Bitshares & Bitcoin 2 0 The blockchain as platform and ecosystem – Manuel Lains & Christian Lains

hello I’m going to talk about as Thomas said we are we are going to talk about the blockchain as a platform an ecosystem with a focus on a little bit on bitcoin bitcoin and hairs with a few in-depth cases so to start off I’m going to introduce a Bitcoin to those of you who don’t know about it I suppose have you heard of Bitcoin how many in the in the room ok so we’ve heard of it do you know would you say that you are into Bitcoin well a little bit less people so I’ll see if we can do something about this today so the start of Bitcoin was in 2008 when a person or a group by the name of satoshi nakamoto release the white paper describing a peer-to-peer electronic cash system so you can see the vision of Nakamoto was to to introduce a peer-to-peer payment system that does not rely on centralized authority that allows direct transfer value from person to person so here is a depiction of satoshi nakamoto creating the blockchain technology it’s kind of a wizard and is a bit mysterious nobody knows who is or she or they he disappeared in the early days of Bitcoin probably because he didn’t want to be a target from law enforcement and that this was one of the strengths of Bitcoin that the centralized system it’s not run by any company or or entity so it’s very hard to shut down so some facts about Bitcoin it’s open source code was released in 2009 it’s actually a quite revolutionary technology it combines cryptography and peer-to-peer communication and in the white paper Satoshi solved a problem which has been discussed in information science for quite a long time it concerns how to solve decentralized consensus how to achieve decentralized consensus I’m not going to go too deep into the details of it going you’ll have to look that up but it’s basically a system where the coins are created by computer solving arbitrarily difficult problems and receive bitcoins in return and these miners they also decide which transactions will will be accepted and and which code is even the right code so to speak and that is a very interesting problem to solve that you can now know exactly which code is running actually running in the network yes okay okay I can repeat the question it’s interesting question how fast can you achieve consensus so the block time in bitcoin is 10 minutes approximately so after 10 minutes the network has achieved the consensus on the next block which includes a lot of transactions and and depending on the value of the transaction and the severity of this decision you can decide how long how many confirmations or how many blocks you want to wait before you can say that this transaction is irreversible but generally six transactions six blocks which is approximately one hour is considered to be extremely hard or almost impossible to reverse so the original idea of satoshi was that you have one cpu and everybody would have their say and they would you would mine and vote but now it’s a million-dollar ASIC industry with the extreme capacity the network now has for solving these exact type of problems it is it was in 2013 I don’t have the newest numbers but in 2013 already it was eight times faster than the top 500 supercomputers in the world so here you can see the logarithmic scale the evolution of the hash rate of the network so it’s basically exploding I mean it’s not useful for anything else but mining Bitcoin but yeah numbers are impressive and it also means that it’s almost impossible to do an attack where you suddenly bring in a lot of computing power it would require a a gigantic covert operation of producing a Zeke chips and it would be noticed by the network so in the years of the Bitcoin was released a lot of new creative i will say kopazar or developments to Bitcoin have taken place you have litecoin which is number two which is kind of the silver to bitcoins gold namecoin which is trying to create an alternative DNS system decentralized peercoin which is a proof of stake system which is a little bit different from the bitcoins proof of work in that it’s not based on computing power but rather the stake that you hold in the coin and we’ll get more into that and when we discuss beach chairs later that was the first proof of stake system and you have the internet beams are represented by the crazy people at 4chan and yeah that’s actually quite a big coin right now the dogecoin and it has a very very active community so there are thousands of cryptocurrencies now actually there is a you can see the list online they have varying degrees of value but they have some value and it’s a it’s a field of a very fast development you even have coin generators online you can go and create your own coin for a small fee so we anticipate there will be hundreds of thousands or millions of coins eventually when people just start doing this for fun so I’ll just go through this quickly so that the revolution here is that you decentralize the economy as the internet and the computer realized the PCs decentralized computing and information so the information was democratized with internet now the the financial system will be democratized in the same way that’s our anticipation so basically anybody can transfer value to anybody else directly and has a lot of implications I will proceed the time is running so lately some a new term has emerged which is