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Scott Lindberg

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67
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2023-07-26
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2023-07-26
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  1. “At this thing says, okay, long term money, like this is, we're not playing the right game. We're playing with these fiat games, this kind of finite thing. And that's not the way to look at it. And to me, what the book does is it helps give a framework of the significance of Bitcoin and like why we're even talking about it. It just helps with a lot of different things, with incentives and perspectives. And for me, it's literally I went from low time preference is great to holy crap. Now we're at zero time preference. And like it just kind of helped me realize like how big of a deal. This is so much bigger than ourselves. And that's the reason that I recommended the book. It's just a framework of why we're even talking about this.”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  2. “For us. So, the business example, there's a couple in there. There's also like Kodak. Kodak was the first to have a digital camera. And then they delayed it. Well, if your metrics are your stock price, your earnings per share, your share of market, your growth, some other thing. And we're going to beat the competition. Well, that means that's a finite mindset. And when you do that, it doesn't end well long term. Another example you had was the Microsoft Zoom, which was competing with the iPod. And he had a, I guess he consulted both companies. And he basically, when he's talking to the executive's Apple and says, this Zoom thing is way better than your iPad, your iPod. And Microsoft was like, their strategy was to beat Apple. So that was her finite mindset. We're going to go beat Apple. And Apple is like, yeah, it's a good product. Their mentality was we're going to go beat ourselves because long term, it's going to go up and down. Sometimes you're ahead. Sometimes we're ahead. And so coming back to Satoshi, he's looking.”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  3. “Business and you apply this, it's very humbling. But here's an example like Vietnam. If you look at it from a finite mindset, you're basically saying we're going to win all these battles. How do we have less casualties than the other side? We're going to win the battles. Well, we decimated the other side. And if you want to look at casualties, it was like 58,000 lives lost for us and 3 million lives lost for the Vietnamese. And it's staggering. And in terms of a percentage, it's even worse. As a percentage of their population, it would be as if the US lost 27 million people. And you're like, well, what happened? And basically, is they weren't fighting a proxy war. Like we're in this little finite mindset. They're in it. They don't want the Japanese there. They don't want the French there. They don't want the US there. They don't care. They don't want imperialism. Like they're playing a different game and it doesn't end well.”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  4. “Take an infinite look at money, it's really an infinite game. And we've been, you know, for our lifetime, certainly, but over 100 years, we've been playing with these kind of finite playbook. And it doesn't end well when you play an infinite game with a finite playbook. So, you know, Satoshi basically says that's not the game we're playing. We're actually playing this other game and I'm going to do a playbook that makes sense with how money works. Historically, this isn't the first time that somebody or a government has debased their money. It's taken us 100 years to get to where we're at. But it was kind of inevitable if you look at it with this kind of infinite mindset that we were going to get to where we are. And what he does is he kind of breaks down. You can apply this anywhere. I will test you that if you apply it to yourself personally, it'll humble you. Like if you apply this to your career, your kids education, if you ever, you're running a”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  5. “Say, as we talk about high time preference and load time preference, right? This is like absolute zero time preference. If I'm looking out to infinity, like there's no winning because the game doesn't end. There's no end of the quarter, end of the end of the year kind of metric like you would have and evaluating a company. You're looking really long time. That's why the Declaration of Independence, it's timeless. If all men are created equal, that's pretty significant. Like that's a big long-term type of thing. And so the book outlines a couple examples you could probably use to help with that. I thought the Vietnam War example was pretty powerful. He had an example in there with Microsoft. I think they called it Zun, which was like the competitor iPod. We could probably take those and then come back to what does it mean for money? And in my mind, what it does is it lines this up and says, okay, well, if you”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  6. “Yeah, that's perfect. Like the concept is this. And just so everybody knows, like he doesn't even mention Bitcoin or hard money in this book. I personally found that this book really, really helps solidify the framework. Like if you would divide up game theory about Bitcoin into three, like two of the elephant in three bites. The first byte would be why are we even talking about Bitcoin? What led to it? To me, the second big bite would be what is in Bitcoin. And that's kind of like how I developed the game and all the different layers of how it works. And then there's the bite number three, and that is the long-term incentives that are in play now with game theory with energy, with social media and freedom of speech, with education, like there's just so much there. And I think this book addresses bite number one. Why are we even talking about it? And if I were to put it into Bitcoin speak, what I would”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  7. “Never be able to keep up with that open source. I think it's just a brilliant way of accelerating technology. I think it's just brilliant, actually.”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  8. “There's got to be something there. I think what it gets to is kind of the whole idea of Bitcoin is it's an idea bigger than ourselves. It's kind of like one of the things that I know we're going to get to in a moment, but it's why are people even in the space? What's attracting them? And look at the Declaration of Independence. That's an idea that's going to go on forever. It's a much bigger idea. And I think that highly motivate, like if you're at Microsoft and you're saying, okay, we're going to develop the next version of whatever, like how tight are you to that? Compared to the massive amount of passion that people have for freedom, freedom tech, I don't see how you can compete with the motivation, the incentive to work on it. And I don't think you can compete with what you're talking about where you just, you're just leveraging the synergy of multiple people working on the same problems and working together. They're not even comparable. The closed system will...”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  9. “No, I think you nailed it. I think there's no way of competing with more minds working on something. The more people who are working on this, the better. And when you're in a closed environment, like you work at Microsoft or whatever, and you're in a little thing and you're going to develop whatever this program is, that I'm told by developers, like they really hate it. It's cumbersome and can't do whatever. And yet, you take Nostra, for example, in six months or less than a year or whatever, like all these people coming in. And so I think you nailed it with that. But part of it also is it's almost like there's a couple things there. One is co-opetition, right? Because you're competing with other developers. And if you put your time in that, but you can't feed your family.”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  10. “Be able to back that up and say, what do we need to be working on right now and then see all the talent that we just talked about, like focused on these problems that I just never even would have thought about. And so the conclusion I would come to, if I knew nothing about Bitcoin, was like, holy crap, like get ready because there's something going on here. Number one, number two would be we're not ready for like even as much progress has been made. We still have like these massive challenges like the scaling issue. And those are my thoughts. Like if you just try to think, okay, what is the use of this game theory idea and whatnot? It's looking forward to your reasoning back and you can do all kinds of fancier things with different tools on it. But in a nutshell, that's a couple of examples that I would use to help explain what we're talking about.”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  11. “Times. It's still kind of hard for me to just grasp the whole picture, but the sweet, it's like an operating system. And their operating system, you could put something on there that says, hey, this will connect you to Bitcoin. And this one will like, you know, I don't log into iOS or Windows to build a PowerPoint. I open up PowerPoint, right? So how do I connect to Lightning? Well, I have a”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  12. “I kind of reasoned back, and there's a ton of examples over those two days. The one that's really sticking out for me right now is comparing lightning with the internet because we all like, oh, lightning solves medium of exchange. We can scale. And I'm not a techie. So some techie can kind of back check me on this. But like IP4, basically, if there's like a million ways of actually connecting to the internet, how is it that tens of millions or hundreds of millions of people think that they're on the internet? And the answer is in between, they're like, you have your providers. So maybe Verizon or Facebook or Google or whoever they have the connection, but you're kind of going through them, whatever that translation is that they're doing. They're providing the internet and they're scaling. And so when you look at FedI, the company and what they're doing with Fedimid. So like the way, and I've heard a couple”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  13. “I think you could boil all game theory back into this one idea. Anytime you have more than two players, two entities, you basically have a game, and all you're doing is you're looking forward, and then you're kind of reasoning back and figuring out what should I do, right? So if my looking forward ideas, I want Bitcoin adoption. I want everybody to get on the Bitcoin standard.”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  14. “Continue to be blown away. I keep underestimating the amount of talent and the amazing people that are drawn to this space. And I just, I mean, I can't, you know, we're not going to dox anybody. I know we got the chatting rules and that, but I'm just saying it gets pretty mind-blowing. And then on top of that, so you have a lot of brain power there. And then you look at the attendees and you have 150, 200 people who are willing to shell out some money that they could have spent to invest in some sats. They are away from their family. And by the way, they're going to eat like crap. They're going to go eat some burgers. then some fries and they're going to like blow their diet and their exercise and like why would you pay those kind of costs and there's something about like while it's worthwhile for me to hang out with these intense brainiacs on some subject in this case lightning and i'm like all right as a game theory guy there's something going on there like there's materially something is is moving here and the second game theory observation that i had is”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  15. “But you take it to business, right? You get into auctions or pricing and imagine that there's There's a Preston catalog and a Scott catalog, and we sell the same type of things And I'm worried about what you're going to price it at. Maybe I put underneath the competition clause in there. So now I'm telling the customers, hey, don't switch, you know, go to me. But I can send a stronger message to you without colluding saying, listen, dude, if you come at me, I'm going to like this can be like mutually assured destruction. I'm going to have a beat the competition. Like, I don't even care about my margins. Like, I'm just, if you do this, I'm just assuring you, mutually assured destruction on this. So that's a signal. And Nashville, two days of intense lightning discussions, my thought is like, this is like one of the most high signal events that I can think of. And the reason is there's two parts to it. One of it is.”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  16. “Look at them. And one of those ideas is signaling. A boyfriend tells his girlfriend, hey, I love you. That's a signal. But if he puts a tattoo on and says, Susie or whatever on his body, there's a different signal in there. Very much, very, very different.”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  17. “Yeah, I think Preston, I disagree a little bit. I think it's more once you see the game theory, you're going to see it everywhere. Like, I hear it in your podcast. I hear it in others. And I actually think that what's fresh in my mind right now is actually our experience in Nashville. And I'm still buzzing on that. Maybe it would be just to break the ice. Let me, if I could give like a couple examples from that, like I'm just, if you were in other words, if you were just a game theory guy and you were kind of sitting down watching this two-day event in Nashville, you knew nothing about Bitcoin. What would be your observations? And there were two things that kind of came to mind. And these are I wanted to share with you. One is that there are a couple tenets in game theory, and they're not super complex. We actually use them all the time. I use kind of like more formally.”

    2023-07-26 · We Study Billionaires · BTC140: Game Theory and Bitcoin w/ Scott Lindberg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT