How the blockchain is changing money and business | Don Tapscott

What is the blockchain? If you don't know, you should; if you do, chances are you still need some clarification on how it actually works. Don Tapscott is here to help, demystifying this world-changing, trust-building technology which, he says, represents nothing less than the second generation of the internet and holds the potential to transform money, business, government and society.

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22 Comments on How the blockchain is changing money and business | Don Tapscott

  1. Great talk, but I have to disagree with a comment that the speaker made. That xenophobia, protectionism, hatred etc. are represented by things such as Brexit. This is simply not the case. One need only look at history, in particular, the history of central banking, to see why the world is where it is today and why things like blockchain, and its first “app” if you will, currency, is in front of us today. In a way, blockchain’s app of currency (things like Dash and Bitcoin), are the financial version of what could be regarded as the political revolution that is Brexit. Central banking is literally a cancer that is destroying people’s wealth around the world. Look at the ZIRP (zero interest rate policy) and even NIRP (negative interest rate policy) that has been happening in these years after the GFC. Zero and negative interest rates for fiat currencies around the world are great for big business that need to borrow money for investments and projects, but those same policies encourage rampant consumerism and destroy purchasing power of all the same currencies for the common people of those countries. We are seeing the separation of wealth only increasing in alarming amounts around the world. When this happens, you get the classic problem of societies throughout history: the war of the classes, the rich versus the poor.

    As often happens, the rich are the minority that desparately tries to maintain its control of the majority (the poor). In these situations, you get concepts like collectivism and globalism. You start to see fascistic entities, like the EU (unelected bureaucrats that demand tribute and make laws for the member countries) emerge. Increasingly, in the interest of preservation of power, they set to work destroying the rights and power of self determination of all the member states they lord over. In the case of Brexit, the EU was ruling the UK and not giving the UK any say regarding the laws and policies that it had to follow, in order to maintain its membership in the EU. Big issues, like regulation and immigration, were causing massive discord in the UK, and they were powerless to stop it, they had given so much control of their country to the EU, the referendum declared the people’s need for freedom from this oppression.

    Ultimately, it can be seen that it is in the best interest of the EU to destroy the sovereignty of member nations.. because it makes them more controllable. Look at what happened to Greece as a consequence of being squeezed into the EU. Their entire country is in a state of default and they are forced to follow austerity guidelines, roll over their unpayable debt, and continue to pay interest payments indefinitely. They are in a debt prison to the EU and the EU could gives not a damn about their suffering.

    The way I see it, block chain and cryptocurrency are the response to the cancer that is central banking and collectivism/globalism. It is the battle against the collapsing fiat ponzi scheme, a scheme that can only survive by tightening is iron grip on the people, doubling, tripling and quadrupling down on its failed policies and struggling, as fast as it can, to imprison people worldwide in more and more debt prisons until we are all under the sway of one world government and a one-world fiat currency.

    Brexit and blockchain are responses on political and financial levels, respectively.

    • sidfor911truth
      I guess the speaker doesn’t understand how important sovereignty is, how pathetic that he has to use such words to describe people who voted freedom over totalitarianism.

    • haha freedom they voted to close themselves from the world but I’m sorry the world does not work that way anymore I get why people hate globalization but the solution is not that.

  2. “and the biggest problem is that they have appropriated the largess of the digital age asymmetrically, and we have wealth creation, but we have growing social inequality.” A brilliant description of the current disenfranchising of labor that our politicians refused to plan for or to deal with now. They keep claiming they will create ‘jobs’ in an environment where they are no longer needed, and worse, claiming that we have historically high employment based upon deceptive statistics that do not acknowledge those who have been rendered obsolete and have stopped looking. In addition, there is no acknowledgment that the vast majority of jobs available to most workers are extremely low paid, and part time with ‘flexible’ hours in terms of both scheduling and quantity. Economist Michael Hudson (UM) accurately predicted some ten years ago that the agenda was to reduce living standards of the average household by 30% and embark upon the largest wealth transfer to the already wealthy in human history. Yay Capitalism!

  3. Great applications – Topple Western Union, Own our Identities, Better Compensation for Artists to incentivize creation – this is empowering stuff!

  4. What happens if speculators fall into a mass panic and decide to sell into another currency? I mean the blockchain would still be there but wouldn’t that create a crisis of rentability for the miners and turn it useless? I know this is about blockchain systems but im just wondering what happens if the miners simply decide to stop mining because its not profitable anymore, specially if the investment into mining becomes a huge enterprise and suffers a major blow. What impact would it have in the rest of the economy ?

  5. Glad to know that you are mentioning ‘Hernando de Soto’ on Minute 10:44′ …… overall excellent explanation!

  6. A dictator can still ignore the blockchain and seize land from rightful owners anyways. So it is only plausibly useful for property rights enforcement in societies which dont tolerate the seizure of property at the barrel of a gun. In many of these places might makes right. They wont give a crap what some computer says.

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