LETS TALK BITCOIN

Episode 66 The Eye of the Beholder

Participants: Adam B. Levine (ABL) !st Step"anie #$rp"% (S#) C!&"!st Andreas #. Ant!n!p!$'!s (AA) C!&"!st (avid C"en ((C) Li)"tspeed *ent$re C"ris Larsen (CL) +ipp'e La, - Ca,!$ (-C) Per.ins C!ie Partner *innie Lin)"am (*L) /%0t CEO (avid -!"nst!n ((-) E1ec$tive (irect!r !0 BitAn)e's Ed +e1 (E+) 2riter !0 3Sat!s"i and t"e Ne4 /!'d ABL: i5 and 4e'c!me t! Epis!de 66 !0 Lets Ta'. Bitc!in5 a t4ice&4ee.'% s"!4 a,!$t t"e ideas5 pe!p'e and pr!7ects ,$i'din) t"e di)ita' ec!n!m% and t"e 0$t$re !0 m!ne%. *isit $s at 444.'etsta'.,itc!in.c!m 0!r !$r dai'% )$est ,'!)5 a'' !$r past epis!des and5 !0 c!$rse5 tippin) addresses. #% name is Adam B. Levine. ave %!$ ever '!st s!met"in) care'ess'%5 !n'% t! disc!ver 'ater it 4as 4ide'% va'$a,'e8 As t"e price !0 ,itc!in )!es $p5 t"at initia' care'essness is n!4 0$e'in) a "$nt 0!r treas$re and5 per"aps5 a dar.er side t!!. Andreas5 Step"anie and I ta'. '!st5 '!c.ed !r misp'aced ,itc!ins as ,$ried treas$re. T"en5 !n T"$rsda% 9t" (ecem,er5 I 0!$nd m%se'0 at t"e P'$) and P'a% Tec" Center m!deratin) a pane' disc$ssi!n a,!$t Bitc!in. In c!ntrast t! !$r n!rma' deep dive intervie4s5 t"is !ne p'a%s !$t 'i.e 0ive mini&intervie4s 4it" Li)"tspeed *ent$res (avid C"en5 +ipp'e La,s C"ris Larsen5 Per.ins C!ie Partner Ca,!$5 /%0t CEO *innie Lin)"am and BitAn)e's.C!s (avid -!"nst!n. :ina''%5 4"ere d!es va'$e c!me 0r!m8 Is it t"e m!ne% 4e $se5 !r t"e s%stem t"at c!ntr!'s it8 Ed +e1 s$,mits and per0!rms "is piece 3Sat!s"i and t"e Ne4 /!'d t! end t!da%s epis!de. En7!% t"e s"!4; <=:>=? AA: 2it" t"e recent increase in ,itc!in prices !r t"e e1c"an)e rate5 s!met"in) ver% interestin) "as "appened. O'd "ard drives c!ntainin) '!n)&0!r)!tten 4a''ets are s$dden'% ,ec!min) ,$ried treas$re. Ive seen t"is p"en!men!n p'a% !$t severa' times5 4it" pe!p'e )'ee0$''% rep!rtin) t"at t"e% "ave 0!$nd an !'d 4a''et 4"i'e searc"in) !ne !0 t"eir !'d c!mp$ters. I 4as readin) an artic'e !n +eddit5 4"ere a st$dent "ad disc!vered an !'d 4a''et 0r!m @A=A and said I "ave '!ts !0 st$dent '!ans ,$t it seems I "ave B=C ,itc!in in t"is 4a''et and Im '!!.in) at t"e price and Im n!t s$re 4"at t! t"in.. Can s!me!ne c!n0irm8 Am I rea''% ric"8 <@:D@? SM: (La$)"in)) 2!!"!!; <@:D>? AA: Its s$c" a )reat st!r% and t"en5 at t"e same time5 %!$ve )!t... <@:DC? SM: Beer; <@:DC? AA: ...e1act'%; T!! m$c" ,eer. S$dden'%5 %!$ve )!t t"ese c!mp'ete'% !pp!site st!ries. One !0 t"e m!st interestin) !nes 4as a pers!n 4"! "ad discarded a "ard drive5 t"en rea'iEin) t"at

!n t"at "ard drive 4ere C59AA ,itc!ins5 !r a,!$t FC.9#5 !r a,!$t G9#. T"is 4as in En)'and. T"e% .n!4 4"ic" d$mp5 !r 4"ic" 'and0i'' t"e "ard drive 4ent t! and n!4 t"eres pe!p'e 4it" meta' detect!rs di))in) t"r!$)" t"e 'and0i''. ere 4e )!5 a ne4 ind$str% & treas$re "$nters '!!.in) 0!r di)ita''%&enc!ded Bitc!in 4a''ets t"at "ave appreciated in va'$e. Ima)ine a "$ndred %ears 0r!m n!45 <a? ,itc!in is F=A# in eH$iva'ent t!da%s m!ne% and s!me!nes '!!.in) 0!r a )reat "a$' 0r!m a r$st% "ard drive5 !r ISB stic.s t"at 4as '!st in t"e ,!tt!m !0 t"e At'antic and t"e%re sendin) s$,mersi,'es... 'i.e '!!.in) 0!r t"e Titanic. <D:DB? SM: I t"in. t"ere are a's! pe!p'e 4"! are startin) ,$sinesses5 ,asica''%5 t! n!t !n'% "e'p pe!p'e rec!ver t"eir 4a''ets5 ,$t a's! t! ma.e a pr!0it in t"e pr!cess. T"e% are seein) a need t"ats $n0i''ed in t"e mar.et5 4"ic" is rec!ver% !0 !'d ,itc!ins t"at are s$dden'% va'$a,'e. T"ese t"in)s are startin) $p5 4"et"er its pe!p'e )!in) !$t 4it" meta' detect!rs t! t"is 'and0i'' in t"e IK5 4"erever it is5 !r pe!p'e 4"! are .ind !0 dis. divin) and sc!$rin) !'d "ard drives ma%,e t"at "ave ,een 4ritten !ver in s!me sect!rs5 t! see i0 t"e% can 0ind t"at 4a''et.dat 0i'e and rec!ver it s!me"!4. Ive "eard a '!t !0 st!ries a,!$t t"is in m% pers!na' 'i0e. S!me,!d% 4"! I .n!45 !nce ver% ear'% !n5 sent 69 ,itc!ins t! an !'d E'ectr$m 4a''et t"at t"e% "ad since de'eted and t"e% 4ere tr%in) t! rec!ver t"e !'d E'ectr$m 4a''et 4it" n! '$c.5 s! t"e% c!ntracted it !$t t! an!t"er pers!n5 4"! 4as m!re c!mp$ter savv% s! t"at "e c!$'d "ave "a'0 i0 "e 4as a,'e t! rec!ver it. Act$a''%5 I "ave a st!r% t"at .ind !0 re'ates t! t"is. Ive5 act$a''%5 ta'.ed a,!$t t"is !n t"e s"!4 ,e0!re5 s! t"is is )!in) t! ,e a nice 0!''!4&$p. I 4ant t! sa% it 4as 4it"in !$r 0irst =A !r @A s"!4s t"at I revea'ed t"at I "ad an !'d 'apt!p5 4"ere I "ad )!tten s!me ,itc!ins ,ac. in @A==5 ear'% @A=@. At t"e time5 t"e% 4ere F9 !r 'ess. I "ad a,!$t =@ ,itc!ins in t"ere. I "ad encr%pted t"e 4a''et ,eca$se5 at t"e time5 ever%,!d% 4as sa%in) %!$ve )!t t! encr%pt %!$r 4a''et5 c"!!se a str!n) passp"rase s! I did. I didnt 4rite it d!4n and I .ind !0 0!r)!t it. (La$)"ter) I "ad a va)$e idea !0 4"at it 4as ,$t n!t rea''% en!$)" t! piece it ,ac. t!)et"er. T"ere 4ere a c!$p'e !0 times5 !nce I rea'iEed I 4asnt a,'e t! $n'!c. t"e 4a''et t"at I tried t! ,rea. int! it. Ever% time t"e ,itc!in price 4ent $p5 4"en it "it F=AA5 I tried. 2"en it "it F@6A5 I spent a 4"!'e da% tr%in) t! crac. int! it5 tr%in) di00erent t%p!s and c!m,inati!ns !0 4"at I t"!$)"t t"e passp"rase 4as. It didnt 4!r.. S$dden'%5 ,itc!in 4ent $p t! a,!$t F>AA and I 4as 'i.e I )!t t! )et t"is 4a''et crac.ed. At t"e same time5 I act$a''% "eard a,!$t s!me,!d%5 !ne !0 t"ese entreprene$rs5 4"!s startin) a 4a''et rec!ver% ,$siness. It 4as 444.4a''etrec!ver%services.c!m5 its (ave Bitc!in n!t "is rea' name5 Im s$re. e 4r!te a ,r$te 0!rce pr!)ram and i0 %!$ "ave s!me idea5 'i.e a va)$e idea5 !0 4"at %!$ t"in. t"e passp"rase is5 it can tr% di00erent variati!ns !n t"at $nti'5 "!pe0$''%5 t"e 4a''et is decr%pted. I t"!$)"t5 a'ri)"t5 t"ese =@ c!ins are )!ne t! me. Ive 4ritten t"em !00 as )!ne5 s! I mi)"t as 4e'' tr% it and send it t! "im. I sent "im m% 4a''et.dat 0i'e5 a't"!$)"5 %!$ d!nt "ave t!. 2it" "im5 "e "as a 4a% t! act$a''%... %!$ can send partia' in0!rmati!n 0r!m t"e 4a''et 4it"!$t sendin) t"e 4"!'e 4a''et5 s! "e c!$'dnt ta.e t"e ,itc!ins and r$n5 s$pp!sed'%5 ,$t I didnt d! t"at. I sent "im t"e 4a''et.dat 0i'e. 2"at t"e e''5 I "ave a ,i) micr!p"!ne i0 "e scre4ed me !ver5 ri)"t8 I sent "im t"e 4a''et.dat 0i'e and I sent "im 4"at I t"!$)"t t"e passp"rase 4as and 'itera''%5 4it"in a 0e4 "!$rs5 "e 4as a,'e t! decr%pt it and "e sent me ,ac. J9K !0 t"e ,a'ance5 4"ic" is 4"at 4e "ad disc$ssed ,e0!re. Need'ess t! sa%5 I 4as rea''% "app% a,!$t t"at. Basica''%5 4"at it 4as t"e passp"rase 4as a sentence and I "ad t"e 4!rd 3and in t"ere and I 4asnt s$re i0 it 4as 3and !r an 3L. T"ere 4ere s!me capita' 'etters t"at I "ad )!tten 4r!n). I 4as rea''% c'!se ,$t 4"en %!$re t%pin) in a pass4!rd5 c'!se d!esnt c!$nt5 as 4e a'' .n!4. (La$)"ter) Mea"5 I "ad a "app% endin) t! m% st!r% and ma%,e t"at can "e'p s!me !t"er pe!p'e. Im s$re t"ere are pe!p'e 4"! are 'istenin) t! !$r s"!4 4"! "ave t"e same iss$e t"at t"e% made a 4a''et and t"e% encr%pted it and n!4 t"e% cant remem,er t"e pass4!rd. I0 %!$ "ave t"at sit$ati!n5 c"ec. !$t 444.4a''etrec!ver%services.c!m and ma%,e (ave can "e'p %!$. I rea''% "!pe pe!p'e can

rec!ver t"eir c!ins 4"et"er its a "ard drive 0ai'$re5 !r in t"e tras"5 !r sendin) it t! s!me 4eird address t"at ma%,e t"e private .e% )!t arc"ived5 !r s!met"in) 'i.e t"at. I rea''% "!pe t"e pe!p'e can )et t"em ,ac. and ma%,e n!4 t"eres an incentive t! d! s!. <C:>A? ABL: 2e''5 %ea"5 Step"anie. T"e incentive is t"at t"e%re 4!rt" s! m$c" n!4. S$dden'%5 4"ereas a c!$p'e !0 m!nt"s a)! t"at =@ ,itc!ins mi)"t n!t "ave ,een 4!rt" "is time5 n!45 even =9K !0 t"at =@ ,itc!ins is 4!rt" "is time. A)ain5 its a'' s! re'ative. <C:9@? AA: T"ats t"e ,i) 'ess!n "ere. T"e 0irst 'ess!n is t"at t"ese ,$sinesses "ave an e1pandin) mar.et. As t"e price )!es $p5 t"e t"in)s t"at are mar)ina''% rec!vera,'e ,ec!me rec!vera,'e and t"en 4i'd'% pr!0ita,'e. T"at e1pands t"e mar.et a'' t"e time 0r!m 4a''ets p!tentia''% it 4i'' ,e 4!rt" d!in) 0!r a 4a''et t"at !n'% c!ntains a 0e4 "$ndred m,its ,eca$se t"at price 4i'' ,e 4!rt" d!in) and spendin) t"e c!mp$tin) p!4er t! d!. T"e !t"er t"in) t!5 !0 c!$rse5 ta.e 0r!m t"is is d!nt de'ete an%t"in)5 ever ,eca$se %!$ never .n!4 "!4 m$c" va'$e it mi)"t "ave in t"e 0$t$re. M!$ never .n!4 "!4 rec!vera,'e it mi)"t ,e in t"e 0$t$re and i0 %!$ t"in. a'' "!pe is '!st t!da%5 4e''5 ,ac. t"at "!pe $p and 4ait 0!r t"e price t! rise. <J:D9? ABL: I act$a''% "ave a st!r% t"ats .ind !0 ta.in) t"e !t"er end !0 t"is pass4!rds t"in). ($rin) t"e price spi.e $p a,!ve F=AAA 4"en 4e 4ere near5 I t"in.5 it 4as F==9A !r s!5 I act$a''% received a c!$p'e !0 emai's ,eca$se a c!$p'e !0 m% di00erent acc!$nts "ad ,een c!mpr!mised. I set $p a L!ca'Bitc!ins acc!$nt5 ma%,e5 I d!nt .n!45 it 4!$'d "ave ,een seven !r ei)"t m!nt"s a)!5 and t"ere "asnt rea''% ,een m$c" !0 a '!ca' scene in Napa5 s! I didnt rea''% pa% t"at m$c" attenti!n t! it. I a'm!st did a dea' s! I "ad ma%,e a ,itc!in and a "a'0 sittin) in a 4a''et t"ere5 0r!m a time5 !,vi!$s'%5 4"en t"e% 4ere m$c" 'ess e1pensive and I didnt "ave t4! 0act!r !n. Even t"!$)" I "ad a rea''% '!n) pass4!rd !n t"is partic$'ar acc!$nt5 n!t "avin) t4! 0act!r 'ed t! m% acc!$nt ,ein) c!mpr!mised. T"e% act$a''% tried t! scam s!me,!d% e'se ,% te''in) t"em t"at t"e% "ad dr!pped m!ne% int! a ni)"t dep!sit and t"at t"e%d )et c!n0irmati!n 0!r it in t"e m!rnin)5 s! t! send ,itc!ins t! it n!4 tr%in) t! $se m% identit%. It 4asnt $nder m% Adam B. Levine name5 ,$t it 4as craE%. It 4as craE%. I !n'% 0!$nd !$t a,!$t it ,eca$se m% emai' address 4as )ettin) ccd !n t"ese emai's 0r!m t"e ,$%er5 4"! 4as sa%in) NIm n!t s$re i0 t"is is ri)"t. T"is seems a 'itt'e !dd.O S! I 4as 'i.e Nd!nt d! it; (!nt d! it;O <B:>=? SM: 2!4. <B:>D? ABL: 2e )!t it 0i1ed. Mea"5 it 4as craE%... <B:>9? SM: S! %!$ didnt '!se t"at Bitc!in t"at 4as in t"ere8 <B:>J? ABL: N!5 n!5 I did. T"at acc!$nt is )!ne. I "ad t"em s"$t it !00. T"e !ne and a "a'0 ,itc!in I "ad in t"ere 4as )!ne. T"ats !.. Li.e I said5 4"en t"e%re n!t 4!rt" s! m$c"5 %!$ 0ind %!$rse'0 4it" 7$st s!me 'itt'e !nes '%in) ar!$nd in vari!$s p'aces t"at %!$ s!metimes 0!r)et a,!$t ,eca$se t"e% 4ere 4!rt" a '!t 'ess at t"e time. <=A:AD? SM: +i)"t. <=A:A>? ABL: S! I .ind !0 c"a'. t"is !ne $p t! t"at !ne. A's! m% BTC&E acc!$nt 4as a'm!st c!mpr!mised. It '!!.ed 'i.e t"e pass4!rd "ad ,een ,eca$se t"ere 4as s!me,!d% '!))in) in 0r!m s!me4"ere e'se. A)ain5 I didnt "ave t4! 0act!r !n ,$t I "ad a di00erent =@ c"aracter pass4!rd !n. T"!se '!n) pass4!rds rea''% arent d!in) it 0!r me an%m!re. #a%,e 4ere

"i)"&pr!0i'e en!$)" t"at Im ,ein) tar)eted ,$t m!re 'i.e'%5 I t"in. its 7$st Bitc!in is va'$a,'e and its 4!rt" it n!4 t! )! t"r!$)" and d! t"is st$00. <=A:@C? SM: /!s"5 %ea". M!$ can )et paran!id. I t"in. %!$re ri)"t. Its 7$st t"e incentive 0!r t"e0t increases as 4e'' as t"e incentive 0!r rec!verin) !'d 4a''ets. Bitc!ins ,ec!me ,$ried treas$re and '!!ters and t"ieves '!ve ,$ried treas$re 7$st as m$c" as ever%,!d% e'se d!es5 ri)"t8 <=A:>9? AA: Spea.in) !0 4"ic"5 I 7$st )!t a messa)e !n +eddit 0r!m t"e Bitc!intip ,!t5 4arnin) me t"at I "ad an e1cessive am!$nt !0 Bitc!in in m% tippin) acc!$nt. O0 c!$rse5 it 4asnt e1cessive in t"e past ,$t n!4 s$dden'%5 I "ad m!re t"an F9AA eH$iva'ent in m%... a,!$t "a'0 a ,itc!in in m% tippin) acc!$nt. A si)ni0icant am!$nt t! ,e stic.in) ar!$nd tippin) s! .$d!s t! t"e Bitc!intip ,!t deve'!per 4"! came $p 4it" t"e idea !0 n!ti0%in) t"e !4ners t"at t"e% "ave e1cessive am!$nts t"e% can start drainin) t"!se !$t ,eca$se it d!esnt "ave t"e sec$rit%5 as "e admitted5 t! "and'e t"!se .inds !0 am!$nts. T"eres n! t4! 0act!r its 7$st 0!r tippin)5 ri)"t8 M!$ !n'% need a 0e4 d!''ars in t"ere. T"is is e1act'% 4"at is )!in) t! ,e "appenin). I 0!$nd t"at I "ad s!me 'e0t!ver in 444.'!ca',itc!ins.c!m5 s!me sittin) ar!$nd m% 4a''et it t$rns !$t5 severa' t"!$sand d!''ars. I "ad s!me 'e0t!ver m!ne% in 444.,itc!instarter.c!m acc!$nt t"at I "ad a)ain5 4!rt" severa' t"!$sand d!''ars n!4. /! tra4'in) and see 4"at %!$ can di) $p. T"eres ,$ried treas$re !$t t"ere. <==:9@? PPPPPPPPPPPPPPPPPPPPPPPPPPPPPP ADVERT: 2"en %!$ s"!p 4it" Bitc!in !n /%0t5 %!$ can )et )i0t cards 0r!m !ver @AA retai'ers. T"in. !0 t"e p!ssi,i'ities. N!t !n'% is %!$r "!'ida% s"!ppin) ta.en care !0 in a snap 0r!m %!$r andr!id device5 !r !n t"e 4e, ,$t n!45 %!$ "ave a 4a% t! p$rc"ase ever%da% items 0r!m st!res 'i.e Tar)et5 C*S5 /ap and /ameSt!p $sin) %!$r ,itc!ins. T"ats n!t even t"e ,est part. 2"en %!$ s"!p 4it" Bitc!in !n /%0t5 %!$ )et DK ,ac.. +ead% t! s"!p8 *isit 444.)%0t.c!m t!da%. <=@:D>? ANNOUNCEMENT: app% "!'ida%s 0r!m Lets Ta'. Bitc!in. I0 %!$ 'i.e t"e 4!r. 4ere d!in)5 4e appreciate ,itc!in tips !0 a'' siEes at 444.'etsta'.,itc!in.c!m. -$st as imp!rtant'%5 s"are t"e s"!4 4it" %!$r peers and revie4 t"e s"!4 !n iT$nes. (!nt ,e .ind5 ,e "!nest. LTB reac"es near'% =A5AAA 'isteners ,$t "as 'ess t"an 9A revie4s an%4"ere I can 0ind. Id ver% m$c" appreciate %!$r "e'p in remed%in) t"is sit$ati!n. T"an.s 0!r 'istenin). <=D:A@? PPPPPPPPPPPPPPPPPPPPPPPPPPPPPP ABL: #% name is Adam B. Levine and I d! a t4ice 4ee.'% s"!4 a,!$t t"e ideas5 pe!p'e and pr!7ects ,$i'din) t"e ne4 di)ita' ec!n!m%5 as I 'i.e t! ca'' it. T"e pe!p'e $p "ere rea''% are s!me !0 t"!se 0!'.s. (avid -!"nst!n is 4it" 444.,itan)e's.c! and "as ,een 4!r.in) !n s!me !0 t"e m!st e1citin) pr!7ects !$t t"ere5 in t"e Bitc!in space ri)"t n!4. I t"in. t"at as 0ar as *C is c!ncerned5 %!$ )$%s are 4!r.in) 4it" s!me rea''% sma'' pr!7ects t"at "ave a '!t !0

p!tentia'. I t"in. t"at s"!$'d ,e rea''% interestin) t! "ear 4"at %!$ "ave t! sa%5 s! t"an. %!$ 0!r 7!inin) $s t!da%. <=D:D=? DJ: A,s!'$te'%5 t"an. %!$. <=D:D@? ABL: *inn% Lin)"am is t"e CEO !0 /%0t and "as recent'% ,ec!me !ne !0 t"e Lets Ta'. Bitc!ins sp!ns!rs. T"is 4as sc"ed$'ed ,e0!re t"at "appened5 s! n!t"in) t"ere. A)ain5 "es ,een !ne !0 t"e ear'iest ad!pters !0 Bitc!in and I t"in. t"at its ,een prett% s$ccess0$' 0!r %!$ )$%s. <=D:>J? VL: Mea". T"an. %!$. <=D:9A? ABL: - Ca,!$ is 4it" Per.ins C!ie5 pr!,a,'% d!in) t"e 'eadin) 4!r. as 0ar as in t"e 'e)a' space5 in t"e Bitc!in space5 ri)"t n!4. -$st a,!$t ever% ne4 start$p I "ear a,!$t is ,ein) represented ,% %!$ )$%s. Once a)ain5 t"an. %!$ ver% m$c" 0!r 7!inin) $s. <=>:AD? JC: app% t! ,e "ere. <=>:AD? ABL: C"ris Larsen is t"e CEO !0 +ipp'e La,s. 2eve ,een !n a c!$p'e !0 pane's t!)et"er and i0 +ipp'e is Bitc!in @.A5 t"en 4ere )!in) t! "ear a,!$t it t!da%. (avid C"en Li)"tspeed *ent$res5 ri)"t8 I ap!'!)iEe s! m$c". A)ain5 t"e *Cs t"at are 4!r.in) in t"is space ri)"t n!4 and t"at "ave ,een in 0!r '!n)er t"an si1 m!nt"s rea''% are "!!.ed $p 4it" s!me !0 t"e m!st e1citin) pr!7ects t"at are !$t t"ere. A)ain5 t"is s"!$'d ,e a rea''% interestin) c!nversati!n. Id 'i.e t! t"an. %!$ a'' !ne m!re time 0!r 7!inin) $s. <=>:@B? ANEL: T"an. %!$. ABL: T"e 0irst H$esti!n )!es t! %!$5 *inn%. Brea. it d!4n 0!r $s: as a merc"ant in t"is space5 4"% is Bitc!in s!met"in) t"ats attractive t! %!$8 <=>:DB? VL: Mea"5 s! 4ere in t"e )i0t card space and !ne !0 t"e ,i))est pr!,'ems 4it" )i0t cards !n'ine and !n'ine di)ita' m!,i'e )i0t cards is Ncard n!t present5O ri)"t8 M!$ "ave pe!p'e $sin) credit cards t! ma.e p$rc"ases !0 )i0t cards and %!$5 as a merc"ant5 %!$ re'ease t"e c!de strai)"t a4a% ,eca$se t"e ,an. sa%s & C!!'5 its appr!ved. T"e card is )!!d. T"ree m!nt"s 'ater %!$ )et a c"ar)e,ac. & Ns!rr%5 t"at card 4asnt )!!d.O 2eve '!st $p t! F@5AAA !n a sin)'e c$st!mer 4"ere t"e% $sed a 0ra$d$'ent credit card m$'tip'e times. T"e ,an. .ept appr!vin) it and 4"en t"e messa)e came ,ac.5 t"e% said5 N4e 4ere n!ti0ied ,e0!re t"e transacti!ns t"at it 4as 0ra$d$'ent5 s! 4"% didnt %!$ ,'!c. it8O T"e% c!$'dnt care. T"e ,an.in) s%stem is act$a''% H$ite pre7$dicia' t!4ards retai'ers. T"in. a,!$t it. As a retai'er5 4"en %!$ s"ip an%t"in)5 4"et"er its a )i0t card !r its p"%sica' )!!ds t! s!me,!d%5 %!$re at ris.. 2it" Bitc!in5 4"ic" is !,vi!$s5 ri)"t8 2e )et t"e m!ne%Q its di)ita' cas"Q 4e .n!4 4"en 4ere )ivin) !$t t"e )i0t card t"at its paid 0!r and irreversi,'e. T"at 4as t"e ,i))est savin) 0!r $s5 act$a''% )!in) and ta.in) t"is DK mar)in (its act$a''% m!re5 its a,!$t >K 4!rt" !0 c!sts) !$t !0 t"e ,$siness. N!4 it ma.es it a '!t m!re sca'a,'e and pr!0ita,'e t! r$n an !n'ine )i0t card ,$siness. 2e ,$i't a '!%a't% pr!)ram ar!$nd t"at ,% )ivin) ,ac. DK t! !$r c$st!mers in p!ints t! enc!$ra)e m!re p$rc"asin). <=9:9B? ABL: Based !n %!$r e1perience s! 0ar in t"is space5 i0 %!$ "ad t"e !pp!rt$nit% !0 d!in) a'' !0 %!$r ,$siness in Bitc!in5 4!$'d %!$8 <=6:A9?

VL: M!$ .n!45 its a )!!d H$esti!n. I t"in. t"e mar.et 4e serve is5 !,vi!$s'%5 t"e 4"!'e IS and t"e idea !0 /%0t is t"at %!$ can )ive 0r!m t"e East C!ast t! t"e 2est C!ast. I0 4e c!$'d )et t"e mainstream ad!pti!n !0 Bitc!in and credit card ad!pti!n )!in) t! Eer!5 t"en %es5 ,$t 4"i'e t"ere are pa%ment !pti!ns !$t t"ere t"at are pr!0ita,'e 0!r $s5 even mar)ina''%5 its 4!rt" addin) t"em 0!r t"e c!nvenience !0 !$r c$st!mers. 2e accept *ISA5 #asterCard5 A#ER5 (isc!ver5 Pa%Pa'5 Bitc!in. T"e m!re pa%ment !pti!ns 4e !00er5 I t"in.5 t"e ,etter 0!r $s as a c!mpan%5 a't"!$)" 4e re4ard !$r c$st!mers 4it" DK ,ac. !n Bitc!in p$rc"ases and =K ,ac. !n credit card p$rc"ases. 2e tr% and enc!$ra)e m!re Bitc!in $sa)e. <=6:>9? ABL: (! %!$ see t"at as ,ein) a trend t"at c!ntin$es in t"e 0$t$re 0!r %!$8 <=6:>J? VL: I t"in. 0!r Bitc!in t! ,e s$ccess0$'5 %!$ "ave )!t t! )ive reas!ns 0!r pe!p'e t! $se Bitc!in. 2"en pe!p'e as. me 4"% s"!$'d I $se Bitc!in !ver credit card5 t"e simp'e ans4er is ,eca$se Im )!in) t! )ive %!$ DK ,ac. vers$s =K as part !0 !$r re4ards pr!)ram. T"e penn% dr!ps and t"e% are 'i.e5 N4!45 t"ats prett% impressive.O S! %!$ can p$t a'' %!$r e1pendit$re t"r!$)". T"in. a,!$t it5 4"en %!$re 4a'.in) t"r!$)" a retai' st!re and %!$re ,$%in) c'!t"in)5 !r 4"atever it is5 a'' t"e prices in t"at st!re are mar.ed $p DK ,eca$se %!$re )ettin) p!ints ,ac. !n %!$r credit card5 ri)"t8 I0 %!$re pa%in) cas"5 %!$re '!sin) t"at =K ,ac.5 4"atever it is. Cas" c$st!mers are at a disadvanta)e t! credit card c$st!mers. T"ats t"e s!rt !0 0inancia' s%stem 4eve ,$i't. 2it" Bitc!in ,ein) di)ita' cas"5 t"e 4a% 4e '!!. at it is: 'ets incentiviEe pe!p'e t! )ive $s a '!4 ris. met"!d !0 pa%ment and e'iminate t"e 0ricti!n and c!st 4it" credit card and t"e rest !0 t"e retai'ers. T"ats "!4 4eve ,$i't !$r ,$siness. <=C:DB? ABL: T"an. %!$ ver% m$c". (avid C"en5 Id 'i.e t! as. %!$ 4"en %!$re '!!.in) at ne4 pr!7ects in t"e Bitc!in space5 are t"ere partic$'ar ind$stries t"at %!$re '!!.in) at8 It seems 'i.e 'ast %ear5 it 4as .ind !0 a'' a,!$t e1c"an)es and its a 'itt'e ,it 'ess s! t"is %ear. 2"at are t"e trends %!$re seein)8 <=C:9@? DC: I t"in. t! ,e c'ear5 4ere sti'' in t"e in0rastr$ct$re&,$i'din) sta)e. <=C:9C? ABL: A,s!'$te'%. <=C:9J? DC: I t"in.5 %!$ mi)"t "ave n!ticed t"at 4e 4ere ear'% invest!rs in BTC C"ina5 t"e ma7!r e1c"an)e in C"ina. 2ere sti'' prett% e1cited a,!$t e1c"an)e space. In terms !0 app'icati!ns t"at 4eve ,$i't !n t!p !0 Bitc!in5 I t"in. an !,vi!$s !ne is remittance. 2eve seen a '!t !0 0eat$res ar!$nd t"ere. I t"in. t"e c"a''en)e 4it" t"e remittance5 in partic$'ar5 is t"at t"e '!ca' demand in5 sa%5 India !r t"e 'ar)e remittance c!rrid!rs (#e1ic!5 India)5 '!ca' demand 0!r Bitc!in isnt H$ite t"ere %et5 s! %!$'' "ave tr!$,'e 4it" 'iH$idit%. 2e see a '!t !0 pr!mise 4it" remittance. O,vi!$s'%5 e&c!mmerce transacti!ns5 an%,!d% 4"!s ena,'in) pa%ments5 I t"in. t"at 4i'' ,e prett% interestin). 2ere a's! '!!.in) at... t"e app'icati!ns t"at are ,$i't !n t!p !0 t"e c!re Bitc!in pr!t!c!'... s! t"in)s 'i.e +ipp'e5 <pr!!0readerSs n!te: +ipp'e is n!t ,$i't !n t!p !0 Bitc!in? #asterC!in5 C!'!redC!ins5 I t"in. smart pr!perties5 smart c!ntracts. T"ese are emer)in) areas t"at !nce t"e c!re in0rastr$ct$re is ,$i't t"at a '!t !0 t"ese ne4 0inancia' instr$ments c!$'d ,e ,$i't !n t!p !0 Bitc!in itse'0. T"ese are a'' ver% e1citin). <=J:9B? ABL: T"an. %!$5 (avid. C"ris5 can %!$ ta'. t! $s a,!$t +ipp'e5 0!r a sec!nd5 and t"e 4a%s in 4"ic" it addresses pr!,'ems8 <=B:A6? CL: S$re. T"e +ipp'e pr!t!c!' is rea''% t"ree t"in)s. :irst and 0!rem!st5 4e desi)ned it t! ,e a distri,$ted pa%ments p'at0!rm. Sec!nd5 it d!es "ave a mat"&,ased c$rrenc% ana'!)!$s t!

Bitc!in. C$rrenc% 4it"!$t a c!$nter part% t"ats 4"at Bitc!in5 t"ats 4"at +ipp'e are. 2e '!!. at t"at5 rea''%5 as t"e ena,'er !0 a distri,$ted pa%ments p'at0!rm. T"ird5 ,eca$se +ipp'e is act$a''% c$rrenc% a)n!stic5 +ipp'e is a's! a distri,$ted c$rrenc% e1c"an)e. O$r vie4 !n t"is is t"at virt$a' c$rrenc% is tip !0 t"e ice,er) !0 4"ats )!in) !n "ere. T"e ,i) inn!vati!n t"ats "appened in t"e 4!r'd is t"at t"e 4!r'd "as 0i)$red !$t "!4 t! c!n0irm 0inancia' transacti!ns 4it"!$t a centra' c'earin) "!$se 4"ic" is act$a''% t"e e1act same t"in) as ,$i'din) a c$rrenc% 4it"!$t a centra' ,an.. 2eve 0i)$red t"at !$t5 4eve s!'ved t"e d!$,'e spend pr!,'em. T"at 4as t"e t"in) t"at 4as preventin) va'$e 0r!m ,ein) e1c"an)ed 'i.e in0!rmati!n a'read% d!es !n t"e Internet5 ri)"t8 2eve "ad an in0!rmati!n Internet 0!r @A %earsQ 4e "ave n!t "ad an Internet 0!r va'$e. 2e ,e'ieve t"ats t"e ,i) t"in) t"ats "appenin). 2"at 4eve d!ne 4it" +ipp'e is sa% t"at t"ats 4"at 4e s"!$'d ,e ,$i'din) an Internet 0!r va'$e5 n!t a virt$a' c$rrenc%. Bitc!in5 I t"in.5 a's! can ,e an Internet 0!r va'$e5 ri)"t8 N!4 its a c$rrenc% 4it" a pa%ment s%stem 0!r va'$e p$t in Bitc!in !n'%. At +ipp'e5 t$rn it ar!$nd its a c$rrenc% a)n!stic va'$e Internet. P$t an%t"in) %!$ de0ine as va'$e ((!''ars5 E$r!5 M$an5 Bitc!in5 +ipp'e5 air'ine mi'es5 merc"ant '!%a't% p!ints5 )!'d5 an%t"in) %!$ de0ine as va'$e) s"!$'d ,e a,'e t! ,e Internet !0 va'$e. M!$ d!nt rea''% ever "ave t! ad!pt a virt$a' c$rrenc%5 4e t"in. t"e 4!r'd is n!t )!in) t! ad!pt a sin)'e virt$a' c$rrenc%. It cant. T"eres t!! man% di00erent needs 0!r di00erent t%pes !0 c$rrenc%. S!me pe!p'e 4i'' 4ant in0'ati!nar% c$rrenc%5 s!me pe!p'e 4ant de0'ati!nar% !nes. T"e ana'!)% 4!$'d ,e i0 4e 0!rced ever%,!d% t! ad!pt a ne4 'an)$a)e t! $se t"e Internet5 4e 4!$'dnt "ave t"e 4!r'd 4e "ave t!da%. Ever%,!d% is n!t )!in) t! spea. Esperant!. Its t"e same t"in) 4it" va'$e. P$t an%t"in) !0 va'$e %!$ 4ant in it. T"ats 4"at 4e see as t"e rea' ,ene0it. +ipp'e d!es t"at. 2e a's! "ave tried t! c'ear transacti!ns H$ic.er. 2e $se a di00erent c!n0irmati!n met"!d t"an Bitc!in. Bitc!in $ses minin). #inin) is ,ri''iant5 ,$t it "as s!me 0'a4s as a pa%ment s%stem its s'!45 J min$te c!n0irmati!n. O,vi!$s'%5 !00&,'!c.c"ain is an !pti!n ,$t t"en %!$re in a centra' a$t"!rit% a)ain. +ipp'e is a,!$t 9&=A sec!nds. T"!se are rea''% t"e t4! t"in)s t"at 4eve tried t! s!'ve. 2e $se !$r virt$a' c$rrenc% rea''% as 7$st t"e $niversa' 7!in 0!r t"e m!st e00icient pat" t! )! 0r!m !ne t"in) !0 va'$e ('ets sa% d!''ar t! ma%,e p$t !n a )i0t card5 0!r e1amp'e) t! s!met"in) e'se !0 va'$e (a %en5 !r %$an5 !r air'ine mi'es5 0!r e1amp'e.) T"ats .ind !0 "!4 4e see t"e 4!r'd. <@@:A@? ABL: T"an. %!$5 C"ris. -5 s! t"e c"a''en)es s$rr!$ndin) virt$a' c$rrencies5 at t"is p!int5 rea''% seem 'i.e t"e%re m!re 'e)a' and re)$'at!r% t"an t"e% are tec"nica'. T"e tec"nica' pr!,'ems a'' "ave s!'$ti!ns ,$t t"e re)$'at!r% side "as a 'itt'e ,it m!re 0inesse inv!'ved 4it" it. 2"at are t"e pr!,'ems t"at %!$re r$nnin) int!8 2"at are t"e pr!,'ems t"at %!$re tr%in) t! "e'p %!$r c$st!mers 4it"5 c'ients 4it"8 <@@:@>? JC: Mea"5 its a'4a%s t"e 'a4%ers t"at )et in t"e 4a% !0 a )!!d inn!vati!n5 )!!d tec"n!'!)%. I 4as ver% "eartened t! see a '!t !0 t"e pitc"es 0!c$sed !n 4"at t"!se c!mpanies are d!in) t! ens$re t"eir invest!rs and t"eir c$st!mers t"at t"e% are c!mp'iant 4it" 'a4. I t"in. t"at5 especia''% in t"e ear'% da%s !0 Bitc!in5 ,eca$se t"e Bitc!in c!mm$nit% )re4 $p 'ar)e'% in a... 4"et"er %!$ 4ant t! ca'' it anarc"ist !r 'i,ertarian... t"ere 4as certain'% t"at ,ent t! it. N!4 t"at its ,ec!min) m!re mainstream5 t"e 0act !0 t"e matter is5 t"is is a 4!r'd !0 'a4s and )!vernments and 4e "ave t! 0ind a 4a% t! "ave t"is ver% inn!vative tec"n!'!)% and ver% inn!vative s%stem inte)rate 4it" t"e esta,'is"ed5 n!t t"at inn!vative5 .ind !0 ann!%in)5 s%stems 0!r 0inancia' c!mp'iance. As I t"in. t"e m!re s$ccess0$' c!mpanies in Bitc!in are rea'iEin) n!45 t"ese are n!t ins$rm!$nta,'e pr!,'ems5 t"e% are pr!,'ems t"at demand a 'itt'e ,it !0 inn!vati!n and a 'itt'e ,it !0 4!r.. 2e sa4 a c!$p'e !0 di00erent m!de's t"at c!mpanies ta'.ed a,!$t t!da%. One is5 see.in) t"e 'icenses t"at %!$ need individ$a''%5 partnerin) 4it" c!mpanies t"at ma% "ave t"!se 'icenses and )ettin) int! s!me .ind !0 re'ati!ns"ip5

c!ntract$a' re'ati!ns"ip 4it" t"em. T"eres a '!t !0 acti!n ri)"t n!4 in .ind !0 inn!vatin) t"e c!mp'iance side !0 t"is. I t"in. t"ats ,een prett% interestin) t! 4atc". <@D:DB? ABL: On t"e Bitc!in side !0 t"e ,$siness t"at %!$ d!5 d! %!$ t"in. t"at in 0ive %ears5 %!$'' ,e d!in) m!re ,$siness !r 'ess ,$siness8 2i'' t"is n!rma'iEe5 is t"e H$esti!n. <@D:>J? JC: I t"in. t"at m% c!ntri,$ti!n5 4"ic" is ver% m$ndane c!mpared t! t"e t"in)s t"at pe!p'e are d!in) in t"is r!!m5 ,$t in terms !0 "e'pin) pe!p'e navi)ate t"e re)$'at!r% c!mp'iance and 'a4 en0!rcement 'andscapes5 t"at 4i'' decrease in 0ive %ears. I t"in. t"at 4ere "avin) a '!t !0 acti!n in m% space n!4 simp'% ,eca$se t"is isnt 7$st a tec"n!'!)% t"at interacts 4it" pe!p'e !r 4it" pr!d$cts. :inance is a ver% "i)"'% re)$'ated ind$str% and t"e speed 4it" 4"ic" Bitc!in can ,e trans0erred5 t"e irreversi,i'it% !0 Bitc!in transacti!ns and 7$st t"e massive )r!4t" in ad!pti!n "as ca$sed a '!t !0 0!'.s5 in re)$'ati!n5 'a4 en0!rcement and in 'a4 ma.in)5 especia''% ver% recent'%5 t! ta.e n!tice and t! sa% 2ait a sec!nd. 2eve )!t t! 0i)$re t"is !$t. I t"in.5 t! ans4er %!$r H$esti!n simp'%5 0ive %ears 0r!m n!4 I d!$,t t"at an%!ne in Bitc!in is )!in) t! ,e invitin) me t! spea. at a Bitc!in c!n0erence 4"ic" 4i'' ,e t!! ,ad 0!r me5 ,$t 0!r n!4 t"eres a '!t !0 acti!n in t"e re)$'at!r% space. #% pers!na' ,e'ie05 and !ne t"at Ive s"ared 4it" s!me pe!p'e in t"e r!!m at !t"er events Ive sp!.en at5 is t"at t"e c!mpanies t"at are p!ised t! s$cceed5 n!t 7$st in Bitc!in ,$t in !t"er decentra'iEed virt$a' c$rrencies and in pa%ments )enera''%5 in t"e '!n) r$n are c!mpanies 4"! "ave ta.en !n t"e c!mp'iance c"a''en)e "ead !n and 0!$nd a 4a% t! s!'ve it in a 4a% t"ats a,!ve ,!ard and t"ats c!m0!rta,'e even t! st!d)% !'d instit$ti!ns5 'i.e State ,an.in) re)$'at!rs and ,an.s. I sa4 a c!$p'e !0 pe!p'e ta'. a,!$t "!4 di00ic$'t it is t! )et ,an.ed as a Bitc!in c!mpan%. Bitc!in c!mpanies 4it" s!'id c!mp'iance pr!)rams can )et ,an.ed. Its n!t as eas% as r$nnin) a )r!cer% st!re5 ,$t it is certain'% !$t t"ere and d!a,'e. I t"in. t"at t"ats c!mpanies t"at "ave invested in t"e c!mp'iance side5 t"e%re prett% 0ar a"ead. <@9:D9? ABL: I 4ant t! 0!''!4 $p 4it" %!$ !ne m!re time. I a)ree 4it" %!$. I t"in. t"at it is p!ssi,'e ,$t t"ere are !t"er e1amp'es !$t t"ere !0 c!mpanies t"at rea''% are c!mp'iant !r 4e''&0$nded5 BitInstant ,ein) t"e m!st pr!minent !0 t"em t"at "ave apparent'% ,een s"$t d!4n 4it" n! rec!$rse 0!r m!re t"an 0!$r m!nt"s. T"e !n'% t"in) "!'din) t"em $p "as ,een t"at t"e% cant )et a ,an. acc!$nt. <@9:9=? JC: Im n!t in a )reat p!siti!n t! ta'. a,!$t an% !ne partic$'ar c!mpan%5 ,$t I'' sa% t"at )ettin) t"e meetin)s5 ma.in) t"e c!ntacts 4it" pe!p'e at t"e 0inancia' instit$ti!ns t! rea''% )et ,an.ed5 is c"a''en)in). I t"in. t"at5 it 4as 7$st a c!$p'e !0 da%s a)! t"at 4e sa4 Ban. !0 America c!me !$t 4it" s!me p!'ic% !n Bitc!in ,$siness. 2ere )!in) t! see m!re !0 t"at. #% )$ess 4!$'d ,e t"at i0 P'$) and P'a% d!es an event !n Bitc!in a %ear 0r!m n!45 t"ere 4i'' ,e a n$m,er !0 pr!minent ,an.s t"at "ave esta,'is"ed Bitc!in ,an.in) pr!)rams. I0 I 4ere a man !0 $n'imited means5 I 4!$'d ,$% a ,an. and ,an. Bitc!in c!mpanies. I t"in. t"eres a tremend!$s am!$nt !0 )r!4t" in t"at area. T"ere are a '!t !0 ver% smart5 ver% 'a4 a,idin)5 ver% inn!vative pe!p'e 4"! are 4!r.in) in virt$a' c$rrenc% and cann!t )et a ,an.in) re'ati!ns"ip. T"at is a "$)e pr!,'em. T"ere are a's! a '!t !0 t"!se pe!p'e t"at "ave deve'!ped rea''% )!!d c!mp'iance pr!)rams and Im s$re t"ere are pe!p'e in t"is r!!m 4!r.in) !n tec"n!'!)% t!!'s t"at 4i'' a''!4 t"!se c!mp'iance pr!)rams t! 0ar e1ceed t"e capacit% !0 c!mp'iance pr!)rams t"an m!re traditi!na' m!ne% transmitters. T"ere is 7$st s! m$c" in0!rmati!n !$t t"ere ,et4een t"e a,i'it% t! "arvest in0!rmati!n 0r!m $sers5 ,et4een in0!rmati!n in t"e ,'!c.c"ain. Pe!p'e are )!in) t! deve'!p t"!se t!!'s and c!ntin$e t! deve'!p c!mp'iance pr!)rams and ana'%tica' t!!'s t"at 4i'' a''!4 ,an.s5 and !t"ers5 t! )et

ver% c!m0!rta,'e 4it" t"e 0act t"at Bitc!in ,$sinesses are n!t... t"e% d!nt p!se a )reater ris. 0!r m!ne% 'a$nderin)5 !r terr!rist 0inance5 !r an%t"in)... <@C:@=? ABL: S! its 7$st a 3ne4 t"in)8 <@C:@@? JC: Its ne4. T"e%re sti'' ,$i'din) t"!se .inds !0 t"in)s and as s!me!ne said ear'ier t!da% t"at ,an.in) is n!t .n!4n 0!r )reat inn!vati!n. I t"in. t"is is 7$st an e1amp'e !0 tec"n!'!)ists c!min) t!)et"er t! create an e1treme'% inn!vative pr!d$ct t"at is m!vin) ver% H$ic.'% and ,an.s ,ein) 7$st s'!4 t! .eep $p. <@C:DB? ABL: T"an. %!$5 -. (avid5 ever% Bitc!in c!n0erence t"at I )! t!5 I see %!$ t"ere and I see %!$ a'4a%s snea.in) !00 int! t"e c!rner 4it" interestin) pr!7ects t"at "ave a,s!'$te'% n! 0$ndin) 4"ats!ever and ta'.in) t! t"em a,!$t creatin) a'tc!ins. Can %!$ te'' me a,!$t 4"at strate)ies %!$re $sin) 4"en %!$re investin) int! t"is space8 Are t"ere partic$'ar c"aracteristics5 !r t%pes !0 pr!7ects t"at %!$ are attracted t! at t"is p!int8 <@J:A>? DJ: 2"at Im primari'% interested in is pe!p'e t"at are d!in) s!met"in) m!re t"an Air,n, 0!r Bitc!in5 !r E,a% 0!r Bitc!in. Ive ,een appr!ac"ed ,% a "i)" n$m,er !0 t"!se c!mpanies5 4"ic" is )reat ear'% !n. M!$ can d! t"!se t"in)s n!4 4it" Bitc!in5 ,$t I 4!$'d 7$st ec"! 4"at (avid said a,!$t ,$i'din) in0rastr$ct$re is rea''% m% interest at t"is p!int. M!$ need t! ,e ,$i'din) a c!mpan% t"at "as a c!mpetitive5 ,e it5 advanta)e ,e%!nd a %ear 0r!m n!4 4"ere Air,n, t"emse'ves5 start acceptin) Bitc!in and t"en %!$r c!mpetitive advanta)e disappears. #!st !0 t"e interest 0r!m t"e BitAn)e's5 s! 0ar5 "as ,een in t"ese in0rastr$ct$re 'eve' investments. (avid ,r!$)"t $p #asterC!in. I 'ed t"e d$e di'i)ence 0!r t"at partic$'ar investment. T"is is a pr!t!c!' ,$i't !n t!p !0 Bitc!in t"at d!es distri,$ted e1c"an)e5 distri,$ted c!mmerce. T"at is t"e sin)'e ,i))est investment t"at t"e )r!$p "as made5 a,!$t F9# in t"at partic$'ar pr!7ect. I rea''% ,e'ieve it ,eca$se it 4as a ver% 0$ndamenta' t"in) t"at ever%,!d% 4anted 4as a decentra'iEed5 n! c!$nter part% ris. 4a% t! d! c!mmerce5 t"e 4a% t"e% d! e1c"an)e5 t"e 4a% t"e% d! 0inancia' transacti!ns. Pe!p'e t"at are ,$i'din) in t"at in0rastr$ct$re5 t"!se are t"e dea's t"at I 4ant t! '!!. at. Pe!p'e ,$i'din) t"!se 0$ndamenta' pr!t!c!'s t"ats 4"at rea''% )ets me e1cited. In 0act5 as %!$ .n!4 I recent'% p$,'is"ed an entire 4"itepaper !n t"e s$,7ect !0 decentra'iEed app'icati!ns and "!4 4e can $se t"is ne4 m!de' t! ,$i'd t"ese ne4 t%pes !0 c!mpanies t"at arent traditi!na'5 ,$t instead ,$i't !n !pen s!$rceQ t"e% "ave t"eir !4n t!.enQ t"e% "ave t"eir !4n pr!t!c!'. I t"in. t"at c!$'d ,e !ne !0 t"e sin)'e m!st disr$ptive t"in)s t"at c!mes !$t !0 Bitc!in is t"is entire'% ne4 m!netiEati!n and 0inancia' m!de'. <@B:9D? ABL: Bitc!in5 as 4e .n!4 it n!45 is n!t t"e Bitc!in t"at 4e'' .n!4 in t4! %ears 0r!m n!48 <@B:9B? DJ: E1act'%. I mean5 4eve seen s!me rea''%5 rea''% imp!rtant deve'!pments c!me !$t 0r!m t"e c!re Bitc!in deve'!pers. +ecent'%5 /avin5 t"e c"ie0 scientist 0!r t"e Bitc!in :!$ndati!n5 p!sted a )reat $pdate a,!$t t"is de,ate in t"e Bitc!in c!mm$nit% 4"ic" "as ,een )!in) !n 0!r %ears a,!$t S"!$'d Bitc!in 7$st ,e a,!$t Bitc!in transacti!ns5 !r s"!$'d 4e ,e a,'e t! attac" additi!na' meta data in0!rmati!n int! t"e ,'!c.c"ain t! st!re !t"er .inds !0 in0!rmati!n and t! d! a'' t"ese di00erent t%pes !0 0eat$res8 2"at "e said 4as t"e c!re devs "ave n!4 )iven a c'ear 4a% t"at pe!p'e can add meta data t! t"e ,'!c.c"ain rec!rds. T"at !pens $p a "$)e n$m,er !0 app'icati!ns5 s! I e1pect I'' spend m!st !0 @A=> e1p'!rin) "!4 t! invest in t"e c!mpanies t"at are ,$i'din) !$t t"!se c!re app'icati!ns. <DA:9A?

ABL: 2"at d! %!$ t"in. !0 t"e 0act t"at Bitc!in5 as a pr!t!c!'5 c!ntin$es t! e1pand !ver time and t"at its n!t rea''% a static t"in)8 2"en I as. %!$ t"at H$esti!n5 I act$a''% 4as ta'.in) a,!$t Bitc!in 4i'' "ave t"in)s 'i.e #asterC!in ,$i't !n t!p !0 it5 ,$t a's! Bitc!in itse'0 is in 0'$1. !4 is it t! 4!r. 4it" s!met"in) 'i.e t"at8 <D=:A6? DJ: Its de0inite'% sti'' ev!'vin). M!$ve )!t ver% smart deve'!pers t"at are 4!r.in) t! ,$i'd t"e c!re in0rastr$ct$re. It seems 'i.e s! 0ar5 t"e%ve rea''% 0!c$sed !n t"e c!re 0eat$res. Bitc!in5 0!r t"!se t"at d!nt .n!45 can t"e!retica''% ena,'e a "$)e n$m,er !0 di00erent t%pe !0 0eat$res ,$t m!st !0 t"!se "ave ,een t$rned !00 ,eca$se t"e% are m!re di00ic$'t and t"e%re m!re c!mp'e1. Scr%pts is t"e $s$a' e1amp'e5 ri)"t8 M!$ can d! scr%pts in Bitc!in ,$t t"ats a 0eat$re t"ats ,een t$rned !00 in t"e re0erence c'ient ,eca$se it ,rin)s a '!t c!mp'e1it%5 t"eres a '!t !0 ed)e cases. 2e d!nt rea''% .n!4 4"at t"e ris.s 4!$'d ,e. 2"at Ive seen m!re and m!re is t"e%re 0!c$sin) !n t"e sca'a,i'it% !0 t"e main transacti!ns. T"ere are ,i) H$esti!ns sti'' 'e0t a,!$t t"e ,'!c. siEe5 a,!$t !t"er tec"nica' iss$es and as t"is ,ec!mes a F=A,n5 F=AA,n ec!s%stem5 t"e c!re team seems t! ,e rea''% 0!c$sin) !n ma.in) s$re t"e% nai'5 ,asica''%5 sca'in) t"e e1istin) s%stem. T"ats rea''% 4"ere I rea'iEed t"eres rea''% a need 0!r t"ese additi!na' pr!t!c!'s !n t!p ,eca$se %!$ need a di00erent t!.en t"at is m!netiEin) di00erent 0eat$res and s! %!$ can "ave a di00erent c!re )r!$p !0 pe!p'e 0!c$sin) !n t"at partic$'ar 0eat$re set 4it"!$t5 s!rt !05 ris.in) t"e $nder'%in) in0rastr$ct$re. T"ats ,een a ,i) rea'iEati!n 0!r me5 t"e 'ast si1 t! t4e've m!nt"s and t"ats 4"% Ive spent s! m$c" time !n it. <D@:@J? ABL: T"an. %!$5 (avid. 2ere )!in) t! ret$rn t!... Im s!rr%5 *inn%5 I a'm!st s.ipped %!$. I "ave a H$esti!n 0!r %!$. an) !n a sec. One !0 t"e interestin) parts a,!$t Bitc!in and t"ese ,'!c.c"ain tec"n!'!)ies is t"at %!$ "ave a '!t !0 in0!rmati!n a,!$t "!4 t"ese transacti!ns pr!cess. M!$ 4ere dea'in) 4it" a '!t !0 Bitc!in transacti!ns and I .n!4 4eve ta'.ed a,!$t "!4 %!$ d!nt s"are t"!se p$,'ic'% ,$t Im 4!nderin)5 interna''% is t"at an advanta)e d!in) Bitc!in8 (! %!$ )ain 0r!m t"at8 <D@:9C? VL: O,vi!$s'%5 4ere ver% smart a,!$t "!4 4e d! t"in)s and 4e tr% t! ,e respect0$' !0 pe!p'es privac% s! 4e d!nt di) in t!! deep int! t"at in0!rmati!n. 2e a's! $se BitPa%5 4"ic" acts as a pr!1% service s! 4e d!nt act$a''% .n!4 t"e 4a''ets !0 t"e c!ns$mers5 4"ere t"e c!des are c!min) 0r!m ,eca$se t"e% pa% BitPa%. BitPa% d!es t"e e1c"an)in) and t"en pa%s $s !n !$r side5 in 0iat !r s!me ,itc!ins. 2e d!nt rea''% "ave t!! m$c" visi,i'it% int! t"at5 i0 t"ats 4"at %!$re as.in). <DD:@B? ABL: T"at 4as 4"at I 4as as.in). (! %!$ intend t! $se BitPa% as %!$r pa%ment pr!cess!r 0!rever5 !r is it5 at s!me p!int5 it ma.es sense t! 7$st inte)rate native'% int! t"e app8 <DD:DB? VL: I t"in. 0!r man% c$st!mers5 man% $sers !$t t"ere5 it pr!,a,'% d!esnt ma.e sense t! n!t $se a pa%ment pr!cess!r. T"eres a '!t !0 4!r. t"at )!es ,e"ind acceptin) pa%ments5 c"ec.in) 0!r a '!t !0 t"in)s5 d!$,'e spendin) etc.5 especia''% as transacti!ns )et ,i))er. I t"in. its a's! 7$st easier 0!r $s t! 0!c$s !n c!re ,$siness. 2e d!nt 4ant t! set $p n!des5 4e d!nt 4ant t! d! an% !0 t"at st$00 eit"er. I t"in. i0 %!$r c!re ,$siness is n!t act$a''% ,ein) in t"e in0rastr$ct$re space5 $se t"e in0rastr$ct$re pr!viders as t"ats 4"at t"e%re t"ere 0!r. BitPa% p!4ers =95AAA merc"ants !$t t"ere. At n! 'eve' !0 sca'e d!es it ma.es sense 0!r $s t! 0inancia''% t! )! and invest in t"at. T"e 0ees t"e% c"ar)e $s are s! minisc$'e s! it d!esnt ma.e sense as a ,$siness t! d! t"at. <D>:@6?

VL: T"an. %!$5 *inn%. (avid5 %!$ "ave an investment 4it" Li)"tspeed int! BTC C"ina. It seems 'i.e a '!t !0 t"e acti!n t"ats ,een "appenin) in t"e Bitc!in mar.ets "as ,een driven ,% e1treme demand in C"ina. (! %!$ "ave an% insi)"t int! t"at mar.et8 <D>:>=? DC: S$re. 2e recent'% invested a'!n) 4it" Li)"tspeed C"ina partners in BTC C"ina. T"is investment "appened a ,it pri!r t! t"e recent r$n&$p s!5 a ,it !0 '$c. t"ere. I t"in. !$r interest in Bitc!in is is a )'!,a' p"en!men!n5 ri)"t8 T"ere are a '!t !0 nati!ns 'i.e Ar)entina5 'i.e C%pr$s and areas !0 E$r!pe 4"ere t"eres rea''% "i)" in0'ati!n5 capita' c!ntr!'s 4"ere transacti!ns are act$a''%... it ma.es m!re sense t! d! t"!se in Bitc!in t"an %!$r '!ca' c$rrenc%. M!$ .ind !0 see t"is '!ca' demand "appenin) in a '!t !0 p'aces and I t"in. i0 %!$ 7$st '!!. at a c!$ntr% 'i.e C"inaQ t"eres 7$st a massive n$m,er !0 pe!p'e in C"ina. 2e .ind !0 sa4 t"at as a ver% interestin) !pp!rt$nit% 0!r s!met"in) 'i.e Bitc!in. Pair t"at 4it" an !$tstandin) entreprene$r5 B!,,% Lee5 4"! is 7$st a seas!ned tec"n!'!)% 'eader. e 'ed tec"n!'!)% at 2a'mart5 <"as? Stan0!rd de)rees5 <4as an? en)ineerin) mana)er at Ma"!!5 s! "as a trac. rec!rd !0 'eadin) tec"n!'!)% teams. Pair t"at team t!)et"er 4it" a 'ar)e mar.et !pp!rt$nit%5 it seemed 'i.e a )!!d ,et. I t"in.5 !vera''5 t"e statement "ere is rea''% a,!$t t"e )'!,a' p"en!men!n t"at is Bitc!in. A '!t !0 t"e inn!vati!n t"ats "appenin)5 its "appenin) in t"e IS ,$t a's! '!!.in) !$tside t"e ,!rders "ere. I0 %!$ '!!. at 7$st t"e e1c"an)e space5 %!$ve )!t #t/!1 in -apan5 in S'!venia %!$ve )!t BitStamp5 BTC C"ina 'eadin) in C"ina. T"!se are t"e t!p D e1c"an)es and n!ne !0 t"em are ,ased in t"e Inited States. A '!t !0 t"at ma% ,e d$e t! re)$'at!r% c!ncerns. Its "ard 0!r c!mpanies t! )et started 4it" t"e 9A States and needin) t! c!mp'% 4it" re)$'at!r% ,!dies in a'' 9A States5 )at"erin) %!$r m!ne% transmitter 'icenses as an e1c"an)e is a ver% 'en)t"% and e1tensive pr!cess. In t"e meantime5 4ere '!!.in) !$tside !0 t"e IS. O,vi!$s'%5 4ere a IS&,ased invest!r s! 4e 4!$'d '!ve t! invest in m!re c!mpanies "ere5 as 4e''. <D6:DD? ABL: T"e IS is !0ten identi0ied as a "!sti'e re)$'at!r% envir!nment 0!r t"in)s 'i.e virt$a' c$rrencies ,eca$se pe!p'e didnt rea''% .n!4 "!4 t"e% 4ere )!in) t! react ,$t I d!nt )et t"at same 0ee'in) a,!$t C"ina. T"ats .ind !0 an interestin) t"in) i0 %!$ t"in. a,!$t it ,eca$se t"e M$an "as capita' c!ntr!'s !n it t! ma.e it ver% di00ic$'t t! dea' 4it"5 t! c!nvert int! n!n M$an den!minated c$rrencies. Is t"at an% s!rt !0 c!ncern8 (! %!$ "ave an% s!rt !0 c!ncern t"at t"e part% mi)"t end in C"ina8 <D6:9J? DC: I t"in. its dan)er!$s 0!r $s t! spec$'ate a,!$t "!4 t"e C"inese )!vernment 4ants t! r$'e its c!$ntr%. T"ere 4as an ann!$ncement5 act$a''%5 made in t"e 'ast @> "!$rs in C"ina ar!$nd enc!$ra)in)5 !r ,asica''% te''in) ,an.s n!t t! dea' 4it" Bitc!in. T"at statement is !$t t"ere. Its $nc'ear 4"ere C"ina is )!in) t! )! 4it" its citiEens 4"et"er !r n!t t"e% are )!in) t! !$t'a4 Bitc!in !$tri)"t. It seems 'i.e t"e% "avent d!ne t"at %et and t"e%ve ,een si)na'in) t"at t"at ma% n!t ,e t"e directi!n t"e%re )!in) ,$t an%t"in) can c"an)e 4it" C"ina. <DC:DA? ABL: I 4!$'d a)ree 4it" t"at. T"e !n'% reas!n 4"% Im pressin) %!$ !n t"is is ,eca$se t"ere act$a''% is a para''e' "ere. TTC!in5 4"ic" 4as a s!cia' media c$rrenc%5 ac"ieved a ver% "i)" rate !0 penetrati!n int! C"ina and5 a0ter a certain am!$nt !0 penetrati!n5 t"e% did ,an it. A)ain5 t"ere mi)"t n!t ,e an ans4er "ere5 I 7$st 0i)$red Id... <DC:>C? DC: Mea". Time 4i'' te''. Its "ard t! spec$'ate at t"is p!int. <DC:9A? ABL: T"an. %!$. C"ris5 can %!$ ta'. t! $s a,!$t 4"% virt$a' c$rrencies are s!met"in) t"at are 'e)itimate'% imp!rtant. M!$re an entreprene$r 4"! is ,$i'din) an entire'% di00erent virt$a'

c$rrenc% net4!r.. Its c$rrenc% a)n!stic5 s! I mean5 4"at are t"e reas!ns 4"% t"is is a pr!,'em %!$ 4anted t! s!'ve8 <DJ:A>? CL: I t"in. t"is is c'ear t"at 0inancia' services 7$st "ave n!t c"an)ed in t"e 'ast @A %ears !0 t"e Internet. Its s!rt !0 t"is 4"!'e rev!'$ti!n "as 7$st ,%&passed t"e ,an.in) ind$str% and t"e 0inance ind$str%. I t"in.5 rea''%5 4"at Bitc!in .ind !0 $s"ered in in AB and n!45 I t"in.5 is 7$st an $nst!ppa,'e rea'it%5 is t"at %!$ can e1c"an)e va'$e 'i.e %!$ can in0!rmati!n at t"at same p!int. T"ats a "$)e )ame c"an)er ,eca$se ,e0!re t"is time5 a'' pa%ment s%stems5 a'' 0inancia' s%stems are c!$ntr% ,% c!$ntr%. T"e% are5 act$a''%5 "$)e'% 'imited in ,i) parts !0 t"e 4!r'd5 C"ina ,ein) an e1amp'e5 4"ere %!$ "ave "$)e Internet penetrati!n ,$t %!$ "ave a cas" s!ciet% t"at d!esnt "ave a '!t !0 pa%ment !pti!ns. T"ats n!t 'inin) $p. M!$ need t! "ave t"e citiEens !0 t"e 4!r'd ,e a,'e t! see t"e in0!rmati!n5 Air,n, !r 4"atever it is5 and e1ec$te !n it t"r!$)" pa%ments. T"e 4!r'd is missin) t"at. T"ats 4"% t"is is s$c" a ,i) dea'. T! date5 %!$ve seen :inTec" c!mpanies and m% 'ast t4! c!mpanies5 e&L!an5 Pr!sper5 t"e% 4ere IS& centric. M!$re s!rt !0 trapped in t"e IS. S! m$c" :inTec" is 'i.e t"at. I t"in. t"ats 4"% vent$re capita' "as n!t ,een t"at interested in :inTec"5 t! date rea''% 4"en %!$ c!mpare t! !t"er t"in)s. N!45 t"ats a'' !ver. It is )'!,a' and5 in 0act5 Bitc!in5 +ipp'e5 t"ese t"in)s are... +ipp'e is a's! n$m,er =... C"ina is !$r n$m,er = re)i!n. T"ese t"in)s are5 act$a''%5 m!re imp!rtant in t"e deve'!pin) 4!r'd in p'aces 'i.e C"ina 4"ic" are 7$st s! 4ea't"% n!4 and s$c" e&c!mmerce mar.ets. T"ats a ,i) )ame c"an)er. Start&$ps n!45 can rea''% )! )'!,a' in :inTec". M!$ can start d!in) t"in)s 4it" dramatica''% '!4er c!sts5 dramatica''% "i)"er n$m,ers !0 c$st!mers t"at %!$ can serve. T"ese are )reat t"in)s 0!r t"e 4!r'd. I t"in. re)$'at!rs5 I t"in.5 are startin) t! see t"at. T"ats 4"% t"e Senate "earin)s 4ere s! p!sitive a c!$p'e !0 4ee.s a)!. T"e%re startin) t! see t"ese n!t as s!me 0rin)e t"in)5 its n!t ,$t as a rea''% m!n$menta' s"i0t. :inance )ets 0'attened 7$st 'i.e in0!rmati!n "as ,een 0'attened. <>A:A6? VL: As a retai'er5 4e )et pe!p'e ar!$nd t"e 4!r'd tr%in) t! ,$% )i0t cards5 0!r e1amp'e !n'ine retai'ers and a 4"!'e ,$nc" t"at s$pp!rt de'iver% in5 I t"in.5 =9A c!$ntries and 4"en t"e% p$t t"eir credit card in (and Im )!in) t! pic. !n an A0rican c!$ntr% 'i.e S!$t" A0rica5 !r Ni)eria5 !r !ne !0 t"!se5 Im 0r!m S!$t" A0rica)5 4"en %!$ $se a credit card in t"!se mar.ets (its "appened t! me 4"en Im t"ere) t"e merc"ant cance's t"e !rder5 t"e emai' c!mes ,ac. S!rr%5 %!$r !rder is cance'ed. 2e d!nt tr$st t"e credit card !r t"e s"ippin) address is... 4"atever it is. M!$ cant ,'ame t"em5 ri)"t8 M!$re a retai'er5 %!$re an !n'ine merc"ant: "!4 d! %!$ tr$st t"e credit card is )!!d 0!r a 0!rei)n ,an. iss$in) it and t"en %!$ "ave t! s"ip t"e )!!ds !verseas. Its even 4!rse in t"e IS. 2"en 4e $se Bitc!in5 I mean5 n!4 4ere p'annin) !$r internati!na' e1pansi!n in @A=> and 4eve )!t d!Eens !0 !n'ine retai'ers t"at s"ip t! "$ndreds !0 c!$ntries ar!$nd t"e 4!r'd. N!45 t"e% are sa%in) OK5 4e'' i0 %!$ )$%s can ta.e t"e pa%ment and dea' 4it" t"at and iss$e a )i0t card and pe!p'e $se )i0t cards and pa% !n'ine5 its 0ine. T"e%re c$rrent'% d!in) t"at. 2ere seein) a '!t !0 internati!na' tra00ic. Pe!p'e are si)nin) $p t! !$r 4e,site5 ,$%in) )i0t cards5 pa%in) 4it" Bitc!in and "avin) )!!ds s"ipped t! t"em t"at t"e% previ!$s'% did 7$st n!t "ave access t!. :!r t"em t! )! and ,$% !n an !n'ine retai'er 4as 7$st n!t p!ssi,'e ,eca$se !0 t"e credit card s%stem. T! C"ris p!int5 I t"in.5 Bitc!in is n!4 !penin) $p ne4 aven$es 0!r e&c!mmerce c!mpanies t! start '!!.in) at a$diences !$tside t"e IS and n!t "ave t! 4!rr% a,!$t 0ra$d ris.. <>=:D6? ABL: T"an. %!$5 *innie. C"ris5 I "ave !ne 'ast 0!''!4 $p. One !0 t"e primar% di00erences ,et4een +ipp'e and Bitc!in is t"at +ipp'e is an act$a' c!mpan% and Bitc!in is s!rt !0 p!4ered ,% a 0!$ndati!n ,$t m!st'% its 7$st !$t t"ere and t"ere isnt rea''% an%,!d% ,ac.in) it. (! %!$ t"in. t"at t"ats a detriment !r a ,ene0it 0!r %!$8 <>=:9J?

CL: -$st t! ,e c'ear. T"eres t4! t"in)s: +ipp'e5 t"e pr!t!c!' 4"ic" is !pen s!$rce5 ,asica''%5 a p$,'ic )!!d and an%,!d% can $se it 4it"!$t pa%in) +ipp'e La,s (4"ic" is t"e c!mpan% Im CEO !0 and t"eres D9 !0 $s n!45 in San :rancisc! and 4ere )r!4in) rapid'%). In a sense5 4ere s!rt !0 'i.e a +ed at t! a Lin$1 in a 4a%. An%,!d% can ta.e t"e c!de t"at is t"e +ipp'e pr!t!c!'. A)ain5 t"e% d!nt pa% $s 0ees. O$r ,$siness m!de' is t"at 4e "ave created a mat"& ,ased c$rrenc% ca''ed R+P5 !r +ipp'e5 and 4e are distri,$tin) '!ts !0 t"at t! NincentO pe!p'e t! )et !nt! t"e +ipp'e pr!t!c!'. #ar.et ma.ers 0r!m 2a'' Street c!mpanies5 0!r e1amp'e5 )ate4a%s t"r!$)"!$t t"e 4!r'd ,eca$se t"!se are t"e 4a% %!$ see ,rin) !t"er t"in)s !0 va'$e t"at d! "ave c!$nter partiesQ (!''ars5 E$r!5 M$an5 air'ine mi'es5 0!r e1amp'e. 2e d!nt "ave t! c"ar)e 0ees t"r!$)" t"e pr!t!c!'5 4e can 7$st "!'d !n t! a p!rti!n !0 t"e R+P. I0 t"e pr!t!c!' s$cceeds (its a de0'ati!nar% c$rrenc% & R+P5 7$st 'i.e Bitc!in)5 %!$ 4!$'d e1pect t"at t"e c$rrenc% 4!$'d s$cceed5 t"ere0!re !$r ,$siness m!de' 4!$'d s$cceed. T"eres a separati!n !0 t"e t4! ,$t 4"at 4e 'i.e a,!$t t"is m!de' is t"at 4e can "ire a t!n !0 )reat en)ineerin) ta'ent t! rea''% 4!r. !n t"e c!re net4!r. and t"en 'et !t"er c!mpanies ,$i'd app'icati!ns 0!r c!ns$mers !n t!p !0 t"at5 'i.e %!$ d! !n Bitc!in. A '!t !0 !$r en)ineers are s!me !0 t"e !ri)ina' Bitc!in 0!'.s5 Step"an T"!mas5 (avid Sc"4artE and -ed #cCa'e, (4"! invented t"e c!nsens$s met"!d) and 4e t"in. t"ats c!nstr$ctive 0!r t"e net4!r. itse'0. <>D:@B? ABL: T"an. %!$. -5 can %!$ H$ic.'% (4ere a'm!st !$t !0 time "ere)5 can %!$ H$ic.'% )! !ver s!me ,est practices t"at %!$ t"in. t"e t!p t"ree m!st imp!rtant t"in)s t"at a'' c!mpanies m$st d! t! !perate 'e)a''% in t"e space8 <>D:>@? JC: 2!4. I )$ess5 i0 I c!$'d5 I 4!$'d p$t m%se'0 !$t !0 a 7!,. (La$)"ter). Im "esitant t! d! t"at and Im a's! "esitant t! sa% 4"at Ive "eard '!ts !0 'a4%ers sa% 4"ic" is O"5 7$st ca'' %!$r 'a4%er5 a't"!$)" Im "app% t! ta.e %!$r ca''s. I 4!$'d sa% t"at5 I t"in. 7$st at a t"ematic 'eve'5 pe!p'e... (especia''% as a ver% ed$cated a$dience a,!$t s!me !0 t"ese iss$es)5 t"eres a '!t !0 n$ance in t"e re)$'at!r% envir!nment. One t"in) I 4!$'d sa% is5 especia''% t! pe!p'e in r!!ms 'i.e t"is t"at are c!mmitted t! !peratin) a,!ve ,!ard ,$sinesses5 %!$r re'ati!ns"ips in %!$r cr%pt!c$rrenc% ,$siness5 !r 4"atever t"at ,$siness ma% ,e5 is it an e1c"an)e5 is it pr!vidin) s!me .ind !0 c!ns$mer 0acin) inter0ace5 is it pa%ment pr!cessin) 0!r merc"ants5 %!$ "ave t! ,e transparent 4it" a'' t"e re'ati!ns"ips t"at %!$ "ave. I0 %!$ 0ee' )!!d a,!$t t"!se re'ati!ns"ips5 I t"in. t"e r$'e !0 t"$m, is %!$re d!in) prett% 4e''. I0 %!$5 0!r instance5 are a Bitc!in ,$siness and %!$r ,an. d!esnt .n!4 t"at %!$re a Bitc!in ,$siness5 I 4!$'d sa%5 red 0'a). Mes5 %!$ ma% n!t "ave ,r!.en t"e 'a4. M!$ ma% "ave i0 %!$ve si)ned a 0!rm t! !pen %!$r ,an. acc!$nt and it sa%s ever%t"in) is tr$e and c!rrect $nder =J ISC =AA=5 and I pr!mise I "avent made an% 0a'se statements and i0 t"e% as.ed %!$ 4ere an #SB and %!$ c"ec.ed n!5 t"ats p!ssi,'% a crime. #!re ,r!ad'%5 i0 %!$ )! d!4n t! %!$r c!rner ,an. and %!$ !pen $p a sma'' c"ec.in) acc!$nt and %!$re m!vin) a "$)e v!'$me !0 d!''ars t! t"at5 I t"in. t"at is )!in) t! set !00 s!me red 0'a)s. T"e same 4a% 4it" %!$r c$st!mers5 i0 %!$re a Bitc!in ,$siness: are %!$ ma.in) t"e ri)"t disc'!s$res8 Are %!$ rea''%5 .ind !05 !$t t"ere8 O,vi!$s'%5 %!$ve )!t %!$r secret sa$ce t"at %!$re )!in) t! .eep in t"e ,ac. c$p,!ard ,$t5 ,r!ad'% spea.in)5 4e .n!4 4"at t"e iss$es are. Are %!$ a m!ne% transmitter8 Are %!$ en)a)ed in s!me !t"er m!ne% service ,$siness8 T"!se are iss$es t"at need t! ,e ac.n!4'ed)ed and s!'ved5 rat"er t"an5 I t"in.5 si1 !r ei)"t m!nt"s a)! %!$ sa4 a '!t !0 pe!p'e tr% and )! ar!$nd t"e re)$'ati!ns. At t"is p!int5 I t"in. its prett% c'ear t"at c!mpanies t"at are )!in) t! s$cceed in cr%pt!c$rrenc%5 in virt$a' c$rrenc%5 in !n'ine pa%ments5 4"atever t"at ev!'ves t! ,e5 t"e% are n!t tr%in) t! )! ar!$nd t"e re)$'ati!ns. T"e% are ac.n!4'ed)in) 4"at t"e% are and 0indin) a 4a% 4"et"er its t"r!$)" '!,,%in). T"ere are '!ts !0 pe!p'e in t"e Bitc!in ind$str% t"at are inv!'ved in ver%5 ver% pers$asive '!,,%in) e00!rts t! ma.e s$re t"at

re)$'at!rs d!nt re)$'ate t"e Inited States !$t !0 t"e Bitc!in mar.et. I t"in.5 t"e 0act t"at t"e t"ree 'ar)est Bitc!in e1c"an)es are n!t in t"e Inited States sa%s s!met"in) a,!$t 4"at t"e re)$'at!r% c'imate is. #a%,e its n!t 4"at it 4i'' a'4a%s ,e ,$t I t"in.5 t"ats certain'% an iss$e. As a )enera' r$'e5 c!mpanies 4"! are... especia''% c!mpanies tr%in) t! raise !$tside capita'5 i0 %!$re n!t ,ein) "!nest 4it" %!$rse'0 and 4it" %!$r ,$siness partners a,!$t 4"at %!$r ,$siness is5 a,!$t 4"at disc'!s$res %!$re ma.in)5 %!$ d!nt 0ee' )!!d a,!$t s!me!ne d!in) di'i)ence5 %!$ve )!t s!me iss$es. <>6:D=? ABL: T"an. %!$5 -. 2ere )!in) t! end 4it" %!$ (avid. (avid5 %!$ re'eased a 4"itepaper a,!$t distri,$ted app'icati!ns. 2e "ave D min$tes and =D sec!nds. Can %!$ d! it8 Can %!$ )ive $s an !vervie4 !0 4"ats c!min) ne1t in Bitc!in5 in cr%pt!c$rrenc%8 <>6:>B? DJ: S$re. Im "app% t! ta'. !n t"at. 2"at Im seein) as t"e 0$t$re is5 7$st 'i.e 4it" t"e Internet5 4e "ave di00erent pr!t!c!' 'a%ers. T"e same t"in) is )!in) t! ev!'ve in Bitc!in. 2e "ave5 at t"e ,!tt!m !0 t"e Internet5 TCP IP5 t"at is t"e ,asic messa)in) mec"anism. On t!p !0 t"at 4e "ave TTP5 !n t!p !0 t"at pe!p'e "ave ,$i't ,r!4sers5 !n t!p !0 ,r!4sers pe!p'e "ave ,$i't app'icati!ns. T"eres a '!t !0 )ain and ,ene0it %!$ )et 0r!m t"e net4!r. e00ect and "avin) a 'a%er t"at a'read% e1ists t"at is massive in siEe5 'i.e Bitc!in5 t"at pr!vides a '!t !0 sec$rit% a)ainst a 9=K !r d!$,'e spend attac.5 it )ives %!$ a "$)e startin) advanta)e i0 %!$ ,$i'd a pr!t!c!' !n t!p !0 t"at. 2"at 4e see 4it" #asterC!in is t"e 0irst 4ave !0 t"ese t%pe !0 app'icati!ns. T"eres !t"ers !$t t"ere t"at "ave ,een menti!ned and t"is is rea''% e1citin) ,eca$se n!45 4it" #asterC!in5 it )ives me a 'a%er t"at "as di00erent 0eat$res t"at Bitc!in d!esnt "ave. One e1amp'e is a distri,$ted e1c"an)e t"at 'ets me trade an% di)ita' asset 0!r an% di)ita' asset direct'% !n t"e ,'!c.c"ain5 4it"!$t "avin) t! "ave a c!$nter part%. Im5 act$a''%5 ma.in) an !00er t! t"e ,'!c.c"ain5 s!me,!d% "as seen t"at !00er and t"e% are matc"in) t"at !00er5 t"e ,'!c.c"ain d!es t"at matc"in) and t"eres n! c!$nter part%. T"ats interestin). T"e !t"er main 0eat$re t"at rea''% interests me is t"e $ser&,ased c$rrencies. :!r,es recent'% c!vered t"is in an artic'e a,!$t #asterC!in. Basica''%5 #asterC!in a''!4s %!$ t! create %!$r !4n di)ita' t!.ens 0!r5 n!t necessari'%5 c$rrenc% !r even pa%ment s%stems ,$t an% app'icati!n t"at %!$ 4ant t! rec!rd t"e !4ners"ip in t!.ens5 %!$ can n!4 iss$e t"!se t"r!$)" t"e #asterC!in pr!t!c!'. Its rec!rded in t"e ,'!c.c"ain transacti!n s! %!$ "ave a permanent rec!rd !0 t"at. N!45 4"en %!$ 4ant t! !00er t"!se t!.ens t! c$st!mers5 !r t! deve'!pers5 !r t! pe!p'e d!in) t"e 0$ndin) n!4 %!$ "ave a mec"anism t! d! t"at. T"ats a prett% incredi,'e stac. t"ats deve'!pin)5 4it" Bitc!in at t"e ,!tt!m5 s!met"in) 'i.e #asterC!in5 !r t"ese !t"er pr!t!c!'s in t"e midd'e and t"en %!$ "ave pe!p'e ,$i'din) m!re $ser app'icati!ns5 s!rt !0 c$st!mer 0acin) app'icati!ns !n t"is t"ird 'eve'. T"ats 4"at I descri,e in m% Paper is 4"at d! 4e ca'' t"ese entities8 T"is rea''% "asnt e1isted ,e0!re. T"e%re n!t c!mpanies5 t"e% d!nt "ave emp'!%ees5 t"e% d!nt "ave reven$e5 t"e% d!nt "ave pr!0it. A'' t"e m!netiEati!n is ,$i't int! t"e mec"anism !0 t"e t!.en5 simi'ar t! 4"at 4e "ave 4it" Bitc!in. Ive t$rned t"!se decentra'iEed app'icati!ns5 distri,$ted apps 0!r s"!rt. M!$ can c"ec. !$t 444.distri,$tedapps.c! i0 %!$ 4ant t! read t"e 4"itepapers5 ,$t I rea''% d! t"in. t"at m!de' !0 ,$i'din) a c!mpan% is s!met"in) 4e "avent seen ,e0!re and is incredi,'% disr$ptive5 incredi,'% interestin) ,eca$se it 'evera)es a'' t"ese di00erent tec"n!'!)ies. <>B:DB? ABL: (avid5 t"an. %!$ ver% m$c". <>B:>A? DJ: S$re. <>B:>=? ABL: T"at 4raps $p !$r pane'. Id 'i.e t! t"an. a'' t"e pane'istsQ (avid5 C"ris5 -5 *innie5 (avid. T"an. %!$ ver% m$c" 0!r 7!inin) $s. T"is 4as rea''% en'i)"tenin). (C'appin)). <>B:9@?

PPPPPPPPPPPPPPPPPPPPPPPPPPPPPP ADVERT: Eas%(NS is t"e S4iss Arm% .ni0e 0!r %!$r d!main names. e'pin) meet t"eir c$st!mers individ$a' needs since =BBJ. Eas%(NS "as ,een an !$tsp!.en critic !0 SOPA and CISPA. Eas%(NS 4as an ear'% s$pp!rter !0 Bitc!in and n!4 t"e% are pr!$d t! sp!ns!r t"is s"!4. (! ,$siness 4it" a c!mpan% t"at s"ares %!$r va'$es. /et a =DK disc!$nt 4"en %!$ pa% 4it" Bitc!in. /! t! ,itc!in.eas%(NS.c!m and ,e s$re t! $se disc!$nt c!de LTB. <9A:@>? ADVERT: i. T"is is -as!n Kin) 0!r Bitc!in =AA and %!$re 'istenin) t! Lets Ta'. Bitc!in. M!$ .n!45 Bitc!in is n!t rea''% a ta'.er5 its a d!er. -$st 'i.e t"e ,est n!n&pr!0its and c"arit% !r)anisati!ns5 and at 444.,itc!in=AA.!r) a'' 4e d! is 0ind "ard&4!r.in) n!n&pr!0its and c"arities and )ive t"em F=AAA in Bitc!in. T"ats a'' 4e d!5 s! d!nate t! 444.,itc!in=AA.!r) and 'et Bitc!in n!n&pr!0its and c"arities d! 4"at t"e% d! ,est. <9A:9@? PPPPPPPPPPPPPPPPPPPPPPPPPPPPPP ER: !Sat!s"i and t"e Ne4 /!'d5 a c"i'drens st!r% a,!$t Bitc!in5 4ritten and read ,% Ed +e1. T"ere 4as !nce a vi''a)e at t"e ,ase !0 a 'ar)e m!$ntain. :!r %ears5 t"e vi''a)e e'ders "ad ,een in c"ar)e !0 "andin) !$t )!'d t! t"e vi''a)ers. T"e vi''a)ers $sed t"is )!'d t! trade 0!!d5 c'!t"es and ever%t"in) e'se t"e% needed. One da%5 t"e 4"!'e vi''a)e 4as 4!.en $p ,% a '!$d "ammerin) s!$nd c!min) 0r!m t"e sH$are. T"e% a'' r$s"ed t! see 4"at it 4as and 0!$nd t"at a 'ar)e n!tice "ad ,een nai'ed t! t"e d!!rs !0 t"e vi''a)e "a''. 3Pe!p'e !0 t"e vi''a)e5 it said5 3Ive disc!vered a ne4 meta'. It ma% n!t '!!. preci!$s ,$t I pr!mise %!$5 its m!re va'$a,'e t"an )!'d. It is 0!$nd in t"e r!c.s !0 t"e m!$ntain and needs t! ,e mined. T"!se 4"! 4ant s!me5 c!me t! t"e "i)"est 'a.e ever% m!rnin) at da4n and 7!in t"e miners. Sat!s"i. N! !ne .ne4 4"! Sat!s"i 4as5 ,$t t"e% a'' m$ttered e1cited'% 4"en t"e% read t"is. 2"at 4as t"is ne4 )!'d8 C!$'d it rea''% ,e m!re va'$a,'e t"an t"e !'d )!'d t"e% a'' $sed8 One !0 t"e e'ders st!!ped d!4n and pic.ed s!met"in) $p 0r!m 4"ere it 4as '%in) $nder t"e n!tice. e "e'd it a,!ve t"e cr!4d and t"e% sa4 t"at it 4as a 'ar)e5 r!$)" piece !0 meta'. It certain'% didnt '!!. m!re va'$a,'e t"an )!'d. 2as t"is it8 2as t"is 4"at Sat!s"i "ad disc!vered8 (isapp!inted5 t"e cr!4d dispersed and ever%!ne 4ent a,!$t t"eir dai'% ,$siness. B$t t"ere 4ere !ne !r t4! pe!p'e 4"! 4!ndered i0 4"at Sat!s"i "ad 4ritten mi)"t ,e tr$e and t"e% decided t! 0ind !$t. S! t"e% 'e0t t"e vi''a)e and made t"eir 4a% t! t"e "i)"est 'a.e !n t"e m!$ntain. As t"e% r!$nded t"e c!rner and t"e 'a.e came int! vie45 t"e% sa4 "$ndreds !0 pic.a1es and s"!ve's stre4n acr!ss t"e r!c.% 'andscape5 4it" n! si)n !0 4"! "ad p$t t"em t"ere. Intri)$ed5 t"e% pic.ed $p s!me t!!'s and started t! di). 2"en t"e% ret$rned t! t"e vi''a)e t"at evenin)5 t"e% passed s!me !0 t"e !t"er vi''a)ers5 4"! ,ec.!ned t! t"em and as.ed 4"at t"e% "ad 0!$nd. T"e miners s"!4ed t"em a sin)'e5 tin% ,it !0 t"is ne4 meta'5 4"ic" 4as a'' t"e% "ad ret$rned 4it". T"e vi''a)ers 'a$)"ed at t"em and t!'d t"em t"e% 4ere 4astin) t"eir time ,$t5 even s!5 t"e miners a)reed t! sp'it it eH$a''% ,et4een t"emse'ves and

