six years ago I became obsessed with money not having it but understanding it
money not having it but understanding it
money not having it but understanding it money is one of the most central
money is one of the most central
money is one of the most central elements in all of our lives and yet
elements in all of our lives and yet
elements in all of our lives and yet most of us know little about how it
most of us know little about how it
most of us know little about how it works it seemed to me you could trace
works it seemed to me you could trace
works it seemed to me you could trace almost every problem in society back to
almost every problem in society back to
almost every problem in society back to money or the lack of it the aha moment
money or the lack of it the aha moment
money or the lack of it the aha moment happened for me on a typical sunny day
happened for me on a typical sunny day
happened for me on a typical sunny day in Palo Alto where I grew up I was an
in Palo Alto where I grew up I was an
in Palo Alto where I grew up I was an internet entrepreneur which is also
internet entrepreneur which is also
internet entrepreneur which is also typical there and like most days our
typical there and like most days our
typical there and like most days our engineering team was fiercely debating a
engineering team was fiercely debating a
engineering team was fiercely debating a new technology on this day they were
new technology on this day they were
new technology on this day they were talking about money and not regular
talking about money and not regular
talking about money and not regular money but internet money they had
money but internet money they had
money but internet money they had discovered something called Bitcoin and
discovered something called Bitcoin and
discovered something called Bitcoin and they claimed it would change the world
they claimed it would change the world
they claimed it would change the world the promise of Bitcoin and the
the promise of Bitcoin and the
the promise of Bitcoin and the technology behind it called blockchain
technology behind it called blockchain
technology behind it called blockchain was to allow us to safely send digital
was to allow us to safely send digital
was to allow us to safely send digital money over the public internet directly
money over the public internet directly
money over the public internet directly between us without any intermediary like
between us without any intermediary like
between us without any intermediary like a bank you might think like I did that
a bank you might think like I did that
a bank you might think like I did that services like PayPal and online banking
services like PayPal and online banking
services like PayPal and online banking already let us send money online and
already let us send money online and
already let us send money online and like I was you’d be wrong because money
like I was you’d be wrong because money
like I was you’d be wrong because money doesn’t actually move directly between
doesn’t actually move directly between
doesn’t actually move directly between us on the internet it actually sits in
us on the internet it actually sits in
us on the internet it actually sits in closed private networks owned by banks
closed private networks owned by banks
closed private networks owned by banks and governments and every single time
and governments and every single time
and governments and every single time you send money you are asking them
you send money you are asking them
you send money you are asking them permission plus paying fees to move
permission plus paying fees to move
permission plus paying fees to move money around in their systems there used
money around in their systems there used
money around in their systems there used to be a good reason for this because the
to be a good reason for this because the
to be a good reason for this because the value stored in money is very different
value stored in money is very different
value stored in money is very different than the kinds of information we’re used
than the kinds of information we’re used
than the kinds of information we’re used to sharing online you see information
to sharing online you see information
to sharing online you see information like text video images can exist in many
like text video images can exist in many
like text video images can exist in many places at once when you send it to
places at once when you send it to
places at once when you send it to someone you and they now have it with
someone you and they now have it with
someone you and they now have it with value it can exist in only one place at
value it can exist in only one place at
value it can exist in only one place at one time when you give money to someone
one time when you give money to someone
one time when you give money to someone you no longer have it with money it’s
you no longer have it with money it’s
you no longer have it with money it’s essential to know that you’re not
essential to know that you’re not
essential to know that you’re not getting a copy and no one had yet
getting a copy and no one had yet
getting a copy and no one had yet figured out how to secure an open
figured out how to secure an open
figured out how to secure an open network like the Internet in such a way
network like the Internet in such a way
network like the Internet in such a way that would guarantee that our money
that would guarantee that our money
that would guarantee that our money could not be changed copied or
could not be changed copied or
could not be changed copied or duplicated until now for someone who
duplicated until now for someone who
duplicated until now for someone who grew up in the Silicon Valley watching
grew up in the Silicon Valley watching
grew up in the Silicon Valley watching the internet change our world this was a
the internet change our world this was a
the internet change our world this was a really big deal and here’s why
really big deal and here’s why
really big deal and here’s why think about how information moved before
think about how information moved before
think about how information moved before the internet you needed to ask
the internet you needed to ask
the internet you needed to ask permission of a newspaper or a cable
permission of a newspaper or a cable
permission of a newspaper or a cable station in order to broadcast your
station in order to broadcast your
station in order to broadcast your opinion the Internet let anyone share
opinion the Internet let anyone share
opinion the Internet let anyone share any idea instantly and cheaply directly
any idea instantly and cheaply directly
any idea instantly and cheaply directly between us and the information
between us and the information
between us and the information revolution completely changed our
revolution completely changed our
revolution completely changed our society now anyone with a laptop could
society now anyone with a laptop could
society now anyone with a laptop could topple a government or sway an election
topple a government or sway an election
topple a government or sway an election and that was just through sharing the
and that was just through sharing the
and that was just through sharing the ideas stored in information what would
ideas stored in information what would
ideas stored in information what would it mean for the value stored in money
it mean for the value stored in money
it mean for the value stored in money this new technology blockchain was
this new technology blockchain was
this new technology blockchain was creating an Internet of money that would
creating an Internet of money that would
creating an Internet of money that would allow us to transact freely directly
allow us to transact freely directly
allow us to transact freely directly between us without asking permission or
between us without asking permission or
between us without asking permission or paying gatekeepers the implications for
paying gatekeepers the implications for
paying gatekeepers the implications for Society of having an open global network
Society of having an open global network
Society of having an open global network for the free exchange of money between
for the free exchange of money between
for the free exchange of money between people are as big as the Internet so
people are as big as the Internet so
people are as big as the Internet so what is blockchain well it’s pretty
what is blockchain well it’s pretty
what is blockchain well it’s pretty technical and challenging to describe so
technical and challenging to describe so
technical and challenging to describe so I’ll give you an image that worked well
I’ll give you an image that worked well
I’ll give you an image that worked well for me
for me
for me imagine a magical book anyone who wants
imagine a magical book anyone who wants
imagine a magical book anyone who wants can get a copy of this book for free and
can get a copy of this book for free and
can get a copy of this book for free and what’s magic about it is that anyone can
what’s magic about it is that anyone can
what’s magic about it is that anyone can add lines of text to the book and those
add lines of text to the book and those
add lines of text to the book and those lines will automatically appear in
lines will automatically appear in
lines will automatically appear in everyone’s copy now imagine that those
everyone’s copy now imagine that those
everyone’s copy now imagine that those lines aren’t just text but transaction
lines aren’t just text but transaction
lines aren’t just text but transaction records so the book is like a date
records so the book is like a date
records so the book is like a date bass or an Excel spreadsheet and it’s a
bass or an Excel spreadsheet and it’s a
bass or an Excel spreadsheet and it’s a long and growing record of all the
long and growing record of all the
long and growing record of all the transaction info ever added the book is
transaction info ever added the book is
transaction info ever added the book is so magical that any transaction that
so magical that any transaction that
so magical that any transaction that cannot actually take place let’s say due
cannot actually take place let’s say due
cannot actually take place let’s say due to insufficient funds or an incorrect
to insufficient funds or an incorrect
to insufficient funds or an incorrect password will be automatically rejected
password will be automatically rejected
password will be automatically rejected by the book but once a line is entered
by the book but once a line is entered
by the book but once a line is entered it can never be changed or deleted every
it can never be changed or deleted every
it can never be changed or deleted every few seconds the pages of all the books
few seconds the pages of all the books
few seconds the pages of all the books check in with each other to make sure
check in with each other to make sure
check in with each other to make sure they’re in sync and once a page is
they’re in sync and once a page is
they’re in sync and once a page is verified it is sealed forever the only
verified it is sealed forever the only
verified it is sealed forever the only way to destroy this book is to destroy
way to destroy this book is to destroy
way to destroy this book is to destroy every single copy of it out there so
every single copy of it out there so
every single copy of it out there so even if the original author destroys the
even if the original author destroys the
even if the original author destroys the original copy the book will live on this
original copy the book will live on this
original copy the book will live on this is similar to how blockchain works and
is similar to how blockchain works and
is similar to how blockchain works and its power is in allowing a network to
its power is in allowing a network to
its power is in allowing a network to operate reliably without the need for a
operate reliably without the need for a
operate reliably without the need for a central point of control it does this by
central point of control it does this by
central point of control it does this by stringing computers into a network so
stringing computers into a network so
stringing computers into a network so that together they’re in charge of
that together they’re in charge of
that together they’re in charge of running and securing the system and it
running and securing the system and it
running and securing the system and it allows users to place their trust not in
allows users to place their trust not in
allows users to place their trust not in magic but in a transparent algorithm
magic but in a transparent algorithm
magic but in a transparent algorithm that reliably logs and transfers value
that reliably logs and transfers value
that reliably logs and transfers value from one place to another with no
from one place to another with no
from one place to another with no central control it’s kind of like a
central control it’s kind of like a
central control it’s kind of like a Google Doc with no Google no one can
Google Doc with no Google no one can
Google Doc with no Google no one can shut it down or change the Terms of
shut it down or change the Terms of
shut it down or change the Terms of Service it’s completely decentralized
Service it’s completely decentralized
Service it’s completely decentralized and the magic is math bitcoin was the
and the magic is math bitcoin was the
and the magic is math bitcoin was the first decentralized currency built on
first decentralized currency built on
first decentralized currency built on blockchain technology
blockchain technology
blockchain technology it was the revolutionary spark that
it was the revolutionary spark that
it was the revolutionary spark that inspired thousands of entrepreneurs like
inspired thousands of entrepreneurs like
inspired thousands of entrepreneurs like me to think about a world without a
me to think about a world without a
me to think about a world without a monopoly on the transfer of value
monopoly on the transfer of value
monopoly on the transfer of value between people today there are 15
between people today there are 15
between people today there are 15 billion dollars stored in Bitcoin and
billion dollars stored in Bitcoin and
billion dollars stored in Bitcoin and some think it will grow a hundredfold in
some think it will grow a hundredfold in
some think it will grow a hundredfold in the coming decade that’s a lot of value
the coming decade that’s a lot of value
the coming decade that’s a lot of value stored in money that’s not issued or
stored in money that’s not issued or
stored in money that’s not issued or controlled by anyone this is the
controlled by anyone this is the
controlled by anyone this is the first-ever people’s money
first-ever people’s money
first-ever people’s money online and it’s just the beginning today
online and it’s just the beginning today
online and it’s just the beginning today there are over 700 crypto currencies
there are over 700 crypto currencies
there are over 700 crypto currencies already on the market and Counting and a
already on the market and Counting and a
already on the market and Counting and a new generation of blockchain technology
new generation of blockchain technology
new generation of blockchain technology lets us customize money in even more
lets us customize money in even more
lets us customize money in even more sophisticated ways imagine a currency
sophisticated ways imagine a currency
sophisticated ways imagine a currency that pays its own taxes so you don’t
that pays its own taxes so you don’t
that pays its own taxes so you don’t have to file at the end of the year
have to file at the end of the year
have to file at the end of the year imagine a currency that automatically
imagine a currency that automatically
imagine a currency that automatically gives discounts to certain citizens at
gives discounts to certain citizens at
gives discounts to certain citizens at the moment of purchase so veterans or
the moment of purchase so veterans or
the moment of purchase so veterans or seniors wouldn’t have to chase down
seniors wouldn’t have to chase down
seniors wouldn’t have to chase down their benefits
their benefits
their benefits what if Tel Aviv could issue its own
what if Tel Aviv could issue its own
what if Tel Aviv could issue its own currency to people who are helping make
currency to people who are helping make
currency to people who are helping make the city better in creative ways and you
the city better in creative ways and you
the city better in creative ways and you could use that money anywhere few years
could use that money anywhere few years
could use that money anywhere few years ago my team and I tested this concept by
ago my team and I tested this concept by
ago my team and I tested this concept by creating our own local currencies one of
creating our own local currencies one of
creating our own local currencies one of our most successful projects was called
our most successful projects was called
our most successful projects was called lev market and it let mothers here in
lev market and it let mothers here in
lev market and it let mothers here in israel use a currency called hearts to
israel use a currency called hearts to
israel use a currency called hearts to purchase goods and services from each
