Luck is like an atheistic word for God.

Brilliant thinking is rare, but courage is in even shorter supply than genius.

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

Competition is overrated. In practice it is quite destructive and should be avoided wherever possible. Much better than fighting for scraps in existing markets is to create and own new ones.

The something of somewhere is mostly just the nothing of nowhere.

People working on bigger ideas on a more protracted timeline will be more on the stealth side. They aren’t releasing new PR announcements every day. The bigger the secret and the likelier it is that you alone have it, the more time you have to execute. There may be far more people going after hard secrets than we think.

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