The Relationship of Money and Culture | Bitcoin is Venice Series | Episode 4 (WiM384)
Oct 27, 2023
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Guests Allen Farrington and Sacha Meyers discuss the relationship between money and culture, the effects of Bitcoin on culture and ethics, and how the Bitcoin standard changes humanity's primary incentive structure. They explore topics such as the nature of capital, Keynesian economics, labor theory of value, and the subjective nature of assets. The discussion also touches on the importance of self-custody for owning Bitcoin and the potential impact of Bitcoin on culture and ethics.
Lying and deception can deteriorate collective honesty, but Bitcoin's transparency and immutability make lying difficult and promote honesty.
Culture can be considered capital, shaping behavior and decision-making. Fostering a culture of honesty and integrity, exemplified by Bitcoin, can lead to positive societal outcomes.
Bitcoin's structure, aligning with ethical principles, promotes honesty, respect, and prioritization of individuals' sovereignty and well-being, fostering a culture of integrity and respect.
Deep dives
Bitcoin and the Deterioration of Collective Honesty
The podcast episode highlights how lies and deception can deteriorate the collective ability to maintain honesty. When people can get away with lying and not facing consequences, it influences the behavior of others in a negative way. In the context of Bitcoin, lying becomes more difficult due to the transparency and immutability of the network. The inability to lie and manipulate the system forces individuals to be more honest, both in their financial interactions and in other aspects of life.
The Relationship between Capital and Culture
The episode explores the relationship between capital and culture. Culture is described as a corpus of symbols used to communicate and a common frame of reference. It is the accumulation of knowledge, experiences, and stories that individuals share within a group. This accumulation of culture can be considered capital, as it holds value, shapes behavior, and guides decision-making. The episode suggests that fostering a culture that values honesty and integrity, as exemplified by Bitcoin's transparency and incorruptibility, can lead to positive societal outcomes and better individual and collective behavior.
Bitcoin as a System of Ethics Powered by Economic Incentives
Bitcoin is portrayed as a system of ethics guided by economic incentives. While not inherently ethical itself, Bitcoin aligns with objective truths about human nature and morality. The network's design reduces the ability to lie and manipulate financial interactions, promoting honesty and respect for individuals. By adhering to these ethical principles, Bitcoin's structure encourages individuals to prioritize other people's sovereignty and well-being. This alignment with fundamental ethical values provides grounds for sustainable and positive economic behavior and fosters a culture of honesty, integrity, and respect.
The role of experience and experimentation in learning and culture
Experience and experimentation play crucial roles in learning and culture. By building on the knowledge and lessons learned from previous generations and their stories, individuals and communities can avoid starting from scratch. The value of not needing to discover everything from first principles is emphasized, as it allows for the trust and acknowledgment of the collective wisdom and cultural programming that extend beyond the individual. Experimentation and trying out different ideas and concepts are highlighted as essential processes for discovering and understanding new ideas and truths.
The relationship between narratives, culture, and capital
Narratives and cultural stories serve as forms of capital, influencing and shaping culture and societal norms. These narratives, such as religious stories and mythologies, provide a framework for understanding the world and help individuals to not start from scratch in building society and making ethical decisions. The concept of metis, which involves knowing how as opposed to knowing that, is presented as a way of conceiving different forms of knowledge. The discussion touches on the importance of culture and the impact of narratives, including bitcoin, in shaping cultural and ethical norms by providing alternative frameworks and incentive structures that can lead to more productive and cooperative societies.
Allen Farrington and Sacha Meyers join me for a multi-episode conversation exploring their book "Bitcoin is Venice." In this episode, we discuss the nature of capital and its connection with culture, the effects of Bitcoin on culture and ethics, and how the Bitcoin standard changes the primary incentive structure under which mankind operates.
Allen Farrington and Sacha Meyers co-authored the book "Bitcoin is Venice".
// OUTLINE // 00:00:00 - Coming up 00:00:47 - Intro 00:02:21 - Helping Lightning Startups with In Wolf's Clothing 00:03:07 - Definition of Capital 00:06:59 - The Origin and Nature of Capital 00:10:36 - Subjectivity and Marginal Revolution 00:13:16 - Keynesian Economics vs. Real Economics 00:15:09 - Labor Theory of Value 00:19:07 - Error in Keynesian Economics 00:22:00 - Origin of Modern Keynesianism 00:27:21 - Run Your Business from Anywhere with NetSuite 00:28:26 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet 00:29:23 - Relationship Between Capital and Culture 00:35:50 - Is Mythology a Form of Capital? 00:41:03 - Different Ways of Knowing 00:44:55 - Feedback Loop of Capital Forms 00:47:35 - How Does Bitcoin Affect Culture 00:50:10 - How Bitcoin Fixes Lying 00:55:13 - Dynamism of Culture and Consumption of Capital 01:00:00 - Take Control of Your Healthcare with CrowdHealth 01:01:02 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet 01:01:53 - Bitcoin Connects Ethics to Economic Incentives 01:04:43 - The Intention Behind Bitcoin’s Discovery 01:07:40 - Bitcoin Incentives vs. Fiat Incentives 01:15:18 - Luxury of Ethics 01:19:12 - Requirements for Creating Capital 01:22:35 - Where to Find Allen and Sacha on the Internet
