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The Utopian and the Curmudgeon: Value of Bitcoin

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Jeffrey Tucker and Gene Epstein, two illustrious Austrian Economists, discuss Bitcoin and why it has value, from an Austrian economics perspective. Gene Epstein is the director of the Soho Forum, and Jeffrey Tucker is the Editorial Director of AIER. Please see our previous episodes of "The Utopian and the Curmudgeon": Episode 1: "Bitcoin" https://youtu.be/h5BXavcF8ys Episode 2: "Robots and Automation" https://youtu.be/STIUnzrozAA Episode 3: "3d printed guns and decentralized tech" https://www.youtube.com/watch?v=m2QuClhC77Y Here is my recap from after the live stream: https://www.youtube.com/watch?v=aLX1jI33s6U If you liked this video, please subscribe! Patreon.com/NaomiBrockwell HUGE thank you to all my AMAZING Patreon supporters! And a GIANT thank you to my sponsors Nelly's Organics (https://nellysorganics.com/), Decentranet (https://decentranet.com/), and HardFork Entertainment (http://hardforkentertainment.io/) Thanks for watching!! Leave a comment below and come say hi to me on: Twitter (@Skycorridors) Steemit (https://steemit.com/@skycorridors) Bitchute (https://www.bitchute.com/naomibrockwelltv/) dTube (https://d.tube/c/skycorridors) Podcast: https://soundcloud.com/naomibrockwell/tracks https://itunes.apple.com/us/podcast/bitcoin-blockchain-and-the-technologies-of-our-future/id1332680060?mt=2 BTC: 3JkK1nfFVjodzsLnbYfBfDiN7sP6nYBLPk BCH: 1Li12ggmC3nRbgkTHNGXVgC5QEzkXfx9sN Dash: Xe3BfetKaRkU9kxvFceqsiRBgGh61Nus5k LTC: MStHu3bKxtsyDy6Cnex7sExW7Sntye3Hod ZEC: t1U1BWDM5WpRK8VNR1a5MjnRLyGeaV9ocGZ Doge: DRXM2LS3AtE8NUG7Ub7qpz2nEHoHTC8YqH ETH: 0xaE0E925159ef42d3B4A9BCaa2808f1C456A7be6b
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Text Comments (27)
Michiel Van Kets (3 months ago)
anything can be used as a currency, but for it to be money, it needs to have intrinsic value
hanspanzer (3 months ago)
One world wide unit of account is just most effective. Just one reason why we will have a dominant currency (probably Bitcoin) and as Bitcoin opens up to communicate with other blockchains you can for distinctive utility reasons also use other crypto. But one currency will be the fundamental base layer where (almosts) all value is settled.
Naomi Brockwell (3 months ago)
We've always gravitated to one currency in the past, but that may not always be the case as tech advances and it's become easier than ever to exchange between currencies. We'll have to see what happens! And exciting future ahead :)
DNATS (4 months ago)
Trying to listen, but Gene's pattern of speech quite frustrating for me. He trips on his own words and it all comes just like a spaghetti mess. It's like he's thinking faster than he could keep up. Please please tell him to slow down.
Naomi Brockwell (3 months ago)
lol good luck telling that man to slow down :) You're right, his brain does work faster than his body :)
Todor Slavchev (4 months ago)
This was a great debate! The value of Bitcoin is coming from people believe and the number of the individuals entering the space will only increase with the time ( latest proof is Turkey). We have a broken Gestapo controlled economy driven by debt and slavery forced to use blood stained money which will collapse sooner than later. We can't predict the future and know what kind of money we will use and we don't need to because BTC is here and yes it is maybe slow and expensive but on the other side is the most secured one and if I want to transfer my wealth I will use BITCOIN. If I want to by TV will use Litecoin and for coffee I will pay with Digibyte.
Todor Slavchev (3 months ago)
+Naomi Brockwell I really appreciate the effort you put in your channel that's why we need to spread it out. I don't understand how some scam channel's have 10 of thousands of subscribers and your and some other valuable channels don't. Thanks!
Naomi Brockwell (3 months ago)
Thanks Todor! Great points too
sharperguy (4 months ago)
Bitcoin's value as a method of value transfer is only scarce if bitcoin itself offers unique attributes which cannot be matched equally well by a copycat cryptocurrency. The main things which bitcoin has which a clone could not easily obtain are brand recognition, nework effect, mining infrastructure and most importantly, dedicated and skillful developers to maintain and continually upgrade the network.
Naomi Brockwell (3 months ago)
good point
Hi 2 all. 10nx neomi!
Naomi Brockwell (3 months ago)
Hi Alex!!!
Sherman Marshall (4 months ago)
I wonder what he meant by saying "the money is worth 2% more." ~7:53 Currency appreciates in value relative to other currencies, but at home a 2% increase is harder to quantify. If he's talking about buying power, or 2% lower prices, that makes sense, but that assertion is curious.
Sherman Marshall (3 months ago)
Maybe... IIRC, the FED has an interest rate target to influence market lending. That rate could effect overall currency supply when the government needs to borrow. I think government borrowing is the factor that leads to inflation though... I can't claim to be an expert, but I think the following holds: increased government debt == increased money supply == decreased value of each currency unit == higher prices After a second viewing, I think the 2% could be from falling prices or deflation. If the Fed increased the rate to discourage lending, and people saved more that might produce the effect he suggested... But, you'd still have to spend all your money on something to get a compounding effect on reduced prices... Splitting hairs at this point, but it was interesting :)
Naomi Brockwell (3 months ago)
Doesn't the 2% refer to the inflation target set by the FED?
MrHarrilasagna (4 months ago)
Amazing debate! Thank You.
Naomi Brockwell (3 months ago)
Glad you liked it!!
Dan O'Neill (4 months ago)
@8:20 Wrong , many things have lasting value , land , tools , water , buildings , metal , animals , Plants > trees , cannabis & tulips , guns & ammo , they all have a use other than money / trade goods . Bitcoin is nothing & cost way too much energy to produce > nothing . In the words of Ron Paul it's mal investment for the most part . We have the freedom to destroy our wealth in many ways , it's just not a good idea in the long run . Bitcoin is also a technology trap >>@46:38 >> https://www.youtube.com/watch?v=UxyGt58EPa4
Dan O'Neill (3 months ago)
I agree it has some limited use , Ron Paul said due to bogus Gov action ( FED ) the end result is mal investment . If the Gov (FED) was more accurate & honest ( sound $$ ) there would be less need for things like bitcoin . If bitcoin ever becomes a threat/problem to the Gov , they have the power to make it's use far less user friendly .
Naomi Brockwell (3 months ago)
Last time I chatted to Ron Paul he said he was interested to learn more and saw the power that bitcoin was having against govt...
Dan O'Neill (4 months ago)
For scale , Platinum is far more rare than Gold , years ago cost about 1/3 +/- MORE than Gold , But today sells for 1/3 less +/- than Gold . Bottom line things change . I agree with Peter Schiff , the time will come when bitcoin has little value . BTW there is little to Zero in common between G & Pl and bitcoin .
Mork (4 months ago)
Sorry my question is more about Government adoption allowing business and public to buy and use without negative stigma.
Naomi Brockwell (3 months ago)
will make note of the question, Mork! Thanks!
Mork (4 months ago)
My live chat not working my user error. my Q when do you feel that the market will have European adoption
Naomi Brockwell (3 months ago)
Good question! I will bring it up in future!
rovingreporter (4 months ago)
Curmudgeon? How did you know my father in law? LOL
Naomi Brockwell (3 months ago)
lol :)

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