Let's Talk Bitcoin, episode 79, "A Bitcoin World"

8/12/2019 Let's Talk Bitcoin, episode 79, "A Bitcoin World"

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SM: This is Stephanie M!ph" 'o! Lets Ta& Bit%oin and Im he!e ta&in ,ith $at!i%&B"!ne. He is the CEO o' Ove!sto%&.%om. Hi $at!i%&; ,e%ome to Lets Ta& Bit%oin. =7>87@

PB: Stephanie; !eat to e as&ed. =7>8F@

SM: I thin& eve!"od" ,ho istens to this sho, has hea!d the ne,s aot Ove!sto%&.%omsta!tin to a%%ept Bit%oin and Id ove to ta& ,ith "o aot that toda" t 'i!st o' a; Im%!ios ho, did "o 'ind ot aot Bit%oinG Ho, did "o 'i!st hea! aot itG =7>5@

PB: Im a p!ett" p!o-ie!t" " and I sta" in tne ,ith the ,o!&ins and a%tivities o' thoseo' "o s%h as "o! istene!s ,ho a!e p!o-'!eedom and sa" ma&in p a!ments... I sedto e in a%ademia ,he!e I had to ma&e p a ot o' a!ments aainst p!o-'!eedom peope.

Not to sa" that eve!"one in a%ademia is anti-'!eedom t the!e a!e %e!tain" some. It ,as FF@

SM: iht. Thats so!t o' a nat!a 'it; at east to me ,ith Bit%oin; so I %an see ho, "o !ana%!oss it the!e. =4>F:@

PB: Sond mone" is a pa!t o' the dis%ssion o' ein p!o-'!eedom o! anti-'!eedom. I'someod" ,ants '!eedom; the" ,ant a imited ove!nment e%ase its 44@

SM: o ,od %onside! Bit%oin as pa!t o' the idea o' sond mone"G =F>4@

PB: es. I ,od pt Bit%oin on the side o' p!o-'!eedom e%ase its sond mone". =F>F4@

SM: 2!eat. =F>FF@

PB: Not somethin th!oh a %ent!a an& t it has a ot o' the advantaes that a!e ased on

od. 2od is imited in spp" and that spp" is movin at aot F pe! "ea! # it has 'o!aot ;666 "ea!s and man" o' these sto%&s o' od oes p F a "ea!. Its it in... its'nn" the!e a!e st!i%t mainst!eam e%onomists; i&e Cha!es Ta"o!; ,ho sa" ,e shod have aTa"o! !e ,hi%h is to !n the moneta!" s"stem t


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ne, spp". Bit%oin has a the vi!tes o' od ,ith the advantaes o' ein ae to esomethin "o se in a diita ae. =8>@

SM: I %an see that "ove !ea" pt a ot o' thoht into this and that "ove stdied thee%onomi%s ehind 6:@

PB: In Noveme! the!e ,as a se!ies o' hea!ins in '!ont o' the Senate and in those hea!ins;va!ios ove!nment o''i%ias ot p and asi%a" said the" dont see an" !eason; o! an" ,a"the" %an ma&e Bit%oin iea. It doesnt seem to vioate an" mone" ande!in a,J itdoesnt vioate this a, o! that a,. No, it %ompete" disen'!an%hises the 'inan%ia s"stem.So m%h o' the 'inan%ia s"stem is aot ta&in 'ees '!om "o in o!de! to move mone" #ta&in itte... ni%&e and dimin and not ma&in p the 'ees; it eiminates a o' that. The'inan%ia s"stem isnt oin to i&e it t the"; '!om ,hat I %od te; the po,e!s that e # theestaishment ,as sa"in # 2!een iht. /e dont see an" ,a" to stop this. =9>64@

SM: Had "o thoht aot it e'o!e that t een %on%e!ned aot ea and !eato!"issesG =9>69@

PB: Id sa" '!om Septeme! and O%toe!; Id thoht aot it t ,as %on%e!ned aot #2ee; I dont ,ant to et m"se' in anothe! hasse ,ith the *edsJ eave a seepin do ie tthen in Noveme!; on%e I hea!d that the" ,e!e sa"in that the!e ,as a Senate hea!in; I sa,some o' the 1otes; I !ead some o' the 1otes and as soon as I sa, that; I said thats a !eeniht. B" e%eme!; I ,as thin&in that Bit%oin is somethin ,e!e oin to do sometime in4678. /e have a n%h o' i p!o7F@

SM: o de%ided to o ahead ,ith it a itte it ahead o' s%hedeG =5>79@

PB: iht. On e%eme! 4:thand F6th; ,e sat the!e ta&in and m" "s; the "s I ,o!&

,ith; ,e!e tein me... m" %oeaes ,e!e tein me i' "o et this do,n to a month; ,e!eoo&in at these di''e!ent impementations it ,od e a month; ,e %od ,o!& th!oh ea%h


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testin t ,e ot on the phone to the head o'... a " named B!ian at Coinase and tod himo! thin&in. He said "o %od et it do,n even mo!e than that and ,e send "osomeod" ,ho &no,s it '!om o! side and ,e hep "o! peope. /e send "o a %opeo' peope ,ho ,i hep "o! peope and ,ed do this as a !ea sp!ead. I said; !eat; ,e ptthem in a !oom; et them hote !ooms; pt them atoethe! in a !oom; FF@

SM: o "o %onside! "o!se' a t!endsette! e%ase its %ea! to me "o ,e!e an ea!"adopte! o' Bit%oinG o 'ond ot aot it ea!" and Ove!sto%& is the iest !etaie! in the0S so 'a!; to ein sin Bit%oin. A!e "o hopin othe! %ompanies ,i 'oo, sit o! a!e "o

not %on%e!ned aot thatG =:>F@

PB: T,o di''e!ent thins. I do thin& that ,e!e a t!endsette! on a matte!s !eated to sa"'!eedom; ein p!o-'!eedom and doin the !iht thin. I thin& ,e a!e t!endsette!s in 69@

PB: Im hopin; i' I ma" sa"; Im hopin at the !is& o' ein %!ass" %omme!%ia; Im hopinthat it ,i e%ome pa!t o' the Bit%oin o!e that Ove!sto%& ,as the %ompan" that made that istep that !o&e that i%e and that sho,ed that o"at" to Bit%oin e'o!e an"one ma


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SM: I thin& "o shod et %!edit 'o! that too e%ase its !ea" e%itin and amain to me.2!eat. o "o pe!sona" se Bit%oinG Have "o t!ied doin Bit%oin t!ansa%tions and "inst''G /hat do "o thin& aot thatG =7F>7F@

PB: I


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PB: I' ,e et to 46 o! F6; the!e a!e a n%h o' peope ,ho a!e oin to sa" # $a" me inBit$a". /hen ,e %an sta!t pa"in vendo!s and ,e %an sta!t pa"in empo"ees; as that sta!tsto move; ,e sta!t sa"in # /e &eep 7 o! 4 o' the it%oins that %ome o! ,a". /e,ont t!ade ot o' them; ,e ,ont %onve!t them; and ,e se them to pa" these othe! is.As ,e do that; and the e%onom" does that and +anet een %on'i!ms the mista&es o' Ben

Be!nan&e; these "s have %he%&ed themseves into a moneta!" ve!sion o' a oa%h Mote.(Lahte!) As the" dis%ove! that; the 65@

PB: Its de'inite" sstainae. /e!e havin s%h an otpo!in o' sppo!t '!om the Bit%oin%ommnit" that ,e have a!ead" ot it to a point that I sa" Im ad ,eve done it. The!e isno 1estion ,e!e oin to &eep it oin as on as Im !nnin the %ompan". Its a!ead"...the!e a!e so man" hnd!eds; and hnd!eds; and thosands o' peope %omin to o! site no, to

" somethin ,ith Bit%oin and eavin messaes; o! sendin %hats to o! %stome! se!vi%eaents sa"in # Ive neve! een a %stome! o' "o!s t I am e%ase o' ,hat "ove done'o! Bit%oin and Im oin to ship m" shoppin to "o and the"ve pa%ed a %ope o' hnd!eddoa!s ,o!th o' sheets o!de!s o! the" " some '!nit!e. Thats a ,e!e as&in is that the"ive s a oo& '!om no, on ,hen the" shop onine; i' the" ,ant to than& s. Be%ase the!ehas s%h an otpo!in o' this; I a%ta" had a dis%ssion ,ith the oa!d o' di!e%to!s"este!da" and ,as ae to point ot this has a!ead" moved '!om the epe!imenta %ateo!" to

it ein pa!t o' o! siness mode %ateo!". =46>7F@

SM: /onde!'. Thats !eat to hea!. Is the!e an"thin ese "o ,ant to add $at!i%&G=46>75@

PB: No. Th!oh Bit%oin and 'indin the Bit%oin %ommnit" and 'indin a ot o' othe! p!o-'!eedom 'eo, t!avee!s in the %ont!" has een !ea" iminatin and Im in "o! det andI hope that a the peope ,ho ,!ite ette!s to than& me and I ,ant to e ve!" modest # itsnot... I dont 'ee I shod e than&ed t i' "o do ,ant to than& s; %onside! s,it%hin "o!shoppin to Ove!sto%&.%om. =46>8@

SM: 2!eat. ,,,.Ove!sto%&.%omovios"; peope %an 'oo, "o on T,itte! at (,hats"o! T,itte! handeG)... =46>4@
http://www.overstock.com/http://www.overstock.com/


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PB: I thin& its Ove!sto%&CEO. =46>@

SM: OK; !eat. $at!i%& B"!ne; than& "o so m%h 'o! "o! time toda". I app!e%iate "ota&in ,ith me. =47>66@

PB: Than& "o so m%h Stephanie. =47>64@

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2"'t ma&es it eas" to shop on And!oid o! on the ,e. The!e a!e no additiona 'ees and; ,hen"o shop ,ith Bit%oin; "o et F a%&. 2o ahead; t!" 2"'t. Thats ,,,.2"'t.%om.=47>5@

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ABL: He" istene!s; ,e!e 66@
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BL: o "o thin& its 'ai! to sa"; and I thin& its in a o' "o! testimon" t I 84@

*W: eah; I thin& its inevitae that the!es oin to e !eation. The!e shod e!eation and %a!it" is impo!tant. The othe! thin that I thin& is impo!tant is to !e%oniethat man" o' these ne, %ompanies a!e 4; F; 8 pe!son %ompanies. Its ve!" di''i%t 'o! them

to do the same thin that +$ Mo!an Chase does. I thin& ,hen the" !o, p; the" shod eepe%ted to do ea%t" the same thin that +$ Mo!an Chase does t I thin& the!e needs to esome idea o' an on-!amp to !eation that is invitin o' these "on %ompanies to enae,ith the !eato!" envi!onment in a ,a" that the" %an a%ta" do it. Thats the isse. Itsnot that the" dont ,ant to do it. Its i&e # Ive ot to !n m" se!ve!s; Ive ot to ,!ite m"%ode; Ive ot to dea ,ith m" %stome!s and Ive ot to app" 'o! mone" t!ans'e! i%enses ina 'i't" states. I 7@

BL: Its a 'ai! point and I thin& the /in&evoss !othe!s mentioned this in thei! ,!ittentestimon" as ,e. /e; on the !ea! od an&in side ('o!et the inte!net 'o! a minte and


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the vi!ta ,o!d); ,e dea ,ith the meaan&s ,ho have thosands and thosands o' peope,o!&in the!e; ,ho ,e aso dea ,ith aot eiht" most" pstate %ommnit" an&s; some o',hi%h have 76; 7; 5 empo"ees and one thin ,e!e a,a"s %onisant o' is not imposin thesame %ompian%e %osts on a +$ Mo!an o! a 2odman Sa%hs that ,e do these smae!%ommnit" an&s. It ,od d!ive them ot o' siness. Sometimes; ,hen "o see some o'

the 'ede!a !eations that a!e hittin those smae! %ommnit" an&s; I on%e ot a %a '!oma CEO ,ho said # I no, have th!ee oan o''i%e!s and t,eve %ompian%e o''i%e!s. I said #/e then "o! siness is oin to 'ai nde! that mode. I thin& its somethin ,e!e%e!tain" %onisant o'. The 'ipside; o' %o!se; is ,e ,ant to ma&e s!e that "es; the!es thison-!amp pe!iod t ho, do ,e ens!e... aain; ,e!e movin a,a" '!om a ,o!d ,he!e ii%ita%tivities a!e oin on and mo!e to,a!ds a ,o!d ,he!e ,e!e en%o!ain innovation; ,e!een%o!ain e%hanes to %ome to Ne, o!&; ,e!e en%o!ain mo!e hih te%h %ompaniesto %ome and id ne, a!%hite%t!e on top o' ,hats a!ead" een it he!e in Ne, o!& andese,he!e in the 0S; as opposed to pshin it o''sho!e. Its a ve!" t!i%&" p!oposition to etthat aan%e !iht. Thats ,hat ,e!e t!"in to do.

*W: Its ood that "o a!ead" have some eampes ,ith the %ommnit" an&s ,he!e "onde!stand this and "ove %ome p ,ith ,a"s to dea ,ith it. I thin& that shod e a!oadmap 'o! ho, to thin& aot some o' these !ea" sma Bit%oin %ompanies. Thats ve!"en%o!ain to hea!. =45>8@

)L: I ,od add one othe! point ,hi%h is; I thin&; the %ost pot o' the !eato!" !den isde'inite" one isse 'o! the sma %ompanies. The time pot is aso anothe! ve!" impo!tant

point e%ase these sma %ompanies a!e d!iven on innovation and the 1i%&e! that the" %an%"%e thei! innovation; the mo!e i&e" "o a!e to see !ea" ne,; inte!estin; nove ideas%omin ot o' them. Thats ,h" on hodin pe!iods and thins that p!event them '!omettin to ma!&et 1i%&"; not %ost isses; t time isses that p!event them '!om ettin toma!&et; 'indin a %stome! and 'indin that p!od%t ma!&et 'it %an !ea" dampen innovationas ,e.

*W: A ood metapho! 'o! this is the msi% indst!". The!e a!e ite!a" thosands o' sta!t-ps that have ,anted to %!eate ne, msi% istenin epe!ien%es ove! the past 'i'teen "ea!s andit ta&es t,o o! th!ee "ea!s and p!oa" seve!a miion doa!s o' ea 'ees to et the !ihtsto st!eam msi% ea". Most; sa" :; o' those %ompanies a!ent oin to id somethinthat mo!e than ;666 o! 76;666 o! 46;666 peope a%ta" even %a!e aot. The idea that "o,od !e1i!e eve!" sine one o' them to et '" i%ensed " the msi% indst!" e'o!e the"even &no, i' the"ve it somethin that matte!s ma&es no sense and "et; thats ho, the

msi% indst!" is ope!ated. /hen a sta!t-p ,a&s into the o''i%es o' a msi% ee%tive andsa"s # Ive een ope!atin 'o! si months and no,; a o' a sdden; the se!vi%e is ,o!&in and,e!e !ea" s%%ess' and no, ,e need to et !ihts; the 'i!st thin that the"!e handed ,ithis a a,sit. Thats not the !iht ,a" to enae ,ith a "on ent!ep!ene!ia %ompan" andso; I


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)L: A ood %onte! eampe that has en%o!aed that ,od have een; 'o! instan%e; 2ooeo! *a%eoo& A$Is; ,hi%h a!e '!ee p to a %e!tain point and the!e'o!e; en%o!ae theinnovation t then a'te! a %stome! sta!ts to !ea%h a %e!tain sie; then its a siness!eationship. =F7>F4@

BL: Loo&; I thin& the!es a esson 'o! !eato!s in the!e too ,hi%h is aain; o! mone"t!ansmitte! !es ,e!e ,!itten ,a" a%& and the p!o%ess ,as o'ten m%h so,e! and it;'!an&"; didnt matte!. The te%hnoo" o' the mone" t!ansmission that ,as ehind the mone"t!ansmission sinesses ,e ,e!e i%ensin ,asnt %hanin eve!" 'e, months and so it didntmatte! i' the i%ensin p!o%ess too& a "ea!; nine months o! ,hateve! it is. /e; aot t,o"ea!s ao; ,hen ,e sta!ted to see appi%ations 'o! mone" t!ansmission '!om the i&es o'2ooe and *a%eoo& and the di''e!ent ,aets that ,e!e ot the!e; !eaied that o! no!ma

p!o%ed!es and o! no!ma p!o%esses had to e mode!nied. The" didnt ma&e sense an"mo!e in a diita ae and that " the time ,e ,e!e i%ensin someone; the te%hnoo" had%haned enti!e". It ,as a 'oos e!!and. I thin& ,e!e oin to have to; as ,e %onside!,hethe! ,e need a Bit Li%ense o! somethin i&e that; ,e aso need to thin& inte!na" at the

*S aot ho, ,e %an e a mo!e mode!n diita !eato!. Its not simp" ,hat o! !es a!e;its aso ,ho ,e empo"; ho, 1i%&" ,e a%t; ,hat o! !evie,s a!e i&e. The!es a ot to do.=F4>89@

*W: He!es one thin to


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--: I' I ma"; t isnt that ,he!e "o 'o&s %ome in. eation has a,a"s een a a!!ie! toent!" in eve!" ma!&et and the ,a" "ove


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a!ee that; timate"; i' the %hoi%e is (and ma"e this is an n'ai! 1estion)... t timate";i' the %hoi%e is et,een ettin !id o' mone" ande!in t s1e%hin innovation; that ,ea a!ee the 'i!st FF@

+W: I a!ee the!e is de'inite" a tension the!e. Nood" ,ants to see mone" ande!in t I

thin& ,e %an !ea%h that midde !ond and nde!standin in hea!ins i&e this " 6:@

*W: That sonds i&e a te!!ie idea to me. =8F>77@

BL: No, ,e!e ta&in. (Lahte!) =8F>78@


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*W: o!e ta&in aot int!od%in a o' the %ost a%& into the s"stem that ,e!e t!"in tota&e ot o' the s"stem. Lets 69@

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siness ,ith a %ompan" that sha!es "o! vaes. 2et a 7F dis%ont ,hen "o pa" ,ithBit%oin. 2o toit%oin.eas"NS.%omand e s!e to se dis%ont %ode LTB. =8?>67@

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Speec. (% /eorge Papageorgios +E0 o1 2E0 3 BEE

Heo eve!"one. Im 2eo!e and ,e a!e NEO. /ed i&e to thin& that ,e!e one o' theiest sta!t-ps in the Bit%oin %ommnit" and ,e!e ased in C"p!s. Can I see a sho, o'

handsG Ho, man" peope a%ta" &ne, ,he!e C"p!s ,as e'o!e Ma!%h 467FG (Lahte!)Its not eve!"one. A!iht. The !e%ent events o' Ma!%h eposed C"p!s to the panet anda%ta" sho,ed s that moneta!" s"stems a!e not as sa'e as ,e a thoht. /e had;espe%ia" ann"; o! CEO; ann" B!e,ste!; ,ho %odnt e he!e e%ase ,e!e ve!" %oseto an%h and he %odnt ma&e it; so Im !epa%in him 'o! this. He had this thoht o' ho,%od "o a%ta" id in'!ast!%t!e; on a ve!ti%a s%ae; not on the t"pi%a ho!ionta s%aethat most Bit%oin sta!t-ps a!e doin; to a%ta" !in Bit%oin to the masses and !in aotmo!e adoption ,ith ease o' a%%ess and %onvenien%e; i&e most" mo!e o! ess ,hat the" &ne,a!ead". The on" thin the" &ne, a!ead" ,as an&s. The an&s do not s''i%e; o' %o!se;,hen ,e have Bit%oin ,hi%h is 'a! ette!. /e ,ent on an advent!e t!"in to %!eate a thesese!vi%es one " one. Id i&e to ,e%ome eve!" one o' "o to the NEO e%onom"; as ,e %a it.

/e eieve that the peope a!e the ne, e%onom"; the" a!e thei! o,n an&s and e"ond themanaement team that ,e have; ,e have t,eve mo!e ' time empo"ees; ,e have adedi%ated team o' deveope!s; peope ,ho a!e o%as. The" a!e ve!" s&ied and id an&ins"stems in the a%&!ond and the"ve een ,o!&in ,ith s 'o! the ast 'ive monthsdeveopin a the in'!ast!%t!e that ,e need in the a%&!ond. /e have a ot o' peope'!om K$N2; o! aditin; o! a%%ontin se!vi%es and ,e have t,o spe%iaied ea se!vi%es'o! the 'inan%ia indst!" that ,e see '!the! do,n the !oad and a the %o!po!ate st!%t!ethat ,e ,ant to id. =85>88@

The peope # ,e had to id eve!"thin '!om s%!at%h. /e had to !e%!it a the peope; ,ehad to deveop a the manas and p!o%esses; t!ainin them into not on" nde!standin ,hatBit%oin is t t!ansmittin this &no,ede to othe! peope ,ho a!e not te%h savv". /e had toman a the stations that ,e!e idin ,ith 48P9 ,e sppo!t and teephone sppo!t and

pe!sona %onta%t ,ith an"one that !e1i!es it. /e a!e one o' the 'i!st %ompanies ,ho have adedi%ated %ompian%e o''i%e! ,hi%h %ommni%ates a the AML and KC p!o%esses to the!eato!" odies ,ithin C"p!s - o! inte!na ea %onse; hes sittin some,he!e a%&he!e. /e have enoh peope to id a ph"si%a; pe!sona %onta%t point to eve!"one ,honeed to &no, ,hat Bit%oin is and ho, it %an ene'it him. It a sta!ts '!om the peope.=8:>8F@

Be"ond that %omes the idin. O! 'i!st !an%h is oin to e deive!ed in the midde o'

*e!a!" ,hi%h is t,ent" da"s a,a" '!om he!e. /e t!ied to o ,ith an open and t!anspa!entdesin # mo!e '!iend" and nothin that oo&s i&e a an& e%ase ,e &eep !emindin peope,e!e not a an& and ,e!e neve! oin to e a an&. /e dont ,ant to e a an&. This isho, it oo&ed "este!da". Its a 'a! %!" '!om the p!evios one t


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the" %an " the it%oins at a p!i%e o' Q66 and ,e a!antee that; at the end o' this te!m!ea!dess o' ,hat the Bit%oin e%hane !ate does; it ,i sti e Q66. /e %an a!antee that'!om o! !ese!ves. /e meas!ed the nme!s p!ope!" so that; !ea!dess o' the t!a''i% that,e have; ,e %an 'a%iitate that easi". In the meantime; i' the p!i%e !ises the %stome! ,i eta pe!%entae o' that !o,th; i' it happens. The net stae ,i e; ,hist ,eve deveoped the

in'!ast!%t!e and ,e!e ae to hede aainst o! o,n !is&; ,e e ae to o''e! E!o-peed a%%onts; ,hi%h is somethin that ,e 'ee is ne%essa!" in the e%onom" t its asove!"; ve!" ha!d to impement. Ho, do "o a!antee to a pe!son that the vae o' his mone"is a,a"s Q7;666G The initia mone" that he !oht "o. To do this; "o have to add o!st!a%t it%oins '!om his a%%ont so that "o a!e a,a"s ae to have a 'oatin p!i%e o'a!ond Q7;666. That %od e ve!"; ve!" p!o'itae as a p!oposition t; at the same time; it%od e ve!"; ve!" !is&" e%ase "od need he amonts o' !ese!ves. Thats ,h" ,e a!e

postponin it 'o! no, and ,e!e impementin it do,n the 't!e. At the same time; ,e!eidin on the ease o' p!%hase ,ith Eas"%oin. Eas"%oin is one o' the 'astest ,a"s that ,e%od deveop to ain a%%ess to %oins '!om an" side o' the panet that %an a%%ept the %ash

pa"ment. o! AMLPKC is done ,ithin the 'i!st ho! and i' "o have a Bit%oin ,aet; "o

o in; "o %!eate "o! a%%ont and "o et "o! it%oins ,ithin the ho!. /eve %ompeteda the ,o!& on the so't,a!e a%&!ond thats needed and ,eve done the inte!na testin./hat ,e need to deveop a it '!the! a!e the %ash pa"ment p!ovide!s and ,e have a a!enet,o!& o' %ont!ies ,hi%h a!e aot to %ome in. Some o' these %ont!ies a!e in LatinAme!i%a. Some o' these %ont!ies a!e in E!ope. /e see ea%t" ho, that pans ot. /epdate an" ne,s th!oh o! 'o!m and espe%ia" the Bit%oin %ommnit" ,hi%h p!ovided athe 'ndin 'o! o! initia sta!t-p. In the 0S; ,e ,e!e aimin to sta!t ,ith the 0S t the!eis %on'i%tin ea stats ,ith *INCEN and eve!"thin. /e have di''e!ent a,"e!s sa"indi''e!ent thins so this ,i have to ,ait 'o! a itte it one!. =F>8F@

Be"ond that; ,e have the B pa"ment net,o!& ,hi%h is somethin ,hi%h ,o!&s in tandem,ith the NEO a%%ont e%ase it ao,s me!%hants to a%%ept Bit%oin pa"ments and have themt!ans'e!!ed immediate" to E!os in thei! a%%ont ,ithot an" &ind o' 'ees 'o! inte!nat!ansa%tions and ,ith instant settement; and the %stome! p!ote%tion p!o!am; ,hi%h as 'a! as,e &no, has not een impemented "et in an" Bit%oin pa"ment s"stem. These =inadie@

pa"ment te!minas that ,e ,i e shippin to the me!%hants ,i have... the" ,i e p!ett"open so an"one ,ho has it%oins on thei! Sma!tphone %an pa" on the spot in seve!a hnd!ed

pa%es; ,e hope; " the smme! in C"p!s. The da" that ,e!e openin the !an%h on 48 th*e!a!"; ,e!e havin a i me!%hant %on'e!en%e in Ni%osia and the net da"; ,e!e havinthe same %on'e!en%e in Limasso; ,hi%h a!e the t,o iest %ities in C"p!s. /e a!ead"have a ot o' inte!est '!om me!%hants ,ho a!e 'ihtin 'o! p!o'its in this ma!&et. Its e%ome

ve!" %ompetitive and the!e is a i monopo" on the pa"ment s"stems; so an"thin that ,e%an do to hep them; its !ea"; !ea" app!e%iated. =>68@

Be"ond that; ,hat ,e 'ee is missin '!om ,hat ,e %a the NEO e%onom" is !esponsiiit"and !esponsiiit" %an e a!anteed " sin Bit%oin th!oh s ein as t!anspa!ent as

possie and s ein as iae to the a, 'o! an"thin that ,e do ,ith o! %stome!s it%oinso! o! %stome!s 'nds. In that spi!it; ,e!e app"in 'o! a C"p!s Investment *i!m i%ense,hi%h is the most !esponsie i%ense ,e %od et in C"p!s. It is passpo!tae th!ohotthe E!opean 0nion and it ao,s s to pe!'o!m; in ' !eato!" '!ame,o!&; these &inds o'se!vi%es. /e see 'o! the 'i!st time that ,e %an !e%eive t!ansmit o!de!s; ee%te the o!de!son eha' o' %ients; dea ,ith o! o,n a%%onts; manae po!t'oios o' %ients; p!ovide

investment advi%e; nde!,!itin 'inan%ia inst!ments ,hi%h is ve!"; ve!" impo!tant 'o! theBit%oin e%onom" e%ase it needs a pa%e ,he!e ne, sinesses %an et thei! 'ndin. I' ,e


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%an nde!,!ite inst!ments i&e sha!es on p!o'its on them and e ae to adit them on ho,,e thei! p!ospe%ts pe!'o!ms; ,e %an have a mo!e de%ent st!%t!e to et 'ndin to Bit%oin

sinesses. =?>4?@

Ma!&et ma&in ,hi%h is a ve!"; ve!" impo!tant pa!t thats missin '!om ma67>7F@

Movin on ,ith that; a o! ,aets in NEO; BEE and the t!adin a%%onts ,i have a mti-si t!ansa%tion s"stem impemented. This means that; at an" point; a se! ,i have a p!ivate


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&e"; ,e hod the p!ivate &e" and the thi!d entit" ,hi%h is n!eated to s; t!anspa!ent andp!oa" a mti-iion doa! %ompan" I %annot annon%e "et; Im so!!"; ,i hod the thi!d&e". In %ase ,e disappea!; the %stome!s mone" is sti the!eJ its pe!'e%t" a%%essie andot o' o! o,n !ea%h. I' somethin happens to the %stome! i&e he oses the p!ivate &e"; he

passes a,a" # the!e ,i e a ea st!%t!e in the a%&!ond o' ettin the Bit%oin sa'e"

ot ,hi%h is ,hat ,e need. At the same time; ,e have the same impementation 'o! thet!adin pat'o!m ,hi%h ,e 'ee is ve!"; ve!" impo!tant e%ase the !o&e!s ,i have one &e";,e ,i have one &e" (i' the pat'o!m is ,o!&in ,ith s) and the same t!sted pa!t" ,i haveanothe! &e". The!e is no %onte!-pa!t" !is& 'o! ,aet hode!s o! !o&e!s. The ast thin Idi&e to sho, "o e'o!e ,e o is a snea& pea& o' the tease! t!aie!s that ,e!e sho,insta!tin 7st*e!a!" th!ohot C"p!s. /e!e oin on a Bit&!ie app!oa%h so ,e!eoin to om the media ,ith seven di''e!ent tease! t!aie!s 'o! th!ee ,ee&s and " theopenin date these seven t!aie!s ,i %ontine into seven %omme!%ias aot it. Id i&e tosee these t!aie!s and then epain to "o ,hat ea%t" it is that "o!e seein so "o dont etthe ,!on imp!ession e%ase its impo!tant. I ,ant to than& "o and e'o!e that; et me o...o! app!oa%h !ea!din AT %on%e!ns ,od e that sin%e 2e!man" and the 0K is pannin

on doin 'inan%ia inst!ments; as ,e sa"; ,e 'ee the same app!oa%h is %o!!e%t 'o! C"p!sand th!ohot E!ope. Thats the app!oa%h ,e a!e ta&in ,ith the !eato!s. Than& "o'!om me and ets see the tease!s pease.

&Sond o1 t.e teaser trailers'

(Appase)

Be'o!e I 'inish; pease; pease ,ait; ,ait # 68>F9@

+RED4TS:

Than&s 'o! istenin to Episode 9: o' Lets Ta& Bit%oin.

ROve!sto%& inte!vie, ,as p!od%ed " Stephanie M!ph"; edited " Adam B. Levine

and 'eat!ed $at!i%& B"!ne and Stephanie M!ph"

RBit Li%ense ,as !a%ios" p!ovided " the Livest!eam B!oad%astin IT

RNEO ,ith 2eo!e ,as %apt!ed and p!od%ed " Stephen Maaodi; edited "

Adam B. Levine and 'eat!ed 2eo!e $apaeo!ios

Msi% ,as p!ovided 'o! this episode " +a!ed ens; 2ene!a * and Cavin

Hende!son

estions o! %ommentsG Emai adametsta&it%oin.%om
mailto:[email protected]:[email protected]


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Have a ood oneD =7>6>65@

Documents

Let's Talk Bitcoin, episode 79, "A Bitcoin World"