Search & Filter

Every passage, on the record.

1. 00:00Claim

   If you know anything about Bitcoin now, you are front running 99% of the extended order, you have information that other people don't, and it just so happens that this is the most powerful information you could have access to since the dawn of life itself.

2. 01:13Quote

   If you fuck this up, that's how bad you are at allocating energy. That's how bad you are when you have the most advantage ever possible to an organism inside of the extended order.

3. 00:36Analogy

   When would you have been better off if you had access to gunpowder before everyone else? You're limited by the physical laws of the universe at that stage, you can only be in so many places at once, you can only leverage the technology that is in place up until that point.

4. 01:13Reference

   Evolution over millions of years has designed itself, has designed the selfish genes to have the ultimate weapon in energy transformation.

5. 01:56Claim

   As information friction, the exchange that is possible inside of the system, essentially falls to zero, all of the things that life has done up until now, hamstrung by friction in the information exchange process, Bitcoin removes that friction to the point where we have never had something anywhere near as powerful.

6. 02:53Reference

   There's really two plays: you can either go the left side of the bell curve or you can go the right side of the bell curve.

7. 02:53Claim · condensed

   The left side of the bell curve is fairly simple: you continue doing whatever energy transformation you were doing before, and you plug any excess reserves into the Bitcoin system, because it's going to do a better job at allocating that energy than you are.

8. 03:34Idea

   You're not interested in dollars or whatever the denomination is that is money. What you're interested in is the energy that that brings with it, and the ability to wield that energy in any manner that you see fit.

9. 04:13Claim · condensed

   Someday everyone will wise up and say, I'm not going to take the shitty dollars, I just want the energy transformation. We're going to cut out that middleman, and when you cut out that middleman, the price skyrockets in terms of energy.

10. 05:15Claim · condensed

    If you're going to 140 IQ this, you need to find ways to put yourself in a position to build solutions that will be necessary that were not necessary before, because there was friction in the exchange process that is now being removed.

11. 05:53Reference

    This is something that I just read not too long ago, I think it's James Gleick's book, The Information, a history, a theory, a flood, and I think it actually predates Jeff Booth's book.

12. 05:53Reference

    I think it actually predates Jeff Booth's book, and it states the same idea in there.

13. 05:53Claim

    One of the ideas is that when information is cheap, attention is expensive. This is the entire thing, whether it's Lightning or another layer, as friction is removed from the exchange process, Bitcoin, the information that is Bitcoin, becomes the most valuable thing.

14. 06:40Claim · condensed

    Bitcoin becomes the most valuable thing because it alerts anyone using it or understanding it as a unit of account to where they are most valuable in the system at any one time, because energy will just constantly be flowing, and you can step in and out of those energy flows.

15. 07:28Claim · condensed

    You don't know your true opportunity cost right now, because to know it you'd have to have knowledge of all the various ways you can transform energy, and that's simply not possible given the restrictions of the legacy system.

16. 08:13Idea · condensed

    What Bitcoin does is the information that it generates is that signal, telling you where the most valuable thing you can be doing is, and if that system can't be corrupted, it's only signal. If we eliminate the noise, we eliminate the huge swath of energy that was previously required to sift through it. Information isn't valuable unless you have the ability to search and filter through it based on the end goal you are trying to achieve. A giant mound of information affords no advantage if you're not able to search and filter through it.

17. 09:14Claim · condensed

    What we want at the top of the list is the most relevant information: where should I be spending my energy right now to be the most beneficial to those around me? If I'm beneficial to those around me, I will be rewarded, and that reward gives me the stability to plan further into the future.

18. 09:52Claim · condensed

    As information becomes more abundant and we become more efficient at exchanging it, we can specialize, and as we specialize we generate a higher quality of information, because we can drill down into what's actually making a difference in energy transformation.

19. 10:24Claim

    If we can look at the recent past and identify that searching and filtering information has been the most successful business plan over the last 20 years, going forward as information increases we can only imagine that's going to be more successful.

20. 11:40Reference

    That has been the value-for-value model, and we've had episodes in the past about how to take advantage of that value-for-value model.

21. 11:40Claim

    On lightning, you will have push and pull payments automatically as you're watching Netflix, streamed from your account to their account as you're consuming that content. Companies generating order inside the economy are going to have to get between attention and information, and reward the people breaking up that peer-to-peer flow.

22. 12:58Analogy

    This is like understanding that in the future it'd probably be a pretty big thing if you could stream video over the internet, but you knew this in 1985. It's hard to build on that now and hard to get support for that now, because people simply don't understand that this is the world that is coming down the pipe.

23. 13:41Reference

    I think it was an actual experiment where they gave individual traders copies of the front page of the Wall Street Journal, and then you had to trade a fictional account of that day.

24. 13:41Claim

    You knew the information of the following day, the most important headlines, beforehand. Could you be more beneficial trading the markets if you knew that information beforehand? The answer was no, it didn't matter, it made them no benefit.

25. 14:28Claim

    The vast majority have no idea what money is, they don't care. They are in struggle town just to survive, just to get enough energy to maintain whatever lifestyle they've built up, and they are not interested in these things.

26. 14:28Claim

    The way that I win in Bitcoin is different from the fiat system: in fiat, if I win, I want you to lose, that makes my winning easier. In Bitcoin it's the opposite, as soon as you pack your bags on the Bitcoin Express, if everybody else around you also wins, that results in you winning more, and Bitcoin is really good at winning.

27. 14:28Quote

    As soon as you pack your bags on the Bitcoin Express, if everybody else around you in Bitcoin wins, that results in you winning more, and the Bitcoin is really good at winning.

28. 14:28Quote

    The way for me to get the most energy is to actually give you as much as humanly possible.

29. 15:58Claim · condensed

    You want the people around you outside of Bitcoin to be ultra successful in whatever energy transformation game they're playing, because if they're ultra successful, you get access to more energy once they plug into the system.

30. 16:33Claim

    What is the tool that is Bitcoin doing? It's there to achieve consensus. Consensus is simply an agreement amongst a group of individual entities in a given system, sharing information so as to arrive at a shared reality via information exchange.

31. 17:49Claim · condensed

    Life, and the extended order by default, is in a battle with disorder. The denser the forms of information we can harness, with the maximum amount of optionality in both time and space, the better the odds are that selfish genes will propagate and we can continue to push back the universe's relentless push toward disorder.

32. 18:30Claim · condensed

    If we can agree on the state of a given system, we can eliminate noise, eliminate randomness, and create order. If individuals are out of consensus because they're operating on incomplete information, by definition they will sub optimally allocate that energy.

33. 18:30Claim

    What you need is sieves, you need searching and you need to filter through that information to find the most valuable thing you could be doing. Arriving at consensus and staying in consensus are two very different things, and staying in it requires a tremendous amount of energy and information.

34. 17:49Quote

    Thankfully for me, this isn't a terribly tough nut to crack, and we don't have to go crazy deep to understand why this is better.

35. 20:00Claim · condensed

    By streamlining consensus mechanisms we save, but it isn't just the savings, it's also the new platform that emerges because of the perfection of the agreement that's now possible. Every time you eliminate an attack vector that would drift you out of consensus, resolve hardens among members in the form of trust.

36. 20:00Reference

    This is the Lindy effect in action with Bitcoin, as it continues to do what it does, trust builds up in the system itself.

37. 20:54Prediction

    There will be no point in the future where it would be a good idea to ignore the information coming out of the Bitcoin system. That will never give you an advantage, and it's only going to continue forever.

38. 21:35Reference

    We did a show on bells, before clocks, of just how important they were and why they lifted the economic capabilities of the towns these were rolled out in.

39. 22:31Analogy

    Are you more effective if you are hyper focused, or if you're doing a thousand things at once? If it's doing a thousand things at once, there's a lot of noise in that system, a lot of switching costs, a lot of energy allocations you're not taking into account.

40. 22:31Claim

    Any economy that's able to synchronize independent actors inside that group will, by definition, out compete rivals who are operating at an extreme disadvantage, because information exchange is always costly and always requires energy.

41. 24:21Claim

    The quality of information increases as consensus becomes programmatic, which means we need to allocate comparatively very low levels of energy into that process. What previously required a shitload of energy now takes significantly less.

42. 25:00Claim

    Any consensus mechanism that requires outside human action means a human is required at a premium the extended order has to pay on top of that consensus operation, because there are inefficiencies in the human process.

43. 25:31Analogy

    Bitcoin is a tool, a shovel is a tool. A shovel is pretty good at a lot of things, you can hit somebody over the head with it, you can scratch your back with it, you can use it as a paperweight. But it is most efficient, it provides the most utility, at digging a hole.

44. 26:01Claim

    Money as most think of it and as most know of it, that's dead. It's been out competed, and the world will look very different because of that fact.

45. 26:01Quote

    Bitcoin is marching the extended order to a world where noise is a past relic, something that had to be constantly dealt with and constantly pushed back, and has simply been eliminated.

46. 26:01Claim · condensed

    This isn't a bet that stops at $100,000, and it's not the idea that once it gets to a million bucks you flip your Bitcoin for cut bucks. That's not this.

47. 26:48Quote

    This is the most valuable tool ever conceived, enabling the emergence of the super being that is the most efficient extended order ever conceived.

48. 27:21Analogy

    Imagine inside of your body if the various systems, the subsystems that make up your body, had friction in the information exchange process, could you even exist? How much more inefficient would you be if trust had to be built up between these systems because it wasn't programmatic?

49. 27:21Claim · condensed

    That would create serious inefficiencies, and that means it really is the bedrock of a super being, a new organism that emerges because there is friction free information exchange.

50. 27:21Analogy

    Like any new organism, how does an outer shell emerge on a new entity? You get the little collectives together of single cells, they start to work in combination, and if that combination has an advantage in energy transformation over others, it's going to bind together more and more until an outer wall develops with new participants.

51. 29:07Open question · condensed

    Once you realize you're going to be so energy rich, this is the next step for the majority of Bitcoiners: how have people been successful in the past at allocating energy, and what can we learn from the information provided by the legacy system?

52. 29:45Claim

    Future generations are relying on you not to fuck this up, and you fuck it up by selling Bitcoin for cucktocks, you fuck it up by leverage, you fuck it up by not understanding just how low time preference you should be about this technology.

53. 30:29Claim

    Everyone can be on the same team now, because if everyone does better, I do better. So I want everyone around me to be at maximum efficiency, and I look for little holes to plug, little things that are going to make people around me more efficient.

54. 31:02Open question

    How do I become the best allocator that I can possibly be?