Cryptopia | BITCOIN MOVIE | Award Winning Documentary | Full Length

foreign [Music] [Applause] [Music] who's the producer of the cryptopia film thanks Peter five years ago I made a film about the history of money Banking and Bitcoin buckle up we said it's going to be a bumpy ride and now some of the big brains and big egos who championed cryptocurrency claim they are building a crypto Utopia magical things will happen it's something called blockchain technology and it just might change your life and they really could compete with if not even take down the Facebooks and the Googles and the Amazons my name is Torsten Hoffman and I'm going to put some of these claims to the test some critics say you kind of hurt the community what's your response to that this innovation has enabled a lot of criminals and scammers but basically looking at it now you you lie to us forget all the hype we'll explore the true potential of this new invention see who is already using it making it really easy and simple for people to own a piece of a solar farm or a wind farm and go deep into a secret bunker that holds billions in Bitcoin we cannot talk too much about it because it's pretty secret what is down there succeeds it will be at least a million dollars per coin we learn lessons from the past and meet those building the future but they are those who want to kill it join with me in introducing a bill to Outlaw cryptocurrency so that we nip this in the bud control it next year people are going to start saying that we have hundreds of patents of everything changes or change the world with it welcome to ground zero in the battle for the future of the internet web 3.0 they wanted a science fiction dream what they actually did was build forthcoming disaster a lot of people were not willing to learn and we're not willing to admit they were wrong they're idiots telling me that I have no clues that's just [ __ ] if you don't support Free Speech you don't support Bitcoin you're an enemy of Bitcoin the internet the Iron Age The Renaissance the Industrial Revolution this affects the entire world [Music] for years and years I've been researching blockchain technology cryptocurrencies the market booms and busts and many have asked me to explain Bitcoin to them but I think this is why it's so difficult cryptocurrencies everything you don't understand about money combined with everything you don't understand about computers okay let's start slowly with the basics of money and its creation total value of all the world's money is about 120 trillion dollars what you probably didn't know is that each new dollar is created by governments and Banks as debt which needs to be paid back by someone in the future with interest that's why there isn't enough money in the world to repay all that debt and there never will be oh and almost all of the world's money is already digital just entries in a ledger usually managed by a bank only a small portion exists as physical currency like cash or coins think of it this way your employer deposits a thousand dollars into your bank account then you pay 200 in taxes 500 for rent 200 for bills and shopping and so forth whether you use credit cards debit cards PayPal or Bank transfers they're all just pluses and minuses in different digital ledgers that's why there's almost no need for physical money in our daily lives during the financial crisis in 2008 a mysterious figure called Satoshi Nakamoto published this nine page white paper it said with bitcoin's open source software we can create our own money without banks or governments [Music] this new nerd money called cryptocurrency is created and stored in computers and before long there was a growing fan club mostly guys like Roger Avia today he's a polarizing figure but back then he gave away thousands of coins to kick-start the movement and they all called him Bitcoin Jesus I think that for many years he brought more people to bitcoin than anyone else and we will forever be grateful to him for doing that when I was a kid I was reading all these science fiction books they were talking about how the world is going to be when we have this like Anonymous digital cache that people can use on the internet that's not controllable by anybody and then when Bitcoin came along it was like wow the science fiction money that I had been reading about as a kid is finally here so I got so excited about it I heard about it about 10 in the morning and I was planning to go to work that that day but I didn't I stayed home the entire day reading about it didn't leave I stayed up all night that night reading about it stayed up all night the next night he went deep down that rabbit hole to the point of physical exhaustion the hospital side called up a friend of mine said please help me I'm so sick can you bring me to the hospital yeah Roger got bit bad by the Bitcoin bug because it's truly one of the most exciting inventions ever in the entire history of humankind but how does it work when my friends asked me to explain well I often start with this analogy imagine a bank vault where you have a safety deposit box the key opens one of the boxes where you can securely store physical valuables like gold coins in Bitcoin there are digital keys think of them as very long passwords your private key gives you access to a wallet which unlocks billions of unique Bitcoin addresses each one is a virtual safety deposit box that only you can open with your key and there are more addresses in this virtual Vault than atoms in the universe the doors to these boxes are transparent you can see inside them here's one with digital money 0.21 Bitcoins setting them from one box to another is what's called a Bitcoin transaction we'll explain that later but for now just remember that these digital coins can only exist inside these transparent address boxes can't be copied and can't ever leave the vault and this vault is owned by no single entity you don't need permission from a government a bank or a corporation to use it [Applause] thank you [Music] for most early adopters of Bitcoin it was all about global peer-to-peer electronic cash room 77 in Berlin was one of the very first businesses to accept Bitcoins as payment for physical things beers and burgers back in 2011 there were no mobile wallets right so you had to go there bring your laptop type in this long address you know risk losing the money if you didn't type it correctly so the the first guy who built a mobile wall was some guy in Berlin who built it in order to buy his beer with his phone instead of his computer recorded the cards are an old technology and actually pretty complex and your payment details are shared with many middlemen each of these parties are also taking a cut of the action which is built into the price of nearly everything you buy if you purchase something internationally double the number of middlemen and triple fees credit cards handle almost 20 trillion dollars of transactions per year early Bitcoin adopters like room 77 avoided paying credit card fees but York's real beef was with the bankers who collect them is too big to fail too big to jail business hspc using Google foreign collapsing economies murder I didn't sign up for this let me get a drink well actually I need to buy my German cruise on hot gluevine and explain why they won't get paid until after Christmas you see transferring money from Australia where I live to Germany can take several days and it will cost thirty dollars plus exchange fees just for updating numbers in digital ledgers [Music] after all it's just moving data I can send a picture or video to anyone on the planet almost instantly for free we live in the age of the internet but the banks won't send the data after 5 PM or on a weekend that doesn't make any sense so what if those slow and expensive middlemen with their multiple Ledges could be replaced by a giant database synchronized over the Internet that's the big idea behind Bitcoin and it's run by a decentralized Global Network of powerful mining computers and regular laptops here's how it works when I pay my cameraman what's really happening is that I use my key to open my wallet and then instruct the network to send Bitcoins to his address yeah most Bitcoin apps use QR codes to identify an address scan it then swipe to use your key and approve the transaction is shared throughout the global Network within seconds [Music] for 10 minutes or so one Miner using a tremendous amount of energy beats all the others in a contest to solve a very difficult math problem that minor is authorized to arrange the most recent transactions into a structured block and is rewarded in Bitcoins for this work all of the data contained inside each block is represented by a checksum The Miner now adds the new block to the previous one that's why it's called the blockchain Now The Ledger will be updated globally the checksums of the previous block match the beginning of the new one which are baked together forever possible to Tinker with the data inside the block without changing the checksums and Breaking the Chain this immutability is the first rule of Bitcoin it means no one can ever change what was once recorded in the blockchain or spent the same coin twice that's also called censorship resistance and it's critical to bitcoin being used as real money [Music] award-winning journalist Laura Shin tells me a story about women bloggers in Afghanistan being paid in Bitcoin one of the women had an abusive husband and saved up her Bitcoins and eventually was able to divorce him because she was able to control her money when she earned the Bitcoins in my first film The Early adopters said that this kind of Financial Freedom for everyone was just around the corner world's most populous network is adopting Bitcoin that's the internet the world's largest economy is adopting Bitcoin that's the internet we have transcended borders it's totally failed as electronic cash David Gerard says it has unbanked the banked more than it has banked the unbanked he's an outspoken critic of this technology it's not very good as a payment system there's a small payment use case if you want to trade in things that the government doesn't want you to trade in that's David's polite way of saying illegal stuff in 2011 most of my partner colleagues were saying three things yeah so what are the drugs pornography arm sales okay the Silk Road was a black market on the dark web where buyers and sellers use Bitcoins to fly under the radar of the authorities it had 1 million users until the FBI showed up and shot it down they caught this guy for running it and confiscated the coins held in escrow by snatching his computer and then they locked him away for life seems like a pretty straightforward case of law enforcement doing their job but in crypto not everybody sees it that way people have an absolute right to put whatever they want in their own bodies because their bodies belong to them that makes Ross Albrecht and the users of the Silk Road Heroes not criminal lawbreakers in a bad sense they were criminal lawbreakers in the Good Sense the same way that Harriet Tubman or Rosa Parks or you know Thomas Jefferson or or George Washington were no doubt cryptocurrencies can be a tool for criminal activity but so on dollar bills all the banking system and let's not forget the blockchain is a public Ledger it's actually been quite useful for uncovering crimes a former Federal prosecutor named Catherine Hahn she was the one who discovered that there were a couple federal agents that were pilfering the Bitcoins that the government had obtained from the Silk Road case for their own gain and what was interesting was she got a tip that there might be one uh one agent that was doing this but from looking at the movements on the blockchain itself she realized that there were two people the prosecutor could see those Bitcoins being moved and when the dirty cops tried to sell them for dollars they got busted but what makes bitcoins worth stealing why do they have value at all let's go back to where Bitcoins are stored in transparent digital deposit boxes protected by strong cryptography they can never be copied or leave the Vault because any transaction of any Bitcoin down to a 100 millionth fraction is recorded in the blockchain for eternity this synchronized Global Ledger is shared among thousands of computers worldwide that's why it can't be compromised or altered think about that we can make an infinite number of perfect digital copies of a movie a song any file but for the first time in history this distributed record keeping allows us to have a truly unique and fungible digital object that is also scarce if you could count all of these virtual coins you'd find about 18 million of them today the mining reward is the only way new coins are created in the first years of Bitcoin miners competed for 50 Bitcoins every 10 minutes then their reward for processing transactions dropped to 25 Bitcoins then 12.5 and then half again and again every four years it's good old-fashioned supply and demand if investors or users of Bitcoin create a higher demand then this decreasing Supply the price will go up when the cap of 21 million is reached the protocol stops the network from creating anymore it's the opposite of our traditional money supply which keeps growing and growing an unlimited amount of dollars versus a very limited supply of Bitcoins you do the math if you use Euros or dollars you might not care about a little inflation per year but if your currency isn't stable you might be a trillionaire in paper and be dead broke I grew up in Patagonia in the southern part of Argentina my parents are ship ranchers there and I remember growing up in my childhood I saw my parents lose everything three times first because of a huge devaluation then because of hyperinflation and the last time because the government confiscated all Bank deposits I think that today there are billions of people at least four billion people who would be a lot better off by having access to a form of money that is non-political and more democratic we think of Finance we think of banking we think of money in terms of the experience and perspective of a Western European or developed Nation person and that is really just a billion and a half people who have a very privileged Financial life what about the other six billion every single country that is free has um essentially a legal status for cryptocurrencies that is very open and permissive in every single country that is unfree has a restrictive or banned cryptocurrency status foreign this is the Berlin Wall still a powerful symbol of a government trying to control its citizens but this is what happens when people want to be free the very first open crypto war is playing out in Venezuela where the local currency loses value every hour due to hyperinflation a lot of people in Venezuela are trying to mine cryptocurrencies and the government abuse this as a threat obviously because they're trying to keep the boulevard propped up the government actually provides electricity to a lot of people and if they perceive that your electricity has usage has gone up they will come and check if you have mining equipment in your house and they will confiscate it if they if they find it and that brings us to the big question can governments or Banks ban Bitcoin so the title is Jamie Diamond here's why you're wrong about Bitcoin Diamond runs JPMorgan Chase one of the largest banks in the world that moves six trillion dollars every single day oh you said of Bitcoin eventually it will be closed and then I said to anyone who knows anything about the technology this is an incredibly absurd statement I even said it was a little bit hilarious because actually I did find it kind of funny the idea that he thought you could close Bitcoin you'd have to shut down the internet which also doesn't make sense I could understand if he wanted Bitcoin shut down or hoped it was a fraud I mean if I were you and if I really understood the disruption crypto assets could bring to financial services I'd be very scared and I think whatever Jamie Diamond says or thinks about Bitcoin is as relevant as whatever the Postmaster General thought or said about email who cares then I wrote sincerely Laura shin but some politicians still think they can stop open source software I look for colleagues to join with me in introducing a bill to Outlaw cryptocurrency purchases by Americans so that we nip this in the bud in part because not a awful lot of our international power comes from the fact that the dollar is the standard unit of international finance and transactions clearing through the New York fed is critical for major oil and other transactions and it is the announced purpose of the supporters of cryptocurrency to take that power away from us cryptocurrency represents a litmus test for governments it reveals how much your government believes in uh in the fundamental freedoms and and human rights because if they don't trust their own citizens to have control over their own money that says a lot about the governments there's very little about cryptocurrency you see the reason why some governments in most banks are threatened by this technology is simple your private key and your wallet can replace your bank account the network is run by software and its currency is made and maintained by computing power and electricity it can't be manipulated by Central Bankers Wall Street lobbyists or politicians but with New Freedom comes new responsibility if you control the keys it's your event point is it's not your Bitcoin your keys your Bitcoin not your keys not