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Welcome to the Bitcoin Infinity Academy, brought to you by

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Plan B Network and Bit Box.

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I'm Kwano and I'm here as always with my partner in,

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victimless crime, Luke de Wolfe.

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How are you today, Luke?

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I'm Greg Knu.

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How are you?

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All good.

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We're doing another chapter today.

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Yes, we are.

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Next chapter of Sovereignty Through Mathematics, the Gullible Collective.

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I'm excited about this one.

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Definitely some interesting takes on collectivism.

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Absolutely.

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If you, if you don't know what this is, I mean, go to bitcoin

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infinity.com and you can get the book.

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You can go to a geyser page and sign up for the academy and all of that.

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So, but let's just dive into it.

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Shall we look?

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Let's do it.

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I'll start by reading the first paragraph, the Gullible Collective.

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Chapter three of Sovereignty Through Mathematics, we

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humans are biased by nature.

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Everything we think we know is distorted in one way or another

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by our cognitive shortcomings.

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The human brain has been forced to evolve and adapt to whatever environment

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it found itself in over millennia.

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Having a brain that is capable of setting aside personal aims for

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the sake of the collective has proven to be advantageous for the

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evolution of our species as a whole.

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is true for every other social form of life.

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However, letting these parts of our brains guide our political judgment can lead

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to disastrous results in the long run.

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Not because of bad intentions, but because of the simple fact that a few

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individuals will always thrive by playing every political system for personal gain.

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From an evolutionary perspective, an army of as sayers and martyrs, regardless of

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whether we're talking about an army of humans or an army of ants or bacteria, has

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an advantage over a less disciplined one.

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From an individual's evolutionary perspective, though, it is better to

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appear like you're a martyr, but to run and hide when the actual battle happens.

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This at least partly explains the high percentage of sociopaths in

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leadership positions all over the world.

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If you can appear to act for the good of the collective, but dupe

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your way into more and more power behind people's backs, more likely to

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succeed than someone playing a game.

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Yes, It's a, a, a bit of a, a strange paragraph to some maybe, but, uh, I

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think this is alluding to incentives being, uh, the driving force for, for

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human beings and being super important.

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Uh, so, uh, yeah, that's, that's what the paragraph means.

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Uh, uh, why the sociopaths are where they are is because it's

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beneficial for them to, to be there.

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Uh, political leaders in particular have a high percentage of sociopaths among them.

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Yeah, I think the distinction between the individual and the collective is

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a theme that we explore a lot, that you explore in your writings and that

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we have explored in the inverse clown world and in many of our conversations.

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So I think this is one of those cases where.

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People might have the wrong idea.

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I think about collectivism in general.

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It's currently the, it's the thing that in the western world, you're supposed to

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be a little collectivist somehow, right?

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We're all in this together.

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We live in a society.

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This is just the way things are.

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We live in these nice welfare states that provide for people, but there's

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a, there's a dark underside, right?

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Exactly.

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And, uh, you know, there's nothing wrong with human beings grouping

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together and doing things together.

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The, the, the wrongness of it comes, uh.

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When, whenever there's, uh, violence or threats thereof involved, so we are primed

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to, to cooperate and help one another.

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It's just that, uh, some people think it's okay to do that at the

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expense of a third person or ex at the expense of another human being.

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And, uh, uh, as we will learn through these books, that that is never the case.

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The, the, the free market and, and consensual interactions are way, way more

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powerful than people, think, uh, and, and collectivism and, and market interventions

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are, are way worse than people think.

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I definitely found it interesting here, getting to the evolutionary

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side of this also, because it's also interesting to look at.

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Reasons that explain individual's behavior, right?

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Like we talked about a little bit in the last episode, the,

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the financial atheism chapter.

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well, maybe, maybe I'm drawing a different conclusion here, but

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there is a, there is an evolutionary explanation to us as a species.

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Basically, if you believe the scientific consensus that such as it

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is, and evolutionary behaviors for what individuals do I, I, I think it

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works perfectly well because there are things hardwired in our brains

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that get us to lean towards doing certain things and different brain

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configurations result in different individuals who behave differently.

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So I find it really interesting to dig into these reasons.

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For why people do certain things, it certainly helps to build empathy.

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Yeah, absolutely.

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I mean, this is on evolutionary.

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This is, this goes super deep and it's straight out of, uh, I

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don't believe you need to believe anything to, uh, to, to buy this.

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Uh, um, we are our bodies and our, and our brains are just a

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collection of cells, cells who all act in their own self best interest.

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So they have a, they do what they do because they're primed for survival.

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The, the cells that behaved in a certain way, had a higher likelihood of

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surviving that than cells that didn't.

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So that's at the core of our very being and we're just a, a great hive

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of, of cell cellular organisms that, found out over time that cooperating

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was better than fighting one another.

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That's what we are.

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what we do as a collective, uh, may be good for, uh, the human

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being, but not necessarily for the cells in the human being.

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So if we get a tattoo, for instance, to, to, uh, attract a woman, uh, that

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might be good for the collection of cells, but not maybe for the individual

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cells in the arm that got the tattoo.

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Like there's, you can, you can take this to, to absurd levels.

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Uh, it's just, uh, to distinct between, uh, between the, the what's

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good for the individual, uh, what's good for the collective is not always

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necessarily good for the individual.

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That's what I'm trying to say with the paragraph, I think.

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And, uh, maybe let's, let's continue and to explore this a bit further

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Sure.

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onto the next one.

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Story of banking and fiat currency is a story about collective madness.

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Historically, rulers have tricked people into killing each other

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through the promise of an afterlife.

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I. Central banking, the rulers of the world wars could trick

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people into building armies for them by printing more money.

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This is seldom mentioned in history classes because it still goes on today.

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On a massive scale, inflation might no longer be paying tank factory workers,

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but it is the main mechanism that funnels wealth into the pockets of the

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super rich and away from everyone else.

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Inflation is the mechanism that hinders us from transporting the

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value of our labor through time.

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It makes us avoid real long-term thinking.

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We hardly ever consider this a problem because none of us has ever

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experienced an alternative to it.

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Yeah, it's, this is the core of the problem that Bitcoin solves.

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Many people think inflation is a natural thing that just happens, but

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at the end of the day, it's always because someone is printing more

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money, giving it out as debt to people.

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This has been going on for centuries.

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Uh, humans have never been able to resist enriching themselves at the

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expense of others by, by, uh, printing more money if they've had that power.

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And it still goes on today.

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and, uh, the, the, what, what I don't believe is like that there's

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a cabal of, of, uh, evil masterminds like Dr. Evil, um, types in a layer

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somewhere is like figuring out this way of mass control over people.

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It's just the incentives are there.

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Short term incentives to make people do stuff.

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So even uh, Nixon in 71 when he went off the gold standard,

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I think that was a very.

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High time preference decision.

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Like he didn't think of the consequences because the consequences

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weren't of consequence to him.

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He only had to think about the next couple of years and winning

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the next ele election and stuff.

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So, so high time preference and, and us, not us having urges that we can't

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control, is, is even behind the money being corrupt, which leads to even

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more high time preference decisions and even more stuff we can't control.

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So, high time preference in this sense is the enemy here.

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Totally agree, and I think it's great that you got into a couple

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of topics here in this paragraph.

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I think the, the point that you referenced in terms of the.

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Ball.

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This is a set of ideas that gets explored quite a bit more in, for

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example, the creature from Jekyll Island.

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I forget the author's name off my head, but that's an easy one to find.

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I really enjoy that read because it's a very good history of inflation

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and money and, and all this.

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But it, it's definitely, got some controversial elements, put it that way.

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and, and I think even through that one too, the Nixon example, it's funny to

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take any kind of devil's advocate on Nixon taking the US off the gold standard in 71,

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but the one argument I've heard that holds a little bit of water here on why not to

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blame Nixon specifically is more that the.

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Countries were already operating as if they weren't on a gold standard basically.

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And if it hadn't have been Nixon, it would've been the next guy.

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Instead of Nixon in 71, it would've been Carter in 79 or whatever.

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I don't know.

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But it's, it's, it's just one of those things where that un, unless you

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absolutely are drained away from being able to do the high time preference

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thing, it's going to happen eventually.

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Something like that.

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Someone is going to have too much temptation to do the thing.

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Uh, I don't know.

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Is, is that in line with what you were getting at here?

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Yeah, absolutely.

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I mean, uh, it's, uh, it's called Hanlon's Racer, and it's a bit

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like Gresham's racer, uh, uh, it's, never attribute to malice that that

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can be explained by stupidity, uh, uh, is one of my favorite razors.

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Uh, and this one in particular is, it's totally true, like the, the reason,

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One reason Nixon went off the gold standard is to keep funding the Vietnam

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War, which was, uh, costing a lot.

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But like, uh, running up to that, just as you say, there had been a lot of

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fractional reserve going on already.

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So, so they didn't have backing for all the gold receipts, AKA dollar bills

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that they had given out to people.

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So they were printing money before, before they let go of the gold standard.

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Letting go of the gold standard was a way of, of making that work short

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term, but it's like it was a sacred principle that had to be sacrificed on

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this altar because of other high time preference decisions that came before.

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And it's just.

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tragic is the tragedy of the commons, if you will.

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Like it's, uh, unfortunate that that happened.

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Then again, if that had not happened, we might not have had Bitcoin, so we would

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still be on a gold standard with, uh, um, semi fake fiat receipts for gold.

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Uh, I kind of prefer a world where Bitcoin exists because it's, uh,

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way, way, way better and more hopeful than gold ever could dream of being.

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So, so yeah, we are where we are.

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Uh, history is what it is, and, uh, all we can do is like think of

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the fu future and move forward and learn, learn by studying the past.

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Yeah.

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And to tie this back, I think to the central point, just to emphasize

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this a little bit, is the, where you say it is about collective madness.

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Yeah.

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The thing here is I. We have social structures that empower individuals

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to make decisions for the collective.

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I think that's the central point here, is that the individuals are giving up

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their freedom, their sovereignty to other individuals who have their own motives.

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And having money in control of that is really the, the problem.

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As illustrated by examples given such as 1971.

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Yeah.

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And uh, people in power who.

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Got into those positions, not because of merit, but because of, uh, theft

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and, uh, other like, uh, malicious mechanisms, uh, that put them in power.

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Now, the, the, uh, so this is the thing, whenever, whenever you say that you

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want the government to do anything or that you think that there should be

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a law forbidding this, you are also saying that you are okay with theft

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and you are okay with one human being deciding what's best for another, you,

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you are, as you are okaying people to put themselves on a pedestal.

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And I think people in general underestimate how

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dangerous that notion is.

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Like why is, why, why people aren't libertarian?

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Like it's, It's super dangerous to say that you, you, you believe that

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people should have, uh, that there, that there should be positions of

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power that are not the result of merit.

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yeah.

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I'm stumbling on the words here, but, uh, you get the point.

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I think look.

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I do and, uh, continue on these points as we continue.

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So, let's go on.

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Money is still vastly misunderstood by the lion's share of the world's population.

237
00:14:49,628 --> 00:14:52,538
In most parts of the world, banks do something called

238
00:14:52,538 --> 00:14:53,828
fractional reserve lending.

239
00:14:54,578 --> 00:14:58,388
This means that they lend out money that they don't have conjuring up

240
00:14:58,388 --> 00:15:02,498
new money out of thin air and handing it out to their customers as loans.

241
00:15:03,278 --> 00:15:06,128
Loans that have to be paid back interest.

242
00:15:07,058 --> 00:15:10,958
Interest that can't be paid back with thin air, but has to be

243
00:15:10,958 --> 00:15:12,908
paid with so-called real money.

244
00:15:13,913 --> 00:15:19,163
Real money of which there isn't enough around to pay back all the loans so

245
00:15:19,163 --> 00:15:22,643
that a constant need for new credit becomes a crucial part of the entire

246
00:15:22,643 --> 00:15:28,029
system to mention central banks, which do the same and worse for governments,

247
00:15:29,109 --> 00:15:32,859
so used to it by now that every country is expected to have a national debt.

248
00:15:33,879 --> 00:15:39,309
All but a handful of ridiculously rich ones do debts are also

249
00:15:39,309 --> 00:15:42,789
loans that have to be paid back with interest backed by nothing.

250
00:15:43,779 --> 00:15:44,589
Think about that.

251
00:15:45,279 --> 00:15:48,309
Your taxes are paying someone else's interest.

252
00:15:48,939 --> 00:15:52,299
Your tax money is not paying for your grandmother's bypass

253
00:15:52,299 --> 00:15:55,779
operation, paying interest bank.

254
00:15:57,759 --> 00:16:01,539
Yeah, we started to get into some of the ideas from this paragraph

255
00:16:01,539 --> 00:16:03,699
here, but uh, we're going deeper.

256
00:16:05,004 --> 00:16:05,364
Yes.

257
00:16:05,454 --> 00:16:11,334
Uh, there was a, uh, back when I first got interested in money, uh, and how

258
00:16:11,334 --> 00:16:16,014
money functions at all, there was a short YouTube series called Money as Debt.

259
00:16:16,494 --> 00:16:20,694
Uh, I can highly recommend and, and it explains fractional reserve banking and

260
00:16:20,694 --> 00:16:26,514
how it started, like, so, so there was a, some guy in the city who had a vault

261
00:16:26,874 --> 00:16:32,965
or is the equivalent of a vault where he could keep people's, Valuable goods.

262
00:16:33,400 --> 00:16:37,210
And he gave out receipts for mostly gold because that's what,

263
00:16:37,480 --> 00:16:39,340
uh, people use to store in vaults.

264
00:16:39,400 --> 00:16:42,100
So, so here's a receipt for this and that much gold.

265
00:16:42,820 --> 00:16:47,680
Uh, and pretty soon the, that guy realized that he could print out more

266
00:16:47,680 --> 00:16:52,000
receipts than he had gold in his vaults, because the only time he would need

267
00:16:52,570 --> 00:16:57,730
all the gold is if everyone, uh, tried to withdraw the, their gold at the

268
00:16:57,730 --> 00:17:00,280
same time, also known as a bank run.

269
00:17:00,310 --> 00:17:03,640
That's how the term bank run was born, because when people started to figure

270
00:17:03,640 --> 00:17:08,440
out that the, the guy was counterfeiting receipts, they, they re uh, responded by,

271
00:17:08,440 --> 00:17:13,360
by all withdrawing their gold at the same time, which is when the bank went bankrupt

272
00:17:13,870 --> 00:17:15,910
and the banker was exposed as the fraud.

273
00:17:15,910 --> 00:17:21,760
He was until the invention of the central bank, which it was like invented to

274
00:17:21,760 --> 00:17:28,292
prevent the runs But by bailing out the bank that was supposed to, uh,

275
00:17:28,322 --> 00:17:33,542
go bankrupt, uh, they, they avoided a short term problem by postponing

276
00:17:33,542 --> 00:17:37,382
it and snowballing it into way bigger problem way later down the line.

277
00:17:37,382 --> 00:17:38,762
And that's what we're living in now.

278
00:17:38,762 --> 00:17:43,142
We're living in this per perpetual debt cycle that just grows and grows

279
00:17:43,142 --> 00:17:46,352
and grows as you have to pay interest up on interest, up on interest.

280
00:17:47,132 --> 00:17:51,542
All, all the field currencies turn into a istic curve, hyper inflating things.

281
00:17:51,632 --> 00:17:55,472
Sooner or later, inflation's just hyperinflation in, in slow motion.

282
00:17:55,712 --> 00:18:01,262
So yeah, this is what this paragraph is about and what my books are about.

283
00:18:01,889 --> 00:18:02,489
Definitely.

284
00:18:02,669 --> 00:18:07,919
And I think the core concept here that everyone getting into

285
00:18:07,919 --> 00:18:15,745
Bitcoin has to gr at some point is mechanism that inflation has.

286
00:18:15,805 --> 00:18:21,025
Why fractional reserve banking just doesn't work and requires that inflation.

287
00:18:21,025 --> 00:18:24,745
I, I think it's really well explained, uh, in this paragraph here.

288
00:18:25,405 --> 00:18:29,755
Money gets loaned out at an interest rate and must be paid back.

289
00:18:30,805 --> 00:18:34,225
It, it's, it's a game of musical chairs, something like that.

290
00:18:34,225 --> 00:18:39,595
Unless more, yeah, unless more credit is getting added into the system,

291
00:18:39,625 --> 00:18:46,075
which is now the current system we're in and central banks to backstop

292
00:18:46,416 --> 00:18:48,396
banks from, from fractional reserve.

293
00:18:48,546 --> 00:18:49,836
There, there are good.

294
00:18:50,646 --> 00:18:54,396
Explanations of why fractional reserve banking, particularly, I think Lynn

295
00:18:54,396 --> 00:18:58,776
Alden makes this argument that fractional reserve banking is not all bad.

296
00:18:58,986 --> 00:19:03,840
It's just the amount of it, and it doesn't necessarily even need to, uh,

297
00:19:03,840 --> 00:19:05,790
hit the money supply something like this.

298
00:19:05,910 --> 00:19:10,830
I don't, I don't know enough about this specific thing to agree or not.

299
00:19:11,040 --> 00:19:18,000
I say maybe keep it simple and, and just don't have that, uh, but not, but having

300
00:19:18,000 --> 00:19:23,670
a lender of last resort is the thing that, that is a lender of last resort that

301
00:19:23,670 --> 00:19:27,000
is required under a threat of violence.

302
00:19:27,570 --> 00:19:29,100
Uh, definitely makes the system worse.

303
00:19:29,100 --> 00:19:31,440
That's, uh, my take on it anyway.

304
00:19:31,978 --> 00:19:36,724
it is also important to stress that, fractional reserve is possible

305
00:19:36,724 --> 00:19:40,564
on Bitcoin, but much harder to pull off since everyone can audit

306
00:19:40,564 --> 00:19:43,264
everything at, at any point in time.

307
00:19:43,774 --> 00:19:48,154
So, for instance, uh, a custodial wallet, like Wallet of Satoshi for

308
00:19:48,154 --> 00:19:51,934
instance, could theoretically do fractional reserve banking already, as

309
00:19:51,934 --> 00:19:56,134
long as, uh, not everyone was taking out all the Bitcoin at the same time.

310
00:19:56,134 --> 00:19:58,534
They could pretend to have more Bitcoin than they actually have

311
00:19:58,534 --> 00:20:01,594
because they only need that much in circulation at any point in time.

312
00:20:02,014 --> 00:20:05,734
But it's, it, it's the, the, they have checks on it, like

313
00:20:05,734 --> 00:20:07,504
they can't do too much of it.

314
00:20:08,014 --> 00:20:12,244
Uh, with fiat you can literally do it forever, uh, until people

315
00:20:12,244 --> 00:20:16,084
lose faith in the currency and, and you go into civil unrest.

316
00:20:16,174 --> 00:20:21,064
So, and which is what all fiats, all fiat currencies are on that trajectory.

317
00:20:21,094 --> 00:20:21,304
They.

318
00:20:22,039 --> 00:20:23,479
They've all died the same way.

319
00:20:23,479 --> 00:20:26,929
They, they get printed into oblivion and lose all their value.

320
00:20:26,929 --> 00:20:30,559
And it's, it's, it's tragic, uh, that, that it goes on.

321
00:20:30,769 --> 00:20:33,649
And hopefully now Bitcoin is the remedy to all of that.

322
00:20:34,033 --> 00:20:36,313
Yeah, hopefully completely agree.

323
00:20:36,313 --> 00:20:39,673
And, and you know, is isn't it really the case that I, I've tried to think

324
00:20:39,673 --> 00:20:46,363
through this problem multiple times that you can't really give someone a loan in

325
00:20:46,363 --> 00:20:54,943
Bitcoin terms and get interest back in Bitcoin terms without someone losing.

326
00:20:56,649 --> 00:21:03,339
Or maybe to extend that slightly, because I think we also talk about how it's not

327
00:21:03,339 --> 00:21:10,689
a zero sum game, but whoever is doing the, uh, whoever is taking the loan

328
00:21:10,779 --> 00:21:16,359
needs to get more value back than the amount of the interest rate basically,

329
00:21:16,839 --> 00:21:18,609
for it to make sense in Bitcoin terms.

330
00:21:19,059 --> 00:21:22,959
When we're denominating in fiat, it's an entirely different matter, but.

331
00:21:23,739 --> 00:21:28,599
When it's in Bitcoin terms, in order for any kind of lending and interest

332
00:21:28,599 --> 00:21:33,784
rate to work, someone has to be doing something with that investment, right?

333
00:21:34,994 --> 00:21:35,284
Yeah.

334
00:21:35,284 --> 00:21:37,764
And it's pretty hard to get above that threshold.

335
00:21:38,784 --> 00:21:43,964
Uh, so the, but the, the opposite is also true, like in fiat.

336
00:21:44,769 --> 00:21:50,589
Someone always loses like you cannot have, uh, inflation without

337
00:21:50,649 --> 00:21:52,419
there being a looser somewhere.

338
00:21:52,689 --> 00:21:53,829
Like it's impossible.

339
00:21:54,099 --> 00:21:58,959
Uh, and this is true for every, uh, as soon as there's market interventionism

340
00:21:59,409 --> 00:22:04,239
or market interventions, someone loses like someone is making a

341
00:22:04,239 --> 00:22:07,749
trade they wouldn't have made if that intervention wasn't there.

342
00:22:08,169 --> 00:22:11,919
So, so it's always at the expense of someone.

343
00:22:12,638 --> 00:22:14,378
All inflation is theft.

344
00:22:14,918 --> 00:22:18,848
All taxes are theft, all interventions are theft.

345
00:22:19,268 --> 00:22:20,558
There's no way around this.

346
00:22:20,648 --> 00:22:24,218
There's always a looser when, when any of these things are,

347
00:22:24,218 --> 00:22:26,558
are prevalent in society.

348
00:22:26,918 --> 00:22:32,438
The the only way for the market to be the win-win mechanism that it is, is

349
00:22:32,438 --> 00:22:34,418
for there to be no interventionism.

350
00:22:34,658 --> 00:22:40,418
Like, uh, if, if I exchange something with you on a black market, so-called black

351
00:22:40,418 --> 00:22:46,598
market voluntarily with consent and no third parties involved, then we both win.

352
00:22:46,748 --> 00:22:48,908
Or at least we perceive we both win.

353
00:22:49,208 --> 00:22:53,618
Whenever there's any intervention, including inflation, someone

354
00:22:53,623 --> 00:22:58,028
loses the, the guy that got that, uh, dollar bill at some point.

355
00:22:58,643 --> 00:23:03,743
Is being, there's a breach of contract whenever a single new dollar bill

356
00:23:03,743 --> 00:23:07,883
is put into existence because it dilutes the value of that, that

357
00:23:07,913 --> 00:23:09,323
dollar that the first guy had.

358
00:23:09,503 --> 00:23:11,333
Like, there, there's no way around this.

359
00:23:11,333 --> 00:23:13,493
And this might be where I disagree with Lynn.

360
00:23:13,916 --> 00:23:17,456
I don't know her exact position, so I'm not gonna pick this battle here.

361
00:23:17,675 --> 00:23:21,665
but, uh, I'm very Roth guardian in my thinking around this, that

362
00:23:21,665 --> 00:23:26,765
it cannot be done without, uh, a winner and a looser scenario.

363
00:23:26,765 --> 00:23:30,455
Like, uh, it's fiduciary media, uh, fractional reserve.

364
00:23:31,026 --> 00:23:34,326
the only, uh, time I could think It's okay.

365
00:23:34,326 --> 00:23:35,766
It's as if.

366
00:23:36,411 --> 00:23:40,761
Everyone involved was aware of the fractional reserve banking going on,

367
00:23:41,121 --> 00:23:44,511
which would defeat the very purpose of fractional the reserve banking.

368
00:23:44,511 --> 00:23:45,591
So that cannot happen.

369
00:23:45,591 --> 00:23:46,731
It is fraud.

370
00:23:46,761 --> 00:23:47,811
Like that's what it is.

371
00:23:47,811 --> 00:23:52,311
Like why would anyone agree to having less back than they put into the bank?

372
00:23:52,341 --> 00:23:53,841
That's a very bad investment.

373
00:23:53,841 --> 00:23:58,596
If you, if you put something away in an account or, or, or invest in something,

374
00:23:58,671 --> 00:24:00,681
you want a return on your investment.

375
00:24:00,681 --> 00:24:03,861
You don't want less purchasing power when you get the thing back.

376
00:24:04,354 --> 00:24:08,824
Money is not a producer good nor a consumer good.

377
00:24:08,824 --> 00:24:13,209
It's a good sue engineer is meaning that it's only reason for existence

378
00:24:13,294 --> 00:24:14,674
is being a medium exchange.

379
00:24:15,124 --> 00:24:18,184
And if that loses value, in other words, if it's a bad

380
00:24:18,184 --> 00:24:20,704
medium exchange over time, then.

381
00:24:21,262 --> 00:24:23,302
some theft is going on somewhere.

382
00:24:23,392 --> 00:24:24,652
There's no way around this.

383
00:24:24,892 --> 00:24:30,607
So Bitcoin is the first and only probably the last, instance where, where money

384
00:24:30,607 --> 00:24:35,347
functions in a way where this is not possible, uh, which makes it completely

385
00:24:35,347 --> 00:24:36,487
different from everything else.

386
00:24:36,547 --> 00:24:38,527
Much bigger deal than people think it is.

387
00:24:39,186 --> 00:24:42,696
Another funny idea along these lines that I've heard is that

388
00:24:43,266 --> 00:24:49,176
custodians, because to a certain extent, banks are fancy custodians

389
00:24:49,176 --> 00:24:52,356
that just do a ton of extra stuff.

390
00:24:52,686 --> 00:24:58,416
Basically with the money deposited, uh, they'll turn into paid custodians.

391
00:24:59,016 --> 00:25:06,126
In other words, you pay someone to hold your Bitcoin for you basically.

392
00:25:06,765 --> 00:25:09,859
Which is an interesting thought, but it might work for some people.

393
00:25:09,889 --> 00:25:15,919
In other words, you don't trust yourself to hold your own keys 100%.

394
00:25:16,279 --> 00:25:21,469
So you pay someone else to take the risk for you essentially.

395
00:25:21,979 --> 00:25:27,319
And in the absence of other ways of making money off of that service, basically the

396
00:25:27,319 --> 00:25:29,539
custodian is just going to charge a fee.

397
00:25:29,869 --> 00:25:33,289
And we actually see that these days already with, with, uh, multisig

398
00:25:33,559 --> 00:25:39,184
solutions, like, uh, the, there's a charge to use one of the other keys that is

399
00:25:39,184 --> 00:25:40,924
being held by someone else, for example.

400
00:25:40,924 --> 00:25:45,214
So maybe it's not necessarily the, the case of someone holds your

401
00:25:45,454 --> 00:25:49,804
Bitcoin as in the UT XOs with all keys, but these multisig solutions,

402
00:25:49,804 --> 00:25:51,514
it's, it's sort of a model like that.

403
00:25:51,994 --> 00:25:54,154
I think it's an interesting one, basically.

404
00:25:54,724 --> 00:25:54,964
No.

405
00:25:54,964 --> 00:25:57,964
And there's nothing wrong with custodians in general.

406
00:25:57,964 --> 00:26:02,524
Like if you want to have someone custody your stuff, then that's fine.

407
00:26:03,184 --> 00:26:07,174
The problem is when it's, when there's fraud involved and, and the concept

408
00:26:07,174 --> 00:26:12,544
of a bank just using the money you put in your account to invest in

409
00:26:12,544 --> 00:26:15,124
other stuff and lend out that money.

410
00:26:15,154 --> 00:26:18,754
No, not to invest, but to lend out that money to other people to

411
00:26:18,754 --> 00:26:20,344
make a return on the investment.

412
00:26:20,344 --> 00:26:23,104
And, you know, one interest rate paying for the other.

413
00:26:23,644 --> 00:26:28,624
Uh, it's not inherently wrong as long as, uh, both par it's completely

414
00:26:28,624 --> 00:26:32,854
transparent and both parties are aware of all the risks with a contract because

415
00:26:32,854 --> 00:26:35,194
there's no risk free lending like the.

416
00:26:35,404 --> 00:26:36,154
It doesn't work.

417
00:26:36,394 --> 00:26:40,174
You, you don't automatically get interest without there being a risk involved.

418
00:26:40,469 --> 00:26:45,604
You, you, you, you should be aware that whenever you have an interest on something

419
00:26:45,964 --> 00:26:49,714
paid by someone, it's because someone else is taking a risk with your money.

420
00:26:50,049 --> 00:26:51,459
uh, otherwise there's fraud.

421
00:26:51,939 --> 00:26:54,939
Like I, uh, I don't think I can explain it better than that.

422
00:26:55,663 --> 00:27:00,403
The only, uh, thing I'll add to this is basically we've spent longer

423
00:27:00,403 --> 00:27:03,973
than I anticipated we would on this section, but it's so important.

424
00:27:03,973 --> 00:27:07,153
And also it's just this is working so great.

425
00:27:07,183 --> 00:27:11,173
I'm, I'm really, I'm really enjoying digging into the, the

426
00:27:11,203 --> 00:27:13,573
specifics of these things so much.

427
00:27:14,143 --> 00:27:17,413
Uh, but there are, there are other interesting things in this chapter.

428
00:27:17,413 --> 00:27:20,563
This wasn't even the point of this chapter, basically.

429
00:27:20,563 --> 00:27:22,213
So, shall we continue

430
00:27:22,513 --> 00:27:24,853
Yes, this is a show of tangents.

431
00:27:25,363 --> 00:27:26,353
show of tangents?

432
00:27:26,353 --> 00:27:26,863
Yes.

433
00:27:27,163 --> 00:27:31,633
Is that a, is that a, well, let's put that aside for

434
00:27:31,738 --> 00:27:33,718
Yeah, you were thinking Proof of work.

435
00:27:33,718 --> 00:27:35,518
Proof of results show tangents.

436
00:27:35,518 --> 00:27:36,058
Right.

437
00:27:36,253 --> 00:27:37,033
Something like that.

438
00:27:37,033 --> 00:27:37,213
Yes.

439
00:27:38,143 --> 00:27:38,653
Very good.

440
00:27:39,058 --> 00:27:40,078
Yeah, let's get on with it.

441
00:27:40,333 --> 00:27:40,963
Good stuff.

442
00:27:42,703 --> 00:27:43,093
Alright.

443
00:27:43,633 --> 00:27:44,473
Onto the next one.

444
00:27:46,873 --> 00:27:49,993
When the ideas at the Catholic Church ruled Europe.

445
00:27:50,368 --> 00:27:54,178
People who didn't believe in God were few and very seldom outspoken.

446
00:27:55,378 --> 00:27:56,608
had good reason for this.

447
00:27:56,638 --> 00:28:01,738
Since believing God was virtually mandatory throughout society since

448
00:28:01,738 --> 00:28:06,898
1971, when famously dishonest American President Richard Nixon cut the last

449
00:28:06,898 --> 00:28:08,938
string that tied the US dollar to gold.

450
00:28:09,598 --> 00:28:13,348
Our conception of what the world economy is and ought to be has been

451
00:28:13,348 --> 00:28:15,988
skewed by an utterly corrupt system.

452
00:28:17,428 --> 00:28:20,878
We are led to believe that we're all supposed to work longer and longer

453
00:28:20,878 --> 00:28:25,138
days in order to spend more and more money bury ourselves in more and more

454
00:28:25,138 --> 00:28:26,998
debt to keep the machine running.

455
00:28:28,258 --> 00:28:31,948
duped into thinking that buying a new car every other year is somehow

456
00:28:31,948 --> 00:28:35,698
good for the environment, and that bringing a cotton bag to the grocery

457
00:28:35,698 --> 00:28:37,498
store will somehow save the planet.

458
00:28:38,586 --> 00:28:41,946
Stores manipulate us all the time through advertising and product

459
00:28:41,946 --> 00:28:45,426
placement, but we are led to believe that if we can be climate

460
00:28:45,426 --> 00:28:47,796
smart, we are behaving responsibly.

461
00:28:48,636 --> 00:28:53,796
Somehow gross domestic product is supposed to increase indefinitely while

462
00:28:53,796 --> 00:28:55,926
politicians will save us from ourselves.

463
00:28:56,346 --> 00:29:01,656
Carbon taxes, fortunately for us, and unfortunately for them, there

464
00:29:01,656 --> 00:29:05,616
now exists a way for unbelievers of this narrative to opt out.

465
00:29:06,546 --> 00:29:10,116
Life finds a way Jeff Goldblum once so famously put.

466
00:29:13,336 --> 00:29:17,431
I would say that this paragraph is the TLDR of, uh, the inverse

467
00:29:17,431 --> 00:29:18,736
of Clown World, wouldn't you?

468
00:29:20,166 --> 00:29:20,936
Very much so.

469
00:29:21,126 --> 00:29:23,416
It's, um, it's about how, uh.

470
00:29:24,576 --> 00:29:28,206
Yeah, the effects we talked about after the last paragraph with, you know,

471
00:29:28,206 --> 00:29:32,376
ever increasing exponentially worse problems through ever increasing interest

472
00:29:32,376 --> 00:29:37,206
rates, leads to more and more clownish political decisions and narratives.

473
00:29:37,236 --> 00:29:42,501
And we, we end up in this society where we don't take any responsibility.

474
00:29:42,501 --> 00:29:46,517
We just want to virtue signal that we do, and we end up with clown world.

475
00:29:46,637 --> 00:29:48,557
Um, that, that's it.

476
00:29:49,232 --> 00:29:49,882
Totally agree.

477
00:29:49,882 --> 00:29:54,322
And, uh, I think what's funny here is we, we basically said most of

478
00:29:54,322 --> 00:29:58,552
what is in this paragraph earlier in our discussion here, not every

479
00:29:58,552 --> 00:30:01,072
single detail, but the rust of it.

480
00:30:01,552 --> 00:30:05,602
And, you know, just the funny little details in the middle here.

481
00:30:06,327 --> 00:30:08,997
Things, things like a gross domestic product.

482
00:30:08,997 --> 00:30:16,188
I, I really, really, like having figured out that gross domestic product is just

483
00:30:16,248 --> 00:30:18,288
the thing that has to keep going up.

484
00:30:19,308 --> 00:30:22,023
That a fixed denominator would turn into deflation

485
00:30:22,856 --> 00:30:23,206
Gross.

486
00:30:23,391 --> 00:30:26,751
Gross is such, uh, such a good, uh, word to describe it.

487
00:30:27,501 --> 00:30:28,221
It is gross,

488
00:30:28,741 --> 00:30:28,961
Yes.

489
00:30:29,691 --> 00:30:30,561
vulgar, even.

490
00:30:30,936 --> 00:30:33,486
Uh, and not a number to be taken seriously.

491
00:30:33,696 --> 00:30:38,346
It does not measure progress that you ca you can't measure progress

492
00:30:38,346 --> 00:30:40,356
because value is subjective.

493
00:30:40,656 --> 00:30:44,931
Like the, this, it's all made up to rationalize stateism.

494
00:30:45,412 --> 00:30:48,292
all of these figures are like the official inflation, inflation

495
00:30:48,292 --> 00:30:50,332
numbers, the basket of goods.

496
00:30:50,482 --> 00:30:51,382
It's all bullshit.

497
00:30:51,952 --> 00:30:53,032
Don't fall for it.

498
00:30:53,537 --> 00:30:55,317
No, don't fall for it.

499
00:30:55,942 --> 00:31:00,022
As you say, we, we somewhat dig into a lot of this stuff in much more detail

500
00:31:00,022 --> 00:31:03,442
in future chapters, so I think, I think for now, maybe let's, let's get to the

501
00:31:03,442 --> 00:31:07,149
main point of this one onto the next one.

502
00:31:09,729 --> 00:31:12,519
Collectivism has ruined many societies.

503
00:31:13,239 --> 00:31:17,169
Those of us fortunate enough to live in liberal democracies tend to forget that

504
00:31:17,169 --> 00:31:20,109
even democracy is an involuntary system.

505
00:31:21,189 --> 00:31:24,519
It's often referred to as the worst form of government, except

506
00:31:24,519 --> 00:31:26,439
all others that have been tried.

507
00:31:27,099 --> 00:31:30,369
But the system itself is very rarely criticized.

508
00:31:30,969 --> 00:31:34,599
We are so used to being governed that not having a leader seems

509
00:31:34,599 --> 00:31:36,159
preposterous to most of us.

510
00:31:37,299 --> 00:31:37,749
Still.

511
00:31:37,749 --> 00:31:42,129
We pay our taxes and an enormous cut of the fruit of our labor goes to a

512
00:31:42,129 --> 00:31:47,199
third party via inflation, taxation of every good and service imaginable.

513
00:31:47,717 --> 00:31:49,222
Institutions once in place.

514
00:31:50,192 --> 00:31:54,872
Always favor their own survival just as much as any other living thing does.

515
00:31:56,102 --> 00:32:00,122
People employed in the public sector are unlikely to vote against policies

516
00:32:00,122 --> 00:32:01,472
that threaten their livelihood.

517
00:32:02,552 --> 00:32:06,122
This is a bigger problem than we realize because it's subtle and takes

518
00:32:06,122 --> 00:32:10,142
a long time, but every democracy is headed in the same direction,

519
00:32:11,342 --> 00:32:16,202
A bigger state, more complicated system, and fewer individual freedoms.

520
00:32:17,132 --> 00:32:17,942
Long term.

521
00:32:18,002 --> 00:32:21,422
It seems that all of our systems tend to favor those who know how to play

522
00:32:21,422 --> 00:32:26,192
that system and not those who contribute the most value to their fellow man.

523
00:32:27,212 --> 00:32:30,452
Proponents of socialist policies often claim that failed socialist

524
00:32:30,452 --> 00:32:32,312
states weren't really socialists.

525
00:32:32,867 --> 00:32:35,987
Proponents of socialist policies often claim that failed socialist

526
00:32:35,987 --> 00:32:40,667
states weren't really socialist, or that that wasn't really socialism.

527
00:32:41,717 --> 00:32:45,707
What most people fail to realize is that we've never tried real capitalism.

528
00:32:46,292 --> 00:32:49,382
Since we've always used more or less inflationary currencies,

529
00:32:50,282 --> 00:32:53,972
this might very well be the most skewed narrative of our era.

530
00:32:55,082 --> 00:33:00,632
We're all experiencing real, albeit disguised socialism every single day.

531
00:33:01,772 --> 00:33:06,512
True free market capitalism is what we haven't experienced yet, and it might

532
00:33:06,512 --> 00:33:08,552
turn out to be a very different thing.

533
00:33:09,122 --> 00:33:13,952
What we're told to believe that it is by almost all mainstream media.

534
00:33:15,782 --> 00:33:16,562
Yes, I.

535
00:33:18,032 --> 00:33:24,062
Yeah, a crucial point and, uh, uh, I think a thing that so many people miss.

536
00:33:24,790 --> 00:33:31,870
I hear, uh, people blaming the free market for this and that all the time, uh, which

537
00:33:31,870 --> 00:33:37,360
is to, to me, it's, it's oxymoronic even to blame the free market for anything

538
00:33:37,660 --> 00:33:45,400
because how, how would you come to a consensus on what constitutes a problem?

539
00:33:46,300 --> 00:33:49,480
If not on the free market of ideas.

540
00:33:49,720 --> 00:33:56,020
Like everything, uh, all the free market is, is people doing things, uh, of their

541
00:33:56,020 --> 00:33:59,140
own volition, like, uh, with consent.

542
00:33:59,470 --> 00:34:02,200
Like, uh, they want to do the thing.

543
00:34:02,230 --> 00:34:04,570
They, everyone wants the free market.

544
00:34:04,630 --> 00:34:07,060
There is no one that doesn't want a free market.

545
00:34:07,060 --> 00:34:12,850
If, if I've never heard anyone say, oh, how I wish that some third party

546
00:34:12,850 --> 00:34:17,680
came in here and made my life harder and, and stopped me from doing

547
00:34:17,680 --> 00:34:19,120
what I'm trying to do right now.

548
00:34:19,457 --> 00:34:20,837
which is what you want.

549
00:34:20,867 --> 00:34:23,537
If you don't want the free market to decide things.

550
00:34:23,897 --> 00:34:26,237
And, and this is so misunderstood.

551
00:34:26,267 --> 00:34:29,207
Like the free market isn't a thing, it's a process.

552
00:34:29,387 --> 00:34:32,777
It's the process of people doing things because they want to,

553
00:34:32,897 --> 00:34:34,217
not because they're forced to.

554
00:34:34,996 --> 00:34:39,028
A funny thing here also is that these things are so subtle,

555
00:34:39,435 --> 00:34:41,775
it's easy to ignore them, right?

556
00:34:41,805 --> 00:34:44,745
You, you make the point here that all of this stuff is just slow.

557
00:34:45,195 --> 00:34:46,575
That's why it creeps up on us.

558
00:34:46,575 --> 00:34:49,095
It's the frog getting boiled in the pot,

559
00:34:49,335 --> 00:34:49,605
Yeah.

560
00:34:49,605 --> 00:34:50,505
Slippery slope.

561
00:34:50,505 --> 00:34:52,700
Every political decision is a slippery slope.

562
00:34:53,955 --> 00:34:58,275
and I, I think it's just because none of this stuff is that visible.

563
00:34:59,235 --> 00:35:04,365
We don't, we don't worry about it basically, but it, it does

564
00:35:04,455 --> 00:35:07,275
keep getting worse and worse and make life harder and harder.

565
00:35:07,275 --> 00:35:07,905
I saw a wheat.

566
00:35:08,998 --> 00:35:13,974
That no one wants to work anymore, as being said in

567
00:35:13,974 --> 00:35:16,614
newspapers since the 19 hundreds.

568
00:35:17,084 --> 00:35:21,524
And I just think, I just think that's really funny because maybe, okay,

569
00:35:21,524 --> 00:35:25,874
it's a comment on attitudes that that which has been the norm for a

570
00:35:25,874 --> 00:35:28,484
long time is no longer fashionable.

571
00:35:28,754 --> 00:35:32,654
Like I think if people have a choice not to be coal miners, they

572
00:35:32,654 --> 00:35:34,724
might choose not to be coal miners.

573
00:35:35,624 --> 00:35:40,874
But the thing there too is that it's a combination of advancing

574
00:35:40,874 --> 00:35:45,757
technological progress as a individuals aren't necessarily

575
00:35:45,757 --> 00:35:47,617
wanting to do backbreaking labor.

576
00:35:47,617 --> 00:35:51,817
If they can have a robot do it for them, instead program a robot

577
00:35:51,817 --> 00:35:53,737
to do the thing, for example.

578
00:35:54,547 --> 00:36:00,413
Or it's that you get less and less for your labor all the time.

579
00:36:01,103 --> 00:36:05,213
'cause of inflation and because of so much getting siphoned

580
00:36:05,213 --> 00:36:07,355
away to this in that place.

581
00:36:07,806 --> 00:36:14,042
And I just think that it's so hard to convince that this is a problem.

582
00:36:15,092 --> 00:36:22,082
And really it takes getting this, it takes getting what the problem is

583
00:36:22,082 --> 00:36:25,322
with inflation, what the problem is with collective is, and to eventually

584
00:36:25,322 --> 00:36:26,822
get to what the solutions are.

585
00:36:27,429 --> 00:36:34,054
And it's not that it's a bad thing on a micro level that

586
00:36:34,054 --> 00:36:36,274
some people are isolated from.

587
00:36:37,984 --> 00:36:44,656
It's good that humanity is progressing in such a way that this isn't something

588
00:36:44,656 --> 00:36:50,102
on everyone's minds, but it is It is the case that many people are affected

589
00:36:50,102 --> 00:36:55,622
by inflation to such an extent that they should be thinking about it, but

590
00:36:56,102 --> 00:36:58,502
it's so hidden that they don't know.

591
00:36:58,502 --> 00:36:59,462
That's the problem.

592
00:37:00,204 --> 00:37:05,454
People direct their energy towards, yeah, let's fix the climate, or

593
00:37:05,754 --> 00:37:07,344
let's blame these millionaires.

594
00:37:07,974 --> 00:37:10,524
Something within the system is supposed to solve the problem

595
00:37:10,524 --> 00:37:13,074
for them when it's the system.

596
00:37:13,074 --> 00:37:14,694
That problem.

597
00:37:15,710 --> 00:37:20,063
that's the tragedy and that's what I hope we can start to solve a little bit more.

598
00:37:21,061 --> 00:37:25,261
No, uh, Fiat ruins everything as Jimmy Song said, like, uh.

599
00:37:26,731 --> 00:37:31,951
All prices ought to go down forever and everything ought to be cheaper forever.

600
00:37:31,951 --> 00:37:35,791
It's the simple questions like what we ask in clown world, like if you practice

601
00:37:35,791 --> 00:37:38,851
doing something, do you usually get better or worse at doing that thing?

602
00:37:39,241 --> 00:37:41,071
Well, you usually get better.

603
00:37:41,071 --> 00:37:43,651
So why aren't all prices going down forever?

604
00:37:44,041 --> 00:37:47,641
And if you use Bitcoin, they are, if you see the world through a Bitcoin

605
00:37:47,641 --> 00:37:49,801
lens, all prices are going down forever.

606
00:37:50,221 --> 00:37:54,991
Which is by the way, what, what saves people like the, from all

607
00:37:54,991 --> 00:37:57,091
the, all the fears about the jobs.

608
00:37:57,151 --> 00:38:01,741
Oh, they took our jobs from AI and stuff and all in industrial

609
00:38:01,741 --> 00:38:03,841
revolutions have had these fears.

610
00:38:04,261 --> 00:38:07,591
And technological pro, uh, progress does not.

611
00:38:08,281 --> 00:38:09,841
Make people more poor.

612
00:38:09,841 --> 00:38:11,491
They make people more wealthy.

613
00:38:11,821 --> 00:38:15,331
The problem is like a, a minimum wage law, for instance, you can

614
00:38:15,511 --> 00:38:21,541
deductively reason that aa axiomatic thinking yourself into the position

615
00:38:21,571 --> 00:38:26,671
that minimum wage laws always lead to a worse outcome than if they weren't

616
00:38:26,671 --> 00:38:29,401
there on a, a completely free market.

617
00:38:29,761 --> 00:38:35,341
There cannot be unemployment, uh, because there's always someone willing to pay

618
00:38:35,341 --> 00:38:37,081
something, to have something done.

619
00:38:37,351 --> 00:38:41,371
Like, and, and in a world where all prices go down, this is

620
00:38:41,371 --> 00:38:42,691
not a problem for everyone.

621
00:38:43,051 --> 00:38:45,451
Like the the money, it's the money.

622
00:38:45,451 --> 00:38:45,931
Stupid.

623
00:38:46,051 --> 00:38:50,071
Like if, if the money was working, we wouldn't need any of the other stuff.

624
00:38:50,341 --> 00:38:55,171
And the, the, the whole notion that we need someone to fix a problem

625
00:38:55,891 --> 00:38:58,711
is that's, that is the problem.

626
00:38:59,453 --> 00:39:00,208
I couldn't agree more.

627
00:39:00,388 --> 00:39:04,078
And uh, it's funny, I think where we're going next hits on some other

628
00:39:04,558 --> 00:39:07,138
political things here, so I think let's

629
00:39:08,353 --> 00:39:10,273
It's a very political chapter, isn't it?

630
00:39:10,288 --> 00:39:14,248
It is, it is onto the next one.

631
00:39:16,753 --> 00:39:21,433
The validity of the classic right left scale describing political viewpoints

632
00:39:21,463 --> 00:39:23,233
has been debated a lot lately.

633
00:39:23,773 --> 00:39:28,063
And alternative scales like Gal Tan, the one with an additional

634
00:39:28,063 --> 00:39:32,593
y axis describing more or less authoritarian tendencies are popping

635
00:39:32,593 --> 00:39:35,023
up in various contexts around the web.

636
00:39:36,493 --> 00:39:39,673
After the birth of Bitcoin, there's a new way to see this.

637
00:39:40,663 --> 00:39:46,273
Imagine an Orgo zero point and a vector pointing to the left of that.

638
00:39:47,203 --> 00:39:51,043
All politics are arguably on the left because all policies

639
00:39:51,043 --> 00:39:52,753
need to be funded by taxes.

640
00:39:53,353 --> 00:39:58,723
Taxation can be viewed, theft, taxation can be viewed as theft

641
00:39:58,723 --> 00:40:01,213
because at its core, it's involuntary.

642
00:40:02,173 --> 00:40:06,103
If a person refuses to pay his taxes, there is a threat of violence lurking

643
00:40:06,103 --> 00:40:08,983
in the background to mention inflation.

644
00:40:09,373 --> 00:40:14,653
Which Milton Friedman so elegantly described as taxation without legislation.

645
00:40:16,213 --> 00:40:19,783
What you do with a portion of your wealth that you have in Bitcoin

646
00:40:19,873 --> 00:40:21,403
is another matter altogether.

647
00:40:22,333 --> 00:40:25,513
If you take sufficient precautionary privacy measures and you know what

648
00:40:25,513 --> 00:40:29,563
you're doing, your business in Bitcoin is beyond politics altogether.

649
00:40:30,823 --> 00:40:33,493
With the introduction of the Lightning Network and other privacy

650
00:40:33,493 --> 00:40:37,003
improving features, it is now impossible for any third party to

651
00:40:37,003 --> 00:40:40,333
confiscate your money or even know that you have it for that matter.

652
00:40:41,503 --> 00:40:44,623
This changes the political landscape of every nation on Earth.

653
00:40:45,478 --> 00:40:49,108
Bitcoin is much less confiscated than gold and other scarce assets,

654
00:40:49,498 --> 00:40:53,158
which makes it a much better tool for hedging against nation states.

655
00:40:54,478 --> 00:40:57,208
In this sense, Bitcoin obsoletes borders.

656
00:40:58,048 --> 00:41:02,788
You can cross any border on earth with any amount of Bitcoin in your head.

657
00:41:03,838 --> 00:41:04,498
Think about that.

658
00:41:05,488 --> 00:41:08,518
Your Bitcoin exists in every country simultaneously.

659
00:41:09,688 --> 00:41:12,208
Any imposed limit on how much money you can carry from one

660
00:41:12,208 --> 00:41:16,258
nation to the other is now made obsolete by beautiful mathematics.

661
00:41:17,308 --> 00:41:20,338
Bitcoin is sometimes referred to as a virtual currency.

662
00:41:21,238 --> 00:41:22,798
This is a very inaccurate description.

663
00:41:23,818 --> 00:41:27,628
Bitcoin is just mathematics, and mathematics is just about

664
00:41:27,628 --> 00:41:29,428
the most real thing there is.

665
00:41:30,478 --> 00:41:31,768
There's nothing virtual about it.

666
00:41:32,698 --> 00:41:35,998
Counterintuitive to some real nonetheless.

667
00:41:39,833 --> 00:41:40,123
Yeah.

668
00:41:40,528 --> 00:41:42,868
To me this is like, uh.

669
00:41:43,758 --> 00:41:47,328
These things are at the core of what Bitcoin is to me.

670
00:41:47,388 --> 00:41:53,538
Like, um, a complete reimagination of, uh, what money is and what money ought to be.

671
00:41:54,075 --> 00:41:57,555
Bitcoin has sort of pointed out to everyone in the world that money doesn't

672
00:41:57,555 --> 00:41:59,625
need to be anything but information.

673
00:42:00,046 --> 00:42:04,186
the Satoshis exist in every country at once, but the ability to move

674
00:42:04,186 --> 00:42:06,916
them exists within the owner's head.

675
00:42:07,366 --> 00:42:08,776
'cause you don't really own your Bitcoin.

676
00:42:08,776 --> 00:42:12,826
You just find the probability that someone else knows the same key to

677
00:42:12,826 --> 00:42:17,716
be so low, so that you practically o own them in, in a sense, because

678
00:42:17,716 --> 00:42:19,396
you are the one that knows the key.

679
00:42:19,974 --> 00:42:21,504
no, and it's gonna change everything.

680
00:42:21,504 --> 00:42:24,054
It, it changes how we interact.

681
00:42:24,054 --> 00:42:27,144
It changes the validity of the nation state as a concept.

682
00:42:27,144 --> 00:42:31,764
I think because like, the, the borders cannot stop this.

683
00:42:31,824 --> 00:42:34,278
Like, uh, guns cannot stop this.

684
00:42:35,120 --> 00:42:38,030
I mean, and I think this is all for good.

685
00:42:38,030 --> 00:42:39,440
I think this is all better.

686
00:42:39,440 --> 00:42:42,620
And there, there are a couple of things here about Bitcoin and privacy.

687
00:42:42,920 --> 00:42:49,370
It's, uh, everything in this paragraph is only true if, if about non KYC Bitcoin.

688
00:42:49,700 --> 00:42:53,600
So if you buy them, not on an exchange, but if you accept them for your goods

689
00:42:53,600 --> 00:42:57,495
and services and such, One of the technicalities everyone should know about

690
00:42:57,495 --> 00:43:02,205
on, on Chain Bitcoin that aren't, you know, coin joined or anything, is that,

691
00:43:02,325 --> 00:43:09,675
uh, the, the, the person you buy them from knows when you spend them, he knows when

692
00:43:09,675 --> 00:43:11,655
that Bitcoin moves to another address.

693
00:43:11,715 --> 00:43:13,155
You can, you can look that up.

694
00:43:13,485 --> 00:43:14,895
Not everyone is aware of that.

695
00:43:14,895 --> 00:43:18,165
The, the, the Lightning net Network makes privacy better.

696
00:43:18,765 --> 00:43:20,085
Other things do too.

697
00:43:20,085 --> 00:43:23,445
And the more time that passes, the more the Bitcoins and

698
00:43:23,445 --> 00:43:24,795
their owners get mixed up.

699
00:43:25,185 --> 00:43:26,475
And this is a good thing.

700
00:43:26,475 --> 00:43:30,345
It makes, uh, it makes it harder for people who want to confiscate them to,

701
00:43:30,495 --> 00:43:32,385
to, to figure out what's really going on.

702
00:43:33,139 --> 00:43:39,182
Yeah, it's, the paragraph somewhat starts with another point about politics.

703
00:43:39,182 --> 00:43:42,392
Basically the, the taxation without legislation point, I

704
00:43:42,392 --> 00:43:44,462
think is a good sum up to that.

705
00:43:45,302 --> 00:43:47,792
There's a couple of interesting things here.

706
00:43:48,272 --> 00:43:51,962
One, first of all, the, the Altan scale.

707
00:43:52,047 --> 00:43:56,612
I, I think the political compass would be more well known here, at

708
00:43:56,612 --> 00:43:58,232
least in the English speaking world.

709
00:43:58,232 --> 00:44:02,522
I, I actually didn't know what the Gal Tan Scale was, and when I looked it

710
00:44:02,522 --> 00:44:07,472
up, it has articles on both Finnish and Swedish Wikipedia, so, so I was

711
00:44:07,472 --> 00:44:10,232
able to read it, but it looks like it's only used in those countries.

712
00:44:10,397 --> 00:44:12,797
So it's a bit of a, a swish version of

713
00:44:13,985 --> 00:44:17,195
Yeah, I think it's slightly different, but it pretty much is this political

714
00:44:17,225 --> 00:44:18,575
compass idea where, where it

715
00:44:18,830 --> 00:44:20,300
More or less authoritarian.

716
00:44:20,300 --> 00:44:20,540
Yeah.

717
00:44:20,570 --> 00:44:21,920
You've all seen it, I guess.

718
00:44:22,160 --> 00:44:22,520
Anyway, I.

719
00:44:22,970 --> 00:44:28,070
And, but I think your, I think your portrayal that it is from an origin

720
00:44:28,070 --> 00:44:32,240
point and all politics is left and upward basically, something like that.

721
00:44:32,780 --> 00:44:38,120
It's, uh, yeah, it's an interesting one because it, it certainly does capture

722
00:44:38,120 --> 00:44:41,780
the essence that all of the things that governments do, that politics do

723
00:44:41,780 --> 00:44:45,350
has to be funded by something and that funding has to come from somewhere.

724
00:44:46,010 --> 00:44:48,860
I think this opens up interesting thought experiments that I don't

725
00:44:48,860 --> 00:44:53,810
want to dive into too deeply right now, but for example, we have had

726
00:44:53,810 --> 00:44:57,830
conversations about free cities, right?

727
00:44:57,920 --> 00:45:02,300
Like, uh, I, I think that's a concept that tries to, tries to get

728
00:45:02,300 --> 00:45:04,970
this done a little bit differently.

729
00:45:04,970 --> 00:45:09,073
Like, what if instead of taxes, you're paying a fee, and then what's

730
00:45:09,073 --> 00:45:10,483
the difference between the two?

731
00:45:11,233 --> 00:45:11,593
Right?

732
00:45:12,193 --> 00:45:16,498
If you live in a free city and you stop paying the fee, I. Are

733
00:45:16,498 --> 00:45:18,418
they allowed to kick you out?

734
00:45:18,778 --> 00:45:21,958
Do you really own what you have there, your property?

735
00:45:21,958 --> 00:45:22,828
Something like that.

736
00:45:23,068 --> 00:45:24,058
It's interesting stuff.

737
00:45:24,058 --> 00:45:28,288
It's just more like, I think the point to get across is all things

738
00:45:28,288 --> 00:45:35,098
need to be paid for somehow, and by obfuscating where that comes from,

739
00:45:35,698 --> 00:45:37,293
where many of the problems lie.

740
00:45:38,381 --> 00:45:40,301
Is it, is it voluntary or not?

741
00:45:40,451 --> 00:45:43,901
It's very simple question, like the fee for the private city.

742
00:45:44,711 --> 00:45:48,071
You pay that voluntarily when you enter the city and when you buy a property

743
00:45:48,071 --> 00:45:51,461
in it, like, uh, the taxes not so much.

744
00:45:51,521 --> 00:45:54,581
You pay them because there's a gun through your, to your head, and

745
00:45:54,581 --> 00:45:56,111
if you can avoid them, they do.

746
00:45:56,111 --> 00:46:01,091
I, I don't know any person who wants to pay that he should pay

747
00:46:01,136 --> 00:46:03,131
or, or she should pay more taxes.

748
00:46:03,641 --> 00:46:08,831
Everyone wants fewer taxes or less taxes for themselves, but that others

749
00:46:08,831 --> 00:46:11,861
should pay more for some odd reason.

750
00:46:12,686 --> 00:46:19,061
Well, there is also, I think there's a funny that says something like, oh,

751
00:46:19,061 --> 00:46:21,731
I don't mind paying so much taxes.

752
00:46:21,791 --> 00:46:24,371
I wouldn't even mind if I paid more taxes.

753
00:46:24,371 --> 00:46:29,411
This is a very privileged group, I think, because the, they think that

754
00:46:29,471 --> 00:46:33,251
the answer to society's problems is, yeah, let the government take

755
00:46:33,251 --> 00:46:34,481
more money and figure it out.

756
00:46:35,112 --> 00:46:40,312
But instead, you could use that money to do something productive yourself, If you

757
00:46:40,312 --> 00:46:46,672
care about one of the many causes that is plaguing the world, homelessness is one

758
00:46:46,672 --> 00:46:50,062
of the ones that gets brought up a lot in the US because it's a big problem there.

759
00:46:50,962 --> 00:46:56,987
Well, you as a private individual could donate time or money to helping

760
00:46:56,987 --> 00:47:00,227
some homeless people or help to alleviate some of the structural

761
00:47:00,827 --> 00:47:03,077
problems of homeless people.

762
00:47:03,647 --> 00:47:08,790
But, well, many government initiatives to solve that problem

763
00:47:08,790 --> 00:47:10,530
don't seem to be all that effective.

764
00:47:10,530 --> 00:47:15,180
So I think it's a bit of a fallacy, but it's a common one.

765
00:47:15,840 --> 00:47:20,700
And, and, and of course there are plenty of people that say that, that taxes are

766
00:47:20,730 --> 00:47:24,240
the price you pay to live in a society.

767
00:47:24,810 --> 00:47:28,835
Paraphrasing, but It's unfortunate because the only option that you

768
00:47:28,835 --> 00:47:30,695
have to not do that is to leave.

769
00:47:31,445 --> 00:47:36,395
And then there are people that say that there should be exit taxes, that when

770
00:47:36,395 --> 00:47:40,835
you choose to leave a jurisdiction, you have to pay them to not get, I

771
00:47:40,835 --> 00:47:45,905
don't know, again, thrown in jail or violence again, something like that.

772
00:47:46,415 --> 00:47:48,725
It's all clown world.

773
00:47:49,265 --> 00:47:50,195
It's all, all that.

774
00:47:51,065 --> 00:47:54,980
I mean, the, the, the comment, I wouldn't mind to pay higher taxes.

775
00:47:55,370 --> 00:47:59,000
Uh, yeah, there's a very Scandinavian thing to say for, to begin with,

776
00:47:59,390 --> 00:48:02,990
but I think everyone who says that is a liar because nothing is

777
00:48:02,990 --> 00:48:04,910
stopping them from paying more taxes.

778
00:48:05,120 --> 00:48:07,040
Watch what they do, not what they say.

779
00:48:07,340 --> 00:48:13,370
Like the, you can donate money to the government, not, not like no one is gonna

780
00:48:13,370 --> 00:48:15,170
stop you, especially not the government.

781
00:48:15,995 --> 00:48:18,905
So, so I, I simply don't buy that.

782
00:48:19,055 --> 00:48:21,635
Like, it's, it's, it's always a lie.

783
00:48:21,635 --> 00:48:25,025
It's virtue signaling and it's, uh, very disingenuous.

784
00:48:25,655 --> 00:48:26,105
Yes,

785
00:48:26,700 --> 00:48:32,190
there was actually, uh, uh, there has been examples of voluntary tax funds.

786
00:48:32,220 --> 00:48:36,360
Like, there, there, there was, there was such a thing in Norway and, uh.

787
00:48:37,245 --> 00:48:41,565
After a year or so, they got the, the, the fantastic amount of, uh,

788
00:48:42,045 --> 00:48:46,395
uh, 1,700 euros from the entire country or something like that.

789
00:48:46,395 --> 00:48:48,315
That's what people were willing to give up.

790
00:48:48,435 --> 00:48:54,165
Uh, but so it doesn't work because no one wants to pay for something where they

791
00:48:54,165 --> 00:48:56,205
cannot know what they're getting back.

792
00:48:56,235 --> 00:48:59,565
Like if you pay for a car, you pay for the car.

793
00:48:59,595 --> 00:49:04,005
Like if you pay for, if you pay taxes, you have no way of knowing how

794
00:49:04,005 --> 00:49:07,455
much worth you got for you, how much value back you got for your money.

795
00:49:07,755 --> 00:49:09,345
Like there's simply no way.

796
00:49:09,345 --> 00:49:13,389
So everyone prefers transactions where they know what they get.

797
00:49:13,846 --> 00:49:17,086
and everyone who says, uh, otherwise is a liar.

798
00:49:18,666 --> 00:49:18,956
Yeah.

799
00:49:18,956 --> 00:49:22,081
And another thing here too is that Norway of all places.

800
00:49:22,261 --> 00:49:27,541
Norway has massive taxes already, even though it's got this massive sovereign

801
00:49:27,541 --> 00:49:32,731
wealth fund from its natural resources and then asking people to pay more anyway.

802
00:49:32,731 --> 00:49:34,291
It's just, it's just laughable.

803
00:49:35,041 --> 00:49:40,518
And I think it's also the case that another side to, to this fallacy

804
00:49:40,518 --> 00:49:43,098
really is that there's a complaint.

805
00:49:43,098 --> 00:49:44,958
Why don't people donate to charity more?

806
00:49:45,858 --> 00:49:49,878
Well, you're already giving so much of your money to the government if

807
00:49:49,878 --> 00:49:53,628
you have, if you have the resources to donate to charity in the first place.

808
00:49:53,958 --> 00:49:55,998
And charities are another whole thing altogether.

809
00:49:55,998 --> 00:49:59,148
Honestly, most charities spend most of their money on, uh,

810
00:49:59,148 --> 00:50:01,758
internal administrative costs.

811
00:50:02,118 --> 00:50:05,778
And I think they're just as bad at the, as the government at actually doing things.

812
00:50:06,408 --> 00:50:08,448
So it's, there's something here.

813
00:50:08,448 --> 00:50:15,948
Solving the world's problems collectively or channeling the energy of many

814
00:50:15,948 --> 00:50:18,288
individuals into a shared group goal.

815
00:50:19,308 --> 00:50:19,668
So.

816
00:50:20,313 --> 00:50:23,073
Perfectly valid and worthy thing.

817
00:50:23,583 --> 00:50:28,143
If it's all done voluntary and people have a stake in it and they want to see the

818
00:50:28,143 --> 00:50:34,083
thing succeed, and there are incentives for the thing to succeed, but when it's

819
00:50:34,083 --> 00:50:38,913
done through this mechanism of, oh, I'm just gonna throw money at it and let

820
00:50:38,913 --> 00:50:43,053
someone else worry about the problem, I think it comes back to the original point

821
00:50:43,443 --> 00:50:49,503
that sociopaths co-opt these mechanisms and ruin it without the sociopaths, maybe

822
00:50:49,503 --> 00:50:53,523
we don't really have so much of a problem here, but the sociopaths ruin everything.

823
00:50:55,038 --> 00:51:00,873
Then again, uh, I think it would be ruined anyway, because, because, so

824
00:51:00,933 --> 00:51:05,103
this is a, a thing that me has pointed out in his book about socialism, that

825
00:51:05,103 --> 00:51:11,073
it's not an incentive problem, but a, uh, a price signaling problem because,

826
00:51:11,133 --> 00:51:16,413
uh, if, if you have, if the state takes control of the means of production.

827
00:51:16,833 --> 00:51:21,873
Which it's does to some extent by just taxing and inflating the, uh,

828
00:51:22,503 --> 00:51:24,573
the, the normal things a state does.

829
00:51:24,573 --> 00:51:26,343
It does skew the market signal.

830
00:51:27,063 --> 00:51:31,293
Any intervention skews the market signal, and it makes it harder for

831
00:51:31,293 --> 00:51:34,293
producers to produce what consumers want.

832
00:51:35,103 --> 00:51:38,823
So you end up with the Soviet Union, whereas the, there's like kilometers

833
00:51:38,823 --> 00:51:44,253
of, uh, a line you have to, to wait in to get a loaf of bread because no, no

834
00:51:44,253 --> 00:51:46,983
one produces what needs to be produced.

835
00:51:47,382 --> 00:51:51,607
so the sociopaths is one part of the problem, but the, the bigger problem

836
00:51:51,607 --> 00:51:54,187
is, is the, the, uh, the price signals.

837
00:51:54,577 --> 00:51:57,757
Because money doesn't measure value, it signals value.

838
00:51:57,997 --> 00:52:03,127
Uh, and this is what the, the main misconception of what money is, I think.

839
00:52:04,407 --> 00:52:06,862
Love it and the price signal is.

840
00:52:07,102 --> 00:52:11,152
Definitely another one of those concepts we'll dig more into at other times.

841
00:52:11,152 --> 00:52:11,452
So

842
00:52:12,127 --> 00:52:12,907
Absolutely.

843
00:52:14,680 --> 00:52:15,520
onto the next one.

844
00:52:18,100 --> 00:52:21,640
The complexity of human social hierarchies and power structures

845
00:52:21,640 --> 00:52:25,630
is described perfectly in a classic children's book, the Emperor's New

846
00:52:25,630 --> 00:52:31,237
Clothes by Hans Christian Anderson see the world as the kid who points

847
00:52:31,237 --> 00:52:35,287
out that the king is naked in the tail and everything starts to make sense.

848
00:52:36,487 --> 00:52:38,707
Everything in human society is manmade.

849
00:52:39,577 --> 00:52:45,427
Nations leaders, laws, political systems, they're all castles in

850
00:52:45,427 --> 00:52:49,057
the air with nothing but a lurking threat of violence to back them up.

851
00:52:50,557 --> 00:52:52,327
Bitcoin is a different beast altogether.

852
00:52:53,107 --> 00:52:57,727
It enables every individual to verify the validity of the system at all times.

853
00:52:58,627 --> 00:53:00,997
If you really think about it, morality is easy.

854
00:53:01,777 --> 00:53:04,567
Don't hurt other people and don't steal other people's stuff.

855
00:53:05,527 --> 00:53:09,637
That's the basic premise humans have, but two ways of resolving

856
00:53:09,637 --> 00:53:12,787
conflict, conversation and violence.

857
00:53:13,717 --> 00:53:16,897
In this sense, to hurt someone can only mean physical violence.

858
00:53:17,917 --> 00:53:20,707
This is why free speech is so important and why you should

859
00:53:20,707 --> 00:53:23,947
defend people's right to speak their minds above everything else.

860
00:53:24,997 --> 00:53:27,097
It's not about being able to express yourself.

861
00:53:27,697 --> 00:53:32,017
It's about your right to hear every side of every argument, and thus not

862
00:53:32,017 --> 00:53:35,677
have to resort to violence should a conflict of interests occur.

863
00:53:37,207 --> 00:53:40,357
You can't limit free speech with just more speech.

864
00:53:41,257 --> 00:53:46,687
There's always a threat of violence behind the limitations code, which

865
00:53:46,687 --> 00:53:51,127
both Bitcoin and the Internet are entirely made up of is speech.

866
00:53:52,312 --> 00:53:55,762
Any limitations or regulations that your government implements in regard

867
00:53:55,762 --> 00:54:00,172
to Bitcoin are not only a display of Bitcoin's censorship resistance,

868
00:54:00,682 --> 00:54:04,492
but also a test of your government's stance on freedom of expression.

869
00:54:05,722 --> 00:54:08,932
A restriction on Bitcoin use is a restriction a.

870
00:54:13,129 --> 00:54:14,184
Yes, this is, uh.

871
00:54:15,076 --> 00:54:16,546
This is an interesting paragraph.

872
00:54:16,546 --> 00:54:21,286
I've somewhat changed my views here, I'd say and say that, uh, free speech laws

873
00:54:21,286 --> 00:54:24,526
are a downstream of property rights.

874
00:54:24,556 --> 00:54:29,296
So if, if we had absolute property rights, there wouldn't be a need for

875
00:54:29,296 --> 00:54:34,036
freedom of speech laws because freedom of sp speech is only applicable to

876
00:54:34,096 --> 00:54:40,846
public domains like a public, so public square or a public social media outlet.

877
00:54:40,876 --> 00:54:44,476
What, whatever it might be, public service, television.

878
00:54:45,263 --> 00:54:51,473
and those are all, uh, uh, preceded by an appropriation of someone's property.

879
00:54:51,803 --> 00:54:56,033
The government had to steal stuff because before they could make

880
00:54:56,033 --> 00:54:57,833
prop public property a thing.

881
00:54:58,163 --> 00:54:59,333
So, so, uh.

882
00:55:00,248 --> 00:55:06,008
In this way, I think freedom of speech and property rights are inexorably linked and

883
00:55:06,038 --> 00:55:07,748
that you can't have one without the other.

884
00:55:08,213 --> 00:55:13,313
if you have absolute property rights, and I get to say, I get to dictate who gets

885
00:55:13,313 --> 00:55:15,683
to say what on my social media platform.

886
00:55:15,803 --> 00:55:20,063
I get to dictate who gets to say what in on my property, in my house.

887
00:55:20,273 --> 00:55:23,513
And I, I also get the right to throw people out to say things

888
00:55:23,513 --> 00:55:24,773
that I don't wanna listen to.

889
00:55:25,163 --> 00:55:25,553
So,

890
00:55:28,013 --> 00:55:32,573
and this is great and on, on Noster for instance, uh, you, you get to

891
00:55:32,573 --> 00:55:35,859
decide, What to do with your posts.

892
00:55:35,919 --> 00:55:37,149
Uh, no one else owns them.

893
00:55:37,825 --> 00:55:41,185
Uh, if you use x, Elon gets to decide.

894
00:55:41,335 --> 00:55:45,865
Uh, and Elon is more expensive to bribe than many others,

895
00:55:45,895 --> 00:55:47,065
uh, which is a good thing.

896
00:55:47,875 --> 00:55:54,175
Anyway, the, the whole thing is money is just speech and, and, uh, and information.

897
00:55:54,175 --> 00:55:58,405
And Bitcoin has pointed that out to us that there is no difference between a

898
00:55:58,405 --> 00:56:05,245
physical object and information in the sense that, that in the value sense, uh,

899
00:56:05,275 --> 00:56:07,405
value is entirely subjective like this.

900
00:56:08,005 --> 00:56:12,415
It's, it's all, uh, Austrian economics that, uh, that's at the base of it.

901
00:56:12,625 --> 00:56:18,565
And once again, I'd like to stress that if you are pro anything that isn't, uh,

902
00:56:18,625 --> 00:56:25,045
free market, that isn't sound money, capitalism, that isn't an arco consensual.

903
00:56:26,020 --> 00:56:29,290
Then you implicitly are pro violence.

904
00:56:29,320 --> 00:56:33,760
You think that people, that it's okay for people to use violence and threat,

905
00:56:33,760 --> 00:56:39,730
their threats thereof to, to impose their will on others and I, I do

906
00:56:39,730 --> 00:56:42,070
not, I don't think violence is okay.

907
00:56:42,856 --> 00:56:45,586
that's at the core of why I have the values I do.

908
00:56:46,125 --> 00:56:47,320
Very good explanation.

909
00:56:47,380 --> 00:56:53,650
And you know, I think my best response is actually, I'm realizing that I should have

910
00:56:53,650 --> 00:56:57,700
just continued reading the, the very last paragraph here, because it, it might as

911
00:56:57,700 --> 00:56:59,890
well have been exactly what you just said.

912
00:56:59,890 --> 00:57:03,310
So I think I'm just gonna read that and we'll see if there's

913
00:57:03,310 --> 00:57:05,680
anything else to say about it.

914
00:57:06,743 --> 00:57:07,403
Remember.

915
00:57:07,913 --> 00:57:13,703
The only alternative to speech that anyone has is violence Code is a language,

916
00:57:14,063 --> 00:57:18,803
mathematics is a language, and money is a linguistic tool, a linguistic

917
00:57:18,803 --> 00:57:23,033
tool we use as a means of expressing value to each other and as a way to

918
00:57:23,033 --> 00:57:25,103
transport value through space and time.

919
00:57:26,389 --> 00:57:29,779
any restrictions or regulations regarding how you can express value.

920
00:57:30,049 --> 00:57:33,589
For example, making it impossible to buy Bitcoin with your credit card,

921
00:57:34,129 --> 00:57:37,249
prove that the money you have in your bank account is not really yours.

922
00:57:38,179 --> 00:57:42,379
When people realize this, the demand for Bitcoin goes up, not down.

923
00:57:43,369 --> 00:57:46,849
If you know what you're doing, there's no need to fear the regulators.

924
00:57:47,479 --> 00:57:51,949
They, on the other hand, have good reason to fear an invention that

925
00:57:51,949 --> 00:57:53,809
shamelessly breaks their spell.

926
00:57:56,164 --> 00:58:02,194
Yeah, I mean, uh, this is a point that I think few people get, uh,

927
00:58:02,224 --> 00:58:07,084
politicians trying to ban Bitcoin and trying to stop people from using

928
00:58:07,294 --> 00:58:10,054
Bitcoin actually help Bitcoin succeed.

929
00:58:10,834 --> 00:58:15,389
I I, I think there's a under underrated point, like underappreciated point,

930
00:58:15,899 --> 00:58:20,189
uh, what they do is a, they, they show to people that they think

931
00:58:20,399 --> 00:58:23,579
Bitcoin is valuable, otherwise they wouldn't need to do anything about it.

