Better & Worse

Every passage, on the record.

1. 00:00Event

   Once the ETF has been approved, or ETFs I should say, what is there, 11 of them, all in the same day, they're gobbling up Bitcoin at an unfathomable rate. Wall Street has been on the sidelines waiting for regulatory clarity, they get it, and they realize there is a bucket load of cash to be made acting as the middleman.

2. 00:00Claim

   What is the point of Bitcoin in the first place? It's to eliminate middlemen.

3. 00:31Claim

   What do the individuals in the middle do? They cause noise. In the system of information exchange, what limits the amount of efficiency we can interject is noise, and the noise comes from a misallocation of resources that is made possible by the existence of middlemen.

4. 01:04Quote

   The more efficient way to exchange information rather than buying an ETF is to buy Bitcoin. Why? Because the map is the territory. You cannot fake Bitcoin. You cannot fake a transaction.

5. 01:36Reference

   You give them your energy that you somehow transformed doing it, whatever it is that you do, the value that you contributed to the extended order, you have access to your requirements.

6. 01:36Analogy

   You're like a little squirrel. You've got acorns. It's going to be a long winter. You don't know what's going to happen. Neither do I. There is uncertainty in the future.

7. 02:06Claim · condensed

   To deal with that uncertainty, to make sure that we generate more information in the future, we want to ensure that we are around, and that means storing our energy somewhere where it's super easy to access.

8. 02:36Analogy

   If you want to turn over real estate, which has been a fantastic way to beat back the fiat debasement that is occurring always and everywhere, that's a good way to do it, but there's friction along the way, there's costs of getting in and out, it takes forever. That's not as good.

9. 03:37Claim

   There's a shitload of friction, and you don't want friction because then you're doing excess work on top of what you should have been doing. Now take that one little transaction and times it by the seven billion people that are constantly contributing to the extended order.

10. 04:07Idea

    It is for the hive mind. It represents the total accessible supply of energy that we have transformed into an accessible state. There was chaos, there was disorder, energy everywhere inside of the universe. All we have to do is order it, but we haven't ordered it all.

11. 04:40Claim

    Earth is at the center of information generation in the universe that we know of. Information is the physical embodiment of order. We want more of it and we want to continue doing it because the alternative is there is no life.

12. 05:12Analogy

    It's a box. You can put your sandwich in the box and then you can eat it on the boat. You're probably going to be better off, because then you'll be able to catch more fish, you'll be able to generate more order.

13. 05:45Quote

    There's been no time in the history of life generating order where you will be more harmed by keeping your head in the sand than right now.

14. 06:22Claim

    The exponential folds in our increasing ability to generate information aren't getting smaller, they're getting larger. Every time we're able to double whatever we're able to do in the information generation process, that is growing, that is not getting smaller. It took 50 years of change to equal that 20 years of change.

15. 06:54Idea

    Now that we have our first constant in economics, our ability to say the total is represented by Bitcoin, that is the TASOE, all of the energy that has been transformed by the extended order that is available freely, that anyone can access, that is what the 21 million units of Bitcoin represents.

16. 07:24Claim

    If you find a way to transform energy more efficiently, it's in your best interest to put it into the system. Whoever takes energy out of the system has two choices, they can come back with more or they can come back with less. If they come back with less, they are punished, the total supply of energy doesn't actually diminish because the information has already been generated.

17. 08:06Analogy

    Maybe they buy that piece of equipment and it doesn't make them harvest watermelons quicker at all, it actually makes them slower, the thing breaks down. Then the market will realize we should no longer be purchasing these machines, and then we have clarity in the market.

18. 08:39Claim · condensed

    That one person who had ownership of the total accessible supply of energy sold their Bitcoin to you, and gave the energy to the machine guy. The machine guy wouldn't be selling that machine at a loss, they were able to skim off the top based on their specialization.

19. 09:09Claim

    Everybody in every step along the way has a choice between, do we have access to our needs? If it's access to our needs, we have the same problem whether we're rich or whether we're poor, what do we do with the excess reserves?

20. 09:42Claim

    Up until now, there has been no easy cure for these things. You had to learn these systems, or you were getting hosed by people whose job it was to learn them. If you are on Wall Street, your job is learning how to use these systems to extract as much energy as you can, and a really easy way to do that is to keep everyone around you as dumb as possible.

21. 10:15Reference

    Every time there is a middleman, there's a need for that person, but eventually that need is removed by information, by technology, it removes that person from the process, and therefore all of the energy that was flowing to that individual can now flow into the system for other more efficient purposes. That is the creative destruction process, and it hasn't happened in financial markets until now.

22. 10:46Claim · condensed

    People don't understand this because they are bogged down by the system now, just trying to keep their head above water. They don't have the time or the energy to be able to look elsewhere and ask why they're getting so hosed.

23. 11:18Claim

    Surely there's an upper bound on how useful this tool can be to you. Nope, there's no limit. You can put as much or as little as you want in, the more you put in, the more successful that you will be.

24. 11:48Idea

    The game gets easier and easier over time, because you are laying the foundation, the work that you are doing now, the energy that you are transforming now, others have to use it to generate the blocks on top of yours. That exchange would not have been possible without the energy that you are not consuming.

25. 12:20Claim

    Because you have ownership of that energy, even though you don't have possession of that energy, every day that you don't consume it you're saying someone out there can make more efficient use of it. How do I find the person who will make the most efficient use out of it, without talking to anyone, without communicating to anyone?

26. 12:53Claim

    You use Bitcoin, that's the whole role of Bitcoin. The option not to allocate energy to the most efficient entity is no longer possible, so the possibility for inducing noise into the Bitcoin system has been removed.

27. 13:30Claim · condensed

    We've never actually been able to measure how much energy is being used by those individuals inside of the banking system before, now we can. All you have to do is look at the dollars priced in Bitcoin. It's going down forever because the system is printing money.

28. 14:39Claim

    You've never lost faster in the fiat world than you're losing now, and you've never been winning more if you allocate to the Bitcoin world. Those two extremes are going to put so much pressure on the system that you will be surprised at the motivation that comes with how quickly these things will move. It just hasn't happened yet, and it takes longer than you think.

29. 14:39Reference

    It's that classic Steve Jobs quote of you underestimate what you can do in 10 years and you overestimate what you can do in a year, whatever it is.

30. 15:17Reference

    The ETF right is the 6102 honeypot of the world. It's actually easier to confiscate than gold in a 6102, right? 6102 for gold, that's quite hard because we've got to go to the vaults, then we've got to maybe move it, we're going to put guards there.

31. 15:58Claim

    If you've got these people, these ETFs on your side and they can't say anything, well, you just, now I control it, right, you take the password, you take the seed phrase and you've got it. You go rogue. Things go pear shaped really, really quickly. It's actually easier to do that.

32. 16:29Claim

    I'm sure there is someone involved in this monstrosity of an entity that is figuring this thing out as well. So you have to assume that's going to happen. In the end, eventually you cannot have a world where there is inequal distribution of Bitcoin because it'll eventually win out as the best money.

33. 16:29Prediction

    It is the best money, so it's eventually going to win out in terms of how many people are using the system in order to store their value and then to exchange with one another and then to use it as a unit of account.

34. 17:05Prediction

    As soon as you use it as a unit of account, you're going to see just how rapidly information generation, which is technology, is making it easier for us to do things. And that's going to go up in value over time, which means that Bitcoin is going to go up in value forever.

35. 17:05Prediction

    Before it gets there, it is going to be the single biggest power shift. The entities that have Bitcoin now, that have a single Bitcoin, you don't understand how much energy they're going to be able to wield, how much power versus the random schmo.

36. 17:41Prediction

    The random plebs out there that don't have access to Bitcoin are going to have pressure build up on top of them from every angle like never before, they will be so much worse off, they're going to have nothing. Eventually, maybe a generation or two down the line, Bitcoin will have distributed to the system.

37. 18:16Claim

    It's going to take a long time to disperse that information, disperse that Bitcoin through the system, because the value of everything except Bitcoin will be falling so dramatically that you can get such a far runway if you just clue into this for two seconds. Go back to 2016, measure how much Bitcoin you could get then versus how much you can get now, project that into the future another eight years, because it's only going to speed up.

38. 20:31Claim

    We're not at the point where even if it's like a panic, I just got to get out of the system, Bitcoin isn't the easiest system to get into in a panic state. You still have to be a little bit clued, you've got to reach out to somebody that knows this thing.

39. 21:03Claim

    How much is Bitcoin going to be in 120 days from now? How much did you just lose by the friction in the system trying to get out, if you're trying to sell a house to do that? Because you can't see it with your eyes, it's hard to believe that it's moving that quickly.

40. 21:33Quote

    Just imagine how bad it is to think you're winning and to be losing that badly, and to never have been losing worse than you're losing now, and to say it with a smile on your face like that, that is a, that is a sigh up that has, that takes serious work.

41. 22:19Quote

    You got your boot right on the face of all of these people that have been fucking you forever.

42. 22:50Claim

    How do you get maximum boot pressure on the face of the fiat overlords? You could come up with a business, using lightning in the attention economy, because no one has ever had a way to measure opportunity cost before, and we can start to develop these systems with microtransactions that will completely take over the world.

43. 23:21Analogy

    Listen up, dumb asses, you should all buy Bitcoin because it's going to win. I'm going to make 100 percent this year, and everyone goes, no, you're not. 12 months later you come back, and you say, what did I say? I said I was going to make 100 percent. You didn't make dick.

44. 23:52Analogy

    What do fund managers do? I'll take your money and I'll put it in a good idea. My good idea is I'm just going to buy Bitcoin and hold it. You don't want to hold it because you don't know how to buy it, you don't know what it is, and you're not going to have the diamond hands. Are you a psychopath? Probably not. If you're not a psychopath, you're going to panic.

45. 24:54Claim · condensed

    That's what people are going to do. How many people do you think buy the ETF, how many people do you think understand what an ETF is? You're living in the Western world where you think this is just normal. Nobody knows that shit.

46. 25:24Quote

    When we talk about Bitcoin, I think that the extended order is going to be able to generate more information in the future than it is now. That's the entire thing.

47. 25:24Reference

    What is the investment thesis? If you're going to put it on the Warren Buffett style letter that you're going to send out to shareholders every year.

48. 25:56Claim

    You should probably store your energy in Bitcoin because it has put a boundary around the total accessible supply of energy, so now you can buy a piece of that. If you think it's going to get bigger, then you should probably own some, it's never gotten smaller.

49. 26:27Reference

    The Lindy effect is energy is being transformed into a more and more ordered state, information is increasing, the density at which that energy is being transformed is getting smaller and smaller, and that's efficient for us, that's better for human life, it's better for the extended order.

50. 26:27Quote

    It's going to win. Go fuck yourself on anything else.