Digital currencies like bitcoin are coming (and it's a good thing): Juan Llanos at TEDxMidAtlantic



hi I'm going to talk to you about this amazing truly amazing new technology that is poised to turn the world of money payments and Finance on its head it's really mind-bending so please pay attention I was born in Argentina the bottom of the world these are some of the things that I experienced in my lifetime we were one of the richest countries in the world in earlier 20th century in 1989 when I was in senior college the inflation rate reached 12,000 12,000 in a year in 2001 there was another crisis people started distressing the currency and withdrawing a converting peso to dollars and take them out of the bags because they saw that the inflation was going to eat eat all the value right that crisis ended with the resignation of the president a succession crisis six presidents in a row and the largest sovereign debt default in history that happened in my country and the reason why in the United States is because of that this is the way we live in many countries in the world today is not that just happens to some countries most countries in the world are ravaged by inflation and the loss of value of their currencies these are some of the situation's some of the countries some people take it with humor and but the truth is that the lives of many many people are affected by corruption mismanagement and incompetence that happens everywhere in the world today I had the risk of stating the obvious poverty is incredible in the world and many many billions of people over a billion people live in extreme poverty today and the reason is that the current financial paradigm is tilted in favor of the gray-gray countries their right the green areas are the places where there's no banking infrastructure no infrastructure altogether right rose electricity payment systems ATMs if money doesn't flow life doesn't flow and therefore these countries at the bottom those green countries they all rely on remittances money remittances are the lifeline for billions of people today and people like us come to the north work and send money back to our families and support them the flows are growing keep growing this should be the situation that should stop right we should have every country should develop itself and not have to rely on external help right that's what really makes a dignified life the problem with remittances as a very very high cost very high especially for the least privileged and least developed countries in Africa for example these are the cost of sending money within Africa 23 percent of the money sent is taken out as a fee paid by the sender so less money reaches the destination but that's your news the World Bank estimated that if five percentage points were reduced from the fees 16 billion additional billion would reach destination countries imagine the impact that money could have in the economies right that money could help build community is 16 billion dollars every year could reach the destination countries so why am I talking about this because this new technology it can help with all these things and another thing that is interesting is that we talked we heard about the penetration of mobile and the internet access in the world is a look at these staggering numbers the growth numbers of the Internet in world people are having access to the global economy theoretically at least for the first time ever through mobile in the internet but the reality is that they have access to connectivity devices Facebook distractions but it doesn't really help them in their development in their life right so I want to ask you to please imagine if for the first case if there was a way for the happies in BAU one guy at the beginning to protect the value of the hard-earned cash that he has in an alternative and an option store it elsewhere imagining in the second case if a mother were able to receive two additional dollars from his son in London two dollars is probably more than she can make in a month and imagine if we were emergent anywhere in the world and I know many of those that could collect payments from anywhere in the world via a mobile phone that is possible today and I know this is going to sound like a pitch like a sales pitch but I'm not representing a brand I'm just excited to introduce to you a technology that I truly believe is going to be life-altering for millions Bitcoin is not only money currency you've heard it related to crime Silk Road and all these things in the news but bitcoin is I like to summarize it of three things one is digital payments a digital payment system second is digital money currency and three most importantly to me is digital platform that allows for many other innovations that will explain in few minutes so those three things are amazing in it themselves because they're all into one but the more momenta a feature of this technology is that it's distributed across the internet and it's not controlled by any central authority it's controlled by itself by very complex mathematical formulas in itself so we bitcoin I can send payments anywhere in the world instantaneously any value in your mouth five cents one dollar five hundred dollars it's secure the payments are unalterable they cannot be counterfeited and it's mobile to mobile mobile too much the computer it's it's really simple as digital money remember this the power in person the transactions are not measured in euro or yen or dollars or any currency if they have it their own denomination which is called a Bitcoin the unit of the nomination is a Bitcoin and the value the dollar value of Bitcoin is determined in an open market it's just as any other foreign currency that we know today no there's a currency pairs in every every country right so and it's counted counterfeit proof and there's no inflation because the total the rate of growth of the bitcoins in circulation and the total are capped are predetermined by the technology itself so it's revolutionary for many reasons but two of those are that it's distributed or decentralized and that means that it's not controlled by any central authority and this is incredible prepare with me whenever we execute a payment whenever we execute any transaction even in a contractual relationship there's always an external third party behind us attesting to that transaction verify that the transaction is real that it took place someone is a custodian of the contracts or the agreement right in this technology there's no central authority because all those rules or the enforcement and accountability of any relationship is handled by mathematics that's why they're called math based currencies or math based trust trust is enforced by the mathematics behind it it's amazing and another reason why it's revolutionary it's that the identity every time we make a payment we give our identity every single time we make a payment on it with a credit card or debit card we're transmitting our own personal information with that transmission with this technology that is separated the payment goes one way and the identity stays behind so it is very beneficial for consumers because you're not exposing your personal identification information and the merchants don't receive information that could hold us accountable for loss or theft right and the most important thing is that all of the the technology is payments today or finance today try in the future it could be many more things because their applications beyond this protocol this platform it's like tcp/ip which is the network hidden network on top of which the worldwide web and email work right this is a technology and innovation technology on top of which other functionalities and applications will be built for example voting the vote is going to reach the destination in this never going to be altered and fundamentally it could unearth all of the hidden value in the underground economies the mystery of capital that al andalus Auto many others have studied system D these people could on the right get credit for the first time by being able to securitize an asset that they have in is hidden somewhere in that economy there's a huge ecosystem being formed today a groundswell and innovators entrepreneurs intellectuals these are some of them of course this technology has a lot of challenges it has regulation transparency speculation security disruption that status quo this is going to change the work code to change the world we talked about Facebook about connectivity I think that the Internet has an innate enable us to connect each other amazingly but we have a debt a debt is all of those dark shadows in the middle they have not been connected yet and I truly believe that this technology is revolutionary it can help us really change the world thank you

34 thoughts on “Digital currencies like bitcoin are coming (and it's a good thing): Juan Llanos at TEDxMidAtlantic”

  1. It sounds great in the beginning like Uber did and then slowly their prices rose etc etc. I wonder if eventually we will get charged interest on cryptocurrencies? Greed always takes over in the end.

  2. One of the cryptocurrencies that caught my attention is the LEDU Token which gives emphasis on Education. It brings professional level to the next level. I have a strong feeling that this LEDU token will be the future of cryptocurrencies.

  3. So.. If a terrorist decided to use a large emp everyone would be broke? Maybe im not understanding it but i wouldn't trust all of my currency to be entrusted within our internet system.

  4. Hiya, looking for money making techniques online. You can get to know more ideas to make money online. Go to google and just type: "The Make Money Online Pro".

  5. A quantum computer can crack all the passwords of all the computers in the United States in one second. What happens when a foreign country creates a quantum computer and then hacks bitcoin?

  6. In the description it says he's certified and anti-moneylaundering but he didn't once address money laundering.

  7. This isn't creating any economic growth as you try to claim it does. It simply maintains the value of your currency. If you cannot purchase bitcoin (with a 17k USD value) then how do you save your money? What about the bubble bit coin is in and when it pops. You say it great because it is unregulated but that also means there are no guarantees it won't drop to nothing tomorrow. Steam (a GLOBAL online computer game sales site/app) said that it would not be using bit coin because it is too "volatile."

  8. What's ravaging many countries' economies is not inflation: it's unchecked capitalism. The intention behind cryptocurrencies is good, but the reality is that they are in fact a Ponzi scheme, a scam. If you are reading this and you own cryptocurrencies, there are two options (1) you were sucked into it without fully understanding it, in which case sell it immediately and get out of the speculation game (2) you know what you're doing and you plan on scamming people of their hard earned money and goods, in which case you are a horrible human being.

  9. He hasn't researched it enough. Bitcoins are no panacea for poverty nor are they safe. As far as third party fees, if you trade P2P then yes you can avoid those but there are risks to P2P trading, including exit scams. If you use an exchange, those are being increasingly regulated around the world, including localbitcoins and others, and they do charge fees. Finally, the math can be manipulated. Don't throw all your eggs in a Bitcoin basket. If you did it two years ago, that was a very wise investment but I'd advise cashing out now rather than holding it any longer. Some things are too good to be true, and Bitcoin is about to burst.

  10. Hi! I need money for my trip around Europe… Can you send some BTC?
    1BM1nqQxa2yJt6WPAogxrEftUX9kPuMMii
    Thanks

  11. Before making decisions on monetary policy FED considers general economic conditions in the country, alternatives of monetary policy, forecasts of the economy ( FOMC 200 Phd economists conduct economic researchs on economic conditions, alternatives of monetary policy etc.). All of these are done in order to make money supply proportional to the total output of the economy. And, this is directly job of economists who studies the BEHAVIOUR humanbeings on decision making. So, how mathematical formulas could predict the behaviour of humans??? Moreover, if there is no any institution controlling the supply of bitcoin, and if it is produced at predermined rate every 10 minutes. How the total supply of bitcoin can be proportional to the total output in the economy???

  12. @Alexandra WTF are you talking about. This clown is not, and never, has been a professor. Juan doesnt give a flip about bitcoin..he only cares about Juan..he preaches bitcoin as a means to an end, the end being..his overinflated ego.

  13. China has banking services. They can buy things online. When you show this picture you should give more detail. Regional colors not whole countries.

  14. the USD is based on nothing.  bitcoin is based on less.  mt. gox "lost" their bitcoins.  they don't know where the $$$ went.  mt. gox closed.  good luck bitcoin. 

  15. I think it is the start to something good, it will need to be work as it goes on. This will help bring equal opportunities to more people.

  16. Hi,
    My name is Ryan and I am 12 years old. I am trying to learn everything i can about Bitcoin. I have read a lot of articles about Bitcoin and listened to some podcasts about bitcoin. The problem is my parents believing that bitcoin is going to destroy america and its a waste of money to get involved in it. I dont think that way but i cant exchange U.S dollars for bitcoin my self because i cant use their creditcards. If anyone could be generous any fraction of a bitcoin would be awesome just so i can learn more! I have a wallet but no money 🙁 my address is 13N5fwNkm1bhe1GddmGrjJtARq52Jrm6jc please help, i want to show my parents this Bitcoin is the future!

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