The Revolution Will be Digitized – Blockchain & Finance

Published on
October 24th, 2019
46 minutes

The Revolution Will be Digitized – Blockchain & Finance

The Interview ·
Featuring Charles Cascarilla and Mark W. Yusko

Published on: October 24th, 2019 • Duration: 46 minutes

How will blockchain technology change the future of the global financial system? Chad Cascarilla, CEO & co-founder of Paxos, sits down with Mark Yusko, CEO & chief investment officer of Morgan Creek Capital Management, for an in-depth discussion about the emerging technologies in the crypto space that will build the financial architecture of the future. Filmed on October 8, 2019 in New York.



  • PF
    Peter F.
    15 November 2019 @ 13:24
    You said all fiat currencies failed, but the sterling pound is here for many hundreds of years.
    • TL
      Thorsten L.
      22 February 2020 @ 12:19
      You are right. It is the oldest existing fiat currency (since 1694). But until today it lost 99,5% if it’s original value. I would call that a failure. It will go to zero like every other fiat currency in history always has.
  • RC
    Rob C.
    31 December 2019 @ 18:36
    I'm kind of late to the party and given the commentary maybe that's a good thing. I'm a little bit amazed by some of the extreme negativity. I'm perpetually shocked by what pop culture elevates to the level of iconography but I don't rage about it. Pointless. These two guys are smart and industrious characters who've risked capital to build things. If you're not interested in what they have to offer then don't tune in.
  • DL
    Darryn L.
    29 October 2019 @ 03:18
    Firstly, I'll say I've only watched this video and the plan B one. It seems to me that the blockchain idea has merit in that it is sort of like a combined paypal and property/share register. So you put some money on a token (maybe it works like a train travel card) and give someone else the code to cash in the token and whatever property you get in return is on the blockchain. What is unclear is why that token would have any intrinsic value just for being a token. So a bit like an Opal card with zero dollars on it - it has no value. The opal card is a token on a network but is only valuable if you top it up. Unconvincing arguments: it's the future, you don't get it, there's only 21 million BTC, it's a store of wealth, you're just saying that because you don't own it, as more people buy more will have to.... To me BTC is not the same thing as blockchain and the usefulness of blockchain does not confer any value on to BTC. Maybe there is a video in this two weeks I missed where someone goes into this so please feel free to highlight it. I know there're a lot of bright people in this community so if you have a different take on it I'd love to see it. Thanks.
    • DS
      David S.
      30 October 2019 @ 09:03
      When you deem that a token has no value, I would argue that no other fiat currencies have the so called "intrinsic value". Fiat currencies such as the USD are just papers with ink on it. Government backs the USD through laws and regulations which provide enough reasons for an average person to use it as a mean to facilitate payments. However, you're essentially trusting that the government will never go bust, which we know from history that it never ends well. On the other hand, BTC is backed by you, your friends, your family, your community and others from around the world. I believe that BTC has just as much if not more of an intrinsic value when compared to the USD. As for your thinking that the BTC is not the same thing as blockchain, I don't quite understand what you mean. What is your definition of a blockchain? I would like to suggest you to research about PoW and how it solved the Byzantine generals problem.
    • DL
      Darryn L.
      31 October 2019 @ 03:26
      David, thanks for taking the time to reply. I'll take up your suggestion and see if that clarifies things a bit more. My comment about the blockchain, if I've got it right from this video, is that it's a distributed database. The token is a separate thing you use to access the data base (blockchain).
    • NS
      Nick S.
