Will Bitcoin become the main currency in the world? | Anthony Pompliano and Lex Fridman

[@lystfiskerlars]

The young people understand that proof of stake >> proof of work.

[@openroomxyz]

Yea when it comes to etherium 2.0

[@lystfiskerlars]

@@openroomxyz Yea, it is interesting how that fork will play out. Ada and Dot got it already though.

[@BeamedByFrozone]

Young people also created both proof of stake and proof of work

[@lystfiskerlars]

@@ryry5249 Cause it is cheaper.

[@LachlanMcWilliam]

The whole point is that it needs to be expensive to create. Otherwise you’re back in the current realm of easy and political fiat money.

[@MartinBekerman]

It's been 5 hours and I'm still trying to understand the uber technique to split money

[@Razmatazuk]

You're still trying to understand it like most of us, these people been doing it for 500 years

[@d.w.azullee7042]

Think of it as the exchange instead of the actual addition/subtraction. Normally you all would have put in physical dollars (add) to pay (subtract). As technology distances the physical dollar from the transaction, the act is captured in a ride share where you do the same thing- just through Uber to pay a ride (asset) instead of you guys handling dollars(value). Uber pseudo substitutes as an OTT bank handling a transaction. The ride is the asset and the riders dictate the valuation. It’s an exchange of value (passing of money)

[@shonuff4855]

If you split the ride you pay half of the monetary value of the uber ride in dollars and the other half of the monetary value for the ride was given to you by your friend

[@briandiaz4802]

LOL the stock market is NOT down even if you “denominate it in gold” since the convenient year 1971 (lowest gold price in the last 120 years). And that is without even looking at dividends. How did he not get called out on this bullshit?

[@TheDukyson]

Cardano

[@thepapervigilante2208]

Better dash

[@okthennone]

It will be a big week for Bitcoin

[@Blackfilmguild]

The big difference with gold, is you cant transfer it instantly, with Crypto, you can transfer any amount instantly, by memorizing 12 words in your head. Unless your mind is hacked (which is not possible yet) it is more secure than anything else.

[@theNomadWay.]

Sales pitch.

[@justintonini9851]

Deflationary currencies can only become efficient currencies IF we, as a society, shift away from Growth economies. Economies centered around growth, gdp, etc.., will be negatively effected by deflationary currencies. Deflationary currencies grind growth economies to a halt.

[@digitalsamurai42]

Agreed. Bitcoin will only be store of value, not currency.

[@papaburger]

some gold can be found inside electronic components .

[@MK4lyfe]

This was such a golden podcast!

[@Bellphorion]

Gunna need to get reaaaaaal stonned n comfy and watch this whole episode

[@Penyfanhop]

And then forget everything you watched ahaha

[@i-am-that-what-i-am]

BTC as a world currency? With what, 1 or 2 transactions per second, and $20 to transfer even the smallest amount? A store of value, perhaps - yes. A transactional currency on a global scale? Wake TF up.

[@baz6886]

True unless the majority of the transactions are done with synthetic bitcoin on networks that can actually scale

[@SAL-fs1mr]

Lightning network already scales Bitcoin to millions of transactions per second. No need for any altcoins.

[@SAL-fs1mr]

Any altcoins are pie in the sky as lightning network is working right now and solves scalability.

[@i-am-that-what-i-am]

@@SAL-fs1mr According to most recent articles on Coin Telegraph, lightning is still not ready for mass adoption and it's scalability is still an issue... like i said, come back and chat me when i can see transaction confirmations directly onto my wallet address within ten seconds, like i already can with other tokens that are already taking the market share you desperately dream about.

[@SAL-fs1mr]

@@i-am-that-what-i-am it's obvious you haven't tried lightning as transactions show confirmation in 1 second. You are probably referring to outdated articles when lightning was brand new.

[@thomasmuller1995]

I don't think Uber is a common method to send someone else money though

[@dtalakhadze]

The whole talk is his (funds) confirmation bias. Some underlying trends are there, but he interprets everything in a way for a person to run and buy crypto now.

[@diskeed]

12-yr old girls say "Right" at the end of every sentence or every other sentence. Sure wish Pomp would stop doing the same...

[@Humanaut.]

I wish I hadn't read this comment before watching the video.

[@liggerstuxin1]

@Lex Clips could you explain why so many channels are guiding people towards WhatsApp numbers for cryptocurrency/bitcoin? Do channel providers get a cut? I’ve had many channels that have millions of subscribers message me with WhatsApp numbers for help with Bitcoin. Can’t help but to be cynical about it.

[@dridri4664]

@@liggerstuxin1 scams, careful

[@liggerstuxin1]

@@dridri4664 they’re everywhere now and they copy the channels info and they have all these scam accounts praising it. It’d like it’s the new Nigerian scam

[@justinkenneally991]

There's a really good chance this memetic investing is going to end badly for people. Far too much exuberance in this space - the rationality is the complete opposite of what Pomp is describing.

[@PA-eo7fs]

Yeah we forget there are governments and armies behind fiat

[@lucidarik]

@@PA-eo7fs You can't shoot Bitcoin. You could ban it like they banned gold in the USA during WWII.

[@user-xc7rk4nc8b]

Pomp us a moron. He said China couldn't do a 51% attack on BTC... 😂😂🤣

[@ivanskibinsky4901]

Seriously Bitcoin is going to replace real money?😂😂😂 Please tell us what you need for currency to buy Bitcoins in the first place.

[@subject8332]

If you paint my fence, I will send you 0,0015 of my mined Bitcoin. There is no need for any currency.

[@ivanskibinsky4901]

@@subject8332 sorry I only except cash.

[@subject8332]

@@ivanskibinsky4901 Because you were never the brightest bulb in the box. It wan an answer to your question, an example of how you don't need any currency to acquire Bitcoin, dumdum.

[@subject8332]

@12 34 Yeah, I never claimed it could. I was only replying to the objection that you need another currency to acquire Bitcoin, which is not true.

[@PA-eo7fs]

Sending a wire or going to the ATM is not a good example, because banks will adopt more technology , to bring cheaper connectivity and automate functions etc, to bring cost down. Look at Databases companies from the 80s shifting from older standards to API to being said connectivity costs down. Willing to hear counter arguments please, help me understand

[@i-am-that-what-i-am]

Some cryptocurrencies already are being utilized by financial institutions to move money across international borders. Until recently this required financial institutions to have pre-funded nostro/vostro accounts in foreign jurisdictions, which is a very inefficient use of capital to have it just sitting there just waiting... Cryptocurrencies such as XRP, which are instantly transferable anywhere worldwide within ten seconds, at a very low transfer cost (currently less than 0.1 US cents per transaction), are already now fulfilling this role much faster and at a much lower cost than the outdated and highly hackable SWIFT system (which essentially is just a messaging system).

[@PA-eo7fs]

ฉันคือสิ่งที่ฉันเป็น how does Ripple work with legacy systems, does it sit on top, etc?

[@trickdawg5521]

I invest in BitCoin for a few reasons: One to counteract inflation. Two have an account that cannot be confiscated from me. Three to reign in the selfish acts of the Central banks. Four liquidity.

[@spideramazon5032]

How about ETH and other currencies?

[@osean333]

The switch has already begun!

[@NoBody-tz4fb]

There's not enough Bitcoin to be used on that scale. Using fractions of bitcoin just isn't realistic.

[@SAL-fs1mr]

What's wrong with paying in sats? Why is that not realistic?

[@user-xc7rk4nc8b]

A "store of value" that can drop 50% within a day or two. Pomp is like a MLM salesman.

[@ritwiknandakumar]

That’s still way better than Fiat currency. I would much rather have a volatile appreciating asset than a stable depreciating (dollar, yuan, rupee, pound, etc,) asset.

[@user-xc7rk4nc8b]

@@ritwiknandakumar yeah but the issue is that you are assuming it will consistently appreciate. You are also assuming fiat won't convert over to digital currencies. Which is not accurate, considering the vast amounts of cbdcs being pushed forward urgently.

