Andreas Antonopoulos – Currency Wars and Bitcoin’s Neutrality

Andreas Antonopoulos – Currency Wars and Bitcoin’s Neutrality

– Thank you very much Paul. Heading in to our last
presentation of the day. I guess we’ve always been
privileged to have Andreas over here, this your third time now? – Yep.
– Third time. We always very much enough
what he’s got to say, so without further ado,
I’ll hand it over him. – Thank you Paul. (audience applauding) Thank you very much, thank you. So this is my third Coinscrum. First time at Imperial College
and this is very impressive, very formal this august
institution of higher learning. It’s a bit different. When I do Coinscrum by
this point in the evening I’ve usually had two beers. (audience laughing) And there is no beer here. So you’re going to get a
slightly subdued version of the Coinscrum
experience, but that’s okay. I’m really very happy to
be here, back in London. As some of you may know
I graduated from UCL. Imperial was our major rival university, but props to Imperial and
thank you to all the sponsors and organizers for making this happen. So what I wanted to talk
about today is currency wars. And Bitcoin’s neutrality
in the currency wars. You’ve probably heard
me say for a while now that I believe that some
of the first applications we would see in Bitcoin would
relate to foreign remittances and cross border
applications such as import, export and trade because these are areas where there is an amount of friction in the traditional financial system. And so systems like Bitcoin
which are much more flexible could provide opportunities,
especially opportunities for underprivileged
people around the world. Specifically immigrants
doing former remittances where they’re paying
extravagant amounts to transmit through traditional
channels like Western Union. Well it turns out I was wrong. Not the first time. Not the last time, it’s
gonna happen again, but let’s see why I was wrong. And this is where things get interesting. Bitcoin doesn’t exist in a vacuum. Bitcoin is a currency
and a system of payment that exists in a highly competitive world of international finance
that accounts for trillions of dollars of payments every single year in 194 countries. And so while we’re off
in our little corner, designing great applications for Bitcoin, something else happens,
which I think will change the trajectory of adoption of Bitcoin and we’re going to see some
very exciting times ahead. What has happened over the last two years, is we’re now seeing a
fully fledged currency war. A global currency war that
started in a small way just after the financial crisis in 2008 and it started gathering speed. And that currency war is going to change the trajectory of Bitcoin. So something that happened outside Bitcoin is going to change Bitcoin deploys. And this currency war
has billions of people as hostages, being
tossed around like pawns in a political game,
in a geopolitical game. So, lemme throw out
some names of countries and you see if you can
see something in common. Greece, Cyprus, Spain,
Venezuela, Argentina, Brazil, India, Turkey,
Pakistan, the Ukraine. What do these countries have in common? – [Audience Member] Nice people. (audience laughing) – Wonderful people and great food. But also, currently
embroiled in either domestic or international currency wars. And the people in these countries are hostage in these currency wars. If you’ve been paying
attention in the news recently you will possibly know that
just in the last five weeks, in India with less than four hours notice, the prime minister Modi
announced that the two largest denominations
of bills, the 500 rupee and the thousand rupee, would no longer be legal tender and would
cease to be legal tender in four hours, thus removing
88% of cash in circulation in a country where more
than 95% of all transactions happen in cash, where more
than 60% of the population has no bank account and
where 25% of the population has no ID with which
to open a bank account. In my opinion this is going
to be seen in the future as a natural disaster
which wasn’t natural. Entirely man made. A disaster, a humanitarian disaster which is going to unfold
over the next year and is going to have a
very big impact in India. The immediate effect is probably going to be a loss of about two to
4% of the GDP of the country. But, the ripple effect,
as we’ve seen entire industries in India crawl
to a halt because employers aren’t able to pay employees, because people are unable to buy food, ’cause they’re unable
to pay for medical care and health care because they’re unable to transact in any way. Has been an absolute
disaster in the short term, and will be a continuing
disaster in the long term. Make no mistake, this is an experiment that is being engaged
on with 15% of humanity as experimental subjects. If this experiment is successful, not by the terms of how these people fare, but by the terms of whether
the aims of government are achieved, this
experiment will be repeated. It will be repeated in many countries. Just like the experiment
of bail-ins in Cyprus was exported to other countries. And these experiments are accelerating. There is a global war on cash going on. We have reached that point in history where it is within the
grasp, within the vision of world governance to once
and for all eradicate cash. Cash being the ultimate
peer to peer, transparent private form of money
that allows individuals to transact locally within
a community is now being eradicated in favor of
digital transactions on platforms that allow for surveillance, control, confiscation and
negative interest rates. And all of these things
will follow very closely once cash is no longer
part of the picture. That’s their hope. Hopefully you’re joining
me in ruining that dream. (audience applauding) But there is another currency war going on and this is an international currency war. This is where nation is
pitted against nation using its flag money,
its national currency as a trade war instrument in order to tip the trade balance and
erode the national debt in countries that are
suffering from enormous debt loads, they have no
hope of ever paying back. And so if you are a
government and you have debt measured in the billions
or trillions of dollars, how do you best pay back that debt? By increasing standards
of living and productivity until you can grow yourself out of it? Or by confiscating the savings of retirees in the middle class,
destroying a generation of workers and having them
pay through a shadow tax the debt through inflation. Now we know which side
countries are choosing ’cause we’re seeing it play
out again and again and again. Of course, that’s not how they sell it. They don’t say, our plan to exit the debt is to destroy pensioners
and the middle class and create a system of shadow taxation and confiscation to bail out the banks and bail out the government debt. What they say instead is, this
will eradicate black money. This will permanently end corruption and we will win the war on crime. And everybody says, hey, that
sounds like a great idea! Let’s go for it. This promise is almost always wrapped in popular nationalism. The great scourge of the
emerging 21st century is the resurgence of populist nationalism. Fascism is rising. And just like the politicians
wrap themselves in the flag, they also create these associations with their national flag money. To wrap their money in
the veil of nationalism. To wrap the policies of wealth
destruction and confiscation in the veil of nationalism. If you disagree with
the idea that pensioners should pay for the national debt and to bail out the banks,
if you disagree with the idea that a whole generation of young people should find themselves
permanently unemployed or under employed, or working in McJobs, then you are a traitor
to the nationalist ideal of solving crime and black
money and corruption. You probably have some corrupt
money hidden, don’t you? That’s what motivates you. And that is exactly the tone of discussion that is happening right now. In places like Turkey
where Erdogan announced that it was everybody’s
duty as a Turkish citizen to sell their dollars
and buy lira and gold in order to prop up the nationalist pride. Where Modi in India used
the same exact rationale to get everyone to
suffer just a little bit. Because the people suffering
the most have no voice. They are invisible, especially in India. And the middle class
that suffers, eh, a bit, can wrap itself in the flag and go for these nationalist ideals. In these currency wars, there is one force that stands neutral as a safe haven, as an exit strategy, as an opportunity for people to say, you
know what, you go ahead. I’m gonna opt out. And that’s Bitcoin. Bitcoin is now standing at the precipice of becoming the safe haven asset for billions of people around the world who for the first time
will have the opportunity to say I see where you’re going, I don’t believe in your
nationalist bullshit. I see the exit sign,
I’m gonna go this way. And leave, and opt out
from these experiments. And that’s going to dramatically
change the trajectory of Bitcoin, it’s gonna change
the technology of Bitcoin, it’s going to change the
economics of Bitcoin. Because foreign remittances
is something a government can get behind. Yes, let’s make it easier for
our poor immigrants abroad to send money to this
country while, you know, kinda competing with
the banks to the degree we allow them through regulation. But this new proposition
that some people are going to get to opt out from these
crazy nationalist experiments, these currency wars, is not
going to be taken lightly. Bitcoin, is going to represent
in many of these countries a direct affront to sovereignty. And when sovereigns see a
direct challenge to their rule, to their decisions as
arbitrary, capricious and unilateral they may be, as
unconcerned with the consent of the governed they may be, they will apply the full
force that they have in order to fight that threat. They will fail, but it’s
not going to be easy. When these things start happening, the equilibrium between
currencies changes. We’ve already started seeing this. If you want to buy Bitcoin in India today, be prepared to pay more than $1000. The premium on Bitcoin has gone as high as 22% premium on the price of Bitcoin in any other market. It can’t easily be arbitraged away, because there isn’t a big
enough flow of Bitcoin into the country to counter
balance the mad scramble to the exit that is happening. The Chinese Yuan has devalued
six times, so far in 2016. And every time the Chinese Yuan devalued Bitcoin’s value went up
by about a billion dollars as millions of Chinese went for the exit. Every time this happens,
a premium is paid. But here’s the good news. Guess who earns that premium. Those who are willing
to build an exit sign and a door, and little
money roads that leads out of this crazy experiment,
get to earn a 20% premium. The exchanges. The local Bitcoins traders. The off chain, offline,
undergrounds traders. Those willing to take the
risk to face the wrath of the sovereign, earn a
premium and that premium goes directly to funding
infrastructure developments, liquidity, stealthiness, decentralization, evasion and all of the other
things that might be necessary to allow normal people to get the hell out of the currency war. These experiments are going
to position governments directly in opposition to Bitcoin. Not because of something Bitcoin did, but because of something the governments have done themselves. When I was growing up I
really enjoyed computer games. And one of my favorite
computer games is a game called Sim City, anybody played Sim City? Yeah, lots of people have played Sim City. One of the things about Sim
City which was really cool is that you had full
and unilateral control of the economy, right? And one of the dials you could
tweak was the income tax. And it was always tempting, right? Because you could just go in there, and if your budget wasn’t quite balancing and if things weren’t quite going as well as you wanted in the game
and you couldn’t build as fast as you wanted, you could take the income
tax from five to 6% and you could take it from six to 7%. There were consequences of course. And so one of the ways you
learn those consequences is when you go too far. So you go from five to 15%
and you fill your coffers, because the income tax starts flying in. And you watch your population
go (blows raspberries) as everybody leaves your city, right? Those kinds of games have a name. They’re called god games, and the reason they’re so satisfying to
play is because they allow you to play god over
a helpless population. Here’s the other feature
you could have in a game. You can build your entire city, and then you could launch
a tornado, an earthquake, a massive fire, a tsunami
or even a Godzilla attack on your city. And guess what. None of those attacks were as successful at draining your city than
raising the damn income tax. (audience applauding) These currency wars are
wars on populations. They are a form of civil
war from the government against its own people. They destroy generations. It’s estimated that already
in the first few days in India, hundreds of people
died because they couldn’t access money for health treatments, because they had to wait in line. Feeble, disabled, elderly,
in line for six hours, in order to withdraw $30
if they owned that much. Hundreds of people died
in the first few days. Thousands of people will die
just in the next few weeks as this experiment unfolds. And this repeats. Tens of thousands of people
have died in Venezuela because of currency controls. Because of the destruction
of the monetary system. This is what happens
when governments decide that the way to fight a trade war is to use the very fuel of the economy, the thing that people depend on, in order to build a future for themselves, as a weapon against another government. And that weapon backfires
and kills their own people. They will tell you that what we are doing by encouraging people to use Bitcoin is we are traders to our nations. We are criminals, we are thugs. We are drug dealers and terrorists. Don’t believe me? Look up what the Indian
government has said, just in the last two weeks about people who trade gold on the black market. Terrorists, criminals, thugs. I’m just a coder, I’m just a talker. I’m not a terrorist. I’m not a thug. But if I have the
opportunity to build an exit from this system, then I
will take that opportunity because I know who the
real terrorists are. And there is no greater form of terrorism than creating war against your own people, by disrupting the very
lifeblood of an economy deliberately when there is no crisis, creating a natural disaster
of enormous proportions simply to fight a currency
war against another country. Who benefits in the end? The banks. They get bailed in. Their balance sheets in India are soaring. Their stock prices are soaring. The government, enormous
increases in revenue. And does that stop corruption? No. It’s fueled an absolute
orgy of corruption, which even in India is unprecedented. Just like it fueled an orgy
of corruption in Cyprus, and in Greece, Venezuela,
Argentina and the Ukraine. When Modi announced that the currency would not be legal tender in four hours, he also announced that
the banks would be closed for two days. In order to prevent people
from initiating a run on the banks. When the banks opened two days later, miraculously a significant
proportion of the cash reserves they had were only in the bad notes. Somehow, some people had
access to these vaults and swapped their money
while the banks were closed. In the billions of dollars. Somehow. If you studied economics, one
of the fascinating aspects of economics is Gresham’s law. And Gresham’s law states
that bad money chases out good money in the economy. When I read this, when
I was studying economics as a student, just as a
hobby, I didn’t really understand Gresham’s law. And fortunately, I had never
seen Gresham’s law in action. We are watching Gresham’s
law play out exactly as predicted in action today. When an Indian person goes to an ATM, when I Venezuelan manages to get money, when a Zimbabwean gets
hold of U.S. dollars, what do they do with that money? Do they spend it? Hell no they don’t. They bury it, they put
it under the mattress. They hide it, they save it. Because this is the good money. And it immediately exits the economy. And they take every shitty note they have, every Zimbabwean hundred
trillion dollar bond note, every Venezuelan bolivar that’s worth shit and is carried in wheelbarrows and weighed by the pound ’cause nobody
has time to count it. Every 500 rupee note
that is now worthless, and they go to their
employees and their dependents and their home workers and
cleaners and the people who aren’t privileged in
the economy and they say, this is the only money
I’m going to pay you with. Here’s six months of wages in advance. Take it, or leave it. Or your fired, your choice. And they offload the bad
money onto the people who then hafta go and
spend six hours in line to exchange this and to be asked questions about where they got this money, by the evil tax official, the caricature of the government employee. And guess what they pay the
government employees in, for their bribes, the same bad money. So the bad money is the only
money that’s circulating and the good money has
completely disappeared from the economy. We’re watching Gresham’s law in action. When they get Bitcoin,
they’re going to huddle. They’re going to bury that so deep, to make sure that they
have the good money saved for their children, for their future. And they’re going to trade
the bad money for Bitcoin. And nowadays all money is bad money. That’s where we’re going. Cash is being eradicated
around the world as a scourge. But they can’t win that game because cash is something that we can
create, electronic cash. Self sovereign cash. Verifiable cash, digital cash,
peer to peer cash, Bitcoin. Remember how this is going
to change the trajectory of Bitcoin deployment
over the next two years. It’s going to be in direct opposition to this currency war. And it’s going to be directly
funded by the currency war. The currency wars are
going to fund investments in infrastructure and
improvements in Bitcoin in order to gradually
take that small exit sign and the little rutted road behind it. And over the next few years
as these currency wars escalate and escalate and
escalate, as they will, as they must, as they fail and try again, we’re going to widen that rutted road until eventually we are
offering from every economy, an eight lane autobahn highway exit, the fuck out of their
currency war for everyone to be able to take. It won’t be available
for everyone at first. It will be only the
richest, the most educated, the privileged, the ones who have access to these applications,
but somewhere in there, they’re going to take some
other people with them. And gradually they’re going
to fund the infrastructure that is going to allow
more and more people to exit from these economies. So remember, that as
this happens, we’re going to be called criminals
for offering an exit. Then we’re going to be called criminals for pointing at the exit. Then we’re going to be called criminals for simply pointing out the fact that the economy is on fire, and that there is an exit. And in each stage of escalation
of the currency wars, every act you take in opposition to the observable fact that
the entire economy is on fire, every chance you give
people an opportunity to head for the exits,
you will be the criminal. And before long they will rewrite history. They will rewrite history
to say that the reason the banks are failing,
and the reason the economy is on fire, is because
you provided an exit, is because Bitcoin exists. They will say that
Bitcoin started the fire. And at that point, you must
all repeat and remember the slogan that will be important. We are not criminals. We’re offering an exit for everybody. We didn’t start the fire. It was always burning,
since the world was turning. Thank you. (audience applauding) Thank you. All right, so thank you so much. Let’s take some questions
from the audience. You sir. – [Audience Member] Let’s imagine like, it’s impossible, but if let’s say you were the head of IMF and those
countries with struggles, if there was a, you
know, centralized program to offer Bitcoins to those countries, would it be you know, like ideal? A way to help those people. Because I think when countries
like Ukraine or others, they’re in trouble, the
only way people want to buy currency, foreign currency,
but it’s not developed in exchange, right? So you could have internet they could just patch this through Bitcoin. Let’s just imagine that, there was a, what are
your ideas around that? – The solution will not be centralized. The IMF will not serve
the needs of the people of these countries. Their mandate is to protect the banks. Their mandate is to protect
the national governments. You’ve got to understand
these currency wars are not an accident. The fact that they hurt
people are not an accident. You have to ask the question,
the eternal question, the one that goes back to
the ages of the Romans. (speaking in foreign
language) Who benefits? That is the question to ask. This is not an accident. Someone benefits by the billions. By the trillions. This is a very deliberate,
very well orchestrated wealth transfer plan. And it transfers wealth
from savers, pensioners and the young to the banks and the rich. This is not an accident. So if you expect someone to go, oh my god we’re hurting people, let’s stop doing that. Then remember they’re not
hurting the people they want to. – [Audience Member] But you
say, but the total Bitcoin valuation is like
(mumbles) this is nothing for global economy so
it’s easy like to buy all these mine machines
and basically stop it. Now, or take down the control. – No, ’cause every time you buy it, it’s gonna go higher. And the Bitcoin valuation
is 12 billion today. And that’s because a million
Chinese exited their economy. Just wait and see what’s gonna happen over the next two years. Yes. – [Audience Member] Hi. I’m also an international public speaker. I usually recommend my friends,
some student organizations that I’ve worked with not necessarily to use the word Bitcoin. Because I’ve seen the
disaster, the persecution, cremation of those Bitcoin activists that they’re just creating a dark web, a dark net, encryption, and
I see what happens to them. It’s not a good idea. Would you, there’re very
strong people to advocate. Some people use the word voluntarism, they use the word FinTech. And they try to be
having stronger relations with regulators AML so
they wouldn’t distrust them in that sense. – It doesn’t matter. No matter what word you use, what you are doing is terrorism. That is what they’re going to say. – [Audience Member] Within
level 39 here in London, they might not see it that way. People that work
specifically within FinTech, – Yes. – [Audience Member] They
don’t get targeted that much as Bitcoin itself. – That’s because the
British economy is not being looted from the inside out yet. – [Instructor] So FinTech
in India would be as simple as that, as just saying equal in India. – You can say blockchain,
you can say whatever, and as long as you’re not
making an impact, nobody cares. But once you start making an impact. When half a percentage
of the population exits through a cryptocurrency
be it Bitcoin, Ethereum, Zcash, whatever, nobody pays attention. When 5% of the population
exits suddenly your monetary policy doesn’t work anymore. When 10% of the population
exits, you’re heading for a revolution. And so, at that point it
doesn’t matter what you call it. Because they will certainly
call it terrorism. – [Audience Member] I
have a two part question. First part is imagine you have
a country with remittances, a huge amount of remittances. If they switch to (mumbles), A, will that really have an impact– – [Audience Member] Can
you speak up please? – Oh sorry.
– Can’t hear you. – [Audience Member] Pardon me. So I had a two part question–
– I’ll repeat the question. Yes.
– Thank you. And the second part is like in India, the case could be there could
be multiple possible scenarios it could not just be
that the currency wars. It could be political
moves that the incumbents are making.
– Right. – [Audience Member] So how do we actually differentiate the two? If we actually endure
the system in that sense, then we’d be party to the
so-called political tax that’s happening there. One side or the other,
what should they do? – As far as I’m, so
the first question was, what about countries adopting
cryptocurrency as a whole, that’s not going to happen. – [Audience Member] Only for remittances, that’s what I meant. – For remittances.
– Yes. – I think it’s really important
to look at remittances because remittances don’t go away. In fact, what happens
which is really interesting is that as you have a premium
on the price of Bitcoin in a country because
of a lack of liquidity, that creates an enormous
incentive for arbitrage. Here’s the new slogan for remittances. If you wanna transfer
money from the UK to India, right, Western Union will charge you 5%. Bitcoin will now charge you minus 20%. (audience laughing)
(audience applauding) Because you take it from here at 770 bucks and you sell it in India
for a thousand, right? And sure they can stop
one person doing it. They can stop two persons doing it. They’re gonna have to
search a lot of luggage in the airports, because
people are gonna start moving 20% premium paper wallets. And if they start finding paper wallets, people will learn how to
memorize 12 word seeds and they will walk across
the border with remittances. (audience laughing) I think we as westerners, most of us live in a privileged world
where the amount of pain we are required to undertake
in order to adopt Bitcoin is limited, right? In Venezuela where at
the moment being engaged in Bitcoin is an offense
that will put you in jail for the rest of your life, right? And that’s if you escape with your life. And already two miners have
been prosecuted in Venezuela. They are now smuggling antminer
S9’s across the border. They are setting up mining
factories inside Venezuela, using the free electricity
to mine Bitcoin, and then they are using he
revenue from Bitcoin to by food on Amazon Prime Pantry,
have that food delivered to an adjacent country and
then smuggled over the border. So you think it’s difficult to figure out how to enter an eight letter password if it also requires a
capital letter and a symbol and all of this Bitcoin wallet
is too fucking complicated and I don’t know why you people bother, ’cause I have Visa debit. Go talk to a Venezuelan about
what they’ll go through. (audience applauding) There’s a second part. And the second part, sorry. – [Audience Member] The way
I was describing it is like there was possible multiple scenarios for (speaking quietly) – Right.
– So if you take a side, you’re kind of entering a space where, – You don’t take sides. Bitcoin is not taking a
side in these currency wars. Bitcoin is going to be the Switzerland even when Switzerland is
no longer the Switzerland. (audience laughing) And Bitcoin will be the only
Switzerland left standing. Because eventually you will
have gold confiscations. Modi has been very
careful to keep repeating we won’t be confiscating gold. Yesterday they announced that
they’re going to be doing tax audits and in those tax audits, anything over a certain amount of gold, even if it’s hanging off the
neck of the married housewife in India, who are, by the way, the holders of the majority of gold in the world, they will be confiscating
it and applying a 60% tax. By the way what that actually means is that they’re going to be doing spot checks on random victims. Those random victims are
then going to be required to pay an enormous bribe to
those very corrupt officials so they can simply walk away. And corruption marches on
and gets bigger and bigger. You do not take a political
side in this fight. This is not about being
pro Modi or anti Modi. It is not about being pro
Erdogan or anti Erdogan. It’s about being completely neutral. Bitcoin isn’t taking a
political stance here. The only political stance it’s taking is individuals should
control their own money. – [Audience Member] Hear hear! – Yes. – [Audience Member] Is it only individuals that are affected or companies
in your country (mumbles) and how are they gonna
move their money out if they’re in a currency war as well? If they’re alternative digital currencies. – Companies are composed of individuals, unlike what the U.S. Supreme Court says. They are not people. So companies that are
made of people will have to each of the people in that company will have to find ways to take advantage of whatever technology
they can get their hands on and move out. But it is going to be difficult
for a lot of companies in this space, and not just in this space. Right now, if you’re a gold dealer, if you’re selling
jewelry, if you’re dealing with foreign exchange, if
you’re selling electronic goods or anything that can be
sold and bought for value and barter, in any of these economies, you are already in opposition
to the great nationalist plan of our esteemed leaders, right? And so you’re in trouble. Companies are going to
have a very difficult time. One of the things I foresee
is that we’re going to see much more development in
decentralized forms of trading, peer to peer trading. Local bitcoins, bitsquare
and other forms like that, the things that can easily go underground when things get really ugly in a country. Just like we see in Venezuela. There is no Venezuelan Coinbase. It’s all person to person,
hand to hand, right? Or wheelbarrow to wheelbarrow. – [Audience Member] Do you see
like massive financial odds, and independent (words obscured
by coughing) and buildings formed with (mumbles) by the people like to basically away from the other system into new systems, so what I mean is like, what’s gonna happen to the exchanges? Are they gonna be like,
they’re gonna come after the exchanges, obviously. But if exchanges– – Well, they’re going to
come after the exchanges, but not too hard, and
this is one of the other fun lessons that we’ve seen
play out in China, which is, why have they not shut down the exchanges after 60 valuations? Ask yourself that. First of all they tried to
close their bank accounts and the exchanges started selling vouchers in grocery stores. So instead of depositing money, you’d buy a voucher, redeem that voucher and buy Bitcoin at the exchange. They just by-passed the
banking system completely and used the grocery stores
as cash in mechanisms. Which you’re going to see happening in lots of other countries, but why have the exchanges
not been shut down? The simple answer is that they can somewhat monitor the exchanges. If they shut them down,
all of that traffic is simply going to go to
exchanges outside the country that will still sell vouchers
in the grocery stores of the local economy. ‘Cause people will
smuggle in the vouchers. Also, where’s the Politburo
going to exchange their money? (audience laughing) They need an exchange too. The whole beauty about this
is that the first people who tried to get out
are the people who wrote the fucking law. (audience laughing)
(audience applauding) Yes, Paul. – [Paul] Three questions, first– – No, just one question,
pick the best one. (people chattering) – [Paul] You mentioned the Coinbase, what do you think about
the recent news in America when the authorities demanding
all the data from Coinbase? Secondly, all the rhetoric
from Trump about draining the swamp of corruption in Washington. How do you see that in relation to the Fed and all that crap? Thank you. – Yes, okay. So first, I was absolutely
shocked, surprised and dismayed that Coinbase
was raided, or is about to be, no I’m not. I mean come on, who trading
on Coinbase didn’t know that everything they
were going to do is going to be surveilled by multiple people? That’s part of working with
a regulated exchange means. And I’m a Coinbase customer. So yes, absolutely. I knew this was coming and
I paid my taxes, right? Interestingly enough,
the story isn’t over yet. What we’ve seen so far, just
for those who are interested in the legal insider stuff,
is that the initial judge who had to rule on the
petition by the government to serve Coinbase with a
subpoena accepted that petition. That doesn’t mean that it’s done. That means now the IRS
gets to file a subpoena. That subpoena then will
immediately face a motion to quash by Coinbase. They’ve already said
they’re going to do that. And then the negotiation begins. Right? The IRS like any
organizations that involved in litigation like this
on a big scale, right? They set a negotiating position, right? Their opening request
was give us everything since the beginning of time. Right? And Coinbase is probably
gonna file a motion that says, how ’bout nothing? And then they’re gonna
say, well, how ’bout, just these customers for a few years? And then Coinbase is
gonna go back and say, how ’bout, nothing plus something? And then after a few
months of negotiations and motions and counter
motions they’re going to arrive at a narrowed scope. So it’s not over and we’re
going to see some interesting legal activity in this particular space. But honestly, if you
were trading on Coinbase you shouldn’t, on any custodial exchange, on any system that has, know your customer and anti money laundering
rules, you are playing in the system, and quite honestly, if you live in a western democracy where the system is not
currently trying to eat you, then maybe you should be
playing in the system. Maybe that’s okay. Some people don’t have that luxury. They don’t even have a Coinbase, right? And it’s, I think it’s a bit hypocritical to blame Coinbase for this, if anybody was thinking that way. As for Trump and his
pronouncements, et cetera, I think this is a fantastic opportunity for many many Americans
to learn some German. (audience laughing) And the first word I can teach them is (speaking in foreign language) right? Look it up. A lot of Americans are
gonna be looking it up. (speaking in foreign language) Yes, thank you, I can’t
pronounce it very well. The joy in watching
somebody else’s misfortune as their hopes and dreams
of draining the swamp are crushed by the reality of a completely sold out establishment politician. Yes. – [Audience Member] So
for all the horrible stuff that banks are responsible
for, are there some rules, – For all the horrible stuff? – [Audience Member] Banks
are responsible for, there’s some rules that they
are meant to be performing so one big thing is that they recommend that some people don’t
spend all their money, and so they lend some of that out. So if you envision a world in which people are moving money out
of the banking systems which are governed by central banks, or by government, and
into this other system which is not governed, don’t you see capital
markets and financial markets stop functioning literally in
that part of the (mumbles)? – Yes. So the question was, banks also do lending and what happens if in the
great stampede to the exit liquidity is drained
from the capital markets? We’re going to discover just
how fragile the banks are. And this is the message. Banks are gonna get stress test. And this time Bitcoin
is going to be the one doing the stress testing
and they will fail. They will fail and that’s
when they’re going to say that we lit the fire, right? But that’s not the truth. The system was fragile before. The system was over capitalized and over exerted and
over leveraged before. And if it is collapsing,
it’s collapsing because of it’s own profligacy
and crime and corruption and lending practices. Bitcoin is simply an exit. You can’t blame the exit
for the fire, right? (audience member speaking quietly) Well, there’s lots of underlying causes. But this is a natural
outcome of currency wars. If you tried to inflate
yourself out of a crisis, if you don’t clean up the
detritus of the previous depression and you give
everybody a big fat bonus and no one goes to jail, next time around, banks are going to collapse. And eventually banks are going to collapse at such a scale that no
one can bail them out. But that has nothing to do with Bitcoin. This was happening anywhere. And trust me, I don’t want
Bitcoin to play this role. I want Bitcoin to develop
cool new applications and do remittances and help
people do micropayments and things that, but this is
the role we’re going to play. And Bitcoin is being thrust into this role because of the depravities
of traditional finance and the currency wars being
launched in those areas. This is not a role we’re going to choose. And you don’t have a choice
as to whether people use Bitcoin to do these things. They have enormous needs
and they’re going to look for whatever helps them
preserve the wealth of their children. So, yes, banks are going to
collapse because of this. But that’s not our fault. But the economy does not
collapse as a result. The economy collapsed long
before the banks collapsed. And to think that the
banks are the economy is the fundamental mistake
that’s gotten us into this mess in the first place. (audience applauding) The economy continues. Only if you sock all the cash
out and assume the premise that the banks and the corporations
that leverage the banks are the economy do you start
making these horrible mistakes. Yes. – [Audience Member]
Following on from that then, it obviously will be so with
Trump (speaking quietly) – I did. (audience member speaking quietly) I spent the last six months telling people all around the world including
in Europe, Trump will win. Nobody believed me. Yes. Right. – [Audience Member] Yes,
absolutely, I mean people in the childhood group,
actually did some good polling, actually predicted his
win, (speaking quietly) But that seemed to be a
failure of statement, right? Embarrass Trump in front of D.C.. But don’t we actually have
a problem though if like it’s not the failure of
state (mumbles) that we need to point to, but actually be
willing to, to your last point, a failure in economics that you know, we had–
– Uh huh. – [Audience Member] Talking
about the fact that you know, we can see technology everywhere
apart from productivity stats, we’ve had issues
around productivity. – Your question is? Sorry. – [Audience Member] So,
you know, one of the things that I think would actually
sell this maybe better, and you also alluded to it
in terms of (speaks quietly). It shouldn’t we be looking
for entrance recruiters rather than actually self
referencing innovation within financial services technology plan. ‘Cause that’s what brought
us here in the first place. – Okay, so I will agree with you and to repeat the question
was, was this a failure of politics, was this
a failure of economics? And should we be looking
at the root causes and looking to increase
innovation through Bitcoin in fundamental financial services? Yes. When you see institutions fail, usually, when you see democratic institutions fail, it’s because economic institutions failed because markets failed. So it’s a cascading system. The reason that the
political system in the U.S. failed in 2016 is because
the economy failed in 2008, is because the
market started failing about a decade before that, right? Due to Glass-Steagall and various other things that happened. So market failure leads
to economic failure, leads to institutional failure and gradually all of
the basic institutions of society start eroding. And yes, we need to build,
and not just economic applications, Bitcoin isn’t
just an economic system. It’s also a system of markets. And it is providing an honest,
truthful market solution. The reason Bitcoin is
being used as the exit is because it offers the real market value for your currency exchange
when the other markets have been artificially shut off, right? So if you have, you know, a
body of water that’s higher and a body of water that’s lower, it will flow downhill, right? If you put a dam in the way, then you’re creating an
artificial restriction to hold that energy up, but the energy hasn’t gone away. Now Bitcoin happens to
be a hydroelectric plant sitting on that dam and the
more higher up the water is, the higher the volume,
the higher the disparity in energy, the more it’s
going to churn that engine. Why? Because it offers an
honest path to the point of less energy and so
it’s going to do that. It’s a market mechanism. And we’re going to need also
governance mechanisms, right? To fix some of the other institutions that have broken, institutions
of politics and society. But right now, you know,
you’ve got to realize, we’re facing a crisis,
not here in Britain, but there’s a global
currency crisis going on and this currency crisis is hitting nation after nation after nation. If you’re in crisis, you
don’t look to how to improve the opera house, right? You take out the garbage. – [Audience Member] So
you said that Bitcoin might be an exit door.
– Yes. – [Audience Member] Then my question is what’s next after the exit? So, (words drown out by
activity in the room). And it’s not naive to
foresee that those (mumbles) could be a bigger issue. – Yes. – [Audience Member] If this is the latest. What do you, and apart from
Bitcoin there is other system, an older encryption. – So what comes after the exit? – [Audience Member] Yeah,
do you that we could have a network of decentralized system where– – Yes we will have a network
of decentralized systems. Yes, we’re going to have
to invent new solutions to scalability problems. Yes, we’re going to
have to scale up Bitcoin in order to support the growth. But guess where all the
funding is coming from. Like if you wanna figure out like, we have a couple of exchanges
in two of these distressed countries, how do they exchange funds? Well, they can’t do them on
the Bitcoin blockchain directly because of fees, because
of capacity constraints. If only they had a lightning
network set up between them. Well, today, they don’t
have the funds to invest in a lightning network. But if they’re making 20%
premium on the Bitcoin they’re selling, suddenly
they have the funding to set up a lightning
network to get more liquidity into their market. So one of the things that
happens because of the exit is that it finances the
solution, the scalability and growth and applications. And as people move into
the Bitcoin economy, then other smart people
are gonna say well, they’re there, they have Bitcoin, let’s give them things to buy. Let’s give them things to invest in. Let’s build applications
that they can use. So that funds the
development of the ecosystem as a whole. Think of this as a giant
Kickstarter, or DOW. (audience laughing) All right, in the hat. – [Audience Member] Yeah,
I’m a novice in all this, – Welcome. – [Audience Member] And
so it’s great to hear what you’re saying, clearly
you’re a huge believer. And my question is what
percentage of your wealth is actually tied up in Bitcoin? (audience laughing) Percentage of our wealth
should be tied up in it? – The answers to those questions
is very different, right? So what percentage of your wealth should be tied up in Bitcoin? – [Audience Member] That
was my second question. (audience laughing) – A percentage that is
equivalent to your understanding of how the technology
works and your ability to absorb the risk that it entails. Which for most people is a
very small percentage, right? So to your first question, what percentage of my wealth
is invested in Bitcoin, I think using the word wealth is a bit of an exaggeration.
(audience laughing) I did this job for free for two years, I’m still digging out of the hole of debt that that created so not really wealth. But you know, my small
savings that I do have are invested in Bitcoin, 100%. And I actually have a tiny
bit of debt in dollars still, that I’m still trying to pay off. So it’s more than 100% in Bitcoin. (audience applauding) Now, and I’d like to emphasize that again, that is not a recommendation to invest. Because I haven’t invested
my money in Bitcoin, I’ve invested my career,
my intellectual capacity, my creative energy, my
passion, my work, in Bitcoin. The money is the least of
the investment I have made in Bitcoin and I could lose all of it, and I still have everything else. You should invest as
little as you’re willing to lose in a very volatile market. Now, that may mean just
maybe five quid a week. I think a very good piece
of advice that I’ve heard from many people is dedicate
two cups of Starbucks a week or one pack of cigarettes less. Take something from a negative habit and put that into Bitcoin,
just to play around, see how it works, experience it. Use some wallets, do some transactions and see if you like it. – [Audience Member] Should
that percentage depend on which country you’re in
depending on the volatility of that country? – Absolutely it depends on
which country you’re in. And I’m talking primarily
for this audience. If you’re in Argentina,
any percentage of wealth you put in Bitcoin did far
better than the Argentinian money every single year
in the last seven years. Even in the worst years of Bitcoin, somehow Argentina’s
economy was doing worse. (audience laughing) And that applies to Zimbabwe and Venezuela and a whole bunch of other places. Like if your country is
experiencing 45% inflation, right? Then crazy Bitcoin volatility seems like a rock solid investment. Two more questions, all right. Let’s see who hasn’t asked a question. All right, right in the middle there. Behind you, sorry. And I’ll come to you next. Let’s make them quick. – [Audience Member] So, according
to what you said before, Bitcoin is possibly
going to be kind of bad in the next years or
very strictly controlled. – In some places.
– In some places. – Yes. – For instance, one of
these places could be China. – Unlikely, but yes. – Because they already
have some kind of problem with many people converting
to Bitcoin, right? And the mining facility,
like if 70% of the mining facility are in China now, so do you think they’re going to try to control the mining the facility or what can possibly happen? – That’s a great question,
so do I think mining will be controlled in China,
or do I think that Bitcoin might be banned in China. I think it’s extremely
unlikely that Bitcoin would be banned in China
just because every time there’s a little blip in the
Yuan, we see half a billion to a billion dollars flow into Bitcoin doesn’t mean that that’s
a large amount of money. For China, that is nothing. So it’s like you’re facing
the eminent collapse of giant hydroelectric
dam, you’re not gonna worry about that tiny little trickle of water in the side there that’s Bitcoin. You’re worrying about the gushing outflows of the things they are worried about. Right now they’re passing a new law to restrict mergers and acquisitions. I heard this fantastic story
of how Chinese companies are exiting money from the economy even though there are currency controls. And it came about from a conversation with a lawyer, and this
lawyer had been asked by a Chinese company to participate in an arbitration hearing. And they said, we want to
do this arbitration hearing and would you be
interested in participating and representing us? And they said, yes, okay,
who’s the other party? Well, the other party doesn’t exist yet, we would like you to
create the other party. We would like you to represent
both us and the other party and then we would like to
lose an arbitration award of about $5 million to the other party which you will set up in another country. (audience laughing)
– Brilliant. – When the need is great, it becomes the mother of innovation. Right? Legal innovation, corruption innovation, et cetera et cetera. So they have much bigger problems. Now you will see bans in some countries. In the countries where
they can arbitrarily effect a ban, they can’t actually affect that ban in practice on the ground. Because where the rule
of law is weak enough that a single individual
without any recourse, due process or opposition can
simply ban a form of money, then their ability to actually
enforce that is probably pretty weak too, because
everybody below them is gonna be taking bribes. So just imagine, for example
the ruling comes down and it says you can’t do mining in China. And that goes down to the districts, and from the districts
to the smaller districts, to the cities, to the towns. And eventually some official sends a fax to the local village where they’re running a mining farm off the
hydro that represents 40 to 50% of the municipal
income of the entire area. And they say you must close your mine. What does the local official say? We have no mines here. (audience laughing) Or guys close it down for 24 hours. We have eradicated mining
in China, long live China and our great leader. Turn it back on. Right? So the ability to actually
affect change on the ground is mediated by layers and layers
and layers of bureaucracy, which are more and more corrupt. And the bigger the crisis, the
easier they are to corrupt. You gotta realize that
these mines are quite decentralized within
China and in many cases, they provide a stream of
corrupt money throughout every official in the area. The police works for them,
the mayor works for them, the electricity company works for them. Now the electricity companies are the ones who are mining. Good luck shutting that down. So again, it’s not as easy to do and the higher the need,
the more corruption and invention you’re gonna have. One more? One more. Who’s got a really good one? – [Audience Member] Me. – Okay fine.
(audience laughing) (audience applauding) but we now have very high expectations. (audience laughing) – [Audience Member] So don’t you see this as something so much more
than just an economic and political but even spiritual warfare, because in essence, we’re really fighting the Illuminati, the– – Oh no no no. I’m not gonna take political
positions on spiritual issues. I see this,
(audience laughing) I see this as a very
efficient form of technology that allows a system of proof of work to enable human beings to
transact across great distances. And that’s it. It’s as simple as that
and as powerful as that at the same time. Thank you very much everybody. Thank you.
(audience applauding)


79 thoughts on “Andreas Antonopoulos – Currency Wars and Bitcoin’s Neutrality”

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  • While bitcoin is a better money, it will never solve the problems created by money. Please investigate a resource based economy.

  • At the root of "currency wars" is a war on the meaning of words also. Even prominent economists idiotically refer to the Federal Reserve Note as the "dollar" and feed right into the false nationalism by lamenting the passing of "the dollar" as the world's reserve currency. It is the fraudulent Federal Reserve Note (not the dollar) that is passing away. The legal dollar is a one ounce silver coin issued by the US mint and nothing else!

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  • wow what a great talk from the heart and spot on… almost as good as the investing in skills talk!!!! please talk about economic singularities and punctuated equlibrium a little more in a future talk

  • Enrique Arizón Benito says:

    Before Bitcoin is/could be taken seriously it must first fix all the problems it bears with it:

    – Extremely poor and sloOooooooooOOoooOOOOooooOOOOoooOOoooooWwwwww performance.

    – Extremely secure cryptography supporting backend but extremely insecure supporting infrastructure (millions of wallets running in outdated versions of Android, as well as farms of miners running in poorly securised servers).

    – no "A"uthentication in the "AAA" basic triangle of security.

    – No legal support in case of robbery (no body likes police and lawyers until you need them)

    – No real commerce. 99.9% of Bitcoin users are speculators.

    – Mining that favors hardware over software and so concentration of mining (completely opposite to the principles of a distributed crypto-currency).

    – Deflactionary: With no inflation there is little motivation for investors to invest outside the bitcoin. In fact it becomes the realm of speculators (as is the case today) and speculators and not interested in real economy (health systems, R&D, public infraestructures, public education system, …).

    – et cetera

  • He works with facts and he has changed many perspectives on Bitcoin. Positively and objectively of course. Always worth a watch!!

  • Wow, what a great talk!..That last question was a bit out there, but I would say there is a moral argument for keeping some of your wealth in bitcoin. Owning bitcoin, when I go to a bank I feel a sense of relief knowing I am not entirely incumbent to the banks whim. I see the current banking system as what would be defined as evil or at the very least highly immoral. The banking system enslaves and makes victims of 99% of us, our children, and their children. The biggest joke being that by feeding the banks we are enabling the banks… As a literal definition "spirituality" is "relating to or affecting the human spirit" – having part of my wealth, no matter how small, outside of the banking system makes my human spirit feel better – it could be argued that owning bitcoin is a spiritual responsibility.

  • Antonopoulos has to do a better job repeating the questions. When someone rattles on for 3 minutes and Antonopoulos just answers "yes" or "uh huh", that's bad form. Otherwise, brilliant content.

  • if you're worried about being labeled a criminal, might help to google imbatman57. gist is minimizing claims you make, while asking honorable questions that help see there's no controversy

  • Let me comment please before the question and answer period, sorry some will undoubtedly come upon some of these things that I am going to comment on and my comments will be redundant in part.
    1. This is a person and a speech and a gathering of and Era. We are entering into a 'world' of intelligent systems that once put in place will not be defeated. All will be automated and each action programmed based upon the systems many input points – that will be every point in every place and at every time increment. The technologies exist that this could be in place today, but for the slowness of intelligence amongst humans as a group.
    I believe we are brought together by a higher power and we are together for a reason. As coder writers and other tech working people and watchers of this meeting by people like I am – we are the important part of this important – biblical – time.
    2. Andreas Antonopoulos and you his colleagues and friends are so important to us that I want to put into context what he has just said and why this is so large and you so important.
    a. Since time Kung Fu Tze and his predecessors of approximately 2000 years have insisted upon virtue. Socrates continued. Machiavelli re-sounding him. Adam Smith re-searching particularly important to us; wealth of a nation and repeating the original message being a moral philosopher rather than an economist- virtue. Each having the same message – virtue! Each; one, by one, by one, by one in his own time was not listened to. And each today completely un-read and soon to pass to oblivion. To be taken by an intelligent system that will unequivocally provide the ravages of the failure to listen; the failure to try to understand.
    b. Andreas says: The eradication of the currencies that provide private transactions by making all transactions digital (input for the intelligent systems) and on that platform will provide: i. Surveillance, ii. Control, iii. Confiscation, and iv. "negative interest rates" Theft of value from all (in addition to the theft of the value from some by Confiscation). All wealth and all actions soon to be in total or Totalitarian form, governed by the few despots who oversee the system until it oversees itself – Total . . .
    c. Andreas refers to Nationalism (and an aggressive pursuit of it – fascism). We have again a scholar Victor Klemperer, a German scholar who allowed us to see: Nationalism in Germany was Communism. (It was a lost people searching for a political – moral philosophy when their culture was destroyed by itself through its own corrupting.) Victor Klemperer in his work "I Will Bear Witness", like the early great philosophers for virtue will not be listened to.

    Andreas uses the word: Precipice. Please listen to him. Regard the great minds from the past and listen to them in this. As you proceed please bring the great, true, repeating knowledge to the fore of your good minds, please. And do great with this knowledge as your guide; for your legacy. Because your success, as simple or mean as that seems is important beyond important in its 'today' connotation. It is important for all time. It is about time we listened and guided our actions by what we have been given as a gift – great gift. Godspeed. And thank you so much Andreas Antonopoulos.

  • I'm starting to think we may be seeing the results of large pressures developing between the two types of fiat money in the globe. The developed world creates its fiat money by clicking computer keys to add "money" into their economy. They can inject "liquidity" or "stimulus" at electron speed. The developing world where more of the population is "unbanked" they use mostly paper fiat. The problem is it takes much more time to inject a paper fiat money into an economy and effect inflation than it does in a digital fiat system. When and where the two systems meet might be likened to when a cold front enters a warm air mass. It causes winds, storms and maybe even tornados. Digital fiat and paper fiat are not compatable and is now a global problem.

  • i've always wondered about 1 question that has not been asked:
    What prevents the market makers in buying huge amounts of BTC and controlling this currency as well?

  • I wonder if this guy has taken precautions against his life. He seems like one of those people that gets killed when shit gets real.

  • THAT FUCKING LAST BITCH WITH HER STUPID QUESTION. "don't you see us fighting the illuminati and this actually being spiritual warfare?" GODAMNIT YOU TOOK AWAY ONE MORE GOOD QUESTION YOU FUCKING PIECE OF SHIT /endrant.

  • I've been following Antonopoulos on youtube since 2013 and it always pleases me just to hear him expound upon these various worldly issues and how bitcoin tech can solve them but I look at this video here and what I notice is that when asked questions even though he responds respectfully and nicely but look at his eyes, you can tell that some of these questions which people have asked him over and over throughout the years at these events are starting to annoy the hell out of him LMAO!!

  • I am stil very very suspicious of this bitcoin because it is digital and not backed by anything just digits on a screen like today but we still have paper money. The elites are very shewed and they make a move one way but the object is something else for what they ultimate want. I wouldnt be surprised if this guy is an agent working secretly for them. Even if it has some credibility at first, the elites will slide in and take it over and then make changes. That is how they operate. I see a lot of thumbs up and the audience is excited, but many monetary systems have come about and starts off honest but then they will let Satan come in and take over and require one have a microchip. I am very leery!

  • Also, the bitcoin is digital so what happens if there is cyber moneyary heist. There are always smartvtech people in the world to do digital robberies which has been done without a trace.

  • 02:31 currency and a system of payment
    03:10 currency war , global, fully-fleshed
    03:46 greece, cyprus, spain, venezuela, argentina, brazil, india, turkey, pakistan, urkaine
    08:00 trade war instrument
    17:52 these currency wars are wars on population, they are form of civil war from the government against his own people 28:13 question 1, IMF
    32:19 question 2, venezuela, being engaged in bitcoin, put you in jail for the rest of your life
    35:59 question 3, bitcoin is going to be the switzerland…
    40:46 question 4
    44:32 question 5
    46:02 question 6

  • Bitcoin IS developed by governments. XRP and ETH are openly backed by banks. This was part of the plan since 1990s. Welcome to your new shackles. Nations are working together. The trick is in sending these "intellectuals" to sell you false hope so you won't fight it.
    YOU want to be sovereign. And he talks about sovereignty as a negative thing. Nice trick.

  • Awesome video. Thanks for sharing. A.A. is my all time hero in bitcoin. He never stalls searching what to say next with a lot of Um's and stuttering. He has a real grasp of he says and he delivers every time.

  • Bitcoin seems lik a digital fiat currency to me.. With a geek/tech elite supplanting the banking elite. How is it different? It is not really a decentralised currency coz someone still has to own the blockchain and the mining process. I'm no techie but this just jumped out at me.

  • sparta di unruly says:

    hi…want to buy/sell bitcoin or you are a beginner use this link…. you will be amazed how easy it is…

  • Run a find & replace command and replace the words:

    "Bitcoin" with – "men" & "masculine nature"


    "Government" with "women" & "female nature"

    And we have even more answers.

    Bitcoin is the MGTOW of the economy. As both men and our money flee gynocentric society that has been ravaged by female nature and the welfare state. Demanded by women and their very nature to value "protection" and provision by the state at the expense of the very men who built said nations. And perpetuated by the simp, female minded men who enabled them.

    Go MGTOW.

  • AlexaA Amsterdam. Growing your business faster says:

    BIG BANG TALK :>) Walking "all u Need 2 Know source! A true (un)polished multifaceted passionate Crypto diamond!
    Modern Robin Hood of Economy. Well educated, interested, experienced Metaphorical connecting our financial past and future from with passion!
    From Technical, Biological, Medical, Economical, Anthropological and IT perspective. Very enriching for navigating (financial) life! Greeting from Amsterdam

  • Can't believe i finally found a disagreement with Andreas… Nationalism is on the rise, but in Europe it is a very different case of nationalism. When a country is being destabilized by globalist imposition, you get nationalism as a mechanism of cultural preservation. The main problem Europe is facing is Islam. No sugar coating it. If you import a replacement population that shares no values with the native population and sees it's women as chatle, then yeah… you will get populism. I was a highly idealized liberal before EU brought in millions of Muslims in our countries. Now i am forced to vote for nationalism, as it's the only thing we can do to prevent civil war down the line. Don't sugar coat Islam… it is a grave mistake. Multiculturalism is fine, but Islam is incompatible with the west in it's current manifestation. As far as Chiene and Japanese or Turkish nationalism goes… yeah, that is pretty shit. But Europeans are rightly becoming more populist. Hungary is an admirable country right now. Orban will go down in history as the defender of Europe. And we don't even like the guy. That's how bad the situation is in Europe.

    3. Genghis Khan
    2. HitlerStalin
    1. 48:30 The type of guy that thinks Q&A is a great opportunity to plug his stupid speech.

  • Escape the Matrix says:

    I realize this is an older video, but if anyone hasn't subscribed to Andreas' YT channel, you should. –>> He's also on Twitter, and has his own website. Andreas is obviously a powerful voice for FREEDOM!

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