YouSaid · the spoken record

Phil Champagne

lines on the record: 61
first: 2022-09-07
most recent: 2022-09-07
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

“It's a problem, and that has to be aware of. So anyway, I cover many topics. I talk about also the zero knowledge proof, how it is. And I hired a guy for making some images at least he'll be cute. And so I defined zero knowledge proof fascinating too. And itself as a, And I could see whatever those things that are happening in altcoin, there are technology pieces of technologies eventually they'll be back in some way in layer two, Bitcoin or in some other way through even possibly through the Bitcoin new opcodes for Bitcoin in the future once because it's very conservative Bitcoin and that's the pure thing of it once those things establish enough you would have those features eventually things have Are not done for Bitcoin.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To look for, and I shouldn't be looking at the proof of work coin that is using Sharto 5.6 that just started like this. Now I have to be familiar with this impact of the Ash power, or even if it's not using Shar256, whatever hash it's using, how many other coins are using the exact same hash? Because now all the miners are going to be competing against with that specific hash power specialized hardware. They could all move around and play with those things and fight each other and destroy one chain that is using this weak, it has a weaker hash power on that same. So even if you're not using Shota56, you might have a problem anyway, between all those. And this example of those that are using the same, you know, and multiple, they're not Shot 56. They want to differentiate, but there are many that are. Using the same anyway.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The altcoiners will say that I'm a Bitcoin maximalist in disguise, while the Bitcoin maximalists will say that I'm promoting the shitcoins in some way, just by talking about them, basically. But what I do, I mean, what I did love just because I almost go over a debate with myself because I need to want to write those things. I'm trying to look at it from both angles and so on, but I'm trying to pick the negative side and the positive side of both sides and to make them obviously as much as possible all the points I could think of, that the arguments that are topics of value so that people can actually understand, oh, okay, now I have a little bit more understanding of the whole spectrum, what is actually important.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And all the technologies are proof of stake, proof of work and so on, and basically putting them and analyzing them in terms of the decentralized aspect, what their fairness. And I try to be as unbiased as possible. But I tend to believe that I'm going to be getting tomatoes from both sides.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Reference book mostly. But when I think about the people that have an economy background, but not a big software background, then it's a little bit more complex. But I will refer them to the white paper. Definitely the white paper. Maybe my book. It's always a good thing because it's not that complex too much. There are terms that they're not completely familiar with, but at least it will give them an idea.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, yeah, it depends on their level of, because if someone with an economic background who doesn't have much expertise in, I don't want to throw them into something highly technical. Because then they'll help you, you know? So that's why. And that's where I actually mostly dealt with people that were lacking in the economic side. So that's why I had that.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So actually, I don't refer my book as a starting point. I think it depends on that person actually, the background. If it's a person that is with a software background but doesn't have any economic background, then the Bitcoin standard will be a good suggestion. So the Bitcoin standard is for someone who has an economic background, it doesn't need to read the Bitcoin standard as much because it covers mostly the economic side of things. So for someone who wants to understand more about the functioning and all that, then well, obviously chapter two covers a little bit, I give a little bit of insight on that so that at least they have an idea. And as well as, well, there are some that are a little bit more technical. Jimmy”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, yeah. The challenge will still remain in the sense that where they are in control, governments and banking system is the exit and entry points for those who wants to go back in dollars. Whatever reason. So that is still where they have control and they will always because now, but it self, the protocol itself, they would need to control the entire planet to be able to satisfy a shutdown of Bitcoin, that kind of thing.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I'm actually curious to know if you would consider this, obviously eventually it has been used with a silk robe, that kind of thing for a project that would be totally against beyond WikiLeaks. So I wonder, what do you think of the readiness level of Bitcoin today”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The face, or is that shouldn't be eventually detect who I really am or that kind of thing. I don't know. Again, I'm speculating here, but.