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There was a recent conversation between Lex Fridman and Michael Saylor on Life, Universe and Bitcoin. The conversation runs for 4 hours. Onlookers hail this to be a thought provoking conversation. Those who do not have the time to spend 4 hours trying to understand the conversation will like the gist of the content provided by Jeff Kirdeikis.
Michael Saylor comments on ex-Twitter CEO Jack’s role in Bitcoin, banking the unbanked with incorruptible bank accounts, and the dangers of inflation “Bitcoin is Hope”
Reported inflation is not even close to the true rate of inflation. True inflation sits conservatively at approximately 6.5% – 10% per year. This is clearly visible if you look at housing prices and/or the SP500.
Lexfridman “The money supply is expanding about 7% every year, that’s a bad thing?”
Saylor “It’s awful” Over 100 years, if you had put $100,000 in a safety deposit box you would have lost 99.7% of your wealth.
Hedonic adjustment is the practice of changing what it used to measure inflation, so that the rate of inflation seems lower.
Wars are not paid by sustainably increasing taxes. They are paid by covertly increasing the rate of inflation. If people knew the true cost of war, they would not vote for the politicians who support it. Bitcoin is money for peace.
Bitcoin is not just digital gold, it’s also digital real estate and digital property that can earn yield. Bitcoin easily crosses $1 Million per coin and beyond as the world realizes how Bitcoin can be used and leveraged.
The value of Layer 1 combined with Layer 2 Layer 1: Immortal, incorruptible, indestructible Layer 2: An open permissionless non-custodial protocol that uses the underlying Layer 1 token as its gas fee. For example, The Lightning Network, which allows for scalability.
Bitcoin is the purest form of property rights, and the most difficult property to confiscate. If you have your seed phrase memorized, that is the apex property of the human race.
To solve the flagrant Twitter spam/scam issue, each account puts up $10 in Bitcoin as collateral. If they break the rules, they lose their $10. Bitcoin is valuable to use over credit cards, as not everyone in the world has access to bank accounts.
Saylor’s advice for young people: Focus your energy, guard your time, train your mind, train your body, think for yourself, curate your friends, curate your environment, keep your promises, stay cheerful and constructive, and upgrade the world.
