I think WBD is hands down the best of the best of Bitcoin podcasts for the majority of people and Jeff booth is the greatest educator about Bitcoin. His book is a master piece. I could listen to both of them for hours...
"You have regulation to protect you from a system that is designed to steal your money. What could go wrong?" Jeff Booth. I'll be turning that over in my head for weeks. Great show, Peter!
It finally clicked for me why technological deflation can not permanently coexist in an inflationary monetary system while the former seemingly enables the latter. Mind blown. Glad Dr Jeff left medicine for much more important/impactful work!
The more inflation occurs, the more folks invest in deflationary assets. The more folks invest in deflationary assets, the lesser the need for inflation.
Even the things discussed not directly related to btc are mind expanding. The ai portion is incredible. Error correction seeking...❗️ Thanks to WBD and jb❗️This is something I can listen to again❗️
Arguably the best video on the internet. No joke. You guys have dissected this so beautifully. I never want to see myself as a thief but those who watch this are either thieves now or will be crazy not to become one of us. We must remember that with power comes responsibility. 😅
I was watching this, thinking it was a new episode. Then the dept clock flashed on screen. It confused me because I thought it was 35 trillion. One year old show, and Jeff nailed it.
What a thinker Jeff is. He has the ability to distill concepts to simple explanations and to connect dots better than anyone I can think of. Michael Saylor may be another at his level. The challenge is to find an easy way to get people to understand these principles.
Jeff's thesis is brilliant. Prices fall to the marginal cost of production -> The marginal cost of production is falling because of AI & Robotics -> Therefore if prices aren’t falling under the current system, that system is stealing value from those productivity gains and trickling it up to the top -> Measuring the system from the system is an inherent flaw -> The system cannot change from within -> If you measure in BTC (because it cannot be manipulated) you see the prices fall to 0
If I thought I had my eyes opened by bitcoin before this podcast then the only way to describe what just happened is that I just had my eye lids blown off. You bring so many amazing guests onto your show. Is there any way that you could find someone to talk about how the evolution of money alongside technology will collide with discoveries of intergalactic civilizations?
Very nice interview, because you asked Jeff really good questions. To follow Jeffs Argumentation requires so much awareness and intelligence that it is always a bit overwhelming for me. You addressed this issue and made everything clearer to me with your questions. Thank you two so much!
In a world where debt is commonplace and Gov believes that it can print and solve all problems, money is abundant yet its value keeps slipping away where folks take the abundant money to chase what is truly rare with limited supply. Hence there is this phrase, I am so poor that I only left with money.
Phenomenal interview, a lot of things are starting to click for me now too that I couldn't quite wrap my head around before. Seeing for the first time how AI plays into all this and how it is absolutely critical that we get out of the current system for the gains of AI to benefit everyone. Will need to listen to this again!
Satoshi put this genius idea called bitcoin at the base layer so intentions really don’t matter, whether Bukele is genius or not is irrelevant, the protocol works around our human nature …. Genius. I don’t know how Satoshi put this all together.
⏱Timestamps for this video! 0:21 - Difficulty in understanding Jeff's book 1:33 - Jeff's deflation thesis 7:56 - The system of incentives 13:25 - The thieves 15:49 - Significance of understanding the current system transition 16:57 - Inflation and its impact worldwide 18:31 - Unpalatable consequences of debt defaults 21:57 - China's Miracle and its debt to GDP ratio 29:30 - Bitcoin's unlimited units versus fixed number of units in existing system 30:38 - Inflationary periods and Bitcoin's value in dollars 32:10 - Changing current system from within is impossible 34:01 - El Salvador's use of Bitcoin 39:55 - Accelerating debt growth 43:35 - Standard or force through pricing of oil and gold 43:56 - Geopolitical game and AI 45:12 - Human intelligence as error correction and the future of AI 45:34 - AI developments 🧙♂✨ Generated with Houdini Chrome extension.
Ppl dont change in these hyper inflation countries because they cant, either they are spending what they have to survive, or the gov shuts down the offramps.
Thank you Jeff. It took me 3 years to hear what you laid out here today. Your book infuriated me at first listen but now I see your thesis. I am very thankful that I have had the opportunity to have my eyes open. So cool. Thanks again for the interview.
This is the second time I listened to this one. I got so much more this time than the first. I will listen a third time. And a fourth. Excellent discussion.
I listen to it on repeat .... I believe you have put in place the piece I was missing to advance in my understanding of Bitcoin. No words are strong enough to thank you. I am so proud to be part of such a talented community as the Bitcoin community.
Jeff is a treasure for sure this is how I see it Recently seen an ai tractor going along a field it knows what are weeds to kill and what are crops to feed the farmers gets a map of the field Then I see a solar driven auto version no cost as no fuel or driver So cheap food for all if the farmer owns the produce But if big companies own it then its a fail as they will rig prices and we will not benefit Thoughts ?
Great podcast, so much to think about and internalize. But, I have a fundamental question. If inflation is part of their master plan to reduce the debt, then why are they working so hard to squash inflation? It’s two conflicting strategies.
Learn so much every single time I listen to you and Jeff. Shout out to being a fellow Canadian. Jeff’s insights are so amazing. Kinda makes my head spin. In a good way. I have not stopped buying BTC. 10% of my wages go into my Ledger every time I get paid. Thanks for the great content
Great interview! Always love listening to Jeff. Do you have a visual map of the progression of events predicted in your book “The Price of Tomorrow”? This would be super helpful in explaining Bitcoin to those family members that tell me they don’t have time to look into Bitcoin and don’t have time to read your book. Just an idea I had while watching the WBD video interview with you from Apr 29, 2023.
Love Jeff! Gives me hope listening to his articulation of the complexities of the system. Also, great to hear someone bring in the oxygen narative, its the first time I've heard someone else say what I've been saying for 30yrears! Thanks Jeff, see you in Madeira!
"Keeping the quantity of money constant does not assure that the money stream will remain constant, and in order to make the volume of the money stream behave in a desired manner the supply of money must possess considerable elasticity." F.A. Hayek - Denationalization of Money
Define marginal cost of production: The marginal cost refers to the increase in production costs generated by the production of additional product units. It is also known as the marginal cost of production. Calculating the marginal cost allows companies to see how volume output influences cost and hence, ultimately, profits.
Prices falling is not a measure of productivity. Prices often fall due to zero interest rates and prices falling due to VC and PE subsidies. Prices coming down due to many reasons.
The first digital camera brought to market cost a thousand dollars in 1990. Now, every phone has one, and most people don't bother buying a stand-alone camera. That same phone also contains a calculator, a radio, a movie player, a GPS locator, a clock, etc. None of that has anything to do with interest rates. I'm 68 years old, and I see inner city kids walking around with (in my mind) many thousands of dollars of technology in their pockets.
Instead of calling inflation theft, perhaps you can call it the bill to pay (interest payment) for the debt-based system. If you own other assets than fiat currency, you pay less of that bill than those who own only fiat currency (or nothing at all).
To understand what Mr. Jeff Booth is talking about do a chart graph of the Dollar going up in so call value then underneath do a chart of Bitcoin going down in so call value ! Then flip the chart over where you see Bitcoin going up and the Dollar going down! This man is a Genius, it took me awhile to understand what he is talking about...We just see Dollars, Mr Booth sees Bitcoin...If people see it in graph chart they get it!!!
It's simple: even the barter economy was deflationary. As soon as you invent the bow and arrow meat becomes cheaper. In order to keep the defaltion going you need a a fixed monetary supply that can be infitintely divisible - we can only have that now, with digital money - bitcoin is also hard money so that helps.
I have wondered about the counter party risk, are not the miners and nodes the counter party risk of bitcoin? what about the Internet Providers and the Electricity Providers? we need those to use Bitcoin, also devices that only big tech can provide.
Most of the times when i end up listen Jeff i always buy btc..no dip, just, screw it, the man is right.
I did the same 😂
So true!😁😁 I love listening to him when I get a little impatient and bored with this bear market. Definitely keeps me holding strong!
Guilty myself. I think he’s the most persuasive voice in bitcoin.
Not to mention he’s one of the nicest , intelligent, and most humble guys you could ever meet.
I've been saying this way before Jeff booze but so glad someone has brought these things to mainstream
Jeff Booth is a gem
He has been.💯
This interview is so good, I need to listen to it twice.
Me too.
This is my third 😊 and I learned some more.
More people need to listen to this man.
I think WBD is hands down the best of the best of Bitcoin podcasts for the majority of people and Jeff booth is the greatest educator about Bitcoin. His book is a master piece. I could listen to both of them for hours...
This and Bitcoin University are my essentials
And Preston Pysh, Marty and Odell, Stephan Livera. OGs.
I think I'll watch it 4 times!
jeff Explained it so very well. I listened to this podcast 3 times over the last two days and I think I can now expain this to others.
It takes a while to understand Jeff’s thesis but once you do 🤯
@@TheBitcoinRevolutionI'm not there yet..
@@Bodhikewrrrrrc.v.
"You have regulation to protect you from a system that is designed to steal your money. What could go wrong?" Jeff Booth. I'll be turning that over in my head for weeks. Great show, Peter!
It finally clicked for me why technological deflation can not permanently coexist in an inflationary monetary system while the former seemingly enables the latter. Mind blown. Glad Dr Jeff left medicine for much more important/impactful work!
The more inflation occurs, the more folks invest in deflationary assets.
The more folks invest in deflationary assets, the lesser the need for inflation.
This kind of episode MATTERS. Peter, your podcast MATTERS! Thank you!
Even the things discussed not directly related to btc are mind expanding. The ai portion is incredible. Error correction seeking...❗️
Thanks to WBD and jb❗️This is something I can listen to again❗️
Jeff is #1 on my list for influential Bitcoiners.
#1. No question.
I feel the same way
Arguably the best video on the internet. No joke. You guys have dissected this so beautifully. I never want to see myself as a thief but those who watch this are either thieves now or will be crazy not to become one of us. We must remember that with power comes responsibility. 😅
54:17 “Financial regulation to protect you from a system designed to steal from you”…Jeff Booth’s thesis in a nutshell!
I was watching this, thinking it was a new episode. Then the dept clock flashed on screen. It confused me because I thought it was 35 trillion. One year old show, and Jeff nailed it.
What a thinker Jeff is. He has the ability to distill concepts to simple explanations and to connect dots better than anyone I can think of. Michael Saylor may be another at his level. The challenge is to find an easy way to get people to understand these principles.
Jeff's thesis is brilliant.
Prices fall to the marginal cost of production -> The marginal cost of production is falling because of AI & Robotics -> Therefore if prices aren’t falling under the current system, that system is stealing value from those productivity gains and trickling it up to the top -> Measuring the system from the system is an inherent flaw -> The system cannot change from within -> If you measure in BTC (because it cannot be manipulated) you see the prices fall to 0
Thank you
Thank you guys. Mind blowing interview !
I’m going to read both of those writings now! Keynes and Booths
The Price of tomorrow
What a friggin way to start a weekend!! Thanks, WBD Team!!
Again: greatful thanks! Share it hundred thousand times!
If I thought I had my eyes opened by bitcoin before this podcast then the only way to describe what just happened is that I just had my eye lids blown off. You bring so many amazing guests onto your show. Is there any way that you could find someone to talk about how the evolution of money alongside technology will collide with discoveries of intergalactic civilizations?
Lame
@@fb8700 are you familiar with Human Initiated Contact?
Wow... This guy... what a brain... so good and eye-opening to what is around the corner. Magnificent.
Very nice interview, because you asked Jeff really good questions. To follow Jeffs Argumentation requires so much awareness and intelligence that it is always a bit overwhelming for me. You addressed this issue and made everything clearer to me with your questions. Thank you two so much!
Always a treat to see Jeff on - Mind bending.
In a world where debt is commonplace and Gov believes that it can print and solve all problems, money is abundant yet its value keeps slipping away where folks take the abundant money to chase what is truly rare with limited supply. Hence there is this phrase, I am so poor that I only left with money.
Episode of the decade.
Great episode. Read the book 👍. Feels like I never can have too much bitcoin
This is a fucking AWESOME interview! Mind blowing 🤯...even when you think you already understand all aspects of bitcoin❗️
Awesome interview guys! I could’ve kept watching for another hour. Operation choke point? Keen to learn more about this so we can prepare.
This interview has blown my mind. Now straight to the book. Thank you!
Mind blown again, so many big ideas encapsulated in simple sentences.
Great Contest! So helpful! Greatful thanks 🙏👍👌
Great one. Big thanks! Highest intellectual entertainment. Must watch it at least 2 more times at leisure.
Insanely powerful interview. You guys change my view of the world. You change my life basically. Crazy. Thank you.
Jeff is one of the few people i cannot listen to at 1.25X speed. Just so much wisdom from this guy!
Bukele gets all this. His campaign slogan was “There’s enough money if nobody steals.”
Phenomenal interview, a lot of things are starting to click for me now too that I couldn't quite wrap my head around before. Seeing for the first time how AI plays into all this and how it is absolutely critical that we get out of the current system for the gains of AI to benefit everyone. Will need to listen to this again!
Satoshi put this genius idea called bitcoin at the base layer so intentions really don’t matter, whether Bukele is genius or not is irrelevant, the protocol works around our human nature …. Genius. I don’t know how Satoshi put this all together.
Same goes to Jeff
⏱Timestamps for this video!
0:21 - Difficulty in understanding Jeff's book
1:33 - Jeff's deflation thesis
7:56 - The system of incentives
13:25 - The thieves
15:49 - Significance of understanding the current system transition
16:57 - Inflation and its impact worldwide
18:31 - Unpalatable consequences of debt defaults
21:57 - China's Miracle and its debt to GDP ratio
29:30 - Bitcoin's unlimited units versus fixed number of units in existing system
30:38 - Inflationary periods and Bitcoin's value in dollars
32:10 - Changing current system from within is impossible
34:01 - El Salvador's use of Bitcoin
39:55 - Accelerating debt growth
43:35 - Standard or force through pricing of oil and gold
43:56 - Geopolitical game and AI
45:12 - Human intelligence as error correction and the future of AI
45:34 - AI developments
🧙♂✨ Generated with Houdini Chrome extension.
We are in a system that is insolvent and yet the individuals are expected to be solvent... Brilliant
Thanks for this Jeff Booth interview. I finally get it, and that's saying a lot, as I listen to everything Jeff says.
Just about to start listening.. I have high expectations... Will I actually learn something??!!
Gonna have to rewatch this one, a lot to unbox here. Love it!!
Jeff's perspective on bitcoin gives me so much hope for the future
Best interview I’ve ever listened to. Big thank you. 💯
Ppl dont change in these hyper inflation countries because they cant, either they are spending what they have to survive, or the gov shuts down the offramps.
Thank you Jeff. It took me 3 years to hear what you laid out here today. Your book infuriated me at first listen but now I see your thesis. I am very thankful that I have had the opportunity to have my eyes open. So cool. Thanks again for the interview.
I love Jeff Booth so much
This has been added to the top of my important Bitcoin videos list
This is some heavy shit…. So good!!
This is the second time I listened to this one. I got so much more this time than the first. I will listen a third time. And a fourth. Excellent discussion.
Incredible and honestly super validating. Thanks
and this is why “you will own nothing and be happy”
it is not a dream, it is an order, a command.
Amazing interview 🤙🏽
I listen to it on repeat .... I believe you have put in place the piece I was missing to advance in my understanding of Bitcoin. No words are strong enough to thank you. I am so proud to be part of such a talented community as the Bitcoin community.
Jeff is a treasure for sure this is how I see it
Recently seen an ai tractor going along a field it knows what are weeds to kill and what are crops to feed the farmers gets a map of the field
Then I see a solar driven auto version no cost as no fuel or driver
So cheap food for all if the farmer owns the produce
But if big companies own it then its a fail as they will rig prices and we will not benefit
Thoughts ?
Great podcast, so much to think about and internalize. But, I have a fundamental question. If inflation is part of their master plan to reduce the debt, then why are they working so hard to squash inflation? It’s two conflicting strategies.
Beautiful.. just beautiful.
When you’re trying to make a decision. Stop and ask yourself “What would Jeff do?
Learn so much every single time I listen to you and Jeff. Shout out to being a fellow Canadian. Jeff’s insights are so amazing. Kinda makes my head spin. In a good way. I have not stopped buying BTC. 10% of my wages go into my Ledger every time I get paid. Thanks for the great content
Thanks for asking the gold question
Great interview! Always love listening to Jeff. Do you have a visual map of the progression of events predicted in your book “The Price of Tomorrow”? This would be super helpful in explaining Bitcoin to those family members that tell me they don’t have time to look into Bitcoin and don’t have time to read your book. Just an idea I had while watching the WBD video interview with you from Apr 29, 2023.
Love Jeff! Gives me hope listening to his articulation of the complexities of the system. Also, great to hear someone bring in the oxygen narative, its the first time I've heard someone else say what I've been saying for 30yrears! Thanks Jeff, see you in Madeira!
That was outstanding all around. Thank you gents!!!
Lovely conversation, gentlemen. Bravo!
"Keeping the quantity of money constant does not assure that the money stream will remain constant, and in order to make the volume of the money stream behave in a desired manner the supply of money must possess considerable elasticity."
F.A. Hayek - Denationalization of Money
Define marginal cost of production:
The marginal cost refers to the increase in production costs generated by the production of additional product units. It is also known as the marginal cost of production. Calculating the marginal cost allows companies to see how volume output influences cost and hence, ultimately, profits.
I still want to see Booth talk BTC with Yanis Varoufakis.
Prices falling is not a measure of productivity. Prices often fall due to zero interest rates and prices falling due to VC and PE subsidies. Prices coming down due to many reasons.
The first digital camera brought to market cost a thousand dollars in 1990. Now, every phone has one, and most people don't bother buying a stand-alone camera. That same phone also contains a calculator, a radio, a movie player, a GPS locator, a clock, etc. None of that has anything to do with interest rates. I'm 68 years old, and I see inner city kids walking around with (in my mind) many thousands of dollars of technology in their pockets.
Worth reading the book
Soooo much value!
That was awesome … keep going … make it a 9 part series like Saylor and Breedlove
Thank you Jeff. Wonderful insight!
What Jeff is explaining is crucial economic knowledge. I’m curious what he thinks about Bitcoin store of value vs electronic cash narrative
Instead of calling inflation theft, perhaps you can call it the bill to pay (interest payment) for the debt-based system. If you own other assets than fiat currency, you pay less of that bill than those who own only fiat currency (or nothing at all).
I see Jeff Booth, I watch.
To understand what Mr. Jeff Booth is talking about do a chart graph of the Dollar going up in so call value then underneath do a chart of Bitcoin going down in so call value ! Then flip the chart over where you see Bitcoin going up and the Dollar going down!
This man is a Genius, it took me awhile to understand what he is talking about...We just see Dollars, Mr Booth sees Bitcoin...If people see it in graph chart they get it!!!
This is incredible!
Thx for amazing content 🎉
Mind blowing - his advanced logic makes perfect sense but it’s just not what we are being told or taught because it’s scary as shit.
Jeff is absolutely amazing
This guy is a legend
It's simple: even the barter economy was deflationary. As soon as you invent the bow and arrow meat becomes cheaper. In order to keep the defaltion going you need a a fixed monetary supply that can be infitintely divisible - we can only have that now, with digital money - bitcoin is also hard money so that helps.
Deep thoughts this time. I'm old enough that I won't see much of it come to fruition. Probably just as well.
just excellent
I have wondered about the counter party risk, are not the miners and nodes the counter party risk of bitcoin? what about the Internet Providers and the Electricity Providers? we need those to use Bitcoin, also devices that only big tech can provide.
I am old to have purchased a Texas Instruments SR-11 and later a TI SR-50. It was so expensive.
read Ms. Lionel Shriver's "The Mandibles" (novel) published in 2016.
BTC correlated to LTC, only.
Bitcoin Jubilee
Another great look into our future. Thanks so much guys for putting this one together.
Wonderful and intelligent. I appreciate. ❤
Danny is organic A.I. built around a dwarf star
ROFL this is such a fantastic sentence.
Jeff is the GOAT
My two favorite Bitcoiners
Great talk, thanks!
Jeff is fucking brilliant...
Damn it mr. Booth, everytime i listen to you i always think " shit i dont have enough btc"
really enjoyed this one
Shame we never circled back to Operation Choke Point, but so much to cover, totally understandable. What a fab conversation. Thanks so much !!!
is there a place where we can see the marginal cost of production for prices using btc as the measurement?