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today I wanted to talk about crypto and how the technology behind it could change the future of money so my aim in this video is not for you to play your savings into the stuff but rather think about cryptocurrency and blockchain technology in a way that doesn't exactly get a spotlight in the media before we talk about that I want to talk about lunches with Warren Buffett so every year the Oracle of Omaha auctioned off for three hour lunch with himself the money actually goes to charity and the winning bid can bring up to I think its nine guests as you can imagine it's a lunch probably worth paying for you get the wisdom and advice of one of the richest savviest businessman on earth it's why people you know pay out for these lunches and Warren Buffett every single year has been able to be these lunches up and up and up so the first year I think was in 2000 he sold a lunch for twenty five thousand dollars ten years after that someone bought a three-hour lunch with Warren for two point six million dollars I think that bit also was Ted Ted and Todd one of his fund managers so he actually got a job after one of those lunches as well the this year we had someone bid four point seven million for a lunch with Warren that guy was named Justin son who was a cryptocurrency tycoon and he wants to change Warren Buffett's mind on crypto it's going to be hard no doubt of course because Warren Buffett is called the stuff rat poison squared before uh-hum and he's probably right to our lives degree the media portrays the marketers millions of gamblers trying to make or break basically their fortunes on crypto and there are a lot of these kind of people out there but there's also a whole other side to crypto that maybe Buffett and the media don't portray so clearly and I think that's what Justin will try to convey to Warren sorry over the lunch so if I was just in what I would try to do to change Buffett's mind is I'd focus on things that Buffett already cares deeply about so one thing that he cares about already is the growing wealth inequality between developed nations and I try and use that to portray how crypto could be a solution or part of the solution for that so in my mind I think this wealth between the rich and the poor is perpetuated by central banks because they flood financial markets with liquidity making financial assets which these rich own go up and obviously they become richer on paper then the commercial banks take over and they do everything that they can to put the working class in debt and they make sure with no fear refinancing to make sure that the whole poor population is in debt and it's just so hard to get out from under that debt so one solution to these two problems might be cryptocurrency it will be a commodity backed cryptocurrency this is actually an idea that Warren's mentor Ben Graham came up with in the early 1900s of course it didn't include crypto but what he thought was a solution to central banks and commercial banks keeping this inequality wealth gap happening was a commodity back currency that could be issued in times where commodity prices were very cheap so this would drive up demand for those commodities getting money into the hands of these producers also then they could redeem this currency or in commodity prices rose to high increasing supply the overall aim would be to get cash in the hands of producers so they could then pay their supplies pay their workers and invest in their own businesses while also controlling inflation so this is not exactly a foolproof plan of course I'm sure it could be prone to manipulation but with cryptocurrency you could roll out such a mechanism or such a currency quite quickly if needed so I guess what I try to emphasize the Buffett is the potential to make the current system that we have better through cryptos and blockchain rather than a vehicle for people to actually bet on or speculate on I'd also like to hear what you guys think as well so leave a comment in the section below what you think about crypto and blockchain and how could potentially fix the current system that we have now also remember to Like and subscribe to our channel because it really helps us out and thanks for watching you
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