I love your work and very much enjoyed your talk in Oslo some years ago, thanks for looking into cryptocurrencies and speaking about it. Even thought you are a great thinker there are plenty of factual errors that skew your conclusions. I'd love to point you in the direction of some good resources.
The critisisms raised here expose an ignorance of the true proposition of Bitcoin. Charles has overlooked the true innovation, decentralising the minting of money and economic policy. Truly peer-to-peer, no one (no state, no power) can confiscate or block you transacting with anyone in the world. The algorithm isnt democratic? The Bitcoin code is open source and can be forked and tweaked by anyone (yes you need technical expertise, but ultimately the free market decides if it's worth anything, there are 10,000+ crypto projects out there already) Backed by nothing? But then "uses a lot of electrcity" so electricity is something it is backed by (Proof Of Work algorithm) Think of Bitcoin as stored electricity. Many fundamental concepts missunderstood here. I hope Charles takes another look at it and dives deeper next time.
Yes!! So beautiful to hear your thoughts on this. We're creating a new financial system with these considerations in mind. You mentioned you didn't know to whom or how new currency should be distributed. We've been at this question for many years and have come up with something I'd love to share with you and potentially co-create with you. It does meet all the criteria you laid out in this talk. docs.google.com/document/d/1lA6WD3PDgKHnAhZyOsC85hp-Z4n2oC-5VTeuD2eBNaE/edit?usp=drivesdk
Mine, mine, mine. Sorry, couldn't stop laughing at the statement about "taking it out of 1 hole, and putting it in another 1. How did you keep a straight face, when you said that?
Sweet! So great to see you start getting into explaining this new currency creature :) I have read that the traditional banking entities, globally, for their SWIFT networks and such, use far more energy than btc but that could have been disinfo. I'll see if I can rummage up the article. Also the energy intensive framework, while initially can seem extravagant, is an important piece to it's security as an encrypted store of value. I won't get too deep into the techy jargon, but it's computational difficulty is part of why it has yet to be hacked. In time if we don't design quantum encryption algorithms it will be. But I believe the quantum security code will arrive before the threat is present. The main use case is definitely a store of value that is simultaneously outside the reach of states. The developing world is the current primary beneficiary to this new technology. How many citizens of the world have to have their savings stolen from them via state-imposed inflation? The evolution is underway ❤️
Also my friend, bitcoin should not be viewed as an investment but as a currency of exchange. Bitcoin blew it when they raised the transaction fees. That was a horrific blow to its use.
While I enjoy many of his insights, he obviously has not done enough research in this area, I enjoy many of his insights, he obviously has not done enough research in this area. I'm only 6 minutes but he's already said several statements that are in error.
After a complete viewing, its clear he doesn't have even a basic understanding of how bitcoin works. He never mentions distributed Ledger, Bitcoin Improvement protocols, or the importance of securing the blockchain Via Mining and therefore rewarding the miners, those that secure The Ledger, with the new Bitcoin. It's really frustrating to hear someone critique this that has not done enough research.
I like that you found some way into crypto but your facts are garbage. I clicked away when you started talking about illegal drugs in connection with bitcoin
Money --- all forms of it --- is simply the measure of our fear and distrust of one another. I just don't buy it. There's nothing sacred about money. When one uses the sacred power of creation to create money one has demonstrated that one does not "get it". I like Charles a lot, but he sounds a lot like an apologist for a profoundly destructive and restrictive system that needs to be stepped away from entirely. Also, I don't trust him nearly as much ever since he showed up on Oprah.
I think you perhaps have not read his book, Sacred Economics, in which he thoroughly and unequivocally critiques the current system and offers several ways forward that aren't interest-based economics.
revisit this Charles! Also would love to know your views on decentralised finance and decentralised internet too
It does sound like he’s describing some kind of a DAO here doesn’t it!
The price of BTC IS itself an organic response.
Bitcoin traded at 3.9k when this vid was made. Today it has traded at 69k
Classic example of how philosophy stands in the way of clarity!
Sorry didn’t mean to be sarcastic, but your thought process seemed a bit convoluted!
I love your work and very much enjoyed your talk in Oslo some years ago, thanks for looking into cryptocurrencies and speaking about it. Even thought you are a great thinker there are plenty of factual errors that skew your conclusions. I'd love to point you in the direction of some good resources.
I have to agree.
The critisisms raised here expose an ignorance of the true proposition of Bitcoin. Charles has overlooked the true innovation, decentralising the minting of money and economic policy. Truly peer-to-peer, no one (no state, no power) can confiscate or block you transacting with anyone in the world. The algorithm isnt democratic? The Bitcoin code is open source and can be forked and tweaked by anyone (yes you need technical expertise, but ultimately the free market decides if it's worth anything, there are 10,000+ crypto projects out there already) Backed by nothing? But then "uses a lot of electrcity" so electricity is something it is backed by (Proof Of Work algorithm) Think of Bitcoin as stored electricity. Many fundamental concepts missunderstood here. I hope Charles takes another look at it and dives deeper next time.
👍👍👍
But any currency is an agreement of value. Dollar bills have no intrinsic value.
To late? The price of bitcoin is up 10x since this video.
Is crypto the story of money reaching the limits of growth by canabilizing itself now?
Yes!! So beautiful to hear your thoughts on this. We're creating a new financial system with these considerations in mind. You mentioned you didn't know to whom or how new currency should be distributed. We've been at this question for many years and have come up with something I'd love to share with you and potentially co-create with you. It does meet all the criteria you laid out in this talk.
docs.google.com/document/d/1lA6WD3PDgKHnAhZyOsC85hp-Z4n2oC-5VTeuD2eBNaE/edit?usp=drivesdk
Mine, mine, mine. Sorry, couldn't stop laughing at the statement about "taking it out of 1 hole, and putting it in another 1. How did you keep a straight face, when you said that?
I like you and your thoughts but I feel like you really don’t get it when it comes to bitcoin.
Sweet! So great to see you start getting into explaining this new currency creature :)
I have read that the traditional banking entities, globally, for their SWIFT networks and such, use far more energy than btc but that could have been disinfo. I'll see if I can rummage up the article.
Also the energy intensive framework, while initially can seem extravagant, is an important piece to it's security as an encrypted store of value. I won't get too deep into the techy jargon, but it's computational difficulty is part of why it has yet to be hacked. In time if we don't design quantum encryption algorithms it will be. But I believe the quantum security code will arrive before the threat is present.
The main use case is definitely a store of value that is simultaneously outside the reach of states. The developing world is the current primary beneficiary to this new technology. How many citizens of the world have to have their savings stolen from them via state-imposed inflation? The evolution is underway ❤️
Also my friend, bitcoin should not be viewed as an investment but as a currency of exchange. Bitcoin blew it when they raised the transaction fees. That was a horrific blow to its use.
Thanks so much, that clarifies some puzzles I had with the subject, and saves research time 😁
While I enjoy many of his insights, he obviously has not done enough research in this area, I enjoy many of his insights, he obviously has not done enough research in this area. I'm only 6 minutes but he's already said several statements that are in error.
After a complete viewing, its clear he doesn't have even a basic understanding of how bitcoin works. He never mentions distributed Ledger, Bitcoin Improvement protocols, or the importance of securing the blockchain Via Mining and therefore rewarding the miners, those that secure The Ledger, with the new Bitcoin. It's really frustrating to hear someone critique this that has not done enough research.
Yeah. I am a big fan of Chales but have to say that he knows too little about crypto and fiat to talk about it.
Tulip bulbs are not unique in a known way. A bitcoin IS unique and in a known, easily recovered way.
I don't see what recoverability has to do with biased algorithms
As soon as you use the tulip analogy you can essentially tune out. Charles needs to dive deeper, so many missunderstandings here.
The day you made this video Bitcoin was at 3978$ today it’s at 9622$! Maybe it wasn’t too late back then maybe it isn’t too late today ;)
Just hit 19 thousand today 😂
@@Coopersback And we ain’t seen nothing yet ;)
$40k this week
Bitcoin traded at 69k
I like that you found some way into crypto but your facts are garbage. I clicked away when you started talking about illegal drugs in connection with bitcoin
Money --- all forms of it --- is simply the measure of our fear and distrust of one another. I just don't buy it. There's nothing sacred about money. When one uses the sacred power of creation to create money one has demonstrated that one does not "get it". I like Charles a lot, but he sounds a lot like an apologist for a profoundly destructive and restrictive system that needs to be stepped away from entirely. Also, I don't trust him nearly as much ever since he showed up on Oprah.
I think you perhaps have not read his book, Sacred Economics, in which he thoroughly and unequivocally critiques the current system and offers several ways forward that aren't interest-based economics.