called Bitcoin two point oh those are projects that try to do something more than just being a currency you can say that namecoin which is quite an early coin was an example of that but now you have more general systems like the chairs where they develop a complete platform to develop on top of ripple this kind of a mid middle middle ground between decentralized and centralized system used by a lot of exchanges today NXT it’s a a decentralized exchange built on proof of stake you have master coin which is using the Bitcoin blockchain a counterparty which can be used on several different block chains and then you have the etherium which is to date I think the most ambitious which one they want to make turing-complete processing platform so basically decentralized cloud computing so I’ll leave the floor to Crystal now to talk about pictures okey so I’m going to talk a bit about pictures so pictures is one of these new to point o technologies and it’s founded by Daniel armor I was a innovator and you can see his mission was his mission in life actually find a free free market solutions to secure life liberty and property for all so actually back in 2010 he was searching for a way to create a currency and he stumbled upon Satoshi solution he discovered that somebody already solved this problem and he wanted to expand on it and make further things possible so as he says if I’m successful than society as we know it will operate on an entirely voluntary there for non-violent basis and governments will not be overthrown they will become irrelevant so he’s ideally ideologically motivated of course Satoshi was as well but it’s interesting that this kind of a revolution will not be centralized as they say they will they will try to out-compete existing centralized institutions like governments and banks and large exchanges like the new york stock exchange so eventually Wall Street then many different things can now be a decentralized that was not possible before because you needed some centralized trust in the system so it’s it’s a strain of huge ambition coupled with is love of cats so is innovating with a mission so live property and liberty what how can we flesh this out in terms of the blockchain so first of all you can think of your extent extended identity so your passport or your identity your Banky identity these are all kept in private centralized institutions and your sensitive information your medical information somebody else’s stores can store this and your card numbers you’re basically giving this away whenever you do transactions with ebay amazon and so on whenever you buy something online you just give away your card information and passwords Google and Facebook of course have a lot of at least my information my email they have my identity Facebook has a lot of information about my friends and so on and I’ve basically just given this away to people but with the decentralized of loot revolution we can start to reclaim our own keys our own extended identity so to speak and property so shares assets funds generally mediated now by banks and exchanges and so on and finally Liberty transfer value freely without middleman so with the rise of the Internet everyone in the world can now transfer information freely to everyone in the world but when you want to transfer value you have to have a trusted intermediary and this is generally not a good thing because they take a cut and all this identity information and so on will they can spy on you they can and so on so we’re trying to empower the individual to be free and independent and the blockchain revolution will make these things possible so just as a side note I’ve studied philosophy and not something technical so I’m mostly interested in the ideas and the implications of this technology so when we want to create the system we have to also keep in mind the economic drive so people can do things voluntarily for activism for ideological reasons but this is not in the long term and for big applications necessarily sufficient to usher in the new revolution so to create new value we should focus on economic freedom and economic efficiency so freedom to express value as i talked about value flowing freely accurate price discovery and channeling of resources to those who must deserve it and this will create a value in the long run and the block chain of course I talked about will enable this kind of freedom so I want to talk a bit more about this creation of value so Daniel armor wanted to create a decentralized exchange this was one of the problems he saw in the Bitcoin space you currently have Bitcoin but around Bitcoin all the money is flowing into the centralized exchanges because these are the areas where they can control people they can invest and they have power to know your identity and so on so if you create a decentralized exchange you open up the space to be more free and so on so but we want to have some kind of a metaphor to understand how we can create all these different type of applications that are possible with blockchain technology so we can think it is decentralized like pitco and its autonomous like bitcoin and with the company we can think of it like a service so for instance in vehicle and you have the service of transacting value you have expenses and income so expenses are the miners who process and secure the network somebody has to pay them they’re not doing this voluntarily necessarily and income so whenever you transact the speed code you have some transaction fees that are paid when you send and this transaction fees goes to the miners who get paid there’s also a kind of inflation or dilution where new bitcoins are issued every 10 minutes but this will eventually flatline it will be issued very few bitcoins eventually so then you have to rely on transaction fees to pay the networking and not shareholders you can think of Bitcoin holders as shareholders in bitcoin and bitcoin increasing value the shares in you have Invid cohen of course increase in value and they’ve heard stories of these people who got a lot of value from investing in Bitcoin early and I want to speak about one analogy to properly understand the decentralized autonomous compliment for because imagine that you’re an entrepreneur and you want to revolutionize some business so the business is slot machine business this is a company it’s an autonomous company basically so it has two of the three properties there you put money into the machine there are some rules that are processed and then you get a reward hopefully if you’re lucky and yeah so it also has so it has a service the service is gambling the expenses are like keeping the machine and running it and creating it and so on and it has income because there’s a discrepancy between what people put in and what they get out there may be some commercials on the machine and so on and it has shared our shareholders in that company wants this business to do well and so on so when you decentralize this solution which is what we can do now with blockchain technology you have a traditional company an autonomous company a slot machine and if you decentralize it then you get a whole range of benefits so you basically have an existing industry and you revolutionize it or you make it more efficient and better basically because it’s better it will happen because some some entrepreneur will do this and it will be easier for people to participate in the slot machine so the benefits that apply to all decks all decentralized autonomous company are generally that they’re open so everyone has insight into how the rules are processed and everywhere in the world people can inspect the code and see that everything is running as it should when you have the centralized slot machine the rules are inside the machine you don’t have direct axis you have to break into the machine to see what’s happening and then you do something illegal it’s fair so everyone is access everyone the world can participate in this and it’s secure again because everyone has insight into what’s happening of course it’s fast it’s easy and it’s programmable so you can update it in real time and so on but Daniels alarm is mission was when he saw that decentralized autonomous companies was possible he understood that new industries are becoming possible so he understood that he needed to create consensus technology that that makes this possible so shareholder influence is important we want shares the people who all shares in the block chain to have influence on the direction and who who has certain rights in the block chain and economies of scale and make it so that the like in Bitcoin when you have minding and that scale it’s cheaper to process transactions so you end up it ends up not being very decentralized because the more the more you centralize operations the cheaper it is to process these transactions so there’s a tendency in three systems to become centralized because this is cheaper it’s cheaper to do things in bulk and there’s also a cost of decentralization so for every extra node you add there are processing costs associated with this so you have to keep this in mind when we’re designing the system and delegated proof of stake will have a 101 delegates currently but this is variable by shareholder votes delegates are selected by cheryl the world so yeah instead of proof of work so that’s general the proof of stake solution at any point in time only one delegate is producing the current blog so it’s efficient transactions process in 10 seconds or less so and it can scale to ten thousand transactions per second and beyond so panorama wants to create an exchange you can’t necessarily put a wall street on on the blockchain unless you have a very efficient block chain and that’s what he has been focused on making a scalable solution and there are also some other properties of the pose you have delegates workers and projects so the shareholders can vote for different people and they have an ascent incentive to vote for the right people to make the chain as profitable as possible so you can have different kind again lottery deck and so on and shareholders will vote for workers and it will be a system that directs itself Naples is a platform so it’s open source and bitchier promotes cloning so we pictures basically wants everyone to create their own company the vision is that it’s completely decentralized and soon it will always soon it will also try to be turing-complete so within the air probably so here are examples of deepest acts so pictures decentralized exchange my brother will talk a bit about this in detail technical detail you have also key ID a decentralized identity messaging and vns so it will try to compete with namecoin that will also have identity and messaging which is important for social networks talked about follow my words transparent incorruptible voting the having internet voting has been impossible I’d say before the blockchain if you google e-voting on youtube you’ll find a thousand critiques of why it’s not possible but after the block chain well it’s possible so play let’s kind of let like the lottery case but they create up an open platform that anyone can create their own solutions and finally pair track still I will talk about at the end is a new way to incentivize decisions I’ll talk about more about this later so my brother will talk about the centralized exchange so okay so this is the flagship app flagship back of of Beecher’s it’s the decentralized exchange it used to be called which airs X but now it’s just called bitshares because it’s the main application and it’s a tough enough problem to solve so first let’s go through why we d why do we need exchanges I mean basically when I talk about exchanges I now I’m talking about crypto currency exchanges prior to that I have no knowledge of exchanges so we need exchanges to get into crypto currencies to buy cryptocurrency mainly Bitcoin for most people we need it we need them when we want to withdraw our money or cash out to money that can be used everywhere which Bitcoin cannot at the at the moment if you want to take out dollars or Norwegian kroner or any other fiat currency when I say Fiat everybody knows what I’m talking about no okay Sofia tis I think it’s a Latin word for faith which means that the fiat money is actually not market-driven it’s not purely market driven at least it’s based on the faith of the issuer government so in in modern times all countries have fiat money gold for example is not fiat it’s just based on on its properties as money so in that sense bitcoin is much more similar to gold then additional money it’s just a digital version of gold which happens to be better than gold in every single every single way I’m not going to get into that although I would love to do that so the main the main objective of the exchanges is for to allow people to trade between fiat and cryptocurrencies so it’s kind of an interface between the new and the old you can also trade crypto to crypto but that is made extremely simple now you have shape-shift i/o which is a service that algorithmically chain exchanges cryptocurrencies with no middleman it’s an autonomous program run on a web server so it can be done in seconds with practically no risk so the the the Fiat part represents the challenge we want to move between fiat ins and cryptocurrencies so what is the centralized exchange do you guys know mount gods have anybody heard of mom cooks anybody lose money on mont cooks one guy okay I’m sorry 22 I understand what EV but yeah so what happened in math cooks was that well as soon centralized exchange you have deposits you can deposit bitcoins you can deposit dollars and everything is done inside the exchange this is a black box for the user insert money and they have your money that’s it and there is an order book and all the services of the exchange are handled by one entity so people who had a bit coin set amount cooks they didn’t actually have bitcoins they had cooked bitcoins GOx BTC and after I don’t know if you know that but bit Mongoose crashed in 2014 it was a huge disaster for Bitcoin there was 750,000 bitcoins lost and to to put that in perspective the total amount of Bitcoin available at that time was around 13 million 12 to 13 I’m not sure exactly but 750,000 were still so it was a huge disaster for Bitcoin the publicity was bad and it has a lot of people believe that this is contributed a lot to the falling price of Bitcoin in 2014 so after the crash it emerged a market when they didn’t know if Bitcoin if montgarde reimburse their customers with the bitcoins I lost so what happened was that there was a market where GOx bitcoins were traded for bitcoins and GOx bitcoins were I think less than half the price of the bitcoins because it was it had a risk associated with it and in the end people who bought gox ptc lost because very few people got anything back if any so that’s the centralized exchange story so the problems are obvious I think you have a daughter you have had other other examples of exchange is failing mint pal whether the owner ran away with the money but air creep the rush it’s like at a lot of this happened after Mount gooks actually so people don’t learn just keep losing money so the problems is that you have to trust in the centralized entity there’s a single point of failure so there’s one place to hack you don’t have transparency in this centralized exchange and the user doesn’t actually control their funds they just trust that they will get them back so a decentralized exchange works in a little bit different way you need the orderbook mechanism you have gateways for depositing withdrawals and as bitshares has solved this problem you have two types of assets you have user issued assets which are kind of GOx BTC the trusted part which you have to have when when you’re dealing with fiat currency or physical physical assets even it can be anything and then you have the big assets which exists on the blockchain and art Restless they are secured by the block chain in mechanism so here we have a different different system where bitshares the decentralized exchange that all the trading goes on here and you have bit euros BQ SD speed bitcoins and bit gold these assets they follow the value of what they represent it’s connected to the delegated proof of stake algorithm that Christian talked about in the network you have delegates that provide price feeds and well so I’ll get more into that but basically these are cryptocurrencies or ninety percent cryptocurrencies they’re very stable and they they they follow the value of their their asset and nobody can control the viewer yourself or control in control of these funds so the only time you need to trust someone is when you send Bitcoin to the trusted gateway let’s call it cooks it’s not very trusted but let’s call it that anyway so what you get is an IOU and this represents the physic that is not physical with the actual Bitcoin that Montauk’s holds or box holds and what you want to do is you want to quickly trade into one of these trustless assets of the network so you’re basically only exposed to risk the moment you go in or the moment you leave the system the same for dollars so the user is your assets are controlled by the gateway they represent via they can also represent anything they can represent gold they can represent oil they can represent crops basically anything you can imagine that you want to trade they are subject to regulation if you if if I accept norwegian kroner and i put user issued asset on the blockchain then i may be required by law to be in control of this asset and be able to freeze the asset if the law enforcement asks and i also need to know the customer there’s something called know your customer which means that you need to have an ID and you need to to you need to know who you’re dealing with but that applies to the user issued assets that represent this traditional money and there are a lot of use cases for this user issued assets christian we’ll get more into that later so the basic bit assets which is kind of the core invention i would say the pitchers network i’ll go quickly through how they work it’s it’s not trivial but but basically they are intrinsic assets of the beach chairs platform so it’s a it’s a fundamental part of the of the platform it also represents the value of traditional physical asset but it’s it’s it it does so by using price feeds that it gets from the delegates in the network all the delegates the computers run the network as christian talked about their voted in by the shareholders it’s a decentralized system with a finite number of participants who are voted in and they are in charge of sending price feeds to the network so that gives that gives a goal a target price for the for the asset actually the market handles a lot of this price finding mechanism it works like a prediction market people think that it will be worth something then it is actually traded as such and this system is up and running they now have they have at least bit to USD dollars on the blockchain is a very stable and follows the value of real dollars very well although it’s traded in the free market if it gets too far away from the from the actual value then the mechanism will stop the oh they will buy up the assets but that’s that’s as technical it’s basically like support rails on the side if it goes too far out and it gets pushed back but just generally not necessary yeah so the bit assets are actually created by two parties voluntarily entering into a contract and they look their beach chairs as collateral yeah so here is an example you have Bob who believes in bitshares he looks down to dollars worth of his beach chairs Alice wants dollars so she looks in one dollar worth of pictures and she receives the BTS d and if the beat us the price moves compared to the beach chairs price then the system will automatically by up it will cancel the contract so if the collateral starts becoming too small then the system will automatically cancel the contract with in the market it’s very hard to describe this I’m doing my best but yeah you should read about it it’s very fascinating and it actually works so it can stand very quick fluctuations in price it it can stand in the order of sixty percent price movement in minutes or hours continuous of course if bitshares crashes then everything crashes but that’s that’s how it is with all systems including Bitcoin yeah so here’s the text version i don’t know left yeah we’re getting short on time so i’ll just skip this unless somebody wants me to fill in something if i can okay so i’ll leave the floor christian thanks so we started out with Daniel armor and this vision and the victory section and we see this decentralized exchange and it’s pretty technical and you have to look into it to fully understand how it operates you have to verify verify for yourself so everything is open source and you can see for yourself but the basic idea is if of course to get the benefits and you get trust or yeah so you eliminate the need for trust so you don’t have frozen coercion and it’s secure so you’re not exposed to theft unless you compromise your own keys so you’re basically zero up to your own self to be secure and it’s transparent so you have accountability there’s no insider trading so identity you don’t have to expose your privacy and you have autonomy and the general improvements that I talked about our course there so we’re creating value while securing life liberty and property for all and increasing economic freedom and efficiency so the decentralized exchange is perhaps one of the more important but just one example of how this technology can revolutionize society as a whole so now I want to talk a bit more about this user we should assets because we’ve talked about them as as gateway iou’s basically but they have other uses as well so it’s a really powerful idea you can have initial public offerings and traditional way or you can have a crowd fund with equity instead of perks or tee shirts or products you can have token controlled access so you can have a simple authentication if you have a for instance thousand of token then you can enter in a building or you can perhaps get to a special place on a website you can have complex authentication you could have if you have so on so many tokens of different kinds you can enter into different things there’s a lot of things you can do ownership tracking property assets but now to talk about peer track so pale tracks is one example of a decentralized exchange that I think takes it to the next level so I talked about the slot machines relatively simple and the exchange is kind of fundamental but this is more of a use case that integrates all these different kinds of solutions and you have entra preneur is that are creating this because they think it’s superior to traditional systems so the front end of pair tracks will have streaming download merchandise just to clarify it’s an example of a decentralized autonomous company not an exchange oh yeah sorry okay yeah so it has a history sheet assets and it has bit assets and so on inside but it integrates all these different solutions so the front end will be normal it like itunes or or Spotify things like this so it will have streaming download the merchandise but it will have this special thing which is artist coin so this is basically a user we should asset which is has a creative function in this this type of company so at the back end at the blockchain level you have this artist coin or token so you can think of it it in three ways you can think of it like a baseball card or token that the artist has that will get value just because people tend to value things like this you can have token control access so you can have VIP pass so the artist can say if you have a thousand JC coins then you can get backstage on his concert or you can do a crowd fund with equity so this the artist can say that he gives away so on so many shares so you can think of it like an artist share that it gives away ten percent and it raises money to create a new album but basically the primary function of this website is that it has this mechanism so when you stream download or buy merchandise from an artist some of the fees that you used to buy this thing will go into buying up the artist coin so it will automatically on the blockchain level by up the artist coin so this means that there is a correlation between popularity of the artist measured across these and the value of the artist coins so this means that you’ll have a sort of price discovery of talent so you have talent discovery so you you’ll have people who know that an artist is undervalued and they will buy up the artist here because they know in the future people will be looking for this artist and this platform will also have all the other benefits of the decentralized exchange is an integrated solution so basically all kinds of decentralized autonomous companies that come in the future will get more and more benefits so of course you have the same things so benefits seen through three different ice you have the users use platform established artists the new artists so for new artists they promote underscore talent artists generally think that they have some talent so they they launch their song and they they will think that they have talent so they will want to go to a platform where talent discovery is actively promoted you’re not screwing over loyal fans so we saw in the oculus case then if you donated they basically raised 2.4 million dollars and this is seen as like a an activist or people donate because they like to support oculus and then oculus gets bought up by Facebook for two billion dollars and you sit there with the t-shirt is it there with an alpha edition of their software and you basically get nothing in return and I think this is a revolution that we will undergo it’s shifting mentality we should get equity when we donate to companies and help them through tough times like this and and this also applies to artists of course you know Justin Bieber was discovered on YouTube there are probably a lot of 13 year old girls who supported him and giving good comments and basically gave him confidence to grow to be as big as it was and they get nothing in return but if they could have bought a share ingesting beer they would have had maybe been even millionaires so you’re not screwing a loyal fans with this type of a solution for established artists you have creative marketing you have a new kind of Independence maybe you saw this thing where the artists are try to create this title calm it is like jay-z Beyonce alicia keys Daft Punk there were a lot of high-profile artists that try to create this exchange but they had older shares for themselves and basically nobody’s buying it I think it crashed right after launch no everyone understands that is not this is not the next little thing and for users you have free streaming talent discovery of course and users are incentivized to discover talent you allow a new kind of economy this is another back we don’t need to go so much into this basically as I talked about before you have voting on the blockchain so we have voter anonymity and you can follow your vote you can verify that you have voted as you should have voted and and nobody can you have your privacy but you can verify that you voted as you should then this has been a general problem and it’s probably honest incorruptible just like all the other decentralized autonomous companies so there’s unlimited potential key ID pictures is working on this which is plays another thing opportunities for entrepreneurs I think is the main thing that’s happening in the crypt of space now pictures is open show source so you can fork it you can copy it you can create your own business and you can also become a delegate in the pitcher system you can get paid to to participate in the pictures ecosystem and this will create a new decentralized kind of organization or community structure and so on so yep okay so I’ll wrap it up say a few words about us we are bit space we are a group the two of us we’re focused on bit coin and crypto two point oh we are looking for people who are interested in what we do we’re not offering jobs but we would like to work with people we’re doing this as a hobby for now so visit us at bit space don’t know send us some send us a mail tell us what you would like to see if you want to join us for specific projects we are working on bit gate which is a norwegian gateway to be chairs so if you want to start trading bit cold bit ptcb TUSD or user issued assets on bitshares and you have a norwegian kroner then we might be able to help you so if you want to get updates on that go to bit k to the now and sign up or post you on our progress so that’s it for us now if anybody has questions you don’t have much time but we can take care i think two questions anybody want to ask a question hey um I don’t really technical again but there’s some default that has a period so we speak on and i’m just i don’t see if beach chairs are those new 2.0 cryptocurrency are solving this problem especially the problem the basic problem of scarcity like one of the features of bitcoin you that from the beginning you know that there is a limited amount of money in enough yeah picon in circulation and that’s when you when you go back to what is money and what’s need for money in society or currency is just to balance contributions but it doesn’t a value in itself it doesn’t have any value it’s just a when we trust this way of exchanging contributions we use that but creating scarcity from the beginning then it can encourage speculations on money and it really connects money from real economy so I’m a bit I yeah I see that as default and I don’t see if this is really answering that yeah is there a question or do you just want me to comment on that yeah I would like to have your yet to see if this quality and speculation aspect on the money it’s solved in any way in which airs well the way I see it bitshares is not actually money as such it’s a platform which has equity bitshares itself can decide how much inflation they want the delegates can can vote on the software which is running and so this is open to change now about Bitcoin I would say that this is a feature of Bitcoin and when you say that money does not work with scarcity I would like to remind you that the gold has been working perfectly fine for thousands of years and it’s only apparent thesis of history that we have used money which is not scarce in that sense it’s actually one of the big main properties of money to be scarce that’s my view but there are there are many different views on that question do you want to yeah I think I think that’s kind of missing the point because this is going to happen we’re already seeing it happening and if you if you look into the problems that it’s solving it’s so fundamental I’m pretty sure anyway this will happen so on so it’s happening it’s being used as money and it’s being used by big actors it’s gaining a lot of momentum right yeah so I guess one yes but now Microsoft and dell has entered the arena and I don’t think they are in it for the illegal activities well actually the ground crowdfunding in Bitcoin in 2014 was the same as the internet in 95 or something like this so you can see the parallels there at first internet was just used for porn so but now it’s used for legitimate purposes our second and last question is trendabl david and all the question actually I do have a small question I think maybe you should explain curing incomplete I don’t think everybody knows what that is why is that relevant here okay well Turing completeness the way I understand it i mean i’m not an expert in information science but the way I see it is the way I understand it it’s it’s related with general computing so you’re able to to solve any kind of computational problem that might be a simplified answer i think maybe people in the room here might have a better grasp of this notion i think the basic idea is just you have a universal computer already exists so you want to have a decentralized universal computer that’s basically what we’re trying to achieve so then you can do anything that a computer can do on the block chain tonight thank you to our speakers and thank you to everybody present


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