The "What is Money?" Show
WiM003 - The Saylor Series | Episode 3 | Technology Themes through History – Harder, Smarter, Faster, Stronger
Episode guests
Podcast summary created with Snipd AI
Quick takeaways
- Money is described as the highest form of energy that humans can channel.
- Throughout history, technology has empowered humans by allowing them to channel energy more effectively.
- Bitcoin's position as the dominant form of digital money is comparable to an indestructible superhero, offering low friction, speed, and adaptability.
Deep dives
Money as the highest form of energy
Money is described as the highest form of energy that humans can channel. Bitcoin is highlighted as a way of channeling human ingenuity to improve money, while other commodities channel human energy in a less productive way.
Building a Bitcoin position
The strategy for building a Bitcoin position is explained: start with an initial percentage allocation and a target percentage allocation, then establish the initial position with a one-time buy and continue to dollar-cost average towards the target allocation. Buying Bitcoin price dips is also suggested to increase the position and reduce the cost basis. It is also advised to take custody of one's Bitcoin for self-sovereignty.
Technology and the domination of terrains
Throughout history, technology has empowered humans by allowing them to channel energy more effectively. The control of different terrains has played a key role in dominance, whether it be naval power, air power, or space power. The digital age now provides a new high ground, similar to the high seas, where control and dominance are sought. Bitcoin is seen as an expression of this, providing individuals with the ultimate high ground in the digital domain.
The Diffusion of Technology: Predicting the Curve
The podcast discusses the diffusion of technology and how predicting its curve is a challenging but important aspect. The speaker emphasizes that once a technology reaches a certain critical mass and starts to gain traction, it becomes easier to invest and forecast its success. He mentions examples like the advent of airplanes and the discovery of longitude to illustrate how innovations often emerge unexpectedly and against conventional wisdom. The speaker also highlights the role of tinkering entrepreneurs in driving breakthroughs, emphasizing the free market's ability to incentivize and reward innovation. Furthermore, he points out that major shifts in innovation can be triggered by war or the need to adapt to high uncertainty.
Bitcoin's Dominance in Digital Space: The Indestructible Superhero
In this part of the podcast episode, the speaker draws parallels between Bitcoin's dominance in the digital space and the idea of an indestructible superhero. He highlights Bitcoin's position as the longest and most rigid chain, making it an unbeatable monetary network in the digital terrain. The speaker explains how Bitcoin's advantages, such as low friction, speed, and low-cost defense through cryptography, have solidified its status as the dominant form of digital money. He also points out that Bitcoin demonstrates adaptiveness alongside its robustness, allowing for the incorporation of new features and improvements. The speaker references the concept of horizontal gene transfer in natural systems to explain Bitcoin's ability to learn, evolve, and maintain its competitive edge.
Michael Saylor joins me to discuss anthropology, energy, and technology from first principles as we build the intellectual foundation necessary to truly grasp the historic significance of Bitcoin.
00:00:00 - Episode Trailer
00:01:05 - Swan Bitcoin
00:03:22 - Robert's Intro
00:06:56 - The Warburgs & the importance of having control of your own capital
00:08:18 - George RR Martin SuperHero Theory from “Wild Cards”
00:09:19 - Indestructible trumps deadly
00:10:45 - Antifragile is superior – absorb your enemies capabilities
00:12:14 - Success of the U.S. in the 20th century wars
00:13:13 - Importance of fighting wars on foreign soil
00:14:22 - Impact of Geography on Geopolitics & Power
00:15:53 - Someone that can kill you that you can’t kill…
00:16:30 - Importance of Security to the Bitcoin network Be the indestructible, immortal blockchain
00:17:43 - Features can be attached to Bitcoin by 3rd Parties
00:20:26 - Humans triumph by channeling energy
00:20:35 - Control of the seas via naval power to deliver force stronger, faster, harder
00:21:35 - Control of the skies via air power – nations must control their own airspace
00:22:35 - Don’t want to be at the bottom of the gravity well
00:23:09 - Control of nuclear power
00:23:25 - Control of space power – satellites
00:24:05 - The Moon is a Harsh Mistress / TANSTAFL
00:25:26 - Tossing rocks down the gravity well
00:26:15 - The story of channeling (gravitational) energy to be harder, stronger, faster, smarter.
00:26:56 - ‘The Sovereign Individual’
00:29:02 - The Digital “High Seas”
00:30:16 - Technology Empowers Individual Sovereignty
00:32:08 - The Structure of Scientific Revolutions
00:32:55 - Investing in S Curves
00:33:32 - Technology Fails Until it Succeeds
00:34:14 - Paradigm shifts often come at unexpected times in unexpected ways
00:35:08 - John Harrison & Discovering Longitude
00:37:12 - Establishment rejects new paradigms absent war or generational change
00:37:59 - “Any sufficiently advanced technology is indistinguishable from magic”
00:39:19 - Robert's Outro
01:16:29 - The End
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