Very intense debate regarding cntl banking World Economic Forum @1hour4minutes

[CtrlAltBernanke420]

http://www.zerohedge.com/news/2014-01-22/elliotts-paul-singer-debates-whether-markets-are-safer-now-live-webcast

World Economic Forum.

At an hour and 4 minutes or so, the next 10 minutes become very telling about world.

The anger towards the bankers, how the system works, she gets direct with these guys and makes a handful of stabs, the bankers do their best to defend.
 
Through out there is discussion of the failure of central banking..

It gets good at the end. 1 hour 4 min.... eh.. 20 seconds in.
 
Lady is from Silicon Valley.

[Lloydie]

Fiat based debt system is dysfunctional and inappropriate for society. Going back to hard money is the solution. Bitcoin is hard money without the problems of illiquidity because it is divisible.

[empoweoqwj]

I just watched the 10 minutes when the lady was speaking about debt overhang. But as soon as the smug bankers started replying, I had to close the thing. I just can't stand watching fat cat bankers defending themselves, its sick-making 

[prophetx]

That's why we must not fight them, rather bring them into the fold by attraction and bringing them to realize that they only can benefit financially by adopting these technologies.

Most of the people in our societies have been paying some kind of imagined debt whether perpetual (slaves or serfs) or temporary (wage slavery), our societies are debt driven not opportunity driven.  Crypto makes access to capital that much easier, because it lowers transaction costs of finding high performers.

Anyway this is all I have to say on this subject. For now.

[Lloydie]

That's why we must not fight them, rather bring them into the fold by attraction and bringing them to realize that they only can benefit financially by adopting these technologies.

Most of the people in our societies have been paying some kind of imagined debt whether perpetual (slaves or serfs) or temporary (wage slavery), our societies are debt driven not opportunity driven.  Crypto makes access to capital that much easier, because it lowers transaction costs of finding high performers.

Anyway this is all I have to say on this subject. For now.

First they ignore it then they laugh at it. Then they understand it and will try to replicate it. Only after that will they all pile in and get as many as their pudgy fingers can grab. Still, that is ok. At least debt based fiat will be more or less fading into history. We are at replication stage I think.

[prophetx]

That's why we must not fight them, rather bring them into the fold by attraction and bringing them to realize that they only can benefit financially by adopting these technologies.

Most of the people in our societies have been paying some kind of imagined debt whether perpetual (slaves or serfs) or temporary (wage slavery), our societies are debt driven not opportunity driven.  Crypto makes access to capital that much easier, because it lowers transaction costs of finding high performers.

Anyway this is all I have to say on this subject. For now.

First they ignore it then they laugh at it. Then they understand it and will try to replicate it. Only after that will they all pile in and get as many as their pudgy fingers can grab. Still, that is ok. At least debt based fiat will be more or less fading into history. We are at replication stage I think.

nah way too early only maybe 0.1% adoption at this point.  but we are moving to 1% adoption in the next year 1 or 2 I believe.

by the end of the decade this will hit full on critical mass which is hitting about 15 or 20% where the network effect takes over.

and when that happens i think some very interesting things for the history books will start to happen.

for example if the dominant currency is not government controlled, things start getting real interesting.  if certain cutting edge distributed applications do no accept fiat, ummm how does govt even do the things it is supposed to do?  

but the more real interesting answer to that question is that you can start using distributed systems to pay for and care for things that bureaucracies are responsible for (like what roads get build, how much forest is cut, etc).  They were invented back around the time of the Roman Empire or maybe dating back to the Babylonians and Egyptians...  well if you can coinify bureaucratic decisions from transaction and proof of stake data, you can then lower your cost of government which is a necessarily high expense for analog civilizations.

sounds a bit far out but i think it is possible to have much more efficient societal level decision making that isn't such Byzantine labyrinth of regulations that even lawyers I talk to barely have a sufficient knowledge of to make sound decisions.

[Lloydie]

nah way too early only maybe 0.1% adoption at this point.  but we are moving to 1% adoption in the next year 1 or 2 I believe.

by the end of the decade this will hit full on critical mass which is hitting about 15 or 20% where the network effect takes over.

and when that happens i think some very interesting things for the history books will start to happen.

for example if the dominant currency is not government controlled, things start getting real interesting.  if certain cutting edge distributed applications do no accept fiat, ummm how does govt even do the things it is supposed to do?  

but the more real interesting answer to that question is that you can start using distributed systems to pay for and care for things that bureaucracies are responsible for (like what roads get build, how much forest is cut, etc).  They were invented back around the time of the Roman Empire or maybe dating back to the Babylonians and Egyptians...  well if you can coinify bureaucratic decisions from transaction and proof of stake data, you can then lower your cost of government which is a necessarily high expense for analog civilizations.

sounds a bit far out but i think it is possible to have much more efficient societal level decision making that isn't such Byzantine labyrinth of regulations that even lawyers I talk to barely have a sufficient knowledge of to make sound decisions.

JP Morgan are trying to replicate. Also a Russian bank. I'm sure there are others. Who knows, we might see SDRs in a bitcoin protocol.

At expansion rate of 20% per month, doubling time is every 3.5 months. From 1 million base to 1% of population, approx 70 million will take about 21 months. So, yeah about 2 years unless we hit some kind of tipping point in certain markets before then.

Decentralisation will be an interesting transition.

[empoweoqwj]

nah way too early only maybe 0.1% adoption at this point.  but we are moving to 1% adoption in the next year 1 or 2 I believe.

by the end of the decade this will hit full on critical mass which is hitting about 15 or 20% where the network effect takes over.

and when that happens i think some very interesting things for the history books will start to happen.

for example if the dominant currency is not government controlled, things start getting real interesting.  if certain cutting edge distributed applications do no accept fiat, ummm how does govt even do the things it is supposed to do?  

but the more real interesting answer to that question is that you can start using distributed systems to pay for and care for things that bureaucracies are responsible for (like what roads get build, how much forest is cut, etc).  They were invented back around the time of the Roman Empire or maybe dating back to the Babylonians and Egyptians...  well if you can coinify bureaucratic decisions from transaction and proof of stake data, you can then lower your cost of government which is a necessarily high expense for analog civilizations.

sounds a bit far out but i think it is possible to have much more efficient societal level decision making that isn't such Byzantine labyrinth of regulations that even lawyers I talk to barely have a sufficient knowledge of to make sound decisions.

JP Morgan are trying to replicate. Also a Russian bank. I'm sure there are others. Who knows, we might see SDRs in a bitcoin protocol.

At expansion rate of 20% per month, doubling time is every 3.5 months. From 1 million base to 1% of population, approx 70 million will take about 21 months. So, yeah about 2 years unless we hit some kind of tipping point in certain markets before then.

Decentralisation will be an interesting transition.

Yeah we are definitely seeing the start of the replication stage. Its a good sign banks are trying to replicate even though bitcoin penetration in the real world is still so low. Banks can see a good thing. "Shame" they have no chance of usurping it.

[prophetx]

nah way too early only maybe 0.1% adoption at this point.  but we are moving to 1% adoption in the next year 1 or 2 I believe.

by the end of the decade this will hit full on critical mass which is hitting about 15 or 20% where the network effect takes over.

and when that happens i think some very interesting things for the history books will start to happen.

for example if the dominant currency is not government controlled, things start getting real interesting.  if certain cutting edge distributed applications do no accept fiat, ummm how does govt even do the things it is supposed to do?  

but the more real interesting answer to that question is that you can start using distributed systems to pay for and care for things that bureaucracies are responsible for (like what roads get build, how much forest is cut, etc).  They were invented back around the time of the Roman Empire or maybe dating back to the Babylonians and Egyptians...  well if you can coinify bureaucratic decisions from transaction and proof of stake data, you can then lower your cost of government which is a necessarily high expense for analog civilizations.

sounds a bit far out but i think it is possible to have much more efficient societal level decision making that isn't such Byzantine labyrinth of regulations that even lawyers I talk to barely have a sufficient knowledge of to make sound decisions.

JP Morgan are trying to replicate. Also a Russian bank. I'm sure there are others. Who knows, we might see SDRs in a bitcoin protocol.

At expansion rate of 20% per month, doubling time is every 3.5 months. From 1 million base to 1% of population, approx 70 million will take about 21 months. So, yeah about 2 years unless we hit some kind of tipping point in certain markets before then.

Decentralisation will be an interesting transition.

Yeah we are definitely seeing the start of the replication stage. Its a good sign banks are trying to replicate even though bitcoin penetration in the real world is still so low. Banks can see a good thing. "Shame" they have no chance of usurping it.

of course they can usurp it. 

never assume something cannot be done.

[CtrlAltBernanke420]

Soo. 1 person watched the video?

[JohnsonRobinson]

Great video, thanks.  It's interesting to see those high up within the system discussing its problems.

They seem to be blissfully unaware of the impending blockchain tsunami!

[Lloydie]

Yeah we are definitely seeing the start of the replication stage. Its a good sign banks are trying to replicate even though bitcoin penetration in the real world is still so low. Banks can see a good thing. "Shame" they have no chance of usurping it.

of course they can usurp it.  

never assume something cannot be done.

No chance. You can't centralise something that is inherently decentralised.

[empoweoqwj]

Yeah we are definitely seeing the start of the replication stage. Its a good sign banks are trying to replicate even though bitcoin penetration in the real world is still so low. Banks can see a good thing. "Shame" they have no chance of usurping it.

of course they can usurp it.  

never assume something cannot be done.

No chance. You can't centralise something that is inherently decentralised.

They'll give it a go though. Gotta stay fat somehow.

Your signature is hilarious by the way