decided t! )! ,ac. t"e ne1t da% and tr% a)ain. T"e 0!''!4in) m!rnin)5 4"en t"e% met in t"e sH$are t! ret$rn t! t"e m!$ntain5 !ne !0 t"e vi''a)ers5 4"! "ad 'a$)"ed at t"em t"e previ!$s ni)"t5 4as t"ere 4aitin) 0!r t"em. N(! %!$ mind i0 I c!me 4it" %!$8O t"e vi''a)er as.ed. T"e% .ne4 t"e%d ,e a,'e t! mine m!re 4it" m!re pe!p'e5 s! t"e% a)reed t! 'et t"is ne4 v!'$nteer c!me a'!n) and s! a 'ar)er )r!$p5 t"is time5 traipsed !$t !0 t"e vi''a)e t! searc" 0!r t"e ne4 )!'d. In t"e da%s t"at 0!''!4ed5 m!re and m!re pe!p'e 4ere 4aitin) in t"e sH$are ever% m!rnin) t! 7!in t"eir )r!$p. As t"e% 'e0t t"e vi''a)e5 t"e c$rtains !0 t"e "!$ses t"e% passed 4!$'d t4itc"5 as t"e !t"er vi''a)ers 4atc"ed t"em )! and 4!ndered i0 t"e%5 t!!5 s"!$'d ,e spendin) t"eir da%s minin) $p !n t"e m!$ntain. T"e m!re pe!p'e 4"! 7!ined t"e )r!$p5 t"e m!re ever%!ne e'se t"!$)"t t"at5 per"aps5 it mi)"t n!t ,e s$c" a ,ad idea. S!!n5 s!me vi''a)ers 4"! c!$'dnt )! $p t"e m!$ntain5 decided t"e% 4anted s!me !0 t"e ne4 )!'d t"e% .ept seein) pe!p'e ret$rnin) 4it"5 s! t"e% started s4appin) t"eir !'d )!'d 0!r t"e ne4 )!'d t"e miners ,r!$)"t ,ac. 4it" t"em. T"e pe!p'e 4"! ran t"e mar.et sta''s c!$'dnt )et time !00 t! )! $p and 7!in t"e miners ,$t t"e%5 t!!5 4anted s!me !0 t"e ne4 )!'d. S!5 t"e% started acceptin) it instead !0 t"e !'d )!'d at t"eir sta''s. S!!n5 vi''a)ers c!$'d $se t"eir ne4 )!'d t! ,$% 0!!d5 pa% 0!r carria)es and even "ave an a'e at t"e '!ca' inn. Even t"!$)" m!re pe!p'e 4ere ta'.in) a,!$t t"e ne4 )!'d5 m!st !0 t"e vi''a)ers sti'' didnt see 4"at a'' t"e 0$ss 4as a,!$t. T"e% c!$'d ,$% ever%t"in) t"e% needed 4it" t"eir !'d )!'d. 2"% 4!$'d t"e% 4ant t! rep'ace it8 B$t a'' t"at 4as a,!$t t! c"an)e. One m!rnin)5 t"e t!4n crier5 4"! r!amed t"e streets ever% da% pr!c'aimin) t"e da%s ne4s5 t$rned "is attenti!n t! t"e ne4 )!'d. N(! %!$ "ave an% ne4 )!'d %et8O "e s"!$ted5 )!in) 0r!m "!$se t! "!$se and rin)in) "is ,e''. NS!!n5 ever%!ne 4i'' ,e tr%in) t! )et s!me5 s! )et it 4"i'e %!$ can.O 2"en t"e vi''a)ers "eard t"is5 t"e% a'' r$s"ed !$t int! t"e streets. I0 ever%!ne e'se 4anted t"e ne4 )!'d5 t"e% didnt 4ant t! miss !$t. T"e% cr!4ded ar!$nd t"e sta''s in t"e mar.et t"at "ad ,een set $p 7$st 0!r pe!p'e t! trade t"eir !'d )!'d 0!r ne4 )!'d. S! man% pe!p'e 4anted ne4 )!'d t"at ,% t"e end !0 t"e da%5 %!$ "ad t! pa% a t"!$sand pieces !0 !'d )!'d 0!r 7$st !ne piece !0 ne4 )!'d. As m!re pe!p'e ,ecame interested in t"e ne4 )!'d5 r$m!rs a,!$t it ,e)an t! spread. S!me!ne c'aimed t"e% "ad "eard 0r!m Sat!s"i "imse'0 t"at t"e am!$nt !0 ne4 )!'d in t"e m!$ntain 4as 'imited and it 4!$'d !ne da% r$n !$t and s$re en!$)"5 t"e miners "ad t! di) deeper and deeper5 and $se ,i))er and ,i))er t!!'s t! .eep 0indin) m!re !0 it. Kn!4in) t"at it 4!$'d r$n !$t5 !n'% made pe!p'e 4ant it m!re. Even t"!$)" m!re and m!re !0 t"e mar.et sta''s 'et pe!p'e pa% 4it" t"e ne4 )!'d5 0!r a 4"i'e5 t"e vi''a)ers st!pped 4antin) t! $se it t! ,$% t"in)s. Even a sma'' piece 4!$'d "ave ,!$)"t t"em en!$)" 0!!d t! 'ast 0!r a m!nt" ,$t t"e% rea'iEed t"at i0 t"e% st!red it a4a% instead5 t"e%d s!!n ,e a,'e t! ,$% t4ice as m$c" 4it" it5 since it 4as )ettin) s! m$c" m!re va'$a,'e s! H$ic.'%. A0ter a 4"i'e t"!$)"5 4"en t"e initia' e1citement !0 t"e ne4 )!'d 4!re !005 its va'$e st!pped risin). Pe!p'e started $sin) it t! pa% at t"e mar.et a)ain and t"e !'d )!'d5 t"e% $sed t! $se5 'a% 0!r)!tten at "!me. L!ts !0 t"e vi''a)ers re)$'ar'% trave'ed t! t"e !t"er vi''a)es t"at 'a% ar!$nd t"e ,ase !0 t"e m!$ntain. T"e% $sed t! "ave t! s4ap t"eir !'d )!'d at t"e ,!rder5 0!r t"e di00erent m!ne% t"e !t"er vi''a)es $sed and t"e e'ders !0 eac" vi''a)e 4!$'d ma.e t"em pa% 0!r t"is and 4!$'d .eep t"e pr!0its 0!r t"emse'ves. B$t n!45 a'' t"e vi''a)es $sed t"e ne4 )!'d since t"e% a'' "ad access t! t"e m!$ntain and sent miners $p t! t"e 'a.e5 s! n! !ne needed t! s4ap t"eir m!ne% and pa% t"e ta1 t! t"e e'ders an% m!re. T"at 4asnt t"e !n'% reas!n t"e e'ders 4erent "app% t"at ever%!ne 4as $sin) t"e ne4 )!'d. T"e% "ad a'4a%s c!ntr!''ed "!4 m$c" !0 t"e !'d )!'d

4as )iven !$t t! t"e vi''a)ers5 4"ic" )ave t"em p!4er !ver t"e 4"!'e vi''a)e ,$t t"e m!$ntain5 '%in) !$tside t"e vi''a)e5 didnt ,e'!n) t! t"em5 s! t"e% "ad n! c!ntr!' !ver t"e ne4 )!'d t"at 4as mined t"ere. One da%5 t"e e'ders "e'd a secret meetin) and decided t! ,an t"e ne4 )!'d. T"e% ca''ed t"e entire vi''a)e t! t"e sH$are t! ma.e t"eir ann!$ncement. NT"e !'d )!'d "as rea' va'$e5O t"e% said. N2e $se it t! ma.e !$r 7e4e'er%5 ,$t t"e ne4 )!'d is 4!rt"'ess. 2e d!nt $se it 0!r an%t"in). 2e 4ant it !n'% ,eca$se ever%!ne e'se 4ants it5 s! 0r!m n!4 !n5 t"e ne4 )!'d is ,anned. 2e'' )! ,ac. t! $sin) t"e !'d )!'d.O T"e assem,'ed vi''a)ers m$rm$red am!n)st t"emse'ves. T"e% didnt a)ree. T"e% 'i.ed t"e ne4 )!'d ,eca$se it t!!. c!ntr!' a4a% 0r!m t"e e'ders and it meant t"e% c!$'d trave' t! t"e nei)",!rin) vi''a)es 4it"!$t pa%in) a ta1. B$t t"e e'ders "ad a p!int. N! !ne "ad ever5 act$a''%5 $sed t"e ne4 )!'d 0!r an%t"in). It 4asnt s"aped int! nec.'aces !r ,race'ets. 2ere t"e e'ders ri)"t8 2as it 4!rt"'ess8 S$dden'%5 a v!ice sp!.e $p 0r!m t"e cr!4d. NM!$re 4r!n)5O it said and ever%!ne craned t"eir nec.s t! see 4"! 4as spea.in). A space c'eared ar!$nd an !'d man in a c'!a.5 4"! "ad a "!!d p$''ed d!4n !ver "is 0ace. NT"e ne4 )!'d isnt 4!rt"'ess5O said t"e !'d man. NIt "as va'$e precise'% ,eca$se pe!p'e 4ant it. It ta.es p!4er a4a% 0r!m %!$ and )ives it t! $s and as '!n) as 4e 4ant it m!re t"an 4e 4ant t"e !'d )!'d5 %!$ "ave n! c"!ice ,$t t! 'et $s $se it.O At t"ese 4!rds5 t"e vi''a)ers a'' n!dded t"eir "eads and started s"!$tin) t"at t"e% 4anted t! .eep $sin) t"e ne4 )!'d. T"e e'ders '!!.ed at eac" !t"er and rea'iEed t"e !'d man 4as ri)"t. T"e% "ad n! c"!ice. NT"en5 s! ,e it5O t"e% said. N2e'' $se t"e ne4 )!'d.O T"e vi''a)ers c"eered and ce'e,rated a'' ni)"t and int! t"e ne1t da%. Over time5 t"e ne4 )!'d c!mp'ete'% rep'aced t"e !'d )!'d. T"e di00erent vi''a)es traded 4it" eac" !t"er m!re ,eca$se t"e% a'' $sed t"e ne4 )!'d and p!4er s"i0ted 0r!m t"e e'ders t! t"e vi''a)ers ,eca$se t"e vi''a)ers 4ere 0ina''% in c"ar)e !0 t"eir )!'d. N! !ne n!ticed t"e !'d man in t"e c'!a. s'ip a4a% 0r!m t"e ce'e,rati!ns. e 4a'.ed t! t"e vi''a)e )ates5 '!!.ed ,ac. at t"e vi''a)ers5 smi'ed and disappeared int! t"e ni)"t and n! !ne ever "eard 0r!m Sat!s"i a)ain. <9J:>>? PPPPPPPPPPPPPPPPPPPPPPPPPPPPPP CRED"TS: ABL: T"an.s 0!r 'istenin) t! Epis!de 66 !0 Lets Ta'. Bitc!in. B$ried Treas$re5 See.ers and T"ieves 4as pr!d$ced and edited ,% Adam B. Levine and 0eat$red Step"anie #$rp"%5 Andreas #. Ant!n!p!$'!s and Adam B. Levine A L!!. Int! Bitc!in Pane' 4as sp!ns!red ,% P'$) and P'a% Tec" Center and 0eat$red C"ris Larsen5 (avid C"en5 (avid -!"nst!n5 - Ca,!$ and *innie Lin)"am Sat!s"i and t"e Ne4 /!'d 4as pr!d$ced and edited ,% Adam B. Levine5 4ritten and per0!rmed ,% Ed +e1 #$sic 4as pr!vided ,% -ared +$,ens

T$esti!ns !r c!mments8 Emai' adamU'etsta'.,itc!in.c!m ave a )!!d !ne; <9B:@>?