The Generational Divide

Every passage, on the record.

1. 00:36Claim

   The TLDR of this whole episode is that none of this matters to Bitcoin because you can't kill Bitcoin. And eventually, if you can't kill it, it will consume the world.

2. 00:36Prediction

   None of this matters to Bitcoin because you can't kill Bitcoin. And eventually, if you can't kill it, it will consume the world.

3. 01:54Claim

   Bitcoin maximalists, people that are deep down the rabbit hole will often forego many of the luxuries that they could afford themselves to pile more into Bitcoin.

4. 02:44Claim

   Once you do that, and you realize what is happening behind the scenes when you do that, and what you're sharing, what you are contributing to the extended order, there is an element of addiction to that, because you realize you are being as efficient as possible. And there is some sort of a dopamine feedback loop that begins to occur.

5. 05:34Idea

   For information to upgrade, what has to happen is the extended orders operating system, it needs to be widely available, right? It cannot be centralized. Every time we introduce centralization into the storage, the distribution of information, the access to information, that leads to really bad things.

6. 05:34Open question

   There's still even today in the modern physics world, it's like, well, is information, is it actually what is it? What is information?

7. 06:11Analogy

   Just think of information as a form of life itself, as we have described it on this podcast before. Everything is contained in the information, but it can't reproduce itself, right? It needs a host. It is limited by its host potential.

8. 06:43Claim

   Biological evolution is information reorganizing and becoming more efficient in the quest to its end state. And we have done podcasts in the past discussing how technology is simply evolution without the limitations of biological constraints.

9. 06:43Reference

   We have done podcasts in the past discussing how technology is simply evolution without the limitations of biological constraints.

10. 07:52Claim

    Countries will punish themselves, jurisdictions will punish themselves by attempting to limit access to information, right? They will work for a limited amount of time, but eventually the cracks in the dam will show, and this information will be made available.

11. 07:52Quote

    You can cut yourself off from the internet, but you can't cut the internet off, right? Same with Bitcoin, you can cut yourself out of the Bitcoin economy, but you cannot stop Bitcoin.

12. 08:33Claim

    If information is centralizing, and if we are able to recognize that we should be extremely bearish on near reach generations, right? But overall, it's bullish. Overall, it's bullish, because overall, life essentially will not go quietly into the night.

13. 09:09Analogy

    If you think about the sheer size and scale of the universe, and you think about infinity, and you think about those 10,000 monkeys that will randomly be typing into the typewriter, eventually, they will get to Shakespeare, right?

14. 10:17Idea

    You never see anyone fully understand Bitcoin be fully orange pilled and then say, you know what, it's not for me.

15. 10:53Claim

    If they stay at a 5% allocation, that 5% over time will eventually lead to a 99.9% allocation. All they have to do is not spend that Bitcoin and that will eventually accumulate because of the number go up technology that emerges from Bitcoin.

16. 11:24Analogy

    Just like water will find its own level, eventually, Bitcoin emerges.

17. 12:34Idea

    When I say that, I'm talking about the extended order, the ideas, the framework from which the extended order operates inside of the universe. And it isn't so much a question of time, but rather the last update that is in question, who is operating on the most up to date software?

18. 13:07Claim

    There is a forced update at death and at birth, right? Those are forced updates. There has to be a change there, because you cannot operate with the old software.

19. 13:07Analogy

    So who is running Windows 95? Who in the space is running Windows 95? And how much access to or how much control over current energy reserves do they have? How much are they dragging down individuals who might be running a more updated version of that software?

20. 13:43Reference

    A classic example of this would be someone like Warren Buffett, extremely successful, running a software for his entire lifespan, right? Now, a new installation of that same software right now, today, in a future generation... would put that generation at an extreme disadvantage.

21. 14:53Claim

    With any new technology, right, there's going to be a period where the only people who either A, want to learn about its power, or B need to consume information about its value, will be those that have the available resources to do so.

22. 14:53Claim

    Why doesn't Warren Buffett go out of his way to learn these things? Well, it's because that very idea that he is so successful, operating using an old operating system, that gives you very little incentive, very little returns to go outside of that box, you're simply too effective, you're too valuable in the current system.

23. 15:42Claim

    If you are doing something of extreme value in the old paradigm, it is extremely costly to divert energy away from whatever that endeavor is. And churn is good in terms of information, right, the turning over of those at the top maximizes potential.

24. 16:18Claim

    When a new tech is emerging, those involved early on by definition, must understand more about its actual and potential inner workings than those that come later.

25. 16:50Quote

    Someone has to do it in the first place. And ta da, that's you. Welcome to your life.

26. 17:25Claim

    There isn't enough base layer knowledge widespread enough to speed things up... there isn't enough quality information that is clear and concise and that has been gone over and tested and re tweaked and clarified enough times to cut through to as many people as it could possibly be.

27. 18:47Claim

    It's an incredibly large ask to shift operating systems mid cycle. You have to be very motivated in order to do that... those that have something to lose must take the risk for to work in the first place.

28. 19:36Prediction

    The less need be done in the future on the actual protocol, like the less information needs to be done in the future because that is being built up in the past... the energy going into explaining how Bitcoin works can shift into what we can do with the technology.

29. 20:09Idea

    The longer that persists, the more elaborate the scaffold that rises from the foundation becomes as more individuals invest more energy into the additional layers rather than the base layer.

30. 20:09Reference

    Even with just something as focused as the Bitcoin standard, the book by Saifedean Ammous, you can see just how as these things get more and more crystallized and as more intelligent definitions, more razor sharp definitions are produced by the marketplace.

31. 21:07Analogy

    It's like the car industry today versus what it was like when it started. When the car industry started, you needed to know a little about a lot... as soon as that happens, we begin to build out and nobody has to go back... the majority of the energy invested can now go into these incremental improvements in the various areas of specialization.

32. 22:49Claim

    The early adopters do a poor job at explanation, while newer software figures out a way to leverage the tool in the world.

33. 23:21Analogy

    Just like when you kick up water at the bottom of a lake, you can get a lot of dust floating around, and then eventually it just settles. And it settles on the most crystal clear, concise definition of whatever it is we're trying to understand.

34. 23:55Idea

    We can hit an extended order checkpoint, and no future generation will need to struggle, as we are struggling now to come to grips with what Bitcoin can do for the order.

35. 23:55Quote

    One to mind will put out the best working theory, and that will be adopted as the working case.

36. 25:33Claim

    There's a few different ways you can play your involvement in Bitcoin. And of course, you can, as someone that is just going to store their energy inside of Bitcoin, you can certainly bet on everyone else in the system and choose not to participate.

37. 26:05Claim

    You no longer have to be an investor on the side. You don't have to have a side hustle as an investor in order to keep the energy reserves that you transform. That's fantastic. Simply understand Bitcoin. That's enough to save in it, and you can have your excess reserves.

38. 26:57Claim

    This is the volatility that's going to happen as the extended order begins to recalibrate its operating system to this new information that something exists, a massless property, it can exist, that we can teleport across the world at the speed of light, as this stuff that is perfectly scarce.

39. 26:57Quote

    The more that I force myself to think over the implications of the system, the more conviction I develop that the system actually works.

40. 28:18Quote

    Am I out of my fucking mind?

41. 29:01Analogy

    If you're living in a simulation, and you want to siphon off the energy reserves of the individuals participating in that simulation, that this is the exact time that you would host that simulation, right? ... This is the perfect way to siphon that off if there was a reason to.

42. 30:11Claim

    Because there's a fixed supply, and Bitcoin represents the total accessible supply of energy inside of the system, as more energy comes into the system, the amount of energy that I control increases.

43. 30:42Reference

    Michael Saylor has a fantastic example of this. When you think about businesses in Argentina, it doesn't matter what you're doing in Argentina to provide efficiency gains to the extended order of the economy of Argentina, the most efficient thing that you could be doing with your energy is trying to find a way out of the Argentinian peso.

44. 30:42Analogy

    If you're manufacturing widgets, and you're increasing the efficiency of the extended order by a certain amount, no matter what that increase in efficiency is, you're not going to be able to outpace the inflation that is happening in the currency. So the best thing for you is to not spend your time manufacturing widgets, but in fact, spend all time trying to figure out how to get out of the peso.

45. 32:21Reference

    The only reason I am even aware of that is through apps like Fountain for this value for value podcast.

46. 34:05Analogy

    You can hash on your own, and you can try and solve blocks on your own. And you never have to tell anyone that you are doing it. You can do the same thing with the information around Bitcoin.

47. 34:39Claim

    There will be updates, forced, required updates, as individuals just die off. And yes, that is bullish for Bitcoin in the long term, that doesn't really do much selfishly in the short term.

48. 35:11Event

    The OFAC sanctions that's recently been happening in the Ethereum world with tornado cash. And this idea that publicly leaning on mining pools, governments leaning on mining pools and publicly traded US mining firms along with Europe-based pool operators seem to be easy targets for the government.

49. 35:42Claim

    The mining pool thing is completely is a non-thing, right? Because it's very easy to point hash to a different mining pool... if you are just contributing to the pool versus the pool being in charge of what transactions get allocated, I think that's nothing.

50. 36:18Prediction

    Is there going to be a crackdown, an attempted crackdown from governments to obvious on and off rams into Bitcoin? Yes. Yes, that's absolutely going to happen. They're going to use their maximum power in order to maintain control.

51. 36:51Prediction

    Every time that you do, it's an advertisement for why Bitcoin is going to win further. And that is going to speed up adoption.

52. 37:21Claim

    If you can't kill it, then we have to adopt it. If we have to adopt it, how can we make it the most beneficial to the most amount of people possible? Well, what is the most beneficial to the individual by protecting the rights that they have to access Bitcoin?

53. 37:53Prediction

    The quicker this happens with governments, with institutions, with entities, those entities are going to become governments because they're going to be that much more efficient at allowing energy reserves to be built up inside of the jurisdictions.

54. 38:23Prediction

    If you are just in this for an investment, you are going to get railroaded. You will be run over. Your paper Bitcoin will be stolen from you. There will be no sorry letter. There will be no apologies.

55. 38:54Claim

    The answer to everything is hold more Bitcoin or hold as much Bitcoin as you possibly can versus any other form of property that you can, because it is the most useful. It has the most utility to tackle all of these issues.