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So is this the kind of thing in the beginning that was in a mindset of Satuishidu avoids? Like if I stay anonymous, at least I'm avoiding any, I mean, today we're not thinking Eva was still around today. Nobody would think he would get arrested because its dominance, it's used, it's decentralized. But at the time, you don't know the reactions and so on. So I actually wonder if that was part of the thing that was a little bit afraid of and one of the reasons why he decided to leave after, okay, WikiLeaks starting to and we know what happens Wikileaks. If I keep going staying around, there's more chances that...”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Like a mixer, yeah, tornado cache. Yeah, he just created the thing, so it's a smart contracts that allow for all of that to happen and they arrested them just for coding this.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, the main part that we know is the very part where he talks about Wikileaks that is almost his last post. And the last post is about Bitcoin release, something and the one before that is about Wikileaks suggested that being used using Bitcoin and he was a little bit afraid of that. So I wonder sometimes if we keep forgetting what are the other reasons why it was anonymous Would it be, for example, I was so surprised to see that there's that guy and I think in UK got arrested because he coded. I'm not sure if you saw that. He coded something. I forgot the name of that thing. I think it's on Ethereum. It's some sort of a pool thingy on.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Writing is about the importance of everybody. Yeah, no, but again, it's a matter of perspective. His perspective was 2009 and there's no Lightning Network. And we do have, compared to in 2000, the bandwidth is much higher today. We're able to do video easily without thinking. And so from that perspective, as okay, I guess in the next 10, 20 years, we could be able to afford more bandwidth. And that will be our ways, but obviously it might be a challenge in terms of how fast the technology will adjust to the Bitcoin's transaction or that kind of thing. But I'm thinking it's like all the, he didn't have the full perspective that we have today. So there was a different perspective. So how to imagine how you would think based on what it's dangerous in some way?”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Call it Ethereum or whatever kind of thing. I actually. It'll be so the only exist reference we have is bid DNS and that was very limited in terms of what it was doing. All it did was storing information about in the blockchain as a database of this domain name, this IP address. So very limited in terms of what it was doing. So it was not something that you expect that will be bloated in size. It will not be used as to make transaction of payments to one or another, but strictly to transact domain name. In terms of requirements for was not, it would not have been beefed up. So in terms of a transaction per second, that kind of thing. So what would he think about things like Ethereum who's got a terabytes of terabytes of size in terms of blockchain size and that kind of thing? I don't know. I mean, he had the calculation.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And that is where the white paper is located. And it shows, you know, and there's article, I mean, it's being published in February of this year. So it's recent and it's quite amazing. The only thing is, just like Lightning Network, it required a soft fork to introduce. SegWit was required for lightning network function. Now this coin pool requires three different new features, opcode to be introduced in Bitcoin. And so again, there was a lot of, there's taproot that just got introduced recently that's so conservative the field of Bitcoin that it takes a while before something else will be introduced. So it's probably going to be maybe another year or two before we see any traction in regards to CoinPool, those features being introduced. I mean, they mentioned it in the white paper. And Philips.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's 48, 55 pages of white paper for, I'm giving you the quick handle, but it allows a bunch of transactions. And if you have a connection with a guy named Charlie, then I can pay Charlie via you where we exchange and all that. It's just fascinating. And now the network is big and all that. But it's always requires channels to be open between two people. Now the coin pool is where you, I 10 people, we're all going to be joining into a single pool and I can withdraw at any time without closing or I know I can vanish and get my withdrawal without having to make a on-chain transaction. And those coin pool also can be used to connect through with the Lightning Network or another coin pool. So the impact is amazing. The benefit we've With Lightning, this is going to be even better, just amazing.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Fine. And if we change that balance between the two of us, you know, I send you 1.5 Bitcoin. Now, you have 1.5.5. Now there's the new commitments and there's ways for you. You should not be able to transmit the old, actually I should not be able to transmit the old where I had one Bitcoin and you had one Bitcoin. Those old commitments as to be clear apart, you know, made invalid. Now what it is is a mechanism for penalizing where you would penalize me by grabbing all of the Bitcoin to Bitcoin to you if I ever publish the old commitment. So it's a little bit complex.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So it sounds like, wow, okay. The benefit of that is that suddenly, okay, the lightning network is where you and I, we can create a channel. And now we can just make a transaction using a multisig on Bitcoin channel. And this opens up the channel between the two of us. So we put one Bitcoin each. So there's two Bitcoin in that Bitcoin multisig. Now the output, the rule for how we're going to allow withdrawal from this in the output section of this transaction where we put those two Bitcoins will be set onto a commitment transaction that we establish where, so if you go away, I'll have a transaction that I can publish to close the channel and get my phones back. So it's all sufficient in a way that no matter what happens and we're able to, one of the two goes away.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So yeah, so the coin pool, what is cute about it is that, okay, so you look at the lightning network white paper, there's 56 pages of the white paper compared to, what, 10 pages for Bitcoin? The white paper for CoinPool is something like eight or nine pages.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Left, yeah, yeah, yeah, yeah, yeah. And I think Peter Schiff said something like that too. And that's where I lost my mind. It's like, what?”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Now it's showing how crazy the fundamentals they've been taught in terms of economics makes that their pillars of thoughts is weak on their structure of central banking and paper money and all that. It's based on a weak structure that when they are facing with something else completely different, they're not able to actually make reasonable adjustment to make appropriate content discussion to make this statement about oh if you can divide it in billions of billions of Bitcoin. Therefore it's infinity. It's just like the stock split. They don't get it. It's like, okay, it's just like everybody's going to have twice as much share, but nothing has changed.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think it's the concept that suddenly they have to deal with something else than this goal that they kept fighting for against. Now they have to turn around. And just like what we talk about, the supply of Bitcoin is static in terms of the rate of supply is static, regardless of how many people are mining and all that. And then the traders have to adjust that to this mindset. In their case, they actually lose their mind because now it's something that they have not recognized before and their mechanic paper and something like that”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Actually, yeah, I don't have any specific that situation. What I will be rolling my eyes is when someone comes up and say that Bitcoin is not scarce because it's divisible. It's like, okay. The pizza.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Four year cycle. The big sanction with goal is that the supply is fixed. Now it's just the hashing power that will vary depending on market. It's the hashing power will fluctuate depending on the market, but the supply is fixed. While the goal is going to be the supply is going to come up and will adjust the price and so it is quite a difference and it is one of the distinction that people are spinning their heads into those in the commodity sectors. They have to adjust their mindset when it comes to that.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But for in terms of comparison, for example, if we put the gold Bitcoin ratio at some point, it's going to be a subject of conversation because now it's going to be almost irrelevant to talk about the Bitcoin price in dollars when the dollar is fluctuating and getting so much beaten up with the bond market flushing into the toilet and prices of everything going up. that you're going to be more like looking at the price of gold versus Bitcoin and how much traction Bitcoin is catching to gold and that kind of is going to get the traction. Because we're talking about what a factor of 10, I forgot the numbers. It's on my pinned tweet on Twitter. I think I did that there.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, but the thing that is the other side of the coin is a lot of people saw the kind of move it did in the last five, ten years and so on. And their expectation will be the same kind of multiplication factor in the same time growth, which is not going to mean we're talking about a curve, a log scale. curve and so the growth well yes and no because if you measure that in dollars no we're going to have an es curve like this and then hyperinflation it's going to curve back up you kn”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I'm big amount. So he was asking me, okay, I'm curious to know. And so then I told him a little bit more information about how we can do those things and gave him. So yeah, that was interesting because the fact that he received, well, his daughter received Bitcoin. No, it's more like, okay, indirectly, Orange Bill basically, because now you realize, wow, okay, this thing is, you've got an direct involvement with it. And sometimes, you know, I also gave a five box to somebody else at some place. And I wonder today what happened if he actually kept it and then realized, I'm kissed at five boxes, $50 today, or actually 500 bucks.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I had a dentist when I was in North Carolina, a very cool guy. And so I told him, I mean, I told him, I wrote the book and I gave him a copy and all that. But, you know, it was more like interesting for him. And when he had a young daughter, so we sent a gift, you know, and one of those was a paper wallet for at the time was the equivalent of $20 or $50 in Bitcoin Paper wallet, you know, so we send that by mail. And so recently, I think just a year or two ago, E just ping me and he wanted to learn more. Because now at this rate, you'll be able to pay for college. No, I mean, it is just that you see that, wow, okay, and I appreciated that 2050 bucks to a thousand dollars. I can't remember how much time we gave and I would have to track that.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Fun though that's the thing. Yeah, I mean it's the one whole thing we wonder is those things like okay in 10 years from now or 20 years from now 30 years from now the question we're going to be asking ourselves is okay did Satushi move his Bitcoin in 30 years from now Will we return to the moon in 30 years from now? These are the kind of that. So it's those kind of things that are interesting on the forward aspect. And he says, okay, I don't want to see the result of that. Obviously, there's more”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“This is not about to move, and this is obviously a fake address because you write down instead of something hash, you've got a long message as your hash, your Bitcoin address. So that is also an interesting aspect because now there's always those conspiracies that eventually is going to come up, it's going to drop the price, or you've got mostly these stories are coming from critics of Bitcoin. The subject of that is more often used in a negative way. So that's the only thing I'm wondering why he didn't kill that story right up front by making that move. If his intention was never to use those.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To be an academ It is, but the question then is what is interesting, no matter what, is why did he decide not to, for example, when he decided to leave in November of 2010, it's like, okay, what I'm going to do is I'll take all Bitcoin that I had mine, and I'm going to send that to the invalid.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So the first 10 minutes, he was allowing others to minors to get To pick them up. So it then was only starting his mining to in the late after 10 minutes just so that, okay, at least it'll be moving ahead, you know. And so it's like the opposite of pre-mining. The concept was I want to give as much possibility to the others. So it was cool. But what, sorry, your question was.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“My first question I'm asking is like, okay, why did he... left and you know you did all that mining and all that and by the way the the mining that he's done it was on purpose trying always mining in the late past 10 minutes”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I've seen that too. And it's, yeah, it was dominant, and I forgot, I think it might have been dominant in some way leaning to, no, actually, I don't remember. But to me, it's just one clue, but was it doing this on purpose or not? And again, with VPN on top of that, for whatever access or emails that he was saying privately, there were emails. There were some clues about VPN issues that might be in those things. So you probably wanted to make things more fuzzy. So mixing things with English and American English would make sense.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and some people have done analysis of, there is a bunch of tidbits. It's funny. Some have studied the time zone at the time.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“What do I think? I would say that he's probably human. He's not from an external. I don't know if it's just a single person or more than one. I would suspect it's just a single person. And I think that it's some the kind of people that were involved in the cyberpunk groups kind of thing, you know, the same kind of mentality as those folks, whether it's one of them or not, or was silently observing things, or I don't know. But that's where I would focus, you know.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I could see in 2013 to 2016-19, that was the peak of the number of articles on New York Times, so pick a place. Who might be Satushina Kamoto? And including the Newsweek article in 2014 that was just released at the same time or just before I released the book. And these are, you know, that was really at a peak time. Now people set up, you know, the mainstream media and all that. They're settling the idea, okay, yes, we're never going to find out who he was. It's useless to repeat again who might be it or whatever. I mean, everybody went there and there's no more clues. And I guess it all remain like this. And so therefore there's nothing shaking up in this area for that.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To the idea, and they're going to push for it to come back. So it's either through legislation or voting, voting them out, or whatever the cat is out of the bag.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The most valuable. It's not Bitcoin itself as the, it's actually the idea. Because the number of people that converted to Austrian school learning more about the central banking and through reading more about Bitcoin is much higher than what would have happened if Bitcoin was not created. And so to those who think that, for example, Bitcoin might have been a deep state job or something like that, or Satushi is behind it, the CIA, whatever, I don't see how they would shoot themselves in the foot like this by releasing something, a concept like this that not only wakes up the people about what it is when there's something that is not controlled by central bank. And the second thing is that actually now that the idea is out there, even if they destroy Bitcoin, it's just in some way, whatever they know, everybody's attached.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yes, yeah. I mean, because I know a lot of software engineers, obviously, and many are differently Austrian school, they're more like socialists or oriented and that kind of thing. And so central banking is just great for them. So even though I can explain to them, I told them about Bitcoin, how it works and all that, you know, it's just like, okay, mostly in the beginning. So what no interest was there. Now the interest is there because you see the price moving up, but now it's more like, okay, should I buy, not, and now it's more about the known appreciation that it got, not for their core belief that wow, this has a purpose beyond just making money is really to challenge the perception of central banking today and how things are. I mean, this is the one thing that I found.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Derivative in the forms of a third party that you need to trust to be able to do any transaction over electronically regarding gold. While Bitcoin's totally the opposite, you would need a third party for physical Bitcoin, you know, a coin, or you have to trust, like a check, someone gives you a paper wallet, for example, that Wally knows the private key for it. And there's no yet mechanism for maybe it's going to happen one day, but in terms of on the physical side, Bitcoin right now requires a third party while in the electronic world, it's a natural medium where it's the opposite for gold.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And eventually at the moment it's going to go up and it's an expectation that it's going to maintain its value. And that is actually the basic of what money is, is that when a market knows that there'll be always a demand for it, whatever, if it has an inherently a utility or not, well, in the case of Bitcoins, obviously, it can be transported over communication, something that DOLD means a third party.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Eventually leads to well, I'm going to exchange it because I know somebody is going to use it for a utility purpose. Eventually it takes into more a medium of money more than actually for its utility. But there was another guy later on in the Austrian school who actually went beyond. He says, no, actually all it is is the market as to believe there will be a value in it. If someone see that there was value for it yesterday and today and it still maintaining it, then an expectation will be that tomorrow is still going to have some value. And this can be transported into the 200-day moving average for the price of Bitcoin, for example. Because you see, okay, yeah, it is maintaining. It's not going back to $10, $100 or $1,000. Pretty much confidence is high that we're reaching the bottom at $20,000 or something around there.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And it's insight, it's exactly the reason why Bitcoin has value. It's one of the reasons why gold bugs don't get it. And the thing that is funny, because all they see is like, oh, it's digital air. They always say things like that. But they're missing the point. Because first of all, like Peter Schiff, now they're referencing to this first Austrian school of economics. I'm sorry. I had those names. I forgot them. He was the first one to elaborate in a book why a certain metal or a certain thing will become money eventually naturally, you know. And it's basically there's some sort of a utility for it, eventually it comes up, you know, that was his claim. There was some utility in the beginning, or it's ornaments or, you know, something like in case of gold, it's jewelry.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Talking about. You're talking about No, it says, imagine, as I thought experiment, imagine there was a base metal, as scarce as gold, but with the following properties, boring gray in color, not a good conductor of electricity, not particularly strong, but not ductile or easily malleable either, not useful for any practical ornamental purpose, basically a metal. It's like, all right, nobody cares about it, but with one special magical property can be transferred over a communication channel.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Now we're at this level where Lightning Network is out and people are picking on, okay, well, this complicated, it's awkward, it's not ideal. But again, people are forgetting that this is all constantly being worked on and we're going to have something even better and better or improving it. So I'm sorry, the original question was, no, no, no.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I actually, even though I was networking and all that, it's more like PG side of things, theoretical things, and I wasn't much aware of that, but I was fascinated about this aspect of, okay, yeah, well, a problem that they thought in the 70s, there was no solution to it. And yeah, I mean, in some way, you've got to find a solution. That was one thing we're in the 80s and 90s, never won, and nobody would have believed you that you would have a decentralized currency that will be satisfying no double spending and fixed 21 million Bitcoin. Nobody would have believed it in the 80s. And here we are. Just like in 2009, 2010, you would come up as, yeah, there'll be a layer two network where you're going to have millions of transactions per second if you want to and we'll be able to support over Bitcoin and that will avoid the problem.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, the conversation, a couple of blog posts were fascinating. One of them is, I mean, the two that I found astonishing about the level of tweaking of his mind is one is about on the software side. And when he's talking about the Byzantine challenge, you know, chapter 13, I think, yeah, the Byzantine general's problem.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Like, wow. Well, I could see just the value and knowing the mindset of this guy who came up. I mean, simple. He was still around here. He would be getting the Nobel Peace Prize and the Nobel Prize of Mathematics. Obviously, central banking is about war. So if you eliminate central banking, I guess he could have the Nobel Peace Prize as well.”
2022-09-07 · We Study Billionaires · BTC094: The Book of Satoshi w/ Phil Champagne (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT