CryptoBasic Podcast

Your source for all Cryptocurrency information, made for the novice investor. 

Your majesty is actually higher than your highness.

Karim:

Your highnesses prince of princes is just a really quick before we end this episode.

Brent:

What's happening right now is i should have done my own research. Brent later provided evidence he linked directly to wikipedia, which is decentralized and therefore fallible thief way.

Karim:

Welcome to the crypt, the basic podcast.

Mike:

My name is michael laki, and with me for today's recording.

Karim:

I am joined by the one and only brent philbin still in colombia and karim baru kei still from colombia.

Mike:

But in them, our well today's episode is a bit unique as the user quote the z man and quote is part of our discord chat and we have a little server and they're titled one o one concept ideas.

Brent:

So guess what?

Mike:

He made this suggestion?

Karim:

We liked it enough and we're going to record it. Today's episode is blockchain use cases one o one and just a reminder that our wanna once could be listened to in any order at any time. Please check out our other wanna ones for deep dive on a token project or concept from the ground up. So, gentlemen, today we're going to lead off with a little bit of blockchain technology verse distributed ledger technology karim wrap it up for us.

Mike:

Yeah, just a cool little definition that i found researching this episode. Usually, anytime we're talking about cryptocurrency people talk about blockchain technology, and this particular article referred to it as distributed ledger technology and actually re really like that distinction just because we're in a certain stage or maturity of the space where not everything is blocking right. We have, quote unquote, lattices we have distributed, i'm sorry directed a cyclic graphs in projects like i oto and, you know, i'm sure more more things they're going to pop into existence. So i guess it's just a distinction that made a lot of sense, and they are all distributed ledger. So i really like that. So anyway, that was i just wanted to add that in the distributed ledger technology is when we're talking about all these use cases today, even if we say blockchain, because we're so used to that considered interchangeable because there are a lot of things that have evolved past blockchain.

Karim:

Right?

Brent:

And we definitely wanted to include all projects that are trying to accomplish the same goals that the projects that are using the blockchain are also trying to accomplish. So as we move on a little bit, it looks like we've broken this down and about five categories. This is kind of we're not going to follow are outlined too much is kind of going to be a free flowing conversation, and we're going to kind of discuss, like what it's like or what we kind of think the future is going to look like in different sectors of the world, how things are going to change and why they're going to change, and i'd be really interested to look back on this episode, maybe ten years from now, it kind of revisit what we got, right? What we got really wrong and whether or not this revolution does take over the way that we really hope that it does. So the categories that we're gonna have to discuss, we're gonna have the room removal of middlemen. Ah, finance section, illegality section, immutable data and government and there's going to a lot of subcategories in each of these. So, brent, we're gonna start off with middleman removal, what do you got as the first kind of topic you want to discuss?

Mike:

There's lots of these again, the order is whatever, but the basis of the middleman removal is right now, there are a ton of different industries where there is a person or an entity that will take a cut of a transaction because they have the ability to facilitate that transaction for both the purchaser and the cellar or whatever the two entities might be. So a good example of this is sex workers. We've had glittery gabby on the show we talked about spankchain and even if you want to go as faras there's, like a coin out there called pink coin or something like that, where they're trying to handle prostitution, the general prostitution ring, as you'll have pimps and they would be the middleman or you would have in the cam girl industry, you have the sites that are providing the cam infrastructure are the middle men, and they're taking a massive, massive cut. So once you can remove it, all men in this or and many others that we're about to talk about, you keep mohr of the money in the hands of the producer of the item or the content or person who's selling the thing.

Brent:

We're going to get a little more into this later in the episode, and i know cream's got a great story. But one of the great examples of middlemen removal would be why silk road was so successful and listen like we talked about, we just briefly touched on the ability to remove pimps from an equation. Well, there's also going to be a lot of issues going forward for drug dealers, etcetera. That particular section has been not removed but kind of suppressed a little bit and that's definitely a good thing. We don't. I want to encourage that, but the fact remains, it's still going to be a place that's going to be disrupted by distribute letter technology, right?

Mike:

Okay, so first of all, i think it's really interesting that we have started the use cases for distribute ledger technologies, talking about sex workers and drug trafficking. I promise that that's, not the preview of the entire, always gets collected windows started.

Karim:

Their noble listen seriously, when we're talking about the removal of middlemen like brent was getting at whether it's in sex work or whether it's in anything else.

Brent:

When we're talking about sales, when we're talking about art it's, about the creator of value, getting most of the value right, even something as simple as like when i buy a piece of furniture, or when i buy a song.

Mike:

So much money is going into the hands of middle people who, like brian said, are just facilitating the transaction. And it's. A lot of wealth. That's being extracted by people who just moved money around. And moving money around usually means you just have more money. So this really reduces cost for both the seller and the buyer.

Karim:

And make sure that most of the value that's generated from a piece of art or from a good or from a service, actually goes to the person creating that.

Mike:

You touched on a really great point where you said it's going to reduce the costs of the transaction is not going to eliminate the cost and it's very important that why i believe a lot of these are going to be very successful is because the percentage of the fees that are going to be taken from this new type of middleman is going to be so much smaller because it's going to be done through smart contracts going to be done through things so like i don't want there to be any misconceptions these entire business are going to build on a profit margin but it's just going to be there going to be able to do it for such a cheaper rate that's going to put all the larger competition on its heels another topic that we wanted to mention as faras the middleman is going to the lending markets i know both salt and keith lend are two that are trying to accomplish that and i think that there's lots of really inefficient lending markets right now that are really punishing the lower class you look at places like amscot these payday loans these things air they're a weeklong and charging like fifteen percent you know jews these things are you know listen that people are irresponsible and people make poor decisions but i'm hoping that when we remove the middleman that's like directly trying to sell these types of items and instead you create a market that people can come to you when they want to hopefully the fees could be much more affordable and people that need these types of loans are not going to be put in a position where they're paying so much juice to stay afloat that it's costing them in the long run yeah i think that's a great point in going back to the idea of competition and reducing cost i think that one of the reasons that distributed ledger technology can really help reduce the cost for things like transactions or reduce the cost of middlemen is because it since the cost is distributed it's more likely to encourage fair competition like one of the problems that we have is that you'll have businesses or entities that actually step into it fill a role that is needed right like we can't totally say that short term loans that don't have the greatest interest rates are not needed or that remittances or that a lot of the middleman work that is done it is needed but then what happens is once institutions have a foot hole in that industry then there's an incentive for non fair competition it's better for the big players to collude and charge exorbitant prices that because it's better for them to work against the consumer than against their competitors and it just takes a few ceos or boards of directors or whatever once you're talking about entire block chains, the blushing is acting distributed lee.

Karim:

It already has a system in place.

Mike:

So i think it's even going to encourage middlemen who aren't blockchain middlemen to put out more competitive pricing, because it's going to be pretty hard to collude with the blood.

Karim:

And if they don't collude it'll be obvious you know the everything's out there so if everybody sees exactly what's going on in like why isn't why hasn't anybody lowered their fees is too high it'll be pretty obvious so another pretty obvious thing that can happen here is in the sales of cars and sales of real estate realtors air already basically like ancient outdated ridiculous they make so much money and their interests are absolutely not aligned with the client their interest is to sell or created by of a property not to get the best price for that property so there's already studies out there that a real estate agent that sells their own property without factoring in commission sells it for three percent more on average than when they sell a client's property because for a real estate agent if they're getting four thousand dollars in commission versus forty one hundred dollars in commission they don't give a shit as long as it is done it's binary for them at zero or one for themselves selling their own home that one thousand dollars is three percent of the total sale so multiply that by whatever three percent need steem applied by to get to one hundred and you have a legitimate number and they get to that number now it's thirty three thousand they actually give a shit about it so they're not aligned that could be put on the block chain car sales could even be put on watching two or distribute ledger technology the commissions that a person is getting for creating a high pressure sales environment could very easily be going away yeah, i guess another you know this could really go on their finance or middlemen removal but i also think that the decentralized in the planned in funding that blocking creates has a lot of interesting potential like right now if you need a lot of money there are basically a few institutions that you can go to and you can rely on and that makes them very powerful because they're essentially gatekeepers that get to decide what gets funded and what doesn't right but now that you have as much as were critical of the ceo model because a lot of people can raise money and just disappear it's also going to be really, really cool because a lot of good ideas maybe even world changing ideas that would normally not get funding you can go directly to the people and have an incentive structure that makes sense for people to you know, actually give them money and raise money for a project and i know i talk about this all the time but even the dash treasury and what it's doing we have so many more projects that are now, you know, funding things like journalism through their blocking and is through their treasury specifically so as that continues to grow and more projects are able to do this you start asking yourself okay so now how many different projects not just in journalism but non profits or exposure or whatever you could do that can be sponsored by block change which are really ran by people you know i feel like this could provide a little bit of ah counterbalance to the extreme corporate power that we see in our society you make an excellent point about charities and donations and i think that's something we forgot to talk about before we started recording but i think that's an excellent excellent use case being ableto to see your funds get distributed to a charity you get to see an open source ledger off what they're doing with those funds there's a lot of charity organizations that are heavily scrutinized for the amount of money they take out of the donations for their own personal use for a nonprofit theirs you could actually look and see okay well they're taking this much salary for these employees they're taking this that and the other i think that's a really excellent use case another one we talked about briefly and i know i feel like brent has a little bit to say on this what we were talking a little bit about solar power and residential power being ableto buy and sell it and i think that this is not an industry that i have a lot of specialisation and but i think it's really interesting concept to be able to trade power in smaller more localized units rather than say in florida we have a business called f p l florida power and light and they're just a massive company they do a lot of things they're kind of own way it's a little bit too centralized in too much from the monopoly so i'd be interested to see what other options develop from this overtime yeah there's some cool stuff out there and the reason blockchain can facilitate this is because if we didn't have it and it was just like a little ebay and it was taken care of everything you had to buy and sell your your solar power or your residential power that you've got extra whatever on some mark it wouldn't really make sense it needs to be done automatically so there are now there's a company called power and i don't know i haven't been following how they ended up doing this and implementation but the goal there was to have these little things you could put in your house that would see how much you're using how much you're generating and how much extra you had and if you had extra they would automatically sell it to other people to bring the cost of everybody's electricity down electricity companies luckily are pretty highly regulated by the government if they weren't i mean they would they could just god you like crazy because it's a necessary thing for the rest of life but yeah that's, another just coolies case with kind of going into the internet of things and all these little tiny, tiny, tiny, smart contracts that could be used to make things communicate together.

Mike:

And they're one of those cool things they can have it all right.

Karim:

Is there anything else we want to touch on on middleman removal of this time?

Brent:

I mean, maybe not specifically under the category, although i'm sure that many of the things that we will cover have some element of middleman removal, and i think that that would be the case for a lot of these things.

Karim:

So just keep in mind we're broadly putting them into a particular category.

Mike:

We're not saying no, this is one hundred percent where this lies.

Brent:

All right, so let's, move on to the finance section, and this is going to cover a lot of things that have to do with micro and macro transactions between lots of different sectors.

Karim:

Brent, why don't you get it started?

Mike:

Okay i mean that we probably should have started with this section we who knows we just threw these together but finances they're crypto currencies so finance is kind of what the impetus was forgetting all this started person a person payments that is the unicorn that is the light at the end of the tunnel here it's the cup of coffee it is the easy way for us to pay each other and that's going to happen one of these is going to be the easy way we walk up to each other tap our phones together and we've transferred money or the venmo or whatever that we already do it but we're going to take it a step further with this finance the other thing that's evolved out of this and again i have a little bit of a problem with this particular part it's not like super revolutionary to me but this store of value bitcoin wasn't originally touted as such but as it became harder and harder to move it was touted as a store value it makes sense because if you are in a country with a really wildly inflating currency or you're in a country where you think it's about to become really wildly inflating then storing your money in something other than your own currency is a good idea so that's where the story value comes from the digital gold quote again it's i think it's a side effect and it shouldn't be touted as one of the main things but there's no way to get around this and this isn't even really a counterpoint just different perspective i actually do think that the store of value is a very very important aspect and that we should be touting it because i think that the way to think about it i agree with you that the store of valium bytecoin ultimately came as the side effect we didn't really know i don't think that's attention you that this was going to become that type of commodity but if we think about blocking as a new way of monetizing networks which you know we discussed before like one of things that i think about is listen once upon a time the idea of a stock didn't exist there were companies and then there weren't companies and the idea that an average person that has nothing to do with the company could just buy a little portion of google or apple that had to be invented right so the stock market essentially creates a new way to monetize property and goods or whatever well now i think with block steem we have the real potential to monetize and network and that gives you a store of value in the sense that you can own part of a network that's goingto have inherent value as it continues to grow and it gives you an idea to take wealth that you earned in the real world and isolated either from governments or just to kind of have it somewhere else that gives you more flexibility and more options so i do think that the store of value is really cool and i think that it's in new scheme of monetizing networks that hasn't fully matured yet but we're going to see cool stuff come out of it yeah this other one that we wrote here and i think that's a fasting idea and we've talked about this quite a bit and you know we think that this is definitely part of a financial revolution so when this financial revolution happened we're goingto likely experience is a lot of wealth transference from large corporate entities mohr into the hands of the user and the early adopters so when that happens you're gonna have people like metallic who became independently wealthy based on this market who could now act in a manner that is in the best interest of people and part of that is going to be in the form of pet projects we've talked a lot about ellen must so ellen most became independently wealthy off paypal i'm sure there's other factors i don't know his background that well but now he's able to complete transition his entire lifestyle into a let's just do something with spacecraft that nobody's been able to do let's change the world let's actually like ramp up these technological advances to a point that it's going to allow things to change at a more rapid pace than before, because of the ability of that transfer of wealth.

Karim:

So they're going to see a lot more people whose sole purpose is to fix a problem, and they're going to work hard until they do so.

