BREAKDOWN: The Importance of Politically Neutral Money
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 8 May 2022
⏱️ 16 minutes
🧾️ Download transcript
Summary
The problem with the current payment system.
This episode is sponsored by Nexo.io, NEAR and FTX US.
On this week’s “Long Reads Sunday,” NLW reads:
Why We Need Crypto Payments to Work - JP Koning
Matt Taibbi, PayPal's Deplatforming and the Case for Crypto - Daniel Kuhn
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Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, Texas. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with today's editing by Jonas Huck and Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Mario Tama/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.0 | The breakdown is sponsored by nexo.io, near an FtX, and produced and distributed by CoinDesk. |
| 0:22.8 | What's going on, guys? It is Sunday, May 8, and that means it's time for Long Reads Sunday. |
| 0:29.7 | Before we get into that, if you are enjoying the breakdown, please go subscribe to it, |
| 0:33.9 | give us a rating, give it a review, or if you want to get deeper into the conversation, come join us on the breakers discord. You can find a link to it, give us a rating, give it a review, or if you want to get deeper into the conversation, |
| 0:38.7 | come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash |
| 0:43.9 | breakdown pod. Also, as always, in addition to them being a sponsor of the show, I also work with |
| 0:49.7 | FTX. So today we are getting back to the payment side of cryptocurrencies, with two opinion pieces |
| 0:57.9 | from Coin desk from the past couple weeks that relate to the importance of politically |
| 1:01.9 | neutral payment systems. |
| 1:04.1 | The first is from JP Coning and is called Why We Need Crypto Payments to Work. |
| 1:10.0 | Crypto has always held out the promise of a payments revolution, but that revolution never |
| 1:14.4 | happened. We're 13 years into the Bitcoin age, and there's only one store in my neighborhood |
| 1:18.9 | in downtown Montreal that advertises that it accepts Bitcoin. I was passing by that store |
| 1:24.2 | the other day and noticed that a vandal had crossed out the bright orange bee written on the storefront, adding a non in protest. Why? The vandal didn't provide us |
| 1:32.4 | with more information. But if I had to guess, it probably had to do with their opinions on the |
| 1:36.2 | environmental implications of Bitcoin's security method, proof of work. Proof of work requires |
| 1:40.5 | huge amounts of electricity, and in an age of global warming, there's no place for such an awesome display of energy consumption. This small example is illustrative of the |
| 1:48.3 | crypto payments challenge. It's tough enough for crypto to gain acceptance as a payments network. |
| 1:53.2 | The medium's inherent volatility and novelty are huge hurdles. Add to that concerns about |
| 1:57.6 | crypto's effect on the environment and getting the payments ball rolling becomes even more of a challenge. |
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