The Digital Excavator

Every passage, on the record.

1. 00:42Claim

   It's, it becomes quite clear that I think Bitcoin wins because it is more efficient at the task that it sets out to solve, and money is a tool and it is a technology and it can be improved upon

2. 00:42Idea

   the more that you dwindle it down, you whittle it down to just exactly all of the information that you need to understand but no more, the higher the likelihood is that people are going to develop early conviction and early conviction is what will keep you in the market in times like these

3. 02:03Analogy

   life is in an eternal struggle to lower the entropy in its local environment... The Sun continues to provide more energy than we can harness at the moment, that turns into plant life, plant life is consumed by herbivores, herbivores that are consumed by carnivores, and the chemical bonds that are there provide the energy which will fuel life

4. 02:49Claim

   the more dense we can make that energy the greater the utility is going to be to us, the greater we can direct it to the area that we want to transform... the more likelihood that entity is going to survive in unfavorable conditions in an unpredictable future

5. 02:49Claim

   you get to a certain point where a species can no longer, you becomes so good at transforming energy and creating reserves that it actually can't take advantage of all of these new excess reserves, and that's where new life springs forth where that can take advantage of that

6. 04:19Idea

   let's say that you have to dig a hole to ensure your survival, you've got 24 hours... you have three options, you can use your hands to dig the hole, you can use a shovel, or you can use an excavator... you're gonna use an excavator... because you can do more, quicker, with less energy input

7. 04:19Analogy

   if you are tasked with digging this hole, the biggest hole that you can in 24 hours, you have three options: you can use your hands to dig the hole, you can use a shovel, or you can use an excavator. And everyone is going to say you're gonna use an excavator

8. 05:02Analogy

   there is stored energy in the making of the shovel and the idea is that we're going to leverage that stored energy to unleash even more... the energy is trapped inside of the shovel and we can harness that and use it to our advantage

9. 05:55Claim

   the excavator takes that one step further, the chemical energy requirements are significantly less, you're sitting in a chair operating this thing... you can do a lot more with a lot less

10. 07:04Claim

    money... it's coordinating all the other active economic activity inside of an economy. What's an economy? It's a group of people that have decided to join forces and share or pool their energy reserves

11. 07:04Analogy

    imagine... there was a market for excavators, but there was, no more excavators than 21 million would ever be made across the entire world. Do you think that it would be a good idea to own some of those excavators if you knew it was that much more efficient than the alternative, which is a shovel?

12. 08:20Claim

    through exchange it is positive-sum, the only reason that people are going to exchange with one another is if in the end they can both come out with more energy reserves than they had when they were going in

13. 08:20Claim

    if it was skewed one way or the other, where one person was taking advantage of the other, it wouldn't be long until that person that was getting taken advantage of cease to exist because they would run out of energy reserves

14. 09:40Analogy

    we can just say that, well, you know, you owe me this one, or it's basically a favor, and what is a favor but energy stored in someone else. If they die, the favor redemption is gone, the energy is gone

15. 09:40Claim

    if we can have a way to keep track of that, that is automated, that removes the human element from it... immediately we see an efficiency increase because that group of individuals... can now do something else

16. 09:40Quote

    You wouldn't hire ten people to dig a hole if an excavator was available and you certainly wouldn't have them use their hands.

17. 11:10Claim

    through specialization and through exchange we are able to optimize our results as a group, and it is in our best interest... if we use the most efficient tools, and Bitcoin is a more efficient tool. It removes the need for a central intermediary

18. 11:47Claim

    it's permissionless, anyone can sign... the reason that you have a gatekeeper to sign up to the legacy system is that you can't be sure if you can be trusted, and if you can remove trust from the system, you can have a trustless system, an open transparent blockchain system that is reliant on proof of work

19. 12:24Claim

    why is that, because we're using a more densely packed energy source to power something that can create more leverage, which means more efficiency, which means that we can dig a bigger hole

20. 13:11Quote

    It's too efficient, I'd rather use human beings to do it, right?

21. 13:11Quote

    You don't see millions and millions of people digging holes for buildings that are going up, right? You see a few machines that are doing it because they are more efficient at it.

22. 13:11Claim

    that energy now that was the human beings that was required to do the task of being the central intermediary, that can be removed and those people can go and they can transform energy elsewhere

23. 14:36Claim

    once you get to a level where the reserves are so great, you become so efficient at transforming energy from an inaccessible state to an accessible state that you can no longer take advantage of that energy, and you have hit your peak capacity, that something else will come along through mutation, through evolution, and take advantage of that, and then the cycle will continue to repeat itself

24. 14:36Prediction

    we will get to a point where we have more energy reserves than we can possibly take advantage of

25. 14:36Prediction

    no one is bullish enough on Bitcoin because it will never end, the efficiencies that we see and the efficiencies that will spring from the idea of removing the human element from money

26. 15:44Claim

    step one is removing the bankers, well now those bankers go out and they get into better elevators, and then the elevator makers... can go do something new, and then it happens again, and it happens again

27. 15:44Quote

    There is no other goal to life, right? Maximum energy reserves will lift everyone.

28. 16:40Claim

    in modern economies we store the energy reserves that we are able to transform, we actually store those in other people

29. 16:40Analogy

    the person making the yacht would only sell the yacht if it was beneficial to them, if they were able to extract more energy than they put into the yacht itself... they've gotten very good at coming up with suppliers and having the contractors necessary and the workers necessary to do it

30. 18:10Claim

    if the person who buys the yacht now cannot transform any more energy because of having the yacht, that person will have less Bitcoin, that person will have less of a say over the energy reserves of the economy than others, which is exactly the way that it should be

31. 19:35Claim

    the ultimate goal at being successful as a business is determining where you can serve others and be rewarded... that's exactly what serving others is, is transforming energy and allowing them to have more reserves

32. 19:35Quote

    So we are storing our energy in other people inside of the economy.

33. 20:15Quote

    It's basically a large network of favors, but favors without trust, because the trust is in the network, because it cannot be cheated. So it's the ultimate favor network.

34. 20:58Claim

    having an economic constant is a first for our ability to calculate where energy should go, where it should flow to, to transform the most, or to get the most leverage out of it, to be as efficient as we can and to spot who deserves it, who is doing the work

35. 20:58Quote

    Bitcoin removes the noise which allows us to focus 100% on signal.

36. 21:41Claim

    you have gone to the economy of Bitcoin, to the network of Bitcoin, and you have said, I have unlocked an inaccessible energy in the physical world and I have given it to the network, the network then figures out where to allocate that energy to get maximum return

37. 22:17Claim

    the energy is never lost, it's just transferred... everyone wins and that pool gets bigger, and then you still haven't consumed energy, so all of those people who have freed up energy... need to plug it in somewhere, and where do they plug it in, they plug it into Bitcoin

38. 23:05Claim

    you are making the ultimate sacrifice, you are saying I have done this work, I have transformed this energy, but I am not going to consume it, if you consume more energy than you are transforming you are in debt, and that is the opposite of what the Bitcoin system rewards

39. 23:05Prediction

    if you delay consumption long enough, you will be rewarded because of the hard cap of 21 million and there's no making anymore, there's no diluting your share for that energy that you originally contributed to the system

40. 23:05Quote

    If you delay consumption long enough, you will be rewarded because of the hard cap of 21 million, and there's no making anymore.