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