The Rise and Rise of Bitcoin | DOCUMENTARY | Bitcoins | Blockchain | Crypto News | Digital Cash

let me fill in my passwords. I used to have a t-shirt in high school that said technology should be used to liberate the individual and I didn't really know what it meant for years because I didn't really think about it, but today I look. I came back and said oh man, yeah, I like that shirt. I'm glad I wore that shirt because how I really feel today. My name is daniel ross. Today is May 3, 2012. Go to the university and look at the Internet and all this. different things and now like

bitcoin

it's just a technology built on top of the internet but it's fascinating because there are so many amazing things you can do with it and also it's just a big experiment there are no guarantees that we're all wasting our time exploring concepts and ideas it's like at this crossroads of technology and philosophy and politics and everything, just be a part of it, it's fun, it's crazy, but it's fun, the first question is what is

bitcoin

.

I can't tell you what bitcoin is. in just a few sentences, it takes time to understand it the same way it took people time to understand what the internet was in 1994 and then the ring around it, see that's what I said, um, yeah, oh, The Internet is that huge computer network. that's getting really big now Allison, can you explain what the internet was when the internet was taking off? I was in college at Virginia Tech studying computer science. Looking back, it's amazing to think about how much the world was changing. Hey Dan, ready to game. I just finished here with my new kayak friends, kayak friends on your computer, yeah, I just connected to the United States.

That same type of innovation is happening again with bitcoin. It's the smartest people in the room who are most excited about this, so what are they watching? The Internet changed the way the world communicates. Bitcoin changes the way money works. You can basically put a bank in your pocket. I want to buy some secret things. Now there is a new note that people are starting to talk about Bitcoin. The money of the future was created. Bitcoin. To provide an alternative to the banking system, we are in the midst of a serious financial crisis and the federal government is responding with decisive action.

Unlike most currencies,

bitcoins

are issued according to a fixed set of rules. The idea was to create money whose value could not. It can't be manipulated by a central authority, the government no matter how many guns it wields, it can't change a math problem, they can point their guns at two plus two, but it will always equal four, it's fascinating to imagine what it means to have global money. decentralized and that's what's happening thanks my five year old son's birthday the first round of burgers is ready the second round is underway in the second first round of burgers ready the first round dan it's always been an idea, boy, bitcoin is the perfect combination of how I can change the world and make it better, but how can I also be a nerd?

I've basically been rooting for him and this crazy thing Eliza and I met in college and we've been married for seven years, we live in Pittsburgh where I'm from, and we have three boys I've spent most of my career as a base administrator of data, but for the last two years I have been consumed by bitcoin. bitcoin came about through a process called mining. I build computers to mine

bitcoins

. I'm glad it's finally possible. By cooling down a little, my wife won't be so upset that the basement is so hot. I still have a bunch of mining rigs up and running right now, in fact, down here, if you want to take a look, here they are.

So what is Bitcoin? Bitcoin is a revolutionary technology that enables a new way to send payments over the Internet. You can think of it as an open accounting system where thousands of computers around the world work together to track ownership of

digital

tokens called bitcoins when you send bitcoins to someone. The transaction is broadcast throughout the network after it is verified, recorded on a public ledger called a

blockchain

, the

blockchain

contains a record of every bitcoin transaction that has occurred since the system began and is shared and kept on the network for everyone to keep the books for Generally speaking, most currencies are issued by a central authority that controls the money supply.

Bitcoin is a peer-to-peer system, so there is no central authority. Instead, bitcoins are issued to users who help process transactions on the network. This is known as bitcoin mining, bitcoin miners. They are specialized computers that do the work required to verify and record transactions on the blockchain as a reward for their work. The miners earn bitcoins and this is how new bitcoins are put into circulation. The system is programmed so that only 21 million bitcoins exist and As time goes by, the mining reward decreases, the result is a predictable supply that is governed by scarcity, making Bitcoin something of a

digital

gold, it is the first Internet currency and everyone is free to use it .

With Bitcoin, you can send any amount of money to anyone. anywhere in the world as easily as sending an email my brother nick is a filmmaker after listening to me talk incessantly about bitcoin for months we decided to start documenting things hey I don't think we need the little camera it can't hurt no I'd rather sleep in the back . I have so much equipment. Do you mind. Damn, you really tightened it. It's not that bad? There I was convinced that Bitcoin was going to be huge and I knew there were many others like me out there.

Keep my keys in my pocket so I don't forget them later. bitcoin was created by what is believed to be a pseudonym. a guy named satoshi nakamoto invented an 09 by a fictional person named satoshi nakamoto on halloween 2008, someone using the name satoshi nakamoto posted on a

crypto

mailing list. I have been working on a new electronic

cash

system that is fully peer-to-peer without a trusted third party. The post contained a link to a white paper in which Satoshi proposed a new type of payment system for the Internet. He described a protocol that used proof-of-work peer-to-peer networking and public key

crypto

graphy for years.

Computer scientists had been experimenting with these technologies to create digital money, but Satoshi discovered a way to combine them that had never been done before. invented bitcoin there are no records of nakamoto's existence before the creation of bitcoin on his profile page he claimed to be a 34 year old man living in japan although satoshi nakamoto is a japanese name which he wrote in perfect english when communicating online and went through great efforts to keep his identity unknown, however, programmers and cryptographers around the world recognized the brilliance of Satoshi's design and began collaborating with him to further develop bitcoin.

In October 2009 the first exchange rate was published listing the value of 1,309 bitcoins for one dollar bitcoins. They were cheap and for the next year they continued to trade for fractions of ascent. In the spring of 2010, a Florida man named Laszlo decided to try using his bitcoin to buy something and offered 10,000 bitcoins to anyone who bought him pizza. A man in London. He agreed and made a long-distance phone call to order two pizzas from Papa John's. This is generally recognized as the first bitcoin transaction for a tangible good. Bitcoin was gaining momentum, but for it to thrive, the currencies needed to be more accessible in Tokyo.

The Mount Gox based exchange was the first on the scene to take over the market and the trading volume started to increase. By November 2010, four million bitcoins had already been mined and the exchange price briefly spiked to 50 cents per coin, the market woke up and Bitcoin. it was starting to look like it might have real potential as a currency his name is julian assange assange and his colleagues collect confidential information and then make it public the release of 250,000 state department documents certainly presents a serious dilemma for this country after a massive publication of secret US diplomatic cables donations to wikileaks were blocked by bank of america visa mastercard paypal and western union an article in pc world suggested that bitcoin could be used as a solution to send donations to wikileaks one of the last known publications Satoshi's response to the article was that it would have been nice to receive this attention in any other context.

Wikileaks kicked the hornet's nest and the swarm is heading our way shortly after satoshi disappeared from the forums and was never heard from again two months later, the silk road. An anonymous marketplace was launched that functioned as an online black market for drugs and other illicit goods and used bitcoin exclusively because it made it nearly impossible to trace the money trail. The Silk Road caught the attention of New York Senator Charles Schumer, who was outraged and publicly called for an offensive against the site heroin opium cannabis ecstasy psychedelic stimulants it is incredible despite all this the exchange price continued to

rise

in February 2011 bitcoin reached parity with the US dollar causing an influx of new users and speculators in June the price had skyrocketed to a high of $31 before it crashed when the market crashed, the Mount Cox exchange was hacked, causing which further shook investor confidence and brought the price down to the $2 range in October, while bitcoin enthusiasts remained hopeful as skeptics were quick to share their Hindsight and rantings in blogs and

news

articles. , many thought the party was over and Bitcoin was about to disappear.

I went online and bought a Bitcoin last night. It really is the future. Don't know. That didn't feel real. No. the real thing is going to change just look today I sent a total of 2700 bitcoins to butterfly labs I basically bought a custom designed bitcoin mining super computer if bitcoin fails everything I have is not worth the bitcoins I have the computers the systems Mining was a waste of money, but if successful, it will have been worth it. I think the bitcoin economy was a wild west in cyberspace that was very attractive to hackers and scammers.

Tens of thousands of coins had been stolen over the years and in 2012 it was proven that no other user should be careful. If someone steals your bitcoins, there is no consumer protection. I'm sorry they're gone. You lost your bitcoins. They're gone and you're not going to get them back, but after months of stagnation on the exchanges, the price of bitcoin is back up. The current price of Bitcoin is around seven US dollars, which just saw a small increase this week. At the end of the year, blogging site WordPress announced that it would begin accepting Bitcoin payments, and in early 2013, discussion forum Reddit also announced support for Bitcoin. first major sites to incorporate bitcoin and these milestones marked the beginning of widespread acceptance bitcoin is the most subversive technology on the planet, this is a system that is growing around the world, so if it works, if this experiment continues to grow, no only help some of us in this state or in the country, but it actually helps everyone around the world as the price of bitcoin was hovering around its previous all-time high of 31.

I visited a libertarian conference in New Hampshire, it lost 20 and then he won 20. in 20 minutes it was stupid. Libertarians are among the early adopters of bitcoin. Its nature is a currency that is not controlled by central banks. It makes it attractive to this community. Once I was able to assimilate the basic concept, it was just like that. this is perfect money this is what a bitcoin address looks like think of this long string of characters as an account number where your bitcoins are stored when you send or receive bitcoins are sent to these addresses the addresses are long and hard to remember use a phone to scan a QR code is a quick and easy way to read it.

Another good thing you should know is that bitcoins can be decomposed into eight decimal places, which means that you can send fractions of a bitcoin so that any amount of money can be represented with bitcoin each transaction is public, everyone can see the amount that is sends without necessarily knowing the identity of the sender. These guys even have one of the first bitcoin ATMs. Simply scan your QR code on your phone, enter the dollar bills, and press the button. button bam done perfect now you exchanged your worthless piece of paper for real currency it's like at the Fed it's like seriously if you're going to break up with the Fed you're not going to go to bed you're not going to exchange anything at the entrance and avoid them, but that It's what you should do.

My concern is how governments will react. They can't kill or stop Bitcoin, but they could prevent it, and they could hinder its development a few weeks later, across the ocean, a financial crisis. was reaching abreaking point on the island of cyprus cyprus is on the verge of bankruptcy the rest of europe has accepted a bailout but only if cyprus raids people's bank accounts for quick, hard

cash

people try to get money out of ATMs but electronic transfers have stopped. I never thought that, in a completely unprecedented way, they would resort to stealing money from people's bank accounts.

Cypriots had put their trust in the banking system and it had failed them as

news

of the crisis spread around the world. Believers were quick to point to it as an example of why a currency free from government control is needed. Actually, Bitcoin ATMs are apparently being installed in Cyprus. Bitcoin suddenly seems like an attractive prospect while this was happening in Cyprus, US regulators. the treasury intervened in bitcoin the financial crime enforcement network known as fincen issued its first regulatory guidance on virtual currencies the guidance implied that bitcoin itself was not illegal it was the perfect storm the situation in cyprus suggested that bitcoin could function as an instrument safe haven financial and the nod of approval from us regulators was a green light for investors, the market agreed and the exchange price continued to

rise

, it is moving from the super super early adoption phase to possibly the early adoption phase , bitcoin was getting international exposure and people were starting to pay attention, this is actually real life. updated map of the world and the lines represent bitcoin customers basically where the bitcoin software is running and the length of the line determines how long you have been online or how active you have been and every time I look at this, I swear it gets.

Increasingly saturated, you can almost see an outline of the United States, now, South America, you're starting to understand it, but the big news, in my opinion, is that in China you used to see one, two, three, maybe, and all this is in recent times. You know, three weeks or so, that's the most I've seen in China. Look here, Indonesia, Singapore, Australia, New Zealand, the next week it snowed in Pittsburgh. I was eagerly awaiting the delivery of two state-of-the-art Avalon Asics computers. With chips designed specifically for mining bitcoins, IGUO is at the forefront of the new generation of hardware and is the first to bring them to market.

Everyone, including me, has severely underestimated the size of the mining market when Bitcoin started. A standard laptop was powerful enough to mine hundreds of bitcoins in a matter of days the technology has evolved rapidly in recent years many people are getting into it we are still trying to catch up I was on vacation with my family when we were scheduled to new miners will arrive The price of Bitcoin had skyrocketed to 77, so I asked some friends to wait at my house to get it up and running as soon as possible. I hope this is good and worth it.

Oh, these are definitely new, excellent computer parts from China. Not officially Simon, here we go, yeah, we'll see, maybe in the future you guys will start accepting bitcoins one day. I bet it's cool, it's just a matter of time, good luck, okay, I notified Dan and he has a little response here. Welcome to the financial renaissance 255 192.168.1.140.25525 2550 192 168 1.1 that's the default gateway my first poll will be stratum.occ.ion port 3333. port 80 but I can do 3333. when all is said and done for at least While you should be earning between 10 and 12 coins a day, that will change, although after another week it will drop to eight just because the difficulty is through the roof because everyone is shooting these things, so it's always a race to stay ahead. , try to be the first to have the hardware, you know, oh, I'm getting pings, woo, yeah, we're kicking, we're taking shares, it's live, hey, that sounds like Johan.

Okay, I'm going to college because my dad cares about bitcoins. uh, big day today, uh, big day, look the current price of 104 bitcoins went over 100 today, um, it's April Fool's Day, the price going up so incredibly high is unprecedented, so I mean, surely It will explode a little, maybe it won't. I know maybe it will be 225 in a week and a half so who knows but bitcoin styles could go up could go down as the price goes over 100. We took a trip to visit Gavin Andreessen. He is known to have worked closely with Satoshi during the Bitcoin crisis.

The first few days here are the train tracks and he said there would be train tracks maybe passing through here let's go this is Gavin's house Gavin is one of the last people to communicate with Satoshi before my brother Nick disappeared in the morning and his wife Ashley Hello, nice to meet you, I found the place good, very good, we are very excited to be here, come, this is my humble house, it is where I work, this is where I live, beautiful house, thank you a little above, for Please, that's great there. Got it, how did you do it first? get into bitcoin tell us a little about the story of how you got involved i had been working at umass as a programmer in the research group of the computer science department my wife is a professor at umass in fact i left that job before going on a six-month sabbatical in Australia, I read a little blurb online on someone's blog mentioning this bitcoin project, which is an open source attempt to make money, and it caught my attention.

I basically spent a few days reading everything I could about it. the source code downloaded the source code i thought about it and couldn't really convince myself that it wouldn't work it seemed like satoshi had thought of everything since then i just got sucked down the rabbit hole bitcoin is open source software with source software the code is publicly available, anyone can view it and see how it runs and they can also contribute their own changes. Programmers like gavin were able to join satoshi to work on bitcoin simply because they were interested over time, i think satoshi learned to trust. he could see that i didn't make many stupid mistakes, i never had any personal connection with satoshi, it was always purely business and i think that's because he was very worried about people finding out his identity, i don't know why my last email The message I sent him said that I had agreed to go visit the CIA people, so if that had anything to do with his decision to cut off communication with me completely, he had walked away before that, but the CIA invited me to come to talk at the CIA and agreed to do it knowing it would surely spark conspiracy theories.

Gavin posted an announcement on the bitcoin talk discussion forum to avoid any rumors. I think accepting his invitation and being open about what exactly bitcoin is will make it less likely that I will see it as a threat after having assumed the position of lead developer since Satoshi's demise. Gavin found himself facing an increasing number of responsibilities and public scrutiny. Your neighbors know that you are at the center of one of the most disruptive technologies, I think. I think you know that I like this strange Bitcoin project. I don't think they know how big it is yet.

Right now, the Bitcoin project is worth $1 billion. When I started it was a small experiment and as the pressure increases not to do it. The bug is getting bigger and bigger two weeks later, the price skyrocketed to over 150 and some bitcoiners woke up to find they were bitcoin millionaires. Charlie Schrem, 23, is the CEO of a company called bit instant. bit instant was one of the first startups in the bitcoin space in the infancy of bitcoin people had to jump through several hoops to purchase them, one of the only ways was through the mount gox exchange, but this process required transferring money through of several intermediaries and could take weeks. charlie launched an instant offer to streamline this process and help people buy bitcoins quickly yeah that's good cool that's pretty cool yeah sure today Charlie is being photographed for an article in Business Week.

One of the ideas they had was that you're like throwing things in the air and they're going to add. bitcoins later, yes this bitcoin thing can really change the world, but for this to be successful you have to find a way to get more money in and out of the ecosystem, look out the window a little, yes, and you can look, yes , that is. well it doesn't show that I'm very stressed right now and thousands of orders being processed and I'm trying to launch the new site, no it doesn't sound like it I'm trying not to but it's really hard things have been crazy .

I haven't slept in days. The price is simply going up, so a lot of people are investing money. Normally, Charlie can get bitcoins to his clients in about an hour, but with a recent rush of people trying to buy. bitcoins bit instant can't fill your orders fast enough when I opened our similar customer service interface we have close to 2000 open tickets and that's just from Saturday until this morning no one was ready for this kind of volume so we're trying to catch up on the volume and keep everyone happy. Can you just quickly describe what the last week has been like for you?

The last week has seen our support staff go from two people to five people when someone offers them a sit on the rocket, you don't ask where the seat is, just get on the rocket, plus our volume has basically tripled in the last two weeks, going from a few hundred transactions a day to now two three thousand transactions a day, I just joined here, sure, yes, I did, in fact, today is my first day, how are we?, yes, yes, How does it feel to be part of all this madness? Well, crazy, yeah, it's overwhelming and what are you doing?

I'm a CFO, can you give me a daily estimate of how much money moves through your system? It's in six figures every day. Well, thanks Charlie. I really appreciate it. Thank you. I don't know how the government will react. bitcoin but I spend thousands of dollars on lawyers every day just to make sure I don't go to jail. It's super scary. I mean, I don't want to go to jail and no, I don't. become a martyr or bitcoin was the talk of the town charlie was in the spotlight and could barely keep up with the media requests within hours the price passed two hundred dollars on the first day of spring on the first day bitcoin surpassed 200 the beginning of a new era hello, sweet To meet you, I am the nice, warm and loving mother who makes him live at home because we can't, we can't separate without him, but we love him too much.

This is where it all started and this is where it still continues. I have been collecting money from all over the world and it is something I did long before Bitcoin. I've been doing this since I was a kid, so it's funny that like I was charging all these fees, it's worth nothing and then I suddenly got into this Bitcoin thing. I realized during high school that I will never be able to work for anyone. I invented a term psychologically unemployed. I started kind of instantly when I was still in my last year of college. Bitcoin is currently the largest social network. economic experiment never done in the history of the world 2013 possibly 2014 will be the two years that really make or break bitcoin bitcoin is the first digital product but it is also scarce.

Last night I received good news that part of our licensing agreements I have been trying to do for the past few months and I hope we finally get it done. We are approved to be licensed in 30 of the 48 states in money transmission. I have been working very hard to try to comply legally and with finances. announcement that established a way for bitcoin companies to legally exist that really changed the whole bitcoin game and for us helped us get that minor push we needed from all the banks and regulators to finally hopefully get that license we need today. meeting with a real estate agent to talk about the new office space hi charlie hi i'm mitch waldman how are you?

My pleasure, I have a minute. I have 10 minutes for you. We are a company without a boss. Basically, everyone has their responsibilities and only one. great executive or it's a great executive board one person doesn't do his job I don't do my job all these guys are going to yell at me that's how we do it but we do things right, we're overtaking the space As you can see here, it's a good problem to have. have it. Yes, Rachel said there was a big concern about safety in this space. Yes, we are regulated, so we cannot share an office with another company or have them access our assets. it's our software, our software is processing hundreds of thousands of dollars a day very quickly and that's on site here no, this is in the cloud, everything is in the cloud, but we monitor, we have tomonitor everything from here and debug, fix, delete, upload more.

Put more, we get a lot of high volume data targeting very, very sensitive customer data. If there was no doorman, at least the space would be designed in such a way that there would be a locked reception area if we want to continue. as a guard at some point we could have them in that area, I absolutely believe it will be at some point, it's just a matter of time, the potential for robbery is huge, it's like running a bank, essentially, that's it, got you. basic things yes, yes, okay, any other word for me, okay, we are okay, are you willing to take on the task?

Sign me up, Captain, that night the price reached $266. All major media outlets had realized that the Bitcoin fever was at its peak. -Maximum time, he is getting a lot of attention. People are fascinated by anything that reaches new highs every day for weeks. What Bitcoin has done in terms of the total number of people using the currency. I'm not sure, but you can see it. that there is a huge fluctuation in trading volume and then the price crashed bitcoin lost more than half of its value in six hours from crazy to crash is the talk of many people in the blogosphere and is certainly suffering some pains growth in the value of the virtual currency bitcoin has plummeted it has been a crazy day today I haven't slept in like 40 hours the process of your order I don't understand why we are still having this conversation we have refunded your order we sent you additional bitcoins I don't care , man, when it comes to my money, I'm not around, I know, man, you need your stuff, I hear you, I heard you, it processed, your clicks are there, man, so Charlie, what's been going on today?

Crazy day, eh, yes, I have a saddle. Gox, their entire system pretty much crashed and their entire trading engine is broken and they almost have to shut down for the next day. The price of bitcoin has been swinging wildly up and down, it went down 100 today and is going back up, but for the most part. because people can't buy and sell and they can't withdraw and they can't deposit because all of this is just a failure so what we are trying to do is find a way to demit the orders somewhere else for now with Mount Gox stuck in free fall , the domino effect is creating chaos in the bitcoin markets.

