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" While it may seem scarier in the earlier days, I think ultimately the blockchain creates a safer world. "
Fred Ehrsam
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Days
Seem
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" 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
" 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
" The ability to easily buy and sell Bitcoin has been a really key factor in accelerating Bitcoin adoption. "
Fred Ehrsam
Key
Ability
Been
" Scaling is multidimensional. Different methods address different things. "
Fred Ehrsam
Things
Scaling
Methods
" 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
" For the foreseeable future, I'm all about building blockchain-based decentralized services. "
Fred Ehrsam
About
Building
Decentralized
" 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
" 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
" 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
" 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
" 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
" Developer mindshare is the most important thing to have in digital currency. "
Fred Ehrsam
Currency
Most
Important
" 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
" 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
" 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
" 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
" Ethereum will be a first-class citizen on Coinbase. "
Fred Ehrsam
First-Class
Citizen
Ethereum
" 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
" 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
" 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
Party
" 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
" 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
" 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
" 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
" 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
" Everything will be tokenized and connected by a blockchain one day. "
Fred Ehrsam
Day
One Day
Blockchain
" 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
" 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
" 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
" 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
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