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Summary of Transcript:
In this YouTube video, Robert Breedlove discusses the concept of inflation as theft and the history of money with the host, Tom. Breedlove argues that arbitrary increases in the supply of fiat currency, or inflation, is a way for governments to control economic power, and that holding fiat currency is not a wise choice for free economic actors. Money is a psycho technology, a call option on anything the market can produce, and the most important form of property. The video covers topics such as fractional reserve banking, the gold standard, and central banking as a computer virus on the human brain.
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Summary of Description:
Robert Breedlove, a bitcoin-focused entrepreneur, discusses the five properties of money in a recent podcast episode. He also breaks down inflation and the importance of understanding something at its foundational level. The conversation also covers the disruptive power of bitcoin and the declining power of government. The episode is more educational than focused on NFT and crypto wallets. The conversation includes resources such as WTF Happened in 1971, Masters and Slaves of Money, Dishonest Money, Sovereign Individual, and Thank God for Bitcoin.
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Understanding Bitcoin and Inflation: A Deep Dive with Robert Breedlove
Cryptocurrency has been a hot topic for a while now, and Bitcoin has been performing exceptionally well recently. But why and how is this possible? In a recent episode of Impact Theory, Tom Bilyeu sat down with Robert Breedlove, a Bitcoin-focused entrepreneur and freedom maximalist, to help explain the foundational reasons why Bitcoin is so successful.
Understanding Bitcoin’s Properties
Robert shared five base properties of money that make cryptocurrency and Bitcoin so appealing:
1. Divisibility
2. Durability
3. Recognizability
4. Portability
5. Scarcity
These five properties are critical to the way money is used and perceived by market actors. They can also be thought of as the five services people seek from money, according to Robert.
Inflation and Fiat Money Explained
In the episode, Robert delved into inflation and fiat money. He broke down what money and property fundamentally are and how compromised property value can lead to wealth redistribution. Robert explained how we’ve tried to create socio-economic structures that favor the few who understand and create privilege for themselves at the expense of others.
Inflation is legalized counterfeiting and is a de-civilizing force that incentivizes short-term thinking, Robert went on to explain. There is no difference between counterfeiting and inflating the amount of dollars in the system.
The Promise of Bitcoin
Bitcoin’s scarcity is the crux of its value. As Robert stated, “Bitcoin is an innovation as significant as the Gutenberg printing press actually, and I think the implications of its emergence will be similarly disruptive to institutions in the world.”
Bitcoin provides a promise of absolute scarcity and is immune to centralized manipulation. It allows people to tackle inflation, which leads to a more civilized society.
When governments clamp down on disruptive technology, it drives it to its highest and most useful form of subversion. Thus, Bitcoin and cryptocurrency as a whole serve as an insurance policy against uncertainty.
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If you’re interested in staying up to date on all things cryptocurrency, Bitcoin, and NFTs, join the Impact Theory Discord community. Here, you’ll get direct access to Tom Bilyeu and the team, exclusive content, and offers. Don’t miss out on this opportunity to become legendary.
Conclusion
Understanding the foundations of money and inflation is essential for anyone interested in cryptocurrencies like Bitcoin. Robert Breedlove offers a crash course in money, inflation, what property is, and why assets matter. Bitcoin’s success is due to its five properties of money and its promise of absolute scarcity. Joining the Impact Theory Discord community offers access to experts and exclusive content.
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Source Description
Join our Discord community so you don’t miss out on all the amazing things we are working on – http://impacttheory.com/discord. Here you will get direct access to Tom and the team PLUS exclusive content, offers, and so much more. Jump on in and get started on becoming legendary!
If you’ve been following the cryptocurrency and NFT conversation with us recently, you’ll appreciate this incredible conversation with Robert Breedlove, a freedom maximalist and bitcoin-focused entrepreneur. If you haven’t been following along, jump in now. This episode is less NFT and crypto wallet focused and more educational in that Robert breaks down inflation like very few can. Understanding something at its foundational level allows you to really think from first principles, which empowers you to make better decisions. Cryptocurrency is built on technology and Bitcoin has been performing like no other asset in history, but why and how is this possible? You may need to watch this a few times, and may be even better with pen and paper to take notes. This is a crash course and deep dive on money, inflation, what property is, and why assets matter.
Robert shares 5 properties of money:
• Divisibility
• Durability
• Recognizability
• Portability
• Scarcity
Resources mentioned in this episode:
WTF Happened in 1971: https://wtfhappenedin1971.com/
Masters and Slaves of Money: https://breedlove22.medium.com/masters-and-slaves-of-money-255ecc93404f
Dishonest Money: https://www.amazon.com/Dishonest-Money-Financing-Road-Ruin-ebook/dp/B004P1J0PQ
Sovereign Individual: https://www.amazon.com/Sovereign-Individual-Mastering-Transition-Information/dp/0684832720
Thank God for Bitcoin: https://www.amazon.com/Thank-God-Bitcoin-Corruption-Redemption/dp/1641991216
SHOW NOTES:
0:00 | Introduction Robert Breedlove
0:34 | Inflation and Fiat Explained
6:17 | Defining Money & Property
10:47 | Compromised Property Value
16:05 | Wealth Redistribution of Assets
23:59 | What is Money
26:16 | The 5 Properties of Money
33:51 | Central Banking Corrupt Power
40:13 | Counterfeit Inflation
48:32 | Life, Liberty and Property
56:48 | Bitcoin Absolute Scarcity
1:07:21 | Government Disruption
1:13:50 | Declining Power of Government
1:23:20 | Implication of Bitcoin
1:30:47 | Purchasing Power of Bitcoin
1:40:43 | Sovereign Individual Insights
1:48:30 | Decentralized NFTs & Crypto
1:51:03 | Thank God for Bitcoin
QUOTES:
“Money is also a psycho technology. It’s like literacy or numeracy. It’s a software implementation we put into our brain, we use it to communicate, negotiate [and] plan.” [6:42]
“We typically think property is the house, the car, the stock, whatever. That’s not what property is, properties and relationships. It’s an exclusively acknowledged relationship between the owner and the asset”
“It contradicts the premise of self ownership, when we give power away to a single institution” [10:26]
“I like to say central banking, and the fiat currency complex is as clear as mud and twice as dirty.” [16:48]
“When we look at money, the five properties that market actors voluntarily favor, you could also think of as the five services we seek from money…” [26:16]
“When money is losing its value over time. We’re all incentivized to be more short term thinking. This is a de-civilizing force.” [39:07]
“There is no difference between counterfeiting and inflating the amount of dollars in the system.” [40:13]
“Inflation is legalized counterfeiting. Counterfeiting is criminalized inflation.” [43:33]
“We have tried to rationalize and formulate different ways of creating socio economic structures that favored the few that could understand it and create that privilege for themselves at the expense of others.” [56:35]
“Bitcoin is an innovation as significant as the Gutenberg printing press actually, and I think the implications of its emergence will be similarly disruptive to institutions in the world.” [1:10:07]
“When the institution tries to clamp down on the disruptive technology, the subversive technology, it actually drives it to its highest and most useful form of some subversion” [1:12:24]
“Another definition of money. It’s an insurance policy on uncertainty. The only reason people are holding money is for its option value.” [1:35:23]
“To walk across the room, implies that you value being on the other side of the room more than you value sitting where you currently are. So we are constantly and unavoidably expressing our values through action.” [1:55:22]
Follow Robert Breedlove:
YouTube: https://www.youtube.com/channel/UC43_LTf5Z4lbRjKCq0sIAVg
Twitter: https://twitter.com/Breedlove22
LinkedIn:https://www.linkedin.com/in/breedlove22/
Podcast: https://whatismoneypodcast.com/
Instagram: https://www.instagram.com/breedlove_22/
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