Finding Bitcoin Signal with Jeff Booth - WBD584
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 23 November 2022
⏱️ 89 minutes
🧾️ Download transcript
Summary
Jeff Booth is the Author of The Price of Tomorrow and CEO/Chairman of Ego Death Capital. In this interview, we discuss how Bitcoin fundamentals (such as its approach to the blockchain trilemma, centring on truth, and its deflationary effects) run counter to current economic theories, making Bitcoin's signal harder for some to find.
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A common refrain whilst we live through unprecedented global economic turmoil and massive failures within DeFi is "why aren't people flocking to Bitcoin". Obviously, Bitcoin's signal is being lost: the fundamentals that are designed to better protect people against incompetent, corrupt and fraudulent behaviour aren't readily apparent to many. Why is this?
As Jeff Booth asserted in a recent article: "protocols create value in the form of a new foundation that emerges slowly & methodically". However, capitalist societies have been conditioned to accept and expect rapid change: 'work fast and break things' has been taken as a given. Systems that run counter to this are viewed as being ripe for disruption.
Bitcoin has widely been seen as slow. It's development was famously the subject of a crisis centred on scaling arguments. The outcome was an affirmation of some core principles: Bitcoin would be predicated on decentralization and security. This spurned a tsunami of altcoins that proliferated on the pitch that they improved on Bitcoin by being able to scale. This meant many dismissed it. Bitcoin was old tech.
But, as we have seen over the past few months, speed and scale come at a cost. A real-world cost counted in billions of dollars. The blockchain trilemma means that scale means making material tradeoffs in terms of decentralization and security. The result: hacks and fraud. If there is any silver lining to the FTX collapse is that the conflation of crypto and Bitcoin now has more than a theoretical critique.
The importance of making the case for Bitcoin, of amplifying the signal, is that it offers a transition to a new system where we can benefit from deflation. A system that protects people. A system based on a layer of truth.
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Transcript
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| 0:00.0 | Theft and money will divide us all and that theft and money will take us likely to war and maybe the end of human species. |
| 0:10.0 | Or it will concentrate all control and very few super overlords and the rest of us it'll be |
| 0:18.0 | look like modern nay slavery. It'll look like China's social credit system on steroids. |
| 0:24.0 | Hello there, how are you all? Are you having a good week so far? |
| 0:28.0 | I have just got back to bed for, I flew in late last night and it's good to be back home had a really amazing trip away |
| 0:34.9 | got to hang out with Bitcoiners in San Diego in LA in Vegas and in Texas a lot of |
| 0:41.0 | traveling in a very short amount of time, but it was cool. |
| 0:43.7 | I just want to say thank you to everyone who came on the podcast, everyone I got to hang out |
| 0:47.1 | with all the Bitcoin as I saw and especially everyone I saw at the Pacific Bitcoin |
| 0:51.2 | conference. I think we can agree to the team at Swan and |
| 0:54.4 | Corey did an amazing job. We're looking forward to going to that again next year. |
| 0:57.4 | Anyway, welcome to the What Bitcoin did podcast which is brought to you by |
| 1:01.0 | Gemini, the only place I'm using for buying Bitcoin. |
| 1:04.0 | I'm your host Peter McCormack, and today I've got an interview with the man, the myth, the legend, |
| 1:09.3 | Mr Jeff Booth. |
| 1:10.9 | Now, I always love sitting down and talking to Jeff and if you haven't read his book the price of tomorrow |
| 1:15.3 | Come on what are you doing go check that book out it will be linked in the show notes definitely go and give it a read |
| 1:20.4 | He gives such well reasoned and clear arguments for the role that Bitcoin will play in the future, and he's just about the most bullish person I've ever had in any room to discuss Bitcoin. |
| 1:30.0 | Now back in August, Jeff wrote an article called Finding Signal in a Noisy World and I wanted to cover this with him ever since so we finally managed to catch up when we were out in LA and make this happen and you know it's going to be a banger whenever Jeff comes on the show. |
| 1:44.0 | So if you've got any questions about this or anything else please feel free to get in touch. |
| 1:47.8 | My email address is hello at what Bitcoin did.com. |
| 1:51.0 | Jeff, hi, how are you? |
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