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Ownership, Central Banks, and Exchange Standards
This chapter explores self-custody for owning Bitcoin, central bank challenges, and the historical management of currency. It also discusses the exchange and gold exchange standards and their effects on deflation and inflation in different countries.
My friend and fellow student of money codenamed "Lester" joins me for a multi-episode conversation exploring the excellent book "The Twilight of Gold" by Melchior Palyi.
Twitter: https://twitter.com/ProgrammableTx
Book: https://www.amazon.com/dp/B0006C31O4
// SPONSORS //
In Wolf's Clothing: https://wolfnyc.com/
iCoin Hardware Wallet (use discount code BITCOIN23): https://www.icointechnology.com/
Wasabi Wallet: https://wasabiwallet.io/
Bitcoin Apparel (use discount code BREEDLOVE): https://thebitcoinclothingcompany.com/
Feel Free Tonics (use discount code BREEDLOVE): https://botanictonics.com
Carnivore Bar (use discount code BREEDLOVE): https://carnivorebar.com/
// OUTLINE //
00:00:00 - Coming up
00:00:32 - Intro
00:02:05 - Helping Lightning Startups with In Wolf's Clothing
00:02:51 - Money: An Abstract Battleground in Personal Relationships
00:07:16 - The Importance of Talking about Money
00:10:05 - England's Return to the Gold Bullion Standard
00:13:20 - Norman's Letter to the Bank of Norway
00:16:10 - Effects of the Gold Bullion Standard
00:20:00 - Controlling the Price Level
00:21:03 - The Power to Say 'No'
00:23:18 - Not Your Keys, Not Your Coins
00:26:13 - Central Planners Cannot Outsmart the Market
00:27:18 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet
00:28:15 - Impact of The Gold Exchange Standard
00:33:15 - The Myth of the Gold Shortage
00:37:19 - The Triffin Dilemma
00:41:55 - The Ratio of Total Dollar and Total Gold
00:43:39 - What Triffin Got Wrong
00:45:44 - Restating Why All Pegs Break
00:47:39 - Lester on The Most Likely Outcome of Continuous Inflation
00:50:53 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet
00:51:44 - Adopting Bitcoin Will Accelerate Dollar Inflation
00:54:00 - The Cross Currency Rails between Bitcoin and Fiat
00:56:49 - Advantages of the Bitcoin Standard
00:58:25 - Applying Triffin's Dilemma to Great Britain
01:04:03 - The Significance of Myths
01:05:59 - The Concept of Yield is a Lie
01:08:12 - Concluding the First Myth
01:10:13 - Where to Find "Lester" on the Internet
// PODCAST //
Podcast Website: https://whatismoneypodcast.com/
Apple Podcast: https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400
Spotify: https://open.spotify.com/show/25LPvm8EewBGyfQQ1abIsE?
RSS Feed: https://feeds.simplecast.com/MLdpYXYI
// SUPPORT THIS CHANNEL //
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Dollars via Paypal: https://www.paypal.com/paypalme/RBreedlove
// WRITTEN WORK //
Medium: https://breedlove22.medium.com/
Substack: https://breedlove22.substack.com/
// SOCIAL //
Breedlove Twitter: https://twitter.com/Breedlove22
WiM? Twitter: https://twitter.com/WhatisMoneyShow
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