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Creatività, passione e innovazione in Finanza, Banche e Diritto

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Welcome everyone and welcome to David Orban, the guest of our Hangout. I am Marco Mari, a startupper of Legal Pad, a startup incubated here in H-Farm, and David Orban, is CEO of Dotsub, and Advisor to the Singularity University. Today's theme is: Creativity, passion and innovation in Finance, Banking and Law. I briefly introduce this Hangout, with David's words: "Recent discoveries in mathematics, and their combination in decentralized transaction tables that do not require trust, have opened the way for a wave of unprecedented innovation in the field of digital money, finance, business and trade on a global scale. Led by Bitcoin, this innovation is spreading to new levels the creation of a stack of solutions that are not dissimilar to the way in which the traditional TCP IP stack has supported the boom of Internet applications. The promise of financial solutions is truly revolutionary for the emancipation of billions of people living today outside of modern banking and of the financial world. The clash with the existing operators in the sector is inevitable, and as such must be managed intelligently, in order to maintain the speed of innovation, while recognizing the need of a broader audience to grow their understanding and familiarity, without the disadvantages suffered by the experimenters." Well, I leave the word to David. Thanks Marco, and thanks to all of you to host me, so, with a remote contribution. In the next half hour, I'll make a hopefully interesting talk about those opportunities that we have seen mentioned, and I must say, I did not expect to talk about creativity, passion and innovation in the field of banking and finance. In my role as CEO of Dotsub, and as an advisor and member of the faculty of Singularity University, in a bi-continental life between Italy, New York and California I see a constant interaction with the frontiers of technology. I have to thank Alex Lightman, my friend, who founded the group "Internet of Money" on Facebook, a few months ago, for catalyzing an interest which I had for many years. I've been following Bitcoin since 2010, so shortly after its birth. But now let's see how the interest around this digital currency is increasing. Your responses to the initial survey before the talk allowed me to set up my presentation properly I hope in order to be stimulating, and to give you information on which to act, after being digested, after being processed. In order to incorporate these ideas into applications, platforms in exchanging information with companies, financial institutions who already have their presence on the market on the one hand, and startup teams on the other. We'll discuss in general which are today's networks. Networks of networks: the Internet is derived from them. As the presence of these networks of networks, in a generalized sense, has led to important discoveries that now are implemented in Bitcoin, but in fact go beyond. I will show you some simple experiments that I enjoyed carrying out and maybe show practically the things we see together. We will go through the final part of principles, that summarize the guidelines that lead me in these experiments, to the part of questions and answers for a half an hour later, and then to conclude our evening, actually night for you together. I am speaking to you from New York, where now is five o'clock in the afternoon, and I think that this possibility of an intercontinental link, so nimble, that while it's broadcasted to everyone online and simultaneously recorded for later viewing, is a perfect illustration of what is the nature of the accelerating technology and how its impact on society is involving individuals, businesses, and in general our human planetary organization. The steps that we have had from the pyramids, through the Middle Ages, the feudal society, industrial society, and what today is the network society, was not a passage defined only by a social or political change. In fact, the turning point of each of these changes has been based on technology, where several discoveries which go on the market, then develop fully and mature in an S curve, actually form a bundle, that draws the exponential curve, with which all of us must become familiar in order to cope with the challenges that we face. I call the set of a series of phenomena that are intertwined today and that lead, in my view to a potential phase change in the worldwide social organization, the "Network Society". Where the production and the distribution of energy instead of being centralized, through, for example, solar energy but also others, it is a production and use of a distributed type. Where the production of food, instead of that which is the traditional agribusiness, covering many hectares with a uniform production, is based on distributed "Plant-Labs" where each skyscraper in New York could produce the food consumed inside of it, through containerized systems, of LED lamps that do not need pesticides to grow plants consumable by all. 3D printing promises a distributed industrial production rather than a centralized one, and we all participate, in fact even today's event it's an example of this, the phenomenon of the MOOC, "Massive Online Open Courseware" the possibility all have to learn based on their passion, selecting content to build new professional skills, that make the participation of the individual in the enterprise and society, of value. The movement "Quantified Self" pointing on the measurement of individual health status, instead of centralized management of the disease that is the paradigm of the past of what is, unfortunately, not at that time not even health, but precisely a capitalization and enhancement of the disease, here is the movement "Quantified Self" distributes through sensors associated with our mobile phones that which is the ability to understand, if we are living a healthy life or how we can adjust to get to that. And the new digital coins, the "Crypto-Currency", the "Crypto Currencies" are precisely within this movement. And the reason for which I described it in this form, namely, that it is not an isolated phenomenon, but is within an epochal phase change in the organization of society, it is precisely because it does not matter the name of the currency, no matter what is the country that admits it or block it, is a wave of the future that is coming up quickly, that is impossible to stop. And the mathematical foundation of what today we know exactly how Bitcoin is a foundation solid very similar to that that in the seventies, eighties, nineties onwards has arrived arrived today to be known as just the stack internet that from the physical medium to the transport network to the protocols of content management, reaches up to the application layer where culture, ideas as articulated here by Joi Ito, then in 2009 when he published this slide Executive Director of the Foundation that manages Creative Commons, comes to Facebook where the Social Network in reality is an application level, of what the Internet can express. And so it was surprising how unexpected, even for those who built it, these days there was the tenth anniversary of Facebook Mark Zuckerberg described it as it's the cure, the dedication, the passion that has put us in this work that led facebook to having the success it has had, it is not that he could predict what would have happened ten years later, here as not even the protagonists of the internet revolution could predict what would have been possible, it is absolutely reasonable to understand that just as much, those who devote themselves with passion and creativity to explore the consequences of new digital currencies, try to catch a glimpse of the future, but in reality don't know what will happen. However, they are hard at work to build a stack similar to what is the foundation, what is the transportation, on what are the possible applications respect to finance and currency which becomes, similar to previous applications of the Internet, a network application: reliable, distributed, where trust is earned, is not forced contrarily to national currencies today, which by the simple imposition of the obligation to pay taxes in those currencies acquire a necessary existence and essential, contrary to the implicit violence behind the fact that if you do not pay the taxes not only are you a dishonest citizen but potentially you'll go to jail, digital currencies are moving forward through a mechanism that does not require the confidence, two people perfectly unknown to each other can transact with each other and do not need that there is a third external authority to mediate between them. And this ability is mathematically provable if I pay someone this person can not say that I have not paid and I can point to a table distributed, in fact, available online to all, to show that instead the payment is done. The table that you see is the price of Bitcoin that expresses that better then all others the growth of this trust it is not a matter of a scheme, of a pyramid scam, Metcalfe's Law is just the dissemination of utility a network where, in proportion to the quadratic with respect to the nodes participating in the network the value of the network grows and the collapses of Bitcoin, where we see even now, the exchange rate decreased from nine hundred to seven hundred U.S. dollars Bitcoin, there it's not a representation of a lack of confidence, but is representation of an adjustment on the curve that we saw earlier, the exponential of increase in utility specific to this particular network. Where the authority is distributed, it's not centralized, where the nature of the "Block Chain" these rings that intertwine cryptographic evidence where the reward of those who make the "Mining", paid in Bitcoin, in reality it is a side effect, nothing to do with the value of the network, and it is not that when the rewards paid to Bitcoin Miners, will start to decrease, the entire network will collapse, the trust that is founded on the distributed authority, of the BitCoin network of heart beats in heart beats, measured every ten minutes the network is strengthening, through, in fact, today's million tomorrow the billions of people who participate through their financial transactions. It 's very important evaluate, and it is possible in the case of Bitcoin to do it at a level of granularity, that was not necessarily possible before, whether a given country or a given community, is able to marry a future that is inevitably coming. And this ability, or inability is dynamic and therefore can change from day to day as well as now we see through the various statements of the banking authorities of various countries who declare themselves more or less hostile to Bitcoin. They are right actually, because as well as communication networks have internet fundamentally transformed what is the value chain of telecommunications companies previously existing and so Bitcoin and the crypto currencies, whatever the name, will intervene in a way inevitable and fundamental to do the same, relatively to the current leading company in the field of banking and finance, therefore, the caution the attention is fully justified, the prohibition priori, and the instumental criminalization instead represent a fear dangerous, just because, is like trying to stop the rain, as well as trying to stop the ocean waves it's, however, led to a failure of this type of visceral antagonism. Bitcoin from a mathematical point of view can be particularly complex, but it is easy to make an analogy with the game of Sudoku that can be difficult to solve, but once that is solved, just take a look to say, this puzzle's been solved " and it's easy to verify if the solution is right or wrong. And this kind of asymmetry inherited in the algorithms of Bitcoin which is precisely at the mathematical basis of his distributed encryption that allows you to make transactions which are then incorporated within what is called "Block Chian." If we modulate what is called precisely "Proof of Work" within the mathematical algorithm "Proof of Stake" and this is a next future application no longer to money, no more to payments of the same concept below Bitcoin now we come to change those that are the same fundamental relationships of the current legal type, under our companies, joint-stock companies who were born four hundred, five hundred years ago and that may be re-thought, re-implemented in such a way as not local and distributed worldwide, that challenge what are the laws of individual countries, that they will not know exactly how to deal with this kind of change. The experiments that I was able to do just starting by abstract reasoning maybe, but then comparing them with the reality were many, and each of these at your disposal I enjoyed, for example, to meet with a person perfectly unknown to buy Bitcoins from him precisely with the confidence that was not necessary it was centrally set but I could check its reliability directly through the transition network if ever he was the one who needed also to check twice that the dollars or the euro that I gave him were eventually not false, the possibility of going to buy me a coffee in a restaurant in Milan, that just that night was preparing to launch the acceptance of Bitcoin as you see the day after they are sticking to the windows adhesives for this ad and even having to manually copy the particularly complex address on which to make the payment because the QR code for the automatic decoding was not yet ready with of course the whole discussion which results from it, "have you notified your accountant?" "Absolutely not" but taxes, no taxes, everything that's important to know, does not require new legislation does not require new regulation, only because the technology of Bitcoin is new and has new effects and new phenomena this does not mean that the old laws do not apply as well as for the defamation on the internet and the management of the Blog, you do not need new laws, that there is danger would lead to harnessing innovation on the internet, so relatively to Bitcoin there's no need of new rules that could stifle innovation relatively to this important new development, because the old laws still apply, if you have revenues in Bitcoin you have to pay taxes, if you've invested in Bitcoin, and you earned, the capital gain is taxed so how would a normal share gain. If you sell something and apply VAT on your sales VAT will apply even if you sell in Bitcoin, either way. Extremely important new markets, are springing up naturally with their difficulties, liquidity difficulties, organizational difficulties, here you see me literally around the corner from the New York Stock Exchange, where they organize meetings where I could buy half at eight hundred, and sell to eight hundred ten thus gaining ten on the transaction, pity that doing a clearing in immediate cash trading activities, having only a few dollars in my pocket my gain was ten cents, just multiply it by a million and becomes ten million gain and that is what is happening today with the grain, what's up with the orange juice, and what the friend who helped me to do the whole thing, does during the day to prepare by night to the world that is coming, practicing with others to implement and refine what is the stock market exchanges based on Bitcoin. There are more than four billion dollars every year of money transfers that take place between high-income countries, and lower-middle income countries, if we include as a destination even the high-income countries this value reaches six hundred billion dollars a year, carried out by the company, which so inexplicable to me, apply commissions on these transfers very high commissions that come in ten, fifteen, twenty percent and over the value transferred for an eletronic operation which can be instantaneous and take three days to perform. I did this little experiment, to meet with a taxi driver in New York, give me ten U.S. dollars and ten cents, to do an instant transfer in Dakar, to his sister of the equivalent of ten dollars and dividing instantly, between me and the other person that you see in Dakar five cents per head as just a symbolic element of a commission, of one percent, to make the whole operation sustainable ofcourse we could do it even with no commission, basing everything on a totally different business model for example, the dissemination of knowledge and services related to financial emancipation of the people that currently, more than two and a half billion in the world do not have access to bank accounts, credit cards or other elements of modern finance and Bitcoin, no centralized authority can say "must not have a bank account," because there is no trust in their ability of spending, in their ability to attract debt, and to repay debt, because this centralized authority is no longer required. If you do not trust the sister Kadi of Ajdusa, no problem Bitcoin network can innovate new services to solve problems. It's particularly interesting in my opinion to see that this financial innovation that we see takes place in 2008 after the liberation of the minds previously subjugated to the slavery within the existing systems, until, in 2008, with their with their mass dismissal, they could see the light, the compulsion to earn a loaf no longer develop mathematical models increasingly abstruse, that the banks themselves did not understand when they were packaged and sold to unsuspecting investors has allowed computer scientists, mathematicians, with the formation of economic and financial to radically innovate to achieve new solutions in a particular way, revolutionizing the fundamental concepts of the same macroeconomics, which previously saw concepts such as deflation in a particularly dangerous way, rethinking it because maybe they'll lead to a micro-economic paradigm of individual behavior, and a macro-economic paradigm of planetary interconnection of a sustainable future, because we're starting to account, the unsustainability is unsustainable, we have no future if we do not build a society compatible with a planet where externalities no longer exist, where to put their heads like ostriches, down under the earth, can no longer be made, and the populistic slogans who preach a return to the management of the things that local politicians, strangely seen as more reliable than those European as in this case, as we see from the example on the photo it's just as impossible a return as was the Autarchia of the Fascist period in Italy. Our connection to the rest of the world is definitive, and the decentralization of authority, of digital coins, will lead to solutions that do not require you to give up the capacity to make decisions about your own future, neither at the individual level nor at the city, province, region, nation or super national level, but will delegate to a mathematical algorithm that which is the transaction management that was previously exposed to politicians and their special interests. The principles governing this type of radical change, are made possible by the previous revolutions, since when ten thousand years ago we began to explore the adventure of the technological society, to date we have understood, more with better mental tools that by the Greek philosophers, to Kant, to today you are honing themselves to make each of us more capable of dealing with challenges, and we are at a point today where the cost of failure is so low, that each of us realizes to be orders of magnitude lower than the cost to not try and not grope. We try and fail, try and fail, until we find solutions necessary and essential to learn how to live with a future that is coming regardless of our individual will. The answers that we have, of course, do not exhaust the space of possibilities, are nothing but constructions brick, with which, we open our eyes to new questions, and that the two diverging exponential, are filled only by our ignorance, but supporting competitiveness, through innovation, press to an irrepressible invention. Thank you, and I'm ready for your questions. Thank you David. Thanks for the clarity, and the competence of your explanation, if, a few questions arrived in the questionnaire which circulated before via e-mail to all participants, but if someone wants to take immediate action, after the intervention of David? No one? Why, some of the questions that David which had been asked, practically, almost to all have been given a response. In many ... many have .. have questioned, on the volatility of this instrument, and the possible influence of political influences, but, I think you answered this, also from the point of view of the legality of this tool, especially in our country, precisely with the practical application laws have been given an answer. You have a question? Yes If you want to watch. Hello, I am Nicola, I wanted to ask, what kind of negative influence do you think that could have governments on the regulation of Bitcoin, what they could do that would prevent the development of what you see as positive instead? Thank you for your question, currently already happening in some countries, Bitcoin has been declared illegal, one of these, it is Thailand, the other is Russia where it is forbidden not only Bitcoin operate as a company, but it is also prohibited to possess. It 's interesting course this attempt, to declare illegal the numbers, because, Bitcoin is nothing but a sequence of numbers, a bit like they were burned books of forbidden knowledge in the Middle Ages, but this has not stopped the spread, the knowledge that these books only incorporated, thus prohibiting the possession of those numbers by the citizens of those nations, where this policy decision has been taken, will not stop the spread of knowledge that only those numbers represent. And some how, you can not put the genie back in the bottle, you can not de-invent the revolution of Bitcoin, these nations decide to try to stop it, do no more than oppose a future that is coming, and arrive at a breaking point, where tensions, compared the future that other nations live, and these, it is not so large as to be more sustainable, and then come back on their feet, legalizing again the coin digital, Bitcoin or whatever it is. A very concrete example This, as we have seen during the Arab Revolutions, particularly in Egypt, where understanding that these revolutions were mediated, were transported from the links Internet, the Egyptian authorities have decided to close the Internet in Egypt, and then isolate in terms of global communications nationwide only to realize that they were merely, cut his own leg economic too many transactions, the stock exchange, transactions, communications policies themselves, military operations, any operation was, they could not live without the internet, they turned back on, Revolution is the way forward, and with Bitcoin will be the same thing. Thank you. There is another question. Hello David, my name is Maurice, and I wanted to ask you a question as a spectator outside, the world of Bitcoin. What is success in 2013 not bode well for the Bitcoin, because a rise so sudden of its value, does not generate some confidence in the sense that a person that of Bitcoin in your pocket, after a year can trovarsene thousand more, but also a thousand Nevertheless, there seems to be too much uncertainty, and the difficulty of access to this money, makes her an asset to collectors, rather than by users. So I think that the Bitcoin needs become easier understanding, easier to use, and in need of a word clear, by world authorities, which also if they can not, in theory, stop the development, may create some fear, and therefore some uncertainty in the future. I do not know, however, when this Bitcoin become of Use daily, if the value of This Bitcoin, may rise from one thousand to hundred thousand, or from one thousand to ten because if it is used every day, an argument that you can do is, loses its speculative value, so there will be no most of these, these assessments fluctuating as it may be, The opposite approach is: can use it, all over the world, then the goods are request being of a finite number, its value increases exponentially. Here I do not know, what will be the scenario future, probably I do not even know you, because you do not have the crystal ball to guess, but we would keep in know what you think, here, of this problematic? Thanks considerations, and to have concluded with a question, because I was worried they can only say OK, Seriously, I I believe that no matter what we call it, and I do not care if it belongs to "Block Chain" current ie the series of transactions that are interconnected value fundamental financial Digital today or, if it is called with another name, and therefore belongs to a chain, to a "Block Chain" of a different type, what I think is safe, is that in twenty years, finance today finance will then be so equally unrecognizable with respect to finance today unrecognizable as what we are doing now, respect to the phones, Rotary that were used in Italy twenty years ago and that required, for example, I remember why I was there, to book an international line, maybe not twenty years ago, thirty years ago we, to call as was my case, Hungary and I note in Hungary, I could not call freely, let alone a video link intecontinentale, recorded live, everything that Google Hangout Air is what we are doing, what does this mean in relation to the value of Bitcoin, that fluctuations that we see everyday now should be ignored, those who risk, to buy and sell based on those absolutely can lose your shirt, but in terms of performance long, the value, in my opinion that both of Bitcoin or another currency equivalent, is likely to rise, not one, not two, not two not three, rose is expected to grow to five or six, not five or six times orders of magnitude, because in because weave, the entire world economy. It should be easier to use? Certainly, write an e-mail message was, just for geeks, when the internet was born, Now we are at the birth of the digital currency, then anyone who uses it can be considered, a neat freak. It must be clear position, the authorities? Sure but this is not the responsibility of the geeks, clarify this position is responsible authorities that are slow and relatively incapable of making decisions, it is definitely a problem, and also a big problem, which is even more than what is the value finance digital, then I very much agree with you, and if you're not one specialist, absolutely deserves a commendation, because you're interesting in this world and is the most important thing that anyone can do, so that Italy is not in the rear as it is still in the internet and StartUp, but also through initiatives such as Hack-Bank, The H-Farm Venture, can be in cutting-edge applications of digital finance new one. Thank you, there is another question? Yes, hello, my name is Max, I wanted to ask, if the value of Bitcoin as prospects grow, at the same time the national currencies will fall in value, Euro Dollar, or those remain, continue to have a right path? The biggest challenge for nation-states, is address the global reorganization of the company, precisely through the concept of, "Network Society", in Italy for example, the prohibition of a realization substantial solar systems that are not connected to the national grid and the obligation of the sale of the energy produced to the grid is the national demonstration, a clear understanding of this challenge and how this is crucial, when life on earth has evolved, producing complex animals, and say has produced a complex conceptually impossible, unattainable, Starting from bacteria, that while more than a billion years were the more complex organism possible on the planet, well this change has meant that the bacteria were gone, are equally important and dominant under certain points of view as they were before, but There's no debating that the bacterium in culture, or finance around us, so I predict that there will still be the national currencies, as long as there are countries that say, I prefer to base all My currency transactions on a much more reliable, incorruptible, stable, compared to my simply for the fact that it is mandatory to pay their taxes in national currencies will ensure survival, if not chè Bitcoin is already higher in terms of reliability compared to many national currencies, and those currencies could easily be replaced, Already today by Bitcoin, and for populations, for individuals in those nations would, would be better, would be more reliable, would be more stable, it would be absolutely preferable, if not done is the corruption of the political class, and his inability to decisions so radicals, then the future will be certainly very important, not many people know for example that the Bank American Federal is injecting Seventy billion dollars a month, within the economy national in the attempt, to produce growth and produce spending power, This is a decrease compared to eighty billion per month, some time ago, when injected nearly a trillion, I do not know how to translate into Italian, dollars and no one knows that this type of will have consequences on the dollar as the national currency, I'm sure, definitely future scenarios very very interesting. You're welcome. Oh, hello, I have a simple question Concerning the Circulation of Bitcoin, because I read about that, the twenty-eight percent of Bitcoin, currently are in the hands of fifty people or fifty people, and the twenty-one percent is in the hands of eight hundred eighty, then fifty percent of Bitcoin, created in the platform are in the hands of nine hundred and fifty people, This means that the concentration of the coin is we say even greater than the fair division of monetary wealth that is currently in the system as we know it, seen that the system of Bitcoin asinteticamente tends to twenty-one million coins, as you think it could happen the spread of currency, in the moment in which, there is this division of the fair of the subdivision, in the moment of generation of Bitcoin? I do not know if I was clear? It 'clear demand, economic inequality in the world has increased greatly in the last thirty forty years and, this traditionally represented through what is called "Gini coefficient", potential breakage points led to conflicts, revolutions, wars and certainly Today we want to avoid this to happen, attributed to Bitcoin this responsibility it would be a pretty thing, hypocritical and I do not think that this can happen, as for what regards the possible wealth that these people now, holders of large amounts of Bitcoin would earn, Well, two things One , either Bitcoin is a fashion, if not even a scam, and then there is nothing to worry about, otherwise if Bitcoin is revolutionizing planetary finance, leading to something equivalent to that of the invention of banknotes, or other revolutions in the financial tecnology, I say that they have earned through their foresight and through the risks that they have supported and have endured the wealth that they will eventually have and that sooner or later they'll put back out in market, through investment, through the StartUp that will create, through the space travels that will be made possible, in order then for someone on mars certainly in this century, to say "Ok, the first action for the declaration of planetary sovereignty of the former Earth colony is the opening of the new "Block Chain" which no longer depends upon the transactions on Earth, because today we feel emancipated enough to be able to live alone. " And this will be something that I think is very indeed likely to be funded, through new mechanisms, rather than through billions of dollars, or billions of euro that we are deciding to spend instead on wars, through destruction then instead of building I call to action Bitcoin billionaires, for demonstrating just as they did in the past two or three years to be thinking of building a future together, because I have more confidence in them, that in others that have just funded wars and destruction. Mark, if you agree I would read a question that is our Q & A board, it arrived from London. It is true, I live in London, and many people here are going to launch services to make operation much simpler, Bitcoin is regarded as a new currency, and they try to accumulate increasingly more coins. What would you invest in and what is best to do? Well, in terms of investment Bitcoin is extremely risky therefore, portfolio diversification yes, but with great care, today certainly within a portfolio of investment, Bitcoin must represent, I do not know that ten percent that we can not afford to lose. At the same time, if the value growth forecasts are true in the long term, regardless of changes also remarkable of thirty percent from day to day, from month to month, then maybe it is possible to make an accumulation plan, where in fact there are moments of moderate purchase that are not followed, by sale, so it is not speculation, it is of progressive accumulation. I am very pleased that the London market believe that innovation can through and around this, in this digital world of finance and I hope and I bet, that even in Italy there are many new born realities that have the ambition and courage, not to be the x, y, z, "Italian solution" for Bitcoin but that through innovation and ambition, possibly helped by investors who believe in the talented Italians, go to spread worldwide. Ok. There was another question. Two others? Do we have time? Two quick questions. Ok. Hello I'm Thomas, I would like to point out one thing, that I think there is a contradiction, I think we are dealing with as, that we are calling money something that is not money, and indeed in fact we are realizing that it is not money as we refer to it, as if it were goods, in the sense that, for example before you did, you referred to the Bitcoin speaking of taxation, so if you buy or sell Bitcoin there will be taxes on capital gains, as if it were an action, you said and as I see it here there is a contradiction anyway after that you were asked a question about the increase in the value of Bitcoin, and you said that the Bitcoin, actually will increase in value, which means that, and after that in response to another question, You said, you said that Bitcoin could also fully replace national currencies, but if the Bitcoin increase in value it means that there is a national currency that attributes them this value, otherwise we speak of increased value in terms of goods but this means deflation, and then the whole exposition you've done, the possibility of investment opportunities and that these people who hold Bitcoin, should it fall, if not, we know that deflation brings disastrous economic imbalances, and not opportunities. The thing that we're doing, is a phone call, the thing that we are doing, it is not a phone call, the thing that we are doing is television, the thing we are doing is not television, the thing we are doing is school, what we are doing, it is not school, to apply old paradigms and terminology to something new has its limitations, calling Bitcoin an investment is limited, calling Bitcoin a commodity, is limited, calling Bitcoin a currency is limited, its new nature, may require the development of new terms with which we will familiarize, and this new vocabulary that has taught us concepts and words such as Browsers, such as video-conference, such as E-mail, like Social Network, will aggregate and accumulate an instinctive reaction, an understanding that if we called today Bitcoin bru bru we would not facilitate it, if enough people adopt this stupid word I just invented, around it, for articles, disclosure, documentary and everyday experience, there would be relationships and emotional reactions needed to speak. Inevitably, at the time there is a feeling of confusion and bewilderment, it is rightly so and it is inevitable that it is. Last question. Good evening, Meanwhile, I state that I am in favor of Bitcoin, or rather, as a developer, it attracts me very much, but I would like to point out, that some information which you said are not entirely accurate, or rather are not complete, For example, you have not attributed the fact that some nations have not blocked the Bitcoin, to the fact that governments, are corrupted, or decisions governments a bit abstract could you define better the choices that led to the rejection of the adoption of Bitcoin by governments? Mine are of course interpretations, and their imperfection is without a doubt, guaranteed not being aware of the reasoning within the Thai government, or within the Russian government least of all, which surprised me maybe a little more, the Icelandic government, in the decisions they made, surely mine are only hypothesis. What we can do, is to find ourselves in a year make a "Long Bet" a long bet, and typically the "Long Bets" are Ten years, twenty years, or even longer, but let's find ourselves in a year, I believe that the number of countries that have, prohibited Bitcoin, can be increased, but that the value of Bitcoin, will also be increased, that the number of applications that will use Bitcoin will be increased lots, and that the fluctuations that we see today in the volatility of the exchange rate of Bitcoin, compared to the national currencies, will have dropped in the meantime, and as for the reasons of those who reject the change, the reasons are, that can be from a psychological point of view also understand, Change is difficult for many people, and, until we died quickly enough to not having to endure it was easier, now that our average life is increased, and the rate of change we see around us, is accelerated,to live through waves and waves of change, as basically lazy biological beings, Stress becomes very high, and our our adaptation, in keeping juvenile characteristics as curiosity, as the facing the risk relatively irresponsible and others, a feature called Neoteny, is just an adaptation to this social and biological condition of completely new types, then we are happy we are happy to be childrens in search of Novelty and hopeful that the novelty, will lead to a nice future, but with the resources, the wisdom, and the ability and preparation of adult because this beautiful future is actively, built, not just passively waited for. Meanwhile, thank you, of course, do not hesitate to send me more questions, just as we opened with a survey, and thank you for attending so numerosly, there is also a survey of closure, which I beg you, if possible to fill as many, and, if you just feel like it we'll be here in a year to talk about it again. Well, There is a guy would want to do another quick question, can he? I tried to explain that .. It's pretty quick. One reason why governments have failed the adoption of Bitcoin, is the fact that these are completely anonymous, and they are used by Hackers and by any type of criminal, for example, for the trade of weapons, this is one of the reasons, for which it was stuck in Russia, or the drug trade or illegal pornographic, videos, I also wanted to point out that the graph you showed before about Bitcoin, if I'm not mistaken is was towards the first months of 2013. I would like to note that the graph of these days, as well as to have stabilized and suffered a considerable drop, is in fact less than half the maximum value, which had reached at the beginning of December, that was one thousand two hundred something dollars. Then, I'm glad that you've done both observations, in regards of the anonymity of Bitcoin it's a false, naive and dangerous trap for criminals. Bitcoin is not anonymous, Bitcoin is a pseudonym, addresses that are used for transfers in Bitcoin, freezes your guilt, always visible to the "Block Chain" a demonstration of this, there have been arrests of people who are accused of, for example, the international drug trade. These people will be subjected to judicial treatment hopefully impartial, regardless of whether they are declared guilty or innocent the ability of the police authorities to track them down, shows that Bitcoin, is no longer relatively dangerous to national currencies which are now used in billions units for the sale of illegal weapons, for the financing of international terrorism, to drug trafficking, and child pornography, so accusing Bitcoin at the birth of this, is again an act of hypocrisy of gigantic proportions, relatively to the second point you made I deliberately put that chart, just to give the persons that naively look to exponential graphs without understanding their nature to being able to make me the question, just how you made it. The value of Bitcoin of twelve hundred dollars, or the value of Bitcoin eight hundred or seven hundred U.S. dollars that is in fact an approximation is of an order of magnitude higher compared to what we see as a maximum, in the graph, which was still growing exponentially, and that graphic contains crashes collapses, which led, for example, a past time Bitcoin from being thirteen U.S. dollars, to collapse to two dollars, so collapse from thirteen to two, collapse of one hundred to sixty, collapse from a thousand to six hundred, see the symmetry of the thing but on an envelope in growth, which doesn't cares about these collapses temporary so the past snapshot, was not an oversight, but it was just to make it clear that the fractal self-similarity exponentially within the trend of bands of particular volatility, is indicative of a fundamental strength that shakes off the crisis, demonstrating the stability of the fundamental Network Well, thank you very much David, Good evening to you, and good luck to us all. Thank you.

Video Details

Duration: 1 hour, 5 minutes and 56 seconds
Country: United States
Language: Italian
Views: 61
Posted by: davidorban on Feb 9, 2014

Recenti scoperte matematiche e la loro combinazione in tabelle di transazione decentrate che non richiedono fiducia, hanno aperto la strada a un'ondata di innovazione senza precedenti nel campo della moneta digitale, della finanza, imprenditoria, e il commercio, su scala globale.

La promessa è di soluzioni finanziarie veramente rivoluzionarie per l'emancipazione di miliardi di persone che vivono oggi al di fuori del mondo moderno bancario e finanziario. Lo scontro con gli attuali operatori del settore è inevitabile e come tale deve essere gestito intelligentemente al fine di mantenere la velocità di innovazione, pur riconoscendo la necessità di un pubblico più vasto per far crescere la comprensione e la familiarità, senza gli svantaggi subiti dagli sperimentatori più spinti.

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