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Blocknet 2018: What to look forward to!

With 2017 coming to an end, we wanted to provide the community with some updates regarding what is on the horizon for Blocknet in 2018, but first let’s take a look at what this community has accomplished so far.
2017 was a busy year for Blocknet! With the launch of the new production chain, the Service nodes launch on mainnet, the partnership with VSA to build the Blocknet UI (as well as the UI Reveal) and the implementation of the Community Governance System, it has been a very productive year. This is what was achieved…
Blocknet in review 2017:
BitBay (BAY), Bitcoin (BTC), Bitcoin Cash (BCH), Blocknet (BLOCK), Dash (DASH), Decred (DCR), Digibyte (DGB), Dogecoin (DOGE), Dynamic (DYN), GameCredits (GAME), Faircoin (FAIR), HShare (HSR), LBRY Credits (LBC), Litecoin (LTC), Monacoin (MONA), MonetaryUnit (MUE), Namecoin (NMC), NavCoin (NAV), Particl (PART), Peercoin (PPC), PIVX (PIVX), Potcoin (POT), Qtum (QTUM), Sequence (SEQ), Stratis (STRAT), Syscoin (SYS), Vericoin (VRC), Verge (XVG), Vertcoin (VTC), ViaCoin (VIA).
Recent Developments
In addition to the above, there are some other recent developments we would like to mention:
What is on the Horizon for Blocknet in 2018?
Moving forward into 2018 there are many exciting developments to look forward to:
Note 1: Upcoming milestones are subject to change, and some require new ground be broken in crypto, and thus are to be interpreted as intents, not commitments. Development is in an agile manner and so is not to deadlines; Rather, continual progress is to be expected.
Note 2: All names are Rocketchat community handles.
A very merry Christmas and a happy and prosperous new year to the community! 2018 will be fantastic!
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Cryptocurrency Investors

Hello! My name is Mihail Kudryashev, I am a frontend engineer at Platinum. We are a an international STO/IEO/ICO/POST ICO consulting, promotion and fundraising company with huge experience in STO and ICO marketing and best STO blockchain platform in the world! Learn more about it: Our company gained popularity after launching the world’s number one online university with only practical knowledge on crypto economics. Now you can learn how to create and develop your own ICO and STO, how to market your campaign and make it super successful. Who are cryptocurrency investors? What drives people to invest in cryptocurrency? Read the extract of the UBAI lesson to get all the answers.
Introduction to the Investors §2
In 2017, the total cryptocurrency market capitalization was approaching $850B which begs the question:
Why are investors turning to cryptocurrencies?
A survey by Blockchain Capital indicated that at least 30% of millennials would rather invest in bitcoin than invest in traditional stocks. Cryptocurrency investors, like traditional investors, expect a return at least proportionate to the risk they take. Due to the fundamental lack of regulation, incredible volatility and astronomical relative risk, many cryptocurrency investors expect to earn meteoric returns. Returns in the ranges of multiples from 200% to 1000%.
Let us first begin by examining the kinds of people who invest in cryptocurrency, and then let’s see the reasons why each of them is investing in this relatively new market.
Types of Investors
The “Newbie” Cryptocurrency Investor
This investor is just starting out. They probably have not had any significant experience in any form of investing before and bitcoin is their first experience. They have heard about people making incredible returns from cryptocurrency investing, or some aspect of the entire blockchain and crypto revolution attracts them, and they decide they want to invest too.
Unfortunately, most of the newbie investors will end up losing their money, primarily because of one specific misconception; they think cryptocurrency investing is an easy way to make huge profits. “ “Types of Investors §2
“Gambler” or “Get Rich Quick” Investor
This is the second class of cryptocurrency investor, and is actually not really an investor at all.
This type of person is out to make a fortune as fast as possible. They will fall for whatever sweet-sounding scheme they hear. They love ideas that promise to double or triple their investment quickly. Like the Newbie, they do not understand how cryptocurrencies work, and they don’t care. The difference between this kind of investor and the successful individual or professional investor is that the gambler does not care about the management of risk, or about the timing of trades.
They place their money on the table, and they hope it will make a good return. They are gambling rather than creating an investment thesis and executing a well-thought out strategy. They might even have an infectious positive attitude, but unfortunately it is not backed by knowledge or the due diligence required to be a successful investor.
A good example of this style of thinking, outside of cryptocurrency, is high yield investment plans (HYIPs) that promise to multiply an investors capital by a certain factor. This is not to say that all HYIP programs are scams, but a good number of them are. Most importantly, the investors who flock into such plans have similar characteristics to that of the Get Rich Quick investor in that they will not take the time to learn about the field in which they are investing. They are just looking for fast money and an overnight success. “ “Types of Investors §3
Short Term Traders (Day/Swing Traders)
Short term traders must, without a doubt, be the most knowledgeable investors if they are going to succeed at their chosen profession. They have, or they should have, studied the art and science of trading more thoroughly than other people. This is the kind of investor who has taken the time to learn about cryptocurrencies and the markets on which they trade. Short term traders create deliberate and timed strategies in an attempt to profit from fast market movements. Maybe many of the short term traders started off as Newbies, but these are the individuals who took the time and effort to learn about the market. They wanted to know what they were doing. These are the people who survived and thrived to grow into the type of trader that they want to be.
Interestingly, the Day Trader does not attach emotion to any given coin. They do not need to believe in the sustainability/whitepapevision/road map, etc. of the project they are buying into at any particular time. They just need to be confident about the direction and timing of the potential price movement of the coin. “ “Types of Investors §4
Long Term Investors/ Hodlers
A great majority of successful cryptocurrency investors can be most properly classified as Long Term Investors, or HODLers in true crypto terminology. These are investors who understand quite a bit about cryptocurrency and blockchain technology and believe in the sustainability of the coins in which they are investing.
Think of the first few investors who bought bitcoin in the early days and years, when it was still deep under the radar for most people. These are the people who believed in the blockchain and cryptocurrency revolution. They didn’t sell their bitcoin for fast profit, although they had many chances to do so. They knew what they were doing, holding for the long term. These early investors and HODLers enjoyed astronomical growth all the way up to 2016 and 2017. But to be a long-term holder despite all the bad news and negative factors surrounding this brand new asset class, they must have really believed that bitcoin and the blockchain were going to change the world. This belief can only be established through study and research about the blockchain industry and the specific currencies and tokens in which you are going to invest.
Follow up and learn more on!” “Types of Investors §5
Sophisticated/Professional Investors
These are experts in cryptocurrency investing. They most likely have a background in other forms of trading and investing, such as in stocks, bonds or options etc. They may also be earning fees by investing or managing money for other people.
