Bitcoin and Immortal Sovereignty | The Saylor Series | Episode 8 (WiM008)

they're dominating because they're able

to

deliver force faster

harder stronger smarter

so if we ask the question what is money

money is the highest form of energy that

human beings can channel

bitcoin is channeling human ingenuity

into making it better and and

every commodity is channeling human

energy

into making it worse the lowbrow or the

the the historic colloquial term

is total right hold on for dear life or

just total

or save whatever and the highbrow term

would be

adopt as a treasury reserve essay

[Music]

hey guys so as you learned uh by

watching the what is money show

bitcoin is the single most important

asset you can own in the world today

and so this begs the question which i'm

often asked how does one build

their bitcoin position and the strategy

really is simple

i suggest first you decide on an initial

portfolio percentage allocation

and target portfolio percentage

allocation go ahead and establish the

initial position with a one-time buy

and then start dollar cost averaging

towards your target portfolio

percentage and you can also complement

this by buying bitcoin price dips to

further increase that position and

reduce your cost basis

and finally i suggest to everyone to

take custody of their bitcoin to move

all of their bitcoin into self-sovereign

custody because again bitcoin left on

exchange is not bitcoin it's a bitcoin

iou

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all right thanks

hey guys welcome back to episode 8

of the sailor series here on the what is

money show

today we're going to talk about a number

of interesting concepts getting

even deeper into bitcoin theory and how

it

has effects on the future of humanity

so if you haven't seen episodes one

through seven i highly recommend you

check those out

um a lot of the material uh we built

upon there

it just uh is compounding as we get

deeper into uh bitcoin theory

so today we're gonna talk about a number

of things uh firstly

is the divinity of engineering actually

and how

uh this creative impulse is sort of what

defines

uh defines man and fulfills man

we're also going to look at bitcoin as a

medium of exchange

um and talk about why sailor thinks it's

actually a low frequency medium exchange

and a high frequency store value

uh we'll also learn why it's pretty bad

idea to compensate people in bitcoin uh

turns out

tax codes are pretty hostile to that at

the current time

um we'll also look at another monetary

function of bitcoin and that's as a unit

of account

um we're going to look at bitcoin 2 in a

macro context

how it sits as an asset class adjacent

to other asset classes

we're also going to do a deep dive into

crypto versus

digital networks this is a delineation

that sailor makes to distinguish

uh decentralized crypto networks versus

say centralized digital networks and

we'll talk about the trade-offs between

the two

um then we're going to get into the

really interesting topic of immortal

sovereignty

which is something that crypto networks

enable

and actually allow us to project our

preferences beyond our own life

so i think that's a really interesting

part of the conversation

and finally we're going to get into

we're going to revisit actually money is

power

we're going to talk about advanced

technology as

magic and we're going to see what the

two of those look like when they come

together

and then finally um we'll discuss

bitcoin

as a pure and principled ideology um

which is something somewhat unique in

the modern age

so there's another big episode uh i hope

you guys have seen one through seven if

not again go check those out now

and with that let's jump in gonna bring

up one more point on the religious

aspect of bitcoin

that i've thought about and my religious

tradition too was southern baptist i was

raised southern baptist so i have

uh judeo-christian i guess underpinning

in my thought

but there's the ancient idea in in

genesis

was that god was the the force

that confronts chaos with

courage truth love and converts that

chaos

into good and habitable order

so when we look at that kind of like

through a thermodynamic

lens we know the whole universe is

everywhere and always

trending towards increasing chaos and

entropy

and that the only thing that works

against that

thermodynamic arrow of time is life

actually life

converts entropy into order

right so in a way we could say that

life or even the maybe the the god

aspect of life is the anti-antropic

principle

that propagates through all of life and

i can't help but relate that and see

bitcoin

in that lens too where we do have this

system

that's actually reaching deeper into

chaos

than anything else right like like the

the shaw 256 mining algorithm is

quite literally finding a single atom in

an entire universe

right that that is the the the

mining race if you will is identifying a

single atom in the universe

and with that reach into chaos it is

forging the most profound order we've

ever had right it's you can't argue

with the bitcoin blockchain it's just

whoever has those ut exos has them

so it seems to me like there is

something very

pro a profound connection between truth

and this principle of converting

chaos into order um and then the the

quote that took that home for me with

gk chesterton was a dead thing

can go with the stream only a living

thing

can swim against it so there's something

like bitcoin again in that sense is

quite literally alive bitcoin and

beavers

the beaver the beavers engineering the

stream that created dam

human beings are engineering systems

bitcoin is an

engineered monetary energy system it's

the first

it's the first well engineered monetary

system

that we built and uh

human beings through their intellect

channel that energy and

within within the system we

extract order and we have a very

efficient structure

and the price we pay is some disorder

outside of our

system so some energy dispos

dissipation but i'm not terribly

concerned with that

the the universe has got more energy

than it needs

right and just dipping our fingers into

0.000

with a million gazillion o's after it

one percent right right and so

it can it can spare a little bit of

energy and when we

when we create something beautiful be it

a railroad

or bitcoin network or a

social network or the like right we

we find a way to do something millions

of times

faster smarter stronger than before

and that drives for the human race and

so

this is not it's not the only great

achievement of the human race it just

happens to be

the most interesting achievement of the

human race

would you say that's the struggle then

as we're sort of pushing back

entropy that's what civilization is

right we're creating more a larger

bubble of order

within the the universal bubble of

entropy

i i would say

the highest calling of man is to extract

order from the chaos

and you could also say

you know humans are divine when they

engineer

a better habitat for themself and those

that they love

through their intellect the human the

human that bridges

the bridges the chasm

the human that constructs right the

the city the human that creates

the machine right and that's been going

on for human history that's the most

honorable you know an admirable thing

that human beings can do

and if we didn't do it you know we'd be

running around naked on the planes being

chased by wolves and probably eaten

by wolves and that's that

so so to engineer his divine

look at a problem engineer a solution

that's why we respect the engineers

you want to talk about bitcoin as a

medium of exchange

let's do it um

you know a lot of people they focus upon

the white paper and

you know we debate it out of an item and

i i've

i think that everybody that um

we agree with notes that peer-to-peer

cash means a settlement network

for a bearer instrument and

and it's important that in that regard

you be able to exchange assets

it's in my opinion utterly

unimportant that you be able to engage

in high frequency

small transactions on the bitcoin

network

and um i think that it's uh

it's dysfunctional to pursue that vision

i think the roger beer is just wrong

in this regard i mean it was a nice idea

rajavir thinks

the magic in bitcoin is to be able to

pay for coffee

with your phone but and that's it's a

tragic

error of of insight that was not the

magic of bitcoin

then and it isn't now the magic of

bitcoin is being able to

catapult energy 100 years in the future

and not lose the energy

and then the the other magics are the

magics that come from right then

wrapping

the bitcoin with software to make it

smarter

faster and stronger that's the magic the

ability to do a a

minor transaction it's it's trivially

inconsequential number one only one to

two percent of your wealth needs to be

in these high frequency transactions so

a logical thing for anybody is just to

keep one two three percent of their

wealth and fiat

and then operate it on the paypal

network or the visa network

or the apple pay network or some

centralized network

i think safadeen's already made the

point a proof of work network is a

billion times

less efficient or a trillion times less

efficient

than the centralized version so you're

going to get a billion

times more speed and a billion times

more economy

by running the one percent of your life

uh on a centralized network and if you

didn't

if you didn't need to move it to as a

off chain

right off chain can be nut i don't think

it's another crypto i just think off

chain is just a centralized network

you might just put it on square or apple

because nobody cares whether they go to

business in a year or two years or five

years

and the fact that if you're if you're in

a country

the fact that uh that uh

those transactions are being monitored

just means that well one percent of your

transactions

one percent of the value of your

transaction will be monitored

if you want to do something illicit you

would do it

0.01 percent of the time on the bitcoin

network

so you know that the the one time in

your life when you need to flee

uh iraq or syria as a refugee and that's

when you need to do your

your on-chain transaction well then you

use bitcoin and you can wait 30 minutes

you'll probably be okay

right by definition if you move a

billion dollars

once it's a billion times more valuable

than moving one dollar once

and so the the use case of moving a

billion dollars back and forth

is valuable and you can pay high

transaction fees

and the use case of moving one two three

five or ten dollars or fifty or a

hundred dollars

is not valuable because it's it falls

exponentially or at least linearly

with the amount of money being moved now

there's some other reasons why

bitcoin doesn't make sense as a medium

of exchange right now

um and maybe never i i tend to think

never i think what's going to happen is

well we can debate semantics and what

does medium exchange mean but

i think bitcoin is a high frequency

store of value

low frequency settlement network

or or low frequency medium of exchange

once a month

is more than enough once a year maybe

enough

once in a lifetime might be enough if

the rest of the ecosystem develops

there'll be a point at which there's a

crypto bank and robert breedlove has

200 bitcoin in an account and he puts

points

the bank toward the bitcoin and the

bitcoins worth a million dollars of

bitcoin

and uh the bank will forward you fiat

on credit and good rates to do whatever

you want your entire life the bitcoin

will never move

and then and the bank will do whatever

and if the bank fails

what do you care the bank fail not you

doesn't matter you've got one percent

i mean you've got nothing at risk they

actually took all the risk

so you don't need to do things with high

frequency

to great value other than protect the

money

now there are some accounting and

systems and tax reasons why it doesn't

make sense

as a medium of exchange uh the obvious

thing is

every time you actually take revenue in

bitcoin

it would be a taxable event you would

well you would mark the bitcoin so

if you paid me in bitcoin while bitcoin

is trading 10

500 i have to market if you paid me 27

in bitcoin i have a ledger entry 27

of bitcoin in a 10 dollar basis

if your friend bought another thirty two

dollar book i have another ledger entry

i would if i sold a million things in

bitcoin i'd have a million ledger

entries with a million different basis

prices

and then if i paid you a salary in

bitcoin

i would then have to figure out whether

capital gain on it

and then i have to pay the tax so if

if i have a hundred million in bitcoin

and then next year i pay a hundred

million in expensive with bitcoin

and bitcoin went up by a factor of two i

would actually generate 100 million

dollars in capital gains and i would owe

20 or 30 million dollars to the

to the federal government within 12

months

for the privilege of using bitcoin which

runs a billion times slower

than apple pay so how many ways is this

awful

well first of all it takes a decade to

get your accounting systems to work

it's it's worthwhile to note like how

how does a global multinational work

i have 27 subsidiaries in 27 countries i

do business in about 10 different

15 different currencies u.s euro but

juan

yen pesos rial mexican peso argentine

peso

you know you name it we got lots of

currencies

by law we do that by law we pay all the

medical bills in those currencies all

the insurance all the vendor

relationship took 10 years

takes 10 years to set up a global

multinational from start to finish

probably takes five years to get all

your accounting system to work right

i it's 20 30 40 million dollars

to get it all working right

if i buy 500 million in bitcoin i put it

in the treasury

i stare at it i never do another

transaction hopefully for the not decade

until we are in an insolvency event

we're not moving it right why would we

the truth is

like we want to put it in the vault and

throw away the key

like like i would i would say to

anybody i don't want to be able to move

it i just want it to sit there

i'm going to wait for it to appreciate

then

we sell stuff in in juan and yen and

euro and dollar

and we put that onto our accounts we

sweep all the dollars into one

maybe one currency dollar we sweep all

the fiat into one thing dollar

we balance and if we need to shuffle

some stuff around and working capital

accounts we

we put it back if we don't need it for

working capital we sweep it into the

treasury

if it's in the treasury we convert it to

the treasury reserve asset bitcoin it

goes in

never comes out

you know what you know a vendor once

they send me a bill i pay them in a

local

currency no vendor's going to bill me in

bitcoin

by the way people say i've heard this

like

well don't your employees want to get

paid in bitcoin

well the answer is no they don't but

let's say the answer was yes let's say

all of them were bitcoin maximalists

exactly how much bitcoin are they going

to get paid in they have mortgages

they have bills so the answer is we pay

them in the local currency

and if they want to buy bitcoin or if

they want bitcoin they buy it

right and and and by the way

why would it be an awful mistake to pay

them a bitcoin

because we would accelerate the tax bill

by 20 by 100 years

right and as and by as bitcoin is

volatile we will generate

all sorts of tax obligations right

the second thing is we would increase

our accounting complexity by an order of

magnitude

right and the third is by the way the

third is

ever our employees will then have to

sell the bitcoin

and generate their own taxable

accounting complexity

in order to get cash to pay their

mortgage

and pay for their kids school or

whatever they're doing right so

you're creating lots of complexity here

if if i got 000 employees and 200 of

them want to own bitcoin then i pay all

2

000 and euros and dollars and pesos and

yen and one

and they go in their local exchange and

they buy the bitcoin and they hold

it because like do i want to hold it

right

it's all you know so the point is uh

when you're running uh a company with

bitcoin as an operating system the

logical thing to do

is you just sweep your fiat into your

treasury convert your treasury into

bitcoin let it sit there and then let

every

if a vendor wants to get paid in bitcoin

i pay them in dollars they buy bitcoin

everybody wants to get paid in bitcoin i

pay them in dollars they buy

the bitcoin the whole ethos of bitcoin

by the way is take responsibility for

yourself

right don't treat adults like

children and so for it's it's

patronizing in a way for me to say well

robert you work for me but i'm gonna

help you by

paying you in bitcoin it's like you know

you're a smart enough person

you want to buy bitcoin with it here's

the money

buy bitcoin with it how about it right

what you do the money

is has a constant value at the time i

transferred it from me to you

and the thing that really cripples

a cryptocurrency uh and a thing like

bitcoin as a medium of exchange

is the um the tax treatment that

the local regulatory domain takes at the

point that the united states irs decided

that this was going to be taxed as a

capital gain

on the moment of sale it was utterly

impossible it could be a currency

it's just that simple it's done right

for anybody to even maintain it like

the only way you could think that you

could use it as currency if you're going

to run a black market gray market

operation with no accounting

no accountants no lawyers on staffs

and it's like good luck with that right

i mean how many

how many uh discos and bars got shut

down

for for sales tax

invasion or income tax evasion right

like

what was it like most of them

yeah small businesses they're

they're eventually going to all want to

follow the regulators and get shut down

so

so it's just not practical from a

systems point of view

it would take me a decade to rewire the

systems it's not practical from a

complexity point of view

you just made your accounting a hundred

times as complex

and it's not practical from a tax point

of view you just triple

tax rate and it's not practical from you

know

a whatever employer point of view

because it's making everybody else's

life more complicated too so

so that's why i think the bitcoin really

isn't a medium

exchange as much as it is just a low

frequency

settlement network i'll make one more

point this is like a via negativa

um the fact that you could settle

peer-to-peer

means that you might not have to for a

hundred years

right the fact that you know i say to

you

robert you do as i say or else if you

have the ability

to leave the country and and depart with

all of your wealth

and i know you have the ability

right it's like robert heinlein has a

phrase

an armed society is a polite society

yeah it's like if you know

i i live in miami beach sometimes i run

around and people have guns in miami

and uh you can carry a concealed curry

permanent right

uh uh uh a young

a young uh debbie taunt that looks

harmless

could be walking around with a gun in

her purse

and you think twice when it's two in the

morning and you're in a bar and

everybody's drunk before your

pushy or root right and then you think

maybe i shouldn't be in a bar at two in

the morning when people are drunk

and maybe and then you think maybe i

shouldn't mouth off to someone that just

cut me off on the highway

somebody pulls over and they shoot you

dead

i just ought to be very polite to

everybody walking down the street

because

every single person could have a gun

concealed on their person and maybe i'll

i'll be nice to people today it's it's a

deterrent right

and so the ability to cash settle or the

ability to settle

and exchange that's the turn because the

fact that i know you could

means that i'm going to treat you with

respect right

i knew you couldn't if i thought that

you were trapped if

you were stuck in my monopoly and i had

a i had total power over you

then i start to take you for granted and

then i start to abuse that power because

as lord acton said right absolute power

corrupts

absolutely right

so the power to do a thing is more

important than the doing of the thing

and that's what that's what the bitcoin

cash guys they miss

they miss the fact that if i can

move all the money when i need to

then i won't need to and so yeah

i need to be able to move it so it'll

hold 100 trillion in value

but no i don't need to move it now

and maybe i don't need to move it more

than once ever just to make an example

it's like nuclear deterrence once

maybe i used it twice i haven't used it

since but do you think that doesn't

you yeah it's not effective you think it

doesn't matter

i think i think it's a great point and

this gets back to the difference between

a free market and a monopoly right in a

free market you know

that your customers have options right

they can

go to other providers they could settle

elsewhere they can move their capital

out

and because they have that optionality

you as the producer provider

are accountable to their preferences you

have to listen to the customer right you

have to listen to their wishes and

desires and

make sure you're satisfying your wants

whereas on the other end of that

spectrum is the monopolist

to your point he just doesn't care about

the preferences of his customer because

his customers have no choice

they're stuck in his little fifedom and

um

that is that's what i mean is the

difference between

an economic democracy and an economic

dictatorship

so this the the fact that bitcoin is is

totally

movable anywhere anytime and you can't i

guess put the gate around it

and monopolize it is what makes it such

a game changer

[Music]

just because you can do a thing doesn't

mean you should do a thing

that's basic stoic philosophy

and there's the line that comes in the

movie where

where where is it uh the guy says

the loudest man in the room is the

weakest

american gangster i think that's it

american gangster

right the loudest man in the room is the

weakest man in the room

if you know i can do it

if robert breedlove can teleport

anywhere on earth

anytime with all of his energy and i

can't stop it

that gives you a lot of power i'm going

to give you a lot of respect

but that doesn't mean you want to flit

around back and forth

all right all right wait like a firefly

you know you can do it now do something

constructive

with the knowledge that you can do it

it's quite

confidence and don't get distracted

by shiny objects right fast transaction

rates

low transaction costs they're little

shiny little lures at the end of a hook

that the stupid fish grabs

it doesn't matter it's it's the it's the

what is the word it's the cracker jack

box prize or something like that

uh if you look at the value on earth

there's 250 trillion dollars of value

in assets what's the value

of being able to move money back and

forth to buy coffee

and by the way what's the likelihood

you're going to beat

apple in that race right this is the

picking up pennies in front of a

steamroller type thing right

basically yeah it's just uh

not worth doing and

given the fact that it's a million times

more expensive from a tax point of view

and given the fact it's a billion times

more expensive from a computing power

point of view

the only reason to want to do it is

regulatory arbitrage i.e gray market

black market operation

no not a very profitable pursuit of

human ingenuity

you know it's like right you ask meyer

lansky what'd you learn in all your

years as a gangster he said

it was so hard i realized if i didn't do

it again i just would have gone straight

you know it's a lot easier to make money

just being legitimate

so inventing some kind of technology to

to evade the regulators

explicitly right they they might

let you invent something that will

that will carry energy a hundred years

forward because it seems like something

that legitimate law-abiding citizens

might want to do

they're not gonna let you invent

something that allows you to evade taxes

and so why try so hard it's just not

worth

the trouble i'm reminded of the stories

of like

pablo escobar and he made the billions

of dollars

selling all the drugs and cocaine and

they say at the end of his life

he's sitting on the run and they're

burning hundred dollar bills in order to

stay warm

good good luck with all that money as

energy right

i mean the vignette you know just

sitting

burning stacks of hundred dollar bills

because no one will let you spend it

just it's example just trying too hard

not worth the trouble

so let's talk about unit of measure you

know bitcoin is

as a unit of measure um

i think bitcoin is a universal language

of economic truth

i think that it will evolve as a

as a unit of monetary energy right it

makes sense in that way

before bitcoin uh if you go back 50

years people talked about ounces of gold

so i think a bitcoin will be like an

ounce of gold

like like uh

an immutable non-sovereign

or i guess immutable self-sovereign unit

of economic energy it makes sense to

think of it like that

on the other hand it'll it'll generally

always be

converted into local fiat and the

political domicile in question

for buying and selling things so and

that's okay

i mean there'll be countries that will

have stronger better currencies and

they'll be have countries that'll have

weaker currencies and they'll crash

their currencies and they'll replace

their currencies and

as long as you hold bitcoin in your

account you'll be able to go into a new

country like i mean

i've been to you know i've been to a

country after they crashed their

currency like we've all been to germany

they crashed their currency we bought

the new currency

then when then they got rid of the

market with the euro we bought the euro

so the the right way to think of it as

is as um just this a

standard unit of

economic energy or monetary

energy and not overthink it anything

more than that

it can be interesting to say divide

stock price by

gold ounces or you can you can divide

you know the cost of living by ounces of

gold or buy bitcoin

that's interesting that's okay and but

it may get it'll give you a pretty good

um read on inflation

if one bitcoin buys you a car

in the u.s but one bitcoin buys you a

skyscraper

somewhere else right then you'll have

relative cost of living and

and there you know people did that with

a dollar right they used to say

you know you could live in you know in

mexico on the beach for 187 dollars a

month

live like a king there are relative

strengths

and i think i'll be like that but i

don't think we need to stretch any

further than that i think that's enough

i think ultimately people over they they

focus

too hard on medium exchange unit of

measure and they

and they underestimate the value of

bitcoin

as a store of value and as an asset i

think i think they don't

they undersell it and they they don't do

it justice

because it's so much better than every

other asset

and then i think you know the the entire

community of crypto it's just it's

it's too much engaged in debates between

the various crypto networks

with each other because one that you

know

i'll post something you know bitcoin is

uh bitcoin is a great way to transmit

energy into the future

and then they'll you know the ripple

people will start fighting or the

bitcoin cash people

someone gets triggered and takes offense

and

the way i see it is

crypto is a 300 billion dollar pond

sitting on the beach

next to a 300 trillion dollar ocean

of capital of energy

that's 99.9 of all energy of humanity

is sitting in alt assets not

alt coins not crypto

currency so

you know i i see all the the crypto

enthusiasts like working all the alt

coins

and they're just trying to drag down

bitcoin it reminds me of like a bunch of

crabs in a bucket

and then and and the bucket's kind of

hot or overheating

and the one crab wants to crawl out and

the other crab just want to drag it back

in instead of crawling on his back

it's like all the crabs just keep

pulling each other back into the bucket

it's it's totally self-sabotaging and it

doesn't matter

because what they ought to be thinking

is

how do we get 30 trillion of the 300

trillion to flow into our pond

[ __ ] right yeah thinking we want to

go from 300 billion to 3 trillion

and from 30 trillion and from 30

trillion to 300 trillion

and the way you're going to get there is

not

by attacking each other the way you're

going to get there is by dividing the

market

and focusing so

if you want to be a cryptocurrency while

the currency means you have to have a

stable asset value because the irs is

going to tax you to death if it changes

so tether can be a currency and it

cannot change

and you want you know do we need one i

don't know maybe we'll get by with a

centralized stable coin and maybe we

need to decentralize stable coin

there's a the market will decide that

but

but that's a thing in its own and if you

want to build a crypto application there

are applications

that of things that people might want

the bitcoin doesn't do like

total privacy or maybe you want to issue

title or provenance or maybe you want to

do a decentralized

exchange or wrap something or implement

insurance or lending

that's fine d5 their applications

have at it you'd be better off to say

ethereum is 60 of the application market

tethers

52 of the currency market

for cryptocurrency crypto app and then

bitcoin is 95

of the crypto asset market and if you

if you believe in another type of asset

now

i don't i don't think that it's

impossible we will ever come up with one

i just think right now the only clearly

successful crypto asset is bitcoin

right all the crypto enthusiasts will be

better

just to accept the success of bitcoin

because it's the gateway drug for all

the alt asset

holders to move into crypto and

they really ought to be encouraging the

next three trillion dollars to come and

the number one way to do that

is not to relentlessly ruthlessly attack

and sabotage and undermine bitcoin

but you know but rather to celebrate its

success

because as it gets bigger the uh the

opportunities

for uh for other crypto networks to

interact with it

will also get bigger absolutely and

that's

i to people that don't understand the

space

i like to articulate it that bitcoin is

digital gold

it has essentially already run and won

that race and that for the same

economic and game theoretic reasons

there's only one analog

gold there's only ever likely to be one

digital gold

so it's almost like you have to just

accept that and then i

describe the rest of the crypto asset

universe

as liquid venture capital subjected to

little if any due diligence

right some of them may succeed

meaningfully in markets orthogonal to

money

um but it's very high risk right and you

can

the fact that anyone can spin up one of

these assets in 15 minutes on the

ethereum blockchain

there's a very low barrier to entry very

low diligence so

um invest accordingly right i i suggest

no one if you're gonna have a crypto

asset portion of your portfolio

i think the highest risk position you

could ever be in is 80 20

bitcoin everything else and the

conservative position would be 100

bitcoin zero percent everything else

i agree with you i think we see it the

same way

and i guess that's a it's a good segue

just a general crypto theory

yeah the emergence of magic and

cyberspace

what's a crypto network what's a digital

network how do i view it

and you tell me if i'm right or wrong

i'm a newcomer

you've been around for a while my view

of

crypto network is a crypto network is

is a software application running on a

decentralized network with a consensus

mechanism

ideally proof of work arguably maybe

proof of stake or some other

some other consensus mechanism that that

uh

theorists would agree promotes

decentralization

and and anti-fragility

and a digital network is a centralized

network it's the facebook or

twitter or google or apple or whatever

a more conventional client server

network so as we look in the future of

cyberspace we're going to see

crypto networks and digital networks

why would you want a crypto network you

want a crypto network for immortal

sovereignty

and anti-fragility

we know bitcoin is doing that right now

um if you want to convey humanity

across time and space especially across

time maybe across time and domain

right domain might be even better than

space you know crypto networks aren't

necessarily faster

than digital networks for moving ship

through space

but they're but they're better at moving

across domains

if uh and the reason for that

is that sometimes you have um lowest

common denominator regulatory

or compliance constraints that [ __ ]

the innovation in a digital network

apple computer

will never do certain things because

they're

subject to the u.s law

even though they could do them in 98

countries and so

a crypto network may in fact may develop

faster uh across regulatory domains

if um if digital networks are crippled

um there's obviously trade-offs between

digital and crypto and

i think about it's like trust security

and duration

are attributes of crypto economy

performance functionality and compliance

are attributes of digital if i want to

do a cheap economy cheap it's a billion