What is Bitcoin and why are we here today? I want to start with the story of Genesis; let’s go back to the beginning In October 2008, a paper was published: "Bitcoin: A Peer-to-Peer Electronic Cash System." That paper explained how this system works. The author's name is Satoshi Nakamoto We now know that this is not our real name, we don’t know who Satoshi Nakamoto is We only know that someone on the Internet has found [how] a way to establish a digital currency The paper was published in October 2008 He also wrote a prototype software program, the [first edition] of the Bitcoin [core] software; He initiated [the project and mined the Genesis block; this happened on January 3, 2009, just a few months after the paper was published This is the beginning of the Bitcoin system This is the beginning of the Bitcoin network This is the beginning of Bitcoin currency This is also the introduction of a new concept into a word that is spoken every day on TV… Financial News Channel: Blockchain, one of the technologies behind Bitcoin This sounds like a strange story, right? On the Internet, a certain person(s) we don’t know, post a paper, [Release] a software [and] start a network; others some people [decided] to also run this software This thing starts running and embeds the first message: This message is embedded in the first block created on the Bitcoin blockchain This message is embedded in it for a reason The news was the headline of the day in a British newspaper-London's "Times", It says '03 / Jan / 2009 Chancellor on brink of second bailout for banks.
Bitcoin recorded the headlines of the day [news] [say] the British Chancellor of the Exchequer… (Like the Minister of Finance here) will start the second round of bailouts for banks This may be a coincidence. But I don’t think so. I think it tells us the motivation behind Bitcoin Part of the motivation behind Bitcoin is disappointment with the financial system, Those financial systems that have existed for 20 years, but [have not] really improved, are not in the service of the public It serves someone well, not us [Although] When I say "we", I am actually facing such a group of people-people representing 5% of the population…
The most [have] privileged, [accessible], world advanced banking [You] A group of people who can have multiple foreign currencies and can send and receive funds through the bank How many people here do not have a bank account because they can’t open an account? There is only one [person], great The average percentage in the United States is 18% This means that approximately 60 million people do not have a bank account in this country [You] Guess who those people are? [Listener] Poor people. [Andres] That's right Poverty is one of the main reasons why people do not have financial services But another reason is the admission certificate Maybe [they lack] proof of access because they do not have [sufficient or any] legal documentation; Of course, illegal immigrants are one of the huge group of people without bank accounts But for other reasons, they [lack] legal supporting documents [Many] fully legal residents have no driver’s license, no permit, or lack the necessary literacy and arithmetic skills 18% is the lowest percentage of people in the world without a bank [Most countries] More people do not have bank accounts; In some countries, more than 80% of people cannot access banking services anyway But if you talk to people in this country, you will realize that the banking system here can’t serve us either [They] are the same as ours, who are only happy to sell floating subprime mortgages- Sell to you, your parents, your brothers or your children-even if you mess up, you can escape debts and still get rescued None of them went to jail but more than one million homeowners lost their homes in the U.S.
At the same time, when they foreclosure, they are using a technology called robot signature They [automatically] signed the foreclosure, they didn’t even [review] the documents about the behavior No one goes to jail because of this They pack toxic securities as collateral, and they fully understand the fraudulent nature of fraudulent debt (CDO) They tacitly said, "These are deceptive, so we don't want to buy anything ourselves, but we will sell them to customers." No one goes to jail. So who are they serving? Myself, yes, but not just myself The irony is that [many] people who work in banks are part of the middle class and are not served by banks.
They serve the weapon dealers they serve the warmongers They serve money launderers, international drug cartels, multinational companies, but they don’t serve us If they don’t serve us in this country, then you can imagine how bad it is in other places. If you can't imagine, I can tell you. worse. After twenty-five years of Internet development, we have come together. The world is closer than ever The Internet has given us the ability to communicate instantly anywhere in the world Most people in the world now More and more people have access to the Internet. They are actually more convenient to use mobile phones than to get clean drinking water. However, in the past 25 years, the banking industry has not [become] better [or] more inclusive If there is any difference, it is that we are going backwards In the past 15 years, international finance has become a weaponized tool of geopolitics.
Powerful countries use it to attack [other] countries in the form of sanctions, currency controls, and embargoes. And other economic pressure [mechanisms] The banking industry does not serve more people, it serves fewer people More and more countries find themselves in this situation, but the citizens are not at fault. They are subject to embargoes or currency controls, and cannot transact with people from other countries [Citizens] faced catastrophic economic conditions; they watched their life savings disappear overnight This also happened to my family in Greece, in the 1980s.
It happened twice. This situation spreads across South America and Africa This is currently happening in Venezuela and this is about to happen in Turkey Greece has happened again in Argentina, Brazil and some other countries are also about to happen The existing [structure of the economic system] is not for the people The Internet has not brought us a financial system that connects everyone In terms of domestic law enforcement, modern banking is an agency system Internationally, it is a militarized control system Our banking business is part of the domestic police system. It is part of the international military system Just like the banking industry in [many] other countries. It does not serve business, it serves politics Let’s go back to the early days of Bitcoin, an interesting thing happened An organization called WikiLeaks is revealing secrets that the U.S. State Department does not want to release This is the secret about the war crimes committed by the U.S.
Military Therefore, they want to close WikiLeaks One of the ways they [try] is to forbid people to send money to support the organization The State Department first appealed to the court system in order to obtain the necessary evidence to prevent WikiLeaks… Is illegal Of course, they didn’t get that evidence because WikiLeaks didn’t break the law So they cannot take them to court, they have no legal basis to take them to court Instead, they forced Visa, Mastercard, American Express, PayPal and all U.S. banks… Cut off WikiLeaks without any legal procedures You can use your Visa card to send money to racist groups in Alabama, You can send money to various brutal political groups around the world but you cannot send money to WikiLeaks At that time, Bitcoin had just risen and the news was hidden in the first block That little news told me, told many others, 'That's why we did this.
This is why Bitcoin needs to exist [Without it], although we have entered the world of the Internet revolution for 25 years Although the [financial system] is better than we were 25 years ago, we are still far from achieving the goal of global interconnection We have gone very far, but the financial system has not kept up. It does not serve the people. This is terrible. Control of money brings corruption we all know. Power leads to corruption, absolute power leads to absolute corruption There is no absolute power more powerful than money Do you have freedom of speech? It's great. But if I can control your money, you won’t have freedom of speech Do you have the freedom to vote? [awesome]. But if I can control the power to remit money to political organizations and parties, you will not have the freedom to vote. See what's going on in Russia or Turkey. This is entirely from Putin's script It’s the [opposition] lack of funds [until] no one opposes; [then hold] the election, there is only one candidate "I won! Democracy!" [Laughter] Bitcoin did not appear out of thin air, but it seems strange to many people.
How did Bitcoin suddenly appear in 2009, nobody noticed at first This is just the communication of Geeks in some strange online mailing lists But after a while, people began to notice that it has now become such a worldwide phenomenon You might be skeptical "A person we don’t know invents something, we don’t understand it, but push it to the world, Now my brothers think I should do this and put all my money into this [Bitcoin] thing.
" "My aunt thinks this is a pyramid Ponzi scheme. I don't know who is right. [Laughter] If you use [Bitcoin] as an investment, you may have missed the most important point This is not an opportunity to get rich, but an opportunity to invest in [the next big thing] This is a 21st century banking business that changes finance, money, and worldwide If you don’t think you need to change [the system] for yourself, Think about the billions of people who don’t have access to a bank account Then think about what would happen if [they] could run a bank on a $25 Android phone [Think about it] What impact does this have on our world [Yes], some bad guys [will] be able to conduct illegal transactions, it’s okay [Most people] Billions of people are good people and they will be able to trade freely This is how it works. It's that simple [rebalancing], we can change the world. My interest in Bitcoin stems from two aspects: On the one hand, I am a geek and I like technology.
It’s so cool, I’m so excited, I’m so excited I can’t sleep, I want to read everything about it Then I discovered something else, [become] more excited, stay up late, drink more coffee, read more… And [becomes] excited again. [laughter] Some of you are just like me. It’s okay if you’re not as excited as me Some of you know exactly what i'm talking about This is a good reason to be interested in technology, the kind of technology [you are excited] to learn; The kind that can get a degree in computer science, a major in another field of study As an accountant, you can also learn something, as someone who works in insurance and finance It will be very useful as a part of your career is very interesting Just like learning how to use a database or like building a website [for your business] On the other hand, I am concerned about this technology.
I am interested in it because of politics. It’s not the politics of a party, the politics of principles I grew up in Greece and the Greek political environment and saw what happens when the financial system stops working This is an experience I don't want to happen to anyone This is an experience [most] Americans are not familiar with, at least in modern times I hope it won’t happen again, but I’m not sure if it will Money is this amazing technology because it is useful, we don’t need to know how it works We don't care about it and we don't need to worry about it too much If we do this, if we really understand how money works, we will feel scared.
"Of course this can't be true." "They just create it out of thin air, distribute it to the bank, or even lend money that doesn't exist? Then they charge us interest so they can become richer and richer? No, don't come to this set. That [will] is a scam. "This is a pyramid Ponzi scheme. The dollar is a pyramid scheme? Tell me this is not the case. If we understand the modern central banking business, most of us will be scared [But as long as] it’s convenient, as long as it works [for us], we don’t need to really pay attention Well, let me tell you one thing.
In 2008, it went wrong, we haven’t fixed the problem yet In 2008, the global economy collapsed and the economy collapsed, and the central banking industry was in trouble. It is still not completely repaired Since then, [they] have almost released 100 trillion dollars in debt, All of these are borrowed money from your retirement from your education plan and health care plan The money [will not] be repaid for a simple reason: [Most people] are broke. [Laughter] JP Morgan Chase Bank went bankrupt, Citibank went bankrupt, Bank of America went bankrupt, Goldman Sachs went bankrupt.
The US government is bankrupt. Europe went bankrupt. Deutsche Bank went bankrupt. Japan is bankrupt, China is bankrupt They are all bankrupt. But they can play with agreements, hide debts, sign bilateral agreements, Shuffle the cards, pretend to save Greece, Pretend to borrow money and then transfer the money directly back to Deutsche Bank [They can] find some scapegoats and let them show their faces; pretend that nothing happened, but they are all bankrupt. At some point, there will be a liquidation. We have never fixed any problems that occurred in 2008. [On the contrary,] we maintain the illusion of [functional] economy in order to destroy [our] currency Now, you don't need to believe me. But in the future he will bite us back You don't have to think that this matter is important in your life. I really hope it [not]. But one of the reasons Bitcoin was created is one of the reasons why it is important because it is neutral It is independent. No one can control it.
No one can change its distribution or create it out of thin air When you see the criticism of Bitcoin by mainstream economists, they say it has no support [Laughter] You should ask at this point, [what support does the dollar have]? But you really don’t want to hear that story; [you don’t want to hear] what support is behind it You [must] learn some history about Kissinger, Saudi Arabia, and a small agreement in 1971 Then some towers collapsed, some terrible things happened, and now we have been fighting for 18 years In any case, something supports the dollar: war, oil But Bitcoin is also supported by the international community: geeks, geeks who brought you the Internet [Laughter] [Applause] Hope you never need to make such a choice in your life [Hope you will] Always have the freedom to choose currency But you may be forced to choose between the bankers who brought you the Great Depression And the geeks who brought you the Internet [Laughter] I hope you make the right choice.
If you hear some groups talking about Bitcoin, blockchain and cryptocurrency, You might think that the goal of all this is… As the first step, eliminate government funds and completely eradicate the government… And replace all currencies with bitcoin The only currency that rules the world, the ruler of the world I do not think so I think the idea that there is only one world currency [will] regress our current monetary system We have grown into a multi-currency system: all currencies are supported by nation-states.
They represent the flag [Their value] People with a bit of democracy, a bit of patriotism, and flag-waving people In each country, the flag is different and there is a [different] national anthem By the way, if you go to other countries, when they wave the national flag, they will also sing, "We are the only one!" [Laughter] It’s like asking someone, "Are you a good driver?" They said, "Definitely." Then 80% said they are above-average drivers. How is this calculated? [laughter] We are accustomed to this world – currency represents countries; Therefore, they are part of this [geopolitical] battle, just like the world is a huge chess board and currency is a chess piece If the ruble depreciates, the dollar "wins." This is a war between country and country In that environment, it is natural to think that this currency system is a winner-takes-all system, or a zero-sum game, The only way for one currency to win is to [by] defeat another currency In this world, you cut your nose to avenge your face; this is a good summary of our current foreign policy, [And] The foreign policy of the European Union, China and Russia…
We are currently engaged in a currency war, we should assume… "Our" currency-represents "our" flag-the flag we support But if you stop and think about it, you suddenly realize that it’s not money anymore. The token no longer represents value in commercial transactions It stands for something else, some… a bit like the kind of thing waving a nationalist flag… You try to beat the opponent That environment is what we are familiar with, and we grew up with these things, just like the emergence of Bitcoin now Your natural tendency is to think,'Oh, this system will win the zero-sum game and rule all other countries But what if the result is not like this? What if, all along, currency is just a form of language? What would happen if we understood that money is a way of communicating value to each other for us? As a language [probably] there will never be a "victor" Language will always change Every place has its own traditions and special needs We have a similar language Inuit, with eight words for "snow" Those in the Kalahari Desert do not need these.
They have a different language, with twenty words representing "sand", They live in a different environment like Alaska The bottom line of language is to adapt to the local environment They will continue to spread but there is no "victor" If you speak three or four languages, you will feel better than if you only speak one language Diversification can bring you greater value What if the currency works in this way? If we go from a world with (about 180 currencies) to a… There are one thousand, ten thousand, one hundred thousand currencies, you can use any number of currencies in the world? You can select [them] at any time. When you hear this, you might think, "This sounds so [ __ ] crazy!" [Laughter] "I don't want a thousand currencies." When I went to Disneyland in Paris on vacation, "I can hardly understand how many euros are worth a dollar.
Well, the good news is: we are not talking about traditional paper money We are talking about pure electronic money. All world currencies [will] be electronic money Try to figure out which currency you have and which currency the store will accept What are exchange rates and how to convert them, It’s done by something behind, your smart phone, iPad, smart watch [app], Or any device that [will] hold your money Then it’s really not a problem that you have ten or more currencies You [maybe] don’t even know that you have ten different currencies If we enter a fully connected world, near-instantaneous commercial payments are possible…
-Anyone, anywhere-they don’t even need to commit to a specific currency No currency is a "winner". On the contrary, we all "win" and are able to choose freely. This is the crux of the problem. So far, you are using the currency of that country/region; because you were born here, you have no choice. If you are an American, you have [some] the right to choose other currencies, but in many countries in the world, you do not. You must pay for government services and taxes in local currency; you have only one choice You still have to play geopolitical games Your retirement, education funds, health care, income, all your expenses are in local currency… They use this as a weapon It’s not that you participate voluntarily; but you [forced] to participate in those games Looking at it this way, what is the end result? Wake up in the morning and go to the supermarket early Because you know they will change the price at noon every day Eggs are expensive in the afternoon, maybe 30% more expensive I have seen it in Greece.
This is the situation at the time. Today in Venezuela and Turkey [people] are experiencing this When you [considering] the birth of Bitcoin in 2009, you might think,'Why? Who needs it? ' "What will we do with this? Is it to beat the dollar and win everything with a new thing?" no. It's about making choices For most people in this country, that choice [currently] is not very important; But for the rest of the world, that choice is absolutely crucial [now]. Most people live under terrible governments. These governments don’t [respect their] freedom to deal with anyone. They did not give them freedom… In order to avoid any crazy transactions or currency wars at the moment Most people live in countries where they can’t distinguish the difference between organized crime and banking Make up, to be honest, the customer comes from the service of "black market crime"…
Someone in Argentina did the exchange for me, [probably] much better than the Argentine bank… Where i tried to change the situation earlier So maybe there is a way to distinguish organized crime from banks Both are criminals, but some of them provide better services to customers. [laughter] If you live in such a country, suddenly something like Bitcoin turns out… Although it is difficult to use, although few people now have the tools and skills to use it. But in the near future, for many people, this day has come; some people suddenly have a choice. You can say, "You can go and play your [geopolitical] game, Mr. Erdogan." "Do you want to try to fight against the United States with Russia? In the currency and trade war, use F-35 and S-400 to fight?" If you know what I'm talking about, great! When you make lira trash, I will [take out] my wealth and convert it into Bitcoin No one can stop me, because this is an internet-based currency without borders If you live in Venezuela your government is in a death spiral You can say, "I [will] take out my money and exchange it for Bitcoin, Or someone from another country sends me bitcoins [so that I can] provide food for my children.
" "I will be called a terrorist by my own government, I will break the law, but my children will have bread to eat." We know that some people actually buy food on Amazon Prime and ship it to Colombia, And smuggled it to Venezuela, [paid with Bitcoin]. food! This technology gives people choices. We are already experimenting with more than a thousand such currencies… Do different things with the same basic technology [This is] a very exciting technology space that has only begun to explode in the past ten years It has created this huge and diverse environment with many exciting developments At the same time, this is a huge speculative bubble with many greedy people running in circles, Scream [attack each other] and try to get rich But it is also a very powerful international [financial] freedom and choice movement… This can change the lives of billions of people. Thank you! [applause].