- Businessman | -
Within my social circle, there is a large group of people who will take bitcoin as legal tender; like, you can go to them and settle debts in Bitcoin, and they will happily take it.
Naval Ravikant
PeopleLegalYouCircleGoGroup
We're going to try and prove to the market that you can do a legal coin offering. If the SEC doesn't crack down, this party will be amazing - the biggest party in town for a long time. If they do crack down, a lot of people are going to feel a lot of pain.
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It's probably easier and cheaper to counterfeit hundred-dollar bills than it is to counterfeit Bitcoin.
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Think of Bitcoin as a bank account in the cloud, and it's completely decentralized: not the Swiss government, not the American government. It's all the participants in the network enforcing.
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I think long-term, Bitcoin is a currency of the Internet. So, even if humans don't use it, routers will use it. Web browsers will use it. Web servers will use it.
ThinkInternetWillLong-TermWeb
If you're investing in a company in the Bitcoin economy, you have to compare the valuation of the company to the valuation of the entire economy.
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We can code wills, escrows, trusts, notaries, revokable charge backs, proof of contracts, intellectual property enforcement. What Wall Street does can be done in code by Bitcoin.
WallDoneIntellectualStreetCharge
Cryptocurrencies like Bitcoin are already trustless - any machine can accept it from any other, securely. They are (nearly) free. They are global - no central bank required, and any machine can speak the language.
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Cryptocurrencies are an emergent property of the Internet - almost a fifth protocol in the Internet suite. If Satoshi Nakomoto did not exist, it would still be necessary to invent them.
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Cryptocurrencies will create a fifth protocol layer powering the next generation of the Internet.
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Just as the web democratized publishing and development, Bitcoin can democratize building new financial services. Contracts can be entered into, verified, and enforced completely electronically, using any third-party that you care to trust, or by the code itself.
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While the traditional banks and credit card companies lock down access to their payments infrastructure to a handful of trusted parties, Bitcoin is open to all.
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