David Sacks on Bitcoin

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David Sacks is the co-founder of Craft Ventures, a venture fund focused on technology and cryptocurrency. He previously founded Yammer, and was also COO of PayPal.

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Created by the pseudonymous Satoshi Nakamoto in 2009, Bitcoin is a peer-to-peer electronic cash system.

Finance and payments

Bitcoin reviews by David Sacks

πŸ”‘ 2 positive | πŸ’© 0 negative

2017

  • πŸ”‘

    After [serving as COO of] PayPal I never thought I would get interested in payments again. But Bitcoin is fulfilling PayPal's original vision to create "the new world currency." We actually had T-shirts printed in 1999 with that mission statement.

    A payment is just a credit to one account and a debit to another. That's a database entry. We believed that, if we could get enough people to participate, money would never need to leave the system. PayPal could become the database of money.

    . . . [C]ryptocurrencies like bitcoin are now fulfilling that original vision. They are doing it in a decentralized way (with a decentralized database called the blockchain) whereas PayPal tried to do it in a centralized way.

    2017-08-14 | Full Review

2013

  • πŸ”‘

    The difference between Bitcoin and a bubble is that if everyone believes it Bitcoin, it actually becomes true.

    2013-11-27 | Full Review

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πŸ”‘

We are big fans of 0x. As the number of tokens becomes infinite, you need a protocol, not just a central exchange, to find counter-parties. Just like you needed a search engine, not just a directory, to find websites as the number became infinite.

2018-02-06 | Full Review

πŸ”‘

The big development since the emergence of Bitcoin itself is that the underlying enabling technology, the blockchain, has been turned into a developer platform. The leading platform is called Ethereum. It's a platform for creating new kinds of decentralized apps and cryptocurrencies (or "tokens" or "coins"). It's also created a new funding source for this innovation in the form of initial coin offerings (ICOs). So we have all the ingredients necessary for a whole new wave of innovation.

For those of us who lived through the dot-com era, this feels reminiscent. You have some of the same speculative excess and random enrichment. But you can also feel that something revolutionary is happening. Money is being made programmable. That's a fundamental change with implications we can still barely see.

2017-08-14 | Full Review

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πŸ”‘

I don't have a view on what the ultimate value of a Bitcoin will be nor do I care. I am interested in Bitcoin plain and simply because I believe it can be and possibly will be the financial and transactional protocol for the global Internet.

2013-11-24 | Full Review

πŸ”‘

If something is to displace Bitcoin now, it will have to have sizable improvements and it will have to happen quickly. Otherwise, this network effect will carry Bitcoin to dominance.

2014-01-21 | Full Review

πŸ”‘

Bitcoin takes powers from the central actors and returns it to merchants and consumers, savers and borrowers. Bitcoin brings back some pseudonymity in the transactions, and can be irrevocably traded like cash. And finally, it points a way towards a single currency – it is a bug, not a feature, that we have multiple global currencies with exchangers and transaction fees in between.

2013-11-07 | Full Review

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