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The "What is Money?" Show
WiM005 - The Saylor Series | Episode 5 | Channeling Monetary Energy Across Time and Space
Dec 24, 2020
02:10:32
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Quick takeaways
- Bitcoin's value and network strength rely on widespread adoption as a treasury reserve asset by individuals, companies, and governments.
- Bitcoin's utility is driven by its ability to be a store of value and a medium of exchange, which can be enhanced through technological developments.
- Bitcoin's strength as a treasury reserve asset lies in its resistance to inflation and preservation of value over time.
- Bitcoin's emergence as an energy network for wealth preservation and financial innovation has far-reaching implications, disrupting traditional power structures and fostering cooperation and shared prosperity.
Deep dives
Adoption as Treasury Reserve Asset
Bitcoin's value and network strength rely on individuals, companies, and governments adopting it as their primary treasury reserve asset. The more entities adopt Bitcoin and store their value in it, the stronger the network becomes.
Utility and Technology
The utility of Bitcoin is tied to its ability to be used as a store of value and as a medium of exchange. Increasing utility is achieved through technological developments, such as integrating Bitcoin into payment platforms like Square Cash or Apple Pay, creating crypto banks, and improving transaction speed through the Lightning Network.
Productivity and Amplified Results
Bitcoin's utility drives productivity by enabling individuals and businesses to accomplish more with their resources. From making seamless payments for goods and services, to automating recurring payments, to leveraging Bitcoin as collateral for loans, the network amplifies productivity and streamlines financial operations.
Inflation Resistance and Preservation of Value
Bitcoin's strength as a treasury reserve asset lies in its resistance to inflation and preservation of value over time. Unlike fiat currencies that lose value due to inflation, Bitcoin's finite supply and network dynamics make it a durable asset for wealth preservation.
Bitcoin's Resilience and Strength
Bitcoin is compared to a steel ship, strong, adaptable, and virtually indestructible. Unlike fiat currency, which suffers from frictions and counterparty risks, Bitcoin is a closed and encrypted energy network. It offers a secure and efficient means of transferring value across space and time. Its extensibility allows for programmability and the creation of advanced financial instruments. Bitcoin's immutability provides a store of value that is resistant to inflation and confiscation, making it an ideal tool for preserving wealth. Its conservative monetary energy system adheres to the laws of thermodynamics and allows for predictable supply and scarcity. By storing excess cash flows and savings in Bitcoin, individuals and organizations contribute to the network's power and enhance their own sovereignty.
Bitcoin's Store of Value Superiority
When evaluating different store of value options, Bitcoin stands out as the clear winner. Compared to gold, real estate, and fiat currency, Bitcoin offers unparalleled advantages. Traditional assets may depreciate over time or have vulnerabilities to confiscation and counterparty risk. Fiat currency is subject to inflation and loses value over time. In contrast, Bitcoin's fixed and diminishing supply schedule, immutability, and programmability make it an ideal store of value. Its proven track record, resilience, and potential for future growth make it a compelling choice for long-term wealth preservation.
Bitcoin's Utility and Productivity
Bitcoin not only serves as a store of value, but it also offers utility and productivity benefits. Its extensibility and compatibility with digital technology enable the development of innovative financial solutions. Bitcoin's conservative monetary energy system rewards productive behavior and incentivizes long-term savings and investment. As adoption increases, network participants contribute to the network's power and enhance its value proposition. Bitcoin's inherent properties and protective mechanism against inflation and counterparty risk create a virtuous cycle that drives its value and encourages the education and adoption of Bitcoin among individuals, corporations, and governments.
Bitcoin's Influence and Impact
Bitcoin's emergence as an energy network for wealth preservation and financial innovation has far-reaching implications. By removing counterparty risk and political interference, Bitcoin offers individual sovereignty and accountability. It disrupts traditional power structures and aligns the incentives of network participants, fostering cooperation and collaborative development. Bitcoin creates a new economic ecosystem that values truth, energy conservation, and adherence to the laws of thermodynamics. As more market participants adopt Bitcoin, its influence and impact grow, contributing to a transformed financial landscape empowered by trust-minimized transactions and shared prosperity.
21.
Bitcoin Embodies a Lot of the Founding Principles of American Free Market Capitalism
2min
30.
Bitcoin Is the Only Money in History That Maximizes the Individual Sovereignty of All Network Participants
3min
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
00:03:23 - Robert's Intro
00:06:08 - Channeling Monetary Energy thru Time & Space
00:09:08 - Shipping Energy via Rubber Raft vs. Wooden Ship vs. Steel Tanker
00:11:34 - Vacuum sealing food energy & encrypting monetary energy
00:13:01 - Creating a wall encrypted energy
00:14:07 - “Money is Power” Monetary Energy is a highest form of power.
How much power can flow into Bitcoin? Price is Voltage.
00:16:12 - Thoughts on S2F model.
00:17:12 - Bitcoin Power= function of Adoption, Utility, Productivity, & Inflation
00:17:48 - Adoption -Measuring & defining (Hodlers, Treasury Reserves)
Mercenary Traders vs. Citizen Owners – Degree of Commitment
00:24:39 - Bitcoin is a closed thermodynamic system
00:26:02 - Degrees of Commitment to Adoption of Bitcoin (True Adoption Rate)
00:26:49 - Perils of leveraging with insurance vs. BTC treasury reserves
00:39:54 - Perils of leveraging with debt vs. BTC treasury reserves
00:33:59 - Inflation drives debt drives fragility
00:35:04 - Currency wars make cash toxic -inflation vs. hyperinflation
(chemotherapy, diabetes, metabolic disease, organ death)
00:39:03 - Calculating overall adoption of monetary network & progression
00:41:54 - Comparison to (and limits of) Facebook, Apple networks
00:43:49 - Adoption by NGOs, Governments, Institutions, Investors, Companies
00:45:39 - Teamwork, Syndicated Energy, & Historic Examples
00:46:49 - Bitcoin adoption organizes & channels energy participants
00:47:55 - Perils of Trading Bitcoin & Benefits of Hodling Bitcoin
High Frequency SoV, Low Frequency MoE
00:59:49 - “Nothing wrong with living forever”
00:51:49 - Benefits of Never Selling an Asset & Using it for Debt
00:55:04 - The ideal holding period of an asset is forever
00:55:59 - Avoiding fragility from leverage, risk models
01:01:59 - Impact of Interest Rates on Financing
01:02:19 - Increasing the Utility of the Bitcoin Network
01:06:13 - Impact of Productivity Growth on the Bitcoin Network
Sweeping cash flows into the network
01:09:17 - Creating the first cyber economy via Bitcoin
01:10:34 - Comparison to American economy
01:12:49 - “A swarm of military assets behind a wall of water”
01:14:39 - Crucibles of Innovation require an Insulator to preserve Energy
01:15:20 - Impact of Inflation on Power of the Bitcoin Network
Translating energy into fiat frame of reference
01:18:31 - Value of Bitcoin varies by Domain,
Inflation Rate drive rate of Adoption
01:19:49 - Final Thoughts of Bitcoin Network Power Equation & Adoption
01:23:04 - Bitcoin is the first conservative monetary energy system
Energy is truth…can be neither created nor destroyed
01:24:09 - Final Thoughts on Bitcoin
Energy is the ultimate scarce asset in the university
Laws of Thermodynamics. You can’t cheat.
There is no such thing as a free lunch.
Newtons Laws are the basis of all mechanics.
Bitcoin is the first time Technology crashed into Economics
01:30:14 - Robert's Outro
02:10:27 - End
--
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