Most overlooked lecture/video out there regarding bitcoin and crypto. Need to understand the fundamentals even before the technology of the blockchain.
I was there, in 2013, San Jose. And I chose the track (room) with Erik Voorhes. Glad I found this video. I remember he made this remark about uplifting the 21 mio limit... really came as a shock for 2 seconds.... then lol
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Erik gave a brilliant speech, perhaps one which will go down in the history books. Then he has to listen to things like "money is the faith of the atheists"... sheesh.
I can't believe some of the questions asked at the end, what surprises me more is that those questioners were in graduate school or already had a degree and even then they had a hard time understanding the fundamentals of money which I believe you don't have to be Einstein to understand them
@ 22:42 It seems people didn't understand his question on first pass (I didn't either). I think he didn't give enough background for it to make sense. If you don't view his question about "time", but rather the derived "economic urgency to spend", the question is a little more understandable. He says that when we save money we are essentially logging it into time. Money is therefore faithful to a positive progression of the backing of the currency. In fiat it is backed the state, in bitcoin it is backed by the network. When you save bitcoin you are hoping that the network will expand and more people will participate in the economy. This has little to do with the "progress" of the economy because the inflation is controlled. I might have stretched his question, but I think it could be phrased better as "With Bitcoin will economic incentives to spend money be different than with fiat currencies?".
The incentives are quite different already: the usage in China, for instance, is driven to have an easy and reliable zero-cost means to transfer between currencies at real market rates. The value of Bitcoin is irrelevant in that, and it is almost certainly what was driving the bulk of Chinese involvement with Bitcoin; the remainder of Chinese activity was most likely speculators betting on being able to jack the (irrelevant) price as transaction rates grew due to the first incentive. Neither of these are seen in quite the same way in fiat currencies. There are loose analogs to be found, but nothing close to a 1:1 match.
Time is money so money is time. If we have a new kind of money we are entering a new kind of time. Add the sense of impending doom and its effect on future discounting and the question merits thought for sure.
"Time is money so money is time" Before I respond: do you mean this literally and seriously, or was it a metaphorical / sardonic / cynic / sarcastic / ... statement?
i heard it as bitcoin is a tangible computational solution that has effects on our understanding of quantum theory (time travel). It seems we like to refer to a Jesus time and that's likely change with the new money paradigm.
Where are these people getting these random questions from?? The people asking questions in the end seem to have a little to no understanding of the fundamentals of bitcoin and basic economics. Nonetheless, another awesome speech by Erik Voorhees. Open-source is communism.. This guy is a financial teacher? No wonder we have so many economic problems..California is almost broke isn't it? With teachers like that is it any surprise?
Samantha Garza I didnt really get what that teacher was trying to say. It sounded like he was going to bring his question somewhere interesting. Ah well
Only if these folks knew the future back then in 2013!......It is never too late to invest in good, cheap and low-cap Altcoins in 2023 as the market is in a state of uncertainty now!
Those coins drive innovation in the space though. They are important and beneficial for bitcoin cause bitcoin will adopt whatever said innovations. Like lightning network.
For those interested in these same issues, I take them up in greater length in my forthcoming Master’s in Critical Theory thesis from PNCA (publicized in November).
I went to this conference. There were many speeches, some were concurrent. One had to pick and choose which to attend. I don’t remember seeing this one.
23:50 "Well I certainly don't want to mess with anyone's." lol I would prescribe to the man asking the question the D'Aconia money-speech. seriously read it, don't youtube it.
I was disappointed with his answer. A softball answer would have been something about how debt and taxes interpolate time. And I take issue with his assessment that BC derives its value from its scarcity and utility. As Georg Simmel states in his Philosophy of Money, value is not simply the outcome of an equilibrium between utility and scarcity.
23:40 "you could even theorize that money is the faith of the atheist" - hadn't thought of it like that before the other stuff he was saying was a bit weird though....
I feel like this does NOT address countries with restrictive internet, and how the US even before bitcoin is increasingly trying to control and regulate the internet. Or that it is backed by other currencies ( at least now ). Or that I can't accept this as a currency because no one around me has it, and because the difficulty of mining it is ridiculous and that the only way I can is to both buy it at exchanges and convince other people to do the same. Not so easy to start a lemon-aid stand.
Simmel: “It is a mistake in many theories of value that, on the basis of utility and scarcity, they conceive economic value -the exchange transactions -as something obvious, as the conceptually necessary consequence of these premises. This is not at all correct. If these premises resulted in ascetic renunciation or in fighting and robbery -as, in fact, is often the case -no economic value or economic life would develop (Simmel, 2nd ed. pg. 96).
because if they are specialized hunters for the mammoth season (how could you not be to bring one down), then you might need to trade for non mammoth season food. And you would make ties with other tribes that special in foods available in non mammoth times. nakamotoinstitute.org/shelling-out/
Erik's cool and all, but he doesn't quite get the implications of the blockchain here, as demonstrated by Charles Evans' comment that open-source project development, as it stands today, is communistic -- which, philsophically speaking, is absolutely correct.
You may be able to make a lot of money from bitcoin, but it will never replace fiat money nor achieve the same status of gold and silver. It is reminiscent of the dutch tulip bubble - a fad that will crash and burn.
@@lkasdlf This is great news!! I think Gold will always have some intrinsic value but in terms of storing, protecting, and transporting Gold, it pales in comparison to Bitcoin.
@@cmoodie Live and learn. I'm humble enough to accept when I have been wrong. Yes exactly. Once my millions are made I will help protect it with gold and silver. I just think Btc is a much faster horse!
@@btdoe3259 Exactly. The fact that people think Bitcoin's price doesn't inflate when the Fed releases more money into the system is laughable and shows it's all a grift.
![[UNCUT] The Loyal Pin ปิ่นภักดิ์ EP.8 (1/4)](http://i.ytimg.com/vi/7OwUsMs0M5s/mqdefault.jpg)
1) go to a bitcoin conference
2) see an interesting speaker
3) ask lame questions
I wrote this 3 yrs ago, just saw it again. God, what a bunch of clowns in the public.
@@jappiejojo777 time for you to make another appearance bud
th-cam.com/video/OXFj0KBHZ6c/w-d-xo.html
@@rette8013 Update 2024: now its even worse. thanks tiktok.
One of the best talks I've ever seen about bitcoin.
I completely agree with Erik about the hard limit. Scarcity by design is an absolutely fundamental aspect of Bitcoin.
Most overlooked lecture/video out there regarding bitcoin and crypto. Need to understand the fundamentals even before the technology of the blockchain.
Very inspirational. Props to Erik. He's a star.
I didnt understood bitcoin 2013. I was joung and the mainstream media called it a scamm. But now i am older, and a bitcoiner.
Well done
I was there, in 2013, San Jose. And I chose the track (room) with Erik Voorhes. Glad I found this video.
I remember he made this remark about uplifting the 21 mio limit... really came as a shock for 2 seconds.... then lol
Wow! Great talk! BITCOIN BITCOIN BITCOIN!!!
Erik is a legend
thanks sbf for taking me down Erik Voorhees content rabbit hole
SBF is a fucking scammer who should be in jail
Erik is a no nonsense captain of this new industry
th-cam.com/video/OXFj0KBHZ6c/w-d-xo.html
It's a shame he became a scammer. Ruined his rep for shilling shitcoins imo
@@themaskedgenius bitcoin maxis are toxic af 😂
@@pomp4401 😂 hfsp
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@Mary Look . Despite the lockdown I was able to earn $9000 while being home with the help of Mrs Nora, she is really a miracle worker thank you Mrs Nora
@@rosewilliam2825 . why waste your time on monthly earning when you can make up to$15,530 within a week by trading with Mrs Nora she's honest and trustworthy, I appreciate her effort
Erik gave a brilliant speech, perhaps one which will go down in the history books. Then he has to listen to things like "money is the faith of the atheists"... sheesh.
th-cam.com/video/OXFj0KBHZ6c/w-d-xo.html.
I can't believe some of the questions asked at the end, what surprises me more is that those questioners were in graduate school or already had a degree and even then they had a hard time understanding the fundamentals of money which I believe you don't have to be Einstein to understand them
th-cam.com/video/OXFj0KBHZ6c/w-d-xo.html
@ 22:42 It seems people didn't understand his question on first pass (I didn't either). I think he didn't give enough background for it to make sense. If you don't view his question about "time", but rather the derived "economic urgency to spend", the question is a little more understandable. He says that when we save money we are essentially logging it into time. Money is therefore faithful to a positive progression of the backing of the currency. In fiat it is backed the state, in bitcoin it is backed by the network. When you save bitcoin you are hoping that the network will expand and more people will participate in the economy. This has little to do with the "progress" of the economy because the inflation is controlled. I might have stretched his question, but I think it could be phrased better as "With Bitcoin will economic incentives to spend money be different than with fiat currencies?".
The incentives are quite different already: the usage in China, for instance, is driven to have an easy and reliable zero-cost means to transfer between currencies at real market rates. The value of Bitcoin is irrelevant in that, and it is almost certainly what was driving the bulk of Chinese involvement with Bitcoin; the remainder of Chinese activity was most likely speculators betting on being able to jack the (irrelevant) price as transaction rates grew due to the first incentive.
Neither of these are seen in quite the same way in fiat currencies. There are loose analogs to be found, but nothing close to a 1:1 match.
Time is money so money is time. If we have a new kind of money we are entering a new kind of time. Add the sense of impending doom and its effect on future discounting and the question merits thought for sure.
"Time is money so money is time"
Before I respond: do you mean this literally and seriously, or was it a metaphorical / sardonic / cynic / sarcastic / ... statement?
Seriously. Money radically transforms our perception of time and our culture's teleology.
i heard it as bitcoin is a tangible computational solution that has effects on our understanding of quantum theory (time travel). It seems we like to refer to a Jesus time and that's likely change with the new money paradigm.
Where are these people getting these random questions from?? The people asking questions in the end seem to have a little to no understanding of the fundamentals of bitcoin and basic economics. Nonetheless, another awesome speech by Erik Voorhees.
Open-source is communism.. This guy is a financial teacher? No wonder we have so many economic problems..California is almost broke isn't it? With teachers like that is it any surprise?
Samantha Garza get out of here Josh Garza's sister..
Samantha Garza I didnt really get what that teacher was trying to say. It sounded like he was going to bring his question somewhere interesting. Ah well
Ihateregistrations1 Who is Josh Garza? What are you talking about Mr. Troll?
th-cam.com/video/OXFj0KBHZ6c/w-d-xo.html
Excellent speech about bitcoins!
Only if these folks knew the future back then in 2013!......It is never too late to invest in good, cheap and low-cap Altcoins in 2023 as the market is in a state of uncertainty now!
Classic Bitcoin speech.
Watch ye youngsters and understand
th-cam.com/video/F1ARPB13-OU/w-d-xo.html
Plot Twist 1:37 he wasn’t kidding. In 2019 he is a multicoiner who doesn’t care about scarce money
Those coins drive innovation in the space though. They are important and beneficial for bitcoin cause bitcoin will adopt whatever said innovations. Like lightning network.
th-cam.com/video/OXFj0KBHZ6c/w-d-xo.html.
For those interested in these same issues, I take them up in greater length in my forthcoming Master’s in Critical Theory thesis from PNCA (publicized in November).
th-cam.com/video/OXFj0KBHZ6c/w-d-xo.html
23:30 is that the ETH guy ? Next to the bold man with the orange t-short (Vitalik)
no
Vitalik was there, in 2013. Search for it here on YT, there’s an interview with him by a kid.
He's a champion.
I went to this conference. There were many speeches, some were concurrent. One had to pick and choose which to attend. I don’t remember seeing this one.
True words!
th-cam.com/video/OXFj0KBHZ6c/w-d-xo.html
That last guy. loool
+Kate Prokop 32:55 this teacher of finance (Charles Evans) is so wasted
LOL @ 22:42
I vote this guy gets a promotion, where to I tip him my coins on youtube?
th-cam.com/video/OXFj0KBHZ6c/w-d-xo.html
You had me at I was kidding, lol.
read about this in the book digital gold. great read
How many crypto millionaires are in the comments👀🚀
23:50 "Well I certainly don't want to mess with anyone's." lol I would prescribe to the man asking the question the D'Aconia money-speech. seriously read it, don't youtube it.
The gold standard actually came about through government intervention. It's usually better to talk about the silver standard.
soooo
How much gold can I buy for one bitcoin?
A lot sir
th-cam.com/video/OXFj0KBHZ6c/w-d-xo.html..
More and more 😊
now about 20+ ounces.
yeap that was a nice sentence
I was disappointed with his answer. A softball answer would have been something about how debt and taxes interpolate time. And I take issue with his assessment that BC derives its value from its scarcity and utility. As Georg Simmel states in his Philosophy of Money, value is not simply the outcome of an equilibrium between utility and scarcity.
@3:30 is this a reference to the matrix ?
23:40 "you could even theorize that money is the faith of the atheist" - hadn't thought of it like that before the other stuff he was saying was a bit weird though....
I feel like this does NOT address countries with restrictive internet, and how the US even before bitcoin is increasingly trying to control and regulate the internet. Or that it is backed by other currencies ( at least now ). Or that I can't accept this as a currency because no one around me has it, and because the difficulty of mining it is ridiculous and that the only way I can is to both buy it at exchanges and convince other people to do the same. Not so easy to start a lemon-aid stand.
You should have bought bitcoin 😢
@@btdoe3259 I did :) -- Wow, what an old comment!
Simmel:
“It is a mistake in many theories of value that, on the basis of utility and scarcity, they conceive economic value -the exchange transactions -as something obvious, as the conceptually necessary consequence of these premises. This is not at all correct. If these premises resulted in ascetic renunciation or in fighting and robbery -as, in fact, is often the case -no economic value or economic life would develop (Simmel, 2nd ed. pg. 96).
Id like my money back Mr. Voorhees. Shapeshift is a company with tons of unresolved transactions.
You deserve to lose money 😂
Why would anybody trade away their Mammoth meat??? Caveman 1 be mad stupid yo!!
because if they are specialized hunters for the mammoth season (how could you not be to bring one down), then you might need to trade for non mammoth season food. And you would make ties with other tribes that special in foods available in non mammoth times.
nakamotoinstitute.org/shelling-out/
Stewart Pendousman but mammoth meat got mad amino acids, still I might trade some it for some killer shrooms or sumtin.
sdafasdfasdfsda or cool shells!
th-cam.com/video/OXFj0KBHZ6c/w-d-xo.html
Those questioners at the end..... O.O
th-cam.com/video/OXFj0KBHZ6c/w-d-xo.html
"move instantly"
oh man, don't look at the modern chain.
Erik's cool and all, but he doesn't quite get the implications of the blockchain here, as demonstrated by Charles Evans' comment that open-source project development, as it stands today, is communistic -- which, philsophically speaking, is absolutely correct.
Those folks are a sampling of your new Bitcoin overlords.
th-cam.com/video/OXFj0KBHZ6c/w-d-xo.html.
and anarchy !
hahahaha what type of questions are these
and capitalism
You may be able to make a lot of money from bitcoin, but it will never replace fiat money nor achieve the same status of gold and silver. It is reminiscent of the dutch tulip bubble - a fad that will crash and burn.
Oof!
@@cmoodie Yup, I was wrong! Sold my Gold and Silver and bought BTC and other cyrpto's and made a BUNCH of money. Gold is dead.
@@lkasdlf This is great news!! I think Gold will always have some intrinsic value but in terms of storing, protecting, and transporting Gold, it pales in comparison to Bitcoin.
@@cmoodie Live and learn. I'm humble enough to accept when I have been wrong. Yes exactly. Once my millions are made I will help protect it with gold and silver. I just think Btc is a much faster horse!
@@lkasdlf Love this! And you still probably bought BTC before 99% of the world!!
I was quite fixed to that triangle behind his neck :p
th-cam.com/video/OXFj0KBHZ6c/w-d-xo.html
open source = Communism...
did anyone else find that funny?
geez where these religious people are comming from...
Open source is communism: I've been trying to tell everyone this!
it is nonsense.
Can you expand on that a little. Seems interesting
th-cam.com/video/OXFj0KBHZ6c/w-d-xo.html
Bitcoin is crashing 😂
You holding up ok?
"Bitcoin can not be manipulated, restricted or seized by any central party". Erik, meet Tether. Tether, meet the guy with zero foresight.
That's the Bitcoin to USD/USDT conversion that's being manipulated. Bitcoin itself as a protocol has not been corrupted against consensus, yet.
Yeah, because that's the only type of manipulation that can occur to a currency or store of value that we should be on the look out for...
smh
All prices on all assets are manipulated. Thanks FED 😒
@@btdoe3259 Exactly. The fact that people think Bitcoin's price doesn't inflate when the Fed releases more money into the system is laughable and shows it's all a grift.
Aged like milk 😂
Not impressed.
How about now?
Or now lol
Aged well 😂