Myths of the Gold Standard | The Twilight of Gold Series | Episode 13 (WiM361)

Sep 4, 2023

Lester, a fellow student of money, joins the host to discuss 'The Twilight of Gold' book series. They explore the shift from gold to Bitcoin, inflationary and deflationary forces, the influence of politics on money, and the attributes of civilization inherited from money. They also touch on Bitcoin's growing demand, money as a consensus technology, and the concept of price and its effects on markets.

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Introduction

00:00 • 2min

Finishing the Twilight of Gold Series

02:29 • 2min

Exploring the Gold Standard and its Relevance to Bitcoin

04:42 • 25min

Money as a Mirror

29:32 • 6min

Bitcoin's Growing Demand and Potential Future

35:37 • 5min

Money as a Consensus Technology

40:17 • 19min

Exploring the Concept of Price and the Effects of Pegging

59:45 • 2min

Creating More Rules in Bitcoin

01:01:49 • 22min

My friend and fellow student of money codenamed "Lester" joins me for a multi-episode conversation exploring the excellent book "The Twilight of Gold" by Melchior Palyi.

Twitter: https://twitter.com/ProgrammableTx
Book: https://www.amazon.com/dp/B0006C31O4

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// OUTLINE //
00:00:00 - Coming up
00:00:21 - Intro
00:01:54 - Helping Lightning Startups with In Wolf's Clothing
00:02:40 - Introducing "The Twilight of Gold" Series
00:04:05 - The Twilight of Gold: Myths and Realities
00:09:07 - A Shift in the Currency Standard
00:10:55 - Debt Monetization Leading to Currency Graveyard
00:13:52 - Monetary Prism: From Gold to Bitcoin
00:15:35 - Interest Coverage Ratio of the Government
00:19:15 - Calculating the Federal Debt
00:21:01 - Inflationary Forces and Deflationary Forces
00:26:50 - Negative Real Yields
00:27:50 - Money is the Mirror Reflection of the Economy it Serves
00:29:46 - Political Influence on Money
00:33:35 - Civilization Inherits the Attributes of the Money
00:36:08 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet
00:37:05 - Bitcoin Wouldn't Work in a Perfect World
00:40:52 - Money is Essential to Human Rationality
00:43:23 - Myths of the Gold Standard
00:44:47 - First Myth: Britain's Shift to Gold Standard in 1925
00:46:00 - Second Myth: Capitalism Led to the Great Depression
00:47:17 - Third Myth: Gold's Shortage Caused the Great Depression
00:49:31 - Probability of Hyperinflation
00:50:55 - Lester's Updated View on Gold
00:56:20 - China's Capital Account
00:58:24 - Post Bretton Woods Mistakes by the US
01:00:46 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet
01:01:38 - Contemplating Drivechains of BIP 300
01:06:32 - Problems of Pegging Fiat Money to Gold
01:09:12 - Shanghai Gold Exchange
01:13:53 - Political Role of Gold
01:16:53 - Using Gold Revaluation Account to Cover Losses
01:22:19 - Estimating the True Size of China's Gold Reserve

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