PERSON

TIMECODE IN

TIMECODE OUT

TEXT

Walvik Joint

00:00:17,766

00:00:20,933

Take the early years of internet,

Walvik Joint

00:00:21,033

00:00:25,733

when it was only geeks like me that was on to that.

Walvik Joint

00:00:25,833

00:00:28,766

You really couldn’t use it for that much,

Walvik Joint

00:00:28,866

00:00:31,466

but you knew it had enormous potential.

Walvik Joint

00:00:31,600

00:00:34,166

You could communicate via protocol

Walvik Joint

00:00:34,266

00:00:36,833

to any computer hooked up to that network.

Walvik Joint

00:00:36,833

00:00:39,200

That was like “wow”.

Walvik Joint

00:00:39,333

00:00:44,433

But the premise of blockchain is actually much further than that.

Walvik Joint

00:00:44,566

00:00:46,633

It is about how we transact.

Voice Over

00:00:53,433

00:00:55,766

<i>Who can you trust?</i>

Voice Over

00:00:55,766

00:00:58,233

<i>Fake news, lying politicians,</i>

Voice Over

00:00:58,366

00:01:01,600

<i>corrupted banks,</i> <i>nations in freefall.</i>

Voice Over

00:01:02,000

00:01:05,066

<i>In a time of conflict</i> <i>this is crucial.</i>

Voice Over

00:01:05,266

00:01:07,366

<i>When neutral media</i> <i>has fled the scene,</i>

Voice Over

00:01:07,466

00:01:10,033

<i>all we are left with</i> <i>is our selves.</i>

Voice Over

00:01:10,166

00:01:13,866

<i>The only thing certain is numbers.</i>

Voice Over

00:01:15,666

00:01:18,533

<i>In a time when information</i> <i>was kept secret,</i>

Voice Over

00:01:18,633

00:01:20,233

<i>and under the radar,</i>

Voice Over

00:01:20,333

00:01:23,933

<i>I put my trust in code.</i>

Voice Over

00:01:27,733

00:01:33,000

<i>Me and Rizah were hacking</i> <i>whatever system we could get into.</i>

Voice Over

00:01:33,133

00:01:36,400

<i>Inserting worms, Trojan horses</i> <i>and spyware</i>

Voice Over

00:01:36,533

00:01:40,233

<i>hoping it would buy us</i> <i>and our families some time.</i>

Voice Over

00:01:40,366

00:01:43,933

<i>But we were running out…</i>

Rezah

00:01:45,566

00:01:47,033

- Expecting anyone?

Nazreen

00:01:47,166

00:01:48,733

- No.

Rezah

00:02:04,033

00:02:06,033

- Hello?

Nazreen/Rezah

00:02:09,166

00:02:11,333

- Who was it? - I don’t know.

Rezah

00:02:11,400

00:02:15,466

Someone left this. With your name on it.

Nazreen

00:02:15,600

00:02:16,566

- Creepy.

Rezah

00:02:16,666

00:02:18,533

- What is it?

Voice Over

00:02:19,200

00:02:23,000

<i>From the moment</i> <i>I saw the photographs...</i>

Voice Over

00:02:23,666

00:02:27,966

<i>I knew somebody had trusted us</i> <i>with their life. </i>

Voice Over

00:02:30,633

00:02:32,433

<i>I know it sounds funny.</i>

Voice Over

00:02:32,566

00:02:36,033

<i>That envelope was like</i> <i>a death sentence, really.</i>

Voice Over

00:02:36,166

00:02:37,966

<i>But it gave me hope. </i>

Voice Over

00:02:38,000

00:02:43,366

<i>We had some hard evidence,</i> <i>and it was given to me.</i>

Voice Over

00:02:43,433

00:02:46,033

<i>Somebody had trusted us.</i>

Rommetveit

00:02:47,333

00:02:51,133

Trust is very hard to define.

Rommetveit

00:02:51,233

00:02:53,666

An essential glue in the social fabric.

Rommetveit

00:02:53,800

00:02:57,000

So a society without trust is not really a society.

Gupta

00:02:57,133

00:03:00,866

Society is a regional peculiarity.

Gupta

00:03:01,000

00:03:03,366

It is really important to understand that.

Gupta

00:03:03,466

00:03:05,600

Blockchain is a global technology.

Gupta

00:03:05,733

00:03:09,433

It exists in places that don’t have a society.

Rommetveit

00:03:13,266

00:03:18,766

In everyday life we trust technologies in a number of ways.

Rommetveit

00:03:18,866

00:03:20,866

We depend on them.

Rommetveit

00:03:21,000

00:03:28,433

Trust runs very deep into the technological infrastructure

Rommetveit

00:03:28,566

00:03:31,066

that governs many aspects our life.

Nazreen

00:03:38,366

00:03:42,733

<i>7, J, 9, 8, t, 1, W, p, E, Z…</i>

Voice Over

00:03:42,766

00:03:44,200

<i>The Chain Cloud.</i>

Voice Over

00:03:44,333

00:03:46,033

<i>One of my first apps.</i>

Voice Over

00:03:46,166

00:03:49,966

<i>It is a cloud service to upload,</i>

Voice Over

00:03:50,066

00:03:52,366

<i>store and share anything digital.</i>

Voice Over

00:03:52,466

00:03:55,866

<i>Built on the blockchain protocol</i> <i>and decentralised.</i>

Voice Over

00:03:56,033

00:03:59,133

<i>Secured by millions of computers</i> <i>working in sync.</i>

Voice Over

00:03:59,233

00:04:02,366

<i>That made it un-hackable</i> <i>and only accessible</i>

Voice Over

00:04:02,466

00:04:05,000

<i>if you know the cryptographic key.</i>

Voice Over

00:04:06,733

00:04:09,833

<i>Memorize the key,</i> <i>and your stuff will be safe.</i>

Mogayar

00:04:12,633

00:04:17,066

The blockchain is a new network of trust

Mogayar

00:04:17,200

00:04:21,833

that enables transactions to be validated on computers.

Mogayar

00:04:21,966

00:04:27,033

So instead of going to a third party, an intermediary

Mogayar

00:04:27,166

00:04:32,833

like a bank, a financial institution or a corporation.

Mogayar

00:04:32,966

00:04:36,766

The trust is going to be in the network of computers

Mogayar

00:04:36,866

00:04:40,933

that are talking with each other and are always in synch

Mogayar

00:04:41,033

00:04:43,866

and that always know what the others are doing.

Mogayar

00:04:44,000

00:04:48,233

That is why we say the blockchain is a trust network.

Nazreen

00:04:49,400

00:04:50,533

- That was my last one.

Rezah

00:04:50,633

00:04:52,466

- Shit!

Nazreen

00:05:16,266

00:05:19,466

-J, 9, 8…

Nazreen

00:05:39,000

00:05:48,933

...y, i, W, r, n, q, R, h, W, N, L, y.

Voice Over

00:06:07,466

00:06:12,133

<i>We had destroyed all the evidence,</i> <i>but also all our papers.</i>

Voice Over

00:06:12,233

00:06:14,800

<i>I have been thinking</i> <i>a lot about that.</i>

Voice Over

00:06:14,966

00:06:19,000

<i>Just a decade ago,</i> <i>it would mean erasing ourselves.</i>

Voice Over

00:06:19,133

00:06:21,666

<i>But not then. Not now.</i>

Voice Over

00:06:21,800

00:06:24,233

<i>This just felt like freedom.</i>

Nazreen

00:06:24,566

00:06:27,366

- So, 90 days from now?

Rezah

00:06:27,466

00:06:30,400

- Yes, 90 days...

Nazreen

00:06:34,533

00:06:36,333

- Be careful.

Rezah

00:06:36,433

00:06:38,233

- You too.

Herzog

00:06:49,433

00:06:51,266

When I was a kid.

Herzog

00:06:51,366

00:06:55,233

All my communication services was provided by the establishment.

Herzog

00:06:55,333

00:06:56,633

By the government.

Herzog

00:06:56,733

00:07:01,866

My phone, my mail, my radio, my television,

Herzog

00:07:02,000

00:07:04,466

it was all provided by the establishment.

Herzog

00:07:04,600

00:07:06,366

By the government itself.

Herzog

00:07:07,600

00:07:08,800

My kids today,

Herzog

00:07:08,933

00:07:11,666

don’t use the government for any of those things.

Herzog

00:07:11,800

00:07:14,933

They don’t need their phones, their mail, their radio

Herzog

00:07:15,000

00:07:17,800

and they definitely don’t need their tv.

Herzog

00:07:17,933

00:07:21,733

Because the internet was signalling the separation

Herzog

00:07:21,800

00:07:25,000

of communication and media from state.

Herzog

00:07:26,466

00:07:28,400

It just separated the two,

Herzog

00:07:28,533

00:07:32,000

just like it was a separation of religion and state.

Herzog

00:07:32,600

00:07:36,166

Today much of the establishment

Herzog

00:07:36,266

00:07:41,600

is about serving the need of storing common repositories.

Herzog

00:07:41,733

00:07:45,133

Whether it is the most important common repository, the banks.

Herzog

00:07:45,233

00:07:49,000

Who has how much money, or how much whatever.

Herzog

00:07:49,200

00:07:51,433

That is one repository,

Herzog

00:07:51,566

00:07:56,200

but there is also land repositories, health records, criminal records

Herzog

00:07:56,333

00:07:59,666

and all those repositories that are managed by the state.

Herzog

00:07:59,733

00:08:01,066

By the government.

Herzog

00:08:01,600

00:08:05,000

They are not needed for that anymore.

Herzog

00:08:05,133

00:08:07,400

Is it anti-establishment?

Herzog

00:08:07,533

00:08:10,166

Is the internet anti-establishment? It is not anti.

Herzog

00:08:10,266

00:08:15,000

It's just a better alternative, a more advanced technology

Herzog

00:08:15,066

00:08:18,966

to achieve the same thing without need for central control.

Walvik Joint

00:08:19,133

00:08:24,600

The promise of this technology, coupled with others,

Walvik Joint

00:08:24,733

00:08:32,400

provides the notion that the trust that used to be and still is

Walvik Joint

00:08:32,533

00:08:35,966

within third party organizations.

Walvik Joint

00:08:36,066

00:08:38,533

Is something that is questioned.

Social worker

00:08:56,633

00:08:59,000

- Nazreen Aini?

S.worker/Nazr

00:09:01,366

00:09:03,200

- Vicky Jones. - Nazreen.

Social worker

00:09:03,333

00:09:05,433

-Shall we?

Social worker

00:09:08,066

00:09:12,366

- Ok Nazreen, let’s go over this one more time.

Social worker

00:09:12,466

00:09:16,333

You are Nazreen Aini, 26 years old.

Social worker

00:09:16,433

00:09:19,066

And you lost all your ID papers when you fled.

Nazreen

00:09:19,200

00:09:20,433

- No, stolen.

Nazreen

00:09:20,566

00:09:24,333

All my ID papers were stolen by traffickers.

Social worker

00:09:24,966

00:09:27,066

- What I would like to know is:

Social worker

00:09:27,200

00:09:31,133

How did you get here without any papers?

Nazreen

00:09:33,800

00:09:36,000

- Have you heard about blockchain?

Social worker

00:09:36,133

00:09:38,133

- What has the blockchain to do

Social worker

00:09:38,233

00:09:40,266

with you being here without papers?

Nazreen

00:09:40,400

00:09:42,200

- Before I fled,

Nazreen

00:09:42,333

00:09:45,633

I uploaded all my documents to a Digital Grab Bag.

Social worker

00:09:47,200

00:09:50,800

- Ok, so you know computing?

Walvik Joint

00:09:51,866

00:09:57,966

Fundamentally, a blockchain can ensure that you can transact.

Walvik Joint

00:09:58,066

00:10:02,766

In a way that is safe, secure and trusted.

Walvik Joint

00:10:03,166

00:10:06,766

Most ways that we transact in society today

Walvik Joint

00:10:06,866

00:10:11,566

we are dependent on a third party to have established trust.

Walvik Joint

00:10:11,666

00:10:16,566

But the blockchain eradicates or can eradicate,

Walvik Joint

00:10:16,633

00:10:21,066

the fact that trust needs to be established

Walvik Joint

00:10:21,200

00:10:23,633

between these two people.

Walvik Joint

00:10:23,766

00:10:27,466

I am not only talking about monetary transactions.

Walvik Joint

00:10:27,600

00:10:29,066

Because I think

Walvik Joint

00:10:29,200

00:10:33,433

there is much bigger potential in other places.

Walvik Joint

00:10:33,566

00:10:38,033

Identity is something which is massive.

Walvik Joint

00:10:38,166

00:10:41,600

Once you start moving to those things.

Walvik Joint

00:10:41,733

00:10:46,433

You are actually moving into the fourth industrial revolution.

Walvik Joint

00:10:46,566

00:10:54,033

That technology will become an inherent part of our society.

Social worker

00:11:00,000

00:11:02,933

- The bus will take you to the Refugee Centre.

Social worker

00:11:03,033

00:11:06,566

You will hear from us when we have proceded your case.

Nazreen

00:11:06,666

00:11:08,400

- Ok.

S.worker/Nazr

00:11:11,533

00:11:14,366

- Good luck. - Thank you.

Voice Over

00:11:30,433

00:11:36,066

<i>At that point, my life depended</i> <i>entirely on the blockchain.</i>

Voice Over

00:11:36,200

00:11:39,033

<i>That’s what kept me safe.</i>

Voice Over

00:11:39,166

00:11:41,533

<i>I was memorizing</i> <i>the cryptographic key</i>

Voice Over

00:11:41,633

00:11:44,033

<i>as a matter of life and death.</i>

Voice Over

00:11:44,166

00:11:46,033

<i>I remember thinking;</i>

Voice Over

00:11:46,166

00:11:49,800

<i>This is how it feels</i> <i>to put your trust in numbers.</i>

Nazreen

00:11:50,533

00:11:57,400

-...Q, v, I, E, c, n, y, W...

Nazreen

00:13:52,466

00:13:54,133

- Adil?

Nazreen

00:13:54,233

00:13:55,066

How much?

Adil /Nazreen

00:13:55,200

00:13:58,233

- 1.500 with papers. - No papers.

Adil

00:13:58,733

00:14:00,866

- 1.500 anyway.

Adil

00:14:01,133

00:14:03,633

- No, no. Bitcoin only.

Nazreen

00:14:03,766

00:14:09,533

- I don’t… I lost my mobile. This is all I have. Please?

Adil

00:14:12,333

00:14:14,666

- Come on! Get in!

Adil

00:14:18,200

00:14:19,666

- Fucking cash!

Voice Over

00:14:40,933

00:14:43,666

<i>There was nothing special</i> <i>about my escape.</i>

Voice Over

00:14:43,800

00:14:45,233

<i>I tried to blend in.</i>

Voice Over

00:14:45,366

00:14:47,533

<i>Never argue, never laugh.</i>

Voice Over

00:14:48,366

00:14:49,800

<i>Just disappear.</i>

Voice Over

00:14:50,433

00:14:53,066

<i>Get on the boat, into the cars,</i> <i>the trains,</i>

Voice Over

00:14:53,200

00:14:57,966

<i>pass the borders</i> <i>and avoid the authorities.</i>

Refugee 1

00:14:58,800

00:15:01,633

- Do You think these papers will work?

Refugee 2

00:15:04,533

00:15:06,800

- I think so.

Refugee 2

00:15:07,366

00:15:11,233

We need to trust Adil. We have no choice.

Voice Over

00:15:31,366

00:15:33,133

<i>Would I still have left</i>

Voice Over

00:15:33,233

00:15:37,666

<i>if I knew how my new society</i> <i>would welcome me?</i>

Adil

00:15:59,800

00:16:01,566

- Move!

Refugee 1

00:16:24,600

00:16:29,633

- What's the first thing you'll do when we get there?

Refugee 2

00:16:30,800

00:16:33,200

- Maybe Have a beer?

Border Guard

00:16:33,433

00:16:35,366

- Hey, stop! Come here!

Border Guard

00:16:48,833

00:16:51,000

- Papers, please.

Border Guard

00:16:59,266

00:17:01,600

Hey! Stop!

Officer

00:17:35,766

00:17:36,766

- Next!

Officer

00:17:38,066

00:17:39,566

- Drop your clothes in the freezer.

Officer

00:17:39,666

00:17:41,666

You get your gear back in a couple of days.

Nazreen

00:17:41,800

00:17:42,966

- But, why?

Officer

00:17:43,066

00:17:45,166

- to kill your bugs.

Officer

00:17:45,266

00:17:46,733

- Next!

Officer

00:17:50,400

00:17:51,833

- Drop your clothes in the freezer.

Officer

00:17:51,966

00:17:54,233

You get your gear back in a couple of days.

Eve

00:18:24,166

00:18:28,366

- So That was a little bit about resident application procedure.

Eve

00:18:28,466

00:18:31,166

Let's move on to personal economy.

Eve

00:18:31,266

00:18:34,033

Our most common currency is Eurobits.

Eve

00:18:34,166

00:18:38,233

It is the official cryptocurrency, that can be used for anything

Eve

00:18:38,366

00:18:40,366

from buying in a grocery store,

Eve

00:18:40,466

00:18:45,166

shop online and pay public transport.

Eve

00:18:45,266

00:18:50,233

Does anyone know what a cryptocurrency is?

Mogayar

00:18:52,200

00:18:55,766

Cryptocurrency is like money with a purpose.

Mogayar

00:18:55,866

00:19:01,266

Now we can program money to allow it to be transferred

Mogayar

00:19:01,400

00:19:03,333

based on some conditions.

Mogayar

00:19:03,433

00:19:07,366

We can do scenarios like: If this then that"."

Mogayar

00:19:07,466

00:19:11,766

That is why developers are excited about the blockchain,

Mogayar

00:19:11,866

00:19:13,966

because now they can program money

Mogayar

00:19:14,066

00:19:16,333

in ways that were not possible before.

Bøhmer

00:19:16,800

00:19:19,533

The easiest way to understand it

Bøhmer

00:19:19,633

00:19:24,533

is that right now I give you one dollar,

Bøhmer

00:19:24,633

00:19:29,133

but I can now attach conditions to it.

Bøhmer

00:19:29,233

00:19:34,966

So I can say: You will only get this money, if you spend it on this.""

Bøhmer

00:19:35,066

00:19:39,766

So for pocket money, for a parent, you'll have total control.

Bøhmer

00:19:39,866

00:19:42,733

If that money is not spent on what we think it is going to spent on,

Bøhmer

00:19:42,833

00:19:46,166

it comes back into my wallet. Magically, by itself.

Herzog

00:19:46,400

00:19:51,200

If I asked you 20 years ago, or even 10 years ago:

Herzog

00:19:51,333

00:19:55,766

How much would it cost me to issue a digital currency"

Herzog

00:19:55,833

00:19:58,433

that anyone in the world can use?" You would probably tell me no money in the world is enough!"

Herzog

00:20:04,633

00:20:07,066

But now it costs a dollar.

Eve

00:20:08,466

00:20:13,066

- Your allowances however, will be in Restricted Eurobits.

Eve

00:20:13,200

00:20:14,766

Hence the “r”.

Eve

00:20:15,066

00:20:19,733

They are only valid for buying food, hygienic products,

Eve

00:20:19,833

00:20:23,033

local buses... Necessities.

Eve

00:20:23,166

00:20:28,333

You can't send them as remittances or buy international travel tickets.

Herzog

00:20:28,433

00:20:31,733

We all think we live in a free market.

Herzog

00:20:31,833

00:20:33,533

We don’t.

Herzog

00:20:33,633

00:20:37,466

A free marked is a marked where you have choice of currency.

Herzog

00:20:37,600

00:20:40,800

We don’t have that, we have a monopoly of currency.

Herzog

00:20:40,933

00:20:44,466

We think we live in a free marked, which doesn’t work for some reason.

Herzog

00:20:44,600

00:20:46,600

Why doesn’t free market work?

Herzog

00:20:46,733

00:20:50,233

Because it's not free. It's very monopolistic.

Herzog

00:20:50,366

00:20:56,766

A free market is not about how you want to spend your money.

Herzog

00:20:56,866

00:21:00,166

It's about how you want to hold your money.

Eve

00:21:00,566

00:21:05,766

- Okay, let’s try to transfer some of your allowances.

Herzog

00:21:06,766

00:21:10,966

If you think about it, every currency is like a community.

Herzog

00:21:11,066

00:21:12,833

It is a community of its holders.

Herzog

00:21:12,966

00:21:17,333

Which is what gives it value, because they value it.

Herzog

00:21:17,433

00:21:22,166

So when I am choosing to change the currency I hold.

Herzog

00:21:22,266

00:21:26,566

Instead of holding this currency, I want to hold a different one.

Herzog

00:21:26,800

00:21:29,266

I am essentially moving between groups.

Herzog

00:21:29,400

00:21:37,066

I am making one group stronger, and the group I left weaker.

Herzog

00:21:37,200

00:21:41,066

So you have a lot of effect as an individual,

Herzog

00:21:41,200

00:21:45,466

by the choice of how you want to store your capital.

Herzog

00:21:45,600

00:21:49,366

And you can argue that this choice

Herzog

00:21:49,466

00:21:55,833

is even stronger than the choice you apply when you vote.

Herzog

00:21:55,966

00:22:00,766

It has actual and direct effect on these economies

Herzog

00:22:00,866

00:22:02,466

that you choose from.

Voice Over

00:22:10,466

00:22:13,333

<i>This was my new family.</i>

Voice Over

00:22:13,433

00:22:16,633

<i>In spite of our different</i> <i>beliefs and cultural backgrounds,</i>

Voice Over

00:22:16,766

00:22:18,733

<i>we had something in common.</i>

Voice Over

00:22:18,833

00:22:21,933

<i>We had all experienced</i> <i>badly run governments,</i>

Voice Over

00:22:22,033

00:22:26,066

<i>corrupted states, bribes</i> <i>and hyperinflation,</i>

Voice Over

00:22:26,200

00:22:29,400

<i>manipulated elections, conflicts</i>

Voice Over

00:22:29,533

00:22:33,066

<i>and now we share</i> <i>the same restricted currency.</i>

Voice Over

00:22:33,200

00:22:36,666

<i>My new family was</i> <i>born out of mistrust.</i>

Nazreen

00:22:37,033

00:22:38,433

- Tea, please?

Reporter 2

00:22:41,366

00:22:45,600

<i>…in order to place a democratically</i> <i>chosen candidate in power…</i>

Reporter 2

00:22:45,833

00:22:50,933

<i>The ruling party won a landslide victory</i> <i>in yesterday’s general elections.</i>

Mother

00:22:51,266

00:22:54,200

- How is your company going, Nazreen?

Mother

00:22:54,333

00:22:55,633

Are you and…

Nazreen/Mother

00:22:55,766

00:22:58,133

- Rizah? - Yes Rizah!

Mother/Nazreen

00:22:58,233

00:23:01,966

Are you managing well? - It is ok.

Mother

00:23:02,066

00:23:04,833

- We are So proud of you.

Father

00:23:04,966

00:23:08,566

- Heh! - Yes, yes….good.

Reporter 2

00:23:08,666

00:23:12,600

<i>The integrity of the electoral process</i> <i>have been compromised…</i>

Father

00:23:12,733

00:23:14,466

- A bullet in the head!

Father

00:23:14,600

00:23:17,033

That's what those bastards deserve!

Mother

00:23:17,266

00:23:20,133

-Now…let’s eat!

Gupta

00:23:27,266

00:23:30,600

It started being anti-establishment.

Gupta

00:23:30,733

00:23:34,666

The idea that you’re issuing a currency without regarding a central bank.

Gupta

00:23:34,800

00:23:35,966

Very radical.

Gupta

00:23:36,066

00:23:38,833

In those days it was called bitcoin.

Gupta

00:23:38,966

00:23:42,600

People quickly realised that they were operating in a position

Gupta

00:23:42,733

00:23:44,800

with lots and lots of legal exposure,

Gupta

00:23:44,933

00:23:47,600

because although they had something that worked,

Gupta

00:23:47,733

00:23:50,600

they did not have something that could be governed.

Gupta

00:23:50,733

00:23:53,400

What comes of this is the term blockchain,

Gupta

00:23:53,533

00:23:55,866

in which you take the political vision of bitcoin,

Gupta

00:23:56,000

00:23:58,266

split it from the technology of bitcoin

Gupta

00:23:58,400

00:24:00,833

and throw away the political vision.

Gupta

00:24:00,966

00:24:05,233

A lot of people think we sold out and the game is over.

Gupta

00:24:05,366

00:24:09,633

Well, actually…I used to say: I do not fear the state.

Gupta

00:24:09,766

00:24:15,400

I fear the state will collapse before we have a meaningful alternative.

Gupta

00:24:16,233

00:24:20,633

I started worrying about global financial collapse in 2003.

Gupta

00:24:20,766

00:24:23,000

When it hit in 2008,

Gupta

00:24:23,133

00:24:26,566

I was extremely surprised it didn't go further immediately.

Gupta

00:24:26,666

00:24:28,866

Instead we are on a much slower path,

Gupta

00:24:29,000

00:24:31,666

where the American democracy is at its breaking point.

Gupta

00:24:31,800

00:24:34,233

Not because they did something anti-democratic,

Gupta

00:24:34,366

00:24:36,466

but because America got in to a position

Gupta

00:24:36,600

00:24:40,533

where the culture couldn't keep all the promises to its own people.

Gupta

00:24:40,633

00:24:45,866

We're in a position where we can see cracks on the façade

Gupta

00:24:46,000

00:24:48,400

of the world’s most powerful government.

Gupta

00:24:49,966

00:24:52,933

Into this we then put the bitcoin story.

Gupta

00:24:53,033

00:24:57,466

If the dollar collapses, what is bitcoin worth?

Gupta

00:24:58,466

00:25:00,633

A bitcoin is still going to be worth a bitcoin,

Gupta

00:25:00,766

00:25:02,533

but if the dollar is worth a tenth of what it is today,

Gupta

00:25:02,633

00:25:05,266

you might see your bitcoin be worth 100.000 dollars

Gupta

00:25:05,400

00:25:07,633

not because the bitcoin is worth a whole lot more,

Gupta

00:25:07,766

00:25:10,333

but because the dollar is worth a whole lot less.

Gupta

00:25:10,433

00:25:12,033

In that scenario,

Gupta

00:25:12,166

00:25:16,233

if bitcoin winds up heavily used to maintain global trade.

Gupta

00:25:16,366

00:25:20,233

Because it is stable, and not controlled by anybody.

Gupta

00:25:21,066

00:25:24,033

Anti-government? Anti-establishment?

Gupta

00:25:24,166

00:25:26,666

Or is it the new establishment?

Nazreen

00:25:39,133

00:25:41,066

- I am scared.

Rezah

00:25:41,200

00:25:42,866

- We stick to the plan.

Rezah

00:25:43,000

00:25:45,133

Once you and me and our families are safe,

Rezah

00:25:45,233

00:25:48,533

we meet where we agreed and release the documents.

Rezah

00:25:48,633

00:25:50,733

The world needs to know, Nazreen.

Nazreen

00:26:20,166

00:26:22,600

- I am So sorry.

Voice Over

00:26:28,566

00:26:30,633

<i>Restricted currency…</i>

Voice Over

00:26:30,766

00:26:33,000

<i>What a waste of potential.</i>

Voice Over

00:26:33,133

00:26:35,333

<i>Money should be moving.</i>

Voice Over

00:26:53,766

00:26:58,133

<i>Restricted Eurobits was</i> <i>not going to help my family.</i>

Voice Over

00:26:58,433

00:27:02,333

<i>I needed to get hold</i> <i>of some real money.</i>

Shopkeeper

00:27:17,800

00:27:19,666

- Hi.

Nazreen

00:27:23,833

00:27:26,400

- R-Eurobits?

Shopkeeper

00:27:41,366

00:27:44,566

- R-Eurobits to..? - Bitcoin.

Shopkeeper

00:27:44,666

00:27:47,333

- That’s 100 to 1.

Nazreen

00:27:47,433

00:27:50,533

- 100 to 1? That’s…

Shopkeeper

00:27:51,933

00:27:55,133

- Yeah, I know. - Ok.

Nazreen

00:28:03,800

00:28:06,666

- Yeah, ok.

Nazreen

00:28:08,733

00:28:11,633

- Can I borrow the computer?

Shopkeeper

00:28:11,766

00:28:14,033

- Yeah, ok.

Shopkeeper

00:28:20,400

00:28:25,166

- Use FreeTransfer. It's safe.

Rogstad

00:28:31,633

00:28:35,433

On the one hand you have money that is programmable.

Rogstad

00:28:35,566

00:28:38,200

You can send it across the entire world.

Rogstad

00:28:38,333

00:28:41,200

Instantaneously and almost free.

Rogstad

00:28:41,333

00:28:44,400

You can send it to old and young people,

Rogstad

00:28:44,533

00:28:46,400

poor people and rich people.

Rogstad

00:28:46,533

00:28:49,733

To people across races and ethnicities.

Rogstad

00:28:49,833

00:28:54,666

I can send money to someone in Indonesia right now if I want to.

Rogstad

00:28:55,000

00:28:58,333

And with FIAT money none of these things applies.

Mogayar

00:28:58,566

00:29:03,466

Fiat currency is not going to go away the way we see it today.

Mogayar

00:29:03,600

00:29:12,233

However, cryptocurrency is going to take an increasingly important role

Walvik Joynt

00:29:12,400

00:29:14,633

Whenever someone comes and says:

Walvik Joynt

00:29:14,766

00:29:16,333

“Here is a technology,

Walvik Joynt

00:29:16,433

00:29:18,666

and it is going to make the industry obsolete.”

Walvik Joynt

00:29:18,800

00:29:23,200

It never makes an industry obsolete, it changes it.

Walvik Joynt

00:29:23,333

00:29:27,366

So the key is to change with technology

Walvik Joynt

00:29:27,466

00:29:31,033

if the technology has an impact on what you are doing.

Walvik Joynt

00:29:31,166

00:29:36,966

Who would spend bitcoin to pay for a pizza today?

Walvik Joynt

00:29:37,066

00:29:40,266

I could buy a pizza to you and we could have some beers.

Walvik Joynt

00:29:40,400

00:29:45,233

And then tomorrow I could have bought 3 pizzas and 20 beers.

Walvik Joynt

00:29:45,400

00:29:47,433

It just doesn’t make any sense.

Rogstad

00:29:47,566

00:29:50,400

The fluctuating value of cryptocurrencies

Rogstad

00:29:50,533

00:29:53,800

is not a feature and it is not a bug neither.

Rogstad

00:29:53,933

00:29:56,733

It is more a symptom of something underlying.

Rogstad

00:29:56,833

00:30:00,833

And the underlying here is the monetization of a new asset.

Rogstad

00:30:00,966

00:30:04,033

10.000 years ago gold was monetized.

Rogstad

00:30:04,166

00:30:08,600

Gold started as a normal commodity, and it turned into money.

Rogstad

00:30:08,733

00:30:11,633

It took thousands of years.

Rogstad

00:30:11,766

00:30:15,400

But gold ended up having massive value.

Rogstad

00:30:15,533

00:30:18,766

The same thing is happening now with bitcoin and cryptocurrencies.

Rogstad

00:30:18,866

00:30:22,066

Going from something which is not money, into money.

Rogstad

00:30:22,200

00:30:24,266

And because the supply is limited,

Rogstad

00:30:24,400

00:30:27,800

the price necessarily has to rise immensely.

Voice Over

00:30:40,400

00:30:44,933

<i>I had put the faith of my family</i> <i>in a fraction of a Bitcoin.</i>

Voice Over

00:30:45,033

00:30:50,400

<i>All I could do was hope it would</i> <i>get them out and in safety.</i>

Voice Over

00:31:37,666

00:31:41,766

<i>The days in the Refugee Centre</i> <i>seemed endless.</i>

Voice Over

00:31:42,066

00:31:45,533

<i>I isolated myself with my thoughts.</i>

Rezah

00:31:55,433

00:31:56,966

- Expecting anyone?

Nazreen

00:31:57,066

00:31:58,666

- No.

Rezah

00:32:01,933

00:32:04,166

- Hello!

Nazreen / Rezah

00:32:05,000

00:32:07,566

- Who was it? - I don’t know.

Rezah

00:32:08,333

00:32:10,933

Someone left this. With your name on it.

Eve

00:32:21,633

00:32:24,633

- Are You ok? I heard you scream.

Nazreen

00:32:24,766

00:32:27,833

- I’m fine. Just a bad dream.

Eve

00:32:30,033

00:32:32,566

- I know It is not easy to leave It all behind.

Eve

00:32:34,266

00:32:36,066

- We’re going to Have a gathering in the common room.

Eve

00:32:36,200

00:32:37,733

You might want to…

Nazreen

00:32:37,833

00:32:39,866

- Some other time, maybe…

Nazreen

00:33:06,066

00:33:08,166

- They were all dead.

Rezah

00:33:08,266

00:33:11,633

- If they catch us with those photographs, we're next.

Rezah

00:33:13,933

00:33:18,166

Listen! This place is not safe.

Rezah

00:33:18,866

00:33:21,133

We need to clear it out and get the hell out of here!

Nazreen

00:33:22,933

00:33:25,766

- I am scared.

Rezah

00:33:27,666

00:33:29,233

- We stick to the plan.

Rezah

00:33:29,366

00:33:31,600

Once you and me and our families are safe,

Rezah

00:33:31,733

00:33:34,866

we meet where we agreed and release the documents.

Rezah

00:33:35,000

00:33:37,066

The world needs to know, Nazreen.

Rezah

00:33:39,566

00:33:42,666

Nazreen, we are going to be fine.

Rezah

00:33:45,400

00:33:46,833

- Trust me.

Nazreen

00:34:29,800

00:34:33,566

- Rizah… Where are you?

Eve

00:36:38,866

00:36:41,333

- You must Have made quite an impression.

Eve

00:36:41,433

00:36:44,133

It usually takes months to get an e-Resident number.

Nazreen

00:36:45,533

00:36:47,133

- I don’t know…

Eve

00:36:47,233

00:36:49,633

- Now, listen carefully.

Eve

00:36:49,766

00:36:53,600

That number comes with a set of rules you must follow.

Eve

00:36:53,733

00:36:57,466

For the next 6 months: One: Do not leave the state

Eve

00:36:57,600

00:37:01,400

Two: Do not break the law. And I mean, at all!

Eve

00:37:01,533

00:37:03,733

Even a subway fine will get you in trouble.

Eve

00:37:03,800

00:37:05,666

Listen!

Eve

00:37:07,800

00:37:10,966

Nazreen, I am telling you this because

Eve

00:37:11,066

00:37:13,866

your number is set up with a smart contract,

Eve

00:37:14,000

00:37:18,033

a set of automated rules and if you break them,

Eve

00:37:19,000

00:37:22,800

you won’t have any possibility to repeal.

Eve

00:37:23,033

00:37:27,033

You will be dealing with a machine. Ok?

Walvik Joynt

00:37:28,200

00:37:33,933

A smart contract is a piece of code

Walvik Joynt

00:37:34,033

00:37:40,466

that executes and transacts when certain conditions are met.

Bøhmer

00:37:40,600

00:37:44,233

If you look at a contract made by a lawyer

Bøhmer

00:37:44,366

00:37:48,200

you will quickly recognize that all of it could be code

Bøhmer

00:37:48,333

00:37:50,333

instead of being a word document.

Bøhmer

00:37:50,433

00:37:51,266

Because everything is:

Bøhmer

00:37:51,400

00:37:57,600

“in the event of this, do this, and if that, this will happen”.

Bøhmer

00:37:57,733

00:38:02,266

So everything is really programming loops with events.

Bøhmer

00:38:02,400

00:38:05,166

That could be recreated in any programming language.

Bøhmer

00:38:05,266

00:38:06,733

So what needs to happen

Bøhmer

00:38:06,833

00:38:11,333

is that lawyers need to brush up on their programming skills rapidly,

Bøhmer

00:38:11,433

00:38:14,966

because now all the contracts they make will be made in code.

Gupta

00:38:15,066

00:38:20,633

We don’t know if the smart contracts is going to be important or not.

Gupta

00:38:20,766

00:38:25,200

But the world works right now largely on paper,

Gupta

00:38:25,333

00:38:27,366

or close simulations of paper.

Gupta

00:38:27,466

00:38:31,433

A pdf file that is emailed is a close simulation of paper.

Gupta

00:38:31,566

00:38:36,000

It's slightly more convenient, but doesn’t do anything paper can’t.

Gupta

00:38:36,133

00:38:37,833

So to all intents of purposes

Gupta

00:38:37,966

00:38:42,233

we just have manual processes with electronic communications.

Gupta

00:38:42,366

00:38:47,666

And that is consuming 10 – 30 % of all people in any organization.

Gupta

00:38:47,800

00:38:51,633

Because of those manual processes is what you think of as craft production.

Gupta

00:38:51,766

00:38:54,766

We have craft production of deals.

Gupta

00:38:54,866

00:38:57,866

It is like chipping away with a mallet.

Gupta

00:38:58,000

00:39:01,466

And craft production of deals makes the deals unreliable.

Gupta

00:39:01,600

00:39:03,333

1 in 20 goes wrong.

Gupta

00:39:03,433

00:39:07,333

So if you have a process which has 5 or 6 deals interconnected,

Gupta

00:39:07,433

00:39:10,466

the process will have an error rate of about 30%.

Gupta

00:39:10,600

00:39:14,333

So to get rid of that problem we have organizations in the middle

Gupta

00:39:14,433

00:39:16,566

that buffer the uncertainty of these deals,

Gupta

00:39:16,666

00:39:18,800

and these are prime contractors.

Gupta

00:39:18,933

00:39:22,433

So the world is made by huge buffering organizations

Gupta

00:39:22,566

00:39:26,000

that take the unreliability of the ordinary world

Gupta

00:39:26,133

00:39:30,133

and pad it to try make something that is reliable and efficient.

Eve

00:39:44,033

00:39:45,733

- May I Come in for a moment?

Nazreen

00:39:45,833

00:39:49,966

- Yes, I was just packing my bag, it didn't take me too long…

Eve

00:39:50,533

00:39:53,966

- A perk of being on the run, I guess.

Eve

00:39:55,000

00:39:58,333

The social services got you a flat?

Nazreen

00:39:58,433

00:40:00,366

- Yes.

Eve

00:40:01,533

00:40:04,400

- I got something for you.

Eve

00:40:06,966

00:40:12,600

My son is into online gaming and these quickly get outdated...

Eve

00:40:12,733

00:40:14,566

But it is good for surfing and…

Nazreen

00:40:14,566

00:40:16,833

- Thank you, I…

Eve

00:40:16,966

00:40:19,833

- No need for that. Good luck!

Eve

00:40:23,000

00:40:28,566

- Nazreen. You Have to go out there and make yourself trustworthy.

Eve

00:40:29,966

00:40:33,266

No one will ever trust a refugee.

Eve

00:40:35,166

00:40:38,466

Go out there and prove yourself!

Voice Over

00:40:59,833

00:41:03,266

<i>It was like getting my life back.</i>

Voice Over

00:41:04,966

00:41:08,800

<i>It did not take them long</i> <i>to track me down.</i>

Brice

00:41:50,000

00:41:52,166

We are in a race.

Brice

00:41:52,266

00:41:53,800

It's an industrial race,

Brice

00:41:53,933

00:41:56,333

and every country is out there to capitalize of this and make money.

Brice

00:41:56,433

00:41:59,266

That is how the world works and that’s fine.

Brice

00:41:59,400

00:42:02,166

But then, let’s be at the forefront of that.

Brice

00:42:02,266

00:42:04,466

And let’s be the ones that takes responsibility.

Gupta

00:42:04,966

00:42:08,033

Right now, the PR is that

Gupta

00:42:08,166

00:42:12,433

it is all decentralization, privacy, encryption and wonder.

Gupta

00:42:12,566

00:42:16,466

It could also be the perfect machinery for tracking everything

Gupta

00:42:16,600

00:42:19,933

in the world and changing the laws in an arbitrary fashion

Gupta

00:42:20,033

00:42:23,066

and having robots carry out the rule changes.

Gupta

00:42:23,200

00:42:26,233

You are going to like one of those a lot more than the other.

Walvik Joynt

00:42:30,600

00:42:34,000

Why are you fearing that we implement this technology?

Walvik Joynt

00:42:34,133

00:42:35,833

Well, because of this and that.

Walvik Joynt

00:42:35,966

00:42:39,333

Maybe you have point. What do we do about it?

Rommetveit

00:42:41,266

00:42:46,466

We fall to easily prey to this story that we can’t control technology,

Rommetveit

00:42:46,600

00:42:49,933

and we should not control it, we should give them a free rein.

Rommetveit

00:42:50,333

00:42:52,133

That they should run their course,

Rommetveit

00:42:52,233

00:42:57,400

and we should patch up the negative consequences afterwards.

Walvik Joynt

00:42:58,466

00:43:03,033

If you don’t care about the technologies that are emerging,

Walvik Joynt

00:43:03,166

00:43:06,200

and you don’t try to understand what is coming,

Walvik Joynt

00:43:06,333

00:43:08,600

you are irrelevant in the future.

Voice Over

00:44:01,233

00:44:03,733

<i>My own flat.</i>

Voice Over

00:44:03,866

00:44:06,033

<i>It wasn’t much.</i>

Voice Over

00:44:06,966

00:44:09,066

<i>But all my friends were here.</i>

Voice Over

00:44:16,166

00:44:19,933

<i>I got invited by some hackers</i> <i>to a Hackathon.</i>

Voice Over

00:44:20,800

00:44:23,433

<i>I had the possibility of a job.</i>

Voice Over

00:44:23,566

00:44:26,166

<i>Things were looking good.</i>

Voice Over

00:44:27,133

00:44:30,966

<i>The only one missing was Rizah.</i>

Voice Over