I enjoyed the interview with Jeff, but ended up feeling quite confused and with lots of unanswered questions. This interview with Matthew is a godsend -- he is so clear and informative. And he even defines his terms!
Amazing. Thank you Peter for allowing me to have these experiences and learn from such amazing people. This was one of the most influential episodes on my life by far. I truly appreciate you for enabling this experience for me at practically no cost.
Peter. Can you have Danny on as a "guest". When he contributes to the pods he asks great questions and seems to be a chill dude whp would be great to listen to. Make it happen!
Excellent interview. Like you, I'm going to have to listen again . . . at least once. So few hosts have the ego health to shut up and let their guests shine. Thank you!
This is wild I literally had a dream last night about fractional reserve banking and everybody was running to the bank to withdraw their money. I wake up login to youtube and see this posted number 1 on my feed. bought more bitcoin lmao
Amazing interview!!! I will definitely have to check out Matthew work as his understanding of the history and function of money has really opened my mind. One question that I had was that in the talk he if I'm correct he placed notes and coins and private bank reserves with the central bank has being base money. But by his own definition money is a economic good that's a generally accepted medium of exchange. So hiw can reverses help by the CB be money if they are looked in the banking system and cannot circulate in the economy, unlike bank notes and coins?
Very interesting, and shows how complex "all the monies" really are. It's important we have a better understanding of how all these systems work, and where they fail.
Dr. Richard Werner made an empirical study showing that money is printed out of the blue on the spot when the bank issue a loan. It is based on the risk assessment of the debtor. Fractional reserve is not the way money is made.
Matt defined "currency" in my opinion, Money has one characteristic that puts it above currency, Money must protect your purchasing power through time.
Peter , you are circling the holy grail. I see you know this too. Get this guy back. A future with Bitcoin as base money and credit appears to be the correct answer. No one else is looking as this. We need to articulate how that could work.
He described base money as applies solely to the Federal Reserve System jurisdiction. In the eurodollar system, T-bills form most od the monetary base.
This is one of the few times I've seen either cryptocurrency person or bitcoin person actually have a firm grasp of money and the diverse history of it. Literally the only one of them I've heard who's familiar with Graeber.
Check out Mike Maloneys Hidden Secrets of Money on YT. 10 episodes total. Highly recommend everyone to watch that before going down the Bitcoin rabbit hole.
So by credit you mean explicit reciprocal altruism. Would probably be good to not use the word credit to describe that unless you are adding on accounting and record keeping (which would not be in the spirit of reciprocal altruism).
Please can someone explain whether if I self custody tether/USDC am I then subject to the counter party risk of the company that makes tether/circle? Ie there is no point , better to just get a good yield….. with a crypto bank
I feel like the definition Matthew gives for money is so general that many many things can be considered money. While its useful to have the definition and I like how he's basing the convo in something more concrete I wonder if when Jeff says 'I dont know what money is' hes alluding to the fact that there are so many things that can be money that it in some sense its a meaningless definition. An example of this might be (as far as I understand, could be wrong) the sub prime-mortgages which causes the 2008 GFC. Didn't a bunch of banks wrap up mortgages into some sort of financial asset and used it as a medium of exchange with other banks (ie its money also). Then used it as collateral for loans with other banks (possibly within the euro dollar system of banks?) and when those mortgages started to become known as bad (people defaulting on them) then the loans they were collateral on (and I start to get to the extent of my understanding at this point) get called in. Perhaps those loans were denominated in USD causing a run on USD and a shortage generally. As its reserve currency this causes all sorts of issues and the GFC generally. I feel like Jeff is pointing out that so many things can be money thats its gonna get us into the shitter. On top of that many of these banks are unregulated (ie euro system banks) and so can do whatever they like.
Sorry, but could someone enlighten me ... How can something be a medium of exchange without also storing value at least for the duration of the period of acceptance and settlement? This seems to be a flaw in the guest's logic. So, not all stores of value are media of exchange, but all media of exchange are at least temporary stores of value. Or am I wrong?
For anything to be money the party receiving it needs to believe that they will be able to exchange it with others for goods or services. But that its different from a store of value. Because a store of value just implies that the underlying value of the token I am exchanging will not change enough that it will make it unproductive for me to hold it for future exchange. So you can have something that is generally accepted in exchange for good and services even if its underlying purchasing power decreases over time. Of course the degree to which it depreciates and the effects in the economy will affect its ability to remain money
Another way to look at it is this. Your friend asks for a favor and says he will do something in return. You agree and do him that favor. Unbeknownst yo you, he was lying. In your eyes, there was an exchange of value. Your efforts were the medium of exchange. He lied though. There was never actual value. Yet there was still an exchange. All value you thought you had went to zero the moment you said yes.
was good, interesting stuff with abit more context, its pretty awesome to discover all this mess through these conversations, also first time i heard anyone protect the banks and fractional reserves, so maybe that topic could also be explored? what are the actual flaws in the system, why does it feel so tainted?
I feel like he just assumes that people taking the money from the bank always use it for productive causes and think about humanity and growth. While some people might I strongly feel that most people are selfish. The problem with type of lending is that it's not fair. People with money can get more while others are left out. Making reserve banking more secure or transparent, will it change how money is being lend?
