Bitcoin is the Schelling Point of Money | Game Theory, Network Effects & Lindy Effect in Bitcoin
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- เผยแพร่เมื่อ 19 มี.ค. 2021
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In this video I look at Bitcoin as a Schelling Point or Focal Point. I walk you through what a Schelling Point is and how it relates to a Nash Equilibrium and why Bitcoin will earn this status by replacing gold. This is one of the many game theoretic concepts that can be applied to Bitcoin.
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Sources:
On Schelling points, network effects and Lindy: Inherent properties of communication - Willem Van den Bergh:
/ on-schelling-points-ne...
Willem Van den Bergh on Twitter:
/ willem_vdbergh
Game Theory 101: Focal Points - William Spaniel:
• Game Theory 101: Focal...
Schelling Point: Cooperating Without Communicating - Naval Ravikant:
• Schelling Point: Coope...
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I basically never comment on videos but you deserve to get big on TH-cam.
(Found you through the blocktrainer and spent the last week reading your book recommendations and loved them)
Thank you! 🙌
this video is so underrated.. one of the best video after learning about game theory..
1A super Spitze! Wonderful content thx!
The $1 million example got me, nice one!
"Bitcoin is crypto steel for the 21st century and beyond."
M. Saylor, engineer, multiple patent holder, and business visionary.
"....that which does not destroy me/bitcoin makes me/bitcoin stronger."
F. Nietzsche, military aphorism of life.
German philosopher savant extraordinaire, the "philosopher for the day after tomorrow."
The truth shall set us all free on the bitcoin level and higher spiritual planes.
First class, full spectrum analysis on bitcoin. New US subscriber.
Very clear and useful content. Thank you!
What's up! YOUR MY BITCOIN GURU! Educate me so I can Educate the world around me
Okay great, first lesson: delete ‚crypto‘ from your vocabulary and change it to ‚bitcoin‘ 😂
Good content. Will age very well
Amazing explanation thank you ❤
Brilliant video
Great content, great channel
Clear and salient explanation. Good stuff
Nice to see a real researcher and thinker talk about the Bitcoin Unimpeachable Input Control Authority Protocol projecting kinetic energy (watts) of thermodynamically sound power projection in/from and trough Cyberspace.
Ganz Klar. Exceptionally clear. Many thanks.
Amazing content! Thank you so much. Liked and subscribed!
Thanks for the video. Nice work and it got me thinking.
Great content!
Excellent video, thanks
Hallo Till,
ganz tolle(s) Video(s). Erstmal ein riesen großes Lob für deine Arbeit! Es kommt mir vor, als wäre ich in das "Rabbithole deiner Videos" gefallen. Ich habe gerade erst heute morgen, auf deine Empfehlung hin, das Buch 21 Lessons zu Ende gelesen. Danke dafür.
PS: Falls du mal Bock drauf hast, dass jemand deinen Content auch auf Deutsch macht... Dann lass uns doch mal quatschen.
Gruß und weiter so.
I think one of the most interesting questions in regard to Bitcoin as the money Schelling point will be, on which second Layer solution(s) the big corporate and societal entities will agree and whether it will be one (or some) that is (are) policed by centralized Institutions or a public, free and open source one like the Lightning network. I think this will be one of the most interesting developments to follow in terms of entrenching Bitcoin in all the societies around the world.
Absolutely agree. I believe open source will win in the end and everything will converge towards open source (money, social networks, operating systems, ...) due to its antifragility. But maybe that's wishful thinking, not sure.
@@tillmusshoff We will see! Thanks for sharing your thoughts and keen insight!
@@tillmusshoff Bitcoin is not going to be able to scale. CBDCs arent going to be able to scale. ETH2 cant scale. Gold cant scale. Schelling cant point. Taking the negative view can be valuable in seeing that the game needs another 20 years to play out.
It was a good video thank you
Interesting enough, VHS did beat out Beta, even though Beta had superior quality
How to make money in stocks sorta talks about how we tend to like round numbers and numbers like 5 and 0, and it reflects in the prices of assets. i always noticed that but never knew if it was true
Incomprehensible for me that the big players (like the emirates or other sovereigns) still didn’t get this…. perhaps you could advise them! 😊
Could you please suggest a tutorial or video which can give good insight on, the controversy of first major hard fork on Bitcoin chain, between different stakeholders Miners and Dev teams. Also why it couldn't happen again.
"The Blocksize War: The Battle for Control Over Bitcoin’s Protocol Rules" - gives excellent overview
Like for "LNP/BP"
How long did DVDs rule for?
Very nice video, BUT you are only addressing the “pros” here. How about talking about the highly negative environmental impact Bitcoin has, in relation to Ethereum (for instance)? This is an important issue when discussing mass adoption of any so called “superior money”. It has to be sustainable.
Did in several other videos. You have it completely twisted imo. Ethereum is PoS which makes it completely incomparable to Bitcoin on top of that.
@@tillmusshoff thanks for answering. I’m far from being an expert on this topic. This is what I thought the latest Etherium release was all about. I might be wrong, thanks anyway.
Yeah ok though the end is so stupid. Now tell us how long did it take to go from VHS to DVD.
Hmm, but isn't every shitcoin trying to create the schelling point? You could say the same thing about any new asset which you believe in. I think that's the bias here. There are all sorts of assets out there, with all sorts of nuances and uses depending on your personal value system and outlook. This vastly oversimplifies the "game". I'd choose Times Square BTW, but it would be crowded at that time.
Bitcoin will forever lack the fungibility of gold due to it's block size limit and a limited speed at which blocks are created.
Wtf 😂😂😂
Do you even understand what fungibility means?
Great video but the problem bitcoin faces is the anti bitconers. The governments, ship coiners and general people who believe the narrative about energy wastage.
I mean, I wouldn't think New York...
What would you think? My first choice as a non-American would have been New York. But I was thinking of Times Square. I don‘t know much about NY though, have never been to the US.
@@tillmusshoff I would probably think UTC and I just found out that it was invented at the Royal Observatory in Greenwich. Sounds more reasonable than NY which I guess was picked because it has Wall Street?
Do you who exactly are Willem Vand Den Bergh ?
till Musshoff ? Do you who exactly are Willem Vand Den Bergh ?
eine deutsche Version wäre toll
Ist nicht geplant, tut mir Leid.
@@tillmusshoff schade, du machst Videos mit top Inhalt, meines Erachtens würdest du aber auf deutsch mehr Personen erreichen.
Das denke ich nicht :)
@@tillmusshoff Wahrscheinlich nicht, ja. Eine deutsche Version würde ich mir aber auch wünschen, nicht zuletzt um andere verständlicher heranzuführen.
@@mariog5569 Es ist nicht so einfach wie du es dir vielleicht vorstellst. Ich nehme meine Inhalte auf englisch wahr. Heißt ich muss für jedes Video nicht nur meine Punkte übersetzen sondern auch alle externen Inhalte, die ich verwende. Jedes Zitat, dass ich in den Videos einbaue. Das Skript muss doppelt geschrieben werden, es muss doppelt eingesprochen werden und doppelt geschnitten werden. Was ich wiederverwenden kann hält sich sehr stark in Grenzen. Hinzu kommt, dass ich Einspieler die ich einbette, wie hier den Clip von Naval ebenfalls irgendwie übersetzen müsste. Es ist die doppelte Arbeit für jedes Video. Die Zeit möchte ich lieber in weitere englische Videos stecken mit anderen Themen, die mich interessieren statt einen zweiten deutschsprachigen Kanal aufzubauen. Für die (im Gesamtkontext) kleine Menge an rein deutschprachigen, potenziellen Zuschauern ist das schade, ich stehe aber zu der Entscheidung. Die Wünsche sind notiert, ich gehe allerdings nicht davon aus, dass sich in meinem Vorgehen in vorhersehbarer Zeit etwas ändern wird.
while this is interesting i wouldn’t call btc the schelling point of money. i wouldnt also say there’s nothing better than BTC because there’s already currencies on the market better than BTC. it is also very possible for something to massively sweep BTC out from under its legs
There is nothing better on the market than BTC though when it comes to the money category.
Who is Willem Van Den Bergh ?
Can’t stand the blockchain not Bitcoin narrative, totally misses the value proposition of BTC !
A Bitcoiner who wrote an article. You can find his Twitter and a link to the article in the video description.
Avalanche $AVAX actually does improve on bitcoin by orders of magnitude in on all dimensions... whether it can bootstrap its userbase to compete with BTC and ETH remains to be seen
Cryptocurrency is a much weaker concept than this video lets on: Money is NOT a language - that is a huge stretch.