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.

I can see a world in which we can smoothly move between currencies in a multimodal way. There’s one other thing that comes out of this, which is the very real possibility that we will abstract value in exchange rate from the actual currency. If we have a multimodal communication system, we no longer need to look at the individual values and exchang

The interesting thing about the change between a platform and a protocol is, when you have a protocol there is no central appeal.

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.

We are restructuring society by rebuilding institutions. Traditionally, our institutions have been hierarchical in design. This was an invention of industrialization, an 18th-century concept to allow people to organize and communicate at a larger scale. It was very effective at breaking the monopolies of kings and feudal systems. It has now run its

All of these networks are designed to be closed because their primary security relies on access control.

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.

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

You don’t have to be secured. The network doesn’t fear you because its security doesn’t depend on keeping bad actors out.