"You either come to the realization that central banking is at the root of many of society's ills, or you remain trapped in a loop of blaming the 'other side' while distracted by the 'current thing'."
Jeff is a gem. Made me think of something I heard Vijay say a while back, "Information moves at the speed of light, but understanding does not." We are all nodes for the development of understanding. Love that Bedford hoodie w/ the Bitcoin B on it. I will be buying one. Go Bedford! (and SKOL Vikings!!)
I’ve been saying this for years - Bitcoin is constantly gathering economic information. That’s why it appreciates in value, given it’s properties and parameters, over time. Bitcoin is a near-perfect substrate for economic information.
This was great, I listen a lot to various motivational videos, but this one gets me more excited and feeling good about the future than anything heard in a long time.
This is the best interview with Jeff Booth I've heard yet. It brought together many different ideas I've been thinking about for a long time, but stated in a very coherent logical manner. I had sever "AhHa" moments while listening to this particular discussion. You should send it to Jesse Powell because I think he needs to hear it.
Because the current system of money is based on debt being created out of thin air and the interest payment on that debt is not created when the money is printed, therefore the next creation of money has to be greater to include the interest payment for the previous creation of money... Fractional reserve lending is the problem.
Absolutely blown away by this. I saw the pennies drop Peter and was with you as Jeff showed the depths of the crime we’re trying to live our lives in. Top shelf!
My fave line at marker 44:44: People spend most of their time reinforcing the very system they hate. Vote Left or Right, it doesn't matter. You are working WITHIN that broken system. Your work is REINFORCING that broken system. You must EXIT that system because IT cannot be changed.
Jeff Booth gives me more confidence in Bitcoin than any other person. He has authenticity, and abstracts everything out to first principles. Ideas from first principles - like bitcoin - always beat those competing ideas not from first principles.
aligning with Jeff's BTC 2nd-layer prediction, boracay island (philippines) has ~100 shops/services/sari/bus adopting lightning network. remittance service too.
Interested to see this. I've been trying to get my wife's family in the Visayas interested, they don't even have bank accounts, but when there is a need, we can send fiat via western union. The problem is, having a way to send btc, then for them, being able to offramp to fiat, because right now everything is fiat, however, adoption and transition is a challenge. As Peter says, he transacts in fiat, but has one foot in btc for the future. I'm curious what are the main lightning apps people are using in Boracay ? I myself use Strike to buy and send to cold storage, I don't even use it for payments of things at this point. But I would be interested in using it for remittance, the problem is them using it on that side. As it is right now, they go to a money changer and get charged a ridiculous fee to convert btc to fiat.
Mind blowing Peter, this is by far your best interview. Your work is immense as we move forward in a forever changing world. Congratulations and keep going. Keep standing on land mines😉🙏🏼🫶🏼👊🏼
This great interview came at a perfect time to keep the drive alive. All the politics, bad practices and control issues surrounding BTC seem like a comedy, drama series, but not a horror story, to those of us waiting on cold storage. Thanks for hosting guys ! Good luck in the Great White North.
Guys, focus please: adoption will come when you don’t need a 12-24 words seed phrase you can lose and you don’t need to copy paste long addresses etc. Just simplify the user interface to begin with. Then wait for regulation (not btc regulation but institutional regulation)
When I listened to this before bedtime yesterday I thought “Neat ideas wrapped in simple explanation”. But when I really listened this morning I wrote down new profound ideas every minute of the show and thought “I want to see this new world of trust and abundance”
ETH is centralized, so it can be shut down tomorrow. ETH can be created and destroyed at will of leadership, raising or lowering it's value at any time. ETH contracts can be edited after the fact at the will of leadership. It's exactly fiat wearing a rubber crypto mask. And the mask smells all rubbery. Nasty.
Please have someone who understands ETH and debate with them. It’s very easy to make overarching statements without any metrics or details to back it up
One argument that is always brought up is that inflation is required for consumer spending. If we would be in a deflationary environment we wouldn't spend our money but rather save it to wait for things to become cheaper and cheaper. How do you see this? Is it really a harm for the economy?
It’s clear Peter just cannot give up on his UK, big government nanny, state mentality. He’s moved forward since I started listening to him, but in the end, he just cannot let go of his programmed love of government and the delusion that somehow his voice matters.
His TV purchase example is 700$ vs 2000$ 2 yrs prior.. meaning a better newer tv for a fraction of price.. I got confuse w/ his use of word “ridiculous”. He meant cheap, not more costly.
I’ve been a big follower of Jeff for sometime. I would love to hear a counter argument from someone like a vitalik. Maybe not so much of an argument as how the two can coexist and why both are necessary. My understanding from Jeff is, if its not built on BTC, it won’t last because it’s centralized. (Makes sense) is there another point of view?
The whole argument breaks down around 59:10 Almost nobody does 5-Whys. Normies are so used to Inflation that they associate it more with their next pay-rise than with "theft" or "extortion". Resistance to change is far greater than curiosity about new ideas. It takes a catastrophic finance collapse before the mainstream gives Bitcoin a chance. And even then, many would just opt into another version of fiat currency. Old habits are hard to break.
Very interesting. In the vedic perspective, it's the same prediction. Prashant Trivedi has been saying for a couple of years now, we are transitioning from the age of ignorance to the age of clarify. In the near future, societal structures will be very different as what you see as government are not longer exist the same way.
Watching Peter barely able to follow Jeff is like looking into a mirror and reminding me of that Year 9 maths class when I was nodding furiously with eyes slightly glazed over knowing full well that the content was disappearing at a rapid rate right over my head. Good times.
Unfortunately, it's unlikely that wages will be sticky after hyperbitcoinization, sticky wages are a profit vector in inflation environment. In deflation environment I predict slippy wages as preservation of the profit vector - difference between preying even less that your product got cheaper Wealth inequality will skyrocket, make sure to learn to save early Why wealth inequality will grow faster than today with sound money? Its growth rate depends on global economic growth, but theft that Jeff is talking about artificially allows while economy
Another great episode, but I did find some fundamental misunderstandings around Ethereum disappointing. Ethereum was definitely NOT created to focus on Scalability, nor do additional users increase centralization. Nevertheless, your Bitcoin guests and content is fantastic, keep up the great work!
I remember being able to run an eth full node back in the day when very few people used it. Now with many more users, running an eth full node is very challenging. That's an example of it becoming more centralized with more users.
@@SAL-fs1mr not challenging at all, its super easy there's over 12k unique solo-validators on the network (this is after excluding centralised operators), each one has to run a full node.
Guys you missed the point which was that as the staking pools become larger the VOTEING concentration becomes higher and the security is drastically reduced as there are now barely a dozen pools with the vast majority of the tokens this is undeniable remember validators are not full nodes
Inflation in proportion to gdp growth is not theft, deflation is. If you owned wealth equal to 1% of GDP , in a deflationary system if GDP rises by 10% now you have the wealth to demand 10% more goods and services just by holding your wealth , you did not have to be productive at all , justifiably , you should only have wealth equal to the amount of goods and services it was worth when you earned it. Deflationary economy rewards the unproductive at the expense of the productive, it is theft from innovators and producers and workers to those who already have wealth or their heirs.
The entire concept of investment is that 1. someone makes a sacrifice (deferring consumption of resources out into the future). 2. Until that investment is reclaimed, someone else has an opportunity to use those resources which they otherwise would NOT be entitled to and use it more effectively and 3. The person who received the investment build something more valuable than they could build from scratch and the person who deferred consumption (which made it possible) is rewarded by a larger claim to resources than if they had consumed immediately after earning. As long as the money is sound (and not able to be diluted, it is a win-win situation for everyone). This is what we try and approximate by offering "yield"/interest. But in a sound money/deflationary system you don't need this. Everyone who defers consumption gains a larger claim to future resources simply by holding money itself. Only in this situation everyone wins instead of just banks/governments.
If you could strategically pick, say, 10 or 20 nations that would best complement each other's goods and services, and have them move to the Bitcoin standard, wouldn't that speed adoption? It seems like it would allow them to form a cohesive set of trading partners who could get off the Fiat grid and thrive.
What people don’t get is the strength of currency relative to each other is LITERALLY BACKED by a handshake. That’s it! It can change in value with a press of a button, or big interest groups deciding what currency should be. Sad
Great interview. Everything makes sense. Just wondering how the powers that be, Fed, Government, Wall Street react when Bitcoin becomes more popular than the CBDC. Can they make life miserable for Bitcoiners?
Come on!!... you had a guest recently (Lyn Alden?) talking about the Eurodollar and all that, Jeff Snider is a main guy about that eurodollar system, and yet as important as that is, you never ask your GREAT, knowledgable, guests about it in the context as to what might replace the current WORLD monetary system... Jeff would be a great person to ask about it and why he thinks it will be bitcoin and why it can never be the eurodollar?? both seem to be ledger systems, etc etc...
I do not disagree that inflation is theft, but pay rises are some form of redress. You can also spend your money on goods and services and protect yourself from future price rises. Perhaps inflation is a form of tax on those withholding wealth. I am old enough to remember the standard of living in the sixties and to compare it now and even after 50 years of inflation /theft I can see the average standard of living has gone up loads. When my parents sold their home in 1976 it made £16000.00 today an identical house a few doors down has gone up for sale for £450 000.00 so it is true that money has gone down in terms of the goods it will buy but, the houses down the street have now got central heating, double glazing, fitted carpets, fridge freezers, a host of electrical goods and two or more cars on the drive. So 50 years of inflation /theft has to a substantial degree been offset by wage increases. Nevertheless I found this interesting and am of the 10% in bitcoin camp.
But thats just it, inflation has not been offset by the wage increases. With all of the afore mention improvements shouldnt life be getting easier and cheaper? In today's world it takes both spouses working to afford those things that just one salary provided for back in the 60's. Jeff's book does a wonderful job of explaining this. I would entreat you to pick up a copy. It is an enlightening read. Cheers.
"You either come to the realization that central banking is at the root of many of society's ills, or you remain trapped in a loop of blaming the 'other side' while distracted by the 'current thing'."
I see Jeff I click, then the endorphins roll in
Easy there, Soldier! 😂
Same
Pretty much my sentiments as well
wen endorphins roll in, you buy more BTC 😅
Buy buy buy buy buy buy buy buy buy buy lol
Every episode is like I'm going back to school again. But this time for an education that is actually worth it!
I felt like I had a knowledge feast after watching this episode. I am mentally very satisfied. Thank you!
Jeff is a gem. Made me think of something I heard Vijay say a while back, "Information moves at the speed of light, but understanding does not." We are all nodes for the development of understanding.
Love that Bedford hoodie w/ the Bitcoin B on it. I will be buying one. Go Bedford! (and SKOL Vikings!!)
I’ve been saying this for years - Bitcoin is constantly gathering economic information. That’s why it appreciates in value, given it’s properties and parameters, over time. Bitcoin is a near-perfect substrate for economic information.
“Abundance in $$$ is scarcity everywhere. Scarcity in $$$ creates abundance everywhere.” That’s deep.
As usual and once again… Jeff’s brilliant & inspiring. Good job Peter all WBD team.
Jeff is the best IMO. His book was the first book I read when I went down this Bitcoin rabbit hole.
Peter, another amazing podcast. I could listen to Jeff every day. Mind blowing things to think about.
This was great, I listen a lot to various motivational videos, but this one gets me more excited and feeling good about the future than anything heard in a long time.
Just finished a different episode, now ready for this one. 🙏🏻
This is the best interview with Jeff Booth I've heard yet. It brought together many different ideas I've been thinking about for a long time, but stated in a very coherent logical manner. I had sever "AhHa" moments while listening to this particular discussion. You should send it to Jesse Powell because I think he needs to hear it.
Because the current system of money is based on debt being created out of thin air and the interest payment on that debt is not created when the money is printed, therefore the next creation of money has to be greater to include the interest payment for the previous creation of money... Fractional reserve lending is the problem.
Great observation!
Absolutely blown away by this. I saw the pennies drop Peter and was with you as Jeff showed the depths of the crime we’re trying to live our lives in. Top shelf!
This is a truly fantastic interview, which will stand the test of time. Kudos Peter and Jeff!
My fave line at marker 44:44: People spend most of their time reinforcing the very system they hate. Vote Left or Right, it doesn't matter. You are working WITHIN that broken system. Your work is REINFORCING that broken system. You must EXIT that system because IT cannot be changed.
Fantastic interview! We had Jeff on our show last month, he’s one of my favourite guests.
Jeff Booth gives me more confidence in Bitcoin than any other person. He has authenticity, and abstracts everything out to first principles. Ideas from first principles - like bitcoin - always beat those competing ideas not from first principles.
aligning with Jeff's BTC 2nd-layer prediction, boracay island (philippines) has ~100 shops/services/sari/bus adopting lightning network. remittance service too.
Interested to see this. I've been trying to get my wife's family in the Visayas interested, they don't even have bank accounts, but when there is a need, we can send fiat via western union. The problem is, having a way to send btc, then for them, being able to offramp to fiat, because right now everything is fiat, however, adoption and transition is a challenge. As Peter says, he transacts in fiat, but has one foot in btc for the future. I'm curious what are the main lightning apps people are using in Boracay ? I myself use Strike to buy and send to cold storage, I don't even use it for payments of things at this point. But I would be interested in using it for remittance, the problem is them using it on that side. As it is right now, they go to a money changer and get charged a ridiculous fee to convert btc to fiat.
The best episode ever.How long will it take to get to truth,how to make this process faster.
I get home and I find this episode with Jeff!!! thank you guys!! great great work......super encouraged
He killed it.
Mind blowing! The podcast we needed to start from first principles but then get into the core.
Love your show. Respect Mr. Booth and love listening to him.
Mind blowing Peter, this is by far your best interview. Your work is immense as we move forward in a forever changing world. Congratulations and keep going. Keep standing on land mines😉🙏🏼🫶🏼👊🏼
Mine-dancing becomes trendy. ✌
Great interview. Healing the world with Jeff Booth one Bitcoin at a time 😊
Booth = legend
This great interview came at a perfect time to keep the drive alive. All the politics, bad practices and control issues surrounding BTC seem like a comedy, drama series, but not a horror story, to those of us waiting on cold storage. Thanks for hosting guys ! Good luck in the Great White North.
Guys, focus please: adoption will come when you don’t need a 12-24 words seed phrase you can lose and you don’t need to copy paste long addresses etc. Just simplify the user interface to begin with. Then wait for regulation (not btc regulation but institutional regulation)
LOVE your work on this. Keep up these amazing interviews.
I wish the title was better, cuz the content is mind blowing... Glad I watched it... Thank you for the interview..
This is one of your very best best best episodes.
I learn more every time I listen to or read something by Jeff. This podcast needs to be shared everywhere to speed up the transition. Thanks
When I listened to this before bedtime yesterday I thought “Neat ideas wrapped in simple explanation”.
But when I really listened this morning I wrote down new profound ideas every minute of the show and thought “I want to see this new world of trust and abundance”
You’ve had some of my favourite guests lately. Thanks!
Well done Peter and team. You are doing a fantastic job in sharing this information all over the world.
Mjr Tokyo 😊
Mindblowing guys! It is not getting any better than this.
i will study this interview deeply.Thank you!!
Very insightful. A whole different way of looking at things.
I want some detailed videos that systematically go though ETH's weaknesses and failure points. Cheers yall, love the show!
well. easy. ETH is POS now and ua-cam.com/video/ikPnr23h7qg/v-deo.html is all you need to show why it is systematically flawed "as money"
ETH is centralized, so it can be shut down tomorrow. ETH can be created and destroyed at will of leadership, raising or lowering it's value at any time. ETH contracts can be edited after the fact at the will of leadership. It's exactly fiat wearing a rubber crypto mask. And the mask smells all rubbery. Nasty.
Please have someone who understands ETH and debate with them. It’s very easy to make overarching statements without any metrics or details to back it up
Matt Kratter has some.
I hear Buterin talk and I smell socialism.
Thanks Pete and Jeff. Let’s walk to the new system.
Mind blowing interview. BTC healing the world gave me goosebumps
Jeff has an amazing mind. It would be nice to have his article you referenced in the description box. Nevertheless, I'll hunt it down.
Damn, seeing this just uploaded made me shout with joy!
I’d pay $100 to hear a discussion with Jeff Booth and Yanis Varoufakis.
Jeff is pure signal
This is Jeff Booths greatest interview 👍🏿👍🏿
One argument that is always brought up is that inflation is required for consumer spending. If we would be in a deflationary environment we wouldn't spend our money but rather save it to wait for things to become cheaper and cheaper. How do you see this? Is it really a harm for the economy?
Seriously this guy is next level - Jeff Booth is hope. Bitcoin is hope. It's going to be ok guys.
Jeff is an international treasure
1:15:40 You're not alone, Peter. It was a really good episode.
It’s clear Peter just cannot give up on his UK, big government nanny, state mentality. He’s moved forward since I started listening to him, but in the end, he just cannot let go of his programmed love of government and the delusion that somehow his voice matters.
Jeff "who wants to think about this everyday.."
ME ME ME. I do! I can't go back.
Thanks for sharing such a great chat w great guest! Cheers from Mexico!
Awesome! 💥 THIS BLOWS MY MIND
His TV purchase example is 700$ vs 2000$ 2 yrs prior.. meaning a better newer tv for a fraction of price.. I got confuse w/ his use of word “ridiculous”. He meant cheap, not more costly.
Mind-bending conversation
Best show yet!
Excellent. Sending links to many in hopes it will clear some smoke!
Man, I love this guy. I bought his book for a few people. Unfortunately it didn’t convert them to Maxis, like I. Oh well.
I instantly bought more bitcoin after watchinhg this video. Jeff is so good at explaining such difficult things.
I’ve been a big follower of Jeff for sometime. I would love to hear a counter argument from someone like a vitalik. Maybe not so much of an argument as how the two can coexist and why both are necessary. My understanding from Jeff is, if its not built on BTC, it won’t last because it’s centralized. (Makes sense) is there another point of view?
The whole argument breaks down around 59:10
Almost nobody does 5-Whys. Normies are so used to Inflation that they associate it more with their next pay-rise than with "theft" or "extortion". Resistance to change is far greater than curiosity about new ideas. It takes a catastrophic finance collapse before the mainstream gives Bitcoin a chance. And even then, many would just opt into another version of fiat currency.
Old habits are hard to break.
Really my type of interview. Thank you.
would be amazing to get Jeff and Bitboy to debate ETH and BTC as money......
Pure signal here! Much gratitude for this information! Let's get out of the old system! Great job! Thanks!
Who’s Mike? 😅
2 great minds (3 including Danny). Brilliant interview.
Very interesting. In the vedic perspective, it's the same prediction. Prashant Trivedi has been saying for a couple of years now, we are transitioning from the age of ignorance to the age of clarify. In the near future, societal structures will be very different as what you see as government are not longer exist the same way.
Watching Peter barely able to follow Jeff is like looking into a mirror and reminding me of that Year 9 maths class when I was nodding furiously with eyes slightly glazed over knowing full well that the content was disappearing at a rapid rate right over my head. Good times.
This is how I feel too sometimes. Jeff is on another level!
I like Jeff Booth. He has that voice like a pilot..
Unfortunately, it's unlikely that wages will be sticky after hyperbitcoinization, sticky wages are a profit vector in inflation environment. In deflation environment I predict slippy wages as preservation of the profit vector - difference between preying even less that your product got cheaper
Wealth inequality will skyrocket, make sure to learn to save early
Why wealth inequality will grow faster than today with sound money? Its growth rate depends on global economic growth, but theft that Jeff is talking about artificially allows while economy
Amazing interview!
Dang this interview was great!
Another great episode, but I did find some fundamental misunderstandings around Ethereum disappointing. Ethereum was definitely NOT created to focus on Scalability, nor do additional users increase centralization. Nevertheless, your Bitcoin guests and content is fantastic, keep up the great work!
I remember being able to run an eth full node back in the day when very few people used it. Now with many more users, running an eth full node is very challenging. That's an example of it becoming more centralized with more users.
@@SAL-fs1mr not challenging at all, its super easy there's over 12k unique solo-validators on the network (this is after excluding centralised operators), each one has to run a full node.
Guys you missed the point which was that as the staking pools become larger the VOTEING concentration becomes higher and the security is drastically reduced as there are now barely a dozen pools with the vast majority of the tokens this is undeniable remember validators are not full nodes
Inflation in proportion to gdp growth is not theft, deflation is. If you owned wealth equal to 1% of GDP , in a deflationary system if GDP rises by 10% now you have the wealth to demand 10% more goods and services just by holding your wealth , you did not have to be productive at all , justifiably , you should only have wealth equal to the amount of goods and services it was worth when you earned it. Deflationary economy rewards the unproductive at the expense of the productive, it is theft from innovators and producers and workers to those who already have wealth or their heirs.
