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  • something hit me the other night and I had to tell you.

  • I know you've got you know young Children and I do as well.

  • And I was reading a story to my two boys the other night there four or five years old and they love pirate stories.

  • Alright, so there's the pirate, there's the ship, there's the gold, there's always some conflict.

  • And my son Kayden said to me this robert and I think you might like this.

  • He said papa, why does the pirate have a treasure map?

  • And I just stopped and I thought why does he have a treasure map?

  • And after a minute I thought because he doesn't have Bitcoin and it was just you know, it's this weird thing because like why does he well because the value that he really wants, he can't carry with him, he's got to hide it, you can't have fiat currency.

  • Anyways, there's a lot of things to unpack there.

  • But I thought it was a good question.

  • And maybe this episode will answer that question for him.

  • Maybe 10 years when he watches it.

  • So anyways, great, great to have you here curious on those thoughts and I'm probably gonna start with the greatest question that I think you like being asked.

  • Which is what is money?

  • And what do you think about some of those thoughts I just mentioned.

  • That's uh that's great uh like to hear that your son is already thinking deeply about this topic.

  • Um that tells me he will not be disillusioned by the world around him as he grows up.

  • Um you know that question the reason I named the show, that question is because kind of two fold one, there are many answers to the question, what is money?

  • It is not as simple as it may seem.

  • And two, I think, I guess I'm making kind of an attempt at inception in a way, if you've ever seen that movie where they plant the idea, I'm trying to plant this seed in the minds of people, it's like, just ask yourself this question.

  • If I could just get people to walk away with this uh inquisitive nature about money, I think that is a gateway into this rabbit hole that that unlocks a lot of other important questions like what is value?

  • What is government, what is society, etcetera?

  • So, um one of the answers I'll give which I think you've already alluded to, well is money, is the economic water in which we all swim, you know?

  • Um and there's this great uh commencement speech by, I think um I forget the name of the guy, but he's talking about this.

  • What is what is um this is water speech?

  • He says there's a young fish woman by an old fish one day and the old fish because of the young fish, hey guys tells the water and the young fish kind of looks that funny and they swim on by and then one young fish goes to the other goes, what the hell is water?

  • You know, it's just, it's something that we think through more often than we think about.

  • So this is the psycho technological aspect of money.

  • So just like literacy and numeracy are part of our cognitive software money to is very much embedded in our, in our mental architecture.

  • Um it's a little bit interesting though because you know literacy and numeracy, clearly these are just psychological tools that we're using.

  • But money is kind of a hybrid, right?

  • Money?

  • It has a psychological aspect to it, but it also has to have routing into the real world.

  • There has to be some thermodynamic bridge something to substantiate money.

  • It's not purely a mental construct that we can just arbitrarily toi with despite central bankers best wishes and efforts.

  • Um another way to think about money is that it is a contract with the future.

  • Actually.

  • So, and this gets into the the aspects of money as kind of a marketplace emblem for time itself for human time.

  • So clearly we all tacitly know this, we go into work or we start a business or we we engage in some entrepreneurial effort sacrificing our time or energy or effort to obtain money, right?

  • So we're treating basically labor for money and then if we have rendered value to the market or we've provided favors to the marketplace that it finds valuable, we can then take that money and redeem it for similar sacrifices from others, right?

  • You can go to the restaurant, order your food or buy your car or whatever.

  • So in this big global macro economic game were basically trading favors with one another and money becomes this social contract with the future that I can reliably go out in exchange my time, effort and energy for this token that will hold that value across time, such that I can redeem it from others in the future.

  • Um So there's a couple of answers there and then you know, I would like to speak to the treasure map to you know that the pirate with the treasure map.

  • I think this points towards the destiny of money.

  • Actually money is it has to be encrypted somehow.

  • Even gold historically, right?

  • The reason gold became money and there's a long history there.

  • But one of the main reasons is that no one, the alchemists weren't successful.

  • We could not figure out how to create gold from lead or anything else.

  • So this supply of gold was rigid.

  • No matter how much time effort energy we put into it, it was the commodity who supply increased the most slowly and predictably, which made gold the ultimate store value historically for a number of other reasons as well.

  • But we just focus on the supply aspect that meant that gold's formula effectively was encrypted right?

  • By by chemistry or physics or whatever way you want to look at it.

  • No one can crack the code on gold.

  • So it is the destiny of money to become encrypted And that's, you know, leads us straight into the Bitcoin discussion.

something hit me the other night and I had to tell you.

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B1 gold pirate fish treasure encrypted question

What is money? ? Robert Breedlove on What Money Is ?

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    林宜悉 posted on 2021/11/24
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