- “The way I would explain it without dumbing it down too much, it’s a platform that allows a software package that contains business logic and user data to sit in the cloud. A copy of this cloud is replicated by millions of computers around the world to keep code/data integrity.”
- “The user interface is an open source project that communicates with the software package in the cloud. To incentivize people to replicate this software package to be maintained you pay them with a digital currency. The value of digital currency is determined by the popularity of the entire platform. Early adopters gain the most if the platform becomes a success.”
- “What makes this platform unique is that the business logic / data cannot be taken down or changed unless multiple anonymous developers around the world agree to do so. This makes it so authorities cannot take down software or data they don’t like. Some use cases are: legal public records (deeds, court cases records, fictitious business names, etc)”
(26:10) Izabella Kaminska
- Volatility is currently the biggest enemy of Bitcoin.
- They’re the new 1%. They’re the 1% of the Bitcoin economy. Which again, goes against the whole democratization side of the argument.
- Because really, you’re not democratizing the economy. You’re just transferring the power from the existing elite to a new elite.