Crypto 101 | Ben Yu & Simar Mangat | Talks at Google

[BrokeTheInterweb]

I love Ben Yu. Great briefing that spends time we don’t often get to hear explaining the big-picture of economic history and where a blockchain replacement/booster may fit in.

He’s not a fool to the fact that this is all just currency speculation. But that’s what makes it so open-ended, and its future relies on us not being assholes about it. Block chain can do great things for humanity, but will take much more painful time if we spend our time criticizing instead of offering counter solutions.

[jeffvoight]

This wasn't crypto 101. This is cryptocurrency 101. Huge difference.

[bradynields]

5:48 An important distinguishing feature of fractional reserve banking is covered but what I think is more important is that loss of faith is guaranteed to happen. Banks are indeed allowed to lend out more money than they have but where did the money come from in the first place? It was borrowed into existence via a loan, a loan that must be paid with interest. The money that is needed to pay the interest on the initial loan also needs to be borrowed into existence, causing a never ending cycle. The best thing about cryptos is they are debt-free money. They are free to circulate without any debt accompanying them like all the government currencies world wide.

[cy]

Hey ur that guys from Nas!
Bro ur a legend

[cscastro]

Damn Ben, I'm sure you are 100x's smarter than I, but let the other guy speak!!

[bradynields]

10:24 A tally stick was an interest free fiat currency that lasted for 70 centuries. True it did go to zero but not by way of inflation.

[noblebrown]

Interesting talk- but where the speakers nervous or high or both? No judgement just a observation

[mrzack]

The Central bank doesnt create money, they create reserves, which does NOT go into the main street money supply. The US federal govt creates the money via government spending. US govt spends FIRST, taxes later (Modern monetary theory). Commercial depository institutes banks create temporary iou money out of thin air which has to be paid back. The loans create the deposit (Endogenous money theory, even bank of england can attest to this).

[iSee]

How does a Californian acquire bitcoin/s? I have found that it's illegal for a California residents to participate in cryptocurrency exchanges like Coinbase and Gemini. Personally, I ran into roadblocks when trying to set up accounts. If Ben attended Stanford, a California university, did he use a California address? Or is he originally from another state where it's allowed to participate in crypto exchanges. Anywho, does anybody have info to share to help me?

[HueBFuture]

I wish Ben Yu would shut up, he rambles. Can there be a talk with just Simar Mangat he makes sense

[ktpyro]

Volume is very low, please re-upload!

[mrzack]

If the working class 99% had enough money to spend, and wages rose with productivity, and we have some sort of basic income or universal health insurance, or if assets prices such as house, rent, even college tuition didn't go out of control, you'd think people be wasting electricity mining bitcoin?? Cryptocurrency is a direct result of mass uprising against the injustice and unequal distribution of wealth in modern capitalism. Blockchain platform technology on the other hand can enhance or even replace entire industries.

[mrzack]

These speakers may be bitcoin crypto experts, but they fail miserably understanding how modern banking and modern government spending works.

[mrzack]

taxation gives value to the currency. THe first continental currency failed due to lack of taxation. Gold as a counter to inflation is a shit example. Having good assets that people want to use either for whatever reason with utility holds up against inflation. A House in a good neighborhood holds up against inflation, stocks of good companies hold their value against inflation. Inflation occurred in Zimbabwe when they destroyed their productivity. As long as a nation is productive, and wages rise, then there is no fear of inflation. Under modern capitalism the wealthy have too many and drive up the asset prices making it cost more for the 99% to purchase.