Bitcoin Q&A: Borderless money

[AUDIENCE] Hi, good morning Andreas.
I am enjoying your talk very much. I have a skeptical question. As you can hear, I’m from
Europe, where we still trust our government. [Laughter] [ANDREAS] I’m Greek originally. I would put
a question mark next to that, but… [Laughter] [AUDIENCE] Well, I’m from the Netherlands, so we
still trust it. My question is- I like your analogy… [that bitcoin is like] foreign currency. But when I arrive back at Schiphol airport,
there is a sign at customs which says, “If you carry more than ten thousand dollars,
euros, or whatever, you must declare it.” I think that is a good thing to have, because
there are all kinds of anti-money laundering [rules]. How would this actually work? Who would create
that trust and guardianship in the Bitcoin world? [ANDREAS] That world is gone.
I’m [sorry] to tell you that world is gone. When I go through an airport, I am transporting zero
currencies. Bitcoin doesn’t have a physical location. I don’t actually have Bitcoin on my phone,
hardware wallets, or other devices. I have cryptographic keys. Bitcoin lives on the
blockchain, propagated everywhere in the world. When [you or] I arrive at Schiphol, the bitcoin
is already in the Netherlands waiting for me. I didn’t transport it across the border.
It was already there. It is already everywhere. I’m moving, but my money
is global and always global. There is really no such thing as “transmitting” money
in Bitcoin [as you do with a wire transfer]. [When you spend], you declare a change of ownership
for [some] money in this global network. [It doesn’t physically move]. The whole framework
of laws around money transmission is obsolete. You do not transmit money anymore. It has reached
a level of abstraction where, as Microsoft would put it, “your money is in the cloud.” That means the message on the customs
board doesn’t have any practical meaning. When I have this discussion with regulators and
law enforcement agencies around the world, their immediate reaction is that I’m
questioning their authority to do this. “But we have a mandate from a
democratically elected government.” “You can’t tell us that we no longer have the authority
to do this.” I do not question their authority to do this. I very much question their means to do this. There is a very big difference when
suddenly the authority is ever-present, but the means [to exercise it]
have disappeared completely. Regulators are the first group to be disrupted by this
technology. It has removed their control of money flows. [In Bitcoin, money doesn’t] flow
[in the way they are used to]. This will force us to face a world in which money
exists universally and can change ownership… without ever being [physically] transmitted,
and borders are completely meaningless. If the same customs area said, “Please do not
bring any data,” [or “Please declare your data,” you would look at that and think it was silly. My data isn’t really here. I can leave my USB
sticks behind, but my data is in the cloud. What happens when money is only data? That is what this technology does.
Bitcoin is data, and it is in the cloud. It isn’t being [physically] transported.
Basically, those restrictions no longer work at all. I do sometimes have customs officials asking
me about [whether I] have bitcoin in my bag. I say, “No, I don’t,” which is the honest answer.
I do not actually have bitcoin in my bag. When I first started travelling across
borders [while] in the Bitcoin space, I was very reluctant to say the ‘B’ word at customs,
as it is one of their domains [of control]. I found a [good] approach is to go into full
pitch [mode], and then they will leave you alone. “So, what do you do [for work, sir]?”
“Bitcoin. Have you heard about it?” “It is this amazing peer-to-peer system that allows you-”
“Okay, welcome to the Netherlands, sir. Go ahead.” Just overwhelm them with enthusiasm.
They hate that. [Laughter] [AUDIENCE] A related question: in your view, what will be
the geopolitical impact of [cryptocurrencies], especially when it comes to pegged
cryptocurrencies or rogue nations? [ANDREAS] Yes, the geopolitical impact of
[cryptocurrencies will be] absolutely enormous. Over the last fifty years, we have converted money
from being a store of value, medium of exchange, and unit of account, into a system of control
and [a tool] in a global geopolitical game. When you have national money,
or what I call ‘flag money’… Do you remember the old airlines [which]
had a flag on the tail? Those are obsolete. And now it is happening to money. The idea that money becomes a system of control… to play geopolitical games, through embargoes
and currency controls, is a relic of the industrial era. It is being rapidly obsoleted by this technology,
which has radical geopolitical implications. It removes the ability of sovereigns
to control the monetary supply, removes the ability of central banks to take entire
populations hostage on a crazy hyperinflation drive… into disaster, as we are seeing now in Venezuela,
Brazil, Argentina, Cyprus, and Greece, etc. In all of those cases, the initial reaction is to apply
currency controls, to stop the population from fleeing, and keep them all bound into this hostage experiment. That game is over. It is not yet visible; only a tiny sliver
of the population can actually escape the controls. But right now in Venezuela, we are seeing the largest
surge in [the buying and usage] of bitcoin in the world, [due to] their hyperinflation problems. Only a tiny percentage of the
population can escape it now, but what happens when that [increases
to] 10%, 15%, 20%, 25% of the population? The entire hyperinflation experiment goes wrong and
the currency control system is fatally undermined. This has enormous geopolitical implications, yes.
Your initial reaction to this [may be], “We shouldn’t.” “We mustn’t.” “We can’t.” And yet it is [happening].
That is the basis we [must] start with.

