Yes! A guest that understands the important nuances of fiat currency and fractional reserve lending. Inflation didn't kill fiat, it was moral hazard and bailouts.
From the Latin for "let it be done," the word fiat is a binding edict issued by a person in command. It can gain an almost Biblical aura of authority, like a movie Pharaoh saying, "So let it be written, so let it be done." So let it be a fiat.
Another great discussion. Debasement means folk cannot save the issue being the Fiat system and it's historical development; that's been over a century now and people need to be educated about the process.
Fractional reserve banking wouldn’t be so much of an issue if either the bank took all the risk and charged their customers a fee for looking after their money OR if the customer had a transparent view of what the bank does with their money and could make an informed decision as to whether the interest they earn on their deposits is sufficient to cover the risk. But neither of these cases is true, except that the banks are backed up to a certain extent by the central bank. In early banking in the goldsmiths era, the former was true, as the goldsmith bankers would share the interest made on loans with their depositors. Nowadays the average person has no idea what the bank does with their money
It’s fairly straightforward to explain why capitalism is not a system that we’re living with. It’s defined as a country’s trade and industry being controlled by private entities. This can’t be possible when the price and supply of money itself is controlled by the government, since this means the government is interfering with the market price of goods and services and thereby is indirectly pulling the strings of trade and industry
I do like Allen and he’s a smart guy but it’s sometimes a bit frustrating to listen when he’s checking himself every other sentence. I know he’s trying to articulate for people who are laymen on the subject but it’s ok to just say what you think without constantly having to qualify it or reiterate that it’s just your opinion. Also I know Pete grasps the concepts of banking more than Allen gives him credit for - he’s talked to hundreds of people on this topic and while he gets people on the show who can provide additional nuance, it’s not like Allen is the lone expert on this stuff. There are some things I think could have been explained in a more straightforward way
You Can't Save with Fiat Currency because Fiat Currency Loses Purchasing Power Over Time !!! You Can Save with Bitcoin because Bitcoin is Increasing Purchasing Power Over Time 😊
Interesting discussion. I liked Bitcoin is Venice, in particular the relating of Bitcoin to the work of Elinor Ostrom. It's not a subject I've heard spoken of on a podcast though.
I am old enough to remember a savings account that paid 7% interest and a 3 bedroom 2 story house w/ basement and a very large yard.for $26,000.00. You can't even get a dog house for that now.
Found it very difficult glean takeaway points from this guest. Continuous hedging and caveating got well in the way of the key messages. Even when Mr Obnoxious (not) tried to paraphrase, it got bogged down. Not sure why this guest couldn't make his general points without getting into the weeds.
bitcoin increases in value if goods/services increase. In a hard money/noninflationary/btc standard at first it seems to gain value, so people tend to hold btc and do nothing, then as shortages in goods/services begin to develop btc loses value as people begin to value things more, then people shift focus from holding btc to creating things and maybe more willing to lend/borrow. So maybe it balances in a good way, but maybe it promotes shortages of goods/services. I would think not though, because most people feel the need to have a surplus of things ready for emergency....like a squirrel saving nuts. Also with this dynamic technology and inovation would probably happen more gradually than it has been this last 100 years. This is good because it would be less disruptive to all of society and people would have better chance to adapt. The ebb and flows wouldnt be so drastic.
it amazes me that Peter says Milei "coined the term collectivism". How the F could you spend years and years in Bitcoin without once reading a book mentioning it. It is nothing new. Please Peter, read some books.
So to buy bitcoin all I need to do is give them my really money to purchase some imaginary money! What happens when they have all the really money and all we have is bitcoin?
No. You also have to give them your photo ID as well as your banking info. Bitcoin is totally "trustless" and "anonymous" until you want to actually exchange it for anything else.
I wanted to stop travelling for the show but only want to do shows in person. There aren’t enough people in the U.K. to maintain a Bitcoin only podcast so I rebranded and have got broader.
@@MrObnoxiousPod fair play matey, appriciate the reply and for clearing that up 👍🏼 will miss the old show but im sure your still be relesing solid podcast to listen to ❤️
Terrible definition of capitalism. Capitalism is a method by which we organize the production of goods and services. Capitalism organizes the means of production in a totalitarian hierarchy. A small percentage of people own the means of production and they decide what to produce where to produce and how production will occur. They exploit labor to the extent labor is needed. Otherwise they use machines to maximize their profits. Slavery had masters and slaves where masters provided enough resources to their slaves so that their slaves could sustain themselves enough so that they can return the next day and be a slave. Feudalism had lords and surfs and the lord would provide enough to the serf so the serf could sustain itself to come back to work the next day. In capitalism we have employer and employer and general the employer pays the employer enough so the can sustain themselves enough so they can come back the next day and work. In each case we have a tiny minority at the top who gets everything and gives enough to labor so labor can sustain itself enough so they can continue be laborers.
