Value beyond price: Bitcoin, Marx, Menger, and MMT with Natalie Smolenski

In this episode, we dive into bitcoin's impact on the future global monetary order with Natalie Smolenski, an anthropologist and bitcoiner. We discuss her thoughts on how bitcoin challenges the state's monopoly on currency, invoking Karl Marx's unexpected agreement that gold, a commodity, originally embodied money—not the state-minted currencies. Natalie explains her fascination with the concept of the invaluable—elements of culture and society that transcend monetary value—and how bitcoin fits in today’s culture. We also tackle bitcoin's role as a deflationary currency in contrast to fiat's inflationary tendencies, highlighting its potential to redefine economic and social hierarchies. Join us as we explore bitcoin's potential to reshape not just economies but cultural identities.

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TIMESTAMPS:

00:00 - Intro

01:12 - Natalie's journey into bitcoin

02:19 - Anthropology and the concept of value

06:06 - Modern monetary theory and social power

10:09 - Central banking and national economic performance

15:12 - The challenge of physical currencies and the role of central banks

20:27 - Money as the most salable good: Carl Menger's insights

26:17 - Debunking the myth: Bitcoin and collective hallucination

30:01 - Bitcoin as a protocol for new societal frameworks

34:10 - Bitcoin's potential impact on societal structures

38:23 - The state's interest in bitcoin and potential risks

42:27 - Legal challenges and the future of bitcoin ownership

45:24 - The future of privacy, property, and political action in the bitcoin era

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