![]() ![]() Brad asks, “what is the value that Wall Street brings to the world?” For Brad, Wall Street affiliated financial markets feel like casinos. The podcast continues and Brad discusses his trip down the rabbit hole about what money really is and how he felt like he was “living in a big ponzi scam”. In countries with a strong currency, individuals may not have that need. The peer-to-peer nature of Bitcoin is what makes it censorship resistant across jurisdictions, but in order for Bitcoin to take off at a larger scale, individuals first need to see a need to hold Bitcoin in the first place. Lyn makes the comparison to Argentina, where Bitcoin is more widely considered. Lyn sees a balance between two things when it comes to policy about Bitcoin which are the need for the technology and jurisdiction to quote Lyn “.part of it also depends on need… Most people (In the United States) don’t feel a pressing need to get into Bitcoin”. While the original case presented peer-to-peer encryption as an inherently villainous thing, peer-to-peer encryption is now a critical component to contemporary banking. This particular case resulted in a loss from the US government and peer-to-peer encryption was protected due to it being an expression of speech. Lyn brings up some case law from the 1990’s, where a US court tried to ban peer-to-peer encryption. This episode revolves around the United States and Canada, but there are other jurisdictions like Europe and China which present different threats to the Bitcoin space. ![]() Lyn brings up an important consideration here, which is jurisdiction. Joseph’s first concern is the case of the New York Fed testing CBDCs and in the event that a CBDC ends up being a better use-case than Bitcoin, that could present a threat to Bitcoin. Joseph brings his traditional finance experience into the discussion and offers a perspective of healthy scepticism, given his knowledge of the banking system and more generally, the financial sector as it is traditionally known. Peer-to-Peer Technologiesīrad kicks off the discussion where he left off with Joseph, about censorship resistance and how Bitcoin protects against censorship. Brad’s intent with this meeting of macro experts is to bring this discussion to light. Joseph ended the previous podcast with questions about the possibility of state intervention which could disrupt Bitcoin, but Brad didn’t have enough time to cover the topic on the show. Lyn Alden, an investment strategist with a focus on macroeconomics and Joseph Wang, the CIO of Monetary Macro, return to the show to discuss macroeconomics and Bitcoin with Brad.īrad delivers a recap of his previous discussions with the pair of experts recalling problems with proof-of-stake systems resembling fiat money. In this episode of Magic Internet Money, host Brad Mills invites two previous guests back onto the show. ![]()
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