a$$o8s a ve!" hi0h de0!ee o& t!st 8ithin 'e!tain net8o!(s. I thin( thats !ea$$" the di!e'tion
a$$ the 0ove!nan'e is movin0 in7 in the sense that7 in the past a$$ 0ove!nment has essentia$$"
%een opt#ot. Fo!e &o!'ed into a pa!ti'$a! po$iti'a$ 'onte+t7 "o!e %o!n into a pa!ti'$a!
mni'ipa$it"7 o! $o'a$it"7 o! ethni'it" and "o a!e asso'iated 8ith those peop$e7 %" de&a$t and
"o dont !ea$$" ne'essa!i$" have the option o& disasso'iatin0 o! asso'iatin0... this isnt !ea$$"7
at this moment %" an" means7 a !ep$a'ement &o! that %t "o!e in'!easin0 this possi%i$it" %"
havin0 this meta#$a"e! that "o %i$d on top o& e+istin0 in&!ast!'t!e that p!ovides an
additiona$ $a"e! o& se!vi'es and 'an %e mo!e !o%st than the $a"e! thats %e$o8 that. <>>=23?
6hen "o see a$$ this 'o!!ption and thin0s that have ve!" o%vios$" and '$ea!$" %een
happenin0 in the mainst!eam %an(in0 s"stem and7 to a 'e!tain de0!ee7 a$so a!e po$$tin0 the
Bit'oin s"stem at this moment7 the!e is 9st this in'!edi%$e possi%i$it" o& %i$din0 somethin0
that is ne8e!7 %ette!7 mo!e !esi$ient and %asi'a$$" p!ovides a$$ the se!vi'es "o e+pe't in a
mo!e e&&i'ient 8a". So m'h o& this 'ost that peop$e a!e pa"in0 !i0ht no8 on top o& thin0s7
and this is d!amati'a$$" '$ea! in this 'ase7 a!e on top o& this po$$tion thats a$!ead" in the
s"stem and "o!e %asi'a$$"7 eithe! pa"in0 to '$ean p the po$$tion o! "o!e pa"in0 to (eep
it at %a"7 o! a$$ these so!t o& thin0s. The %ette! the s"stem is that is desi0ned to p!event that
&!om ente!in0 in the &i!st p$a'e7 essentia$$"7 the mo!e positive %ene&it the!e is to eve!"one 8ho
is doin0 %siness in the s"stem. Additiona$$"7 I thin( the!e is a need %oth &o! 'ent!a$i/ed
s"stems and de'ent!a$i/ed s"stems. I dont thin( the!e is one mode$ that is the so$tion. I
thin( the dist!i%ted nat!e o& the %$o'('hain is !ea$$" the most !esi$ient so$tion and I thin(
thats 8h" its a so$tion thats 'ome a$on0 &i!st %e'ase othe!8ise7 as 8eve seen 8ith past
'ontende!s 8ho 8e!e t!"in0 to p!ovide di0ita$ '!!en'ies7 the" 8e!e 9st sht do8n %e'ase
the" had a 'ent!a$i/ed point o& &ai$!e and Bit'oin does not have that. Thats t!e o&7
%asi'a$$"7 a$$ o& the '!"pto'!!en'ies that e+ist. The" a!e v$ne!a%$e to 'e!tain thin0s $i(e a
@1L %t the" a!e e+t!ao!dina!i$" !esi$ient 'ompa!ed to most 'ent!a$i/ed s"stems. <>4=@>?
At the same point7 the!e a!e a $ot o&... 8hen it 'omes to sa%i$it"7 ease o& se and t!ans&e!
me'hanisms7 the!e a!e a $ot o& 'ases 8he!e 'ent!a$i/ed s"stems7 pa!tia$$" %e'ase the" dea$
8ith $a!0e amonts o& &$o87 'an a'ta$$" optimi/e and ta(e7 essentia$$"7 a sma$$ amont o&
!eso!'es th!o0h a $a!0e nm%e! o& t!ansa'tions and then se that to %i$d in&!ast!'t!e and
0a!antee a 'e!tain e+pe!ien'e on top o& that in&!ast!'t!e 8hi'h "o 'ant 0et a'!oss a $a!0e
%od". I thin( 8e!e &indin0 that7 !i0ht no87 even 8ithin the Bit'oin thin07 8hi'h I pe!sona$$"
&ind t!o%$in0 $a!0e$" %e'ase the... I dont '!iti'i/e the peop$e... the heads o& K!a(en7 and
Ci!'$e7 and Coin%ase7 and Bitstamp7 and 8hateve!7 Bo%%" Lee &!om BTC China7 &o! 'omin0
ot and ma(in0 this 9oint statement %t it (ind o& has this ee!ie 'ent!a$i/ed... 8e a!e the top
tie! o& the Bit'oin 8o!$d and 8e a!e inte0!atin0 8ith 0ove!nment. To me7 it dest!o"s a $ot o&
the va$e that "o see in somethin0 $i(e Bit'oin 8he!e the dist!i%ted nat!e is !ea$$" 8hat
0ives it its st!en0th and i& "o!e 9st sa"in0 6e a!e an o!0an o& the 0ove!nment and 8e!e
'$ose$" tied in 8ith the e+istin0 in&!ast!'t!e7 then 8hat is the point o& sin0 this at a$$. This
is 8hat some o& these peop$e !ea$$" 8ant it to %e7 I thin(7 that the" 9st 8ant it to %e a ne8
Ca"Ca$ that 0ives "o a s$i0ht %ene&it7 a s$i0ht$" $o8e! &ee &o! t!ans&e!!in0 &nds. <>G=>1?
I thin( the !ea$ potentia$ &o! these net8o!(s is so m'h $a!0e! than that. Im ve!"7 ve!"
e+'ited a%ot the se'ond 0ene!ation o& the Bit'oin st&& and I !ea$$" 8ish that it 8as he!e no8.
I 8ish that Maste!'oin 8as &$$" !e$eased. I 8ish that C!otoSha!es7 N+t 8e!e &a!the! a$on0
than the" a!e and I !ea$$" 8ish Ethe!em had a$$ the st&& &$$" !ead" to 0o %e'ase the!e a!e
9st so man" thin0s that "o 'an do a$on0 this. Its 0oin0 to %e e+pe!imenta$7 $i(e I said
%e&o!e7 %t 8e have that possi%i$it" !i0ht no8 o& %i$din0 that t!st $a"e! in a 8a" that is
tota$$" opt#in7 so its not &o!'ed. Thats one o& the a8esome thin0s a%ot it too is that7 8ith
somethin0 $i(e Ethe!em7 its not $i(e the p!oto'o$ has a sin0$e ve!sion o& this. It 'an have
m$tip$e 'ompetin0 ve!sions o& this. O%vios$"7 the!e 8i$$ %e a net8o!( e&&e't &!om the
peop$e that 0et st&& p and !nnin0 mo!e ;i'($" and mo!e !o%st ea!$" on and that 'an
s'a$e. Fo 9st dont have that option !i0ht no8 and then "o (ind o& have this &a$$ot7 the
massive &a$$ot that I thin( 8e!e 0oin0 to have and its 0oin0 to ve!" seve!e$" impa't the
!eptation o& Bit'oin and the 8ho$e Bit'oin 'ommnit" and %e a massive set%a'(. I dont
(no87 &ndamenta$$"7 I a0!ee 8ith the E!i' :oo!hees statement a%ot that the!e is a nat!a$
p!o'ess that 8hen "o %i$d to8e!s7 some o& them 8i$$ &a$$ ove! %t I thin( the!e is a$so a
need to 'hose st!on0e! mate!ia$s in the 'onst!'tion o& those to8e!s and ma"%e even appoint
0a!dians to p!ote't them so that "o!e not $ia%$e 8hen these so!t o& $itt$e &$oods... its so!t o&
the 8ho$e '$assi' ,o "o %i$d "o! 'ast$e on the sand o! do "o %i$d it on somethin0 that
has a st!on0 &ondationE -indin0 that so!t o& &ondation to %i$d it on so that it doesnt
%e'ome somethin0 that !ises p to I13%n and then !shes ot7 is e+t!ao!dina!i$" impo!tant &o!
the $on0 te!m via%i$it" o& a$$ o& this st&&. Those a!e m" tho0hts and than( "o. <>5=2D?
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
"#$: AThe *host in the Ma'hine at Mt*o+ o!i0ina$$" p%$ished -e%!a!" 2J
th
23147
8!itten %" Adam B. Levine and Napo$eon Co$e7 8ith assistan'e &!om Ben ,avenpo!t7 Ma!tin
Ha!!i0an7 Cha!$ie Sh!em and the Mt*o+ Statement I)C 'hanne$.
