FBI. See U.S. Federal Bureau of Investigation
Federal Reserve. See U.S. Federal Reserve
Financial Crimes Enforcement Unit [FinCen] (Treasury Department), 138, 196–197, 201, 234–235, 266, 325
Financial Times, 262, 317
Finney, Fran, 3
Finney, Hal
defense of Bitcoin system, 24–27
introduction to Bitcoin, 3–8
Lou Gehrig’s disease diagnosis, 27
return to Bitcoin community, 59–60
role in PGP, 10, 13
Finney, Jason, 27
FirstMark Capital, 144, 147–149, 176
Forbes, 80, 96
Fortress Investment Group, 180, 217–219, 252, 272–273. See also Briger, Pete
Founders Fund, 187, 211
4chan (hacker message board), 75
Freeman, Ian, 75–76
Free State Project, 107–110
Free Talk Live (radio program), 75–78, 108
Freis, James, 325
FriendlyChemist (screen name), 225–226
Gandalf (computer chip), 329
Garzik, Jeff, 83–84, 92, 99, 190, 196, 348
Gates, Bill, 353–355, 385n
Gawker (website), 83–84
George, Jacob (aka DigitalInk), 121
George Mason University, 80
Georgia, Republic of, 330
GitHub, 141
Goldman Sachs, 324–326
gold standard, x, 15–16, 31–32, 45, 109, 157–158
Gonzague, 312–315
Goodman, Leah McGrath, 319–324
Google, 101–103, 187, 248–249, 283, 304–305, 314–315, 334
Google Wallet, 101
government regulation/investigation
arrest of Roger Ver, 77–78
arrest of Ross Ulbricht, 170–171
BitInstant, 222–224
BTC China, 273–275
Erik Voorhees, 224–225
PGP and Zimmerman, 10
virtual currencies, 66–67, 196–198, 235
Graeber, David, 157
Great Depression, 31
Great Recession, banking crisis of 2008, 32, 111
Green, Curtis (aka chronicpain), 116, 170–171, 225, 249, 332
Greenspan, Alan, 17
hackers/hacking
Bitcoin vulnerability, xiv, 24, 154, 201, 215
BitInstant penetration, 150
message boards, 75
Mt. Gox penetration, 67–69, 82–83, 90–96, 99, 114, 205–207
ransom demands/payments, 82, 150, 169, 347–348
Silk Road penetration, 168–169, 225, 248–251
Target data breach, 288–289
vulnerability of private information, xii, 19
Hanecz, Laszlo, 41–44, 48, 58, 189, 215
Hashcash, 17–22, 339, 348
hash functions, 22, 25–26, 41–42, 136, 359–362
Hearn, Mike, 80–81, 99–100, 101–103, 320
Hoffman, Reid, 181, 183, 291–293, 353
Horowitz, Ben, 192, 335. See also Andreessen Horowitz
Huang Xiaoyu, 255–256, 258
Hughes, Eric, 8, 11–12
Huobi (Chinese exchange), 285
Iceland, 330
India, 350
WikiLeaks blockade, 57
Internet relay chat (IRC), 41, 54, 67, 196
Internet terrorism. See hackers/hacking
Jack B. Nimble, 69
Jiasule (Chinese security service), 261
Johnston, David, 204
JP Morgan Chase & Co., 202, 218, 303–306, 327
Juno Moneta (Roman god), 17
Kaminska, Izabella, 317
Karpeles, Mark. See also Mt. Gox (Bitcoin exchange)
arrival at Mt. Gox, 65–68
becoming Mt. Gox owner, 68–69
control over Mt. Gox code, 99
lack of management skill, 127–128, 233, 307–309
marginalization in Bitcoin future, 331
NYC Bitcoin Expo 2011, 103–105
struggling with Mt. Gox growth and problems, 140–141, 200–201
vacating Bitcoin Foundation seat, 345
Kodric, Nejc, 253
Kraken (Bitcoin exchange), 315
Krugman, Paul, 286
Kutscher, Ashton, 335
Kuzmin, Alexander, 135–136
La Nación (newspaper), 241
Larsen, Chris, 325–326
Lawsky, Benjamin, 225, 300–302, 304, 317
Lee, Bobby, 256, 261–265, 267, 273, 300, 343–345
Lee, Charlie, 100, 103, 105, 256, 283
Lemon Digital Wallet, 154, 160–162, 179–180, 242–244, 252, 261, 280–283, 351. See also Casares, Wences
Lenihan, Larry, 144, 176
Lerner, Sergio, 324
Levchin, Max, 185–186, 349, 353
Levine, John, 24–25
Liberty Reserve (online currency), 218
Liew, Jeremy, 300–301