The entire concept of investment is that 1. someone makes a sacrifice (deferring consumption of resources out into the future). 2. Until that investment is reclaimed, someone else has an opportunity to use those resources which they otherwise would NOT be entitled to and use it more effectively and 3. The person who received the investment build something more valuable than they could build from scratch and the person who deferred consumption (which made it possible) is rewarded by a larger claim to resources than if they had consumed immediately after earning.
As long as the money is sound (and not able to be diluted, it is a win-win situation for everyone).
This is what we try and approximate by offering "yield"/interest. But in a sound money/deflationary system you don't need this. Everyone who defers consumption gains a larger claim to future resources simply by holding money itself. Only in this situation everyone wins instead of just banks/governments.
This is the guy that Orange pilled me. His book is amazing! Jeff Booth
You should interview Professor Richard Werner just ot hear what he has learned about how banks and credit money works.
Nah. Werner is an MMT nut. Jeff Snyder has a much better understanding of the system.
Great podcast
love Jeff. read his book, but i barely understood a word of this. “system, system, system….” i need an interpreter. anyone have a TL;DR?
If you could strategically pick, say, 10 or 20 nations that would best complement each other's goods and services, and have them move to the Bitcoin standard, wouldn't that speed adoption? It seems like it would allow them to form a cohesive set of trading partners who could get off the Fiat grid and thrive.
I wish a day had 25 hours. Jeff is so wise.
I’m so excited for this
What people don’t get is the strength of currency relative to each other is LITERALLY BACKED by a handshake. That’s it! It can change in value with a press of a button, or big interest groups deciding what currency should be. Sad
The view from 50,000 no 500.000 feet! Looks clear...full speed ahead.
Pure rational stuff . Jeff is amazing 😻
One of the best interviews i have ever seen. Thank you.
Drink every time Jeff says the word "system"
10:00 I don't understand this part.
Excellent episode !!!!!
Great interview. Everything makes sense. Just wondering how the powers that be, Fed, Government, Wall Street react when Bitcoin becomes more popular than the CBDC. Can they make life miserable for Bitcoiners?
This might be your most important episode yet! I will have to watch a few more times to get it all to sink in effectively.
Jeff blew my mind at pacific Bitcoin and in this podcast
Jeff's take that any growth in the money supply as theft is insane. A static money system can't scale. At all.
My favorite part was where Jeff explains why your vote doesn't count in a democracy.
Come on!!... you had a guest recently (Lyn Alden?) talking about the Eurodollar and all that, Jeff Snider is a main guy about that eurodollar system, and yet as important as that is, you never ask your GREAT, knowledgable, guests about it in the context as to what might replace the current WORLD monetary system... Jeff would be a great person to ask about it and why he thinks it will be bitcoin and why it can never be the eurodollar?? both seem to be ledger systems, etc etc...
I do not disagree that inflation is theft, but pay rises are some form of redress. You can also spend your money on goods and services and protect yourself from future price rises. Perhaps inflation is a form of tax on those withholding wealth. I am old enough to remember the standard of living in the sixties and to compare it now and even after 50 years of inflation /theft I can see the average standard of living has gone up loads. When my parents sold their home in 1976 it made £16000.00 today an identical house a few doors down has gone up for sale for £450 000.00 so it is true that money has gone down in terms of the goods it will buy but, the houses down the street have now got central heating, double glazing, fitted carpets, fridge freezers, a host of electrical goods and two or more cars on the drive. So 50 years of inflation /theft has to a substantial degree been offset by wage increases. Nevertheless I found this interesting and am of the 10% in bitcoin camp.
But thats just it, inflation has not been offset by the wage increases. With all of the afore mention improvements shouldnt life be getting easier and cheaper? In today's world it takes both spouses working to afford those things that just one salary provided for back in the 60's. Jeff's book does a wonderful job of explaining this. I would entreat you to pick up a copy. It is an enlightening read. Cheers.
Always love Jeff’s insights
Whoa... whant else can I say after listening to Jeff...?!
The future's so Bright!