The Block Reward | Real Stories. Real Impact. All Powered by Real Money - Bitcoin

In this episode of The Block Reward, host Scott speaks with Larry Lepard, a career investment manager who focuses on sound money and manages funds related to gold, silver and Bitcoin. They discuss the pros and cons of gold, silver and Bitcoin, the state of the global financial system, inflation and the need for sound investments to protect against currency debasement. Larry shares insights on the potential of a sovereign debt crisis, as well as his journey from being a venture capitalist to investing in monetary metals and Bitcoin. Larry founded Equity Management Associates, LLC (EMA) in 2006. EMA is an equity investment management firm that invests in growing private and public companies located around the world. Since 2008, EMA has focused on investing in companies that mine the monetary metals, gold and silver. Larry presently serves on the Board of Directors of two development-stage gold mining companies: Lavras Gold Corp. (Toronto/Brazil) and Rise Gold Corp. (California). He has been a frequent guest of many media outlets including Bloomberg Television for his expertise on the monetary metals market. Prior to founding EMA, he spent 13 years at Geocapital Partners (Geo) in Fort Lee, NJ. There, he was one of two Managing General Partners and was responsible for four venture capital funds, aggregating ~$500 million. At Geo, he invested and/or served on the boards of many successful deals including Autoweb, Jackson Hewitt, Netcom, and Realtor.com. Prior to Geo, Larry spent seven years at Summit Partners in Boston, MA and Newport Beach, CA, where he established Summit’s West Coast office. Larry was a General Partner in Summit I and Summit II and invested and/or served on the boards of Chips & Technologies and Software Spectrum, among other investments. Earlier in his career, Larry worked in the Mergers & Acquisitions Group of Smith Barney, Harris Upham & Co. What We Discuss: (00:01:10) What are the pros and cons of gold, silver and Bitcoin as they relate to each other? (00:08:39) The Keynesian economic system flaws, which prioritizes growth over efficiency and fails to address the importance of sound money and correct pricing. (00:09:30) A broken monetary system contributes to the mispricing of goods. (00:10:16) Past and present interest rates. (00:11:18) A collapse and default on debt, or print more money and face massive inflation? (00:18:52) History of currency debasement in various countries and the potential risk of the US dollar losing value. (00:20:34) Comparison of gold, silver and Bitcoin as alternative investments to protect against currency debasement. (00:26:52) Bitcoin's provable scarcity and the benefits and differences compared to monetary metals. (00:29:30) Bitcoin is unique in that it has a fixed supply. How is this different from monetary metals like gold, which respond to price changes? (00:35:48) The current stage of Bitcoin's adoption to the early days of the internet and the potential for rapid growth once it reaches a certain adoption rate. (00:37:06) The potential impact of Bitcoin ETF approval on the market, including the influx of institutional money and the need for easier access to Bitcoin for retail investors. (00:38:18) Bitcoin has a limited supply and that has the potential to impact the price when lost coins, long-term holders and the amount of tradable Bitcoin available for sale are taken into account. (00:39:44) Analysis of the current market cap of bitcoin compared to global financial assets, and the potential for significant price increases if even a small percentage of those assets were allocated to bitcoin. (00:45:15) The risk and potential gains of investing in Bitcoin. (00:47:03) The concept of holding Bitcoin without the intention of converting it back to fiat currency. (00:54:18) Understanding the severity of the current global financial system. (00:55:19) The broken state of the current financial system. Episode Resources: EMA | Website Larry Lepard | Twitter

In this episode of The Block Reward, host Scott interviews institutional investor James Lavish. They discuss the growing global debt crisis, the flaws in the current monetary system, and the potential of Bitcoin as a protective asset against currency debasement. James shares his journey into the Bitcoin space, highlighting its anti-inflationary nature and potential as a global reserve asset. He also discusses the economic situations in Japan and Argentina, the potential emergence of a competing currency, and the global implications of a troubled treasury market. The episode provides valuable insights into the world of Bitcoin and the future of global finance. James is co-Managing Partner of the Bitcoin Opportunity Fund, alongside David Foley. For the past 15 years, James was the Chief Operating Officer and Risk Manager of LKCM Alternative Management, LLC, a hybrid public and private equity hedge fund unit, investing in a wide range of industries and market capitalization of both public and private companies. Prior to joining LKCM, he was the co-founder and a managing partner of Ranger Arbitrage, a global risk arbitrage hedge fund. From 1998 to 2003, James was Head Arbitrage Trader and served as an officer on the compliance committee for Carlson Capital, a $4 billion global multi-strategy hedge fund. Earlier in his career, James worked in risk and ADR arbitrage for Citigroup and SG Warburg, where he began his career as a trader on the floor of the NYSE. James holds a BA in Political Science from Yale University and is a Chartered Financial Analyst. What We Discuss: (00:00:00) How the current monetary system operates, the expansion of money supply, and the impact on the value of the dollar. (00:01:20) The escalating piles of debt accumulated by governments worldwide, the problem of selling debt on the open market, and the potential devaluation of currency. (00:11:08) Worldwide debt is increasing. What is the impact on inflation, and what are the deficits created by borrowing? (00:13:46) Mandatory expenses of the US government, including entitlements, military expenses and interest on debt, as well as how they contribute to the deficit. (00:19:56) Three main choices to address the debt crisis: cutting spending, raising taxes, or issuing more debt, and the need for perpetual high rates of inflation as a solution. (00:22:33) How inflation reduces the value of government debt and the benefits it brings to governments. (00:23:30) How the US dollar became the global reserve asset and the importance of the international market for US treasuries. (00:25:44) The creation of BRICS and the concerns about the US dollar losing its status as the global reserve currency. (00:33:21) The economic situation in Japan, including their attempts to create inflation and the challenges they face with their massive debt. (00:35:18) How Japan has been artificially keeping their interest rates low and the impact it has on their bond market and currency exchange rates. (00:39:44) The bond vigilantes and their influence on interest rates, as well as the recent eye-opening and alarming treasury auction. (00:44:06) The hyperinflation of fiat currency, the potential reduction of fiat currencies, and the role of government debt in the monetary system. (00:44:59) The unsustainability of currency manipulation, the need for a trustworthy asset, and the optimism provided by Bitcoin as a protection against inflation. (00:46:53) Bitcoin's adoption in countries experiencing hyperinflation, its advantages over traditional assets like gold or silver, and the potential future adoption of Bitcoin as a global reserve asset. Episode Resources: James Lavish | Website James Lavish | Twitter Bitcoin Opportunity | Website

In this episode of The Block Reward, Scott chats with Bitcoin author and speaker, Knut Svanholm. Knut describes Bitcoin as a system that is more expensive to cheat than follow, making it a superior form of money. He believes that Bitcoin's adoption will lead to hyperbitcoinization, where all other forms of money become obsolete. Knut also discusses the concept of Bitcoin being a community, the positive impact of Bitcoin on human development, and the challenges of introducing new people to Bitcoin. Knut’s books are best described as guided meditations that soothe the experienced and tutors the uninitiated in the ways of Bitcoin. Knut used to have a fiat life as a ship captain and now you may choose him as the captain of your Bitcoin space ark to navigate the stormy seas of fiat imposition and swells of cognitive dissonance. Grounded in logic and unbound in spirit, Knut offers something for everyone. "We have plenty of pessimism and outright nihilism in the Bitcoin scene and Knut, using his quick wit and humor, whips up a fresh gust of positivity and optimism to disperse the clouds of misery, letting the rays of infinite optionality, prosperity and love shine through." - Niko Laamanen, CEO of Konsensus Network What We Discuss: (00:05:17) Knut explains the concept of hyperbitcoinization, which refers to the idea that as people realize the advantages of Bitcoin, they will gradually adopt and use it as the superior form of money. This process will lead to the obsolescence of other types of money and a paradigm shift for humanity. He also discusses how Bitcoin can act as psychological armor against violence and promote peaceful interactions. (00:12:04) The adoption curve of successful technologies and how it applies to Bitcoin, with a comparison to the price curve. (00:13:03) How prices of goods and services have actually dropped over time due to technological advancements, but we