The idea of running Bitcoin "like Apple" completely destroys the appeal. Not surprising this is his take, but none of the Bitcoiners I'm aware of would find a centralized Bitcoin appealing.
@@SkilledCheckmates I don't know much about Block stream other than: satellites for remote rigs and Liquid is a side chain of some sort...and Jade wallet. How is it that see them as a governance body more than some would like to accept exactly?
The benefit of the bitcoin network is not its efficiency. It's in its difficulty to change the code. Slow and steady creates security. Security creates value. No central leadership is a feature, not a bug. Bitcoin is a foundation layer, not an entire stack.
Its amazing how people are unable to grock this. They have no idea that the same Internet protocols have been in place since the 70s. Imagine thinking its a good idea to change monetary protocol every year to add some new bells and whistles that satisfy VCs like all these other shitcoins do.
What I find odd is that I see BTC as fundamentally monarchical. It has / had clear central leadership. It is a rule dictated in code by a ruler. I would think of all ppl Yarvin would make this connection.
@@NotraNaum we don’t produce enough power output globally to have the world adopt its network for payments it has to change to POS or it will not succeed and yes the blockchain is dominated by a handful of whales same as ether and ether is on the verge of transferring over to POS but miners are gonna make it difficult by hard forking
I cant believe Yarvins conclusion is that we should go back to trusted third parties in regards to coordinating these networks. This is the pinnacle of naivety and perfectly encompasses the meme, "I just heard about Bitcoin and im here to fix it" . This is a new paradigm and Yarvin clearly doesnt grock it. If you want your mind blown read, 'Crypto-Current: Bitcoin and Philosophy' by Nick Land Land was way ahead of the curve on this.
That's the thing with new paradigms, isn't it. They seem unbelievable, even to intelligent people, because they are often so different from the status quo.
@@BigJonkulous Nah what’s funny is the Marxist commie sees BTC as a commit striking the earth and the libertarian monarchist thinks it might fail without a bureaucracy.
CBDC=social credit system Fiat is absolutely terrible but digital currency is even more baseless and more centrally controlled while every single transaction is documented for the now newly bolstered IRS to comb through to go after you
I wish curtis would mostly read his essays, after he writes them. His essays are mostly TLDR for me, and yet I will listen to a podcast with him multiple times because I think he does a great job at relaying the ESSENCE of what he is talking about. Hugely entertaining and informative.
17:17 not completely true. bitcoin started with no banks and no price, and it worked as fine as it still does today. i mean, i get what he's saying, but bitcoin was obviously created contemplating a scenario where banks don't want anything to do with it. it's kind of the whole point of it. it's the only digital money out of the hands of governments everyone. i would bet anyone that's worth something. not everyone in the world wants to accept total control of their lives. many do, but many don't.
You are correct - the new Bitcoin - backed by gold - was the moment it lost it's true P2P utility. That being said, the only reason the original bitcoin still has value is because it can be exchanged for *new* bitcoin. This is something mostly only OG crypto people would even know. The moment bitcoin became backed by liquidity and entered into the market it literally became apart of the financial system it sought to undermine.
@Vincent W bullshit. You can send someone 10 million dollars from the US in bitcoin to someone in China in less than a few minutes. And visa vi. Cash a 5,000 dollar check via your bank and tell me how long it takes to deposit. With bitcoin I can overnight such a transaction to my bank account. It doesn't matter that it's utility seems ridiculous to you - but it is the *only* currency that can be globally exchanged for virtually any foreign exchange currency and converted into tangible money into the hands of anyone who can own a smart phone in *minutes.* Which includes a sizeable part of the global 3rd world population.
@Vincent W and your wrong, nothing about bitcoin is anonymous. That's why it's called a "blockchain" you can follow every transaction there is given you have the transaction ID. You're literally spreading false information. The original bitcoin was *sort of* anonymous but any anonymity created via the blockchain is a bot that will sling crypto coins through thousands of transactions making it virtually impossible to follow.
@Vincent W regardless, no banking system in the world is as efficient at delivering money into the hands of the rich or poor alike. Its not going to be anonymous tech. There's a reason the government secretly loves bitcoin : its the same pyramidal banking system that the banks use. Its also more efficient. ;)
@Vincent W trivial time delays? It takes *weeks* for institutions to move a large randomized sum about the world. There is no better or more effective means of distributing wealth so quickly. You literally called bitcoin anonymous, which is the most laughably naive thing Fedora smoothbrains like yourself say. You're also completing misunderstanding my implications. Yes it's a pyramidal banking system dependant on liquidity assigned to stable coins and larger liquid asset backing such as gold. Still more efficient. You can write that off with your limp wrist if you want - but it's still true. There is NO other way to send a random person money in say either Vietnam or China to a point where either party can access said money within *minutes* let me say it again. Minutes, not weeks or a week or two - minutes. You've got nothing to spare me from you bloody idijit. Scatter. Nothing you can say that will "spare me" and is a laughable assertion at best given your first comment.
25:40 they can "print" them as long as there are people accepting those instruments as btc of course. the question is are they able to sustain a decent amount of people believing those are real valuable bitcoins? i'm not so sure about it.
@@qwerty9091000 Yeah everyone was incentivized to continue excepting claims. Claims to gold, claims to dollars. It was either except the claims or complete destruction. No way out only through scenario.
Overall, this guy is proposing some very dangerous ideas (not surprising given his shirt) that are not only bad investments but really bad governance systems trying to be integrated on an idea where it was founded on the elimination of middleman and central authority. He is trying to build a "solution" that is ultimately, the very problem bitcoin was intended to solve and get rid of.
Sorry, Curtis has obviously got too high on his own supply. One terrible idea after another here, not one of which would do anything other than completely destroy any real value proposition in Bitcoin. Alas, his point about govts being able to create btc by minting future contracts does seem to warrant consideration, and it would interesting to hear ideas as to how to go about mitigating this threat.
12:35 His solution to buy cash as a safe haven is absolute nonsense! Your goal during stagflation is to preserve your wealth so that when it is appropriate to get back to a more liquid medium of exchange, your wealth is preserved and not destroyed compared to everybody else. A recession brings the value of our currency down on the Forex market and inflation is not measured accurately in the Forex market in real time compared to more solvent countries. There will be a hidden depreciation of your cash if that is the only asset you decide to hold as a strategy. Gold and silver is HISTORICALLY the best alternative to preserve your wealth. It makes no logical sense how he would put cash above precious metals. That is essentially saying, put your soon to be depreciating assets in a depreciating currency that is not scarce and can only be printed over a scarce, historically sound use of money that is gold and silver!
IBM world wire Fednow services fedwire services BIS and R3 corda Iso 20022 Hello new banking system Get prepared and use a ledger device or say buh bye
Is this the most inarticulate man ever? It’s called deflation ffs and a gold standard which is dumb. Crypto can never succeed with this level of misunderstanding of monetary theory.
CBDC=social credit system Fiat is absolutely terrible but digital currency is even more baseless and more centrally controlled while every single transaction is documented for the now newly bolstered IRS to comb through to go after you