Mike:

Yeah, and then i guess adding on to that is the fact that now, with the option of raising funds or token ization, even the people who didn't already have the money.

Brent:

Now, some of the people that just have the ideas have a way to go directly to the people and raise funds, whether it's for a nonprofit type of thing where it's like, hey, this.

Karim:

Well, we could do, or even something where you could show.

Mike:

Hey, this could make money in the long run. But either way, it just provides a new alternative for people that want to clean this.

Karim:

Especially because of the meteoric rise so far of crypto, there are some really smart people, and one of the reasons that i got into crypto was all of my friends that were smarter than me were in it and that's what got me to really be like? All right, i need to take another look at this because everybody who's smarter than he is already doing this and that's, the smartest people already got in, they made all their money, and now they're able to do these amazing projects that they never would've been able to do because they didn't, you know, they didn't start papal like like he landed, but there is a comparison.

Brent:

All right? So i have one to get into which i think is really important. We kind of touched on it, you said person a person payments and i want to focus specifically on what i think distributed ledger khun do for remittances and non profit organizations in general. So remains is is one of the biggest markets. And when hear i'm talking specifically about when you get people who live in a third world country let's say, in southeast asia or south america, they go to a first world country where they earn a living whether it's in europe or the united states and then they use a large portion or a significant portion of the money that they aren't to send back home and there's a lot of societies and communities that really rely on those remains is well right now cos like western union make absolute bank on remains is like the amount of money that they get to extract out of that process look i want to be fair here you know even though we tend to be critical of financial institutions this is an example of well somebody has to provide the survey is right so it's not like it's not like oh these guys are bad guys because they're making so much money off of a service that these people need anyway however in the digital age it's pretty clear that the amount of money that these middlemen are extracting is not wr really fair and it's not really productive that money would be much better spent in the hands of the people in these countries to develop further right?

Karim:

So i think that cryptocurrency has huge potential to eliminate that that you can easily send money to somebody in venezuela or in ethiopia or in vietnam or in thailand and not have all of this money extracted by large financial institutions that's one obvious one and then also the way that large governmental or non governmental charities operate so for example i wrote here from one of the articles of war world food programme estimate that about fifty percent of their entire operations is going by twenty twenty it's just delivering cash to people and according to their estimates watching based solutions will reduce their overhead from three and a half percent toe one percent so that's significant i mean from three and a half to one percent it's like a sixty percent or seventy percent reduction in costs that is going to facilitate this organization to use me more of their money in what actually matters providing resource is to people who need it the most another topic that thing is going to be pretty interesting to see how it's going to develop in this future computer gaming a casino gaming and i know we just had the poker guys on the podcast recently and they're talking about the poker site nitrogen that they used that they're sponsored by and they have a lot of interest and they've had a lot of good interactions with that company is gonna be interesting i know engine coin is trying to do some computer gaming stuff to allow, like digital assets to be transferred between games and other types of really cool asset management like they were talking about things like brent, they were talking about being out of move from like, say, minecraft a diablo are really other really popular games like that.

Mike:

Is there anything more you feel's necessary out here i think we're going to do a one on one on engine soon.

Karim:

In fact, our buddy adam's been pushing for that constantly.

Mike:

I think he wants to learn more about the coin that he owns because he's not always the best at doing that research first, but it's a cool thing where you could buy a sword in diablo now it can't be anything game related, it has to be just like, you know, visual, so you by like the nike sword in diablo, and then you go to you, go on over to minecraft and you have the nike sort of minecraft and use it via the engine block chain and trade it back and forth. And if you don't want any more, you khun, destroy it, get the engine coins that were inside of it and use those to buy more. But anyway, it's kind of cool, but yeah, they're clearly computer gaming has been using token ized economies for a long time. Games like everquest games like magic online used tickets are gil or world of warcraft has their gold like they have essentially token eyes, digital assets but not decentralized, not built on a public ledger so that's coming.

Brent:

Yeah and i actually think that this the blocking entry into the what we call the gaming economies actually has a lot of potential and i think that it could be the thing that really catapulted into a real independent economy and here's what i mean there's already proven to be significant demand right like we've talked in the podcast before about how there were even businesses that are made out of going in grinding these games to earn the rule words that you would normally need hours and hours to grind and then you companies take those rewards like wow gold and sell it to people that don't want to put in the time to make that kind of a great so that's already been established but i feel like part of the reason they has never exploded into a really economy is because it always exists under the umbrella of the game its development team and basically whatever arbitrary changes they want to make so you can't have a true giant economy developing a game that overnight could be like okay well now this is worth nothing or now this is what ten times as much but once you start getting a distributed blockchain or distributed ledger that multiple games have agreed to interact with under specified rules which means that you could take some of this wow resource is from whatever from world of warcraft and turn and bring it into your whatever grant the fodder or call the duty or if you have no this machine works in like fourteen different games and maybe in all the games that has a particular use case well now you're taking this entire community of gamers and you're adding like an umbrella over it that can jump around from game to game which makes it not totally dependent on one company and one development team so this is really something that i can see really blowing up the demand is there and this i think we'll take it to the next level yeah, i completely agree with that and one particular business that i think would benefit a lot from this and i'm sure they're probably going to be one of the first adoption would be blizzard entertainment they're the company that does the double games the warcraft games things like that they have such a big umbrella of their own that it would be really interesting to see if you could transfer assets between games if you play a role playing game for example and you build your character's the high level and you potentially spend money to acquire additional assets well let's say a new version of that game comes out and now you have to start over from fresh against all fresh people it's a little bit discouraging when you pour your heart and soul into a game for a long period of time especially because the modes and certain some of these blizzard games air very long another interesting one that i thought about while corinne was talking about the remittances and i've mentioned this on the podcast before i just did a quick google search see if i could find where this was listed but i heard something that made a ton of sense to me and it was said that if wal mart switches say ten percent of its credit card transactions to a bitcoin type transaction any sort of crypto transaction every quarter they would estimate walmart would save about one hundred fifty million dollars so it's like kind of put that into perspective warmer i believe most businesses wal mart could be an exception because they're so large but i believe most businesses pay somewhere in the range of three percent on transactions so that's why a lot of businesses prefer to take cash over credit cards you seats in america there's some gas stations that actually have different prices for credit cards versus zcash if a business is largest walmart has the ability to lets say credit card transactions make up fifty percent of all their transactions every switch ten percent of those two cryptocurrency and it's going to save them one hundred fifty million dollars per quarter i guarantee that's going to happen at some point it's going to save a lot of money you know that i mean this goes back to the fact that we are reducing costs, reducing friction and that should in theory free up a lot of resource is and especially i think that it's worth maybe this is more personal, but i think that there's a lot of evidence to back it up.

Karim:

I think a lot of our social problems right now come from the fact that we have an economy that has shift there away from production and value creation to one economy that most of the revenue comes from what's called financial engineering so like if you go back to the united states in the nineteen fifties sixties, even nineteen seventies much of the gdp generations coming from companies like general motors or general electric companies that are creating riel products that are being bought by people today almost i mean a huge portion of the revenue is being created by goldman sachs and and merrill lynch and bank of america but not on products that they're selling or on patents that they're creating but on loans, financial interest, derivatives, financial games basically moved this year close this loophole and boom boom boom money's being created.

Mike:

So i think that reducing the amount of money that's going to just financial institutions whose only role should be financing is going to be good overall to shift the economy towards a more productive status quo if that makes us and in a similar sense, we're talking about the remittance, the credit card transactions, one of the other interesting things i think the finance world is gonna benefit from, and we spoke about this on the flagship recently, that's going to wire transfers, i know that a lot of people don't like travelling with large amounts of cash, and i know that there's a lot of fees involved if you want to travel internationally and try to exchange your currency, your fiat, for other fiat there's extra fees there, i believe that, you know, if i were to go to china, i would have a lot of issues bringing large amounts of money to go gamble with, for example, in the casinos.

Karim:

So i think that there's going to be a really nice, healthy market with a lot less fees where i could just send hopefully it's bitcoin, maybe it's something else, it would be really interesting if i could send, you know, one hundred thousand dollars with a bitcoin internationally and pay somewhere between like, fifty cents and five dollars for fees to collect that in local fiat when i arrive at my new location or the casino chips or whatever that is said to do with there's a huge market for this.

Mike:

Yeah, i agree with you that it would be interesting if you could send a hundred thousand worth of bitcoin for that little money. I think it would be even more interesting if i had one hundred thousand worth of bitcoin to send.

Karim:

We'll just keep waiting. My friend will be there.

Mike:

Unfortunately.

Karim:

The a lot of innovation comes from the wealthy people and let's be honest like they find a problem they find a solution and then it slowly trickles down to other people benefiting from that solution so next topic we want to cover is going to be all about the legalities of what crypto can disrupt you know one of the things that i like to think of is that if you work with a lawyer it is a very difficult proposition i know somebody that's going through a divorce and both them and the person they're trying to divorce now live in different states than where they lived originally when they separated and they both went to different states so now you're using three different states laws and both parties were trying to negotiate back and forth and try to understand you know who can get the edge and or who could get the upper hand and i think that all that is fine and dandy and it's kind of is the system that we live in i think that there's going to be some really interesting options for lawyers with these distributed ledger technology i think there's been a lot more types of digital lawyers i think that you know i know legalzoom is an internet like evolution of the legal field i think there's got to be plenty of use cases that lawyers are going to benefit from this from asset management too you know there's all sorts of things creamed is everything you want out here yeah i mean for sure so right off the bat we could start with before we even need to where's right?

Mike:

A lot of friction khun be removed through smart contracts because once you have self executing contracts a lot of times you don't need the resolution step which is what happens when people violate a contract right once somebody violates a contract when somebody doesn't hold up their end of a bargain or once there's some kind of misunderstanding about how things should be you have to go to the court system and that's the way in which we tried to dispute things of that nature and that's what you need your lawyers but the use of smart contracts can eliminate a lot of that by having conditions that are pretty much in code conditions that tend to be a little bit more black and white like okay, this is this gets released immediately. It could help contractors for example know that their funds are already in an account waiting to be released once they finished the work i think that it can create a lot of potential like you were talking about elektronik lawyers mike laws are changing so much in the united states new laws being created all the different state laws like you mentioned so having ah repository of all the laws and their orders. I mean, i'm sure it's valuable but i don't know how much need there is for that, i'm sure there's some pretty efficient ways to go through the existing laws. I know brandt had some pretty good stuff about, like the music and movies, but you don't want to get into that one, along with the with the law situation, where you're talking about assigning property rights and you're talking about the signing, the different royalties to people.

Karim:

One thing that content creators have been battling for the longest time is getting money for their content, so musical artists are having to go through third parties like spotify.

Brent:

So we're going back to removing the middleman here, and we're talking about like, we're talking about getting the rights to what you own and having a way to sell that, to get your value out of it by putting it on wanchain by having it decentralized by having people come directly to you.

Karim:

So there is an easy way like steem it is a very good example of something that is rewarding content creators for creating something and putting it out there now, it's not perfect, but right now, if you're a very popular person, steem it you can get you could get money for that if you're on d tube creating content on detail, you could get money for that, so it's it's, fledgling, but it's coming and brent, you know, worth mentioning, i don't know if you can make more money on steem it right now.

Brent:

Then you could on youtube and not really worth discussing the amount of money right now. But one of things i will say is that you have a lot more freedom as a content creator, whereas youtube is constantly experiencing the fact that you two can shut you down based on content or condemn monetize you. So a lot of people that cover politics get de monetized because they're talking about war. A lot of people that cover crypto get the monetized, even if they're not pushing scamming i ceos. So having a decentralized way, too, to reward content creators from artist to musicians to just youtubers, podcasters, whatever. There's. A lot of value there, because it helps you get around.

Karim:

I mean, we can't still eyes very real.

Brent:

The consequence of that where youtube de monetized that crazy chicken, she went up and shot up youtube bancor so it's, not just the monetary consequences with somebody taking it out like there are a lot of people get really upset when their contents de monetized and it's weird, because morality and what's, right and what's wrong what you're allowed to talk about changes over the course of time, and it might be, you know, we might easily sit here and say, i don't think that somebody who's a white supremacists should be allowed to make money off of youtube, but they have a bunch of good, loyal followers that are watching their videos.

Karim:

But, you know, it's, an easy line to draw on one side, but if you're getting closer and closer that line, where do you draw it? And i think it's more important that the people draw the line, then the then the companies. So youtube has drawn the line probably a little bit too far into censorship current, and if it's something that the majority of people think is wrong, it'll simply sort itself out on a platform like steem you know you brought up in excellent example and i just want to give two examples of how i think it makes sense and it doesn't make sense when we're talking about the monetization let's say you are talking about a channel where it's a white supremacists right i oppose the power of youtube to just shut down their channel or to prevent them from practicing their hate speech even though i don't think you know i do think they should be social consequences for that on the other hand i think it's totally different when the consumer base of a company puts pressure on that company to not advertise somewhere like i feel like that's a totally different thing so i know maybe there was this talk show host laura ingraham who after the parkland shooting i guess said some pretty nasty things about some of the kids and then people got really mad at the companies that were advertising on their show like toyota basically saying you shouldn't be giving her money like this is a person practicing some kind of a speech so the advertiser pulls out and to me that's a much more balanced situation where all right this company's consumer base got mad at the company for advertising with your hate speech not some over our king company that just gets to say all right you good advertisement and you don't and we get to the side right to me this is a more free market solution in a way that people decided even though it was the company that put him there, you know, tying some things together a little bit.

Brent:

One of the things that i'm most insurance he developed is going to be the privacy aspect of this, and we see that with certain types of coins.

Karim:

We talk a lot about the privacy. But i think that there's a lot that is going to develop over time, different projects, going to find different ways to protect your information because the data is so valuable i personally try not to have much to hide, but the fact remains, i would rather remain hidden than expose everything because i do not want you targeted advertising. I don't want the cambridge analytics to try to influence me, manipulate me and make my life fall into the the tracks that they wanted to go by. So, kareem, i know we mentioned this a little bit earlier. You have an interesting silk road story that you want to touch on, and you kind of hype this up a little bit to me, so let's let's get into it.

