Subtitles, created by Przemyslaw Baginski As I have been standing here, I've been thinking back to the last war When the bombing was on, and we heard that there was a heavy bombing around St Paul's cathedral So i immediately walked over here and i stood down the road there every building by St Paul's was ablaze and i said to myself: "The hand of God is on St Paul's" And this morning i went back to church and i was praying to God about you all I thought i would wander over and then see what was happening You have every right in this world to make a protest and create a situation Andreas Antonopoulos: I think there's certainly a disparity of justice going on which is a theme that's been occurring really for centuries, but when it starts affecting the middle class, people notice that there are multi-tier justice systems

And some people have always been getting away with the worst crimes and some others never get away with anything It's becoming quite noticeable in the states in western developed nations now how there are multi-tier justice systems, but it's not different than the past It's just that the middle class used to not be the part of the lower justice tier the lower justice tier have expanded to include them Jaromil: We have an emergency of sociopathy on the top of this pyramid i mentioned The people truly are not empathizing with any social argument They are living in another world, in a world of segregation

Daniel Hassan: Why would people trust the banks? I mean it's just common sense that people have gathered together to express anger at the way the things are Jonathan Harrison: I kind of believe in "free market" stuff But even if you dont, even if you're far in the left, you're green, whoever you are We all kind of hate the banks right now They're parasitical, they don't do they don't deserve the money that they make Chris Ellis: We're going to need better tools for dealing with a lot of the volatility that we see in the world

We're going to need this anti-fragile systems These systems that can withstand short sharp shocks Julia Tourianski: I guess that's the criticism on like the hippie-dippie movement for peace, without any kind of "the evils of monetary exchange" when the monetary exchange empowers individuals on a very basic, basic level Amir Taaki: It's not a way that we can continue And, really, i think the goal is not to save the world, you know because some people don't want to be saved What we have to start to do is start to think how we can carve out a safe operating space for the future, where we as freedom loving people can survive, thrive, and grow Cody Wilson: The idea was how to introduce a hyper-real antagonistic symbol to what we see as a hyper-real order the one that would induce endless revisions and cycles of trouble that couldn't be answered in traditional way So if you want me to just give you a gun, you'd get arrested, right? But to give you like the capacity, the potentiality of a gun, in the Internet in it's kind of infinite replicability, and ever-presence all over the world was a challenge, a kind of gift that the world system just couldn't respond to Rick Falkvinge: As long as the code pays for it's own execution it'll keep running in the network And i think that opens up far more possibilities than we consider today

Sveinn Valfells: Isaac Newton was an explorer, and his tinkering with things that didn't work gave him a great sense of what would work so he was an innovator, a scientist, a hacker Jaromil: What a hacker is today? It's a very debated, described, over-described We have books coming out on hackers, we have marked our presence in history as a culture, as a cultural movement And i think we have marked it very well so far, although we have had losses and we have things to really worry and people to remember Yet i think we achieved already a good position, and next iteration – our danger, our bigger danger is to be too self-referential, to not recognize the agency of other people, of other areas of expertise And again, the fact that we are social animals, that isolation is not an answer for well being for the welfare that we look for everywhere, so we have to go a little bit more social

Julian Assange: As many people all over the world [crowd repeats] who have worked towards [crowd repeats] from Cairo to London [crowd repeats] Vinay Gupta: To me this brings back Phil Zimmerman, who is the guy that originally wrote Pretty Good Privacy which was the mother of all crypto inventions So he took this work from academia and from the military, turned it into this package that offered military-grade encryption for civilian e-mail and basically fired the first shot in this kind of 20-year cypherpunk war Zimmerman fought like hell for about 5 years with the US

government They used to have to take the source code to PGP, print it out into books, export the books and then scan it again to get through the technical loophole with the US law about banning the export of cryptography software But it was no longer considered software if it was in the form of a book

and the fact that the government was willing to go to extraordinary lenghts to try to control cryptography, was an indicator that cryptography was fundamentally important And here we are now 20 years later, we're up to our eyeballs in the Snowden problem This was exactly the problem that Zimmerman was aware of as a potential, and he turned out to be exactly right in practice but because we never mass-deployed civilian cryptography of a high enough standard, we turned out with almost no defense against the government when it came to this huge power-grab that they've made Elizabeth Starks: Professor Laurence Lessig, who in 1999 wrote his book entitled "Code is Law" Technically it's "Code and Other Laws of Cyberspace", but really the mantra that came out of that was "code is law"

The second is Gabriella Coleman, an anthropologist and scholar of hacker communities and online activism Who has written about code and activism, and how code and free speech really align and we saw over the past i'd say almost two decades, this evolution where people didn't merely view computer code or the infrastructure that's built up around that as something that's external, like a bridge, but instead people viewed it as a means of expression Rick Falkvinge: I think there is a rather large symbiosis between the hacker community and Wikileaks community The hacker community tends to regard truth and transparency as sacred values, so it's kind of a net generation values thing, i don't think they are two separate communities Jaromil: At the same time in which Wikileaks leader Assange, Julian Assange was awarded with the Sam Adams prize for integrity and intelligence for the first time a non military person was awarded this prize opening up effectively in history the debate for what we need to do to actually evolve the way intelligence works in our time

Cutting off without a sentence that way to actually receive donations from people that appreciate that effort that has been a fundamental violation of network neutrality as it's perceived by most hackers around it is a violation of even more than network neutrality, because what we call "network neutrality" is the politics of the Internet That is a violation of neutrality that we attribute to a network, the network of money on which the promise of capitalism is based on, that we can't just look over and just go on with, that's what most hackers thought Erik Voorhees: What someone does with their own time and money is certainly one of the ways that they convey their personality to the world Just as i can use my words to convince other people of something that i believe in, i can also use my money to help fund a project for something that i believe in I don't think there is any material difference between those two things Rick Falkvinge: The Wikileaks financial blockade woke a lot of people up to how unhealthy it is that the United States based financial system essentially has a finger of death that they can point at any organization world-wide

That is a serious vulnerability, that is an unacceptable single point of failure That essentially means that the US government holds a kill-switch for everybody's organization Let that sink in for a minute

Julian Assange: This movement is not about the destruction of all [crowd repeats] This movement is about the construction of all! [crowd repeats] Nadav Rosenberg: People like stories, i also like stories so if you go to the Internet you can see all those stories of how money was developed Somebody invented it, but it never happened like that, it's like language It was developed in many different parts of the world, nobody thought and said "Okay i'm going to think about the concept of money, i'm going to invent the currency", it did not happen That's why it is so hard to understand, because it's just intuitively, as humans, we use this thing Protester: Right, can you tell me, if most of the banks in Europe are owed money by other banks of the other states in Europe, plus a few outside How can they all raise each other out of the swamp? When each one props up another one, while by doing so goes down itself Garrick Hileman: It's just not something people ever questioned before or wondered about

I mean I ask people in all sorts of countries: "In your high school, your secondary education, did they ever sit down and explain to you how money comes into existence?" And i haven't found a single education system yet where it's discussed as part of the core curriculum Ian Grigg: It's a complicated issue: do we want to teach people, or do we want people to learn about the nature of currencies, the nature of payment systems, the nature of local currencies? I think the answer would be it would be good to teach them about it, but we're facing an uphill battle The reason fundamentally comes back to the state's desire to hold a monopoly over the payment systems Brett Scott: Currency is not absolute, it changes over time While right now we have a single, dominant idea of what currency means, that's not been the same throughout history, and currencies have risen and fallen

Robin Teigland: There was a book recently, where they actually did inventory of alternative currencies, around 6000 Such as one with the WIR in Switzerland, it's been around since 1932 You have "Naya paisa" coin with the Nakoda Indians in North-Western United States You could even say you have some point systems, reward, so you have many different types John Karanja: Certain Kenyan tribes in the past used to trade with coin shells, because it was a limited currency, so it was a good medium for exchange

Garrick Hileman: Let me get to your main question, which is the relationship between, say, alternative currencies and debt So one thing that's interesting when you look at things like the level of debt following World War I, where, you know, debt levels kind of climbed, of course, leading up through to The Great Depression, after World War II, and again today, when you see those kind of spikes in debt levels, and alongside that you have the introduction of new types of currency, new alternative currencies during the 30's and 20's after the war, during the war, there's other examples of alternative currencies, certainly one of the most famous, of course is in Berlin, following the collapse of Nazi regime, They used cigarettes and alcohol as alternative currency And then today with this massive build up in debt outside of any war which is the one big difference between today and 1940's, or 20's or 30's We didn't have a world war, but we have world war-levels of debt, you can again see a large proliferation of alternative currencies Ian Grigg: What tends to happen, and we've seen this process many times over history As the economy dives because of problems in the way the economy has been managed centrally local currencies start to emerge like mushrooms after the rain And they pop up in all the little different towns, where people have discovered that "Oh gosh! The bread maker is here, but he's got no work

" "The butcher is here, but he's not selling any meat" "The hairdresser is there, but nobody can afford a haircut" So the people will realise that all theese people are here, if they just have a token that circulates locally, they can get a little bit of trade going, so that the meat flows, the bread is made, the haircuts are done and all the local traders can get a little bit of activity going Everybody's there and waiting to work, but nobody's got some cash So we'll create some cash and give it to the people

So if you like let systems and local currencies are local quantitative easing They're quantitative easing that bypasses the banking system and gets right down to the people This is called "fractional reserve banking", they need to hold 10% of the money in the account back with them, And they say "well, because someone owes us that money, technically we have that money" So they loan now someone else 9 milion of that, and then they loan to the next person 8 million 100 thousand, and so on down the line And then you effectively laundered millions and millions of pounds worth of cash just off that 10 million that they were allowed to create

– A great ponzi scheme – A great ponzi scheme Simon Lelieveldt: The human mind is perfectly able to deal with huge amount of coins, rather than just one fiat currency, and a single note design and a single coin design We can do even more than that, but we forgot it, over time we got used to this central system We can go back to the other system if we want

Ian Grigg: The world of finance is extremely jealous of it's territory As soon as they see a version of finance popping up, even if it's just a little Internet toy payment system, they get rather aggressive Phonecalls are made, the central bankers are annoyed, the FSA is annoyed, the various regulators are annoyed, and they are pushed to do something about it In the late 90's, after DigiCash there were a lot of different ventures starting up and getting into the business, and a lot of them failed partly because they got no support from the finance people One particularly famous system was E-Gold

E-Gold started up in about 1997 doing gold on the Internet, and built up it's pace up until about 2000 or so, when it started to become profitable and started moving forward Unfortunately E-Gold got into trouble, came into the attention of the Feds, and the Feds walked in there with weapons, SWAT teams and so forth, and took them down After a period of 2 years worth of court cases, the whole thing was basically rolled over, and although E-Gold was still running, huge amounts of accounts has been siezed, nobody particularly trusted it, and nobody has particularly trusted the result In essence it was shut down Daniel Hassan: Getting rid of the networks is a different matter than your hard drive failing or subpoena against a server

Ian Grigg: The problem with our classical view of payment systems: Alice pays Bob, but goes through Ivan, the Server is that somebody, it doesn't have to be the State, it can be anybody, can attack the server and shut it down, or steal the money etc Andreas Antonopoulos: Because we couldn't do decentralised currencies, we did centralised ones Ian Grigg: And here's where Satoshi Nakamoto had his, shall we say his genious stroke Let's not use some sort of heuristic Let's not use some sort of algorithm, let's not use some sort of hierarchy Let's do a lottery, let's create a lottery We don't care which of the transactions go forward, as long as it's only one of them Kyle Drake: I kind of have been calling myself a decentralist, which is this notion of preventing anyone of having so much power

Ian Grigg: We don't really care anymore, which transaction was accepted, we only care who's got the biggest number And that is something that we can guarantee that cannot be spoofed It cannot be attacked

Because of the calculation of the hash, the proof-of-work thing, this magical, cryptographic bla-bla-bla Matt Corallo: Not depending on traditional cryptographic security, but really depending on economic incentives to encourage good behaviour, and as long as they work on macro-scale, the whole system remains secure and has this distributed consensus property Ian Grigg: So if i give it an input, which is different? I cannot create that big number without going through massive amounts of processing Everybody is therefore on the same footing It is therefore a lottery, a fair lottery across all of the machines, One person gets to win the lottery, they get paid their 25 bitcoins for that, and that person is the one who chooses which transaction goes through, and therefore we have solved the double-spending problem

Chris Ellis: "Messages are sent on a best-effort basis Nodes can leave and rejoin the network at will, whilst trusting the longest proof-of-work chain while they were gone" [excerpt from Bitcoin whitepaper] This is all about what happens when we turn our backs on the system Andreas Antonopoulos: Here's the difference: If we had a 51% solution in an election, like in a democratic election for political party, that 51% would be able to temporarily, in a democracy without any other checks and balances seize control of the governing body and make changes What changes could they make? A coup would go too far, so they would probably be subtle changes

but in most democracies those changes would reverberate through 4 years of governance, until they got kicked out Well in Bitcoin terms that's 10 minutes And in those 10 minutes all they can do is double-spend a few transactions The broader issue would be if you had a sustained 51% attack, who's primary motivation would be to change core protocol Essentialy to pull a coup on Bitcoin by changing the mechanics of the core protocol

In order to do that you would not only need a 51% attack, but you would have to make that coincide with an upgrade of the system so that the majority chain actually move to a different version of a protocol, to a different version of the software That scenario is impossible And the reason is it's impossible is because it's not just the miners who have parts in the consensus system especially when we're talkin about protocol changes The miners can affect what is the longest block

But in order to affect which is the prevailing software choice, they have to persuade the users to change, they have to persuade the web wallets that represent millions of users to change, and they have to persuade the merchants to change If the miners were to take the protocol in a direction that users don't want to go to, they would find themselves on a majority chain, but they would find themselves on a majority chain empty of transactions Because all the users would stay behind A minority chain with actual transactions and merchantsis the majority chain, because that's where the value is

And so you can't really hijack "Bitcoin" the software and "Bitcoin" the algorithm, or any crypto-currency with a 51% attack long-term in a coup, because you would lack the consent of the user wallets, and the web wallets, and the merchants, who wouldn't follow you down that path, because it would be obvious Mark Edge: I said "Sure, i wanna know about Bitcoins!" Apparently i had some at that point And it was like somebody sent them to me, but i didn't really know anything about them, they were in some wallet in some place in the Internet, but i'm like "Sure, i wanna know about them"

So he came up, and we had lunch with Gavin Andresen And we had lunch with him in a thai restaurant, and actually i picked his cab, and he paid me back in bitcoins when he got home So we he sent me the bitcoins, and they were 25 cents at a time, and i guess if they had a 9 dollar cab, we're talking about 36 bitcoins, which are worth hmm

up to $4000 right now so those were very profitable lunch for me, and i'm glad that Gavin came up So we learned about bitcoins that day, he talked about them, but we were a bit sceptical, we were like "Oh, you know, there's been a lot of alternative currency ideas floated about in the libertarian community before, but we're interested" So we talked about them on the air, i think it was that night but i weren't 100% sure

Denis Jaromil Roio: Let's look at it just like a small phenomenon It was people going to online servers, like casinos, playing among themselves, and actually the service providers had nothing to do with them, their community, their money, and what they played, and what they loved to play So they just wanted to play by themselves They just wanted to have a channel, to have transactions amongst themselves as promised by the game, and go on and play it Theese people got very early, in a very early stage involved in Bitcoin, because of a need, because of a felt, grass-root need

Pardon me, if you're like really strong political believes that grass-roots must be only people fighting for social justice but i think we must also see some constituency into the fact that people are coming out of the system in a transversal way, of the system that forced them into entering the temples, the palaces of the automatized administration of their games, and build their own little community Erik Voorhees: Yes, yes, that's why i'm interested in it – because it is a brilliant way of resistance without violence Theese are usually the best ways to change people's minds Because if you have to get violent, then it's very easy for oposition to vilify you and often with a very good cause

Vinay Gupta: Bitcoin doesn't have a strong property right that allows top-down control of the Bitcoin systems Because it was originally written in a very anarchist form, where it was run by a voluntary corporation, there is no owner of Bitcoin So if Bitcoin would be developed by a proprietary company "Bitcoin Inc", there would be no denying that when the push meets the shove, the property right could decide who is in charge and "Bitcoin Inc" would own the Bitcoin network

Julia Tourianski: The kind of anarchist vision is very that community is very small in Bitcoin i find, even though it was the community that maybe birthed it Elizabeth Starks: Our IRS, our Tax Office has said that Bitcoin is property

The New York state, California and others are trying to regulate Bitcoin as money The SEC that deals with securities, is looking at Bitcoin as technology for stocks and equities

The CFTC is looking at it as a means for futures, The FED is looking at it as a new form of central banking and issuing money

So i do believe Bitcoin it not just one thing, it's many different things to many people but what's underlying it is this open-source P2P network and protocol And without that you couldn't have any of the other uses Lui Smyth: Crisis – the word crisis – actually has the same root as the word critique Crisis is any moment in history when the status quo stops functioning

And so the natural result of a crisis, a natural reaction is a critique which is when people come in and point out why the system is not functioning properly, and they propose alternatives So in that sense it's natural that the global financial crisis of 2008 and onwards, i don't know where you draw the lines It's only natural that that crisis sparked a critique, and i think Bitcoin is a part of that critique It's a group of people saying "This is a different, alternative way of managing money" Toni Lane: It is effectively the future, and the faster we embrace it, the faster we'll be ahead when the game changes

Brett Scott: In a world where we're increasingly moving away from physical cash towards more electronic transactions you kind of start to need a digital equivalent of cash, and i think that's the really important role to play So if you look at physical cash usage in our current society, it probably only makes up, i guess probably 3% to 5% of our money supply, i'm not sure it's even that much So it's actually quite a small part of transactions that we do, but it could be succulent to the important part of transactions that we do And without that people would be very unhappy i suspect Bitcoin can fulfill that role in the sort of cashless world, become the digital version of this thing, that's a very positive thing

Peter Todd: My transactions are speech Bitcoin assumes that i'm free to publish those transactions I'm free to tell other people about that information Bitcoin assumes that data is easy to spread and hard to censor That's a fundamental assumption in how Bitcoin works

Rick Falkvinge: When i'm building my next business, i will not accept anybody else, in particular not a foreign power, to hold a kill-switch for my organization So i think that blockade of Wikileaks will have much more far reaching implications for the price of Bitcoin and for the adoption of Bitcoin that what we've seen in theese years It planted an idea that I don't like the concept of a kill switch for my organization And people start rebuilding it, and it will take years before it will have a full impact Garrick Hileman: It's really exciting to be the part of this, this opening up, if you will, of money to a wider conversation

Ian Grigg: The great thing that came out of Bitcoin was the realisation that we the people can do our own money It doesn't matter who we are We didn't have to go and get permission We didn't have to run an ad, we didn't have to pay a fee, we didn't have to follow a rule-book We simply had to do it with the bit of software that got it up and going

And this is a huge opportunity to tell everybody that innovation belongs to us And we can go out there and do whatever we want to, as long as we make the software work We don't need to go back to history and say "Oh, the british government has run the Pound Sterling for how many years? 3 centuries? Therefore we can't do money" No, that's all over We can do money if we want to, if we can make it happen

If we can bring together the community to make it happen That is a viable option now That wasn't there before Bitcoin Up until 2009 people like myself were working to produce theese systems, and we got told over and over again that we can't do that Not that we believed it

