Chapter
The Future of Money and Bitcoin
32:13 - 36:55 (04:41)
The current monetary system causes depreciation, but in a Bitcoin-denominated system, such a problem becomes nonexistent. Parallel economic systems can coexist, and in the future, Bitcoin seems to be a part of it.
Clips
In a society with fiat currency, rent seekers get away with anything and everything, leaving the rest of us paying for it through inflation or taxes.
32:13 - 33:14 (01:00)
Summary
In a society with fiat currency, rent seekers get away with anything and everything, leaving the rest of us paying for it through inflation or taxes. This is not the case in a sound money type society, like one that could potentially be built on Bitcoin.
ChapterThe Future of Money and Bitcoin
Episode#11 - Clawing Back From $250K Debt at 20
PodcastMy First Million
Currency is meant to perform three functions: store of value, medium of exchange, and unit of account.
33:14 - 35:37 (02:23)
Summary
Currency is meant to perform three functions: store of value, medium of exchange, and unit of account. If it constantly loses value due to inflation, people lose trust in it as a reliable medium of exchange and unit of account.
ChapterThe Future of Money and Bitcoin
Episode#11 - Clawing Back From $250K Debt at 20
PodcastMy First Million
Bitcoin is a measurement of work and energy that cannot be replicated or diluted, making it a unique form of currency that represents the value of human contribution to society.
35:37 - 36:55 (01:17)
Summary
Bitcoin is a measurement of work and energy that cannot be replicated or diluted, making it a unique form of currency that represents the value of human contribution to society. In a Bitcoin-denominated system, the only way to succeed is to add more value or put more time in, rather than relying on rent-seeking.