YouSaid · the spoken record

Luke Broyles

lines on the record: 93
first: 2023-02-15
most recent: 2023-02-15
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Yeah, I'm on Twitter, Luke Brose. You can follow me there, and I'm sure I'm going to be doing a lot of cool things there in the future. So you can go there and ultimately even more important than following me is just continuing to learn about Bitcoin and getting off zero as soon as you can, as soon as you feel comfortable.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Thanks. Yes, I love getting visual presentations for people to try to turn this abstract idea of energy and monetary and close into something that they can understand. Without getting too technical or putting in the jargon, I like to bridge the gap for people. And so, anyway, there's a lot more slides we didn't get to. And maybe next time we'll have to do this again.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And that's why they've given up on censoring it. No matter how much mass you throw at the black hole, no matter how much attention or negativity you throw at Bitcoin, it just absorbs it and grows greater and greater in a volatile fashion. And so I genuinely believe that Bitcoin is going to absorb all monetary premium of assets and eventually become the global means of storing value for the human race. And this is a good thing. And I believe it's going to save lives.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Risk asset on planet Earth because if we assume the future world is coming, and we hope that's coming, the only low risk asset in that world is having a share of the global monetary stock Why would you own a security in a company with cash flows? You have a CEO and scandals and cash for the market. Why would you own planets in a universe where there's a black hole that's expanding infinitely forever? You know, it's like you can try to censor it, you can try to destroy it. China's tried to censor Bitcoin. And every time they censor it, they only make the network stronger.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Is basically singularity. And we look at it and we don't understand it because it does behave like a planet. It's just this tiny little thing that nobody can see, this abstract concept. It doesn't make any sense to us. It's this little dark orb. And we look at it and we think, oh, whatever, it's just a bubble. It's just this thing. It doesn't make any sense to me. Nobody understands it. Okay. But the problem that I would challenge you personally listening to is this, is what if that thing actually is a threat? to you. What if Bitcoin is not a get rich quick scheme or an opportunity? What if Bitcoin is not a symptom of the increasing speculation of an increasingly corrupted ledger and the symptoms of that? What if Bitcoin is actually the solution and it's doing exactly the opposite of what you would expect the world's lowest risk asset to do? And that's what I would argue. As absurd as that might sound, and perhaps even you disagree with me, but I would argue that Bitcoin's already the lowest.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Bitcoin in the future. It'll continue its massive skyrocketing trend. It'll alternate between skyrocketing dramatically and crashing dramatically upwards forever. And it's going to be a really hard time. It's just, I would just encourage Yahweh person to get off zero. Because if we think of this, again, from a physics perspective, and perhaps you have a closing comment on this, I think a Bitcoin is a monetary black hole of the human race for the entirety of humanity. We have been dealing with planets and we store wealth and plants and asteroids and stars and all these things. And if you throw energy at one, you throw an asteroid at a planet, you destroy the planet and everything like that. And that's why currencies fail. You have an opposing nation apply brute force physical costs in the form of a military or economic sanctions and you try to destroy it. And so we've had this system of these sinking ships and these floating planets. And for the first time ever, we have designed something.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And skyrocketed and crashed and skyrocketed and crashed. And right now we're in a period where Bitcoin's price denominating political currency units happens to be down again, large cause because the value of those political currency units has been inflected upwards as the minister of those currency units, Jerome Powell, has made them more valuable. But basically what are we looking at here? Well, I would strongly argue that what we're looking at here is a continued expansion.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Its valuable trend towards infinity. And often people say, well, what if you could just make it out of Bitcoin? And it's like, well, that's a whole nother conversation, but you can't. It's a system designed to prevent replications of itself in the same way that the Mona Lisa is a piece of art that's designed to be unique and its design. If you copy the Mona Lisa, you only make a lesser version of the Mona Lisa in the same way with Bitcoin. You only make a lesser version. So I guess for the average person women doing, okay, what does this mean for me? Should I buy? What should I buy or whatever? You know, basically my view would be that if we invert this instead of thinking of everything else declining in relative value against Bitcoin, if we inverse it and realize it, how Finny was right all the way back in 2009, what we've seen with Bitcoin is its consumption of everything