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So what do you know about Bitcoin?
i know f%$! all about bitcoin!... er, its online??!?!?..
give you all the diamonds and money, but you cant break my heart
cos that'd just get you fired
and everybody needs
a job
work is scarce competition is fierce, fonzis fronting in the new leather like they dont care
Word? Let's get you an award for that performance
Winner in the category for the best boring Tell the tough guys we tougher than tough times And needles in the nerves to make the tighten up unwind
One time
for locking out the light in your eyes You're searching for your perfect one
Broken down from getting it all
To take it however it comes Plain day
you the specialist one. Oh ME oH my!
The informal markets of the world are just, huge. Its 50%
Half of the entire population of the world is
Employed in informal markets. In black economys
without papers, or legal permits
without paying taxes, urm, and
right now they have
to do their business in cash
meet people face to face
but that kind of limits them
so what if they could send cash over the internet?
and market thier work globally?
and bitcoin
allows them to do that, so i just think that will be empowering to people in the developing world
the accounting system
that we use
today
which, might be substituted by Bitcoin
is an ancient system
its very ancient
its an old system
and as every old system that has not been updated enough
has been hacked
all over
as of today we can see that the accounting system
has become, a kind of
magical art
where as i argue it should have been a science and should have been cultivated as a science
im going to explain how i think we're going to reach this milestone in humanity
of being in a society
that provides all we need, without requiring slavery
i don't think it's going to be something that will
uh... change overnight. Its not that we're going to
wake up one day
and throw away our money, because we dont need it anymore
but its more of a gradual change, that things become
cheaper and cheaper
the amount of work that we put in
creates alot more
than it used to
we're beginning to see a trend
where humans are being mechanised
where humans have
an A.P.I
application programming interface
we're no longer just humans, we're humans that
have A.P.I to connect to machines
so that machines
are told what to do
this allows now freedom of a new kind
its an expression of will
harnessing of evolutionary potential
distributing manufacturing
will enable people
to make products closer to home
lower the
manufacturing costs and distribution costs
and eventually
make most things cheaper
as we progress along
as they answered it i realized
ok my opinion on it is, its a kind of luddite-ism
you're aware of what Luddites stood for?
it's an english tradition it's like well lets go smash the mills
because they put the textile workers out of work
theres this thought
that technology in any era puts people out of work
and i say resist that initially. It might be true, technological unemployment might be a real thing, but dont be negative about that initially
because, just because you're displaced, from the current form of work
it doesnt mean that you
cant find gainful employ
in some way. Now the nature of work might change, i mean as machines took over productivity in labour
now machines are overtaking thought and every other type of thing
theres still... basically we're running
a kind of luxury phase
of human existence, where you have to do
things for people that they want done
people always have things that they want done
i kind of think (structural unemployment) is a positive thing
i mean, i dont know
art for example, if you wanted to dedicate yourself to art, you'd have the freedom to do so
because you dont have to work so much
thats exactly the point, i thought
its not necessarily woah! labour! whats going to happen to labour?
labour is an old idea now. I have sympathy for the labourers who are out of work
but structural unemployment.. is almost.. progress
now look you're going to have to compete for a job, on an international level
if theres 3 billion other people who could do it, you should not expect
a very high living wage. Thats hard truth right? Easy for me to say..
but if 3 billion others are willing and able to do it..?
doesnt matter where you are, or how far away
Bitcoin
is almost instant
its easier to transfer money with bitcoin
than any other currency
so you trust this company to hold your deposits
and issue these dollar coins
you can then do atomic trades for bitcoins, so if you find someone who has some dollar coins and you have some bitcoins
then you can swap them atomically for each other, such that there's no risk of fraud
the trade itself is done completely peer to peer
theres no currency exchange organisation involved
the only thing the centralised organisation is trusted
not to do fractional reserve issuance
what i tried to describe in my speech, and wasn't able to do
is that, i think things like bitcoin
are going to have to happen in almost every sphere of human existence
those things will just have to catch on
and at some point we'll look around and realize, we eclipsed
what this old order was
things like bitcoin? can you elaborate?
no i cant, i dont have the ability the skill or the insight
to anticipate what those things would be. Just like Bitcoin kind of
ran on the scene
i expect other innovations like that, to keep happening like i said decentralization
problems
will get solved in interesting ways. This uh.. Caleb.. the darknet guy?
thats gonna be huge
Hi my names Caleb James Delisle, proggrammer since age 10
lifelong tinkerer, pro free market, dow reading, & inactivist, with a passion for
programming the world that i would want to live in
making change by making
new technologies that make the world better
Bitcoin may dry out governments for money, like
Neal Stephenson predicts
and we stay with a hollow government
that doesn't do any harm
society turns slowly to be a voluntary society
by simple evolution of things. Or it could happen in a violent way
Its not really dogma, that is the reason
people tend to brush of alternative ideas, um, its more like
yeah , this is an interesting alternative idea but,
actually migrating everyone over to it would be
not worth the cost
a city trader, driven by desire to increase his bonus, was a gamble or two away, from destroying one of the worlds largest banks after his fraudulent transactions
(serioulsy?) after his fraudulent transactions ran up potential losses of 7.4 billion, a court case heard yesterday. This is a completely
isolated incident
and all the blame must go on him
Kweku.. why didnt your mother raise you right??
Bitcoin is part of the emerging global currency wars
the nature of currency itself is being radically transformed
and there is massive
changes going on
so here you have this cyber finance and re-hypothecation. Re hypothecation simply means that
that
in finance
you can put up securities as a loan for financing, thats hypothecation
re-hypothecation
suggests that you're re-lending some loan
securities again for an additional lending
if you have re-hypothecated securities to infinity (as in the uk) then you have a negative reserve system
the
the system
is imploding in real-time
the reaction
from central bankers
in the states, they came up with quantitative easing
quantitative easing to infinity, quantitative easing without any limits
a forty billion dollars of mortgage backed securities to be purchased every single month with no
limitation whatsoever
this is a blatant capitulation, by the
federal reserve bank, who now understands that the ability to
grow out of the current debt crisis, will never exist, will
never happen
there is only one solution now and thats gonna be printing
money, and this is
then going to be the defacto
uh... basis
of what is becoming this currency war, because now you have
a race to the bottom
all these countries are going to be printing
to debase their currencies against each other, to ostensibly help their export markets
and try to grow their way out of this debt crisis
by incurring more debt
this is what's happening here
this is the context in which bitcoin has emerged
and why it's such a valuable piece
in this war that's going on
we talked
to Paul Moore
who was the formerly the top regulator at HBOS here in the UK
and he said that
because of the financial crisis
that's now 5 years in the making, there's been
one hundred million people
now thrust into poverty
of that one hundred million people
of course there are millions now on deaths doorstep
many have already committed suicide, many are starving, many are dieing, and i put it bluntly, i said
isn't this the equivalent of a financial holocaust?
and Paul Moore said yeah, thats what we're talking about, a financial holocaust
so this is what we're all basically facing, and the
propensity of central bankers &
central planners
to get us to buy into this
is never-ending especially now since there is no ability
to grow their way out. So even if you burned every single gallon of oil left on planet earth you still wouldn't
pay off the debt
there is no
there is gonna be no pay off of this debt
there is not gonna be any growth
there is no policies
there is only currency war. And the number one weapon in the currency war is debasement
& again
bitcoin fits into this, because bitcoin as a currency
has some fantastic attributes
can you just tell us a little bit about your role here over the last couple of days? Ive been here to do the audio and video
we have quite a high quote so i was trying to bring the costs of the operation down, and the quality up, i think its gone quite well
Amir
I used to be a classmate of his. We always used to be into computers and hacking at school. I bumped into him a few years later
heard about this
i was so excited about it, because i know he has got a lot of potential, and him involved in a project like this, hes really going to maximise its potential and do good things for bitcoin
my aim with this conference
is not only to parade bitcoin
but to link and relate it to other ongoing social movements in technology
working towards a new economy
to use established names, to hoist up
new upcoming talent
and trends
ways for humans to pull themselves out of the spiral of poverty
doors are opening
we will make society fair
through a silent
but forcefull revolution
for all their grandiose talk
it is not the politicians who help the poor
but the humble hackers and diligent scientists
the rebellious streak in technology has bought knowledge to the fore
technology has
and is eroding the structure of classic authority
present time
middlemen are losing their jobs
regimes are overthrown, and the trend continues. Doors are opening
Bitcoin is an experiment
there's no fixed path for us
we are explorers of a new world, sailing financial currents
and discovering the economic forces tugging on this market
the new technology of bitcoin will face the challenges of new pressures
temperamental climates and variations of the environment
Bitcoin will be forced to adapt
to safely pass its perilous infancy
or, being not so lucky or prudent, perish
at the moment
the government, at least the government here
doesnt care about
our virtual currency, its monopoly money to them
(ahem)
i also encourage you to support
parties like
the pirate party
there are incensed, because
they are an extension
of what we need
in the political landscape, to focus on
these issues. Our privacy online is f"$%^&$% sacred!
i also realised
i dont beleive in laws, anymore
after i got into this lawmaking process (applause)
being
uh...
a practical anarchist
and many of my friends thought i had crossed the line
when i decided to go into
parliament
but i learned from a guy named John Perkins, that you have to shape shift into a system in order to understand how it works
thats when you know its dangerous times
it gets back to your original question: the activist themselves
they don't want to win necessarily. They want to live
you know what they consider to be a morally
outstanding life, they don't want to win, they don't want to actually do
what it takes to beat the bad guys
they just want to be on the sideline to say you know what
they suck
im going to live in this way thats morally acceptable
I'm not doing business with them
but im not going to take them on and actually fight to win
so there's just not enough people out there
who are in the category of - fight to win. There is the huge
extremely poor population that is just concerned with day to day sustenance so
they're not going to be a joining any fight other than the fight to stay alive another
day
then you have middle class people aspiring to be in the upper class
another group of people
that kind of fall in between, and there's just not enough of them
that's the group of people
traditionally that cause
revolutions. If you go back to the american revolution
US
founding fathers were not poor people
they were middle class people, well off people, but they
didn't want to be occupied anymore by the british monarchy
so they had a revolution
so these people these middle class people in the world
at some point theyre going to realize we dont want to be occupied by bankers any more
so we're going to have to
have a revolution
one visionary scientist was using his background in mathematics and engineering to look for structures in nature
that we could align with society
i will make my life an experiment he said
to search for the principles that govern the universe
he was called Buckminster Fuller
either way, bitcoin is young
our fantastic selection of speakers is testament to the great maturity of this movement
and a testament to the conviction
of its followers
where ever the future may lead
bitcoin is going places
work is scarce, skilled working is rare
fonzi fronting at the job-site, ripping up they hair
tell them only staff can drink the coffee
walking papers in the office, sleep late tommorow morning. Tell the tough guys
we're tougher than tough times, and nerves dont snap when the clock touch
crunch time
its like we tougher than tough times
From been narrow wind To the clock just unwind
but yo we tougher than tough times My proof don't need to lie My
tighten up don't unwind, sunshine, for lifting up the
light in your eye
you're gazing at your perfect one, broken down from
never at all.
to better than you could ever want
great day i know that you had to come. Oh me Oh My!
I'll give you all the diamonds and money
But you can't break my heart
cos that'd just get you fired, and you're doing such a beautiful
job