Bitcoin is Not a Pyramid Scheme

Bitcoin is Not a Pyramid Scheme

“Not everyone understands what a pyramid scheme actually is, what the warning signs may be, or why such schemes always fail […] The distinctions should be glaringly obvious, but because bitcoin is complex and the very idea of money is not well understood, it can easily be confused.” – Parker Lewis

Today we are diving back into the Gradually, Then Suddenly series from Unchained Capital with an excellent breakdown of what Bitcoin is, and what it isn’t. Starting with the both obvious, yet not so obvious truth, that it is certainly not a pyramid scheme! Don’t miss another incredible installments by Parker Lewis.

Original Article and the rest of the series below:
https://unchained-capital.com/blog/bitcoin-is-not-a-pyramid-scheme/

Other great pieces mentioned both in the article, and in the commentary:
• Everyone’s a Scammer:
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_267—Everyones-a-Scammer-Michael-Goldstein-e4ihq8
• Bitcoin Has No Intrinsic Value:
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_249—Bitcoin-Has-No-Intrinsic-Value—Thats-Great–Conner-Brown-e43bcm
• Use of Knowledge in Society
Part 1 – https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_250—Use-of-Knowledge-in-Society-Part-1—F–A–Hayek-e43pfj
Part 2 – https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_251—Use-of-Knowledge-in-Society-Part-2—F–A–Hayek-e444k0
• A Story of Booms & Busts
https://anchor.fm/thecryptoconomy/episodes/GuysTake_18—A-Story-About-Booms–Busts-e4aflh

If you’d like to support this show and become a patron, click the link below!
www.patreon.com/thecryptoconomy

This episode is sponsored by
· Anchor: The easiest way to make a podcast. https://anchor.fm/app

Send in a voice message: https://ift.tt/2LQ0pFP
Support this podcast: https://anchor.fm/thecryptoconomy/support

Bitcoin is Not a Pyramid Scheme

Bitcoin Obsoletes All Other Money

“Money is an intersubjective problem, and a choice to opt into one monetary medium is an explicit opt out of the other, which in turn causes one network to gain value (and utility) at the direct expense of another.” – Parker Lewis

Skipping around a little bit in the “Gradually, Then Suddenly” series, we read the most recent (#12) published on the Unchained Capital Blog. No, Bitcoin isn’t a startup. No, there will not be many currencies. No, you can’t create an alternative that doesn’t compete with Bitcoin’s monetary properties. The very problem of money is one of intersubjectivity, which can only be solved through convergence on a single monetary medium. Bitcoin.

Listen to this excellent installment from Parker Lewis and the Unchained Team. “Bitcoin Obsoletes All Other Money.”
https://unchained-capital.com/blog/bitcoin-obsoletes-all-other-money/

To check out the rest of the audio collection for the Unchained Blog, check out the site:
https://thecryptoconomy.com/collections-new/

Also mentioned on the show was Nick Szabo’s excellent piece, “Money, Blockchains, & Social Scalability.”
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_066—Money–Blockchains–and-Social-Scalability-e2ndsj

This episode is sponsored by
· Anchor: The easiest way to make a podcast. https://anchor.fm/app

Send in a voice message: https://ift.tt/2LQ0pFP
Support this podcast: https://anchor.fm/thecryptoconomy/support

The Halving is Not Priced in, Here’s Why

As a follow up to Nic Carter’s excellent breakdown of the efficient market hypothesis, and PlanB’s piece addressing the market’s evaluation of the risks in Bitcoin, I go through the reasons I feel the market both is very unwilling and unconfident about the consequences of the halving, and therefore sees it not as “known information,” but more a blind gamble.

For diving deeper into the many topics and works that I brought up, here are the links of all those I remembered:
• Nic Carter’s “Introduction to the Efficient Market Hypothesis”
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_343—Introduction-to-the-Efficient-Market-Hypothesis-for-Bitcoiners-Nic-Carter-eac03b
• PlanB’s “Efficient Markets and Bitcoin’s Stock-to-Flow”
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_344—Efficient-Markets–Bitcoins-Stock-to-Flow-PlanB-eaco0i
• Hayek’s “Use of Knowledge in Society” [Part 1 & 2]
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_250—Use-of-Knowledge-in-Society-Part-1—F–A–Hayek-e43pfj
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_251—Use-of-Knowledge-in-Society-Part-2—F–A–Hayek-e444k0
• Parker Lewis’s “Bitcoin is Not Backed by Nothing”
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_335—Bitcoin-is-Not-Backed-by-Nothing-Parker-Lewis-e9v1rs
• Hoppe’s “Yield From Money Held Reconsidered”
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_122—The-Yield-From-Money-Held-Reconsidered-e2ndqn
• Conner Brown’s “Bitcoin Has No Intrinsic Value, & That’s Great!”
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_249—Bitcoin-Has-No-Intrinsic-Value—Thats-Great–Conner-Brown-e43bcm

Don’t forget to grab your tickets to BitBlockBoom and use the offer code CC for a 30% discount!
https://bitblockboom.com/

This episode is sponsored by
· Anchor: The easiest way to make a podcast. https://anchor.fm/app

Send in a voice message: https://ift.tt/2LQ0pFP
Support this podcast: https://anchor.fm/thecryptoconomy/support

The Information Theory of Money

The Information Theory of Money

“Prices are the coordinating force of a free market system. Each individual decision-maker can rely on the prices of goods and services to help with their decision making, as the prices themselves are a distillation of all known market information into a single metric.”  – Dan Held

This is one of those articles that just explores the emergent brilliance of the free market system & easily got me into a near 40 minute rant afterward. Prices are not arbitrary, and a market price is quite possibly the most information dense piece of actionable data you can find anywhere. Learn all about it, in this piece from The Bitcoin Times Ed 2, “The Information Theory of Money.”

Below are the links to follow Dan Held for more great work, drop some applause on this article, and follow @timelessbitcoin so you don’t miss anything from this publication:
https://twitter.com/danheld
https://medium.com/the-bitcoin-times/information-theory-of-money-36247aebdfe1
https://twitter.com/TimelessBitcoin

Things you must also listen to because I told you to!

• Hayek’s “Use of Knowledge in Society
Part 1 – https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_250—Use-of-Knowledge-in-Society-Part-1—F–A–Hayek-e43pfj
Part 2 – https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_251—Use-of-Knowledge-in-Society-Part-2—F–A–Hayek-e444k0

• Leonard Reed’s “I, Pencil
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_123—I–Pencil-Leonard-E–Read-e2ndqm

• TEDtalk “How I Built a Toaster… from Scratch
https://www.ted.com/talks/thomas_thwaites_how_i_built_a_toaster_from_scratch#t-12942

If you are enjoying the show & would like to support my work in turning all of the most fascinating and profound works in the Bitcoin space into the audio versions they deserve, become a patron! Not to mention you will get access to the Crpytoconomy Telegram Crew where we hang out and worship the Light of Nakamoto! XD
www.patreon.com/thecryptoconomy

This episode is sponsored by
· Anchor: The easiest way to make a podcast. https://anchor.fm/app

Send in a voice message: https://ift.tt/2LQ0pFP
Support this podcast: https://anchor.fm/thecryptoconomy/support

The Information Theory of Money

The Tyranny of Time Scarcity

“Gold, the ancient and prevailing monetary sovereignty layer (representing an unmanipulable money supply), and the internet, the ultimate engine of exchange (representing global interconnectivity or liquidity). By combining and building upon the economic properties of both, Bitcoin is a momentous monetary innovation that has achieved the divisibility, portability, durability, and recognizability of pure information infused with the absolute scarcity of time.” – Robert Breedlove

Don’t miss the continuing journey through The Bitcoin Times 2nd Ed, with Breedlove’s excellent piece, “Bitcoin & the Tyranny of Time Scarcity

Drop some applause on this article by following the link below, and don’t forget to check out @timelessBitcoin and @breedlove22 on Twitter for more work like this one.
https://medium.com/the-bitcoin-times/bitcoin-and-the-tyranny-of-time-scarcity-1d1550dfd8b0

Other works discussed in the commentary:

• Knut Svanholm’s “Sovereignty Through Mathematics”  
Part 1 – https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_308—Sovereignty-Through-Mathematics—Part-1-Knut-Svanholm-e7tak7
Part 2 –
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_309—Sovereignty-Through-Mathematics—Part-2-Knut-Svanholm-e7vgr1
Part 3 –
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_310—Sovereignty-Through-Mathematics—Part-3-Knut-Svanholm-e8198t
Part 4 –
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_311—Sovereignty-Through-Mathematics—Part-4-Knut-Svanholm-e851te
Part 5 –
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_312—Sovereignty-Through-Mathematics—Part-5-Knut-Svanholm-e86lbt

• Parker Lewis’s “Bitcoin Can’t Be Copied”
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_291—Bitcoin-Cant-Be-Copied-Parker-Lewis-e58g11

• Hayek’s “Use of Knowledge in Society”
Part 1 –
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_250—Use-of-Knowledge-in-Society-Part-1—F–A–Hayek-e43pfj
Part 2 –
https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_251—Use-of-Knowledge-in-Society-Part-2—F–A–Hayek-e444k0

This episode is sponsored by
· Anchor: The easiest way to make a podcast. https://anchor.fm/app

Send in a voice message: https://ift.tt/2LQ0pFP
Support this podcast: https://anchor.fm/thecryptoconomy/support