I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world.

We need more pessimism that the future might be a lot worse, and we need more optimism that the future might be better.

Under perfect competition, in the long run no company makes an economic profit.

A company does better the less it pays the CEO.

People don't want to believe that technology is broken. Pharmaceuticals, robotics, artificial intelligence, nanotechnology - all these areas where the progress has been a lot more limited than people think. And the question is why.

Superior sales and distribution by itself can create a monopoly, even with no product differentiation. The converse is not true. No matter how strong your product-even if it easily fits into already established habits and anybody who tries it likes it immediately-you must still support it with a strong distribution plan.

I do tend to think that things that have incredibly long time horizons often do involve market failures.