The "What is Money?" Show WiM004 - The Saylor Series | Episode 4 | Bitcoin: The First Digital Monetary Energy Network
Episode Overview
- This episode explores Bitcoin as the first digital monetary system.
- It also discusses economic principles of commodities as money and Bitcoin as a means of wealth preservation.
Bitcoin as a Digital Monetary Energy Network
- Bitcoin is the first perfected digital monetary system, crossing a $100 billion market cap.
- Digital networks like Bitcoin collapse value into lower energy states, releasing energy as profit.
Money as the Highest Form of Energy
- Money is the highest form of energy humans can channel.
- Humans prosper by channeling energy, from fire and water to electricity and atoms.
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
00:01:04 - Swan Bitcoin
00:03:23 - Robert's Intro
00:05:45 - Bitcoin - The first digital monetary energy network
00:19:58 - Channeling energy – money as the highest form of energy
00:12:47 - The most efficient way to channel energy thru time & space
Challenges of channeling & storing energy on power grids
Gold money as an energy network
00:17:26 - Copper energy networks vs. Gold energy networks
00:21:54 - Challenges of channeling energy thru time & space with Gold
00:23:27 - Gold & counterparty risk.
“Over a long enough timeline, the mortality rate is 100%”
00:24:45 - Gold & commodity risk “Gold miners are the enemy of gold owners”
00:30:37 - Gold Standard & stabilizing energy in solid state
00:32:07 - Businesses always strive to avoid being commoditized
00:33:07 - Facebook, Apple, Google networks vs Electricity & Water networks.
00:34:09 - Challenges of using Big Tech as a Store of Value
00:33:17 - Regulating Standard Oil, Electricity as utilities
00:36:23 - Summary of Gold Defects over time- Mining, Banks, Centralization, Politics
00:37:24 - Gold not fast enough (Bitcoin vs. Gold)
00:41:32 - Bitcoin is 1000x faster than Gold, 50,000x cheaper to move
00:42:22 - Bitcoin like Mass Transit system
00:43:17 - Bitcoin as a superconducting energy network
00:44:34 - Encrypted monetary energy has achieved escape velocity from the gravity well
00:45:54 - The most efficient system for channeling energy thru time & space
00:47:37 - Monetary Systems – Fiat vs. Gold vs. Bitcoin
00:50:37 - Finding more Gold & fracking more Oil
00:53:19 - Being a tech cynic is a losing trade “Malthusian Falacy”
00:54:55 - “Technology Fails until it Succeeds”
00:55:52 - Intellectual Mistake to run Money on Commodities rather than Math
00:57:02 - Bitcoin channels human ingenuity constructively
00:57:56 - Fiat (-99%) Gold (-95%)
Bitcoin is lossless over time w/healthy friction thru space
00:59:13 - Transaction fees are healthy and essential
00:59:43 - Bitcoin energy network vs. Real Estate energy network
Energy loss, transaction speed, fees in property network
01:02:52 - Challenges of using Property as Store of Value
01:03:39 - Future Bitcoin Transaction fees
Comparison to bond market, credit cards
01:04:37 - Cities are built at the central nodes of transaction networks
Free ports, customs fees & shipping through history
Real world considerations for transaction fees
Bitcoin transactions fees are competitive
01:08:10 - Bitcoin mining is a commodity business with risks
Mining fees are consensual, competitive, & constructive
01:10:35 - Robert’s Outro
01:47:21 - End
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