Lilla, Mark, 111
Ling Kang, 268, 274–275
LinkedIn (networking site), 291–292
Litecoin, 256, 283, 286
Luria, Gil, 271–272
MagicalTux (screen name). See Karpeles, Mark
Magic: The Gathering Online Exchange. See Mt. Gox (Bitcoin exchange)
Magic: The Gathering (online game), 51, 77
Maguire Ventures, 149
Makan, Divesh, 293
Malka, Micky, 179–180, 201–203, 210–212, 236, 242, 252, 282–283
Malmi, Martti
beginning connection to Bitcoin, 29–30, 200
entry into Bitcoin operations, 33–39, 44–50
exchange services and forums, 53–54
making Silk Road work, 72, 84
reduced role in Bitcoin, 58–60
return to Bitcoin community, 348
running Bitcoin website, 66, 80–82, 86
Marcus, David, 158–159, 181, 184–185, 201, 216, 281, 292, 349
Mark Twain Bank, 12
Maxwell, Gregory, 348
McCaleb, Jed
creation of Ripple, 187, 325
exclusion from Bitcoin Foundation, 139
founding of Mt. Gox, 50–53
handling Mt. Gox disputes and problems, 63–65
Mt. Gox account hacked, 90, 94–95
partnership with Mark Karpeles, 65–69
2011 NYC Bitcoin Expo, 103–105
2014 Bitcoin Pacifica (Lake Tahoe), 337
views on political ideology, 112–113
meetups. See conferences (Bitcoin and others)
Memory Dealers, 78–79, 93, 126. See also Ver, Roger
Mercatus Center, 80
Miller, Ira, 137, 174, 176, 201
mining. See Bitcoin mining
Mint Chip (Canadian digital currency), 133
money/monetary systems
about origins and determination of value, 15–17
basis of market economy, 11
Bitcoin as form of, 82, 286
Bitcoin as replacement for gold, 182
currency debasement, 30–31
evolution of credit, 157
gold standard, x, 15–16, 31–32, 45, 109, 157–158
jokes on nature of, 146
money laundering
Bank Secrecy Act enforcement, 196
Bitcoin as form of, 84, 303
investigation and arrests, ix, 224–225, 249, 266–267, 298
PayPal investigation as, 186, 216
regulatory compliance, 92, 203, 218
Mongolia, 330
Morehead, Dan
gathering for Lake Tahoe poker game, viii, xii–xiii
investment in Slovenian exchange, 236
invited to work with Fortress, 217
meeting for first Bitcoin Pacifica, 251–253
meeting for second Bitcoin Pacifica, 337–342
relocation out of Fortress offices, 342–343
Morton, Chris, 221–222
MS Haberdasher (screen name), 170
; Mt. Gox (Bitcoin exchange)
about the founding and growth, 50–54
arrival of Mark Karpeles, 65–69
contending with competitors, 97–102
federal seizure of assets, 213–214
government regulation, 66–67
hacker vulnerability/penetration, 67–68, 82–83, 89–96
management problems, 307–309
plans for closure, 312–314
reaction to collapse and bankruptcy, 314–316
shutting down exchange, 193, 205–207
trading disputes and problems, 63–65, 85–86, 199–207
trading volume, 53, 79, 201, 203, 207, 209–210
transaction malleability problem, 309–312
Murck, Patrick, 139–142, 176, 233–236, 265–267, 269, 302
Murdoch, James, 181
Murdoch, Rupert, 353
Murrone, Federico (“Fede”), 159–160, 201, 280–281, 349, 351
Musk, Elon, 187
MyBitcoin (online Bitcoin wallet), 98–99, 113–114, 237
Napster (music sharing service), 35, 50–51, 347
Nasdaq Stock Exchange, 222, 353
Nas (rapper), 335
National Security Agency (NSA), 8, 271
Nebseny, Val, 329–330
Nelson, Gareth, 129–130
NewLibertyStandard (screen name), 37–39, 41, 48, 69
Newsweek, 319–321, 324–325, 342, 347
New York, State of. See Government regulation/investigation
New York Times, 211, 293, 303, 365
“99 percenters.” See Occupy Wall Street movement
Niven, Larry, 7
Nixon, Richard, 31
nob (screen name), 121, 170–171, 332
Novogratz, Mike, 180
O’Brien, Eric, 210
Occupy Wall Street movement, xi–xii, 111–112, 140, 157, 287, 331, 336
OKCoin, 344
Olympic Summer Games (Beijing, 2008), 145
“1 percenters,” wealth distribution, 287, 336
Overstock (online retailer), 289–290
Ovitz, Michael, 183
Pantera Capital, 217, 343
Patagon, 162
Paul, Ron, 110–111
PayPal
about founding, 185–187, 291–292
acceptance of Bitcoin, xii, 261–262
Bitcoin support from, 129, 158–159, 184–185, 192, 349
buying/selling Bitcoin through, 38, 52–54, 110
ransom demands and criminal use, 347–348
restrictions by Argentina, 159–161
shutting down Mt. Gox account, 64
WikiLeaks blockade, 57
Paysius, 174
PC World, 57
People’s Bank of China, 273–275
Pidgin (chat service), 246
Pirate Party, 35, 333
Ponzi scheme, Bitcoin as, 220
pornography, 72, 112, 117, 126, 234
Powell, Jesse, 94–96, 103, 105, 127–128, 139, 252, 315, 337
Pretty Good Privacy (PGP), 10, 13
proof-of-work, 18–19
P2P Foundation, 30, 323–324
public-key cryptography, 9–10, 141, 185–186, 238, 248, 281, 320, 330
Q coin (Chinese virtual currency), 257, 260–261, 268
ransom demands/payments, 82, 150, 347–348
Reeves, Ben, 237–239
reusable proofs of work (RPOWs), 18–19
Reuters, 211
Ribbit Capital. See Malka, Micky
Ripple, 187, 325
redandwhite (screen name), 225–226, 245
Russia, 54, 135–136, 197
Sacks, David, 192
Salmon, Felix, 210–211
SatoshiDice (gambling site), viii, 136, 193, 224, 338
Satoshi Ltd., 174
Satoshi Nakamoto
creation and promotion of “e-cash,” 5, 20–22
disappearance/search for, xiv, 60–62, 80–81, 141
participation in forums, 55–56, 58–59
unearthing identity, 319–324, 339–340
Schumer, Charles, 84, 269
SecondMarket. See Barry Silbert
Shared Coin, 270
Shasky Calvery, Jennifer, 235, 266
Shrem, Charlie. See also BitInstant
arrest by federal agents, 298–300
background and founding of BitInstant, 128–130
lack of management skill, 220–224
marginalization in Bitcoin future, 331–334
vacating Bitcoin Foundation seat, 345
Silbert, Barry, 143–144, 147–149, 217–218, 300, 303–304, 314, 325–326
Silicon Valley Bank, 203–204, 305–306
Silk Road
additional resources, 368n
BitInstant transactions, 129–130
creation and business concept, 69–73
as fringe group experiment, 335
government investigation, 84–85, 121, 169–171, 213, 227–229, 298–300
growth and success, 115–121, 137–138, 167–168
growth in membership, 75–77, 82–84
hacker penetration, 169, 225–226
seizure by FBI, 245–253
Silk Road 2.0, 269–270
Sirius-M (screen name). See Malmi, Martti
Slashdot, 47–51, 53, 58
Snoop Dogg (rapper), 297
Snowden, Edward, 271
The Social Network (movie), 145
Songhurst, Charlie, 184, 292
Spain, 330
Spitzer, Elliot, 186
SpongeBob SquarePants stickers, 39, 69
Srinivasan, Balaji, 191–192, 294–295, 329
scout (screen name), 169, 246
silkroad (screen name), 73, 118. See also Ulbricht, Ross
Stephenson, Neal, 19, 252
Summer Olympics (Beijing, 2008), 145
SVBitcoin (email list), 204
Swap Variety Shop, 39
Szabo, Nick, 18–19, 338–341, 351
Taaki, Amir, 57–58
Tanona, Bill, 165, 180
Target Corporation, data breach, 288–289
taxes/taxation, 13, 126–127, 168, 219–220, 239–241, 287
Tea Party movement, xi–xii
TechCrunch, 214
Tencent (Chinese Internet company), 261, 284–285
Texas Bitcoin Association, 331–334
Thiel, Peter, 185–187, 192, 211, 291
Tibanne (cat), 66, 140, 200, 312
Tibanne Ltd., 68
Time (magazine), 79–80
Tor (software/network), 71–73, 120, 245, 369n
Transaction malleability, 309–310
Trickster (screen name). See Malmi, Martti
21e6 (mining company), 191–192, 294–295, 329
Two Bit Idiot (blogger), 315
Ukraine, 329–330
Ulbricht, Lyn, 331–332
Ulbricht, Ross. See also Silk Road
about creation of Silk Road, 69–73
arrest by federal agents, 246–251
fundraising for legal defense, 331–332
murder-for-hire accusations, 225–226, 332
plans to go off-the-grid, 226–229
Underground Brokers (renamed Silk Road), 70. See also Silk Road
U.S. Central Intelligence Agency (CIA), 78, 81, 86–87
U.S. Department of Homeland Security (DHS), 121, 247
U.S. Department of Justice (DOJ), 186, 234, 266–267
U.S. Department of the Treasury. See Financial Crimes Enforcement Unit [FinCen]
U.S. Drug Enforcement Agency (DEA), 298
U.S. Federal Bureau of Investigation (FBI), 137–138, 227–228, 245, 247–251
U.S. Federal Deposit Insurance Corporation (FDIC), 114
U.S. Federal Reserve
about role as U.S. central bank, 17, 23
assessment of Bitcoin, 266–267, 289, 328
function of gold standard, 31
monetary policy, 80, 110–111
te
chnology, adaptation to, 132–133
2008 big bank bailout, 32, 286
U.S. Government. See Government regulation/investigation
U.S. Internal Revenue Service (IRS), 248. See also Taxes/taxation
U.S. Marshals Service, 353
U.S. National Security Agency (NSA), 271, 342
U.S. Secret Service (USSS), 17, 266–267
U.S. Securities and Exchange Commission (SEC), ix, 224, 338
Variety Jones [vj] (screen name), 118–119, 228
Vaurum (Bitcoin company), 340–341
Vavilov, Val, 330
Ver, Roger. See also Memory Dealers
background and intro to Bitcoin, 77–80
as Bitcoin spokesman, 214
dealing with ransom demands, 348
investment in BitInstant, 128–131, 175
investment in Blockchain.info, 237–239, 252
meeting Erik Voorhees, 107–110
NYC Bitcoin Expo 2011, 103–105
promotion of Bitcoin, 127–128, 294
reaction to Mt. Gox collapse, 311, 314
relocation to Japan, 125–126
renouncing U.S. citizenship, 126, 169, 234, 330, 338
responding to Mt. Gox hack, 92–96, 308
size of Bitcoin holdings, 287
2013 Argentina, Bitcoin meeting, 277
Vessenes, Peter, 138, 144, 200, 213, 233
Virtual money. See Digital currency
Voorhees, Erik
introduction to Bitcoin, 107–110
early vision/prediction about value, vii–ix, xi–xiii
gathering for Lake Tahoe poker game, vii–viii
joining BitInstant, 130–132, 135–137
sale of SatoshiDice, viii, xv, 224
van Der Laan, Wladimir, 348
Wagner, Bruce, 102–104, 128
Walker, Paul, 325–326
Washington Post, 267
Wells Fargo Bank, 202, 219, 272–273, 287–288, 302
WikiLeaks, xi, 56–58, 66–67, 80
Wikipedia, 4, 45
Williams, Tom (possible pseudonym), 98
Wilson, Fred, 154, 182, 212, 300–301, 305
Winklevoss Capital, 149
Winklevoss, Tyler and Cameron
backing BitInstant startup, ix, 144–149, 173–177, 201–202, 220–223, 297
buying/selling Bitcoin, 180, 196, 250–251
investment in Bitcoin, 211–215
loan to Mt. Gox, 205
Mt. Gox collapse, 312–314
regulatory filing for COIN, 353
testifying at government hearing, 300–302
Woo, David, 272
Woodside Bakery and Cafe, 291–293
World War II, 31
Wuille, Pieter, 348
Xapo, 281–282, 292–296, 305–306, 349–351, 353. See also Wences Casares
Yang Linke, 255–256, 258, 260
Yoda (computer chip), 329
Zimmerman, Phil, 10
Zuckerberg, Mark, 145, 176, 221, 291
ABOUT THE AUTHOR
NATHANIEL POPPER is a reporter at the New York Times, where he has covered the intersections between finance and technology. Before joining the Times, he worked at the Los Angeles Times and Forward. Popper grew up in Pittsburgh and graduated from Harvard College. He lives in Brooklyn with his family.
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