show events and I talk a little
the subject may be slightly different
democratization but this time
the democratization of money
in 2008 the world witnessed the beginning of
two major monetary experiments
but in common these experiments have
only the start date because it does not
could be more distinct one is
Coercive is both voluntary
in these experiments is led by this
group of people
these are the most important central bankers.
of the planet are the owners of the
coin printers
reserve as dollar the euro and in oil
and those injuries that are supported by
almost all economists of most
of economists
Only the experiment a little bit
different because the participants in this
experiment has no alternative are
obliged to participate as if they were
guinea pigs but this experiment is not
I want to talk because from here, nothing.
good
The experiment will not end, I do not want to talk.
is this was created by an individual a
complete anonymity and highly influenced
sai culture was punk from the 90s and
was an experiment that started without
no funding without any support
formal center economist
academic degree from a university or
support of any edition and today
is the computer project
distributed more potent planet
whole away from second place but
before we go a little deeper
of context
everybody is tired knowing
telecommunications revolution
from the invention of the
telegraph in the 19th century that
internet internet Victorian era
after the phone with radio tv
computer the personal computer
mobile phones and after creating the
growth was simply
exponential and scary
today any of you with a
simple mobile phone with a simple
but phone connected to the internet you
they can create a youtube channel by
example and compete until the
television network and that’s enough for a
mobile phone and an internet connection you
can share text photos tweets the
that is
all at almost negligible cost
instantly available for the
hunter globe
but if you try to pay someone
or paid to try to pay
someone as easily as yes
a medium there you can not get there
it will not be possible because this
because this state of affairs
one of the reasons is that it is the
financial system and the
monetary policy are incredibly closed and
anachronistic
if someone tries to send a boredom today
today in lion asks for a dock for any
person will pay about 10 reais and 10
to send a simple request if
You try to send money out.
from the country
there will be more expensive still about 50
dollars will take days and this if not
there is no error in the message that
a space plus one space – ours
money stays in limbo for weeks
who does not know where the money goes
stop never had this experience know
which is the most unpleasant things
can spend with someone trying to do
an international payment because this
because it is so complicated to use the
money in the digital age
if money is nothing more than it is
Our game on the bench is nothing more than
mere electronic digits
why is it so difficult to have a book
from one side to the other because
It needs to take days.
it is as if the financial industry does not
had suffered from all the advances
technologies that we have today because
It is true that our financial system
banking eliete frame to the world
modern
one reason is that unlike
digital files that can be
reproduced infinitely the money of
can not be played back because if this
happen it will be related and will
lose buying power quickly
so we need to make sure that
when we transfer when our
electronic digital exits the account
I’m sure it really comes out of the
account will stop in the account of who was
the national
if this happens we could spend
once again the same coin the same
digital money
and to deal with this issue called
of spending double the banks spent much
money with infra banking structure
with security to maintain a system
without fraud and with great security for
the participants
another reason is that we live today
up in the so-called coin era
state
today is our money the money
state owned by the government itself
and because of that we have a
artificial creation a barrier
artificial man – made called
border for those who do not know this one
It is the border of Brazil with Uruguay.
in the number of the south country that is of the city
Santana of deliverance and the right is
city of rivera if you imagine
Brazilian in Uruguay trying to
transact here in the middle of the street
we won with a paper in kind to
rigor would be an international attraction
a cell of two parts will go
Being an intermediary, no problem.
now if they try to do this
transaction using the banking system
will have to send in the
time of payment from your bank the bank
she lives on the bank’s payment
correspondent who will convert the
dollars to send
payments from the corresponding bank of the
across the border and will convert
the dollars in pesos that will send a
payment to banks subject to sending
Money if you read it does not make sense to it.
It makes no sense
imagine when you can send one and
mail appears on the phone screen
the question crs means pro brazil too
It costs so much to email goes to
even though it is 50 reais and will
take a few days
Ana but today is Saturday 26 does not work
Do not know on Sunday?
[Music]
You can not imagine that really is.
interested but the fifth test
the rest is the current paradigm for
currency for money for the system
financially that people live but is
changing is fast changing
thanks to a technology called beach
boy bug is technological invention
most fascinating
I would say that it is more important since
version since the invention of the internet
It was a digital currency but it is much more
than just a digital currency because
it is also a system of payments
without borders does not depend on
no central bank of any government
of no bank and runs a network
fully decentralized
This really never ever made us
something like something actually
revolutionary and an idea somewhat
subversive that money parallel a
money that does not depend on the government
we understand better how to
In fact, the system must first
description given by the creator himself
it was piu and piu-piu electronic
cash there is a money system
by the piano spirit but the
The key word in this description is the
cash word that we do not have a
exact or literary translation
Portuguese means our money
kind of paper money
How does it work today?
want to make a payment with the currency
we were just going to find the person who
we want to relate to the fans of
payment between two parties does not
no intermediary and payment is
regressive then we pay a
person passed away with her money
she is good she has no one to turn to and
try to reverse that payment as well
it is not necessary to know the parts of the
do not need to meet people
knows the identity rg cpf of the newsboy
when we go to the newsstand
buy a magazine and half you know
we do not need to know the identity but
if we do with the equipment and
we send larger or longer sums
distances
we can not escape a
the payment system you know best
nowadays it is the banks themselves
There are payment systems such as
paypal is a payment system for the
online environment
but today’s paradigm is state currency
on the one hand and payment systems for
other the idea as bystroy
paradoxically is to replicate these
properties of the physical money of the
money kind payment without
intermediates
one does not need to know the identities of
people relate and reversible to
replicate these properties in the environment
digital
only when something extraordinary happens
occurs because we have not only a
payment system, not just a
currency but their payments also
two things at the same time and this is a
of the great innovations of the beach boy toy
just a cell phone connected to the
internet in questions of seconds you
download the application a kind of
digital wallet and connects to this
international financial platform with
the possibility of transacting with
any person anywhere in the world.
planet transferring any sum of
money at a cost of no dikulo
need to prove rent purchase give a
proof of address and none of it and
always meets studying to be
confiscated from the blocked anyone
try to prevent you from parking or
then inflate your digital currency
corrupting her purchasing power is
really revolutionary and subversive
a technology like the one that created it is
Who had this crazy idea?
and out of the box
at the height of the financial crisis in 2008 was
I did not tube a guy named satoshi nakamoto.
posted a message from a message
to a list of topography online where
he said he was creating a system
electronic money by the spirit and
in this message he attached a paper where
nine pages he writes how
system would work
this was in October 2008 three months
then he made available a system
for anyone who wants to start downloading and
to build b’s network was in January
in 2009 the limit was the first currency
that is said to be centralized is the
first decentralized digital currency
because it is said that the first
outdated because other attempts
make a digital currency in the past
always end up having the same problem
when they gave him the question of the
another that is the people’s expense resume
imagine that the ice edict is nothing more
than a computer file that
he was a pretty ex person
advance attach the file in the message
sent to you know that when people
attach a file in the middle for example the
original file is deleted computer
make and attach this same file ia
to another person is fully possible
is filed digital money we
I could spend that money twice
and be a problem to deal with this
question of double spending and other
attempts to make a digital currency
always employed a third party
confidence in the centralized entity
responsible for the validation of the
accounts to ensure that there was no
fraud and also responsible for
digital currency issue
the video was obtained was the first to
able to solve this problem in the
our double in a decentralized way
no central entity does not exist
there is no business
responsible for the beach boy at the beginning
an owner of this system is a protocol of
communication as well as the
communication protocols on the internet
tcp / ip not say that an owner
cause much perplexity
because it is a safety model that
it is the inverse of what we know
and the first question that comes to mind
as they do not have a good control who
controls have no one making
There is no one there.
individually responsible for this
which is when the safety of the
system that emits currency
What is the loop in that big coin?
I was able to delegate from Mexico
this task that until today has been
centralized for multiple users
volunteers who ensure all
days
dedicating computational power to the network
making evaluation of actions and
ensuring that there is no fraud
and no currency inflation and that is
this is a paradigm shift because
instead of time only one entity
only against a system where
nobody knows what ‘s going on
with him the goal is to reverse this
security model where the
transactions are all completely
transparent but no one knows who
is relating and all users
are constantly monitoring
inspecting and auditing that occurs in the
system is the new security model
I know that for a lot of people this collides
she suspects but it’s a
system that has been in use for
almost eight years and never had any
fraud
The accounting book has never been corrupted.
is called a block where
all transactions are there
registered a system like this with
so many characteristic features
different is and trade out of the box
in some rather subversive
it has several implications for
example, the first is that yes and
destroy is the first alternative
of a private currency that does not
because the state that this will grant
a license can not regret the
Private call child can compete
with people like he knows the government
does not like competition
especially in the monetary area
monopoly currency of the state but admits
that exists not because the government has
mita that it exists but because it is
impossible for the beach park
the goal is to build a network
fully decentralized as well as the
bit torrent network that you should already
have known heard until used
without knowing it has a network for
digital file sharing
uses the same network architecture
this means that it is impossible for
the team that does not have who will be the ceará
there’s no one who does not have an address
where you can send a
with a warrant
of security 19 in saw activities
it’s over the joke
there’s more there ‘s no way to do this and
Because of this, it was also a
competition to the banking system
the international shipping company as
the western union or the entities
to provide the messaging service in
international terms between swift banks
is a competition to this whole system
because the offense is committed not
need to use this system uses a network
parallel to the financial system
traditional
but it’s all cool that this new
technology is much more than just
money money is the first
application technology are still
technology that is a win because
football is actually a platform
for informational financial innovation
open to all and without any
need to ask me for any
and nowadays there are companies
like nasdaq that the stock exchange of companies of
technology from the United States that is
using beach boys technology
not because she is interested in
currency in digital money
but rather you can use it to record
other digital information such as
example doing trading of assets of
stocks and bonds debt register
real estate owned by the government
de honduras has a pilot project to
do this or use the beach network
boy to register documents for
location there is not a kind of
digital registry because another
innovations of victory is that it has
all transactions that occur in the
network are recorded a large file
digital your bitcoin ledger
called the box tim and this book
accounting is shared it is
unique and is maintained by all
users on the network and keep
Always updated with new
sanctions to the extent that it does not
occurring
and it’s a file nowadays so
computationally robust
feasible to forge audi and
corrupt that when it was once a
information on it is almost as if it
was immutable
A few hours a few days is impossible.
remove this information from there it
has value
it has a lot of value on June 17
this year on Friday at 7 pm
but me and my daughter and how was the sixth?
seven o’clock in the evening the offices were
closed and I as good enthusiast
technology is good, I’m going to register
my daughter in box tim bishop the record
she no system hla clerk tuesday
Last night her name was alice coimbra
the laugh June 17 , 2016
and this information is there until today
There’s no way that anyone can pay.
there for posterity
this is just an example of what can
be done with this technology
and to finish I want to leave a reflection
with two questions here for you
I got a technology and inclusive
financially inclusive
So what happens when we
boat billions of people
debts and a financial system
really international
the number of people in Brazil only
in Brazil that do not have bank access
it’s amazing
almost half of the people in Brazil do not
have access to the bank account or
basic financial services
What is the transformative potential is a
technology such as this that a
mobile phone and internet access and
without competition and innovation with 100
actually permitted under the currency and
I ‘m not talking about license here
authorization to renew the authorization
is really talking about
Revolutionary innovation is disruptive
if it really had an environment of
innovation and freedom to innovate in the
currency scope
Would we have a better currency?
a worse currency will be who would be
currency more or less inflationary
perhaps would be a form of currency
that we can predict a lot
superior to what we have today
Is it the kind of system that
We are in need thanks
for the attention
[Applause]
”
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