so we're standing here in my living room
in a Tokyo Japan and I'm going to show
everybody just how amazing Bitcoin is by
sending a hundred euros worth of Bitcoin
as of today's value through my TV
so we're standing here in my living room
onto
the camera onto the TV in the
Netherlands and anybody with their
Bitcoin wallet ready that scans what
they're going to see on the screen in a
moment we'll be able to claim the 100
euros worth of bitcoins and there's
nothing that anybody can do to stop it
or to freeze your account or block it or
control it anyway so on the TV here we
have a Bitcoin address that I've just
generated and I have my phone here I'm
going to scan the QR code for the
Bitcoin address on the TV now I have it
I'm going to send 100 euros worth of
bitcoins that address so we'll hit send
and anybody can monitor on blockchain on
info the balance of this address there
it is 100 euros worth of bitcoins just
arrived at this address so total
received 100 euros final balance 100
euros just like that so on this next
screen you're about to see anybody with
their Bitcoin wallet that scans the
private key that corresponds with that
address we'll be able to claim that
money just by scanning the code that
you're about to see on your television
so if you want to take a look here it
comes a hundred euros ready for anyone
to claim all you have to do is scan this
one right here and it's a hundred euros
worth of bitcoins as of today by the
time you scan it it might be worth even
more so there it is for anyone ready to
claim with their Bitcoin wallet
okay Holland now you've just seen the
power of Bitcoin I sent a hundred euros
worth of Bitcoin from here in Tokyo
directly to you guys through this camera
through the network through the TV right
into your home if I had tried to do that
send you the money with a traditional
bank it would have taken several days
and probably cost 30 euros I just did it
right now with Bitcoin instantly
basically for free and didn't have to
ask anybody permission I didn't need a
bank I didn't need a government I didn't
need anybody I just needed myself and
you and our smartphones to do it that's
the power of Bitcoin this is back light
welcome to a world in which we can be
our own bank
we take it for granted that money
creation is controlled by governments
and banks but there's a community of
people who don't see this as a given and
to get quite worked up about it
Wall Street is fraud America is fry the
world is fraud banks are front central
banks are fraud live in a narrow fraud
it's all based on fraud and they've get
a percentage of the fraud that's the
business model to suggest that there is
any moral or ethical aspect anything
that's going on now is to be completely
naive about the fact that we live in an
era dominated by financial terrorists
terrorists terrorists she hotties of
banking they're here to kill you and
themselves they believe in an ideology
not the Koran but Adam Smith that they
completely miss read and interpret as
something to justify their blowing
themselves up Jerry yellow two
terrorists
Merriam Chinese and terrorists the
Central Bank of Japan is terrorists
these are the real terrorists
those received this community is
switching to what they think is a better
monetary system a system in which banks
are no longer needed because payments
could be made directly from one person
to another the system of that one of the
two parties is always the slave and that
is the architecture of money we live in
that is the architecture of money we use
a nice civilization an architecture of
money where you have no control an
architecture of money where every
interaction is mediated by a third party
a third party that has absolute control
over that money
bitcoin is fundamentally different
because in Bitcoin you don't owe anyone
anything and no one owes you anything it
is not a system based on that it is a
system based on ownership and no one can
censor it no one can seize it
no one can freeze it and what they will
tell you is that they're worried they're
very worried the worried that criminals
will use Bitcoin but the truth is that
they're far more terrified that all of
the rest of us will thank you
Bitcoin the cryptocurrency that was
mostly known as a convenient tool for
criminals has suddenly become an
important topic at conferences on
financial innovation all over the world
proponents speak passionately of a
digital miracle that can save the world
from financial ruin the Bitcoin story
starts off like a gospel revelation it's
November the 2nd 2008 just six weeks
after the Lehman Brothers collapse and
all over the world there are panicked
debates about how to save the banks then
on a little visited web forum for
cryptographers a document appears in
which a completely new monetary system
is proposed the visionary author calls
himself Satoshi Nakamoto
first time I heard about it I was at
lunch with a buddy in Texas and he said
man there's just crazy new money and so
we talked about it over lunch and then I
went home and I said man I want to I
want to see if I can buy some at first I
wanted to buy some
I'm emailed friend of mine I think I I
probably saw the white paper as a web
form or something you know I just said
this is some electronic currency thing
and this was publicly available you know
this was posted
I think December you know 2008 or
something and these were the darkest
days of the financial crisis so that to
me suggests a very clever mind that saw
an opportunity the perfect opportunity
to introduce a new radical technology
and new radical approach to money in
finance at just the right moment when
people would be very open to making this
big shift that's required to adopt a new
currency I'm pretty pretty sure if
Satoshi is a human being although I'd
really love to go find out the with some
advanced AI but 99.99% chance he was a
human being what's exciting for me is
like a global economy right now we say
we have a global economy but I can't
take a dollar and give it to you in the
Netherlands and then you know what to do
with it right you would have to go and
change it to your native currency and
when you kind of eliminate that step and
I can just send you one form of payment
and you can send me a product in a
matter of seconds that starts to change
things from a from a global perspective
so the first wire that I sent was a for
$25,000 and this was in early 2011 and
bitcoins were somewhere around $1 all
the way along I was buying Bitcoin and
anytime I'm entering some dollars for my
other company I put it into Bitcoin and
at this point the vast majority of a my
net worth I'd been keeping a Bitcoin for
a while
I'm glad you didn't get the parking pay
the car is actually like the perfect
color for Bitcoin it's like the Bitcoin
Orange so we wanted to order some like
Bitcoin decals and put like Bitcoin
logos around the car and then drive it
around Tokyo to hope help advertise a
Bitcoin but still never got around to
doing that maybe someday
Roger fear is the CEO of memory dealers
com selling secondhand computer
equipment but for a couple of years now
he's been known as the Bitcoin Jesus in
2011 he bought $25,000 worth of bitcoins
which now have a market value of 6
million dollars and somebody closed my
uh I usually leave the trunk or the hood
open a little bit so that I can
reconnect the battery but I don't know
how it got closed between now and the
last time I was here so we'll have to uh
some people think of Bitcoin as sort of
an early adopter thing like okay I'm
already too late or so isn't that a
problem for Bitcoin so thinking that
that it's too late to get involved in
Bitcoin is like thinking it's too late
to get involved with the internet or too
late to get involved with using a cell
phone like it's not too late to get
involved in Bitcoin Bitcoin is going to
make your life easier in so many ways
and and the price of Bitcoin too it's
not too late for that either bitcoins
like two hundred and seventy dollars a
Bitcoin right now if Bitcoin becomes
really popular all over the world
bitcoins are going to have to be worth
at least tens of thousands of dollars a
Bitcoin if not hundreds of thousands of
dollars perfect per Bitcoin so thinking
it's too late to get involved with with
Bitcoin it's like thinking it's too late
to get involved with with using the
Internet of course not like it's
ubiquitous in our lives and bitcoins
going to become ubiquitous in our lives
as well
perfect money should be have a limited
supply that's one of the most important
things needs to have a limited supply it
needs to be easily recognisable it needs
to be durable it needs to be
transportable Bitcoin has all those
things better than any other form of
money the world has ever seen and that's
why when I noticed Bitcoin for the first
time I realized that it's so incredibly
useful as money that people are going to
start using it more and more
Roger lives and works in Tokyo
he's outsourcing all the work for his
own company so he can spend all his time
promoting Bitcoin so it's a pretty
exciting time for Bitcoin right now with
all the stuff going on in a in Greek I
mean bitcoins up about $10 since
yesterday just since all the news on the
Greek Greek referendum vote and just
everyday in bitcoins so exciting so on
you can see you know lots of trading and
everything just in the last 24 hours
there I paid to put up a billboard in
the heart of Silicon Valley right next
to one of the busiest expressways that
just said we accept Bitcoin memory
dealers calm and then listed some of the
parts that we sell then after that I
started paying for national radio ads in
the United States to Ron more than a
hundred radio stations across the United
States and paid for that for a couple of
years okaywe the popular consumer web
site in Japan will accept bitcoins from
now on at a press conference project
fear helps them spread the word well
today one Bitcoin is Salman goes on in
Nairobi Canseco to New Guinea not Rosita
nam kyuman in token insane man in Nauru
unlucky Ramana is it a Bitcoin Warneke
Nina Terra Rajasthan Casa de Oeste Tarek
Masoud a casa de he out of the coal
cause it's me
imani new are Kolkata garnished
ornamentally Sanwa tertiary nihongo my
decree Nihonjin a quran qaloo akuto use
cash to go to baccarat set smashed it
could keep economist Inka animal
ps-aguié
can anyone see you madam on kouhaku
eagerness kedomo unabie to GUI
man is nano TC ryomou Quranic Atari toka
otaku Minnetonka pottery in a cuckoo
bananas host a Atari 800 cannoneer into
GU Niang souls in iniquity
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no VidCon oh my no Connie you are cuckoo
torch up to re-mastered a kilo
imam iranian engi no rection no koto
emma-san Chikara imam are a bit con la
Ichiban kolkata Montenegrin it's a chi
Chi Li hua Ichiban e economy running a
bit coins I forgot mantra in mock Arabic
reverse Kohaku da hai toh toh hai I the
show go bill Jana Jana
so yeah pretty and stylish the bar my
demo demo koi wa Sinan boon Bitcoin
countenance a cartoon in key nara
shikamaru nara no canossian sorry mas
march are you giving bit please away I'm
giving you every Pro every single person
here 1000 yen worth of bitcoins which is
like $8 in something since so
that's a refresh but my dog okay I've
given away thousands of whole bitcoins
to just various people on Facebook that
would post their bitcoin address and
this is back when bitcoins were a couple
of dollars each so I'm sure those people
are pretty happy at this point how could
this digital coin invented by this
Satoshi Nakamoto become hundreds of
times more valuable than the dollar and
why do enthusiasts like Roger fear want
the world to switch to bitcoins to
understand this we need to look at how
new bitcoins are created a complex
process called mining promotional videos
make it look as if everyone can just
mine bitcoins millions of people all
over the world earn real crypto money
daily it's quite simple just download
the special software connect to the web
and wait for your profits to roll in for
mining you don't need any special
knowledge you can mine at home at work
or to cafe anywhere there's access to
the earth in fact lots of people have
already received a good income from
mining it's interesting to get us to get
you out of the bed in the morning no it
doesn't I get it it doesn't get you out
of the bed in the morning no it doesn't
I get it
marshal Lum was one of the world's first
Bitcoin miners now he's the CEO of final
hash a company that professionally mines
bitcoins okay well that's fine we can we
can talk about it more in Chicago that's
fine
so back in the early days you know I get
phone calls from my buddies oh hey man I
lost 10,000 bitcoins because my computer
blew up right back then one Bitcoin was
less than a penny right so nobody cared
they lost $10 I don't care right now
10,000 bitcoins that's you know five
million dollars that's a big deal right
so now it's interesting to see how the
industry has changed there wasn't
YouTube videos and all these nice things
to show you how to mine so it took me
about three weeks to hook up computer up
to figure out how to do this mining and
you know back in the good days that you
could take a laptop like this and
you could mine maybe a hundred or two
hundred coins in a day when summer time
in Houston came my wife was like this AC
has been on for 24 hours
it's really hot what were you doing up
there I said oh you know I'm just
running some computers and she walks up
there and you know you see 50 graphics
cards all running at the same time and
it's very hot she's like okay you gotta
you gotta get out of here you gotta
figure something else out because it is
too hot hey what's up nerdgasm fans
cheering you're a ka-bar nucleus I'm
here with Marshall long from at vinyl
hash now we're out here and I would say
what's going to be the largest Bitcoin
mine in North America and it's
realistically an actual mining operation
like you can pretty much attribute
everything that's going on here so like
a real gold mining operation it's like
you have heavy equipment you have cost
you fuel cost yeah and you have recovery
everything that you then go and sell and
turn into real money that's right
okay how many of these machines right
here you got a scores as five
every day I shouldn't
I am scores on
like being a wing
cooling in here is so efficient and if
you put your hand back here behind the
unit's where they're drawing here it's
freezing cold it has nice ice-cold air
coming in here you put your hand in the
front down the center it is burning
burning hot profitable
on this skate oh hell yes
a Bitcoin as the reward for solving
complex mathematical puzzles and Bitcoin
miners let their computers work day and
night to complete these tasks all the
Bitcoin users in the world are connected
and together they constitute a network
that processes and checks all Bitcoin
transactions in a public ledger called
the blockchain and Satoshi Nakamoto
designed it in such a way that users can
create a free and anonymous Bitcoin
account number a so called wallet
satoshis invention eliminates the need
for a central bank because all the users
together are the bank but early Bitcoin
users had no idea how big Bitcoin and
the blockchain would become I think
sometime in spring of 2010 I could be
wrong on the exact dates but basically
someone put out a request saying hey I'd
like to buy something with Bitcoin will
anyone buy me a pizza and I believe
someone here in England bought the the
person in Florida a pizza for ten
thousand or something bitcoins and maybe
worth you know a very large sum of money
today and and that was the first Bitcoin
commercial transaction garrick Heilmann
an economist at the London School of
Economics was one of the first scholars
to study Bitcoin and the blockchain as a
serious monetary system as a scholar at
you should label it or was something
totally new to you it looked very
different to me I mean as soon as I
heard the word decentralized and the
fact there was a network powering this
currency rather than a central issuer
that immediately captured my interest is
something quite different based on what
little I knew about alternative
currencies at that time what it meant
for people who are libertarians in
particular is that the government
couldn't come in and shut down a server
and in Bitcoin it would have to shut
down the entire internet or turn off the
electricity grid to to stop Bitcoin it
and so that was really attractive to to
people who are worried about these types
of things many of the early Bitcoin
enthusiasts were libertarians who saw
Bitcoin
as the ultimate remedy for state
intervention this was also what
attracted Roger Vere to Bitcoin in his
early 20s he was a candidate for the
Libertarian Party in California but
during his campaign he was sentenced to
ten months in prison for trafficking
illegal fireworks according to him this
was a political case brought by people
who opposed his ideas I have our two
Bitcoin related keys I have the Bitcoin
org and I have the blockchain that info
Bitcoin blockchain logo do you think was
a political case there's no doubt in my
mind whatsoever and in fact even at one
of the pre-trial conference things with
the ATF agents my attorney in the US
attorney my attorney was saying hey
these are store-bought firecrackers we
sold on eBay we can pay a fine and do
some community service and be done with
this there's no reason to destroy my
life over it and send me to prison and
make me a felon and the US attorney at
that point was kind of nodding his head
like that sounds reasonable the ATF
agent literally pounded his hand on the
table and shed it but you didn't hear
the things that he said which I think
summed up very clearly they weren't mad
about anything that I had done they're
not about the things that I had said
because the ideas that I'm trying to
spread are subversive to the state I did
ten months in federal prison and I was
scared of the US government the moment I
was allowed to leave the US I left and I
haven't lived there ever since and they
have what's called the exit act so at
the time you announced your United
States citizen they tax you on your
entire net worth that capital gains tax
rates and you have to pay them that
money otherwise they'll probably either
send you to jail or at the very least
not let ever let you back in the country
ever again if you think about it it's
not all that different things slaves
from the past having to buy their
freedom from the plantation owners money
creation by the state is sort of
connected to state aggression for you
right in my line of thinking is if you
are I create counterfeit euros or print
euros or dollars or yen we would go to
jail for counterfeiting because it's
destructive to the economy by
counterfeiting dollars it's stealing
everybody else in the economy that had
money when governments do the exact same
thing it has the exact same negative
effects the only difference is they call
it fancy names like quantitative easing
or economic stimulus but its destructive
for the exact same reasons my hobby
growing up and in high school and since
has been studying economics and the more
you study economics the more you realize
that all these government interventions
in the economy prevent the world from
becoming as wealthy and prosperous as it
otherwise would become and suddenly now
we have this tool that separates money
from state like everybody today thinks
that separating church and state yeah of
course they should be separated but a
couple hundred years ago it was you know
heresy just hit the church and state
should be separated and today it sounds
may be a little bit crazy to say that
money and state should be separate but I
think in another decade or two people
are going to think oh what the heck were
we thinking letting governments be in
charge of money that cost so many
problems in so many misallocation of
resources around the world of course
bitcoin is better okay
thank you why is the government and
banks monopoly on money creation seen as
undesirable in his white paper Satoshi
Nakamoto didn't express his opinion on
this but it does seem that he wanted
bitcoins to appreciate rather than
depreciate unlike money he programmed
Bitcoin in such a way that there's a
maximum of 21 million bitcoins to be
mined bitcoins weren't meant to resemble
money but gold in November 2013 this
dream became reality when one bitcoin
was worth an ounce of gold the Bitcoin
code itself has never been hacked but in
2014 the customer data of Mount GOx an
online exchange office was stolen by
hackers causing the Bitcoin exchange
rate to plummet
at the Financial Times in London
journalist Isabella Kaminski has been
critically following the Bitcoin
exchange rate and community since the
very beginning I've always been a geek
about finance and I've always been a
geek about how the system works so like
the really boring nuts and bolts the
plumbing of the system and I think in
2008 it was the first time we all really
fought actually not only is the system
as it as we know it possibly crumbling
there might be opportunity for new
systems to come up as a result of it
exactly why so I guess I start writing
about it again around here 2012 and then
we had the first little rally and then
this is also clasp this is very
reminiscent to the classic bubble
so you see this is the this is the
famous bubble chart which has take off
first Elif bear traps as the first
little micro you know mini dump and you
go to the new total bubble then it
crashes and this is a bit of like a
return people think maybe it's going to
come back and then it crashes again and
then it it gets back to a more realistic
trajectory and you'll see that that
really is very reminiscent to what we've
seen here what everyone is really
wondering is will we see a consolidation
of this price or will it recover
somewhat or will it go completely to
zero
and we're really what do you think I
think what's best for Bitcoin is
actually if you just stay stable so
everybody agrees volatility is currently
the the biggest enemy of Bitcoin so
she's dreamed what would that be the
paper doesn't really say what his big
dream was he just wanted an efficient
mechanism that was cheap but in terms of
what I think people have projected his
vision as
is this world where we are we are all
our own bank we don't have to depend on
any intermediary and banks are gone in
the current economy because of the way
our system is structured if I decide to
hold my dollars
I'm usually holding them in an
institution that is using them as a
means of capital raising and they will
be lending them out so my money even
though I'm saving that saving is going
into an investment somewhere else being
done by a bank etc and it's helping to
grow the economy
so my saving doesn't disadvantage the
economy but in Bitcoin there isn't that
that opportunity so hoarded bitcoin is a
hoarded it bitcoin it's totally idle it
has no interest it has no yield it is
simply sitting there doing nothing and
yet the person who holds on to it thinks
they have a right to future income flow
as if they have been investing when the
line was flat people like massively
boring or mined bitcoins and they are
now like multi-millionaire billionaires
they're the new 1% they're the 1% of the
Bitcoin economy which again goes against
the whole democratization side of the
argument because really you're not
democratizing the economy you're just
transferring the power from the existing
elite to a new elite the fact that a few
early Bitcoin miners and investors are
now multimillionaires is reminiscent of
the current banking system in which
bankers are accused of personal
enrichment
so I got this degree in international
development and as I was with my dog on
his Hill and I was like yeah what could
I do go try and work and something I say
East Africa I could go and explore
economies there and see what's happening
like at rallies things and I was like
why don't I just try and break into the
financial sector in London that would
actually be really really fascinating
that'd be really amazing and then once I
had that thought I couldn't I mean I
just became obsessed with this idea
bread scott is the author of the book
hacking the future of money about
reforming the financial sector to
immerse himself in the system he
criticized he worked for two years as a
broker in the city of London we're now
in the city we just passed the border
Dragan oh this dragons mark the
boundaries of the City of London it's a
financial district
cut off for my hair I bought my first
suit interestingly enough I had two
interviews with Lehman Brothers
literally weeks before they went bust
and I remember being up and the 35th
floor or something and the guy was like
I know everything's fine everything's
fine
you know yeah don't believe the stories
he says you see in the press about us
and then they went and if you created an
entire society that was reliant in
Bitcoin yeah you'd have massive problems
of inequality but it's it's very
important in that if it's forms a kind
of counter power to the existing bank
payment system so while I can critique
Bitcoin as much as you want you know I'm
always aware that's you know the
glistening Bank system is highly flawed
and I lacked the fact that this exists
as an alternative what's happening right
now and a lot of the banking scene is
just moved towards it's called a
cashless society but if you think what
that actually means it means every
single payment that you undertake has to
go via a commercial bank now that means
every single transaction you you ever do
will be monitored and recorded in a
database somewhere it means you'll
always be giving fees to various a
credit card companies and so on so
there's there's potential issues much
surveillance there's all sorts of
problems that come with a cashless
society in that world something like
Bitcoin which is an electronic version
of cash or electronic full of I guess an
electronic equivalent to cash becomes
quite important
st. Paul's Cathedral across there which
is where the Occupy movement set up camp
London they were there for long term
they tried to occupy the London Stock
Exchange but weren't able to get in so
they chose st. Paul's instead you think
of Bitcoin and the whole movement being
as a sort of better form of Occupy it's
a different form occupied you know it's
a maybe it's a follow-on from the Occupy
movement in some ways Bitcoin as a form
of protest against the current banking
system is propagated in the Netherlands
by three Bitcoin enthusiasts who have
created an app called bit Casa and who
are now trying to convince all retailers
in Arnhem to accept bitcoins signatures
break over Bitcoin ethnic accent
instances from strength of from
corporate control and not my genre and
apart my detailed method they talk
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implying people drive is the olive
health market and that's vanity Elena's
individual markers buddy - saucers
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strength ever seen near the plot on
phone Arnhem leadership 88 syndrome from
the start we have here at motor courtier
and yeah you see taught the Bitcoin
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to reach this race I've been going to
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yeah here each have opposite from a home
network and weekend and I looked at
canal and Elaine my bitcoins come cannot
save Oster phenyl only a storm at the
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Clement agrees yeah but ultimately
button Bitcoin yeah come on me Allah all
dead all dead yeah eglee cleaver me all
stuff in autumn a player that is a
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questions are really almost like a big
pile of magazines a much for skillful
Julie met dr. Phil Mia interview cars we
type we meet extra Japs super we chose
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necessity of itself a satyr beside the
ease of use the Arnim students have also
noticed a less pleasant quality to
bitcoins the fluctuating exchange rate
compared to other currencies which could
make a beer a couple of cents cheaper or
more expensive between ordering and
serving so Bitcoin in my definition is
not money the key to something being
money in my opinion is that it's a
widely used unit of account meaning that
goods and services are priced in it so
when you go to the coffee shop you see
something priced in Bitcoin that's not
true there are coffee shops where there
are prices in Bitcoin but that price is
changing constantly based on the
currency it's linked to so the pound for
example here in England lost 20% of its
value recently but the price of coffee
didn't change it was still 99p that's
what it means to be a unit of account
and bitcoin is not that the price
adjusts based on its exchange rate
continuously do you see the Bitcoin as a
form of money or as a digital gold so I
see gold as money and I see Bitcoin as
having all the same properties of gold
with one property that actually a couple
properties are even better so gold is
kind of hard to divide Bitcoin divides
down to eight decimal points instantly
super easily
Gold is really really difficult to
transport if I want to transport gold
from here to Moscow it'll cost a bunch
of money to do that and it's dangerous
you have to have armed guards and who
knows what with Bitcoin I can simba coin
from here to Moscow or to Holland
instantly just like that basically for
free I don't have to pay for a bunch of
armed guards it just happens almost like
magic
if you ever ask somebody why they put
Gold's valuable I kind of already tell
you though it's because like weird
stories around ads like a precious metal
isn't it it it's pretty while we think
it has all this intrinsic value this
intrinsic value of gold has been largely
constructed in people's heads often by a
she like association with power
association with religious figures and
Bitcoin and has potential for similar
types of construction you could create
this the sense of this almost like a
commodity like token that has no
immediate sort of value to it but can be
imbued with value as more people start
to mine it they become harder and harder
to find so it's kind of been at I
correlate it to like an arms race right
the guy with the biggest gun wins at
this point so this is the newest place
we've started working on here this is a
place in the mountains in China it's
cool and it doesn't rain that much so we
can cool it very efficiently how much do
you pay for that electricity on a daily
basis um all in all of my mines together
we're probably paying about $100,000
maybe a little bit more a day yeah
you're paying $100,000 month I'm sorry
okay like that Bitcoin in general all
myself and all my colleagues combined
it's about a million dollars a day in
power in barrel consumption and you guys
generate what worth of coins we're
generating of course it depends on the
price right but right so we'll just save
for 250 now we'll just put the price at
1 or $50 for easy numbers you're finding
roughly around 25 bitcoins every
minutes so you just take that and times
it by an hour so you're finding around
150 bitcoins an hour take that times 24
and then do that times 250 do some
packet of so we're making about $900,000
per day so a lot of people ask how is
that possible and the reality is a lot
of the Chinese guys they are mining at a
negative profit one of my friends in
Beijing I met him last month I met him
up again and I asked him last time I
checked man your power was pretty
expensive why are you still mining and
his only words were I can't stop so what
do you mean you can't stop you're losing
money it's like well I can't I have all
these you know pieces of equipment and I
just can't stop it's gold fever right
that's right and it's interesting
because a lot of the a lot of my
colleagues don't see it as a business at
subconciously right they kind of get
addicted to it and kind of get crazy
about it
how's your neck I'm not every woman they
got countin during the diva just a woman
I am that you hard you far scenario
saying hello or missus your nose into
the Irish huh
maha chakri maha vir
Oh kayo-san Jen hydro the gong-gong a
brochure - hugs outta congress gentle to
record Rangoon desaru Tai Kuan a front
on the Heil IP so now let's wait awhile
I'm the cerulean guys you can call that
trashy wanna gang gonna shoot Aviva John
Watson Washington - chief O'Hara from
put out a bolo so yes you la can watch
GG a collage of your signature hang on
to Hannah's og jump
so what was supposed to be a very
democratic system has ended up
concentrating it exactly the same way
that we have seen the bank's concentrate
their business so now you have most of
the miners are based in China or most of
the miners are huge server farms that
you know the average person can't be a
miner anymore in Bitcoin it's far the
the the barriers to entry are now really
really quite expensive that you have to
invest in at least you know you
thousands of dollars of equipment if you
want to be a miner and a lot of people
who got into the first year Bitcoin
actually had mental breakdowns it was so
beautiful it was like you're seeing you
know some of the most remarkable art
ever for the first time one of the
qualities that I don't like about the
community is that it's extremely
absolutist it's very politically led and
it assumes that it's political ideology
is the correct one and it kind of
Frost's its prints of ideology on
everybody else so I would say you know I
don't want political ideology when I'm
paying for my coffee I just want a
payment network that works and that
allows me to benefit from smooth
transaction
lots of paper money
so this is a receipt and this is my
public address and private key you've
got it covered for us so we cannot film
it that's right
over the past two years new members are
increasingly joining the Bitcoin
community not for ideological reasons
but for practical ones in Kiev there are
some protests happening so people start
using social media to share their QR
code within a matter of days they
automatically had fifteen thousand
dollars in their wallets from
sympathizers to the protest that money
was transferred from around the world
say incredibly powerful example because
today I spent seven years in Nicaraguan
today I still cannot use PayPal to
transfer money to my friends in
Nicaragua whether or not Bitcoin will be
worth millions isn't the main question
for many computer scientists investors
and hackers to them Satoshi nakamoto's
real invention is the blockchain
technology a global open ledger which
can be used to share much more than just
money you may think that bitcoin is just
another way to pay for a cup of coffee
but it's not the acquaintance is just
the denomination used to pay the toll to
put stuff on this global ledger now if
you think about it time stamp recordings
of deaths births property transactions
votes this is the entire fabric of our
civilization which makes the blockchain
one of the most profound human
innovations of our time because having a
massive global ledger as a public
utility can completely reorganize the
way that we run our societies
fundamentally blockchain is a database
sort of mechanism and it's a standard
it's a protocol and one of the problems
we have in an increasingly globalized
system is that everyone is operating
their systems on their own local
standards and getting people to do
everything in a uniform way that
benefits all of us like you know
bringing in the metric system that is
really really hard
blockchain offers an opportunity to
start this new exciting technological
you know industry from a standard that
is globalized and potentially uniform so
I see the potential that way the
decentralized blockchain makes it
possible to share data publicly without
a single party controlling the system in
the blockchain all participants in the
network are equal
maybe inventor Satoshi Nakamoto so
Bitcoin is just the first experiment
with this form of digital democracy I
think blockchain technology is really
authentically fascinating like I think
it's anybody who ignores it and writes
it off is probably making a mistake I
think it's definitely not going to get
it it's not going to get smaller but to
this day the true identity of the
architect behind this revolutionary
technology remains a mystery you know we
can't ask the toshi questions which is
really frustrating right but it's also
again part of I think the magic of
Bitcoin is that you know we can all kind
of imagine this technology you know for
you know as we see it rather than just
as Satoshi did so it could be used in
this way even if Satoshi didn't intend
it to intend it to be this widely
worldwide distributed thing I think I
think Satoshi probably did but you know
it still could be that and we can we can
make it that Satoshi around here
somewhere in Tokyo yeah I think I see
him right there
oh that's a question I get a lot
actually
um a lot of people have asked me who
Satoshi is since I got in so early um I
think I've got a pretty good idea but I
like to keep that one close to my chest
so why because I'm not a hundred percent
certain and the reality is it doesn't
really matter right it doesn't matter
who Satoshi is because now it's kind of
grown beyond like a pet project right
what I mean I like Satoshi always how
much how many coins
I think he's got about five hundred
thousand locked up with his blockchain
technology inventor Satoshi Nakamoto has
completely relinquished his control of
Bitcoin but he does own one twentieth of
all bitcoins himself so if one day
Bitcoin does become widely accepted as a
currency he will be one of the richest
people on earth people might find that
scary a new currency or system based on
an inventor who owns already well one
twentieth of all the currency invented
yeah isn't that a problem
a Satoshi invented one of the most
important inventions in the entire
history of humankind that's going to
improve the lives of everybody on the
planet for the better if he had half of
all the bitcoins he would still deserve
it who do you think Satoshi is I think
it's probably a band of people who
decided that a nom de plume was the best
way to go
precisely because if it did take off
there would be too many consequences for
a individual one person or even a group
of people and from my perspective you
never make a move of this sort without a
myth you need a sort of foundation myth
every good sort of system of power has a
foundation myth and it's always best if
there if the leader is either anonymous
or aloof or in some way
distant from the public because you have
to create a sort of mythology around him
and because Satoshi nobody knows he is
visi if we knew who he was it would
almost it would almost ruin the whole
thing from for everybody I think why
does he disappear anything but he
undermines the ability of every single
government on the entire planet to
control the money supply and that's how
every single government in the world is
controlling their citizens and their
economies today and he just basically
you know knocked their feet right out
from under them with the invention of
Bitcoin and I'm sure that's going to
make a lot of people who want to control
other people by force really really
upset so yeah I think it's really really
smart for him to of a disappeared and
for me it probably would have been
smarter for me to keep quiet - but
bitcoins too exciting for me to just
stay quiet about
I think a lot of people are under
estimating the way in which Bitcoin the
blockchain are going to change the power
structures in society in general I am
and I grew up in the US and uh I see all
these people like yeah nuke everybody in
the Middle East and kill them all and
then they have the former Secretary of
State Madeleine Albright on 60 minutes
one of the most popular news shows in
the US and they asked her they said like
there's reports that more than half a
million Iraqi children have died as a
direct result of US sanctions and she
looks back at her with a straight face
and she goes it was a really tough
decision but I think that it was worth
it
worth murdering half a million kids
because of what the government did and I
apologize for crying but it just
disgusts me from my core when I see
government people murdering people
around the world it's not just
theoretical these were real people with
real lives and it's real people and
Bitcoin has the power to undermine
everything they're doing to people
around the world and I'm sorry for
shouting but it just disgusts me what
these people in government do and they
do it through central banking and
through the control of the money supply
and Bitcoin takes that away from them
you
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