don't see this reflected in the monetary system. (00:17:53) How Bitcoin is backed by human action rather than just energy, and how the decisions and actions of individuals contribute to the functioning of the Bitcoin network. (00:25:20) Bitcoin creates a collaborative community by incentivizing individuals to promote and help each other. (00:26:51) As more people adopt Bitcoin as a monetary system, it could lead to a society with less violence and more consensual interactions. (00:29:26) Knut compares the discovery of Bitcoin to the discovery of an element on the periodic table, highlighting its resistance to replication and its unique properties as a form of money. (00:36:56) Releasing the need to control Bitcoin, and instead observe its progress rather than dictate what should be done with it. (00:37:50) For all of the people who have been fooled by traditional notions of money, it is important to come into the Bitcoin conversation with an open mind. Episode Resources: Knut Svanholm | Website Knut Svanholm | Twitter The Freedom Footprint | Podcast

In this podcast episode, Scott interviews Michael Dunworth, Bitcoin enthusiast and Co-Founder and former CEO of Wyre Payments. Michael shares his insights on Bitcoin's potential to change our understanding of money, information and communication. He discusses the concept of proof of work and proof of stake, and compares Bitcoin's unchanging nature to its strength. Michael also talks about the concept of locking energy into the future, creating incentives for collaboration and securing the Bitcoin network. He reflects on the transformative power of Bitcoin and its potential to change the world. What We Discuss: (00:06:43) The flaws of the current fiat system and the benefits of Bitcoin in preserving value. (00:09:57) The value system of Bitcoin and the importance of not trying to impose personal values on it. (00:11:53) How predictability affects risk, and the importance of being certain when making decisions. (00:17:36) What are the two consensus mechanisms? Michael and Scott compare them and discuss which of the two is more sustainable and reliable. (00:21:48) How Bitcoin's unchanging nature is backed by the amount of energy going into the network. (00:25:37) Comparing Bitcoin to a monster that can't be stopped. (00:30:58) The importance of cryptographic security in determining whether information is real or fake. (00:35:46) The concept of Bitcoin as a time machine where each block represents a moment in time, and the potential of storing value in an indestructible material like Bitcoin. (00:41:46) Encouraging collaboration among Bitcoin miners by locking coins into the future. (00:52:10) Observations on how the whole world followed the same protocols and instructions during the pandemic. (01:01:44) The importance of taking pride in one's work and the value of persistence. (01:02:52) Reflection on humanity's consumption of resources, comparing it to a parasite-host relationship with the Earth. (01:08:14) Scott suggests that Bitcoin may be the catalyst for societal advancements and technologies that we currently cannot comprehend or benefit from. (01:16:03) How Bitcoin is changing the way people think and its inevitable impact on society. Episode Resources: Bitcoin Alive | Youtube Michael Dunworth | Twitter Bitcoin Is Time Traveling Energy | Bitcoin Magazine Article

In this podcast episode, Scott chats with Josh Friedeman and discusses the potential benefits of incorporating Bitcoin into businesses. They explore the concept of Bitcoin as a scarce and secure form of money, its potential as a tool to attract forward-thinking employees, and its use as a payment method to eliminate credit card fees. They also discuss Bitcoin's role as pristine collateral for loans, its potential as a balance sheet asset, and strategies for businesses to integrate Bitcoin. The conversation emphasizes the importance of understanding Bitcoin's potential in the current economic climate and its potential game-changing advantage for businesses. Josh Friedeman has been a Bitcoiner since 2021. While many have the misfortune of buying "altcoins" in hopes of making millions (only to find themselves holding the bags of insiders and institutions), Josh was fortunate enough to run across Bitcoin-only educators first. The more he learned, the more he wanted to contribute. He has hosted a podcast since 2019 (Life as Leadership). He knew the podcasting landscape, but there were already hundreds (thousands?) of Bitcoin-related podcasts out there. Josh wanted to add signal rather than noise. He noticed that few people were talking about how business owners were using Bitcoin. With that in mind, he launched The Business Bitcoinization Show, the first show (to Josh's knowledge) focused specifically on how to use Bitcoin for business growth. While his efforts increasingly focus on Bitcoin, Josh's day job consists of coaching and consulting business owners to help them grow their businesses - particularly in the areas of leaders, sales, and marketing. What We Discuss: (00:03:39) Meet Josh Friedeman, his Bitcoin podcast and business, and his personal journey of understanding Bitcoin. (00:08:19) Bitcoin as a scarce form of money that preserves purchasing power over time, highlighting its decentralization and security compared to fiat currencies. (00:11:33) Discussion on the scarcity of Bitcoin and its relevance in the current high inflation environment. (00:13:46) Explanation of ETFs and their significance in providing exposure to Bitcoin without the need to directly own and custody it. (00:23:38) The concept of fair money and the potential game-changing applications of Bitcoin for businesses. (00:27:16) The benefits and challenges involved in businesses offering Bitcoin as compensation to employees and accepting Bitcoin as payment from customers. (00:37:03) How Bitcoin can be used as collateral for loans, providing easy access to fiat currency without going through banks. (00:38:21) The potential for businesses to use Bitcoin as an asset on their balance sheets, comparing it to owning rare and valuable property. (00:43:43) Encouragement for business owners to consider becoming the first in their community to accept Bitcoin, highlighting the potential benefits for their business in the future. (00:47:09) Three strategies for businesses to incorporate Bitcoin, including mining, using companies that handle the technical details, and selling Bitcoin through a voucher system. (00:48:08) How businesses can offer discounts to incentivize customers to pay with Bitcoin and suggests using Bitcoin ATMs or voucher systems to make it easier for customers to acquire Bitcoin. (00:49:17) The importance of attending Bitcoin meetups to connect with potential customers and explore business opportunities within the Bitcoin community. Episode Resources: Business Bitcoinization | Website Business Bitcoinization | Podcast Josh Friedeman | Twitter

In this podcast episode, Scott sits down with Realtor and Bitcoin enthusiast, Taylor Sugar, to discuss the comparison between Bitcoin and real estate as investment assets. He highlights the advantages of Bitcoin, such as scalability, accessibility and security, over real estate. The conversation also touches on the complexities and potential challenges of real estate ownership, including government policies and restrictions. The episode aims to present Bitcoin as an alternative investment option to real estate, particularly at a time when real estate prices are becoming unaffordable for many people. Taylor Sugar is the Broker/Manager at Sugar Team Specializing in Real Estate in Stouffville, Uxbridge and East Gwillimbury. The Sugar Team has successfully completed over 1 billion dollars in real estate sales transactions and consistently ranks in the Top 1% of real estate sales agents across Canada. Taylor has been investing in real estate in private residential rentals and public real estate investment trusts for more than 15 years. What We Discuss: (00:01:11) The similarities and differences between Bitcoin and real estate as speculative property type assets for investment consideration. (00:08:18) The scalability of Bitcoin as an investment allows anyone to participate regardless of the amount they can invest. (00:09:23) How Bitcoin ownership is more secure than real estate due to decentralized features and lack of physical points of failure. (00:10:15) How Bitcoin is a global asset with universal economic rights, unlike real estate which is subject to different rules and regulations in each country. (00:13:02) The complex nature of real estate ownership, including the involvement of multiple parties and potential restrictions imposed by governments and other external factors. (00:18:42) The fundamental problem with real estate property rights and the influence of external counterparties in determining winners and losers. (00:19:21) The government's intervention in the Green Belt area of Ontario, the resulting restrictions on land use, and the subsequent controversy surrounding the allocation of economic rights. (00:23:11) Analysis of the complexities and uncertainties surrounding real estate property rights including the vulnerability of property titles and the influence of various counterparties. (00:27:52) Comparison of average home prices in Ontario, Texas and Florida, highlighting the significant price difference and stability in the housing markets. (00:29:10) Real estate is really just a currency derivative. (00:32:23) The impact of rent control on property values in Ontario, highlighting the erosion of landlords' rights and pricing power and the potential dangers and challenges faced by landlords in the current market. (00:39:15) Bitcoin's value in USD protects against currency devaluation, providing a hedge against economic instability. (00:43:16) Bitcoin offers individuals global economic rights, secure property rights and protection from counterparties, unlike real estate. (00:46:45) How the immutability of the Bitcoin registry compared to the real estate registry affects property rights. (00:50:55) The disconnect between the economic fundamentals and pricing of real estate, and the promising relationship between the hashrate and price of Bitcoin. (00:56:34) The price of primary residence and the unsolvable problem of catching up with the rate of increase in value. Episode Resources: Slide Show | Website Wealth Playbook | Website Sugar Team | Website Taylor Sugar | Twitter

In this podcast episode, Scott sits down with Dave Bradley to discuss his journey into Bitcoin, its value proposition, and the concept of absolute scarcity. He compares the current state of money to the game Diablo II, drawing parallels between the game's currency and real-world economy. Dave predicts the potential reduction of global currencies due to irresponsible fiscal policies and inflation, suggesting Bitcoin as a rational alternative. The conversation also touches on the impact of inflation on people's lives, the risks of real estate investment, and the significance of Bitcoin's scarcity. Dave Bradley is a prominent figure in the Bitcoin industry and is widely considered one of the leading experts in Canada on Bitcoin. Prior to his current role as the Chief Revenue Officer at Bitcoin Well, Dave founded the world’s first bricks-and-mortar Bitcoin store and co-founded the iconic Bitcoin company, Bull Bitcoin. What We Discuss: [00:00:00] Bitcoin's value lies in its scarcity, as the government cannot print more money, unlike traditional currencies. [00:01:38] Dave Bradley shares his experience of getting into Bitcoin in 2010, starting with mining in his basement and later founding and working with various Bitcoin companies. [00:04:36] Dave discusses his experience playing the game Diablo II and how it taught him about the emergent properties of money and the concept of better money replacing hard money. [00:10:00] How fiat currency replaced gold due to its convenience and how it has affected the store of value. [00:11:09] The progressive loss of value in money due to inflation and its impact on the economy. [00:12:45] Analogies drawn between the game Diablo II and real-world examples of currency debasement, highlighting the importance of scarcity in money. [00:21:02] Countries printing money to make up for irresponsible fiscal policies, resulting in inflation and devaluation of currencies. 00:23:01] The potential adoption of Bitcoin as a solution to the problems caused by fiat currencies and the advantages of Bitcoin as a form of money. [00:28:57] The natural reaction of people to abandon currencies that are losing value rapidly and the consequences of severe changes in purchasing power. [00:31:59] The risks and limitations of real estate as an investment and store of value. [00:33:17] How houses have become more than just investments and the impact of money printing on the housing market. [00:39:13] The concept of absolute scarcity in money, comparing gold and Bitcoin, and the fixed issuance schedule of Bitcoin. [00:42:13] How crises give governments the social license to print money and the impact of this on global politics and decision-making. [00:47:34] The concept of absolute scarcity in money and how it relates to currencies and governments, emphasizing the fixed supply of Bitcoin. [00:53:08] How inflation is affecting housing, food, and the financial situation of people, leading to increased frustration and awareness. [00:54:53] The increase in homelessness and the growing number of working poor who were once middle class, highlighting the significant impact of inflation on their lives. [00:58:11] Why Bitcoin can be a valuable savings tool for those struggling financially, despite the risks and volatility, emphasizing the potential for long-term gains and protection against fiat money printing. [01:04:27] The future of Bitcoin as a widely adopted form of money, where people will hold Bitcoin as their intended final form of currency. Episode Resources: Dave Bradley | Twitter Bitcoin Well | Website Bitcoin Brains | Website

In this podcast episode, Seb Bunney and Scott discuss the potential of Bitcoin to bring financial freedom and authenticity to individuals. They explore the limitations of traditional fiat currencies and the unique, decentralized nature of Bitcoin. They also delve into the societal consequences of a broken money system, including its impact on consumerism, the environment and family bonds. Seb introduces Looking Glass Education, a platform he co-founded to provide free education on Bitcoin and financial literacy. The episode concludes with Scott emphasizing the revolutionary potential of Bitcoin and the importance of conducting personal research before making financial decisions. Seb’s background has not historically been built around the financial industry. In the early formative years of his career, Seb worked as a backcountry mountain bike guide and coach, while spending most of his spare time trying to understand real estate, the financial markets and the monetary systems which underpin our economy. In more recent years, he has pivoted his love for educating others to the digital realm, where he now writes about our macroeconomic landscape with a focus on Bitcoin. It is through his love for educating others that has led him to where he is today, building this educational platform, the Looking Glass. What We Discuss: [00:01:07] Seb describes what Bitcoin is in his own words. [00:10:34] How inflation allows the government to gain access to purchasing power and direct it according to their own agenda. [00:11:19] How Bitcoin allows assets to be moved across borders without being jurisdictionally located, providing individuals with more freedom and flexibility. [00:16:10] How a finite money system, like Bitcoin, incentivizes saving and long-term thinking, shifting behaviour on an individual, corporate, and nation-state level. [00:20:00] How broken money systems lead to war, indirect payment for war, and lack of financial responsibility in governments and corporations. [00:24:44] How a broken monetary system leads to environmental destruction, breakdown of the parent-child bond, breakdown of business practices and politics. [00:30:48] How money, as the number one cause of stress globally, indirectly affects the health of individuals and nations. [00:31:44] The breakdown of currency, rise of socialism, and its impact on the breakdown of family units, care for the elderly, and the overall fabric of society. [00:40:44] Seb shares a childhood experience that made him question the fairness of the monetary system, leading to his interest in Bitcoin. [00:45:16] Seb discusses how a debt-based system focused on growing GDP and devaluing currency leads to the monetization of everything and the loss of community events. [00:50:51] How technology drives down the cost of production and should result in lower prices, but the current monetary system prevents this from happening. [00:55:41] Seb and Scott discuss the collision between an inflationary system that requires exponential debt growth and a deflationary system driven by technological advancements, highlighting the need for a new monetary system like Bitcoin. [00:58:32] How Bitcoin will change finance, including saving, spending, and investing. [00:58:32] How broken money systems contribute to societal issues such as war and conflict. Episode Resources: Seb Bunney | Website Seb Bunney | Twitter Looking Glass Education | Website

In this podcast episode, Scott sits down with Dom Bei for a discussion on Dom's personal journey with Bitcoin and his mission to promote its adoption in pensions. Dom shares his three phases of exposure to Bitcoin and explains why he believes it is important for pension funds. He emphasizes the need for open conversations and addresses objections and concerns from pension plan members. Dom also discusses the benefits of receiving a portion of one's salary in Bitcoin and the importance of learning and adapting to navigate the changing investment landscape. Dom Bei is the Founder of Proof of Workforce. Previously the President of the Santa Monica Firefighters with 10 years of Union experience, Dom's mission is to bring long-term and sustainable Bitcoin education and adoption to the workforce. What We Discuss: [00:01:12] Dom shares his personal journey with Bitcoin, including his missed opportunity in 2010, his exposure in 2017, and his current mission. [00:06:11] Dom explains why Bitcoin is important for pensions, highlighting its decentralized nature and its ability to provide a hedge against the legacy finance system. [00:09:37] Scott and Dom discuss the investment potential of Bitcoin, focusing on its limited supply and its function as a decentralized digital currency. [00:12:00] Exploration of the challenges in perceiving Bitcoin as a savings mechanism due to its price fluctuations and comparison with cash. [00:13:06] Explanation of how Bitcoin's value and desirability increase over time, contrasting it with the depreciation of fiat currency. [00:22:14] Discussion on the difference between the Bitcoin mindset and the fiat mindset, using the example of money constantly losing value. [00:22:58] Explaining the need for Bitcoin in pension plans, highlighting that Bitcoin will continue to increase in value in dollars. [00:24:07] Advocating for pensions to have investments outside of the system to protect workers and taxpayers from manipulation and losses. [00:32:02] Discussion about the impact of broken pension promises on workforce and city reputation. [00:36:31] Analysis of the potential dominance of digital money and the significance of Bitcoin as the original and most recognizable digital currency. [00:41:59] Explanation on the benefits of using a portion of salary to buy Bitcoin for savings and addresses concerns about price volatility. [00:43:21] Discusses the perspective of getting paid in Bitcoin, managing expenses, and the potential impact of inflation on the dollar. [00:46:41] Provides advice on how to navigate objections and concerns when introducing Bitcoin to organizations, emphasizing the importance of addressing fears and building a model that addresses concerns. [00:53:20] Discussion about the Nakamoto Portfolio, an online tool for determining the right amount of Bitcoin in an asset mix. [00:53:57] Explaining how the Nakamoto Portfolio tool can be used in real time to evaluate how Bitcoin could affect a portfolio's risk analysis. [01:00:35] Dom Bei's mission to help worker unions and organizations adopt Bitcoin and find sustainable models for their pension systems, free of cost. Episode Resources: Proof of Workforce | Website Dom Bei | Twitter Dom Bei | Substack

In this podcast episode, Scott and Joseph Barbuto discuss Joseph's economic long wave theory and its relation to the real estate market in Canada. He explains the different phases of the economic cycle and the impact of unproductive debt on the economy. Barbuto predicts the end of the current fiat monetary system within a decade and discusses the factors driving real estate prices. He emphasizes the importance of understanding economic cycles and the role of interest rates in determining asset prices. He also discusses the future of technology, the potential for decentralized systems, and the role of gold and Bitcoin in the monetary system. Joseph is the founder of the Economic Longwave, a forecasting model that predicts boom and bust cycles based on the availability and price of credit. The Kondratieff Wave, also known as the Kondratieff Cycle or K-Wave, is a long-term economic theory that suggests capitalist economies go through distinct cycles of expansion and contraction, typically lasting around 50 to 60 years each. This theory was proposed by Russian economist Nikolai Kondratieff in the 1920s. What We Discuss: [00:00:45] Joseph shares how he discovered the long wave theory and its relation to his career in the investment business. [00:06:03] Explanation of the different seasons of the long wave, including economic spring, economic autumn, and economic winter. As well as the falling price of credit. [00:08:51] Joseph discusses the relationship between credit and economic activity in the long wave theory, emphasizing the importance of productive debt and the consequences of excessive unproductive debt. [00:14:13] Discussion on the correlation between real estate prices, population growth, and affordability in Canada from the 1940s to the present. [00:21:09] Advice on how individuals can prepare for the upcoming economic crisis, including deleveraging and living within one's means. [00:26:14] Discussion on how interest rates affect real estate prices and the importance of credit in the long wave theory. [00:30:34] Exploration of how the interest rate policies in the last 15 years differ from historical norms and the potential consequences, and how we are a credit based economy. [00:35:41] Addressing the belief that governments can prevent a collapse and the need to consider higher interest rates in the future. [00:37:54] Discusses the approaching economic winter where defaulting and government debt explosion will occur. [00:40:35] Explores the role of sound money, gold, and the collapse of the current monetary system. [00:41:40] The most important thing you need to know about the long wave theory. [00:42:48] Discusses the fifth wave driven by information, computer revolution, genomic revolution, artificial intelligence, and other technologies. [00:50:59] Explores the advancements in stem cell technology and its potential to revolutionize healthcare by repairing and preventing diseases, ultimately eradicating disabilities. [00:57:40] Discusses the place of gold as a transitory asset leading to digital gold or Bitcoin, which is seen as the future of money due to its technological advancements and potential for everyday use. [01:01:45] Joseph discusses his belief that by 2040, Bitcoin will emerge as the dominant monetary system over gold due to technological advancements and global adoption rates. Episode Resources: Economic Long Wave | Website Economic Long Wave | YouTube Economic Long Wave | Twitter Economic Long Wave | Substack