I fielded questions from my Patrons on any number of subjects and with the help of Guest Host Jay Fratt, the Conservative Hippie, we answered them and a few others. From cultural issues to monetary policy and the big picture on cryptocurrencies and bitcoin, we give voice to what I think is the most wise and interesting audience in the world, validating he entire Gold Goats ‘n Guns community.
Thank you all for the questions and thank you Jay for the time.
This show was recorded the Monday (1/4) before the dramatic events at the capitol. So, there is no discussion of that. I will put my thoughts together on that in the very near future.
Show Notes:
The Conservative Hippie Podcast:
EpicCash
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Previous Episodes:
Podcast Episode #63: The End of 2020 and Predictions for 2021‘
Podcast Episode #62 — Jim Jatras and the Big Question Facing Post-Trump Americans
Podcast Episode #61 – James Howard Kunstler and the Limits of Fraud and the Great Reset
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So will you upgrade the title one day? It seems like Gold, Goats, Guns, Grid, and Geniture would cover both the need to reproduce and holding technological assets.
I don’t really see the point in mining. Originally BTC was created to ape PMs, so they included a mining function. But it is not the mining that makes gold valuable, it is the scarcity. That’s why gold is worth much more than iron, and why technically gold and silver should be in a 10:1 relationship. Mining just wastes energy. And even if you do manage to have decentralized energy, surely you’d be inclined to use for more practical purposes? If crypto really is an advancement on PMs, then it must abandon all deleterious by-products, including wasting energy, I would have thought. Surely it would just be easy to have 21 million of a currency ‘minted’, so to speak, and distributed by some other method; raffle, awards for poetry, whatever suits.
No. The mining is essential. Some form of work has to be done to create opportunity cost for the production of money. You don’t have to use insane amounts of energy like bitcoin, but some opportunity cost is essential to temper human behavior.
I am sure you are right. But the OC is very asymmetrical isn’t it? In the beginning it was scarcely anything; a few gummy bears, and by the end 1BTC it will be the energy required to heat a town a Siberia for a year, for example.
And that is one of the reasons why BTC is not likely to endup ‘in charge of everything’ But, that isn’t to say that ‘crypto’ can’t find a better solution…. in fact, many competitors to BTC already have but market conditions have precluded, to this point, their emerging as a serious threat. But, go out 5, 10 years and then think this through.
That’s my point in the podcast. Don’t get hung up on BTC’s shortcomings. First mover advantage can and will be overcome through superior technology, innovation and good ol’ fashioned arbitrage.
Lastly, the current financial system with its costless money is also hideously expensive to maintain in terms of architecture. I’ve seen studies which suggest even at its most egregious, bitcoin is still cheaper energy-wise than the current financial system when all costs are factored in. Salt that analysis to taste, but there are plenty of unseen costs in the current system that calls into question such first-order analysis of BTC.
Nice points Tom. Very interesting. I am probably being very dim here, but maybe you’ve have other readers in my class. Surely the OC model is only applicable when you square up BTC to Gold, as a store of value.
When you punt it as a competitor to sovereign currencies, surely such hang-ups are superfluous? Also, everyone is frothing over BTC’s year on year price in $. But is there a study of, year on year, what 100 BTC, say, will buy you in the real world?
Dood. I think you can do that pretty easily and see the massive increase in real world purchasing power
So what is your definition of money Tom?
Read Mises. Money is the commodity the production of which confers no net benefit on the society. This is downstream of the theorem that money is the commodity that trades at a zero discount with respect to time.
According to George Soros, perpetual bonds will save the world by turning us all into perpetual tax slaves.
“Perpetual Bonds Could Save the European Union
May 25, 2020
GEORGE SOROS
By issuing perpetual bonds – or “Consols,” as they have been called historically – the EU can address both the pandemic and climate change. Such bonds represent a credible alternative to raising the EU budget and would provide relief funds that could be targeted at member states hardest hit by the public-health crisis.”
https://www.project-syndicate.org/commentary/perpetual-bonds-are-essential-to-european-union-survival-by-george-soros-2020-05?barrier=accesspaylog
1:33 Question from ‘Eric’ about raising children
You can actually teach a baby to read as soon as he/she can focus their eyes and before he/she can talk. You have to show them large words that refer to things around them starting, preferably, with their own bodies (eg. hand, finger, foot). There is no need to teach them the alphabet as the letters of such are just abstractions.
The methods are detailed in Glen Doman’s book, “How to Teach Your Baby to Read”. Doman founded the Institute for the Achievement of Human Potential, (aka Better Baby Institute) located in the Philadelphia area.
But, honestly, given how left-brain an activity reading is, why would you want to inflict that on a child that early?
We’re already a society deeply out of balance because of hyper-literacy. That’s the last thing we want to be experimenting on our children with.
Reading, unlike TV (which I don’t have) allows you to pause and reflect on ideas. Yes, the Better Baby people are a little left but I think illiteracy is a bigger problem. Knowledgeable people are respected in society and in the marketplace.
There is also a book called “Teach Your Baby Math” by the same author.
Thanks Tom. Great pick. I am listening to the great man. Gold seems to be, to use a Cricketing metaphor, an all-rounder. It is a great store of value and medium of exchange. A plot of land might be a great store of value, but cannot bowl even slow long-hops, it is no medium of exchange. Crypto is clearly a fast bowler who can tear your throat out, a magnificent medium of exchange, but as a store of value…. ..personally I think the market decides value, not OC. I am a free marketeer I think.
I listened to Mises Tom. He was gold-standard era. Isn’t BTC quite a simple proposition? It’s a fiat short, understudying for gold. The complexities mean little to most people. Sometimes we hunt with the hounds, understanding every nuance of odour, of monetary theory or market logic, that we can, sometimes we run with the hares, hoping that the herd instinct will save our financial fur.
Why with all this accurate information do these gentlemen never mention Zionist power and control? Bolsheviks are responsible for all world wars revolutions and communism on the face of history. So what happened, did they just vanish in your opinions?
Because we like having jobs.
fuk u censors