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Mike Hearn <mike@plan99.net>The Future of Money
What about now?
• Ongoing financial crises
What about now?
• Ongoing financial crises
• Coming up: pensions crisis
What about now?
• Ongoing financial crises
• Coming up: pensions crisis
• Also: sovereign independence
crisis (FATCA)
What about now?
• Ongoing financial crises
• Coming up: pensions crisis
• Also: sovereign independence
crisis (FATCA)
What about now?
• Ongoing financial crises
• Coming up: pensions crisis
• Also: sovereign independence
crisis (FATCA)
• Not going to talk a...
About Bitcoin
About Bitcoin
• Solution to all those problems!
About Bitcoin
• Solution to all those problems!
• Does not require banks
About Bitcoin
• Solution to all those problems!
• Does not require banks
• Controlled inflation
About Bitcoin
• Solution to all those problems!
• Does not require banks
• Controlled inflation
• No political interference
About Bitcoin
• Solution to all those problems!
• Does not require banks
• Controlled inflation
• No political interference...
This talk imagines a world 50 years from now
how it’s impacted by the combination of
financial cryptography
advanced robot...
My name is Mike and I love the future
Jen wants to join her friends in the city
She finds the ride via the TradeNet
The future of taxis
The TradeNet is a P2P network
Users post demands and traders supply bids
The future of taxis
TradeNet
• Standardised broadcast and advertisement mechanism
TradeNet
• Standardised broadcast and advertisement mechanism
• No direct user interface - specialised apps use it as infrastructur...
• Standardised broadcast and advertisement mechanism
• No direct user interface - specialised apps use it as infrastructur...
• Standardised broadcast and advertisement mechanism
• No direct user interface - specialised apps use it as infrastructur...
• Standardised broadcast and advertisement mechanism
• No direct user interface - specialised apps use it as infrastructur...
• Standardised broadcast and advertisement mechanism
• No direct user interface - specialised apps use it as infrastructur...
• Standardised broadcast and advertisement mechanism
• No direct user interface - specialised apps use it as infrastructur...
Vehicles use the TradeNet to find customers ....
... but also to bid for road space.
The future of taxis
Who owns this vehicle?
Who profits from this trip?
The future of taxis
What owns this vehicle?
What profits from this trip?
The future of taxis
Autonomous agents
• Can be pure software or have a hardware
component (e.g. self driving car)
Autonomous agents
• Can be pure software or have a hardware
component (e.g. self driving car)
• Agents take part in the TradeNet too
Autonom...
• Can be pure software or have a hardware
component (e.g. self driving car)
• Agents take part in the TradeNet too
• Agent...
• Can be pure software or have a hardware
component (e.g. self driving car)
• Agents take part in the TradeNet too
• Agent...
• Can be pure software or have a hardware
component (e.g. self driving car)
• Agents take part in the TradeNet too
• Agent...
Autonomous agents
• Their numbers reach equilibrium through market
competition
Autonomous agents
• Their numbers reach equilibrium through market
competition
• They can evolve by hiring humans to write
upgrades for them...
• Their numbers reach equilibrium through market
competition
• They can evolve by hiring humans to write
upgrades for them...
• Their numbers reach equilibrium through market
competition
• They can evolve by hiring humans to write
upgrades for them...
• Their numbers reach equilibrium through market
competition
• They can evolve by hiring humans to write
upgrades for them...
Object delivery via the
MatterNet
www.matternet.us
MatterNet
MatterNet
• Quadrocopter based delivery of objects over short distances.
MatterNet
• Quadrocopter based delivery of objects over short distances.
• Copters are also agents. They pay humans to rep...
MatterNet
• Quadrocopter based delivery of objects over short distances.
• Copters are also agents. They pay humans to rep...
Who creates these machines?	
• Once created nobody profits directly
• Indirect profit is huge
• First agents developed via a...
Assurance contracts
• People make pledges. Pledgers only pay if the contract target is reached.
• A method of funding publ...
What about the jobs!?
• In the long run all non-creative jobs are doomed
• But even poor people will be wealthy by todays ...
Future of money
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Future of money

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Slides for a talk on the future of money, at Turing Festival 2013.

Published in: Technology, Education

Future of money

  1. 1. Mike Hearn <mike@plan99.net>The Future of Money
  2. 2. What about now?
  3. 3. • Ongoing financial crises What about now?
  4. 4. • Ongoing financial crises • Coming up: pensions crisis What about now?
  5. 5. • Ongoing financial crises • Coming up: pensions crisis • Also: sovereign independence crisis (FATCA) What about now?
  6. 6. • Ongoing financial crises • Coming up: pensions crisis • Also: sovereign independence crisis (FATCA) What about now?
  7. 7. • Ongoing financial crises • Coming up: pensions crisis • Also: sovereign independence crisis (FATCA) • Not going to talk about these today - too depressing! What about now?
  8. 8. About Bitcoin
  9. 9. About Bitcoin • Solution to all those problems!
  10. 10. About Bitcoin • Solution to all those problems! • Does not require banks
  11. 11. About Bitcoin • Solution to all those problems! • Does not require banks • Controlled inflation
  12. 12. About Bitcoin • Solution to all those problems! • Does not require banks • Controlled inflation • No political interference
  13. 13. About Bitcoin • Solution to all those problems! • Does not require banks • Controlled inflation • No political interference • Enables new innovations
  14. 14. This talk imagines a world 50 years from now how it’s impacted by the combination of financial cryptography advanced robotics and lots of other new technologies
  15. 15. My name is Mike and I love the future
  16. 16. Jen wants to join her friends in the city She finds the ride via the TradeNet The future of taxis
  17. 17. The TradeNet is a P2P network Users post demands and traders supply bids The future of taxis
  18. 18. TradeNet
  19. 19. • Standardised broadcast and advertisement mechanism TradeNet
  20. 20. • Standardised broadcast and advertisement mechanism • No direct user interface - specialised apps use it as infrastructure TradeNet
  21. 21. • Standardised broadcast and advertisement mechanism • No direct user interface - specialised apps use it as infrastructure • Users software examines bids and selects the best based on TradeNet
  22. 22. • Standardised broadcast and advertisement mechanism • No direct user interface - specialised apps use it as infrastructure • Users software examines bids and selects the best based on • Previous experiences and prices paid TradeNet
  23. 23. • Standardised broadcast and advertisement mechanism • No direct user interface - specialised apps use it as infrastructure • Users software examines bids and selects the best based on • Previous experiences and prices paid • Anonymized, cryptographically provable ratings and history TradeNet
  24. 24. • Standardised broadcast and advertisement mechanism • No direct user interface - specialised apps use it as infrastructure • Users software examines bids and selects the best based on • Previous experiences and prices paid • Anonymized, cryptographically provable ratings and history • Machine learning models that blend many other factors together TradeNet
  25. 25. • Standardised broadcast and advertisement mechanism • No direct user interface - specialised apps use it as infrastructure • Users software examines bids and selects the best based on • Previous experiences and prices paid • Anonymized, cryptographically provable ratings and history • Machine learning models that blend many other factors together • Intended for fast, lightweight commerce for commodity goods and services TradeNet
  26. 26. Vehicles use the TradeNet to find customers .... ... but also to bid for road space. The future of taxis
  27. 27. Who owns this vehicle? Who profits from this trip? The future of taxis
  28. 28. What owns this vehicle? What profits from this trip? The future of taxis
  29. 29. Autonomous agents
  30. 30. • Can be pure software or have a hardware component (e.g. self driving car) Autonomous agents
  31. 31. • Can be pure software or have a hardware component (e.g. self driving car) • Agents take part in the TradeNet too Autonomous agents
  32. 32. • Can be pure software or have a hardware component (e.g. self driving car) • Agents take part in the TradeNet too • Agents maintain a Bitcoin wallet and use it to pay for their own costs. Autonomous agents
  33. 33. • Can be pure software or have a hardware component (e.g. self driving car) • Agents take part in the TradeNet too • Agents maintain a Bitcoin wallet and use it to pay for their own costs. • Agents can make a profit. Excess profit is used to spawn children, who then compete against the parents. Autonomous agents
  34. 34. • Can be pure software or have a hardware component (e.g. self driving car) • Agents take part in the TradeNet too • Agents maintain a Bitcoin wallet and use it to pay for their own costs. • Agents can make a profit. Excess profit is used to spawn children, who then compete against the parents. • Agents die if they run out of money and may be deleted, salvaged or go into hibernation Autonomous agents
  35. 35. Autonomous agents
  36. 36. • Their numbers reach equilibrium through market competition Autonomous agents
  37. 37. • Their numbers reach equilibrium through market competition • They can evolve by hiring humans to write upgrades for them Autonomous agents
  38. 38. • Their numbers reach equilibrium through market competition • They can evolve by hiring humans to write upgrades for them • They are allowed to outcompete humans Autonomous agents
  39. 39. • Their numbers reach equilibrium through market competition • They can evolve by hiring humans to write upgrades for them • They are allowed to outcompete humans • Their services are cheap because they don’t have many costs Autonomous agents
  40. 40. • Their numbers reach equilibrium through market competition • They can evolve by hiring humans to write upgrades for them • They are allowed to outcompete humans • Their services are cheap because they don’t have many costs • This is the justification for their existence Autonomous agents
  41. 41. Object delivery via the MatterNet www.matternet.us
  42. 42. MatterNet
  43. 43. MatterNet • Quadrocopter based delivery of objects over short distances.
  44. 44. MatterNet • Quadrocopter based delivery of objects over short distances. • Copters are also agents. They pay humans to repair and recharge them.
  45. 45. MatterNet • Quadrocopter based delivery of objects over short distances. • Copters are also agents. They pay humans to repair and recharge them. • They can deliver not only objects but also ..... more agents!
  46. 46. Who creates these machines? • Once created nobody profits directly • Indirect profit is huge • First agents developed via assurance contract
  47. 47. Assurance contracts • People make pledges. Pledgers only pay if the contract target is reached. • A method of funding public goods • Current financial system is cumbersome and limited • In future, lightweight assurance contracts will be common • Can be used to replace a lot of taxation
  48. 48. What about the jobs!? • In the long run all non-creative jobs are doomed • But even poor people will be wealthy by todays standards • Better education (Khan Academy) is the key!

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