Speaker 1
And of course, it also has utility as a store of value, but it's, you know, it's focused is very monetary in nature. And so, you know, there are frictional costs of the system like, you know, transaction costs and, you know, kind of block rewards and basically security fees for, for processing transactions. But that applies to any non cash flow store of value. So for example, if you were to store your, you know, your value in wine or classic cars or, you know, beachfront property or fine art, what you're basically doing is you're buying an object that does not produce cash flows with the understanding that it scares and likely to kind of hold its purchasing power compared to, you know, other things you might consume. And there are some frictional costs on that. Like, you know, you have to get a praise, you have to transport it, you have to maintain it, whatever the case may be. Many of those are less liquid. And so when you look at something like Bitcoin or gold, you're looking at a more liquid, you know, fungible, you know, situation and there are frictional costs on the system, just like any other kind of healthy system of commerce. And so in that sense, it can be thought of as pretty much like any other non cash flow store of value. And you know, the main difference is that, you know, they, all of those have some degree of utility. So they have, you know, wine, you can, you can drink it, beachfront property, you can live in it, classic cars. You can drive in it, bitcoins, utilities, basically that you can make permissionless payments, you know, and you can self-costit it. And so, you know, besides that utility, then there's a monetary premium assigned to it. As people want to hold it as a store of value, you know, in case they were to use that utility, but moreover, because they know that other people recognize utility and might want to buy it from the meta-substantial price at a later date. And so I would kind of compare it to other non cash flow stores of value in that sense of course, you know, from the bullish perspective, you can say combined with the network effect, you know, it's in many ways better than those other stores of value. But in terms of kind of the mechanics of how the system works, it's not too different than them. Fantastic. And if you want to hear more from Lynn on that topic, that was a fantastic summary, but she dropped a piece yesterday on the Swan blog. The link is in the description of the video below. All right, Jeff, you get the final swipe at, governments will ban Bitcoin. And Lynn, if you need to jump, feel free. All right, so yes, Jeff, governments will ban Bitcoin.