Winner Take All

Every passage, on the record.

1. 00:00Prediction · condensed

   These updates will become less and less necessary, less and less, well, I'll be much less inclined to continue down this path, as Bitcoin continues to increase in adoption and the amount of energy that is being plugged into the system.

2. 00:43Claim

   That's the whole point of this podcast and doing all of these things, to try and flesh out whether or not there are any arguments against the position; in order to have the arguments against the position we have to know what the other side are doing.

3. 01:43Reference

   I either feel bad for my fellow extended order member or I'm disappointed that they haven't been able to recognize the amount of abuse that they have been subjected to, entirely of their own doing.

4. 01:43Claim

   Now that an option exists to be able to remove yourself from that process, there does come a feeling that people should be clued into this stuff sooner.

5. 01:43Analogy

   There has to be a hub to every wheel, and you are the hub of your Bitcoin wheel; everybody that you talked to that didn't know about Bitcoin before you, you are the extension point for where that information needs to pass from.

6. 03:14Claim

   If you achieve a moderate level of success in the Fiat realm, you have to know how to play the rules of the Fiat world to get ahead, and as you are rising you are smooshing everyone else around you closer and closer to the ground, whether you're aware of it or not.

7. 04:36Claim

   If somebody comes along and tells you all the things that Bitcoin does and you don't know anything about those subjects, you should be skeptical; the default should be, it's too good to be true, because if it is true that means everything you know needs to be turned upside down.

8. 05:12Idea

   There is a war going on, there is a war for the control of energy inside of the extended order; you cannot have a situation where both systems, the fiat system and the Bitcoin system, work together and both members of those individual subgroups win.

9. 06:19Idea

   It's winner take all. It's either you're right, I'm wrong, or I'm right, you're wrong.

10. 06:49Quote

    You were just born into the system. You were grandfathered into this system. It's the only one that you've known.

11. 07:33Quote

    It is the most expensive mistake that you will ever make. However long it takes for you to go from first touchpoint of Bitcoin to allocating capital to Bitcoin, that is the price that you paid.

12. 07:33Prediction

    If it works, you win the world, basically, you dominate; we just happen to be born at a time where you can do this with very small sums of energy.

13. 09:01Claim

    If it cost a hundred dollars to join the Bitcoin Club with a low barrier to entry and there wasn't a lot you could have at stake, that would be a different story; but you have individuals putting everything on the line in a game where there has to be a winner, in a zero-sum game, like money.

14. 09:01Quote

    If I win, if I'm right and you're wrong, I get it all, I get all the energy that you have. Just remember though, when I get it, that you gave it to me.

15. 09:54Claim

    You didn't really give it to me, you allowed someone else to give me the energy that you currently control; it's been passed on to me because it has been diluted so much from the people that are in charge of the system you decided was going to be more successful.

16. 09:54Quote

    I'm not saying buy Bitcoin and just believe me. I'm saying, don't trust me, verify it for yourself.

17. 10:25Claim

    You don't get to opt out of this game. You're either on team fiat or you're on team Bitcoin, and now you can allocate a certain percentage so that you don't have to be quite as confident in one, but that's the smart thing to do, to protect yourself.

18. 11:21Analogy

    You have the luxury of walking in mid game, to see what the current results are, to field test whether your team, the one you have chosen or that has been chosen for you and adopted without question, is faring against the challenger.

19. 11:21Reference

    Imagine you come into a basketball stadium and you've got the Looney Tunes playing, some mechanical robot team from Space Jam that has all of this new technology that's going to dominate.

20. 11:54Analogy

    Imagine your team is down a hundred to zero, or 99 to one; would you still be as confident placing everything you have ever worked for, any energy you have transformed from inaccessible to accessible?

21. 12:36Claim

    If you were able to translate that into a vision of the actual scoreboard and see that you were getting the shit kicked out of you a hundred to one, the technology was such a vast improvement that there was nothing the incumbent system could do; it wasn't a fair fight at all.

22. 13:07Claim

    Understanding Bitcoin and at the same time understanding the fiat system is what going down the rabbit hole shows you; it shows you how to interpret the game rather than listen to someone who has to interpret the game for you and has incentives to keep you in that system.

23. 13:07Quote

    If I was farming the energy of people, guess what I would do, I would keep them in that system as long as possible, because I need the energy that I'm farming from you to continue to exist, if I was a psychopath. That's exactly what I would do.

24. 14:15Claim

    If they're that confident, that should perk up your ears, that alarm bell should go off as to, well, if this person is against me, why are they against me, and maybe I should take time out to study my own system and then the alternative.

25. 14:48Quote

    You got to stack sats. But that's how you grow your Bitcoin.

26. 15:55Quote

    When you lose, you're not just losing a little bit, you're losing everything that you have, and you are giving it to me.

27. 15:55Prediction

    If we jump ahead ten years into the future, imagine a world where Bitcoin is just as successful as it has been in the past ten years, and how much are you willing to let me be right and rub it in your face for as long as I can.

28. 16:46Quote

    Everyone around you is having their face smashed in by the boot of the fiat overlords, but they cannot touch you.

29. 16:46Analogy

    Was I able to look past that and jump on the winning horse and be able to ride it all the way through, all the way until it hurt, all the way until everyone around me is having their face smashed in.

30. 17:37Analogy

    It's like a heat seeking missile getting closer and closer to its end position as more energy is being flooded into it.

31. 18:22Open question

    As it keeps going up, the question will be when do you start to peel real world energy requirements off of that stack, and how many people he told along the way who didn't listen.

32. 18:53Idea

    It's also just a fantastic filter for the people around you; if you don't have the desire to look up and say, well, if he's telling me that I'm this wrong I should probably take a moment to figure out who's right, that's telling, even if you think that person is a complete space cadet.

33. 19:26Claim

    This is where the cycle of diminishing returns... that's not true, that's not going to happen. It's not going to get less explosive to the upside, it's going to get more, because Bitcoiners are going to continually win, and the people around them who didn't want to put in the effort are going to get tired of losing.

34. 19:26Prediction

    As they get tired of losing they're going to think everyone around me is successful, working in this Bitcoin world, living in this Bitcoin world, maybe that's the ingredient I should try, and as they try that, they're not going to care about the price they paid.

35. 20:08Prediction

    The price is going to become so detached from what a normal person can get that we're not going to be talking Bitcoin, we're going to be talking in sats, and it doesn't matter if you got them at a sat to a dollar or two sats to a dollar, what matters is that you got in.

36. 20:41Quote

    It is the apex property. Why would you accept anything else when you don't have to, because it's easier to accept than anything else. It is more powerful than anything else.

37. 20:41Prediction

    As soon as you start realizing that, you see that there are no diminishing returns, that it is up and to the right forever, and that allows you to make some pretty big bets.

38. 20:41Claim

    If it doesn't work out, guess what, if I can flush it down the toilet, it didn't work out, try again. If it does, we run the world.