Lex, do you not know what real money is? Why didn’t you bring up what has historically been used as money for thousands of years, ie gold and silver? I’d be happy to have a discussion regarding this topic and essentially proving what real money is. Hint, it’s not information, it’s something with real world uses, ie intrinsic value. Unfortunately our world hasn’t seen real money in 50+ years which is why our economy is so screwed up n
The problem with crypto is that most of it is already distributed. More than 19 million Bitcoins have already been mined. Using Musk's analogy, we have already allocated the ressources to the people who got in early on it.
This requires more specificity because there are numerous forms of moneys and currencies in use. Fiat and commodity money don't meet the same definition and resources aren't magically allocated because of ledgers, esp. in times of scarcity. Databases and markets have been manipulated by the injection of trillions of dollars, leading many to anticipate receiving resources not secured by supply. Bitcoin doesn't solve many worldly problems but the technology is impressive.
Its being referred to as information because he is trying to draw a parallel to information theory(a branch in statistics). Essentially, money is the ability to claim goods and services. Its a storehold of the ability to procure 'stuff'. The problem with money as it is now is that resourcefulness allocates money(essentially allocating claim to goods and services) to different people in different quantities. Say an economy starts off with a finite amount of 'money' - 100 million lets say. There are 5 people in this world + government. This is how the distribution looks like initially, 1m, 6m, 1m, 2m, 0 Now, injecting more money into this skews resource allocation(from a very simplistic POV, obviously there are a lot more complicated dynamics in play) You can't skew distribution of how resources are allocated using cryptocurrency.
My first job was to write cobol programs for mainframes for one of the American banks. Elon is very correct when he says that money is cobol mainframes.
Its not about bitcoin, its about the technology behind it. Currency is just one use-case that has yet to be innovated (tx volume etc) to become a better form than fiat. Besides currency there is a trillion more use-cases in which you can use this technology that essentially proves whatever. It will mostly be used where trust is needed. Since the first time in human history something can be set in stone, without it ever going away. One very clear example of this technology is NFT’s. Essentially a universal proof of ownership of anything that will exist in eternity..
Except NFT art is basically garbage. You're just buying ownership of a link which brings you to an image hosted on a website, not the image itself. If the person hosting the website takes it offline or changes the image, "your" art is gone. One example I could see NFT blockchain tech being used is other digital downloads, say a video game. Where currently when you buy a game, you also get a key code unique to your purchase, which "proves" you own it, so you cannot transfer that game to a friend's computer etc. This code, and your entire library of games, could be secured with the blockchain.
How does a deflationary asset spur spending? Im big into Cardano and have held btc for a few years but the idea that people will use a deflating asset for daily purchasing doesnt add up to me. However I am big into the practical use for a unhackable ledger / SCs.
Your money should not incentivize spending... Whether it should or shouldn't spur spending is really irrelevant. The harder money is wanted. Period. There's nothing you can do to shield yourself from the consequences of others holding money that his harder than yours.
Tangible asset's don't deflate the way money does, take a classic car. So it makes more sense from an investment standpoint to have your money in assets like homes, vintage cars, or any collectable good rather than paper notes that decrease in value at least 5% a year from the government printing more money. Everyday spending doesn't matter as much because the effects of inflation probably wont be seen on such a short term but over time it becomes drastic.
@@Mstrofpup Money is meant to be spent. People want crypto to do contradictory things because most of them misunderstand the purpose of money. People don't hoard piles of cash because it is a stupid way to conserve value.
@@Mstrofpup Simple. Buy productive assets. If everybody is saving and not putting their money to use, the real value of the savings goes down, as quality of life stops improving or gets worse.
If we can create a situation where waste plastics can be cut up into sections and fed directly into a 3d printer it will create the means for some of the poorest countries in the world to reduce their impact on their environment whilst pulling themselves out of poverty win win..
It can be done, the problem is that the transformation requires energy(Adds cost) and pollutes. It is cheaper and cleaner for poor countries to buy new plastic, which is unfortunate.
@@DanielCPTrader I'm suggesting adapting plastics at the commercial level in the factories that make bottles bags and other disposables so any waste plastic can be used in such a way by making both the material and printer able to accommodate this application. I fail to see how that adds extra cost if all we are doing is changing the chemical constituents of the materials we use.. if I'm wrong by all means explain in more detail so i can do the research myself on the issue you believe there is with such a strategy ???
@@chrislecky710 Oh I see what you mean. Like changing the way plastics are produced so that they are easier to recycle, right? That would be good. I don't know if it's chemically possible, but definitely worth the try I say. As it currently stands, only a small percentage of plastics can be recycled. They have to be sorted and picked apart, transported, and then use a lot of energy to bring them back to a state in which they can be used as material again.
My first job was COBOL in 2007, After a few years of PHP and Python followed by the last 5 being react/node and npm hell .... COBOL is not that bad. Its worked for 60 years, most of the nonsense written now doesn't last a few weeks before you want to trash it and start over.
yup mainframe is forever..with so much processing power...hardly any tech can match it still in 2022...like for SAP...they hardly can only process few IDocs...
The market is very unstable and you can not tell If it's going bearish or bullish. I advise y'all to forget predictions and start making a good profit now because future valuations are all speculations and guesses.When these reports are bullish take some off to the side lines, when news gets bearish start buying. "Keep it simple simple" that bear/ correction was the best thing that happened me.
He is legit and I still trade with him, since I am going to retire in my early 40s. having an expert broker like Mr Ryan managing my investments is heartwarming, Because I don't have to worry about a thing, I just sit down and earn profits every weekend 😇
I remember joe Rogan criticism of Lex, and then you watch both of their interviews of Elon and you realise lex did a way better job than Joe, who made an awkward empty interview.
Money is centralized authorization The retail banking system via its license controls the creation of money Do we live in a debt based monetary system?
That's not how currency works, you dummy. You use data just to exchange for dollars, it's still not a currency. Companies who own the most data sell them for dollars, it's a commodity, not currency.
He said the aspect of it. He knows what all of us know, but he can’t say, which is the concept of wealth in a physical form is immeasurable and impossible giving the nature of the universe
Everyone makes the assumption that Elon has a comprehensive understanding of the current crypto space. He has stated that he doesn’t know what a smart contract is… If you do, congrats, you know something he doesn’t!
If he doesnt know, its because he doesn't think knowing is useful in any way shape or form. He even explains that contracts are already smart etc. Its literally because he thinks the idea is dumb.
Elon built Paypal and you are saying he does not know shit about contract concepts? What is a smart contract but an automation you build with some code? It does not matter the platform. The logic behind it is old as fuck. Now we have it on blockchains too, but they are not something new.
The current crypto space has nothing to do with the nature of money. Crypto is a new form of money. It's a replacement for currency. It's not really a new concept. For example, text messages are just a new form of conveying information, it's the replacement of handwritten notes, not an entirely new thing. Elon speaks nothing of crypto engineering or anything, it's about the nature of it as a replacement for conventional currency, and it's not that great of a replacement.
Lex this thumbnail and title is misleading. He did not say it fixes it. He said "it is an interesting approach". You have BTC in the thumbnail but he said that Bitcoin is outdated. C'mon bro
Long term investment is the best now. I invested $3,500 in march and i top up my trade with $200 every week. Now, I'm having over $87,000 on my dashboard. Toping up your trade is really important.
@@supamatta9207 as I just said, it solves 99% of the issues with crypto that musk mentions. Instant transactions at the speed of the internet, absolutely zero fees whatsoever, extremely efficient and green as there's no mining, infinitely scalable, decentralizes as it scales, zero dropped payments or double spends or forks in its existence, etc etc etc
Crypto currency does solve money HOWEVER we are missing the purpose. The point of crypto was privacy. Encryption. Bitcoin is only the start. I can be the worlds currency but still can be tampered with too much. Privacy coins is what ppl should look at. Something fully from under the thumb of government: Just my opinion, well probably never get there but inflation going crazy rn.
Loans existed before fiat currency you know... lol. And figuring out how to fund a clearly corrupt system of debt slavery isn't really high on the list of concerns. It'd be better if those institutions collapsed altogether.
@@Theviewerdude Not all countries have shitty student loan systems you know. For those that have fair prices, how are all students going to be loaned we we have fixed supply of money?, Especially for those with growing populations? Loans existed before fiat currency but did student loans exist, and what percentage of the population could actually afford to go to school before this fiat system? You see most of you have a problem with the money creation loan system and you overlook where it just works(funding education and production), As professor Richard Werner stated, the solution isn't to remove all loans, but to remove consumption loans which create asset bubbles, productive loans remain. . . . .
Elon mentioned lightning before Lex did... He does know what it is, but isn't convinced. On smart contracts he simply said he doesn't get it, not that he doesn't understand it. He simply does not see a lot of value in smart contracts.
@@jinz0 You build a nice comfortable online business. You accept crypto via paypal. Elon decides--- we're taking this to Mars! Baby! Tesla decides to order everything you can deliver--- on an approval basis, month to month contract. Your customer approval rating is a determining factor. You work 80 hours per week--- every week of the year. 😁 That is until a more competitive online business gets geared up. Maybe you stay on top for 4 decades? Mars is a time vacuum.
@@fettmaneiii4439 No he just assumes people know the complex terms he's talking about so speaks about them casually, resulting in those who aren't educated on the specific topic elon talks about, finding it hard to follow what hes saying
So crazy he doesn’t actually understand the fundamentals of money, intrinsic value. Money must be or be backed by a commodity to be real money. If you were trapped on a desert island and you used cows as money and had a lot of cows, you’d be rich. Same with lumber or any other commodity. History has proven gold and silver have other properties that make it the best commodity to be used as money. Maybe he doesn’t understand this because he never experienced real money since the US fully left the gold standard in 1970. You’d think he would have read about and learned about real money by now. I’d love to have this conversation with him about the desert island analogy. If you have paper or bitcoin, you have nothing. If you have gold, you can trade with your neighbor for his good or services.
No, it's not that he doesn't understand money, it's that your understanding of money is limited by your personal finances. Once you get to the high million and billions dollar level, Money starts to behave in a completely different way. Money becomes less and less material and more of an abstraction.
"Money must be or be backed by a commodity to be real money." I don't know that that is strictly necessary for money. (But of course I favour gold over political money.)
@@polyseed12 , I would disagree. Mathematics and fundamental principles do not change at the extremes. If money needs intrinsic value at the small scale, the same rules apply at the large scale. Money needs to be backed by something with intrinsic value. Gold has always been the best commodity to work as money.
“Money is a database of resource allocation across time and space” A fixed base money supply is the worst idea ever in a context of a growing economy/population. Just like a football game, the supply of points should expand over time. “Currently, the government in control of our currency prints too much. Therefore an expanding base money supply is bad” is incredibly faulty logic, Elon.
_"A fixed base money supply is the worst idea ever in a context of a growing economy/population ... the supply ... should expand over time. "_ This is a very old, oft-repeated, and demonstrably false idea in the history of economic thought. To the contrary, _every_ supply of money is sufficient to serve the exchange media and cash holding needs of the populace using it.
An expanding money supply is the worst idea ever. Just like a baloon, if it expands eventually it will pop with big boom!. Increadibly faulty logic Mason with comapring economy to a football game. Elon literally in the next minute of interview adresses this point. By what amount money supply should increase each year? is interesting question. I don't think anyone has ever tried not expanding money supply at all. Even Singapoure having deflation is printing money each year. Problems associated with deflation might be solved with proper cultural values like productivity. These are all theories anyway that are hard to verify. TH-cam comments can endure a lot more ideas and bold claims than reality
@@pawehajdecki9245 Isn’t comparing a base money supply to a system of points where credits are monopolistically issued by a scorekeeper clearly a much truer analogy than a balloon?..haha.
@@seankennedy4284 So we can reduce the base money supply to $1, restrict banks from expanding their balance sheets at all, and there will be enough money to serve as an a universal exchange media and enough liquidity to satisfy the cash demands of all participants in the economy? Surely I’m misunderstanding you.
@@007SuperSoldier that 1 dollar would have the value of the entire economy and the single exchanges would have a tiny fraction of the value of that dollar. The number of dollars is just a practical thing to not make people work with extremely small or large numbers. The issue is that when a bank is printing money they are taxing you by diluting the value of your currency. By the way, Elon has a degree in economics, if you are so sure about what you say I guess you have a PhD right?
Money = Database resource for allocation That must be one horrible fucking database because allocation of money is fucking horrible....just look at the inequality gap to start.
A frightfully outdated interpretation of the concept and function of money in modern societies today. This topic is clearly outside the domain of his expertise and investigation but then again credit to his marshalling the thousands who build the cars and rockets for the next generation. He might benefit from another exceptional financial engineer's writings, Warren Mosler, on government fiat creation and taxation which is the monetary system factor most responsible for innovation and supply of risk capital in the modern era.
Fiat and taxes are most responsible for innovation... that is quite ridiculous IMO. Intelligent people seeking to improve the world or enrich themselves fuel innovation first and foremost. Fiat and central banking makes it easier for them to find funding, but it also makes it easier for people to fund bad investments that would never succeed on their own, and continue funding them long after they should have failed. The negative has a much more pronounced effect than the positive. Any benefit gained from a successful project finding easier or more funding, is erased by the misallocation of resources and loss of productivity that failed projects create. And lets not even touch on how the government is the best at wastefully spending tax dollars - that much should be obvious, so I'll focus on fiat. In short, fiat enables reckless spending and misallocation of resources. Artificially low interest rates lead to a perpetual state of growth which is unsustainable, until inevitably the whole system collapses. Austrian Business Cycle Theory 101, you should read about it if you're unfamiliar. Say in the case of the 08 crisis, the market had been built around this booming housing market, which was actually wasn't booming whatsoever. It was filled with new homeowners that couldn't pay back their mortgages. The banks were enabled to hand out these risky mortgages, due to fractional reserve banking, which is enabled by fiat & the federal reserve, and government-borne organizations like Fannie May / Freddie Mac would buy the securities from them, absolving them of the liability of these risky investments. Entire industries that had built themselves around this booming market suddenly found themselves with too many employees and invested too deeply into it, and were forced to sell off tons of their investments, lay off tons of employees, etc... in other words, massive misallocation of resources. None of which that would have been possible without fiat and government funding. Also not to mention how fiat and the related inflation is robbing the lower and middle class of their wealth.
@@Theviewerdude The Austrian school of economics is probably the most despised interpretation of economics in the world today. It fosters draconian austerity and has been disputed by many modern and mainstream economists and monetary theorists: th-cam.com/users/results?search_query=warren+mosler+austrian+school Please don't lecture me. With the exception of crypto proponents, you will find vehement debate among MMT and social progressives as well. Needless to say, every claim you've made here is strongly rejected and this is neither the time nor place to go into detail.
@@genecat yes it is the most despised because the field of economics has been infiltrated by politicial interests. Mainstream economics has become a psuedoscience of manipulating empirical data in order to justify fundamentally flawed economic policy. With a soft science like economics or psychology, if you try hard enough, you can find empirical data to support any notion you want. Modern monetary theory is a shining example of that, created entirely to serve as intellectual yes men to the political and banking elite. Your entire criticism of the school of thought basically relies on an appeal to authority. I shouldn't have to elaborate on why that isn't a strong argument. It doesn't matter how many "experts" dispute the school of thought as they aren't the arbiters of truth. It's no different than how bloodletting was considered a cure for many ailments. Popularity doesn't deem something correct. I'm sure the ideas of modern medicine would have been quite unpopular in the year 1200. You're right this medium isn't really the best place to have such a complicated debate, but I suspect that is often said because someone is unable to defend their position, not because they are unwilling. But that's all pretty irrelevant to the main points of my original comment. That fiat currency, fractional reserve banking, and central banking enables boom and bust cycles via misallocation of resources into bad investments. That isn't an opinion. It isn't really up for dispute. That is a fact, demonstrated many times through history, the most clear and recent example being the 2008 crisis. And it will happen again, likely with higher education and the stock market, for very similar reasons.
@@Theviewerdude In the modern world of the floating-exchange rate, non-commodity-based fiat currency the ISSUER of the currency holds monopoly power and authority and the ramifications of that authority and power entail all of economics. Watch the video. It's a cogent explanation based on deductive logic and first principles. The Austrian school promotes the user of the currency as the central actor. That is where the confusion starts. A full explanation is contained in the video link I supplied. Your insistence on a misallocation of resources is also addressed in the video and the logical flaw in that argument is expertly revealed. There is no one better than Warren Mosler to unpack the arguments and reveal how the economic vectors you construct are the source of the confusion. Watch the video.
So an info data base system meaning digitised ledger of all transactions globally. So all thats needed is acceptance by corporations in terms of acceptance. That would suggest transference of the value of those coins to himself. So he's gets yo play the genius hero. All it takes is him sayin yes ill accept payment of crypto to his company and you make him the first trillionaire. Damn people can't see the obvious scenario. Of course it'll be when the purchasing power of the money is greater, and after that happens the valuations of all those crypto will fall as all other corporations follow suit and what will remain is money in invisible form and the richest getting even richer. Sadly you amateurs never get everythings a rich mans trick. Elon reversed Noel - No El and El in hebreweand God., So No God. I suspect he's an agent of the zionists. But who am i just a youtube blogger hey🤣. Just notice how much variance there is amongst you and those you tune into listen to will always control the narratives, some say he doesn't know what he's talking about others say he's genius and then others may be spelling out the obvious, that he's going to get richer. I'm simply on the island with the generation of idiot's. As he said he created money with PayPal, how can he not know what he's talking about. Go read about fractional reserve banking. Can anyone say tulip mania!
Theproblem with money and it circulation is that it isn't. Money is meant to be the lucre and oil that drives modern economy, and to many people horde ivy nowadays, I'm not talking about average people saving a thousand or tens of thousands for a rainy day.I'm taking about the out of this world wealth the tens, hundreds of millions that are kept from circulation in our common economy. And kept away hidden to only the one percent and their benefits. Crypto currency is just a non sense term the new way of wealth, the new landownership, only in themetaverse. I don't think I've heard a more pretentious and self absorption and bullshit ass kissing contritions amid such chaos,
"Horded" money is invested money, which is the most prosocial thing imaginable. Certainly the most pro-civilisation thing. And even if it did just go under a mattress, that would raise the value of everyone else's through the law of supply and demand.
I don’t think he knows that the 2008 crisis was a private debt crisis, afterwards the central banks stepped in and legitimised all that illegitimate debt/money. You see this mistake a lot, I think he is a smart guy but not a great intellect, far from it really imo.
Banks are not limited in how much they can lend, this is because the act of creating a loan creates the credit/money required, the bank does not need to have the money beforehand. People sometimes have trouble believing that bit but there is lots of info out there on this. So a bank just needs to find willing borrowers to increase the money supply. If you watch The Big Short it does a good job of explaining how private banks, a willing public and some corrupt ratings agencies caused the crash, bearing in mind the above, credit creation is completely unrestrained. The governments role was to sit back and do nothing. They stepped in later to legitimise all this illegitimate credit that had been created, for better or worse. This helped in the short term but will likely have consequences felt for decades.
@@mattyhoban484 I've seen the big short, the way you word things is just very poor and it really came off as you taking blame off the banks. That's why I asked you to go further into it because your wording made it really unclear what you were trying to say. But we agree and have the same understanding so good day.
@@Irishhound Okay cool, sorry I was not clear. My main point was that private debt is much more of an issue than public debt, most of the time. You have a nice day too.
I don't think you can really say the 08 crisis was a "private" matter when, as you even say yourself, the central banks enabled the whole ordeal, and consider the role Fannie May / Freddie Mac played.
Thanks for watching this clip. Full podcast with Elon Musk and Lex Fridman is here: th-cam.com/video/DxREm3s1scA/w-d-xo.html
Lex, do you not know what real money is?
Why didn’t you bring up what has historically been used as money for thousands of years, ie gold and silver?
I’d be happy to have a discussion regarding this topic and essentially proving what real money is. Hint, it’s not information, it’s something with real world uses, ie intrinsic value.
Unfortunately our world hasn’t seen real money in 50+ years which is why our economy is so screwed up n
The problem with crypto is that most of it is already distributed. More than 19 million Bitcoins have already been mined. Using Musk's analogy, we have already allocated the ressources to the people who got in early on it.
3:53 Just think of money as a database for resource allocation across time and space.
This requires more specificity because there are numerous forms of moneys and currencies in use. Fiat and commodity money don't meet the same definition and resources aren't magically allocated because of ledgers, esp. in times of scarcity. Databases and markets have been manipulated by the injection of trillions of dollars, leading many to anticipate receiving resources not secured by supply. Bitcoin doesn't solve many worldly problems but the technology is impressive.
So why would crypto fix that rather than a CBDC?
It is still under central bank control
When you have billions, money is information, when your broke, its far from information - its a life line
Still information.
Its being referred to as information because he is trying to draw a parallel to information theory(a branch in statistics). Essentially, money is the ability to claim goods and services. Its a storehold of the ability to procure 'stuff'. The problem with money as it is now is that resourcefulness allocates money(essentially allocating claim to goods and services) to different people in different quantities.
Say an economy starts off with a finite amount of 'money' - 100 million lets say. There are 5 people in this world + government.
This is how the distribution looks like initially,
1m, 6m, 1m, 2m, 0
Now, injecting more money into this skews resource allocation(from a very simplistic POV, obviously there are a lot more complicated dynamics in play)
You can't skew distribution of how resources are allocated using cryptocurrency.
@@aaranyadevbarman8388 when you invest dollars into bitcoin, what are you really doing, then?
My first job was to write cobol programs for mainframes for one of the American banks. Elon is very correct when he says that money is cobol mainframes.
R. Buckminster Fuller called money a store of energy rather than wealth.
3:29 "money is a database for resource allocation"
"Money is a database for resource allocation."
felt worth stressing it out this way.
Its not about bitcoin, its about the technology behind it. Currency is just one use-case that has yet to be innovated (tx volume etc) to become a better form than fiat. Besides currency there is a trillion more use-cases in which you can use this technology that essentially proves whatever. It will mostly be used where trust is needed.
Since the first time in human history something can be set in stone, without it ever going away.
One very clear example of this technology is NFT’s. Essentially a universal proof of ownership of anything that will exist in eternity..
Except NFT art is basically garbage. You're just buying ownership of a link which brings you to an image hosted on a website, not the image itself. If the person hosting the website takes it offline or changes the image, "your" art is gone.
One example I could see NFT blockchain tech being used is other digital downloads, say a video game. Where currently when you buy a game, you also get a key code unique to your purchase, which "proves" you own it, so you cannot transfer that game to a friend's computer etc.
This code, and your entire library of games, could be secured with the blockchain.
The way I see it, NFT is an IQ test.
How does a deflationary asset spur spending? Im big into Cardano and have held btc for a few years but the idea that people will use a deflating asset for daily purchasing doesnt add up to me.
However I am big into the practical use for a unhackable ledger / SCs.
Your money should not incentivize spending...
Whether it should or shouldn't spur spending is really irrelevant.
The harder money is wanted. Period.
There's nothing you can do to shield yourself from the consequences of others holding money that his harder than yours.
Tangible asset's don't deflate the way money does, take a classic car. So it makes more sense from an investment standpoint to have your money in assets like homes, vintage cars, or any collectable good rather than paper notes that decrease in value at least 5% a year from the government printing more money. Everyday spending doesn't matter as much because the effects of inflation probably wont be seen on such a short term but over time it becomes drastic.
Bingo, congrats on letting understanding push past greed.
@@Mstrofpup Money is meant to be spent. People want crypto to do contradictory things because most of them misunderstand the purpose of money. People don't hoard piles of cash because it is a stupid way to conserve value.
@@Mstrofpup Simple. Buy productive assets. If everybody is saving and not putting their money to use, the real value of the savings goes down, as quality of life stops improving or gets worse.
If we can create a situation where waste plastics can be cut up into sections and fed directly into a 3d printer it will create the means for some of the poorest countries in the world to reduce their impact on their environment whilst pulling themselves out of poverty win win..
It can be done, the problem is that the transformation requires energy(Adds cost) and pollutes. It is cheaper and cleaner for poor countries to buy new plastic, which is unfortunate.
@@DanielCPTrader I'm suggesting adapting plastics at the commercial level in the factories that make bottles bags and other disposables so any waste plastic can be used in such a way by making both the material and printer able to accommodate this application. I fail to see how that adds extra cost if all we are doing is changing the chemical constituents of the materials we use.. if I'm wrong by all means explain in more detail so i can do the research myself on the issue you believe there is with such a strategy ???
@@chrislecky710 Oh I see what you mean. Like changing the way plastics are produced so that they are easier to recycle, right? That would be good. I don't know if it's chemically possible, but definitely worth the try I say. As it currently stands, only a small percentage of plastics can be recycled. They have to be sorted and picked apart, transported, and then use a lot of energy to bring them back to a state in which they can be used as material again.
My first job was COBOL in 2007, After a few years of PHP and Python followed by the last 5 being react/node and npm hell .... COBOL is not that bad. Its worked for 60 years, most of the nonsense written now doesn't last a few weeks before you want to trash it and start over.
yup mainframe is forever..with so much processing power...hardly any tech can match it still in 2022...like for SAP...they hardly can only process few IDocs...
The market is very unstable and you can not tell If it's going bearish or bullish. I advise y'all to forget predictions and start making a good profit now because future valuations are all speculations and guesses.When these reports are bullish take some off to the side lines, when news gets bearish start buying. "Keep it simple simple" that bear/ correction was the best thing that happened me.
How can I reach out to Mr Ryan Donald? Retiring soon and i see this as a financial opportunity for my kids.
He is on telegram with the username below
@Ryandonald1
@@walkerjasper Thanks I'll write him immediately. Thank God i found a known trader willing to educate his students.
He is legit and I still trade with him, since I am going to retire in my early 40s. having an expert broker like Mr Ryan managing my investments is heartwarming, Because I don't have to worry about a thing, I just sit down and earn profits every weekend 😇
I remember joe Rogan criticism of Lex, and then you watch both of their interviews of Elon and you realise lex did a way better job than Joe, who made an awkward empty interview.
What was that criticism?
Joe’s audience is high double digit IQ. lex’s is low triple digit
@@gststg64849 you're being way too generous with both parties :-D
Money is centralized authorization
The retail banking system via its license controls the creation of money
Do we live in a debt based monetary system?
I've said over the pass year that data or information will replace money. Data will be the #1 currency. Thank you for proving me right, Elon.
how exactly would that work in zimbabwe? fat chance..
I wouldn’t say currency. #1 commodity? For sure.
That's not how currency works, you dummy. You use data just to exchange for dollars, it's still not a currency.
Companies who own the most data sell them for dollars, it's a commodity, not currency.
What happens when a lot of people hoards btc or any other deflationary crypto then?
The key move is to get in early, with Revux you can do that
Revux's presale got me hooked - the coolest way to be part of a groundbreaking project. Let's go!
“Money is information.”
Cool vibes only - Revux's presale is the talk of the town.
He said the aspect of it. He knows what all of us know, but he can’t say, which is the concept of wealth in a physical form is immeasurable and impossible giving the nature of the universe
I think Elon knows as much about crypto as the average person knows about electric cars.
He is playing dumb. Because he played a part.
Mmmmm, nah bro
They prefer Mainframes because they are reliable machines that have worked for decades. Not some crap designed by weed smokers.
Next stop for Revux, Binance listing.
I'm buying the Revux RVX token, I believe it will yield at least 100x this cycle.
Everyone makes the assumption that Elon has a comprehensive understanding of the current crypto space. He has stated that he doesn’t know what a smart contract is…
If you do, congrats, you know something he doesn’t!
If he doesnt know, its because he doesn't think knowing is useful in any way shape or form. He even explains that contracts are already smart etc. Its literally because he thinks the idea is dumb.
It just sounds like automated bookkeeping to me, but it does have the word "smart" in it, so I'm sure its extra fancy
Elon built Paypal and you are saying he does not know shit about contract concepts? What is a smart contract but an automation you build with some code? It does not matter the platform. The logic behind it is old as fuck. Now we have it on blockchains too, but they are not something new.
The current crypto space has nothing to do with the nature of money. Crypto is a new form of money. It's a replacement for currency. It's not really a new concept.
For example, text messages are just a new form of conveying information, it's the replacement of handwritten notes, not an entirely new thing.
Elon speaks nothing of crypto engineering or anything, it's about the nature of it as a replacement for conventional currency, and it's not that great of a replacement.
Lol he said that as a joke. Not smart enough to know smart contracts…
Thoughts on silver lex?
Bitcoin is gold
Gold is fools gold
Silver is a poor mans gold
Silver is a poor mans fools gold
What is information theory?
These clips for perfect length for someone with as little attention span as
Me.
Technology is omnipotent omniscient omnipresent , why can't that STOP THE WAR.
He’s right. He’s invoking Hayek’a ideas that money is a unit of information. It’s a price signal.
Bro you're so smart Holy fuck , Allister my boi, my genius
Lex this thumbnail and title is misleading. He did not say it fixes it. He said "it is an interesting approach". You have BTC in the thumbnail but he said that Bitcoin is outdated. C'mon bro
i thought he was gonna Algorand is the info technology that should be used.
*Most* *people* *think....* *Investing* *in*crypto* *is* *all* *about* *buying* *coins* *and* *holding,* *till* *it* *rises,* 🙅 *come* *on* *it* *takes* *much* *analysis* *to* *be* *a* *successful* *crypto* *trader.*
*I've* *made* *$16,000* *in* *two* *weeks* *of* *trade.*
OMG!!! *$16k* how's that possible. What's your strategy? .
@@kimberlyalexander4785 I trade with a professional broker *Mr.* *JOHNNIE* *AVANT* he brings me massive returns. .
*$16,000* That's really big.
I trade on my own, but I've only made $2,800 in a month
Long term investment is the best now. I invested $3,500 in march and i top up my trade with $200 every week.
Now, I'm having over $87,000 on my dashboard. Toping up your trade is really important.
Hello, been trading on my own, haven't made a lot. Please how do I start trading with Johnnie Avant?
Very wise and biblical. Don’t store your life in things rust and moths can destroy
Monero Sound Money safe mode
th-cam.com/video/wq6w03E2DS4/w-d-xo.html
Money might not save you from starting but it will increase your chance of survival since more people will be wanting to find you.
If a economical structure thinks about the next 5 milliseconds and of anything whatsoever over as" elon" "gated" laps of time as possible
Really hope you could get Colin LeMahieu on a future episode. 99% of the issues Musk mentions are all solved by nano (xno).
What? Nano the crypto why
@@supamatta9207 as I just said, it solves 99% of the issues with crypto that musk mentions. Instant transactions at the speed of the internet, absolutely zero fees whatsoever, extremely efficient and green as there's no mining, infinitely scalable, decentralizes as it scales, zero dropped payments or double spends or forks in its existence, etc etc etc
@@---GOD--- What is Nano's monetary policy though?
Crypto currency does solve money HOWEVER we are missing the purpose. The point of crypto was privacy. Encryption. Bitcoin is only the start. I can be the worlds currency but still can be tampered with too much. Privacy coins is what ppl should look at. Something fully from under the thumb of government: Just my opinion, well probably never get there but inflation going crazy rn.
How are we gonna loan all students money? if its fixed supply like these cryptocurrencies?
Loans existed before fiat currency you know... lol.
And figuring out how to fund a clearly corrupt system of debt slavery isn't really high on the list of concerns. It'd be better if those institutions collapsed altogether.
@@Theviewerdude Not all countries have shitty student loan systems you know. For those that have fair prices, how are all students going to be loaned we we have fixed supply of money?, Especially for those with growing populations?
Loans existed before fiat currency but did student loans exist, and what percentage of the population could actually afford to go to school before this fiat system?
You see most of you have a problem with the money creation loan system and you overlook where it just works(funding education and production), As professor Richard Werner stated, the solution isn't to remove all loans, but to remove consumption loans which create asset bubbles, productive loans remain. . . . .
Revux RVX is a top gem, DYOR!!!!!
The desert island example is not apples to apples
Congrats to all early adopters, Revux will crush this year
Lex mentions lightning net but elon does not follow. Maybe he does not know what it is :(
Elon mentioned lightning before Lex did... He does know what it is, but isn't convinced. On smart contracts he simply said he doesn't get it, not that he doesn't understand it. He simply does not see a lot of value in smart contracts.
@@teemuvesala9575 true. I have completely missed that elon said anything but at slower speed you can easily hear lightning.
#Bitcoin is freedom money!
Your thinking of silver
Crypto is the allocation of time without representation.
it's your mum
@@jinz0 You build a nice comfortable online business. You accept crypto via paypal.
Elon decides--- we're taking this to Mars! Baby! Tesla decides to order everything you can deliver--- on an approval basis, month to month contract. Your customer approval rating is a determining factor.
You work 80 hours per week--- every week of the year. 😁
That is until a more competitive online business gets geared up.
Maybe you stay on top for 4 decades? Mars is a time vacuum.
@@carefulcarpenter buy #dogelonmars
@@jinz0 🐶 I am already one of the richest men in California.
What is true wealth?
@@carefulcarpenter health
3:18 am 5/14/2022
bitcoin is the best example of "clever but not wise"
Ride the bull run with Revux, sale ends soon
base of my observation no one tell me just me don't worry I promise only me
Elon seemed incoherent to me
$Elon
then you do not understand the English language
@@fettmaneiii4439 No he just assumes people know the complex terms he's talking about so speaks about them casually, resulting in those who aren't educated on the specific topic elon talks about, finding it hard to follow what hes saying
Not just to you, mate..
Fixes Money? Absolutely not, and the list is long. Folks, we're so screwed, yet again.
One word, Revux!
Dogecoin to the moooooon
Grow up
@@Mk4twoG never!!! 😂
Everyone will own bitcoin and they will all get it at the price they deserve to pay.
& only some people will have the privilege of being a silver baron
Litecoin
Thank you💚🌠🆕️And he🔥💖💥❤️💙alth is greatet wealth!❤😍🤩
Money is a claim on an asset
What is he talking about.
Elon, just spit it out.....
new elon fan?
Taxation without representation.
Invest in shib
Ludwig Von Misses
So crazy he doesn’t actually understand the fundamentals of money, intrinsic value.
Money must be or be backed by a commodity to be real money.
If you were trapped on a desert island and you used cows as money and had a lot of cows, you’d be rich. Same with lumber or any other commodity.
History has proven gold and silver have other properties that make it the best commodity to be used as money.
Maybe he doesn’t understand this because he never experienced real money since the US fully left the gold standard in 1970. You’d think he would have read about and learned about real money by now.
I’d love to have this conversation with him about the desert island analogy. If you have paper or bitcoin, you have nothing. If you have gold, you can trade with your neighbor for his good or services.
No, it's not that he doesn't understand money, it's that your understanding of money is limited by your personal finances. Once you get to the high million and billions dollar level, Money starts to behave in a completely different way. Money becomes less and less material and more of an abstraction.
Also, sorry if I came off as condescending.
"Money must be or be backed by a commodity to be real money."
I don't know that that is strictly necessary for money. (But of course I favour gold over political money.)
@@polyseed12 , I would disagree.
Mathematics and fundamental principles do not change at the extremes.
If money needs intrinsic value at the small scale, the same rules apply at the large scale. Money needs to be backed by something with intrinsic value.
Gold has always been the best commodity to work as money.
“Money is a database of resource allocation across time and space”
A fixed base money supply is the worst idea ever in a context of a growing economy/population. Just like a football game, the supply of points should expand over time.
“Currently, the government in control of our currency prints too much. Therefore an expanding base money supply is bad” is incredibly faulty logic, Elon.
_"A fixed base money supply is the worst idea ever in a context of a growing economy/population ... the supply ... should expand over time. "_
This is a very old, oft-repeated, and demonstrably false idea in the history of economic thought. To the contrary, _every_ supply of money is sufficient to serve the exchange media and cash holding needs of the populace using it.
An expanding money supply is the worst idea ever. Just like a baloon, if it expands eventually it will pop with big boom!. Increadibly faulty logic Mason with comapring economy to a football game.
Elon literally in the next minute of interview adresses this point. By what amount money supply should increase each year? is interesting question. I don't think anyone has ever tried not expanding money supply at all. Even Singapoure having deflation is printing money each year. Problems associated with deflation might be solved with proper cultural values like productivity. These are all theories anyway that are hard to verify. TH-cam comments can endure a lot more ideas and bold claims than reality
@@pawehajdecki9245 Isn’t comparing a base money supply to a system of points where credits are monopolistically issued by a scorekeeper clearly a much truer analogy than a balloon?..haha.
@@seankennedy4284 So we can reduce the base money supply to $1, restrict banks from expanding their balance sheets at all, and there will be enough money to serve as an a universal exchange media and enough liquidity to satisfy the cash demands of all participants in the economy?
Surely I’m misunderstanding you.
@@007SuperSoldier that 1 dollar would have the value of the entire economy and the single exchanges would have a tiny fraction of the value of that dollar. The number of dollars is just a practical thing to not make people work with extremely small or large numbers. The issue is that when a bank is printing money they are taxing you by diluting the value of your currency. By the way, Elon has a degree in economics, if you are so sure about what you say I guess you have a PhD right?
Money = Database resource for allocation
That must be one horrible fucking database because allocation of money is fucking horrible....just look at the inequality gap to start.
easy to say everything is fine when he has billions.
Aaaaah Cobol, the Complete Obsolete Batch Oriented Language. I removed those work experiences from my resume a long time ago.
no it doesnt. Crypto is a scam. "you will own nothing and will be happy" what will you do if it goes down?
A frightfully outdated interpretation of the concept and function of money in modern societies today. This topic is clearly outside the domain of his expertise and investigation but then again credit to his marshalling the thousands who build the cars and rockets for the next generation. He might benefit from another exceptional financial engineer's writings, Warren Mosler, on government fiat creation and taxation which is the monetary system factor most responsible for innovation and supply of risk capital in the modern era.
Fiat and taxes are most responsible for innovation... that is quite ridiculous IMO.
Intelligent people seeking to improve the world or enrich themselves fuel innovation first and foremost.
Fiat and central banking makes it easier for them to find funding, but it also makes it easier for people to fund bad investments that would never succeed on their own, and continue funding them long after they should have failed. The negative has a much more pronounced effect than the positive. Any benefit gained from a successful project finding easier or more funding, is erased by the misallocation of resources and loss of productivity that failed projects create.
And lets not even touch on how the government is the best at wastefully spending tax dollars - that much should be obvious, so I'll focus on fiat.
In short, fiat enables reckless spending and misallocation of resources. Artificially low interest rates lead to a perpetual state of growth which is unsustainable, until inevitably the whole system collapses. Austrian Business Cycle Theory 101, you should read about it if you're unfamiliar.
Say in the case of the 08 crisis, the market had been built around this booming housing market, which was actually wasn't booming whatsoever. It was filled with new homeowners that couldn't pay back their mortgages. The banks were enabled to hand out these risky mortgages, due to fractional reserve banking, which is enabled by fiat & the federal reserve, and government-borne organizations like Fannie May / Freddie Mac would buy the securities from them, absolving them of the liability of these risky investments.
Entire industries that had built themselves around this booming market suddenly found themselves with too many employees and invested too deeply into it, and were forced to sell off tons of their investments, lay off tons of employees, etc... in other words, massive misallocation of resources. None of which that would have been possible without fiat and government funding.
Also not to mention how fiat and the related inflation is robbing the lower and middle class of their wealth.
@@Theviewerdude The Austrian school of economics is probably the most despised interpretation of economics in the world today. It fosters draconian austerity and has been disputed by many modern and mainstream economists and monetary theorists:
th-cam.com/users/results?search_query=warren+mosler+austrian+school
Please don't lecture me. With the exception of crypto proponents, you will find vehement debate among MMT and social progressives as well. Needless to say, every claim you've made here is strongly rejected and this is neither the time nor place to go into detail.
@@genecat yes it is the most despised because the field of economics has been infiltrated by politicial interests. Mainstream economics has become a psuedoscience of manipulating empirical data in order to justify fundamentally flawed economic policy. With a soft science like economics or psychology, if you try hard enough, you can find empirical data to support any notion you want. Modern monetary theory is a shining example of that, created entirely to serve as intellectual yes men to the political and banking elite.
Your entire criticism of the school of thought basically relies on an appeal to authority. I shouldn't have to elaborate on why that isn't a strong argument. It doesn't matter how many "experts" dispute the school of thought as they aren't the arbiters of truth.
It's no different than how bloodletting was considered a cure for many ailments. Popularity doesn't deem something correct. I'm sure the ideas of modern medicine would have been quite unpopular in the year 1200.
You're right this medium isn't really the best place to have such a complicated debate, but I suspect that is often said because someone is unable to defend their position, not because they are unwilling.
But that's all pretty irrelevant to the main points of my original comment. That fiat currency, fractional reserve banking, and central banking enables boom and bust cycles via misallocation of resources into bad investments. That isn't an opinion. It isn't really up for dispute. That is a fact, demonstrated many times through history, the most clear and recent example being the 2008 crisis. And it will happen again, likely with higher education and the stock market, for very similar reasons.
@@Theviewerdude In the modern world of the floating-exchange rate, non-commodity-based fiat currency the ISSUER of the currency holds monopoly power and authority and the ramifications of that authority and power entail all of economics. Watch the video. It's a cogent explanation based on deductive logic and first principles. The Austrian school promotes the user of the currency as the central actor. That is where the confusion starts. A full explanation is contained in the video link I supplied. Your insistence on a misallocation of resources is also addressed in the video and the logical flaw in that argument is expertly revealed. There is no one better than Warren Mosler to unpack the arguments and reveal how the economic vectors you construct are the source of the confusion. Watch the video.
⭐Afrostar token⭐
Money is useless is the biggest bunch of BS. Easy to say when you have all that money lol tf
So basically Cardano tbh.
This hasn't aged well.
So an info data base system meaning digitised ledger of all transactions globally. So all thats needed is acceptance by corporations in terms of acceptance. That would suggest transference of the value of those coins to himself. So he's gets yo play the genius hero.
All it takes is him sayin yes ill accept payment of crypto to his company and you make him the first trillionaire. Damn people can't see the obvious scenario.
Of course it'll be when the purchasing power of the money is greater, and after that happens the valuations of all those crypto will fall as all other corporations follow suit and what will remain is money in invisible form and the richest getting even richer.
Sadly you amateurs never get everythings a rich mans trick.
Elon reversed Noel - No El and El in hebreweand God., So No God.
I suspect he's an agent of the zionists.
But who am i just a youtube blogger hey🤣.
Just notice how much variance there is amongst you and those you tune into listen to will always control the narratives, some say he doesn't know what he's talking about others say he's genius and then others may be spelling out the obvious, that he's going to get richer.
I'm simply on the island with the generation of idiot's.
As he said he created money with PayPal, how can he not know what he's talking about.
Go read about fractional reserve banking.
Can anyone say tulip mania!
a g uc
Theproblem with money and it circulation is that it isn't. Money is meant to be the lucre and oil that drives modern economy, and to many people horde ivy nowadays, I'm not talking about average people saving a thousand or tens of thousands for a rainy day.I'm taking about the out of this world wealth the tens, hundreds of millions that are kept from circulation in our common economy. And kept away hidden to only the one percent and their benefits. Crypto currency is just a non sense term the new way of wealth, the new landownership, only in themetaverse. I don't think I've heard a more pretentious and self absorption and bullshit ass kissing contritions amid such chaos,
"Horded" money is invested money, which is the most prosocial thing imaginable. Certainly the most pro-civilisation thing. And even if it did just go under a mattress, that would raise the value of everyone else's through the law of supply and demand.
Somebody that has an extreme amount of something which he has no clue what he has.
✅☑️
I don’t think he knows that the 2008 crisis was a private debt crisis, afterwards the central banks stepped in and legitimised all that illegitimate debt/money. You see this mistake a lot, I think he is a smart guy but not a great intellect, far from it really imo.
Can you go further into this?
Banks are not limited in how much they can lend, this is because the act of creating a loan creates the credit/money required, the bank does not need to have the money beforehand. People sometimes have trouble believing that bit but there is lots of info out there on this.
So a bank just needs to find willing borrowers to increase the money supply.
If you watch The Big Short it does a good job of explaining how private banks, a willing public and some corrupt ratings agencies caused the crash, bearing in mind the above, credit creation is completely unrestrained.
The governments role was to sit back and do nothing. They stepped in later to legitimise all this illegitimate credit that had been created, for better or worse. This helped in the short term but will likely have consequences felt for decades.
@@mattyhoban484 I've seen the big short, the way you word things is just very poor and it really came off as you taking blame off the banks. That's why I asked you to go further into it because your wording made it really unclear what you were trying to say. But we agree and have the same understanding so good day.
@@Irishhound Okay cool, sorry I was not clear. My main point was that private debt is much more of an issue than public debt, most of the time. You have a nice day too.
I don't think you can really say the 08 crisis was a "private" matter when, as you even say yourself, the central banks enabled the whole ordeal, and consider the role Fannie May / Freddie Mac played.
amazing