- ‘’ Bitcoin is able to supplant centralized networks in various ways. This is why some incumbents feared bitcoin, is not because of the wow factor, but because of its network advantages. In terms of speed and security, bitcoin was superior. Here was, for the first time, a distributed network of nodes that validated one immutable record (the blockchain), which in this case happened to be a form of currency. Even if one of these nodes came down, the chain would still continue as it was’’.
- ‘’I know it is easy to imagine that bitcoin came out of thin air but in reality, that was not the case. It arose out of the many failed attempts by many groups, and the only reason it succeeded was that it was at the right place, at the right time. And although I did not exactly time it for the beginning of a financial crisis — who could predict that (curious the answer though — wait for the rest), it did serve as an impetus and I think had it not been for that, adoption would not have taken off as it did’’.
- ‘’The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts’’.
- ‘’If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry’’.
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