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The "What is Money?" Show

The Decentralization of Bitcoin Mining with Bitcoin Mechanic (WiM507)

The "What is Money?" Show

Robert Breedlove

Bitcoin, Breedlove, What Is Money, Investing, Rabbit Hole, Cryptocurrency, Money, Finance, Education, Robert Breedlove, History

4.8710 Ratings

🗓️ 23 August 2024

⏱️ 115 minutes

🧾️ Download transcript

Summary

Bitcoin Mechanic joins me to discuss the fundamentals of Bitcoin mining, Bitcoin’s energy usage, the importance of trust minimization in mining, mining vs HODL culture, Bitcoin vs Shitcoins, OCEAN’s vision for the future of Bitcoin mining, and how we can fight to make Bitcoin and Bitcoin mining more trustless and decentralized. Bitcoin Mechanic is a Bitcoin educator and Chief Boiling Officer at OCEAN mining pool.

Transcript

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0:00.0

If you want a money that no one can counterfeit, then you need to root it in the thing that nobody knows how to counterfeit, which is energy.

0:09.0

That's how you bridge the gap between imaginary magic internet money and the real world. It's in the energy.

0:16.0

And anyone that says we can do it without the energy consumption, that's just naive, right?

0:20.0

You cannot

0:21.0

trust one man with that kind of power or any entity with it. It needs to be something that is

0:25.8

unfakable. They're changing the rules of the game, right? They're degenerating the game. And that's

0:30.6

why ultimately these things end in hyperinflation or warfare or both. My favorite is men can't

0:36.3

get periods. They can print money and give it to people

0:38.9

that will tell us men can get periods and that money is not going to work for much longer. It's

0:42.7

going to hyperinflate. Bitcoin's obviously all about sovereignty, but Bitcoin minor sovereignty.

0:47.6

It sounds like it's being compromised. How do we get Bitcoin mining to adopt more of a traditional

0:52.0

Bitcoin ethos? Weirdly, you need people to suffer as a result of not taking their own sovereignty into

0:58.4

mind.

0:59.3

Because miners are just increasingly doing what they're told.

1:01.9

And this comes right back to centralization versus decentralization.

1:05.2

It's not a binary thing.

1:06.1

It's a trend.

1:07.1

And if Bitcoin is trending towards centralization and mining, that ends in a bad place.

1:12.2

It might be all right now, but we know it's getting worse and not better.

1:16.4

Is there any way to avoid this?

1:24.7

Have you ever wanted to start a business in the Bitcoin space? If so, then the Wolf startup

1:30.2

accelerator could be for you. Wolf is the first startup accelerator dedicated exclusively

...

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