Bitcoin -- distributing power & trust | Eric Spano | TEDxConcordia

This talk was given at a local TEDx event, produced independently of the TED Conferences. Eric makes the case for distributed technologies and the advantages that they offer to finance, law and society as a whole.
Eric is a former public accountant that became heavily involved with digital currencies in 2012. He is actively involved in Canada’s Bitcoin community and serves as director of several NPOs while running a digital currency payment processor called Bylls.
About TEDx, x = independently organized event In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)

[@Ariza23]

fabulous heads-up for newbies. I'll watch several times and memorize so I can be a part of the future that is already beginning to appear around the world. Wow, I had no idea of the impending benefice impacts of bitcoin! I'm watching this 10/2015 and can't believe there's only 23K views. This should have hit 1mil views by now... Incredibly concise and well presented, Eric~! wow, wow

[@Patrick-ud3vu]

Watching this in 05/2021 and only 84k views! Hope you're a multi millionaire by now buddy! (I'll be waiting for the comments from 2027)

[@badadvice2043]

It was such a privilege for those people back then to hear this.

[@Patrick-ud3vu]

Still a privilege to know this now. A lot of people still don't know...

[@knight22to]

Great speech!

[@AndrewMcNamaraentrepreneur]

Great talk ,thanks for explaining Bitcoin so I can forward it to friend

[@nogarao4200]

Great speech .....

[@ccc3]

Very coherent speech and quite easily digestible. I was hoping that at some point he would touch on the subject of the dangers of sending funds anonymously. Anything illegal can be funded much more easily with a digital anonymous currency. Weapons, drugs, pandering, money laundering. Sure, to an extent paper currency is just as anonymous if the exchanging parties never meet in person, but there is a physical limitation to how and where you can spend it. On the other hand, Bitcoin can be spent anywhere in any amount for any purpose anonymously with very little effort.

[@ismailnyeyusof3520]

I think if money is democratised by Bitcoin then it's possible the need for illegal transactions itself or just the possibility for illegal transactions would be reduced. For example, why are drugs in use at all now? Isn't it to escape the stress of daily living? Could use of Bitcoin help to reduce the stresses? If it did reduce the stresses even slightly, wouldn't that contribute to reducing the attraction of drug use? A little reduction over time and over increasing numbers of people would surely add up eventually.

[@bitcoinbobsays2271]

Being part of the future is cool, being part of a movement is empowering! Get involved! Create and revolutionize yourselves! Bitcoin and Cryptocurrencies are empowering. Get involved!

[@Patrick-ud3vu]

Bitcoin Bob hit it rich! 😂

[@KonaChuck22]

He should have mentioned that he could have just as easily sent $100, $1000, $1000000 or any other amount for the same

[@ricardodegenova9170]

14:22 "Well, the network doesn't care how much money you're sending, or where you're sending it to. It doesn't charge you more for doing that."

[@barnetkattel9790]

I have seen a lot of talk recently on twitter and other places about the new ICO runecoin (lending platform) any review on that? planning to invest some decent amount.

[@fredjohnson6513]

You can grow them from a one off payment of 0.035 BTc. Simple- it works1

[@drverboten]

It is great and awesome, just one thing, in poor parts of countries they rely on physical money, and there is no internet and no mobile phones, how could you move an entire country's financial system to bitcoin and cover those cases?

[@videopublic]

drverboten

[@davidmurphy4779]

Before making decisions on monetary policy FED considers general economic conditions in the country, alternatives of monetary policy, forecasts of the economy ( FOMC 200 Phd economists conduct economic researchs on economic conditions, alternatives of monetary policy etc.). All of these are done in order to make money supply proportional to the total output of the economy. And, this is directly job of economists who studies the BEHAVIOUR humanbeings on decision making. So, how mathematical formulas could predict the behaviour of humans??? Moreover, if there is no any institution controlling the supply of bitcoin, and if it is produced at predermined rate every 10 minutes. How the total supply of bitcoin can be proportional to the total output in the economy???

[@plasticman2011]

+David Murphy as you seem to have figured out, bitcoin supply can't be changed. If there is more economic activity based on bitcoin, that leaves only one option - each bitcoin becoming priced more than before. which shouldn't be a problem because each coin is very divisible. Bitcoin is a voluntary system, if anyone doesn't want to use it they don't have to.

[@EDUARDOCAPANEMAecapanema]

right. but micropayments are not ok yet

[@spaceboypictures]

lightning is (quite) ready!

[@madalinmocanita1705]

Maybe I did not paid enough attention, but suppose I've sent 10 BTC in Africa .. how is the receiver going to use/ spend the BTC? I'm not sure they have all the infrastructure set there..

[@esp8879]

+Madalin Mocanita the receiver will only be able to use/spend the BTC locally if there is another person who is willing to accept the BTC as payment for a good or service, or by exchanging it with someone that would like to purchase BTC with their local currency. otherwise, they can spend their BTC online

[@madalinmocanita1705]

+Eric Spano that is of course self explanatory. My point was in respect to exchanging BTC to local currency, since at one point even the good or service will need a "translation". I still believe that a successful episode would be when BTC is universal accepted, as fiats. But you are right, they could spend the BTC online, regardless of this constraint.

[@PhilippeCastonguay]

+Madalin Mocanita Many places in Africa are not ignoring local currencies and using "cellphone" money instead. It is safer for many to not carry physical money, as they can't get rubbed. Commerce and sellers will eventually start accepting bitcoin directly instead of using local currencies.

[@tonystark614]

"Bill Gates, Al Gore and Ben Bernanke have all praised its merits". Three good reasons to be skeptical.

[@ztotest799]

Did it really cost him 5 cents to send 50 cents? That sounds very high for BTC...

[@ztotest799]

+Matsobane Phillimon Mawasha to pay the miners (the networked computers that maintain the BTC network.)

[@hopelyntorti8444]

I want to invest in Ledu coin,it really offers a lot to its investors...your thought plz

[@livinglong8258]

well explained..have you heard about ledu coin and it packages...do you have anything to say on it,I want to invest

[@ramonh7832]

Bitcoin is a technology. You can't stop technology. You can't either stop the INTERNET.

[@Captain_MonsterFart]

They keep shoving it down our throats. So far I have resisted getting a cell phone but I know that before long it will be impossible to get by without one. It really pisses me off.

[@knight22to]

Bitcoin can't be un-invented. We will have to deal with it.

[@Captain_MonsterFart]

All this crazy disruption going on in the last 20 years is starting to wear me out. Now its going into overdrive.

[@Patrick-ud3vu]

He's talking about Africa in 2014. Cardano just got into Africa in 2021. $1.75 USD B0.00002963 What do you think life will be like in 2028?

[@Patrick-ud3vu]

I tried to up vote twice.

[@kennethwiley2955]

i did'nt have to pay with a credit card lol

[@Patrick-ud3vu]

6 years later and people are still saying the same things! 🤦🏼 How long before Bitcoin becomes the norm and people look back and say, how could that generation not know?!

[@noddy3007]

Can anyone here explain how bitcoin can be safe from hacking and other means of corruption? It send, to me, to be almost impossible for a digital currency to be 100% safe. Although I do see the need for an alternative to fiat currency, which clearly doesn't work.

[@knight22to]

Bitcoin can be pretty safe if used with best practice.

[@DerekMorey6505]

Storing bitcoin in offline paper wallets removes any possibility of someone hacking into your wallet and taking your bitcoin.

[@KonaChuck22]

fee

[@movement2contact]

this year wasn`t a BTC year though... and some were speculating it will reach $10k.... maybe next year =] or next... or never -.-

[@DavidBelfortNews]

Bitcoin for short term speculators is a nightmare. BitCoin for freedom loving visionaries is a wunderkind.

[@somethingnevertaken]

I'm more concerned about my long term freedom than I am a few short-term price gains.

[@movement2contact]

have you checked the prices lately...? like, let`s say, today...? the optimism in your comments seems a bit unfounded for how history of BTC has been so far...

[@glitchdigger]

movement2contact "the optimism in your comments seems a bit unfounded for how history of BTC has been so far..." listen, i'm not even super into bitcoin (anymore), it's got some real criticisms as far as security go, but as far as history of BTC goes, ** it's by far the best performing asset in the past 10 years by an order of magnitude.** it could go to $.01 a piece and still outperform every payment system that exists....

[@movement2contact]

Glitch Digger i'll just wait until that happens...

[@Samir-rc9fd]

Thank you for great speech but, only 50 cents not even a dollar? What times do you live in? A first grader could send more than that

[@eliaschevette]

Bitcoin is not really the future. Some people had been buying bitcoin from the start and they will cash at some point. Then people will lose trust on the currency and boom the whole thing explodes. What is interesting is the virtual currency future whoever can create the better version of this has the key to the future.

[@abstractapproach634]

David Quintana interesting point

[@gphx]

The US Dollar has lost 98% of its value in a few generations by design. When you take your argument and apply it to the USD the solution you get is bitcoin.

[@edi9892]

There is only one problem: Nothing guarantees the value behind 1btc. There is no army, no population of tax payers and no internal value. So, if the government declares them illegal, it could not confiscate them, but it could make it very hard to exchange it with local money or buy everyday items with it. Even in Europe several countries conseidered abolishing cash in order to extend the control over the people (so that they would need to use their creditcard for drugs and prostitution). Thus Bitcoin is their nightmare. Didn't the US and China argue that bitcoin would be for financing crime and terror and thus need to be banned?

[@phantom498]

The value comes from people using it. The same rules apply to any other currency, if the people stop using U.S. Dollars or decide to stop working the value would crash. Same as Bitcoin, as long as people use it, it is financed.

[@edi9892]

Robert Martinez Do you know the rumor about the Iraq war? It is said that Iraq wanted to sell its oil independendly of the dollar price. Economical sabotage and assassination attempts failed repetedly... I cannot confirm the story, but from what I know economical sabotage and financing of terror groups that intended to kill Sadam are fact. The US won't allow any state to undertake measures decreasing the value of the US dollar. Only the Chinese would be in the position to do so (due to their deposits and military power )

[@knight22to]

edi What you just said is no rumor but the sad reality. All major US wars are basically to protect the use of the USD. This is also the same reason for the sanctions against Russia from Visa and Mastercard. Russia and China just signed a huge deal where Russia will sell oil to Chinese in a Rupee/Yuan deal. The great thing about bitcoin is that it is global, decentralized, private but more importantly: open source. There is no one to point your gun at. That's why it is a very subversive technology.

[@starcarrie83]

edi Bitcoin is backed by the same thing that backs any money, when people believe it is valuable. Bitcoin will only buy me your service if you choose to accept it. That being said, at least more Bitcoin are not being dumped into circulation (think Quantitative Easing), reducing the purchasing power of what you have. The value of Bitcoin comes from predictable supply, and the network of participants. It is valuable because it is useful.

[@kleinbottled79]

I trust math over men. Crypto for life.