LETS TALK BITCOIN

Episode 72 Powerful Perspectives

Participants: Adam B. Levine (ABL) - !st Step"anie #$rp"% (S#) & C!-"!st Andreas #. Ant!n!p!$'!s (AA) & C!-"!st (red )i's!n (()) & *ni!n S+$are ,ent$res (Invest!r and #ana-in- Partner) ABL: i. and /e'c!me t! Epis!de 01 !2 Lets Ta'3 Bitc!in. a t/ice-/ee3'% s"!/ a4!$t t"e ideas. pe!p'e. and pr!5ects 4$i'din- t"e di-ita' ec!n!m% and t"e 2$t$re !2 m!ne%. ,isit $s at ///.'etsta'34itc!in.c!m 2!r !$r dai'% -$est 4'!-. a'' !$r past epis!des and. !2 c!$rse. tippinaddresses. #% name is Adam B. Levine. and t!da%. Ive -!t a s"!/ 2!r %!$ 2!c$sed !n p!/er2$' perspectives. T"e stars a'i-ned in ,e-as. Step"anie. Andreas. and I 2!$nd !$rse'ves in m% 67t" 2'!!r s$ite. %eti micr!p"!ne !n t"e ta4'e 4et/een $s 2!r t"e sec!nd time in Lets Ta'3 Bitc!in "ist!r%. )e -! deep as Andreas re'ates t"e 5arrin- disc!nnect 4et/een ,e-as and B$en!s Aires. I2 %!$re an idea'ist. /e end t!da%s s"!/ /it" a "!st se-ment t"ats !ne 2!r t"e 4!!3s. (irst. (red )i's!n is a respected invest!r and mana-in- partner in *ni!n S+$are ,ent$res. In 8ecem4er. "e sp!3e at t"e Le)e4 c!n2erence !n t"e trends t"at are 'eadin- $s t!/ards t"e 2$t$re 4e2!re $s. Speci2ica''%. "!/ net/!r3s are rep'acin- "ierarc"ies and /"at t"!se mi-"t '!!3 'i3e. )i'd st$229 En5!% t"e s"!/. :::::::::::::::::::::::::::::: (Le)e4 C!n2erence. ;<-;1 8ecem4er 1<;6. Paris) L!ic Le #e$r (LL#) & !st (Le)e4 c!n2erence 2!$nder) (red )i's!n (()) & *ni!n S+$are ,ent$res (Invest!r and #ana-in- Partner) LLM: P'ease "e'p me /e'c!me !n sta-e. (red )i's!n. (C'appin-) =;:10> FW: L!ic. =;:6?> LLM: )e'c!me. (red. =;:6@> FW: !/ are %!$A =;:60> LLM: Im s! -'ad %!$re "ere. =;:6B> FW: T"an3 %!$ 2!r "avin- me. Its a p'eas$re. =;:7<> LLM: C!$ 'i3e Paris. ri-"tA =;:7;> FW: I '!ve Paris. (La$-"in-) =;:71>

LLM: Dreat. P'ease... I'' c!me 4ac3 2!r a 2e/ +$esti!ns. =;:7@> FW: OK. -reat. T"an3s. e''!. ever%4!d%. L!ic as3ed me t! ta'3 a4!$t /"ats -!in- t! "appen in t"e neEt ten %ears. as i2 I "ad a cr%sta' 4a'' !r s!met"in-. An%/a%. Im -!in- t! -ive it m% 4est s"!t and tr% t! -ive %!$ a 2ee'in- 2!r "!/ m% 2irm. *S,. and I t"in3 a4!$t t"ese t"in-s. )"en I t"in3 a4!$t t"e 2$t$re and tr%in- t! ima-ine /"at /i'' "appenF /e 'i3e t! $se 4i- macr! trends and /e 'i3e t! t"in3 a4!$t "!/ t"ese macr! trends c!me t!-et"er. T"at creates a 2rame/!r3 2!r $s t! t"in3 a4!$t /"at are -!in- t! 4e t"e m!st interestin!pp!rt$nities t"at are -!in- t! present t"emse'ves and "!/ t! invest in t"!se !pp!rt$nities. )e d!nt t"in3 a4!$t tec"n!'!-ies. /e t"in3 a4!$t trends. )e t"in3 a4!$t /"ats "appeninin s!ciet%F /"ats "appenin- /it" pe!p'e (in terms !2 "!/ pe!p'e 4e"ave). T"e tec"n!'!-ies are imp!rtant 4$t /e d!nt 'i3e t! invest in m!4i'e !r 4i- data. !r mac"ine 'earnin-. !r t"!se 3inds !2 t"in-s. )e t"in3 a4!$t t"em. t"e% matter t! $s. 4$t /e rea''% t"in3 a4!$t t"in-s 2r!m a 4e"avi!ra' and s!cieta' p!int !2 vie/. )"en I t"in3 a4!$t t"e 4i-. m!st imp!rtant trends. I t"in3 !2 t"ree. Im -!in- t! ta'3 a 'itt'e 4it a4!$t a'' t"ree and -ive s!me eEamp'es. and t"en I'' 4rin- it a'' t!-et"er. and t"en I'' ta'3 a4!$t s!me !2 t"e t"in-s t"at I t"in3 are partic$'ar'% interestin-. and t"en L!ic /i'' c!me !$t and as3 me s!me "ard +$esti!ns. T"e 2irst 4i- macr! trend t"at /e t"in3 a4!$t is t"e transiti!n 2r!m 4$rea$cratic "ierarc"ies t! tec"n!'!-%-driven net/!r3s. B$rea$cratic "ierarc"ies are t"e /a% t"at t"e /!r'd "as 4een !r-aniGed 2!r t"e past c!$p'e !2 "$ndred %ears. C!$ see it in -!vernmentF %!$ see it in 4$sinessF %!$ see it in mar3ets and t"e /a% mar3ets are s"apedF %!$ see it in t"e /a% mi'itar% 2!rces are !r-aniGed. In t"!se 3inds !2 !r-aniGati!ns. %!$ "ave !ne pers!n at t"e t!p c!ntr!''in- ever%t"in- and t"en a p%ramid a'' t"e /a% d!/n t! t"e pe!p'e !$t in t"e 2ie'd. T"e pe!p'e !$t in t"e 2ie'd -! !$t. ta'3 t! c$st!mers !r /"atever. 'earn t"in-s and t"en 2eed t"at in2!rmati!n a'' t"e /a% $p t! t"e t!p /"ere a decisi!n is made. T"en. t"at decisi!n is passed a'' t"e /a% 4ac3 d!/n t! t"e 4!tt!m !2 t"e p%ramid and t"en t"e c"an-e is a22ected. O2 c!$rse. t"ats n!t a partic$'ar'% e22icient /a% t! d! t"in-s. 4$t it "as 4een t"e d!minant /a% t"at t"e /!r'd "as 4een !r-aniGed. T"e reas!n 2!r t"at is t"at transacti!n c!sts and c!mm$nicati!n c!sts /ere s! "i-" in t"e ind$stria' era t"at t"at /as t"e m!st e22icient /a% t! m!4i'iGe and -et t"in-s d!ne. O2 c!$rse. tec"n!'!-% "as c"an-ed a'' t"atF /ere n!/ in t"e in2!rmati!n a-e. p!st-ind$stria' /!r'd and /e are seein- tec"n!'!-%-driven net/!r3s rep'ace 4$rea$cratic "ierarc"ies. )e t"in3 /e are 5$st at t"e ver% 4e-innin- !2 t"is trend. I'' ta'3 a4!$t t"ree t"at %!$re intimate'% 2ami'iar /it" and t"en I'' ta'3 a4!$t /"at /e see -!in2!r/ard. T"e 2irst I /!$'d ta'3 a4!$t is T/itter. T"is is a c!mpan% t"ats near and dear t! m% "eart t"at I -!t inv!'ved /it" ear'% !n. T/itter. t! me. rep'aces t"e ne/spaper. T"e 4$rea$cratic "ierarc"ica' ne/s !r-aniGati!n (pic3 an% ne/spaper t"at %!$ -re/ $p /it") "as an arm% !2 rep!rters /"! t"en rep!rt t! a team !2 edit!rs. /"! t"en rep!rt t! a p$4'is"er. T"e% c!''ect st!riesF t"e edit!rs direct /"at st!ries are -!in- t! -et rep!rted !nF t"e% -et editedF t"e% event$a''% -et p$4'is"edF t"e paper is printed in t"e !'d /!r'dF printed and de'ivered. Its a ver% s'!/-m!vin-. 4$rea$cratic appr!ac" t! de'iverin- t"e ne/s and %et. it /as t"e d!minant /a% t"at ne/s /as pr!d$ced 2!r a '!n- time. T/itter c!mes a'!n- and. a'' !2 a s$dden. a'' !2 $s are t"e rep!rters. T"e cr!/d is determinin- /"at ne/s is m!st imp!rtant 4% 2!''!/er c!$nt. 4% ret/eet. t"in-s 'i3e t"at /"ic" -ets serviced t! t"e t!p and /e -et !$r ne/s instant'% in a ne/s2eed !n !$r p"!ne. T"ats t"e dem!nstrati!n !2 a tec"n!'!-%-driven net/!r3 & a net/!r3. 4eca$se a'' !2 $s are c!nnected t! eac" !t"er and t"at is /"at is startin- t! rep'ace t"e ne/spaper. 2!r man% !2 $s. An!t"er eEamp'e !2 t"is is C!$T$4e - a simi'ar st!r%. T"e /a% t"at vide! $sed t! -et pr!d$ced /as in a ver% "ierarc"ica' str$ct$reF '!ts !2 decisi!n-ma3in-F ver% "ard t! pr!d$ce vide! !$tside !2 t"at s%stem.

C!$T$4e c!mes a'!n- and. a'' !2 a s$dden. a'' !2 $s are vide! creat!rs. )e p$4'is" t"e vide! and. a-ain. t"e cr!/d determines /"ats imp!rtantF +$a'it% rises t! t"e t!p. N!/. /it" C!$T$4e !n m% p"!ne. I can '!!3 at t"e m!st imp!rtant vide!s t! me and I -et -!!d st$22 a'' t"e time. T"e t"ird !ne & a-ain. t"is is -!in- t! start t! s!$nd 'i3e a 4r!3en rec!rd. is S!$ndC'!$d. L!ic menti!ned S!$ndC'!$d. I met A'eE and Eric. t"e 2!$nders !2 S!$ndC'!$d "ere at Le)e4 2ive %ears a-!. In 1<<B. /e invested in t"em a c!$p'e !2 %ears 'ater. In t"e S!$ndC'!$d m!de'. an%4!d% creates a$di!F an%4!d% creates m$sicF t"e% p!st it t! S!$ndC'!$dF %!$ d!nt "ave t! -! t"r!$-" a rec!rd 'a4e'F %!$ d!nt "ave t! -et si-ned. C!$ 5$st p$t %!$r c!ntent $p. /"ic" L!rde did a %ear a-! !n S!$ndC'!$dF %!$ -et 2!$nd 4% t"e cr!/d and %!$ 4ec!me t"e m!st p!p$'ar act in t"e /!r'd. !$tside !2 t"e traditi!na' "ierarc"ica' s%stem !2 radi! and t"e m$sic ind$str%. T"!se are eEamp'es !2 /"ere net/!r3s are rep'acin- traditi!na' 4$rea$cratic "ierarc"ies. T"e 2irst p'ace /e sa/ t"is /as in t"e /!r'd !2 media and entertainment. Hadi!. ne/spapers. and te'evisi!n /ere t"e 2irst ind$stries t! rea''% 2ee' net/!r3s rep'acin- traditi!na' "ierarc"ies. )ere n!/ seein- it in '!ts !2 !t"er p'aces & in "!te's. /it" Air4n4 and !ne2inesta%. /"ic" is a E$r!pean c!mpan%. )ere seeinit in p'aces 'i3e creative ind$stries /it" Kic3starter and , I (t"!se are t/! !2 !$r p!rt2!'i! c!mpanies) rep'acin- t"e traditi!na' !''%/!!d st$di! s%stem. )ere seein- it in 'earnin-. )e "ave t/! p!rt2!'i! c!mpanies & C!decadem%. 2!r 'earnin- t! c!de and 8$!'in-!. 2!r 'earnin- 'an-$a-es t"at $se a simi'ar net/!r3 m!de' /"ere ever%4!d% teac"es ever%4!d% de'ivered !n a p"!ne. !r a 4r!/ser. T"ats t"e 2irst 4i- me-a trend and i2 %!$ t"in3 a4!$t t"at. /e are rea''%. rea''% ear'% in t"e rep'acement !2 4$rea$cratic "ierarc"ies 4% tec"n!'!-% driven net/!r3s. T"e sec!nd 4i- me-a trend t"at /e '!!3 at is. /"at /e ca''. $n4$nd'in- - t"e t"e!r% t"at ever%t"in- is event$a''% -!in- t! -et $n4$nd'ed. *n4$nd'in- is a 'itt'e 4it 'i3e t"e 2irst t"in- I ta'3ed a4!$t. eEcept it "as m!re t! d! /it" "!/ services are pac3a-ed $p and ta3en t! mar3et. n!t s! m$c" a4!$t t"e /a% t"e !r-aniGati!ns are str$ct$red !r t"e /a% t"e s%stems are str$ct$red 4$t "!/ pr!d$cts and services are de'ivered. I2 %!$ t"in3 a4!$t it. in t"e traditi!na' /!r'd. it /as ver% eEpensive t! pac3a-e $p and de'iver t"in-s t! mar3et s! pr!d$cts -!t 4$nd'ed. T"e% -!t p$t t!-et"er and %!$ 4asica''% !n'% -!t t! 4$% t"e t"in- t"at "ad ever%t"in- in it. Tec"n!'!-%. !2 c!$rse. is c"an-in- t"at and n!/ its ver% e22icient t! pac3a-e $p and de'iver t"in-s. Ever%t"in- is -ettin- $n4$nd'ed and pe!p'e are startin- t! de'iver m$c" m!re 2!c$sed services. 4est !2 4reed services. and %!$ can 4$% t"em a 'a carte. O2 c!$rse. t"e ne/spaper is a -reat eEamp'e !2 t"at. C!$ $sed t! 4$% !ne ne/spaperF %!$ /!$'d -et /!r'd ne/s. '!ca' ne/s. sp!rtsF %!$ /!$'d -et 4$sinessF %!$ /!$'d -et 2ine arts c!vera-e. c'assi2ied ads. A'' !2 t"at /!$'d c!me in !ne pac3a-eF %!$d pa% !ne price 2!r it. N!/. !n m!4i'e and t"e Internet. %!$ -et a'' !2 t"!se services 2r!m di22erent pe!p'e and t"e%re 4etter 4eca$se t"e pe!p'e /"! pr!d$ce t"em are 2!c$sed !n'% !n 4ein- t"e 4est at sp!rts. !r t"e 4est at 4$siness. !r t"e 4est at c'assi2ieds. T"ats t"e $n4$nd'in-. T"ats a st!r% /e a'' 3n!/ prett% /e'' 4$t t"eres a 4$nc" !2 ind$stries ri-"t n!/ t"at /e t"in3 are -!int"r!$-" ma5!r $n4$nd'in-. T"e 2irst !ne Id 'i3e t! ta'3 a4!$t is 4an3in-. In t"e !'d /!r'd. it /as ver% eEpensive t! !pen $p a 4ranc" and 2i'' it /it" c$st!mer service pe!p'e and te''ers and service %!$r c$st!mers. and s! 4an3s /!$'d !22er ever%t"in-. C!$ /!$'d -et %!$r c!ns$mer '!an t"ereF %!$d -et %!$r m!rt-a-e '!an t"ereF %!$d -et %!$r credit card t"ereF %!$d -et %!$r sma'' 4$siness '!anF %!$r 4i- 4$siness '!anF %!$r /!r3in- capita' 2inance. a'' 2r!m t"e same 4an3. )"ats "appenin- n!/ is t"at entreprene$rs. tec"n!'!-%-driven entreprene$rs. 'i3e a'' !2 %!$. are startin- t! pic3 !22 eac" !2 t"!se 'ines !2 4$siness 2r!m t"e 4an3s and de'iverin- t"em in a net/!r3-4ased 4$siness m!de'. )e "ave a 4$nc" !2 t"ese in !$r p!rt2!'i! & c!mpanies 'i3e Lendin- C'$4. /"ic" is t"e 'eadin- peer-t!-peer 'endinnet/!r3 2!r c!ns$mer 2inance in t"e *nited StatesF c!mpanies 'i3e ($ndin- Circ'e. /"ic" is

t"e 'eadin- sma'' 4$siness 'endin- peer-t!-peer p'at2!rm 4ased !$t !2 t"e *.K. )e "ave a p!rt2!'i! c!mpan% in Derman% ca''ed A$Em!ne%. /"ic" is a peer t! peer 'endin- c!mpan% 2!r t"e Derman mar3et. C!$ see entreprene$rs ta3in- ver% pr!2ita4'e 'endin- 2ranc"ises a/a% 2r!m t"e 4an3s and de'iverin- t"em in a tec"n!'!-%-driven m!de'. )ere a's! seein- t"is in /!r3in- capita' 2inance. )eve -!t a c!mpan% ca''ed C1(O t"at d!es t"at. C!$re seein- it in asset mana-ement services and a 4$nc" !2 !t"er t"in-s t"at 4an3s t%pica''% did. )e t"in3 t"e 4an3in- ind$str% is rapid'% -ettin- $n4$nd'ed and $sin- t"e p!/er !2 net/!r3s t! d! t"at. An!t"er ind$str%. !2 c!$rse. is ed$cati!n. C!$ t"in3 a4!$t t"e c'assic $niversit% m!de'. /"ic" "as 4een ar!$nd 2!r. I -$ess. siE !r seven "$ndred %ears. n!/. It /as eEpensive t! p$t a 4$nc" !2 st$dents in a r!!m 'i3e t"is and "ave a pr!2ess!r $p 2r!nt. C!$ needed a 4$i'din- t! d! t"at. C!$ d!nt need t"at an% m!re. T"is ta'3 is -ettin- 'ive-streamed. T"eres certain'% /a% m!re pe!p'e /"! are /atc"in- t"is ri-"t n!/. 'ive !n t"e Internet. t"an are in t"is r!!m. C!$ needed a 'i4rar%. s! %!$ "ad t! print 4!!3s. T"ese 4!!3s /ere eEpensive. s! %!$d 4$i'd a 'i4rar% and a'' t"e 4!!3s /!$'d 4e t"ere. St$dents c!$'d -! and sit in t"e 'i4rar% and ta3e t"e 4!!3s !$t !2 t"e stac3 and read t"em. instead !2 "avin- t! 4$% t"em. O2 c!$rse. t"ats n!t necessar% an%m!re. Ever% !ne !2 $s "as a ta4'et /it" an e-reader. !r t/! !r t"ree !n it and a4'e t! -et 4!!3s e'ectr!nica''%. instant'% and t"e prices are c!min- d!/n rapid'%. partic$'ar'% 2!r ed$cati!na' c!ntent. O2 c!$rse. researc". /"ic" %!$ mi-"t t"in3 mi-"t sti'' 4e a "i-"'% centra'iGed and "i-"'% capita'-dependent 4$siness. is a's! -ettin- $n4$nd'ed +$ic3'%. )e "ave an investment in a c!mpan% ca''ed Science EEc"an-e. /"ic" $ses a mar3etp'ace m!de'. a net/!r3-4ased m!de'. t! a''!/ researc"ers a'' !ver t"e /!r'd t! c!''a4!rate. )"en s!me4!d% "as -!t a -ene se+$encer in !ne 'a4 and an!t"er !nes -!t an!t"er eEpensive piece !2 medica' e+$ipment in an!t"er 'a4. t"e% can c!''a4!rate t!-et"er !n an !pen. p$4'ic net/!r3 d!int"eir researc". )e t"in3 ed$cati!n is ver%. ver% m$c" -ettin- $n4$nd'ed n!/. I t"in3 /ere ver%. ver% ear'% in t"at pr!cess and /e "ave a 4$nc" !2 investments in t"at sect!r. T"e t"ird !ne. !2 c!$rse. is entertainment. T"is is. !2 c!$rse. !4vi!$s t! a'' !2 %!$ 4$t it $sed t! 4e t"at %!$ /!$'d pa% %!$r ca4'e s$4scripti!n 4i'' and %!$d -et a'' !2 %!$r entertainment c!ntent !n t"at. T!da%. /e -et Net2'iE !n !$r p"!neF /e -et C!$T$4e !n !$r p"!neF /e -et services 'i3e $'$ and , I. and !t"ers. )e can c!m4ine t"e entertainment pr!d$ct t"at /e /ant. a 'a carte. !n !$r p"!ne. and /it" services 'i3e AirP'a% and C"r!mecast. /e can c!nnect !$r p"!ne t! t"e 4i- screen and en5!% t"e entertainment /e /ant. c!ntr!''ed t"e /a% /e /ant t! receive it. T"ats t"e $n4$nd'in- t"esis. T"ats t"e sec!nd 4i- t"esis and I said t"ats a '!t t! d! /it" "!/ services -! t! mar3et. T"eres an imp!rtant me-a trend t"ere. T"e 'ast !ne is pr!4a4'% t"e m!st !4vi!$s t! a'' !2 %!$ and t"at is t"at /e are a'' n!/. pers!na''%. a n!de !n t"e net/!r3 4eca$se !2 t"is device. I /ant t! 5$st ta3e a 'itt'e p!'' !2 t"e a$dience. C!$ "ave a c"!ice. OKA C!$ cant "ave 4!t". C!$re -!in- t! "ave t! c"!!se 4et/een %!$r smartp"!ne and %!$r des3t!p !r 'apt!p. C!$ can !n'% "ave !ne. OKA C!$ cant v!te 2!r 4!t". I2 %!$ /ere 2!rced t! ma3e t"at c"!ice and %!$ c!$'d !n'% "ave !ne. "!/ man% !2 %!$ /!$'d c"!!se %!$r smartp"!neA ()aits) A'ri-"t. !/ man% /!$'d c"!!se %!$r des3t!pJ'apt!pA ()aits) C!$ a'' c!$'dnt see t"at. I c!$'d. I t"in3 it /as a4!$t 7:;. It /!$'d 4e m% -$ess a4!$t B<K !2 $s c"!se !$r smartp"!ne and a4!$t 1<K !2 $s c"!se !$r des3t!pJ'apt!p (and I raised m% "and 2!r t"e smartp"!ne). I2 I "ad t! c"!!se. it /!$'d 4e a n!-4rainer 2!r me 4eca$se I can d! a'm!st ever%t"in- t"at I can d!. s"!rt !2 /ritin- c!de !r /ritin- a 4!!3. !n m%.... I c!$'d even /rite a 4!!3 !n m% p"!ne 4$t I t"in3 t"at /!$'d 4e ver% di22ic$'t. T"ere are t"in-s t"at I can d! !n m% p"!ne t"at I 5$st cann!t d! !n a des3t!p 4eca$se !2 t"e sens!rs t"at are in t"e p"!ne. t"e 2act its '!cati!n-a/are and. m!st imp!rtant'%. 4eca$se its !n me a'' t"e time. T"ere are man% parts !2 t"e /!r'd. partic$'ar'% deve'!pin- /!r'd. /"ere t"is c"!ice "as a'read% 4een made. T"e%ve 'eap2r!--ed t"e des3t!pJ'apt!p /!r'd 4eca$se t"e% c!$'d never a22!rd t"at /!r'd. T"e% can a22!rd t"e c"eap

LMM !r L7M $ns$4sidiGed andr!id smartp"!ne and t"e /!r'd is ad!ptin- t"em at a ver%. ver% rapid rate. T"ats t"e t"ird trend. T"e reas!n its imp!rtant is t"at /e are a'' n!/ n!des !n t"is net/!r3. meanin- /ere a'' c!nnected t! eac" !t"er a'' t"e time - n!t 5$st part !2 t"e time 4$t a'' !2 t"e time. T"ats rea''%. rea''% imp!rtant. T"ere are s!me services /"ic" "ave 'evera-ed t"at. I'' ta'3 a4!$t t"ree. 5$st t! -ive %!$ s!me eEamp'es & *4er and a'!. a'! is a c!mpan% !$t !2 L!nd!n. a p!rt2!'i! c!mpan% !2 !$rs. Ever%4!d% 3n!/s t"is st!r%F I d!nt need t! te'' it. 4$t t"e rea'it% is t"at 4eca$se /e are a n!de !n t"e net/!r3 and s!me4!d% drivin- a car !r a taEi is a n!de !n t"e net/!r3. /e can instant'% c!nnect and -et ta3en /"ere /e /ant t! -!. T"is c"an-e=. /"ic"> seems 'i3e s$c" a 'itt'e !ne. is pr!2!$nd'% impactin- t"e /!r'd !2 transp!rtati!n. O2 c!$rse. its impactin- t"e 'im!$sine 4$sinessF !2 c!$rse. its impactin- t"e taEi 4$siness. 4$t its a's! impactin- t"e renta' car 4$sinessF its a's! impactint"e de'iver% 4$siness. )ere seein- a simp'e. rea''% simp'e m!ve t"at. in "indsi-"t. /as 3ind !2 !4vi!$s (!4vi!$s'% n!t as !4vi!$s as it s"!$'d "ave 4een t! $s in t"e r!!m) c"an-in- t"e /!r'd /e 'ive in ver% rapid'%. An!t"er !ne is pa%ments & ,enm! and 8/!''a. S+$are and !t"er services t"at a''!/ %!$ t! "ave. e22ective'%. a /a''et !n %!$r p"!ne. Partic$'ar'% /it" services 'i3e ,enm! and 8/!''a. t"at are peer-t!-peer. %!$ can 'itera''% send m!ne% t! an%4!d% /"! "as t"at app !n t"eir p"!ne as /e''. Its peer-t!-peerF its a net/!r3 & c"an-int"e /!r'd !2 pa%ments dramatica''%. 8atin- & t"eres a service in t"e *nited States. ma%4e its a -'!4a' service. ca''ed Tinder. I "avent dated in t"irt% %ears s! Im n!t a c$st!mer !2 Tinder 4$t ever%4!d% /"! is %!$n- in m% 'i2e te''s me t"at its a -reat /a% t! meet pe!p'e. It 'evera-es '!cati!nF it 'evera-es p"!t!s. a'' t"e t"in-s t"at p"!nes d! s! /e'' and its a net/!r3. Ever%4!d% is c!nnected t! ever%4!d% !n t"e net/!r3. T"!se are t"e t"ree 4i- me-a trends. )"en /e '!!3 at t"e 2$t$re. t"e t"in-s t"at /e sa% t! !$rse'ves a-ain. and a-ain. and a-ain are: net/!r3s n!t "ierarc"iesF ever%t"in-s -!in- t! 4e $n4$nd'ed and %!$ are a n!de !n t"e net/!r3. )"en /e t"in3 a4!$t t"!se t"in-s. t"!se are t"e 2rame/!r3s /e '!!3 at and ever% investment t"at /e '!!3 at. /e p$t t"r!$-" t"at 2rame/!r3. T"at 'eads $s t! t"e t"in-s /e invest in. T"ats s!rt !2 t"e 4ac3dr!p. N!/. Im -!in- t! ta'3 a4!$t 2!$r sect!rs t"at I t"in3 are partic$'ar'% interestin-. T"e 2irst is m!ne%. I ta'3ed a 'itt'e 4it a4!$t pa%ments 4$t I t"in3 t"ere is a '!t m!re t"at is -!in- t! "appen in t"e /!r'd !2 m!ne% ver% +$ic3'% and t"ats 4eca$se !2 Bitc!in. N!t 4eca$se !2 4itc!in t"e c$rrenc% and n!t 4eca$se 4itc!in t"at /ent 2r!m L6? t! L;1<<. 4ac3 t! L0<< and /"atever. /"atever. /"atever... 4eca$se. at its c!re. Bitc!in is a pr!t!c!'. It is. in !$r !pini!n. t"e 2inancia' and transacti!na' pr!t!c!' 2!r t"e Internet t"at /e "ave n!t "ad $nti' n!/. )e "ave n!t "ad a 'a%er !2 Internet in2rastr$ct$re t"at /as -'!4a'F t"at /as distri4$tedF t"at /as n!t !/ned and !perated and c!ntr!''ed 4% an%4!d%F t"at /as tr$'% a pr!t!c!'. $nti' n!/. )"ats m!st interestin- a4!$t t"e Bitc!in pr!t!c!' is t"at t"ere is a 'ed-er ca''ed t"e 4'!c3c"ain /"ic" is -'!4a' and peer-t!-peer. It eEists !n ever% Bitc!in /a''et t"ats !$t t"ere. Ever% Bitc!in transacti!n c'ears p$4'ic'% in t"e 4'!c3c"ain. T"is is a tec"n!'!-%-4ased arc"itect$re t"at '!!3s 'i3e TCPJIPF it '!!3s 'i3e TTPF it '!!3s 'i3e S#TP. t"at entreprene$rs can and /i'' 4$i'd tremend!$s am!$nt !2 tec"n!'!-% and services !ver t"e neEt 2ive !r ten %ears and /e /i'' n!/ see pa%ments. m!ne% 2'!/ !n t"e Internet in t"e same /a% t"at c!ntent 2'!/s !n t"e InternetF in t"e same /a% t"at ima-es 2'!/ !n t"e InternetF in t"e same /a% t"at ever%t"in- e'se t"at /eve c!me t! 3n!/ "appens !n t"e Internet and it /i'' n!t 4e c!ntr!''ed 4% an% c!mpan% 'i3e Pa%Pa'. !r ,ISA. !r #asterCard. T"eir '!c3 !n !$r m!ne% /i'' 4e -!ne and t"ats a 4i- trend and a ver% investi4'e trend. T"e neEt !ne t"at I t"in3 is imp!rtant is "ea't" and /e''ness. and Im n!t ta'3in- a4!$t "ea't"care. ea't"care is a c!mp'icated /!r'd /"et"er %!$ 'ive in E$r!pe !r %!$ 'ive in t"e

*nited States !r %!$ 'ive in !t"er parts !2 t"e /!r'd. D!vernments -!t its 2in-ers in it. It is re-$'atedF it is eEpensive and t"e sit$ati!n is pr!4a4'% -ettin- /!rse a'm!st ever%/"ere in t"e /!r'd. ea't" and /e''ness is t"e !pp!site side !2 "ea't"care. ea't" and /e''ness is /"at 3eeps %!$ !$t !2 t"e "ea't"care s%stem. T"ere. I t"in3. t"ese me-a trends (a'' t"ree !2 t"em) are -!in- t! c!me t! 4ear in a ver% imp!rtant /a%. N!/. /e a'read% see services !$t t"ereF /e a'read% see t"e (it4its. and t"e H$nKeepers. and t"e ($e'Bands and '!ts !2 !t"er t"in-s /"ere pe!p'e are startin- t! /ear devices t"at can rep!rt t! t"em. and t! !t"ers. t"eir vita' si-ns. I t"in3 /e /i'' see m!re and m!re and m!re !2 t"is c!min- ver% +$ic3'%. )e /i'' see -eneticsF /e /i'' see t"e 4i!'!-% !2 !$r !/n 4!d% start t! -et avai'a4'e !n devices t"at /e /i'' /ear and can even 4e. in man% cases. !n t"e p"!ne. #% /i2e N!anne. /"! is "ere (s"es in t"e 4ac3sta-e). is an An-e' invest!r and s"e t!'d me a4!$t a c!mpan% 4ased in Ber'in (/"!se name I /is" I c!$'d remem4er ri-"t n!/ 4eca$se ma%4e t"eir 2!$nder is in t"e a$dience). t"at "as a 'itt'e 2!4 t"at %!$ p$t !n a device (I -$ess is pr!4a4'% t"e ri-"t /!rd) t"at %!$ p$t !n %!$r iP"!ne. 'i3e %!$ p$t t"e S+$are t"in- !n and %!$ d! a 'itt'e sa'iva and it "e'ps /!men /it" iss$es ar!$nd !v$'ati!n and 2erti'it%. T"ats n!t a device %!$re /earin4$t. nevert"e'ess. its a device t"at is c!nnected t! %!$r smartp"!ne t"at can start t! -et vita' si-ns. I t"in3 t"at s!me !2 t"is /i'' 4e pers!na' and private and s!me !2 t"is /i'' 4e net/!r34ased and s!me !2 it /i'' 4e %!$ and %!$r d!ct!rF %!$ and %!$r care-iverF %!$ and %!$r 2ami'%. !r /"atever. T"is is a 4i-. 4i- dea' and I t"in3 it /i'' a''!/ $s t! 4e "ea't"% and /e'' 2!r m$c" '!n-er in !$r 'ives. I 3n!/ s! man% pe!p'e /"! "ave '!st ?<'4s in t"e past c!$p'e !2 %ears 4eca$se !2 t"e a4i'it% t! s!rt !2 -ami2% t"eir !/n /ei-"t '!ss. #% /i2e te''s me t"at )ei-"t)atc"ers is t"e m!st e22ective /ei-"t '!ss pr!-ram s"es ever seen 4eca$se !2 t"e peer press$re. 4$t n!/ /eve added tec"n!'!-% and -ami2icati!n. I 5$st see '!ts !2 pe!p'e -ettin"ea't"ier and 4etter. I t"in3 t"is is -!in- t! 4e pr!2!$nd and imp!rtant. T"e t"ird area t"at I t"in3 is rea''% imp!rtant 2!r a'' !2 $s t! t"in3 a4!$t is data 'ea3a-e. Im n!t ta'3in- a4!$t 4i- data. I t"in3 /e a'' 3n!/ /"% 4i- data is s! imp!rtant - mac"ine 'earnin- and a'' t"at st$22. 4$t I read s!met"in- a c!$p'e !2 /ee3s a-! t"ats "ad a 4i- e22ect !n me. )"at t"e% said /as /"en t"e ind$stria' rev!'$ti!n came a'!n-. /e started p!''$tinand %et /e didnt d! an%t"in- a4!$t t"e ind$stria' p!''$ti!n 2!r a'm!st a cent$r%. (ina''%. /e started t! c'ean t"is a'' $p and its a '!t !2 c'ean$p and a '!t !2 mess and it /!$'d "ave 4een 4etter "ad /e 4een 2!c$sed !n t"e p!''$ti!n =!n> da% !ne. In t"e in2!rmati!n rev!'$ti!n. t"e p!''$ti!n is data. Its t"e data eE"a$stF its t"e data t"at 'ea3s !$tF its t"e data t"ats 'ettin- !$r -!vernments sp% !n $sF its t"e data t"ats 'ettin- D!!-'e sp% !n $s and (ace4!!3 sp% !n $s. and !t"er services sp% !n $s /"en /e d!nt /ant t"em t!. In man% cases. Im ver% "app% t! "ave m% -!vernment. and D!!-'e. and (ace4!!3. and !t"ers sp% !n me 4$t t"ere are times /"en I /!$'d pre2er t"at n!t t! "ave "appened. )e d!nt "ave c!ntr!' !ver t"at. I t"in3 t"at -ettin- c!ntr!' !ver data 'ea3a-e. 4!t" at t"e individ$a' 'eve' and t"e s!cieta' 'eve' is imp!rtant and s!me/"at re'ated t! t"e 2!$rt" 4i- area. /"ic" I t"in3 is imp!rtant. /"ic" is tr$st and identit%. )e "ave. in t"e tec" ind$str%. a''!/ed D!!-'e and (ace4!!3 and. t! s!me eEtent. AmaG!n and T/itter. t! essentia''% 4e !$r identit% service. )e '!- int! services a'' da% '!n-. a$t"in- /it" t"eir services. and t"ats ver% c!nvenient and I d! it a'' t"e time and Im s$re a'' !2 %!$ d! it a'' t"e time 4$t. essentia''%. /"at /ere d!in- is /ere -ivin- t"em access t! ever%t"in- /e d!. T"ere /i'' 4e. I predict. a Bitc!in-'i3e service & a pr!t!c!'. t"ats distri4$ted in -'!4a'. n!t c!ntr!''ed 4% an%4!d%F t"ats arc"itected 'i3e t"e Internet t"at /i'' emer-e. t"at /i'' a''!/ $s t! d! t"e same t"in- in a manner t"at /e c!ntr!' and t"at -ives $s c!ntr!' !ver !$r identit%. tr$st and data. )"en t"at emer-es. I'' 'et %!$ a'' 3n!/. I "avent seen it %et. Im ver% eEcited a4!$t it. T"ats it. T"!se are m% t"!$-"ts. Ive -!t 2ive min$tes 'e2t s!. "!pe2$''%. L!ic can c!me !$t and /e can "ave a +$ic3 c"at a4!$t a'' t"at. =1@:<;>

LLM: T"an3 %!$. (red. (C'appin-). =1@:<1> FW: Are %!$ /earin- a D!!-'e D'assA =1@:<7> LLM: Ces. /"% n!tA (La$-"ter) =1@:<@> FW: 8!nt 2i'm me9 (La$-"ter) )"ere d! %!$ /ant me t! sitA =1@:<M> LLM: Ces. Im s$pp!sed t! sit "ere. act$a''%. =1@:;1> FW: T"ats c!rrect. (La$-"ter) I /as t!'d 4ac3sta-e Im s$pp!sed t! sit "ere. =1@:;?> LLM: S!metimes its di22ic$'t t! 2!''!/. T"an3 %!$ 2!r s"arin- a'' !2 t"is. =1@:;B> FW: Cep. its m% p'eas$re. =1@:;M> LLM: I /as /!nderin- /"at %!$ /ere t"in3in- a4!$t /as %!$ d!nt mind i2 I ta3e a pict$re !2 %!$. ri-"tA =1@:16> FW: N!. -! ri-"t a"ead. =1@:17> LLM: Can I treat it. as /e''A =1@:1?> FW: A4s!'$te'%. =1@:1@> LLM: OK. ver% -!!d. 8!ne. )"at d! %!$ t"in3 a4!$t t"isA Is t"at a trend. !r is t"at... =1@:6<> FW: I d!nt see a '!t !2 pe!p'e /a'3in- d!/n t"e street /earin- D!!-'e D'ass s! I t"in3 its c!min- 4$t I d!nt t"in3 t"at... t"is is t"e Ne/t!n !2 c!mp$ters and -'asses. I t"in3. Its -!int! ta3e a ne/ 2!rm 2act!r 4$t I t"in3... =1@:7@> LLM: Ne/t!n is prett% -!!d. I t"in3 4eca$se. /it" Ne/t!n. %!$ /!$'d sa% =it> ar-$a4'% /as t"e 2irst iP"!ne. =1@:7M> FW: Hi-"t. eEact'%. N!. t"e%'' -et t"is ri-"t. I 5$st d!nt t"in3... =1@:?1> LLM: S! its n!t a se-/a%A =1@:?6> FW: N!. N!. n!. n!. Its c!min-. (La$-"ter) =1@:?0> LLM: Its c!min-. =1@:?B> FW: Cea". 4$t I t"in3. %!$ 3n!/ - "!/ man% pe!p'e in t"e a$dience /!$'d /ear t"is 5$st /a'3in- d!/n t"e streetA =10:<7> LLM: N$st raise %!$r "and. ()aits) A""". =10:<@> FW: A'ri-"t. T"ats a '!t m!re t"an I t"!$-"t. T"ats pr!4a4'% a4!$t ;<-;?K !2 t"e a$dience. =10:;<>

LLM: Cea". ;<K !r ;?K !2 t"e a$dience. =10:;6> FW: #a%4e I !$-"t t! -et /it" t"e pr!-ram. #a%4e Im t"e L$ddite. =10:;?> LLM: !/ d! %!$ see it ev!'veA C!$ t"in3 its -!in- t! disappear in !$r c!ntact 'ensesA =10:;B> FW: N!. I t"in3 it /i'' 5$st disappear int! t"e 2rame. /!$'d 4e m% -$ess. Its t!!. I t"in3 - its t!! !4vi!$s ri-"t n!/ and I t"in3 t"eres a '!t !2 pe!p'e /"! "ave a ne-ative reacti!n t! it. N!/. !n t"e !t"er "and. at 'east %!$re 4ein- c'ear a4!$t /"at %!$re d!in-. )"en it m!ves int! t"e 2rame. I t"in3 t"en. in s!me /a%s. its /!rse 4eca$se pe!p'e d!nt even 3n!/ t"at t"e%re 4ein- p"!t!-rap"ed. =10:76> LLM: Ces. especia''% as t"ere is n! red 'i-"t as it d!es it. =10:70> FW: Hi-"t. =10:70> LLM: An%/a%. t"at /as t"e D!!-'e D'ass +$esti!n. I a-ree its a 'itt'e intr$sive. I /!re t"em in t"e #etr! %esterda% 5$st t! see. =10:??> FW: AndA 8id %!$ -et attac3edA =10:?0> LLM: N!. n!. n!. (La$-"ter) (rance is ver% sec$re. C!$ 3n!/ Paris is a -reat cit%. t!!. =1B:<7> FW: N!. I 5$st "eard t"at pe!p'e "ave -!tten attac3ed in t"e Ne/ C!r3 s$4/a% s%stem 2!r /earin- t"!se. =1B:<0> LLM: O". rea''%A =1B:<B> FW: I -$ess Paris is 5$st m$c" m!re acceptin- !2 tec"n!'!-%. (La$-"ter) =1B:;;> LLM: Pr!4a4'%. (red. "!/ d! /e -et %!$ t! investA C!$ ma3e !ne !r t/! investments a %ear. ri-"tA N!t evenA =1B:1<> FW: I d! !ne !r t/! investments a %ear. O$r 2irm d!es B-;<. ma%4e a 2e/ m!re s!metimes. C!$ 3n!/. an%t"in- t"at 2its int! t"at 2rame/!r3 I 5$st -ave is ri-"t $p !$r p!/er a''%. =1B:67> LLM: S!. ne/ c$rrenc%A A ne/ Bitc!in /e can c!me and pitc" %!$A =1B:6B> FW: A4s!'$te'%. a4s!'$te'%. =1B:6M> LLM: !/ craG% d! %!$ 'i3e - can %!$ -!A I'' start a ne/ 4$siness !ne da%. "!pe2$''%. an!t"er !ne. I 'i3e t! as3 /"at pe!p'e t"in3 I s"!$'d 4e d!in-. I as3ed t"at +$esti!n t! E'!n #$s3 t/! da%s a-!. E'!n /as 'i3e & O". %!$ s"!$'d start an e'ectric p'ane c!mpan%. It mi-"t ta3e %!$ L; 4i''i!n and ten !r 2i2teen %ears. 4$t its interestin-. Are %!$ '!!3in- 2!r... t"ats an eEtreme. !2 c!$rse. =1M:;;>

FW: T"e 3inds !2 t"in-s t"at E'!n d!es & t"e e'ectric p'anes. and t"e %per'!!p. and t"e SpaceI. and t"e Tes'a & t"!se arent t"in-s t"at interest me and t"!se arent t"in-s t"at interest !$r 2irm. T"!se are -reat t"in-s and I /is" m!re pe!p'e /!$'d d! t"!se. =1M:17> LLM: )"% n!tA Its t!! 2ar a/a%A =1M:1?> FW: )e d!nt "ave a vie/... /e d!nt t"in3 /e "ave a $ni+$e vie/ and p!int !2 vie/ a4!$t t"!se. T"e vent$re capita' 4$siness. 'i3e t"e 4$siness !2 entreprene$rs"ip. is a ver% c!mpetitive 4$siness and I t"in3 t"e !n'% /a% t"at %!$ /in is 4% 3n!/in- /"at %!$re -!!d at and /"at %!$re n!t -!!d at and stic3in- t! /"at %!$re -!!d at. T"ats m% 2ee'in-. an%/a%. =1M:7M> LLM: OK. N!. I /!$'d '!ve t! ta3e m!re +$esti!ns 4$t it '!!3s 'i3e /ere -!in- t! 4e !$t !2 time s! Im -!in- t! as3 %!$ !ne m!re. )"at are t"e t/! !r t"ree c!mpanies %!$re '!!3in=at> ri-"t n!/A -T"at %!$ "ave invested. !r n!tF t"at %!$ '!!3in- at ri-"t n!/ t"at %!$ t"in3 are rea''% interestin-. =6<:<?> FW: T"in-s t"at /ere a'read% invested in...A =6<:<@> LLM: N!.... =6<:<0> FW: T"in-s t"at /ere interested in investin- inA =6<:<M> LLM: !/ a4!$t... /"ats %!$r neEt investmentA =6<:;<> FW: Let me ta'3 a4!$t a c!mpan% t"at /e 5$st ann!$nced. I s$re "!pe /e ann!$nced it 4eca$se i2 /e didnt. I'' 4e ann!$ncin- it ri-"t "ere. )e invested in a c!mpan% in t"e Ba% Area ca''ed $man 8I. $man 8I is tr%in- t! marr% mac"ine 'earnin- /it" "$man dia-n!sis. T"e%re ta3in- medica' sc"!!' st$dents and t"e%ve created a -ame t"at medica' st$dents can p'a% /it" eac" !t"erF /"ere t"e% create cases and t"e% s!'ve cases and a'' !2 t"is data t"en -ets p$t int! mac"ine 'earnin- a'-!rit"ms and t"e% "!pe t! train t"ese mac"ines t! essentia''% d! medica' dia-n!sis. I2 /e can train mac"ines t! d! medica' dia-n!sis. t"en d!ct!rs /i'' "ave t!!'s t"at /i'' ma3e t"em m!re e22icient. Pe!p'e /i'' 4e a4'e t! 3n!/. even /it"!$t -!in- t! a d!ct!r /"et"er t"e% are rea''% sic3 and t"en %!$ start t! -et a'' t"e +$anti2ied se'2-data -!in- int! t"!se a'-!rit"ms. I t"in3 t"e%re a ver% imp!rtant t"in- s! Im eEcited a4!$t t"at. =6;:<@> LLM: C!$re eEcited 4% t"e 2act t"at /e'' "ave m!re and m!re data a4!$t !$rse'vesA =6;:<M> FW: C!rrect. =6;:<M> LLM: C!$re ri-"t. )"en %!$ drive a car. %!$ "ave a '!t !2 data a4!$t t"e car and /e "ave n!t"in- a4!$t !$r 4!d%. ri-"tA =6;:;7> FW: )e''. !t"er t"an t"e 2act t"at /e 2ee' 4ad. ri-"tA -And /e d!nt 3n!/ /"%. (La$-"ter) =6;:;0> LLM: Te'' me a4!$t t"at. In ten %ears. /e'' 4e m!nit!rin-... /e'' "ave a device t"at te''s $s /"ats "appenin- in !$r 4!d%A =6;:1M>

FW: Cea". I t"in3 in ten %ears... n!t !n'% t"at. I t"in3 it /i'' c"an-e t"in-s 'i3e ins$rance. I "ad '$nc" /it" #aE Levc"in 'ast /ee3 and #aE "as a c!mpan% 4ased in C"ina ca''ed D'!/. N!t !n'% is it an app t! "e'p /!men. /"! are tr%in- t! -et pre-nant. t"e%ve a's! 4$i't an ins$rance pr!d$ct as part !2 t"at. Basica''%. /"at "appens is & %!$ -et t"e app and i2 %!$ /ant t! pa% s!me m!ne% ('ets ca'' it L;<<<. L1<<<. I d!nt 3n!/ t"e eEact 2inancia' detai's). %!$ $se t"e app 2!r a %ear and i2. a2ter a %ear. %!$ cann!t -et pre-nant $sin- t"e app. t"e% /i'' pa% 2!r an invitr!. /"ic" is ver% eEpensive. N!/ %!$ start t! see entreprene$rs marr%in- t"e /!r'd !2 ins$rance /it" t"e /!r'd !2 +$anti2ied se'2 and 4e"avi!r c"an-in- apps. I t"in3 t"eres 5$st tremend!$s !pp!rt$nit% in t"at sect!r. =61:;@> LLM: T"is is amaGin-. (red. *n2!rt$nate'%. /e are !$t !2 time. I rea''% /ant t! t"an3 %!$ 2!r s"arin- a'' t"!se t"in-s 4eca$se it /as +$ite a c"a''en-e. )"en I invited (red t! spea3. I said. "!/ a4!$t %!$ predict t"e 2$t$re 2!r t"e neEt ten %ears. (La$-"ter) =61:10> FW: N!. I t"in3 /e 5$st 3ind !2 -ave an idea !2 /"at it mi-"t '!!3 'i3e. =61:6;> LLM: C!$ did it -reat and I "!pe %!$ c!me 4ac3 neEt %ear. I 3n!/ %!$ 'i3e Paris. =61:6?> FW: Id 'i3e t! 4e 4ac3. =61:6@> LLM: EEce''ent. T"an3 %!$ s! m$c". (red. =61:6B> FW: T"an3 %!$. =61:6B> LLM: T"an3 %!$ ver% m$c". =61.7<> :::::::::::::::::::::::::::::: ABL: T!da% is T"$rsda%. ;1t" 8ecem4er. 1<;6. I am 5!ined. as $s$a'. 4% Step"anie #$rp"% and Andreas Ant!n!p!$'!s. =66:<6> SM: e''!. =66:<7> AA: i. ever%!ne. =66:<?> SM: )ere at t"e same ta4'e. =66:<@> AA: (ina''%. (La$-"ter) =66:<0> ABL: )e "ave 5$st c!mp'eted - Andreas m$c" m!re s! t"an Step"anie !r I - "ave c!mp'eted a rat"er /"ir'/ind c!$p'e !2 da%s - 2irst t"e Ar-entinian c!n2erence and n!/ t"e c!n2erence in ,e-as. T"e% /ere t/!. it seems 'i3e. ver% di22erent events 4$t t"e% 3ind !2 4!t" spea3 t! t"e same s!rt !2 eEp!nentia' -r!/t" t"at /ere seein-. n!t 5$st in terms !2 pricin- 4$t m!re imp!rtant'% in terms !2 pe!p'e /"! are interested in terms !2 ad!pti!n. in terms !2 pe!p'e /"! are /antin- t! 'earn. )ere a'' a 4it tired "ere 4$t I t"!$-"t it /as rea''% imp!rtant t"at /e "ave a sit-d!/n /"i'e /e "ave t"e !pp!rt$nit% t! (4eca$se it "appens s! in2re+$ent'%). )e /ere ta'3in- a4!$t it 4e2!re t"e s"!/ and t"e 'ast time t"at /e /ere a'' in t"e same r!!m

t! act$a''% rec!rd s!met"in- /as at t"e San N!se c!n2erence. /"ic" /as t"e 2irst time t"at /e "ad a'' met and t"e 2irst c!n2erence t"at /e "ad attended a4!$t Bitc!in. I 5$st 3ind !2 /anted t! ta'3 a4!$t t"ese t/! c!n2erences t"at "ave 5$st !cc$rred in t"e c!nteEt 4!t" !2 /"ats -!in!n ri-"t n!/ in Bitc!in 4$t a's! in t"e 4r!ader c!nteEt !2 t"e %ear t"at /eve "ad and /"at "as c"an-ed since /e started t"is pr!5ect. )ere n!t even a %ear int! Lets Ta'3 Bitc!in and s! m$c" "as c"an-ed t"at it 2ee's 'i3e its 4een 2ive %ears. Andreas. t"e Ar-entinian c!n2erence started 2irst. I /as "!pin- t"at I c!$'d "ave -!ne t! it 4$t it /!$nd $p n!t rea''% /!r3in- 2!r me t! -!. I /as ver% -'ad t"at %!$ /ere a4'e t! attend and spea3 t"ere. Can %!$ te'' $s a4!$t t"e event and /"at %!$r impressi!ns !2 it /ereA And 5$st !2 Ar-entina. 4r!ad'%A =67:16> AA: I "ad t"e same 2ee'in- in At"ens 4e2!re t"at and in Ar-entina. T"eres t"is pa'pa4'e sense !2 p$rp!se. and princip'e. and c!mmitment. and passi!n a4!$t Bitc!in t"at %!$ simp'% d!nt -et "ere in N!rt" America. I t"in3 t"at c!ntrast 4ecame s! 4'atant a2ter I 'e2t Ar-entina and came "ere and eEperienced t"e !t"er side !2 t"at c!in. )ere rea''% seein- a diver-ence !2 t"e c!mm$nities. Its a 4it /!rr%in- 2!r me 4eca$se I 'ive in San (rancisc! and I /ant t! c!ntin$e 'ivin- in San (rancisc!. 4$t it seems t! me t"at t"e Bitc!in c!mm$nit% in N!rt" America is increasin-'% en-a-in- in t"is nava'--aGin- and distracti!n !ver trivia'ities. ere /e are in Ar-entina and t"e narrative ar!$nd Bitc!in & I "ad pe!p'e and c!me t! me and sa%. Om% parents /ere t!rt$red 4% t"e previ!$s re-ime and I c!me "ere in 2ear !2 m% 'i2e 4$t its s! imp!rtant t! 4e "ere t!da%.P )"! c!$'d sa% t"at at !ne !2 t"ese c!n2erencesA T"e ada-e t"at in dar3ness. t"e 'i-"t s"ines 4ri-"test. I "ad t"at pa'pa4'e sense /"en I /ent t! t"e c!n2erences in At"ens and t"e c!n2erence in Ar-entina. ere in N!rt" America. /e start /it" tr%in- t! eEp'ain t! pe!p'e t"e O/"%P !2 Bitc!in - tr%in- t! divert t"e c!nversati!n 2r!m 4itc!in as a c$rrenc% and a spec$'ative investment. t! eEp'ainin- t"e eart"-s"a3in- impact it can "ave 2!r t"e !t"er siE 4i''i!n. T"en /e "ave t! ta'3 a4!$t t"e O"!/P !2 Bitc!in. T"at c!nversati!n /as entire'% $nnecessar% in Ar-entina. T"e% a'read% $nderstand /"%. T"e% /ant t! 3n!/ "!/ and t"e% /ant it n!/. T"ats t"e same sense I -!t in At"ens and I t"in3 t"ats rea''% /"ats "appenin- in t"e rest !2 t"e deve'!pin- /!r'd. (!r t"em. Bitc!in is n!t an !cc$pati!n. an ind$str%. an investment. Its n!t an !pp!rt$nit% t! ma3e ,C m!ne% and stri3e it ric". Its an !pp!rt$nit% t! divest !ppressive re-imes !2 t"eir p!/er and t! ac"ieve individ$a' emp!/erment 2!r 'i4ert% in s!me !2 t"e dar3est c!nditi!ns in t"e /!r'dF p'aces /"ere 4ein- inv!'ved in t"e c!mm$nit% means ris3in- %!$r 'i2e. %!$r "!$se. %!$r 2ami'%. T"e% d! it an%/a% 4eca$se t"e% $nderstand t"e p!/er !2 t"is t!!' 2!r a22ectin- c"an-e and n!t a22ectin- c"an-e t"r!$-" t"e p!'itica' pr!cess 4$t a22ectin- c"an-e direct'% 4% rem!vint"e 'evers !2 p!/er 2r!m -!vernment c!ntr!' !ver t"e c$rrenc%. T"e% $nderstand t"e imp!rtance !2 t"atF !2 de2$ndin- t"e /ar mac"ineF !2 de2$ndin- t"e p!/ers !2 !ppressi!n. I c!me t! Las ,e-as and /ere ta'3in- a4!$t /"!s raisin- t"e m!st ,C capita' and /"at t"e neEt pa%ment app'icati!n is s! t"at /e can ena4'e 2ricti!n'ess s"!ppin-. Dive me a 4rea39 I /as rea''% 5$st disapp!inted. (!r me. t"e c!n2erences in t"e deve'!pin- /!r'd !22er me an !pp!rt$nit% t! -ain perspective... t! -ain perspective as a /"ite. ma'e. En-'is"-spea3in- man /"! cann!t "ave perspective /it"in t"is envir!nment 4eca$se I -! t! t"ese c!n2erences and I 'earn. I 'earn 2r!m t"e c!mm$nities t"at are app'%in- t"is !n t"e -r!$nd and t"e 2r!nt 'ines t! a22ect massive s!cieta' c"an-e. Beca$se !2 t"at. I "ave made t"e decisi!n t! 'imit m% inv!'vement in N!rt" America and )estern E$r!pe and t! spend 1<;7 2!c$sin- entire'% in S!$t" East Asia. Eastern E$r!pe. #idd'e East. and Latin America 4eca$se t"ere. /e are ta'3in- a4!$t $sin- Bitc!in t! a22ect massive c"an-e and n!t t! enric" m!re 4an3ers and n!t t! "e'p ,Cs. T"e c!nversati!n is s! radica''% di22erent "ere in ,e-as. T"e c!nversati!n /as a4!$t & 8! /e need t! p'a% nice /it" t"e re-$'at!rsA 8! /e need t! appease t"e -!vernment 'e-a' str$ct$reA 8! /e need t! pr!ve !$r 'e-itimac%A Q$ite "!nest'%. t"e !t"er siE 4i''i!n d!nt -ive a s"it 4eca$se t"e% 3n!/ /"ere t"e 'e-itimac% 'ies and t"e% 3n!/. m!re

imp!rtant'%. t"at t"ere is n! 'e-itimac% /it" t"eir -!vernment. T"ats a c!mp'ete'% di22erent c!nversati!n and I 2!$nd it emp!/erin-F it increased m% 'eve' !2 passi!n a4!$t t"e t!pic and I rea''% cant t!'erate t"ese nava'--aGin- disc$ssi!ns t"at are s! irre'evant t! t"e 4i- pict$re. =6B:76> ABL: T"eres a'm!st a c!rre'ati!n 4et/een t"e price !2 t"e tic3et 2!r a c!n2erence 4et/een t"e t%pe !2 pe!p'e t"at %!$ -et /it" 'i3e... t"e 'ess eEpensive c!n2erences caterin- t! pe!p'e /"! are m!re !n t"e anarc"ic side. !r m!re !n t"e c!re !2 Bitc!in - its an!n%mit% side. On t"e !t"er side !2 it. %!$ve -!t... t"is tic3et. I t"in3. at t"e d!!r /as L0<< 2!r t"e t/!-da% event 2!r t"e ,e-as t"in-. At t"at rate. %!$ve -!t pe!p'e /"! are invest!rsF %!$ve -!t pe!p'e /"! are '!!3in-... s! I mean. t! a certain eEtent. t"e% are caterin- t"e c!nversati!n and I can $nderstand /"% %!$re tar-etin- a'' !2 %!$r e22!rts /"ere %!$ 2ee' 'i3e %!$ can "ave t"e -reatest impact. 4$t d!es t"at mean t"at t"e% s"!$'dnt 4e "avin- t"e c!nversati!nA =6M:;0> AA: N!. I t"in3 t"e c!nversati!n is $se2$' 4$t I t"in3 !ne !2 t"e ris3s /e 2ace ri-"t n!/ is t"at /ere n!t -ainin- t"e advanta-es !2 -!in- mainstream 4$t /ere a'read% s$22erin- s!me !2 t"e c!nse+$ences. One !2 t"!se c!nse+$ences is t"e 2act t"at pe!p'e eEterna' t! Bitc!in. pe!p'e /"! d!nt "ave t"e princip'es and ide!'!-% 4e"ind Bitc!in and /"! see it. primari'%. as a /a% !2 ma3in- m!ne% are !r-aniGin- t"ese c!n2erences. T"e res$'t %!$ -et is a c!n2erence /it" an a-enda t"at re2'ects. I /!$'dnt sa% t"eir va'$es. I /!$'d sa% it re2'ects n! va'$es. It is simp'% a -ra4 4a- !2 rand!m spea3ers and rand!m a$dience mem4ers t! p$t t!-et"er an event and ma3e s!me m!ne% !22 t"e tic3ets. =7<:<<> ABL: T"ere needs t! 4e a p!int. 4asica''%. It cant 5$st 4e & e%. t"is is a Bitc!in c!n2erence s! %!$re inv!'ved /it" Bitc!in in t"is /a% and t"at /a%. and %!$re inv!'ved in t"at and a'' !2 %!$ 5$st d! s!met"in-. )e /!r3 /it" #edia4istr! and /e /ere a media partner !n t"is event. I en5!% t"ese events a '!t. T"ere /as a4!$t a t"!$sand pe!p'e "ere and /e met "$ndreds !2 'isteners and ver% passi!nate pe!p'e /"! are ver% m$c" !n t"e idea'ist side. /"! I t"in3 rec!-niGe a '!t !2 t"e va'$es t"at %!$re ta'3in- a4!$t. =7<:16> AA: I en5!%ed t"at. a4s!'$te'%. I mean. t"is /as a c!n2erence a4!$t meetin- t"e pe!p'e !2 Bitc!in /"! came 2r!m man% parts !2 t"e c!$ntr% and I -!t t! spea3 t! a '!t !2 pe!p'e /"! I /!$'dnt !t"er/ise see in pers!n. 4$t m!st !2 t"at "appened !$tside t"e sessi!ns. T"eres n!t"in- /r!n- /it" t"ese events. 4$t /"at /ere -!in- t! see !ver t"e neEt %ears is an eEp'!si!n in c!n2erences. =7<:71> SM: T"e%re -!in- t! specia'iGe t"!$-" 4eca$se it 5$st cant 4e a Bitc!in c!n2erence... =7<:70> ABL: Seems 'i3e t"e% "ave t!. =7<:7B> SM: Cea". and t"e% a'read% are. I mean. /it" t"e At'anta c!n2erence. it /as m!re eEp'icit'% 2!c$sed !n & OK. t"is is a 'i4ertarian c!n2erence and its a4!$t Bitc!in. T"ats /"at /ere -!in- t! see. )ere -!in- t! see t"e Bitc!in s"!ppin- c!n2erence. and t"e Bitc!in deve'!pment c!n2erence. and a'' 3inds !2 !t"er st$22. )ere at t"is a/3/ard in-4et/een p"ase ri-"t n!/. /"ere t"e%re n!t rea''% t"at specia'iGed. C!$re -ettin- a mis" mas" !2 pe!p'e and a '!t !2 t"em are -!in- end $p dissatis2ied. I t"in3. 4eca$se !2 t"at. Andreas. I 2ee' a 'itt'e sad. "!nest'%. /"en I "ear %!$ sa% %!$re n!t interested in d!in- t"ese N!rt" American c!n2erences 4eca$se I t"in3 %!$r v!ice is needed. C!$ /ere t"e !n'% !ne. !r !ne !2 t"e !n'%

spea3ers t"at I "eard. rea''% spea3in- $p and sa%in- & '!!3. st!p 2ramin- t"e disc$ssi!n in s$c" a /a% t"at Bitc!in needs t! pr!ve its 'e-itimac% 4% 3issin- t"e 4!!t !2 t"e re-$'at!rs. T"ats 4$''s"it9 C!$ ca''ed it !$t ver% c!$ra-e!$s'%. I2 %!$re n!t t"ere t! d! t"at. s!me!ne e'se is -!in- t! "ave t! d! t"at and its t!! 4ad. =7;:7B> AA: I t"in3 its n!t 5$st a matter !2 '!cati!n. I t"in3 t"e iss$e "ere is /"at I /!$'d 'i3e t! see in N!rt" America. I am participatin- in a c!$p'e !2 ver% care2$''% se'ected c!n2erences in N!rt" America. (!r eEamp'e. Im -!in- t! 4e inv!'ved in t"e T!r!nt! c!n2erence and t"e reas!n 2!r t"at is 4eca$se its t"e 3ind !2 c!n2erence t"ats !r-aniGed 4% t"e '!ca' c!mm$nit%. Its a -rassr!!ts e22!rt. It c!mes 2r!m /it"in t"e Bitc!in c!mm$nit% !2 t"at area and it "as a p!int !2 vie/. T"ats -!in- t! 4ec!me increasin-'% imp!rtant. C!$ "ave t! -! int! t"ese c!n2erences /it" a p!int !2 vie/. Ot"er/ise. /"at %!$re -!in- t! end $p /it" is a '$3e/arm mis" mas". as %!$ said. !2 di22erent perspectives t"at are rea''% n!t t"at imp!rtant. T! me. t"e rea' iss$e "ere is t"at /e "ave a $ni+$e !pp!rt$nit%. n!t 5$st t! 2rame t"e narrative. 4$t t! a's! d! imp!rtant /!r3. /!r'd-c"an-in- /!r3 "ere. Bitc!in is s! m$c" m!re imp!rtant t"an a pa%ment s%stem. *n'ess %!$ 4rin- t"at p!int !2 vie/ 2!r/ard. essentia''% /"at /ere -!in- t! d! is c!ndemn !$rse'ves. "ere. t! irre'evance. Li3e I said %esterda% at t"e c!n2erence. i2 t"e *.S. tries t! re-$'ate a/a% Bitc!in. /"! '!sesA N!t Bitc!in. T"e *.S. '!ses 4eca$se /ere a'' -!in- t! m!ve a/a% and d! !t"er t"in-s. S! is t"e investment. and t"e inn!vati!n. and t"e 5!4s. and a'' !2 t"e t"in-s t"at can c!me !$t !2 Bitc!in and t"e *.S. 4ec!mes a 4ac3/ater. I d!nt /ant t! see t"at "appen. I /ant t! 'ive in San (rancisc!. I 'i3e it and I /ant t! 4e a4'e t! "ave an impact "ere. 4$t in !rder t! d! t"at. /e "ave t! m$c" m!re se'ective. I t"in3. a4!$t t"e events /e -! t!. A's!. enc!$ra-e t"e '!ca' c!mm$nities t! start 2r!m t"e -rassr!!ts. (!r t"at. %!$ d!nt need m!ne%. T"ats t"e t"in- a4!$t Bitc!in & !r-anic -r!/t" and sp!ns!rs"ip and An-e's and man% !2 t"e !ri-ina' Bitc!iners. /"! "ave n!/ a nice capita' 4ase. can "e'p $s d! t"at 3ind !2 /!r3 and 4rin- t"e ri-"t 'eve' !2 messa-e and t"e ri-"t t!ne t! t"is disc$ssi!n. I t"in3 its m$c" m!re imp!rtant t! see m!re !2 t"at. I2 %!$re in an envir!nment /"ere %!$ d!nt "ave a c!n2erence in %!$r State. d!nt /ait 2!r s!me event c!mpan% t! tr% and 4$i'd s!met"in- c!mmercia' ar!$nd Bitc!in. s!met"in- !pp!rt$nistic. Im ver% t"an32$' 2!r #edia4istr! and t"e /!r3 t"e%ve d!ne. T"e%ve "e'ped pr!m!te Bitc!in. T"e%ve "e'ped 4rin- t"e disc$ssi!n t!-et"er. At t"e same time. I t"in3 /ere -!in- t! -et a '!t m!re va'$e i2 /e see t"e '!ca' Bitc!in c!mm$nit% startin- t"eir !/n. Brin- t"e p!int !2 vie/ and t"e a$dience /i'' 2!''!/ and t"e sp!ns!rs"ip /i'' 2!''!/. C!$ can ma3e s!me incredi4'e events. T"ese pe!p'e in Ar-entina "ad n! capita' 4ase t! start /it". T"e% 5$st came $p /it" an idea. T"e% sa/ s!me !2 t"e ta'3s /e did in San N!se and t"e% decided t"ats t"e p!int !2 vie/ /e need t! 4rin- t! Ar-entina. T"e% s/eated !$t t"e detai's. and t"e% /!rried a4!$t n! !ne s"!/in- $p. and t"e% /!rried a4!$t n! sp!ns!rs c!min-. and it 5$st came t!-et"er int! t"is incredi4'e event. )ere -!in- t! see t"at "appenin- m!re and m!re and /e s"!$'d 4e d!int"at ri-"t "ere in t"e States. =77:76> ABL: T"e para''e' t"at is !2ten $sed /it" Bitc!in is. t"e Internet. ri-"tA In M6. t"ere /ere c!mpanies 'i3e #edia4istr!... I t"in3. act$a''%. #edia4istr! is !ne !2 t"em t"at /ere d!inc!n2erences a '!t 'i3e t"is 2!r pe!p'e a '!t 'i3e $s. /"! sa/ t"e 2$t$re (in t"at case. t"e% sa/ t"e 2$t$re !2 t"e Internet. c!mm$nicati!ns and t"in-s 'i3e t"at). S! t"en. t"e ven$e needs t! 4e made 2!r pe!p'e t! 4e 4r!$-"t t!-et"er. It seems 'i3e c!mpanies 'i3e t"is t"at act !pp!rt$nistica''% a'm!st cata'%Ge t"in-s t"at arent !pp!rt$nistic. =7?:;;> SM: T! pic3 $p !n %!$r para''e' t! t"e Internet. m% partner. Brian. n!ticed at t"e San N!se c!n2erence (seven m!nt"s a-! n!/) t"at - "e said it 2ee's d!tc!m-%. Ive -!tten t"at 2ee'in- a n$m4er !2 times since t"en /"ere %!$ 5$st see t"ere are a'' t"ese Bitc!in start-$ps. Pe!p'e are

ta'3in- a4!$t t"em as i2 & O". i2 %!$ "ave an idea 2!r a Bitc!in c!mpan%. it cant 2ai'F its a -!!d idea. T"ere are even pe!p'e sa%in- & L!!3. Ive -!t t! c!me $p /it" an idea s! I can -et s!me m!ne% & 5$st 'i3e %!$ 4!t" n!ted. Cea". s!me !2 t"ese Bitc!in start-$ps are -!in- t! 2ai'. S!me !2 t"em are n!t -!!d ideas. T"ere is s!me dan-er t"ere 2!r ma'investment !2 res!$rces. !2 m!ne%. !2 5$st n!t pa%in- attenti!n t!. 'i3e Andreas /as sa%in-. t"e 4i--er pict$re... =7?:?6> AA: Its d$m4 m!ne%. =7?:?7> SM: .../"at Bitc!in can rea''% d!. =7?:??> AA: T"eres s! m$c" d$m4 m!ne% 2'!/in- int! Bitc!in ri-"t n!/. T"is is t"e "!t t!pic. Ever% ,C !n t"e p'anet... =7@:<;> SM: 8$m4 m!ne%. %!$ mean. pe!p'e /"! d!nt $nderstand Bitc!inA =7@:<6> ABL: Pe!p'e /"! d!nt....=7@:<7> AA: ...t"at d!nt $nderstand Bitc!in 4$t. m!re imp!rtant'%. d!nt $nderstand /"% - /"% Bitc!in is imp!rtant and /"at impact it can "ave !n t"e /!r'd. I "ave n! pr!4'em /it" ,Cs sittin- ar!$nd a ta4'e ri-"t n!/ sa%in- & )e need a Bitc!in strate-% and /e need t! 2i-$re !$t "!/ t! -et int! t"is mar3et. )e a4s!'$te'% need t! transiti!n int! t"e mainstream. Transiti!nin- int! t"e mainstream re+$ires $s t! di'$te t"e ide!'!-%. !2 c!$rse. )ere -!in- t! "ave !$r AOL m!ment. T"at m!ment /"en AOL d$mped ;7 mi''i!n ne/ $sers !nt! t"e Internet and ever%!ne /"! /as a'read% !n t"e Internet ca''ed t"at RB'ac3 #!nda% and /ere "!rri2ied 2r!m a'' t"e ne/4s t"at -!t d$mped int! !$r pristine. per2ect $t!pian c!mm$nit%. C!$ cant -et t! a s$ccess2$' ad!pti!n !2 a tec"n!'!-%. especia''% a c$rrenc%. /it"!$t -!inmainstream. T"e p!int is t"at /ere -!in- t! -! mainstream in t"e deve'!pin- /!r'd 2irst. T"e ris3 "ere is t"at /e tr% t! -ain t"e advanta-es !2 mainstream massive'% di'$te t"e princip'es 4e"ind it and it ends $p "appenin- e'se/"ere. T"e reas!n it "appens e'se/"ere is 4eca$se t"eir m!tivati!n and t"eir passi!n a4!$t Bitc!in s! 2ar transcends !$rs. t"at t"e% are /i''in- t! ta3e m$c" -reater ris3s and t"e% are /i''in- t! invest t"eir time. and t"eir passi!n. and t"eir inn!vati!n int! t"is tec"n!'!-% at a 'eve' t"at /e cant even c!p% "ere. )it" princip'e c!mes t"is /ave !2 inn!vati!n t"at 2!c$ses !n t"in-s t"at matterF it 2!c$ses %!$r mind !n t"e t"in-s t"at are imp!rtant t! t"e /!r'd. In !rder t! create entreprene$ria' spirit. %!$ "ave t! 2ind t"is per2ect marria-e 4et/een t"e t"in- t"at ma3es %!$. as an entreprene$r $na4'e t! s'eep at ni-"t. T"e t"in- t"at 4rin-s s! m$c" passi!n t! %!$r 'i2e. t"at %!$ cant eat. cant s'eep. cant t"in3 a4!$t an%t"in- e'se. N! matter "!/ man% pe!p'e te'' %!$ its a4s!'$te'% craG%. %!$ are s! c!mmitted t! t"e idea and 4rin- t"at t!-et"er /it" a pr!4'em t"at act$a''% needs t! 4e s!'ved. N!t s!'ved 2!r t"e ;< mi''i!n pe!p'e /"! are ear'% ad!pters in N!rt" America 4$t needs t! 4e s!'ved 2!r t"e 1 4i''i!n pe!p'e /"! "ave an immediate need t!da%. T"ats /"ere t"e inn!vati!n is -!in- t! "appen 4eca$se t"ats t"e ma-ic recipe 2!r inn!vati!n. As %!$ said. entreprene$rs '!!3in- 2!r an idea & %!$ d!nt '!!3 2!r an idea. t"e idea "its %!$ in t"e 2ace 'i3e a 2rei-"t train and %!$ cant av!id t"e idea. C!$ cant "and'e it and. in 2act. it r$ins %!$r 'i2e at 2irst 4eca$se its s! imp!rtant t"at %!$ 4ec!me !4sessed. T"at is t"e ma-ic t"at drives entreprene$rs"ip. T"ere are s!'$ti!ns !$t t"ere and t"ere are pe!p'e !$t t"ere /"! -et t"at ma-ic c!m4inati!n. )e need m!re !2 t"at "ere s! i2 /e '!se t"e princip'es and i2 /e '!se t"e p!int !2 vie/ in !$r attempt t! -! mainstream t!! 2ast. /"at /e end $p is di'$tin- t"e inn!vati!n and it m!ves a4r!ad. I d!nt /ant t! see t"at 4eca$se /e "ave t"e m!ne% "ereF /e "ave t"e individ$a'istic c$'t$reF /e "ave t"e entreprene$ria' spiritF /e "ave t"e spirit !2

inn!vati!n. #!re imp!rtant'%. /e "ave t"e sa2et% !2 permissi!n t! 2ai'$re. One !2 t"e m!st imp!rtant t"in-s in entreprene$ria'ism is t"e a4i'it% t! 2ai' /it"!$t severe c!nse+$ences. In t"e States. %!$ can 2ai' t"ree times /it"!$t -!in- t! 5ai' and -!in- 4an3r$pt. Tr% d!in- t"at in m!st !t"er c!$ntries. )e "ave t"e en-ine !2 -r!/t" ri-"t "ere. A'' /e need t! d! is tar-et it and 2!c$s it !n t"e t"in-s t"at rea''% matter. T"ats /"% Im disapp!inted: 4eca$se a'' !2 t"ese side disc$ssi!ns rea''% are missin- t"e p!int. Its missin- t"e p!int t! see Bitc!in as c$rrenc% instead !2 a p'at2!rm and a net/!r3. #!re imp!rtant'%. its missin- t"e p!int t! see Bitc!in as a c!nsiderati!n 2!r a22'$ent. /"ite. En-'is"-spea3in- Americans and )estern E$r!peans 4eca$se 2!r t"em. %!$ 3n!/. 4etter s"!ppin-. (!r an Ar-entinian. /"!se c$rrenc% is depreciatin- 7<K a %ear t"r!$-" in2'ati!n and its '!sin- its va'$e rapid'%. t"is is a4!$t & /i'' I 4e a4'e t! sec$re s!me !2 t"e 2$nds t"at Ive /!r3ed m% entire 'i2e t! pass !n t! m% c"i'dren t! t"e neEt -enerati!n !r /i'' I end $p dri2tin- -rad$a''% int! p!vert% and 'eave n!t"in- 2!r m% c"i'dren 4eca$se m% -!vernment is stea'in- 7<K !2 m% /!rt". ever% %ear. =?<:<M> ABL: C!$ d!nt t"in3 t"ats "appenin- in t"e *nited States 2!r t"e 'ast... 2!reverA =?<:;1> SM: EEact'%. =?<:;6> AA: It is "appenin- 4$t are t"!se pe!p'e rea''% v!ca' in t"e Bitc!in c!mm$nit%A 8id %!$ see t"!se pe!p'e at t"e c!n2erenceA =?<:;M> :::::::::::::::::::::::::::::: ADVER : )"en %!$ s"!p /it" Bitc!in !n D%2t. %!$ can -et -i2t cards 2r!m !ver 1<< retai'ers. T"in3 !2 t"e p!ssi4i'ities. N!t !n'% is %!$r "!'ida% s"!ppin- ta3en care !2 in a snap. 2r!m %!$r andr!id device !r !n t"e /e4 4$t n!/. %!$ "ave a /a% t! p$rc"ase ever%da% items 2r!m st!res 'i3e Tar-et. C,S. Dap and DameSt!p $sin- %!$r 4itc!ins. T"ats n!t even t"e 4est part. )"en %!$ s"!p /it" Bitc!in !n D%2t. %!$ -et 6K 4ac3. Head% t! s"!pA ,isit ///.-%2t.c!m t!da%. ADVER : i. Step"anie "ere. )!$'d %!$ 'i3e t! t$rn %!$r 4!!3 int! an ent"ra''in- a$di!4!!3A Need a pers$asive c!mmercia' t! pr!m!te %!$r c!mpan%A !/ a4!$t a narrat!r 2!r %!$r eEp'ainer vide!A eres /"ere I can "e'p. Im a 2ree'ance v!ice!ver artist and. since 1<<M. Ive 'ent m% v!ice t! d!Gens !2 a$di! pr!5ects. T! "ear s!me eEamp'es !2 m% /!r3. c"ec3 !$t m% /e4site ///.smv!ice.in2!. I2 %!$ 'i3e /"at %!$ "ear. Id '!ve t! 4e t"e v!ice !2 %!$r neEt pr!5ect. Det in t!$c" at ///.smv!ice.in2!. :::::::::::::::::::::::::::::: ABL: T"e pe!p'e /"! d!nt -et it are ma3in- t"e /r!n- investment. T"is is /"at I meant 4% d$m4 m!ne%. ri-"tA )it" t"e d!tc!m t"in-. %!$ "ad t! p$t %!$r m!ne% int! a c!mpan% and s!. t"ere2!re. a c!mpan% /as 4etter t"an On!t a c!mpan%. C!$ d!nt "ave t"at c"!ice "ere

/it" Bitc!in. )it" Bitc!in. %!$ "ave t"e c"!ice !2 investin- in a c!mpan% !r investin- in t"e c$rrenc%. /"ic" is 4asica''% an ET( in a'' t"e c!mpanies t"at are !$t t"ere 4eca$se t"eir s$ccess drives ad!pti!n and a'' t"is !t"er st$22. s! itSs a 2eed4ac3 s%stem. T"e p!int is t"at i2 an idea is 4ad and %!$re p$ttin- m!ne% int! it. /"et"er its Bitc!in !r d!''ars. t"!se are d!''ars !r Bitc!in t"at %!$re n!t "!'din- as Bitc!in. I2 !$r t"esis "ere is t"at t"is c!ntin$es a'!n-F ad!pti!n c!ntin$es t! -r!/ 4eca$se it s"!$'d 4eca$se t"is is simp'% a 4etter !pti!n t"an "as ever 4een avai'a4'e t"en. in t"e!r%. %!$ d! act$a''% need 4!t" sides !2 t"at e+$ati!n. =?1:60> AA: A4s!'$te'%. %!$ need it. Hi-"t "ere in t"e *.S.. /e n!/ "ave t/! para''e' ec!n!mies. T"ere is t"e ec!n!m% !2 t"e 8!/ N!nes Ind$stria' Avera-e t"ats d!in- -reatF t"eres t"e ec!n!m% !2 t"e ;K t"at are d!in- -reat and ri-"t $nderneat" t"at is ever%4!d% e'se /"! is. 4asica''%. '!sin- t"eir midd'e c'ass stat$s and t"e midd'e c'ass is d%in- in t"e States. T"e +$esti!n is. in t"e 2$t$re !2 Bitc!in in t"e *.S.. /"ic" ec!n!m% is it s$pp!rtin-A )"ic" ec!n!m% is it representin-A )"ic" c!mm$nit% is it representin-A Im a2raid t"at a'' !2 t"ese 4i''i!ns !2 d!''ars. and ,Cs. and a'' !2 t"ese !t"er t"in-s. /"at t"e%re d!in- is t"e%re p$''in- t"e center !2 -ravit% !2 Bitc!in in t"e *nited States t!/ards t"e ;K ec!n!m% t"at d!esnt care a4!$t an% !2 t"ese princip'es and /i'' +$ite "appi'% 'eave t"e rest !2 $s 4e"ind and 3eep eEtractin- va'$e. T"e%ve 5$st 2!$nd a ne/ -!!se t"at 'a%s -!'den e--s and t"e%re -!in- t! tr% and c!-!pt it and capt$re it and t$rn it int! t"is /atered d!/n. 'ame c!p% !2 Pa%Pa'. T"e pr!4'em is. am!n- !t"er t"in-s. t"at a 4i- part !2 !$r deve'!pment c!mm$nit% and s!me !2 t"e m!st p!/er2$' instit$ti!ns in Bitc!in. 'i3e t"e (!$ndati!n. are 4ased "ere. I2 t"e% -et ca$-"t $p int! t"at narrative. %!$ 3n!/. t"e% c!$'d ver% /e'' dra- t"e rest !2 t"e pr!t!c!' /it" it. T"at is. I t"in3. a ris3. =?6:?<> ABL: A-ain. I mean. its t"is eEact pr!cess t"at %!$re ta'3in- a4!$t t"at is ma3in- t"ese determinati!ns. *'timate'%. t"e d!/nside. as %!$ said. is t"at t"is st$22 d!esnt "appen in t"e *.S. Its n!t 'i3e t"e Bitc!in (!$ndati!n is -!in- t! d! s!met"in- t"ats -!in- t! ca$se t"e 2ai'$re !2 Bitc!in. I2 t"e% d! t"at. t"en pe!p'e are 5$st -!in- t! n!t d! it. T"e pr!5ect c!$'d 4e 2!r3ed and t"ere /i'' 4e & "eres t"e Bitc!in (!$ndati!ns versi!n and "eres t"e !t"er versi!n. Its t"e !'d versi!n. =?7:;1> AA: Let me -ive %!$ a ver% practica' eEamp'e. Hi-"t n!/. t"ere is 4!t" an eEistentia' t"reat and a tremend!$s !pp!rt$nit% t! 2iE !ne !2 t"e c!re pr!4'ems /it"in Bitc!in. T"at is t"at t"e c!re pr!t!c!' is n!t an!n%m!$sF its pse$d!n%m!$s. T"eres n! encr%pti!n and. essentia''%. it 4ec!mes a -iant data minin- data4ase t"at retains end-tra22ic ana'%sisF can 4e $sed t! d! massive and $4i+$it!$s s$rvei''ance !2 a'' !2 t"e transacti!ns. T"is is s!met"in- t"at /e need t! 2iE and its s!met"in- t"at /e need t! 2iE in t"e c!re pr!t!c!'. )e need t! 2iE it 2aster t"an t"e% 4$i'd c!in va'idati!n 2i'terin-. red 'istin- and a'' !2 t"!se t"in-s. /"ic" /i'' 3i'' t"e c$rrenc% 4% destr!%in- t"e c!re 2$n-i4i'it% 'a%er /it"in t"e s%stem. )e can d! identit% and /e can d! veri2icati!n. at t"e pa%ment 'a%er a4!ve it 4$t t"e c!re transacti!na' 'a%er. in !rder t! remain a '!/ ris3. n! c!$nter part% ris3. '!/ 2ee. '!/ !ver"ead s%stem "as t! 4e as 2$n-i4'e and as 2ricti!n'ess as p!ssi4'e. !/ eas% is it -!in- t! p$s" t"r!$-" t"!se c"an-es /"en t"e c!re deve'!pment team is 4ein- 4!m4arded 4% t"is idea t"at t"e% "ave t! p'a% nice /it" t"e re-$'at!rs. and save Bitc!in 2r!m t"e m!ne% 'a$nderin- 2!rces. and -ive it 'e-itimac% 4%. essentia''%. p'a%in- nice. I /ant t! see t"!se c"an-es p$s"ed t"r!$-". T"!se c"an-es are radica'. T"e%re -!in- t! receive tremend!$s p$s"4ac3. especia''% in t"e *.S.. and %et /e need t! resist and /e need t! p$t t"is st$22 in t"e pr!t!c!' 2r!m t"e -et -! 4eca$se /e didnt d! it /it" t"e Internet and n!/ /ere pa%in- t"e price. T"at 3ind !2 imp!rtant decisi!n is. $n2!rt$nate'%. !r de 2act! 4ein- made "ere and its 4ein- made n!t 4% t"e

c!nsens$s !2 t"e miners !r t"e c!nsens$s !2 t"e $sers 4$t simp'% 4% t"e inactivit% !2 t"e c!re deve'!pment team t! 2!c$s !n s!me !2 t"ese iss$es 4eca$se t"e% are tan-entia'. T"e% are n!t tan-entia' in Ar-entina. T"e% are n!t tan-entia' in s!me !2 t"ese m!st !ppressive re-imes. T"e iss$e is n!t & can I 4$% dr$-s /it" Bitc!in and -et a/a% /it" it. T"e iss$e is & i2 I tr% t! $se Bitc!in t! create dissent and s$4vert an !ppressive -!vernment. /i'' t"e% dra- me and m% 2ami'% a/a% in t"e midd'e !2 t"e ni-"t. (!r t"em. an!n%mit%. privac% means 2reed!m !2 ass!ciati!n. 2reed!m !2 eEpressi!n and t"e a4i'it% t! m!ve 2!r/ard !n t"ese imp!rtant s!cia' iss$es. ere. its 4ein- 2ramed as t"e eEact !pp!site. As. 3ind !2. a '$E$r% 2!r t"!se /"! /ant t! p'a% dirt% !n Bitc!in. /"en /e 3n!/ t"at a'' !2 t"e dirt% st$22 is "appenin- !n t"e *.S. d!''ar. !/ d! %!$ p$s" t"r!$-" t"!se 3inds !2 decisi!ns /"en /e "ave s$c" centra'iGati!n in 5$st t"e 4asic c"!ices !2 /"at -!es int! t"e pr!t!c!' neEtA =?@:70> ABL: )e "ave v!'$ntar% centra'iGati!n. T"is is t"e 3e% t"in-. Ces. /e "ave a deve'!pment team 4$t t"ats t"e deve'!pment team t"at /e "ave n!/. C!$ can a'read% see t"is divide "appenin-. )eve ta'3ed a4!$t idea'ists and entreprene$rs 4e2!re and %es. !2 c!$rse. t"ere are "%4rids 4$t t"e% d! tend t! 2a'' int! !ne !2 t/! camps. It is t"at +$esti!n. Is it a4!$t 'e-itimac% (/it" 4i- air +$!tes) !r is it a4!$t an!n%mit%. !r rat"er privac%A Le-itimac% !r privac% are. 4asica''%. t"e iss$es t"at /ere ta'3in- a4!$t "ere. =?0:;<> AA: Privac% is a 4asic "$man ri-"t. Its a4!$t 2reed!m !2 eEpressi!n. Its a4!$t 2reed!m !2 ass!ciati!n. and privac% is /"at ena4'es creative eEpressi!n. I2 %!$ 2rame it 'i3e t"at. t"en esta4'is"in- t"!se pr!perties /it"in t"e c!re pr!t!c!' is /"at /i'' ta3e Bitc!in t! t"e neEt 'eve' and ma3e it an even 4i--er p!/er and 2!rce. =?0:1B> ABL: T"e deve'!pers d!nt "ave t"at perspective. I mean. t"is is t"e t"in-. C!$re as3int"em t! scratc" s!me4!d% e'ses itc". I t!ta''% a-ree /it" %!$. T"is is a pr!4'em 4$t it d!esnt seem 'i3e 4eratin- t"e deve'!pment team 2!r an acti!n is t"e /a% t! d! it. It seems 'i3e t"eres a divisi!n t"ats a'read% "appened. Ne/ C!r3 "as 4ec!me t"e center 2!r entreprene$rs. T"ats /"ere t"is is "appenin- & 8.C. t! a 'esser eEtent. T"en. rea''%. its pe!p'e in Ne/ C!r3 -!in$p t! 8.C. T"e !t"er side !2 t"e e+$ati!n is Eri3 ,!!r"ees "as started a prett% ma5!r enc'ave d!/n in Panama and t"e%re 4rin-in- d!/n pe!p'e. T"e%re n!t 4rin-in- d!/n pe!p'e 4eca$se t"e%re /!r3in- !n re-$'ati!n. t"e%re 4rin-in- d!/n pe!p'e 4eca$se t"e%re c!mp'ete'% side-steppin- t"e iss$e. I2 a -$% /anted t!. t"ats t"e t"in-. start a s"ad!/ deve'!pment team. Start a deve'!pment team t"at d!es t"e #in!rit% Hep!rt and t"en "ave s! man% pe!p'e inv!'ved /it" t"at t"at %!$re n!t t"e #in!rit% Hep!rt. in 2act. %!$re t"e m!st active deve'!pment team !$t t"ere and %!$re d!in- t"e ri-"t /!r3. A-ain. its a merit!crac% 4$t %!$ve -!t t! step $p and d! it. =?B:1;> AA: I "!pe s!. 4$t /"at /eve seen is t"at deve'!pments in t"ese areas "ave a'read% "appened. Pr!p!sa's 2!r a n$m4er !2 di22erent s!'$ti!ns "ave a'read% "appened. B% t"e /a%. "at tip t! Dre- #aE/e'' 2!r creatin- t"e c!ncept 4e"ind C!inN!in. )eve "ad s!me disa-reements in t"e past. ('a$-"in-) %!$ 3n!/. per"aps s!me 4ad 4'!!d t"at I re-ret. 4$t Dre- "as d!ne s!me incredi4'e deve'!pment in simp'% c!re inn!vati!n ar!$nd t"e cr%pt!-rap"ic pr!perties ar!$nd Bitc!in & 2r!m C!inN!in t! T%pe 1 deterministic /a''ets and s!me !2 t"e -reatest inn!vati!ns t"at "ave c!me !$t !2 Bitc!in. A-ain. t"ere are s! man% pr!p!sa's t"at -et side'ined and t"e% -et side'ined 4eca$se t"e% are n!t interestin- t! t"e c!re deve'!pers. I t"in3 t"ats a pr!4'em 4eca$se t"ere is s! m$c" m!ment$m and net/!r3 e22ect t"at 4$i'din- a separate center !2 p!/er /it"in t"e deve'!pment -r!$p is ver%. ver% di22ic$'t. Its a c'!se 3nit c!mm$nit%F its ver% di22ic$'t t! intr!d$ce ne/ v!ices. N!t 4eca$se t"e% d!nt /ant ne/ v!ices 4$t 4eca$se it ta3es a '!n- time t! ramp $p %!$r s3i''s. and eEpertise.

and $nderstand t"e c!mm$nit%. and -et inv!'ved. and c!ntri4$te. and -ain respect. and credi4i'it%. and 4e a4'e t! e22ect c"an-e and s!. t"is is a'read% "appenin-. #% /!rr% is t"at its t!! s'!/. B% t"e time /e 2i-$re !$t t"is st$22. t"e centra' c!re pr!t!c!' !2 Bitc!in ma% a'read% 4e !ssi2ied. )ere '!!3in- at t"is transiti!n p"ase ri-"t n!/. /"ere /e need t! reac" a state /"ere t"e c!re pr!t!c!' is -!!d en!$-" and t"en /e st!p messin- /it" it and m!ve a'' !2 t"e inn!vati!n t! t"e 'a%ers a4!ve. Be2!re /e -et t! t"at. t"ere are s!me c!re 2$ncti!ns. especia''%. ar!$nd 2$n-i4i'it%. privac% and an!n%mit% and 2iEin- s!me !2 t"e ear'% mista3es in Bitc!in t"at "ave t! 4e in t"e c!re pr!t!c!'F t"e% "ave t! 4e in t"e 4!tt!m m!st 'a%er. 8eve'!pin- !n Bitc!in is a3in t! tr%in- t! patc" t"e !peratin- s%stem !2 a 0B0 B!ein-. /"i'e in 2'i-"t. C!$ve -!t L;< 4i''i!n ridin- !n it and i2 %!$ mess it $p. %!$ 4'!/ $p t"e /"!'e p'ane and it cras"es t! t"e -r!$nd. ri-"tA Its a ver% di22ic$'t 5!4 and t"e deve'!pers "ave t! 4e ver% c!nservative in /"at endeav!rs t"e% p$rs$e and /"at 2eat$res t"e% d! 4eca$se t"is is a 'ive net/!r3 and t"eres n! -!in- 4ac3 i2 %!$ 2$c3 it $p. =;:<<:6<> SM: Arent a'tc!ins an eEperimenta' -r!$nd 2!r t"atA Tr% di22erent t"in-s in t"e a'tc!ins. !n t"e sma''er net/!r3s. and i2 it /!r3s. ma%4e it'' ma3e it int! Bitc!in. =;:<<:6B> ABL: Ter!c!in is a -!!d eEamp'e !2 t"is. =;:<<:6M> SM: Cea". =;:<<:7<> AA: Ces. and t"en Ter!c!in is n!/ -!in- t! Ter!c!in 1. and p!ssi4'% Ter!c!in 6. /it" s!me !2 t"e t"in-s t"at are "appenin- at N!"ns !p3ins. and s!me ne/ deve'!pments ar!$nd t"at. T"eres t"ree !r 2!$r !t"er pr!p!sa's 2!r d!in- encr%pted transacti!ns /it" encr%pted sender. encr%pted recipient and encr%pted va'$e /"ic" are ver% pr!misin-. I simp'% d!nt see t"e c!nteEt in /"ic" t"ese can 4e part !2 t"e c!re p'at2!rm and pr!t!c!' and. I t"in3. at t"e same time. /ere in a race. )ere in a race a-ainst 'e-a' and re-$'at!r% 2!rces t"at are tr%in- t! imp!se t"e 3ind !2 radica' and $4i+$it!$s 'ac3 !2 transparenc% 2r!m t"e !$tside in t"at /i'' t$rn Bitc!in int!. essentia''%. S$rvei''ance c!in. It is a'read%. Bitc!in isnt an!n%m!$s. It creates t"e 2a'se sense !2 sec$rit% !2 an!n%mit% /"ic" is even m!re dan-er!$s and insidi!$s t"an i2 it /as c!mp'ete'% attac"ed. I2 Bitc!in addresses /ere attac"ed t! a S!cia' Sec$rit% n$m4er ri-"t n!/. Id 2ee' m!re c!m2!rta4'e 4eca$se t"ats m!re 'i3e t"e rea'it% !2 it and pe!p'e /!$'d t"in3 t/ice a4!$t /"at t"e%re d!in- and t"e%d demand str!n-er an!n%mit% and pr!tecti!n 4$t 4eca$se it -ives %!$ t"is 2a'se sense !2 sec$rit%. n!4!d% rea''% -ets /"ats -!in- !n and isnt demandin- it. I can -$arantee ri-"t n!/. s!me!nes 4$i'din- 4i- data ana'%tics t! d! taint !n ever% sin-'e c!in and t"e%ve 4een d!in- t"is 2!r %ears. T"e%re /atc"in- ever% transacti!n. T"e% /ant t! /ea3en t"e 4asic 2$n-i4i'it% and an!n%mit% !2 t"e pr!t!c!' 4e2!re it -ets int! mainstream /"i'e /e need t! stren-t"en t"em. T"is is a race. T"ere is an adversar%. Li3e in an% aspect !2 sec$rit%. in2!rmati!n sec$rit%. its t"e !n'% tec"n!'!-% /"ere %!$ "ave a direct adversaria' arms race a-ainst an !pp!nent. )e need t! /a3e $p and rea'iGe t"at t"is is /"ats -!in- !n and ta3e active meas$res t! ta3e p!siti!ns. and ta3e str!n- p!siti!ns a4!$t /"ere /e /ant t"e 2$t$re !2 Bitc!in t! -!. T"ats /"% Im /!rried a4!$t t"is narrative and t"e p!int !2 vie/ t"ats c!min- !$t !2 t"ese c!n2erences. Lets p'a% nice /it" t"e re-$'at!rsF 'ets se'2 re-$'ate. =;:<1:67> SM: 8!es it "ave t! 4e a c"an-e in t"e c!re pr!t!c!' t! Bitc!in. !r are services 'i3e C!inN!in !r Ter!c!in. are t"!se accepta4'e s!'$ti!nsA )!$'d t"at 4e !3a%A =;:<1:76> AA: I d!nt t"in3 s! 4eca$se t"eres t/! iss$es /it" t"!se. (irst !2 a''. C!inN!in is. 3ind !2. /ea3 2$n-i4i'it% 4eca$se it a''!/s %!$ t! d! s!me 4asic mas3in- !2 t"e inp$ts and !$tp$ts.

4$t %!$ can d! a '!t !2 tra22ic ana'%sis simp'% 4% trac3in- t"e va'$es. In !rder 2!r a sec$rit% in2rastr$ct$re 'i3e t"is t! 4e e22ective. /"at matters is n!t /"at t"e p!/er $sers d! & /e sa/ t"at /it" PDP emai' t"at never t!!3 !22F it /as never e22ective 4eca$se t"e p!/er $sers c!$'d $se it and ever%4!d% e'se c!$'dnt. )"at /e need is a m!de' m$c" 'i3e SSL. /"ere t"e avera-e $ser d!esnt 3n!/ t"e%re $sin- it. cant t$rn it !22. d!esnt "ave a c"!ice and it simp'% appears as a 'itt'e -reen '!c3. Its 4a3ed int! t"e 4asic $se !2 t"e $ser eEperience. )e need. essentia''%. str!n- privac%. an!n%mit%. 2$n-i4i'it% and remiEin- intr!d$ced int! ever% transacti!n t"at %!$ ma3e !n ever% /a''et 2!r t"e simp'e $ser /it"!$t even 3n!/in- t"at t"e%re d!in- it $nti' t"e% "avent seen an address 4eca$se it a'' "appens in t"e 4ac3-r!$nd. )"en t"e $ser is id'e and n!t d!in- transacti!ns. t"e /a''et is remiEin- a'' !2 t"eir previ!$s !$tp$ts t"at are in t"eir /a''et. d%namica''%. t! create even m!re 2$n-i4i'it% am!n- t"e vari!$s c!ins t"at are circ$'atin- !n t"e net/!r3. In !rder t! d! t"at. %!$ "ave t! ma3e a decisi!n t"at t"is "as t! 4e a $4i+$it!$s pr!pert% !2 Bitc!in. *n2!rt$nate'%. t"ats a centra'iGed decisi!n. =;:<7:<1> ABL: (!r t"e 'ast m!nt". Ive 4een. 4asica''%. sa%in- vent$re capita' is !4s!'ete and... =;:<7:<0> AA: A4s!'$te'%. =;:<7:<0> ABL: ...in siE m!nt"s. its -!in- t! 4e rea''%. rea''%. rea''% !4s!'ete 4eca$se ever%4!d% /"! /as "!'din- Bitc!in siE m!nt"s a-!. t"e%ve d!ne ver% /e''. A '!t !2 pe!p'e are "!'din- a '!t !2 Bitc!in and n!/ t"e%re '!!3in- t! start inc$4at!rs. I 3n!/ 2!$r pe!p'e startin- inc$4at!rs ri-"t n!/ and !t"er pr!5ects. T"e idea t! emp!/er !t"er pe!p'e is rea''%. rea''% t"ere. T"is ear'% seed capita' t"in-F its 5$st n!t necessar% an% m!re. C!$ mi-"t 4e ta'3in- a4!$t 'ar-er r!$nds !2 2$ndin- !r /"atever. 4$t t"e p!int is t"at I rea''% d!nt $nderstand /"% t"e s!'$ti!n t! t"is isnt simp'% 2!r pe!p'e /"! a-ree /it" t"is perspective t! 2inance an!t"er deve'!pment team t"at can "ave t"e ri-"t perspective and can dea' /it" t"is st$22 and can d! t"e /!r3. essentia''%. 2!r t"em. =;:<7:7M> SM: )e'' ca'' it anti-,Cs. !r s!met"in- 'i3e t"at. =;:<7:?1> ABL: Its n!t anti-,Cs. Its 5$st 'i3e t"e #in!rit% Hep!rt. =;:<7:??> AA: C!$ can ca'' it a dar3 /a''et. =;:<7:??> ABL: Cea". %!$ c!$'d ca'' it dar3 /a''et 4$t. a-ain. t"en %!$re ta'3in- a4!$t an app'icati!n 'eve' rat"er t"an t"e pr!t!c!' 'eve'. T"is is t"e t"in-F is t"at I a-ree /it" %!$. T"is s"!$'d 4e d!ne at t"e pr!t!c!' 'eve'. T"ese c"an-es s"!$'d 4e made 4$t Im 5$st +$esti!nin- /"% a'' !2 t"is 2a''s !n t"e eEistin- deve'!pment team and /"% it isnt Bitc!iners /"! appreciate t"at t"is is s!met"in- t"at is necessar% p!n%in- $p and 4rin-in- !n deve'!pers /"! d! a-ree /it" t"em. =;:<?:;0> AA: Cea". Am!n- !t"er t"in-s. its 4eca$se =itSs> dan-er!$s. Its dan-er!$s t! ta3e t"ese p!siti!ns. Its especia''% dan-er!$s t! ta3e t"ese p!siti!ns i2 %!$ 'ive in t"e *.S. 4eca$se I can ta3e t"ese p!siti!ns as speec" 4$t t"e m!ment I start p$ttin- m!ne% 4e"ind t"em. I 4ec!me a tar-et. T"ats !ne !2 t"e iss$es "ere. T"eres a pa'pa4'e sense !2 2ear. even in t"e *.S. a4!$t 4ein- a pr!p!nent 2!r str!n- an!n%mit%. 2reed!m !2 eEpressi!n. and 2reed!m !2 ass!ciati!n. T"!se are passU n!ti!ns !2 a pre-MJ;; /!r'd. !r /"atever t"e e'' t"e 'atest s'!-an is. )e are -!in- t! -et t! decentra'iGed 2$ndin-. ,Cs are. a4s!'$te'%. -!in- t! 4e

disr$pted. )e did peer-t!-peer pa%ments 2irstF peer-t!-peer 'endin- is n!t 2ar 4e"ind and t"en peer-t!-peer cr!/d s!$rcin-. T"e tric3 "ere is n!t t! 5$st simp'% 'evera-e t"e c!mm$nit% !2 t"e $4er ric" Bitc!iners. #!re imp!rtant'%. /"at /e need t! d! is create decentra'iGed str$ct$res 2!r d!in- s"are !/ners"ip and 2$ndin- !2. essentia''%. c!mpan% IPOs !n a c!mp'ete'% decentra'iGed 4asis ri-"t !n t"e 4'!c3c"ain. I2 /e can d! t"at. /e can en-a-e t"e entire Bitc!in c!mm$nit% t! 2$nd t"e t"in-s t"at t"e% 2ee' are imp!rtant t! it. At t"e same time. Im ver% c!-niGant t"at Im a min!rit% and /e are a min!rit% in terms !2 t"in3in- !$t severa' %ears a"ead and seein- /"ere t"is is -!in- and /"at steps need t! 4e ta3en n!/. T"e pr!4'em is t"at t"e narrative is sti'' s+$are'% in t"e space !2 Bitc!in is a c!in and Bitc!in is a c!in t"ats c"eaper t! $se and can ma3e a s'i-"t'% 4etter ,ISA. O4vi!$s'%. Im n!t interested in t"at 4$t t"e vast ma5!rit% !2 t"e c!mm$nit%. t"ats t"e narrative t"at t"e% $nderstand. T"en %!$ve -!t a'' !2 t"e spec$'ative investment 4e"ind t"at. )ere n!t -!in- t! 4e a4'e t! s"i2t t"at narrative 2ast en!$-". #a%4e. /e /i''. T"is is t"e 3ind !2 s"!/ /"ere /e "ave t! d! t"at and as %!$ said. Step"anie. spea3in- at N!rt" American c!n2erencesF !ne !2 t"e reas!ns /e "ave t! d! it is t! s"i2t t"at narrative. #a3e n! mista3e. t"is is an arms race. Hi-"t n!/. /ere 2!$r %ears 4e"ind. T"e pr!4'em is t"at /ere read% t! "it mass ad!pti!n and t"e 4i--er t"is -ets. t"e "arder it is t! ma3e c"an-es. )ere 2'%in- a L;< 4i''i!n aircra2t and tr%in- t! patc" it in 2'i-"t. )"at i2 its L;<< 4i''i!n in t"ree m!nt"sA )"at i2 its L?<< 4i''i!n 4% t"e end !2 neEt %earA !/ m$c" "arder is it -!in- t! 4e t! intr!d$ce "ard 2!r3 c"an-es /it"in t"e Bitc!in pr!t!c!'A T"ats /"at c!ncerns me. )e d!nt "ave time. T"ere is n! /a'3 "ere. Its !n'% r$n. =;:<0:6?> :::::::::::::::::::::::::::::: !RED" S: ABL: T"an3s 2!r 'istenin- t! Epis!de 01 !2 Lets Ta'3 Bitc!in. (red )i's!n !n t"e ($t$re /as pr!vided 4% Le)e4 c!n2erence. /"ic" %!$ can 2ind !$t m!re a4!$t at ///.'e/e4.c! ,e-as Live (Part ;) /as pr!d$ced 4% Adam B. Levine. /it" additi!na' en-ineerin- 4% Kr%sta' Levine. It /as edited 4% #att"e/ Tip3in and 2eat$red Andreas #. Ant!n!p!$'!s. Step"anie #$rp"% and Adam B. Levine #$sic /as pr!vided 4% Nared H$4ens and Ca'vin enders!n

Q$esti!ns !r c!mmentsA Emai' adamV'etsta'34itc!in.c!m ave a -!!d !ne9 =;:<B:<M>