Comments
Transcript
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RHI hold Bitcoin but I wouldn't hold Bitcoin without holding physical gold and silver outside of the banking system. I also hold so-called scrap or junk silver coins as well. The reasons behind holding precious metals go back to what happened in Cyprus. Of course it's "The Bail-In!" Don't think it matters? Well, most G20 countries have it in their central banking laws. Bill Gates is buying up a lot of the best farmland and Microsoft takes Bitcoin. Think about that one.
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AWThis interview missed 100% of the point of CBDCs, which is to enable behavioral economics and force selective policies. There is literally no other purpose to CBDCs.
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rrFor anyone late to the party what is the simplest, most secure AND low cost way to get exposure to Bitcoin and other digital currencies? Asking for a friend. ;)
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TVGreat video but confusing the ontology of the 'concept of money' with the current conventional wisdom of how money currently works in the fiat CB standard is really a rookie error... it is a really big epistemological failing that keeps us where we are...
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DKAsh, interesting discussion and excellent interview!! Well done.
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DWEnjoyed the interview. The only think I take issue with is the effusive praise by the Block team for the Federal Reserve and statements about how incredibly brilliant the Fed people are and how they have continually "saved" us. the team seems uninformed of the degree to which the Fed's policies since the GFC have exacerbated wealth inequality in the US. One round of quantitative easing after 2008 would have been more than enough. The recession was over by summer 2009 and, if anything, subsequent rounds of quantitative easing not only further metastasized income inequality, but also misallocated capital and abetted reckless politicians via excessive deficit spending. Low rates and quantitative easing programs are particularly beneficial to the ultra-wealthy because they artificially boost asset values, especially for risk assets, and allow for cheap leverage. The ultra-wealthy can take advantage of record highs in the stock market while the asset-poor working class gets by on relatively stagnant hourly wages. Risk-averse middle-class retirees are forced to buy bonds with artificially low interest rates just to make ends meet or to put money into an increasingly volatile and overpriced stock market. So the Fed "saves" us by preferentially helping the wealthy few at the expense of 99% not so wealthy. And we're supposed to thank them? One of the insightful guests on RV put it best when they said - the Fed loves to implement policies that stimulate every conceivable type of inflation except wage inflation. the Feds actions continually make it more difficult for lower income people to scrape by in this economy. Something needs to change.
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LSLooking very professional here Ash, well done.
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LSWhat was the "inconvenient truth" about cryptos that RP was talking about?
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PVI am puzzled by the total the lack of reference to the geo-political motives behind China's drive to CBDC. China will be the first major economy to launch a "retail" CBDC simply because their imperative is to decouple from the SWIFT system. Since 2001 the US has weaponized the USD and a rising super-power cannot continue to be held hostage to the vagaries of US foreign policy for their raw materials and bilateral trade. China's CBDC is likely to be the beginning of the end for the USD role as the global reserve currency. The US may be able to delay the inevitable by co-opting the already thriving stable coins (ironically very popular in China). That is likely to be too much of a cognitive stretch for Washington's bureaucrats in the same way Nokia could not get to launch the smart phone ahead of Apple.
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MHGreat work Ash as always
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jbI just watched the reincarnation of James Maynard Keynes in the form of Mike Rogers. Inflationary Central banks Terraformed the Plane" ?????????Really???????????? He has no clue what Bitcoin is or why it was created. What the inflationists missed completely is inflationary terraforming punishes those who wish to save for the future. it rewards speculators because the value of money depreciates . The USD is worth 98% less than it did in 1913. Also missed in the adoration of the tier monetary system is that those tier 2 a's like JP Morgan which serially gets fined for manipulating markets btw, have first access to that inflationary money at almost zero interest. Yeah he got into BTC in 2017 when it was a hot commodity. I suggest some research on the hidden tax implications of inflationary fiat currency. Screw the FED
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SOThe game theory of CBDC features collapses into: anonymized (like XMR), finite supply, and censorship immunity. Any CBDC that lacks one or more of those features will lose in the international markets relative to those that have all 3. Do any of you want to use China's surveillance coin? No. How about one that is instantly seize-able by the State, without a commercial banking intermediary? No. How about one with an infinite supply that steals your purchasing power over time? No. How about one with individualized (State sanctioned) interest rates for behavioral control? No. Finite supply, anonymized, censorship immune, and Universal Basic Interest Rate (UBIR) CBDCs will win. For more info on this game theory, I'm at @Bridge_Monetary and the Bridge Monetary Policy podcast.
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MLSuperb discussion. Great point about how the U.S. might rightfully be more cautious in creating a CBDC than smaller nations or economic misfits who have the most to gain and with less systemic risk; but, it's hard to imagine a U.S. CBDC not moving forward. What's not to like from a government perspective? (1) Granular control of 'retail' money (esp under conditions of neg interest rates, or even 'conditional air-dropped money'); (2) An IRS wet-dream; (3) Increase in the velocity of money; (4) Other governments are forging ahead, so need to stay on the front-foot internationally. Thx Ash / thx RV!