Industry sign banking new mexico ppt mobile
good afternoon everybody I hope you all enjoyed lunch on that gorgeous beach it's quite a pleasure to be here in such a wonderful heavenly environment with all of you exploring these most interesting and timely topics my name is Liana Cooley I have the great honor of moderating this panel called demystifying decentralization so I will start by introducing our presenter introducing our presenters but before we do that I'd like to get a show of hands for the audience over here I like to start by asking everybody who in here does not currently own any cryptocurrency and it does not have anyone that's excellent okay raise your hands excellent that's a lot all right so it looks like we have a lot of crypto newbies here in the house which is why we decided to put this panel together in hopes of showing and explaining and empowering each one of you so that you too will be able to describe what the heck is going on here so I'd like to start the panelists are going to introduce with self we have Amir Ross it we have Shannon giving and we have Alex chocolate so I'm here why don't you go ahead and tell everybody a little bit about who you are and what makes you this the expert that belongs on this stage well thanks for the introduction I want to call myself an expert I don't like definitions I'll make my bio super short I run blog geeks my business partner is Dmytro peter in the Telex father for the last two years we've been educating all developers around the world and were the world's biggest online trainers of developers and people were working to educate themselves in watching as well an assignment my business partner Jason we won a venture fund incubator called blog spring we're invested watching companies definitely not an expert I'm much closer to the new end of the spectrum so I like to think that I'm still new enough to ask some of the same questions that new people have my backgrounds in international development so I was typically in a village somewhere trying to get kids on computers and came across the space because of the birthday boy mount McKibben and in my friend max borders and ended up here today and I'm just really excited because I think this space is what's going to to unify our world again hi I'm Alex I'm from Vancouver I've been doing a educational outreach for Bitcoin for about four years now mostly on a ground grassroots level we host weekly or monthly meetups on specifically on intro to Bitcoin or intro to cerium we also host another wide range of meetups around the technology in a more like 201 301 level and I've just been kind of the go-to that people end up end up sitting around for an hour to after every meetup at just answering any question I can because the technology really excites me are getting constantly hounded by all of their friends about the most basic of questions and much like many of you here in the audience I was totally crypto illiterate up until about ten months ago when I started exploring space and now there's a lot to learn but so we're you start by going super super basic and we're going to start by asking the three of you what is Bitcoin and what is watching how does it work and if you could even give it to us in a way that you would describe it to your grandmother right so give us give us the most kind of basic metaphors and things like that that we can use to help understand this and so that we could go out in the world and educate others as well it's a good question I actually want to echo up andreia sense about where it says keep your super city money or the Internet if you're trying to explain it to a grandmother she understands the Internet I understand it so if money is you put those two together you have money for the Internet the simplest way I can say it is a distributed amounts of computers around the world that's not really controlled by anybody they talk to each other it's a peer-to-peer system of computers anyone can join so okay so I'll make another analogy and who's to use Google who's use Google Docs here Oh perfect okay so all of us are sharing a Google Doc right now and if I type something in the Google Doc you see it right correct and if you change something I see it so it's like a public ledger among all of us on this Google Doc and now instead of thinking as a Google Doc imagine if you were a computer I was a computer and each of you participating in this Google Doc was a computer at any given time if anybody wanted to change something on this ledger everybody would see it with exact same time everyone would have to validate that your change in this ledger was accurate so it's a transparent ledger that every computer has the copy of but every computer has to double check every other computer to make sure that information is correct if I were speaking my grandmother who would never have touched a Google Doc um one of the ways that I like to think about it is like you know in the u.s. we have social security cards and most of the US citizens at one point have lost that card and I've had a hard time getting an ID and so rather than having that one card it's like thinking of having 10,000 of them distributed around so rather than having one organization that holds the information on all of that all of those cards you essentially you you have so many copies so much disbursement that it would be the equivalent of trying to into a castle versus try and hack into an entire city simultaneously with different keys so how do we have that information that's widely available but also completely unchangeable because of what Amir said about the fact that everyone would have to agree at the same time so yeah just think about having a paper document but having 10,000 of them rather than one so my favorite analogy that I use on my mom is most people kind of get what email is by now you know and Bitcoin works really the same way except instead of sending words you're sending money or you're sending in like value so whereas Google or hotmail or any other email service is what we use to interact with the email protocol a Bitcoin wallet is what we use to interact with the money and it works basically the same way if you know the address you're sending to if you know the Bitcoin address or email address in this analogy you can communicate with them or send them something and it doesn't matter where they are it doesn't matter if they're around to receive it you know what we'll get there very good all right so now we have the basic understanding of this like this structure and the system and now I'm wondering if I have to be sharing with the audience a little bit of your own personal story but why should we care and why are people so excited and in what ways does this impact the world people are here on stage you know talking about this all day can you share with us a little bit more of the mechanics about why this matters and perhaps maybe why you care good question it's a good question um what am i one of the people I really like is Milton Friedman and one of those things are free to choose what this technology does and you know you have Bitcoin blockchain of the theory and blockchain um an era blocks and you have all these different block chains out there and each of them are technologically a little bit different from each other use case a little bit different feature a little bit different well what this technology enables each of you each of us around the world is free to choose we have the option ality to choose what ecosystem we want to be part of we have the option ality to choose what type of currency we want to use we have the option allottee to choose who we want to communicate because what is money money is a form of communication it's it's an agreement between two parties that agree that something is worth X I'm willing to pay for that now with this technology we can choose any type of currency let's say litecoin Manero Bitcoin and if you decide that you won't accept that you are choosing your own right to accept a different currency well what this expands beyond this is the fact that for the first time ever in human existence and civilization you're not forced to use a government currency which is when you think about it pretty remarkable like for the first time ever I have a secondary option besides the greenback or the Canadian currency I can use paper I can use Manero so this opens up Pandora's box of optionality x' and choices that people have I think about this summarized of watching does is gives people more choices yeah just to expand on that one of the big things is a lot of people don't have any choices even to use the greenback for the Canadian dollar and with Bitcoin and other blockchain technologies specifically the currencies we're giving everyone in the world a chance to have access to banking instruments so right now I believe two-thirds of the world has no access to any sort of banking instruments all they need is a basic cell phone and nowadays in even third world countries they have decent internet better than Canada in some cases that's a fact but now they know they'll all have access to banking the same way that we do as a normal thing so even though we are all excited about it bit coin and crypto doesn't affect the first world nearly as much as it will affect the third world I worked in a village in Gabon which is in West Africa that didn't have electricity because the politicians were stealing the gas that was powering the generators I went out there to get kids on computers and the computers were still in boxes because they hadn't had electricity and money and I've been waiting for governments to figure it out for NGOs to figure it out for somebody to start bringing in the resources so that we can start sharing them and I ended up at this conference that was talking about blockchain and crypto and I realized oh my god somebody just went fixed it we've been waiting and waiting for these like intermediary or these powers that be to finally come and help us and somebody just circumvented it and just and that that provides such a a communal way for us to interact now that now you and I can interact with the rice farmer in Bali you and I can now directly send money to our neighbors there's no where you at Western Union there's no more exchange rates there's just us and that creates a decentralized global community in a way that now we share the resources [Applause] [Music] raised down at the bottom of the sigh and it literally says stop fighting the system in the paraphrasing stop fighting the system and just build something better and that's clearly she was waiting for a solution from within the system and now we just build something and it's irrelevant so we've seen the way in which blockchain creates a system that makes the old one obsolete and I love that this code is here only one my favorite quote to make so much thanks for both topics when you're discussing and we see a lot of a lot of talk and hype around the application of cryptocurrency on the blockchain I'd like to hear and learn a little bit more about what other clients and applications can be built on the blockchain that can have a massive impact on humanity society so outside of just the financial applications a couple ones we didn't I think you like density is a big one so for example in Canada action North America waited Equifax hack so basically Equifax is responsible for doing your credit score rating they have your sin number social security number they have all the information in fact with your social security number they can fraud everything of you people understand that's a massive issue getting your sin number stolen off of Equifax so in the future you as an individual having the power and the freedom to actually control your data that's a massive one as opposed to other third party companies such as Equifax create arbitrary weird credit credit rating systems and controlling your data let's switch that around and for you to control your data and for you to decide which people have access to your data not some company profiting off of you or having a very very shady security that's it frameworks that you control everything at in a day so that's a big one just on tobacco so everyone knows who we've been trusting our data with the Argentinian login for Equifax was literally admin and password either so yeah I think there's a bunch of really exciting application that's gonna change real estate transactions and medical records and electricity and power grids and I'm sure you have yeah I'd say the three main ones that people focus on right now are voting and then as extension of voting governance and then identity so with voting we're gonna be able to be once we have our identity and we are in control of our identity we are going to be able to cast votes in a way that we can