Tai: What’s up guys this Tai Zen again with Leon Fu, we’re from PrisonOrFreedom.com, where we talk about the tools, the techniques, the strategies and technologies that are available to help people find freedom in their health, their wealth and relationships.
In this particular episode we’re going to talk about the wealth aspect and you want to talk about how everything is being converted to software nowadays, by the way in case you guys didn’t know Leon Fu here is one of the top iOS developers in the world and he said he can talk to us about how everything has been changed to software. Many things in our lives now to a point where money is being converted to software, could you talk about that?
Leon: This has been going on for the last 30 40 50 years, the software’s at the core of everything we’ve done.
Tai: Now are you saying that just because you’re a programmer?
Leon: Well I probably am biased to it but I mean it’s happening, I could be biased but that doesn’t make it any less for examples, a typewriter is now a software, nobody uses a typewriter anymore now it’s a piece of software, for the word processing. Letters are now software, it’s email. The picture has become a software, it’s all data right now, it used to be filmed.
Tai: So there’s a lot of things that are physical that’s been converted to software.
Leon: Music, books, art, you could draw on the tablet.
Tai: Oh yeah I mean I grew up painting and stuffs but I prefer to do Photoshop now, but you talk about money is now becoming software, that can be confusing to a lot of people that are not technically savvy like you are, so could you try to break it down in non-technical terms of how money’s being converted to software?
Leon: Money is an idea, money has value because we a society have assigned it value, we’ve taken things that we that are valuable to us yes and exchange it for money which really has no intrinsic value for us.
Tai: Anything can be money I mean this remote control can be money
Leon: As long as somebody who has something that you want will accept it as payment, it’s money. Now not everything is as equally good as money, as the US dollar, if you’re in America it’s better money than most things, you can pay in many different ways, you could you could in gold coins if you want to.
Tai: In prison gold coins don’t have that much value, cigarettes and coffee have more value.
Leon: Anything can be used as money because money is a means of exchange and it’s a unit of account to store value so this is just data, all this can be stored in a computer because it’s information. And one of the things Bitcoin has done is turn it into the software. In fact, the US dollar is software.
Tai: It’s all digital, they’re printing 85 billion a month.
Leon: They’re not that’s not being printed it’s just entering numbers into a computer
Tai: How do you get one of those computers where you can just add 85 billion dollars?
Leon: You can talk to Ben Bernanke.
Tai: Next week or next month, I think you get to talk to Mr Yellen, at least a lot of people refer to her as Mr Yellen.
Leon: Uhm yeah, what makes Bitcoin special isn’t that it’s digital money, we’ve had digital money, most of our money is digital.
Tai: It’s rare that I ever use cash.
Leon: Yeah and most of the US dollars in existence do not exist as physical bills and coins all right most of it is checking accounts and it’s all digital anyway but you know with Bitcoin, what makes it special is that it’s decentralized, it’s a public ledger that can track who owns what and reach agreement amongst people that or computers that don’t know each other or don’t even trust each other and it can keep track of that, that’s its main innovation.
Tai: And that’s what you mean when you say that money is becoming software now.
Leon: Yes, it already is software
Tai: When you talk about the different copycat coins basically, their success or failure depends upon the quality of their software.
Leon: It depends on do people accept it do people use it and one factor of that is the quality of the software, I’m not saying that’s the only factor but it’s definitely one factor.
Tai: That makes it user that makes people want to use it.
Leon: That’s right I mean the more people that use of the currency, doesn’t matter what it is the more people that use a currency the more value that it has
Tai: And let’s take for example the top two crypto currencies right now which is Bitcoin and Litecoin, obviously Bitcoin has a huge big lead, five years lead, you know four or five years lead in front of Litecoin. What you’re saying is that in order for Litecoin to succeed, just by the way we’re both investors in Litecoin so just that’s a disclaimer out thereWe’re not saying that you should buy it or not, just make it known okay.
So basically in order for Litecoin to excel, to get to where Bitcoins is or surpass it, one it has to be adopted by people, businesses and regular people to use it and a number two its features have to outweigh Bitcoin.
Leon: There’s plenty of examples in the market where you know the better product lost because of marketing.
Tai: Yeah, for example, WordPerfect and Microsoft Word, I’ve used WordPerfect before I think it’s way better Microsoft Words.
Leon: So how come nobody uses it?
Tai: I don’t know; I guess better marketing.
Leon: Well that’s a different topic but at the end of it’s going to be the free market that decides, it’s you, whether or not you know there’s no government behind any of these coins saying you must use it.
Tai: It is actually a real free market.
Leon: This is a real free market people are going to choose which cryptocurrency they’re going to use and people have that choice whether they buy it whether they pay with it whether they get accepted, there’s no government saying you if you live in this country you must accept our money so it is a free market and we’ll see who wins
Tai: All right we’ll see all right I mean we’re living in some bright times
Leon: Yeah exciting times.
Tai: All right, well thanks for watching this episode guys if you guys enjoy this video or have any questions or add to the conversation please leave your comments in the comment section below. If you like to support us what we’re doing now please donate to the Bitcoin address that we have below and we’ll look forward to seeing you in the next video.