"Bitcoin As Autopoietic System" - Chris Ellis

the Bitcoin represents the revolution of the comments as a revolution of publishing actually what the internet did was it allowed existence to emerge without a stable spatial reference but the problem was that it lacked a vital property in nature economics has made necessary by nature because everything has to have a stable spatial reference in order for it to exist in order for us to interact with it but what the internet did was it allowed the proliferation of data so such that you and I can both engage in an asynchronous appreciation of nyan cat for 24 hours let's say okay and the problem is because it didn't capture this property of scarcity it became necessary particularly in the late 2000s would be with the banking crisis but somebody to come up with digital scarcity or virtual scarcity and that was Satoshi Nakamoto in his white paper he crowned what he called a single history that everyone could agree on or askah diamonds at twentieth century philosopher would say the consensus is that which cannot be overthrown even in the presence of misunderstanding so we need to create you must be familiar with a Norman Rockwell painting rape freedom from fear sure Norman Rockwell classic American gano con obtained he made a painting called freedom fruit clear where you know these parents they're tucking their children's sleep at night but the father is holding a newspaper in his hand he's checking the states of affairs of the world whilst his children sleep the fact is we can't be up all the time we do not know what's going on behind closed doors and so we needed an autopoietic system that could run even in our absence such that when we wake up in the morning we can return to what's known as the Bitcoin blockchain and trust that whilst we were away it operated as expected so everyone plays on the same playing field that is 180 degrees difference what we currently have in the financial system which is a low pricing system that means that it relies on an external dependency it that Chris you sound like one of these early adopters that was bitten hard by the bitcoin bug in the early days no because now in 2015 we've got banks into the blockchain and they're constraining consortium oh these are doing let me let me just finish this here for a second so they are co-opting this technology essentially to crush the their back office costs to save a lot of money Jamie Dimon update morgan has made a comment you got Blythe masters who's now into the block chain spaces he's definitely not talking in the same way you're talking and the human Blythe masters would be completely on opposite ends of a conversation this is the distributed ledger space you'll not allowed to use the word bitcoin at these meetups I've been going to and the meme at the moment you're not even allowed to say blockchain anymore for a while it was blocked chains and that was the mimetic vector but now you know means means don't have to be truthful but they have to be useful ok so they do spread across the network there are more human beings alive today than the world on the planet in 1960 so the ability to be discovered is so easy now and when these banks talk about block chains and distributed ledger systems they're euphemisms or they're really trying to do is they're trying to capture they won't play a game unless they can cheat in your words actually from one of your earlier shows they will not engage in any contract and if they have the controlling interest in that contract bitcoin is open the sort

  1. I learned a new concept today.
    Max doesn't seem to get the depth of what Chris was converying. I felt Keiser's response was based on a superficial aspect of what Chris so succinctly introduced. Bitcoin bug = a passionate appreciation for the fundamental principles that gave birth and sustain blockchain. Autopoietics clearly being one of them.

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