I'm Roger Ver, the first Bitcoin angel investor, ask me anything!

[rogerver]

Hi Roger!

Thanks for all you do - that's a great summary page.

1-- As this industry grows its harder every day to keep up with who's who and what is being done.

2-- What projects and types of tech are you most excited about?

In the short term, I'm most excited by consumer facing tools like Purse.io and Foldapp. I think both of them have the ability to drive millions of new people to start using Bitcoin. I'm also excited about services like Bitwage that make it easier for existing businesses to do their payroll in Bitcoin. In the slightly longer term, I'm more interested in tools like Bitcoin Hive Mind.

3-- You are probably the most tireless Bitcoin advocate....what do you think of projects using related technology like Ethereum?

I think lots people think that I have time to read everything about everything. Unfortunately I don't. From the small amount I do know about Ethereum, I think it will be an amazingly useful computing platform, so I'm very excited about that. I'm not as optimistic on the future value of ethers.
My opinions on this are not strong though. Please refer to my Murray Rothbard quote from above.

4-- I'm totally in line with your political beliefs, they are a solid base for many in this industry--

I think that's why we get along so well!

how do we best welcome more executives and investors to bitcoin who may have different views?

Bruce

I've had more than one billionaire tell me privately that they agree with the things that I say, but that they can't say those same things publicly. I'll let them come forward when they are ready, but I think this shows that there is even more of a reason for all of us to speak up. If each of us remains quiet about calling the state a violent criminal gang, with no moral justification for the the things that it does, then everyone around the world who thinks these things privately, will feel alone. The more of us that speak up and point out that the military draft is the moral equivalent of kidnapping and slavery, war is mass murder, and taxation is theft, the more additional people, who previously felt alone, will be willing to speak up and have their voice heard. All it takes for the evil doers in government to cause so many problems for the world, is for the rest of us to stay quiet. I'd also like to point out that I don't think people in government are intentionally committing evil and destructive acts. I think the vast majority of these people have never had it pointed out to them that what they are doing is morally wrong, and economically destructive. I wasn't born thinking these things myself either. It wasn't until I was exposed to these ideas, backed up by logic and facts, that I came to see government for what it really is. I hope my own speaking up will embolden others to speak up as well. I posted it before, but I think this video really does an amazing job summing up the immorality of most state actions. Please consider sharing it with your friends and family.
https://www.youtube.com/watch?v=PGMQZEIXBMs

[bitc0in]

Hello Roger Ver,

I was wondering if an AMA with Ross Ulbricht is possible (and also an AMA with Karpeles?)

Thanks.

[rogerver]

Roger -

Thanks much for providing your insight on so many issues we all desire to hear from you on. I reached out to you way back in the day and have been encouraged by your openness to connect and respond; even though we don't know each other personally.

It is such a change from the early days when I had a hard time getting anyone to listen to me about Bitcoin. Thanks so much for getting involved!

Q1. What do you think of the new computers being launched by 21 via Amazon?

I actually haven't had enough time to read about them, so I don't know enough yet. If you do want to buy one, make sure to use Purse.io to save 20% or more!

Q2. It was revealed that ISIS has about $3M in bitcoin - do you think this is a hit again the technology since it allows criminals like this to operate?

I suspect it is a lie that ISIS has $3M in bitcoin, but I am sure they have a lot more than $3M United States Dollars.
ISIS is certainly a problem because they murder innocent people, but the USA government is an even bigger problem, and for the exact same reasons.
https://twitter.com/rogerkver/status/637673328182882304

Q3. What do you do to relax? I'd assume that you are not all work?

I think I only have three things that take up time in my life:
1. Working on Bitcoin. When I get tired, I relax by watching Bitcoin videos on Youtube, or reading Bitcoin news on /r/BTC
2. Working with the lawyers, CPAs, and accountants to do everything exactly as demanded by the US government for my US citizen exit tax.
I'm sure federal prosecutors along with their teammates, federal judges, would love to throw me in prison for me publicly pointing out the economic stupidity, and moral repugnancy of what they do in society.
3. Practicing and competing in Brazilian Jujitsu tournaments. There are actually more BJJ videos of me on youtube, than Bitcoin stuff.
I don't always win, but at least I'm wearing m Bitcoin Gi.
https://twitter.com/rogerkver/status/539440091777597441

Have a great day and thanks again for all you do for the bitcoin community.

You didn't ask me, but yes, I am a big fan of Tesla cars.
I would love to have one some day. I'm most interested in the self driving feature so I can work on Bitcoin related things while my car that was bought with Bitcoin drives me to the restaurant that I can pay with bitcoin.

