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If you are a trader, and unfortunately there is a lot of people in the crypto business that they’ve been around forever, but they still don’t know what they have.
They still think they are trading little coins and tokens and speculating and they are trying to guess which token will be up tomorrow or the next day.
They missed the big picture.
We’ve invented a monetary network, the first in human history it’s probably a million times more efficient way to move money around. Its half of everything.
Half of everything on earth is an asset you need like your car, like your house, like your clothes, like your art. That’s half.
The other half is just pure financial energy.
Its optionality to buy the stuff that you don’t know you need yet but, you know? maybe you want to give the money to your granddaughter, your grandson or save it for a rainy day. So the half of the monetary energy in the human race is currently moving around in 20th century asset containers called stocks and bonds.
Try wiring $100 million of Apple stock on a Saturday afternoon in Turkey it’s like – sorry – can’t do it you can’t do it right? I mean This is why I don’t get worked up over crypto regulation it’s like I can’t wire $100 million of Apple stock to a private wallet in sub saharan Africa so why would I be so worried the Treasury wants to know if I wire $150 million worth of Bitcoin to a sub Sahara private wallet?
They might do it yeah you might hate it but Google and Apple still hold value, they’re still valuable even though you can’t send them to sub saharan Africa with privacy you don’t need to actually have that flexibility so Bitcoin it solves a problem and the problem is of $200 trillion .
We need one monetary network that everybody agrees on and what is going to make it successful is basic technology protocol, an open protocol that supports a deflationary currency, that’s one thing.
Thermodynamically sound mathematically pure we need it to be uncorruptable code and then we need – you know – a physical network of hodlers to protect it, we need miners to operate it, it needs to be reasonably decentralised.
Once you’ve gotten past that it all comes down to can you get institutions, corporations and individuals to embrace it and if they choose to embrace it then it becomes the network and if they choose not to embrace it it isn’t. So this is the thing it’s the technology at work it’s probably in my opinion it’s the single biggest technology advance of our lifetime.
You can compare it to the Internet I mean the Internet is an information network what happens if I digitised information and put it on a network this is digitising money.
I saw an interesting quote somebody said “the two greatest inventions of the human race are language and money”.
Well, the Internet is really all about language right?
If information is language so the Internet gave us digital language moving at the speed of light. A million times more efficiently than you know – me sitting in a library with blocks OK like that’s the 19th century quasi 20th century approach to language, very inefficient.
Mines will be sitting on a vault of gold right so I think that everything you saw on the Internet that was digital language and yeah it was important but digital money seems to be more important at least as important.
We debate back and forth one thing is for sure it’s at least 10 to 100 times more important than Google and the world needs it, you know when Google came out you know you could either buy Google hold the stock and believe it or you could be perennially asking people about the Google bear market when they’re going to actually take money off the table and how are they going to trade it and I was like it’s just that’s just so hard and exhausting to try to figure out when you’re going to do that.
If we are a company we’re trying to make the world a better place I have some capital I have some bandwidth you have got to decide what you’re going to do with it.
Bitcoin monetary network? The world needs it.
It’s probably going to happen with or without us by the way I think I wouldn’t have done it if I didn’t think it was going to happen with or without me right it’s going to happen and hurry if we’re wrong then were wrong there’s 34199 publicly traded companies that will do something different and then the human race will go forward on their shoulders.
If we’re right maybe we help it along a little bit and the world would be a better place either be a better place for the people that need a currency that have no other alternative or maybe it’ll be more rational place because price discovery will return to stocks and bonds and real estate or maybe better place because politicians will treat people better or maybe better price because big tech companies will find a way to move digital gold around a billion times faster than the current gold moves around.
We’re going to create something magical that will go on, I think. If you have an electric power network with a short circuit right people forget their Beano NYC there’s no human race, there’s no civilization if I can’t get electricity to flow over power lines without a leak like people dismiss this stuff but NYC wouldn’t be here you can’t make a skyscraper work right there’s some fundamental things about our society right there’s no antibiotics without refrigeration or no hospitals right so if you want to build this civilization you’re going to have to create networks that are thermodynamically sound.
The railroads, the power networks, the oil and that works you know and steel and metallurgy and other types of engineering and automotive networks. They are all critical and I feel just as strongly about the monetary network it is what you want, you know, you want an example? go look at what’s going on in Venezuela or Argentina right now spend a million hours trying to run a company but if you’re running a company and you’re a genius and the currency is collapsing that you’re actually doing business in it is hopeless.
Before we turn electricity off we better have nuclear Fusion in the form of a sugar cube that we can give to everybody so they can light up their house because otherwise a lot of people are going to die so I think when you’ve got something better then we talk about it but until we’ve got something better the best thing we can all do is find a way to spread this monetary network to the four corners of the earth.
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