And when it doesn't, it's often the fault of those large institutions. 如果不能顺利进行，说明那些庞大机构们出现了故障。

Or at least, it's up to them to fix the problem. And a lot of times, they don't. 或者至少说，他们需要去解决这个问题，但大多数时，他们并不这样做。

There's a lot of friction in the system.  在这个系统中存在很多的摩擦。

How long did it take the US credit card companies to implement chip and pin?  美国信用卡公司花了多久才让芯片技术和密码得到应用？

Half my credit cards still don't work in Europe. That's friction. 我仍然有一半的信用卡不能在欧洲使用。这就是摩擦。

Transferring money across borders and across currencies is really expensive: friction. 跨境和跨货币汇款可是需要收取高昂的手续费的，这也是摩擦。

An entrepreneur in India can set up an online business in minutes, but it's hard for her to get loans and to get paid: friction. 印度的企业家可以在很短的时间内建立一个网络在线业务，但她却很难获得贷款和付款，另外一种摩擦。

Our access to digital money and our ability to freely transact is being held captive by these gatekeepers. 数字货币的使用和自由交易被这些交换服务器们所控制。

And there's a lot of impediments in the system slowing things down. 并且系统中存在很多的阻碍减缓了这流程。

That's because digital money isn't really mine,  这是因为数字货币并不像矿产，

it's entries in databases that belong to my bank, my credit card company or my investment firm. 它只是数据库的入口，存在于我的银行、信用卡公司或是投资公司。

And these companies have the right to say "no." 而这些公司有权说“不”。

If I'm a PayPal merchant and PayPal wrongly flags me for fraud, that's it.  假设我是一个贝宝上的卖家，如果贝宝错误地把我标记为诈骗分子，

My account gets frozen, and I can't get paid. 那么我的账户便会被冻结，我也收不到付款。