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
00:06:23 - Bitcoin as Digital Gold – Harder, Smarter, Stronger, & Faster
00:07:13 - Bitcoin is Harder & Antifragile
00:08:05 - The Fragility of the Great Wall of China
00:10:05 - Military Wisdom - The best defense is a good offense
00:11:05 - Gold is a dumb rock – Bitcoin is a living, dynamically evolving ecosystem
00:13:43 - Importance of Pain to Antifragility of Bitcoin
00:14:17 - Quantum Threats to Bitcoin
00:16:34 - Crashing the World with Photon Bullets
00:17:25 - Managing Political Threats
00:17:48 - Survival of the Hydra – Fight or Flight
00:18:44 - Geopolitical Balance of Power
“Show me the incentive & I’ll show you the outcome” – Munger
00:19:59 - Bitcoin Ethos & Hatred of Gatekeepers
00:20:43 - Roman Military Doctrine & Views on Defense
“Gatekeepers are your weakness”
00:21:20 - Proof of Work vs. Proof of Stake
00:22:18 - “There is no such thing as a free lunch”
00:24:09 - Immune response of the network to an attacker
00:25:20 - Merits of embracing pain rather than running from it.
00:26:25 - Developing the immunity critical to life
00:27:18 - The Mongolian Horde & Genghis Khan
00:28:50 - The hardness of a hornet’s nest
00:30:45 - Merits Private Nodes & Private Keys
00:32:05 - Game Theory & Benefits of Key Optionality & Competition of Custodians
00:33:37 - Drive to improve client/server hardware on Bitcoin network
Wallets, Miners, Exchanges in Aggressive Competition
00:35:05 - Upgrade cycles of Bitcoin vs. Gold
“Humans move mountains”
00:37:47 - Bitcoin is Smarter
00:38:35 - Software applications to improve utility of Bitcoin
00:39:38 - Creating the smartest bank in the world via software
00:40:55 - Creating smart money for a mobile device
00:41:48 - Magical money via software
00:42:38 - Insurance applications
00:42:50 - Problems with Gold & Tokenized Gold
00:43:49 - Betting on dynamics rather than statics
00:44:50 - Developing a Yield Curve on Bitcoin
00:45:50 - Free market interest rates
00:47:14 - Bitcoin is Stronger
00:48:05 - Channeling money with force & acceleration
00:49:50 - Strength Limits of Gold, Stock, Bonds
00:50:43 - Challenges of getting interest on Stocks
00:51:57 - Merits of Competition to create Stronger Money
00:52:34 - Strength from Self-Custody across jurisdictions
00:53:03 - Bitcoin is Faster
00:53:15 - E=MC2 and Benefits of Virtualizing Gold
00:53:36 - Cost of move $100 million around the Earth
00:54:08 - High Frequency Transactions at the Speed of Light
00:54:48 - Ebay of Social Finance
00:55:08 - Systems & Compliance Impedance to Monetary Velocity
00:56:20 - Algorithms to make money while you are sleeping
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The "What is Money?" Show 