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" As with early internet startups, some token models don't make sense. For every 1 huge hit, there will be 3 minor successes and 100 failures, so we shouldn't be surprised when some fail. "
Fred Ehrsam
Early
Will
Some
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" At the end of the day, what's going to make bitcoin successful is more people making more interesting things, just like the beginning of the Internet. "
Fred Ehrsam
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Beginning
Day
" Ethereum may make monetary policy decisions like, 'Let's do 1% inflation to support the ongoing development of the Ethereum protocol.' A token built on Ethereum might want to do the same. "
Fred Ehrsam
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Decisions
Support
" Bitcoin has a core technological innovation: The ability to publicly verify ownership, instantly transfer that ownership, and do so without the need for a trusted third party. "
Fred Ehrsam
Need
Ownership
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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. "
Fred Ehrsam
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Think
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" For the foreseeable future, I'm all about building blockchain-based decentralized services. "
Fred Ehrsam
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Building
Decentralized
" Bitcoin is valuable as a currency because of the economic efficiencies the bitcoin network is already creating as transactions flow over it. As with the Internet, more applications will flourish which will make the bitcoin network, and thus bitcoin as a currency, valuable. "
Fred Ehrsam
Creating
Over
Will
" 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. "
Fred Ehrsam
Google
Impact
Risk
" Public crowdfunding still suffers from a tragedy of the commons problem. Everyone will want the benefit of the crowdfunded efforts but is incentivized to sit on the sidelines and hope others chip in. "
Fred Ehrsam
Want
Others
Hope
" Bitcoin's value is the same: It will remain as long as it is the most efficient mechanism for transferring ownership. "
Fred Ehrsam
Most
Long
Value
" 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. "
Fred Ehrsam
Wild
Society
Identity
" Bitcoin is inherently international, and one of its great promises is it enables cross-border payments in a more efficient way. "
Fred Ehrsam
Bitcoin
Way
More
" There's been a myth perpetuated where people think, 'I need to go into consulting, banking, finance, law, or medicine to make a consistently reasonable amount of money.' People are now realizing that's not the case. "
Fred Ehrsam
Think
People
Finance
" Scaling is multidimensional. Different methods address different things. "
Fred Ehrsam
Things
Scaling
Methods
" 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. "
Fred Ehrsam
Language
Fail
Just
" Ethereum will be a first-class citizen on Coinbase. "
Fred Ehrsam
First-Class
Citizen
Ethereum
" At GDAX, we want to see new protocols and their tokens flourish. "
Fred Ehrsam
New
Flourish
Want
" 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. "
Fred Ehrsam
Think
Edge
Ahead
" 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. "
Fred Ehrsam
New
Same
Want
" Working on a token is similar to working on a startup: higher risk and lower initial impact but higher upside potential. How core protocol work is best funded beyond the initial Ethereum Foundation endowment is an open question, but likely further out. "
Fred Ehrsam
Work
Risk
Impact
" 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. "
Fred Ehrsam
Data
Value
Ownership
" 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. "
Fred Ehrsam
Run
Survive
DNA
" The best engineered organisms can outpace others, even if they start smaller or later. "
Fred Ehrsam
Start
Best
Even
" Everything will be tokenized and connected by a blockchain one day. "
Fred Ehrsam
Day
One Day
Blockchain
" Just as the Internet brought the cost of disseminating information down by an order of magnitude, bitcoin brings the cost of transferring ownership down by an order of magnitude. "
Fred Ehrsam
Ownership
Internet
Information
" Private funding was one of the first methods used when MIT funded Bitcoin core developers Gavin Andresen, Wladimir van der Laan, and Cory Fields in 2015. "
Fred Ehrsam
First
Core
Fields
" AIs are only as good as the data they are trained on. And while many of the tech giants working on AI, like Google and Facebook, have open-sourced some of their algorithms, they hold back most of their data. "
Fred Ehrsam
Back
Like
Good
" 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. "
Fred Ehrsam
Nothing
Better
Leadership
" 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. "
Fred Ehrsam
Right
Way
White
" The self-driving car revolution was kicked off by The 'DARPA' Grand Challenge to make an autonomous car traverse 132 mi. of a desert. "
Fred Ehrsam
Revolution
Car
Off
" 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. "
Fred Ehrsam
Think
Done
Sales