Bitcoin Revolution – Magic Money – Full HD Documentary (MUST SEE !!!) – Flawless Documentaries

[Applause] welcome to Melbourne Australia often considered the arse end of the world you might think it's the last place on earth for innovation but per capita we are one of the fastest adopters of new technology and bitcoin is no exceptions early in 2014 mainstream media led the world to believe that bitcoin had collapsed when in fact it was only the fall of a single exchange the price bounced back within days now that's an event that is unprecedented in the financial world but the same media outlets didn't want to run that side of the story so we thought we'd balance the scales and give you the opportunity to make up your own mind this three-part miniseries will introduce you to some of our innovators our startups and merchants our visionaries and we'll share with you tales of success in the tales of loss bitcoin is basically the future of everything I'm not talking money I'm talking everything there's always gonna be the early adopters that are they right at the start and I think in 20 years time we're gonna look back and think how could we have actually dealt with physical cash bitcoin itself was was worth zero for eight months after it started and then it gained a value and and why it has that value well it's one of those questions people ask when they first get into it the first reaction is always like what is that and then you're like oh it's a Bitcoin machine and I get so excited or like really that's a thing now yeah it has no borders the endgame could be that it's an accepted worldwide currency one of the reasons bitcoin is attracting such attention is because it's owned by the participants there is no governing body and it's available to everyone regardless of your credit history or geolocation Bitcoin stems from a platform where people openly collaborate sharing ideas to develop solutions to complex issues the results of which are then free for anyone to use or further develop quite naturally from this mentality people started talking about creating virtual currencies now known as crypto currencies eagled and digi cash were two such attempts however their centralized nature meant there were easy targets for governments to shut down in 2009 a mysterious entity known as Satoshi Nakamoto published a white paper to an online community of cryptographers security experts and hackers went through the paper looking for weaknesses instead they collectively decided it with bulletproof in 2010 WikiLeaks made headlines when their accounts were frozen under pressure and in the spotlight they announced they would start accepting Bitcoin knowing the code was in its infancy Satoshi responded with WikiLeaks has kicked the hornet's nest and the swarm is headed towards us shortly afterwards the lead developer Gavin Andresen told Satoshi who was going to a meeting with the CIA Satoshi disappeared gone without a trace what was left behind has rocked the world in five short years it's story has been driven by a passionate community of people from the ground up we're living in an age where the speed of innovation is critical environments that encourage people to collaborate and act quickly on ideas are gaining momentum this is happening in physical spaces as well as the online world welcome to the world of the co-working space this is inspire 9 co-working space in Melbourne where many startups get the first shot at collaboration with other people and working environment really unlike traditional office spaces you find a lot of resources in other designers developers and even business people who are willing to help out and give input into whatever project they're working on some really good startups like I do so Rome to Rio uber were based out of inspire 9 as well so it's a great place for people to tap into the resources of the local startup community well it's a hell of a right balance the amount of people that we manage to help along the way that's really a big part of my life we're not doing it for anything else besides our passions seem like people do project on us for their own passion so it's a great experience for me I would if I go back you know three and a half years ago I would have do it again but I probably take happier break before I start there's a really big global trend going around of how the cost of the operating starts has really dropped and the support networks are really growing around it Silicon Valley obviously has a great thing going for but our goal is really to bring a little piece of that over here innovate and build world-class companies I don't know so for people who have been going crazy working from home alone they coming to a co-working space is like a breath of fresh air and for people who are working at the moment this is a great alternative to a you know larger corporation or a big business where maybe the culture is a bit stale we do believe in doing business you know for good so people planet profit it's also known as the triple bottom line essentially what that means is you can never make any business decisions or financial decisions based on profit alone you do have to take into consideration the people and the planet is long so while co-working spaces are ideal networking environments to build and create businesses a cryptocurrency is created by a global network of computers that communicate via the internet this set up is known as mining and the people who run them are called miners George from the hub explains your developers your software programmer is anybody who deals with systems and numbers but when they create a network it will be a network that is made or built so that it doesn't need people as much right it can run without people but at the same time it's the people that created those systems the Bitcoin mining community the miners their form of expression in terms of networking is through the systems and the numbers first computer I ever built that was doing well for about a month and realize okay this might be profitable build our second so there's 79 70s are there running Windows and now I have probably take this off these are the big ones now so there's 290 X's and they're hashing it around eight eighty eight ninety eight using Ubuntu we didn't use heating once last year so they actually heated in Toyland room and kitchen and it was times where we had to open every window in the middle of winter because it was actually too hot so they did a good job I've I've worked out that the concrete is basically a big heat sink and it extracts cold air off the bottom and I've hunted cold air to the top and then I've got an extractor here which pumps to the roof so sustainability [Applause] so this Bitcoin network checks and verifies all transactions to make sure they're legitimate and they're not duplicated each miner is rewarded for its speed and accuracy all the transactions are kept on a public ledger called the blockchain it's like a giant bank statement that shows every transaction ever made it also stores the Bitcoin anyone can watch or grow in real time and explore its past to access the blockchain you need a wallet this lets you send and receive Bitcoin a Bitcoin wallet is a bunch of private keys that are used to sign the transactions on the Bitcoin network so they just look like a bunch of long numbers there are about as many private keys possible as there are atoms in the known universe so we're talking about like one with 77 zeros after a different number of private keys the private keys are there pretty much just that you have to keep them secret because if anybody gets access to your private keys then they can spend your bitcoins your QR codes there are different kinds of wallets there are hot wallets cold wallets there's online offline hardware software all kinds essentially it become well is just a collection of your private keys just like you would have a keyring if it's printed on a piece of paper it's usually I call a paper wallet and all that is is you have your private keys and your Bitcoin addresses just print it out onto a piece of paper usually with a QR code if you're clever you can hack all the funds on that is it full of money find out so you can then store that somewhere securely and at any time you can then scan that back in to an online wallet and spend the funds so you can compare a cold wallet to a safety deposit box whereas a an online Bitcoin client is just sort of like a using a bank account but you would use a thin wallet just in sort of everyday use you wouldn't hold all of your bitcoins on that just as you wouldn't hold all of your money in your wallet you would just carry a small amount of bitcoins around on a thin client maybe on your mobile phone it's the most convenient way so say you had your bitcoins on your phone and you're ready to spend where would you go well there are many shops cafes services and online stores who accept Bitcoin if you thought it was just for computer geeks think again my name is Jenny um this is my little soul called Vera Chet and it's an a collective little shop it contains pretty much stuff as you can see but mostly pretty things that I see fit to stock these little things here were the first product they're very shy never soul to choose someone who perches with bitcoins and since then I have renamed these products to bit bunny our systems also geared up to print up that the receipt to say that you have paid in Bitcoin instead of credit or cash or miscellaneous my name's Gary pass field on the licensee of the Alpha Troy hotel in Walla Malou New South Wales and I've been here for 15 years and I accept Bitcoin it will be rare that we don't get somebody inquiring about it weekly it's amazing the exposure we're getting out of it it's quicker than an ex post transaction yes you do need a tablet but that's your only out life everything is simple from there there's a little bit of something so people who do come to Sydney from all over the world and want to pay Bitcoin they check out oh where can I pay Bitcoin oh the alehouse all right it's about letting people have another mean of payment why do we need the Australian dollars the American dollars the euros the rubles whatever it is for me it does go back to imagine all the people living life in peace you know imagine no countries how they pay for it it's fine with me Bitcoin cash gold rings whatever apparently the ATO says it's linen commodities a Bitcoin now it's not a currency I don't know how many times I have to accept it currency you have to use it currency until the people at the ATO will agree that it's currency but you know eventually it will happen so Tamar's building the flux capacitor at the moment then laughs that sounds cool my name's David brim I'm CEO and co-founder of Tom car Australia and here we are in the manufacturing facility of Tom car and Melbourne Tom car is a rough ready hardcore machine that you can fix it yourself and we are peer-to-peer we'd speak directly with our end-user and we name every change after a customer so there's a sheep station in western Victoria who wanted an extra grab handle on the driver's side so that's Debra and David Bain so now we've named the grab bar de Bain bar so you can order the Bane bar now the high gearing is named after piece of chrome be who has a big cattle station in Long Reach so the Crombie's set for the gearbox and there's a number of other things like that we came across Bitcoin through the Melbourne community I heard about it and we got interested then we looked into it and then we found out some of our suppliers hey k you know we had a test with one of our suppliers you bought some parts and we save some money internationally so we've tried it now with the number of surprises and it works and we're still using it and then we thought you know why not take it unlike large corporations who have dedicated finance departments small businesses are often left in a frustrating world to fend for themselves even something simple like sending money overseas can take up valuable time and present large fees that nobody can account for Latin America for example sending money to banks tears fraught with robbery I've even lost money you know where the bank said it didn't arrive it's gone through a third party bank it's gone through an American bank to be sent to banking Guatemala for example you pretty much always lose 5% if you're dealing with Australian or UK or American banks I pay over $1000 every single year between just tiny little frivolous bank fees and given how much the banks make out of your personal accounts my personal account everybody else's credit accounts there are fees there are charges there are interest rates they've so much money already they don't have to take anymore but they do still every single day every month everybody gets billed whereas with Bitcoin its money within your hands you have the power you have to controlling share of exactly what you hold and there is no need for banks to take a cut out of that and they don't have to or I lose more money out of credit cards and I've ever ever lost out of Bitcoin and credit cards people can walk in and they've regularly do walk in present a credit card with ID and walk out without pain or doing the transaction if they don't return to pick up their cards we've lost that sale and I've had sales that have been hundreds of dollars that they've walked out on it's cheaper for them to get a new ID and you can't but as I said there's absolutely no problem with Bitcoin my name's Kristy I'm a pastry chef this is my shop black star pastry we had the first Bitcoin ATM in Sydney installed here about four months ago it's been great 60 staff in two shops now you build a shop okay and that's going well and at some point you need to kind of think well what do I stand for what is it all about you go into this for a fairer system you know you go into this so you can send money to people who need it without having to go through one two or three different middle people when I get to the end of my life and I say well what really was important to me what I want to say is that because of me I was able to help a lot of people fill their careers build their families all that stuff that's what I want to do yeah family and future is something often mentioned when talking to people about Bitcoin people who have studied the history of money and know the fragility of the current financial market often see Bitcoin is the safety net okay so we've you know brought these four children into the world and we thought their future ought to have been pretty you know squared away right but how they get older you might al our daughter L this sort of sixteen you think what you know okay so so how's this gonna work for her again she's gonna have to raise how much money before she can afford to you know follow mom and dad's first and this is what happens when you create this huge lake of liquidity that he that he's roaring around the world they desperately searching for yield at all costs this is what you get the problem with that is is that people can liquidate pretty damn quickly anyone who trades anything or know that you go up a stairway yeah and you fall off a cliff so here's this hugely complex over-leveraged system I can't tell you you know when that might fall and it could be something very insignificant but it doesn't matter we've baked that into the system and when that liquidity is removed from the system it will go it will take our breath away bitcoin is a natural response to – – that phenomena right how do you protect yourself against that when we had the housing crisis in the US and you know and all these people just caught up in this machine and just got spat out and then all the people who are responsible for it are all getting huge payouts you know it like these golden handshakes I mean like there's obviously there's no justice it seems so easy for for people in power to you know just make income at the expense of you know people who aren't in that complex instead of us like just sitting there and taking it we have to take matters into our own hands and do something that's outside that whole sphere that's why I thought Bitcoin seemed like a really good idea it's something that really takes the power away from the big banks and you know big government and puts it in the hands of the people government regulation is a hot topic especially when sensitive personal information is requested then filed away in a centralized system the public have no access to regulation often over complicates life and many people are now looking for easier ways to transact quickly without bureaucracy take for example one of Australia's largest industries so to know what a quantum leap forward Bitcoin is for the gambling industry you have to consider what it's like gambling with government currency at the moment this is in Australia which is a gambling friendly well regulated in jurisdiction it will take at least 15 minutes to sign up and deposit with your credit card your credit card can then be charged at any time in the future all the information you've given them such as your email address and your postal address that could be stolen or sold at any time in the future and when you want to make a withdrawal you'll have to verify your ID by sending in a copy of your credit card sending in the front and back of a government-issued ID and sending in a utility bill and then you'll have to wait two days for the withdrawal to come now if you used Bitcoin you can do all of that in less than two minutes less time than it takes me to explain how long it takes to do it with government currency and you'll also be able to bet anonymously you might value your privacy from people you live with you might be worried about tax implications you might be worried about legal implications so Bitcoin can get around all of those problems gambling is just another thing that it makes easier but it's a very popular thing which is very difficult in with government currency there's a big question about the regulation of crypto currencies like Bitcoin the whole point of crypto currencies is that they are designed to work transparently without third party intervention government included Bitcoin is unprecedented as there is nothing in our history which compares it's an intriguing topic and a great social experiment which is attracting some of the smartest minds in the world from all walks of life I mean Bitcoin is all about people right they need this distributed this huge wave of distributed sort of you know man something's got a change and you know let's let's it's do it that's what we want harness you present people with such a no-brainer that they can run out of reasons to say no and I think if we can achieve that sort of groundswell of support by providing people with the tools that they need to make that difference then they'll be huge there's a lot of unbanked people in the world people who don't have access to the world economy they pretty much shut out of a bank account and because bitcoin is as cheap and easy as sending an email it's going to make a lot of difference to a lot of impoverished people who are unbanked or underbanked and as long as people create value for it which they will it you just can't kill it yeah it's it's in too many places it's everywhere one thing about Bitcoin is that the rate of growth is most certainly faster than the internet what people always say so what should we expect you know how long is it going to take to get mainstream adoption I say how long do you think it's going to take for the Internet to have mainstream adoption it was in fact only seven years ago there were no smartphones because they hadn't been invented so that required everyone to get a new phone four pieces of hardware to be developed to be distributed to be sold in shops Bitcoin doesn't require any of those things to grow into a commonly used thing it's more like Twitter adoption or something like that it just requires someone to poke their screen a little bit oh wow now I've got a Bitcoin address well I guess I can start accepting Bitcoin anyone want to sell some to me yeah sure I'll do that right now BAM crypto currencies such as Bitcoin bring absolute transparency to the table the concept is starting to gain respect from skeptics and it's encouraging conversation about alternatives to our current archaic financial system the study of nature shows that change is a constant it's an evolution and an integral part of our survival as a species our ideas are a reflection of this we can either protect our ideas by locking them away or we can set them free and test them against a changing world this realization is clearly apparent in the world of software where we have two models proprietary and open-source a key way to find out which world you're in is to listen to the language of your environment how much profit do we make this quarter how could we make more hmm we'll have to consult our legal department hey quick copyright that idea how can we cut costs so how can we make them buy more what else can we sell them with open-source people break technology to explore what else is possible to make technology work faster and more efficiently generally bypassing middlemen and making technology more compatible the results are slowly making businesses pay attention think Android which is now the most popular smartphone in language around open-source projects could done something like if we share the foundations of this project will help other people in the future let's open up this project so others can contribute if I wanted to send a dollar to Africa direct to that person how could I do that in the case of digital currency people got together and asked how can we create a digital money for everyone as a result of this question we now have Bitcoin Bitcoin will will solve some problems but it won't solve every problem and it's not going to be solving democracy for us it's quite a controversial thing to say but I think Silk Road was probably one of the better things to happen for Bitcoin from a legal perspective a lot of the people who legally understand speak to I fascinate it because it's so rare that the law has to deal with issues like this we live very much in us in a society where there's a lot of controls put on us what you can and can't do or it shouldn't shouldn't do Bitcoin sort of challenges that that idea if you're a Bitcoin innovator and you feel like you've got something to contribute or you'd like to collaborate or if you're interested in sponsoring us let's talk until then to see you read like a dogecoin [Applause]

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