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Bill Tai || Cryptocurrencies & ICOs Will Fuel The 4th Industrial Revolution - YouTube
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You know, so I know it seems very new to people this whole wave of
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cryptocurrencies and I actually have a theory that it's nothing new it's
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actually a kind of a visit to the past and if you think about human history
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humans have been civilized for maybe a hundred thousand years you know they've
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been around in some form of primate or
whatever for you know a couple million
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years but over that entire period of
time there have always been multiple
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currencies until just recently so if you
think about what life was like when you
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were, you know, in the beginning
of civilization work was really more
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inspiration based; you would basically do
what you want to do whenever you needed
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to do it during the day and you were
flexible with who you worked with so you
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might pick four friends to go pick
berries with in the morning and six
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other ones to go fish with in the
afternoon but you did a variety of jobs
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throughout the day. It wasn't until the
Industrial Revolution -- so really only
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like a hundred and fifty years of the
hundreds of thousands or possibly
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millions of human organization it's only
been the Industrial Revolution where the
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productivity model changed and where
people that could control capital could
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control capital assets and people were
sort of stripped down to hamsters
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running on wheels
performing single functions like you
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know some worker on the Henry Ford
assembly line and it's only been in that
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period that currency looks the way it
does today, which is abnormal, so if you
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think about the US dollar, for example, it's only been in place since 1944.
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I mean certainly there was a U.S.
dollar in the Revolutionary era, but
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in that period, even in the 1800s, there
were over 200 different currencies
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circulating inside the United States
even with the US dollar in existence and
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it wasn't until the real
peak of the Industrial Revolution right
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at the end of World War II, the US
government called together all the
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leaders of European countries after
World War II and they created Bretton
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Woods where they basically declared the
the dollar would be on the gold standard
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and every dollar or $35 will purchase
an ounce of gold, so the
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scenario at the time you basically had
World War II end, you had maybe a
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hundred million people milling about in
Europe with literally nothing because
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everything had been destroyed so
economies had to be created and at that
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point in time Bretton Woods was called
the US basically had the leaders of the
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other nations come to Bretton Woods New
Hampshire and they just made an edict to
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give him everyone confidence that there
would be $35 per ounce of gold and
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individuals knew they could take their
dollar walk up to the Federal Reserve
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window and actually turn it in and get a
little bit of gold so that created a
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frame of reference that every other
currency in Europe was basically
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abstracted off the dollar so there was a
declaration that you know the lira a
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certain number of lira would be you know
X lira to the dollar a certain number of
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francs to the dollar certain number of
marks to the dollar British pounds to
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the dollar so there was sort of a tree
of value coming from one central thing
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that people trusted that was gold that
actually only lasted 28 years so the in
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1972 the French government had
accumulated a lot of dollars and they
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literally took the dollars to Fort Knox
to the Federal Reserve window and asked
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for their gold and President Nixon
realized that if he left France do it
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everybody would do it and they didn't
have enough to go around you know
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because what had happened was
basically because of the economic
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productivity of the nations using
currencies they had stored up dollar
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bills that was basically the key to
having an economy and once the gold
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standard broke we move forward into
another era you know; known as
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the "petro dollar"
because of the a forcing of the
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countries in the Middle East to accept
dollars as payment for barrels of oil
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now you had a way to essentially
guarantee your economic future as a
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nation by piling up dollars in your
foreign reserve and by doing so you're
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essentially storing oil which was the
route of productivity in the age of the
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Industrial Revolution and an oil based
economy so what's happened now is we
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basically move forward to a period of
time where oil is still relevant but
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electricity is more relevant you know if
I basically gave you a choice 24 hours
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from now to cut off your access to oil
or electricity -- you would choose to keep
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electricity the root of all your
productivity today is not burning oil
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it's what you do with the electrons in
your computers, your smartphones, your
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daily life with light and so I think
what's happened is the backing of
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currency has moved from a fixed asset
like gold to something that you could
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turn into economic productivity in the
form of oil and it's already moved to
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electricity but we just don't know it
you know so I think you hear this term
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the fourth Industrial Revolution
electrons are effectively the
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backing of currency in the fourth
Industrial Revolution and we're already
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there. So I think what you see in these
ICOs, is they're basically
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encapsulations of electrons that perform
a certain function and there are communities
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of interests that form around each set
of those that believe a certain thing
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you know you can look at the
nation-state too - I think with the
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Industrial Revolution and military power, the nation-state as we know it
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that's also only existed for a few
hundred years and the shape of the
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nation-state today is one that is there
to protect the economic assets from the
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Industrial Revolution as we go forward
now people are basically digital
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citizens where everybody's a little
molecule in a distributed fabric and
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people can join or not, multiple
communities of interest that are beyond
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physical borders so what you see is
groupings of people that believe in
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certain things they have the same belief
systems and culture, same whatever it is
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that they are interested in and those have
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become Virtual Nations & Virtual Economies that are willing to trade amongst
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themselves. I mean a dollar is really
just a token of value exchange as were
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pebbles and shells and the stones of Yap
and credit default swaps so it's, you
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know, what you believe in and so I think
we're now in a period where there are
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multiple currencies just like there have
been for 99.99% of human history.
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