Podcast Conversation: 25 years of cypherpunk innovation in money, privacy, and music, with Chia Network COO Gene Hoffman
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In this conversation, we chat with Gene Hoffman, Chief Operations Officer and President at Chia Network. Formerly CEO & co-founder Vindicia, eMusic, PGP, PrivNet. Recognized by the San Francisco Business Times with the “40 under 40 Emerging Leaders Award” in 2012, Gene has deep experience with building companies that disrupt markets. As head of eMusic, Gene was featured on the cover of Forbes Magazine as a member of the July 1999 E-Gang, and named one of the 100 most influential entrepreneurs in technology in Upside Magazine’s November 2000 Elite 100. Gene led the acquisition of eMusic by Vivendi/Universal in June 2001. Before founding eMusic Gene was Director of Business Development and Director of Interactive Marketing of Pretty Good Privacy.
More specifically, we touch on the early days of encryption, digital signatures, cryptocurrencies, and copyrights. As well as, the evolution of intellectual property management, the mechanics behind subscription infrastructure, how to build an alternative network to Bitcoin’s, and so so much more!
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…so the best way to think about the FinTech infrastructure, especially the credit card and debit card infrastructure is to imagine that it was written in 1980 and has not been moved forward much at all. The thing that's difficult about the credit card infrastructure is I had a lot of folks when I was running Vindicia come to me and they're accomplished entrepreneurs who had overturned or distributed major industries going, "I want to somehow beat Visa and MasterCard." And the problem is that Visa and MasterCard do a pretty crappy job, but it's just good enough that it's actually really, really hard to directly disintermediate them.
In fact, the only real way to directly disintermediate them is to shift the banking paradigm underneath. I think that's the real opportunity here in cryptocurrency and blockchain is right now for a whole host of historical and somewhat good consumer reasons, anybody can say they didn't do that transaction on a credit or debit card and get their money back, and that has huge knock-on effects, but cryptocurrency, finality is one of the key things. When you send Bitcoin or Chia to somebody else in a couple blocks, you know that…