Stefan Molyneux - The future of Freedom Relies Upon Bitcoin's Adoption
Highlight Times Listed Below:
00:00:56 "I would compare the invention of Bitcoin to the invention of the internal combustion engine"
00:01:18 "Bitcoin is more than just money transfer, It is a programming language"
00:02:20 ELiminates labor involved in financial transactions, conflict resolution, wills, accounting, lending, stoc market IPO's, copyright protection.
00:03:24 8-15% of the world's economy can go back into the hands of the people.
00:04:20 Bitcoin is NOT in a bubble
00:07:50 Governments and kings control the money and we get screwed.
00:05:25 "Will be the biggest revolution in world economic history"
Bitcoin is MUCH MORE than just money
00:09:15 The choice is between fiat money and this strange new electronic currency
00:10:10 The future of freedom relies upon Bitcoin's adoption
00:11:20 What is the value of this Bitcoin?
00:15:47 The Value Proposition
00:16:26 The worldwide bank bank bailout total was 29.616 TRILLION dollars
The Functions Of Bitcoin
00:17:57 Bitcoin as a self regulating network with self enforcing rules that is immutable and as private or public as you choose.
00:20:20 The financial revolution has arrived
00:21:18 The blockchain is the public database
00:21:58 Bitcoin is a EULA End User License Agreement that is publicly validated - a smart contract operating system with no need for a third party.
00:22:48 Public Record functions of bitcoin remove the need for copyright protection
00:23:48 'Coins' are just data
00:24:48 Dispute resolution goes away with three party escrow functions
00:26:30 Bitcoin keys are source agnostic, they just need to be the correct keys
00:27:57 No need for a will or a trust. just put the property in the blockchain with a release date some time in the future and a three party multi-sig fires on that date in the future
00:30:00 Use encryption to put your book on the blockchain to prove its yours and you wrote it later
00:31:00 Patents become obsolete, encrypt the plans and put them on the block chain
00:32:09 Colored coins - transfer title to real estate for tiny fractional BTC That is marked with the title to the property
00:33:30 No need for lawyers and central authorities - no need for CITY HALL
00:34:48 Stock Brokerages are also going by the way of the do-do bird.
00:35:29 No barrier to entry into the world of finance
00:35:50 Crowd funding - IPO lemonade stand
It's a Brave New World!
Waiting 14 days for transaction to be confirmed, fuck such a technology, don't ya think? Let alone fucked up fees!
It's a network that is being overwhelmed. There is a long standing argument in the community about what to do with the block size; it's too small - we need seg-wit... Think of the linux platform. This is what bitcoin is...a software distribution that started out as an experiment. Since it is open source and there is no central control, these sorts of growing pains are inevitable.
Back in the day, getting access to the internet was expensive and cumbersome, and unreliable. We used modems and bought T-1 phone line bundles and hooked to servers through muxes to make bulletin boards. It was ridiculous!
I can say this though, bitcoin almost always evokes strong emotions one way or the other. It really doesn't matter what you or I, or anyone thinks about it. It is here to stay and it WILL be ubiquitous sooner than you might think.
I always say to the folks who enjoy shooting the messenger, don't worry, you don't have to come to bitcoin, bitcoin is coming to you! Sooner or later, people will wonder how we ever got along without this technology. Just like the internet.
Merry Christmas
Ok mate, very comprehensive and it would be foolish not to concur with you! Let's wait then! In the great scheme of things my transaction is nothing and philosophically all the Bitcoin net depends on it as well as the Universe depends on you and me! Cheers!