YouSaid · the spoken record

Pierre Rochard

lines on the record: 83
first: 2022-09-14
most recent: 2022-09-14
sittings or episodes: 1
sources: podcast

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“Yeah, follow me on Twitter at BitcoinPierre. And I'm now in the mining industry or the hashing industry or timestamping industry or whatever we end up settling on. So feel free to reach out. Always happy to learn from others and to share my knowledge as well.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“No, no, I think I think low fees are great for users and that they show that we're scaling well. So I don't think that there's a security problem here.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And we also saw people, instead of using tethers, USDT on this Bitcoin Omni network. They've been moving to Ethereum and Tron, which I think is good, actually, because I see that as kind of parasitical or negative externality that they're foisting onto Bitcoin node operators. But those two are the big factors and then I'd say a minor factor at this point is still lightning, but it has raised this debate about, oh, are transaction fees too low and are they not paying for the security of the system? I'm writing a piece on it with Joe from Blockware. So, you know, maybe I'll come back on with Joe and we'll discuss our research piece on it because it's a constant source of debate on Twitter.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so interestingly, they're not low due to a lack of demand. Demand has been very robust for Bitcoin transactions. They're low because blockchain.com, the biggest non-custodial transactional wallet adopted SegWit. And so it dramatically reduced its on-chain footprint.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I haven't seen any good numbers on where we're at with that in any case, right? Of what percentage of people's, what they see as their retirement assets versus what they see as a lottery ticket, right? And you'll hear people say, oh, people buy Bitcoin as a gamble or it's going to go up 10x. And so they have these unreasonable expectations about returns, whereas their investment account, they think about it as like 8%, 9% on average over the next 30 years. I haven't seen any credible surveys on what people's time horizon is for holding Bitcoin and what their expected returns are and what percentage of their portfolio it is and kind of just seeing that since 2015 and seeing how that evolves. Hopefully one of our listeners will go employ Gallup or something to do that, but we could look on chain at hot.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Which is bizarre because that's usually not something that politicians debate is investments. But they are being put into this position because from the point of view of a lot of folks in government, Bitcoin is a tool of anarchist libertarians and that it should be its adoption should be dissuaded, should be slowed down. And so by whatever mechanisms possible, I think that this will be fought in the courts as well and that regardless people who are well off don't just have tax advantage retirement accounts. They also just have standard taxable accounts. And so, you know, I think that the broader question of like retirement just even outside of the 401k IRA situation. I think that”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so this actually turned into a policy debate because retirement accounts are semi-regulated by the Department of Labor here in the US. And I'm sure there's similar situations abroad. And so they were saying, hey, look, you can't put retirement accounts into Bitcoin, specifically with regards to fidelity that had kind of floated this product So I think that it's actually going to cause the political debate of is Bitcoin a good investment? And we'll see politicians taking sides on that.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, just far greater than 2017 or 2013. And that because we're always trying to pattern match against the previous cycle, that we're bound to be surprised by the next one.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Even if you were to take a less aggressive stance, like we're, you know, in single digit percentage of adoption at this stage, less than 5%, arguably less than 1% if you kind of dollar weight it by value. So there's the adoption side. As you mentioned, the derivatives as well could be playing a role. But also that it might just be the case that this particular cycle was different than past cycles and future cycles and that the next cycle might be”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And it plays into the argument of medium term volatility, that is that with each wave of adoption, should we expect the next wave to have a lower amplitude? And so this is, you know, people will say, oh, all of Bitcoin's big gains are behind us. Because we're essentially hitting a ceiling on adoption. I think we're pretty far from the ceiling on adoption. One, because I think the ceiling is like everyone in the world, you know, having 80% of their balance sheet in Bitcoin.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Credit and also adoption, right? That if you've got lots of new entrants into the monetary system. that even if we assumed there was no credit, right, and there was kind of a hard money policy, the waves of adoption would still cause Bitcoin's value to go up too quickly and then crash. So that's where at 100% adoption with a lot less credit with, in my view, no fractional reserve banking, then that would be a counter-argument to my view of continued volatility. We could have a steady and contrary to the gold standard. We're under the gold standard, they did have a tremendous amount of fractional reserve banking because it was just so inconvenient to actually transact in gold that you would leave your gold at the bank. So, I see lots of arguments for and against the long term volunteer.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I guess the parallel I would draw is look like we have a financial crisis like 08 or like with COVID you do see tremendous volatility in the purchasing power of the dollar with regards to specific goods and services and that if it was just with regards to a basket of goods like CPI that I don't see that as being inherently more problematic than with regards to the price of an airplane ticket right which has bounced around significantly or the price of filling your tank of gas now the”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I think that you would have situations where there's a lot of supply of money, which would cause the Bitcoin price of cars to go up. And then you would have a deflationary contraction where the price of cars in Bitcoin would go down a lot. And so that might be like 30%, 50%. And that's.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Obligations, you can always just hedge using derivatives. And so, and people do that all the time with agricultural products or whatever it is.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Momentum traders and people who leverage up, right? Until it unwinds, and so you always have an oscillation around fundamental value. And that I see that as just inevitable. And it's one of the kind of from a monetary economics perspective, it's one of the arguments for fiat currency is they'll say, well, we need an elastic supply so that the value of money is not bouncing around so much and Bitcoin's inelastic supply makes it unsuitable and it'll never be suitable even at 100% adoption because it'll continue to be volatile. And I actually agree with them. So I agree with them that at 100% adoption, Bitcoin will continue to be volatile. I disagree with them that that disqualifies it from being money or from being a usable currency. With regards to long-term...”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I see two schools of thought. One is when we get to 100% adoption, we won't have any volatility. It'll just be a steady increase in purchasing power due to increases in productivity. And just if you look at the ratio of goods and services to the money supply, because Bitcoin's money supply is not increasing and the goods and services are increasing, you just have steady deflation like you did in the 19th century under gold. And I think that that's one possible outcome. The other outcome, which is that if we do look at the history of the gold standard, we do actually see tremendous volatility in the purchasing power of gold because anytime you have an asset increasing in value that you inevitably get”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it kind of reminds me of the question from one of our audience members on the volatility. And one of the debates has been over time as Bitcoin adoption increases what happens to its exchange rate volatility. Because obviously its volatility has been a source of tremendous criticism from people saying, hey, look, this is utterly unusable as a currency because, you know, you're in the supermarket and it goes down 50% and you don't have enough money to buy groceries.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Intuitions as to when the next big riff is going to be and whether, now I can acknowledge my own sentiment, right? So what I thought when I heard that you sold was that you were right because I was euphoric. And so clearly we were at a local top and the euphoria is what prevents me from trying to make a trade. It's like how can you do that when you're thinking that it's going to the moon? And right now, I do feel like my own internal sentiment is like, oh boy, are we going to like 10k? Like, is this going to grind lower? So once, you know, I'm feeling bearish again might be an indicator for those traders out there who are trying to time the market that things are about to turn around.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think that Bitcoin and equity markets have always been correlated when they are not decorrelating because of Bitcoin going parabolic. And so I just see it as the fact that Bitcoin is not in an adoption wave right now. It just decorrelates when there's an adoption wave. So I don't see it as like a permanent state of affairs and it certainly hasn't been in the past. Training of time when is the next adoption wave? I have no idea. Maybe some of these energy companies will put some of their profits into Bitcoin because that way they don't get seized by governments. But that might be wishful thinking. And Bitcoin is in many regards. It's just walking, marching to the beat of its own drum. So the hardest thing to time, one of the questions was, What did you think when Preston said that he had sold his Bitcoin in 2017?”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And the whole thing about nuclear waste and all this and Chernobyl, I mean, history is just so ironic, right, that if you have Chernobyl, which is now in Ukraine, but at the time was in Soviet Russia, created this wave of anti-nuclear in Europe that now is the reason for the utter destruction of their economies and the continued success of Russia. absolutely astonishing.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Outcome. Yeah. It's just very clear. And then I see people on Twitter who are like, oh no, this actually confirms our hypothesis that we need to move away from fossil fuels because Russia cut off our natural gas. Like, no, you don't understand. You could have had fracking domestically. There's no reason for you to be reliant on Russian natural gas. On top of that, you could have just not shut down the nuclear power plant so you could have already built. That's all you had to do is not shut them down. They're already built.