Transcribe
Hello, Ajeet, how are you? Fantastic? Nice to be here. Yeah, welcome on Opentalk and the topic of today's discussion is Bitcoin is not the bubble. It's the pin. Right? I saw that it on your Twitter handle. So do you mind talking about it. First thing first, why do people even call Bitcoin as a bubble? And so what's the reason for that? So interestingly that the phrase I wish it were originally mine. I picked it up from somewhere around social media. Yeah. I found it very interesting because whenever something new is introduced and cryptocurrency is not the only new thing that our generation has seen people tend to be on all sides of the spectrum. There are early adopters who think that is the greatest thing that happened and then there are those who you know dismiss it until it is proven to actually work. I think Bitcoin or cryptocurrency is once a phenomenal. If compared with at currency or the traditional system of Finance, which Bitcoin seems to challenge naturally, it will not measure up, you know, the traditional thing that if you judge by a fish a fish by its ability to climb a tree it's going to really fail but that was not the purpose of the fish to begin with. So one of the reasons why people in conventional Finance specifically do not get Bitcoin, obviously, I'm not referring to all of them, but Several of them tends to be because they have spent their entire life learning this religion called classic it finance and Bitcoin challenge is that so when a challenge is that it is quite reasonable for some people to assume that. Hey, you know what? This is nonsense or a bubble. right Right, right, right. That's true. So let's sing one is the basic thing that it is something which lot of people don't get it right but talking about the basics of Bitcoin. What are the basic misconceptions or perception of of people? What what do they think about how can Bitcoin go wrong and how why can it be even classified as bubble? So I think that there are obviously many points here. I'll go to probably the top three number one is that Whenever we think of money and when I say we everybody who is in our generation today is primarily looking at Central Bank of Nations issuing some format of currency, which they call money is it could be the US dollar the Indian rupee the Singapore dollar or what have you now essential to this belief system, which we call money is the fact that the government is the Ultimate Security. It's agency such as a central Banker hence gets, you know inherits. That security and is the most reliable what decentralized monetary systems Bitcoin as an example trying to say is that let us not have a trust created Central Authority at all. Is he communism or whatever form of government have Representatives which create a government which has an institution where there is a set of people called the central Banker or this committee or whatever who chose to make money decisions. This is political money Bitcoin is algorithmic money where there is a computer program called Bitcoin which has a set of conditions rules Etc which it follows and let's buy and it is that money that algorithm which determines money somebody who thinks that political backing of money is necessary that there has to be a central Banker or government Etc will naturally find its absence worrisome in a decentralized system such as Bitcoin others will rejoice in the fact that we have algorithmic money, which does not Place more importance or power in the hands of few. Even if those few are representatives of the people. So this I think is at the core of a lot of discussion that we are seeing around Bitcoin and the trouble that people have are about it. Right, right, right. So you I think talk nicely about the Bitcoin being bubble like lot of pickles ring Bitcoin being bubble. But now let's talk about the second part of the code when you say it's not the bubble but it's a pin So when you say it's a pin it means it's going to burst a bubble, right? So what is that bubble referring to first? Let me tell you that whether they're referring to fiat currency or Bitcoin or any other phenomenon that we are all used to as a bubble is a little Respectful, so do you know best not to get caught in the semantics of that statement? But having said that I understand the essence of your question, we have a situation a traditional system of money, which primarily is the fiat currency driven by Central bankers and other Bankers, which use fractional banking where money is taken from several. Let us call them depositors given to relatively few. Let's call them borrowers and then the system tries to generate wealth by creating spreads. This is shared. very very real in a very rudimentary way. I've tried to describe some aspect of the present banking system. Now, what would be the problem with this system the problem with this system is that people who run the system now, these could be at any level may not necessarily be giving fair or right, you know, sorry may not be making the right decisions for all constituents and stakeholders in the monetary system. This is the very so sometimes you know Bang. It to do its job. It is an algorithm that people who are running software called Bitcoin running nodes of Bitcoin. They are going to go ahead and ensure that the algorithm is validated through consensus mechanism. Now, this is why on the one hand is a centralized system on the other hand is a decent lie system. So if you were to agree that that centralized system could lie it to Bubble like conditions then a decentralized system becomes a Shoo, hence, the PIN for the bubble. He got out. So you're saying it's essentially let's say there was the if before internet and people would have talked about that. Every country would have their own network and servers and stuff like that. But internet is essentially like a decent lysing the whole stuff and people have information on different servers and you talking about information in so many ways we talk about information has been democratized or the information revolution has come right. So you are saying that Bitcoin has the potential to bring money Revolution and hence. It might burst some Bubbles and not to refer the current ecosystem in The Current financial model. But you talking about this is certainly the more efficient mode of exchanging value something like that. Is it true? So I think that you have used the right word democratizing. It's one of my favorite word's if you look at right from the availability of the consumer internet using a browser whether it is eCommerce, so you can buy things from any place whether it is mobile devices that we use whether it is social media. Promises to be people's money just like social media is people's media. That's why it's called social people's media Universe appear to be our platforms of variety of types are people it appears. Our people were peers of others. So I think that yes Bitcoin brings about the promise of being people's money and while you know, it might be everybody's guess as to whether one system replaces another or such large and bold statements the fact, is that it at the way Least has already and I'm not referring to Future promise has already added a whole new dimension to our money system. Nice, so great. Ajeet I think it was great talking to you on this topic. And before we end up talk, these are question from Nathan. So he's referring to a question about Zebpay. Are you comfortable talking about it? So I'm you know, I'm talking on the phone. So I don't know what the question is. I continue to be part of z p so I'm happy to take it if I can answer. I'll go ahead and do it. Okay. So basically like we all are aware the zebpay has shut down operations in may last year. I think last year ready. Right, but they it continue to be a wallet right crypto currency wallet, that's correct. Also, let me come. Let me respond to that also along with the rest of your question because they're always new answers to this. Okay? No problem. So, I think the question says that I have purchased Bitcoin from their pay but it has disabled Bitcoin trading due to some government policy changes. Is there any way so that I can withdraw my money from Zebpay is that is a question. Also. It's very simple when he says money. I'm going to assume Umm, that he is not referring to Indian rupee, please because basically all of our bank accounts are shut so for no fault of ours or no policy of ours we can no longer use, you know, the banking system. However, if my money is referring to some coins that he may hold as we have stated publicly and those notices are still up he can at any point of time we draw his coin bit coin or any other and go and sell it at any place of his choice. It is his asset. It's not ours. So the answer is absolutely yes. Oh, that's great. I think so. Thanks a lot for clarifying it though. It was not the topic, but really appreciate so really great talking to Ajeet. Looking forward to do more Opentalks with you. Have a great day. Fantastic. Thank you very much for having me, bye-bye.