Bitcoin and the Blockchain Will Stomp Out Wall Street Fraud
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- Опубліковано 21 сер 2024
- Caitlin Long of Symbiont sits down with Reason's Nick Gillespie to discuss how blockchain technology can make the financial system more transparent.
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Bitcoin, the world's first and largest cryptocurrency, and the blockchain, which is its underlying technology, have the potential to change everything from record keeping to the global financial system.
The blockchain is a decentralized database that allows individuals to trade directly without the need for a third-party intermediary. Bitcoin is free-market money that runs on the internet, and it isn't controlled by a political entity or central bank.
It's easy to see bitcoin and the blockchain as logical extensions of the internet, with the potential to shift power from governments to individuals. It's also not clear how a fully decentralized money and public-ledger system are going to be implemented and brought to bear on everyday life.
Reason's Nick Gillespie sat down with Caitlin Long, one of Inc. magazine's "10 business leaders changing the world through tech," a former managing director at Morgan Stanley, and the current president of Symbiont, which is bringing blockchain technology to Wall Street.
Interview edited by Mark McDaniel. Introduction edited by Jim Epstein. Cameras by Jim Epstein and Sarah Siskind.
I think I'm pretty smart but when I see somebody like this lady it's a big reality check. It's amazing what she knows about economics, banking and technology.
Incredible video, I am going to have to watch it another couple of times to fully wrap my head around all of the information in it. Thank you!
I paused and rewinded about 60 times... Im good with technology and i fully understand the block chain, but not so much how it will correlate with financial institutions in the future. This was such a great outlook onto how block chains will set a new means for financial systems globally... allowing transparency and almost instantaneous transactions.. Gorgeous interview...
You should watch it at 1.5x. She is so well-informed!
Ahem what she said was Blockchain = MOON!
She is incredible! I wish her and Andreas Antonoupolis sat down with all of these skeptics, including governments and news outlets to really set the record straight and open so many eyes, she is aw inspiring!
J M what a fantastic idea!
This chick is wicked smaht.
RonPaul Revered 😂😂😂
Ya, good to see she isn't simply adding Bitcoin to the buzzword de jour, but clearly lays out the implications of the blockchain to the securities market, and how sketchy the current system is.
Certainly will be looking for more by her.
You like apples? I got a number. How bout dem apples.
Why can't people like this be president?
To be president material, you need to be a bitch to the debt controllers.
He cut her off multiple times before she was done explaining specific things. Rude interviewer. A little amateurish.
David Cabrera that's true. I thought so myself
stfu white knight
Nick is usually an excellent interviewer, but he wasn't cracking jokes here the way he usually does. I think their social dynamic was just strained for some reason. Perhaps because Nick, despite being very well read himself on economics, may have been a bit out of his depth on the finance jargon side of things.
Many of the commentors totally cannot distinguish the block-chain technology and bitcoin. While bitcoin transactions are performed on the block-chain, she is talking about the security market should be managed using block-chain technology just like bitcoin so you know exactly how owns the security when it is bought and sold instead of the too many shenanigans being played on Wall Street where the bad actor can siphon off the top due to the archaic accounting system
2Phast4Rocket 4 fuck sake! Learn how to smell or get yourself a spoil chucker
Roy Hemple spoil chucker... lmao
Every time she's saying something that I really want to hear, he interrupts her! So frustrating! Why doesn't he use a pencil and make notes, so he can ask his question, AFTER SHE FINISHES HER SENTENCE?
me too!
he is so annoying!
Because journalists are controlled opposition. They are the first to crush any attempt to break the chains. They hate freedom!
Somebody didn’t do his homework. Very poor interview with a highly interesting lady!
Completely agree. He's just intimidated how intelligent/positive energy she is and her money is long like train smoke. Caked and breaded up this sister is. Her last name is "Long". :-)
Caitlyn, your genius is shared amongst the people in Blockchain tech! You’ve got a grip on how things really work and the way you articulate your thoughts is insane. #runForPresident
Beauty and brains. Love this woman.
I've got to give Reason TV a compliment for doing this interview.
Yo Nick. Can you let her finish speaking before you interrupt?!?
Newcomers....You can buy fractions of a bitcoin
dyjruuu yes tell them!!
The fraud on wall street is not people stealing money out of your bank account but rather the banks ability to backup their risky securities with the money in your bank account. So the bank keeps and and all profit but on your end you only get the risk and no say if you want your money to be used this way. Thats like a friend borrowing money to go to the casino without you knowing, keeping any money they make but if they loose its your money that pays out.
Brilliant. Thank you for inviting this person to talk with us. I appreciate her time. Well done.
Ok except the fact that the blockchain is taking long and longer to confirm transactions and the exchanges and their websites are not equipped to handle the increasing demand.
One of the best interviews on this topic I've ever seen. Caitlin Long explains the status quo and the benefits of Blockchain tech expertly
Caitlin Long is great. She is writing a history in the future financial system. What they have achieved in Wyoming is a Big breakthrough.
Possibly your best interview ever! From von Mises to the SEC to the future of money, privacy, trust, institutions, algorithms... She's great, and so honest as well as well read, and, independently thoughtful. Well done!
We need to hear more from seasoned, well spoken, credible professionals like Caitlin Long in the space! Thank you for this interview!
amazing content, subbed. So glad to see a more technical analysis of the space
This lady is so likable. Some ppl just have the natural charm. Combined with intellect. Love the knowledge. Thank you.
Jeffery Tucker did a pretty good job refuting accusations that bitcoin violates the Regression Theorem, but (with all due respect; I'm a big fan of his) there is a more thorough -- and certainly simpler -- refutation: The 'bits' comprising bitcoin are the commodity with prior use value. It's really that simple.
I think the reason most people don't immediately recognize this is because there is little to no mention of 'coins' in the Regression Theorem. Hence, people generally conflate 'gold' (in its raw form, a commodity) with 'gold coins' (minted currency). I don't know why Mises would have omitted this step, but minting is an absolutely critical characteristic in the adoption of any currency. Gold (or silver, copper, etc.) has *never* been widely used as a currency without first being minted (authenticated and accounted for).
Contrasting bit _coins_ with gold in its _raw form_ creates a false dichotomy resulting in the Regression Theorem *not* being applied because we *stop* regressing at the 'coin' stage of bitcoin. In the proper context, the same argument could be made that gold _coins_ violate the Regression Theorem.
Everything fails the "regression theorem". Because "intrinsic value" does not exist. How much was oil worth before engines/fire?
The Regression Theorem doesn't cite Intrinsic Value, it simply illustrates that _some_ prior commodity (direct use) value exists before any item becomes adopted as a medium of exchange (currency). Mises has repeatedly debunked the Theory of Intrinsic Value (which also happens to be the premise of Karl Marx's Labor Theory of Value).
Jason Parthum Well isn't the minting part just inferred within the logic structure of using gold as money in modern times?
That's my best guess as to why Mises didn't elaborate on minting at the time. But he did devote a great deal of writing to much simpler and less significant aspects gold's adoption as currency, so I'm really not sure. Maybe he was trying to keep the scope very specific to Menger's work (which would then raise the question; Why didn't Menger address minting)?
But in (more) modern times, the importance of minting seems to have been all but forgotten. The overwhelming majority of pundits on the subject conflate gold coinage (currency) with raw gold (commodity) as though the two are indistinguishable. In the same breath they'll cite gold's historic industrial uses (often deemed 'intrinsic value") and gold's history of being currency (which is obviously due primarily to the act of coining, not the material that was coined) as though minting is irrelevant. I think those who don't perceive this additional step in the regression automatically assume that a regression only requires one step.
IE: With gold they see;
"currency
...to Mises' credit though, he did address it in other writings:
“To a naive observer, money made out of precious metal was 'sound money' because the piece of precious metal was an 'intrinsically' valuable object, while paper money was 'bad money' because its value was only 'artificial'. But even the layman who holds this opinion accepts the money in the course of business transactions, not for the sake of its industrial use-value, but for the sake of its objective exchange-value, which depends largely upon its monetary employment. He values a gold coin not merely for the sake of its industrial use-value, say because of the possibility of using it as jewellery (sic), but chiefly on account of its monetary utility. But, of course, to do something, and to render an account to oneself of what one does and why one does it, are quite different things.”
- Ludwig von Mises, The Theory of Money and Credit
Caitlin Long for Fed chair!
So that she can ABOLISH it
so after 16 yrs of being in the "financial business" she figured out that the FED was at the center of things?......what a f'n genius this lady is ~~~~~~~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Buy Bitcoin and Ethereum while you can. The Bulls are coming.
The Modern Investor who are the bulls. You think bitcoin will reach half million? Ive 2.0376 so hopefully
What about Litecoin? I'm subed on your channel BTW as of recent.
See you!
My Aha moment! Thanks for the in-depth explanation as I too believed the security and bond market was not sufficiently monitored and controlled and was 'distorting' the true value of these instruments thus adding to the risk factor as well as being a fraud !
The one thing she is wrong about is that raising the interest rates will create more money which is more debt and devalues all existing currency which causes inflation. The Fed needs to be eliminated. End of story.
Another great Nick Gillespie interview. Great choice of subject; Kaitlyn presents wonderfully well and steadily flashes her lovely smile. It was both educational and pleasant. Keep up all the great work at Reason.
FIAT currency is in massive deflation mode just a piece of paper that is worth less and less daily , BITCOIN on the other hand has REAL value , to make just 1 BITCOIN it costs over 1000 US dollars to make .
Deflation makes a currency more valuable relative to the goods it is used to buy.
As long as currency exists there will always be evil, but bitcoin is by a long leap forward to avoiding evil corporations and their proxy wars.
Interesting. @34.00 you mention that there's no need for intermediaries to run the payment thru their balance sheets and take a cut. But you accept that intermediaries can add value. If they don't take a cut, then what's the incentive to offer the intermediary service? As I understand it, blockchain tech will drastically reduce intermediary fees, but there will STILL be fees to pay, albeit a very small one.
banks make more money off of debtors than savers. period!
also the overly indebted pay fees and savers pay servicing fees...
She understands finance, accounting systems, and the blockchain, very well. She Rocks!
All this shows is that Bitcoin actually has real value , it costs over 1000 US dollars to produce 1 Bitcoin unlike Fiat currency which is just a piece of paper , so the real BUBBLE is fiat currency, Bitcoin is the future , mark my words .
Bitcoin is just bits on computers. It doesn't matter that people spent money on electricity and mining hardware. That money is gone. It's not like bitcoin is "backed" by it. Bitcoin is volatile AF. You want your currency bouncing around like crazy? That's nuts.
Wow! Well spoken and articulated.
Wow. This person needs to be heard!!!!!!!!!!
Fiat currency is in a BUBBLE NOT CRYPTOCURRENCY .
Why would any libertarian or Austrian economist argue against competition in money?
Gold isn't valuable because its physical, its valuable because the demand outpaces the supply and costs of production. Gold as a physical asset makes global exchanges difficult, requiring digitization before it can be used as currency competitively en mass.
Cryptocurrecies are valuable because/when the demand outpaces the supply and the costs of production. Bitcoin is already digitized, but also lacks the potential disaster security of a physical asset.
Neither currency is fully competitive with the other, in a free market, having both, as well as other currencies, is ideal.
Blockchain, more than just cryptocurrencies, is an incredibly exciting technology. It has the power to topple government corruption. I believe it will be the core technology of the internet in a decade.
She's dressed nicely, has good hair, and uses lots of words I don't understand. Have a "thumbs up"!
richard martinez Haha ;)
Watch it again! and again!
That is how people fall in love. You dont understand what she say but still listen ^^
Human Action. Asset allocation. Malinvestment. Joe Salerno. Tom Woods. Robert Murphy. Anarchocapitalism. END THE FED.
Hearing "Austrian School" on Reason. I'm suprised. I'm glad, just suprised. Austrian economics should be embraced by the more mainstream libertarians and the LP.
I agree. For some reason, Libertarians are obsessing on gold, rather that the Austrian economics that would make a gold standard seem reasonable. Personally, a well run fiat currency like the US dollar, or the Swiss franc, are just fine with me.
Very intelligent conversation Caitlin is on to it
Good god she is ridiculously well read/spoken. I wish I were the sort of person who puts in the effort to reach her level. Being smart only gets you so high without insane amounts of hard work that she's clearly put into learning.
oh wow this is SOOOOOO GREAT! Says eveything so clearly and so easy to understand. Definitely something to share with the family
Brilliant Lady! Great knowledge, insight, and integrity.
Caitlin should run for president!
The problem with listening to what she has to say is nothing will be don to jail all the people who knowingly on sold stocks and shares, bonds, gold that they did not have, the system is so flawed and corrupt. It sickens me that politicians knowing that this is happening do nothing and that is why the world is so bankrupt today 11/4/2020
What is your take on derivatives having a tendency to push new markets (Ie, Bitcoin) to a boom then bust cycle in 3 -5 years?
She's smart and GORGEOUS. I can tell she has a warm heart and honest. I am in LOVE!
Brilliant lady, on the right path. Thank you for this presentation!
If I pay my Discover bill today... It will get paid today... come one bitcoin. PUSH THROUGH BABY
She is great.
She is not only beautiful but very smart too. Loved her explanation.
Thank YOU
I really appreciate the great information y’all.
Well done Ms. Long!!
Very focus interview ,
brilliant
THIS IS SO HELPFUL
Both smart and beautiful... the perfect woman
She is definitely sharp as a tack and on her game. Very informative!
Thank you ✌🏼
excellent interview!
I'm with her^
If people don't know who owns what regarding the stocks and bonds business, how'd we allocate these resources then?
Can anyone tell me what she said at 2:09, "something" daily mail?
taylorlparrish wondering the same 😎
She said "Mises daily mail". Generally referring to the mises website , i take it --> mises.org/library/mises-daily-articles
Watched it a second time: shocking! (the Dole story, the DTCC, Cede, rehypothecation, naked shorts, etc.) Given the current Bitcoin price I'm sure, and glad, that she has left her former contemporaries at Morgan in the dust. - High time for fundamental change in the financial system!
I like this lady. She knows her shit.
Gold > bubbles made out of soap > bitcoins, lol
Her description of our present, canonical marketplace is unbelievably scary.
Very interesting. This woman knows what she's talking about.
In a nutshell the Block-chain provides transparency and accountability through transactional traceability of both goods and services from end to end.
CMKM Diamonds is a good example of Naked Short Selling at it's worst.
The question that should have been asked is if the chain would be able to handle the volume of information at the speed required if implemented
William Branch yup. Its called lightning and mass adoption is coming. Or increased block sizes ie segwit
Where are you from????
Fantastic video.
Cameras are way too close to their faces for this interview.
Side note, what an incredible woman.
Smart woman. She clearly has a lot of knowledge
im confuzzled
Very smart women and well spoken. Just couldn't stand the interviewers interruptions!
bitcoin is big because it was the first. just like myspace fell to facebook, bitcoin will fall to a better crypto. the underlying technology is the most important ie. social networking and blockchain.
Bitcoin is big because it's the one most people choose to use, just like Facebook. There already are (and have been) thousands of alternative cryptos, some of which are quite popular, yet most people still choose bitcoin.
Because bitcoin is big, it's more secure; and because it's more secure, more people choose to use it; (rinse, repeat).
If another crypto were developed with superior code, what's to stop the superior code from being adopted into bitcoin's code; consensus? ...the same consensus required for bitcoin to fall to a better crypto?
lack of consensus is why many of the problems with bitcoin have not been fixed, 5 transaction per second is hardly enough for it to be widely used as a currency. it's not the consensus of the developers and miners or lack of that is needed for bitcoin to fall, just a better crypto to be adopted by the community of users
The fact that it's too slow to be widely used as a currency is not an objective measure of success or failure, it's just your personal preference for how you would prefer it to operate. The free market is (overwhelmingly) choosing the current characteristics of bitcoin over every other crypto available. That's an objective fact. If/when that fact changes to the free market preferring crypto that can be widely used as a currency, the _same_ incentives that are keeping bitcoin transactions slow right now will result in bitcoin transactions becoming fast. If developers can produce a crypto that the free market prefers to bitcoin and give it a different name, they can also produce the same code and give it the same name; and they have MUCH greater incentive (brand recognition) to do the latter instead of the former.
I agree with Jason here. The technology is not the only reason why people invest into these coins. If that is the case than there are a lot of other coins that would have taken it's place as the best crypto. Bitcoin is the most relevant, most stable, most liquidity, and has the highest awareness in world. People dont understand that its not always about tech
ALGEA
Ya okay...just like the cubustion engine fell to the electric car in the 70s. Lol, how'd that work out? Going on 50 years now and the oil industry and the cubustion engine still rules the roost.
A hundred billion dollar market cap in bitcoin says you're WRONG! Bitcoin is and will be king for years and years to come.
Savers should be properly compensated for the risk or more fairly but 4 present verses 39 and 90 present in treat rates are out by a fair old whack
Awesome information! Thank you for such a informative and cerebral representation of the advantages of blockchain tech.
Terrific interview and analysis - hope we can create an honest system for all.
Great Job nick an interview i actually learned something from.
Thus woman basically just told us not to ever trust in our banks you money is based on what your bank is willing to say that you own
@2:48 she's wrong - the price of borrowing money is not the issue. the issue is: an outside party manipulating the value of the currency (the debt based "federal" reserve notes are not money because they fail the "limited in supply" part of the definition), facilitating the need to borrow currency when the effects of counterfeiting and plunder come home to roost - aka the boom-bust cycle. with sound money, the supply is limited (like bitcoin) so you have a reliable footing on which to build an economy - we have never had that in world history, just close approximations. paper and computer ledgers are not immutable, precious metals are commodities, coins and jewelry can wear out and lose value - the only immutable symbol of energy is crypto-based blockchain technology.
26:10, the worst type of manipulation in the equity market. Unbelievable how this is all allowed.
Takes away the entire purpose of intelligent investing.
Absolutely. I had considered myself relatively knowledgeable until now. Now I realize I am doubly stupid. Hadn't even considered this.
The free market is the best solution to corruption in the financial sector and the economy.
This woman needs to run for office. I want to see your name on my ballot. #letWomenFixIt
Most excellent
How many people will go to jail if they are saying to sell while they are buying!
Fabulous interview!!!!
What happens when the guy who invented the bit coin block chain, activates the back door he installed, and steals everyone's money?
dan payne If someone could confiscate all the bitcoins, they would no longer be worth anything.
Fabulous interview!
Great video
this chick is smart....she makes sense
Great interview!
Trust me on this one man, when you interrupt your guest, as you did many times, it only serves to make you look rude and unprofessional.
Great guest by the way!! Brilliant, well principled woman!
Don't pay people in this way unless it's by your choice
Bitcoin and any crypto coin is inherently incompatible with reserve banking of any kind. This means that you can't actually borrow money from the bank more than there are deposits on hand. If the only way to generate a coin is to mine it, you can't borrow 90 from the bank if the bank has 100 AND have bank's assets become 190, which is the generation of money to begin with.