The Iconomi fund managers are a good example. Each Fund Manager manages an array of digital assets. Investors might choose Iconomi because it offers a platform for the investor to allocate funds to specific fund managers, with the ability to swap between managers instantly if the investor desires to do so.
Each fund manager selects a number of coins in which they wish to trade or invest, with specified time horizons, short or long term. Investors can buy into the array of mutually held coins. This allows investors to utilize the knowledge and experience of professional fund managers to trade an allocated pool of capital, hopefully generating returns greater than the individual investor would be able to produce on his own.
The fund managers are motivated by the fees and commissions they earn, and perhaps a performance-linked bonus. You can certainly be properly classified as a Sophisticated Investor without any need to be a fund manager for other peoples’ money. But a professional fund manager has the ability to trade with a larger pool of capital, manage complicated risk, and diversify trading strategy to generate various streams of income. “ “Between Countries
A particular country’s participation in cryptocurrencies largely has to do with the legal regulations about blockchain projects and crypto currency investment in that jurisdiction.
When China banned the use of cryptocurrency, most Chinese nationals had to withdraw their investments. Many other countries have also placed bans on the use or trade of cryptocurrencies. Countries like Japan that have allowed the use of cryptocurrencies have witnessed a significant rise in cryptocurrency investments as a result. Japan and South Korea are home to several high-traffic cryptocurrency exchanges, meaning that a notable proportion of their population is investing in cryptocurrencies.
Another way to look at cryptocurrency investment demographics is to look at the bitcoin ATMs present in each country. The United States of America is the leading country, followed by Canada and then the United Kingdom.
According to a report by Google trends, the five top countries interested in bitcoin are: South Africa, Slovenia, Nigeria, Colombia and Bolivia.
Remember, cryptocurrency demographics can be a little tricky due to the anonymity involved. Many people may be afraid to participate in surveys, especially when their governments have placed legal restrictions on cryptocurrency investing.
The main point the research seems to validate is that the demographics of the cryptocurrency investor base is diverse. While the average investor may be a white or Asian male between the ages of 26-30 with at least a university degree, the entire investor base is so much larger than that. Many big investors are likely to be significantly older, and have connections and businesses in the traditional economy as well. “ “Notable Investors in Cryptocurrency
While many people have made fortunes from cryptocurrency investing, a handful of them stand out as being particularly remarkable. We will take a more detailed look at some of the biggest investment success stories to see how they did it and learn about their investing strategy.
The Winklevoss Twins
After being awarded their settlement from the lawsuit against Facebook, the Winklevoss twins decided to invest a significant portion of their money in Bitcoin. They invested $11million of the $65million they received. At that time, the price of a single bitcoin was about $120.
This high-risk investment paid off handsomely and they became the first publicly known Bitcoin Billionaires, perhaps owning more than 1% of the total bitcoin in circulation. In an interview with Financial Times in 2016, the twins jointly said that they consider “Bitcoin as potentially the greatest social network because it is designed to transfer value over the internet”. They also pointed out that compared to gold, bitcoin has equal or greater foundational traits of scarcity and portability. “ “Notable Investors in Cryptocurrency §2
Michael Novogratz
A self-made billionaire ex-Goldman Sachs investment banker, Novogratz has invested more than 30% of his fortune in cryptocurrency. In 2015, he announced a $500million cryptocurrency hedge fund, including $150million of his own money. Novogratz believes that “the blockchain, the computer code that underpins all cryptocurrencies, will reshape finance, just as the internet reshaped communication”.
The investment thesis of Mr. Novogratz is similar to that of the Winklevoss twins. He has taken and maintains a long-term position while he trades in and out of short term moves, based on his fundamental belief in the potential and likely application of the underlying blockchain technology. By starting an investment fund in addition to his other cryptocurrency related ventures, he is demonstrating a strong fundamental grasp of the technology, including its applicability and impact across so many industries. Slide
Barry Silbert
In December 2014 after the US Marshal’s office seized 50,000 bitcoins from the Silk Road, Barry Silbert purchased just 2,000 of those bitcoins at $350 per coin. A few years later of course, those coins were worth millions of dollars.
Barry is the founder and CEO of the Digital Currency Group (DCG) a cryptocurrency investment firm. Barry also made significant profits from Ethereum Classic, purchasing the coin in its very first days. He has invested in over 75 bitcoin related companies, including CoinDesk. As founder of the Digital Currency Group, Barry endeavors to support bitcoin and blockchain companies and accelerate the development of the global financial system. “ “Directly through Exchanges
Step One: Register on a reputable cryptocurrency exchange
To start investing, you first need to register on a reputable cryptocurrency exchange where you can buy bitcoin and other cryptocurrencies. Binance is a good exchange to use in this lesson. While it may or may not be the best, it is currently the largest, and they provide a very supportive layout and customer service department.
You should remember, to buy most altcoins (cryptocurrencies other than bitcoin), you specifically need to use an exchange like Coinbase or Kraken that allows you to convert fiat currency into cryptocurrency. From there, if you want to trade altcoins not listed on that exchange, you will have to transfer your BTC or ETH to a larger exchange like Binance, and buy the altcoin you want, using whichever trading pair that is best suited (BTC and ETH pairs are most common).
As we have already explained, if you are buying Bitcoin or any cryptocurrencies, you should invest in a wallet to safely store your coins. It is not advisable to store your BTC or other crypto on the exchanges for too long, due to hacking and other risks. “ “Directly through Exchanges
Step Two: Determine your Strategy
There are different ways to invest. You need to find a strategy that works for you and your specific set of skills. The value of a cryptocurrency is not defined by a formula or something out a textbook. If everyone was able to calculate the actual value of a share of stock, for example, or a bond, or other tradeable asset, then the price on an open market exchange would never move. Buyers and sellers would know exactly how much the asset is worth, so there would be no reason to sell lower or buy higher than the actual value.
You need to come up with your own ideas and strategies to take advantage of market moves. Sometimes you will have a position that is contrary to the general market. Other times you might be trading in agreement with a majority of other market participants. Investors are basically separable into one of two groups of thinkers. Contrarian investors go against the crowd, swimming against the current; Momentum investors ride the wave feeling secure in the majority. Being different can be good or it can be bad. You do not always want to necessarily get caught up in the most crowded trade. “ “Things to keep in Mind
Bitcoin Futures
We need to mention the bitcoin futures market as another potential way to invest. Toward the close of 2017, Bitcoin started trading on two fully recognized and well-established futures markets; the Chicago Board Options Exchange (CBOE), and the Chicago Mercantile Exchange CME.
The key quote from the exchanges was “because the futures can be traded on regulated markets, it will attract investors, making the market liquid, stabilizing prices and it will not suffer from low transaction speeds of Bitcoin Exchanges.”
For a risk averse investor, this offers a safer entry into cryptocurrency investing. A futures contract commits its owner to buy or sell the underlying asset, BTC, at a set price, and at a set date in the future. The investor in the futures contract does not actually own the underlying asset, but rather is trading on fluctuations in the price of the asset over a certain timeframe, as specified in the futures contract. “ “Things to keep in Mind §2
Common Pitfalls We cannot conclude this lesson without one more look at the common pitfalls a new cryptocurrency investor should avoid.
The problem areas are: -Falling for scams by failing to carry out due diligence. -Relying solely upon self-acclaimed crypto gurus and experts. If you want to trade, you must understand how to read news and charts for yourself. -Too much Greed. Not taking profit when you should. It is better to take a 20% gain, than wait for a 100% gain, only to lose it all in the end. -Lacking an investment strategy or exit plan. -Not sticking to your investment plan or strategy. -Allowing emotions to rule your decisions. Chasing your losses. -Investing what you cannot afford to lose.
And finally, some time-tested wisdom from Wall Street: Bulls make money. Bears make money. Pigs get slaughtered every time. (Don’t be greedy!)
We cannot overemphasize the risk involved in cryptocurrency investing. The potential to make huge gains over a short period of time does not come without risk. There is no doubt that significant players in the global financial markets are entering the cryptocurrency markets too. We are likely to witness more and more government authorities trying to regulate cryptocurrencies, hopefully to the overall benefit of a healthy market. It seems safe to say we will see cryptocurrencies become more mainstream due to the intense interest from the traditional financial industry and institutional investing community all over the world. What are better ways to successfully invest in cryptocurrencies? Which pitfalls should you avoid? Learn all on successful ICOs and STOs after reading the full lesson: How to start your STO/ICO campaign in 2019? Contact me via Instagram, Facebook, LinkedIn to know more about our education: Facebook LinkedIn Instagram
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Immutability and Proof-of-Work - the planetary scale digital monument by Andreas Antonopoulos

SOURCE: Immutability and Proof-of-Work - the planetary scale digital monument TRANSCRIBER DONATION ADDRESS: BTC: 1Pd9FRd5orehCLi41sVjd2oY7R5PN78fpD
Good evening everyone. Thank you for coming. Welcome.
It's really a pleasure to be back here at plug-and-play Silicon Valley. I believe this is my fourth or fifth presentation for this particular meetup, which keeps getting bigger and bigger every time.
Every time I come, more members. How many of you RSVP'd for this meetup? Ok, a few people just showed up. I have some good news and some bad news.
The good news is if you just showed up, you're welcome, stay. The bad news is that I drew names from the RSVP list, to give out ten copies of my new book "The Internet of Money". I'm going to have to ask for that one back.
Oh you brought it?! Ok. I thought it was from my stack.
** laughter **
Refunds and returns. So at the end of the show, I'll give out 10 copies. If you're not particularly interested or you already have a copy, just let me know and I'll just call the next name in the lot. If you're not here, you can't get the book so please stay until the end, even if it's very boring.
Ok so how many people here have Bitcoin? Fantastic. And how many people do not yet have Bitcoin? And the difference is the people too shy to raise their hand.
Okay great, the 4 or 5 people who raised your hands who said they do not yet have Bitcoin — remember the faces of the people who do have Bitcoin. And do not leave here tonight without getting them to give you some free Bitcoin. And if they won't, I will. The whole point of this is to help you install a wallet, receive a small amount of Bitcoin so you can do some transactions and try it out for yourselves, and it's always fun, the first time you experience a Bitcoin transaction will be memorable.
Alright. The topic of today's talk is proof-of-work and the monument of immutability. I want to talk specifically about immutability and what that means in this young era of digital currencies, what it means to have a digital system that is unchanging.
Immutability is a tricky concept. First of all because it doesn't really exist. Right? Everything changes. There is no thing in nature that is forever unchangeable — the universe itself, the vacuum, particles, everything changes, nothing is immutable.
So mutability is really more of a philosophical idea, but we use it in practical terms. So what do we mean when we say immutable in practical terms? The way I like to think of it is, if you have a scale of something that's very easy to change – all the way to the hardest thing you can possibly find to change – the most unchangeable thing, the thing that is most difficult to change. Immutability is that side of the scale.
Right, so for practical purposes we'll define the immutability in any sense to be the maximum of that scale, of how hard it is to change something. And on January 3rd 2009, that scale expanded significantly and a new maximum was defined. A new maximum in terms of what it means to be immutable for a digital system.
Nothing is as immutable as Bitcoin. So, Bitcoin defines the end of that scale at the moment. And so it redefines the term immutable. Now that has some interesting implications, including that you can't call the things to the left of that immutable. You can't call them immutable-ish. You can't call them kinda immutable. Right? Immutable-ish is like pregnant-ish.
It only makes sense as the maximum value. Not the maximum minus one. So immutable, once it's redefined, the things below it can't be called immutable anymore.
And so why is Bitcoin immutable? What gives Bitcoin blockchain the characteristics of immutability? What is it that makes it unchangeable? And the first answer that most people go for is the blockchain. The blockchain makes Bitcoin immutable because every block depends on its predecessor creating an unbreakable chain back to the Genesis block and therefore if you change something it would be noticed, therefore it's unchangeable.
And that is the wrong answer. Because it's not really the blockchain that gives Bitcoin its immutability, and that's a really important nuance to understand.
The block chain makes sure that you can't change something without anyone noticing, and in security we call that tamper evident. Meaning that if you change it, it is evident. You can not tamper it, without evidence of your tampering. Tamper evident.
But there's a higher standard security, what we call tamper-proof. And tamper-proof is something that cannot be tampered with. Not just fully visible if it's tampered with, but cannot be tempered with, immutable. And the characteristic that give Bitcoin it's tamperproof capability is not the blockchain. It's proof-of-work.
Proof-of-work is what makes Bitcoin fundamentally immutable and that is a really important concept to understand because a lot of people throwing around words like blockchain and claiming that these things are immutable, even though they don't have a proof-of-work consensus algorithm or any kind of consensus algorithm that gives them immutability.
At best, they offer tamper evidence. Meaning someone will notice, but they are not unchangeable. This distinction is going to become historically important.
Now you may think — historically important, that's a pretty heavy term. Why is it going to become historically important?
Because if Bitcoin continues to work the way it's working today, we are introducing a new concept, which is a form of digital history that is forever.
And if that history last 10 years, that's impressive. If it lasts a hundred, that's astonishing. If it lasts a thousand years, it becomes an enduring monument of immutability, an edifice of immutability, a system of forever history. Unshakable history.
And that is truly a monument of our civilization. And we have to consider the possibility that will happen.
I use the word monument and I want to expand a tiny bit on that and talk about proof-of-work. Proof-of-work was not invented by Satoshi Nakamoto. You can see evidence of proof-of-work systems throughout human civilization. There is some big pointy proof-of-work in Cairo, the pyramids.
There is some big stone proof-of-work in Paris, the Cathedral of Notre Dame. In fact, proof-of-work is something that our civilization does quite often.
Let's think about that for a second, the pyramids serve two purposes — the minor purpose is as a religious artifact, and tomb for the king, but even more interesting purpose is a declaration to every civilization and every human that sees it — behold, this is the measure of the Egyptian civilization.
This is what we can build, this is proof of work, you cannot build this on the cheap. You cannot build this in a civilization that doesn't have abundance resources. You cannot build this unless you can feed 20,000 people to not do anything but this.
You cannot build this unless you can guard it with soldiers. You cannot build this unless you commit resources for decades or centuries. This cannot be built cheap, and the pyramid stand today as a testimate of proof-of-work for the Egyptian civilization.
And anyone, without even understanding what this thing is, riding up in the desert on a camel, going over that hill and seeing a stone monument that's a few hundred feet in the air — looks at that goes — wow!
And wow is an expression of believing the proof of work. Right? Because they immediately and intuitively understands something great built that, and there is no cheap way to do it.
The Cathedral of Notre Dame is the same thing. Marshalling thousands of stonemasons over hundreds of years to build a monument, to the church, a monument of religion. That made people stand in such awe, that they could only even give it divine origin, they could but believe only a religious order to do something like that.
It says behold the church, what we can do. That kind of open expenditure of resources to make a point, is proof-of-work. And we see this again and again in civilization.
But until now we've only seen it in local environments for a specific country, organization, or civilization.
Bitcoin is the first planetary scale, digital monuments of proof-of-work. And to those come later, we will be able to say behold this monument of immutability built over decades. Marvel at its function as well as its elegance.
Because it has function unlike the pyramids and the cathedrals, it serves a purpose, a practical purpose. And that practical purpose is to become a record of history, forever. To become the definitive and authoritative source that cannot be modified. The record of truth that can not lie.
And once a transaction is embedded into the blockchain, the Bitcoin blockchain, and secured by proof-of-work, it becomes incredibly difficult to change.
This is a thing that most people don't understand. So let's break it down a tiny bit, and look at some of the technicals behind it.
But Andreas, what if 51-percent of the miners decide to change it? What if there's a consensus attack? What if well-funded government invests heavily in hashing equipment, in order to go back and change the blockchain?
So one of the interesting things you have to understand is, the difference between changing the past and changing the future.
The consensus algorithm as is it is, determines the future of the blockchain. If you have a majority of the hashing power on the Bitcoin blockchain you can decide what gets recorded in the future.
But you can't so easily change the past. And the reason you can't change the past, is because every node out there is going to still validate every block and is going to demand proof of work. That block still has to carry proof of work and there is only one way that proof of work can be generated — you have to commit energy resources to a particular block.
When you read all these articles in the media and they say about how wasteful Bitcoin is, because Bitcoin is created by burning energy.
They are completely missing the point. Mining doesn't work to create Bitcoin. That is not the purpose of mining. Mining is not used to create Bitcoin. That is the side effect.
And the way I can prove to you it's a side effect is that one day there will be no Bitcoin. No new Bitcoin. Guess what?
There will still be mining, even after the last satoshi is mined, mining continues, it must continue. Because its purpose is not to create Bitcoin. Its purpose is to provide security. Its purpose is to provide validation of all of the transactions and blocks according to the consensus rules. That is the purpose of mining.
And generating Bitcoin is the side effect that serves as the mechanism of reward that creates game theory incentives to make sure that the validation is done right.
Once you understand that and you realize what we're paying for is security, it changes the perspective slightly. But it's much deeper than that, you see, a lot of different consensus algorithms have been proposed. Proof-of-stake is one of them, and many of these algorithms use the native asset to stake into the mining algorithm, into the consensus algorithm.
Meaning, I'm going to commit X amount of my currency in validating the next block, and if I fail to validate it correctly i lose that currency. Right? But if I validated correctly I gained a small feat. And here's the news, proof-of-work is also proof-of-stake, but proof-of-stake is not also proof-of-work. Let me explain that to you for a second because this is a really important point.
When miners commit to a specific block, they're creating a candidate block, they're stuffing in all of your transactions into that block after carefully validating them and then they take that block and they commit to it. By hashing against it, by doing the proof-of-work mining algorithm.
Essentially what they're doing is they're saying I'm going to stake a thousand dollars worth of electricity, or ten thousands of dollars worth of electricity behind the security work I have done. And if I haven't done it right, I lose my electricity stake.
So proof-of-work is proof-of-stake, because what you're staking is the energy investment committed behind the specific block that you're saying I have validated correctly, and to prove that I have validated correctly, I am staking an enormous amount of electricity behind that. Electricity that costs money.
But it's different from proof-of-stake algorithms in other currencies, other digital currencies. And the reason is, is what you're staking is not a native asset, is not something that is intrinsic to the chain, who's value and future is determined by the chain. What you're staking is something extrinsic to the system. You're staking energy, you're staking something that has universal value on this planet.
The value of the currency tomorrow maybe nothing, in which case the value of the stake you made is nothing. But the value of the electricity today, tomorrow, and into the foreseeable future is something. And that means that when you're staking electricity, you're staking something that has value throughout our planet.
Proof-of-work is a lot deeper than we initially realize.
Audience Member: I have a question here.
Let's take questions at the end.
So what if the miners decide to do a 51-percent attack to rewrite the past? Instead of starting from the current block and changing the rules into the future, they can start from a previous block and mine forward. And if they have 51-percent of the hashing power, they will eventually reach the current block, in the minority chain, and exceeded it. They will win the race, eventually.
So then the question is – how long do they have to sustain it?
Let's take a simple scenario. Let's say we want to go back and change history three weeks ago. Three weeks doesn't seem like a long time in Bitcoin. It's an eternity. Everyday, 500 megawatts of electricity are used continuously to feed the mining process.
It's just a ballpark figure, it might be more, it might be less right now. Just use that as a ballpark figure. 500 megawatts in 24 hours is 12 gigawatts of electricity. 1200 gigawatt hours of electricity, expended, per day.
12 gigawatt hours of electricity over 30 days, is 360 gigawatt hours of electricity. Over 12 months that’s 3.6 terawatt hours of electricity, in a year. 3.6 terawatt hours of electricity is a lot of electricity. But it's only a lot of electricity if you take it all at once. If you take it on a daily basis, on the 500 megawatt basis, running forward, it's enough to keep the Bitcoin network secure.
But here's the thing — if you try to go change Bitcoin, it starts adding up pretty fast. You go back three weeks, with 51-percent of the hashing power, how long will it take to re-mine the blocks of the last three weeks? Anyone?
Audience Member: Six weeks.
Six weeks. Yeah? Not quite.
Some interesting things happen inbetween, the first week of blocks will take you two weeks to mine, and then at two weeks you're going to have a difficulty change which is going to drop your difficulty, and then it's going to take another two weeks to mine the next two weeks of blocks. So you're going to end up approximately at four weeks total, to mine three weeks worth of blocks.
Here's the problem. The other side didn't stop mining. Right? At forty-nine percent, how long does it take them to mine? So by the time you get to where you were when you stopped mining the majority chain, and you try to rewrite history... they've also mined at least two weeks ahead. If they got the difficulty change too, they've mined even further.
So now you have to mine a bit more, to overtake them. Meanwhile, the miners who are doing this exercise are earning nothing. Presumably, they're part of the same hashing power that mined the first time around. Presumably they already had 51 percent of the power when they were mining the first time around, and now that they're trying to re-mine the last three weeks of blocks... well they've already banked the rewards. But they've banked them on the other chain.
Which they're making invalid. So now they're going to get rewards on the new chain, but only if they give up the rewards they banked on the other chain. Which means effectively they're going to spend three to four weeks, at 500 megawatts mining for free.
Meanwhile what happens in the other chain? On the minority chain? Your 49-percent minor, and you're now mining a minority chain. It's going to be hard. First two weeks is going to be slow, you're going to be doing blocks every 20 minutes. But, your share of the mining capacity just doubled, which means your profitability just doubled. So you're getting more reward, for the same amount of mining. And if that chain still has value, you're making quite a bit of money.
Because you now have a bigger market share. In fact, the more people abandon the chain, the more profitable it is for the minority. And all you have to do is peel off two percent. All you have to do is persuade two percent, of the people who are mining for nothing, to come mine on the chain where we're mining for double rewards.
How hard is that going to be? Which means that actually sustaining a 51-percent attack, for four weeks, is brutally hard. Now of course that means you probably only do it if you had 75%, 80%. Ethereum's starting with 90, at some point they went as low as 70% on the majority chain, when they did their fork. That's a pretty big drop.
So you have these economic incentives that make it very difficult. Now please notice, I've been talking about three weeks. Bitcoin is seven years old. What if you wanted to change a transaction that was last year, or a year and a half ago? Well, now the math is really against you — because it's going to take you almost a year to overtake that chain. During which time you have to sustain that attack and not lose anyone from your group. Otherwise, you never overtake it, and then you make even less money.
So now you've mined it twice, and got a zero reward on both times. Right? And this is the point that we really need to understand about blockchains — there is something inherently interesting, about the fact that you can show someone a number, and they can calculate from that number, how many joules of electricity you consumed to create that number. And it is absolutely unforgeable. That number is in itself proof that you have done the work.
That is an incredible artifact for a digital system. The fact that by presenting a number, to a system that has never seen the history of the blockchain, that may have joined later, that maybe seeing a false history of the blockchain, but you show it a block that has proof in it, and you show that node that number and they know it's real.
And they know it took that much work to produce that number. There is no way to fake it. For additional system, that's as close to real as it gets. This is a monument of immutability, built block-by-block, and these blocks about towering into the sky. 420,000 of them containing a cumulative amount of work that is absolutely gobsmacking.
And it cannot be changed or forged without... not only the other person knowing it has been changed, but without you actually expending the energy all over again. There is no shortcut. And that is the difference between tamper evident and tamper proof.
You could disconnect from the blockchain today, not look at it for three years, come back three years later... I can present you a single number and say do you believe this is the actual block from the block chain?
And you would be able to say with complete confidence — yes. The amount of work evidenced by this block, could not have been produced any other way than, if during the entire time I was gone, you were expending energy at the predicted rate, and you came up with this artifact. I only need to see the pinnacle to know that it's a real blockchain.
Only the last block, one number, and I know how much work has gone into it cumulatively. Because it tends to have ever increasing work. The longest difficulty chain wins. Bitcoin is not just simply in a system of accounting; it is the first digital artifact that provides forever history. That provides true digital immutability. There is no other system that provides digital immutability of that level.
It is a planetary scale, thermodynamically guaranteed, self-evident system of immutability.
Planetary scale, because in order to do it, you need to marshal resources that all the exist in a planetary scale effort.
Thermodynamically guaranteed, because you can calculate the exact amount of energy it took to create it, and there is no shortcut. Information theory tells us that to flip that many bits takes this many joules, and there is no way to do it otherwise.
Self-evident because the number that is produced as proof-of-work tells you exactly how much work has been done cumulatively. And it really is a monument. Now, then the interesting question arises – can we really afford this?
Is this a waste of energy? There is no thing on the planet that produces a digital record that is self-evidently immutable at this scale. Nothing. It is the only platform on which you can embed data, that will be guaranteed a immutable within a few blocks. Thousand blocks after you put data in, there is no going back. That data is not going to change.
Ok maybe if you put it in, and it's only three blocks old, maybe you can change. Six blocks old... eeeeeh. 144... I dunno. This is getting tough. And that's a day. A week old... done. Done. It's part of permanent history.
Our ancestors said "this is as good as written in stone". Our grandchildren will say "It is as good as written on the blockchain". Because it is the new standard of immutability and it is globally accessible.
Any application can leverage that capability. Other currencies, other chains, smart contracts. They can all check point against the Bitcoin blockchain. And as long as we continue to build the monument, their little inscription, like a piece of graffiti etched into the base stones of the pyramids – will be there. Potentially for centuries, and they can import immutability for the low low price of a transaction fee.
That if you consider it, immutability as a service is an astonishing application. It has enormous implications for software, it has enormous implications for the internet things, for information security, for other systems of currency, for systems of record... title, registration, birth records.
History can be written on the blockchain for the little price of a transaction fee, and it may well be there for a very long time. But as long as it is there, it cannot be changed and everyone can validate it. That is not a waste of electricity. That is the first practical application of digital immutability and it is expensive, but it's expensive because it's giving us something on a planetary scale. And we only need one, really, and it's probably too expensive to build two.
