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life after Google echoes life after television which believe it or not this month and Vanity Fair was included on the contents page representing me as an original gangster futurist and who inspired original gangster Hollywood futurist who inspired Ari Emanuel but life after television also said that the dominant computer of the future would be as portable as your watch as personal as your wallet it would recognize speech it would navigate streets it would collect your news and your mail it just might not do windows but it would do doors open doors to your future and Steve Jobs pass it around to his colleagues back in the early 90s so I like to think I had some influence on the rise of these devices we all carry around so there but the real original gangster futurist as Satoshi as we all know and and we're here to celebrate boingy 2020 that's 2020 I'm alright 2020 satoshi vision now there's a two-fold scandal in the world economy one is the total collapse of Internet security it makes everybody paranoid we're scared of routers and switches which is from Huawei which has been made put on the identities list along with weapons of mass destruction and poison gas so the breakdown of Internet security is a disease that is infecting the whole world economy and and that has to be corrected the other great crisis is the scandal of money today the world's biggest industry it's not transportation or food or medicine or anything you might imagine it's currency trading and daily currency trading I've been saying all around the world that it's five point one trillion dollars a day which is 25 times all global GDP and 73 times roughly all global trade in goods and services but the Bureau of Bank for International Settlements has done its new triennial survey and it shows that in the last three years currency trading has risen from five point one trillion dollars a day by thirty percent to six point six trillion dollars a day and this is totally worthless activity it doesn't even stop trade wars endless hedging of any transaction across borders its Fiasco it's a scandal of money and great thing about the blockchain and Bitcoin sv is it offers the promise of solving both these great crises the ponzi money and porous Internet where all the money and power rises to the top all the data rises to the top where it can be hacked and that's the scandal of Internet security which in 2019 was worst ever by a factor of four so when people imply that the blockchain is some exotic and extreme solution to non problems that have been completely mastered by all the wise men and the central banks and the governments of the world we all know that's wrong the sign of a broken paradigm is the more money you spend the worse the results internet security spending Rises roughly twenty percent a year the result the number of breaches explodes currency trading increases 30 percent every three years result trade Wars and monetary crises the remedy for both what daniel patrick moynihan american professor politician used to call a unity a solution that apply that changes a number of different problematics is a unity and Satoshi's blockchain is a unity that addresses this core problem of the world economies and it all Springs ultimately from the information theory of economics wealth is knowledge that's the crucial thing we all intuitively understand or here we know wealth is knowledge because the Neanderthal and his cave had all the material resources we have today the difference between our age and the stone age is entirely the increase in knowledge wealth is knowledge growth if wealth is knowledge what's growth growth is learning it's tested knowledge it's knowledge that can be falsified it's represented by the learning curve which is the most thoroughly documented phenomenon in business strategy with every doubling of total units sold costs drop between 20 and 30 percent grow and and it applies across all industries Moore's law is essentially a learning curve growth is learning and learning is tested you know learning can only happen if it can be falsified and popular in terms it learning in the economy translates the scientific method into economics with every venture the entrepreneurial test of a new idea and it has to be falsifiable it has to be able to fail it has to go bankrupt it's good that 46% of all the cryptocurrencies died this registers learning and when government tries to guarantee growth it actually prohibits growth because all growth is unexpected bets its surprisal that's what information according to information theory is surprised it's unexpected bits if the government tries to guarantee the economy the result is to stifle learning and stifle growth guaranteed growth is oxymoronic and futile so if wealth is knowledge growth is learning money is time and time is what remains scarce when everything else grows abundant time I want to quote Carl Sandburg here time is the coin of your life it is the only coin that you have and only you can determine how it will be spent be careful lest you let other people spend it for you money is time time isn't money in order to translate time into money takes the ingenue ingenuity of people like Satoshi and that's what we all have to do this problem has not been completely solved yet translation of money in time into money is is a difficult challenge but money is time money is essentially tokenized time it allows this scarcity that applies to all economic activity ubiquitously across the economy it allows you to translate that into transactions and prioritizations across the economy money is time and this concept of money as time has launched an economic revolution it's time prices and time prices measure value by the number of hours you have to spend to buy a good and service to calculate time prices you use all nominal numbers nominal GDP nominal commodity prices against nominal wages and salaries and you get hours and minutes that are applicable throughout time and space and represent the true prices and they allow a real revolution we dispose of consumer price indexes GDP deflator x' purchasing power parity