We Study Billionaires - The Investor’s Podcast Network BTC151: This is NOT Capitalism w/ Allen Farrington (Bitcoin Podcast)
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Oct 11, 2023 In this discussion, Allen Farrington, an author and critical thinker, dives deep into the flaws of traditional economic theories and their application to Bitcoin. He explores the metaphor of Mixed Martial Arts to critique outdated financial concepts like the Efficient Market Hypothesis. Farrington challenges the validity of GDP as an economic measure and promotes a bottom-up approach to capitalism that prioritizes human values. He also highlights Bitcoin's potential to reshape financial systems and argues for a reevaluation of ownership and value in modern economics.
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MMA's Free Market
- Preston Pysh and Allen Farrington discuss the importance of Joe Rogan's observation about martial arts.
- Rogan noted that until the UFC's emergence (circa 1993), determining the most effective martial art was impossible.
UFC as an Experiment
- Allen Farrington emphasizes the UFC as a free market experiment revealing true fighting efficacy.
- Pre-UFC, the superiority of different styles remained unknown due to gatekeeping and a lack of direct competition.
Efficient Market Hypothesis Challenged
- Farrington challenges the efficient market hypothesis, asserting that believing prices reflect all information is misleading.
- He suggests that this belief sets investors up for failure.
