A Quote by Barry Silbert
Our mission is to accelerate the development of a better financial system; it's not just development of a better Bitcoin financial system, and so we want to back the best teams, who have the biggest ideas, unique solutions to big problems.
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What bitcoin does better than the current financial system is it's a better stored value globally. There are a lot of countries that really don't trust their banks or their currency, and bitcoin is an alternative.
The Libor system is structurally flawed. It is a major problem for our financial system and for the confidence in the financial system. We need to address it.
Our mission is skill development. There can be no development with a satiated system.
For market discipline to constrain risk effectively, financial institutions must be allowed to fail. Under optimal financial regulatory and financial system infrastructures, such a failure would not threaten the overall system.
No matter how the financial system is set up, no matter what the economic system is, as long as you have people, you're going to have financial crises; you're going to have bubbles that manifest themselves in the financial system.
We had a mission at PayPal - which was to create a new financial system, a new world currency, and we failed. We were a financial success, but we didn't succeed at the purpose of our company.
What we want to see is the development of human rights and greater democracy, not just because it is our system but because we think that's the best way that economic and political development go hand in hand.
In a globally interdependent world, a better financial and investment system cannot be achieved on a country-by-country basis. There may be no one-size-fits-all model for economic development, but without global standards and complementary regulations, the long-term outlook for the world economy will remain bleak.
Our financial system, for as advanced a country that we are, could be so much better.
I think that if you have a single payer system and an opt-out for people who want to pay more [for better service, etc.], I think it would be better - and I think we'll eventually get there. It wouldn't be better at the top - [our current system] is the best in the world at the top. But the waste in the present system is awesome and we do get some very perverse incentives.
Some of these biggest financial institutions are out there trading in commodities. They're buying oil tankers. This is not a financial system that has calmed down and is there to serve the American people.
The global financial crisis is a great opportunity to showcase and propagate both causal and moral institutional analysis. The crisis shows major flaws in the way the US financial system is regulated and, more importantly, in our political system, which is essentially a bazaar of legalized bribery where financial institutions can buy themselves the governmental regulations they want, along with the regulators who routinely receive lucrative jobs in the industry whose oversight had formerly been their responsibility, the so-called revolving-door practice.
I was encouraged to break all the rules but to take the best of philanthropy, the best of investing, and the best of development finance, and experiment with new ways to create this venture capital model of using philanthropy to back patient capital investments, and then build solutions that were measured in terms of the kind of impact and change they were making on people's lives and in the world, not just on the financial return.
When our financial system - essentially our money managers, marketers of investment products and stockbrokers - put up zero percent of the capital and assume zero percent of the risk yet receive fully 80% of the return, something has gone terribly wrong in our financial system.
Looking past the immediate crisis, a more resilient system must be built on stronger and better designed shock absorbers, both in the major institutions and in the infrastructure of the financial system.
When you make a movie outside the system and it's successful critically or a moderate financial success, you usually have to go back into the system and make a big hit.
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