Take a closer look at what we all have Mutual No matter which corner of the world you live in, you need shelter, water and food Money is half of every transaction involving money in exchange for goods or services A loaf of bread stocks the illegal drugs you have to pay because we spend most of our money He lives chasing money to make a living and realize our dreams but he also A tool of destruction, some might say criminals who lead evil To lie and steal extracts The current banking system extracts tremendous value from society and is parasitic in nature Money is a catalyst for the worst and best human endeavors before the civilization we created Coin for wars on the path of hero of power and enemy of innovation money An integral part of our society and our global economy so that its true nature Remains a mystery to most This is the story of money and perhaps the end of money As we know that no matter how fat your bank account is or how weak your wallet is We all have cold hard money there are some who want to kill him get rid of it Burn your dollars in euros and yen and convert every penny you have Digital currencies and ciphers entrusted to the web and computers There is a magical internet money scattered all over the planet called Bitcoin Invented a secret was a gift to the world Not just currency but programmable money actually a potential curse on bankers There is nothing big banks or politicians can do to stop it All governments control the money supply What the Internet did to get information Bitcoin making money could be the new gold you shouldn't have Expand your imagination to deduce the intrinsic value of Bitcoin Federal Reserve banking system regulators please understand that It's something they have to take seriously and that's going to change Economic culture Bitcoin can be a small economic miracle worker And the macroeconomic crash board could be Bitcoin The future is a godsend for criminals or a recipe for financial disaster if you Trust your money just as we have a little story to share Once upon a time there was a big party with everyone standing around drunk Politicians credit a strong economy for their wise decisions Experts have jumped into new lucrative markets, ignoring the risks in reality, experts say There was no risk then raised alarming market data from the mining country Market rumors spread more bad news shook the heart of housing prices The financial world, which led to the bankruptcy of banks in terms of gold Investors and companies have run into other banks demanding their money The largest financial institutions are placed in the middle of the conversation The world has frozen assets, confiscated banks and imprisoned the credit crunch It threatened the entire global economy, and then the government finally intervened The largest ever bank rescue by a head of state was saved Remember today that you did not do this 2000 years ago, Rome 33 AD Ground zero for the first recorded liquidity crisis and a government rescue plan In history, it was the largest empire the world had ever seen on its knees By the banking disaster emperor Tiberius used money from the national treasury to Saving the banks and companies of the troubled country, history may not be repeated In itself, but it is definitely a vision of people in power and their money always at heart The story of money is as old as civilization itself when we lived in it Small tribes that follow debts were easy for you someone Firewood owes you the neighbor a piece of meat credits and it was kept Your head is the currency of the mental ledger is a language that allows us to express The value of transactions between people, it is a technology older than the wheel It is as old as fire when humans wanted to trade outside their tribe or village They needed something that everyone could agree on and that had value in something scalable Commodity money There were many types but each had to embody the same five Characteristics that commodity money is relatively scarce can be easily recognized Can be cut into smaller pieces You can replace one piece with another Equal value and you can carry it without much hassle In ancient Rome the Aztecs used soft cocoa beans The teeth of whales in Fiji were already dung in the shelves of Tibet in Africa and China Ivory mineral grain is a rare stone from fish skin if it has the five characteristics of commodity money that someone most likely uses as currency and then you ask what The value of these coins if you go to an elementary school you will see Kids exchanging rubber bands, pokemon cards and baseball Cards, sweets, candy and any other form of currency people invent currency When they have no other currency, now they will invent digital Coins but non-durable goods are a poor store of bad value The cocoa crop or the discovery of a huge new salt could throw down your currency and your economy Disturbance A more stable system was needed about 2,500 years ago, the first metal Coins were minted in China and in what is now Turkey these coins are shared Same five characteristics with commodity money but was also very durable in some cases Coin cases are the only thing left from the money of entire civilizations It does not arise from government money naturally as the markets began Develop and as people with division of labor realized that if I had eggs And you have a cow, we may need some means of exchange for that Buying eggs for me to buy your cow coins was an objective and universal