negative interest rates we don't have negative interest rates that's just total nonsense [Applause] and gold is a time price and the that guy with a pick and shovel could deliver gold just as fast and just as as giant mines can with automated equipment can do it today the time it takes to mine an incremental troy ounce of gold hasn't changed in millennia and when you use time prices you find out that economic growth rates have been far faster than anybody has imagined we have not had inflation we've had steady benign deflation accomplished by these learning curves ubiquitously of demonstrable across economies around the world and the china everybody assumes that the Chinese communist government has been exaggerating the rate of economic growth accomplished by their entrepreneurs and their free zones but the fact is measured by time prices the Chinese economy has been growing substantially faster than anybody is understood and as the US economy so the law of abundance as humans our minds not mouths and more population growth means more resources more abundance mines increase knowledge and wealth and this is the abundance indexed which Gale Pooley and Marianne 2p have contrived and what minds can do is transformative this is the amazing accomplishment and in Shenzhen the biggest free zone and China and now the center of the world economy systems of the world that's what govern these kinds of innovations and this is we're now engaged in forging a new system of the world Google system of the world the prevailing system at the moment is search in big data and cloud computing and machine minds and singularities all for free you transcend the market really by having no customers your only customers are advertisers and that I believe is a failed economic model and Jo Xiao chuan presented a new system of the world in 2019 - and freely floating currencies and create a new global money and he's the chief of the Chinese central bank which refused essentially to float for 20 years and thus caused all the other central banks to charge it with manat money manipulation actually it was refusing to manipulate money but at the same time and for the same reason a response to the crisis of 2008 the Bitcoin program was launched as a new system of the world as an alternative to the culture of money manipulation that caused the crash of 2008 and these figure of Wu Jana at bit main was a crucial figure in the whole revolution I believe he invented the application-specific integrated circuits that perform more of hashes a second than any computer in the history of the world it's an application-specific device it was an amazing feat that a bit Maine accomplished when they saw that Bitcoin mining was going to be the great new mining opportunity in the world economy systems of the world can change and you're changing them this is what Satoshi vision is about it's it's changing systems of the world and in that 2008 the worlds for companies in market cap were these familiar names like China petroleum into China industrial bank and the usual names today completely four different names ten years later and how did it happen in an Information Age economies can change as fast as Minds can change and in 2023 those could be all of them are experimenting heavily with block chains or the crypto Kazem or possibly Todd telegram online network which has 285 million telegram users to create a new community for a new blockchain the SEC refused to approve it in the United States so it's had some problems but regulators are always going to be resistant to any radical change so we're moving from Google life to the afterlife and Google's first law was focus on users communications first and give them free stuff the law of the cryptic Azam is security first and nothing is free [Applause] the most exciting part of Craig's speech yesterday to me was the stress on micro payments this is a way of having customers which means propagating learning which means expanding knowledge and fueling growth and that's the rather than avoiding customers avoiding having specific liabilities to people you serve and test test it in the market and so this is an important one of the most important contributions of satoshi vision the cryptic azam law is not just to serve customers doing one thing really well but to create a secure foundation for customers to do many things really really well a platform this is a platform that can expand opportunities around the entire world economy Google wall is democracy on the web works but Google is a hierarchy and in the cryptic azam law majority rule is a 51% attack a catastrophe the blockchain is a header our key not a hierarchy and you don't really need boating if you distribute the power widely enough which is the genius of the blockchain you can make money without doing evil as Google's idea and the goo and the Google idea of Bitcoin evil is the colossal waste of money and co2 emissions in mining but it but that is a trivial problem if indeed it's a problem at all the biggest waste from the point of view of the cryptic azam is six point six trillion dollars a day of currency trading Google lawd there's always more information out there and we can get it by giving away our services for free but cryptic Ozlem laws shouldn't the information be owned by its creators not by its distributors Google will the need for information crosses all borders but the cryptic azam is global also but it respects the borders of your computer security is a property of the user and device not the network or even the nation cryptic azam law we provide an architecture of security and timestamp actualities which enables our customers to be great your face there so the Google system of the world is broken in ten different ways and the cryptic Azam disperses the clouds and remedies the Google system of the world with sky computing where all your devices contribute to a global computer capability which is enshrined in immutable facts on the blockchain and one blockchain already solved a crucial problem of the US economy really the collapse of IPOs initial public offerings down 90 percent in 20 years people talk about a thriving US stock market the US stock market has 50 percent fewer public companies than it did 20 years ago and most of the demand re cycles cash from the companies themselves as much as 80% of the new demand for shares it comes from buybacks by the dominant companies and we had 20 billion dollars of I SEOs and this was a brilliant existence proof that blockchains could solve absolutely central problems they now you know improvements are needed as we all know and that's why you're here and Satoshi SV is a new solution but we did have one tremendous success that twenty billion dollars is what has endowed this great movement around the world so the remedy for the scandal of money is money as a measuring stick it can't be used as a magic wand it's a measuring stick irreversible time is translated into the economy through money and time is irreversible it can't be stolen or hoarded it can't be printed by central bank's it can't be it's distributed with remorseless equality to rich and poor alike 24 hours a day time is the source of all measurement and if money is a measuring stick it has to be based on time all the system international physical constants that underlie the meter the second to kilogram all these different entities in the measuring sticks that make possible the physical transactions of world trade make it possible to conceive chips in Israel and put them in systems and Cupertino and manufacture them and in Taiwan and sell them in China you know what all that is only possible because of because the second the meter the kilogram mole the all the various crucial temperatures degrees Kelvin always involve frequencies in some way and involving frequencies it means they're ultimately based on time and money too if it's going to be real as a measuring stick must must reflect the scarcity of time well we may not go into quantum computing I like quantum bad but huawei chief says the blockchain is worthless because of quantum computing but quantum computing won't just break Prime's quantum computing can protect data and quantum computing is really something of a misnomer I wrote a book in 1980 in the nineteen eighties called microcosms the quantum era and economics and technology and all computers are quantum computers what we call quantum computers today are really new analog computers there are new forms of analog computing and the reason analog computing hasn't prevailed is because it imposes all the burdens on input/output it moves that the burden of the computation from the processing of symbols to the input and output into the real world and so quantum computing has the same problems of all analog computing and I I don't pray I don't think it poses any problem to the blockchain even if Google has quantum supremacy I believe that pen Jen way who entangled qubits over 1200 miles over satellites is really a more important accomplishment it uses quantum entanglement to preserve information rather than to achieve these mostly hypotheticals results of the quantum supremacy at Google my daughter wrote a book on this so this is a commercial interruption but it's a great book it's the 8th it's called the age of entanglement and so I believe satoshis SV is a remedy for the poorest pyramid of the internet stack a hierarchy that allows all money and power to be sucked up in up to the top all dad had to be sucked up to to the top where it can be hacked and SV is a header our key with unlimited scaling a payments micro payments wallets and a cadastre for the Internet of Things I believe that is really what the blockchain is it's a cadastre which is a collection a ledger really of all different forms of entities and said cadastre global ledger it's 20/20 vision for the future and with money in the internet fixed by the cryptic azam we can fulfill a monetary vision of Satoshi and restore the primacy of time in our global economy so other people aren't spending it for you all the time central bank's have launched 250 trillion dollars of debt which is being imposed on all our descendant and this is the most successful publication of life after Google it's a number two book in China for a while and was judged the best social science book in China last year so that's exciting and and Xi Jinping actually endorsed blockchains so so there's movement in China despite all the bad news we hear there's positive news for the blockchain and China and I've I've spent a lot of time in China and met Craig there for the first time and at the edge conference and it's exciting thank you [Music] hi guys I'm Johanna Boca with pointy calm and I am here with George Gilder or aka mr. pointy gangster original original there you go see now you can do it all by yourself so let's talk about him since you're bringing him up right us bitcoin mine or one of the brightest bitcoin minds is a charismatic genius and there are lots of geniuses surrounding this movement which is why it's gonna prevail and why it's gonna solve the two key challenges of the world economy one is the utter collapse of internet security 8 billion breaches last year this complete catastrophe and the other is the scandal of money six point seven trillion dollars a day of currency trading is 25 times all global GDP every day and it doesn't even stop trade wars it doesn't even stop endless hedging it's a complete scandal and the blockchain is the unity a single solution that can address both these crises the crisis of internet security the crisis of ponzi money and I think it's gonna prevail because all our questions are questions I asked one of our other interviewees earlier if in 2009 they ever forced saw this coming did you well I saw a lot of transformation you know I'd written life after television back in 1990 which said the dominant computer of the future would be as portable as your Watts personal as your wallet it would recognize speech it would navigate streets it would collect your news and your mail it might not do windows but into doors open doors to your future that was passed around by Steve Jobs and probably influenced in some small way the world in which we currently look at our smartphones every 35 seconds all right well thank you so much [Music]