let's talk bitcoin, episode 100, "the milestone episode"

8/12/2019 Let's Talk Bitcoin, episode 100, "The Milestone Episode"

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LETS TALK BITCOINEpisode 100 The Milestone Episode

Participants:

Adam B. Levine (ABL) HostDr. Stepanie !"rp# (S!) Co$ostAndreas !. Antonopo%o"%os (AA) Co$ost

ABL: Toda# is Apri% &'t '&* and tis is episode & o+ Lets Ta%, Bit-oinTis pro/ram is intended +or in+ormation and ed"-ationa% p"rposes on%#Cr#pto-"rren-# is a ne0 +ie%d o+ st"d#1 -ons"%t #o"r %o-a% +"t"rist %a0#er andinvestment advisor 2e+ore ma,in/ an# de-isions 0atsoever +or #o"rse%+.

3e%-ome to Lets Ta%, Bit-oin te t0i-e 0ee,%# so0 a2o"t te ideas peop%eand pro4e-ts 2"i%din/ te di/ita% e-onom# and te +"t"re o+ mone# !# nameis Adam. B. Levine and toda#s a mi%estone5 episode & Cra6# s-ed"%es

0ere ne/otiated re-ordin/s 0ere set7 and moved7 and set a/ain. Im ver#app# to sare 0it #o" tis +"%% episode +rom te osts o+ Lets Ta%, Bit-oin5Stepanie !"rp# Andreas Antonopo%o"%os and m#se%+.

En4o# te so0 85*9:

Adam, Andreas, and Stephanie talk about the past ear!

SM: & episodes and a #ear ri/t; 85*


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SM: (La"/ter) 8&5'':

ABL: Bit-oin in tat same amo"nt o+ time as -ome 4"st an in-redi2%e7amo"nt. "st te amo"nt o+ pro/ress 0e ave made in terms o+ 0ere te

-omm"nit# stands no0 te amo"nt o+ peop%e 0o are a0are o+ 0ats /oin/on 0o are a0are o+ 0# tis is va%"a2%e. ?o" ,no0 Im ,ind o+ temptedsometimes 0en I %oo, and see 4"st o07di++erent tin/s are no0 -omparedto a #ear a/o 0en 0e 0ere /ettin/ started1 Im ver# tempted to ,inda 4"stsa# a%ri/t 3e 0on ood 4o2 ever#2od# Lets a%%7 %ets a%% /o ome no0B"t I tin, tat 0e sti%% ave a 2it more. 3at do #o" /"#s tin,; 8&5>F:

SM: 3e 0on at 0at to"/; 8&5>G:

ABL: 3e%% tats te7 8&5>:

SM: ettin/7 8&5>:

ABL: 7te point is tat78&5>:

SM:7more mainstream adoption; At /ettin/ eard; I mean 0at; 8'5&:

ABL: I tin, tat te point is tat 0eve7 te 2a%% as moved +or0ard ri/t;Is tat7 8'5>:

SM: !mm mm; 8'5G:

ABL: 70enever it -omes to an# o+ tese ne0 te-no%o/ies7 te de+a"%tstat"s is tat te# /o no0ere1 te de+a"%t stat"s is tat %a-,in/ peop%e 0op"s tem +or0ard te# /o no0ere and so its interestin/ to note tat insometin/ %i,e 2it-oin or 4"st a/ain an# sort o+ de-entra%i6ed net0or,. Bit-oinas rea%%# done a /ood 4o2 o+ eemp%i+#in/ tese traits I tin,.

?o" -an p"s +or0ard an# -on-ept simp%# 2e-a"se it ma,es sense and #o"-reate in-entives tat a%i/n in a 0a# tat en-o"ra/es peop%e to do it. ?o",no0 tis 0as a%0a#s possi2%e. Tats 0at a 4o2 is ri/t. (C"-,%e).Some2od# pa#s #o" mone# and ten #o" do te tin/ tat pro/resses

0atever it is tat te# 0anted to a--omp%is.

B"t 0at Bit-oin does and 0at a/ain I tin, 0ere /oin/ to see movin/+or0ard are tese te-no%o/ies tat %et #o" do tat 0ito"t avin/ to 2e in tesame p%a-e as someone 0ito"t avin/ to ,no0 teir rea% name assome2od# e%se. "st 2ein/ a2%e to pi-, te pro4e-t tat most ma,es sense to#o" and #o" -an most -ontri2"te to and /et invo%ved 2e-a"se te re0ard is/oin/ to 2e tere on te oter end o+ it. Its tese to,ens. I mean tats te


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tin/ a2o"t it is tat Bit-oin mana/ed to do sometin/ rea%%# interestin/1 itmana/ed to essentia%%# -onvin-e peop%e tat it 0as a rea%%# /ood idea to ta,eteir -omp"ters and to point tem at 0at is essentia%%# -ompetitive ma,e

0or, ri/t; I mean %i,e tat 2e-omes minin/ Tat ten pro-essestransa-tions 2"t te a-t"a% 0or, tats 2ein/ done isnt a-t"a%%# doin/ an# o+

tat Its 4"st -reatin/ a n"m2er tats ten -ompared a/ainst ever#2od# e%seri/t; 8F5F':

AA: ?ea its a de-entra%i6ed a"to-ra-# and tats rea%%# a po0er+"% -on-ept2e-a"se #o" ,no0 peop%e -an -ome to/eter in an ad$o- 0a# to-o%%a2orate on pro4e-ts and a%%o-ate s-ar-e reso"r-es ver# e++i-ient%# tro"/Bit-oin. B"t rea%%# at te end o+ te da# 2it-oin is not a -"rren-#1 its a meme1its an idea1 its a sared -onsens"s aro"nd o0 0e 0ant te 0or%d to r"n ando0 0e 0ant to epress va%"e to ea- oter. Its a %an/"a/e and 0ere "sin/te %an/"a/e o+ -"rren-# to -reate so-ia% -onstr"-ts to -reate -"%t"ra%-onstr"-ts to -reate -omm"nit# 8*5


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to,ens ea- one representin/ a sma%%er and more spe-i+i- t#pe o+ va%"e orspe-i+i- -omm"nit# tat va%"es it.

So tis as 2een ,ind o+ te interestin/ rea%i6ation +or me over tat %ast7 I/"ess %i,e G monts is tat 0a%,$in is dead in a%% its +orms and to tis point its

%oo,ed %i,e Bit-oin is te so%"tion 2"t I tin, tat it is even a so%"tion to tepro2%em tat Bit-oin as not #et 2e-ome 2"t mi/t at some point 2e-ome.Te a2i%it# to mi/rate va%"e and to rea%%# 2e a2%e to 2e spe-i+i- a2o"t 0ere#o" 0ant to asso-iate. I mean its %i,e te Internet a%% over a/ain 3eveta%,ed a2o"t tis 2e+ore 2"t I dont tin, tat I at %east ad to"/t a2o"t it%i,e tat 2e+ore. 8G5'>:

SM: ?ea I rea%%# %i,e tis -omparison to a meme 2e-a"se a meme is an ideaand its an idea tat propa/ates and spreads and ma#2e %eave -an/es in its

0a,e. I /re0 "p 0en te Internet 0as sort o+ on te rise (%a"/) #o" ,no0in te


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/oin/ to 2e rea%%# in+%"entia% in peop%e 0o ave 2een +o%%o0in/ Bit-oin and0o start to +o%%o0 Bit-oin over te net #ear. 895*F:

ABL: ?o" ,no0 one o+ m# +avorite ="otes +rom Do"/%as Adams5 an#tin/tats in te 0or%d 0en #o"re 2orn is norma% and ordinar# and is 4"st a

nat"ra% part o+ te 0a# te 0or%d 0or,s1 an#tin/ tats invented 2et0een0en #o"re &> and F> is ne0 and e-itin/ and revo%"tionar# and #o" -anpro2a2%# /et a -areer in it and an#tin/ tat is invented a+ter #o"re F> isa/ainst te nat"ra% order o+ tin/s. So7 8


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ABL: 7 part o+ te s#stem. So #o" ,no0 its ,inda ni-e 2ein/ a2%e to ave2ot o+ tose tin/s 2e-a"se I %i,e not 2ein/ a2%e to -are a2o"t tat 2"t I a%sore-o/ni6e tat te 2an,in/ s#stem as a%% ,inds o+ oter disadvanta/es to ittat I /et a%on/ 0it tat -onvenien-e and not avin/ to ne-essari%# -are som"-. 8&&5&F:

AA: To me te /reatest di++eren-e 2et0een no0 and a #ear a/o is te stron/emer/en-e o+ -omm"nit# aro"nd Bit-oin and te "nderstandin/ tat 0ere Istarted o++ 0it a -"rren-# ten it 0as a net0or, and a p%at+orm +or +inan-ia%app%i-ations and te-no%o/i-a% innovation and no0 to me its more o+ a /%o2a%-omm"nit#. Its a /%o2a% -omm"nit# o+ -ommon p"rpose o+ -ommon interestits a -omm"nit# tat sees te 0or%d s%i/t%# di++erent%# and is 0i%%in/ to ta,eris,s 2e-a"se 0e see Bit-oin I tin, as a po0er+"% too% tat -an 2e "sed torea%%# +ree peop%e +rom -onstraints and a%%o0 tem to trade as individ"a%s on a/%o2a% 2asis.

Its a se-ond renaissan-e tats 2een appenin/ sin-e te 2irt o+ te Internet0it te de-entra%i6ation o+ in+ormation and no0 te de-entra%i6ation o+-"rren-#. ?o" ,no0 0e started o++ 0it a -omm"nit# tat 0as ver# distri2"tedand over te past #ear /rad"a%%# as te densit# o+ te peop%e in-reased %o-a%meet "ps started 2e-omin/ via2%e and meetin/ peop%e in person and 2"i%din/tose -omm"nit# ties and 0en I 0ent to te +irst -on+eren-e in San ose I,ne0 ver# +e0 peop%e in te spa-e 4"st some o+ te ,ind o+ -e%e2rities i+ #o"tin,. Ten over te %ast #ear 4"st meetin/ to"sands o+ peop%e in Bit-oin anddeve%opin/ re%ationsips 0it "ndreds o+ peop%e. Its 2e-ome 4"st a stron/sense o+ -omm"nit#. 8&'5>*:

SM: ?o" ,no0 Andreas1 I ave a s%i/t%# di++erent perspe-tive on tat. Ia-t"a%%# +ee% %i,e I +e%t a stron/er sense o+ -omm"nit# a #ear a/o ten I do no02e-a"se 2asi-a%%# I %ived in Ne0 Hampsire 0it a%% tese Li2ertarians 0o

0ere s"per ear%# adopters o+ Bit-oin and tere 0as a prett# %ar/e and trivin/Bit-oin -omm"nit# a #ear a/o in m# persona% spere and te# 0ere a%%de+inite%# sarin/ -ertain pi%osopi-a% tin/s. To 2e an ear%# adopter o+ 2it-oin#o" ,inda ad to 2e o+ tat i%, #o" ,no0 tere 0erent man# peop%e at tattime a #ear a/o and 2e+ore 0o 0ere sa#in/ te# 0ere e-ited a2o"tre/"%ation and -omp%ian-e. Ever#one 0as %i,e no7 (C"-,%e) 7tis isa2o"t +reedom So I a-t"a%%# +e%t a stron/er -onne-tion to tem and ten

over te past #ear Ive sort o+ sa0 te 2it-oin -omm"nit# /ro0 to te point0ere no0 its a%% di++erent ,inds o+ peop%e1 it is not 4"st Li2ertarians and to a-ertain etent I dont mean to so"nd %i,e a ipster ere or an#tin/ or %i,eIm sa#in/ o its te /ood o%d da#s 2a-, ten 2"t to me persona%%# Ive+e%t %i,e I +it in more a #ear a/o. (La"/). 8&*5>:

AA:I tota%%# "nderstand tat +ee%in/. I mean one o+ te tin/s a2o"t /oin/main$stream is tat it di%"tes te ori/ina% prin-ipa%s 2"t ever# no0 and ten


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I%% meet tese #o"n/ peop%e 0o are 4"st enterin/ te spa-e 0ove 2eeninto to Bit-oin +or a mont and te# start ta%,in/ a2o"t Bit-oin and teir e#es%i/t "p Te#re 4"st so e-ited a2o"t tis ne0 tin/ tat te#ve dis-overedand re%ivin/ tat moment o+ dis-over# tro"/ teir eperien-e is 4"st soempo0erin/ so e-itin/ and I ,eep meetin/ ne0 peop%e 0o 2rin/ tat

e-itement 2a-, to me 8&*5*':

SM: B"t 0at are te# e-ited a2o"t; 3at are te# ne0 peop%e e-iteda2o"t no0 2e-a"se te# -o"%d 2e e-ited a2o"t peraps te same tin/s#o" and I 0ere e-ited a2o"t 0en 0e +irst +o"nd o"t a2o"t Bit-oin or te#-o"%d 2e e-ited a2o"t sometin/ -omp%ete%# di++erent %i,e o0 te#re /oin/to ma,e a %ot o+ mone# or o0 te#re /oin/ to /et a %ot o+ C +"ndin/ or o0te#re /oin/ to -omp%# 0it te re/"%ators 8&>5&:

AA: I tin, its more tis e-itement a2o"t tis ne0 idea tat on-e #o" /ra2 atread o+ it and start p"%%in/ on tat tread it 4"st /ets 2i//er and 2i//er and

2i//er in #o"r ead and #o" start seein/ a%% o+ te imp%i-ations a-ross ever#aspe-t o+ so-iet# and it -an/es #o"r 0or%dvie0 and #o"r "nderstandin/"man re%ationsips and mone# and its 4"st mind$2%o0in/ I remem2er teeperien-e o+ it 2ein/ mind$2%o0in/ +or me 2"t ten seein/ it in peop%e 0o

4"st 4oined and it doesnt matter 0i- an/%e te#re -omin/ +rom. ?o" ,no0te# dont ne-essari%# ave %i2ertarian %eanin/s or mone# %eanin/s or

0atever. "st seein/ #o"n/ peop%e /et e-ited a2o"t sometin/ +or te +irsttime or a/ain +ina%%# +or sometin/ tat is a ne0 eperien-e tat /ives temope I tin, is a 2ea"ti+"% eperien-e.

ABL: ?o" ,no0 teres an important part o+ te ="estion ere and its te0# do te# /et e-ited. I tin, tat tere are ' ans0ers to te ="estion5One is tat it doesnt matter 0# te# /et e-ited (-"-,%e) and it 4"st matterstat te# are e-ited and t0o te# are pro2a2%# e-ited 2e-a"se it so%ves apro2%em +or tem. So Stepanie I 0o"%d ar/"e tat te pro2%em it so%ves +orsome peop%e as to do 0it %i2ert# and as to do 0it persona% +reedom1 I

0o"%d ar/"e tat +or oter peop%e its a means to a-ievin/ internationa%-ommer-e in a 0a# tats not possi2%e1 I 0o"%d ar/"e tat a%% o+ tese tin/sare essentia%%# di++erent reasons and I tin, tat spe-"%ation is a reason tatso, too.

@eop%e tin,in/ tat te# are /oin/ to provide a servi-e 2# -omp%#in/ 0itre/"%ators as #o" sa# and ten mar,etin/ tat advi-e or 0atever to oterpeop%e 0o 0ant to do tat same I tin, tats a servi-e too1 tats a pro2%emtats o, to so%ve. So te ="estion is are 0e so%vin/ pro2%ems. I tin, tatover time 0e see tat #ea a%% o+ tese tin/s 0eter its 8tat: #o" 4"st

0ant to ma,e some mone# tats a pro2%em tats o, to so%ve too. I dontrea%%# -are 0# peop%e /et invo%ved1 I 4"st -are tat te# /et invo%ved and tatte# -an +ind teir so%"tion 0itin tis e-os#stem 2e-a"se I tin, tat 0at 0e


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a%% tin, tis is a 2etter e-os#stem to 2"i%d tese tin/s in tan tea%ternatives. 8&5&:

SM: I a/ree 0it #o" and I dont tin, tat teres an# reason to ma,e mone#and Im not e-ited to ma,e mone# too ri/t %i,e ever#2od# is. Its +ine to

spe-"%ate and +ine to see pro2%ems tat 2it-oin so%ves and to /et e-iteda2o"t tose 2"t I do tin, tat it matters 0# peop%e /et invo%ved in Bit-oinand 0# te /et e-ited a2o"t it 2e-a"se tere are some peop%e 0o are ,indo+ -reatin/ pro2%ems tat te# 0ant to so%ve i.e. te# 0ant to -an/e Bit-oinin some 0a#. Te# tin, O tis is a /reat te-no%o/# 2"t it 4"st needs tis%itt%e t0ea, to 2e 2etter and eres o0 I 0ant to ma,e it 2etter (%a"/) #o",no0; 8&5*


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AA: Im %oo,in/ at tis +rom a ver# di++erent perspe-tive /"#s. I mean I tin,te main iss"e to me is tat Bit-oin is a ne"tra% p%at+orm and peop%e pro4e-tteir o0n aspirations and opes onto it 2"t te reason te# do tat is 2e-a"seo+ a +"ndamenta% disappointment in te +a2ri- o+ so-iet#. ?o"ve /ot a/eneration o+ #o"n/ peop%e 0o ave /ro0n "p d"rin/ a de-ade o+ t0o period

0ere ever# sin/%e instit"tion o+ a"torit# and tr"st and sta2i%it# andor/ani6ation and so-ia% /ood aro"nd tem is -o%%apsin/ and imp%odin/in0ards in -orr"ption and s-anda% and -ooption and -apt"re Tere isnotin/ o"t tere to tr"st

?o" see #o"n/ peop%e 0o -an no %on/er tr"st te -"r- te s-oo%s te/overnment te mi%itar# te po%i-e a%% o+ te so-ieta% instit"tions o+ sta2i%it#and order tat te# ave 2een to%d as a narrative as te# /r8e:0 "p are 0atma,es so-iet# +air and 4"st e="ita2%e and sa+e 0at- as a%% o+ teseinstit"tions teir a"torit# -o%%apses as te# +ai% to s-a%e as te# +ai% to de%iveron tese promises and as te# /otten more and more -orr"pt and -apt"red

+rom te top. ?o" ,no0 peraps in te States tis is sometin/ tat o--"rsno0 more so tan in te past and in man# oter -o"ntries tis as 2een teend"rin/ re+rain te massive disasso-iation 2et0een promise and te rea%it#.As #o" /ro0 "p #o" start a promise and te +air#ta%e and it a%% so"nds so neatand 0onder+"% and ten #o"re +a-ed 0it te rea%it# and it -a"ses so m"-an/"is and pain and dissonan-e.

So #o"n/er peop%e pro4e-t onto Bit-oin a sense o+ ope and a%so onto teInternet1 I tin, its ver# simi%ar. Te# -an no %on/er tr"st te o%d instit"tions sote# see 0itin tese ne0 de-entra%i6ed instit"tions ne0 /%o2a% instit"tions

te possi2i%it# +or a ne0 0a# o+ doin/ tin/s one tat -an rep%a-e te tin/stat ave +ai%ed in teir %i+e a%% o+ te so"r-es o+ a"torit# tat te# -an no%on/er tr"st. 8'&5F*:

ABL: ?o" ,no0 #o"re ta%,in/ a2o"t #o"n/ peop%e and I tin, tat tattoro"/%# des-ri2es Stepanie and I in tis -ontet1 m# entire ad"%t %i+e asta,en in te post '& 0or%d and tats a 0or%d tats 2een interestin/ in termso+ +inan-ia% possi2i%ities. So #ea I tin, tat Andreas #o"re tota%%# ri/t Itin, tat its a2o"t te appearan-e not on%# tat te r"%es on%# app%# to -ertainpeop%e 2"t tat re/ard%ess o+ 0eater or not #o" +o%%o0 te r"%es te /ame isso ri//ed tat tere 4"st isnt too m"- #o" -an do o"tside o+ /et %"-,# or

,no0 some2od#. I mean %i,e tat is7 8''5':

SM: !mmm7 8''5F:

ABL:7I tin, 2road%# spea,in/ te per-eption and most peop%e 0o I ,no00o are in o"r demo/rapi- or a %itt%e 2it #o"n/er7 Teres no possi2i%it# tatte tin/ tat te#re doin/ is te tin/ tat te# rea%%# rea%%# 0ant to do1 tetin/ tat te#re doin/ is te tin/ tat te#re doin/ 2e-a"se te# need to


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pa# rent and 2e-a"se te# dont rea%%# see anoter 0a#. Teres a%0a#s tis7?o" ,no0 it 0as te same tin/ 0it me1 0i%e doin/ m# 4o2 I 0o"%d 0or, onm# o22ies m# pro4e-ts r"nnin/ -omm"nities and startin/ /amedeve%opments and st"++ %i,e tat 2"t I never rea%%# epe-ted it to 2e an#tin/oter tan sin,s +or m# mone# 2e-a"se #o" dont ma,e mone# +or doin/

tin/s tat #o" en4o#. Instead #o" ma,e mone# doin/ tin/s #o" dontne-essari%# en4o# 2"t ma,e #o" mone# and ten #o" ta,e and #o" do tin/stat are more +"n 0it it. 8''5*:

AA: Tats te tin venire o+ opport"nit# and promise tat #o" %ost in ' or'& and I -an te%% #o" tat I /re0 "p in a di++erent so-ia%$e-onomi-environment 0ere tat tin venire disappeared at a ver# #o"n/ a/e 2e-a"seit 0as m"- m"- tinner and +%imsier and more +a,e tan it even 0as ere.So tat 0ave o+ disen+ran-isements and 2ein/ -"t o++ +or e-onomi-opport"nit# and str"//%in/ to a-ieve an#tin/ in a 0or%d o+ promises tate="a%it# eists and +airness eists tat disappointment appened to me at a

m"- ear%ier a/e 2e-a"se te tin venire o+ tat promise 0as easi%#penetrated and 0as easi%# as +a,e 2# me and most o+ m# -oorts at a m"-ear%ier a/e. I tin, #o"re seein/ tat 0ave -rest over te nited States 0i-

0as peraps tat %ast 2astion 0ere te promise o+ midd%e$-%ass opport"nit#eisted +or a tinner and tinner s%i-e o+ te pop"%ation +or a 2it %on/er 2"t isno %on/er s"staina2%e as an i%%"sion. 8'F5>5:

A#$E%T:


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Bit-oin Epo '&* presented 2# te Bit-oin A%%ian-e o+ Canada is 4"st a 0ee,a0a# Te -on+eren-e 0i%% +eat"re te ,e# p%a#ers 2eind Etere"m CAirteLite-oin Open Transa-tions Seans O"tpost CoinTa%, !aster-oinDar,3a%%et Kr#pto,it B%o-,-ain.in+o "i-,BT Bit-oin !a/a6ine and man#oters 0it spe-ia% /"est Andreas Antonopo%o"%os as !aster o+ Ceremonies.

Bit-oin Epo '&* Toronto Canada5 Apri% &&t

to &Ft

. Jor ti-,ets visitBit-oinEpo.-a. 8'G5&:

A#$E%T:

Te Biti+t Jo"ndation is a non$pro+it -arita2%e /ivin/ or/ani6ation%evera/in/ te po0er o+ te Bit-oin -omm"nit# to improve p"2%i- ea%t andte environment 0or%d0ide. He%p "s demonstrate te si/ni+i-ant impa-t o+Bit-oin in addressin/ tese -riti-a% iss"es on a /%o2a% s-a%e. S"pportinternationa% /ivin/ in Bit-oin1 p%ease visit o"t 0e2site at

000.Biti+tJo"ndation.or/. Tats000.Biti+tJo"ndation.or/. 8'G5F9:

ABL: ?o" ,no0 te tin/ is 0# 0enever #o" %oo, at 0or%d events0enever #o" %oo, at an#tin/ tats appenin/ in te modern 0or%d teseda#s tat invo%ves te /%o2a% sta/e it is ver# interestin/ to i+ tis is te optiontat 0e ave -osen tat 0e are /oin/ to /o do0n 0# is tis te pre+era2%eoption re%ative to ever# oter possi2i%it# in te 0or%d; 3# is notin/ e%seavai%a2%e and tis is te 2est tin/ tat -o"%d ave 2een -osen; 3at is

0ron/ 0it o"r 0or%d in s"- a 0a# tat is -a"sed tis sit"ation 0ere 0eave to do tese same 0ron/ tin/s over and over and over a/ain 0en its

important; 3en it isnt important #ea teres some room to ne/otiate 2"t i+its important r"%es /et s"spended and 0ats done is done 2e-a"se tere isno oter a%ternative. 3e see tis over and over a/ain in tese 0or%d -rises. Ia%0a#s -ome 2a-, to 0# is te 0or%d 0ere %ivin/ in no0 te pre+era2%e one/iven a%% te oter options tat 0e ave as individ"a%s p"sin/ +or0ard; 3#is tis te one tat 0e %ive in;

It 4"st seems to me tat over and over a/ain tro"/o"t te 0or%d 0eneverteres an important de-ision tat needs to 2e made tat impa-ts o0 0ere/oin/ to pro/ress as "man -"%t"re7 te ="estion 2e-omes 0eter or notte stat"s ="o so"%d remain or 0eter or not 0e so"%d do sometin/

entire%# di++erent. I +ind tat over and over a/ain 0e pi-, 0atever ,eeps testat"s ="o as it is no0 0atever ,eeps te po0er re%ationsips as te# areno0 te 0a# tat te# are no0 is. Tat is te option tat 0e are /oin/ to ta,eI 4"st 0onder7

Bit-oin is an interestin/ eamp%e o+ tis 2e-a"se #o" ave no a2i%it# +or asma%% /ro"p o+ peop%e to ma,e te 0ron/ de-ision over and over and overa/ain. ?o" ave te a2i%it# +or a sma%% /ro"p o+ peop%e in tis -ase te
http://www.bitgiftfoundation.org/http://www.bitgiftfoundation.org/http://www.bitgiftfoundation.org/http://www.bitgiftfoundation.org/


12/33

miners or deve%opers or an# o+ tese tr"sted /ro"ps to ma,e a mista,e on-e2"t on-e te mista,e is made te dama/e to teir rep"tation is done and sotere is no in-entive to ma,e te same de-ision 0en its te 0ron/ de-isionover and over a/ain even i+ it is 2etter +or #o" persona%%# 2e-a"se to do so isto essentia%%# tro0 a0a# ever#tin/ tat #o" ave tat #o"r rep"tation as

2"i%t "p to. So tats 0at I a%0a#s -ome 2a-, to5 0# is tis te 2est optionand 0# is tis te one tat te 0or%d -oses to /o 0it over and over a/ainand does tat -ontin"e +orever;

AA: (La"/) It does -ontin"e +orever1 te istor# o+ "manit# is te istor# o+po0er$p%a#s and esta2%isment 2ein/ +o"/t 2# -an/e. ?o" /o 2a-, F#ears a/o and So-ieties and @%ato and Aristot%e are ta%,in/ a2o"t #o"t andirrationa%it# and o0 te# 2rin/ -an/e and o0 tat -an/e is resisted. Tisis a stor# tats 2een to%d -o"nt%ess times over te mi%%ennia. Te 2i/di++eren-e is tat sense o+ iso%ation istori-a% iso%ation amon/ -omm"nities

0e no0 eist as a /%o2a% transnationa% "man -"%t"re tat trans-ends

2oarders 0it a -ommon -"%t"ra% "nderstandin/ tat is a2%e to propa/ate overte Internet and /enerates tese -ommon -"%t"ra% memes 0eater tose arete anon#mo"s "# Ja0,es mas, tat #o" see in "ndreds o+demonstrations #o" see aro"nd te 0or%d 0eter its Bit-oin 0eter its a-onsens"s a2o"t te +"t"re o+ "manit# or at %east re4e-tion o+ some o+ testr"-t"res o+ te past 2# a /%o2a% #o"t.

3ere rea%%# seein/ te emer/en-e o+ tis nas-en-e transnationa% /%o2a%-"%t"re tat as never eisted on tis p%anet 2e+ore. O+ -o"rse it is sti%%restri-ted to a2o"t ' 2i%%ion peop%e 0o ave a--ess to te Internet and te

in+ormation -ontent on it 2"t its spreadin/ ver# ver# +ast. Tat -an/estin/s1 tat -an/es tin/s rater dramati-a%%#. 8F5*9:

ABL: 8Te: ="estion is to"/ 0o +i/ts te -an/e 2e-a"se I tin, 2a-,tro"/ istor#. Tere is an interestin/ -art tat #o" -an %oo, o+ /%o2a%reserve -"rren-ies over te %ast > or G "ndred #ears. ?o"%% noti-e %oo,in/ attis -art tat 8in: ea- period o+ time teres a nationa% -"rren-# tat %astsa2o"t &' #ears. Jran-e as ad it En/%and ad it Spain7 tere ave 2een%ots o+ di++erent dominant 0or%d -"rren-ies in di++erent periods o+ istor#. ?o"%%noti-e tat its not tat te#ve done a /ood 4o2 tat made it so tat te#retained dominan-e o+ tat &' #ears. ater its 2e-a"se te# ad -ontro% o+

empire. So empire is a monopo%# o+ +or-e ri/t; Its avin/ te mostdominant mi%itar# a2i%it# to rea- o"t and to"- someone and so even to"/te monetar# +"ndamenta%s mi/t ave s"//ested a si+t a0a# +rom 0ateverte -"rren-# 0as at te time 2ased on +"ndamenta%s 2"t not 2ased on -"rrentpo0er str"-t"res. ?o" -an see tat over time tat tose tin/s do de/rade.So I 0onder7 I %oo, at Bit-oin and I %oo, at di/ita% -"rren-ies and I sa#O,a# 0e%% it seems %i,e te pro2%em tat di/ita% -"rren-ies so%ve is tat tereis no Pempire monopo%#. 8F'5&:


13/33

AA: ?ea 8F'5':

ABL: In a 0or%d o+ -r#pto-"rren-ies are 0e /oin/ to ave &' #ear%on/monopo%ies or is it /oin/ to 2e di++erent 2e-a"se tere is no +or-e to 2a-, it

"p; 8F'5


14/33

earts and minds o+ peop%e and 0en peop%e -an/e teir minds te on%#person tats sti%% "sin/ vio%en-e is /overnments. 8F>5>':

&e's on &(T:

Tis is Cris osep 2rin/ #o" Ne0s on NQT te +irst tr"e se-ond$/eneration-r#pto-"rren-# +or Apri% &'t'&*.

A mem2er o+ te NQT -omm"nit# as -reated a site +or d#nami- -artsre%ated to NQT transa-tions 2%o-,s and a--o"nts at -arts.NQTCr#pto.or/.Te site is sti%% ="ite ne0 2"t -an a%read# 2e "sed to eamine -oin distri2"tionavera/e 2%o-, /eneration times and more.

A n"m2er o+ pro4e-ts ave 2een %a"n-ed or anno"n-ed tis 0ee,. intmainestimates is 0or, a2o"t 'M -omp%ete on a NQT 2ased p%at+orm +or

en-r#pted de-entra%i6ed DNS and +"%%# de-entra%i6ed 0e2sites. NQTstarter a-ro0d +"ndin/ site as presented a p%an and is %oo,in/ +or +"ndin/ and 4% isteasin/ a se-ret pro4e-t tat -o"%d 2e a 2i/ /ame -an/er +or NQT.

A%% o+ tese are 2ein/ dis-"ssed on te +or"ms at NQTJor"m.or/. Jor more/enera% in+ormation on NQT ead to NQTCr#pto.or/ or !#NQT.or/ and sta#t"ned +or more Ne0s on NQT on te net Lets Ta%, Bit-oin 2road-ast. 8F5&:

ABL: Im not -onvin-ed 0eve seen te end o+ vio%en-e. I tin, te disr"ption

is 0at -a"ses tat sort o+ "peava% and I tin, nat"ra%%# i+ tese sorts o+pro4e-ts s"--eed disr"ption is inevita2%e 2e-a"se even i+ its a 2etter 0a# itsti%% is a di++erent 0a# and so tat re="ires7 Teres no 0a# #o" /et to tat

0ito"t "peava% I tin, tat its a%so interestin/ to ta%, a2o"t an in+ormationa/e and an in+ormation e-onom#. Tis is not te +irst time tat sometin/ %i,etat as appened1 tere ave 2een a/es o+ en%i/tenment 2e+ore and te#ave a%so -entered aro"nd in+ormationa% tin/s %i,e 2oo,s.

I tin, tat tere ave 2een o%i/ar-ies and ,eepers o+ ,no0%ed/e avetro"/ re%i/ion or oter means done a prett# /ood 4o2 o+ -ontro%%in/ %ar/epop"%ations simp%# 2e-a"se most peop%e dont "nderstand 0ats rea%%# /oin/

on. I sort o+ see a simi%ar dan/er ere1 as 0e /et +"rter into a -r#pto/rapi-0or%d tose 0ords sort o+ 2e-ome meanin/%ess 2e-ome 2"660ordsindi-ators o+ an entire -%ass rater tan a-t"a%%# ep%anations o+ 0atsappenin/. I tin, tat te open so"r-e movement does a %ot to address tat2"t it as 2een interestin/ 0at-in/ te Bit-oin deve%opers some o+ te vo-a%ones over te %ast mont or so ta%,in/ a2o"t some o+ te proto-o%s -omin/ to2e 2"i%t on top. Jor a %on/ time on tis so0 0eve ta%,ed a2o"t one o+ tem# +avorite -ertaint# and I tin, ever#2od# eres+eat"res a2o"t Bit-oin is


15/33

tat it doesnt -are 0o #o" are it doesnt -are 0at #o" 0ant to do 0it te2%o-,-ain it 4"st -ares tat #o" +o%%o0 te r"%es pa# te +ees re="ired andten #o" /et to do 0atever it is tat #o" 0ant to do.

e-ent%# teres 2een sort o+ a ard%ine stan-e a/ainst7 not rea%%# a ard%ine

stan-e tats te 0ron/ 0a# to p"t it. Teres 4"st 2een some +ri-tion. Itseems %i,e te 2it-oin deve%opment team doesnt rea%%# 0ant proto-o%s %i,e!aster-oin or Co"nterpart# 2"i%din/ on top and "sin/ te 2%o-, -ain to storeteir o0n t#pes o+ transa-tions. Im ,inda -"rio"s 0at #o" /"#s tin, a2o"ttat deve%opment 2road%# spea,in/. Is tere ever a sit"ation "nder 0i- te2%o-,-ain so"%d... "nder 0i- sometin/ is not o,a# to do 0it te2%o-,-ain tat #o" -an -on-ept"a%i6e; 8F


16/33

0as rea%%# interestin/ 2e-a"se i+ te -oin tat #o"re tr#in/ to 2"i%d sometin/on or te -oin tat #o"re tr#in/ to partner 0it doesnt 0ant #o" on teir -oinand te#re /oin/ to a-tive%# +i/t #o"tere 0as ta%, a2o"t tr#in/ to +i%ter o"ttransa-tions and 2asi-a%%# startin/ a %itt%e 2it o+ an arms ra-e tr#in/ to ma,e itso tis proto-o% -o"%dnt 0or, on te Bit-oin 2%o-,-ain 2e-a"se te# didnt

%i,e o0 it 0as /oin/ to 2e done on te Bit-oin 2%o-,-aintat ,ind o+ma,es me 0onder 0at a2o"t te oter a%ternatives tat are o"t tere;

S"dden%# its not a2o"t te -ode1 its a2o"t 0eter or not #o"re /oin/ to+i/t some2od#. 3or,in/ 0it someone 0o is /oin/ to +i/t #o" isdramati-a%%# di++erent +rom 0or,in/ 0it someone 0o eiter isnt /oin/ toimpede #o" or mi/t potentia%%# a-t"a%%# e%p #o" mi/t 0or, to e%p #o"rpro4e-t s"--eed in a 0a# tat -ertain%# te Bit-oin deve%opers arent /oin/ todo.

So its ,ind o+ made me 0onder ma#2e a/ain ar,enin/ 2a-, to te /%o2a%

reserve -"rren-# -omment tat I made ear%ier 0at i+ tese tin/s 4"st donts-a%e tat verti-a%%#; 3at i+ 0e /et to te p%a-e 0it ea- one o+ tese -oins

0ere teres eno"/ mone# in it tat te sta,eo%ders 0o /ot in ear%# +ee%%i,e PIm /ood1 0ere done 0it tis. Lets not do an#tin/ e%se to it1 8Im: ver#app# 0it o0 tin/s are no0 and 0e%% 4"st sta# ere deve%opin/ as 0e see+it 2e-a"se 0ere te sta,e o%ders; Teres notin/ a-t"a%%# stoppin/an#one +rom startin/ teir o0n -oin sin-e a%% tese are 2asi-a%%# -"%t"ra%-omm"nit# memes. Doesnt tat mean tat Bit-oin mi/t 4"st 2e Bit-oin no02"t in te +"t"re it mi/t 4"st 2e te o%d Bit-oin tat 0e ta%, a2o"t and terestis ne0 to,en tat isnt ma,in/ tese same sort o+ -onservative de-isions

and is a2%# to pro/ress +aster 2e-a"se it doesnt ave a%% tat va%"e 2eind it.Im tr#in/ to7 8*F5&>:

SM:3e%% tats one reason 0#7 8*F5&>:

ABL: ?ea; 8*F5&G:

SM:7tere needs to 2e a%t-oins is so tat peop%e -an eperiment 0it noton%# di++erent 2%o-,-ain times and minin/ a%/oritms and a%% tat st"++ 2"tdi++erent sort o+ standards +or 0en te# are /oin/ to ma,e ma4or -an/es tote proto-o% and tin/s %i,e tat and di++erent e-onomi- prin-ip%es. I 4"st tin,

a%t-oins are important +or te simp%e reason tat te# are 4"st tr#in/ o"t more0a#s to do tin/s. Its %i,e 8te: evo%"tion o+ spe-ies1 its %i,e an inse-t isntne-essari%# 2etter tan a 2ird a%to"/ te# 2ot +%# 2"t te#re 2ot doin/di++erent tin/s and "sin/ di++erent strate/ies to %ive and to s"rvive in teirenvironment. 8*F5>9:

ABL: i/t 8*F5>


17/33

AA: ?ea 3at matters rea%%# is tat 0ere si+tin/ te -onversation a2o"tte a"torit# o+ mone# and 0ere 2"i%din/ an in+rastr"-t"re tat -an s"pporttese ne0 de-entra%i6ed s#stems o+ mone#. On-e tose ' tin/s aveappened ten rea%%# te di++erent to,ens are inter-an/ea2%e and tep%at+orms ave to -ompete on a /%o2a% 2asis and i+ te# dont +"%+i%% te needs

o+ teir "sers teir "sers 0i%% ave a ver# eas# eit and -an move to tosetat do. Tat -reates press"re to respond to te needs o+ tose 0o "se te-"rren-#. Essentia%%# ea- one o+ tese s#stems 2e-a"se o+ tede-entra%i6ed -onsens"s as to s"pport te -onsent o+ tose /overned 2#te -"rren-# a%/oritm and i+ it doesnt7 it 0i%% +ai% It doesnt ave an# po0erto ,eep peop%e in 2# +or-e so it as to ,eep peop%e in 2# pers"asion. Tats area%%# /ood 2a%an-ed s#stem Te "nder%#in/7 8**5>9:

SM:(La"/) Tats 0ere I 0ant to 2e7 8**5>5':

AA: B"t te most important tin/ to rea%i6e is tat 0at 0e are doin/ no0 isnot pioneerin/ a spe-i+i- -"rren-#1 0ere pioneerin/ a ne0 0a# o+ intera-tin/

0it ea- oter and tat trans-ends ever# -"rren-# in te spa-e. It provides a+rame0or, in 0i- -"rren-ies -an -ome and /o 2"t te "nder%#in/ idea

0i- is disr"ptive in itse%+ is tis idea o+ de-entra%i6ed -ontro% and tr"st andte -"rren-ies are 4"st imp%ementations o+ tat.

To "se anoter +avorite ="ote o+ mine5 notin/ is more po0er+"% tan an idea0ose time as -ome Te idea o+ de-entra%i6ed is an idea 0ose time as-ome. It as 2een invented and it 0i%% 2e epressed in a m#riad o+ +orms ver#easi%#1 tere is no %o-, in1 tere is no -onstrain and tose 0o ave 2"i%t teir

0ea%t on tis s#stem o%d on to tat 0ea%t on%# +or as %on/ as te# -ontin"eto s"pport te -omm"nit# te transa-tions te intera-tions 2et0een "sers 2#s"pportin/ tat -onsens"s me-anism. As soon as te# tr# to rest -ontro%a0a# te# 0i%% /et disr"pted 2# te ver# tin/ tat 2"i%t tem "p. 8*G5&>:

SM: !a#2e te idea tats time as -ome is a-t"a%%# te idea o+ vo%"ntar# and-onsens"a% "man intera-tions tat are not 2ased on top$do0n ierar-# and

are -omp%ete%# vo%"ntar# initiated 2# te peop%e invo%ved. !a#2e7 8*G5F&:

AA: Te possi2i%it# o+ doin/ tat at s-a%e as no0 2een proven to 2e rea% andon-e #o" ,no0 it -an 2e done 0# 0o"%d #o" do it an# oter 0a#; 8*G5F:


18/33

AA: So #o" on%# /et to 2e te on%# "ser on #o"r %one%# %itt%e s#stem (%a"/ter+rom AA and S!) 2e-a"se ever#2od# e%se as ever# in-entive to do it teoter 0a#; (La"/) 8*G5>>:

SM: i/t; Its a s#stem 0ere #o" -ant +or-e oter peop%e to parti-ipate

0i- is 0ere 0ere /oin/. In te o%d s#stems #o" -o"%d a%0a#s +or-epeop%e or some2od# -o"%d a%0a#s +or-e peop%e to parti-ipate 2"t tats-an/in/. 3at Im sa#in/ is tat tats te rea% idea1 vo%"nteerism is te rea%idea 0ose time as -ome and ma#2e Bit-oin is 4"st te te-no%o/i-a%mani+estation o+ tat tats ena2%in/ it to rea%%# appen. 8*5&G:

ABL: ?ea 8*5&:AA: At s-a%e ?ea tats te ,e#. It 0as a%0a#s possi2%e to do vo%"nteerismat a %o-a% %imited s-a%e 2"t te pro2%em 0as tat #o" -o"%dnt s-a%e te tr"stme-anism. Te 2%o-,-ain invention a%%o0s "s no0 to s-a%e it and not 4"st

s-a%e it 0itin te -o"ntr# 2"t to s-a%e it on a /%o2a% 2asis and a--e%erate itsadoption. So #es Te idea7 I tin, #o"re ver# ri/t Stepanie. Tat is teidea and Bit-oin is 4"st a too%1 its te te-no%o/# tat ena2%es it to -ome to +"%%+r"ition. 8*5*:

ABL: 3e%% i+ #o" tin, a2o"t it its rea%%# not Bit-oin1 its -ompetition1 its 4"sttat 8"p: to tis point -ompetition as 2een 0i%d%# in+erior. Sometin/ %i,e asi%ver -oin as a %ot o+ intrinsi- monetar# va%"e "nder te 0a#s tat 0e de+inetat -"rrent so-iet# 2"t i+ #o" 0ant to "se it +or te tin/s tat #o" 0o"%d "seBit-oin +or it is a-t"a%%# ="ite di++i-"%t +or divisi2i%it# and +or a variet# o+ oter

reasons. So a/ain I ,inda tin, tats te interestin/ part is tat Bit-oinstarted te -onversation1 Bit-oin said O,a# so #o"ve /ot #o"r nationa%-"rren-#. ?o" -an "se tat or #o" -an "se 2it-oins and no0 #o" ave a-oi-e 2et0een a nationa% -"rren-# or te Internet -"rren-#.

3ats appenin/ no0 is tat te Internet -"rren-# (%a"/) a-t"a%%# #o" avea%% ,inds o+ -oi-es to tat too "st as tere isnt one 0e2site tere are %otso+ 0e2sites1 its te same tin/ ere. a%"e as 0eve said is a %an/"a/e andso it spreads o"t +rom tere. I tin, its not rea%%# so m"- a2o"t Bit-oin as it isa2o"t -ompetition tat -ant 2e stopped +or ar2itrar# reasons. Teres no s"-tin/ as a monopo%# o+ va%"e an#more and te 0a# tat as 2een tr"e +or I

0o"%d ar/"e +or te %ast to"sand #ears o+ "man -"%t"re 8*95>:

SM: ?ea and tats rea%%# important 2e-a"se as soon as tere stops 2ein/tat -ompetition and te -ompetitive +or-es ten tere are in-entives +or-orr"ption and monopo%i6ation. ?o" 0ere ta%,in/ a2o"t 8o0: peop%e a%0a#s a-oi-e no0 2e-a"se tere are so man# a%t-oins. Is tat sort o+ 0at #o" 0ere/ettin/ at; 8*


19/33


20/33

SM: Can 0e 4"st /et rea%%# -%ear +or a se-ond on 0at ea-t%# is a side$-ain;8>&5>:

ABL:?ea7 so a side -ain in a n"tse%% +or tose o+ #o" 0o avent

%istened to episode


21/33

ABL: Tis is a %itt%e 2it -ontroversia% 2"t #es. ?es mer/e$minin/ does e%p it2"t tere are -ir-"mstan-es in 0i- mer/e$minin/ is not a-t"a%%# tat e%p+"%.So a/ain Ive 2een avin/ a -onversation 0it @eter Todd anoter Bit-oin-ore deve%oper 0os ,ind o+ on te oter side o+ tis ar/"ment and +ee%s %i,etere are trade$o++s tat are not a--epta2%e 2ot in terms o+ -omp%eit# o+

doin/ sometin/ %i,e tis and in terms o+ +ran,%# tis is a-t"a%%# /oin/ tore="ire an "pdate to te Bit-oin proto-o% in order to do it too. So its not asort term so%"tion. A/ain it 0as +rom te -onversation on episode >5>:

SM: So sin-e tere are on%# a %imited n"m2er o+ 2it-oins tat -an move2et0een a%% tese di++erent side$-ains is it possi2%e to %i,e7 do 0e need a%%tese di++erent side -ains; (La"/) I mean I /"ess Im 4"st 0onderin/ o0

man# side$-ains are needed; I /"ess it 0o"%d 2e "n%imited 2e-a"se ea-one sort o+ serves a di++erent p"rpose 2"t is ea- one /oin/ to 2e sparse%#pop"%ated dependin/ on o0 man# peop%e 0ant to "se it and is tat apro2%em 2e-a"se some2od# pres"ma2%# as to store te side$-ains or a %oto+ peop%e ave to store te side$-ains 4"st %i,e te# store te 2%o-,-ain.8>G5F&:

ABL:?ea Im a %itt%e 2it "n-%ear on te ea-t te-ni-a%s o+ tat 2"t aninterestin/ part is tat an a%t$-ain rater a side$-ain tat doesnt ave an#a-tivit# on it 0ont ave an# -oins on it. 8>G5**:

SM:i/t78>G5*>:

ABL:So tats a//ressive%# di++erent tan an a%t-oin. 3ere an a%t-oin%a"n-es and re/ard%ess o+ o0 man# peop%e "se it its /oin/ to ave a%% o+te -oins tat ever intended to 2e on it 2e on it. In tis -ase its more %i,eBit-oin is /oin/ to ave a%% te -oins on it tat ever 2e -reated 2"t tere are a%%tese di++erent +%avors o+ Bit-oin tat #o" -an -oose to "se 2ased on

0atever #o"r needs are. So a/ain I tin, te ="estion o+ as,in/ o0 man#


22/33

side$-ains tere%% 2e is a /ood one 2"t I dont tin, tat tere is a /oodans0er #et. Its %i,e as,in/ o0 man# a%t-oins 0i%% tere 2e. 8>5&:

SM: i/t7 8>5&&:

ABL:@ro2a2%# a %ot and more over time 2e-a"se 0e%% +i/"re o"t morereasons 0# 0e need tem. 8>5&>:

SM: 7and 0at a2o"t -o%ored -oins; I see some para%%e%s tere. 8>5':

ABL: ?ea A/ain -o%ored -oins to te -onversation I ad 0it A"stin andAdam 2asi-a%%# do te same tin/. Its not as 2ad as Co"nterpart# or!aster-oin 2e-a"se te# dont ave teir o0n to,en. A/ain its te idea tat ato,en -a"ses 2ad in-entives ri/t; A to,en -a"ses peop%e to 0ant teirpro4e-t to s"--eed more tan Bit-oin 2e-a"se Bit-ointe# mi/t a%so 2einvested in tat2"t te /ro0t potentia% is a %ot %ess tan +or one o+ tese

ne0 -oins so te spe-"%ative "r/e is rea%%# ver# rea% in te a%t-oins in a 0a#tat its not ne-essari%# +or Bit-oin. Bit-oin -ertain%# as spe-"%ative 6ea% a%%over it 2"t -ompared to te a%t-oins I 0o"%d ar/"e tat its a +"ndamenta%%#di++erent tin/. 8>959:

SM:!mm mm7 I a/ree 8>95&:

ABL:So I tin, tats 0at te intent ere is. Te intent ere is to ma,e a%% o+tis a-tivit# tats /oin/ on in te a%t-oin spa-e and sa# o, 0e%% #o" -o"%d dotat or #o" -o"%d 4"st 2e inter-an/ea2%e 0it Bit-oin. Ever#2od# is /oin/ to

2e "sed to tis and #o" -an 2"i%d #o"r pro4e-t on top o+ tat. So a/ain I%% 2einterested to see 0at Co"nterpart# ends "p doin/ 2e-a"se -ertain%# +orLetsTa%,Bit-oin-oin LTB-oin 0ere p%annin/ on %a"n-in/ on Co"nterpart#2"t 0ere not rea%%# atta-ed to an#0ere. 3ere atta-ed to 0atever is te2est s#stem +or o"r "se over te medi"m$%on/ term. So tis mi/t 0ind "p2ein/ a 2etter 0a# to do it. Bot o+ tem a--omp%is 0at I 0ant toa--omp%is1 te# 2ot are 2"i%t on top o+ 2it-oin 2"t 0atever 0inds "p2ein/7 I mi/t end "p 2ein/ m"- -eaper to do transa-tions on a side$-ain. Tere are a%% o+ tese potentia% advanta/es7 8>95>F:

SM:!mm mm #ea7 8>95>*:

ABL: 7tat as 0e %earn te %imitations o+ 4"st pi%in/ ever#tin/ on top o+ one-ain 0ere /oin/ to 2e %i,e5 O man7 Its /reat tat tats over tere Soa/ain I tin, tat tis deve%opment in para%%e% tin/ is /reat and I tin, tattis 2ein/ a2%e to see 0at ever#2od# is doin/ 2"t not 2ein/ a2%e to stopan#2od# e%se7 %i,e te 0orst #o" -an do is 4"st /et into an ar/"ment 0ittem and sa# no ?o"re doin/ sometin/ 0ron/ Stop tat ?o"re 2ein/evi% I mean (%a"/) I tin, tat tis is te 2est 0a# tat sometin/ %i,e tis


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-o"%d deve%op. Instead o+ one person 2ein/ responsi2%e or severa% peop%e2ein/ responsi2%e 0ere a%% ,ind o+ 2ein/ responsi2%e and an#2od# 0o

0ants to step "p as te opport"nit# to do so. 8>


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ABL: 7to ta%, to #o" /"#s a2o"t sometin/. I tin, tat 0e so"%d -an/ete name o+ te so0 to Lets Ta%, Bit-oin and Be#ond. I +ee% %i,e7 8&5'5&G:

SM: !mm7 8&5'5&:

ABL: 7tats ,ind o+ te dire-tion 0e are movin/ in. Stepanie I eard not so/reat7 (%a"/) 7Im open to oter s"//estions 2"t Im 4"st sa#in/ I ave asnea,in/ s"spi-ion 8tat: 0e are /oin/ to 0ant to re2rand as sometin/ tat/ives "s a %itt%e 2it more 2readt to -over 0ats ne0. 8&5'5F*:

SM: I 0as 4"st7 A%% I -o"%d tin, o+ 0as Bit-oin and Be#ond (La"/) Li,eBed Bat and Be#ond. 8&5'5*:

ABL " SM: (La"/) 8&5'5*&:

SM: I tin, tats rea%%# 0ort ta%,in/ a2o"t and 0e a-t"a%%# ad tat +eed2a-,

not 4"st re-ent%# 2"t prett# ear%# on. I mean7 (%a"/) 7as ear%# as78&5'5>&:

ABL: (La"/) 7a rea%%# %on/ time 8&5'5>F:

SM: ?ea #ea Tere is te idea tat 0en a ne0 person +inds o"t a2o"tBit-oin7 I "nderstand tat o"r so0 is not rea%%# /eared +or te s"per ne0"sers a%to"/ tat is a 0a# tat some ne0 "sers do -ome to Bit-oin andte# do %isten +rom episode & and te# tr# to +ind o"t a%% te# -an a2o"t it anda2sor2 a%% te# -an. So avin/ PBit-oin in te name ,ind o+ ma,es sense

2e-a"se peop%e are /oin/ to 2e %oo,in/ +or Bit-oin1 tats te +irst tin/ te#ear a2o"t 0en te#re introd"-ed to te 0o%e e-os#stem 2"t te PBe#ondpart is important too 2e-a"se no0 0ere /oin/ 2e#ond. 3eve done a %ot o+Bit-oin over te %ast #ear and no0 0ere /oin/ P2e#ond into te +"t"re8&5F5F*:

AA:3e%% Lets Ta%, De-entra%i6ed C"rren-# @%at+orm Based On B%o-,-ainTe-no%o/# @roo+$o+$3or, A%/oritm7 8&5F5*':

ALL:(La"/ter) 8&5F5*F:

ABL: ?ea Ea-t%# Tan, #o" Andreas 8&5F5**:

ALL: (La"/ter) 8&5F5*G:

SM:3e -o"%d 4"st -a%% it7 8&5F5*:

AA: I mean te pro2%em is tat to most peop%e in te 0or%d it is eiter an"n,no0n -on-ept o+ it is Bit-oin. So (%a"/) I tin, ,eepin/ te +o-"s on


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Bit-oin 0en tis 2rand as not even #et spread +ar eno"/. 3itin o"r e-o-am2er its %i,e a%% o+ tese a%t-oins and interestin/ -onversations et-. et-.2"t to most o+ te 0or%d te +irst eperien-e te#re /oin/ to ave 0it tis2rand is Bit-oin and 0i%% 2e Bit-oin +or man# #ears to -ome. It ta,es a %on/

0i%e to /et 2e#ond tat. Im per+e-t%# app# 0it Lets Ta%, Bit-oin even

to"/ te -onversation is m"- more a2o"t te distri2"ted 2%o-,-ain-onsens"s net0or, and a%% o+ its app%i-ations. I tin, Bit-oin moni,er sort$-"t+or tat +or most peop%e. 8&5*5FG:

ABL: I tin, tat #o"re pro2a2%# ri/t. Id rea%%# %i,e to /et %istener opinions ontis one too. AdamLetsTa%,Bit-oin.-omi+ #o"d %i,e to sare #o"rperspe-tive. Li,e Ive said Over te (%a"/) #ears7 over te #ear 0evead7 8&5*5>:

SM: Over te #ear (La"/) 8&5*5>F:

ABL: 7="ite a +e0 -omments a2o"t tis ea-t tin/ 2e-a"se +rom ear%# ontis so0 as a%0a#s +or me 2een a vei-%e +or te st"++ tat I tin, isinterestin/. So a %ot o+ times tats Bit-oin 2"t a %ot o+ times its not. A %ot o+times tere are rea%%# neat pro4e-ts tat 0e -an %earn +rom. A/ain +or metats 0at tis is a%% a2o"t1 tats 0at I tin, 0e are rea%%# doin/ ere 0it-r#pto-"rren-#. 3ere /oin/ do0n tis pat +or te +irst time tat no2od# as(%a"/) /one do0n and +a%%in/ over te tin/s tat are %e+t in te 0a# and tensa# o,a# 0e%% tere is sometin/ #o" +a%% over. @i-, tat "p and move it o"t o+te 0a#. A%ri/t tere 0e /o. Lets ,eep /oin/.

3e /et -omments Andreas a2o"t 0en #o"re not on te so0 +or eamp%eand #o"r pi-t"re is on te -over art @eop%e are %i,e o Tats disonest SoI tr# to +ind a 2a%an-e in tese tin/s7 8&5>5F9:

SM: (La"/) 8&5>5F5*:

AA: 3e%% sin-e tis is Apri% Joo%s toda# I 0as epe-tin/ #o" 0o"%d -ome2a-, 0it a s"//estion to rename te so0 Lets Ta%, DOE 8&5>5*9:

ALL:(La"/) 8&5>5>:

AA:Tats o,a#. Over time as Ive 0or,s in tis spa-e Ive 2e-ome m"-more open to te a%t-oins. I tin, 0en I started I 0as ver# +o-"sed on Bit-oinand no0 I tin, 0ere /oin/ to %ive in a ver# p%"ra%isti- m"%ti$-oin 0or%d 2"ta/ain its sti%% a%% a2o"t Bit-oin at a ver# 2asi- %eve%. A%% o+ tese a%t-oins rea%%#rein+or-e tis same -on-ept o+ de-entra%i6ed -"rren-# and most peop%e arenot %oo,in/ at "nderstandin/ te di++eren-e 2et0een Bit-oin Lite-oin DOE
mailto:[email protected]:[email protected]


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and Name-oin1 te#re interested in "nderstandin/ te di++eren-e 2et0eende-entra%i6ed -"rren-ies s"- as Bit-oin and teir eistin/ stat"s ="o 0i-is tese pie-es o+ /reen -otton paper -overed in /erms and -o-aine.8&5G5*:

SM: (La"/) Im 4"st tin,in/ i+ #o" ad a pod-ast and tis 0as ,inda %i,e2e+ore pod-asts 2"t i+ #o" ad a pod-ast -a%%ed A%% A2o"t Napster in &


27/33

essentia%%# 0at 0ere doin/ ere 0it Bit-oin 2"t Im 0onderin/ i+ +irst o++#o" tin, sometin/ %i,e tat is possi2%e in te -"rrent environment andse-ond%# i+ tat 0o"%d a-t"a%%# 2e a +ai%"re on te part o+ -r#pto-"rren-# or i+its 4"st a di++erent 0a# tat -r#pto-"rren-# deve%ops; 8&5


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adoptersoo/%e tried to do oo/%eU1 te# tried to -ompete 0it Ja-e2oo,didnt o++er a tota%%# m"- di++erent prod"-t and not man# peop%e "se it. So its/onna 2e7 8&5&'5*:

AA: A %ot o+ peop%e "se Comp"Serve and a %ot o+ peop%e "se oter s#stems

tat are -entra%i6ed 4"st 2e-a"se on inertia and 2rand and %a-, o+"nderstandin/ o+ 0at te "nder%#in/ prin-ip%es are. Over time te 0a%%ed/arden ends "p %a//in/ 2eind in innovation. 3e sa0 tat 0it te di++eren-e2et0een i@one and Android and 0ere seein/ it repeat a/ain in te Bit-oinspa-e 2e-a"se o+ te i@one restri-tions. Over time te e-os#stem aro"ndAndroid as 2e-ome m"- m"- ri-er and its innovation is a--e%eratin/

0ere te 0a%%ed /arden o+ te App%e "nder -ontro% is s"++erin/ +rom a%% o+ tepro2%ems o+ 0a%%ed /ardens 2"t tat doesnt mean tat tere arent mi%%ions o+peop%e aro"nd te 0or%d "sin/ it. It 4"st means tat tere are mi%%ions more"sin/ Android no0 and its /rad"a%%# /ainin/ /ro"nd.

I tin, #o"re /oin/ to see te same tin/ i+ .@ !or/an Case does aCase-oin. Its /oin/ to 2e s"--ess+"% amon/ Case -"stomers 2e-a"se its/oin/ to 2e s"perior to teir eistin/ s#stems 2"t it 0ont -an/e te +a-t tatit -annot so%ve te needs o+ a /%o2a% transnationa% -omm"nit# tat dependson an open net0or, 0it de-entra%i6ed tr"st. Jor tem tis is not /oin/ to 2ean appea%in/ so%"tion1 over time te de-entra%i6ed so%"tion 0ins Tat doesntmean7 8&5&F5F*:SM:Is tat an opport"nit# to"/; Is tat an opport"nit# +or sometin/ %i,eBit-oin 2e-a"se i+ a mass n"m2er o+ peop%e 0ere to +ind o"t tat e# tere

are tese virt"a% to,ens tat -an 2e "sed +or pa#ments and a%% ,inds o+ otertin/s via oo/%e-oin ten event"a%%# te#%% sa# #o" ,no07 oo/%e-oinas some pro2%ems. I rea%%# dont %i,e it +or tese reasons. He# Teressometin/ 2etter o"t tere Teres Bit-oin It -o"%d 2e an opport"nit# toa-t"a%%# a-t as a /ate0a# dr"/ to (%a"/) introd"-e peop%e to te rea% dea%

0i- is Bit-oin or a%t-oins. 8&5&F5>*:

AA:O #ea Its a "/e mar,etin/ 2oost It 0o"%d va%idate te entire -on-epto+ tese ne0 di/ita% to,ens and ten tro"/ -omparison it 0o"%d e%evate tedis-"ssion a2o"t te di++eren-es 2et0een -entra%i6ed and de-entra%i6ed-ontro% even i+ at +irst tose on%# appeared as arti+a-ts or side e++e-ts o+ te

"nder%#in/ str"-t"re. 8&5&*5&:

SM:Hmm7 8&5&*5&9:

AA: Te di++eren-e 2ein/ tat Case-oin is +ast its se-"re its re%ia2%e andits -eap 2"t #o" -ant send it to @a,istan and #o" -ant7 8&5&*5':

SM: (La"/) 8&5&*5'9:


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AA: 7send it a-ross 2orders and #o" -ant send it to 3i,iLea,s and #o"-ant 2"# te tin/s #o" 0ant and #o" -ant send it to #o"r re%atives in India.Ten it 4"st 2e-omes in+erior in tat 0a#. Its %i,e 0e%% #o" ,no0 I ,ind o+ %i,etis ne0 idea 2"t -an 0e do it 2etter in an open net0or, and te open

net0or, 0ins Te point is tat an# o+ te -entra%i6ed s#stems 0i%% provideva%idation o+ te -ore idea 2"t te# 0i%% not 2e a2%e to ,eep "p 0it teinnovation and te# 0i%% not 2e a2%e to o++er te end$"sers te t#pe o+ -oi-eand -ontro% tat an open net0or, o++ers. rad"a%%# over time te# 0i%% ma,ete 0ron/ de-isions 2e-a"se te# are +"rter and +"rter iso%ated +rom terea% so"r-e o+ in+ormation 0i- is te end$"ser and teir -oi-es. 3en #o"ma,e tose de-isions in a -entra%i6ed manner #o" end "p ma,in/ 0ron/de-isions and tose 0ron/ de-isions a--"m"%ate over time "nti% #o" +a%%+"rter and +"rter 2eind te net0or, tat pi-,s te ri/t -oi-es a%% te time2e-a"se te de-isions are made %o-a%%# 2# individ"a%s in a de-entra%i6ed+asion. I tin, tat is te po0er s-a%e Over time te -omparison 0i%% 2e-ome

%ess and %ess +%atterin/ +or te -entra%i6ed -oins 2"t 0i%% te# sti%% 2e moreenti-in/ tan +iat; 3i%% te# pers"ade peop%e tat teres a ne0 0or%d o+-"rren-#; A2so%"te%# So Im %oo,in/ +or0ard to peop%e 4"mpin/ on tat2and0a/on even i+ te# ma,e poor%# to"/t o"t -eap -op#$-ats tat do nota-ieve te /oa%s o+ Bit-oin. Te# 0i%% s"pport te overa%% -on-ept eiter 0a#.8&5&G5&:

ABL: In te +"t"re 0ere /oin/ to 2e as Ive mentioned 2e+ore /oin/ to 2etransitionin/ te so0 to a +ormat tats more o+ tese open dis-"ssions andmore +o-"sed on tese topi-s rater tan 2ein/ so intervie0 eav# a%to"/

tere 0i%% sti%% de+inite%# 2e a %ot o+ intervie0s 4"st 2e-a"se tere are so man#peop%e in te Bit-oin spa-e 0o 0e need to ta%, to 2asi-a%%# and 0o so"%dave a p%at+orm to 2e a2%e to sare teir ideas and pro4e-ts. So /"#sAndreas StepanieI 4"st 0anted to sa# tan, #o" +or doin/ tis7 0eavent done & episodes o+ ep%i-it%# ost st"++ 2"t 0eve 2een doin/ tis +ora %on/ time and in * episodes 0eve /ot o"r & #ear anniversar# -omin/ "pand Im rea%%# %oo,in/ +or0ard to tis net pase o+ it 0it #o" 2e-a"se-%ear%# te net #ear is /oin/ to 2e ver# di++erent tan tis %ast #ear. 8&5&G5*:

SM:?ea Tan, #o" so m"- Jrom te 2e/innin/ Ive 4"st 2een rea%%#app# to 2e invo%ved 0it tis pro4e-t Adam. It -ame to/eter. 3e ta%,ed

a2o"t Lets Ta%, Bit-oin istor# on te so0 2e+ore 2"t te 0a# tat it -ameto/eter 0as ,inda serendipito"s and it 4"st ended "p 2ein/ a rea%%#prod"-tive and +r"it+"% pro4e-t so Im 4"st tri%%ed to ave te opport"nit# to

0or, 0it 2ot o+ #o" and I %oo, +or0ard to te net #ear 8&5&5&&:

AA: ?ea peop%e sometimes as, me 0at te se-ret to s"--ess is in tisparti-"%ar spa-e and as 0it 0ritin/ ere on tis a"dio prod"-tion te se-ret


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is to ave an in-redi2%# ta%ented editor and prod"-er 0o t"rns 2"%%sit 0e sa#into 0onder+"%%# arti-"%ate narratives o+7 8&5&5F':

SM:(La"/) 8&5&5FF:

AA:7i/ ="a%it# and #o" do tat ever# time so #o" +i%%7 8&5&F5&G:

ABL:Tan, #o".... 8&5&F5F:

AA:7a do"2%e ro%e 2ot as a ost 2"t a%so as an in-redi2%# ta%ented so"nden/ineer and tan, #o" so m"- +or /ivin/ "s tis p%at+orm 8&5&5*>:

ABL: 3e%% tan, #o" ver# m"- +or te praise Andreas and tan, #o" #o"5te %istener 0o as a-t"a%%# made tis sometin/ tat is 0ort0i%e doin/2e-a"se a%to"/ I do %ove earin/ te so"nd o+ m# o0n voi-e and Andreasis a %ot o+ +"n to edit it rea%%# is a2o"t ,ind o+ sarin/ tese ideas and tr#in/ to

ave tese -onversations in p"2%i- 2e-a"se te#re important -onversationsto ave. Jor me tats 2een te most /rati+#in/ part a2o"t a%% o+ teseeperien-es tat Ive ad 0it peop%e 0o are %isteners. @eop%e -ome "p tome and Im s"re tat #o" /"#s /et tis too and sa# I to"/t a2o"t Bit-oindi++erent%# or I to"/t a2o"t -r#pto-"rren-# di++erent%# 2e+ore I started%istenin/ to Lets Ta%, Bit-oin. Tose -onversations in+%"en-e me. Car%ieSrem said tat to me te oter da# and it 4"st tota%%# +%oored me I 0as %i,e0o0 I ad no idea

A/ain 0e ,ind o+ /ot in te /eneration a+ter a %ot o+ te s"per ear%# adopters

a+ter te o/er ers and te Eri, ooreess and te Car%ie Srems andpeop%e %i,e tat 0o 0ere ,ind o+ te +irst /eneration. Tis episode is /oin/ to2e +orever %on/ 2"t I ,ind o+ 4"st 0ant to ta%, a2o"t tis5 o0 man# peop%e

0eve seen +a%% not 4"st in terms o+ Car%ie Srem 2ein/ on o"se$arrest 2"t4"st in terms o+ te amo"nt o+ peop%e 0o 0ere rea%%# 2i/ p%a#ers in te Bit-oinspa-e +or te ear%# #ears and 0o ave eiter retreated o"t o+ te -o"ntr# or

0o 2asi-a%%# ave dropped to a %o0er pro+i%e. I tin, o/er er is aninterestin/ eamp%e o+ tat 0o as 4"st 2e-ome so over0e%med 0itpro4e-ts 8tat: it seems %i,e e as no p"2%i- presen-e 0atsoever an# more.Te on%# person 0o rea%%# seems %i,e te# s"--eded te on%# -ompan#tats rea%%# s"--eeded +rom tat +irst /eneration as 2een Bit@a#. Im tr#in/ to

tin, o+ oter -ompanies tat are sti%% aro"nd tat are sti%% re%evant as Bit@a#is. Can #o" /"#s tin, o+ an#tin/ e%se or as te %e/a-# prett# m"- 2een-%eaned o"t no0 0it o and BitInstant and CoinLa2 and a%% tese oter+o"ndationa% -ompanies tat are 4"st ,inda /one; 8&5&


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No0ada#s its rea%%# ard to -ompete not 2e-a"se no one e%se is 4oinin/2e-a"se te# dont "nderstand it 2"t 2e-a"se ever#one e%se is 4oinin/ and/rad"a%%#7 8&5'5&:

ALL:(La"/) 8&5'5':

SM:7and te# dont "nderstand it; 8&5'5F:

AA:3e%% te -ompetition is /ettin/ +ier-e. Tere 8are: a %ot o+ ver#sopisti-ated pro/rammers and 2"siness mana/ers and operationsmana/ers and 4"st /enera%%# pro+essiona%s in te spa-e 0o are doin/ someama6in/ tin/s. So tis is 2e-omin/ a ver# mainstream sit"ation ri/t no0and tats /reat It represents te evo%"tion into mainstream and over time#o"re /oin/ to see ne0 +a-es I tin, and tats a%0a#s a /ood tin/.8&5'5F&:

SM:Adam #o" said tat7 8&5'5FF:

ABL: So #o" and Stepanie so"%d start Li2ertarian-oin; 8&5'5F*:

SM:(La"/) Bit-oin 0as Li2ertarian -oin and it sti%% -o"%d 2e (La"/)8&5'5*:

ABL:I ,no0 ea-t%# 2"t i+ its not no0 do 0e need to start anoterLi2ertarian-oin; 8&5'5*F:

SM:(La"/) / I dont ,no01 tat -o"%d 4"st 2e-ome -o$opted too. I 0o"%d%i,e to preserve and onor te istor# o+ Bit-oin onest%# as a %i2ertarian-"%t"re 2"t its a ne"tra% p%at+orm. ?es as Andreas said I -omp%ete%# a/ree

0it tat 2"t te -"%t"re s"rro"ndin/ it at %east in te 2e/innin/ 0asin-redi2%# va%"in/ o+ "man +reedom and vo%"ntar# pea-e+"% intera-tions2et0een peop%e. I 0o"%d %i,e to do a part to ,eep it tat 0a#. 8&5'&5&':

ABL: I tin, tat 0e -an -ertain%# do o"r part 2"t I tin, Bit-oin spea,s +oritse%+ rea%%# rea%%# 0e%%. I tin, its ea-t%# tat prin-ip%e o+ vo%"nteerism and o+2asi-a%%# on%# doin/ sometin/ tats in #o"r 2est interest 2e-a"se its in #o"r2est interest. Te oter /"# on te oter side e isnt doin/ sometin/ tats

a/ainst is 2est interest. He a%so is vo%"ntari%# sa#in/ tis is in m# 2estinterest1 tere+ore 0e so"%d do tis Tats sometin/ tat no matter 0at#o" do 0it Bit-oin #o" -ant /et a0a# +rom tat. Its not %i,e #o" -an 2e %i,ea%ri/t 0e%% 0ere /oin/ to -an/e tis +"ndamenta% o+ it. 8&5'&5**:

SM: ?ea and tats a prin-ip%e tats 2een +or/otten over time. Its a ver#2asi- prin-ip%e5 te idea o+ tradin/ 0it some2od# e%se +or m"t"a% 2ene+it. Tatis one o+ te most 2asi- "man a-tivities tat 0eve 2een doin/ sin-e te


32/33

da0n o+ time 2"t its 2een +or/otten (%a"/) 2e-a"se 8in: so man# o+ o"rintera-tions toda# tere is some2od# in te midd%e sa#in/ no No No ?o"-ant ?o" -ant ?o" -ant ?o" /otta do tis m"st do tat -ant do tat8&5''5&':

ABL:7B"t 0# 0o"%d 0e -are i+ someone 0asnt tere doin/ tat; 3#0o"%d tis 2e7 I tota%%# a/ree 0it #o" Stepanie 2"t 0# 0o"%d tis 2e soimportant to "s; 3# 0o"%d 0e 2e doin/ tis so0 i+ 0e didnt ave tatpro2%em tro0in/ it in o"r +a-e a%% te time; Tis is sometin/ tats important1tis is sometin/ tat 0e need to ave a%ternatives to. Tere needs to 2e-ompetition 2e-a"se %a-,in/ -ompetition tere are on%# 2ad options.8&5''5FF:

SM:I a/ree and tere is -ompetition and 0e sti%% ave te -an-e to sapete dis-"ssion and tats 0# 0e do a so0 %i,e tis 8&5''5*&:

AA:Im %oo,in/ +or0ard to te net & episodes and te #ear tats to -ome2e-a"se so man# in-redi2%e tin/s appened in te past #ear and so m"-evo%"tion in tis spa-e. I -annot even ima/ine 0at Bit-oin is /oin/ to do no0tat its rea-ed s"- a %eve% o+ a0areness a-ross te 0or%d. 3at -anappen in te net #ear; It mi/t 2e ama6in/ and it mi/t 2e terri2%e 2"t itspro2a2%# /oin/ to 2e most%# ama6in/ I tin, and 0ere /oin/ to see somein-redi2%e /ro0t in tis ne0 -on-ept o+ -r#pto -"rren-ies and te 2%o-,-ainte-no%o/# and Im %oo,in/ +or0ard to it1 I rea%%# am 8&5'F5&&:

AA:7rea- o"t to me (a"dio /%it-) LetsTa%,Bit-oin.-om. Im %oo,in/

+or0ard to a #ear o+ intera-tin/ 0it te -omm"nit# and %earnin/ as m"- as I-an +rom a%% o+ #o". 8&5'*5:

SM:...and #o" -an e$mai% me at StepanieLetsTa%,Bit-oin.-om. 8&5'*5


33/33

Adam makes a closin) statement!

ABL:Tan,s +or %istenin/ to episode & o+ Lets Ta%, Bit-oin Content +ortoda#s episode 0as provided 2# Andreas !. Antonopo%o"%os Stepanie

!"rp# and Adam B. Levine. !"si- +or tis episode 0as provided 2# ared"2ens and enera% J"66. An# ="estions or -omments; E$mai%AdamLetsTa%,Bit-oin.-om. 8&5&*5F

let's talk bitcoin, episode 100, "the milestone episode"

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