TRANSKRYPCJA VIDEO
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So let me be the guy, you posted a meme on Twitter recently where there's like a row of urinals, and a guy just walks all the way across and he tells you about crypto. I mean that's happened to me so many times, I think maybe even literally. Do you think technologically speaking there's any room for ideas of smart contracts or so on, because you mentioned laws, that's an interesting use of things like smart contracts to implement the laws by which governments function. Like something built on Ethereum or maybe a dog coin that enables smart contracts somehow. I don't quite understand this whole smart contract thing. I'm too dumb to understand smart contracts. That's a good line.
You mentioned that Doge is the people's coin. Yeah. And you said that you're literally going, SpaceX may consider literally putting a Dogecoin on the moon. Is this something you're still considering? Mars perhaps? Do you think there's some chance we've talked about political systems on Mars that Dogecoin is the official currency of Mars at some point in the future? Well, I think Mars itself will need to have a different currency because you can't synchronize due to speed of light, or not easily. So it must be completely standalone from Earth. The future of Mars should be up to the Martians. Now, there is a fundamental issue with say Bitcoin in its current form in that the transaction volume is very limited.
And the latency for a properly confirmed transaction is too long, much longer than you'd like. So it's actually not great from a transaction volume standpoint or latency standpoint. So it is perhaps useful to solve an aspect of the money database problem which is the sort of store of wealth or an accounting of relative obligations, I suppose. But it is not useful as a currency, as a day-to-day currency. Probably the reason why I think there's some merit to Dogecoin, even though it was obviously created as a joke, is that it actually does have a much larger currency than the one that Mars has. It actually does have a much higher transaction volume capability than Bitcoin.
And the cost of doing a transaction, the Dogecoin fee is very low. Like right now, if you want to do a Bitcoin transaction, the price of doing that transaction is very high. So you could not use it effectively for most things. And nor could it even scale to a high volume. And when Bitcoin started, I guess around 2008 or something like that, the internet connections were much worse than they are today. Like order of magnitude, I mean, they're way, way worse in 2008. So having a small block size or whatever and a long synchronization time is made sense in 2008. But 2021, or fast forward 10 years, it's like economically low.
And I think there's some value to having a linear increase in the amount of currency that is generated. Because some amount of the currency is not going to be as good as the other currency. So because some amount of the currency, if a currency is too deflationary, or should say, if a currency is expected to increase in value over time, there's reluctance to spend it. Because you're like, oh, I'll just hold it and not spend it because scarcity is increasing with time. So if I spend it now, then I will regret spending it. So I will just hodl it.
But if there's some dilution of the currency occurring over time, that's more of an incentive to use it as a currency. So those coins somewhat randomly has just a fixed number of coins or hash strings that are generated every year. So there's some inflation, but it's not a percentage base. It's a fixed number. So the percentage of inflation will necessarily decline over time. So I'm not saying that it's like the ideal system for a currency, but I think it actually is just fundamentally better than anything else I've seen just by accident. .
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