A block chain is a series of blocks. Each block is a series of computations done by computers all over the world using serious cryptography in a way that's very hard to undo.

Cryptocurrency currencies take the concept of money, and they take it native into computers, where everything is settled with computers and doesn't require external institutions or trusted third parties to validate things.

Think of Bitcoin as a bank account in the cloud, and it's completely decentralized: not the Swiss government, not the American government. It's all the participants in the network enforcing.

Within my social circle, there is a large group of people who will take bitcoin as legal tender; like, you can go to them and settle debts in Bitcoin, and they will happily take it.

We're going to try and prove to the market that you can do a legal coin offering. If the SEC doesn't crack down, this party will be amazing - the biggest party in town for a long time. If they do crack down, a lot of people are going to feel a lot of pain.