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Bitcoin and implications of the cryptocurrencies – with Jeffrey Tucker

28/02/2018 by Nigel Howitt Leave a Comment

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Podcast: Play in new window | Download (Duration: 1:00:50 — 69.6MB)

Bitcoin with Jeffrey TuckerIn this episode of “Living outside the Matrix” Jeffrey Tucker speaking from the brand new Atlanta Bitcoin Embassy, explains some of the attributes of Bitcoin, offers some historical perspective on money, and looks toward a better world enabled by the unfolding cryptocurrency revolution.

I asked Jeffrey for his definition of money and to share some of his thoughts on Bitcoins most exciting features. The discussion covers the impossibility of effective regulation as well as the damage already cause by attempts to do so.

For a discussion on the evolution of money and more about the implications of the distributed consensus ledger technology check out this post “The new evolution of Money”

For more back ground in the economics of sanity listen to the “Living outside the Matrix” podcast episode 31 with Dr Mark Thornton.

Timings are approximate

05:56 – What is Money? It is something you acquire not to consume but in order to acquire something else you want to consume later on.

07:15 – Anything can become money, or be monetised

08:50 – What is Bitcoin? (along with all the other crypto currencies) Bitcoin added a 3rd layer to the existing 2 functions of money as a store of value and a means of exchange, namely it is also a payment system.

10:40 – Counter-party risk. Bitcoin does away with 3rd party settlement services.

12:10 – Open source distributed ledger. The settlement layer is the source of Bitcoin (crypto currency) value.

13:05 – No double spend or infinite creation in the digital ecosystem.

12:50 – Tracked and verifiable ownership claims.

15:10 – The threat to central banking; a bit of contextual history; National banks;

19:40 – Bitcoin has smashed the monopoly over money. No longer does all money have to be minted by the state and declared legal (fiat) or flow through a central bank. The leak that could be the demise of central banking as we know it!

20:50 – Regulation? Impossible because its mathematics and its an idea. The cat is out of the bag.

22:00 – the beginning of regulation of the interface between crypto ecosystem and the fiat ecosystem, and the damage done.

23:20 – Mount Gox etc… difficulty of use due to regulatory compliance.

26:30 – It is a safe ecosystem that cannot be stopped, and it is better than the current system. There is no need to fear getting involved.

27:30 – What else is wrong with the system? Counter-party risk;

30:30 – Etherium for contract applications, there is no need for mass uptake of cryptos.

32:00 – The drop of BTC market share due to the rise of the other cryptos and new applications all related to documents ownership rights.

33:00 – Scaling and the increase in the cost of transactions.

35:20 – The ‘miners’ verifying transactions.

37:20 – Bitcoin and crypto currencies fix many aspects of what is wrong with the current money system. The counter intuitive one is that the development of money has ‘come out of the freezer’ – things can now improve, and they are at a very fast pace (albeit hidden from the view of the mainstream.

40:00 – Blockchain technology is open source but this is not sacrosanct. There are so many potential applications. Every large corporation has a Blockchain development agenda.

41:20 – Some ‘Alt coins’ (coins other than Bitcoin) being used for business as usual (Ripple).

42:15 – Venezuela and the ‘Petro’

46:20 – Implications for the Nation State: Limited by geographic boundaries and limits on controlling digital assets (as opposed to real world things) The State relies on Central Banking. But the Central banking monopoly has been broken and this potentially returns us to the 19th century model of the state.

48:45 – Further potential implications of the advent of crypto currencies include; greater recognition human rights (property rights as foundation), freedom to make decisions affecting our own lives, keeping all the money you make, making deals with anyone irrespective of borders,

50:45 – The potential of stored ‘value’ to be released, could cause a boom. Jeffrey gives an historical context with the great depression.

52:15 – Sociological, cultural and demographical implications due to a new distribution of wealth, a new wealthy class of financial elites

56:10 – Cryptos will benefit from the next economic crises, not gold.

58:40 – The Atlanta Bitcoin Embassy as place to learn and meet others within the crypto community.

Resources from Jeffrey Tucker

For further information about the Atlanta Bitcoin Embassy https://atlbitcoinembassy.org/

For more information about the American Institute for Economic Research https://www.aier.org/

Find out about Vellum Capital, jefrrey’s new finnancial venture.

Check out liberty me – founded by Jeffrey Tucker.

Books by Jeffrey Tucker

Right-Wing Collectivism The Other Threat to Liberty

Bit by Bit How P2P Is Freeing the World

A Beautiful Anarchy How to Create Your Own Civilization in the Digital Age

Bourbon for Breakfast Living Outside the Statist Quo

Filed Under: Blog, Crypto, Podcast Tagged With: Atlanta Bitcoin Embassy, Barter, Bitcoin, Crypto currencies, currency, Exchange, fiat currency, Free market, Jeffrey Tucker, Money, What is money?

Important information

I am not a medical doctor, lawyer or financial adviser. I do not offer medical, legal or financial advice on lawfulrebel.com. However, I research issues extensively and follow evidence to find truth. I speak from my experience of asking root-cause questions and discovering surprising truths. I write about and share what I choose to do as a result of my own reasoned questioning of the assumptions and conclusions in the mainstream narrative.

I offer value, in my conclusions of truth, to you the thinking individual. Please support me with a donation.

Nigel Howitt

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