02.15.22 Entry

Every passage, on the record.

1. 00:00Event

   It is the Canadian government coming out saying that they are going to increase the size and scope of their ability to shut down payments, to monitor payments to crowd fundraising, because of the amount of energy that has come in through the Bitcoin crowdfunding effort.

2. 00:36Claim · condensed

   Any chance that the government takes to try and shut down Bitcoin is only an advertisement for why it can't be done, because the attempt eventually fails.

3. 00:36Quote

   in all news is good news for Bitcoin

4. 00:36Claim · condensed

   The Canadian government will not be able to keep the crackdown up because of the game theory that comes from the incentives inside of the Bitcoin protocol.

5. 01:16Claim · condensed

   All Bitcoin transactions are public record; there is no hiding, because it is the nature of the open source, transparent time chain.

6. 02:32Prediction · condensed

   On a long enough time frame, individuals in Canada who have understood how to use Bitcoin will positively outweigh those who have not had that opportunity.

7. 02:32Analogy · condensed

   If you see your neighbor doing extremely well while you are suffering, over time you're likely to inquire why, and where their prosperity outside the current system is coming from.

8. 03:41Claim · condensed

   Bitcoin's permissionlessness is what allows decentralization, and through decentralization it needs less and less permission over time, getting stronger as decentralization increases.

9. 03:41Quote

   so incredibly easy to copy, really hard to alter

10. 04:11Claim · condensed

    Participating in the Bitcoin network means agreeing not to alter the code; if you alter it, it's no longer Bitcoin, it's something else.

11. 04:11Claim · condensed

    The simpler and smaller you keep the base layer, and the fewer requirements you put on running a full node, the smaller the attack surface, the cheaper and more accessible it is to run, and the more decentralized the network is likely to become.

12. 05:30Claim · condensed

    The Canadian government can restrict buying or selling Bitcoin on an exchange, but it cannot regulate whether or not you can access the Bitcoin network itself.

13. 05:30Idea

    Compare that to a dino cryptocurrency, a decentralized in name only cryptocurrency like Ethereum or any of the other competitors, where the ability to shut them down and regulate them is significantly higher.

14. 05:30Claim · condensed

    A lot of people who buy a coin just because they heard the word decentralized assume it's comparable to Bitcoin, but it is not, and the Canadian crackdown is the test case that will make that difference obvious.

15. 06:24Idea

    Intelligent investors inside Canada will see that there is only one escape valve, only one escape hatch, that thing they can flood towards and it can't be stopped.

16. 06:24Prediction · condensed

    The Canadian government will probably have to come up with solutions to problems other countries haven't had if it cuts off exchange access or bank account outflows.

17. 07:35Event · condensed

    Jon Stewart interviewed the former president of the Federal Reserve Bank of Kansas City, apparently for his own podcast, and the guest said the quiet part out loud about how the dollar system works.

18. 07:35Reference

    Jon Stewart, who was speaking with the former president of the Federal Reserve Bank of Kansas City.

19. 07:35Reference

    the former president of the Federal Reserve Bank of Kansas City

20. 08:34Claim · condensed

    The entire US dollar system is backed by nothing except trust in the currency, and the former Kansas City Fed president says this quiet part out loud, freely, on camera.

21. 08:34Idea · condensed

    You can see the orange pill happening, you can see this is now trickling into the normie world, and it becomes easier for normal individuals to start to understand proof of work by watching Jon Stewart's reaction on camera.

22. 09:33Claim · condensed

    Through expending energy to defend the network, proof of work lets human civilization access more energy, and the more energy access we have, the cheaper it gets, the better everyone's standard of living becomes.

23. 09:33Quote

    we cannot rearrange or change the laws of physics to suit our needs, and that includes the creation of money

24. 10:46Claim · condensed

    In a fiat system or a proof of stake system, you cannot see your attacker; it is not immediately obvious who is responsible for debasing the currency because the system is muddled and unclear.

25. 11:37Claim · condensed

    A 51 percent attack was easier to imagine years ago, but the network is now so large and so defended through miners spread across the world that it is near impossible to pull off in a single jurisdiction.

26. 11:37Analogy · condensed

    You would be able to see a 51 percent attack's hash power mounting the way you could see Russian forces building up on the Ukraine border, physically, in a specific area, before it happened.

27. 13:07Claim · condensed

    Taxation and inflation were a necessary showing point for survival, a way to acquire and transform energy reserves for society; as soon as a more efficient way to transform and access energy reserves exists, the old system dies off to that evolution.

28. 14:03Analogy · condensed

    This news is just adding to the snowball as it rolls further and further down the hill.

29. 14:03Reference

    Michael Saylor: miners that hodl their Bitcoin will get paid forever.

30. 14:03Prediction

    We've seen the majority of, well, not the majority, a significant amount of the public miners come out over the past 18 months and say that they are no longer selling their Bitcoin, and miners that hodl their Bitcoin will get paid forever.

31. 14:03Quote

    miners that hodl their Bitcoin will get paid forever

32. 15:12Claim · condensed

    At a certain point any entity will pay any price to save itself, and banks will need Bitcoin in order to survive and will adapt to find a way to pay for it.

33. 15:12Quote

    any entity will pay any price to save itself

34. 15:43Prediction · condensed

    In the future, banks will need to have Bitcoin on the balance sheet in order to operate and to play a part in the next wave of monetary energy storage, whether that comes through collateralized loans or interest bearing accounts.

35. 15:43Open question · condensed

    Where is that point going to be, when banks have to hold Bitcoin to survive? We don't know.

36. 15:43Reference

    your marathons or your Riots or any of the large scale Bitcoin miners

37. 15:43Reference

    your marathons or your Riots or any of the large scale Bitcoin miners

38. 16:27Prediction

    Banks, or the exchanges that become banks, will have to offer incentives to coax individuals to release their Bitcoin from cold storage and start to employ it in the real economy.

39. 16:27Claim · condensed

    A legacy brick and mortar branch network becomes a liability rather than an asset, because the advantage goes to companies that have been in the space longer and can morph as things change, and the industry can look completely different 60 days from now.

40. 16:27Quote

    your brick and mortar network of branches around the world becomes a liability rather than an asset

41. 16:27Claim · condensed

    Holding Bitcoin is proof that you understood energy allocation and made the smartest play earlier than other people, and that skill in energy allocation is what allows disproportionately large gains in energy reserves.

42. 16:27Reference

    really what Michael is talking about here

43. 17:57Prediction · condensed

    There will be a point where the play is no longer to accumulate and hold Bitcoin in cold storage; this is very close to the suddenly part of gradually then suddenly, and after that there will have to be a market for moving this stuff.

44. 18:41Reference

    the last one for the day is from at Bitcoin: the fiat inflation tsunami is coming.

45. 18:41Idea

    There's no better use of your energy reserves than trying to get as much of a land grab on the TASOE, the total accessible supply of energy, that is provided inside the Bitcoin network.

46. 18:41Claim · condensed

    The need for Bitcoin is only being realized in its very nascent stages in the normie world, and the world hasn't penetrated even 1 percent, so it's still the very early stages of just how powerful Bitcoin is going to be.

47. 18:41Quote

    the fiat inflation tsunami is coming. Absolutely, it cannot be stopped.

48. 18:41Prediction · condensed

    The more places like the Canadian crackdown happen without killing Bitcoin, the stronger it gets, the stronger the call gets, and the easier the pitch for Bitcoin becomes.

49. 19:43Idea

    All of the books that we always talk about are going to continue to increase in supply and efficacy of orange-pilling people as fast as we possibly can, and this stuff in the news only makes it easier and easier.

50. 19:43Reference

    there's more educational materials like the Bitcoin Standard, layered money

51. 19:43Reference

    there's more educational materials like the Bitcoin Standard, layered money

52. 19:43Claim · condensed

    None of this news is bearish; it is only bullish for Bitcoin.

53. 20:15Claim · condensed

    There's nothing against the thesis here; it's only pros for how quickly this is going to happen, because a G7 country going to war with Bitcoin accelerates the spotlight on it for people who may have missed it otherwise.

54. 20:15Quote

    It's it's it's a wild time