Invest Like the Best with Patrick O'Shaughnessy

Hash Power – Ep. 1 - Understanding Blockchains

26 Sep 2017

Audio

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Welcome to the first episode of Hash Power, an audio documentary that explores the world of blockchain and cryptocurrencies with leaders in the field like Naval Ravikant, Olaf Carlson-Wee, Fred Ehrsam, & Ari Paul. Hash Power is meant to be an introduction, but really, it is an invitation to explore this emerging world on your own. In the coming weeks, we will cover the technology, the power of decentralization, bitcoin, Ethereum, ICOs, cryptography and hashing. We will spend time with the leading active hedge fund managers in the field, and with outside investors who are both optimistic and skeptical. Episode one covers the big picture, and answers the question: what is blockchain and why might it significantly affect our world? If you enjoy what follows, you’ll still be very early in understanding this field. Most don’t. So help me spread it like wildfire, because the more people that understand blockchain, the better its impact might become. Please enjoy episode one, and stay tuned next week for episode 2, which explores investing in cryptocurrencies. Hash Power is presented by Fidelity Investments For comprehensive show notes on this episode go to http://investorfieldguide.com/hashpower For more episodes go to InvestorFieldGuide.com/podcast. To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Books Referenced The Sovereign Individual: Mastering the Transition to the Information Age Nostalgia for the Absolute Links Referenced Bitcoin: A Peer-to-Peer Electronic Cash System Reddit User jav_rddt SHA-256 Calculator The BitCoin Model for Crowdfunding Fat Protocols #cryptotwitter Show Notes CHAPTER 1 – Understanding the Concept of Blockchain (3:25) 4:30 – Jeremiah Lowin explains how blockchain is like a database 5:14 – Bitcoin: A Peer-to-Peer Electronic Cash System 5:46 – Owning a digital asset 7:14 – Naval Ravikant, CEO of Angelist on how blockchains can help to create personal networks and organize humans 13:33 – New coins popping up around data storage and utility needs like solar panels 14:57 – Permission vs permissionless networks 18:13 – Keeping track of scarcity and the introduction of tokens 18:51 – The Sovereign Individual: Mastering the Transition to the Information Age 21:55 – The role of blockchains in the informational age and the rise of more individual sovereignty 23:29 - Fred Ehrsam, co-founder of Coinbase, on the increasing shift to digital worlds led by incentive structures CHAPTER 2 – Blockchain Technology (27:48) 29:09 - Reddit User jav_rddt 30:43 - SHA-256 Calculator 31:53 - Charlie Noyes, Pantera Capital, explains how SHA-256 was developed and what make its so special 35:48 – How miners create new blocks and the incentives to do so 46:54 – Ethereum, the “spiritual successor” to bitcoin 48:36 – How the Ether network is an ecosystem in which other tokens can sit 50:51 - Naval Ravikant on alternative coins or tokens 50:50 - The BitCoin Model for Crowdfunding 52:35 – Fat Protocols 53:22 – Blockchain as an experiment in distributed government 54:47 – How cryptocurrency is more than just technology, it’s a movement 54:50 – Nostalgia for the Absolute 57:27 - #cryptotwitter 1:00:58 - Peter Jubber, of Fidelity, on how huge institutions, like theirs, are getting into the cryptocurrency game 1:05:21- Olaf Carlson-Wee, first employee at Coinbase and the founder of Polychain, on the early excitement for cryptocurrency 1:06:56– Closing thoughts from Patrick Looking to work in this space - [email protected] Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

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