the code into the production environment onto the internet and that's when we got a first look to see whether or not this thing was going to work this was the moment this is the genesis block and it's called the genesis block for a reason. what is because the coin is magic internet money because it is a new type of digital currency big coing is decentralized digital scarcity sunia bitcoin is uncomplicated ball and censorship resistant value transfer bequia civil disobedience fundamentally i believe it's just a new way of coming to consensus about things to me is a game changer in the human history because it is a peer to peer system for value transfer to many people it's money and to me it is a source of optimism because i can control my own financial destiny and not be beholden to a financial system that has proven itself to be unstable and unfair every single

person we ask what is bitcoin has a different answer first to toshi nakamoto it seems that his choice of those first words embedded in the genesis block had to have a message about what he thought it was about not that his point of view is any more important or relevant than any other person's point of view involved and decline. really important states in because history was a group of people who tried to take over a big court and try to try to coin of the political intent by saying it's a politically neutral technology but well so she put inside of the genesis block was a very clear message the nobody could really argue against which was a message about the by having all of the central banks by the governments they try to. so she was not

a libertarian but is very clear from the genesis plug the very first. pick one system the thought was what pick winners about was who he was. of course and i suppose in a couple days anonymous so we don't know who be creative to be going to be is but he's a name is interesting because i'm from that as i am that can understand what that means so his name sad to see it's to enlighten and. it's not that it's inside and moto is that book so insipid that book. there is a force that lights and. it's difficult to discern exactly what's the toshi was after but from all of his writings in from a software code it appears as to toshi wanted a world where individuals had their own private keys to their own money and

did it in a way that it was censorship resistant his birthday for example has to do with when gold was seized with executive order six one zero two and when it was really go ised in one nine hundred seventy five the genesis hoshi i think wanted a world where we have personal responsibility where we have sound money where things are being operated in accordance with natural law in the laws of economics not political dogma so she i think wanted financial inclusion access to a peer to peer network where nobody can tell you what to do with your money and wanted to break the chains of financial slavery that have been around for thousands of years so toshi was. a money that is not controlled by a centralized party a good store of value way to preserve wealth over time. a lot of people

argue that he was aiming for a better method of payment and to some degree that might be true but a large part of why it so she wanted from his writings on a coin talk and so on is a much better gold a much better story about you and that's because has been and that's where is you know hands down way better than every other store of value that's ever existed the genesis book is not including an article about how it's difficult to buy coffee would it create card it's included an article about a central bank bailing out a bank commercial bank in the context of monetary expansion and psych economic cycles so because bitcoin is a. revolution but still you can find basically they classify references in such a discussion about the quest of cypherpunk people for electronic cash

a private the dark money that you can use be without being spied upon or done with censored and a quest for sound money which is not easy to money put it into inflate so no matter what such hoshi nakamoto want it whatever he wanted would not have been possible to realise without all the previous esther's before him without the likes of nick sabo adam back david tom timothy mcveigh eric hughes and john gilmore the famous image of them on wired magazine these are the cypherpunks their ideas their philosophy and their ideology were important and without those ideas already in the mix. just like the american revolution and the french revolutions there were ideas explored for decades before the revolution could suddenly erupt well you know i'll make an analogy it's ginsberg how will wright i mean this was a screech from the pit of humanity these guys cypherpunks are employed by the

oppressors their surveillance state governments but they clung to their humanity and they were able to pass encrypts into the public by using the constitution famously and now what bitcoin they're passing value and he creates and of trade to the masses. the cypherpunks started working on concepts of digital money in the like late eighty's early ninety's and there were quite a few people in the space who had what seemed to be promising ideas but ultimately were found to have deep critical failures in them and so the interesting thing about bitcoin is that she didn't really create anything fundamentally new but rather suppose she managed to look around at the space see all of the developments that happened in cherry pick a few things put them together in

a way that had never been done before and as a result create a much more robust system than anything that had been designed phobic way was sent to the born out of cypherpunk ideals it's a privacy is the ultimate mechanism of freedom i mean or i'll do the understood that and we doubt privacy you can't be free you can't criticize the government you can't do anything in your life it's it's fascinating how much you need at home much in a whole lot of people appreciate it if corny gives you all those features the privacy the freedom of it is also voluntary in and they think that's why it's so important . cypherpunks were i guess you could say a bunch of really paranoid nerds they saw the power of the internet in these new communications technologies and all of the great things that could be done with them but they also saw the dark side they've they saw the potential dystopian

nightmare that it could occur if all of the world's communications and all of the world's finance were happening transparently on a network that could be easily surveilled by state actors and other powerful organizations and they realized that you know as more and more aspects of your life were put out on to this transparent network it would be easier for various organization organizations to subjugate and control those aspects of your life and so as a result they felt like you know we needed to push for better privacy on this network in order for people to have more freedom in order for us to be able to communicate with people without fear of you know political repr cautions in order for us to be able to interact economically with people without fear of censorship because our economic transactions are not approved by some authority. it was really about

freedom privacy and freedom are kind of two sides to the same coin. a lot of people who really believe in the government's role in in growing the pie or the fallacy of the government's role in growing the pie don't understand the power and in fact that it really is the cypherpunk benefits though that led to the creation of h t p s which is your ability to securely enter credit card information on the web which is what created amazon and created uber and all the other services that we take for granted today and so without the cypherpunk movement driving people to understand that we need. that level of self sovereignty on the internet we wouldn't be where we are today and to me that's not scary that's something we should all be embracing and the true meaning of the moment it's not to overthrow governments it's about when you look at it from the right perspective things make

a lot more sense. this is a very interesting new experiments because we essentially get to take politics and try to turn it into code where you get to try to reach out and find the human consensus for something and build this layer of machine consensus that automates it so this is software that creates we now know the heart of money that's not getting created so why is why do we need hard money and we need it to trade we needed to trade in a way that promotes harmony because right now all the soft money in the field of money is producing trading creating disharmony or discord or conflict so no you know great i get the you know software i mean because he's opens free software and moto it's right code you know they don't be trying to change things so you know i'm back with the. inventor of hashcash i've moved outside it inside

where he described this type of the state of mind and it's a relaxed about drugs to social change and instead of basic. you know asking for permission or. write code and it's going to change things and then what kind of changes they make they are interested in securing our rights of free speech and securing our rights you have privacy again so yeah it's it's you know it's a code now basically and bodies were that were spoken by too much deficit backing a seventy seventy six and now we have means actually in body we're into court to fight them into law and that's why. the.

facebook and google started with a great idea and great ideals unfortunately it was also a very dark so. they are constructing a profile of you and that profile is a real it's detailed and it never goes away turns out that google is manipulating your opinions from the very first character that you type into the search bar it will always favor one dog food over another one comparative shopping service over another and one candidate over another they can suppress certain types of results

deiced on what they think you should be seeing if they have this kind of power then democracy is an illusion the free and fair election doesn't exist the more rope we give them the sooner we are all. we can only be dealt with the rule book. is going to sit for the fall to do. sobers you did something. that you were among the group. except you're then he says who pulls. the security.

oh. well. we're going to produce. so what we've got to do is identify the threats that we have it's crazy to. let it be an arms race. spearing dramatic development it only really exists i don't see how that strategy will be successful. to sit down

and talk. so you can't divorce bitcoin from the environment in which it was birthed not only from the cypherpunks and their battles against the u.s. government in terms of privacy but then here in the actual birth of bitcoin itself between october thirty first two thousand and eight and january third two thousand and nine when the first block was mined in that period of time we saw a run on the bank in the united kingdom northern rock it collapsed the chancellor stepped in and bail that bank out then january third two thousand and nine the chancellor gordon brown was on the brink of second bailout for banks remember only a few months earlier september fifteenth two thousand and eight is when lehman brothers collapsed the global money system was on the brink of utter collapse

i don't think most ordinary people understand just how terrifying that system was to that permission and financial system the system is permission is run by the central bank and their member banks so these member banks were operating a global monetary financial experiment that went awry the u.s. federal reserve bank began a radical monetary experiment called quantitative easing whereby they would print out of thin air six hundred billion dollars on november twenty sixth two thousand and eight and purchase six hundred billion dollars worth of mortgage backed securities from their member banks quantitative easing or simply the relabeling of a an idea that been around for quite some time it was a radical rebranding of money printing and that's been tried many times throughout history and we know from history that all money printing off the money all goes to

a price point called zero there is no escape. i'm saying the history of money was probably the big study that we entered after reading such a she's white paper that we start to ask ourselves so how many u.s. dollars are in circulation and then you realize we don't know and then you dig into who the federal reserve is and who runs a federal reserve and who does who did ben bernanke he when he was running the fed reserve who who does he respond to and does the president respond to ben bernanke it is ben bernanke he control the president it was radical on november twenty sixth two thousand and eight for the u.s. federal reserve to print six hundred billion dollars uniquely only for their member banks in that it was a let them eat cake moment here they were saying yes we brilliant

economist at the federal reserve bank no history we know what happened before the french revolution we know what happens when you just throw theone brioche to the people and cause massive wealth and income gaps now like i say about quantitative easing it's all zeros and no ones there's no code it's just zeros it's just more nothing zeros as far as i can see it's nothing there right at least with zeroes and ones as code there's a finite end to it it's an algorithm it's a routine it repeats that it's not infinite we started thinking about things like in argentina when they went to hyperinflation how the price of milk which changed multiple times a day we saw what recently happened in venezuela when they instituted socialism and what happens is hyperinflation there. and understand the geo political landscape of the world to start saying oh wait so if the u.s. dollar is no longer backed by gold then it's possibly backed by bullets and oil is

backed by the us dollar multiple currencies of the other governments are backed by the us dollar and. us dollars backed by nothing but believe all of us that if you start paying attention to the geo political landscape in a whole different way where the underlying thing the big coders are thinking about is money as you'll see quantitative easing and bitcoin evolution happen hand in hand they work together elizabeth cohen of course is the answer to massive fraud and they've simply tried to paper over all their problems and fraud in wars malfeasance and you can't do that with bitcoin so it's a great equalizer in the sense that as the gavel of justice forget about all the social justice movement this is the punch line this is the period on the exclamation point is the solution it is the only option that we have outside of the current financial system this is the only monetary system outside of the state that

is why a bill in my opinion and this will continue again into the future so it's very very important people ask why they call and why they coined because this is the time this is now we have now that the technology of the time is right it is now time to execute and finally provide an option and exit to the current financial system so january third two thousand and nine was the genesis block. january twelfth two thousand and nine was the first big queen transaction the first transaction a bit queen currency in block one seventy takes place between suppose she and how finney a developer and cryptographic activist write well this is columbus discovering the new world the apollo eleven landing on the moon chuck yeager breaking the sound barrier this is the first implementation of this paradigm shifting technology that transforms economics and finance in a heartbeat and this was just

a pure transaction without consideration of price or profit or reward or when lambeau it was just pure experimentation to cryptographic activist as they call it in the year or two cryptographers to developers working together to build the system you couldn't move digital scarcity up until that point on the internet it was because that an impossibility and this disproved that theory and proved you could move digital scarcity and digital scarcity before this was considered an impossibility this proved you could have digital scarcity and this set in motion then this new paradigm this new a pox this new era that has gotten everyone tied up and in traditional finance and like the legacy finance and the old banking system now we don't enter the big queen story until the next episode after two thousand and ten but in two thousand and nine there were very few people involved and they

were the sorts of people like how fanny like jeff garza like peter todd the hard core coders programmers participants in experiment coming together in an open source project developing something radical it was a science experiment and i mean we're trying to do something new right and the people we've been working on. the boy adam back to e-mail before he ruiz the protocol i mean he had been working on digital currency is like twenty years earlier when did you cast i'd been in virtual currencies you know through online games like when i was in middle school in the mid ninety's so i've been doing you know i've been in virtual currencies for a long time and so but it really started as a collectible because the toshi unhealth any had it you know they just mind like the first couple blocks and then suppose you sent how big points and it's a collectible and then like within a week somebody set up an exchange where you could actually trade big coins for dollars and so that began to establish an exchange rate ratio so it was very early

in the process a big go in that it jumped from collectible to exchangeable good so and so the idea of using this protocol as money was there right in the beginning so it has mimicked the history of gold becoming just like the much rash short period of very very little souses of years was taking the centrally ten years it was yeah i mean with bitcoin in ten years it's gone from nothing basically to sixty five billion our market moving hundreds of thousands of transactions a day and settling billions of dollars and it's a huge huge deal now it's taken the establishment of the planet to the core in two thousand and nine it was highly experimental nobody was looking for a lambo nobody was you know looking to get racks everybody was designing a new monetary system everybody was free to experiment everybody was free to fail those participants in it and most people today will think of bitcoin and think of

the price and only think about the price and how much it's worth but october fifth two thousand and nine was the very first price for bit coin october fifth two thousand and nine first price published by new liberty standard and it was one us dollar equals one thing. listen three hundred nine point zero three b t c and again in terms of monetary experiments by this time the us federal reserve had already printed over six hundred billion dollars for their member banks and their permission network the u.s. treasury had printed another seven hundred billion in tarp so in the context of monetary experiments and the monetary system in which we live that's not even it still has not hit one million dollars market cap at this point ten months until it

at that point is a germ one germ ready to unleash a plague of adoption it's basically the first sighting of gunpowder on the war field on the battlefield you know it's the first fleck of dust on an avalanche that's ready to explode you know this is to the four x. market at this point what a single grain of sand would be to the combined tonnage of sand on the global beaches completely and utterly insignificant except that it contains the code to transform global finance there is a lot embedded in the big question for many different disciplines not just the computer science and the thermodynamics but also in terms of the game theory and the economics and all of this crafted in a way that it would accomplish a particular type of human action or behavior in so while we don't know exactly the

purpose institutions heart it does seem from the code and from the actions that have taken place the toshi was after monetary sovereignty for the individual very much like our founding fathers were by including the gold causes in the u.s. constitution december thirtieth. two thousand and nine the difficulty increases the first difficulty increase occurs oh six eleven zero four g.m.t. it's the invisible hand built into the protocol so the entire ecosystem of because contained within the transaction within the code within the protocol and the difficulty adjustment is there to enact game theory and game theory brings in all the people that because he needs to continue to survive and thrive it brings in the users it brings in the minors it brings in the speculators it brings in the coders it brings in the nodes it brings all of them and we need that to survive and

it happens so you get these miners trying to compete with each other for more bitcoin and thus increasing house rate which increases security they'll never win that race just like nobody everyone's game theory that's the point of game theory but they won't stop trying so this is the beginning of the hash array increasing the difficulty increasing the competition for scarce resources. for scarce big to begin. sets and all that follows. when almost seemed wrong. but. just don't hold. any.

get to. the attic. and in again. trail. when so many find themselves worlds apart we choose to look for common ground. even. if some can do to keep it as i live it here here here comes this. funny. lena. young. we are like. we have many things in the smiles and this isn't enough for everyone and why some peoples must take our things all the power just for themselves and for the seattle

. to get a job. i. love these. leaks i. live.

i. we did it together. the star political newcomer of a lot of years olinsky is on course to become ukraine's new president early results given by landslide victory over president poroshenko as. stark message to the country's ruling class. at least two hundred sixty people were killed in explosions in sri lanka with hundreds more injured hotels and churches were targeted during easter sunday celebrations. in the week's top stories on our t.v. there was no collusion between donald trump and russia as the report filed he publishes.