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The Value Revolution: How Blockchain Will Change Money & the World | Galia Benartzi | TEDxWhiteCity

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How digital currencies are our future and the power of this new movement. Galia Benartzi is an entrepreneur and community builder from California and Israel. She studied Comparative Literature at Dartmouth College and International Relations & Economics at SAIS Johns Hopkins. In 2005, Galia co-Founded Mytopia, the first social gaming company for smartphones, and in 2010, Particle Code, a cross-platform development technology for mobile applications. In 2013, Galia moved from Silicon Valley to Tel Aviv to support and invest in Israeli technology as a Venture Partner at Founders Fund. Recently she has co-launched numerous local currency pilots to model, build and test software for community marketplace networks. Galia is a founding member of Powder Mountain, permanent home of the Summit community in Eden, Utah, and a creator of Eden2Zion Reality trips by the Schusterman Foundation. She is passionate about decentralized technologies, women’s empowerment, consciousness, natural wellness and plants. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at http://ted.com/tedx
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Text Comments (110)
Marshall Sprague (1 month ago)
Block chain for Crypto currencies require the Internet. Whatever controls the internet, whether private companies or Governments, can control crypto currencies. Without a truly open internet, the block chain currency promise may turn into a nightmare.
Jonelle Soriano (1 month ago)
Have you heard about LEDU COIN? I heard in their telegram groupchat that they will have burning of tokens this July..Will I buy?
Christophe Blanchi (1 month ago)
Most of the current coin offerings are frauds. More than 50% of those fail within a year. How would you start trusting a particular blockchain if there are hundreds? So far, the story on using blockchain using bitcoin and the other coins as a way to manage "money" is quite a shady one with many exchange failures, crazy levels of speculation resulting in many people losing their money and more that 50% of the miners located in China which bans the use of the currency but not its mining. The Chinese government actually gives free energy to those miners. If 51% of the miners are under the control of a coordinated entity they can start successfully adding fake block to the chain. How many bitcoins have been lost to people who lost their private keys? Imagine if losing you pin on your bank card made you lose access to your entire account? We would revolt. How about the cost of the bitcoin mining? It takes the power of an entire country to run it. Much more if we use it more. Economic freedom is currently not really limited by banks and the tech they use but more by the ability of people to get work, getting micro loans, and appropriate regulatory regimes. Blockchain does not solve any of those problems. Cell phone money in Africa more useful. It is accessible anywhere, and only need a very cheap sms capable phone. That simple technology has revolutionized markets in Africa and people's lives even if it is centralized. Blockchain is here to stay but in the end what is important to ask ourselves what problem we are solving and not how we solve them that really matters. Blockchain is the latest shiny hammer for which all problems look like a nail. Would I care if a bank used blockchain? No! I care about the fees and services I get from them and whether they are insured by governments in case they fail. With Blockchain, you are on your own. Blockchain is at the height of its hype, I cannot wait for it to stop being hyped so we can all focus on applying it as the interesting technology that it is to what it is really good at.
S A (2 months ago)
Every problem in society may be traced to money, but it is important to realize that is neither the LCD, nor the prime cause of said problems. The human needs a blockchain revamping, if you may, because every problem in society is *ultimately* traced back to the human-not money. Therefore, teaching social welfare and responsibility will allows us to transpose those principals into how we integrate blockchain into society. A society with blockchain yet with grave deficits in social consciousness is akin to providing a loaded gun to an infant.
Nadim Ahmmed (2 months ago)
excellent presentation above all.
Verónica Darrell (2 months ago)
I think how we can make a change in the world and help palestinians right now.
Raita Sorin (2 months ago)
Is just so Beauty Explained !
rae huestis (3 months ago)
you are a great communicator, thank you. I have a better understanding
Everyday Earth (3 months ago)
Wonderful. thank you for this!
Mherzia (3 months ago)
And there are projects like Typerium already making it happen...
clinton (4 months ago)
Bitcoin is not a token is a coin just like you hear LEDU coin. Buy and win car
Time to invest in Blockchain Technology .. ..
Jack Banks (5 months ago)
More like you can trace every problem back to the governments behind the money.
Greg (5 months ago)
So many dots just got connected!
Bryan Bryan (5 months ago)
"what would a news network look like without a media company in the centre?" it looks like ethereum that's what
Rob Kishi (6 months ago)
great book analogy
NSo3000 (6 months ago)
Great explanation, Thanks.
Wolfborn 123 (7 months ago)
It is funny because not even a year ago bitcoin was simply thought to be an alternative to for example PayPal. At this point it is a stock on steroids where people only care to make money.
bill frost (7 months ago)
ive said for 50 years ...END GOVERNMENts WORLD WIDE , finally i see through tears of joy the imagined future rightfully unfold
TheBeofox (7 months ago)
The banking families of Europe like Farnese, Bourbon, Rosenberg, Somaglia and Genoa are so mad right now.
Claude Belanger (7 months ago)
Very well said! Great presentation
guillermo perez solans (7 months ago)
Could someone help me out? What i do not understand from the talk is the following issue: She is saying that when you pay with current online banking the money doesn´t actually move. She highlights that it is really important that I don´t keep a copy so the money doesn´t duplicate. But when i transfer money to a peer I don´t keep a copy of it. So, how does it differ by using the Blockchain techonology or any kind of altcoin? Thanks in advance
Sergey Antopolskiy (7 months ago)
These are 2 different contexts. When Galia says that the money doesn't really move with conventional online banking, what she means, I believe, is that the money doesn't go physically from you to another person. The money goes from your bank to his/her bank. "Your" money doesn't belong to you, it belongs to the bank, you cannot make a transaction, only ask the bank to do it. You don't have control, the bank has, in fact, the bank has full control over your assets. I want to add that although banks try to make it look like you have all the control, it is not the case. In fact, banks can very easily fail, and you lose all of your money, and it happens quite often. Other situations are also possible. The other context you mention is that blockchain makes sure you don't spend your money twice. This is done using mathematical principles at the heart of blockchain technology. If you want to understand how it works, you should dig deeper, but suffice it to say that the algorithm guarantees that the uniqueness of value and that this value belongs exactly to you, and no one else, and you have full control over the transactions.
Steve Chaszar (7 months ago)
trust protocol ... how truth works
Mia Chevais (7 months ago)
Low sound volume
culluc44 (7 months ago)
Your example of the magic book finally made me understand a lot more clearly what is blockchain, Thank you very much!!!
Bender The Fourth (7 months ago)
Would be very good that people's money, I mean all the money one possesses is stored in people's own digital wallet. No more need to have a bank account. And in time bye bye to the banks. No more using our resources to bet on casino roulettes, no more fees. Just people using their money without no interference, no middle devils. And then, after all this, get rid of the money concept and transcend.
heinousness sweetness (7 months ago)
Go Bancor
Ken Brownfield (7 months ago)
So, the government fascists can have a record of everything you do. And can use that info against you.
MisterBinx (1 month ago)
Which is it? Government is so incompetent they can't get anything done or government tracks everything you're doing? You can't have it both ways.
Verónica Darrell (2 months ago)
Finally someone who said it. I don't trust in this more than in conventional money. Slavery methods evolved.
James Ebola (7 months ago)
I don't invest or have any interest in fog, smoke, or water vapor.
Lars (6 months ago)
Cool story bro. But this talk was on Blockchain.
Kreso191 (7 months ago)
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James Ebola (7 months ago)
Call the Nigerian connection...
Rainy days (7 months ago)
If anyone brings What bitcoin value is based question you can send this link
Lets Fly (7 months ago)
ALERT: INCREASED NETWORK TRAFFIC The Bitcoin network is currently experiencing record usage, resulting in longer confirmation times and higher miner’s fees for transactions. Transactions are likely to be more expensive and/or take longer to complete and additional fees go directly to miners.
Lets Fly (6 months ago)
Just three words for you: To Establish Trust:) (by customers)
Creek (6 months ago)
Two words for you: Lightning Network.
Kevin Burke (7 months ago)
No centralized authority? Who maintains and upgrades the blockchain algorithm / program?  Is a blockchain only as strong as it's weakest link? Fascinating presentation.
Verónica Darrell (2 months ago)
Someone invested on it, and they won't make you the owner, just making you believe you're the owner. Still a clever slavery learned from old tales, nothing changed.
Kevin Burke (7 months ago)
Thanks Sergey. This makes sense. I still believe clever people, (or machine AI), will figure out a way to hack any system. But that's not much different than the way things work now. Maybe blockchain makes it harder. We people are the weakest link in the blockchain. Fooling people to get their bitcoins will be way easier than hacking the system.
Sergey Antopolskiy (7 months ago)
maintaining the code is not the same as controlling the assets and/or the blockchain itself. in other words, the developers can upgrade the algorithm, but they cannot make your coins disappear. they have no authority over the network. and if the developers go away, nothing will happen to bitcoin. it is here to stay independent of any singular party.
obe dan (8 months ago)
I like her explanation...
MRBremen (8 months ago)
Please feel free to donate bitcoin. I need financial support. THANK YOU SO MUCH: 12ASPA5JWYGoK42PrcAHHmM2ReqD2RwsVM
Sergey Antopolskiy (7 months ago)
explain your situation, please
SATAN SOLDIER (8 months ago)
this so easily enslave people
Aninda Chatterjee (8 months ago)
So very lucidly explained crypto currency and block chain.
whereitallhappens (8 months ago)
I love the part when discussing senior citizens get their money minus the hassle of chasing it through crowded government facilities. This revolution will hurt the job market in America, unfortunately!
Sergey Antopolskiy (7 months ago)
this will happen anyway and happens already. look at Japan, you can buy almost everything in the vending machines. a lot of jobs will disappear in the next decade or so, and it is ok. people will find stuff to do. it has been like that for many years -- old jobs disappear, new ones emerge.
whereitallhappens (7 months ago)
Lee Fowler: I now retract that statement. I'm specifically talking about any CASH ONLY vending or under the table jobs that require cash. Lol, strippers, street peddlers, vendors at stadiums and streets, bar tenders, etc. BUT, it will hopefully slow down crime that require cash transactions: drug dealers, prostitution, etc. I'm curious how taxes will be handled though.
Lee Fowler (7 months ago)
whereitallhappens genuinely curious how you think this will hurt the job market. Thanks in advance.
Toni Kemppainen (8 months ago)
Value back to human life.
PropsOnBrainOff FPV (8 months ago)
bitcoin is now called bitcoin cash bitcoin core has been compromized by blockstrem to make more profit and let it crash in the end. this is not the bitcoin spirit we have signed up for with satoshys white paper. cencoreship on reddid by blockstream
PropsOnBrainOff FPV (8 months ago)
it is called bitcoin cash now. bitcoin has become controlled by single individualys sadly
Sergey Antopolskiy (7 months ago)
except it is vice versa
Josette Curry (8 months ago)
Excellent Galia! Thankyou for leading the change so valiantly! Go WOMAN!
Todd Starbuck (8 months ago)
One of the issues I have with blockchain currencies is that people can start another and another and another. The others are that they are great for criminals and that it could defund governments. Some of you might be happy about that, but I like knowing that if I'm murdered someone will at least try to determine who did it and put them away.
TIA P (6 months ago)
what?? so many errors not where to start...
Scott Eddy (8 months ago)
Umm, I have a question. So Ray Kurzweil of Google and others with him are working on singularity. The desire to give life or consciousness to the smartest database on the planet. When it becomes self aware, it's already plugged in to the internet. So if we have switched the entire planets money system to the net, web, this new entity we've created now has literal control of the entire planet. Two days ago a new religion was just created and papers were filed with the IRS. They want to worship A.I. I strongly suggest everyone read revelations in the bible about how they "were given power to give life to the beast." Shortly after this "beast" commands all to worship it. While we still have time, get saved by Jesus' name. Please don't delay. "Time" is short.
Scott Eddy (7 months ago)
+Lee Fowler Good morning. This is a teachable moment. I am a 40 year on going student of history and after a time you can almost bet on the response I get back about the bible. I have 2 questions. 1: have you studied the earliest writings, which would be ancient hebrew, of God's word? 2: would you like to learn?
Lee Fowler (7 months ago)
Scott Eddy wrong. There is nothing in the Bible that discussed this. I understand the temptation to try to use what you know about scripture to explain an individual innovation. I urge you to lay aside preconceived notions about what scripture is staying and try to approach new information with an open mind. Still use your beliefs to guide you but don’t try to extend a small amount of knowledge (I promise that’s not an insult) about scripture meaning to cover new ideas. Best of luck.
Punocchio (9 months ago)
If you lose value when you spend money you didn't spend it right.
Raj Singh (10 months ago)
Bancwhore so when you gonna do summing?
Cecil D'Souza (11 months ago)
Galia, you are truly a professional speaker. I guess they don't teach one how to speak professionally in Palo Alto!! Good presentation.
Cal Hoskins (11 months ago)
URGENT NEWS - STAY AWAY FROM BLOCKCHAIN & COINBASE, THEY SUPPORT MANY SCAM AND FRAUD WEBSITES CURRENTLY UNDER INVESTIGATION, YOUR MONEY WILL NOT BE SAFE WITH THEM, YOUR GIVING YOUR BANKING INFORMATION TO AN ORGANIZATION WHO SUPPORTS FRAUDULENT COMPANY'S??. BLOCKCHAIN IS PROPAGATING CRIMINAL ACTIVITIES ON HUNDREDS OF SCAM SITES JUST TO INCREASE BLOCKCHAIN SUBSCRIBER NUMBERS AND GIVE FALSE NUMBERS AS TO REAL POPULARITY OF HIS INSTITUTION. MEANWHILE THOUSANDS OF INNOCENT PEOPLE BEING RIPPED OFF AND HE PURPOSELY LOOKS THE OTHER WAY. IF THIS WAS NOT TRUE THEN HE WOULD ADD A DIVISION TO HIS INSTITUTION TO LOOK CLOSELY AT THE COMPANIES HE IS AFFILIATED WITH. EXAMPLE: Giacomo Bugini, owner of more then 3 Bitminer Scam sites stealing from thousands of people. To join the site you sign up and make a Blockchain Wallet. By Blockchain being affiliated with criminal’s like this, they are propagating the theft of millions and Peter Smith should be held just as culpable as guys like Giacomo Bugini scamming thousands of retirement funds and more!
Mathew Heggem (1 year ago)
Great video. Clear and inspirational.
Geni Whitehouse (1 year ago)
I am for any currency that keeps us from having a picture of Trump on the dollar bill.
Mark Stouffer (6 months ago)
But you probably wouldn't mind Obama on there. The first American bills were the first to have no image of the head of state. Royalty is so old-world.
tersa1000 (7 months ago)
Why is he hated by women like you? Policies? Or just hatred of non PC Alpha males
Chester Wisniewski (7 months ago)
You’re right. He should replace Ben, not George.
JT Molenaar (8 months ago)
you are part of the problem with this attitude
antonio bortoni (1 year ago)
A blockchain social media you get paid to see publicity. You get paid by coca cola if you profile picture have you drinking soda and get paid by how popular you are... Thats the future, a fight for money for consuming, i like it. Better than Facebook.
TheBeofox (7 months ago)
I was thinking about that
reiko na6ase (1 year ago)
"only all of our computers strung together" have you not seen Battlestar Galactica? c'mon, any network can be meddled with. I do not see how this is a realistic goal -
Johnny Lingo (1 year ago)
Excellent presentation. It's very hard to explain this technology and you did fantastic. Surprised you didn't mention Ethereum..
Steve Chaszar (7 months ago)
the Ether logo was in the presentation... appreciate the no pandering, just truth protocol... jus sayin... prolly VitalK OK... i vote+
Adel O (1 year ago)
Gaza coin please make that coin already!!
fed master (1 year ago)
uhh the whole israel issue turns me off completely
bannerspot (8 months ago)
omg dude...could you miss the point of her talk any more blatantly??!
free artist (1 year ago)
99% of ted talks are horse shit
Lee Fowler (7 months ago)
100% of your comments are donkey poo.
Vincent C (8 months ago)
look at what cryptocurrencies have done since your comment
SOCIAL MOTION MEDIA (11 months ago)
Sour lemons much...?
YULFrequentFlyer (1 year ago)
Well they raised over 100MUSD today via Bancor IOC
Kamel BEN (1 year ago)
Thank you Galia for your simple explanation of the Blockchain ! :)
eduardo escurra (1 year ago)
imagine a world with no gods and no masters!
Le Meow (4 months ago)
eduardo - Depends on the master you choose, doesn't it?
Lets Fly (6 months ago)
its not the case!:)) ... masters get godlike power (over mankind)! Blockchain a tool for this. A coin that care info about ALL transaction!? - THE Dream of any godlike master (and dictators):)
Ken Brownfield (7 months ago)
except for the government monitoring everything you do.
Cosmopolit90 (1 year ago)
Iconomi=)
Bryan Otis (1 year ago)
Incredible talk. It's really interesting to learn more about these technologies. I'd love to see more TED talks like this.
Wot Wot (1 year ago)
Great voice for bedtime story.
Who Knew (7 months ago)
3 minutes I was counting sheep
The Baby-Boomer Miner (1 year ago)
Fantastic explanation of the Blockchain.
neha gupta (1 year ago)
Brilliant talk !!
Chris Kleeschulte (1 year ago)
I guess the new phrase of the day is "bitcoin and the technology behind it, blockchain". "Blockchain" isn't a thing, at least not a separate thing from bitcoin (or other coins like it). Bitcoin is the innovation. Full stop. It is as if Satoshi Nakamoto invented the automobile, yet the uninformed and/or misguided go around expounding the virtues of the pneumatic tire! They are burying the lead! If bitcoin isn't your thing, then just pick one of the hundreds of other coins out there. All in all, there is no "Blockchain". There is, however "THE blockchain" as a substitute for bitcoin; people know what you mean. Transport yourself back to 1985 and give the same talk substituting the word "Blockchain" for "Internet".... "Internet is going to change everything...Internet is revolutionary" blah blah....sounds really weird in 2017 doesn't it? That's is because "Internet" isn't a thing, it is THE Internet as a single instance of the general class of Network.
Michael Graffam (8 months ago)
Not really. Blockchain is the innovation. Currency is simply the first and most obvious application of blockchain. Bitcoin is just currency. Blockchain will enable distributed peer-to-peer voting. Such voting could be used to create legislation without the need for the trusted third-party known as legislators and representatives. There is no doubt that Bitcoin is important; but what is most important about Bitcoin is that Nakamoto solved a very general problem: he found a way to construct secure systems without trusted third parties. Banks are one such trusted third party. Vote counters, legislators, courts are also trusted third parties: and in many cases it is easy to see how we could code alternatives to all of them.
main man (1 year ago)
hello my name is Lorenzo Stevens and I have been a customer of blockchain for about 2 months now I've been having problems with setting up my account when I first created my blockchain account I had over $1,000 u.s. dollars and I cannot find my wallet identifier for my address or I never received one in my email when I don't I only have a watch only account with the funds on it someone please help me because I'm very frustrated because all I can do is see my money increase in value and I can't do anything about it someone please call me 757-395-0437 thank you so much
kleinbottled79 (1 year ago)
Immutability is an artifact of proof-of-work not blockchain.
Ewald Riebeek (1 year ago)
@6:58 Imagine a currency that pays it's own taxes? (fiat and you pay double through COERCION (IRS) and INFLATION (FEDS) LOL)
Gregg Morgan (2 months ago)
Australia government voted out the bitcoin double tax.
worldytrader (1 year ago)
The governments around the world already have that. They have bank bail ins and confiscate your account and property when they want your money.
kleinbottled79 (1 year ago)
Yes inflation is the biggest shadow tax of all. Truly automatic.
Eyal Hertzog (1 year ago)
This is a great introduction for the blockchain revolution which is upon us. Just like the internet decentralized information networks, blockchain will decentralize value transfer networks (currencies), which opens the door for the decentralization of online services. Using blockchain technologies, a service can be operated by countless of independent parties which are paid using a cryptocurrency, just as Ethereum and Bitcoin operate. The potential is rally hard to comprehend.
omryr00 (1 year ago)
amazing talk! really on point and hopefully many people will think as you do in the coming years so we can advance as a society
Asher Dory (1 year ago)
What an amazing speaker. I think that for the first time I understood the excitement surrounding Blockchain and cryptocurrencies. I second the need for more video channels on YouTube, dedicated to cryptocurrencies, with emphasize on bright and clear speakers as the lady in this video – well done to the TEDxWhiteCity organizers.
Brush Bro (9 months ago)
Try out DataDash. We're making things better everyday <3 AMAZING investor and teacher.
BT C (1 year ago)
great video for people beginning to learn about bitcoin. I believe more of these videos should be made and more cryprocurrency channels should be funded on YouTube.

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