[AUDIENCE] [Inaudible] [ANDREAS] Companies are composed of individuals.
Unlike what the U.S. Supreme Court says, they are not people, but companies are made
of people who will find ways to take advantage… of whatever technology they can
get their hands on, and move out. It will be difficult for a lot of companies,
and not just companies in this space. If you are a gold dealer, selling jewelry,
selling electronic goods, or in foreign exchange, anything that can be bought, sold, or bartered in any
of these economies, you are already in opposition… to the great nationalist plan
of our esteemed leaders, right? You would be in trouble. Companies will have a very difficult time. I foresee much
more development in decentralized forms of trading, peer-to-peer and local trading, like Bitsquare
(now known as Bisq) and other [projects] like that. [Projects] that can easily go underground when
things get really ugly, like we see in Venezuela. There is no Venezuelan Coinbase.
[Their trade is] person-to-person, hand to hand. Or wheelbarrow to wheelbarrow.
[AUDIENCE] [Inaudible] What will happen to exchanges? Well, they will go after the
exchanges, but not too hard. This is one of the fun lessons
we’ve seen play out in China. Why have they not shut down the
exchanges after six devaluations? Ask yourself that.
First they tried to close their bank accounts. The exchanges started selling vouchers in
grocery stores. Instead of depositing money, you would buy a voucher and then redeem it
to get bitcoin at the exchange. They just bypassed the banking system completely,
using grocery stores as cash-in mechanisms. You will see that happening in lots of other countries. Why have the exchange not been shut down?
The simple answer is, they can [continue to]… monitor the exchanges. If they shut them down, all that traffic will
simply go to exchanges outside the country, exchanges that will sell vouchers in
the grocery stores of a local economy. People will smuggle in the vouchers. Also, where will the Politburo exchange their money?
[Laughter] They need an exchange too! The beauty is, the first people to try to
get [out of the collapsing economy]… are those who wrote the fucking law. [Applaus]