Moses . . . distributive control . . . anti-tyranny . . . pro-de-centralization . . . revolutionary change brings unintended consequences . . . could be the solution but not a given . . . and THAT'S what I think about bitcoin. I knew where he was going with that from the start, but then, I've been studying Exodus and Numbers recently too. Personally, I'm sticking with silver, and distrust anything they can digitally manipulate.
@@BeBopScraBoo Bitcoin's blockchain does, but as we've seen, the keys can be demanded, the funds can be seized and the insiders can run away with the bag. Imagine a massive deal is going to cause a large shift in the value of a particular crypto. So big, it's going to sink a particular fiat currency and bankrupt a nation. Moves are made with the banking regulators and legal injunctions are put in place, but it doesn't look like they are going to be able to stop it. Even raiding the businesses involved won't change anything. Suddenly, there's an unusual power outage. The exchange is down too. Sabotage. A mysterious fire/flood/plane crash. The deal is in doubt for ten minutes, and timed to coincide, rumours circulate. Someone in the media close to that nation's leaders does a hit piece, and thousands of small to medium investors sell on hearing there may be a problem. It's nothing to do with me, but the chunk of my portfolio in that crypto is wiped out overnight. No thanks. The Nordstream pipeline was sabotaged for similar reasons. Don't tell me it can't happen to crypto.
Do you know who the Chinese whales are@Ed Bicelis? Do you know who the Zurich gnomes are, and where their loyalties lie? Cryptos are already heavily manipulated the old fashioned way, but there's more to come. Good crypto is a trojan horse for bad crypto, and I don't mean dogecoin. Tied crypto exchanges, private blockchains, CBDCs. We have a digital Yuan, and we'll soon have a digital Pound. These will be traps. Digital man traps. Digitally manipulated, social credit scored, global enslavement, wealth and power beyond imagination man traps, and bitcoin entheusiasts may well jump out of high rises like it's 1929 when they realise what they've helped to usher in.
It was a very good analogy for a decentralised situation it's one of the most well known 1 of those situations humanity has ever faced. And the Israelites worked it out successfully. Bitcoin if it succeeds will make all of humanity follow the same path as the Israelites.
@@johnglover5071 oh yeah - your response definitely required much & deep cogitation. In the general case; one liners, such as the one you just sent, contributes Nothing to the discussion, because it brings nothing new, no idea, no progression of argument. Nothing! It's just like a burp.
Now that I am older (age 60), I realize I am at least 85% wrong most of the time. This realization makes me a better person. I have less ego and less to prove; it's freeing.
@@tangomango2459 Yeah two-faced was never this smart. And didn't have witty come backs. Jordan may dress like Two-Face but he's way more like Bane than any other anti hero in the Batman movies.
The company that made it for him did 12 suits, one for each rule. The blue side represents heaven, and the red side represents hell. The blue side inlay is clouds, the red's flames. Also, the blue side is made of wool from a sheep, and the red's made of wool from a goat. It's freakin' awesome :)
“This is a historical lesson of immense significance, and should be kept in mind by anyone who thinks his refusal of Bitcoin means he doesn't have to deal with it. History shows it is not possible to insulate yourself from the consequences of others holding money that is harder than yours.” ~ Saifedean Ammous
Crypto currency is unfit as a currency because it costs too much for transactions that get taxed by so called mining. Speculators hope people more foolish than themselves will buy it at a high price for fear of missing out. It's all pump and dump, baby.
@@JohnWilliams-channel Theres Bitcoin and then there’s the “cryptocurrencies” you are referring to. Most crypto’s are ponzi’s, but don’t confuse them with Bitcoin. Bitcoin is unconfiscatable, digitally scarce money. There’s a MASSIVE difference John. Read The Bitcoin Standard by Saifedean Ammous if you want to understand why Bitcoin is so important for the prosperity of the human race.
@@LMCKAY87 The block chain algorithm is ridiculously redundant and power hungry. Banks have better online currency, AND they are FDIC insured. By "scarce" I think what you meant to say was a "commodity", but a "commodity" that is diluted with every transaction. But do continue to spread FUD about the dollar. I can refuse your payment in bitcoin.
@@JohnWilliams-channel Do you often talk about things you clearly don't understand? How embarrassing for you! Good luck storing your economic energy in a battery (The dollar) that perpetually leaks 15% of your purchasing power every year and will continue doing so until it’s worth exactly zero (just like every other of your beloved fiat currencies have done for the past 5000 years). Where exactly do you think this 2 trillion dollars we print every year comes from? I'll give you a hint…your back pocket. Bitcoin is a digital COMMODITY that seeks to replace the dollar and other fiat currencies with a fixed supply of 21 million units that CANNOT be devalued and that are backed by a wall of encrypted energy. (Orders of magnitude less energy than the world's fiat systems use…since you're so concerned about it.) You should go to the doctor John because you have a severe case of Stockholm Syndrome. Do you even know what the Treasury Dept. does? Lol. I'll educate you: They make treasuries (IOU’s), which the FED buys the majority of and puts them on their balance sheet. This, along with bank loans, is how money is created. (Hint: Creating money is a very bad thing.) This means more dollars chasing the same amount of goods. AKA Inflation. We live in a fractional reserve system, do you really think the bank just has this money sitting around in the vault to give to you? No, they take it from their members' equity. When you withdraw money from the bank, they literally take somebody else’s deposit and give it to you and when they run out and need more dollars, they ask daddy Fed in the overnight markets. You clearly did not know this or you would feel much different about your beloved dollar. FDIC Insurance?! LMAO, whatever lets you sleep at night bud. But don’t worry, you’re not alone, if people actually knew this there would be bank runs like never seen before and your FDIC insurance wouldn't mean jack shit. We have the luxury to do all of this criminal behavior as the world reserve currency. Inflation is legalized counterfeiting and counterfeiting is criminalized inflation. Think about that. Bitcoin is a decentralized computer network that cannot be destroyed. Unless you’re one of those that think you can shut down the internet. Its never going away and more and more value will collapse into it as people start to understand it is perfect property. Capital ALWAYS flows from weak money to hard money (Greshams Law) and if you think any different…good luck. I suggest you learn about economics AND Bitcoin before you start speaking on it like some kind of wannabe authority. When your grandchildren ask you why you didn't buy Bitcoin when it was so cheap, you can tell them you always believed what you were told to believe, couldn't think critically and chose to play with your guitar instead of educating yourself how to preserve your family's wealth for generations. At the very least, they'll appreciate your honesty.
I appreciate the way he thinks through these difficult and complex problems and systems LIVE. He's constantly marshalling and updating his arguments. I like that he does not start answering the question with a simple 'pro' or 'against', and then elaborating; but rather, he takes you through the journey that he himself has that formed his opinions on the matter. His view of the problem is very detail-oriented, and that can be rare to find in today's world, where "Hot Takes" seem to mather more than well though-out positions. I want to emulate him in this regard.
one of the reasons i can't watch those "takedown" videos is because they'll stop one sentence 5 times and interject horrible strawman arguments in place of just asking JBP to clarify.
The Gold Standard was easily subverted by nation-states due to Gold being centralized in banks. Golds physical nature means you need to store it somewhere, and you need a lot of security to protect it and move it.
Yes, and gold was $35/oz when the USD was taken off the gold standard in 1971. Since then, gold has ~50x’ed, meaning that the USD has lost roughly 98% of its value since then. Insofar as prices of goods and services have gone up less than 50x in the same time span, you could probably chalk that up to the massive technological improvement that’s taken place since then.
@@seanbrennan5192 because that bitcoin tree can now grow without his/her intervention! What the point of decentralised bitcoin if it has centralised figure head?😂😂😂
i proffer a presupposition predicated on a God Who comes and die in our place so that we do not need to die... a God Who assumes the pathology on our behalf...
Briliant explanation! Well informed and thought through point of view. Clear understanding of life and human motivation. It makes us think … Thank you, Dr. Peterson!
Are you serious? It was mostly rambling about totally unrelated topics! "If you can't explain it simply, you don't understand it well enough." - Einstein
@@dnoordink I suggest you watch it - fully - a few times. Like the guy above said "Brilliant explanation". Long winded, yes. But brilliant. Let me summarise for you. Bitcoin has the potential to fix the world but there maybe/will be consequences that we have not yet thought of.
@@yogawithandy Yes, but truth be told, he could have just said "Bitcoin is a radical change... maybe it has some side effects that we did not think of". Maybe it would not sound as dramatic as talking about Moses, Religion and God first, but its basically the same point that JP is making.
Funny how Peterson switched from an inquisitive explorer of the Bitcoin phenomenon to trying to avoid supporting it and vainly trying to find reasons for its downfall. Yet, everything Bitcoin represents embodies his ideals and transforms people.
I'm only concerned about a few issues regarding it. No attached material resource, and cost to actually use it. I mean in terms of transaction processing. There might be others but those two stand out to me.
@@ChaoticNeutralMatt The attached material resource is the hardware that runs it and the electricity that powers the hardware. Bitcoin is, in the most literal sense, backed by energy. Which means it is backed by human effort.
Bitcoin is actually bridged with the material world through the extensive use of electricity. Electric energy generated with material resources allows it to manifest thermodynamics in cyberspace. As far as the cost of using it: its base layer is meant for processing large transactions with maximum security and reaching final settlement without any third party being able to stop it. In this dimension it is actually the cheapest and most secure monetary network. Think of it as a competitor to gold and fiat. If you wish to transact daily and pay coffee with it you need to use second layer solutions, the most important being Lightning Network, which can scale BTC transactions by a factor of million and reduce costs to the bare minimum. Think of it as the payment network, competing with Visa and Paypal. In this dimension, BTC is again the fastest, cheapest and soon to be most reliable network for sending transactions globally, even to developing countries where people are mostly unbanked. These two solutions actually create the perfected monetary and payment network for a globalized civilization.
@@ChaoticNeutralMatt your dollars and money in the bank don't have any real material resource so I don't see why that's a concern. It was removed from the gold standard since the 1970s. And the cost of transacting is pretty cheap, gets more pricey when the blockchain is congested but that's really only if you aren't using the lightning network. Using LN the cost to transact is pennies
At 15 minutes Dr. Peterson is talking about not knowing what would happen if the money is removed from political control. YES WE DO! That is what the gold standard was, and it worked wonderfully!
The Gold Standard sucked, that's why it was dumped. The moment they dropped it, which w as in the middle of the Great Recession, everything started improving
@@naborlz All verifiable facts. You can dispute the causal relationship between them. Matter of fact is that great recession all happens with Gold standard
For a while I started to think the title of this video was severely misleading until he tied it all up in the end. Well thought out and thorough as usual!
14:39 Correct me if I'm wrong Btc can self correct democratically if majority of nodes agree to make the hard fork. So the blockchain has the mechanism to make changes if its citizens agree. Therefore, Peterson's point on 14:39 can be rebutted. Am I right?
This interview, this response from Dr. Peterson, is hilarious! Who else could extrapolate the essence of Bitcoin to the Exodus example? Nobody! This man is brilliant/educated/ just plain smart!!
It's custom designed by Jordan himself, it represents heaven and hell. The blue side is woven of lambswool, the red is woven from goat wool. I wish I knew the tailor.
@@tedkoppel13 it's a phenomenon. Bitcoin has gone far beyond a fad, as billions in real value are traded every day using the network. It is, in some sense, a force of nature. Maybe it will burn out. Maybe it won't. The implications of a currency NOT controlled by a government that can't be counterfeited, can't be inflated, and can't be stolen by anyone, including governments ( without using real guns ) is enormous.
the crowd is annoying. let the men speak and get to the point, and dont just applaud when he states the truth. Applaud when he is finished with his proposition to improve. Agreeing when somebody says "the grass is green" is weird, not gonna lie.
"If you can't explain it simply, you don't understand it well enough." This rambling discussion about religion, tyranny and the Israelites tells me you don't understand bitcoin well enough to explain it simply.
He is totally right. We do not know what would happen if Bitcoin was to become the global currency. Though my guess is that it can't be worse then what we have today..
We know that it would remove incentives of bad actors, and add incentive and reward for good actors. We also know that it would stop the ability of those who have the printer to steal from all participants simultaneously. Like you, I Can't imagine it'd be worse either!
@@ckniffen7111 Yeah, I doubt anyone would argue those points. The separation of money and state is undoubtedly crucial for any future we want our children living in. I guess what JP fears, and what we should all acknowledge, is that the road will not be without hurdles and perhaps it's own inherently unsolvable problems. My own response to this valid concern has always been this. "Even if you were sure bitcoin was bad for the future - is that fact in any way going to be enough to stop it's growth... probably not. So the answer of what to do remains the same. Buy some."
Bitcoin as a global currency would introduce deflationary economy. Right now deflation usually only occurs during recessions, so there is a bad association. But with Bitcoin as global currency all the economical rules would change and deflation may be positive in that context, but we will not know for sure until it really becomes a global currency.. Third world countries would probably gain the most from this, in the west we would probably experience a soft reset, and that could be problematic in the short run.. But AI technology will do that anyway so Bitcoin will probably be the only logical choice.
Bitcoin is something you hold once you understand the math and something you avoid when you've been convinced you are too smart to need to understand it.
Going into the unkown is a difficult thing especially when one is attached to the survival mode. First time I heard Jordan but his view on bitcoin, although starts at 11:30, was fair enough! It makes sense that right now Bitcoin could be a catalyst of peace but it does not mean that we will not have chaos before peace!
Bitcoin has all of the traits of true currency. Something no other money has. The supply can’t be increased. Deflationary It’s divisible. Grows with population and demand It’s sovereign. Government can’t control your money It also has the trait of being accountable. That means no black budget trillions going “missing” like the DoD has done twice now
I think we can have fiat and bitcoin and eth and a few other cryptocurrencies. Just like we have fiat and gold and silver and numerous other commodities.
Jordan's "subsidiarity" idea, the idea of breaking up communities into local groups, is incorporate into bitcoin through hard forks. Local groups can split off via a hard fork and use their own rules. I don't think Jordan has fully studied bitcoin therefore does not see what is is all about. No blame here, he is a very busy man, and bitcoin is an endless rabbit hole. Very few people have the time to fully understand bitcoin, that's one of its biggest problems. It's so complex and covers so many different ideas it's hard to grasp.
Like cryptos not controlled by governments which is the same reason governments don't like cryptos. Unless that crypto is from the government. Government controlled crypto(s) allows the government to turn off our money and turn off our money per person!
“Crypto” is the dumbest buzzword of the last decade. Those are just companies owned by developers who premined their tokens and exercise centralised control over their network while bragging about being decentralised. Yet each of them ironically has a known CEO and a development schedule. Bitcoin is THE decentralised, permission-less alternative to central banking the origin of which is a miracle, everything else is noise. Do not be fooled and DYOR.
if this is your wold view than you better be 110% self sufficient and well hidden and well armed because 99% of the population will die only well armed Amish will survive lol
No electricity, no world... Or don't you know how fragile is our society? Do you know how many days will survive without food the world? Without the power grids we are doomed... How naive you are bro
dude no electricity is absolute chaos after a few days.. we have other problems than bitcoin at that point. and as long as there are some nodes and miners all around the globe bitcoin will continue to exist and be right back for us when electricity is back. and it will be back unless you think we will live the rest of our lives in a pre industrial revolution era.
Student only learnt about flee before biology exam. But question he got from examiner was about toads. So his answer was :" well, toads have no flees and flees are......" :)
The problem with most people is that this answer was very long and for a time seemed That it was going to be pointless but Jordan has the gift of seeing the big picture and the world would be a much better place if it got back to this mindset..
Pay attention to what he's saying. Instead of specifically answering the question he will tell a story, give detail and insight and leave you with information you can apply to many situations as well as answering the original question.
I see what he is saying but Bitcoin is the way. We are the people who will benefit more than the rich. Jordan is worth over 8 million dollars. When people have a lot of money sometimes they don't want to rock the Boat!.
I don't think BTC will replace the current system but it offers the people an another alternative to store and transact wealth. And I think that govs will try to stop the adoption or forbid BTC, just look at history of gold.
Bitcoin may be slow, but a "number go up" technology is enticing to most people. In turn they get invested into the most immutable and safest money ever created(lest they remember their password). I've just been to curious to see if mankind can manage the terrestrial threat of a solar flare, probably yes.
@@mik569 I'm sorry to hear that. I guess I have to ask you to explain your meaning of frozen Bitcoin. Do you know if the account(s) were kept on an exchange or a hardware wallet?
He does but he's never really direct. Centralization can lead to people trying to atain power and control over those around them. but having decentralized things like bitcoins would allow more avenues for people to gain power and reduce the chance of tyrannical people coming into power. The problem with decentralized money like bitcoin, like with all digital money: is that if i have 100 blip-bloop-schoo-moo coin and my grocery store doesnt accept that as a form of payment then the coin is useless.
I like Peterson. Trying to find where he talks about Bitcoin in this segment, he jumped the track and talked about everything but Bitcoin. Ah, found it... fast forward to the 12:00 minute mark. I think the real concern with Cryptocurrency is less about Bitcoin and more about Central Bank Digital (CBDC) currencies. Bitcoin is "absolute" money whose value cannot be stripped by insiders. By contrast, CBDCs are fiat money whose value can be stripped and whose use can be programmed to buy certain products, inflated to fund certain programs, and censored. CBDCs will usher in modern serfdom.
*Note: BTC is NOT Decentralised BTC protocol HAS been changed BTC is NOT Bitcoin BSV IS decentralised BSV HAS a fixed protocol that follows the Bitcoin white paper “Bitcoin: an electronic cash system.” BSV is Bitcoin. Do YOUR OWN research.
"Imagine Bitcoin was successful and all of a sudden we're really never able to exercise control over our monetary system again" The thing is, Bitcoin is already an opt-in system. By using Bitcoin you're choosing to exit the fiat system and cast your vote for the Bitcoin standard monetary system instead. And because its open and decentralized by nature, that is, and always will be a voluntary action.
Hard money has never been completely transparent, verifiable, and auditable by anyone and everyone. Therefore, the hard money(gold) centralized and had no accountability. Bitcoin fixes this problem and banks on a Bitcoin standard would have no inherent control over the money system itself and would be completely beholden to transparency because of the properties of Bitcoin. If on a full bitcoin standard, regardless of banking, nodes can be run by basically anyone for basically nothing so it can and should continue to decentralize more and more. It def fixes the flaws of previous hard money that made centralization necessary and inevitable.
Surely we know the outcome of the experiment, it’s what happened with the gold standard in the 1920s where the US decided to move away from the gold standard. My limited understanding is that that could of been avoided if companies and investors hadn’t taken on so much risk, and the move away from the gold standard was effectively bailing out reckless investors, albeit for the sake of the overall economy. The other thing is, bitcoin doesn’t necessarily need to be a currency to be useful. Acting simply as a digital store of value would also be very useful. Gold 2.0.
I do not know how to verbilise it yet properly, but it seems to me that Tami has a toy that thinks and she is just using uncle Jordan for her amusement. I enjoy watching her next to him. It is like she is watching a high energy puppy play with toys 🤣 Thank you for showing that a crazy guy can be in a good marriage. That is great for me to see, since I am a crazy guy myself. 😄
NEVER Thought I'd get to this point! JBP whom I admire; is rambling! Pure & simple. Uttering seemingly Well Formed Formulae, that are disjoint and practically unrelated. I console Myself by remembering his other talks that are brilliant. This is for the recycling bin.
@@googlekonto2851 it was, just not in a manner some people would like. As far as personal opinion, he's curious and maybe a little hesitant to throw in, but can't see a problem with it yet.
Tami: „What do you think about Bitcoin“
Jordan: „Well, Moses…“
Moses . . . distributive control . . . anti-tyranny . . . pro-de-centralization . . . revolutionary change brings unintended consequences . . . could be the solution but not a given . . . and THAT'S what I think about bitcoin.
I knew where he was going with that from the start, but then, I've been studying Exodus and Numbers recently too.
Personally, I'm sticking with silver, and distrust anything they can digitally manipulate.
well the blockchain precludes manipulation... allegedly.
@@BeBopScraBoo Bitcoin's blockchain does, but as we've seen, the keys can be demanded, the funds can be seized and the insiders can run away with the bag. Imagine a massive deal is going to cause a large shift in the value of a particular crypto. So big, it's going to sink a particular fiat currency and bankrupt a nation. Moves are made with the banking regulators and legal injunctions are put in place, but it doesn't look like they are going to be able to stop it. Even raiding the businesses involved won't change anything. Suddenly, there's an unusual power outage. The exchange is down too. Sabotage. A mysterious fire/flood/plane crash. The deal is in doubt for ten minutes, and timed to coincide, rumours circulate. Someone in the media close to that nation's leaders does a hit piece, and thousands of small to medium investors sell on hearing there may be a problem.
It's nothing to do with me, but the chunk of my portfolio in that crypto is wiped out overnight. No thanks. The Nordstream pipeline was sabotaged for similar reasons. Don't tell me it can't happen to crypto.
Do you know who the Chinese whales are@Ed Bicelis? Do you know who the Zurich gnomes are, and where their loyalties lie? Cryptos are already heavily manipulated the old fashioned way, but there's more to come. Good crypto is a trojan horse for bad crypto, and I don't mean dogecoin. Tied crypto exchanges, private blockchains, CBDCs. We have a digital Yuan, and we'll soon have a digital Pound. These will be traps. Digital man traps. Digitally manipulated, social credit scored, global enslavement, wealth and power beyond imagination man traps, and bitcoin entheusiasts may well jump out of high rises like it's 1929 when they realise what they've helped to usher in.
Moses coin
JP: "Ahh yes, bitcoin. Have I told you about the Israelites?"
Says shallow thinker.
It was a very good analogy for a decentralised situation it's one of the most well known 1 of those situations humanity has ever faced. And the Israelites worked it out successfully. Bitcoin if it succeeds will make all of humanity follow the same path as the Israelites.
@@johnglover5071 oh yeah - your response definitely required much & deep cogitation.
In the general case; one liners, such as the one you just sent, contributes Nothing to the discussion, because it brings nothing new, no idea, no progression of argument. Nothing! It's just like a burp.
@@ittaiklein8541 being able to communicate more with less words is by itself a virtue.
Lol I love it bro. Too true
Now that I am older (age 60), I realize I am at least 85% wrong most of the time. This realization makes me a better person. I have less ego and less to prove; it's freeing.
I think you're wrong.
@Ed Bicelis I mean, the probability that you are wrong EXACTLY 85 times out of 100 is more often zero than not 😃
Interesting rabbit hole btw
Regular Physical exercise opens up a new World in your mind.
Wisdom
@Ed Bicelis sometimes 83.5%
The actual answer begins at 11:30. You’re welcome 😉
🤣🤣🤣🤣🤣 Thanks
Whoosh...
Nah. It's too much fun getting there the long way.
Bruh 😆
-Host: "What are your thoughts on Bitcoin?
-JP: "So Moses..."
Wife*
That’s his wife
I freaking love his Batman super-villain costume, unironically. It's just really neat.
I first saw it on Joe rogan's podcast. I fucking love it too! That company sent him 12 suits. I can't wait to see the rest!
Reminded me of two face immediately. Minus the burns of course
@@tangomango2459 Yeah two-faced was never this smart. And didn't have witty come backs. Jordan may dress like Two-Face but he's way more like Bane than any other anti hero in the Batman movies.
The company that made it for him did 12 suits, one for each rule. The blue side represents heaven, and the red side represents hell. The blue side inlay is clouds, the red's flames. Also, the blue side is made of wool from a sheep, and the red's made of wool from a goat. It's freakin' awesome :)
@@ElectroBengt I'm sad that the trousers are all red though. Should of been mixed too, preferably on opposing sides.
“This is a historical lesson of immense significance, and should be kept in mind by anyone who thinks his refusal of Bitcoin means he doesn't have to deal with it. History shows it is not possible to insulate yourself from the consequences of others holding money that is harder than yours.”
~ Saifedean Ammous
The Bitcoin Standard is the most impactful book I’ve ever read. Spread the word brother.
Crypto currency is unfit as a currency because it costs too much for transactions that get taxed by so called mining. Speculators hope people more foolish than themselves will buy it at a high price for fear of missing out. It's all pump and dump, baby.
@@JohnWilliams-channel Theres Bitcoin and then there’s the “cryptocurrencies” you are referring to. Most crypto’s are ponzi’s, but don’t confuse them with Bitcoin. Bitcoin is unconfiscatable, digitally scarce money. There’s a MASSIVE difference John. Read The Bitcoin Standard by Saifedean Ammous if you want to understand why Bitcoin is so important for the prosperity of the human race.
@@LMCKAY87 The block chain algorithm is ridiculously redundant and power hungry. Banks have better online currency, AND they are FDIC insured. By "scarce" I think what you meant to say was a "commodity", but a "commodity" that is diluted with every transaction. But do continue to spread FUD about the dollar. I can refuse your payment in bitcoin.
@@JohnWilliams-channel Do you often talk about things you clearly don't understand? How embarrassing for you!
Good luck storing your economic energy in a battery (The dollar) that perpetually leaks 15% of your purchasing power every year and will continue doing so until it’s worth exactly zero (just like every other of your beloved fiat currencies have done for the past 5000 years). Where exactly do you think this 2 trillion dollars we print every year comes from? I'll give you a hint…your back pocket. Bitcoin is a digital COMMODITY that seeks to replace the dollar and other fiat currencies with a fixed supply of 21 million units that CANNOT be devalued and that are backed by a wall of encrypted energy. (Orders of magnitude less energy than the world's fiat systems use…since you're so concerned about it.)
You should go to the doctor John because you have a severe case of Stockholm Syndrome. Do you even know what the Treasury Dept. does? Lol. I'll educate you: They make treasuries (IOU’s), which the FED buys the majority of and puts them on their balance sheet. This, along with bank loans, is how money is created. (Hint: Creating money is a very bad thing.) This means more dollars chasing the same amount of goods. AKA Inflation. We live in a fractional reserve system, do you really think the bank just has this money sitting around in the vault to give to you? No, they take it from their members' equity. When you withdraw money from the bank, they literally take somebody else’s deposit and give it to you and when they run out and need more dollars, they ask daddy Fed in the overnight markets. You clearly did not know this or you would feel much different about your beloved dollar. FDIC Insurance?! LMAO, whatever lets you sleep at night bud. But don’t worry, you’re not alone, if people actually knew this there would be bank runs like never seen before and your FDIC insurance wouldn't mean jack shit. We have the luxury to do all of this criminal behavior as the world reserve currency. Inflation is legalized counterfeiting and counterfeiting is criminalized inflation. Think about that.
Bitcoin is a decentralized computer network that cannot be destroyed. Unless you’re one of those that think you can shut down the internet. Its never going away and more and more value will collapse into it as people start to understand it is perfect property. Capital ALWAYS flows from weak money to hard money (Greshams Law) and if you think any different…good luck.
I suggest you learn about economics AND Bitcoin before you start speaking on it like some kind of wannabe authority. When your grandchildren ask you why you didn't buy Bitcoin when it was so cheap, you can tell them you always believed what you were told to believe, couldn't think critically and chose to play with your guitar instead of educating yourself how to preserve your family's wealth for generations. At the very least, they'll appreciate your honesty.
I appreciate the way he thinks through these difficult and complex problems and systems LIVE. He's constantly marshalling and updating his arguments. I like that he does not start answering the question with a simple 'pro' or 'against', and then elaborating; but rather, he takes you through the journey that he himself has that formed his opinions on the matter. His view of the problem is very detail-oriented, and that can be rare to find in today's world, where "Hot Takes" seem to mather more than well though-out positions. I want to emulate him in this regard.
one of the reasons i can't watch those "takedown" videos is because they'll stop one sentence 5 times and interject horrible strawman arguments in place of just asking JBP to clarify.
This was a very thoughtful comment that helped to share the value of meaning from this talk. Thank-you.
@@ShaunPrince I'm glad to share my appreciation of Dr. Peterson with the world. You're very welcome, and thank you for your comment.
Imagine who people will be talking about Jordan Peterson in 100 years. I am happy to be alive during this time.
@@BeBopScraBoohorrible strawman arguments against JP who makes logical fallacies every other phrase. Happy to go through them all
He could've said: Bitcoin is a genius idea but I'm scared.
Nah, people like to know why he thinks it's a genius idea and why he's scared.
Yeah. That's pretty much what he said.
Hahaha
Just love Jordan Peterson
I don't know what to think about Bitcoin but I absolutely love his suit jacket. Lol😂❤
Represents the force of good and evil within each of us?
Why are the pants not 2 colors as well?
@@DonClark A company made him like 10 custom suits and they probably gave him two pairs of pants for that one. :D
Dude its epic!! 😀😀😀
Yep, that's the chaos and order suit 😎👌
That's what I call an in-depth and balanced answer.
It’s what you call waffle
The gold standard also placed a restriction on government's ability to print money. I think the current fiat system exists since 1970.
The only reason I'm curious about crypto that's associated with a resource
The Gold Standard was easily subverted by nation-states due to Gold being centralized in banks. Golds physical nature means you need to store it somewhere, and you need a lot of security to protect it and move it.
Yes, and gold was $35/oz when the USD was taken off the gold standard in 1971. Since then, gold has ~50x’ed, meaning that the USD has lost roughly 98% of its value since then. Insofar as prices of goods and services have gone up less than 50x in the same time span, you could probably chalk that up to the massive technological improvement that’s taken place since then.
"If you don't believe me or don't get it, I don't have time to try to convince you, sorry.” ~ Satoshi Nakamoto
“Anime was a mistake.” ~ Hayao Miyazaki
@@D.S.handle "I have had it with these MF***ing snakes, on this MF***ing plane!" ~ Mahatma Gandhi
Thanks. This made me laugh almost as much as Jordan"s ...what would you say?? answer, response?
The entity who abandoned their project
@@seanbrennan5192 because that bitcoin tree can now grow without his/her intervention! What the point of decentralised bitcoin if it has centralised figure head?😂😂😂
You give me hope!!!! Keep it up!! Love ya dude !!!!! Thank u!!! Jordan is a gem!!!
at this point I just want to know if there are any presuppositions that are not unbelievably pathological
I would tell you but that would be unbelievably pathological
You are probably right. I think the pathology stems from a refusal to update the suppositions in harmony with the outside world.
That depends on what you mean by pathological.
i proffer a presupposition predicated on a God Who comes and die in our place so that we do not need to die... a God Who assumes the pathology on our behalf...
This made me chuckle
I can’t help but ask - what’s up with the Two Face suit?
'There is a point to all of this, I promise'
As they say, only one who is able to laugh at themselves truly has a sense of humor.
There's no 'C' in "sense of humor".
Do You know that you are allowed to edit your comments?
@@verbumsat thank you for the correction.
Those who stuck around were rewarded lol took a while to get there but made some insightful comments on bitcoin. 👍🏼
It helps me listening to his responses twice. I’m not afraid to say it. Never been a smile and nod person.
Briliant explanation!
Well informed and thought through point of view. Clear understanding of life and human motivation. It makes us think …
Thank you, Dr. Peterson!
Are you serious? It was mostly rambling about totally unrelated topics! "If you can't explain it simply, you don't understand it well enough." - Einstein
@@dnoordink I suggest you watch it - fully - a few times. Like the guy above said "Brilliant explanation". Long winded, yes. But brilliant.
Let me summarise for you. Bitcoin has the potential to fix the world but there maybe/will be consequences that we have not yet thought of.
@@yogawithandy Yes, but truth be told, he could have just said "Bitcoin is a radical change... maybe it has some side effects that we did not think of".
Maybe it would not sound as dramatic as talking about Moses, Religion and God first, but its basically the same point that JP is making.
LOVE
@@flyingsquirrel7442 LOVE is a huge pile of chicken crap... and every once in a while some annoying creature will climb on top to crow.
Funny how Peterson switched from an inquisitive explorer of the Bitcoin phenomenon to trying to avoid supporting it and vainly trying to find reasons for its downfall. Yet, everything Bitcoin represents embodies his ideals and transforms people.
I'm only concerned about a few issues regarding it. No attached material resource, and cost to actually use it. I mean in terms of transaction processing. There might be others but those two stand out to me.
@@ChaoticNeutralMatt The attached material resource is the hardware that runs it and the electricity that powers the hardware. Bitcoin is, in the most literal sense, backed by energy. Which means it is backed by human effort.
Bitcoin is actually bridged with the material world through the extensive use of electricity. Electric energy generated with material resources allows it to manifest thermodynamics in cyberspace.
As far as the cost of using it: its base layer is meant for processing large transactions with maximum security and reaching final settlement without any third party being able to stop it. In this dimension it is actually the cheapest and most secure monetary network. Think of it as a competitor to gold and fiat.
If you wish to transact daily and pay coffee with it you need to use second layer solutions, the most important being Lightning Network, which can scale BTC transactions by a factor of million and reduce costs to the bare minimum. Think of it as the payment network, competing with Visa and Paypal. In this dimension, BTC is again the fastest, cheapest and soon to be most reliable network for sending transactions globally, even to developing countries where people are mostly unbanked.
These two solutions actually create the perfected monetary and payment network for a globalized civilization.
@@ChaoticNeutralMatt Energy is the attached material resource. Transaction processing is being improved with the lightning network.
@@ChaoticNeutralMatt your dollars and money in the bank don't have any real material resource so I don't see why that's a concern. It was removed from the gold standard since the 1970s. And the cost of transacting is pretty cheap, gets more pricey when the blockchain is congested but that's really only if you aren't using the lightning network. Using LN the cost to transact is pennies
At 15 minutes Dr. Peterson is talking about not knowing what would happen if the money is removed from political control. YES WE DO! That is what the gold standard was, and it worked wonderfully!
The Gold Standard sucked, that's why it was dumped. The moment they dropped it, which w as in the middle of the Great Recession, everything started improving
@@Mandragara😂😂😂😂😂
I think that's the most stupid thing I've heard since 2021@@Mandragara
@@naborlz All verifiable facts. You can dispute the causal relationship between them. Matter of fact is that great recession all happens with Gold standard
And that's the second most stupid thing. @@Mandragara
people who say "he doesn't talk about btc" doesn't understand btc
HOW did he talk about fiat currencies and not mention the petrodollar?!
For a while I started to think the title of this video was severely misleading until he tied it all up in the end. Well thought out and thorough as usual!
14:39
Correct me if I'm wrong
Btc can self correct democratically if majority of nodes agree to make the hard fork. So the blockchain has the mechanism to make changes if its citizens agree. Therefore, Peterson's point on 14:39 can be rebutted.
Am I right?
In that suit it's like if the Joker was an intellectual.
This interview, this response from Dr. Peterson, is hilarious! Who else could extrapolate the essence of Bitcoin to the Exodus example? Nobody!
This man is brilliant/educated/ just plain smart!!
I see the correlation, and sad that you don't.
Like your jacket. Where'd you get it?
It's custom designed by Jordan himself, it represents heaven and hell. The blue side is woven of lambswool, the red is woven from goat wool. I wish I knew the tailor.
I thought he was gonna flip a coin to see which personality would answer
Lol 🤣
Jordan really keeping up to date with the modern trends in 2023, like bitcoin.
In a year he will discover Bored Ape Yacht Club.
If you're thinking of it as a trend, you're not thinking.
@@TohnoEn apologies. I forgot bitcoin was a mindset.
@@TohnoEn is “fad” more to your taste?
@@tedkoppel13 it's a phenomenon. Bitcoin has gone far beyond a fad, as billions in real value are traded every day using the network. It is, in some sense, a force of nature.
Maybe it will burn out. Maybe it won't. The implications of a currency NOT controlled by a government that can't be counterfeited, can't be inflated, and can't be stolen by anyone, including governments ( without using real guns ) is enormous.
What’s your thoughts on Bitcoin?
JP: Have I told you about my suit?
the crowd is annoying. let the men speak and get to the point, and dont just applaud when he states the truth. Applaud when he is finished with his proposition to improve. Agreeing when somebody says "the grass is green" is weird, not gonna lie.
Jordan peterson is the best
"If you can't explain it simply, you don't understand it well enough." This rambling discussion about religion, tyranny and the Israelites tells me you don't understand bitcoin well enough to explain it simply.
yeah he has no clue
Jordan, PLEASE, I really would like to hear a conversation between you and Michael Saylor...two of the most intelligent people on the internet.
He is totally right. We do not know what would happen if Bitcoin was to become the global currency. Though my guess is that it can't be worse then what we have today..
We know that it would remove incentives of bad actors, and add incentive and reward for good actors.
We also know that it would stop the ability of those who have the printer to steal from all participants simultaneously.
Like you, I Can't imagine it'd be worse either!
@@ckniffen7111 Yeah, I doubt anyone would argue those points. The separation of money and state is undoubtedly crucial for any future we want our children living in. I guess what JP fears, and what we should all acknowledge, is that the road will not be without hurdles and perhaps it's own inherently unsolvable problems. My own response to this valid concern has always been this. "Even if you were sure bitcoin was bad for the future - is that fact in any way going to be enough to stop it's growth... probably not. So the answer of what to do remains the same. Buy some."
Bitcoin as a global currency would introduce deflationary economy. Right now deflation usually only occurs during recessions, so there is a bad association. But with Bitcoin as global currency all the economical rules would change and deflation may be positive in that context, but we will not know for sure until it really becomes a global currency.. Third world countries would probably gain the most from this, in the west we would probably experience a soft reset, and that could be problematic in the short run.. But AI technology will do that anyway so Bitcoin will probably be the only logical choice.
We will work this out .
Nobody’s gonna say anything about his two-face from batman costume? 😮
:)
On Joe Rogan episode 1933 he says it represents heaven and hell. Something like that.
It was a very good analogy for a decentralized situation. You can still have a community (Central situation) But with honest money.
Video starts at 11:28
You're welcome
Thanks!
Bitcoin is something you hold once you understand the math and something you avoid when you've been convinced you are too smart to need to understand it.
TL;DR So basically the Fed thinks they should have all the responsibility of your money because they don't think you should.
Going into the unkown is a difficult thing especially when one is attached to the survival mode. First time I heard Jordan but his view on bitcoin, although starts at 11:30, was fair enough! It makes sense that right now Bitcoin could be a catalyst of peace but it does not mean that we will not have chaos before peace!
Did you go to Don Cherry's tailor?
I never thought of it that way before. Distribution of responsibility is greater than the distribution of wealth. And you certainly can't have both.
I like the Jekyll and Hyde suit.
Bitcoin has all of the traits of true currency. Something no other money has.
The supply can’t be increased. Deflationary
It’s divisible. Grows with population and demand
It’s sovereign. Government can’t control your money
It also has the trait of being accountable. That means no black budget trillions going “missing” like the DoD has done twice now
We are familiar with millionaire and billionaire but is there a term for someone who owns one bitcoin?
I vote for Toshinaire
Would fit quite well, since the smallest unit of BTC is "sat"
Hodler
I think we can have fiat and bitcoin and eth and a few other cryptocurrencies. Just like we have fiat and gold and silver and numerous other commodities.
He could have just said, "Buy Bitcoin".
Jordan's "subsidiarity" idea, the idea of breaking up communities into local groups, is incorporate into bitcoin through hard forks. Local groups can split off via a hard fork and use their own rules. I don't think Jordan has fully studied bitcoin therefore does not see what is is all about. No blame here, he is a very busy man, and bitcoin is an endless rabbit hole. Very few people have the time to fully understand bitcoin, that's one of its biggest problems. It's so complex and covers so many different ideas it's hard to grasp.
Like cryptos not controlled by governments which is the same reason governments don't like cryptos.
Unless that crypto is from the government.
Government controlled crypto(s) allows the government to turn off our money and turn off our money per person!
“Crypto” is the dumbest buzzword of the last decade. Those are just companies owned by developers who premined their tokens and exercise centralised control over their network while bragging about being decentralised. Yet each of them ironically has a known CEO and a development schedule.
Bitcoin is THE decentralised, permission-less alternative to central banking the origin of which is a miracle, everything else is noise. Do not be fooled and DYOR.
That’s jacket is baller!
I thought it was the light . But yeah its don cherry level almost
No electricity no bit coin.
Physical bitcoins have been available for years. You do not need electricity to use bitcoin.
No electricity no digital currency in general :P
if this is your wold view than you better be 110% self sufficient and well hidden and well armed because 99% of the population will die only well armed Amish will survive lol
No electricity, no world...
Or don't you know how fragile is our society? Do you know how many days will survive without food the world? Without the power grids we are doomed...
How naive you are bro
dude no electricity is absolute chaos after a few days.. we have other problems than bitcoin at that point. and as long as there are some nodes and miners all around the globe bitcoin will continue to exist and be right back for us when electricity is back. and it will be back unless you think we will live the rest of our lives in a pre industrial revolution era.
Student only learnt about flee before biology exam. But question he got from examiner was about toads. So his answer was :" well, toads have no flees and flees are......" :)
This guy is a living walking ChatGPT
Great answer.
What was the answer?
The problem with most people is that this answer was very long and for a time seemed That it was going to be pointless but Jordan has the gift of seeing the big picture and the world would be a much better place if it got back to this mindset..
What he forgot to say was to buy now and hold.
be prepared when you ask JP a "simple" question ...
Philippine Flag:...
Jordan's designer: Let me have that...
Pay attention to what he's saying. Instead of specifically answering the question he will tell a story, give detail and insight and leave you with information you can apply to many situations as well as answering the original question.
Hm.. Maybe reduce the amphetamine dosage a bit, Jordan?
What's a safe place to go to?
I see what he is saying but Bitcoin is the way. We are the people who will benefit more than the rich. Jordan is worth over 8 million dollars. When people have a lot of money sometimes they don't want to rock the Boat!.
Talked so long the moderator took a drink
When Jordon Peterson dresses as Batman's enemy TwoFace.
What was the question again?
When does he actually answer the question in this video?
Thank you
Near the end.
Thank you !
I don't think BTC will replace the current system but it offers the people an another alternative to store and transact wealth. And I think that govs will try to stop the adoption or forbid BTC, just look at history of gold.
15:58...pretty much says it all...
but you lose all context, so the prior wandering is needed
Bitcoin may be slow, but a "number go up" technology is enticing to most people. In turn they get invested into the most immutable and safest money ever created(lest they remember their password).
I've just been to curious to see if mankind can manage the terrestrial threat of a solar flare, probably yes.
It's doomed to fail.
It was a good idea but the government can already freeze Bitcoin wallets.
@@mik569 False. Bitcoin is seizure-resistant and can only be seized by obtaining the private key to a bitcoin address.
@@Phoenix-Brah they did it to me and fellow Canadians during the trucker convoy. Even people who donated $5 on GFM.
@@mik569 I'm sorry to hear that. I guess I have to ask you to explain your meaning of frozen Bitcoin. Do you know if the account(s) were kept on an exchange or a hardware wallet?
I LOVE that suit. Such a great statement. 😂😅
That jacket goes TOO hard, I love it.
Q: What are your thoughts on Bitcoin?
A: Answers on anything but Bitcoin
He does but he's never really direct. Centralization can lead to people trying to atain power and control over those around them. but having decentralized things like bitcoins would allow more avenues for people to gain power and reduce the chance of tyrannical people coming into power.
The problem with decentralized money like bitcoin, like with all digital money: is that if i have 100 blip-bloop-schoo-moo coin and my grocery store doesnt accept that as a form of payment then the coin is useless.
Is the jacket 2 jackets sown together ? What is going on there ?
I am ready for the experiment!
Somebody pls make a short summary for me.
My London is not very god
Great video!!!!
yes prema
I like Peterson. Trying to find where he talks about Bitcoin in this segment, he jumped the track and talked about everything but Bitcoin. Ah, found it... fast forward to the 12:00 minute mark. I think the real concern with Cryptocurrency is less about Bitcoin and more about Central Bank Digital (CBDC) currencies. Bitcoin is "absolute" money whose value cannot be stripped by insiders. By contrast, CBDCs are fiat money whose value can be stripped and whose use can be programmed to buy certain products, inflated to fund certain programs, and censored. CBDCs will usher in modern serfdom.
I love when your wife interviews you. ❤ She seems so sweet and gentle.
JP got some next level drip
*Note:
BTC is NOT Decentralised
BTC protocol HAS been changed
BTC is NOT Bitcoin
BSV IS decentralised
BSV HAS a fixed protocol
that follows the Bitcoin white paper “Bitcoin: an electronic cash system.”
BSV is Bitcoin.
Do YOUR OWN research.
"Imagine Bitcoin was successful and all of a sudden we're really never able to exercise control over our monetary system again"
The thing is, Bitcoin is already an opt-in system. By using Bitcoin you're choosing to exit the fiat system and cast your vote for the Bitcoin standard monetary system instead. And because its open and decentralized by nature, that is, and always will be a voluntary action.
Peterson will talk about anything, no matter how little he knows about it, and no matter how tacky the suit he is wearing.
I'll give him that.
Didn't we start out with money being fully decentralized? Banks surely came only long after money was invented, no?
Hard money has never been completely transparent, verifiable, and auditable by anyone and everyone. Therefore, the hard money(gold) centralized and had no accountability. Bitcoin fixes this problem and banks on a Bitcoin standard would have no inherent control over the money system itself and would be completely beholden to transparency because of the properties of Bitcoin. If on a full bitcoin standard, regardless of banking, nodes can be run by basically anyone for basically nothing so it can and should continue to decentralize more and more. It def fixes the flaws of previous hard money that made centralization necessary and inevitable.
WTF was the explanation on bitcoin?
Surely we know the outcome of the experiment, it’s what happened with the gold standard in the 1920s where the US decided to move away from the gold standard. My limited understanding is that that could of been avoided if companies and investors hadn’t taken on so much risk, and the move away from the gold standard was effectively bailing out reckless investors, albeit for the sake of the overall economy.
The other thing is, bitcoin doesn’t necessarily need to be a currency to be useful. Acting simply as a digital store of value would also be very useful. Gold 2.0.
Harvey Dent vibes 🔥🔥🔥🔥🔥
That suit is savage.
Damn that is a cool suit
I do not know how to verbilise it yet properly, but it seems to me that Tami has a toy that thinks and she is just using uncle Jordan for her amusement. I enjoy watching her next to him. It is like she is watching a high energy puppy play with toys 🤣
Thank you for showing that a crazy guy can be in a good marriage. That is great for me to see, since I am a crazy guy myself. 😄
NEVER Thought I'd get to this point!
JBP whom I admire; is rambling! Pure & simple. Uttering seemingly Well Formed Formulae, that are disjoint and practically unrelated.
I console Myself by remembering his other talks that are brilliant.
This is for the recycling bin.
Five minutes in and Bitcoin is all about family dynamics and Jewish mythology. But... I have no doubt he will stick the landing
I thought this was about Bitcoin lol 😂
It is if you understand bitcoin
JP looks like he's attending the Pimp of the Year gala.
15:33
Haha I literally asked this exact question to JP when he toured my city last year, it wasn't answered on stage though.
well it also wasnt answered in this video.
@@googlekonto2851 it was, just not in a manner some people would like. As far as personal opinion, he's curious and maybe a little hesitant to throw in, but can't see a problem with it yet.