YouSaid · the spoken record

Mike Stroup

lines on the record: 69
first: 2022-09-21
most recent: 2022-09-21
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

“I'll just put that out there. That's one thing I wanted to plug. And then also, my Twitter is at Mike's Troop 10. So yeah, that's where I am if you want to get touch with me.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I don't really have anything to pitch, but one thing I was kind of hoping to talk about, just mention here real quick, is kind of having some sovereign stats, having stats, having a sovereign stack. So I just want to kind of make the point that I think folks should be thinking about acquiring some Bitcoin, not from Coinbase or not from some place like that. And it's been a really good time to do that over the last couple months, like $18,000, $19,000. Prices are pretty low. Yeah, you're going to pay more if you buy it in ATM or if you buy on BISC or wherever like that. But I'd love to really just normalize whether it's finance bros, whether it's Trad Fi people, whether it's Cypherpunk people. I think it's really important for everybody to kind of have a little bit of that sovereign stack that's a little bit more private. And who knows, maybe someday you may need to use it in that kind of manner.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Okay, whatever. Like, get out of here with your valid, you know, buy the book, like valid shot from your helicopter, you know, hilarious. 15,000 foot straight up. That's what hey.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Okay, so Cobra is the same thing. They can put sign runners on there. Realistically, I don't know if they've ever flown like that or how often they do, but for this mission, you have simulated loadouts. We had those. So he's like some red force or something. He claimed that he shot down one of our F-18s, like 10,000, 15,000 feet. And he's like, oh, yeah, you know, it's a valid shot and tone and this and that.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Hasn't a debrief with a guy one time, a Cobra guy, a helicopter guy. Yeah. He was kind of talking about how there's a bush here and a tree here. And he was just like doing this to... He seemed really into it and just let him kind of go because he was kind of really getting into his tree and his bush and this little hill. And he was talking about, I don't know, like a 50 meter, 100 meter kind of space that he was in for like an hour. And I was like, okay, yeah, it's a different world. I got kind of a crazy story for you. One time we were doing a flight, we were at Mottz in Yuma. And this guy, this helicopter guy said, did you ever carry sideliners on your helicopter?”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's brutal. It's tough, man. I mean, you remember just moving your head. So the thing is you're not pulling 9Gs just right here like this in a centrifuge. You're pulling IGs, but the bad guys back there. So you're having to just like put your head in this craziest position. They'll try to look behind you. Hopefully he's not behind you. Hopefully he's right in front of you. But you're having to do that. So it's, yeah, it's definitely pretty taxing. On the back and the neck, and so forth”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So yeah, it depends on the weight, depends on the fuel load and different things. So you have a computer that kind of automatically calculates it. And then there's a G-limiter switch on the very bottom of the stick. So with your bottom two fingers, if you really need it in wartime or whatever, you can kind of pull on that thing and just yank for all your worth and go way past the gene limit. But we had, it was like 7.3 was kind of the normal gene limit, and then it lower fuel states and go higher to like 7.5. I accidentally pulled 8.4 once when the jet was real empty of fuel. Yeah”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Going straight into an F16 is pretty, that's a hell of a jump because they pull some of the, or they have the capability to pull some of the most cheese, I think it's like a 9G limit, a reclining seat and all that stuff.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“We're similar. Really? Okay, yeah. The joke is always, what was it for the rotary guys? It was like they think at 20 knots ground speed or they think it... But we think at 480 knots ground spe”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Oh, I think about like 1,300 or so. I'm not, these days, I'm not. Fine professionally, so I don't have to date with that too much.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, as you know, but the audience may not know, I mean, there's three long contracts for pilots in the military. And yeah, you do all the training up front. It took about three and a half years for my pipeline. And then you owe them eight years once you're done. So it's a long... A long time, that's for sure.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Their team came in to kind of spot locations and things like that. So they'd been working on this for a long time. That director was there and all that. And it was in the works for a while. They put a ton of work into it. And so the action wasn't very accurate, but they did an amazing job of shooting a bunch of stuff in the cockpit, making you feel like you're in the cockpit. And then the culture and the surroundings and costumes or whatever, they did a great job with that. So I don't mean like, I mean just like the type of pen that somebody has in their sleeve, we always use these four color pens like black, green, blue, red, and you always have that on your sleeve right there. And they all had those. It's just like it was very authentic in terms of the shots. I mean, maybe the dialogue and stuff wasn't. Yeah, the mission was total crap.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, it's bigger, has more internal fuel capacity, that type of thing. If you know what to look for, you can kind of spot the differences. It's not that much bigger. I mean, they're both kind of pretty small fighters. But yeah, in terms of the movie, it was cool to see a movie with some F-18s in it. They did a fantastic job. So I don't know how long the production was on that. But I'll tell you one thing. When I was in Miramar in 2017 or 2018 when I was still in.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, they flew rhinos. They flew the super hornet, so that's the newer one. I flew the legacy. So the one from the 80s, but very, very similar. Control is very similar. I've got like five hours in the Super Hornet in the front seat.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That's a good movie. Yeah, it was an old school top gun, it was kind of a good old-fashioned action movie without it. They upgrade agenda.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Top gun movie, right? It's just like the top gun movie. Yeah. But there's a lot of things that need to happen in real life and with physics in order for that type of attack to happen. I think it's unlikely. But if you ask me, like, what is the one thing that's kind of still out there? That would be the one.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I mean, I think it's highly unlikely. And there's a lot of stuff that has to happen in meat space to do that. And so it's a little bit like when people talk about war that have never picked up a gun and they say, well, this is going to happen and then this is going to happen and then that's going to happen. Like, okay, well, you know.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Oh, it's good There's plenty of risks. A lot of them are mitigated, however. In terms of unmitigated risks, the main one that I see, and I'm going to get a little out over my technical expertise here, but the, and I don't know the word for this, it's the nation state chaintip DDoS attack with a large amount of hash power. It's that type of attack where non-economic actor tries to kind of DDoS to basically just send out tons of new blocks and reorgs and different things like that to just put a lot of chaos into the consensus of what the heaviest chain is, what the valid chain is. That's something that I see as a little bit unmitigated. There's not much that this in place right now to kind of prevent that. You know, we had a situation where a bunch of the hash”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Is a little tricky, but I wouldn't set anything up for trying to call this short term in terms of the year or so. It's very difficult to know if there's going to be a pivot, if there's going to be a major pivot in terms of the Fed and their policy. I lean towards the camp of no, this time is different. Powell. I think he wants to just not be the guy that's known for letting inflation run. I think they want to kind of keep rates pretty darn high. I don't think there's a huge incentive to just pivot and light up another crackup boom unless it comes from those allies like we were talking about situation in Europe, the situation in Japan, that would be the only thing I see changing my view on kind of a crack-a boom happening.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Where people were kind of partying in Kiev right before the invasion thing and like, ah, it's just a bluff, it's just this and that. So I think that's a short answer is that there's not going to be great signals to know, though, this time is different. We just know that structurally everything is set up for like Ray Dalio talked about kind of the end of a dead supercycle. We know that all those structures are in place and whether that kind of stuff unwinds, you know, what's the endgame? Does it happen in a year? Does it happen in a few months? Do we get another crack up boom and it happens the next cycle? That's hard, man, that's hard to say. And that's not something that I want to bet on necessarily. I don't want to take investments or take positions betting on like, oh, it's within a year, but not in four years. I just think for us, for Bitcoiners, we have that long-term understanding of what the end state is going to be. The path dependency.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, God, that's a hard question. This time is different question is important. My short answer to that would be, The time that it is different. It's going to look like all the other times all right up till the end. Every stakeholder, people in power, institutions, there's major incentives to just kind of shorten your short-term thinking less and less and less to just survive one more day. Also, humans are great at not thinking about the disaster that's coming. I mean, do you remember the Ukraine stuff in February?”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I don't necessarily want to bet on the time frame of it. And, man, there's a ton of stuff happening. I mean, I'm sure in Europe they want the U.S. to stop hiking rates. I'm sure Japan probably does. So there's some geopolitical implications from raising rates. You know, maybe the Fed will be able to find some weird novel workaround. Are they able to raise rates domestically and kind of pinch off inflation here, but have some kind of way to waller swap lines, whatever it might be to help out?”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To get kind of a pivot, I mean, this goes into the whole, the Fed's in a quarter, they're going to have to pivot. I don't know.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think generals always fight the last war I think that's very common to have that recency bias and to be prepared for what just happened. I think it's highly unlikely we'll see a 2008-style crash. And I think you still have some real imbalances in terms of supply and demand in housing. Love them in a millennial generation, delayed getting married, delayed, having kids, that type of thing. And then with COVID, they finally moved out of apartments and wanted more space. So I think we have a pretty big structural shortage in terms of housing. And I still think that's there. Now, rates are very high. Yeah, they are high. I think it's going to be a headwind for home prices in the short term. But I don't think it's likely that we'll see a major crash like we did in 08.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The first point, I don't have a super strong position on that, but I do think I have a maybe a decent framework thinking about it. The first point is as investors or whoever we are, a lot of times people talk on podcasts about this will happen. Our job is to assess the five, six, three different paths the future could take and then think about probabilities of each of those and then set ourselves up okay for each of those And it's trendier. It's cool to say like, oh, this will happen, housing will drop 20%. And I probably in this podcast, I probably already made a bunch of calls like that where I'm saying, oh, this is going to happen. But the point is to have a good understanding, like what are the possibilities for some different paths and not necessarily just pick like pre-sure housing dropped 20% by next year, whatever. So when we think about housing, first point.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Then you can't just borrow as much as you want and have other people take your currency. But the U.S. has been in a pretty happy position where it's just been able to just sterilize those huge debts and deficits because the demand, the offshore demand for those dollars”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Where if you have the reserve asset, you need to make enough of it for everyone else to use. And because U.S. money is basically like, in some ways, it's not even fiat money. It's like debt-backed money. We use debt mostly to make new money, to make new dollars. So there's kind of like an unlimited bid for those dollars because it's reserve assets. So it gives you that exorbitant privilege to just kind of run those deficits, run those debts. And then the term people typically use to just other places can then sterilize all that spending. So if you're another country and you're kind of kept in line by the markets, you know, those bond vigilantes are sort of selling your bonds.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, the key distinction there is if they're actively trying to control that currency to a peg, or even if it's a partial peg or something. I mean, the issue with the US, the network effect that you're kind of talking about, I mean, that would also be Connolly would call that like the exorbitant privilege, right? That would be the Kent. That would be the Triffin dilemma.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And, you know, if it's a floating peg, if it's a floating currency, like absolutely floating currency, then yeah, I mean, in general, there's less of a need for those reserves in the traditional sense to defend the currency. I mean, hopefully that answers the question. I don't know if there's anything deeper to it than that.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so first thing there would be to separate it out, you know, develop market, emerging market. So reserves that the US has would be very different. Some people might say like, wait, does the U.S. average reserves? Well, on their balance sheet, technically they still have some gold, which is kind of reserve, right? It's an old school reserve, but it's a reserve. Now, would the U.S. ever sell gold to defend its currency? I mean, it did in the past. It's kind of a relic of the past. But if we think more about emerging market, yeah, your typical emerging market country will hold FX reserves. And it depends on the, I guess, on the setup that they have. If they have a peg, then yes, they need a ton of reserves because they need to defend the peg. It's sort of like the lunar situation from crypto where you had to have a ton of reserves to try to defend the peg.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“One of the biggest threats we face right now is the ESG threat to prove a work. Nobody kind of really seems to understand it. I would love if we could change the narrative and the framing of this to be more in line with those data centers that maybe they're hosting funny cat videos or maybe they're curing cancer by folding proteins. Who knows?”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Compute, storage, that type of thing. Now your typical investor, your random person in Congress, do they know the difference between like an Amazon S3 bucket, an Azure blob storage? No. Do they even know that exactly what's happening in the cloud or in data centers? No. They just know that that's a building over there. It's got a ton of computers in it. It's got internet connected to it. It has got electricity connected to it. And the computers do stuff in that building. If you're a public miner like Marathon or Riot or whoever, you're kind of a data center company. You're a data center company just like Equinix or Digital Realty. And do you do storage? No, not really. Do you do compute? Do you do on command compute for customers, for clients? Yeah, yeah, you do. What type of compute? Well, you do a very specific type of compute to SHA-256 compute, but that's what you are. And so I think that”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To proof of work ESG type energy use legislation. And unlike some other risks, the risk of a fire, the risk of fraud, the risk of somebody stealing your hash and directing it somewhere else and taking the Bitcoin that you're hashing, unlike those other risks, I would say that that legislative risk is one that's the least mitigated, the least protected against. You can't really buy an insurance policy on that necessarily. My recommendations, you know, if I were in charge of the world for the name of Bitcoin mining would be to go just one level up in terms of taxonomy from what Pierre was talking about. So Pierre was talking about timestamping like what's actually happening on technical level with the computers. Let's think about what data centers do. Let's think about the cloud, right? Data centers host stuff in the cloud. Typical things would be”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's on the topic of the title of the name Bitcoin mining. So he put out a paper on it. People are kind of chattering about it on Twitter. And the bigger conversation here is, you know, if the name of Bitcoin mining is to change, what's the goal? Is it to make it more technically accurate? Is it to make it so that new people coming into Bitcoin understand what's happening? Different people can disagree. I think someone like Pierre and Peter Todd and those folks kind of want it to be just super technically accurate about what's happening, which is fine. You know, if I was to put my shoes, if I was to put myself in the shoes of a public miner in the United States right now, and I were to list the top three or so risks to my company, just not mitigated or not, just what are the risks. In that top three is definitely legislative risk due to”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“A great spot to sort of kind of park your money without any duration. So the duration problem being as rates change and as the bonds that you hold changed value, there's a risk there. So as rates go up or rates go down if your bond has duration, that'll affect the value of the asset you hold. So 2.3% for a repo is pretty darn good, especially considering that the banks pay basically zero to their customers. Some money markets pay a little bit more. Yeah, so I think it's just a very interesting big pile of money that's been collected. I think in the long term, that will be kind of like a standing bid for some of the QT. I mean, but it's been very interesting to think about how slow the QT rolloff is, how slow should it be if it's too much, let's spook the market. Yeah.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's just my little kind of thinking about the future. We have a ton of QE that the fence has been doing. And there's been talk about there's plans and there's talk about quantitative tightening and we've seen a little tightening so far. Tightening being when the Fed starts to sell the bond that it owns. So the issue is like, well, who's going to buy these bonds? So we have kind of like a huge cash file of 2.2 trillion that can buy these bonds. And that is actually buying them every night for a 2.3% rate. And then one of the points here that I like to make is the, you know, whether we talk about this, whether we talk about interest on excess reserves, a bunch of these different programs, these rates are lower than some of the bond yields. Like they're lower than, let's say, like a one-year bond yield, but it's overnight, right? And there's no commitment. And this is kind of like, if you're not sure what you want to do,”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Money market fund or a bank or whatever when they have cash and they lend it they basically buy a bond from the treasury or excuse me from the Fed which the Fed has and then they sell the bond back later at a slightly higher price and they make a little bit of money and right now that's on the order of I think it's like 2.3% currently and so The issue here is like it's kind of it's kind of weird because the Fed has a ton of bonds in their portfolio because of QE and now they're like repoing these these bonds back out to the street overnight and then bringing them back it kind of doesn't make any sense but it I mean we have just a huge pile of dollars a huge pile of cash at banks and at money market funds and so forth and so kind of that little picture I put down there in the bottom is”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And all this stuff I post on Twitter, these slides, it's really just publicly accessible information with a little bit of kind of like first principles behind it to try to get to some insights. There's nothing that's proprietary or something you can't get anywhere else or anything like that. But if we look at a chart of the overnight reverse repurchase, we kind of see we had a little bit of that go on in 08 2018, but for a while it's, you know, even back then it wasn't that much maybe a couple hundred billion. And then we kind of, you know, when things are going good, nobody uses it. And since kind of mid-2021, we've seen the amount of that revers repo go up to like 2.2 trillion. It's kind of hanging around a 2 trillion. And let's see, let me make sure that I get this right. So a reverse repo is when”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Money to pay for it. Right now it's kind of just tough because it's very difficult to just snap your fingers and make a power plant. The problems been brewing for a while. But yeah, I think we'll continue to see more and more issues like that. And the exit valve is the currency. You know, the exit valve, like we saw with the London Metals exchange with the nickel contracts that there was a huge short on and somebody should have lost a ton of money, but the exchange has sort of posed everything. Now there's lawsuits. You know, somebody had probably had a great bull thesis there online, you know, nickel should have gone up, but it didn't matter when it comes to the survival of the exchange or the survival of the sovereign things will be done that may destroy markets permanently, but it kind of doesn't matter if you're just going for survival of your government, survival of a group of politicians. So yeah, we'll see more of that going forward for sure. And that currencies of exeval, like yen, the euro, you'll just see those just”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And we've entered the world of geopolitics and domestic politics and anything that you're trading or any market you're looking at or whatever, your number one question as you open up a new chart or whatever is geopolitics. It's like Luke talks about it's energy, it's resources, it's this and that. I think we'll see governments continue to have no qualms about stepping into that market like a you know 800 pound gorilla and just messing up whatever was there whatever incentives whatever whatever the charts were doing don't matter and and that's just that's just the thing I think we're going to see more and more is the the geoplotics politics will continue to be more important yeah we're seeing in Europe we're seeing in order to help with high inflation high energy prices we're going to just hand out”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think if you are somebody that enjoys free markets, that pays attention to markets, that monitors all this stuff, we have just left the world of free markets long ago, maybe it was 30 years ago, maybe 20, maybe 10.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, to give maybe like a utopian answer, I mean, it would be, we started this off kind of talking about inflation statistics and how to measure and what's more accurate. I mean, if we get to a hard money standard, then this isn't as important, right? It's going to be less important for people to have their, you know, to constantly be paying attention to inflation, make sure their salary is indexed to inflation, that type of thing.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But I think even if we on linear scale, if we zoom in on what happened in 08, I think we had a huge increase unprecedented up until then. We had huge increases in M2, I believe”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Solidified the banks and the huge leverage that they had. So the banks just had huge leverage, went way out beyond kind of what was prudent and where they were supposed to be. And all the new money that we introduced sort of just made them whole. And then after it made them whole, never got spent again, never, never went out. Yes, we did have interest rates go lower and that did affect asset prices. We didn't have an increase elsewhere because it didn't never really hit the real economy.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So just from recollection, one of the things that tricked a lot of us right after 2008 was thinking that the money that was available to all the banks would somehow cause inflation. And that really is. Anyone who's still saying transitory nowadays, or anyone who's still saying inflation is not sticky nowadays, that's the thing they keep hanging their hat on is like, well, you know. Like, you can increase the money supply, but you can't, you won't necessarily. Have that hit inflation because it'll all be trapped. But part of the issue of what happened back then was that The new money just”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The tricky thing about the broad money supply, just looking at that, and I'd like to have a chart of base money in M2 and M3 in front of me right now just to discuss this. But I'm not saying pull it out. I don't know.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“If all you do is just listen to the newspaper telling you inflation's been 1% this year, inflation has been 10% the other year, that really kind of misconstrues the reality for somebody, let's say, that's raising kids, trying to pay for college. Look at the price of college over the last few decades. It's nothing but up, right? Man, that's a really tricky problem. And I don't know if there's a right answer.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“There's just a fundamental reality that everybody's basket is different. Everybody's consumption basket is different. Maybe in a perfect world you have a retiree. Family basket, college kid basket. I don't know. I mean, if we really have tons of data available and we have tons of compute available, maybe that would make sense to have those out there. It's just something to look at. I don't know if it'd be good to make policy off it. It's just such a difficult question. And I talk about it with my friends and so forth, mostly just to make them aware of it. And to just pay attention to it because”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Did the DLS bump up the price of an airline ticket for how uncomfortable it was? No, they didn't. But what they do is for things that are easy to measure, like a big screen TV that's 1080p instead of 720, well, that's really easy to just throw that data in the model and then say, hey, everything's cheaper with a hedonic adjustment. So I have a real, I don't know. Just one final thing on that. If you could buy a chair, you had a time machine, you could buy a chair from IKEA right now. Or you could buy a chair made in 1910 by somebody with their hands, which would you rather have? Like, which do you think would last longer? And then, you know, has there been a hedonic adjustment down and how terrible Ikea furniture is? I don't know. Probably not.”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So yeah, that's interesting there. Another thing that we've seen that's really interesting, you can go and look at the statistics for automobile prices in the CPI index. And according to Bureau of Labor statistics, automobiles have been the same price for about 30 years since the late 90s. But of course what they're doing there is the hedonic adjustments. And we all know that that's not really true, that automobiles aren't the same price, but there's lots of weird chicanery that happens with the CPI stats. And then, of course, there's very few ways that I know of, and I've tried to read as much about this as I can. There's very few ways to do a hedonic adjustment up to increase the price of something. So airplane flying stinks. It's a lot worse than it used to be. When you had to fly with the mask on for a whole flight and you couldn't get a drink or anything,”
2022-09-21 · We Study Billionaires · BTC096: Fractional Reserve Banking Vs Bitcoin w/ Mike Stroup (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT