Chat #47 – Magic Gold with Michael Saylor
Today we bring on Michael Saylor, CEO of MicroStrategy after they have announced a $425 million investment into Bitcoin. With a move to making Bitcoin their dominant treasury reserve asset, we talk all about fundamental shifts in technology, the innovation of Bitcoin as a monetary asset, the dematerialization of money, and the impact it will have on the future.
Don’t forget to follow Michael on social media and check out his excellent book “The Mobile Wave” for some interesting thoughts on past technological shifts:
https://twitter.com/michael_saylor
https://www.amazon.com/Mobile-Wave-Intelligence-Change-Everything/dp/1593157207/ref=sr_1_1?dchild=1&keywords=the+mobile+wave&qid=1600459046&sr=8-1
Check out our sponsor for today’s show and their awesome, new, feature-rich Bitcoin wallet
Website: Hexawallet.io
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Read_441 – Bitcoin, A Novel Economic Institution by ARKinvest [Part 2]
“Instead of relying on accountants, regulators, and the government, Bitcoin relies on a global network of peers to enforce rules, shifting enforcement from manual, local, and inconsistent to automated, global, and predictable.” – Yassine Elmandjra
Finishing out the great investment thesis on Bitcoin by Yassine from ARKinvest. Now the we have broken down the 4 critical economic assurances for prosperity and how the trust-based model has failed to deliver them… how does Bitcoin compare as a financial institution? Does it truly provide these assurances in a unique way, and how strong are they?
Today’s read is the second half of Bitcoin: A Novel Economic Institution:
Link to the full paper – https://ark-invest.com/white-papers/bitcoin-part-one/
Get a head start on Part 2 by going to the ARKinvest site below:
https://ark-invest.com/white-papers/
Another great piece by Yassine covered on the show,
Winner Takes All, or Winner Takes Most? – https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_204—Winner-Takes-All–or-Winner-Takes-Most–Misir-Mahmudov–Yassine-Elmandjra-e30vht
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Read_440 – Bitcoin, A Novel Economic Institution by ARKinvest [Part 1]
“If one transaction can be censored and controlled, can’t all transactions be censored and controlled? Can’t the powers-that-be deprive participants of the ability to exchange value globally and freely?” – Yassine Elmandjra
Starting into the first half of a great investment thesis on Bitcoin by Yassine from ARKinvest. Digging into the core economic assurances of the financial system and how the legacy, trust based model of financial authority has failed in providing them. Where have they broken down, and what has fundamentally caused it? And how does it compare to the unique economic tool of Bitcoin?
Today’s read, Bitcoin: A Novel Economic Institution [Part 1]
Link to the full paper – https://ark-invest.com/white-papers/bitcoin-part-one/
Another great piece by Yassine covered on the show,
Winner Takes All, or Winner Takes Most? – https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_204—Winner-Takes-All–or-Winner-Takes-Most–Misir-Mahmudov–Yassine-Elmandjra-e30vht
And Hasu’s excellent piece,
Promise of Independent Property Rights – https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_225—Bitcoin–the-Promise-of-Independent-Property-Rights-Hasu–Su-Zhu-e3j6b8
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Read_439 – Genesis Files: Hal’s Quest for Digital Cash [Aaron van Wirdum]
“Most Cypherpunk veterans on the Cryptography mailing list had by then seen one too many electronic cash experiments come and go, without any real successes to account for…”
“But Hal Finney, ever the optimist, wasn’t ready to give up.” – Aaron Van Wirdum
Another in the amazing “Genesis Files” series from Bitcoin Magazine, Aaron walks us through the history and the legacy of Hal Finney. From the introduction to the cypherpunks list, to the implementation of RPOW, all the way to Hal “running Bitcoin.” Another excellent installment. If you want to learn more about the history of the cypherpunks and the forefathers of the Bitcoin system, the Genesis files is not to be missed.
Link to the original, with the other installments linked below:
https://bitcoinmagazine.com/articles/the-genesis-files-how-hal-finneys-quest-for-digital-cash-led-to-rpow-and-more
Genesis Files: Chaum’s eCash
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_058—The-Genesis-Files-How-David-Chaum-Spawned-a-Cypherpunk-Dream-e2ndsp
Genesis Files: Wei Dai’s B-Money
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_107—If-Bitcoin-Had-a-First-Draft–Wei-Dais-B-Money-Was-It-Aaron-Van-Wirdum-e2ndra
Genesis Files: Adam Back’s Hashcash
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_095—The-Genesis-Files-Hashcash-or-How-Adam-Back-Designed-Bitcoins-Motor-Block-e2ndrl
Genesis Files: Szabo’s BitGold
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_111—Genesis-Files—With-Bit-Gold–Nick-Szabo-Was-Inches-From-BTC–Aaron-Van-Wirdum-e2ndr5
Hal’s Bitcoin & Me:
https://anchor.fm/thecryptoconomy/episodes/Hals-Day—Bitcoin–Me-reboot-eiq0gl
A huge thanks to Bitcoin Magazine and the Let’s Talk Bitcoin Network!
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Guy’s Take_031 – Open Source Society in a Patented World
In a world drowning in patent trolls, insane intellectual property restrictions, and a reality where someone who neither can build a product, nor came up with the idea, could make millions by suing those who wish to use it… how can we protect an open source ethos in the Bitcoin and cryptocurrency space? How do we defend an alternative financial system from the intellectual prisons of the legacy system it is replacing?
Another major initiative is bringing us one step closer to that future thanks to Square, the owner of Cash App. Behind major donations to developers, even those who are anonymous, a new move to protect individual developers, projects, and even major companies from the turbulent environment of patent aggressors has been launched. We dig into COPA and the need for continuing the open source ethos of Bitcoin in today’s Guy’s Take episode!
What are the morality & ethics of Intellectual Property? Check out my recent conversation with the one and only Stephan Kinsella:
https://anchor.fm/thecryptoconomy/episodes/Chat-46—Stephan-Kinsella-on-Intellectual-Property-in-the-age-of-Bitcoin-ej9fto
An old, but great article from Bitcoin Magazine about previous troubles in the patent arena & Blockstream’s previous work in defending the market:
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_020—There-is-a-Bitcoin-Patent-War-Going-On-e2ndu8
And of course learn about or join the “Crypto Open Patent Alliance” if you are building a project or want to know more at the link below:
open-patent.org
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Read_438 – Blockchain Proof of Work is a Decentralized Clock [grisha]
“This explanation rests on illustrating a few interesting properties of how Proof-of-Work is used in the blockchain that are not immediately obvious and sometimes are rather counter-intuitive, for example how participants collectively solve a problem without ever communicating.” – grisha
While we incessantly focus on the side-effects of the proof-of-work system in Bitcoin, the security it attributes to the Bitcoin history, the incentive structure it enables, etc, we can often forget the reason Satoshi himself stated for its use: to enable a distributed timestamp server. i.e. a decentralized clock.
An epic piece from @humblehack posted back in January 2018 on his blog at grisha.org. Check out the original and many other works at the link below:
https://grisha.org/blog/2018/01/23/explaining-proof-of-work/
Other great reads to dig further into the concepts:
The Drunkard’s Walk: https://amzn.to/2Mzzr2K
Fooled By Randomness: https://www.amazon.com/Fooled-Randomness-Hidden-Markets-Incerto/dp/0812975219/ref=sr_1_1?dchild=1&keywords=fooled+by+randomness&qid=1599781258&s=books&sr=1-1
Bitcoin Astronomy: https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_303—Bitcoin-Astronomy-Part-1—Dhruv-Bansal-e6eqo5
Thanks to Marty & Chris from TFTC for bringing this to my attention again:
Episode 188: https://anchor.fm/tales-from-the-crypt/episodes/188-Chris-Bendiksen-ein7nj
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Read_437 – A Monetary Layer for the Internet [Thibaud Marechal]
“The project was initially understood as yet another doomed attempt to construct a digital currency by the disillusioned cypherpunk community. And without anyone’s permission, Bitcoin slowly emerged and diligently grew to become adopted by a small group of computer researchers, cryptographers and engineers curious to decipher the technology.” – Thibaud Marechal
Another great article at Bitcoin Magazine on the history of the internet, and how Bitcoin finally fulfills the ultimate vision of a monetary protocol native to the world wide web. After decades of failed attempts, we finally have an independent, decentralized, native language for communicating, verifying, and exchanging value in cyberspace. A new world is born.
The original article and a bunch of other great piece can be found at Bitcoin Magazine below:
https://bitcoinmagazine.com/articles/a-monetary-layer-for-the-internet
Links to other episodes and works mentioned in today’s show:
Guy’s Take – The Internet is Too Complex to Work
https://anchor.fm/thecryptoconomy/episodes/GuysTake_008—The-Lightning-of-my-TCP–or-How-the-Internet-is-Too-Complex-to-Work-e32omd
The Bitcoin Survivor’s Book List:
https://thecryptoconomy.com/bitcoin-survivors-book-list/
Stack sats automatically in your DCA Bitcoin savings plan at SwanBitcoin.com/Guy and get $10 for FREE to start off!
Much love to the Let’s Talk Bitcoin Network for sharing this show out with their audience, and the other excellent shows they produce for the Bitcoin space!
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Bitcoin is One for All – By Parker Lewis
Unabridged, Uninterrupted, & unmatched. Parker Lewis’s most recent installment of the “Gradually, Then Suddenly” series.
Read the original and check out the data accompanying the piece at the Unchained Capital Blog below:
https://unchained-capital.com/blog/bitcoin-is-one-for-all/
Check out the entire Gradually, Then Suddenly playlist on Spotify here:
https://open.spotify.com/playlist/4NRn7e8FbNtoCLSigf8GV4?si=RnrAdkrSTmmMrh6rECxrbg
If you would like to sponsor or support this podcast and the work of Guy Swann, contact us at sponsor@thecryptoconomy.com or become a patron at Patreon.com/thecryptoconomy!
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Chat #46 – Stephan Kinsella on Intellectual Property in the age of Bitcoin
“I was just amazed when Bitcoin emerged, and I’m like ‘I think someone finally cracked this and figured it out,’ it’s ingenious right?” – @NKinsella
Stephan Kinsella joins us today for a fascinating discussion on the morality and concept of property in the digital age. Is it possible to own Bitcoin? Do we legally own it, or are we simply the ones in control via the rules of the Bitcoin system?
Follow Stephan Kinsella for more excellent Austrian knowledge and brilliant takes on social media by his twitter profile (https://twitter.com/NSKinsella) and/or check out some of his other amazing work and appearances at Stephankinsella.com
Check out the extraordinary book that inspired this discussion available for free by the Mises Institute!
Against Intellectual Property: https://mises.org/library/against-intellectual-property-0
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Read_436 – Don’t Fear the Reaper [Nic Carter]
“Bitcoin’s supply schedule cannot change, because Bitcoin is the supply schedule. Any alteration produces something that is decidedly non-Bitcoin.” – Nic Carter
Nic does it again with a great piece on the potential future where inflation is needed to “secure” Bitcoin in the post reward era. Will it still be Bitcoin? Can it be secured? Does it mean a change it baked in already? Find out in this excellent piece from Nic, “Don’t Fear the Reaper!”
Drop some hella applause on the original at his medium page below:
https://medium.com/@nic__carter/dont-fear-the-reaper-8bbb42358efb
For some other great works mentioned in this episode, these are great further “readings” on the topic:
21 Million is Non-Negotiable:
https://anchor.fm/thecryptoconomy/episodes/Read_411—21-Million-is-Non-Negotiable-Phil-Geiger-eg6fbd
Unpacking Bitcoin’s Social Contract:
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_198—Unpacking-Bitcoins-Social-Contract-Hasu-e2oct5
A Most Peaceful Revolution:
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_293—A-Most-Peaceful-Revolution-Nic-Carter-e5bfpm
If you want to support the show you can share it out with your friends, subscribe so you don’t miss any of these amazing works and conversations, & of course become a Patron at Patreon.com/thecryptoconomy
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Read_435 – Discovering Bitcoin #7 – Missing Pieces [Giacomo Zucco]
“As we conclude our “Discovering Bitcoin” series, we will build on the use of digital signatures and of the CoinJoin paradigm to explore concepts of unique chronology, mining fees and off-chain transactions.” – Giacomo Zucco
The conclusion of the amazing “Discovering Bitcoin” series, starting from cavemen and the very concept of hardness all the way to off-chain payments and the Lightning network! Listen to the entire series for the conceptual history of money, its virtualization, its corruption, its redesign, and the new paradigm we are now entering. A huge thanks to Giacomo for putting this together and to Bitcoin Magazine for having such awesome content to cover!
Check out the previous parts if you haven’t yet!
Part 1 – About Time: https://anchor.fm/thecryptoconomy/episodes/Read_422—Discovering-Bitcoin—From-Cavemen-to-Lightning–Part-1-Giacomo-Zucco-ehdkrb
Part 2 – About People: https://anchor.fm/thecryptoconomy/episodes/Read_424—Discovering-Bitcoin-2—About-People-Giacomo-Zucco-ehgquv
Part 3 – Introducing Money: https://anchor.fm/thecryptoconomy/episodes/Read_426—Discovering-Bitcoin-3-Introducing-Money-Giacomo-Zucco-ehphre
Part 4 – A Wrong Turn: https://anchor.fm/thecryptoconomy/episodes/Read_428—Discovering-Bitcoin-4—A-Wrong-Turn–A-New-Plan-Giacomo-Zucco-ei2k64
Part 5 – Digital Scarcity: https://anchor.fm/thecryptoconomy/episodes/Read_429—Discovering-Bitcoin-5—Digital-Scarcity-Giacomo-Zucco-ei9ln3
Part 6 – Digital Contracts: https://anchor.fm/thecryptoconomy/episodes/Read_432—Discovering-Bitcoin-6—Digital-Contracts-Giacomo-Zucco-eil37c
Stack sats automatically in your DCA Bitcoin savings plan at SwanBitcoin.com/Guy and get $10 for FREE to start off!
Much love to the Let’s Talk Bitcoin Network for sharing this show out with their audience, and the other excellent shows they produce for the Bitcoin space!
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Read_434 – Bitcoin is One for All – Part 2 [Parker Lewis]
“The same is not true of the current monetary system. In the current structure, dollars can either be earned by delivering value to others within the economy, or conversely, if the Fed decides to hand out more money. And this happens quite frequently. Of all the dollars that exist today, over 80% have been created and allocated by the Fed since 2008” – Parker Lewis
The conclusion of Bitcoin is One for All, the latest installment of the Gradually, then Suddenly series by Parker Lewis. What is the true price setter in the economy? How is imbalance sustained for so long? What does the alternative look like? And will Bitcoin only benefit the rich, or is it one for all? Don’t miss the rest of this amazing piece at Unchained-capital.com
Read the original and check out the data to visualize these effects and arguments at the link below:
https://unchained-capital.com/blog/bitcoin-is-one-for-all/
Check out the entire Gradually, Then Suddenly playlist on Spotify here:
https://open.spotify.com/playlist/4NRn7e8FbNtoCLSigf8GV4?si=RnrAdkrSTmmMrh6rECxrbg
And don’t forget to secure your future with the lowest cost, automatic Bitcoin purchase savings plan at SwanBitcoin.com/guy – Plus get $10 in sats for FREE! Support the show, secure your future, and stack sats at Swanbitcoin.com
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