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Episode 28: Michael “Bitstein” Goldstein: An Intro to Bitcoin

Michael Goldstein (Bitcoin developer, educator, and evangelist) and I discuss the benefits of bitcoin, different strategies for utilizing bitcoin’s strengths, what a “node” is, his experience with the Carnivore diet (4+ years), and he answers the all-important question – “What is bitcoin?”

Find Michael Goldstein at his website, and on @bitstein

This episode is sponsored by truLOCAL. truLOCAL partners with local farmers and butchers (in your area) to source the best meat available. Serving 100’s of cuts of Beef, Lamb, Buffalo, and Chicken; truLOCAL even offers cuts that you can’t get at the grocery store.

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Show notes:

  • [4:00] What is bitcoin?
  • [5:30] Basic economics – If you just start giving out money, it doesn’t actually help anyone, it just changes the prices.
  • [6:30] The benefits of Bitcoin
  • [7:00] There is a massively unfair advantage for the friends of the money printers of fiat currency
  • [8:00]  Bitcoin as a savings technology, not a get rich scheme
  • [11:30] “Bitcoin is like gold in the sense that it is a hedge against inflation”
  • [12:30] Mining cryptocurrencies
  • [15:30] The bitcoin network and proof of work
  • [18:00] Economic nodes and verifying your own transactions
  • [18:30] A node is a computer on the network that is validating, a full-nose is a bit more complicated
  • [21:00] Getting around the difficulty of utilizing bitcoin for multiple purposes
  • [22:00] Outside of America:
  • [23:00] “Bitcoin offers self-sovereignty”
  • [24:30] In America: Cash App is an easy way to get started with bitcoin
  • [26:00] Comparing bitcoin to traditional payment methods
  • [27:30] Typical asset allocation for bitcoin and DCA (dollar-cost averaging)
  • [32:00] Get rich quick vs. the long-term mentality
  • [34:30] The reasons that bitcoin is currently very volatile
  • [37:30] “Bitcoin is a free-flowing currency, there is no federal reserve of bitcoin to adjust the bitcoin interest rate to make it have a different purchasing power.”
  • [40:00] The largest global markets of bitcoin
  • [41:30] Differences of bitcoin and the “alt-shit coins”
  • [43:30] The security of bitcoin vs. alt-coins
  • [48:00] Bitcoin forks and splits
  • [53:00] The bitcoin cash fork war
  • [55:30] Bitstein’s journey with the carnivore diet