If the system suffers that error, which will happen during 3-4 years max, then we’ll see how much power matters, not likes, not what someone thinks, not what someone imagines or demands. In their head. But how much a club matters. There is a legend: when the first human rode a bicycle, the villagers attacked him as a devil. Because he rode a bicycle? Because he rode a bicycle and was weird, and for them he was… The question is whether they were Polish. Same with the people who went to the first movie, a train appeared and they were running because they thought it’s driving towards them. However, very often in history something was bad, harmful and idiotic, so you can’t approach it in such a way that if something is new and innovative then it is undoubtedly good. You need to process it with your brain, listen to advisors, educate yourself. You can’t do it, you know, that what’s new is undoubtedly great. Cryptocurrencies are great. What are the improvements? Because I know there are wallets but lately the word ‘hardware wallets’ appeared. I mean, that’s what I heard. I would like to learn about it a little. There are different ways… There are six ways, depending on cryptocurrency, however there are two quite secure. That’s a hardware wallet, and two wallets conquered 99% of the market here. They are Czech Trezor and French Ledger Nano S. It looks a bit like pen drive, a bit like IPod. A bit like IPod, and protects our cryptocurrencies from hackers pretty well. But not fully, however. It connects with a computer, after all, and a computer may be attacked. A browser may be attacked because there is an extension in Chrome that manages your Trezor. If that extension got attacked, theoretically hackers would be able to move your funds out of a Trezor. So-called bridges appear now. There will be a Trezor, that bridge, and then a computer. To disconnect this relationship between a computer and a Trezor. And in there we get a message that something is wrong. Yes, besides this bridge, theoretically, is supposed to be constructed in such a way that nothing could be installed on it to hack it. What’s interesting, Trezor and Ledger exist for a couple of years, 4-5, and there are no cases of emptied balances, with Trezor or Ledger. Hence, they passed that test of security in actual usage. In order to transfer funds, it’s not like with a bank, that you have a number, you copy-paste and so on, but from what I gather it’s a big, big, big string so there is a QR code to do that. A QR code is a shortcut but it is possible to copy-paste an address of a public key to which you send funds. In your wallet, or in another transacting system. Because you can directly from an exchange, you can from a wallet. You can from a Trezor or a Ledger. It can be with a QR code, not everywhere but usually it can be done with a QR code, or just copy-paste an address of a public key. A public key is like an account number. Only it looks a bit different than an account because in a Polish account you have 26 numbers. In public keys you have numbers and letters, and depending on cryptocurrencies there can be more or less of these. What I would be worried the most in all of this… If I made a mistake in a bank, if I didn’t really want to make that transaction, I would have a confirmation, I would be able to call it off. I make a phone call and a woman says ‘fine, we’ll get it done.’ Here, I can’t do it and say… True. ‘That 100 thousand wasn’t supposed to go there.’ Or 100 million. Or 100 million. It’s true. It teaches responsibility. In some way this is negative but also positive. The fact the someone is able to undo a transaction in a bank… it means they’re able to disapprove of some transactions, they’re able to ban your transaction. And in Poland, I don’t know whether there are some statistics, are there many mines? Miners in particular probably hard to tell but just places where you mine currency? You can judge it by active Bitcoin nodes, but only Bitcoin then. Around hundred, of active nodes. More or less? Roughly, yes. Roughly. Of course some enter, others exit. It’s not a constant number. Somebody opens, somebody exits. It’s not a constant number. Poland is 20th in this moment. But we were in the first ten. In terms of processing power delivered to the Bitcoin network. We were in the first ten and today we are where? On 20th place, I think. Why did this happen? Because others got more into the subject. Others developed mines quicker, harder, better. Maybe because they have cheaper electricity? Yes, Ukraine is 17th. We are on 20th place but Ukraine is 17th, even though Ukraine is similar in terms of population but is poorer, but higher than us. Now, is something underway to go back to that first ten? You know, the market will decide. If it’s profitable here, there will be mines developing and naturally we’ll be higher in the rankings… of processing power delivered to the Bitcoin network. The problem in Poland, or the challenge, there is a huge law uncertainty