TED Talks: The future of money

 

Chat:

Lee Wright	10:03 PM
crytocurrency
cryptocurrency
The Future of Money
	
Diana Yarmolinska	10:04 PM
it should be about the future of money
:)
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me	10:05 PM
Sergey mute please when you are not talking
	
Alena Kotyukova	10:05 PM
ok
You muted Alena Kotyukova.
	
Lee Wright	10:07 PM
A lot of solutions about to use money.
Stones, shells, barter
coins, gold, paper money, credit cards
	
Diana Yarmolinska	10:08 PM
no taxes then
hurray
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Lee Wright	10:08 PM
Mute if you are talking, please.
are not...
bitcoins are almost science-fiction
My pay is from my company to direct deposit to my bank. No money exists.
Just a a ledger book transaction.
	
Diana Yarmolinska	10:10 PM
exchange rate
	
Lee Wright	10:11 PM
No exchange rate.
One currency.
	
Vasanth Prabakar	10:11 PM
t
	
Diana Yarmolinska	10:12 PM
isn't it gold?
somewhere in a vault?
	
Lee Wright	10:12 PM
Not any more. Used to be.
American money is backed by "trust in the US government".
Transferring gold by plane is expensive.
	
Gerard Arbat	10:13 PM
t
	
Lee Wright	10:13 PM
Limited amount of gold.
liquid assets
value of gold would go up
devaluation
	
Vasanth Prabakar	10:15 PM
t
	
Lee Wright	10:16 PM
Miners create bitcoins over time.
Bitcoins must have a person ID.
Center of authority.
	
me	10:17 PM
math
formala
formula
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me	10:18 PM
miners
	
Lee Wright	10:18 PM
We "calculate" bitcoins using supercomputers.
	
me	10:18 PM
bitcons
	
Gerard Arbat	10:18 PM
q
	
me	10:18 PM
a solution for very complicated math equation
	
Lee Wright	10:19 PM
With better computers, bitcoins can be created more quickly.
Who owns a "new bitcoin"?
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me	10:20 PM
miner
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Gerard Arbat	10:20 PM
t
	
me	10:20 PM
rare
	
Lee Wright	10:21 PM
Can China use the computing power of 1 billion personal computers to create bitcoins very quickly?
	
Gerard Arbat	10:21 PM
t
	
Vasanth Prabakar	10:21 PM
q
	
Lee Wright	10:23 PM
Years ago there was an incident where $15 million dollars in bitcoins was "stolen". What happened there?
a fledgling technology
	
Gerard Arbat	10:25 PM
q
	
me	10:25 PM
volatile
	
Lee Wright	10:25 PM
bitcoins will slowly gain acceptance
A worldwide currency is a large vulnerability.
	
Gerard Arbat	10:27 PM
q
	
Vasanth Prabakar	10:27 PM
t
	
Diana Yarmolinska	10:28 PM
and internet can be controlled
	
Lee Wright	10:28 PM
If the Internet goes down, NO transactions are possible.
Hackers
	
Diana Yarmolinska	10:28 PM
sure
	
Lee Wright	10:29 PM
Slow process by snail mail.
	
me	10:30 PM
private key, and password
	
Gerard Arbat	10:30 PM
q
	
Diana Yarmolinska	10:30 PM
This thought will warm you up in jail
	
Lee Wright	10:30 PM
We need independent Internet A and Internet B redundant world-wide circuits, so if one is hacked and goes down, the currency system can instantly switch to the standby Internet..
Exchange rates must exist for bitcoins.
	
Diana Yarmolinska	10:32 PM
buy them, Ivan
	
me	10:32 PM
20000$ 10000$
	
Diana Yarmolinska	10:32 PM
oh no
Wow!
	
Lee Wright	10:33 PM
So we have to back up our private key on a $1 floppy disk.
Seems criminal activity could no longer be monitored.
	
Diana Yarmolinska	10:33 PM
track you
	
Lee Wright	10:34 PM
Political intrigue would become a serious problem.
Politicians could be bought and sold secretly.
phishing
	
Diana Yarmolinska	10:36 PM
yes
	
Lee Wright	10:36 PM
Elderly people are especially gullible.
Can we know the total amount of bitcoins in the world?
	
Vasanth Prabakar	10:37 PM
q
	
me	10:38 PM
etherum
smart contracts
trigger
	
Lee Wright	10:39 PM
Half now, half when the job is done.
	
me	10:40 PM
x^2=1
	
Gerard Arbat	10:40 PM
q
	
Lee Wright	10:41 PM
A bitcoin is a set of 20 variable values that will solve a world-wide equation. (example)
	
Diana Yarmolinska	10:41 PM
No
I need some time to process all these
	
Gerard Arbat	10:42 PM
q
	
Diana Yarmolinska	10:46 PM
There was an episode in Big Bang Theory about bitcoins
	
Vasanth Prabakar	10:46 PM
t
	
Diana Yarmolinska	10:46 PM
can I own a one hundreds of a bitcoin?
	
me	10:47 PM
20 000 000
	
Vasanth Prabakar	10:47 PM
You can get like 0.00005 bitcoin
	
Lee Wright	10:47 PM
fractions of a bitcoin
.00000001 bitcoins
might be $1
0.000001
	
Diana Yarmolinska	10:48 PM
I can see those slogans a hundred years from now:
Let's make bitcoin powerful again!
	
Gerard Arbat	10:49 PM
q
	
Lee Wright	10:49 PM
account number
	
me	10:50 PM
block chain
	
Lee Wright	10:51 PM
register (REH jiss ter)
	
me	10:51 PM
10 23409873240923 2342390480923
	
Diana Yarmolinska	10:51 PM
you jot it down on a piece of paper
	
me	10:53 PM
account number, private key, password
	
Lee Wright	10:54 PM
20 years ago: What is this "Internet thing" anyway?
	
Gerard Arbat	10:55 PM
t
	
Lee Wright	10:55 PM
Tattoo your private key inside your eyelid.
	
Gerard Arbat	10:56 PM
the dangers are the same
	
Lee Wright	10:56 PM
Wells Fargo bank in USA had a big scandal recently.
	
Diana Yarmolinska	10:56 PM

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