#19 – Logan Chipkin: Understanding Economics
Arjun Khemani Podcast
00:00
The Importance of Trust in Bitcoin
After the Renaissance period and if I recall correctly during the Renaissance period you had pretty small governments which is not an accident but I kind of digress. Then we get into the 17 and 1800s this is when you're getting the British Empire and other large European powers who adopted a global gold standard. And so by the 19th century European currencies were basically defined in terms of how much gold weight either the coins themselves held or if we're talking about higher level monies like we were talking about before these were defined in termsof how much gold you could get for them if you went to a bank. But now that you have basically you're trusting a third party with your money and there exists
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