The Path to a Bitcoin Standard with Dan Held - WBD308
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 7 February 2021
⏱️ 70 minutes
🧾️ Download transcript
Summary
Location: Remotely Date: Monday 1st February Company: Kraken Role: Director of Business Development
The Gold Standard was a monetary system that linked the value of a country's currency to the amount of gold held in reserve.
The Gold Standard placed restrictions on a governments ability to print money. Still, in 1971 Nixon announced that the US would sever all ties between the dollar and gold, and would no longer convert dollars to gold at a fixed value of $35. Nixon's decision severed all links to The Gold Standard, and since then the world has been in a fiat monetary system.
Many Bitcoiners believe that the fiat monetary experiment is failing and it is inevitable that, at some point, the hardest form of money will win out - bitcoin.
Hyperbitcoinisation is when bitcoin becomes the world's dominant form of money and the entire financial system's base asset. But how do we get there? And what are the implications on society?
In this interview, I talk to Dan Held, the Director of Business Development at Kraken. We discuss the implications of a Bitcoin Standard, onboarding, adoption, decentralisation and layer one ossification.
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Transcript
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| 0:00.0 | Once people place their trust in storing value in Bitcoin, why would they ever go back to a fiat currency? |
| 0:06.0 | Hello there from Bedford in the United Kingdom, the Bitcoin Mecca of the world. |
| 0:11.0 | How are you all today? |
| 0:12.0 | Welcome to the Whatbitoin did podcast, which is brought to you by Krakhan, the best place to |
| 0:16.0 | buy Sowt Trade Bitcoin. |
| 0:17.0 | I'm your host Peter McCormack and today I've got the third and final episode in my |
| 0:21.3 | mini series with my good friend Dan Held and today we are looking at a path to a Bitcoin standard. But before that I do have |
| 0:28.2 | a message from my amazing show sponsors. Today we're going to kick off with BlockFi. Now with BlockFi you can open up an interest |
| 0:35.0 | account and start earning money on your Bitcoin. I am a customer and I have been for over |
| 0:39.7 | a year I am loving the fact that my Bitcoin works for me but you can also use your |
| 0:44.1 | Bitcoin's collateral and take out a U.S. D loan and you can find your BlockFi |
| 0:48.2 | account directly from your Bitcoin wallet and with the BlockFi mobile app you can now fully manage your account on the go |
| 0:54.4 | and with their soon-to-be released Bitcoin rewards card it's going to be a massive |
| 0:58.0 | year for BlockFi. If you're interested in checking them out I do recommend you do |
| 1:02.2 | your own research and then head over to blockfire.com which is |
| 1:05.1 | BLO ck f i dot com also we have my new sponsor ledger welcoming them to the show Ledger was the first hardware wallet I ever used and I'm still using the nano I bought nearly four years ago which is very very cool. I'm a big fan of the product just because of its ease of use and for someone like me |
| 1:24.3 | usability is always super important you always hear me talk about that it isn't just the |
| 1:28.8 | device with Ledger though with Ledger live the interface for safely managing your Bitcoin is just so easy to use too |
| 1:35.4 | and for Bitcoin Core users Ledger Live will interface with your own full node from |
| 1:40.4 | February the 16th and that includes coin control which is very cool |
| 1:43.5 | because that's something I discussed recently with Shanoi and also Ledger has a new |
| 1:47.8 | promo available if you buy the Ledger love pack that includes a hardware wallet |
... |
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