And that just means that the network effect is even more awesome. Because we already have one and it's doing quite well. That one can support all of the other applications. The other applications can do much more lightweight proof-of-stake. But if they really want immutability, not tamper evident... tamper proof. They need to subscribe to a service on the Bitcoin blockchain.
They need to record their data on the Bitcoin blockchain. If you're a banking consortium, and you are signing transactions in a distributed ledger technology by taking turns, what is the cost of fabricating the past? What is the cost of rewriting history? Of saying WikiLeaks never received any of your funds? Any of your donations? We reversed all of those transactions. What is the cost of that? Thermodynamically? Nothing.
In on-chain money? Doesn't matter. We created the on-chain money, we can create more of it. As long as there is no proof-of-work behind it, the cost of re-writing a ledger like that is zero.
And if you can, you will. And if you can, you'll be coerced to. And if you can, when you get a subpoena, you must. And so these blockchains are not immutable. These block chains are mutable as hell. They're fickle blockchains.
To go to the other side of the scale... they're transient, they're meaningless. They have no weight of history behind them. They are whatever the last signer says they are. They have no weight. This year, we're at war with Oceania. Next year, we will always have been at war with East Asia. History is written by the victors. Not the Bitcoin blockchain.
We don't do 1984 on the Bitcoin blockchain. History is written by the expenditure of real-world energy and there is no cheap way to forge that history.
Thank you.
Due to the character limitations on Reddit. I was unable to post the entire transcript which includes the Question and Answer portion. View the entire transcript here.
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[Table] IAmA: I'm Patrick Byrne, a pro-freedom supporter of cryptocurrency and school vouchers, early critic of Wall Street, three time cancer survivor, journalist at, and CEO and founder of AMA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2014-05-02
Link to submission (Has self-text)
Questions Answers
What would you say to other CEOs and decision makers who are hesitant to utilize bitcoin? It depends upon what their hesitancy is.
There are business reasons to do it: save on transaction fees, eliminate fraud and charebacks, etc. There may be business reasons not to do it as well, such as the risk of volatility (but this concern can be obviated by trading out of Bitcoin immediately upon receipt, a service that the firms like Bitpay, Coinapult, and Coinbase all offer, I believe).
But if they are pro-freedom, they should want to get behind it on principle alone. Ghandi said, "Be the change you wish to see in the world."
Hi Patrick, do you have any thoughts on where the economy is heading? Are we truly in a recovery as the powers that be suggest? Do you have examples you see in business that say one way or the other? No we are not in a recovery. We have re-inflated a bubble and called it a recovery.
The government lies to us about the stats. Think of it this way: assume Alleged GDP (that is, "Nominal GDP") is growing at 3%. Inflation is calcualted to be 2%. So Real GDP is growing 3% - 2% = 1%. That is the basic equation. However, what if they are lying about inflation? Imagine it were really 5%? Then the truth, God's-eye-only view would be 3% - 5% = -2%. That is, if inflation is understated, then growth is overstated. I think this is likely the case. I think we are in a shallow dive that they are trying to make look like a level or small climb. See John Williams' site Shadow Government Statistics for more.
The Fed's policies are all about driving up asset prices (homes, stocks) in order to create a wealth effect. Your 401k goes from being worth $300,000 to $500,000. You think, "Gosh I made $200,000! I'll go out and spend $50,000 of it."
The Snoop Dogg Overstock commercial was awesome! When can we expect to see more ads from him? Thanks. It was even more fun hanging out with the guy for four hours. He is one smaaart dude. He asked me more intelligent questions about our business than any of the 80 or so VCs with whom I ever dealt. No kidding.
Also, he rolls a mean cigar.
Shouldn't the government be spending our tax dollars on putting wall street guys who caused the financial crisis in jail (instead of making them pay fines) ? Not one of them has ever been criminally convicted. But I do think the government should put more resources into policing Wall Street. The last I checked, the SEC budget was about $800 million. I think it was around the size of the budget for the Denver police force. It should be about 10X that. However, they should unplug the SEC and ship it to the DOJ. The only thing that scares these guys on Wall Street is an orange jumpsuit, and only the DOJ can issue those.
Patrick, What was your evolution toward being "pro-freedom" like? Were you always so? Was there some event that turned you in that direction? I grew up in New England and thought of myself as a Yankee Republican. Then the Republicans went crazy getting worked up over things that are none of the government's damn business. The old man with whom i sued to build stone walls in Vermont, Earl Barre, taught me that government should pave the roads, run the Post Office, and stay the hell off my porch. I think he must roll over in his grave to see the kinds of things Republicans care about today.
My friend, mentor, and teacher Milton Friedman used to say, "I'm a small-l libertarian and a small-r republican." Sounds right.
PS Thanks for seizing the term. We have a lot of people in our society who call themselves "progressives". If they can hijack the word "progress" I can hijack the word "freedom".
Hello Patrick, Thank you for doing this. Do you know when will be accepting bitcoin for international shipment? I've been waiting this for months! (I'm in Canada) Working on it now. Phase II was getting so we could issue credits back in Bitcoin. I think it came live last week. Phase III will be accepting it internationally. Should happen late summer +/-.
Hi Patrick! You've gotten a lot of praise for accepting Bitcoin, I think its great. But I'm curious what you've found to be the biggest challenge or drawback with accepting this new form of currency. What is something new merchents need to keep in mind before accepting bitcoin? It has been unbelievably seamless.
Coinbase made it easy. But Bitpay and Coinapult do as well, I hear.
Once integrated, it has not demanded an ounce of effort.
Where do you see Bitcoin in 1 year? What about 5? Or 10? I have no theories as to valuation.
Adoption... I would imagine SpaceCash (of one flavor or another) will gradually increase until you see 2-3% of transactions occur within it. If that day ever comes, it will leap quickly to 15-30%. (Lots of things are like that in life, rates of HIV infection in the adult population being one of them, for example.)
What percentage of transactions (# or revenue) are paid for in Bitcoin on Tiny. <.1%
Did you ever reveal who the "Sith Lord" is??? Inquiring minds want to know! It was an amalgam of two people. 1) Steven A. Cohen of SAC Capital (hence, all my references to "someday I am going to sack up and tell the world...")
2) Michael Milken, who, I believe, is the Hannibal Lecter of the financial world. Read Den of Thieves. Since he was let out of prison (on his 98 count indictment) he spent a lot of money burnishing his image, but he is a really bad guy.
Is naked short selling still a problem? What do you see currently as the biggest risks to our financial system? "Is naked short selling still a problem? " Not so much, or at least, not as obviously as previously.
"What do you see currently as the biggest risks to our financial system?" Chains of title. You think you own something because you have some paperwork that says you do. However, in the central clearing systems of our economy there is slop. The slop was designed in as a way of providing fault tolerance. However, crooks figured out how to game that slop and create circumstances where more than one person thinks he owns the same thing.
Fractional reserve banking without a reserve requirement.
Nice to see you on Reddit, Mr. Byrne. I like Schiff. Opponents say, "Even a broken watch is right twice per day." But he shares my Austrian views.
Here is my question. Peter Schiff and many others think that a collapse of the dollar is imminent. What do you think about that? And what impact this collapse will have on digital currencies like Bitcoin? Yogi Berra said something to the effect, "Anything that cannot go on forever won't." We are living on borrowed time in many ways. However, it is like seeing a bridge built for 10 cars, that now has 80 driving across it. Will it collapse? I have no idea. I thought it would ahve collapsed at 20.
Did you have better experiences at Stanford, Cambridge, or Dartmouth? Which school influenced you the most, both culturally and intellectually? The day I got to Dartmouth I swore to myself that while I was there I would never enter a church, a party, or a fraternity. never did. Never had a single beer with anyone in college, went to a party, anything. I was a total grind. I did play football two years, then split, went to Asia, mucked around, came back just to graduate.
Cambridge - Marshall Fellow - Did a Master's in moral philosophy but was mostly an invalid, and spent my time with a handful of people, just reading for two years. Was in the uber-Lefty envornment of King's College (where the British traitors come from). When I got there I was Left-Curious, but when I split I was into Sowell and Milton Friedman.
Stanford - PhD They were great to me. I was an invalid there as well for much of the experience. Started in mathematical logic, ended up doing stuff in development economics, jurisprudence, and political philosophy. As a grad student my major influences were the other grad students, with whom one forms close bonds. Martin Jones (Oberlin?) and Taylor Carmen (Barnard?). Ask them.
What convinced you to damn the torpedoes and what other examples, successful or not, can you give of this full speed ahead orientation with respect to your life? So that has focused my mind tremendously. Lot of things I want to get done, and none of them have to do with knuckling under to the Combine. In fact, they largely have to do with blowing up the Combine. (Gold star to the first who can say where the expression "Combine" comes from.)
Combine = "Our Benefactors" in the half-life universe. HL3 confirmed! One Flew Over the Cuckoo's Nest.
Organised crime on Wall St -- Can you elaborate? Yes. Wall Street started to be infiltrated by Organized Crime. It sttarted with Michael Steinhardt in the 1970's (his dad, Sol Steinhardt, was the biggest Mob fence in America, and went to Sing Sing, from whence he put his son Michael through Wharton, who then started what was arguably the first hedge fund in 1968, funded over time by cash from his dad's cronies.)
Google "Operation Uptick": the largest Mob arrest in US history was 120 goons from around Wall Street.
The Gambinos and Genovese fought over Wall Street in the 1990s. The Genovese won. Wherever Genovese are, there is Russian Orgnized Crime (the Genovese sponsored the Russian OC into the US like you or I would sponsor a family from Laos). See "Red Mafiya."
Anywhere you see "bucket shops" you are seeing OC.
I also work as an editor and journalist at, which explores this subject in hundreds of posts.
Mr. Byrne, No opinion on such companies.
What is your take on companies that operate solely in Bitcoin (i.e. Blockchain,, etc)? Are you offering your employees to take a percentage of their salary in Bitcoin? Not offering it to employees yet, but there is always the year-end bonus to consider!
Thank you for doing this AMA, and thank you for your activism and conviction you have shown over the years! Hindsight is 20/20, what is one decision that you would make, or wouldnt make, if you had to start all over again? When someone is dishonest, do not try to cajole or coach them. Get rid of him.
Hello patrick first i will like to say thank you for all you do. i have 3 questions 1. who are your favorite philosopher's and what book on philosophy do you recommened for enlightenment? Who are your favorite philosopher's and what book on philosophy do you recommened for enlightenment?
I admire tesla as a person and for his work, have you heard of the keshe foundation? where do you stand on free energy? I admire tesla as a person and for his work, have you heard of the keshe foundation? where do you stand on free energy? NO THOGHTS.
Will the criminal cabal who runs the united corporation of america fail? Will the criminal cabal who runs the united corporation of america fail? I'M WORKING ON IT, I'M WORKING ON IT.
I'm a computer programmer, so I'd like to ask a technical question if it's not a secret - what do you use for source control? Ironically enough: Subversion.
As a successful entrepreneur, what advice would you give to someone just starting up their own (tech) company? Calculate how much capital it is going to take to start your business, and how many years. Then square both those numbers.
I'd like to thank you for the nice red lounge chairs I got from Overstock. I was able to get a good price for them at a garage sale later. My question is how do you ensure a stable inherent value in cryptocurrency? Unlike Gold, which is a tangible thing, or a Federal Reserve Note which has value simply because the government says it does, with something like Bitcoin how can it retain value and trust without some "official" endorsement and tie in to a national currency? - if you DID tie it to something like the dollar.. then what would be the point? Right. Some say that Bitcoin is a figment of someone's imagination. But as I said on Fox or CNN or something recently (search my name on Youtube, you'll find it), I would be happy to debate the metaphysical properties of Bitcoin versus whatever the metaphysical properties are of those 65 billion figments Janet Yellen createde last month.
An opponent would say that those 65 billion figments are backed by the taxing authority of the US government. To which I respond: But if that taxing authority is tapped out (which it obviously is, otherwise we would not be in the fiscal state we are as a country) then those 65 billion things are backed by... nothing. At least there are a limited number of Bitcoin figments!
You have previously mentioned in a interview with Forbes that you are very intersted in a "Bitcoin version of the stock market" and having the ability to conduct more than just simple transactions via a blockchain. I am a bit confused about what you are asking. My fight with Wall Street came about because I became convinced in 2004 that the market's mechanisms for clearing and settling trades had been corrupted by bad elements. It all started there. Hence, the peer-to-peer aspect of Bitcoin et. al. deeply attracats me.
NXT - the first second generation cryptocurrency is doing this with it's new features being launched in the upcoming weeks and months. Have you looked into it and / or considered accepting it for overstock? I do not know NXT, but I am interested in finding (and even potentially investing in) efforts to create a peer-to-peer capital market. In fact, if a good solution emerges, you might even see Overstock be the first issuer of a stock or bond in such a market, just to help things get going! (Incidentally, we were the first to do a Dutch auction IPO, for precisely that reason.)
