Happy Valentines! Big chocolate hugs and kisses to everyone. May love fill every moment of your life.
10,769,500 out of a possible 21,000,0000 issued. Cannot be changed.
Issued at 25 every 10 minutes. Which is 365 x 24 x 6 x 25 = 1,314,000 per year. Cannot be changed.
Brian Armstrong is the owner of Coinbase.
Fred Ehrsam joins Coinbase as employee #1
Fred worked at Goldman Sachs as a foreign exchange trader where he traded both manually and managed their electronic market making platform, supporting in the $ billions in flow a day. He has been trading bitcoin for close to 2 years, and has built some impressive solutions (both on the trading algorithm and mobile application side) as a software engineer.
Coinbase allows anyone with a U.S. bank account to buy and sell bitcoins. Coinbase earns income of 1% for Armstrong and Ehrsam on every buy and sell of bitcoin. There is a 4 business day delay for transfers to / from bank accounts. This gives them an ever increasing float as more people get in the game. They are in a position to control USD / Bitcoin exchange rates with this float and a buy / sell algorithm. This is where Fred’s expertise as Goldman Sach’s market maker and mobile app development comes in. Mathematics can be used to generate more trades using automated buy / sell algorithms. Similar to banks and casino’s, stock exchanges rely on mathematics to generate revenue. They always win because the mathematical odds dictate this. Their only focus is on discovering cheating. Coinbase is an exchange specifically a Foreign exchange. It trades only USD and bitcoins. They plan to expand to other currencies. Bitcoin has the potential to become THE central currency. Every player once in the game can exchange bitcoins with each other without a middle man. It’s as easy as sending an email. Bitcoin sends / receives are irreversible, instant and without a fee.
I watch the Billion Rising dance infront of the church.
I sit with Mohan & Nina at the Juice Factory.
I receive a package from iHerb. I also receive my translation of the apostilled birth certificate.
I mail chocolate to Darinka and Celeste.
I enjoy the afternoon in conversation with Heather while a super soaker downpour occurs.
Pat, Jerri and I take a taxi to Greg’s place where the Valentines Party is. The place has a great view of the valley. I get a tour. It’s quite the place. Some delicious pot luck food. I dance. The three of us take a taxi back to our homes.