Bitcoin's Path To Global Dominance with Cory Klippsten
Summary
TLDRThe speakers enthusiastically discuss their optimistic vision for how Bitcoin and blockchain technology will profoundly improve global commerce and human cooperation. They foresee Bitcoin becoming a widely used medium of exchange and unit of account over the next 10-15 years. This will incentivize innovations that make cross-border transactions faster, cheaper, and more accessible. The speakers believe these technological advancements, combined with Bitcoin's ability to prevent wealth confiscation, will gradually shift behaviors towards more consensual, voluntary and peaceful economic interactions.
Takeaways
- 😊 Bitcoin as a store of value protects the downside and provides exit opportunities from tyranny
- 😎 Once Bitcoin's price dramatically increases, innovation in Bitcoin-based services will follow
- 🤔 Today Bitcoin is not the best tool for most medium of exchange use cases
- 😞 Bitcoin as a unitary account is still early and terrible
- 🔥 The shift to Bitcoin could happen suddenly once critical mass is reached
- 🌟 Bitcoin represents the start of the 'suddenly' after centuries of gradual progress
- 🎉 Borderless, decentralized technologies are making the world more connected
- 🙌 Voluntary exchange and consensus becomes more profitable without confiscation
- ☮️ Bitcoin disincentivizes violence by making it less profitable
- 🚀 We may be at the starting point of a major shift upwards for humanity
Q & A
What does the speaker believe will happen when the price of Bitcoin reaches $1 million per coin?
-The speaker believes that when Bitcoin's price hits $1 million, more people will have most of their net worth in Bitcoin. This will drive market demand for products and services that allow people to easily spend their Bitcoin, rather than selling it first. This demand will spur innovation and cost reductions to better facilitate Bitcoin payments and commerce.
How does the speaker summarize his views on what Bitcoin will lead to?
-The speaker summarizes that he sees Bitcoin being an incredible coordinating force and mechanism for commerce that leads to greater peace than we've had before. He is very optimistic about the positive impacts Bitcoin could have on the world.
Why does the speaker believe Bitcoin protects the downside for humanity?
-The speaker believes Bitcoin's properties as a store of value can protect humanity from severe economic downsides. It provides an exit opportunity and check on the power of those who would abuse state-controlled fiat money.
What does the speaker see as the main limitations of Bitcoin as a medium of exchange currently?
-The speaker acknowledges Bitcoin is not yet the best tool for most medium of exchange/payments use cases today. Limited adoption and infrastructure make it difficult and expensive to use Bitcoin for payments and remittances relative to other options in most situations currently.
How does the speaker explain the potential for a sudden increase in Bitcoin adoption?
-The speaker uses an analogy of technological progress throughout history, with extended flat periods followed by sudden exponential growth. He believes we may just now be hitting the exponential part of Bitcoin adoption, so what has seemed gradual could soon accelerate dramatically.
What innovations does the speaker cite that make cross-border interactions much easier now?
-The speaker cites recent innovations like video conferencing, social media alternatives, zaps and lens protocol making peer-to-peer cross-border interactions much more seamless than ever before.
How does the speaker believe Bitcoin could make violence less profitable?
-Since Bitcoin exists solely in a user's head, the speaker believes it moves the incentives away from violence. If someone is killed, their Bitcoin is lost forever. This makes violence less profitable than consensual, voluntary trade.
What does the speaker foresee as the endpoint for Bitcoin and humanity?
-The speaker believes humanity is at the starting point of a gradual then sudden advancement to the next level, facilitated by Bitcoin and related technologies lowering barriers and enabling more open, voluntary exchange between people globally.
What does the speaker mean when he talks about the prophecy of Bitcoin?
-He seems to be referring to his belief that as Bitcoin adoption increases, it will make violence and coercion less beneficial than peaceful, voluntary trade between individuals. This will be enabled by Bitcoin's decentralized nature.
How long does the speaker believe it will take for full global adoption of Bitcoin?
-The speaker estimates it will likely take around 80 years from Bitcoin's creation for it to reach full global saturation, due to it being a technological revolution that transforms societies gradually over generations.
Outlines
😊 Optimism about Bitcoin's potential to improve commerce and peace
The speaker is optimistic about Bitcoin's potential as a coordinating mechanism for commerce that could lead to greater peace. As a store of value, Bitcoin protects against tyranny and downside risks. As a medium of exchange, once more people have substantial net worth in Bitcoin, they will be more likely to spend it, fueling investment and innovation in services for the Bitcoin market.
🚀 Bitcoin adoption could happen suddenly after gradual build up
The speaker argues that Bitcoin adoption could happen suddenly after a long period of gradual progress, likening it to other technological revolutions that had a gradually then suddenly effect. Recent innovations enabling global communication and borderless transactions set the stage for this sudden shift once people realize the benefits of consensual, voluntary interactions.
Mindmap
Keywords
💡Bitcoin
💡store of value
💡medium of exchange
💡circularity
💡gradually, then suddenly
💡shelling point
💡obsolete borders
💡voluntary exchange
💡technological revolution
💡unitive accounting
Highlights
Bitcoin protects humanity's downside by being a store of value and exit opportunity from tyranny
Markets develop when there are venture-scale returns available from serving customer demand
As a store of value, Bitcoin is the best technology today, but not yet as a medium of exchange
Innovation in payments will happen when market demands to spend Bitcoin, not before
By 2035 most goods and services could be priced in satoshis globally
Bitcoin adoption has a long timeline, perhaps 80 years from start to full saturation
Technological progress happens gradually then suddenly - Bitcoin could be the 'suddenly'
Recent innovations like video calls make borders obsolete - a matter of time before voluntary exchange is seen as better
Bitcoin enables violence to become less profitable - it moves the shelling point away from aggression
We may be at the starting point of the 'gradually then suddenly' arc for humanity to reach the next level
Once it's harder to seize Bitcoins, economic interaction becomes more consensual and voluntary
There will be demand to spend Bitcoin once enough wealth is stored on the network
Timing innovation in payments perfectly requires starting after Bitcoin's rise but benefiting from previous work
Hobbyists are pushing Bitcoin payments now, but demand doesn't support it becoming widespread yet
The ability to exit abusive monetary regimes empowers people economically
Transcripts
what are you most optimistic about with
the idea that Bitcoin is is going to
ramp up what what do you think is going
to change in the world for the better
when that happens I mean we this is this
is the stuff we've been talking about
for years right
um so we get to wax philosophical a
little bit I mean I I've
always sort of summarized My Views which
are obviously like cliff notes of cliff
notes of every body else's views from
the hive mind but you know I just see
this being this incredible
coordinating force and mechanism for for
Commerce that leads to
peace to a greater degree than we've had
before right so I think I I I'm really
bullish on what happens I mean so you
protect the downside for Humanity by
having Bitcoin as a store of value and
being an exit opportunity and a check on
the tyranny of those who would abuse the
money frener so like that's kind of like
I always think about life in general and
business and Bitcoin and everything
about preventing dramatic moves to the
downside and then maximizing the number
and quality of your call options for
good good upside right
and so I feel like the store of value
thing kind of protects the downside and
then a lot of The Upside uh is store
value Rel but it's also medium of
exchange related so it's like once
Bitcoin hits a million dollars a coin
and there are a lot more people with you
know substantially all of their net
worth in Bitcoin that's essentially what
they have to spend and if it's easier to
just spend it than it is to sell it and
then spend the Fiat then they'll just
spend the Bitcoin and that's it's demand
from the market that causes investment
in products and services to serve that
market and so this is why the bcers were
all just wrong just basic economics and
you know sorry a little bit of B schol
doesn't hurt sometimes like or however
you want to learn it but learn that that
that markets generally develop when
there are Venture scale returns
available for investment in those
products and services and that means
that there has to be demand in the
market for that thing and so it's always
going to be kind of a hobbyist thing or
a uh you know a zealot Bitcoin psychos
you know trying to create Circ circular
economies or whatever until number goes
up dramatically and this is
because whereas Bitcoin as a store as a
technology for store of value
objectively if you understand it it's
the best tool for the job in the world
today if you understand all of the
different ways that you can do medium of
exchange or remittance or whatever there
are
some limited areas where today Bitcoin
is the best tool for the job but most of
the time it's not but it will be when
the market demands to spend Bitcoin and
a ton of innovation happens and costs
come down and we and we'll keep working
along the way because of the hobbyists
and because of the people like wanting
to be early and wanting to be first when
the market comes someone will get that
perfectly and time it perfectly and
maybe it's some of the lightling
companies that exist today but it might
be somebody that starts in
2026 that starts with a bunch of money
and a clean cap table and benefits from
standing on the shoulders of giants that
have been swinging at this thing for
eight years or nine years and that's
that's the set of companies that make it
but we have to be honest with ourselves
like it's not like Sergey at bit rale is
a bad bitcoiner it's that he has a
medium of exchange business like he
loves Bitcoin he'd much prefer to use
only Bitcoin and only oper Bitcoin but
Bitcoin is not the best tool for the job
in all cases
for remittance and payments so how is
Bitcoin doing as a unitive account in
your in your VI it's it's terrible like
nothing is really priced in Bitcoin
except
Bitcoin even shitcoins aren't priced in
Bitcoin anymore um and that will follow
after people want to use it for medium
exchange so you know I I think I had a
pretty aggressive timeline that I I'm
not moving off of it yet I've been
saying for a long time four years now
that I thought by 2035 uh most goods and
services around the world would be
priced in
SATs like not only SATs it'll be like
SATs in Euros SATs in dollars SATs in
Yen SATs like you know just like the
Dual price tag at the you know dutyfree
at the airport or something or in a
tourist town I don't know we'll see
things have to move faster than they are
now to hit 2035 for most things being
priced in SS they're not moving they're
not moving fast enough for that to to
happen by 2035 in my view but uh you
know I like what's the rush too like
this whole this whole thing is going to
be it's going to be 80 years from start
to full saturation anyway because it's a
technological Revolution not a damn tech
product yeah uh so on a linear uh
timeline that everything you say is true
but then you have the gradually done
suddenly effect this is not priced in
here right it priced into your argument
I mean it's always been suddenly that's
the thing I think it's it's gradually
than suddenly because it's like what
this really is is like a series of
technological revolutions harnessing
power printing press telecommunications
and like none of like Bitcoin couldn't
exist without all of these things
happening before maybe Bitcoin is the
suddenly and the suddenly is like the
the the the we've been growing like this
as a species and advancing and we just
started up the scurve a little bit with
the harnessing of power and fossil fuels
and the invention of microchips and the
internet and like maybe we're just
actually all this advancement that we
thought was going like this the last 200
years was actually still the the flat
part of the scurve and Bitcoin is the
suddenly I love that I love that picture
because that's how I feel about this
thing and I think like now with you know
us three sitting here on a video call
and you're on the other side of the
Atlantic uh as this wouldn't have been
possible 10 years ago let alone like
five years ago like preco video
conferencing wasn't the thing not not at
all in the like people use it now like
always it it just wasn't very common
preo and and this is just a couple of
years back and you social media is
getting better and better and you have
Noster as an alternative and all this
stuff uh with uh ways of reaching and
doing things cross borders that just
weren't possible before and on top of
that you have zaps and and you know Len
URLs and all of these beautiful
inventions that really make every single
border on Earth completely Obsolete and
just a thing of the past already yeah uh
and so so it's just a matter of time
before people figure out that you know
doing things consensually and
voluntarily and
with is not only better for you and the
person you're dealing with but better
for everyone else and more profitable
and when you can't take someone's
Bitcoins because they're in their heads
and if you kill them they're lost then
you move the shelling point to violence
and violence becomes less profitable and
this is this is the prophecy here like
this is how this plays out I I truly
believe that that we're we're actually
at the the starting point of the
gradually then suddenly for Humanity and
to to reach Next Level that
that's yeah a beautiful
picture
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