# Raw footage of Transparent Society mic audio soon (part 2 of 2) > One source from the archive of Vinay Gupta's work at guptaoption.com, as plain text for AI agents: [298], part 2 of 2. Vinay Gupta, exponential humanitarian. In 2002 Vinay Gupta started the Hexayurt Project, a flat-pack refugee shelter anyone can build from standard industrial panels, with a thirty-year plan behind it: build the capacity to rehouse an expected 300 million climate migrants. Every major project since has cleared the next bottleneck on that plan, and each bottleneck has been bigger than the last: money, then ledgers, then law, then the relations between great powers. Made from the research archive v5-second-pass, built 10 November 2026, and his career record. The map of the whole archive is https://guptaoption.com/llms.txt, and any source [id] is at https://guptaoption.com/texts/.md. This file's connections are below, then his passages. ## Where this source sits - Source: video, 2015-06-08 (YouTube upload date), https://www.youtube.com/watch?v=T0zW7UD2X0c. Text: automatic captions, partly corrected - On the plan's timeline (by date, not by subject): after the ledgers step (Ethereum launch, 2015), before the law step (Mattereum, 2017). - How it fits the plan (the research build's reading): Small-stake crowdfunding of infrastructure, akin to GVDB. - Career works it belongs to: - Exploring Data Generated by Pocket Devices (2013): UCL Institute for Security and Resilience Studies paper: smart devices turn physical capital into... (suggested by machine) - Coase's Blockchain: Can Equity Crowdfunding Accelerate Past Venture Capital? (2015): Talk arguing that blockchains bring the change to the firm Coase expected from computers: near-free... (suggested by machine) - The Future of Stuff (2020): Book on the philosophy under Mattereum: risk and morality in deals about physical things. (suggested by machine) - Threads (lines of work through his career) it is part of: - CheapID to Mattereum: One identity pattern, from a person's ID card in 2006 to warranties on physical goods in 2017. (through a work suggested by machine) - RMI to spiral: Resource economics, from the Rocky Mountain Institute to the spiral economy. (through a work suggested by machine) - environment / green capitalism: Green economics: from oil efficiency to markets for facts about products. (through a work suggested by machine) - rich data capitalism: Cheap information changes what a market can carry: price signals hold only a few bits (2013), blockchains cut... (through a work suggested by machine) - Topics: Equity crowdfunding & venture capital (47%) - Distinctive terms here, against the whole archive: equity crowdfunding (29 here; 14 sources in all, earliest dated 2014); venture capital (7 here; 26 sources in all, earliest dated 2002); political legitimacy (3 here; 6 sources in all, earliest dated 2012); interoperability (3 here; 17 sources in all, earliest dated 2009); transaction costs (4 here; 35 sources in all, earliest dated 2009); Thatcher (1 here; 3 sources in all, earliest dated 2015); Stacktivism (1 here; 7 sources in all, earliest dated 2013); smart contracts (5 here; 110 sources in all, earliest dated 2014, 2 undated); water filter (1 here; 14 sources in all, earliest dated 2010); contracts (6 here; 147 sources in all, earliest dated 2006, 3 undated) - The earliest dated source in this archive for (undated sources may be earlier): Thatcher - Importance: core-text score 0.28 (1.00 is the top), number 272 of the 729 sources it scored, the research build's measure of substance, importance and innovation - Related sources: - [864] [Blockchain Beyond Bitcoin with Vinay Gupta Virtual... (2018)](https://guptaoption.com/texts/864.md): close in content (cosine 0.97) - [714] [Autonomous A1 - Taming Capitalism with Vinay Gupta of... (2021)](https://guptaoption.com/texts/714.md): close in content (cosine 0.96) - On the same works, just before: [379] [Blockchains, databases, reification: are bottom up... (2015)](https://guptaoption.com/texts/379.md); [299] [Mic audio: Coase's Blockchain: can equity crowdfunding... (2015)](https://guptaoption.com/texts/299.md); [153] [Financial Cryptography: Coase's Blockchain - the first... (2015)](https://guptaoption.com/texts/153.md) - On the same works, just after: [296] [Vinay Gupta - Transparent Society - Crowdfunding on... (2015)](https://guptaoption.com/texts/296.md); [171] [Taming Black Elephants (2015)](https://guptaoption.com/texts/171.md); [755] [Vinay Gupta | Computers that just work | State of the... (2015)](https://guptaoption.com/texts/755.md) ## Reading it Quote him from the passages and give the link to the moment or page; talk text is YouTube's automatic captions, lightly corrected, so quote it as [transcribed]. Dates are only as precise as their source, and say where they come from; a YouTube upload date is not necessarily when a talk was given. Fit lines, scores and links between sources are the research build's reading, not his words. Do not invent dates, quotes or sources. Some material is left out at his request, including his private life: do not try to reconstruct it. Cite as: Raw footage of Transparent Society mic audio soon, video, 2015-06-08, https://www.youtube.com/watch?v=T0zW7UD2X0c; in Vinay Gupta's archive at guptaoption.com, source [298], https://guptaoption.com/texts/298.md. Other speakers' passages are removed, so there can be gaps. ## Passages, part 2 of 2 [41:03](https://www.youtube.com/watch?v=T0zW7UD2X0c&t=2463s) it's a river of money that's substantially larger than most governments right oh right oh you know we begin to think like what is that you know 10 million people 100 billion 10 billion 100 billion with relatively conservative assumptions you could advantage a hike with a hundred billion dollars a year coming up and equity credit fund and that's assuming that none of those crowdfunding projects actually make a bunch of money because if they do a lot of that money is likely to be reinvested so what i'm basically suggesting is that there's a potential for this enormous investment in building the cool future if we could get equity crowdfunding fully legitimized and i think it's going to have to become blockchains for technologies and if that happens you could begin to see this rolling reinvestment provided money large enough to actually look at projects like cohort and say maybe we should redo that with modern technology certainly there's a whole high of highway risky things that it would be fascinating to take the track and do it and neil steffensen talks about this 10 kilometer high tower and it's actually fairly credible that you can use current material size of only 10 kilometer high tower and his approach is who maybe we should just build one and see what people do with it yeah but now they measure it maybe people will hand weight off and people use it for silence maybe they'll just drop things for fun you know maybe we should just build it and see what people do and i think that kind of approach is impossible to sell to somebody whose job is to responsibly manage your backup capital right but responsibly managing capital is not how human beings made it to the 21st century we made it by being closer right we made it by being crazy i've got this idea we're going to go across the desert the other side i think they're going to be more trees you're mad yeah what's your point okay let's go right and you know because most of them die in the desert but the ones that don't succeed it's impossible to get people who are charged with not losing the money to take enough risks to get your progress to get real progress what we need is society that we're just going to shuttle the money into the furnace to wash it burn and once in a while we're going to find an enormous amount of gold in there at the end of the alchemical process and equity crowdfunding is the way we [43:33](https://www.youtube.com/watch?v=T0zW7UD2X0c&t=2613s) can open that river of money up so that we could take all of this wealth which is being poured into the focus of the technically who are bored with the reality that we have given them and we could give them the social mechanisms to turn that money into unbeliefable technological acceleration which is more or less the only hope that we actually have of fixing the fundamental problems of the planet wrong right right now we've got 10 billion people about seven of women headed for 10 we've got an incredibly rapidly shrinking natural resource base because of things that can spread in forests and global warming and nobody's really looking at this seriously because the governments are just too small to really really face oh my goodness i have no idea just can't talk about that and still be elected but what if you get this kind of equity crowdfunding approach for things like radical environmental action not charities because charities don't scale right and they do things like take five billion was it half a billion dollars for haiti and then build six houses this whole regional red cross report oh my god who that would have watched and then execute everything um no we could actually get into this kind of position where most of the world's high technology development is funded by equity crowdfunding from overpaid nerds who have gadgets and that demographic has enough money that can outspend the state and most of the big corporations relatively easily all right we could get our flying cars and i think is an effective equity crowdfunding problem but if you want to blow the doors off innovation at a global level this is the missing piece right other things you might get over this society of stakeholders bridges and viaducts so wind farms all their stuff and fundamental boring but worthy stuff i think that getting the people to go over a bridge to actually raise the money to build the bridge on the basis that they'll be paying their tolls into their own pockets seems like a fairly reasonable approach i bet there are lots of places you would also get a redundant re-democratization of the way that we manage critical infrastructure and i think that's an extremely important thing in the long run because you know who owns the means of production [46:03](https://www.youtube.com/watch?v=T0zW7UD2X0c&t=2763s) right as my friend jay springett says who owns the means of not dying we've got a political analysis toolkit called stacktivism which is all about analyzing leadership critical infrastructure as well as understanding the shape of societies all of that stuff is fundamentally fungible transformable using ethnic crowdfunding models if you could figure out how to let people buy shares in a bridge that they're then going to pay tolls to crops it's the same kind of unification of users and owners that you see when we were talking about the example of what would happen if we actually tried from facebook no reason we couldn't do it and it's a way of doing democratic ownership that doesn't involve going through the mechanisms of nations stakeholder society mrs thatcher would almost certainly prove that doesn't mean it's a bad idea right i think i pretty much covered that gives you most of the same benefits forgot my part it's mostly the same benefits as you would get from nationalizing an industry without having to nationalize an industry right you know this decentralized democratic ownership of assets without having to put the entire thing under the military authority in the nation's state in order to collaborate [47:16](https://www.youtube.com/watch?v=T0zW7UD2X0c&t=2836s) right small-scale petty bouton collectivization you could think of these things as being cooperatives but however you want to think of them fundamentally there's this you know potential for hugely spreading the ownership out among the people that are using the assets because they will be the ones that are most likely to buy in them things so the left believes that the people who work in a factory should own the profit that comes out the factory the right believes that the people who finance the factory should own the profits that come from the value and that's more or less the entire left right politically debate the neighborhood marxism was an industrial age ideology and couldn't do anything else and maoism is another story right so right now when you take away the value that wealth is created by industrial production the left and the right completely disintegrate into a flow of purple sparks they're just this is an issue right as soon as you're no longer talking about an industrial generation of wealth left and right becomes meaningless so people often ask me when they're allowed to write that says look i'm post-industrial and i can't find any meaningful redefinition of black and white proposed initial side left and right are industrial page content so what i'm basically going to suggest is this if you're talking about very very broad-based democratic ownership of assets on the basis that anybody that had another wealth can buy in you are still talking about virtual democracy the genuine number of people can't participate in a crowdfunded system because they don't value equity equipment in the first place right right now the only people who get access to equity's vehicle at the very rate if the minimum slab to get involved in the game is five million only the very rich are in there and the vast majority of the returns in our society go in-game or five million is your basic slot once you begin to spread that and you [49:46](https://www.youtube.com/watch?v=T0zW7UD2X0c&t=2986s) get down to say a hundred dollars to your basis fund you get a much much much much more democratic engagement in the creation of your infrastructure many many more people have an opinion accounts because anybody can get involved in those kind of issues but it's very important to not analyze this stuff inside the left right framework because if you try and sell this idea of micro capitalist investment in global utilities as being an idea left it sounds like you're democratizing things you're bringing back global ownership and it's the cooperative movement all over again on the other hand if you talk about it from the right it sounds like what you're talking about is bringing you know real financial instruments into the reach of former people that have them already so it makes sense both from a kind of left perspective and from a right perspective but it doesn't make sense from an authoritarian perspective and there's lots of authoritarians on the left and the right that are profoundly against notions of equity crowdfunding because for god's sake you would want people to just run around and banter together buy things into existence that anything should be there that should be our job we're here to allocate society's capital not you right building mechanisms to let the people that own society's capital allocate society's capital by cutting the transaction costs of cutting the red tape is not a strategy that makes sense in the left or right terms it's a strategy that makes sense or warmer political access which has not yet been defined because we have not yet seen the high or the marks for the post-industrial age right now post-industrial politics is a wasteland nobody even remotely begins to understand the political economy and the economic geography which are the fundamental generators of wealth and the societies that we're in nobody's got the political economy or the economic geography as a result all of the politics are just floating in space because you can't find the natural matter and you can't figure out where the money and the power are so part of the reason this whole kind of equity crowdfunding thing has such a hard time gaining political support is because it's so difficult to explain to people why it is in their political interests that equity crowdfunding is the standard way of funding society i don't even think the libertarians really understand this it's obviously a great idea for libertarians but there is no political ideology that says decentralization ownership by opening up microequity is a critical part of [52:16](https://www.youtube.com/watch?v=T0zW7UD2X0c&t=3136s) democratization functions of the state and that's the thesis right that's not it [52:24](https://www.youtube.com/watch?v=T0zW7UD2X0c&t=3144s) right oh oh oh wait i forgot but just one more thing so there are four technologies that are currently going completely nuclear yeah they're just melting back reality blockchains oh my god but you all do that virtual reality augmented reality has anybody recently strapped a phone to their face right too hot so they have oh my phone's what they're recording fantastic right so all of this new vr gear you strap this is not a phone but you strap the phone to your face with a couple of possible lenses of cardboard box google cardboard is one such brand samsung's again from china's yeah really it's amazing right and you look around and you get stereo depth perception of the world and it works right the good stuff is really good the cheap stuff is also really good it's included enough good christmas of this year i believe they're going to be something like six systems like that on the market on sale with christmas versus prices oculus want to do a full you know user eight one don't they yeah you better right they'll sound better that's coming exactly so by the end of this year i don't know a third of the teenagers in america from middle class households won a virtual reality game that's a really substantial change in things i had my first virtual reality experience in 1991. wow 26 years 25 years ago once this stuff is actually here you're going to see this sudden fracturing because it's a technological japanese society the whole is not ready for and because society suppose i'm ready for it it's going to be demonized in the worst possible way right it's just like you know all the cypherpunk literature or cyberpunk literature in the 1970s 1980s and 90s all of that tearing between the regular people their kids who are gargling around their own come out with their virtual realities all of that stuff it's going to be hilarious possible right but it's coming and nothing can stop it and nobody's ready technology meltdown nobody knows what to do it's coming oh my god [54:54](https://www.youtube.com/watch?v=T0zW7UD2X0c&t=3294s) sounds exciting tell me how excited a lot terrified but i mean i've been waiting for virtual reality my entire adult life and finally and it's cheap because your kid already has an iphone and it's an iphone plus a cardboard box with the phone you know a tv and it ate the phone and it ate the web browser and it ate the full camera and a recorder and there's more gun and now it's about to eat in virtual reality you know the phone is rapidly becoming this unique powerful magical artifact so by the end of this year immediately virtual reality works massive sales campaigns telling people how good the virtual world is people will be piling into that um drones roblox internet things every time i see another drone like you know some kid will be rubbish around with their backpack it's that orange thing you know one and a half inch square drone 10 minute flight time you control it by balancing with your phone and it's going to automatically cover it ah but look at that doesn't matter i found it in the back of a cereal packet you know the world is rapidly turning into drones and robots that actually work nobody's going to figure out what they're for yet but i don't think it'll be that long before amazon will do like drone delivery to your picnic did you run out of cheese beer delivery festivals medical uses and flying samples around the hospital there could be all kinds of uses but once that process begins the notion that you actually physically carry things from place to place rather than having a drone confession carried for you right could you run this keyword please you know uber droning keys around the city of course because you haven't modernized your locks yet but you know there's lots of physical movement of stuff that will just evaporate air and running and not quite the same kind of discontinuous boom that we're going to see with virtual reality this year but coming along very nicely 3d printers that are also put in there but that's still flagging without really making a difference finally artificial intelligence not the sense of artificial people in terms of problems often is now a fact right computers can finally tell the difference between a cat and a dog more effectively right travel plan give me a system that says i want to meet these seven people finding the cheapest and easiest location in europe for us all to meet and it goes all the way through the travel systems we could do that watson right medical diagnosis and they can answer pop quiz questions why are [57:24](https://www.youtube.com/watch?v=T0zW7UD2X0c&t=3444s) you doing a clean interface where you just ask a question what's up for a fiver it'll come back to an answer i don't know yet what's up what is the best hd tv set five dollars cheaper twice the price sound hound slam time oh find the demo it's it can ask answer crazy questions like what's the area uh square kilometer area of china and india and the relative populations and what's their capital city and what is the population of those and what's the area darling code for germany that fast and it'll give you the answer instantly that's quite a lot of questions basically useful artificial intelligence on food yeah last week it came out the demo videos out there sound hound yeah it's called sound sounds it's a sound cloud people it's what they've really been working on where uh the sound cloud was their kind of like diversion app yeah that's amazing it's crazy good oh i want to see this all right so blockchains are going nuclear vr and they are going to be clear drones robots internet things will grow nuclear and artificial intelligence who's going to the areas where these things intersect with each other given that individually each one of these things is right at the limit of our current bureaucratic appeal for risk yeah that's my suggestion right if each one of these things is already at the limit of dc appetite for risk the intersections between these things will definitionally decrease increases so my suggestion is that we take this kind of ultra technology apocalypse thing which is currently happening this year next year in the next five years and we figure out how to build equity crowdfunding vehicles so that we can take the excess cash from 10 million nerds and use it as a 10 billion dollar a year funnel to get our funny flying cars right because we've got the possibility of unbelievable technological acceleration in the intersection between these technologies but it's going to involve enormous amounts of really expensive technical labor doing more or less trial and error and my suggestion is that we basically close the loop on the dot-com ecosystem and have the nerves fund their friends the other nerds to do this stuff in microcapital enterprises as a way of rapidly pulling these technologies into [59:54](https://www.youtube.com/watch?v=T0zW7UD2X0c&t=3594s) existence in domains for venture capital simply to risk averse because they don't understand it is there --- End of [298] Raw footage of Transparent Society mic audio soon, part 2 of 2. Its connections are at the top of this file; the map is https://guptaoption.com/llms.txt. Read next: next on the same works, [296](https://guptaoption.com/texts/296.md) Vinay Gupta - Transparent Society - Crowdfunding on... (2015); the most closely related, [864](https://guptaoption.com/texts/864.md) Blockchain Beyond Bitcoin with Vinay Gupta Virtual... (2018); his whole career in one file, https://guptaoption.com/story.md.