Roger Ver
CEO at Bitcoin.com
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Blockchain Life 2019 Asia
April 23 2019, Singapore, Singapore
Blockchain Life 2019 Asia
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How Cryptocurrencies Will Change the World
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Hello everyone, fantastic to see a room with. 00:05 Standing room only, so many people here are so excited about this technology and I'm gonna cover why we should be so excited about this technology. 00:09 And so we're going to cover. 00:22 What it is the history the economics behind it? 00:24 The present the future, and if there's time, 00:27 some final thoughts and questions there. 00:30

And so for anybody that doesn't know I've been involved in this ecosystem for over 8 years now full time every single day. 00:32 I was the first person in the entire world and start investing in this ecosystem so. 00:39 But we should talk about What is this? 00:44 What is Bitcoin? 00:46 What is all this stuff that's going on here well? 00:46 It's right there in the very title of the original Bitcoin White Paper. 00:51

And it's that big coin is a peer to peer electronic cash system. 00:55 That means it's used for payments for people to pay money with anyone anywhere in the world instantly basically for free. 00:59 And that there's nothing that anyone can do to stop them from making those payments. 01:06 Bitcoin is not a company. 01:13 It's not centrally controlled. 01:15 I'm not the CEO of Bitcoin. 01:15 I'm not the CEO of Bitcoin cash. 01:19 I'm not the CEO of anything. 01:21

These are all just protocols so they're not proprietary systems. 01:22 That means that they're not systems for one specific use application. 01:26 It can be for all sorts of things and it's not tide to any particular jurisdiction or location. 01:30 It's not just for Singapore. 01:35 It's not just for Moscow is for everyone all over the planet regardless of where they were born or where they're living today. 01:37 And Bitcoin is not still the only cryptocurrency. 01:44

There's thousands of them at this point and it's really exciting to see the ecosystem developing. 01:47 And so Bitcoin is a technology. 01:53 To protocol in a network and a system that enables much, 01:55 much, much, much more. 01:59 And Bitcoin was the world's very first scarce digital asset. 02:02 And before the invention of Bitcoin. 02:07 Computer scientists and everybody basically thought that it was impossible to have a scarce digital asset. 02:09 But Bitcoin prove them all wrong. 02:14

And so I would argue that the idea for Bitcoin has been around for decades, 02:18 and these are 2 people or 2 books that were very influential to me in my young age back in 1999. 02:22 I was busy reading works by these 2 people. 02:28 Neal Stephenson wrote a science fiction story talking all about the exciting things that could be done with cyber cash on the Internet and people running around doing things and 02:31 then Milton Friedman, one of my favorite. 02:40

Economists was talking about how the Internet is going to be so much more interesting with a reliable ecash system. 02:42 He was calling it the cash back in 1999. 02:49 And I read about all this back, 02:51 then and. 02:53 Well finally when Bitcoin came along I realized that the thing that these people were talking about finally had become a reality. 02:53 And in 2009, it was there. 03:01 Unfortunately, like everybody, I wish I had heard about it earlier. 03:04

I didn't hear about it in 2009. 03:07 But it was very clear that the things were getting started and the way I did hear about it for the first time was in reference to the Silk Road. 03:09 And I personally had no interest in buying or selling drugs, 03:16 but when I heard about the Silk Road and that people were buying and selling drugs on the Internet using some weird form of money called Bitcoin. 03:19 I thought, what the heck kind of money is this. 03:26

So I Googled Bitcoin to figure out what type of money they were using on this platform and I realized that the money. 03:29 I had read about in science fiction books as a kid had finally become a reality. 03:35 And in 2011. 03:40 We saw more more attention from around the world and it looks like a big giant bubble in her chart there. 03:40 But if you look close at the scale. 03:46

You can see that it was just Bitcoin for the first time in the course of just a couple of weeks went from about $2 a Bitcoin to $30 a 03:48 Bitcoin and I remember in the media. 03:56 At that time, everybody, saying bitcoins a bubble. 03:58 There's no way it could ever be worth 30 whole dollars for a single Bitcoin. 04:00 And in 2012. 04:08 I launched bitcoinstore.com. 04:08

And this was basically the first time that there was a website where you could buy things other than drugs for Bitcoin and we launched more than half a million 04:13 consumer electronics products. 04:21 At prices cheaper than Amazon and we only accepted Bitcoin for payment. 04:21 We didn't accept any credit cards or any wire transfers or anything. 04:26

Other than Bitcoin and we sold millions and millions of dollars worth of computer parts to people all over the world. 04:30 Only accepting Bitcoin for payment. 04:36 And that's what really started to kick off the mainstream adoption in calmer so people using Bitcoin for payments. 04:38 And in 2013. 04:45 We saw Bitcoin surpassed the price of a thousand dollars for the first time. 04:45 And we saw the entire ecosystem. 04:51

Had a just under $100 Million worth of investment taking place coin based raise $25 Million, 04:54 which was the largest VC deal to date. 04:59 Now there's plenty of deals that are much larger than that happening all the time in the ecosystem. 05:02 And in 2014, we really started to see the number of merchants using Bitcoin take off. 05:08 For the first time more than 100 thousand websites were accepting Bitcoin for payments. 05:14 Just like cash for the Internet. 05:19

More than 100,000 companies that's a big, 05:21 big, big number 100,000 companies were accepting Bitcoin for payments in 2014. 05:24 And then in 2015 abunch of people who are much newer to Bitcoin. 05:31 Started to argue that it shouldn't be used as a peer to peer electronic cash system. 05:36 They said, You shouldn't use Bitcoin as money. 05:40

And they literally came to meetups and were posting things on line and writing articles and making videos telling people don't use Bitcoin use credit cards instead. 05:43 Well, I think these people missed the entire point of Bitcoin. 05:52 And this is a real quote from somebody. 05:57

Talking about how he says higher fees may be just what is needed and can I see who is around at the end of 2017 and saw the fees get 06:00 to be $50 on average on Bitcoin or there's some other people in the room. 06:07 That experience that I see quite a few hands in the audience. 06:11 It was a disaster for anybody trying to use Bitcoin. 06:15 As money. 06:19 And so myself in a number of other people. 06:21

Saw what was happening and you can see the Orange line here is Bitcoin share of the overall markets ecosystem. 06:24 And the blueish line below is the share of Altcoins, 06:32 an ecosystem. 06:34 And all coins started to get more more attraction, 06:36 and more and more attention and more and more people using it because Bitcoin was becoming less and less usable as money due to the full blocks and high fees. 06:39 And in 2017 that one single bit coin. 06:49

Split into 2 versions of Bitcoin. 06:53 You now have Bitcoin core, 06:56 which everyone is still calling Bitcoin. 06:57 But it doesn't have the original economic code that made Bitcoin popular to begin with. 07:01 Bitcoin core has high fees slow confirmations and unreliable payments and it's basically run by a bunch of people who tell you that you shouldn't be using Bitcoin you should 07:06 be using credit cards instead. 07:15

And in Bitcoin cash, you have a bunch of people like myself that wanted Bitcoin to be peer to peer cash for the world and want everyone to be able 07:17 to use it for everything. 07:24 And it has low fees fast confirmations and reliable payments. 07:26 Sadly, the original ecosystem all is on the Bitcoin core chain and now we're having to rebuild. 07:31 This ecosystem on Bitcoin cash, 07:37 but it's so clear for anybody. 07:39

That's tried to use both of them Bitcoin cash works as cash. 07:41 The BTC version of Bitcoin no longer does. 07:45 And we can see this happening here in 2017. 07:49 When the blocks became full on Bitcoin. 07:53 It was the first time in the entire history of Bitcoin in which there was a sustained drop in the number of transactions happening on Bitcoin each day. 07:56

And as someone who had poured my heart and soul into promoting this is money for the world that it broke my heart to see that happen. 08:05 And we can see bitcoins overall share of the overall ecosystem plummeted, 08:14 and that's it's a direct result of the blocks, 08:18 becoming full and the fees becoming high. 08:21 But we have to mention all the ico stuff that were happening on Ethereum Wow, 08:26 and a lot of people like to complain about Ico's or Ayios. 08:30

But I think they're fantastic because they enable any investor anywhere in the world to invest in any entrepreneur anywhere in the world. 08:34 And the investors need to be careful with their money and don't invest in bad projects or projects. 08:42 You don't understand. 08:46 But before the invention of Cryptocurrencies. 08:46

It was basically impossible for an investor in one country to easily invest in a business or a new idea for an entrepreneur in another country but I see Oh 08:51 is an iOS that made that incredibly easy for people to do all over the world and that's improving the pace of innovation around the world. 08:59 But that brings us to a really important point about substitute goods. 09:08 Substitute goods are. 09:13

Things like Colgate and Crest or Coke and Pepsi or Burger King and McDonald's. 09:13 Or Bitcoin and Bitcoin cash. 09:21 And we can see here there's not just one cryptocurrency anymore. 09:27 There's thousands of them. 09:31 And just like McDonald's, 09:31 and Burger King or competing for hamburger sales. 09:34 All of these cryptocurrencies are competing for the usage of currencies online. 09:37

And the ones that have the most usefulness will be the ones that are used by the biggest number of people. 09:42 And for anybody that looks at BTC with it slow expensive unreliable transactions. 09:49 If you had to wait and pay a bunch of extra money for McDonald's hamburger. 09:55 I bet a lot more people would start eating at Burger King and the same is true of Crypto currencies and we've seen that happen. 09:58 So now I want to talk about why am I even here today. 10:06

You know why did I drop everything in my life way back in 2011 in February of 2011 when bitcoins were less than a dollar each? 10:09 Why did I drop everything to focus on this full-time? 10:17 Cryptocurrencies are fun and exciting and interesting but why are they fun and exciting and interesting well? 10:21 The reasons I got involved in Bitcoin back in 2011 are the exact same reasons. 10:26 I'm involved in Bitcoin cash today. 10:32 In 2019 and if you look at it. 10:35

The fundamental things that made Bitcoin popular in 2011 are the things that are making Bitcoin cash popular today in 2019. 10:37 And the thing that everybody is calling Bitcoin today. 10:46 No longer has those characteristics that made Bitcoin popular to begin with. 10:49 And so that's why I'm devoting my effort and time and attention on Bitcoin cash today. 10:53 But those characteristics as Brian Armstrong, 10:59 the CEO of Coinbase said. 11:02

Digital currency may be the most effective way the world has ever seen to increase economic freedom. 11:04 If this happens, the implications are profound it could lift many countries out of poverty improve the lives of billions of people and accelerate the pace of innovation in the 11:10 world. 11:22 And here's a really interesting chart in relation to that. 11:25 And it's interesting that we're hearing Singapore talking about it number 2 on that list. 11:29

If you look on the list on the left here in Green. 11:35 We have countries with the most economic freedom or countries like Hong Kong, 11:37 Singapore, New Zealand and Switzerland. 11:41 All countries with great standards of living and people there aren't a lot of money. 11:43 And the countries with the least amount of economic freedom around the world or on the right and red countries like North Korea Venezuela and Cuba. 11:48

All countries that aren't nearly as nice to live in as the countries on the left. 11:58 And here we can see in pictures right. 12:04 Hong Kong in the 1950s versus today in just a few short decades. 12:07 It went from being this little sleepy port town to a world class economic powerhouse. 12:11 And Singapore did the same thing in a similar timeframe. 12:17 And here we have pictures of Havana, 12:21 Cuba, Cuba. 12:23 Over that same period. 12:23 With very little economic freedom. 12:27

Havana very barely made any progress at all. 12:29 So why is economic freedom so important well because it leads to a higher per capita income all of us, 12:34 want to earn more money right. 12:40 It leads to a higher life expectancy. 12:43 It leads to higher literacy rates. 12:45 It leads to better income for the poorest 10% 12:48 in society. 12:51 It leads to an better Environmental Protection fewer wars and violent conflicts. 12:51

With a higher self reported happiness of citizens in countries with more economic freedom. 12:58 And it leads to less corruption and bribery. 13:04 And here we can see a chart very, 13:07 very clearly in Green. 13:09 You have countries with the most economic freedom and in red countries with the least amount of economic freedom. 13:09 And the income level of the poorest 10% 13:16 in those societies are much, 13:18 much higher in countries with more economic freedom. 13:20

And the income per capita overall there's a direct correlation the more economic freedom a country has. 13:24 The higher the per income capita is. 13:30 And the adult literacy rates as well, 13:34 a direct correlation the more economic freedom. 13:36 A country has the more people know how to read the less economic freedom a country has the fewer people who know how to read. 13:39

And another fantastic correlation human lifespan right if you're living in a country with more economic freedom. 13:47 You live longer than a country with less economic freedom. 13:53 And not by just a little bit. 13:57 By nearly 20 years. 20 years almost difference right, 13:59 I'm 40 years old. 14:04 That's half of my entire life already. 14:04 You're likely to live that much longer in a country with more economic freedom than one with less economic freedom. 14:08

And, of course, the about of people that are looking for jobs. 14:14 If you have a country with lots of economic freedom. 14:17 It's easier for people to start jobs and give people jobs. 14:19 Then in countries with less economic freedom. 14:22 So you have much lower rates of unemployment in countries with more economic freedom. 14:24 And babies dying in childbirth. 14:30 This is literally a life and death matter. 14:31

In countries with more economic freedom fewer babies die at childbirth, 14:34 because people have more money to be able to afford for health care during the child birthing process, 14:38 whereas in countries with less economic freedom. 14:43 Lots more babies will literally die at childbirth. 14:46 And children in the labor force as well when parents have enough money. 14:50

The kids can go to school if people aren't don't have enough food to eat the kids are going to be working from as soon as they're able to work 14:54 so in countries with more economic freedom. 15:00 You have fewer kids in the labor force then in countries with less economic freedom. 15:02 And it's worth pointing out that correlation doesn't prove causation. 15:07 But when we see example. 15:11

After example in both theory and practice of more economic freedom leading to better results. 15:12 For rich and poor like I think we can make some really strong inferences. 15:18 And that brings me to Bitcoin cash is impact on economic freedom. 15:24

Because Bitcoin cash can bring more economic freedom to every single person in the entire world because it's transactions are fast cheap and reliable and anybody can afford to participate 15:28 in the network and that makes it easier for anybody to start a business. 15:39 It makes it easier for anyone to enforce their property rights. 15:43 It allows anyone to trade with anyone else anywhere in the world instantly basically for free. 15:47

And there's nothing that anyone can do to stop it. 15:52 And it enables freedom of contract. 15:56 And it enables people to opt out of corrupt systems think about these people. 15:59 In Venezuela, where their currencies. 16:02 Just destroyed in the governments trying to control everything well thanks to Bitcoin cash, 16:04 they can opt out of that system. 16:08 And Brian another early early adopter of the cryptocurrency space. 16:12 He says if we can create more economic freedom. 16:17

In the world. 16:20 It will serve as a giant economic stimulus package for the world accelerate innovation reduce wars make the poorest 10% 16:20 better off. 16:28 Overthrow corrupt governments and raise happiness. 16:28 What a fantastic set of goals? 16:35 And I say Bitcoin cash and digital currencies that work is cash are the best tools the world has ever seen to accomplish these goals. 16:38

And that's why I'm so excited about Bitcoin cash and digital currencies that workers cash because I want to bring more economic freedom to the entire world because that makes 16:50 the entire world a better place for everybody, 17:01 rich and poor in every country everywhere in every place regardless and if you're young or old, 17:04 black or white rich or poor. 17:10 Bitcoin cash and digital currencies that work is cash make everybody's life better off. 17:12

And so this is an example of a public and private key. 17:19 But if you look under your seats. 17:24 You should Sophia and what's called the Golden ticket hiding under your seat that has one of these private keys under your seat? 17:26 And all you have to do is open yourbitcoin.com wallet. 17:33 That's also free. 17:36 And if you scan the Golden ticket under your seat. 17:38 You can get some free Bitcoin cash just like that. 17:41

It's a piece of paper and I see this guy in the front row? 17:44 Can you hold this up so people can see what it looks like these are hiding under your seats? 17:46 And if you pull out your phone and install thebitcoin.com wallet on your phone and scan the private key there somewhere between one US dollar and 500, 17:51 US dollars on the tickets out there, 18:00 so I think we're giving away several thousand dollars worth of Bitcoin cash to the audience. 18:02

And all you have to do is download this free Bitcoin com wallet. 18:09 You don't have to give your name. 18:13 You don't have to give your email. 18:16 You don't have to give your tax ID number. 18:18 And you simply scan that. 18:21 Private key on the Golden Ticket and the money will go from the Golden ticket directly onto your phone. 18:24 Just like that. 18:30 And there's nothing that anybody in the entire world can do to stop that transaction. 18:30

And I hope you find this fun and interesting and useful? 18:38 And if you like it and you thank you. 18:44 Thank you all. 18:52 One moment. 18:52 And if you're excited by the idea of bringing more economic freedom to the world and improving the lives of every single human being on the planet. 18:56 I ask for your help. 19:07 And what I need from you is to go out there and tell your friends and tell your family and tell your coworkers that we have a technology. 19:09

Now they can improve the lives of every single human being on the planet by bringing them more economic freedom. 19:16 And so set them up with Bitcoin cash wallets or whatever cryptocurrency works as a currency and that you like and show them how to use it show them how 19:23 to use it for payments. 19:32 Show them how to use it in their daily lives to buy and sell things and together we can make the entire world a much, 19:33 much better place. 19:40

And my timer says I only have 30 seconds left. 19:40 So maybe that's time for one single question. 19:45 And this guy seemed very, 19:48 very eager so maybe in here, 19:50 he is. 19:52 Hello can you hear me OK Mr. 19:55 bar? 19:57 Thank you are maybe? 19:57 Can I call you Roger please. 19:59 Call me Roger Roger glad to see you here II fall in love with big wine in April in April 2018. 20:01 Previously, I thought it was as calm. 20:09 It was you know criminal money, 20:12 but after reading the Satoshi White Paper. 20:14

I fall in love, and of course I heard about you. 20:17 Are you call big quite Jesus, 20:21 so I have a great respect for you. 20:24 And I really enjoy what you are doing. 20:26 I really support you but one message. 20:29 I want to give you that you know. 20:31 Our. 20:34 Community I will call our community. 20:34 We should look our community as a pie size is not fixed totally agree. 20:38 So I know where you're headed to make the pie size bigger. 20:43

So they are only 2 key metrics one is the adoption with you. 20:47 Another one is the market cap for the entire market. 20:52 You know, so it could be 1,000,000,000,000 or equiv anymore right so in my view. 20:56 We can have AA thousand coins flourish, 21:03 including BTC and VCH why not? 21:07 You know, we don't need to fight please be sure II like that. 21:11 Jimmy saw you everybody. 21:16 You know, 21:16 so my question is how can we promote this win win myself to increase the? 21:19

By bigger I agree so use whatever crypto currency is useful to you. 21:26 Yes, and for me. 21:29 Bitcoin cash is incredibly useful because it is accepted in more than 100 thousand merchants as the first person in the world to start accepting Bitcoin 21:29 for an established business for legitimate items. 21:38 BTC no longer works for online payments so that's why I'm using Bitcoin cash. 21:41 I wish the BTC people. 21:45

Good luck with their project, 21:46 but I'm much more excited about Bitcoin cash bring economic freedom of the world and I think that's my time. 21:47 Thank you all very, very, 21:53 very much allowed round allow this. 21:54

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