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Hi and welcome to the Let's Talk Bitcoin Show. This is episode 423. I'm Adam B. Levine and joining me today, Stephanie Murphy.

Hi there. And Jonathan Mohan. Hey, hey. Andres is out this week. I've been trying to figure out how to talk about this topic for a while because cryptocurrency is this really kind of strange flat structure that has all of these little hierarchical structures built on top of it.

And you can take that analogy and you can really, really zoom in on it or you can really, really zoom out on it.

It's kind of still true, really regardless of how you're looking at it.

And I think that a lot of this has to do with just the nature and sort of the oddness of

cryptocurrency and of Bitcoin as a community, right, as a movement and as a technology that

also is attached to people getting rich sometimes.

Today I want to talk about a topic that I've been calling catalysts and CEOs and take a look at what the cryptocurrency space looks like today, what it looked like in the past, and talk about some of the different attributes that got us to where we are today.

Satoshi set an interesting precedent. They led with their ideas and to a lesser extent their code. And the early spark that was Satoshi in that contribution

catalyzed first Bitcoin and then the cryptocurrency movement at large. Those who believed in that

vision were given an opportunity to get rich, in some cases crazy rich. And that combination of factors

led first to altcoins, then meta coins, then ICOs, SAFs, STOs, and IEOs, which I don't think we've

...