“Thank God for Bitcoin” – Money Ethics & The Immorality of Currency Debasement

Published on
December 25th, 2020
Duration
61 minutes


“Thank God for Bitcoin” – Money Ethics & The Immorality of Currency Debasement

The Interview - Crypto ·
Featuring Jimmy Song and Robert Breedlove

Published on: December 25th, 2020 • Duration: 61 minutes

Bitcoin developer, educator, and entrepreneur Jimmy Song joins Robert Breedlove, CEO/CIO of Parallax Digital, to discuss the ethics of Bitcoin, using many examples from their recent book, "Thank God for Bitcoin," to describe the moral implications of adopting a Bitcoin standard. Song explains the inherent problems with fiat systems of money, describing them as immoral. They discuss the idea that debasing money can result in the debasement of society and humanity as a whole. Filmed on December 10, 2020. Key Learnings: Inflation acts as a type of tax on money holders without representation. Money is a foundational aspect of society and should be neutral—without the ability to be debased by certain groups of people. Bitcoin acts as a morally sound and socially efficient form of money, and its widespread adoption could dramatically improve the wellbeing of humankind.

Comments

Transcript

  • DJ
    Daniel J.
    20 January 2021 @ 01:27
    The 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.
  • DJ
    Daniel J.
    20 January 2021 @ 01:20
    “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
  • NV
    Nicolas V.
    16 January 2021 @ 02:37
    Thanks god for 2X
  • NI
    Nate I.
    30 December 2020 @ 04:11
    I 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.
    • BA
      Brian A.
      2 January 2021 @ 13:08
      Gold doesn't stop the printing press from being used and neither does btc. It's just that now people with a brain can choose to store value in btc whilst they spend day to day in the government fiat money.
    • JS
      Jon S.
      13 January 2021 @ 22:34
      more and more congressmen and senators are owning bitcoin. As are many in the banking industry. Even the technocrats (i.e. Jack Dorsey) are huge bitcoin fans now. Anything can of course change, but as of right now the current is very much in favor of Bitcoin remaining legal for the foreseeable future. This is not nearly as valid of a concern as it perhaps as 10 or even 5 years ago.
  • DK
    Dean K.
    9 January 2021 @ 21:58
    Love the Title "Thank God for Bitcoin". I repeat this every day.
  • DK
    Dean K.
    9 January 2021 @ 21:54
    Great 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".
  • SH
    Simeon H.
    27 December 2020 @ 12:55
    Religion and ethics, two opposites. They don't mix well.
    • MS
      Mark S.
      29 December 2020 @ 00:25
      This is 100% false. If God doesn't exist, morality is only subjective, not objective. In other words, if God doesn't exist, morality is just a subjective idea. It's a social construct that is not based in reality. One needs something objective to anchor moral truths outside of the human race creation of ideas. This has been argued by many including C S Lewis' Mere Christianity to name one.
    • SH
      Simeon H.
      3 January 2021 @ 12:24
      No, Mark. Just no. And even if it were true it CERTAINLY wouldn't lead us to Abraham's god. Both the new and the old testament are full of atrocities of the worst kind. Christianity is just about the last place to look if one wants to find what's right and what's wrong.
    • MS
      Mark S.
      4 January 2021 @ 21:57
      No Simeon, You are stating that some things are objectively wrong. We agree on that but that's not true if God doesn't exist. My point is that if God doesn't exist, there is no objective morality. You can have subjective moralities but those are just social agreements that are ephemeral. They have no basis in anything outside of the human race. Humans made them up. As such they are not actually real. Just like a fictional character in a novel. Made up. And if they are not real, why pay attention to them. People who agree with me include Dawkins and Nietzsche to name but just two. Dawkins said “In a universe of electrons and selfish genes, blind physical forces and genetic replication, some people are going to get hurt, other people are going to get lucky, and you won't find any rhyme or reason in it, nor any justice. The universe that we observe has precisely the properties we should expect if there is, at bottom, no design, no purpose, no evil, no good, nothing but pitiless indifference.” He's arguing assuming God doesn't exist. (That's an assumption that he hasn't proven yet). That means if the world he describes, the world that you appear to be describing, there is no such thing as atrocities in the Bible or any where else. See what he wrote, 'no evil, no good', That's true if God doesn't exist. God needs to exist for morality to exist as something actually in our universe. Why? Because God would be a real moral agent by morality is then anchored. So where are you getting your moral standards to judge anyone else?
  • TR
    Tobias R.
    29 December 2020 @ 14:04
    This 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
    • NS
      Nathan S.
      1 January 2021 @ 03:11
      HFSP
  • CM
    Carl M.
    26 December 2020 @ 17:17
    I 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.
    • SR
      Steve R.
      26 December 2020 @ 19:43
      Why not? Bitcoin is divided into units as small as 0.00000001 BTC. In the future, if required, the divisibility of bitcoin can be increased to 100 billion smaller parts or even more, as the Bitcoin protocol and its related software can be modified to handle even smaller units. So therefore you just buy whatever amount you want, it doesn't have to be whole bitcoins.
    • UJ
      Ulf J.
      27 December 2020 @ 07:31
      it is the first time that everybody can participate in wealth creation even kids, but not many will because they are more interested in other things and will not wake up before too late. One way to learn is by using Real Vision.
    • lk
      leland k.
      1 January 2021 @ 02:08
      People need to stop thinking that it is too late to buy bitcoin. If you get in now, you're still earlier than everyone else after you. Focus less on what you missed out on, and more about what you stand to gain in the future.
  • AC
    Ajaypal C.
    27 December 2020 @ 18:00
    The Bitcoin Standard and The Sovereign Individual are vastly superior books on this subject. Don't see anything new here.
    • RL
      Roo L.
      30 December 2020 @ 22:34
      Yes, and add to that Robert's 'Masters and Slaves of Money'
  • SP
    Simon P.
    30 December 2020 @ 05:09
    imperfect 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.
  • FE
    Farid E.
    29 December 2020 @ 09:40
    This 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.
    • NI
      Nate I.
      30 December 2020 @ 04:27
      The greatest increases in the standard of living have transpired in periods of deflation. The idea that humanity can't prosper without inflation matching economic growth is demonstrably wrong, but it's indoctrinated into every finance/economics student by our Universities. The only thing that can't prosper without inflation is elephantine government. It's reminiscent of heliocentrism which was opposed for 1300 years until it finally couldn't be denied. There is no such thing as "good inflation". It's like saying "good theft". You want a society that is producing vastly more than it needs with declining prices as a consequence of that extraordinary productivity. What could possibly be better for the average person? It just means that people can enjoy ever more opulent lifestyles, not that the economy will contract.
  • MV
    Melanie V.
    29 December 2020 @ 12:49
    Jimmy 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?
  • DR
    David R.
    26 December 2020 @ 21:33
    I’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.
    • AR
      Andrew R.
      27 December 2020 @ 02:00
      Short version, inflation raises the cost of services, goods and assets that we need to function in today’s society. Especially asset inflation, which simple means those with assets get richer (net worth) those with out assets must trade even more of their time and energy to achieve the same return. Basically I need you to work an extra 10 hours a week just for you to maintain what you had last year. Your additional output generates not additional wealth or return just maintains the same. Those with assets get the benefit of the inflation raising the value of their net worth. So how does this screw poor people if the rich still need food, electricity, education etc and every one has to pay the same cost of living? Basically because assets values inflate at a rate exponential to the basic cost shared by both demographics. Now compound that with lower interest rates and the rich guy can buy Hamptons real estate that in the last 12 weeks alone increased by 50%. He then borrows against his equity and sits on the asset that through its hyper inflation alone lowers his LVR. Rich guys gets richer and has his debt paid down by the asset inflation. Poor guys salary would need to 5x/10x for him to keep up over a 5-10 year period. I think this is the salient point people feel lacks morality. When you incentivise someone to take on large debts they possible can't pay (or aren't productive uses of capital) with the backstop of inflating their assets to keep the game going that individual makes a conscious decision to be financially irresponsibly at the expense of the less fortunate. The central banks feed this addiction with cheap drugs (finance) on tap further perpetuating the cycle. Some might consider that an immoral use of authority. That is my laymen understanding but I am the lower educated of this community so if I am off base please let me know.
    • UJ
      Ulf J.
      27 December 2020 @ 07:15
      Andrew is right it is well known that those who get newly created money benefit the most. If I for 20 years ago put SEK 20 000 for a trailer (It was what a trailer cost then) under my pillow and decided today to buy it I am 20 000 short I have to work 20 days more to get exactly to nuts and bolts the same trailer. It is a wonderful tax they get the tax no matter what that's why a few percent owns 50% of the whole world's assets it is not because they work long hours. I earn in SEK 400% more than in the 80s but I still need to work everyday
    • AK
      Ajay K.
      28 December 2020 @ 09:52
      well explained.. are there a list of assets which fair well l during a recession/depression based scenarios, apart from bitcoin? Would be good to see what assets these rich held onto which exploded in value,,
    • JS
      Juraj S.
      29 December 2020 @ 01:03
      The main reason it's theft it's because the State requires payment of taxes in the currency they inflate (plus having to accept it as a way to extinguish a debt - legal tender). If people weren't forced to use particular provider's money, inflation would be just a contractual thing - whether the users agree to the provider inflating or not as part of them using it. TLDR - it's the involuntary nature of State issued currency.
  • MS
    Mark S.
    29 December 2020 @ 00:33
    I think this is the first time I have heard anyone put together a moral argument for Bitcoin. Very interesting.
  • DW
    Dave W.
    27 December 2020 @ 22:19
    Ughhhh 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.
  • MR
    Michael R.
    27 December 2020 @ 19:24
    I think it is morally and ethically right to help educate and onboard to Bitcoin, even a bit of it, for those we care about.
  • AP
    Aneil P.
    27 December 2020 @ 03:09
    Problem 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.
  • JC
    John C.
    26 December 2020 @ 19:40
    Robert “lot of great points there”... I won’t be buying the book
  • KK
    Kevin K.
    26 December 2020 @ 14:41
    Fantastic interview and fascinating topic, excited to read more in the book
  • VD
    Vishal D.
    26 December 2020 @ 04:42
    now this was good...no this was great!!
  • JL
    John L.
    26 December 2020 @ 04:40
    Well 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.
  • JA
    JN A.
    26 December 2020 @ 04:11
    Christians slaying the moneylenders on Christmas Day! Alleluia, alleluia - Glory to God in the highest!
  • LS
    Lewis S.
    25 December 2020 @ 11:04
    Punches did not get pulled in this interview.