Read_636 – What is Money Anyway? Part 1 [Lyn Alden]
“If a money (the most salable good) is easy to create more of, then any rational economic actor would just go out and create more money for herself, diluting the whole supply of it. If an asset has a monetary premium on top of its pure utility value, then it’s strongly incentivizing market participants to try to make more of it, and so only the forms of money that are the most resistant to debasement can withstand this challenge.” – Lyn Alden
The true rabbit hole of Bitcoin begins at the question, “What is Money?” It is the heart of Bitcoin’s fascinating nature, and its historical breakthrough. If you were looking for an entry point to the Bitcoin idea, Lyn Alden brings a phenomenal piece by asking the simple question, that ultimately unlocks a never ending rabbit hole… “What is Money, Anyway?”
This will take a few episode to get through entirely, so let’s get started…
Link to Lyn Alden’s piece and the incredible other work she has on her blog:
https://www.lynalden.com/what-is-money/
Other great works to explore:
Nick Szabo – Shelling Out: https://bitcoinaudible.com/reboot-shelling-out-the-origins-of-money-nick-szabo/
Wittgenstein’s Money: https://open.spotify.com/episode/1eVvYlfTRG7zGjkZW8klIE?si=02d4eaa72fe642c4
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Read_635 – 21 Million is Non-Negotiable [Zach_of_Earth]
“Imposing limitations on monetary goods has always required tremendous amounts of time and energy, and trust. And yet, with all our efforts, we still have been unable to fix the supply of any of the modern monetary assets of the world. Someone, somewhere, has always found a way to increase the supply. Whether because of some emergency reason to protect the greater good, or out of sheer greed, or out of complete ignorance, humans have succeeded 100% of the time in debasing the monetary premiums of all goods in all of recorded human history.
And then, there was Bitcoin.” – Zach_of_Earth
Today’s read by Zack_of_Earth speaks for itself. The fixed supply is the core innovation of Bitcoin, 21 Million Is Non-Negotiable. Just press play.
Link to the original article:
https://medium.com/@Zach_of_Earth/21-million-is-non-negotiable-a51475e424a7
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Read_634 – The Words we Use in Bitcoin [DerGigi]
“In a world awash in euphemisms and blatant lies, calling something by its proper name is rebellious in itself. Bitcoin is about freedom and self-sovereignty, not about asking for permission. It is about independence and verifiable truth; extreme ownership and responsibility; hope and human rights.
The best way to fight bad ideas and bad terminology is with good ideas and good terminology. Thus, we should all make an effort to call things by their proper names, try to understand their inner workings, and explain them in simple terms to others.” – DerGigi
The words we use in Bitcoin matter. The names we give things form our relationship with them, and how we frame them in our minds. We must not let others modify our language against the interests of sovereignty and freedom. And we must strive to be accurate in our own words and descriptions so we do not ourselves, spread misunderstanding. A must listen/read.
Link to the original and tons of other great works by Gigi, plus many translations of the piece in other languages:
https://dergigi.com/2022/06/27/the-words-we-use-in-bitcoin/
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Read_633 – The Utility of Saving [Pierre Rochard]
“People hold money to hedge against future uncertainty. This is why it is so crucial for a monetary system to optimize for minimizing its own uncertainty. Bitcoin’s purchasing power is an external quantitative risk that can be insured against, not an internal qualitative uncertainty.” – Pierre Rochard
Link to the read:
https://pierre-rochard.medium.com/the-utility-of-saving-c56f7c170fc1
Check out Pierre on Twitter:
twitter.com/bitcoinpierre
Dig deeper into these ideas with an excellent piece from Hans Hoppe we covered ages ago on the podcast:
The Yield From Money Held Reconsidered: https://open.spotify.com/episode/67dqOHWLX9NRmAs4S0G9XQ?si=866f483f885a43e0
Check out our amazing sponsors below, they are among my most used products and services in Bitcoin, and have exclusive discounts and offers for the Audionauts:
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Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy)
Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold)
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Read_632 – Can Governments Stop Bitcoin? [Alex Gladstein]
“Coding, mining, infrastructure, and markets are all independent, happening in competing jurisdictions and geopolitical rivals, often done by anonymous or pseudonymous actors, all with different philosophies and goals, but with one uniting motivation: to keep Bitcoin going.” – Alex Gladstein
Bringing back an article from a year ago from the always fascinating Alex Gladstein. “Can Governments Stop Bitcoin” is a short exploration of the potential attack vectors via government bodies and how Bitcoin protects or negates them through incentives, its global neutrality, & political game theory. A fun piece to revisit with everything that has happened in the past year. Not to be missed before we get psychotically bullish for tomorrow’s episode. Subscribe so you don’t miss it.
Check out the original article below from Quilette:
https://quillette.com/2021/02/21/can-governments-stop-bitcoin/
Mentioned in the episode, check out Jack Mallers on WBD podcast:
Check out our amazing sponsors below, they are among my most used products and services in Bitcoin, and have exclusive discounts and offers for the Audionauts:
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Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy)
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Read_631 – The ECB is Trapped, Here’s Why [Lyn Alden]
“Base money is a liability of the central bank, and it’s used as a reserve asset by commercial banks. Broad money is the liability of commercial banks, and it’s used as a savings asset by the public. Treasuries are liabilities of the federal government, and they’re used as collateral by the central bank and commercial banks.
In other words, liabilities are collateralized by other liabilities, all the way down.” – Lyn Alden
Today we dive into another great piece from Lyn Alden’s newsletter on the macro situation. What happens when you build a monetary system from nothing but liabilities, and then manipulate the price of interest such that the economy goes ever deeper into debt? Unfortunately we are all about to find out. But luckily we have Lyn Alden to break it down for us, with Read_631 on Bitcoin Audible.
Link to the article and other great stuff on Lyn’s investment blog:
https://www.lynalden.com/ecb-trapped/
For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:
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Read_Reboot – Everyone’s A Scammer [Michael Goldstein]
With the markets in chaos, with services halting withdraws, & Everyone’s a Scammer” by Michael Goldstein, is one of those works. Another piece that stood the test of time made available by the Nakamoto Institute, not to be missed by any serious Bitcoiner out there.
Don’t forget to check out Goldstein’s amazing work and the enormous collection of quintessential Bitcoin writings over at the Nakamoto Institute:
https://nakamotoinstitute.org
Mentioned in the Guy’s Take, check out Marty’s Bent on the Cascading Interconnected risk in today’s markets:
https://traffic.megaphone.fm/CSN7309346620.mp3?updated=1652737260
For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:
• Get Bitcoin rewards on literally everything you buy with the Fold Card (guyswann.com/fold). Get 20% off with discount code BITCOINAUDIBLE.
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Read_630 – Cry Harder [Francis Pouliot]
“Bitcoin is a lifeboat on the sinking fiat ship. Lifeboats on a sinking ship don’t need a marketing department.” – Francis P.
As New York puts a ban on Bitcoin mining in the state, as the white house decides it’s going to come up with “Bitcoin mining policy guidance,” it seems like a good time to prepare our response. Cry Harder. Francis Pouliot brings us a fun and short exploration of Brandolini’s law, the problem of arguing with idiots, & why Bitcoin isn’t changing, no matter how much the haters squeal. You are in for a treat.
Link to the original article:
https://medium.com/@francispouliot/cry-harder-31a599a2e343
For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:
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Read_629 – On Impossible Things Before Breakfast [NYDIG]
“The reverse of that process – a so-called “death spiral” – was inevitable. Any time the immeasurably over-levered global fiat monetary system, for whatever reason, experienced one of its periodic external shocks that skyrockets immediate demand for actual US dollar liquidity, UST investors would demand USD liquidity faster than the brittle and fundamentally flawed Terra ecosystem could provide. At some point, one UST would be worth materially less than one USD, further rattling investors and kicking off a classic bank run. Worse, with algorithmic certainty, the UST bank run would be accelerated by a corresponding hyperinflation in LUNA.” – Ross Stevens, Nic Carter, Allen Farrington
“A post-mortem on Terra, a pre-mortem on DeFi, and a glimpse of the madness to come.” Another amazing piece from NYDIG, this one detailing out the inevitable collapse of TerraUSD/LUNA algorithmic stablecoins, and a warning about the fragility and leverage that threatens the same end for the DeFi ecosystem, to follow up with the exciting things being built on top of the Bitcoin and Lightning network stack. Dont miss this one.
Some great previous reads for digging further into the ideas covered in the show:
Shelling Out: The Origins of Money – https://bitcoinaudible.com/reboot-shelling-out-the-origins-of-money-nick-szabo/
Only the Strong Survive – https://open.spotify.com/episode/7u8mzgKk1nQcwpz9EjIiet?si=1b5c0272a08c4f0a
Time Value of Bitcoin – https://bitcoinaudible.com/the-time-value-of-bitcoin/
For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:
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Read_628 – How Bitcoin Can Unlock the Energy of the Ocean [Level39]
“A typical Bitcoin mining operation will spend considerable amounts of time, energy and money cooling their ASIC miners with air conditioning or liquid immersion cooling, and these costs eat into profitability. However, the main waste product of OTEC is a nearly-infinite and continuous supply of 5ºC cold water. Not only does OTEC produce free cooling, it provides a level of cooling that almost no one else in the mining industry has access to — enough to overclock mining rigs by 30% to 40%, according to Harmon. This allows OTEC to essentially achieve a power usage effectiveness (PUE) level of 1 — representing nearly perfect mining efficiency. It may very well be the most efficient way to mine Bitcoin.” – Level39
We may be on the verge of an energy revolution due to the incentives and characteristics of Bitcoin and proof of work mining. The ability to solidify and transport stranded energy may change everything. Find out more in today’s episode with a read from Level39 and Bitcoin Magazine.
Check out the original plus other great works from Level39 at the link below:
https://bitcoinmagazine.com/business/bitcoin-unlocks-ocean-energy
For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:
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• Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy)
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Read_627 – Why and How to Get a Bitcoin Job [Stephan Livera]
“Coming off the Bitcoin 2022 conference, you might feel a little down from the high of meeting and spending time with Bitcoiners. I’ve also found that going to these events leaves you with an additional sense of urgency to do something more, or to become more involved somehow. One way to do that is to participate in Bitcoin projects or work in a Bitcoin job.” – Stephan Livera
For as many times as I’ve been asked about how best to get a Bitcoin job, its hard to admit that I have never done an episode on it. But thanks to Stephan Livera, we have a great article on exactly that topic to help those who feel that drive to commit fully to Bitcoin. An excellent article and fun Guy’s Take on getting a Bitcoiner job, and how to see and help solve problems in the space. Plus a NEW CO-HOST joins the show! Dont miss it!
The Why and How of Getting a Bitcoin Job:
https://bitcoinmagazine.com/business/why-and-how-getting-a-bitcoin-job
Bitcoin Jobs by Swan Bitcoin. Looking for a job in Bitcoin? This is where you start:
https://bitcoinerjobs.com/
For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:
• Get Bitcoin rewards on literally everything you buy with the Fold Card (guyswann.com/fold). Get 20% off with discount code BITCOINAUDIBLE.
• Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy)
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Read_Reboot – Why the Yuppie Elite Dismiss Bitcoin [Croesus]
“When I thought about what is the defining difference between the Bitcoin maximalists and my yuppie elite friends, the surface level distinctions that popped out were political (e.g., libertarianism, Trump support, second-amendment rights, Black Lives Matter). But these stem from a deeper divide: the degree to which a person has trust in the system.” – Croesus
Today we bring back an oldie but a goodie while Rad, the wife & myself are chillin int he hospital recovering from Rad’s journey into the world. Going to have tons of great stuff coming for you guys so don’t forget to subscribe and share this out with everyone you know in the Bitcoin space. Help them to explore Bitcoin from a strong, monetary, economic, and philosophy foundation.
Big thanks to Croesus for this great piece, and link to the original so you can check it out:
https://www.citadel21.com/why-the-yuppie-elite-dismiss-bitcoin
For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:
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• Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy)
• Keep your Bitcoin keys safe on the secure, open source BitBox02 (guyswann.com/bitbox). Discount code GUY gets you 5% off.
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