En hyllad Deutche Welle (DW) dokumentär om kryptovalutor
0:05 I had an idea an idea that just wouldn’t
0:09 let me go until I programmed it
0:14 my name is Satoshi Nakamoto you don’t
0:17 know me not yet
0:19 but my invention will change your life
0:25 [Music]
0:35 by linking all computers our lives were
0:38 digitalized reduced to a set of data
0:41 that need only be collected and analyzed
0:43 every word every gesture every
0:45 transaction
0:47 the internet was transformed from a
0:49 window onto the world into a means of
0:51 control
0:53 a new economy was emerging
0:55 we would be its raw material
0:59 this new world would upend everything
1:00 our Communications our rights our
1:03 privacy
1:05 in the era of self-style promotion
1:07 privacy is a revolutionary act
1:09 regardless of whether there is something
1:11 to hide or not privacy is not secrecy A
1:14 Private Matter is something you don’t
1:15 want the world to know a secret is
1:17 something you don’t want anybody to know
1:20 privacy is the power to selectively
1:22 reveal oneself to the world
1:24 freedom
1:27 with the growth of the internet it
1:29 became necessary for everyone to have
1:31 access to strong encryption
1:36 cryptography is the art of scrambling
1:39 information to make it unintelligible
1:41 except to those that have the right key
1:43 to unscramble it so governments form
1:47 their opinion about cryptography as a
1:49 consequence of how pivotal it was to the
1:51 outcome of World War II the government
1:53 regarded it as a munition
1:56 and restricted its export
2:01 [Music]
2:03 the cypherpunks a group of activists in
2:07 the in the San Francisco Bay Area were
2:09 quite interested in promoting strong
2:11 encryption
2:13 for us cypherpunks freedom is
2:15 non-negotiable it tops everything
2:17 freedom is our struggle Eric Hughes said
2:20 it in his Manifesto back in 1993.
2:24 privacy is necessary for an open Society
2:27 in the electronic age
2:29 we cannot expect governments
2:31 corporations or other large faceless
2:32 organizations to grant us privacy out of
2:35 their beneficence
2:36 cyberpunks write code
2:38 we know that someone has to write
2:40 software to defend privacy and since we
2:43 can’t get privacy unless we all do we’re
2:45 going to write it
2:47 they believe that true human expression
2:50 is really only possible when you can
2:54 protect your anonymity
2:57 and out of this movement came many
3:00 attempts to recreate various fundamental
3:05 institutions of society using the
3:09 complex mathematics of cryptographic
3:12 systems so things like voting systems
3:15 digital communication systems that
3:17 enabled very strong privacy
3:20 the cypherpunks were a group of
3:22 individuals who felt that cryptography
3:24 could enable new human Freedom that
3:26 freedom to communicate and the freedom
3:28 to send money and there were many
3:31 different versions or ideas behind like
3:33 digital cash I’ve got to send something
3:35 for my mom’s birthday I’ll then booked
3:37 plane tickets for our trip next week and
3:38 my kids got to go to the library to look
3:40 up dinosaurs hey we can take care of all
3:42 that before we go yeah right oh with
3:45 America Online America Online can do all
3:47 that if you can control people’s money
3:49 you can control every aspect of their
3:53 life if you can surveil people’s money
3:55 then you know everything you need to
3:57 know about them how about you know your
3:59 mom some nice flowers all you do is
4:01 click on Marketplace
4:02 we place an order and it’s so easy all
4:05 you do is point click America Online a
4:07 new way to use your computer to
4:09 communicate have fun and get instant
4:11 news and information
4:14 a giant virtual Supermarket that’s what
4:17 the internet promised us but we saw
4:19 something quite different
4:23 people have distrusted the traditional
4:25 Financial system for some time they’ve
4:28 been working on peer-to-peer currencies
4:30 for decades Because the Internet made
4:32 information accessible to everyone
4:35 but no suitable currency no Global
4:38 universal currency exists without a
4:40 central bank that was a drawback
4:45 control trade and you control freedom
4:50 as the internet became a huge platform
4:52 for trade it needed a currency Anonymous
4:56 counterfeit proof with no Middleman
4:59 but there was an issue double spending
5:03 the double spending problem is this idea
5:06 that digital information is easy to copy
5:09 and if you have a form of digital money
5:11 how can you keep track of that money and
5:14 make sure it’s only spent once now with
5:17 physical paper money when you give it to
5:20 someone you no longer have it but in the
5:22 digital realm you can give someone a
5:25 copy of something digital a perfect copy
5:28 that is indistinguishable from the
5:30 original and still keep the original now
5:33 there are two copies what if you then
5:35 give it to someone else again
5:38 on the internet everything can be
5:40 duplicated infinitely
5:42 solving the double spending problem
5:44 would help prevent fraud on the net copy
5:47 and paste could no longer be an option
5:49 without it online Commerce would be
5:52 impossible
5:54 technology it was a complex technical
5:56 problem that’s why it took decades to
5:58 solve Bitcoin is the result of Decades
6:01 of intensive research and ideology of
6:03 freedom and a desire for secure payments
6:06 is the individuals who have built
6:09 precursors to bitcoin but these
6:10 precursors hadn’t been successful if you
6:13 think of it of Bitcoin as a new species
6:15 of money these species died on the
6:17 operating table they never really made
6:19 it out of the lab and so with a
6:21 cipherpunks wanted to create a digital
6:23 cache but they had no idea how money
6:26 worked they knew how cryptography worked
6:28 but they vary had very poor
6:30 understanding of Economics monetary
6:32 policy and money Satoshi did
6:35 sometimes the solution appeared to be
6:37 within my grasp other times it appeared
6:40 entirely Out Of Reach
6:42 the stock market is now down 21 it was
6:45 the worst day on Wall Street since the
6:48 crash of 1987. this could be the most
6:51 serious recession in decades what
6:53 started in America last year has now
6:55 spread to every part of the world
6:57 the financial World collapsed its
7:00 instruments its rules the creation of
7:02 wealth all one big fiction a Web of Lies
7:05 and opaque algorithms the opposite of
7:08 what I had been working on for years an
7:11 open Universal well-ordered mathematical
7:13 world
7:14 the Bitcoin code haunted me day and
7:17 night Lehman Brothers had just collapsed
7:19 there have been massive bailouts it was
7:22 a huge huge super stressful time period
7:25 in the world
7:26 and finally the time had come it worked
7:29 cryptography had cracked double spending
7:32 absolute transparency guaranteed
7:35 anonymity Bitcoin was ready
7:38 Satoshi first assured the Bitcoin white
7:40 paper with their cryptographer mailing
7:42 list which was comprised of the
7:44 cypherpumps October 31st 2008 is when he
7:47 releases the white paper
7:49 and Satoshi waited for that exact moment
7:51 because it sounded like he had completed
7:53 Bitcoin a little bit before that
7:55 and was waiting for the the peak moment
7:57 of Despair in the financial markets to
7:58 press the send button
8:01 a technical scientific paper that
8:04 described in just over eight pages in
8:08 beautiful detail very concisely very
8:11 clearly the primary technical ideas of
8:15 Bitcoin
8:16 foreign
8:22 the first people that heard about
8:24 Bitcoin typically scoffed at it they
8:26 they thought it was a joke or they
8:28 didn’t think it was going to work a few
8:29 months later he released the code
8:32 in the Genesis block he has a headline
8:35 from the times UK Chancellor on the
8:37 verge of second bailout for banks so
8:39 he’s very much this is a very aggressive
8:41 stance anti-banking anti-central banking
8:44 anti-government
8:46 in his writings he goes the core root of
8:48 the problem with money is it requires
8:51 trust to make it all work we must trust
8:53 the banks we must trust the merchant
8:55 processors we must trust the central
8:57 banks and he goes with Bitcoin we remove
8:59 that needed element of trust
9:03 foreign
9:07 bitcoin’s Network wasn’t in a state of
9:09 too much testing for that long of a time
9:11 it was in a state of like very active
9:13 development and in production
9:16 cipherpunk’s right code that that isn’t
9:19 just enough to talk about it you have to
9:21 go implement it and Satoshi very much
9:23 fit that where he goes okay I’m gonna go
9:25 make this happen I’m gonna go release
9:27 this to the world
9:30 I like the idea of writing software and
9:33 releasing it and uh the software changes
9:35 the facts on the ground it’s politically
9:37 easier to to bring about these changes
9:40 if the software is already deployed it
9:43 makes it harder to make the software
9:45 illegal if it’s available everywhere
9:47 foreign
9:52 was launched
9:54 I had won a victory against the banks
9:57 against state power
10:04 I had to be careful in the early days
10:07 I had a few allies but it was a
10:10 minefield
10:12 a handful of disciples does not make an
10:15 army
10:17 Bitcoin was easy prey
10:22 Bitcoin certainly wasn’t 100 perfect
10:24 right off the bat there were a few bugs
10:26 a few flaws
10:28 from a network perspective it very
10:31 easily could have been crushed by you
10:33 know a really motivated attacker but
10:35 luckily that didn’t happen I think most
10:37 people dismissed Bitcoin and governments
10:39 included dismissed Bitcoin as silly
10:41 money for for a long time and most
10:43 governments still do
10:45 what is the value of a new currency
10:48 it was valued at what it cost to produce
10:51 it one dollar or 1500 Bitcoins
10:54 trust would then follow
10:57 late 2010 and 2011 there is a few OTC
11:00 markets where people would essentially
11:03 on the forums be like hey I’m selling 10
11:05 000 Bitcoin and someone go cool I’ll buy
11:07 it for ten dollars
11:09 it didn’t immediately become a currency
11:11 and it’s still not clearly a currency to
11:15 me it’s just becoming a currency not
11:18 because the government says at some
11:19 point it’s a currency but because more
11:21 and more people are using it as a
11:23 currency
11:30 Laszlo put out a message on the forums
11:32 the Bitcoin talked forum and said hey
11:33 I’d like to buy a pizza for ten thousand
11:35 Bitcoin
11:39 and someone said sure I’ll send me your
11:42 address and I’ll send you a pizza then
11:43 you can send me the Bitcoin
11:45 the very first purchase was pizza not
11:48 drugs or weapons Bitcoin could be used
11:51 as a very ordinary currency in everyday
11:53 life autonomously and without a
11:56 regulatory Authority
12:00 that was the first ever paid Bitcoin
12:03 transaction supposedly the first ever
12:04 transaction for Value a very a very
12:07 expensive pizza
12:12 currency is based on the trust of its
12:15 users
12:17 [Music]
12:19 but what is the trust based on
12:23 We Trust current government currencies
12:25 because they’re issued by the state
12:28 because we pay our taxes with them
12:31 the state guarantees a monopoly for the
12:34 currency within its borders digital
12:36 currencies are something completely new
12:38 they force us to question the very
12:40 nature of money
12:45 Julian Assange the founder of WikiLeaks
12:48 has been put on interpol’s most wanted
12:50 list tonight in Britain Julian Assange
12:52 is awaiting arrest by British police but
12:55 the WikiLeaks founder remains defiant
12:57 suggesting the U.S is out to kill him
12:59 tonight Assange isn’t relenting
13:02 suggesting that if anything happens to
13:04 him all the remaining secret cables will
13:07 be released to the world at once
13:11 governments quickly conquered the
13:13 digital world
13:14 invading by force and with war-like
13:17 interests
13:19 Wikileaks soon learned that revealing
13:21 the secrets of the powerful can lead to
13:23 punishment
13:25 I learned from the fate of Assange that
13:27 there are red lines that are better not
13:29 crossed
13:31 drastic security measures became
13:33 necessary different governments around
13:35 the world pressured PayPal and visa and
13:38 other payment providers to censor their
13:40 transactions because Wikileaks was
13:42 deemed dangerous for leaking information
13:44 so Wikileaks turn to bitcoin which is
13:46 permissionless as a way to accept
13:48 donations and I think that was another
13:51 really cool Testament to bitcoin’s
13:53 resiliency and use case of
13:54 permissionless money no one can take
13:56 that money away from you and no one can
13:58 stop it from being sent to you
14:00 it would have been nice to get this
14:02 attention in any other context Wikileaks
14:05 has kicked the Hornet’s Nest and the
14:08 Swarm is headed towards us
14:10 we were right in the spotlight’s glare
14:12 much too early you know Satoshi had
14:14 created this this new money and he was
14:16 very much worried that they were kicking
14:18 the Hornet’s Nest is how he put it at
14:20 too early of a stage in the project and
14:22 that they may not survive a government
14:23 attack he also I think close to that
14:26 time started to question if you should
14:28 be part of the project and so Satoshi
14:30 eventually disappeared
14:32 Bitcoin had become the currency for
14:34 those who wanted to remain unknown at
14:36 all costs
14:37 you can get anything on the internet
14:39 nowadays cars homes and now black tar
14:43 heroin this is Silk Road the anonymous
14:46 Marketplace on the main page they
14:48 proudly and openly sell LSD marijuana
14:52 and ecstasy Bitcoin is this thing that
14:55 has no political bias so it’s this truly
14:59 free permissionless network for storing
15:02 and moving value business
15:13 it is not Anonymous but rather
15:15 pseudonymous the Bitcoin register the
15:18 blockchain is transparent and open for
15:21 all to see if there is a court order
15:23 because of possible criminal activity
15:25 the state can search the platform just
15:27 like a bank
15:29 they’re allowed to uncover your identity
15:31 and your finances
15:35 the virtual world is not an encapsulated
15:37 parallel world it is actually closely
15:40 connected to our world every digital
15:42 action can touch real life
15:48 foreign
16:06 Revelation to me that it could survive
16:09 something even for an illegal use case
16:11 which meant that its protocol must be
16:13 really really robust and sound this is
16:16 before I completely understood how it
16:17 all worked
16:21 foreign
16:25 Bitcoin to protect criminals
16:28 I wanted free and autonomous
16:30 transactions
16:31 and then Silk Road drove up the value of
16:34 one Bitcoin to thirty dollars
16:36 that’s when I decided to back away from
16:38 the project
16:40 no more public posts
16:43 only a few private emails to bitcoin
16:45 Developers
16:46 I will only guide and advise that’s all
16:50 why did Satoshi disappeared I remember
16:52 he disappeared after Gavin Anderson came
16:56 back and said he I just had a meeting
16:58 with the CIA they wanted to talk to me
17:00 about what Bitcoin is
17:02 I got an email in April 2011 from Gavin
17:05 Andreessen one of my programmers
17:07 he had accepted an invitation from the
17:09 CIA to talk about Bitcoin
17:13 Satoshi never wrote an email ever again
17:15 that was it
17:17 Gavin knew nothing about me not a thing
17:20 but I made a radical cut anyway
17:23 I didn’t want to take any chances
17:26 I knew they would do anything to find me
17:32 but I knew they wouldn’t succeed the
17:35 program didn’t need me anymore
17:39 it was stable enough to grow and fulfill
17:41 its function for whatever purpose
17:44 I was a little bit surprised that it
17:46 happened so soon I would have thought
17:47 that he takes a bit more leadership in
17:49 the project I think Satoshi understood
17:51 and this is why he stayed pseudonymous
17:53 he knew that if there was a human behind
17:55 the project that that would always be a
17:57 weakness
17:58 no one is responsible that makes Bitcoin
18:02 less vulnerable to attack there is no
18:04 one to prosecute attack arrest or
18:07 convict for founding Bitcoin or for
18:09 having power over Bitcoin
18:12 no one has power over a Bitcoin not even
18:16 the founder
18:20 they’re not just know satoshi’s writings
18:23 we know that he’s an English speaker he
18:25 uses some UK spellings for words but he
18:27 only does it twice we know at times he
18:29 posted on the Bitcoin talk Forum what
18:33 time zone he may live in
18:35 whenever someone is thought to be
18:37 Satoshi they say no Satoshi can’t be
18:39 like that but we don’t actually know if
18:42 Satoshi is a genius he’s bound to be
18:44 little strange and not average he can
18:46 change
18:47 that’s the extent of our knowledge
18:53 I’m not in Bitcoin but you’re you’re
18:55 addressing Bitcoin I don’t know anything
18:57 about it 64 year old Dorian Satoshi
19:00 Nakamoto emerged from his Southern
19:01 California home Thursday and walked
19:04 right into a media frenzy hours after
19:06 Newsweek magazine claimed he was the
19:09 mystery man behind Bitcoin
19:25 yes I was around in those times but I
19:27 was very annoyed with the Newsweek
19:30 um the Newsweek research
19:32 foreign
19:39 did is they found a guy named Satoshi
19:42 Nakamoto and they’re like we found him
19:44 it’s
19:47 Satoshi wouldn’t have chosen his real
19:49 name
19:51 um and so they were literally looking
19:52 for a John Doe found John Doe and said
19:55 that that was that was Satoshi
20:03 it’s very poor journalism because they
20:05 went to his home they kind of harassed
20:08 this guy and so he was put under the
20:10 spotlight and he was just a very quiet
20:12 dude he did he didn’t really want to be
20:14 found so it was a very uncomfortable
20:16 position for him and very unethical on
20:19 these weeks part
20:23 the main reason I’m here is to clear my
20:26 name that I have nothing to do with
20:28 Bitcoin nothing to do with developing
20:32 um I was just an engineer doing
20:34 something else
20:52 when uh the first transaction occurred
20:54 which was uh nine days into the Bitcoin
20:59 blockchain Satoshi Nakamoto signed some
21:02 amount of Bitcoin that they had mined
21:04 and sent it to an address that we know
21:06 belonged to Hal Finney a computer
21:09 scientist who was one of the first
21:10 people interested in uh Bitcoin and
21:13 communicating with Satoshi Nakamoto
21:22 Hal had built reusable proof of work he
21:25 had kind of built some of the key
21:26 components that enabled Bitcoin to be
21:29 successful uh Satoshi was asking for
21:31 help in in terms of people needed to
21:34 help him get it all built and and help
21:36 mine it and and kind of incept it and so
21:38 Hal and Satoshi worked together and
21:40 Satoshi sent him the first ever Bitcoin
21:42 transaction
21:44 only an autonomous system can be free
21:46 and Hal understood this
21:49 Bitcoin isn’t just a digital currency
21:52 it’s a means to Absolute Independence
22:03 one thing was revolutionary it was
22:06 determined in the spirit of absolute
22:08 sovereignty the cost of maintaining the
22:11 system would be paid with the currency
22:13 of the system
22:16 Bitcoin is the new gold digital gold
22:21 like with gold the quantity of Bitcoin
22:23 is limited like with gold the more
22:26 Prospectors there are the more difficult
22:29 it is to find them
22:32 what’s mining it’s a big question you
22:35 know it’s an industry and it’s a bit of
22:36 a philosophy also but most of all it’s
22:39 like the like the Cornerstone of Bitcoin
22:42 technology it’s a currency system right
22:44 so in the currency system you either own
22:46 currency or you’re sending it that’s
22:47 pretty much all you do with currency
22:49 right
22:51 and how you would usually build that
22:53 into a computer system is that you have
22:54 a database and this database lists like
22:57 who earns how much money and when
22:58 someone wants to send money you just
22:59 change the database
23:02 but if you want to do it in a
23:03 decentralized way like Bitcoin does it
23:05 all the participants in the Bitcoin
23:07 ecosystem store a copy of the same
23:08 database and when someone wants to make
23:10 a transaction which is to change the
23:12 database then he has to coordinate with
23:14 everyone else to make sure that everyone
23:15 agrees that this is a kind of okay thing
23:18 to do
23:24 it’s more difficult to hack 20 000 or
23:26 100 000 computers to modify the database
23:29 than to hack the computer of a single
23:32 Bank don’t care
23:38 to send you a Bitcoin I need to make a
23:41 transaction this takes place in a
23:43 transaction group and is done by Bitcoin
23:45 miners
23:47 they combine their computing power in a
23:50 mining pool and generate a block
23:54 the mine is compete to validate the
23:57 transaction block validation
24:04 the network kind of creates a very
24:07 complex mathematical riddle that someone
24:10 has to solve in order to progress the
24:13 blockchain to create a new Block in the
24:14 blockchain in
24:16 all the combinations
24:20 you’d have to throw a Tails 90 times in
24:23 a row that would be impossible in a
24:25 lifetime that’s why you have to repeat
24:28 it billions and billions of times it’s
24:30 not a complicated problem it just has
24:32 high material and energy costs
24:35 whoever solves the problem first wins
24:38 and they get Bitcoins that’s the
24:41 motivation
24:42 he then says hey I won the others say
24:45 okay then validate the block
24:47 the block is added to the chain yes that
24:51 is how the transaction is validated and
24:53 you get Bitcoins from me
24:57 [Music]
25:01 the Bitcoin blockchain is the registry
25:04 that records all Bitcoin transactions
25:06 and it’s been that way since the very
25:08 first transaction
25:10 the more time passes the more a
25:12 transaction is secured by previous
25:14 transactions to modify one you’d have to
25:17 modify them all on thousands of
25:19 computers the system is not Flawless but
25:22 almost
25:24 mining is very important to ensure the
25:27 security of the system
25:29 no one would invest this much energy
25:31 unless they were confident that all
25:34 transactions in the block are legitimate
25:37 the block can’t be validated unless all
25:40 transactions are legitimate and the cost
25:43 and effort would be in vain
25:45 The Miner would have invested money and
25:47 energy for nothing
25:53 I trust the Bitcoin system but I don’t
25:55 trust my neighbors and I don’t trust the
25:57 miners and I don’t trust the
25:58 transactions that I see and I don’t
26:00 trust the blocks that I see I verify
26:02 everything or rather my computer does
26:05 and because everybody’s verifying
26:07 everybody and because nobody trusts
26:10 anybody we can all trust the ultimate
26:13 result because it’s being checked by so
26:16 many thousands of computers because it’s
26:18 so difficult to tell a lie on the
26:20 Bitcoin Network
26:22 when it comes to guaranteeing the value
26:24 of Bitcoin
26:26 it is more sound than the gold standard
26:29 Bitcoin does not depend on anyone it’s
26:32 supported by an entire network
26:34 there’s no Central Bank it’s a
26:36 transparent dispersed registry that
26:38 can’t be attacked a system so widely
26:40 distributed can’t be stopped can’t be
26:42 captured it’s a fortress
26:45 it does require a lot of computing power
26:48 that’s why mine is invest in special
26:50 Hardware graphics card servers Etc
26:57 foreign people are worried that Bitcoin
27:00 mining is using too many natural
27:02 resources and is polluting the
27:03 environment disproportionately of course
27:06 they’re right sure it’s using power of
27:07 course it’s not a free resource but we
27:10 have to see not only as a cost but we
27:11 have to see it as an investment we’re
27:13 let’s say spending all this power and
27:15 energy on bitcoin what are we getting
27:18 protecting privacy has a price a high
27:21 price
27:22 cryptocurrency opponents pretend not to
27:24 know that the entire Digital World lives
27:26 at the expense of our planet
27:29 every virtual act leaves traces in the
27:31 form of digital pollution
27:33 I’m not just talking about my program
27:35 much of our life takes place online
27:38 Bitcoin is as useful as social networks
27:40 and streaming services and it will stay
27:43 that way
27:45 [Music]
27:49 that was a pretty wild year because from
27:51 the start of the year to the end of the
27:52 year Bitcoin went from ten dollars to a
27:55 thousand which is a hundred-fold return
27:58 in January 2013 there was only a dozen
28:00 of us who would show up to the Bitcoin
28:02 Meetup in San Francisco and then in
28:04 March when the price hit 260 there was a
28:06 hundred people
28:10 and it was just crazy and there was VCS
28:13 handing out business cards and we were
28:15 like oh but this Bitcoin thing is
28:16 becoming real
28:17 my disappearance had Unleashed my
28:20 creation
28:21 the value of Bitcoin spiraled out of
28:23 control
28:24 Bitcoin became an extremely volatile
28:26 speculative asset because of
28:28 fluctuations in supply and demand
28:31 one day you could buy a pizza for one
28:33 Bitcoin the next you could buy a sports
28:36 car
28:37 a bit too volatile for a currency
28:39 people talked about Bitcoin the US
28:41 Congress there’s a lot of companies that
28:43 raised money to go build products and
28:45 services Bitcoin hitting a thousand
28:47 dollars really blew people’s minds that
28:49 this was like a new technology a new
28:51 valuable money of course it’s growing
28:54 right more people are hearing about it
28:55 the the the the philosophy behind it
28:58 owning your own data and being against
29:00 the banks I had conceived Bitcoin as a
29:03 limited resource from the beginning the
29:05 amount that can be mined is fixed and
29:07 decreases little by little one day the
29:09 source will run dry
29:11 satoshi’s Brilliance was in the monetary
29:13 policy he invented you know pure digital
29:16 scarcity with bitcoin’s 21 million heart
29:19 cap there will only be 21 million there
29:22 will never be more
29:26 [Music]
29:44 he’s one of the richest people in the
29:46 world and he’s anonymous
29:48 I was rich in Bitcoin my own currency
29:51 but I couldn’t touch it because then the
29:54 trust I had so painstakingly built up
29:56 would be destroyed
30:01 is a big mystery the first million
30:04 Bitcoin ever created have never been
30:07 moved
30:09 which is which is insane for you know
30:12 for someone to build this this massively
30:15 valuable thing and not touch the money
30:17 is a modern day Prometheus a modern day
30:20 Saint if you will it’s unbelievable like
30:23 something out of a novel or a movie
30:29 this million weighed heavily on me
30:32 I could have used it to control the
30:34 value of Bitcoin and helped stabilize it
30:37 by carefully buying and selling I could
30:40 have reclaimed my influence
30:44 I don’t think Satoshi is just going to
30:46 move his Bitcoin and say yo though I’m
30:49 just going to move it and see what
30:50 happens what he can do is he can sign
30:52 with his private key he can sign a
30:54 message letting everyone know that he is
30:56 and what he will be doing with it it is
30:58 the only way that if you are Satoshi to
31:01 verify that you are Satoshi
31:04 this Bitcoin million was the only way to
31:07 prove I was Satoshi if I use the money I
31:11 would reveal myself was now the time
31:15 so I’m going to do this once and once
31:17 only I’m going to come in front of that
31:20 camera once
31:21 [Music]
31:26 Craig Wright’s confession could end
31:28 iculation about a person who until now
31:31 has gone by the name of Satoshi Nakamoto
31:33 and I will never
31:35 ever be on a camera ever again for any
31:38 TV station or any media
31:41 ever
31:43 to support his claim the Australian
31:45 entrepreneur demonstrated he had access
31:47 to blocks of Bitcoins known to have been
31:49 created in the early days of the digital
31:51 Cash System I’m about to demonstrate a
31:56 signing of a message with the public key
32:00 that is associated with the first
32:03 transaction ever done on bitcoin
32:09 he was a cryptologist
32:12 but the demonstration was made to
32:14 convince journalists not cryptologists
32:19 that’s where it went wrong
32:23 opportunism knows no bounds The Pursuit
32:27 Of Fame vanity
32:29 anonymity is the price of my freedom
32:33 anyone who claims to be the inventor of
32:36 Bitcoin is lying some people will
32:39 believe some people won’t and to tell
32:41 you the truth I don’t really care maybe
32:44 I should rephrase that there have been
32:46 some that claim to be the inventor of
32:48 Bitcoin but they’re not I don’t want
32:51 money I don’t want fame I don’t want
32:53 adoration they’re absolutely positively
32:56 not
32:56 not the inventor of Bitcoin
33:11 my absence created a powerful center
33:14 around which big Egos and wild
33:16 imaginations gathered which was the
33:18 opposite of what I wanted
33:20 Bitcoin should maintain its autonomy and
33:22 people’s trust at any cost
33:25 I had to force myself not to intervene
33:27 despite the volatile price my million
33:29 had to stay just where it was
33:32 countless scammers were trying to take
33:34 my place they copied the Bitcoin code
33:37 more and more cryptocurrencies appeared
33:40 each made their own claim micropayments
33:43 confidentiality automated transactions
33:47 the demand for new currencies exploded
33:50 and it was just the start
34:00 people are looking at Bitcoin seeing how
34:02 it’s exploding in price and they think
34:03 ah you know I really missed out on this
34:05 one but I should have I should have
34:07 bought in and then they’re looking for
34:08 the next best opportunity
34:10 to to invest in something else to
34:12 hopefully have the same price increase
34:15 as with Bitcoin and uh ready for those
34:17 guys are the old coins
34:20 Master more Anonymous more energy
34:23 efficient everyone wanted to create a
34:25 new better Bitcoin
34:27 and to replicate its meteoric price in
34:29 the process
34:31 the total market value of all
34:32 cryptocurrencies at the beginning of
34:34 2018 was 800 billion dollars 800 billion
34:39 with my Bitcoin million I joined the top
34:42 50 richest people in the world
34:44 my net worth was 44th my virtual fortune
34:51 in 2017 and previously to that in 2014
34:55 we also saw the emergence of many other
34:57 competing systems that are trying to
34:59 capture the magic of this idea and
35:03 either are genuinely trying to make new
35:07 things with it or in many cases are
35:09 fraudulently trying to capture the
35:11 enthusiasm without any substance
35:18 with Bitcoin you can’t make thousands of
35:21 transactions per second
35:23 and you can only plan transactions
35:25 approximately
35:26 this is where other cryptocurrencies
35:29 have tried to improve to do so they had
35:32 to make concessions in the areas of
35:34 security and complexity because you can
35:36 never have everything
35:40 I gave the world the weapons it needed
35:42 to protect privacy but in doing so I
35:46 also provided a tool to those who wanted
35:48 to tap into our data hungry for power
35:51 they use money as a means for absolute
35:54 domination
35:55 privacy has two great enemies the
35:58 internet Giants and governments
36:00 governments now are also proposing money
36:02 from a digital Central Bank
36:05 these currencies would be issued
36:06 centrally and based on debt as they have
36:09 forever
36:12 but there would be one difference
36:14 digitalization would Rob cash of a key
36:17 property
36:18 anonymity
36:19 [Music]
36:21 State entities especially totalitarian
36:24 States would love to have
36:26 cryptocurrencies for more control over
36:27 citizens privacy and the economy
36:31 the attempts by Democratic states in
36:34 Europe to create digital currencies also
36:37 have similar goals not totalitarian
36:39 control like in China but they follow a
36:42 similar logic similar
36:51 one payment method becoming increasingly
36:54 important in Europe has long been used
36:56 in Asia especially in China paying by
36:59 smartphone
37:02 in the west we use Facebook WhatsApp
37:04 separate online banking online newspaper
37:07 subscriptions Etc
37:09 the Chinese model combines all of these
37:12 it’s all unified in a country notorious
37:15 for showing little respect for
37:17 individual Freedom
37:19 this means that the state knows
37:21 everything about people’s lives this is
37:24 possible because everything is
37:25 dematerialized and has digital traces
37:37 these digital traces are processed among
37:40 other things in the social credit a
37:42 point system based on information from
37:44 the various apps
37:46 based partially on purchasing Behavior
37:49 the social rating has concrete effects
37:52 on consumers some things will be more
37:55 expensive
37:58 when you get to the airport it might say
38:01 you can’t fly because you didn’t pay a
38:03 fine
38:07 foreign
38:09 [Music]
38:12 using these technical capabilities for
38:15 surveillance is a major threat to
38:18 privacy and individual freedom
38:24 they are expanding their power at the
38:26 expense of your privacy your freedom
38:28 and Ultra centralized opaque traceable
38:31 digital State currency that uses your
38:33 data against you that’s precisely what
38:36 cypherpunks had always feared a
38:39 nightmare
38:40 understanding that the end of privacy is
38:43 coming is one thing witnessing it is
38:45 something else entirely
38:48 what’s surprising isn’t that China is
38:51 building a totalitarian Financial
38:53 surveillance system they are a
38:55 totalitarian Society what is surprising
38:58 is that European authorities and
39:01 American authorities and Japanese
39:03 authorities are also considering and in
39:07 some cases gleefully anticipating the
39:11 eradication of cash and the ability to
39:14 do surveillance and control of all
39:16 Financial payments from every point to
39:19 every point
39:20 how totalitarian a state has become
39:22 could now be determined by the maturity
39:25 of its digital currency
39:27 [Music]
39:38 I am not who you think I am not even
39:40 close
39:41 I have carefully sketched a distorted
39:43 vague image the opposite of my real self
39:47 I am 40 50 60 years old I am a woman a
39:51 man an artificial intelligence I act
39:54 alone or in a group does it matter
39:57 Bitcoin is collective by definition
40:00 it is the result of Decades of research
40:03 by a wide variety of people its code has
40:06 been run on tens hundreds thousands of
40:08 computers
40:09 and even today this is how the project
40:12 continues to grow
40:16 I’m just going to 12 years ago Bitcoin
40:18 was just a few people developing a
40:20 program from a white paper now Bitcoin
40:23 is thousands of nodes miners hundreds of
40:26 thousands even millions of Bitcoin
40:28 owners
40:29 and companies are investing in Bitcoin a
40:32 lot has happened and the pace of
40:33 development is still accelerating
40:38 let me assure you this thing has not yet
40:42 happened right now it’s difficult to use
40:45 it’s complicated it’s understood by a
40:48 tiny fraction of the human population
40:50 and it will change the world
40:54 Bitcoin is stateless
40:57 but behind it stands an army of
40:59 computers programmers miners users
41:03 it’s useless to cut the heads off the
41:05 Hydra there are too many and they would
41:08 always grow back
41:10 I am never far away in some form under a
41:13 different name I continue to program
41:15 data protection is the cypherpunk’s
41:18 mission
41:19 Bitcoin continues to grow it’s a
41:22 currency but it’s also a capital
41:24 investment repository of value and
41:27 object of speculation
41:29 as soon as you understand it it slips
41:31 away again
41:32 I Satoshi wanted to create an
41:34 alternative to the banks to the states
41:36 and the faceless Mega companies
41:39 Freedom has to be fought for over and
41:42 over again that’s what we’re fighting