Brett Scott, author of "Cloud Money" and writer for the Altered States of Monetary Consciousness newsletter, discusses the dizzying ride of Bitcoin. He unpacks its evolution from an experimental currency to a powerhouse influenced by speculation and political narratives. The conversation critically addresses Bitcoin's speculative nature, its societal implications, and the contradictions between wealth concentration and economic alternatives. Scott also explores future possibilities, questioning whether the hype surrounding Bitcoin is sustainable in the long run.
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Brett Scott's Bitcoin Experiment
Brett Scott tried to use Bitcoin as a currency in its early experimental days.
He paid rent and interns in Bitcoin, experiencing its real-world application firsthand.
insights INSIGHT
Bitcoin's Ontological Emptiness
Bitcoin is literally just numbers written out after energy is expended to generate them.
Its emptiness is why it's resilient yet highly volatile and inherently circular in function.
insights INSIGHT
Bitcoin vs Fiat Money Explained
Bitcoin differs from fiat because fiat is backed by the coercive power of the state and military.
Bitcoin only has numbers but no vertical state-backed liability, making it fundamentally different.
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BRETT SCOTT. Like everyone else, I notice the skyrocketing value of Bitcoin compared to anything else. On the one hand, feel uneasy about it, yet, on the other, I wonder if I should invest my paltry life savings into the stuff. Bitcoin seems to defy any economic law of gravity to keep going up, and up, unattached to anything tangible or real. To address my uneasiness, I spoke with Brett Scott, who writes the Altered States of Monetary Consciousness newsletter and is the author of a few books, including "Cloud Money: Cash, Cards, Crypto, and the War for Our Wallets and The Heretic’s Guide to Global Finance: Hacking the Future of Money". Brett is a friend, and one of my go-to people when I feel confused — bamboozled? — about cryptocurrencies and other money-related stuff. He helps set me straight.
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