Bitcoin on TED

[Operatr]

http://www.youtube.com/watch?v=cb-ts8fUhB8

An interesting TED, which I am always glad to see Bitcoin being discussed in this setting.

It does point to an interesting side of the Bitcoin economy that is not talked about usually, which is trust.

Trust in banks, governments, and giant corporations (dividing those is difficult these days) is fading fast. I think the Cypriot bail-ins earlier this year are a siren for this, in that now banks are desperate enough to rob their own customers to save their own asses. I myself no longer keep my wealth in any institution tied to fiat currency because my trust in them is less than zero, and even less in our governments to correct it because they are hooked on money like a drug.

This societal and economic sickness is being met in the field by engineers and scientists using technology to solve the problem. Bitcoin is the pinnacle of this, by entrusting the system to pure mathematics and peer to peer computing instead of any central body led by corruptible people.



Thoughts?

[solex]

Most people throughout history have never trusted governments to issue and control money, which is why gold, silver and copper were ideal for currency for so long. The level of trust required was minimal as the metal coin itself theoretically removed the need for trust. Even then most coins were progressively debased by governments. The 95% silver denarius in Julius Caesar's time became just 5% silver 300 years later.

The invention of paper money was soon followed by the invention of central banks and fractional reserve banking. An explosive combination. Frank Baum's Wizard of Oz was an allegory protesting the demonetization of silver before 1900. The demonetization of gold in the 20th Century meant that the public were then forced to "trust" government issued currency. This trust has been totally abused, evidenced by rampant inflation, made infinitely easier through the invention of the electronic form of money for remote transactions, a life-blood of modern civilization.

What Bitcoin does is restore the basis for trust to be intrinsic to currency itself, like gold, but also encapsulating the essential advantages of electronic currency.

[herzmeister]

https://bitcointalk.org/index.php?topic=262431.0

[atomium]

many users are going to start making their fiat into bitcoin, i dont carry much cash in my bank account anymore, bitcoins is the way to go

[NewLiberty]

The combination of bitcoin and precious metal specie is very powerful.
Bitcoin is perfect for the long distance transaction, precious metal for the in person transaction.

Some of the other complimentary elements are discussed in detail here:
https://bitcointalk.org/index.php?topic=269535.msg2883593#msg2883593

We are producing a new specie for bitcoin and other alternate currency with a unique characteristic... a QR code emblazoned on the piece that connects to the current spot market pricing for the piece in bitcoin (and all other currencies) so that you can always determine the current spot trade value of the piece at point of trade.

[Zarathustra]

The invention of paper money was soon followed by the invention of central banks and fractional reserve banking.

There is no such thing as a 'paper money'. Money is debt, and debt is a very substantial thing.

[BadBitcoin (James Sutton)]

This is an interesting talk, I think independent currency is the first step towards corporate governmance, similar to the universes of "Jennifer Government" http://en.wikipedia.org/wiki/Jennifer_Government and "The Unincorporated Man" http://en.wikipedia.org/wiki/The_Unincorporated_Man

There are alot of problems with this direction however I think sooner rather than later we should truly allow for a person to incorporate themselves.

[mises]

Enjoyed watching this. Thanks for posting. All TED talks are great.

[Liquid]

Great video thank you 

[NewLiberty]

I found it shocking that the speaker was shocked that people trust CEO's more than Governments.
Governments do not need to adhere to laws, they can do without penalty that which if any person did, would be illegal in that geography.  At least with companies, if they get caught sometimes there is some penalty.

In the US we manufacture dissent within government.  So long as there is disagreement about some important issues, the government insiders can gather vast donations for both sides of the contentious issue.  If there is agreement, the donations cease as the issue is decided.  This encourages division and extremism as the status quo.  Our government is in the business of disagreeing.  It has become a sport on the airwaves.  Meanwhile the constitutional limits on government have eroded ot the point where it encompasses more than 1/5th of the lives of our people, and 108 days of the year for all taxpayers to cover the bill of just the taxes.

The history lesson was well known to myself and frankly there was no new information in the talk. I wasn't impressed by it in the least, but it was likely a valuable speech to have been given to that audience, and to the world of novices via the digital media.  It is great to see a spotlight on bitcoin in important places.