Brazil, Russia, and about 7 other countries will build on Etherium

14:28
altogether you also have the interest
14:30
from many other countries around the
14:31
world for those of you who have not been
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paying attention or have not seen my
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other channel Brazil Russia and about
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seven other countries have all announced
14:40
that they are going to be building on
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top of a theorem which means that they
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these countries also believe that the
14:45
etherium protocol has some type of it
14:48
has legs it has longevity it’s going to
14:49
be around for quite a bit of time and
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therefore this is why they are actively
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going to be building on it one can
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assume that if countries are going to be
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putting their laws put in their
14:59
information putting their farming
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information and all this other stuff
15:04
that people plan on using for aetherium
15:05
on top of the etherium blockchain they
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are probably not expecting it to going
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away anytime soon
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another case whatever staking that’s
15:16
everything that that basically
15:17
encompasses a huge amount of what’s
15:19
currently going on right now just to
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give you an idea and I needed to do this
15:24
because if I simply said Oh
15:27
like that those noises make no sense but
15:30
what happens is that I say things and
15:31
the people get annoyed so I make sure to
15:34
explain the things as for my final
15:36
answers everyone kind of gets it which
15:40
would I choose the which do I think is
15:41
better this is not clear cut and dry in
15:45
any specific way the idea that Bitcoin
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will remain the number one
15:48
cryptocurrency forever and ever is a
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very popular idea no one knows if this
15:54
is going to happen however there are
15:55
many people who believe that bitcoin is
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going to maintain its number one
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position forever or for the next 20 or
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so years and at that point bitcoins
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price will be high enough then nothing
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will be able to usurp it on the other
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side we have a lot of ideas as to how
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far a theorem could go especially with
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the the pre discussions of what etherium
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3.0 could be about potentially in the
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next five or six years we are currently
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in a situation where there are tons of
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companies there are tons of institutions
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who are building on top of a theorem in
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an effort to whatever the actual case
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might be it depends on what you wanted
16:30
it depends on kind of what you believe
16:31
your long term goals are as far as sorry
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you can hear that noise I do apologize
16:37
it’s just it’s life I can’t help it for
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Bitcoin there are currently not many
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ways to make passive income from Bitcoin
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outside of being able to lend it to
16:55
other people on lending platforms you
16:57
can make a pretty good return on it
16:58
however you didn’t have the idea that
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you have to lend your money out to other
17:02
people in the hopes that they’re going
17:03
to then pay your money back to them the
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other side is that with aetherium you
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simply have the 32 ether if not a little
17:10
bit more or a little bit less whatever
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the case might actually be and you’re
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kind of making your own money by
17:14
yourself the future prediction prices
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that I’ve seen for ether we previously
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before in the past
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hit 1,400 per ether the numbers that I’m
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seeing now with an actual idea that
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aetherium 2.0 is going to launch and we
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end up being able and capable of
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processing tens of thousands of
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transactions per second I’ve seen prices
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anywhere between four to eight thousand
17:38
US dollars per ether
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if you have 32 ether times 8,000 and
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you’re making a 12 percent return per
17:45
year you’re making a fair chunk of money
17:47
that can potentially allow you to live
17:49
on your own without having to really
17:52
work especially if you are minimalist
17:55
and have figured out ways of not really
17:57
having to output too much money the
18:01
other portion of a simply being is that
18:03
bitcoin is Bitcoin bitcoin is being
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adopted by banks institution stock
18:10
exchanges hedge funds retirement funds
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everywhere you kind of look at it
18:15
bitcoin kind of is the name of the
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cryptocurrency market if you kind of
18:19
want to say that I’m sure we may have
18:22
differentiating different ideas as to
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what is going to do what in the future I
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myself this is it’s not difficult to say
18:31
but I can feel people like waiting in
18:33
the comments section like to see what
18:34
I’m going to say so they can like start
18:35
typing I would choose Bitcoin simply
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because bitcoin is Bitcoin it has proven
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itself over the last 11 years the amount
18:45
of times that people have recreated
18:47
Bitcoin the copied Bitcoin made their
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own versions of Bitcoin talked about
18:52
Bitcoin disappearing Bitcoin not being
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able to rise above $200 Bitcoin is never
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going to arrive above a thousand bit
18:59
there’s no possible way the Bitcoin can
19:01
rise above 10,000 and this simple amount
19:03
of interest that we’ve been seeing if
19:04
you don’t know any of this my other
19:06
channel is on the interwebs look at a
19:10
couple of episodes it’s fairly clear
19:14
that Bitcoin is probably not going
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anywhere anytime soon I don’t expect
19:18
Bitcoin to poof or disappear and I think
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it probably has mathematically the
19:25
longest I think it will be around for
19:29
the longest more than other coins that’s
19:30
not to say that he theorem is going to
19:32
disappear I think he theory am right now
19:34
also has a very fair chance of being
19:36
around for at least the next ten plus
19:39
years this is also just me I’m one
19:40
person I do not know the future however
19:42
this is kind of how I feel however I do
19:46
think that they will both do fairly well
19:48
in the future it’s just more a matter of
19:51
as far as if Bitcoin can hit 250,000 per
19:58
coin or half a million per coin in the
20:01
next 10 to 12 years I think that is my
20:05
bet or what I would stick with but then
20:07
again this isn’t an easy discussion or
20:10
topic I’ve had this discussion before
20:11
with a number of really close friends as
20:13
to what they should buy and I’ve thrown
20:15
my hands in the air because I can’t give
20:17
them an answer I have my own ideas as to
20:20
what things are how things are going to
20:21
be it’s the same exact thing when people
20:22
talk about the future of Tesla people
20:24
think that Tesla stock is really going
20:26
to 10x over the next 10 to 15 years well
20:29
I have other people who think that Apple
20:30
or Facebook or Amazon are going to also
20:33
outperform them no one knows this is
20:34
kind of this idea of what is currently
20:36
happening and this is how we base the
20:38
how we base the future I do hope you
20:42
enjoyed I do hope you understood my
20:46
answer I do think that both coins are
20:48
great I think they’re also a trickle a
20:50
trickle a trickle trickle of other
20:54
cryptocurrencies that are fairly ok
20:57
however I do think that these two are
20:59
really at the front as far as adoption
21:03
but that’s not to say that in the future
21:05
we will not see more cryptocurrency
21:06
projects that will also flourish in this
21:11
space I do hope you all enjoyed hope you
21:13
all are having a great day a great
21:14
morning a great after I can feel the
21:16
comments I can feel them I can feel the
21:17
feel the reactions I hope you all are
21:20
having a great day a great morning a
21:21
great afternoon or good evening wherever
21:22
you are wherever you might be I do hope
21:23
it’s absolutely fantastic thank you all
21:26
once again for watching and or listening
21:28
and I will most certainly be talking to
21:30
you all soon see you

Money and Debt and Digital Contracts – Brewster Kahle at Devcon 5

The dreams of cryptocurrencies tend to focus on money and seem to avoid the topic, repercussions, and significance of debt. In fiat currencies, 95% of all money is matched with debt — in other words, debt creates 95% of all money. This talk aims to bring the impact of debt into the Ethereum conversation, specifically focusing on debt with interest. Let’s consider this side of crypto coins and Ethereum in particular since it provides the ability to encode obligations as contracts and therefore can encode debt obligations.

Blockchain Company’s Smart Contracts Were Dumb

The California electric grid operator built a set of rules for generating, distributing and paying for electricity. Those rules were dumb and bad. If you read them carefully and greedily, you could get paid silly amounts of money for generating electricity, not because the electricity was worth that much but because you found a way to exploit the rules. JPMorgan read the rules carefully and greedily, and exploited the rules. It did this openly and honestly, in ways that were ridiculous but explicitly allowed by the rules. The Federal Energy Regulatory Commission fined it $410 million for doing this, and JPMorgan meekly paid up. What JPMorgan did was explicitly allowed by the rules, but that doesn’t mean that it was allowed. Just because rules are dumb and you are smart, that doesn’t always mean that you get to take advantage of them.

 .. The descriptions didn’t matter; only the code did. The descriptions didn’t allow for today’s hack, but the code did. (By definition! If the code could be hacked, the code allowed for the hack.) Any vulnerabilities in the DAO’s code were not flaws in the code; they were flaws in the descriptions — which were purely for entertainment purposes.
.. It isn’t how human institutions operate. But it is very much how “smart contract” utopians want future institutions to operate, or how they think they want those institutions to operate. “Immutable, unstoppable, and irrefutable”; free of human bias and stupidity and intervention; a utopia of coldly logical code. Human expectations are irrelevant, except to the extent that they are correctly translated into code.
.. Even if you invest in a company whose bylaws say that the board of directors can sacrifice you to a demon on the first full moon of a leap year, it’s unlikely that that term would be enforced. There is only so much leeway to depart from the standard terms.
.. And while cryptocurrency/blockchain/smart-contract fundamentalists have a tendency to think that they can place themselves outside of national legal systems just by saying that things happen “on the blockchain,” the national legal systems have a tendency to disagree.
.. To true believers in smart contracts, there is no problem here. The system is fine; the failures — writing bad code and not anticipating this attack — were trivial, mere human error.Next time, write better smart contracts and you’ll be fine. To those true believers, changing the code after the fact — even to conform it to almost-everyone’s reasonable expectations about how the DAO would work — would be a betrayal of the smart-contract ideal.
.. You can’t really base the financial system of the future on computers rather than humans, on trusting to immutable code no matter what happens. Financial systems are supposed to work for humans. If the code rips off the humans, something has gone wrong.