Bitcoin Banking in 2050 with Eric Yakes - WBD552
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 10 September 2022
⏱️ 111 minutes
🧾️ Download transcript
Summary
Eric Yakes is the author of 'The 7th Property'. In this interview, we discuss the possible Bitcoin banking systems that could emerge when Bitcoin reaches maturity. We consider the forms of banking that developed in the past, and the new forms of banking Bitcoin and the Lightning Network could engender.
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One of the major changes brought about by Bitcoin is that it encourages those who discover it to study and question money. It is an awakening, which changes the concept of finance, and the balance of power between the state and individuals. Not only does this upend the confidence in state control monetary systems, it also makes people question state-regulated banking systems.
The idea that there are alternatives gives optimism to those who have railed against fractional reserve banking. Expanding the money supply beyond that covered by reserves was deemed by some to have been a primary driver of the global financial crisis. Further, it has given rise to a generation of central bankers who are more comfortable with printing money.
The promise of Bitcoin is the return to full reserve banking: a balance between deposits and lending. However, whilst this mitigates the chaos of deleveraging from unsustainable debt, it may also hinder long-term investment. These are the basic outlines of the major economic arguments that have separated the Austrians from the Keynsians, which have defined the push and pull of western monetary policies in the post-war period.
Irrespective of the merits of either side of the debt around the usefulness of credit, Bitcoin could be expected to work in a spectrum of societal approaches to credit. The question, therefore, is what banking systems will Bitcoin and the Lightning Network facilitate?
Will the nature of banking remain similar to the present, will there be a renaissance of old forms of banking, or will the market evolve new forms of banking? Each scenario is complete with a set of tradeoffs. But, Bitcoin's scarcity, combined with its utility as a digital permissionless uncensorable global monetary system, opens up a world of possibilities.
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Transcript
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| 0:00.0 | Now that we have this peer-to-peer payment network, where like normally that value is being captured by credit card companies and applications and things like that in our current |
| 0:13.9 | system. Now that it's peer to peer and that value can be captured by individuals peer to peer. |
| 0:20.3 | That 5% fee going to your credit card company, let's go to you, baby. |
| 0:24.0 | Hello there, how are you doing? |
| 0:26.0 | Welcome to the What Bitcoin did podcast, which is brought to you by Gemini, the only place I am using for buying |
| 0:31.8 | Bitcoin. I'm your host Peter McCormack and before we get |
| 0:34.9 | into the interview today I have a quick message from my show sponsors. |
| 0:39.2 | This show is brought to you by Wazabe who I will be now using to make sure my |
| 0:43.7 | Bitcoin is private and I'm very excited about using their software. |
| 0:46.9 | With the release of Wazabe 2.0, Bitcoin Privacy is now |
| 0:50.7 | effortless as the wallet has introduced privacy by default. |
| 0:54.3 | Now rather than having to choose the coin join, this can all be done automatically. |
| 0:58.6 | So you just need to receive your Bitcoin, wait for the coin join, and then you can spend freely. Or the magic happens automatically |
| 1:05.4 | in the background, which is a massive U.S. improvement. You also get additional privacy through |
| 1:10.1 | tort integration into was RB2.0, so you don't leak your IP address and |
| 1:14.8 | there are no more minimum denominations so you can coin joint any amount and there |
| 1:18.9 | is no more change so any amount you receive from a coin joint is private. |
| 1:22.3 | Privacy is something I've been taken more seriously |
| 1:25.0 | recently and with Wazabe 2.0 this has made it so much easier so definitely go and check it out. |
| 1:30.0 | If you want to find out more please head over to Wazabe wallet.io.O, which is W-A-S-A-B-W-A-L-E-T-I-O. |
| 1:40.0 | Next up is Gemini, who I am using exclusively for buying a selling Bitcoin, but I'm only ever buying. |
| 1:46.0 | Come on, we're hodlers, we're not sellers. |
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