Automation of money will change human civilization | Anthony Pompliano and Lex Fridman

[@alanizsak]

The great thing about a fully digital world is that everything can disappear in an instant.

[@thomasriding3194]

Only a matter of time until a solar flare knocks out every power grid and datacenter on Earth. Tech advances have become so fundamental to our daily lives that whenever the inevitable downtime hits it is going to cost a lot of lives. Not a matter of "if" but "when"

[@homewerk3355]

@@thomasriding3194 how would cash help us out in the situation you describe?

[@thomasriding3194]

@@homewerk3355 I don't really understand your question. The cat's already out of the bag when it comes to how reliant society is on technology. If all means of a modern market are digitized including money then that's a single point of failure for the entirety of humanity. Not sure what cash has anything to do with that. Physical currency will be long gone before these concerns become feasible.

[@gzayas08]

I think I read that this would happen in some prophecy somewhere. I couldn't understand how the world would end, until I realized that it would be easy if it were uploaded to the cloud. See: Any save file corrupt (looking at you Civ).

[@duncsflix.6974]

lmfao!😆

[@NickByers-og9cx]

If you could buy your lunch with money you earned that morning I think that would be very psychologically motivating for a lot of people. You could probably look at how credit cards changed consumer behavior as a good comparison, as it emulates a paycheck-to-paycheck liquidity tool for a lot of people.

[@NickByers-og9cx]

A lot of care and time will need to be put into allocation and planning tools. With a crumbling education infrastructure such as the US, switching from discrete to continuous financials will complicate the process a lot for the average American, leading to missing bills/poor allocation of their capital. Much in the same way that credit cards can often act as Band-Aids to lower income individuals for failure in planning (not blaming them, it's really hard to be poor in this country), this could make it more difficult for lower income individuals, pushing them deeper and deeper into credit card debt. I agree that the greater level of control is definitely better, but then more thought needs to be given to how you allocate your resources, especially if considering changing currencies. ESPECIALLY if we live in a future where individual currencies can have volatility due to this freedom in liquidity. If China announces some new fiscal policy, and everyone sells USD to get Yuan, then those not in the loop won't have enough money to scrape by one week.

[@junkmail7130]

“You wanna update your reference?” Lolololol

[@Culiptist]

Automation also frees up people to have no work to do or cheaper paying work that's not financially reasonable to automate.

[@samuelallen8945]

If we didn't have to think about "money" every single day, imagine how much mental space and energy that'd actually clear up to be put towards meaningful action...

[@Sherifaga]

I don't see money and my life is so simple. Really. I just see actions and feelings

[@Sherifaga]

Data is new money

[@samuelallen8945]

@@Sherifaga data means little unless it’s utilized 🤷‍♂️

[@cozzashozza]

If we didn't have money there would be no law and order to regulate the world, we'd go back in time?

[@Sherifaga]

@@cozzashozza but we had money. And we now have data for credibility check

[@aris9560]

super! Lets stay optimistic. Lets be thankful for the great time we live in. Lets focus on friendship and expansion of conciousness. Ofcourse we're in for some tough times ahead, but stay positive people!!!

[@fullyfb3847]

Automation is exciting, but I am concerned about how people are going to make a living when almost everything is automated. At some point, only a small percentage of the population will have value. I believe that in the next 100 years even coders/engineers/scientists/doctors will automate themselves out of the value equation...

[@lelandconn]

Companies would never pay their employees by the hour. This would cause liquidity issues regarding working capital needs.

[@richardtaylor6341]

All of these inefficiencies are jobs though. The level of creative destruction caused by technologies associated with block chain tech will dwarf any benefits created by their efficiency. It seems to me pretty likely that 50% of all jobs are going to be unnecessary within a decade. It's a scary thought

[@chadjones6313]

8 billion a year in overdraft fees alone. Probably 20 billion a year in atm fees. These banks steal your money without even blinking a eye

[@okthennone]

Overdraft fees? That is the bank literally loaning money to someone that obviously can't manage money. Yes, it sucks but they could just not let there be an overdraft protection and have your bills bounce.

[@jimbojambo2477]

Digital wallets, no need for banks then

[@ishigame2476]

8 billion in overdraft wtf?.. if i was a bank i would NOT want this problem solved lmao.

[@gabrielpwv]

If money is automated, and in turn, your house and personal needs are also automated is crazy to think that as you work hour by hour, groceries get delivered to your house by drones, electric bills get paid. You literally and physically change your world as your work.

[@JJs_playground]

This is where *XRP* comes into play. And has a lot of utility.

[@kali4967]

I understand what he says and then he tries to simplify it and I get confused. But yea other than that, it was brilliant

[@pebre79]

Automation is not the word. The term is defi. Currencies have been digital for a while

[@sterlingfury]

Overdraft fee's...just one of countless ways banks and corporations rip off their customers/employees etc

[@olisorenson]

2 things: 1) these guys talk like digital / crypto money will eliminate poverty... wont it still be scares for poor people ? 2) for sure each time we change currency there will be a charge, how will that pain will go away ?

[@olisorenson]

@@noneofyourbizness you mean ALL of us with a high performing digital device and broadband connection ?

[@achaiaha7136]

Why are we still talking about Bitcoin? Bitcoin was an amazing proof of concept but Cardano is the future. Native assets seamlessly exchanged globally is the future. Securitizing anything and everything physical is the future.

[@mattfuller6812]

You tech nerds get all revved up but doing away with cash is a terrible idea. Just cause we could do something doesn't mean we should. Credit traps are getting bigger and this crap makes that easier is one thing..

[@macberry4048]

A question Benedict Evans has been asking for years is " what new businesses will be created when everyone has a smartphone"

[@jimbojambo2477]

hard enough to get employees to show up the day after payday, let alone if they get paid everyday

[@MJDAS2001]

Overdraft fees are morally reprehensible.

[@GaliosUA]

Automation changes nothing on a global scale.

[@justinoneill2837]

how so?

[@GaliosUA]

@@justinoneill2837 Automating something doesn't change the paradigm. It can save time and effort, but that's not something that would "change human civilization" as the title implies. The invention of the Internet - changed civilization (the process is still ongoing), automating your utility bills - changes nothing.

[@justinoneill2837]

@@GaliosUA eh...well...i would say that the automation of money will change the paradigm but it would require the entire world to adopt it and time. it's definitely a gradual process but that's where we're headed. cryptocurrencies remove the need for banks to exist. that'd be a pretty big paradigm shift. but also i feel like Covid really jump started the paradigm shift...and we haven't seen the last of it yet.

[@GaliosUA]

​@@justinoneill2837​frankly, I don't think it matters who manages your money. I go to a bank once in a few years to re-issue a card and that's it. Everything else is provided by mobile banking, so it matters not if the app is managed by a bank or is a crypto-wallet. It changes nothing for my day-to-day life. Electrification, the invention of cars, planes, or the Internet, on the other hand, does. That's what I would call "changing human civilization".

[@justinoneill2837]

@@GaliosUA it might not change anything for you personally but it changes everything for banks along with many other 3rd parties/ middlemen. You should educate yourself more on what blockchain is as a technology and then you will understand more how it's a huge paradigm shift

[@donwilliamson7733]

Digitise and automate all you want, wealth will always remain the preserve of the nerf-life snotties.

[@sicario55]

financial transaction exchange technology in real time == ripple (xrp)

[@loncopper5816]

XRP and XLM look like they will be the mechanism to transact between assets. Love to see you get David Schwartz and Jed McCaleb on the show.

[@grantweaver3054]

funny how everything pomp discusses in this clip speaks to the use cases of xrp and xlm, yet he has historically denied that they have much utility. Curious if he is being intellectually dishonest or if he sees something I don't.

[@jsalazar92092]

Lex is an introvert, i can tell because he rarely looks at pomp, instead talks to the floor must of the time... while pomp tries to mantain visual contact the whole time.

[@nickmatthews7600]

I'm cautious about what parts of my life and mind I automate to technology, like using navigation apps when I already know where I'm going instead of consciously driving and engaging with my environment. Not everyone wants to be an accountant but I prefer to understand at least the basics of the mechanics behind how my money works. I don't know why they are both so cheerfully optimistic about this kind of a future. It will for sure have its share of benefits, but I think some caution should be taken in transitioning to a completely invisible system. People are already trying to skim a piece off every time money changes hands these days. I can't imagine all these governments and financial institutions magically being okay with removing all the little fees and surcharges they have been comfortable flogging people with for decades.

[@cornhuskercorner]

“Frictionless”

[@Kgoverstreet]

It’s crazy. Outdated. Bitcoin is going to suck up the world.

[@marcomunoz7453]

Literally what I needed 👍

[@chrisf9325]

Credit and debit cards solved most of these problems other than order flow. I'm not sure - Is Pomp is advocating a Debit only society where you can only transact with your current account balance (crypto or otherwise)?

[@HungNguyen-db6js]

Wow, so insightful. Get paid everyday.

[@davoodulhakeem9044]

How democracy and bitcoin work together

[@iananderson6705]

So again only those who can navigate tech will get richer. Do a segment on the future of work when firms already want to monitor every second of our day.

[@imprvmntia7562]

The idea of some companies is to make it easy to understand and accessible for everyone. Yes, know about tech and the technology behind may give you an edge, however it is pretty much the same today-those who know about diplomacy, politics, insider information...

[@duke3196]

*cant wait until the future, so much freedom* 🙄

[@rcpaskus83]

Listening to naively optimistic nerds talk about the future is like listening to the internal dialog of an addict convincing themselves of the wonders of their next relapse. Depressing.

[@tomsmith4452]

The day when all money becomes digital is the day humanity loses the most of our freedoms.

[@jimbojambo2477]

Just create the Star Forge and be done with money all together

[@0ld_Scratch]

Maybe those Monke people have a point, the future looks horrible as always. more streamers, more forzen accounts for wrong think etc.

[@VideoMagician77]

Essentially, we are moving toward a frictionless, digitized, multi-coin world. A world where digital dollars are delivered into peoples wallets instantly whenever the governments wants to give out stimulus checks in a recession. A world where transaction fees are eliminated, and decentralized finance allows for financial products and services that delivers benefits centralized financial entities could never provide due to the inherent cost of there inefficient structures. A future where entropy is no longer allowed to erode the accuracy of value when it becomes communicated across in the market. Markets in the future will become a lot more stable and resilient since the true-value of something will become much more priced-in to the stock people are purchasing. With the stock market becoming optimally efficient in its portrayal of value, our markets will become a lot less prone to the types of shock and collapse that too often plagues our current system. When shocks do happen they will be minimized since capital will be able to allocated toward solving the worlds problems in ways capital could never do today due to the inaccuracy of price-signal communication and the corruptibility that special-interest inject into the system in order to satisfy their own aims and objectives. In a multi-coin world where people can pick and choose, for the first time in history man can choose to be free from the predatory predations of a wealthy few who wish to grow their wealth not through wise-choices, but through the continual destruction of the financial commons in which we all currently participate. For this reason, it is quite possible that blockchain and cryptocurrency is the most important development in technology since the genesis of the computer itself or the very electrification that brought the masses into the modern world. It is both simultaneously exciting due to its promise, but terrifying due to the radical amounts of change that it'll release onto society.

[@marcelkukovec5804]

This 👆

[@cliffnamia4630]

Bakkt is doing what he's talking about.

[@alexanderlourash5205]

is human civilization ready to be changed,,,by money? Not AF

[@jimjam303]

Currency will eventually be abolished. It's just a symptom of the Myth of Scarcity.

[@dinobotpwnz]

We would need a lot more power plants before it becomes remotely possible to have the majority of the world's transactions be done with cryptocurrency.

[@imprvmntia7562]

PoS / DPoS. PoW will die. It has to.

[@aymano4548]

You can use the current banking system for computer to computer transactions, this guy is just doing wishful thinking

[@blengi]

Kool, makes complete sense! Every sovereign state/community as characteristerised by the will of their people, is just going to sit idly by and allow their cultural traditions, political structures, economic/social philosophy, ecological mandates, ethical expectations etc be determined/undermined by unelected forces of economic abstraction/value seeking functions and libertarian utilitarianism, because every human individual/collective is just some fungible cog seeking the same destiny of being a 8192bit hash representation in a future N dimensional block topology - NON Block Chain Lives Matter(NBCLM riots/drone strikes coming to a crypto mining complex near or near abouts you soon, LOL...

[@DarrenMalone253]

Take the huge profit margin‘s from all the big banks, make things more frictionless quicker and easier simple, simplify money so not everybody has to learn accounting and taxes and can channel that energy toward creative pursuits. This is the dream of Blockchain cryptocurrency, and equality for all everybody gets the same treatment