Naval Ravikant Quotes
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Cryptocurrencies are an emergent property of the Internet - almost a fifth protocol in the Internet suite. If Satoshi Nakomoto did not exist, it would still be necessary to invent them.
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Nation states that are used to imposing capital controls will face a quandary: ban cryptocurrencies and live in the technology dustbin; enable them, and this virus - this religion, this protocol - will enable the free flow of money and language, along with packets, around the globe.
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Oddly enough, Bruce Lee wrote some great philosophy.
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ICOs are obviously a new and interesting form of funding for blockchain-based protocols, but it's not clear that all of them comply with U.S. securities laws or that all of them are companies that have good native use cases for new coins.
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I think it just helps to be very aware that fundamentally, there are no adults. Everyone is making it up as they go along. You have to find your own path, picking, choosing, taking and discarding as you see fit.
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People think about Bitcoin incorrectly. They think about it as currency or about gold or hoarding, speculation, about how much money do you make. When really, what it is is an API for programmable cash transactions.
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A block chain is a series of blocks. Each block is a series of computations done by computers all over the world using serious cryptography in a way that's very hard to undo.
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The ledger, the distributed database - it's called a Blockchain - is held in the cloud by all the parties involved. It can't be broken by any of them. It's cryptographically too strong. You would have to compromise the entire network to take over Bitcoin.
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While the traditional banks and credit card companies lock down access to their payments infrastructure to a handful of trusted parties, Bitcoin is open to all.
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Cryptocurrencies will create a fifth protocol layer powering the next generation of the Internet.
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Cryptocurrencies like Bitcoin are already trustless - any machine can accept it from any other, securely. They are (nearly) free. They are global - no central bank required, and any machine can speak the language.
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Entrepreneurship is really hard and painful - I'm not sure I'd recommend it for anyone who can't handle the extreme stress.
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Just as the web democratized publishing and development, Bitcoin can democratize building new financial services. Contracts can be entered into, verified, and enforced completely electronically, using any third-party that you care to trust, or by the code itself.