Kings of Crypto: One Startup's Quest to Take Cryptocurrency Out of Silicon Valley and Onto Wall Street

by Jeff John Roberts

Overview

"Tech writer Roberts debuts with a page-turning account of the rise of cryptocurrency exchange Coinbase from the Y Combinator startup incubator to becoming a 'pillar of the larger crypto economy.'" — Publisher's Weekly

For a moment late in 2018, one bitcoin, which physically amounts to a few electrons blipping on a tiny bit of silicon, was worth $20,000—the same as a pound of gold. Libertarian technologists who believed bitcoin would be the foundation of a new world order saw the moment as an apotheosis. Everyone else saw a bubble. Everyone else was right, and the bubble burst. But bitcoin survived, and the battle for its soul rages on.

Kings of Crypto drops us into the unfolding drama, tracing the rise, fall, and rebirth of cryptocurrency through the experiences of major players across the globe. We follow Silicon Valley entrepreneur Brian Armstrong and the turbulent rocket ride of his startup, Coinbase, as he tries to take bitcoin mainstream while fighting off hackers, thieves, and zealots. Author Jeff John Roberts keenly observes the world of virtual currencies and what happens when startups try to disrupt the world of high finance. Clear explanations of crypto technology are woven into an amazing landscape full of meme-fueled startup hijinks, hacking (so much hacking!), shady investors, government investigations, billionaire bros and their Lambos, and closed-door meetings with Jamie Dimon.

This is the surprising story of the origins of cryptocurrency and how it is changing money forever.

Product Details

ISBN-13:	9781647820183
Publisher:	Harvard Business Review Press
Publication date:	12/15/2020
Pages:	256
Sales rank:	1,143,462
Product dimensions:	6.00(w) x 9.30(h) x 1.10(d)

About the Author

Jeff John Roberts covers subjects such as cryptocurrency, patent reform, blockchain technology, hacking, and privacy in the age of social media for Fortune. His work has also appeared in a variety of other outlets, including Bloomberg BusinessWeek, Reuters, Fortune, and the New York Times. He is an authority on copyright law and other intellectual property issues and is licensed to practice law in New York and Ontario. He has appeared on the BBC, CNN, NBC, CheddarTV, and other outlets to share his perspectives on technology and the law.

You can visit the author's website at jeffjohnroberts.com or follow him on Twitter @jeffjohnroberts.

Table of Contents

A Note on Sources ix

Part 1 From Open Secret to Civil War

1 Brian Has a Secret 3

2 The Outlaw Currency 17

3 Running through Brick Walls 33

4 Bust 53

5 Hard Times 63

6 Civil War 75

Part 2 From Boom to Bubble to Bust

7 Enter Ethereum 87

8 Wall Street Comes Calling 99

9 Brian Has a Master Plan 109

10 Uncle Sam Comes Calling 121

11 Initial Coin Insanity 133

12 Coinbase Crackup 149

Part 3 From Crypto Winter to the Crypto Future

13 Hangover 165

14 "Getting Our Asses Kicked" 177

15 Power Struggle 185

16 Bitcoin Triumphant 201

17 The Future of Finance 211

Epilogue 221

Index 227

Acknowledgments 235

About the Author 237

Editorial Reviews

★ 10/26/2020

Tech writer Roberts debuts with a page-turning account of the rise of cryptocurrency exchange Coinbase from the Y Combinator startup incubator to becoming a “pillar of the larger crypto economy.” Coinbase launched in 2012 with a mission to “make bitcoin simpler,” and in time it folded in other cryptocurrencies; after a successful A round of funding, one venture capitalist called it the “JP Morgan of bitcoin.” By 2017, Coinbase had hundreds of employees, who aided the company in weathering 2018’s “crypto winter” when bitcoin prices fell dramatically, and a year later the company controlled “more than 5 percent of all bitcoins in existence.” Along the way, Roberts captures political infighting and adrenaline-fueled moments (“We’re going to build this! We’re going to run through brick walls!” one founder encourages employees) as the scrappy startup becomes a corporate powerhouse. Eccentric characters, like one executive who eats only a combination of Tate’s cookies and half-and-half for days at a stretch, make for a zippy narrative with plenty of personality. Roberts brings the murky world of cryptocurrency to life in this novelistic, unforgettable story. Agent: Lisa Dimona, Writers House. (Dec.)

Publishers Weekly

Dozens of books have been written about how cryptocurrency got its start. Among the best: Kings of Crypto by Jeff John Roberts” — The Wall Street Journal

"It is an exciting and accessible path into a new technology and how startups develop." — Computing Reviews

Named one of "The best books of 2020, according to Fortune staff" — Fortune magazine

Advance Praise for Kings of Crypto:

"Through the story of the largest, most reputable US-based cryptocurrency exchange, Jeff Roberts artfully makes a complicated industry accessible. This is a great read for newcomers to digital money and fans of excellent narrative nonfiction alike." — Kathleen Breitman, cofounder, Tezos

"A fun, fast-moving book that offers serious insight into the future of finance. For anyone looking to understand bitcoin or how cryptocurrency will change Wall Street, Kings of Crypto is an essential read." — Alex Tapscott, coauthor, Blockchain Revolution

"Kings of Crypto tells the story of a ragtag band of rebels who saw the future of finance before anyone else and who wrenched the revolution into their orbit. Reading this book is like using a stethoscope to open the vault containing the cryptocurrency industry's origins. Click, click, click—and a wealth of secrets spills out. Learn what made Coinbase, one of the most improbably successful Silicon Valley startups, hit it big—and what makes its founding 'Vulcan Swiss bankers' tick. As long as Satoshi Nakamoto's identity remains secret, this is the closest you’ll come to understanding the rise of crypto—and where it's all headed." — Robert Hackett, Senior Writer and crypto reporter, Fortune

"Cryptocurrency exchange Coinbase overcame huge obstacles to bring on more customers than Charles Schwab had over five decades. How did brand-new entrepreneurs get thirty million everyday people to buy a new form of money? In Kings of Crypto, Jeff Roberts reveals all in this entertaining, absorbing, and surprising story." — Laura Shin, former Senior Editor, Forbes; reporter and host, Unchained and Unconfirmed podcasts

From the Publisher