Lets Talk Bitcoin Episode 3 The Future of Money Participants Adam B.

. Levine (ABL) - Host Andreas M Antonopoulos (AMA) - Co-Host Dr. Stephanie Murphy (SM) - Co-Host Paul Hughes (PH) !uest "rom #ivation $nternational %li&a'eth Ploshay !uest Ale( Mer)ed !uest (*+ner o" Haye,)oin) Adam B. Le ine- Hi and +el)ome to Let.s /al, Bit)oin0 a sho+ "or everyone interested in "uture o" money. Coming up on today1s sho+0 pro2e)t tal,0 phone-a)oin0 open +allet and por) therapy. Ma( 3eiser gets )lever0 or is it )ra&y4 He +ants to peg 'it)oin into the dollar5 +e tal, a'out it. $ sit do+n +ith Paul Hughes to disse)t the dangers and "ind out +hat the "uture might hold "or Bit)oin. 6ou as,ed0 here it is0 alt )oins0 lite)oins0 name)oins0 "rei)oins. 7e spend the se)ond hal" o" the sho+ digging into the )rypto )urren)y )ompetition and "inally0 )ommunity round-ta'le mem'er %li&a'eth Ploshay has some help"ul advi)e on ho+ to edu)ate those in 7ashington a'out the "uture o" money. #isit us at letstal,'it)oin.)om to su's)ri'e "or "ree to our t+i)e-+ee,ly sho+. Let.s /al, Bit)oin runs entirely on 'it)oin donations and my out-o"-po),et e(penses. $" +e )an hit one 'it)oin o" listeners support per sho+0 +e +ould 'e a'le to 'ring on a "ull time asso)iate +ho +ill 2oin me in my tas, o" hunting stories and )ondu)ting intervie+s0 +hi)h means more and 'etter )ontent and more "re8uent releases o" e(tra-intervie+s on o""-sho+ days. So "ar "or episode 90 +e1ve re)eived :.;<= 'it)oins "rom a total o" => donors0 than, you very mu)h? @emem'er +ith 'it)oin0 there is no too small to matter. $" you1re ne+ to Bit)oin and +ould li,e to learn in a more stru)tured environment0 please visit the Bit)oin %du)ation Pro2e)t on Ada)ity "or a "ree )ourse that +ill tell you all you ever +anted to ,no+ and more a'out Bit)oin. 7hat it is0 ho+ it +or,s0 +hat it means. 6ou )an visit letstal,'it)oin.)omBlearn to 'e dire)ted to this "ree set o" )lasses. %ven i" you )an.t support the sho+ "inan)ially0 you )an really help us out 'y sharing our pro2e)t +ith anyone +ho should 'e paying attention to the "uture o" money. Let.s /al, Bit)oin is released under an open sour)e li)ense +hi)h allo+s "or the non)ommer)ial )lipping0 remi(ing and posting in any "ormat or to any site you +ant so long as you in)lude a lin, to our site letstal,'it)oin.)om. 7e1re also a)tively re)ruiting 'oth on and o"" air talents "or this and other sho+s to )ome. *n)e again0 i" you1re interested0 please )onta)t me at adamCletstal,'it)oin.)om. #isit letstal,'it)oin.)om "or our ne+ +e' page0 sta"" 'ios0 opportunities to 2oin the )ommunity round-ta'le and o" )ourse0 our per episode listener support tip 2ar. My name is Adam B. Levine0 $1m a +riter and spea,er +ho li,es to e(plain )ompli)ated topi)s in understanda'le terms. /hat.s really +hat +e1re doing here5 ta,ing the )ompli)ated topi) o" )ryptographi)ally se)ured money and helping

people see +hat it )ould mean in their o+n lives. Doining me in our 8uest "or )larity are Andreas M. Antonopoulos0 an e(pert in de)entrali&ed net+or,s and se)ure systems. Andreas M. Antonopoulos- Hi? ABL! ..and Dr. Stephanie Murphy0 a s)ientist and syndi)ated radio host. "tephanie Murphy- Hi? ABL! So pro2e)ts0 every'ody1s got them. 7e1re tal,ing a'out them. Last time +e tal,ed a'out pro2e)ts that +e +ere personally +or,ing on and $ thin, that.s something )ertainly +e1re going to do sometimes. A"ter last +ee,1s episode0 $ spo,e +ith Daryl0 +ho a)tually runs a servi)e )alled phonea)oin.)om. $t.s something that.s 2ust started out0 'ut it.s 'asi)ally li,e a remote )ontrol "or your 'it)oin +allet using SMS /e(t Messages. He let me ,no+ a'out this 'e)ause +e had 'een tal,ing a'out the prevalen)e o" m-pesa in A"ri)a and ho+ there needed to 'e0 sort o" a dum' phone solution "or sending 'it)oin value and a)tually he had 'een +or,ing on one. And a)tually sin)e $1ve spo,en to him a'out this0 $1ve "ound out that there are t+o or three others that are also in development0 doing the same 'asi) )on)ept. $ thought that +as pretty neat. $" you1re interested0 you )an )he), it out at phonea)oin.)om. "M! $ thin, +e have a lot o" really smart listeners. ABL- 6eah0 a'solutely. %very'ody1s involved in stu"". $ mean0 there1s 2ust so mu)h opportunity out there right no+. "M! 6eah0 de"initely. AMA! Bit)oin has this "unny +ay o" ma,ing everything a !reen"ield as it.s )alled in the te)h industry0 2ust a +ide-open opportunity. $1d li,e to tal, a 'it a'out a pro2e)t $1m +or,ing on. A )ommunity pro2e)t )alled *pen Paper 7allet. Eo+ i" you1ve got more than0 say0 9: or F: 'it)oin0 you 8ui),ly reali&e that ,eeping them online is a 'ad idea. So0 paper +allets are great solution +here you )an )old store your money on paper0 in a sa"e and that.s +hat +e1re trying to do here. 7e added a "e+ se)urity "eatures li,e0 opa8ue sti),ers that you have to s)rat)h o"" in order to read the ,eys. Ba),up stu's and 'eauti"ully designed notes that )ome on pre per"orated sheets0 so that anyone )an print G@ )odes on them and use them. /his pro2e)t is open-sour)e and last +ee, +e )ompleted the "irst design. 9: or so designs0 "rom ; di""erent designers0 all released into the open sour)e domain under Creative Commons li)enses "or the use o" the )ommunity. So that pro2e)t is going very +ell. ($t.s an) e()iting pro2e)t +ith a lot o" parti)ipation0 *pen Paper 7allet. ABL! So "or users that aren.t "amiliar +ith paper +allets0 'e)ause +e1re tal,ing to some people +ho are ne+ to Bit)oin. Most people vie+ 'it)oin as an online )urren)y0 so ho+ does that +or,4

AMA! /hat.s the 'eauty o" it. $n "a)t0 all you1re doing is0 asso)iating 'it)oin +ith a private ,ey and essentially lo),ing it up in to ,ey that.s stored on paper and 'y storing the ,ey on paper0 you )an put it in your sa"e0 it.s not on )omputer0 it )an.t 'e ha),ed. So0 that.s the huge advantage0 no+ o" )ourse0 i" you +ant to use that money0 you have to ta,e it out o" your sa"e0 s)an it and then destroy that note 'e)ause no+ it.s no longer se)ure. 7hat it allo+s you to do is ,eep aside you a'out HI per)ent o" my 'it)oin o""line and only ,eep po),et )hange on my online +allet "or daily spending. 3ind o" li,e you +ould do +ith a sa"e-deposit 'o( or 'an, in the real +orld. $ mean0 you don.t )arry your entire retirement savings in your +allet. "M! $ really li,e all those "eatures that you mentioned0 Andreas and $1ve 'een interested in paper +allets "or a little +hile0 ever sin)e $ reali&ed 2ust ho+ inse)ure it )an 'e to ,eep 'it)oins on online +allets. So $1m really )urious to see ho+ this pro2e)t un"olds and $ thin, $1m going to go )he), it out right no+ mysel". ABL! /his is a timely topi) 'e)ause a)tually0 a"ter +e spo,e to David Perry last +ee,0 as $ +as doing ,ind o" the +rap up )onversation +ith him a"ter the intervie+. /urns out0 he +as ro''ed0 his 'lo),)hain.in"o +allet +here he +as using0 $ 'elieve he had a 6u'i,ey too. Someho+ it +as drained o" all its value. $ mean0 again this is 2ust one o" those things +here0 even i" it seems li,e you1re in a very0 very se)ure situation using multiple "orms o" authenti)ation0 it still isn.t as se)ure as simply 'eing impossi'le to ha), it 'e)ause the in"ormation 2ust isn.t availa'le online. "M! /hat.s too 'ad to hear a'out David1s e(perien)e. 7ith the paper +allet too0 there1s some other ris,s0 $ guess. At "irst +hen $ heard a'out paper 'it)oin +allets0 $ +as very s,epti)al. $ +as thin,ing0 +hy +ould you +ant something paper4 Paper is a physi)al item0 it )ould 'e destroyed. 6ou have to ,eep it in a "ire sa"e. 6ou have to ma,e sure you don.t lose it. /here1s all ,ind o" things that )ould go +rong +ith paper0 so even though you may eliminate some o" the online se)urity ris,s. /here are additional physi)al0 real +orld ris,s that you still have to +orry a'out. /here1s also the idea0 $ don.t ,no+ i" you guys have ever heard o" this0 'ut $1ve ,no+n some people +ho +ere printing paper +allets and i" you print it on0 li,e a0 +ireless printer0 that in"ormation is going some+here and potentially some'ody )ould inter)ept it. AMA! A lot o" the ha),s +e see0 i" you li,e0 are really lo+-te)h. So a lot o" people are +orried a'out0 J*h my !od0 )an my 9I;-'it ,ey 'e )ra),ed0K and all o" that. Mean+hile0 they use pass+ord=9F as their pass+ord. So these atta),s are usually lo+-te)h. People get their +allets mugged0 usually 'e)ause they1re not su""i)iently se)ured. Eo+0 i" you do +anna store things o""line on a paper +allet0 you have to ta,e additional pre)autions. So +e1ve 'een testing "or +ater damage0 damage "rom a)ids. 7e1ve 'een loo,ing at ho+ to prote)t them "rom CC/# )ameras that )an see a G@ )ode "rom 9::-"eet a+ay. Ho+ to prote)t them "rom "ire0 and other types o" damage. So one o" the main innovations +e have in *pen Paper 7allet is a separate0 tear-o"" stu' that has a 'a),up )opy. Eo+ that.s one thing you )an.t do

+ith real money0 you )an.t ma,e a 'a),up )opy +hi)h is stored in a se)ond sa"e0 +hi)h you )an do +ith a paper +allet. $t.s 8uite an interesting solution. "M! $t.s a really innovative +ay o" solving some o" those pro'lems0 very )ool? So $1d li,e to tal, a'out my pro2e)t. $t.s not dire)tly Bit)oin related0 although 'it)oins are a "re8uent topi). As $ mentioned $1m a radio host and $ have my o+n pod)ast0 it.s )alled Por) /herapy. Por) li,e a por)upine0 and $ am not a)tually a therapist 'ut it.s a sho+ a'out personal "reedom and happiness and 'it)oins are a very "re8uent topi) o" )onversation as +ell as 2ust general "inan)ial and e)onomi) and 2o' "reedom. 6ou )an "ind it at por)therapy.)om0 that.s P * @ C /herapy Dot Com. So +ee,ly pod)ast0 that is also a live sho+0 airs on Lriday nights and then $ also post pod)ast only )ontent on the "eed 8uite "re8uently as +ell. ABL! $ love your theme song. "M! (laughter) /han, you? /hat +as Hannah Ho""man +ho did the theme song. Ad ertisement! Lo(y)art.)om is a 'etter )he),out e(perien)e0 empo+ering developers to )reate "le(i'le0 po+er"ul0 )ustom e-)ommer)e in less time +hile e8uipping mer)hants +ith the "astest )he),out "lo+ availa'le to their )ustomers. Lo(y)art is 'uilt "or +e' pro"essionals. $t )an serve as a "oundation "or advan)ed )ustom e-)ommer)e deployments or "or 8ui), and easy0 single produ)t0 online stores and o" )ourse0 "o(y)art supports 'it)oin. #isit "o(y)art.)om to learn more. "M! So guys0 $ read this arti)le the other day "rom the Hu""ington Post and it +as 'y Ma( 3eiser "rom the 3eiser @eport. He1s a pretty0 $ guess0 "amous "inan)ial )ommentary person and he +as suggesting something that really surprised me 'e)ause +hat it said to me +as that0 perhaps he doesn.t 8uite get ho+ Bit)oin a)tually +or,s and +hat he +as suggesting this arti)le +as0 that Bit)oin should 'e pegged to the AS dollar. He suggested a rate o" =:: AS Dollars per 'it)oin and then he said that0 essentially the Bit)oin Loundation should a)t as li,e0 )entral planners and manage this and en"or)e it. So0 +hat do you guys thin, a'out that4 AMA! Blasphemy? /hat idea is anathema to the entire "oundation and design o" Bit)oin. $ mean0 the +hole point o" it is a de)entrali&ed )urren)y that doesn.t su""er "rom some o" the manipulation ta)ti)s that you see in "iat )urren)ies0 at least that.s the prin)iple that a lot o" the purists in the industry tal, a'out. $ thin, that ,ind o" idea +ill "ind a lot o" resistan)e0 'ut also $ thin, it.s 2ust plain +rong. $ mean0 it "ails to understand the de"lationary )hara)teristi)s o" Bit)oin0 +hi)h are 'uilt into the system and so there"ore i" you did peg it to the Dollar0 +hat it +ould do is0 it +ould )reate a tremendous opportunity "or ar'itrage. 6ou1d have a 'la), mar,et +here 'it)oin +ould 'e sold at higher and higher rates. $ )ertainly remem'er0 t+o de)ades ago $ )ould )hange money in pla)es li,e Budapest or Slova,ia or pla)es li,e that at F or < times the o""i)ial rate. So i" +e +anna repeat that in Bit)oin0 sure0 great idea. $s Ben Bernan,e around4 May'e he )ould ta,e over the Bit)oin Loundation.

"M! /hose are e()ellent points. /here1s gonna 'e a mar,et e()hange rate the +ay people really0 truly value 'it)oins and then there1s the o""i)ial e()hange rate +ith any )urren)y that its pegged and does )reate great ar'itrage opportunities. May'e that.s +hat he really has in mind. $ mean0 ,ind o" surprises me that some'ody li,e Ma( 3eiser +ouldn.t understand that. AMA! @eally +hat you +ould need ne(t is )urren)y )ontrols and o" )ourse0 in order to en"or)e )urren)y )ontrols0 you need to limit the num'er o" pla)es people )an e()hange it and pro'a'ly )hange some o" the )hara)teristi)s o" Bit)oin. "M- /he iron "irst +ould have to )lamp do+n more and more and that.s really so antitheti)al to Bit)oin 'e)ause 'it)oin is "ree money0 and not "ree as in 'eer-"ree0 as in li'erty0 right4 So0 $ don.t thin, a lot o" people +ho are really0 really interested in 'it)oins +ould +ant to see that happen. $ +anna spe)ulate on some o" the reasons +hy - $ thin, that there are some people +ho are hearing a'out Bit)oin and they1re interested in it 'ut they1re also "eeling really s)ared 'e)ause0 they see the volatility and they see the "a)t that right no+0 the pri)e has gone through some pretty serious "lu)tuations re)ently and they "eel s)ared a'out that0 'e)ause they thin, that people )ould lose a lot o" money on this0 people )ould ma,e a lot o" money on this. /hey +ant something that.s more sta'le and so there1s the temptation to sort o" use this regulatory me)hanism o" )ontrol to try to ensure that sta'ility. But you really )an.t get sta'ility in that +ay 'e)ause0 li,e +e said it 2ust doesn.t +or, there. People are going to )reate 'la), mar,ets and (its) 2ust not gonna happen and even i" it )ould happen0 +hat +ould 'e the )ost4 /he )ost +ould 'e essentially destroying the +hole 'asis o" the )urren)y and ta,ing a+ay a lot o" people1s "reedoms. ABL! 7e agree the pri)e +ould 'e 'asi)ally impossi'le to peg to the high value o" a =:: dollars. But i" you 2ust thin, a'out it li,e a "loor0 then suddenly it ma,es a little 'it o" sense and so $ thin, that any'ody +ho is "amiliar +ith ho+ Bit)oin +or,s )an see that it.s impossi'le to ,eep people "rom transa)ting it at higher values than +hatever the ar'itrary level you set it at. But +hat i" that.s not the point4 7hat i" the point is to 2ust prevent the potential o" a )rash0 'a), do+n to = or the potential o" a )rash 'a), do+n to some lo+er num'er4 AMA! $ have a 'it o" an ane)dote on that topi). $n the H:s0 $ +or,ed in a hedge "und and $ apologi&e "or that. $ remem'er the day that the Prime Minister o" S+eden )ame on /# and said0 MEo matter +hat0 +e +ill de"end the value o" the 3rona.M /he hedge "und people in that room )heered and started selling li,e )ra&y. /he 'oss s)reamed0 MLast one out o" S+eden0 turn o"" the lights.M 6ou )an put a "loor on a )urren)y and all you1re gonna do is0 enri)h the )urren)y spe)ulators as they 'eat you over the head +ith that and ma,e a lot o" money in the pro)ess. ABL! $sn.t that +hat Ma( 3eiser does in this )ase0 though4 He1s putting together a N=: 'illion "und0 spe)i"i)ally to invest in Bit)oin. So it seems li,e that +ould 'e investing in Bit)oin in any+ay that.s pro"ita'le.

AMA! *h sure. $n e""e)t he1d end up solving the very pro'lem that he1s +orried a'out 'e)ause the reason +e have volatility in Bit)oin0 is 'e)ause o" lo+-volume and the e)onomy is easy to s+ing around. $" instead o" a 9 'illion e)onomy0 it +as a 99 'illion e)onomy. $t +ould 'e a lot harder to get these ,inds o" volatility e(pressed dire)tly in the pri)e. $" you 'ring =: 'illion in0 that.s great. $t +ould really provide a lot o" inertia. $ mean0 that.s really +hat it is. /hin, o" it as the di""eren)e 'et+een a &odia) turning and a )ruise-ship turning. /he AS e)onomy is a )ruise ship and so0 "or e(ample0 +hen you have volatility in the la'or mar,et and things li,e that0 it doesn.t really e(press itsel" dire)tly in the e()hange rate o" the dollar or i" it does0 it ta,es a'out three months and till you see some o"" 'lo), situation. Bit)oin gets +hiplash every time something )hanges0 'e)ause it.s a small e)onomy and it )an move around 8ui),ly. ABL! So +e all agree that0 really regardless o" +hat +ere to happen0 the +ay that this has 'een proposed 2ust "lat out +ouldn.t +or,. AMA! $t.s a solution0 see,ing a pro'lem0 really. ABL! $ sat do+n +ith Paul Hughes o" #ivation $nternational to )onne)t the dots "rom our intervie+ on %pisode = +ith Bradley Dansen on LinC%E and really0 +e tal,ed a'out the end o" Bit)oin or something else. Paul #u$hes! Paul Hughes0 my day 2o' has a)tually0 has nothing to do +ith Bit)oin at all. $ a)tually run a )ompany )alled #ivation $nternational. 7hat +e do0 +or,shops and seminars and +e tea)h empo+erment s,ills and emotional healing s,ills. Ho+ever0 $ have 'een involved in the te)hnologi)al arena "or almost 9: years. My Ba)helor.s degree is in Physi)s and $ +as a)tually hanging out in those digital en)rypted )urren)y )ir)les 'a), in the H:s. /here +as a lot o" interesting )onversations online. $ a)tually met some interesting people in those days. So $ ,ind o" got an early insight into +hat digital )urren)ies are and ho+ they +or, and so $1ve 'een "ollo+ing this very )losely "or 8uite some time. ABL! So Paul0 you and $ have 'een tal,ing over emails a'out the intervie+ that +e did +ith Bradley Dansen on the "irst episode o" Let.s /al, Bit)oin and thought that you had some really interesting perspe)tive. P#! *ne o" the things that $1ve noti)ed is that people are )on"lating Bit)oin +ith Bit)oin %()hanges and other aspe)ts o" the Bit)oin e)ology and most people are "orgetting to ma,e that )lear distin)tion. Bit)oin is a proto)ol0 it.s de)entrali&ed and there1s nothing0 "or e(ample0 stopping me "rom having a Bit)oin )lient on my )omputer and you on your )omputer and you and $ are 2ust doing this - 2ust e()hanging 'it)oins 'a), and "orth. 7hen you tal, to Mr. Dansen0 he made the point that0 loo, LinC%E1s got these guidelines that are going to )ome do+n possi'ly +ith prose)utions 'e)ause o" the possi'ility o" money laundering and other types o" issues and those are legitimate )on)erns. $ don.t see any reason +hy those e()hanges )an.t 'e )ompliant. But +hat he said though0 he said something very

e(treme in my opinion. 7hen and i" LinC%E de)ides to prose)ute these e()hanges "or not 'eing )ompliant. He said0 this is the end o" Bit)oin. Eot this is the end o" Bit)oin e()hanges in the Anited States or this is the end o" that Bit)oin e()hange. $t is the end o" Bit)oin itsel" and so $ thought that +as a very0 very strong )laim. At that point0 $ +as li,e0 +ell gee0 +e need to - $ +ould1ve as,ed him M+ell0 ho+ )an you ma,e that )laim4M Lor e(ample0 ho+ does LinC%E regulations apply to the other =H: )ountries in the +orld4 $ mean0 granted the Anited States does have some pretty strong politi)al in"luen)e. But the real 8uestion is0 ho+ does that a)tually stop Bit)oin itsel" and $ +ould1ve as,ed him that 8uestion 'ut $ thin, he tried to0 he ,ind o"0 $ guess0 sort o" side tra),ed us. Loo,0 this is +hat LinC%E1s gonna do and it.s going to 'e the end o" Bit)oin. $ guess that 'othered me 'e)ause $ see that happening so mu)h in all the )onversations $1ve had. ABL! 6ou ,no+ the reason +hy $ didn.t push him too hard on that issue is 'e)ause he totally did avoid the 8uestion0 +as 'e)ause $ ,ind o" get +hat he1s saying. %ven though LinC%E te)hni)ally only has 2urisdi)tion in the Anited States0 $ thin, that +e all ,no+0 you )an loo, at things li,e drug poli)y or 2ust in general. Poli)y tends to "ollo+ the money and the Anited States has the money and gives it out to more people really0 than any'ody else. So there"ore0 they settle out o" the rules. Do you thin, that i"0 'it)oin e()hanges +ere made illegal and the transa)tion o" 'it)oin +as illegal in the Anited States0 +hat do you thin, +ould happen4 P#! /hat.s +hat $1m saying. $ thin, it.s important to ma,e that nuan)ed interpretation0 'e)ause to say it.s the end o" Bit)oin is not a)tually a))urate. $t +ould1ve 'een "air to say0 M/his )ould 'e the end o" Bit)oin e()hanges in the Anited States0M that in turn )ould1ve set up the sort o" a0 poli)y domino e""e)t. 7here0 it +ould1ve 'egun the ending o" e()hanges in pla)es li,e %urope0 possi'ly %ngland0 possi'ly Dapan. But then as you move more and more into the periphery0 into the third +orld0 that - $ thin, those a'ilities to en"or)e that 'e)omes less and less and $1m not saying that.s a good thing. $1m not saying that0 M*h !osh0 this is - Bit)oin1s going to do 2ust "ine.M $t.s de"initely going to hurt Bit)oin0 'ut it.s not going to ,ill it and that.s an important distin)tion to ma,e. Money tends to go +here it )an0 )apital tends to "lee and go +here it )an and so +ith Bit)oin0 it.s o'viously e(tremely disruptive to the e(isting 'an,ing system. /here are a lot o" people0 not ne)essarily )riminals0 'ut there1s a lot o" people +ho have a lot o" money0 +ho have an interest in seeing something li,e Bit)oin su))eed. $ mean there1s that re)ent e(posure. $ thin, that.s something li,e NF> trillion o" o""shore assets. Some o" them0 o" )ourse0 are oligar)hs and )riminals0 'ut most o" them are ri)h people trying to hide their money. /here1s de"initely this0 $ guess this tug o" +ar 'et+een )y'er-nations trying to )olle)t ta( revenue and money trying to es)ape it 'e)ause here1s the thing. $" you loo, at e-gold0 $ mean0 $ +ent ahead and did my resear)h 'e"ore the intervie+0 they +ere not )ompliant. /hey +ere not a)tually getting people1s identity5 they +eren.t going through the trou'le o" getting $Ds and going through all o" the normal pro)edures that a 'an, goes through. /hey didn.t do that0 and 'e)ause they didn.t

do that0 they got shut do+n and so people are sort o" ma,ing that )omparison0 M7ell !ee0 Bit)oin is going to go the same +ay as e-gold.M 7ell0 there are t+o di""erent things to say a'out that. *ne is0 e-gold +as a )entrali&ed0 sort o" system and it +as one0 more or less one or t+o )ompanies. So they +ere a single point o" "ailure. /+o0 +hat.s ,eeping these e()hanges in the Anited States "rom a)tually )omplying. $t might 'e e(pensive0 'ut not impossi'le. $n other +ords0 $ don.t thin, LinC%E is ne)essarily saying Bit)oin is illegal0 they 2ust +ant there to 'e a +ay to tra), money going "rom 'it)oin to )ash0 and )ash to 'it)oin to ma,e sure that there1s not any sort o" illegality happening.

ABL! But isn.t that an inherent )on"li)t here +ith even the idea that )urren)y0 it seems li,e0 i" +e1re tal,ing a'out value in the +orld. $sn.t that a &ero sum game0 +here0 i" some'ody is +inning it means some'ody else is losing and the )urrent system +e have right no+ is one +here the dollar has most o" the value stored in it and everything else is sort o" 'a),ed 'y that. So you )an see ho+0 "rom the perspe)tive o" someone or an organi&ation that has the dollar as its )ore tenant. $t +ould 'e0 ,ind o" s)ary to loo, at this other system )oming up and potentially 'eing a superior produ)t 'e)ause ultimately that.s the pro'lem here. /he point is 'etterOAE$E/%LL$!$BL%O0 right4

P#! *h yeah0 you1re a'solutely )orre)t. $ mean0 i" +e get right do+n to it0 $ mean0 Bit)oin is very threatening to the a'ility0 "or e(ample0 i" people )ontrol "iat )urren)ies to settle other 'an,s to in"late the )urren)ies.

ABL- Do you thin, that0 $ mean $ 2ust have to thin, that sin)e governments are made o" people0 that has to )ome into the e8uation +hen they1re ma,ing these de)isions.

P#- 6eah0 $ agree. $ mean0 the 'ottom line is0 Bit)oin $ thin, is very disruptive. $t.s disruptive to the )urrent e)onomi) regime0 in the +ay its run. $t.s 2ust li,e0 "or e(ample0 musi) sharing +as disruptive to the e(isting musi) thing.

ABL- @ight.

P#- So0 they are going to.. $ mean this ma,es rational sense. /hey1re gonna do +hatever they )an to stop it or )o-opt it and so0 to me that.s a rational )on)lusion.

$1ve )ome to that )on)lusion too. But given the "a)t that0 that is their intention or that is their desire and that is a rational sort o"0 response. /he ne(t 8uestion is0 +ell +hat )an they a)tually do4 6ou ,no+ they )ould atta), it legally0 +hi)h they )ould do and right no+ LinC%E hasn.t said they1re gonna do that. /hey1ve 2ust as,ed the money e()hangers to )omply0 +or,s +ith spe)ulating. 7hat i" they 2ust de)lare it0 it.s illegal. $t.s 2ust "or money-laundering0 pornography0 terrorism0 that ,ind o" thing and they 2ust go out and "lat out lie. /hat is )ertainly a possi'ility0 and 8uite "ran,ly it seems that pro'a'ly0 a li,ely possi'ility given the nature o" Bit)oin. At that point0 $ don.t ,no+ +hat.s gonna happen.

ABL- Eo0 it.s - you get o"" into the +eeds. $ totally understand.

P#- 6eah0 yeah0 yeah. /his is a 'ig topi) and so it.s li,e0 there are so many di""erent +ays to go here. $n this parti)ular )ase0 in +hat $ +as o" +hat $ +as responding spe)i"i)ally to Mr. Dansen. He made a very spe)i"i) )laim. $" LinC%E goes out and prose)utes them 'ased on the +ay the la+ is +ritten0 +hi)h is money-laundering and so on and then they have to 'e under )omplian)e o" LinC%E rules. /hat is the end o" Bit)oin and $ +as simply )hallenging that spe)i"i) statement.

ABL- So i" you thin, that it +ouldn.t go a+ay0 ta,e that same )omparison and let.s move it to La)e'oo,BMySpa)e thing. La)e'oo, didn.t ,ill MySpa)e0 'ut one )ould argue that MySpa)e is not doing very +ell relative to that relationship no+.

P#- So0 $ guess +hat you are implying essentially then0 that Bit)oin )ould essentially su))eed on some level0 it 2ust +ouldn.t supplant e(isting )urren)ies0 it +ould simply "ind its o+n ni)he. /hat.s +here $1ve 'een )oming "rom. $ thin, that Bit)oin is not ne)essarily a )urren)y5 it.s not ne)essarily a )ommodity. $t has properties o" 'oth0 'ut it.s also uni8ue. As Don Matonis said0 it is its o+n asset )lass. Bit)oin +ill eventually "ind its o+n ni)he0 the 8uestion is0 +hat ni)he is that going to 'e4 $s it gonna 'e)ome a mainstream ni)he0 that there +ill 'e a lot o"0 +hat $ )all0 legitimate money going in to it and that legitimate money +ill in turn have politi)al in"luen)e and 'ring it0 sort o" a legitima)y same +ay as PayPal4 -And that eventually0 the rest o" the system +ill )at)h up and +e1ll move "or+ard or +ill it get pushed into the system D e)onomy0 into the underground e)onomy and 'e)ome sort a 'la), mar,et4 $ thin, no'ody really ,no+s the ans+er to that. Bit)oin - it +on.t die0 at the +orst it +on.t go into the sort o" "ringe under 'ell0 ,ind o" li,e anaero'i) 'a), )hair that got pushed under the +ater. /hat might end up 'eing its ni)he and sort o" this0 'la), mar,et thing.

ABL- $t has utility at that level0 even. $ mean0 that.s ,ind o" the interesting part a'out it is that0 it.s very0 very hard "or it0 a)tually to 'e destroyed 'e)ause o" its de)entrali&ed nature and 'e)ause it "ran,ly has utility0 even i" it.s to that really small minority0 at a very lo+ value.

P#- @ight0 right. /a,e Pim'a'+e or one o" these other small )ountries or +here there1s )urren)ies (+hi)h are) in"lated )ompletely out o" proportion. $ )ould easily see0 +hat $ thin, it.s )alled m-pesa0 it.s that mo'ile minutes )urren)y system they1re using in A"ri)a. $ )ould easily see Bit)oin sort o" getting a good "oothold there and not 'e)ause o" its pri)e point +ith any other "iat )urren)y. But 2ust as a medium o" e()hange0 it.s a simple0 easy system that people )ould0 sort o"0 do it as a unit o" a))ount and there"ore even i" the pri)e is going up and do+n li,e )ra&y0 they1re not gonna really noti)e 'e)ause their e)onomy is 'e)oming sel"-)ontained. /hey1ve "ound their o+n0 sort o"0 lo)ali&ed )urren)y. /he idea is0 ho+ do you ma,e a )urren)y that0 regardless o" its legality0 is un-en"or)ea'le. At this point0 it )an 'e argued that musi) sharing0 musi) pira)y0 it.s essentially unen"or)ea'le. /hey have it on the 'oo,s. 7ell over a F: per)ent o" internet tra""i) is OAE$E/%LL$!$BL%.O $ thin, Satoshi Ea,amoto or +hoever that person or persons +ere0 had to have )onsidered that. $t.s li,e0 loo,0 this is gonna 'e outla+ed immediately. /hat 2ust to me is sort o"0 is an o'vious given and so +hen $ hear a'out0 M*h they1re gonna outla+ it.M $nstin)tually $ thin,0 J7ell that may not matter.K

ABL- A lot o" it is not a'out Bit)oin. A lot o" it is 2ust a'out the dollar and the other )urren)ies that are ,ind o" in play0 'e)ause again0 it.s not li,e Bit)oin is so good that it.s horri'le. $ts Bit)oin is so good that it ma,es every'ody else loo,s horri'le.

P#- /hat.s e(a)tly right and $ thin, the other thing0 $ thin, this is the reason $1ve 'een0 sort o" a 'ig "an o" Bit)oin. /he last "e+ years - given the 9::Q 'an,ing )ollapse0 its thin,ing M!ee0 +e )ould all end up in a horri'le e)onomi) mess.M $ mean0 $ remem'er 9::H +as a pretty tough year "or a lot o" people0 me too in terms o" my 'usiness. $ )ould see Bit)oin0 even though it might 'e illegal0 let.s say. So let.s say they outla+ed it0 this is sort o" the last desperate attempt to pop up these "iat )urren)ies. At some point0 $ )ould the +hole )urren)y thing )ollapse. $ mean there1s a lot o" eviden)e o" that no+. $ mean0 the 6en1s going )ra&y0 the %uro0 the %CB0 the /roi,a0 all those people are going )ra&y. $ mean0 there1s 2ust so mu)h stu"" going on. /he entire Pon&i s)heme that is our "inan)ial system )ollapses. (But) Bit)oin1s still there. $t.s this resilient0 sort o" thing in the e)o system and $ )ould see every'ody starting to use it. $" all these 'an,ing systems started )ollapsing0 it.s not gonna

really matter +hat people thin, a'out +hether its legal or not0 people 2ust start using it. $ thin, that.s the area to start thin,ing a'out0 and to the degree that it.s a)tually en"or)ea'le. $ mean i" they1re losing money0 i" they1re having regulatory pro'lems0 the 8uestion is ho+ )an they en"or)e it4

ABL- /he type o" people +e1re tal,ing to +ith this0 it.s di""i)ult "or them to imagine anything 'esides the AS dollar paradigm and its di""erent "or them - $ mean even i" you1re in a di""erent )ountry0 +e1re still living under the AS dollar paradigm as it.s ,ind o" a glo'al )ulture. $t.s hard "or people to imagine something that1s never 'een. /hat.s the end game0 i" things go the +ay they loo, li,e they1re gonna go and i" the a)tors +ho are in play0 respond in a +ay that is logi)al "rom their perspe)tive. Do you have a lot o" value in Bit)oin ,no+ing that or are you 2ust +aiting "or the )rash4 R)ause it seems li,e i" you 'elieve it.s gonna 'e 'anned then no+ +ould 'e the time to 'uy.

P#- $ a)tually am going along. 6ou ,no+ $ pur)hased 'it)oins a +hile 'a), and $ got those 'it)oins0 mostly "or emotional and philosophi)al and politi)al reasons and $1m thin,ing0 you ,no+ $ )ould get ri)h "rom this. $" ea)h )oin 'e)omes +orth up+ards o" N=::0:::0 $1m going to 'e +orth a lot o" money. But that +asn.t the reason $ got into it0 $ got into it 'e)ause $ 'elieve in this0 $1m gonna put my money +here my mouth is0 people have 'een hearing me push radi)al de)entrali&ation "or hal" my li"e and so $ thought $ should 2ust go "or+ard and invest in this0 'e)ause it.s a )ool idea and it.s 'een very0 very edu)ational. $ mean0 the amount o" money $ invested0 $1ve easily gotten my +orth 'a), in terms o" edu)ation. Dust in terms o" using it and having that investment there0 'eing emotionally invested0 philosophi)ally invested0 "inan)ially invested has essentially 'ootstrapped my ,no+ledge a'out ho+ these type o" things +or,. $ thin, it +as late Le'ruary-early Mar)h +ith the +hole Cyprus thing. All o" a sudden it 2ust +ent o"" the )harts0 the gro+th rate really started to )hange and $ thought to mysel"0 there1s a small )han)e this is gonna 'e the id0 this is gonna go )ra&y and it.s not gonna go 'a),. But $ said0 there1s a more li,ely )han)e that this is a OAE$E/%LL$!$BL%O 'u''le and this 'u''le is gonna pop or something is gonna pop and that.s e(a)tly +hat happened and $ see that still happening0 $ still see these things going 'ut it.s going to get less and less severe over time and this is0 o" )ourse0 assuming that there1s no LinC%E1s legal atta), going on.

ABL- /he other side is that you don.t need to store any value in Bit)oin "or any amount o" time +hatsoever in order to e(tra)t the value that it 'rings "rom that perspe)tive and that.s al+ays 'een a very interesting thing "rom +here $ sit 'e)ause it means that the value "un)tionally doesn.t matter. $" you have an

appli)ation li,e 'ridge +al,er +here you )an0 ta,e money0 store it in dollars0 transmit it into 'it)oins and have it transmitted out on the other side 'a), into dollars again +ith no sort o" laten)y0 then you get all o" the advantages o" the 'it)oin money trans"er and there1s pro'a'ly a small "ee asso)iated +ith it.

P#- So you1re tal,ing a'out Bitpay.

ABL- $s that ho+ Bitpay does it as +ell4

P#- $ thin, so0 $ thin, the +ay $ understand Bitpay is that0 the idea0 hey loo,0 you )an set up yoursel" as a mer)hant0 you )an a))ept 'asi)ally )ash that gets translated into 'it)oin and then that transa)tion happens at a very lo+ rate0 it.s li,e = per)ent or less than = per)ent and it happens really "ast. So you1re not having to deal +ith the pri)e "lu)tuations o" 'it)oin itsel". $t.s 'eing simply used as a means o" transmission.

ABL- Asing it as a means o" transmission as opposed to sitting in it "or any length o" time0 +here you1re then e(posed to mar,et movements. $ mean0 that.s ,ind o" the interesting part0 it.s that it ma,es the pri)e irrelevant.

P#- /he thing though is that 'e)ause you1re going "rom )ash to 'it)oin to )ash again0 you "all right 'a), under LinC%E regulations.

ABL- *h yeah0 a'solutely. Lrom a regulatory standpoint it.s a mess. $" you +ere gonna separate the "un)tionality o" Bit)oin "rom the volatility o" 'it)oin pri)e. $ thin, it +ould 'e very doa'le "rom a implementation standpoint. 7hether or not you1d 'e a'le to legally )omply +hile doing that is o" )ourse the 8uestion +e1re tal,ing a'out.

P#- $" you )an )reate0 sort o" a Bit)oin e)osystem (as a) sel"-)ontained e)onomy0 +here every'ody1s 2ust dealing in 'it)oin and it 'e)omes their o+n unit o" a))ount0 then it doesn.t matter +hat - you don.t need to e()hange it 'a), to dollars. /here.s no issue +ith LinC%E0 the +ay it.s +ritten no+. %very'ody1s paying themselves in 'it)oin5 it.s never going into dollars or any other )urren)y.

ABL- $ thin, that you1ve nailed it there. /hat.s +hat gonna happen i" LinC%E +inds up doing this 'e)ause "un)tionally they1re saying that0 M/hat.s o,ay.M /hey1re saying so long as you never tou)h another )urren)y +ith 'it)oin then te)hni)ally it.s not a )urren)y. So $ mean0 'y that standard you1re tal,ing a'out a +hole ne+ type o" )onsumer 'eing )reated.

P#- %ven though that might have a di""i)ult time going in0 say0 the AS or in "irst +orld )ountries. $ )ould easily see that getting started in third-+orld )ountries 'e)ause it.s ,ind o" li,e that0 leap "rog"ish. /hey +ent dire)tly "rom having no phones to )ell phones. @ight no+0 they1re )ompletely 'lo),ed out o" the +hole visa0 MasterCard0 PayPal thing. Bit)oin is open sour)e0 they )an do+nload it and then they )an immediately start using this system. $ 2ust read something0 $ thin, it +as a +ee, or t+o ago +here one o" this E!* guy in Eairo'i0 3enya. He started going around to the di""erent tri'esmen and saying0 MHey have you heard o" Bit)oin4M and they1re li,e0 M7hat.s that4?M /hey had heard0 o" )ourse0 m-pesa 1)ause they1re using their mo'ile phones 'ut they hadn.t heard o" Bit)oin 'e"ore0 and they seemed very enthusiasti) a'out the idea.

ABL- /han,s "or 2oining us today0 Paul. $ really appre)iate you ta,ing the time.

P#- 6eah0 no pro'lem. /han,s Adams.

(music plays)

Ad ertisement- $" $ sho+ed you a +e'site +here you )ould easily pur)hase ele)troni)s "rom the +orld1s largest distri'utor +ith 'it)oins at :S mar,up. 7ould you thin, it +as too good to 'e true4 !ood ne+s0 it.s real and it.s at 'it)oinstore.)om. Choose "rom hal" a million items0 save money over Ama&on and Ee+egg and )onvert your 'it)oins to real +orld items. 6ou )an even 'uy +ith priva)y. All they need is a shipping address0 'ut don.t ta,e my +ord "or it0 see "or yoursel" at 'it)oinstore.)om.

AMA- Paul gave us some great ideas here and $ thin, he1s a'solutely right that the end o" 'it)oin e()hanges is not the end o" Bit)oin. $ thin, people underestimate ho+ hard it is0 not only to shutdo+n Bit)oin te)hnologi)ally +hi)h o'viously0 that +ould turn into a +ha),-a-mole game very similar to +hat +e1ve seen +ith Eapster. But $

also thin, it.s di""i)ult to shutdo+n Bit)oin legally and part o" the reason "or that is that0 it.s di""i)ult to ar'itrarily shutdo+n 'its o" the e)onomy +hen there are )orporations 'ehind it. AS la+ is )orporate "riendly0 and as $ li,e to say0 +hen due pro)ess is "i)titious0 only "i)titious entities have due pro)ess. So the only people +ho have due pro)ess no+ are )orporations and they )an ma,e a pretty good argument that Bit)oin should not 'e 'anned0 )annot 'e 'anned and the government doesn.t have )ompelling reasons to 'an it and those arguments )an go pretty "ar. At least the AS government is limited 'y the )onstitution and +hat it )an apply. A good e(ample o" that is +hat happened to the )opyright la+s +hen Sony tried to sue Betama( 'a), in =HQ< to stop them "rom distri'uting #C@s on the idea that #C@s +ere 'asi)ally pira)y ma)hines and this +ent all the +ay to the Supreme Court. /he Supreme Court de)ided that Sony )ouldn.t do that and one o" the interesting )on)epts that )ame out o" that parti)ular )ase log +as the idea that0 as long as a produ)t has any non-in"ringing use0 or at least a su'stantial non-in"ringing use +hi)h means0 i" this tool )an 'e used to do something legal0 you )an.t 2ust )lassi"y it as 'roadly illegal and 'an it. /hat.s +hy )ro+'ars are legal to 'uy0 'e)ause people sometimes need to 'rea, into their o+n shed. /hat.s +hy a lot o" produ)ts that )ould 'e used "or many0 many legal uses that have su'stantial non illegal uses are allo+ed in AS mar,et. So it.s not so easy to 2ust slap a 'an on Bit)oin and every'ody +ill roll over and a))ept it. Eo0 this +ill 'e a suit over la+ suit all the +ay to the State Courts0 all the +ay to Supreme Court i" it happens and there1s some really good de"enses.

ABL- Ho+ long do you thin, that0 it.s gonna ta,e 'e"ore +e 'uild up a 'ody o" )orporations essentially that have a vested interest in Bit)oin surviving 'e)ause it seems li,e0 that.s not really the )ase no+. Certainly there are some )orporations0 in that they are )orporations "ormally. But $ thin, +hat you1re tal,ing a'out is MB$! BAS$E%SSM. Big )orporations that have lo''ying po+er and that have money they "inan)e )ampaigns +ith0 right4

AMA- $ +ould say that0 in "a)t there are enough )orporations right no+ that have essentially the main pre-re8uisite "or su)h a )ase0 +hi)h is legal standing and i" you have legal standing +hi)h means0 you have )orporation that is materially harmed 'y su)h a 'an0 you have a )ase and there are plenty o" organi&ations +hi)h +ill 'a), that )ase +ith rigorous de"ense. Su)h as the %le)troni) Lrontier Loundation0 the ACLA and various other organi&ations that have legal "unds to de"end su)h a 'an and i" $1m 8uite honest0 i" a AS )ompany0 one o" the su))ess"ul ones0 perhaps Sili)on #alley 'an, that is getting involved +ith Coin La' and Mt. !o( here in Cali"ornia or Coin Base0 +hi)h is another Cali"ornia 'ased )ompany. $" they +ere0 essentially told to shut do+n0 $ +ould start a )ro+d-"unding pro)ess "or their legal "und and $1d 'e putting some 'it)oin into that one.

ABL- Let.s assume "or a se)ond that the +orst happens and it.s 2ust "lat out 'anned0 made illegal. 7hat do you thin, happens there4

AMA- $ +ould loo, to 'uy 'it)oins0 'e)ause the pri)e is gonna shoot up. /al, a'out damping do+n on supply0 right4 So it depends +hat e(a)tly is meant 'y legal 'e)ause0 again even that has nuan)e. /hey might 'e a'le to shut do+n the e()hanges0 disallo+ing individuals "rom o+ning or possessing 'it)oin is going to 'e a mu)h0 mu)h harder 'urden to shove and disallo+ing personal transa)tions 'et+een individuals on Bit)oin +ould have a pretty high 'urden0 so $1m not sure that +ould 'e done easily.

ABL- *,ay. So do you thin, that +e1re gonna )ontinue to see e()hanges )losing as +e go through this4

AMA- 6eah0 this is a di""i)ult game to play. %()hanges +ill 'e )losing0 'ut again as Paul said0 that.s not the end o" Bit)oin. /his is 2ust gro+ing pains and as long as t+o people have 'it)oin and have a "iat )urren)y0 they )an go to Star'u),s and e()hange that )urren)y "or 'it)oin. $t.s as simple as that and you )an.t stop that on a 'road 'asis0 you )an.t stop that +hen it.s happening in a =<: )ountries.

ABL- $ts sort o" "unny that the solution "or trading 'it)oin surreptitiously is to ta,e this internet )urren)y and instead only transa)t it hand to hand "or other )ash.

AMA- $t.s the ultimate de)entrali&ed e)onomy.

(music plays)

"M- Last +ee, +e tal,ed a'out some o" these alt )oins. So all o" these are 'ased o"" o" Bit)oin 'ut there are small )hanges that are made and sometimes these small )hanges a""e)t a lot o" things a'out the alternative )oins. /here are many o" them0 there are pro'a'ly ne+ ones )oming out all the time. /hese alt )oins +ill do things li,e0 )hange the "re8uen)y +here 'lo),s are generated or the num'er o" )oins that are going to availa'le "or the 'lo), re+ards or they1re gonna )hange the time to

ad2ust the di""i)ulty or they )hange even the hashing algorithm itsel" and then some o" them have additional "eatures li,e0 one is the net+or, is )reated via proo" o" sta,e vs. proo" o" +or, +hi)h is +hat Bit)oin )reates the net+or, on. Some o" them have - one )oin has this demurrage "ee that +e tal,ed a'out last +ee,. So there are 2ust li,e0 all di""erent things that people are doing regardless o" +hether any o" these )oins are going to 'e su))ess"ul in the long term0 $ thin, +e )ould pro'a'ly all agree that )ompetition is great and may'e Bit)oin isn.t ideal0 even though it )urrently is the most popular and it has the most adoption and the most support and the most trading volume. May'e they1re something that )ould 'e improved0 or may'e there1s room "or more than one )rypto-)urren)y out there. $t pro'a'ly +ould 'e great i" there +ere more options and people )ould 2ust )hoose "rom among those. 7hat do you guys thin,4

AMA- 6eah all o" these alt-)oins really represent the diversity o" the Bit)oin e)osystem. Honestly $1d 'e sho),ed i" Bit)oin ends up 'eing the one true0 +orld )rypto-)urren)y. $t +ill pro'a'ly mutate into something else0 it might 'e renamed0 it might )hange the proto)ol parameters0 it might 'e )ompletely o'solete and people e()hange it "or something else. $ don.t thin, it +ill lose its value )ompletely 'ut i"0 at some point a 'etter )oin emerges0 people +ould 'e a'le to move their money into that one. /he ni)e thing is that0 there is no real sti),iness other than the si&e o" the e)onomy. So i" a 'etter alt-)oin appears then people )an 8uite easily e()hange their money +ith the ne)essary li8uidity "rom one to the other. $ loo, at this0 simply as e(pressing various opinions in the "orm o" so"t+are. So i" Bit)oin is +hite 'read0 someone li,es pumperni),el or +hole +heat or sesame sprouted or various other variations and they all have a pla)e on the mar,et. *n the other hand0 +e really have to re)ogni&e the "a)t that HQS o" the mar,et is going to 'e0 "or the "oreseea'le "uture0 a +hite 'read mar,et. $t.s going to 'e the 'asi) 'it)oin and that.s simply a matter o" inertia and volume. @ight no+ Bit)oin is 'ig enough that it attra)ts through this po+er-la+ dynami) or net+or, e""e)t0 it attra)ts more investors. So it.s very di""i)ult to get an alt-)oin o"" the ground and that.s as it should 'e. $" it really ma,es a huge )hange that.s +orth investing in0 people +ill )hange. Antil then0 Bit)oin is +here it.s at.

