This is an abridged version of one of the chapters from the excellent book, Bitcoin: The Future of Money? written (and narrated) by Dominic Frisby, published in 2014: amzn.to/2YFUdYw *Timestamps...* 03:18 - The growth of the state 05:14 - A word about the great obfuscation that is inflation - and how it causes the wealth gap 11:28 - Why Bitcoin is libertarian Utopia
I think this video like most people who support Bitcoin misunderstands economics. As Varys from Game of Thrones says power resides where people think that power resides. Viewers of this channel should be able to understand this fairly well I think. Gold had value not because gold had value but because people believed gold had value. Cash had value because it was backed by gold and easier to carry. And then cash I value on its own because people believed in cash. The problem is that people don't believe in Bitcoin. And I really shouldn't believe in Bitcoin because you can't really use it to buy anything except for trading it for cash. It's also not like it's more convenient than using your credit card. If Bitcoin ever did become a threat to the state the state could just shut it down and say it's illegal. Or they could just spread misinformation on the news that everyone would believe because people are so gullible these days. Well technically yes we could say that the government wouldn't have any power if we didn't believe it had power. People do believe it has power and therefore it's very unlikely that you're going to start a financial Revolution withon your own country and not angering the country that you're starting the revolution in. Also as the laws of power state such a revolution would take a long time usually have to do it slowly and even if you did try it and even if your Revolution were successful it wouldn't happen within your lifetime, because people who start revolutions rarely ever see the end of them. So Bitcoin as it stands right now and and will in all likelihood will probably be, is pretty much useless and can only be traded for real money by idiots willing to buy it. Until stores start accepting it as actual payment, it will be useless
0:47 Just to add a sidenote here, the Spanish Flue did not have it's orgins on the western front. It was spread massively by the western front. It has proven to be first seen in U.S. forts where they massed their armies on the continental United States. With some links tracing it further to China, although that connection is still being debated by historians and no consensus is likely to be reached. The only reason it was named the Spanish flue and not the American flue was due to the censors not letting it be written in newspapers due to morale. Spain did not have these censors as it was not part of the war and so the first "discovery" of the flue was made in Spain.
Yhea the Spanish press reported and covered the flu pandemic whilst the countries fighting in the war made their media hide the fact it was so deadly and widespread which gave the impression that it started there as it was the first country to report the facts and what was happening there. I'd also heard it started or at least that it's spread was so fast because it got in to the over crowded army camps in the American South and was ignored or at least treated as unimportant until it was too late to really stop the spread and especially to stop it getting to Europe with the soldiers being shipped to the front line.
@@nevad34 Not really, inflation is always preferable to deflation. It's a well known economic law that the "better" coin gets pushed out by the worse coin.
@@p_serdiuk keep learning. I don't mean this to sound snooty - people have a tendency to shut down thinking at the first obstacle. Don't do that... It will be worth your time to learn more.
Frivolous spending would end since the value of Bitcoin would increase in the future over the long term. Nobody would want to give up their Bitcoin unless the price is right and the merchant provides good value to the consumer.
The same can be said of precious metals except people already value them. Pixels are hard for people to value. Scarcity doesn't give something value if no one cares about it. There's very little of my personal feces for sale. Strangely, the demand is still low.
It's not the pixels but what you can do with it. If you understand the value of what Bitcoin provides for people globally, people will use it and get as much of it as possible.
Deny your government of the control of money, and let the government that has the control of their money take you over, then you can deny the control of money of your new government. Increase the wage, then blame corporations for eliminating jobs and moving jobs to elsewhere.
Mostly a really good video, but there are some jarring problems. For example - the wealth gap is not just between "everyone else" and this nebulous "financial sector" it's also between everyone and those that own the means of production, to use a common phrase that makes some people mad. It is inherent to capitalist systems that wealth flows upward and if you don't address that, you aren't saying that there is a problem with the wealth gap, you are saying that the gap is not between the right people. It's nice to praise hard work, but no one works hard enough to make billions (and that's already a generous level). There is no point in changing one master for another, it will only affect the average person negatively without any meaningful improvement once the outcome settles - just like a war. Probably the best part is the observation how different tax types penalize labor. But that segment kind of doesn't go anywhere with only a little bit at the end that is really nebulous? Probably because it can be achieved without any massive changes in economic systems, simply penalizing hoarding wealth - but that would not be something libertarians would like either, probably even more. Also, I find it a bit weird to listen all about how war is bad when it's very common to read/here libertarian viewpoints where the defense of property and the country is pretty much the main thing that libertarians like to pay taxes for. Lastly - I am curious to how libertarians think no state involvement means more/better/cheaper welfare. Genuinely - so if someone can comment on a source where I could read about that, I would be interested. Bottom line - I enjoyed your historical videos more - I hope those are coming back (or at least choosing better books to adapt).
I haven't heard of a single example where privatised healthcare has resulted in faster, more efficient, more effective or cheaper care. Normal market forces do not apply. If you need emergency medical care you can't shop around. If you're unconscious you can't deny care. It's an entirely daft argument. Having said that, it is my experience that bureaucracies are pretty generally awful at everything. Healthcare and education must fall under the purview of the state, though. The incentive for a private business in these fields is not to provide the best care but to maximise profit at the expense of the service.
Excellent summary, and quite right, there are a couple of major issues with this video which you've pulled out here. Given that this channel id generally about education I'd appreciate and expect his next video to be an excellent summary rebuttal of the pro-bitcoin or libertarian points of view.
Very interesting concept, you can see through the contrasts between Fiat and value backer currency the reason why we use it. There would have to be events in order of magnitude of a couple more world wars for bankers to give up the kind of power they hold. It has been estimated that a fifth of the entire world's production value disappears into the pockets of bankers through interest and inflation.
Bitcoin is supported value wise by value of other currencies, when they die it dies. Fiat money, though the best made imo. Definitely disagree on overal thesis.
Agreed, that's why alternatives like Cardano are much more interesting, also because the technology is way more flexible than Bitcoin. Bitcoin is a great store of value though. Just not for making payments.
This is an abridged version of one of the chapters from the excellent book, Bitcoin: The Future of Money? written (and narrated) by Dominic Frisby, published in 2014: amzn.to/2YFUdYw
*Timestamps...*
03:18 - The growth of the state
05:14 - A word about the great obfuscation that is inflation - and how it causes the wealth gap
11:28 - Why Bitcoin is libertarian Utopia
I think this video like most people who support Bitcoin misunderstands economics. As Varys from Game of Thrones says power resides where people think that power resides. Viewers of this channel should be able to understand this fairly well I think.
Gold had value not because gold had value but because people believed gold had value. Cash had value because it was backed by gold and easier to carry. And then cash I value on its own because people believed in cash. The problem is that people don't believe in Bitcoin. And I really shouldn't believe in Bitcoin because you can't really use it to buy anything except for trading it for cash. It's also not like it's more convenient than using your credit card.
If Bitcoin ever did become a threat to the state the state could just shut it down and say it's illegal. Or they could just spread misinformation on the news that everyone would believe because people are so gullible these days. Well technically yes we could say that the government wouldn't have any power if we didn't believe it had power. People do believe it has power and therefore it's very unlikely that you're going to start a financial Revolution withon your own country and not angering the country that you're starting the revolution in.
Also as the laws of power state such a revolution would take a long time usually have to do it slowly and even if you did try it and even if your Revolution were successful it wouldn't happen within your lifetime, because people who start revolutions rarely ever see the end of them.
So Bitcoin as it stands right now and and will in all likelihood will probably be, is pretty much useless and can only be traded for real money by idiots willing to buy it. Until stores start accepting it as actual payment, it will be useless
Excellent?
Right-wing b.s. Bitcoin isn't backed by anything. It's fake money.
0:47 Just to add a sidenote here, the Spanish Flue did not have it's orgins on the western front. It was spread massively by the western front.
It has proven to be first seen in U.S. forts where they massed their armies on the continental United States.
With some links tracing it further to China, although that connection is still being debated by historians and no consensus is likely to be reached.
The only reason it was named the Spanish flue and not the American flue was due to the censors not letting it be written in newspapers due to morale.
Spain did not have these censors as it was not part of the war and so the first "discovery" of the flue was made in Spain.
Yhea the Spanish press reported and covered the flu pandemic whilst the countries fighting in the war made their media hide the fact it was so deadly and widespread which gave the impression that it started there as it was the first country to report the facts and what was happening there. I'd also heard it started or at least that it's spread was so fast because it got in to the over crowded army camps in the American South and was ignored or at least treated as unimportant until it was too late to really stop the spread and especially to stop it getting to Europe with the soldiers being shipped to the front line.
It's soo good see another great video from this channel after a very long time.
Bro you're back!? I'm so happy.
Yes. I've been working on a big project that will hopefully be finished by the end of the year.
1:20 That's a prisoner's dilemma situation. All countries have incentive to lengthen their economic staying power by switching to fiat money supply.
Yea but we decide what to use to pay not the government and due to the government printing money it’s pushing people towards crypto
@@nevad34 Not really, inflation is always preferable to deflation. It's a well known economic law that the "better" coin gets pushed out by the worse coin.
Bitcoin can also be tracked, imagine giving governments the ability to know everything you do financially
Still can be anonym with dijital wallets
Not if you know how to use it correctly.
@@fusion9619 Regardless of your skill, if you slip up once, the entire ledger is public, so your entire transaction history becomes known.
@@p_serdiuk keep learning. I don't mean this to sound snooty - people have a tendency to shut down thinking at the first obstacle. Don't do that... It will be worth your time to learn more.
@@fusion9619 your response made no sense to other mans statement. Him learning more won’t change the fact that you can slip up and reveal your ledger.
if saving is rewarded too much in comparision of spending, woudn't economy will suffer?
I thought the same thing lmao
Frivolous spending would end since the value of Bitcoin would increase in the future over the long term. Nobody would want to give up their Bitcoin unless the price is right and the merchant provides good value to the consumer.
1:52
Wow
The same can be said of precious metals except people already value them. Pixels are hard for people to value. Scarcity doesn't give something value if no one cares about it. There's very little of my personal feces for sale. Strangely, the demand is still low.
Bitcoin is not infinite though. And in the far future, it will cost more in electricity to mine whatever bitcoin is left in its blockchain
It's not the pixels but what you can do with it. If you understand the value of what Bitcoin provides for people globally, people will use it and get as much of it as possible.
how are highways etc. built, maintained? paradox
Deny your government of the control of money, and let the government that has the control of their money take you over, then you can deny the control of money of your new government.
Increase the wage, then blame corporations for eliminating jobs and moving jobs to elsewhere.
Mostly a really good video, but there are some jarring problems. For example - the wealth gap is not just between "everyone else" and this nebulous "financial sector" it's also between everyone and those that own the means of production, to use a common phrase that makes some people mad. It is inherent to capitalist systems that wealth flows upward and if you don't address that, you aren't saying that there is a problem with the wealth gap, you are saying that the gap is not between the right people. It's nice to praise hard work, but no one works hard enough to make billions (and that's already a generous level). There is no point in changing one master for another, it will only affect the average person negatively without any meaningful improvement once the outcome settles - just like a war.
Probably the best part is the observation how different tax types penalize labor. But that segment kind of doesn't go anywhere with only a little bit at the end that is really nebulous? Probably because it can be achieved without any massive changes in economic systems, simply penalizing hoarding wealth - but that would not be something libertarians would like either, probably even more.
Also, I find it a bit weird to listen all about how war is bad when it's very common to read/here libertarian viewpoints where the defense of property and the country is pretty much the main thing that libertarians like to pay taxes for.
Lastly - I am curious to how libertarians think no state involvement means more/better/cheaper welfare. Genuinely - so if someone can comment on a source where I could read about that, I would be interested.
Bottom line - I enjoyed your historical videos more - I hope those are coming back (or at least choosing better books to adapt).
I haven't heard of a single example where privatised healthcare has resulted in faster, more efficient, more effective or cheaper care.
Normal market forces do not apply. If you need emergency medical care you can't shop around. If you're unconscious you can't deny care.
It's an entirely daft argument. Having said that, it is my experience that bureaucracies are pretty generally awful at everything. Healthcare and education must fall under the purview of the state, though. The incentive for a private business in these fields is not to provide the best care but to maximise profit at the expense of the service.
Excellent summary, and quite right, there are a couple of major issues with this video which you've pulled out here. Given that this channel id generally about education I'd appreciate and expect his next video to be an excellent summary rebuttal of the pro-bitcoin or libertarian points of view.
Great video
The Spanish flu had it's origin in China but otherwise great video.
The ultimate, energy-expensive fiat money.
Philippine peso is still backed by gold though
Man I’m only 4:40 into this video and it’s absolutely outstanding. Such an intriguing concept and idea.
Im at7:49 its very deep
Can you tell me about the application you use to make videos
This is the software I use: www.obtaineudaimonia.com/animation-software
It is a wonderfull video. Could I record a voice in Potuguese and put it on my channel?
This vid aged like milk. Except many of us knew the milk was spur to begin with an didn't buy into it
Explain how it aged like milk.
Better book is Life After Google by George Gilder. Bitcoin is overrated there's gonna be better crypto that will make it obsolete.
Very interesting concept, you can see through the contrasts between Fiat and value backer currency the reason why we use it. There would have to be events in order of magnitude of a couple more world wars for bankers to give up the kind of power they hold.
It has been estimated that a fifth of the entire world's production value disappears into the pockets of bankers through interest and inflation.
Bitcoin is supported value wise by value of other currencies, when they die it dies. Fiat money, though the best made imo. Definitely disagree on overal thesis.
The Gravel institute could learn a thing or two from you.
Some of the comments here are super sketchy, coin bots flooding in here advertising training courses, should delete them.
End the State
And also the ally of extremely high carbon emissions
Agreed, that's why alternatives like Cardano are much more interesting, also because the technology is way more flexible than Bitcoin. Bitcoin is a great store of value though. Just not for making payments.
@@DrAugurk true
So you don't understand the Bitcoin protocol, got it 👍
@@davidsparks1181 it doesn't work
@@basil7292 why? I've been using it for over 8 years no problem
Crypto is the enemy of everybody.
lmao ok dude
And the super wealthy will let bitcoin prosper right?
They can’t stop it.
You're pretty good at microeconomics. But your understanding of macro is laughably ignorant. Shame.
Could you please elaborate a bit?
lmao ok dude
exactly the video was so riddled with strawman arguments and plain wrong information. I had to unsubscrube