Is Asteroid Mining Really Our Best Argument for Bitcoin Over Gold?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 16 August 2020

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

Earlier this week, the Winklevoss brothers introduced Barstool Sports founder Dave Portnoy to bitcoin. One of the notable parts of the recap video was a discussion of how Elon Musk was set to destroy the value of gold on Earth by mining gold from asteroids. While much meme fun was had, on this week’s Long Reads Sunday NLW has chosen a selection that looks at how fiat beat out gold and how gold beat out silver to provide some – ahem – more immediately relevant lessons on how to explain the benefits of bitcoin. Read:Projection and ThrownessPart III — Bitcoin’s 10x Advantage Over Gold Might Not Lie Where You Think By David Lawant

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:08.3	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
0:14.1	The breakdown is sponsored by crypto.com, BitStamp, and nexo.io, and produced and distributed by CoinDesk.
0:24.5	What's going on, guys? It is Sunday, August 16th, which means it's time for Long Reads Sunday.
0:32.2	And for this article, I got to tee it up a little bit. So about a week ago, Dave Portnoy, aka El Presente, aka
0:39.6	the founder of Barstool Sports, aka the head of Davy Day Trader Global Global,
0:44.9	invited the WinkleVos brothers to come explain Bitcoin to him and said that if he did,
0:50.6	he would hear it and he would probably get involved. Well, that happened, and yesterday they
0:55.2	released the nine and a half minute video or so about their conversation. One part of that
1:01.7	conversation had to do with gold and why Bitcoin was better than gold, and the specific
1:08.0	argument that came up was asteroid mining.
1:11.5	And the idea that Elon is going to go mine gold from asteroids,
1:16.2	meaning that the supply on Earth would be rendered irrelevant,
1:19.9	and it would crater the price.
1:21.9	Let's listen to the clip so you guys have that context.
1:25.9	Yeah, and if Elon Musk might, you know, push it and all of a sudden...
1:29.1	Right.
1:29.8	We're like buddies.
1:30.9	He's only a run for president.
1:32.2	Yeah.
1:32.9	Maybe you guys will push it and then I'll become Bitcoin billionaires on the Davecoin.
1:36.8	Yeah.
	...

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