"M- 6ou ,no+ $ thin, there1s some psy)hologi)al "a)tors that play here too0 that )ontri'ute to0 potentially the popularity o" alt-)oins and that is that there are lots o" people out there +ho0 may'e they heard a'out 'it)oins in li,e0 9:== and they +ere ,ind o" s,epti)al and they1re li,e0 MEot sure i" $ +ant to get on 'oard0M and then some time goes 'y and eventually 'it)oins are rising a lot in pri)e )omparing to the AS dollar and people start to really regret that they didn.t get in on ground "loor o" 'it)oins and so they say0 M*,0 is there anything that is sort o"0 li,e Bit)oin is - li,e Bit)oin +as a )ouple o" years ago. Eo+ that $ )ould sort o"0 get in on the ground

"loor0M and $ thin, some o" these alt )oins represent that "or a lot o" people. *n the other hand there are also the people +ho +ere early adopters o" Bit)oin or may'e0 +ere medium term adopters. $ thin, +e1re still ,ind o" in the early adoption phase overall0 'ut people +ho might not have ne)essarily 'een super-early adopters 'ut got into Bit)oin and they +anna ,ind o" prote)t their investment0 they +ant Bit)oin to su))eed. /hey 'elieve in it0 they are very invested in it0 $ guess0 emotionally and monetarily and so they +ant it to su))eed +ithout )ompetition essentially and so there )an 'e those "a)tors0 'oth at play and it.s really interesting0 $ li,ed your 'read analogy0 Andreas. /hat people are going to have di""erent pre"eren)es and in the end +e1ll have to see +hat ends up 'eing used the most.

ABL- $ li,e 'read that )an 'e used "or more than one purpose and one o" the interesting things $1ve seen a'out some o" alt-)oin )hains0 li,e name-)oin0 "or e(ample. $ mean0 Bit)oin and the 'lo), )hain metaphor that )reates it and maintains it0 is 'asi)ally a distri'uted ledger. So right no+0 +e use that to tra), o+nership o" 'it)oins0 'ut +hat a 'lo), li,e name-)oin has done0 is ta,en in this )ase0 +e'site domains0 A@LS and atta)hed those essentially to this0 again0 totally transparent de)entrali&ed ledger. 6es0 there1s the one side +here +e1re tal,ing a'out )oins that spe)i"i)ally address something that they "eel is +rong +ith Bit)oin0 'ut then there1s this other side that adds more "eatures to it or uses it in an un)onventional +ay and $ thin, those are really interesting.

AMA- A'solutely Adam0 $ thin, that.s +here the interesting stu"" is. So0 it.s very easy to dismiss an alt-)oin +hen you see things li,e0 $ don.t ,no+0 $ don.t +anna o""end one parti)ular )oin. But $ thought0 'ar'e8ue )oin0 )oins +ith +hi)h you )ould eat. $t is an e(ample o" something that.s a 'it o" a 2o,e 'ut other than that0 there are some alt-)oins that are very0 very interesting. So let.s loo, at the ta(onomy "irst. Lirst o" all0 there1s three di""erent types o" alt-)oins. /here1s alt-)oins that are really using0 the very same so"t+are as Bit)oin and the same 'lo), )hain as stru)ture 'ut they t+ea, a )ouple o" the parameters. So0 "or e(ample0 instead o" 9= million )oins as the )eiling they have a di""erent value "or that. /hese are the 'asi) alt-)oins0 i" you li,e0 then there1s alt-)oins that +or, +ith the e(isting 'lo), )hain o" Bit)oin and 'uild upon it. $ )all these meta)oins0 &ero-)oin is one e(ample. $t o""ers anonymity and )omplete "or+ard se)re)y on transa)tions0 so it really goes in and solves a parti)ular and very spe)i"i) pro'lem +ith Bit)oin0 +hi)h is that Bit)oin is not per"e)t anonymity0 its pseudo-nimity and &ero-)oin rides on the same 'lo), )hain as Bit)oin and then there1s )ompletely ne+ inventions +hi)h use very di""erent "orm o" so"t+are and are solving a very di""erent pro'lem0 name-)oin0 "or domains is one great e(ample. $ +as "as)inated 'y some other appli)ations o" name-)oin0 spe)i"i)ally you )ould use name-)oin to de"ine to allo)ate shares o" a )orporation. So essentially you )ould have )ompletely anonymous shareholders0 +hose proo" o"

sta,e in the )orporation is also the means 'y +hi)h they re)eive dividends and also the mean 'y +hi)h they vote in shareholder resolutions. 6ou )ould use the same "or the distri'ution o" 'onds or "or any proo" o" o+nership on an asset using the very same logi). So that opens up the possi'ility o" having Bit)oin )orporations that0 essentially are listed in the 'lo), )hain0 are traded as 'it)oins are e()hanged and the sto), is trans"era'le in the same +ay that you )an send 'it)oin to someone. /hat.s a really "as)inating )on)ept that )ould really develop into a +hole ne+ level o" e)onomy a'ove Bit)oin.

"M- Do you guys +anna tal, spe)i"i)ally a'out +hat some o" these alt )oins are and +hat are their "eatures 'e)ause $ have a list o" them that +e )ould go through. ABL- 6eah let.s do that and then $1d li,e to play - $ a)tually rea)hed out to someone +ho1s 2ust a'out to start an alt-)oin )hain and $ as,ed him 'asi)ally to pit)h it to the listeners and so $1d li,e to play that and in the "uture0 a)tually0 i" you1re starting an alt )oin )hain and you1d li,e to see +hat people thin, o" it0 a good +ay to do that +ould 'e to send us a ;:-H: se)ond pit)h essentially "or +hat you1re trying to a))omplish +ith your alt )oin )hain and +e1ll play it and see +hat people thin,.

"M- So0 o,ay0 every'ody ,no+s a'out Bit)oin. $1ll 2ust read some o" these 'asi) parameters a'out Bit)oin and 'y the +ay0 $1m getting this "rom a thread on the Bit)ointal, "orums and it.s also availa'le at the domain ne+'it)oins.)om0 +hi)h 2ust points to this thread. So i" any'ody +ants li,e a really 8ui), run-do+n o" all these di""erent ,inds o" )oins0 you )an "ind it here. So0 there1s Bit)oin0 they have a 'lo),0 its generated every =: minutes0 there1s going to 'e 9= million )oins0 the di""i)ult ad2usts every 9:=; 'lo),s and the hashing algorithm is dou'le SHA-9I; and then the re+ard0 initially 'e"ore it halved +as I: )oins per 'lo),0 'ut sin)e then it has )ut in hal"0 so no+ its 9I 'it)oins per 'lo),. Lite)oin is pro'a'ly the most popular o" the alt )oins and it.s not the oldest0 'ut it is0 "or some reason0 the one that has gotten the most tra)tion and the main di""eren)e 'et+een lite)oins and 'it)oins - *h 'y the +ay0 also +ith lite)oins0 it.s the only one that.s seen a really signi"i)ant pri)e in)rease over one dollar. $ts trading at around < AS dollars right no+0 $ 'elieve "or lite)oins. So +ith lite)oins0 there1s a 'lo), generated every 9 and a hal" minutes instead o" every =: minutes +ith 'it)oins. /here are going to 'e Q9 million )oins availa'le0 so that.s < times as many lite)oins as there are 'it)oins and the di""i)ult ad2usts also every 9:=; 'lo),s 'ut that ta,es pla)e "aster every )ouple o" days0 instead o" every )ouple o" +ee,s +ith Bit)oin and the hashing algorithm is di""erent than Bit)oin0 +hi)h is $ thin, an important de"ining "eature o" Lite)oin. /he hashing algorithm is s)rypt0 instead o" SHA-9I; and +hat this means is that +ith lite)oins0 you )an.t really use AS$Cs to mine lite)oins and there1s a smaller di""eren)e 'et+een mining lite)oins +ith a CPA and a graphi)s )ard. Basi)ally this means that

Lite)oin mining is pro'a'ly going to 'e more a))essi'le to people +ho don.t have AS$Cs or don.t +ant to get AS$Cs. $t.s going to 'e pro'a'ly a more distri'uted net+or, in terms o" the hashing po+er 'eing distri'uted among di""erent people0 and the 'arriers to entry "or getting into Lite)oin mining 'eing a lot lo+er. $ thin, this really appeals to a lot o" people and as +e1ve seen the di""i)ulty o" the Bit)oin net+or, rise very high as a lot o" 'it)oins have 'een mined and 'it)oins 'e)ome really popular and a lot o" people de)ide to try mining and also as some o" the AS$Cs miners )ome online +ith Bit)oin mining0 the di""i)ulty has gone really high "or Bit)oin and so a lot o" people +ho +ere previously mining 'it)oins +ith !PAs or +ith even CPAs have s+it)hed to mining lite)oins and sin)e the di""i)ulty o" the lite)oins net+or, is a lot lo+er0 it )an 'e more pro"ita'le to mine lite)oins +ith the same e8uipment that one might other+ise use to mine 'it)oins and then e()hange the lite)oins into 'it)oins or may'e hold on to them. 7e1re seeing a lot o" people do that0 so $ guess that.s it a'out lite)oins and then $ +ould say Eame)oin is pro'a'ly the ne(t most popular type o" alt-)oin and as Andreas ,ind o" gave a run-do+n o" Eame)oin0 it has these interesting appli)ations li,e 'eing a'le to )reate DES system or potentially 'e used "or sto), o+nership in )ompanies. /here1s PP)oins and PP0 $ thin,0 stands "or peer-to-peer or some people )all it li,e0 people )oins. /he thing a'out PP)oins is they are 'ased on proo"-o"-sta,e instead o" proo"-o"-+or,. So Bit)oin0 Lite)oin0 most o" the other )oins0 are 'ased on proo" o" +or,0 you have to do +or,0 solve a pro'lem0 that.s ho+ the 'lo),s are )reated. 7ith PP)oin0 its proo" o" sta,e and $ admit0 $ don.t )ompletely understand that0 'ut +hat $ )an understand or grasp in my laymen1s perspe)tive is that0 holding )oins0 li,e the people +ho have the most )oins0 that.s +hat )reates the net+or, instead o" solving pro'lems0 doing +or,0 hashing and $ )ould 'e )ompletely +rong on that0 so $1m not really sure. Does any'ody else ,no+ anything a'out PP)oin spe)i"i)ally4

AMA- $ thin, you des)ri'ed the proo" o" sta,e )orre)tly. %ssentially it allo+s people +ho have )oins to mine )oins0 "rom +hat $ understand. /hat does )reate some philosophi)al issues "or some people. *n the one hand0 Bit)oin is e()lusive to people +ho have serious hard+are0 on the other hand proo" o" sta,e )reates a situation +here the po+er la+ gets ampli"ied0 right4 /he ri)h get ri)her.

