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" I think the whole narrative of blockchain without bitcoin will amount to very little. "
Fred Ehrsam
Very
Think
Blockchain
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" There is nothing that Bitcoin can do which Ethereum can't. While Ethereum is less battle-tested, it is moving faster, has better leadership, and has more developer mindshare. "
Fred Ehrsam
Nothing
Better
Leadership
" 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
" 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
" 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
Trustworthy
Open
Data
" 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
People
Beginning
Day
" Ethereum will be a first-class citizen on Coinbase. "
Fred Ehrsam
First-Class
Citizen
Ethereum
" 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
" 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
" 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
" 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
" When you drill down, blockchains are really a shared version of reality everyone agrees on. So whether it's a fully immersive VR experience, augmented reality, or even Bitcoin or Ethereum in the physical world as a shared ledger for our 'real world,' we'll increasingly trust blockchains as our basis for reality. "
Fred Ehrsam
Experience
Trust
World
" 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
Professional
Think
People
" 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
" At GDAX, we want to see new protocols and their tokens flourish. "
Fred Ehrsam
New
Flourish
Want
" 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
" When Coinbase was starting, we thought we were seeing the birth of something that was really important - what I would almost describe as the future fabric of society - the system for who we are - our identities, what we own, our assets. "
Fred Ehrsam
Important
Own
Thought
" 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
" The best engineered organisms can outpace others, even if they start smaller or later. "
Fred Ehrsam
Start
Best
Even
" Scaling is multidimensional. Different methods address different things. "
Fred Ehrsam
Things
Scaling
Methods
" For the foreseeable future, I'm all about building blockchain-based decentralized services. "
Fred Ehrsam
About
Building
Decentralized
" 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. "
Fred Ehrsam
Early
Everyone
Project
" 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
" 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 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
" Blockchains are digital organisms. As organisms evolve through changes in their DNA, blockchain protocols evolve through changes in their code. And like biological organisms, the most adaptive blockchains will be the ones that survive and thrive. "
Fred Ehrsam
Survive
Changes
Blockchain
" Forks often arise from differences of opinion in the direction of a project. And tokens are increasingly a mechanism for voting on changes to their protocols. Since the point of a fork is to try a new path, the new fork may not want to port all of the prior holders opposed to trying the new path the fork was created to take. "
Fred Ehrsam
Direction
Voting
Path
" 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
" 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
" 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
" 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