I'm trying to figure out why our orders don't go through Rachel. Can I take another Advil if I take one? For about an hour they have been having trouble ordering something from him. Yes, I'm getting a lot of clients sending emails saying it says executed, but it's not showing on the blockchain. what is 2100. It's 9 p.m. m, oh my goodness, if you bought at 150 and then you're at 260 and then you see it go back down to 150. Are you panicking? So yeah, I absolutely don't know what a bitcoin is, I just bought it. you see buy orders, people buying and selling in such a wide range it doesn't make any sense, the API just crashes constantly because what is happening we don't get any orders, we don't care about the price, speculators can play musical chairs all the day, as far as I care, I'm for a long time, I was focused on expanding my mining operation.

The only people who will be shaken by this drop are people who are new to Bitcoin, here are the avalons spinning up mining and if all goes to plan we will have 18 more of these guys in a couple of weeks. Bitcoin is a complicated thing, you have to spend some time researching and understanding it before you really care, and now there are a lot of people you know. They are giving it more than just that look because the price has gone up so much and they have dollar signs in their eyes like Uncle Scrooge, it's a lot more than that and I think that's why the people who are mining and the people who believe in it. they are just holding strong when trading resumed on Mount Cox the price fell further to around seventy dollars 71 on vtce yes bitcoin it is volatile it will be a long time until we have stability that is the nature of price discovery of the beast uh it can be violent and volatile and there will be a lot of people coming and going and people crying wolf but at the end of the day the only thing that really sucks right now is that everyone operates on a platform that doesn't work best work , so over time, hopefully, we will see more exchanges and more options appear and people want to continue using bitcoin.

I'm sure the infrastructure will come. It's gotten ridiculously busy. Now I get an email every two seconds. I'm pretty much you know more email than me uh I can keep up with Jared Kenna he's the CEO of trade hill the first US based bitcoin exchange that competes with Mount Cox he's also on the millionaire list of bitcoins this is uh finnegan right here Jared runs Trade Hill out of a 41 room residential hotel called 20 Mission, which he also owns, he mostly rents rooms to tech people, new people. There are many bitcoiners. In fact, I accept rent in bitcoins, which is great because we have a lot of international people. came to us from crypto came out of nowhere saved us from those nasty dollars and one and yen bitcoin that's all I have I'm done digital currency it's going to happen I mean it's already happening and it will happen it will be the future, whether within 10 years from now 100 years from now we will be using digital currencies that do not rely on fiat governance Jarrod originally launched trade hill about two years ago but ran into trouble with a payment processor and was forced to close recently he met Ryan Singer and together they are relaunching the exchange.

The business we are in is helping people speculate. The right markets are price discovery mechanisms. That's what people are for. They buy, they sell. There's the offer. There is the demand. and the price moves and when it levels off, that is the market price. I can't even count the number of people who have said that bitcoin is not backed by anything, at least dollars are backed by gold. I have realized that many people believe. that my grandfather urged me to invest when he was a child, he was five years old. He could explain a p and y ratio what a bid and ask was and the difference between a limit order and a market order and all that, so to me I saw this as a way the average person could take control of their finances.

I grew up pretty nerdy, I don't know, I was about 15 years old. I decided I didn't want to be a nerd anymore, which was a mistake because I realize that now. it's pretty impressive in 1999 i joined the navy originally i was in the engineering unit 2005 i went to afghanistan i worked primarily with the afghan national army it changed me a lot as a person i've always been interested in economics and finance and technology and cryptography i was in a crypto forum, someone I've never met who was anonymously on this forum I was chatting with sent me 10,000 bitcoins just as a way to test the system and see how it worked, and I got it and I.

Well, that's fine, but what can I do with it? And he said, well, nothing yet, but if people think it has value, it will at that time, there was actually only one bitcoin exchange, it was Mount Gox, I said we need an alternative that cares if the technology is decentralized and the transfer method is decentralized and the people are decentralized if all the transactions are in the same place. I thought that building another exchange that gave more people access to bitcoin would be a key part of bitcoin's growth back in the day. We launched, got a quarter of a million dollars from user deposits, and said, oh, this is real, we're all Big Lebowski fans, so let's have a big Lebowski party.

A pleasant and very exciting day. 30 gallons of white. Russian and hall bowling we work hard but we also party hard okay okay okay I'm okay I'm not dead yeah I'm the first one in the house to open the Trade Hill account and it took me a long time. buy the bitcoins because it was the time when everything was going really, you know, ballistics, uh, they were buying bitcoins all the time and it was hard to buy it and it took me like 10 days to get my bitcoins from my European pentagon. my euros here to open a 10k account with trade hill at that time was 255 bitcoins and within an hour they started to fall and the same day they went down to 99 65 or something like that or 90 bitcoins, stop smiling. two, we optimized for success, we launched expecting to have to do hundreds of thousands of transactions per second right now, we have about 15 people, on top of that we have about eight outside lawyers, a lot of people are depositing dollars, a huge amount of people are passing bitcoins, we are getting more transactions, we are driving it from a business perspective, we are also talking to people who want to do more automated transactions on our platform, get robots to trade with each other, we have tested this and it can handle, You know, about 500 times more volume than what Mount Gox was seeing, so we'll see what happens here, the interest in us is pretty crazy, just the news with bitcoin has really validated everything, now people are saying, oh, no. are you.

This crazy person, I'm talking about a made-up digital currency, is like, oh, I read it in the Wall Street Journal, the New York Times, it's real. We had an investor come in and say, hey, I really appreciate your feisty nature and how you're hustling, but I think it's time for you to spend 30 grand a month on rent when you meet a multi-millionaire client who wants to come see your office. before sending them a multi-million dollar cable asking them that Going through pawn shops is not always the right field, so we are leaving the mission we are driving towards Soma at the moment.

Let's take a look at what our new office space may be, a pretty prestigious address in a market right now. We are trying to forge this path and we are trying to comply with existing laws and anticipate future laws, which is extremely expensive and extremely difficult. Is there parking here? Yes, okay, that's included with no, of course, absolutely true, what is that, how much does it cost? How much does that cost from 450 to 600? It's not terrible, it's pretty sexy. Twitter has been here for over a year. Amazon comes and goes every year. I have my ics.

I have Jcpenney. All the big guys come and are part of the club sounds good we'll be here tomorrow business thank you I appreciate it thank you very much we move tomorrow just like that uh that's how we operate it's pretty surprising that that deal happened so quickly what did you like? the space and you said hey, there's no point in waiting we like the space we like the address we also don't have time to spend we had all kinds of important things we're working on and you know if we spent a week trying to find an office and he and I spent 20 hours or 50 hours to it, it's a big waste of time, so I thought they would be in several exchanges instead of one big one, but hey, I think Bitcoin will be useful for banking. industry what email did to the postal service did not make it irrelevant what forced the post office to focus on its strengths and less on its weaknesses mike caldwell is the creator of physical bitcoins known as cassatious coins, often appearing in mainstream media coverage of bitcoin, they are novelty collectible items that basically act as physical carriers of bitcoins, but they do something very important, they give a face to bitcoin, sorry the kids are sleeping so I'm staying quiet , each coin has its own bitcoin address and the private key required to spend it are hidden under the hologram, this is where the physical bitcoin is created, yes it is a random set of things but be very careful how I handle it , you know, basically, this is the credential, so this is the hologram and the private keys.

I am very careful with them and I don't keep them here. I usually do them in this mirror because that helps you know when we have the right fronts and backs. There are so many things that crypto can do for us. It tells us that if the world knew that so many social problems can be solved, crypto can bring justice to elections, it's too hard for people to understand and someone needs to close the gap right now, we are using Bitcoin to send money, but many believe it will revolutionize. much more, the technology behind bitcoin can be used to build decentralized systems with rules that cannot be cheated now look, this is my wife in my space, this is amazing, it is what it is, the more time passes the more legitimate it becomes bitcoin is coming back and the more proud I am to be associated with it and now what does your wife do?

She's a lot like me, we just sit around and do things all day, she's just our obsession, no, I'm not a drug dealer, no. I am not a criminal, no, I am not a terrorist. I believe in the rule of law. I believe in the structure that builds society. I believe in families. I believe in corporations. I believe in all the essential elements that a civilized society with law and order needs to be able to function. focal length matters cryptoIt is the foundation for us to implement the values ​​that we say we believe in. This idea will never die.

The technology that Bitcoin brought to the forefront. The genie is out of the bottle. Since the fall, the price of Bitcoin has been hovering around a hundred dollars. Bitcoins seem to have weathered the storm, but there is still a lot of controversy surrounding the currency. The same cryptography that guarantees user privacy also allows anonymous use. My father decided to retire and had an old printing press that was going bankrupt. I basically took it and turned it into a place on the Internet. We are the only place in Los Angeles that supports bitcoins at this time. This is my Linux system.

Here is a system that also mines bitcoins. Earn about a dollar a day. I just do it. for fun, I was really interested in the Internet, literally, in 1990, 1991, 1992, and I had a hard time describing what the Internet was to people. I told people it's like this computer network and computer network can talk to other computer networks and then you can exchange information and people would have no idea what it is when people ask me what bitcoin is. I find it harder to describe what it is and I guess it's basically money, it's basically an anonymous PayPal. of those things that you have to use before understanding politically I am not a big fan of either the banks or the federal reserve and bitcoin allows me to understand that one of the programs that we support is a protocol called tor and basically what tor does is that it allows you to communicate with a website anonymously.

Tor is a program that allows you to travel the silk road and this is the silk road. Basically any drug you want is available. There is a lot of grass. There is a lot of cocaine. There is a lot. ecstasy, but there are also unusual drugs, like if you want some type of anabolic steroid, you can type steroid, you will get all the different types of steroids that are available. The Silk Road itself does not sell drugs, this is basically matchmaking between the buyer and the seller. the buyer and the seller do not know each other both the buyer and the seller are anonymous, you go to this trusted network if you want to say that with this testosterone you click on this, it has 99.3 positive comments for more than 300 transactions, so although contracts are not enforceable by law the reputation system makes the system work pretty well oh there is a fireworks section now i didn't know the florida id is 1.88 bitcoins which is about 150 something like that, a forged car insurance card, a forged passport there.

There were over 9,000 entries for medications, that's a lot. I would say there are about five customers who know it and use it. It's a very small percentage of the people who come, but the people who do know, they come here specifically to use it. What customers do with computers is practically their business. Another day at the office if you're going to deal drugs of any kind. the highway is the place to watch how many people are selling cannabis right now it seems like in 2011 people are selling cannabis they call me mister bitcoin I've probably been selling just because I was like 17 years old. now I'm 26.

I think it's like a global thing when I'm on the computer I'm doing business with the world, let's see, they have blue drains, hard diesel, pineapple, thai purple smash, girl scout, cookies, purple pasta, when I first heard About this, I was laughing, it took me a week to even really think about this, like I could actually make money selling this kind of stuff on the internet for myself. Are you sure it's something I can probably buy right here? It has to look like good kush, some of this stuff. It only takes about a day to get here without harassment from anyone instead of just being on the streets once you get the hang of it.

It's actually fun to look at different things. Mr. Bitcoin, I'm using it. I like your name. You know what I mean, I'm not going to lie, I love this. I like to talk about these things with girls like that. Girls like that. Hot. You're not up your street and you have some nerd knowledge. This is great. I have already saved a lot of bitcoins, my business is doing well, it's a fun way to do business these days, like the future brings a different way of working and I like that so many people use bitcoins in so many different ways that It is becoming evident that it cannot be ignored today I am visiting Fincen an office of the US Treasury Department despite having published a guide on virtual currencies there is still a lot of uncertainty surrounding their outlook on the future of bitcoin regulation front in the big fish tank looking Okay, great, I'm not going to say that we're going to have all the answers for you today, but what I do want to say is that you know we didn't want to shut down Bitcoin.

You know we didn't. I want to attack Bitcoin, we believe it has many social benefits. You know, I had the Google alert on my computer for Bitcoin and once a month, once twice a month, something will pop up, but now it's five a day. Jennifer Shasky Calvary. She joined as director of fincens last year during her career, she spent 15 years in the department of justice, where she specialized in combating money laundering and organized crime. Virtual currencies have been on my radar for a while, even before I got to this position, because unfortunately, on the other hand, the abuse of some of them, Bitcoin, is something that didn't really appear on my radar, probably until I got to Fincen, depending on who you talk to, the issuance of our guide was the best thing that ever happened to Bitcoin or the worst thing that ever happened to Bitcoin: some accuse us of trying to kill Bitcoin and others say that somehow way legitimizes it.

Of course, I think none of those things are probably true and certainly none of those things were our intention. One of the clear lines. is that if you are a consumer who uses bitcoins to purchase goods and services, the guide does not concern you, we focus more on places where we believe we have risks to the US financial system from money laundering and terrorist financing and I think it could It might be that a lot of the bitcoin community is a little afraid that, you know, bitcoin could be characterized in a way that links it to some bad actor who ruins it for everyone when a lot of people who are interested in Bitcoin, including me, I look at it like you know this technology and we really don't want to see it, you know, fall into the wrong categorization with all the potential that exists, so the innovation around Bitcoin and the virtual.

The economics, um, is really one of the most interesting aspects I think of this story: the idea that it can be used to potentially serve the unbanked, just to provide some really new services that are convenient for consumers. However, the other side of the coin is that being part of the financial system the US financial system the global financial system also comes with some responsibilities and those responsibilities include not allowing your institution to be used by criminals and terrorists always has there was concern that the government may try to eradicate bitcoin but perhaps they see the risk of being left behind in may 2013 the largest gathering to date of bitcoin enthusiasts and entrepreneurs occurred in san jose california we are at bitcoin 2013 is the inaugural conference from the bitcoin foundation bitcoin is global and the vast majority Many people have never even heard of Bitcoin, but it is more powerful than all the computers in the top 500 combined.

It's a tremendously big world. Many things could happen. Really, you know, we've been on a roller coaster and I hope that at least for the next few years we're going to stay on a roller coaster. I happen to enjoy roller coasters. I think they are fun. Just a few weeks earlier, Cameron and Tyler Winklevoss, known for their involvement on Facebook, announced that they have one. percentage share of all existing bitcoins worth around $11 million. They also made a $1.5 million investment in Charlie's company. We instantly started seriously considering it late last summer and started shopping around that time.

I think a light bulb just blew out. He trailed off and said, "The implications of this could be huge if everyone in the world could have a Bitcoin address and everyone in the world could bank fairly quickly and if we consider that it's a very powerful idea and that Bitcoin can do make that happen, us." We're going all over the world We're going to the UK We're going to Australia We're going to We're already in Russia We're going to South America We're already in Brazil Now you can buy a bitcoin at any of our locations It's fun to think that Satoshi could be here too.

I always wonder if there's anyone here somewhere. Yes, I was planning, I was planning to hack into the hotel's security cameras and try to track down the hiking buddy. Some person who could be satoshi, what would he do? What talks would he attend? You know, we're seeing bitcoin players in the market meeting with venture capitalists and everyone's starting to take stances and that's very exciting because it means there's a lot more infrastructure going to be built, a lot more money flowing into the space and it's really going to be a huge bull market for Bitcoin. One of the companies best known for making Bitcoin accessible for commerce is Atlanta-based Bitpay, they are pioneers. in bitcoin and provide a service that allows merchants to accept bitcoin payments without having to deal with its complexities we have grown by approximately a factor of 10 since the beginning of the year we were making around half a million dollars a month towards the turn of the year and now We are earning around 5 million a month.

These are people who use bitcoins to buy real goods and services, they don't daily trade, they don't trade, they are actually buying things. I am sure that bitcoin is the most important invention. throughout the history of the world since the internet roger vera is an investor in several early bitcoin companies including bitpay his passion and enthusiasm has earned him the nickname bitcoin jesus he is going to change everything and all of you here in this room are On the cutting edge he lives in Tokyo but travels the earth spreading the good word of bitcoin the last few days we have been setting up one business a day to accept bitcoins here in the bay area today's business will be super kilpo korean supermarket so , for you, you accept credit cards right now, credit card companies are charging you two or three percent for bitcoin.

You can do the same, but they will only charge you one percent. You will still receive dollars in your bank account. If you want, you can choose to split some of the payments you receive in bitcoins and then some in dollars in whatever proportion you want, so that you can keep 99 in dollars and one percent of bitcoins or 99 in bitcoins and one percent of dollars as you wish. You may decide that Roger is describing the service provided by BitPay. They take bitcoin price volatility out of the equation for traders by immediately converting bitcoins to dollars at the time of sale, so now we have it set at $100 for anyone to pay. here with bitcoin they will deposit the money into your bank account the next day with only a one percent fee and I guarantee that over the next two weeks there will be many computer nerds who love bitcoins who will come here specifically to buy at your supermarket so they can pay With bitcoins, credit card companies just for processing the payment accept between point five percent and over three percent and then on certain cards there is even a transaction fee like 20 cents per transaction plus the percentage of the one two percent transaction is large, we are talking about eleven twelve thousand dollars a month on average that they simply take directly out of our account.

I honestly think there is a very good chance that bitcoins will exceed a thousand dollars. by the end of the year because everyone who finds out about that, wait, I can send money to and from anyone I want, it is impossible for someone to freeze your account, it is impossible for someone to block you from sending or receiving these bitcoins, plus euros Poles so you can see. all these different currency exchanges around the world that trade to and from bitcoins and you can see that there are, I don't know, maybe 50 to 100 exchanges now, when I first heard about bitcoin and started telling everyone about it yeah You looked at that same page. there were less than 10. and there's no head office they could raid or anything like that. or that is the owner of bitcoins, everyone who owns bitcoins, yes, just like who owns the gold, whoever owned some gold, short of shutting down the internet worldwide, there is no way to stop bitcoin and press request payment and that is a QR code. for your bitcoin address so I will scan it and now I have your bitcoin address on my phone.

I think it's two dollars, so I'll send you two dollars in bitcoins. You just received so many bitcoins from me. directly at no charge and if you press the little green square it will show you the equivalent amount in dollarsAmericans, so you will only receive two dollars in bitcoins directly from my phone to your phone and you can send money like that to anywhere in the world. world, you could have told me your bitcoin address via email or posted it on Facebook or Twitter or wherever so I could print this out and have it at the register, yes, and you can check it right on your phone anytime you receive payment, that's fine thanks.

Steve, okay, thanks for the t. One of the newest notables in the bitcoin space is a San Francisco company called coinbase. They operate a digital wallet service that makes it simple to purchase, use, and accept bitcoin. I wouldn't be surprised at all if Google square paypal, everyone is thinking about adding bitcoins in a year or two, by then we will need to have 50 million wallets, if we can make this easy to use it will be huge. My involvement in bitcoin is not politically motivated, yes friend people are realizing big capital. profits when professional investors enter the arena, the stakes definitely change, we raised $5 million from Union Square Ventures.

Fred Wilson led the round there. I think Bitcoin is still a little bit under the radar. I think it's past the stage where people dismiss it, but. I don't think it's completely widespread either. I think we're in that middle stage right now, at the end of the conference. Jared from Trade Hill through a party to celebrate how far things have come. You guys are hot right now. on the rise, thanks, it's good money, man, it's due, yeah, I mean, well, I hope it's a move forward for the community. I'm completely pro-compliance, I think if you don't want to tie your identity to this, I can't work with it.

Yeah, I mean the libertarian side of me is like yeah, whatever, but from a business perspective, if people don't follow the rules, you're not going to last, yeah, you're going to shut down, you're going to go to jail notably. Absent from the conference were representatives of the largest Bitcoin exchange, Mount Gox, just a few days before the Department of Homeland Security confiscated more than five million dollars from its accounts in the United States. The seizure warrant stated that Mount Cox had not registered as a money transmitter, which was in violation of them. the new fence and guidelines.

I travel to Tokyo to meet with Mark Karpeles, the reclusive CEO of Mount Cox. There are no bitcoins here yet. I'm not sure that makes this completely unnecessary, but for now it seems a bit primitive that we're trading paper for paper and losing. and by losing that and someone taking a cut, someone is taking from me mark and his business partner gonzaga are french but they operate mount gox from offices in japan originally mount gox was in exchange for trading cards used in a game called magic the gathering mtgox meant magic bringing together online exchanges In 2011, Mark's company Taban bought Mount Cox and his focus has been Bitcoin ever since.

One of the conditions of my visit is to refrain from any discussion of the dhs seizure due to the ongoing investigation. We have arrived at Mount Gox. mount gox right here there's no big sign or anything no no it doesn't look like a crazy business establishment despite its legal issues mount cox still handles more volume than any other exchange and processes around six million dollars in bitcoin transactions every day since last year. The average of ten thousand new clients per month, in January it was twenty thousand, then thirty thousand sixty thousand one hundred fifty thousand. What is happening is going down, but we are reaching a hundred thousand new customers.

In May, that's a month in a month, so it was like. this, but I was still after what happened, I thought a lot of people would leave or not, I wouldn't create a new icon, but there are still 100,000 new clients, it's wow, and here we have the office for everyone working, hopefully, Mount Gox employs 18 people, not only is Mark the CEO, he is also the CFO, the lead developer and performs all technical operations to keep the exchange running. What is written in C in addition is that its main is its main programming language. I have a lot of them in programming languages, yeah what's your favorite programming language really depends on what I need to do, if I need to slice something really fast and I don't care about performance I use php if I care, it's a bit of a deal. performance I'll use c plus plus with qt for example, but if I care a lot about performance I'll use asm when we enter the chamber off first until we get to their servers getting ready to go to the Mad Cox data center location chambers.

We were allowed to take some photographs. One of the main problems we had during the second mobile is that the trading volume was too high compared to what our system was designed to support. To avoid this, we optimized a large part of the system, the old trading engine. can reach a maximum speed of 70 to 100 orders per second with a new trading engine, it can handle around 100 million possible orders, if the new Mount Gox trading engine can really support 100 million orders per second, it should be able to scale with the demands of professionals. merchants, but with complex legal issues and increasing competition, the brand's attention is drawn in many directions.

Do you work seven days a week? Normally, yes, it seems like you do most of the heavy lifting, literally needing to take your shoes off at the entrance. talented man in one of the biggest cities in the world, but maybe he should stick to computer keyboards. Okay, we're here in northern New Hampshire for the Porcupine Freedom Festival and this is an event put on each year by the Free State Project. Basically it's just a bunch of crazy anarcho-capitalist libertarian types in the woods with freedom and families almost all the vendors except bitcoin, it tastes so much better when bought with bitcoin thanks guys salads and smoothies.

I would say a third of our sales have been in bitcoin, it's 20 dollars, so we're paying bitcoin, uh, yeah, okay, last year was our first year to accept it, we did maybe 18 transactions, 20 transactions at most and now we're close to 120. This community is really one of the largest groups of people in the U.S. I think that's really embracing Bitcoin and using it as a currency for what it represents and what it allows. The world is seriously changing now and it is changing in a very interesting, very radical, decentralized and, in my opinion, positive direction. Here's Bryce. breaks all-time high vitalik is only 19 years old but has a deep understanding of the intricacies of bitcoin and a knack for explaining them as a senior writer for bitcoin magazine he has been traveling the world covering bitcoin for the past year i am a big fan of the concept of decentralization, in principle, you know, you have many, many different societies that operate according to people's beliefs.

Bitcoin has unique properties that no other system in the world has had before. It really seems like the only practical way forward is that as you ditch cash and move to your debit and credit cards, you're essentially giving up some degree of your privacy without even knowing it. It is important to understand that Bitcoin is not automatically perfectly anonymous, but what it does is allow you to be anonymous if you wish. Eric Voorhees is the founder and co-owner of a very popular bitcoin betting site called satoshi says satoshi says is the first of a new generation of provably fair gambling games using bitcoins since all bets are public anyone can verify the odds and payouts at their peak.

Satoshi dice were responsible for more bitcoin transactions than all other bitcoin uses combined. He played an important role in the development of bitcoin as one of the first applications to really test what the bitcoin network could handle recently. He moved all of his operations out of the US to Panama and founded a company called Coin A Pulp that allows you to send bitcoins via SMS and email. I think most people, at least in the United States, believe that when they put a thousand dollars in their bank, the bank is holding a thousand dollars in their vault for them and they don't realize that 99 of all dollars are digital.

The fact that we have these tokens called cash paper is an exception to the rule. People see cash and think that's what money is, but it's all digital and has been that way for decades. You moved your business to Panama. What was the main driver that if you are a US company you have to follow arcane US regulations for all your customers? all over the world, so if you do business with any rural farmers in Africa, you're going to need to get a social security number, you're going to need to get all this information that Washington tells you is important and we didn't want to have to do that.

Apply the US financial regulatory scheme to clients in sub-Saharan Africa. I don't think the developed world is going to be where Bitcoin really takes off in the long term because our banking systems work decently well. Many people around the world have none. bank accounts ultimately those are the type of people who will find the highest value of bitcoin a month later, eric announced that he had sold satoshi says to an anonymous investor at the price of 126,315 bitcoins worth about 11.5 million of dollars most of the new offices in the city are in this condition, still what is called gray, it is not ready, there is no internet, there is no electricity, nothing, but actually we have one that was finished, so we moved and we are very excited, you can see all the skyscrapers of the new banks and everything that is being built.

This is a financial center for Central America here, so it was appropriate for us to establish ourselves here and continue to set up the office. We have been here for two weeks. We are putting walls on furniture. This is the brain of the operation this is Mr. Wrath he can program anything and you can see all these books he's reading what we have here we have cryptanalysis we have cryptography daily introduction to mathematical cryptography I read all this, of course, when I was much younger , but I was trying to Catch me up, the bitcoin phenomenon is trying to take control of money away from the state and give it back to individuals.

He is trying to separate money and state in the same way and for the same reasons that it was important to separate church and state. wonderful quote from one of the Rothschilds, give me control of a nation's money and I don't care who makes its laws, so I'm trying to play my part in that narrative outside the United States, billions of people don't have access to basic banking. Bitcoin can level the playing field and help bring developing nations into the global economy. Eventually people will use a currency that is as free as the Internet because people seek freedom wherever they can and just as the government cannot stop the Internet. and freedom of speech cannot stop Bitcoin and freedom of money, so we will have to see how hard they try to do it.

It's scary but it's exciting because at the other end freedom usually wins, we'll just have to do it. See how long it takes to get there as the summer progressed and the bitcoin industry continued to flourish. It's hard to remember the days when I was running this from my basement and it was like one or two people and Bit Instant was just one domain. name charlie and bit instant moved into their new offices i always wonder if satoshi knew he was going to build something he would like to foster companies like this where we are actually a jobs company based on something someone we don't know wrote an article about this, it's a little creepy if you think about it like I'm wondering if he's watching us right now or something in San Francisco.

Jared and Trade Hill had moved into their new space and it sounds funny, it's not 100 million. In the market you know it's grown beyond that, more professional people are learning the space and hoping to deal with other professionals, but just when things were getting better, regulators started looking more closely at bitcoin, so they're bad. news for bitcoin or are they glory days. could be ending at least two dozen companies have been subpoenaed by the new york department of financial services can't be a good thing bit instant bitpay coinbase and winklevoss capital were issued subpoenas we want to make sure that as and if this company grows became a place where many people carry out financial transactions, we have sufficient protections, with increased pressure and banking compliance issues, instant offer was forced to suspend services, Jared faced similar battles due to lack of regulation, many banks decided to cut ties.

With bitcoin companies without a US bank account, Trade Hill is unable to operate and Jared was forced to go offline. The regulationIt generally evolves much more slowly than innovation and regulations cannot keep pace with innovation. Explaining Bitcoin to a bank is like explaining Amazon. com to Barnes and Noble until lawmakers catch up. Startups like Trade Hill and Bit Instant are excluded. Banks do not want to bank bitcoin companies. When you have a regulation, you can comply with it when you don't. You know the regulation. I'm not exactly sure and if banks are not sure they simply don't apply any new regulation, it takes at least a year to develop, propose and adopt it, and in many cases it can take much longer.

I won't let this go. fight to the end for a bitcoin, whether you have to work on the street or sell lemonade, bitcoin will succeed one way or another and I will be a part of it in recent months, the landscape of bitcoin mining has changed significantly When I started, bitcoin mining was a hobby for geeks, now it is a big business to be able to continue mining and keep playing, be competitive and profitable, I would have to spend hundreds of thousands of dollars on equipment for the 18 miners I ordered from Avalon. They never arrived and the butterfly labs units took over a year to ship when I got them.

Bitcoin mining was so competitive that I would never be able to get back all the coins I used to purchase them. Look at that computer, that computer makes bitcoins and These are all the other computers that are also making bitcoins and they line up in the air and that's because there are a lot of people that are making bitcoins with computers like that. As my new units arrive, I am selling them. for bitcoins to try to get back what I can, don't mind grabbing those other wires, I won't go back up, okay I'm taking a pretty big hit, but overall the mining experience has still been worth it, my mining days they may have finished. but I'm still very involved with bitcoin with bitcoin it's a monetary system where it's backed by mathematics it's backed by the laws of mathematics and by the rules of the protocol I still think there has to be an easier way to just set up a secondary protocol to exchanging private keys every time I log in I see another dot in China and I think that's why right now the price has gone down, the price is approaching 150 again, many attribute this to the explosion of bitcoin popularity in China, what happened recently Did the Chinese people really come and adopt Bitcoin as a culture as a nation?