"M- .. and that.s another interesting point 'e)ause a lot o" these )oins do have0 sort o"0 e)onomi) ideologies 'uilt into them. Bit)oin doesn.t ne)essarily and neither does really Lite)oin0 e()ept may'e the idea that mining is going to 'e more a))essi'le to di""erent people0 'ut $ don.t even thin, that +as really in mind +hen Bit)oin +as )reated. $ don.t thin, any'ody really "oresa+ AS$Cs0 they +ere ,ind o" a disruptive te)hnology. But +ith some o" these other )oins0 "or instan)e0 Lrei)oin +hi)h +e tal,ed a'out last +ee,. /hey have this demurrage "ee and this also0 sort o" ideology saying that this is "or the +or,ing )lass0 it +ill not a""e)t people +ho are spending

most o" their in)ome and ,ind o" living pay)he), to pay)he), 'ut it +ill a""e)t those +ho +ould li,e to hoard the )urren)y and it dis)ourages hoarding. $t.s interesting to see some o" these di""erent ideas that are ,ind o" 'uilt into the )ode o" some o" these alt )oins.

AMA- 7hat it sho+s is that the innovation has 'arely started. $ mean0 here you )an a)tually t+ea, the ma)roe)onomi) parameters o" an entire e)onomy 'y )reating a )urren)y that has di""erent )hara)teristi)s. *ne o" the "as)inating suggestions $ re)ently sa+0 +as the idea o" DEA)oin and DEA)oin is a proo" o" sta,e system +here the proo" o" sta,e is your parti)ipation in the homo sapiens spe)ies0 so at 'irth a sample o" DEA "rom every individual +ho is 'orn on this planet0 the DEA itsel" gets en)oded into the 'lo), )hain as proo" o" sta,e0 the individual DEA o" a uni8ue human 'eing and that gives them a))ess to Bit)oin at 'irth or DEA)oin at 'irth0 +hi)h they essentially have mined 'y 'eing 'orn. So the entire homo sapiens spe)ies has sta,e0 individually0 in DEA)oin simply 'y 'eing 'orn. $t has a "i(ed upper limit o" issuan)e o" )ourse. Currently at 2ust over > 'illion souls and it is automati)ally (ad2usted) "or population gro+th and population de)line. So it.s a)tually a "as)inating )on)ept0 and again that sho+s that the innovation here has only started. All o" these )oins and )ryptographi) )urren)ies0 in general are money AP$s. /hey allo+ you to program e)onomies and people are 'eginning to0 in "a)t do that.

"M- /hat is so interesting. $1m 2ust thin,ing o" ho+ +ould geneti) )ode 'e translated into the 'lo), )hain. $1m sure there1s some +ay to do it 'ut..

AMA- 6ou1re "inger printing0 not the entire )ode0 'ut essentially you1re "inger printing enough mar,ers that you have statisti)al uni8ueness. So i" you )an a 9I; 'it num'er that is guaranteed to 'e uni8ue 2ust 'e)ause o" the vastness o" the spa)e0 you )an also pi), 9I; DEA mar,ers in a human genome and 'e almost guaranteed that no t+o people +ill have the e(a)t same mar,ers.

"M- Li,e a uni8ue little sno+-"la,e. Dust to 8ui),ly go over some o" the remaining )oins that are in this thread here. /here1s Dev)oin0 and $ don.t ,no+ that mu)h a'out Dev)oin 'ut as $ understand it0 the re+ards per 'lo), are really high. /here are I:0::: )oins instead o" I: )oins per 'lo),0 initially. As $ understand it0 they have something to do +ith developing pro2e)ts0 li,e they1re almost "or testing di""erent so"t+are pro2e)ts.

ABL- 6eah $1ve heard Dev)oin re"erred to as the test net.

AMA- $t.s also )ro+d "unding 'e)ause the )oins a)tually re)ir)ulate their value into re+ards "or the developers. So $ 'elieve a'out =: per)ent o" the transa)tion "ee goes to "urther development o" the so"t+are. So the )oin is sel"-"inan)ing.

"M- ..then there1s /erra)oin. /erra)oin is a relative ne+)omer. /here1s gonna 'e <9 million terra)oins 'ut they have a really "ast rate o" generating 'lo),s every 9 minutes0 there1s 9: )oins per 'lo), 'ut the di""i)ulty ad2usts every F: 'lo),s instead o" every0 appro(imately 9::: 'lo),s. So that means the di""i)ulty on the /erra)oin net+or, is ad2usting every hour. So that.s a pretty "ast time to retarget and $ ,no+ /erra)oin in the 'eginning had some real pro'lems +ith the di""i)ulty 2ust +ilding s+inging on the net+or, as people de)ided0 M*h0 hmm. $1m gonna point my AS$C at this /erra)oin net+or, and try to get some si), amount o" terra)oins +ith this huge amount o" po+er and then may'e $1ll de)ide to put it 'a), on the Bit)oin net+or, a"ter a +hile +hen $ get 'ored or it goes o""line or +hatever.M So $ ,no+ they had some pro'lems +ith that0 $ thin, they1re sort o" 'a), on target. A lot o" mining pools +ere ta,ing do+n their /erra)oin pools "or a +hile 'e)ause it +as 2ust too di""i)ult to deal +ith this 'it. $ thin, they1re sort o" 'a), on tra), and the thing that $ noti)ed a'out /erra)oin +as that0 there +as a lot o" in"rastru)ture that +as )reated "or it pretty early. So there +ere +e'sites0 their +allets and even +ith Lite)oin there hasn.t 'een0 $ guess0 that mu)h in"rastru)ture $ thin, that.s the ma2or thing that.s pro'a'ly holding Lite)oin 'a), "rom getting more popular at this moment. So0 $ a)tually )ould sort o" see0 li,e Bit)oin 'eing0 i" +e use the pre)ious metals analogy0 Bit)oin ,ind o" 'eing the gold0 Lite)oin 'eing the silver and /erra)oin 'eing the )opper or something li,e that0 i" it 'e)omes more popular. So then there1s Eova)oin. A lot o" people thin, o" Eova)oin as a s)am 'e)ause +ith a lot o" these )oins0 +e tal,ed a little earlier a'out this psy)hologi)al "a)tors that )ome into play +ith these alt )oins +here people really +ant to 'e a'le to get in on something early that hope"ully 'e)omes a huge thing and then 'e)ome ri)h essentially. So some o" these alt )oins have had pro'lems0 'e)ause the people +ho )reated them or a small group o" individuals have pre-mined a lot o" )oins 'e"ore releasing the system pu'li)ally. 7ith Eova)oin that +as e(a)tly +hat happened. /here +ere a ==:0::: )oins that +ere pre-mined and then it +as )laimed that they +ere destroyed0 although it.s not really )lear +hether they +ere a)tually destroyed or ho+ that )ould even o))ur. Eova)oin is 'eing traded on B/C% and $ remem'er +hen that happened0 people +ere really e()ited a'out it so $ don.t ,no+0 may'e it1ll go some+here0 may'e not. $t.s ,ind o" e()iting to see +here these go 'ut pre-mining s)ams are pro'a'ly going to )ontinue 'eing a pro'lem +ith these alt )oin )hains.

ABL- $ thin, one o" the most interesting things a'out the alt )oin )hains is that they almost all have a "ounder and that is something +here it.s true +ith Bit)oin. Bit)oin does te)hni)ally have a "ounder in Satoshi0 'ut he1s not around0 he1s not someone +ho1s advo)ating "or it.

"M- So there are a 'un)h o" other )oins 'ut $ thin, "or no+0 +e1ve pretty mu)h )overed the main ones or the most important ones and again0 i" you +anna see more a'out this and i" you +ant some lin,s to "ollo+ up to do some resear)h on any o" these alt )oins0 you )an )he), at ne+'it)oins.)om.

ABL- .. and no+ let.s hear "rom the )reator o" Haye,)oin.

Ale% Merced- Hey every'ody0 this is Ale( Mer)ed. $1m a 'ig "an o" Bit)oin0 $1m a 'ig "an o" the idea o" te)hnology0 things li,e sea steading0 Bit)oin. /he reason +hy $1m )reating an alt )oin0 $1m really0 a)tually +or,ing o"" o" the Lite)oin )ode. $1m doing it more to )ommemorate an e)onomist 'y the name o" Lriedri)h Haye,0 he +rote a lot a'out )ompeting )urren)ies on)e upon a time. So0 +hat $1m trying to do is )reate a ne+ )oin )alled Haye,)oin. More o" a novelty )oin0 more "or those +ho )ould pay homage to Lriedri)h Haye,0 although )urrently $1m still +or,ing on "iguring out the +hole genesis 'lo), thing. So i" anyone +ould li,e to help me )omplete Haye,)oin 'y helping me )omplete the genesis 'lo),0 part o" the )ode0 "eel "ree to get in tou)h +ith me at ale(mer)ed.)om. (My email is) ale(mer)edCale(mer)ed.)om.

ABL- /he interesting thing to ,eep in mind here is that there1s 2ust no 'arrier to entry +hen it )omes to )reating these alt )oin )hains. 6ou don.t even have to have a really0 terri'ly mar,eta'le idea. 6ou 2ust have to de)ide to do it and i" people thin, that your idea is good "or +hatever reason then you )an have su))ess +ith that. $1m not sure i" the Haye,)oin is going to have a lot o" su))ess 'ut it.s an interesting mar,eting )on)ept0 to say the least.

"M- 6eah $1m almost "eeling ,ind o" a"raid i" you invite people to promote their alt )oins on this sho+0 you might get inundated +ith a 'un)h o" people promoting these di""erent alt )oins.

ABL- $1m very interested to see ho+ it sha,es out0 li,e you said. $ rea)hed out to Ale( a'out this 'e)ause $ sa+ a thread +here he +as starting this )oin and $ +as

li,e0 MHey0M 1)ause he +asn.t announ)ing any details a'out this and $ +as li,e0 MPit)h it to me and +e1ll tal, a'out it and see.M $ thin, that the more people +e have tal,ing a'out this0 i" it.s a 'ad idea then )learly they1re gonna get "eed'a), that they1re not gonna 'e very happy a'out it. So $ thin, it.s gonna 'e ,ind o" sel"sele)ting people +ho really thin, that their idea "or an alt )oin )hain is a really0 really good idea that people +ill 'uy into. /hose are the people that +e1ll hear "rom.

