LETS TALK BITCOIN

Episode 123 Mastercoin, 1 Year Later with Ron Gross

Par tici pants:
Adam B. Levine (ABL) Host
Ron Gross (RG) e!e"#tive dire"tor o$ t%e &aster"oin 'o#ndation (&aster"oin.or()
ABL: Toda) is *#+) ,-
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. ,/-0. and t%is is e1isode -,2. T%e $o++o3in( 1ro(ram is not an
endorsement $or an) servi"e. 1rod#"t. a"t. or an)t%in(. In t%e 3ords o$ Art%#r S. 'a++s. 45#r)
)o#r mone) in t%e (ro#nd. It6s t%e on+) sa$e t%in( to do.7
8e+"ome to Let6s Ta+9 Bit"oin. a t3i"e3ee9+) s%o3 a5o#t t%e ideas. 1eo1+e. and 1ro:e"ts
5#i+din( t%e di(ita+ e"onom) and t%e $#t#re o$ mone). T%is e1isode. n#m5er -,2. is t%e $irst
sin"e 3e +a#n"%ed LTBCoin. and )o#6++ $ind o#r $irst LTBCoin s1onsors d#rin( t%e $irst 5rea9
o$ toda)6s e1isode. To +earn a5o#t t%e LTBCoin "r)1tore3ards 1ro(ram. visit
+etsta+95it"oin."om and "+i"9 t%e men# item 4LTBCoin.7 Si(n #1 soon i$ )o# don6t 3ant to
miss o#t. T%ere are t3o mi++ion LTBCoin 5ein( distri5#ted t%is 'rida) to "omm#nit) mem5ers
5ased on t%e arti"+es t%e) read. "omments t%e) +eave. and %o3 a"tive t%e) are on t%e $or#ms.
&a9e s#re )o# si(n #1 $or an a""o#nt at +etsta+95it"oin."om and a 3a++et at "o#nter3a++et."o.
8it% t%at o#t o$ t%e 3a). m) name is Adam B. Levine. I6m t%e editorin"%ie$ %ere at Let6s Ta+9
Bit"oin. and toda). 3e6re a++ a5o#t &aster"oin. Toda) on Let6s Ta+9 Bit"oin. 3e6re :oined 5)
Ron Gross. e!e"#tive dire"tor o$ t%e &aster"oin 'o#ndation. Ron. %o3 )a doin6;
RG< =rett) (ood. G+ad to 5e %ere.
ABL< It6s 5een a 3%i+e sin"e 3e a"t#a++) ta+9ed. >ea%. I t%in9 t%e +ast time 3e "a#(%t #1 on t%e
&aster"oin 1ro:e"t s1e"i$i"a++) 3o#+d6ve 5een 5a"9 in *an#ar) at t%e &iami event 3%ere ?avid
*o%nson 3as 9ind o$ s1ea9in( on 5e%a+$ o$ &aster"oin. T%at6s +i9e $ive mont%s a(o@ In Bit"oin
time. t%at6s +i9e $orever@ Can )o# 5rin( #s #1 to date on 3%at6s %a11ened in t%at time;
RG< >ea%. I6++ (ive )o# t%e %ead+ines. ri(%t; T%en. I t%in9 some 1eo1+e 9no3 some o$ t%ese
events. 5#t it6s (ood to s#mmariAe. 8e6ve done a +ot o$ 3or9 interna++) on "onso+idation. 8e
%ad. as t%e 1ro:e"t started. $or t%ose o$ )o# 3%o "an remem5er. 3e %ad $o#r di$$erent
im1+ementations o$ t%e &aster 1roto"o+. :#st $ree+an"e deve+o1ers 3or9in( on 5o#nties. so
3e6ve done a +ot o$ "onso+idation. 3e6ve (ot t%at do3n to t3o im1+ementations. One
im1+ementation. 3e6re no3 a"t#a++) $ina+iAin( t%e standard im1+ementation t%at is "a++ed
&aster Core. and t%at6s (oin( to 5e read) in :#st a5o#t a mont%.
ABL< T%at6s a rea++) interestin( 3a) to a11roa"% t%is. doin( it 3it% 5o#nties. I6m a 5i( $an o$
5o#nties. and I6m 3onderin( no3 )o#6re ta9in( ste1s to "onso+idate do )o# t%in9 t%is %as
5een a (ood t%in(. 3%ere )o#6ve %ad more variet) to 1i"9 $rom. and "om1etition. or do )o#
t%in9 it 3o#+d6ve 5een more e$$e"tive to :#st start 3it% one im1+ementation rat%er t%an :#st (o
t%e 5o#nt) ro#te;
RG< Ri(%t. It6s 5een a s#1erinterestin( +earnin( e!1erien"e $or #s. 8e6ve %ad a +ot o$
dis"#ssion a5o#t t%is interna++). 8e don6t a+3a)s a(ree on t%e ri(%t a11roa"%. 5#t I "an te++ )o#
3%at I t%in9 and I t%in9 a +ot o$ 1eo1+e 3o#+d a(ree 3it% me. T%e 5o#nt) a11roa"% is #se$#+
$or some t%in(s it needs to 5e mana(ed ver). ver) "are$#++) 5#t I t%in9 t%e 3a) 3e6ve done
it. I 3o#+dn6t do it +i9e t%at. 8e (ot $o#r di$$erent 1eo1+e or teams 3or9in( on "om1etin(
1ro:e"ts. and 3e s1ent end+ess amo#nts o$ time on identi$)in( and "onso+idatin( so"a++ed
"onsens#s iss#es 5et3een di$$erent im1+ementations.
ABL< Consens#s iss#e is 3%ere t%e di$$erent im1+ementations :#st disa(ree 3it% ea"% ot%er.
and 5e"a#se o$ t%at. t%e) 3eren6t "om1ati5+e. so )o# %ave to re"9on t%ose t%in(s.
RG< >es. 8e a"t#a++) %ave a "onsens#s "%e"9er 1a(e t%at one o$ t%e deve+o1ers set #1 t%at
a"t#a++) monitors a++ t%e di$$erent im1+ementations and )o# "an a"t#a++) see e!a"t+) %o3 $ar 3e
are re(ardin( "onsens#s. It6s BCD o$ t%e 5a+an"es a(ree. 5#t ,D i$ )o# (o to a di$$erent
im1+ementation )o# (et a di$$erent ans3er on %o3 m#"% &aster"oin are t%ere at t%at
address. 8e did see a +ot o$ #se$#+ ed(e"ases 5ro#(%t #1 5) t%e "om1etin( im1+ementations.
5#t overa++. I t%in9 1ro(ress is sometimes more im1ortant t%an ad%erin( to a s1e"i$i" s1e". T%e
3a) t%e 1ro:e"t started. 3e %ad t%e s1e" 3ritten 5) *R it 3as in te!t. in En(+is% and t%en
3e %ad t%e im1+ementations $o++o3 #1 and im1+ement t%at. I$ 3e %ad (one 3it% one
im1+ementation. t%ere ma) %ave 5een "ases 3%ere t%at 3o#+d %ave di$$ered $rom t%e s1e". 5#t
I ar(#ed t%at6s o9a). &a)5e t%ere are "ases 3%ere t%at6s a+3a)s t%e "ase someone "o#+d $ind
a 3a) to %a"9 t%e 1roto"o+ and stea+ a++ t%e "oins. T%at 3o#+d 5e a "atastro1%e. 5#t $or most
"ases t%at 3e6ve seen. t%e) 3eren6t +i9e t%at :#st minor versions or inter1retations o$ t%e
same En(+is% senten"es. It doesn6t at t%e end rea++) matter 3%i"% inter1retation )o# 1i"9 so
+on( as )o# %ave one and it6s so+id. T%at6s m) vie3.
ABL< So one im1+ementation to r#+e t%em a++. so to s1ea9;
RG< >ea%. It6s 1er$e"t+) $ine to %ave o#r im1+ementations as 3e++. 5#t I t%in9 3e s%o#+dn6t
$o"#s on t%at. 8e s%o#+dn6t ne"essari+) $#nd t%at. t%at t%e) s%o#+d ma)5e 1+a) "at"%#1 to #s i$
some5od) 3ants to 3rite t%eir o3n im1+ementation. 8e aren6t (oin( to sto1 t%em. 5#t it
doesn6t mean 3e need to a+3a)s "oordinate 3it% t%em. a+3a)s $#nd t%em. and t%e 3a) Bit"oin
%as evo+ved is sort o$ t%ere6re man) +essons to 5e +earned t%ere. as 3e++. ri(%t; Bit"oin
started 3it% one sin(+e Satos%i im1+ementation. Over time. it (ot man) di$$erent inter1retations
in man) +an(#a(es. 5#t as $ar as I #nderstand 3it% a +ot o$ dis"#ssions 3it% =eter Todd on t%e
s#5:e"t. t%ese im1+ementations aren6t a"t#a++) in "onsens#s. In Bit"oin itse+$ Bit"oin Core or
Bit"oind is t%e on+) im1+ementation. and ot%er im1+ementations :#st (o into or (et into $rin(e
"ases 3%ere it6s rea++) dan(ero#s to re+) on anot%er im1+ementation ot%er t%an Bit"oin Core.
T%ere are ot%er +essons to 5e +earned t%ere. and 3e6re ta9in( t%ese +essons and (oin( 5a"9 to
t%e so#r"e. i$ )o# 3o#+d. 5) a"t#a++) $or9in( Bit"oin Core into &aster Core.
ABL< O9a). so )o#6re (oin( to %ave to e!1+ain to me t%e si(ni$i"an"e o$ t%at. >o#6ve ta9en
Bit"oin Core and )o#6re $or9in( it into &aster"oin Core. Is t%is somet%in( t%at %a11ened
severa+ mont%s a(o. is t%is somet%in( on(oin( no3. and 3%at does t%at mean; ?oes t%at mean
)o#6re :#st startin( 3it% a "+ean s+ate $rom 3%ere Bit"oin is;
RG< '#nn) stor) %ere< 3%en t%at %a11ened. t%at 3asn6t a"t#a++) o#r initiative. 8e6ve %ad t%ese
9inds o$ ta+9s in t%e +ast %a+$ a )ear. and 3e ta+9ed a5o#t red#"in( t%e n#m5er o$
im1+ementations. Event#a++). 3e de$a#+ted to one o$ o#r im1+ementations as t%e re$eren"e
im1+ementation. 5#t it 3as 3ritten in =)t%on. it %ad t%e 5i( de1enden") +ist on Bit"oin and
O5e+is9 servers. and some rat%er esoteri" te"% t%at isn6t rea++) #sed in 1rod#"tion t%at o$ten.
8e %ad t%e "omm#nit) deve+o1ers. someone 3e didn6t even 9no3. a11roa"% #s and sa). 4%e).
(#)s. +oo9 at 3%at I6ve done. I too9 Bit"oin Core. I $or9ed it. and I added &aster"oin on to1
o$ it. 8%at do )o# t%in9;7 8%en t%at %a11ened. I didn6t %ave t%at m#"% time and attention to
+oo9 at it 5e"a#se I 3as dea+in( 3it% a++ t%e $or#m 1erm#tations t%at 3e %ad. I to+d %im 4)ea%.
a+ri(%t it6s ni"e. I +i9e it. 5#t 3e don6t need )et anot%er im1+ementation.7 A$ter a 3%i+e. 3e
+earned t%e im1+ementations 3e %ave 3eren6t rea++) t%at (ood. or #1 to 1ar a++ o$ t%em %ad
di$$erent 1ro5+ems. One im1+ementation 3as so+e5ased on Bit"oin Core. 5#t %ad t%at as an
e!terna+ de1enden") rat%er t%an an inte(rated so+#tion and 3as on+) avai+a5+e on 8indo3s.
3%i"% 3as a no(o $or e!"%an(es. T%e "ross1+at$orm im1+ementation 3e %ad 3as. a(ain.
5ased on t%ese de1enden") +ists and e!"%an(es :#st "o#+dn6t (et t%at to 3or9. des1ite o#r 5est
e$$orts. T%is is. 5) t%e 3a). t%e reason. ri(%t no3. 3%) 3e6re not on an) e!"%an(es. 8e6ve
5een ta+9in( to t%em $or si! mont%s and t%e te"% 3as :#st not (ood eno#(%. On"e 3e so+ve
and rea+iAe t%ese +essons. 3e "ame 5a"9 to &i"%ae+. t%e deve+o1er. and 3e 5asi"a++) (ave %im
$ree rei(n to (o 1#s% t%is 1ro:e"t and 3e6ve made t%is t%e $+a(s%i1 or re$eren"e im1+ementation
$or &aster Core. T%is is t%e 1ro"ess 3e6ve 5een 3or9in( ver) %eavi+) on in t%e 1ast $e3
mont%s. and t%e re+ease o$ t%at. a(ain. is e!1e"ted aro#nd A#(#st -
st
. 3%i"% is "oin"identa++)
eno#(%. t%e 5irt% date o$ &aster"oin.
ABL< So )o#6ve (one $rom %avin( $o#r im1+ementations and )o# 3o#nd #1 not #sin( an) o$
t%ose im1+ementations and are (oin( $or t%is "+ean im1+ementation 3%i"% is 5#i+t on to1 o$
Bit"oin Core. O9a). %an( on a se"ond 5#t Bit"oin Core is not a 8indo3son+) 1ro"ess.
)o#6re sa)in( t%e 1revio#s ones 3ere 8indo3son+) and t%is is "ross"om1ati5+e. ri(%t;
RG< A(ain. 3e %ad m#+ti1+e im1+ementations one o$ t%em 3as 3ritten in .NET and 3as
8indo3son+). anot%er %ad t%ose 3eird de1enden") +ists and 3asn6t t%at #sa5+e in
1rod#"tion... t%is one is Bit"oin Core. it6s #sa5+e 3%erever Bit"oin6s #sa5+e. and t%at6s 5asi"a++)
on ever) 1+at$orm and I6m e!"+#din( mo5i+e t%ere. 8e don6t mean $or 1eo1+e to r#n t%is on
mo5i+e. 5#t on 8indo3s. &a". Lin#!. as "ommand+ine versions... 3e6++ %ave t%e ERI $or t%at.
as 3e++. >ea%. t%at6s (onna 5e one im1+ementation to r#+e t%em a++ and 3e6re inte(ratin( t%at
into o#r 3e5 3a++et t%at6s t%e on+) 3a++et. 8e 3on6t %ave an) dis"#ssions o$ an) "onsens#s
iss#es an)more. and i$ ot%er 1eo1+e 3ant to $or9 t%is im1+ementation or to "ode 3%atever t%e)
3ant in anot%er 1ro(rammin( +an(#a(e or environment. t%e)6re $ree to do so. o$ "o#rse. 5#t
3e6re not (oin( to do t%at as an or(aniAation.
ABL< It so#nds +i9e 3%at )o#6re te++in( me is )o# 3ent $rom. in t%e 5e(innin(. sa)in( to t%e
"omm#nit) at +ar(e. 43e don6t ne"essari+) 9no3 3%at t%e ri(%t t%in( is. so +et6s "ome #1 3it% it
to(et%er.7 and )o# 1#t #1 t%ese 5o#nties. and %ad t%is (enerate... 5#t no3. as time6s (one on.
)o#6ve %ad t%is e!1erien"e t%is too9 a +ot o$ time. a +ot o$ reso#r"es. and (enerated
"om1etitive 5#t not a"t#a++) t%at (ood o$ 3or9. so )o#6ve 5asi"a++) re$o"#sed on a $irst (ood
so+#tion. and on"e t%at (ood so+#tion is o#t t%ere. t%en t%e e!1e"tation is 1eo1+e 3i++ start
ma9in( $rin(e so+#tions 5ased o$$ t%at (ood startin( 1oint. ri(%t; Is t%at a (ood s#mmar);
RG< >ea%. 8e don6t rea++) need 1eo1+e to $or9 o$$ t%at. =eo1+e "an #se vario#s te"%no+o(ies to
inte(rate t%e Core o$$erin(.
ABL< T%ere6++ 5e an o5vio#s 5est "%oi"e $or a+most ever) #ser as o11osed to no3 or as
o11osed to 1revio#s+) 3%ere t%ere 3ere severa+ "%oi"es )o# %ad to a"t#a++) +oo9 at and de"ide
5et3een.
RG< Ri(%t. T%at6s t%e &aster Core standard. I 3ant to add a 1oint %ere t%at a +ot o$ t%is
a11roa"% o$ %o3 3e deve+o1ed t%in(s it started 5a"9 in A#(#st or Se1tem5er I t%in9 some
o$ t%at 3as s1#rred o$$ o#r ideo+o(). 8e 3anted to %ave t%e "omm#nit) to rea++) 5#i+d
3%atever t%e) 3ant to $it t%e s1e". 8e didn6t 3ant to dire"t t%at too m#"%. 8e 3ere 5#i+din( a
de"entra+iAed or(aniAation and 3e didn6t 3ant to %ave t%e a#t%orit). 8e a"t#a++) +i9ed t%e $a"t
t%at t%ere 3ere a $e3 im1+ementations o#t t%ere. 5#t and it6s Fina#di5+eG to rea"% $or. At t%e
end o$ t%e da). e!e"#tion s1eed s#$$ers a +ot $rom t%at. and t%at6s rea++) im1ortant in t%is s1a"e.
ABL< One o$ t%e ot%er t%in(s t%at6s interestin( t%at &aster"oin is and &aster"oin %as %ad
$#nds 3%ere most ot%er 1ro:e"ts %as not. and even 3%ere ot%er 1ro:e"ts %ave %ad $#nds. +i9e
Bits%ares. t%e) %aven6t rea++) done so m#"% o$ a 5roads"a+e 5o#nt) 1ro(ram and more o$ :#st
#sed it to $#nd 5rin(in( deve+o1ers in%o#se and st#$$ +i9e t%at. I6m 9ind o$ "#rio#s... "an )o#
ta+9 a5o#t ro+e5ased 5o#nties. I 9no3 3e %ad a sta$$in( s%a9e#1 at &aster"oin a "o#1+e
mont%s a(o. T%at :#st seems +i9e a $as"inatin( 1ro:e"ts. Can )o# e!1+ain ro+e5ased 5o#nties
and %o3 t%at 3or9ed $or )o#;
RG< Ri(%t. T%is is. a(ain. 1art o$ t%e evo+#tion 3e6ve (one t%ro#(% in t%e 1ast %a+$ a )ear or
more. 8e started t%e 1ro:e"t in *an#ar) Fa#dio "#ts o#tG 5o#nties o#t t%ere and 3ere ver)
(eneri". I$ )o# "ode t%e $irst im1+ementation o$ &aster"oin. )o# (et some amo#nt or t%ere6s a
"ontest 3%ere ever)5od) 3%o 1arti"i1ated 3ins. T%ere6s some 5ene$its to t%ese mode+s. It6s
rea++) o1en to ever)5od) to do somet%in(. and ever)5od) 3%o does somet%in( to3ard t%is
e$$ort 3ins. 5#t t%ere 3asn6t rea++) "+ear (#idan"e and t%at res#+ted in a++ t%ese im1+ementations
t%at... most o$ t%em %ad im1+ementation 1ro5+ems. A+on(side "onso+idatin( t%e
im1+ementation. 3e a+so "onso+idated t%e or(aniAation. Ri(%t no3. 3e6re 5#i+t a +ot more +i9e a
traditiona+ start#1. 8e %ired Crai(. o#r CEO. aro#nd 'e5r#ar). and rea++) 5#i+t an interna+
team str#"t#re. 8e %ave a team 3or9in( on t%e 3e5 3a++et. 3e %ave a team 3or9in( on t%e
Core 1ro:e"t. T%e teams %ave 1eo1+e +eadin( t%e teams. t%e)6re re1ortin( to Crai(. and it6s
3or9in(. 8e %ave 3ee9+) meetin(s. It6s rea++) a +ot +i9e GitH#5 or an) sort o$ de"entra+iAed
start#1. 5#t 3it% 1eo1+e 3%o are a"t#a++) on t%e 1a)ro++ so to s1ea9. T%is is a"t#a++) t%e ro+e
5ased 5o#nties 3e "ame #1 3it% t%e idea o$ ro+e5ased 5o#nties 3%ere 3e %ad a 5#n"% o$
"oders 3or9in( and 3e 3ant to (et some o$ t%em to H#it t%eir da) :o5s and "ome s1end more
time on &aster"oin. T%ese "oders didn6t 3ant to ma9e t%at :#m1 5ased on 5o#nties a+one
5e"a#se 5o#nties are ver) sit#ationa+. ri(%t; One mont%. )o# do (reat and earn (reat 5o#nties.
Ne!t mont%. someone e+se said ta9e some o$ t%at mone) and )o#6re not +e$t eno#(% to $eed
)o#r $ami+) or 1a) )o#r rent. so 3e :#st made t%is "on"e1t "a++ed t%e ro+e5ased 5o#nt) 3%ere
)o# (et t%e ro+e and 3e tr#st )o# to $#+$i++ t%is ro+e. It a"ts as a sort o$ minim#m 5o#nt)
amo#nt $or t%at mont%. I$ )o#6re a ro+e5ased 5o#nt). )o# (et a minim#m o$ IJ./// t%at
mont%. and in addition. )o# "an a+so i$ )o# do 3or9 t%at6s va+#ed 5) t%e "omm#nit) as 5ein(
3ort% more t%an t%at 5are minim#m. t%en )o# (et e!tra. 5#t )o# %ave t%at 5ase +eve+ o$
ass#ran"e and )o# "an H#it )o#r :o5. "ome 3or9 $or #s $#++time. T%at6s 5een ver). ver) %e+1$#+
$or #s.
ABL< Is t%at %o3 )o#6ve "ontin#ed doin( t%in(s; Basi"a++) 5e$ore. )o# :#st %ad a 5#n"% o$
di$$erent 1eo1+e doin( t%ese ro+es and no3 )o# %ave $e3er 1eo1+e. 5#t )o#6re sti++ doin( ro+e
5ased 5o#nties. or %ave )o# 3a+9ed a3a) $rom ro+e5ased 5o#nties $or t%e time 5ein(;
RG< No. no. 8e6re #sin( ro+e5ased 5o#nties and 3e %ave a Core team o$ a5o#t -, 1eo1+e.
(ive or ta9e. T%e) a++ %ave t%eir o3n individ#a+ ro+es. 8e %ave 5#siness 1eo1+e. 3e5
deve+o1ers. te"% Core deve+o1ers. and t%e)6re a++ doin( 3%at t%e) 3ere %ired to do. 5asi"a++).
Ad< He). ever)5od). Toda). I6m %a11) to 1resent o#r $irst t3o LTBCoin 1atrons. I$ )o#6d +i9e
to #se )o#r LTBCoin to s1onsor t%is s%o3. visit +etsta+95it"oin."om and "+i"9 t%e 4S1end K
S1onsor7 5#tton on t%e men#. It6s a man#a+ 1ro"ess ri(%t no3. 5#t )o#6++ (et some s"reamin6
dea+s. too. =+ease note s1onsor time is not an endorsement I6m :#st te++in( )o# a5o#t it as
5est as I "an $i(#re it. 8it% a %i(% 5id o$ -,.-// LTBCoins s#5mitted se"onds 5e$ore t%e "+ose.
Bit"oinme(a1%one."om is o#r $irst LTB %i(% 3atermar9.
8%at is Bit"oin &e(a1%one; T%in9 T3itter meets 5i++5oard advertisin(. 'rom t%e $ront 1a(e.
)o#6re a5+e to easi+) "reate a 1ost $rom 3%i"% )o#6++ 5e as9ed to 1a) .////-BTC 1er "%ara"ter
$or %o3ever +on( t%e messa(e is. On"e t%e messa(e is 1osted. it "an re"eive ti1s 3%i"% t%en
5e+on( to )o#. To tr) it o#t. I 3rote a ,,B"%ara"ter 1ost 3%i"% in"+#ded a +in9. and ver)
easi+). I 3as a5+e to s1e"i$) 3%ere I 3anted m) ti1s to (o. 1a) t%e .//,,BBTC a5o#t a 5#"9
$i$t) $rom m) Kr)1toKit 3a++et and t%e 1ost 3as +ive and 5i( on t%eir $ront 1a(e. An)one "an
1ost as m#"% as t%e) +i9e and "ontent is "om1+ete+) #n"ensored. so 5ro3se at )o#r o3n ris9.
t%o#(% 3%en I +oo9ed at it t%is mornin(. it did +oo9 $ine. 'or 1eo1+e +oo9in( $or a 1+at$orm
"om1+ete+) $ree o$ (ate9ee1ers and as9in( on+) nomina+ $ees. "%e"9 o#t
Bit"oinme(a1%one."om
E1isode -,26s se"ond 1atron is Bitmain. "omin( in at -,.///LTB. Bitmain desi(ns Bit"oin
ASICs in t%e Ant&iner +ine. In o#r "onversation. t%e) rea++) em1%asiAe t%e) don6t a""e1t 1re
orders and 3ait to se++ t%eir 1rod#"ts #nti+ t%e)6re read) to s%i1. 3%i"% is somet%in( I rea++)
a11re"iate. 8it% t%at in mind. t%e)6re tr)in( to (et t%e 3ord o#t a5o#t t%eir ne3 #nit. t%e
Ant&iner S2. It6s a ,Cnm 1art and o$$ers a ,/D 1o3er savin(s "om1ared to t%e LLnm "%i1s
t%e) 3ere #sin( 1revio#s+). T%e minin( #nit itse+$ is 1rett) sma++. a5o#t t%e siAe o$ a 5i( +oa$ o$
5read. It6s a+so s#11osed+) ver) H#iet. 3it% "#stom %eatsin9s and $ans mo#nted on 5ot% t%e
$ront and t%e 5a"9 o$ t%e #nit. Ea"% #nit "+aims to de+iver #1 to 0MCGHNs 3%i+e "ons#min(
2JJ8 o$ e+e"tri"it). Ea"% #nit "osts .-MLBTC. I$ )o#6d +i9e to +earn more. )o# "an visit
5itmainte"%."om
I$ )o#6d +i9e to 5e"ome a 1atron on t%e LTB net3or9. visit +etsta+95it"oin."om and visit t%e
men# item. 4S1end K S1onsor.7 Ba"9 to t%e s%o3@
ABL< Ron. no3 t%at )o#6ve 1%rased )o#rse+$ as a start#1 I %ate to as9 t%e H#estion %o3
+on( is )o#r r#n3a) 5e$ore )o# need to raise more "a1ita+ to 9ee1 o1eratin( at )o#r "#rrent
rate;
RG< Ri(%t. 8e %ave a5o#t 2.///BTC in o#r 3ar "%est. A++ o$ t%at is 1ro5a5+) o#r +ed(er is
1#5+i" $rom da) one. so t%at6s :#st #nder I,&. T%e r#n3a) t%at (ives )o# is a5o#t. I t%in9. ten
mont%s. Oa+#ation 9ee1s "%an(in( 3it% t%e 5it"oin 1ri"e. &ost o$ #s are 5#++is% on 5it"oin
1ri"es 3e t%in9 it6s (onna in"rease and 3it% t%at. t%e va+#ation o$ t%e 3ar "%est 3i++
in"rease and a++o3 #s to "ontin#e $#rt%er. 5#t t%at6s t%e r#n3a) 3e a+read) %ave (iven t%e
"#rrent mar9et trends. 8e do %ave some ot%er +et6s "a++ t%em miti(ation strate(ies or
e!tension strate(ies on %o3 to e!tend t%at 5#t t%at6s not somet%in( I rea++) 3ant to (et into
in t%is s%o3.
ABL< 8e %aven6t ta+9ed a5o#t t%is )et. 5#t &aster"oin edits Core $or an)5od) 3%o6s 5een
+istenin( to t%is 1oint and isn6t a3are o$ it. &aster"oin a++o3s t%e "reation o$ #ser"reated
assets and a++o3s $or a "o#1+e ot%er 5ase+eve+ servi"es. >o# %ave "ontra"ts $or di$$eren"es...
3%at %ave I missed;
RG< I6d +i9e to rea++) o#t+ine t%e vision and 3%at 3e %ave ri(%t no3.
ABL< =+ease.
RG< T%e vision 3e started 3it% 3as ver) (rand. 8e +isted a 5#n"% o$ t%in(s on o#r 3%ite1a1er
and 3e %ad a "on$eren"e $or di$$eren"es "ome +ater. 8e %ad iss#in( o$ smart 1ro1ert) to9ens
or "#stom "#rren"ies. sta5i+iAin( "#rren"ies. sa$e addresses or savin( addresses. and o$ "o#rse.
distri5#ted or de"entra+iAed e!"%an(e t%at a++o3s )o# to trade a++ t%ese assets and "ontra"ts
3it%o#t (oin( to a "entra+iAed e!"%an(e. T%is is 3%at 3e6re 5#i+din( and ri(%t no3. 3e6ve
done 1arts o$ t%at. 5#t 3e sti++ %ave a +on( 3a) to (o #nti+ 3e im1+ement a++ o$ t%at. &aster
Core is (oin( to (ive #s t%at ri(%t 1+at$orm to 5#i+d on to1 o$ and add t%ese $eat#res. 8e6ve
sort o$ %ad a $eat#re $reeAe t%e +ast $e3 mont%s 3%i+e 3e6re re$o"#sin( a++ t%ese
im1+ementations. 8%at do 3e %ave ri(%t no3 as o#r Core o$$erin(; 8e %ave t%e de"entra+iAed
e!"%an(e 5et3een 5it"oin and master"oin t%at6s o1eratin(. >o# "an 1#r"%ase master"oins 3it%
5it"oins and )o# don6t need to (o t%ro#(% an) "entra+ "+earin(%o#se or e!"%an(e. >o# "an
iss#e "#stom "#rren"ies. Ri(%t no3. toda). it6s sti++ )o# need t%e s"ri1t $or t%at. )o# need to
5e te"%ni"a+... I t%in9 3it%in a 3ee9 o$ toda). so aro#nd ear+) *#+) or end o$ *#ne. 3e6++ %ave a
3e51a(e t%at 5asi"a++) +ets )o# do t%at 5) )o#rse+$ )o# 3on6t need to ta+9 to an)5od) $rom
t%e &aster"oin team to iss#e a "#rren"). O$ "o#rse. 3e %ave t%e 3e5 3a++et and so$t3are
3a++et t%at a++o3s )o# to %o+d t%ese "#rren"ies and send t%em. and a++ t%e norma+ $eat#res.
Ne!t $eat#res #1 o#r s+eeves 3i++ 5e one o$ t%em is "a++ed 4dividends7 in t%e 1o1#+ar
+an(#a(e 3e6re a"t#a++) tr)in( to s%) a3a) $rom t%at and "a++ it 41a) to a++.7 5e"a#se
4dividends7 %as +e(a+ 5a((a(e and t%at area6s a 5it tense or #n"+ear ri(%t no3. A$ter t%at. 3e6++
%ave distri5#ted e!"%an(es to a++o3 tradin( to a++ t%ese "#rren"ies. 8e6re (oin( to %ave tens o$
di$$erent #ser assets and "#rren"ies on t%e 1+at$orm. Some o$ t%em 3i++ 5e 5i(. +i9e &aidsa$e.
and 3i++ 5e traded on t%e e!"%an(es. Ot%ers 3i++ 5e 1er%a1s too sma++. 3%ere "entra+iAed
e!"%an(es 3on6t 3ant to +ist t%em. 5#t t%e 5ea#t) is t%at )o# don6t need "entra+ e!"%an(es
)o# "an :#st trade t%em on t%e de"entra+iAed e!"%an(e even i$ )o#6re :#st doin( a "oin $or )o#r
"omm#nit). $or )o#r "it). $or )o#r somet%in( t%at6s too mar(ina+iAed to 5e on an e!"%an(e.
ABL< One o$ t%e $irst a11+i"ation o$ t%ose "#stom "#rren"ies )o# 3ere ta+9in( a5o#t t%at 3e
sa3 3as &aidsa$e6s to9en. 3%i"% isn6t a"t#a++) &aidsa$e6s "oin. it6s t%eir 1re"oin. ri(%t; Can
)o# ta+9 to #s a5o#t %o3 t%at 1ro:e"t "ame a5o#t;
RG< T%e)6re a"t#a++) "a++in( t%e "oin t%e) %ave no3 &aidsa$e"oin. and t%at6s sort o$ a 1re
"oin. Ri(%t no3. it6s an asset t%at 3i++ 5e trans$erra5+e to anot%er "oin "a++ed Sa$e"oin t%at 3i++
5e +a#n"%ed in t%e $#t#re o$ t%is )ear or $o++o3in( t%is )ear. Basi"a++). &aidsa$e is a start#1 in
S"ot+and. T%e)6ve 5een 3or9in( t%e +ast ei(%t )ears on 5#i+din( a de"entra+iAed internet.
T%e)6re de"entra+iAin( ever) as1e"t o$ t%e Internet 3e 9no3 o$. 3%et%er stora(e. "om1#ter
1o3er. or 5and3idt%. One "+ear e!am1+e o$ t%is I a+3a)s #se is a de"entra+iAed ?ro1Bo!.
Com1anies +i9e ?ro1Bo! and Goo(+e and &i"roso$t t%at %osts )o#r $i+es in t%e "+o#d. t%e)
%ave ver) e!1ensive servers and )o# a"t#a++) end #1 1a)in( t%ese "om1anies a +ot more t%an
)o# 3o#+d in a "om1arative "ase 3it% &aidsa$e $or 1,1 stora(e. Ho3 does 1,1 or
de"entra+iAed stora(e 3or9; >o# 5asi"a++) Fa#dio "#tsG on )o#r o3n "om1#ter and )o# send
t%em to 1eo1+e in )o#r vi"init). T%en. o$ "o#rse. t%e so$t3are does t%at $or )o# a#tomati"a++)
)o# don6t %ave to (o aro#nd en"r)1tin( and de"r)1tin( sendin( t%at. 5#t t%e "on"e1t is.
instead o$ storin( t%at in a 5i(. e!1ensive data"enter. )o# :#st store it 3it% ot%er 1eo1+e.
Ever)5od) %as tera5)tes o$ $ree s1a"e on t%eir %ard drives :#st +a)in( a5o#t doin( not%in(. and
t%e same is tr#e o$ "om1#ter 1o3er. o$ 5and3idt%. I$ )o#6re at a "on"ert. )o#6re trave+in(. )o#
don6t %ave )o#r 8i'i. and i$ )o# 5#) 2G $rom )o#r "e++#+ar 1rovider. )o#6re (oin( to 1a) a
$ort#ne. 5#t t%e 1eo1+e on t%e street ne!t to )o#. t%e) %ave $ree 8i'i t%at "osts t%em not%in(.
so t%e) "an s%are t%at. earn a $e3 "oins on t%e side. and )o# (et )o#r servi"e. T%is is t%e vision
t%at &aidsa$e is 3or9in( to3ard. T%e)6ve 5een o1eratin( or deve+o1in( $or t%e +ast ei(%t
)ears. t%e) %ave t%e di$$erent 5#siness mode+s in mind. Some o$ t%em invo+ve "%ar(in( a
1er"enta(e o$ $ees on ot%er mode+s. 8%at t%e)6ve "ome #1 3it% is a"t#a++) a m#tation o$ t%at
mode+ into a "om1+ete+) de"entra+iAed mode+. T%e &aidsa$e "om1an) is (oin( to de$+ate a++ o$
its air or va+#e. and a++ t%at va+#e6s (oin( to $+o3 into a de"entra+iAed e"onom) 5#i+t aro#nd
&aidsa$e"oins or Sa$e"oins. so %o+ders o$ Sa$e"oins 3i++ 5e a5+e to #se t%em to 1a) $or t%ese
servi"es. 5#t 3%en t%e) #se t%em. t%e) on+) 1a) to t%e 1erson 3%o t%e)6re 5#)in( t%e servi"e
$rom. and t%en t%at 1erson doesn6t need to 5e &aidsa$e t%e "om1an) it "o#+d 5e an)5od)
ne!t door. T%e 5#siness mode+ t%at &aidsa$e is 5asin( on is t%at t%e te"%no+o() isn6t "om1+ete
no3. ri(%t; T%e) on+) started 3or9in( on t%is trans$ormation to de"entra+iAe net3or9s 5ased
on "r)1to"#rren"ies and Fro"9(en;G te"%no+o() on+) t%is )ear. T%e te"%no+o() ri(%t no3 isn6t
deve+o1ed. =eo1+e "o#+d invest and s1e"#+ate on %o3 3e++ t%e)6++ 5e doin(. and %o3 mat#re
t%eir te"%no+o() is. and 5#) t%ese "oins ri(%t no3 o$$ t%e mar9et. As t%eir te"%no+o() mat#res
and (ets de1+o)ed in vario#s 1rod#"ts. t%e e"os)stem (ro3s. T%e) a"t#a++) %ave a 5#n"% o$
s#5a11+i"ations t%at6re (oin( to 5e 5#i+t on to1 o$ it. As t%is e"os)stem (ro3s. t%e "oins are
:#st (oin( to 5e"ome more and more #se$#+. and so t%eir va+#e 3i++ rise. T%is is a tem1+ate
3e6re seein( a +ot more )o# %ave LTBCoin. )o#6ve %eard o$ FTattianaCoin;G )o#6ve %eard
o$ ot%er "oins $o++o3in( t%is "oin 3%ere )o# %ave t%is to9en 3%ere )o# %ave to9ens. t%e
to9en6s 1reso+d $or some 1romise or idea o$ $#t#re servi"e. and t%en as t%at servi"e (ets
im1+emented and de+ivered. t%e "oins (et more va+#a5+e. I$. in some "ases. t%at servi"e doesn6t
end #1 de+ivered or somet%in( %a11ens. t%e "oins 3on6t 5e 3ort% t%at m#"%. It6s a 3a) $or
1eo1+e to invest in ideas t%e) 5e+ieve in.
ABL< &aidsa$e. de1endin( on %o3 )o# +oo9 at it. %as 5een 3i+d+) s#""ess$#+. 5#t some 1eo1+e
t%in9 it6s +i9e a s"am. and it6s a 3eird "onversation to %ave 3it% t%em a +ot o$ times. too.
5e"a#se 1eo1+e 3i++ sa) t%e) :#st too9 t%e mone) and ran. and t%at6s "+ear+) not 3%at
%a11ened. C+ear+). t%e) are a"t#a++) 3or9in( on t%e t%in( in S"ot+and no3 t%at t%e) %ave t%e
mone). On"e )o# (et t%e mone). t%at doesn6t instant+) mean t%e 1rod#"t is deve+o1ed t%at
:#st means no3 )o# %ave t%e a5i+it) to 1otentia++) deve+o1 it. T%ere 3ere some 1ro5+ems t%at
1o11ed #1 in t%e &aidsa$e "am1ai(n. 3%i"% is. o$ "o#rse. to 5e e!1e"ted as it 3as t%e. I t%in9.
t%e $irst "r)1to"ro3d$#ndin( event t%at #sed its o3n to9en. ri(%t;
RG< Ot%er t%an &aster"oin itse+$
ABL< Ri(%t. T%e $irst #ser"reated asset. I (#ess )o# mi(%t sa).
RG< Ri(%t. T%e $irst one t%at #sed an #nder3ritin( 1+at$orm $or t%e iss#an"e... I 3ant to (et
:#st one 3ord o#t o$ o#r +e!i"on immediate+). and t%at6s 4s"am.7 I 9no3 t%ere are s"ams. t%ere
are (oin( to 5e s"ams. as )o#6++ noti"e )o#rse+$. =eo1+e 3i++ a+3a)s a""#se 1eo1+e and
"om1anies 3%en t%in(s don6t (o as t%e) 3ant or 3%en t%in(s are ma)5e ta9in( +on(er t%an
anti"i1ated... 1eo1+e %ave 5een a""#sin( 5it"oin and 5it"oiners o$ 5ein( a s"am $or )ears. T%at
doesn6t a#tomati"a++) ma9e it so. so )ea%. t%e "ase 3it% &aidsa$e t%e) %ave a 5i( "ro3d
sa+e. t%ere is t%e mone). t%e)6re o#t t%ere and deve+o1in( t%e so$t3are. T%e) re+eased t%eir $irst
testnet a+read). so t%ere6s de$inite+) 1ro(ress. It6s de$inite+) not a s"am. I 9no3 t%e)6re
1ro(ressin(. T%e) %ave a 5#n"% o$ deve+o1ers I don6t 9no3 t%e amo#nt. I 9no3 t%ere6re
%#ndreds o$ deve+o1ers interested in deve+o1in( on to1 o$ &aidsa$e I %ad t%e "a++ toda) 3it%
one "om1an) 3%o6s 5#i+din( somet%in( on to1 o$ t%em. T%e)6re "+ear+) on tra"9 and de+iverin(
or 3or9in( on de+iverin(. Re(ardin( t%e "ro3dsa+e itse+$ as it 3as t%e $irst "ro3dsa+e. 3e
did %ave #nanti"i1ated iss#es t%ere. 8e a"t#a++) 3rote a $#++ retros1e"tive on t%e matter. 8e
ana+)Aed %o3 t%e "ro3dsa+e 3ent. %o3 it 3as 1+anned. 3%at 3e did ri(%t. 3%at 3e did
3ron(. and I t%in9 it6s ver) im1ortant t%ese are t%e ear+) sta(es o$ "r)1to"#rren") in (enera+.
and t%ese "ro3dsa+es. and ,./ 1roto"o+s... It6s im1ortant a++ o$ #s. instead o$ :#st (oin( in and
$+amin( ever)5od) 3%o $ai+s. +et6s :#st (et to(et%er as a "omm#nit) and tr) to +earn and %e+1
ea"% ot%er move $or3ard. On t%at s1e"i$i" o""asion. t%e &aidsa$e "ro3dsa+e. t%e s#mmar) is
t%at 3%i+e. in t%e 3ee9s (oin( #1 to3ard t%e "ro3dsa+e. 3e %ad a +ot o$ dis"#ssions 3it%
t%em. tried to estimate %o3 m#"% $#nds are (oin( to $+o3 in. and 3e t%o#(%t t%e) 3ere aimin(
at raisin( IC&. 8e t%o#(%t ma)5e t%e) "o#+d raise it in 2/ da)s 3e 3eren6t s#re. T%e)
ended #1 (ettin( t%at amo#nt in $ive %o#rs. so 5e$ore even 1eo1+e 3o9e #1 in t%e States. t%ere
3as so m#"% demand 5e"a#se it 3as t%e $irst "ro3dsa+e a$ter t%e &aster"oin "ro3dsa+e. A
+ot o$ anti"i1ation t%ere. a +ot o$ 1eo1+e %o1e to ma9e a H#i"9 5#"9 t%e) %o1e to +evera(e
ar5itra(e di$$eren"es. some o$ t%em didn6t ma9e t%at... ever)one 3%o sent mone) to t%e
$#ndraiser eit%er (ot native "oins or. i$ t%ere 3ere 1ast dead+ines. I 9no3 t%eir mone) (ot
ret#rned. 5#t some 1eo1+e 5o#(%t &aster"oins in anti"i1ation and didn6t (et to invest in
&aster"oins 3%o6re #sin( &aster"oins. Ri(%t no3. most o$ t%e "ro3dsa+es. i$ t%e)6re
%a11enin(. t%e)6re not ta9in( &aster"oins dire"t+). 5#t rat%er t%e)6re :#st #sin( 5it"oin $or t%e
"ro3dsa+e and most o$ t%em are investin( in &aster"oin 3it% t%e 5it"oins t%e) raised in order
to s#11ort t%e 1+at$orm t%e)6re 3or9in( on. T%is is 1er%a1s a %ea+t%ier mode+ 3%ere t%ere6s no
d#a+iss#an"e. )o# don6t 1re"ommit to a s1e"i$i" rate. and t%is a++ even t%is ne3 mode+. it6s
sti++ ne3. t%ere6re sti++ "ro3dsa+es (oin( on 3it% t%is mode+. and 3e6re ad:#stin( it to(et%er. I
e!1e"t t%e 3%o+e mar9et to 5e a +ot %ea+t%ier and ed#"ated in si! to t3e+ve mont%s. 5#t
an)5od) (oin( to 1arti"i1ate in a "ro3dsa+e t%ese da)s. t%e) need to #nderstand t%e)6re
1ioneerin( Bit"oin. t%e)6re 1ioneerin( t%e s1a"e it6s +i9e tr)in( to Fa#dio "#t o#tG ,/-/.
)o#r "om1#ter "ras%ed. )o#r "oins are +ost and t%ere6s not%in( )o# "an do a5o#t it. 8e6re
ma)5e not at t%at ear+) sta(e 5e"a#se 3e6re 5#i+din( on 1roven te"%no+o() and not 5#i+din(
ever)t%in( $rom s"rat"%. and 3e :#st 9ee1 +earnin( and im1rovin(.
Ad< Kr)1toKit is t%e 3or+d6s $irst C%rome 5ro3ser Bit"oin 3a++et. It6s t%e easiest. $astest
Bit"oin 3a++et 1a)ment s)stem. 8it% a sim1+e one"+i"9 insta++. it ta9es :#st se"onds to (et )o#r
3a++et set #1. and 5e"a#se Kr)1toKit $inds t%e address and 1a)ment $or )o#. t%ere6s no more
$#ssin( aro#nd or ta5s3it"%in(. Kr)1toKit is more t%an :#st a 3a++et. It "omes 3it% a 1re
+oaded =G=en"r)1ted so"ia+ net3or9. ne3s $eeds $rom Reddit and Goo(+e. and #1todate
"%arts $rom e!"%an(es. 'ina++). Kr)1toKit ?ire"tor) a++o3s )o# to ma9e t3o"+i"9 1a)ments
3it% an) o$ t%e Bit=a) mer"%ants. On"e )o# insta++ Kr)1toKit. )o# 3on6t need an)t%in( e+se.
'or more in$ormation. or to do3n+oad Kr)1toKit. visit Kr)1toKit."om
ABL< Ear+ier in o#r "onversation. )o# mentioned )o#6re avoidin( t%e 3ord 4dividend7 5e"a#se
it %as +e(a+ im1+i"ations and are #sin( t%is 41a)toa++7 nomen"+at#re instead. One o$ t%e t%in(s
I6ve noti"ed a5o#t a +ot o$ t%e #1"omin( "ro3dsa+es 5ein( ta+9ed a5o#t is t%at a +ot o$ t%em
are +i(%t on in$ormation. A +ot o$ t%em are 1rett) +i(%t on in$ormation and it stri9es me does
t%is %ave an)t%in( to do 3it% t%e H#estiona5+e +e(a+ environment 3e6re in. ?o )o# t%in9 t%at6s
"a#sin( 1eo1+e to %o+d 5a"9 and 5e more "onservative 3it% 3%at t%e)6++ te++ 1eo1+e;
RG< I %aven6t a"t#a++) seen t%at. T%at6s not t%e "on"+#sion I 3o#+d dra3. I t%in9 some 1eo1+e
:#st invest more in 1re1arin( t%eir %ome 1a(e or t%eir "ro3dsa+e 1a(es 3%i+e ot%ers :#st 1#t
#1 a (enera+ idea and t%en Fina#di5+eG 5ased on t%at.
ABL< So 3e6re 3at"%in( -./// $+o3ers 5+oom. None o$ t%em ne"essari+) 9no3 a5o#t ea"%
ot%er. t%e)6re :#st doin( t%eir o3n t%in( and t%is is :#st t%e environment t%at %a11ens.
RG< >ea%. and 3e sort o$ serve as a $o"a+ 1oint $or some o$ t%ese "om1anies doin( "ro3d
sa+es. and 3e tr) to %e+1 t%em 3it% t%e 5est in$ormation 3e "an. 3e6re %irin( (#ides or
"orre"tin( reso#r"es.. 3e %ave a "ro3dsa+e (#ide %o3 to do "ro3dsa+e on t%e &aster
1roto"o+. and it6s a +ivin( do"#ment 3e 9ee1 #1datin( as 3e %ave more in$ormation. &)
advi"e to an)5od) doin( a "ro3dsa+e is. $irst. ta+9 to )o#r +a3)er to $ind o#t 3%at )o#6re
doin( is +e(a+. 8e don6t $a"i+itate or advo"ate an) i++e(a+ a"tivities. On"e )o#6ve done t%at. 1#t
ever)t%in( #1 on t%e 3e51a(e. T%ere6s no e+iminatin( or %idin( in$ormation I don6t t%in9
t%at6s 3%at6s (oin( to save )o# $rom t%e SEC or 'inCEN or t%e a#t%orities. ri(%t; ?oin( t%e
ri(%t t%in(s +i9e "ons#+tin( 3it% )o#r +a3)ers is somet%in( t%at "an %e+1 )o# avoid t%e nast)
sit#ations.
ABL< >o# mention sa+es on t%e &aster"oin 1+at$orm aren6t a""e1tin( &aster"oin 5#t t%at t%e
"am1ai(ns t%at are s#""ess$#+ are investin( some o$ t%e 5it"oins t%e) (et into &aster"oin. T%at
so#nds 3eird to me. Can )o# ta+9 to me a5o#t t%at;
RG< T%e 1+at$orm 3e %ave )o# "an a""e1t 3%atever "#rren") )o# 3ant. Ri(%t no3. 3e sti++
%ave t%at te"%ni"a+ +imitation 3%ere on+) master"oin and ot%er &aster"oin5ased "#rren"ies
are a""e1ted. 5#t )o# "an a+3a)s do t%at man#a++) or 3it% s"ri1ts or 3it% sites +i9e
Coin=o3ers and S3arm t%at $a"i+itate t%at $or )o#. At t%e end o$ t%e da). )o# "an di"tate
3%atever 1o+i"ies )o# 3ant and a""e1t 3%i"%ever "#rren"ies )o# 3ant to a""e1t. It6s %ard to
1ri"e t%ese. A++ t%ese ne3 "#rren"ies. in"+#din( &aster"oin. are ver) vo+ati+e. so i$ )o#
sim#+taneo#s+) a""e1t 5ot% 5it"oin and master"oin in )o#r "ro3dsa+e. t%at "o#+d 5e "%aos +i9e
it 3as in &aidsa$e. >o# "o#+d e!1e"t one settin( and a 3ee9 a$ter. )o# %ave anot%er. =eo1+e
3i++ ta9e advanta(e o$ ar5itra(e and 1+a) a(ainst )o#. 8%at 3e6re seein( more and more
iss#ers do... t%e) a""e1t 5it"oin 5e"a#se 49ee1 it sim1+e. st#1id.7 ri(%t; T%e most sim1+e t%in(
)o# "an a""e1t in a "ro3dsa+e is 5it"oin. As $or s#11ortin( &aster"oin and 5#)in(
master"oins a$ter t%e "ro3dsa+e. 1eo1+e 3ant to ma9e s#re t%e) are o1eratin( on a 1+at$orm
t%at is s#staina5+e. T%e) 3ant to ma9e s#re 1eo1+e 3i++ 5e avai+a5+e. t%e 1+at$orm 3i++ 5e
avai+a5+e i$ t%e) %ave an) $eat#re reH#ests or "%an(es t%e) 3ant to im1+ement +ater. t%at
t%ere 3i++ sti++ 5e a 'o#ndation. T%at ties into t%e H#estion )o# as9ed 5e$ore. a5o#t t%e r#n3a)
$or t%e 'o#ndation. ri(%t; 8%en I "o#nted t%e r#n3a) and o#r reso#r"es. I on+) "o#nted t%e
5it"oins 3e %ave. 5#t 3e a+so %ave master"oins t%at are "ontin#o#s+) 5ein( (enerated at o#r
address. T%at6s a de"a)in( rate t%at6s not an in$inite amo#nt t%at6s ver) +imited "a1. and
3e++9no3n. 5#t it is a so#r"e o$ $inan"ia+ a""ess t%at 3e %ave t%at 3e "an +evera(e to
motivate deve+o1ers and $#nd deve+o1ment. No5od) %as to do an)t%in(. No5od) %as to 5#)
master"oins or to 1a) #s an)t%in(. T%e 1+at$orm is "om1+ete+) o1en. I 3ant to rea++) stress t%is
1oint 5e"a#se t%ere %ave 5een a +ot o$ mis"on"e1tions %ere. >o# "an do a "ro3dsa+e. )o# "an
raise I-/&. not 1a) #s a dime. and not a""e1t master"oin. It6s "om1+ete+) o1en. Ho3ever. i$
)o# raised I-/& and o1erate on o#r 1+at$orm. )o# 1ro5a5+) do 3ant to ma9e s#re t%e
1+at$orm is aro#nd si! mont%s $rom no3. t3e+ve mont%s $rom no3. >o# ma) 3ant to sta) in
t%e +oo1. in$+#en"e %o3 t%e 1+at$orm evo+ves... $or t%at. it :#st ma9es sense $or )o# to o3n
master"oins. B#t a(ain. t%e de"ision o$ 3%et%er and %o3 m#"% to o3n is "om1+ete+) #1 to
)o#.
ABL< O9a). "oo+. T%at ma9es more sense to me. Has an)5od) de"ided to do t%is. )et; ?o )o#
%ave an) "ommitments. )et. $rom 1ro:e"ts; ?id &aidsa$e do t%is;
RG< &aidsa$e did t%at. and I 9no3. ri(%t no3. a++ or most o$ t%e 1ro:e"ts t%at are 3or9in( on
&aster"oin. on &aster 1roto"o+. are doin( t%at. I 9no3 an A=I net3or9 is doin( t%at.
FGenera+Coin;G I t%in9 is doin( t%at. It6s +ess a matter o$ "ommitment t%e)6re not si(nin( an)
"ontra"ts 3it% #s 5#t more a 1+an t%e) 1resent to t%eir investors. T%e) sa). 4)ea%. 3e intend
to raise t%is amo#nt o$ mone) t%is m#"% 3i++ 5e #sed $or deve+o1ment. t%is m#"% $or
mar9etin(. and t%is m#"% 3e6re investin( 5a"9 into t%e &aster"oin 1roto"o+.7 It6s not a
donation. T%e) (et master"oins. and as 3e (et a "riti"a+ mass o$ t%ese iss#an"es. t%e 1+at$orm
:#st 5e"omes a +ot more #sa5+e t%en t%e va+#e o$ master"oin s%o#+d rise.
ABL< Re"ent+). I %ave seen )o# (#)s are %avin( an interna+ "onversation a5o#t 3%at s%o#+d
drive t%e 1ri"e o$ master"oin and i$ )o# s%o#+d do somet%in( to drive t%e va+#e o$ it. >o#6re
sa)in( on t%e one %and. 1eo1+e don6t need to #se master"oin I #nderstand 3%) a "om1an)
#sin( t%e 1+at$orm 3o#+d 3ant to 9ee1 t%e 'o#ndation aro#nd i$ it6s 1rovidin( rea+ 5ene$it to
t%em. 5#t %o3 does t%is 3or9 in (enera+;
RG< A5o#t t%e #se o$ master"oin 3it%in t%e &aster 1roto"o+ 5a"9 3%en 3e started. 3e %ad
t%ese +itt+e 1+a"es 3%ere 3e $or"ed t%e #ser to #se master"oin in t%e 1roto"o+. To do a "ro3d
sa+e on t%e 1+at$orm. )o# %ad to #se master"oin )o# "an6t #se 5it"oin 3e++. )o# "an #se an)
master"oin5ased "#rren"). 5#t )o# "an6t a""e1t 1#re 5it"oin. T%at6s somet%in( 3e6re sti++
"arr)in( 3it% #s. 5#t 3e a+read) a(reed t%is is somet%in( 3e6++ reso+ve and "%an(e. >o# "an do
a "ro3dsa+e. )o# "an a""e1t 5it"oin. and t%e (oa+ %ere is rea++) to sta) "om1etitive and ma9e
s#re 1eo1+e %ave no arti$i"ia+ 5arrier to entr). T%e) "an :#st do a "ro3dsa+e. (et t%e mone)
t%e) need. (et t%e servi"es t%e) need. On t%e ot%er %and. t%ere are a $e3 1+a"es 3%ere it rea++)
ma9es te"%ni"a+ sense to reH#ire master"oins. Re(ardin( t%is dividend or 1a)toa++ $eat#re i$
)o#6re sendin( to9ens to a++ t%e 1eo1+e 3%o %o+d P"oins. t%at "an 5e a ver) +ar(e o1eration
$rom a te"%ni"a+ stand1oint. >o# "an %ave a t%o#sand. tent%o#sand. a mi++ion 1eo1+e %o+din(
t%ese "oins. so in order to 1rote"t t%e 1roto"o+ and t%e 1arses. 3e6re introd#"in( a $ee t%ere. It
doesn6t (o to #s it6s master"oins 3%i"% (et 5#rned in t%e 1ro"ess. 'or ea"% 1erson )o# send
to. )o# need to send one 3i++it. 3%i"% is t%e eH#iva+ent to one satos%i it6s t%e sma++est #nit o$
master"oin. T%is is an e!am1+e o$ t%e #se"ase 3%ere it ma9es te"%ni"a+ sense. It6s not
somet%in( an) "om1etitor "an do 3it%o#t. so t%ere 3on6t 5e an) reason to Fina#di5+eG 1+at$orm
5e"a#se o$ t%is $ee. T%e) 3on6t $ind a 5etter dea+ t%an #s. It6s a #se $or &aster"oin. it6s
somet%in( )o# %ave to %ave master"oins in order to #se t%is 1arti"#+ar $eat#re. and t%is and
ot%er simi+ar $eat#res 3i++ drive t%e #se o$ master"oins t%emse+ves.
ABL< >o#6re a"t#a++) 5#rnin( master"oins 3%en it "omes to t%ese $ees. so no5od)6s 5ein( 1aid
t%ese $ees. :#st t%e s#11+) (ets sma++er. so it6s 9ind o$ +i9e )o#6re in"reasin( t%e va+#e $or
ever)5od) %o+din( a to9en o#t t%ere. ri(%t;
RG< Ri(%t. T%ere6s a +ot o$ dis"#ssion interna++) on 3%ere 3e s%o#+d "%ar(e t%ese $ees. Some
1eo1+e t%in9 3e s%o#+d "%ar(e t%em 3%enever 3e "an to in"rease t%e 1ri"e o$ master"oins.
T%ere are ot%ers. +i9e m)se+$. 3%o t%in9 3e s%o#+d on+) $ind t%e ri(%t 1+a"es 3%ere t%ere is a
(ood te"%ni"a+ reason te"%ni"a+ e!"#se or te"%ni"a+ reason and 3%en )o# %ave t%at
te"%ni"a+ $o#ndation t%at rea++) s#11orts 5#rnin( "oins. t%en 3e don6t %ave an) "on"erns t%at
t%at "om1etin( 1+at$orm "an o#t1er$orm #s %ere 5e"a#se 3e6re doin( t%e 5est 3e "an 1ossi5+)
do. 8%i+e 3e6re 5ein( as o1en as 1ossi5+e. t%e mission o$ t%e &aster"oin 'o#ndation is t3o
$o+d. On one %and. 3e 3ant to 5#i+d t%e 1+at$orm. 5#i+d t%e too+s. 5#i+d t%e so#r"e"ode and
t%at it6s as #se$#+ as 1ossi5+e. On t%e ot%er %and. 3e %ave a "ommitment to ever)one 3%o
invested in master"oin to rea++) ma9e s#re 3e ta9e "are o$ t%e master"oin 1ri"e i$ )o# 3i++
ma9e s#re master"oin 1ri"e doesn6t dro1 to Aero. 5#t 9ee1s in"reasin(. T%at6s t%e 5a+an"e on
3%i"% 3e6re 3or9in(. I don6t "are 3%at t%e master"oin 1ri"e is ri(%t no3 or in a 3ee9. or in a
mont%. or even ever) mont% I "are 3%at t%e 1ri"e o$ master"oin is in a )ear. in t3o )ears. in
$ive )ears. I 3ant to t%in9 5i( and +on(term. and t%is is 3%) I don6t (o and "%e"9 t%e 1ri"e
"%arts. Ever)one 3%o6s 5een 3it% 5it"oin $or a 3%i+e 9no3s t%is 5it"oin is %)1ervo+ati+e and
a++ t%ese a+ts and ot%er "#rren"ies are even more vo+ati+e t%an t%at.
ABL< S#re. A +ot o$ it %as to do. as )o# mentioned ear+ier. t%at master"oin isn6t traded on man)
e!"%an(es 5e"a#se. to t%is 1oint. it6s 5een ver) te"%ni"a++) di$$i"#+t $or t%em to inte(rate. No3
t%at )o# %ave t%is sin(#+ar 3a) $or3ard. do )o# t%in9 t%at6s (oin( to "%an(e in t%e ne!t "o#1+e
o$ mont%s. or are 3e sti++ +oo9in( to3ard t%e end o$ t%e )ear;
RG< >ea%. de$inite+). I t%in9 3e 3i++ %ave a(ain. I don6t 3ant to "ommit %ere on air 5#t 3e
s%o#+d %ave at +east one e!"%an(e t%at inte(rates master"oins 3it%in t%e ne!t mont% and a %a+$.
T%at6s somet%in( 3e6re 3or9in( 3it% on 3it% severa+ e!"%an(es. 3e6re (ivin( t%em t%e
instr#"tions. and it6s (oin( to 5e ver) sim1+e $or t%em to inte(rate t%at. Goin( $or3ard. 3e6re
(oin( to invest 3%atever reso#r"es 3e need. 3%atever time 3e need. and 3e6re (oin( to %ave
t%ese e!"%an(es. %ave $eed5a"9 $rom t%at and inte(rate t%at into t%e Core 1rod#"t. I do e!1e"t
more e!"%an(es to inte(rate more master"oins in t%e "omin( mont%s. and I6m not (onna ma9e
an) 1redi"tions on t%e...
ABL< I %ave t3o H#estions. 'irst. t%is is tota+ nonseH#itor. 5#t :#st 3ra11in( #1 t%at +ast
se(ment. >o# mentioned t%e $ee )o#6d 5e 5#rnin( is one 3i++it t%at stri9es me i$ t%at6s t%e
eH#iva+ent o$ one satos%i. t%at6s a"t#a++) a sma++er amo#nt o$ master"oin t%an )o#6re a5+e to
send in 5it"oin 5e"a#se 5it"oin %as a d#st +imit. Is a d#st +imit not a 1ro5+em 3it% a to9en +i9e
&aster"oin. or is t%at :#st a startin( 1oint $or t%at n#m5er;
RG< T%at6s a rat%er te"%ni"a+ H#estion t%ere. 8%en )o# send some to9en to a t%o#sand
addresses. tent%o#sand addresses. )o#6++ 5e 5#rnin( a t%o#sand 3i++its. tent%o#sand 3i++its. It
3on6t :#st 5e one 3i++it. it6++ 5e a +ot o$ 3i++its. >o# sti++ 1a) a++ t%e 5it"oin transa"tion $ees t%at
are reH#ired to en"ode t%at in t%e 1roto"o+. so t%ere6s rea++) no #se $or s1am. %ere. Sin"e )o#
as9 t%is H#estion. ma)5e I "an e+a5orate %ere a 5it. T%e one 3i++it is more o$ a 1+a"e%o+der. T%e
(oa+. in m) mind. is to remove #s $rom t%e de"isionma9in( 1ro"ess on 3%i"% $ees and %o3
man) $ees t%ere 3i++ 5e. Ri(%t no3. 3e6re startin( 3it% t%is 1+a"e%o+der. one 3i++it 1er address.
5#t t%e (oa+ is to modi$) t%e 1roto"o+ itse+$ so %o+ders o$ master"oin 3i++ 5e a5+e to vote on
t%ese $ees and dire"t+) "%an(e t%at. I don6t 3ant t%e votes to :#st "ome #1 in t%e sort o$ 3a)
+i9e 3e ta++) #1 t%e votes and 3e en"ode some ne3 va+#e into t%e 1roto"o+. 5#t I 3ant t%e
votin( me"%anism to 5e an inte(ra+ 1art o$ t%e 1rot"o+. 3%ere i$ 1eo1+e 3ant to "%an(e t%e $ee.
t%e $ee :#st "%an(es. T%at6s t%e $#t#re 3e6re %eadin( to3ard. 8e6re :#st startin( o$$ 3it% one
3i++it as a startin( 1oint.
ABL< 8%at 1ro:e"ts are "omin( #1 t%at o#r +isteners 3o#+d +i9e to %ear a5o#t; 8%at t%in(s
are )o# e!"ited a5o#t. 5ot% in terms o$ ne3 "ro3d$#ndin( "am1ai(ns or :#st t%in(s )o#6re
1rett) s#re )o# "an ta+9 a5o#t and 3%i"%6re (onna %a11en over t%is S#mmer; 8%at6re 3e
+oo9in6 at;
RG< I don6t a"t#a++) 3ant to s1ea9 a +ot a5o#t t%e di$$erent 1ro:e"ts 5e"a#se I6m more $ami+iar
3it% some o$ t%em. +ess $ami+iar 3it% ot%ers. 8e %ave a "ro3d$#ndin( 1a(e on o#r 3i9i 3%i"%
+ists a++ t%ese #1"omin( "ro3dsa+es. and 1eo1+e "an add t%eir o3n t%ere. so I rea++) don6t 3ant
to $o"#s on an) 1arti"#+ar one. I t%in9 t%at6s im1ortant $or #s as a 'o#ndation. not to (o
re"ommendin( an) 1arti"#+ar "ro3dsa+es 5e"a#se t%at6s not 3%at 3e do. 8e :#st 1rovide a
1+at$orm. I6m %a11) to ta+9 a5o#t 3%at we doin(. As I said 5e$ore. 3e6re "onso+idatin( t%e
3or9 on t%e &aster Core. 3e %ave o#r $irst a+1%a re+ease. :#st +ast 3ee9 it6s o#t t%ere.
=eo1+e "an "om1i+e t%at. =eo1+e "an 1+a) aro#nd 3it% t%at. 8e6re addin( in s#11ort $or more
$eat#res over t%e ne!t mont% and a %a+$. and it s%o#+d rea"% 5eta sta(e aro#nd A#(#st -
st
. and
3e6++ 5e inte(rated 3it% an e!"%an(e. A$ter t%at. 3e6re :#st (oin( to ta9e t%is as a startin(
1oint. $ina++) a$ter t%is +ast %a+$ a )ear 3%ere 3e 3ere at t%e $eat#re $reeAe. 3e6++ 5e a5+e to
rea++) add on t%e $eat#res t%at are needed. 8e6re sti++ %avin( dis"#ssions interna++) and 3it%
vario#s 1+at$orms on 3%i"% $eat#res are needed on t%e 1roto"o+ +eve+. On"e 3e %ave t%at Core
1+an o#t t%ere. 3e "an rea++) start r#nnin( and im1+ementin( t%ese. T%at6s t%e Core 1ro:e"t.
O#r 3e5 3a++et is a+so ma9in( (reat strides. It6s 5een in sort o$ a test mode or a+1%a mode $or
t%e +ast H#arter. and 1eo1+e %ave 5een #sin( it in 1rod#"tion. 8%en &aidsa$e 3as re+eased. t%e
3a++et 3as sti++ in a+1%a and it %and+ed a $e3 mi++ion do++ars o$ transa"tions. 5#t 3e6re ma9in( a
+ot o$ 1ro(ress on t%at. 8e6re (rad#atin( t%at to 5eta +eve+ 3it%in t%e ne!t 3ee9 or t3o. as
3e++. I t%in9. 'o++o3in( t%at. 3e sti++ %ave a +ot o$ EI im1rovements. O#r (oa+ is rea++) to
sim1+i$). sim1+i$). sim1+i$) 3%atever 3e "an on t%e #sa5i+it) o$ t%e 1rod#"t. and 3e 3ant to
rea++) ma9e t%e 5est 3e5 3a++et t%at6s a""essi5+e $or 5it"oin. $or master"oin. $or a++ t%ese
(enerated "#rren"ies. T%e ne!t ste1. 3%i"% 3e6re rea++) e!"ited a5o#t. is a"t#a++) inte(ratin(
1ro:e"ts not rea++) "om1etin( :#st ot%er 1ro:e"ts and ot%er 1roto"o+s into t%e same 3a++et. I
3ant to %ave "o+ored "oins. I 3ant to %ave Co#nter1art). I 3ant to %ave Et%ere#m. I 3ant to
%ave Lite"oin and =eer"oin a++ in t%e same 3e5 3a++et. I t%in9 it6s ridi"#+o#s t%at 1eo1+e toda)
need $ive or ten or t3ent) di$$erent 3a++ets :#st to %o+d a++ t%eir "oins. so t%at6s somet%in( 3e6++
1#t some e$$ort on a$ter A#(#st.
ABL< Ron Gross. e!e"#tive dire"tor o$ t%e &aster"oin 'o#ndatoin. T%an9 )o# ver) m#"% $or
)o#r time.
RG< T%an9 )o# ver) m#"%. Adam.
ABL< T%an9s $or +istenin( to e1isode -,2 o$ Let6s Ta+9 Bit"oin. Content $or t%is e1isode 3as
1rovided 5) Adam B. Levine and Ron Gross. T%is e1isode 3as edited 5) &att%e3 Qi19in and
1rod#"ed 5) Adam B. Levine. &#si" $or t%is e1isode 3as 1rovided 5) *ared R#5ens and
Genera+ '#AA. Head over to +etsta+95it"oin."om and "+i"9 t%e 4Comm#nit)7 men# item. >o#6++
not on+) $ind o#r "omm#nit) $or#ms. 5#t t%e (ate3a) to earnin( LTBCoin. t%e "oin t%at +ets
)o# s1onsor Let6s Ta+9 Bit"oin $or $ree. *#st 1ost. "omment. s%are. en:o). and ea"% 3ee9.
)o#6++ (et )o#r $air s1+it 5ased on %o3 m#"% )o# "ontri5#ted "om1ared a(ainst ever)5od) e+se.
'or #s to 1ro1er+) "redit )o#. )o#6++ need to 5e +o((ed in and %ave a "o#nter3a++et."o address
entered into )o#r 1ro$i+e 3%ere it as9s $or a LTBCoin"om1ati5+e address. I$ )o# %ave an)
iss#es. t%e $or#ms are a (reat 1+a"e to (o +oo9in( $or %e+1. T%an9s $or +istenin(. and I6m rea++)
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