0isclaimer: This is a woring theory and, as such, is highly speculati4e. 5hile we
present our findings to you for no4elty and add this information to the community
con4ersation, the only real truth in this situation can come from )tGox.
Feste!da"7 8e p%$ished an a$te!native theo!" o& 8he!e the 'oins 8ent in the Mt*o+ 'a$amit"
%t 8hat i& the 'oins 8e!ent !ea$$" sto$en at a$$. 6hat i& the pe!peta$$" %m%$in0 e+'han0e
simp$" $ost the (e"s and didnt have the hea!t to te$$ an"oneE This idea 'a0ht &i!e ove!ni0ht
and toda"7 8e pi'( p "este!da"s th!ead 8ith a &e8 mo!e &a'ts and a %n'h mo!e spe'$ation
in&e!!ed &!om it. This isnt the &i!st time em%att$ed e+'han0e Mt*o+ has had so$ven'"
'on'e!ns $eve$$ed a0ainst it. In 23117 4247242.42424242 'oins 8e!e moved &!om an add!ess
nde! the e+'han0es 'ont!o$ to anothe! add!ess nde! the e+'han0es 'ont!o$. This e+e!'ise
is the di0ita$ e;iva$ent o& movin0 I133 &!om one pants po'(et to the othe!7 standin0 in &!ont
o& a '!o8d. Fo p!oved "o had 'ont!o$ o& the mone" 8ithot e+posin0 it to an" !is(. In
23117 this se!ved as an o&&i'ia$ p!oo& o& so$ven'" and s''eeded in ;e$$in0 the 'on'e!ns at
the time. 6hen ana$"sed in toda"s $i0ht7 this same p!oo& no8 !aises mo!e ;estions than it
ans8e!s. Ea!$ie! this 8ee(7 a $ea(ed '!isis st!ate0" %!ie& p!epa!ed %" an otside &i!m &o!
Mt*o+ !evea$ed the e+'han0e had on$" 27333 %it'oins in its spendin0 o! hot 8a$$et 8ith no
'o$d o! o&&$ine &nds at a$$. A&te! m'h ana$"sis7 'ons$tation and 'onside!ation7 8e &ee$ the!e
is st!on0 'i!'mstantia$ eviden'e that Mt*o+ sho$d7 in &a't7 '!!ent$" 'ont!o$ at $east D37333
%it'oins in t8o7 "et nspent7 a''onts. Bit'oins nas'ent A%$o'('hain &o!ensi' is a ne8
s'ien'e that is a $ite!a$ A&o$$o8 the mone" so!t o& ope!ation. 6e %e0in o! 9o!ne" in .ne
23117 8hen 'on'e!ns a%ot *o+ !ea'h a head and CEO Ma!( Ka!pe$es7 Ma0i'a$T+7 a0!eed
to ta(e a'tion as a demonst!ation that he 'ont!o$$ed a non#t!ivia$ amont o& 'oins and so7 8as
so$vent. <43=@3?
)tGox 'tatement 6/C channel
Q0o1d&ishR Ma0i'a$T+= 4>213D.5JG@4>21 is that patte!n !andom7 o! 8as it 'hosen
de$i%e!ate$"E
Q0o1d&ishR %" patte!n7 I mean the &a't that it $oo(s $i(e a 'ontdo8n
Qsha!(as0oR de$i%e!ate so it 8o$d %e eas" to sea!'h &o!
QMa0i'a$T+R 0o1d&ish= itSs de$i%e!ate
QMa0i'a$T+R 8ant me to do it a0ainE =)
Q0o1d&ishR Ma0i'a$T+= "es7 i& "o 'o$d send $i(e a tin" amont to an add!ess someone
th!o8s ot
Q0o1d&ishR that 8o$d do a h0e amont to !esto!e 'on&iden'e
QMa0i'a$T+R I %!o(e ot the 4>213D.5JG@4>21 a$!ead"
QMa0i'a$T+R %t IS$$ ma(e a ne8 one
QH%e!Coo(iesR I 8onde! i& ISve !e'$aimed m" a''ont 'o!!e't$"...
Q+e$iste!R do .424242
QMa0i'a$T+R +e$iste!= 424242.42424242 E
Q+e$iste!R "eap
Q0o1d&ishR 9st need to see a t!ansa'tion happen &!om an a''ont 8ith a h0e %a$an'e 8ith
an amont $isted he!e to an add!ess $isted he!e
QMa0i'a$T+R 'onne'tin0 the o&&$ine sto!a0e and de'!"ptin0 on a &i!e8a$$ed s"stem
Q0o1d&ishR 1A%T):!)F*!i1sTv;HBadnUaCH(U.t:@N
QMa0i'a$T+R IS$$ ma(e the t!ansa'tion and psh it mana$$"
Qnota$$he!eR this 8o$d 'omp$ete$" !esto!e a $ot o& peop$es &aith
Q0o1d&ishR Ma0i'a$T+= post an add!ess and IS$$ send "o an amont
QOoo&oR Ma0i'a$T+7 to 0et the V&!ee month o& t!adin0V thin07 8i$$ that %e atomati'a$$"
done %ased on !o$$ed %a'( t!ades o! do 8e have to app$" someho8E
QMa0i'a$T+R Ooo&o= itS$$ %e atomati'
QOoo&oR a8esome
QMa0i'a$T+R I 0ot a$$ the data o& a$$ the a&&e'ted se!s he!e
QMa0i'a$T+R 0o1d&ish= no7 not p!a'ti'a$
Q0o1d&ishR o(
QMa0i'a$T+R 0o1d&ish= IS$$ send 424242.42424242 %it'oins &!om a %n'h o& @3(BTC
add!esses (and ma"%e on 42(BTC) to one
QMa0i'a$T+R 8e$$7 t8o a'ta$$"
QMa0i'a$T+R one 8i$$ 0et the 424(7 the othe! one 8i$$ 0et the 'han0e
Q0o1d&ishR o(7 "eah a$$ t!ansa'tions 0et sp$it that 8a" as I nde!stand it
QMa0i'a$T+R !ead" 0"sE ,onSt 'ome a&te! me '$aimin0 8e have no 'oins a&te! that
QMa0i'a$T+R hope&$$" IS$$ %e a%$e to 8o!( 8ithot 0ettin0 too m'h dist!%ed
Q0o1d&ishR "eah7 !ead"
Qnanot%eR Ma0i'a$T+= 8asnSt "o! $ast t+ 4>2K %t'E $ost 5(E
Q0eistBR no
Q0eistBR thats 9st the amont someone s00ested
Q0eistBR (the 424242)
Qnanot%eR ah
QMa0i'a$T+R 42 is the ans8e!
Q0o1d&ishR to eve!"thin0
Qsi+E'h3R 42 is m" pass8o!dO
Qnoa0endama!(etR $o$
Qnanot%eR hehe i'
Q0o1d&ishR 42 is the so$tion to eve!" %$o'( too
Qma%sR 8ait 8hatSs 0oin0 on7 is he p!ovin0 he has o! %it'oins sti$$E
Q0o1d&ishR shit I 9st !ined the e'onom"
Qma%sR 8hat does this he$p
Q0eistBR the!es a $ot o& peop$e '!"in0 8o$& sa"in0 *o+ doesnt have thei! BTC an"mo!e
Q8mpsR donSt send them to the %it'oin eate! p$ease =)
Q0o1d&ishR ma%s= t+ is sh&&$in0 $a!0e nm%e!s o& %it'oins to sho8 the" a!e sti$$ nde! his
'ont!o$
QMa0i'a$T+R an"8a"7 0oin0 to send to 1eHh06Gv;BF... the 424242.42424242 BTC...
:oi$aO <44=2J?
And he didO On the %$o'('hain 8e 'an see that this ve!" ni;e t!ansa'tion 8ith a timestamp
that 'o!!esponds a$most e+a't$" to the I)C 'onve!sation7 8hi'h %!in0s me to the time$ine.
<44=>5?
The Timeline
2311#3G#2> 3G=@3=1@
The 4247242.42424242 t!ansa'tion=
https=MM%$o'('hain.in&oMt+M>a1%De>>3d>2&e&1ee42&5e5G423d2%eDJ5%%e3d'@5G2&1JdaD32J'&D
e11&5'4 is made.
Ma0i'a$T+ (Ma!( Ka!pe$es) ma(es the 4247333 t!ansa'tion at app!o+imate$" the same time7
and on the same date as the I)C $o0 is posted to paste%in. http=MMpaste%in.'omMdJvp3GhL. At
this point 8e %e$ieve that Mt*o+ has 'ont!o$ o& the 'oins. <4@=32?
2311#3J#15 1>=4@=2D
Th!ee 8ee(s $ate! on .$" 15th7 2311 those same 'oins a!e pa!t o& a t!ansa'tion that %!ea(s
them into t8o sepa!ate otpts.
https=MM%$o'('hain.in&oMt+MJa2aG&GGe5Jed4eJ2d5@%aJa52eda1@J2G3@'>>>3'4G1e1J1&@5dJ&&2
JG>a'G>
The 'oins sta" pt in thei! !espe'tive add!esses nti$ $ate A0st7 at 8hi'h point the" 8e!e
spent in the same %$o'(. S%se;ent t!ansa'tions &o$$o8in0 %oth amonts eventa$$" $ead to
a ve!" $a!0e @@37333 BTC t!ansa'tion that 8e!e a%ot to ta$( a%ot. At this point7 8e %e$ieve
that Mt*o+ sti$$ has 'ont!o$ o& the 'oins. <4@=>@?
2311#35#2J 32=2D=2G
A se!ies o& t!ansa'tion a!e made ($a!0e$" pa!t o& the same %$o'() to %!ea( p the t8o otpts
&!om .$" 15th7 2311 into man" add!esses 'ontainin0 @37333 BTC ea'h.
These inte!'onne'ted t!ansa'tions a!e 'ontained in the same %$o'( on the %$o'('hain 8hi'h
means the" 8e!e pe!&o!med on a $o'a$ ma'hine that didnt have to 8ait &o! even a sin0$e
'on&i!mation %e&o!e %ein0 a%$e to send on the &nds the" had 9st !e'eived. That pa!ti'$a!
pie'e o& in&o!mation 'ame to s &!om Ma!tin Ha!!i0an 8ho 0ave s an in'!edi%$" $a!0e 'ha!t
that 8e 'o$dnt even p%$ish %e'ase it 8as too 8ide. At this point7 8e sti$$ %e$ieve that
Mt*o+ has 'ont!o$ o& the 'oins. <4G=3D?
2311#3D#11 1@=>4=@D
A &e8 8ee(s $ate!7 Septem%e! 11
th
7 23117 at 1@.>4 HTC7 a$$ o& the @37333 BTC add!esses a!e
moved to ne8 @37333 BTC add!esses. At this point7 8e sti$$ %e$ieve that Mt*o+ has 'ont!o$ o&
the 'oins. <4G=2>?
2311#11#1G 3@=@D=35
The ne+t movement is in Novem%e! 8hen a$$ %t one o& the @37333 BTC add!esses '!eated on
Septem%e! 11
th
7 2311 a!e inpts to that $a!0e @@37333 Bit'oin t!ansa'tion 8ith t8o otpts=
@337333 W @37333
https=MM%$o'('hain.in&oMt+M2Da>e&d>e&34&D1@>d4JaDD3%dJ%345a4%2d21>daaa@&%5edGJ3&%5@&
1>%d%'&
The @37333 otpt is sti$$ the!e7 sittin0 nspent.
https=MM%$o'('hain.in&oMadd!essM1C>S10!TFm';F,aE,:,Fo%.@-+5@ED&ED
The nin'$ded @37333 BTC is %!o(en into t8o othe! otpts o& 437333 W 137333. The 437333
otpt is sti$$ the!e7 a$so nspent.
https=MM%$o'('hain.in&oMadd!essM1'UNT"U94+C*op&FTNF@+&SM1EC..vBT:
No87 the vast ma9o!it" o& the @337333 'oins a!e a'ta$$" moved ove! seve!a$ t!ansa'tions to
(no8n Mt*o+ add!esses t8o da"s $ate! on the 15th o& Novem%e!.
https=MM%$o'('hain.in&oMt+M%2GD%&1%52dae5aG1&J&D1d%&JaDd53Je>3DG>'1ae33dddD@a5&ae%ea
Gd3a33J
Th!o0hot a$$ o& this7 8e %e$ieve that these a!e inte!na$ Mt*o+ t!ansa'tions and that the"
!etain 'ont!o$ o& the 'oins. <4J=3G?
6hat 8e in&e! &!om this=
1) The 'stod" o& the 4247242.42424242 t!ansa'tion is !easona%$" esta%$ished to %e Ma!(
Ka!pe$es7 CEO o& Mt*o+.
2) A$$ s%se;ent t!ansa'tions $eadin0 to the @@37333 t!ansa'tion on Nov 11th a!e
s"n'h!oni/ed7 s00estin0 a sin0$e 'ont!o$$e!.
