B1 Intermediate 3 Folder Collection
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and what's stopping us from making this transition to Blockchain?
Because there's a lot of entities and governments resisting this cultural because because governments have persuaded themselves that one of their greatest powers is just a print money.
And, uh, if governments can print money, money really doesn't mean anything.
I mean, money is just an expression of of government, well, power and and extravagance and political pandering.
And money no longer is an information tool that guides all economic behavior in the information theory of economics that I'm developing, right?
And so how do we make this transition into this using this Blockchain layer around the Internet to get this security and get us, you know, a real form of money because it seems like there's a bunch of bumps in the way with also currently of understanding right now, these volatile crypto currencies that we don't know how to use his money.
They don't feel like money.
They scare us.
How do we make that transition?
I believe that this transition is underway, and all around the world experiments there now been conducted with Blockchain and once ah ah Blockchain is linked to some standard that resembles goals So money all around the world is valued by the same physical constants that make it function as, ah metric rather than as, uh, central bank, um model.
And it's, I think, is, uh that's the crucial thing.
And she jinking and in China has just endorsed Blockchain and gave ah a long speech to a central committee of his Communist Party, saying that Blockchain was gonna be a core technology for China of Facebook is tryingto adopt Blockchain.
Google has various Blockchain product projects.
Ah um J P.
Morgan Chase over the world, people are experimenting with Blockchain and once it gets established once ah, really superior money is launched.
I believe people, more and more people going to use it.
People are already using Bitcoin for all its flaws.
Whenever there's a real economic crisis in Greece or Zimbabwe or Venezuela, Bitcoin's became a cell salvation for and economy where the money had been destroyed by government.
And and, uh, I believe that we're in the process now of evolving a new world economy around Blockchain.
And but this is the period which I always called in the diving board model of the economy, where you know all the entrepreneurs.
They go out to the end of the diving board and say they're going to do this in that and they, uh, degree of difficulty, 1000 or whatever And then they dive and disappear.
And old people around the swimming pool say that guy's never going to come up.
This, that this is this is the end of that project.
But the fact is, this is when all the creativity really happens during the phase when the money has been invested, there's been some just in the e r C 20 tokens for me theory, um, which raised some $20 billion for thousands of crypto projects in the last few years.
There's all sorts of creativity and invention going on, and I believe most of these air going to fail, and many of them more than half of them have already failed.
But ultimately someone's going to get it right.
And maybe so, Toshio, get it right again, who knows?
But, uh, they do have to understand that money is a measuring stick.
It's not Ah, speculative, Asa.
As long as they imagine that they're going to get rich by ho tal that's holding, uh, bet corners.
It's called H o D e l um, as long as people imagine that that money can be a speculative asset where you get rich, they're gonna fail.
Money has to be a measuring stick, and and you have to be able to issues.
Much of it, as the economy needs, is what controls the quantity of money should be.
The number of of projects that entrepreneurs are willing toe commit themselves to borrow money to, to pursue.
And that's what limits the the money supply, not some rule, as Milton Friedman proposed of heaven.
Ah, a limited, uh, rigid, mechanistic voluntary system where all the adjustments come in the price of the money, money has toe reveal prices, not set prices.
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THE TRANSITION TO BLOCKCHAIN: George Gilder On Why Government's Are Strongly Against Cryptocurrency

3 Folder Collection
林宜悉 published on August 1, 2020
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