馃攳
VICE The Future of Currency Will Iceland鈥檚 Auroracoin Succeed UNLIMITED powered by UBS - YouTube
Channel: unknown
[3]
[Music]
[6]
God called we do one dude send the
[9]
question was in swag naughty and there's
[10]
a manicurist here after a boost and a
[12]
good area carried her same filter have a
[14]
strategy very uh plant Artie laughing
[16]
others mouth area
[17]
Abner's campus amassed area a lot of
[19]
esta Sam ever have eternity thermal
[21]
level news anytime
[31]
Kiki is a school crow no not at all from
[33]
a satellite Darwin would happen Kramer
[35]
processing lighter and a very monsoon
[37]
can t Cronin and ultra daily applause it
[42]
doesn't hope tooth to a million autonomy
[44]
curve along teleport gary pulsipher for
[46]
military out you of familiar with mark
[50]
fall talents from this to Eastlands
[53]
prostitution for our perimeter or severe
[57]
tremor has to also locality in the
[60]
artist year skinnier team an attorney
[68]
ever stand himself allow or through
[70]
school t- november of 2008
[80]
relative to its size iceland experienced
[83]
the greatest crash in economic history
[91]
I was born here in Iceland and left when
[100]
I was three and a half years old to the
[102]
United States I started programming
[105]
computers at an early age
[107]
went through the University of Texas
[110]
started working for a big six accounting
[112]
firm after that and have been involved
[115]
with technology for the last 25 years
[118]
[Music]
[121]
this practice of creating new money
[124]
leads to more money being in the economy
[127]
which leads to everyone's holdings of
[130]
the Kroners being worth less in other
[132]
words that's inflation I'm trying to
[137]
make people aware of the fundamental
[139]
flaws of our current financial system so
[141]
that we can return to a time where we're
[145]
building our wealth where we're building
[148]
our security and building our future
[153]
cryptocurrency has a new money system
[156]
that is online it's decentralized
[160]
there's ultimately going to be a fixed
[162]
supply of the coin therefore the banks
[164]
cannot create more cryptocurrencies out
[167]
of thin air
[168]
[Music]
[174]
I guess can I get your attention so the
[179]
first time around when our coin was
[181]
released in 2014 people didn't really
[183]
understand cryptocurrency concept so
[187]
that would be our main task today is to
[190]
explain to people how you know
[194]
cryptocurrencies work and why they are
[196]
important before you go into how our con
[200]
works and other cryptocurrencies don't
[202]
we have to explain to people how normal
[205]
money works and a good way to answer
[208]
that would be to tell people the story
[211]
of yepp yepp is a South Pacific island
[220]
yep is a tiny set of islands in
[222]
Micronesia there's no metal on the
[226]
island so there is nothing to make coins
[227]
out of instead the people sail out to an
[230]
island 250 miles away to quarry a kind
[233]
of limestone which they carve into disks
[236]
and bring back to use as money some of
[239]
these stones are enormous ten or twelve
[242]
feet across too big to move so when
[245]
they're used to buy and sell things
[247]
everyone just agrees someone else now is
[250]
a stone that can be traded a hundred
[253]
times without moving an inch the real
[256]
money isn't the stone it's the idea of
[259]
who owns it held in the register of
[261]
public memory it's this register that
[264]
really is the money
[267]
ever since the Medici bank in Florence
[270]
the banks have held that register and
[272]
that makes it open to corruption now our
[277]
current monetary system is is rigged
[280]
it's fatally flawed a small amount of
[283]
people can create all the wealth in the
[286]
society we want the cost of everyone
[289]
else you know there are two major factor
[292]
that makes cryptocurrencies different
[294]
it's decentralized there is no middleman
[297]
that can modify corrupt or you know
[302]
cheat in any way and that's what working
[304]
really is it's a tool for the Icelandic
[306]
public to you know get away from you
[310]
know massive inflation and devaluation
[312]
of of their asset via their their heart
[316]
you know earned currency what about this
[320]
bother characters Balter freaky are
[331]
Odinson which is a combination of three
[335]
Norse mythology God names he came out
[338]
with the interesting experiment a
[340]
cryptocurrency designed for the nation
[343]
of Iceland but no one truly knows who
[345]
this character Balder Phrygia Odinson
[348]
was he's maintained his anonymity
[351]
throughout this whole process he she or
[356]
it I mean I guess it could be a robot
[358]
after all
[360]
there was a lot of people that were
[361]
skeptical because of his anonymity
[363]
people wanted to know who he was people
[366]
were trying to track him down I think
[369]
the reason why alder wanted to remain
[372]
anonymous was because he was taking a
[375]
risk he got the experiment started got
[378]
the coin going and he got the ball
[380]
rolling well let me ask this would what
[388]
can I do to help what the main thing
[390]
anyone can do it to help is to educate
[392]
themselves about the coin and to help
[396]
educate others having merchants who
[404]
accept a rural coin is vital to the
[407]
coins existence and growth and adoption
[410]
as an industry that's experiencing a
[413]
huge spike in growth tourism would be an
[416]
ideal target market for the adoption of
[419]
rural coin
[421]
[Music]
[438]
I'm not gonna make historian by training
[440]
and in 2009 I worked without the Special
[443]
Investigation Commission which looked
[445]
into the causes of the financial crash
[449]
but then in the past year I've been
[451]
doing this tour called walk a crash now
[468]
back in inviting times if you were
