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people think that the power of the internet comes from the ability to transmit information fast. But the real power of the internet comes from net neutrality. Net neutrality is the concept that the internet does not discriminate based on source, destination or content.
the disruptive technology has to live in a world created for the technology it’s replacing. When you first ride your brand new automobile in a city, you are riding on roads used by horses with infrastructure designed and used for horses.
"Electricity is a fad and as soon as we close the fair and take down the Eiffel Tower, electricity will vanish in history."
if you think about it, the telephone line is like a dirt road and you’re trying to drive a car over it.
Then, I started thinking of currency as an application. And then, I started thinking of currency as a means of expression.
You see, money, at the very root of it, is a language. It’s a language we use to express value to each other.
think of currency as an application, then you realize that it doesn’t really matter.
We’re going to start treating currency as an application,
unified currency experience, that allow us to have a single wallet with perhaps 150 different currencies in it.
if it doesn’t have any practical use in itself—then as an abstraction of money it represents something else, some shared value.
Money is a shared cultural hallucination. It’s a shared delusion.
Value comes from the assumption that I can use it again.
Why is bitcoin money? Because other people think it’s money.
The self-owning car. A car that pays for its Toyota lease, its insurance, and its gas, by giving people rides. A car that is not owned by a corporation.
digital autonomous charity. Imagine a system that takes donations from people, and using those donations it monitors social media like Twitter and Facebook. When a certain threshold is reached and it sees 100,000 people talking about a natural disaster, like a typhoon in the Philippines, it can marshal the donations and automatically fund aid in that area,
It doesn’t have any of the good parts of a bank—like the ability to easily reverse transactions, to get a refund if you lose your private key.
They made the mistaken assumption that their control over the medium was the source of quality.
That is stinky, unabashed elitism at its absolute worst. It assumes that the gatekeepers are the source of quality, when all they are is gatekeepers.
This allows us to charge for video-streaming by the second.