92 thoughts on “Bitcoin Q&A: Borderless money”

  1. lol @ the gov bootlickers that like to declare everything…
    The only people you need to worry about, are the so called "authorities"…

  2. Can Andreas refer me to someone in the San Diego area to help me with printing out paper wallet & putting crypto on a Trezor wallet? Thanks for all you do?

  3. Mr. Antonopoulos is so inspirational, there not a day goes by when i don't see his videos. Thank you for providing so much knowledge to people like me.

  4. Most important person when it comes to monetary situation. That's you, Andreas. Thanks for the value you bring to the world! Yes, to the world! I wish you the best and when my btc and ltc will grow insanely I'll ask for your wallet's address and send you some tips 🙂 You, rock! Move on and never give up! People of this world is with you. We together will change a world for better!

  5. "I'm from European where we still trust our government".
    I cannot express strongly enough how much I despise that man. Europeans are so fucking naive and indoctrinated it's pathetic.

  6. Another great video Andreas, thanks so much for taking the time and energy to create them. Thank you my brother, much appreciated : )

  7. Very curious after your thoughts on the seemingly conscious and continued attempts at slowing btc down, creating bank-like central, gunpoint-threatenable hubs and replacing your coins by IOUs through the lighting network that will only work if you load it up with enough btc effectively creating banking hubs that hold your money.

    Very interested in your thoughts about bitcoin cash.

    Very worried, also.

  8. As always: just plain brilliant!!! May I make a simple and practical suggestion: how about adding your btc address ( and ETH/BCH/XRP/LTC/ADA/MIOTA/DASH/XEM/XMR etc.) ??? Am sure of not being the only one that invested in altcoins and feels huge appreciation towards Andreas!!! You deserve more than your recent donations.

  9. What’s the reason Andreas supports core, and not BCH? I know he was a Bitcoin fan long before the hard fork, but I’m just wondering

  10. the question is a bit silly you do have to declare cash over certain amount but if you travel with a bunch of Visa cards prepaid/debit/credit doesn't matter with whatever amount of money on them (or in bank account the card is linked to) you do not have to declare anything so why would you have to declare if you own bitcoin or any other cryptocurrency for that matter?

  11. Hello. I'm working on translating your films into Polish (subtitles). I wanted to ask:
    Can I upload these movies to my channel (in the sense of your films, but with Polish subtitles, of course respecting information about the original channel)?
    Can I give a bitcoin address to donate? (I can also give yours as the original author)

  12. Really like Mr. Antonop's perspective. It seems to have visual flow in his verbalization or explanations. I received clarity on subject as a result of his enthusiasm as comprehension.

  13. Andreas. Thank you so much for your work. I have a question surrounding bitcoin fees in its current state. What solutions are you personally implementing in your daily use. I.e. are you paying $17.00 in fees for your cup of coffee. This is an honest question with no motive. A sincere thank you if you can devot and time to this question.

  14. I absolutely adore this man! Simply can't stop listening to him.
    Honestly, I think that never in my life I have seen a man so full of knowledge and deep understanding of the issue he or she is discussing, and in the same time so eloquent in explaining the crucial concept of it to other people. And money is SUCH a difficult issue to truly grasp!
    P.S: If anyone really "deserves" to be Satoshi, than it certainly is Andreas.
    Keep up the great work, Prometheus!

  15. he's certainly all-in with Bitcoin. i hope for his sake it works out in the end. would hate for him to have to make that last video, "oops. sorry folks. my bad"

  16. OK but you didn't answer the question — what do we do about financial crime in a world where money isn't controllable by nation-states? What is the solution?

  17. The cryptocurrency system or world must be controlled by governments, because in case of dispute from a cryptocurrency owner against a wallet maker/ developer or website where currency was bought, that person is loosing because he/she has no proof of ownership and also because the government has not recognized cryptocurrency as legal currency. I have bought a couple of bitcoins from coinbase dot com, let say for whatever reason coinbase disappears and doesn't exist anymore, how am I going to get my bitcoins back, and who should I complaint to?

  18. can you do a video on denouncing Cardano as a scam, they've just started 3 months and already reached 15 billion cap I'm worried they can reach Bitcoin Market Cap and Cardano is all theory and copy paste, nothing new there.

  19. BTC, for a very large number of people, can no longer function as intended. Transactions below $1,000 can now only happen economically via exchanges because onchain fees are above USD $20 per transaction. Effectively, for most people, this is centralisation.

  20. You have to declare 'things of value'. In this example the private keys would have the value. So although you don't carry the 'bitcoins', you do carry the keys that equal the value.
    And Bitcoin is not data, just like Euro's are not the paper they're printed on. His examples don't convince.

  21. Satoshi Nakamoto and Andreas Antonopoulos will go down in history as the figureheads of an entirely new unprecedented era of emancipation of the species Homo sapiens from the archaic vestigial shackles of tribal societies. Of course it would be all impossible if they did not stand upon the soldiers of the great pioneers in mathematics and computer engineering. I think there is hardly any disruptive technology that has had such global implications as the blockchain, a technology that has made for the first time in history of mankind the potent dream of every unhappy and unfulfilled man and women, which despite all the blah blahs most of us are, technically at least realizable. The dream of equality not held hostage by the tribal chiefs!

  22. Hello Guy, Vic here!
    This video is a great Example how to proceed whit Border Security. If you gonna make International travel be sure you favorite this video i case you get in trouble having a Bitcoin wallet on your Phone or Laptop.

    Thanks for the Video and the Great question.!

  23. Just a thought’… What if all these “crypto currencies” are all being used to mine one central Blockchain ledger? Think about it. The extreme prices of some currencies vs others. Makes me wonder why bitcoin is so relevant vs all these other “reputable” crypto currencies companies.

  24. I can't see governments giving up on there power & banks letting go…
    Newspapers are already linking Bitcoin to criminals & my dad thinks it's a criminals currency & immoral…the media leads the masses & cripto currencies could be undermined & investors will jump ship…I have some & im glad I do but it's a scary path..

  25. I heared it's all about getting blockchain in motion. The word allready says it. Every transaction, mail etc is linked to eachother; which it basically allready is; only in the finacial world. So your boss will automatically pay all your bills, and what's left u get. No more cash no more debt etc. U got absolutely no control over your own income.
    Great idea if u got shit for brains. We allready glorify this trustworthy system…
    Who gives a shit anyway. Real money is mostly a number on a computer just as bitcoin. Kind of sad that the entire globe turns around nothing.
    All u need to do is trade the old fashion way may it ever come.

  26. just heard that in brazil, the chief of the commission designated to debate bitcoin, is against it, and wants to make a bitcoin user a criminal….
    please help us….
    what should we do?

  27. I feel a spike of excitement of life when I hear your speeches and your tones you hit though your dialogue and speeches. Thanks for being an excellent messenger amd information source.

  28. Andreas thank you for another great speech. Can you explain your views on bitcoin fees ? I am listening a lot lately about how high they are, I am little bit confused right now, and what implications of that for the bitcoin future ?

  29. For all you people talking about fees to 'play' with bitcoin use an app called bisq, its a peer to peer buying/selling app that has no fees and lets you trade anonymously. No 3rd party inbetween to charge fees, and know your id. Just have your wallet, and go. Theres not many people making selling offers, or many buying, but you can always set your price and wait for someone, and the more on the peer to peer network the better.

  30. now that its no longer usable as everyday currency  due to long confirmation  times and ridiculously high transaction fees…..what's next?

  31. Please, say your thoughts on hashgraph technology replacing blockchain. Much faster, cheaper, less power hungry than blockchain. Thank you.

  32. Hi… I'm a complete simpleton and know nothing about computers or crypto currencies… I have a small property with a garden plot, a chicken coop, an old pickup truck, and work as a pipe fitter and welder.

    What does all this mean for people like me?

    I've always distrusted the banking and monetary system and did my best to function independently of it.
    I'm all for 'democratizing' currencies and putting power back in the hands of the people so they can determine their destinies.
    If digital currencies grant people more autonomy and sovereignty, then great.

    However, what does all this mean for 'peasants' like me who are not involved in this digital world, and quite frankly, have no desire for it?

    Assuming digital currencies take over, I don't see what will stop the richest and most powerful people from acquiring the bulk of digital currencies simply because they have the most money to buy it, and/or invest in the computing power to mine it.

    Sure, some regular folk have jumped in and increased their wealth, but the vast majority of people have not.

    Furthermore, the success of digital currencies is being measured against already existing national currencies… everyone is celebrating because their digital currencies are worth more 'dollars' that can be used to buy tangible assets.
    Even if the currency is digital, life is still analog.

    I may just be a dumb welder, but I know that digital industries are heavily dependent on mining and oil.

    And is it true that a single Bitcoin transaction consumes enough electricity to power three average sized homes for 72 hours?!
    If so, how is such a resource intensive system of currency sustainable?
    It seems utterly wasteful to me that buying a pizza with Bitcoin would require dozens or even hundreds of times more energy than was required for the pizza itself.

    I'm not a naysayer against digital currencies, I just don't see how any system can fix problems that are predominantly psychological or 'spiritual' in nature.

  33. Dude is from Germany, and he says that's where people still "trust" their government? Wow, Germans are gullible people! That's why they went all in for Hitler in the 30s and 40s. Now they are trusting this Merkel woman, who is obviously leading them down the path of destruction once again! Germans, really stupid people there, liberals.

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