Bitcoin and the Moral Consequence of Money

Published on
September 18th, 2020
Duration
33 minutes

Bitcoin and the Moral Consequence of Money

Expert View - Crypto ·
Featuring Jimmy Song

Published on: September 18th, 2020 • Duration: 33 minutes

Jimmy Song, Bitcoin developer, educator, and entrepreneur, joins Real Vision to discuss the economics of bitcoin and the role digital assets, specifically bitcoin, will play in the aftermath of the COVID-19 pandemic. He reveals his perspective on the interaction between bitcoin and monetary policy, the impact of Keynesian economics on digital assets, and the difference between centralized and decentralized assets. He touches on the debate between bitcoin and gold, as well as his ideas on Bitcoin maximalism. Finally, he explains his thoughts on how bitcoin and other assets can encourage entrepreneurship rather than rent-seeking. Filmed on August 21, 2020.

Comments

Transcript

  • ID
    Ian D.
    24 October 2020 @ 22:10
    Awful sound, I've given up listening after 5 minutes. A pity...
  • PN
    Paco N.
    21 September 2020 @ 20:32
    Bitcoin (BTC) is the only sane choice for any investor who DYORed properly.
    • BN
      Brady N.
      2 October 2020 @ 01:34
      I would be curious why their research stopped at BTC?
  • EC
    Edward C.
    30 September 2020 @ 14:44
    I found this quite entertaining. Jimmy was obviously speaking off the cuff also in my opinion. Understand some of the concerns below, but a fan of his core thesis of limited money supply.
  • BO
    Bob O.
    24 September 2020 @ 02:08
    Calling workers 'rent seekers' because governments push cheques at people that have been thrown out of work and those cheque happen to be a little larger than the one they worked for is calis under the present circumstances. When someone gets up and says words to the effect that workers prefer to stay home instead of work because they are collecting government cheques are being arrogant. Jimmy, you need to think long and hard about the way you flippantly characterize a few people's views about receiving government financial support and the deep humiliation the vast majority of worker feel, having no choice, but to accept government support.
    • BO
      Bob O.
      24 September 2020 @ 03:35
      * callous
  • NG
    Nicolas G.
    22 September 2020 @ 07:57
    In my opinion, Jimmy Song, as many other BTC maximalists, is trying to control the crypto narrative blocking the market of private moneys to develop freely. They are the new 'State' in the field of crypto, preventing free competition, technological development (e.g. Ethereum) and keeping consumers captive of a (their) money. No thank you. Too 'Staty' for my taste.
    • DS
      Doug S.
      23 September 2020 @ 12:10
      Absolutely agree. He and others like him completely lost the plot around the time of the BCH fork and have, perversely, done more harm to crypto than good.
  • AB
    Andrew B.
    23 September 2020 @ 01:42
    If this is an expert view, don't talk about Ethereum. Stick to what you know. BTC and ETH are doing completely different things.
  • LS
    Lewis S.
    21 September 2020 @ 01:36
    There were Ford Model T maximalists once.
    • JH
      Jason H.
      21 September 2020 @ 09:56
      Agreed.. and Bitcoin cannot be the only digital currency going forward either, what are we going to evolve to Digital currencies and 21 million Bitcoin will serve the whole planet???
    • KK
      Kaloyan K.
      21 September 2020 @ 12:26
      Keep learning guys. The materials Michael Saylor mentioned the other days are a good start. - The Bullish Case for Bitcoin https://medium.com/@vijayboyapati/the-bullish-case-for-bitcoin-6ecc8bdecc1 - Gradually then Suddenly https://unchained-capital.com/blog/dollar-crisis-to-bitcoin/ - S2F articles by Plan B https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25 https://medium.com/@100trillionUSD/efficient-market-hypothesis-and-bitcoin-stock-to-flow-model-db17f40e6107 https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25 - The Bitcoin Standard https://saifedean.com/book/
    • AP
      Alejandro P.
      21 September 2020 @ 16:44
      Jason H., 21 million bitcoin is actually 100M “Satoshis” per 1 bitcoin.
    • Sp
      Scott p.
      21 September 2020 @ 23:08
      IMO, a handful have potential, but technically have not proven they can be successful at scale, and over time. Proof of stake systems are vulnerable to any attacker who has enough money. Bitcoin on the other hand has proven it self as reliable censorship resistance magic digital gold.
    • sc
      sung c.
      22 September 2020 @ 01:27
      Response to Jason H. A time may come, if BTC becomes the world currency, when one Satoshi is worth $1 million, and there are 100,000,000 Satoshis in one Bitcoin. Since a person can buy fractions of one Satoshi, it is very easily possible for BTC to serve the entire world.
    • RB
      Robert B.
      22 September 2020 @ 19:47
      There were gold maximalists too, they became central banks.
  • TL
    Thorsten L.
    22 September 2020 @ 16:14
    The sound quality was absolutely horrible! Did he use the built in laptop microphone for a show like this?? Can’t believe it...
  • SI
    SAIDI I.
    21 September 2020 @ 21:37
    Vitalik doesn't control eth. That was a cheap punch from a bitcoin maxi to eth when there is more than a 1bil btc on eth,
    • NG
      Nicolas G.
      22 September 2020 @ 08:08
      They (BTC maximalists) are discrediting themselves. See the recent interview by 'What BTC Did', where Vitalik is confronted to Samson (Blockstream). It was disgraceful for the BTC image, as you can see in the youtube comments. BTC supporters were disappointed by the low level of Samson's arguments. https://www.youtube.com/watch?v=VipbsUTsrGA Anyway ,time will put each one on their place. Technological development can be slowdown, but cannot be stopped.
  • NG
    Nicolas G.
    22 September 2020 @ 07:50
    Maximalism Definition: (by Eric Voskuil - https://github.com/libbitcoin/libbitcoin-system/wiki/Maximalism-Definition): - (BTC) Maximalism is a public relations effort to discourage the formation of substitutes for a given coin. To the extent this is successful it may benefit existing (BTC) owners by restricting supply and subsequently elevating price. However as people fail to find close substitutes, activity moves to more distant ones. In the case of electronic payments this is generally state money. - Maximalism is distinct from shitcoin awareness in that it is characterized by promotion of one Bitcoin over all others. Proponents often express the contradictory theory that no other coin could be competitive with their preferred coin. >>> If this was the case there would be no reason to advocate for a single coin. <<< ------------ I strongly recommend you to go through the wiki of Eric if you want to learn about Bitcoin and Crypto: https://github.com/libbitcoin/libbitcoin-system/wiki/Cryptoeconomics (see chapters in the menu on the right hand side of your screen) He is a reputed Bitcoiner, BTC developer, successful entrepreneur, former fighter pilot and Top Gun and very cultivated in fields of political economy, libertarianism, anarchism, Austrian school of economics... RV would much better off bringing to the show a rational Bitcoiner like Eric instead of a clown like Jimmy Song. https://www.youtube.com/watch?v=5cmPGBl88ig - on CryptoDynamics
  • SP
    Simon P.
    22 September 2020 @ 07:34
    21 million bitcoin = 2.1 quadrillion satoshi. The future of everything is digital, look around you, the future of money is digital. The asymmetry r/r of this trade doesn't get any better
  • Sp
    Scott p.
    21 September 2020 @ 23:27
    Jimmy is a technical expert. He is a Bitcoin Core developer TRAINER! I'm a huge fan of his, and happy to see him on RV but he is NOT a macro economist. Can we please have Jimmy on again to share his experience on the code, and what sets bitcoin apart from the other crypto's from a TECHNICAL standpoint. Other than Andreas Antop this content is seriously lacking in the space. Non-technical people like myself trying to learn and understand crypto unfortunately have to trust technical experts to explain the what the technical properties are, and how they manifest for the user/investor. Jimmy is extremely well respected and trusted in the space, and I feel RV really missed an opportunity here to provide value.
    • JC
      Joel C.
      22 September 2020 @ 04:56
      agreed - would love to see a technical series on this new channel really delving into the core BTC attributes...
  • sc
    sung c.
    22 September 2020 @ 01:35
    As for me, I'm tired of a system that is constantly manipulated by the various central bankers of the world. The world has now reached a point where the populace are more educated and demand a better and more trustworthy system. Bitcoin may not be the perfect answer, just as the current U.S. Dollar as the reserve currency has proven it is not the perfect answer, but it is certainly better than our current system, and worthy of being taken seriously, simply based upon the fact it cannot be manipulated by a few corrupt bankers.