1
00:00:00,415 --> 00:00:04,405
Hello everyone and welcome to the Bitcoin Infinity Academy, brought to

2
00:00:04,405 --> 00:00:06,775
you by Plan B Network and Bit Box.

3
00:00:07,135 --> 00:00:10,885
I'm Kwan and I'm here today, as always with Luke De Wolf.

4
00:00:10,915 --> 00:00:12,115
How are we doing today, Luke?

5
00:00:12,505 --> 00:00:13,450
Doing great, knu.

6
00:00:13,540 --> 00:00:13,900
Thanks.

7
00:00:13,900 --> 00:00:15,220
This is really exciting.

8
00:00:15,400 --> 00:00:19,300
This first chapter here of sovereignty through mathematics, everything a trade.

9
00:00:19,630 --> 00:00:20,770
This is, uh, yeah.

10
00:00:21,160 --> 00:00:23,055
Uh, I think we both were saying we, we already.

11
00:00:23,200 --> 00:00:24,610
Know it basically by heart.

12
00:00:24,610 --> 00:00:25,960
It's, it's that memorable.

13
00:00:25,960 --> 00:00:27,910
So I'm excited to dive into it.

14
00:00:28,366 --> 00:00:28,816
Yes.

15
00:00:28,876 --> 00:00:30,796
So shall we just get at it?

16
00:00:30,856 --> 00:00:33,556
Uh, I think that's, uh, how we do this, right?

17
00:00:33,966 --> 00:00:35,251
I, I, I think so.

18
00:00:35,251 --> 00:00:38,371
So, so I think I'll just, I'll just remind if you want to follow along

19
00:00:38,371 --> 00:00:43,051
the, the chapters available on Noster, uh, we've got a nice primal link.

20
00:00:43,051 --> 00:00:45,811
I think that we'll drop in the description here and learn more about how to

21
00:00:45,811 --> 00:00:47,911
join the academy at our Geyser page.

22
00:00:48,091 --> 00:00:52,321
All the links are in the description, so I think with that, shall we dive in?

23
00:00:53,101 --> 00:00:53,851
Absolutely.

24
00:00:54,286 --> 00:00:55,426
Okay, let's do it.

25
00:00:55,666 --> 00:00:58,066
So this is the first time we're doing this.

26
00:00:58,066 --> 00:01:01,246
I'll just explain that, but I think the, the format here is gonna make

27
00:01:01,246 --> 00:01:02,836
a lot of sense once we get into it.

28
00:01:03,076 --> 00:01:08,956
Uh, basically I'm going to be reading each paragraph and then Knut and I

29
00:01:08,956 --> 00:01:13,366
were, we're gonna discuss it and, uh, see what ideas come out of it.

30
00:01:13,366 --> 00:01:15,346
So yeah, let's, uh, let's just do it.

31
00:01:16,426 --> 00:01:19,606
Everything at Trade chapter one of Sovereignty through Mathematics.

32
00:01:22,081 --> 00:01:25,051
All human interaction can be defined as trade.

33
00:01:25,531 --> 00:01:26,011
Yes.

34
00:01:26,221 --> 00:01:30,271
All human interaction, every time a human being interacts with

35
00:01:30,271 --> 00:01:32,071
another, an exchange takes place.

36
00:01:32,821 --> 00:01:35,971
In every conversation we have, we exchange information with each other.

37
00:01:36,751 --> 00:01:40,051
Even the most trivial information is of some value to the other person.

38
00:01:41,011 --> 00:01:44,396
If information didn't have any value to us, we wouldn't talk to each other.

39
00:01:46,051 --> 00:01:49,261
what the other person says is valuable to us, or we find it

40
00:01:49,261 --> 00:01:51,091
valuable to give information to them.

41
00:01:51,751 --> 00:01:56,551
Oftentimes, both at the core of all human interaction that isn't violent, both

42
00:01:56,551 --> 00:02:00,571
parties perceive that they gain some value from it, otherwise, the interaction

43
00:02:00,571 --> 00:02:02,371
wouldn't have taken place at all.

44
00:02:03,241 --> 00:02:04,771
Civilizations begin this way.

45
00:02:05,191 --> 00:02:07,801
Two people finding it valuable to interact with each other.

46
00:02:08,371 --> 00:02:09,361
That's all it takes.

47
00:02:11,041 --> 00:02:11,371
Knut.

48
00:02:11,521 --> 00:02:12,571
What did you mean by that?

49
00:02:13,976 --> 00:02:19,501
I, I think this is, uh, the perfect way to start your, uh, Bitcoin journey.

50
00:02:19,921 --> 00:02:25,021
Understanding the simple fact about human beings and how we interact that, uh,

51
00:02:25,531 --> 00:02:30,091
we, we have two means of communication o of interacting with one another.

52
00:02:30,151 --> 00:02:33,901
One is communication, and the other is violence or aggression.

53
00:02:34,381 --> 00:02:40,203
And, uh, as we are going to see over the course of all of these courses, Consensual

54
00:02:40,803 --> 00:02:43,413
or like consensual, uh, interactions.

55
00:02:43,473 --> 00:02:48,333
Voluntary interactions are always preferable to violent ones.

56
00:02:48,726 --> 00:02:49,866
Bitcoin is peace.

57
00:02:50,358 --> 00:02:51,318
Bitcoin is piece.

58
00:02:51,318 --> 00:02:54,828
Yeah, I mean, the, the, the funny thing here is I, I, I. Really like what you

59
00:02:54,828 --> 00:02:57,078
say about this is the perfect start.

60
00:02:57,198 --> 00:03:00,288
Uh, completely agree with that because, but, but it's,

61
00:03:00,288 --> 00:03:01,608
it's counterintuitive, right?

62
00:03:01,608 --> 00:03:05,748
Like the, the message that Bitcoin is like all this in, in the

63
00:03:05,748 --> 00:03:07,548
mainstream that Bitcoin is all about.

64
00:03:08,013 --> 00:03:13,083
Crypto and, and all of this like number go up, uh, everything related to that

65
00:03:13,653 --> 00:03:19,443
and no, like, it, uh, it, it's a total mind shift when we approach Bitcoin

66
00:03:19,443 --> 00:03:24,813
from the philosophical perspective or, or that Bitcoin is actually the result

67
00:03:24,903 --> 00:03:29,883
of coming to the understanding of the world in a completely different way.

68
00:03:29,883 --> 00:03:33,243
And I mean, this is what I originally liked about your books

69
00:03:33,243 --> 00:03:37,263
before we'd even met was, was that j just an introduction to these.

70
00:03:37,528 --> 00:03:41,275
Alternate approaches to thinking about the world that ultimately is, is a

71
00:03:41,758 --> 00:03:44,488
austral economics is, is at the, the base.

72
00:03:44,698 --> 00:03:45,058
Right.

73
00:03:45,208 --> 00:03:47,158
But, but I didn't know that.

74
00:03:47,158 --> 00:03:49,738
And isn't Al isn't it basically also true that you didn't know

75
00:03:49,738 --> 00:03:51,388
that too at the time of writing?

76
00:03:51,453 --> 00:03:54,933
no, when I, when I wrote this chapter, I hadn't really done a deep

77
00:03:54,933 --> 00:03:56,733
dive into Austrian economics yet.

78
00:03:57,063 --> 00:04:00,963
So in hindsight, I'm very proud that I had come to, uh, these conclusions

79
00:04:00,963 --> 00:04:04,600
without knowing, too much about Mees and Roth Board and all of that.

80
00:04:05,020 --> 00:04:10,600
But, uh, it, it is like w it is so simple and I think everyone who

81
00:04:10,600 --> 00:04:14,830
just thinks about these things, uh, will inevitably, uh, end up with.

82
00:04:15,535 --> 00:04:19,555
Drawing these conclusions because these are things that you cannot

83
00:04:19,555 --> 00:04:24,505
argue with, uh, without running into a logical contradiction.

84
00:04:24,955 --> 00:04:27,025
And that's the basis of Austrian economics.

85
00:04:27,025 --> 00:04:29,425
And it's not really debatable.

86
00:04:29,425 --> 00:04:34,585
If, if, if you could debate it, like, like I'd, I'd love to see

87
00:04:34,705 --> 00:04:39,925
the ideas of Austrian economics, economics challenged somehow because.

88
00:04:40,675 --> 00:04:43,045
To be honest, some of the axioms may be wrong.

89
00:04:43,075 --> 00:04:49,645
It's just that they are built around being not being wrong because they're,

90
00:04:49,945 --> 00:04:51,925
you can't really argue against them.

91
00:04:51,925 --> 00:04:57,385
That's why they're axioms like, uh, so, so, uh, yeah, first paragraph.

92
00:04:58,070 --> 00:04:59,075
First paragraph.

93
00:04:59,345 --> 00:05:02,675
Uh, we'll, we'll continue, I think, uh, quite a bit of discussion on, on

94
00:05:02,675 --> 00:05:05,225
Austrian economics as, as we go here.

95
00:05:05,225 --> 00:05:05,885
So I'll, I'll.

96
00:05:06,005 --> 00:05:10,055
Save, I'll save some of my additional comments on the matter for for

97
00:05:10,055 --> 00:05:11,315
other times when we're gonna hit.

98
00:05:11,845 --> 00:05:13,285
Things more directly.

99
00:05:13,285 --> 00:05:16,045
And this is gonna be a theme here also, that, that we're going to hit

100
00:05:16,045 --> 00:05:18,715
some of the ideas multiple times.

101
00:05:19,015 --> 00:05:22,135
You know, like, uh, it, it comes up over and over again in the

102
00:05:22,135 --> 00:05:25,885
course of a course of your books, basically, but, but we're always

103
00:05:25,885 --> 00:05:29,215
gonna hit it from a slightly different angle and, and build on the ideas.

104
00:05:29,215 --> 00:05:32,035
I think that's what we've been so excited about as, as we go here.

105
00:05:32,035 --> 00:05:35,995
So, I'll, I'll move on to the, uh, to the next paragraph here.

106
00:05:37,398 --> 00:05:39,648
So what constitutes value?

107
00:05:40,353 --> 00:05:42,843
What we find valuable is entirely subjective.

108
00:05:43,383 --> 00:05:47,073
A comforting hug, for example, probably has a different value to a 2-year-old

109
00:05:47,313 --> 00:05:49,353
than it has to a withered army general.

110
00:05:50,193 --> 00:05:53,553
Even the most basic action such as breathing encapsulates

111
00:05:53,553 --> 00:05:54,963
the whole value spectrum.

112
00:05:55,623 --> 00:05:59,073
We tend to forget that even a single breath of air can be of immense value

113
00:05:59,103 --> 00:06:00,723
to us under the right circumstances.

114
00:06:01,743 --> 00:06:05,703
A single breath is worth more than anything on the planet to a desperate,

115
00:06:05,703 --> 00:06:09,993
free diver, trapped under ice while worth nothing to a person with a death wish.

116
00:06:09,993 --> 00:06:15,573
In clean forest air on a sunny summer day, value is derived from supply and demand.

117
00:06:15,933 --> 00:06:17,853
And demand is always subjective.

118
00:06:18,123 --> 00:06:19,533
Supply is not.

119
00:06:20,973 --> 00:06:22,653
So supply and demand.

120
00:06:23,013 --> 00:06:24,273
Demand is always subjective.

121
00:06:24,273 --> 00:06:25,863
Supply is not really good.

122
00:06:25,863 --> 00:06:26,943
Encapsulation there.

123
00:06:26,973 --> 00:06:29,733
I think this is another new thing for most people.

124
00:06:29,883 --> 00:06:30,483
Wouldn't you say.

125
00:06:30,995 --> 00:06:31,765
Yeah, absolutely.

126
00:06:31,795 --> 00:06:36,745
Uh, and, and this is sort of how trade is the bridge between, uh, the

127
00:06:37,945 --> 00:06:43,168
subjective and the objective between the, will and wants of people and

128
00:06:43,168 --> 00:06:45,478
the, uh, the world around us really.

129
00:06:45,538 --> 00:06:49,828
And why, why property likes owning something is, is what?

130
00:06:50,953 --> 00:06:54,463
What bridges the two worlds and trading, trading objects with one

131
00:06:54,463 --> 00:06:56,653
another and trading goods and services.

132
00:06:56,713 --> 00:06:58,033
That's, that's really it.

133
00:06:58,393 --> 00:07:01,303
And there's another thing I thought of when, when hearing this again, and

134
00:07:01,303 --> 00:07:03,973
it's the, um, the concept of breathing.

135
00:07:04,333 --> 00:07:08,863
Breathing can be a human action, but doesn't necessarily have to be.

136
00:07:08,863 --> 00:07:12,433
And this, uh, here we go into deep, uh, Austrian economics, I guess.

137
00:07:12,698 --> 00:07:17,498
Because it's about the distinction between action and just instinct.

138
00:07:17,948 --> 00:07:21,008
Uh, so most of the time when you breathe, you don't think about it.

139
00:07:21,008 --> 00:07:22,898
You don't do it with purpose.

140
00:07:22,928 --> 00:07:27,068
And this is how, uh, the, uh, Austrian School differentiates

141
00:07:27,068 --> 00:07:32,558
between just basic instinct and like animalistic behaviors and action.

142
00:07:32,558 --> 00:07:37,628
Because human action is, purposeful behavior is the very first

143
00:07:37,628 --> 00:07:39,668
axiom of, of Austrian economics.

144
00:07:39,668 --> 00:07:42,098
So if you do something with intent.

145
00:07:42,283 --> 00:07:43,476
then it's an action.

146
00:07:43,986 --> 00:07:49,536
And you can also not do something, uh, with intent, which is, which

147
00:07:49,536 --> 00:07:51,696
is why inaction is also an action.

148
00:07:52,236 --> 00:07:52,746
But yeah.

149
00:07:53,046 --> 00:07:54,186
Uh, points.

150
00:07:54,246 --> 00:07:58,746
Main point of the paragraph I would say is that demand is

151
00:07:58,806 --> 00:08:00,636
subjective and supply is not.

152
00:08:01,153 --> 00:08:01,443
Yeah.

153
00:08:01,448 --> 00:08:04,378
And well, an interesting thing here, since we're kind of going

154
00:08:04,378 --> 00:08:06,688
into some, some weeds here.

155
00:08:06,808 --> 00:08:10,708
I, I think it's really to the, to the disservice of.

156
00:08:11,568 --> 00:08:14,418
A economics that, that's even the terminology used at all.

157
00:08:14,418 --> 00:08:16,601
And I think that's the biggest misconception about

158
00:08:16,601 --> 00:08:18,491
Austrian economics in general.

159
00:08:18,791 --> 00:08:24,116
Uh, that it's, it's really just describing how the world I. And that's what makes

160
00:08:24,116 --> 00:08:29,156
it entirely different from all mainstream economics, which is really this, this

161
00:08:29,276 --> 00:08:34,496
predictive price modeling and, and, and trying, trying to, um, trying to think

162
00:08:34,496 --> 00:08:38,096
about how the world is going to work if you make all these manipulative changes.

163
00:08:38,126 --> 00:08:42,986
But Austrian economics really just is a description of how the world works and.

164
00:08:43,721 --> 00:08:48,971
When that clicked to me that that, you know, kind of more libertarian types and

165
00:08:48,971 --> 00:08:54,011
the, the kind of political conclusions I think of, of, of thinking in an

166
00:08:54,011 --> 00:08:58,661
Austrian way is, is actually different from the Austrian economics itself.

167
00:08:59,081 --> 00:09:03,995
It's, it's not describing, uh, a political, economic, framework.

168
00:09:04,025 --> 00:09:08,675
It's just describing human action, right.

169
00:09:08,840 --> 00:09:11,180
it's about methodology and epistemology.

170
00:09:11,540 --> 00:09:16,010
So all it does is say, is say that, uh, um.

171
00:09:16,640 --> 00:09:24,410
All else given being equal if X then y like so, so, so that's, that's the

172
00:09:24,500 --> 00:09:29,270
how, how you draw conclusions, uh, from, from this type of thinking.

173
00:09:29,270 --> 00:09:34,700
And I think the reason it's not more popular, uh, the main reason is, is all

174
00:09:34,700 --> 00:09:39,800
of the confusion going on because we say schools of economics when they're.

175
00:09:40,515 --> 00:09:43,035
W there aren't really different schools.

176
00:09:43,035 --> 00:09:48,375
There's how the world works and there's a bunch of, uh, uh, a, a bunch of word

177
00:09:48,375 --> 00:09:54,345
salads about different tasting word salads, about how it oughts to work or how

178
00:09:54,345 --> 00:09:57,165
people think it works, but that's not it.

179
00:09:57,195 --> 00:10:01,185
Uh, Aus economics is just as much about setting the boundaries for

180
00:10:01,185 --> 00:10:06,105
what we can know as, as it is the knowledge itself, like so.

181
00:10:06,741 --> 00:10:09,351
Main point here is that this is not debatable.

182
00:10:09,411 --> 00:10:12,801
Uh, value is absolutely subjective.

183
00:10:12,891 --> 00:10:16,551
Uh, it's subjective between people and between situations.

184
00:10:16,611 --> 00:10:24,256
Uh, um, uh, uh, a table for instance can be a tool for a. The same person like who

185
00:10:24,256 --> 00:10:28,276
wants to sit down and have a meal at the table, but it can also be an obstacle.

186
00:10:28,276 --> 00:10:31,696
If it's on the freeway and he is trying to drive on the freeway, then the table

187
00:10:31,696 --> 00:10:39,796
is not a useful tool, but a uh, uh, uh, an obstacle meaning I. It has a completely

188
00:10:39,796 --> 00:10:41,686
different value, even a negative value.

189
00:10:41,866 --> 00:10:46,336
So value is valuing stuff is something we do all the time.

190
00:10:46,396 --> 00:10:51,946
And these scales always change and we always have a scale of preference

191
00:10:52,276 --> 00:10:56,908
that can be ordered, like from highest priority to lowest priority.

192
00:10:56,968 --> 00:11:02,578
But we can never measure how, how much more valuable one thing is to another,

193
00:11:02,578 --> 00:11:04,828
just that it is more or less valuable.

194
00:11:05,248 --> 00:11:10,768
This is so it can be arranged, uh, uh, ordinarily but never cardinally.

195
00:11:11,788 --> 00:11:15,958
And this is, uh, another thing in Austrian economics.

196
00:11:15,958 --> 00:11:16,018
Yeah.

197
00:11:16,798 --> 00:11:20,908
And again, I think, I think it's just, just the point of that, that all

198
00:11:20,908 --> 00:11:27,298
the other schools, schools are, are people trying to control the world.

199
00:11:27,898 --> 00:11:31,258
Basically trying to impose their, their will and how the world ought to be.

200
00:11:31,258 --> 00:11:34,558
But, but instead of just describing how it works, and I, I, I

201
00:11:34,558 --> 00:11:38,128
think there's a real value in understanding how the world works.

202
00:11:38,698 --> 00:11:42,328
That that's, that's been the, the biggest thing that clicked with me when under when

203
00:11:42,328 --> 00:11:48,431
understanding this stuff is that, if you can see a little bit behind the meaning.

204
00:11:48,746 --> 00:11:53,516
of why people do things is so much easier to understand.

205
00:11:53,923 --> 00:11:54,523
well, yeah.

206
00:11:54,523 --> 00:11:55,393
Really, really simply.

207
00:11:55,393 --> 00:11:59,923
Why pe, why anyone does anything and, and get to the root of their motivations

208
00:11:59,923 --> 00:12:04,303
and, and have a conversation with people and understand what's going on.

209
00:12:04,796 --> 00:12:07,226
all coming back to incentives basically.

210
00:12:07,646 --> 00:12:12,236
Uh, and, and, um, I think that's, I think that's really valuable and I

211
00:12:12,236 --> 00:12:16,886
think some of the conclusions towards the end of this chapter, um, really

212
00:12:16,886 --> 00:12:22,653
allude at Bitcoin's role in, trying to smooth out some of the, the incentive

213
00:12:22,743 --> 00:12:24,483
issues that we see in the system.

214
00:12:24,483 --> 00:12:27,363
So, uh, I don't know, do you, do you have anything, anything

215
00:12:27,363 --> 00:12:28,173
more here or should we just

216
00:12:28,343 --> 00:12:32,423
I would just add that, uh, I, I don't think the other schools of economics

217
00:12:32,423 --> 00:12:36,923
are like deliberately manipulative and want to con control people.

218
00:12:36,923 --> 00:12:40,013
I think they, they, they are what they are because, uh.

219
00:12:40,673 --> 00:12:45,053
For the longest time, like people thought that, uh, empiricism was

220
00:12:45,053 --> 00:12:50,513
the only way of doing science, like, uh, testing a, a hypothesis and, and

221
00:12:50,573 --> 00:12:54,683
measuring the results in the real world, and then adjusting the hypothesis

222
00:12:55,073 --> 00:12:57,113
based on what those results were.

223
00:12:57,473 --> 00:12:59,633
But economics is a completely different.

224
00:12:59,828 --> 00:13:04,628
Science, uh, be because you can't use empiricism to either

225
00:13:04,628 --> 00:13:06,278
confirm or deny anything.

226
00:13:06,668 --> 00:13:11,768
Since humans have free will, we have no choice but to have it so humans

227
00:13:11,768 --> 00:13:13,418
can decide to do something else.

228
00:13:13,418 --> 00:13:14,648
The next time you measure.

229
00:13:14,648 --> 00:13:19,685
Markets are always dynamic, which forces you to use a completely different

230
00:13:19,955 --> 00:13:21,965
method of thinking about these things.

231
00:13:22,355 --> 00:13:26,765
Uh, so methodology here is, uh, is really the key to, to

232
00:13:26,765 --> 00:13:28,115
understanding what's going on.

233
00:13:28,445 --> 00:13:31,355
And without these thoughts, Bitcoin couldn't have existed.

234
00:13:31,385 --> 00:13:36,755
Like, uh, uh, Satoshi definitely had at least some understanding of osteo and

235
00:13:36,755 --> 00:13:38,585
economics, probably a very deep one.

236
00:13:39,065 --> 00:13:41,431
Otherwise, It wouldn't have come up with Bitcoin.

237
00:13:41,581 --> 00:13:43,231
Uh, that's my theory anyway.

238
00:13:43,878 --> 00:13:46,488
Honestly, I think that's a bit of a, maybe a hot take.

239
00:13:46,518 --> 00:13:50,508
Just, just it, it's, I think it's impossible to know if this was what was,

240
00:13:50,538 --> 00:13:53,088
what was going on back at the, the time.

241
00:13:53,088 --> 00:13:58,485
But, uh, I, I, you, you might be right, but, but, uh, maybe people can

242
00:13:58,485 --> 00:14:03,591
stumble on things with Without having the, the knowledge and understanding.

243
00:14:03,591 --> 00:14:03,801
Right.

244
00:14:03,801 --> 00:14:05,901
Because, because you, you've said yourself that you didn't, you

245
00:14:05,901 --> 00:14:09,531
didn't, uh, you didn't ever read any meis before you wrote this book.

246
00:14:09,651 --> 00:14:10,581
that's, that's true.

247
00:14:10,581 --> 00:14:14,031
Like, uh, even a, a blind hen can find a golden pebble,

248
00:14:15,051 --> 00:14:16,761
Bitcoin's definitely a golden pebble.

249
00:14:17,421 --> 00:14:18,531
Or more than that.

250
00:14:18,621 --> 00:14:19,161
Much more than

251
00:14:19,341 --> 00:14:22,666
yet it's a golden goose, which you shouldn't sacrifice for kinder egg.

252
00:14:23,103 --> 00:14:28,383
Yes, that's, uh, maybe an in joke, but, uh, good, good term.

253
00:14:28,383 --> 00:14:32,223
Anyway, I think, I think let's, uh, let's tackle the next one here.

254
00:14:33,546 --> 00:14:38,166
Since all of our lives are limited by time, time is the ultimate example

255
00:14:38,166 --> 00:14:40,386
of a scarce, tradable resource.

256
00:14:40,686 --> 00:14:45,096
We all sell our time, we sell it to others, and we sell it to ourselves.

