The Nature of Capital and Capitalism | Bitcoin is Venice Series | Episode 1 (WiM381)
Oct 20, 2023
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Allen Farrington and Sacha Meyers, co-authors of the book 'Bitcoin is Venice', discuss the nature of capital and capitalism in this podcast. They explore the similarities between MMA and Bitcoin, the concept of capital and why Bitcoin levels the playing field.
Bitcoin and MMA both emphasize the importance of free market competition and experimentation.
Intellectual humility and a level playing field are essential for progress and innovation.
Bitcoin disrupts and levels the playing field among various currencies, promoting a freer and more competitive marketplace.
Deep dives
The Evolution of Bitcoin and Mixed Martial Arts
This chapter draws parallels between the development of Bitcoin and the rise of mixed martial arts (MMA). MMA was initially dominated by isolated fighting styles, much like how individual currencies were controlled and isolated within their respective countries. However, with the advent of the UFC and the blending of different fighting styles, MMA became a level playing field for experimentation and innovation. Similarly, Bitcoin challenges the traditional fiat currency system by creating a market where different ideas and currencies can compete. This parallel highlights the importance of allowing free market competition and experimentation in order to drive progress and expand our understanding of complex systems.
Intellectual Humility and the Value of Testing
MMA's evolution and the development of Bitcoin both emphasize the importance of intellectual humility and a willingness to test ideas. The establishment of the octagon in MMA allowed for the testing and observation of different fighting styles, leading to the accumulation of knowledge and the improvement of the sport. Similarly, the adoption of Bitcoin as a decentralized and open-source currency creates a platform for experimentation and discovery. Both cases demonstrate the value of a level playing field that encourages exploration and questioning of existing beliefs and practices.
Debunking Preconceived Notions
Chapters 2 and 3 of the book debunk mainstream ideas and challenge the arrogance inherent in certain systems. The mainstream position often exhibits unwarranted certainty and refuses to acknowledge alternative perspectives or question existing beliefs. This arrogance hinders progress and stifles innovation. Bitcoin and MMA serve as examples of how challenging established norms and allowing for experimentation can lead to breakthroughs in understanding and improvement.
Bitcoin as a Leveler and Disruptor
Bitcoin's impact extends beyond being the best form of money; it disrupts and levels the playing field among various currencies. By undermining anti-competitive measures like capital controls, Bitcoin promotes a freer and more competitive marketplace of currencies. This double whammy effect of being the superior money while also challenging the status quo makes Bitcoin a significant force for change and innovation.
The Importance of Intellectual Humility and Testing in Systems
Overall, the parallels between the evolution of Bitcoin and mixed martial arts highlight the value of intellectual humility and the necessity of testing ideas and systems. Both realms illustrate the benefits of a level playing field, open to experimentation, and grounded in the understanding that knowledge is not fixed but evolves through questioning and observation. By applying these principles, we can challenge prevailing ideologies and drive meaningful progress and innovation.
Allen Farrington and Sacha Meyers join me for a multi-episode conversation exploring their book "Bitcoin is Venice". In this episode, we discuss what MMA and Bitcoin have in common, what is capital and capitalism, and why Bitcoin is a leveler of the playing field.
Allen Farrington and Sacha Meyers co-authored the book "Bitcoin is Venice".
// OUTLINE // 00:00:00 - Coming up 00:00:24 - Intro 00:01:57 - Helping Lightning Startups with In Wolf's Clothing 00:02:43 - Introducing Allen Farrington and Sacha Meyers 00:04:02 - Origin Story of Bitcoin Is Venice 00:09:34 - What is Capital? 00:15:00 - Capital Construction with Human Time 00:20:10 - Run Your Business From Anywhere with NetSuite 00:21:15 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet 00:22:11 - Money: Most Liquid Form of Capital 00:26:25 - Optimizing Capital Stocks 00:30:23 - Understanding the Financial System 00:31:51 - What is Capitalism? 00:37:07 - The Best System for Capital Accumulation 00:40:23 - Religious Predisposition and Capital Accumulation 00:45:09 - Classical Liberal Attitude 00:46:22 - Take Control of Your Healthcare with CrowdHealth 00:47:24 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet 00:48:15 - Bitcoin and the Mixed Martial Arts 00:54:28 - Learning Bitcoin in a More Accessible Way 01:00:34 - Comparing MMA to Bitcoin 01:04:33 - Intellectual Dishonesty and Arrogance of Fiat 01:06:38 - Why Bitcoin is a Leveler of the Playing Field
