 First of all, this is my first experience with the Brazilian Bitcoin community. So let me ask how many of you in this room have Bitcoin? Okay, how many of you do not have Bitcoin yet? All right, if you're sitting next to one of the people who do have Bitcoin Make sure that before you leave here today You make them give you some Bitcoin Not a lot just a bit Bitcoin is best Experienced as a technology rather than explains learning about Bitcoin and Experiencing how it can be used is the best way to understand what is the future of money? And you probably won't be in a room with this many people who have Bitcoin again Anytime soon so this is your opportunity and those of you who have Bitcoin Please help people set up a wallet Give them a small amount and if you want I will be happy to do that as well Later on today. I've written a book called mastering Bitcoin and This book is for a technical audience It is not about the economics of Bitcoin. It is not about the politics of Bitcoin It is about the technology how Bitcoin works and how you build applications with Bitcoin It was very important to me when I wrote this book To ensure that this knowledge could be shared with as many people as possible and we started about ten months ago volunteer translation project and More than 250 volunteers have been translating mastering Bitcoin into 36 different languages and 12 of those are Complete about four months ago. We completed the translation into Brazilian Portuguese That book is available for free online as a PDF. You can download it From the website Bitcoin book dot info you can download the PDF It's under creative commons open license That means that you cannot only read it for free. You can share it. You can sell it You can mash it up. You can turn it into a university course or a high school course You can use materials photographs quotes any part of the book in any way you want You can turn it into a wrap poetry slam if you want don't don't do that and The whole point of this is to spread the knowledge as much as possible So I invite all of you to go and check that out. What is Bitcoin and why are we here today? Bitcoin is an innovation in the technology of money How old is the technology of money? Who wants to hazard a guess? Who wants to guess? How old is money? Since the Romans they need to go a bit further behind than that Okay, how old is money? Anybody else want to hazard a guess? That's a good start Romans. Let's go further back How about Cromangan? How about Neanderthalus? How about millions of years old? Perhaps and yet we don't even know how old it is Because what we have observed is that money emerges as a cultural artifact even among Primate societies monkeys can learn how to use money And so we believe that money is the oldest technology humans have developed It is older than fire it is older than the wheel and it is perhaps as old as language itself because money is Language money is a form of language and in these million years of development Money has experienced Maybe for major technological changes Money has abstract token shells beads feathers bones Things that are scarce in an environment easy to transport have aesthetic or Primary value and are used as an abstraction to express value to each other nuts seeds Colorful feathers beads seashells. We see that throughout human society hundreds of thousands of years ago and then the first major revolution in money Was the use of precious metals in pressed coins which goes back to perhaps Babylonian times Certainly popularized by the Romans as you mentioned. That's the first technological adaptation of money and For thousands of years That's what money was precious metals pressed with the faces of important people and Then the second great Technological revolution of money was to change money from precious metals to pieces of paper That showed that you had a deposit of precious metals in banks and the introduction of commercial banking Which in those days was a great liberalizing movement because it meant that money could now be used By people who were not part of the aristocracy until then kings used precious metals Merchant class used precious metal But most of the rest of society didn't really have access to the basic banking capabilities and when the introduction of commercial banking and paper money money changed and It changed and it became a great equalizer and it gave opportunity to millions and then billions of people So, let me ask you how do you think people reacted when paper money was introduced? Oh, that's a fantastic idea paper money. It makes perfect sense. It's light. I can carry it easily I can give it to other people they can exchange it for other paper money that has different numbers on it This is much better. No, that was not the reaction. That was not the reaction. The reaction was that's not money That's not money. Give me real money I don't believe in your fake money I want the real money the money you can bite to see if it's silver or gold the money that has the face of the king on it I want the real money this paper money That's like a deposit slip for a bank account that maybe holds gold who the hell knows That's a scam now the Italian Master of scams. Mr. Ponzi had not been born then but if he had they'd call it to Ponzi scheme They didn't know what a pyramid scheme was so they didn't call it a pyramid scheme. They just called it fraud So the third revolution or the second revolution in money was greeted with universal disapproval it took 400 years For people to get comfortable with the idea that paper money had value Because they had to understand that the value of money does not come from the precious metals And it does not even come from the face of the king that stamped on the money It comes from the economic activity. It creates through its exchange It comes from the social bonds. It creates we make money valuable by using it Money is a great societal illusion if I believe that the piece of paper I have in my pocket Will buy me six eggs tomorrow because somebody else will take that to buy something else That has value and that's illusion is what creates value and the exchange is what creates value And it's amazing because once you start talking about Bitcoin and people start asking questions about why Bitcoin works and What Bitcoin is you realize that in order to have a conversation about what Bitcoin is and why it works You first have to have a conversation about what money is and why money works Because ironically the most important technology we have in our society is never discussed in school is never discussed in science Is almost never discussed between parents and their children and Yet children ask the most interesting questions about money Mommy why can't we have more? Why do other families have more than we do? Why can't everyone have more? Why can't we make our own? These simple questions that children ask and most parents have no way to answer that. What do you say? Susie go study inflation and come back only when you understand The balance between inflation hyperinflation and stagflation We don't discuss money and yet it's a very important technology in the 1950s we saw Probably the last and fourth greatest revolution in money the new technology of credit cards a Piece of plastic which at first was a piece of paper Invented in 1950 by diners club a piece of paper that represented a credit account that you could use instead of travelers checks And of course everybody who saw this new form of money was like oh wow this makes sense I don't even need to carry all of those pieces of paper. This will be much more convenient. Let's all do this No, that's not what they said what they said was this isn't money We only take real money federal reserve note dollars here Take your little diners club thing elsewhere. I don't understand it And it took 30 years before people broadly understood that a piece of plastic is also money. Why? because Because you can use it to buy eggs and really that's the only definition of money you need to have and Now almost a million years into this technology Bitcoin comes along in 2009 and everybody goes. Oh, that's brilliant. We don't need banks We don't need governments. It's completely decentralized. Let's all use this Not quite What they say is that's not money. It's a Ponzi scheme. It's a pyramid scheme. It's fraud It's not money. It has no value. It has the no face of a king or a queen on it It doesn't have the official approval of a government. How could it possibly be worth anything and yet? I pay for my plane tickets with it and Somehow this not money Allows me to get into a large steel tube and ascend to 37,000 feet and be transported across continents That sounds like something that is money. I Have been living on Bitcoin for more than three years. It is a vast majority of my income That kind of sounds like money. I can use it to buy products and services I earn it by selling my own services and products that kind of sounds like money But it's not money as we knew it after a million years We are now standing at the beginning of the fourth revolution of money And we have money that is independent of governments and independent of banks Money that allows every one of us not to have a bank account on our phone But to have an entire bank on our phone. I Have an application here that congenerates two billion account numbers That gives me access to international wire transfers that allows me to do merchant processing Import export commerce with any country in the world and transmit and receive money at the speed of light anywhere for very little fees I Don't have a bank account in my pocket. I have a bank because banking is now an app and I am a banker and you are a banker and you are a banker and we are all bankers because none of us are bankers and That fundamentally changes our relationship with money And this money is not owned by any government. It's not controlled by any nation. I Remember a time when the only airline I could take for my country had my country's flag on the tail of every airplane And the only phone company that operated in my country was a national phone company that had its flag on the top of the building And those were ridiculous ideas the idea that you can only have an airline that belongs to a country and have Exclusive monopoly over all airline operations is ridiculous Why is it so ridiculous to think that the idea of a national currency with a flag of a nation on it that has complete? Monopoly within a country Why is that not ridiculous? it is We just accept things because they've been that way for as long as we remember not because they make any sense and So now we have other options Bitcoin allows us for the first time to have choices in the number of currencies we use And it's important to understand that we have to look at Bitcoin from a different perspective People ask me Which is the first country that is going to adopt Bitcoin as its national currency? That would be a disaster That is a terrible idea. That's an idea as terrible as the euro Creating a monopoly of money with a national flag on it is the exact opposite of what Bitcoin is about The idea of currency being a zero-sum Geopolitical game of competition between nation-states is ridiculous and Bitcoin is not going to play that game That's not the point Which country is going to adopt Bitcoin the internet? The largest most populous concentration of human beings collaborating in the world today is not a country It is the internet and the internet has its own currency It has already adopted Bitcoin Which banks will start using Bitcoin none of them Which countries will start using Bitcoin none of them Will Bitcoin replace national currencies? Of course not Because money is a language and if you think of money as a language the idea of one Universal money is as ridiculous as the idea of one universal language You all speak English Right Did that influence your decision to abandon Portuguese? Do you only learn one language because after all it is the universal language? There is no universal language There is no universal money because there is no universal culture. There is no universal religion There is no universal state. We are not a Universal nation We are a diverse species so we have diverse language and diverse culture and diverse religion and now we have diverse money and if that's threatening To a government the idea that individuals have a choice to use diverse money Then you have to ask yourself why is my government threatened by financial freedom and ironically some of the governments that have Currency crisis right now are not really threatened by Bitcoin and Neither should the banks be threatened by Bitcoin What Bitcoin represents is opportunity More than four billion people in the world have very very limited or no access to banking whatsoever Because of politics because geographic barriers because of technological barriers Not because they have no value as productive human beings and we have an opportunity With this technology and technologies like it To take four billion people and make them part of this new global economy To give them access to the same financial powers of bank without borders without control without Censorship and with full financial freedom autonomy and privacy We live in a world where in the last 30 years it has become the norm for Individuals to have zero financial privacy for every financial transaction You do to be surveilled monitored and controlled and at the same time governments have complete secrecy and That world is upside down Because the world I want to live in Individuals have privacy and when you have not being convicted of a crime you have freedom and privacy and governments have no secrecy and Full accountability and transparency because after all They're using our money. It's not theirs And Bitcoin actually delivers that promise It delivers privacy at an individual level that protects you against surveillance And it creates a global public ledger that when put in the hands of government Forces them to have transparency and accountability Let every day be Panama Papers Day So what Bitcoin brings especially for a country like Brazil is the opportunity to create diversity in finance to give people choices to use multiple currencies to Unleash innovation and creativity to help entrepreneurs build completely new businesses new financial models a new System of financial services to serve a completely different population that has never been served before It brings the opportunity for young people to learn the future of money today To see what money could be like in 10 20 30 years to be part of a transformational force That is making money a borderless Open decentralized system with no national flag no governments no banking control Where power is shared among all of those who participate just like the internet Making it much more resistant to corruption Serving the people who use it directly and what do we need from governments and banks in order to do this? nothing Preferably nothing for the next five years The best thing a government can do to help Bitcoin succeed is stay out of it for five years at least Because writing laws about a technology you don't understand is the worst thing you can do to that technology Taking a system that can create opportunity for a country as diverse and enormous as Brazil is where millions of people have no access to banking and Squashing that opportunity By creating laws for something you don't understand is a terrible idea So if anybody who is in government is listening Don't do anything for five years You know why? Because other governments are going to be stupid and they're going to pass stupid laws about technology They don't understand because they don't know where Bitcoin is going in five years. I don't know where Bitcoin is going in five years We don't know We're making history This is the front seat of history in an innovation in money that none of us yet understands where it will go Only the fourth time in a million years on the most important technology we have in our society Leave it alone Because you do not understand it. We do not understand it Let it breathe There are plenty of people who will try and fail to build companies with Bitcoin most of them will fail But some will succeed and they will create completely new industries from nothing that never existed before 20 years from now the 10 largest financial institutions in the world Will be technology companies They will have no accounts No customers No assets No liabilities No balance sheets No banking branches No ATMs How can I say that? The largest taxi company in the world has no taxis and no drivers The largest hotel company in the world has no hotel rooms The largest content company in the world makes no content The largest phone company in the world has no phones And so it is not strange to think That the largest financial institution in the world will not have any banking customers or any banking branches or any ATMs or any debit cards Or any accounts or liabilities or assets There will be a technology company And it might be a technology company that used to be a bank If the banks are smart And realize that their business changed fundamentally on january 3rd 2009 and there is no going back There is no negotiating. There is no bargaining. There is no watering down. There is no censorship or control There is no power structure. There is no inflated profit margin those things poof Disappeared in 2009 and some will not accept that And they will disappear 15 years ago The top five camera companies in the world were Kodak Polaroid Fuji Nikon Kodak invented digital photography in 1976 and buried it Because they were terrified of destroying their primary means of profit Which was selling the films and chemicals to process analog photography And so they buried it And they didn't take advantage of it And they sat back and continued to milk their industry For 25 years until one day In the middle of the First decade of the millennium A company that was not a camera company Shipped one billion cameras And that company was Nokia And they had no way of anticipating that And overnight The camera business Disappeared And today the top five camera companies in the world Nokia Samsung Motorola Apple Google None of them camera companies And where is Kodak? Bankrupt Polaroid Bankrupt Fuji Almost bankrupt Nikon Almost bankrupt And they're all doing digital photography as fast as they can and failing This can happen To banking But it doesn't have to happen Instead In many countries where banking is an important service to deliver to real customers Where the importance of reaching banking out into rural populations And giving people control over their money and helping them achieve financial security Is an important goal for banks Bitcoin is not a threat. It's the greatest opportunity These banks have ever had And those banks that achieve this opportunity will win Brazil is going to be a hot spot For these financial technologies It is a country with massive inequality But massive opportunity With a young And educated Professional population That can achieve amazing things with an enormous rural population that is cut off because of geography That can be reconnected with the simplicity of a text messaging phone and bitcoin And have full financial control and freedom Again And so I see great opportunity and promise in brazil And that's why I have been so excited to be here and to be part of this amazing bitcoin community. Thank you What are the difficulties of doing a daily duty? Ah, you know, I've never been asked that question In brazil yet It only comes up at every meeting I'm I'm really very interested in ethereum. I've worked in ethereum from the very beginning. I've Watched closely the development. I've written smart contracts and I continue to work in ethereum I think ethereum is a fascinating technology. It shows How diverse the ecosystem of blockchains and cryptocurrencies can be Um, I think it's important to understand that it solves different problems from the problems that bitcoin solves And I think it coexists. In fact, it works best In coexistence with bitcoin bitcoin provides robust security as a reserve currency and trusted ledger With very very strong immutability and unforgeability And part of the reason it achieves that is by being simple in its construction Which means it can't do smart contracts ethereum is more complex in its construction, which means it can do smart contracts, but as a result it loses some of the robustness that bitcoin has which means they work very well together And can coexist very strongly together. I think we're going to see some very interesting things of course You know bitcoin is still an experiment at seven years old ethereum is even more of an experiment at one year old and So we're going to see a lot of change over time as we try to learn what it means to build smart contracts on blockchains Well, I've done a talk about that it's called the five stages of grief It starts with denial Denial is when clearly this is silly technology that cannot possibly work and bitcoin will be dead soon That lasted for the first three years of bitcoin Then it switches to anger this is not Correct it must be stopped make it illegal Bad it only criminals use it It must be stopped That lasted for about a year That didn't work either then we went to the third stage of grief which is bargaining Hey Yeah, bitcoin is not that interesting Blockchains are really interesting How about we do blockchains without any of the things that bitcoin does? Maybe we can keep all of the control power Centralization and do blockchains and that way we won't be disrupted That's been since the middle of 2014 until today That's not going to work The most interesting things that bitcoin does is because it's open and decentralized Uncensurable immutable and unforgeable You can get some advantages with blockchains, but you can't get all of those advantages And then we're going to go to depression Oh But we had such a good run for two centuries Why is everyone taking away our business now? Why do young people not want to bank monday to friday nine to five? With high fees. Why do they want all of these crypto currencies instead? That work 24 hours a day. It's unfair And finally acceptance At which point i'm hoping that the banking industry will find That if you want to reach customers If you want to make this an economy not of the two or three billion Of the most privileged financial people, but you want to make it one global seven and a half billion included human beings bitcoin is A solution not a problem It's a promise not a threat And Then we all win Hey I'm glad to be here I am concerned about any form of centralization And I would certainly like to see less centralization But that doesn't necessarily mean it's a problem The centralization and mining that we have today in china Is the result of a very specific technology adoption curve that goes from cpu gpu fpga acic Over a period of four years With each change in architecture offering a 10 000 increase in performance Which means that all of the equipment is obsolete within two to three months Which requires massive capital access to Chip factories directly As directly as possible It means that selling chips to others doesn't make economic sense because if you keep them and mine them for two three months until they're obsolete You win more than if you sell them Um, and it means that Of course access to cheap electricity Makes a huge advantage all of these factors together have created An enormously fast curve, but also centralization primarily in in china and yet We reached 60 nanometer fabrication Which means that the days of 10 000 performance increases and two to three month obsolescence are over More's law is the fastest technological law we've had Except that compared to bitcoin cpu to a6 It's slow It's 5 000 times too slow And so over the next two years We will not see a 10 000 time improvement We will see a two times improvement And that's really slow and that means that instead of the equipment being obsolete in three months It will now have a shelf life of two years And that means that having chips and mining with them instead of selling them is no longer an advantage Because you have all of the risks of warehouses and operations and government interference and electricity prices Whereas if you sell the chips you can make a lot less risky money So what led to centralization of mining? The whole of those parameters no longer exist Mining changed about six months ago when we reached 16 nanometer The problem is we haven't seen that it's going to take about a year and a half before you see the ripple effect throughout that industry And the halving is going to be very important, but I don't think the centralization is going to last The centralization was an artifact of performance increases that no longer exists Of limited shelf life that no longer exists of advantages of centralization that now become Risks of centralizations because if you put a hundred thousand miners in a warehouse and you lose power for two days Your entire profitability is wiped out for the month But if you put a hundred thousand miners in a hundred thousand kitchens and you use them to toast your bread Or cook your sausage as Sven showed me the photos today He cooked hot dogs on an ant S7 miner that was kind of cool Then you have the advantages of these centralization because if power goes off in one kitchen It doesn't affect anybody and your profitability doesn't depend on anything So all of the things that made chinese centralization happen are now unmade I also want to make another point if mining centralization had happened in sweden A lot of people would be a lot less concerned And that's not just because the chinese government Is a threat to bitcoin because if you think about it the people who are doing mining in china are directly Opposing their governments by doing this. They're taking enormous risks. They are entrepreneurs of the finest capitalists attitudes who should be applauded with Incredible engineering and operational skills They're not their government and will resist and fight hard to maintain independence We should applaud that not fear it and somehow I think if they were swedish We'd be less concerned. So there is an element of racism in this. There is an element of xenophobia There is an element of stereotyping An entire race and I think that's not that's wrong Is 100% Is 100% Trackable So how can you sure 100% To vehicles and to their private transactions through bitcoin or any other critical currency in a world like this, especially with one name that somehow Uh, both the direction where the industrial state may be forced to Yeah, that's a great question I think you've got to understand that bitcoin is not 100% trackable. Maybe it's 75% trackable right now If you compare that to visa, which is 100% trackable every time you make a visa transaction It's not just the brazilian government that's watching you It's like 10 different intelligence agencies all watching you at the same time In fact, it's probably illegal for the brazilian government to watch you So what they do is they probably outsource it to argentina and you watch the argentinians. That's usually how it plays out It's a nice way to get around democracy Payment systems as we have them are 100% trackable bitcoin is 75% trackable now But it's getting more private and will continue to get more private as time goes by We have incredible innovations in the pipeline that take it from something that is partially trackable To something that is less and less trackable and you've got to understand there's a difference between mass and individual right Bitcoin makes it possible if you have an individual who is suspected of a crime And if there is proper judicial process to seize their computers and their wallets and see their addresses to track everything they've done And that perhaps is desirable in society What it makes it difficult to do is do mass surveillance of the innocent And again that is desirable in society that you can't do that or certainly can't do it easily But there's more inventions coming down the pipeline stealth addresses Confidential transactions remasters There's hundreds of other cryptocurrencies that you can convert your bitcoin into an out of very easily the entire system Opens up a lot more freedom and privacy And over time it will get Better and we will have more and more privacy and anonymity in bitcoin So and if you look more broadly than bitcoin, there are certainly other cryptocurrencies that offer even more Privacy and anonymity for individuals So i'm quite optimistic that we are turning the tables and setting the world correctly Where we have privacy And governments don't have secrecy I want to know what's the main challenge that digital crypto currencies Will have to meet in order to popularize in order to spread worldwide and ever going to use them So what are the prerequisites for broader adoption? The challenge what the challenge is Okay, what do we have to do? We have to meet we have to face Okay, fantastic. Let me do an audience question. How many of you find bitcoin easy to understand? How many of you find bitcoin easy to use? You're lying How many of you find bitcoin easy to secure your individual wallets? To backup to make available to your families in the case of your death or incapacity Until everyone in this audience can do it more importantly until my mom can do it Bitcoin cannot be adopted broadly We have a lot of work to do and that means taking a technology that at the moment is difficult to explain difficult to use difficult to secure On an individual basis very secure on a global basis, but difficult to secure on an individual basis difficult to plan for your retirement or to pass on to your family All of these things need to be fixed But you've got to look at it as an engineering problem, which is also an engineering opportunity I sent my first email in 1989 In 1989 in order to send my first email. I had to download A mail client in source code Use a compiler to compile it into an executive application On a unix system on the command line over a modem On an account that I wasn't strictly speaking authorized to use Because I was 16 and I had access to the internet in 1989 you do the math And after two three hours of work with my unix command line skills that I had just recently learned I composed my first email first I had to find someone to send it to because they weren't that many people on the internet And then I sent an email and in the blink of an eye just 36 hours later it arrived at its destination Now if you asked me then Will you do your banking your shopping will your mom use this can you do video calling with your mom on this? I would say yes But it will take 20 years Exactly 20 years later My mom sent her first email And she didn't have unix command line skills She went like this On her ipad That's what we have to do Now you can look at that as a challenge I think of that as an opportunity that opportunity created a multi-billion dollar Industry for search a multi-billion dollar industry for email a multi-billion dollar industry for online services A multi-billion dollar industry for internet service providers A multi-billion dollar industry for tablets and mobile phones and personal computing devices And all of the other things that we've seen so The person who sees it as a challenge is the pessimist The person who sees it as an opportunity to create a billion dollar industry I call that person an entrepreneur and I see a lot of them in the audience today who are thinking You know what if I make bitcoin easier I build a very successful business if I make bitcoin easier to use easier to secure easier to understand Until you don't need to know how it works So I turn around that question and say you don't need to understand bitcoin to use it Because I guarantee you There are not more than two or three people in this room who understand how TCP IP windowing Las Vegas QoS Properties within TCP work How an HTTP protocol message is formed anybody One two three boom bingo, and those are the developers in the room And we all use the internet without needing to understand any of that Bitcoin is successful and will be adopted broadly When you don't need to understand anything about how it works and yet you can use it and then my mom can use it You know I When I started working in bitcoin I believed that we would see maybe one two three four five Different currencies that could succeed In different ways and that they would have to fight each other for dominance Um, and I was wrong because I was looking at bitcoin from the perspective of experience with national currencies And that's how national currencies behave They're in a zero-sum game Once I saw that more altcoins were being created and they acted as a laboratory I realized The connections between money and language and why just like there are hundreds of thousands of human languages There will be hundreds of thousands of alternative currencies and chains And then perhaps millions and they will continue to be created at a rate of thousands per year And then tens of thousands per year And maybe most of them will not have very significant economic value. Maybe some of them will only have um the value of reputation or loyalty or popularity or historical significance or they'll explore a single narrow feature or capability There will be thousands And they will all have value to someone Because even five-year-olds Create currencies if you watch a kindergarten They create currencies out of rubber bands and colored blocks and crayons They trade tokens of value with each other to express popularity and friendship Human beings create currencies. It's a natural process. It's an evolutionary imperative So we will create thousands of them and they may not have the same interest or value But they will be powerful You know, I say sometimes people think it's funny But imagine what happens when you have Justin Bieber coin Well, for one thing that's a horrifying idea Justin Bieber coin But at the same time if that was created today It would very quickly have more value than at least 15 national currencies Easily right and so is that money It is to a Justin Bieber fan It's meaningful. It's valuable. It's exchangeable. It creates loyalty and social connection We are redefining how we see money from a field of narrow perspective and monopolies To an explosion of diversity That will flood our brains with thousands of currencies and hopefully one day it will be so easy to use any of them That it will become irrelevant which currency you use And currency will simply disappear into the background I'll point that maybe it's just another form of coinage or something like that And other forms of discussions like the core and plastic things Forum can affect the broad use of financial systems which rely on some kind of stability Very good. Let me take the first one and I'll try and tackle the second one We don't have enough time perhaps for a broad discussion about scaling classic and core So to the first question what happens when private companies make private ledgers and private blockchains and private coins How many of you work at a company that has an intranet That uses an internal network with an internal wiki and an internal email system Right How cool is that It's not cool And yet when the internet started a lot of companies thought that that's great But the internet is going to be full of perverts and criminals and fraudsters and weirdos And anyone can publish and that's a terrible idea because most of it will be crazy ideas So how about we take that and we make a closed system where we control who publishes and who connects and we make a nice System that is suitable for all ages kind of a disney version of the internet CompuServe AOL prodigy All of these systems that companies built They failed And the reason they failed is because they misunderstood What was the value of the internet? It wasn't the ability to send and receive data It was the equalization of everyone as both producer and consumer And the opportunity to have an open environment where everyone has the freedom to speak And be heard by anyone anywhere without controls without censorship That was the real value of the internet and the real value of bitcoin is a borderless global uncensurable Open system that allows anyone to innovate and access without asking for anyone's permission And if you take that and you turn it into a closed Borderful censored control system it is boring. It will generate profits for some But it's not interesting in the broader sense. And once you create all of these little Systems You will have to connect them together Bitcoin is the internet of money if you build an intranet of money Eventually you'll want to connect it to the internet of money And you'll connect it via bitcoin So bitcoin is the interesting blockchain The others may be interesting for narrow purposes just like the justin beaver coin is interesting to justin beaver fans You know the jp morgan chase coin will be interesting to jp morgan chase executives And very few other people Certainly won't be as successful as justin beaver coin Um when it comes to classic and core, I think it's important to understand that bitcoin is undergoing a debate And in the traditional systems of money that we know when a debate lasts too long The boss stands up and says that's enough debate. Here's what we're going to do Well, there's no boss in bitcoin. So no one can say that's enough debate Here's what we're going to do We have to all agree and bitcoin is difficult to change And the process of changing if the difficult to change bitcoin is loud And it's noisy and it's full of debate and argument and accusations and drama Where I come from we call that democracy now You may not have seen democracy in financial systems before it may be a new phenomenon But that's not a problem for bitcoin. That is its greatest strength the fact that no one can impose a decision on everybody else Core can't even if it might look like they can classic can't they each hold veto over each other Consensus is much more broad and nuanced than we understand And democracy looks messy If you want efficiency Then just put one company or person in charge and you will get efficiency. The price is freedom We buy freedom By paying the price of inefficiency And I will make that choice every single time Thanks