257
00:14:45,696 --> 00:14:49,476
Everyone sells their time either through a product that took them a certain amount

258
00:14:49,476 --> 00:14:51,966
of time to produce or as a service.

259
00:14:52,386 --> 00:14:54,216
And services are always take time.

260
00:14:54,966 --> 00:14:58,716
If you are an employee on a steady payroll, you typically sell eight hours

261
00:14:58,716 --> 00:15:01,356
of your day every day to your employer.

262
00:15:01,986 --> 00:15:05,976
If you're doing something you truly love to do, that eight hour day still belongs

263
00:15:05,976 --> 00:15:09,456
to you in a way since you're doing what you'd probably be doing anyway if

264
00:15:09,456 --> 00:15:11,016
you had been forced to do it for free.

265
00:15:12,861 --> 00:15:16,101
we sacrifice time in order to acquire something in the future.

266
00:15:16,611 --> 00:15:21,201
An education, for instance, gives no immediate reward, but can lead to a better

267
00:15:21,201 --> 00:15:23,601
paying, more satisfying job in the future.

268
00:15:24,621 --> 00:15:28,161
An investment is basically our future self trading time with

269
00:15:28,161 --> 00:15:29,961
our present self at a discount.

270
00:15:30,771 --> 00:15:34,431
Once again, every human interaction viewed as a trade.

271
00:15:36,081 --> 00:15:36,201
K.

272
00:15:37,026 --> 00:15:39,676
Yeah, I, I love the, the middle of this paragraph.

273
00:15:39,796 --> 00:15:47,329
Uh, it is perfectly describing what we're doing right now and, uh, how we

274
00:15:47,329 --> 00:15:53,359
own our, our time by doing, getting paid for, doing what we would be doing

275
00:15:53,359 --> 00:15:54,949
anyway, because we love doing it.

276
00:15:55,429 --> 00:15:56,659
So, so, uh, uh.

277
00:15:58,194 --> 00:16:00,564
That's, that's my immediate thought about this.

278
00:16:00,924 --> 00:16:05,844
And also there's, there's a hint here at, uh, medium of exchange over

279
00:16:05,844 --> 00:16:10,794
time and space, which is a concept we get into in clown world, uh, far

280
00:16:10,794 --> 00:16:12,504
off in the future for this show.

281
00:16:12,834 --> 00:16:14,694
But, uh, that.

282
00:16:15,219 --> 00:16:20,169
Um, you're, you're trading with your future self when you're storing value.

283
00:16:20,169 --> 00:16:22,629
So I, I don't really like the term store of value.

284
00:16:22,629 --> 00:16:26,499
I prefer medium exchange over time because what you're actually doing is

285
00:16:26,499 --> 00:16:28,269
you're trading with your future self.

286
00:16:29,289 --> 00:16:34,134
And so all, all interactions take place in time.

287
00:16:34,449 --> 00:16:37,479
So without the time dimension, you can't have any trade.

288
00:16:39,324 --> 00:16:41,064
I'm, I'm still a store of value guy.

289
00:16:41,064 --> 00:16:45,384
I like the term as a, as a description and you, you know, but it, it's,

290
00:16:45,384 --> 00:16:49,644
it's good to to point out that we're not exactly the same person.

291
00:16:49,644 --> 00:16:52,434
We, we, we bicker like a married couple all the time.

292
00:16:52,434 --> 00:16:54,609
I. But, but, uh, no, no.

293
00:16:54,609 --> 00:16:58,629
Uh, the medium of exchange over time idea that, that definitely is a, is an

294
00:16:58,839 --> 00:17:00,789
interesting way of thinking about it.

295
00:17:00,834 --> 00:17:05,109
I, I, I still value the, the other terms to, because I think they're

296
00:17:05,109 --> 00:17:08,019
a little more straightforward for, for people to, to grasp.

297
00:17:08,019 --> 00:17:10,269
But, but yeah, medium of exchange over time.

298
00:17:10,839 --> 00:17:14,919
Um, and, and in this paragraph, I like the allusion to, to sacrifice and I mean.

299
00:17:15,864 --> 00:17:21,564
This is a concept that civilizationally basically, uh, the, the, the concept of

300
00:17:21,564 --> 00:17:26,874
being low time preference or in other words, sacrificing immediate gratification

301
00:17:26,874 --> 00:17:29,154
for, uh, for gain in the future.

302
00:17:29,244 --> 00:17:34,374
That's how civilization developed and societies that started to take up

303
00:17:34,614 --> 00:17:37,854
ritual sacrifice in order to literally.

304
00:17:38,544 --> 00:17:43,674
Practice sacrificing, uh, uh, to get their, but to get their mindset right.

305
00:17:43,674 --> 00:17:44,154
Basically.

306
00:17:44,154 --> 00:17:47,574
That's my understanding of the, the purpose of, of sacrifice.

307
00:17:47,574 --> 00:17:51,864
Like, um, um, taking, I don't know, the, the, the last bushel

308
00:17:51,864 --> 00:17:54,534
of wheat or whatever it is that I.

309
00:17:54,914 --> 00:17:58,244
Uh, people farm, um, and, and burning it.

310
00:17:58,394 --> 00:18:03,884
Um, uh, or, or actually many types, types of sacrifice was even that you just had

311
00:18:03,884 --> 00:18:07,604
it in a, a feast like you, you sort of, you, you richly sacrifice it, but then

312
00:18:07,964 --> 00:18:09,584
everyone eats it or, or whatever it is.

313
00:18:09,584 --> 00:18:14,329
But you, you give something up in order to, to mimic the scarcity of,

314
00:18:14,534 --> 00:18:17,834
of losing something so that you have the mindset of that you need to get

315
00:18:17,834 --> 00:18:19,664
better and you need to continually.

316
00:18:20,319 --> 00:18:25,179
Do the thing that, that moves society forward as soon as civilizations, as

317
00:18:25,179 --> 00:18:29,049
soon as cultures started to realize that, then there's more and more archeological

318
00:18:29,049 --> 00:18:32,229
evidence that they grow bigger and bigger and they're able to better withstand,

319
00:18:32,559 --> 00:18:36,549
uh, difficult, difficult conditions, especially winters like none of the

320
00:18:36,549 --> 00:18:40,835
societies that developed in in Northern Europe, would've been able to, to

321
00:18:40,835 --> 00:18:44,345
get through anything if they couldn't make it through the winter, basically.

322
00:18:44,345 --> 00:18:46,505
So they, they learned low time preference.

323
00:18:46,890 --> 00:18:47,250
Right.

324
00:18:47,610 --> 00:18:52,170
And, uh, uh, so, so yeah, it's, it's just tying this all together to the

325
00:18:52,170 --> 00:18:56,280
idea of that, you can get your head around that, maybe doing something

326
00:18:56,280 --> 00:19:00,150
now to better yourself and, and delaying gratification is going to

327
00:19:00,150 --> 00:19:01,620
get you better rewards in the future.

328
00:19:01,620 --> 00:19:03,600
That, that's something for every individual to learn.

329
00:19:03,600 --> 00:19:06,695
That's something for every family group of people to learn.

330
00:19:06,810 --> 00:19:10,770
And, and honestly, I think the world is gonna be much better off if we

331
00:19:10,770 --> 00:19:13,290
can, if we can collectively, uh.

332
00:19:14,240 --> 00:19:18,200
More people, more individuals can pick up on these ideas and, and, uh,

333
00:19:18,260 --> 00:19:25,850
uh, help their local environments and groups to, to, uh, practice it.

334
00:19:26,900 --> 00:19:27,110
Yeah.

335
00:19:27,110 --> 00:19:29,030
And in Bitcoin we sacrifice goats.

336
00:19:29,150 --> 00:19:33,050
You know, whenever a goat, a greatest of all time thinker, uh,

337
00:19:33,050 --> 00:19:34,640
starts shit coining, for instance.

338
00:19:34,640 --> 00:19:36,650
We have to slay our heroes and sacrifice them.

339
00:19:38,390 --> 00:19:40,610
Yeah, that's not foreshadowing anything about you.

340
00:19:40,610 --> 00:19:41,060
Is it Knu?

341
00:19:41,720 --> 00:19:43,250
I certainly hope not.

342
00:19:43,640 --> 00:19:44,450
Uh, yeah.

343
00:19:45,020 --> 00:19:45,860
And, uh.

344
00:19:46,400 --> 00:19:48,710
The, the proper sacrifice here.

345
00:19:48,710 --> 00:19:54,290
Like the point here is that, uh, delayed gratification sacrificing

346
00:19:54,290 --> 00:19:59,450
your time now for, for, uh, uh, future gratification, that that is the

347
00:19:59,450 --> 00:20:01,040
proper way of looking at sacrifice.

348
00:20:01,160 --> 00:20:06,020
Uh, uh, that is the thing that actually yields result when you,

349
00:20:06,290 --> 00:20:07,370
when you sacrifice something.

350
00:20:09,110 --> 00:20:09,380
Yeah.

351
00:20:09,620 --> 00:20:09,980
Great.

352
00:20:09,980 --> 00:20:10,730
Great point here.

353
00:20:11,615 --> 00:20:11,945
Okay.

354
00:20:11,975 --> 00:20:13,055
Uh, onto the next one.

355
00:20:14,645 --> 00:20:18,125
Uh, and, uh, and I, I, I think, I think I'll just say here, 'cause this is gonna

356
00:20:18,125 --> 00:20:23,795
be a, it's not like a, uh, sometimes paragraphs are going to be relating

357
00:20:23,795 --> 00:20:27,905
to the one previously in a way that sort of is, we'll, we'll just remember

358
00:20:27,905 --> 00:20:29,525
that this came after the last one.

359
00:20:30,095 --> 00:20:30,315
Yep.

360
00:20:30,420 --> 00:20:30,640
So

361
00:20:33,425 --> 00:20:34,775
it's rooted in physics.

362
00:20:35,045 --> 00:20:38,195
For every action there is an equally large reaction.

363
00:20:38,810 --> 00:20:43,010
Trade is at the very core of what we are and the tools we use to

364
00:20:43,010 --> 00:20:46,880
conduct trade matter a lot to the outcome of each transaction.

365
00:20:48,350 --> 00:20:51,740
is our primary tool for expressing value to each other, and if the

366
00:20:51,740 --> 00:20:56,300
creation of money is somewhat corrupt or unethical, that wrought spreads down

367
00:20:56,300 --> 00:20:58,460
throughout society from top to bottom.

368
00:20:59,090 --> 00:21:01,430
Shit flows downhill as the expression goes.

369
00:21:03,560 --> 00:21:03,710
Can.

370
00:21:04,490 --> 00:21:05,300
Uh, yeah.

371
00:21:05,660 --> 00:21:09,860
Uh, if I was to write this book again, now I wouldn't use the word, uh, I

372
00:21:09,860 --> 00:21:13,940
wouldn't have used the word physics, just, and the, the reason I would would

373
00:21:13,940 --> 00:21:18,170
avoid it is not because I don't agree with that, that every action has an

374
00:21:18,170 --> 00:21:23,960
equally big, uh, reaction, but that I think it's important to distinguish

375
00:21:23,960 --> 00:21:26,480
between human action and all other.

376
00:21:27,040 --> 00:21:28,780
All other branches of science.

377
00:21:28,810 --> 00:21:32,650
Uh, physics is an empirical science, uh, ology is not.

378
00:21:33,040 --> 00:21:37,180
which is also, by the way, why Bitcoin is not digital energy.

379
00:21:37,540 --> 00:21:39,970
Uh, I, I, I don't like that phrasing.

380
00:21:40,240 --> 00:21:42,880
I think it's, uh, way more complex than that.

381
00:21:43,570 --> 00:21:48,817
Uh, but we we're going to get into, uh, some other, examples like this,

382
00:21:48,877 --> 00:21:53,827
uh, where I use like physics metaphors that I, I will try to explain as

383
00:21:53,827 --> 00:21:56,227
best as I can, why they're flawed.

384
00:21:56,287 --> 00:22:01,747
They might be good to just ease someone into this new way of thinking,

385
00:22:01,807 --> 00:22:06,727
but, uh, uh, at the end of the day, all, all physics metaphors, uh,

386
00:22:06,757 --> 00:22:09,007
for Bitcoin are basically wrong.

387
00:22:10,090 --> 00:22:12,485
Fair enough, but I mean, I mean, yeah.

388
00:22:12,605 --> 00:22:13,805
Good to kind of point it out.

389
00:22:13,805 --> 00:22:20,075
And, and again, like wrongness is subjective, also sort of, uh,

390
00:22:20,315 --> 00:22:23,465
the metaphors themselves, if they help people understand things

391
00:22:23,465 --> 00:22:27,185
better, they're not wrong in the sense of being empirically wrong.

392
00:22:27,755 --> 00:22:32,405
In those cases, they, they help people the understand the concept,

393
00:22:32,405 --> 00:22:33,455
and I don't think that's wrong.

394
00:22:33,695 --> 00:22:36,370
Now there they might be, uh.

395
00:22:36,940 --> 00:22:40,810
Like objectively wrong, but sub subjectively, right?

396
00:22:40,870 --> 00:22:43,330
Uh, if, if that makes any sense, if they're, uh,

397
00:22:43,375 --> 00:22:43,885
helpful.

398
00:22:44,500 --> 00:22:47,770
subjectively helpful as a tool of understanding other stuff.

399
00:22:48,284 --> 00:22:50,504
something on your, jo on your journey.

400
00:22:51,284 --> 00:22:54,974
But this is, I, I think this paragraph, like it kind of explains itself.

401
00:22:55,004 --> 00:22:56,324
It's not very complicated.

402
00:22:56,995 --> 00:23:01,285
If money printing goes on, uh, everything else gets corrupt.

403
00:23:01,435 --> 00:23:06,355
Um, and this is where I'd like to recommend, uh, a guy that I

404
00:23:06,445 --> 00:23:11,155
recently interviewed, uh, Joe Rogers, uh, his, uh, movie.

405
00:23:11,215 --> 00:23:12,325
What is the problem?

406
00:23:12,325 --> 00:23:14,005
There's little animated movie.

407
00:23:14,095 --> 00:23:15,685
Uh, if you, if you Google.

408
00:23:16,240 --> 00:23:17,980
Uh, what is the problem?

409
00:23:18,040 --> 00:23:21,850
You, you'll, uh, get a very good basic e explanation of what

410
00:23:21,850 --> 00:23:26,350
happens when, when, uh, the states start running the money printer.

411
00:23:26,845 --> 00:23:27,055
Yeah.

412
00:23:27,055 --> 00:23:27,265
Good.

413
00:23:27,265 --> 00:23:30,535
And actually this is a good time to point out that, that we're, we're actually

414
00:23:30,565 --> 00:23:32,065
with the Bitcoin Infinity Academy.

415
00:23:32,065 --> 00:23:37,045
We're we're being quite a bit more, uh, uh, on time with,

416
00:23:37,045 --> 00:23:38,365
with this, like this episode.

417
00:23:38,365 --> 00:23:40,015
We're recording it right now on a Saturday.

418
00:23:40,165 --> 00:23:41,155
This is gonna be out on Monday.

419
00:23:41,155 --> 00:23:46,380
I. Uh, but our Bitcoin Infinity show, we, we have a big backlog and we, we

420
00:23:46,380 --> 00:23:50,400
take a lot of time, um, to, to release the, the episodes and, and get them out

421
00:23:50,400 --> 00:23:55,320
just for the, uh, I don't know the, the difficulties of, of life and all this.

422
00:23:55,320 --> 00:23:59,790
So, uh, we might reference things that haven't actually come out yet,

423
00:23:59,850 --> 00:24:03,780
but we're, we're gonna stay on time and fairly topical with, with these,

424
00:24:03,780 --> 00:24:07,920
uh, academy episodes, which is, which is gonna be gonna be pretty fun.

425
00:24:07,920 --> 00:24:08,130
But.

426
00:24:08,805 --> 00:24:09,465
Uh, yeah, I agree.

427
00:24:09,465 --> 00:24:12,435
And I mean, uh, uh, another thing too is that, is that we're going

428
00:24:12,435 --> 00:24:16,695
to be, um, touching on topics that are better explored later.

429
00:24:16,695 --> 00:24:20,985
And I think we know that sometimes, uh, that, that we go deeper into something.

430
00:24:20,985 --> 00:24:24,135
So I think, uh, bear with us, if, if you want to hear a little bit

431
00:24:24,135 --> 00:24:27,705
more about something specific that we're, we're talking about here,

432
00:24:28,305 --> 00:24:31,005
maybe our answer is going to be a little bit of like, Hey, like.

433
00:24:32,235 --> 00:24:35,205
Tune in to, to a, a, a later chapter here.

434
00:24:35,205 --> 00:24:37,785
But we we're also happy to, to, I think, flesh some things out

435
00:24:37,785 --> 00:24:41,445
independent of, uh, of being tied to a book, uh, a chapter, right?

436
00:24:42,040 --> 00:24:45,610
Yeah, or, or just join the academy and pose a question in

437
00:24:45,610 --> 00:24:47,380
the group and we will bring it up.

438
00:24:48,070 --> 00:24:49,835
Uh, yeah, that, that's, that's what I was getting at.

439
00:24:49,835 --> 00:24:53,135
Like, uh, uh, we're, we're happy to, to discuss things a little more kind

440
00:24:53,135 --> 00:24:56,315
of outta band, but I, but I think we'll go, we will hit them also in

441
00:24:56,315 --> 00:24:58,295
depth, uh, as, as the ideas come up.

442
00:24:58,295 --> 00:25:00,005
So, um, yeah.

443
00:25:00,275 --> 00:25:05,165
Uh, the, the, uh, these earlier books are thought of idea embryos

444
00:25:05,165 --> 00:25:09,485
for what was to come later, uh, and, and culminating in clown world.

445
00:25:09,515 --> 00:25:10,745
We'll, we'll get to that.

446
00:25:11,405 --> 00:25:11,645
Yeah.

447
00:25:11,645 --> 00:25:15,545
When, when we get to, when we get to clown world, uh, we're going deep.

448
00:25:16,265 --> 00:25:16,475
It's gonna

449
00:25:16,550 --> 00:25:21,380
Yeah, this, this, uh, academy is all about delayed gratification.

450
00:25:21,520 --> 00:25:22,325
There we go.

451
00:25:22,775 --> 00:25:22,985
Good.

452
00:25:22,985 --> 00:25:23,285
Good.

453
00:25:23,825 --> 00:25:24,005
Okay.

454
00:25:24,005 --> 00:25:24,710
Onto the next one.

455
00:25:26,735 --> 00:25:33,185
So what is money, or rather, what ought money to be in order for two persons to

456
00:25:33,185 --> 00:25:37,685
interact when a mutual coincidence of needs is absent, a medium of exchange is

457
00:25:37,685 --> 00:25:39,755
needed in order to execute a transaction?

458
00:25:40,325 --> 00:25:43,805
A mutual coincidence of needs might be, you need my three

459
00:25:43,805 --> 00:25:45,455
goats and I need your cow.

460
00:25:45,965 --> 00:25:47,975
Or even both of us need a hug.

461
00:25:49,220 --> 00:25:52,040
In the absence of a physical good or service suitable for a specific

462
00:25:52,040 --> 00:25:55,670
transaction, money can fulfill the role of a medium of exchange.

463
00:25:56,420 --> 00:26:00,170
What most people fail to realize is that the value of money, just as the value of

464
00:26:00,170 --> 00:26:02,600
everything else, is entirely subjective.

465
00:26:03,350 --> 00:26:04,760
You don't have to spend it.

466
00:26:05,234 --> 00:26:08,924
the problem with every incarnation of money that mankind has ever tried is

467
00:26:08,924 --> 00:26:13,454
that its value always gets diluted over time due to inflation in various forms.

468
00:26:14,339 --> 00:26:18,359
Inflation makes traditional money, a bad store of value and money needs

469
00:26:18,359 --> 00:26:21,569
to be a good store of value, in order to be a good investment, or in

470
00:26:21,569 --> 00:26:24,839
other words, a good substitute for your time and your effort over time.

471
00:26:26,009 --> 00:26:30,119
Bitcoin tries to solve this problem by introducing absolute scarcity to

472
00:26:30,119 --> 00:26:33,089
the world, a concept that mankind has never encountered before.

473
00:26:34,619 --> 00:26:38,189
To comprehend what such a discovery means for the future, one needs to

474
00:26:38,189 --> 00:26:41,849
understand the fundamentals of what value is and that we assign a certain

475
00:26:41,849 --> 00:26:45,509
value to everything we encounter in life, whether we admit it or not.

476
00:26:46,559 --> 00:26:49,139
In short, we assign value to everything we do.

477
00:26:49,469 --> 00:26:52,949
Value is derived from supply and demand and supply is objective

478
00:26:52,949 --> 00:26:54,599
while demand is subjective.

479
00:26:56,494 --> 00:26:57,044
Great summary.

480
00:26:59,009 --> 00:26:59,489
Thank you.

481
00:26:59,549 --> 00:27:03,329
Um, I mean, this is at the core of what Bitcoin is, right?

482
00:27:03,359 --> 00:27:09,329
You have a potential infinite, uh, demand and an absolutely finite supply.

483
00:27:09,329 --> 00:27:13,739
And if you combine, those two number can only go up forever.

484
00:27:13,739 --> 00:27:15,539
That's, that is the conclusion here.

485
00:27:15,779 --> 00:27:18,329
So while that seems utopian.

486
00:27:19,214 --> 00:27:22,004
You're living through it right now, whether you want to or not,

487
00:27:22,004 --> 00:27:25,124
you can either be on this train or not, and nothing stops this train.

488
00:27:25,634 --> 00:27:31,934
So, uh, the, the here, uh, uh, a crucial point here is that no civilization ever

489
00:27:32,054 --> 00:27:34,724
happens before money is discovered.

490
00:27:34,874 --> 00:27:41,714
Uh, so there, there is no barter civilization, civilizations don't.

491
00:27:42,449 --> 00:27:44,189
Emerge from just border.

492
00:27:44,189 --> 00:27:46,919
You need something, you need a medium of exchange.

493
00:27:47,429 --> 00:27:53,609
Uh, and, uh, my, my favorite de definition of, uh, money is Hans harm Hopper's

494
00:27:53,609 --> 00:27:58,979
definition, which is that it's, it's the best insurance against uncertainty,

495
00:27:58,984 --> 00:28:03,809
uh, uh, available or the best defense against uncertainty available because

496
00:28:03,809 --> 00:28:05,669
that's all money is supposed to do.

497
00:28:05,669 --> 00:28:08,999
It's supposed to give you ease of mind so that you can go into

498
00:28:08,999 --> 00:28:10,649
the future knowing that you can.

499
00:28:11,084 --> 00:28:16,074
Use the fruits of your labor later, and exchange it for something else

500
00:28:16,074 --> 00:28:17,604
that you need more than the other guy.

501
00:28:17,634 --> 00:28:19,674
Like, it's, it's very simple like that.

502
00:28:20,214 --> 00:28:25,104
Uh, it's just that we have, uh, all of human history tainted by bad

503
00:28:25,104 --> 00:28:29,214
money and by, uh, corrupted money, unethical money, whatever you may

504
00:28:29,214 --> 00:28:31,764
call it, uh, inflationary money.

505
00:28:32,324 --> 00:28:35,682
so in, in that sense, Bitcoin rewrites all of history.

506
00:28:35,742 --> 00:28:40,182
Like, uh, we've never had a perfect representation of

507
00:28:40,182 --> 00:28:41,567
history before, but now we do.

508
00:28:42,235 --> 00:28:42,655
Yeah.

509
00:28:42,715 --> 00:28:43,135
Damn.

510
00:28:43,165 --> 00:28:45,359
I mean like, uh, the whole thing here.

511
00:28:45,419 --> 00:28:49,289
When, when you say that, uh, I, I was going to that, yeah.

512
00:28:49,379 --> 00:28:53,069
There are times in history when the money is a little bit better, and of

513
00:28:53,069 --> 00:28:58,139
course we never had the technological stack for Bitcoin to exist before.

514
00:28:58,349 --> 00:29:00,809
We needed some kind of, some kind of.

515
00:29:01,329 --> 00:29:04,209
Mechanism of the technology.

516
00:29:04,209 --> 00:29:08,319
I mean, we're not gonna get into a history lesson of what had to come before Bitcoin,

517
00:29:08,349 --> 00:29:12,759
but, but basically the, the proof of work mechanism and, and coordinating

518
00:29:12,759 --> 00:29:16,119
different, uh, um, nodes in a network.

519
00:29:16,359 --> 00:29:20,589
Like you couldn't have had Bitcoin if you can't communicate with people, basically.

520
00:29:22,189 --> 00:29:23,424
That I, I would say.

521
00:29:23,694 --> 00:29:26,544
From my point of view, that is true and untrue at the same time.

522
00:29:26,844 --> 00:29:32,514
And the reason is, if everyone was absolutely 100% honest all the

523
00:29:32,514 --> 00:29:34,314
time, we could have had Bitcoin.

524
00:29:34,674 --> 00:29:38,904
So the only reason we need all the technology and all the proof of work

525
00:29:38,904 --> 00:29:43,014
and all, all of these things is to prevent people from being dishonest.

526
00:29:43,284 --> 00:29:46,434
But if people just had been honest to begin with, we

527
00:29:46,434 --> 00:29:47,664
wouldn't have needed Bitcoin.

528
00:29:47,874 --> 00:29:49,314
Uh, that's the way I view that.

529
00:29:50,889 --> 00:29:52,569
Oh, that's a, that's a clip right there.

530
00:29:52,569 --> 00:29:56,709
I think maybe, let's see here.

531
00:29:56,709 --> 00:29:58,419
Let's, um, let's, let's continue.

532
00:29:58,419 --> 00:29:58,749
I think

533
00:30:00,969 --> 00:30:04,689
free trade emerges out of human interaction naturally, and it is

534
00:30:04,689 --> 00:30:08,259
not an idea that was forced upon us at any specific point in time.

535
00:30:09,069 --> 00:30:12,744
The idea that markets should be regulated and governed on the other hand was

536
00:30:13,629 --> 00:30:17,259
breach rate, is just the absence of forceful interference in an interaction

537
00:30:17,259 --> 00:30:19,149
between two humans by a third party.

538
00:30:19,974 --> 00:30:22,164
There's nothing intrinsically wrong or immoral about an

539
00:30:22,164 --> 00:30:23,604
exchange of a good or service.

540
00:30:24,310 --> 00:30:28,090
every objection to this is a byproduct of the current global narrative, a

541
00:30:28,090 --> 00:30:31,810
narrative that tells us that the world is divided into different nations, and that

542
00:30:31,810 --> 00:30:36,010
people in these nations operate under various sets of laws depending on what

543
00:30:36,055 --> 00:30:37,660
jurisdiction they find themselves in.

544
00:30:38,800 --> 00:30:43,900
All of these ideas are manmade, no species except humans does this to themselves.

545
00:30:44,440 --> 00:30:47,440
Animals do trade, but they don't do politics.

546
00:30:48,765 --> 00:30:50,085
what did you mean by this paragraph?

547
00:30:50,085 --> 00:30:50,205
Cano?

548
00:30:51,463 --> 00:30:57,177
Yes, it's, it's to, uh, emphasize the point that, capitalism is not optional.

549
00:30:57,177 --> 00:31:00,477
Like it's, it's not, it's not a manmade concept.

550
00:31:00,477 --> 00:31:05,766
It's, it's something that emerges naturally from human behavior, uh, and

551
00:31:05,766 --> 00:31:07,986
even animal behavior to some extent.

552
00:31:08,507 --> 00:31:14,297
The, the, the term capital good refers to something that you can use at a later time

553
00:31:14,297 --> 00:31:19,157
or use in the production of other goods, ultimately leading to a consumer good,

554
00:31:19,157 --> 00:31:20,957
to the production of a consumer good.

555
00:31:21,497 --> 00:31:24,887
And accumulating these things and trading them with one another

556
00:31:25,217 --> 00:31:27,047
is what leads to civilization.

557
00:31:27,047 --> 00:31:29,207
That is the process of civilization.

558
00:31:29,537 --> 00:31:34,817
So saying that, uh, capitalism is evil, is, is a very, very strange,

559
00:31:34,847 --> 00:31:36,347
is very, very strange to me.

560
00:31:36,717 --> 00:31:42,162
And I think the reason the word has, been so skewed over the years is, uh,

561
00:31:42,262 --> 00:31:44,627
is like the world, the word liberalism.

562
00:31:44,627 --> 00:31:48,377
It ought to, it ought to mean like people are free to do whatever the

563
00:31:48,377 --> 00:31:53,297
fuck they want, but it doesn't in the modern context of the world of the word.

564
00:31:53,567 --> 00:31:56,537
So the same is true for capitalism, I think.

565
00:31:56,537 --> 00:32:00,767
I think the reason the word is so tainted is, uh.

566
00:32:01,432 --> 00:32:05,962
It's because of money printing at the end of the day that, that some, some

567
00:32:05,962 --> 00:32:11,242
asshole has been able to print money and then blame the failures of the free

568
00:32:11,242 --> 00:32:14,752
market, so-called failures of the free market, which are really failures of

569
00:32:14,752 --> 00:32:19,582
the boom and bust, boom, bust, boom cycle that follows from money printing

570
00:32:19,942 --> 00:32:24,082
and political interventionism, like this is always the root of the problem.

571
00:32:24,667 --> 00:32:30,607
It's always marketed as the remedy or, or the antidote to the, the, or the,

572
00:32:30,607 --> 00:32:34,987
the solution to the problem, uh, when it's actually the underlying cause.

573
00:32:35,587 --> 00:32:39,247
and I think most people get this wrong because we're constantly

574
00:32:39,247 --> 00:32:45,994
being bombarded by, uh, state funded information channels that give us this

575
00:32:45,994 --> 00:32:48,793
worldview, public schooling for is one.

576
00:32:48,853 --> 00:32:49,873
And, uh, uh.

577
00:32:50,713 --> 00:32:53,083
Government subsidizes media outlets.

578
00:32:53,083 --> 00:32:56,323
It's another and everyone working there, they, they're doing their best.

579
00:32:56,323 --> 00:33:00,463
And I think they try their best to give accurate information to people,

580
00:33:00,463 --> 00:33:07,107
but they're also brainwashed by the notion, of by, by politics and by the

581
00:33:07,107 --> 00:33:10,561
money being, corrupt to begin with.

582
00:33:10,861 --> 00:33:12,481
Uh, skews everything.

583
00:33:13,092 --> 00:33:16,107
Yeah, and I mean, I, I think a, a nuance here also that, that I think you

584
00:33:16,107 --> 00:33:17,997
were getting at is, is that, is that.

585
00:33:19,462 --> 00:33:22,882
we call capitalism, especially the most capitalistic places.

586
00:33:23,362 --> 00:33:27,532
Uh, it's, it's all the, all the problems really just come from the,

587
00:33:27,532 --> 00:33:29,182
the, the government intervention.

588
00:33:29,632 --> 00:33:34,462
And, and this is a, this is one of those things getting into the political realm

589
00:33:34,552 --> 00:33:40,462
of, of this, the, the reason I think why people who get into Austrian economics

590
00:33:40,972 --> 00:33:44,872
eventually start to lean, libertarian, or.

591
00:33:45,697 --> 00:33:46,117
Right.

592
00:33:46,117 --> 00:33:50,797
Or something an Arco capitalist even is just that it becomes

593
00:33:50,857 --> 00:33:55,987
clear that that interventions in the market are the problem.

594
00:33:56,647 --> 00:34:02,182
Uh, and, and it's really what makes the, the capitalism I. Not work.

595
00:34:02,242 --> 00:34:04,612
The free trade between individuals not work.

596
00:34:05,002 --> 00:34:08,062
The people who are closest to the money printer are deciding to give

597
00:34:08,062 --> 00:34:14,902
money to different people, companies, groups, picking winners essentially,

598
00:34:15,262 --> 00:34:17,752
and they're also choosing to tax.

599
00:34:18,697 --> 00:34:20,947
One group or another differently.

600
00:34:21,337 --> 00:34:25,717
So it's picking winners and losers and, and we don't have any idea of

601
00:34:25,717 --> 00:34:29,197
what it would really look like in, in a, in a real capitalist system.

602
00:34:29,197 --> 00:34:35,932
I mean, I, I saw a breakdown of, I. all the ways that, uh, that the US healthcare

603
00:34:35,932 --> 00:34:42,862
system is, is interfered with all the way down from, uh, in insurance being mandated

604
00:34:43,042 --> 00:34:48,322
so that, so that, uh, hospitals can bill basically whatever they want because

605
00:34:48,322 --> 00:34:49,972
insurance companies have to pay for it.

606
00:34:50,242 --> 00:34:53,572
And then therefore insurance companies raise their premiums.

607
00:34:54,057 --> 00:34:58,557
A whole ton, thereby making it more expensive for people to afford insurance.

608
00:34:58,557 --> 00:35:02,397
And it just, all, it trickles down, uh, monopolies on patents,

609
00:35:02,487 --> 00:35:07,497
uh, um, enforced regulations that mean that smaller companies cannot

610
00:35:07,497 --> 00:35:08,907
compete in the medical space.

611
00:35:09,147 --> 00:35:14,967
Just, just a crazy number of interventions that, that distort everything.

612
00:35:15,507 --> 00:35:16,422
And so the so-called.

613
00:35:17,497 --> 00:35:22,957
Big capitalist healthcare system isn't a capitalist at all, and theoretically

614
00:35:22,957 --> 00:35:24,757
the cure is going to be more socialism.

615
00:35:25,237 --> 00:35:27,517
That's really not going to work.

616
00:35:27,517 --> 00:35:28,442
I think I.

617
00:35:29,182 --> 00:35:34,822
No, and this is, there are so many layers to this, so it's sort of impossible to to

618
00:35:34,822 --> 00:35:39,712
imagine a world without interventionism, except if you're a Bitcoin and do a lot

619
00:35:39,712 --> 00:35:41,602
of hanging out with other Bitcoiners.

620
00:35:41,602 --> 00:35:45,382
I mean, what we're doing right now, Luke, like you and I, are trading our

621
00:35:45,382 --> 00:35:49,822
time and effort with one another and it's a mutually beneficial thing, and.

622
00:35:49,857 --> 00:35:53,637
So, so is the audience here, everyone watching this does

623
00:35:53,637 --> 00:35:55,347
so by their own volition.

624
00:35:55,587 --> 00:35:58,707
They, they are, they are here because they want to be here.

625
00:35:59,127 --> 00:36:03,717
And who, why couldn't the entire world work like that?

626
00:36:03,777 --> 00:36:07,647
Why couldn't everything be consensual and voluntary?

627
00:36:08,007 --> 00:36:12,657
And thinking that some things have to be enforced is a product of

628
00:36:13,017 --> 00:36:15,087
that very same kind of enforcement.

629
00:36:15,117 --> 00:36:18,537
We only think that because we have been forced to.

630
00:36:19,372 --> 00:36:27,082
Live in systems where, where you draw those conclusions, uh, from necessity

631
00:36:27,112 --> 00:36:30,952
because there are assholes with guns threatening you to, to, to take you

632
00:36:30,952 --> 00:36:35,002
away and put you in a cell if you don't do what they, they think is wrong or

633
00:36:35,002 --> 00:36:36,562
right, because at the end of the day.

634
00:36:37,032 --> 00:36:40,362
Who is to say what is a problem with the market?

635
00:36:40,422 --> 00:36:42,822
Like that is entirely subjective too.

636
00:36:42,852 --> 00:36:44,862
Like, who gets to set the framing?

637
00:36:45,192 --> 00:36:47,502
Like this is a, this company is too big.

638
00:36:48,042 --> 00:36:53,204
I mean, says who, even, what, what, what people view as the most capitalistic

639
00:36:53,204 --> 00:36:57,464
institutions of the world, like, uh, multinational corporations.

640
00:36:57,944 --> 00:37:02,294
They are the size, they are mostly because of interventionism,

641
00:37:02,294 --> 00:37:04,334
quenching all the competition.

642
00:37:04,814 --> 00:37:09,104
So, and, and, and the, the interventionism helps these large

643
00:37:09,104 --> 00:37:14,047
entities, it helps them, uh, form artificial monopolies in, in all of.

644
00:37:15,007 --> 00:37:20,523
All areas of life, by, by just disallowing every potential

645
00:37:20,523 --> 00:37:22,784
competitor to challenge 'em.

646
00:37:23,054 --> 00:37:26,924
That that's the main mechanism that keeps, uh, that, that, that,

647
00:37:26,924 --> 00:37:30,854
that makes monopolies happen at all on a completely free market.

648
00:37:31,454 --> 00:37:34,499
Uh, theoretically a monopoly situation cannot happen.

649
00:37:35,102 --> 00:37:38,912
uh, which is counterintuitive to most people, and we'll get into the weeds of

650
00:37:38,912 --> 00:37:42,692
this in, in later books, but, uh, this is not a discussion for now, I guess.

651
00:37:43,107 --> 00:37:46,287
No, I, I'm, uh, uh, my only remark here is that I'm, I'm enjoying

652
00:37:46,287 --> 00:37:47,787
how spicy we're already getting.

653
00:37:47,787 --> 00:37:50,667
It's not so spicy, but like, it's, it's getting a little bit

654
00:37:50,667 --> 00:37:51,987
spicy at this point already.

655
00:37:52,017 --> 00:37:54,567
So yeah, we're, uh, we're having fun.

656
00:37:54,567 --> 00:37:58,017
This, this series is gonna be an absolute, absolute blast.

657
00:37:58,017 --> 00:37:59,607
I'm already, I'm already really enjoying it.

658
00:38:00,350 --> 00:38:00,620
Yeah.

659
00:38:00,800 --> 00:38:02,000
Let's, uh, let's continue.

660
00:38:03,777 --> 00:38:07,617
Bitcoin and the idea of truly sound absolutely scarce money inevitably

661
00:38:07,617 --> 00:38:10,917
makes you question human societal structures in general and the

662
00:38:10,947 --> 00:38:12,477
nature of money in particular.

663
00:38:13,227 --> 00:38:16,407
Once you realize that this Pandora's box of an idea can't

664
00:38:16,407 --> 00:38:20,457
be closed again by anyone, everything is put into perspective.

665
00:38:21,387 --> 00:38:25,977
Once you realize that it is now possible for anyone with a decently sized brain to

666
00:38:25,977 --> 00:38:30,987
store any amount of wealth in that brain, or to beam wealth anonymously to any other

667
00:38:30,987 --> 00:38:35,427
brain in the world without anyone else ever knowing everything you are ever told

668
00:38:35,427 --> 00:38:37,737
about human society is turned on its head.

669
00:38:38,907 --> 00:38:42,147
Everything you thought you knew about taxes, social class,

670
00:38:42,357 --> 00:38:47,517
capitalism, socialism, economics, or even democracy falls apart like

671
00:38:47,517 --> 00:38:49,137
a house of cards in a hurricane.

672
00:38:50,067 --> 00:38:54,597
It is in fact impossible to comprehend the impact Bitcoin will have on the

673
00:38:54,597 --> 00:38:58,977
planet without also understanding basic Austrian economics and what

674
00:38:58,977 --> 00:39:01,287
the Libertarian worldview stems from.

675
00:39:02,787 --> 00:39:03,177
Okay.

676
00:39:05,292 --> 00:39:09,012
This, uh, reminds me that Pandora's box sentence there reminds me

677
00:39:09,012 --> 00:39:10,722
of something Michael Dunworth.

678
00:39:10,782 --> 00:39:15,222
Uh, my friend Michael Dunworth said on a panel we were on at Bitcoin

679
00:39:15,222 --> 00:39:19,607
alive in Sydney, uh, just a couple of weeks back, and that is that Bitcoin

680
00:39:19,722 --> 00:39:25,152
is the first thing that humanity has ever built, that we can't, uh, break.

681
00:39:25,512 --> 00:39:27,552
We, we cannot undo this.

682
00:39:27,582 --> 00:39:30,522
Like we have built something that we cannot stop.

683
00:39:31,587 --> 00:39:36,417
And not wanting to, to own a bit of that, or to be part of

684
00:39:36,417 --> 00:39:38,877
that, uh, is just insanity.

685
00:39:38,967 --> 00:39:45,897
Like, uh, I, I mean, time will tell, but everything points to Bitcoin

686
00:39:45,897 --> 00:39:49,917
being completely unbreakable, which is, uh, which is just mind

687
00:39:49,917 --> 00:39:51,627
blowing in itself, isn't it?

688
00:39:52,770 --> 00:39:53,825
It, it completely is.

689
00:39:53,825 --> 00:39:56,255
And I mean, this is another one of these things where I just get back

690
00:39:56,255 --> 00:39:59,645
to, uh, when you get it, you get it.

691
00:40:00,290 --> 00:40:02,450
When you take the orange pill, you can't untake it.

692
00:40:03,170 --> 00:40:03,560
You know?

693
00:40:03,560 --> 00:40:07,220
It, it, it, it's, it's, it's like you've seen behind the curtain and

694
00:40:07,220 --> 00:40:13,190
just nothing, nothing else, uh, ever makes sense anymore except in, except

695
00:40:13,190 --> 00:40:15,170
in the contents of context of Bitcoin.

696
00:40:15,200 --> 00:40:16,820
And so, yeah.

697
00:40:16,850 --> 00:40:19,910
Yeah, like, uh, coming to these realizations is

698
00:40:19,910 --> 00:40:22,040
important and, and, you know.

699
00:40:22,670 --> 00:40:26,930
Uh, I, I say it, I say it a lot because I think it's, it's important to say this,

700
00:40:26,930 --> 00:40:31,760
like the reason we talk about this stuff as much as we do and we go deep into it.

701
00:40:31,760 --> 00:40:34,460
I mean, there, there's, there's so many layers to this, this, this,

702
00:40:34,460 --> 00:40:36,410
we're doing this for our own benefit.

703
00:40:36,800 --> 00:40:39,890
We're doing this for the benefit of everyone listening.

704
00:40:40,130 --> 00:40:40,430
Right?

705
00:40:40,430 --> 00:40:43,220
And, and I mean, the, I think my, my assumption is anyone who's.

706
00:40:43,745 --> 00:40:47,885
Listening to this at, at this point is, is going to be already pretty, pretty

707
00:40:47,885 --> 00:40:49,685
deep into the Bitcoin rabbit hole already.

708
00:40:49,685 --> 00:40:52,685
But wouldn't it be awesome if, if this is like one of these things

709
00:40:52,685 --> 00:40:56,825
that you know, hey, you, you, you've just got your first Bitcoin here.

710
00:40:56,825 --> 00:41:01,385
Check out, check out this series on, on sovereignty through mathematics, uh,

711
00:41:01,385 --> 00:41:03,755
and, and really dig deep into this stuff.

712
00:41:03,755 --> 00:41:07,775
I mean, what's the impact that, that us doing this could have

713
00:41:07,775 --> 00:41:09,815
in, in the future here, but.

714
00:41:10,850 --> 00:41:14,390
Not, not specifically this, this series, but just all the talk about

715
00:41:14,390 --> 00:41:17,360
Bitcoin and getting better at the ideas and understanding them better.

716
00:41:18,042 --> 00:41:21,792
yeah, like conviction deepening is important and, and being able to

717
00:41:21,792 --> 00:41:24,762
explain these things to other people is important because even though it

718
00:41:24,762 --> 00:41:28,122
can't break it, we don't know how long it's gonna take before, before

719
00:41:28,392 --> 00:41:30,102
the world is overtaken by Bitcoin

720
00:41:30,847 --> 00:41:32,967
Before, before it breaks everything else.

721
00:41:33,582 --> 00:41:34,872
or it breaks everything else.

722
00:41:34,872 --> 00:41:35,322
Yeah.

723
00:41:35,832 --> 00:41:40,587
So, no, I mean, I mean, I, I just keep getting more, more, I. Not bullish.

724
00:41:40,587 --> 00:41:40,977
Exactly.

725
00:41:40,977 --> 00:41:41,607
It's the wrong word.

726
00:41:41,607 --> 00:41:46,887
It's just, when we talk about this stuff, it gets me excited about where we, where

727
00:41:46,887 --> 00:41:50,847
we're going to be, uh, in the future here.

728
00:41:51,286 --> 00:41:54,466
when, when more and more people think about these ideas and, and start to

729
00:41:54,466 --> 00:41:56,536
change the way they live their lives.

730
00:41:56,536 --> 00:41:58,576
Because may, maybe that's, maybe that's another thing here.

731
00:41:59,176 --> 00:42:03,826
I definitely live life in a different way after discovering

732
00:42:03,976 --> 00:42:06,856
Bitcoin and after seeing that, that.

733
00:42:07,516 --> 00:42:12,736
Everything, all the ways of operating before were just, were just a hamster's

734
00:42:12,736 --> 00:42:16,276
wheel to get ahead in the rat race or whatever other metaphor makes sense.

735
00:42:16,276 --> 00:42:19,636
But you figure out Bitcoin and so many other things start to make

736
00:42:19,636 --> 00:42:22,696
more sense and, and you just live your life a totally different way.

737
00:42:22,696 --> 00:42:26,596
And I don't know, I'm, I'm just hopeful that, uh, through discussing

738
00:42:26,596 --> 00:42:30,196
these ideas, more people can come to the same realization.

739
00:42:30,586 --> 00:42:32,266
I don't have much more of a point than that.

740
00:42:32,266 --> 00:42:34,156
It's just, it's just always awesome to think about.

741
00:42:34,491 --> 00:42:38,596
I, I, I view it as like the, the life I led before and, and like, like life.

742
00:42:38,626 --> 00:42:41,596
How you view life in general before Bitcoin.

743
00:42:41,596 --> 00:42:46,786
Is that success always the, the, this false notion that success necessarily

744
00:42:46,786 --> 00:42:50,986
has to come at someone else's expense, which Bitcoin sort of points out

745
00:42:50,986 --> 00:42:53,926
that that is completely 100% false.

746
00:42:54,406 --> 00:42:55,066
Uh, eh.

747
00:42:55,501 --> 00:43:02,281
One person's success can benefit everyone else on Earth simultaneously, if we just

748
00:43:02,281 --> 00:43:06,991
start using the, the proper denominator, like it's, it's as simple as that.

749
00:43:07,141 --> 00:43:12,841
That was a complicated, uh, uh, and, uh, outlandish statement.

750
00:43:12,841 --> 00:43:17,136
We, we'll get into the weeds of why in the upcoming chapters.

751
00:43:18,481 --> 00:43:19,051
Exactly.

752
00:43:19,111 --> 00:43:22,596
Let's, let's, yes, we'll get, we'll get into it more later.

753
00:43:23,911 --> 00:43:25,621
Uh, last, uh, last paragraph here.

754
00:43:25,621 --> 00:43:30,181
And, uh, interesting anecdote I think coming up or interesting thought nugget.

755
00:43:30,871 --> 00:43:35,791
I. Imagine growing up in an Amish community until your 16th birthday,

756
00:43:35,791 --> 00:43:39,241
you're purposely completely shielded off from the outside world.

757
00:43:39,751 --> 00:43:43,021
Information about how the world really works is very limited to you.

758
00:43:43,021 --> 00:43:47,518
Since internet access and even TVs and radios are forbidden within the community.

759
00:43:48,148 --> 00:43:50,698
Well, from a certain perspective, we're all Amish.

760
00:43:51,388 --> 00:43:54,658
How money really works is never emphasized enough through traditional

761
00:43:54,658 --> 00:43:56,878
media or public educational institutions.

762
00:43:57,568 --> 00:44:01,708
Most people believe that the monetary system is somehow sound and fair

763
00:44:01,978 --> 00:44:05,668
when there's overwhelming evidence to the contrary all over the globe.

764
00:44:06,958 --> 00:44:10,768
yourself, do you remember being taught about the origins of money in school?

765
00:44:11,548 --> 00:44:12,088
I, me neither.

766
00:44:12,928 --> 00:44:15,898
I don't believe that there's some great global conspiracy behind the

767
00:44:15,898 --> 00:44:20,188
fact that the ethics of money creation isn't a school subject, but rather that

768
00:44:20,188 --> 00:44:24,268
plain old ignorance is to blame for the lack of such a subject primarily.

769
00:44:25,243 --> 00:44:28,603
As soon as their math skill limit is reached, people seem

770
00:44:28,603 --> 00:44:30,223
to stop caring about numbers.

771
00:44:30,763 --> 00:44:34,243
The difference between a million and a billion seems lost on a depressingly

772
00:44:34,243 --> 00:44:36,103
large part of the world's population.

773
00:44:37,033 --> 00:44:40,843
In the chapters ahead, we'll explore the pitfalls of central banking, how

774
00:44:40,843 --> 00:44:45,253
money pops into existence, and how inflation keeps us all on a leash.

775
00:44:46,993 --> 00:44:47,263
Okay.

776
00:44:48,903 --> 00:44:52,803
Yeah, the difference between a million and a billion is about a billion.

777
00:44:54,453 --> 00:44:58,863
Uh, the, the Amish part here is, is funny, uh, like.

778
00:44:59,728 --> 00:45:04,318
Do you know why the Amish, uh, weren't affected by Covid at all?

779
00:45:06,543 --> 00:45:07,363
Yeah, go ahead.

780
00:45:07,528 --> 00:45:08,608
they didn't have a tv.

781
00:45:08,608 --> 00:45:13,918
They didn't have TVs, so that's why like the, so there's, if anything,

782
00:45:13,918 --> 00:45:17,488
I've changed my views on the Amish, uh, since I wrote this book.

783
00:45:17,488 --> 00:45:21,478
I think they're pretty based, uh, I, I mean they, they, they're

784
00:45:21,478 --> 00:45:24,268
not worried about climate change because they don't have TVs.

785
00:45:24,388 --> 00:45:26,638
Like, uh, they, they, they live life.

786
00:45:27,283 --> 00:45:32,713
Uh, and you, you may say that it's, uh, ignorant and, and like, uh,

787
00:45:32,833 --> 00:45:35,593
shielded from the rest of the world and they, they're not getting all

788
00:45:35,593 --> 00:45:39,313
the information, but they're also not getting any of the propaganda.

789
00:45:39,343 --> 00:45:42,823
So, so, uh, uh, so it's a double-sided coin.

790
00:45:43,183 --> 00:45:46,543
Uh, I personally believe you should like, uh, have access to

791
00:45:46,543 --> 00:45:48,463
as much information as possible.

792
00:45:48,793 --> 00:45:54,013
It's just that take care of your filters, uh, filter the information properly.

793
00:45:54,283 --> 00:45:55,453
That can be hard to do.

794
00:45:56,233 --> 00:45:57,313
One, one trick.

795
00:45:57,343 --> 00:46:00,433
One simple trick is to always follow the money, to see what

796
00:46:00,433 --> 00:46:01,963
people's real intentions are.

797
00:46:01,963 --> 00:46:05,863
Watch their actions rather than listening to their words, especially

798
00:46:05,863 --> 00:46:07,333
politicians and bureaucrats.

799
00:46:07,783 --> 00:46:12,223
Uh, and uh, yeah, the Amish are good at that, so good on them.

800
00:46:12,313 --> 00:46:12,343
I.

801
00:46:12,754 --> 00:46:13,384
Absolutely.

802
00:46:13,384 --> 00:46:15,664
And well, you know, I think, I think the other point you have

803
00:46:15,664 --> 00:46:19,204
here is that like the, none of this being covered in school, I mean,

804
00:46:19,504 --> 00:46:23,254
there's something real really there.

805
00:46:23,254 --> 00:46:28,264
Like, uh, like honestly, it's, it's hard to, to not see some grand

806
00:46:28,264 --> 00:46:31,924
conspiracy here to kind of just shut everyone up and, and keep us all in

807
00:46:31,924 --> 00:46:33,784
our little boxes because, because.

808
00:46:34,954 --> 00:46:37,024
This stuff really should be fundamental.

809
00:46:37,024 --> 00:46:39,754
The fundamentals of how to live life are what should be taught

810
00:46:39,754 --> 00:46:44,944
in school, not, not esoteric things that might be useful later.

811
00:46:44,944 --> 00:46:52,084
I think much of mathematics in, in, in school beyond real basics actually is

812
00:46:52,384 --> 00:46:57,364
pretty darn useless to most people, like trigonometry and things like that, but

813
00:46:57,364 --> 00:47:00,484
they completely gloss over the, the, uh.

814
00:47:02,254 --> 00:47:05,524
of money and how to, how to use money and, and all of these useful things.

815
00:47:05,524 --> 00:47:05,734
Right?

816
00:47:05,734 --> 00:47:07,024
It's, it's, it's so hard.

817
00:47:07,624 --> 00:47:07,894
I don't know.

818
00:47:07,894 --> 00:47:08,314
What do you think?

819
00:47:08,689 --> 00:47:10,909
any, any inflation is theft.

820
00:47:10,969 --> 00:47:13,219
I mean, read Rothberg, people like it.

821
00:47:13,369 --> 00:47:14,719
It's always theft.

822
00:47:14,719 --> 00:47:18,049
A violation has happened if prices go up.

823
00:47:18,529 --> 00:47:21,049
Uh, and this is so hard for people to understand because

824
00:47:21,049 --> 00:47:22,519
prices have always gone up.

825
00:47:22,819 --> 00:47:26,329
Everyone living today, no one living today has ever experienced

826
00:47:26,689 --> 00:47:33,349
falling prices in anything but say like computers, uh, which are.

827
00:47:34,174 --> 00:47:38,254
Have such a technological, fast technological deflation that,

828
00:47:38,254 --> 00:47:42,124
uh, the, the prices actually go down even in fiat terms, but

829
00:47:42,124 --> 00:47:43,984
everything else should go down too.

830
00:47:43,984 --> 00:47:45,064
It's as simple as that.

831
00:47:45,064 --> 00:47:49,354
And if you're denominating Bitcoin, it does so.

832
00:47:50,179 --> 00:47:50,929
Yeah.

833
00:47:50,989 --> 00:47:53,089
And this is what this is all about.

834
00:47:53,089 --> 00:47:56,179
This is what this course is about, to teach people, teach

835
00:47:56,179 --> 00:47:57,559
people this, these things.

836
00:47:57,619 --> 00:48:03,379
And, uh, another way of viewing the world, uh, I mean also with a conspiracy thing.

837
00:48:03,739 --> 00:48:10,219
I would, uh, say never attribute to malice what can be explained by retardation.

838
00:48:10,429 --> 00:48:16,069
Like I, I think, I think that, uh, oftentimes it's

839
00:48:16,069 --> 00:48:17,509
just that the whole system is.

840
00:48:17,929 --> 00:48:20,419
Uh, incentives are set the way they are.

841
00:48:20,419 --> 00:48:29,569
And like even the, even money printing like is not someone, uh, conspiring to,

842
00:48:29,944 --> 00:48:32,199
to, uh, uh, manipulate everyone else.

843
00:48:32,199 --> 00:48:35,349
It's just that the temptation, the incentive to print money

844
00:48:35,349 --> 00:48:37,089
if you can, is too strong.

845
00:48:37,659 --> 00:48:42,399
So humans have never been able to resist the temptation to take a little more

846
00:48:42,399 --> 00:48:47,619
for yourself than, uh, than you are actually entitled to, which is why we

847
00:48:47,619 --> 00:48:51,759
can't leave anyone in charge of the money print because the psychopaths will.

848
00:48:53,694 --> 00:48:58,584
Like flock to those positions in society where they, where they get to use others.

849
00:48:58,794 --> 00:49:03,534
So, so a psychopath is bound to end up in controlling the money

850
00:49:03,534 --> 00:49:04,794
printer at the end of the day.

851
00:49:05,034 --> 00:49:09,204
And, and this is why it's, I. The incentives were there before the

852
00:49:09,204 --> 00:49:10,524
malice, if you know what I mean.

853
00:49:10,524 --> 00:49:13,524
Before, before the bad guy came there, the incentive to,

854
00:49:13,644 --> 00:49:15,174
to become a bad guy was there.

855
00:49:15,684 --> 00:49:19,859
So, uh, it can be explained by that, uh, what Bitcoin does, it is

856
00:49:19,974 --> 00:49:25,704
it provides us with a system where actually following the rules is more

857
00:49:25,704 --> 00:49:27,564
profitable than trying to break them.

858
00:49:28,284 --> 00:49:30,864
Uh, which, which completely changes the incentive.

859
00:49:30,864 --> 00:49:31,494
So, so.

860
00:49:33,219 --> 00:49:37,719
If, if, if there's anything, any such thing as a positive

861
00:49:37,719 --> 00:49:39,249
conspiracy, this would be it.

862
00:49:39,279 --> 00:49:44,019
Like we're, we're, we're actually scheming to make people behave in different ways.

863
00:49:44,019 --> 00:49:45,909
It's, uh, yeah.

864
00:49:47,634 --> 00:49:48,264
No, it's great.

865
00:49:48,264 --> 00:49:53,094
I mean, the, the finding is, is that good intentions, people

866
00:49:53,094 --> 00:49:54,384
can have good intentions, right?

867
00:49:54,384 --> 00:49:58,584
Like, uh, it, it can be completely reasonable to think that it's, it

868
00:49:58,824 --> 00:50:02,754
would be nice to order the world in such a way that everyone gets

869
00:50:02,754 --> 00:50:04,254
everything taken care of and.

870
00:50:05,619 --> 00:50:11,529
Society runs all smoothly and, and, and all this, but the, the sinister nature

871
00:50:11,529 --> 00:50:15,759
is that, is that people who can take advantage of such, such systems will,

872
00:50:16,089 --> 00:50:18,129
and I think we'll explore those ideas.

873
00:50:18,474 --> 00:50:19,164
More in the future.

874
00:50:19,164 --> 00:50:23,514
But for now, I think I, I think this was a, an excellent chapter and,

875
00:50:23,514 --> 00:50:26,364
uh, uh, to our, to our listeners.

876
00:50:26,424 --> 00:50:28,284
Hey, we're, we're, we're done the chapter now.

877
00:50:28,344 --> 00:50:30,054
Um, go, leave us a comment.

878
00:50:30,204 --> 00:50:31,134
Tell us what you think.

879
00:50:31,164 --> 00:50:35,124
If you're watching on YouTube or Rumble, go, go, leave us a comment there.

880
00:50:35,454 --> 00:50:39,324
Uh, if you've, if you've been listening on Fountain or something, uh, uh, send

881
00:50:39,324 --> 00:50:42,414
us a tweet or a post on nos about it.

882
00:50:42,504 --> 00:50:45,744
Uh, let us know what you think and, uh, looking forward to

883
00:50:45,744 --> 00:50:47,184
continuing the conversation.

884
00:50:47,184 --> 00:50:47,424
But.

885
00:50:47,674 --> 00:50:50,289
Yes, and, and about continuing the conversation.

886
00:50:50,559 --> 00:50:52,329
The road to hell is paved.

887
00:50:52,329 --> 00:50:56,469
With good intentions as we know which, what, what is why I think

888
00:50:56,469 --> 00:50:59,919
there's a, a highway to hell and a just a stairway to heaven.

889
00:51:00,339 --> 00:51:06,639
Uh, and speaking of, we'll get into one of my most controversial chapters ever,

890
00:51:06,639 --> 00:51:09,279
I think next week or, or not next week.

891
00:51:09,279 --> 00:51:12,849
This is coming out like just a couple of days after this, which is

892
00:51:12,879 --> 00:51:16,809
chapter two of Sovereignty through mathematics called Financial Atheism.

893
00:51:17,374 --> 00:51:21,394
And, uh, I'll explain how my views have changed on that since I wrote

894
00:51:21,394 --> 00:51:24,844
it and what I still agree with and what I might disagree with.

895
00:51:24,844 --> 00:51:30,904
So looking forward to that and to defining the word, the words and all all the stuff.