your Bitcoin your keys your Bitcoin not your keys not your Bitcoin got that if you lose your key you will never be able to access your coins again and if someone hacks your computer where you store those passwords your coins will be stolen in a second and remember how wences family had their money stolen by their own government well maybe that's why he built the Fort Knox of Bitcoin security zappel most of our 7 million customers are in Emerging Market in countries where there's problems with the currency we have explosions in activity like Venezuela right now or turkey and we developed this system of Vault where we have five private keys for each one of our Bitcoin addresses we keep those private keys in an offline server that has never been online will never be online it's inside the Vault the vault is inside a banker usually deep underground our main one is in Switzerland in any commission military Banker I just had to see it for myself even though it took months for us to get cleared for a tour we were met by Christoph Oswald a former military commander who runs the place and a representative from example Christoph said the guards would rather shoot us than show us around I hope he was kidding they need to bring in the material to the other side of the personal lock first up one more check of our IDs a pat down for weapons or any other Monkey Business and gear inspection even the boss was searched it took nearly an hour to get my team through security but it was worth it no other film crew has been allowed access we are the largest custodian of Bitcoin in the world because a lot of the largest holders in the world use us for security rumor has it that 10 of all Bitcoins are stored here and in their four other Secret locations unfortunately I can't confirm any of those numbers from the mountain we are getting a lot of benefits right earthquake proof flooding proof but on the other side you're facing a lot of additional cost like maintaining seven independent backup power supplies the Labyrinth of tunnels deep into the mountain is interrupted by nuclear grade doors good yeah it's a level of security applied to all of the data Christoph protects here not just for example and we cannot talk too much about it because it's pretty secret what is down there right are we allowed to film there no there were doors that remained shut and security measures we weren't allowed to see and some of those checks may be biometric including the eye and the finger Prince can and the fingerprint scanner also makes sure that you are alive so that you didn't cut someone's finger and you're just using it to open a gate yeah so you must have a pulse don't don't touch the Rex these aren't set for actual service but if you've ever wondered what cryptocurrency thieves dream about it's sitting somewhere down here unplugged from the internet but there is absolutely no way zero way to attack the data which is on the cold storage side but here's my question why do I need the cold offline service to be inside a mountain how can it be in my basement to buy all these surveys in your basement if you still can be stolen right so so this is like money it is Data yes it's it's been and buy it but it is money at the end and a lot of money and this is why this type of Center he is more a bank than a data center okay let's do a quick recap we now have billions of dollars worth of data secured in digital Banks deep inside secret military bunkers if you don't think Bitcoin is already changing the world's concept of money you haven't been paying attention remember Mervin he used to be a senior executive at Deutsche Bank his colleagues once said Bitcoin was for law Breakers and troublemakers he now runs a 100 million dollar crypto fund out of Malta our research shows that the crypto markets are going to probably be worth about 8.7 trillion in 2027 which is a 50x from today exactly [Music] most Financial analysts say you better stick to your shares and bonds and dollars Bitcoin is dangerous nonsense far too risky as investment to others Bitcoin is an escape hatch that will take them away from risk and insurance against a financial doomsday a way out of the debt crisis negative interest rates trade Wars and economic downturn they say it's an anti-fragile asset uncorrelated to financial markets so who's right here well every time I turn on the television it gets even more confusing a bitcoin's worth about a little bit under 200 billion dollars today all the gold in the world world is worth 8 trillion and it could become the next gold in terms of cryptocurrencies generally uh I can say almost with certainty that that they will come to a bad ending but if Bitcoin is out there and gold is out there it can be a participant in bringing down the dollar I said it's the mother of all Bubbles and is also the biggest bubble in human history I think this is a currency a currency that's really going to work eventually well I think it is working um and there will be other currencies like it that may maybe even better Bitcoin is uh successful only because of its potential for circumvention uh lack of oversight so it seems to me it ought to be outlined it doesn't serve any socially useful function this film is an investment advice but it strikes me that most of these TV shows just want to stir a controversy they don't understand what's going on but they know that filling airtime is a controversial topic will get them higher ratings so how about the General Public in America the younger generation already starts to trust this new asset class and wences says Bitcoin May reach a million dollars per coin I would say the biggest Financial mistake you can make right now is to own an amount of Bitcoin that you cannot afford to lose because it's super risky and you may lose it the second biggest Financial mistake you can make is not to own any because you put one percent of your net worth in Bitcoin most people can afford to lose one percent of their net worth and if I am right it's gonna be more than a hundred percent of your network so with a non-material exposure you change your life now what you would spend with your on a romantic weekend with your wife say sorry we're not gonna do that this weekend I'm gonna just buy Bitcoin consider it spent it disappear check in seven years you I either gave you bad advice and cost you a weekend or I want a grandkid call juancito [Laughter] but what you fail to mention is the the currency the microtransactions all of that is irrelevant right in meaning all of the cryptocurrencies are way too volatile for anyone to take them seriously hold on let's go back to where we started Bitcoin was created as peer-to-peer electronic cash that was the killer app a payment directly from you to me from me to the coffee shop I have bought a bag of coffee for two Bitcoin in 2012. which today cost me twelve thousand dollars in today's money that is a deflationary effect as long as Bitcoin keeps doing sudden increases in prices that's going to stop retail use in its tracks with Bitcoin you can send one dollar or one million dollars worth of value anywhere in the world you can do it for free but basically looking at it now you you lie to us yeah that's what they all used to tell me cheap easy fast Global Unstoppable I'm not done with you pal but I need to explain what happened here every block contains about one megabyte of data much smaller than a photo you post on Instagram that means only a limited number of transactions can fit into each block if you want your payment to jump the line you can choose to pay a premium fee or sit and wait at one point the blocks became so full that the transaction time went to several hundred hours that's days and it was more expensive than International wire services it got so bad that a Bitcoin conference wouldn't take payment in Bitcoins and he's the guy who promised me moving money fast and for free what went wrong and that's as a direct intentional result of Bitcoin course policies of intentionally making it slow expensive and unreliable and Roger blames this guy for Bitcoin not becoming a mainstream Global Currency there are no shortage of conspiracy theories block stream was founded in 2014 the original co-founders are a lot of core developers those are the software coders who continued building Bitcoin after Satoshi vanished Roger thinks those guys sabotaged the scaling of the network so blockstream could promote its own software Solutions Simpson says come on the blockchain is already 200 gigabytes large and growing every transaction made has to go out to the whole network and every block that contains that transaction that is mined has also got to the whole network and it has been stored for eternity the argument more independent miners will continue running Bitcoin and ensure decentralization if the blockchain is kept small in his view this decentralization is what makes Bitcoin valuable a store of value so holding Bitcoin is also a use case and that store value hypothesis I cannot get my head around it's the most like nutty thing I've ever heard you know one philosophy could be described as Bitcoin as digital goals and the other philosophy could be described as Bitcoin as digital cash the other team said you guys have it the wrong way around first Bitcoin needs to be usable as a currency a medium of exchange then maybe it will become stable and a store of value the solution is easy and just increase the size of the blocks from 1 to 2 4 8 megabytes so that more transactions fit into them this will lower the fees and people will start using Bitcoin as cash again the original title of the Bitcoin white paper is Bitcoin and electronic peer-to-peer electronic cash system but you know satoshi's white paper isn't the Bible it's not a religion it's tough changes we evolve we might find out new things so why this um fixation on that white paper you know created 10 years ago there isn't any fixation that it's not the version of Bitcoin that I got involved with and it's not the version of Bitcoin that I want to support so Roger joined forces with a controversial online gambling billionaire bitmaine a Chinese crypto mining company and this guy I'll do whatever the [ __ ] I want with my money okay anyway they forced the software Fork which is a split into two separate blockchains every holder of Bitcoin now also owned the same amount of Bitcoin cash Roger had nothing to do with the creation of Bitcoin cash project didn't know about until a few weeks before it actually happened but still Bitcoin Jesus had become Bitcoin Jewelers every Revolution is followed by the counter-revolution which is usually a purge of the original revolutionaries people are very passionate about Bitcoin and that's why they they show a lot of emotion when you're part of a tribe you get very religious about your tribe making the other tribe almost your enemy it's very hard to to debate Roger because a lot of what he's saying is just his opinions and his emotions you cannot debate someone's emotions and then they basically diverted the entire Bitcoin project into something that wasn't usable as peer-to-peer Cash when he gave his talk I kind of knew that that whole debate panel I kind of expected it was kind of go off the rails but I didn't expect killing babies so that means more babies are dying in countries around the world because they have less economic freedom more people are starving to death because they have less economic freedom people are literally dying because of this I'm not exaggerating this is a life and death matter and remember that list of promises the early Bitcoin has championed cheap easy fast Unstoppable I forgot one if you don't support Free Speech you don't support Bitcoin you're an enemy of Bitcoin censorship shall not be abided in fact I myself have tried posting just a direct quote from Satoshi Nakamoto the creator of Bitcoin I think Rogers complains a lot about censorship on on Reddit so red is just one of many like platforms word for word quote from Satoshi without any National commentary for myself at all and I've had that post deleted even though I may not agree with a lot of things that Roger where is doing now I do sympathize with him and his frustration with being censored they're literally censoring the words of the creator of Bitcoin ultimately this is a forum that these guys set up to talk about Bitcoin and they can do whatever they want with it right when I first started covering the space everyone was United in their struggle Against The Establishment now the industry has grown so much that they are competing parties propaganda machines conspiracy theories looks a lot like politics the biggest fight within the Bitcoin ecosystem is over at the moment is who has the right to the name Bitcoin but at the end of the day I think the version of Bitcoin described in the Bitcoin white paper has the strongest claim to the name Bitcoin than anything else and that's Bitcoin cash Roger owns bitcoin.com and he has every intention of bringing Bitcoin cash to the masses even if it means that some people coming to his website think that they're buying Bitcoin but they're getting Bitcoin cash I think it's fraudulent to say that and causing people to to buy Bitcoin cash when they actually wanted to buy Bitcoin is foreign so Bitcoin core fans say Roger's hijacking the brand name and Bitcoin cash supporters claim that block stream is hijacking bitcoin's development I mean yeah it is a conflict of interest because they're developing this open source protocol in a way where their company can can benefit from it everything we're doing is open source so it's not like there's some secrecy or anything you can see all the code that's committed and it does go through this vetting process I mean they have had influence I mean I wouldn't say uh it's not true but I don't think they have enough influence to actually corrupt uh Bitcoin we no longer have anyone maintaining the project just because we don't want that potential conflict of interest but in a way now they've won the battle anyways so who won bitcoin's first war well both parties got their way after the split the market valued Bitcoins much higher and Bitcoin cash transaction fees were much lower the benefit of the scaling debate or Civil War was Bitcoin was Battle tested like a lot of companies and a lot of powerful people tried very hard to try to change Bitcoin and they failed this thing that Satoshi Nakamoto launched is much more resilient than anyone even hoped I know I know you want to find out what any of this has to do with this new cryptopia a revolutionary internet we'll get there I promise but first we need to go from bitcoin's original blockchain to hundreds of blockchains back in 2011 when Charlie Lee was a Google engineer he wanted a faster and lighter version of satoshi's cryptocurrency and was one of the first to experiment with the open source software the actual coding in terms of like the code differences between Bitcoin and Litecoin was actually pretty trivial and what does that mean in time like uh I would say like four four or five hours Litecoin was positioned as silver to bitcoin's gold and its Network value grew to billions of dollars some critics say well you sold at the highest point and you kind of hurt the community once you responds to that when I sewed no one knew it was the highest point I didn't know it was gonna be highest point so everyone thought it was going to keep going up in hindsight um it was good timing I'm selling it at the high but I'm still focused full-time on Litecoin adoption and working on Litecoin micro development so it's not like I saw it and just quit um nobody gets to kind of dictate how Bitcoin improves or or grows whereas with Litecoin I have a a strong influence on the growth of Litecoin which is good and bad it's kind of like um difference between the benevolent dictator versus a democracy the benevolent dictator is more efficient but you have let's put a pin in that Litecoin was one of the first alternative cryptocurrencies or altcoins some of the early adopters like Charlie made fortunes soon there were hundreds of coins made by cryptographers copycats and con men there's a coin for bloggers a currency for online Gamers one with anonymity and even one for banks but can this invention unleash something even more powerful than digital currencies 2014 I met the kid who knew how to do it hi I'm vitalik murderen a co-founder of Bitcoin magazine founder of ethereum and just general Bitcoin and cryptocurrency Advocate just 19 years old vitalik was on a mission to make money programmable thank you vitalik is a very very smart guy the thing about the vitalik is he was pushed away from Bitcoin because he had gone to bitcoin core developers and try to build ethereum on top of Bitcoin and and they basically said nope not interested so he built a separate blockchain called ethereum with its own currency called ether the comparison might be Bitcoin is like a spreadsheet and ethereum is like a spreadsheet with macros using our analogy ethereum allows you to store cryptocurrency and computer code in the same secure box here's how a smart contract might work let's say I bet Charlie that a Litecoin will be worth 200 on January 1st of next year we each put an ether into a box along with a smart contract a simple program that automatically checks the price of litecoins on that future date if I'm right the money goes to me if I'm wrong it's sent to Charlie a smart contract is neither smart nor contract it's a dumb program and it once you understand that all it is is an unprogram that clarifies a lot of stuff and the word contract there is in the meaning of Finance most Financial arrangements are pretty simple and clear-cut a bed with Charlie your home loan an insurance policy just two parties and some form of exchange of value based on a set of rules called a contract the same is true for Global Financial markets think bonds Futures derivatives credit default swaps they're all just contracts and the world economy runs on them using middlemen who all charge High fees proponents say that if we used smart contracts we could tell the bankers lawyers escrow agents and Wall Street Finance guys to take a hike Soto machine is a smart contract machine right you stick in a dollar you get a soda it's very very simple the soda machine does take statistics and it has to make sure that you can't scam it by stealing the soda but ethereum and the people that are trying to decentralize this will tell you that that transaction that smart contract between you and the soda machine is so critical that it needs to be globally processed and saved at a hundred thousand decentralized computers because it is so sensitive and in reality 99 of all of these contracts they don't need this kind of censorship resistance you know in two years time and people will see this film on foyer's time I think will be an interesting historic moment so what we're dealing is we're saying we have this ethereum network inside the ethereum network there's this asset called ether and we're actually going to be selling ether we're going to be selling ether at a rate of 1000 to 2000 ether for one Bitcoin and that's how we're going to raise all the money it worked vitalik figured out a way to fund the ethereum project and it made his investors very rich the model for fundraising soon had a name an initial coin offering or Ico IPOs and icos sound similar but they have they're nothing similar the only thing similar about them is they both help you raise money IPOs you don't do until you have a company until you have Revenue until you have users until you actually prove to the public investors that this is a valuable company that's worth investing and it's worth buying their stock icos it's pre-product you have maybe a couple people on the team it's just a white paper and so people are just buying into trust into faith that this is something that will exist and this is the guy who opened the floodgates he created a standard called esc20 enabling you or me or anyone to create an Ico so on the one hand you have these smart contracts these little programs that can talk to each other but you have to Define how do they talk to each other and because everybody now agrees to that same standard smart contracts can interact within the entire ethereum network and the erc20 standard allowed the creation of tokens the goal here is like ultimately I like to see eight-year-olds building their own Financial systems yeah but what if some of these eight-year-olds are also scammers so let's say I'm trying to do an Ico and I create a smart contract where I create a million coins and one of the transactions is that if you send me a hundred dollars I will send you that many worth of coins it was a Mad Gold Rush people realized wow if if I can just pull up pull together a project in a white paper I can raise money like a lot of money foreign new coins didn't actually exist this handsome chap is the graphic designer of a Bulgarian Ico actually they just posted a photo of Ryan Gosling another project raised millions in ether and then vanished leaving investors with this website look closer that's nice most of the scam coins were built on vitalik Smart contract platform ethereum using fabian's token standard this innovation has enabled a lot of criminals and scammers um so I would say the amount of scams in the in in that system are rather low it sometimes looks bigger than it is I would I would assume that the actual scams purposeful purposeful scams in that system maybe were like two or three percent I would say actually most icos were not scams I would say about two to five percent of the thousands of icos that are happening are actually legit and the rest is pretty scammy or just not gonna work can you define for me what a [ __ ] coin is um I think it's just a derogatory term people use on coins that they don't like for Bitcoin maximalists people who only care about Bitcoin everything else is a [ __ ] coin in my point of view I think a coin that is kind of a scam is a [ __ ] coin so people create coins just to get rich from it print a lot of tokens out of thin air trying to pump the price up and make a lot of money from it and that's not really providing a lot of value to the to the world no value for the world but they did add value for their creators you you can print billions of tokens out of thin air like a central bank well that's why this guy was one of the wealthiest men on Earth for a brief moment here's how that happened we'll only ever be 21 million Bitcoins and its inventor had to earn them by mining with his computers just like everyone else there are more litecoins and even more ether in circulation metallic kept some portion to fund the development team and then there's Ripple they created a hundred billion xrp but kept 80 percent for themselves and their clients and the other 20 percent they gave as a bonus to the founders that's how you get to be one of the richest men on Earth okay maybe I was a bit too harsh on icos democratizing Startup Finance can be a good thing there were many legit companies raising Capital too over the years I've met many Founders who have real offices with real people trying to solve real problems but to bitcoin maximless Bitcoin is the be all and all of cryptocurrency other blockchains icos smart contracts that's all a waste of time there is no such thing as blockchain originalize the health care industry and the automotive oh of course it is what you're saying is the maximalist point of view you are speaking about uh from a perspective of of a cult or a set my problem is that you are hijacking a movement of a technology that is far greater and has far more potential than just these individuals there's all of these different things that you could use blockchain for right and so people have they're almost like different ecosystems and then what you see is almost like an evolutionary process right where the blockchains fork and they have the same ancestries but they adapt to different environments and we see this like ever increasing level of diversity in number of blockchains so I think the idea that there's like one blockchain going to be one blockchain and it's going to be fit for everything it is almost like disregarding the nature of evolution meanwhile the big corporations have been studying cryptocurrency and they think that bitcoin's underlying database is where the magic is the model in the boardrooms blockchain not Bitcoin foreign my friend Oliver keeps tabs on the men in suits he used to be one of them [Music] is BMW is looking at using the blockchain for the future Fleet of electric cars to interact with public transport Lufthansa wants to see if the blockchain can better track parts and maintenance and Deutsche Telecom is using smart contracts to negotiate tariffs for roaming costs with other telecoms if we can store trade certificates and shipping documents on the blockchain you can check to see where those organic avocados really came from who grew them who packed them and who shipped them besides the Internet of Things needs a ledger of all those things well that's the idea behind private centralized blockchains maintained and controlled by corporations a famous example the Walmart supply chain trial which they're working with IBM that's completely centralized they use a blockchain derived product hyperledger but all the nodes reside on the IBM cloud and they're all administered by Walmart and their suppliers use because Walmart told them to it's a centralized database system but they marked it blockchain so that means one they wouldn't have got a New York Times headline if they just said database you might wonder what's the point of a blockchain if it's controlled by a company well I compare it to the open internet versus company owned intranets they both exist meanwhile Facebook announced the cryptocurrency for their 2 billion users the system might be more efficient than a public blockchain but there's a downside some governments banned it within weeks right now the ways pieces of paper that's being shifted around that doesn't make any sense that infrastructure needs to be replaced why Occupy Wall Street when we can build a new one on the blockchain instead in the future of decentralized Finance stock certificate corporate bonds insurance policies property Deeds mortgages all can be turned into crypto tokens and made tradable 24 7. foreign what's much more exciting than tokenized Securities of traditional businesses where it's just Equity that you pass around is totally novel digital Securities that you couldn't do before right novel use cases where you could kick back Clash flow on a continual basis I think some examples of this that we're seeing now are maker Dao binance which is it has binance coin that's actually much bigger of an opportunity because it represents something totally new my name is Dr Gemma green and I'm a co-founder and the chairman of power Ledger and we use the blockchain to enable electricity trading energy asset financing and carbon markets this award-winning Australian company wants to take us to a carbon-free economy faster Gemma has identified a problem our apartment buildings often the buildings are tenanted and it means that if there is solar panels the owner of the apartment isn't really incentivized to put in solar panels or batteries because the tenant benefits but using our platform the tenant will pay the electricity bill to the body corporate using power Ledger the tenant pays the owner not the power company for the electricity if the tenant isn't at home the unused energy will be sold to a neighbor lowering their power bill and making a profit for the owner so it actually creates the mechanism to justify investing in the capital in the first place this system could speed up investment in sustainable energy projects by making it easy to own a piece of solar or wind farm why do I need a blockchain for this can't I invest in a solar farm without this new fancy tank the blockchain ACT is a kind of asset register and income register and in tokenizing the asset it becomes tradable on an exchange you might own two or three solar panels of a thousand in a you know in a solar farm and you would receive the income associated with that amount of ownership no Bankers don't very much like being cut out of the cash flow Loop so they took another look at Mr nakamoto's curious little white paper and they've recently been spending a billion dollars a year in blockchain research isn't it ironic satoshi's anti-bank invention is now being used by the Banks to move money faster and by big business to track Supply chains [Music] cryptocurrencies and digital tokens public blockchains private blockchains where is the killer app well adoption of new technology often follows old trends my name is Mark ventresca I'm here at Oxford University of Oxford on the faculty I'm an economic sociologist by training interested in how large-scale infrastructure changes so great to see you after nine years Mark teaches a class on Innovation and system building he tells me what must align for a new technology to become fruitful all Technologies start out as interesting ideas some of them begin to develop into Innovations and we know that that Arc from invention to Innovation takes a lot of time it takes a lot of work some of those Innovations eventually become commercially viable case in point the automobile in the early days cars looked like a pretty lousy idea and poorly executed early on there were electric cars there were battery operated cars the combustion engine was a relative latecomer it took Henry Ford's mass production to create the standards what a car looked like what parts it needed how it operated that's when complementary assets and infrastructure emerged so you have paved roads and petrol stations then you have secondary things like motels and restaurants and places to eat while you're on the highway and buy food then you have interesting questions like what side of the road should we drive on an entire ecosystem had been built but it wasn't a smooth transition by any means [Music] the imagery here is there are maybe a couple of hundred three or four hundred companies that try to get into this space but they're not car companies they're bicycle manufacturers or steam engine manufacturers at some point in this in this account all that period of ferment settles are under dominant design and then you have what again what Innovation economists would call a ShakeOut they would say you go from three or four hundred producers all of them vying to shape this emerging space this emerging thing called the automobile you may then drop to 20 or 30 manufacturers and then you may drop to five or six it took 50 years for cars to go from purest invention to finely tuned Mass Market product 50 years to change the World As We Knew It but our story isn't about cars or roads I want to learn about dominant designs of digital technology that's why I came to the Computer History Museum in the heart of Silicon Valley so you're looking at the console for sage which was probably the first computer network there were 23 centers around North America to warn against Soviet bombers and they were waiting for world war three the U.S military and some American universities asked this guy to create a new kind of network to connect their separate Networks this young girl got up and she had a bunch of questions but her first one was how did I manage to convince all the government so the world to let us build the internet and I said well except for the handful of us that were actually working on the internet nobody else really thought it was a very good idea and so you didn't think it was going to lead anywhere and you know we pretty much had a Free Running Room yes that's the man who co-invented TCP about 50 years ago that's the original academic paper you can think of TCP as the backbone of the internet but back then there were many competing Technologies there was a very big battle over the protocols tcpip didn't just win by default it won through attrition by basically being better simpler easier to deploy than all of the other scalables and more scalable and it had a lot of competition from phone companies that try to make the internet a closed metered controlled system they tried to do what people are trying to do today with blockchains which is take the open decentralized Network and turn it into this sterile closed corporate system where they can charge by the minute and be in control the internet's ultimate victory has a dirty little secret the men in charge of promoting it were employees of the military with the muscle and the cash to beat the competition and then there's email email I heard that's really neat email was perhaps the internet's first killer app then in the early 90s Tim berners-lee introduced the World Wide Web as a 20-page proposal soon there were browsers that made it more accessible and user friendly for the General Public I think that the internet is going to be one of the major forces for reducing the role of government the one thing that's missing but that will soon be developed is a reliable e-cash still few understood the potential of this new tech from people that thought it would just be the world's greatest library to some of the early Cipher punks who are the direct fathers of crypto and certainly a blockchain type ideas who thought much as today that it would create kind of a Commons that was outside of the direct control of normal laws and governments that's ironic because the US government funded it in the first place the spiritual forefathers of crypto who built the early internet thought it was a new technology for Global freedom of expression and a blank canvas upon which they could build their dreams boy that sounds familiar and the media they didn't quite know what to make of this new thing either but sure enough they found juicy stories about the dark side of it which was the internet is full of criminals and pedophiles and pornographers and it's too dangerous to use their credit card on it it's full of scams we're seeing the exact same story now we envisioned technology as if it were autonomous as if it were simply outside of human and social experience what we see are technologies that become shaped by commercial interests by political and Regulatory infrastructure by actors who are acting for many reasons right yeah where do you want me remember Bob the big telecoms wanted his thoughts on a little idea that were kicking around they had a meeting where they were trying to figure out how they could buy the internet they couldn't kill it well why not own it I got asked that myself by an executive at a large information company it was probably in 1990 if they could buy the internet I mean I remember asking them well why don't you buy the world economy they can own everything why don't you buy the weather and you can control that too as the internet's momentum and hype grew investors threw money at entrepreneurs and Shady characters [Music] the joke in the.com era was that you put a.com behind your company even if it had nothing to do with the internet and the Venture capitalists just throw money at you it took a few decades in hype Cycles but the wild internet was eventually domesticated co-opted by trillion dollar companies and then fundamentally transformed how we shop work and communicate thank you Speaker's Corner in London's Hyde Park for 150 years this has been a safe place to stand on a soapbox to sell your ideas preach the gospel bad mouth the king or promote communism today with the World Wide Web we can stand on giant digital soap boxes using Facebook Twitter Youtube we can share our ideas or start a fight with anyone on the planet of the overwhelming majority well almost anyone of 65 countries studied China has the least free internet worse than Iran Cuba or Syria a police force of more than 2 million cyber cops and the world's most sophisticated artificial intelligence system keep China's web content clean and users in check so sorry to break it to you but there's no longer a world wide web welcome to the Splinter net no it's not just in China in Russia Wikipedia is illegal Facebook is outlawed in Bangladesh there's no WhatsApp in Dubai Twitter was banned in Turkey after news about government corruption spread and Saudi Arabia shut down the Region's largest news service Al Jazeera and the BBC meanwhile in India the entire web was turned off 100 times last year to be fair some of the censorship is to prevent terrorist recruitment or to stop violent mobs from hurting people I think government's control over the internet has gone just a little too far hello I'm from the Australian government do you have something to hide we've taken the UK's fascist spying law and made it even more fascist to test this [ __ ] [ __ ] we chose Australia the weakest of the five eyes Alliance thanks to our lack of a Bill of Rights so international data requests will now be funneled through US compromising not just Aussies but all of you [ __ ] too you're welcome foreign money into code code is just letters and numbers which is speech right so money now is speech which is a pretty powerful idea if you think about it but if Bitcoin is this uncontrollable unsensible technology can the blockchain also enable global free speech in some places it already does one Chinese student tried to report a sexual assault and was silenced by her college but she knew that she could attach a message into the metadata of an ethereum transaction so she spent 15 cents and now her letter outlining her story and the threat she received is on the public ethereum blockchain where it will remain unchangeable forever the early crypto Pioneers wanted to democratize money Finance 2.0 if you will but now the Believers in the blockchains have their eyes on a bigger prize they want to decentralize everything web 3.0 Facebook without the propaganda Twitter without the terms of service Reddit without the censorship online identity without the hex internet browsing without tracking software websites without the advertising we pay with either attention or privacy so we either have advertising thrown at us our attention is monetized or we pay with micro violations of our privacy and that is why the internet today is the ultimate surveillance economy one privacy tool is the brave browser it doesn't store data and pays users and content Publishers in their basic attention tokens foreign space are probably most excited about is this notion that we can create these kind of user-owned decentralized networks you can for instance offer file storage in the way that an Amazon does or that you could offer search you know the way Google does but do it in a peer-to-peer fashion without this behemoth at the center extracting rents and do it in a way where all the people that are users of it can benefit lockstack is the next evolution in Computing we've seen three main eras of computing before we had mainframes that were these large computers that everyone depended on then we got desktops where users were in control and they owned their own computers and their data and information and then we saw cloud computing where we are dependent on these large companies running services for us and we are about to embark on this major shift in Computing called decentralized Computing where you users are getting back in control and they really could someday compete with if not even take down some of the big Tech giants like the Facebooks and the Googles and the Amazons that we know that's a tall tall order it is it is but I mean who would have thought at the beginning of the internet that Wikipedia would beat out in Cardiff these web 3 promises sound good but my professional network is on LinkedIn my personal photos are on Instagram if I deleted my accounts I'd lose everything these Services aren't just walled Gardens they are digital prisons data is locked up in several companies and we don't own it the companies own it but they use the data to mine it to advertise to us to sell us things to manipulate us to change our behavior and ocean protocol is the answer to freeing up the data and giving the power back to individuals so how do we plan to do that it's essentially an operating system on top of ethereum that allows for people to share data storage algorithms and computation in a way that preserves privacy it's too early to tell whether projects like these can succeed but I do like the idea of digital property rights wouldn't it be nice if companies paid us in cryptocurrency when they use our data and if we control who has access to it instead of our digital overlords and then there's the question of our most precious information our very identity if you take the history of mankind a lot of blood has been shared getting to democracy right the idea that Every Man Has a vote in the world and you know I take it kind of personally because I was born in South Africa during apartheid um you know the child of Indian immigrants and we were not allowed to vote Vinnie tells me that in the United States alone there are 14 000 different paper forms of birth certificates issued by local authorities their mistakes on them and even identity theft starting from birth all your information is already out there there's you know five hacks a day happening so how do you prove that you are who you say you are [Music] our crypto celebrity Andreas has 10 imposters on Instagram Ryan Gosling's Alter Ego is committing financial fraud in Bulgaria and who knows what's happening with your compromised information blockchain Based Services like civicsidentity.com or Microsoft's ion say they can give us control of our identity and protect it currently we are having our reputation our history with different systems of different companies like Facebook and Twitter with the blockchain the core important information sits on that trusted system which we control and we can take from wherever we want to go to something else meanwhile vitalik has inspired thousands of software developers to build his vision of decentralized Finance but early in ethereum's history something went wrong with one of the first smart contracts called the Dao the Dow went like this they wanted a completely be decentralized autonomous organization they wanted a science fiction dream of an independent computer program that was immune to human influence so what they actually did was build a forthcoming disaster the problem some sloppy cold left their safety deposit box wide open and somebody just helped themselves allowed them to pilfer 50 million dollars from the smart contract and that's why when when I say it's not even clear whether or not it was a hack you know the smart contract allowed them to do that and what happened was the majority of the community did decide to roll back the blockchain and to pretend like the Dow never happened yep you heard that correctly the top decision makers fought ethereum into two separate networks one where the money was gone and a new one where the money was restored to its original owners breaking the first rule of cryptocurrency never alter the blockchain immutability lasts only as long as the big boys haven't lost money just like Bitcoin ethereum also experienced skating problems when a decentralized app called crypto kitties I'm kidding went viral and the kitties spread like rabbits in its blockchain the system ground to a halt the network is now being upgraded but there are many competitors who claim that their blockchains are faster fairer and more scalable the next checkout will sure be interesting to watch it's never easy to admit that some that you've been fooled um maybe I've been fooled uh Maybe the crypto Community doesn't agree on much of anything except when it comes to this guy hello my name is Dr Craig Wright I'm the chief scientist of n chain limited on the balance of the evidence Craig Wright almost certainly is not Satoshi Nakamoto the proof that he gave were not real proofs in the end he either chickened out or didn't actually have the proof Craig Wright obviously it seems to be a scammer I'm happy to say that Craig Wright is a fraud I know he's controversial no one really changes the world without being bold without disrupting people's ideas and without drawing a little controversy around the way but the majority of the industry says Craig is crazy or a con man so Craig kindly join us on stage and that giving him screen time is irresponsible and I'll say this quite frankly because I've got more money than your country but I was in the area and just couldn't resist [Music] few quick facts crack is the person who claimed to be Satoshi Nakamoto on the BBC but his cryptographic proof didn't check out and since then many just see him as an imposter I'm the guy with a law degree that used to work for federal police and military intelligence you would actually be the perfect super villain for us because everybody kind of doesn't believe you hates you what do you say to your critics uh do I start with many people are hated early on because they're not understood if it doesn't have a use it shouldn't have a value right now practically everything is a Ponzi I don't particularly like ethereum it's a dead end they can say whatever they want about erc20 except practically everything they're doing that they want to solve I solved years ago decentralization was never the point of Bitcoin ever I was called a fool then and I'll be called a fool again and every single time I'll be right I picked up mastering Bitcoin the other day and I opened page one and I went this is wrong Silk Road was the worst thing to ever happen to bitcoin you seem to think that nobody else has anything interesting to say you've already solved the problems many years ago that's kind of the the vibe that I'm getting here fairly much yes okay turns out Craig's Playbook is patents some say he's a patent troll well I've got a bucket list bit which is to beat Edison which um as silly as it sounds came from a Simpsons episode to beat Mr Edison I need to get a 1085 and right at the moment I'm on white paper 1074. for each white paper he claims to file about 1.1 patents the first 163 will be very shortly public next year people are going to start seeing that we have hundreds of patents and Everything Changes we file PCT and keep them secret as long as we can so that's a huge philosophical disagreement between myself Fender and Craig's I think government patents are government granted Monopoly the big brains and big eagles who broke away from Bitcoin couldn't hash out their differences so there was another split Craig's new coin also claims to be the real Bitcoin and he wants to enable blocks a million times larger updating and storing this giant blockchain will be impossible for normal computers I just can't figure this guy out is he a genius a Madman a fraud maybe all three and a lot of things he say are very um or just wrong technically however I did calculate that n chain spent tens of millions of dollars to develop and file these patents and some have been granted what's the point of having a war chest full of Ip if they aren't going to enforce it so basically what I'm looking at is stuff that nobody's ever really seen in the community that's correct yes as soon as the price of Bitcoin and the cryptocurrencies went higher what did what did most people do all they did was start adopting all the worst behaviors of Bankers scamming the market centralizing wealth in a few hands I think that's called human nature so everyone wants to change the world simply because they're not in the position of of power as soon as they get into that position they do exactly the same thing so guys like you will build a better future and we can trust you guys better than the bankers you don't have to trust us that's the beauty we're building a trustless decentralized system that gives power to people translate sounds like there's no trust but actually it means we don't need to trust you I think the better word should be trust free about one third or maybe half of all the cost of all the transactions are paid to establish trust between trading parties like we're paying for lawyers we're paying Auditors who are paying even police even Regulators government to to build trust to ensure everything will be enforced so trust is quite expensive blockchain is the first time that we saw some technology that can eliminate the cost or reduce the cost of trust dramatically magical things will happen trust may be expensive but it's also in short supply all around the globe people have been losing faith in the media institutions and governments so what if this new technology could fix one of society's biggest issues but the question remains what if you are cheated what if your password is stolen and the money the contracts your identity is gone if code is law who administers Justice aren't you worried that the promise of decentralizing power is kind of in jeopardy with you and Charlie and vitalik and Craig as such Central figureheads yeah I really wish there weren't public figures or leaders I want everyone to lead themselves but sadly that's not the world we live in if you're going to look to a leader you know Choose Your Leader wisely which is how different are they from our current political financial and Business Leaders are their systems really resistant to corruption immune to manipulation and worthy of our trust maybe that's why the best bet is on the only Project without a figurehead Bitcoin doesn't care about human Drama Bad press or what anyone thinks yeah sure it hasn't succeeded as a Global Currency yet but in the past decade it has been the world's best performing financial asset so we're back to where we started the genius who vanished with Satoshi being gone from Bitcoin Bitcoin is really a very decentralized networking currency he was intelligent enough to know that a system without a father was going to be much more robust than a system with a father no father maybe but without leaving a will the kids are now fighting over the meaning of his invention and The Inheritance projecting their fears and their fantasies onto his legacy for some it's money for the internet that can replace middlemen and Bank the unbanked and maybe a tool for illicit trade or is it digital gold a totally new asset class a bet against the bankers and insurance against inflation protection from corrupt politicians and a weapon against the state maybe the end of money as we know it for some entrepreneurs it represents a shortcut to fund their dreams a platform for fairer Finance which is why incumbents fight it some say public blockchains are just slow and useless databases while big business is busy building private blockchains to boost efficiency or maybe this decentralized technology is a new protocol layer for the internet upon which we can build a better web to Dethrone the tech Giants reclaim Free Speech protect online identities and facilitate free trade in a borderless digital economy oh and a tool to rebuild trust in our societies and yes maybe even save the planet that's a never-ending list of cryptopian ideas there's a bit too much to ask of a nine page document yeah sure the internet and the web started out as white papers too but it took decades before its infrastructure was built became user friendly and ready to scale globally we kind of domesticate the wild potential of Technologies into what's familiar and we dramatically underestimate or under imagine what that technology may eventually do it'll be the users maybe billions of them who will adopt this technology without even knowing what a blockchain is or how it works here's the thing the average users don't care about the wires that move their money quicker don't know about the software that moves this movie or that picture what will move them are services that will make the days a little brighter their chores a little lighter and their lives a little richer [Music] [Music] cause I don't wanna cause a ripple don't wanna cause [Music] they will never trust it with my life [Music] that gospel runs a full note this is new money Productions of illicit good this is a weapon of math instructions [Music] with my money [Music] my darling [Music] that corn is gone

Channel: Plot11

Views: 256,875

Keywords: future of cryptocurrencies, web 3.0, documentary, Cryptopia Torsten Hoffmann, blockchain documentary, documentary english, digital economy, digital economy infotainment, bitcoin movie, bitcoin documentary, bitcoin movies, bitcoin documentaries, cryptocurrency, blockchain, blockchain explained, web 3.0 documentary, #CryptopiaFilm, cryptopia documentary, Cryptopia, Torsten Hoffmann, cryptopia movie, cryptopia film, crypto, web 3, cryptos, docs economy, free docs on youtube

Id: 9qL3FXW2FxE

Length: 86min 34sec (5194 seconds)

Published: Sun Jun 18 2023