

5: Seb Bunney ON: How Bitcoin Challenges Broken Money Systems
Oct 31, 2023
01:00:11
In this podcast episode, Seb Bunney and Scott discuss the potential of Bitcoin to bring financial freedom and authenticity to individuals. They explore the limitations of traditional fiat currencies and the unique, decentralized nature of Bitcoin. They also delve into the societal consequences of a broken money system, including its impact on consumerism, the environment and family bonds. Seb introduces Looking Glass Education, a platform he co-founded to provide free education on Bitcoin and financial literacy. The episode concludes with Scott emphasizing the revolutionary potential of Bitcoin and the importance of conducting personal research before making financial decisions.
Seb’s background has not historically been built around the financial industry. In the early formative years of his career, Seb worked as a backcountry mountain bike guide and coach, while spending most of his spare time trying to understand real estate, the financial markets and the monetary systems which underpin our economy. In more recent years, he has pivoted his love for educating others to the digital realm, where he now writes about our macroeconomic landscape with a focus on Bitcoin. It is through his love for educating others that has led him to where he is today, building this educational platform, the Looking Glass.
What We Discuss:
[00:01:07] Seb describes what Bitcoin is in his own words.
[00:10:34] How inflation allows the government to gain access to purchasing power and direct it according to their own agenda.
[00:11:19] How Bitcoin allows assets to be moved across borders without being jurisdictionally located, providing individuals with more freedom and flexibility.
[00:16:10] How a finite money system, like Bitcoin, incentivizes saving and long-term thinking, shifting behaviour on an individual, corporate, and nation-state level.
[00:20:00] How broken money systems lead to war, indirect payment for war, and lack of financial responsibility in governments and corporations.
[00:24:44] How a broken monetary system leads to environmental destruction, breakdown of the parent-child bond, breakdown of business practices and politics.
[00:30:48] How money, as the number one cause of stress globally, indirectly affects the health of individuals and nations.
[00:31:44] The breakdown of currency, rise of socialism, and its impact on the breakdown of family units, care for the elderly, and the overall fabric of society.
[00:40:44] Seb shares a childhood experience that made him question the fairness of the monetary system, leading to his interest in Bitcoin.
[00:45:16] Seb discusses how a debt-based system focused on growing GDP and devaluing currency leads to the monetization of everything and the loss of community events.
[00:50:51] How technology drives down the cost of production and should result in lower prices, but the current monetary system prevents this from happening.
[00:55:41] Seb and Scott discuss the collision between an inflationary system that requires exponential debt growth and a deflationary system driven by technological advancements, highlighting the need for a new monetary system like Bitcoin.
[00:58:32] How Bitcoin will change finance, including saving, spending, and investing.
[00:58:32] How broken money systems contribute to societal issues such as war and conflict.
Episode Resources:
Seb Bunney | Website
Seb Bunney | Twitter
Looking Glass Education | Website