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" Ethereum has taken what was a four-function calculator of a programming language in Bitcoin and turned it into a full-fledged computer. "
Fred Ehrsam
Bitcoin
Computer
Language
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" AIs trained on open data are more likely to be neutral and trustworthy instead of biased by the interests of the corporation who created and trained them. "
Fred Ehrsam
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Open
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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. "
Fred Ehrsam
Going
Forever
Lose
" 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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Most
Long
Value
" Tokens align incentives between developers, contributors, users, and investors. They allow everyone who wants to contribute to a project early the opportunity to get in on the ground floor. "
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Early
Everyone
Project
" 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
" 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
" 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
" Ethereum will be a first-class citizen on Coinbase. "
Fred Ehrsam
First-Class
Citizen
Ethereum
" 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
" Developer mindshare is the most important thing to have in digital currency. "
Fred Ehrsam
Currency
Most
Important
" The scripting language in Bitcoin is important because it is what makes Bitcoin 'programmable money'. Within each Bitcoin transaction is the ability to write a little program. "
Fred Ehrsam
Important
Ability
Money
" 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. "
Fred Ehrsam
Way
Create
Data
" 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
" 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
" At GDAX, we want to see new protocols and their tokens flourish. "
Fred Ehrsam
New
Flourish
Want
" 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
" The best engineered organisms can outpace others, even if they start smaller or later. "
Fred Ehrsam
Start
Best
Even
" Not having sub-governance would be like anyone who owns USD being able to walk into a Google shareholder meeting and voting without owning Google stock just because Google shares happen to be denominated in USD. "
Fred Ehrsam
Just Because
Walk
Voting
" People far too often associate derivatives markets with mere speculation, but there are very legitimate businesses that need derivatives to protect themselves against risk. "
Fred Ehrsam
Against
Risk
Need
" 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
" 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. "
Fred Ehrsam
End
Identity
Doing
" 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. "
Fred Ehrsam
Work
Data
Doing
" 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
" The Internet had a core innovation that made it valuable: The ability to disseminate data over a distributed network in a way that was significantly cheaper than the prior methods. "
Fred Ehrsam
Data
Over
Internet
" 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
" 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
Development
Decisions
Support
" While it may seem scarier in the earlier days, I think ultimately the blockchain creates a safer world. "
Fred Ehrsam
Think
Days
Seem
" For the foreseeable future, I'm all about building blockchain-based decentralized services. "
Fred Ehrsam
About
Building
Decentralized
" The ability to easily buy and sell Bitcoin has been a really key factor in accelerating Bitcoin adoption. "
Fred Ehrsam
Key
Ability
Been
" 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
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