WiM008 - The Saylor Series | Episode 8 | Bitcoin and Immortal Sovereignty
The "What is Money?" Show
Is Bitcoin a Universal Language of Economic Truth?
"It's a lot easier to make money just being legitimate," he says. "This is the picking up pennies in front of a steam roller type anr fasagre." The only reason to want to do it is regulatory arbitrage, writes Peter Bergen. He thinks bitcoin will evolve as a unit of monetary energy - like ounces of gold.
Michael Saylor joins me to discuss anthropology, energy, and technology from first principles as we build the intellectual foundation necessary to truly grasp the historic significance of Bitcoin.
00:00:00 - Episode Trailer
00:01:06 - Swan Bitcoin
00:03:22 - Robert’s Intro
00:05:48 - Life converts entropy into order
“A dead thing can go with the stream, only a living thing can swim against it”
00:08:17 - The first engineered monetary system
00:09:15 - Networks further the human race
00:09:59 - The highest calling of humanity is to extract order from the chaos
Engineering – the honorable profession
00:11:07 - Bitcoin as a Medium of Exchange
00:11:28 - Peer to peer cash means settlement network
00:11:56 - High frequency transactions are unnecessary & irrelevant
00:13:12 - Centralized networks are best for MoE
00:14:06 - Privacy & Compliance
00:14:38 - Large transactions are more valuable
00:15:08 - High Frequency SoV, Low Frequency MoE
00:16:23 - Tax Challenges to MoE
00:17:38 - Accounting System Challenges to MoE
00:18:48 - Treasury Strategy for BTC
“Put it in the vault and throw away the key”
00:19:48 - Challenges of paying employees in Bitcoin
00:22:18 - Tax treatment is controls currency selection
00:23:28 - Bitcoin not practical as currency
00:24:00 - The option to settle is more important than the action itself
00:24:33 - “An armed society is a polite society” R.A. Heinlein
00:25:35 - The ability to cash settle is the deterrent
“Absolute power corrupts absolutely”
00:26:48 - The optionality keeps everyone honest in a free market
00:28:08 - “Just because you can do a thing doesn’t mean you should do a thing” -Stoics
“The loudest man in the room is the weakest man in the room” – American Gangster
00:28:48 - No need to flaunt power
Don’t get distracted by shiny objects.
00:29:38 - SoV is much more valuable than MoE
00:30:45 - Challenges of Privacy Coins
Meyer Lansky, Pablo Escabar examples
00:31:55 - Bitcoin as a Unit of Measure
00:31:58 - Bitcoin is a universal language of economic truth
00:32:49 - Bitcoin will always be a standard unit of economic energy
Bitcoin vs. Ounce of Gold
00:34:24 - Too much emphasis on MoE UoM, Not enough on SoV
00:34:48 - Non-constructive Crypto debates
00:35:17 - $300 billion Crypto Pond vs. $300 trillion Asset Ocean
00:36:48 - Crypto Market Segmentation
00:39:18 - Alt-coin experiments & DeFi
00:40:04 - Crypto Theory - Emergence of Magic in Cyberspace
00:40:23 - Crypto Networks vs. Digital Networks
00:41:14 - Crypto is for Immortal Sovereignty & Antifragility
Crossing Time & Domains
00:43:18 - Limitations of Crypto Architecture
00:44:36 - “If you want to go fast, go alone. If you want to go far, go together.”
00:45:48 - Plants vs. Animals – Genetic Tradeoffs
00:46:10 - Trust in Man, Company, Government, or Crypto?
00:46:28 - Solving problems with combination of tools
00:46:58 - Crypto Network is a life form in cyberspace
00:48:38 - One shot to create new form of crypto life
00:49:38 - Genetic similarities – no recalls allowed
00:50:23 - Ethereum Challenges
00:51:32 - Competition between Crypto Assets, Applications, & Currencies
00:52:28 - Defective Genetic Mutations
00:54:48 - Bitcoin Network Dominance among Crypto Assets
00:55:14 - Challenges of Proof of Stake
00:56:02 - Stablecoins as Crypto-Currencies
00:57:48 - Regulatory Arbitrage
01:00:07 - Crypto-Applications
01:00:50 - Digital Exchanges vs. Crypto Exchanges
01:00:50 - Risk Management & Crossing the Street
01:02:18 - Digital Network Advantages when integrated with Bitcoin
01:02:48 - Essence of the Crypto Value Proposition – Longevity
01:03:48 - Powering Digital Networks with a Crypto Network
01:05:48 - Rockefeller Estate Management
20th Century Approaches to Immortal Sovereignty
01:07:48 - Bitcoin is to Banking what YouTube is to Broadcasting
01:09:08 - Bitcoin Trust Structure
01:10:58 - Hybrid Solutions with People, Digital, & Crypto Networks
01:12:28 - Cyber Guild System
01:14:08 - Domains in Perpetuity – Monuments in Cyberspace
01:14:48 - Perpetuating Values – What do you love?
01:15:58 - Endowments via Bitcoin
01:17:04 - Tragedy of the Commons -Park in the Port of Naples
01:19:33 - Casting a Magic Spell with Crypto
01:20:48 - Bitcoin can be the source of “Magic Power”
01:22:24 - Fantasy Magicians, Spells, Curses, & Limits of Power
01:22:48 - Money is Power
01:23:48 - The power & reach of John D. Rockefeller
01:26:48 - Dominant Digital Networks & Bitcoin
01:28:12 - Market Forces & Ideology will Define the Future
01:28:48 - Role of the Maximalists & Citizen Soldiers
01:30:56 - Robert's Outro
02:12:13 - End
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