[@ritwiknandakumar]

@@user-xc7rk4nc8b Bitcoins’ rise to prominence vs Fiat isn’t necessarily because of its price appreciation. It’s because of DECENTRALIZATION. Let me repeat that.....DECENTRALIZATION! Fiat, no matter how technically brilliant or widespread - is always going to be controlled by governments and central banks(which are getting increasingly evil with their manipulation and corruption).Having said that, BTC is algorithmically coded (check the algorithm and proof of work) to pump forever. The block reward reduced every 4 years. This means less supply. When there is a supply shock, there is a price increase.

[@user-xc7rk4nc8b]

@@ritwiknandakumar What about more than 60% of mining taking place in China? You consider that decentralized? A 51% attack can occur at any moment... wouldn't that mean its not truly decentralized?

[@ritwiknandakumar]

@@user-xc7rk4nc8b Well then you have not researched how bitcoin mining works or what it entails. Check out the original Satoshi paper which addresses the various scenarios if this does occur.

[@STaSHZILLA420]

Short Answer. No. As hash power on the network takes place in a handful of small places around the world, it will become more and more centralized.

[@SAL-fs1mr]

Hashpower will decentralize to the pockets of cheap energy all over the world.

[@mikhailtronik4322]

One of the issues not talked about is the 22 megatonnes of co2 emitted annually from the use of bitcoin

[@jasonabc]

No limited supply

[@forrestgreen4483]

Just wondering, say there was a solar flare that took out half the power grid and everyone was using a digital currency at the time. There needs to be a way so people can’t lose it or can use it for months as the infrastructure gets rebuilt otherwise people will fall back to something physical. Think about it.

[@LOGOS_Official]

It’s called a cold wallet…

[@eyemallears2647]

I read the title as “why bitcoin became the world currency”

[@troystreacker8829]

My only question is what will the cryptocurrency be based against if we take away physical currencies? 1 Bitcoin is $50,000 USD or whatever it is at the time of you reading this. If we take away the dollar or every other currency will 1 Bitcoin be worth 10 pounds of gold? 1 pound of gold? 1 barrel of oil? It needs a judge so I know how much a chocolate bar or a car is worth in equivalent terms. If the physical currencies go away there will be a comparable, but if it’s just other cryptos we’ll be back where we are now where Russia has a currency, the Chinese have a currency and the US has one and they’ll manipulate them accordingly with futuristic monetary policy.

[@i-am-that-what-i-am]

bananas

[@bnmbg731]

It'll be worth 1 bitcoin. A banana will cost a certain amount of Satoshis

[@LoyMachedo]

It’s like asking a Muslim, will Islam become the greatest religion in the world. Guess what would the answer be....

[@SAL-fs1mr]

Islam isn't growing at 200% a year tho.

[@bnmbg731]

Bitcoin will join with Jesus and Buddha to defeat Islamic Fundamentalism

[@shootmovecommunicate3322]

have him come back with peter schiff

[@user-xc7rk4nc8b]

That was a terrible analogy. "Bitcoin is like Uber. They're not going after all the taxis".... bruh... did you not seeeeeee how badly taxi companies fought against uber!? Hahaha they've literally gotten rid of a HUGE amount if taxi companies. Taxis are now "decentralized, but centralized"... the people drive the ubers, uber is a company... just like bitcoin, who got rid of taxis, and let the people feel like they have more power, because they get to drive the cars.

[@Tenebrousable]

If Lex decides to buy any BTC in the next 5 years, I'll wear a funny hat for a day.

[@zionsky3342]

Wait... your telling me lex hasn't bought bitcoin yet!?

[@Tenebrousable]

@@zionsky3342 Well I don't know, but based on his objections and questions? That I don't see him making as a devils advocate, but for general lack of understanding of the issue. Firmly at zero, I'd have to guess. He'd propably say too, if it was otherwise. "I have a small stack just to experience how it works" Not even that? And a real stack just seems even less likely.

[@zionsky3342]

@@Tenebrousable I'm pretty sure he got some after this

[@Tenebrousable]

@@zionsky3342 He just "explores ideas". Doesn't integrate them. Paralyzis by analyzis.

[@zionsky3342]

@@Tenebrousable mmm.

[@tolgadur]

Of course it’s being devalued. Also called inflation btw. Even considering that the stock market is performing very well over a long period of time.

[@user-fy1sx4vt4m]

No.

[@BigMKatmn1]

so from what i heard and i'm a moron is that bitcoin is too slow and not the best option for the future...that being said if i was a government i would produce a couple of stories about little old ladies getting swindled and then regulating the digital currency...i'm not sure what the big deal is

[@jonbloom1870]

Of course the $ is being devalued. You need to be incentivised to spend it, why would you spend a bitcoin ?

[@SAL-fs1mr]

When you need to.

[@jonbloom1870]

@@SAL-fs1mr yep you dont want to. That's why its weak as a ccy proposition

[@SAL-fs1mr]

@@jonbloom1870 that's why the role of money will bifurcate. Dollars for spending, bitcoin for saving.

[@jonbloom1870]

@@SAL-fs1mr yep bitcoin a store of value. Just think it's important to call out theres a reason why we have inflation targets or ccy deflationary targets. Deflationary spiral is the inevitability of bitcoin as a spending ccy

[@mokekr]

it aint currency

[@NickApex]

It kills me when someone makes a statement that is so undeniably false that I then have to question everything else they’re saying in a field they’re supposed to be an expert. For example the addition of Uber/Lyft in urban areas resulted in data that suggested a .07 increase in car ownership. So now what other assumptions are being made and called into facts? At least his call for researching is fair even if doing so can damage his arguments..

[@dridri4664]

les go

[@chychywoohoo]

I think he's giving way to much credit to most people's reasons for buying bitcoin

[@LightUpNancy]

What happens to the price of gold when we start mining it in space?

[@i-am-that-what-i-am]

The price will continue to manipulated by paper trading.

[@annonymeandfish]

Future is crypto yes. But not bitcoin

[@annonymeandfish]

@@jimmylogan1866 Who knows! But I think its going to be multiple tokens. Bitcoin is old technology. There are much better currencies out there!

[@abrahamjimenez3979]

I love how he didn't answer the question. XRP will be world CURRENCY. BITCOIN will be store of value

[@skoducks6071]

He is such a damned liar!

[@digitalsamurai42]

Explain?

[@skoducks6071]

@@digitalsamurai42 Google sound money. @8:30 after straw-manning the gold position with a nonsensical analog vs digital dichotomy, he defines sound money in a completely dishonest way; "outside the system and can't make more of it." a. Both those things are not necessary factors in the stability of value. b. He's obfuscating from the fact that bitcoin clearly does not meet the definition of sound money by defining it as two things that bitcoin has and some forms of sound money also have. It's sleight of hand. I don't believe for a moment he didn't know what sound money was, it's too central to the debate.

[@skoducks6071]

I think Pompliano is being dishonest. Too much slight of hand to assume ignorance

[@makiroll9960]

9 minutes of nonsense. a deflationary, heck, even a non-inflationary currency makes no sense. u would always fare better to not spent/use it, i.e. to save. this would slow down, maybe even kill economy, esp. investments (private and public).

[@digitalsamurai42]

Bitcoin is great as a store of value. Not a currency.

[@PA-eo7fs]

“We’ve been living in a Narrative driven world for the past few Decades” - I disagree, because JP Morgan and similar robber Barron’s literally drove capital to their businesses using Narrative. The entire 90s internet bubble Narrative Driven, Conglomerate Boom decades before that, also Narrative driven

Bitcoin is alive only on speculation. Real functionalities are not working. Same is with Ethereum. There are better crypto technologies, that preform much better and are even more decentralised.

[@trickdawg5521]

Tell me more about these superior cryptos.

[@digitalsamurai42]

Michael Saylor is using Bitcoin to preserve his wealth. One use case.

[@matek1324]

NANO for the win baby

[@tapwi781]

one day Bitcoin will be talked about like the biggiest fool scam in the world lol

[@conn656]

ifykyk btc is trash

[@conn656]

@Lex Clips @c0nn0ne tele add me

[@branbozic]

BTC will not be the main currency. Within a few years the central banks and worlds largest governments will come together and make some BIG moves on crypto. Dont underestimate the power they have...