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between organizations the information asymmetry extends to CDs and large swap issues it extends to government bonds so no one actually knows the existence of most bonds they don't know how they're traded Consolidated and they end up being black swans because information is difficult and expensive and can be siloed absolutely I would agree with that even money being money being traceable is totally ridiculous uh your money should be your property should be traced and uh absolutely it shouldn't be traced no one should tell you how you can spend your money or not which is not what tracing actually is yeah absolutely unfortunately we have this concept here tracing means people can tell us what to do actually no I think tracing you mean by the fact that we track that there's no inflation and hidden inflation of money is that what you mean by Trac no I don't I mean the legal term of tracing legal term so it means that the government or somebody with a single node uh like on the bsv Chain can just censor your transactions uh actually you can censor anything in Bitcoin the thing that he likes to not look at is that there are small number of economic players that all of which can easily stop hope it doesn't fighting this panel and I will give you a little prediction that I know a little bit of insight into in 2020 there's going to be Bitcoin seized by government and those miners are going to help them why because only nodes section five of the white paper matter and nodes are minors they validate blocks the system's designed that way government when we're talking proceeds of crime if you look at Liberty reserve 42 countries interacted to take down a distributed system Wilder networks Etc billions of dollars hundreds of banks 15,000 nodes taken down in a day Bitcoin next year there are three and I'll say three fenol dealers in China they know the addresses of and they have been told by people like tone that their money is safe Craig if I'm I kindly suggest we stay stay very concise here because uh or being well tomorrow you'll be given the chance of of of uh defending yourself in a in a whopping dual which is called if it may remind me does Bitcoin have any value or not and uh Craig will be facing face to face one to one just like Professor Rin will be doing so with Roger via uh after the Break um the he'll be taking on the strategy man uh Mike Bieber I think he's sitting over there yes and that's going to be really really exciting because Beaver is is mik is is just very anti- crypto but very Pro blockchain okay so we have a chance of of of expressing your views I would suggest now we I would suggest we now go more as as generic as possible without going down into these you know Petty squabbles you know among the the crypto transs let's put it this way there is a feat world and there is crypto world how do you think cryptocurrencies if at all they're on the table might help bridge the gap really and how they could be instrumental in solving this the these problems if I may ask Brock is ready to go um so the important thing does does crypto could could that be seen as a solution as a solution or it's just you know it's uh it's it's it's something very epical and very unsubstantial that just will go and and and that's exactly what Professor Nur Rini uh maintains what is your take on this could that be a solution yeah well I mean there's no question that that the technology has applications for central banks and and governments as well uh I I mean tether was I was one of the founders of tether tether was my idea to put a a real world asset you know on the blockchain obviously I've not been involved with that business since not long after its creation for liability reasons more than anything else and unfortunately it's not performed in the ways that I intended it to do but it did accomplish its mission of demonstrating that there is demand for putting real world assets on the blockchain and in the original business plan that I presented to Sequoia and others was that this is something that central banks may want to use as a technology platform for currency issuance um you know as a mechanism to move money faster uh uh more efficiently and more securely and so I I I clearly think that this technology has applications at a government level that's fine comment on that sorry there might be demand for real world assets on the blockchain but to me that makes absolutely no sense uh because having real world assets on the blockchain actually does nothing because those real world assets could be confiscated by the government so if the New York District if the New York district attorney wins wins the case they can just call the bank and collect all of the underlying dollars of tther so I don't I see Zero use case really for real world assets that have the ability to be confiscated of putting them on the blockchain it just creates more in efficiency I I agree to that I I'll give you a real example so in China real estate transactions are controlled by the government Buy sell like all the rest I'm sure like what like all the rest of the domains yeah so so for imagine if you have real estate on the blockchain and you own the private key to that unit or to that allocation of real estate on the blockchain but you having the private keys to it is meaningless because uh Because the actual real estate could be confiscated it could be forbidden to be transferred to someone else so in the end you know when you use blockchain private keys to represent external assets you still have that trust issue and if you can't solve that trust issue then it's meaningless that's why I like Bitcoin because Bitcoin itself is not based on anything else it's not backed by anything else I'd like to pass on the question to Professor ravini because uh I don't think anybody's one one's sober mind would would think that all good and well we're not talking about the the overall micro economic situation that we have the world is having now is facing now I'm talking about rather the the uh if I go to a bank for example right obviously we've got accounts and Banks I've got no idea what the bank is doing with my money being on at a corporate level or at a private level I don't know uh uh we have account in a French French bank account I'm not going to name the bank but it's one of the top five banks in the world but even so I've got no I can see no traceability I don't know who's charging my money uh what what's the interest rate what sort of charges I mean it's all wrapped out in the shroud of mystery let alone the fact every time one makes a transaction it all goes through a process you know of of transmitting the data one by one and who can guarantee that throughout this journey the data doesn't get lost stolen whatever and that's a big big challenge I would have thought for the F Financial system as we know today uh would that uh problem do you think could be potentially uh solved by using uh cryptocurrencies or is absolute rubbish uh first of all you know I'm not a defender of the traditional Financial system I wrote a whole I wrote a whole book analyzing the role that Financial system had in financial crisis ET leverage excessive raking not enough Capital not enough liquidity so I'm the first critic of it uh the question is what are the solution to it uh I would say that some of the inefficiencies of the financial systems are being addressed by what I call the fintech revolution uh fintech revolution has pretty much nothing to do with crypto or blockchain is a combination of AI big data and iot is revolutionizing Payment Systems is revolutionizing credit allocation Asset Management Insurance even some of the Capital Market activities um say you know with Bitcoin you can do five transaction per second with Visa you can do 25,000 transaction per second you have things in China like alipay or richad pay that billions of people use every day for billions of transaction in India you have UPI systems in Africa you have empa in US you have venmo PayPal and you name it so there is a revolution in payment system very low cost transaction all money is digital right now and those things are changing they're lead to a competition with traditional financial institutions there's a lot of talk within blockchain and crypto about revolutionizing financial intermediation uh cryptocurrencies is a misnomer they're not a uni of account they're not a means of payment they're not a stable store of value and nobody's using this kind of stuff and by the way conceptually if you think about it a world in which everything is tokenized is a world of barter right because you know if for every good and service I have to use a different token I know I don't know what's the relative price of two goods you know I have to be able to have a single numer rare to know the relative price of a can of Coke as opposed to a can of Pepsi if there is a Coke coin and there's a Pepsi coin it's chaos it's total chaos so people talk about tokenization having a token for everything is returning to Stone Age I mean even The Flintstones and a more sophisticated Financial system than crypto that shell dollars and they were using them to avoid barter while you guys want to go back to barter so if you know any basic monetary Theory you know that a currency has to be a numer has to be a single currency got to have thousands of coins has to be stable store of value has to be means of payment scalable has to be secure you might be even centralized you know Financial systems that are existing are centralized but they're are scalable and they're secure if I lose my credit card I call in a second replaced it and I get my money back if you lose your private K somebody steals it you your money is gone for good there's no scalability there's no decentralization everything is centralized in crypto miners are centralized exchanges are centralized developers centralized wealth is centralized you have Gene coefficient in Bitcoin is worse than North Korea talking about decentralization you're talking something assuming centralized we don't have to get all Ang about decentralization sounds like you're getting all worked up for this let me ask you a simple question for your ideal currency not a currency and it's totally should should a currency in your opinion be asset based or debt based and what does that actually mean he says asset based or debt based it's a question would you mind uh question if you don't understand the question I can explain it but please go ahead to me it's a meaning meaningless question meaningless wow I agree wow go you differentiate between debt that you owe and assets you have have you think that's meaningless a credit card the amount of limit on your credit card I assume you have a credit card are you white CER I'm not going to engage on this sorry I'm not no but but seriously okay academic question should currency be asset based or debt based in your opinion which is better no I'll I'll I'll do what do you have on this please go ahead it's very simple you don't understand gold- based currencies have existed understand the concept of what and they all had debt what Mone I don't what you have an asset based currency who on money crap who has do you have a PhD on moneyman has to be a unit of account has to be a numer has to be a means of payment has to be a stable store of value okay that's the of money tell me asset based or debt based how many people in opinion money is can buy their home without a home loan you would have to be expecting something of the sort from how many people buy their car without going into debt this is probably SE it's almost like a jewel look when you have gold based currencies like we had in the
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