What will a Bitcoin SOCIETY Look Like? Part 1 | Hashpower Academy | Terahash Ecosystem

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