Comments
Transcript
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DJThe Federal Reserve stopped liquidity crunches which were called panics (ref pre-1913). Inflation is a way for wages to adjust to a depreciation of its value. Currency debasement is necessary to reestablish proper balances. Look at the problems the Euro has created for the EU.
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DJ“The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version. All financial innovation involves in one form or another, the creation of debt secured in greater or lesser adequacy by real assets.” ― John Kenneth Galbraith, A Short History of Financial Euphoria
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NVThanks god for 2X
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NII agree with everything that was said, yet I still remain skeptical of btc. I just can't imagine war mongering nation states with their elephantine, do-nothing, kleptocratic governments voluntarily giving up their printing press to btc. I have some btc as insurance against being wrong, but I think the minute btc actually challenges the war mongers' printing presses, they'll make it illegal. No they can't stop it entirely without disabling computers/Internet and outlaws will still use it, but the average soccer mom isn't going to risk a prison term for btc. The only hope I see is that enough people can be educated on this topic. To that end I'm grateful that both of you are doing that. I'm praying for your success and for a btc standard. God bless.
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DKLove the Title "Thank God for Bitcoin". I repeat this every day.
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DKGreat work guys. Throughly enjoyed the discussion. At its most ideal, wealth is the consequence of contribution too humanity. Now, more then ever we must re-evaluate how we determine what is most valuable within advanced western market societies. Is an essential worker really providing less value then a Lawyer or GP ? Spread education on prosperity, security and wealth generation- rather then promoting concepts of so called "rational self interest" or being "rich". Youth still seek themselves in comodities- they do not yet know they are empty. I have experienced first hand throughout my life both ends of the spectrum, from living in wealthiest communities in the Nation, to living in the most destitute and everything in between. What I do know, many, particularly in the US, percieve "rich" as "not poverty" or "hardship" which is troubling. Prosperity is first and foremostly attributable to character. There are many who concicously or not actively seek the very opposite. You cannot become prosperous with a destructive mindset. Learning to idenitity and determine these unhelpful states is essential to freeing the 'self' from a life of self inflicted scarcity. We all have something to contribute, irrespective of age, ethnicity, gender or disability. Everybody has the right to show up and create not only wealth, but the generation of purpose and meaning for their time here on this earth. Those who engage in anger, hatred and other toxic world views, suffer not only increasing poverty, but the fate of the poor managment of their souls. Repeatedly enganging in anger, selfishness, hatred and all lower states of humanity, leads to perpetual suffering and over the long term promotes sickness and death. Engage outside of youself- contribute, give, support, uplift, provide, guide, teach and love. Maintain prosperity of spirit, in order to realise prosperity "without".
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SHReligion and ethics, two opposites. They don't mix well.
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TRThis was a LOL fest if I ever saw one. Great we have found this magical solution to avoid wars etc. The idea that politics would regulate itself to fit hard money over society bending to government's will for (echoed by a large and growing part of the populous I might add) of doing more is just plain silly. Fiat is a symptom, not the disease
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CMI think they need to chill with the thank god for bitcoin, because at its current trajectory not that many people are going to get to own it on the upside phase other then rich people and institutions.
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ACThe Bitcoin Standard and The Sovereign Individual are vastly superior books on this subject. Don't see anything new here.
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SPimperfect beings using a perfect money. The weak point isnt the money. Change human behaviour then there might be something new under the sun. I am heavily long bitcoin, but i know in time man will F&%K it up.
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FEThis completely ignores the fact that the economy grows every year. Bad inflation is fiat growth which is faster than the growth rate of the economy, but good inflation is restricting fiat growth to the rate of growth of the economy which keeps buying power constant and makes paying back loans over time fair. If you save by investing in the economy your savings grow regardless of inflation which is right and good. If you save by hoarding fiat you loose value only if fiat grows faster than the growth of the economy. Now in the real world fiat is growing faster than the economy. We can correctly argue that this is evil, but it is evil only against hoarders of fiat. Very few of us do this. To be protected, and at the same time to do the moral thing, we invest our capital in industry. Stocks will grow beyond the growth rate of fiat. Or we can put our capital in assets such as real estate, gold, or Bitcoin. Who cares if fiat is unanchored by gold as long as we don't blow up the economy. In the real world the major economies are nowhere near blowing up the economy. Loosing this nuance when condemning any inflation makes this discussion a bit naive.
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MVJimmy Song: "If you attempt to create a twenty-dollar bill you may have a policeman stand on your neck and cause you not to be able to breathe"- as naive a comment as your notion that your Bitcoin Jesus will save the world. What responsibility does the individual have for their actions and the results of those actions? What next Jimmy? Defund the police and the Fed?
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DRI’m struggling to understand the concept that inflation is an immoral theft by unelected central bankers if any one can help. Each central banker on a personal level is impacted by inflation so who exactly is benefitting I.e. who is doing the thieving personally and therefore is it immoral? I guess you could argue that asset owners benefit the most from money printing and that creates a bigger wealth gap but that seems to be an unintended consequence of qe etc as opposed to an immoral theft. And there is an argument to say that the reason central bankers are trying to create inflation is to devalue the trillions of debt that governments owe which is largely due to over spending on many things such as welfare programmes for the lower class. So there is a devaluation but it helps governments continue to function and to help the lower class. Maybe I am completely missing the point on something but seems to me fiat is getting devalued year in year out but not sure it is being done so in a proactively immoral way.
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MSI think this is the first time I have heard anyone put together a moral argument for Bitcoin. Very interesting.
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DWUghhhh Breedlove is a terrible bore and they are both so full of s*** talking about the moral superiority of bitcoin and hard money, meanwhile ignoring the 800-lb gorilla in the room: tether. These guys, and the whole crypto space has a serious credibility problem until influencers like them condemn the BS in their own space.
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MRI think it is morally and ethically right to help educate and onboard to Bitcoin, even a bit of it, for those we care about.
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APProblem is, how do you support the margins of the society that needs support? Do you do this via Inflation? USD was needed and is still needed as a currency, just not money. USD should be used for transactions but not for storage of value.
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JCRobert “lot of great points there”... I won’t be buying the book
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KKFantastic interview and fascinating topic, excited to read more in the book
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VDnow this was good...no this was great!!
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JLWell done and thank you Jimmy and Robert for your worldview pertaining to fiat, crypto, and ethics. I love the numerous references to the teachings of Jesus, particularly apt given the time of year. There is one detail that I felt compelled to point out; When you referenced the one time that Scripture portrays Jesus getting very upset, where he overturns and scatters the money changers' tables outside the Temple in Jerusalem, my interpretation is that he was not so much upset at the blatant fraudulent exchange rates and outright cheating of the poor pilgrims ( although that is unconscionable) ; rather our Lord was clearly angry at how the money changers had turned a place of worship into a marketplace. ie the purpose had been corrupted. In the context of the FED and Central Banks in general, I think the original (dual )mandates have indeed been corrupted. And that is where I share your frustration and disappointment at how they have distorted true price discovery, promulgated moral hazard and led us down the wide path to peril.
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JAChristians slaying the moneylenders on Christmas Day! Alleluia, alleluia - Glory to God in the highest!
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LSPunches did not get pulled in this interview.