<br> 38:19 Diego Zuluaga: And I think there’s going to have to be room for intermediaries, and Bitcoin itself is a demonstration of it. It would be very hard, because you have to get consensus and if there’s one thing that seems to not exist look at this now all in the Bitcoin community, it’s consensus, to upgrade it, to say add that, or the costs of running the ledger, because of the way that the proof of work protocol requires all this computing power, which is lots of electricity, is costly and so we want to… 50:30 Diego Zuluaga: The closest thing, I think, that is encouraging to libertarians in the way that the Bitcoin and related technologies are is language, because it’s something that can be used to promote and enhance people’s freedoms, but there’s no one controlling it. It’s a new source, a new means, relatively new means, by which people can secure and protect their liberties that without which, people would be much worse off, and I think it is important to consider that it remains relatively young, and we may see further gains in the potential of perhaps Bitcoin, but also of other cryptocurrencies to further enhance the degree to which this technology supplies a new means for preserving civil liberties and economic <br>d<br>
So I think the same is, I think it would be equally unsafe with respect to Bitcoin to say that no other cryptocurrency will ever bypass it, pass it as a dominant crypto-currency. This is, of course, a few things coming together, but I do think that the role of intermediaries, be it in the form of an exchange or some sort of payments process, or someone like that who will bear the risk, not just of fluctuations to the dollar, but payments security, reversing transactions if they’re fraudulent or false or mistaken, will have to take place for it to be more widely adopted. One criticism that people used to make about Bitcoin, because it has no commodity value, is that anyone could take the Bitcoin code, replicate it, and then run a new network that was exactly the same, much more cheaply, because the tokens were newly minted, and you didn’t have to buy them on the open market, so<br>s<br>k.
43:37 Diego Zuluaga: So in terms of my accepting tokens that becomes a bit trickier. And in fact, we have had situations where some Bitcoin tokens were more valuable than others. The question of when to invest in a valuable asset is age-old. And so with crypto the question of… BNB’s price has traditionally varied similarly to that of other crypto assets traded on the market. So, of course, governments had something to do with the switch, but it isn’t just a matter of governments, it has to do with the behavior of the gold and silver output and price ratios and that sort of thing. The thing with bitcoin is that once it’s gone, it’s gone. And it’s one thing if we’re talking about, like we’ve got paper money, and as long as you are holding paper money, then you can kind of make up different things to do with it, but if you’re always stuck using this network, and it’s a network that’s in the Internet which moves very quickly and it’s a network that can’t ever really be upgraded, is that eventually going to just drag<br>s<br>ole thing down?
As I said before, this technology is a very, very important means by which people could engage in exchanges with much greater safety from both from government scrutiny, and from the risk of governments preventing them from trading than is the case with the national money, certainly with digital national monies, which pose all kinds of hazards, depending of course on the nature of the governments involved. Give me your money, and I will give you Bitcoin tokens.” So none of the securities questions, fraud questions have arisen. With Bitcoin right now you don’t exactly have that because if I’ve used… 47:35 Diego Zuluaga: In general, I think libertarians like the rules approach better because we don’t believe that people running things are all-knowing, or close to it, or that they have the adequate incentives to act in terms of the social good. 46:43 Diego Zuluaga: I think it’s a<br> like the US Constitution.