purchase goods and services from each
purchase goods and services from each other in a trusted marketplace within a
other in a trusted marketplace within a
other in a trusted marketplace within a year we saw over 10 million dollars
year we saw over 10 million dollars
year we saw over 10 million dollars worth of Commerce in this community moms
worth of Commerce in this community moms
worth of Commerce in this community moms were selling recycled toys and offering
were selling recycled toys and offering
were selling recycled toys and offering lessons baking beautiful handmade
lessons baking beautiful handmade
lessons baking beautiful handmade birthday cakes all in hearts these moms
birthday cakes all in hearts these moms
birthday cakes all in hearts these moms had a ton of potential to share with
had a ton of potential to share with
had a ton of potential to share with each other and yet before they had
each other and yet before they had
each other and yet before they had hearts few of them had any shekels spare
hearts few of them had any shekels spare
hearts few of them had any shekels spare to cooperate in love market they could
to cooperate in love market they could
to cooperate in love market they could earn hearts for positive actions that
earn hearts for positive actions that
earn hearts for positive actions that made sense for their community like
made sense for their community like
made sense for their community like volunteering in schools it was like a
volunteering in schools it was like a
volunteering in schools it was like a pinpoint expansion of their money supply
pinpoint expansion of their money supply
pinpoint expansion of their money supply and it created real abundance for these
and it created real abundance for these
and it created real abundance for these families blockchain will let local
families blockchain will let local
families blockchain will let local currencies like Hearts flourish all over
currencies like Hearts flourish all over
currencies like Hearts flourish all over the world we can create a much smarter
the world we can create a much smarter
the world we can create a much smarter money supply money that’s custom-made to
money supply money that’s custom-made to
money supply money that’s custom-made to meet our changing and diverse needs
meet our changing and diverse needs
meet our changing and diverse needs money that catches up to the complexity
money that catches up to the complexity
money that catches up to the complexity of our modern economy and that reflects
of our modern economy and that reflects
of our modern economy and that reflects our modern values and blockchain goes
our modern values and blockchain goes
our modern values and blockchain goes further than money remember how we said
further than money remember how we said
further than money remember how we said that its power is in allowing a network
that its power is in allowing a network
that its power is in allowing a network to operate reliably without a central
to operate reliably without a central
to operate reliably without a central point of control
point of control
point of control think about the other services in our
think about the other services in our
think about the other services in our lives beyond money that are also
lives beyond money that are also
lives beyond money that are also controlled centrally what would a social
controlled centrally what would a social
controlled centrally what would a social network look like without a company in
network look like without a company in
network look like without a company in the center keeping all the profit that’s
the center keeping all the profit that’s
the center keeping all the profit that’s generated from our content and comments
generated from our content and comments
generated from our content and comments what would a news network look like
what would a news network look like
what would a news network look like without a media company in the center
without a media company in the center
without a media company in the center beholden to shareholders and politicians
beholden to shareholders and politicians
beholden to shareholders and politicians what would a digital cloud look like
what would a digital cloud look like
what would a digital cloud look like without servers in the center but only
without servers in the center but only
without servers in the center but only all of our computers strung together
all of our computers strung together
all of our computers strung together these projects and so many more are
these projects and so many more are
these projects and so many more are already underway on the blockchain and
already underway on the blockchain and
already underway on the blockchain and they fundamentally change how we pool
they fundamentally change how we pool
they fundamentally change how we pool and share our resources blockchain
and share our resources blockchain
and share our resources blockchain decentralizes control which helps us
decentralizes control which helps us
decentralizes control which helps us shift society from a pyramid with
shift society from a pyramid with
shift society from a pyramid with limited room at the top to a web with
limited room at the top to a web with
limited room at the top to a web with more access to opportunity and more
more access to opportunity and more
more access to opportunity and more consensus on what is valuable economic
consensus on what is valuable economic
consensus on what is valuable economic freedom is the next great challenge of
freedom is the next great challenge of
freedom is the next great challenge of our time and we’ll call it the value
our time and we’ll call it the value
our time and we’ll call it the value revolution thank you
”
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