The Internet of Money

On bitcoin, you don’t need to ask anyone to invent a new financial instrument, a new payment system, a new service.

fees depend on the size of the transaction in kilobytes, not on the amount or content.

You don’t have to sign up for an account to use TCP/IP; you just have to use the language.

First, the banks will resist. Then, the banks will adopt. The banks will run their systems alongside blockchain and bitcoin systems, and finally they will run all of traditional banking as an application on top of a decentralized trusted ledger.

They cut off the lines if they detected a modem. Why? Because it was competing against the phone company. Kind of like banks shutting down accounts of bitcoin companies.

Today, I can get a kit that allows me to connect a very simplistic shortwave radio transmitter to my laptop via USB.

Then, there will be thousands of altcoins being created every day to organize local communities to express fads, to create popularity contests, to codify the latest internet meme.

The power of pushing intelligence to the edge, of not making decisions in the center, moves the innovation into the hands of its end users and gives those end users the ability to build applications that are so niche that only a handful of people around the world need them.

Now, we’re trying to explain a form of money that is completely abstract. "It’s a token that represents acceptance in a network, a network-centric form of money.” But that doesn’t even begin to describe what this thing is.