"M- .. and this sort o"0 'ar gets higher as time goes on 'e)ause0 (they) see a lot o" s)ams0 they see a lot o" )oins that "ail or get a'andoned and they 'e)ome really0 really s,epti)al. M*h0 o,ay. Ho+ is your alt )oin di""erent than all the rest o" those alt )oins0M right4

ABL- $t.s 2ust +hat +e1ve 'een saying. $" you )an.t 'e a shiny e(ample0 'e a horri'le +arning. 6ou don.t really have a )hoi)e one +ay or the other0 it.s gonna happen the +ay it.s gonna happen 'ut you serve a purpose either +ay to the )ommunity.

"M- Do you guys "ind some o" the names "or these alt )oins0 ,ind o" "unny4 Li,e "or instan)e0 Eova)oin sounds li,e Eovo)aine0 PP)oin 2ust sounds really "unny to me.

ABL- /here are a "e+ out there that don.t have )oin in the name0 right4

"M- 6es0 there a)tually are. /here1s !eist !eld or /ene'ri(. /hose are (a )ouple o")0 ,ind o" li,e dead or dying )oins.

ABL- /he lo+ 'arrier to entry0 again0 $1m very0 very e()ited to see +hat people )ome up +ith and ,ind o" +hat ta,es o"" 'e)ause $ have my idea o" +hat seems li,e a good plan "or Bit)oin and "ran,ly0 $ thin, that Bit)oin does a "airly good 2o' o" serving those needs. Again0 $1m 2ust very )urious to +hat )omes out.

"M- So personal 8uestion0 do you guys have any alt )oins yourselves or are you invested in them at all0 are you mining alt )oins4 /ell me more a'out that.

ABL- $ +at)hed Solid)oin e(plode a'out a year ago and that +as the "irst )oin that $ paid attention to. $ didn.t have any o" them0 'ut $ ,ind o" 2ust +at)hed ho+ it happened and $ said0 you ,no+ +hat0 it seems li,e i" there1s ever a reason "or me to get involved +ith alt )oins0 $1ll pro'a'ly 'e a'le to "igure that out pretty 8ui),ly. So $1m 2ust gonna0 ,ind o" let it 'e and see +hat happens +ith this spa)e and it seems li,e a lot has happened +ith the spa)e sin)e $ haven.t 'een paying attention.

"M- /he only real alt )oin that $1m super interested in is0 Lite)oin and $ admit $1m "eeling proud 'e)ause $ got into Lite)oin +hen they +ere0 li,e0 F )ents ea)h and the e()hange rate +ith lite)oins to 'it)oins +as li,e0 :.::F lite)oins per 'it)oin and sin)e then the value relative to 'it)oin has in)reased a'out =: "olds and the pri)e o" lite)oins in AS dollars has in)reased a'out a =:: "old roughly. So $ +as "eeling really good a'out that and then $ also used Lite)oin as a +ay to start getting interested in mining and $ have 'een mining lite)oins "or a little +hile no+. So may'e at some point0 +e )an tal, a'out that on the sho+.

ABL- 6eah0 $1d love to tal, a'out that 1)ause mining is one o" those things +here $1ve loo,ed at it a )ouple o" times and every time $ do0 it.s li,e0 +ell that loo,s hard or li,e0 $1ll do+nload a miner0 installation and then $1d need to do port "or+arding and it.s li,e uhm0 that looks hard.

"M- $t is. /here1s lot o" little parameters to "i( and get t+ea,ed and optimi&ed. Lu),ily there are lots o" guides and people are very generous +ith their in"ormation. A lot o" this stu"" is availa'le online i" you 2ust do a little resear)h on it0 'ut there1s de"initely not a user manual a'out ho+ to mine di""erent )oins and do it e""i)iently and there1s no one +ay to do it. But that.s ,ind o" part o" the "un too.

ABL- $t.s 2ust this 7ild 7est thing0 'e)ause it.s hard there1s a little 'it more opportunity there than i" it +asn.t hard.

"M- 6eah a'solutely.

ABL- !reat0 +ell that.s a'out all the time +e have "or today. /han,s "or 2oining me again "or Let.s /al, Bit)oin0 'oth Andreas and Stephanie.

"M- /han, you.

AMA- /han, you.

ABL- %ven though Bit)oin has no )ontrolling authority and even though Bit)oin is an international )urren)y0 the AS legislative 'ody is the elephant in the room and a ma2or hurdle "or the nas)ent )urren)y to )ontend +ith. $ sat do+n +ith )ommunity round ta'le mem'er %li&a'eth Ploshay "or some advi)e on ho+ AS )iti&ens )an do their part and help our representatives represent us.

Eli&a'eth Ploshay- Hi0 my name1s %li&a'eth Ploshay and $1m )oming "resh "rom 7ashington0 DC +here $ previously served as the s)heduler and legislative )orrespondent "or Chie" Deputy Ma2ority 7hip Congressman Peter D. @os,am. $1m no+ honored to 'e a mem'er o" this peer-to-peer Bit)oin )ommunity. Coming "rom 7ashington0 DC0 $1ve seen that there1s a huge in"ormation gap and mem'ers o" the "ederal government and also sta,e governments need to have (an idea) o" all the positive aspe)ts o" the Bit)oin )urren)y 'e"ore it.s too late. As mem'ers o" the Bit)oin )ommunity0 +e really need to get on the edge o" the in"ormation gap here and +or, to edu)ate our mem'ers o" Congress0 ho+ Bit)oin is a huge asset0 not only on a personal li'erty level 'ut also to the e)onomy. 6ou0 as a mem'er o" the Bit)oin )ommunity have a )lear opportunity to0 in a tangi'le +ay0 rea)h out to a mem'er o" Congress and 'e)ome a via'le in"ormation sour)e "or them to let them ,no+ a'out the positive elements o" the Bit)oin )urren)y. Lirst and "oremost0 one o" the most 'i-partisan issues right no+0 to date0 on an e)onomi) standpoint "or the AS House @epresentatives0 the Senate and the %(e)utive Bran)hes - support "or small 'usinesses. A)ross the politi)al aisles0 no+ 'usinesses is an important issue and +e1ve seen that0 "or instan)e0 last year 'oth Cham'ers o" Congress and the %(e)utive Bran)h put "or+ard to 2ump start our Businesses Startups A)t (H@F;:;) to enhan)e the a'ility o" small 'usinesses to in)rease )apital. Eo+ +e ,no+ in the Bit)oin )ommunity0 that the 'est +ay to do this is a)tually through the Bit)oin )urren)y0 so rea)hing out to a mem'er and highlighting the importan)e o" supporting small 'usinesses through Bit)oin )urren)y0 that.s one thing. Also0 2ust tal,ing +ith your mem'er o" Congress a'out the )onvenien)e o" Bit)oin and ho+ it does represent ingenuity. Bit)oin )uts do+n not only on0 transa)tion )osts 'ut also its 2ust a )onvenient +ay "or 'usinesses to pro)ess your )ustomers and also to get people in and out o" stores 8ui),ly and another thing too is0 highlighting 2ust ho+ Bit)oin is an international )urren)y no+ and +ith a gro+ing e)onomy and 2ust a gro+ing glo'al nature o" our so)iety and 'usinesses these days0 Bit)oin is truly gonna help 'usinesses and in turn again0 help our e)onomy and ,eep the AS on the mar,et in a glo'al +ay. Another thing too0 to highlight to a mem'er o" Congress is

2ust )onne)t it to home0 let them ,no+ that Bit)oin is 'e)oming a household name0 spe)i"i)ally you )an 2ust 'ring out something to them that0 2ust this past +ee,0 PayPal President spo,e on Bloom'erg ne+s0 to highlight that PayPal is even )onsidering using the Bit)oin )urren)y. $t.s important "or you as )onstituent to let your mem'er o" Congress ,no+ that Bit)oin is something that.s a)tive in the Congressional distri)t. Eo+ $ thin, "inally you )an highlight i" you any 'usiness in your distri)t or i" you have a 'usiness in this Congressional distri)t0 let your mem'er o" Congress ,no+ a'out it and let them ,no+ a'out any poli)y they have to+ards Bit)oin )urren)y or any more regulation0 ho+ it +ill impa)t you as a voter in their distri)t. So those are some ideas0 spe)i"i)ally adding a'out ho+ you )an )onne)t Bit)oin to your mem'er o" Congress 1)ause un"ortunately there (are) plenty o" mem'ers o" the House @epresentatives in AS Senate and "or that matter0 lo)al governments +ho don.t ,no+ +hat Bit)oin is. So you +anna 2ust let them ,no+ that it.s a via'le )urren)y and that you as a )onstituent in +hatever )apa)ity are a)ted and this is a )on)ern that you have.

ABL- /han,s "or tuning in to %pisode F o" Let.s /al, Bit)oin. 7hether you li,ed0 loved or hated the sho+0 +e +anna hear +hat you thin,. Please send all this and your "eed'a),0 )omments and 8uestions to adamCletstal,'it)oin.)om. $" you1re li,e me and 2ust )an.t get enough in"ormation or perspe)tive on Bit)oin0 )he), out our daily ne+spaper at thedaily'it)oin.)om0 +here you1ll "ind the 'est ne+s0 presenting arti)les and arguments "rom all sides o" the issue. /han,s to Paul Hughes0 Andreas M. Antonopoulos0 Dr. Stephanie Murhpy and %li&a'eth Ploshay "or +riting )ontent "or this sho+. Musi) "or this episode +as provided 'y Dared @u'ens0 Eathaniel Castro and *+lsley0 you )an "ind lin,s to their +or, at letstal,'it)oin.)omBmusi). 7e1ll 'e 'a), +ith %pisode < o" Let.s /al, Bit)oin releasing late on Saturday0 the <th o" May0 "eaturing my intervie+ +ith Doe Cas)io0 entitled So), Puppets and Controlling 6our $dentity *nline +ith Bit)oin. Stay tuned?

Transcription by MethodMan, released under the Creative Commons License 3.0