The interviewer has absolutely no idea about European economies, and how business and innovation is created, run and flow, why is he conducting this interview? Tim is the man. He understands that bitcoin and other cryptoes can not be uninvented.
I have seen other interviews with him asking the question. He knows exactly what he is doing. He is asking as the 50+ Boomer type investor that remembers when gas was a quarter a gallon. Doing so covered a lot and allowed Draper to explore/explain/show more.
22:50 Tim Draper completely dodged the question of wealth distribution within bitcoin and the problem with whales - people who own vast amounts of it. We all know the story of the unbanked and how bitcoin is more accessible for them - however, the question was not about poverty, but about the whales. Imagine 1000 people owning 60-70% of all bitcoin - what then? Total dominance and price & market manipulation? I think people like Tim Draper mostly do interviews when there is some sort of a pre-agreed script or narrative so that they don't have to answer inconvenient questions. I have 2 words for this interview: "vested interests". There are a ton of better and more objective and insightful talks throughout the web.
Maybe. 10 years ago I listened to so many people tell me we gold buyers will be vindicated but that day of glory still hasn't happened and its looking less likely since Bitcoin came along.
The value of the network comes from the computational power being used to validate the transactions and secure the network. The more computer power behind the network makes it more secure. You can copy the code of Bitcoin, but you cannot just copy the amount of resources behind the Bitcoin network.
@@blueinfiniti22 its a form of value thats not controlled or manipulated by governments. Its clearly better. How about you call your bank and wire transfer $30 million to iran at 11pm on a saturday night. Oh wait you cant. Banks are closed on weekends and if your in the usa they wont even process a wire to iran. Its 2019. The enitre world is digital, but somehow its ok for money to only be transfereable accross the world mon to fri 9am to 5pm ....
Draper is in the present/future. The interviewer is way in the past. His point about competition for citizens is spot on. - Estonia already has an "e-visa", targeting remote workers - Malta calls themselves "Blockchain Island", they are so friendly to crypto - Portugal just eliminated all taxes on crypto related trades and purchases. Governments are already competing for smart citizens.
28:00 I love how Draper completely avoids Mike's question about wealth redistribution. "Oh yeah you can do that with BTC..." No you can't! You just said if yourself like a minute earlier: No one can create BTC! The gov CREATES currency to redistribute wealth. This can NOT be done on cryptocurrencies. Whether that's good or bad is a matter of debate. Probably good in the present day, where most govs redistribute from poor and middle class to rich, for the most part (through inflation, QE, tax breaks, etc etc).
I agree more with Draper, but I wish he would let the interviewer complete his questions before going on with his dream future. There's like ten questions, dumb questions, that didn't even get actually asked.
Very balanced two sides of an important topic. Especially enjoyed when the interviewer intellectually acknowledged the simple truths presented by the guest (maybe even changed his mind). Now I'm starting to think of an architecture for a smart-contracts based system built on top of Bitcoin which should, in theory, reduce the amount of government employees by at least 70%. See you at the future.
At 41:40 the interviewer asks how can a poor african in a hut get bitcoin if he can't mine it....He earns it, duh! Sell your labor for the new, better money.
Herein lies the ultimate lie of omission of Bitcoin or similar commodity money thing. The amount of work it takes for later vs earlier adopters to create a similar amount of wealth. The ultimate inequitable "currency". A complete pack of lies in this PR piece.
@@luckylui3282 your wealth is relative to the risk you accept. People in 2010 risked Bitcoin being worth anything far more than people now. And people now take more risk buying Bitcoin than people 10 years from now. Whenever you enter in the timeline, you get what you deserve. You want more wealth? Come in sooner, or at least right now. Not even later.
@@luckylui3282 And in terms of dollars or if we measure in bananas, the african will get paid exactly the same in the moment. Its just that if u save your satoshi, then instead of inflation to zero like fiat, it actually increases in purchecing power. Not exactly rocket science buddy!!
@@TerryJulianLive No its not. Thats just your opinion based upon your ignorance. You may not see a need for Bitcoin. But many peoples lives depends on it in third worlds.
For me just go with the risk and see what will happen. Because world is constantly changing. And its not stopping to evolve on every aspect. Because life is all about taking risk.
Hey Tim, there’s 100 million Satoshi’s in one bitcoin - Not 10 million. I’m surprised you didn’t know that but hey, you’re waaay more successful than I so I digress 🍸🍺
31:32 - Inter-ledger Protocol (and other similar technologies that create an echo system for instant swaps between assets) addresses this concern. This is already happening. It makes much more sense than traditional method for currency exchange.
They finally get to Bitcoin on 17:30. By the way very basic and confused discussion. Don't even waste your time listening to all the fascist propaganda before that though.
The problem with draper's argument is he doesn't understand that if you have a deflationary currency like Bitcoin, once a society builds up too much debt you get a depression. You need to be able to inflate the currency from time to time to lighten up the debt load on the economy (like now)
Ok, listen. I used to do skateboarding as a kid though stopped eventually due to repeated physical trauma. What I learned on my journey, though, was that success implies risk. In fact, the more risk the more exponential the gains but unfortunately success rate in the first three years of skateboarding is less than 5% on average. So what to do? Well, gauge the return/loss ratio and invest if the gains are worth it. This analysis depends on your judgement and your reputation depends on it. I haven't delved into Draper's investment return rate but I imagine he's solid. Skateboarding turns out to be a more risky investment for my height than I'm willing to take. Bitcoin, on the other hand...
@Sam Rocks Google "Meat Spin" to really see the full extent of Israeli influence. You may need to watch on liveleak (you know to avoid the mossad). You will love it.
Bitcoin is a protocol just like the internet. Its like saying in 1990 that streaming videos can not run on the internet. Just because you lack the imagination and understanding, does not mean its then impossible!
min 33:40. Haha, Tim had no answer to this question and just switched to a different topic. Also there are a lot of people who got hacked and lost there crypto fortunes! Yes bitcoin can not get hacked but you're computer can. So there is no difference. Also my bank account did not get hacked once. And if so I would get money back from my bank, if I would get hacked in crypto, its gone forever, big big difference. Also I think crypto is not for the masses! The average Joe doesn't get it with all the private keys, wallet addresses etc. Its just for tech nerds, not for the masses. Also for sure he is bullish on this thing, he Is heavily invested! And he said everybody should participate haha, should we buy his position up? No Thank you. Bitcoin is not a real currency and its not a store of value like gold, its just a utility for speculators. And the disruption of banks in emerging counties is not crypto, its Fintech!
Also in crypto are the most scammers ever! This says a lot about it. Also the revolution is Blockchain not crypto. Look at the professionals, they invest in blockchain companies, not in the crypto market haha. The naiv people don't get it, they think Richard Brunson and Elon musk buying cryptos haha.
Also I can transfer money for free with my EUR bank account, in some situations even instantly. But not with bitcoin, its very costly and depended on the network needs long time...
So if you were able to accumulate wealth and pass it on to your children you would want someone to look down on them because they have family wealth? Sounds kinda bitter...
Draper is in the tank for crypto and criticizes fiat. Fine but both are worthless except that people agree that they have value and BTW, crypto is still valued in fiat. Neither can ever have intrinsic value but the latter could have independent market value some day. What needs to evolve is that the market creates a mechanism for easy transacting goods and services in BTC. This won't happen until governments push too far and goes cashless and tries to institute global negative interest rates in a desperate attempt to salvage fiat. But, since there's one clean balance sheet left (IMF based in SDR), expect the powers that be to bail out the central banks and it could take another 100 years of financial oppression to get human psychology to accept private money whose value is determined by market forces rather than government edict.
Sorta correct but still appears your coming from the mostly false idea that money is or needs to be a thing of value in and of itself. How much is a $10 coupon for coffee at the local coffee shop worth? Where is the real value derived from the coupon holders perspective?
@@luckylui3282according to OECD there is on average 9% more dollars, 9% more Euros and 20% more Turkish liras created every year. Do the math. With the same cupon 20 years ago a Turkish would buy 48 times more coffee. People in europe experience a 1.5% CPI thinking that this is the actual growth in money supply.
@@luckylui3282 i understand the argument that money growth should follow the economic growth to avert deflation because the latter may have further consequences in growth. Nonetheless neither Europe experience 9% growth nor Turkey 20%. In some less developed countries money printing was even traditionally replacing taxation (eg Venezuela).
One of the most clueless interviewers I have seen, he don't understand fundamental economics, scale of economies, Bitcoin value, Bitcoin supply, innovation, like why the interviewing Draper?
Actually more and more 50+ aged people also getting into Bitcoin,. Why? Their pensions are in danger because of QE and artificial low interest rates. They are starting to get it. Maybe not as fast as 20-30 aged groups, but the consequences of too much money creation is starting to become more visible. You need a hedge, even if it is just 1% of your wealth in Bitcoin, you can recover from losses in your pension funds elsewhere.
@@birdgirl1516 sure, everyone is taking their own bet on the future. By the way, 90% of human consumption is a burden to Earth, so that is not a strong argument. Actually if people vote for a sound money system, they will get a lower time preference, which has a positive impact on lower consumption, more saving, and more care about Earth for the future. The move to green energy is also received by the miners, and if green energy gets cheaper (already happening in some places), the move to green energy for bitcoin mining will accelerate.
Yeah... but no. You are just saying a use scenario but the number of old people using crypto it's less than insignificant, it's like saying old people were the first ones using the internet or smartphones it's ridiculous
Wouldn't it be great if big tech companies (Uber, AirBnB), were replaced by block chain technology? You could have the same services, but with no intermediary, without sacrificing safety.
Yes bitcoin and cryptocurrency their the future...the fact that anyone would ask that question provides proof that it's going nowhere but staying like a household name. Buy some before BTC turns 50k EtC classic TEZO go get some.
I don't understand why bitcoin i mean there is so many other great cryptocurrency out there why everyone just are on bitcoin. Try Dash or Icon they are better and cheaper !!
The best feature to have in a sound money is resistance to hardfork changes. Only bitcoin has demonstrated resistance to hardfork changes (UASF in 2017), and therefore, all the altcoins are inferior to bitcoin.
This guy nails it... "I would much rather have a global currency rather than one tied to a political force", Tim Draper. "Eventually it will be easier to spend your btc than fiat currency", Tim Draper
Technology doesn't go backwards. There is going to be a lot of jealousy and envy for those who have invested in Bitcoin when this is all said and done. Its best to hedge yourself and buy some. It just might become something😉
Uber is great to him because he is in finance & makes plenty. I'd like to see him go be an Uber driver for a month and then tell us how great Uber is for society.
When I was getting paid in dollars, I could never seem to effectively build a savings after bills and other expenses. But after one year of my paychecks being entirely in bitcoin, I now have a huge nest egg already and that's after paying the same bills. No change in income, by the way. Dollars depreciate while bitcoin appreciates.
BTC transactions take an hour to confirm. until it becomes instant this guy's predictions will never happen. also, what happens when the mining rewards are gone? miners turn their machines off and BTC transactions are ultimately finished forever.
Miners will continue to collect all the blockchain transaction fees even after all the bitcoins are mined. For instant bitcoin transactions, we have the bitcoin lightning network.
@@carbonfibercrypto2919 lightning network is already working right now. And fees have been growing to be a bigger portion of the mining reward over the last 10 years.
@@SAL-fs1mr yeah if you call one hour transfer times "lightning", it will never be adopted for anything other than transferring large amounts of money. Daily transactions need to be instant. With other coins out there which can be transferred instantly, BTC will fall into obscurity. This is coming from someone who currently holds BTC, too.
100 million Satoshi’s to 1 Bitcoin. Anybody can buy small amounts... $1, $5, $10, $100.00, $1000.00...... any amount. There is not 4 million bitcoin for the rest of the world.. the interviewer does not understand how it works.
Bitcoin is most secure firstly relative to the money printers going brrrrrrrrr and secondly my not being able to buy physical gold from my kitchen 24/7
STRONG rebuttal at 39:15 All realities.. all dimensions... they're open to Tim Draper. Draper was doing lines of that Dune Spice Melange before this tip-top interview.
Bitcoin Satoshi Vision (BSV) is scaling the most of any block chain with best potential to be global money. It can currently handle 5000 transactions per second with planned upgrade in Feb 2020 for 150,000 TPS all on chain.
Maybe a possibility, but the world (people) need a safe haven (store of value) more than another p2p payment system. Btc is currently seen as this safe haven (the market has spoken), and this appeals more, and is needed if fiat ecosystem system collapses. I think by 2021, you will see more and better L2 solutions to allow easy and scalable spending, with the underlying bitcoin as a real safe asset by then. Not saying that there can be a different world, but currently most power goes behind Bitcoin. Will become a nice next 2 years to see it unfold.
@@hjsworld3299 True most power goes behind Bitcoin. However it is an economic system that requires miners to keep the network secure. Overtime the block reward for the miners will continue to reduce so huge amount of transactions are required to keep miners profitable. Second layer solutions mean that these transactions are pushed off chain and the miners do not receive the transaction fees. Bitcoin is required to scale massively on chain or it eventually dies. Please look into BSV Hank.
@@james2295 I did, and sorry, I do not trust it. If I would believe in higher sized blocks, I would choose BCH as BSV has a false leader above it, but basically both will most likely not succeed. But feel free to put your faith into CW. I am not mocking you, It is actually brave to be a contrarian. I hope you are lucky.
Mike Green, who is this guy? Does he have any lungs or does he always just barely croak out his words like a toad? Speak up bro. Get some air through those chords.
@@User-z3d Now if the things that you spent bitcoin on was priced in bitcoin that would eliminate the volatility. Having to translate back and forth to the dollar is a real problem at this time.
@@theworldthroughmymind5772 I say it's a chore, keeping a journal of every taxable event. But I do it and I'm fine. And I am really doing it, not just imagining the effort. I don't describe it as a "real problem".
@@User-z3d Great.I do believe that blockchain is the future that will replace the criminal banking system. Like the internet at inception, there is going to be a lot of junk to wade through.
Listening to this guy finally convinced me that Bitcoin will die. When average people start to take Bitcoin seriously and governments work out what it will do to the credit cycle/money supply they will make sure bitcoin is dead.
@@rosswlodarczyk Closing down centralized exchanges, only drives the transactions decentralized, and creates a premium price in local area. It could slow it down. But desperate measures like that, only come after the government is in it's deathspiral already. Like Kyrgyzia, China and Venezuela. Where cops steal your mining rigs, to mine it themselfs.
@@Tenebrousable The crackdown will come way before that. I'm not convinced that closing exchanges and cracking down on Bitcoin transactions is going to make it even more valuable.
@@rosswlodarczyk Regardless, it's a desparete measure. In any eventually, it's done out of fear. When the legislator sees it's hold on power crumbling. That's why it will never stop appeasing SA with various genocidal misadventures in the middle-east. Commiting warcrimes against humanity, because SA might accept other currencies for oil, collapsing worldwide dollar demand, and collapsing the dollar and federal government.
Enjoyed the interview . Just read an interesting article by Off the Chain writer Anthony Pompliano that gives a really interesting take on this very subject matter . I’m 61 and my money is going into Bitcoin and precious metals ( gold and silver ) . Bitcoin and technologies like it are changing our financial landscape and the timing couldn’t be better .
I like how, when both men want to speak at the same time, the interviewer yields to Draper. That's why we're watching.
The interviewer has absolutely no idea about European economies, and how business and innovation is created, run and flow, why is he conducting this interview? Tim is the man. He understands that bitcoin and other cryptoes can not be uninvented.
I have seen other interviews with him asking the question. He knows exactly what he is doing. He is asking as the 50+ Boomer type investor that remembers when gas was a quarter a gallon. Doing so covered a lot and allowed Draper to explore/explain/show more.
22:50 Tim Draper completely dodged the question of wealth distribution within bitcoin and the problem with whales - people who own vast amounts of it. We all know the story of the unbanked and how bitcoin is more accessible for them - however, the question was not about poverty, but about the whales. Imagine 1000 people owning 60-70% of all bitcoin - what then? Total dominance and price & market manipulation? I think people like Tim Draper mostly do interviews when there is some sort of a pre-agreed script or narrative so that they don't have to answer inconvenient questions. I have 2 words for this interview: "vested interests". There are a ton of better and more objective and insightful talks throughout the web.
Dont hate
Participate
Draper is great!!
Love that BTC tie too!
I thought when he said when you ask 30 year olds vs 50 year olds was the most interesting. It’s true
In 5 years those of us buying Bitcoin now will look like geniuses just like those that bought 5 years ago.
Yes
Indeed
Maybe. 10 years ago I listened to so many people tell me we gold buyers will be vindicated but that day of glory still hasn't happened and its looking less likely since Bitcoin came along.
Matthew Kuraja not sure what you’re talking about gold is up like 30% since then
Interviewer likes to be devil's advocate to an unpleasant degree.
Draper is a pleasant conversationalist and exceptionally thoughtful.
Honest question: if bitcoin's mechanism is inifitely replicatable, what is keeping it from becoming worthless?
The value of the network comes from the computational power being used to validate the transactions and secure the network. The more computer power behind the network makes it more secure. You can copy the code of Bitcoin, but you cannot just copy the amount of resources behind the Bitcoin network.
10 years of continuous operation.?
Only the fact that people use it. If no one uses Bitcoin, it will have no value.
@@blueinfiniti22 its a form of value thats not controlled or manipulated by governments. Its clearly better.
How about you call your bank and wire transfer $30 million to iran at 11pm on a saturday night. Oh wait you cant. Banks are closed on weekends and if your in the usa they wont even process a wire to iran.
Its 2019. The enitre world is digital, but somehow its ok for money to only be transfereable accross the world mon to fri 9am to 5pm ....
@@kamonie3331 AHHHHHH gotcha. Thanks!
Draper is in the present/future. The interviewer is way in the past.
His point about competition for citizens is spot on.
- Estonia already has an "e-visa", targeting remote workers
- Malta calls themselves "Blockchain Island", they are so friendly to crypto
- Portugal just eliminated all taxes on crypto related trades and purchases.
Governments are already competing for smart citizens.
28:00 I love how Draper completely avoids Mike's question about wealth redistribution. "Oh yeah you can do that with BTC..." No you can't! You just said if yourself like a minute earlier: No one can create BTC! The gov CREATES currency to redistribute wealth. This can NOT be done on cryptocurrencies. Whether that's good or bad is a matter of debate. Probably good in the present day, where most govs redistribute from poor and middle class to rich, for the most part (through inflation, QE, tax breaks, etc etc).
Dude it blows my mind to watch rich smart men talk about things that they clearly don’t understand the basics of...
Drapers mind is in 3019
I agree more with Draper, but I wish he would let the interviewer complete his questions before going on with his dream future. There's like ten questions, dumb questions, that didn't even get actually asked.
Bitcoin & DigiByte 😍
Very balanced two sides of an important topic. Especially enjoyed when the interviewer intellectually acknowledged the simple truths presented by the guest (maybe even changed his mind). Now I'm starting to think of an architecture for a smart-contracts based system built on top of Bitcoin which should, in theory, reduce the amount of government employees by at least 70%.
See you at the future.
I love the guest!!!
Putting Tim Draper , Warren Buffett and Charlie Munger on the same interview would be hilarious
draper looks like a good and clever guy.i hope more powerful guys like him exists
At 41:40 the interviewer asks how can a poor african in a hut get bitcoin if he can't mine it....He earns it, duh! Sell your labor for the new, better money.
Herein lies the ultimate lie of omission of Bitcoin or similar commodity money thing. The amount of work it takes for later vs earlier adopters to create a similar amount of wealth. The ultimate inequitable "currency". A complete pack of lies in this PR piece.
@@luckylui3282 your wealth is relative to the risk you accept. People in 2010 risked Bitcoin being worth anything far more than people now. And people now take more risk buying Bitcoin than people 10 years from now.
Whenever you enter in the timeline, you get what you deserve. You want more wealth? Come in sooner, or at least right now. Not even later.
@@luckylui3282 And in terms of dollars or if we measure in bananas, the african will get paid exactly the same in the moment. Its just that if u save your satoshi, then instead of inflation to zero like fiat, it actually increases in purchecing power.
Not exactly rocket science buddy!!
BITCOIN IS BULLS**T
@@TerryJulianLive No its not.
Thats just your opinion based upon your ignorance.
You may not see a need for Bitcoin. But many peoples lives depends on it in third worlds.
LONG LIVE OUR CAPITALISM.
NO. THE FUTURE OF OUR MONEY is NOT FIAT. NOT PM. NOT CRYPTO. IT is.......
For me just go with the risk and see what will happen. Because world is constantly changing. And its not stopping to evolve on every aspect. Because life is all about taking risk.
Well said. Why fight an opportunity?
Not "crypto", just Bitcoin.
Hey Tim, there’s 100 million Satoshi’s in one bitcoin - Not 10 million. I’m surprised you didn’t know that but hey, you’re waaay more successful than I so I digress 🍸🍺
I forget sometimes to how many sats are in a bitcoin lol especially with crypto where you deal with numbers a lot so you can mess up
Interesting interview. I agree with Tim.
Web3 Infinity INFTY3's community is like a family. Love the sense of unity!
Great conversation and insights from both.
Does Draper ever mention a coin besides Bitcoin?
31:32 - Inter-ledger Protocol (and other similar technologies that create an echo system for instant swaps between assets) addresses this concern.
This is already happening. It makes much more sense than traditional method for currency exchange.
XRPL
@@cavanw9685 - For sure! It's a protocol so folks should know ILP works with any asset - XRP (for sure), BTC, LTC, ETH, etc...
They finally get to Bitcoin on 17:30. By the way very basic and confused discussion.
Don't even waste your time listening to all the fascist propaganda before that though.
One year ago ....
The problem with draper's argument is he doesn't understand that if you have a deflationary currency like Bitcoin, once a society builds up too much debt you get a depression. You need to be able to inflate the currency from time to time to lighten up the debt load on the economy (like now)
"That big building, you do it once and the oh my gosh"...😋😂
There will trading platforms in the near future where one can invest in the traditional market and crypto with Bitcoin
You got the numbers wrong. 17 million mined and out of that 17 million several million are lost. So less than 4 million bitcoin left to be mined.
“When we invest half of them
Don’t work” that my friends is why you never follow VC with money you didn’t get free
Ok, listen. I used to do skateboarding as a kid though stopped eventually due to repeated physical trauma. What I learned on my journey, though, was that success implies risk. In fact, the more risk the more exponential the gains but unfortunately success rate in the first three years of skateboarding is less than 5% on average.
So what to do? Well, gauge the return/loss ratio and invest if the gains are worth it. This analysis depends on your judgement and your reputation depends on it. I haven't delved into Draper's investment return rate but I imagine he's solid. Skateboarding turns out to be a more risky investment for my height than I'm willing to take. Bitcoin, on the other hand...
A continued deflation with a one world digital currancy.
Sam Rocks please stop
@Sam Rocks Google "Meat Spin" to really see the full extent of Israeli influence. You may need to watch on liveleak (you know to avoid the mossad). You will love it.
This man's eyebrows are out of this world 😆
That VC lives in a bubble, wait until all this mobility completely disolves community cohesion
Much like clustering into cities with millions of people has dissolved tribal cohesion?
DowskiVision MagicalOracle
No, cars destroyed our cohesion.
Or was it television...
No, no...phones! That’s the problem.
Tim, you keep talking about smart contracts. Smart contracts cannot be built on Bitcoin. Smart contracts are native to Ethereum.
Rootstock allows building smart contracts on BTC.
Yeah... Learn about Rootstock..
Bitcoin is a protocol just like the internet.
Its like saying in 1990 that streaming videos can not run on the internet.
Just because you lack the imagination and understanding, does not mean its then impossible!
That's why most altcoins will die, most of their advances can eventually come to bitcoin
dude do u really know how the currency works? go learn some macroeconomic before saying some mumble junmble here. u just keep embarrassing yourself
Nice tie.
1 Bitcoin = 100 Million Satoshis. (correct the moderatos and Draper´s statements).
min 33:40. Haha, Tim had no answer to this question and just switched to a different topic. Also there are a lot of people who got hacked and lost there crypto fortunes! Yes bitcoin can not get hacked but you're computer can. So there is no difference. Also my bank account did not get hacked once. And if so I would get money back from my bank, if I would get hacked in crypto, its gone forever, big big difference. Also I think crypto is not for the masses! The average Joe doesn't get it with all the private keys, wallet addresses etc. Its just for tech nerds, not for the masses. Also for sure he is bullish on this thing, he Is heavily invested! And he said everybody should participate haha, should we buy his position up? No Thank you. Bitcoin is not a real currency and its not a store of value like gold, its just a utility for speculators. And the disruption of banks in emerging counties is not crypto, its Fintech!
Also in crypto are the most scammers ever! This says a lot about it. Also the revolution is Blockchain not crypto. Look at the professionals, they invest in blockchain companies, not in the crypto market haha. The naiv people don't get it, they think Richard Brunson and Elon musk buying cryptos haha.
Also I can transfer money for free with my EUR bank account, in some situations even instantly. But not with bitcoin, its very costly and depended on the network needs long time...
You commented on your own comment? Probably even liked it.
This interviewer's robot motor voice keeps making me almost leave this video early but I'm still tuned in for Draper.
Clearly need some work on your critical thinking skills.
Lovely talk! subtitles at times way off again though
Does he say "fiefdom" wrong or am I wrong?
I thought it was pronounced "feef-dum" also.
But he has a ton of money, so I'll say like he does. :)
Tim wish you would run for President!!!
I'm excited to be part of the Web3 Infinity INFTY3 revolution. Let's make a difference!
Trust fund baby.. not interested.
So if you were able to accumulate wealth and pass it on to your children you would want someone to look down on them because they have family wealth? Sounds kinda bitter...
Draper is a legend
Busting badass billion-dollar moves left & right.
ZAR (South African Rand) @TimDraper 😂
Draper is in the tank for crypto and criticizes fiat. Fine but both are worthless except that people agree that they have value and BTW, crypto is still valued in fiat. Neither can ever have intrinsic value but the latter could have independent market value some day. What needs to evolve is that the market creates a mechanism for easy transacting goods and services in BTC. This won't happen until governments push too far and goes cashless and tries to institute global negative interest rates in a desperate attempt to salvage fiat. But, since there's one clean balance sheet left (IMF based in SDR), expect the powers that be to bail out the central banks and it could take another 100 years of financial oppression to get human psychology to accept private money whose value is determined by market forces rather than government edict.
100 years is way too long especially in crypto. Changes happen faster.
Sorta correct but still appears your coming from the mostly false idea that money is or needs to be a thing of value in and of itself. How much is a $10 coupon for coffee at the local coffee shop worth? Where is the real value derived from the coupon holders perspective?
@@luckylui3282according to OECD there is on average 9% more dollars, 9% more Euros and 20% more Turkish liras created every year. Do the math. With the same cupon 20 years ago a Turkish would buy 48 times more coffee. People in europe experience a 1.5% CPI thinking that this is the actual growth in money supply.
@@thanasispanification : Llook who doesn't understand money creation / destruction. On par for the money as thing crowd.
@@luckylui3282 i understand the argument that money growth should follow the economic growth to avert deflation because the latter may have further consequences in growth. Nonetheless neither Europe experience 9% growth nor Turkey 20%. In some less developed countries money printing was even traditionally replacing taxation (eg Venezuela).
Woah, did Draper just compare this guy's intelligence with that of a high school kid? 56:00
One of the most clueless interviewers I have seen, he don't understand fundamental economics, scale of economies, Bitcoin value, Bitcoin supply, innovation, like why the interviewing Draper?
Well...strictly speaking, I guess he did :)
Ouch lol
Actually more and more 50+ aged people also getting into Bitcoin,. Why? Their pensions are in danger because of QE and artificial low interest rates. They are starting to get it. Maybe not as fast as 20-30 aged groups, but the consequences of too much money creation is starting to become more visible. You need a hedge, even if it is just 1% of your wealth in Bitcoin, you can recover from losses in your pension funds elsewhere.
@@birdgirl1516 sure, everyone is taking their own bet on the future. By the way, 90% of human consumption is a burden to Earth, so that is not a strong argument. Actually if people vote for a sound money system, they will get a lower time preference, which has a positive impact on lower consumption, more saving, and more care about Earth for the future. The move to green energy is also received by the miners, and if green energy gets cheaper (already happening in some places), the move to green energy for bitcoin mining will accelerate.
Yeah... but no. You are just saying a use scenario but the number of old people using crypto it's less than insignificant, it's like saying old people were the first ones using the internet or smartphones it's ridiculous
Yes it did .honesty is gone WALL STREET , GOV, BANKS, LAWYERS WHEN THIS GO,S DOWN PEOPLE WON'T TRUST FOR A LOG TIME
Hi !,Will I am ,subbed the other day an have had no up dates at all ,so true so sad.They so sick. Your da Man. Much Love from New Zealand.
Wouldn't it be great if big tech companies (Uber, AirBnB), were replaced by block chain technology? You could have the same services, but with no intermediary, without sacrificing safety.
Still wearing the Bitcoin tie, absolute legend🤣
Yes bitcoin and cryptocurrency their the future...the fact that anyone would ask that question provides proof that it's going nowhere but staying like a household name. Buy some before BTC turns 50k EtC classic TEZO go get some.
They are all going to be headed towards a metal standard world wide. Because of digital money with unlimited 0s and valued things by different people.
I like metals and have it myself.
But u clearly dont understand crypto. That is pretty obvious.
@@luffebassen I understand that if you don't have electricity you can't access your cyrpto acount
The new generation it's used to all things digital, only old people still need the phisical aspect of things
I've explored alternative currencies, and Web3 Infinity INFTY3 seems like a more appealing option to me.
Bitcoin is the best way for China folks to siphon money out of China and that's why it's gaining momentum very fast.
How so? No one accepts Yuan, not even BTC holders.
Where it is later converted to other assets, once accessible outside of China.
@@MrAmbrosse you have no idea about what you are talking about lol
My grandfather, father, I, ... And now my daughter only backs women... Sexist much???
I don't understand why bitcoin i mean there is so many other great cryptocurrency out there why everyone just are on bitcoin. Try Dash or Icon they are better and cheaper !!
The best feature to have in a sound money is resistance to hardfork changes. Only bitcoin has demonstrated resistance to hardfork changes (UASF in 2017), and therefore, all the altcoins are inferior to bitcoin.
This guy nails it...
"I would much rather have a global currency rather than one tied to a political force", Tim Draper.
"Eventually it will be easier to spend your btc than fiat currency", Tim Draper
If both become very difficult to spend, easier or not for btc, that doesn't mean much.
Nice Interview though.
he spent time in china as well share technology from BAY AREA
He seems to have is shit together. I like him
Even Doge is going up.
Technology doesn't go backwards. There is going to be a lot of jealousy and envy for those who have invested in Bitcoin when this is all said and done. Its best to hedge yourself and buy some. It just might become something😉
Uber is great to him because he is in finance & makes plenty. I'd like to see him go be an Uber driver for a month and then tell us how great Uber is for society.
35:26 What.. I'm in my early 30s and I'd much rather have dollars, or even better invest in something useful like equities or commodities.
Your dollars are losing value every year to inflation. Give me bitcoin.
When I was getting paid in dollars, I could never seem to effectively build a savings after bills and other expenses. But after one year of my paychecks being entirely in bitcoin, I now have a huge nest egg already and that's after paying the same bills. No change in income, by the way. Dollars depreciate while bitcoin appreciates.
You're just like the guy who proved that danish aren't the talest people in the world, because he saw one short one once.
This is painful to watch. I’m long crypto but why are the larger players so ridiculous to listen too.
BTC transactions take an hour to confirm. until it becomes instant this guy's predictions will never happen. also, what happens when the mining rewards are gone? miners turn their machines off and BTC transactions are ultimately finished forever.
Miners will continue to collect all the blockchain transaction fees even after all the bitcoins are mined. For instant bitcoin transactions, we have the bitcoin lightning network.
@@SAL-fs1mr two assumptions that may or may not come true
@@carbonfibercrypto2919 lightning network is already working right now. And fees have been growing to be a bigger portion of the mining reward over the last 10 years.
@@SAL-fs1mr yeah if you call one hour transfer times "lightning", it will never be adopted for anything other than transferring large amounts of money. Daily transactions need to be instant. With other coins out there which can be transferred instantly, BTC will fall into obscurity. This is coming from someone who currently holds BTC, too.
Transactions don't take 1 hour to confirm, they usually take less than 5 mins.
Buffet is aCIA asset. Pho y as JeffBezos.
I've been keeping track of Web3 Infinity INFTY3, and it's growing traction.
why are you so complicated to discribing a simple thing.
The journalist doing the interview is so uninformed it’s painful to hear him.
I actually think he's great. He clearly understands it, but he is asking the hard questions. Which is great.
100 million Satoshi’s to 1 Bitcoin. Anybody can buy small amounts... $1, $5, $10, $100.00, $1000.00...... any amount. There is not 4 million bitcoin for the rest of the world.. the interviewer does not understand how it works.
Bad service. High cost. Over complicated. Unrealistic. Unfair.
Sounds exactly like real estate...
And you sound exactly like a sore loser!
But what else is new....
Bitcoin is most secure firstly relative to the money printers going brrrrrrrrr and secondly my not being able to buy physical gold from my kitchen 24/7
SAFEMOON Exchange
i was still in doubt till i began to see positive results with increase in my Btc .Thanks to Larry's program
These are all great ideas and visions (i wish i could live in such a world) but the governments and voters of the world will never allow it.
It's unstoppable if you participate. If you don't ..then yeah, you LET them to never allow it.
They won’t need to allow it. It will just happen
Transformative ideas...Elemental Hypertech and the World's 1st Time Travel Game is a new way of doing things. Great interview thx
STRONG rebuttal at 39:15
All realities.. all dimensions... they're open to Tim Draper. Draper was doing lines of that Dune Spice Melange before this tip-top interview.
I INVESTED IN VENTURE CAPITAL I CANADA AND GOT RIPPED OFF
100mln satoshi... -.- mr draper...even dont have a clue
Lol. He has no idea about bitcoin supply. And draper sais 10million satoshis = 1 btc?
You're safer on the DGB blockchain
My man
Why is that?
Bitcoin is said to be the safest blockchain for a reason.
👍🏿👍🏿👍🏿
Bitcoin Satoshi Vision (BSV) is scaling the most of any block chain with best potential to be global money. It can currently handle 5000 transactions per second with planned upgrade in Feb 2020 for 150,000 TPS all on chain.
Maybe a possibility, but the world (people) need a safe haven (store of value) more than another p2p payment system. Btc is currently seen as this safe haven (the market has spoken), and this appeals more, and is needed if fiat ecosystem system collapses. I think by 2021, you will see more and better L2 solutions to allow easy and scalable spending, with the underlying bitcoin as a real safe asset by then. Not saying that there can be a different world, but currently most power goes behind Bitcoin. Will become a nice next 2 years to see it unfold.
@@hjsworld3299 True most power goes behind Bitcoin. However it is an economic system that requires miners to keep the network secure. Overtime the block reward for the miners will continue to reduce so huge amount of transactions are required to keep miners profitable. Second layer solutions mean that these transactions are pushed off chain and the miners do not receive the transaction fees. Bitcoin is required to scale massively on chain or it eventually dies. Please look into BSV Hank.
@@james2295 I did, and sorry, I do not trust it. If I would believe in higher sized blocks, I would choose BCH as BSV has a false leader above it, but basically both will most likely not succeed. But feel free to put your faith into CW. I am not mocking you, It is actually brave to be a contrarian. I hope you are lucky.
Suggested rebrand : Shill Vision Finance
Shocking how naive Draper is. Maybe he should spend more time learning about biological variance.
Mike Green, who is this guy? Does he have any lungs or does he always just barely croak out his words like a toad? Speak up bro. Get some air through those chords.
Bitcoin has too much volatility to be used as a currency at this time.
I had my paychecks switched entirely into bitcoin and, so far this year, I've realized a lot of gains while I try to just spend it like normal money.
@@User-z3d Now if the things that you spent bitcoin on was priced in bitcoin that would eliminate the volatility. Having to translate back and forth to the dollar is a real problem at this time.
@@theworldthroughmymind5772 I say it's a chore, keeping a journal of every taxable event. But I do it and I'm fine. And I am really doing it, not just imagining the effort. I don't describe it as a "real problem".
@@User-z3d Great.I do believe that blockchain is the future that will replace the criminal banking system. Like the internet at inception, there is going to be a lot of junk to wade through.
I been spending solely bitcoin for the past year 🤷🏼♂️
Listening to this guy finally convinced me that Bitcoin will die. When average people start to take Bitcoin seriously and governments work out what it will do to the credit cycle/money supply they will make sure bitcoin is dead.
Its decentralized. They cant stop it.
@@kamonie3331 Thats great news if you don't want to buy or exchange Bitcoin for anything.
@@rosswlodarczyk Closing down centralized exchanges, only drives the transactions decentralized, and creates a premium price in local area. It could slow it down. But desperate measures like that, only come after the government is in it's deathspiral already. Like Kyrgyzia, China and Venezuela. Where cops steal your mining rigs, to mine it themselfs.
@@Tenebrousable The crackdown will come way before that. I'm not convinced that closing exchanges and cracking down on Bitcoin transactions is going to make it even more valuable.
@@rosswlodarczyk Regardless, it's a desparete measure. In any eventually, it's done out of fear. When the legislator sees it's hold on power crumbling. That's why it will never stop appeasing SA with various genocidal misadventures in the middle-east. Commiting warcrimes against humanity, because SA might accept other currencies for oil, collapsing worldwide dollar demand, and collapsing the dollar and federal government.
She only backs wamen? 😂
Enjoyed the interview . Just read an interesting article by Off the Chain writer Anthony Pompliano that gives a really interesting take on this very subject matter . I’m 61 and my money is going into Bitcoin and precious metals ( gold and silver ) . Bitcoin and technologies like it are changing our financial landscape and the timing couldn’t be better .
yall crypto fanatics are going to be sad when it crashes
There are much better and safer alternative currencies, including Web3 Infinity INFTY3, thus I'm no longer interested in those ones.
noone ever pays me in bitcoin :~~
Don't worry, they will in time.