I love this quote below from Fred Wilson. Full video is below, but go to 1hour, 3min mark to see the conversation on Bitcoin. Part of this video is confusing because Battelle makes it seem as if USV invested in Bitcoins, but USV in fact invested in a company in the Bitcoin ecosystem. That’s a big difference. Note that Wilson recently led a Series A from USV into Coinbase, where they invested $2.5M in dollars, not Bitcoins 🙂
I don’t know whether it’s going to be Bitcoin, or some derivative, or fork of Bitcoin, but I do feel that we are losing trust over time in our institutions, our banks, our governments…they can’t fuck us over anymore, it’s just enough, and so we need to come up with something new that we can trust in, and a lot of these institutions that we’re gaining trust in are on the Internet, and they’re communities — they’re things like Reddit, Tumblr, and maybe Bitcoin too, and they’re based on protocols, things like RSS, SMTP, and potentially Bitcoin as well. We may be completely wrong, it may be a fantasy…it’s straight out of a sci-fi novel, but sci-fi novels are the best things you can read if you want to invest…it feels right to me, it’s a gut-bet.