Decentralized Food and Money with Robert Breedlove (WiM400)
Nov 28, 2023
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In this episode, Robert Breedlove and Shawn Baker discuss the relationship between beef and Bitcoin, inflation as theft, the radical change in a technological paradigm, and the global adoption of Bitcoin.
Central banks have depreciated and manipulated currencies, causing hyperinflation and loss of trust.
Gold failed as practical money due to centralization and fiat currency allowed unlimited money printing.
Bitcoin disrupts traditional monetary systems, offering protection against corruption, inflation, and becoming a store of value.
Deep dives
The Corrupting Power of Central Banks
Central banks throughout history have depreciated and manipulated currencies, enriching the privileged few and causing societal costs. This practice has led to hyperinflation, economic collapse, and loss of trust. The centralized control of money production is seen as a corrupting force that undermines civilization.
The Failure of the Gold Standard
Gold, historically used as a monetary asset, has failed as a practical form of money due to centralization and fractional reserve banking. The shift away from the gold standard towards fiat currency allowed for unlimited money printing and inflation. Bitcoin is presented as a superior alternative to gold as a decentralized, incorruptible form of money.
Bitcoin and the Disruption of the Monetary System
Bitcoin, as the dominant cryptocurrency, is disrupting the traditional monetary system. It is resistant to corruption, cannot be controlled or manipulated by central authorities, and offers protection against inflation. Institutions like BlackRock entering the crypto space and the growing adoption of Bitcoin signal the widespread recognition of its potential as a store of value and a hedge against inflation.
Bitcoin as a Monetary Technology
Bitcoin's potential as a superior monetary technology is driven by the idea that as people experience inflation, taxation, and government oppression, they will seek to preserve their purchasing power by migrating to an asset like bitcoin. Currently, bitcoin accounts for around 0.5% of global cash balances, but supporters believe it will become the majority of cash balances held. With a fixed supply of 21 million, bitcoin's limited availability and resistance to counterfeiting make it an appealing option for individuals to protect their wealth from economic shenanigans.
The Transition to a Bitcoin Standard
The transition to a bitcoin standard can occur through two main avenues: individuals seeking to preserve purchasing power in the face of inflation and people desiring to escape wealth redistribution. The adoption of bitcoin is fueled by pain, as people suffering from inflation or those oppressed by government regulations recognize the need for an asset that is independent and resistant to theft. The adoption process is cyclical and gradual, with those who adopt bitcoin earlier having a higher incentive to spend it as its price appreciates. The market adoption of bitcoin may result in a smooth transition rather than a collapse of centralized powers.
In this episode with Robert Breedlove and Shawn Baker, we discuss the relationship between beef and Bitcoin, why inflation is theft, the radical change in a technological paradigm, and the global adoption of Bitcoin.
// OUTLINE // 00:00:00 - Coming up 00:00:28 - Intro 00:02:01 - Helping Lightning Startups with In Wolf's Clothing 00:02:48 - Introduction and Robert’s Background 00:04:40 - Bitcoin Enlightenment, Central Banking Monopoly, and Historical Currency Manipulation 00:11:49 - Absolute Power Corrupts Absolutely 00:15:20 - The Problem with Gold, The Nixon Shock 00:19:25 - How the US Went from Gold to Fiat Standard 00:22:55 - Why Inflation is Theft and What’s Backing the Dollar Today 00:29:40 - The Importance of Studying Money 00:31:20 - Run Your Business from Anywhere with NetSuite 00:32:25 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet 00:33:22 - How Many People Are Into Bitcoin 00:36:46 - Bitcoin and the Cantillon Effect 00:40:55 - Global Adoption of Bitcoin 00:45:32 - How Bitcoin Price is Going to Accelerate 00:50:30 - Bitcoin vs. Crypto Currencies 00:53:32 - Can Black Rock and Central Banks Corrupt Bitcoin? 00:56:55 - Enhance Your Brain Power with Mind Lab Pro 00:58:02 - Take Control of Your Healthcare with CrowdHealth 00:59:03 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet 00:59:55 - Radical Change in a Technological Paradigm 01:03:20 - Smooth Transition vs. Chaotic Transition 01:06:00 - How Bitcoin Disincentives Warfare 01:08:33 - Bitcoin Banking System 01:11:10 - The Relationship Between Beef and Bitcoin 01:15:05 - When Should You Spent Your Bitcoin 01:17:50 - Where to Find Robert on the Internet