[moe]

Roger,

Thanks for all you've done for bitcoin and the community.

Hypothetical question:

Fast forward five years... bitcoin / blockcahin is the backbone of a lot of new technology. Making transactions faster, smoother, more secure and identifiable. But - bitcoin has nothing to do with personal privacy, personal control of money, balancing greed and mitigating war.

Has bitcoin failed?

Moe

[rogerver]

Many thanks for everything you do for bitcoin, including setting up this forum, arranging the AMA, helping bitcoin reach a wider audience every day etc etc!

No need to thank me. It has been super fun for me!

As a p2p system, do you worry that bitcoin could be overrun by institutions (banks for example) who could exert a level of control over bitcoin mining, ownership, or as a means to transact with bitcoin?

No. The instant Bitcoin is controllable, or censorable, or no longer fungible, it will lose most of its value. Therefore the whole ecosystem is motivated to make sure none of those bad things happen.

You are sometimes referred to as 'Bitcoin Jesus' is this something you mind/ embrace/ abhor?!

If I had a time machine, I would prefer not to have ended up with that nickname.

Who would you say are the best and worst persons you have met through bitcoin?

I've met so many amazing people that I couldn't possible name them all. I've met a few bad people as well, but for the most part, if you don't have something nice to say, don't say anything at all, except for OKcoin. They are a bunch of liars and cheaters, so everyone should beware of them.

What do you think about physical bitcoins? (we believe we have helped bring bitcoin ownership and awareness to a wider audience, but have faced accusations physical bitcoins 'confuse' the technology)

I think physical bitcoins are a fantastic tool for people to learn about bitcoin. I sold thousands of the Casascius physical bitcoins before strangers, who had never met Mike Caldwell, sent him threatening letters in the mail demanding that he stop producing them. I hope those same strangers never threaten you for your business. Good luck!

[rogerver]

Thanks for your contributions to the ecosystem.

March 2011, I started looking into Bitcoin bit more.

What was the trigger to look into it more deeply?

I heard about it on Free Talk Live, a podcast I like to have on in the background as I go about my life.
Around the same time, the US government cracked down on all the online gambling sites.
A light bulb went off in my head, people are going to use Bitcoin to gamble, and that will make Bitcoin more popular.
It hasn't exactly played out that way yet, but I was clearly on the right track.

[rogerver]

Hey Roger,

1. When did you first hear about Silk Road and did you every meet Ross before he was sentenced, i have seen people saying he used to attend meetups selling cheap coins (not sure if true)

I've never met him that I'm aware of. It is possible that we both attended the SF meetups at the same time, but if we did, neither of us knew what the other was up to at that time.

2. Have you always wanted to run your own bitcoin forum or is this a new idea?

I had no desire to run a forum or a website of this kind, but since it kind of fell on me, I want to do the best I can to make it a worth while place. There are lots more cool things in the works, so stay tuned!

3. Since living in Japan have you got yourself a beautiful japanese wife/girlfriend?

I would be in trouble at home if I commented on this in any way.

[rogerver]

Hi Roger,

What is new about Bitcoin is its censorship resistance. Smart guys like Adam Back and Nick Szabo and Gregory Maxwell say that raising to block size limit too aggressively risks neutering Bitcoin by shifting the incentives towards centralization, which then makes it much less resistant to censorship.
Given this, why are you in favor of BIP101?

Nick Szabo and Gregory Maxwell are all super smart guys, but I don't agree with them on this issue.
I think bigger blocks will mean more decentralization, not less. I took the time to put my thoughts on this issue in writing here, but it was promptly censored from /r/Bitcoin. Please also refer to my Murray Rothbard quote above.

Will you personally financially benefit more from a centralized Bitcoin that is government-friendly or from a decentralized Bitcoin that governments oppose?

It's hard to say. If I had to guess, I would likely make more money if Bitcoin were embraced by governments, but I'm not involved for the money. As I've stated openly many times, my intent is to use bitcoin to separate money and state.

[rogerver]

What are your thoughts on decentralized prediction markets? What would be the greatest hurdle to the adoption of this technology?

This is one of the things I am the most excited about. They will have to be truly decentralized, or the state will shut them down, but I think someone will succeed in creating this soon. I hear Bitcoin Hive Mind is getting very close to having an alpha client ready for public release, and Augur has already had their alpha launch. It only takes one team to succeed, and the world will become a much more interesting place.

[rogerver]

Hi from Spain, Roger.

Some questions to shared with you.

1. I'm conscious that in 10 or 15 years maybe, paper money will be disappear totally. For the other hand in the world, transactions with cash, ( without taxes or black money ) must be necessary in life, the high taxes of the state made that workers, sealers,traders, retail shops, bakers.... they need to do black transactions in real life to avoid pay high taxes for his work. When every currency be digital the state will take the control of ours transactions... The equilibrium between rich and poor will be huge. Would be bitcoin the digital free money necessary to balance this desire? I mean, bitcoin is already Free..but if all the money is digital the unique digital currency with freedom will be Bitcoin..Bitcoin will be the digital currency more precious. What do you think, digital money, digital black money?

My hope is that Bitcoin will empower individuals to have 100% complete control over their own finances and that governments with whither away into nothingness while the services that they offer are replaced by voluntary interactions in the market.

2. What happen if 21.000.000 BTC are created and people don't want to pay commission with transactions... Destiny of miners have sense? or when that occurs 1BTC= 1.000.000$ ?

I think this video addresses those questions very well: https://www.youtube.com/watch?v=ad0Pjj_ms2k

3. Bitcoin security system is really expensive today ( the way to verify transactions ) ...I mean. each 10min / 25 BTC soon 12.5BTC.

Example:
If 1BTC =1000$, 1 day= 1.800.000 $ in security. In comparison to modern bank, how much would be the amount of security?

The free market will decide.

4.Do you think is necessary a central authority of Bitcoin to solve future problems when blockchain be more important in ours lives?

Thanks !

If your question is, "will Bitcoin need a central authority to solve problems once it becomes more popular?", I think the answer is already becoming clear. The more popular Bitcoin becomes, the more difficult it will be to make any changes. We are already seeing this with the current block size debate.

[Joe]

Hey Roger, awesome AMA.

I'd love to know if you were always entrepreneurial from a young age? Also what advice would you give entrepreneurs out there?

[rogerver]

March 2011, I started looking into Bitcoin bit more.

What was the trigger to look into it more deeply?

I heard about them for the second time on Free Talk Live, so I decided to google them again.
Once I realized that the supply was limited, and transactions couldn't be blocked or censored, it was off to the races!

[rogerver]

In what type of startups you love to invest?

I'm only interested in things that bring individuals more control over their own lives.
That's why I got involved with Bitcoin.

[rogerver]

Also When will you make a documentary of yourself Roger(I would very interested to see it)?

I don't have plans for anything like that. Perhaps a book some day before I forget, but in the short term, I have too many other things to work on.

[rogerver]

If the Hong Kong summit doesn't end with a consensus that includes a sizeable block size increase I think you and a lot of other people will come to the conclusion that the people in favour of smaller blocks don't understand economics and how the gold standard died step by step. I hope you (as a very prominent person in the bitcoin community) will lead an initiative to implement a bitcoin fork. Comments?

Anybody can fork bitcoin at any time, for any reason. The hard part is getting others to come along for the ride. Economically speaking, I don't think there should be a block size limit, if the technology itself doesn't break. Technologically speaking, I don't know if larger blocks would cause the protocol to break, but it seems like there is plenty of evidence that it will be just fine. The end result is that I don't have a strong enough technical background to advocate for a fork.

[rogerver]

Whats your take on Ripples, Ethereum and MaidSafe in 5 years? In terms of investment potential and digital currency expasion.

I don't know much about them, so I don't have a strong opinion, but I haven't seen anything that would make me think that they could surpass Bitcoin.

[rogerver]

Roger Ver
How fast should blockchain gambling be?
Will they gamble on horse races?

People like to have everything right away, so the sooner the better. Individuals have different preferences, so I'm sure some people will love to gamble on horse races.

[rogerver]

Hi Roger,
What have you learned about investing from your experiences with bitcoin companies?

Many businesses fail. Entrepreneurs who follow through and pay attention to fixing every aspect of a product are the ones that are most likely to succeed.

Is there advice you would give to others about what to avoid?

Don't invest money you can't afford to lose. Everyone thinks their own ideas are amazing and couldn't possibly fail.
Don't believe them. Assess their idea for yourself.

[rogerver]

Given that a part of your approach with Bitcoin has been one of generosity in donations and standing up very publicly against wrongs, do you think your approach with Bitcoin will or could re-shape the way others choose to live, spend and engage? (especially with the minimized fear of being investigated as a donor by authorities as with antiwar.com, Barrett Brown, Wikileaks etc ...)

Oh, and hi, thanks for the red pill.

All I can do in this world is to say and do what I think is right. Blindly obeying "authority" is for people that are trying to escape the responsibility involved with being a thinking human being.

[rogerver]

What are your thoughts on hardware projects like 21.co's Bitcoin Computer? Do you think connected hardware like this will drive adoption at all? Would you invest these types of integrated hardware projects?

There is so much more going on in the bitcoin ecosystem than any one person can keep up with.
So the short answer is that I don't know. I also wouldn't invest in anything I don't understand.
The few times I invested in something without doing my own due diligence, things usually ended up with me losing all of my investment very quickly.

[rogerver]

Roger, thanks for all you do in the space. I know you do more than we see.

Question: What should entrepreneurs be doing to prepare for the up and coming Bitcoin Land Grab? More specifically how should I be setting up my Bitcoin Companies to be in the best position for acquisitions and future partnerships? Should I have several companies for each project, or should I have one parent company with multiple DBAs etc.

If you own 100% of the equity, I don't think this really matters. I would focus be on building products that people have a reason to use. Build up the biggest user base of happy paying customers you can.

Question 2: Are there any points of unusually liability we Bitcoiners should be worried about or prepared for? e.g. maybe early on I suggested a Newbie use MtGox and they lost their retirement, I might be liable for the loss. Is there anything you are looking at from a liability point of view that is rather unique and hard to see coming?

I don't think I'm the right person to ask this sort of question. I have a poor track record of spotting trouble coming in advance. I just try to live my life by the non-aggression principle, the golden rule, and Harry Browne's silver rule that many people may not be aware of. The silver rule is this: be the kind of person with whom you wish to associate, because that’s how you attract those types of people into your life.

[rogerver]

1. What are your favourite books?

It's so hard to chose just a few.
Some that really shaped my view of the world:

Non fiction:
Man, Economy, and State by Murray N. Rothbard
The Ethics of Liberty by Murray Rothbard
I can't recommend reading anything by Rothbard strongly enough.

Atheism: The Case Against God by George H. Smith
As someone who was raised christian, and attended religious schools, after reading this book, I couldn't help but feel embarrassed for ever having believed in any god.

The Law by Frederic Bastiat
The #1 best seller on Amazon for years. You will receive a healthy dose of the red pill in the one or two hours that it takes to read this 60 page book.

No Treason: The Constitution of No Authority by Lysander Spooner
I remember reading this book while I was in high school and finding his reasoning against black slavery, and against government in general, equally compelling.

The Machinery of Freedom by David D. Friedman
The book lays out a practical case for how society could function without a monopoly government.

The Most Dangerous Superstition by Larken Rose
This book turned me into a political atheist, and made me realize that debating how "authority" should be used, and what government should do, is exactly as useful as debating how Santa Claus should handle Christmas.

The Age of Spiritual Machines by Ray Kurzweil
The technological singularity is coming!

Fiction:
The Moon Is a Harsh Mistress by Robert A. Heinlein
It is a tale of revolution, of the rebellion of the former Lunar penal colony against the Lunar Authority that controls it from Earth.
Cryptonomicon by Neal Stephenson

If you are extra interested, I really enjoyed this debate between the authors of two of the books above:
https://www.youtube.com/watch?v=j9YVqZN9LJk

2. Who are the people in Bitcoin that impress you the most?

I like people who take action to get things done. The underlying theories are important, but without putting them into practice they aren't worth much.
I guess that means I'm a fan of all the entrepreneurs and CEOs that are building businesses. I'm an especially big fan of those who are willing to engage in business without the permission of the state. Bryan Micon, the creator of Seals With Clubs is one example. He built a website offering a service that people around the world voluntarily chose to use because they enjoyed it. Then, people who Bryan had never met in his entire life, showed up at his house with guns, kicked down his front door, and kidnapped him away from his family because he hadn't asked for the permission of other strangers to setup his website. Eventually these same strangers demanded that he pay them tens of thousands of dollars and that he be under their supervision for the next three years. All of this because he simply didn't ask strangers for their permission to setup a website! A lawyer in the bitcoin space recently commented to me that "Bryan's crime was not so serious". I thought to myself, Bryan's "crime" was no crime at all! The real crimes were committed by the police that kicked down his door, the prosecutor that ordered them to do so, the politicians that claimed he needed their permission to operate a website, and the judge who sentenced him. When judged by the same standards as everyone else, those claiming to be "government" are just a gang of thugs, terrorists, thieves, & murderers.

3. Who will build the roads?

[/quote]
But who will pick the cotton?
https://www.youtube.com/watch?v=7GX4-hdzJwo

[rogerver]

Hello Roger Ver,

I was wondering if an AMA with Ross Ulbricht is possible (and also an AMA with Karpeles?)

Thanks.

Hopefully those will be possible some day, but not yet.

[rogerver]

Roger,

Thanks for all you've done for bitcoin and the community.

Hypothetical question:

Fast forward five years... bitcoin / blockcahin is the backbone of a lot of new technology. Making transactions faster, smoother, more secure and identifiable. But - bitcoin has nothing to do with personal privacy, personal control of money, balancing greed and mitigating war.

Has bitcoin failed?

Moe

Bitcoin won't have failed in general, but it will have failed to achieve the things that motivated me to get involved.
I'm more confident than ever that Bitcoin will succeed on both fronts, so I'm continuing to work hard every day.

[rogerver]

Hey Roger, awesome AMA.

Thanks!

I'd love to know if you were always entrepreneurial from a young age?

I suppose I was. I remember in Jr. High, the teachers were selling candy bars during the beginning of each class to raise money for something for the school. I thought to myself that I should do the same thing, so I bought candy bars at Costco for about $.25 each, and carried them with me in a shoe box to school each day and sold them for $0.50 to the other students. I was often able to earn $50+ a week doing this, which was a great deal of money for a Jr. High school student in the 90's.

Also what advice would you give entrepreneurs out there?

Find a problem, want, or desire, that people have. Then find a way to give them what they want, and charge them for it. Look for things that are easy to replicate on a bigger and bigger scale as well.

[LISAM]

Hie Roger,

Want ask im in europe and i love bitcoin what can be our solution in case EU commission recomends a ban on digital currency including bitcoin as a threat associated with terrorism sponsorship ?

Does this affect the future of bitcoin in europe?

[TeslaGen3]

Roger -

Thanks much for providing your insight on so many issues we all desire to hear from you on. I reached out to you way back in the day and have been encouraged by your openness to connect and respond; even though we don't know each other personally.

It is such a change from the early days when I had a hard time getting anyone to listen to me about Bitcoin. Thanks so much for getting involved!

Q1. What do you think of the new computers being launched by 21 via Amazon?

I actually haven't had enough time to read about them, so I don't know enough yet. If you do want to buy one, make sure to use Purse.io to save 20% or more!

Q2. It was revealed that ISIS has about $3M in bitcoin - do you think this is a hit again the technology since it allows criminals like this to operate?

I suspect it is a lie that ISIS has $3M in bitcoin, but I am sure they have a lot more than $3M United States Dollars.
ISIS is certainly a problem because they murder innocent people, but the USA government is an even bigger problem, and for the exact same reasons.
https://twitter.com/rogerkver/status/637673328182882304

Q3. What do you do to relax? I'd assume that you are not all work?

I think I only have three things that take up time in my life:
1. Working on Bitcoin. When I get tired, I relax by watching Bitcoin videos on Youtube, or reading Bitcoin news on /r/BTC
2. Working with the lawyers, CPAs, and accountants to do everything exactly as demanded by the US government for my US citizen exit tax.
I'm sure federal prosecutors along with their teammates, federal judges, would love to throw me in prison for me publicly pointing out the economic stupidity, and moral repugnancy of what they do in society.
3. Practicing and competing in Brazilian Jujitsu tournaments. There are actually more BJJ videos of me on youtube, than Bitcoin stuff.
I don't always win, but at least I'm wearing m Bitcoin Gi.
https://twitter.com/rogerkver/status/539440091777597441

Have a great day and thanks again for all you do for the bitcoin community.

You didn't ask me, but yes, I am a big fan of Tesla cars.
I would love to have one some day. I'm most interested in the self driving feature so I can work on Bitcoin related things while my car that was bought with Bitcoin drives me to the restaurant that I can pay with bitcoin.

I knew I missed an important question Yes they are amazing cars. I've had the opportunity to both drive and ride in on numerous occasions - it's a SPACESHIP!

[ronnieb]

be the kind of person with whom you wish to associate, because that’s how you attract those types of people into your life.

Classic!!! You'll expend a lot of energy doing this... but in the end, the small tight group you end up will be worth it!!!! Thanks!

[jan.beeck]

Hi Roger,

Do you see possible the idea to help the 2 billions of unbanked adults using Bitcoin as a transfer layer of money? 20 USD could have a huge impact at a local level for poor entrepreneurs.

Thanks
http://www.crowbe.com

[helmo]

Hi Roger.
I'm completely new to the bitcoinworld, am not technical, with very little cash but very interested in buying 1 whole bitcoin now, and possibly mining through your recommended sources. Is that possible at all?

Considering I don't yet know the first thing about choosing a wallet / setting up a wallet if this is even the right way to say it, and the actual act of buying bitcoin:
Is there a place to access a tutorial on bitcoin.com on how to ..?

I'm from South Africa and can't seem to find a reputable company where founders or top line management are without a badly checkered past, through whom to do the above.