1
00:00:06,528 --> 00:00:09,356
Visit www.Fastbet99.club
Trusted Trusted Online Gambling Agent

2
00:00:12,615 --> 00:00:17,483
Submitted by:
www.subtitlecinema.com

3
00:00:24,457 --> 00:00:28,963
In 1903, the Wright brothers found an airplane.

4
00:00:29,576 --> 00:00:32,822
It's hard to imagine that today, there will be

5
00:00:33,112 --> 00:00:39,247
more than 500,000 people travel in the air at any time.

6
00:00:42,148 --> 00:00:48,321
In 2008, Satoshi Nakamoto discovered bitcoin and blockchain.

7
00:00:49,106 --> 00:00:52,658
For the first time in history, his invention allowed

8
00:00:52,658 --> 00:00:55,652
to send money around the world without a bank,

9
00:00:55,652 --> 00:00:59,478
government, or other intermediaries.

10
00:01:01,078 --> 00:01:04,832
Satoshi is a mystery character and the same as the Wright brothers

11
00:01:05,388 --> 00:01:07,703
he solves an unsolved problem.

12
00:01:08,302 --> 00:01:11,980
Every time this happens, it inspires extraordinary innovation.

13
00:01:13,981 --> 00:01:17,194
The blockchain concept isn't too intuitive  but still, many believers are gamechanger.

14
00:01:17,691 --> 00:01:21,856


15
00:01:22,489 --> 00:01:24,618
Despite a mysterious start,

16
00:01:24,885 --> 00:01:29,399
blockchain might be our time plane.

17
00:01:33,697 --> 00:01:36,581
Chapter 1: First Contact with Blockchain

18
00:01:37,331 --> 00:01:39,614
I found out about the first blockchain

19
00:01:40,269 --> 00:01:42,841
because most people at that time used bitcoin.

20
00:01:44,253 --> 00:01:47,959
Personally, at first I thought bitcoin was a bad idea.

21
00:01:48,390 --> 00:01:50,439
I taught at Stanford in 2010

22
00:01:50,439 --> 00:01:53,399
and the teaching assistant for the class sent me an article.

23
00:01:54,197 --> 00:01:57,727
He said "There is something very cool, this is an open source."

24
00:01:58,340 --> 00:02:00,545
I remember thinking "Open source money, isn't that cool

25
00:02:00,546 --> 00:02:02,816
but it might never work."

26
00:02:03,061 --> 00:02:06,996
I do what most people do at the first time

27
00:02:07,123 --> 00:02:09,445
they are exposed to bitcoin.
I ignore it.

28
00:02:09,445 --> 00:02:11,114
I think this is ridiculous Internet money

29
00:02:11,114 --> 00:02:14,703
You can mine it, it's like a golden goose.

30
00:02:16,060 --> 00:02:20,199
It takes about a year to really explore technology again.

31
00:02:20,848 --> 00:02:25,913
In 2012 I did what I told most people to do today:

32
00:02:25,913 --> 00:02:28,927
Turn off your phone, lock your door, and learn this technology for a day.

33
00:02:28,927 --> 00:02:30,623
That's the best advice I can give.

34
00:02:30,623 --> 00:02:33,377
I am on leave from work.

35
00:02:33,377 --> 00:02:36,192
I decide to take a year off, live on

36
00:02:36,193 --> 00:02:38,309
savings  and find out what I want to do.

37
00:02:38,308 --> 00:02:42,366
That's where I found this little orange icon with B in the middle

38
00:02:42,769 --> 00:02:45,036
and say, "What's this weird?"

39
00:02:45,437 --> 00:02:49,764
I started looking... Bitcoin... interesting.

40
00:02:50,068 --> 00:02:53,608
That's around 2012/2013

41
00:02:53,608 --> 00:02:55,407
and I have not left this space since.

42
00:02:55,407 --> 00:02:59,912
I go down the blockchain rabbit hole if you want

43
00:03:00,198 --> 00:03:02,331
and I was very surprised

44
00:03:02,330 --> 00:03:05,234
and have no reason to crawl back

45
00:03:05,235 --> 00:03:07,631
and find other technologies.

46
00:03:07,669 --> 00:03:10,591
There is a point where you can barely stop.

47
00:03:10,865 --> 00:03:13,671
It becomes very interesting and you are so fascinated by it

48
00:03:13,671 --> 00:03:16,423
and you just want to learn more.

49
00:03:16,423 --> 00:03:20,062
Even today, there are new developments

50
00:03:20,460 --> 00:03:22,990
and new ways to solve problems, new approaches

51
00:03:22,990 --> 00:03:25,651
and very pleasant to be in this world.

52
00:03:26,009 --> 00:03:29,151
It feels very interesting to be involved in blockchain.

53
00:03:29,633 --> 00:03:31,821
It feels like we are at the forefront of something

54
00:03:32,337 --> 00:03:36,425
which at least has the potential to change

55
00:03:37,171 --> 00:03:39,698
our interactions between each other

56
00:03:40,054 --> 00:03:43,792
between companies, the underlying infrastructure

57
00:03:43,875 --> 00:03:47,293
from both the private sector but also from the government.

58
00:03:47,293 --> 00:03:49,663
For me part of the appeal is that

59
00:03:49,663 --> 00:03:52,424
we don't know exactly what this thing is

60
00:03:52,866 --> 00:03:57,038
however, there are still many people gathered around it.

61
00:03:57,038 --> 00:04:00,808
I consider it to be a space rock that falls on earth.

62
00:04:01,100 --> 00:04:03,103
You will have lots of people gathered

63
00:04:03,103 --> 00:04:05,313
and they all point and ask, "What is this thing?"

64
00:04:05,693 --> 00:04:08,231
You don't really know but it's still very interesting.

65
00:04:22,723 --> 00:04:26,036
Chapter 2: Blockchain Technology

66
00:04:32,000 --> 00:04:38,346
For me, blockchain has two main technical ingredients.

67
00:04:38,670 --> 00:04:41,807
One of the ingredients is cryptography.

68
00:04:42,473 --> 00:04:47,471
When I say cryptography, I really mean asymmetric cryptography.

69
00:04:49,266 --> 00:04:53,117
Other materials are what are called distributed systems.

70
00:04:53,399 --> 00:04:55,238
These are two main things.

71
00:04:55,346 --> 00:04:57,768
If you understand them, you understand all that  technical details of blockchain or bitcoin.

72
00:04:58,245 --> 00:05:00,810
You have the ability to make indelible notes.

73
00:05:00,810 --> 00:05:04,923
You have the ability to transfer the value of

74
00:05:05,571 --> 00:05:08,583
by making an update on that note.

75
00:05:08,583 --> 00:05:10,376


76
00:05:10,738 --> 00:05:14,948
And you have the ability to automate updates to recordings

77
00:05:14,949 --> 00:05:17,302
through things called smart contracts.

78
00:05:17,461 --> 00:05:20,638
That means the potential that you can change

79
00:05:20,829 --> 00:05:22,663
financial service structure.

80
00:05:22,663 --> 00:05:25,223
Today there are various institutions

81
00:05:25,223 --> 00:05:29,480
that exists to maintain the record set.

82
00:05:29,930 --> 00:05:33,427
To be a "trusted third party" in industrial terms.

83
00:05:33,427 --> 00:05:36,810
The role has the potential to be reshaped fundamentally.

84
00:05:36,834 --> 00:05:38,500
Blockchain is a network.

85
00:05:38,500 --> 00:05:42,742
The network we see today

86
00:05:43,072 --> 00:05:46,706
Alibaba, AirBnB, Uber...

87
00:05:47,072 --> 00:05:49,016
they are interesting networks but they are centralized.

88
00:05:49,713 --> 00:05:52,894
Here, you will have a decentralized network

89
00:05:53,081 --> 00:05:56,670
who works more as a cooperative.

90
00:05:57,223 --> 00:05:58,419
I think some challenges will occur

91
00:05:58,617 --> 00:06:00,254
what is the economy of the network,

92
00:06:00,512 --> 00:06:02,908
what is the economy of a particular blockchain

93
00:06:03,242 --> 00:06:05,457
versus discussion today which is all about technology.

94
00:06:05,458 --> 00:06:07,849
I think tomorrow's discussion will be around

95
00:06:07,848 --> 00:06:10,262
how you build network effects from this new rail.

96
00:06:10,764 --> 00:06:12,689
What really interests me is that

97
00:06:13,228 --> 00:06:16,000
it is a grassroots movement from the technology sector.

98
00:06:16,000 --> 00:06:22,378
Not an established business movement

99
00:06:22,379 --> 00:06:27,914
try to find a new selling point.

100
00:06:28,545 --> 00:06:32,126
This is really a bottom-up movement from us geeks.

101
00:06:33,204 --> 00:06:36,264
That's one of the most amazing things in science

102
00:06:36,408 --> 00:06:38,247
that happened in the last 100 years

103
00:06:38,247 --> 00:06:39,884
that this is actually possible.

104
00:06:39,884 --> 00:06:46,475
You can digitally sign transactions or other types of information

105
00:06:46,475 --> 00:06:50,785
so you can prove that you actually signed this.

106
00:06:51,553 --> 00:06:54,134
Much safer than this

107
00:06:54,134 --> 00:06:58,290
curved and stretched signatures that we use every day.

108
00:06:58,290 --> 00:07:01,279
That might replace those things immediately.

109
00:07:26,971 --> 00:07:31,598
Chapter 3: Effect of Blockchain

110
00:07:32,100 --> 00:07:35,358
We spent two years trying to understand this space

111
00:07:35,740 --> 00:07:38,276
and what that means.

112
00:07:39,259 --> 00:07:42,030
We found that meant more than just

113
00:07:42,223 --> 00:07:44,319
other digital currencies.

114
00:07:45,259 --> 00:07:50,538
Because blockchain becomes more influential in our thinking

115
00:07:50,901 --> 00:07:54,710
we began to realize that it was a big change

116
00:07:54,709 --> 00:07:58,932
how the internet can be used

117
00:07:59,350 --> 00:08:02,281
to create a new value form

118
00:08:02,281 --> 00:08:06,495
and how it can be used to give voting rights

119
00:08:06,826 --> 00:08:09,829
and including people in global finance.

120
00:08:10,089 --> 00:08:12,016
We have had the Internet for years now  and on the Internet, still no one knows

121
00:08:12,016 --> 00:08:14,144
whether you are a dog or not.

122
00:08:14,257 --> 00:08:16,730
Identity fraud is completely out of control.

123
00:08:17,048 --> 00:08:19,233
It is an area where we need new thinking

124
00:08:19,482 --> 00:08:23,657
is in the identity space.

125
00:08:23,697 --> 00:08:26,079


126
00:08:26,079 --> 00:08:29,216
Maybe technology brings something new into that space.

127
00:08:29,689 --> 00:08:31,939
And we need it quickly because

128
00:08:31,939 --> 00:08:35,076
we haven't fixed the identity problem for people

129
00:08:35,076 --> 00:08:38,250
but we will enter ten billion, trillion, gazillion

130
00:08:38,250 --> 00:08:40,211
things on the Internet.

131
00:08:40,456 --> 00:08:43,716
We can have a trust relationship

132
00:08:44,091 --> 00:08:46,014
without actually ever meeting each other

133
00:08:46,253 --> 00:08:48,681
or have done business at all with each other.

134
00:08:48,888 --> 00:08:51,514
I think it's fundamental.

135
00:08:51,644 --> 00:08:53,818
Security is another thing.

136
00:08:54,591 --> 00:08:57,927
Blockchain is a military level cryptology

137
00:08:57,927 --> 00:09:00,364
and they have never cracked.

138
00:09:01,065 --> 00:09:04,955
When you hear about hackers stealing bitcoin

139
00:09:05,326 --> 00:09:08,416
they don't steal from the blockchain itself.

140
00:09:08,647 --> 00:09:10,453
They steal at the entry point

141
00:09:10,452 --> 00:09:12,701
on wallet or browser level

142
00:09:12,701 --> 00:09:14,994
where they intercept messages.

143
00:09:14,994 --> 00:09:18,125
But blockchain itself is very safe.

144
00:09:18,481 --> 00:09:20,338
Internet of Things might become

145
00:09:20,339 --> 00:09:23,100
the best test case for many blockchain technologies.

146
00:09:23,451 --> 00:09:26,061
Because if we will have millions or billions or trillions

147
00:09:26,327 --> 00:09:28,723
devices that support the Internet do everything

148
00:09:28,724 --> 00:09:30,929
from taking us around to manage our affairs

149
00:09:31,296 --> 00:09:35,806
to monitor our health, they need a way

150
00:09:35,806 --> 00:09:38,196
move and save and manage values and

151
00:09:38,196 --> 00:09:41,286
data that has value in a safe and personal way.

152
00:09:41,604 --> 00:09:43,052
At the moment we don't have it.

153
00:09:43,303 --> 00:09:46,629
I am concerned about the existence of data and how to

154
00:09:46,933 --> 00:09:50,525
flows in and through devices connected to the Internet.

155
00:09:51,163 --> 00:09:54,323
I think with value platforms like blockchain

156
00:09:54,323 --> 00:09:56,192
we can at least overcome some of these problems and

157
00:09:56,192 --> 00:09:58,767
maybe even create new opportunities.

158
00:10:09,594 --> 00:10:13,708
Chapter 4: New Business Opportunities

159
00:10:14,085 --> 00:10:17,264
We can't sit in the office and study

160
00:10:17,365 --> 00:10:19,346
of course we do that too

161
00:10:19,346 --> 00:10:22,197
but we have to go out and participate

162
00:10:22,197 --> 00:10:26,532
throughout this blockchain community.

163
00:10:27,393 --> 00:10:32,355
Honestly, what's new for me  especially regarding younger people in my team

164
00:10:32,355 --> 00:10:35,542
is how enthusiastic they are about that.

165
00:10:35,542 --> 00:10:38,105
If there is a hackathon, for example

166
00:10:38,105 --> 00:10:41,578
they never came to me and asked if

167
00:10:41,578 --> 00:10:43,767
they can go there and get money for that

168
00:10:43,768 --> 00:10:47,100
they just leave.
They are very interested.

169
00:10:47,331 --> 00:10:50,576
They just go and participate and share

170
00:10:50,576 --> 00:10:53,224
what they learned, and we discussed further.

171
00:10:53,224 --> 00:10:56,062
This is really a new way, also for us

172
00:10:56,347 --> 00:10:59,549
to deal with new technology.

173
00:10:59,549 --> 00:11:03,418
We are in the middle, no one tells us what to do.

174
00:11:03,418 --> 00:11:06,659


175
00:11:07,006 --> 00:11:15,351
This is really what we together shape what we stand for  in the end for blockchain.

176
00:11:15,351 --> 00:11:16,842
We need more technology.

177
00:11:16,842 --> 00:11:19,548
We need to have awareness

178
00:11:19,871 --> 00:11:21,342
how something is programmed

179
00:11:21,342 --> 00:11:23,597
so we can check whether the program is correct.

180
00:11:23,597 --> 00:11:26,783
This might be the ability we have

181
00:11:27,436 --> 00:11:31,533
but not as needed in the future.

182
00:11:31,533 --> 00:11:34,574
In the future, you must always have it

183
00:11:34,573 --> 00:11:36,524
technology links to various things so you can understand them.

184
00:11:36,544 --> 00:11:43,129
Otherwise, you always need your IT person sitting next to you

185
00:11:44,514 --> 00:11:48,620
helps you understand the problem.

186
00:11:48,942 --> 00:11:51,927
This is not something that will have an impact on one of the two industries

187
00:11:52,163 --> 00:11:54,557
it will affect every industry

188
00:11:54,557 --> 00:11:56,548
the same way internal combustion engines

189
00:11:56,548 --> 00:11:59,572
affects almost every industry

190
00:11:59,572 --> 00:12:00,985


191
00:12:00,985 --> 00:12:03,264
or the internet affects almost every industry

192
00:12:03,264 --> 00:12:06,255
or steam engine creates a new industry.

193
00:12:06,255 --> 00:12:10,688
This is one of the big generation technology shifts  which requires an integrated and focused response.

194
00:12:10,688 --> 00:12:16,406
If not, you will miss the boat.

195
00:12:16,407 --> 00:12:18,022
We are all, also in the financial services industry

196
00:12:18,022 --> 00:12:21,238
try to recognize that we don't have to be defensive  but we prefer to embrace not only this technology

197
00:12:21,375 --> 00:12:24,366
but this enabler brings us to access

198
00:12:25,111 --> 00:12:29,807
a market that is very underutilized or undiscovered

199
00:12:29,807 --> 00:12:35,049
that we must do business with the eye-to-eye level.

200
00:12:35,049 --> 00:12:40,838
We speak with all senior executives in financial services

201
00:12:41,105 --> 00:12:44,693
and often say "We see bitcoin,

202
00:12:44,847 --> 00:12:49,408
we have smart people who come and explain

203
00:12:49,408 --> 00:12:56,274
how blockchain works

204
00:12:56,274 --> 00:12:58,315


205
00:12:58,315 --> 00:13:00,088


206
00:13:00,087 --> 00:13:02,552
but I still really don't understand

207
00:13:02,552 --> 00:13:05,381
what that means for my business. "

208
00:13:05,381 --> 00:13:08,639
I think that makes sense because

209
00:13:08,639 --> 00:13:11,909
if you think about the iPhone, for example:

210
00:13:11,909 --> 00:13:15,668
What really matters, when the new iPhone comes out?

211
00:13:15,946 --> 00:13:20,365
Is it a new chipset or a new way

212
00:13:20,365 --> 00:13:23,014
compressing frequency?

213
00:13:23,014 --> 00:13:26,217
I'm not an engineer and don't know how it works.

214
00:13:26,217 --> 00:13:31,020
What is important for people is what they can do with technology.

215
00:13:31,115 --> 00:13:33,558
Of course, success is now guaranteed.

216
00:13:33,919 --> 00:13:35,714
One day we might see come back to this and say

217
00:13:35,715 --> 00:13:38,066
"Oh, that's not good..." But:

218
00:13:38,066 --> 00:13:41,153
If you ask me, there's no doubt

219
00:13:41,457 --> 00:13:43,870
a large amount of progress has been made.

220
00:13:43,870 --> 00:13:45,221
There's something here.

221
00:13:45,221 --> 00:13:47,082
= = I find it hard to believe that I will look back

222
00:13:47,082 --> 00:13:48,533
in ten or twenty years and say

223
00:13:48,533 --> 00:13:50,654
"None of this ends with happiness."

224
00:13:50,654 --> 00:13:53,952
Because we really saw a new way

225
00:13:54,307 --> 00:13:55,923
transaction value on the Internet.

226
00:14:17,845 --> 00:14:21,735
Chapter 5: Blockchain and Bank

227
00:14:22,206 --> 00:14:24,236
I know how much financial institutions work.

228
00:14:24,236 --> 00:14:28,211
They will not do something that is reckless with technology.

229
00:14:28,211 --> 00:14:31,636
This is the money and livelihood of the people who work with them.

230
00:14:31,674 --> 00:14:34,419
This is a slow increase process.

231
00:14:34,419 --> 00:14:36,477
This system, after implemented,

232
00:14:36,477 --> 00:14:38,786
will run in parallel with the old system for a while

233
00:14:39,080 --> 00:14:41,210
before you switch to a new one.

234
00:14:41,210 --> 00:14:43,142
That's a standard in technology improvement.

235
00:14:43,142 --> 00:14:45,683
I know this will take time.

236
00:14:45,682 --> 00:14:52,220
But there are antagonists, players who are threatened.

237
00:14:52,220 --> 00:14:55,288
It's an AT & T / Verizon / Kodak analogy again.

238
00:14:55,288 --> 00:14:57,206
Their business model is threatened by this

239
00:14:57,206 --> 00:15:00,649
and they will do things to slow down

240
00:15:00,649 --> 00:15:05,789
and simplify transformational networks.

241
00:15:06,274 --> 00:15:09,971
There is a game theory approach about how technology

242
00:15:09,971 --> 00:15:12,370
being launched on the market, for sure.

243
00:15:12,753 --> 00:15:15,533
We made a different round table here at Zug

244
00:15:15,929 --> 00:15:20,215
after the start of our bitcoin experiment.

245
00:15:20,177 --> 00:15:29,155
For example, we invite banks and bankers from Zug

246
00:15:28,597 --> 00:15:32,996
and try to connect them with other people

247
00:15:32,996 --> 00:15:35,681
from "Zug cryptovalley".

248
00:15:35,682 --> 00:15:43,616
They speak, but bankers are not very happy.

249
00:15:44,049 --> 00:15:47,735
They say there are things that are different from the law

250
00:15:47,735 --> 00:15:50,865
and "Not easy for us."

251
00:15:50,865 --> 00:15:54,544
But this is also an attitude problem.

252
00:15:54,544 --> 00:15:59,546
This is the same as our city, for our administration:

253
00:15:59,562 --> 00:16:02,179
the bank must get ready.

254
00:16:02,179 --> 00:16:06,787
I know that they are defensive

255
00:16:06,788 --> 00:16:11,677
but on the other hand there are researches and teams  who face these questions.

256
00:16:11,677 --> 00:16:14,927
Maybe they are waiting a little now

257
00:16:14,927 --> 00:16:17,863
but they can't deny it, I'm sure.

258
00:16:17,863 --> 00:16:20,159
I think there will be a lot of interference

259
00:16:20,585 --> 00:16:21,908
lots of revolutions regarding blockchain based technology.

260
00:16:21,908 --> 00:16:25,914
That will encourage not necessarily

261
00:16:26,493 --> 00:16:31,262
banks are worried about other banks that are competitors.

262
00:16:31,628 --> 00:16:34,636
What worries the bank is "bank one"  the next generation of banking networks

263
00:16:35,471 --> 00:16:40,106
resident on the phone, it's decentralized, distributed

264
00:16:40,106 --> 00:16:43,478
and it's based on digital tokens, digital assets

265
00:16:43,479 --> 00:16:47,658
it is not issued by the bank or the government.

266
00:16:48,474 --> 00:16:52,148
This creates all the different permutations and opportunities

267
00:16:52,148 --> 00:16:56,456
not only for companies and governments

268
00:16:56,456 --> 00:16:59,518
but also for the community.

269
00:16:59,518 --> 00:17:02,532


270
00:17:02,532 --> 00:17:04,699


271
00:17:04,699 --> 00:17:08,210
We see many examples of banks and consulting companies

272
00:17:08,210 --> 00:17:12,278
and other Big Four audit companies talk about

273
00:17:12,278 --> 00:17:14,731
how they can remove costs from business

274
00:17:14,731 --> 00:17:18,720
than - I don't know - trading in the public market

275
00:17:19,387 --> 00:17:21,180
or whatever it is.

276
00:17:22,009 --> 00:17:24,427
But if you take the example of a public market:

277
00:17:24,428 --> 00:17:28,271
How can you cut costs from markets that don't exist in the future?

278
00:17:28,270 --> 00:17:31,485
What if securities trading occurs peer-to-peer

279
00:17:32,452 --> 00:17:35,441
in a market that does not have traditional intermediaries

280
00:17:35,441 --> 00:17:38,981
exchanges, brokers, agents, escrow agents, clearing houses

281
00:17:38,981 --> 00:17:41,616
and all other parties that we rely on?

282
00:17:41,616 --> 00:17:42,917
That's the cost you spend but

283
00:17:42,917 --> 00:17:44,825
what if the market can function without them?

284
00:17:44,826 --> 00:17:49,057
What is important for leaders of large companies

285
00:17:49,057 --> 00:17:53,543
not just thinking about the cost of

286
00:17:53,542 --> 00:17:56,543
but also to think strategically.

287
00:17:56,544 --> 00:17:58,782
What can this technology allow me to do

288
00:17:58,781 --> 00:18:01,889
I can't do in the past?

289
00:18:01,890 --> 00:18:04,022
I think this will take a long time

290
00:18:04,021 --> 00:18:07,348
for that to weave the way into the system.

291
00:18:07,348 --> 00:18:10,817
It may need a normal technology improvement cycle for that

292
00:18:10,817 --> 00:18:13,686
to fully weave the way into the system.

293
00:18:13,686 --> 00:18:15,775
I have said publicly that I think in twenty years

294
00:18:15,776 --> 00:18:18,817
financial services will only be software

295
00:18:18,817 --> 00:18:20,987
and smart contract technology especially

296
00:18:20,987 --> 00:18:23,170
will automate many things

297
00:18:23,170 --> 00:18:26,513
that institution and people handle today.

298
00:18:47,395 --> 00:18:51,405
Chapter 6: Blockchain and Financial Inclusion

299
00:18:52,221 --> 00:18:54,275
Seventy four percent of the world's population

300
00:18:54,275 --> 00:18:55,699
according to the World Bank

301
00:18:55,699 --> 00:18:58,538
do not have access to basic financial services.

302
00:18:58,538 --> 00:19:01,277
In my home country, in the United States,

303
00:19:01,277 --> 00:19:03,441
which is one of the richest countries in the world,

304
00:19:03,441 --> 00:19:06,659
about fifty percent of the population

305
00:19:06,659 --> 00:19:09,168
do not have access to basic financial services

306
00:19:09,167 --> 00:19:11,122
including bank accounts.

307
00:19:11,123 --> 00:19:13,593
There are a large number of people around the world

308
00:19:13,593 --> 00:19:17,219
who do not experience and become part of the global economy

309
00:19:17,219 --> 00:19:20,657
because they do not have access to the financial system

310
00:19:20,656 --> 00:19:22,814
for various reasons.

311
00:19:22,815 --> 00:19:24,713
I think this technology will be uplifted

312
00:19:24,713 --> 00:19:27,489
many people get out of poverty

313
00:19:27,489 --> 00:19:29,810
but it will also be inclusive technology

314
00:19:29,810 --> 00:19:32,890
which allows more people to be involved in global trade.

315
00:19:33,281 --> 00:19:35,861
I don't like to think that we are creating

316
00:19:35,862 --> 00:19:40,190
so much prosperity for less than one percent.

317
00:19:40,190 --> 00:19:43,376
I like to think of a business that is geared towards goals.

318
00:19:43,376 --> 00:19:45,201
By the way, that's the trick I think

319
00:19:45,201 --> 00:19:47,951
for large companies: to understand

320
00:19:47,951 --> 00:19:50,357
that cost efficiency embraces this new technology

321
00:19:50,357 --> 00:19:54,204
has the potential to expand their accessible market

322
00:19:55,123 --> 00:19:57,720
with reasonable fees.

323
00:19:57,720 --> 00:20:01,293
That alone will create prosperity in various fields.

324
00:20:01,292 --> 00:20:04,029
Something we have to think about.

325
00:20:04,029 --> 00:20:07,307
Soon, when a smartphone can have to

326
00:20:07,307 --> 00:20:11,229
each less than five dollars, right in the corner

327
00:20:11,229 --> 00:20:14,614
almost everyone lives in poverty on earth

328
00:20:14,614 --> 00:20:16,607
will have access to smartphones

329
00:20:16,607 --> 00:20:18,697
and connected to the network.

330
00:20:18,698 --> 00:20:23,325
That is a game that changes itself.

331
00:20:23,996 --> 00:20:26,495
When you have a digital wallet on this phone

332
00:20:26,881 --> 00:20:29,398
and the ability to trade assets

333
00:20:29,397 --> 00:20:32,628
we will answer that question

334
00:20:32,628 --> 00:20:34,644
"What happens when everyone has money?"

335
00:20:35,257 --> 00:20:40,932
Capitalism itself has developed in several regions

336
00:20:40,932 --> 00:20:44,560
by natural exceptions of others from the market.

337
00:20:45,180 --> 00:20:48,060
This really uses the scarcity principle

338
00:20:48,059 --> 00:20:51,413
as the driving base.

339
00:20:51,413 --> 00:20:53,439
So what happens when money is not rare?

340
00:20:53,439 --> 00:20:55,304
We will see people and say:

341
00:20:55,304 --> 00:20:59,198
"What things can't I do

342
00:20:59,198 --> 00:21:03,238
and where can we join?"

343
00:21:04,190 --> 00:21:07,528
More than today, where we say

344
00:21:07,528 --> 00:21:09,653
"How big is your car and how much money

345
00:21:09,653 --> 00:21:12,063
what do you have in your bank account?"

346
00:21:12,063 --> 00:21:15,120
So, I believe the future will be even more

347
00:21:15,171 --> 00:21:19,357
human, or human - not... human

348
00:21:19,705 --> 00:21:24,715
of the last hundred years we have seen.

349
00:21:43,602 --> 00:21:48,292
Chapter 7: Real Revolution

350
00:21:48,999 --> 00:21:50,903
I don't think blockchain is a revolution.

351
00:21:50,903 --> 00:21:54,748
That has been done forever, for forty years,

352
00:21:55,086 --> 00:21:58,952
which is truly forever in computer science.

353
00:21:58,952 --> 00:22:04,116
Both materials from the blockchain - security and distributed systems

354
00:22:04,116 --> 00:22:08,645
has been around since the early seventies.

355
00:22:09,631 --> 00:22:12,522
This is not a revolution.

356
00:22:12,521 --> 00:22:16,925
Revolution, or evolution

357
00:22:17,278 --> 00:22:19,599
jobs will change.

358
00:22:19,642 --> 00:22:22,103
That is something I believe in.

359
00:22:22,103 --> 00:22:25,489
The work will be digitized in a certain sense.

360
00:22:25,489 --> 00:22:28,537
The computer will do a lot of manual work

361
00:22:28,537 --> 00:22:30,986
which we still see in the service domain today.

362
00:22:31,488 --> 00:22:34,532
This is called the "fourth technology revolution"  and I think we are at the beginning

363
00:22:34,531 --> 00:22:37,657
like a revolution now.

364
00:22:37,657 --> 00:22:40,244
That's why we don't close our eyes.

365
00:22:40,244 --> 00:22:45,407
Some people say, "There will be many problems

366
00:22:46,424 --> 00:22:49,848
people will lose their jobs," and so on.

367
00:22:49,848 --> 00:22:54,480
I'm sure it will happen

368
00:22:54,480 --> 00:22:57,265
but we better deal with it than deny it.

369
00:22:57,265 --> 00:23:00,737
Offshore work, automation, robots

370
00:23:00,737 --> 00:23:04,769


371
00:23:04,769 --> 00:23:07,862
Do they threaten our work?

372
00:23:07,862 --> 00:23:10,285
This is a real question when your own child

373
00:23:10,285 --> 00:23:13,903
who are ready to continue further education

374
00:23:13,903 --> 00:23:17,006
ask that question.

375
00:23:17,006 --> 00:23:21,290
I conclude that I have a sincere answer:

376
00:23:21,289 --> 00:23:23,667
It's not threatening.

377
00:23:23,667 --> 00:23:26,490
This forces us to think a little differently  but if we do it smartly, we really give

378
00:23:26,490 --> 00:23:29,751
Next generation  is a great new opportunity  to rediscover why they wake up every morning

379
00:23:29,751 --> 00:23:33,176
and why they go to work

380
00:23:33,176 --> 00:23:36,714
and make sure they really make the best use of

381
00:23:36,714 --> 00:23:38,591
the degree they studied

382
00:23:38,592 --> 00:23:41,359
and the things they really want in life.

383
00:23:41,358 --> 00:23:43,096
I want to make the world better.

384
00:23:43,096 --> 00:23:45,146
It's better.

385
00:23:45,146 --> 00:23:47,832
Whatever my size is better, or yours

386
00:23:47,833 --> 00:23:49,412


387
00:23:49,454 --> 00:23:52,505


388
00:23:52,506 --> 00:23:55,574
is what the community might appreciate.

389
00:23:55,574 --> 00:23:58,573
Another thing is this extraordinary opportunity

390
00:23:58,573 --> 00:24:01,940
to create a little prosperity.

391
00:24:01,940 --> 00:24:05,375
Because what your prosperity offers is independence.

392
00:24:05,801 --> 00:24:09,334
We don't have to have people who live in poverty

393
00:24:09,335 --> 00:24:15,232
just fighting for a handful of rice every day.

394
00:24:17,315 --> 00:24:19,465
There are too many in the world

395
00:24:19,464 --> 00:24:21,731
live like that again.

396
00:24:21,731 --> 00:24:25,706
I think certain countries and even companies

397
00:24:25,707 --> 00:24:27,309
begin to understand that.

398
00:24:27,353 --> 00:24:30,237
Surely this movement, this blockchain movement

399
00:24:30,237 --> 00:24:33,644
is the foundation of technology

400
00:24:33,644 --> 00:24:37,925
technology part of that mindset

401
00:24:37,925 --> 00:24:39,917
who is offline too.

402
00:24:39,917 --> 00:24:41,385
The idea has come out.

403
00:24:41,385 --> 00:24:44,824
If you don't realize it here, maybe you realize there  or even on the Internet, uncontrolled.

404
00:24:44,824 --> 00:24:48,005
Bitcoin is here, here to stay

405
00:24:48,005 --> 00:24:52,209


406
00:24:52,548 --> 00:24:54,778
and will become bigger and bigger.

407
00:24:54,778 --> 00:24:58,644
As a blockchain, as cryptocurrency

408
00:24:58,644 --> 00:25:03,339
as the possibility of connecting to blockchain and cryptocurrency.

409
00:25:03,339 --> 00:25:06,515
It's out of the box.

410
00:25:06,516 --> 00:25:11,032
And the whole system does not need government.

411
00:25:11,031 --> 00:25:14,578
It exists.
Successful.

412
00:25:14,578 --> 00:25:18,443
It's like a computer network that surrounds the world.

413
00:25:18,443 --> 00:25:21,500
You can say "We don't want to be part of it."

414
00:25:21,500 --> 00:25:23,346
So, alright.

415
00:25:23,346 --> 00:25:25,795
It's here.
And it won't disappear.

416
00:25:37,047 --> 00:25:41,593
Chapter 8: Blockchain and Us

417
00:25:41,891 --> 00:25:44,214
I feel this is a generation opportunity  for entrepreneurs and investors.

418
00:25:44,213 --> 00:25:46,721
To be honest, I haven't seen anything

419
00:25:46,721 --> 00:25:48,599
equally interesting in my investment career.

420
00:25:48,599 --> 00:25:50,781
Let's try to build a new system

421
00:25:50,781 --> 00:25:53,323
which has better trade-offs and features

422
00:25:53,324 --> 00:25:56,990
and reduce losses.

423
00:25:56,990 --> 00:25:59,488
And let's make it work.

424
00:25:59,488 --> 00:26:01,575


425
00:26:01,654 --> 00:26:03,712
Now the pendulum will swing back.

426
00:26:03,712 --> 00:26:05,500
What will be done is frankly

427
00:26:05,500 --> 00:26:08,045
makes trust in the capital market higher.

428
00:26:08,045 --> 00:26:11,255
Blockchain has enormous potential implications

429
00:26:11,255 --> 00:26:13,355
outside financial services.

430
00:26:13,355 --> 00:26:18,269
We might even see full-scale implementation

431
00:26:18,269 --> 00:26:22,046
from some other real world applications

432
00:26:22,046 --> 00:26:23,846
leapfrog financial services.

433
00:26:23,846 --> 00:26:27,846
This discovery, when it appeared in the seventies

434
00:26:27,846 --> 00:26:32,060
really one innovative idea.

435
00:26:32,060 --> 00:26:35,894
This will change society definitely in many domains.

436
00:26:35,894 --> 00:26:38,481
Already changing society in that sense

437
00:26:38,481 --> 00:26:41,817
The internet is a safe place

438
00:26:41,817 --> 00:26:44,096
You can make transactions on the Internet.

439
00:26:44,096 --> 00:26:47,317
Potential to create trust

440
00:26:47,317 --> 00:26:49,375
or even trust without permission

441
00:26:49,375 --> 00:26:52,623
on the internet

442
00:26:52,623 --> 00:26:54,873
that is something we have never had before.

443
00:26:54,873 --> 00:26:59,341
The impact on society, on business, on the government

444
00:26:59,340 --> 00:27:01,394
can be very deep.

445
00:27:01,394 --> 00:27:03,757
Blockchain is fair almost ten years.

446
00:27:03,757 --> 00:27:06,189
I think it has another ten years to run before

447
00:27:06,189 --> 00:27:09,567
we really see what the long-term impact is.

448
00:27:09,567 --> 00:27:12,562
I think this will be a long journey, far more steady

449
00:27:12,563 --> 00:27:14,992
we go down and you will see

450
00:27:14,991 --> 00:27:17,104
some technologies that are inspired by this.

451
00:27:17,104 --> 00:27:21,029
Blockchain technology is not a solution for

452
00:27:21,029 --> 00:27:24,075
all problems under the sun.

453
00:27:24,075 --> 00:27:29,961
When it's ripe we will begin to see its potential benefits

454
00:27:29,961 --> 00:27:31,171
but also the limitations.

455
00:27:31,171 --> 00:27:34,699
You can deny it or you can deal with it.

456
00:27:34,699 --> 00:27:37,971
We always say that we have to deal with it

457
00:27:37,971 --> 00:27:40,389
because these things come

458
00:27:40,390 --> 00:27:42,975
if we want or not.

459
00:27:42,974 --> 00:27:48,428
I have seen old partners

460
00:27:48,429 --> 00:27:51,077
when they see an opportunity, to change

461
00:27:51,077 --> 00:27:54,264
and say, "I don't understand everything

462
00:27:54,265 --> 00:27:57,030
but I understand there is something behind this

463
00:27:57,029 --> 00:27:59,691
so we have to go forward." Really great.

464
00:27:59,691 --> 00:28:02,739
People often say need is the mother of the invention  but I want to say the needs are also adoption mothers.

465
00:28:02,739 --> 00:28:06,169
If there are real use cases

466
00:28:06,169 --> 00:28:08,200
that people need technology for

467
00:28:08,200 --> 00:28:10,827
they start using it.

468
00:28:10,827 --> 00:28:12,338
I started with Commodore, we have Atari, Apple

469
00:28:12,338 --> 00:28:15,829
but at some point in time, Windows comes.

470
00:28:15,829 --> 00:28:18,929
Everyone just started using Windows

471
00:28:18,930 --> 00:28:21,032
without asking "What is the code behind it?

472
00:28:21,031 --> 00:28:25,451
What is the code behind moving the mouse?"

473
00:28:25,451 --> 00:28:28,141
We have many possibilities.

474
00:28:28,141 --> 00:28:30,486
Everything will change.

475
00:28:30,486 --> 00:28:31,831
In my opinion, the possibilities are unlimited.

476
00:28:31,830 --> 00:28:36,538


477
00:28:36,538 --> 00:28:40,980
This reminds me of a situation where all of a sudden

478
00:28:40,980 --> 00:28:44,692
we have two or three major discoveries

479
00:28:44,692 --> 00:28:47,293
occurs in one moment.

480
00:28:47,292 --> 00:28:52,500
We live in a window of very interesting opportunities.

481
00:28:52,500 --> 00:28:56,415
I am definitely very excited to fully embrace it.

482
00:28:56,415 --> 00:29:02,139
Even a small step can be a big step for humanity.

483
00:29:02,140 --> 00:29:05,928
I think we are out of the industrial age

484
00:29:05,928 --> 00:29:09,781
and enter the age we still have to name.

485
00:29:09,780 --> 00:29:14,704
Where that will bring us is very difficult to say.

486
00:29:14,704 --> 00:29:17,692
My suspicion means a kind of

487
00:29:17,692 --> 00:29:21,367
revival of community ideas.

488
00:29:21,367 --> 00:29:24,943
This really feels like a new paradigm

489
00:29:24,943 --> 00:29:26,365
to change the world.

490
00:29:26,365 --> 00:29:29,316
We are at a crossroads here.

491
00:29:29,316 --> 00:29:31,824
We have the tools now to create technology  which will help all humanity.

492
00:29:31,824 --> 00:29:34,409


493
00:29:34,409 --> 00:29:36,594
The question is: Will we do it?

494
00:29:36,594 --> 00:29:38,459
But we can do it now.

495
00:29:38,459 --> 00:29:40,836
There are so many innovations

496
00:29:40,836 --> 00:29:43,261
blockchain technology has spurred

497
00:29:43,261 --> 00:29:45,577
around the world.

498
00:29:45,577 --> 00:29:49,634
I have no doubt in my mind

499
00:29:49,634 --> 00:29:52,883
that this technology will affect everyone.

500
00:29:52,883 --> 00:29:57,432
I would say in ten to twenty years

501
00:29:57,432 --> 00:29:59,978
there will be no humans

502
00:29:59,978 --> 00:30:03,663
Submitted by:
www.subtitlecinema.com