Milk Shake Boyz

Every passage, on the record.

1. 00:31Analogy

   How could I figure out whether or not it was useful? How can I figure out whether it was valuable? I don't even know what those terms mean. How do I find some sort of foundation if I'm crawling on my knees through a sea of darkness? I need to get to something that I can rely on, like a constant, like a foundational piece.

2. 01:04Claim

   It's not rocket science, you just do the work, and then a way to fast track all of that is you go, well what if other people before me, what do they find valuable and useful. If this thing that I'm learning about is valuable, it should go up in price, even in dog shit fiat dollars that you can print out of nothing, and at this point that's agreed upon.

3. 01:35Quote

   They are just stealing it every single day.

4. 01:35Claim

   Someone can just print up the money the vast majority of people are using, not some magical figure, just some other mouth breathing moron, and you can't. If you allow yourself to know that and still get stolen from, you're a fucking dunce and you're not going to make it, and the extended order will be significantly better off without your participation.

5. 01:35Reference

   The world, and by that I mean the extended order, they're going to be significantly better off without your participation.

6. 02:09Claim

   Why? Because you are draining resources from the system, you are not adding to the system of knowledge. What are we all trying to get more efficient at? We're trying to generate more knowledge. You don't just stumble upon knowledge, you have to generate it, and how you do that is by hashing.

7. 02:09Analogy

   You take all of the different iterations of matter that you possibly can and you try and smoosh them together like you are building some sort of clay statuette. You're trying to form something, and if it's useful, it sticks around and continues to propagate inside of the system because others find it useful.

8. 02:48Analogy · condensed

   If you run a little restaurant, maybe you've made some margin on a Subway sandwich, and now those people don't have to make the sandwich themselves, so they will split the energy that would have been required for them to do something else with you.

9. 03:21Claim

   The problem when you make a sandwich is that you can only make so many sandwiches, there are physics and thermodynamics at play, you cannot make that many sandwiches all by your lonesome. But in the informational age you can solve a fuck load more problems with software, and that's why you will eat the world.

10. 03:54Analogy

    The more hay that I have in the barn, the better off I'm going to be in the future. Is it better to have more supplies in case shit goes wrong or is it better to have less supplies? It's better to have more. You can deal with an uncertain future in a more efficient way if you have supplies.

11. 05:02Analogy

    There's only so many ways that you can arrange the physical world, it's a big number but there's only so many of them, just like there's only so many hashes, so many combinations of numbers and letters that will give you some sort of output. You just plug them in and you guess, and 99.9% of the time it's worthless and it's hot garbage, but sometimes you hit on something that's pretty good.

12. 05:34Claim

    Once you hit on something that's pretty good, you want to keep it, you want to put it in a form of memory that is very difficult to alter, so that it persists, so that other people can use it and so that you can use it in the future. You want as much knowledge as humanly possible.

13. 06:10Claim

    Why have certain civilizations been able to better their lives and come to rule over others? Have they channeled energy better? To channel energy better you have to have constraints, physical structures, physical institutions in place.

14. 06:43Claim

    What are institutions? They are just knowledge, arranged in a certain manner that causes physical transformations to occur. That is all that gets us ahead: the more knowledge, the better.

15. 06:43Claim · condensed

    A group of individuals can hash for more knowledge than a single individual can. A single person has a person-bite limit, you can only do so much on your own.

16. 07:13Analogy · condensed

    This is the classic Eskimo analogy. Eskimos have a certain amount of knowledge, very specific to the location they live in. If you don't have that knowledge and I drop you off there, you're dead. You need those individuals to share it with you, because you don't have time in your life to fill in the gaps necessary to learn all of that on your own.

17. 07:47Claim · condensed

    What physical mediums did that knowledge embed itself in? It was in people, people have voices and they have stories. Those stories are physical: matter ordered into sound waves carrying patterns, experiences and warnings.

18. 08:29Quote

    The things that seem like common sense, those are the pieces of knowledge that are the hardest to actually overcome, because everything in your brain is telling you no, this is right.

19. 08:29Claim

    The most useful thing you can do for your family, for yourself, for the community around you is you can hash for more knowledge.

20. 09:02Claim · condensed

    If you don't have the world's best idea, what do you do? You make it easier for the person that has the world's best idea. That is the most value you can bring to the system, and a lot of people who aren't going to figure out how to launch a rocket can still make life easier for the people who can.

21. 09:39Claim · condensed

    The problem is how do we specialize in larger and larger numbers when trust begins to falter? If I don't know you, I can't trust you, because you're better off screwing me than not in a wide variety of circumstances, and once that happens I can't trust anybody, which limits how deep down a rabbit hole of new knowledge I can go.

22. 10:23Quote

    If you lose that knowledge, the physical organization of that knowledge, it is like it was never there to begin with. You have to start again.

23. 10:23Claim

    Civilizations that win are able to generate more knowledge at a faster rate and keep that knowledge intact, which is very difficult to do; if you lose it you have to rebuild that side of the pyramid with different blocks that allow you to get that high again.

24. 10:53Claim · condensed

    A lot of the energy used up by the extended order goes into keeping that layer of knowledge from scattering and falling prey to entropy. Everything will want to flow towards disorder, and if we want to stop that flow, we have to input energy into it.

25. 10:53Reference

    A lot of the energy that is used up by the extended order is in keeping that layer there, just keeping it from scattering and from falling prey to entropy.

26. 11:24Claim

    The less energy we have to put into keeping order intact, the more energy we end up with left over for hashing, and more energy for hashing for knowledge is good. That is how you get ahead: you come up with systems that allow you to do that more.

27. 11:55Claim · condensed

    We need a way to keep track of who has done what and who they did it for, so we can hash more knowledge. Some forms of money are better than others, just like some information is more useful than other information, and money is a tool that makes us more efficient at specialization.

28. 12:30Idea

    That leads us to this quaint idea of the milkshake boys. I have used the term milkshake boys for the fiat educated individuals, who have maybe been successful in the fiat system, who think and refer to Bitcoin as a Ponzi scheme, or that it's useless, or that it's worthless, or that it has no intrinsic value.

29. 13:11Claim

    Those people are fantastic for Bitcoin, because it is their milkshake: their hard work of hashing dumb stuff in the real world that is useless. They haven't recognized that the territory has completely shifted under their feet.

30. 13:11Quote

    They haven't recognized that there is a new map that is the territory. The territory has completely shifted under their feet.

31. 13:11Analogy

    They are operating in the old paradigm. They are like astrologers before the discovery of physics and astrophysics, people who believe in your Capricorns and your Leos, and that somehow affects the world when there's actual physics out there.

32. 13:47Quote

    Bitcoin is gravity. Everything will flow into it because of physics.

33. 16:18Quote

    Without you, there would be no milkshake for me to drink from.

34. 16:18Analogy

    It's like the leak that is in your boat. I'm just scooping it up by doing nothing. How do you get ahead in this world? You just buy Bitcoin and you do nothing.

35. 18:00Quote

    We need the fiat trained experts. We need them. They are not the enemy. They are the yield.

36. 18:00Claim

    It's their inability to understand Bitcoin that slows down its adoption, and it does it just enough for those people who do get it to accumulate more of this fixed supply.

37. 19:07Claim

    We're betting on the fiat system to continue to do what it does, which is suck the energy out of the room as fast as it can, and redistribute that energy to the people who get to make the rules.

38. 20:43Reference

    I was listening to Steve Hanke, a podcast that he was on, and he was talking about the only way that you can cure the fiat system of its woes is that we need a new rule, an amendment to the Constitution.

39. 21:17Claim

    They never follow the rules, so the deficit increases all the time, which means they're stealing from everyone all of the time to do whatever they want with it, and you can't stop them. Adding another rule, more abstract power on top of it, isn't going to save you.

40. 21:48Analogy · condensed

    Give me as many straws as I can possibly jam in my mouth, and I'll have so many in my mouth at the same time, just like choking, getting this milkshake as fast as humanly possible while life gets easier and winning forever.

41. 22:26Prediction

    Nobody cares until the entire milkshake is gone. That's going to be the moment. Everyone that has been fucking you for generations, that sold your grandparents some dogshit bond, isn't going to be like, well, we had a good run, that's it.

42. 23:05Prediction · condensed

    If I was in charge and saw the system fading away and people catching on, I wouldn't admit we'd been selling you dogshit for so long. I'd say we're not wrong, it's the Bitcoiners' fault, they are the bad people.

43. 23:37Prediction

    If the puck is here now, where's it going to be in five years? Do you think you're going to be looked on more favorably in five years by all of these people? Absolutely not, they're going to be pissed and looking for people to blame.

44. 24:10Quote

    I want one with a fucking Mach six iron dome, laser beams coming out of it, because they're going to be trying to come over the wall.

45. 25:47Reference

    If you impede others from generating knowledge, you are the problem. Study how knowledge gets generated: through error correction and conjecture and criticism and fallibilism and everything that Karl Popper and David Deutsch talk about.

46. 25:47Reference

    Study how knowledge gets generated: through error correction and conjecture and criticism and fallibilism and everything that Karl Popper and David Deutsch talk about.

47. 26:20Prediction · condensed

    If you start to see unrealized gain taxes, or people saying you shouldn't be allowed to physically custody Bitcoin, or that on and off ramps should be closed, every single trick you can think of, that is going to happen, and it's going to happen in different jurisdictions, maybe including yours.

48. 26:51Analogy · condensed

    It's like if you weren't Constantine, if you were in the next castle over and heard they'd built something that flies cannonballs out of it, and the whole defense system built up over the last thousand years is completely worthless. Are you going to say our walls are different, they're twice as high and twice as strong, or investigate what this black powder coming out of China is?

49. 26:51Reference

    It's like if you weren't Constantine, if you were in the next castle over and you're like, Bob, did you hear that they got this thing that flies cannonballs out of it.

50. 27:22Prediction

    Guess what's happened to the people that ignored it: they're gone. Just like the fiat bros, the milkshake boys, they don't have any supplies in the barn, they're completely fucked.

51. 27:53Claim

    There's going to be way more anger and rage and they're going to direct it at Bitcoiners. If you have Bitcoin and people are anti-Bitcoin, look out into the future and ask, is it a good thing if I advertise that I'm a Bitcoiner? Chances are low that it is.