A Unique Approach to Bitcoin

Every passage, on the record.

1. 00:34Idea

   this unique concept is what I call the TASOE... because the revelation behind the TASOE is what allows me to view Bitcoin money and the extended order clearer than ever before

2. 01:08Idea

   TASOE is an acronym which stands for the total accessible supply of energy.

3. 01:42Claim

   The total supply of Bitcoin, the 21 million Bitcoin represents the total accessible supply of energy in the system that is Bitcoin at any one time.

4. 02:12Claim

   Bitcoin makes it possible to accurately determine the TASOE of the extended order for the first time in human history.

5. 02:12Analogy

   Think of it like a beehive. And never before have we been able to put a close structure around the beehive. We've never been able to seal it in... And the fixed supply of Bitcoin and the other properties that emerge from the system makes that possible.

6. 02:44Prediction

   it will lead to a energy revolution that will propel mankind to a level of abundance that is almost impossible to comprehend to our current minds.

7. 03:18Claim

   life leverages entropy to create order. Life transforms low order energy into more dense forms of energy. The denser, the better for life's purposes.

8. 03:51Claim

   Evolution is the process of life transforming energy into denser and denser forms, decreasing entropy at the local level while simultaneously increasing it on a system wide level.

9. 04:22Claim

   life evolves where there is so much energy in reserve that the current system can no longer maximize return. There is stranded energy in the system. A new system can then be built to leverage the returns even further and the cycle continues forever.

10. 04:57Claim

    the only real scientific concept you need to grasp at this stage is the first law of thermodynamics, which says energy can't be created or destroyed. And if matter is energy, that means everything is energy and it has to be transformed.

11. 04:57Reference

    the only real scientific concept you need to grasp at this stage is the first law of thermodynamics, which says energy can't be created or destroyed.

12. 05:28Analogy

    think of energy as apples hanging from a tree in a giant orchard. Having an orchard is fantastic... Life is the process of collecting the apples via work and freeze drying them so you can access that energy whenever you want for as long as you want. One is better than the other in energy terms.

13. 06:00Claim

    this is directly linked to time preference that Bitcoiners often refer to. If you don't have energy reserves, you can't plan for the future because you need to survive the present.

14. 07:03Claim

    The only reason we work is to get access to more energy than we spend doing the work. The more efficient we are in the process of transforming energy, the better off we are more for less.

15. 07:33Claim

    somebody realized that we could get access to more energy if we specialized. We could acquire more reserves at the extreme margins through cooperation.

16. 08:04Claim

    the more we specialize... we hit a ceiling. When numbers are small, it's easy to keep track of who is creating the reserves and who should have access to them in the future.

17. 08:36Claim

    this is where money comes into the equation. Money allows humans to become more efficient at energy transformation because we can now keep track of who is contributing what and how much they should have control over in the future. Money outcompeted the alternative systems because it worked better at creating energy reserves for the extended order as a whole.

18. 09:07Claim

    Money allows for greater exchange of energy reserves by solving for the double coincidence at once, which ultimately leads to more energy reserves.

19. 09:37Quote

    a form of money that is more efficient will win and find its way to the top of the heap no matter what. You just cannot fight it.

20. 10:07Claim

    If a money is smaller and lighter, it has an advantage over money that is heavy and cumbersome. If a money is more durable, it has an advantage over one that spoils or is brittle.

21. 10:07Reference

    almost like the longest chain of energy reserves wins out, which is Bitcoin and Nakamoto consensus.

22. 10:38Quote

    history shows it is not possible to insulate yourself from the consequences of others holding money that is harder than yours.

23. 10:38Reference

    this lack of choice is beautifully illustrated from a quote by Saifedean Ammous in the Bitcoin standard, which is history shows it is not possible to insulate yourself from the consequences of others holding money that is harder than yours.

24. 11:10Claim

    Bitcoin is the life that has emerged to leverage the abundance of energy reserves that we can't, that the extended order cannot access now or cannot take advantage of now. It is the energy system that will lower the entropy in the extended order.

25. 12:21Claim

    an economy is another word for a group of people who have decided to come together to share their energy reserves amongst each other, using one another as external batteries for their own energy.

26. 12:21Analogy

    using one another as external batteries for their own energy.

27. 12:55Analogy

    this is almost like a when in Bitcoin, when two blocks are solved at the same time and the chain splits and for a limited amount of time. We don't know which one is going to be the longest chain going forward. It's the one that acquires the next block faster than the other because that will have more work in it.

28. 13:26Claim

    we now have the first economic constant, right? 21 million or more precisely, 2.1 quadrillion sat. That is the total Bitcoin system. There will never be more. It is absolute scarcity discovered for the very first time.

29. 13:57Claim

    We now have a measuring stick to apply to energy allocation inside the system that will never change. It becomes almost a health cage, if you will.

30. 14:35Claim

    it can't be manipulated in any way and it can't, because if you do change any rules in the system, you are no longer in the system.

31. 15:08Claim

    you simply alert the economy, the Bitcoin economy, that you have energy and you would like to trade it for a fixed percentage of the Bitcoin supply, a fixed percentage of the TASOE.

32. 16:09Claim

    Every person, corporation, every nation, city, state, narrow AI, any entity that can access the Internet, everyone can access the Bitcoin market, the market for energy.

33. 18:22Analogy

    if someone exits the Bitcoin system with energy reserves and gives them to a ship builder, that individual doesn't end up with more reserves than when they started... The person that bought the yacht has traded the energy he put into the Bitcoin system for the yacht builder, put into the yacht, plus a bit on top to incentivize the builder into making it in the first place.

34. 19:29Claim

    You, the original transformer of the reserves that made that transaction possible, are rewarded... because you owned a fixed percentage of the TASO. The longer you delay consuming the original energy reserves, the more energy transformation they make possible in the physical world.

35. 20:35Claim

    The person that bought the yacht doesn't have more free energy reserves. They are locked in the yacht now... he gets less of future energy reserves of the entire system because he provided less to the economy as a whole.

36. 21:05Claim

    If they are wrong, they are punished with less Bitcoin. There are real consequences... you and you alone are punished by not having access to as much future reserves because you then can't buy the same amount back because the idea didn't work.

37. 21:39Claim

    the people who have the most Bitcoin are those that provided energy to the system and decided not to consume it themselves... we can know exactly who is responsible, who is a responsible energy allocator based on the size of someone's stack.

38. 22:16Claim

    These are exactly the kind of decision makers we would want responsible for the allocation of energy, those with a proven track record of either coming back from war or coming back with more rather or sacrificing themselves for the increased reserves of others.

39. 22:55Claim

    let's compare that to the competing system, to the fiat system with no cost to creating claims on the available energy, no idea what the TASOE is inside of the system. We can't actually put any structure around the system as a whole and say this inside is the entirety of the system.

40. 23:27Claim

    True value can't be determined because those operating inside the system can't ever know the denominator of every energy decision... How can you know if an action is worth pursuing if you can't accurately gauge how much energy has to come out on the other side to make it effective?

41. 23:57Claim

    because you or better yet, governments can access ownership of energy reserves without transforming energy in the real world, the least efficient in the economy are rewarded with the most control. So what happens is they will poorly allocate the energy and that leads to less energy overall.

42. 24:28Claim

    the Bitcoin economy allows for more energy reserves than the fiat one. By making economic calculation easier and significantly more accurate, we unlock reserves that were previously required for other work... Bitcoin being near free to store, to defend, to send anywhere at the speed of light.

43. 25:05Idea

    Bitcoin's ability to capitalize on what I call or what I like to think about as breadcrumb efficiency gains.

44. 25:38Claim

    up until Bitcoin, the extended order's ability to capitalize on energy efficiency was hamstrung by the need for intermediaries necessary for any energy exchange... most people today would recognize this or think about it as the stock market.

45. 26:18Claim

    these are what I call breadcrumb energy reserves. The market is closed the majority of time... only open to KYC individuals within certain jurisdictions. Every time we place one of these restrictions on the allocation of energy, on the exchange of energy, we are making the system less efficient.

46. 26:48Claim

    because of Bitcoin's architecture, we know now that we can eliminate this dead weight and open energy markets to anyone in the world... it's creative destruction is the king for energy transformation and Bitcoin allows for that to take place.

47. 27:26Claim

    Over time, on a Bitcoin standard, those that provide the most value will accumulate the most control over the TASO, which will then lead to more energy because they've proven themselves to be the most reliable allocators.

48. 27:59Prediction

    this just simply won't last forever. More and more will realize the power of Bitcoin. That means less and less for the fiat economy, which will lead to more and more infighting for the smaller reserves, which will expose the flaws even quicker. And the downward spiral begins to quicken and quicken and quicken.

49. 27:59Reference

    That really is the gradually then suddenly thought. And we can see it happening now.

50. 28:38Analogy

    we are the bees in the beehive. We are so focused on our little day to day survival. We can't zoom out, engage whether the colony has a hole, has more energy or not... But Bitcoin is the scoreboard, the live real time scoreboard. And energy reserves are the points.

51. 29:12Quote

    The utility that emerges is the true state of energy inside the Bitcoin system. That is the truth. That is the key concept. The truth emerges. Only signal, no noise, zero noise.

52. 29:12Prediction

    Bitcoin can't be killed. Therefore, Bitcoin wins.

53. 29:49Prediction

    once the fiat system dies and we are on a Bitcoin standard, the health of the system will be measured in actual energy, not in dollars.

54. 29:49Quote

    Make your contribution and share in the fruits with everyone else. What a beautiful way to bring people together.

55. 30:20Prediction

    if you can recognize this before others, you will see an incredible return on your reserves going forward.

56. 30:58Quote

    a bet on Bitcoin is a bet that life will continue to do what it has done for the past billion years, which is find a way to get more energy reserves.

57. 30:58Quote

    If there was ever a more sure bet than that, I don't know what it is.

58. 31:30Prediction

    And that to me is why Bitcoin wins.