896
00:51:30,934 --> 00:51:31,804
So, yeah.

897
00:51:32,134 --> 00:51:33,124
Welcome back next time.

898
00:51:33,694 --> 00:51:34,774
Welcome back next time.

899
00:51:34,774 --> 00:51:35,314
Perfect.

900
00:51:35,344 --> 00:51:39,214
Uh, I, I think I'll, I'll, I was gonna ask you, did you have any last words,

901
00:51:39,214 --> 00:51:41,014
but I think you just, just covered that.

902
00:51:41,014 --> 00:51:41,644
Am I right?

903
00:51:41,869 --> 00:51:42,159
Yeah.

904
00:51:42,159 --> 00:51:43,319
These were my last words.

905
00:51:43,779 --> 00:51:44,799
These were, these were.

906
00:51:45,279 --> 00:51:45,639
All right.

907
00:51:45,639 --> 00:51:49,419
Well, hey, so before, before we wrap up, I think we'll just, we'll just say,

908
00:51:49,419 --> 00:51:54,279
uh, a big shout out to, first of all, everyone who's joined the academy so far.

909
00:51:54,519 --> 00:51:58,359
If you wanna be involved in the, the discussions and support what we're doing.

910
00:51:58,359 --> 00:52:01,899
The easiest way, easiest way, is to, to join the academy.

911
00:52:02,049 --> 00:52:06,044
Either join the specific course or, or pick up the Metral Atium

912
00:52:06,049 --> 00:52:08,529
membership so that you have access to absolutely everything.

913
00:52:08,649 --> 00:52:10,839
All the details are on our Geyser page.

914
00:52:11,379 --> 00:52:16,389
Er Fund slash Project slash infinity and all the details are there.

915
00:52:16,839 --> 00:52:22,659
Uh, also thank you to Plan B Network for, for supporting this, this endeavor.

916
00:52:22,719 --> 00:52:26,589
It's how we can make it available for free to everyone, both on noster and in

917
00:52:26,589 --> 00:52:29,409
the the video audio segment we have here.

918
00:52:29,409 --> 00:52:31,179
So check out plan B network.

919
00:52:31,464 --> 00:52:35,094
For more fantastic educational resources, and we're really happy

920
00:52:35,094 --> 00:52:36,984
to be, be a part of this initiative.

921
00:52:37,224 --> 00:52:42,624
Uh, a short, uh, a condensed version or a bridged version of, of these recordings

922
00:52:42,624 --> 00:52:46,254
is also gonna be available on the, the Plan B network, YouTube channel.

923
00:52:46,864 --> 00:52:47,579
Rumble channel.

924
00:52:48,084 --> 00:52:49,614
and Rumble, it's, it's both.

925
00:52:49,739 --> 00:52:50,279
it's both.

926
00:52:50,309 --> 00:52:50,519
Yeah.

927
00:52:50,519 --> 00:52:50,909
Yeah.

928
00:52:51,324 --> 00:52:51,564
yeah.

929
00:52:53,214 --> 00:52:53,454
Okay.

930
00:52:53,944 --> 00:52:55,024
So that's Plan B Network.

931
00:52:55,024 --> 00:52:55,864
Thanks again to them.

932
00:52:55,864 --> 00:52:57,814
And, and the other one of course is Bit Box.

933
00:52:57,814 --> 00:53:02,044
They've been a, they've been a long time supporter of both of our shows also now,

934
00:53:02,044 --> 00:53:04,024
so, so big, A big shout out to them.

935
00:53:04,234 --> 00:53:08,674
Go to Bit box.swiss/infiniti for a discount on the Bit

936
00:53:08,674 --> 00:53:10,144
Box zero two Hardware wallet.

937
00:53:10,144 --> 00:53:12,544
Our, our favorite hardware wallet at Fantastic for newbies.

938
00:53:12,544 --> 00:53:13,714
Super easy to use.

939
00:53:13,714 --> 00:53:16,084
So yeah, it's, um, thanks.

940
00:53:16,084 --> 00:53:16,654
Bit box.

941
00:53:17,554 --> 00:53:20,404
Anything else on, on, uh, those topics there?

942
00:53:20,404 --> 00:53:20,524
K.

943
00:53:21,229 --> 00:53:21,529
Yes.

944
00:53:21,529 --> 00:53:24,739
A final thing for this specific chapter that we just went through,

945
00:53:24,799 --> 00:53:28,189
the sovereignty through mathematics, there's a little animation made by Yoni

946
00:53:28,189 --> 00:53:30,949
Appleberg, uh, narrated by guy, guy one.

947
00:53:31,189 --> 00:53:35,629
So if you search for Bitcoin, every, uh, everything, a trade on, uh,

948
00:53:36,169 --> 00:53:37,819
YouTube, you'll find that video.

949
00:53:38,029 --> 00:53:40,009
Uh, yeah, I highly recommend that.

950
00:53:40,009 --> 00:53:43,549
And all of Yoni's, other videos for that matter.

951
00:53:43,639 --> 00:53:44,989
Uh, so.

952
00:53:45,469 --> 00:53:49,159
Check out that, and, uh, as Luke said, leave a comment, like,

953
00:53:49,159 --> 00:53:50,719
subscribe and brush your teeth.

954
00:53:50,869 --> 00:53:51,649
See you next time.

955
00:53:52,534 --> 00:53:54,544
Yeah, but we're not totally done yet, are we?

956
00:53:54,754 --> 00:53:54,814
No.

957
00:53:54,814 --> 00:53:58,894
Well, we could be, I guess, but, but, uh, no.

958
00:53:58,894 --> 00:54:02,824
Uh, uh, just a reminder, everywhere you can, uh, everywhere you can

959
00:54:02,854 --> 00:54:06,004
see us this upcoming year, we're gonna be at a whole bunch of.

960
00:54:06,004 --> 00:54:10,054
Your conferences, uh, I think you've got a slightly more full

961
00:54:10,054 --> 00:54:11,434
schedule, Cano, so you wanna tell us

962
00:54:11,524 --> 00:54:12,154
Oh yes.

963
00:54:12,184 --> 00:54:15,334
Uh, thanks for that reminder.

964
00:54:15,454 --> 00:54:19,444
So, uh, now in May I'm going to Ireland to a Bitcoin conference

965
00:54:19,444 --> 00:54:20,704
there, Bitcoin, Ireland.

966
00:54:20,764 --> 00:54:25,354
And then we're both going to Prague, uh, for B2C.

967
00:54:25,354 --> 00:54:27,124
Prague, uh, use.

968
00:54:27,964 --> 00:54:30,304
This goes for every single conference and everything else.

969
00:54:30,304 --> 00:54:32,104
You can buy Bitcoin related on the internet.

970
00:54:32,104 --> 00:54:36,154
Really use code infinity for a discount, especially for Prague now.

971
00:54:36,214 --> 00:54:39,334
Uh, and uh, then we're going to, uh.

972
00:54:40,699 --> 00:54:43,789
Uh, Bitcoin Rodeo in, in Calgary, Canada.

973
00:54:44,629 --> 00:54:49,009
And after that, uh, we're, I'm going to Budapest and you

974
00:54:49,009 --> 00:54:51,229
are going to Riga after that.

975
00:54:51,229 --> 00:54:55,159
We're organizing a conference in Helsinki, Finland, in the, at the end

976
00:54:55,159 --> 00:54:57,559
of August, uh, or the middle of August.

977
00:54:57,559 --> 00:55:00,409
So, uh, yeah, Baltic, KBA and Istanbul.

978
00:55:00,469 --> 00:55:02,599
Uh, no, not Istanbul, Budapest.

979
00:55:03,069 --> 00:55:04,599
Uh, I travel too much.

980
00:55:04,809 --> 00:55:10,869
Uh, our, uh, on the eighth and 9th of August and the B2C, hell in Helsinki

981
00:55:10,869 --> 00:55:13,119
is on the 15th and 16th, I believe.

982
00:55:13,179 --> 00:55:14,199
I think I got that right.

983
00:55:14,209 --> 00:55:15,169
You did get it right.

984
00:55:15,199 --> 00:55:15,979
Yeah, exactly.

985
00:55:16,039 --> 00:55:16,459
No, no.

986
00:55:16,459 --> 00:55:19,699
Uh, really great, really great conference schedule coming up.

987
00:55:19,729 --> 00:55:21,169
Uh, come say hello.

988
00:55:21,439 --> 00:55:23,389
Uh, get a book signed if you want.

989
00:55:23,389 --> 00:55:25,339
Uh, yeah, we'll, we'll be there.

990
00:55:25,339 --> 00:55:26,569
Looking forward to it.

991
00:55:26,629 --> 00:55:27,499
And uh,

992
00:55:28,369 --> 00:55:31,039
And Bulgaria and Logano.

993
00:55:31,189 --> 00:55:34,099
Don't forget, Logano, like the Plan B conference in Logano

994
00:55:34,099 --> 00:55:35,509
is coming up in October.

995
00:55:35,809 --> 00:55:37,669
If we're going through the entire schedule here,

996
00:55:37,954 --> 00:55:38,509
Yeah, yeah, yeah.

997
00:55:38,509 --> 00:55:42,109
I think the, we're, we're confirming the Bulgaria and, and, and ano

998
00:55:42,109 --> 00:55:44,569
here, but I'm, I'm sure that, I'm sure we'll, we'll wrap those up.

999
00:55:44,569 --> 00:55:46,009
Looking forward to, to all of it.

1000
00:55:46,009 --> 00:55:48,619
So, uh, but come to, come to Helsinki though, if you can.

1001
00:55:48,619 --> 00:55:50,839
Seriously, we're, we're really excited about this one.

1002
00:55:50,839 --> 00:55:53,629
We're gonna, we're gonna have lots of fantastic side events.

1003
00:55:53,629 --> 00:55:55,909
There's a ton of great speakers lined up already.

1004
00:55:55,909 --> 00:55:59,239
So this is, this is another one of these ways that, uh, you

1005
00:55:59,239 --> 00:56:01,069
can get the, the most out of.

1006
00:56:01,519 --> 00:56:05,449
Uh, you know, your relationship with us and, and all this

1007
00:56:05,449 --> 00:56:07,189
come to come to Helsinki.

1008
00:56:07,309 --> 00:56:09,739
Um, yeah, we, we'd really love to see you there.

1009
00:56:09,919 --> 00:56:15,649
It's, it's my adopted hometown and I'm really excited to, to show it off to

1010
00:56:15,829 --> 00:56:21,139
International Bitcoiners and we're really trying to raise awareness and adoption.

1011
00:56:21,489 --> 00:56:23,649
In Finland and the, the Nordics more generally.

1012
00:56:23,649 --> 00:56:28,059
So that's, uh, another way you can have a big impact is to, to come to Helsinki

1013
00:56:28,059 --> 00:56:33,549
and, and, and show, show, uh, everyone here, um, what Bitcoin is all about.

1014
00:56:33,789 --> 00:56:35,859
So that's the, the short pitch.

1015
00:56:35,919 --> 00:56:39,339
You'll be hearing it constantly until the conference, but

1016
00:56:39,339 --> 00:56:40,299
we're really excited about it.

1017
00:56:40,299 --> 00:56:40,479
Right.

1018
00:56:40,479 --> 00:56:40,719
Knu.

1019
00:56:41,019 --> 00:56:42,249
Yeah, yeah, absolutely.

1020
00:56:42,279 --> 00:56:44,559
The really short pitch would be go to hell people.

1021
00:56:47,479 --> 00:56:49,399
I don't have anything more to add.

1022
00:56:49,399 --> 00:56:50,629
So is is this it?

1023
00:56:50,629 --> 00:56:53,899
Are we, uh, gonna put a ribbon on this one now?

1024
00:56:54,519 --> 00:56:56,569
I think we're gonna put a ribbon on this one right now.

1025
00:56:58,189 --> 00:56:58,639
Alright.

1026
00:56:58,639 --> 00:56:59,359
Thank you Luke.

1027
00:56:59,389 --> 00:57:00,199
See you next time.

1028
00:57:00,379 --> 00:57:02,209
Thanks Knut, and thank you for listening.

1029
00:57:02,449 --> 00:57:02,914
See you next time.