Clearly bitcoin has the potential to rid the world of much corruption. Have you thought of publicly endorsing it in this manner. Because most people do not understand the countless benefits that this technology has to offer to our society. All our new commercials end with a "Now Accepting Bitcoin" under the logo. Look for them.
Your top executives (Stormy Simon, Johnathan Johnson, Dave Nielsen) make $350K a year in salary, while Amazon pays their around $160K. This information is made public in SEC fillings. How is your executive compensation determined? One must look at cash and non-cash together.
When and from whom have you first heard of Bitcoin, and what was your first reaction? About two years ago I read a short piece about it in Wired, or Fast Company (perhaps). It struck a bell, from my computation studies at Stanford. I was also struck by how it has properties similar to gold's.
Edit: I also want to thank you for pioneering the way with cryptocurrencies and exposing Wallstreet corruption. Your work is very much needed and greatly appreciated! However, I think the crowdfunding movement is spectacular, and might be considered as well.
You mentioned the term bust out in your presentation on Ecomonic Warfare. You taught that an example of this was the S&L crisis. Where do you see the next bust out occurring? I don't know. Wherever you see an industry get over-leveraged, I suppose. Look for whatever sector has the most cronies of Michael Milken: thta would be a good guess.
I've heard from multiple sources that the stock market is due for a major retraction this year because its been artificially propped up by the FED's QE. Your thoughts? It is true that the Fed is propping it up, but they are not going to stop. They cannot stop lest we slide back into a deeper recession/depression.
However, eventually reality has a way of happening.
Remember, we used to refer to "The Great War" before we learned enough to start numbering them. The same will be true someday of "The Great Depression".
What do you think of the issues cryptocurrencies have been having in terms of security (Mt Gox "break-in", Flexcoin, etc all)? Will people ever be able to overcome their bias of Bitcoin or will it need to rebrand as a more secure currency or more user friendly to gain wider acceptance? So did Target.
It won't "rebrand" deliberately because there is no owner. It will morph and evolve to be better and better. I suspect that as other currencies develop traction, Bitcoin will harvest their better attributes and make them its own. However, switching costs are not too high... Other currencies may fare well.
I admire your position and fight for school vouchers, now that charter schools have become more common, do you feel that charter schools can replace the need for school vouchers? Charter schools are less controversial but not as readily available due to the lottery system. 1) Backpack funding (e.g., Oakland) - Send your kid to any public school in the district that you want, and the funds travel with him (in his "backpack" so to speak). Something like Henry Ford saying, "You can buy a Model T in any color you want as long as it's black." But it's a start.
2) Charter schools - As you say, these have momentum.
3) Vouchers (or their economic equivalent, tuition tax credits). These create the most freedom of all the methods.
Thanks for doing this Mr. Byrne. I was curious if overstock held a small % of the btc from purchases or is it all automatically sold on the market? 10%.
Sorry if this has been mentioned already but how would you suggest the community as a whole informs the general public about bitcoin? Obviously mainstream media isnt doing a great job since their main focus are the negative stories relating to bitcoin since thats what sells. Like Ho Chi Minh, make it a war of the ants against the elephants.
My company's CEO thinks there are more important things to take care of rather than bitcoin payments. What would you say to him? Beat the rush.
Hi Patrick! I'd just like to say it's great working here at Overstock. Would you rather fight 100 duck-sized horses or 1 horse-sized duck? Having been nibbled to death by a duck, I would rather fight the horses of whatever size.
What do you like about Utah and what do you do for fun here? What do you like about Utah and what do you do for fun here? BUILD OVERSTOCK.
Any chance the Ostk benefits would include more than the Snowbird pass discount? Maybe more resorts discounts benefits? Any chance the Ostk benefits would include more than the Snowbird pass discount? Maybe more resorts discounts benefits? NO. WOULD RATHER JUST PAY THE CASH.
I'm sorry that you contracted cancer numerous times, do you have any ideas about what caused it? Also, Bitcoin :-} Nope. Just lucky I guess.
What was the last thing you bought from A book about Camille Claudel, I think.
What the fuck was the deal with Snoop? Stormy just wanted to meet the guy, so you waste MILLIONS on an ill-fated promotion that is so at odds with your brand? You mean this? Link to
Note our appearance in his video: Link to
It has 2.5 million hits. Seems to have struck a chord for some.
What are you, racialist?
"three time cancer survivor" Did you grow up under power lines? Or did you just like the way lead-based paint tasted? Some guys just get lucky.
Related note: Seriously, no one is out to get you! Quit moving your damn office every three months! 3) I move my office because we are a flexible, agile environment. Sounds like that was something you could not grasp during your tenure here.
Do you know who's behind the Satoshi twitter account? No.
I work over at castle and I challenge you to a game of ping pong. You're on.
My paycheck against yours?
(Joke: I don't get paychecks, I believe.)
Truly. The beautiful thing about bitcoin is that we can all be a small part of this change. The peer to peer aspect makes it truly pro-freedom. True dat.
Thank you for accepting bitcoin Patrick. I've made several purchases on Overstock instead of Amazon because of it. Thanks. Spread the word! We took a chance by taking it. Help make it pay off by getting more people to think like you.
(Notice Amazon recently dissed Bitcoin? They do not want to appear as Me-too'ers.)
Hello Mr. Byrne, I became a strong believer in several ways. 1) As a grad student at Stanford I studied computation thory, which underlies public key encryption, and so when cryptocurrencies came along it was not as magical-sounding to me as it might have been. 2) I am a proponent of the Austrian School of Economics, which, in general, eschews fiat currency in favor of a gold standard. The goal is not really the gold standard, however: the goal is to have a form of money that is intrinsically limited. Bitcoin et. al. accomplishes that. In addition, cryptocurrencies are SpaceCash (a word I think I just made up) that can be beamed across the galaxy! (Henceforth in my answers I will use "SpaceCash" top refer to all cryptocurrencies.)
Clearly bitcoin and other cryptocurrencies have the potential to change how our world does money for the better. What made you such a strong believer in bitcoin, and how would you spread this knowledge to other CEOs like yourself.
It's my understanding that since uses a Coinbase to facilitate the transaction Overstock does not sit on any Bitcoin; just the cash after the fact. Correct. Acutally, I think we are accumulating 10% of what gets spent with us in Bitcoin, as Bitcoin.
Just want to say you sound like a really cool mega rich person. Thanks. If so, it helps that I was a really cool person before I became a rich guy.
Last updated: 2014-05-06 21:05 UTC
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