and people who do it in various forms, they don’t know whether they will be faced with consequences for that reason. They’ll end up in chains. There is the rule in the Roman law that law does not work backward but in Poland it often does. I mean, it’s like… it doesn’t but interpretation does, so de facto it does. It is, you know… it is sad. But here… You know how many nice projects it can stop? Because people are even less brave now. Many people may be great at this or that but fearing consequences they won’t start. They won’t start doing it in Poland. Because they don’t know what will happen to them. Often they’re the minds very capable, they’re good minds, so they choose another path. A job at corporation, one project or another. They won’t be doing blockchain because it is unknown what will happen in Poland. I hope it won’t be that bad, after all, but… How will it be? I saw the vox pop last time, guys from Opole were asking people, theoretically entrepreneurs with their businesses, some market stalls, some other… They were walking in a bazaar? Yes, in a bazaar, you saw this? No. You didn’t saw. Yes, walking through bazaars and asking people what are cryptocurrencies. In Opole? Yes. What happened. Not much. But they heard but…? One men said he may be interested but won’t tell. I mean, they asked some 10-20 persons, there was only one who spoke with sense, that it is risky, that you need to be careful. And the rest completely… Completely not interested, average age 30-50, I wasn’t surprised. But later they went to an academy. Oh, in Opole? And they asked young people. I thought it will be better but it wasn’t. It wasn’t better. They heard but ‘no, that’s dangerous, what’s it for.’ I’m happy it’s like this. Because if it’s the future of money, of currencies, of finances, then it’s better to be a bit sooner than others rather than later than others. Still, it is better late than later, that’s for sure. The fact that it goes slowly, well, we need to accept it. That slowly? If in the 2018, after the last bubble of the year 2017, in an academy… What kind of academy? Technological? Or unknown? Because if it’s technological, then it’s scary. Don’t remember. If at a technological academy, 20-25 years old people… they haven’t heard of cryptocurrencies, they don’t know how cryptocurrencies work… in the year 2018, that is scary. But this is another proof for how the education system works, how people pick their studies. Cryptocurrencies alone are a separate thing, different from blockchain, but it’s the blockchain that is the future. Judging by companies willing to use it, diving into it. However, crypto itself which is based on the blockchain system, well, that is okay but the time has come to explore blockchain potential. Yes, there are a couple of branches where blockchain solutions are being deployed and make sense. Because in many they don’t make sense. Where you don’t need a decentralized database, where a normal, centralized will do, in PHP or something, on a server. But where you need a decentralized one, unchangeable and secure, then yes. Then yes. A database is just a database but these tokens also make sense, that value that is transferred. Like in renewable energy, you can apply blockchain solutions in order to settle accounts between producers and consumers of energy, with these tokens. Monetizing? Monetizing tokens from your production. Then it makes sense, having these panels. They’ve got other problems though, hailstorms destroy them, they’re expensive and ineffective, in Poland there is little sun, there are many things. But at least that one matter, producing/receiving and how to settle it, is solved thanks to it. Where else do you see it? Where else do I see it? In a land registry. For example, in real estates? Yes. Today it is done like this, you have a server of a land registry and a backup or two backups and one institution controls it. If it falls into the wrong hands, suddenly something may begin to change in these deeds. But if it was done on a blockchain, a well-constructed blockchain, it would give a huge reassurance. An average person may not think like this: If I have a land registration in a normal land registry, it is less safe than a registry on a blockchain. But a fund buying real estates for 500 million Euro, for them it might be an attractive offer, that in this country our land registry is based on the blockchain, we don’t control it since it is decentralized, there is some token, it is done wisely, and if you have a registration, it’s safe. Of course another problem may appear and in particular country there may emerge a government that will say: It is void anyway. We’re doing a new registry. It solves only one problem, a database problem that you have a registry some institution can meddle with or they lose it because they are careless. Or there is a partial malfunction, or it’s hacked, or… various things. It only solves one problem. However, it doesn’t solve the problem of not honoring that whole registry in regard to reality. Often it might be like this, especially in the hard times that are coming, registries and databases equal one thing, reality equals another. You know, that’s how it was in Cuba, when Fidel Castro’s revolution happened. There were companies, most of them American, property, real estate, all American, and Fidel came with his revolutionaries and all of a sudden… he said goodbye to them, it’s not yours anymore. Now, whether you have a registry on a blockchain, a normal database, written in stone, papyrus… Doesn’t matter. It doesn’t matter because Fidel comes and says ‘it’s not yours.’ Now it’s ours, Cuban, either state-owned or friends-owned because that’s how it was, the state received and friends received. Hence, you see, it is only solving one problem but do you know what really matters: who has the physical power, who has power in a country. And isn’t afraid to use it. And whether you’re a good or bad person, simply. And what does he plan? Everything resolves around one thing. What does he, she – what do they – plan? And whether they have power. It’s what matters the most. But today’s society seems to forget, there is something like: what’s in the media, how well my likes will perform… That is what’s important… in their opinion. But in practice the one who has physical power rules, the one who is able to, if someone misbehaves… Subdue. Subdue him, sometimes aggressively. That’s what rules. And we will see it in hard times. If the system suffers that error, which I predict will happen during 3-4 years max, then we’ll see how much power matters, not likes, not what someone thinks, not what someone imagines or demands. In their head. But how much a club matters. Demography will be getting worse which means there will be more recipients but less incomes. But besides that, intellectually in Poland, autumns years, they aren’t sages. They are people who will vote in a certain way, often, and live for 1000 zlotys per month… in very difficult situation and they can be making many weird choices. If the elite that will grasp it all by the head won’t appear, and won’t forbid doing stupid things, then it will be the course of Venezuela, year after year. I don’t really know how it will be, since I’m not a seer. I give 6:4 towards the downfall outcome, still. Unless, like I said, Morawiecki and other people… now they’re taking over and then they’ll begin fixing… I’m going to be in opposition to you, in that case, and we’ll see. You give 6:4 that… Yeah, all of this negativity, I think that… 6:4 for positive outcome. We’ll meet in 5 years and see. In 5 years we will see much. And in 10 years we will so much. We will know everything, how it went. I wish that they are intelligent, good people but they take over the way they do, which means they give voters what they want. You can’t take over in Poland relying on logic. You need to find a different way. And when local and then parliamentary elections are over… they’ll actually start fixing things, maybe with a bit different government than we have now. Because if it’s not like this, and they are people who don’t control it or are evil, it’ll end in… Once shortages start… and demography for certain will cause shortages, fucking great shortages. All you need to do is read demographic trends. The fact that there are Ukrainians or people from further reaches of the world, it only helps for a moment. Minimally, it’s like a powder for pain, minimally reduces that effect. Demography for certain will cause shortages in the retirement system and the retirement system is almost as big as the budget. So it’ll start and year after year the shortages will be bigger and now where will they go if it lacks. Well, to those who have and where that would be? Real estate is the easiest to take. Not necessarily take possession of it because it won’t help but tax it hard, with a cadastral. I fear it, you know, for example 2% of cadastral tax, which is a tax on the value of property which means in 50 years you’ll pay for it anew. If you pay 2% off the value per year. Where are you supposed to take it from anyway. But it exists, it is in France, for example. I have friends puzzling how to pay taxes every year. Because it is like that and they require it? Yes, and de facto it is expropriation only stretching out over 50 years. Because if you pay 2% yearly, in 50 year you would pay 100%. So every 50 years, even though it’s yours, you need to buy your estate from the state through the taxes. On top of you buying it on a loan before that. I think they will go to the owners of real estate and deposits, and the retirement system since there are money too, these digital. They’re everybody’s and nobody’s, but they’re doing it already. OFE is already dismantled in the most part and taken over. Soon there will be nothing there, even the data. So the remaining ones are real estates and deposits. Because you know, other things, investments, jobs, it is hard to tax them. Jobs need to be there, firstly. Secondly, there are tendencies to hide with them. On the other hand, real estates and deposits are on the plate. I’ve got a skeptical approach, 60-40 for a skeptical, that it won’t be tamed, the demography, it’s certain it won’t be, but also these shortages that will occur. But if not real estates, then what? Gold and cryptocurrencies. And real estates in different jurisdictions because ‘no’ for Poland doesn’t mean ‘no’ for Dubai or Istanbul. When will that bubble burst? Cryptocurrency? It already did. Already? Yeah, partially yes. If you’ve got a drop… In December, 20 thousand dollars for one Bitcoin. In January, on the cheapest exchange, dropped to 5900. 5 was at the beginning. This is 75% drop. But it’s alright, they’re just prices. Right? They’re just prices. So it can grow, burst and so on. Yes, and even better if it goes through it. It already went through a few of risings and falls, and it hardens the technology. If it was like with tulip bulbs, to which it is often being compared, in Netherlands, that famous bubble… In that case, after the bubble popped, it never came back. Is there some kind of remedy, or if there should be… What to do with people who can’t keep up with technology? Not even talking about it that they haven’t heard of it, aren’t interested in cryptocurrencies, but those who completely don’t know what, where and what’s it for. Do we need to make them aware , because I would say yes, and if yes, then how to do that? I will probably come off as a cruel guy. I don’t think it is fair to take my money in taxes in order to make someone aware. It costs, an organized action of teaching. Besides, lots of money is lost, the ‘teachers’ take control of them. I don’t think it’s entirely fair to take from me under pressure and make people aware about something when there is internet, which costs zero or 50 zlotys per month at worst, and you can become aware of whatever you want. But maybe you have something like it, a sense of a teacher: Come everybody, do it, it’s great, not necessarily invest but get into the subject. Also, where are women, girls? I have, in a way, and I will be progressing with this, it’s nice. Once you’ve taken care of essential things, what else can you do if not that? Because relaxing at a beach is only good for two weeks, for most people. Yes, it makes sense. If it comes to Polish women in cryptocurrencies, I know of two: Anna Streżyńska, ex-minister of digitalization, who isn’t a minister for 4 weeks now and develops the blockchain company. And the daughter of ex-chairman of the central bank, Mr. Belka, who launched her own cryptocurrency, EraCoin. If the daughter of Mr. Belka does it, there is something in the air here. They understand it, you know, that it is the future. The wealth will be distributed anew. It is somewhere but suddenly it’ll end up with people who started doing it early enough. Or later or later but better late than very late. You know, someone always will be earlier, earlier, someone later, later. I think there might be a pattern. People of certain qualities were the first, then different, then different, then different… The earliest would be probably the ones who were beaten at school and were geeks. For example, maybe. And today they have milliards. The question is how much IQ they have, what people are they, what will they spend these milliards on. I mean the new arrangement of the financial deck. And, if for example… all currencies traveled towards the blockchain, in 10-15 years, all wealth… then it would be the total arrangement of the financial deck, anew. Towards the blockchain? Yes, normal currencies would disappear. If dollar remained, for example – because it may still exist, or franc – they would be on the blockchain anyway. Then FED and other central banks lose meaning. You can set up supply, interest rates, similar things, in the algorithm. The council of the sages – under political pressures, pressures of the moment, or due to their own fancy, they change it and meddle in this entire system – would be unnecessary. Mathematics. Now if you had a token that gives pluses and minuses for monologues, you would get a minus for saying such things. That we need to leave behind the councils of the sages. Because that’s anti-system. So many branches are being dehumanized because machine proves to be better. Councils of the central banks might be the next victims of this process, when you’ll be able to automatically manage things, setting up all of money in that way. All currencies, on the blockchain. Therefore, councils will be obsolete or partially obsolete. The old will leave, the new will come. It’s highly possible that its’ more effective for money supply to be determined by mathematics, not a group of people with human weaknesses. Here we come to the basics of cryptocurrency: to stop printing, printing, but for it to have real value. Being decisively limited in the supply, somehow. Many cryptocurrencies have limited supply. Mathematically.