How Bitcoin Empowers the Idea of Money – And Makes it Honest | Toni Lane Casserly

Bitcoin is the Internet money. And I say that Bitcoin is the Internet of
money not because Bitcoin in and of itself is the Internet but because Bitcoin empowers
for the idea of money what the Internet was able to do with information. And in doing that it gives any person in the
world the ability to quantify, create, store and share the idea of value in a way that
we as a human race have never really been able to do before. And Bitcoin is to Blockchain as email is to
the Internet. It is the first major use case of a technology
that is so fundamentally going to change the way that we think about our everyday life
that it will transform every interaction we have from inception on. Blockchain is called a blockchain because
it’s literally just that. It is a series of blocks created by computer
solving complex math problems that are chained together. And the way that Bitcoin is created is any
time one of these blocks, like imagine you just have a bunch of sheets of paper and anytime
one of the sheets of paper gets full a bunch of supercomputers from all around the world
are all trying to solve these insanely complex math problems that get exponentially more
difficult over time. And to give you perspective, it’s literally
easier to find one grain of sand in the entire universe than it is for one of these computers
to solve a math problem created by the Bitcoin blockchain. And because these are so complex and because
anytime one of these little computers tries to solve one of these problems they only have
a 50/50 chance of getting it right no matter how many times they try and solve it. And so Bitcoin right now is actually the world’s
largest super computer. It has 500 times the computing power of Google
just to create bitcoins. Now anytime one of these computers solves
a math problem they get Bitcoin, they create the blocks, cement it and these blocks are
all chained together in one long ring. And that has a genesis block and is essentially
infinite from the moment the first block on the blockchain was created. And every transaction that happens on the
blockchain is stored on the blockchain cannot to be erased, cannot be deleted because the
core properties of this technology are fundamentally that a blockchain is borderless, it is decentralized,
it is voluntary and it is immutable. Bitcoin is and always has been a research
project and that’s what’s so amazing. I mean it was created by this group of underground
libertarians and activists and anarchists whose rules in life where to beat death and
taxes. And Bitcoin is something that is actually
been in these forums for the last 40 years. And it’s really interesting because you have
these people who essentially see the flaws in every system that exists in the world today. And I would actually say that Bitcoin is very
similar to Burning Man in the way that it’s created and the way that it’s going to grow
and the way that it’s going to evolve. Because what is Burning Man, the festival,
the experience, the culture, the civilization, what is that other than the world’s most evolved
form of anarchy? Burning Man in the ’70s were literally a bunch
of awesome cool anarchists going into the desert and shooting guns, which isn’t necessarily
safe but shooting guns into the middle of the sky and literally burning down the man. And you see what happens when you allow people
to fulfill their ultimate creative potential. People become autonomous, self-reliant and
they self-organize. And that’s actually how I would say the evolution
of Bitcoin, to contextualize it in something that’s extremely modern and extremely well
known, Bitcoin and the idea of value and money I believe will follow a very similar path
because what it actually does and enables as well is for the creative economy to flourish. Because all of these jobs that are going to
be replaced by AI, where are people going to get money from? And I fundamentally believe that they will
create it literally. Anytime you have this kind of a revolutionary
idea in culture form there are always going to be people who have to adapt and who have
to change and the people who have the greatest adaptation to wrap their minds around are
fundamentally institutions who have built a business model off of third party trust. Because what the blockchain actually does
it take that idea of trust, it’s a trustless system. And when I say that some people are like so
like trust the system less than normal systems? No, it means the idea of thrust in and of
itself is a concept that we have based off of institutional integrity. And if you are an institution with integrity
generally I would say you don’t have anything to worry about. But people who have been abusing systems that
have been in place for century those people are going to be, and everyone knows that they
need to change and that they need to be held accountable. But because there are so many issues that
are just systemically entrenched you have to create something new I think to really,
really shift that paradigm. And I wouldn’t say that a lot of these institutions
who are built on third party trust it’s like they’re not going to completely disappear. It’s just like when we had the Internet the
idea of publishing didn’t go away it just fundamentally evolved in a way that empowered
the individual to create their own content and empowered groups of people to self-organize
and to create their own worlds and their own publishing models from this invention that
fundamentally not only democratized and distributed but decentralized the way that we were able
to create and to share and to consume information. And so in addition to that the way that people
will actually be able to create this form of value is incredible. It’s something I think a lot of people even
today have a hard time imagining because it’s like telling people in the Renaissance hey,
so you know all of that information owned my God, one day you will not only be able
to have access to it, you will not only be able to share it openly and freely, but you
will be able to create that yourself. And that is what is about to happen with the
idea of money and the idea of value. And to give you a really concrete example
of something that’s an emergent technology that might just be an economic experiment,
a lot of these things in the market right now are just economic experiments, but there’s
a platform called Steemit, steam with two e’s. And it fundamentally is a monetized Reddit
and it allows any person who creates content to be directly compensated by a group of their
peers for the content they create. So imagine if every up vote on Reddit was
monetized. I mean I did one post on this and made $3000
that I could exchange immediately in 50 minutes. And that’s incredible. I still don’t think most people understand
what is about to emerge in this modern technology landscape. And it’s fundamentally the ability for any
person to create a platform. And if that platform has value, whether that
value is in the content, whether that value is in the community, to aggregate new systems
of creating sharing and storing value and to quantify those using a digital currency.

67 thoughts on “How Bitcoin Empowers the Idea of Money – And Makes it Honest | Toni Lane Casserly”

  1. "Evolved Anarchy" stupid woman wants a barter system in place where people are also killed on sight for trespassing because "no consequences cause no government" – If you want to spread challenging ideas Big Think, at least make them not laughable on a simple level

  2. money is not the root of all evil, alot of people get this biblical quotation wrong. it is the DESIRE for money which is the root of all evil, and i concur

  3. fuck this person did she seriously just mention steemit. out of all the alt coins she fucken mentions steemit the biggest ponzi scheme.

  4. Get this techno-utopian snake oil saleswoman off my internet!

    She is talking absolute capital-B Bollox. F Burning Man, F Silicon Valley and F her stupid white eye shadow.

  5. Bitcoin isn't going to do anything to close the gap between currency differences within countries. When she brings up Burning Man, she just negated any point she made. Rich idiots who go there pay big bucks to live in fancy tents, which kinda is the antithesis of the whole thing. Course, everyone else is rolling on the ground, hopped up on drugs, so they don't care or notice. Kinda like a metaphor for life!

  6. Something is wrong or I’m not understanding…
    Having computers solving complex algorithms and rewarding Cryptocurrency is meaningless in an economic collapse unless solved mathematics provide real-world benefit. It seems to have no more ‘value’ than paper money. It cannot compete with rare obtainable elements that can that provide benefits (eg sciences; medicine and engineering).

    In addition, the longer mining goes on the difficulty in obtain cryptocurrency increases, essentially squeezing out the majority. It still retains quid pro quo, maintaining classes. The purpose sounds more like an exchange of power (ie Wall Street to Silicon Valley) which is not ‘the people’. I’m not seeing the ‘revolution’.

  7. This is good, ego will be taken out of resource exchange which means most of the world's misunderstandings will be addressed and taken care of because of it

  8. Every value we know will be destroyed before the final days of AI creation.
    The only value we will care until then is our consciousness, and its survival isn't free.

  9. Money is EVIL! We ought to remove it and stick to simple goods exchange. For items that are indivisible or difficult to physically exchange, we ought to create some symbolic item of representative value to exchange. Possibly made of paper or light metal, something that can easily be carried. Anything but EVIL MONEY

  10. Bitcoin is fine. The ideology and meaning she's placing in it and behind it is horrible. Anything being "The Burning man of" something means it's inaccessible and self-important but lacks the awareness to recognize that. Please don't call Bitcoin the Burning Man of money.

  11. The reason it's so hard for most people to understand Bitcoin is that most people don't really understand money. Money isn't wealth. It's an accounting system used to facilitate the exchange of wealth. (The paradox of money is that while everyone wants it, no one actually wants it – they want the stuff they can buy with it!) Many people are put off by the fact that Bitcoins are 'just data'. But that's what ALL money is, information! More precisely, money is a means for credibly conveying information about value given but not yet received (or at least not yet received in a form in which it can directly satisfy a person's wants or needs). To put it yet another way, money is a ledger. With fiat currencies like the dollar, that ledger is centralized. And that gives the central authority responsible for maintaining that ledger tremendous power, power that history has proven will inevitably be abused!

    With Bitcoin, the ledger is decentralized. And that means that no one individual or entity has the power to arbitrarily create new units (thereby causing inflation), freeze (or seize) your account, or block a particular payment from being processed. We've had decentralized money before. After all, no one can simply print new gold into existence. And the 'ledger' of gold is distributed because the physical gold itself (the 'accounting entries' in the metaphor) is distributed. But with gold, that decentralization comes at a heavy price (literally). The physical nature of gold makes it hugely inefficient from a transactional perspective, but this is solved with Bitcoin. With Bitcoin, anyone anywhere in the world can send and receive any amount of value instantly, at any time, and practically for free without having to go through any middleman, bank, or gatekeeper.

  12. I'm not a stupid person. I didn't understand this video's description/explanation of bitcoin. Well I think I'll just take a nap. Thanks

  13. ANARCHY IS AN UNREALISTIC IDEAL. "Burning Man" "Rainbow Gatherings" "the Internet" are all examples of how anarchy eventually evolves into the same "strong survive" "haves and have nots" hierarchical systems that all of our current social and monetary systems have evolved into.
    PROOF: "Burning Man" and "Rainbow Gatherings" each evolved to have HIERARCHIES based on either wealth or strong personalities or personal connections etc. And "the Internet" does indeed have entrance tiers, content restrictions, and gatekeepers at the top of the "food chain" who control the flow of information (e.g major cable and phone companies etc.)
    Just as Blockchain is already evolving into "whoever can afford the most powerful and greatest number of computers" gets a leg up on everyone else – "haves and have nots"

  14. Wow, people are horrible when they talk about you without any sense empathy or attempts to understand. I'm really shocked by some of the vitriol in the comments section.

  15. Very romantic but the system anarchy takes down will recreate it's self. Humans are social animals. We are the creators of social order. The individual mandate for self reliance will seek out other individuals to maintain that self reliance. To interact social norms must kept. Over enough time the systems of society will rebuild itself over again.

  16. Essentially every kind of money should represent a thing of value(resource or service), if the bitcoin is a tough math problem on a computer, which is limited in amount owing to its complexity in creation; what actual value does the bitcoin hold, because if you give me a piece of gold and an equivalent amount of bitcoin that matches the gold's value, I would pick the gold, since people all over the world sees gold valuable.

    Again the bitcoin creation may become easier than ever due to the arrival of quantum computing. So a previously limited resource is now abundant.

    So looking at bitcoin as a resource, why would anyone see value in it?

  17. Bitcoin sets money and the concept of currency back by a century. Wohoo, it's digital and anonymous! Sure, and the way it's explitable (and has been exploited by people within its community) makes it even less practical than lugging around a sack of gold over one's shoulder. Limitless transparency for a currency is a weakness, not a strength. It's not honesty, it's shambling incompetence at making the currency of the future better than what we already have.

  18. bullshit ,they wont create money, they will just get i from the state
    in denmark you already get $1000 a month for doing nothing, in germany $400 and it will rise up and up the more AI take away our jobs

  19. No offence, just a nice advice. People take you more seriously when you dont wear that much makeup. (I think makeup is there for helping you out, but when the first thing people think when they see you is, "wow, thats a lot of makeup"…)

  20. as long as money is in the hand of private institutions who can create basically as much as they want of it, the repeating depressions wont stop. money creation should be in the hand of the people and not of private institutions.

  21. I love the analogy to burning man because it undermines her idea the Bitcoin is somehow going to be a system divorced from global capitalism: burning man still has people selling water and tents. Likewise, Bitcoin's strength will still be informed by the strength of global markets.

  22. "Imagine if every upvote on reddit was monetized"
    Holy shit that sounds awful. Imagine the echo chamber effect and how massive it would be.

    But that aside, while the idea of money and value being changed drastically is very seducing, I have yet to see a way to implement this into our current society, the political aspect and most of all, how would a system like this be implemented without creating a massive economic and social asymmetry (which could be even worse than the one we have now).

Leave a Reply

Your email address will not be published. Required fields are marked *