Jeff Booth on Technology-Driven Deflation, Bitcoin's Role in Global Markets, and Financial Systems
Summary
TLDRIn this insightful conversation, Michael Guad, the publisher of The Lead Lag Report, interviews Jeff Booth, a technology entrepreneur and author of 'The Price of Tomorrow'. They delve into the transformative potential of Bitcoin as a deflationary protocol, its resistance to centralization, and its role in fostering a free market. Booth highlights the importance of Bitcoin's decentralized nature in providing a secure and free communication platform on Noster, where users own their audience. The discussion also touches on the political implications of Bitcoin's growing influence and the challenges of valuing a technology that could redefine human abundance and freedom.
Takeaways
- 😀 Jeff Booth, a technology entrepreneur, discusses his transition to Noster, a platform built on Bitcoin's protocol, emphasizing the importance of decentralized communication and ownership of one's audience.
- 🔑 Noster is portrayed as an extension of Bitcoin's protocol, offering a decentralized and secure network where users own their audience and can't be shut off by any central authority.
- 💡 Booth highlights the deflationary nature of technology and the free market, contrasting it with the inflationary practices of central banks and the resulting distortions in the market.
- 📈 He argues that Bitcoin, as a protocol bound by energy, is repricing the world's assets, with all other prices falling relative to Bitcoin if it remains decentralized and secure.
- 🌐 The discussion touches on the vulnerabilities of centralized systems, using the example of CrowdStrike, to illustrate the power of decentralization in ensuring security and resilience.
- 💬 Booth criticizes the reliance on leaders, whether liked or disliked, as a form of centralization that goes against the principles of a free market and decentralization.
- 🚀 The script emphasizes the importance of understanding Bitcoin not just as a cryptocurrency but as a protocol that could redefine human history with its potential to enable global abundance and freedom.
- 💡 The conversation suggests that the true value of Bitcoin isn't measured in fiat terms but in its ability to provide a store of value that is not subject to the whims of central banks or political figures.
- 🌟 Booth's perspective is that Bitcoin is a 'new imposition of a ledger' that could lead to a future of human flourishing, which is a significant departure from the current financial paradigm.
- 🏦 The script also addresses the potential for Bitcoin to disrupt the existing financial system, with the acknowledgment that it challenges the status quo and could lead to a shift in power dynamics.
- 📚 Jeff Booth mentions his book 'The Price of Tomorrow', which delves into the economic implications of Bitcoin and the transition from a centralized to a decentralized financial system.
Q & A
What is the main topic of discussion in the interview with Jeff Booth?
-The main topic of discussion is the concept of Bitcoin as a deflationary technology and its role as a protocol for a decentralized and secure network, as well as its implications for the future of communication and the economy.
What is Noster and why did Jeff Booth pivot to this platform?
-Noster is a decentralized communication protocol that allows users to own their audience and not be controlled by any centralized entity. Jeff Booth pivoted to Noster because it aligns with his vision of a decentralized and secure communication system.
What does Jeff Booth believe about the natural state of the free market?
-Jeff Booth believes that the natural state of the free market is deflationary, meaning that the free market tends to decrease the prices of goods and services over time due to increased efficiency and competition.
What is the significance of Bitcoin's role in the deflationary process according to Jeff Booth?
-According to Jeff Booth, Bitcoin plays a significant role in the deflationary process as it is a protocol that is bounded by energy and cannot be centralized, thus providing a secure and decentralized store of value that is not subject to inflationary pressures.
What is the connection between technology and energy demand as discussed by Jeff Booth?
-Jeff Booth argues that technology, including Bitcoin, is deflationary and that it creates an abundance of energy by providing a constant demand for energy, which in turn drives innovation and efficiency in energy production.
How does Jeff Booth view the relationship between Bitcoin and other cryptocurrencies or technologies?
-Jeff Booth views Bitcoin as a unique protocol that is different from other cryptocurrencies or technologies. He believes that Bitcoin's value is not in competition with these but rather that it stands alone as a decentralized and secure system that reprices the world's assets.
What does Jeff Booth think about the current financial system and its reliance on debt?
-Jeff Booth believes that the current financial system is unsustainable due to its reliance on debt, which is already insolvent. He sees Bitcoin as a solution that can provide a more stable and honest financial system.
What is the concept of 'the price of tomorrow' as mentioned in the script?
-The concept of 'the price of tomorrow' refers to Jeff Booth's book where he discusses the future of the economy and the role of Bitcoin in shaping a new financial system that is not based on the current inflationary monetary system.
How does Jeff Booth perceive the role of politicians in relation to Bitcoin and the cryptocurrency community?
-Jeff Booth perceives politicians' engagement with Bitcoin and the cryptocurrency community as a strategic move to gain votes and appeal to a growing demographic that values decentralization and freedom. However, he also notes that some politicians may not fully understand or support the principles of Bitcoin.
What is Jeff Booth's view on the potential of Bitcoin as a global currency?
-Jeff Booth sees Bitcoin's potential as a global currency that can provide abundance and freedom to people worldwide. He believes that Bitcoin's transition to a currency is inevitable and will be accelerated by the technology and ecosystem being built around it.
What are Jeff Booth's thoughts on the future of Bitcoin and its impact on the world economy?
-Jeff Booth believes that Bitcoin will continue to grow in importance and will reprice the world economy, providing a more honest and decentralized system of value that is not subject to the manipulations of central banks and governments.
Outlines
🤝 Introduction to Jeff Booth and Noster
The video begins with an introduction to Michael Guad, the publisher of The Lead Lag Report, and his guest, Jeff Booth, a technology entrepreneur and author of 'The Price of Tomorrow.' Jeff has transitioned to a platform called Noster, which is a decentralized communication protocol that allows users to own their audience and switch clients without losing followers. The conversation hints at the importance of decentralization in the context of free market principles and the contrast between controlled systems and free market dynamics.
💡 The Concept of Deflation and Bitcoin's Role
This paragraph delves into the concept of deflation as the natural state of the free market, with technology being deflationary. Jeff Booth discusses his realization of Bitcoin's potential as a protocol that counters inflationary systems. He emphasizes the importance of understanding Bitcoin not just as a cryptocurrency but as a transformative protocol that enables a decentralized and secure network, leading to a discussion on the implications of decentralization for energy and inflation expectations.
🌟 Bitcoin's Impact on Energy and Centralization
Jeff Booth discusses the relationship between Bitcoin and energy, arguing that Bitcoin's energy consumption is misunderstood and is, in fact, a catalyst for creating an energy-abundant economy. He explains that Bitcoin miners are incentivized to find and utilize cheap energy, which can then be sold to others, thereby decentralizing the energy market. The paragraph highlights the broader implications of Bitcoin's role in challenging centralized systems and the potential for it to reprice the world's assets.
🏘️ Real Estate, Stocks, and Bitcoin's Valuation
The speaker uses the example of real estate to illustrate the flawed perception of value in traditional assets compared to Bitcoin. He points out that while the nominal price of his house has increased in fiat terms, its value in Bitcoin has significantly decreased, reflecting the true store of value that Bitcoin represents. The paragraph also touches on the inefficiency of stocks and other assets when compared to Bitcoin and the strategic approach of investing in Bitcoin-related companies to potentially achieve higher returns.
🛡️ Bitcoin's Decentralization and Security
Jeff Booth addresses concerns about potential centralization in Bitcoin, particularly at the layer two level, which could undermine its decentralized nature. He emphasizes the importance of maintaining Bitcoin's security and decentralization to ensure it remains a reliable store of value and a catalyst for human freedom and market abundance. The discussion also includes the impact of political figures on cryptocurrency and the strategic importance of Bitcoin's role in the global financial ecosystem.
📈 Bitcoin's Valuation and Global Economic Impact
The speaker provides a detailed analysis of Bitcoin's potential valuation based on the global financial ledger and the current debt levels. He suggests that Bitcoin's value, when compared to the world's assets and liabilities, could be significantly higher than its current market price. The paragraph discusses the potential for Bitcoin to reprice the world's assets and the importance of understanding its role as a new form of ledger that could redefine human history.
🗳️ Politics, Bitcoin, and the Future of Abundance
In the final paragraph, Jeff Booth discusses the political implications of Bitcoin, noting how politicians are beginning to recognize the influence of the cryptocurrency community. He highlights the game theory at play as politicians attempt to appeal to Bitcoiners, while also considering the broader impact of Bitcoin as a catalyst for global abundance and freedom. The conversation concludes with a reflection on the transformative potential of Bitcoin and the importance of continuing to innovate and support its growth.
Mindmap
Keywords
💡Decentralization
💡Inflation
💡Deflation
💡Bitcoin
💡Protocol
💡Noster
💡Energy
💡Centralization
💡Free Market
💡Productivity
💡Venture Capital
Highlights
Introduction of Jeff Booth as a technology entrepreneur and author of 'The Price of Tomorrow'.
Jeff's perspective on the natural deflationary state of the free market and its implications for technology and control systems.
The role of Bitcoin as a protocol and its significance in the transition to a decentralized and secure network.
Noster as an extension of Bitcoin's protocol, enabling users to own their audience and switch clients without losing followers.
Discussion on the importance of decentralization for secure communication and the critique of centralized platforms.
Jeff's thoughts on the reaction of Bitcoin to the CrowdStrike incident as a reminder of decentralization's power.
The concept of Bitcoin as a new layer of understanding beyond just a cryptocurrency.
Jeff's explanation of how Bitcoin's energy usage is misunderstood and its actual role in creating energy abundance.
The potential of Bitcoin to reprice the world's assets and the implications for inflation and deflation.
Critique of the focus on price targets in Bitcoin discussions and the emphasis on understanding Bitcoin's fundamental value.
Jeff's view on the political implications of Bitcoin and how politicians are beginning to engage with cryptocurrency.
The unstoppable nature of Bitcoin's ecosystem growth and its impact on global voting blocks.
Discussion on the potential for Bitcoin to serve as a global currency and the technology accelerating this transition.
Jeff's insights into the challenges of transitioning from a centralized system to a decentralized one like Bitcoin.
The importance of Bitcoin's resilience against centralization and control as a critical factor in its value.
Jeff's reflections on his journey with Bitcoin and his realization of its significance beyond economic gains.
Announcement of Jeff's intention to write another book delving deeper into Bitcoin's impact on human abundance and freedom.
Transcripts
[Music]
my name is michael' guad publisher of
the lead lag report joining me for the
roughly 40 minute time period is Mr Jeff
Booth I A lot of people are familiar
with and who a lot of people may not be
aware is now on Noster um which I don't
know all that much about I have some
rough idea but uh Jeff for those who
don't know about you and have no idea
what Noster is introduce yourself and
why in the world you to just pivot to
that
platform uh first I'm technology
entrepreneur uh that that uh saw saw the
transition of systems between so it
first I'd say saw uh technology was
deflationary the free Mark the natural
state of the free market is
deflationary um and that mean everything
that was working against that was not a
free market it was a control system I I
wrote extensively about that in in my
book the price of tomorrow um and then
found and through that process really
investigated Bitcoin at first principles
to understand that it was a transition
it was solving that in congruency um
through a different system change and
most people couldn't see it uh but
became quite active in Bitcoin um and
then started to see Bitcoin as protocol
and Noster is just an extension another
layer of that protocol of Communications
on on top of on top of a decentralized
and secure network and what that means
on Noster specifically is nobody can
turn you off um you own your audience
forever um because it's at the protocol
level if you want to clients are
competing for you instead of um instead
of capturing your attention so you're
building audiences on their platforms
they're competing for you and those and
that means if you want to move to a
different client let's say if x was on
no Noster if you wanted to move to so
and that X started limiting your your
views on Noster you could just switch to
a different company tomorrow and all of
your followers would come with you so
it's a critical critical aspect of uh
security uh Freedom communication to be
able to to say what you want in a free
market in a in in uh in somebody that
doesn't have centralized control over
you better to trust uh decentralization
than Elon Musk is what I'm hearing from
you yeah and and whether you like Elon
Musk dislike Elon Musk you just have a
different leader that tells you what to
do and all of the algorithms are
reinforced and it's amazing to me
watching how many people are convinced
that their guy or their girl is the one
that's going to save them and it's just
a different flavor of a different leader
so uh which which is a natural function
of a distorted Market centralizing
through manipulated
money so speaking about centralization I
put a piece out on the lead lager where
we talk about crowd strike and uh
basically the reaction of Bitcoin as
grow crowd strike took place because it
was a reminder of the power of
decentralization and you know the
vulnerabilities to the system when you
have a bug that brings down entire
airplanes in terms of even being able to
fly um I'm curious just to get your
reaction or thoughts to that moment in
time if that was sort of a maybe a
catalyst or light bulb moment for those
that have been on the sidelines when it
comes to bitcoin saying you know what
there's something to decentralization
and this distributed Ledger after
all yeah and and I I don't know
everybody's journey into Bitcoin is
different um and and I I tend to look at
it as layers of understanding and lot of
through those layers you some people see
it as a cryptocurrency rather than a
protocol um and then if you saw it as a
cryptocurrency or a new technology
rather than a protocol it would make
perfect sense to be able to oh which
other which new technology to that is
going to beat that and you'd invest in
salana and ethereum and you be oh you be
talking
cryptocurrency when you see it as a
protocol that's bounded by energy and is
compromising and it's decentralizing in
security then all of the people
measuring the world through a piece of
paper that's being
manipulated so prices go up that makes
sense too and so so I would say if you
really understand this you don't measure
Bitcoin in price of Fiat because that's
just an abstract concept so you you
prices don't go bitcoin price isn't
going up it's the free market and it's
it in it's in a form that we've never
seen as humans before it's decentralized
and secure and that means all things are
falling in price against Bitcoin and
they will forever as long as it stays
decentralized and secure and I had
nobody debate me or truly debate debate
me on is the free market deflationary
because it is we we create value for
each other and the output of that value
because we're competing against things
that came before we use the things that
give us more value in fact while you're
using restream right now and can touch
millions of people where you couldn't
before is because it gives you more
value than what came before and so we're
part of the equation that the output is
more deflation and when you have
technology that's exploding and giving
us more tools to create more Automation
and more more efficiency then that
productivity is faster deflation so
remember most people are measuring the
world through through an inflationary
monetary system thinking prices are
going up whereas if you're on a protocol
that's bounded by energy that cannot be
to uh uh cannot be centralized then all
prices are falling relative to to to
that protocol um and it doesn't care it
doesn't care if you want to measure if
it doesn't care about trump it doesn't
care about Biden doesn't care about
Harris it doesn't care about how many
pieces of paper the Central Bank uh
Prince tomorrow it just doesn't care
it's measuring the truth in the world
because it's bounded by energy and it's
decentralized all right so let's let's
play with that because I think the I'm
I'm with you Tech is deflationary the um
the complication made is that um certain
types of tech look like they're going to
be extraordinarily uh energy uh
intensive right I'm speaking more
towards AI um we debate the Bitcoin
electricity energy usage from here to
tomorrow but um how do you think about
sort of the link between uh technology
and uh demand for energy to actually run
that because energy is directly tied to
inflation expectations so let's connect
it all together right so so but before
you just leave me on the screen because
I want to talk this through it's so
critical we have an abundant we have
abundance of energy on the planet
today um we have the capital cost to get
energy and the centralization of energy
is what Co what creates the cost of
energy and so if you just simply said do
we have so so we use more energy and we
and entrepreneurs find more creative
ways to extract more energy right that's
the process of energy and energy equals
life so we we have an abundance of
energy hitting this planet every day um
that we don't harness very uh very well
and and uh through human kind of all
human growth we've always been kind of
short energy and we find more energy
uses now let's take Bitcoin for an
example as as an example of what most
people would say about Bitcoin is from
the system and they would say Bitcoin
consumes energy and that's bad for the
planet that's insane be from A system
that has to grow forever on a finite
Planet by creating more pieces of paper
so in other words we're all M mice on
Wheels going faster and faster because
somebody can just stort our time by
printing more pieces of paper to
artificially grow forever and the output
of that growth is actually
centralization because you're stealing
the productivity from billions of people
that should flow to them to centralize
it up now let's say look at Bitcoin as a
free market actor solving that problem
instead of saying energy um be um
because alone this new system is so
complicated and people don't understand
energy very well either let's say Brad
and Michael you own a bakery and
tomorrow I come into the bakery and
every day you throw what you can't use
at the end of the day or don't sell at
the end of the day and tomorrow I come
in and I say listen Michael I'm gonna uh
I'm G to buy everything that you can't
uh can't sell I just want a discount for
it so I'll buy the your excess bread I
show up and I buy it the next day you
produce two times I show up and I buy it
the next day you produce 10 times I show
up and I buy it the next day you buy a
whole bunch more equipment and ovens and
and bread makers and you hire more
people to make a h hundred times more
bread I show up and I buy it um now
insert and so you create an abundance of
bread now insert
energy for uh for for bread and you
create energy abundance by having a
buyer all of the time
247 that's that is unencumbered by
whatever all the
centralization Abundant energy and
you're creating abundant energy through
Bitcoin by the way I'm on the board of
core scientific and what they're doing
is then they're taking that that energy
that they create abundant energy and
then they're selling it to higher biders
in Ai and
compute um or because and even you
forget higher biders in Ai and compute
um they uh um if you if you just said
Bitcoin couldn't operate could couldn't
couldn't pay as much as you would use
for turning on your lights they're
always looking for cheaper and cheaper
price so you have a free market actor
that creates the capital capital
efficiency to create abundant energy all
over the world and then they're selling
it to higher forms of energy or other
people who need more energy and they're
taking those Bitcoin Miners and they're
doing it again and again so it's
decentralizing energy as well um and a
bigger bigger idea of the whole thing
is it forces the free market forces the
free market prices of energy and
everything else on top of that to to the
marginal cost of production or the free
and prices fall so when people are
measuring inflation they should be
measuring it from about I I would guess
about Nega 5% so the theft in money is
not from zero it's from the natural rate
of productivity in the market without
the misallocated capital that is being
created to be able to make prices go up
the centralization function so the true
rate of productivity is way higher than
people realize that means the higher
rate of theft from the from the system
they're measuring from is true too um
and this keeps on going forever so that
as long as Bitcoin stays decentralized
and secure it is repricing the world if
you want to price it from your abstract
piece of paper or a control system you
can but what that means as well is
you're giving the system you hate more
energy to steal more energy from
you let's continue along this Tech is
deflationary theme because the
implication there of course is rates are
going to fall across the board uh and US
government can keep on doing its Prof at
spending because technolog is basically
allowing them to to some extent um keep
wait wait keep going on that and you
won't notice right okay correct and you
won't that's the more important thing
because you're measuring inflation from
zero so you won't notice how much is
being stolen from
you in an odd way doesn't
that doesn't that keep the policy makers
in power it doesn't change the fat
Dynamic then at all because they can
just keep on leveraging and leveraging
Ling yes that's why most people be
trapped and most people measuring
interest rates and most people thinking
that Powell can do anything they'll
they'll measure Bitcoin they'll think
Bitcoin is going up relative to fat
currency and what they're doing is
saying I'm going to trade a protocol
something bounded by energy for a piece
of paper so I can run my life that's
what they're doing because they'll
they'll falsely believe that uh and most
people I say most bitcoiners are still
measuring price go up in Fiat terms
which is insane which is absolutely
insane because you're you're saying I
want my price to go up in a piece of
paper that's going
down you're reinforcing you're
reinforcing the ex existing Paradigm um
and and if all you have to do is say is
the natural state of the free market
deflation and yes or no if yes then the
only and and throughout 5,000 years of
human history all monies have always
been centralized in
control then you know Bitcoin will try
to be people will try to centralize in
control too because human nature you can
have so much power by trying to do that
and Bitcoin has with stood that that
centralization for 15 years and is
continuing to and so you have a paradigm
of a whole bunch of people in the system
measuring in US dollars or Canadian
dollars or Turkish Lura thinking Bitcoin
pric is going up when actually all
prices against it are falling and they
will
forever so I know it's clearly not an
Apples to Apples comparison but I think
everything you're saying can apply to
let's just say stocks or other asset
classes where yes you're not bound by a
hard limit in terms of the number of
shares outstanding but there's certainly
incentives for BuyBacks there's
certainly other things that
so so so do the actual work on this and
actually prove the thesis so people are
asking when is it happening well it's
happening so this this house I'm sitting
in right now in Fiat in Fiat dollars was
$1.4 Million four years ago and is now
$2.1 million so it looks it appears as
it's going up and so what do people do I
need to buy real estate to be able to
protect my wealth in going up they're
doing the same thing with stocks and
look at this house in Bitcoin terms and
this house went from 300 Bitcoin to 22
Bitcoin and in four years this house
will be worth two Bitcoin and and so is
this house and so why do people buy
houses they're buying houses as a store
of value because their store of value
and their currency is a terrible store
of value so they're putting their energy
into a house because they think that
it's going up when it's actually
reinforcing what I just said and the
same thing for all all stocks they're
actually inefficient trades against
against Bitcoin they're terrible trades
against
Bitcoin so so all of those games just
remember what's happening and we're
biased to believe that other system
right all of those trades are are you're
losing money against Bitcoin why we
created a venture capital company only
investing in Bitcoin companies is
because the only way to bit beat Bitcoin
returns is to have companies that are
profitable in growing that ecosystem and
denominating their B Bitcoin balance
sheets in Bitcoin and so they're growing
and you have a venture type Returns on
top of venture on the top of a venture
type of asset by creating the
transition of of of uh of Bitcoin and
what we're talking
about the uh Point uh being made by
Andrew on YouTube on a Shar the screen
here uh bitcoin's Layer Two could be the
attack Vector for centralization you
know this a lot better than I do so
that's awesome yeah let let's explain
that first yeah so love this question
and and and and stay with me on screen
just so we kind I'm talking uh with you
on on this so so if you knew
that uh that Bitcoin at layer one
couldn't be attacked it get more and
more and you can prove this you can you
don't ver like uh you don't have to take
my words for it you can look at the
evidence of more energy and more
decentralization on layer one over the
course of the entire and it keeps on
getting more and more decentralized and
secure on on layer one so if you were a
government state actor any government
state actor and you said there's no way
we can kill this thing and it removes
our ability to usurp power from our
individuals they're trapped in our
system and we're stealing their economic
energy and we're stealing from them
calling it a political system when it's
really a control system and it's getting
worse and worse and the only way that
that doesn't go so then we have to
convince them to go to war to kind of
reset this system that's the path this
craziness is on and most people inside
that system think that there's a leader
that's going to change that system when
there isn't it just makes it's all
theater right and those highly paid
actors in that theater um are are paid
from
you sealing that money because if it was
just taxes I'm actually have no problem
specifically with taxes myself um but if
it because at least that was honest they
asked the voters it's the dishonesty of
the inflation that's from the
productivity rate which as I said
probably negative 5% it's that bucket of
money which is way bigger than the taxes
which is stealing people's time and
energy and they're so fearful they're
voting for other people within that
system to to who gets more of the riches
that comes from you so if if that's the
way the world's always looked and you
had this decentralized and secure uh
protocol at layer one then then you
would have to expect if you couldn't
attack it at layer one you would have to
and and some of those attack vectors
were um uh and some of those attack
vectors were um kind of the nonsense
around energy usage and everything
else um you would have to attack it at
layer two and then and Layer Two is if
everyone thought US dollar was the
currency on top of Bitcoin Bitcoin would
just look like
gold and then it would be centralized
and it would it wouldn't act as a store
of value so that's happening right now
speaking of nonsense that's a good word
to transition um I I have a a uh I have
this problem where I don't like price
targets right and I know everyone loves
price
targets I would have an issue when it
comes to any discussion around Bitcoin
when people say well you know Bitcoin is
gonna reach a million by year end and
that doesn't get there ah it's going to
be this year then this year then this
year and it just seems like it's just
extreme talking points to be extreme
this it be
um having said that you can make an
argument for a trajectory just not
necessarily a level when you think about
Bitcoin you're looking at from an
investment perspective as I understand
it there are plenty of people that look
at from a trading perspective yeah I'm
actually not looking at it an investment
perspective either I'm looking at it a
as a as a as a new imposition of of a
ledger that gives human freedom and free
market for 8 billion people to thrive
abundance for 8 billion people that's
what I'm looking I it is as far as an
investment sure it's a fantastic
investment but but when you think about
investment you're thinking typically
you're trying to trade it for something
else right and then your trading is just
a shorter term window on that investment
so I just wanted to clarify that I'm
looking at this is is a protocol bounded
by energy that changes the course of of
human hisory
the future of humans that we've never
been able to see
before which that which then brings with
the question how do you properly even
think about valuing it so I understand
what you're saying as far as it being
relativ De Fe it and it's a different
mindset sure but presumably there is
there is some overvaluation range or
undervaluation range and again stay with
me for this because this is so this is
how I never say price targets but I just
so but in that's why I
like but be but instead of saying what
is what is price target of your current
environment and your current environment
you're living in and so you're you if if
this is true if this truly is
decentralized it's the first time humans
have ever seen
it um so that would be really hard to
see for everyone because you don't have
a you don't have the mental lattice in
your brain to be able to compare this
and all of our history books are on top
of the old systems so you don't have so
you have to think in first principles of
what this means what it imposes to the
world we've always looked at and all of
our models from that world that come
from our understanding of that world if
this is truly new now in what I just
said Michael it's important is this
truly new is this truly decentralized is
it
secure I would say can it withstand all
of the attack factors this is this is
the the part of my work that I went so
deep on to understand why it truly was
because lots of hype men over the
history have said this is truly new and
it turns out to be the same old Paradigm
but but in my opinion this is truly new
then how would you look at it we live in
a world with $900 trillion of kind of
asset $900 trillion balance sheet about
$400 trillion of that is debt globally
um that's without unfunded liabilities
so um but 900 trillion and 400 trillion
of debt the 400 trillion of debt is in
solvent already and it's only solvent
because we allow governments to print
more money to pretend it's
solvent um and just before I go further
just let me clarify with you does that
sound right to
you yeah it sounds roughly as far as the
numbers go sure okay okay so we know 400
trillion is insolvent and um and 900
trillion is roughly numbers it's hard to
get the exact numbers but about 400
trillion um of De is INS solvent so what
does that mean into to how you would
operate your life in that you could take
the Ledger of 900 trillion and 400
trillion liabilities and you could say
my part of that ledger is X right if I
have a million dollar that's how much of
ownership of that ledger I
have now now we know as well in that
existing system that that it won't be
900 trillion in 5 years and it won't be
400 trillion of debt in 5 years that the
900 trillion will probably be closer to
two
quadrillion um so and the debt might be
1.5 quadrillion of it because it has to
monetize that debt it has to drive
inflation which is a centralizing
function again and it has to get worse
and worse we also know most people are
measuring all of their assets within
that by that same measure so if you just
did this and took 900 trillion divided
by 21 million to get the purchasing
power of the relative ledgers that would
be about $43 million per Bitcoin and the
only thing to get there it might take a
long time to get there but the only
thing that would would would invalidate
what I just said is if bit if Bitcoin um
lost its decentralization and security
if somebody co-opted it but otherwise it
would it will repic that 900 trillion
and today's purchasing power not value
not price because you're measuring price
from the others would be relative to
about $43 million of today's purchasing
power but if you fast forward five years
and the the balance sheet is two
quadrillion um and most and and just
more pieces of paper and more Datt uh in
instruments make that go up then that
that value of Bitcoin at that time is
that much higher and people wouldn't
understand the relative Val value of the
purchasing power just like they don't
understand the relative value of a
dollar isn't the same dollar as it was
50 years ago it's lost most of its value
and so they're going to have a really
hard time con and then tied into that
you could create a whole bunch of views
by saying bitcoin's going to be $43
million tomorrow um and and and then and
and and and so that's why I hate price
targets but but but I talk about the
ledgers what do they mean as long as
this is an honest Ledger it is repricing
the dishonest one and it doesn't matter
what the dishonest one does and all of
your assets within the dishonest one are
also subject that revaluation just like
my house
is um since you mentioned the word
dishonest we should talk about
politicians okay given uh given this
there's a lot of headlin around Trump at
the Bitcoin conference and then there
was that post around Cala looking to in
quotes reset relationships with the
cryptocurrency community um I'm I'm
cynical like you are all this stuff I
this is just playing politics to try to
get younger voters I think largely but
um any thoughts on sort of the the the
way that the poit political side now is
starting to more aggressively
communicate around Bitcoin and if it has
any implications of sort of speed of a
option yeah so it's this is Game Theory
um and just the politicians starting to
mention it means because there's so many
bitcoiners that now know what I know the
key part of the decentralization and
security is once you know what it means
all of your energy starts to go in and
defend that and create more technology
on top of it to so so there is a giant
group of people globally that is
defending this network and innovating on
top of it and that's coming in now
layers and the the explosion of this
ecosystem which most people are
completely detached from is Unstoppable
that also means that that becomes vote
those become voting blocks all over the
world that you can't get elected unless
you you you move to those people because
they don't care about politics they care
about this and if a politician is going
to get those votes they have to be
outside so you have this game theory
accelerating all over the world to try
to gain those votes and try to
essentially move
to freedom and and abundance because
those people and and there's Millions
strong now all over the world know
what's up know know that the control
system and what it's doing so now now
how how does that look from that control
system yes a lot of those people inside
that control system are just trying to
play games to try to appeal to those
voters and it's more theater or some are
how do we control Bitcoin Layer Two and
and tie it to the US dollar so we can
repeat what we did to go we went from
gold to Petr dollar system back to
bitcoin so we can keep doing this so
there's a bunch of that as well well at
the same time this transition is moving
to a currency it's moving to a currency
globally not just a store value but a
currency and all of the technology
that's being built on top is
accelerating that path
um the so if I said in the US Politics
the only person who really understands
this right now and who if I was in the
US I would vote is RFK RFK Jr the in
fact I was his first Bitcoin transaction
and he's done the work he knows how bad
the the kind of the state operatus is
and he's done the work he understands
what this means um whether he gets
elected or not that's but in time it
doesn't matter who's elected this is
happening anyways it's not negotiating
with those people now just like if you
were in North Korea and you didn't have
the internet an elected leader could
stop this from happening within a
country but they can't stop it from
happening globally so all they can do is
hurt their citizens by not adopting
it I got a few minutes left I want you
to hit on uh the price of tomorrow uh
and explain what are is you covered and
talk through if you're going to have
another book after
that um I wasn't going to have another
book I think I'm just started writing
another book and it and and so this book
left off and it left with that uh that
conundrum that that that that how do you
move from A system that usurped all of
our control Power and got centralized
and got worse um and how it had to
divide us from each other and make and
and our division from within that system
would drive more views and more power
from within that system and all of those
things would make it stronger how could
you move to a system that was that was
aligned with a free market that gave
abundance to eight billion people on
this planet how could you move from one
system to another and so I only had
Bitcoin as as a paragraph in the in uh
at the end of the book and I and I did
that intentionally I wanted to
understand the system problem from first
principles and then pose it as a
question how could you solve it when all
of the encumbered interests were inside
the existing system why most people
wouldn't see it um and why um but as I
was uh and to be honest at that time
while I held Bitcoin um and I didn't
want to bias my opinions of it I um I
thought there I thought there was at
least a 5% probability that Bitcoin
would be centralized or controlled in
time
and and it was and here's the irony
Michael I didn't uh it wasn't a 5%
probability it was my misunderstanding
of Bitcoin that was that gave it a 5%
probability of essentially failing in in
time and as I tried
to as as I tried to take a steel man to
my argument and tried to argue it from
the other perspective and try and what
would happen I became more and more
convinced that this is this is a
discovery that can never be Discover it
again it is one one of those things that
is so important and my time on it and
and and and actually jumping in and
spending more of my time in it helping
it become decentralized helping it move
to a currency um was uh was important
and through so I said everybody goes
through their journey and they see how
where where that goes and just um and
and I understand all the reservations
for the system because I had them too
and I was looking to so the book just
kind of walks through why a new system
is needed to allow the abundance gained
from our technology to flow to us and
then and then as I went deeper and
deeper and deeper it means way more than
just how people are measuring it through
an economic system today and how much
money they're going to make in Bitcoin
it means so much more it is literally
human abundance and freedom described
onto this protocol that's bounded by
energy um and we're in early in that
process so the next book is going to
going to move to the uh move deeper into
that I'll leave it with this final
comment Jeff Booth for
president I think he's got to be born in
the US for that but I thly appreciate
the uh the sense but there everybody
please make sure you follow Jeff Booth
on Noster uh and of course on X he's
still there but nosters where's Miss
stuff out check out the prices tomorrow
hopefully I'll see you all another
episode of lead lag live and appreciate
those that watch this during the stream
thank you Jeff appreciate it great
seeing you again
thanks e
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