LMTF Podcast Episode 4: Cryptocurrencies

Three friends discuss the latest trends in cryptocurrencies. Recorded 30 April 2017.

In the news today: Segwit has just been activated for Litecoin. Segwit is a soft-fork ( a change to the protocol) that increases security while decreasing the chance of transaction malleability and at the same time it increases capacity. It was initially proposed for Bitcoin, but was not accepted.

Links:

Andreas M. Antonopoulos: “Consensus Algorithms, Blockchain Technology and Bitcoin” [UCL] (YouTube)

Mastering Bitcoin: Unlocking Digital Cryptocurrencies, 1st Edition (Amazon)

Episode Machine Transcript (unedited and uncorrected)

Does anyone recording a recording.

And thinks like a star OK perfect. Evidence good to go I think we should just start yeah OK so one welcome to let’s make the future a discussion beautified.

Welcome to let’s make the future a discussion with three friends about future trends take Knology then there is cations for human society calming to you from all over the world why don’t we give an introduction of ourselves.

A mathematician and social impact complete just purely based Munich Miami’s host saying it takes no printer from Iran currently living in Michigan working on by medical devices and future cyber technology I’m Michael Carey an independent software developer an entrepreneur from Canada currently living in parts unknown here’s the point of our show with first talk about the latest P two related.

To eclipse future and topic for about thirty minutes but final ten minutes are reserved for the elevator pitch battle that’s been started.

A new segment segregated with just act the way to coin League calling if Aereo and be calling are to main three players of cryptocurrency is and segue it is new change to the protocol of be calling and light coin that was proposed a year ago it’s basically a soft forget it increases the security while decreasing the chance of transaction Mannie ability and at the same time it increases kept passage it was initially proposed to be quiet but it was not voted for yet you know If so then we can isn’t it’s really interesting how it warrants ninety five percent shoots show a green light to have the new change except that it’s about a thirty five percent because we now but it is a prove and vote. Voted and stayed more than ninety four percent for two weeks for light coin which is basically a back yard of coin and it went through and now we’re at the post SEGUI era of live coin and we’re all excited to see how it’s going to perform I think that’s really good news as it’s been I think pretty clear for a very long time that the underlying software architecture protocol of it calling is insufficient to meet the new applications that have been conceived of and if Fieri I’m was a reaction to that and it’s nice to see that there is another option and the forces of competition will undoubtedly find out which is the best so I’m not familiar with all the technical details but I’m looking forward to even more opportunities and options available in the cryptocurrency space Well it’s interesting since three weeks ago that segment was being flagged green for likely and the prices increased dramatically and like one was used to be less than a dollar a month ago and now it’s over fifteen dollars and dramatic increase for light coin and shows how people are getting interested in using like going after say quit is activated and other interesting thing is that I heard that the calling which is forty one percent used by Japanese people also had a dramatic increase that actually surpassed all the high amount of the price of bitcoin which is one thousand three hundred fifty and the reason is that the Japanese government started to see through beat coin for businesses and now it’s going to be a semiofficial cryptocurrency in Japan what does it mean by official like the government will tax it or something that’s a good question and I’m not sure that’s all I heard is that it is that it too being regulated which is a big change because most go. And so the first reaction they show is that they want to stop the usage of creep to clients is Japan has taken one step ahead and damn started to see how they can regulate it for businesses which is something opposite to what the state of New York did which is New York is the only state in the US that beat coin and many services and many websites that work with Bitcoin are not allowed to do business in the state of New York and it’s something that it was flagged a long time ago while a street basically behind this political and Foresman this is one of those topics where it does seem like there is a large amount of specialist knowledge needed to understand the really specific technical matters but generally OK I’m going to try to learn some stuff from watching the video later from Andras on to the Post story generally he was Greek and he came to the US when he was very young and he’s now has a book called Mastering Bitcoin on locking the show crypt occurrences I’ve ordered a book and waiting for it so in the meantime I was watching one of his lectures and he was explaining how black chain technology works in principle and what I learned was that blank chains are actually obviously a chain of blocks that each block is basically that’s a it’s a it’s a box of an algorithm that checks the inputs and each time you give an input that input is going to be processed and checked if he’s wide the block is designed to be so for example you’re guessing it’s like guess that blood is going to be on this ascii number which has led thirty two bits and they usually check beat by a bead if key of that blood and then if for some luck there you have you from thirty two bits then you have activated blocks you hear me repeat the last two sentences and block chain is like a tree that has different branches and each It has a. B. trunk which has the longest chain of the blocks and each branch can lead to different blocks and each person has to spend a lot of computing performance using a C.P.U. or G.P.U. to calculate and try so many different beats in order to activate a block So right now actually demining great of beat coin and some outer creep to current says hey really depend on the processing performance on the state of the art technology how fast you can compute and tried different beats to activate a block defines how fast your mining that keep the current see and at the same time there are a very interesting principle that I realise about block chain is that it’s a democratic process how let’s say I activate a block today and if you want to work on the next block you have to decide based on which previous block you’re going to test the new block if it’s going to be activated or not so let’s say there’s the block which is yellow and there’s a black and red and there are two branches and people want to move on and find the next block you know order to mine more cryptic currency you should choose issues choose if the yellow is going to be dominant in the future of B. to read so if more people rely on the red block and then try to find an exploit based on the read to continue dead branch then read becomes accepted and that becomes the main chain and if you have spent a lot of C.P.U. and G.P.U. a lot of computing which is all wasting or spending electricity eventually it will be kind of wasted because then you’re not spending your electricity on the red block that is going to be widely accepted So this Democratic growth these evolution of the blood chain is actually the driving force of the decentralization of the mining of this keep the current seat on the other hand. And the economy part of it is that so now we’re having an asset you’re having and I said which works like gold let’s say there’s gold on the crust of the planet and it’s going to be mined on a decentralized fashion we do specific rates that depends on the price of electricity and depends on the technology of solid state electronics and now how can we use a day economy works that now we have a decentralized amount of supply and material that we can hold the value with so the value is hold in one of the blocks and now these divided into let’s say Hundred be coins and these Bitcoins can be token by different people so if you hold a key of that block of that one percent of the block which is one Bitcoin you own that one Bitcoin but then when you want to reach the ownership when you want to sell your Bitcoin or give it to somebody else all you need to do is you just deve they key that key will be degenerate then and new key for that part of the Block be generated for the new owner and this is basically how transactions take place change shift occurrences Yes So it’s really exciting that we have an ability to store value that doesn’t rely on the government telling us that this thing has value instead there’s this consensus approach where if everyone agrees on the red block being valuable then it’s valuable and as you’re saying Haas that’s a really compelling way to make decisions because it means that by definition whatever is being used is the one that everyone tends to agree is the correct approach generally so it seems like a good way to run things I’m wondering just stepping away from the technical details of how this is implemented if we’re just focusing on a store of value application of crypto currencies for a moment do you guys see or. Or C currency being replaced by crypto currency do you think we’ll stop using dollars and start using bitcoin in general and what implications will I have for the power of the state right now what gives the American government the ability to borrow so much money at such a low rate of interest is the fact that the letters to the hurrican government they know that America will never default on its loans because it has the control over its own currency it can print more dollars to pay back any of its lenders if it really needs to and if that’s our Instead the know it in bitcoin or something else and governments no longer have that power and still that seems to greatly diminish their oh and also their ability to control their citizens but that’s a good thing right because you as a government give more power to your citizens yes so I wasn’t trying to say that’s a bad thing but I mean you have an interesting it’s interesting because the relative to their citizens the government loses power but somehow it works the democratic values yeah it’s more of a direct democracy because I think people tend to think oh if a country has an elected parliament and that means it’s democratic therefore all the actions that that government takes are totally legitimate and totally great because it’s a democracy but in fact there are levels of democracy and if more decisions can be made by individuals then that’s an even freer society an even more democratic society than one where every four years the majority gets to pick one big basket of policies so yeah totally agree it’s a it’s a it but doesn’t it seem like there could be problems though I mean the government governments are going to let this power go very willingly so can you guys for C. It seems like they’ll be potentially for their clampdown on the use of crypto currency maybe under the guise of avoiding money laundering or terror. Because one of the compelling original reasons for big coin to exist was how you can anonymously hold that call in you can conceal money from the government for tax evasion purposes you can transfer money from one country to another evading all capital rules so yeah if you’re interested in individual rights and you think people should be allowed to do what they want then obviously big quake is fantastic and if it’s taken as the defacto currency for the whole world then again that’s absolutely fantastic because then I can give money to Daniel from my anonymous they call an account to his anonymous they call an account and no one can interfere with that no government can interfere with that transaction or even tax it I think and that’s I guess that’s pretty fantastic on the other hand I can see there being a lot of problems with like some drug lords somewhere or you know al-Qaeda getting money from all kinds of people right so they problems I mean those problems you always have the particularly with cash I think so that’s why governments want to sue I mean it’s basically something that should be but it’s trying to avoid some countries want war which have problems with exactly bout with illegal transactions so I think it’s not really a new thing but talking about takes a shot like how would that work because if we give like not missile it takes place but generally when you do a transaction you give money to a third party and the reason is because you get a service transaction service so I guess there’s also like these parties might not exist anymore when you do a transaction with crypto currency but there are other parties and as if House was saying earlier there’s also much of redundancy in computing so there will be costs how do we deal with that do you know something about that or what the picking of the nose because I don’t know what you mean by that can you repeat that any cost like a transaction would cost something computing power and oh like well that it’s trivial though because in order to transfer if I want to transfer a big claim from myself to you all. Thing to do is send the equivalent of a very short emails worth of data to you and that is enough information for you to sign the key or do whatever cryptographic steps need to take place for you to obtain an ambiguous ownership of that Bitcoin and then your presence on the ledger is undisputed and so the computing power to transfer good coins is trivial the computing power step that Haas is talking about is to generate new bitcoin which is exponentially like asymptotically harder and harder to do over time and that was the engineered point work when to toe she genius anonymous guy that first created Bitcoin set this thing out he set it up so that there was an incentive for people to maintain copies of this ledger which is distributed so people need to have copies of this thing all over the world in order for the thing to be distributed for a record of which account owns which bitcoins everywhere in the world that thing needs to be copied many many times and the genius of bitcoin is that the copying step to do that is incentivized because if you do that in certain ways then you end up creating more Bitcoin for yourself so like the mining incentive is what Haas was talking about there and it gets harder and harder to create Bitcoin anyway maybe I’m just repeating what you already know but that’s that’s what I you know that’s all great that’s all like part of the beauty but I still think that it belongs to the cost of the transaction because the part of the service of a transaction means also the existence of cards Oh I see OK that’s fair that’s a good point so if it costs huge amounts of computing resources to create a very big coin that we’re moving around now and that’s a good point I mean I’m talking for example a transaction usually would give money to the bank and you would pay for IT services but it might see other things they do might be much more expensive than the extra transaction and so basically you pay for the banking system like the services the bank offers you a total EBIT it’s a fixed card for a transaction what you pay but if you paid. They always like try to win this well right yes but what was hidden hidden cost yet hidden costs are exactly the cost for the whole block chain basically yeah that’s exactly the cost of a block trip on a week I suspect that since that coin are infinitely transferable once created I suspect that the cost will get distributed over many many transactions and so I still suspect that that’s not a concern I do think though from an economic perspective it is a concern to have a currency that doesn’t inflate at all or that inflates very slowly which is what I guess the future because faces and so perhaps other cryptocurrency have dealt with this I’m not sure but generally when an economy like let’s imagine a future where the world is using big now economically there’s a problem when you can’t expect that there will be a small positive inflation rate every year because prices don’t adjust downwards because of human nature like people don’t want to see their salary go down and so it’s much better there needs to be a correction downwards to prices for there to be a small positive in facing rate because then prices can simply slowly go up and then your salary goes down and that’s a lot less politically difficult to achieve because people’s NALEO salary still remains the same that’s sort of in brief strokes why it’s nice to have more and more of a currency introduced every year and that coin does a little bit of that but maybe not enough that’s interesting is that really like the only basically factor for inflation why inflation is necessary poor like the happiness how often they should I think there’s other reasons like you want to positive inflation rate to give.