Mike:

Yeah yeah i was excited so this came from me you two talk from kathryn hahn who is actually a the prosecutor in the state of california and this story talks about how blockchain can be used not just to commit crimes but can actually be used to enforce justice and make it more difficult to commit crimes so you all know a little bit about the silk road story right? The silk road was the site where you could buy drugs and all this kind of stuff so there was a federal investigation into the silk road and the guy who was running it went by the name d b p r which stood for dread pirate roberts i believe like it was just ah reverend all right so the d a the drug enforcement agency for those of you who are not in the united states sent in an undercover agent to the silk road and his job was to get close to d b dpr to figure out who he waas so the undercover the age and went by the name of knob and obi and his cover story was that he was a drug lord with lots of connections so his job was slowly start getting closer and closer to dpr while they're running this investigation it came out that there was somebody a screen name blackmailing deby dpr it went by the screen name death from above and it was asking dpr for hundreds of thousands of dollars in bitcoin otherwise it was going to expose who iwas so apparently death from above new dpr wass and additionally there was a second separate screening around the same time called french maid that was selling dpr the founder of of silk road he was selling him information on his case in exchange for bitcoin right so you have the founder silk road dealing with two different mysterious screenings one of them is selling him information on his case and the other one is blackmailing him threatening to expose who oh he waas so we're going to put that on the side for a little bit one day all of a sudden twenty five million dollars in bitcoin disappeared from the silk road coffers okay now dpr immediately starts an internal investigation and determines that it was his right hand guy somebody whose last name was green so this is what which by the way dpr turned out to be ross ulbricht so i'll just refer to him is that so russell burke ordered a hit on his right hand guy because he thought that he stole the twenty five million's so guess who he went to toe order the hit he went to knob the quote unquote drug dealer pinking who was actually an undercover d e a agent so knob as part of the investigation the fake the entire murderer and torture of this guy green they take pictures of them quote unquote torturing him even though it's all staged and they shown to him so basically ross albrecht at that time believed that the hit was carried out that green was tortured and murdered and that he had done in with this guy who is stay undercover king pink so eventually it comes out that it was ross ulbricht but you know ross ulbricht gets arrested but now this prosecutor catherine hunt gets a tip about not the undercover agent and she's told hey this guy's moving around a tone of bitcoin number but this is a federal agent in question here he's, go ahead.

Karim:

What is the general year that this is framed in?

Mike:

And what is the actual bitcoin?

Karim:

Roughly the bitcoin price that this was happening during a man you got me on both of us i just got the general story i know silk road bring you might be closer on this one with the dates i want to say it's like twelve or thirteen yeah i want to say bitcoins around four k if i remember from her story but the way it sounds way teo that's that's a lot higher and i would expect maybe i think there's a lot of bitcoin like i think this is like now a true men this anonymous yeah, no question.

Mike:

I mean, at the time it was twenty five million worth of bitcoin, so right now must be on ungodly amounts of bitcoin, right?

Karim:

I feel like this might have been in the light hundred dollar bitcoin range and we're talking i want to say it was higher than that because because this is this is definitely closer and then go down until after my little you know, but after mount cox it like it was theirs.

Mike:

Yeah, between a hundred thousand i want to say this is culture to the thousand dollar range than it is to the a hundred okay, so let's even pretend it's in the thousand dollar range.

Karim:

This twenty five million a bitcoin is now called one hundred fifty militar billion.

Brent:

Yeah, yeah, yeah, so this is really interesting.

Mike:

House.

Karim:

See other story development.

Mike:

It gets better, so so.

Karim:

She gets this tip that the secret agent is moving around a lot of money in bitcoin and in the in the youtube videos she's like well listen you know moving around bitcoin is not a crime but obviously she had two chicken on it well here's the trick they start tracing the guy he's selling hundreds of thousands of dollars worth of bitcoin a month every single month and since he's a federal agent in an undercover investigation he managed to convince the exchange to immediately destroy all records of the transact so he goes to the exchange as a federal agent and says this is part of a federal investigation you need to delete this transaction so these were non existent according to the exchange but there was one flaw in his plan just because it gets deleted from the exchanges records does not mean that he could delete it from the actual blockchain so they immediately went to go start tracing around where this btc that he was cashing out was coming from and surprise surprise it came from the accounts that were connected to the silk wrote it turns out that knob was actually death from above the screening that was blackmailing all brick for hundreds of thousands dollars and he was also french made the screen name that was selling him information on this federal case so all of this money was also traced teo originally like mount cocks, but they couldn't get any of those records the twenty five million by the way so now they had to say okay we understand that this guy's been blackmailing ross ulbricht but what they didn't know was what happened to the twenty five million that ross ulbricht had his partner murdered over literally ordered a hit and thought that he got him tortured and murdered well it turns out that that twenty five million they started tracing it around on the block chain because again there was no records of it anywhere and they traced it to a different bank to this bank account that was owned by a shell company that was owned by a different federal agent that was with the secret service that was with green when he had been arrested it turns out that green was already cooperating with federal prosecutors on the night that he started cooperating and gave them all his passwords and information one of those agents wrote down that information and that night in secret went and drained the account of twenty five million dollars and then showed up the next day the work and participated in the meetings where all the federal agents are like oh my god this green guy as soon as he gave us the information drained the accounts so this whole time he was framing green thes air total two totally separate federal agents as part of the same investigation in different departments committing fraud at the highest level a using their status to get everything that was to get the exchange to delete the records they knew how to cover up their tracks they knew how to do everything the only thing that they couldn't do was removed the records from the blockchain and exclusively through tracking, blocking transactions.

Mike:

They were able to track both of these guys down.

Karim:

They were ableto prove, without a shadow of a doubt, that they were the ones involved.

Brent:

Both of them pleaded guilty.

Karim:

Both of them today are in prison, and if it wasn't for the immune ability of the big coin blockchain, they would still be federal loans.

Mike:

So i don't know how many federal agents you think we're working on the silk road case, like i have no clue why.

Brent:

My guesses.

Mike:

Dozens.

Karim:

Of twelve of them were doing this shit, which means that you could extrapolate that, so generally federal agents are going to be probably not on the up and up when they're doing this.

Mike:

I loved the line in the departed when they were talking about this party is a movie about some undercover police work, so, like there's an undercover police person in the irish mafia, and then there's an undercover irish mafia person in the police force and back and forth, and you're seeing all the things they have to do to maintain their cover and jack nicholson is he says this thing where they're talking about whether he's undercover or not and he's like it doesn't matter if you're a cop or a criminal when you're staring down the barrel of a gun with a difference, and it feels a way like it's.

Karim:

So the line between cop and criminal, especially in undercover situations like this it is so then it's so thin like they can, i don't understand one hundred, you know, and i only know what i've seen in movies, but i'm pretty sure they're allowed to do whatever illegal shit that they want, as long as they are still going towards the goal of catching the person they're supposed to catch.

Mike:

Yeah, i've seen this depicted quite a bit in, you know, tv and whatnot, and i'm not going too much credit into that because it is so glorified steem fashions.

Karim:

But, you know, the impression is often left that the better actor you are theme maur.

Brent:

You can become that character.

Mike:

So these undercover agents, you know, they have to live their entire lives as if they are this person.

Brent:

It is not, you know, in acting, they have a straight role, which is where you kind of act as yourself.

Karim:

But when you you got a character, think of heath ledger and batman, like he committed suicide because he obsessed about what the joker's character really was, and who knows how much that played a role in didn't.

Brent:

But i find it very interesting, and i would love to have mohr distributed ledger technology example, so that these types of things get reduced overtime.

Mike:

Yeah, i think the part that is crucial here and who knows thie individual stories and i'll be the first to say that i think that there's a lot of corruption and crime in law enforcement i mean they do go hand in hand and not just in the united states this is all over the world of anything ah lot of places are way worse but in my opinion what this comes out to is what happens when you have extreme temptation and in both these cases both of these agents were presented with an opportunity that's pretty unique like literally life changing money in what appears to be an untraceable wave you can pull it off i'm sure that they thought that they were covering all their possible tracks and what is this show that it doesn't matter if somebody has a badge it doesn't matter if somebody's a elected official it does nothing nothing matters every single one of us is a human being that under the right pressure and conditions can crack and abuse their power. So what these technologies are about is creating systems in place that create checks and balances here there were checking balance it because unfortunately these two guys submitted to the lamentation they started engaging in highly illegal activity for their own benefit and think still blocking technology there now out of that federal force and here's the best part in my opinion the people that were working with those guys took notice, i guarantee it when you're a federal agent and you see one of your buddies go down because of some shady stuff they do. I'm pretty sure you take notice just like when you're in a corporation and you see an executive get in trouble and you realize, ok, that's the thing we need to avoid. So it's also good for deterrence, for people to understand that blocking is creating a new playing field where you can'tjust delete information, you can't just go to the ceo of the exchange and say, hey, look at my badge, not delete all me and all my friends at adams, so i mean, we kind of went on a nice, full attention that was a really cool story i knew i knew about the first half of it, i wasn't aware about all the details of creating hopes that was the coolest, and i've also decided to switch to the categories here we're gonna move right in the government that fits a little bit of our flow a little more.

Karim:

So, karim, what do you most excited about for the potential changes in government going forward?

Brent:

And so there's two main ones there when it comes to government the basic one is just operations like the more i think government can incorporate blockchain into everyday operations that is going to make government more efficient and more transparent those are the best ways to describe it you're going to have a better record keeping that is less susceptible to manipulation you know we were just talking about here where these i mean this federal officer went to an exchange and convinced them to delete the transactions well you have a lot of that you could take somebody who is working in a patent office or somebody who is working somewhere where records of ownership are well or whatever and you can extort them bribed omise use your authority over them there's a lot of ways that you can get somebody to manipulate and temper with records if you have blockchain you can eliminate that how to manage i d how to keep track of of taxes there's all kinds of ways in which using blockchain can really make government more efficient and more transparent and then the big one i think is voting you know i'm not saying that it's going to be able to solve all the problems but the problems with recordkeeping in voting how do we combine digital voting with actually safe?

Mike:

Digital voting is a huge question and i think that there's a lot of potential as faras thean mutability of records so indulge me when i go in just a little bit of an extra tension here because a lot of times when we talk about voting people think like oh yeah you know because people in venezuela or people in russia no i don't think that it only applies to them as a matter of fact i think it applies right here in the united states and i'm going to talk about broward county this is where i live in the twenty sixteen election now just so everybody understands the law in the united states federal law is that for a congressional election all paper ballots have to be kept intact for twenty two months in case there's any disputes about the ballots themselves well the democratic primary in broward county involved two candidates tim canova and debbie wasserman schultz and at the end of the race that felt like there was some irregularities so the tim canova campaign sued the office of elections here in broward county to get a record of those ballots well brenda snipes the county commissioner for voting destroyed all of the ballots in the middle of the lawsuit so i just wanted my already to things that are a crime number one you're supposed to keep the balance for twenty two months she destroyed them number two you're not supposed to disclose you're not supposed to destroy public records when they are part of a lawsuit and she destroyed them in the middle of the lawsuit and their argument is like oh well we have digital copies so we don't have to worry about it so right now there's three different lawsuits going forward there's also another one where they mailed out ballots without one of the ballot initiatives the one about marijuana so this office right here in the united states in florida is now under three two or three lawsuits because they have engaged in shady election practices and it doesn't get enough attention but people think oh it's just ethiopia oh it's just russia it's just venezuela no it's not it's concentration of power everywhere even right here in quote unquote the bashing of democracy that is the united states i mean, we talk all the time about the the temptation that could exist.

Karim:

It is not at all surprising to me that medical marijuana has been suppressed the way that it has in america and other places, even but there's just a lot of people, they're going to lose a lot of money when that transition happened. So am i at all surprised that something like this is actually happening? How much would you no cigarette company or advil or pharmaceutical industry alcohol? How much do all these other regulated, high profit business is, is how much would they pay to continue this suppression? That's, obviously impossible question to answer, but i know the answer is a tremendous amount of money. So if they could find the right point of failure along the way in any sort of system, then boom, that's all it takes, and they could zoom in on this one particular office and a version of a county and just take care of business. So i find this to be not at all surprising and a something that i definitely look forward to, a future that we could be more confident and along.

Mike:

The lines of governance and corporate responsibility, i think that we need to talk about the use of campaign funds if campaigns were completely funded on block change, not just the voting process being done through inimitable ledger, but if it was done on blockchain, with all the money you're spending goes out there and it's transparent, you, khun see that politician a while, he says, he's anti gun laws has received a large contribution from the, and you can interpret that, however you like to see how ever you'd like to, you can say, well, you know, maybe he's just taking money to take money, or you can say, well, look, he says he wants more gun laws, but he's taking contributions from the s o i'm not sure how i feel about that now going forward, you can see where they spend the money. You can see if the person is buying, i don't know five thousand dollars dinners for no reason, or if there are, they're renting lamborghinis instead of renting, you know, a toyota yaris or something like that, like they you can see what's going on with each individual politician, and that leads to maura accountability and responsibility on there, and to do the right thing again, not succumb to the temptation you know, but you just made me think about there's, a republican candidate.

Brent:

His name is rick santorum and he's, not a senator he's, not a governor, you know what he does for a living. He runs for president for a living. He just keeps running for president, and he has never gotten more than like nine percent of the vote. He's never even come close to having a chance, but then he has all this money on the campaign that just ends with the campaign, and they get to use it in all these discretionary funding ways and then get tau pai campaign staffers and other staffers. And what? I'm not saying that he's the only one that does this by any means. But what i'm saying is, like it's literally become a business model where you can run is a pr stun rays, a bunch of campaign funds, and then you have discretion and use that money in a lot of ways once the campaign season's over.

