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

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“Price of real estate up. And it's because we can't trust our money. You know, there's nothing to attach the money to reality. So instead, we have to store our money in something that's real. Land, wood, dirt, and that's real estate. And that's why we've seen clearly since the, again, since the 70s, housing prices have only become more and more monetized and more expensive in wages and in real terms here. And so, again, we see stock markets doing the same thing. We see the S&P PE ratio and Schiller PE ratio. And for those listening audibly, you can't see it. But again, the 70s is a clear bifurcation of previous trends. And we see everything begin to deteriorate. And like I said before, we see only more and more speculation. We see this clearly in the 1970s. We see less and less incentive towards resources and productivity industries and more and more incentive towards banks.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Family structure. If we look here clearly, the birth rate, as many people listening might be aware, birth rate globally is just collapsing. It's more or less been a free fall for half a century And you know, some people would say it's a coincidence, but I don't believe it is that in the early 1970s, we see two things. We see, number one, single income households begin to transition to dual income households. And likewise, the birth rate begins to decline. There's less time to be at home, less time with children because the incentive is for more and more people to work because the real value of wages and comparative productivity are only going down. And so, you know, of course, as this happens, what you have is an increased desire for investors to save their money because they can't trust their ledger anymore. They have to store their economic value in assets. And one of those assets are houses. So houses not only become a consumer good anymore, but then they become monetized. Investors try to store monetary wealth within houses. You know, I'm an investor in real estate myself. You are two. And so it's this horrible realization that, wow, we're forcing 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
“Horrible. You know, I'm sure you've seen that too, as well as everyone listening. But this is one of, if not the main reason why is that, you know, we have basically sucked away the incentive from society becoming more productive and better and better technology. And we have instead directed incentive towards financial management and planning and more or less speculating on what the Federal Reserve or banks are going to do with the supply of money. And so we see this clear divergence here from 1971 onwards between productivity and compensation for wages. We have multiple charts showing that here. And then likewise, you know, we can look at trade policies. And again, 1971, average wages and real median wages and everything. Everything begins to diverge and going completely opposite directions in the 70s. And when I refer to corrupting society, and this is perhaps even more controversial than everything I've already said, but you change the incentive of the family.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“From a brute force physical cost, all of a sudden, everything with the brute force physical cost goes up and it's denominated price because we're corrupting that measure of value at which we measure things. And so this goes to hourly consumption as well. We see clear distinction here, 1971 and productivity's got up well over 200%, but compensation has only gone up 100%. And Preston, one of the frustrating things for me, even though I'm a young person, a lot of young people don't understand Bitcoin yet and this whole idea And it's really hard to pressing because I know so many people that are graduating college and their wages just don't keep up. They don't keep up with the cost of living anymore. It's just”
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, technology is much better than it was 50 55 years ago. That's what we have. And it's not just cans of soup, but it's also more essential things. You look at electricity, all food, you can clearly see 1971 where we detached a fiat currency, aka our 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
“Prices of everything go up. This is one of the things I think Jeff Booth is just brilliant about is that he really defines this conflict between technology and central banks. And I've kind of alluded to that too. Technology is making everything cheaper and cheaper. We have this massive force trying to force prices down. But because humans and people in charge of credit systems want to keep expanding the monetary supply so that we can have more yields and we can make prices go up and make all of our voters and constituents and lobbyists happy. You know, we force prices up even though technology is making things cheaper in real terms. So this is kind of a comical, also depressing metric here is the price of a Campbell's can of soup. Tomato soup. And what we see is it was very consistent for a long period of time until that year 1971 that we're talking about. And clearly something changed there. And all of a sudden the price is becoming more volatile and it's only going up even though it's the same can of soup.”
