On the other side are hundreds of young companies backed by brilliant cryptographers, complex programming and security protocols and varying degrees of anti-establishment fervor.
The United States government, European Union and other currency-creating governments will use every means to keep control of money.
David joined as CTO and later became Chief Cryptographer.
In a coffee shop in the East Bay, Jed and David convinced Jesse Powell to invest 0,000 into what was then known as Opencoin Inc.
There will be a “Bitcoin 2.0,” and it will likely emerge from one of the hundreds of currencies that have been started in the past couple years.
This article focuses on two of those cryptocurrencies, Ripple and Stellar.
Its gross currency value of 7 million in mid-December puts it second behind Bitcoin’s .6 billion. Stellar, started in July 2014, is one of the newcomers (market cap of million).
On one side are governments, fiat currencies and the world banking industry.
Soon after, they brought aboard legendary futurist Arthur Britto, who became the venture’s chief strategist. Mc Caleb had found someone else to handle the business responsibilities, what he still needed was a grown-up to mind the store.
Despite IQs that look like professional bowling scores, no one in the trio could actually operate a company. Chris Larsen completed the all-star team as CEO of what became Ripple Labs. Larsen had already taken a pair of complicated start-ups and built them into thriving businesses: E-Loan, one of the first online mortgage companies, which IPO’d and is now part of publicly held financial services company Popular, Inc.; and Prosper, one of the first peer-to-peer lending marketplaces. Larsen had a reputation as a “disruptor” who could also shepherd a new idea to mainstream success. Larsen presenting a suit-wearing, responsible front to the bankers and Mr. Kim has one of the all-time great Linked In profiles: Harvard, Cornell, Columbia Law, the Innocence Project, Shearman & Sterling, two other law jobs, founder or CEO at two start-ups and now a venture capitalist.
Bitcoin has a massive head start and has already developed significant brand equity.
But among aficionados, there is wide consensus that the weaknesses in Bitcoin are fatal and unfixable. Gox, the biggest Bitcoin disaster to date, in which almost 4 percent of the finite supply of Bitcoin (at the time worth 0 million) was lost; and just two weeks ago, Bitstamp, which coughed up million to hackers.
Mc Caleb sought the assistance of the smartest people on Earth.