[470]
sentenced for serious crime like murder
[473]
you would be banished to exile but if
[476]
you did not leave the island you would
[478]
have to go into hiding and then you
[480]
would be killed wherever you were caught
[482]
up with last summer there was some there
[486]
was a cave that was found that contained
[489]
artifacts that could be dated back to
[490]
the Viking Age so the story was that
[493]
here we had found the cave of Viking Age
[495]
outlaw it's thanks the tourist in
[502]
understand that we have been able to
[504]
recover from the crashed so this fine
[506]
statistic that they I think it was
[508]
something like if it continues like this
[510]
by 2053 every person on earth will have
[513]
to visit Iceland twice a year okay so
[517]
let me let me ask you one thing what are
[518]
your feelings on on aurora coin being
[521]
available as another payment method
[523]
within the tourist industry people are
[526]
not going to adopt it you know until
[527]
they athlete you know until they
[529]
understand how it works I mean I don't
[531]
fully carry them you know how does it
[532]
work
[533]
[Music]
[536]
it's a technological innovation because
[540]
it allows the use of high-level
[542]
encryption to secure the financial
[545]
transactions so that it's not open to
[547]
counterfeit and manipulation of
[549]
ownership
[553]
every couple of minutes all the
[555]
transactions that are on the network get
[557]
bundled into a block of transactions
[561]
these these block of transactions will
[562]
ultimately be put onto the blockchain
[564]
which is this shared general ledger it's
[568]
a history of all of the secured
[570]
transactions over time funds cannot move
[573]
from one account to another
[574]
without going through this secure
[578]
process
[580]
[Music]
[582]
similar to Sudoku starting off with a
[585]
puzzle and it takes quite a while to
[587]
finish the puzzle but it's very quick to
[589]
verify that it's been done correctly and
[592]
the miners are rewarded for contributing
[596]
in the security of the network by
[598]
receiving coins and this is the process
[600]
called mining
[604]
for the currency to really be able to
[607]
take up it needs to be widely accepted
[609]
already so it's a it's a catch-22 there
[612]
to get over that step I think that's the
[616]
big challenge and one that's going to be
[620]
very difficult to surround we're having
[627]
to prove not only to the new users and
[630]
new customers and merchants but we're
[632]
gonna have to at one point deal with
[634]
pushback from the status quo pushback
[639]
from the current banking system the
[640]
central banking system there's a
[642]
question about how future political
[645]
decisions will affect the ability for
[648]
Aurora coin and other cryptocurrencies
[650]
to grow organically fishing has been
[656]
historically Iceland's largest industry
[659]
and although it's taken second place to
[661]
tourism it's also an ideal target market
[664]
for us to try to drive increase adoption
[667]
of o'er coin
[669]
[Music]
[692]
the PC industry is the anchor of Iceland
[695]
the card is here the industries have
[698]
been keeping everybody alive for
[700]
hundreds of years it was one loan that I
[705]
had was around 800,000 Kronus and when
[710]
the crash came and everything I went to
[712]
the bank and the loan has gone up to two
[715]
and a half million Picon many people got
[720]
real it was like that you know everybody
[726]
got flat screen everybody bought some
[728]
Mercedes Benz pickup truck from America
[732]
you know etc etc it's like everybody
[743]
were drunk you know in the party and
[745]
something like that
[745]
everyone went from being drunk to being
[747]
hungover yeah and of course when the
[753]
crash came the loans went up for like
[757]
five six seven millions when you had ten
[759]
millions you know the top low triple so
[761]
it was really really strange times there
[765]
was a false sense of wealth going on
[767]
people thought they had plenty of money
[768]
to spend
[769]
yeah
[778]
let's check it out here we are on a
[780]
shell of war 3 4 meters favorites so it
[808]
must have been a little bit of a wake-up
[809]
call for ISIL endures to look at the
[812]
banking system again and ask what's
[814]
going on here we're making payments for
[816]
3 years I owe more than I did now and
[818]
now I'm being threatened by the banks to
[820]
either COFF up the money or lose what
[823]
I've been investing in for a number of
[824]
years I mean do you think that this may
[826]
be a right time in Iceland for for
[829]
people to be open to to a new money
[832]
system I think yeah the new generations
[836]
are coming the younger the elderly that
[840]
hold tight to the Cronus you know I
[842]
think it's very very likable that
[849]
[Music]
[859]
when you're working within the structure
[861]
of a sound money system a
[864]
non-inflationary money system you know
[867]
that the savings that you're
[868]
accumulating over the years you know
[870]
that that money is not going to be
[872]
eroded over time due to inflation there
[875]
are risks within this arena but what it
[878]
needs is for people to get involved and
[881]
to do something proactive to be secure
[887]
in your savings and to be secure in the
[889]
wealth that you've built up it allows
[891]
you to expand your human existence it
[894]
allows you to get away from your fear of
[897]
how you're gonna pay the bills from
[898]
month of the month and start living more
[901]
in a rich life we're capable of so much
[904]
but when we're stuck in the shackles of
[906]
a broken financial system it prevents us
[910]
from really experiencing freedom
[914]
[Music]
[941]
you
[941]
[Music]
Most Recent Videos:
You can go back to the homepage right here: Homepage