else went from zero cents for years up to six cents. It skyrocketed $30, crashed 90% to”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Where as technology makes everything more abundant, as we have an infinite amount of debt, an infinite amount of prosperity and everything just trends towards infinity, the only finite system in humankind, it's valuable”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, yeah. Let me get back to this really quick. Yeah. This is, for those that don't know, how Finney was one of the first big, well, he was literally the first besides Satoshi. And back in 2009, two years before Bitcoin hit $1. So this is not just before Bitcoin's $1. It's two years before it's $1. How Finny basically had this thought experiment. And he basically predicted exactly what this chart here shows you. Total global wealth in terms of Bitcoin, declining exponentially towards zero. forever in relative terms to Bitcoin. That's basically how funny predicted he said. If this happens, Bitcoin will get to $10 million, blah, blah, blah. Say it's more like $40 million adjusted for inflation and it'll probably be $400 million in a decade or so. And that price adjustment just continues up forever. But the more important point, as you said here, is that relative wealth in terms of Bitcoin just declines forever. And so basically what we're looking at here is a likely future.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And probably one, you know, I say in the slide here that they're going to zero. I probably shouldn't have said that. I probably should have said they're trending toward zero. In the same way, the oxygen never quite hits zero against smother lease. So these things will probably never quite hit zero, but they'll continue to have 80, 90% declines, you know, continually forever. It doesn't matter what you own. This is one of my favorite charts to get the point across.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Becoming more affordable. For the first time since we have a fixed immutable ledger, we can have the productivity gains of society flow back into the global monetary stock instead of being debased inflated away and a breaking of physics and corruption of the ledger. So this is a good thing. This being one of those main examples that rent and housing is continuing to glow down. And so likewise, you know, Tesla stock has had a great decade, but it's still down against Bitcoin because it's a more open system. Gold's going down and stock indices are going down. It doesn't matter if the NASDAQ or Dow or S&P 500, your mutual funds, whatever.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Networks And one more word on diversification I really would like to add here. I know we're about to end, but one more thing I'd like to add is that this is some speculation of something that could happen. This is already happening. This chart that I've had up here for a minute is the US dollar against Bitcoin in logarithmic terms, again, because you can only think about technology in logarithmic terms. And what we see here are clear lower lows and lower highs of the US dollar against Bitcoin for over a decade. This is nothing new. It's not just started. only getting faster and it's not just the US dollar it's also assets you know again talking about diversification political currency units again the dollar have been trending to zero against bitcoin for over a decade right now housing has been going down and this this is one of the things again you'll go back to one of my favorites Jeff Booth you know we think deflation's bad we think price is going down is bad when reality it's good it's good when rent goes down it's good when food prices go down because prosperity”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Parabolic spike upwards, and both these things can be true at the same time. I know Bitcoin's crashed, obviously. But it's just that mindset change that we don't even think about because we're so used to thinking about”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Go down. The relative value has to go down. And so you asked about diversification. If we look at this here, it pretty much doesn't matter what you own. It doesn't matter if you own stocks or you own Turkish currency, Argentine currency, gold or real estate. Everything is pretty much going down in relative terms against Bitcoin. And one of the big frustrating things, again, when it comes to volatility, like you said so well earlier, is that people look at Bitcoin and think, oh, it's volatile, blah, blah, blah, blah. It's a bubble, whatever. And then it crashes and think, oh, it's dead. It's like, well, what if Bitcoin is not skyrocketing in value then crashing? What if instead it's the US dollar that's volatile? I mean, think about this dramatic rise in interest rates. What if over the last year Bitcoin has not collapsed and priced against the US dollar 70%? What if the US dollar has actually rallied against Bitcoin 300%? What if we're not in the middle of a Bitcoin crash? We're in the middle of a dollar's.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“If I'm going to skip ahead a little bit here, one of the main ideas, and I love this graphic so much, one of my favorite Twitter folks out there, what you see here is that, you know, again, for the first time, we have this ship with a hole with no open flaws in the system. And so we have a consistent store of value, a consistent measure of global wealth. And if you stop thinking of the world in terms of corrupted political currency units and you instead begin thinking of the world in terms of fixed and mutable electric energy units within a closed finite system, what you begin to see is that the relative value of every other system in the world continues to decline. Again, to use the oxygen versus Mona Lisa metaphor, you know, it doesn't matter how valuable oxygen is to your survival. If it's an open system with an infinite supply, its relative price compared to the finite closed system of the Mona Lisa has to”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Within. Again, when the money is a lie, the true value of your stocks that the stocks you're trying to communicate to you is a lie. It doesn't make any sense. And you inherently then believe that the stock's going up in value and everything else is keeping the same price. When in reality, it's like, no, the stocks are keeping the same value and technology is forcing the prices of everything else down. And the point here, again, comes back to monetary premium. If you compare the United States”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Clear, and one of the more offensive ideas to people again to really hit it home for the average person because the average person listening probably wins quite a bit of stocks. But one of the problems with stocks is that they're actually not going up in value in terms versus the political currency units that you're denominating them within. You know, if we look at the top chart here in this green line, we think we have exponential growth in stocks and the stocks only go up and yada yada yada. But in reality, stocks have been virtually flat for half a century. They declined quite a bit in 1970s as gold had a major rally, value transitioned out of stocks back into gold. And then we had the major dot-com bubble where everything was exploded and that we've been pretty much flat since that crash. And people don't really understand this because when my stocks go up in price and I feel richer and it's like, well, yes, because technology has made everything cheaper. Your stocks are doing nothing but keeping pace with the expansion of the ledger that you're denominating those stocks.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, diversification. Let me skip ahead in my slides a little bit. So really quick, one of the things with stocks, because stats typically one of the first things people refer to as stocks. You know, again, like I was saying, stocks are incredibly monetized. This chart here, what we're looking at is S&P 500 versus total assets of the Fed, ECB, Bank of Japan, and people's Bank of China and dollars, what we see is a clear correlation that as the balance sheet of the central banks increases, we also see a direct correlation with the SP 500. Again, if you can predict what these issuers of currency are to what degree they're going to manipulate the ledger, then you can pretty much predict anything, including the stock market. And to the bottom right, you see pricing stocks in terms of gold. And you see the world's becoming more volatile. Again, since 1913, the creation of the Federal Reserve becoming more and more cyclical and boom and bust cycles. These things are becoming incredible.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The faster you adopt the energy grid, the faster you can upgrade to all these other things. It's just a reinforcing. And this is nothing new. This happened with the printing press back in that exponential curve of that era. Bringing the printing press, you cause faster and faster change in, you know, the Catholic Church at the time and you caused more political change. It's how everything's connected. When you have a new technology and especially a new network effect that compounds with other network effects, you get an exponentially greater impact on society, which impacts everything else with it. So again, it all comes back to technology here. Talk to us a little.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Information is closing in on a sentry here. And I believe we're only just beginning the exponential curve, which I know might sound crazy to people, but again, about half the world has not used the internet. And once they do, you know, that, again, Metcalfe's law is you bring in more people to the internet, you create more value. We're only at the beginning. There are still so many people that send checks, don't use the internet, even people that do have quote-unquote internet access. There's so much that is not a part of the internet yet that eventually is going to be. And the efficiencies will just continue. And so Bitcoin as a subset of the information age here, what we're looking at here is a system that's growing 80%, roughly speaking, faster than internet on a company growth rate. So Bitcoin is growing faster than the internet. And that's one of people's big turnoffs is they think, well, Bitcoin won't matter to me until it's fully adopted. Well, the problem is, like I said, the internet's not fully adopted. And think about how much that's changed your life. By the time Bitcoin reaches...”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Age of exploration, the 15th, 16th century, the New World, and everything. And then you have more recent history, you know, the beginning of the industrial era, the locomotive is one of my favorite metaphors for Bitcoin for reasons I won't get into right now at this moment. But basically, you compare the Renaissance and that era of exploring the world and this massive expansion, you have this more volatile, much faster new era of the locomotive that the locomotive ushers in. And today, this is my argument of where we are today. And we did touch on this a little earlier, but what we have here is one line of the previous era, technologically speaking, of the industrial revolution, the era of the locomotive, of steel, and what we have here is the beginning of the information age, which arbitrarily we're marking at the beginning of the computer, or at least I am, in 1948, you know, we're half a century, well, more than half a century now into the”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Because it absorbs all the value, all the economic value of the previous system. Again, no energies created or destroyed And then it creates new value. And so inherently it has to be more volatile than the old system. And then if we go from the Bronze Age to the Iron Age, again, thinking in terms of technological eras, you go from that ancient world, the Bronze Age to the modern era of that time, the Iron Age. And it's more volatile in the previous system. And also, it becomes faster because, again, technologies are exponential. It gets faster and faster. The number of lifetimes, number of centuries it takes to upgrade, go down continuously, go from the Iron Age to the medieval area. Same thing. The same thing occurs. You go from, again, to the Renaissance.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, exactly. I once believed that too. I ignored it for years because of that. Yeah, it's volatile, whatever. It's like, okay, what if... This replaces something. And that's the slide I want to get to here is that what we have here are two lines. The first line being just a, this is a conceptual idea here, but basically you have the Stone Age And the Bronze Age. And of course, which system is more volatile when you compare these two systems? Well, it's the incoming age, it's the Bronze Age. Why is”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So that's something that should be said first when differentiating between linear and logarithmic view here. And to emphasize that point, let me give a little...”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Technology. And it inherently is going to be volatile because it expands at an exponential rate. And all technology is expanding exponential rate for all of human history. So volatility is inherently going to be a function. And the only time at which Bitcoin is not going to be volatile is once it's fully adopted. You don't have to take the internet. You know, if you had a price for the total value of the internet, it would be nothing but volatile forever. It would have been volatile during the lockdowns of 2020. It would have been volatile. in the tech bubble. It would have been volatile this whole time, except the fact that the network is increasingly volatile to the upside becoming more valuable because one can think of the internet as the communications network of the human race. One can think of computers as informational network of the human race, the electrogrid is the energy network of the human race, and Bitcoin basically as the digital economic monetary system, the human race.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so one of the things that people unfortunately assume about Bitcoin is that it's a risk on asset, it's really volatile. That is true. And that because of that, it's a high risk speculation. And to their credit, they're not wrong in the worldview. It's just, respectfully speaking, their worldview is wrong. In the current worldview, something is volatile and something that goes up, you know, we all in our current mindset, again, our ancient worldview mindset, we have this view that when something goes up, it must inherently come down because what does everything do? Everything comes down because we can only make more. And likewise, we assume because it's volatile, it's high risk, because in a world where we have money managers and people that issue currency to keep stable prices, we assume something that's volatile against a stable political currency unit must mean that that's high risk because it's in relation to everything else. And so just coming into it, because our incentives and because our understanding of money has been so corrupted, we have trouble understanding Bitcoin. But when it comes to your question here, basically the important thing to understand is that Bitcoin is a piece of technology.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To answer your question, that's what Ford more or less was predicting. And he actually tried to make Bitcoin. People don't know that. He actually tried in the 1920s. He failed, obviously, because that information or the communications internet or computer, you know, he couldn't have made Bitcoin, but he actually tried because he believed it was extremely important for the future of humanity.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“As absurd as that sounds, pretty much every money we've had before Bitcoin is a precursor to Bitcoin because nothing else has been a closed system. And Bitcoin's the first closed system. And that's why. People have a very hard time understanding it because, first of all, they don't understand money. Second of all, they don't understand how the money is corrupted. And third of all, they don't understand Bitcoin because it's not acting similarly to every other form of money we had. So anyway, jumping the gun a little bit.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The energy is transferred from the natural world into the electric system into the information system. And then that information system communicates, you know, like we're talking on this video call here. It's virtually instantaneous for extremely low brute force physical cost. This is essential. It had to happen and it had to happen after the computer for obvious reasons. And then, you know, finally, we have this monetary layer where basically it is an algorithm that condenses value closer and closer. And this gets to the big idea here. I'm jumping the gun a little bit. But the idea that Bitcoin is the monetary singularity of the human race, that basically what Bitcoin is, is that Bitcoin is an algorithm that converts natural wealth into information through computers that then communicates over the internet into this fixed ledger that for the first time in human history we have really our first measure of wealth.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Of economic energy that communicates. So these are essential steps. And for those that don't follow what I'm saying yet, what I'm basically referring to are the big four transformations of the last century, century, half or so. The energy layers, the electric grid, where basically, as Ford said, we convert natural energy into electric energy. You have coal plants, or today we have like nuclear reactors or solar panels or burning natural gas. We convert natural wealth of the earth and the sun and the earth's core into electricity that can then be distributed in a global electric grid or a series of very large electric grids that communicate with each other globally. And then, okay, what is something that converts that electricity energy into information? Well, that's the computer. Obviously, you plug it into the wall. Electricity flows in, and then you get information out. You know, again, this all comes back to conservation of energy, like you're saying. Nothing's created or destroyed.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And then the fourth and final layer to that is you need a way of transferring value. And this is the order it has to happen. You need energy first, so something that is within the laws of physics, like you're saying. And then second, you need a way to turn that into information, something a little more abstract. And third, you need a way to communicate that. And then once you have those three, only then can you then create the monetary layer because, you know, again, what is money? Money is economic energy and then money is information and money is a system of communicating that information with one another. You know, it's a ledger.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And the third system is you need a way to communicate that information from one area to another, one person to another over time. Some way you need to the ability to communicate that information with extremely low friction cost spacing time.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“This ledger that today we call Bitcoin. And what he said is that eventually we need a way to basically create this ledger that has a tie to the natural wealth of the world. Now, what the heck does that mean? Well, for the average person listening, and I'm really going to rush through this here, but what we need if we're going to transition from the ancient world of the industrial age and upgrade to the modern world of the information age, what we're doing now is the first thing we need is an global energy system that makes energy universal and a consistent unit. The second thing we need after an energy layer is a information layer, you know, information age. You got to have a way to transfer energy into information.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Oh boy, you're gonna derail me a little bit here, but I have to know. I have to say it. Yeah, so you're right. Tesla was the first and he predicted certain aspects of Bitcoin, which I don't. Ford was the one, in my opinion, that was the one that first predicted the monetary aspects.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Faster than financial experts. And I believe that's because engineers are trained to understand the strength and survivability. Of a given system. And once one realizes that Bitcoin is designed to be economic energy storage system that doesn't have an energy leak as a function of time, you realize that it's inevitable. I love that as an engineer.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But yet the price, the exchange rate, say, between the Mona Lisa and oxygen is trending up forever. You know, if you were to denominate the Mona Lisa in terms of oxygen, its value, relative value just continues to appreciate. And that's more or less what we have here, that we have all these infinite systems. And eventually it became evident to these geniuses of the past and to the Bitcoiners of today that eventually if we're going to continue into the information age, we need some sort of decentralized distributed monetary system that has a fixed supply cap that's an immutable ledger and all these other qualities of good money, which we don't have time to get into here. But basically what it is is a system that is closed. And that's why Sailor, as an example, you brought up earlier, you know, he's an engineer. And in my discussion, you're an engineer and other people I talk to in my personal experience. Engineers understand Bitcoin money.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You know, heating is important. It's very cold outside. I need that to live. Food obviously is important. But oxygen, from a physiological standpoint, is the most essential commodity of the human race. You know, your brain on a scientific level has the greatest and fastest fear response of a lack of oxygen. So technically speaking, oxygen is the most valuable thing in our lives that we could own. And yet we never pay for it. And the reason we never pay for it is because it supplies infinite. And so yes, demand is important, but supply, I would argue, is just as important and more important because if there's an infinite supply of a very valuable thing, it's price and relative terms to everything else trends down forever. And so the Mona Lisa says the other example, I like to use, you know, there's only one Mona Lisa. You don't need it to survive. You're not going to die in five minutes or ever if the Mona Lisa were to be destroyed somehow in some horrific accident.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And that's what we have here. That we have infinite everything, but we have one closed monetary system. And really quick, and then I'd love to hear your thoughts from an engineer's perspective. One of the metaphors I love is that of oxygen. Of all the assets in the world, the most essential one for human survival is oxygen. Water is important.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Of all in our modern world. And so relieving this world where we have these 99 ships that are sinking at different rates and we're entering this world where for the first time we have a closed monetary system. And this is something that was predicted. I spoke about this on my previous podcast and in my threads as well, this is something that was predicted by many folks, four of the most famous ones were Tesla in 1900 and then Ford in 21 Hayek in 84 and Friedman in 1999. These are some of those famous people that predicted the eventual arrival of this closed ledger. Granted, they predicted different aspects of it, but they all pretty much predicted the same thing that eventually as the world becomes more and more prosperous that we can't save in these assets anymore. And we eventually need something. Some ledger we can create that's actually a consistent monetary stock of the human race, basically.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“What is your livelihood? And then, of course, you know, today, a better example would be that of real estate or bonds or stocks. There's an endless amount of real estate. We can always make more houses. We can always build higher, you know, and perhaps maybe in the future build more land, who knows, or at least more efficiently use our land. Take stocks. There's an endless amount of companies, an endless amount of brands, and those companies can issue more stocks. Granted, there are regulations that they have, but at the end of the day, There's an endless amount of stocks that could be issued to the market and bonds similarly, there are regulations and expectations for these fixed income assets. But at the end of the day, we can create more debt. We can always make more debt. And so what we have here are a series of open systems that we save in versus cash because we can't trust our cash. You know, who's going to trust our cash? It's the most open system.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Significantly higher. And the reason for that is that cattle, if we can think of cattle as a system, is basically becoming more and more affordable people as that system leaks value, it leaks energy and it becomes more affordable and the brute force physical cost of acquiring cows goes down. But the value of the pound goes down faster. So if we're thinking of two ships, the pound is sinking at a faster rate than the cow. And so what people have done in the ancient world is that they would save in things that quote unquote sunk the slowest. You save in gold, you save in cattle and lambs. And, you know, back in the day, you're.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“All these things are open systems. And what I mean by open systems, I'd love to hear your thoughts on this with your engineering background. But open systems, the way I like to put it to people, is that for the entirety of humanity thus far, what we have is we have basically a little ocean where we have a bunch of different ships. We have a bunch of different ships with holes in their holes and they all are taking on water. They're open systems. There's literally a hole in their hole and they're taking on water. And so they're sinking at different rates. You know, again, to go back to the British pound, you know, 800 years ago or so, you could trade one pound for almost a dozen cows. And obviously today cows are much more expensive in relative terms to the pound. But cows are also cheaper because we have more humans or more cows and the value of one cow in real terms is much cheaper than it used to be. However, the British pound conversion rate to cows is”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, yeah, exactly. So we have an infinite amount of prosperity here, basically. We're able to create more and more houses. We're able to have more and more intelligence, like artificial intelligence, like you just referred to. More and more books, more and more information, more and more knowledge. Take the internet here. We have more and more connections. There's more of everything. And so basically one of my favorite visuals that I've designed to really emphasize this is this one here is that we have an infinite amount of pretty much everything, infinite knowledge, metals and energy, everything like I mentioned thus far. There's an endless amount of stocks. There's an endless amount of bonds. endless amount of cash that we denominate everything in endless amount of houses”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To game theory, we are currently on the edge, like I said earlier, of becoming the ancient world of tomorrow, even though we're the modern world yesterday or the ancient world of tomorrow. And when we look at everything, even before we get to Bitcoin, Bitcoin aside, what we see here is that we have an infinite supply of everything real estate is one of the most obvious examples a couple thousand years ago of stone one-story house is a really big deal. And today, you know, the average person can afford an apartment or duplex or, you know, a house that's far more prosperous than a billionaire could have 100 years ago. I know perhaps we may not feel like we're as high in the social rankings as them, but truth is they didn't have air conditioning. They didn't have Wi-Fi routers in their houses. They didn't have computers. You know, I mean, your phone in your pocket has a library bigger than Rockford.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, game theory. The game theory of money is really interesting to me. First thing to understand is that money converges on one. Why would you trust the second best money when you can just trust the best one? Silver is just an inferior gold. Take real estate if we consider that a form of money. There's the best piece of it. You don't want the second best piece of real estate. You want the best one. And so it's the same thing with money. Why would you want the peso or the lira when you could just have the us dollar? You know, you're taking everything as a risk. You might as well take the one that has a greater network effect and lower risk. And this is what's often attributed to Metcalfe's law and Gresham's law, which I probably don't have time to get into here. But, you know, all these theories are basically saying the same thing, that money is trust, all these monetary eras are basically various ways of saying trust. And of course, you're only going to trust the network that has more trust. Why would you trust the second best when you could just stick with the best? And so what we have here when it comes to...”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Layer on society. So I know I just covered a lot and a lot of charts there, but I really wanted to emphasize this idea that this isn't just about money. This impacts everything in society.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Higher than we were a couple decades ago. And so all that's to say that we're having a greater and greater financial incentive. We're becoming more and more top heavy with debt. And as we do that, we correct the society. So all that to say is that when the money is a lie, because we no longer have a consistent ledger, we have a greater incentive to lie. And then we eventually have a society built on lies. And that's why we have all this noise and all this chaos, both in the financial sector and the cultural sector and everything of that sort. And that's why it In my opinion, that's why everything feels like it's getting worse and worse, even though technology is getting better, you know, objectively, we're all more prosperous over 10 years ago. Everything feels a little more just jointed than it was in the past. And the reason for that is because we have an abstract lie at the fundamental basis of our society. And that is that our money isn't true. When you corrupt the money, you inherently corrupt every price of everything and you bake inefficiency into everything.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“This horrible feedback loop where the incentive for college becomes greater, and then it's just this greater and greater dependence on the hand that feeds them. So, yeah, and then same thing with obesity here, same thing with the consumption of meat, see clear divergence for chicken takes over everything. The world chicken fies, I suppose, in the 1970s. And we see federal debt also explode in the 1970s. Debt surplus begins to decline in the 1970s and interest rates again. Interest rates really important because that's the price of money. And we see the all-time peak for that. We're in the 70s and 80s, which are very inflationary periods. And since then, we've had to force interest rates down continually. Right now, we're historically high periods of inflation rate, especially for the last couple decades. And there's all this talk of recession. There's all this talk of crisis. There's all this talk of overdoing our rate hikes and everything. And we're barely.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“In 2008, being that there was all this speculation from decades that eventually began to unwind. And of course, what we do, we printed ourselves out of it, but basically what we have here, demographics too. It's also specific to demographics and incredibly infuriating ways for me and probably for many people watching and incarceration weights we can also look at that the war on drugs and everything of that sort since the 70s again incarceration rates have only gone up as people become more desperate and as the government needs a way to spend more money just the incentives flow in one direction only and so we can go on and on here we have the cost of college tuition beyond being my age that's an especially important topic for my peers you know the college the cost of college tuition is going up dramatically and people wonder why and well this is the main reason why when you have a finite number of degrees and an infinite amount of money and everyone's incentivized to you know get a college degree because wages are going down you have”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT