Adam Gering

Answer by Adam Gering:

Bitcoin is something of a limited supply, that can be securely transferred between parties in a verifiable manner without relying on the trust of third party or a central entity. It cannot be counterfeited. It has no intrinsic value what-so-ever, only what people are willing to exchange it for.

In this sense, bitcoin is analogous to fiat physical cash, which more or less shares all the same characteristics listed above. However, bitcoin has two specific characteristics physical cash doesn’t have which are huge advantages:

(1) it is digital and not physical, therefore can be transferred between parties without physical exchange (e.g. over the Internet), and…

(2) the supply of bitcoins cannot be arbitrarily inflated (e.g. central banks inflating the monetary supply or printing money).

The mining of bitcoins serves purely to allow the supply of bitcoins to inflate in a controlled and predictable manner. It wasn’t really required, but it both encouraged early adoption of bitcoin, encourages network distribution of the bitcoin chain (which facilitates the transfer/verification function) and moderately reduces its value appreciation.

Bitcoin has two clear disadvantages to fiat physical cash, and one shared disadvantage:

(1) It is not legal tender for debts public and private. (i.e. no one is obligated to accept it and you cannot pay your taxes in it).

(2) It does not have a geographic monopoly, and can be subject to competition by other digital currencies.

(3 - Shared) It is targeted by thieves and can be stolen without recourse.

I will be in the San Francisco Bay Area between Feb 22^nd and Mar 8^th, and at SXSW Interactive (Austin) March 9^th-13^th. I am also unexpectedly in Seattle the 15^th-16^th of February, and in Los Angeles the 18^th-21^st, ahead of my originally planned trip.

I am moving to Silicon Valley in July, to become deeply involved in the business and science of startups. It is my goal to devote the next three decades or more to starting new companies, mentoring startups, investing in startups, and generally being obsessed with building companies and turning ideas into reality.

I’m seeking to meet people who are doing this already; individuals involved in incubators and accelerators, in entrepreneurship focused and mentorship centric organizations; active angel investors and seed-stage VC investors; and entrepreneurs building companies. To learn, share, network, and set the groundwork for future collaboration.

I’m not presently raising money. However taking advice from Mark Suster, I’m interested in meeting potential investors early who consider themselves “accessible”; to soak up as much advice as they’re willing to give, and informally share my ideas. This time next year I expect to be raising, and have applications with top-tier accelerators.

I’m also seeking to meet individuals with the passion, desire and skills to build companies; potential cofounders and early employees. Founding team is the key element in executing an idea and scaling a business; I’m seeking the absolute best, and will be liberal in sharing equity and upside potential.

Original Article

It’s official; we’re moving to Silicon Valley.

While there may still be some debate on where the best place to start a company is, the San Francisco Bay Area is without debate the center of the Universe for Internet startups. I want to be in the center.

Especially after living so long, so far away from the center. On a sleepy subtropical mountainside in Costa Rica, I’d proved you can run an Internet business from anywhere in the world you have a laptop and an Internet connection. The problem is I’d forgotten who I had intended to prove that to or why.

A 19-year-old tormented by startup ideas asked on Quora what he should do. I suggested he massively self-educate himself with the skills needed to execute those ideas, and move immediately to Silicon Valley with a make it or bust attitude. I’m going to live my advice and do the same.

Original Article