Bitcoin Fixes Gold's Problems

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Gold is physical and requires intermediaries, banks and the state to first validate that it's really gold. The intangibility of Bitcoin fixes gold's problems Exactly. Because then we don't need the intermediaries. Right? We trusted third parties are security holes, as Nixabu said. So gold, in my opinion, gold culminates in fiat currency. It's inevitable. You put that much power in one place. People are going to abuse the trust before you go from four reserve to fractional reserve to zero reserve Fiat currency. And here we are in 2023, living through the latest iteration of that. Yeah, unfortunately, our fortunately less.

Josef Tětek joins me to discuss the relationship between the Austrian School of Economics with Bitcoin, the impact of time preference, and the non-state properties of Bitcoin.

Josef Tětekis an author and a podcaster. He works as a Bitcoin Analyst at SatoshiLabs.

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// OUTLINE //
00:00 - Coming up
00:51 - Intro
02:24 - Helping Lightning Startups with In Wolf's Clothing
03:10 - Introducing Josef Tětek
03:30 - Quick Background and Path into Bitcoin
04:44 - Orange Pill Moment
05:25 - Relationship of the Austrian School of Economics with Bitcoin
09:35 - No Supercomputer can Replace the Pricing System
12:26 - Distributed Computing vs. Centralized Computing
14:40 - Emergent Pricing vs. Central Planning
17:10 - The Immutable Laws
18:31 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet
19:27 - Maximize Your Profits with Gold Investment Letter
20:24 - Time Preference and its Connection to Money
26:43 - Positive Consequences of Low Time Preference
28:50 - Monetary History: From Gold to Bitcoin
33:48 - Problems of the Gold Standard
35:21 - The Intangibility of Bitcoin
36:02 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet
36:54 - Hold Bitcoin in the Most Secure Custody Model with Casa
37:42 - Bitcoin: Separation of Money and State
42:16 - Attributes that Make Bitcoin a Non-State Money
44:01 - Why Bitcoin Only
47:43 - Ten Commandments of Bitcoin
51:04 - How to Find Josef's Work

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