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Willy Woo discusses Bitcoin's utilization of new and cheap energy sources, the impact of derivatives and futures markets on Bitcoin's price, and the macroeconomics of Bitcoin. They also explore the evolution of money, the importance of social consensus and energy control, and the potential future and global economy of Bitcoin.
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Quick takeaways
- Bitcoin represents a step towards an energy-based currency, where consensus is based on energy usage and correlates with technological advancement.
- Bitcoin's mining capabilities can incentivize the development of renewable energy, as it can absorb excess energy that would otherwise go to waste.
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The Importance of an Energy Coin
The speaker emphasizes the need for advanced civilizations to have an energy coin to prevent cycles of corruption and manipulation of money. An energy coin is based on the consensus of energy usage and correlates with technological advancement. Bitcoin, with its consensus based on energy, represents a step towards an energy-based currency. It provides a defensible and stable ledger with a strong correlation between energy and economic scale.
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