To theres an awful lot of real profit cation the coin lending market has exploded in size in the last year especially in the last few months and all of this is suppressing the price of big coin so in the short term all of the creation of off chain claims typically that are accepted as if theyre the real thing and are proliferating the supply of because its a sneaky way to get around the 21000000. 00 cap those are all in the short term having a suppressive price on the in. But in the end the korean wins because in the end though anyone whos who is practicing in these practices react off occasion and the like will be wrecked and. It may take a few years for that to happen but there is no lender of last resort in decline and anyone who is taking these risks deserves to go bust will banks wreck big corn or a big coin wrecked banks jamie diamonds getting wrecked as we speak now said 21910 years into bitcoin and jamie diamond has capitulated hes admitted defeat after years of bashing big coin after years of trying block chain not big coin he capitulates and what does he do he issues his own all coy j. P. Morgan coin as ive been saying you dont change but coined bitcoin changes you so jamie diamond started off as a critic as a bitcoin basher now hes trying to imitate but coin he realizes he cant beat it hes trying to join it i remember i talked about that closed permission system of the central banking fee system and their member banks well j. P. Morgan is the number one member bank of that. System and who is the Central Bankers Central Bank and thats the bank of International Settlements so now that they see their members and their permission to network starting to break off and see the glory of big way now theyre starting to really bashed it big quince proof of work algorithm needs replacing argues b i s study the proof of work p. O. W. Algorithm used by big question in some other crypto currencies is not viable in the long term they said it needs to be replaced argues a new study from the bank of International Settlements bequia is vulnerable to double spending or a 51 percent attack and also that the system stops awarding big coin as block rewards to minors and then once that happens out in 2140 the system will no longer be secure i dont think its going to become less secure it will are a certain price action expecting a huge boost in price and its not a bow the thought of being able to my the bitcoins but its a boat the transactions on the transaction fees that should make up for the minor rewards that article from the bank of International Settlements over who are not our. Been working for 10 years really really well 8 so much that youre right in favor of your own word or guess what maybe your system is not going to work in the future and you know its have more proof of keys and lets see who actually owns what and whats recorded on the option remember bitcoin is a system of social justice disguised as a get rich quick scheme and so the bank of International Settlement is the queen of get rich quick schemes it enables the Central Banks to print money without any collateral to their member banks who then use it to buy a degree anis for a 150000000. 00 but it never trickles down to the actual wage earners that make the economy work. So the bank of International Settlements head and everyone associated with the bank of International Settlements must be gobbled up by the big black hole. And also in 21000. 00 youre seeing more and more of these headlines all over the place about the enormous amount of electricity that because we need is and appealing to millennial that dont use bitcoin it will destroy the planet even if the corn for example did consume too much energy which it doesnt there are services there all are very good arguments for because as a force for good in energy for example is extremely good for Renewable Energy why because Renewable Energies are for the most part intermittent so you dont decide when its sunny you dont decide when its windy and if you dont dont dont dont when it rains for hydro electricity for example so youre producing energy while there is no consumption so what you have to do you have to store it we have to transport it very far this is very expensive and you news editor city as you transport it so it makes Renewable Energies more difficult to manage because you have these surpluses that you have to plan for so what are going to the surplus a coal plant you put the coal in it burns you dont need to have to run all dont put cold in the oven so its if youre analyzing am i going to go for renewable or nonrenewable you look at renewables i have to deal with all these surpluses i might go for the call instead its much cheaper but with big point where you can do is you can bring the big corn miner and the surplus so you cannot transport electricity over big distances but you can certainly transport a shipping container full of miners and that is for example what they do in canada for excess gas thats you cant flare it because its bad for the environment you cant store it what do you do you cant release it in the atmosphere its methane you need to do something with it thats my big one with it right so they coined it can make energy more liquid and if it makes energy more liquid it makes Energy Markets more efficient and Energy Markets are more efficient. People will always just go towards the thing that is consuming the least energy and whatevers consuming the least energy is also usually what has a less waste and byproduct and its usually Renewable Energy september 15th 2008 Lehman Brothers collapse the entire Financial System was on the verge of collapse everything was going under october 31st the Toshi Nakamoto printed the big queen white paper for peer to peer cache nov 26th 2008 quantitative easing began 10 years later we had q. E. One star at the same time as big coin 21010 years after the birth of bitcoin we have another statement from the Federal Reserve bank feb 8th 21000. 00 fed says it is currently discussing using quantitative easing as a regular tool not just during emergencies or when the fed funds rate is at the 0 value and. Quantitative easing is now permanent its minimal during many evil times the kings who controlled the economy for the serfs and they had coopted the priests who would then absolve them by allowing them to buy their way into heaven using paypal indulgences now we have the central bankers who have the papal indulgence system called money and the serfs in this case are everyone trying to get a new high screen t. V. High def t. V. Or some other trinket that the consumer economy is promising them and the price keeps going higher and higher but their wages on a relative basis go lower and lower and the permanent underclass keeps growing and the rabble risers are rising and the social unrest is increasing and they dont and the occupy wall street and all the uprisings we see all around the world are the result of irresponsible central bankers killing the value of that money that they say people need to earn to afford. A lifestyle that hope either way is being pulled out from underneath them by this permanent upper caste of money printing banker priests who are equating their lawlessness with godliness and that is always and forever more be the basis of a global insurrection it took for hundreds of years the french peasant accepted the divine right of their kings and then until one man made off their heads and then they chopped their heads and you know the equivalent right now in this system of let them eat cake as well let them have food stamps let them have medicaid and theyll be fine right now youre ok but there will be one moments when you realize that there is big point that you can actually be totally free and on the same have the same rights because you do have the same rights you just have and asserted that you just dont know that you have that power to mr and big you know it all its bubbles up in aggressors way one by one person by person and so eventually theyre not going to be able to acquire the resources to provide the food stamps you know theyre not going to be able to bail out those people with food stamps theyre not going to be chancellor on the 2nd ring a bell labs are going to be able to bail out the banks. Also in 21000 weve seen kaiser report received the lightning tort this was the hash tag l. And trust chain and it was started by a guy with just an avatar to his name hold on not and the tweet was to max kaiser its time to pick up the hash tag l. And trust chain soon max that was on february 8th 21000 you responded should do it while recording kaiser report he wrote back yes us sounds like the perfect plan. Oh i received it and i know im showing dad. Oh my oh my. Was i told this 1st 2nd yet you had to hold the camera down it so dont put your finger in front of it ok l. And trust chain received this is my thank you alina toshi. Ok thats great. Now were going to send it our thank you to. Put on not for starting the whole thing thank you jack dorsey for making a blow up to all the Line Developers all right i think you. Are smart youre. Awesome. The. Its hard to take some from somebody if you know have some to replace. The want to do this interview today dont use market open that may take me. 4 years ago in syria. So how can i tell you stop selling drugs if well hire someone to put the money in it back. Then just me all the way in life its almost been basically mccullers peaceful for us all or. Do you guys know whats a good many security positions ive been in that day or jack me again. You see people get all their cars and ill see you coming in the herd and they seems like theyll hurry up and run into the house like they dont want to they dont want to talk to your get your mail or anything like that. I just want to go. And do the. Run just try read a. Chance someone give me. What weve got to do is identify the threats that we have its crazy to confront dacian let it be an arms race in his own office very Dramatic Development only personally im going to resist i dont see how that strategy will be successful very critical time time to sit down and talk. You know world of big part of the lot and conspiracy its time to wake up to dig deeper to hit the stories that made history media refuses to tell more than ever we need to be smart we need to stop slam. The door. And shouting past each other its time for Critical Thinking its time to fight for the middle for the truth the time is now were watching closely watching. Trust is a very important part of bitcoin because while we have covered the greed and the narcissism and all the things that drive people to make bitcoin itself more antifragile and more robust trust is part of the consensus mechanism and consensus mechanism is what the bit queen protocol is right to have a system of social contracts that establish the relationship between the governed and those doing the governing and you hope to strike a balance and its almost impossible. But what because those constituents are so finely balanced within the protocol that trust is actually been. Mathematically solved in the form of this distributed consensus algorithm so we can focus on more important things than making sure that who were dealing with is trustworthy because if theyre in the network they are by definition trustworthy and therefore what we need to focus on is how to take that. 5060 quadrillion calculations per 2nd network cash rate and build something even more spectacular than anything weve ever seen before sure weve been to the moon weve been to the moon already where we going really beyond the moon. Who are we going to attract at this protocol. 10 years because well be used ubiquitously by both businesses and individuals to transfer money especially across borders in high value its proving that its a very efficient high value transfer system and as more and more liquidity comes into it i believe that that its going to be the most efficient means by which value is transferred especially across borders and its going to take over a lot of the Foreign Exchange market my hope is that 10 years from now it will be very easy for someone to just pick up a phone install an app and start interacting with the system not having to worry about things like chemo management or payments Channel Management or any of the 1000000 complexities that are going on under the hood so it is essentially the same way that people have been using internet and Internet Technologies where 1020 years ago you had to put a lot of effort into even just getting connected to the internet but these days you go out you buy a phone you install some apps and youre using a plethora of technologies under the hood without even knowing whats happening so a lot of people that are older like dont trust digital stuff because they havent grown up with it a lot of the kids today while theyve grown up with world of warcraft or you know using bend mo or pay pal or whatever so theyre perfectly comfortable with digital things. Making the leap to these decentralized digital scarcity isnt that as as big as if youre going from site and centralized scarcity to decentralized digital scarcity so i think a lot more people will be comfortable with it and by then a lot more of them best cers will be in their thirtys and have you know experience like 2. 2 thirds of their life with bitcoin an existence theyll have heard about it since you know middle school or high school so theyll be a lot more comfortable with it so i expect it to be much more of a store of value for them the 1st 10 years have been a nice proof of concept in it its shaken the establishment worldwide to its core the next 10 years we will actually be building real life implementations the begin to affect everything think about it 10 years ago we didnt really have you tube and facebook and google. In 10 years from now well be having smart contracts decentralized peer to peer Money Private keys and monetary sovereignty in 10 years we will have an entirely new world coming into view if a 1000000000 people in developing markets who dont have access to the Banking System start collateralize ing investments using big corn and dont even know theyre doing its theres not enough to coin in existence to collateralize all of those investments so theres only one solution the price of bitcoin will have to skyrockets to meet that demand which is what i believe is going to happen so you have this kind of essential tension between the whole dollars the people who have no intention of selling at least not in the short term at any price and consumers who can realize huge benefits from because as programmable money in these kind of new banking applications which ironically is going to drive the price significant we hire and create more of these socalled totallers so i think its going to be a really exciting time for 4 because over the next 10 years it going is going to succeed then the 2nd question is is it going to succeed gradually was the biggest the system is still running smoothly or is it going to succeed. Is crumbling down for example just to me just to make clear the email didnt evolve while of course the office where the crime rate and down we didnt start using you tube why the olive wood was burning in flames but we cool we may be forced to use bitcoin was the legacy monetary and Financial System is crumbling again down like it doesnt 8 but maybe warsaw before we get to that future max i would like to remind everybody as many fake saito shes will come forward in the next year or so had i do you want to remind everybody 10 years into bitcoin remind you that the 1st big queen transaction was between sit toshi and how finney sotto shes. How phinney the 1st transaction why does the toshi choose how funny what what was the genesis of it queen what was the environment what was the mood what was the reasoning behind it and i saw this quote from how funny that really made me think of what he was and he was a cypherpunk he was a cryptic graphic activists he was one of these guys and he said it seems so obvious to me here we are faced with the problems of loss of privacy creeping computerization massive databases more centralization and david charm offers a completely different direction to go in one which puts power in the hands of individuals rather than government and corporations the computer can be used as a tool to liberate and protect people rather than to control them so david chaum invented cash digit cash back in the eightys so anybody who pretends to be so toshi these days there were many people before him they were why they were creating these Digital Currencies was not for a when lambo it was for very profound reasons of of natural law of you as a sovereign individual be on the divine right of the fia kings i noticed during us all series in arrest me was how i define because what is big macs. Taxed speech. And speech is an Animal Rights that we have as americans if codified in the constitution bill of rights and having free speech in this case free text or free code code is speech we have a direct connection to that alien a bill right and a direct connection to the natural laws that were in place that informed the Founding Fathers of this country about what should go into the constitution and the bill of rights so this is about as american as you can get it takes that notion of free speech and alien a bill of rights guaranteed by natural law and it puts it into the fingertips of anybody in the world with the hope to be free animoto big point is now a technology that the individual can wield to enforce their individual rights when it comes to the money and to resources there are a lot of people and its al them that were taking this state out of the equation and they become fearful yes its not a ration of money and state but what were saying here is that its a return to natural law that we are in doubt with the alien a bill or inalienable rights including the right to trade to break free speech and the right to hard money thats an animal that means you cant put a lien on some of these rights you know having to use legal tender to pay taxes youre Winning People you know that why neither borrower nor wender be people are either going to rise up and take control over themselves in their own situation and use big coin or whatever economic. Rationale and tools that they can use to do that or theyre going to continue to be harvested by go ive stopped being turned into either melkor meat for political weeds so our money system is it essentially a dark ages and bitcoin brings the enlightenment to the dark ages of our money system car natural law guaranteed. An era of enlightenment from the very beginning and we have experimented with systems of governance throughout history and those systems have come and collapsed and the constitution the United States is the latest in one of the most advanced systems to bring about the inalienable rights guaranteed in natural law to individuals over the course of its 240 year history those have been subverted by dark forces within the central Banking System. Now with bitcoin which is effectively taxed which is in telling of all right as guaranteed by law we have once again the ability to touch like the gods we come from the eternal light. Of freedom so most of us who are not aligned our way over life with natures laws they have to change they have to change their way of living and big coin is going to come to give us a choice whether we want to ally our self with natures god and laws of nature or whether we are going to align ourselves with man made laws that are in corrupt that are so corrupt the ball and so in jest and the cypherpunks that they are not going to give us freedom and the core of the and we shouldnt just wait for them to just give us deeds tools they are here to give us a choice choice that works fundamentally change the course of the future stupid ideation but we have to be the one to make that choice and i go back to this. Metaphor of the film the matrix and then the member of the neo trying to free himself from the matrix and morpheus toward nero gave him 2 pills and one was red pill the other one whats blue pill and the red pill that it freedom and then ben other one the blue pill symbolized it on its going to be sporting events and oppression and so and then for security so now with the big we now have these 2 choices we have the pill or blue pill and until now until now we only have group pills that are promoted as the red pill by the political system of red and blue you know the one party with 2 head beast basically and so now we have real choices to make and we have repeal and we have. To be the one you know most of us can only show us the door and hell have to still walk through the door and the type of thanks was already show the front door and they quite ordered the show at the door and now its our time to walk through it it is never too late to get the big coins i think. You know we were in the space where you have the early adopters all different aspects of this curve but i think dsouza you get into it it does change the way you see the world you see yourself but i dont think its ever too late i think you know how from i guess 2009 and now theres always been episodes where people say oh as i missed it now with you to stick around you know this is this is right on time so i think if anything the time is now this is when you should get into it right now. And then if you feel this is the same. One i often said the enemies you empty car. If you could interest to transport cars to boost used to transport. Car pooling or what we do is actually very very tiny today so the biggest expansion for us in the next year but in the next 510 years is how do we build a better product with more trust more safety maybe a contract between the best driver to convince more drivers to shove a call centers for symptoms of. Their own backs or. For the feel good but so. Far good. Service is that people. Just should be the benefit. Consumers choose. To manage to finish the job not just because. They are there has been. A godsend. In a manner that need. To me believe it. Scared or. Give. Money. To the kind of the definition in. The midst of them run them shithead. Just. Close. The. Book. There for. More. In the stories that shake the week here in r. C. B. U. S. President says he canceled an air strike on iran because he doesnt want to kill anybody unless its absolutely necessary. I dont want to kill him on the radio. I dont want to kill. Anybody. Thats exactly this is. Venezuelas Opposition Party hes accused of spending for humanitarian aid on lavish hotels drugs and crossed the chief and total of 4 hours thats how long president Vladimir Putin spent on 3 questions from the public daniel q. And a session covered domestic and international