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“In 2005, I read George Reisman's book, Capitalism, and I specifically remember a paragraph where he talks about how socialism, communism, Marxism, they were very popular because they promised people a higher standard of living. That environmentalism would never be politically popular because it promises a lower standard of living. And at the time, I thought to myself, yeah, that's correct. He's right. This will never become a thing. And this was back in 2005. And here we are 17 years later. Not only did it become a thing, but...”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But I was told to by my teachers, right? And it's only in high school that I deprogrammed myself and realized, oh, actually, I came to the same conclusions that Alex Epstein did with regards to fossil fuels and the moral case for them. Now, I did it with far less data and thought than he did. He did a much better job.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I would argue it's the public school system has indoctrinated folks. When I was in, I think it was kindergarten, I remember hearing about global warming and, you know, they're cutting down the rainforest and we've got to write a letter to our center. And I remember typing up a letter to our senator, maybe not kindergarten, maybe it was second grade. It was certainly an elementary school. Cheerful.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's really ugly, and it's made far worse by severe policy mistakes on the energy side of listening to Greta Thunberg and other ill-informed quote-unquote environmentalists.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Everyone plays their role. I'm just observing that they are gloating right now. And so that we might be due for a reversal. Now, the problem, I think, is that the inflation is, it seems like it's going to accelerate further and that going into the winter here and the way things are working out in Europe.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Just your grocery store prices. And so it's sucking capital away from Bitcoin on top of this classic mania withdrawal that we had. So yeah, I think that because the bears are on Twitter gloating, that we seem to be very close to the bottom. So that makes me bullish when the bears start gloating.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Financing because when you have inflation, that increases the financing needs for companies, right? Because now they've got bigger working capital requirements. Like everything's inflating, right? It's not”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“This inflation that started before even the invasion of Ukraine, I think this inflation was well underway before that and that Joe Biden's kind of mistaken in blaming Putin for it. But it certainly, the invasion and the sanctions subsequent to it have dramatically amplified these, the inflation specifically in the energy industry. That has a lesser effect here in Texas because we can't export all of this natural gas. And so U.S. natural gas is much less expensive than European natural gas. But nevertheless, I do think that it has an impact in terms of capital flows and capital flows that could be going to Bitcoin. I think there's a lot of capital flows that instead of going to Bitcoin are going into”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Now we're sitting at $18,000. So I still do think that there has been baseline value accrual, right? Because the liquidation low was $4,000 in 2020. And here we are two years later. I don't know if we're at the low yet, but it seems like we have liquidated a lot of people and we're at $18,000. So, you know, that's more than Forex multiple. Now, on top of kind of the monetary policy aspect of it, there's the geopolitical one of Russia's invasion of Ukraine, the energy consequences of that driving up electricity prices and that having an impact on Bitcoin miners. And on top of that, kind of the”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And there wasn't lots of geopolitical risk or corona hysteria or money printing going on. The last money printing session had been when Satoshi really launched Bitcoin, 2008, 2009. And it was just kind of this Goldilocks period of Bitcoin growing. In this cycle, There's a lot of other factors going on. So one is obviously that it seems as though this cycle really kicked off with the very loose monetary policy after March 12th, 2020. And Bitcoin did flash crash like $4,000 on March 12th. And then it went from $4,000 to $70,000.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think that the other ones were, in a sense, easier to understand because they did not have a big macro volatility backdrop to them. And so what I mean by that is like the 2018 bear market was, okay, we had this euphoric mania where Bitcoin went from $200 to $20,000. And now it's sliding down to $3,000. That was comprehensible because we could look back at 2013, 2014, 2015, and kind of see the same pattern and that there was not anything else going on in the world.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To the executive branch, et cetera. But yeah, there's a lot going on there. I think that if Gary Gensler overplays his hand, he could destroy the SEC in court and that the SEC would end up getting into kind of a self-sabotaging thing of the court would just On anything else, that is that it completely removes all statutory authority of the SAC and it would just be this entirely powerless agency that just screams at people, but that doesn't actually have any kind of, you know,”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Crypto friendly, or you might say friendly to unregister securities or however you want to put it, is because their constituents, just like the clients of the exchanges, their constituents are saying, hey, look, I love XRP. And Gary is persecuting XRP. And who's to say that XRP is not the future? you know, obviously in their words, innovative and the future of money and digital blah, blah, blah. And so those are voters, right? And so the congress people are like, well, I want votes. And maybe they even agree with that person that, hey, look, this is different enough from a security that Gary Gensler is kind of going on his own and that then it goes into a bigger debate about the administrative state and how much power has been delegated.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Domestic exchange, but they will switch. And so they have this incentive to list as much as they can. But then on the regulatory side, because all of the, there's tremendous uncertainty as to whether the SCC will come after you or not on a particular token because the SEC has been doing this. People describe it as regulation through enforcement rather than putting out some kind of clarifying document of, hey, look, if these are the bright line rules, if you violate them, then you're security. And the reason the SEC hasn't done that is because from their point of view, there's the Howey test and whether you flunk the Howey test or pass it will be determined in court, right? So tell it to the judge if you disagree. And yeah, I don't know how this plays out because the reason Congress is a lot more”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I agree maybe 30% of Gary Gensler, right? Of like Bitcoin's different. But I disagree that there should actually be government action against even just, well, I think the SEC shouldn't exist as a libertarian, right? And obviously these are my views, not the views of my employer, but it's very nuanced debate when we get into it as Bitcoiners of do we agree with Gary that these are securities, but do we also agree with him that there needs to be a crackdown, that they need to be prosecuted and put to jail? Like, we're fine. So with regards to the exchanges, I mean, they are in a very complicated situation because Their clients. Want those tokens to be listed on those exchanges? And if an exchange does not list that token, that client goes somewhere else, right? Might be offshore, might be another.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“For his secondary market sales of dollars. But in any case, there is this policy debate that's happening within Congress about crypto. And then in parallel, Gary is seeing that there is this gridlock in Congress and that they're not able to pass any legislation and that he has his view on the market, right? And his view is paradoxically a progressive view that we have to protect consumers and we have to regulate the market. Otherwise, you know, just raw capitalism will exploit people and also the Bitcoin Maxi view that Bitcoin is the only one that's actually decentralized and all of these, and it's the only one that the commodity and all these others are securities.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“In order to distribute the coins, and so there's never been the senior age, the pre mine, the pre-sale, the kind of, you know, that kind of stuff. So I think Bitcoin is arguably the only publicly issued currency public currency. dollars, I would argue, are privately issued currency and on the same level as Ethereum and on the same level as many of the other tokens that Gary Gensler is arguing are securities. Now Gary would probably reply that actually private currency issuance is a subset of security issuance, securities issuance, and that if you look at the securities laws, they explicitly exclude the dollar, for example, right? It would be interesting that if not Janet Yellen, if Jeremy Powell had to provide SEC disclosure.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I think that the fundamental problem is that you have, on one hand, people who are saying, hey, these are securities. And then on the other hand, people are saying these are commodities. I don't think they're either one. I think that they are currencies. They're privately issued currencies. Yeah, and except for Bitcoin, I'd say Bitcoin is a publicly issued currency because, again, it only uses proof of work, only has ever used proof of work.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think that there is a power struggle currently going on between different parts of the federal government. So it seems as though the legislature, the House and the Senate, the people who are smart on crypto don't like what the SEC and Gary Gensler is doing. To them, token issuance, as long as it's far enough away from a security that it's innovative and that we should have more of it. I think that while we get into what I think, but the other part of it is that they want the CFTC to be regulating this. And because the CFTC has the commodities regulator, they don't ask for all these crazy disclosures, or not crazy, right? I mean, they're somewhat reasonable. I speak as a former public accountant.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so that form of intervention is more internal and thus, you know, you can use a difficulty bomb to nuke all of the nodes on the network and force them to upgrade to your more inflationary version. And maybe there's a minority fork that tries to like Ethereum Classic, but ultimately because the stablecoin issuers are still on your preferred fork that you go on your merry way. So I think that's where the centralization element leads to inflation rather than the centralization element leading to regulatory intervention and being shut down.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Very well could, but I still think that any kind of regulatory intervention would be met with further decentralization or at least appearance of decentralization on the part of the recipients of this regulatory attack or pressure or whatever you want to call it intervention. And so I think that what I took away from Samson's thread is that these are the same people that are going to be increasing staking yields so that they're increasing their income, right? And so the external regulatory intervention is hostile towards the system, right, the crypto currency. And so it gets rejected, but the kind of Ponzinomics or seniorage revenues. Are beneficial to the stakeholders in this cryptocurrency system.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Inflation, that's how it plays out is just with inflation now. The pace of which that's up for debate, right? The fiat system started in earnest in 1971. And here we are. More than 50 years later, still going. So I think that these. And then in the context of a cryptocurrency, maybe they can survive even longer than that because maybe they are more restrained than the Federal Reserve is.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Not be a consortium of miners saying, hey, well, they did. I remember during the first halving, there was some talk of, hey, let's not do this. Let's not have a having. And they were ignored because the Bitcoin ethos does not have this idea of having a flexible monetary policy that is trying to target security. And so there's not that kind of social level flexibility. Instead, you have the opposite of intense toxicity.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Increase the capital value of the token, then suddenly the staking yield stops being about security and it goes back to being about monetary policy, right? Which is what the Fed does is setting interest rates. And I've even heard proponents of staking explicitly start talking about, oh, this is now the risk-free rate of this staking, which I don't know if they're correct or not, but to me it's like you've succeeded in recreating in the financial the fiat system, right? That's not something that I would be advertising. But anyway, yeah, I think that the pressure to increase yields is going to cause more dilution. And in the long run, have the same effect it has on the fiat system, which is just inflation and reduced purchasing power. And that because Bitcoin is not subjected to those pressures, that there will”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“As well with the value of the token and also that in terms of the pump anomics, if they're still in this mindset that increasing the yield will cause more capital to come in.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Staking yields. The Ethereum folks will say, well, look, our monetary policy, which is very flexible, is to have as little issuance as possible in order to still have transaction finality. So they're looking for minimum viable issuance, which is reasonable, but the problem is that there's no way to measure that and it can be manipulated. So you could see stakers decide to carry out false flag attacks and claim that they got double spent or that somebody else got double spent and that therefore the yield needs to be increased. Furthermore, if the value of the token is going down, then all else equal shouldn't you increase the staking yield because your security has gone down.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“With FinCEN regulations, they're going to have to censor sanction transactions, and that's going to cause them to get slashed. And there's going to be lots of problems. I don't think that's what's going to happen. I think that OFAC and whatnot, they realize that it's going down that path will just cause it to become more decentralized. And I think that's what would happen, whether it's with staking or with Bitcoin mining, that they would actually just be, you know, driving decentralization and also driving activity away from regulated platforms, which is not what they want to do. But I think that the bigger issue is going to be the pressure to increase staking yields. That is that why earn 4% when you could earn 5%, right? And wouldn't you want to be lobbying for increasing the”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And whatnot. And so, if you're trying to minimize your transaction costs, your slippage, you're going to want to stake your ETH with the most liquid contract. And so we've seen that Lido has become the biggest one on Ethereum. And it poses an interesting question of, okay, well, if you're not actually tying up capital to stake, then what is actually going on? What stake do you have? And furthermore, if there are centralization points here, what are their incentives? And we heard a lot of noise about OFAC and Tornado Cash and, oh, well, when Ethereum does the merge, these large exchanges who have to comply with”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“This is why the exchanges that have survived and were very early in the game have built up such a moat relative to their competitors is because they have this liquidity network effect where liquidity B gets liquidity. You're not going to go trade at a trading venue that has very thin order books. You're going to go find a trading venue that has thick order books. And by doing so, you're increasing the thickness of that order book and you're reducing liquidity on other venues. And so it's very much a snowball effect, right? Same goes with regards to liquid staking. That is that because the staked ETH becomes kind of its own ticker symbol, then ticker symbol accrues liquidity in other parts of the system, whether it's DeFi or trading.”
2022-09-14 · We Study Billionaires · BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT