LETS TALK BITCOIN

Episode 113 Enabling Tech

Participants:
Adam B. Levine (ABL) Host
Jeremy Lam (JL) o!nder o" #ennd.io
Timo Han$e (TH) C%ie" &ry'to(ra'%er o" CoinTerra
)ar$er Emmerson ()E) o!nder o" *yB+o(Band.&om
Ja&$ Kiernan (JK) *i&ro,+endin( entre'rene!r
ABL: Today is *ay -.t% -/01 and t%is is E'isode 002. T%is 'ro(ram is intended "or
in"ormationa+ and ed!&ationa+ '!r'oses on+y. Cry'to&!rren&y is a ne3 "ie+d o" st!dy.
Cons!+t yo!r +o&a+ "!t!rist4 +a3yer and investment advisor 5e"ore ma$in( any de&isions
3%atsoever "or yo!rse+". 6/70.8
9999999999999999999999999999999999999999999
ABL: :e+&ome to Lets Ta+$ Bit&oin4 a t3i&e 3ee$+y s%o3 a5o!t t%e ideas4 'eo'+e and
'ro;e&ts 5!i+din( t%e di(ita+ e&onomy and t%e "!t!re o" money. *y name is Adam B. Levine
and today 3ere a++ over t%e '+a&e.
:e ;oin Ste'%anie as s%e s'ea$s 3it% Timo Han$e4 t%e +ead &ry'to(ra'%er at Bit&oin
minin( "irm CoinTerra
T%en4 3e ta+$ m!si&4 'atents4 Bit&oin and 5and 5+o(s 3it% )ar$er Emmerson
ina++y4 Ste'%anie ta+$s +endin( in Bit&oin 3it% Ja&$ Kiernan
irst4 Jeremy Lam %as 5een t%in$in( a5o!t a!tomatin( &ry'to&!rren&y store "ronts.
He te++s me a5o!t %is ne3 o'en so!r&e4 distri5!ted4 virt!a+ vendin( ma&%ine 'ro;e&t4
#ennd
En;oy t%e s%o3< 607/-8
99999999999999999999999999999999999999999
Adam Levine interview with Jeremy Lam
ABL: Today on Lets Ta+$ Bit&oin4 3ere ;oined 5y Jeremy Lam. Jeremy4 %o3 are yo!=
6070-8
JL: Im (ood t%an$s Adam. Ho3 are yo!= 607018
ABL: Im 'retty (ood. Jeremy4 yo!re 3or$in( on an o'en so!r&e 'ro;e&t &a++ed #ennd.
Can yo! te++ me 3%at t%ats a5o!t= 607-/8
JL: or +a&$ o" a 5etter 3ay o" sayin( it is a rea++y sim'+e di(ita+ vendin( ma&%ine 5ased
!'on Co!nter'arty. In essen&e4 3%at it a++o3s yo! to do is set !' a +itt+e 5+o&$&%ain
a''+i&ation4 a +itt+e di(ita+ vendin( ma&%ine t%at a&&e'ts 'ayments and t%at 'ayment 3o!+d 5e
!s!a++y in 5it&oins and it 3i++ a!tomati&a++y send 5a&$ t%e Co!nter'arty asset in >!estion.
607128
ABL: In 'ra&ti&e4 3%at ty'e o" a''+i&ations 3o!+d t%is 5e !se"!+ "or= 6071.8
JL: or somet%in( t%ats t%at sim'+e4 t%ere are a&t!a++y >!ite a +ot o" a''+i&ations 3%en yo!
!n&over "rom t%e s!r"a&e. In t%e most sim'+est "orm4 yo! &an a&t!a++y &reate4 as I mentioned
5e"ore4 a vendin( ma&%ine and t%at vendin( ma&%ine &an 5e !sed as a means o" ma$in( yo!r
I)O. or e?am'+e4 yo! &an +oad !' a vendin( ma&%ine4 t%e s%ares "or yo!r I)O and yo! &an
(et 'eo'+e to send 5it&oins to t%at vendin( ma&%ine and it 3i++ a!tomati&a++y re&eive t%eir
s%ares 3it%o!t any "!ss 3%atsoever. 6-70@8
ABL: T%e advanta(e o" !sin( somet%in( +i$e t%is t%en is t%at it doesnt re>!ire yo! to (o
t%ro!(% a mar$et. Its more ;!st +i$e someone set t%is !' as +i$e a 3e5 'a(e and t%en t%ere is
an address t%ere4 t%ey send 5it&oins to t%at address. No34 it sends it 5a&$ to t%e address t%at
sent it4 ri(%t= 6-7228
JL: T%ats ri(%t. or t%e !ser4 or "or t%e investor its a rea++y4 rea++y sim'+e 'ro&ess. T%ere is
a sin(+e address t%at yo! &an advertise on yo!r 3e5 'a(e and everyone &an ;!st (o a%ead and
send t%eir s!ms to t%at 3e5 'a(e and (et 5a&$ t%eir asset. 6-71.8
ABL: :%ats a more &om'+i&ated !se or more interestin( !se o" t%is 5eside t%e 5asi& &ro3d
"!ndin( vendin( ma&%ine a''roa&%= T%ats 3%at it is4 ri(%t= Its +i$e a &ro3d "!ndin(
vendin( ma&%ine. 6-7AB8
JL: Ces4 t%ats ri(%t. :%en yo! %ave a +oo$ at some more &om'+i&ated &ases4 yo! &an
a&t!a++y t%in$ a5o!t t%is vendin( ma&%ine 3or$in( in a t3o,3ay dire&tion. :%at 3ere
ta+$in( a5o!t 3it% a vendin( ma&%ine is yo! send 5it&oins in and t%en yo! (et t%e
Co!nter'arty asset o!t. I" yo! 3ere t%en to a++o3 a reverse dire&tion4 to send t%e
Co!nter'arty asset into it and t%en (o 5a&$ to Bit&oin4 t%en yo!ve (ot somet%in( a +itt+e 5it
more interestin(. T%e ot%er t%in( t%ats a+so 3ort% mentionin( is t%at #ennd is &om'ati5+e
3it% any Bit&oin A)I a+t&oin. or e?am'+e4 t%e A)I 5et3een Lite&oin4 Do(e&oin and >!ite a
+ot o" t%e ot%er a+t&oins is essentia++y t%e same as Bit&oin4 3%i&% means t%at #ennd is a+so
&om'ati5+e 3it% a+t&oins as 3e++. Ta$in( t%at to 3%at I mentioned a5o!t a t3o,3ay vendin(
ma&%ine4 yo! &an a&t!a++y set !' #ennd as an e?&%an(e or (ate3ay to 5rid(e 5et3een
Co!nter'arty and t%e a+t&oin o" yo!r &%oi&e. 617/-8
ABL: One o" t%e t%in(s t%at Im tryin( to "i(!re o!t %ere is %o3 does ea&% vendin( ma&%ine
(et its 'ri&e= Is t%is ;!st +i$e a %ard n!m5er t%ats set at t%e 5e(innin(= Are t%ese tradin(
a!tomati&a++y on a de&entra+iEed e?&%an(e= Is t%e 'erson r!nnin( ea&% insta++ation ;!st
ta$in( on t%at ris$ and re3ard t%emse+ves= 617-08
JL: T%at is !' to t%e o3ner o" t%e ma&%ine itse+". Ces4 it de'ends on %o3 yo! 3ant to !se
t%e vendin( ma&%ine. I" its in a &ro3d "!ndin( or an I)O sty+e4 i" its in t%at $ind o" mode4
t%en yes4 t%ey &o!+d set !' a "i?ed 'ri&e "or t%e asset or t%ey &an a&t!a++y !se a "orm!+a o"
some $ind. T%at &o!+d 5e time,5asedF it &o!+d 5e 5ased !'on ot%er "a&tors as 3e++. O"
&o!rse4 it re>!ires &!stomiEation to a&t!a++y 5rin( do3n +ive >!otes "rom ot%er e?&%an(es and
a&t!a++y 5ase t%eir 'ri&e on t%at. Co! &o!+d &reate a vendin( ma&%ine 3it% a "+oatin( 'ri&e as
3e++. In "a&t4 its a+so 'ossi5+e i" someone 3o!+d +i$e to ta$e a vendin( ma&%ine and t%en
5a&$ t%at o!t onto a &entra+iEed e?&%an(e as 3e++4 to &reate an a!tomati& ore? ma&%ine t%at
'!++s ("or a +a&$ o" a 5etter 3ord) t%e asset in >!estion "rom t%e &entra+iEed e?&%an(e and on,
se++s it into t%e vendin( ma&%ine. 6A70.8
ABL: Can yo! e?'+ain t%at "or me a(ain= 6A7-/8
JL: (La!(%ter) Ces. :%at t%e o'erator &o!+d do is &reate a vendin( ma&%ine on
Co!nter'arty 3it% #ennd so t%at it 5a&$s onto a &entra+iEed e?&%an(e. T%e vendin( ma&%ine
&o!+d advertise a "i?ed 'ri&e o" some $ind4 or a movin( 'ri&e t%at &o!+d 5e 5road&ast on t%e
Co!nter'arty '+at"orm. O"" t%e 5a&$ o" t%at4 it &o!+d ta' into a &entra+iEed e?&%an(e and
a!tomati&a++y 5!y and se++ t%e e>!iva+ent rea+ +i"e ("or +a&$ o" a 5etter 3ord) asset and t%en
se++ t%at into t%e Co!nter'arty e>!iva+ent4 i" t%at ma$es sense. 6A7A.8
ABL: Essentia++y4 3%at yo!ve &reated %ere t%en is an a!tomati& inter"a&e t%at a++o3s yo! to
%ave on one side o" it4 Bit&oin or Co!nter'arty transa&tion and on t%e ot%er side o" it4
somet%in(. Gi(%t no34 t%ats some $ind o" &ry'to&!rren&y4 (enera++y s'ea$in(4 5!t in t%e
"!t!re4 its (oin( to 5e a++ $inds o" 3eird t%in(s. 6B7018
JL: T%ats ri(%t. Its &om'+ete+y o'en to yo!r ima(ination t%ere. It &o!+d 5a&$ o!t onto any
$ind o" rea+ +i"e asset as +on( as yo! %ave t%e means o" 5ein( a5+e to di(ita++y re'resent it in
some 3ay and4 o" &o!rse4 5e a5+e to re'resent it in some 3ay t%at a 5!yer o" t%at asset 3o!+d
5e interested in 'i&$in( !'. It 3o!+d 5e 'ossi5+e4 o" &o!rse4 to say '!t a &ar on t%ere or
somet%in(4 5!t yo!d %ave to %ave some $ind o" means o" re'resentin( t%at &ar di(ita++y and
a+so 'rovin( t%at yo! %ave t%at &ar di(ita++y to trade. 6B71B8
ABL: Ive 5een +oo$in( at a +ot o" 'ro;e&ts t%at revo+ve aro!nd !sin( a!&tions as 'ri&in(
me&%anisms 5e&a!se sometimes yo! dont $no3 3%at yo! s%o!+d 5e &%ar(in( "or somet%in(
and t%e mar$et is interestin( in t%at it &an te++ yo! 3%at a (ood 'ri&e is. Co!+d t%is ty'e o"
inter"a&e 5e modi"ied to 'rovide t%at sort o" t%in(= I mean4 3o!+d t%at 5e a &om'+ete
reinvention o" it or 3o!+d t%at 5e a re+ative+y sma++ &%an(e= 6.7/H8
JL: It 3o!+d 5e >!ite a +ar(e &%an(e 5!t t%e 5asi& o'eration o" #ennd 3o!+d a++o3 yo! to do
s!&% a t%in(. At its &ore4 in t%e te&%no+o(y4 its very sim'+e. It ;!st +oo$s at t%e 5+o&$&%ains
in >!estion4 one 5y one4 as ea&% 5+o&$ &omes a&ross. It !nderstand 3%ats 5ein( sent or
re&eived4 or t%e a&tion t%ats o&&!rred on t%e 5+o&$&%ain and t%en it 'ersists t%at state into a
data5ase4 t%en it !ses some 6ina!di5+e8 t%e vendin( ma&%ine o'erator to de&ide 3%at it does.
It 3o!+d 5e 'ossi5+e to ta$e in'!ts into t%e vendin( ma&%ine "rom vario!s so!r&es and ("or
t%e +a&$ o" a 5etter 3ord) &o++ate it to(et%er to &reate an a!&tion sty+e &ontra&t4 or a!&tion
sty+e "!n&tiona+ity t%at t%e vendin( ma&%ine &an 'rovide in t%e end. 6@7/B8
ABL: It so!nds +i$e I++ %ave to +oo$ into t%at. (La!(%ter) :%ere do t%ese a&t!a++y +ive= I" I
3anted to r!n a vendin( ma&%ine4 3o!+d I 5e r!nnin( t%is on a server or is t%is a
de&entra+iEed servi&e4 or is it not= 6@70H8
JL: Its a &entra+iEed servi&e. Its >!ite im'ortant to 'oint t%at o!t. Co! 3o!+d eit%er %ave to
r!n it on yo!r o3n servers or %ave someone %ost it "or yo! i" it 3as sim'+er t%at 3ay. It is
&entra+iEed 5!t4 at t%e same time4 Ive desi(ned #ennd to 5e an e?am'+e o" %o3 a &entra+iEed
a''+i&ation s%o!+d 5e r!n. Its &om'+ete+y trans'arent4 its o'en so!r&e and 3%ats rea++y
e?&e++ent a5o!t it4 in t%is res'e&t4 is i" someone 3o!+d +i$e to (o and order a vendin(
ma&%ine4 t%ey &o!+d do3n+oad #ennd "rom t%e 3e5site. I" yo! 3ere to 'rovide 'eo'+e 3it%
t%e 'arameters o" yo!r vendin( ma&%ine4 t%ey &an r!n t%e vendin( ma&%ine and &%e&$ to see
t%at t%e o!t'!ts o" yo!r ma&%ine mat&%es 3%at t%ey &an re&eive 3%en t%ey r!n t%e vendin(
ma&%ine in a Gead,on+y "as%ion4 "or e?am'+e. Its rea++y &reated as an e?am'+e o" %o3 3e
&an &reate a &entra+iEed a''+i&ation 5!t in t%e most trans'arent 3ay 'ossi5+e. 6H7--8
ABL: T%is is a &entra+iEed a''+i&ation in t%at t%eres a server t%at it r!ns on4 or severa+
servers t%at it r!ns on. Co!re &reatin( t%is te&%no+o(y 5!t its not &entra+iEed on yo!. Can
yo! ta+$ to me a +itt+e 5it a5o!t t%e 5!siness t%at yo!re &reatin(= Is t%ere a 5!siness %ere=
Are yo! ;!st &reatin( t%is and donatin( it to t%e environment4 or is t%ere a '+an %ere= 6H7118
JL: (La!(%ter) O" &o!rse4 yes. It is de&entra+iEed in t%e 'oint t%at i" yo! &reate a vendin(
ma&%ine4 its (ot not%in( to do 3it% myse+" i" yo! dont 3ant it to. T%ere are servi&es I &an
o5vio!s+y +end i" 'eo'+e 3ere interested in &reatin( a vendin( ma&%ine4 t%at is4 i" yo! 3is% to
&reate a vendin( ma&%ine 3%i&% is &!stomiEed4 %as some very interestin( inter"a&es. Ive (ot
>!ite a +ot o" e?'erien&e4 o" &o!rse4 in inter"a&in( in vario!s systems 5a&$,end systems.
T%ats one o" t%e t%in(s t%at Ive 3or$ed on in t%e 'ast. :%at I see is t%at t%ere is (oin( to 5e
a m!+tit!de o" !ses "or a vendin( ma&%ine and some 'eo'+e 3o!+d +i$e t%at to 5e t!rn$ey and
t%at &an 5e 'rovided as a servi&e and %i(%+y &!stomiEed. !ndraisin(4 "or e?am'+e4 t%ere are
a +ot o" ideas t%at yo! &an im'+ement in a vendin( ma&%ine "or "!ndraisin( and t%at re>!ires
>!ite a +ot o" &!stomiEation. T%e so!r&e &ode is &om'+ete+y avai+a5+e. It 3i++ 5e &om'+ete+y
"ree "or everyone. T%e 5asi& vendin( ma&%ine and4 o" &o!rse4 i" &om'anies or 'eo'+e %ave
t%e reso!r&es to &!stomiEe it t%emse+ves4 t%ey de"inite+y &an ot%er3ise t%ey &o!+d a+3ays
rea&% o!t to o!rse+ves and 3ed 5e %a''y to %e+' o!t in t%at res'e&t. 60/7AB8
ABL: I +i$e yo!r sty+e. 60/7A.8
JL: Its a rea++y sim'+e a''+i&ation. Its rat%er o5vio!s and may5e t%ats 3%at ma$es it so
de+i(%t"!+ t%at somet%in( so sim'+e &an a&t!a++y (ive rise to >!ite &om'+e? 5e%avior4 or >!ite
desira5+e 5e%avior at t%e same time. 6007008
ABL: Be"ore 3e +et yo! (o4 3e %ave a +ot o" entre'rene!rs and o''ort!nisti& 'eo'+e in o!r
a!dien&e. I t%in$ t%at 3%at yo!re ta+$in( a5o!t %ere4 t%is seems to me +i$e its an
o''ort!nity "or 'eo'+e 3%o are +oo$in( "or a 3ay to (et invo+ved. Ta+$ to me a5o!t t%at. Do
yo! t%in$ t%at 3e++ %ave 'eo'+e 3%o ma$e 5!sinesses 5ased aro!nd r!nnin( t%ese vendin(
ma&%ines= :%ats t%e 5!rden %ere= 60072A8
JL: I 3o!+d %o'e t%at t%ere is a mar$et t%ere "or t%ese vendin( ma&%ines 5e&a!se 3%at 3e
need is servi&es and servi&es is 3%ats most im'ortant to t%e &!stomer in t%e end. :eve (ot
a++ t%ese rea++y a3esome too+s t%at are &omin( o!t 5!t t%ese re>!ire eit%er end,!ser
$no3+ed(e or it re>!ires $no3+ed(e o" t%e a&t!a+ '+at"orm itse+". :%at4 I t%in$4 is t%e ne?t
ste' is to %ave t%ese too+s 3%i&% ma$e it as sim'+e as 'ossi5+e "or t%e !ser to (et into and 5y
t%at4 it ;!st means t%ey s%o!+d on+y need to $no3 %o3 to o'erate a 3a++et and t%ey &an (et
invo+ved in t%ese -./ servi&es and t%ese '+at"orms. I %o'e t%at t%ere 3i++ 5e a mar$et "or t%ese
vendin( ma&%ines. T%e o'erationa+ &osts o" t%ese vendin( ma&%ines are a&t!a++y >!ite +o3.
T%ere is a re>!irement4 o" &o!rse4 to %ave t%e 5+o&$&%ains in syn&. or t%at4 I 3o!+d
re&ommend t%at t%e o'erators o" vendin( ma&%ines r!n a "!++ node and t%at 3o!+d 5e (ood
"or t%e Bit&oin net3or$ as 3e++. A'art "rom t%at4 its ;!st t%e o'erationa+ &osts o" t%e vendin(
ma&%ine itse+" 3%i&% is rea++y +o3. Its a very sma++ a''+i&ation. T%e amo!nt o" $no3+ed(e
re>!ired to maintain it4 i" yo! %ad &reated t%ese t%in(s 5e"ore4 is not t%at m!&%. 60-7A/8
ABL: I" 'eo'+e 3o!+d +i$e to (et invo+ved or +earn more4 %o3 s%o!+d t%ey do t%at= Ho3 do
yo! s'e++ #ennd= I t%o!(%t t%at it 3as #9E9N9D 5!t I t%in$ t%ere are t3o IDs may5e=
60-7A@8
JL: T%ere are t3o INs. 60-7AH8
ABL: T3o INs. (La!(%ter) 6027//8
JL: Ces. Its a +itt+e 5it tri&$y. #ENND. :e 3i++ 5e +a!n&%in( t%e '!5+i& JitH!5 re'ository
in t%e ne?t &omin( 3ee$s. Co! &an "ind more in"ormation at 333.#ennd.io and as t%in(s
'ro(ress4 3e++ 5e re+easin( in"ormation to t%at 'a(e. 6027-/8
ABL: Jeremy Lam4 t%an$ yo! very m!&% "or yo!r time. T%is is a very e?&itin( 'ro;e&t. :e
+oo$ "or3ard to yo!r 'ro(ress. 6027-18
JL: T%an$s Adam. 6027-A8
9999999999999999999999999999999999999999
A!E"T:
Kry'toKit is t%e 3or+ds "irst C%rome 5ro3ser Bit&oin 3a++et. Its t%e easiest4 "astest Bit&oin
3a++et 'ayment system 3it% a sim'+e one &+i&$ insta++4 it ta$es ;!st se&onds to (et yo!r 3a++et
set !' and 5e&a!se Kry'toKit "inds t%e address and 'ayment "or yo!4 t%eres no more "!ssin(
aro!nd or ta5 s3it&%in(. Kry'toKit is more t%an ;!st a 3a++et. It &omes 3it% a 're,+oaded
)J) en&ry'ted so&ia+ net3or$4 ne3s"eeds "rom Geddit and Joo(+e and !' to date &%arts "rom
e?&%an(es. ina++y4 Kry'toKit dire&tory a++o3s yo! to ma$e t3o &+i&$ 'ayments 3it% any o"
t%e Bit)ay mer&%ants. On&e yo! insta++ Kry'toKit4 yo! 3ont need anyt%in( e+se. or more
in"ormation4 or to do3n+oad Kry'toKit4 visit 333.Kry'toKit.&om. 6017/H8
A##$%#&E'E#T:
Hi +istener. Here at Lets Ta+$ Bit&oin4 3ere 5!i+din( a (+o5a+ net3or$ o" &orres'ondents
a5+e to &ontri5!te on t%e (ro!nd 'ers'e&tive 3%en &ry'to&!rren&y re+ated in"ormation &omes
a&ross t%eir "i+ters. I" yo!d +i$e to ;oin o!r (+o5a+ &onversation4 send an emai+ 3it% yo!r
name and (eo(ra'%i& or &!+t!ra+ ni&%e to a''+yK+etsta+$5it&oin.&om. J!st +i$e Bit&oin4 t%e
on+y 5arrier to entry is yo!r time and (ood 3or$. T%an$s "or +istenin(. 60172@8
9999999999999999999999999999999999999999
(tephanie ')rphy interview with Timo *an+e
(': Im ta+$in( 3it% Timo Han$e. Co! are t%e +ead deve+o'er "or CoinTerra4 is t%at ri(%t=
60171A8
T*: Ces4 Im t%e +ead &ry'to(ra'%er "or CoinTerra. 60171.8
(': :e+&ome to Lets Ta+$ Bit&oin. irst4 te++ me a5o!t CoinTerra. 6017A08
T*: CoinTerra is an ASIC minin( man!"a&t!rer. It 3as "o!nded in *ay o" -/02 and 3ere
s%i''in( 'rod!&ts sin&e Jan!ary and %ave4 5y no34 s%i''ed a5o!t 14/// o" o!r Terra*iners.
60A7/B8
(': As a deve+o'er4 yo! 3rite t%e so"t3are t%at r!ns t%e ASIC %ard3are t%at does Bit&oin
minin(= 60A70A8
T*: irst o" a++4 3e deve+o'ed e?tra &ode "or t%e ASIC t%at does t%e SHA -AB %as%in( and
o'timiEed it4 as "ar as 'ossi5+e. ASICs are a&t!a++y 5!i+t on a -@ nanometer 'ro&ess 3it%
J+o5a+o!ndries. O" &o!rse4 3e deve+o'ed a+so t%e 3%o+e system aro!nd it4 in&+!din( t%e
5oards system4 &oo+in( and so"t3are on t%e &ontro++er. 60A71-8
(': Co! %ad a 'art in deve+o'in( t%e entire ma&%ine "rom t%e %ard3are do3n to t%e &ode
t%at r!ns it= 60A71@8
T*: I4 myse+"4 %ad a +itt+e 5it o" &ontri5!tion in a+most any 'art4 t%ats ri(%t. I do not %ave a
%ard3are 5a&$(ro!nd. Im a mat%emati&ian and so my main &ontri5!tion 3as in t%e
so"t3are4 yes. 60B7/18
(': Ho3 do yo! 're'are "or a ;o5 +i$e t%is= Have yo! ever done anyt%in( +i$e t%is 5e"ore4
5e"ore Bit&oin4 or 5e"ore yo! (ot interested in minin(= 60B7028
T*: No4 t%ere %as &ertain+y not ever 5een any ;o5 +i$e t%is 5e"ore. Every5ody invo+ved in
Bit&oin &ertain+y $no3s %o3 &raEy t%is s'a&e is and t%e minin( 5!siness4 in 'arti&!+ar4 is
e?treme+y "ast movin( and t%eres not%in( +i$e t%at. 60B7-H8
(': I ima(ine it m!st 5e $ind o" stress"!+ 3%en yo!re 3or$in( "or a &om'any t%at
man!"a&t!res ASICs 5e&a!se t%e di""i&!+ty o" t%e Bit&oin net3or$ is &onstant+y (oin( !'.
)eo'+e 3ant to ma$e a 'ro"it on t%eir minin( e>!i'ment t%at t%ey 5!y and so yo! %ave
tremendo!s 'ress!re to s%i' t%e 'rod!&t very "ast4 is t%at ri(%t= It sti++ %as to 3or$ and it %as
to 5e (ood. 60B71H8
T*: Ces4 t%at &orre&t. T%e 'ress!re is &ertain+y t%ere and its in&redi5+e amo!nt o" 'ress!re
to de+iver %ard3are and 3e &annot a""ord to %ave any error in t%e 'ro&ess and &ome o!t 3it%
a 'rod!&t t%at doesnt 3or$ 'ro'er+y. Cea%4 its 5een a very &raEy e?'erien&e. 60.7/.8
(': :%at are some o" t%e t%in(s t%at %ave (one 3ron(= :%at $ind o" 'ro5+ems does an
ASIC man!"a&t!rer en&o!nter= 60.70A8
T*: I t%in$ 3e %ave4 "or t%e most 'art4 avoided t%e very severe 'ro5+ems. In t%e s'a&e o"
si+i&on deve+o'ment4 its !n%eard o" t%at a &%i' t%ats 5asi&a++y deve+o'ed and 5ro!(%t to a
system 3it%in si? mont%s "rom &on&e'tion to a&t!a++y 3or$in( si+i&on. :e &o!+d not do any
amo!nt o" testin( t%at si+i&on !s!a++y (oes t%ro!(%. :ere e?treme+y satis"ied t%at o!r "irst
si+i&on 3or$ed ri(%t a3ay. T%ats a %!(e 'otentia+ 'ro5+em t%at 3e avoided. 60.7A-8
(': :%at &an (o 3ron( 3it% si+i&on &%i's= :%y 3o!+dnt t%ey 3or$= 60.7AB8
T*: I" it 3as a more &om'+i&ated &%i' +i$e a re(!+ar C)L4 its >!ite &ommon t%at t%ey dont
3or$ at "irst. T%ey (o t%ro!(% severa+ ro!nds o" 'rod!&tion a&t!a++y. Si+i&on &omes 5a&$ as
tested and t%en (oes t%ro!(% 5!( "i?es in t%e se&ond ro!nd o" 'rod!&tion. A&t!a++y4 Bit&oin
ASIC is not t%at &om'+i&ated so it is 'ossi5+e to4 in sim!+ation4 test it eno!(% so t%at yo!r "irst
e?istin( si+i&on a&t!a++y 3or$s. 60@7-.8
(': Do yo! $no3 o" ot%er ASIC man!"a&t!rers 3%ere t%eyve %ad t%at 'ro5+em4 3%ere t%ey
ordered &%i's and t%e &%i's 3ere de"e&tive "rom t%e "irst ro!nd o" 'rod!&tion and t%ey %ad to
(o t%ro!(% anot%er ro!nd= 60@72@8
T*: *ay5e4 'otentia++y4 yes. I dont $no3 a5o!t any o" t%ese in&idents 5!t t%ere %ave 5een
a +ot o" de+ays in t%e ind!stry. I dont $no3 3%at t%ose de+ays e?a&t+y are &ontri5!ted to 5!t
its 'ossi5+e. 60@7A/8
(': :%at e+se &o!+d (o 3ron( 3%en yo!re tryin( to ma$e t%e end (oa+ o" ma$in( a
ma&%ine t%at mines Bit&oins= :%at are t%e ot%er 'oints o" "ai+!re= 60H7//8
T*: T%e ot%er 'oints o" "ai+!re 5esides ASIC= :e++4 a %!(e &%a++en(e %as 5een to de+iver
t%e amo!nt o" 'o3er to t%e ASIC 5e&a!se 3ere ta+$in( %ere a5o!t a sin(+e &%i'4 in o!r &ase4
3%i&% &ons!mes a5o!t 1// 3atts. T%ats s!5stantia++y more t%an any 5i( C)L4 or even
'o3er"!+ J)Ls. Desi(nin( a 5oard t%at &an de+iver t%at amo!nt o" 'o3er4 re+ia5+e to t%e &%i'
and a+so &oo+in( t%e &%i'4 is a &%a++en(e. 60H7218
(': Ho3 are t%e &%i's &oo+ed in t%e ma&%ines t%at yo!re 3or$in( on= 60H72@8
T*: :e %ave a +i>!id &oo+in( system. In o!r Terra*iner4 3%i&% no3 %as%es a -THMs4 3e
%ave "o!r &%i's doin( A//JH ea&% and &%i's dissi'ate a5o!t 1// 3atts o" 'o3er and ea&%
&%i' %as a +i>!id &oo+in( %at. T%en4 t%e %eat is e?&%an(ed t%ro!(% a radiator and "ans 5+o3
air t%ro!(% t%e radiator. 6-/7/28
(': )ersona++y4 I dont %ave a 5a&$(ro!nd in &ry'to(ra'%y4 or mat%4 or &om'!ter s&ien&e
5!t &an yo! ;!st e?'+ain "or some5ody 3%os non,te&%ni&a+4 %o3 do yo! o'timiEe t%e a&t!a+
&ode t%at t%e ma&%ine !ses to mine= 6-/7-08
T*: T%ats a di""i&!+t 'ro5+em. Co! &an4 o" &o!rse4 +oo$ at t%e a+(orit%m4 at t%e SHA -AB as
its de"ined 5!t yo! 3i++ not "ind4 i" yo! ;!st +oo$ at t%e a+(orit%m4 yo! 3i++ not "ind so many
t%in(s t%at yo! &an a&t!a++y o'timiEe. O" &o!rse4 i" yo!re tryin( to im'+ement t%is a+(orit%m
in %ard3are4 t%en a +ot o" ne3 "a&tors arise. Co! &an t%in$ a5o!t %o3 yo! a&t!a++y +ay o!t t%e
&e++s4 t%e transistors on t%e &%i' and t%eres a +ot o" im'rovement t%at &an 5e done t%ere. Co!
%ave to arran(e t%em as &om'a&t as 'ossi5+e and as 'o3er e""i&ient as 'ossi5+e. T%ats a ;o5
"or t%e %ard3are desi(ners t%e 'eo'+e 3%o do t%e '%ysi&a+ +ayo!t a&t!a++y. 6-07008
(': Be"ore yo! started 3or$in( 3it% CoinTerra4 %ad yo! 5een interested in Bit&oin= Had
yo! 5een a Bit&oin miner yo!rse+"= 6-070@8
T*: )ersona++y and s!r'risin(+y4 Ive never mined a sin(+e satos%i myse+" and not 5e"ore and
not a"ter I (ot invo+ved 3it% CoinTerra 5!t yes4 Ive 5een interested in Bit&oin "or a+most t3o
years 5e"ore I even %eard o" CoinTerra. 6-072.8
(': :%y not mine= Is t%ere a reason "or t%at= 6-072H8
T*: I 3as more interested in t%e 'roto&o+ itse+" and a''+i&ation side4 t%e s&ry'tin( system o"
Bit&oin transa&tions4 and 3%at yo! &o!+d do 3it% t%em4 and 3%at $ind o" ne3 a''+i&ations
yo! &an &ome !' 3it%. I 3as not so m!&% interested in t%e minin( itse+". 6-07AB8
(': One +ast >!estion 3%ere do yo! see Bit&oin minin( (oin( in t%e "!t!re= :eve (ot a
+on( 3ay to (o 5e"ore t%e +ast 5it&oin is mined and it ;!st seems +i$e t%e %as%in( 'o3er is
(oin( !' e?'onentia++y a++ t%e time. T%e di""i&!+ty o" t%e net3or$ is in&reasin(. *ore 'eo'+e
are tryin( to (et into minin( and may5e tryin( !ns!&&ess"!++y to ma$e a 'ro"it. :%ere do
yo! see4 in t%e ne?t "ive years4 Bit&oin minin(4 as a "ie+d4 +oo$in( +i$e= 6--7-A8
T*: T%e ne?t "ive years= T%ats a &raEy >!estion to as$ any5ody in t%e Bit&oin s'a&e.
(La!(%ter) 6--72/8
(': (La!(%ter) OK4 may5e in t%e ne?t one year= 6--72-8
T*: Co! &o!+d as$ in t%e ne?t "ive mont%s4 may5e. Any3ay4 it is e?treme+y %ard to 'redi&t
and I t%in$ no5ody rea++y $no3s 3%ere its (oin(. Its tr!e Bit&oin net3or$ di""i&!+ty is
(oin( t%ro!(% t%e roo". I t%in$ it de'ends on so many e?terna+ "a&tors on Bit&oin 'ri&e4
ado'tion and may5e transa&tion vo+!me. It de'ends on 3%at $ind o" ro+e o" transa&tion "ees
3i++ '+ay "or t%e miners. It 3i++ de'end4 a +itt+e 5it4 on t%e deve+o'ment o" t%e %ard3are4 %o3
m!&% it &an 5e im'roved 5!t4 o" &o!rse4 t%at is $ind o" 'redi&ta5+e. So m!&% &an %a''en. I
t%in$ 3ere (oin( to see %!(e data &enters 5ein( deve+o'ed 5!t I t%in$ 3e++ a+so &ontin!e to
see individ!a+ miners minin( in t%eir %o!se 5e&a!se even t%o!(% every5ody %as to 'ay its
'o3er4 o" &o!rse4 5!t individ!a+ miners &an sti++ save a +ot o" money on %ostin( &osts. I dont
t%in$ t%at de&entra+iEed minin( 3i++ disa''ear any time soon. 6-27218
(': :%at a5o!t t%e 3ay t%at minin( is 'o3ered= Do yo! see so+ar 'o3er or (eot%erma+4 or
ot%er a+ternative so!r&es o" ener(y 'o3erin( Bit&oin minin(= 6-271A8
T*: Cea%4 o" &o!rse4 any +ar(e s&a+e miner 3i++ 5e %!(e+y in&entiviEed to "ind a &%ea'er
so!r&e o" 'o3er. I dont t%in$ it 3i++ 5e so+ar 5!t yea%4 'eo'+e are !sin( %ydroe+e&tri& 'o3er
5e&a!se t%ats a &%ea' so!r&e and o"ten avai+a5+e in &oo+er &o!ntries4 I t%in$. 6-17/.8
(': I $no3 yo!re not interested in minin( 5!t i" yo! 3ere to deve+o' a Bit&oin minin(
o'eration ri(%t no34 i" yo! 3ere (oin( to try to 5eat a++ t%e &om'etition and do somet%in(
5etter4 "aster t%at 3o!+d mine more 5it&oins4 %o3 3o!+d yo! (o a5o!t doin( t%at no3=
6-17-28
T*: :e++4 3e are tryin( to do t%at no3. :ere &onstant+y deve+o'in( ne3 (enerations o"
&%i's and t%ats t%e 3ay 3%ere yo! &an rea++y im'rove t%in(s. 6-172A8
(': Co! t%in$ its in t%e &%i's4 in t%e siEe o" t%e &%i's t%ats (oin( to (et sma++er and
sma++er= 6-171/8
T*: Ces. Its in im'rovin( t%e '%ysi&a+ im'+ementation4 im'rovin( it to 3%ats 5e&omin(
+ess and +ess 'o3er %!n(ry and4 o" &o!rse4 its a5o!t 5ein( a+3ays on t%e +atest te&%no+o(y
avai+a5+e. It means t%e sma++est 'ro&ess node avai+a5+e and4 5esides t%at4 a +ar(e miner4 o"
&o!rse4 %as ot%er 3ays to im'rove %is e""i&ien&y and red!&e &ost4 and de'endin( on %o3 %e
arran(es %is &oo+in(4 and i" %e may5e 3o!+d 5e a5+e to !se t%e %eat t%at is 'rod!&ed "or some
ot%er '!r'ose. O" &o!rse4 yo! &an t%in$ o" i" yo!r miners a+ready 'rod!&e me(a3atts o" %eat4
to !se t%at to %eat !' 3ater and !se t%at "or ot%er '!r'oses. 6-A7-.8
(': Co!re (oin( to ma$e a 'er'et!a+ motion ma&%ine. No4 ;!st $iddin(< (La!(%ter)
6-A7208
T*: I" t%at 3as 'ossi5+e. 6-A7228
(': I" t%at 3as 'ossi5+e4 ri(%t. (La!(%ter) A+ri(%t 3e++ Timo4 t%an$ yo! so m!&%. Co!r
&om'any CoinTerra , 3%ere &an 'eo'+e "ind t%em on+ine= 6-A71/8
T*: At 333.CoinTerra.&om. T%ats 3%ere yo!++ "ind !s. 6-A71A8
(': T%an$ yo! so m!&%. 6-A71B8
99999999999999999999999999999999999999999999
Adam B, Levine interview with Par+er Emmerson
ABL: Intervie3 NA. T%is is )ar$er Emmerson Day - CoinS!mmit. )ar$er4 t%an$s "or
5ein( 3it% !s today on Lets Ta+$ Bit&oin. 6-B7/.8
PE: Co!re 3e+&ome. T%an$ yo! so m!&% "or %avin( me. 6-B7/@8
ABL: A5so+!te+y. Co! are 3it% *yB+o(Band L.L.C. 6-B70-8
PE: :e a&t!a++y are no3 B+o(Band L.L.C. :eve re5randed sin&e 3e o5tained t%e 'atent.
T%e 'atent is in my name so 5asi&a++y4 3%at 3e are is a 'atented so&ia+ net3or$ "or m!si&ians
to &o++a5orate on+ine in a 5and t%at t%ey start4 or t%ey ;oin. T%ey &an a!dition "or 5ands4 t%ey
&an &reate a !ser 'ro"i+e 'a(e4 +i$e a *ys'a&e 'ro"i+e4 or a a&e5oo$ 'ro"i+e and t%en4 t%ey
&an &reate a 5and 'a(e. T%ey &an invite 'eo'+e to ;oin t%e 5and4 +i$e a (ro!'. T%ey &an
&reate a son( in t%at 5and and t%en4 t%ey &an !'+oad tra&$s into t%at son( "i+e4 do3n+oad t%em4
re3or$ t%em and re'ost t%em and se+e&t 3%i&% version is dis'+ayed or '!5+is%ed. 6-B7A@8
ABL: Co! said t%at its a 'atented 'ro&ess and t%is so!nds +i$e its a very &o++a5orative t%in(.
)atents in t%is s'a&e are sort o" interestin(. :%at is yo!r strate(y 3it% t%e 'atent= :%y 3as
t%at a de&ision yo! made and 3%at does it ena5+e yo! to do %ere= 6-.7008
PE: I 3ent to t%e i)%one dev &am' not +on( a"ter I initia++y started t%e 3e5site and I 3as
%o'in( to "ind deve+o'ers t%ere 5!t I dont %ave a 'arti&!+ar amo!nt o" e?'ertise. Im
"ami+iar 3it% HT*L4 and 'ostin( &ode4 and a++ t%e internet and &ontent mana(ement systems
5!t deve+o'in( a JavaS&ri't a'' +i$e 3e needed4 3as ;!st a +itt+e 5it over my %ead. I 3ent t%e
ro!te o" inte++e&t!a+ 'ro'erty 'rote&tion 5e&a!se I "e+t +i$e it 3as an invention and it 3as t%e
5est 3ay to esta5+is% 3%at 3e 3ere doin( in t%at s'a&e at t%e time. 6-.7A-8
ABL: :%at is t%e 'arti&!+ar t%in( t%at yo!ve 'atented %ere= :%at is t%e innovation= It
so!nds to me +i$e its a so&ia+ net3or$. Can yo! ;!st des&ri5e e?a&t+y 3%ats (oin( on=
6-@7/08
PE: Gi(%t. T%e &+aims 5asi&a++y are t%is &reatin( o" a (ro!'4 and t%e &reatin( o" a son(4
and t%en t%e dis'+ay and '!5+is%in( o" a s'e&i"i& version o" t%at son(4 and t%e remote
re3or$in( o" m!si&a+ &o++a5orations. 6-@70@8
ABL: Is t%ere somet%in( !nder+yin( t%is t%at !ses t%e Bit&oin in"rastr!&t!re or are yo! !sin(
Bit&oin to ena5+e t%is= :%at $ind o" 'ayment te&%no+o(ies are 5!i+t into it= 6-@7-18
PE: :e a+so %ave "!t!re 'atents 'endin( t%at 3i++ in&+!de and in&or'orate Bit&oin 'ayments
and 'ayments in a %ost o" di""erent &!rren&ies4 s!&% t%at t%e 'ayments 3%en eit%er an a+5!m
or a son( is so+d4 it (ets s'+it 5et3een t%e mem5ers o" t%at 5and. 6-@71-8
ABL: Are yo! "ami+iar 3it% !ser,&reated assets 5!i+t on to' o" Bit&oin= 6-@71B8
PE: No4 Im not. Co! 3ere ta+$in( a5o!t t%at. I 3as %o'in( to +earn more a5o!t it. 6-@7A08
ABL: Lets ta+$ a5o!t t%at "or a se&ond 5e&a!se one o" t%e interestin( t%in(s is t%at4
essentia++y4 &reatin( a ne3 !ser,&reated asset "or every sin(+e 'ie&e o" &ontent t%ats (oin( to
5e. 6-H7//8
PE: T%ats (reat. 6-H7//8
ABL: :%at t%at means is t%at t%en t%ro!(% t%ese assets so i" yo! &reate a ne3 asset "or4
+ets a''+y t%is to son(s "or e?am'+e4 yo! %ave a son( and yo! &reate itF yo! &reate t%is asset.
It t%en %as 0/4/// s%ares t%at trade ;!st t%e same as Bit&oin does e?&e't t%ey a+so &an !ti+iEe a
de&entra+iEed 'erson to 'erson e?&%an(e t%at is 5!i+t into t%is '+at"orm. Its very4 very
ine?'ensive to do t%is and t%en4 yo! &an essentia++y %ave one Bit&oin address t%at &ontro+s t%e
iss!an&e o" t%is to$en4 it &ontro+s t%is to$en so any reven!e t%at &omes into t%at address4 &an
t%en 5e sent o!t to a++ o" t%e &onstit!ent s%ares as a dividend. 6-H72A8
PE: T%ats "antasti&< 6-H72B8
ABL: It seems +i$e t%at rea++y ena5+es 3%at yo!re ta+$in( a5o!t4 ri(%t= 6-H72@8
PE: Ces and t%at a+so %e+'s to ma$e s!re t%at m!si&ians (et 'aid "or 3%at t%ey do and a+so
%e+'s +i&ensin( and a++ o" t%is. 6-H71.8
ABL: Gi(%t4 a(ain it seems +i$e t%ese 5+o&$&%ain te&%no+o(ies rea++y &an ena5+e... I t%in$
t%at a(ain4 t%is idea o" &reatin( a (ro!' and t%en &reatin( son(s t%at are essentia++y monetiEed
5ased o"" o" t%at. I t%in$ t%at a++ o" t%e too+s are o!t t%ere so t%at instead o" %avin( to 5!i+d or
ro++ yo!r o3n so+!tion and dea+ 3it% a++ t%e se&!rity st!""4 yo! &an essentia++y +evera(e
Bit&oin to do t%e same t%in(4 or &reate yo!r o3n &%ain. A(ain4 t%ats t%e t%in( is t%at yo!
start ta+$in( a5o!t somet%in( +i$e m!si& and may5e4 its too 5i( to "it on Bit&oin. *ay5e it
s%o!+d 5e its o3n t%in(= *ay5e4 a(ain t%ese are mar$ets t%at s%o!+d do it t%emse+ves.
62/70A8
PE: :%y dont yo! ;!st send some5ody t%e son( itse+"= 62/70.8
ABL: Gi(%t4 e?a&t+y. T%ats t%e 'oint is t%at 3it% a mode+ +i$e t%is4 yo! dont %ave to rea++y
&%ar(e "or t%e son( 5e&a!se t%e monetiEation &omes "rom t%e (ro!' 5ein( t%e initia+
&ontro++ers o" t%at reven!e and t%en t%ey &an &%oose to eit%er %ave reven!e &ome in 3%en
t%ey +i&ense it "or some sort o" advertisin( dea+4 or 3%atever. T%ere are a variety o" 3ays yo!
&an (et 'aid4 t%en yo! do t%e distri5!tion t%ro!(% t%ese systems. 62/72A8
PE: T%is is a++ rea++y e?&itin( st!"" 5e&a!se Ive (otten4 at t%is &onvention4 to +in$ !' 3it% a
+ot o" 'eo'+e and Ive $ind o" stit&%ed to(et%er some 'eo'+e and some 'ro;e&ts 3%o mi(%t
a&t!a++y ma$e t%is mani"est into a "!n&tionin( '+at"orm. A++ sorts o" "ormats in 3%i&% m!si&
&an 5e do3n+oaded4 '!r&%ased and distri5!ted o!tside o" t%e mainstream4 +i$e iT!nes and
AmaEon. 62/7A@8
ABL: I t%in$ t%ats rea++y 3%at 3ere seein( %ere is t%at t%ere is t%is s!dden "+o3erin( o" a++
o" t%ese di""erent ideas4 a++ o" t%ese di""erent 'ro;e&ts t%at a++ try to address t%ese 'ro5+ems.
A(ain4 I dont $no3 ne&essari+y 3%i&% ones are (oin( to 5e s!&&ess"!+. I %o'e yo!re
s!&&ess"!+ 5!t t%ere %ave 5een s!&% 'ro5+ems "or so +on(. :%y is t%is a 'ro5+em t%at yo!
3anted to atta&$= :%y is t%is somet%in( t%at matters to yo!= 6207018
PE: I ;!st "ee+ +i$e t%ere are a +ot o" m!si&ians t%at (o !n%eard. T%eyre rea++y (ood
m!si&ians 3%o ;!st arent re&o(niEed and t%en t%ey (et +ost in t%e sea o" t%e internet 5!t to
5rin( t%em to t%e "ore"ront4 to (ive t%em... yo! $no34 t%eres no 'oint in si(nin( !' "or an
iT!nes i" yo!re a sma++ m!si&ian ;!st tryin( to (et noti&ed. T%ey dont do anyt%in( to %e+'
yo! 'romote yo!rse+"F t%ey dont do anyt%in( to %e+' yo! o!t. 62072B8
ABL: B!t t%ere are &osts. 62072H8
PE: And t%ere are &osts "or yo! i" yo! ever 3anted to do t%at. 6207108
ABL: T%is +o3ers t%e 5arrier to entry rea++y4 is 3%at 3ere sayin( %ere. 6207128
PE: :ere (oin( to 'romote 'eo'+e4 3ere (oin( to %e+' distri5!te m!si& and rea++y (et
'eo'+e to +isten. 6207A/8
ABL: I" yo!re s!&&ess"!+4 dont yo! %ave t%e same 'ro5+em as iT!nes= 6207A08
PE: Li$e4 3%at is t%at= 6207A-8
ABL: No4 no4 no4 yo! said t%at iT!nes doesnt do anyt%in( to 'romote 'eo'+e. T%ey do do
somet%in( to 'romote 'eo'+e 5!t t%ey tend to 5e 'eo'+e 3%o 'ay t%em money. It tends to 5e
+i$e 5i( 5rands and t%in(s +i$e t%at. 62-7//8
PE: T%e (reat 'art is t%is is a so&ia+ net3or$ and 3e (ive 'eo'+e too+s to 'romote
t%emse+ves. 62-7/A8
ABL: I see. 62-7/B8
PE: Gea++y !se"!+ too+s SEO and a++ o" t%is 5!i+t into t%e "rame3or$. 62-7008
ABL: As o''osed to iT!nes 3%ere t%ey +ist yo! and t%en4 i" yo!re 'o'!+ar or yo! 'ay t%em4
t%en yo! (et 'romotion... 62-70B8
PE: E?a&t+y. 62-70.8
ABL: ...5!t t%eres no a5i+ity to 'romote yo!rse+". 62-70@8
PE: Not rea++y4 no. 62-70H8
ABL: OK4 so yo!re rea++y ta+$in( a5o!t more o" a too+$it= 62-7-08
PE: It is (oin( to 5e4 yea%4 "or s!re. 62-7-28
ABL: Coo+4 (reat. )ar$er4 t%an$ yo! very m!&% "or yo!r time. Is t%ere anyt%in( e+se= Are
yo! +oo$in( any deve+o'ment= 62-7-.8
PE: :ere 'oised. :ere o'en to deve+o'ment. Im t%in$in( a5o!t &reatin( some e>!ities
and Co+ored&oins to see i" I &an en&o!ra(e 'eo'+e 3%o 3ant to deve+o' 5ased on ta$in(
e>!ity and t%en4 a+so 3e++4 3ere 'oised to rea++y 5e a ma;or '+ayer %ere 5e&a!se 3e %ave t%e
I) asset and 3e a+so %ave t%e '+an and t%e vision "or it. 62-71A8
ABL: T%ats (reat. I" some5ody 3o!+d +i$e to (et in to!&% 3it% yo! or is interested in yo!r
'ro;e&t4 is t%ere a 3e5site or an emai+ address= 62-7A/8
PE: Ces. Its a +itt+e 5it te&%ni&a+ 5!t Im 333.)ar$erEmmerson.&om. Ive t3o I*s in my
+ast name. 333.)ar$erEmmerson.&om and t%en Im 'o3erint%e+inesK(mai+.&om. Co! &an
&onta&t me !sin( any o" t%ose met%ods. 6227/A8
ABL: )ar$er4 t%an$ yo! very m!&% "or yo!r time. 6227/.8
PE: Co!re 3e+&ome. T%an$ yo! so m!&%. Have a 3onder"!+ day. 6227/H8
9999999999999999999999999999999999999999999
(tephanie ')rphy interview with Jac+ -iernan
(': T%is is Ste'%anie *!r'%y "or Lets Ta+$ Bit&oin. Im at t%e Inside Bit&oins Ne3 Cor$
City &on"eren&e and I ;!st "inis%ed a 'ane+ tit+ed IBit&oin Gemittan&es and t%e Deve+o'in(
:or+d. No34 on t%at 'ane+4 3e ta+$ed a5o!t a n!m5er o" Bit&oin iss!es re+ated to t%e4 so
&a++ed4 ot%er si? 5i++ion4 in&+!din( mi&ro,+endin(. T%ere 3as a (ent+eman t%at introd!&ed
%imse+" to me at t%e end o" t%e &on"eren&e sayin( t%at %e 3as 3or$in( on Bit&oin +endin(.
Not ne&essari+y mi&ro,+endin( 5!t 3e++ "ind o!t a +itt+e 5it more a5o!t t%at in a moment. I
3ant to 3e+&ome Ja&$ Kiernan to t%e 'od&ast. Hi Ja&$. 6217/.8
J-: He++o. T%an$ yo! "or %avin( me. 6217/@8
(': Co!re interested in Bit&oin +endin(. Co! dont rea++y di""erentiate 5et3een mi&ro and
ma&ro +endin(= 62170B8
J-: I ma$e no distin&tion and I t%in$ t%e 5ea!ty o" t%e Bit&oin 'roto&o+ 3i++ a++o3 many
5orro3ers to 5orro3 "rom a sin(+e +ender or many +enders to 5orro3 "rom a sin(+e entity.
T%e idea o" siEin( t%ose transa&tions 3it%in a nomen&+at!re4 I dont t%in$ is "air. 6217208
(': Its $ind o" ar5itrary 3%ats mi&ro and 3%ats ma&ro any3ay. 62172B8
J-: *i&ro4 on 3%ose +eve+ , a (overnment or an individ!a+= I t%in$ t%at Bit&oin itse+"4 or I
%ate to $ee' re"errin( to ;!st Bit&oin4 I 3ant to say any &ry'to&!rren&y4 rea++y a++o3s t%at
&+ose to Eero transa&tion &ost. By virt!e o" t%at4 yo! are a5+e to "a&i+itate t%ese transa&tions
"rom a mi&ro ("or +a&$ o" a 5etter 3ord)... mi&ro,transa&tions to ma&ro,transa&tions. 6217A@8
(': I" anyt%in(4 I 3o!+d say t%at t%e distin&tion 5et3een mi&ro and ma&ro4 3%et%er yo!re
ta+$in( a5o!t mi&ro,+oans or mi&ro,'ayments4 to me4 a mi&ro,transa&tion is somet%in( 3%ere
t%e ty'i&a+ transa&tion "ees &o!+d serio!s+y inter"ere 3it% t%at amo!nt or t%ere a si(ni"i&ant
'er&enta(e o" t%at amo!nt. Li$e i" yo!re ta+$in( a5o!t a mi&ro,'ayment4 its 'retty m!&% not
"easi5+e to 'ay "or a O/.-A ne3s'a'er arti&+e on a 3e5site 3it% a &redit &ard 5e&a!se t%e &redit
&ard 3o!+d 3ant to ta$e 2P '+!s O/.-A4 or somet%in( +i$e t%at and t%en yo!r 3%o+e 'ayment
is (one. I 3o!+d &onsider t%at a mi&ro,'ayment t%at 3o!+d 5e ena5+ed 5y Bit&oin. T%e same
t%in( 3it% +oans4 ri(%t= I" yo!re tryin( to send O0// 5y :estern Lnion "rom t%e LS to India4
yo! mi(%t e?'e&t to 'ay a "ee o" some3%ere aro!nd O0/,-/ and t%ats (oin( to rea++y &!t into
t%e amo!nt o" t%at 'ayment. :%at do yo! t%in$ a5o!t t%at= 62A7AH8
J-: I t%in$ t%e &ost 'ro%i5itive nat!re o" &!rrent state transa&tions on t%e internet are t%e
e?a&t 'ro5+em &ry'to&!rren&y see$s to so+ve. I t%in$ t%e idea o" a 'ayment net3or$ 3%ere
t%ese Eero &ost transa&tions are en&o!ra(ed s%o!+d 5e 3%at 3ere a++ strivin( to3ards. I t%in$
a 2P mar$et 3e s'o$e o"... t%e 2,AP de'endin( on 3%at &redit &ard yo!re !sin( and t%en4
3%at 'roto&o+ !sin( to send t%at money. T%eyve 5een ma$in( a +ot o" money "or a very +on(
time and its rea++y to t%e detriment o" t%ose 3%o need t%e money and t%e !nderva+!ed
&!rren&y. 62B7228
(': Some 'eo'+e say t%at t%ose "ees4 es'e&ia++y 3%en 3ere ta+$in( a5o!t mi&ro,+endin( or
sendin( money a&ross (+o5a+ 5orders4 'o+iti&a+ 5orders... a +ot o" 'eo'+e say t%at most o" t%e
&ost a&t!a++y &omes "rom &om'+yin( 3it% re(!+ations and its (overnment im'osed &osts4 its
not t%e &ost o" a&t!a++y movin( t%e money itse+". :%at do yo! t%in$ a5o!t t%at= 62B7AA8
J-: I t%in$ t%at is a very 'o+iti&a+ ans3er (iven to yo! "rom motivated individ!a+s. I t%in$4
3it% a 5an$in( 5a&$(ro!nd4 Ive seen t%e in"rastr!&t!re o" 5an$s "rom 5ot% t%e te&%no+o(y4
(overnan&e and &om'+ian&e stand'oint. I t%in$ t%eres a +ar(e me&%anism in '+a&e t%at is
rea++y ;!st not e""i&ient 5y any means and 3%at Bit&oin a++o3s is a tr!st "ree transa&tion... t%e
tr!st+ess transa&tion4 3%ereas i" yo! (o to a "inan&ia+ instit!tion 3%et%er its C%ase4 or City4 or
3%oever4 t%eres an in%erent tr!st im'+ied in t%at transa&tion. Co!re tr!stin( t%at t%e
or(aniEations r!n e""i&ient+y4 t%at t%e ar&%ite&t!re is &orre&t and a&&!rate4 t%at yo!r
transmission o" "!nds is a&&!rate and done &orre&t+y. 62.72@8
(': L% %!%. J!st tr!st !s< (La!(%ter) 62.7108
J-: Cea%. T%ese are a++ t%e &on&erns t%at &ome 3it% 5ein( a 5i( 5an$. T%e idea o" Bit&oin
averts a++ o" t%ose 'ro5+ems at t%e ar&%ite&t!ra+ +eve+. I t%in$ &om'+ian&e and re(!+atory
iss!es is and s%o!+d 5e a 5i( 'art o" 3%at (oes on. I dont t%in$ to "!n&tion anonymity is t%e
ans3er 5!t I dont t%in$ over 5!rdensome &om'+ian&e is t%e ans3er eit%er. I t%in$ t%eres a
%a''y mi? and I t%in$ some o" t%e ideas t%at &ame o!t today on t%at 'ane+ 3ere s'ot on4 in so
"ar as4 +et t%in(s $ind o" %a''en and t%en move "rom t%ere. 62@70-8
(': :%at 3o!+d yo! say is a %a''y mi? o" re(!+ation and &om'+ian&e vers!s a 5!rdensome
one 5e&a!se it seems +i$e t%ats an ar5itrary 'oint de'endin( on 3%o yo! as$4 ri(%t= 62@7-28
J-: I do and I t%in$ its t%e 'ers'e&tive yo! ta$e 3%en revie3in( t%ese transa&tions. I" yo!
revie3 t%em "rom a "ront to 5a&$ ty'e 3ay4 so I on5oard t%e &!stomer4 I $no3 3%o yo! are
and t%en yo!re no3 'ermitted to do t%ese sort o" transa&tions. I t%in$ 3%at t%e
&ry'to&!rren&y in"rastr!&t!re a++o3s yo! to do is tra&e t%at money 5a&$3ards. I" yo! see a
&onsistent 'ayment str!&t!re 3%ere a sin(+e a&&o!nt is re&eivin( money time and time a(ain
"rom a variety o" net3or$s OK4 may5e 3e s%o!+d investi(ate t%is. Gat%er t%an +oo$ "rom
t%e min!tiae !'4 ta$e t%e 5i( 'i&t!re do3n and say OK4 %eres t%e main "+o3s4 %eres 3%ere
t%e ma;ority o" money is (oin( and rea++y +oo$ at it 'ie&emea+. Say OK4 %eres a 5i( &%!n$4
%eres anot%er 5i( &%!n$... does t%is ma$e sense= Does t%is "o++o3 3it%in t%e &on"ines o" t%e
+a3= I" not4 +ets investi(ate and t%ats t%e 'oint at 3%i&%4 I t%in$4 t%e intr!sion s%o!+d o&&!r4
not 're,em'tive+y. 62H7008
(': Te++ me a5o!t yo!r 5a&$(ro!nd and te++ me a5o!t yo!r idea t%at yo!re 3or$in( on
re+ated to Bit&oin +endin(. 62H70@8
J-: *y 5a&$(ro!nd o!t o" s&%oo+. I 5e&ame a "+oor trader at t%e Nyme?4 I 3as tradin( oi+4
(as4 nat!ra+ (as and t%en B!s%4 in -//B4 mandated t%e Gene3a5+e !e+ Standard 3%i&% &a++ed
"or et%ano+ to 5e 5+ended in (aso+ine. I t%en 5e(an doin( a trans'ortation ty'e ar5itra(e 3it%
t%e et%ano+ 5e&a!se yo! &ant 'i'e+ine et%ano+. It %as to 5e ta$en 5y tr!&$4 or 5ar(e4 or rai+
5e&a!se t%eyd +!5ri&ate a++ t%e 'etro+e!m 'i'es 3it% 3ater. A+&o%o+ and 3ater dont mi? so I
+earned %o3 to 'ro(ram in order to "a&i+itate t%is 'ayment. 62H7A08
(': A+&o%o+ and 3ater dont mi?= Isnt t%at +i$e every mi?ed drin$ t%at t%ere is= 62H7AB8
J-: T%e a+&o%o+ and 3ater &om5ined4 3%ereas 'etro+e!m and 3ater dont. 61/7//8
(': O%4 I see. OK4 so yo! dont 3ant it to mi?. 61/7/28
J-: Co! dont 3ant it to mi?. T%e 'ro5+em 3it% et%ano+ %as a+3ays 5een t%e +o(isti&s. T%at
said4 I +earned %o3 to 'ro(ram and t%en t%at &!rio!s nat!re t%at yo! sa34 3%en I +earned
a5o!t Bit&oin 3as ;!st e?&ited. I started 5!i+din( minin( e>!i'ment 5e&a!se it interested me
and it 5e&ame a tradin( (ame "or me. Nearer term4 in t%e 'resent Ive 5een trave++in( to as
many o" t%ese &on"eren&es t%at I &an $ind o" (ettin( an idea o" t%e +ands&a'e and %ave rea++y
not seen an o''ort!nity "or t%ose 3%o o3n +on( 5it&oins to invest t%em "or interest. Im
+oo$in( to 5rin( a ve%i&+e 5y 3%i&% t%ose 3%o are +on( Bit&oin t%e o''ort!nity to (ain
interest as 3e++ as o""er needed &a'ita+ to t%ose t%ro!(%o!t t%e Lnited States. 61/71B8
(': Co! 3ere sayin( o"" t%e air t%at 3%at yo! 3ant to do is "a&i+itate Bit&oin +endin( t%at
!ses rea+ 3or+d data to determine &redit 3ort%iness4 and st!"" +i$e t%at4 s!&% as &redit s&ores
and i" its a &om'any4 'er%a's t%eyre 5ond raidin(4 or somet%in( +i$e t%at. Is t%at &orre&t=
61070/8
J-: T%ats &orre&t. I t%in$ t%at "rom an individ!a+ 'ers'e&tive 3e %ave t%ree &redit s&ores4
ri(%t= As 'art o" o!r A*L4 Anti,*oney La!nderin( and Kno3 Co!r C!stomer r!+es t%at
3ere as$in( "or &redit s&ores as 3e++. I" yo! 3ant to 5orro3 money on o!r net3or$4 yo!re
(oin( to ma$e avai+a5+e to !s yo!r &redit ratin( 3it%in t%e str!&t!red so&iety so 3e $no3 %o3
tr!st3ort%y are yo!. 6107208
(': :e++4 t%ere are some ma;or iss!es 3it% &redit ratin(s. I a&t!a++y ;!st 3at&%ed a video
a5o!t t%is a &o!'+e o" days a(o 5!t 5asi&a++y4 3%at t%ese &om'anies 3ant is "or yo! to 5e in
de5t4 so i" yo! dont 5orro3 money t%en yo!r &redit s&ore &an (et din(ed and it &an &%an(e in
a day 5ased on &ertain "a&tors. T%ey %ave in"ormation t%ere t%at t%eyre not s!''osed to 5e
tra&$in(4 +i$e i" yo! +ive in a Q%i(% minorityR area4 3%i&% t%ey may 5e a5+e to in"er yo!r ra&e4
or somet%in( and t%at &o!+d a""e&t yo!r &redit s&ore and t%e interest rates t%at yo! (et o""ered
on &ertain +oans. I (!ess 3%at Im as$in( %ere is4 3%y !se t%e &redit s&ore 3%en its so
"+a3ed= :%y not ;!st &ome !' 3it% somet%in( tota++y ne3 to determine someones &redit
3ort%iness= T%is a+so i(nores ot%er 'arts o" t%e 3or+d 3%ere 'eo'+e dont %ave &redit. T%ey
dont %ave a &redit s&ore 5e&a!se t%ey %ave never 5een a5+e to a&&ess &redit. T%is is ;!st
&ertain 'eo'+e in t%e LS. Ho3 is it di""erent t%an t%e &!rrent system and 3%y is t%at 5etter
!se t%an t%e &!rrent system= 61-72-8
J-: I t%in$ I made t%e distin&tion o" 5ein( in t%e Lnited States "irst and "oremost 5e&a!se
t%ats 3%ere 3e &%oose to o'erate to 5e in. I t%in$ t%e mode+s e?tensi5+e a&ross t%e (+o5e 5!t
I $no3 t%at4 (iven +e(is+ation and t%e &!+t!re ri(%t no34 its needed to 5e done in a sin(+e
domi&i+ed +o&ation. Co! 5rin( !' in%erent "+a3s 3it% &redit ratin( systems4 o" &o!rse. I t%in$
t%e idea o" introd!&in( a ne3 &redit ty'e ratin( to an a+ready ne3 system is 5rin(in( too
m!&% to one 'oint at one time. I t%in$4 as 3it% any system4 t%ere are in%erent "+a3s and t%is
;!st (ives !s a 5asis "rom 3%i&% to 3or$. Gea++y4 t%e &redit s&ore is t%e 5asis "rom 3%i&% to
3or$ 5e&a!se do3n t%e road4 i" yo!re !sin( t%e '+at"orm4 t%eres a s&ore asso&iated 3it%
yo!r !sa(e o" my '+at"orm. :e++ move a3ay "rom t%e traditiona+ &redit s&ore 5!t in +ie! o"
t%at $no3n >!antity o" yo!r a5i+ity to re'ay4 Im (oin( to !se t%e &redit s&ore as an indi&ation
to investors t%at t%is 'erson is 3ort%y o" my money. 6127208
(': Investors 3o!+d (ive money to yo!r "irm and t%en 'eo'+e 3o!+d re&eive +oans and t%en
'ay t%em 5a&$ in Bit&oin4 in do++ars4 in 3%at= 61271/8
J-: Interestin( >!estion and no4 3e 3o!+d never ta$e o3ners%i' o" t%e a&t!a+ &oin. 6127128
(': Its ;!st a 5ro$era(e t%in(= 61271A8
J-: Bro$era(e4 yes. :ere 5a&$ to 5a&$in( t%e trade. No34 it de'ends 3%at t%e "ina+ &+ient
is +oo$in( "or4 3%et%er t%at 5e &ry'to&!rren&y or do++ar. I t%in$ o" most 5ene"it to !s 3o!+d
5e4 o5vio!s+y4 trans"errin( to do++ar and (ivin( t%em t%e Ameri&an do++ar. I t%in$ a++o3in( "or
5ot% is $ind o" t%e idea+ state. 6117/A8
(': Co!re "ami+iar 3it% Gi''+e4 is t%at ri(%t= 6117/@8
J-: O" &o!rse4 yea%. 6117/H8
(': OK. It so!nds +i$e 3%at yo!re doin( is simi+ar to Gi''+e 5!t more in t%e system.
Co!re (oin( to inter"a&e 3it% t%e &redit ratin(s. :%y 3o!+d someone !se a servi&e +i$e
yo!rs instead o" ;!st (oin( sort o" a more de&entra+iEed ro!te +i$e Gi''+e= 6117-18
J-: I t%in$ Gi''+e is an amaEin( te&%no+o(y and rea++y4 rea++y 3e++ t%o!(%t o!t 5!t it doesnt
!se Bit&oin4 ri(%t= :ere +evera(in( 3%at e?ists. 61172B8
(': B!t yo! &an 5orro3 5it&oins on Gi''+e. 61172@8
J-: Co! &an 5!t I t%in$ most 'eo'+e... t%e Gi''+e net3or$ vers!s t%e Bit&oin net3or$ are
t3o se'arate entities4 ri(%t= T%ose 3%o are Bit&oin "anati&s and t%ose +on( Bit&oin are (oin(
to 3ant to stay tr!e to t%at Bit&oin ro!te. By a++ means4 I mean to e?'and to every ty'e o"
&ry'to&!rren&y t%at I &an4 5a&$ to t%e do++ar 5!t I t%in$ Gi''+e is its o3n net3or$ !nto itse+"
and I 3ant to +evera(e t%e Bit&oin net3or$ "or t%is ty'e o" transa&tion. 61A7/.8
(': Ho3 3o!+d a +oan made in Bit&oin 5e administered and 3o!+d yo!r or(aniEation %ave
any ro+e in doin( t%at4 +i$e ma$in( s!re t%at someone is sendin( Bit&oin 'ayments to a &ertain
address at a &ertain time4 and 'ayin( 5a&$ some amo!nt o" t%e +oan every mont%4 or
3%atever= 61A7-/8
J-: T%ats 'art o" t%e in"rastr!&t!re o" t%e '+at"orm. T%e a&t!a+ +oan initiated on t%e
'+at"orm4 in order to send money or o""er money to a 'otentia+ 5orro3er4 t%e money needs to
5e sittin( in es&ro3. T%ats ;!st a si(n to !s t%at t%is +ender is "or rea+ and Im not (oin( to
'+ay (ames at t%e 0-
t%
%o!r to ma$e s!re I (et t%e 'ayment. Li$e3ise4 t%e re'ayment
str!&t!re is a!tomated 3it%in t%e '+at"orm. I t%in$ 3ere a++o3in( re'ayment in 5ot% &oin
and do++ars. A(ain4 t%eres a "ee asso&iated 3it% t%e do++ar transa&tion 5!t it 3i++ 5e s&%ed!+ed
and done via o!r inter"a&e "or re'ayments. 61A7A-8
(': :%o is t%e es&ro3= Is it a "o!rt% 'arty= 61A7AA8
J-: I t%in$ it 'ro5a5+y s%o!+d 5e a "o!rt% 'arty so t%at 3ere not &!+'a5+e "or any +oss.
T%ere are '+ayers in t%e s'a&e ri(%t no3 t%at are o""erin( t%at sort o" servi&e4 Cir&+e inan&ia+
5ein( one o" t%em. :%o e+se o""ers t%is servi&e= BitStam'4 I t%in$4 o""ers t%is servi&e. T%ere
are a &o!'+e o" di""erent 3ays to do t%is. I ;!st dont 3ant to %ave t%at4 ...not +ia5i+ity4 5!t
s$e3 to my 'osition 5y %avin( %o+din( someones Bit&oin. 61B70H8
(': :it% somet%in( +i$e t%is 3%ere at +east some o" t%e +endin( is made in Bit&oin some o"
t%e time4 do yo! e?'e&t to 5e a5+e to o""er 'eo'+e 5etter interest rates= Is t%at %o3 yo!re
(oin( to 5rin( t%em in= 61B7228
J-: Ces. I t%in$ t%e idea is t%at 3e++ &%ar(e 3%at t%e mar$et 3i++ 5ear "rom a +endin(
'ers'e&tive 5!t remem5er t%ese (!ys t%at are +on(4 or anyone +on( Bit&oin ri(%t no34 %as no
o''ort!nity to (et even an in&rementa+ ;!m'. Co!d %ave to (o '!r&%ase more. I t%in$ t%e
o''ort!nity to (ain ;!st a s+i(%t amo!nt o" interest4 es'e&ia++y (iven its de"+ationary nat!re4 is
3%at any investor is +oo$in( "or. I" Im +on( 0/4/// 5it&oin and I 3ant to a++o&ate some o"
my 'ort"o+io to a more ris$y endeavor to (et more 5it&oin4 I t%in$ its ;!st sensi5+e
investment. 61.7/B8
(': Are 'eo'+e (oin( to 5e &o++atera+iEin( t%ese +oans= Are t%ey (oin( to 5e '!ttin( !'
&o++atera+= 61.7008
J-: Co++atera+iEed +oans is t%e ne?t ste' to a++ t%is. I t%in$ Id rat%er %ave an !nse&!red ty'e
+endin( 5asis to 5e(in 5e&a!se 3%en yo! start4 and t%is &omes into t%e Co+ored&oin rea+m4
3%en yo! start atta&%in( assets to a &oin4 or 'ortion o" &oins4 its a 3%o+e ne3 evo+!tion in
terms o" t%e 5!siness vote. Initia++y4 no I t%in$ 3ere (oin( to sti&$ 3it% !nse&!red. 61.7228
(': :%at $ind o" &!stomers do yo! envision %avin(= Com'anies 3%o are ta$in( o!t +oans
to "inan&e a start!' vent!re4 or individ!a+s 'ayin( t%eir mort(a(es4 or individ!a+s 'ayin(
O04/// "or some &om'!ter t%at t%ey &ant a""ord ri(%t a3ay= :%o are yo!r &!stomers=
61.7A/8
J-: I t%in$ anyone 3%o needs to 5orro3 money is rea++y o!r &!stomer and t%e idea o" t%e
'+at"orm is t%at its s&a+a5+e , "rom t%e very sma++ +endin( to 5!y a &om'!ter ty'e s&enario to
t%e 5roader II need to 'ay my mort(a(e 'ayment. Can yo! ta$e yo!r mort(a(e 'ayment o!t
in Bit&oin= Co! 'ro5a5+y &o!+d 5!t t%ats years "rom no3. :%o $no3s %o3 +on(4 5!t I t%in$
its e?tensi5+e t%en to t%e +eve+ o" m!ni&i'a+ +endin(. I" Im a m!ni&i'a+ity t%at needs to 5!i+d
a 5rid(e4 a road and I need O0//m4 its o5vio!s+y onero!s to %ave t%at 'ro&ess done. Co!
%ave to (o to a 5an$4 I %ave to (et it !nder3ritten4 I %ave to (o... and t%at &osts a +ot o"
money. Instead +isten4 %eres t%e &omm!nity at +ar(e !sin( t%e inter"a&e , O0/4 O0/4 O0/4 O0/
it adds !' 'retty >!i&$. O0//m is (oin( to ta$e a 3%i+e 5!t yo! "o++o3 3%at Im sayin(.
Its t%e many +enders to one 5orro3er. 61@72.8
(': Co! are a&t!a++y +oo$in( at t%e 'otentia+ "or sma++ +enders to (et invo+ved in t%is and
earn a ret!rn on t%eir 5it&oins 'otentia++y= 61@71B8
J-: Corre&t4 yea%. I t%in$ "rom t%e sma++est to t%e +ar(est 5!t my tar(et mar$et is t%ose
so'%isti&ated4 more so'%isti&ated investors Im %esitant to say %i(% net3or$ or a&&redited.
Jiven t%e avera(e a(e is 2-.. o" a Bit&oin %o+der and HBP ma+e4 t%e tar(et mar$et is someone
mid,t%irties to "orties4 +on( Bit&oin4 !n%a''y 3it% !ninterested ret!rn. 61H7028
(': Is t%ere anyt%in( e+se yo! 3ant to add= Are yo! +oo$in( "or "eed5a&$4 investors or is
t%ere a '+a&e 3%ere 'eo'+e &an (o on+ine to "ind o!t more= 61H7-28
J-: Not yet. 61H7-18
(': Not yet4 &oo+. T%an$ yo! Ja&$ "or yo!r time today. Its 5een interestin( ta+$in( to yo!
a5o!t t%is. 61H7-H8
J-: T%an$ yo!. A '+eas!re to meet yo!. 61H7208
9999999999999999999999999999999999999999999
&"E.T(:
T%an$s "or +istenin( to E'isode 002 o" Lets Ta+$ Bit&oin.
Content "or t%is e'isode 3as 'rovided 5y Ste'%anie *!r'%y4 Jeremy Lam4 Timo
Han$e4 )ar$er Emmerson4 Ja&$ Kiernan and Adam B. Levine
Content "or t%is e'isode 3as edited 5y Adam B. Levine and Denise Levine
*!si& "or t%is e'isode 3as 'rovided 5y Jared G!5ens and Jenera+ !EE
Any >!estions or &omments= Emai+ adamK+etsta+$5it&oin.&om.
Have a (ood one< 61H7A@8