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!!)
"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'."
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.
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 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.
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.
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
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.
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😉🙏🏼🫶🏼👊🏼
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.
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.
Miners print new Bitcoin every 10 minutes, that effectively steals value from all other Bitcoin holders by diluting the supply. Bankers do this with fiat too. Nano is the first currency that doesn't use inflation to pay for security.
Inflation in the sense of quantitative easing or fractional reserve is a debasement of currency, you can think of it as real (not nominal) tax, which steals of the real buying power of your saved money. School of thought in new monetary theory says that the market needs a Inflation by default, for keeping pace with economical growth of gdp, otherwise it would lead to growing deflation and therefor stall demand and crash the markets.
You can think of it as stealing your moneys purchasing power. When you inflate a currency your making each individual dollar worth less than it was. When you do this to an extreme level you get something close to the Weimar republic. At the end of this you need wheelbarrows of marks to buy anything
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.
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)
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.
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.
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?
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”
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.
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
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.
If money becomes pure Digital without any cash in the Systems can't work bcz - what happen if a Blackout appears, what if whole countries will be blocked being a part and having access to the system? What if data "get lost or manipulatet ??
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?
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
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!!)
“Abundance in $$$ is scarcity everywhere. Scarcity in $$$ creates abundance everywhere.” That’s deep.
I felt like I had a knowledge feast after watching this episode. I am mentally very satisfied. Thank you!
Every episode is like I'm going back to school again. But this time for an education that is actually worth it!
As usual and once again… Jeff’s brilliant & inspiring. Good job Peter all WBD team.
"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'."
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.
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.
Just finished a different episode, now ready for this one. 🙏🏻
Jeff is the best IMO. His book was the first book I read when I went down this Bitcoin rabbit hole.
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.
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!
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.
Love your show. Respect Mr. Booth and love listening to him.
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.
Thanks for sharing such a great chat w great guest! Cheers from Mexico!
The best episode ever.How long will it take to get to truth,how to make this process faster.
Well done Peter and team. You are doing a fantastic job in sharing this information all over the world.
Mjr Tokyo 😊
Mind blowing! The podcast we needed to start from first principles but then get into the core.
i will study this interview deeply.Thank you!!
I get home and I find this episode with Jeff!!! thank you guys!! great great work......super encouraged
Fantastic interview! We had Jeff on our show last month, he’s one of my favourite guests.
He killed it.
Very insightful. A whole different way of looking at things.
36:15 - Why does each additional user on ethereum make it more centralized?
Nvm, found the answer at 38:08
Mind-bending conversation
Booth = legend
Amazing interview!
You’ve had some of my favourite guests lately. Thanks!
2 great minds (3 including Danny). Brilliant interview.
Best show yet!
Damn, seeing this just uploaded made me shout with joy!
Excellent. Sending links to many in hopes it will clear some smoke!
Mindblowing guys! It is not getting any better than this.
Really my type of interview. Thank you.
Dang this interview was great!
Great interview. Healing the world with Jeff Booth one Bitcoin at a time 😊
This is Jeff Booths greatest interview 👍🏿👍🏿
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.
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.
Excellent episode !!!!!
Awesome! 💥 THIS BLOWS MY MIND
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. ✌
1:15:40 You're not alone, Peter. It was a really good episode.
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
10:00 I don't understand this part.
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!
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.
Mind blowing interview. BTC healing the world gave me goosebumps
Great podcast
Thanks Pete and Jeff. Let’s walk to the new system.
WOW… great interview..
Pure signal here! Much gratitude for this information! Let's get out of the old system! Great job! Thanks!
Who’s Mike? 😅
I’m so excited for this
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.
Jeff is an international treasure
So good!
One of the best interviews i have ever seen. Thank you.
7:00 Can somebody elaborate on the inflation as theft thing?
Miners print new Bitcoin every 10 minutes, that effectively steals value from all other Bitcoin holders by diluting the supply. Bankers do this with fiat too. Nano is the first currency that doesn't use inflation to pay for security.
Inflation in the sense of quantitative easing or fractional reserve is a debasement of currency, you can think of it as real (not nominal) tax, which steals of the real buying power of your saved money. School of thought in new monetary theory says that the market needs a Inflation by default, for keeping pace with economical growth of gdp, otherwise it would lead to growing deflation and therefor stall demand and crash the markets.
Read his book "The Price Of Tomorriw" or Amous Safedean's "The Bitcoin standard". You have to read to understand.
You can think of it as stealing your moneys purchasing power. When you inflate a currency your making each individual dollar worth less than it was. When you do this to an extreme level you get something close to the Weimar republic. At the end of this you need wheelbarrows of marks to buy anything
I highly recommend Jeff’s book
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.
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)
51:05 is all you need to understand
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.
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.
Jeff is pure signal
Fantastic
I instantly bought more bitcoin after watchinhg this video. Jeff is so good at explaining such difficult things.
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.
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?
The future's so Bright!
“Биткоин - базовый слой правды” - круто! Спасибо за перевод!
Always love Jeff’s insights
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.
Pure rational stuff . Jeff is amazing 😻
Jeff "who wants to think about this everyday.."
ME ME ME. I do! I can't go back.
Smart man!
Seriously this guy is next level - Jeff Booth is hope. Bitcoin is hope. It's going to be ok guys.
I like Jeff Booth. He has that voice like a pilot..
Jeff blew my mind at pacific Bitcoin and in this podcast
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?
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”
I’d pay $100 to hear a discussion with Jeff Booth and Yanis Varoufakis.
An instant classic, ten thumbs 👍
This connected some thing for me. I'll be thinking about this for a while.
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.
Kaspa solve blockchain trilema!!!!!!
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.
Wow good content! 🤯👍
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
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!
If money becomes pure Digital without any cash in the Systems can't work bcz - what happen if a Blackout appears, what if whole countries will be blocked being a part and having access to the system? What if data "get lost or manipulatet ??
Jeff is brilliant !
would be amazing to get Jeff and Bitboy to debate ETH and BTC as money......
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?
Nice :)
Thanks 😁