Not sure the name is right. You should be much more obnoxious with this guest, stop asking him about politics and ask why the financial industry is propping up the fiat system. He seems reluctant to go there. I guess he has a lot of friends still in that system.
I am disappointed you and your guests most commonly devolve into crapping on socialism/leftists when it’s our financial system/oligarchy that is the problem. You need to rag on the oligarchy harder Peter/Danny
You guys should make a podcast about this bitcoin thing..
💯😅
They could discuss what bitcoin did and what it's going to do
Excellent idea mate
Lol
This episode reminds me of a bitcoin podcast I used to be subscribed to.
I could be mistaken, but me too
I think a bitcoin podcast would be right up your alley. Fuckin miss WBD
Yay, still a bitcoin show!! 😊
Glad your still around. Probably my favourite pair of podcasters. Appecuare your efforts past, present, and hopefully future.
Yes! A guest that understands the important nuances of fiat currency and fractional reserve lending. Inflation didn't kill fiat, it was moral hazard and bailouts.
Finally, someone says it. Fiat = By decree. Its Latin for 'Let it Be". This guy has done his homework.
From the Latin for "let it be done," the word fiat is a binding edict issued by a person in command. It can gain an almost Biblical aura of authority, like a movie Pharaoh saying, "So let it be written, so let it be done." So let it be a fiat.
Imagine being a Bitcoiner and driving a Fiat. Oh the shame.
Allen's book 'Bitcoin is Venice' is excellent, in case you missed it.
Epic analysis, love this guy! Great new show!
Another great discussion.
Debasement means folk cannot save the issue being the Fiat system and it's historical development; that's been over a century now and people need to be educated about the process.
Smart guy. Great interview. Wrote a great book (Bitcoin is Venice).
Fractional reserve banking wouldn’t be so much of an issue if either the bank took all the risk and charged their customers a fee for looking after their money OR if the customer had a transparent view of what the bank does with their money and could make an informed decision as to whether the interest they earn on their deposits is sufficient to cover the risk. But neither of these cases is true, except that the banks are backed up to a certain extent by the central bank. In early banking in the goldsmiths era, the former was true, as the goldsmith bankers would share the interest made on loans with their depositors. Nowadays the average person has no idea what the bank does with their money
your last 4 videos have not been showing in my feed
Your algo trying to switch you again watch out
Me too
It’s fairly straightforward to explain why capitalism is not a system that we’re living with. It’s defined as a country’s trade and industry being controlled by private entities. This can’t be possible when the price and supply of money itself is controlled by the government, since this means the government is interfering with the market price of goods and services and thereby is indirectly pulling the strings of trade and industry
I do like Allen and he’s a smart guy but it’s sometimes a bit frustrating to listen when he’s checking himself every other sentence. I know he’s trying to articulate for people who are laymen on the subject but it’s ok to just say what you think without constantly having to qualify it or reiterate that it’s just your opinion. Also I know Pete grasps the concepts of banking more than Allen gives him credit for - he’s talked to hundreds of people on this topic and while he gets people on the show who can provide additional nuance, it’s not like Allen is the lone expert on this stuff. There are some things I think could have been explained in a more straightforward way
Great back and forth, cheers
Money controlled by the people…
FINALLY!
Bitcoin 🎉
idea: half undo the rebrand and still have btc guests with the set and old name :)
You Can't Save with Fiat Currency because Fiat Currency Loses Purchasing Power Over Time !!! You Can Save with Bitcoin because Bitcoin is Increasing Purchasing Power Over Time 😊
I recommend you to invite Philip Bagus (Austrian Economist) to your podcast. He just published his book: the Era of Milei - Argentinian's New Path
Interesting discussion. I liked Bitcoin is Venice, in particular the relating of Bitcoin to the work of Elinor Ostrom. It's not a subject I've heard spoken of on a podcast though.
I have to say….when I see a 2 hour video, i don’t even bother watching.
Love Allen.
I am old enough to remember a savings account that paid 7% interest and a 3 bedroom 2 story house w/ basement and a very large yard.for $26,000.00. You can't even get a dog house for that now.
What was this channel's name before?
What Bitcoin Did
When the money isn't scarce, everything else is.
Why change a good podcast and channel name to this??
Found it very difficult glean takeaway points from this guest. Continuous hedging and caveating got well in the way of the key messages. Even when Mr Obnoxious (not) tried to paraphrase, it got bogged down. Not sure why this guest couldn't make his general points without getting into the weeds.
He has a lovely voice though.
Seems he is a Bitcoin trader only , but has been asked a lot of Economics question asked here..😂😂😂
is that hat says "bún" as in vietnamese for noodles? if yes where did you get it?
Screenshot and use Google lens
I really like Allen, fantastic mind.
41:50 "Is that my car alarm?" Great show chaps love it!!!! 😎👍
Mr Ob needs to do Saffedean Ammeus's Economics course. Or at least get him onto your show ✓
What would Bitcoin do?
bitcoin increases in value if goods/services increase. In a hard money/noninflationary/btc standard at first it seems to gain value, so people tend to hold btc and do nothing, then as shortages in goods/services begin to develop btc loses value as people begin to value things more, then people shift focus from holding btc to creating things and maybe more willing to lend/borrow. So maybe it balances in a good way, but maybe it promotes shortages of goods/services. I would think not though, because most people feel the need to have a surplus of things ready for emergency....like a squirrel saving nuts. Also with this dynamic technology and inovation would probably happen more gradually than it has been this last 100 years. This is good because it would be less disruptive to all of society and people would have better chance to adapt. The ebb and flows wouldnt be so drastic.
Nice new setup!
Like us gov can find you through kyc and take your cold wallet?
it amazes me that Peter says Milei "coined the term collectivism". How the F could you spend years and years in Bitcoin without once reading a book mentioning it. It is nothing new. Please Peter, read some books.
True. G.E. Griffin used the term for years
Thank you… some Bitcoin content! ❤
also only 2.15 in..... hopefully you can address how UK peoples can navigate whats coming
over to you!
Yeah, what’s bitcoin anyway
Everything you don't know about computers crossed with everything you don't know about money.
So to buy bitcoin all I need to do is give them my really money to purchase some imaginary money! What happens when they have all the really money and all we have is bitcoin?
No. You also have to give them your photo ID as well as your banking info. Bitcoin is totally "trustless" and "anonymous" until you want to actually exchange it for anything else.
Tremendous
would've been possible before ETFs and options. p2p bitcoin would've fixed capitalism. too late
Wtf happened to what bitcoin did podcast… why has it changed to mr obnoxious???
I wanted to stop travelling for the show but only want to do shows in person. There aren’t enough people in the U.K. to maintain a Bitcoin only podcast so I rebranded and have got broader.
@@MrObnoxiousPod fair play matey, appriciate the reply and for clearing that up 👍🏼 will miss the old show but im sure your still be relesing solid podcast to listen to ❤️
Yes good ❤❤
Capitalism is not the same thing as cronyism.
Terrible definition of capitalism. Capitalism is a method by which we organize the production of goods and services. Capitalism organizes the means of production in a totalitarian hierarchy. A small percentage of people own the means of production and they decide what to produce where to produce and how production will occur. They exploit labor to the extent labor is needed. Otherwise they use machines to maximize their profits. Slavery had masters and slaves where masters provided enough resources to their slaves so that their slaves could sustain themselves enough so that they can return the next day and be a slave. Feudalism had lords and surfs and the lord would provide enough to the serf so the serf could sustain itself to come back to work the next day. In capitalism we have employer and employer and general the employer pays the employer enough so the can sustain themselves enough so they can come back the next day and work. In each case we have a tiny minority at the top who gets everything and gives enough to labor so labor can sustain itself enough so they can continue be laborers.
Ha. I thought this was going to be something different. Still the same grandstanding and name dropping as it always was.
Not sure the name is right. You should be much more obnoxious with this guest, stop asking him about politics and ask why the financial industry is propping up the fiat system. He seems reluctant to go there. I guess he has a lot of friends still in that system.
fuck me pete...hard to find bro
Mccormack is too hard to listen to.
Still hasn't learned
i love generic titles
Why call the show Mr obnoxious, you’re def not that bad ? lol …
This guest knows his stuff, but he's definitely not the most succinct!
I pay for UA-cam premium but got an ad. I want my money back.
Basically What Bitcoin Did under a new name 🤣🤣
a shitty name
1st
🎉🎉🎉nice I love everything about those who do this.
BTC fixes nothing
Really bro!? You're halirious!! Lucky for us we don't give a fark what you think anyway!!
Your mom fixes my erectile dysfunction
I am disappointed you and your guests most commonly devolve into crapping on socialism/leftists when it’s our financial system/oligarchy that is the problem. You need to rag on the oligarchy harder Peter/Danny