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A Pretty Intense Bitcoin Conversation with Robert Breedlove (WiM367)
The "What is Money?" Show
Bitcoin: Reducing Incentives for Violence
Understanding world history through the lens of money reveals that competition between businesses often leads to human coercion, compulsion, and violence. This violence is further incentivized under a gold standard, where physical theft and conquest can lead to wealth accumulation. Transitioning to a fiat standard exacerbates these incentives, as the ability to steal savings and hyperinflate currency can be used to finance warfare. Bitcoin provides a solution by offering a de materialized form of gold that is difficult to steal through physical force. Through the use of cryptographic code and multi-signature technology, Bitcoin makes it nearly impossible to steal someone's holdings. As a result, the incentives for violence are significantly reduced. With smaller potential gains at the end of the stick, the likelihood of engaging in coercion or violence decreases. This reshapes how humans organize themselves.
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