#130 - Emaad Paracha: Physics, Currencies, UBI & The Quest For Decentralization

In this episode of the BTP podcast, Emaad joins Pouya in a free form conversation around topics such as Physics, world currencies, crypto currencies and a decentralized banking system and an idea of world UBI.

 

Emaad is an Astrophysicist with a passion for technology

 

Emaad's Social: 
Instagram: https://www.instagram.com/parachaexplores/
Twitter: https://twitter.com/parachuchutrain
LinkedIn: https://www.linkedin.com/in/emaadparacha/
 
Pouya's Social:
Instagram: https://www.instagram.com/pouyalj/
Twitter: https://twitter.com/pouyalj
LinkedIn: https://www.linkedin.com/in/pouyalajevardi/
 
Episode Transcript:----more----
 

SUMMARY KEYWORDS

currency, layover, canada, people, country, places, digital currencies, saskatchewan, money, picture, ubi, talking, notes, winnipeg, toronto, cryptocurrency, world, research, cryptocurrencies, thought

SPEAKERS

Pouya LJ, Emaad

 

Pouya LJ  00:17

Hey, man, how's it going? Good,

 

Emaad  00:19

man, how are you?

 

Pouya LJ  00:20

Pretty good, pretty good. We're actually talking off off camera and not camera, but I'm recording about some stuff that is going on with you and your life. And I thought, you know what, it's actually quite interesting. Let's bring it in. Let's bring it in there according. Okay, so for sure. So let's, let's circle back to five minutes before our conversation go to. So you were telling me that you started a massive program? And you were telling the story of how that that happened?

 

Emaad  00:46

Yeah, for sure. So well, I was in touch with one of my professors, ever since I gave my final for that course, which I, if you remember, I was with you. Yeah. I was taking it with you last year in like, April. And I spoke to the professor and he was interested. And he actually followed up on email as well. And he's like, oh, like, you know, would you be interested in doing research, or a few other courses on side, and I think I discussed that with you as well, last time. Yes. Because it's always a good idea to take some courses, take some courses even after you graduate, because they're gonna help you with, they're gonna help you with your graduate applications. If you have a gap here, you can take one or two courses, put them on your transcript, and that's going to be helpful for you. So I didn't take that route. But I spoke to the professor, I met with him a lot, I read on his research, etc. And eventually, around November, that's when the time came to apply. So I went ahead and applied got a bunch of references. And all I had to do was wait pretty much until March, when I got my when I got my admission. And when I got my, I guess offer from University of Toronto. So right now it's a master's in physics that I'm doing at the University of Toronto. And what I'll be researching on is with Professor Barth, Netherfield, who is a pretty well known Canadian astronomer. And what he does in his lab, and the cool thing is he actually has his own lab. So it's a whole building that's dedicated for him. It's not an office, it's not a room, it's not a lab space. It's a whole building at the University of Toronto, um, I think it's a two storey building, but his his, so at the ground floor is sort of a lab or a huge space lab space. And then there's, there's computers and stuff upstairs. And what he does is he creates telescopes that are as they're trying to be as effective as Hubble. But at a cheaper cost. That's his ultimate goal to create accessible telescopes, accessible space telescopes. And then what he does is he launches them to space on balloons. So he goes to Antarctica, Sudbury or Timmins, Ontario. There's also New Zealand, where he goes, and then he launches them into space. He's trying to be as close to the north and south poles as possible. And what he aims to do is he aims to do similar research that can be done with Hubble, but at a much lesser cost, because you're doing balloon based astronomy. So, you know, you don't have to pay for thousands and thousands of tons of jet fuel to get the telescope up, like Hubble and maintain it with the International Space Station.

 

Pouya LJ  03:41

Yeah, well, that's, that's super interesting. And so what what got you? I mean, I know you wanted to do some sort of grad school program, but what got you to this specific program? What happened? I will

 

Emaad  03:55

be honest, I will be 100% honest, I wasn't really planning. I never thought that it would that I would be doing this last year. Especially when we were finishing our undergrad degree. I Well, I was finishing my undergrad degree and you're about to finish. We were taking the courses then. Yeah. And when I finished my last final, I think it was my second last final with you.

 

Pouya LJ  04:18

Yeah, sorry. My bad.

 

Emaad  04:19

Yeah, I thought you know what this is it. Like, I'm never gonna touch physics ever again. If you remember correctly, that week was probably the toughest week of our lives.

 

Pouya LJ  04:30

I I remember,

 

Emaad  04:33

there was classical mechanics. At at, at what time it was I think 9am 9am to 12pm. And then the next day we had electro mag. electromagnetism. Yeah. From 9am to 10 9am to 12pm. And then we had a one day break. Yeah, and we had general relativity.

 

Pouya LJ  04:55

Yeah, not not easy courses. Yeah,

 

Emaad  04:56

not even courses at all. Again from 9am to 12pm. And I honestly thought, you know what this is it like I'm done with everything related to physics. Yeah. And I wanted to, and then I worked in the cloud computing side of things. So I worked for a company called about extreme. And what I did with them was I helped consult for cloud based solutions on Microsoft Azure. And I helped build them as well. So I helped build chatbots, knowledge mining applications, more so towards the AI, more, so the applications that, that use AI, or more specifically Microsoft's own cognitive toolkit. But I was hoping to go more into that field. And I did look into some masters. But to be frank, I didn't have that much guidance. At that time with me, I didn't know which one to go for which one would be best. And I accidentally applied for a research based one. And the problem with that is that you need to have, it's very helpful to have a computer science background, if you want to go into a research based computer science degree. Yeah, that was sort of my mistake. But I did apply for a master's in physics as well. And I thought about it, I thought about whether it's a good idea to do it or not. And it is a one year program. And if I still want to apply for other graduate degrees in computer science, or data science, or artificial intelligence related fields, I can still do that, while I'm finishing up a Master's. So if I'm going to start next year, if I'll have to start a master's in computer science, or data science or something, next year for that might as well get a Master's, get another masters. Over with it, this is not gonna hurt. And it's a research based Master's. So the coolest thing about research based Master's is, most in most universities, in Canada, they pay you to do it, you're not paying anything out of your pocket, your tuition is covered. And on top of that, you're getting money for being a TA you're getting money for being a research assistant, and you're just getting grants. So that's one of the best things about about research based degrees. And this is applicable everywhere, around Canada, at least for whatever research base degree you have, whether it's a PhD or masters, you're going to be getting funding for it may not be obviously as much as you would get if you were doing the job or whatever. But I mean, look on the bright side, you're getting a degree out of it.

 

Pouya LJ  07:32

No, of course, that makes a lot of sense. Wow, that's a cool, cool, cool story, because we've been in contact through, you know, text messages and whatnot, but we haven't talked for probably over a year now. Yeah, or so. And I think

 

Emaad  07:49

some more comprehensive talk.

 

Pouya LJ  07:51

Yeah, like, exactly like catching up and stuff anyways. So. So it was it was a it was a shock to me, because I thought you're you're working for that company, that you were talking about classes. But

 

Emaad  08:04

the funny thing is, I actually might still be, I'm still debating on whether I should keep it part time or not. Because because of two main reasons. One, it's always important to get work experience. And even though this summer was kind of late for them, because of COVID. So there weren't that many projects coming in. Because our our main clients, the company has been clients are cities and governments in the United States, city government, state governments in the United States. So they've been more focused on COVID binding COVID. And they're less inclined on doing the projects that we've had in pipeline, I see. But now new things are coming up. And it's always exciting to work on these projects. That's that's one main issue. One mean, that's one main reason because there are upcoming projects. And the second thing is to further enhance my own learning. There's new things again, coming up. within Microsoft, Microsoft is releasing new products. And technology is a field where if you're not on top of it, you're gonna fall off the ladder very fast. So it's always better to be on top of it know your stuff. They still pay, they still help with certifications, the company helps it certification. So it's always better to get new certifications, because they also expired. Microsoft certifications expire every two years. So it's always good to have certification stay on top of things so that maybe when the Masters is over, if I don't want to pursue physics, then there's always this option of this option of cloud computing and AI.

 

Pouya LJ  09:44

No, that's true. That makes a lot of sense under what's good thinking. Thanks. No, no, that's true. Anyways, so we also had something else in actually we had entirely something else in mind to talk about which is fun. It's a, it's fun to talk about different stuff, too. You have some interesting thing going on which you actually got featured on a CBC article, I believe, if I'm not mistaken. Yes. So you like travel? I think a lot of people do. And you travel, you go round, you get their currency. And, you know, like, on the currency, there's typically a picture of something, your monument, a lot of times a monument and you go there with the currency and you take a picture, can you do you want to explain it better than I

 

Emaad  10:32

did? what you're doing, for sure. So a lot of a lot of listeners would probably know that. What a lot of a lot of different banknotes and a lot of coins, they occasionally have places on them. And that's representative of the country's identity. So if you look at the United States dollars, they'll have different government buildings on them. The five has Lincoln lincoln memorial in DC, the 10 has the US Treasury 20 has White House 50 has the Capitol building, and then 100 has the Independence Hall in Philadelphia. And you know, that's the same for a lot of other countries as well, they occasionally put a place in the country, on their banknotes just as a representative of their own identity representative of their own culture. And what I've been doing, this is a project actually started about, well, it's going to be it's going to be nearly five years, about five years back. And what I wanted to do was I wanted to travel to different places, would that would currencies of those places. So it could be where I'm from, I'm from Pakistan, so I could go, I could go there for Canada, US and other places as well, because a lot of currencies have places on them. So I made a plan to go to those places, travel to those exact spots that are on the currencies of those countries, and then take pictures over there. And it's been five years, I think it's I've taken more than 35 pictures more than 35 at least. And over the course of Yeah, over the course of five years in six countries. If I if my math is not mistaken.

 

Pouya LJ  12:23

I think you got it. You got it nailed down. Yeah. Well, that's interesting. So what inspired you to do that?

 

Emaad  12:32

That's, that's always a funny question. Because a lot of people ask that. Yeah. And I feel like part of me feels like, should I just make something up? That sound cool, because, honestly, speaking, there's nothing cool about the inspiration. All I know is like back in, I think five years ago, around November 2015. That's when I went to this place called mind Jotaro, which is in Pakistan. It's, it was part it was ruins from the Indus Valley civilisation, which is one of the three oldest civilizations in the world. Apart from the Egyptian, and I think the Mesopotamian. So that was actually based in around Pakistan, and there's a very big river in Pakistan called the Indus River was based around that. And I went there, and they remember, when I was growing up, I always saw the specific picture in my textbooks in school, and also on the notes. And I always thought about, you know, what a cool place that is, it's basically ruins 5000 year old ruins, or, and, you know, I want to go there and travel and see and see those ruins. And I always saw them on the back of the notes. So when I went there, I was finally able to go there on a family trip. I went there, and I asked the tour guide, I had an old 20 rupee note, which actually has its picture on it. And I went to, I went to the tour guide, and I was like, Hey, where was this picture taken? He took me to the exact spot. And I took a picture of it. And then what I did was, I put it up not just on Facebook and stuff, but also on Reddit. Because I thought this is something pretty cool. People would appreciate it. And it people did. People liked it a lot. I was received very well. And I thought, you know what, this is probably a really good excuse to travel to different places in Pakistan, at least at that time. And that time, I was just thinking of bugs. So I thought you know what, I should maybe do this. In Pakistan, I get a really good excuse to travel to different places, and the pictures would come out pretty nice. So that's sort of where it started. I've always thought about you know, I should make a cool story. I should just make it up and then just put that version out there but the origins aren't that amazing. No, no, look, it's actually pretty.

 

Pouya LJ  15:02

I don't know what you're talking about. It's actually pretty good. It's a very green coming about at a younger age. When you thought about this, it's actually I think, a very cool story on its own and beyond that, I think nothing, nothing beats the order, the honesty, the the originality and the truth and honesty of the story. Yeah, as boring as it sounds, I think. Yeah, back that is orange, that, first of all, is original. So it's not somebody else's thought, or somebody else might have thought it. But on the other hand, because it's truthful, it's genuine. I think that has a lot of value to it personally, that's it doesn't have to be extra sexy actually, now not to get to cultural issues. But maybe that's that's one of the problems with our culture, especially the online culture these days, because everybody wants to make everything extra sexy. And that's it. Yeah. Sometimes publicity is actually the sexy part.

 

Emaad  16:01

That is very true. Yeah. Instead of you know, making up something big. And in the story that could have lifted up so many holes and stuff like that. It's always better to just stay simple.

 

Pouya LJ  16:10

Yeah. Yeah. No, I completely loved it. And don't don't sell it short. It is more interesting than you think it is. Okay, so that's cool. Cool story. Now, that gets us to currencies. So I know you have interest in technology. We actually talked about it today. And there is a degree of Okay, so that those are like government backed currencies. Now, obviously, those are the paper ones. All, I mean, we always were backed by those, but we also are removing them from our day to day interactions more and more. Yeah, as you progress towards credit cards, or debit cards are basically becoming electronic, which loses a little bit of touch. So I think you're bringing out a little bit on the stalls, you're there to, to the to the people who have forgotten what their dollars or whatever currencies look like. Yeah,

 

Emaad  17:07

you know, there's a funny thing about that. I was I was meeting up with a friend of mine, a few days back. And we were speaking about this project and stuff because I met him after a long while. And he, he was telling me, well, I said he's actually from China. So I said, oh, maybe I should go to China next and, and take take pictures of Chinese currency. Yeah. And he laughed about it. He's like, good luck finding one. Oh, because China has basically moved on to digital currency they have I think WeChat and Ali pay. I think those are the names if I'm correct. But what they do is they it's all digital payments, they have QR codes, they just scan there, they just scan those QR codes so they can pay whatever they whatever amount they need to pay. And, you know, if I'm paying money to you, if I'm giving money to you, or anything that's over V chat, as well. And it's such a streamlined system that they've made, that they no longer have to use paper currency at all. So he was laughing about that. And that resonates with what you said, because so many people are just digital, they're into digital banking, there's no more paper currency anymore. There's no more paper currency. Because I mean, why carry it around? Why case so much of it around in your wallet, when you can just put one card? And that accesses all your money at once.

 

Pouya LJ  18:29

Right? Yeah, no, that's true. And it makes a lot of sense. But but but you're adding that value on a artistic and social level I suppose. To to your work, which is, which is very interesting. Do you have you have what are the next plans? Do you have any any plans? Now? Like concrete plans to go next country or city or

 

Emaad  18:49

whatever? I mean, how can you make it How can anyone make any concrete plan?

 

Pouya LJ  18:54

Well, actually, that's true. That was a stupid question. Over there, I totally forgot.

 

Emaad  19:00

It's a very tough time to create concrete plans. I mean, I've done a country's I've completed our Pakistan, my home country, the EU, the US, Panama, Canada, Oman, and the United Arab Emirates. And Funny enough, Oman and the United Arab Emirates. I've only done a couple of their notes, not all of them. And that was because I was only there for a very short time. I think I was in UAE for about like 15 hours. And I was in Oman for about like 10 hours. Was that a layover? So that those are layover? Yeah. So what I've been doing is I occasionally travel between Canada and Pakistan often. If I'm if I want to go back home, meet family etc. And what I've always been trying to do is trying to find cool layovers. So usually I fly through the Middle East. And that's that sort of that sort of normal, because there's lots of airlines that connect through the Middle East, and or it through Turkey or through other countries or through Europe. So what I try to do is I try to find a different layover, where I can not only visit a new countries airport, but also stay there for like 1015 hours. A lot of airlines will offer is they offered like, two three hour connection. And then they also offer a 15 hour connection. And usually, the 15 hour connection is much cheaper, because so many people are just hoping to get to the airport, stay there for one hour and then get on their next flight angle. But instead, what I try to do is I try to find like a 15 hour layover or a 20 hour layover, so I can actually see the country I can go out of the airport, get an excuse to see. Yeah, see places. And along with that, what I do is then I exchange some exchange some money to get their own currency. I'd well I do research before to see which notes should would make sense. And then what I do is I I try to see which notes would make sense which notes are within reach of where I am. And then I get those notes from a currency exchange at the airport. And then I just tried to go to those places. And that's sort of how I've done it pretty much for most of us. That's how much that's how I've been doing it recently. With the layovers, I've also done Canada. There's a bunch of places within Canada. Sorry, before you

 

Pouya LJ  21:32

go ahead, I have to add something. For those people who complain about the boringness of layovers, get creative people. This is how you how you make it worth your while I

 

Emaad  21:42

continue. That is That is very true. I mean, I I love layovers, because an excuse to you know, go around, go travel. Yeah, for sure. I know a lot of people for for a lot of people. I mean, I'll make sense. Yeah, maybe they're in a hurry to get back or get somewhere or something. And they just here to airports. It could be a variety of reasons, or they're tired. But I personally believe that if there's a layover, I should spend it. Traveling or, you know, looking at different things make the most of it. This summer, I was going to travel via Turkey, via Turkish Airlines. And I had the option of a five hour layover in Istanbul, or a 25 hour layover. So I opted for the 25 hour layover, which is actually much cheaper, of course. So I both saved money. And I talked to the airline. And this is something cool. A lot of airlines will do this for you. They will give you a hotel room, and they'll cover your visa costs. They'll cover your visit transit visa costs, as well free of cost. Turkish Airlines was doing that Turkish Airlines gave a free hotel. Free hotel for one night, which is very cool. I mean, I just I just go there and they will take me to the hotel. They'll give me a free hotel. And then I can just go and visit. I did this with Emirates as well. When I was traveling with Emirates, I had a 15 or 16 hour layover in Dubai. And all I had to do was just apply online, it takes five seconds. And when I get to the airport, they give me they give me a hotel voucher, and food voucher, and a couple of food vouchers. So my food was covered. They gave me a free hotel. And they gave me they transported me from the hotel to the airport and the airport and airport to the hotel. And this is all for free. And it's not something you need business class for is an economy class ticket. Right?

 

Pouya LJ  23:51

Yeah, you were you were going on to sorry, it took you off a tangent, but you were sorry. Originally you were going off to talk about your experience in Canada on what you did.

 

Emaad  24:00

Yeah, for sure. Um, I mean for Canada, the current notes are not super indicative of different places in Canada. Number of the $5 note, which you might have seen has space on the back has international has actually the Canadarm that is something that can be made it on the International Space Station. It has that so I think that's kind of tough. The $10 note has Jasper National Park that one I've actually done. I did that last year. I did a train going through Jasper National Park in Alberta. The $20 note has a memorial. It's still a place it's still a building but that memorial is actually in France, interestingly enough, and then the 50 and 100 don't really have any specific places on them. So what I've instead been doing is I've looked at older nodes in Canada. So there's the old one $1 old $1 notes old hundred dollar notes, a lot of old $1 notes are in Ottawa, they have a lot of government buildings on them. And the old hundred dollar note was in Lunenburg, which is in Nova Scotia, so I went there last winter, just on a road trip to take a picture of it there. Now, there's another one that I took, which is the newest note for of Canada, which is the new $10 note. And I went to Winnipeg, just for a two day trip, I was able to find a really cheap flight out of Hamilton, Hamilton to Winnipeg at fault places. I was able to find a really cheap flight. So I went on a weekend trip over there. And that is the one when you started the call when you started this podcast. That's the one that you were mentioning the that was the one that was featured on CBC. Nice. Um, so CBC took note of that, and they said, oh, wow, someone came to visit Winnipeg from Toronto to take a picture. This is something like that. And they should feature

 

Pouya LJ  26:06

Yeah, a little bit of caveat for anybody who knows anything about geography of Canada and especially in the wintertime. I don't know when you went there was it winter or I think it was winter because I can see some snow there or there's some snow anyways. So point being it like you from Nova Scotia. You know, the Winnebago, they have nothing in common like there's like to go out of your way to go there. It's not like you're having a layover in Istanbul or Dubai or something. It's a different game. ballgame. So just I have to add that caveat for people who are not

 

Emaad  26:41

Yeah. And they're and they're far like,

 

Pouya LJ  26:43

yeah, now that's what I mean.

 

Emaad  26:45

The province where Toronto is, it's Ontario, and Winnipeg is in Manitoba. And they're both bordering each other. But the problem The biggest problem is trying to so far south in Canada, as opposed to other places in in Canada, like Winnipeg, in Calgary, Edmonton, Vancouver. They're very far up north. Toronto is very far south. Yeah, it was a two hour flight just to win it back itself. Which is mind blowing. Because you're going north, you're going north, Northwest a lot. Yeah. But it was pretty cool. It was a fun trip. My flight got canceled on the way back, which is very fun as well. Oh. But that gave me more excuses. You know, travel, pay my friend. We decided to go to CES Saskatchewan, just to the border of it. And Funny enough, now that I'm remembering it. Well, we decided to do was we had a rental car. So we just extended one more day. And he said, You know what? It's a four hour drive to Saskatchewan, which going back to your Canadian geography has nothing in it. There's nothing in there. It's a whole province with nothing in it. Yeah, it's it's just in the middle of Canada. It's just land. There's nothing wrong. I don't think anyone even lives there. And it's just a four hour drive just to the border of it and the border of it. Believe it or not, there was nothing there. It was just a sign that said Welcome to Saskatchewan. So we took a picture with it just to prove that we have been here. And then we went on a four hour trip back to Winnipeg. And on that four hour trip back to Winnipeg, my friend drove and I decided to I decided to finish my application for my physics Master's. And I submitted it that night while I was somewhere on the road between Saskatchewan in Winnipeg.

 

Pouya LJ  28:38

Yeah, that's that's, that's pretty cool. And I'm actually trying to figure out how much the province like the population of the province, but for some reason I'm failing. I think it's I don't know if it's the city of population.

 

Emaad  28:54

No, there's a city called Saskatoon. And there's two major cities and ask a tune in Regina. Yeah, but the population of Saskatchewan. I find, I think it's 1 million.

 

Pouya LJ  29:07

Yeah, it's a gigantic province, with 1 million population.

 

Emaad  29:12

I think it's the I don't know if it's the biggest.

 

Pouya LJ  29:16

No, it's not the biggest, like on the map is definitely smaller than Ontario, Quebec, even British Columbia, but it's close enough to Alberta maybe a little bit smaller than Alberta. But point being it's still a lot of land there. And the entire population is like 1,000,001.1. Just Just to, you know, confirm your

 

Emaad  29:40

identity is there's one there's 1.86. So basically two people per kilometer squared. Yes, a few. If you create a box that is a kilometer wide and kilometer, that is just to each each side of the box is a kilometre, which is a very big number. There's only two people who live in there.

 

Pouya LJ  30:07

Yeah, that's a very big house for you.

 

Emaad  30:11

And versus Ontario, if I'm correct, the density of Ontario is 15 people per kilometer squared. Right? So that's, that's the key difference.

 

Pouya LJ  30:23

Yeah, that's like, so unfolds almost. Yeah. I'm done by five anyways. Um, yeah, what? Let's, let's move on a little bit, because we want to talk about we got to, you know, more computerized digital currencies, not necessarily digital currencies in terms of cryptocurrency, which we'll get to but, um, so we talked, we talked about technology coming into disrupting really anything, everything, and currency being one of them. for for for many reasons, why, now that that naturally brings us also to the realm of cryptocurrency, which, well, what are you going to do? cryptocurrencies don't have monuments on them printed, that they don't print? But joke aside? What are your thoughts on the digitization of currency and maybe even you know, distributed currencies such as cryptocurrencies, Bitcoin, what have you? Do? Do you have any interest in them? Do you read about them?

 

Emaad  31:31

Yeah, I do. I do a lot. And I, I think it's very interesting, not just from an investing perspective, but from a practical perspective.

 

Pouya LJ  31:40

Well, investment can be practical if you do it right.

 

Emaad  31:42

Investing can be practical, but it comes with its own caveats, especially investing in cryptocurrency, it's a very risky thing to do. Sure. And you could, you could probably just lose a lot of your money. If you invest, without thinking or without, you know, without the right tools without the right resources. If you do that, then you can lose a lot of money in crypto, but I was talking more so the practicality on the practical side of things on the technology behind it. how they've made something open source, and decentralized. They've made something which no one can touch and chain, no one person can go in and touch and change. Its cryptocurrency and Bitcoin and those things, they they're the Ledger's. They're, their records, they're everything, they, they stay with the people. There's no one person who controls everything. And I think that's that's a beautiful aspect of the digital currency. Because its power comes in its numbers. If a lot of people use Bitcoin, then it's more strong. There's more, I guess records, there's more copies of everything. And that technology can then be applied to so many different things that can be applied to contracts. blockchain can be applied to supply chain logistics, to ensure nothing has changed to ensure there's to ensure the right tracing of materials that people are getting food, and so many different things. But just from a currency standpoint, this is a very tough debate. Because a lot of countries a lot of banks are against this because this is against what they've been doing throughout throughout, I guess, throughout the startup humanity, or throughout the start of banking, at least because the main essence of a bank and a central bank is in the name. It's centralized. Yeah. And if you decentralize parents, if you decentralize money, if you decentralize your own local currency, then how are you going to achieve anything? In terms of you know, regulating power, regulating finances, making sure money doesn't go into the wrong hands. Even the wrong may be a subjective word. But there's so many different things that come in with it, that I personally believe it would be a bit tough to move to it all together. In my opinion,

 

Pouya LJ  34:12

by altogether You mean like removing the central banks from the central, the regular currencies of countries? Yeah. And making it the dominant. Okay.

 

Emaad  34:20

Yes. But with that, I also think it is hard for them, the centralized banks to completely remove cryptocurrencies. I mean, a lot of a bunch of countries have made it illegal to have them. I don't know which countries are but I remember there were a bunch of countries that said it's illegal to trade it or have it even. But they're not going anywhere, either. Because they're a force to be reckoned with. They're they're not they're not just something small with banks and say, Oh, that's illegal. Get rid of them. You know, Pete, they're, like I said before, their strength comes in how many people hold it, and I think that's going to be interesting. Day by day. I was talking to a friend of mine who wanted to transfer money from, I think it was from the EU or not from. Yeah, it was from Pakistan to the US. And she was asking me, what's the best way to do it. And whether she should wire transferred, whether she should Western Union it or something else. And I looked at the fees and wire transfer fees were more than 1500. dollars, she would have to pay Western Union fees were around that probably even higher, that she'll have to pay. And that's a huge chunk of your money that they're taking. Yeah. But I suggested, oh, why don't you just buy crypto over there? over the counter crypto, which is you're just paying someone money, and they transfer cryptocurrency to your wallet. And then you just transfer that crypto to whoever you need to send it to in the US. And that takes wire transfers can take two weeks, Western Union can take like at least a day or two that can take like five seconds, maybe a bit more obviously be based on based on how much you pay for the gas, etc. so many different things. But it's still less than less than a day, you can get money from here to there. And then they can just sell it over the counter or cash it out. Or they can do whatever they want. And that's how you can just easily transfer money using crypto as well. So I think it is a force to be reckoned with, what banks would need to do is figure out what's the middle ground here? How can they eat, right? incorporate that into their own systems into their own, into their own platforms? Because Funny enough, the weakest. The point, the place where digital currencies are weak, is the fact that some people can't trust them because they're decentralized. So they're like, oh, then who's going to be taking who's going to be, you know, handling it, who's going to be in charge of dispersing it and stuff. So there's no trust there. But on the other hand, people have started losing trust onto central banks themselves. Because they don't make the best policies. So it's sometimes it's better to have something decentralized.

 

Pouya LJ  37:29

Yeah, that does make sense. So there is definitely I mean, as with a lot of things, there's there are weaknesses and strengths. And obviously, one of the strength of cryptocurrencies, is mobility of it, etc. Also, just just to close that loop of legality, so the three countries that are definitely illegal, and there's like, there are some countries that have greater areas, but in Algeria, Egypt and Morocco is outright illegal, just for closing that loop. And there's a lot of other countries that are like, somewhere in between. Yeah, meaning some restrictions. But generally speaking, it's legal, etc. So we can put this into notes. And,

 

Emaad  38:19

yeah, for sure. So now there is something interesting that I, that I came across, and I worked with, I worked briefly with, with the team behind it. There's something called UBI. This is just very generic. There's something called UBI, universal basic income. Yeah, and this is something that has been debated in a lot of countries attempted in a lot of countries and a bunch of places at least, I think Germany is trying that out right now. And just giving universal basic income to some of its citizens.

 

Pouya LJ  38:54

Andrew Yang is making a lot of noise,

 

Emaad  38:56

Yang was making that the biggest point of his presidency, there were a couple of places I think in Canada that tried it, if I'm if I'm not wrong, a while back. And there's I can't get much into the details of it. But there is a there is a there's a consortium that is actually based in Canada, that is trying to get together a lot of UBI experts from around the world and work towards creating a global UBI which is going to be a key Their aim is that it's adopted throughout the world. And everyone gets a certain UBI per month, per day, per hour per second. I mean, there's going to be one amount per month, but then that's going to be per week and then you get that every second of your existence. And that's going to be actually I think one of the smartest ways to go about it would probably be on blog. And that's something that that I came across. And I briefly work with them on some of their some and some of the technical side of their project. And that's something that's very cool because now it's using blockchain using using utilizing blockchain, which is, again, the technology that's been brought forward by these digital currencies. And that's where the practicality thing comes in. But now they're putting it into a very large scale where they're asking for global adoption and global adoption for it. which hopefully would replace the need for conventional currency, and create a global system where everyone can earn a basic income to live, essentially, to at least cover where they're living to cover their food to cover their health related things. Which is, I believe it should be right for everyone. Everyone should be able to do that.

 

Pouya LJ  41:04

Yeah. So now the natural question, especially for universal UBI. Being while UBI has universal and but my point is being like around the world, not just containing a country. An actual question is cost of living and the value of currency, etc. is completely diff No, assuming we still trading regular currencies, not just the crypto ones, that there is a degree of asymmetry here that so is the proposal of this team. By the way, can you can you mention them by name?

 

Emaad  41:41

I don't know if that's? I mean, the name is global UPI.

 

Pouya LJ  41:44

Oh, you mentioned it? Okay. Yeah. Anyways, so is the proposal a fixed amount for every single person on the planet? Or is it different, depending on assessment of what are your cost of living? Where you live? by country, by city by province by? I don't know, what have you? Is there a distinction? Or it's just a fixed amount?

 

Emaad  42:09

See, that's the the project is I believe in preliminary phases, or I'm not 100% sure where they are, and whether they're in testing or whether they're sort of just beginning to research on it. And I frankly, do not know the answer to this.

 

Pouya LJ  42:27

Do you have Do you have your own thoughts on the matter?

 

Emaad  42:30

And the thing is, if if it is a global currency, and if everyone is has sort of access to the same currency? Yeah, then there shouldn't really be a problem with cost of living?

 

Pouya LJ  42:46

Well, I think I think there will be still, what, two two folds for one fold. Is that, okay, if we only adopt, I would,

 

Emaad  42:53

my question is, why would something be why would like, let's go to the Big Mac index, which is something I promise economists use. If there's a Big Mac in the US for let's say, let's say the the UBI currency, the new currency for the world is world dollars. Sure. There's a Big Mac in the US, which costs one world dollar. The currency in Turkey is also world dollar. Why would the Big Mac there be less?

 

Pouya LJ  43:26

Yeah. Okay, that's so that's that's the first fold of the problem, though I was talking about. And that is, as if that's the, okay, if that's the dominant currency traded?

 

Emaad  43:39

Sure. Their goal is to have world adoption of this. Okay. So that

 

Pouya LJ  43:45

will solve

 

Emaad  43:46

the would give way to, yeah, it would give away. Well, digital and non digital banks, central banks would give weight, this currency to come in. And the main essence of this currency is to make sure that it's secure and no one person would be able to access everything and change everything. Does that compromise the security of it? Yeah. So if there is, again, like I said, if there's a Big Mac for one US dollar, one world dollar, then wouldn't have the same Big Mac, we won World dollar somewhere else, because there's no other currency to base it off of. Yeah. So where would the cost of living? How would the cost of living and stuff be compared?

 

Pouya LJ  44:32

Well, you when you're talking about stuff, like I don't know, franchises or something? Yes, you're absolutely right. That makes sense. But if you're talking about for example, cost of land. Well, that definitely certainly has differences as you do within a country. Let's take Canada for example. Obviously, the price of homes in the heart of Toronto is completely different than say Saskatoon, that was what we were talking about, right? So, so in that sense, I mean, you can argue that the cost of living within The cities also started within the country is also different, which is reasonable. That's

 

Emaad  45:05

that's based on demand. Exactly supply that's really based off of, I mean, what the currency is doing, but it's no normal. So there's more space here more people want to live here.

 

Pouya LJ  45:16

Absolutely, they're gonna be worth more. So the land was an example of a commodity or, or something that would have different values, depending on where you are in a country and more importantly, in a world, right, that has the certainly has different, different many things have different values in different places in the world. And that alone can cost per debate, the cost of living by a lot, depending on which part of the world you're living, the basic cost of living, let's say, shelter, basic food, water, clean water, and

 

Emaad  45:51

I get what I get the question that you're I get what you're saying. And I agree that other things could be worth more other things could be worth less. And you're right, there's places in Canada right now, up very north, where food is so expensive. Exactly. Because they have to transport it over there and get it over there. So the cost of living over there is high. Yes, I agree with you. I agree with what you're saying that. Also living can be different because of these reasons. But the thing is that the UBI that I mentioned, sure, it doesn't aim to fully cover everything in your life. Yeah, of course. Because if it does that, then yeah, there's no motivation to do anything, even though that's a completely different debate with UBI motivation. But it's more so meant as a cushion for you. In some places, I mean, you could move to Saskatchewan. And you may be able to live comfortably on a UBI. Yeah, there's rent, there may be cheap food, there may be cheap. I mean, they're farmers, a lot of farms over there, but everything maybe cheap over there. So you might save money with the UBI. But where it says if you're in Toronto, then if you're getting a certain UBI, you may not be able to cover all your expenses with a UBI, you might still have to work. But I guess that's just the that's that's how this is. That's how everything should be. Because I mean, if if you're going somewhere else, if you're going somewhere where there's a very, there's very low demand for something and things should be cheaper. Yeah, if you're going somewhere where there's more demand and things would ideally be more expensive. That's the main essence of sort of a capitalist environment. Yeah, more equals more money.

 

Pouya LJ  47:44

No, absolutely. That That doesn't make sense. My concern was, and you're right, within a country, etc. So the difference that I was imagining is that the Delta within a country is much more marginal than a Delta currently, at least in the in the whole world. Like, if you give the highest value and the lowest value cost of living in different parts of the world, the delta is much larger than within one country. Okay, that actually to be argued, depending on the country you pick, but yeah, but for most of the world, at least. But I suppose if you and part of that comes from the the big Delta around the whole world, perhaps comes from the fact that the currencies have different values, maybe if you actually do a flatten out everything, and everybody adopts a common currency, at least as a dominant chords, that the trade end, I mean, it doesn't mean that the rest of the currencies will be eliminated completely, but they're not the main one at least, then maybe there's Yeah, maybe there's a degree of flattening this. This Delta make it a little bit smaller. That could be argued, I don't know. But that was Yeah, I'm just trying to paint a picture of what I was

 

Emaad  49:00

imagining. No, yeah, I understand. I understand what you're saying. But like I said, it's not something that is meant to replace everything in your life, and give you access to everything you want. Because that's gonna lead into way many more problems, because then everyone has access to whatever they want, for sure. But it's more so a cushion for you to at least live your life, to not starve on the streets do not to have your basic necessities at least covered wherever you are, you can be in Toronto, you could be wherever. And obviously, for the economic system to grow, people would still need to work because to create a living they would need there wouldn't be innovation around the world. And none of that is in danger. Because of UBI

 

Pouya LJ  49:45

Yeah, no, no, that makes sense. I mean, obviously these topics especially the UBI and cryptocurrency have endless spanned, and we can spend hours and hours talking about them which we may at some point, but We've come we've come a long way. I think all we've done almost one hour right now. So, yeah, I think it's a good place to, you know, close the loop on everything do you have? Do you have anything you want to add to summarize? No,

 

Emaad  50:16

not so much. I mean, I agree. This is a good, some good point. Where to where to pause it. And I'm sure there's going to be way many more discussions about UBI. And I'd love to, you know, have more. You, of course, as I as I research more on

 

Pouya LJ  50:32

it, exactly how I think about it. Now, I think it's gonna be really good. These discussions are obviously always fun to have and a lot of times constructive helpful. And yeah, I enjoy talking.

 

Emaad  50:47

Yeah. And yeah, that's really good. So it was a great, it was a great time discussing all these cool things.

 

Pouya LJ  50:53

Yeah. Yeah, no, that's great. Okay, so we'll put your information in the show notes, too. But do you want to tell people where they can find you online?

 

Emaad  51:04

Yeah, for sure. I mean, I'm, you can find me on Instagram, which is pr racha explores. That's pa ra, ch, e XP l or Yes. Or you can also find me on LinkedIn, which is e mod beracha. That is e m, a D. and last name is parotta. Pa ra ch a, if you want to talk about anything regarding the currency project, which is going to be more on my Instagram, or more about physics, or UBI, or anything like that, and I'd love to talk more.

 

Pouya LJ  51:41

Yeah, that's awesome. As I mentioned, obviously, we're going to put this in the show notes, so anybody who didn't get that they can go and look it up there. Thanks again, Bob. I was really fun talking to you Jason