Banks are investing hundreds of millions of dollars in the blockchain ecosystem, training tens of thousands of developers to build things that won’t work. The future role of banks in the economy. Horse carriages in Central Park did not completely disappear because of cars. They will be used for legacy applications. “Centralised blockchains” are a contradiction in terms because the purpose of a blockchain is to allow for/ increase decentralisation. Banking as an institution is obsolete; it may take 20-30 years before you see that ripple through the world, but it will. I’m hoping the best of the best of these developers take a couple of years getting bored doing proof-of-concept on reinventing spreadsheets, and then use their Christmas bonus to fund a start-up that will compete against their former employer who taught them how to do this. I’ve talked to people from these banks who’ve done this. Competition will determine the outcome in the market, and if you continue to build horse buggies in the age of the automobile, you go out of business. The dinosaurs will survive but they will change and lose enough power until they become chickens. That’s what happened to the dinosaurs, and we have their children for breakfast every morning.
The first clip is from a talk which took place on October 19th 2016 at the Bitcoin Wednesday Meetup in Amsterdam, Netherlands: https://www.meetup.com/BitcoinWednesday/events/234498117/
Event Info: http://www.bitcoinwednesday.com/event/special-edition-19-october-2016/
Presentation Info: http://www.bitcoinwednesday.com/antonopoulos-money-under-surveillance/
Watch the full talk here: https://youtu.be/3MLy5Z5ISeA
The second clip is from a talk which took place on September 20th 2016 at the @SFBTCMeetup in San Francisco, California: https://www.meetup.com/San-Francisco-Bitcoin-Social/events/228473660/
Watch the full talk here: https://youtu.be/UJSdMFPjW8c
“Chiken Eggs” by Proof-of-Beats: https://soundcloud.com/proofofbeats/chiken-eggs
RELATED:
Bitcoin and the Banks: Five Stages of Grief – https://youtu.be/43Ucj6_Erb0
The end of vampire-squid financing – https://youtu.be/yyXOQG5iNWo
Bitcoin Security: Bubble Boy and the Sewer Rat – https://youtu.be/810aKcfM__Q
The Stories We Tell About Money – https://youtu.be/ONvg9SbauMg
Fake News, Fake Money – https://youtu.be/i_wOEL6dprg
The Killer App: Engineering the Properties of Money – https://youtu.be/MxIrc1rxhyI
Open Blockchains for Cashless Developed Economies – https://youtu.be/eo-0BgrKxiI
Separation of money and state – https://youtu.be/jGmtRA9S7_Y
How will the currency war affect companies? – https://youtu.be/c9MIM2vZUZc
ICOs and financial regulation – https://youtu.be/Plu_WX3Gs8E
ICOs and responsible investment – https://youtu.be/C8UdbvrWyvg
Are you a banker wondering whether Bitcoin and open blockchains are about to disrupt your industry? I have a playlist for you: https://www.youtube.com/playlist?list=PLPQwGV1aLnTu45KFS6Sq6Z05qToY-n_k2
Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and well-respected figures in bitcoin.
Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/
He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.
THE INTERNET OF MONEY, v1: https://www.amazon.co.uk/Internet-Money-collection-Andreas-Antonopoulos/dp/1537000454/ref=asap_bc?ie=UTF8
MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bitcoin-Unlocking-Digital-Cryptocurrencies/dp/1449374042
[NEW] MASTERING BITCOIN, 2nd Edition: https://www.amazon.com/Mastering-Bitcoin-Programming-Open-Blockchain/dp/1491954388
Subscribe to the channel to learn more about Bitcoin & open blockchains!
If you want early-access to talks and a chance to participate in a monthly LIVE Q&A with Andreas, become a patron: https://www.patreon.com/aantonop
Music: “Unbounded” by Orfan (https://www.facebook.com/Orfan/)
Outro Graphics: Phneep (http://www.phneep.com/)
Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)
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Holy shit, that last part was straight SAVAGE!!
1000 views of this must come from me alone, this video is absolutely priceless!! – This is the Video i sent the most to friends questioning the survival of Cryptos 🙂 – Thanks a lot Andreas
Andreas is the man!! Love that guy.
Viscous
this is all well and good but we cant pay our bills directly with bitcoin. We still have to convert BTC to FIAT.
I knew it. Dinosaurs are the ancestors of chickens.
Everytime Andreas came out with an analogy, it sure cracked me up!! “The dinosaur will survive but they will changed and lose enough power until they become chicken”
I doubt when liking the video as I'm the 666 one but the chicken analogy is too fun and worth the paranoia risk.
Great job as always keep it up Andrea!
Facebook and Amazon seem to say otherwise. Yes the Internet disrupted many things, but mostly it just altered them, as block chain may well alter banking. Still, if people just click "I agree" to insane privacy violating terms of service such as facebook's, then a new giant immerges and oppresses where the old giant fell and died. Facebook (or something like it) could have become an amazing tool for the people, instead it became the ultimate "to big to fail" business where data only hoped for before is now offered freely by the oppressed to the oppressors. Amazon has killed more mom & pop businesses then any 10 big retailers that proceeded it.
This is a choice, and for all of you who think God is coming to save you, one you must make. The "elect" are the elect because they choose to be. If you faith in God will not allow you to be cast into the lions den or firey furnace rather than to denounce your beliefs, bitcoin will be of little consequence. Every tool is only good for what the wielder wishes to use it for, create or destroy. Bitcoin is no different and is already under intense attack from within and without. The powers that be (or Satan for those who see in those terms) will not just stop fighting and say "well I guess you win", this is all or nothing, live or die. If you're approaching this as a hobby that could make you rich you are not helping anyone, including yourself.
Private blockchains will fail just as badly as the intranet did in the 1990s in which businesses wanted to control the internet by setting up their own company controlled intranets but sadly for them consumers globally opted out for the public open internet protocols. In the near future private banker and government blockchains will fail for the same reason as people will flock to open permission less internet money protocols like Bitcoin and Ethereum.
I feel bad for banks they will wake up to what is happening the hard way as they become the blockbusters of finance as we move to an open, permission less, truly global and open financial system. I am sure this open and frictionless financial system scares banks and governments who are all about control.
So Ripple?
"We have their children for breakfast every morning."
He's gotten more aggressive with speeches.
Cryptocurrency is to Internet like paper money was to the printing press. Before the printing press, knowledge (hand-written books) was in the hand of the few monarchs and feudals who maintained control with lies and ensalve the people with their money (metal coins). After the printing press (1500DC) anyone could publish and knowledge spread to all society starting a social and cientific revolution. Paper money expanded commerce giving power to the bourgeoisie (middle class) who finally took over the monarchs. History repeating itself.
Dammm i love this guy
although dinosaurs didn't actually exist. still a great analogy.
Insurance is another industry to be impacted
but why won't the banks take this tech and use it to centralize more, get rid of paper money use digital money to keep track of everything and the people using this currency and destroy any competitors using the help of regulators? I of course don't want this but I understand its a direct danger to the current banking system why would they let it flourish other than to directly benefit current system.
Now Blockchain is also changing the Job-Market. Just google BLOCKLANCER. An awesome project! Already thousands of people are following on twitter & facebook!
If Bitcoin moves to Proof of Stake it just mean central control by banks and large wealthy stakeholders. Back to square one…
1:33
Andreas, I could not disagree with you more. You need to read about the history of money. The banks control the world.
"Give me control of a nation's money and I care not who makes it's laws" — Mayer Amschel Bauer Rothschild
Question: What if governments and banks decide to print fiat and buy up Crypto positions… wouldn't they then hold the power once again? I believe this is one of the problems with exchanges pegging BTC to the USD. It's fundamentally a potential weak link. What are your thoughts? Is this something I should be worried about looking into the future of freedom and money?
3:21 Savage af, I like it.
In the data centre industry open source software has been eating hardware (see HHVM) ……..now I see software apps eating those traditional banks
Banking is now an app???
My brain continues to receive knowledge ????
What is your stance on Bitcoin Cash? Currently it's 34% more profitable to mine than Bitcoin and they have stated they plan on pushing bitcoin out and becoming the main bitcoin currency and with that coin nearing $1000 things are looking a bit scary so would love to hear your opinion about it.
Ha Ha! Chickens really are descended from dinosaurs…
Centralized blockchain is the dumbest thing I have ever heard!