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 British County is one of the oldest modern fiat currencies in the world. You can go back 800, 850 years or so, and you can see clearly that continually the pound is going down and down and down against gold forever for almost a millennia now. It's done nothing but go down against gold. Now this chart here that we're looking at is just the last century, but we have multiple fiat currencies here, of course we can see German marks collapsing in their early 1920s. This is one of the major factors that led to World War II. Of course, when you corrupt the money and you destroy society, you destroy the incentives, you know, everyone becomes much more open to the idea of a strong leader to come in and change everything and make everything quote unquote better. Obviously, I'm referring to Hitler. So, you know, anyway, we'll get to more of that later. But basically what we see is every fiat currency continues to decrease in value against gold as a function of time. And what that means as fiat currencies decrease in value is that”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Income inequality dramatically decreased. And likewise in the early 1970s after we again depegged, of course, the incentives shifted. There's a greater incentive to predict the market. And of course, who's obsessed in doing that? That's the higher income earners. And so, of course, a greater flow of capital and value, again, left productivity and went back to managing money. And so again, this is another chart emphasizing the same point, not just the top 1%, but also the top half of percent that you can see in 1971. The downtrend of decreasing income inequality shifted and actually started going back up for the last 50 years, and especially in the last 10 years, this has only gotten worse. And so one way to think about, and we'll come back to this later with Bitcoin instead of gold, is that what we see is that currencies have depreciated against ever. One of my favorite examples is the British.”
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 then again corrupt the incentives and you again corrupt the, it's just horrible feedback loop. And we see this again and again, of course, there are infamous examples of Germany and Rome and all sorts of other times in history, which I won't get into because it's quite a bleak picture, although it's extremely predictable. And unfortunately. So my next few slides, we'll go through pretty quickly here, but it's basically emphasizing this larger point that when you corrupt the money, you corrupt the incentives. When you corrupt the incentives, you corrupt the society. And then it's a feedback loop that continues from there. So going through these really quickly, for those watching visually, what we see here in this first chart, again, are the years 1913, 1944, 1970. And remember, those are the three really big important years of monetary history in the 20th century for the United States. And this is a figure of income inequality in the United States. And you can see that pretty much instantly, once we repugged the dollar to gold in the Brent and Woods Agreement in 44,”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Continue over 50 years, people would be becoming, even though technology is getting better and better, and we're more prosperous than ever before, people are becoming more and more dependent on gambling and speculation and all that because we've corrupted the incentives in every layer of the world, even in the investing world, you know, things are just so crazy compared to what they were in the past. And so when you corrupt those incentives, you corrupt the society because the society inherently has to think shorter and shorter term, less and less long-term thinking, a lower and lower savings rate. And eventually, you know, when you corrupt the society enough and you have brains retrained to think in more zero-sum game thinking and short-term thinking.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Simple, but it works. It works great. Thank you. Yeah. Yeah. For those that are listening, honorably, basically, what you have is you have this premise of corrupting money. So basically corrupting the ledger. And then when you do that, you corrupt the incentives. Because if you incentivize people to predict the change of monetary policy, well, what are you doing? You're incentivizing less attention towards productivity and improving technology and thus making the world a better place for more and more people. And you're increasing the incentive to predict that. And this is why you're seeing so much more speculation today. And this is why you see so many more gamblers today and people obsessed with the lottery.”
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 so every time that Jerome Powell or some other central figure of this board that changes the supply of money, whenever they come out and say, this is the price of money or this is how we're going to change this, what they're basically doing is they're repricing everything. And that's why the market is so volatile and increasingly more volatile as the economy becomes more and more dependent as debt increases become more dependent on that price of money changing and markets react in a greater and greater degree to that. So as we have these people that announce the change of the measure of value in the system, that's why so many news. That's why people get paid so much money to try to predict what these folks are going to do. Because to be able to predict that, I mean, if you can predict what the Federal Reserve or any issue or currency is going to do, you can pretty much predict anything. The problem is, of course, nobody can predict what they're going to do because they're humans and you can't trust humans.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“A great point. Yeah. And that's really true. You know, one of the reasons there's so much noise in the financial space, you know, especially those in the financial space will know what I'm about to say, but there's so much talk about interest rates constantly. Pretty much everyone's heard about interest rates and this and that at yields and blah, blah, blah, blah. And it doesn't really make sense to them. Basically, to cut through the noise and get to the signal and root of it all. What's happening here is that the price of money is changing.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, what do you do? All you do is you corrupt everything, you make prices, which is the communication mechanism at which we determine value. You make it inherently corrected. And you basically cause this inherent communication breakdown in every layer of 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
“And the reason we have to adjust for inflation is because what is money money is the unit at which we determine and communicate value to one another. And if you change the inherent supply of money, you corrupt that metric. You make it inconsistent. You make it unreliable. A good metaphor I like to give is that of like a meter stick. had an inflation rate for the meter stick where I inflated or debased the length of a meter stick, you know, every architect and everyone that measures anything in the world would have to continually adjust their blueprints and their plans based on the changing the length of the meter stick. And that might be a crude analogy. But that's the basic idea here. When you have a system, a ledger, a monetary system that's supposed to represent all the wealth in the world, and then you create more money or destroy money and you artificially change it.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yes, yes, definitely. As trusting those numbers. And the whole idea, you know, for those, especially the younger folks like myself, something I think I should say is that the whole idea of accounting for inflation is a new idea. If we find the occurrence of adjusting for inflation in books all the way back to 1800 here in this chart, you can see a clear spike in the early 1970s where the term quote unquote adjusted for inflation becomes apparent. And the whole reason, President, that we have this is because We have a ledger that is not consistent. It makes no sense. You know, even in the charts we were looking at earlier, when we adjust for poverty or just for GDP per capita, we have to adjust for inflation.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Gold from a fiat currency all of a sudden, guess what? Promises start being broken, and you see this runaway inflation statistic here. So what we see is that as technology is progressing and demographics begin shifting 50 years ago due to technology and prosperity post-World War II, we saw that the United States basically said, hey, you know, we can't make our obligations with this gold peg and we have to detach. And so that's what they did. And that's why we see this massive inflation spike.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“From reality. And now we're no longer trusting that the US dollar is pegged to something real, we're just trusting that the US dollars, it's refundable. We're trusting people that issue it, that they're not going to issue it in an unlimited fashion. And of course, the problem with humans is that we're all sinful, we're all broken, and we're all correct. And so as soon as you detach”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Basically, the reason it's important is because it detached the US dollar from gold. And as we were discussing monetary eras before, gold was an improvement on former monies. And one of the reasons that gold has been such a good form of money for so long is because it's an extremely high brute force physical cost to create more gold. It's extremely expensive to create more gold. Now, granted, as the value of gold goes up, the economic incentive to mine more gold increases. So of course, there's always going to be more gold dumped onto the market. This is just a factor of the free market. Price adjusts up, more gold will be produced. If price goes down, less gold will be produced, and then that increases value. So meaning price goes up. This is just how gold works. But the problem with detaching a fiat currency from something with a brute force physical cost like gold or oil or some other tangible thing is you divorce, you know, this abstract concept of money, which is just a ledger of trust.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Soil. And what we have here now is we have a new monetary standard. In 1913, we had the creation of the Federal Reserve, the current Central Bank of the United States. And in 1944, we had the Brent and Woods Agreement, which basically pegged the U.S. dollar to gold. And we'll get to that in more in a moment. By 1971 here, it was really the year that is applicable to most people's lives watching everyday person. That should be a date that most people know, but it's not taught in schools for reasons I won't get into here.”
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 is between 1775 and all the way up to 2012. So it's not quite up to date today. So it's even higher than here. But what we can see for those that are perhaps listening audibly is that we more or less have a flat line that goes up and down a little bit from 1775 all the way up till 1913, World War I. We have a dramatic increase in inflation spending, you know, of course, fighting a war here in Europe. And after World War I, that goes down. And World War II, it increases again. And in the 1970s, and specifically the 1971, the CPI just kind of completely falls off the rails here. And the reason for this, for those that may not know, is that the United States has had multiple monetary standards in the course of its history before the Federal Reserve. We had two central banks, neither of them exist anymore, of course. We've actually had two hyperinflationary events on U.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
“Resources and prosperity. Granted, it's extremely expensive and disastrous and horrible, but that's basically the game theory of what it is. And so you ask specifically about the US. And I believe, frankly, that we're in a difficult spot here for the US and for the Western general. If we look here at the consumer price index of the United States, what we have here is a clear trend that began in the middle of the 20th century and has only gotten worse since then. So I don't know if you have any comments on this chart. You've probably seen it before, but I don't know. Do you have any reactions to just the striking visual of this?”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Time scale. And there are many more ways to define reserve currencies. This is just one way to define it globally, you know, especially the further back in time you go, the more local powers you have and everything. But for the sake of simplicity, this is one of my favorite charts to explain it. And one of the clear trends is it becomes faster and faster, the duration at which a reserve currency lasts becomes shorter and shorter over time. And I would argue that fundamentally, like I said earlier, it all comes back to technology. And the reason which these reserve currencies and likewise these empires are becoming shorter and shorter and shorter as a function of time is because as technology moves faster, these cycles of demographics and migration patterns and everything just happen faster and faster and faster. So that's the basic idea of the boom bus cycle here. It just all comes back to technology because technology drives prosperity. Prosperity drives politics and armies and conflicts and everything of that. And when you think of war, what is war besides just a redistribution of”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Free market, and they basically compete them out. And so eventually the nation that has been prosperous for so long, decades or even centuries, eventually what happens is that they don't like that growth is not going as fast as it used to. Now we have all these competitors. And so what do they do? They begin to borrow and borrow and borrow to make it look like the growth is continuing. And when you borrow, you're borrowing from your future self. You're delaying gratification. And when you do that on a societal level, eventually you begin to curtail innovation and you actually weaken it and you just cause this vicious feedback loop. So anyway, long story short is that when we come here to look at skipping ahead a little bit, right here, what we have is a timeline, historical timeline reserved currencies of the world. And this is just one aspect to look at dominant empires. But the important point I want to make here is number one, reserve currencies change very frequently in historical.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Then the prospering nation. I mean, to give a modern day example, you know, take the United States and China. The United States in the mid-20th century, for example, was having all this technological progress. We were the hub of tech progress. In many ways, we still are. However, the rest of the world, you know, outside the United States doesn't have to expend those resources to the same degree the United States does. And so they can produce everything we do, you know, cheaper, faster, better. And again, this isn't anti-China only pro-American stance here. This is about, it's ultimately good for the world. A lot of Americans really dislike the fact that China and other nations take away a lot of jobs. But the reality is this happens every time. You know, you have one empire that rises up, prosperity becomes cheaper, people become more prosperous, life living standards become more expensive, and a competing nation is able to, you know, it's a global.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Okay, now we're good. Go ahead. Keep going. Yeah. Yeah. So this being one of my favorite examples of that of candlelight and the cost of candlelight going down dramatically, I mean, obviously you can extrapolate this out to various eras of technological progress. But basically as the demographics of society change, both within a nation or empire and without its borders as well, people migrate based on this where prosperity is and prosperity of course is a result of technological progress. And so as technology progresses and prosperity becomes cheaper for the average person, this causes empires to gain an upper hand one over the other. So one nation lurches forward in a positive way and having more prosperity for its people, its armies are better equipped and more technologically advanced to competing armies and everything. And all this innovation, which is extremely expensive eventually competing nations do cheaper, faster better.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That change. So when it comes to the boom bust cycle that you asked about with empires, I believe a major driving factor in that is technological change. As a society develops, you know, if we look at the Portuguese or the Spanish or the Dutch, Europe is one of the best examples of this because it's so clearly defined and it happens so quickly in a matter of so consistently over a long period of time you can see clearly how one empire innovates and creates new technology and people become more prosperous looking at this chart here you can see how technological cost of light”
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, that's a great question. I have a few slides here just to if I can share my screen really quick. I mean, one second. All right, here we go. So to explain that, I think first we have to go back to technology because technology fundamentally improves the living standards of everyone. This first chart here that we're looking at is a GDP per capita for citizens from 1800 all the way up to the modern era here. And if you look at the chart, it's color-coded and has very clear lines here. that as GDP goes up and technology becomes better everyone becomes richer. The rich become richer and the poor become richer. And I know this might be controversial to people, but statistically speaking, the poor become richer at a faster rate than the wealthy people do. And I mean, this is a wonderful thing. This is why I care so much about Bitcoin. It's about helping other people. And we'll get to more of that later. But basically, as these changes happen and looking at the next slide here, as poverty declines as a function of time, you have social order.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“More or less a third to half the world is yet to use the internet. And then once they do, you know, these developing nations and regions are going to industrialize. And so we're at the beginning of that. And so all these things coming in the future, artificial intelligence, humanoid robots, self-driving cars, all these other things, I think can easily be classified in information age. And really, you know, the information age in my view, at least start with the computer and, you know, the 40s, I think that's you can debate that though. But one way or another, I believe we're at the very beginning of the information age just because there's so many people yet to use the internet. And then once they begin using the internet, then that's where all the growth begins. To me, it's akin to saying in the early 20th century that the industrial era is over when it's like, okay, no, we just discovered flight and the locomotive is only at, you know, 60, 70% adoption, whatever it is. So that's the basic idea there.”
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, well, what I mean by that is strictly an adoption curve here in the West. We're very privileged and spoiled. I'm in the United States as you are and probably a lot of people listening to this. We're all able to listen to this with our own headphones in real time. We have extremely low friction costs and it's basically free and instantaneous as soon as we want it. And it's a wonderful thing. But the reality is for about 40% of the world, depending on which sources you cite, there's a significant portion of the world that's yet to use the internet. And so if we were to say that given technology only has 60% adoption, frankly, I wouldn't say we're in the height of the internet. I would say we're only in the beginning.”
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 that's the basic idea here that humanity is a continual exponential curve of technological progress. That's the basis of history and the world's empires, the world's political movements and regimes, and the world's monetary standards, frankly, are a function of the technological advancement of that time. Everything comes back to the technology. So that's the basic idea of what those standards and those five standards are loose again, but that's the basic idea.”
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 we would call the modern finance world really originated there. So that would be the fourth era or the fourth macro area. And of course each region in the world advanced at different times. And so again, it's radical oversupplication. But where we are now and the big scope of where we are now, basically I want to make the point in this show today that Bitcoin's a monetary singularity. And I would argue the monetary singularity. That meaning we're entering the fifth era here. And so fundamentally what has to be understood, I believe, by the average person is that this is a very rare event and it makes perfect sense as we leave the industrial era of the 17th, 18th, 19th, 20th centuries, you know, all that era, more or less, and the industrial revolution, putting that in a pin, including that. Now we're entering the information era and we're only beginning the information age. And this is something I think that people don't realize just because Elias has changed so much. We think we're in the middle of the information age. It's like, no, we're at the very beginning of it. And we'll touch on that later.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Expires, and gold doesn't really expire. So gold is an improvement of technology from the old monetary standards. So that's kind of the more ancient world that we think of today. We're talking much later, Egyptian period, Rome, China, and other dynasties and empires. That's the goal there. And then you come to the Dutch and Middle Ages and that era and you basically have a debt monetary system where basically we more or less, and I know a lot of people criticize you for saying upgrade, you know, because in many ways it's not an upgrade, but going from gold to debt-based promissory energy system where, you know, again, all these things come back to trust. Social credit was trust, salt and green is trust that the next person in the future is going to value those things because you can eat them. Same thing with gold, same thing with national currencies and everything like that. So the Dutch, you know, the reason I point them out here is that they were the first central bank. They had the first central bank, stock market. You know, basically a lot of”
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 so, really, these things were the first forms of money, and obviously there are many, many examples here, radically oversimplifying. But basically salt and green is an advancement in technology that makes the old world seem ancient to upgrade from hunting and gathering to actually having farms where you can go greens and have cows and livestock and everything of that sort. Those are the first kinds of money after the social credit era. And then, of course, technology continues to advance and eventually we go to gold. And gold, you know, especially towards the beginning of AD, Rome and everything of that sort, you have gold kind of taking the stage because while salt and grain is better than social credit, because you can actually touch it and you can actually quantify it, you know, in bushels or barrels or whatever on a tablet and actually have a ledger, you know, technology's progressing, you're writing and everything now. Now, gold's even better than that because the problem with grain, of course, is that.”
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 first monetary system where basically it's pure human trust. That's the currency, its relationships, that's the currency of very early society. And then going from there, eventually you get to a more or less a world where you have small ancient societies, Mesopotamia and Egypt and everything of that sort. And everyone begins to store their monetary energy in commodities that are more universally accepted.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Future. And so defining that and expanding on that first thread and that idea, it's not just eras are defined by the technology. They're also defined by the monetary technology of that era and the different eras. And the quality of money of any given era is more or less limited to the advancement of technology of that era. So specifically what I might talk about here, well, the first kind of money that humans had was more or less basically social credit. You know, you had small villages and towns or whatever you want to call them in very, very ancient world before empires and ancient civilizations, you know, basically you're in debt to your neighbors, your family, and your community. You provide work for other people and they return the work for you. And that's what I mean by social credit and not our modern understanding of social credit, but basically that it was a small community so that everyone could keep track in their heads of who. And that was pretty much.”
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 this is a topic I've not actually yet discussed in my threads, and I probably will in the future in greater detail, but basically what the average person needs to understand, what I believe need to understand, is that like my first thread discuss is human society is defined by the technology of our era. So one of the main points to make my first thread is that we are in an ancient world of tomorrow today, in the year 2023, and that we actually have less in common with the person 100 years from now than the person 2,000 years ago. Because 100 years from now, technology is going to be so much more advanced that we can even conceive today if we're optimistically assume that everything's going to continue as it is currently continuing, then basically the technology between today and then it's going to be incompatible. In the same way that, you know, we're incompatible with the pre-flight horse era of the 1920s and, you know, the early 20th century or late 19th century in the same way, that's an ancient world technologically to today that's in 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
“To present something here. And people gave wonderful feedback. And so now it's really, it's the cliche of overnight success, more or less, that has a long backstory. And I'm not trying to overstate what I've done so far. We've only done two threads and I'm not huge or anything, but it's definitely felt like that. The two and a half, three years, I've been pretty much talking to people one-on-one or small presentations of a dozen people or so. And all of a sudden, now, you know, thanks to the magic of the internet and this new communications network that we've created, it can get very wide viewership very quickly. So anyway, all that to say, that's my basic story of why I made the thread. It's basically my consolidation of trying to explain Bitcoin as concisely as I can.”
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 eventually, I come to the conclusions that we'll get to in this video of Bitcoin's inevitability and its significance for the era. And of course, like most Bitcoiners, eventually I want to start telling other people because I believe this is really important. I need to tell other people, warn other people. And in just a long process of trying to explain Bitcoin, which is, again, a very abstract, difficult topic for most people to understand. I was just honing in my presentation more and more and more. And eventually I have all these slides and now with the bear market and Bitcoin and price being down, less and less people are interested in it, at least in my circle, less people are interested in it. So I decided to, hey, you know, I'm getting less calls or less messages. Why don't I just post it on Twitter and see what happens? And I figured, shoot, maybe I'll get a thousand views and it'll be great. And, you know, I'll get a couple comments or thumbs up or emojis or whatever. But it instantly blew up. And I was like, wow, okay. I actually have 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
“I'm wrong. And I'm wrong about my friends and my acquaintances. And I've been duped into actually not nearly as smart as I think they are because they're gambling all this money in this internet magic money. Or there's possibly something that I'm not understanding about this Bitcoin thing. So anyway, I go down the rabbit hole.”
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 I explained this a little bit on Block Works Solutions podcast with Joe last week. The long story short is that I first heard of Bitcoin in 2017 and I was just new to finance, new to everything like that. And so like a risk-off person that I am, which I know for those listing that might sound a little silly that I'm super deep into Bitcoin and I'm risk-off. But we'll get to that later. Trust me. I assumed it's a scam or speculation and I didn't really understand it. It was too unknown to me. It was too confusing. And, you know, you just go online or you watch any news clip and there's just so much jargon. It's so, it's just so complicated. And most people think it's out of reach. And I was like that too. So 2017, I heard of it and I completely ignored it. I didn't look into it at all. And then 2018, 2019, I had some contacts, friends, acquaintances that I knew were very smart and I knew were into Bitcoin. And so I realized, okay, if I'm going to be intellectually consistent here,”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Spent a little more time putting it together. But the second one did even better. And it's been really nice to have all this positive feedback from Twitter and have people such as yourself reach out to me and express interest in us. So it's been really great. And I am being told by others that I'm presenting other people's ideas and new ideas and new lens. So hopefully today in this show I can bring the presentation of Bitcoin with perhaps a new light and perhaps new ideas whether they're right or wrong. Hopefully they're more right than wrong. But anyway, I'm looking forward to sharing what I have today.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, thanks. As we were just talking before we started recording, you're one of the people that I really wanted to talk to just because of your background and everything. I've loved your podcast for a long time. So I'm so excited to be here. Yeah. Who am I, where did I come from? I'm completely shocked with how much attention my threads have gotten online thus far. I've only posted two. And the first one I posted not expecting much. And it went pretty much viral more or less instantly, like same day. I wasn't planning it at all. In retrospect, you know, I had typos in. I was like, oh no, perfections to me wished it.”
2023-02-15 · We Study Billionaires · BTC117: Bitcoin and the Start of the Information Era w/ Luke Broyles (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT