ad-free
A marketplace for speech.
82,181 Hours of Speech
help
help
513,820 Transcriptions
add title (free)
add title (free)
407 Sources
add source €0.99
add source €0.99
Search:
Newsbud
Title: How to Defund the System: Bitcoin vs. the Central Banksters
Published: 2014-04-29
Source: https://www.youtube.com/watch?v=2mFEoHx8RuE
Title: How to Defund the System: Bitcoin vs. the Central Banksters
Published: 2014-04-29
Source: https://www.youtube.com/watch?v=2mFEoHx8RuE
1/97
derivatives in bubbles austerity and cutbacks bailout for Wall Street and Beilin for mean street it's hard to find anyone outside of the rarefied world of television Talking Heads who doesn't understand that the international financial system is broken and spinning increasingly out of control but the debate over what to do about it is rancorous fractious and rarely enlightening proposed solutions include government belt tightening taxing the rich2/97
increasing quantitative easing or voting for the political candidate who seems to offer the best deal for a given tax bracket but all of these solutions miss the point money money is the common denominator of our current financial system the currency that facilitates all of our daily interactions we take it to existence for granted and while the debate in recent years has grown to include whether or3/97
not the government should print more of it or print less of it the lack of comprehension about how dollars euros yen pesos and other government regulated national currencies are themselves the very root of the problem conceived in iniquity in born is that owed to the commercial banking system itself has prevented the conversation for moving past this infantile debate in recent years mathematicians cryptologists computer programmers and4/97
others have been working quietly on the problem of how to create a system of exchange that bypasses the central banks and allows for instantaneous pseudonymous free transactions between individuals anywhere on the globe their answer cryptocurrency with its most well known representative bitcoin a currency of love than he did as it is misunderstood by the public and misrepresented in the press the point is created passionate advocates5/97
and powerful enemies as it continues to maintain a price that many believed impossible to gain perspective on the bitcoin phenomenon and what it really represents last week I had the chance to talk to Roger veer an entrepreneur in bitcoin early adopter who travels the world spreading the message about bitcoin in freedom this is our conversation alright so let's start with me on the usual kind of6/97
name rank serial number describe yourself in one sentence in one sense of the hard with my name is Roger veer and I guess I'm an early adopter decline and %HESITATION become proponent for over three years now three years alright so on so you've been in the sieve fairly early not not quite at the beginning I I jumped in pretty much full time February of two it's7/97
pretty early by because alright yeah but it was for less than a dollar when I went crazy for them well then you must be a very rich man I feel like I've lost a parent giving away a fair number declines along the way as well alright we'll look let's talk about how you got into yeah on there's a radio program that I like to listen to8/97
%HESITATION wife go about my life here in Tokyo it's called free talk live with the website free talk live dot com which is basically a bunch of %HESITATION libertarians and volunteers talking about things that are of interest to them and other host the show it mentioned that coin and I kind of Google didn't look into a little bit more and from there I realized wow this9/97
is really a change the way everybody in the entire planet does any sort of business %HESITATION and knew I had to get involved full time and you know how I am with over three years later and it's been pretty much every waking moment has been devoted to pick cotton ever since well that's a pretty dramatic change in what one would think you'd have to have been10/97
prepared to understand the significance of something like that I mean most people might hear about it and think it's just some crazy idea use you saw this is significance of it right away what what do you think prepared you for yeah I think I would prefer that as I had to exact right background to really realize just how important was going to be in that background11/97
includes reading a bunch of books on that economics and how money works in particular books by Murray Rothbard in the did not resist really I think gave me a firm understanding of what a proper aspects of money are and I also had a background in computer science have been around computers pretty much all my life growing up in Silicon Valley my day job before I found12/97
it clean with something computer related hardware %HESITATION and then when I found a coin and realize the monetary prop %HESITATION aspects that it had and then the the technological properties as well that it can't be shut down these distributed that there is no central server can't be controlled I realize that this is the ideal form of money it's the best form one of the world has13/97
ever seen it can't be stopped or shut down a controlled in any way and I realize this is going to change absolutely everything that you know here I am what three years later every waking moment for three years and around three months now have been devoted typically so were you involved in mining at that early stage I delivered a mining packed in on %HESITATION GPUs %HESITATION14/97
and then now I I let I leave the money fashion house but %HESITATION back then that it was possible the little bit of mining within your home computer alright well it's been said about big queen that side the though it the less people understand about it the more stridently there against that or something of that sort which I think cuts two ways because of course it15/97
means that it's it's perhaps more sophisticated and smart than people I initially believed but it also means that there's a problem in communicating the idea of pick when they're still a lot of people who are very reticent of it maybe because they don't understand it how would you describe the queen to someone who is completely a beginner at so there's two things required for people to16/97
be able to understand the calling they have to understand the basics of the computer side of it and you have to understand what money is and most people in the world don't understand either of those and then people to understand both of those are in even smaller subset but what people have to understand about that coin is that it's a completely decentralized network there's no central17/97
server there's no controlling company there's no office it's just free software that anyone can download and start running on the computer anywhere in the world and that the big coins themselves can be transferred to our from anyone anywhere in the world and it's impossible for any banker governmental entity to block you from sending or receiving those but coins there's a limited supply of those bit coins18/97
there will never ever ever be more than twenty one million declines and so big because like everything the prices set based on supply and demand because the supply bit coins is limited and the demand is increasing as more and more people start to use than the normal website start to accept them the price of declines in terms of dollars is going to have to increase even19/97
a lot more than the five hundred dollars up pretty clean that it is today and %HESITATION the thing that really made it clicked in my mind why people want going to want to use it is that I in the United States where I'm originally from %HESITATION it's ostensibly a free country but you're not allowed to gamble on the internet with your own money and I realized20/97
that there were lots and lots of people that want to play poker gamble on the internet with their own money but with credit cards or PayPal or bank wires you're not allowed to do that %HESITATION but with bitcoin it's impossible for anyone to stop you from doing that sort of thing so it clicked in my mind that people are going to use but calling to gamble21/97
on the internet and sure enough more more gambling websites are coming online all the time that allow people to do whatever they want with their own money when it comes to gambling and I think that's a great thing %HESITATION and back then there weren't any gambling sites using decline but now sure enough there's more more and more shopping websites and more more things coming online every22/97
day well that's that's interesting because of course it comes from the philosophical aspect of this and why people want this type of and medium of exchange but it also raises the specter in the minds of a lot of people who are listening to that thinking well that just feeds into everything we've heard about the queen it is for illegal things things that would otherwise be illegal23/97
and of course that brings up the accommodations of the Silk Road and everything of that sort on isn't this just a way of trying to to get around government rules and and what and some people can use it that way if they want to other people long term lots of websites are just using it as an abrupt another pet method le to say fees over credit24/97
cards or PayPal so I'm ultimately between can be used however the individual wants to use it it's just a tool and people will decide for themselves which way they're going to use it I forbid queen described as not necessarily on or not intrinsically a money but a technology and the technology is the blockchain was kind of the innovation that created the possibility for from back when25/97
and of course all of the the old coins that have derived from it until some of that technology what is the blockchain and why is that such a revolution right that they think you know I've been going around for a three year saying that cleans the most important mention in the history the world since the internet would actually mean when I say this I need to26/97
be cleaned blockchain so for decades mathematicians in computer scientists have been they thought basically was impossible to prevent what's called the double spin problem if you have some sort of digital code there's nothing to stop me from making a copy of that and sending it to a bunch of different people and the same thing the same problem applied to digital money they figure if I have27/97
one digital token why can't I copy it to a whole bunch of other people in the only way that they thought it was possible to prevent that would be by having some sort of central authority to keep track of who has what copies of of what digital tokens and what the bitcoin blockchain did is it was the first time ever in which people realized that oxytocin28/97
Akimoto realized that it was possible to prevent this double spending without having a centralized entity so if you use PayPal or visa or master card or whoever there's a centralized ledger that keeps track of every single person's account and how much money they have in their account and that ledger stored on Vince's centralized servers for PayPal servers however with declining there's alleged to keep track of29/97
who has every single bitcoin every single biklin transaction but instead of that ledger being on one server one computer or one office it's spread out on everybody's computer all across the entire world %HESITATION and that ledger gets updated in steps with each other and each update that ledger is called a block and each others blocks are connected together in what's called the blockchain and that blockchain30/97
is just the entire transaction history that's ever taken place on the big point network and that's such a revolutionary technology is going to allow all sorts of things in addition to just money so the revolutionary aspect of that is that there is no and doesn't need to be it can't be any central location where that that is stored and because there's no central location that that31/97
stored there's no central authority there's nobody that that governments are police for businesses can go to and say change this her alter that our freeze this person to counter and do that it's beyond the control of %HESITATION of any entity it's it's craft taken on a life of its own at this point and it's really exciting because nothing like that's ever existed never before in history32/97
the world I'm of course that also brings up the the other connotation that a lot of people have %HESITATION with digital money as kind of sad though the worrying point is that the with the blockchain you have a record of every transaction ever taken place so you can theoretically Trent a trace a transaction and and the way that it flows through the system from not from33/97
person to person but from address address at any rate and once it is once someone is capable of carrying an address to an identity then on not only is it not anonymous it's actually documented about forever and there's no way to get rid of that that record right so that's one of the neat things about that coin is that the amount of privacy in your bitcoin34/97
transactions can be decided by the user so there's lots of great websites they're releasing tools that allow you to choose just how private you want to be with your bitcoin transactions one of the ones that I'm spending most my time with is a website called blockchain dot info and there's actually free tools right there in the log that provide that can allow you to send receive35/97
reclines anonymously %HESITATION and for free till we don't even charge anything for that so %HESITATION you can be as public or private issue wobbling a bit one transaction that's very different than not your credit cards or bank statements at which you know that the banks are the governments can look at any time to see exactly what you can buy your what you can do it well36/97
it's certainly a lot easier for them to go to that central authority to to find that out but what about the recent revelations about the NSA in the way that it's collecting internet data wholesale on that must make it much more difficult to enact the type of cryptography that would make that anonymous truly yeah well it it's hard to know exactly what sort of technologies the37/97
NSA has but one of the things that has me so excited about that calling is that most governments around the world and the US government particular funds just about everything they do through inflation rather than direct taxation so some things people are gonna be more than willing to pay for lots of people to be willing to pay for you know roads and fire departments and police38/97
that sort of thing not so many people are gonna be willing to pay with their own money for the NSA despite all of them or for the United States military to drop bombs all around the world if the world sex using some sort of math based currency like that calling governments are going to be able to just print money to fund all these things so I39/97
I'm really excited about biklin because I see it as an opportunity to to non violently defund the NSA if the NSA people that are working there don't get paychecks at the end of each month they're not gonna show up anymore and all those really smart people that are working at the NSA can hopefully going get hired to work for biklin companies to to work to make40/97
the world a better place rather than to spy on everybody for a Big Brother and that's one of the things that has me so excited about that point is how it's gonna rain rain and not the control the governments have over people that is interesting it provides its own solution to the problem that it it raises products and the more that it's adopted the more and41/97
privacy and freedom people there's lots lots in between companies that are hiring right now so if any of the people the NSA want to get a job %HESITATION leave the NSA today income start working for after the flow for the good side okay well I've heard it said by a by yourself and others that tub that basically there's there's nothing that can be done to come42/97
back when at this point barring I guess the complete eradication of the internet from the face of the planet which rather tall order but there are always externalities and points of pressure by which if not that blocking back we can be completely eradicated at at least if they're pressure points that governments can use them as the recent ruling by the IRS that of of a capital43/97
gains tax with regards to to pick one usage there's on there's a there's a %HESITATION recently on the Icelandic government attempted to implement something called the rover a queen on that end up going pretty atrociously and I believe it so it's pretty much been abandoned by this point because of technical and security issues %HESITATION there it at it seems to me there's always ways that governments44/97
can come in to kind of do something to it to that point if not to get rid of it at least to admit it related just or change people's perceptions of it out what what do you say to people who have those that certain governments may do certain things to try and inhibit the growth of that calling but it really had only just takes one country45/97
anywhere in the world to be friendly to but calling forget calling to really be able to take off because at some point because we'll have a large enough market cap and a stable enough price for people won't feel compelled instantly converted coins back into some sort of government issued currency and when the quake hit that point it's just so incredibly easy for anybody to use as46/97
a payment method that if people want to use it they well on a good example I guess is in the United States you know most drugs are illegal yet you can get them anywhere including and actual prisons in the United States drugs are still available so if people want to spit coin there still going to have the ability to and I'd be calling you know crosses47/97
borders just as easily as radio waves do so I it's not really stoppable in that it can be slowed down but it can't be stopped but what do you think about the old queen phenomenon because there's nothing inherently about bit cooling per se that's unique it's that the blockchain technology which could be used by anyone of course and is being used by more and more in48/97
different all queens on is there a difference between between the various all coins are the big difference is the amount of processing power behind it calling it colonists are by far and away the largest %HESITATION network ever exhibit coin networkers I don't even know how many more times more powerful than that world's top five hundred supercomputers combined so several years ago was already more powerful now49/97
it's probably hundreds if not thousands of times more powerful than the world's top five hundred supercomputers combined wears these other all clean it works the amount of processing power being used to secure them isn't anywhere near as big and makes them much more susceptible to various forms of attacks and that's exactly what happened with it or claim that you mentioned earlier is people attacked it and50/97
were able to successfully kill it attacking because in the same way I don't think it's possible it at this point %HESITATION and hasn't been possible for a couple of years now %HESITATION and that's what makes pickling so much more secure I personally don't own any of the eloquence and the reason for that is that none of them all quince currently are able to do anything that51/97
the queen doesn't already do and what makes money useful as the number of people that are willing to interact and accepting exchange with that money in decline by far away has largest network and largest number people using it so I don't really see any benefit and started to adopt any of these other all coins because you should only have a limited number hours in the day52/97
for these programmers that according to websites they should focus on one particular coin which I think is becoming rather than spending their time a bunch a whole bunch of other coins to do the same thing that the quality to us I don't see the point it in some ways isn't this the test of the type of %HESITATION voluntary free market ideas that that frequent springs from53/97
if the market gravitates towards back when it will gravitate towards the corner if not then perhaps all queens will games track yeah every once in awhile you all hear from people who really don't like that coin that I tell that's fine don't use it nobody is forcing you to and it's the same thing with would decline in all all coins if you want to use not54/97
going feel free I'm not gonna stop you know but I hope nobody is else going to stop you either %HESITATION but if if if you want to go for it if not don't worry about it alright you're back when Jesus which means that he got a silly and a whole host with a blasphemous name depending if your religious beliefs %HESITATION but if you're between Jesus what55/97
that's been does it go and have a look like %HESITATION I think bitcoin heaven looks like an entire planet of people using a money that they've chosen choose voluntarily and that arbitrary groups of people can't just create more of a Finnair %HESITATION XII suppose will move up till now even living in Brooklyn health %HESITATION that were on the road to decline have and and we can56/97
see that every day while these new businesses starting to adopt echoing in his are starting to use but calling and I think we definitely headed in the right direction so the walk us through a day in between heaven where big point is fully implemented in everyone's using quick points for the transactions what does that look like from the %HESITATION I don't think there's any one person57/97
that can answer that because there's no billions of people on this planet with billions of individual wants and needs and desires and the queen is just protocol that anyone can choose how they want to use that protocol their day to day life so I think a lot of the ways in which people use that kind haven't even been thought of yet so I that's not a