The Chinese are interested in learning about things that are on the Internet, things that involve math and science. We believe China can really contribute in the space and help bring Bitcoin to the world. Germany is another part of the world where Bitcoin has found a home. It's starting to become normal. If one person a day comes and buys a coffee with Bitcoins, people are looking for a new way to pay and not through banks or with their own. With dollars, something new, the German Ministry of Finance even became the first governing body to officially classify Bitcoin as private money.

I think that if we want to regain some justice in our society, we should reduce the importance of banks. Bitcoin is banking without banks, so here. Come on, today the FBI shut down what it calls the most sophisticated Internet site in the business of selling hard drugs, including heroin, cocaine and LSD, in the science fiction section of a San Francisco public library. Undercover agents surprised a young man who was silently working on his laptop. They arrested a 29-year-old software engineer named Ross Albrecht and accused him of being the mastermind behind the Silk Road. People have always linked the Silk Road to it.

The media has always linked the Silk Road to it as if the Silk Road were bitcoin, but it is not. This may be a sign that Bitcoin is growing. It is funny. My friend just sent me a call and said, "You know, it's still crowd-rated and the government sees $3.6 million worth of Bitcoin. Is there a way to invalidate the Bitcoins?" I responded no, the government is now. invested in bitcoin people are finally starting to realize that bitcoin has nothing to do with how people use it, it's just money, it's like gold of course not everyone thinks about bitcoin. it's the way of the future bitcoin It won't be able to survive or prosper without becoming legitimate I don't see it having a serious place in our financial system There are really good reasons why we have central banks that have the power to start financial fires by printing money I'm worried about technology, as one said Once Darth Vader, don't put all your faith in technology, I think in 10 years we will look back and laugh at the bitcoin craze, oh yeah. remember bitcoin oh yeah I remember it's financial freedom come on bro this is the new world bro others are more optimistic I think in 10 years there will be a lot of people using bitcoin but they won't realize we're using it because it's going to be a protocol built underneath whatever financial service they're using today and Bitcoin being open source is what can allow all of these different mobile wallets and all of these financial technologies to talk to each other, especially around the world, whoever.

Whatever Satoshi is, he should go down in history as one of the greatest people or groups of people to ever exist. This is a technology that humanity has needed for thousands of years. People have been dealing with monetary shenanigans since the downsizing of the Roman Empire. gold coins and finally people can escape. I am cautious about trying to predict the future that we don't really know. I tend to be a technological optimist. I see the democratization of technology as a really positive thing and I think it's a really powerful power. strength that is actually just starting is not bad recently as the price has been floating around 200 again.

You know, I have many friends who have asked me. Do you know if you're going to withdraw some of your bitcoins now that you know what the price really is? high, you should know, get a few dollars out of this and I tell them no, don't you see? I have met so many interesting people and there seems to be one thing that unites many of them and that is, they are willing to face opposition and move forward with the ideas they believe in; People who try crazy ideas often fail and then everyone likes to point fingers and laugh and say it was such a stupid idea, but once in while it works, I think Bitcoin is proving to be one of those things.

The decision to include virtual currency within the scope of our regulatory framework should be seen as a positive development for this sector. I'm here to testify because I believe that digital. The currency represents one of the most important technical and economic innovations of our time. We are excited about the potential of virtual currencies and the digital economy for social good. This latest generation of technology we are talking about today takes things to a whole new level. There's a bit of shared responsibility here in trying to figure out how to make this work. It's a little strange that we don't know who the creator of Bitcoin is, so it often evokes the idea that there is some risk here that we have.

No, you don't think it was bloody for you, if you think in a bit broader terms this could again have huge implications. 2013 was the year Bitcoin first entered the mainstream and 2014 got off to a dramatic start just as we were wrapping things up. our movie charlie shrem was arrested after returning from a bitcoin conference in amsterdam. He could face up to 30 years in prison on charges related to his activities in an instant at JFK, you get off the plane and go straight to customs with three agents. in front of me and then four agents behind me said mr charm please come with us, they took me to an interrogation room and told me they arrested me for federal crimes, money laundering, running a money transmission business without license and failure to file suspicious activity reports.

The indictment alleged that Charlie had sold bitcoins to a reseller operating on the Silk Road. What sucks is house arrest. You know, I have to be here pretty much all the time every day. I can't even go out unless I go to my lawyer's office which is once or twice a week I practically lost my freedom I lost everything I had built over the past year Charlie's arrest wasn't the only bad news that shook the community In the new year for months there were rumors that Mount Cox had become insolvent and in February the site went offline.

I'm not going to touch you. I have a question. The rumors turned out to be true and almost $500 million worth of Bitcoin was missing. Mark was forced to resign as CEO and Mount. cox declared bankruptcy a national magazine claims to have identified the mysterious founder of the global digital currency called bitcoin tonight he is speaking but says it has nothing to do with bitcoin why he created bitcoin sir okay no no questions i want Big one, oh, okay, yeah, this would be good, oh God, I have an honor, hey, who's yours? Newsweek claimed that the creator of Bitcoin had not worn a suit.

They connected the dots with a 64-year-old Japanese man living in Los Angeles named Dorian Prentiss Satoshi. Nakamoto Nakamoto immediately denied the accusations and said that he would tell a story to the first journalist who agreed to take him out to lunch. The main reason I am here is to declare my name that I have nothing to do with bitcoin, nothing to do with the development. he was just an engineer doing something else as the media frenzy increased newsweek claims began to unravel holes in the story leading many to believe it was nothing more than sensational journalism there was no conclusive evidence linking dorian to bitcoin in Amidst the uncertainty that same day a comment suddenly appeared on Satoshi's dormant profile page that read: I'm not Dorian Nakamoto, we may never know who created Bitcoin, but the truth is that it doesn't matter.

Bitcoin belongs to everyone and the future is ours to build, so a hundred thousand dollars. in market orders right now, come on, come on, why what's going to happen? Buy 100,000 bitcoins right now. Why do it? I do not want to do it. Do it. You owe me a hundred thousand dollars. Do it. I will send it to you. a hundred thousand no you buy buy a hundred I can't right now I need the floating glasses for the volume closing bell for satoshi this is for the pleasure of bitcoin t-shirt sir it's great to do business with you I will use your shirt with pride.

That's something that's interesting about Bitcoin. It's like how do you like to report losses? You know, you point to two transactions that happen on the Internet and you tell the IRS that you own it and you know, oh, I used to own that and I lost the private. key as you know and then if they really lose it how do they write it off for taxes and things that will be interesting okay guys let's play a special version of hopscotch called bitcoin blockchain hopscotch oh they lost all their bitcoins who is satoshi? nakamoto I dress, I don't say it, but yeah, oh, you know? oh, maybe not, maybe, oh, you know, I have one and a half bitcoins now, which I think probably in 10 years means I'll be very rich if you think about it. enough on a global scale this is a net gain for humanity