Basic Course

Video Transcript:

Video Transcript:

Hello there and welcome to the Hash Power Academy, your place to learn anything to do with Bitcoin. The topic of today’s video starts with a very important message. There is only one native Bitcoin yield and that is producing freshly mined blocks. Everything to do with the discussion of layer 2s which operate on top of the blockchain or even the layer 1 being this most fundamental discussion of how we add blocks to the chain the native issuance and settlement of transactions and creation of that last million bitcoin 1.1 million bitcoin to be mined and also we can include side chains into this so that interoperability that all these different new developments on top of bitcoin’s blockchain is going to have in the future. These are critical and the discussion behind it is of course native Bitcoin yield ways of creating cash flows whether it’s within Bitcoin or fiat cash flows which are converted into Bitcoin in the context of Michael Sailor. So what we’re going to discuss here is yes, Bitcoin mining is the most native intrinsic way of creating Bitcoin yield. But the struggle here is that there are particular chains and marketing communications discussing some way of creating natural Bitcoin yields, which is some form of wrapped, staked, pegged version of cash flows in a quantity of SAT that’s not natively BTC. Why? Well, I’ll take the example of lightning to begin with. We’ll discuss a few other chains as well. Lightning is multi-IG channels, which is you use the layer 1 blockchain to connect Bitcoin in channels with other people. And so the Bitcoin sits in the layer one because it never moves. But the layer 2 is this sort of transactional relationship that you have with another entity in this upper layer. and the lightning network. Think of the way that lightning sort of hits the ground. It’s finding the shortest path to strike the ground by using the least amount of energy. It’s almost like how water flows down a hill. Now, what it’s doing is finding that path of least resistance through the lightning network to allow your funds to move through the network in the cheapest way possible, quickest way possible. And there’s some few failures in there of invoices not working or the payment fully not rooting to who you’re trying to send it to. So the nativity aspect there is that there are yield sources particularly with lightning which is running a lightning node but it’s very nominal amounts because there’s different payments being rooted through your node and maybe you’re collecting a small fee. So that is the closest layer two way of creating yield but it’s so nominal in comparison to other ways of creating bitcoin yield. The next one I will discuss is liquid which is a federation and it’s a side chain and they have their own address format. So there’s no native aspect of yield in this. There is probably products, market, services being built within the liquid ecosystem which you can earn their wrapped version of Bitcoin and peg it back out into Bitcoin. So there’s ways of creating yield or accessing different things that create yield, but it’s not native. It’s not natural. Where should we go to next? Botanics. This is a new form of EVM layer 2, which is right here. And EVM is that translation across from Ethereum and the all different aspects related to complexities of transactions and a virtual machine which there is going to be ways of DAPs and different tokens and all other different things being built in that higher layer which will create yield but again it’s not native for the particular reason that the Bitcoin that you may earn in that layer two is not in the same address format of Bitcoin’s layer one. Not native, not really yield. It’s external yield sources. It’s the biggest question and the biggest failure in the dangers of several years going back into all different projects that tried to create Bitcoin yield, which is they blew up because the true question to ask is what is your yield source? Where should we go to next? Sequentia. This is an interesting one that I’ve just recently learned about. And Sequentia is essentially a side chain. So it has communication with liquid and lightning, but also that communication with layer 1, which they uniquely have, which is they have the same address format as Bitcoin’s layer 1. Now the reason why I was looking at these particular projects is because um well I’m developing my own form of platform which allows people access into Bitcoin mining in a very accessible way. And the biggest struggle that I have is I have freshly mined Bitcoin from Bitcoin mining coming out in the layer one. Bitcoin’s blockchain freshly mined. I have to distribute that to all the different users and owners of the hash rate. And what that means is if I used any form of layer 2 or side chain or anything EVM, I have to wrap, stake, tokenize the Bitcoin into their particular ecosystem to distribute and account all of the different payouts of Bitcoin to those users. Now, I don’t want those potential vulnerabilities in the process. I’d like to distribute out to layer 1 wallets. So the closest one is actually sequential but the the long-term path to putting hash rate on chain in that sort of way is quite a challenge and quite an interesting journey for me to delve into. Um but yeah the overall gist of this particular video is to just explore that idea that yes there is going to be different communications out there from different projects talking about Bitcoin yield because traditional finance is trying to create cash flows of Bitcoin. People loan against their Bitcoin to access cash. It’s not creation of cash flows from some form of external yield source, but even lending Bitcoin to create some small amount of interest as well. There’s people taking all different risks and trying to gain different reward rewards because we have this asset which does have a compound annual growth rate that people quote at say 30% a year, but it’s volatile as well. So everything has their tradeoffs. Yeah, this is a an interesting sort of video to to explore these different ideas because of all the different subject areas of energy, electricity, mining, hash rate, the blockchain and Bitcoin. The blockchain is the particular one that uh if I was to say which one I haven’t studied the most, it would be the nittygritty deep diving into the code side of things and all the different op codes. And yeah, the path for me is to to learn about them as well and be on that educational journey also. And well, what I learn I will pass on to you. Thank you for listening and I will see you in the next video. Goodbye.

Video Transcript:

Hello there and welcome to the Hash Power Academy, your place to learn anything to do with Bitcoin. The topic of today’s video is going to be comparing Bitcoin to memecoins. If you are a returning viewer, you know where I’m going to go with this video. If you are new here, you love your meme coins, you want to learn something new, you want to go into a few interesting topics about what’s going to come for memecoins, I’ll give you that sad reality. It’s done. dead fenito. Why? Well, one person, one person only. Good old Mr. Trump, Mr. Orange Man with his orange coin. And the reason for that is everything to do with Bitcoin. There is aspects of speculation that is the price and supply and demand and what what’s happening in the news used to be quite a thing that created price action when it came to Bitcoin. But everything to do with meme coins is absolute price speculation. The flood of people rushing into something, the pumping of it going up and the game of musical chairs trying to get out. And that was a very interesting quote that I read from a person that’s very famous on the Bitcoin side of things named Samson Mau. He had this very interesting quote and I think you’ll agree. He said that everyone in the crypto industry is trying to sell before everyone else, get out and cash out, and everyone in the Bitcoin industry, they’re trying to buy before everyone else. Can you understand the psych psychological difference between those two? And the key takeaway here is that with the speculation aspects of different meme coins, it’s gambling. It’s playing musical chairs and the peak is already behind us because how much bigger of a memecoin can you get than the president of the free world launching a memecoin it pumping to multi-billion dollar market cap in terms of its valuation on paper on his presidential inauguration. It doesn’t get any bigger than that. And it when it comes to price and speculation. And so I’ll just bring it back down to this one is to the why. Why are you trading meme coins? Do you enjoy it? Is it fun? And the the gambling aspect of that is just going to punish most people because you’ve got to see that these tokens are spun up at the cost of nothing. That’s the entirety of pump.f fun. just spun up labels and rappers and pictures that money of other different assets floods into to raise the price up and someone’s just extracting out the money underneath. That’s it. And the danger there is, yes, you may be the one that sold on top of everyone else and cashed out other people’s money because it’s all a zero- sum game. Now the reason it’s a zero- sum game is because the wealth is inextricably linked to just two particular digital assets like USDT or Salana flooding in to buy it and repric against other people’s dollars and Salana and other things flooding in and taking it. And the difference there in comparison to Bitcoin is that Bitcoin has this exchange rate with electricity. And the outflow of that in thermodynamic terms, yes, gets released as heat from the Bitcoin miners underneath that are producing Bitcoin. But what’s happening is it’s getting repriced against energy as well. So there is this very natural circular economy that Bitcoin has between the digital and physical worlds. The difference there when comparing Bitcoin and its physical cost to produce, building a production floor and creating an asset that’s yes, fixed in supply, but grows in value over time when compared to the growing economy underneath. In comparison to memecoins, which are a flood of money into a picture, a face, a name, a story that was spun up last last night by an insider group handing out the early amount to their friends before flooding in people that don’t know any better. It’s really sort of it can be upsetting because there’s an endless amount of suffering of people burning themselves with bad experiences with digital assets and then they may not necessarily delve any further because they got burnt. And the two other aspects here are as to why don’t people try Bitcoin first? It may seem boring, but there’s an aspect of proof of work that you need to do. Here at the Hash Power Academy, we teach all the different maths and physics fundamentals of Bitcoin. If that’s of interest to you, which to many that might not be, but if it isn’t of interest to you, you can get yourself ahead with intellect, with learning, learning knowledge and advancing yourself in a way that allows you to get ahead of others in the society that is completely in structure of who can get ahead based on intellect and how much you apply yourself in terms of your work. because there’s working hard, there’s working smart, and the combination of the two is the perfect mix. And that’s truly the important aspect here. The that a many people miss out on Bitcoin because they feel, oh, it’s too big, one whole coin, too much. That’s a unit bias. You can buy a tiny fractional amount of Bitcoin and you are preserving the same amount of relative wealth over time. And people holding lots of Bitcoin eventually they will pass away and it will redistribute to those that are not. That’s just being old versus young. Your grandparents typically have a lot more stuff than you do. And the other aspect here is that getting ahead in a world of debt based money. This is the reason why Bitcoin appeared and then this stuff became the the crazy story afterwards that we live in a world where salaries are very much flat over time versus the cost of houses and the cost of living absolutely taking off. It’s a problem with our central banking system flooding the world with units that buy your time and energy. You sign a contract to earn x amount per hour. So your valuable time will pay you this amount per hour, this quantity of dollars or pounds, euros, yen, pesos, whichever it is. And if the government can just print these units, your time and energy is being taken through inflation, tax, interest, you name it. And so this is where the whole Bitcoin journey began. It’s a way of people being able to preserve their wealth in an asset that’s priced against electricity, which is extremely important to society. Now, everything about our world is becoming electrified. Just look at what Elon’s doing. And on the other side of that, we’ve got this I don’t even know what word to apply to it. I just I just believe it’s hype, speculation, short stories, tokens that come from zero go back to zero, and in the journey you redistributed your wealth to someone else that got rich and they seem to spend it and burn through it just as quickly. that doesn’t build a progressive society that helps to nurture society in a direction that’s more prosperous versus Bitcoin that is people going out there in the world and trying to find cheap energy where it’s wasted in excess and they will capture that to secure the network and issue new units which have an alignment to important things in our physical world because This is the other thing about say people of a younger age and I’m actually Gen Z somehow right on the cusp before millennial that um we we’ve grown up in a completely digital way that all of our generations before us didn’t that we are the kids of the internet so to speak and of of the true sort of web two web three stages of the internet I might add and we are so digital that we may have this abstraction and disconnection from the physical world. Not all of us, but a large majority of people of a younger age. We there is just psychological disconnects that some have with the physical world, a sort of pinching of is this real sort of thing because we spend so much time online. It’s a completely different universe. uh that the the way that for example I spent many years playing Minecraft as a good example and yeah meme coins being the very much difference between finding rare gems and not but you know what I think I’ll leave it there. Thank you for listening to this video. If it helps you open up a new way of going you know what I think I’ll give Bitcoin a go. I think I’ll make the effort to learn more about it and maybe not try and get ahead with hype and speculation, but get ahead with academic intellect and proof of work of learning. Going on that journey to really understand it because there’s a lot of education out there and it’s all typically free. Thank you for listening. I hope you enjoyed and I will potentially see you in the next video. to buy.

Video Transcript:

Hello there and welcome to the hash power academy from Latin America. I’m currently living over here for a couple of months and uh while I’m here I’m looking to explore and from the content side of things storytell any particular projects of interest particularly in this area. So, in this video, I’m just going to explore the idea of Bitcoin in Latin America across all the different avenues, whether it’s things that are already happening or things that could happen in the future. But overall, Latin America is growing and thriving whilst there is a a lot of noise and chaos in the northern hemisphere. And for the past 5 years, I’ve been traveling here on and off the uh health and pandemic years, shall we say, and spent a lot of time in Mexico and just noticing, you know, the differences of culture, language of course, and and just seeing all these sorts of societal level changes, especially whilst I was spending many of many years and sorry, many hours of that time delving into Bitcoin content online. And on the physical side of that, seeing different things happen such as electrical power cuts and going, “Hang on, if there was Bitcoin mining here, all this excess solar that was creating this instability of their grid and the temperature changes, especially seeing all these sorts of different opportunities that that Bitcoin will have here in the future, because I know there’s a lot of similarities across the different countries in Latin America. I can’t speak for all of them. Um, but definitely in the South America side of things, it’s new to me. So, here I am and I’m looking to explore and connect with people from all different levels to to understand what’s happening here and tell those different stories and produce content for it as such. So, diving into one of the first things from from a user side of things is there is a lot of layer 2 usage here because the need for trade and transaction particularly in dollars. Yes. um is needed here. There is currencies across this entire continent that are inflating slash going into hyperinflation at particular points of history. And so people are quite familiar here to earning what they can and spending it as quick as possible so that the prices don’t going up don’t go up too quickly. And that’s an interesting perception or an interesting psychology to explore that that people recognize that their money holds no value and is leaking value by the second. So they have to go and spend it as quick as possible. And it’s almost as if uh everyone in the northern hemisphere on their five to 10 to 15% inflation per year just being this sort of uh boiling the frogs in water by heating the water slowly and realizing that we’re hitting those uh 100% points where it comes to the amount of interest versus income GDP that countries earn. But that is quite a detraction from the conversation here. Why are people in Latin America storing their time and energy in digital dollars such as USDT on the different layer 2 chains? It’s because they are trying to escape inflation and that’s very important. Across the Bitcoin layer, we’ve got lots of events here I’ve noticed. So, I’m definitely interested to go to a different different sort of events here across uh the different countries here. And then on the developer side of things, there’s also quite a developer community across this entire continent. There’s obviously quite a range of salaries here in comparison to the northern hemisphere and more economically developed countries that we’re going to find people that have grown up on the internet here in Latin America and have developed software skills and going into job roles that bring and access higher economic value into their into their countries that may not be as an average quite high in income. So these are great opportunities that Bitcoin and the wider digital asset space, yes, are creating income streams for areas that that were more physically constrained in what they could earn. And that brings us to the mining side of things that there is mining developing here at scale now. And some of the things that may happen over this next year of 2025 to continue is if there is instability on the tariff side of things, whether Bitcoin mining machines are exempt or not from high tariffs, well, it’s going to make that decision of whether people want to send their mining hardware to deploy in the US with those higher costs or to places such as Paraguay. And somewhere I’m quite interested in is the south of Argentina, which has lots of oil fields. And so there’s gas being released and you have to burn it. And so seeing those other economic opportunities for the Bitcoin network to be physically built out because you got to understand that the the analogy of California and natural wealth in that local area being found, gold, the gold went out and goods, services, businesses, and people flooded in. And so the opportunity that Bitcoin offers is wherever Bitcoin mining is locally deployed. It’s consuming energy locally or from the sun or a hydropowered dam. The example being Paraguay where they have a dam that produces more power than sometimes what the country needs. So it sells the excess for a very cheap rate to Brazil. And if Bitcoin mining is offering a multiple uh amount of revenue per kilowatt, megawatt, gigawatt, well, why why would you sell it at a cheap price if there’s some new way of economically turning energy into money at a higher rate? And so we are seeing a lot of increase in the amount of mining deployment here in Latin America which is really important because it’s the issuance of the the last remaining million bitcoin plus fees into an area that is naturally growing thriving developing as well and they can fast track the development into the 21st century because I always take the example of England in the sense that we have these very old infrastructure systems, the sewage systems and all these sorts of things. Even even the way they’re constantly ripping fiber C, you know, fiber cables, the old cables and replacing it for fiber where because we already set up these other infrastructure pieces. Uh it’s more costly to have to replace that infrastructure than it is to just build new. So the opportunity here in Latin America is they can accelerate their infrastructure development to the modern 21st century of all these different new digital rel related payment systems and new forms of energy systems. And that means that any form of scale out of Bitcoin mining justifies more energy buildout which builds out more Bitcoin mining until there is a fair market pricing for the energy that the local level people can buy it. And this brings us to the other side of things, grid instability. I have noticed that there is more frequent power cuts here in Latin America from all my different travels and experiences than there is in other places. Now there being say more violent weather, temperature changes, uh access to energy that may not be as reliable or fluctuations on their grids, whatever the the exact grid instability problem is, it boils down to this. Bitcoin mining is an economic buyer of energy that will sell it at a higher rate if there’s a way of doing so. So, they’re naturally buying and selling energy opposite to the the grid, which means it’s bringing stability to the grid. There’s too much energy on the grid. Solar is at full beam. There’s no clouds. Um, there could be a very high increase of of supply and not enough demand. miners can overclock potentially and and and capture that that excess. And to the downside, loads of cloud to come over or too much too much uh too many storms, not enough of all the different power sources, too much uh demand balanced against supply, something needs to switch off. So if there’s a natural seller of power that will switch off and scale down when the grid needs it that that that balance of the power to buy it or to sell it means that grids remain more stable. So that development of grid infrastructure here could be greatly beneficial. Um well sorry the bene the benefits of Bitcoin mining bringing that level of stability increase to these grids. And yeah, the the other side of this is there is a lot of non-renewables here. Burning of plastic couple of miles away. There’s all these different ecological issues here of extractions of different things and poisoning of rivers. And so developing new types of energy and compute systems that create economic incentives and monetize stranded energy assets like a renewable, you know, hydro dam in the middle of nowhere and the industry locally has left. Um the the running costs are fixed costs to that dam. So if they can’t sell all their power because the local area is not buying it enough, those fixed costs that they have go to a smaller group of people. But if a buyer such as a Bitcoin miner comes in and takes up the large significant volume of that energy and thus a large large percentage of those fixed costs, it means that the other users of the grid get less of those fixed costs and they’re more closely paying just the energy cost as to what’s defined by the market. So yeah, Bitcoin in Latin America. This is going to be the first video just to delve into a few different topics. But yeah, looking to explore different opportunities across this entire stack in all different ways. And the main thing is to probably go to a few events. So if I go to any events, I’ll let you know. Um, obviously I’m speaking here in English. Uh, I will try and make sure that there is a transcribed Spanish version to this as well. Thank you for listening and I hope to see you in the next video. Goodbye.

Video Transcript:

Hello there and welcome to the Hash Power Academy, your place to learn anything to do with Bitcoin. The topic of today’s video delves into the idea of Bitcoin trust fund kids, which leans on the topic of Bitcoin inheritance. Think about it. If you are growing your Bitcoin wealth at any age, I presume you want to financially reach the level of potentially having a family. And the next step of thought from that is teaching your kids how to manage and hold and secure Bitcoin. And then the the finality of that is when you’re not involved and there is an inheritance process to pass that orange wealth, that bloodline retiring stack to your next of kin. And there are some problems in that. And we can explore history just to demonstrate that at any level of wealth, especially kings and queens, that you had that king that built the empire and then passed away and quite literally handed the keys down to the young prince and it all went wrong from there. whether it was that they didn’t assign the importance of that money to themselves because they didn’t put the work and energy in because they didn’t exist maybe at the point and this isn’t a bash on people that have inherited great wealth in fact if you are one of those people reach out because there is many things I’m looking to build and they cost a lot of money there’s lots of amazing things that come out of it so the idea of this is It’s a harsh statement, but I think it’s fair. You value nothing when you can afford everything. And you truly get boiled down to the sentimentality of things. And I think that might be one of the disconnects that if someone, especially young, is handed money with no assigned cost to the physical effort required to make it, earn it, and work for it. This is why we have this very age-old statistic that 70% of families lose their wealth by the second generation. And this gets even better interesting. 90% of families lose their wealth by the third generation. So it is absolutely fundamental that if you would like to be one of the Satoshi era bloodline retiring family names and helping your family preserve wealth into the future in a way that they can assign the true value and cost to the money. There is an interesting effort that needs to be made collectively and I’m looking for your feedback as well on this and the comments as to how we can educate our children of the future to preserve their time and energy in a way that whether it’s inherited in time and energy from someone else’s work or themselves that they they lead a path to making sure they don’t recklessly spend it and blow it on Lamborghinis, shall we say? how we can prevent this for our particular family and be the 10%. And uh not to make it all about mining, but uh the the key issue with say the fiat currency side of things is that we detached the idea of what money was from the physical world in the 70s. We disconnected our money, numbers on an account and salaries and whatnot. we disconnected it from gold and the average age that people have kids has gone up. Uh there’s all other different socio socioeconomic and political aspects to this and uh women entering the workforce at that particular point in time that’s changed things. But what doesn’t change is that we have a form of money that everyone’s detached from in the idea of just spend it now because it buys you less tomorrow. And I think that detachment from money and that concentration of wealth to those has created an accelerated amount of concentrated wealth and a wealth gap in our world that there will be a lot of Bitcoin trust fund kids as well as just normal trust fund kids shall we say or Bitcoin wallet kids. There’s several problems to this which is the question then may become how do we help our kids assign a value to the money and mining comes into this because what is Bitcoin mining it’s the educational perspective that Bitcoin didn’t just appear every single bitcoin was produced and computed with an electrical cost whether it was that at the start with Satoshi and CPU use and a very nominal amount of energy where it was high 50 Bitcoin quantity per block with a tiny amount of energy to today going into tomorrow which is a massive quantity of energy to produce a tiny amount of Bitcoin. But in that process there is a new pricing system to understand the cost of Bitcoin through electricity. And I think if the digital nature of Bitcoin creates a psychological lack of responsibility, because I’m sure everyone has just and paid without thinking twice as to, oh, let me check my bank balance. If you’re truly in a credit world, a lot of people’s consumer behaviors and spending psychology is on the fact that the detachment of the physical checking of our wallet to see if we actually have the the the money available to spend. The detachment into this physical uh physical aspect going into digital means that we now spend money in a way that can be more reckless and irresponsible because it’s just click and pay. It’s been made so easy. And I always reference the buy now and pay later, the the the misalignment between actions and consequences. But the fundamentals come back to the fact that Bitcoin is this new form of money on the internet digital and swells this wealth that means that there will be people that need to hand it off to their kids. They want they will want to whether they build and spend with it, which I think is an a smart thing to do. Um and also the aspect of what they hand down to their kids. if their kids have had an educational journey into Bitcoin and learning about the energy side as well. I feel like if kids can conceptualize physically a large mining site and the amount of Bitcoin that one large site can make can make this tiny amount of Bitcoin per machine with all the noise and energy use. I feel like there’s it it’s my biased opinion in that particular front, but I feel like helping kids understand that they’re digital orange wealth that they inherit and making them understand the the the timeline and the physical cost side of the money will just help them understand its importance to preserve into the future for their generation and so on. There’s all other different social aspects to how we spend money. But that’s come from the fact that especially the last 50 years, even longer, that we’ve got money that is not worth the paper it’s printed on quite literally. And that’s created an environment where people spend recklessly and hyper consumption and the quality of materials that the the Bitcoin hard money standard does introduce a society where people focus more on quality. Why would I let go of my Bitcoin for anything other than something that I believe is a good experience and high quality? Good food, good travel, good people, good conversations. That’s what we want. And the aspect of the end of that enjoying enjoy that life full of adventure and experience that we can afford now stacking Bitcoin in this collective investment vehicle of a planetary scale. Still that problem. How would we hand it to our kids in a way that they understand all of those pieces of knowledge that is required to not recklessly spend it? And it’s they need to assign the money to some form of physical attribute whether it’s their work, their time and energy. One idea I have is in the debt money system world of nations and governments if this is an idea and I’m very much interested to get your thoughts on this that um for example if I have a child in the future and they go and work which I would like them to do and understand their exchange of time and energy into money that if the government takes 20% of it as a tax bill I would rebate that 20%. So it’s almost ensuring that their time and energy and their work that they do is fully preserved that 100% mark. So if they want more money from Elpadre, they need to go and work harder and not have their effort to work more put them in a higher tax bracket to take more, which makes things like sugar taxes in England quite paradoxical. you’re going to apply a tax on sugar to make people consume less sugar. So why is there a tax on earning and working more? Are you trying to make people work less or the system’s messed up and we’re just trying to figure it all out? But when it comes to that inheritance aspect, another thing is I’m uh currently in discussions with a hardware wallet provider that’s got a very interesting piece of technology that I’d like to explore because the biggest issue with the handing handing off of Bitcoin wealth to our kids is truly to that piece of information, the private key, whether it’s a single private key, multi-IG setup, custodial setup that uh has a transfer and an an inheritance process. There’s all these different pieces, but I like this particular this this company that developing this technology to allow the handling of signatures and backups and all these sorts of things in a in a more human way. Raising that technical level to a more human interface is very much what is needed. Again, if any of you have particular ideas on how we can hand this digital bloodline retiring wealth to our kids and and allow those dominoes to continually fall over time, comments and questions very much for you. Thank you for listening. I hope you enjoyed this video. I did as well. And I will see you in the next video. Goodbye.

Video Transcript:

hello there and welcome to the Hash Power Academy your place to learn anything to do with Bitcoin and we’ll start this video with a question why does it seem like everything in society is of a lower quality than it used to be now I don’t want to seem like some Benjamin Button uh old man and young person’s body back in the days sort of conversation but truly like it seems every ever since the 70s something about society and the way we spend money goods services the quality of food you you could throw out an endless list of different things that have degraded declined and shrked in value services design of buildings even for example I’m here in Texas and I’ve noticed that all of the houses a lot of them uh they have these beautiful fronts to the house uh but if you look down the sides it’s made of wood and that’s a building material we’ve used for many years but it just doesn’t last versus other moments in history where a lot of the buildings yes concentrated more so in the cities were built out of stone and materials designed to go through the generations and yes it was more so on a hard money standard and that’s truly where the discussion of this video is going to delve into is what is a Bitcoin society going to look like how will people spend their money will they recklessly throw money in the air or will the rappers of tomorrow be more careful and cautious and help communicate the the considerations of how you spend money in the future because here’s the thing the debt money system of today means that if you go to work and convert your time and energy into dollars or pounds per hour or per year and then you take said time and energy concentrated in this number of pounds euros dollars whatever it is and put it in the bank earn some interest savings yes you’re saving up but if you go to spend it 5 years later it will buy you less inflation yes the price is going up no it’s the value of the money going down it buys you less because the governments can issue more of these units because it’s not constrained to a physical good our money used to be connected to gold and the golden age brought about a period of time where things were built to last the timelessness was truly evident across all manner of society the music the architecture and all these sorts of things and where we go with this is well if we go back to hard money standard what is a Bitcoin society going to look like with money that the units are fixed in supply but the energy and compute to produce it is expanding in the system so repricing the money with a greater purchasing power over time i think the majority of people right now would just think that the idea of Bitcoin got this money that increases in value over time it’s it’s beyond people’s belief systems in today’s world majority of them and we’re going into a world that’s still going to have technological innovation at a rapid pace but the costs don’t change in terms of the body and energy we’re still going to be driving cars the it’s just the the framework’s going to change instead of driving the car yourself you’re going to press a button and some compute and energy is going to take you where you need to go but when it comes to the fundamental perspective that I’ve written here it it comes down to this that if the quality of goods and services remains rubbish why would you spend on it you wouldn’t want to spend your Bitcoin on things that are bad quality because you value the money that right now money is devalued and continually that that erodess at the societal level into all different problems in society there’s 101 podcasters that can go way into detail as to all of the problems of the money but what we’re going to look at is that Bitcoin society so if you have money that’s gaining value over time uh to the psychology level you’re less likely to spend it and what you do spend it on becomes more important because you see that opportunity cost why would I buy one of these brand new homes for young people oh that’s amazing i’d love to buy a massively overpriced home with really poor building quality that doesn’t last decades it lasts a few years before you need to replace something all of these uh cookie cutter mass production of homes designed for young people there’s really bad quality of building material but why has that occurred there’s just endless aspects of this to pick apart but what what I see in the future is people trying to design and coordinate society in a Bitcoin world where the buildings are designed to last multiple generations maybe built out of materials such as stone that’s what I would like and that affordability is going to come from the early people that hold Bitcoin and as they rotate said Bitcoin the medium of exchange phase of what they’re going to spend it on they’re going to spend it on their necessities and necessity is going to become that ever important word along with timelessness so we want goods and services and things to consume that are of good quality not bad we want good clothes and one of them not 10 of them and and that sort of quality over quantity is truly important and the other piece of that in terms of buying cheap things is affordability yes there is a lot of people that um a shirt costing $5 $10 is is important because of the access to that and maybe they can go and go to a job interview with a smart shirt but the quality of material has just grossly declined to the point that uh girls will buy things from these fast fashion online things a dress that they’ll use once made out of this plastic material that messes up hormones another topic there’s so many other cause and effects pro cause and effect problems from having a form of money that loses value over time you’re more likely to spend it that manipulation of consumption creates an accelerated amount of mass production and that’s not to say that Bitcoin creates a world where we slow the economy down absolutely not because here’s the thing what is the value underneath there is an electrical cost aligned to Bitcoin and that continually expands our ability to produce energy if we have a money that can be captured and produced through energy we build out more energy and if we have more energy in society prices come down it’s cheaper to travel it it feeds its way into the system fuels it fuels the system in the other way around while whilst the fiat system literally feeds on the system and extracts if you issue more units that spend other people’s time and energy their work well you’re going to have a society that feels drained and degraded just like today and so if if the script is flipped the paradox goes the other way if if we find ourselves in a society where people feel empowered the time and energy that they do preserve in the money gains more value because it’s self-contained energy is neither created nor destroyed we find ourselves in a world where people are focused on quality spending this money that they actually hold value for on things of necessity why would I let go of my Bitcoin that’s so intrinsically bound to my soul now because here’s the interesting thing if you if you was to pass away just memorizing your seedwords it goes with you and there will be a lot of people that maybe try and just hold their Bitcoin in their minds and if they they pass away with said said keys it reduces the supply even more relative to the amount of infrastructure that’s been built out so it reprices the Bitcoin with even more value and that’s not to say we will lose all the Bitcoin and there’ll always be some form of number of Bitcoin or Satoshi’s in circulation and all of that expansion of energy underneath just gets repriced to a smaller and smaller quantity of units so it reprices all of the energy money in the system at a greater amount of value that people value even more and focus even more on necessity and quality and making sure that the things that they buy last a lot longer it’s a big topic and it needs a lot more exploring but I think that’s enough for this video thank you for listening