 Okay, thanks, Jagamu. There's only a very little overlap between our presentations, so I keep my arguments short. You may be familiar with this quote from Goethe's Faust, where he's tired of the word threshing and all the disciplines he studied and is still unsatisfied with the knowledge of his understanding of the world. And well, it seems like the thing that makes the world go round is money, but it doesn't seem to be a stable isotope. Money keeps disappearing and reappearing every few centuries or even faster. I was born in the former GDR and I had to get used to four different monies throughout my life already, although I never relocated to a different country. The first ten years were the Ostmark, then ten years the Deutsche Mark, now ten years the Euro and after that ten years in Bitcoin. And I'm not just talking about four different looking coins, but four completely different monies. The first one was a socialist nonsense. The second one was quite hard and sound in economic terms, but limited to just a small speck of land on this planet. The third one has at least continental reach, but turned into a whatever it takes, nightmare, and the fourth one has global reach, but lacks local density yet. So I'm kind of a burned child here, and it's a legit question what will be next. And if you look back through our history records, the pattern repeats. Money came and went. So I'm asking the question, will there ever be a last money? Money that literally lasts. And searching for his answers, Faust studied many different human sciences before he decided to turn towards alchemy, which could be considered an early proto-science of our modern natural sciences. But unlike Faust, I believe in 2020, we don't have to make a deal with the devil anymore to get to our answers. And they are quite satisfying answers in the disciplines I listed here, at least for the search of the last money. And praxeology, if you don't know it, it's certainly the least known one, but in my eyes the most important one. And it's basically the scientific approach behind what is commonly known the Austrian economics. However, I can't everyone to be up to date with these sciences, although Jacomud gave a very intensive introduction to physics. So here's a super quick summary from my side. Everything is just information. This nail, which is traded on the market, is just information. Sure, it consists of many atoms. Here's a nice photo of one of them. Yes, we can make photos of atoms now from 2013. But that's not it. We can dig deeper. An atom consists of neutrons and protons. And those are made of the elementary particles. However, those particles are just pure math and probability. They come and go into our three-dimensional space as they like, and the space we call space-time. And space-time can literally be quantified through quantum physics into mind-bogglingly small areas called plunk areas. Jacomo mentioned them. And these plunk areas or each of these plunk areas hold one single unit of entropy. And also, as Jacomo mentioned, entropy is on some level just another word for information. So when Faust was asking what holds the world together in its inmost folds, today's answer would be the quantum field, math functions, and bits of information sitting in these plunk area. Sorry, I had something in my chat. So the specialty with these or a bit is something you may know. It's either one or zero, true or false, high or low, top or down, point or stroke, yin or yang, that's a bit. And the specialty with these plunk areas is that they hold qubits. And a qubit can be both or is both one and zero or yin and yang at the same time until somebody looks really, really close, then this collapses into one of the states. So in short, entropy is high when there's uncertainty, randomness and stability, and entropy is low when there's certainty and stability. That's what also commonly called as information. So the problem is we will never be able to look at all the bits of the quantum field at the same time. So we are doomed to live with all this instability and uncertainty the universe has abundance of. Anyway, you may want to get used to the idea that our world or our universe can be seen as a big, gigantic quantum computer and everything is information, even this layer. So in case I just lost you, imagine this quantum field as a seed of uncertainty or in this ocean of uncertainty, there are luckily islands of stability. And these are the mathematical solutions to what we call a stable measure and the things we love, the things we can interact with and we discovered almost all of that by now. So any subject which is traded on the market which is traded on the market or the things we deal with in economics on the market are either quantities of these raw elements here or stable compositions of them. So in the light of this understanding of reality, maybe we don't need money and markets anymore in the future. Like in Star Trek, we could just build a big computer that calculates all the necessary compositions of the stable matter we want and we are interested in. If everything is just information at the lowest layer, the very lowest layer, sure, probably can be calculated someday with a sufficiently powerful computer, right? No, that will never be the case. Then apart from the fact that each of us, each individual has different needs and wants, there are also hidden limits in our universe, like information cannot travel faster than light and derived from that is the so-called Beckenstein bound, which is the maximum amount of information that can be contained in a single area of space time before this collapses into a black hole and Paramount's limit, which is the maximum speed of computation that can be done in certain area of space time. So Hayek is still valid. Information has been and will always be distributed, even in the far, far future. No one can know everything and anything else would be pretense of knowledge. But what can be done is that many different minds can spread out and distribute through space time and try to discover new things or create new things out of the stable method they find. And this is, of course, trial and error approach, but whenever someone finds something useful or stable, for instance, a nail, which doesn't break after you hit it or a car, which doesn't break down after three days already, then you can put his findings on the market for others to be discovered and judged as well. So in this sea of uncertainty that the universe is, we humans constantly search for stability and markets help us to efficiently discover these islands of stability because they reduce huge amounts of information into small, digestible prices. This is a bit similar to a zip fire, which also compresses information. So only stable things will have prices and persist on the market. Unstable things will disappear. Only companies that consistently and reliably provide stable products and services will persist on the market, but those who don't will disappear and they will have no price anymore. But why, let's ask this question, why do we need money then? Well, money is the tool to measure value and real money allows for complex markets where it's one side of every transaction, more than just simple bottom markets. So if there's no money, there's no compression of information and there are no prices, there's no unit of account, there's no economic calculation possible. So it's your choice. Do you rather want to live in a reality where we only discover simple things or do you rather want to live in a reality where crazy complex things are discovered and invented by others you wouldn't have even imagined. If you prefer that second option, you need an economy with real sound money. So yes, we will always need money. So a mathematical unit of account for the whole complex markets to work. So there can theoretically be a last money because we will always need money. Let's put this as the underlying axiom for the rest of my talk. Markets discover stability. Money is needed to measure stability and value is the mathematical expression for stability. So what is the best tool to measure value, you may ask, and how can it even be done because value is subjective and there's the law of diminishing marginal utility and value is not even relative in space and time for the same observer. You could say it depends on the observer. So if value was objective, we could put it in the periodic table and you would have a number and then everything on the market would just be the sum of the value of its atoms. But this isn't possible. Value is subjective. So there for you, we need a reference object as a measure. That's how we deal with other measurements areas like for weight, for length, for time as well. So you just define this as our reference point and then everything else is measured relative to that. You only have to make sure that your reference object doesn't mutate over time because then measurements are not comparable across time. So let's do that now. Instead of random trial and error approach, we did the last 5,000 years to find the best measurement tool. Let's use our latest knowledge of the universe to find the best reference object for the measurement of value. And here are the properties we are interested in. Should be countable, divisible, homogenous and stable. These were mentioned in previous talks throughout this conference quite a lot and also additional. But let's focus on those four and see how far we can get. So you would probably select the most stable thing you can get your hands on to measure stability because it just doesn't make sense to use a less stable reference object than to measure something of higher stability or the thing you want to measure. So the most stable thing you can find must be your reference. That's in line with other measurements areas like for the kilogram and for the meter where we went from iron that rusts over time and loses weight or loses length to platinum iridium-based alloy for the prototype of the kilogram and the meter. You also have to decide if you want to measure real value and real prices or fake value and fake prices. If you want to measure real and precise prices, then your reference object must by definition come from within the same group of things or elements you want to measure. It can't be just an artificial illusion. And since you're interested in stability, we don't have to look at all of the roughly 3,300 isotopes that can exist but only the 240 ones which are stable or which make up the periodic table. So which one to pick? Well, none of the radioactive ones because they decay on their own over time and vanish. So let's remove them. We also narrow down the group to the noble elements only because they are not likely to react with others easily and oxidate or deteriorate over time. So let's remove them. We have all the noble metals and the noble gases left. Gases, so easily divisible. That's good for gas but they are tricky to handle and contain even today. And most of them are toxic to humans. Not what you would consider sound. So let's remove the gases. Nine candidates left. On the right we have mercury which is unique in the sense that it's liquid at room temperature so also easily to divide. But remember the crazy header from Alice in Wonderland. Mercury is toxic and makes people go crazy. Osmium on the left is also easily toxic if you are not careful. So let's play it safe and sound and remove the toxic ones here. Seven left. Let's take the homogenous property, Sirius, and see if any of them have only one single stable isotope in the wild. So the so-called mononucleidic ones. And we have two finalists. One time champion gold 197 and the rookie called Rodium 103. And the quick check of Rodium's market price tells you that someone recently had maybe the same idea that Rodium could be the next gold. But anyway, Rodium was only discovered around 200 years ago. So it has a lot lower stock to flow which is bad regarding if you want to compare measurements across time. Maybe in a couple of hundred years. If the stock to flow of Rodium is equal to gold but not for now. So let's remove that and also what's quite important, the higher the stock to flow is the less as a verse, the Contillon effect on people if you choose that as the measurement tool and as the money. So it looks like gold is the best, the most stable reference element aka money we can get in this universe. It's amazing that the free market discovered this through thousands of years before without having all that knowledge on the periodic table and universe we have now. So it seems like markets discover truth if you let them. But and here's the big but or the dilemma. Gold seems to start failing when an economy discovers that electric fields and the electromagnetic spectrum can be used to exchange information between people at lower costs and at the speed of light over great distances. This is when Einstein really kicks you in the face and you realize that the energy that is required to settle gold at the same speed as the exchange information would dwarf everything and practice this is just impossible. So gold tends to get moved to more and more centralized locations where it doesn't move anymore at all and is therefore easily captured and seized by powerful adversaries. And then funny money substitutes are handed out like crazy and gold is your measurement tool for value and stability which allows the markets to work so well. So does it mean game over? Or is there an element to the rescue we haven't discovered yet? Well, there are many theoretical ones at period eight. It's not shown even here the period. They have a name already but they have never been able to be detected or synthesized in a lab yet. But they are likely to be extremely short lived anyway and have an even higher mass than gold. So that doesn't help you with Einstein. So maybe let's change our strategy and define or design our ideal element or reference candidate from scratch. So we get an idea where to search for. It should be noble like gold so no oxidation. And ideally it has no weight because then it could easily be moved at the speed of light like a photon and or settled settlement settlement could be done at the speed of light. No weight means no protons no neutrons which makes it the ordinary number zero in the periodic table. Well then we have electronegativity and ionization energy which are not very meaningful for our consideration here but they help us to get an analogy for two important criteria. First our element should be able to attract and bind energy. That's a hard requirement because something which doesn't bind energy which is the ultimate currency of the universe isn't real. And the amount of energy to destroy it again should be high so that this element cannot be easily destroyed or removed from the universe like gold. And this is critical so let's look at this in detail. If everything is information as discussed in the beginning of this talk including gold what prevents that this information for instance this gold atom is removed or deleted from the universe again. Well first of all gold has a so-called unique fingerprint as any isotope which is it carries 79 protons and 118 neutrons and this is gold 197 and this is verifiable this is detectable if someone pretends this is gold don't trust verify just count the protons and the neutrons in the core and you will know for sure if this is real gold or not this cannot be faked. And to destroy this information this unique fingerprint a huge amount of energy is required. Jack Omo mentioned how it could be done. So you could say gold has an energy defense which is called the binding energy and between the protons and the neutrons. This is a very huge amount which is permanently borrowed from the energy pool of the universe. And you get an idea of what huge amount of energy this is for in the binding energy of an atom if you think of the hydrogen bomb. So here's a quick refresher on the energy pool of the universe total amount is fixed second law of thermodynamics energy can neither be created nor destroyed only transformed and roughly only 4% of all the available energy is allocated to our beloved matter the things we can be our made of and we can interact with. So gold is probably 0.001% of that or even lower but still it allocates energy. So for something to be real to be considered from us humans as real it must allocate energy from that pool else it's just a fiction. So what we are looking for is a real element something like gold in the sense that it has a unique fingerprint which carries a proof that this is binding energy from exactly that pool of the universe. So how much may such a fingerprint look like if no protons and neutrons are at play. Well there's something called Landau's principle which bridges information theory and thermodynamics via statistical physics and it says information cannot be removed for free from our universe but must result in the release of a minimum amount of energy in the form of heat and that's the also what Jack Amill mentioned but interestingly this amount of energy cannot be zero that's super important while it's the key it cannot be zero no matter how efficient you get. So and this principle has even been verified in a lab for quantum computing in 2018 so this is kind of a like light speed something we can consider a constant or a given in the universe and this principle is applied in computer science in a scheme using so-called secure hash function which results in what we know as a proof of work and as a result you get a self-proving fingerprint and using statistical physics and assumption on the currently available computing technology you can derive from just looking at that number how much energy was required to produce it more specifically how much energy was required to remove so much entropy from the resulting hash so it is theoretically possible that this element we are looking for which has no weight no location could be synthesized using regular computers by transforming electrical energy through computation into a fingerprint that proves that the minimum amount of energy that is currently allocated by all units of that magic element the elegance of this approach would be that via a gold 1 9 7 you have to have it in physical possession to count the protons and the neutrons to get a proof that it is real the existence of our zero element could be very tried from anywhere in the universe using a regular computer and I say that this element has been discovered almost 12 years ago already a group or person called Satoshi Nakamoto published a paper how this element can be detected in a lab and three months later they even published a technology how quantities of this element could be synthesized and although this element has no determinable location they solved how people in an economy can verify that only a limited quantity of this element is used and even how ownership of this magic element can be claimed they also solved a 40 year old problem called the Byzantine generous problem which allows information especially the ownership of this element to be communicated over or broadcasted over insecure communication channels at the speed of light using photons radio waves whatever for example this is very very practical they also suggested a name and a symbol and a color to be added to the periodic table so in this strange universe we live in bitcoin can be considered as real as gold it's constantly and provably allocates energy from the universe's limited pool to make sure it cannot be easily destroyed and since the discovery of bitcoin in 2009 researchers have reportedly been able to synthesize different isotopes of this element as well with different names and slightly different configurations but they seem to be a rather short-lived and not stable anyway they originally discovered isotope btc 2009 is the longest living stable isotope so far and this isotope will reach stock to flow parity with gold soon or has already reached it and will outshine it from 2024 onwards which makes it the most precise and stable measurement tool for a catalytic spaced free market society but it's totally incompatible with a price stability theocracy and just like the geocentric and the heliocentric model were mutually exclusive price stability and measurement stability are mutually exclusive as well so you may have noticed whenever the models and methods of a theocracy are publicly criticized and the word-freshing starts and it's always ending with reference to their price stability axiom the ultimate given this is the one thing which isn't allowed to be questioned by anyone and galileo had to experience in person that confronting an ideology with and its axioms with words and arguments is often a painful and lost battle but it was the tool he invented and the instructions he left how to build it that allowed people over time to see with their own eyes that the underlying axiom was wrong which ultimately led to the renunciation of the geocentric model and bitcoin may very well be that tool which in the hands of many over time will lead to the renunciation of the price stability axiom and to the inside that measurement stability and price discovery are the desired functions of the market so finally and this is my last argument the technology which is used to detect and verify this bitcoin element will certainly change over the coming decades maybe even the mechanism how ownership is claimed and transferred this will change but the element itself and the proof of its existence the so-called UTXOZ could easily import it into any alien technology if deemed necessary and therefore my conclusion is bitcoin is certainly a last money candidate however that's an individual choice it may not be for everyone if you prefer any form of dictatorship i don't know maybe there people who like that including a price price stability dictatorship bitcoin is not suitable for you and if you don't see a problem with the kanthion effect or maybe even secretly you want to benefit from it maybe there are other money candidates you want to look into and if you don't use money as a store of value and just for a high time preference medium of exchange you might be okay with that your measurement tool aka money that you use to measure value is gone the next day because it doesn't have such a high energy defense as bitcoin so you may want to use a weaker money if you like but for everyone who wants all of that freedom and liberty is zero kanthion effect and the highest guarantee of protection against destruction then bitcoin is the only last money candidate out there thank you