Karim:

Any accountability is good, especially for somebody who is elected by the people it's different if you your own personal funds, you want to make a private, you wanna use monero something like that. Great. Go ahead, nobody has elected you to be the person that they're having travelled the world for them. So if i decide to go to colombia or if i decide to go to thailand that's up to me and you don't need to know that i'm going to those places, but if you elected me as the official world traveler of the crypto basic podcast and i told you i was going to go to colombia, but then i didn't and i went to japan. It matters, we've covered a lot about the government and governance of situations, and i think that i see this strange future where some of the largest platforms become their own type of governance.

Brent:

I could easily see cardano being this massive international entity that has to be treated similarly to a traditional world power, something on those lines, and we were probably ten years away from that. But is there anything else you guys want to add on this topic?

Mike:

We'll just that last thing you said, mike, when we did send cash, we started thinking about governance as a service, and i think that that's also good idea is the one's thes blocking systems become very efficient at running in a decentralized away they might actually be able to outsource, like we can provide governance services to country x or city x, or even district x. You know you could have, for example, cardano going to a small, independent state, or even just a province within a country that says, yeah, we'll hire your services. Can this glock chain do this for us? So, it's, another thing to think about. Governance itself might become a service that block change can provide.

Karim:

All right. Let's, move on to our last little category we have here, and i think this is a pretty important one, and the idea is mutable data basically there's going to be a long running history of something that is that is listed on a blockchain print. Won't you get us started here?

Mike:

All? Of those transactions that those agents tried to get rid of were there they couldn't they couldn't hide them they tried they tried to hide them by telling the exchange is to get rid of them but they're out there once you get enough points of data you can figure out what those transactions are you can also do something like send the transaction with text attached to it you could do that now there are more services that are trying to make it like easier to be whistle blowers or whatever the case but if i send you a theory um i can put something in that transaction even i'm sending you zero theory um that is now permanently ingrained in the blockchain so let's say i want to make a prediction i want to say that the cavaliers win the championship and i put that up the second he got that lebron went back to them and i mean to say they win three of the four chairmanships lock it up you know, if i just put that on a website you could say i went back and edited that and you know there's no real proof but if that's sitting there on the block chain you know that that transaction was done four years ago when lebron signed back home and i predicted it right then and you can see it wobble. So the immutable data on the block chain is probably one of the most revolutionary most important parts, because everybody is updating that and it's not going anywhere, it can't be changed. You can't edit a tweet. Well, you can't between amy can't edit a facebook post to me like open up it, it always said that i don't want you talking about i didn't i didn't say those mean things and at the same token, if you say something wrong and it gets out there, it's never going away.

Brent:

So some of the youth cases for this identity, if you can put your identity on the block chain, you no longer have to necessarily carry around and i d as long as you're in the municipality that understands that it's immutable on a blockchain and you can pull up your phone and be like, boom, here i am, this is my hash, this is me, there's, no way that's going to anybody else.

Mike:

You don't need to carry around your idea any more.

Brent:

You could do it with things like certificates of authenticity like this is always attached to this signature or whatever the case.

Karim:

Brent, i just wanted to add a little something there to back up what you were just saying.

Brent:

Forgeries of birth certificates and passports are one off the largest underground businesses.

Mike:

And when we were researching for this episode, i found out there's, like sixty, five hundred different entities in the united states, issue birth certificates.

Brent:

So think about how many different vector points for attack.

Mike:

There are where you could take a valid provided of birth certificates for chad.

Brent:

Fake that whatever and definitely a distributed ledger system could be a much more efficient and secure way to do something like that, and this even applies to medical records.

Mike:

By the way, medical records are also something that would benefit from blockchain technology as far as having your own data stored in a secure way that only you and your provider have access to.

Brent:

And another statistic i stumble upon which really surprised me, is apparently your medical records in the dark web go for ten to twenty times what your financial records go for, and apparently it's, because number one, a lot of times they used these medical records to either bill insurance companies or try to build drug company like there's all kinds of complicated financial scams that are done with it. But it just comes to show it's it's also about making money, not just about invading your privacy.

Karim:

Also on medical records, i could see not because each a lot of times it's each individual doctor as to transfer them. What if they miss the little part where you're allergic to certain kind of penicillin, or whatever the case? And i'm sure that's happened before. And if it's out there and everyone's using the same thing that you don't worry about that.

Brent:

So britain, i actually worked a little bit in the life insurance industry. And one of the things that we found while we're while we're trying that out is that a lot of these people don't even know what medical records are stored on them. And, you know, if a doctor asks you a question and you answer it a certain way, they tend to sometimes just make really broad assumption. And they're going to put that under charts and those charge going to be sent to the bureau of medical records, and those things are going to be collected overtime before you know it. You know, i had many customers that had data on their medical records that they claim to have no knowledge of. Now they may have been lying to me, that's, very possible, but there's also several that were very legit. That false diagnosis is they got second opinions from doctors who countered that argument. But those diagnosis were following them around, and it was affecting their insurance rates. And there it was, affecting their ability to, you know, live a normal life lifestyle.

Mike:

I'm and mike you just made me think about how two different things could work together so just yesterday i remember reading a story about how a deep learning algorithm was used to evaluate patients who may or may not be showing signs of heart failure and they gave it a bunch of different patient cases and essentially they got two pathologists very experienced pathologist and they were able to determine if a patient was about to experience pending heart failure with about seventy four percent accuracy and seventy three percent accuracy the deep learning algorithm was able to predict it with ninety seven percent accuracy so there's already been other studies that show that machine learning is better at just looking at raw medical data and then transferring that into a diagnosis because a lot of the diagnosis is just basically trying to check list a bunch of items if you've ever seen house you know he's famous for doing he's like oh yeah it looks like he's got an iron deficiency but if you could see his are right eyebrow it's clear that blah blah blah you know so the deep learning algorithm already does this way better so now combine that with the idea that your medical information could be stored in a blockchain all of a sudden you could be in a situation where you can give a deep learning algorithm access to your medical data from anywhere in the world and you might get better analysis better results so you're mixing like deep learning with blocking because i know that a lot of times the transferring of medical records can be a problem like you go to a new doctor's office they need to get everything from the other doctors office that could take time that could take resource is now all of sudden you just walk in and then the doctor's office knows okay we need to just access the medical blockchain that everybody uses and then you're just giving them permission to access it with some kind of private key that sounds way more efficient that's ridiculously more efficient and there's been different companies that have tried to kind of start this process of having one localized area that you can get to but i think one of the problems is a lot of them are centralized i uncle jim phil but he did something with the technical department at john hopkins and they started a company that was going to put the medical information the cloud and he's a programmer and they were doing looked like it was going well but nobody would sign on with them and i think there's still trying but i'm not sure but they couldn't get people to say no this is fine you control these records same way you know it's not nobody wants one person controlling them but at the same time one person does control them it's super inefficient right now medical records are ridiculously inefficient well, as far as i could so i think that's going to wrap up our kind of discussion here karim, is there anything else you want to end with?

Karim:

Yeah, there was ah cool kuo from me harvard business review on blocking that was interesting.

Brent:

I'm not saying this is one hundred percent right or one hundred percent wrong but just an interesting way to wrap it up and what their perspective was tourist i'll link the study on the show notes, but basically they concluded that quote blockchain is not a disruptive technology which can attack the traditional business model with a lower cost solution and overtake incumbent firms quickly.

Mike:

Blockchain is a foundational technology it has the potential to create new foundations for our economic and social systems.

Karim:

Very cool i'm sure different sides of it could be argued, but i really liked the idea and i just wanted to tie that back in with in aa earlier flagship i referenced an article that compared blockchain to the telegram in the idea that it was creating a new platform a new like this says a new foundational technology and i really like that i do agree with this and concept but maybe just to give a little more clarity to the listeners what are some other foundational technologies and what are some other disruptive technologies and like, how do you actually categorize these wow that's a really interesting question you kind of caught me off guard there.

Mike:

I think that when we're talking about foundational technologies, i would put the internet on there, for example, right?

Karim:

Like everybody thought mayo the internet's going to disrupt everything, you know, a lot of businesses, they're not gonna exist anymore.

Mike:

Well, i mean, to one extent that's true, it has disrupted a lot, but it really was more foundational.

Karim:

It created new opportunities that created new businesses that couldn't have existed before.

Mike:

It created new ways for content creators to operate. I mean, do we really have to list all the ways in which the internet change society and created new opportunities? So i i would say that the internet and electricity are two examples of foundational technologies, and i would say that something like the automobile is a disruptive technology, maybe, but i mean, could that be picked apart completely? I'm sure could. This is just off the top of my head.

Karim:

They're probably all both, i guess it's just a matter of whether they create more. They just write more that block jane's gonna disrupt the fuck out of some people. But it will also create some new things that we haven't even thought toe touch on in this episode.

Brent:

Okay how about this whether it's realistic or not realistic what it would be your number one cool change that you would like to see or number one thing that you would like to see blocks and be a part of what we say okay i'm gonna take this because i had it up earlier in the episode and we like forgot to talk about it cause i was thinking of internet connectivity issues in middle there i think that digital currency cryptocurrency in general is easily one of the first steps toward a unified global government instead of having a bunch of different countries two hundred years from now i feel like we're all going to be under the same governing system and the way in which we need to start that is by having one currency that's accepted by everybody because a lot of governmental power comes from their currencies and how much that that they have, how much money they have loaned out all that kind of back and forth but it's a very very very maybe not even in our lifetimes we're going to see a one world government but two hundred years from now when you're looking back at the history of how did this single government come about how did we stop being the u s and china and russia digital currency cryptocurrency is going to be absolutely a bullet point and maybe even a full chapter of how that happened yeah, sure.

Karim:

I mean, the thing that i'm most excited about is the complications that the banking industry is going to go through.

Brent:

I personally had a lot of issues with, you know, public banking and not getting credit being treated like a criminal, because i transact in cash a lot, and i think that it's, it's really going to be great to be able to prove where my money is going and being like the ability to just be able to be honest and be able to say, like a like, i'm not a criminal. I pay my taxes, i you know, to these different types of things, i just want to be treated mohr respectfully, when i walk into a bar and i'm gonna walk into a bank with cash, anywhere, you're going to walk into a bank of your phone bi, like, got me a little big cash, just give karim, what is your answer?

Mike:

So yeah, i guess you know me with the whole people power thing but i do think that just because i know that power is usually concentrated around money like that's just the way it works money represents resource is and whoever controls resource is controls the power so this idea of decentralized financing or decentralized funding this idea of these treasury's becoming large scale funds of money that can be allocated however the people in that group decide is extremely exciting for me because it provides a technological solution to a lot of political problems so like one of my main themes and why i consider myself a technological optimist is that i believe technology tends to solve the problems that we should solve politically first but it always comes down to technology so for example global warming is just an example we're complete gridlock there's a bunch of trash we should be handling it but we're not i wouldn't be surprised if there's technological solutions long before we can get the political solutions the fact that you now we're goingto have huge piles of cash that can rival bank of america or an apple corporation but that it can be decided what we're going to do with it not by a small board of directors but by a large group of citizens from all over the world that is about as exciting as anything i could think so that's that's what i'm looking forward to ironically enough.

Brent:

I just thought of something we should have covered and is something i'm also most excited for.

Mike:

How about, like the overall insurance industry, particularly health insurance?

Karim:

Think of how many options we're goingto have to verify through your identity, your medical records, you're going use solid fax.

Mike:

So back this up and you're going to be able to get offers from so many different types of companies and i think there's gonna be a lot more competition.

Karim:

I think that the like, particularly the health insurance industry or the health care industry, is going to go through a lot of change.

Mike:

Yeah, i think it would be great to see blockchain implemented into healthcare as we discuss before, and i don't care how much flak i get for this. I hope the health insurance industry dies and withers away and is a remnant of this century. It has no place we shouldn't profit off of people requiring basic help. Sorry, not sorry.

Karim:

I want to just throw out there. We took this entire episode from our discord. We have a little section in there, that's, one of one concept ideas. And we're like that we get a little writer's block. We popped in there. We took one that we sounded thoughts out of cool. So if you have a concept that you want to possibly get it made into an episode, jump in there, join the discord. A lot of great community going on in there. And that particular channel you can do that. Also something you may have seen in the discord was the definition of your majesty, which is not a gender definition. Your majesty is actually higher than your highness. Your highnesses prince of princesses. And your majesty, is the higher king queen emperor.

Brent:

Okay, so just a real quick before we end this episode. What's happening right now is on the last episode, brent forced mike to call him your majesty. Mike told me that your majesty was for ladies, and i just believe them because mike is one of my favorite crypto projects. I said this on the founding members thing. I should have done my own research. Brent later provided evidence healing directly to wikipedia, which is decentralized and therefore infallible, so i will allow but teo make his clarification your majesty, this is the last time you'll hear but well done and congratulations on your victory last month if you know what we're talking about get on those flagship episode is there a lot of fun and yeah, we hope you enjoyed this concepts one on one like mike said, hop on there and give us some ideas because you know we like decentralized crowdsourcing to be fair, i thought i covered that at the beginning i'm glad we went a little more in depth the discord is by far one of the coolest apse that brent has maybe download off the hundreds of them, so i highly recommend getting on discord, learning what it does differently than every other group check there's many awesome features that i'm a big fan of and please join ours join others it's a really cool resource so i think that's going to wrap it up and i'm going to actually be able to complete this sentence this time and while you're at it, you should give us an honest rating on itunes follow our twitter accounts those things air in these show notes below the cup the basic podcast my name is mike i was here with brent and karim thanks again for tuning in members of the crypto basic podcast our financial advisors this is financial advice we're just talking about krypto do your own research where idiots and all investments monero

The members of the CryptoBasic podcast are not financial advisors, and this information is provided for entertainment purposes. Please do your own research, and don't listen to these idiots.

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