Upgrade to Pro
— share decks privately, control downloads, hide ads and more …
Speaker Deck
Features
Speaker Deck
PRO
Sign in
Sign up for free
Search
Search
How cryptocurrencies can succeed
Search
Greg Brockman
July 10, 2014
Technology
2
1.3k
How cryptocurrencies can succeed
Greg Brockman
July 10, 2014
Tweet
Share
More Decks by Greg Brockman
See All by Greg Brockman
How we scaled Stripe from 4 to 94 employees
gdb
2
1.4k
Rescuing Ruby
gdb
1
930
Building better software through mathematics
gdb
4
1.3k
Shipping at Stripe
gdb
1
640
Building a Culture Where Software Projects Get Done
gdb
3
920
Other Decks in Technology
See All in Technology
反実仮想機械学習とは何か
usaito
PRO
7
2.4k
検証を通して見えてきたTiDBの性能特性
lycorptech_jp
PRO
6
3.4k
Hands-on / Kaname Frusawa / Cloud Compare Users Meetup 2024 at University of Tokyo on April 17
paraworld
2
470
巨大なテーブルのテーブル定義を無停止で安全に誰でも変更できるようにする / Table-definitions-for-huge-tables-can-be-modified-by-anyone-safely-and-non-disruptively
freee
1
740
〜小さく始めて大きく育てる〜データ分析基盤の開発から活用まで
kniino
0
2k
DevOpsDays History and my DevOps story
kawaguti
PRO
8
1.6k
**強い**エンジニアのなり方 - フィードバックサイクルを勝ち取る / grow one day each day
soudai
62
18k
元インフラエンジニアに成る / Human Resources to Human Relations
bobtani
3
830
LLM とプロンプトエンジニアリング/チューターをビルドする / LLM and Prompt Engineering and Building Tutors
ks91
PRO
0
220
カオナビの利用実績をアウトカムへつなげる旅 / example-of-data-management-startup-in-kaonavi
kaonavi
0
120
現代CSSフレームワークの内部実装とその仕組み
poteboy
6
1.8k
Databricks:『生成AI World Cup』のご案内
databricksjapan
2
150
Featured
See All Featured
The Straight Up "How To Draw Better" Workshop
denniskardys
227
130k
Facilitating Awesome Meetings
lara
41
5.6k
Keith and Marios Guide to Fast Websites
keithpitt
408
22k
Debugging Ruby Performance
tmm1
70
11k
CoffeeScript is Beautiful & I Never Want to Write Plain JavaScript Again
sstephenson
154
14k
Visualization
eitanlees
135
14k
Building an army of robots
kneath
300
41k
JavaScript: Past, Present, and Future - NDC Porto 2020
reverentgeek
39
4.4k
Become a Pro
speakerdeck
PRO
10
4.5k
Writing Fast Ruby
sferik
620
60k
XXLCSS - How to scale CSS and keep your sanity
sugarenia
240
1.2M
Refactoring Trust on Your Teams (GOTO; Chicago 2020)
rmw
24
2.3k
Transcript
How cryptocurrencies can succeed Greg Brockman Stripe CTO // @thegdb
The three functions of money… • Store of value (place
to hold savings)! • Unit of account (stable increment for records)! • Medium of exchange (way to transport value)
Bitcoin has promise as a currency in high-inflation economies, but
it’s a tough sell for most consumers today
The three functions of money… • Store of value (place
to hold savings) • Unit of account (stable increment for records) • Medium of exchange (way to transport value)
It’s surprisingly difficult to transport value • The experience of
paying online hasn’t changed much in the past 20 years • International payments are very high friction
Cryptocurrencies are uniquely situated to solve these problems
Start with building gateways which allow consumers to keep thinking
in local currency CAD <-> BTC Consumer Bitcoin network
How a gateway works • Consumer has an account with
the gateway, likely tied to their bank account • Consumer specifies all actions in fiat currencies
The world’s financial systems are largely isolated today.
None
Building a gateway • Gateway complies with local regulations (e.g.
identity verification) • Gateway doesn’t need any cross-border relationships
Given a global network of gateways, build a great payment
experience cad-gateway.com/alice
Bitcoin would be the IP layer of payments stripe.com <>
cad-gateway.com/alice ! 50.18.187.106 <> 1PCa6dEQFEy…
Not the first global network
Not the first global network
Not the first global network
How does this compare to Visa? [x] Network for initiating
transactions and moving funds [ ] Consumer trust and protection (chargebacks, stolen cards) [ ] Setting rules and regulations, ejecting bad actors
Unless we solve decentralized reputation, we’ll see the emergence of
a few centralized consumer trust providers
Starting to see consumer protection emerge in the form of
escrow ! ! ! ! ! ! However, escrow is unlikely to be the long-term solution
Instead, we’ll see “consumer trust” providers emerge, gaining traction by
boosting purchases + = ??
cad-gateway.com/alice The consumer trust providers will mediate chargebacks for purchases
under their aegis Purchase protected with ??
Because these consumer trust providers will have such strong brands,
gateways will want to co-brand with them
The trust providers will need to set and enforce rules
for merchants and gateways to work with them
So… what did we gain? • A technologically-open ecosystem •
A decomposition of the existing layers into independent companies • A truly global network for both P2P and consumer-merchant transactions
Open question: how do we bootstrap the gateway ecosystem?
Greg Brockman Stripe CTO // @thegdb