932
00:58:24,419 --> 00:58:29,069
Uh, and they, they limit the supply even more in that specific jurisdiction,

933
00:58:29,069 --> 00:58:32,549
making the bitcoins that are left even more scarce for other people.

934
00:58:32,549 --> 00:58:35,309
And thus, demand stays the same number goes up.

935
00:58:35,669 --> 00:58:37,169
Like, it's, it's very simple.

936
00:58:37,169 --> 00:58:42,348
You uh, it's like politicians trying to decide, uh, that the

937
00:58:42,348 --> 00:58:46,008
ocean shouldn't be there the day after, but the ocean is still there.

938
00:58:46,068 --> 00:58:47,808
Like they can't do anything about it.

939
00:58:47,868 --> 00:58:49,098
It's a force of nature.

940
00:58:50,253 --> 00:58:56,103
I think this is just a fantastic summary and wrapping up exactly what you've

941
00:58:56,223 --> 00:59:02,613
been saying here about information and the freedom to do that and to do so.

942
00:59:03,843 --> 00:59:07,593
I think I'll echo just one thing that we, we keep saying whenever we talk about

943
00:59:07,593 --> 00:59:12,813
freedom, a lot of times when we talk about freedom is that the flip side of

944
00:59:12,813 --> 00:59:14,673
the coin to freedom is responsibility.

945
00:59:15,693 --> 00:59:19,503
When you have the freedom to do the things you want to do, you also take the

946
00:59:19,503 --> 00:59:26,703
responsibility for your own actions and there could be consequences for actions.

947
00:59:27,183 --> 00:59:32,853
So sending money to someone in a way that is permissionless, you might

948
00:59:32,853 --> 00:59:39,303
never get that back, and that can be scary, but at the same time it is free.

949
00:59:40,113 --> 00:59:44,703
And so we have to take all the trade-offs as they are basically.

950
00:59:45,558 --> 00:59:48,228
In order to get away from any kind of collectivism, the

951
00:59:48,228 --> 00:59:50,028
only answer we can ever have

952
00:59:53,058 --> 00:59:58,471
and the individual needs to take responsibility for itself.

953
00:59:59,041 --> 01:00:08,041
Sovereignty, all of the things, and this is something that Bitcoin promotes

954
01:00:08,071 --> 01:00:16,381
so well, but I think maybe it's a case of that it's part of the problem with

955
01:00:17,551 --> 01:00:19,441
Bitcoin's marketing, something like that.

956
01:00:19,951 --> 01:00:24,091
Why fewer people get Bitcoin is that maybe they're running

957
01:00:24,091 --> 01:00:25,801
away from that responsibility.

958
01:00:26,671 --> 01:00:27,211
It's hard

959
01:00:29,461 --> 01:00:29,881
role.

960
01:00:30,361 --> 01:00:33,121
Some people want to not have control, I guess.

961
01:00:34,276 --> 01:00:37,036
Yeah, they want a shepherd to tell them what to do.

962
01:00:37,825 --> 01:00:42,025
I'd say, uh, as a final point here, uh, my final point to this

963
01:00:42,025 --> 01:00:47,395
is that don't steal is the core of both freedom and responsibility.

964
01:00:47,395 --> 01:00:53,455
It's, it's, it's what, uh, what it, it, the, the don't steal needs

965
01:00:53,455 --> 01:00:57,055
to be, be there for both sides of that coin, uh, coin to be there.

966
01:00:57,295 --> 01:01:01,795
So you need people around you to not steal in order for you to be

967
01:01:01,795 --> 01:01:06,265
free and you need to not steal in order to take responsibility.

968
01:01:06,835 --> 01:01:08,905
Stealing is not taking responsibility.

969
01:01:09,595 --> 01:01:14,155
Taking responsibility is doing things is, is trading with other people

970
01:01:14,185 --> 01:01:17,875
and trading with a fool yourself and making voluntary transactions.

971
01:01:18,085 --> 01:01:20,425
If you're stealing it doesn't fucking count.

972
01:01:20,965 --> 01:01:25,225
You're not taking responsibility and other people around you can't be

973
01:01:25,225 --> 01:01:27,085
free if you are stealing from them.

974
01:01:27,805 --> 01:01:34,045
So, so don't steal is if, if I do, uh, if I were to do A-T-L-D-R on this

975
01:01:34,045 --> 01:01:36,655
specific chapter, it would be don't steal.

976
01:01:37,075 --> 01:01:41,545
I think it, it's actually A-T-L-D-R on, on all four books.

977
01:01:41,725 --> 01:01:42,535
Don't steal.

978
01:01:43,469 --> 01:01:44,249
Perfect summary.

979
01:01:45,299 --> 01:01:47,189
Say we wrap it up there.

980
01:01:48,704 --> 01:01:49,394
I say we do.

981
01:01:50,354 --> 01:01:51,524
Thank you for this one, Luke.

982
01:01:51,899 --> 01:01:52,289
Yes.

983
01:01:52,294 --> 01:01:53,064
Thank you, Knut.

984
01:01:53,784 --> 01:01:57,629
And the, the next one is called an immaculate conception,

985
01:01:57,659 --> 01:01:58,889
so that will be interesting.

986
01:01:59,621 --> 01:02:00,551
Very much so.

987
01:02:01,526 --> 01:02:02,006
Okay.

988
01:02:02,576 --> 01:02:07,406
Well with that I think we should just remind everyone how to get involved.

989
01:02:08,276 --> 01:02:12,956
So the easiest way to do so of course, is via our Geyser campaign.

990
01:02:13,046 --> 01:02:16,406
This is how you can join the Bitcoin Infinity Academy, get

991
01:02:16,406 --> 01:02:17,816
involved with the discussions.

992
01:02:18,176 --> 01:02:23,786
We have our telegram group where we discuss everything that is going on in a.

993
01:02:24,446 --> 01:02:30,326
Bitcoin, infinity Universe, uh, including the academy, including our show, including

994
01:02:30,326 --> 01:02:31,916
everything else that we have coming up.

995
01:02:32,786 --> 01:02:39,716
And you can, you can join the specific courses so you can join us live for these,

996
01:02:40,016 --> 01:02:42,686
uh, for these discussions as they happen.

997
01:02:43,436 --> 01:02:46,406
Uh, but of course everything is still available for free on

998
01:02:46,406 --> 01:02:49,526
noster, and the video discussions are available on YouTube.

999
01:02:49,526 --> 01:02:51,626
So let us know what you think.

1000
01:02:51,716 --> 01:02:55,676
Leave us a comment if you're watching on YouTube or Rumble and

1001
01:02:55,676 --> 01:03:01,496
share with a, anyone you like, give a comment on Twitter, whatever.

1002
01:03:01,886 --> 01:03:05,156
Uh, we appreciate everything and want to discuss things further.

1003
01:03:05,156 --> 01:03:06,506
So, so come join us.

1004
01:03:07,467 --> 01:03:10,007
In other words like, subscribe and brush your teeth.

1005
01:03:10,664 --> 01:03:12,854
That's basically the short of it.

1006
01:03:13,154 --> 01:03:17,114
Uh, and I think we, we also, uh, we also should mention, um,

1007
01:03:17,564 --> 01:03:19,214
our, our, our sponsors here.

1008
01:03:19,214 --> 01:03:25,844
So thank you to plan B for enabling this fantastic initiative, uh,

1009
01:03:25,904 --> 01:03:28,574
where we are working with them.

1010
01:03:28,574 --> 01:03:30,914
They're fantastic resource.

1011
01:03:30,914 --> 01:03:33,554
They're a fantastic educational resource.

1012
01:03:33,614 --> 01:03:36,554
So go to plan B Network and check out everything you have going.

1013
01:03:36,554 --> 01:03:40,934
It's a great compliment to what we're doing with the academy, and

1014
01:03:41,414 --> 01:03:45,704
it's very much, uh, we're very glad to be in line with, with what we're

1015
01:03:45,704 --> 01:03:47,339
doing with, uh, with Plan B Network.

1016
01:03:48,391 --> 01:03:50,671
Yes, and don't forget to check out the bit box.

1017
01:03:50,671 --> 01:03:56,101
Go to Bit do Bit Box Swiss to find our favorite hardware wallet.

1018
01:03:56,551 --> 01:04:00,151
Uh, we have a discount code there, Infiniti as everywhere else.

1019
01:04:00,451 --> 01:04:01,561
So check that out.

1020
01:04:01,561 --> 01:04:06,047
It's very user friendly and uh, an overall great hardware wallet.

1021
01:04:07,157 --> 01:04:07,397
Absolutely.

1022
01:04:08,057 --> 01:04:11,657
And finally, just a reminder of everywhere you can see us conference

1023
01:04:11,657 --> 01:04:16,487
wise, first Knut is in Ireland in May, but then we're aligned for

1024
01:04:16,487 --> 01:04:18,077
basically the rest of the summer here.

1025
01:04:18,077 --> 01:04:22,427
So we're gonna be in Prague, then we're gonna be in Calgary for Bitcoin rodeo,

1026
01:04:22,997 --> 01:04:27,887
then we're gonna be in Riga, and then we're going to be in Helsinki for BTC.

1027
01:04:27,887 --> 01:04:28,247
Hell.

1028
01:04:28,307 --> 01:04:33,257
And so join all of those conferences if they're convenient for you, and

1029
01:04:33,257 --> 01:04:37,007
you can come see us, get a book signed, uh, whatever you like, hang

1030
01:04:37,007 --> 01:04:38,657
out, talk about all this stuff.

1031
01:04:39,047 --> 01:04:42,317
Uh, but come to Helsinki if you can at all, if at all possible.

1032
01:04:42,317 --> 01:04:43,907
We're really excited about this.

1033
01:04:43,907 --> 01:04:46,817
The, the vibes, uh, are, are awesome.

1034
01:04:46,847 --> 01:04:49,517
The, the team is really excited about it, not just us.

1035
01:04:49,517 --> 01:04:51,407
So, uh, come see us there.

1036
01:04:51,647 --> 01:04:56,027
Uh, you can do the Riga, Helsinki trip all in one go if you want to, if you've been

1037
01:04:56,027 --> 01:04:59,837
holding off on this, if you've been, if you live, uh, somewhere really far away.

1038
01:04:59,837 --> 01:05:04,577
So, uh, come see us in any conference you like, but really

1039
01:05:04,577 --> 01:05:05,987
try to come to Helsinki if you can.

1040
01:05:06,407 --> 01:05:07,367
Yeah, go to hell.

1041
01:05:07,427 --> 01:05:11,297
There's a reason why there's a highway to hell and only a stairway to heaven.

1042
01:05:12,737 --> 01:05:13,247
Perfect.

1043
01:05:14,627 --> 01:05:16,997
With that, put a ribbon on this one.

1044
01:05:18,707 --> 01:05:19,697
See you in the next one.

1045
01:05:20,567 --> 01:05:22,517
This has been the Bitcoin Infinity Academy.

1046
01:05:23,087 --> 01:05:23,927
Thank you for listening.