A Bitcoin Miner In Every Device And In Every Hand

Allen Lee
7 Ventures
Published in
2 min readMay 20, 2015

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Peaks:

  1. A continuously replenished stream of digital currency on your device generated by default from a 21 BitShare chip can change all that.
  2. At 21 we are less concerned with bitcoin as a financial instrument and more interested in bitcoin as a protocol.
  3. Crucial to this is the idea that bitcoin generated by embedded mining is more convenient — and hence more valuable — than bitcoin bought at market price and manually moved over to the site of utility.

Peaks:

  1. The next billion consumers to come online will be making their digital decisions on a mobile device — very different from the practices of the first billion that helped build many of the foundations of the current e-commerce industry.
  2. By 2014’s end, the seven biggest emerging markets were larger than the G7, in purchasing power parity terms. Plus, consumers in the Asia-Pacific region were expected to spend more online last year than consumers in North America.

Peaks:

  1. On one hand, the Lean approach works very well for many startups. It makes sense to start small and test your assumptions. But I believe Thiel is arguing that if you really want to be innovative, you have to begin with a bigger vision in mind.
  2. If you want to create something significant that truly benefits society, then you have to lead the way, instead of constantly iterating based on customer feedback.

Peaks of reply:

  1. The early-adopter market for these things is not those who are driving now, but rather those who cannot. Both my 88 year old father and my 90 year old mother-in-law are no longer able to drive.
  2. For those who don’t live in a big city with good mass transportation and taxi services, not being able to drive anywhere on your own is a tremendous hassle. Yes, they can be gotten to where they really need to go — medical appointments, etc. But could they go everywhere they would like to go, whenever? Not at all. Restoring independence to such people is a really, really big deal. So what if a trip in these things is a little on the slow side and unexciting? It sure beats having to sit at home and not being able to go anywhere.

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