The Importance of Politically Neutral Money
The Breakdown
Blockworks
4.8 • 806 Ratings
🗓️ 8 May 2022
⏱️ 16 minutes
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.0 | The breakdown is sponsored by nexo.io, near an FtX, and produced and distributed by CoinDesk. |
| 0:22.8 | What's going on, guys? It is Sunday, May 8, and that means it's time for Long Reads Sunday. |
| 0:29.7 | Before we get into that, if you are enjoying the breakdown, please go subscribe to it, |
| 0:33.9 | give us a rating, give it a review, or if you want to get deeper into the conversation, come join us on the breakers discord. You can find a link to it, give us a rating, give it a review, or if you want to get deeper into the conversation, |
| 0:38.7 | come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash |
| 0:43.9 | breakdown pod. Also, as always, in addition to them being a sponsor of the show, I also work with |
| 0:49.7 | FTX. So today we are getting back to the payment side of cryptocurrencies, with two opinion pieces |
| 0:57.9 | from Coin desk from the past couple weeks that relate to the importance of politically |
| 1:01.9 | neutral payment systems. |
| 1:04.1 | The first is from JP Coning and is called Why We Need Crypto Payments to Work. |
| 1:10.0 | Crypto has always held out the promise of a payments revolution, but that revolution never |
| 1:14.4 | happened. We're 13 years into the Bitcoin age, and there's only one store in my neighborhood |
| 1:18.9 | in downtown Montreal that advertises that it accepts Bitcoin. I was passing by that store |
| 1:24.2 | the other day and noticed that a vandal had crossed out the bright orange bee written on the storefront, adding a non in protest. Why? The vandal didn't provide us |
| 1:32.4 | with more information. But if I had to guess, it probably had to do with their opinions on the |
| 1:36.2 | environmental implications of Bitcoin's security method, proof of work. Proof of work requires |
| 1:40.5 | huge amounts of electricity, and in an age of global warming, there's no place for such an awesome display of energy consumption. This small example is illustrative of the |
| 1:48.3 | crypto payments challenge. It's tough enough for crypto to gain acceptance as a payments network. |
| 1:53.2 | The medium's inherent volatility and novelty are huge hurdles. Add to that concerns about |
| 1:57.6 | crypto's effect on the environment and getting the payments ball rolling becomes even more of a challenge. |
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