Clif High and Bix Weir attempt tp explain the viability of bitcoin and cryptocurrencies to gold bug Jim Sinclair.
- 00:01:15 Bix Weir explains his initial skepticism of bitcoin and his evolution to embracing it
- 00:05:00 Clif: Different ways to look at cryptocurrencies; More gold than people understand; Can’t do digital transmission of gold; Trustless – no middleman needed
- 00:09:00 Gold never functioned as a currency; Look up words you don’t understand
- 00:16:44 We don’t know the true market value of silver and gold; Derivatives
- 00:22:41 Assume slow burn retreat of USD and other currencies that will be soaked up by cryptocurrencies
- 00:28:40 How will derivatives be handled?; Exponential wallet downloads; Software will eat money like it ate communications
- 00:33:25 Divisibility of bitcoin; Winner and loser of derivatives
- 00:37:05 Tunnels of gold stolen from Chinese in WW2; Absorbing the losing side of a quadrillion dollar derivatives; It’s all made up; No longer a condition of scarcity; Debt is a notion; Largest government “asset” is student debt
- 00:44:10 No privacy in cryptocurrency; Crypto can’t be shut off; No need to play the game of central banks
- 00:52:50 Ross Ulbricht Silk Road coins; Stolen Wallets and hacked phones
- 00:58:25 Determining valuation of bitcoin
- 01:01:04 Four parts of markets
- 01:03:27 Considering valuation in terms of time; Moving into Attention world
- 01:08:30 Derivative trading in gold will collapse
- 01:10:45 Is gold obsolete?
- 01:12:55 Is China the world leader?
- 01:19:12 Who owns the most bitcoins?; Blockchain.info; If Satoshi Nakamoto is a front man for the NSA, it doesn’t matter because it’s all open source and beyond the government’s control
- 01:22:00 What if Satoshi sold all his bitcoins?
- 01:26:38 Will people sell bitcoin when there is a massive credit contraction?
- 01:32:00 Transaction costs; Energy use; Internet of Things (IOT); Cost/Benefit Analysis
- 01:41:10 What cryptos will be around in 10 years?; What happens in a Mad Max world?; Christopher Walken lion analogy; SciFi World
- 01:52:00 Can others see your earnings?; Hiding transactions?
- 01:57:25 Bitcoin: $13,800 by end of Feb, $20K-$40K by Aug
- 02:00:55 Credit whores; Harbinger; EMP; Throw your lot in with the kids who will invent the future instead of taking us into Mad Max world; Corroding TPTB from the bottom; facing the future like a warrior
- 02:10:10 Cryptos are a solution to the debt-based world
Direct video link: https://www.youtube.com/watch?v=z0Dval_I0_w
