The Peter McCormack Show #004 - Allen Farrington - Bitcoin Fixes Capitalism
Sep 20, 2024
Allen Farrington, writer and co-founder of Axiom, dives deep into the pitfalls of fiat money and its impact on modern capitalism. He discusses the misallocation of capital and its societal consequences, highlighting the allure of Bitcoin as a remedy for economic sovereignty. Farrington critiques the managed decline driven by government policies and advocates for a Bitcoin standard as a transformative force in financial systems. He emphasizes the need for personal responsibility in finance and suggests that Bitcoin could pave the way for a more equitable economic future.
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Fiat Money Definition and Usage
- Fiat money is the type of money we've inherited, decreed by a central authority.
- Bitcoiners popularized "fiat" as a pejorative for short-termist or hedonistic behavior.
Fiat's Pervasive Influence
- Everything is influenced by fiat money, making it difficult to discuss without sounding like a conspiracy theorist.
- It's hard to pinpoint fiat's effects, as they permeate all aspects of life, not just specific areas.
Talking Bitcoin with Different Groups
- Allen found it easier to discuss Bitcoin with socialists due to their existing distrust of the financial system.
- However, he struggled more with finance professionals who benefit from the current system.