Jeff Booth's book and talks have changed my life! I highly recommend his book, "The Price of Tomorrow" and any/all interviews he has done. Outstanding!
the thing that i love about jeff is that he presents it without hype or without a large amount of (visible) emotion (although it might be hidden underneath). the result is a simple conversation about something that matters to him. love that method and model. convincing, too.
“When you stop creative destruction at the economy level, you push it up to the monetary level”. Such an amazing way of explaining bitcoin as a market driven emergent phenomenon. Jeff, I think this was your primer lecture for a Tedex Talk!
This gentleman is bringing glimpses of something huge coming over to the whole world. Everything is about to change; but not because of technology, nor economics, nor politics... The real change, the real fold, takes place within us, each of us is in the fold 34 of level of consciousness. As it grows we will see a New Earth emerging from the old. Buckle up and enjoy these three/four years to come. No one can imagine what's coming.
What is...has already been. Fools believe THEY, are the first to discover, create, imagine something "New" Where were you, when the world was made? The stars put in place? The Sun, moon, planets? Who hid the gold & silver in this earth? Who told the Oceans they could only go so far. To go one step forward with out asking , with all humility, for help, Understanding, and Wisdom from the ONE who created ALL....is only to step into utter annihilation. There is only Life from The Life giver.
Jeff is absolutely brilliant, a genius of our times. I always enjoy listening to him I'm leaving this comment instead of a like as a token of my appreciation for the person/people behind this video #nolikeswithoutdislikes
Such an insightful talk, every investor and banker executive should listen to this very carefully and discuss internally to create abundance by adopting technology.
Get off zero for the reasons outlined by Jeff Booth and read his book while you're at it. Insightful contributions always made that are unique to how we are taught to think.
what is that, zero? i would guess it’s a term of art for fiat, but it could be referring to some crypto or something i’m unaware of. never heard the term...
We need to see more debates around these topics. We have circles of people talking to their specific audiences but far too little interaction. Jeff debating someone like Stephanie Kelton would be an important event.
@@kohanzoguest3358 depends on what the people want. If enough people want decentralization, banks would have to step down. The only thing is, not enough people are educated enough to understand what centralized vs decentralized can do to a system. Only few can see the long term benefit.
I love Jeff Booth he is extremely smart and visualizes so many connections but often cuts his self off. Not sure if he done this as much in other videos maybe he needs a speaking coach. Nonetheless awesome talk.
Everything in nature grows exponentially when given the right environment. If humanity put in love, compassion, humility, and equality as the primary thing of importance 50 years ago rather than computers we would be living in Utopia.
What's to prevent Central Banks from printing as much money as they like, and using that newly minted money to buy as much BTC as they like (say $500 billion+)? What if the FED has already done this, and thus has a measure of price control (like Ft. Knox)?
It's an overly suspicious question but in answering it, It impossibly can't be done - (& you need to learn more) - The central banks would be openly shooting themselves in the foot for all the public to see and quite frankly, it's a sheer act of open suicide. It would be like playing monopoly and then the banker then all of a sudden starts pulling out a pair of scissors to cut-up all the money in half. Or a drug dealer cutting his product with rat poison while expecting the same returning customers. You need to learn more.
For the reason of its particular purchase, the $500B ceases to exist the very moment it is created and instantly becomes btc. - It subsequently then liquidates a proportion of the existing money-supply, thus weakening the USD purchasing power/value *& all other currencies. And then when the BTC is purchased, it pushes BTC value up by $500B. And then after all that they have to hide the BTC wallet address/ And, that, ...is even more completely impossible. - You're hypothetical question is like asking someone to turn the Sun off. - It just can't be asked or done and just makes you look dumb. - Good luck.
There's only about 12% of currently created BTC on the open market. The lower that goes, the exponentially higher the price rises. Central banks are already too late to capture meaningful supply of Bitcoin in the way the did gold.
No one will buy bread that will cost $2000 since we know wage cannot keep up. We would be at war, or choose a system that works better, hence BITCOIN cannot fail. Just look at what’s happening now
It's not the internet per se that will impact the economy, its the advances in AI, that will impact the economy. And the internet will be impacted also.
As the population grows, there is more demand for tangible things. If technology cannot increase the supply of these tangible things or somehow replace them with less costly alternative. Their price will rise
Pretty sure that's Steve Baker (MP for High Wycombe) @ 34:15. It's nice to see a Tory MP actually taking free market economics & Bitcoin and by extension, human liberty, seriously. Better I don't comment on the attitude of the highest profile member of his political party in respect of that issue... 🙄
Jeff's analogy with the folding paper is more accurate than he thinks. The takeaway is that you can't fold a piece of paper fifty times. There is a finite number of folds that physics dictates and it is incredibly smaller than you would imagine. He is right about wrapping your head around compound or exponential growth. The people who figured that out have been rich ever since. But the overwhelming majority don't understand it and never will. The same goes with Libertarianism. In theory, it is Eutopia and like Eutopia, it exists nowhere. My first bout with Libertarianism was in the seventies after I and my business were raked over the coals by the IRS. If anybody tells you that they will work with you, well, nah. I started reading about government and money. I became active in the Libertarian party in the mid nineties. The party I was involved with was very small and filled with crackpots who had an axe to grind, (like me, I guess). I still respect the Paul family greatly, but Libertarianism is a pipedream. Bitcoin and cryptos are Libertarianism incarnate. Jeff is smitten with the beauty of cryptos, especially Bitcoin. His basic argument here is that if you don't see it as the future it is because you can't wrap your head around his idea of the future. All of the alternatives he expostulates ignore some basic realities, like the fact that you can't fold a piece of paper fifty times or the economy can seriously collapse. He uses oxygen as an example of the value of scarcity and the freedom that comes with plenty, but is oblivious to the real possibility of an impending scarcity of food if the economy collapses or the disruptions that come from idle hands. The reactions of governments to that will be . . . well, the word "epic" falls short. Here are some near-universal truths. All governments or ruling bodies, throughout history, have been willing to use the savagery and science necessary to maintain control or they have been replaced with people who are willing to use it. But, but, but, they can't destroy Bitcoin, advocates will exclaim! Well, try this on for size. First the government enlists the aid of the media who are always looking for controversy to sell news. They will trot out case after case of blackmail, ransom, slavery, contract murder, anything that titillates or scares the public. You have only to look at the pandemic to see how easily people are manipulated in this way. And I still can't believe that people actually use El Salvador and Nigeria as cases of progress, two of the most corrupt governments in the world. Second, the government will announce that they are going to make cryptos illegal tender or some other concocted name, and offer an exchange to their CBDCs "for a limited time." The window will be small. This will shut down all commerce in cryptos immediately. If this doesn't cause a massive sell off, they will make some high level arrests and property confiscations of resistors. The public will be crying "Guillotine,Guillotine!" If you think the public cares if the government knows everything you do or buy, think again. If you think you can protect yourself from the all-seeing government eye, that ship has sailed long ago. Jeff shows briefly the DARPA toys dancing but makes the wrong point. These things can and will come after you. There will almost certainly always be some Bitcoin recorded somewhere with True Believers waiting for the second coming, but it will be an also-ran currency, a cyber relic, if cyber even survives the hyper-population inflation and the economic house of cards that supports it. Famine, coming soon to a neighborhood near you. Lastly, there is a moral hazard to Bitcoin that is true of many stores of value, and that is that the owners are motivated to drive up the value by encouraging others to buy in. Cryptos are straight up gambling. Some who have inside information will get rich but most people will lose their shirts. This is subconsciously or consciously in the back of the owners' minds.
Nailed the problem, not so much the solution - BTC is deflationary, but so are other tokens. The key is Omni-deflationary monies. But there’s no utility of BTC outside of that. Tl;Dr - multiple deflationary assets are viable for the same exact answer to the solution, but utility on top of simple “SoV” will dictate usage
Someone explain. Btc cannot scale. They say ‘lightning network’, which is not bitcoin, its a separate system and not onchain, so why the need for btc then? Why not scrap btc and just use lightning? Which is why I believe bsv is bitcoin.
Fascinating. "Creative thought, creative art or creative poetry are all excuses to expose the world to aberrations born in the sullied minds of the so-called intellectual elite of the West. The true creative artist never cries his creativeness to the skies. The true intellectual never claims to be one. It is the unfulfilled, the unsuccessful, the lazy and the foolish who weld together old bicycles and claim to be creative. They are surrounded by their kind who shower the rubbish with praises so that, in their turn, they may be the recipients of praise." (Shiekh Abdul Muhi in Rafael Lefort's The Teachers of Gurdjieff [London: V. Gol-lancz, 1966], p. 115).
Bitcoin is both the safest most secure network ever built, and also the most decentralized. has had zero downtime since inception, and literally every computer on earth could go down at the same time, and there would still be a node on the ISS in space securing the entire network. Bitcoin is a computer network. Its not run by any single entity. That, and it's POW fixed schedule is already determined. There are other reasons of course, but do more research and you will understand why BTC will always be the level 1. I disagree with him and think other cryptos WILL play other roles, but ultimately it will all exist on top of BTC.
Do you expect the present monetary system will give in to BTC without a fight? They will sure try to kill the competitor. Or do you expect that BTC will rise from the shambles of the old system? So we all will have to go thru the hell of hyperinflation and then only the lucky BTC holders will get to the new paradise?
Jeff's talk is definitely visionary. Where I have a problem is that Bitcoin is at 43,000. Can anyone tell me how a person with an average income can purhase or obtain any share? Please let me know your insights?
Each Bitcoin breaks into smaller units called Satoshis .. so there's 100 million Satoshis in each Bitcoin Kind of like a dollar w 100 pennies So at anytime you can buy 1 dollar of Bitcoin or 10,000 dollars of Bitcoin... most ppl just buy small amounts every week or every month Dollar costs average to get off zero... Each Bitcoin has 8 decimal points 1.000000000 👈 1 whole Bitcoin 0.1000 👈 that here is 10 % of a Bitcoin or 10 million Satoshis
It costs less? Does it? Anything costs less if you only look at one side of the equation. What is the TRUE COST. What is the cost to our souls? Our happiness? Our relationships? Our intelligence? Capitalists, for example, love to look at the "bottom line" which is really only the line that tells them their immediate profit. The true cost of course is a massive equation that no one cares about.
But what would the economy behave like if the reserve was completely hard? Wouldn't everyone just hold the currency rather than invest or buy anything?
No...you would still spend it, and save some. As time goes on, every satoshi becomes MORE valuable. Therefore saving it makes you that much better off, yes, but very little has to be spent to do what you want and eat etc. There would still be high velocity to help offset too massive of deflation at any time.
@@MikeyDiL You aren't going to invest in a high risk company if you can get better growth in purchasing power safely by sitting on your satoshi. Why would anyone invest in something risky if bitcoin becomes world reserve. Wouldnt people delay big purchases knowing that every year they could prob buy twice as many cars/appliances etc if they just hold off.
Also you spend when you want to or need to .. There's a new I phone every year most models are barely different from the last model but every year ppl buy them some cause they need to sure but alot do just because they want newer and better always .. So this Might change the incentive structure a bit sure but the economy is going to just stop ppl need stuff ... Also Jeff points out in a different interview we look at growth all wrong in this massive expansion .. How do you grow forever on a finite planet?? You can't the model must change ..
Wait a minute- without an inflationary system (Working for the promise of future reward for forgoing reward today) wouldn’t the rate of technological innovation dry up? In other words, doesn’t the current monetary system drive the rate of technological innovation? Maybe I’m wrong?
Bitcoin is trouble for the central banks and our government. As usual, they are behind in addressing the issue. What are their options for regulating it?
@@DonClark why would you sell the best performing asset, in all of modern history? If you need liquidity, use your BTC as collateral and take out a loan, tax-free.
Still waiting for technology deflation to lower gas, food and housing prices from all the money printing and govt regulations. Cheap goods also came from outsourcing manufacturing to China ie cheap labor markets. Inflation by definition used to be money printing, not price increases.
You need literally dozens of terabytes to run an ethereum full node. So they only places full nodes are held is for the most part on Amazon cloud servers. Unlike bitcoin which anyone can create a full node for a small amount of money and a cheap hard drive since the full blockchain is only like 300~ gigs.
I actually was a bit shocked watching this Clip.. and probably not for the reason you think.... we acrually live in 2022 and an expert need to explain this to grown as adults? Maybe its becuse im an it nerd and was programmen c++ for fun when i was 14, so understanding bitcoin technology was Easy.. but im not an economist.. money is not my thing.. but I do understand what inflation is and central banking basics. In short banks ass-rapes us all everyday. Thought everyone knew that.. yet People are skeptic to bitcoin.. im shocked.. Just wow. Thats loco..
Technology in the hands of humans is like steroids in the hands of bodybuilders. We become addicted to the gains it brings us and ignore the massive strain it puts on all our systems that weren't designed to support all the things we've built. So like a bodybuilder, we either stop taking them and shrink back to our original size because we see the error of our ways, or we keep pushing till we pop. My money's on the second one as no corporation wants to give up its gains.
Jeff - "That piece of paper would reach the sun"
Me - You have my full attention now
Jeff is my favorite BTC voice. Truly a brilliant and generous man.
I once heard Jeff asked, "why are you doing this?" He said, "because of my children." He had me right there.
Jeff Booth's book and talks have changed my life! I highly recommend his book, "The Price of Tomorrow" and any/all interviews he has done. Outstanding!
Bitcoin (BTC) is the solution and Jeff Booth understood that pretty early. Fix the money, fix the world.
Clicked So Fast. When I Saw Jeff Speaking Publicly. History Being Taught Here.
Not only history being taught, but the vision to the future is now viewable with his insight.
Deflation is not a joke .
Well said.
If humanity wants to survive,
we need honest, incorruptible accounting …
BitCoin or war is inevitable.
That’s what Jeff Booth taught me.
Bitcoin can save a world without a war
Jeff is the goat 🐐
Him and lyn alden have been nothing but a blessing to our network
You are correct!
be careful with lyn alden fyi
Calm and collected as always. Jeff never lets emotion get in the way and speaks on facts. He's a true GOAT.
the thing that i love about jeff is that he presents it without hype or without a large amount of (visible) emotion (although it might be hidden underneath). the result is a simple conversation about something that matters to him. love that method and model. convincing, too.
Jeff is so good. He thinks through questions so methodically and speaks to the answers eloquently. Lucky to have him.
“When you stop creative destruction at the economy level, you push it up to the monetary level”. Such an amazing way of explaining bitcoin as a market driven emergent phenomenon. Jeff, I think this was your primer lecture for a Tedex Talk!
This gentleman is bringing glimpses of something huge coming over to the whole world. Everything is about to change; but not because of technology, nor economics, nor politics... The real change, the real fold, takes place within us, each of us is in the fold 34 of level of consciousness. As it grows we will see a New Earth emerging from the old. Buckle up and enjoy these three/four years to come. No one can imagine what's coming.
I wonder what will happen to all of those of us who are unnecessary
@@Canadian_Eh_I Everyone is able to bring something positive. It's a choice.
What is...has already been.
Fools believe THEY, are the first to discover, create, imagine something "New"
Where were you, when the world was made? The stars put in place? The Sun, moon, planets? Who hid the gold & silver in this earth?
Who told the Oceans they could only go so far.
To go one step forward with out asking , with all humility, for help, Understanding, and Wisdom from the ONE who created ALL....is only to step into utter annihilation.
There is only Life from The Life giver.
@@bgsoundscape Yeah. Everyone dies alone, we just get to mentally prepare for it.
Ask the Tartarians...they know.
43:10 .... This kept me up all night long .... melted my mind! .... this is bigger than the internet.
Jeff Booth is a visionary.
Love Jeff Booth! Prescient and relevant!
A true mastermind. The most thought provoking thing I have ever watched. Raced out and bought his book “The price of tomorrow” too.
Jake - press a few buttons on the phone snd you are reading the book
Fascinating presentation & appreciate Jeff's insights as to how technology is shifting our relationship with money!
LOVE his answer on technology creating abundance and the existing system trying to prevent a free society of abundance. FREE HUMANITY! #bitcoin
Amazing mind, love The Price of Tomorrow
Suburban home
One of the most amazing presentations I have ever seen. Jeff Booth is doing gods work!
I'd seen a clip of this on another channel and so glad I found the whole speech.
Price of Tomorrow.... a must read for people who want to succeed in the future... and that future is nearer than you think!
That answer at 36:33 was just brilliant. I am impressed.
Jeff is absolutely brilliant, a genius of our times. I always enjoy listening to him
I'm leaving this comment instead of a like as a token of my appreciation for the person/people behind this video #nolikeswithoutdislikes
The most Honest and Accurate video on UA-cam!!!!
Such an insightful talk, every investor and banker executive should listen to this very carefully and discuss internally to create abundance by adopting technology.
Robert Breedlove has an excellent set of interviews with Jeff Booth on his show "What is money?"
Worth watching twice.
First five minutes of the video. I had a breakthrough. Thank you 🙏
Nice !!
If your really interested in digging in
Read or listen to the bitcoin standard and Jeff's book the price of tomorrow both must reads imo
Absolute truth by the intellectual person. The future belongs to intelligence .
Get off zero for the reasons outlined by Jeff Booth and read his book while you're at it. Insightful contributions always made that are unique to how we are taught to think.
what is that, zero? i would guess it’s a term of art for fiat, but it could be referring to some crypto or something i’m unaware of. never heard the term...
From the Q&A - roughly - “CBDCs are surveillance disguised as money”
Wow, I wonder why an international buildings materials importer would have an interest in crypto?
Yeah Bread, that's horrendous 😕
so is Bitcoin. Surveillance coin. That's why I'm invested in Monero
Brilliant!
Spread the Word!
Brilliant presentation...Thank you Jeff.....
What a great video. Thank you for posting
We need to see more debates around these topics. We have circles of people talking to their specific audiences but far too little interaction. Jeff debating someone like Stephanie Kelton would be an important event.
Absolutely brilliant. Can’t wait
If I was a central banker, I would acknowledge this, apologize, and humbly step down.
Unfortunately it’s going to be the other way around
@@kohanzoguest3358 depends on what the people want. If enough people want decentralization, banks would have to step down. The only thing is, not enough people are educated enough to understand what centralized vs decentralized can do to a system. Only few can see the long term benefit.
Always love Jeff!
Perfect. What an amazing teacher. Wake up people. Buy the future. Buy BTC.
19:15ish is absolutely brilliant though. best meme ever.
Speaking the gospel. Big G
I love Jeff Booth he is extremely smart and visualizes so many connections but often cuts his self off. Not sure if he done this as much in other videos maybe he needs a speaking coach. Nonetheless awesome talk.
Thank you
"whoever controls the spice, controls the universe!"
The spice must flow
I 'predict' zero dislikes. But who will ever know. I guess it's good for the small creators..
some things grow exponentially. some thing grow linearly. some things don't grow at all. some things shrink or cease to exist, or cease to be valued.
The Dude with the Camera has still learn a lot! :)
Brilliant
essential listening. share far and wide
Everything in nature grows exponentially when given the right environment. If humanity put in love, compassion, humility, and equality as the primary thing of importance 50 years ago rather than computers we would be living in Utopia.
Insane information!!!!! Thank you
absolutely epic
good stuff
it's always some foreigner asking why not gold
What's to prevent Central Banks from printing as much money as they like, and using that newly minted money to buy as much BTC as they like (say $500 billion+)? What if the FED has already done this, and thus has a measure of price control (like Ft. Knox)?
Proactive thought, would be great to hear his reaction to that.
It's an overly suspicious question but in answering it, It impossibly can't be done - (& you need to learn more) - The central banks would be openly shooting themselves in the foot for all the public to see and quite frankly, it's a sheer act of open suicide. It would be like playing monopoly and then the banker then all of a sudden starts pulling out a pair of scissors to cut-up all the money in half. Or a drug dealer cutting his product with rat poison while expecting the same returning customers. You need to learn more.