      8 December 2019 @ 20:47
      Interesting points David. An argument against the intrinsic value narrative that I have come across frequently - as I share those concerns - is that value is something that exists only in the eyes of the beholder. You could make this argument about literally everything (including air, if someone would not want to live anymore, even oxygen will have lost it's value). So perhaps one should look to it's characteristics and utility to look for value (immutable, can't be confiscated, decentralized, no ceo etc). A gold guy like Peter Schiff (who in my not so humble opinion does a great job at making an argument against Bitcoin), says that the monetary premium of gold comes secondary to it's utility usage. That's something to think about (ergo, would gold not have value if it didn't have the well-know utilities?). With regards to the blockchain argument, the term is hyped. Distributed ledger technology was firstly pitched in the Bitcoin whitepaper (maybe nice to research that..). In my understanding, Bitcoin is the most elegant, clean and ''core'' ''blockchain'' out there, all the other blockchains are (lesser) spin offs. They make huge trade offs (mostly on security and decentralization). I've been told it's very silly to say: ''blockchain, not Bitcoin''. Insiders make parallels to ''IP's, not internet'' back in the day. I guess the brand that it has developed has turned many people off.
  • GW
    Geoff W.
    29 October 2019 @ 14:28
    So if banks are disintermediated where would corporates and individuals get their loans from i.e. how does the new financial system work in this new world where money is segregated? Also, given that bitcoin is in the hands of the very few (and mostly in China given the cheap state subsidised electricity fueling the Chinese miners) how does bitcoin benefit the West and the world free from dictatorship? Seems like we will all be beholden to the 0.0000001% Genuine questions since I am a bitcoin enthusiast with an interest in having insurance in this new world order but I still don't understand what the implications are even after watching avidly the last two weeks.
    • JB
      Jake B.
      8 November 2019 @ 04:08
      I think these are great points. Bitcoin is very monopolistic in its ownership, which is counterproductive to a number of its selling points in financial liberty, decentralisation etc. I think BTC will coincide with existing financial systems as a valuable 'store of value' alternative. Time will tell.
  • MM
    Matt M.
    25 October 2019 @ 01:11
    These guys who tried to convert from Wall Street to "crypto" have all come up with different applications of the same idea. Create a technology as a go-between. Get between the end user and the real asset to make money off of fees in the middle. Whether it's Paxos or Bitcoin futures, it's the same game. Buy some Bitcoin, run a full node and store your own Bitcoin.
    • GA
      Gene A.
      2 November 2019 @ 02:02
      Yep. Bitcoin doesn't need a middle man like Paxos. In time we'll see a cheap one-click full-node app for everyone to use and that will be that.
  • mh
    miles h.
    29 October 2019 @ 01:25
    Great piece, please keep bringing crypto and blockchain content! We are witnessing the creation of the new financial system, keeping up with these topics is crucial.
  • ah
    ahmed h.
    28 October 2019 @ 08:33
    For me, this is THE interview of the series so far - both Yusko/Cascarilla know their block chain - yusko leads him into the important questions - and this is just it - this is all bigger than just gold / bitcoin debate - its way bigger - also very very gd timing considering what XI 's just announced for China and blockchain over the w/end! brilliant
    • SC
      Sean C.
      28 October 2019 @ 21:14
      Really? Because for me this was pro-Blockchain not pro-Bitcoin. It was also by people who want to be the new-blockchain-era banks something most people think Bitcoin is trying to get away from. In one sentence they criticize how the current world structure and claim it can't be trusted. Then in the next sentence they rely on that same infrastructure they just criticized. (Fed Bonds, Brinks Gold Vaults). Very Interesting still, but for me not really as much part of the Bitcoin-Gold debate.
  • rw
    rory w.
    28 October 2019 @ 20:28
    Goldmoney already did this.
  • SS
    Sam S.
    28 October 2019 @ 15:02
    China, who stopped the bitcoin train, now understands it can track everything and will do so. The CCP is only promoting it now to track the digital system. They aren't doing it to benefit anyone except themselves. Trust is the only worldwide currency and the backbone of financial systems. Unfortunately, trust in the US Gov't, and otherse, is slipping away. Can we trust BTC? All the reasons to buy into the BTC and crypto ideas, have already been molested. I just don't see governments allowing the crypto world to flourish without getting their pound of flesh, then trying to get two pounds of flesh and so on.
    • SA
      Sanne A.
      28 October 2019 @ 19:59
      Obviously, banks and governments are going to defend their monopolies. Crypto currencies in general are designed to be censorship resistant, including government controls. Although, governments can do a lot of damage they won't be able to destroy the idea. The intellectual capital in this space is astonishing and development is done at lightning speed. With BTC you don't need to trust the system, you can verify it yourself. If you can't do it yourself, then either you have to learn, or you trust someone that does understand BTC to tell you the truth. I am curious what "the reasons to buy" are according to you. As far as I am concerned nothing has changed. It is funny, in 2015/2016 the big FUD was governments banning BTC, and here we are again at the exact opportune time in BTC's 4 year cycle.
  • as
    andrew s.
    25 October 2019 @ 23:17
    Real Vision has always had a zero h(edge) tilt to it but there were always a few gems that kept me interested. Unfortunately with the focus now on broadening the audience, content and marketing the good stuff gets thin. I understand that is the direction and nature of media and publishing but for me it becomes harder to wade through and closer to the thing RV tried to distinguish itself from, soon to become just another financial media channel with a ZH anti mainstream veil to try and differentiate it.
    • AW
      Aaron W.
      26 October 2019 @ 07:23
      Agree. Enough with the infomercials.
    • RI
      R I.
      27 October 2019 @ 19:14
  • HM
    Ho M.
    27 October 2019 @ 15:38
    Hmm, what's the value add of the Pax token vs just owning Ethereum tokens if it was dollars? (sure, it may be useful for other asset classes..)
  • WB
    Wes B.
    24 October 2019 @ 20:29
    Yusko and Bitcoin. I'll pass. Can we move on from Bitcoin now? You've wasted 2 weeks on it already.
    • vs
      victor s.
      24 October 2019 @ 21:02
    • CT
      Crispim T.
      24 October 2019 @ 22:15
      Two weeks. No Wes, you wasted 10 years. 10 years on it. By not getting some Bitcoin, which beat every single investment in that ten year timespan - and yet, you're at an investment website, looking for tips, while bashing the investment that TOTALLY crushed Sharpe ratios on about anything from the NASDAQ, S&P500, Gold, bonds, etc, etc,etc. BTC beat ALL of that. And yet Wes, you're wanting to move on from it, again. Everyone, there's almost 11 years of data to analyze - don't be like Wes - Buy BTC.
    • RV
      Ryan V.
      24 October 2019 @ 22:18
      Fagunde, today is today and the past doesn’t always indicate the future. It will take exponentially more money moving into bitcoin to see those sorts of returns. Those returns are done. Double a market cap from $1M to $2M is easy. $2 to $$4, easy. $200B to $400B is a whole different animal. You do a disservice to investors to imply that this even remotely likely. Especially with the current price action.
    • TM
      The-First-James M.
      24 October 2019 @ 23:39
      Ryan V. You do a disservice to all investors when you imply a $200BLN market cap is large in size. With Gold at approximately $8 Trillion, it's nothing (for the more traditional Gold holders out there, I say this as a fellow Gold owner and am not trying to imply that Bitcoin will replace both. I merely see advantages to owning both assets).
    • RV
      Ryan V.
      25 October 2019 @ 01:05
      Bitcoin is infinitely copyable and cloneable, with new and better crypto currencies. Gold is atomic element on the periodic table. Those two facts are reflected in the market cap difference.
    • JB
      James B.
      25 October 2019 @ 04:46
      Bitcoins cannot be copied. If they could the price would have gone to zero immediately. It's also very unlikely that a "better" cryptocurrency takes bitcoin's place because bitcoin itself continues to improve and has the strongest developer community, but because billions of dollars depend on the reliability of the network, developers take a very cautious approach to introducing new features which are frequently tried first on smaller cryptocurrency projects.
    • RS
      Ryan S.
      25 October 2019 @ 15:51
      It's beyond me why people watch this if they're not interested ¯\_(ツ)_/¯ There's plenty of great non-Bitcoin content on RV. Why should they stop providing it when there's more than enough interest for it?
    • HC
      Hao C.
      25 October 2019 @ 16:33
      People who say Bitcoin can be copied are not wrong. They just don’t understand the decentralized and miner aspect of Bitcoin.
    • RV
      Ryan V.
      26 October 2019 @ 00:35
      We understand perfectly. It’s power into existence by “miners.” If those miners stop for any reason, bitcoin stops existing. Poof.
    • AW
      Aaron W.
      27 October 2019 @ 07:46
      Yet another myth that bitcoin has the largest developer community. Not true. The largest is actually EOS. In second place is ETH. Bitcoin has the third largest developer community. Look it up. It's amazing how people believe all these lies about bitcoin.
  • JP
    John P.
    24 October 2019 @ 21:53
    International wire transfers only take "days" to third world countries.
    • CB
      Clifford B.
      25 October 2019 @ 00:00
      nope. took 6 hrs from Caribbean to US last week. some btc transactions take just as long or longer and would cost more.
    • RS
      Ryan S.
      25 October 2019 @ 15:46
      Cliff, I earn in USD. For my previous job the average time remitting to South Africa with PayPal (no other alternative) took 1 week and on 2 occasions it took 2 weeks. On top of that they heaped on an extortionate 4/5 % charge. In my new position I use Bitcoin to remit, has never taken more than 20 mins to clear and the fee is a couple cents. You obviously don't use the tech. For me it's a no-brainer.
    • CB
      Clifford B.
      25 October 2019 @ 19:22
      Hi Ryan, I have dabbled in the space. only 3 tokens. Eth, HTC and iota. bought btc at 2k. sold 75 percent at 14k. may rebuy a little around the 4/5 I level. still hv some iota too. bought at 15-25c . sold 75 percent at 3.55 . I appreciate the tech but my interest is purely speculative to increase capital. If it gets to 50k great still hv the 25 percent. if not no problem, already made great gains so going to zero is no issue. in your case I totally agree in the use of it for transfer but to hodl it for the moon is speculative at best.
    • CB
      Clifford B.
      25 October 2019 @ 19:23
      BTC* sorry
    • as
      andrew s.
      25 October 2019 @ 23:14
      Ryan S but how long to change your $ into $btc and then for them to change there crypto into cash? How much did the crypto fluctuate from beginning to end?
    • AW
      Aaron W.
      27 October 2019 @ 07:40
      There are dozens of stablecoins and remittance coins and blockchain P2P solutions that are already far superior to bitcoin for sending money internationally. Just to name a few, USDS USDC GUSD USDT RCN CRPT DGX BUSD TUSD DAI PAXG NUSD and there are many blockchain systems that don't even require exchanges. No need for bitcoin for international remittances. Bitcoin can fluctuate 20% in minutes, as we've seen recently, not a good solution.
  • JW
    Joel W.
    25 October 2019 @ 16:38
    Has anyone calculated the energy requirements of bitcoin transactions scaling another order of magnitude?
    • SP
      Stephen P.
      27 October 2019 @ 04:16
      Here’s a projection. Past a few percent of global energy usage we will see more restrictions but Bitcoin is well suited to lowest cost renewables and off-peak usage:
  • CB
    Chris B.
    26 October 2019 @ 20:15
    My complements to RV and Yusko/Cascarilla. This video was interesting and despite having invested in bitcoin and been reading about this space for several years I learned something new. The background on Paxos was useful and I personally did not take as a marketing pitch. In fact kudos to RV on the entire crypto/gold series.
  • NR
    Nelson R.
    24 October 2019 @ 23:45
    The RV Bitcoin pump is getting old. Millennials took over the asylum? Why is so much time being dedicated to such a tiny part of the investment universe? This is hugely unproductive for serious subscribers. Sect-like, almost fanatical. If you are going to keep at it at least stop bringing in people who repeat there will only be 21 million bitcoin as a reason to invest. An irrelevant fact given the infinite future supply of crypto, some of which will no doubt be more technologically advanced and secure than version 1.0
    • CV
      Collin V.
      24 October 2019 @ 23:58
      Sounds like you don't have a clue what separates Bitcoin from other cryptos. Yes, we're taking over. Get over it Nelson, you dinosaur.
    • RV
      Ryan V.
      25 October 2019 @ 01:08
      This whole “you just don’t get it man, you need to read more” is getting very old. We do get it, we just aren’t so blinded by greed we suspend our logical thought processes. As for “taking over”, if RV becomes just a bitcoin evangelism hub I will be cancelling my subscription. I can get that for free on twitter.
    • KK
      Kiwoong K.
      25 October 2019 @ 03:18
      I'm a millennial. I'm really tired of the arrogance in the bitcoin community. Clearly, wallstreet arrogance has transferred into this field as well. What will you do when someone finds a way to shut down the towers, for example like the intentional outage in California? I get the whole idea of bitcoin but I don't think bitcoin community doesn't get the idea of money. They understand currency, which DOES NOT equal money.
    • JC
      John C.
      26 October 2019 @ 19:50
      I like crypto and Bitcoin and own some but the 'no coiners are dumb' arrogance and zealotry is silly and stupid, so just stop it. Half the crypto universe reminds of the Tesla bozos. Get a grip and be more open to criticism. On another note, Yusko is really tiresome and his fund's performance has been pretty poor in recent years.
  • NP
    Nicolas P.
    25 October 2019 @ 07:42
    I'm a millennial and what I see is all that old guys in the comment bashing Bitcoin are all ignorant people. Replace ignorance by knowledge and you'll all have that 'Aha' moment.
    • UJ
      Ulf J.
      26 October 2019 @ 15:10
      I am an old guy and I agree with you, new technology is not easy to adapt to, most people are not open-minded to change. There was a time when the locomotive was invented people said now everything is invented and no need for the patent office anymore.
    • JC
      John C.
      26 October 2019 @ 19:43
      Lol a Milennial just out and out calling people 'ignorant' for not being 100% into crypto. I'm a believer but the industry is littered with scams, con artists and stories of people losing vast amounts of money on one-way bets that didn't work out. Of course many people made tons of money too. It will take time to play out and crypto will prevail but you should have a more open mind to 'old people' and skeptics And yes Milennials are stereogypically the worst generation ever. Stereotypes do exist for a reason. You are not doing anything to disprove this view so maybe be a little more humble and try to learn something from your elders.
  • DP
    26 October 2019 @ 15:59
    At one point both are mentioning how banks are FDIC insured up to 250k and how the FDIC holds only 3% of reserves, hence creating a problem if many banks go down simultaneously. I checked where Paxos holds your assets if you choose to use them. Here is the answer below, is it me or this guy is a charlatan??? Where are customer funds kept? Customer funds are held in segregated accounts at FDIC-insured, U.S.-domiciled banks.
    • RV
      Ryan V.
      26 October 2019 @ 17:08
      Imagine going through all the work of creating an asset that’s supposed to protect you from the failure of the banking system and then storing it in said banking system. It’s almost like it’s all about management fees.
  • SS
    Sam S.
    26 October 2019 @ 16:35
    Certainly the world seems to be heading in this direction, but it doesn't mean it's without regulation or potential third party control, now or in the future. The distributive ledger, IMO, is an instant road map by any regulatory third party on what you own or have "trust" rights to. They can see what you transact in from the beginning of your time using crypto. BTC and crypto's, have not been tested in a financial crisis! Seems like ALL crypto's are converted to something else, more as a transaction function to earn fees and which is really held with third party claim. I'm interested in the future of this, but not really on board yet with all of this weeks guest(s) opinions and ideas. The real money seems to be in making fees and spreads in this new world of exchange, just like the past and present world of exchange. Same old shit, new brown wrapper. Something goes wrong with any of the components needed to make this digital world function, who ya going to call-----Ghost Busters?
  • DR
    Dave R.
    25 October 2019 @ 10:53
    Great interview. Good to hear Chads story and perspective. I really cannot understand all the naysayers in these comments. I’m Gen X and really think people should be more open minded to generational change.
    • TM
      The-First-James M.
      26 October 2019 @ 14:06
      Me too. I'm a fellow Gen Xer. It's sad that some people appear to be so blinkered. Sure, feel free to argue your case as to why Crypto is Dogsh*t, but just to assert it to be so based on one's internal preconceptions just reeks of ignorance. I've been there - declared Bitcoin to be a ponzi scheme in 2013. Dug a little deeper, and as a guy who had previously worked in payments at a major bank for a couple of years, really liked what I had found - particularly given my experience with the BS payments software my former employer had been using. SWIFT is a sea of counterparty risk just waiting to happen.
  • me
    mike e.
    26 October 2019 @ 04:52
    Plan B says its going up
  • DH
    Daniel H.
    25 October 2019 @ 18:48
    The GFC was due to no blockchain at the time? This just gets more ridiculous with each crypto promoter. This wasn't an interview. It was a marketing presentation with many questionable assertions about technology.
  • MM
    M. M.
    25 October 2019 @ 17:02
    Interesting points. Now its time the governments have an aaha moment.
  • BD
    Brian D.
    25 October 2019 @ 12:51
    Lol Chad advocates low fees as one of the key advantages of crypto... Mark runs a digital asset index fund and charges 2% pa to track an index!
  • GW
    Guillermo W.
    24 October 2019 @ 13:27
    Great discussion on AOL.
    • GW
      Guillermo W.
      24 October 2019 @ 18:13
      BTC is like AOL maybe Juno is more appropriate. Once gmail arrives it will be obsolete.
    • JB
      James B.
      25 October 2019 @ 05:07
      A more appropriate comparison is Linux.
  • CB
    Clifford B.
    24 October 2019 @ 19:22
    Not for or against Bitcoin but it's a crazy world we live in when someone writes some computer code, it gets wash traded up to a ridiculous value and millions of people jump right in due to FOMO.
    • CT
      Crispim T.
      24 October 2019 @ 22:31
      Everything gets wash traded. Do you think even the oldest, most stable store of value in history is clean? Gold is one of the most manipulated assets you can buy today. BTC is at a tiny market cap, very easy to move. And yet, unstoppable and with volatility and weasel moves dropping every year. You think 10 years of non stop gains (only 2 red yearly candles) is FOMO? It's comfortable in the herd, but don't lose track of the trend. BTC is unstoppable at this stage.
    • CB
      Clifford B.
      24 October 2019 @ 23:49
      Fagundes. If one thing I have learned. No investment is unstoppable, BTC included. Sure it may go to 20k again, 50k, 100k, but just as likely to go to zero. The value I see is in BLOCKCHAIN, not bitcoin. Remember, there was BlackBerry before apple. where is BlackBerry now? there was AOL, Netscape, where now? The value in btc is in the ability to personally move funds around at will. what the value on this is? who knows.. but I have some magic beans for sale, only ten in all the world, wanna buy em?
    • BY
      Bowie Y.
      25 October 2019 @ 00:46
      I agree, the focus should be on how blockchain affect various industry, not the price of bitcoin
    • CT
      Crispim T.
      25 October 2019 @ 01:03
      Blockchain means nothing if Bitcoin fails. Ten years of data show it, the next ten will make it obvious. The mainstream press sells "blockchain" to slow down the sheep, but it's merely an attempt to slow down the inevitable. Bitcoin is TCP/IP. The internet of money. If Bitcoin fails, blockchain fails. Most naysayers here have a lot of homework to do regarding Bitcoin. Parroting mainstream media nonsense isn't the best way to fight the inevitable.
    • JB
      James B.
      25 October 2019 @ 05:04
      Blockchain's applications are limited. For most applications a centralized database is cheaper and faster. Store of value is the killer app for blockchain / proof of work. Bitcoin is backed by an open source community, not a corporation. There are plenty of crypto projects backed by corporations with lots of money to spend and they haven't gotten traction. Bitcoin's advantage is censorship resistance which a corporation cannot achieve.
  • CB
    Clifford B.
    24 October 2019 @ 12:53
    While I am no fan of big banks, can understand the value of self banking via bitcoin I'm curious how many bitcoin have been lost by sending to a wrong address by accident. At least with a "bank" this can be reversed. no take backs with btc
    • CT
      Crispim T.
      24 October 2019 @ 14:08
      Bitcoin addresses have checksum. That's not a problem on corretly implemented wallets. BTC is much safer than people think, if you are reasonably careful about what you're doing. Not that complicated.
    • JB
      James B.
      24 October 2019 @ 18:21
      Getting hacked is the bigger problem. Lots of malware looks for crypto wallets to steal from. I think multi-signature setups with hardware wallets are pretty secure, but am not sure how many non-technical people are willing to spend the time to create this kind of setup. I suspect most will instead rely on a trusted 3rd party.
    • TM
      The-First-James M.
      24 October 2019 @ 23:41
      Have never managed to do this myself, but am always very careful when sending BTC.
  • JR
    Joe R.
    24 October 2019 @ 10:48
    I appreciate the explanation about tokenization, something I've heard a lot about but heretofore haven't understood.
    • tr
      tom r.
      24 October 2019 @ 23:30
      Really enjoyed this very thought provoking interview with the bright young man. The world is looking for some of these exciting, flexible currencies. Thankyou
  • PW
    Phil W.
    24 October 2019 @ 23:11
    Paxos is the same as Goldmoney I for one will still own my PMs, in the back yard so to speak, in a safe location. Maybe this will not play out in my life time but my kids will be very happy!
  • TR
    Thomas R.
    24 October 2019 @ 18:37
    One Question I have for all the people providing comments regarding the finite number of Bitcoin, the key stock to flow value - all compared to Gold that grows at roughly 1 to 1 and half percent per year consistently over time. If the world's population grows at 1 to 1 and 1/2 percent per year overtime (appreciating that could change - with a growing population assumption, is a finite number really a good thing for a currency? Clearly an asset with persistent perceived value over time, can have its finite characteristic support its perceived value over time, similar to collectibles and other assets with finite quantities, but in the role as a currency, wouldn't something tracking with population be a better currency characteristic - otherwise, with a finite quantity and a growing population you end up more with the haves and the have nots?
    • JB
      James B.
      24 October 2019 @ 19:12
      Bitcoins are divisible into 100 million pieces, called Satoshis. So 21 million bitcoins is 2,100 trillion Satoshis. This fixed supply would make bitcoin a deflationary currency so prices would have to go down over time to accommodate new products and services coming to market. Prices went down on technology products for decades and it didn't seem to stop people from buying them so I personally don't see this as a problem.
    • SD
      Sebastien D.
      24 October 2019 @ 19:13
      I sometime wonder the same. It's deflationary money, so when the population (and the quantity of goods and services) augment the prices need to drop. Said differently you get more for the same quantity of this money (BTC). But wouldn't a 1-2% drop in price per year be okay ? Seems pretty easy to manage :) and people would be encouraged to save because next year they can get 1 or 2% more. The thing that bugs me is wondering if people will ever accept their income to drop at the same rate or faster. That seems a far stretch to get used to that, so counter to human nature of wanting more. Imagine your yearly review with your boss to negotiate if they will cut your salary by 1, 2 or 5%.
    • CT
      Crispim T.
      24 October 2019 @ 22:34
      You need to watch the PlanB video here on RV. Stock-to-flow, and understand how a Bitcoin has a cap limit but can be divided. You can keep slicing the Bitcoin pizza in smaller and smaller and smaller slices as the whole market cap goes up... but the main difference to the FED/Draghi fiat shitcoinery is that the pizza never gets bigger. Your slice keeps its value relative the the whole pizza supply. That's Bitcoin. The Pizza size is limited. Your slice is always your slice and never shrinks.
  • BP
    Bryce P.
    24 October 2019 @ 16:16
    Again prison coin, prison chain whatever you want to call this garbage will prove to be the MOST REPRESSIVE monetary scheme in the history of mankind plain and simple. WAKE UP!!!!
  • DS
    David S.
    24 October 2019 @ 16:15
    sounds to me like onion peeling.. never getting to the bottom..
  • PN
    Panos N.
    24 October 2019 @ 15:43
    that felt more like a 45' commercial on that firm. M. Yusko is invested in it and took here the role of the promoter. Wouldnt mind listening to the pitch because it offers the viewpoint of a participant in this new ecosystem. However there was hardly anything here but the pitch
  • CT
    Crispim T.
    24 October 2019 @ 14:15
    "The code is written because we are required to have the capability to freeze or seize tokens ourselves. This is something we don’t take lightly; it’s an action we will take only if required by law, the spokesman wrote. The coin wouldn’t have been approved without the addition of the backdoors." - Paxos CEO You do not own it, they do. It's the same as stocks, or Gold ETFs or money in the bank or anything else that can be confiscated from you. It's not the same as owning physical gold or owning BTC. In BTC, you're the bank. You own it and it cannot be taken from you except by violence (and with solutions like multisig-setups, not even that way).
  • AK
    Ado K.
    24 October 2019 @ 12:17
    I do not quite understand how a gold backed token is merely an asset and not someone else liability? If I have a token representing gold I obviously have a claim against the company issuing the token as well as the company storing the physical gold. To claim that this is pure equity and not someone else liability is, and I do not use this word lightly, intellectually disingenuous. If you want people to invest in a gold backed token, then fine. But to claim that the token represents pure equity, I mean come on Chad and Mike that is kind of offensive to the viewers intelligence. The ledger would obviously be centrally controlled, and the token can therefore be sized or censured at will. The only way gold is pure equity without counter party risk is if you hold it yourself, as soon as you enter the "trusted custodian" game it is no longer pure equity, tokenizing it just creates another layer of required trust.
    • CT
      Crispim T.
      24 October 2019 @ 14:09
      Exactly. Just another centralized token like DIG. They are all about trusting someone. And they're all failing. BTC is truly trustless. That's one of its unique features.
  • CT
    Crispim T.
    24 October 2019 @ 14:05
    Paxos has backdoors to allow seizing of your funds. BTC has no backdoors. No CEO. No rollbacks.
  • CT
    Crispim T.
    24 October 2019 @ 14:00
    It had to be on Ethereum of course. The platform of choice for scams. Pre-mined, with rollbacks, no cap, not scaling and centralized. Yeah, no thanks, if I want to put my money on shitcoinery I'll just keep some more Mario Draghi coins. I'm sure that will do a lot better than all the other "metal tokens" (DIG, etc) - oh wait, it won't. Buy BTC, it's the only way to avoid the parasitic system.
  • ag
    anthony g.
    24 October 2019 @ 13:52
    Security ?
  • AK
    Amit K.
    24 October 2019 @ 12:41
    It would have been better if this was a Mark Yusko interview.
  • GE
    Glenn E.
    24 October 2019 @ 10:53
    This a good application of blockchain