>) The 'ont!o$$e! o& those t!ansa'tions '!eated t8o otpts tota$$in0 D37333 that a!e nspent
sin'e Nov o& 2311. That pe!son7 8hi'h 8e %e$ieve to %e the Mt*o+ corporate entity o!
Ma!( Ka!pe$es pe!sona$$"7 sho$d sti$$ have 'ont!o$ o& those &nds. <4J=4G?
I& Mt*o+ does indeed have 'ont!o$ o& that D37333BTC nspent sin'e 23117 it means the
nm%e!s on the Mt*o+ C!isis St!ate0" d!a&t a!e &$at$" 8!on0 and the" 'ont!o$ 'onside!a%$"
mo!e BTC than the do'ment s00ests7 o! somethin0 e$se is a&oot.
6e have esta%$ished th!o0h seve!a$ distin't 'hanne$s that the Mt*o+ C!isis St!ate0" d!a&t
8as p!epa!ed at the !e;est o& Mt*o+ %" an otside 'ons$tin0 &i!m (Manda$ah *$o%a$)7 8ho
sed &inan'ia$ and BTC %a$an'es p!ovided di!e't$" %" Mt*o+.
I& the Mt*o+ C!isis St!ate0" d!a&t nm%e!s a!e a''!ate7 Mt*o+ isnt 'ontin0 the 'oins
possi%$" %e'ase the" dont 'ont!o$ the (e"s. Ma!( Ka!pe$es has said that the 'oins a!e
Xnavai$a%$e.Y It is possi%$e that the (e"s 8e!e $ost sin'e Novem%e! 23117 o! the" a!e not
ph"si'a$$" a''essi%$e &o! some othe! !eason.
One possi%$e o%vios e+p$anation o& this 8o$d %e i& one o! t8o se!s 8e!e o8ed and
!e'eived these $a!0e amonts (one 'hn( o& 437333 %it'oins and one o& @37333 %it'oins)7 then
neve! moved them. 6hi$e 8e %e$ieve this is possi%$e7 it seems hi0h$" n$i(e$".
So7 as p!omised7 some &o$$o8#the#mone" and $ots o& spe'$ation. The on$" pe!son it appea!s
8ho 'an te$$ s 8hat !ea$$" happened is Ma!( Ka!pe$es. 6hi$e o!s is a mino!it" !epo!t7 8e
%e$ieve it p!ovides a mo!e p$asi%$e e+p$anation than the o!i0ina$$" p!o&&e!ed XJ@37333BTC
8e!e sto$en via t!ansa'tion ma$$ea%i$it"Y theo!".
This is not to sa" t!ansa'tion ma$$ea%i$it" didnt p$a" a !o$eN !athe! the $osses it 'ased
'ata$"/ed the dis'ove!" 8ithin Mt*o+ itse$& that 8hat had %een pe!'eived as the sa&est o&
thei! sa&e %it'oins7 the ones sto!ed o&&$ine &o! "ea!s in $a!0e %$o'(s7 8e!e in &a't t!apped inside
a t!anspa!ent7 impe!mea%$e va$t the" no $on0e! had the 'om%ination to.
Tho0h Mt*o+s se$&#ind'ed v$ne!a%i$it" to t!ansa'tion ma$$ea%i$it" ma" have p$a"ed a
!o$e in its do8n&a$$7 a''o!din0 to 8hat 8eve seen7 8e dont thin( it 'o$d %e !esponsi%$e &o!
the enti!e Bit'oin $oss. 6hat do you thin(E <4D=>1?
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C/E06T':
Than(s &o! $istenin0 to Episode 55 o& Lets Ta$( Bit'oin.
Content &o! toda"s sho8 8as p!ovided %" Stephanie M!ph"7 E!i' :oo!hees7
B$oom%e!0 Ne8s7 )on *!oss7 Ma!( .e&tovi'7 T!a'e Ma"e!7 .oe$ ,iet/7 A(io
Minamoto7 C!tis -enimo!e7 Emi$" :a0hn and Tonto Ka8a$s(i.
This episode 8as p!od'ed and edited %" Adam B. Levine and ,enise Levine7 8ith
additiona$ p!od'tion %" Stephanie M!ph"
Msi' &o! this episode 8as p!ovided %" .a!ed )%ens and *ene!a$ -//
An" ;estions o! 'ommentsE Emai$ adamZ$etsta$(%it'oin.'om.
Have a 0ood oneO <@3=3>?