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Bitcoin Seoul 2024 Recap: Fiat Runes Everything by Jimmy Song
Exploring the Concept of Internet-Money Currency
- Came across an intriguing story about an internet-Money currency.
- Curious about the concept, delved deeper into the topic and discovered its limited supply of 21 million.
- Recognizing its potential significance, attempted to purchase the Bitcoin during its initial era.
Difficulties in transferring money to a Japanese exchange
- The process of transferring money to a Japanese exchange, called vodkala, involves connecting a bank account to dualand and then to mount dogs.
- The process is time-consuming, taking around 8-10 days.
- The author encountered difficulties in completing the process due to the complexity and time required.
Learning about code and open-source contribution
- Started learning about code and found limited resources.
- Contributed to an open-source Bitcoin-based product called Quality Points.
- Received the first payment for open-source work from someone in Ukraine.
Learning Coding through Limited Resources
- Started coding with limited resources and motivation due to financial incentive.
- Faced challenges due to lack of organized and reliable resources.
- Eventually gained knowledge and became a Bitcoin developer.
Teaching as a Business Venture
- Started teaching in small jobs, realized potential to turn it into a business.
- Frustration and lack of resources in the field prompted this decision.
- Teaching has been beneficial in developing communication skills.
Journey of a Developer Turned Entrepreneur
- The narrator, with 17 years of experience as a developer, decided to start their own business teaching other developers.
- It took a month to gather the courage to take the leap due to the comfort and stability of corporate employment.
- The decision was influenced by the narrator's desire for a new challenge and the potential rewards of entrepreneurship.
Starting a Business and Teaching
- Started a business and gained clients who were eager to learn.
- The teaching environment was different from traditional classrooms, with students genuinely interested in the subject.
- The experience provided a unique and rewarding opportunity.
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Engagement in Learning
- Students in the class were highly engaged and asked numerous questions.
- Unlike elementary, high school, and college students, they were eager to learn and get value for their money.
- The direct payment for learning motivated them to ensure they understood the material.
Deficiencies in Education System
- Education system is flawed, personal experience in high school and college.
- Students more focused on grades than learning.
- Incentives play a crucial role in motivation.
Research Funding and Incentives
- Different incentives exist in research compared to other settings due to funding variations.
- Isaac Newton's research was not funded, but he had his own involvement and equipment.
- He didn't have to worry about publishing in prestigious journals and could focus on his work.
Incentives and Their Impact on Various Fields
- Systems in place due to financial reasons can negatively affect education, science, businesses, and other areas.
- The root cause of these issues can be traced back to incentives and rewards.
- The author aims to explore this concept through a book and a podcast called 'Picklike', which takes a contrarian view of conventional thinking.
Incentives in Healthcare and Money Control
- Incentives in healthcare are driven by insurance documentation requirements.
- The yacht changes incentives, focusing on satisfying those who control the money.
- Most people spend, earn, save, and keep their money in bank accounts.
Understanding the Complexities of Money and its Creation
- The concept of money and its creation is often not well understood, despite its importance.
- Central banks play a crucial role in money creation, involving intricate mechanisms and processes.
- Many individuals, including those in positions of financial responsibility, lack a deep understanding of these complexities.
Education System's Focus on Compliance
- The education system's primary goal is to ensure students comply with the state's expectations and become 'better citizens'.
- Knowledge transfer is secondary, with an emphasis on good behavior and conformity.
- This approach raises concerns about the true purpose of education and the development of critical thinking skills.
Misaligned Incentives in Education System
- Inner-city schools in the US perform poorly despite high funding due to political reasons.
- Misaligned incentives lead to a focus on money-making rather than education.
- The current system needs to be reformed to prioritize education quality.
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Technological Advancements in Tax Collection and Economic Control
- Technology has simplified tax collection and resource allocation compared to Roman emperors.
- Central bankers can now easily adjust interest rates and control the economy.
- Financial surveillance and other tools enhance economic management.
Social Credit System and its Impact
- Social credit system in China provides control and efficiency for the government.
- Hyperinflation can disrupt the system as people lose purchasing power.
- The government can prolong the system due to advanced tools at their disposal.
South Korea's Fertility Rate and Economic Factors
- South Korea's fertility rate is extremely low.
- Poverty is a significant contributing factor to this decline.
- The country's rapid economic growth and technological advancements contrast with its low fertility rate.
Changing Family Dynamics and Fertility Rates
- In the past, it was common for mothers to stay at home and take care of the children, but now both parents usually work.
- This has led to a decline in fertility rates, as it is more difficult for families to afford to have children.
- This trend is not just seen in South Korea, but also in other countries around the world.
Government Subsidies and Income Inequality
- Government subsidies for children are perceived as a rich war in Korea.
- Poor people are not having kids due to financial constraints.
- Government interventions often end up transferring money from poor to rich people.
South Korea's Economic Situation
- South Korea has experienced economic decline despite technological progress.
- Low salaries and lack of legitimate dollar circulation contribute to the country's economic challenges.
- Countries seek to settle in the US to obtain dollars for global trade.
Korean products are cheaper due to low labor cost
- Korea's products are cheaper because they can steal from other people, so the labor cost is lower.
- This means that Korea is essentially subsidizing the US and other countries with its exports.
- Unfortunately, this also means that everyone else has to suffer in order to afford Korean products.
Discussion about an unknown topic
- The speaker is discussing something with someone, possibly a friend or colleague.
- They are talking about a system that doesn't require payment for cancellation.
- The speaker is also considering inviting someone to an event, but the details are unclear.
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Korean culture emphasizes getting along and conformity
- Korean culture values conformity and getting along.
- People feel more comfortable being in a group and following social norms.
- This can create a pressure to conform and perform for others.
How to communicate effectively to achieve career goals
- Effective communication is crucial for career advancement and financial success.
- Being a skilled programmer is important, but political elements can influence personal opinions.
- Reflecting on past experiences can reveal the influence of external factors on one's beliefs.
Cultural Differences in Expressing Opinions
- Opinions are often influenced by one's job and circumstances.
- Asian culture encourages going against the grain, but there are ways to express disagreement without endangering oneself.
- Expressing opinions can be challenging, especially when one has a job.
Entrepreneurship and Self-Reliance
- Entrepreneurs have the freedom to make their own decisions and be themselves, without societal pressure.
- The path to entrepreneurship requires self-belief and a willingness to take risks.
- Entrepreneurship is not easy, but it is possible with the right mindset and self-reliance.
Factors Influencing Birth Rates
- Having children is a sign of optimism about the future.
- People in the 1950s had more children despite being poorer because they believed in technological progress and better living conditions.
- Optimism drives people to vote for a better future.
Importance of Real People in Predicting the Future
- Young people are not interested in voluntary work unless they are extremely wealthy.
- Children are motivated to work hard because they believe the future will improve.
- Government policies cannot accurately predict the future; real people's emotions and experiences are more reliable indicators.
Free Market Encourages People
- Free market encourages people to do things for themselves.
- People can find something that works and make more money.
- Free market is better than a central government that takes from the poor and gives to the rich.
Low fertility rate and its impact on society
- Low fertility rate indicates a decline in population growth.
- People are choosing not to have children, leading to the end of their lineage.
- This trend has negative consequences for the future of civilization.
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Financial Markets and Savings
- The current monetary system is outdated and needs to be changed.
- People need to save more money and not rely on the financial markets.
- Savings are important for financial stability.
Korean Saving Culture
- Koreans prefer saving money together in a group rather than relying on banks.
- They prioritize future planning and self-improvement, but lack suitable saving options.
- The goal is to accumulate savings that appreciate in value, avoiding risky investments like real estate with high leverage.
Value Creation and Exchange in Market Economy
- Providing value is crucial in the market economy.
- People exchange value for value, leading to mutual benefit.
- Inflation can be a subtle form of taxation, affecting people's perception of value.
Value Creation and Job Satisfaction
- Providing value in one's job leads to personal and societal benefits.
- Lack of value creation can result in depression and dissatisfaction.
- Encouraging a culture of value creation can enhance overall well-being.
Encouragement and Self-Reflection
- Encouraging others to find their value and unique strengths.
- Reflecting on past experiences and challenges.
- Expressing love and gratitude.
Government's Role in Cryptocurrency
- Governments' actions towards cryptocurrency vary, from El Salvador's incorporation to China's impression.
- Different exchanges and regulations exist.
- Ultimately, individual decisions matter more than government actions.
Discussion on the longevity of money and its value
- Discussed the performance of an investment with 55% return.
- Governments prioritize their interests over individual preferences.
- Money generally does not last long, with the US Dollar lasting about 153 years since the establishment of the Federal Reserve.
Understanding Money Management
- People are beginning to understand the value of money and its benefits.
- Fuel taxes serve as a government lever to reduce consumption.
- Cigarettes are heavily taxed in many countries, making them less affordable.
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Understanding the Purpose of Practice and Taxation
- Practice helps control behavior and manage habits.
- Taxes serve multiple purposes, including controlling inflation and benefiting certain constituencies.
- Tax policies can be politically motivated, with potential consequences.
Unnecessary legal procedures
- Unnecessary legal procedures are prevalent in the US and Korea.
- These procedures involve lawyers and are time-consuming.
- A more efficient system would be beneficial.
Bitcoin as a Global Currency
- Bitcoin as a global currency can unite the world's economies.
- Farmers in Korea compete with those in the United States.
- People's lives are built on the last-term economy.
Global trade and local production
- Free trade can be beneficial, but it can also make economies vulnerable to disruptions.
- The COVID-19 pandemic showed the importance of local production.
- Governments should support both global trade and local production.
Ways to reduce cost of production
- Debasing money leads to inflation, forcing manufacturers to reduce costs to maintain prices.
- Manufacturers can reduce costs by cutting corners, reducing product quality, or increasing production.
- Increasing production is the most legitimate way to reduce costs.
Limited Options in Manufacturing Industries
- Limited diversity and room for growth in manufacturing industries.
- Few dominant companies control the market, leading to limited competition. ex. Airline Company
- Industries like commercial airline manufacturing have only a handful of major players.
Government Subsidies and Decentralization in the Microchip Industry
- Taiwan's microchip industry success is attributed to government subsidies and partnerships.
- Decentralization leads to more competition, new ideas, and higher quality products.
- Consumers may prefer locally produced food for better health outcomes.
Concerns about Bitcoin's Dominance and Potential Manipulation
- Discussion about the complexity of the Bitcoin system and the potential for manipulation by individuals or corporations.
- Worry that Bitcoin is becoming increasingly dominated by large corporations and that this could lead to negative consequences.
- Concern that the recent surge in Bitcoin's popularity may be unsustainable and could lead to a crash. (Price Bubble)
#Siamstr #BitcoinInSeoul2024 #BitcoinSeoul2024
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Bitcoin Seoul 2024 Recap: Bitcoin Ecosystem In South East Asia.
Bitcoin Regulation in Indonesia
- Indonesia plans to regulate Bitcoin and other cryptocurrencies.
- The government aims to monitor the usage of digital assets in the country.
- Adoption of cryptocurrencies is increasing in Asia, driven by alternative investment options and poverty.
Bitcoin and Blockchain Technology
- Bitcoin and blockchain technology are unregulated and global.
- People are interested in using them to make money.
Challenges in Understanding and Implementing Policies
- Complexity and limited knowledge hinder effective policy implementation.
- Misconceptions and difficulties in identifying workable solutions persist.
- Governments face challenges in balancing revenue generation and public welfare.
Payment Methods and Cultural Differences
- People have different ways of saving money.
- Some prefer digital payment methods, while others prefer cash.
- Cultural differences influence spending habits and preferences.
Partnership and Payment
- Partnership with some companies for cash happening soon.
- Regulators and government people can now directly access the same problem.
Financial Planning for Retirement
- People are becoming more aware of the importance of saving for retirement.
- Various financial instruments are available to help individuals plan for their retirement.
- Understanding investments and financial planning is crucial for securing a comfortable retirement.
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Regulations and Challenges in Operating a Business
- Regulations and laws governing business operations can be complex and challenging to navigate.
- Some regulations may be relaxed, while others are strictly enforced.
- Taxation and legal aspects also play a significant role in business operations.
Bitcoin as a Payment Method
- Bitcoin is being considered as a payment option in some countries.
Cryptocurrency Regulations in Indonesia
- Several apps in Indonesia are trying to use cryptocurrency, but regulations are still stuck in 2019.
- The Ministry of Trade and Islamic community have concerns about gambling and are cautious about crypto.
- With a new, pro-crypto Vice President, regulations may change in the future.
Discussion on a Scam
- Criminals exploit a scam involving 99% correlation policies.
- The scam allows criminals to avoid detection and maintain control.
- The scam involves politicians pushing for favorable policies.
Discussion on political changes
- Regulations were set due to heavy rains.
Payment license and its challenges
- Getting a payment license is challenging due to strict regulations.
- Banks prioritize currency protection over other concerns.
- The government focuses on maintaining a stable currency rate.
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Discussion on technology and its impact on future generations
- Making technology usable for future generations, with reduced power consumption.
- Every country wants to have a kid series focus.
- Need to accept that some countries will use technology regardless of our preferences.
Economic Growth and Technological Advancements
- GDP expansion and technological advancements are expected in the coming years.
- Regulations are being updated to accommodate these changes.
- Technology is rapidly evolving, especially in the Asian region.
Community Outreach and Engagement
- The park project aims to be inclusive and diverse, catering to the community's needs and preferences.
- Efforts are made to engage both the community and the general public in the project's development.
- Challenges in communication and understanding are acknowledged, but the importance of collective action is emphasized.
Technology's Impact on Society
- Technology has brought significant changes to society, making tasks easier and faster.
- Cafes now use technology, which can be both beneficial and detrimental.
- Asian markets offer a variety of products, but some may be useless.
Simplifying Technology Discussions
- Technology discussions should be simplified to make them easily understandable.
- Avoid using complex jargon and focus on the core functionality of the technology.
- Users often just want to perform basic tasks like setting a timer.
Bitcoin and its incentives
- Bitcoin is considered correct, but its incentives are not well-understood.
- People don't care about Bitcoin until it affects their interests, such as music payments.
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Bitcoin's Impact in Southeast Asia
- Governments undervalue our privacy.
- Bitcoin has positively impacted people and businesses in Asia.
- Education is crucial to promote Bitcoin's potential in Southeast Asia.
Promoting Financial Literacy Education
- Financial literacy education is crucial, especially in countries with fluctuating currencies like Indonesia.
- Efforts are being made to educate students and the government about its importance.
- Communities focused on animation and financial literacy are rapidly growing.
Challenges in Cryptocurrency Adoption in Indonesia
- Bitcoin operates in Indonesia, but regulations pose challenges.
- Electricity companies are closely monitored by the government.
- The governor of West Java has shown interest in cryptocurrency.
Impact of Bitcoin on Lifestyle
- People are realizing the value of savings and investments.
- The popularity of Bitcoin has changed people's perspectives on life and financial goals.
- People are now more interested in outdoor activities and meetups.
Cryptocurrency Education and Market Trends
- Cryptocurrency education is provided in an entertaining manner to attract people.
- People are using various cryptocurrencies for leverage and financial gain.
- Learning about cryptocurrency requires understanding market trends and potential risks.
Banking Access in Southeast Asia
- Banking access is limited in Southeast Asia, especially for those without credit cards or bank accounts.
- People often rely on cash and informal financial services.
- Efforts are being made to improve financial inclusion in the region.
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Using Bitcoin for Various Transactions
- Discussing the use of Bitcoin for various transactions such as purchasing gift cards and Amazon Bluebird.
- Exploring the potential of selling rocks and US progress in Vietnam using Bitcoin.
- Highlighting the advantages of using Bitcoin, including the ability to sell products globally and the potential for higher profits.
Shifting Financial Trends
- People are exploring alternative investment options like NFTs and cryptocurrencies.
- Millennials are moving away from traditional savings methods and embracing digital assets.
- Communication styles have evolved across generations, with each generation adopting different approaches.
People's reaction to financial crisis in Southeast Asia
- People in Southeast Asia are accustomed to using digital payment methods.
- They are likely to switch to cryptocurrencies easily in times of crisis.
- The widespread use of mobile payment systems facilitates this transition.
Discussion on Government Trust and Political Dynamics
- Southeast Asian countries have low trust in the government and prefer self-reliance.
- Trump's advocacy and rhetoric influenced the US presidential election.
- Changes are expected in the political landscape in the coming years.
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Bitcoin Seoul 2024 Recap: Bitcoin Ecosystem In North East Asia
Bitcoin Conference in Asia
- Bitcoin conference in Asia to discuss trends in Northeast Asia, including Korea, China, and Japan.
- Report on how Bitcoin is perceived in various parts of the world shows Japan has low adoption, China is in the middle, and the Korea has high adoption.
- Skepticism of Bitcoin is higher in the US than in other countries.
Public Perception of Cryptocurrency
- Public understanding of cryptocurrency is improving, but still limited.