unit Account and allow people to buy and sell goods across large areas The market economy generated coins but only if people trusted the king or The emperor who issued it wasn't cheating on the mineral content by using coins either Means that the authority now controls the supply of your money and coins Political power was closely linked to the central Minting money in a stable and predictable manner allowed economic Growth and stability China's wushu currency has maintained its value for 500 years In Constantinople, Solidus lasted for 700 years but in those times coins They didn't have the milling even though that kind of milled edge was flat and What was happening was coins to pass peopleرور Cut a few pieces and actually some of the taxes the kings were doing In fact 1/8 of the coin will be taken from the taxes built from the castles and financed Military campaigns Expensive hobbies Soon the royal mint has been replaced Metals are cheaper than silver and gold This is called smashing kings and Europe They got used to it that the currency in France was smashed Every 20 months for 200 years if no one trusts gold or silver Content of your currencies How do you trade with other countries International merchants found a solution they realized that one person's religion الشخص It has a value that can be traded or transferred when these debt securities come in Reputable sources can be used as a form of paper money This money It wasn't based on hard goods or metal but on someone's promise To pay merchant families such as the Medici in Florence in the fifteenth century it was like These clearing houses worked out these IOUs as ordered by an English merchantتاجر Shipping Italian cloth from Medici for 100 gold pieces and promised by it Medici paid on paper while Medici owed 100 gold coins To another business partner to deliver wine from France but it did not reach the other Switch to a transfer account and exchange gold coins instead of paper Moved everyone agreed that the paper has the value of 100 gold coins but only Because everyone trusts Medici they have solvent brokers they created Paper money machine in a few generations rose from low crime to The high financing of their great fortune helped support the Italian Renaissance The family was raised to levels of enormous political power of power He marries into royal families and is elected as pope to binding relations To political power and influence now passes through church and state Traders have proven that creating fiat currency can be very profitable Goldsmith at work wanted to imagine him like this if he was Goldsmith Over a period of time that some of the coins he was storing for people They were gathering dust, the people who owned them don't need them now, so what If you go and lend them to the community and delude them into their interest This loan until he starts lending some of these gold coins and then In fact, he realizes that people don't even want gold coins, they just want the coin From the paper that says the gold coins are in the bank and with the goldsmith so I can Now I lend with these pieces of paper and what I write on a piece As long as people trust me they will trust the paper and potency Goldsmiths and bankers in the early days had literally gained power More and more money is printing private paper money from merchants and banks It traded and began to rival the crown coins for their inherent strength The control and issuance of money began to slip away from the rulers They can't tax or weaken this new type of money, but they have bigger ambitions than that With ever trading posts colonies and empires that now stretched across Globe For many centuries European countries will build huge fleets and They wage war on each other to rule the world [clap] The government wanted to take people's money to fund its wars This is basically the history of money and war go together war Expensive one-year income taxes simply aren't enough kings and queens had to Borrowing money for future taxes they needed pioneer money Government innovation bonds loans came from wealthy business families and Goldsmiths who are now major bankers and bankers Sovereign debt and deficit spending were born [Music] [Music] In 1694 the Bank of England was established to finance a war against France The Bank of England was privately owned and granted a monopoly on issuance Banknotes that can be exchanged for an equal amount of gold from The central bank government coffers quickly also managed the full debt of الديون Crown money has been a centuries-old instrument of sovereignty that is capable of this The issue coin gave you power but also gave value to that cash Supply by backing it up with the power of the state with the state of the data mainly When we gained independence from Britain our first new article مقال The Constitution gave Congress the exclusive right to mint these currencies The value was tied to gold in government coffers from 1781 until the Panic of 1907 The financial system of the United States was a brief economic petri dish of the central bank Governmental banks Private banks Private currency Government currency depressions Strong recessions, regular growth, and long-term crash cycles quickly Concerned capitals want predictability, people want stability From the back they can plan there is great difficulty in long-term planning term but this level of volatility in 1913 bankers and politicians decided It was in the country's interest and theirs to have them permanently The central bank it created the Federal Reserve among its functions expand or Contract supply of a single national currency Federal Reserve note The dollar was tied to gold and strategic control of it will avoid this led to at least busts was the plan, then came 1929 The Great Depression will have a profound effect on monetary policy All over the world I will ask Congress for the only remaining instrument To meet the pricing of one executive force soon, the Fed printed almost all the money Legally it can inject life into the economy that gold needs to light a fire In 1933 President Roosevelt issued a controversial executive order Force all US citizens to sell gold to the Federal Reserve at a fixed price بسعر PRICE OR GOING TO JAIL The Fed gave more money to foreign governments in exchange for So much gold jumped at the bid that gold poured in and the dollar spread across ball [music] World War II destroyed almost every major economy except for the United States Military and industrial power emerged as a global luxury The superpower of the dollar has become the most stable and trusted currency in the world Other countries have pegged their currency to the dollar which can still be exchanged As for gold, in fact, we own more than half of the world's gold reserves In the next few decades, more dollars will flow to the governments of foreign countries They started putting their coins into cheaper metals and printing more of their coins Currency than they had in gold bonds between precious metals and The paper currency was cracking this fifty piece 1966 was the last currency In regular circulation in Australia to contain silver, the air contains 80 percent silver so in 1966 that was 50 cents nowadays is eight dollars Almost silver alone by 1966 foreign countries had enough of us Collecting gold and printing money and they had more dollar value than The United States has bullion in its bonds that demanded gold in exchange for its notes The dollar arguments about the value of the dollar against their currency fit in 1971 President Nixon settled the issue of separating the United States currency The gold standard that I directed Secretary Connally to comment Temporarily convertible dollars into gold or other reserves Assets excluding amounts and terms which are determined to be in the interest Monetary stability and in the interest of the United States at all Again anyone can legally demand US government gold in exchange for paper Dollars for better or worse The dollar was now backed only by complete faith The credit of the US government is the richest country The world has ever known will bet on its future to sing People have these myths of money that is based on very few fact And one of the great things about Bitcoin is that it forces people to start asking Questions about money basics Bitcoin is an attempt to revive money through an advanced internet system The money that I thought was all about dollar policies or monetary policies السياسات Tax policies have certainly created a country of debtors that is not only personal Debt is not just corporate debt but government debt and you have to look at it These are all together one big thing what is the wealth of a nation well The wealth of a nation is a huge gap of money that we owe to the rest of the nations The world that will never be paid today the United States pays more From four hundred billion dollars to his creditors every year When the government spends more money than it collects in taxes, it simply borrows More ore creates more at once Each piece of paper money was backed Remember gold for every $20 bill, there was $20 gold in the government Government vaults no longer create today's currency These bonds or treasury bills are created first and these bonds are sold in the market Generate money for the government that issued them big banks buying US bonds Turn them around by selling them to the Federal Reserve at a profit and that's the magic The money machine you see is the Fed, but it's not the US central bank They don't have any cash on their balance sheets when the bank buys and takes bonds to the fed simply say thank you mr.
My banker here The main is not exchanged and some new money profit simply appears on Magical bank accounts for 100 years and calculate the exact mechanisms of these Bond purchases kept a secret here is where it gets really interesting The Federal Reserve is not a government agency but a private entity Shareholders are the banks that make profits of up to $80 billion In the year the total is paid to some of the same banks that sell Federal Reserve government debt that banks don't even bother to ask for Secretly in other words, the magic money machine doesn't answer anyone from the Fed either Sets a bar for the amount of interest you pay for a home car or business loan The Federal Reserve has been given the impossible task of trying to manage The credit and monetary system is as if we were the Soviet Union, it is central Their planners are looking for the main aspect of capitalism which is how money and Federal Reserve Credit is allocated on Balance No Helping the economy balance, it hurts the economy and it is inevitable to make mistakes Even with the best intentions, the Fed is also supposed to boost employment With low interest rates that encourage people and businesses to buy more goods المزيد And the services in which governments share money is a good thing and It's also a bad thing.
It's a good thing because money is the arteries Economy The blood supply in the markets of the economy is subject to fits of euphoria Despair and logical that governments support the currency Manipulating it moving the money supply up and down is the most powerful way to Calm down that boom and bust cycle manipulating its money supply Short-term and long-term consequences [Music] The central bank aims to create new money with very strategic and diligence Slowly releasing more money into the economy leads to ideally higher prices by 2% each year is supposed to boost economic growth but 2% Inflation means the purchasing power of the cash dollar in your pocket today 98 cents the next year and less nearly every year since 1913 when the Fed Reserve took control of the United States dollar and we saw that the United States The dollar has fallen in value by ninety-eight percent inflation is far Higher tax because on your income you only pay once if inflation is 2% You pay 2% tax on your net worth each year Parity So what does it mean if you win a dollar in 1913 you can buy 16 Today's loaves of bread can hardly buy you a dollar not a strange idea About how cheap things were to prove that your money is worth قيمة It slowly withers that one dollar invested at 2% in 1913 would now be Seven dollars and twenty-four cents more than six hundred percent Return against the total loss incurred by the US dollar from the value of 1 dollar to It is now worth about four cents so you know 96% of its origin The value is a direct result of government control Governments don't create money out of thin air on your own.
You play a major role in The magic money machine is not really the central bank side of the problem I mean They are part of the problem but the real problem is that we gave parents We create money for the same banks that caused our financial crisis Checks and savings in a bank account and use them as we need it The banks are the wrong protectors of our money and it is now our property The bank on their balance sheets can do whatever they want With it for example create new money and here's how your bank account displays $100 But the bank only holds three and 97 loans – Bob to buy something in the bank Computers You still have $100 in your account but Bob now has $97 New virtual money in his account just numbers on the computer screen there is no No gold coins or anything else that supports the new numbers and only Bob's account Promise to pay it This is the new money created as a debt at these 97 Dollars are spent in the store, which the store owner deposits in another bank It's been lent over and over and over and over and every one of these people has numbers Their accounts show that they own this money, so $100 is original Now doubled there are more than three thousand three hundred dollars in This process system for lending much more money than the bank actually has Cash on hand is called UK Partial Reserve Bank Ninety-seven Percent of the money in there are just numbers in the computer system and those Numbers are generated by banks Banks earn untold billions in interest every year by creating and lending virtual money What's more baked until you need your deposit to create a new Money if they consider someone creditworthy to get a loan they can put in new جديد Magic in his or her account and start collecting interest even correspondents Talk about Bitcoin as if it was the first digital currency but in reality We use digital currency every time you make a transaction to incentivize banks or Through your bank card, in fact, it is not just a digital currency, it is Digital currency created by banks meaning we have nothing In other words, all new money is debt, and this is part of money creation that is not Taught in economy class money in bank accounts 401K checks that loan To Credit Card Debt Home Loan Debt It all started as virtual money By banks, the whole system is built on trust in bank solvency Confidence in the ability of debtors to repay their debts if all customers of the bank Only 3% of their deposits are required at the moment in cash, and this will work for banks The truth almost doesn't reveal any of that paper currency that you think is in your bank The account exists He never remembered the drunken party our financial crisis was in كانت It's all about virtual dollars Too many people with too little income I borrowed a lot of money that they can never pay back but the banks didn't care about them They did not have to quickly make and sell fragile loans to someone else for a profit and I got them all looking like they are selling now Bad loans were a good business until the whole thing exploded into the world financial crisis [music] The magic money machine destroyed 30 million real jobs in the United States Alone he lost $16 trillion in family and banking wealth Banned on more than a million homes [Music] Selling Mortgage Loans and Betting It May Not Be Sacred But It Is Profitable as much as a quarter of the best and brightest are attracted Siren call of money machine Instead of science engineering or medicine, they choose to pursue a career With betting with other people's money to get rich very quickly Sometimes they take shortcuts [Music] My grandparents in Greece spoke of the corrupting influence of power and Nothing has changed in these three thousand years when you give control over our enormous business A small number of people will benefit from that control Thank you, today fines, money laundering and all the rules are calculated They are breaking into the cost of doing business JPMorgan comes out today and says Bitcoin is not a legitimate way طريقة Doing business thank you today is linked to a completely tampered system Essentially harvesting money from the entire global economy and pumping it in The hands of a few The current banking system is convenient Captured the regulator extracts enormous value from society without Giving anything in return that is a parasite in nature that banks play with A very pivotal role in an economy you look at any successful economy has Successful banks there is a very close correlation with banking profits and The economy as a whole in medieval Europe was a banker who could not repay depositors Hang out today that the same banker will get paid bonuses and enjoy some Tax Benefits – So far no senior banking executive has been charged Selling bad loans that fueled the Great Recession in December 2014 only Six years after the recent banking crisis brought the world to its knees The congressman hacked a last-minute text that Citigroup wrote to Critical financing bill allows this item to the largest US banks for one time Once again make risky derivative bets with bank deposits But don't worry if the banks explode again Lost deposits must be paid Back by US taxpayers [Music] [Music] Today's financial innovators have mobilized assets in more complex ways Peeling securitization using someone else's money selling debt transfer You risk raising the stakes and that's what they call innovation when you talk About financial innovation Bitcoin is certainly a good example of Innovation But there have also been other innovations that people choose more closely The world of finance will be mentioned as good examples and an example The original swap market from there moves to credit default swaps and is An excellent example of financial innovation but also if it is used Incorrectly can create a lot of problems as we have seen history It teaches us that the most revolutionary and almost always disruptive innovation It comes from the sidelines, not from the booths of companies.
Real innovators see the world Differently they see the big picture that creates new products and complete systems That gave rise to new industries that Steve Jobs called the round gears Holes is not surprising that new innovations always come from a niche A group of early adopters because it is inherently difficult for many people Realizing the Benefits of New Technologies in 2011 Most of the Bitcoin Community They were either from tech space geeks and hackers or people From the traditional financial industry there are even some bankers and hedge Bitcoin fund traders spoke up at the time as well, which was really surprising For me you often meet a radically new idea فكرة The irony of doubt even the hostility of those who will lose more than Successful case at auto point In the late nineteenth century Karl Benz and others built the first automobile barriers that could threaten carriages and This railway industries self-propelled vehicles or road trains for sure Scary horses injure people and damage road cars that railroad barons said قال Very dangerous and to protect us they used their power To pass a law in 1865, it required every car in England to monitor four miles per hour The maximum speed to be operated by a crew of three drivers and Engineer and man of science The heroic man of science walked in front of the car to warn Citizens of the coming danger, the inhabitants of the railways are the legislators Self-appointed gatekeepers use regulations to stifle innovation but They didn't invent the banner that's been around for centuries Very few can read books copied by people who control politics And religious leaders wanted to keep it that way And they received Johann Gutenberg's printing press with licensing laws Publication of tax bans in some parts of the world printing was a crime Punishable by death after all they were only protecting us from dangerous thoughts Before the printing press there were an estimated 30,000 books throughout Europe Fifty years later there were 10 million when Gutenberg's invention flourished Progress in the dark ages can't be stopped إيقاف But science has never ceased to experiment with its masters and said it iterates on each of these Innovations because they threaten the profits of someone you control but Remember, this is a story about money, what if technological innovation Allow anyone in the world to have their own bank to create a currency free of Taxes and Banking Fees The US Constitution prohibits citizens from Printing or minting their own currency competes with or undermines the dependence on the US dollar الدولار In 1998 Bernard von La Pete decided to test the determination Federal Government Liberty Dollars were available in Gold Silver Platinum and copper were available in three forms, both in other species Gold and silver words on paper as warehouse receipts and in digital form The government obviously didn't like it, they arrested and convicted me Forgery and conspiracy what I've been waiting for for 22 years I learned the sentence in a federal prison lesson that hackers convention In another person there was a young hacker using the nickname of Satoshi Nakamoto spoke to a friend of mine and select Liberty The dollar is in me as it inspired him to create a new currency Bernard von is not houses of arrest to create private money may also be Inspired Bitcoin inventor to keep a lower profile posting the invention Under a pseudonym and a vanishing pardon I'm interested to know like who Perhaps Satoshi is completely part of the mystery of the story It has nothing to do with Bitcoin because we have the code to read but It would be fun to know Who is Archimedes and who is Euclid We don't know we don't know if you are one Clint Person to person and you know what does not matter Euclidean Geometry works whether or not I know who you're clicking on whether it's Euclid Mall and a good person or whether a corrupt plutocrat Science and math bastard have basic facts that stand alone Regardless of the inventors and regardless of their motives well Bitcoin is a system based on mathematical facts and these Mathematical facts stand alone We can read the source code in Bitcoin and Understand it and it will be true if Satoshi Nakamoto is a man a woman a group of individuals a government agency or foreigners from The future bitcoin is the digital and computer currency Program capital B Bitcoin is the common token that creates a global boost Network using computers connected to the Internet Bitcoins are a virtual digital currency that is created, stored and exchanged That network but unlike the virtue of dollars generated by this new banker The currency was mathematically created by the anonymous inventor of open bitcoin Source software protocol much like the code that supports the Internet and The open source of email means that anyone can use the protocol and no one or… The company can control it.
Every change in the program is open to the public and Transparency The code was first developed by Satoshi and then there have been dozens now Hundreds of programmers are constantly collaborating to improve Bitcoin Features and Security, So What Makes Bitcoin a Hack It Addresses The ancient human dilemma and computer science problem solving which is common The information or data can be defective, corrupted, and anything can be falsified How do we know that what we receive can be trusted in our traditions Mentality It is very important to know who is behind this coin because they Reputation is important in knowing that our money is in the real wealth Actually secure in financing we rely on trusted third parties such as bank credit Remittance services provided by card companies, they keep track of money as it moves from them account for another and they charge us heavily because we trust them The balance of digital ledgers and credits in a financial system is disrupted These brokers could be cheaper and safer but bitcoin is digital Piracy music and movies are easily copied stolen How a digital currency could hold a value if anyone could make a million copies The answer is at the heart of the invention of Satoshis Bitcoin is not a file on The computer is an entry in the publicly distributed database called Blockchain Medici also kept a book of credits and debits today Banks record every transaction they have plus and minus in their ledger now we call it Database bank accounts are replaced with a digital wallet for you The Bitcoins ledger controller is a blockchain in which all Bitcoins are recorded Having every bitcoin transaction made it balances always because no Bitcoin leaves it at any time when Bitcoin is sent from one digital wallet to another What they send is the control over that part of that database code It is a unique key to the new owner as the network processes transactions It synchronizes a single ledger continuously across the global network of each computer Or a bitcoin miner has a full and identical copy and because The blockchain is public and cannot be controlled by any person or computer Bitcoin Miners Rewarded With New Bitcoin For Processing transactions and maintaining networks [Music] In other words, the Bitcoin network is replacing banks and bankers today The combined computing power of this global network is greater than 500 The largest supercomputers combined 10,000 times and because each transaction Verified and registered by the network, Bitcoin cannot be digitally counterfeited Currency cannot be devalued with cheap metals or printed in the billions at will Too much currency can unleash brutal prices soaring to a trillion dollars Bills that can't buy a loaf of bread There's a lot of movement in us Demanding a Fed review so we can find out what they're doing He really knows how many dollars are there for example Ben Bernanke Produced several trillion dollars over the past few years but no one لا Really knows where they landed at what time and for what reason central banks They can print as much money as they want they call fancy things like Quantitative easing and when they do it makes dollars or euros or The yen that you and I would be less valuable if the world started with Bitcoin is Their currency cannot be controlled by central bankers or politicians, remember The central bank creates money to boost the economy and try to pull it out Before inflation overheated, but no one knew how much magic money the global banks were That she creates to increase her profits with doubtful loans come in full On the other hand, it is completely transparent.
You know exactly how many there are The computer code behind Bitcoin has a built-in brake pedal that cuts Bitcoin halving every four years and this ensures transparency Controlled scarcity and ultimately limits the total number of bitcoins 21 million Neither lobbyists nor politicians No banker can create more or change Sports rules that dictate dance creation and accountability These are the things I think are the most exciting about Bitcoin and The technology behind it is not to the point that it will replace the dollar or that it He will replace his rule but suddenly there Competitiveness of government and government itself now needs to consider This new digital currency can be bought online more than I did With a credit card or in person with cash and it has the five key Characteristics of money, but is it a store of value? Is it stable or will it be? diminish over time like a commodity becoming useless or a crop failing The ultimate power of cryptocurrency is being unleashed through mainstream adoption and The increasing volume of transactions with Bitcoin was the currency It cracked much more slowly than other currencies and the effect of it Converted to what is basically a speculative asset if you ask for too much Bitcoin lovers, whether they spend the coin, they don't They are sitting on it I'm waiting for the price to go up Not a currency If you don't use it to push people, the point is that the average person is quiet Happy to walk into the bar and hand know the $5 note in order to get Drink until you realize that most people are happy with the money system They have if most people are happy with money they like plastic in Two-thirds of our personal sales are made with debit or credit cards Plastic is a sixty-year-old technology invented by a broker Designed for the Internet Every transaction requires personal data such as Databases of your name and credit card address are regularly hacked Fraudulent purchases imposed on your account Criminals are buying and selling stolen credit cards by the thousands in the dark corners The internet in some parts of London has a third of all credit cards online Transactions are fraudulent card issuers who do not hold you liable for fraud but Protection comes at a price of between 2 and 4 percent as a fifty .
Fee Billion dollars a year with credit cards from merchants The perspective is that there is a lot of risk if they take a credit card there may be There may be fraudulent purchases in fact there are hundreds of them Billions of dollars every year in fraudulent Bitcoin purchases Paying for pennies but no protection if you lose your passwords Or you get fooled into paying the wrong person that you can't get your money back It's like a seller's digital cash meaning there are no cost recovery risks for An e-commerce company such as Expedia or overstock credit card fees can Double their profit margin You can't miss points more effectively than before Think of Bitcoin as a currency in the payment network though it will make Easier shopping for world first bitcoin is everything else Anywhere else There are 2.5 billion people without a bank account with a mobile bitcoin With an internet connection it is now a bank that has access to global What Happens When a Bitcoin Service Is Infrastructure and Bitcoin Wallets and payments start to go to these countries these people You will be able to get benefits from the trade where they couldn't get it before People will be able to send money home international remittances which is one of the The main pain points of the current financial system are here if you send $100 With the balance it will cost me 20% and western union will cost another 10% Options that compete with Western Union will still be around 5% and if you It's sent to a really remote area that's going to be anywhere between 15% and 30%.
[Music] So in terms of remittances, there will be a game changer with Bitcoin You don't need a bank account, you just need an internet connection and a wallet For a tool setting to give people and access to the global ecosystem and Give them a promise of an economic future and we will provide them with a specific path So that they don't depend on a government that can shut down their government Bank accounts or even can go to their bank accounts and checkout Financial Affairs Goldman Sachs released a report and basically considered it You would redeem all transactions globally until FX Bank does bank transactions With the Bitcoin protocol and still charging 1% considering it will save The global economy is 200 billion dollars, not 200 million dollars a year Saved transaction costs that ultimately fall back into the hands of the consumer An international wire transfer can take up to four days but the internet allows it Us to instantly share text photos, videos and anything digital Why isn't the money that we know now exists only as numbers in the bank The database wouldn't be great if you could simply send Bitcoin transactions var tweet for example you might say at the end of money worth $1.00 Bitcoin, so we're declaring that all you have to do is hashtag With a lay person and our bot will handle the notification transaction You and give you a link and this will allow you to either withdraw your Bitcoins or send them to someone else With Bitcoin you can send $1.00 or 1 million Valued in dollars anywhere in the world, you can do it for free or pay Bitcoin network fees that are still around a penny and there Nothing big banks or politicians can do to stop it Cryptocurrency that can only be created and transferred Networking may be the next step for the digital revolution Rise of machines Self-driving cars have pushed robots that rely less and less on humans I think the future of bitcoin or cryptocurrency is who you know? A broader perspective is really about payments to a machine even before that Time to have a drone taxi driving you around New York and then go Power in a drone power station or go for drone car repair Shop you will see the device for payment machines that are made with some type of digital currency [Music] We have already built this world that we are We live in the last two or three hundred years and we've made some mistakes We learned to make things better the idea that there is some magic key then المفتاح You just stop doing some things that would be perfect Which will settle is a very childish ideological deception in my opinion but This does not mean that Bitcoin is not an exciting thing It's very exciting but we have to deal with it Working minds are not with magical thinking people suggest they would It will be another global currency up to the dollar or the euro or the yen I think This will not happen I prefer to trust the banks or the central The government compared to Bitcoin because someone is responsible for it With Bitcoin, it is completely freed up and there is no central control No one is responsible for it.
It's free float. It's only request and show. [Music] Obviously this is not a coin currency don't behave like this but What is this high-risk speculative commodity for entrepreneurs Government bankers and everyone else who studies and monitors VidCon is all about me I must say that there is likely to be a lot of volatility to the upside Track and fasten seat belt Criminals scam bad artists are attracted to any kind of money like a moth To the torch of the Silk Road was the market that was in the Internet This website has now allowed people to sell things that were Illegal to fake governments for fake identities, North Korea's Bible is crypto Coins are inherently bad or the latest tool to get banned الم Illegal porn in Iran was a few percentage points of sales in Silk Road was selling porn to Iranians now and it's a much broader movie that gets a lot Journalism with the Silk Road in Gaza is a drug I was researching about The past two years in the online drug market places in the dark network using Tor and Bitcoin as technologies to enable illicit drug transactions We ran a global survey of drug users and had over 20,000 people responding to it That the majority of people have been buying illegal drugs traditionally Hemp ecstasy brought down the FBI Silk Road certainly did not stop Illicit drug trade online Lots of people want to criticize Bitcoin To use it for illegal things or illegal things but if you look at it The most popular currency in the whole world for doing bad things is the United States dollar If you think of Bitcoin as a platform rather than a currency, you really are You begin to see the potential that a ledger that cannot be falsified cannot have The universe is changed by his genius Bitcoin technology will be there forever and you will have applications for years To establish a secure global payment system Patents may just be the beginning of land titles proof of ownership Bitcoin can be baked securely in the ledger of the year About the Bitcoin aa board with source code I'm building some things that I realize This is actually a very powerful protocol that is not just a coin but It's programmable money in fact the digital age has fundamentally changed Our world has embraced medical records digital music film Online communication can freely exchange information and currency Fuel revolutions helped catastrophe but our money was restricted to 20 Manipulated by governments and banks, the Bitcoin champions are asking us to Imagine payments without broker investments without broker loans No bank insurance, no written charity, no trustee Warranty Without Agent Betting Without Keeping Records By Agent Without A secure global accountant almost instant and free It is the imagination or the future of money and commerce [Music] i love bitcoins i really like bitcoins well this is my first name satoshi nakamoto Love to say and we don't know much about him but he came to save the day if you You don't know what Bitcoin is, it's usually rice as people describe it Digital money exchange in the old [music] jóska Banking You know what two plus two is so well I can tell you but There vanish on the way he will be told of the death of the ancient mountain of Gox About the traders who trade altar coins and miners are now the big parties and their interests Technology that I would say banking in lies does not see all this comfort [Music] In the old block chain so I know it It will rain it will rain so everyone knows everyone knows you know When I go online and buy like I know a pair of socks if I pay with credit Card I Only Buy Socks Directly If I Buy Those Socks With Bitcoin It Revolution to which the man clings [music] Pass B Samar, there are always people who are not ready to get into the new technology You know that when the Internet appeared there was such a not so You're moving now, and bitcoin is coming out of people like me I don't think I'm sick It's wrong to ride this train [music] [applause]