Best Jed McCaleb quotes of all time

Jed McCaleb is a 32-year-old surfer/college dropout who has one of the most impressive resumes in the tech world. In 2000, he created the terribly-named peer-to-peer filesharing network eDonkey, which nonetheless replaced Napster as the world’s most popular file-sharing network. In 2010, he founded the world’s largest bitcoin exchange, Mt. Gox. A year later, he made his now famous post on BitcoinTalk, wherein he laid out a rough draft for ripple. Here are my favorite Jed McCaleb quotes of all time.

Jed’s last post on BitcoinTalk: “I don’t run mtgox any more.” (BitcoinTalk)

“I didn’t say I was bored with mtgox. I said I didn’t have enough time to do it correctly. Kind of the opposite of bored. ” (BitcoinTalk)

On $20 bitcoin being too expensive: “$50 million is only $100 from 500k users. 500k users isn’t very much for something popular on the internet. And I suspect the average user wants to hold more than $100 worth of btc.” (BitcoinTalk)

On the MtGox hack: “I’m sure when you think about it, you don’t actually want to buy stolen coins and take advantage of the situation.” (BitcoinTalk)

On people freaking out over the phrase “dark pool”: “‘The market crashed. It must have been that evil dark pool that confuses me!'” (BitcoinTalk)

On a “bitcoin bubble”: “I’d say the reason for the price rise is pretty simple; a lot more people into bitcoin and a lot easier ways to get money into mtgox. So I think it is only a bubble if the userbase is a bubble. ” (BitcoinTalk)

On the “impossibility” that another currency could overtake bitcoin: “Oh, just like how no social network could possibly overtake friendster. or no payment method could overtake paypal. I see your point.” (BitcoinTalk)

“So I’ve been thinking… bitcoin mining seems like such an unfortunate side effect of the system since it is so wasteful. It will be a bit obscene how much will be spent mining if the network ever gets large. It would be cool to come up with a bitcoin that doesn’t need miners. ” (BitcoinTalk)

On bitcoin “taking down the banks”: “My point is if you want bitcoin to be as big as it can be and have the biggest chance of ‘replacing banks’ you should downplay this hope. Let them come to you. There is no point in yelling this is a revolution. Just let the revolution quietly happen. Also bitcoin can definitely succeed without doing all this revolution. It is already useful and used.” (BitcoinTalk)

“People don’t care how things work. They just want them to work.” (BitcoinTalk)

On describing bitcoin as revolutionary: “You guys all like it because you are libertarian types. But keep in mind that the vast majority of people in the world aren’t. But bitcoin doesn’t just appeal to libertarian types. All you need to say to promote it is: ‘Bitcoin is a free PayPal that anyone can use.’ Please leave the libertarian, going to replace all other currencies, take over the world stuff out of it. That just turns people off. The only important thing for people to know is that it is better than what people use now for online payments.” (BitcoinTalk)

“I can’t believe one of these guys with 100k+ coins (which there are several I’m sure) hasn’t decided ‘you know what, I could use half a million dollars,’ and cash out. The market is so thin that only one can do it. So after that the price will smacked way the hell back down. It is like a game of chicken to see who will bolt first.” (BitcoinTalk)

On opening a U.S. bitcoin exchange: “It isn’t impossible at all. It is just expensive.” (BitcoinTalk)

On bitcoin deflation: “Maybe this will cause people to only buy things, which are important rather than what they do now, which is buy a ton of crap.” (BitcoinTalk)

“I, and I assume many other people, feel that bitcoin will take off once it finds some killer app that really makes use of the strength of BTC. And anyone with any amount of BTC benefits greatly from bitcoin taking off since that will cause the price to skyrocket. So we should all be very interested in this happening.” (BitcoinTalk)

“I do have a distrust of authority. Or maybe not a distrust of authority, but I really appreciate freedom. I think it’s one of the fundamental things that people need.” (Wired)

“Bitcoin is to Android what Ripple is to Apple. I truly believe both of them are going to be successful.” (Wired)

On discovering Bitcoin: “I read that first Slashdot article about Bitcoin and thought the idea was awesome. I’ve always been interested in ways the internet can make people’s lives more free.” (

On creating Mt. Gox: “At that point there wasn’t a good way to buy and sell Bitcoins and I wanted to buy some.” (

On selling Mt. Gox: “Mt. Gox is cool and needed to exist, but it’s not technically interesting and I had no interest in running it long-term.” (

“After I sold Mt. Gox, I was thinking of ways to do Bitcoin without the mining. I had an idea about how to do it and I posted the idea on a forum hoping that someone else would make it, but no one did. Finally I did it myself because I couldn’t stop thinking about it. It’s something I believe needs to exist.” (

“Periodically national currencies get totally devalued by their governments and that is terrible for the people who live there. This basically robs people of their money. Ripple will be highly beneficial for the people of those countries. Situations like in Cyprus, Zimbabwe, and what happens in Argentina every four years or so (can) be prevented.” (

“Ideally, (ripple) will become a global payment infrastructure—a unified interoperable payments method—and become the standard protocol for money.” (

On ripple as an evolution of the Internet: “Yeah. It’s the next step in the development of the internet—the democratization of information, which is really what money is. By creating a unified payments platform over the internet we’re internet-cizing money.” (

Like these? Check out the top quotes from Ripple Labs’ CEO Chris Larsen.

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