Who accepted bitcoin. Yes. Is the microphone, give it to him, go ahead. So the best time to plant a tree is 20 years ago and the second best time is today. You need to recognize there is more at stake than revolutionizing shopping in new york city. When you think about the 2. 5 billion people on planet earth that dont have access to a Financial System that completely ignored them, then today there is an opportunity for them with a smart phone to put a bank if their pocket. A bank that lets them inner face, interact with each other, basically for free, and thats a really powerful thing if you think about it. So lets put aside the shopping port of this as well. Because theres a lot more that we can revolutionize around the world and people have been ignored in a lot of ways. So one of the concerns voiced early on was that it would be used mostly anonymous, thats another selling point, and a lot of them because they are doing something illegal. And in fact we just they shut down a big onl
Peertopeer lending. There are some credit qualifications on both sides. The bank that provides the credit evaluation is out of the mix. Is that a good thing or a bad thing . Society started off with the barter system before. The first bank was formed i think it is great. System,on, the payment these are all innovations. If there is a market for it and they can do it efficiently and manage the credit risk, god bless them. It going to end in tears . With a set of problems emerging . Nothing is riskfree, particularly around money. Understand thee credit risks they are taking. What really matters is getting your capital back first. Spoken like a true banker. I have a lot more questions, but no more time. [applause] m. I. T. Researcher Andrew Mcafee talks about the new machine age. He spoke with david brooks for 20 minutes. Two very fun folks. Your services are no longer needed, meet the robot. We have Andrew Mcafee, who has one of the hottest books on the market right now. Colonist forooks
Peertopeer lending. There are some credit qualifications on both sides. The bank that provides the credit evaluation is out of the mix. Is that a good thing or a bad thing . Society started off with the barter system before. The first bank was formed i think it is great. Innovation, the payment system, these are all innovations. If there is a market for it and they can do it efficiently and manage the credit risk, god bless them. Is it going to end in tears . With a set of problems emerging . Nothing is riskfree, particularly around money. Again, if people understand the credit risks they are taking. What really matters is getting your capital back first. Spoken like a true banker. I have a lot more questions, but no more time. [applause] new yorkird annual 20as festival, this is minutes. We have two very fun folks. We have andrew mcafee, who has one of the hottest books on the market right now. With david brooks, columnist for the New York Times. At our opening dinner, david gave a ri
There are great quotes from now the cost talking about these mystical chess grandmasters. Once computers got better, we looked in the rearview window and said, this is just pattern matching. I had the chance to talk to gary and he was the world chess champion. Between intelligence. There are great quotes from now when he first became world champion, he played 32 simultaneous matches against the best chess playing computers and he won 320. 10 years later, ibm beat him in a pretty close match and now it is not even close. They asked how he would prepare for a match against a computer and he said, i would so head to head is completely boring. The machines have raced ahead except when we are able to combine human ability and digital ability and play these freestyle tournaments where any team comes together. And i get optimistic as a person again because it turns out that the right team will beat a grand master or a chess supercomputer or a grand master with a supercomputer. The right team
Book about economics and then somebody shows you what that actually means. Machines dont think. In the same way, there is a great pioneer of Artificial Intelligence that said airplanes dont flap their wings. We see cool stuff going on in nature and we build machines that get there. When i talk to these uber geeks and i say, are you building artificial brains, they generally say i have no idea how the brain works. I am solving an engineering problem. There are guys who are trying to reverse engineer the brain and put that in silicon. If they are successful, it will take them along time. The terminator or the matrix nightmare is not the one i find myself waking up screaming from. I would prefer machine to do it or set of rulebased checklists . Or i dont want that . I walk into a hospital and i have some kidney problem and i probably want the checklist. Im going on a date, i dont want the checklist. No, you do want the checklist. [laughter] social life at m. I. T. We should be skeptical a