At first, Charlie Shrem's life was like a dream for a blockchain technology explained simply fondue entrepreneur. By the time he was 22 years old, the company he had started in his parents' basement in Brooklyn had hit the big time. He hired dozens of new employees. His company got a real office in Manhattan, cool, high-tech name - BitInstant. Somebody even wrote them a jingle to use in their ads. Yeah it's singing it's your money, why wait? BitInstant's got lowest rates. It's your money, why wait?
Get bitcoin the fastest way. And then he's like singing so I hopped online to place my order quick. I don't know, all those - all those words. As you might have guessed from the lyrics, BitInstant's mission was to help people buy bitcoin. This is back inand digital currencies like bitcoin were just starting to get hot. It used to be to buy bitcoin you would have to arrange with somebody somewhere who knew somebody who was willing to sell you some. Or you'd have to wire money to a big blockchain technology explained simply fondue in Japan and wonder if you'd blockchain technology explained simply fondue get the bitcoin.
BitInstant made it as easy as getting a money order. You could walk into a Wal-Mart or a pharmacy like Duane Reade, give them cash and walk out with bitcoins in your digital wallet. They even did bitcoin transactions online. One of the things that people liked about digital currencies like bitcoin was that unlike bank transfers or personal checks, bitcoin let you buy things anonymously, which was really attractive to a certain kind of person.
There was a website called Silk Road where people could buy and sell marijuana, cocaine, ketamine OK, one hit man. All those people using Silk Road, they drove up the demand for bitcoin, which, Charlie says, makes sense when you think about it.
It's always going to be the people that need to use something the most are going to be the first ones to use it.
One of the people who needed to use bitcoin was a man who went by the screen name BTC King, bitcoin King. On Silk Road, BTC King served as a money changer for all the drug buyers and sellers who wanted to trade dollars for bitcoin. And yet you were sort of like, let's go ahead and do this.
And I'm just sort of curious, like, what your thinking was in terms of, like, back in that moment. And for a couple of years, not thinking worked out just fine for Charlie. In fact, it was really, really profitable. Twenty-two-year-old Charlie Shrem was a millionaire. Is there a moment that you remember when you were kind of like, oh, no, I've gone way too far down this road?
Singing It's your money. Instant transfers, no delay. Time is money, don't be blockchain technology explained simply fondue. And I'm Keith Romer. Today on the show the story of Charlie Shrem - how this kid from Brooklyn went from living in his parents' basement to living the life of a bitcoin millionaire to, well, federal prison.
Charlie Shrem's odyssey into prison and back out again is a kind of parable for everything that has happened with bitcoin in the last five years. Charlie and bitcoin have gone from being idealists to outlaws to trying to make it as respectable blockchain technology explained simply fondue. To understand just how and why Charlie Shrem ended up in handcuffs, it helps to get your head around the culture that surrounded a lot of the early enthusiasm for bitcoin.
You know that guy in high school who picks up Ayn Rand for the first time, reads "The Fountainhead" and then cannot stop talking blockchain technology explained simply fondue this new libertarian world and what it means, man? That was the young Charlie Shrem. Only instead of "The Fountainhead," for Charlie it was bitcoin. Bitcoin was going to be the key to unlocking the libertarian utopia of the future. Because think about it - bitcoin is sort of the exact opposite of something like a credit card.
Credit card leaves a whole paper trail that can be tracked by banks or the government if they want to get up into your business.
Charlie says bitcoin takes that power back from the banks and the government and gives it to individuals. At the end of the day, like, I have a dollar bill, I hand it to you, there's no one in between the transaction. There's no law that prevents me from handing you a dollar bill. Bitcoin is the same way.
So that same way that I could hand you a dollar and the room - no one could be in the room, no one can see it, no one could hear it - I could send a dollar to someone in China the same exact way. If everyone used bitcoin, Charlie evangelized at the time, governments wouldn't be able to control how and where people spent their money. Big banks wouldn't be able to get rich charging people for moving their own property from one place to another. Charlie didn't just kind of think these things.
Remember, he was 22, and he was blockchain technology explained simply fondue of those year-olds who is so blockchain technology explained simply fondue he's figured everything out.
You know who didn't think it was OK for his company to do that? Charlie was just coming back from a bitcoin conference in Europe when he was arrested at JFK. I did a perp walk into waiting vans and then brought to Metropolitan Correctional Center.
I wouldn't wish it on my worst enemy. In the end, Charlie was convicted of aiding and abetting the operation of an unlicensed money transmitting business. He was sentenced to two years in federal prison in Pennsylvania. You ever have that feeling that you want to cry, but you hold yourself back. And you just want to start bawling, and the only place to cry is in blockchain technology explained simply fondue shower.
And there he is in federal prison. I mean, he's scared of what's going to happen to him. One night early in his sentence, he's reading in the prison dorm, and one of the other inmates comes up blockchain technology explained simply fondue him. In blockchain technology explained simply fondue middle of the night, some, like, huge guy walked up to me, and I thought he was going to beat me up because I had my light on.
And he said, hey, man, you got to turn your light off, but if you want to read, here - borrow my book light. I was like, oh, wow, he's like - he's like lending me his book light.
Yeah, he was blockchain technology explained simply fondue - we ended up - he would make me gyros, like, once a week. He blockchain technology explained simply fondue a really nice guy. Now, most of the time in prison, Charlie didn't just get things for free because in prison, just like the outside world, you have to pay for most things. In prison, there is no paper money.
For a while, they used cigarettes, but then federal prisons outlawed cigarettes. So now there's a bunch of different ways you can pay for things in prison. The guy who fixes headphones only accepts protein bars. The guy who cuts your hair wants jars of peanut butter. But I would say the overwhelming majority of people would except mackerel just because everyone else would accept it. So if the guy - if I only had mackerel, I don't want to Yeah, there was, like - there were, like, packets of mackerel in soybean oil, and they cost about a dollar These vacuum-packed things of mackerel were basically a currency in prison.
And remember, Charlie has a lot of thoughts about currency And the problems that come up with currencies. How safe was blockchain technology explained simply fondue packet of mackerel in soybean oil as a currency? Someone could steal your life savings from underneath your bunk, or the mackerel itself could go bad.
Those packets of mackerel had a shelf life of, like, three years. And if that happens, it's not so easy to get your hands on more mackerel. There is a finite amount of money that people can blockchain technology explained simply fondue you from outside, and that you could spend at the prison commissary. And even that - there's a finite amount that you can actually spend every week. But Charlie says, at one point, the guards seized this one guy's entire supply of mackerel and just left it out in a common area for anyone to take.
And you know what happens when you give out free money? Physical mackerel comes with all of blockchain technology explained simply fondue built-in problems as a currency. So lying in his bed at night, Charlie starts to think - what if prison mackerel could be more like bitcoin? And instead of people trading, like, individual mackerels between each other, they'd be able to trade digitized mackerel. Charlie clearly has plenty of time to lie on his cot or whatever he sleeps on and do this thought experiment.
So blockchain technology explained simply fondue OK - so obviously there are a lot of problems with setting up a new digital currency in prison. I mean, maybe the most obvious one is And this is where Charlie has an insight. What's important about bitcoin - what's most revolutionary about bitcoin - is not bitcoin itself.
It's how the bitcoin system keeps track of where the money is.
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