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Sean Carroll's Mindscape: Science, Society, Philosophy, Culture, Arts, and Ideas

13 | Neha Narula on Blockchain, Cryptocurrency, and the Future of the Internet

Sean Carroll's Mindscape: Science, Society, Philosophy, Culture, Arts, and Ideas

Sean Carroll

Physics, Science

4.74.7K Ratings

🗓️ 8 September 2018

⏱️ 67 minutes

🧾️ Download transcript

Summary

For something of such obvious importance, money is kind of mysterious. It can, as Homer Simpson once memorably noted, be exchanged for goods and services. But who decides exactly how many goods/services a given unit of money can buy? And what maintains the social contract that we all agree to go along with it? Technology is changing what money is and how we use it, and Neha Narula is a leader in thinking about where money is going. One much-hyped aspect is the advent of blockchain technology, which has led to cryptocurrencies such as Bitcoin. We talk about what the blockchain really is, how it enables new kinds of currency, and from a wider perspective whether it can help restore a more individualistic, decentralized Web. Neha Narula is the Director of the Digital Currency Initiative at MIT. She obtained her Ph.D. in computer science from MIT, and worked at Google and Digg before joining the faculty there. She is an expert on scalable databases, secure software, cryptocurrencies, and online privacy.

Transcript

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0:00.0

Hello everybody and welcome to the Minescape Podcast.

0:03.3

I'm your host, John Carroll.

0:05.3

And today we're talking about a subject that is near and dear to the hearts of most

0:09.2

everyone out there, money.

0:12.1

We all know what money is, right?

0:13.8

We use money.

0:14.8

We exchange it for goods and surfaces, as Homer Simpson once pointed out.

0:19.7

But we also get this feeling that the notion of money is in flux right now.

0:24.4

The notion of currency, the actual thing you give to somebody, which used to be dollar

0:29.2

bills, of course it's increasingly credit one way or the other.

0:33.6

And these days there's this talk of cryptocurrencies like Bitcoin and Ethereum and so forth.

0:39.6

Somehow the computer scientists have gotten their hands on money and the world might never

0:43.8

be the same.

0:45.3

The question is, how is this new world going to look?

0:48.4

If you followed the Bitcoin situation at all, you know there's a bit of instability in

0:52.6

the system.

0:53.6

Bitcoin was supposed to be a way that people could use it as money to exchange for things

0:58.2

on the internet, but the actual value of Bitcoin has been fluctuating wildly.

1:03.0

If you were really, really good and bought it very, very cheaply early on, you could have

1:07.2

made an enormous amount of cash, good old American dollars if you would sold it at the

1:11.6

right time.

1:12.7

But now it's on its way back down.

...

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