0:00:01.960,0:00:03.553 We can go online in the space of ten seconds 0:00:03.553,0:00:06.246 we have 20 tabs with amazing initiatives 0:00:06.246,0:00:08.525 and amazing people all around the world. 0:00:08.525,0:00:11.318 It naturally raises my standards and raises 0:00:11.318,0:00:15.800 my expectations in terms of what I can achieve. 0:00:15.800,0:00:18.232 And when I see all this stuff, 0:00:18.232,0:00:20.482 it's sort of this feeling of overwhelming 0:00:20.482,0:00:22.268 what the hell would I do with this?! 0:00:22.268,0:00:24.451 On the other hand, when I'm clear, 0:00:24.451,0:00:27.934 it's just this complete bliss and ecstasy 0:00:27.934,0:00:30.382 that there's just so much richness 0:00:30.382,0:00:32.101 and if you talk about wealth 0:00:32.101,0:00:34.904 I feel like I have the world's 0:00:34.904,0:00:37.740 collective consciousness at my fingertips 0:00:37.740,0:00:39.660 and I just feel so rich! 0:00:39.660,0:00:42.841 Alot of us had parents that were baby boomers 0:00:42.841,0:00:45.325 and potentialy disillusioned hippies. 0:00:45.325,0:00:47.160 They supported our creative side 0:00:47.160,0:00:49.403 and somehow we caught their idealism. 0:00:49.403,0:00:51.071 and now we're interested 0:00:51.071,0:00:52.639 in the structure of money. 0:00:52.639,0:00:55.960 I think it's going to be really incumbent upon 0:00:55.960,0:00:59.675 those of us for whom digital technology is more natural 0:00:59.675,0:01:01.890 to invent the systems of the future. 0:01:05.352,0:01:08.499 I can't imagine how many great ideas out there 0:01:08.499,0:01:11.510 are buried in the backs of the minds of people 0:01:11.510,0:01:13.778 -- of young students, with a lot of debt -- 0:01:13.778,0:01:15.947 who just don't have the ability to pursue them. 0:01:15.947,0:01:18.234 It's like shackling our innovators. 0:01:18.234,0:01:20.503 When you base lending and credit on things like 0:01:20.503,0:01:22.372 financial history or cosigners, 0:01:22.372,0:01:24.381 those things exclude millions of people 0:01:24.381,0:01:26.100 around the world that don't have them. 0:01:26.100,0:01:28.344 However everyone has potential, 0:01:28.344,0:01:30.947 and if you can base credit on future potential, 0:01:30.947,0:01:33.667 that brings a lot more people into financial inclusion. 0:01:33.667,0:01:35.675 It's actually not a question that you pay 0:01:35.675,0:01:38.672 for what you already got, 0:01:38.672,0:01:41.709 you actually pay for what you will get. 0:01:41.709,0:01:45.760 The things that can be made because you paid. 0:01:49.376,0:01:51.920 I think one of the things that's going on right now is 0:01:51.920,0:01:55.207 a re-examination of value, 0:01:55.207,0:01:57.642 and of wealth, 0:01:57.642,0:01:59.420 and of assets, 0:01:59.420,0:02:00.535 and of a lot of words 0:02:00.535,0:02:01.780 that have a lot to do with money 0:02:01.780,0:02:03.275 but really aren't about money. 0:02:03.275,0:02:05.388 Money itself seems to be a mystery 0:02:05.388,0:02:06.636 for most people. 0:02:06.636,0:02:09.472 It is just so shockingly alien to you 0:02:09.472,0:02:11.866 if you compare it for how many 0:02:11.866,0:02:14.653 decades you are using it until you are questioning 0:02:14.653,0:02:17.247 yourself for the frist time what it really is. 0:02:17.247,0:02:20.178 We've given money the properties of the divine. 0:02:20.178,0:02:21.526 You know money is not wealth, 0:02:21.526,0:02:23.471 money is potential wealth. 0:02:23.471,0:02:26.355 But we give it such power that it influences 0:02:26.355,0:02:27.708 the way we feel about ourselves. 0:02:27.708,0:02:30.446 By experiencing a complimentary system, 0:02:33.108,0:02:35.601 I changed my notion of wealth. 0:02:35.601,0:02:39.438 People need to see themselves more as producers. 0:02:39.438,0:02:41.106 And if they see themselves as producers 0:02:41.106,0:02:42.674 they can also see that 0:02:42.674,0:02:45.535 they create the value and that there's probably 0:02:45.535,0:02:48.113 someone out there can benefit from that value. 0:02:48.113,0:02:51.410 There is actually a direct link between the kind of 0:02:51.410,0:02:54.537 new social habits we are learning online 0:02:54.537,0:02:56.506 and the social movement which is created 0:02:56.506,0:03:01.298 we're more willing to connect with someone who 0:03:01.298,0:03:05.133 we've only seen a profile of online, 0:03:05.133,0:03:09.303 and to trust them, in real space or with our time 0:03:09.303,0:03:12.507 I would share almost all of my information 0:03:12.507,0:03:18.279 with complete strangers because I feel 0:03:18.279,0:03:22.339 there's an integrity to the way I live, 0:03:22.339,0:03:25.270 and it's fine for other people to know about that. 0:03:25.270,0:03:26.105 As we work together 0:03:26.105,0:03:27.749 creating these collective projects 0:03:27.749,0:03:29.975 then trust naturally comes from that 0:03:29.975,0:03:32.068 and out of that trust we then seek to 0:03:32.068,0:03:34.246 organize new forms of social life 0:03:34.246,0:03:36.433 so trust is at the basis of the 0:03:36.433,0:03:37.968 re-creation of real communities 0:03:37.968,0:03:39.803 which are no longer bounded by place, 0:03:39.803,0:03:43.074 but are bounded by shared values. 0:03:43.074,0:03:45.408 You put yourself in a more vulnerable state 0:03:45.408,0:03:47.765 when you express what you need. 0:03:47.765,0:03:48.512 We go out and we buy it 0:03:48.512,0:03:50.713 from people we don't know, 0:03:50.713,0:03:53.059 but we don't turn to our community. 0:03:53.059,0:03:55.520 Putting all that information into one database 0:03:55.520,0:03:58.172 creates an enormous amount of potential energy. 0:03:58.172,0:03:59.941 When you know what a community needs 0:03:59.941,0:04:01.457 you know what the market demand is. 0:04:06.714,0:04:11.043 If there was a kind of bank that allowed me to 0:04:11.058,0:04:14.909 convert my money to a local currency right now, 0:04:14.909,0:04:15.841 I would do that. 0:04:15.841,0:04:18.377 Successful businesses and other 0:04:18.377,0:04:20.579 non-business organizations of the future 0:04:20.579,0:04:23.500 will have to be more transparent and more human, 0:04:23.500,0:04:25.218 and the ones that succeed in the long run 0:04:25.218,0:04:26.565 I think are going to come back 0:04:26.565,0:04:28.887 more as peers in our society 0:04:28.887,0:04:31.641 so they can behave in trustworthy ways, 0:04:31.641,0:04:34.478 rather than trying to tell us over and over again 0:04:34.478,0:04:35.545 to trust them. 0:04:35.545,0:04:37.177 Banks are going to have to evolve 0:04:37.177,0:04:39.452 to meet the new business models around 0:04:39.452,0:04:41.774 mediating trust and communities 0:04:41.774,0:04:44.026 and the ones that do are going survive 0:04:44.026,0:04:45.840 and take on a very different role, 0:04:45.840,0:04:47.364 and the ones that don't I think are just 0:04:47.364,0:04:48.576 going to go out of business. 0:04:48.576,0:04:51.586 Try to start and think in new ways 0:04:51.586,0:04:54.082 join the discussion, like this discussion, 0:04:54.082,0:04:57.636 on what's to come and what is value, 0:04:57.636,0:04:59.739 what could replace money. 0:04:59.739,0:05:02.161 It's more about creating an atmosphere 0:05:02.161,0:05:05.366 within a company or organization that allows 0:05:05.366,0:05:08.014 the people who work there to speak out 0:05:08.014,0:05:11.635 crazy ideas without being fired right away. 0:05:11.635,0:05:13.678 Think about the first days of aviation. 0:05:13.678,0:05:15.439 The Wright brothers would say, 0:05:15.439,0:05:18.322 "OK, let's make this thing fly!" 0:05:18.322,0:05:21.245 But they wouldn't think about huge infrastructure that is needed; 0:05:21.245,0:05:24.661 airports and embassies and people and security 0:05:24.661,0:05:27.123 and you know all these are huge opportunities. 0:05:27.123,0:05:29.704 The bank again is not an external entity to the community 0:05:29.704,0:05:32.928 but is an expression of the community itself. 0:05:39.266,0:05:43.202 What are the kinds of flows that we want to see? 0:05:43.202,0:05:44.904 What is that we want to shape? 0:05:44.904,0:05:46.606 What is that we want to measure? 0:05:46.606,0:05:51.344 And then try to design currencies for them. 0:05:51.344,0:05:54.514 Think about currency as 0:05:54.514,0:05:57.101 open to the principles of the free market. 0:05:57.101,0:05:59.903 Just as corporations are free to compete for 0:05:59.903,0:06:02.172 various value-creating opportunities, 0:06:02.172,0:06:03.949 currencies should be free to compete. 0:06:03.949,0:06:06.744 Different currency models competing 0:06:06.744,0:06:09.708 against one another for their ability to 0:06:09.708,0:06:11.548 serve different purposes. 0:06:11.548,0:06:13.034 We're starting to reconsider how 0:06:13.034,0:06:14.536 the commercial economy 0:06:14.536,0:06:17.939 intersects with gift exchange and the commons. 0:06:17.939,0:06:19.774 And no business likes to hear that 0:06:19.774,0:06:20.775 something of what they're doing 0:06:20.775,0:06:23.078 might fall into the commons, might be a gift, 0:06:23.078,0:06:26.172 might be very cheap to do, or easy to do 0:06:26.172,0:06:27.889 but they are, it is. 0:06:27.889,0:06:30.003 and if you actually have your eyes open and look 0:06:30.003,0:06:32.538 at those forces and understand them deeply, 0:06:32.538,0:06:34.707 you will see new business opportunities 0:06:34.707,0:06:36.509 around the commons, 0:06:36.509,0:06:38.277 contributing to the commons, 0:06:38.277,0:06:40.146 being in a symbiotic relationship 0:06:40.146,0:06:41.481 with the commons that are different 0:06:41.481,0:06:43.601 from the way we used to do business. 0:06:43.601,0:06:46.871 And I do think there is a great 0:06:46.871,0:06:49.809 money making opportunity 0:06:49.809,0:06:52.042 in currency innovation 0:06:52.042,0:06:54.345 so that rather than simply innovating 0:06:54.345,0:06:56.798 in terms of the financial instruments built on top 0:06:56.798,0:06:58.540 of the current currency system 0:06:58.540,0:07:00.049 you go underneath 0:07:00.049,0:07:02.163 and actually develop new operating systems.