9: Michael Dunworth ON: Bitcoin Is Humanity's Greatest Invention

In this podcast episode, Scott interviews Michael Dunworth, Bitcoin enthusiast and Co-Founder and former CEO of Wyre Payments. Michael shares his insights on Bitcoin's potential to change our understanding of money, information and communication. He discusses the concept of proof of work and proof of stake, and compares Bitcoin's unchanging nature to its strength. Michael also talks about the concept of locking energy into the future, creating incentives for collaboration and securing the Bitcoin network. He reflects on the transformative power of Bitcoin and its potential to change the world. What We Discuss: (00:06:43) The flaws of the current fiat system and the benefits of Bitcoin in preserving value. (00:09:57) The value system of Bitcoin and the importance of not trying to impose personal values on it. (00:11:53) How predictability affects risk, and the importance of being certain when making decisions. (00:17:36) What are the two consensus mechanisms? Michael and Scott compare them and discuss which of the two is more sustainable and reliable. (00:21:48) How Bitcoin's unchanging nature is backed by the amount of energy going into the network. (00:25:37) Comparing Bitcoin to a monster that can't be stopped. (00:30:58) The importance of cryptographic security in determining whether information is real or fake. (00:35:46) The concept of Bitcoin as a time machine where each block represents a moment in time, and the potential of storing value in an indestructible material like Bitcoin. (00:41:46) Encouraging collaboration among Bitcoin miners by locking coins into the future. (00:52:10) Observations on how the whole world followed the same protocols and instructions during the pandemic. (01:01:44) The importance of taking pride in one's work and the value of persistence. (01:02:52) Reflection on humanity's consumption of resources, comparing it to a parasite-host relationship with the Earth. (01:08:14) Scott suggests that Bitcoin may be the catalyst for societal advancements and technologies that we currently cannot comprehend or benefit from. (01:16:03) How Bitcoin is changing the way people think and its inevitable impact on society. Episode Resources: Bitcoin Alive | Youtube Michael Dunworth | Twitter Bitcoin Is Time Traveling Energy | Bitcoin Magazine Article