Introduction (0:00 to 58:00)
- Welcome message
- Episode Inspiration
What is Money vs. Currency: (0:59 to 6:06)
- Personal Definition – a medium in which to store work or time.
- Technical Definitions
Reference: Hidden Secrets of Money by Mike Maloney
- The state and origins of paper currency.
Currency at one time was a voucher for gold that you could redeem at the nearest bank.
What is inflation? (6:07 – 11:05)
- The academic explanation (Refer to Peter Schiff and the Austrian School of Economics).
- My view on inflation:
- In 1865 Slavery never ended, it only changed form to include everyone.
- Transitioned from an ownership model to a pay per use one, like Uber is doing with cars., removing the ownership headaches.
- Governments, Central Banks, and Billionaires have a lot of time to think.
- Inflation concepts explained to millennials: “In Time” with Justin Timberlake and Amanda Seyfried.
What is a Bank? (11:06 – 14:57)
- Consequences on the meaning in light of negative rates and digital currency.
- Evolution from Savings & Loan to Bailout & Con
- Dividend stocks alternative.
Bitcoin (14:58 – 22:36)
- What is it?
- Analogies to social media & music mediums
- Origins, appearing during the 2009 financial crisis
- Benefits of Bitcoin
Even the largest bank in Norway, the most digital country in the world, has problems staying online.
- Bitcoin Bottlenecks & Weaknesses
- The analogy between Bitcoin and Wallets vs. Gold and Vaults.
- Most notable weakness – dependence on manmade infrastructure.
Part 2 Next Thursday
Banks Pay Hacker Ransom in Bitcoins
Different Types of Bitcoins
China and Bitcoin