The B Word Bitcoin Conference

i've been thinking about only for a long time um and really it's it's like it's best to think of money as an information system uh primarily an information system for labor allocation um and uh for practical purposes it exists in a series of heterogeneous databases they're like very different databases in uh bank mainframes around the world uh it moves quite slowly in reality it may seem to move fast sometimes and it does with paypal which is real time but the vast majority of the systems out there are batch processing so the actual reconciliation may take one to five business days sometimes longer and the you have the ach system which is ancient and still still in operation which is um allows transfers uh effectively like a check would be an ach transfer

transfer but it's it's not secure and you've got the uh credit card systems which are also uh not secure it'll be like handing your username and password to a stranger in a restaurant if you buy a meal so um there's definitely an opportunity for uh something that is uh that is better from an information theory standpoint so um and and and there you can see with like data data on a network i think is the way to view it um what has the the most throughput what has uh the least error lost what drops the fewest packets fraud for example being a source of error and government interference in currencies being a source of error but it's fundamentally an information system so um i think it makes sense to support something that improves the the the quality of

information with which we conduct the economy um and you know bitcoin is uh a candidate for that uh it is it does i think some things well um and it's obviously it's evolving and there are additional things like lightning being done on top of bitcoin um but but bitcoin per se is mostly solving for uh scarcity um or rather solving for uh essentially um having no throat to choke decentralized uh so there's no one who can be coerced in any way uh to empty their bitcoin account well i guess they could technically buy on an individual basis but the system as a whole cannot um and um and it has an open ledger which is also quite quite good transaction volume is is low uh a transaction transaction cost is high and usability for the average person is not is not

yet very good but it has a lot of potential and i should say that like i i'm not and i apologize for taking a long time but there's there's certainly a lot to say um in general i'm a supporter of bitcoin um and uh the idea of cryptocurrency in general um uh but as i've said publicly we do need to watch out for uh crypto taking uh especially bitcoin using proof of work to maybe use energy that's maybe but too much uh and and not necessarily good for the environment so um but on balance i support bitcoin and i i and i'm not an investor i don't the only publicly traded stock i own is tesla and the only significant thing i own outside of tesla is is my spacex stock that that um you know could help create both companies so um but apart from that uh i do own

bitcoin uh and tesla owns bitcoin spacex owns bitcoin um and i do personally uh own and go to ethereum and dogecoin of course so