David Rosenthal: observation

Transcript context

…Right. The takeaway here is a lot of the big chunks of Bitcoin are owned by people who were using Bitcoin very early when you could mine huge blocks and it didn't take that much compute to do so. Silk Road by 2013 is, it's the end of it. But while all this was going on, from 2011-2013 as Silk Road was growing, all these people who were using it had to have a way to get Bitcoin. They weren't just going to email the listservs on bitcointalk.org and be like, hey, I want to buy some bitcoins so I can buy some drugs. There's got to be an easier way for them to buy-in to the system, so to speak. The way to do that is through exchanges. Just like any kind of currency exchange as you said, this has been part of financial institutions forever. You need somebody to stand up to the store that's going to accept your dollars and hand you Bitcoin in exchange. That store is going to be on the internet, but someone's got to operate it.…

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