Time for Change

Every passage, on the record.

1. 00:00Claim

   There is no time. There is a change in the entropy of the universe.

2. 00:32Claim

   None of those have a requirement for time. They can happen in the past and the present and the future, they can happen in reverse. The only equation in physics that makes any mention of time is the second law of thermodynamics, which is that entropy is always increasing in the closed system.

3. 01:40Reference

   You can start with books by Carlo Rivelli or Stephen Hawking. The Order of Time is a good one.

4. 01:40Reference

   Then there's David Deutsch and The Beginning of Infinity.

5. 01:40Reference

   Others like Until the End of Time by David Green.

6. 02:18Reference

   Inside of the Bitcoin world, of course, we've got my favorite piece on Bitcoin, which is Gigi's Bitcoin is a clock, Bitcoin is time.

7. 02:54Claim

   Each time we advance our ability to drill down closer to the true passage of time, that is to say, closer to measuring the rate of change and entropy in the universe, the more efficient our exchange becomes. So that means the better off we become as the extended order, as individual nodes inside of the extended order.

8. 03:25Claim

   How much more efficient you could be in charging for your time or charging for your energy, which is another way of saying charging for the changes in entropy in that window, which is arbitrary. You just create seconds and hours and days and weeks and months.

9. 03:57Claim

   For the first time now, we can measure change in entropy rather than in an oscillation that allows for a certain amount of change to take place. There's a huge difference between the two. We can track change rather than attach a measurement to a window where change can occur.

10. 04:29Claim

    I think it's one of the top five most used words in the English language is time. It's an incredibly slippery word to pin down.

11. 05:33Prediction

    The term time is money will in the future be known as change is money because that is where the money will be made. That is where the value will be added is in the changes.

12. 05:33Idea

    The term time is money will in the future be known as change is money because that is where the money will be made.

13. 06:06Reference

    This blurring is important. It comes up in the Carlo Ravelli book, The Order of Time. The concept of blurring is, as he puts it, it's basically a way of explaining coarse graining, which is necessary when defining entropy.

14. 06:38Claim

    The entropy of a macrostate is determined by the number of microstates. Entropy is the multiplicity of equivalent states of a given system. The higher the entropy, the higher the number of equivalent microstates, when the microstates are sufficiently blurred.

15. 07:12Analogy

    If you think about the classic milk in a cup of coffee example of entropy. You got a cup of coffee, which is one macrostate, all the atoms that make up the cup of coffee. There can be entropy inside of the cup of coffee, and we can measure whether or not that's increasing or decreasing. Same with a cup of milk, that's a second macrostate. The entropy in these macrostates is low if we are measuring for coffee and for milk.

16. 08:23Analogy

    In Carlo's book, he's got an example of a deck of cards. If you're looking to organize the cards by color, then that is one type of order that is blurring all of the other particulars of each card. If we start with a pack of cards in a state of two distinct piles of black and red cards and then we shuffle the deck together, we can see the order decrease afterwards if we're measuring for the order by color. But we're ignoring every other order, which is every other possible state.

17. 09:35Claim

    This blurring is a tool that we use to increase our efficiency. And we want to increase our efficiency because it ultimately leads to us being able to control more energy. It's a tool that we use, this blurring concept, and the blurring concept is important now because once we get into Bitcoin, you're going to see how the blurring can happen for members of the extended order.

18. 10:07Reference

    The extended order is the emergent life that results from the collective actions of the human hive mind. We get this one entity, which is the combination of all of our actions, all of the processing power that takes place, all of the inputs, all of the outputs from the nodes that are our human life create the extended order.

19. 10:44Claim

    The individual entities inside the extended order can be thought of as little nodes in the computational network of this much larger organism, life. Each individual is limited in its computational capacity. There's far too much information for a single person to compute, which means filtering is necessary.

20. 11:16Claim

    Tools and technology are information, which you can think of as the physical embodiment of order. Those tools and technology are used to generate low order energy systems locally while exporting higher entropy to less desired space in the universe.

21. 11:52Idea

    The more energy you control, the better off you are. The more efficiently you can access and store that energy, the better off you will be because you get more energy to direct in whatever way you want later down the track.

22. 12:24Claim

    Anything that allows the extended order, and therefore its individual nodes, to become more efficient will be adopted, because more energy is better than less. Bitcoin is the information that can be used to blur the deluge of information present in today's world. You can use Bitcoin to discard information that is less impactful than other information.

23. 13:02Quote

    As the unit of account for life, Bitcoin filters all of the noise from the signal, which it then represents as price. And we know that price is the only signal necessary in our modern world.

24. 13:02Claim

    It's the ultimate filter for information. And you can think of it very much like the mind filters what we need to allocate energy on an individual basis. Bitcoin can be that for the hive mind.

25. 13:34Analogy

    The attention filter is Bitcoin to the hive mind. If the price of something is low in Bitcoin terms, then the energy that would have been allocated to a certain action resulting in more of that variable can now be used elsewhere. That's the signal: you should use this energy elsewhere because it doesn't provide the return on that transformation more so than other areas of the economy.

26. 14:05Claim

    This is a new signaling mechanism. And it just so happens that this technology, this tool that is Bitcoin, has come along at just the right time. Information is growing exponentially, there has to be a way to filter what is and what is not relevant. Bitcoin is that tool, and it works because you can't fake Bitcoin.

27. 14:38Quote

    It's don't tell me what you like. Show me what you will part with your Bitcoin for. That is what is important.

28. 15:09Prediction

    This means price deflation across the globe forever.

29. 16:15Analogy

    Think of a pendulum, the swinging back and forth. That isn't a second, that's just a reliable pattern that we see over and over and over again and we come to rely on. With an atomic clock, what we call one second is really nine billion oscillations. We aren't pulling time from the universe, we just all agreed that one second is good.

30. 16:15Claim

    We aren't pulling time from the universe. We just all agreed that one second is good. We need to coordinate. Coordination is good. The more accurate we can coordinate, the better. And without atomic clocks, we couldn't have things like GPS.

31. 16:45Quote

    Remember that the map is not the territory.

32. 16:45Claim

    What we're really interested in is the change in entropy, that is where time pops up. And for the first time ever, we now have a way of measuring time by change rather than by oscillations.

33. 17:16Claim

    In the current system, we base the exchange on time rather than on change. Services like Netflix, Spotify, YouTube, Midjourney, ChatGPT, all of those things, you pay a monthly subscription and you just accept the inefficiencies, because there isn't a tool that allows for a better model.

34. 17:46Claim

    Because it is instant final settlement, you don't need to trust either end of the transaction. There's no need for KYC information, there's no need for identification, there's no need for any communication between the two parties except are you pulling information from the service. Yes or no. If you do, you have to pay.

35. 18:16Claim

    Bitcoin can do this because it's infinitely divisible, it travels at near the speed of light, has no physical presence, and there are no middlemen that need to reach target thresholds in order to action an exchange. As the layers are built up, the skill that is unlocked is you can now charge based off of change.

36. 18:51Quote

    You will be paid for change, not for time. Everyone will.

37. 18:51Prediction

    It's going to be a complete revolution of how pricing is done. You will be paid for change, not for time.

38. 19:22Claim

    Every time there is an innovation, individuals who are swallowed up by the efficiency gains of whatever technology is new and present to the market have to find other things to do. In the past they have found more efficient usage for their energy. The expectation is that will continue with Bitcoin.

39. 19:53Claim

    Bitcoin is going to tell you where the energy is needed most because everyone gets to vote. No one can tamper with the market because you can't fuck with Bitcoin. If you can't fuck with the market and you can't manipulate it, then all you have is an accurate reflection of the physical world.

40. 20:25Prediction

    As you get into real time near the speed of light settlement, the possibilities for these structures on how businesses are going to make money, how they are going to pull in revenue completely explodes. The possibilities are endless for what you can do.

41. 20:55Prediction

    If artificial intelligence is pulling from another service, or another expert artificial intelligence service, they're going to be able to communicate back and forth and be able to use those services based on their Bitcoin, because they don't have to trust one another. All they have to know is, is there Bitcoin from the wallet, from the address that I am trying to pull from. If it's yes, grant access. If no, don't grant access.

42. 21:25Claim

    Think about how many members of the extended order are involved in that one link in the chain. It's millions of individuals who are now inefficiently spending their energy, who are inefficiently transforming energy. They are a net drain on the extended order. Once they realize that, they're going to do other things, because they're going to want Bitcoin.

43. 21:55Claim

    The only way they're going to be able to get Bitcoin is to provide value to the extended order, which is utility, which means they're going to have to find something else useful that people want. What Bitcoin can do is measure the change at a faster rate than our blurred understanding of time.

44. 22:28Quote

    It's no longer a measurement of an oscillation. It's a measurement of the actual change, of the actual increase in entropy, which is the only representation of time that we are familiar with. I can't even say it without saying the word time, to measure the increment where change can occur.

45. 22:59Quote

    The writing is on the wall for middlemen.

46. 22:59Prediction

    As soon as there is enough individuals inside of the extended order that recognize the power that is Bitcoin, those places will disappear. And it will appear to individuals outside of Bitcoin like it has come out of nowhere, but it has been building in the background for 15 years.

47. 23:31Claim

    If you are involved in exchanges and you are a middle person, Bitcoin eliminates you. If you're smart, you can find something else to do. And the faster you find something else to do, the more Bitcoin you'll have. And the more Bitcoin you have, the better off you're going to be in the future.

48. 23:31Quote

    Chances are you should get a little bit to protect yourself from this new reality.