Bitcoin With Jake 002: WTF happened in 1971?; bitcoiners are teachers; 400,000 watch ‘The future of money’; and more.
How has the USA’s decision to entirely abandon the gold standard effected us? Why is it important to embrace the teacher within? What does it mean for adoption when large audiences come to the party?
WTF happened in 1971?
How has the USA’s decision to entirely abandon the gold standard effected us?
For those of us interested in monetary history, a few minutes spent browsing “WTF happened in 1971”, really gets the brain firing. Why the productivity gains without wage increases? What caused wages as a percentage of the economy to decrease? When did saving to buy a house become so hard?
These questions are without doubt due to a decision made now 50 years ago, by President Nixon, when the USD was entirely removed from the Gold Standard. This change in monetary system has allowed the US to print their own money at will, increasing the total supply of USD, benefiting asset holders over wage earners.
This is otherwise known as the Cantillon effect, a phenomenon in which those close to the new money benefit first, and makes a total mockery of any government that promotes a reduction in inequality due to stimulus. The good news for wage earners is they can now save with Bitcoin, a monetary system with a fixed supply of 21 million, that cannot be inflated away.
Bitcoiners are teachers
Why is it important to embrace the teacher within?
This Sunday I made some new friends, who on asking me the question “What is it you do for work Jake?”, prompted a brief summary of my career and a Bitcoin discussion. Little did I realise that by Sunday evening my wife and I would receive a message: “PS we’re now proud Bitcoin owners”.
Not only is it exciting that some people immediately see the value proposition Bitcoin represents, and take action, but that adoption incentivises people to teach others. We remain so early in the ‘hyperbitcoinisation’ process, but stories just like these are happening all around the globe as we speak, which given time will compound to dramatic effect.
400,000 watch ‘The future of money’
What does it mean for adoption when large audiences come to the party?
Until this week I confess, I’ve not listened, read, or watched any of Jordan Peterson’s work. My first experience did not disappoint however, as he mused through plenty of psychologically insightful questions, with some of my favourite Bitcoin teachers (Robert Breedlove, Gigi, John Vallis, & Richard James).
Seeing Bitcoin discussed by people with large, engaged, and intelligent audiences is certainly a key component to additional adoption; amazingly this youtube has already garnered over 400,000 views.
A conversation I highly recommend for both beginner and advanced bitcoiner alike. What is the future of money?…