check that we cast that vote anyone else can check that we cast that but not necessarily by us but they will say okay this person whoever that identity is would cast that vote and you'll you'll never be able to change it and then once we can vote on the fly we'll be able to we'll be able to but on smaller scale things so within communities within you know the community city government level we'll be able to have really on-the-fly votes for things and know for sure and there's obviously pitfalls there like what happens if I sell you my identity if you want to get ten votes you know I'll give you you give me 50 bucks and I'll vote with you so there's all those problems that need to be solved but on a micro level the blockchain allows for entities to exist as if they were people so your fridge uses a lot of power during the day in less power at night and it could be trading with your laundry machine when it meets when it needs power and say okay well my fridge gets cheaper power and it can just micro micro micro transactions are soon going to be possible that we'll be able to let our appliances basically and everything we do in a non controlled way be able to communicate with each other and trade value so things become more efficient and there's a lot less waste yeah so I'd love to jump into how each of you would define decentralization and how blockchain is part of creating that opportunity in our world how that connects it's a complicated question because the different forms of consensus when it comes to these centralization it's a trifecta when it comes to scaling up blockchain you can't have all the three so for my proper blockchain to scale you need decentralization you have scalability they have security but you can't have all three at the same time right so you have to you have to give one up for the others so the question is what you give up right you have for example some block chains that are running on a delegated proof of state which some say you're actually giving up security model there's an actual issue so I think Vlad and metallic they had a really good paper in this and some thoughts Fredersen also one of the cofounders of coinbase I think in the future will have there's going to be different use cases for decentralization there won't be an exact definition and what decentralization is everyone have a multi-layer governing system we're not just kind of a government system like oh all the consensus is done on the theory of auction and Bitcoin blockchain we're gonna have a multi-level governance system kind of like how the United States was originally decided to create where the states will counteract each other my kind of counterparty risk so I think that's the direction that we're going but to define what the decentralization is I think it's a very difficult thing to define and we have different use cases for it as well yeah I'm gonna go a little bit more right-brain with that one that's gorgeous and I think just real quick analogy my favorite one so far has come from Mike margulies who said that you know as as blockchain is a peer-to-peer system where you and I now interact with each other psychedelics are creating a decentralized brain so rather than having all the information come through one system we're now creating new neural networks and to me that was such a beautiful overlay of of what we're looking at here because now it's not just all channeling through like the same communication channels and the scene at channels th
t we are now creating our own notes and we are like that's individual to decentralize with each other like the soundbite of systems without a center of control so you have do you want the donut hole or do you want the whole donut right you have this small thing where everything is concealed can you know forced around this one area and everything happens in there but when you get a decentralized systems it grows bigger and everything can interact with everything so that way you have just a system without a centralized power point and it also makes it extremely hard to shutdown because all of the other systems like Bitcoin similar money internet money systems that have come around in the while have all had a central point of failure that through use of force in general the government has just said no I don't want my there's no point for me to centralize business the servers are slower information slower and I don't want people auditing what's happening in my company all right so then how do you make the distinction versus what should be centralized but not having great that was very decentralized to answer a lot of people in here are newcomers and I wanted to dive in to a few of the key terms and phrases that are so often tossed around these environments just to make sure everyone's up to speed and educated about them so we're going to go through a few of those and then I'd really like to open up the audience to questions so start thinking about you know you've got you've got these people here with a lot of information that you know we have people in this room that probably want to figure out how to establish a wallet and how to put money in and pull money out of the system so start thinking about the types of questions you wanna ask and I'd like to start by asking each of you what is a private key and what is a public key and how do these work and interface out the system so the way Bitcoin works and all these crypto TSA's you have two keys which enable you to send and receive your money your private key which is the most important one if and then one piece of us have to always say is your private key is called your private key for a reason you should never show anyone and if you can avoid it it should never even touch an online computer this system still early so there's a lot of risks of hacks and stuff so your private your public key is basically your email address that anyone can email you money they can send you money and once that money's in that public key address the private key allows you to spend it so when you're looking at a Bitcoin wallet there one of the most important things or the most important factor you can look at is does this wallet give me full control of my own private keys does it give me power over my own money because you know as soon as we go to this new decentralized Bitcoin system and everyone's you know excited and getting on board then they use a company like coin base now coinbase is a wallet and they will sell you Bitcoin but they will stay in control of your Bitcoin so we're basically trading one for another if you stick with a law like coin based or you they control your private keys now unfortunately I don't have any highly recommended mobile wallets right now samurai is the one I'm currently using it's if I'm not gonna call it a medium recommend because I haven't had enough time to do the deep dive but you know it allows you to control your private keys it gives you full control over your own money and we can go back to the whole early phrase everyone is using which is be your own bank which is a lot of responsibility so learn before you dive too deep great and then that's a try to keep what is it publicly the public key is the the email address the one you can give to anybody and on the public key is all someone needs to send you money and whoever whatever public key you sent the money to the Associated private key is needed to spend that money and it is lose Abul so be careful yeah at least ten percent of the Bitcoin in circulation is definitely gone and if you go in the subreddit every time the price goes up a lot there's people saying like I had met quite a few years ago and I don't have this information anymore what can I do and there's about a 50/50 chance that it's just gone and the other 50% is like someone really nice online those through some weird steps with you and somehow you just recovered more money than what do you enter in activity walks forever and never recover and so in our current system there's certain nutrients that you have when your bank accounts holding a certain number of money you know that no matter what happens that that money is insured and that bank will it's a it's a trust thing and so I so yeah I'd like to what do you have to say about that to people who have a fear around the crack that things can be lost forever did I share your fears I have two children and if something were to happen to me they would not get my Bitcoin as currently stands but if something happened to me my Bitcoin would be lost in my my children you see legacy so wait and I don't think that's really been solved yet it's the way we would transfer something to our children and my young I can't explain to them a lot of these things and it becomes a really hard problem but is there anything everything else over time like things are getting solved that's the focus of the space that comes with that you know like with the ability to get in touch with JPMorgan Chase and say I lost my passport please help me comes the risk that if there's a run on the bank they are gonna lock your account down and you don't have access to something that is yours so do you take slow responsibility this is mine it's no one else's I can lose this I can keep you now like at some point there's a there's kind of a level of like via grown-up I'm a comic book junkie I love spider-man spider-man is seeing a spider-man so what great power comes great responsibility and when you take event when you take responsibility for controlling your own keys you're responsible for everything you're responsible for your private keys a responsible healthy public keys you're responsible for your wallet above all you're responsible for your habits that's the most important thing because it is the wallowing breath right now and there's so many different ways people can steal your cryptocurrencies and that's all they're talking but the end of the day is like you're taking responsibility if you want control of your life you want control let's say your finances or your identity you will need to basically have responsibilities to handle all this stuff it might get easier in the future yes but right now it's I still get nervous sending every transaction just as instinctively I'm like you got to look at the addresses you make sure he just and I even get nervous after sending countless transactions just because I know that if you make a mistake it's gone and there's no recovering and that is a feature not a bug it is a feature that it's one-way transactions and that makes it more secure and as but as a side note it makes it more vulnerable to certain types of things I think it's really interesting that one of the qualities that is important to this entire movement is that personal autonomy and responsibility and I think that there's a similar kind of parallel we could draw with the psychedelic community as well and I also just saying that it's we're all like radically individualizing while creating these meant international borderless communities it's kind of a paradox so yeah I don't really ever question about that my next question actually is just back straight into basic terminology can you share with us what smart contractors and how it works yeah that's a tough one so it's one of those things that I get to ask that our meet up someone and is always answered differently by different people and the best way to describe it would be a contract written online that will execute itself when conditions are met that might say that when you receive you know one when the total this contract receives of one Bitcoin it automatically gets sent to Matt and so the contract would sit there there be a reason for people to send money to it for whatever reason that would be and as they did every time there was one full Bitcoin the contract it would get sent to Matt and that's the most like facing example if it's just a self-executing contract that will execute when a certain set of conditions are met so I'll just expand on that who's using a vending machine here yeah okay you put in money you press these seven you get a Snickers bar just take exactly what happened there and you have a smart contract online it's if this then doubt rules exactly as you stated yeah okay great well I'd love to actually take this moment to open it up to audience questions this is really about educating you so we'd love to know what you want to learn about what you want to know I walked around last night I heard so many different things from people about their different areas of interests and expertise or the subject so if anybody has any questions please go ahead and raise your hand yes yes many pizza stories he's asking about Pizza stories which is a reference to the first person to ever use Bitcoin as a currency spent 20,000 bitcoins on two large pizzas so I have I have countless Pizza stories from 2013 I went to dinner I bought beers I shouldn't have to work anymore but as a believer in this technology and currency I've consistently used it as a currency you know which is seem like a good idea this time it's been there for me when I needed it to you know move or take care of some life issues I think anyone who's been around for a few years has had a lot of Pizza stories where they spent something and then it went up later but there's no regret so I don't think they even the early pizza guy has regrets because he's forever the first person to do transaction well I think that's interesting I had a conversation with somebody if months ago that was talking about like this it's kind of deeper cleft in them in this face right now that should it be a currency should we be using it at Starbucks to buy our gas and all of our transactions or sure it should be a resource or a store value and this gentleman said okay I have a chicken and that chicken lays eggs and now I have breakfast do I have a currency or do I have a resource you know so we're starting to look at different ways of like we're bringing in our legacy concepts of what money is so maybe we need to just start breaking apart the language around it and thinking more about how do we how do we provide value in an exchange for value with each other rather than here's to 75 or things I'd love to actually just follow up and ask all of you on the panel if you believe bitcoin will end up being more of a place to store value or be more of a place that's in our transactions I will definitely say that Bitcoin will do all of those things as more we call layers or getting built on top of Bitcoin allowing us to use it in different ways currently especially as of a month ago it was extremely expensive to transact on the network we're talking like it upwards of 10 or 20 bucks to send it and the way Bitcoin works if you send any amount so if you could be spending $10 transaction theater coffee or $10 to send a million sieze without permission it's still a great use case for both but you know you don't wanna pay ten dollars for the coffee but as more layers are getting built on the Lightning Network is getting up and running right now and that's allowing extreme micropayments we're talking less and your fees will be fractions of a penny and can you share a little bit more about what the Lightning network is yeah so when the way Bitcoin works is it allows you to do a lot of technically cool types of transactions so there's the basic I send money to you simple as that but it also allows us to do interesting kinds of transactions where I could say I'm gonna commit some money that I'm going to walk in and a walk in to send to you but I don't necessarily need to send it all right now and that can be done for an indefinite amount of time so now me and Matt have this channel open between us where we can transfer money back and forth instantly it has the security of the Bitcoin network but it's just back and forth over and over again but as soon as Matt and Shannon I got a channel open all of a sudden I want to send money to Shannon the Lightning Network will know that because we both have channels open it will just route around and it will make its way to her and the way they are building on a lightning Network they're doing a lot of work they didn't need to do they're adding what's called Onion Routing where yeah naturally they literally are adding as they did so much extra work to add in something that for whatever reason no one's talking about but it's gonna give us all the privacy where as soon as everyone in this room had one or two channels open with each other I could send money to anyone in this room and no one would know how it got there it would just bounce through 20 people which is the maximum amount of hops and it would just make it there and only you'd only know who you got if you were one of the hops you'd only know that you've got money from this place and you put it over there you wouldn't know if the person you were sending it to was the last in line and you wouldn't know if the person who sent it to you was the first in line but you could know through the magic of cryptography and then it's gonna make it there and the person would obviously confirm like hey yeah I got your money so very soon the channels are starting to be open it's it's basically like VidCon was in the beginning the developers are saying don't do it don't don't open channels it's not ready yet but we're crazy so we do it anyway and yeah when that's done we're able to send global fractions of Penny payments to you in the white shirt it's nice to repeat the question she said she was interested in the electricity component and the natural resources that are going into the yeah so currently Bitcoin litecoin aetherium works on a consensus mala called proof of work it takes a lot of electricity and use electricity to turn on your graphics card called a6 or these for Bitcoin in the future many of the block chains will not be on a proof-of-work mechanism they're gonna be on a proof of state mechanism so actually staking currency now here we go so proof of work how it works in a nutshell you have all these graphics cards I have to solve a random puzzle call them nuts this random number in the Bitcoin blockchain and it's all guesswork and it takes large amounts of computing power to figure out this guess work and once you figure out this random number called the Knutson in the Bitcoin blockchain you're more than a Bitcoin however it takes ridiculous amounts of energy to power all these Asics these graphics cards well however the question when you say consuming too much electricity my question and they've done the numbers on this I don't have a couple my mind is how much electricity does the banking system take and the carbon footprint is like armored trucks the employees that go in those armored trucks the production of the armored trucks and that's just to transport the money yes the carbon footprint behind Bitcoin will stay consistent and scale with itself and the carbon footprint behind the legacy banking system and how we use money right now is factors more than what bitcoin will probably ever do pretty much proof of violence it's you know how the guns it takes to keep everyone using the American dollar there's a lot a bounty on providing clean sustainable energy so the people that can provide the cleanest and most efficient forms of energy on the planet they get the most bitcoins so it's an incentive structure to create those clean forms of energy Matt just said that there's a bounty basically being put on clean forms of energy in that the more efficient you get the cleaner you get the more Bitcoin you will get from that so we are now incentive izing the cleaning of the face okay that's really good one yeah in the back yep trilemma Oh scalability decentralization and security yeah so if you're lo
king at building any blockchain one of that is Bitcoin in theory and litecoin etc you can't have all three you got a pick or choose 203 the question is which two do you pick over the last one most people are picking these days security and decentralization over scalability which is smart in my mind scalability if you just choose scalability first you lose security and you centralization which defeats the whole purpose of what blockchain is trying to create so you as a creator of a blockchain or you as let's say a supporter well let's say Bitcoin or aetherium or litecoin or Manero whatever these different platforms out there it's up to you to decide which one you believe fits your myth notes or ethos much better so just keep those in mind you can't have all three you can only have two hundred three follow that up with a very generic question that this kind of starts the answer which is what is an ICO and what are people investing into when they invest into an idea Ponty yeah they're really investing in a nothing and most of the time it's and I think the worst part about it is it's working so these some company comes out and says I want to raise 50 million to build this blockchain blockchain blockchain yeah you know I have a new measure when I read a white paper from a company I call it the EPP blockchains per page so you read their white paper like how how many buzzwords are they using and what do they really do and a lot of the times these these I SEOs really are never going to accomplish anything or already haven't or never will and the really sad part about the industry right now is it's so irrational and so new and everyone's so excited and doesn't even know why they're excited that they're all all these companies that are raising insane amounts of money are actually like making all their investors money even though they don't do anything and it's a it's gonna it's gonna come to an end sometime but who knows well listen I see you as a remarkable innovation for a raising capital and it can be applied to many different factors of business it can be applied to let's say crypto security models yet or tokenized security models in the future or tokenize from real estate are given a dividend tokenize there of it however for the most part the reality is the technology today we need years I mean years to really test the platforms out there and for the most part block chains are actually horrible a lot of things horrible at scaling horrible at storing data horrible for user experience any piece of look at most businesses that's the opposite you need scalability you need instant transactions and you need ease-of-use so that being said what do you read these white papers and there's so much jargon and like AI decentralization blah blah blah they have no idea what you're talking about whatsoever for the most part a lot of times blockchain technology actually disables and certain types of businesses and it'll enable other tech performs of businesses I think right now the greed and the hype is outpacing the realities in academia of what this technology can actually do today of this second and also not to mention like if you look at regular investing when you're an investor regardless of if you're a printed an investor or if you're not at credit an investor or if you're investing in real estate you're investing equity you're investing in shares or investing in dividends right for the most part when you invest in a nice you're investing in nothing but what's worse forget about not investing in nothing you're investing you know business model it doesn't exist the business model is speculation they need more people to come underneath them to buy more tokens for the most part the token is not used with any let's say eternal economic incentive you know they're not selling anything they're not selling a service they're not selling a product so is it necessary that what's happy to say I think so it's part of the process you know and at the end of day I SEOs won't evolve to other variations and forums will have different forms of icos whether that is like I said crypto you know token equity but for the most part where we are currently I think it's just smoke and mirrors yeah kind of an opposite perspective maybe I am a hopeless optimist there is a ton of vaporware here there's a bunch of projects that are bad and people that are just trying to steal money it comes back to being grown up do your diligence look into it do you know any does anyone you know know someone on the team or do they actually have a product that's viable but I mean there are amazing amazing projects that are coming out of this space and that's why I believe in it as deeply as I do there's a cognitive here that are doing all sorts of great things to create communities my company is pop research it's a decentralized search engine and it's bringing it back to community and bringing it back to us caring about each other and that's interacting with each other and maybe it's 95% negative but that because those projects are gonna change the world and we it goes to 6 long so you look at the power log distribution there's gonna be a handful of companies actually do well and actually have a problem that they're solving that problem no problem being eliminated is a massive benefit for people around the world for the most part most of these ICO is coming in as a money grab 100% they're not solving you nothing right what so look into it don't throw your money at a flashy website that you know like they did a really great job and put together a paper like make sure that you know what your talks on fiber get your own white paper things I would like to say when I see was there's two vancouver companies that i've spoken to and they hadn't mentioned when they mentioned they didn't i co i kinda you know i gave a little trouble for it and then he the kind of the brave browser as the company and he basically said if we didn't do an IC o---- there's no way real real venture capital would have funded us because we want to give privacy to internet browsing we want to give you control over who advertises to you and that kind of gave me a lot of perspective that like you know okay these are bad but there's certain companies that would never get funded and the other one is right mesh really they didn't I see as well yeah they're and they're from my crew and they're great as well and they're bringing uh you know small-scale mesh nets to like everywhere so like you know all the few people with cell phones in a village in a third-world country are gonna have accessibility now in one last note stop telling people to google it research so uh I get to have one more kind of follow-up question to all of that which is how is any of this legal and and what and I'm looking at this more from a US SEC perspective but perhaps you want to talk about that how the Canadian financial system deals with this as well I've been speaking to OSC the Ontario Securities Commission and also people from the antenna day we're gonna have a lot of escaped goes to come down on a lot of people be arrested this year next year one of these tokens will be viewed as securities 100 percent there's going to be very very few use cases where token actually is a utility so the thing here I'll simplify and simplify things for people if you can take a token out of an ecosystem whatever project you're looking at and replace it with anything else that's a securities period in 99 percent or 98 percent of those are the case there's very few cases where I can take the token out and the whole system falls apart in those cases that's a utility so it can't be defined as a securities regulation sorry Bitcoin aetherium that's one of them Manero there's another one and those are just all the raw currency let's see like yeah those are all protocol they're like the Ruby futures markets you explain that a little bit about why why bullying is Syria with Bitcoin out of the system would collapse the system the Bitcoin or theorem is used as the it all kind of works together when you have a blockchain a currency and a protocol so the protocol is that how the computers interact you know the the currency is the reward for having the mining process where you verify the transactions and generate the currency so it all kind of works as this ecosystem where you know the miners do the work they generate the new currency they verify the transactions and then uh and then if you so if you took any one part of that out the whole system wouldn't work anymore you kind of need to have all three but with icos most of them are actually just built directly on aetherium yeah you can copy paste from the etherium main web page they tell you exactly how to do it copy paste this launch your contract and you will now be doing an ICO and anyone who sends money to your contract will get your token and you can say my token is called whatever useless coin yeah how it's going no useless corny stuff I don't know it's going to do something and I wouldn't be able to do much and you can define what it does and you can tell people what it's going to do and it's kind of created real negative in the spaces in theorems become an ICO generator and so how do we interface if we're dealing and working in crypto with our you know governing bodies not manage securities well I'll tell you the biggest another big problem not to make people talk about the point of fill in the spaces exchanges now the liquidity of most of these tokens are in exchanges whether that is Polonia expect racks finance you name it now let's say like right now we do a token and it's worth whatever five hundred million dollar market cap a majority of the transfer the liquidity actual movement of our token it's on Finance for example and if finance for example gets a letter from like regulations from Securities Commission saying hey you got a security tokens on there you got a delisted imagine overnight that if one company or one exchange the elicitor token then the whole value your company disappears overnight to me that's scary that's just ridiculous and so well it first needs to be done is we got to really figure out how do we create better exchanges how do we create both regulated what's a regulated unregulated exchange of security models or frameworks and also when it comes to raising let's say you want to do an icy own you have people want to do it their house invert Alec talks about this true--but talks about this where any bit crisper Netsky talks about this where if you look at traditional financing and investing if I'm an angel Nestor and I give you seed money I give you half a million dollar that's it you're not getting any more proof to me prove to me what you can do with half a million dollar first before I give you a million dollars then once you prove your business and you actually have a business model we'll give you a Series A which is five million dollars so tokens can do this right now you can end the reason they don't do it because they don't exactly what the hell is going on they know they can actually ship product so they don't want to do this system where they say yeah I will greet that will raise five million dollars from our founders but gonna keep 95% locked up until we prove to you that we can actually get the job done and these frameworks exist today what the majority won't do it and then the opposite again just for devil's advocate scene rather than continuing to play within a system that we're kind of facing is broken you can go see our friend Randy and go live at Tahiti where we're doing a startup society and creating a new system so different ways is protein okay so we have time for just one more question anybody yes go right ahead so the question was about how we be really inclusive in the space in terms of gender race and what each of us what each of us are doing to make sure that we have inclusive aney well I'll just go right on that's marks think you know I think this is the most important thing that we go out and we have the conversation about why the space matters because from the outside right now it's really easy to think that it's all about money and it's all about return on investment and it's all we're all here because there's money to be made and there's a lot of speculation in this piece right now on one hand we need new people coming in to keep it fresh and keep it growing but we also use that to chant-like spread the word about why this matters so bringing in our friends from the psychedelic spheres bringing in friends from different political spheres like starting to build concentric circles around it and say this is here for all of us and to continue to spread that ethos of inclusivity because its inherent you know satoshi created this because he wanted us to interact with each other and that means everyone so I think it comes from our decentralized conversations about why we care and I personally will continue to shout it from the rooftops because this is it this is up no I I was something it like I like to just add it to that really quick which is that all of this right now is extremely valuable and we're writing the future future that doesn't yet exist amongst each other and we have to be extremely proactive and inviting in voices that are not like are almost into the conversations that we are having when we're building our teams when we're building our companies where we're going out into the world we have to be extra proactive about inviting all of these voices into the direct conversation because if it's the same kind of classification of people that's been guiding and steering and running our old financial system that's birthing this new financial system it's going to have some of the same pitfalls that's just how this is going to work so the onus is on us and we have to actually make an even bigger effort even when we think we're doing enough we're not trust me we're not and so we have to keep building that and my biggest thing with all that if you're building any teams right now you better make sure it's diversity well yeah just a little sound like that Bitcoin doesn't care why you join or why you get involved bitcoin is here to help everybody and when the systems is built when the system is built and everyone has access it's not going to matter who you are where you're from you're going to be able to participate and you're gonna be able to participate easily and cheaply so it doesn't matter why you get involved in the first place bitcoin is here for everyone I think that's awesome and important I also think that we have to think about access and the fact that although bitcoin is like widely and it is like the problem that can thing that can solve all of these problems for all kinds of people all over the world if people are not educated they're not aware of the options and the opportunities that they have they're not going to participate and so it's actually we have to go into those spaces and into those communities and have this conversation as well and not just assume that because the structure is so good and it's in the model it's built into the framework of the system then that means everyone's going to have access three meter is like we think that's our job to educate the world and educate you know I'm very I love education aiming with the high school myself educated I think education was a huge aspect of life well you know sometimes we're going to get to fill a SPECT we believe that we should be always educating people I'm a firm believer instead of trying us educating the masses let's create more leaders actual people that can go out there and do what they got to do right so let's create more leaders in this space whether that is a psychedelic space whether that is a crypto space whether that is you know ecology space it doesn't matter but we need more leaders of all right so I'm gonna end with one final question to each of you which is if you had one piece of advice for anybody that wants to start engaging with cryptocurrency or kwok-che technology what would that be a good question talk to as many people as possible one of my favorite investors is Ray Dalio Nia has a saying triangulating your opinion a lot of times we get caught up in our own cognitive biases right we see things through our ow
eyes and we see through and our fact our friends our Co circle they're usually alike for the same people right so we have this confirmation bias among us I'm a firm believer and you need to find people who are advocate do what you like or what you think is best need to find people who are neutral and by talking to us many people as possible you can see commonalities within their answers and through these commonalities of answers you can for the most part kind of a truthful response of what kind of truth when you're trying to search for out this so talk to more people that I love that I would I've been telling people to find people that they can trust and I think crowdsourcing that trust and knowing that the aggregate is it's going to have some truth in it and to stay open and stay curious because this piece moves like these guys just learn something from each other you know like it's moving so rapidly just continue to kind of navigate the whitewater my movie number one is I when you're interacting with Bitcoin make sure you're controlling your own private keys and you start to learn within us but if I could tell like crypto second what story and I think it's 2011 and 12 actually so I don't know if you guys are familiar with the original online darknet market the Silk Road which is where you could purchase anything online again it delivered your house and I'm I'm a bit of a researcher myself on the Silk Road I find it super interesting and I came across something only a week ago called the LSD Avengers and it was a very early group of people on the Silk Road that would go out of their way to buy every every distributors version of whatever acid they had and they would buy everything and review it and they saw this as their personal responsibility so there's just some people and they were they said anything we review has been taken by one of our team they would tell you how good it is they would tell you if it was just some lab knockoff chemical and this is a group that just they just did it because they wanted to help people and they had the expertise so way back when that was probably what I think he would be the first real joining of Bitcoin and psychedelics with the LSD Avengers on the Silk Road is a real harm reduction and transparent well that's about it for this panel please be sure to come up to us and ask us any other questions that you might have and and thank you so much please give a round of applause to our panel [Applause]
