Matthew Mežinskis on Bitcoin as Base Money - WBD156
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 11 October 2019
⏱️ 80 minutes
🧾️ Download transcript
Summary
Location: Skype Date: Thursday, 3rd October Project: Crypto Voices Role: Host
The monetary base is the amount of currency in any one country. It is a combination of both the circulating supply and money held in reserve at the central bank. In the 1900s, the global base currency was gold; however, in 1971, the U.S severed all ties with the gold standard and the monetary base changed to being government-issued fiat currency.
In a government-issued fiat-based monetary system, the government controls the printing and inflation of its currency. This allows governments to increase the monetary base at will. Whereas previous base money, gold, was hard to inflate, with fiat money it is easy. This leads to, for example, the U.S global base money rising from $100 billion to $19.2 trillion since 1970.
With Bitcoin, however, issuance and supply are fixed. There will only ever be 21 million created, with the issuance dropping every four years and no ability to inflate the supply. Could this lead to Bitcoin becoming the next global base money?
In this interview, I talk to Matthew Mezinskis from CryptoVoices. Matthew explains what base money is and if Bitcoin will ever become the worlds base money. We also discuss what money is, the gold standard, central banks holding Bitcoin and decentralisation.
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Transcript
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| 0:00.0 | Welcome to the What Bit |
| 0:02.0 | the What Bit Podcast podcast. |
| 0:05.0 | Hi there, |
| 0:07.0 | from Cleveland, how are you all? |
| 0:09.0 | I'm just waking up after an amazing drop bit event |
| 0:12.0 | which was with Max Kaiser and Stacy Herbert. |
| 0:14.0 | It's so much fun and did you see the announcement? |
| 0:16.8 | Did you see drop bits announcement that lightning has come to the app so it's very cool |
| 0:21.3 | we're gonna talk to you about that in a bit anyway welcome to the |
| 0:25.0 | most cool, we're going to talk to you about that in a bit. |
| 0:23.0 | Anyway, welcome to the What Bitcoin did podcast, |
| 0:25.0 | which is brought to you by the mighty Cracken, |
| 0:27.0 | the most badass place to buy and sell Bitcoin. |
| 0:30.0 | I'm your host Peter McCormack, and today I've got Matthew Machinsky from crypto voices, |
| 0:34.8 | possibly the sexiest voice in Bitcoin to talk about base money, but before that I've got a message |
| 0:39.8 | from my show sponsors. And today we are starting out with DropBitt and yesterday they |
| 0:45.4 | announced the arrival of lightning to their already amazing wallet. And not only |
| 0:49.2 | that they are also now supporting Betz 32 addresses which is very very cool so you need to check |
| 0:54.9 | this out the implementation is very very good the uX for moving between your |
| 0:58.8 | Bitcoin and lightning wallets is the best I've seen is so easy and now you can text and tweet Sats to each other. |
| 1:05.0 | There is a waiting list but if you want to jump the queue then hit me up on Twitter |
| 1:08.5 | and I'll ping you some stats to get you going. |
... |
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