Fred Ehrsam Quotes
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When you drill down, blockchains are really a shared version of reality everyone agrees on. So whether it's a fully immersive VR experience, augmented reality, or even Bitcoin or Ethereum in the physical world as a shared ledger for our 'real world,' we'll increasingly trust blockchains as our basis for reality.
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The fundamentals of the token model are valuable and powerful. They allow communities to govern themselves, their economics, and rally a community in powerful ways that will allow open systems to flourish in a way that was previously impossible.
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When the Bitcoin white paper emerged in 2008, it was completely revolutionary. The amount of concepts that had to come together in just the right way - computer science, cryptography, and economic incentives - was astonishing.
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Blockchains are digital organisms. As organisms evolve through changes in their DNA, blockchain protocols evolve through changes in their code. And like biological organisms, the most adaptive blockchains will be the ones that survive and thrive.
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The self-driving car revolution was kicked off by The 'DARPA' Grand Challenge to make an autonomous car traverse 132 mi. of a desert.
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Redistributing tokens is a balancing act. In most cases, forks probably want to keep ownership for users constant so users have at least the same incentives to use the new fork as the historical one.
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We are on our way to blockchains as the fabric of society - the system for what we own (assets), who we are (identity), how we make decisions (governance), and more in an increasingly digital world. It's going to be a wild ride.
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Make no mistake - Ethereum would never have existed without Bitcoin as a forerunner. That said, I think Ethereum is ahead of Bitcoin in many ways and represents the bleeding edge of digital currency.
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There is nothing that Bitcoin can do which Ethereum can't. While Ethereum is less battle-tested, it is moving faster, has better leadership, and has more developer mindshare.
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I'd guess blockchains will be the full-blown backbone of virtual worlds - the system for currency, assets, identity, even governance - before doing the same in the 'real world.' Which is where I think we will end up in the real world eventually; it's just a matter of which goes first and how long until it's the case for both.
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The Internet will continue to be valuable so long as it is the most efficient mechanism for transferring data. Bitcoin's value is the same: It will remain as long as it is the most efficient mechanism for transferring ownership.
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Sales conducted on-chain through smart contracts couldn't really be done before Ethereum, which is why they are a newer concept. I think this style will become the most common over time.
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OpenAI is doing important work by releasing tools which promote AI to be developed in the open. Compute power is largely produced by NVIDIA and Intel and still relatively expensive but openly purchasable. Blockchains may be the key final ingredient by providing massive pools of open training data.
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I think it's fundamentally a good sign that more and more professional traders and market makers are providing liquidity to the whole ecosystem. It allows people to move much larger quantities of digital currency more quickly than they would if that were not the case.
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Working on Ethereum could be similar to working at a Google: lower risk with broad impact right away. Working on a token is similar to working on a startup: higher risk and lower initial impact but higher upside potential.
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Just like mutations to DNA in biological organisms allow for evolution through natural selection, forking lets us run multiple experiments in parallel where the strongest versions survive.
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If you are going to store your e-wallet on your own server, don't keep your e-wallet on your desktop, and make sure you use encryption. If you lose your computer, your bitcoins are lost forever.
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Forks often arise from differences of opinion in the direction of a project. And tokens are increasingly a mechanism for voting on changes to their protocols. Since the point of a fork is to try a new path, the new fork may not want to port all of the prior holders opposed to trying the new path the fork was created to take.
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When the actual Bitcoin network launched in 2009, no one knew about it, and many of those who did thought it would surely fail. Just to make sure the thing worked, the scripting language in Bitcoin was intentionally extremely restrictive.
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The best engineered organisms can outpace others, even if they start smaller or later.
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People far too often associate derivatives markets with mere speculation, but there are very legitimate businesses that need derivatives to protect themselves against risk.
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Bitcoin is inherently international, and one of its great promises is it enables cross-border payments in a more efficient way.
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To create an open protocol which helps coordinate resources towards a common goal, the resources need to be known at some level in the same way a lot of of data on the web needs to be public for it to be traversable and useful.
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Ethereum will be a first-class citizen on Coinbase.