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“The more we do trade, the more we get developed … the volume of trades you do is important.” It builds liquidity and uncovers new opportunities.
By the way, we’re not talking about trading on digital asset exchanges here.
In the second session of The Bitcoin Masterclasses #6, Dr. Craig Wright pushes for economic development, increasing the sheer volume of transactions between people and countries as a means to build wealth for everyone in the world.
You can watch the complete The Bitcoin Masterclasses #6 and all past seasons on the CoinGeek YouTube channel.
‘Who can tell me the meaning of innovation?’
The ability to develop something new is what makes us human. It’s ideas of the mind that “separates us from a bunch of beasts.” And there is nothing more despicable than those who push “equity,” forcing everyone to be the same. “Innovation makes everything on this earth.”
Migrant workers do what they do mostly to seek economic opportunity. It’s not a lack of intelligence that makes them poor; it’s a lack of opportunity (where they originally come from). What does this have to do with Bitcoin? Bitcoin streamlines financial transactions. For example, it makes it easier to take an idea from mind to reality through easier access to crowdfunding and investment. But at the heart of all this are fees and scalability because these will impact the costs of using any transaction network.
He’s not saying every migrant worker is a “digital nomad” just waiting to build a new app. Others can build the apps, and migrant workers can use them for other practical purposes. Our goal is to make platforms that make it easier to start businesses, lower friction and increase trade volumes, and make micropayments possible.
Amazon’s (NASDAQ: AMZN) “Mechanical Turk” is one example of this, but its reliance on payments through the legacy financial system can make it difficult for workers to receive payments efficiently.
Dr. Wright wants to see billions of transactions per second. That’s sustained, too, not peak. Microtransactions will drive a lot of this activity, so start thinking about how anything and everything could be a transaction of some kind. Every clock cycle, every movement.
Remittances today are the opposite of this. They’re slow, expensive, and even outright exploitative. We can easily blame regulations and legislation for these inefficiencies, but we can streamline these with blockchain contracts and automation. For example, KYC (Know Your Customer) should be a one-off process, not something you must do whenever you send money somewhere. Paying taxes should be automated, not something you need to spend time tallying up manually.
All the information required to satisfy regulations can be stored and made more efficient on the blockchain. We need to “make the Lego bricks” and build simpler and more efficient services for others. It doesn’t matter if you’re in the Philippines or UAE; things can be better.
It has to be said at this point: Session 6 of The Bitcoin Masterclasses has a different tone than previous sessions. Dr. Wright’s presenting style is more aggressive and ideological; he’s not afraid to tell someone they’re completely wrong, even if it’s an audience member. If you’re looking for a Bitcoin pep rally, this is probably a good one to watch.
“I don’t want to hear the words ‘incrementally better.’ Incremental is for losers.”
Dr. Wright frequently reminds the Masterclass audience that he’s a hyper-capitalist—”Bitcoin is (Ayn) Rand, on steroids”—and capitalist principles drove his creation of Bitcoin. The main problem it aims to solve is the problem of people not being able to transact with each other easily.
“Why do you think Zuckerberg and Dorsey are in the same silly little thing suing me? They can’t solve it. They can’t come close.”
Watch: With micropayments, it’s free market on steroids
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