Bitcoin Gospel: How Crypto is Changing the World | Bitcoin for Beginners | ENDEVR Documentary

[Music] [Music] so we're standing here in my living room in tokyo japan and i'm going to show everybody just how amazing bitcoin is by sending 100 euros worth of bitcoin as of today's value through my tv onto the camera onto the tv in the netherlands and anybody with their bitcoin wallet ready that scans what they're going to see on the screen in a moment will be able to claim the 100 euros worth of bitcoins and there's nothing that anybody can do to stop it or to freeze your account or block it or control it in any way so on the tv here we have a bitcoin address that i've just generated and i have my phone here i'm going to scan the qr code for the bitcoin address on the tv now i have it i'm going to send 100 euros worth of bitcoins that address so we'll hit send and anybody can monitor on blockchain.info the balance of this address there it is 100 euros worth of bitcoins just arrived at this address so total received 100 euros final balance 100 euros just like that so on this next screen you're about to see anybody with their bitcoin wallet that scans the private key that corresponds with that address will be able to uh claim that money just by scanning the code that you're about to see on your television so if you want to take a look here it comes 100 euros ready for anyone to claim all you have to do is scan this one right here and uh it's 100 euros worth of bitcoins as of today by the time you scan it it might be worth even more so there it is for anyone ready to claim with their bitcoin wallet okay holland now you've just seen the power of bitcoin i sent 100 euros worth of bitcoin from here in tokyo directly to you guys through this camera through the network through the tv right into your home if i had tried to do that send you the money with a traditional bank it would have taken several days and probably cost 30 euros i just did it right now with bitcoin instantly basically for free and didn't have to ask anybody for permission i didn't need a bank i didn't need a government i didn't need anybody i just needed myself and you and our smartphones to do it that's the power of bitcoin this is backlight welcome to a world in which we can be our own bank [Music] we take it for granted that money creation is controlled by governments and banks but there's a community of people who don't see this as a given and who get quite worked up about it wall street is fraud america is fraud the world is fraud banks are fraud central banks are fraud we live in an era of fraud it's all based on fraud and they get a percentage of the fraud that's the business model to suggest that there is any moral or ethical aspect anything that's going on now is to be completely naive about the fact that we live in an era dominated by financial terrorists terrorists terrorists jihadis of banking they're here to kill you and themselves they believe in an ideology not the quran but adam smith that they completely misread and interpret as something to justify their blowing themselves up daddy yells at terrorists mario draghi's a terrorist the central bank of japan is terrorists these are the real [Music] terrorists received this community is switching to what they think is a better monetary system a system in which banks are no longer needed because payments could be made directly from one person to another the system of debt one of the two parties is always the slave and that is the architecture of money we live in that is the architecture of money we use in ice civilization an architecture of money where you have no control an architecture of money where every interaction is mediated by a third party a third party that has absolute control over that money bitcoin is fundamentally different because in bitcoin you don't owe anyone anything and no one owes you anything it is not a system based on that it is a system based on ownership and no one can censor it no one can seize it no one can freeze it and what they will tell you is that they're worried they're very worried they're worried that criminals will use bitcoin but the truth is that they're far more terrified that all of the rest of us will thank you bitcoin the cryptocurrency that was mostly known as a convenient tool for criminals has suddenly become an important topic at conferences on financial innovation all over the world proponents speak passionately of a digital miracle that can save the world from financial ruin the bitcoin story starts off like a gospel revelation it's november the 2nd 2008 just six weeks after the lehman brothers collapse and all over the world there are panicked debates about how to save the banks then on a little visited web forum for cryptographers a document appears in which a completely new monetary system is proposed the visionary author calls himself satoshi nakamoto first time i heard about it i was at lunch with a buddy in texas and he said man there's just crazy new money and so we talked about it over lunch and then i went home and i said man i want to i want to see if i can buy some at first i wanted to buy some i'm emailed a friend of mine i think i i probably saw the white paper it's a web form or something you know it just said this is some electronic currency thing and this was publicly available you know this was posted uh i think december you know 2008 or something and these were the darkest days of the financial crisis so that to me suggests a very clever mind that saw an opportunity the perfect opportunity to introduce a new radical technology and a new radical approach to money and finance at just the right moment when people would be very open to making this big shift that's required to adopt a new currency i'm pretty pretty sure satoshi is a human being although i'd really love to go find out that he was some advanced ai but 99.99 chance he was a human being what's exciting for me is like a global economy right now we say we have a global economy but i can't take a dollar and give it to you in the netherlands and then you know what to do with it right you would have to go and change it to your native currency um and when you kind of eliminate that step and i can just send you one form of payment and you can send me a product in a matter of seconds that starts to change things from a from a global perspective so the first wire that i sent was uh for 25 000 and uh this was in early 2011 and bitcoins were somewhere around a dollar all the way along i was buying bitcoin and anytime i managed to earn some dollars for my other company uh i put it into bitcoin and at this point the vast majority of my net worth i've been keeping a bitcoin for a while now [Music] i'm glad you didn't get the parking pin the car is actually like the perfect color for bitcoin it's like the bitcoin orange so we wanted to order some like bitcoin decals and put like bitcoin logos around the car and then drive around tokyo to help help advertise bitcoin but still never got around to doing that maybe someday roger fear is the ceo of memorydealers.com selling second-hand computer equipment but for a couple of years now he's been known as the bitcoin jesus in 2011 he bought twenty five thousand dollars worth of bitcoins which now have a market value of six million dollars and somebody closed my uh i usually leave the trunk or the hood open a little bit so that i can reconnect the battery but i don't know how it got closed between now and the last time i was here so we'll have to uh some people think of bitcoin as sort of an early adopter thing like okay i'm already too late or so isn't that a problem for bitcoin so thinking that that it's too late to get involved in bitcoin is like thinking it's too late to get involved with the internet or too late to get involved with using a cell phone like it's not too late to get involved with bitcoin bitcoin is going to make your life easier in so many ways and and the price of bitcoin too it's not too late for that either bitcoin's like 270 of bitcoin right now if bitcoin becomes really popular all over the world bitcoins are gonna have to be worth at least tens of thousands of dollars of bitcoin if not hundreds of thousands of dollars per per bitcoin so thinking it's too late to get involved with with bitcoin it's like thinking it's too late to get involved with with using the internet of course not like it's ubiquitous in our lives and bitcoin is going to become ubiquitous in our lives as well perfect money should be have a limited supply that's one of the most important things it needs to have a limited supply it needs to be easily recognizable it needs to be durable it needs to be transportable bitcoin has all those things better than any other form of money the world has ever seen and that's why when i noticed bitcoin for the first time i realized that it's so incredibly useful it has money that people are going to start using it more and more roger lives and works in tokyo he's outsourcing all the work for his own company so he can spend all his time promoting bitcoin so it's a pretty exciting time for bitcoin right now with all the stuff going on in uh in greek i mean bitcoins up about ten dollars since yesterday just uh since all the news on the greek referendum vote and just every day and bitcoin is so exciting so and you can see you know lots of trading and everything just in the last 24 hours there i paid to put up a billboard in the heart of silicon valley right next to one of the busiest expressways it just said we accept bitcoin memorydealers.com and then listed some of the parts that we sell but then after that i started paying for uh national radio ads in the united states that were on more than 100 radio stations across the united states and paid for that for a couple of years ok wave a popular consumer website in japan will accept bitcoins from now on at a press conference roger fear helps them spread the word but today one bitcoin is singing foreign so is [Applause] foreign i'm giving every single person here one thousand yen worth of bitcoins which is like eight dollars in something cents i've given away thousands of whole bitcoins to just various people on facebook that would post their bitcoin address uh this was back when bitcoins were a couple of dollars each so i'm sure those people are pretty happy at this point how could this digital coin invented by this satoshi nakamoto become hundreds of times more valuable than the dollar and why do enthusiasts like roger fear want the world to switch to bitcoins to understand this we need to look at how new bitcoins are created a complex process called mining promotional videos make it look as if everyone can just mine bitcoins millions of people all over the world earn real crypto money daily it's quite simple just download the special software connect to the web and wait for your profits to roll in for mining you don't need any special knowledge you can mine at home at work or at a cafe anywhere there's access to the internet in fact lots of people have already received a good income from mining it's interesting but does it get us does it get you out of bed in the morning no it doesn't i get it it doesn't get you out of bed in the morning no it doesn't i get it marshall long was one of the world's first bitcoin miners now he's the ceo of final hash a company that professionally mines bitcoins okay well that's fine we can we can talk about it uh more in chicago that's fine so back in the early days you know i get phone calls from my buddies oh hey man i lost 10 000 bitcoins because my computer blew up right back then one bitcoin was less than a penny right so nobody cared they lost ten dollars i don't care right and now ten thousand bitcoins that's you know five million dollars that's a big deal right so uh now it's interesting to see how the industry has changed there wasn't youtube videos and all these nice things to show you how to mine uh so it took me about three weeks to hook a computer up to figure out how to do this mining and you know back in the good days you could take a laptop like this and you could mine maybe 100 or 200 coins in a day when summertime in houston came my wife was like this ac has been on for 24 hours uh it's really hot what are you doing up there i said oh you know i'm just running some computers and she walks up there and you know you see 50 graphics cards all running at the same time and it's very hot and she's like okay you gotta you gotta get out of here you gotta figure something else out because it is too hot hey what's up nerdgasm fans jerry here aka barnacules i'm here with marshall long from at final hash now we're out here in i would say what's going to be the largest bitcoin mine in north america and it's realistically an actual mining operation like you can pretty much attribute everything that's going on here to like a real gold mining operation it's like you have heavy equipment you have cost you have fuel costs and you have recovery everything that you then go and sell and turn into real money that's right [Music] look at how many of these machines are in here you got s4s s5s everything actually this looks like it's mostly s4 this is literally the loudest place ever it's like being in a wind tunnel you got air flowing through the top moving your hair out i mean these things are all blowing out massive air now the cooling in here is so efficient that if you put your hand back here behind the units where they're drawing air it's freezing cold it has nice ice cold air coming in here you put your hand in the front down the center it is burning burning hot so if you're asking yourself is bitcoin mining profitable on this scale hell yes it is a bitcoin is the reward for solving complex mathematical puzzles and bitcoin miners let their computers work day and night to complete these tasks all the bitcoin users in the world are connected and together they constitute a network that processes and checks all bitcoin transactions in a public ledger called the blockchain and satoshi nakamoto designed it in such a way that users can create a free and anonymous bitcoin account number a so-called wallet satoshi's invention eliminates the need for a central bank because all the users together are the bank but early bitcoin users had no idea how big bitcoin and the blockchain would become i think sometime in spring of 2010 i could be wrong on the exact dates but basically uh someone put out a request saying hey i'd like to buy something with bitcoin will anyone buy me a pizza and i believe someone here in england uh bought the the person in florida a pizza uh for 10 000 or something bitcoins i mean it'd be worth you know a very large sum of money today and and that was the first bitcoin commercial transaction garrick heilman an economist at the london school of economics was one of the first scholars to study bitcoin and the blockchain as a serious monetary system as a scholar you should label it or was something totally new to you it looked very different to me i mean as soon as i heard the word decentralized in fact there was a network powering this currency rather than a central issuer that immediately captured my interest as something quite different based on what little i knew about alternative currencies at that time what it meant for people who are libertarians in particular is that the government couldn't come in and shut down a server and in bitcoin it would have to shut down the entire internet or turn off the electricity grid to to stop bitcoin and so that was really attractive to to people who are worried about these types of things many of the early bitcoin enthusiasts were libertarians who saw bitcoin as the ultimate remedy for state intervention this was also what attracted roger veer to bitcoin in his early twenties he was a candidate for the libertarian party in california but during his campaign he was sentenced to ten months in prison for trafficking illegal fireworks according to him this was a political case brought by people who opposed his ideas so i have uh two bitcoin related keys i have the bitcoin.org [Music] and i have the blockchain.info bitcoin blockchain logo do you think it was a political case there's no doubt in my mind whatsoever and in fact even at one of the pre-trial conference things with the atf agents my attorney and the u.s attorney my attorney was saying hey these are store-bought firecrackers we sold on ebay we can pay a fine do some community service and be done with this there's no reason to destroy my life over it and send me to prison to make me a felon and the u.s attorney at that point was kind of nodding his head like that sounds reasonable the atf agent literally pounded his hand on the table and shouted but you didn't hear the things that he said which i think summed up very clearly they weren't mad about anything that i had done they were mad about the things that i had said because the ideas that i'm trying to spread are subversive to the state i did 10 months in federal prison and i was scared of the us government the moment i was allowed to leave the u.s i left and i haven't lived there ever since uh and they have what's called an ex-attack so at the time you announce your united states citizen they tax you on your entire net worth at capital gains tax rates and you have to pay them that money otherwise uh they'll probably either send you to jail or at the very least not ever let you back in the country ever again if you think about it it's not all that different than slaves from the past having to buy their freedom from the plantation owner money creation by the state is sort of connected to state aggression for you right in in my line of thinking is if you or i create counterfeit euros or print euros or dollars or yen we would go to jail for counterfeiting because it's destructive to the economy by counterfeiting dollars it's stealing from everybody else in the economy that has money when governments do the exact same thing it has the exact same negative effects the only difference is they call it fancy names like quantitative easing or economic stimulus but it's destructive for the exact same reasons my hobby growing up and in high school and since has been studying economics and the more you study economics the more you realize that all these government interventions in the economy prevent the world from becoming as wealthy and prosperous as it otherwise would become and suddenly now we have this tool that separates money from state like everybody today thinks that separating church and state yeah of course they should be separated but a couple hundred years ago it was you know heresy to say that the church and state should be separated and today it sounds maybe a little bit crazy to say that money and state should be separate but i think in another decade or two people are going to think oh what the heck were we thinking letting governments be in charge of money that caused so many problems and so many misallocations of resources around the world of course bitcoin is better why is the government and bank's monopoly on money creation seen as undesirable in his white paper satoshi nakamoto didn't express his opinion on this but it does seem that he wanted bitcoins to appreciate rather than depreciate unlike money he programmed bitcoin in such a way that there's a maximum of 21 million bitcoins to be mined bitcoins weren't meant to resemble money but gold in november 2013 this dream became reality when one bitcoin was worth an ounce of gold the bitcoin code itself has never been hacked but in 2014 the customer data of mount gox an online exchange office was stolen by hackers causing the bitcoin exchange rate to plummet [Music] at the financial times in london journalist isabella kaminska has been critically following the bitcoin exchange rate and community since the very beginning i've always been a geek about finance and i've always been a geek about how the system works so like the really boring nuts and bolts the plumbing of the system and i think in 2008 it was the first time we all really thought actually not only is the system as a as we know it possibly crumbling there might be opportunities for new systems to come up as a result of it yeah exactly why yeah so i guess i i started writing about it again around here 2012 and then we had the first little rally and then this is also class this is very reminiscent to the classic bubble i i know that you guys want to change them so you see this is the uh this is the famous bubble chart which has takeoff first sell-off bear traps that's the first little micro you know mini dump then you go to the new total bubble then it crashes and there's a bit of like a return people think maybe it's going to come back and then it crashes again and then it it gets back to a a more um realistic uh trajectory and you'll see that that really is very reminiscent to what we've seen here what everyone is really wondering is will we see a consolidation of this price or will it recover somewhat or will it go completely to zero and they're really what do you think um i think what's best for bitcoin is actually if it just stays stable so everybody agrees volatility is currently the um the biggest enemy of bitcoin satoshi's dream what would that be the paper doesn't really say what his big dream was he just wanted an efficient mechanism that was cheap but in terms of what i think people have projected his vision as being is this world where we are we are all our own bank we don't have to depend on any intermediary and banks are gone in the current economy because of the way our system is structured if i decide to hoard my dollars i'm usually holding them in an institution that is using them as a as a means of capital raising and they will be lending them out so my my money even though i'm saving that saving is going into an investment somewhere else being done by a bank etc and it's helping to grow the economy so my saving doesn't disadvantage the economy but in bitcoin there isn't that that opportunity so a hoarded bitcoin is a horde of bitcoin it's totally idle it has no interest it has no yield it is simply sitting there doing nothing and yet the person who holds on to it thinks they have a right to future income flow as if they had been investing when the line was flat people like massively bought in or mined bitcoins and they are now like multi-millionaire billionaires they're the new one percent they're the one percent of the uh of the bitcoin economy which again goes against the whole democratization um side of of the argument because really you're not democratizing the economy you're just transferring the power from the existing elite to a new elite the fact that a few early bitcoin miners and investors are now multi-millionaires is reminiscent of the current banking system in which bankers are accused of personal enrichment [Music] so i got this degree in international development and i was with my dog on this hill and i was like yeah what can i do i'll go try and work and so maybe i say east africa i could go and explore economies there and see what's happening i could try all these things and i was like why don't i just try and break into the financial sector in london that would actually be really really fascinating it'd be really amazing and then once i had that thought i couldn't i mean i just became obsessed with this idea brett scott is the author of the book hacking the future of money about reforming the financial sector to immerse himself in the system he criticized he worked for two years as a broker in the city of london we're now in the city we just passed the border dragon ah all these dragons mark the boundaries of the city of london so it's a financial district cut off for my hair i bought my first suit interestingly enough i had two interviews with lehman brothers um literally weeks before they went burst and i remember being up in the 35th floor or something and the guy was like oh no everything's fine everything's fine you know don't believe the stories you've seen the press about us and then they went under if you created an entire society that was reliant on bitcoin yeah you'd have massive problems of inequality um but it's it's very important in that it forms a kind of counter power to the existing bank payment system um so while i can critique bitcoin as much as you want you know i'm always aware that you know the existing bank system is is highly flawed and i like the fact that this exists as an alternative what's happening right now in a lot of the banking scene is this move towards is called a cashless society but if you think about what that actually means it means every single payment that you you undertake has to go via a commercial bank now that means every single transaction you you ever do will be monitored and recorded in a database somewhere it means you'll always be giving fees to various uh you know credit card companies and so on so there's um there's potential for a huge amount of surveillance there's all sorts of problems that come with the cashless society in that world something like bitcoin which is an electronic version of cash or electronic form of uh um i guess an electronic equivalent to cash becomes quite important it's a saint paul's cathedral across there which is where the occupy movement set up camp in london but they were there for a long time um they tried to occupy the london stock exchange but weren't able to get in uh so they chose saint paul's instead you think of bitcoin and the old movement being as a sort of better form of occupied it's a different form of occupier you know it's a it's a maybe it's a follow-on from the occupy movement in some ways bitcoin as a form of protest against the current banking system is propagated in the netherlands by three bitcoin enthusiasts who have created an app called bitcasa and who are now trying to convince all retailers in arnhem to accept bitcoins [Music] um [Music] [Music] um [Music] is [Music] safety beside the ease of use the arnhem students have also noticed a less pleasant quality to bitcoins the fluctuating exchange rate compared to other currencies which could make a beer a couple of cents cheaper or more expensive between ordering and serving so bitcoin in my my definition is not money the key to something being money uh in my opinion is that it's a widely used unit of account meaning that goods and services are priced in it so when you go to the coffee shop you see something priced in bitcoin that's not true there are coffee shops where there are prices in bitcoin but that price is changing constantly based on the currency it's linked to so the pound for example here in england lost 20 of its value recently but the price of coffee didn't change it was still 99 p that's what it means to be a unit of account and bitcoin is not that the price adjusts based on its exchange rate continuously do you see bitcoin as a form of money or as a digital gold so i see gold as money and i see bitcoin as having all the same properties of gold with one property that actually a couple properties are even better so gold is kind of hard to divide bitcoin divides down eight decimal points instantly super easily gold is really really difficult to transport if i want to transport gold from here to moscow it'll cost a bunch of money to do that and it's dangerous and you have to have armed guards and who knows what with bitcoin i can send bitcoin from here to moscow or or to holland instantly just like that basically for free i don't have to pay for a bunch of armed guards it just happens almost like magic if you ever ask somebody why they think gold's valuable they can't ever really tell you they always give these like weird stories about oh it's like a precious metal isn't it it's pretty while we think it has all this intrinsic value this intrinsic value of gold has been largely constructed in people's heads often by actually like association with power association with religious figures and bitcoin um has potential for similar types of construction you could create this the sense of this almost like a commodity-like token that has no immediate sort of value to it but can be imbued with value [Music] all right as more people start to mine they become harder and harder to find so it's kind of been a i correlated to like an arms race right the guy with the biggest gun wins at this point so this is um the newest place we've started working on here this is a place in the mountains in china it's um cool and it doesn't rain that much so we can cool it very efficiently how much do you pay for that electricity on a daily basis um all in all of my minds together we're probably paying about a hundred thousand dollars maybe a little bit more a day yeah if you're paying 100 sorry that's that's per month i'm sorry okay but uh bitcoin in general uh all myself and all my my colleagues combined it's about a million dollars a day in power in power consumption and you guys generate what worth of coins uh we're generating uh of course it depends on the price right but uh market price right uh so we'll just save for 250 we'll just put the price at 250 for easy numbers you're finding roughly around 25 bitcoins every 10 minutes so you just take that and times it by an hour so you're finding around 150 bitcoins an hour take that times 24 and you do that times 250 do some backup so we're making about 900 000 dollars per day so a lot of people ask how is that possible and the reality is a lot of the chinese guys they are mining at a negative profit one of my friends in beijing i met him last month i met him up again and i asked him last time i checked man your power was pretty expensive why are you still mining and his only words were i can't stop so what do you mean you can't stop you're losing money he's like well i can't i have all these you know pieces of equipment and i just can't stop it's gold fever right that's right and it's interesting because a lot of the a lot of my colleagues don't see it as a business subconsciously right they kind of get addicted to it and kind of get crazy about it [Music] how should that kind of [Music] foreign [Music] um [Music] so what was supposed to be a very democratic system has ended up concentrating in exactly the same way that we have seen the banks concentrate their business so now you have most of the miners are based in china or most of the miners are um huge server farms that you know the average person can't be a miner anymore in bitcoin it's far the the the barriers to entry are now really really quite expensive they're you have to invest in at least you know you have thousands of dollars of equipment if you want to be a miner and a lot of people who got into the first year bitcoin actually had mental breakdowns it was so beautiful it was like you're seeing you know some of the most remarkable art ever for the first time one of the qualities that i don't like about the community is that it's extremely absolutist it's very politically led and it assumes that its political ideology is the correct one and it kind of thrusts its political ideology on everybody else so i always say you know i don't want political ideology when i'm paying for my coffee i just want a payment network that works and that allows me to benefit from smooth transactions lots of paper money so this is a receipt and this is my public address and private key you got it covered for us so we cannot film it that's right bitcoin over the past two years new members are increasingly joining the bitcoin community not for ideological reasons but for practical ones in kiev there are some protests happening so people started using social media to share their qr code within a matter of days they automatically had fifteen thousand dollars in their wallets from sympathizers to the protests that money was transferred from around the world it's an incredibly powerful example because today i spent seven years in in nicaragua and today i still cannot use paypal to transfer money to my friends in nicaragua whether or not bitcoin will be worth millions isn't the main question for many computer scientists investors and hackers to them satoshi nakamoto's real invention is the blockchain technology a global open ledger which can be used to share much more than just money you may think that bitcoin is just another way to pay for a cup of coffee but it's not bitcoin is just the denomination used to pay the toll to put stuff on this global ledger now if you think about it time stamp recordings of deaths births property transactions votes this is the entire fabric of our civilization which makes the blockchain one of the most profound human innovations of our time because having a massive global ledger as a public utility can completely reorganize the way that we run our societies fundamentally blockchain is a database sort of mechanism and it's a standard it's a protocol and one of the problems we have in an increasingly globalized system is that everyone is operating their systems on their own local standards and getting people to do everything in a uniform way that benefits all of us like you know bringing in the metric system that is really really hard blockchain offers an opportunity to start this new exciting technological uh you know industry from a standard that is globalized and potentially uniform so i see the potential that way the decentralized blockchain makes it possible to share data publicly without a single party controlling the system in the blockchain all participants in the network are equal maybe inventor satoshi nakamoto saw bitcoin as just the first experiment with this form of digital democracy i think blockchain technology is really authentically fascinating like i think it's anybody who ignores it and writes it off is probably making a mistake i think it's definitely not going to get it's not going to get smaller but to this day the true identity of the architect behind this revolutionary technology remains a mystery you know we can't ask satoshi questions which is really frustrating right um but it's also again part of i think the magic of bitcoin is that you know we can all kind of imagine this technology you know for you know as we see it rather than just as satoshi did so it could be used in this way even if satoshi didn't intend it to intend it to be this widely worldwide distributed thing i think i think satoshi probably did but um you know it still could be that and uh we can we can make it that satoshi around here somewhere in tokyo yeah i think i see him right there oh that's a question i get a lot actually um a lot of people have asked me who satoshi is since i got in so early um i think i've got a pretty good idea but i like to keep that one close to my chest so why i mean tell me um because i'm not 100 certain and the reality is it doesn't really matter right it doesn't matter who satoshi is um because now it's kind of grown beyond uh like a pet project right what do you mean he owned satoshi owes how much how many coins i think he's got about 500 000 locked up with his blockchain technology inventor satoshi nakamoto has completely relinquished his control of bitcoin but he does own one twentieth of all bitcoins himself so if one day bitcoin does become widely accepted as a currency he will be one of the richest people on earth people might find that scary a new currency or a system based on an inventor who owns already well 1 20th of all the currency invented yeah isn't that a problem satoshi invented one of the most important inventions in the entire history of humankind that's going to improve the lives of everybody on the planet for the better if he had half of all the bitcoins he would still deserve it who do you think satoshi is i think it's probably a band of people who decided that a num de plume was the best way to go precisely because if it did take off there would be too many consequences for a individual one person or even a group of people and from my perspective you never make a move of this sort without a myth you need a sort of foundation myth every good sort of system of power has a foundation myth and it's always best if the if the leader is either anonymous or aloof or in some way uh distant from the public because you have to create a sort of mythology around him and because satoshi nobody knows who he is um you know this if we knew who he was it would almost it would almost ruin the whole thing for for everybody i think why did he disappear you think uh he undermined the ability of every single government on the entire planet to control the money supply and that's how every single government in the world is controlling their citizens and their economies today and he just basically you know knocked their feet right out from under them with the invention of bitcoin and i'm sure that's going to make a lot of people who want to control other people by force really really upset so yeah i think it's really really smart for him to have a disappeared and for me it probably would have been smarter for me to keep quiet too but bitcoin's too exciting for me to to stay quiet about i think a lot of people are underestimating the way in which bitcoin and the blockchain are going to change the power structures in society in general i mean i grew up in the us and uh i see all these people like yeah nuke everybody in the middle east and kill them all and then they have the former secretary of state madeleine albright on 60 minutes one of the most popular news shows in the u.s and they asked her they said like there's reports that more than half a million iraqi children have died as a direct result of u.s sanctions and she looks back at her with a straight face and she goes it was a really tough decision but i think that it was worth it worth murdering half a million kids because of what the government did and i apologize for crying but it just disgusts me from my core when i see government people murdering people around the world it's not just theoretical these are real people with real lives and it's real people and bitcoin has the power to undermine everything they're doing to people around the world i'm sorry for shouting but it just disgusts me what these people in government do and they do it through central banking and through the control of the money supply and bitcoin takes that away from them [Music] [Music] so [Music]

Channel: ENDEVR

Views: 33,306

Keywords: Free documentary, documentaries, full documentary, hd documentary, documentary - topic, documentary (tv genre), Business Documentary, bitcoin, bitcoin gospel, crypto, cryptocurrency, max keiser, Roger ver, how bitcoin works, how bitcoin mining works, bitcoin for begginers

Id: jHXPLgo7U_k

Length: 48min 55sec (2935 seconds)

Published: Sun Aug 22 2021