1 00:00:01,960 --> 00:00:03,553 We can go online in the space of ten seconds 2 00:00:03,553 --> 00:00:06,246 we have 20 tabs with amazing initiatives 3 00:00:06,246 --> 00:00:08,525 and amazing people all around the world. 4 00:00:08,525 --> 00:00:11,318 It naturally raises my standards and raises 5 00:00:11,318 --> 00:00:15,800 my expectations in terms of what I can achieve. 6 00:00:15,800 --> 00:00:18,232 And when I see all this stuff, 7 00:00:18,232 --> 00:00:20,482 it's sort of this feeling of overwhelming 8 00:00:20,482 --> 00:00:22,268 what the hell would I do with this?! 9 00:00:22,268 --> 00:00:24,451 On the other hand, when I'm clear, 10 00:00:24,451 --> 00:00:27,934 it's just this complete bliss and ecstasy 11 00:00:27,934 --> 00:00:30,382 that there's just so much richness 12 00:00:30,382 --> 00:00:32,101 and if you talk about wealth 13 00:00:32,101 --> 00:00:34,904 I feel like I have the world's 14 00:00:34,904 --> 00:00:37,740 collective consciousness at my fingertips 15 00:00:37,740 --> 00:00:39,660 and I just feel so rich! 16 00:00:39,660 --> 00:00:42,841 Alot of us had parents that were baby boomers 17 00:00:42,841 --> 00:00:45,325 and potentialy disillusioned hippies. 18 00:00:45,325 --> 00:00:47,160 They supported our creative side 19 00:00:47,160 --> 00:00:49,403 and somehow we caught their idealism. 20 00:00:49,403 --> 00:00:51,071 and now we're interested 21 00:00:51,071 --> 00:00:52,639 in the structure of money. 22 00:00:52,639 --> 00:00:55,960 I think it's going to be really incumbent upon 23 00:00:55,960 --> 00:00:59,675 those of us for whom digital technology is more natural 24 00:00:59,675 --> 00:01:01,890 to invent the systems of the future. 25 00:01:05,352 --> 00:01:08,499 I can't imagine how many great ideas out there 26 00:01:08,499 --> 00:01:11,510 are buried in the backs of the minds of people 27 00:01:11,510 --> 00:01:13,778 -- of young students, with a lot of debt -- 28 00:01:13,778 --> 00:01:15,947 who just don't have the ability to pursue them. 29 00:01:15,947 --> 00:01:18,234 It's like shackling our innovators. 30 00:01:18,234 --> 00:01:20,503 When you base lending and credit on things like 31 00:01:20,503 --> 00:01:22,372 financial history or cosigners, 32 00:01:22,372 --> 00:01:24,381 those things exclude millions of people 33 00:01:24,381 --> 00:01:26,100 around the world that don't have them. 34 00:01:26,100 --> 00:01:28,344 However everyone has potential, 35 00:01:28,344 --> 00:01:30,947 and if you can base credit on future potential, 36 00:01:30,947 --> 00:01:33,667 that brings a lot more people into financial inclusion. 37 00:01:33,667 --> 00:01:35,675 It's actually not a question that you pay 38 00:01:35,675 --> 00:01:38,672 for what you already got, 39 00:01:38,672 --> 00:01:41,709 you actually pay for what you will get. 40 00:01:41,709 --> 00:01:45,760 The things that can be made because you paid. 41 00:01:49,376 --> 00:01:51,920 I think one of the things that's going on right now is 42 00:01:51,920 --> 00:01:55,207 a re-examination of value, 43 00:01:55,207 --> 00:01:57,642 and of wealth, 44 00:01:57,642 --> 00:01:59,420 and of assets, 45 00:01:59,420 --> 00:02:00,535 and of a lot of words 46 00:02:00,535 --> 00:02:01,780 that have a lot to do with money 47 00:02:01,780 --> 00:02:03,275 but really aren't about money. 48 00:02:03,275 --> 00:02:05,388 Money itself seems to be a mystery 49 00:02:05,388 --> 00:02:06,636 for most people. 50 00:02:06,636 --> 00:02:09,472 It is just so shockingly alien to you 51 00:02:09,472 --> 00:02:11,866 if you compare it for how many 52 00:02:11,866 --> 00:02:14,653 decades you are using it until you are questioning 53 00:02:14,653 --> 00:02:17,247 yourself for the frist time what it really is. 54 00:02:17,247 --> 00:02:20,178 We've given money the properties of the divine. 55 00:02:20,178 --> 00:02:21,526 You know money is not wealth, 56 00:02:21,526 --> 00:02:23,471 money is potential wealth. 57 00:02:23,471 --> 00:02:26,355 But we give it such power that it influences 58 00:02:26,355 --> 00:02:27,708 the way we feel about ourselves. 59 00:02:27,708 --> 00:02:30,446 By experiencing a complimentary system, 60 00:02:33,108 --> 00:02:35,601 I changed my notion of wealth. 61 00:02:35,601 --> 00:02:39,438 People need to see themselves more as producers. 62 00:02:39,438 --> 00:02:41,106 And if they see themselves as producers 63 00:02:41,106 --> 00:02:42,674 they can also see that 64 00:02:42,674 --> 00:02:45,535 they create the value and that there's probably 65 00:02:45,535 --> 00:02:48,113 someone out there can benefit from that value. 66 00:02:48,113 --> 00:02:51,410 There is actually a direct link between the kind of 67 00:02:51,410 --> 00:02:54,537 new social habits we are learning online 68 00:02:54,537 --> 00:02:56,506 and the social movement which is created 69 00:02:56,506 --> 00:03:01,298 we're more willing to connect with someone who 70 00:03:01,298 --> 00:03:05,133 we've only seen a profile of online, 71 00:03:05,133 --> 00:03:09,303 and to trust them, in real space or with our time 72 00:03:09,303 --> 00:03:12,507 I would share almost all of my information 73 00:03:12,507 --> 00:03:18,279 with complete strangers because I feel 74 00:03:18,279 --> 00:03:22,339 there's an integrity to the way I live, 75 00:03:22,339 --> 00:03:25,270 and it's fine for other people to know about that. 76 00:03:25,270 --> 00:03:26,105 As we work together 77 00:03:26,105 --> 00:03:27,749 creating these collective projects 78 00:03:27,749 --> 00:03:29,975 then trust naturally comes from that 79 00:03:29,975 --> 00:03:32,068 and out of that trust we then seek to 80 00:03:32,068 --> 00:03:34,246 organize new forms of social life 81 00:03:34,246 --> 00:03:36,433 so trust is at the basis of the 82 00:03:36,433 --> 00:03:37,968 re-creation of real communities 83 00:03:37,968 --> 00:03:39,803 which are no longer bounded by place, 84 00:03:39,803 --> 00:03:43,074 but are bounded by shared values. 85 00:03:43,074 --> 00:03:45,408 You put yourself in a more vulnerable state 86 00:03:45,408 --> 00:03:47,765 when you express what you need. 87 00:03:47,765 --> 00:03:48,512 We go out and we buy it 88 00:03:48,512 --> 00:03:50,713 from people we don't know, 89 00:03:50,713 --> 00:03:53,059 but we don't turn to our community. 90 00:03:53,059 --> 00:03:55,520 Putting all that information into one database 91 00:03:55,520 --> 00:03:58,172 creates an enormous amount of potential energy. 92 00:03:58,172 --> 00:03:59,941 When you know what a community needs 93 00:03:59,941 --> 00:04:01,457 you know what the market demand is. 94 00:04:06,714 --> 00:04:11,043 If there was a kind of bank that allowed me to 95 00:04:11,058 --> 00:04:14,909 convert my money to a local currency right now, 96 00:04:14,909 --> 00:04:15,841 I would do that. 97 00:04:15,841 --> 00:04:18,377 Successful businesses and other 98 00:04:18,377 --> 00:04:20,579 non-business organizations of the future 99 00:04:20,579 --> 00:04:23,500 will have to be more transparent and more human, 100 00:04:23,500 --> 00:04:25,218 and the ones that succeed in the long run 101 00:04:25,218 --> 00:04:26,565 I think are going to come back 102 00:04:26,565 --> 00:04:28,887 more as peers in our society 103 00:04:28,887 --> 00:04:31,641 so they can behave in trustworthy ways, 104 00:04:31,641 --> 00:04:34,478 rather than trying to tell us over and over again 105 00:04:34,478 --> 00:04:35,545 to trust them. 106 00:04:35,545 --> 00:04:37,177 Banks are going to have to evolve 107 00:04:37,177 --> 00:04:39,452 to meet the new business models around 108 00:04:39,452 --> 00:04:41,774 mediating trust and communities 109 00:04:41,774 --> 00:04:44,026 and the ones that do are going survive 110 00:04:44,026 --> 00:04:45,840 and take on a very different role, 111 00:04:45,840 --> 00:04:47,364 and the ones that don't I think are just 112 00:04:47,364 --> 00:04:48,576 going to go out of business. 113 00:04:48,576 --> 00:04:51,586 Try to start and think in new ways 114 00:04:51,586 --> 00:04:54,082 join the discussion, like this discussion, 115 00:04:54,082 --> 00:04:57,636 on what's to come and what is value, 116 00:04:57,636 --> 00:04:59,739 what could replace money. 117 00:04:59,739 --> 00:05:02,161 It's more about creating an atmosphere 118 00:05:02,161 --> 00:05:05,366 within a company or organization that allows 119 00:05:05,366 --> 00:05:08,014 the people who work there to speak out 120 00:05:08,014 --> 00:05:11,635 crazy ideas without being fired right away. 121 00:05:11,635 --> 00:05:13,678 Think about the first days of aviation. 122 00:05:13,678 --> 00:05:15,439 The Wright brothers would say, 123 00:05:15,439 --> 00:05:18,322 "OK, let's make this thing fly!" 124 00:05:18,322 --> 00:05:21,245 But they wouldn't think about huge infrastructure that is needed; 125 00:05:21,245 --> 00:05:24,661 airports and embassies and people and security 126 00:05:24,661 --> 00:05:27,123 and you know all these are huge opportunities. 127 00:05:27,123 --> 00:05:29,704 The bank again is not an external entity to the community 128 00:05:29,704 --> 00:05:32,928 but is an expression of the community itself. 129 00:05:39,266 --> 00:05:43,202 What are the kinds of flows that we want to see? 130 00:05:43,202 --> 00:05:44,904 What is that we want to shape? 131 00:05:44,904 --> 00:05:46,606 What is that we want to measure? 132 00:05:46,606 --> 00:05:51,344 And then try to design currencies for them. 133 00:05:51,344 --> 00:05:54,514 Think about currency as 134 00:05:54,514 --> 00:05:57,101 open to the principles of the free market. 135 00:05:57,101 --> 00:05:59,903 Just as corporations are free to compete for 136 00:05:59,903 --> 00:06:02,172 various value-creating opportunities, 137 00:06:02,172 --> 00:06:03,949 currencies should be free to compete. 138 00:06:03,949 --> 00:06:06,744 Different currency models competing 139 00:06:06,744 --> 00:06:09,708 against one another for their ability to 140 00:06:09,708 --> 00:06:11,548 serve different purposes. 141 00:06:11,548 --> 00:06:13,034 We're starting to reconsider how 142 00:06:13,034 --> 00:06:14,536 the commercial economy 143 00:06:14,536 --> 00:06:17,939 intersects with gift exchange and the commons. 144 00:06:17,939 --> 00:06:19,774 And no business likes to hear that 145 00:06:19,774 --> 00:06:20,775 something of what they're doing 146 00:06:20,775 --> 00:06:23,078 might fall into the commons, might be a gift, 147 00:06:23,078 --> 00:06:26,172 might be very cheap to do, or easy to do 148 00:06:26,172 --> 00:06:27,889 but they are, it is. 149 00:06:27,889 --> 00:06:30,003 and if you actually have your eyes open and look 150 00:06:30,003 --> 00:06:32,538 at those forces and understand them deeply, 151 00:06:32,538 --> 00:06:34,707 you will see new business opportunities 152 00:06:34,707 --> 00:06:36,509 around the commons, 153 00:06:36,509 --> 00:06:38,277 contributing to the commons, 154 00:06:38,277 --> 00:06:40,146 being in a symbiotic relationship 155 00:06:40,146 --> 00:06:41,481 with the commons that are different 156 00:06:41,481 --> 00:06:43,601 from the way we used to do business. 157 00:06:43,601 --> 00:06:46,871 And I do think there is a great 158 00:06:46,871 --> 00:06:49,809 money making opportunity 159 00:06:49,809 --> 00:06:52,042 in currency innovation 160 00:06:52,042 --> 00:06:54,345 so that rather than simply innovating 161 00:06:54,345 --> 00:06:56,798 in terms of the financial instruments built on top 162 00:06:56,798 --> 00:06:58,540 of the current currency system 163 00:06:58,540 --> 00:07:00,049 you go underneath 164 00:07:00,049 --> 00:07:02,163 and actually develop new operating systems.