Answering Common Bitcoin Criticisms w/ Lex Fridman

This is a snippet of Saifedean's Appearance on @lexfridman
Listen to the full Episode here: • Saifedean Ammous: Bitc...
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Saifedean’s first book, The Bitcoin Standard:
saifedean.com/thebitcoinstandard
Saifedean’s second book, The Fiat Standard:
saifedean.com/thefiatstandard
Saifedean’s third book, Principles of Economics:
saifedean.com/poe
Enjoyed this episode? Join Saifedean's online learning platform to take part in weekly podcast seminars, access Saifedean’s four online economics courses, and read his writing, including his new book, Principles of Economics! Find out more on Saifedean.com!

[@bitcoin_ch]

Part of the great 4h interview from 2022: Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics | Lex Fridman Podcast #284

[@MarkMcelligottPeaches]

Energy use... In 2022 BTC used 120 TWH, Central Bank Systems used 250 TWH and Gold mining used 350 TWH!!!

[@aweedful]

Great insight. Always had this doubt

[@cryptoemcee]

Thanks, Saif and Lex.

[@buzz3720]

"Gold is just the appetizer" Appropriately posted on the day of the halving, when bitcoin's stock to flow becomes a harder than gold's.

[@silverfisk6094]

Regarding energy: even if energy usage isn't inherently bad I don't agree central banks use less energy. The backbone of a country's economy runs on energy. If inflation is 4%, 4% of the energy used to produce a country's GDP should count as the energy consumption of the central bank.

[@minimo_io]

It’s there a graph of number of bitcoin nodes over time? With locations?

[@ExpensivePizza]

There's plenty of websites that show the number of nodes over time and also websites that show a map view.

[@minimo_io]

@@ExpensivePizza any specific one you can share?

[@weslee511]

Min 2....so what happens when miners control most nodes?

[@tsve_tan]

Running a node means you are a voter on what the rules of Bitcoin should be. And the rules are always defined by the majority. If the majority are the miners, that means they are the “main population” in this country called Bitcoin. Accordingly, the rules of Bitcoin should and will be in accordance to their will.

[@weslee511]

@@tsve_tan so this seems like an easy way for the "bad fiat guys" to control bitcoin. And as usual, most people will go along with it. Most people dont have the time and desire to understand the code versions and run a node. The current ideas and hope of decentralized money seem to be far from reality. It all sounds good but I dont see how this works out the way bitcoin podcasters hope it will

[@tsve_tan]

@@weslee511 I don’t understand what you mean by “controlling bitcoin”, “an easy way of doing so” and who do you refer as the “bad guys”. Again: the Bitcoin is what the majority agrees Bitcoin is. A true democracy you can say. And there is no hope for anything: Bitcoin is already decentralised and working as it should. The only thing that bitcoiners hope and expect is the increasing number of people who recognise the idea of sound money and choose to use it.

[@twitafftwitaff7029]

​@@weslee511 The good will always out weigh the bad. Bitcoin's Incentive structure works this way

[@weslee511]

@@tsve_tan what seems likely to me is the people that mostly control and benefit from the current fiat system will convince most people to use their form of whatever digital currency/property/savings tech/whatever you want to call it. How many people think they know bitcoin but cant understand a single line of code? There is too much to know about many various subjects so people have to rely on "experts" As of now many experts are puppets to the money machine so the vast majority of people will follow these experts that have personal end goals. More people are becoming aware as information spreads but I am skeptical.

[@miss_pancake]

Porto! Portugal gave us port wine! lol

[@rmondave]

This guy gets it. Not only the money aspect but the political, social, legal, environmental and mass psychology aspects.

[@AtlasRevoltado]

Can I make cuts to your content?

[@kthomsen12]

Let’s Go. Bitcoin Halving Day. Fix the Money, Fix the World!

[@ntfsntfs5282]

Bitcoin 1M before summer, 1B before autumn

[@MrDantres]

Heeyyyy, Portugal is cool, ok?? 😅 'What did Portugal ever gave us?' well, friend.. Portugal basically opened the floodgates for global trading, we established the first levels of globalization with our unmatched discoveries golden era which established trading routes in the indias, africa, asia, south america, pretty much almost everywhere. You could say Portugal gave an enormous gift to the whole world and was instrumental in 'inventing' global trade so, don't be unfair.

[@yuvaworldlovely7527]

why sathoshi mined bitcoin in different accounts

[@junaga2]

oh this is a reupload

[@birinhos]

Iam from Portugal and I choose BTC 😂.

[@HarryEidem]

I know nothing about trading /investment and l'm keen on getting started. What are some strategies to get started with?

[@Cody_Casey]

As a beginner, it's essential for you to have a mentor to keep you accountable. I'm guided by a widely known crypto consultant

[@Cody_Casey]

Mrs Caroline Arnold

[@Nelson_Keith]

The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional

[@AlexCarter569]

Yeah that's right I think it's right to invest with professional at least it saves the trauma of too much loses

[@KelvinByrd233]

Isn't she the same Mrs Caroline Arnold that my neighbors are talking about, she has to be a perfect expect for people to talk about her so well.

[@RBlake-tu6xc]

Governments will freak if/when Bitcoin starts eating bonds.

[@banja9172]

Unless... El Salvador 😉

[@markpalmer8083]

Old interview.

[@DeoVolente444]

still a banger

[@formetoknow540]

So still relevant

[@djr113]

Timeless info

[@monikabravoiamoptimist3959]

One of the most important ones!

[@tuckerbugeater]

@@monikabravoiamoptimist3959 who gives a #@#@

[@MarkMcelligottPeaches]

BTC used 0.1 % of Electricity generation worldwide in 2022

[@colinmcgraw9798]

enunciate Lex.

[@thisplaceisnuts]

6:55 Glad u brought up BTC’s hard fork, but why did u accept 7:12 “ none in the important parameters of the network” uh, BS‼️ Block size is/was a very important change!

[@shawnst22]

I think Lex is extremely overrated.

[@stopper90004]

And boring. He speech pattern is excruciatingly labored and irritating.

[@ragedesigner]

Agreed

[@Handle35667]

Never heard of him, but I’m a few minutes into this and he seems like he’s suffered traumatic brain injury.

[@DonRand-jb5ue]

For when dumb people carnt recognize genius....please see above

[@shawnst22]

@@DonRand-jb5ue Great insult, keyboard warrior.

[@justinleemiller]

Normalized pyramid scheme. Blockchain schmlockchain.

[@sheikhsajad1975]

Lol..have some shame...at least understand what it is!!

[@unclesamuel33]

& a fiat standard is not. Lazy argument. Both are ponzi & pyramid schemes that’s how paper (fiat) money works (cash (paper) isn’t inherently valuable itself in the most literal sense, maybe it’s great tinder for starting a fire)

[@JohnDobbertin]

Jibberish. Read "Hijacking Bitcoin" by Roger Ver

[@joeytbonejoeytbone]

Big blockers lost. Get over it. The market has chosen.

[@simonp6339]

Ver is a scammer. Don't waste your time. Except with the interview where he absolutely freaks out when BCH is called B-cash, that one's hilarious.

[@formetoknow540]

₿ lets goo