For the reason of its particular purchase, the $500B ceases to exist the very moment it is created and instantly becomes btc. - It subsequently then liquidates a proportion of the existing money-supply, thus weakening the USD purchasing power/value *& all other currencies. And then when the BTC is purchased, it pushes BTC value up by $500B. And then after all that they have to hide the BTC wallet address/ And, that, ...is even more completely impossible. - You're hypothetical question is like asking someone to turn the Sun off. - It just can't be asked or done and just makes you look dumb. - Good luck.
There's only about 12% of currently created BTC on the open market. The lower that goes, the exponentially higher the price rises. Central banks are already too late to capture meaningful supply of Bitcoin in the way the did gold.
No one will buy bread that will cost $2000 since we know wage cannot keep up. We would be at war, or choose a system that works better, hence BITCOIN cannot fail. Just look at what’s happening now
Awesome!
What has risen over the past 20 years is the monthly subscription costs of things (phones, TV, streaming, internet...).
Yeah but the value proposition these thing provide today is radically different
Real smart person stuff
It's not the internet per se that will impact the economy, its the advances in AI, that will impact the economy. And the internet will be impacted also.
😎 awesome 🙏
As the population grows, there is more demand for tangible things. If technology cannot increase the supply of these tangible things or somehow replace them with less costly alternative. Their price will rise
The only employer in the US that offers increases in employee income based on inflation, and step increases based on longevity, is government.
Pretty sure that's Steve Baker (MP for High Wycombe) @ 34:15. It's nice to see a Tory MP actually taking free market economics & Bitcoin and by extension, human liberty, seriously. Better I don't comment on the attitude of the highest profile member of his political party in respect of that issue... 🙄
Jeff's analogy with the folding paper is more accurate than he thinks. The takeaway is that you can't fold a piece of paper fifty times. There is a finite number of folds that physics dictates and it is incredibly smaller than you would imagine. He is right about wrapping your head around compound or exponential growth. The people who figured that out have been rich ever since. But the overwhelming majority don't understand it and never will. The same goes with Libertarianism. In theory, it is Eutopia and like Eutopia, it exists nowhere.
My first bout with Libertarianism was in the seventies after I and my business were raked over the coals by the IRS. If anybody tells you that they will work with you, well, nah. I started reading about government and money. I became active in the Libertarian party in the mid nineties. The party I was involved with was very small and filled with crackpots who had an axe to grind, (like me, I guess). I still respect the Paul family greatly, but Libertarianism is a pipedream.
Bitcoin and cryptos are Libertarianism incarnate. Jeff is smitten with the beauty of cryptos, especially Bitcoin. His basic argument here is that if you don't see it as the future it is because you can't wrap your head around his idea of the future. All of the alternatives he expostulates ignore some basic realities, like the fact that you can't fold a piece of paper fifty times or the economy can seriously collapse. He uses oxygen as an example of the value of scarcity and the freedom that comes with plenty, but is oblivious to the real possibility of an impending scarcity of food if the economy collapses or the disruptions that come from idle hands. The reactions of governments to that will be . . . well, the word "epic" falls short.
Here are some near-universal truths. All governments or ruling bodies, throughout history, have been willing to use the savagery and science necessary to maintain control or they have been replaced with people who are willing to use it. But, but, but, they can't destroy Bitcoin, advocates will exclaim! Well, try this on for size. First the government enlists the aid of the media who are always looking for controversy to sell news. They will trot out case after case of blackmail, ransom, slavery, contract murder, anything that titillates or scares the public. You have only to look at the pandemic to see how easily people are manipulated in this way. And I still can't believe that people actually use El Salvador and Nigeria as cases of progress, two of the most corrupt governments in the world. Second, the government will announce that they are going to make cryptos illegal tender or some other concocted name, and offer an exchange to their CBDCs "for a limited time." The window will be small. This will shut down all commerce in cryptos immediately. If this doesn't cause a massive sell off, they will make some high level arrests and property confiscations of resistors. The public will be crying "Guillotine,Guillotine!" If you think the public cares if the government knows everything you do or buy, think again. If you think you can protect yourself from the all-seeing government eye, that ship has sailed long ago. Jeff shows briefly the DARPA toys dancing but makes the wrong point. These things can and will come after you.
There will almost certainly always be some Bitcoin recorded somewhere with True Believers waiting for the second coming, but it will be an also-ran currency, a cyber relic, if cyber even survives the hyper-population inflation and the economic house of cards that supports it. Famine, coming soon to a neighborhood near you.
Lastly, there is a moral hazard to Bitcoin that is true of many stores of value, and that is that the owners are motivated to drive up the value by encouraging others to buy in. Cryptos are straight up gambling. Some who have inside information will get rich but most people will lose their shirts. This is subconsciously or consciously in the back of the owners' minds.
If ETH were run primarily on AWS then why didn’t ETH go down or even have problems when AWS went down? It’s just not true.
Nailed the problem, not so much the solution - BTC is deflationary, but so are other tokens. The key is Omni-deflationary monies. But there’s no utility of BTC outside of that. Tl;Dr - multiple deflationary assets are viable for the same exact answer to the solution, but utility on top of simple “SoV” will dictate usage
I. Have never understood why the economy had to grow or collapse, why no middle ground. ??
No, I voted for Ron Paul!
Someone explain. Btc cannot scale. They say ‘lightning network’, which is not bitcoin, its a separate system and not onchain, so why the need for btc then? Why not scrap btc and just use lightning? Which is why I believe bsv is bitcoin.
thanks
sun to earth distance 149,600,000 km, 0.1 mm x 2^50 = 1.1x10^9 km
Great presentation on why we need Bitcoin!
Fascinating.
"Creative thought, creative art or creative poetry are all excuses to expose the world to
aberrations born in the sullied minds of the so-called intellectual elite of the West. The true creative
artist never cries his creativeness to the skies. The true intellectual never claims to be one. It is the
unfulfilled, the unsuccessful, the lazy and the foolish who weld together old bicycles and claim to
be creative. They are surrounded by their kind who shower the rubbish with praises so that, in their
turn, they may be the recipients of praise." (Shiekh Abdul Muhi in Rafael Lefort's The Teachers of
Gurdjieff [London: V. Gol-lancz, 1966], p. 115).
Why Bitcoin and not another cryptocurrency?
Bitcoin is both the safest most secure network ever built, and also the most decentralized. has had zero downtime since inception, and literally every computer on earth could go down at the same time, and there would still be a node on the ISS in space securing the entire network.
Bitcoin is a computer network. Its not run by any single entity. That, and it's POW fixed schedule is already determined.
There are other reasons of course, but do more research and you will understand why BTC will always be the level 1.
I disagree with him and think other cryptos WILL play other roles, but ultimately it will all exist on top of BTC.
Do you expect the present monetary system will give in to BTC without a fight? They will sure try to kill the competitor. Or do you expect that BTC will rise from the shambles of the old system? So we all will have to go thru the hell of hyperinflation and then only the lucky BTC holders will get to the new paradise?
Jeff's talk is definitely visionary. Where I have a problem is that Bitcoin is at 43,000. Can anyone tell me how a person with an average income can purhase or obtain any share? Please let me know your insights?
Each Bitcoin breaks into smaller units called Satoshis .. so there's 100 million Satoshis in each Bitcoin
Kind of like a dollar w 100 pennies
So at anytime you can buy 1 dollar of Bitcoin or 10,000 dollars of Bitcoin... most ppl just buy small amounts every week or every month
Dollar costs average to get off zero...
Each Bitcoin has 8 decimal points
1.000000000 👈 1 whole Bitcoin
0.1000 👈 that here is 10 % of a Bitcoin or 10 million Satoshis
Takes a minute to figure it out but the most important part is you don't have to have a whole Bitcoin
Anyone can participate in the Bitcoin network
You can buy a fraction of a bitcoin.
4th or 5th watch. I lost count
It costs less? Does it? Anything costs less if you only look at one side of the equation. What is the TRUE COST. What is the cost to our souls? Our happiness? Our relationships? Our intelligence? Capitalists, for example, love to look at the "bottom line" which is really only the line that tells them their immediate profit. The true cost of course is a massive equation that no one cares about.
Watching for the 3rd time
But what would the economy behave like if the reserve was completely hard? Wouldn't everyone just hold the currency rather than invest or buy anything?
No...you would still spend it, and save some. As time goes on, every satoshi becomes MORE valuable. Therefore saving it makes you that much better off, yes, but very little has to be spent to do what you want and eat etc. There would still be high velocity to help offset too massive of deflation at any time.
@@MikeyDiL You aren't going to invest in a high risk company if you can get better growth in purchasing power safely by sitting on your satoshi. Why would anyone invest in something risky if bitcoin becomes world reserve. Wouldnt people delay big purchases knowing that every year they could prob buy twice as many cars/appliances etc if they just hold off.
Also you spend when you want to or need to ..
There's a new I phone every year most models are barely different from the last model but every year ppl buy them some cause they need to sure but alot do just because they want newer and better always ..
So this Might change the incentive structure a bit sure but the economy is going to just stop ppl need stuff ...
Also Jeff points out in a different interview we look at growth all wrong in this massive expansion ..
How do you grow forever on a finite planet?? You can't the model must change ..
Bitcoin for the freedom...
Wait a minute- without an inflationary system (Working for the promise of future reward for forgoing reward today) wouldn’t the rate of technological innovation dry up? In other words, doesn’t the current monetary system drive the rate of technological innovation? Maybe I’m wrong?
Sounds like federal reserve propaganda to me
Slow down maybe ,stop no way in hell ...
Bitcoin is trouble for the central banks and our government. As usual, they are behind in addressing the issue. What are their options for regulating it?
Taxing conversion of crypto to fiat at the exchanges.
@@zachyates8440 Agreed! By doing so, would that enable us to write off losses in value of Bitcoin? And/or how do you see the whole tax thing working?
@@DonClark why would you sell the best performing asset, in all of modern history? If you need liquidity, use your BTC as collateral and take out a loan, tax-free.
From Fold 34, how do we determine the amount of time between the upcoming folds?
Half the time between previous folds probably
Still waiting for technology deflation to lower gas, food and housing prices from all the money printing and govt regulations. Cheap goods also came from outsourcing manufacturing to China ie cheap labor markets. Inflation by definition used to be money printing, not price increases.
@47:35 I don't quite understand Jeff's statement about Ethereum being on servers... I thought Ethereum is decentralized no ?
You need literally dozens of terabytes to run an ethereum full node. So they only places full nodes are held is for the most part on Amazon cloud servers. Unlike bitcoin which anyone can create a full node for a small amount of money and a cheap hard drive since the full blockchain is only like 300~ gigs.
I actually was a bit shocked watching this Clip.. and probably not for the reason you think.... we acrually live in 2022 and an expert need to explain this to grown as adults? Maybe its becuse im an it nerd and was programmen c++ for fun when i was 14, so understanding bitcoin technology was Easy.. but im not an economist.. money is not my thing.. but I do understand what inflation is and central banking basics. In short banks ass-rapes us all everyday. Thought everyone knew that.. yet People are skeptic to bitcoin.. im shocked.. Just wow. Thats loco..
is the "green vibe " energy price hike a way to fuck bitcoin, in some way?
No we are good..that's what difficulty adjustment is for bitcoin mining
also music is largely shit now. bitcoin will fix that though. artists need money.
Bitcoin isn't the future of money.
This guys read Wilson
Paul Krugman 😂🤣😂🤣😂🤣
All good until Lightning Network, which is a fundamentally flawed boondoggle solution
Technology in the hands of humans is like steroids in the hands of bodybuilders. We become addicted to the gains it brings us and ignore the massive strain it puts on all our systems that weren't designed to support all the things we've built. So like a bodybuilder, we either stop taking them and shrink back to our original size because we see the error of our ways, or we keep pushing till we pop. My money's on the second one as no corporation wants to give up its gains.
I guess it should be 54 times.
Love that Krugman quote in the picture. That dude is a tool.
So How would an 8 x 11 peice of paper, folded 50 times, produce a width greater than the sum of its parts? ...to the sun??? What am i missing? Thanks!
a sense of imagination
@@globalnonsens6816 : Beautiful!