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 bitstein.org, and on @bitstein
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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: buybitcoinworldwide.com
- [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