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Bitcoin Economics and Evolution | The Saylor Series | Episode 16 (WiM062)

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Oct 19, 2021

01:29:31

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INSIGHT

Bitcoin Mining's Shift to Technology

Bitcoin mining evolved from being energy-intensive to technology-intensive, similar to industries shifting from labor to capital.
This means energy consumption per hash rate is decreasing due to technological advancements in mining equipment.

insights

INSIGHT

Darwinian Pressures in Bitcoin Mining

Bitcoin miners face constant Darwinian pressure to upgrade equipment and improve efficiency.
Falling behind technologically leads to unprofitability and eventual expulsion from the network.

insights

INSIGHT

Bitcoin Energy Consumption Dynamics

Bitcoin's energy consumption likely increases non-linearly with price, potentially peaking and tapering off.
This shift is driven by continuous efficiency improvements and competition between miners.

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The Limiting Factor on Creating Crypto Hashes

05:38 • 6min

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Energy Is a Raw Material in the Universe

11:26 • 4min

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Is the Price of Energy Going Up or Going Down?

15:14 • 6min

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Is the Cost of Bit Coins Going Up?

20:47 • 4min

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Bicoin Mining Is a Hedge, Right?

24:38 • 3min

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The Bicoin Mining Network and the Dynamic Model Overnight

27:10 • 3min

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Is Proof of Work Creating a Boaon Te Real World?

29:56 • 2min

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The Bicoin Mining Network Scales

32:03 • 6min

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Nidig - Your Single Source Solution for Everything Bit Coin

38:01 • 3min

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The Layer Two Platform Is a Layor to Platform

41:21 • 5min

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Is There a Future for Applications on Top of Bicoin?

45:59 • 4min

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Application of Bit Coin

49:47 • 5min

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Mobile Payments - What Are They?

54:32 • 6min

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Bit Coin Mining - A Microcosm of Capitalism

01:00:19 • 4min

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Bitcorne's Microcosm of Capitalism

01:04:23 • 2min

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Bit Coin Mining as a Microcosm of Capitalism

Bitcoin - The Microcosm of Capitalism

01:11:56 • 4min

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Bitcoin Mining: An Unstoppable Vortex of Incentives

01:15:40 • 4min

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Bidcoin Base Layer Protocol

01:20:03 • 5min

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The Transformation From the Agricultural Age Into the Industrial Age

01:25:26 • 4min

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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.

Be sure to check out NYDIG, one of the most important companies in Bitcoin: https://nydig.com/

GUEST
Michael's twitter: https://twitter.com/saylor
Michael's company: https://www.microstrategy.com/en
Michael's website: https://www.hope.com/

CHANNEL
Podcast Website: https://whatismoneypodcast.com/
Apple Podcast: https://podcasts.apple.com/us/podcast...
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Transcript:

OUTLINE
00:00:00 “What is Money?” Intro
00:00:08 The Relative Energy and Technology Intensity of Bitcoin Mining
00:03:58 Encrypted Energy is Used to Secure the Network
00:06:24 Bitcoin Mining Evolves from Energy to Technology Intensity
00:09:25 Bitcoin Miners Face Continuous Darwinian Pressures
00:12:05 Approaching Bitcoin Mining Peak Energy Consumption?
00:14:06 Adam Smithian and Darwinian Aspects are Critical Advantages
00:17:48 An Open, Competitive Market is an Honest Market
00:19:57 Bitcoin Mining Profitability: A Function of Hash to Hodl Rates
00:23:12 The World is in a “Digital Gold Rush” Until 2035
00:26:48 The Evolution of Bitcoin Mining Business Models
00:28:41 Misunderstanding the Economics of Bitcoin Mining
00:30:06 Proof of Work is Synchronization with Political and Physical Reality
00:33:11 The Layered Scaling of Bitcoin
00:37:59 NYDIG
00:39:07 The Lightning Network as a Logical Scaling Layer
00:42:28 Layer 2 Protocols Tradeoff to Gain Performance or Functionality
00:45:19 Centralization and Decentralization at Layer 2
00:47:27 Higher Layer Applications and Regulatory Compliance
00:50:34 The Range of Bitcoin Financial Applications
00:54:36 Bitcoin Technical Applications: Mobile Money and Finance
01:00:17 Robert's Outro

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WRITTEN WORK
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