Jeff Berwick Quotes

Cryptocurrencies like Bitcoin are already trustless - any machine can accept it from any other, securely. They are (nearly) free. They are global - no central bank required, and any machine can speak the language.

You look at Bitcoin, and it is an entirely new currency, completely decentralized, anonymous; transactions occur incredibly fast for free, all designed by the free market.

Think of Bitcoin as a bank account in the cloud, and it's completely decentralized: not the Swiss government, not the American government. It's all the participants in the network enforcing.

You'll be using digital currency. I think really what will happen is you'll use a combination of bitcoin, ether, your devices, the 'Internet of Things.' We've got billions of devices coming online.

Bitcoins can be traded or used for purchases, but only with those sellers who will accept them. Because it is a system independent of external meddling, there can be no sudden devaluation of Bitcoins through the actions of governments.

In 2008, Bitcoin was mysteriously introduced to the world in an obscure, technical paper written under the pseudonym Satoshi Nakamoto. By late 2013, the financial press was filled with reportage on Bitcoin and its dramatic price increase.

I do think the blockchain infrastructure is here to stay.

Bitcoin solved the double-spend problem. The key problem was payment confirmation without central clearing. Bitcoin's solution was ingenious but wasteful - it's fairly slow, and you can't put other things on it.

If you're someone in the business of verifying transactions on a proprietary network, the invention of Bitcoin cannot be safely ignored. It will change or disrupt the providers of most proprietary payment networks in the coming years.

Bitcoin and other cryptocurrencies are a form of money that's a stable field that the government can't destroy and can't distort. Because its creation is governed by the laws of mathematics. It can't happen any faster or slower than a certain rate, and it all sort of self-adjusts.

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.

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.

Bitcoin's value is the same: It will remain as long as it is the most efficient mechanism for transferring ownership.

Bitcoin is probably the most portable money in the history of the world. I can download any amount onto a thumb drive and walk across any border without any problems. Or, I could commit to memory a line of code that I can then input into the network and save or spend Bitcoins.

I do not understand where the backing of Bitcoin is coming from. There is no fundamental issue of capabilities of repaying it in anything which is universally acceptable, which is either intrinsic value of the currency or the credit or trust of the individual who is issuing the money, whether it's a government or an individual.

In January 2013, one could buy a Bitcoin for about $13. By late November, one Bitcoin would have set a buyer back over $1100.

I think long-term, Bitcoin is a currency of the Internet. So, even if humans don't use it, routers will use it. Web browsers will use it. Web servers will use it.

The ledger, the distributed database - it's called a Blockchain - is held in the cloud by all the parties involved. It can't be broken by any of them. It's cryptographically too strong. You would have to compromise the entire network to take over Bitcoin.

Within my social circle, there is a large group of people who will take bitcoin as legal tender; like, you can go to them and settle debts in Bitcoin, and they will happily take it.

The only thing I can do with my bitcoin is give it to somebody else.

Bitcoin is successful only because of its potential for circumvention, lack of oversight.

Whatever happens to bitcoin, other cryptocurrencies are gaining ground and more respect. Ethereum, for instance, has far more transparency.

Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.

I love this stuff - bitcoin, ethereum, blockchain technology - and what the future holds.

Blockchain's a very interesting technology that will have some very profound applications for society over the years to come.