The SECRET(s) to Understanding Bitcoin? | Hashpower Academy

Video Transcript:

hello there and welcome to the hash power Academy my name is Jake and the topic of today is what are the secrets to understanding Bitcoin now Bitcoin is not just money on the internet and all the different blockchain related topics Associated to it but it has these underlying layers and those layers are compute and energy so energy compute and finance represent the Three core commod ities of the network electricity hash power and BTC and well I’ll tell you a story if you go to a mining conference for example Bitcoin mining there’s a lot of people there obsessed with Bitcoin in the context of energy their ability to find energy source it and monetize it into Bitcoin and if you go to a typical generic Bitcoin conference lots of baners fresh from Wall Street they contextualize Bitcoin and their understanding of Bitcoin is from a financial lens Bitcoin is collateral Bitcoin in debt markets Bitcoin bonds trading all the all these sorts of pieces and I honestly recommend that if you’re fresh from Wall Street the best thing you can do is go to a mining conference so you understand the other side of the coin so to speak the the this entire bottom half of the iceberg not just this visible bit most people understand and if you’re a minor the best thing you could do is get to know people on the finance side of things understanding all the opportunities to export your energy into a global monetary Network we call Bitcoin because both sectors the production and consumption sides of producing energy and consuming it in digital form these are two sides of the same coin and that duopoly between the two is well the best business partners I believe could be an energy guy and a finance Sky because they’re going to understand it from two different lenses and they’ll have much better cooperation but the way that I see Bitcoin for example is I see it as energy potential if I see a flowing river I see I see the ability to generate energy from you know raw natural power and electricity has a quantifiable amount of money Associated to it the ability to generate energy and turn it into Bitcoin through Mining and then the financial lens is to understand that Bitcoin has an underlying energy Reserve Associated to it miners are continually plugging machines in they are continually adding more electricity that is not just consumed to produce Bitcoin raise the difficulty adjustment and create a more secure network but also Al all of that capacity of energy is having well it’s got this ability to be sold as well so all of these different pieces of not just the network creeping its Bitcoin phenomena in the finance Direction but also in the energy Direction the compute Direction because the hash power can also be converted into other different blockchains and just sell those other units of a different blockchain into more Bitcoin and convert it there’s all different paths to the same destination with this network and as I said if you are a finance guy go to a Bitcoin mining energy conference if you just go to mining conferences and energy conference type stuff go to a finance one because that partnership that is the true power of network effects I believe because we’re all we’re all developing things in our different directions of Bitcoin but the more we look at Bitcoin as a zoomed out perspective or for you or anyone else really that educational journey of seeing that the secrets of bitcoiners money is energy and the secrets of bitcoin’s energy side is its monetary potential that’s what I’ve got for today I hope you enjoyed this uh video I hope you go to a different conference that uh makes you uncomfortable makes you learn something new and within that you will frame different ways of understanding this phenomen that we’re only going to look back in being able to pay the way of of of clarity of knowing exactly where it’s going learn about the past all the different pieces of Bitcoin we can learn about what’s happening today the new cycle all this stuff but all of that contextualizes where it goes for tomorrow thank you for listening I hope you see hope to see you in the next one enjoy