It’s funny doesn’t it say to give the central bank flexibility over adjusting interest rates but then I really.

Think a bit yeah I think if we had an economist on this podcast he’d have a lot of interesting things to say about how an economy would. Work if it was entirely reliant on a distributed crypto currency I think there might be some issues with controlling the macro economy that we take for granted right now if you think there is any value at all in like a Ben Bernanke type person or Janet Yellen now to influence the short term interest rates and to do other kinds of open market operations to manipulate the economy for getting out of recessions if you think there’s anything some people think there is no value in that and that in fact central banks are causing further problems but if you think there’s a value in that then clearly like surrendering all control of your currency to like Dehumanizer not dehumanised but in a decentralized currency that no one controls may be problematic Well I think my knee and crypto currency is just one aspect of block and technology and there are many other potentials behind it plug chain technology in Constance’s and Gauri them as that is vast and it’s not even yet touched so basically the if Erion for example which is a smart contract block chain technology is being employed in saw.

Them for various networks including social media networks I recently learned about this technology called Akasha which is a social network which is decentralized and it relies on peer to peer server usage which works like torrent and the hosts that do you everything is just stored in everything you shared from yourself your data and your profile it’s stored on your own computer on your own storage and you’re basically looking at each other by looking at each other’s a storage so there’s no centralized sever and it’s getting popular and now you can download it basically from being those a man and take knowledge you work space on the ferry I’m decent station. So I think money and currency. Is a huge potential that started to show first but I think we are going to see a lot of different applications of blood Chanticleer as you being involved in the finance industry I see many banks now are block chain technology for basically improvements to the way that they keep track of data and move information around their servers so it’s interesting because when you take away the political ramifications and the currency ramifications locked chain at its base it’s like a form of database right it’s like just another way of organizing information and so there can be advantages to not having to reach back to a central server to get the data that you need for it like settlement instructions or something and having a distributed architecture can have all kinds of performance advantages and it’s just funny to think of all the very Monday in applications that are attached to the sixteen Lee you know sexy prestigious concept like Cohen and block chain but aside from that certainly there are applications like what you’re talking about Haas with the social network I feel like there might be limits there though because with Facebook they have huge stench role data centers right with huge amounts of data and I’d be surprised if there was no value in that and if it was just as good to have everyone’s individual computers just talking to one another like Surely all of those Facebook servers are storing like huge amounts of pictures and videos that it would be very hard to maintain in some kind of shared distributed ledger that everyone could access I mean it’s one thing for big claim to maintain a ledger of who owns what it coined around the world which is probably no more than a terabyte of data at any given time but we’re talking about like everyone social media that’s potentially petabytes of data and so I feel like there will be gaps and it would be difficult perhaps to access certain information like some old video or something maybe it wouldn’t be available I. I thing on that matter I feel like you’re imagining picturing that event I talk about the person storage you thing as an actual data storage like an H.D. or S.S.D. storage but you can also implemented on a cloud storage The only difference here is that when you’re using a cloud storage which can be rented from Amazon Google Dropbox The only difference is that the encryption to use to encrypt your data on the cloud can be decentralized so every person can choose among so many various types of encryption and they date on the cloud and use that cloud as their server of the social network and I’ll put all their data on there so that it should not necessarily be a moment clouds can still be used and they can be centralized servers and clouds but the only difference here is who controls what is shared read who so they wanted the difference in the future decentralized social network is that every person can be in one hundred percent in charge of thoughts and who they’re sharing their data with and how they control the encryption of their data so maybe the price of admission into the social network will be you need to I don’t know like rent a certain amount of that you need to have a hard drive that can store or at least in cloud space control or pay for a hard drive that stores this much space and so as the social network gets bigger maybe everyone will need to control like I don’t know three terabytes or something and then so I guess if you divide up all the data on Facebook divided by the number of users maybe it’s a manageable amount per user I think Interesting OK well that’s cool so then you know that that pivots the problem completely away from what I was thinking where people’s laptops trying to transmit data to one another and instead it’s purely about refactoring the ownership because again all the data is still sitting on central servers like Amazon or something but the control is totally atomized and reorganized. Back to the individual exactly nice that might be a problem for some of the entrepreneurial ideas like I think back to the iterations that Mark Zuckerberg has pushed through on the interface of Facebook and how in the ten years that I’ve been on Facebook how many times some new interface changes happened and there’s been like groups and people complaining oh I hate this new interface I can’t get used to it it’s terrible and then two weeks later everyone’s forgotten about it and they’re more addicted to Facebook than ever like now apparently two working days out of the month on average are taken up by Facebook use by the average American office worker So clearly the interface changes were correct and yet if we were relying on some kind of consensus model that might be a problem well I don’t think it would be a problem because I think what the same thing is going to happen people are still going to spend time on social networks but it’s just not centralized control center like Facebook or Google so people who are going to use advertisement peepers going to pay attention to them and to spend a lot of time but actually I think it would be even better and most fair for small entrepreneurs because right now it’s very hard to compete with these huge players as a small company but in that space I think it would be even but you need to do is just to have slightly better to share it on an open source place like home and then if people use it then you’re good and if you go down and steal every person is only in charge of what they’re sharing in steel you can have your own tools being marketed and people use it and you can still being paid by I don’t creep to currencies and anything but the only thing that isn’t changing here from my perspective is who controls what is being shared with who and why because I now you have the control but it’s all on their Facebook I mean fifty already has AK. Anything of you and then they provide you with the control that you need but they still have it so there’s an essential as well I guess that’s all you’re going to I mean and you’re just I live in the Big Brother or in charge of the control well as you’re framing it now it’s a subtle change because now your social media data is sitting on the same data servers potentially Facebook might even still be your interface if you’re saying that third party applications or now just any entrepreneur can access the data infrastructure of this decentralized social like A.P.I. If you well if anyone can create an app that plugs into it then maybe even Facebook in this refactored future could create like a Facebook app that just plugs into that into the social media data that social network data that’s in this network whose name it forgotten right now and so what has changed at that point not I guess as you say who can who owns ultimately the data I suppose but it’s it’s subtle you have to admit interesting yeah I guess I have also something to add to your point is that speaking of Bitcoin and keep the current says the miners are the peak years for example for the when it comes to warding for Segment four likely it’s ten miners that are in charge of warding so Warda miners miners are the holders of these overpriced expensive hardware and also the ones who have a lot of money already in dollars or even in China to pay for electricity So basically what’s happening we’d keep the current sees that they’re not necessarily generating it out of blue it’s not had a blue it’s basically transferring value from the current resources which is an electricity hard verb reaches from silicon material from the beaches and turned into hard for going through a lot of press to seize and manpower and now all these happening is that all of that value is being. Transferred into a flag called Beat coin into an address and now it’s basically a wrapping of a lot of value into one flag and then we can split it it’s basically a standardized zation of value and then on turning the way which creates opportunities for orders small groups of people who want to follow alternative leaderships because what is universal about money is that money is usable as long as a large number of people believe that that flag has the power so it’s basically a democratic decision whether to accept that we rely on that flag or not if today everybody decides that OK we don’t want to work we’d be going anywhere it’s value drops to zero and has no more value so I think it’s true that you say people who own power and they steal would be in powerful positions so it’s really hard for is somebody that is poor and has no access to electricity or paying for extreme expensive hardware he still can’t have mine be coined So the mining and the source of power is still not changed allied it’s just a transform ation of it and the usage of it is more decentralized from my perspective but but HAASS I think you’re not I don’t think you quite have the power assessment correct in the sense that yes if you mine Bitcoin or the theory I’m you get a few more because again and so you can get wealthy that way but competition for mining is always going to keep the profitability of that venture down almost at zero profit because if it was super profitable to do it then more computing resources would be added to the exercise and then the number of Bitcoin mined per unit of computing power down until it became almost not profitable so that is going to always assure the system it’s always going to make sure that big coin miners are not going to be super wealthy but even if they were. I think what we want to understand is that the reason the system was devised by the Toshi is so that people who are just using the system for normal transactions like you and I are able to benefit from the work of the miners the miners are the ones maintaining all the copies of the ledger and they’re keeping all these distributed copies and the coins are their payment for doing it so they’re the ones maintaining the infrastructure of the whole system that we all benefit from and they get that payment in return and so the system works so I I’m not the power dynamic here I don’t see any downside Actually I feel like it’s a perfect ecosystem of miners maintaining a system and getting their payment for it and everyone else benefiting from the decentralized system and then now we have this great system where there is no need for a central authority that can be lobbied influenced and corrupted like most governments are to that there’s no story that’s a really good point because I always pictured this group of people that criticize government they’re like money is just value this paper government is exploiting people by just printing money out of nowhere and into an infinite amount it’s not true because I feel like the mechanics them of how cash work it’s very similar to what bitcoin works for in that sense that what is money if it’s a just a paper so everyone can print it at home right so why is it not happening because cash is a high technology paper where is the high technology coming from is from the latest technology that it’s resources limited so what seem to be about money in any form is that it has to be a limited resource each generation and each rate because it doesn’t matter how it happens if you speak when if it’s money that has all the take in order to make it competitive to have the most let’s say robust cash that no one else can print. It is like if you can come up with a better technology that it came produce that limited resource of a flag and can be not copied we’d people who cannot spend time on it because here’s the thing it’s like at the same time as you said the power dynamics war is such that you cannot create between I don’t know where you have resources you can’t cheat let’s say the AVG or doesn’t work such that you cannot cheat because if you want to cheat you have to waste a lot of electricity and then it’s not profitable to cheat and Calvina Fay to beat coins so beat coin it’s like it’s politics it’s merged into it’s take knowledge is so that it never allows people to cheat because if you cheat people are not going to trust your block and that that long will be discontinued so they majorly except the blocky is always the one that has the most popularity and has well they can imagine a day of the resources death huge block that is going to be the next this is the previous block to the next one is going to be the one that the most resources are spent to come up with that well the profitable cheating comes from the hacking into other people’s Bitcoin accounts and stealing their Bitcoin because they haven’t secured their core insufficiently So I think there’s still opportunities in this future world to do crime but it’s just in a different place and I think one more thing before Daniel probably has something to say I was thinking about the problem of money laundering and the proceeds of corruption being more easily transferred around with bitcoin because in the snap of your fingers with no transaction costs you can move Bitcoin from one part of the world to another and you can have huge anonymous accounts full of call aims and there seems to be a huge danger there that some government official let’s say in China has a huge amount of money that they’ve built up through some corruption in government and now they can easily move it out of the country whereas before it might have been much. Or difficult to do like it because it is like cash except cash that you can beam around the planet with like a transporter right so it’s scary or in that sense for the purposes of getting rid of corruption now I wonder though if it’s true that we have a crypto currency as our main currency in the world some day maybe that will mean that all are governments and maybe we won’t need such big governments because they will be running our currency we’ll have three D. printers for most things and so maybe there will just be fewer opportunities to be corrupt because the government simply won’t be that big and simply won’t be doing that many things maybe that will be the way we can avoid this problem and everyone can still have their anonymous cash accounts their anonymous pick when it counts because there’s not that much to be corrupt about who can you repeated again in a sentence right now it does mean an inflation it just doesn’t mean perhaps enough inflation because if you look at the growth of big coin over time the way the architecture of the coins cryptographically has worked is you get fewer and fewer coins for more and more mining So like it’s tapering off over time so as a result we’re not getting the stable amount of inflation that you might see in a normal fee a currency like normal fare currencies will grow I guess the price index associated with the currency will grow by you know maybe one or two percent per year ideally and because I think it is Sting if we get the last them that I could have the numbers slightly wrong if I need to look this up before publicly releasing this but yeah that’s basically my thesis and I think inflation doesn’t happen to be equal and what is happening to be going is actually Constant The Because inflation happens when the unit currency the amount of unit currency increases which doesn’t happen that’s what mining is now and what mining does is basically because there’s a cap to beat coin you cannot by definition by design you cannot have more than twenty one million bitcoins twenty one is a tab of Bitcoin so what mining is doing is basically. Enabling It’s like revealing the current equines to the user fourteen million so right now fourteen million out of twenty one is mind but the ones are the twenty one is mine there’s not going to be any more beat going mining or how it’s going to be finished mining So we’re saying up so we’re saying the same thing yeah we’re saying that because I’m saying that the number like the rate of inflation is asymptotically decreasing and you’re saying that there’s twenty one million total and only fourteen million has been revealed and once they’re all revealed it’s done that those two views are compatible so I think I say Yeah right yeah right right now of them out of Bitcoin porting to the market is increasing because every day more every ten minutes one block is being mined and we are inflating right now but once all of it it’s mind is going to be deflation for ever so which is not a bad thing it’s just I feel I don’t know how it works but I feel it’s a different economy like I mean someone threatens But economists will say that it’s a difficult economy to run for various reasons but maybe you’re right maybe we’ll just deal with it and somehow people will just get used to I mean that’s what we did out of the gold standard right into the gold standard the amount of currency in circulation was basically effects so it’s kind of back to that again I didn’t understand your question well like it’s the value of the currency is changing constantly and makes it very difficult to imagine its use as a currency for everyone to regularly use like if you’re planning on going on vacation and then suddenly because of your vacation doubles because they and your Bitcoin is like dropped by half in value and that’s not really an acceptable way to run things so I wonder if more hedging technologies will become more widely available and more easily implemented right now if you if you’re engaged in like an international business transaction and you want to hedge against the currency risk you can purchase pins market that will offset your risk. And maybe in the future that will become a very normal thing to do if you’re engaged in a transaction where Bitcoin is one of the legs but not both That’s one idea another might be yeah some kind of government intervention to keep a coin but I guess how can you do that and I don’t think you can I don’t think that would be a good thing you know maybe with more people using it it will stabilize exists right now I think a lot of the movement has to do with speculation and if it’s being extremely widely used then at that point the speculators will be only a small percentage of the total value of big coin and then they can’t make the value go up and down so crazy anymore because most people using the currency will just be doing regular things with that and so they won’t be able to just pull their money out randomly because of confidence reasons going back to what Michael was mentioning about volatility and instead believe you have a currency I just want to agree with Michael and add that it’s correct that the number of users define how stable a currency is going to be it’s very beautiful since I’ve been monitoring the crypt occurrences and six months ago at the beginning of the birth of each group to currency the volatility is huge because it’s very limited so if you were to decision makers of demand and supply the more volatile and also going back to the idea of these good to currencies going to be universal and everybody use it from my perspective in future we’re going to have a diversity of currencies as we have today based on nationalism So right now each nationality has its own currency right and there is a universal currency that is also not completely universe only it’s true that most countries use dollar for international trading but there are still certain countries that use different currencies Ford or international there’s different allies different networks that have a so if you really believe in the centralization as an ultimate goal of humanity to be more effective I think been more. And more and more current is added to the collection and not even less so I don’t think it’s going to be the one or any other cryptic currencies going to go to be the one currency of the universe of the human civilization there’s going to have on many points yeah yes I have some strong thoughts on this because it seems like many technologies that are compatible with a more libertarian future one where the government is less involved in our lives are also technologies that soon that individuals will take more control or be more responsible for themselves to just take a very simple example if you don’t have the government providing health care for you and we rely on individuals to go through the steps of getting health insurance for themselves and often that process can mean that you can have a more customized health insurance that would be better for you but it is true that it demands that the person not simply completely abdicate responsibility and just not get any kind of insurance that obviously leads to a worse outcome than if the state simply provided it for them so I think in the same way with currencies if we are world with multiple competing crypto currency that each have various advantages and introduce a world with all kinds of competition different applications that can be used on them and that also prevents governments from inflating the currency abusively to prop up regimes or to have excessive spending then we have a much better world but once again it relies on the individual as you say pushes complexity to the user but now here is the technology that may fix that for crypto currency and for others and we can say it all together our official intelligence so if we all have intelligent agents Jarvis in our years then perhaps even the least sophisticated among us will have a big brother in our pocket guiding us through the incredibly complicated transactions of the future Yeah and the interesting part to add to that just said is that each currency even. The product by itself its currency is a tool and you can sell or buy the tool itself right so right now if the area has a believe the two have a smart contracts beat coin is different from wide coin in terms of its cap and it’s also saying we it is now a feature of like when we speak or it doesn’t have so the diversity of currency it comes from the services that each of these currencies can provide and the activities that users can do based on of each these kinds is so that’s why I think diversity will always be there because none of these currencies can provide they complicate City of their services to its totality so each currency is certain activity and trading and that they must ratings high so instead of currencies being split by the they’ll be split by application which may make a lot more sense anyway nice exactitude one day if you want to just do grocery you know that you’re going to use currency X. and if you want to get paid for your Wark and pay somebody else for the work they’re doing you’re going to pay by currency not why so there will be a split of currencies that’s fascinating anything else guys or should we go to the elevator pitch I’m done we can go if we go right in this elevator pitch battle each of us will give one business idea in less than thirty seconds and we will each vote on the best idea and of course as always you can vote for yourself all right let’s begin and Round one is Michael or me in Southeast Asia it’s normal for a high rise condominiums to have a pool on the top floor or at least somewhere in the middle of the building but instead of a pool which is like not very unique What about a wave pool so I’ve seen these in a few water parks and it creates these huge surfing where aides and you can actually surf on that right and it creates this standing wave and wouldn’t that be the old. That luxury so on the high rise condominium surfing wave and that’s way beyond the normal swimming pool in terms of what Sheree and coolness it would simulate the sounds of the beach and it would be much more fun in a normal pool I guess they’re all there any pools that.

Generate waves What’s the number a story the novelty is that it’s on the top of a high rise condominium that’s the novelty I guess I guess OK work if you want the real reason why I’m giving this one it’s because I’ve been looking at all kinds of condos to move into here in Bangkok and they all have a pool on the top floor and I’m like well that’s nice but would it be and then but then I watched a youtube video of some wave pool as I wouldn’t be cool if they put that wave pool on the top of the building I mean I’m sure that just with that they could attract more customers to the economy.

It’s not a world changing idea it’s true.

And now we have round two then you know all right let’s hear it so have it reverse the training to one of the most effective treatments for diseases like skin picking disorder which is something I have experience with and the treatment includes noticing when you start counting your skin somewhere and becoming aware of why you do it so ask yourself OK How did you feel at the moment is it because of stress or boardroom cetera so AI is basically I mean nowadays it’s easy to with a I find out what is happening on video so I suggest a camera that monitors the white while you’re on your P.C. which is one of the at least for the skin picking disorder of the common locations where you do it and then basically always notifies you as soon as you start touching your skin somewhere and that makes sure that you always recognize it because you know it’s very hard and also it will make the treatment easier and maybe more effective but we don’t know maybe also self effectiveness will get lost because you’re not aware. When you start doing this yeah but that’s the idea interesting though you’re talking about behavioral feedback system that can mommy tool for you and then give you a feedback or a notification I stop bringing this up conscious activity to your conscious of Aaron astray That’s fantastic It reminds me of a study I read about where you can ask people how happy they are and they’ll report something but if you do something like you have a smartphone app or something and every fifteen minutes it like things about well and then ask them to like rank how happy they are and then it’s like Often you can use that information to like get a much better sense of in real time what makes people happy and what that shows is that actually people tend to be happiest not when they’re doing things that you might imagine would make them the happiest like doing grow actually activities but instead like when they’re in the flow state like when they’re really focused on work that’s when they rank themselves as happiest and I was thinking about how maybe I could incorporate that like into my life because I recorded daily diary and I write down what I do every day but I wonder if it’s like full of hindsight bias and got all kinds of problems I wonder if I could more quantitatively do it if I just had like a yeah smart phone that told me every fifteen minutes to ask me what I’m doing I’m sorry that’s not exactly your idea Daniel but it’s in the sense that it like it’s like a smart phone thing that reminds you to be self-aware I guess it’s similar but yeah you have a great idea probably more marketable too I just say one last thing I find that because I procrastinate a lot like I’ll suddenly browse Facebook at some random time I mention I’m of the only one that does this but what I’ve noticed and I have been systematic about noticing that’s what I’ve noticed is if I’m in the middle of work and then like my mind drifts to like slightly less pleasant topic it could just be like I’m worried about I don’t know having to say something to somebody or maybe there’s some ambiguity then that will drive me to like immediately switch to some distraction like Facebook and so I feel like there’s that self-awareness there the. Just by thinking about that I realize oh yeah that’s why I’m doing this now whether that’s actually solved my problem or not I’m not sure but I agree that insight into what causes the behavior has got to be part of the solution so it’s free so it’s crunch time highest now it’s around three parts so here’s a problem we all have plans and scheduling different projects and dividing our time and life into pieces of management but it’s always hard to keep track of them and having dating them spend waste a lot of time so there is a study of the show and the advantage of the chains for example if you want to have Iranian activity tree times a week if you draw on chains of each of them and then if you keep track of each of them so it gets psychologically more cumbersome more a scary to break that chain when you have the chain but if there’s no chain and you just want to do a display radically it’s really easy to forget and it all comes from the difficulty of human beings to deal in action so these chains always help cause to break the eventual gratification to small gratifications which is keeping track of the chain so what if we have an application dad gives us the visual tools of blog chains that we can as sign different activities and to manage our times and splitting our projects into several different chains and blocks so that we can keep track and he can also it would be like a mixture of Google Calendar weed social networks because then right now you can share each challenge to each other what if you could share that change with each other so that if for example we all had the two hours of meeting today Sunday from ten to twelve A.M. and then we are to have the unit so that our going to be a marriage together for three people and then they’re going to be diverging again to different activities each of us are going to do something else in the chain of our consciousness so. Technologies basically an application that I’m thinking to design and develop oh oh oh thank you I actually were just searching for some applications of this one that you mention is there a specific one of the I have in mind you can introduce to me OK Lifehacker don’t break the chain you know it’s it’s a good idea to combine these different concepts I’m having a hard time imagining exactly how it all comes together but that might be the sign of a really good idea that I can’t grasp it instantly so I just I feel like a lot of my processing resources my brain processing power is being spent most of the time on managing my activities more than I spend on doing things for example when I’m getting the two hours of coming up with. One of my electronic projects half of the time I’m spending it’s on cautiously going towards what if I should forget that ocean forget this am I going to call my sister tomorrow am I going to talk to that person on Tuesday and I so there’s so much back processing that is happening because of the mismanagement I’ve been through I have a Google Calendar I have all my days for each week settle but also another problem with Google Calendar is that sometimes if there’s a chain of events and I just break you one if I mean doing one of them the whole chain has to be updated and I have to manually obviated the Google calendar each by each every day every single day and that’s very time consuming sometimes I just don’t do it and then it messes up everything so if there’s a real time change that updates itself if it doesn’t move to the next block I finished it and it also has a time care sir that it shows you have you seen when you’re downloading in appling your phone does a circle that is being complete starts with an angle of ten degrees up to three sixty so I imagine each block has the time information. Then on it so when you do you always know we are right now in which book you’re in the book of resting during the book I was to be it’s like you have to plan your sleeping too so you know during the block I was sleeping and it always has alarmed sandwich if you set for you and for example at the beginning of each month you just set your whole month based on the projects you have and you can have your meetings and schedules I guess it’s just a combination of all these apps that each of them are insufficient for me and so I’m just thinking of this huge prize a lot of my graphic design in my mind are two explaining wars All right everyone now it’s time to vote on the winner so you know the drill think of who you think is the winner and now say three to one in your Danielle. All right the winner is Danielle Congratulations Oh it’s a cool idea yeah great idea thank you everyone this was really fun and I had a great time and I’m excited to see you next time thank you so much have a good day. Good night good day respective.

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