- Recent events, such as the fall of Luna, have contributed to this change.
- Many people still view cryptocurrency with skepticism and uncertainty.
Investment Opportunities in China and Japan
- Real estate is shaking in China, while stock markets are performing well, attracting investors from traditional sectors.
- Japan faces a challenge due to limited job opportunities, making it less popular for investment.
- Investment opportunities in Japan are hindered by a lack of interest in investments, as well as language barriers.
Challenges in Starting a Business
- Starting a business is challenging, especially cryptocurrencies.
- It requires creativity, significant investment, and a focus on creating actual value and utility.
- The difficulties are similar for both Japanese and Chinese.
Discussion on China's ban on cryptocurrency
- China's ban on cryptocurrency and its impact on businesses.
- The ban has caused confusion and uncertainty in the cryptocurrency industry.
- The long-term effects of the ban are still unknown.
Cryptocurrency Discussion
- Difference between Bitcoin and cryptocurrencies.
- Hong Kong approved ETF Bitcoin and its significance.
- China's potential shift towards openness in cryptocurrency regulations.
Japan's Response to Fukushima Daiichi Nuclear Disaster
- The Fukushima Daiichi nuclear disaster caused significant safety concerns and economic losses in Japan.
- The government compensated for the financial losses, but public fear and regulatory challenges persisted.
- Radiation from the disaster affected the region for several years.
Regulations in China and Japan
- Regulations in China are ambiguous but not strictly followed, while in Japan, they are ambiguous but strictly followed.
- Strict regulations in Japan prevented losses during the FTX collapse, but they can also hinder innovation.
- The government's role in regulating cryptocurrency is a complex issue with both positive and negative aspects.
Discussion on Luna and its impact in Korea
- Luna, a cryptocurrency, experienced a significant downfall last.
Discussion on regulations in Korea and its impact on Bitcoin trading
- Regulations in Korea have increased, affecting Bitcoin trading.
- Exchange limits have become stricter, impacting peer-to-peer Bitcoin trading.
Lightning Adoption Trends in Japan
- Lightning adoption in Japan is driven by technically proficient individuals.
- Compared to other Asian countries, Japan has fewer technical experts.
Korean Cryptocurrency Market
- Korean cryptocurrency market is very active.
- Regulations in other countries make it difficult to trade cryptocurrency.
- Many people in Korea like to buy cryptocurrency.
Challenges in Promoting Blockchain Adoption
- Korea has advanced in blockchain technology, but adoption and social impact are lacking.
- Efforts are being made to increase adoption, such as organizing meetups and setting up stores.
- However, there seems to be limited interest from the public.
Lightning Development in Japan
- Lightning development in Japan is hindered by regulations around custody.
- Custodial lightning requires expensive exchange licenses, making it difficult for developers to build simple applications.
- Non-custodial technologies are expected to drive adoption in Asia.
Networking and Shakepoint
- Networking is important, but not many people reach out.
- Shakepoint is popular in China and has developers working on it.
- Developers are waking up to the importance of networking.
Cryptocurrency Exchanges in Korea
- Many investors are interested in investing in lighting network related progress.
- Korea has some of the highest point exchanges.
- There are many people who trade their cryptocurrencies in Korea.
Blockchain Technology and Its Potential
- Blockchain technology is unique and has the potential to revolutionize various industries.
- It allows for secure and transparent transactions without the need for intermediaries.
- Its decentralized nature makes it resistant to censorship and fraud.
Adoption in Korea
- Adoption process in Korea is fast, unlike other countries.
Discussion on Payment Methods and Exchange Adoption
- Exploring alternative payment methods like widely payment.
- Privacy concerns in Japan may hinder exchanges from adopting lightning.
- Exchanges prioritize other factors like fees and growth over adopting lightning.
Discussion on the properties of sound money
- Sound money should be usable by anyone, anywhere in the world.
- The US Dollar is the primary source of funding for terrorism worldwide.
- Bitcoin has potential as a sound money due to its decentralized nature.
Discussion on Data Recording
- Recording of human activities is a concern.
- Unsure about the best course of action.
Positive Impact of AI on Education
- AI has the potential to revolutionize education by making learning more personalized and interactive.
- It can help students learn about complex concepts and develop critical thinking skills.
- AI-powered tools can also help educators track student progress and identify areas where they need additional support.
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