Standardization

Every passage, on the record.

1. 00:37Reference

   there is a book, the most popular book in the entire space called the Bitcoin Standard. So I encourage you to check that out. It touches on a whole bunch of different things, but probably that would be the best place to start.

2. 00:37Claim · condensed

   Bitcoin is a brand new standard for communicating value between individuals, one that simply did not exist before 2008.

3. 00:37Quote

   It's a brand new standard for communicating value between individuals and communication is key in that sentence.

4. 01:50Claim · condensed

   Once a standard is set, people onboarded afterward skip the trial and error that produced it, and that handoff is where the efficiency gets unlocked.

5. 02:58Quote

   That is what we are testing here with Bitcoin.

6. 04:01Analogy · condensed

   Communicating and exchanging value is complex, and any point of possible confusion is like a groove or a bump in a pipe: it restricts flow, and even something that looks like a minor one to two percent detail can have a huge impact at global scale.

7. 05:03Claim · condensed

   When two people trade stored energy for each other's labor or goods, the information they need is relayed through price, so minimizing ambiguity in price is what keeps that information trustworthy.

8. 05:37Quote

   the total energy supply of the world, the stored potential energy, the energy that is available for consumption by individuals is divisible by 21 million, 21 million Bitcoin.

9. 06:11Claim · condensed

   Standardization ensures quality because eliminating ambiguity reduces the chance that crucial details get missed or left out of a transaction.

10. 07:17Claim · condensed

    The entire goal of standardization is to eliminate inefficiency, and even where multiple near identical systems exist for tracking value, converting between them wastes energy, so a single agreed standard is more efficient on logical grounds alone.

11. 07:53Claim · condensed

    Lowering the entropy in the global financial market frees up more energy to be spent on productive operations, and even if only one percent of that previously wasted energy gets redirected productively, compounding that small edge over time adds up fast.

12. 09:31Reference

    To standardize a method is to choose out of the many methods the best one and use it. Standardization means nothing unless it means standardizing upward. Today's standardization, instead of being a barricade against improvement, is the necessary foundation on which tomorrow's improvement will be based. If you think of standardization as the best that you know today, but which is to be improved tomorrow, you get somewhere. But if you think of standards as confining, then progress stops.

13. 10:39Claim

    Bitcoin is the best, most complete, most energy efficient form of money ever available.

14. 11:14Claim · condensed

    The Bitcoin standard does not arrive for a society all at once; individuals adopt it one by one, and someone already thinking in the Bitcoin constant has an advantage over everyone still thinking in dollars.

15. 12:28Quote

    Price is information. Price is communication.

16. 13:45Prediction · condensed

    The more productive members of society will end up holding the Bitcoin standard, because it makes them more efficient in the market, and that efficiency compounds into greater access to resources over time while people who keep doing the extra calculations get left behind.

17. 14:17Claim · condensed

    As more people notice Bitcoin standard adopters becoming more effective, they start asking what is different, and eventually those questions get answered with Bitcoin.

18. 15:26Analogy · condensed

    It would be like someone tracking gravity: nobody wakes up wondering what gravity is going to be today, because the force of gravity is a constant, and Bitcoin's monetary policy works the same way once you know it.

19. 16:01Claim · condensed

    The reserve currency system comes filled with gatekeepers that slow the exchange of information and value, when the goal should be to make that exchange as seamless, easy, and lubricated as possible.

20. 16:31Claim

    The world needs a new standard for value exchange, borderless, countryless, a digitally native asset that can move at the speed of light, and Bitcoin is that standard.

21. 16:31Quote

    The world needs a new standard for value exchange, borderless, countryless, a digitally native asset that can move at the speed of light.

22. 18:25Claim · condensed

    Eliminating the mental gymnastics of pricing everything in fiat opens a real opportunity for whoever recognizes it, and because Bitcoin's incentives are what make it attractive, the earlier someone understands and switches, the more skewed their results to the upside.

23. 19:02Prediction · condensed

    If you recognize this ten years from now the world will already be a different landscape and you will not get nearly as much benefit, because the advantage will already be priced in; recognizing it now is the opportunity.

24. 19:40Claim · condensed

    Bitcoin is an asset and a network whose time has come, and it was not possible without the prior existence of the internet and advances in cryptography.

25. 20:19Reference

    the Michael sailors in the safety now, Moses, you have to talk about it

26. 20:19Reference

    the Michael sailors in the safety now, Moses, you have to talk about it

27. 20:19Claim · condensed

    Fiat solved the problem of saleability across space, and it solved it well for its time, but fifty years since that experiment started, every area of technology including money has grown, which is why Bitcoin has been able to learn from everything that came before it.

28. 20:57Claim · condensed

    Bitcoin grew out of the old monetary standard by learning what made that old system unfair and iterating toward something more fair, more complete, and more able to solve problems.

29. 21:32Analogy · condensed

    If you do not know the denominator, you do not know whether a house worth a million dollars is a great deal or a terrible one: a million dollars out of what?

30. 22:03Claim · condensed

    Even the Federal Reserve has admitted it cannot keep exact track of how much a dollar is a fraction out of, but you can know the exact, unchangeable total of the energy accessible to human beings through Bitcoin, and owning a piece of the network that controls that 21 million puts you ahead.

31. 22:40Quote

    you know that that is 0.001 of a Bitcoin

32. 23:56Claim · condensed

    Once you understand all the manipulation, gatekeepers, and centralization in the fiat system, the only remaining advantage to operating there is using it to convert as much of the fiat world into the Bitcoin world as fast as possible.

33. 25:07Quote

    The early adopters are going to see much more leverage out of recognizing this, but the system has to start somewhere, right? These, the inequality that will happen from that initial imbalance, that initial, what's the word? I mean, it's not unfair, but it is, you have to have the time and energy to recognize this.

34. 25:37Claim · condensed

    Recognizing why Bitcoin is better than fiat takes real time and understanding, and there is not yet much accessible information out there, though it is getting easier every day as more people produce content that gets others to stop and take a look.

35. 26:51Claim · condensed

    Yesterday's energy was harder to unlock than today's energy, because technology and accumulated experience make unlocking future energy easier, which means energy stored from the past should be worth more, since more had to be sacrificed to get it.

36. 27:25Prediction · condensed

    That is why Bitcoin goes up over time and should keep going up over time: every time someone unlocks new energy, they benefit from steps that earlier unlockers already took, so energy stored earlier keeps appreciating.

37. 28:08Claim · condensed

    If the whole point of standards is making things more efficient, Bitcoin should be the standard for transactions and for communicating value, because it makes everyone more efficient.