Only the Best Will Do

Every passage, on the record.

1. 00:33Quote

   One of the best ways to do that is to look at how other people have won.

2. 00:33Open question

   At what level does it actually become a success where you can say yeah I was directionally correct this was the best move, up until now, I mean how many years do you have to win to say okay we're definitely winning, I don't know, that's a question that everybody has to answer.

3. 01:08Reference

   Rather than talk to anyone around me who has no idea what's going on with anything really in terms of the money, the financial situation, nobody cares because nobody should care, everybody's doing other shit, that's how the extended order works.

4. 02:16Claim

   It's significantly easier now to get outsized returns on your information investment because now we can get it straight from the source, we can go right to the fire hose.

5. 02:16Reference

   You watch the guy from Oxford, he's the best dude explaining this thing, it takes 16 hours of his life and he never has to do this again, and everyone can just go there and go introduction to information theory.

6. 03:46Claim

   All of a sudden we are exponentially more efficient at being able to send and receive information with as little noise as possible, that's what Bitcoin is.

7. 03:46Quote

   There's no way to make more money, to be better for the extended order, than being a good steward for the Bitcoin, that's the way that the cycle works.

8. 03:46Claim

   There will be a time where there's nothing more advantageous that you can do than be a good steward of that Bitcoin, you just have to wait long enough in the time invested in Bitcoin for this thing to catch on.

9. 05:17Claim

   His fund has in the last 10 years returned 158% in Bitcoin terms, that's fucking dogshit, but old mate wrote a book and good for him, he's probably super wealthy in fiat terms.

10. 05:17Claim

    Equity market has been the market where the parallels to Bitcoin brings, it's just on a much smaller scale versus what Bitcoin has to offer, so if it works there it's going to work in Bitcoin significantly more.

11. 06:47Idea

    The more you have of these ten things the more successful you're going to be, which is code word for saying the more energy that you're gonna be able to siphon off, because you have backed whatever company can produce things or whatever company facilitates these ten things.

12. 06:47Claim

    Spoiler alert, it looks like Bitcoin ticks off every single box on here better than any equity possibly could, and if that actually is true then every other equity investment would be sub par.

13. 06:47Quote

    It looks like Bitcoin ticks off every single box on here better than any equity possibly could.

14. 08:17Claim

    Why would I want number 10 on the list when I could have number one, unless I really like just looking at this stuff, which I mean I don't mind it, but I'd rather just be winning all the time and doing other shit.

15. 08:17Reference

    Maybe you haven't heard of this book, maybe you haven't read Only the Best Will Do, and it's interesting, it's an interesting read because this guy thinks he's got a system which supposedly is working.

16. 09:48Reference

    This is Peter Sellern, and the book is Only the Best Will Do, which is a perfect name for a Bitcoin book by the way, I might steal that.

17. 09:48Analogy

    Imagine writing the opposite of that, imagine sitting down with an investor who's gonna give you half a billion dollars and going, yeah, we're looking for shit that just doesn't scale, we want one and done and we don't want any more to come in.

18. 11:18Claim

    Bitcoin can scale to the entire world, to every single person in the world, can everybody get on the base chain, no, no they can't, some people are gonna be super fucked in that department, luckily you're early.

19. 11:18Claim

    Is it the wisest move to be consolidating UTXOs when there is low fees, yeah, that's probably a smart thing to do.

20. 12:48Prediction

    The price is going to go up forever because people are going to want to get on the main chain, not everyone will be able to get on there but everyone will be able to use the tool that is Bitcoin.

21. 12:48Quote

    You get free work from myself right now doing this podcast, from Michael sailor, from Jack mollers, from Jack Dorsey, from everybody, is working for you for free.

22. 12:48Reference

    You get free work from myself right now doing this podcast, from Michael sailor, from Jack mollers, from Jack Dorsey, from everybody.

23. 12:48Reference

    You get free work from myself right now doing this podcast, from Michael sailor, from Jack mollers, from Jack Dorsey, from everybody.

24. 12:48Reference

    You get free work from myself right now doing this podcast, from Michael sailor, from Jack mollers, from Jack Dorsey, from everybody.

25. 12:48Prediction

    How about if it's half of every single transaction, is that the biggest scale that you could possibly get, I can't think of one bigger, right, unless it's breathing.

26. 14:18Claim

    The answer is it's a really scalable business model, in fact it's the most scalable business model that has ever existed, half of every single transaction.

27. 15:48Claim

    The system by its very nature is set up to get worse, it is built to hose you all of the time, every way that it can.

28. 15:48Reference

    This is the Lindy effect of money, I'm going to bet that the extended order is going to become more efficient in 10 years than it is right now.

29. 15:48Prediction

    I'm going to bet that the extended order is going to become more efficient in 10 years than it is right now, why would I be so confident in that bet, I would bet everything I had on that being the case.

30. 17:18Claim

    You need information in order to increase information, that's how it works, that's how you generate new information, is you build on what you already had, that trend has been going on for let's just call it a couple thousand years.

31. 17:18Analogy

    We can build the pyramids now we can't, but we're making some pretty cool shit right now, and you would continue to make cool stuff.

32. 17:18Claim

    The more you specialize the more you have to exchange with those around you in the extended order, so anything that will allow for more exchange the better off we're all going to be.

33. 18:48Claim

    Would it be important to be able to send value, to exchange with those individuals without a trusted third party in between, without a middleman, what if I could reach out and exchange with individuals without consulting anyone else, if nobody else could stop it, probably.

34. 18:48Prediction

    I think that CBDCs are gonna come, like they're gonna have to go digital, so maybe they come up with their own digital thing.

35. 18:48Quote

    You're living in a fucking shithole shoebox and you got to watch your P's and Q's, or else they're gonna take away your bread ration.

36. 19:48Claim

    Consistent industry leadership, has it been at the top the entire time it's existed, yes, do we imagine that trend is going to continue, yes, do we see anybody else on the horizon that has any fucking chance of catching up, zero.

37. 19:48Quote

    It's a fucking spaceship and everything else is the Santa Maria.

38. 20:19Claim

    Bitcoin basically introduced a new medium for communicating value between individuals, and not only that, it discovered scarcity, absolute scarcity, that seems like a huge advantage.

39. 20:19Quote

    The immaculate conception that is the perfect money was Bitcoin, that's its competitive advantage going forward, for going forward forever.

40. 21:49Claim

    99.999% of other people don't realize this at this stage, now that makes it even better, that makes it even better, nobody knows.

41. 21:49Analogy

    We're basically betting on LeBron James playing in a third grade rec league, it's done better than everything else.

42. 23:19Claim

    The value of the network, the value of the asset itself, is the fact that it's the widest geographically spread instrument in the world, the decentralization is the thing that makes it work.

43. 23:19Analogy

    There could be three or four other dickheads, they just have a few of these machines, maybe I'm getting lied to, well you can run a copy yourself, you can run your own version and you can make your own rules and you can ping that when you want to make transactions.

44. 24:49Claim

    The only way you could incentivize that adoption is to have something that was absolutely scarce that you couldn't print or make up out of nowhere, because you couldn't have a central point of failure to be able to do those things.

45. 24:49Claim

    Do we have high return on capital, potential high return on capital, yes, yes we have, in fact the best out of the last 15 years possible.

46. 26:20Idea

    It's not aging, there's nothing that's breaking down, it's only getting stronger, and it's the energy wall that surrounds it and protects it and makes it valuable in the first place is only getting larger, nothing even comes close to it, it keeps climbing and climbing.

47. 26:20Claim

    Low capital intensity, it doesn't cost you any money, there's no insurance that you have to write out, there's no repairs that you have to do, there's no maintenance.

48. 27:50Claim

    A solid financial position, what if there was no position, what if it was there was no company, no board, no nothing, nobody could rug you, that also sounds like a great one.

49. 27:50Claim

    Transparent accounts, why don't you just buy all of the productive usage of energy in the entire extended order, that seems more efficient, transparent accounts, we don't have to do that one, it's a joke.

50. 27:50Claim

    How many good people have you found in your life, right, you could probably count them on one hand, and you're supposed to do this with other people's billions of dollars, just was to find these people and then just trust them.

51. 27:50Quote

    How about go fuck yourself with the trust, how about nobody's in charge, how about you're in charge of your own thing.

52. 29:20Claim

    Very often you'll hear well the people that were super early, they did really well, but now those opportunities are gone, yeah, if you've seen the capitulation of so many people recently who are giving in, who are realizing I was wrong, I don't want to be wrong, I can feel wrong for 15 years but 16, that's a bit of a bummer.

53. 29:20Analogy

    You're trying to make the horse and buggy better, and not even the horse and buggy, you're trying to make a fucking Tom Sawyer raft better, meanwhile we got flying cars and you're just stuck on this raft going, man, if we tie it up this way it's gonna float way better.

54. 30:50Prediction

    If you were to start a fund in 2023 and Bitcoin continues as it has for the last 15 years, which is probably a pretty good bet, you take maybe five years of winning, you do better than 150% in five years and people think that you're a genius.

55. 30:50Claim

    This is not financial advice.

56. 32:20Quote

    You just have to be right once, that is the beauty, you just have to be right one time, do the work one time, as soon as you see it, it's over.

57. 32:20Claim

    It will always be better in every way on these ten things than any company that you could find, and until everything is repriced, guess what, you have to do nothing.

58. 32:20Analogy

    Would you go around bragging if you kept the shit out of like a four year old, not really, it doesn't seem fair, once you see the thing.

59. 33:51Quote

    Bitcoin only comes along once in a civilization, once in an extended order.