Very interesting podcast. You'd think with all the innovation over the past 20 so years prices would be ALOT lower. I think people are waking up to figure out why is this is not so. This seems to be, as Stan put it a very pressing issue if we are to leave something to children's children. IMO Bitcoin has a very bad reputation. It is talked negatively amongst media outlets (bubble, tulip, speculation) and the only places you see the logo (at least here in the south) are sketchy gas stations. As Stan mentioned it also takes TIME to read and learn about it which most people are not willing to do. Praying more christians will think critically about why it was created and what problems it solves. Thank God for Bitcoin is a good resource. The more I look into it the more I am convinced it is one of biggest innovations of my lifetime, will just take time for people to realize what it actually is.
Tom and Graham, Thank you for the The Sword and The Trowel podcast. I am a regular listener. I encourage Christians to first seek what the Bible says about being a good steward of God's money. From an earthly standpoint, please find a reputable Certified Financial Planner or CFP preferably a fellow believer. They can answer questions you have regarding Bitcoin. Although Dr. Reeves' professorial insights were valuable, having certified practical experience goes a long way. I wrote an article for educational purposes regarding digital assets and how they are taxed. If anyone would like to read it please let me know. Please seek professional guidance from certified financial and tax professionals regarding Bitcoin.
For Christians, Bitcoin and other cryptos can be kept if governments freeze your assets, but only if you have the keys and dont keep them on an exchange. Cross border transferring of money to missionaries is also simple and very low cost now, not mention nearly instant so no waiting for funds to clear.
Hi Tom,Great podcast on Bitcoin, But I don't think you go far enough on the question what is real money, Bitcoin is a real money substitute as most currencies are, But what is real money according to God's word.
Yes. A VERY seldomly well thought through idea. What exactly is money? A study on that and the history of moneys around the world, brings many fascinating things to light.
To add some context, Bitcoin is up 30% over the past 30 days and 117% over the past year. It's important to note that banks have started using other cryptos such as stablecoins, Litecoin, and Stellar, including tokenizing $300 million in government money. The biggest bank JP Morgan launched JPM Coin which is their own token. It's critical to understand crypto as more than just currency, it can be an asset, tool, and digital good. The uses for the technology go far beyond Bitcoin.
What Stan didn’t mention is the volatility that comes along with crypto and that you have to have a way of buying it, which has hate keepers. The off and on ramps still require fiat currency and ID and permission. I’m El Salvador they use it as currency and it’s a problem. Imagine you get paid about $100 dollars in Bitcoin on a Friday. You go to use it Wednesday next week and it’s only worth $70. Your labour has been stolen for over a days work. I have had crypto for three years now and made a little, lost a lot. Maybe long term it’s worth holding but for money at the moment it’s far more uncertain the fiat.
Problem with Bitcoin is that it’s not a great store of value. The price can and will fluctuate dramatically, up and down like crazy. That’s not what a currency is supposed to do. I would look at it as a speculative investment, and if you’re comfortable with these price swings then I suppose it’s worth putting some of your savings in it.
Bitcoin is merely owning stock in the company and trading it back and forth. It can all vanish at any time or be hacked. The only thing you can trust is silver and gold
It may be true that Bitcoin is finite and therefore has scarcity, but its value is speculative. It might double in value over a few months or drop as much over a similar amount of time. Money needs to have a stable value. A Bitcoin has no inherent value, just a unique value, it's abstract and only worth what someone is willing to give you for it at any point in time.
Those same things can be said about the U.S. Dollar, no inherent value, only worth what someone is willing to give you for it at any point in time, value may change at any point in time, etc. But bitcoin isn't controlled by a central godless, or even worse, ungodly, authority, which the U.S. Dollar is. Of course, the entire internet system can collapse worldwide somehow, but the U.S. Dollar is a lot more vulnerable than that.
Very timely episode, love being able to hear about it from someone with a solid Biblical standard! SSG ☝️❤️🙌
No way Dr. Reeves?! He taught me at Auburn. Cool to see him on Founders!
Very interesting podcast. You'd think with all the innovation over the past 20 so years prices would be ALOT lower. I think people are waking up to figure out why is this is not so. This seems to be, as Stan put it a very pressing issue if we are to leave something to children's children. IMO Bitcoin has a very bad reputation. It is talked negatively amongst media outlets (bubble, tulip, speculation) and the only places you see the logo (at least here in the south) are sketchy gas stations. As Stan mentioned it also takes TIME to read and learn about it which most people are not willing to do. Praying more christians will think critically about why it was created and what problems it solves. Thank God for Bitcoin is a good resource. The more I look into it the more I am convinced it is one of biggest innovations of my lifetime, will just take time for people to realize what it actually is.
This was a very good and informative topic. Thank you for sharing.
Tom and Graham, Thank you for the The Sword and The Trowel podcast. I am a regular listener. I encourage Christians to first seek what the Bible says about being a good steward of God's money.
From an earthly standpoint, please find a reputable Certified Financial Planner or CFP preferably a fellow believer. They can answer questions you have regarding Bitcoin. Although Dr. Reeves' professorial insights were valuable, having certified practical experience goes a long way.
I wrote an article for educational purposes regarding digital assets and how they are taxed. If anyone would like to read it please let me know. Please seek professional guidance from certified financial and tax professionals regarding Bitcoin.
For Christians, Bitcoin and other cryptos can be kept if governments freeze your assets, but only if you have the keys and dont keep them on an exchange. Cross border transferring of money to missionaries is also simple and very low cost now, not mention nearly instant so no waiting for funds to clear.
Hi Tom,Great podcast on Bitcoin, But I don't think you go far enough on the question what is real money, Bitcoin is a real money substitute as most currencies are, But what is real money according to God's word.
Yes. A VERY seldomly well thought through idea. What exactly is money? A study on that and the history of moneys around the world, brings many fascinating things to light.
Christians should ready the bitcoin standard. Would help in answering this question.
Bitcoin will ultimately fail as all other Fiat currencies have over the past 5000 years and return to it's intrinsic value " 0".
To add some context, Bitcoin is up 30% over the past 30 days and 117% over the past year. It's important to note that banks have started using other cryptos such as stablecoins, Litecoin, and Stellar, including tokenizing $300 million in government money. The biggest bank JP Morgan launched JPM Coin which is their own token. It's critical to understand crypto as more than just currency, it can be an asset, tool, and digital good. The uses for the technology go far beyond Bitcoin.
What Stan didn’t mention is the volatility that comes along with crypto and that you have to have a way of buying it, which has hate keepers.
The off and on ramps still require fiat currency and ID and permission.
I’m El Salvador they use it as currency and it’s a problem.
Imagine you get paid about $100 dollars in Bitcoin on a Friday. You go to use it Wednesday next week and it’s only worth $70.
Your labour has been stolen for over a days work.
I have had crypto for three years now and made a little, lost a lot.
Maybe long term it’s worth holding but for money at the moment it’s far more uncertain the fiat.
Problem with Bitcoin is that it’s not a great store of value. The price can and will fluctuate dramatically, up and down like crazy. That’s not what a currency is supposed to do. I would look at it as a speculative investment, and if you’re comfortable with these price swings then I suppose it’s worth putting some of your savings in it.
Bitcoin is merely owning stock in the company and trading it back and forth. It can all vanish at any time or be hacked. The only thing you can trust is silver and gold
👍
Buy : Silver, Gold and XRP much better than btc
It may be true that Bitcoin is finite and therefore has scarcity, but its value is speculative. It might double in value over a few months or drop as much over a similar amount of time. Money needs to have a stable value. A Bitcoin has no inherent value, just a unique value, it's abstract and only worth what someone is willing to give you for it at any point in time.
Those same things can be said about the U.S. Dollar, no inherent value, only worth what someone is willing to give you for it at any point in time, value may change at any point in time, etc. But bitcoin isn't controlled by a central godless, or even worse, ungodly, authority, which the U.S. Dollar is. Of course, the entire internet system can collapse worldwide somehow, but the U.S. Dollar is a lot more vulnerable than that.
Thank you for these insights. $XRP will be the end times currency, not bitcoin. Just my opinion.
Sickest advice I have ever heard