It doesn't matter were we right or wrong, what it meant was there was no support, there was no market Bitcoin has created a market and we can do something together We can actually mediate theese situations together Adam Cleary: 150 pounds at 5,25 trade it! Closing bells, ring-ring-ring-ring! Andreas Antonopoulos: I didn't at first get it I think i was in a place where i wasn't ready at the time

And then the second time i heard about Bitcoin, for some reason i decided to try and go to the source, and read it from Satoshi Nakamoto's paper So i started reading Satoshi Nakamoto's paper and i remember how at some point it just clicked And i had this almost revelatory experience where i suddenly realised "Oh my God, it's not a currency, it's a network And i get network, and i understand networks" And not only it is a network, it achieves something incredible, it achieves consensus, it achieves trust without centralized authority

This is so much more important than currency, it's so much bigger than currency Chris Ellis: When people talk about Bitcoin they talk about tech, it's fin-tech, it's all about the buzz-word It's not All of the tools that Satoshi employs in the implementation of Bitcoin in the Bitcoin whitepaper are all tools that were made before the year 2000 You got Merkle Trees, going back to late 70's

You've got public key infrastructure, what's that, early 90's? And the you've got proof-of-work Adam Back, 1997 We could have done this 14 years ago if we really really wanted it, but we didn't want it enough And i think any kind of system that allows 2 people to enter into an agreement with one another without requiring expensive court systems, and expensive legal processes is a very very powerful thing Because if you're trying to say that "Justice is the preserve of the rich", then really what you're saying that there is no justice

Ian Grigg: Triple entry takes us from this inside-the-corporate trusted scenario and extends it to other customers, to outside the company borders, into other companies Because now we can now do is cryptographically sign an entry: Alice signs her payment to Bob, it goes out to some intermediary which could be the block chain, it could be the server which gets signed again, and then it goes across to Bob And now we've got three entries which are sitting there: We've got Alice and Bob sitting with their primary copies and if they have any dispute, Ivan or the block chain is sitting in the middle, which guarantees that we've all got the same thing

Cryptography guarantees that we've got it, the third party guarantees that it's not lost So if Alice for example loses her copy, Bob can then say "well it didn't exist", but Ivan can say "yes it does exist" And this is where for example the presence or absence issue is solved by that third party, is solved by the block chain You can't lose an entry once it goes to the block chain Peter Todd: Step by step it kind of makes sense

It's just kind of crazy to go from, like, accounting to somehow making decentralised money happen by burning energy It takes while to get your head around i find Julia Tourianski: It allows people to have a voice without being necessarily in the structural framework of a systems, right? They have created their own system, and if they like it they are gonna keep building on it Amir Taaki: It's really now that we see the applications of theese things come to fruition You know, tools

It's not just about Bitcoin as a payments innovation, Bitcoin is much more It's something deeper It's about tools of resource management, the tools of organization and collaboration between people, the tools of self-governance, tools of trade and business

These things that we can use to rethink how we can construct the society around us, to build systems that work better Elizabeth Stark: What i've seen people do is they will provide evidence, they'll go find evidence, and they use the block chain to verify that te evidence existed at a given time, they'll use a public key and time-stamp it And that's a really interesting way of creating this kind of it's funny, we call it a paper-trail, but it's not a paper-trail It's a trail based on a public-key cryptography, that then can be referenced, not only by the media outlets but anybody who's researching this topic Jessi Baker: We need the block chain, because we need to have a trust network That's super, super essential We need to have a trust network, so that we can carry information along supply-chains without revealing keys, without revealing who exactly people are in the supply-chain in order not to compromise competitive advantage

And we need to carry lots of different types of information, from verified certifications perhaps, depending on whole manner of things but also information that perhaps isn't having a third party to agree it being correct So more intangible types of information And we need a system that could allow us to do that in a trustworthy way, which is what the block chain provides so beautifully Elizabeth Stark: Similarly i can envision a scenario in which people from not just occupied, but any movement, that want to have proof that a given, say, statement existed at a certain time-frame, or that a given event happened, say either video, or media, or otherwise, can use the block chain based technology, to have their verification

It could be also useful in refuting media outlets in tracking media coverage, and then you could envision the block chain that could track the media coverage and could be used everytime something comes up in media coverage that is false You could have trace that back to evidence showing that it's untrue

Jessi Baker: The block chain has this affordance, that is so perfect for that problem which is that allows you to transfer information in a secure way, in a trustworthy way, without having to reveal exactly where that information came from which basically transforms the supply-chain transparency completely Vinay Gupta: If we're going to protect the past from the tyrants of the future, we need cryptography And right now the best available mechanism for protecting the past from the tyrants of the future is the block chain We can take what's happened already, we can secure it with a vast it's a super-computer level computation or other cryptographic mechanisms and at the end of that process it does not matter how much a future tyrant wants to change that past, they just don't have the big enough computer to do the calculations to alter history It is critically important that we protect the past from the future, because if we don't do that in the next 50 or 100 or 200 years, Gandhi would never have existed His ideas would be so dangerous that he'd be mopped out of reality and alghorithms would very carefully gloss over the holes

We must make sure that it is impossible for a future dictator to erase the history of humanity that might cause people to understand that they pain they feel is the pain that has been felt for centuries before them and that could be cured by political action Andreas Antonopoulos: I see a lot of paralels with the early Internet, and to me Bitcoin is a platform and it is not just one but a series of protocols At a very basic layer it is a P2P network for rapidly propagating blocks and transactions On top of that you have almost TCP-like transaction layer withing the scripting language inside the transactions And already we see other protocol layers above it

One of the things that people don't realise in retrospect looking at the early Internet today, it appears as if it was the perfect protocol and it didn't really have much competition But that's not true, even TCP/IP had plenty of competition and also plenty of criticism Throuought the 90's the prevailing attitude from the telecommunication providers was: "this will never scale to the level of voice" "It can't do Quality of Service It can't do video

It can't scale to large levels" "and that's why we need to continue using theese legacy fiber-optic networks" Today all those legacy fiber-optic networks are running on top of TCP/IP Turns out it could do voice, it could scale and it did scale TCP/IP is a story of a protocol that was good enough and reached the scale where it achieved viral network effect, and embedded itself in computer science curricula, and in hardware, and in software implementations, And become so successful that now we can't even upgrade it to IPv6, because it resists it's own successor I don't thing we're going to see Bitcoin permanently displaced by a successor

I think Bitcoin is good enough I think Bitcoin has achieved the viral network effect And i think it has already absorbed enough investment, that that creates momentum and inertia that will take Bitcoin very far I do expect to see a lot of alternative currencies emerge In fact over time i revised my opinion, and now i believe instead of 100's or even 1000's of alternative currencies, we're going to see hundreds of thousands, possibly millions of alternative currencies

And all the way down to single person pseudo-currencies that are reputation management schemes, or funding schemes for individuals Novelty coins, and fad-coins, and meme-coins, and coins created by 5- or 6- year olds in school to trade with their friends We're going to see millions of currencies However all of theese currencies will come as successors to Bitcoin, and I think many of them – the ones that will achieve monetary value, will achieve it in collaboration with Bitcoin synergistically In fact I wouldn't be surprised if we see several coins backed by Bitcoin, where Bitcoin acts as the reserve currency, as the store of value for the long term consideration

Over time we may see Bitcoin used mostly for very large value transactions, very much like the gold standard And then more nimble currencies take on a transactional role for day-to-day purchases and things like that, but if they do so, they only strenghten Bitcoin They don't replace it Denis Jaromil Roio: Imagining the future, or what it means future is today, and what it really means to ambition society, tribing, with humans in there in the future Now i'm not asking for purity at all

I love cybernetics, and The Cyberg Manifesto by Donna Haraway, and everything that came after that So i think we can be transversal enough to cross several fields, but we have to not forget that we are also humans, and live among humans And the most fun we have is with humans, even not in front, even if you're a gamer, you have humans on the other side, and that's what make it most fun Vinay Gupta: Let me start with the quick story of what is the state Max Weber's definition of the state is that the state is the entity that has the monopoly on violence inside of bounded geographic territory, a legitimacy

The problem is that in the places where you really need to identify the state like, say, Gaza, this test fails Because there is no monopoly on violence, but there are 4 or 5 entities that all act like the state, and to all intents and purposes there are many states sharing a single territory, there's no monopoly on violence, but there's a lot of guys with guns running around, telling you that they're in charge So i prefer to say that the state is any identity that can retroactively pardon a crime If you pardoned murder, you get an army If you pardoned assault, you get police

If you pardoned theft, you get taxation 🙂 And this notion that there are sovereign ability to change the rules for limited numbers of people and license them to do things which are otherwise criminal, gives you a really clean definition of the state The state is the thing that washes your hands when you do something which is inherently wrong Then we look at this question of what you do when the state breaks down You go to refugee camps, you go to civil wars, you go to any situation where everything has gone wrong

and suddenly you've got this fundamental problem, which is: "yes, we can't really organize without the state, we don't have anything which is washing hands, we don't have police, we don't have an army, we don't have taxation, we don't have services and it's all gone horribly wrong" Sometimes those situations self-organize into reasonably functional like Somalia under the union of Islamic Courts, which allegedly have a pretty stable standard of living and not too much violence, but most of the time everything just goes to hell in a handbasket, stays there and the worst people in the society wind up in charge Which is what you saw for example in most of the post-soviet area where the state withdrew and you just wind up with mafia and government fused Terrible situation So state-in-a-box is a pre-block chain concept about how a bunch of software, where you equip all the pieces together, allows you to do half a dozen or so core jobs of the state

It gives your property rights, it gives you identity registers, it gives you the possibility of taxation, it gives you electoral democracy, and a few other features like this And you can imagine this is basically being a website, that you can log into with a secure ID token that is either biometric or tied to a biometric and then once you've asserted that you are a citizen, you get to interact with the processes Here's my bank account, i've made theese transactions, i owe this much in taxes (it's been automatically deducted), here are the bills that are currently being voted on, here are the people i have asked to represent me on this issues, theese are the decisions that they've made and they're up for my approval This is a patch of land that i own, on it there is a house, here's all the information about the people that are providing utilities to that house and the legal commitements that they have to meet in exchange for my payments

And you can imagine a web interface that manage all of that stuff That only works if your legal system is small, clean, simple and rational You can't take 70 000 pages of US tax code, put it into website that ordinary user can understand It might even only work inside refugee camps and similiar crisis areas where the majority of complexity has been washed out of society by disruption so you're kind of rebuilding from scratch and you just need something to get you through the first few years as time passes, case law get filled up and those systems become less effective So what you get out of this, is the idea that in the event that you've got a failed state, you come with a bunch of smartphones, and a bunch of computers, and a bunch of networking gear, and everybody gets a website that performs the function that you used to go to the state for

"Ooh, that's a bit interesting" and then you think, well: "Hmm, okay now we got block chains, it's not a website anymore, it's a distributed application" "You could potentially run kind of state-like entities on something like ethereum" and yeah, you totally could So why would you want to do this? The answer is: the same way of governing refugee camps, is as if they were micro-states Self-government, participatory democracy, participatory budgeting, proper identity databases, proper health-care, medical systems and all the rest of theese things, collective budgeting and collective bargaining And all of the little enclaves where we've got a break-down of external governance where people want to be able to treat each other decently, but don't have the machinery, could run on theese kind of systems Anytime you're under-governed you set up a system, everybody votes and everybody cooperates inside those systems, and what you get is the re-emergence of local control where central government has failed

And i think would se huge use of that systems in the slums, we'd se huge use of that in the refugee camps, war-zones, anywhere there's so much systemic disruption where you need software to take over from the government just to keep the basic functions going for long enough that you can set up basic social services again And i think the world is filled with that, i think there are hundreds of millions people or more that are systemically unable to acces reasonable quality state services because of state failure, because of corruption or because they're so poor that they're not putting anything into state so the state just ignores them or tries to treat them like wildlife State-in-a-box is a way of allowing the citizens to patch the cracks where the conventional western-state nation state is failing to provide services