Ep. 154: The Battle of Bitcoin [The Outstanding Podcast]
FLF, LLC
FLF, LLC
4.7 • 957 Ratings
🗓️ 29 November 2024
⏱️ 55 minutes
🧾️ Download transcript
Summary
Today on Black Friday, many Americans will be using credit cards, dollar bills, coins, and even checks to buy their new items and sale gadgets. While these currencies are familiar, there is one less familiar digital currency rising in popularity, Bitcoin. Host Joseph Backholm is joined by Family Research Council’s Matt Carpenter and The Washington Stand’s Joshua Arnold as they debate the pros and cons of Bitcoin and its use. Listen today as these three discuss the rise of Bitcoin, what it is used for, and where they see it being used in the future economy.
Transcript
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| 0:00.0 | Now they're running Bitcoin mining there. And the value of that is when there's a strain on the grid, |
| 0:05.3 | they can shut down the Bitcoin mining operation and direct that power back to the grid. |
| 0:10.0 | Where I would push back on Matt is just that I don't think this is creating anything of value. |
| 0:14.9 | It's using electricity. It's taking it from the grid. It's actually an economic detriment because all of that extra power that has been funneled into Bitcoin mining could have been used in more productive ways. |
| 0:31.2 | Outstanding is a production of the Washington Stand where you can find news and commentary from a biblical worldview. |
| 0:37.2 | Welcome to Outstanding, |
| 0:38.7 | where we have critical conversations about the news of the day and the ideas that shape us. I'm |
| 0:43.5 | your host, Joseph Backholm, welcoming you to another exercise in taking every thought captive |
| 0:48.8 | to the obedience of Christ. And today, we're going to consider whether there is a Christian way to think about |
| 0:55.2 | cryptocurrency. Now, record inflation in recent years has led to a lot of cynicism over the value |
| 1:04.4 | of the dollar and frankly other forms of fiat currency as well. And that's driven a lot of people to things like gold and in some |
| 1:14.6 | cases, cryptocurrency. Now, what in the world is cryptocurrency? It's a digital currency that |
| 1:20.9 | enables users to conduct peer-to-peer transactions without the need for an intermediary, like a bank, which is typically who's involved |
| 1:29.1 | when you use a debit card or a credit card, something like that. Now, cryptocurrency is |
| 1:35.3 | appreciated and criticized because of the privacy that it offers and the difficulty in controlling |
| 1:43.8 | it. |
| 1:48.8 | Now, it's useful to those who just don't want the government supervising every transaction, |
| 1:55.4 | but that privacy has also made it a preferred way of transacting business for criminals. |
| 2:00.0 | Now, for the non-criminal element, it has been a very volatile but over the long term very successful investment. |
| 2:04.4 | Bitcoin is the most well-known cryptocurrency. It was trading for fractions of a penny in 2010. |
| 2:12.9 | After many ups and downs, it's now closing in on $100,000 per Bitcoin. |
| 2:19.1 | So if you got in in 2010, you feel very good about cryptocurrency, |
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