Part 1: The Emergence of Money with Lyn Alden

[@ppdrum]

Lyn has been on the show more than anyone. A good thing

[@theimpalerx666]

She hasn't been on more often than Peter though

[@jesuisrobert808]

Lyn can have her own show. All these KZbin hosts need her.

[@hollaera2006]

Every time Lyn speaks, my knowledge expands

[@Pauljfrederick]

Just when I think Lyn can’t be more of a boss, she drops a StarCraft reference. Amazing.

[@justinjtv4089]

right lol I'm listening to this at work and when I heard "Starcraft" I immediately focused in on this over work xD

[@theinfiniteawe]

The first time I knew she knew StarCraft was when she mentioned the term ‘timing attack.’ It was the perfect term for the context too.

[@AlexScorpionVn]

Same!

[@etismyname]

Same here too!

[@chronomancer6665]

And then using SoJ's in D2.

[@jingmu1289]

I’m always amazed by how much I can learn from Lyn from each of her episode!

[@ripping]

Lyn - you MUST narrate your own book. I've been listening to you for the last 3 or four years, and to have anyone else read your book would be SACRELIDGE. Please, please read the book. pretty please with cherries on top.

[@CorwinYoutube]

Yes please!

[@attrix09]

See Lyn's face, finger smashes mousepad.

[@ap-performance3850]

Yes!

[@lmanford1376]

Same

[@MervePay]

İ definatly like this nice

[@willybolt6397]

Watch every WBD especially with Lyn. Going to buy the book right now.

[@pamelacogginsrobles3606]

Peter and Danny, you are a great translators. You have a way of dissecting the questions and the responses in a clear format so I/we can better comprehend and absorb the important ideas and messages from the great minds like Lyn. Such important work you are doing, well done!

[@mediatoryou]

Thank you, Lyn & everyone involved for breaking it down so clearly! I hope the book will be available in audio format. The eyestrain of reading puts me out.

[@davecorley5514]

Congratulations, Lyn! Looking forward to reading it.

[@heimes7625]

My favourite chapter is the one discussing proof of work and proof of stake. The author goes into it in such detail and describes it in such a sophisticated way - it is simply wonderful to read and follow the ideas and intentions of the people around it. If you know Softwar from Jason P. Lowery you know what I mean.

[@BitcoinNBullets]

Hardcover ordered! Thanks for all of your insight Lyn and thanks for having her on so much Peter.

[@gfpkelly]

Just love Lyn Alden!

[@freyawildesciencefictionau8156]

Congratulations Lynn!!

[@dek2000utube]

Thank you. Lyn and Michael Saylor are true geniuses with Heart!

[@pj8929]

Hej! Got the Book a couple a weeks ago, now on a beach somewhere on Mallorca, starting to enjoy this 90% [?] history lesson, maybe one can find a new angle. This “brick” already got some attention…on the plane from Scandinavia, two nearby passengers started to ask questions, and at this lovely Spanish island one person so far. I think many people have started to wonder wtf is going on - I do! Many thanks to both Lyn & Peter. Keep em comin. Love from Scandinavia!

[@ribama1]

Great interview. Lyn is my favourite macro analyst. One point: Money is a small % of most peoples net worth. Many people DO understand the effect of inflation and they don't care because the same inflation that dilutes money, increases the value of other assets. Most bitcoiners don't want to solve the money issue they want to get rich. There is nothing wrong with that, but it makes bitcoin like any other investment or speculation. When bitcoin becomes good as a money its price will be stable and the speculation will be gone it will be more like a bond and be less attractive to the people that promote it today.

[@marksargent400]

Loved the reference to StarCraft 👍

[@caligulapontifex5759]

“Money is a ledger” Few understand this.

[@rudolphteperberry3888]

Awesome as usual. Lyn you'd be a great narrator btw. I'll be reading the book with your voice in my head anyway 😅

[@swylie2010]

I love the comparison to video games. Crypto and gaming hold the unique position of getting players to test out economic theories.

[@_jamesbro_]

Just received Broken Money in the post earlier today. Not put it down since (except to write this comment). Looking forward to watching this episode.

[@afrobian1]

A friend asked what book I’m currently reading, and this is what my text said (she doesn’t understand Bitcoin at all): "Broken Money" by Lyn Alden, a respected figure in the Bitcoin community. The book starts by delving deep into the history of money in prehistoric times, critiques the current financial system, explains why it's broken, and in later parts, presents a solution: Bitcoin. I think I sparked her interests.

[@user-99.99]

Awesome. Please bring a audio book version to market, Lyn.

[@carlschellhammer3349]

Omg Lyn talks about StarCraft! I didn’t know I could like her more !! 😎

[@P__114]

Can’t wait to buy the audiobook

[@HODL_BTC]

Give reading a go....🙃

[@mikatu]

because reading takes too much effort!

[@gregorymartin2697]

Lyn is a rockstar. I am reading her book now. Thanks

[@woody2822]

Just ordered the book,Thanks Lyn

[@hosky7]

Got the book, look forward to it!

[@copycatt2579]

It worked. I’m buying the book

[@rstell589]

I didn't realize Q from Impractical Jokers had a podcast :p Great interview!

[@d2launcherFIX]

Awesome video! Lyn Alden is an inspiration.

[@MervePay]

Thank you for your advice i will check it

[@dogbox2290]

Audio book. ☀️🌴Poignant reflection of history and money

[@George-Aguilar]

In ❤ with Lyns mind!

[@Solittletimetoomany]

Lyn Alden, a voice for the economic intellectuals! She usually talks above my ability to comprehend! Would make a great professor! A la David Victor Hansen!

[@michaelmulcahy2277]

Fabulous guys thank you. Off to buy my copy of broken money!

[@joecizin9357]

This sounds like the Book that I've been Hoping for.

[@Maximus.diamond.hands.]

Lyn is amazing can you please do a audio book!!!!

[@mc-kz8zn]

Loved this! Looking forward to the next part!

[@moilanea]

Can't wait to get my hands on that book. Just a few more days.

[@Apollox0x]

Pete looking very sharp with his hair cut and beard trimmed!

[@kenjo3045]

Got you book from Amazon today. ❤

[@Shaflugi]

Myself and others I've talked about have definitely seen the Diablo 2 Stone of Jordan similarities when it comes to good money replacing bad! Wild to hear Lyn talking about it.

[@derek.seaborn]

Very excited to read the book. Huge fan of your work, Lyn! I’d love to talk with you someday.

[@robertrobert6665]

What can I say but THANK YOU!🧡

[@squader1]

Love you Lyn!!! ❤

[@nick-oi1xf]

Very interesting content, I can't wait to get the book

[@JonnyBeoulve]

She's so smart I love her.

[@YGOHeliosTM]

Is this the first time Lyn’s ever mentioned StarCraft or Diablo? Lyn a closet StarCraft pro confirmed?

[@JacobReactorGutter]

I have to say it, I'm jealous of how cool your hair looks Peter

[@paps79]

Looking forward to this 😊

[@teo1092]

Lyn's Book ordered.

[@wmsc0ttcunn1ngham96]

On a visit to the National Library of Korea in Seoul, in 2019, we were treated to an insider's tour of the rare map room. As the handprinted Joseon Dynasty maps unfolded before our eyes, I noted across vast inland reaches a series of horse-stables sketched every so many miles, with nothing in between. Aside from a form of security from the north, the archivist pointed out -- wealth! At the time, horses were a sign of the Emperor's financial stores; liquid, easily moved and endlessly useful, in a practical fashion.

[@deedub87]

Looking forward to listening to Guy Swann read this book :)

[@didactica9326]

God bless Lyn Alden 🙏🏼

[@shad00w239]

I wonder if Lyn has an opinion on the lethal aspect of taxation under the credit theory of money. I feel as though the staying power of credit is backstopped by the ability to enforce that the ledger will be respected as it is. I feel like trying to discuss currency without speaking to human violence will always lead to an incomplete picture of whats at stake, because when trust breaks down, violence ensues - and trust can only exist insofar as it is effective at curtailing violence. In my opinion at least. Thanks for this interview, will check out tbe next part when its released.

[@martincanchola3020]

Miss you Lyn!

[@ramzerg]

Damn, Lyn is a Starcrafter? Nice!

[@junkscience6397]

Honest question from a listener, not a reader: Will There Be An Audio Book Recording Available, Lyn? Anyone know?

[@keithmoore1329]

She said it’s in development on her Nostr feed. 😎

[@TTPTraining]

Yes lyn said one is in the works

[@-nk]

Haha oh yeah, haven't thought about Diablo 2 in a while... that good old SoJs. Loving it!

[@cykr0s]

The difficulty scale of gold production combined with the need for divisibility seems to be a big part of what makes gold less enticing as a monetary base now more than ever. 1/2000 oz coins are pretty damn tiny, especially for something as dense as gold. Never mind the fact that if gold were suddenly money again, amid a massive credit collapse (which would be likely a precursor to the remonetization of gold), it's market price would rise significantly, making even those coins a bit unwieldy for small transactions.

[@justinc9524]

Sold me as soon as she mentioned StarCraft!!! Lol Classic

[@Namegoeshere-op9hg]

Inherent value/utility was required of legacy commodity monies because this was the only known method of solving the initial distribution problem. Bitcoin’s “immaculate conception” of a PoW no premine coin is a novel solution to the distribution problem.

[@bitcoinpoemspro1406]

And another question to ask is, when more units of the money are created, where do they go first? And how are they introduced into the system?

[@Annnnndbitcoinfixesthis]

Lyn’s the shiz!!

[@fuzznakano]

We like Lyn

[@First_Principals]

On 16 October 1834 the palace of Westminster burnt down because of all the tally sticks stored there. Tally sticks were money in England for years.

[@Bapeth]

People are using Golden Keys as money in the new Dark and Darker game due to the limitations of space in a player stashes. Golden keys only take up 2 slots where as gold coins take up almost 100x more space.

[@SkylineBilip]

As soon as they said ”wrote a book” i paused, opened amazon, searched for lyn alden and bought 2 copied instantly. 😂 is that wierd?

[@Schubeedoobee]

Ordered!

[@bitcoinpoemspro1406]

Love Lyn.

[@thaidude]

Lyn's minecraft analogy is very original.

[@MilanMoore]

Brilliant! How do I get an autographed hardback copy of the book? Would Lyn consider putting a purchase link for this in her members area?

[@cw1480]

def going to checkout Lyn's book but I highly recommend anyone interested in money read Debt: The First 5,000 years by David Graber. Exposes the whole founding myth of" barter societies" in Economics. Somewhat disappointing honestly to hear someone as intelligent as Lyn fall into the same tired (and untrue) trappings

[@pallimidjord4351]

Will it be available on Amazon Audible at any point?

[@sahilkarangutkar3806]

Soo many GEMS

[@DavidGillie]

so when FedNow is free and instant, why would anyone use the fully traceable BTC to pay anything? Would BTC then serve only as a long term store of Value?

[@thomasgrams9715]

I greatly appreciate the closeup of Pete pretending he knows what Starcraft is. Great episode. Trying to make my way through the book. Lyn, as per usual, is great at simplifying things for morons like me.

[@Schubeedoobee]

where is the link to purchase the book? is it available in hardcover?

[@daviddixon7019]

Like Nik Bhatia's, "Layered Money"?

[@dominikortler7431]

So the paper money is basically aesthetic laser money?

[@jackrsmusic]

Good podcast...But to pushback: how natural is the rise off commodity money? Do people really want to use gold is money? Or do they only want to use it once they have been ravaged by War and the local community destroyed, such as via colonisation? Read Debt by Graeber for an alternative account about hard money and it's links to war. Interesting interview neverthless, thank you!

[@ivn87gg666g]

So when Korean version!?

[@user-uf2cv3el9o]

Nothing. Nothing can get you out from under a tyrant but brute force applied with intelligence.

[@ProseStylist]

I disagreed with Lyn on the Credit Theory of Money, I feel she conflated it, or only focused on Chartalism to critique it. Not all Credit Theory of Money proponents are Chartalists (subset), and even then, there is disagreement amongst proponents, whether money evolved to facilitate debt or whether debt and money are essentially the same thing. Lyn says she was fair to the theory but didn't delve into anthropology (crucial for understanding origins of money), she mentioned utility but seemed to be missing social dimensions like ceremony, status, cohesion and trust within a tribe being a large component of whether your IOU's or gift exchanges would even be accepted. Not to mention, how barter is actually rarely observed within tribes, and is actually more of a ceremony to reduce violence between interloping tribes. A typical barter ceremony involves hiding the women and children, song and dance, swapping items between both groups until there is mutual acceptance. Where was this in the discussion?

[@we3k1ngs12]

I see Lyn I “Click”

[@nhexplorers]

Lyn you should definitely narrate the book. Your voice is iconic. As for Peter’s voice, I can still hear him whining about people who didn’t take the vaccine. What a wanker.

[@didactica9326]

Love this comment 😂🎯

[@brettteeter3461]

Wanker. As an American, this is so funny.

[@michaellydon1239]

LoL

[@peters972]

That is a really great way to describe money-a ledger. In Elon musks words, it is a database.. thanks Lyn

[@mbseeking6570]

Gold evolved to the best medium of exchange. And with value thus priced it also became the medium of net settlement for credit. Free banking distermediated credit..still settled with gold. Notes issued by free banks could be settled in gold (they held reserves) but rarely were unless failure..as the credit was usually issued for some productive purpose - so why/how could you redeem your paper claim? Along came central banks..they commandeered the issuance of credit notes (paper money) with legal tender, and also obsoleted gold as the medium of credit but using central bank reserves between free (semi free) banks. By an large this system work for a while because banks were still lending for productive purposes. But over time banks priortised lending do real estate vs other productive things.. and goverment increasingly started to tap the central bank to be its credit provider as tax burdens became too high. Free banks should be settling between each other with bitcoin. and backign their credit promisories with is. .. this should make central banks obsolete.. it would eleminate the goverments banker, making it, the government beholden to the people , once again.

[@mbseeking6570]

But of course how will that happen when it means taking power away from the guy with the gun.

[@michalbotor]

how is bitcoin's complete transparency of who owns how much not a issue? it's just not safe to tell everyone how much do you have exactly. acquiring, storing, and using bitcoin safely necessarily requires to follow and don't mess up sophisticated rule book. the harder the more you have.

[@balintg]

+1 for starcraft

[@od33bn]

🐐🐐

[@ABC93224]

1:01:50 essentially why democracy is the god that failed.

[@jonathanlivingston7358]

How’s money a ledger? Isn’t a ledger a system to tracks money rather than money itself? How’s is a ledger money itself? Isn’t a closer definition of money “power”?

[@markjohnson7510]

16:39… 18:39 - 19:51 In other words, money tracks value storage. Ledger systems like you’re thinking which track money are only useful if money tracks the storage of value. So the idea is that hard money (even gold) can be thought of directly acting as that ledger.

[@jonathanlivingston7358]

@@PaulRevere007 I think Saylor’s definition of money is energy is vague since everything is energy. It doesn’t say anything. It’s like saying what’s fire? It’s atoms. It’s an empty definition coz everything is atoms

[@jonathanlivingston7358]

@@markjohnson7510 ok, money tracks stored value. It’s basically a unit of account. She could have said that, or at least I didn’t get that from what she said. Good you got that. Although, that definition seems to me to be one step removed from what money actually is, or perhaps it’s only one its many features. I don’t think the main aspect of money is to track its value. Maybe the main aspect of money is to “condense value,” or to make “value portable and exchangeable.” If money is only a means of tracking stored value then I could say this building is money. But the building lacks portability, exchangeability… So the definition of money as a ledger or as tracking stored value is at best incomplete. Maybe the only definition of money is the one that include the 10 or so characteristics of money: durability, portability, divisibility, fungibility, scarcity, unit of account, acceptability… Maybe we can’t define money but by describing all of these characteristics. What do you think?

[@NorbertWebDev]

Pls Audi book

[@djg450]

nice haircut peter.

[@bmo8898]

Lyn, will you have pizza with me!?!

[@davef5916]

LYN IS INTO STARCRAFT?!

[@MatthewMcmullen-io9pd]

If Lyn was the face of trans instead of people like Dylan mulvaney, I think the community would demand so much more respect.