That that it's truly censorship resistant um from an engineering first principles, right? It relies on extreme redundancy of the internet, relies on cryptography, so nobody can mint extra Bitcoin. Nobody can um run miners long enough to prevent me from selling it when I actually need to flee. All those properties that Bitcoin has because of its simplicity and the proof of work and all this stuff are actually like the right product properties. Like if you if you're selling this insurance thing, how would you build it? You'd probably build a Bitcoin, right? and you're like, "Here's my insurance product for, you know, hitting the fan." Bitcoin is a very very decent like very good implementation of it. I, you know, I'm not sure what I would change about it. Um, so this is my bull bull bullish reason for store value Bitcoin to exist. My bearish reason is that it has no discount cash flows. There's no other way to price it fundamentally. But that's true about gold and it has 30 trillion market cap. So >> yeah, gold has historically if it's been issued by the bank, it's gotten just as abused as anything else. But gold from a trusted party um is interesting because it inflates at sort of a roughly knowable rate of around 2% a year. Um, but what I've come to understand about a store of value is in a world of fiat, which we have been in exclusively in the US since 1971,
No more demand. I mean, the only demand for Bitcoin comes from speculators who think they're going to get rich. And the way people get rich on Bitcoin is they sell it to somebody else who also believes that they can get rich selling it to another person at an even higher price. But there's no fundamental value proposition for Bitcoin. It it doesn't do anything. It doesn't actually. I disagree because actually if you look at some of the worst regimes in the world um you know the Taliban they cracked down they don't allow women to be educated when we left Taliban moved back in the Taliban couldn't stop Bitcoin we had people here sending Bitcoin to continue to educate women and the Taliban couldn't stop it >> right but why why don't they just buy uh you know a stable coin that's just as liquid just as easy or or tokenized gold I mean there are tokens that are backed by real gold that are just in fact easier easier to transfer. Uh you can do it quicker and cheaper than Bitcoin. So if you want, >> you're still centralized with those. You're still like the Bitcoin you can >> So what who cares if it's centralized? It's a store of value because the Taliban can go get the gold. The Taliban can put ways you can do it. >> So look, let take tether gold. Tether gold has all their gold stored in in Switzerland. The Taliban can't go to Switzerland and get any of that gold. So if you own uh Tether Gold, you own something that's just as safe as Bitcoin, except you actually own gold. you own something of real value. You don't you don't have just a string of numbers that means absolutely nothing. I mean there are two 20 2.1 quadrillion Satoshi's there there are a lot of Satoshi's and no matter how many you have you can't do a thing with them
Defeating it with stable coins, uh, by and large because the stable coins, if if you were thinking about Bitcoin as a way to transact as a digital currency to an easy way to send money, you know, over the internet throughout the planet, it's much easier to use, you know, a stable coin like Tether or, you know, USDT, whatever. It's so that does a medium of exchange better than Bitcoin. and and everybody will acknowledge that. The problem with tokenized dollars, which is really what a stable coin is, is that tokenized dollars are not a store of value, just like the dollar is not a store of value. And um the stable coins don't even pay interest. And and so there I that's where I think gold is going to step in, which is going to be kind of ironic because the Bitcoin crowd was saying, "Hey, blockchain is going to kill gold. Bitcoin is the new gold. Blockchain is actually going to help gold be even better money. Because when you tokenize gold instead of tokenizing dollars and then you put that on a blockchain, now you've got something. Now you've got gold that's even more liquid, more divisible, more fungeible. You can use gold as a mean of exchange. you can instantaneously send your ownership of gold anywhere in the world in in seconds for practically nothing. So that uh solves all the problems that Bitcoin pretended to solve but can't. So if you want to know what
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