Credit requires trust. Trust and Credit are inherent in our nature. That doesn't mean it has to be inherent in our monetary system We get to design that system how we want. I would rather our monetary system NOT require trust. That's the whole point. I'm still an Austrian.
What you are willing to give for something. What are you willing to take for something. That is money. Money is just a form of a tool that we humans use to simplify and expand our opportunities.
Fundamentally Tether create a Stable Coin to allow Arbitrage between exchanges and provide Stable Bitcoin exchange prices between exchanges. The use of the word Speculation was redundant. Media Prostitution is what exactly!?
much love. firehose of info. impressed. also, last time I talked that fast there was pills, powders, and a liter of jack Daniel's involved and I could see all the colors of the financial organism that Mr m described
Wait, this guy seems smart, but he's saying TUSD is a ponzi scheme??? TUSD is a super-centralised stablecoin, supposedly 1-to-1 backed with dollars held in escrow, and with (again supposedly) real-time auditing of reserves. Either he's mistaken or he knows something nobody else does!
Sorry Matthew, your definitions of money are fine but your understanding of how the banking system works is seriously lacking. Jeff blows you away in that regard but in fairness he's been studying it for over 20 years.
Kinda boring and way too much of an apologist for the terrible systems we currently have to contend with. Deliberately confusing to muddy the waters and blur the lines of right and wrong.
I enjoyed the interview with Jeff, but ended up feeling quite confused and with lots of unanswered questions. This interview with Matthew is a godsend -- he is so clear and informative. And he even defines his terms!
You have to attend this guy's university as well as Jeff & Emil's 😂
This is without a doubt THE best show about a very reflective television screen, a camera slider and two mic stands.
Amazing. Thank you Peter for allowing me to have these experiences and learn from such amazing people. This was one of the most influential episodes on my life by far. I truly appreciate you for enabling this experience for me at practically no cost.
Very interesting. Thanks for getting these knowledgeable people to share
Peter. Can you have Danny on as a "guest". When he contributes to the pods he asks great questions and seems to be a chill dude whp would be great to listen to. Make it happen!
Keep the episodes coming and I’ll keep listening with an open mind. I appreciate the different views shared!
Excellent interview. Like you, I'm going to have to listen again . . . at least once. So few hosts have the ego health to shut up and let their guests shine. Thank you!
Thanks Peter, Danny and Jeremy. Loving the show these days. Listened to the last 4 shows twice over haha
This is wild I literally had a dream last night about fractional reserve banking and everybody was running to the bank to withdraw their money. I wake up login to youtube and see this posted number 1 on my feed. bought more bitcoin lmao
The Algo mate,now tracking our dreams.
Convinced me to grab some more 😂
Very informative and interesting interview! Thanks!!!
This is SO good once again, last episodes are just stunnin! Great job Peter !
Amazing interview!!! I will definitely have to check out Matthew work as his understanding of the history and function of money has really opened my mind. One question that I had was that in the talk he if I'm correct he placed notes and coins and private bank reserves with the central bank has being base money. But by his own definition money is a economic good that's a generally accepted medium of exchange. So hiw can reverses help by the CB be money if they are looked in the banking system and cannot circulate in the economy, unlike bank notes and coins?
Jeff really opened your eyes huh lol We need to protect Jeff at all costs because he’s changing the information asymmetry
Very interesting, and shows how complex "all the monies" really are. It's important we have a better understanding of how all these systems work, and where they fail.
Hi Mate. Get James LAvish also on your show
Dr. Richard Werner made an empirical study showing that money is printed out of the blue on the spot when the bank issue a loan. It is based on the risk assessment of the debtor. Fractional reserve is not the way money is made.
This conversation is all over the place
Matt defined "currency" in my opinion, Money has one characteristic that puts it above currency, Money must protect your purchasing power through time.
Peter , you are circling the holy grail. I see you know this too. Get this guy back. A future with Bitcoin as base money and credit appears to be the correct answer. No one else is looking as this. We need to articulate how that could work.
He described base money as applies solely to the Federal Reserve System jurisdiction. In the eurodollar system, T-bills form most od the monetary base.
I remember trading fiat for Canadian Tire dollars at a discount when I was younger so I could buy more stuff at CT 😅
Finally somebody who gets it.
This is one of the few times I've seen either cryptocurrency person or bitcoin person actually have a firm grasp of money and the diverse history of it. Literally the only one of them I've heard who's familiar with Graeber.
Check out Mike Maloneys Hidden Secrets of Money on YT. 10 episodes total. Highly recommend everyone to watch that before going down the Bitcoin rabbit hole.
So by credit you mean explicit reciprocal altruism. Would probably be good to not use the word credit to describe that unless you are adding on accounting and record keeping (which would not be in the spirit of reciprocal altruism).
Great interview. Also, a superb voice from Mr Mežinskis......contender to Mr Sudock?
Please can someone explain whether if I self custody tether/USDC am I then subject to the counter party risk of the company that makes tether/circle?
Ie there is no point , better to just get a good yield….. with a crypto bank
I feel like the definition Matthew gives for money is so general that many many things can be considered money. While its useful to have the definition and I like how he's basing the convo in something more concrete I wonder if when Jeff says 'I dont know what money is' hes alluding to the fact that there are so many things that can be money that it in some sense its a meaningless definition.
An example of this might be (as far as I understand, could be wrong) the sub prime-mortgages which causes the 2008 GFC. Didn't a bunch of banks wrap up mortgages into some sort of financial asset and used it as a medium of exchange with other banks (ie its money also).
Then used it as collateral for loans with other banks (possibly within the euro dollar system of banks?) and when those mortgages started to become known as bad (people defaulting on them) then the loans they were collateral on (and I start to get to the extent of my understanding at this point) get called in. Perhaps those loans were denominated in USD causing a run on USD and a shortage generally. As its reserve currency this causes all sorts of issues and the GFC generally.
I feel like Jeff is pointing out that so many things can be money thats its gonna get us into the shitter. On top of that many of these banks are unregulated (ie euro system banks) and so can do whatever they like.
Sorry, but could someone enlighten me ... How can something be a medium of exchange without also storing value at least for the duration of the period of acceptance and settlement? This seems to be a flaw in the guest's logic. So, not all stores of value are media of exchange, but all media of exchange are at least temporary stores of value. Or am I wrong?
For anything to be money the party receiving it needs to believe that they will be able to exchange it with others for goods or services. But that its different from a store of value. Because a store of value just implies that the underlying value of the token I am exchanging will not change enough that it will make it unproductive for me to hold it for future exchange. So you can have something that is generally accepted in exchange for good and services even if its underlying purchasing power decreases over time. Of course the degree to which it depreciates and the effects in the economy will affect its ability to remain money
Another way to look at it is this. Your friend asks for a favor and says he will do something in return. You agree and do him that favor. Unbeknownst yo you, he was lying. In your eyes, there was an exchange of value. Your efforts were the medium of exchange. He lied though. There was never actual value. Yet there was still an exchange. All value you thought you had went to zero the moment you said yes.
✌️
was good, interesting stuff with abit more context, its pretty awesome to discover all this mess through these conversations, also first time i heard anyone protect the banks and fractional reserves, so maybe that topic could also be explored? what are the actual flaws in the system, why does it feel so tainted?
YEAH i always wanna ask did i see Peter Scheff in there in screen XD
I feel like he just assumes that people taking the money from the bank always use it for productive causes and think about humanity and growth. While some people might I strongly feel that most people are selfish. The problem with type of lending is that it's not fair. People with money can get more while others are left out. Making reserve banking more secure or transparent, will it change how money is being lend?
Credit requires trust. Trust and Credit are inherent in our nature. That doesn't mean it has to be inherent in our monetary system We get to design that system how we want. I would rather our monetary system NOT require trust. That's the whole point. I'm still an Austrian.
Lol Canadian tire money is not a medium on exchange in Canada. It’s only redeemable as cash at Canadian tire. Lol
Get Jeff Snider to debate everyone!!!!!!
So what is money?
What you are willing to give for something. What are you willing to take for something. That is money. Money is just a form of a tool that we humans use to simplify and expand our opportunities.
Fundamentally Tether create a Stable Coin to allow Arbitrage between exchanges and provide Stable Bitcoin exchange prices between exchanges.
The use of the word Speculation was redundant.
Media Prostitution is what exactly!?
Mrs Sofia is the best, recommending her to all beginners who wants to recover from their losses and gain more like I did through her strategies.
much love. firehose of info. impressed. also, last time I talked that fast there was pills, powders, and a liter of jack Daniel's involved and I could see all the colors of the financial organism that Mr m described
Take a shot every time he says FEDUCIARY MEDIA.
Or better don't... :D
Credit.
An exchange in to the future, a favour.
For Favour.
Por favor.
Please.
Empathy.
Bitcoin is beyond Money and Credit.
Wait, this guy seems smart, but he's saying TUSD is a ponzi scheme??? TUSD is a super-centralised stablecoin, supposedly 1-to-1 backed with dollars held in escrow, and with (again supposedly) real-time auditing of reserves. Either he's mistaken or he knows something nobody else does!
Danny > Professor X
Sorry Matthew, your definitions of money are fine but your understanding of how the banking system works is seriously lacking. Jeff blows you away in that regard but in fairness he's been studying it for over 20 years.
The guy doesn't really get a grasp of what he's saying. his talk is just mumble jumble. he ended up confusing his audience than enlightening them
Kinda boring and way too much of an apologist for the terrible systems we currently have to contend with. Deliberately confusing to muddy the waters and blur the lines of right and wrong.
Showing your ignorance. The Scottish pound note is par. £20 is £20. Not £19.
It is almost like I was making a joke
As clear as mud!! Man he's hard to follow!!
This is so bad compared to lyn and jeff’s interviews
red bull does not make you a better person tomorrow. PSA
This dude talks to much without letting the host direct the conversatuon. He just talks and talks and drops "fiduciary media" into every senstence.
Bitcoin IRA!!!
i dont think you need to listen to this. just my feelings..
Cheeky? You’re in America. Cringe