title
Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics | Lex Fridman Podcast #284

description
Saifedean Ammous is an Austrian economist and author of The Bitcoin Standard and The Fiat Standard. Please support this podcast by checking out our sponsors: - GiveWell: https://www.givewell.org/ and use code LEX - Scale: https://scale.com/lex - Uncruise: https://uncruise.com/pages/lex - BiOptimizers: http://www.magbreakthrough.com/lex to get 10% off - Athletic Greens: https://athleticgreens.com/lex and use code LEX to get 1 month of fish oil EPISODE LINKS: Saifedean's Twitter: https://twitter.com/saifedean Saifedean's Website: https://saifedean.com The Bitcoin Standard podcast: https://saifedean.com/podcast Books & resources mentioned: The Fiat Standard (book): https://amzn.to/3FmNfsy The Bitcoin Standard (book): https://amzn.to/3LRrcwA The Blocksize War (book): https://amzn.to/3LORQ9o The Theory of Money and Credit (book): https://amzn.to/3ykreZT Human Action (book): https://amzn.to/3w9LzP4 PODCAST INFO: Podcast website: https://lexfridman.com/podcast Apple Podcasts: https://apple.co/2lwqZIr Spotify: https://spoti.fi/2nEwCF8 RSS: https://lexfridman.com/feed/podcast/ Full episodes playlist: https://www.youtube.com/playlist?list=PLrAXtmErZgOdP_8GztsuKi9nrraNbKKp4 Clips playlist: https://www.youtube.com/playlist?list=PLrAXtmErZgOeciFP3CBCIEElOJeitOr41 OUTLINE: 0:00 - Introduction 1:33 - Money 14:38 - Gold standard 27:49 - Collective hallucination 33:39 - Austrian vs Keynesian economics 1:06:00 - Free market 1:22:29 - Monarchy 1:28:03 - Fiat money 2:14:53 - SWIFT system 2:27:43 - Bitcoin 2:34:00 - Satoshi Nakamoto 2:41:44 - Criticisms of Bitcoin 2:56:56 - Football/soccer 3:00:38 - Criticisms of Bitcoin continued 3:10:57 - Bitcoin Maximalism 3:23:20 - Proof of stake 3:40:26 - Central bank digital currency 3:51:39 - Michael Malice 3:53:52 - Advice for young people 4:00:01 - Palestine 4:11:40 - Mortality SOCIAL: - Twitter: https://twitter.com/lexfridman - LinkedIn: https://www.linkedin.com/in/lexfridman - Facebook: https://www.facebook.com/lexfridman - Instagram: https://www.instagram.com/lexfridman - Medium: https://medium.com/@lexfridman - Reddit: https://reddit.com/r/lexfridman - Support on Patreon: https://www.patreon.com/lexfridman

detail
{'title': 'Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics | Lex Fridman Podcast #284', 'heatmap': [{'end': 2142.731, 'start': 1829.011, 'weight': 0.963}, {'end': 14521.264, 'start': 14363.454, 'weight': 0.988}, {'end': 15267.346, 'start': 15128.443, 'weight': 0.878}], 'summary': 'Saifedean ammous, an austrian economist, criticizes economists like paul krugman, explores the chaos of ideas to discover universal wisdom, delves into the multifaceted role of money, highlights its significance in enabling trade, division of labor, and productivity in an economy involving almost 8 billion people, and discusses the potential role of bitcoin in bringing peace to the middle east and its impact on global conflicts.', 'chapters': [{'end': 95.052, 'segs': [{'end': 48.02, 'src': 'embed', 'start': 0.169, 'weight': 0, 'content': [{'end': 3.371, 'text': "You can't have permanent war without fiat.", 'start': 0.169, 'duration': 3.202}, {'end': 9.934, 'text': "And I also think there's a case to be made that you can't really have fiat without war.", 'start': 4.491, 'duration': 5.443}, {'end': 17.899, 'text': 'The following is a conversation with Saifedean Ammous, one of the central and most impactful economists,', 'start': 12.596, 'duration': 5.303}, {'end': 21, 'text': 'philosophers and educators in the world of Bitcoin.', 'start': 17.899, 'duration': 3.101}, {'end': 28.945, 'text': "He's an Austrian economist, an anarchist, and the author of The Bitcoin Standard and the new book, The Fiat Standard.", 'start': 21.661, 'duration': 7.284}, {'end': 36.213, 'text': 'Safedine does not mince words in his criticism of economists and humans in general with whom he disagrees.', 'start': 29.725, 'duration': 6.488}, {'end': 43.322, 'text': 'For example, Paul Krugman, who is a Neil Akensian economist and a previous guest of this podcast.', 'start': 36.814, 'duration': 6.508}, {'end': 48.02, 'text': "Safedine's opinions are strong and often controversial.", 'start': 44.679, 'duration': 3.341}], 'summary': 'Saifedean ammous discusses the link between fiat currency and war.', 'duration': 47.851, 'max_score': 0.169, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A169.jpg'}, {'end': 95.052, 'src': 'embed', 'start': 72.712, 'weight': 2, 'content': [{'end': 82.921, 'text': 'It is on each of us individually to dive into this chaos of ideas, and from that chaos, discover long-lasting universal wisdom to live by.', 'start': 72.712, 'duration': 10.209}, {'end': 85.864, 'text': 'This is the Lex Friedman Podcast.', 'start': 84.262, 'duration': 1.602}, {'end': 88.886, 'text': 'To support it, please check out our sponsors in the description.', 'start': 86.124, 'duration': 2.762}, {'end': 92.59, 'text': "And now, dear friends, here's Saifedean Amoos.", 'start': 89.507, 'duration': 3.083}, {'end': 95.052, 'text': "Let's start with a big question.", 'start': 93.751, 'duration': 1.301}], 'summary': 'Lex friedman podcast with saifedean amoos. exploring chaos for universal wisdom.', 'duration': 22.34, 'max_score': 72.712, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A72712.jpg'}], 'start': 0.169, 'title': 'The fiat standard', 'summary': 'Delves into the interconnection between fiat currency and war, featuring saifedean ammous, an austrian economist and author, who criticizes economists like paul krugman and explores the chaos of ideas to discover universal wisdom.', 'chapters': [{'end': 95.052, 'start': 0.169, 'title': 'The fiat standard with saifedean ammous', 'summary': 'Delves into the interconnection between fiat currency and war, featuring saifedean ammous, an austrian economist and author, who criticizes economists like paul krugman and explores the chaos of ideas to discover universal wisdom.', 'duration': 94.883, 'highlights': ['Saifedean Ammous argues that permanent war cannot exist without fiat, suggesting a strong interconnection between the two.', 'Saifedean Ammous criticizes economists like Paul Krugman and presents controversial opinions about human nature and civilization.', 'The conversation explores the chaos of ideas to discover universal wisdom to live by, emphasizing individual responsibility in navigating this space.']}], 'duration': 94.883, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A169.jpg', 'highlights': ['Saifedean Ammous argues that permanent war cannot exist without fiat, suggesting a strong interconnection between the two.', 'Saifedean Ammous criticizes economists like Paul Krugman and presents controversial opinions about human nature and civilization.', 'The conversation explores the chaos of ideas to discover universal wisdom to live by, emphasizing individual responsibility in navigating this space.']}, {'end': 1643.303, 'segs': [{'end': 279.764, 'src': 'embed', 'start': 256.07, 'weight': 0, 'content': [{'end': 264.717, 'text': "So the division of labor is enhanced enormously with money because without money, it's very difficult to be able to exchange a large number of goods.", 'start': 256.07, 'duration': 8.647}, {'end': 269.179, 'text': "It's very difficult to have a sophisticated economy with a large degree of specialization,", 'start': 264.817, 'duration': 4.362}, {'end': 277.303, 'text': "because it's very difficult to find people who want the thing that you have and have the thing that you want.", 'start': 269.179, 'duration': 8.124}, {'end': 279.764, 'text': 'We call this the coincidence of wants.', 'start': 277.783, 'duration': 1.981}], 'summary': 'Money enhances division of labor, allowing for a sophisticated economy and specialization with ease.', 'duration': 23.694, 'max_score': 256.07, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A256070.jpg'}, {'end': 901.084, 'src': 'embed', 'start': 877.032, 'weight': 2, 'content': [{'end': 884.676, 'text': 'And that- What is a gold standard? The gold standard is basically when money is gold, or at least government currencies backed by gold.', 'start': 877.032, 'duration': 7.644}, {'end': 891.279, 'text': 'But the reason gold became money and not copper, not nickel, not bananas, is that gold is the hardest metal.', 'start': 884.716, 'duration': 6.563}, {'end': 898.063, 'text': 'in the world, and it is the hardest metal to increase the supply of, and the reason for that is based in chemistry.', 'start': 891.579, 'duration': 6.484}, {'end': 901.084, 'text': 'so gold is indestructible.', 'start': 898.063, 'duration': 3.021}], 'summary': 'Gold standard is when money is backed by gold due to its scarcity and indestructibility.', 'duration': 24.052, 'max_score': 877.032, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A877032.jpg'}, {'end': 1322.291, 'src': 'embed', 'start': 1288.235, 'weight': 3, 'content': [{'end': 1292.036, 'text': "So it's not that governments were choosing gold.", 'start': 1288.235, 'duration': 3.801}, {'end': 1299.379, 'text': "It's more like they were having to adapt their own currencies to gold in order to give their currencies credibility.", 'start': 1292.196, 'duration': 7.183}, {'end': 1305.802, 'text': "So there's a dance there, though, because if they had to, then why did they switch away from it after?", 'start': 1299.419, 'duration': 6.383}, {'end': 1311.708, 'text': 'So there is a dance where the governments you know, the people pressure.', 'start': 1306.567, 'duration': 5.141}, {'end': 1322.291, 'text': 'So first of all, the basic characteristics of the hard money pressures the governments and the people in terms of what should be used.', 'start': 1312.148, 'duration': 10.143}], 'summary': 'Governments adapted currencies to gold for credibility, facing pressure to switch away later.', 'duration': 34.056, 'max_score': 1288.235, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A1288235.jpg'}], 'start': 95.813, 'title': 'The role of money in civilization, economic development, and the battle of money', 'summary': 'Explores the multifaceted role of money, highlighting its significance in enabling trade, division of labor, and productivity in an economy involving almost 8 billion people. it also delves into how money resolves the problem of coincidence of wants, fosters exchange of goods, and leads to the growth of market systems, while discussing the evolution of money and the battle between bitcoin and fiat currencies, with insights into the historical significance of gold as a monetary metal and the implications of different monetary systems.', 'chapters': [{'end': 255.53, 'start': 95.813, 'title': 'Role of money in civilization', 'summary': 'Delves into the concept of money as a market good, its role in enabling trade and the division of labor, and how it facilitates specialization and productivity in an economy involving almost 8 billion people.', 'duration': 159.717, 'highlights': ['Money as a market good enables trade and the division of labor, allowing for specialization and increased productivity in an economy involving almost 8 billion people. economy of almost 8 billion people', 'The concept of money as a market good, distinct from consumption and capital goods, is emphasized, highlighting its role as a medium of exchange. ', 'Specialization in a large economy allows individuals to focus on specific tasks, leading to increased productivity and economic growth. increased productivity and economic growth']}, {'end': 701.442, 'start': 256.07, 'title': 'The role of money in economic development', 'summary': 'Explains how money enhances the division of labor, resolves the problem of coincidence of wants, and facilitates the exchange of goods, leading to the growth of market systems and the ability to store value for the future.', 'duration': 445.372, 'highlights': ['Money facilitates the exchange of goods by resolving the problem of coincidence of wants, leading to the growth of market systems and division of labor. Money resolves the problem of coincidence of wants, enabling people to specialize and exchange goods more efficiently.', 'Money serves as a mechanism for storing value into the future, allowing for increased future orientation and planning. Money enables individuals to think for the future by providing a mechanism for storing value and reducing uncertainty.', 'The evolution of money throughout history is characterized by the development of harder-to-produce forms of money, leading to increased future orientation and reduced uncertainty. History shows a progression towards harder-to-produce money, which enhances future planning and reduces uncertainty.']}, {'end': 1122.915, 'start': 701.582, 'title': 'Bitcoin vs. fiat: the battle of money', 'summary': 'Discusses the evolution of money, the concept of hard and soft money, and the historical significance of gold as a monetary metal, with key points including examples of various forms of money, the characteristics of hard money, and the impact of the gold standard on the monetary system.', 'duration': 421.333, 'highlights': ['Gold as hard money: The discussion on the historical significance of gold as money, with examples of various forms of money such as cigarettes, limestone, seashells, and glass beads, highlighting the concept that money is always the hardest thing to make.', "Gold standard: The explanation of the gold standard, its significance in the 19th century, and the comparison of gold with other metals like silver, including the impact of Germany's switch to the gold standard and the subsequent decline in the monetary properties of silver.", "Bitcoin Standard: The mention of the book 'Bitcoin Standard' as a rigorous explanation of the concept of Bitcoin and its significance in the cryptocurrency space, positioning it as the 'Bible' in the Bitcoin community."]}, {'end': 1643.303, 'start': 1122.915, 'title': 'Evolution of money: gold standard and hard money', 'summary': 'Explores the evolution of money, focusing on the gold standard and hard money. it delves into the concept of hard money, the gold standard, the implications of easy money, and the stock-to-flow ratio, emphasizing the significance of gold in monetary systems.', 'duration': 520.388, 'highlights': ['Gold standard as the basis of monetary systems The gold standard was the foundation of monetary systems at the end of the 19th century, where national currencies were specific units of gold and paper money was redeemable in gold, signifying a direct representation of gold in the monetary system.', "Government's reliance on gold for currency credibility Governments adapted their currencies to gold to gain credibility, as gold served as money before the invention of states and was essential for international trade, leading to a dance between governments and the public in the evolution of currency technology.", "Central banks' accumulation of gold reserves Despite moving away from the gold standard, central banks continued to accumulate gold reserves, recognizing the value of gold as a hedge against inflation and geopolitical uncertainties, as evidenced by China and Russia's substantial gold accumulation in recent years.", 'Implications of easy money and the stock-to-flow ratio Easy money, characterized by commodities like copper, poses challenges as monetary mediums due to their ease of production and consumption, contrasting with the stock-to-flow ratio of gold, exemplifying its suitability as hard money.']}], 'duration': 1547.49, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A95813.jpg', 'highlights': ['Money enables trade and division of labor in an economy of almost 8 billion people.', 'Money resolves the problem of coincidence of wants, fostering exchange of goods and market growth.', "Gold's historical significance as hard money and its role in the gold standard.", "Government's reliance on gold for currency credibility and central banks' gold reserves."]}, {'end': 4842.767, 'segs': [{'end': 1717.196, 'src': 'embed', 'start': 1688.174, 'weight': 1, 'content': [{'end': 1694.477, 'text': "There's never been an instance where a government came out and said, all right, we're printing out these pieces of paper, use them as money.", 'start': 1688.174, 'duration': 6.303}, {'end': 1698.598, 'text': 'This one is worth 10 apples or use it for buying things.', 'start': 1694.597, 'duration': 4.001}, {'end': 1699.859, 'text': "And here's the piece of paper.", 'start': 1699.038, 'duration': 0.821}, {'end': 1700.779, 'text': 'This has never happened.', 'start': 1699.899, 'duration': 0.88}, {'end': 1702.4, 'text': "They've always..", 'start': 1701.479, 'duration': 0.921}, {'end': 1710.108, 'text': 'taken fiat money, paper money, all of these things were always born out of fraud.', 'start': 1703.3, 'duration': 6.808}, {'end': 1717.196, 'text': "Initially it was a receipt for gold, and then they told you well, you don't need the gold anyway and you have to use this, and then,", 'start': 1710.748, 'duration': 6.448}], 'summary': 'Fiat money has always been born out of fraud, initially as a receipt for gold.', 'duration': 29.022, 'max_score': 1688.174, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A1688174.jpg'}, {'end': 2142.731, 'src': 'heatmap', 'start': 1829.011, 'weight': 0.963, 'content': [{'end': 1835.373, 'text': 'So obviously you know value only exists because humans choose to make the valuation.', 'start': 1829.011, 'duration': 6.362}, {'end': 1842.595, 'text': "However, the economic reality of the way that money works means that it's just the technology like all others.", 'start': 1835.953, 'duration': 6.642}, {'end': 1847.896, 'text': "And so if we, for me, when people say, well, if we hallucinate that this thing can be money, then it'll be money.", 'start': 1842.635, 'duration': 5.261}, {'end': 1850.437, 'text': "If we can hallucinate bananas to be money, then it'll be money.", 'start': 1848.276, 'duration': 2.161}, {'end': 1854.909, 'text': "For me, it's like saying, well, if we hallucinate that bananas can be spaceships, they'll be spaceships.", 'start': 1850.878, 'duration': 4.031}, {'end': 1859.121, 'text': 'I mean, you can call them spaceships if you want, but a banana is not going to get you to the moon.', 'start': 1854.969, 'duration': 4.152}, {'end': 1862.547, 'text': "But nevertheless, that's true.", 'start': 1859.724, 'duration': 2.823}, {'end': 1868.874, 'text': "So you're drawing a big distinction between physical reality and the space of belief.", 'start': 1862.567, 'duration': 6.307}, {'end': 1880.607, 'text': 'But it seems like so much power of human civilization, so much destruction, so much creativity, creation happens in our minds.', 'start': 1869.334, 'duration': 11.273}, {'end': 1883.649, 'text': 'Absolutely Everything does happen in the mind, however.', 'start': 1881.427, 'duration': 2.222}, {'end': 1890.791, 'text': "You're not gonna get to the moon, but you might still have a significant impact on human civilization if a lot of people believe a thing.", 'start': 1883.669, 'duration': 7.122}, {'end': 1899.675, 'text': 'True, but economic reality exists in a way in which your beliefs are rewarded when they match up with economic reality.', 'start': 1891.572, 'duration': 8.103}, {'end': 1900.455, 'text': 'With physical reality.', 'start': 1899.695, 'duration': 0.76}, {'end': 1901.855, 'text': "And they're punished when they don't.", 'start': 1900.675, 'duration': 1.18}, {'end': 1905.877, 'text': "So if you ride a banana, jump off a cliff thinking you're gonna get to the moon.", 'start': 1901.915, 'duration': 3.962}, {'end': 1912.841, 'text': 'And that solves the problem of people thinking that bananas are spaceships by killing people who think that bananas are spaceships.', 'start': 1906.557, 'duration': 6.284}, {'end': 1916.463, 'text': 'And I think, to go back to your question in terms of paper monies.', 'start': 1913.201, 'duration': 3.262}, {'end': 1925.669, 'text': 'so yes, even though ignoring the original sin of the creation of fiat money and ignoring everything that happened before 1971, all right.', 'start': 1916.463, 'duration': 9.206}, {'end': 1927.05, 'text': 'well, here we are.', 'start': 1925.669, 'duration': 1.381}, {'end': 1927.93, 'text': 'people are using.', 'start': 1927.05, 'duration': 0.88}, {'end': 1929.271, 'text': "well, it's not really paper money.", 'start': 1927.93, 'duration': 1.341}, {'end': 1933.354, 'text': 'We should say fiat money is predominantly credit.', 'start': 1929.371, 'duration': 3.983}, {'end': 1934.975, 'text': "It's also digital currency.", 'start': 1933.694, 'duration': 1.281}, {'end': 1936.344, 'text': 'more than 90% of dollars.', 'start': 1935.757, 'duration': 0.587}, {'end': 1940.917, 'text': 'are digital, less than 10% of dollars are physical.', 'start': 1938.075, 'duration': 2.842}, {'end': 1942.658, 'text': 'So it is a digital currency.', 'start': 1941.457, 'duration': 1.201}, {'end': 1948.782, 'text': 'And all over the world, all these governments are using digital currencies effectively with some physical manifestations in paper.', 'start': 1942.878, 'duration': 5.904}, {'end': 1953.746, 'text': "But yet, even within these currencies, it's still the same analysis.", 'start': 1949.563, 'duration': 4.183}, {'end': 1955.967, 'text': 'And I discussed this in chapter four of the Bitcoin standard.', 'start': 1953.786, 'duration': 2.181}, {'end': 1962.271, 'text': 'You look at government monies, you see that the currencies that have held onto their value, the ones that have the biggest value,', 'start': 1956.347, 'duration': 5.924}, {'end': 1967.575, 'text': 'the ones that play the biggest role in global trade, the ones that are used as currency reserves all over the world,', 'start': 1962.271, 'duration': 5.304}, {'end': 1976.445, 'text': 'are the ones that have the lowest supply growth rate, the ones that grow, whose central banks are the least inflationary and, on the other hand,', 'start': 1968.215, 'duration': 8.23}, {'end': 1980.951, 'text': 'the ones that who supplies more inflationary, similar to copper, end up failing.', 'start': 1976.445, 'duration': 4.506}, {'end': 1983.534, 'text': 'you look at lebanon, venezuela, zimbabwe.', 'start': 1980.951, 'duration': 2.583}, {'end': 1989.02, 'text': 'these are currencies whose supply increases very quickly And therefore their value collapses.', 'start': 1983.534, 'duration': 5.486}, {'end': 1995.027, 'text': 'Whereas the dollar, the Swiss franc, the euro, the British pound, the Japanese yen,', 'start': 1989.08, 'duration': 5.947}, {'end': 2000.213, 'text': 'they increase at a much lower rate in general than these terrible currencies.', 'start': 1995.027, 'duration': 5.186}, {'end': 2008.176, 'text': "And that's why All over the world you see people are looking to get more dollars and more of these harder currencies than the easier ones.", 'start': 2000.253, 'duration': 7.923}, {'end': 2016.939, 'text': 'So I think this analysis of the hardness of the money and the ease of money is pretty well supported empirically.', 'start': 2008.216, 'duration': 8.723}, {'end': 2023.461, 'text': "So like you said, you're at least in part or in whole consider yourself an Austrian economist.", 'start': 2017.639, 'duration': 5.822}, {'end': 2028.403, 'text': "So you're perhaps a great person to ask about the basics.", 'start': 2024.841, 'duration': 3.562}, {'end': 2030.465, 'text': 'What is Austrian economics??', 'start': 2029.064, 'duration': 1.401}, {'end': 2032.106, 'text': 'What is Keynesian economics??', 'start': 2030.525, 'duration': 1.581}, {'end': 2034.167, 'text': 'How do you compare the two?', 'start': 2032.326, 'duration': 1.841}, {'end': 2035.648, 'text': 'What should people know??', 'start': 2034.707, 'duration': 0.941}, {'end': 2041.171, 'text': 'What are the interesting defining characteristics to you about these schools of thought?', 'start': 2035.668, 'duration': 5.503}, {'end': 2044.694, 'text': 'So, Austrian economics, the way that I see it, Austrian economics is economics.', 'start': 2041.812, 'duration': 2.882}, {'end': 2051.438, 'text': 'We call it Austrian economics because economics has been hijacked by a bunch of frauds, really.', 'start': 2045.534, 'duration': 5.904}, {'end': 2052.319, 'text': 'People who are wrong.', 'start': 2051.458, 'duration': 0.861}, {'end': 2057.302, 'text': "Well, it's much worse than wrong by people who are just essentially propagandists for inflation.", 'start': 2052.899, 'duration': 4.403}, {'end': 2060.123, 'text': "Right It's like your opinion, man.", 'start': 2057.542, 'duration': 2.581}, {'end': 2063.806, 'text': "Yeah, well, that's also like your opinion, man.", 'start': 2061.764, 'duration': 2.042}, {'end': 2065.628, 'text': "Yeah, that's true.", 'start': 2063.926, 'duration': 1.702}, {'end': 2069.33, 'text': "Well, I also talked to Paul Krugman on this podcast, so he's..", 'start': 2065.788, 'duration': 3.542}, {'end': 2084.103, 'text': "The O speaks enough, but he's one of the people that is perhaps most harshly criticized by folks in Austrian economics perspective and vice versa,", 'start': 2071.672, 'duration': 12.431}, {'end': 2085.625, 'text': 'which is a fascinating tension.', 'start': 2084.103, 'duration': 1.522}, {'end': 2090.969, 'text': "Yeah, he's done a great job as an actor who plays an economist on TV and the internet.", 'start': 2085.824, 'duration': 5.145}, {'end': 2094.974, 'text': 'Yeah So anyway, now tell me what you really think.', 'start': 2090.989, 'duration': 3.985}, {'end': 2098.602, 'text': 'So the basics of what is Austrian economics?', 'start': 2096.117, 'duration': 2.485}, {'end': 2100.486, 'text': 'What perspective does it take on the world?', 'start': 2098.642, 'duration': 1.844}, {'end': 2109.414, 'text': 'Yeah, so I mean Austrian economics really is the continuation of a tradition, that it goes back to the ancient Greeks of studying economics.', 'start': 2100.687, 'duration': 8.727}, {'end': 2114.595, 'text': "Historically, it's really just economics that has evolved over time.", 'start': 2109.754, 'duration': 4.841}, {'end': 2125.558, 'text': 'And the establishment of the Austrian school per se came in 1871, 150 years ago, when Karl Menger, the father of the school,', 'start': 2114.755, 'duration': 10.803}, {'end': 2132.24, 'text': 'wrote a book called Principles of Economics and essentially invented marginal analysis, which is a big deal in economics.', 'start': 2125.558, 'duration': 6.682}, {'end': 2137.609, 'text': 'Marginal analysis is the idea that in economics, individuals carry out decisions at the margin.', 'start': 2132.867, 'duration': 4.742}, {'end': 2142.731, 'text': "When you make choice, you're not making it.", 'start': 2140.05, 'duration': 2.681}], 'summary': 'The economic reality of money works like technology, with over 90% of dollars being digital, and the value of currencies is tied to their supply growth rate.', 'duration': 313.72, 'max_score': 1829.011, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A1829011.jpg'}, {'end': 1980.951, 'src': 'embed', 'start': 1956.347, 'weight': 0, 'content': [{'end': 1962.271, 'text': 'You look at government monies, you see that the currencies that have held onto their value, the ones that have the biggest value,', 'start': 1956.347, 'duration': 5.924}, {'end': 1967.575, 'text': 'the ones that play the biggest role in global trade, the ones that are used as currency reserves all over the world,', 'start': 1962.271, 'duration': 5.304}, {'end': 1976.445, 'text': 'are the ones that have the lowest supply growth rate, the ones that grow, whose central banks are the least inflationary and, on the other hand,', 'start': 1968.215, 'duration': 8.23}, {'end': 1980.951, 'text': 'the ones that who supplies more inflationary, similar to copper, end up failing.', 'start': 1976.445, 'duration': 4.506}], 'summary': 'Currencies with low supply growth and low inflation thrive in global trade and as currency reserves.', 'duration': 24.604, 'max_score': 1956.347, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A1956347.jpg'}, {'end': 2132.24, 'src': 'embed', 'start': 2098.642, 'weight': 2, 'content': [{'end': 2100.486, 'text': 'What perspective does it take on the world?', 'start': 2098.642, 'duration': 1.844}, {'end': 2109.414, 'text': 'Yeah, so I mean Austrian economics really is the continuation of a tradition, that it goes back to the ancient Greeks of studying economics.', 'start': 2100.687, 'duration': 8.727}, {'end': 2114.595, 'text': "Historically, it's really just economics that has evolved over time.", 'start': 2109.754, 'duration': 4.841}, {'end': 2125.558, 'text': 'And the establishment of the Austrian school per se came in 1871, 150 years ago, when Karl Menger, the father of the school,', 'start': 2114.755, 'duration': 10.803}, {'end': 2132.24, 'text': 'wrote a book called Principles of Economics and essentially invented marginal analysis, which is a big deal in economics.', 'start': 2125.558, 'duration': 6.682}], 'summary': 'Austrian economics, rooted in ancient tradition, was established 150 years ago by karl menger, who invented marginal analysis.', 'duration': 33.598, 'max_score': 2098.642, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A2098642.jpg'}, {'end': 2584.656, 'src': 'embed', 'start': 2552.97, 'weight': 3, 'content': [{'end': 2556.514, 'text': 'So essentially, Keynesian economics is just inflation apologia.', 'start': 2552.97, 'duration': 3.544}, {'end': 2559.456, 'text': "It's just propaganda to justify inflationism.", 'start': 2556.754, 'duration': 2.702}, {'end': 2563.08, 'text': "And it's profoundly nonsensical.", 'start': 2560.177, 'duration': 2.903}, {'end': 2568.866, 'text': "It's built on the idea that if you just make more money, you can stimulate economic production.", 'start': 2563.3, 'duration': 5.566}, {'end': 2575.27, 'text': 'And of course, this is very self-serving to the central banks and to the banks and to the governments who promote this nonsense.', 'start': 2569.566, 'duration': 5.704}, {'end': 2578.652, 'text': 'And this is also very pervasive.', 'start': 2576.47, 'duration': 2.182}, {'end': 2584.656, 'text': "If you've had the misfortune of studying at a university over the last century, you were taught Keynesian garbage economics.", 'start': 2578.752, 'duration': 5.904}], 'summary': 'Keynesian economics promotes inflationism, seen as nonsensical and self-serving to central banks, governments, and banks.', 'duration': 31.686, 'max_score': 2552.97, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A2552970.jpg'}, {'end': 3483.085, 'src': 'embed', 'start': 3460.44, 'weight': 4, 'content': [{'end': 3469.272, 'text': 'So, historically, before then you had all these Keynesian central bankers talking about this model and saying you know well,', 'start': 3460.44, 'duration': 8.832}, {'end': 3473.578, 'text': "aggregate expenditure is too low now, and that's why we have unemployment, so we need to print more money.", 'start': 3469.272, 'duration': 4.306}, {'end': 3478.164, 'text': 'And then they print more money, inflation goes up, but also unemployment goes up.', 'start': 3473.598, 'duration': 4.566}, {'end': 3481.484, 'text': 'because this model is broken.', 'start': 3479.403, 'duration': 2.081}, {'end': 3483.085, 'text': "That's not how the world works.", 'start': 3481.885, 'duration': 1.2}], 'summary': "Keynesian central bankers' model of printing money for low aggregate expenditure led to increased inflation and unemployment, revealing a broken model.", 'duration': 22.645, 'max_score': 3460.44, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A3460440.jpg'}, {'end': 3754.355, 'src': 'embed', 'start': 3728.358, 'weight': 5, 'content': [{'end': 3732.741, 'text': 'If you have stagflation, that just completely refutes the Keynesian model.', 'start': 3728.358, 'duration': 4.383}, {'end': 3739.905, 'text': 'The Austrian way of thinking, which is think from first principles, understand how the world actually works,', 'start': 3733.581, 'duration': 6.324}, {'end': 3746.49, 'text': "think about how humans act and understand that economics is really all about human action, so it's not about aggregates of goods.", 'start': 3739.905, 'duration': 6.585}, {'end': 3749.191, 'text': 'This is really the key distinction in terms of methodology.', 'start': 3746.65, 'duration': 2.541}, {'end': 3752.633, 'text': "For the Keynesians, it's physics envy.", 'start': 3749.552, 'duration': 3.081}, {'end': 3754.355, 'text': 'They look at the market economy,', 'start': 3752.874, 'duration': 1.481}], 'summary': 'Stagflation refutes keynesian model; austrian approach focuses on human action and first principles.', 'duration': 25.997, 'max_score': 3728.358, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A3728358.jpg'}, {'end': 3937.325, 'src': 'embed', 'start': 3917.09, 'weight': 7, 'content': [{'end': 3927.078, 'text': "The downside of economics is you really can't have experimental, like definitive experimental scientific rigor of validation of a theory.", 'start': 3917.09, 'duration': 9.988}, {'end': 3929.159, 'text': 'So a thought experiment is just a thought experiment.', 'start': 3927.098, 'duration': 2.061}, {'end': 3933.583, 'text': "Using your intuition, it's the power of reasoning together about human nature.", 'start': 3929.26, 'duration': 4.323}, {'end': 3937.325, 'text': "And that's why economics cannot make the claims that physics can make.", 'start': 3933.703, 'duration': 3.622}], 'summary': 'Economics lacks experimental rigor, relies on intuition, and cannot make claims like physics.', 'duration': 20.235, 'max_score': 3917.09, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A3917090.jpg'}, {'end': 4106.215, 'src': 'embed', 'start': 4081.88, 'weight': 8, 'content': [{'end': 4089.644, 'text': 'Every person wakes up every morning and they have a million things in their mind, a million things they care about, a million things they want to do,', 'start': 4081.88, 'duration': 7.764}, {'end': 4096.108, 'text': 'and you will never be able to make the decisions for somebody else, let alone for millions of other people.', 'start': 4089.644, 'duration': 6.464}, {'end': 4100.048, 'text': 'So this is one path by which you arrive at the conclusion that free markets are better,', 'start': 4096.684, 'duration': 3.364}, {'end': 4106.215, 'text': "because you realize that all of the people that think that they can centrally plan markets can't actually do that.", 'start': 4100.048, 'duration': 6.167}], 'summary': 'Free markets are better as individuals have a million things in mind, making it impossible to centrally plan for millions of people.', 'duration': 24.335, 'max_score': 4081.88, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A4081880.jpg'}, {'end': 4217.895, 'src': 'embed', 'start': 4189.205, 'weight': 9, 'content': [{'end': 4191.725, 'text': "There's no way that it is justifiable morally or ethically.", 'start': 4189.205, 'duration': 2.52}, {'end': 4202.969, 'text': 'So from a politics, from an ethical perspective, Your view is, I mean, perhaps broadly speaking, the libertarian view is coercion is unethical.', 'start': 4191.746, 'duration': 11.223}, {'end': 4205.09, 'text': 'Freedom is essential.', 'start': 4203.89, 'duration': 1.2}, {'end': 4212.153, 'text': 'What are the pros and cons of government intervention in the economy?', 'start': 4207.571, 'duration': 4.582}, {'end': 4214.614, 'text': 'So can you provide pros?', 'start': 4212.413, 'duration': 2.201}, {'end': 4217.895, 'text': 'You just kind of provided arguments against.', 'start': 4214.914, 'duration': 2.981}], 'summary': 'Libertarian view: coercion unethical, freedom essential. discussing pros and cons of government intervention.', 'duration': 28.69, 'max_score': 4189.205, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A4189205.jpg'}], 'start': 1643.923, 'title': "Keynesian economics and money's role", 'summary': "Explores the role of collective hallucination in money's effectiveness, the impact of marginal analysis on economics, the flaws in keynesian economics and inflationism, the limitations of the keynesian model, and the ethical concerns of government intervention, emphasizing the comparison between austrian and keynesian economics and the superiority of the free market.", 'chapters': [{'end': 2440.637, 'start': 1643.923, 'title': "Collective hallucination and money's effectiveness", 'summary': "Explores the role of collective hallucination in money's effectiveness, noting the historical origins of paper money, the empirical evidence of currency value based on supply growth rate, and the comparison between austrian and keynesian economics.", 'duration': 796.714, 'highlights': ['The historical origins of paper money as a medium of exchange are born out of fraud, initially functioning as a receipt for gold, and later enforced by governments with threats of imprisonment. Historical origins of paper money, born out of fraud, enforced by governments, threats of imprisonment.', 'Empirical evidence shows that currencies with the lowest supply growth rate, such as the dollar and the Swiss franc, maintain value and play a significant role in global trade and currency reserves, while those with higher inflation rates, like in Lebanon, Venezuela, and Zimbabwe, see rapid devaluation. Empirical evidence on currency value based on supply growth rate, examples of currencies with low and high inflation rates.', 'Austrian economics, rooted in the tradition of studying economics, emphasizes marginal analysis to understand economic decision making at the margin, addressing the paradox of value regarding the valuation of water and diamonds. Austrian economics rooted in the tradition of studying economics, emphasis on marginal analysis, addressing paradox of value.']}, {'end': 2866.504, 'start': 2440.717, 'title': 'Marginal analysis and keynesian economics', 'summary': 'Discusses the impact of marginal analysis on economics, the development of keynesian economics, and the criticism of inflationism, highlighting the historical context and the fundamental flaws of keynesian economics.', 'duration': 425.787, 'highlights': ['Keynesian economics is criticized as inflation apologia and propaganda to justify inflationism, promoting the idea that making more money can stimulate economic production, which is self-serving to central banks and governments. Criticism of Keynesian economics, self-serving nature to central banks and governments', 'The chapter delves into the history of economics, including the development of marginal analysis by Menger, the work of Ludwig von Mises, and the impact of World War I on the gold standard, emphasizing the revolutionary nature of marginal analysis and its influence on economic thought. Historical context of economics, development of marginal analysis, impact of World War I on gold standard', 'The discussion also includes the insatiable desire to consume and the criticism of the idea that inflation is necessary to stimulate spending, emphasizing that people consume based on their needs and desires, not due to the fear of uncertainty, and highlighting the opportunity cost as a limiting factor for consumption. Criticism of inflation as necessary for spending, emphasis on insatiable desire to consume, role of opportunity cost in consumption']}, {'end': 3363.184, 'start': 2866.604, 'title': 'Keynesian economics and inflationism', 'summary': 'Discusses the flaws in keynesian economics, particularly the promotion of inflationism as a solution to economic problems, and criticizes the reliance on empirical evidence as a basis for keynesian theories, while highlighting the importance of guiding theory in interpreting data.', 'duration': 496.58, 'highlights': ['The Keynesian justification for inflationism is based on the idea that the level of spending in the economy determines its state, leading to a vicious cycle of recession and the need for increased government spending, which is a flawed theory lacking in economic logic.', 'Keynesian economics is criticized for promoting inflation as a solution to economic problems, which leads to unsustainable boom-bust cycles, causing job loss and economic instability.', 'The chapter highlights the deceptive portrayal of Keynesian economics as a scientific breakthrough, when in reality, it served as a flimsy justification for government actions and the abandonment of the gold standard, leading to pernicious consequences.', 'The criticism of Keynesian economics centers on the reliance on empirical evidence and data-driven science, without acknowledging the significance of guiding theory in interpreting data and understanding economic principles.', 'The importance of guiding theory in economic analysis is emphasized, highlighting the limitations of relying solely on empirical evidence and the need for models to provide context for data interpretation.']}, {'end': 3809.422, 'start': 3363.184, 'title': 'Keynesian model and empirical data', 'summary': "Discusses the limitations of the keynesian model in explaining inflation and recession, emphasizing the failure to reconcile high inflation and high unemployment, and highlights the austrian school's approach to economics as a study of human choices under scarcity, with empirical evidence refuting the keynesian model.", 'duration': 446.238, 'highlights': ['The Keynesian model fails to account for the coexistence of high inflation and high unemployment, as evidenced by historical examples, undermining its empirical validity. The chapter emphasizes the inability of the Keynesian model to reconcile high inflation and high unemployment, citing historical examples such as the stagflation of the 1970s as evidence of its empirical inadequacy.', "The Austrian school's approach to economics focuses on human action under conditions of scarcity, emphasizing the importance of theory informing data and the limitations of aggregative analysis in establishing scientific relationships. The Austrian school's approach to economics is highlighted, emphasizing the focus on human action under scarcity and the importance of theory informing data, while criticizing the Keynesian reliance on aggregative analysis as pseudoscientific.", 'The concept of economics as the study of human choices under scarcity is emphasized, highlighting the perpetual need to economize due to limited means, contrasting the Keynesian focus on aggregates with the Austrian emphasis on human action. The chapter underscores the concept of economics as the study of human choices under scarcity, contrasting the Keynesian focus on aggregates with the Austrian emphasis on human action and the perpetual need to economize.']}, {'end': 4842.767, 'start': 3810.143, 'title': 'The limitations of economic models', 'summary': 'Highlights the limitations of economic models in making quantitative predictions due to the lack of experimental validation, the complexities of human nature, and the inability to control an infinite number of variables, emphasizing the superiority of the free market over centralized control and the ethical concerns of coercion in government intervention.', 'duration': 1032.624, 'highlights': ['Economics lacks experimental validation, cannot make quantitative predictions, and faces the challenge of human nature and uncontrollable variables, contrasting it with the certainty of physics predictions. lacks experimental validation, cannot make quantitative predictions, faces challenge of human nature and uncontrollable variables', 'Emphasizes the superiority of the free market over centralized control due to the complexities of human decision-making and the inability to make decisions for others. superiority of the free market over centralized control, complexities of human decision-making', 'Discusses the ethical concerns of coercion in government intervention, highlighting the libertarian view that coercion is unjustifiable and freedom is essential. ethical concerns of coercion in government intervention, libertarian view on coercion and freedom']}], 'duration': 3198.844, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A1643923.jpg', 'highlights': ['Empirical evidence on currency value based on supply growth rate, examples of currencies with low and high inflation rates.', 'The historical origins of paper money as a medium of exchange are born out of fraud, initially functioning as a receipt for gold, and later enforced by governments with threats of imprisonment.', 'Austrian economics rooted in the tradition of studying economics, emphasis on marginal analysis, addressing paradox of value.', 'Criticism of Keynesian economics, self-serving nature to central banks and governments.', 'The chapter emphasizes the inability of the Keynesian model to reconcile high inflation and high unemployment, citing historical examples such as the stagflation of the 1970s as evidence of its empirical inadequacy.', "The Austrian school's approach to economics is highlighted, emphasizing the focus on human action under scarcity and the importance of theory informing data, while criticizing the Keynesian reliance on aggregative analysis as pseudoscientific.", 'The chapter underscores the concept of economics as the study of human choices under scarcity, contrasting the Keynesian focus on aggregates with the Austrian emphasis on human action and the perpetual need to economize.', 'Economics lacks experimental validation, cannot make quantitative predictions, faces challenge of human nature and uncontrollable variables.', 'Emphasizes the superiority of the free market over centralized control due to the complexities of human decision-making and the inability to make decisions for others.', 'Ethical concerns of coercion in government intervention, libertarian view on coercion and freedom.']}, {'end': 5851.807, 'segs': [{'end': 4886.184, 'src': 'embed', 'start': 4857.46, 'weight': 1, 'content': [{'end': 4868.23, 'text': "the only way that a company can get my money is if they build a product that I value or if they convince me that they are going to use it in a way that's profitable.", 'start': 4857.46, 'duration': 10.77}, {'end': 4870.592, 'text': 'And I may be wrong.', 'start': 4868.69, 'duration': 1.902}, {'end': 4879.779, 'text': "I may invest in a company that fails or I may invest in a company that turns out to be fraudulent, but that's my fault.", 'start': 4870.812, 'duration': 8.967}, {'end': 4886.184, 'text': "It's my fault that I gave them my money and then it turned out to be scoundrels.", 'start': 4883.021, 'duration': 3.163}], 'summary': 'Invests in companies based on perceived value and profitability; acknowledges the risk of failure or fraud.', 'duration': 28.724, 'max_score': 4857.46, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A4857460.jpg'}, {'end': 5183.204, 'src': 'embed', 'start': 5160.068, 'weight': 0, 'content': [{'end': 5168.997, 'text': "But it's a monarchy with a tiny government, so anything required to really provide for a free market,", 'start': 5160.068, 'duration': 8.929}, {'end': 5172.241, 'text': 'so for maximize individual freedom and the freedom of the economy.', 'start': 5168.997, 'duration': 3.244}, {'end': 5176.102, 'text': 'Yeah, and if I were a king, which is highly unlikely to ever happen.', 'start': 5172.481, 'duration': 3.621}, {'end': 5183.204, 'text': 'but I think you know, if you look historically the dynasties that have succeeded at lasting for a long time,', 'start': 5176.102, 'duration': 7.102}], 'summary': "Monarchy with tiny government aims to maximize individual freedom and economy's freedom.", 'duration': 23.136, 'max_score': 5160.068, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A5160068.jpg'}, {'end': 5234.657, 'src': 'embed', 'start': 5203.254, 'weight': 4, 'content': [{'end': 5205.896, 'text': "Don't use your power to enrich yourself and enrich your friends.", 'start': 5203.254, 'duration': 2.642}, {'end': 5211.661, 'text': "And that's really, like, if you look at smart kings, this is what they do, this is what they teach their children.", 'start': 5206.336, 'duration': 5.325}, {'end': 5219.747, 'text': 'And the cycle of kingdoms is that the first king understands this, builds the empire and the first couple of generations.', 'start': 5211.781, 'duration': 7.966}, {'end': 5229.054, 'text': "they get this and the society is free, the economy is free And because of that there's peace and prosperity.", 'start': 5219.747, 'duration': 9.307}, {'end': 5234.657, 'text': 'But then over time, the next generation of kids become a lot more high time preference.', 'start': 5229.074, 'duration': 5.583}], 'summary': 'Smart kings build empires, create prosperity, but next generations may have higher time preference.', 'duration': 31.403, 'max_score': 5203.254, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A5203254.jpg'}, {'end': 5589.993, 'src': 'embed', 'start': 5558.833, 'weight': 3, 'content': [{'end': 5565.622, 'text': "That's why the 20th century was the century of total war, because under the gold standard, governments fought until they ran out of their own gold.", 'start': 5558.833, 'duration': 6.789}, {'end': 5569.865, 'text': 'Under the fiat standard, with paper money, with credit money,', 'start': 5566.503, 'duration': 3.362}, {'end': 5575.227, 'text': 'governments fought until they ran out of liquid wealth in the hands of all of their citizens.', 'start': 5569.865, 'duration': 5.362}, {'end': 5581.21, 'text': "So let's find flaws in this thinking, if there's any.", 'start': 5575.928, 'duration': 5.282}, {'end': 5589.993, 'text': "Okay There's a lot of pacifist type of thinking in World War II as Hitler was expanding and expanding.", 'start': 5581.55, 'duration': 8.443}], 'summary': 'The 20th century saw total war due to gold and fiat standards, leading to depletion of resources, with flaws in pacifist thinking during world war ii.', 'duration': 31.16, 'max_score': 5558.833, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A5558833.jpg'}, {'end': 5810.716, 'src': 'embed', 'start': 5777.185, 'weight': 5, 'content': [{'end': 5779.666, 'text': "And that's why the British people didn't want to take part in it.", 'start': 5777.185, 'duration': 2.481}, {'end': 5788.589, 'text': "And that's why, if they hadn't done this enormously criminal manipulation of printing money to buy the bonds,", 'start': 5780.026, 'duration': 8.563}, {'end': 5790.19, 'text': "Britain wouldn't have gotten into the war.", 'start': 5788.589, 'duration': 1.601}, {'end': 5794.191, 'text': "Germany would still be a kingdom and Hitler wouldn't rise.", 'start': 5790.77, 'duration': 3.421}, {'end': 5800.414, 'text': "And yeah, there'd be a small changes in the borders of various European countries.", 'start': 5794.692, 'duration': 5.722}, {'end': 5804.495, 'text': 'I struggled to see how it could have been worse.', 'start': 5801.554, 'duration': 2.941}, {'end': 5810.716, 'text': 'I mean, I struggled to see who benefited from four years of carnage in Europe.', 'start': 5804.875, 'duration': 5.841}], 'summary': "Enormous manipulation of printing money led to britain's involvement in war, preventing germany from becoming a kingdom and hitler from rising, with devastating consequences in europe.", 'duration': 33.531, 'max_score': 5777.185, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A5777185.jpg'}], 'start': 4843.308, 'title': "Voluntary money allocation, anarchy, monarchy, and fiat money's role in war financing", 'summary': 'Discusses voluntarily giving money, explores anarchism, libertarianism, and monarchy, and delves into the history of fiat money and its impact on war financing.', 'chapters': [{'end': 4886.184, 'start': 4843.308, 'title': 'Voluntary money allocation', 'summary': 'Discusses the concept of voluntarily giving money to people by purchasing their product or investing in their production, emphasizing personal responsibility and accountability.', 'duration': 42.876, 'highlights': ['The only way a company can obtain money is by building a product of value or convincing individuals of its profitability, emphasizing the importance of providing value to consumers and investors.', 'The responsibility and accountability lie with the individual when choosing to give money to a company, reinforcing the concept of personal agency and informed decision-making.', "Investment in a company may result in failure or fraudulent activities, highlighting the potential risks and acknowledging the individual's responsibility for their investment choices."]}, {'end': 5273.806, 'start': 4886.884, 'title': 'Anarchy, monarchy, and freedom', 'summary': 'Explores the distinctions between anarchism, libertarianism, and monarchy, advocating for monarchy as a potential solution for maximizing individual freedom, citing issues with democracy and the benefits of multi-generational leadership.', 'duration': 386.922, 'highlights': ["Monarchy as a potential solution for maximizing individual freedom, due to the need for a majority to strongly believe in libertarian principles in a democracy, while in a monarchy, the king's low time preference aligns with long-term prosperity (e.g., multi-generational subscription to the same family).", 'The key to being a good king is to leave people alone, not rob them too much, use power only to punish aggressors, and prevent destructive behavior that can lead to the eventual destruction of the kingdom.', 'The cycle of kingdoms involves initial freedom and prosperity under a wise king, followed by subsequent generations becoming more high time preference, engaging in destructive behavior, and eventually leading to the downfall of the kingdom.', 'An exploration of the distinctions between anarchism, minarchism, and libertarianism, with the speaker expressing sympathy towards monarchy as a potential solution despite being an anarchist at heart.']}, {'end': 5851.807, 'start': 5274.666, 'title': "Fiat money's role in war financing", 'summary': "Delves into the history of fiat money, revealing how it facilitated war financing and distorted the 20th century's economic landscape, with details on britain's world war i bond issue, the impact of the fiat standard on war duration, and the collateral damage of senseless wars.", 'duration': 577.141, 'highlights': ["The fascinating history of the birth of the fiat monetary system is revealed, with a focus on Britain's use of quantitative easing during World War I, where only a third of the bonds were subscribed, prompting the Bank of England to purchase the remaining two-thirds with credit money, setting a precedent for the 20th century's war financing.", 'The detrimental impact of the fiat standard on war duration is discussed, highlighting how governments under the gold standard fought until they ran out of their own gold, while under the fiat standard, they fought until they depleted the liquid wealth of their citizens, leading to a century of total war, murder, Keynesianism, and inflation.', "The narrative explores the senseless nature of World War I and its aftermath, proposing that Britain's involvement, catalyzed by criminal manipulation of printing money to buy bonds, ultimately contributed to the rise of Hitler and the devastating consequences of the 20th century's unjust, unethical, and destructive wars."]}], 'duration': 1008.499, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A4843308.jpg', 'highlights': ["Monarchy as a potential solution for maximizing individual freedom due to the king's low time preference aligning with long-term prosperity.", 'The responsibility and accountability lie with the individual when choosing to give money to a company, reinforcing the concept of personal agency and informed decision-making.', 'The only way a company can obtain money is by building a product of value or convincing individuals of its profitability, emphasizing the importance of providing value to consumers and investors.', 'The detrimental impact of the fiat standard on war duration is discussed, highlighting how governments under the gold standard fought until they ran out of their own gold, while under the fiat standard, they fought until they depleted the liquid wealth of their citizens.', 'The cycle of kingdoms involves initial freedom and prosperity under a wise king, followed by subsequent generations becoming more high time preference, engaging in destructive behavior, and eventually leading to the downfall of the kingdom.', "The narrative explores the senseless nature of World War I and its aftermath, proposing that Britain's involvement, catalyzed by criminal manipulation of printing money to buy bonds, ultimately contributed to the rise of Hitler and the devastating consequences of the 20th century's unjust, unethical, and destructive wars."]}, {'end': 6646.783, 'segs': [{'end': 5989.502, 'src': 'embed', 'start': 5941.354, 'weight': 0, 'content': [{'end': 5944.837, 'text': 'prices have more than doubled over the past four years.', 'start': 5941.354, 'duration': 3.483}, {'end': 5952.864, 'text': 'over the four years of a world war one, prices more than doubled, and then the british economy is in bad trouble.', 'start': 5944.837, 'duration': 8.027}, {'end': 5958.408, 'text': 'obviously, you know, lost a lot of the labor force for four years that was out there fighting.', 'start': 5952.864, 'duration': 5.544}, {'end': 5967.3, 'text': "now those workers come back, You've got prices are up, and so people are demanding that the government control prices.", 'start': 5958.408, 'duration': 8.892}, {'end': 5972.928, 'text': 'and the government is trying to fix the problem of inflation by doing price controls, which is what they always do,', 'start': 5967.3, 'duration': 5.628}, {'end': 5976.333, 'text': 'which is catastrophic because it makes things worse when you.', 'start': 5972.928, 'duration': 3.405}, {'end': 5984.939, 'text': "implement price controls, you when you make you know, you need to say all right, well, bread can't be sold for more than x price.", 'start': 5977.094, 'duration': 7.845}, {'end': 5989.502, 'text': "Well, that's just preventing bread producers from producing a lot of bread.", 'start': 5985.459, 'duration': 4.043}], 'summary': 'Prices doubled over 4 years, leading to demand for government price controls which worsened the situation.', 'duration': 48.148, 'max_score': 5941.354, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A5941354.jpg'}, {'end': 6099.656, 'src': 'embed', 'start': 6066.581, 'weight': 2, 'content': [{'end': 6069.562, 'text': "well, they didn't confiscate it, but they took the physical gold and they gave people paper.", 'start': 6066.581, 'duration': 2.981}, {'end': 6072.184, 'text': 'So I call it the fiat white paper.', 'start': 6070.203, 'duration': 1.981}, {'end': 6073.825, 'text': 'You know, in Bitcoin, we have the white paper.', 'start': 6072.284, 'duration': 1.541}, {'end': 6081.208, 'text': 'Yeah, The fiat white paper was that the Bank of England announced to all of its banks and post offices that from now on,', 'start': 6073.845, 'duration': 7.363}, {'end': 6084.949, 'text': 'you should not make payment in gold and you should take payment in gold,', 'start': 6081.208, 'duration': 3.741}, {'end': 6088.59, 'text': 'and you should encourage all your customers to turn in all of their gold and give them paper instead.', 'start': 6084.949, 'duration': 3.641}, {'end': 6091.832, 'text': 'Is there an actual document? Oh, yeah, yeah, yeah.', 'start': 6088.731, 'duration': 3.101}, {'end': 6093.313, 'text': 'This is all new stuff.', 'start': 6092.412, 'duration': 0.901}, {'end': 6099.656, 'text': "Obviously, nobody really likes to talk about this stuff because they're fiat economists, so they don't want to talk about the original sin.", 'start': 6093.493, 'duration': 6.163}], 'summary': 'The bank of england encouraged turning in gold for paper, called fiat white paper', 'duration': 33.075, 'max_score': 6066.581, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A6066581.jpg'}, {'end': 6264.227, 'src': 'embed', 'start': 6238.048, 'weight': 3, 'content': [{'end': 6244.173, 'text': "So this begins the problem for England, and that begins the end of England as the world's superpower.", 'start': 6238.048, 'duration': 6.125}, {'end': 6252.259, 'text': 'and the way they tried to fight that was to get more and more countries around the world to establish central banks and have unhold british pounds,', 'start': 6245.194, 'duration': 7.065}, {'end': 6255.521, 'text': "so they'd hold, you know, basically dumping their bags.", 'start': 6252.259, 'duration': 3.262}, {'end': 6261.906, 'text': 'uh, like just any other coin, you, just if you get people to buy your coin, you know that raises the value of your coin.', 'start': 6255.521, 'duration': 6.385}, {'end': 6264.227, 'text': 'so can you define coin?', 'start': 6261.906, 'duration': 2.321}], 'summary': "England's decline as a superpower led to global central bank establishment and currency value increase.", 'duration': 26.179, 'max_score': 6238.048, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A6238048.jpg'}, {'end': 6379.728, 'src': 'embed', 'start': 6354.58, 'weight': 5, 'content': [{'end': 6364.343, 'text': "It's some kind of weird dynamical system with a chicken and egg situation and they build on top of each other and there's a few individuals that figured out there's a way to manipulate this,", 'start': 6354.58, 'duration': 9.763}, {'end': 6366.784, 'text': 'to play this kind of game, and it escalates.', 'start': 6364.343, 'duration': 2.441}, {'end': 6372.045, 'text': 'And nothing gives you the ability to manipulate money quite like war.', 'start': 6366.804, 'duration': 5.241}, {'end': 6379.728, 'text': 'When you have a war, you can declare an emergency, you can call all the people who oppose you, traitors, you can..', 'start': 6372.245, 'duration': 7.483}], 'summary': 'Individuals manipulate system leading to escalation, war for money manipulation.', 'duration': 25.148, 'max_score': 6354.58, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A6354580.jpg'}, {'end': 6464.519, 'src': 'embed', 'start': 6435.933, 'weight': 6, 'content': [{'end': 6447.844, 'text': "the reason that it was that they were able to pull it off is because it was not possible for people who don't want to be part of it to use gold independently of governments.", 'start': 6435.933, 'duration': 11.911}, {'end': 6449.045, 'text': 'This is really the key thing.', 'start': 6448.044, 'duration': 1.001}, {'end': 6451.667, 'text': 'Gold is just very expensive to move around.', 'start': 6449.605, 'duration': 2.062}, {'end': 6464.519, 'text': "And The fact that it is expensive to move around means that there's inevitably going to emerge institutions where it is centralized in physical location.", 'start': 6451.687, 'duration': 12.832}], 'summary': "Gold's high cost of movement drives centralization, hinders independent use.", 'duration': 28.586, 'max_score': 6435.933, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A6435933.jpg'}, {'end': 6508.604, 'src': 'embed', 'start': 6478.99, 'weight': 4, 'content': [{'end': 6483.253, 'text': 'It has to be the credit, and because it gets centralized, it can easily be captured by the government.', 'start': 6478.99, 'duration': 4.263}, {'end': 6491.838, 'text': 'So to be fair, the benefits of the fiat system is that it saves us on the cost of moving gold around, which is pretty significant.', 'start': 6484.014, 'duration': 7.824}, {'end': 6500.582, 'text': 'Generally, moving a bar of gold across the Atlantic is going to cost somewhere between 0.1 to 1% of the cost of the gold bar.', 'start': 6492.018, 'duration': 8.564}, {'end': 6504.043, 'text': 'So you move it 100 times back and forth between the Atlantic.', 'start': 6500.622, 'duration': 3.421}, {'end': 6508.604, 'text': 'you need to pay the whole gold bar, the cost of the whole gold bar, to move it 100 times across.', 'start': 6504.043, 'duration': 4.561}], 'summary': 'Fiat system saves 0.1-1% of gold bar cost in transatlantic movement.', 'duration': 29.614, 'max_score': 6478.99, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A6478990.jpg'}], 'start': 5851.907, 'title': 'Fiat money and its impact', 'summary': 'Delves into the birth of fiat money, its role in inflation, price controls, and wage controls during world war i, leading to the decline of the british pound and england as a superpower, with prices doubling over the four years of the war and the british economy in distress. it also examines the concept of fiat currency, its relation to war, the impact on gold, and the efficiency of transactions.', 'chapters': [{'end': 6255.521, 'start': 5851.907, 'title': 'Fiat money and its catastrophic consequences', 'summary': "Discusses the birth of fiat money, its impact on inflation, price controls, and wage controls during world war i, leading to the decline of the british pound and the end of england as the world's superpower, with prices doubling over the four years of the war and the british economy in bad trouble.", 'duration': 403.614, 'highlights': ['Prices doubled over the four years of World War I During World War I, prices more than doubled, leading to a significant impact on the British economy.', "Implementation of price controls and wage controls worsened the economic situation The government's attempt to control inflation through price and wage controls backfired, exacerbating the economic problems.", 'Confiscation of gold and introduction of fiat currency by the Bank of England The Bank of England confiscated physical gold and introduced paper currency, marking the birth of fiat money and the end of the gold standard.', "Shift from the gold standard to fiat money led to the decline of the British pound and the end of England as the world's superpower The decision to go off the gold standard due to financing the war with printed money led to a decline in the value of the British pound and weakened England's position as a global superpower."]}, {'end': 6646.783, 'start': 6255.521, 'title': 'Fiat currency: costs and benefits', 'summary': 'Explores the concept of fiat currency, its relation to war, and the benefits and costs of the fiat system, highlighting its impact on gold, the potential manipulation of money during war, and the efficiency of transactions.', 'duration': 391.262, 'highlights': ["Fiat currency's benefits include saving on the cost of moving gold around, with the cost of moving a bar of gold across the Atlantic ranging from 0.1 to 1% of the gold bar's cost, compared to the efficiency of sending a message from one central bank to another with fiat money. Cost savings on moving gold vs. efficiency of fiat money transactions", 'The ability to manipulate money during war is emphasized, with the declaration of emergencies, tribalism exploitation, and the use of war to manipulate money, highlighting the unique power of war in influencing currency. Manipulation of money during war, declaration of emergencies, exploitation of tribalism', 'The discussion delves into the concept of fiat currency as an engineering system, analyzing it in a similar manner to the Bitcoin standard, and emphasizing the inability of individuals to use gold independently of governments due to its high cost of movement. Fiat currency as an engineering system, inability to use gold independently of governments']}], 'duration': 794.876, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A5851907.jpg', 'highlights': ['Prices doubled over the four years of World War I, impacting the British economy significantly.', 'Implementation of price controls and wage controls worsened the economic situation.', 'The Bank of England confiscated physical gold and introduced paper currency, marking the birth of fiat money.', "Shift from the gold standard to fiat money led to the decline of the British pound and the end of England as the world's superpower.", "Fiat currency's benefits include saving on the cost of moving gold around and the efficiency of fiat money transactions.", 'The ability to manipulate money during war is emphasized, highlighting the unique power of war in influencing currency.', 'The discussion delves into the concept of fiat currency as an engineering system and the inability to use gold independently of governments.']}, {'end': 7583.886, 'segs': [{'end': 6800.289, 'src': 'embed', 'start': 6773.197, 'weight': 0, 'content': [{'end': 6780.761, 'text': "So if I told you, I'm going to give you something today versus giving it to you 10 years from now the same thing, you would prefer to take it now,", 'start': 6773.197, 'duration': 7.564}, {'end': 6782.882, 'text': "because then you'd get to enjoy it over the next 10 years.", 'start': 6780.761, 'duration': 2.121}, {'end': 6785.823, 'text': 'So we always prefer the present to the future.', 'start': 6783.282, 'duration': 2.541}, {'end': 6788.445, 'text': "There's always a discount on the future.", 'start': 6786.724, 'duration': 1.721}, {'end': 6790.806, 'text': 'And that discount is called time preference.', 'start': 6789.145, 'duration': 1.661}, {'end': 6794.687, 'text': 'The degree to which we prefer the present to the future is called our time preference.', 'start': 6790.926, 'duration': 3.761}, {'end': 6800.289, 'text': 'So the higher our time preference, the less we care about the future.', 'start': 6795.487, 'duration': 4.802}], 'summary': 'People generally prefer present over future due to time preference.', 'duration': 27.092, 'max_score': 6773.197, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A6773197.jpg'}, {'end': 6900.768, 'src': 'embed', 'start': 6871.255, 'weight': 4, 'content': [{'end': 6874.238, 'text': 'And with that, people lower their time preference.', 'start': 6871.255, 'duration': 2.983}, {'end': 6878.181, 'text': 'And that is reflected across all aspects of life.', 'start': 6874.278, 'duration': 3.903}, {'end': 6879.823, 'text': "I think it's not just the economic thing.", 'start': 6878.381, 'duration': 1.442}, {'end': 6884.407, 'text': 'You see it in the savings rate, the ability to deny yourself gratification today.', 'start': 6880.103, 'duration': 4.304}, {'end': 6892.961, 'text': "I could take the money that I have and throw a giant party, buy a sports car, buy a yacht and yet you decided I'm not gonna do that.", 'start': 6885.027, 'duration': 7.934}, {'end': 6900.768, 'text': "I'm gonna keep it so that tomorrow I can throw a bigger party or buy a better yacht, or have a better life, or give my children a better life.", 'start': 6892.961, 'duration': 7.807}], 'summary': 'Lower time preference leads to increased savings and better future prospects.', 'duration': 29.513, 'max_score': 6871.255, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A6871255.jpg'}, {'end': 6966.79, 'src': 'embed', 'start': 6938.07, 'weight': 1, 'content': [{'end': 6942.773, 'text': "So we've done a 10x in the increase in the supply of money annually.", 'start': 6938.07, 'duration': 4.703}, {'end': 6945.215, 'text': 'And 14% is a weighted average.', 'start': 6943.274, 'duration': 1.941}, {'end': 6950.599, 'text': 'So if you take a basic numerical average for all fiat currencies, you get something like 30%.', 'start': 6945.395, 'duration': 5.204}, {'end': 6955.082, 'text': 'The average fiat currency increases by 30%.', 'start': 6950.599, 'duration': 4.483}, {'end': 6957.824, 'text': 'But if you value it by the volume of each currency,', 'start': 6955.082, 'duration': 2.742}, {'end': 6966.79, 'text': "so that you're not giving equal weight to the Venezuelan Bolivar increasing at 500% a year and the dollar increasing at 8% a year.", 'start': 6957.824, 'duration': 8.966}], 'summary': 'Annual money supply increased by 10x, fiat currency average increase is 30%', 'duration': 28.72, 'max_score': 6938.07, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A6938070.jpg'}, {'end': 7031.898, 'src': 'embed', 'start': 7002.146, 'weight': 2, 'content': [{'end': 7009.768, 'text': "And what effect that has on time preference? The effect is now it's much, much, much harder for everybody to provide for their future.", 'start': 7002.146, 'duration': 7.622}, {'end': 7012.168, 'text': "Everywhere in the world, it's much harder.", 'start': 7010.148, 'duration': 2.02}, {'end': 7013.549, 'text': 'So how do I..', 'start': 7012.269, 'duration': 1.28}, {'end': 7019.664, 'text': 'get the equivalent of the old gold coin that I could just put under my mattress and expect it to be there 10 years from now.', 'start': 7014.679, 'duration': 4.985}, {'end': 7022.928, 'text': "While gold itself isn't cutting it, gold can't keep up with inflation.", 'start': 7019.725, 'duration': 3.203}, {'end': 7031.898, 'text': "And the reason for that is that gold is not being used as a money anymore, in that you can't send it internationally.", 'start': 7023.429, 'duration': 8.469}], 'summary': "Difficulty in securing future due to gold's inability to keep up with inflation and international use limitations.", 'duration': 29.752, 'max_score': 7002.146, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A7002146.jpg'}, {'end': 7159.085, 'src': 'embed', 'start': 7129.876, 'weight': 3, 'content': [{'end': 7133.597, 'text': 'there are professionals out there on Wall Street that have PhDs in finance,', 'start': 7129.876, 'duration': 3.721}, {'end': 7145.241, 'text': "that have enormous computers and they have enormous staffs of PhDs and master's degrees and math nerds that are crunching numbers and figuring out how to allocate your portfolio so that you can beat inflation.", 'start': 7133.597, 'duration': 11.644}, {'end': 7148.001, 'text': "And guess what? The majority of them don't beat inflation.", 'start': 7145.621, 'duration': 2.38}, {'end': 7150.022, 'text': "The majority of them can't beat inflation.", 'start': 7148.562, 'duration': 1.46}, {'end': 7155.484, 'text': 'Not as measured by CPI, which is completely fraudulent, but if you remember- 14%.', 'start': 7150.502, 'duration': 4.982}, {'end': 7159.085, 'text': 'Yeah, that 14%, or even the 7%.', 'start': 7155.484, 'duration': 3.601}], 'summary': 'Wall street professionals with advanced degrees and resources struggle to beat inflation, as evidenced by cpi measurement of 14% or 7%.', 'duration': 29.209, 'max_score': 7129.876, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A7129876.jpg'}, {'end': 7545.9, 'src': 'embed', 'start': 7516.617, 'weight': 5, 'content': [{'end': 7517.897, 'text': "There's qualitative evidence.", 'start': 7516.617, 'duration': 1.28}, {'end': 7519.879, 'text': 'Look at the world around you today.', 'start': 7518.338, 'duration': 1.541}, {'end': 7523.161, 'text': 'Pretty much everything that we use was invented in that period.', 'start': 7520.259, 'duration': 2.902}, {'end': 7531.447, 'text': 'The car, the airplane, the telegraph, the telephone, the camera.', 'start': 7523.201, 'duration': 8.246}, {'end': 7535.83, 'text': 'Pretty much modern life as late 19th century.', 'start': 7531.927, 'duration': 3.903}, {'end': 7541.134, 'text': 'The period between 1870 and 1914, because the whole world was practically on a gold standard.', 'start': 7536.03, 'duration': 5.104}, {'end': 7545.9, 'text': 'The whole world was using the same money, and the whole world could save in the same currency.', 'start': 7541.554, 'duration': 4.346}], 'summary': 'In the late 19th century, inventions shaped modern life. the world was on a gold standard, using the same currency.', 'duration': 29.283, 'max_score': 7516.617, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A7516617.jpg'}], 'start': 6646.843, 'title': "Fiat money's impact on time preference, money supply, and gold's decline", 'summary': "Discusses the impact of fiat money on time preference, how money supply growth affects future planning with a 14% annual increase, and how gold's decline has made saving harder, increasing the need for investment and impacting society's decision-making.", 'chapters': [{'end': 6809.553, 'start': 6646.843, 'title': 'Impact of fiat money on time preference', 'summary': 'Discusses the impact of fiat money on time preference, emphasizing its effect on our valuation of the future and how it leads to a higher time preference, ultimately affecting our prioritization of the present over the future.', 'duration': 162.71, 'highlights': ["Fiat money's impact on time preference leads to a higher discount on the future and a lower prioritization of future benefits, ultimately affecting our valuation of the future. Higher time preference, lower prioritization of future benefits", 'The process of civilization involves lowering our time preference, where we start caring more for the future and prioritizing the present less and less. Civilization process, prioritizing the present less and less', 'Under the fiat century, everything is credit, and the final layer is government credit, leading to a system where being friends with the government prevents bankruptcy. Fiat century system, reliance on government credit']}, {'end': 7002.146, 'start': 6809.753, 'title': 'Impact of money supply on future planning', 'summary': 'Discusses the impact of money supply on future planning, highlighting the shift from the gold standard to the current situation where the global fiat supply has increased at around 14% per year, impacting time preference and the ability to provide for the future.', 'duration': 192.393, 'highlights': ['The global fiat supply has increased at around 14% per year. The speaker highlights the dramatic increase in the global fiat supply, indicating a significant shift from the gold standard. This increase is quantified at around 14% per year, impacting future planning and time preference.', 'Under the gold standard, the money supply was only increasing at one and a half percent. The speaker contrasts the gold standard with the current situation, emphasizing that under the gold standard, the money supply was only increasing at one and a half percent. This data showcases the substantial change in money supply dynamics over time.', "Lowering time preference and ability to provide for the future. The discussion emphasizes the concept of lowering time preference and the ability to provide for the future, showcasing the impact of money supply dynamics on individuals' decision-making and future planning."]}, {'end': 7583.886, 'start': 7002.146, 'title': "Gold's decline and the impact on saving and investment", 'summary': "Explores how the decline of gold as a monetary asset has made it harder for individuals to save for the future, leading to an increase in the need for investment, the challenges of beating inflation, and the overall impact on society's time preference and decision-making.", 'duration': 581.74, 'highlights': ["The decline of gold as a monetary asset has made it harder for individuals to save for the future, leading to an increase in the need for investment. Gold's diminishing role as a monetary asset has increased the difficulty of saving for the future, necessitating a shift towards investment, which presents different risks and challenges.", 'Beating inflation through investment is challenging, as evidenced by the majority of investment professionals failing to achieve this, based on CPI and money supply metrics. The majority of investment professionals struggle to beat inflation, as indicated by CPI and money supply metrics, highlighting the difficulty of achieving real returns through investment.', 'The decline in savings rates and the shift towards short-termism are reflected in various economic and societal aspects, leading to decreased planning for the future and a greater focus on survival in the short term. Decreasing savings rates and a shift towards short-term focus impact economic and societal decision-making, resulting in reduced future planning and increased short-term survival concerns.', 'The impact of declining time preferences extends beyond economic implications, affecting societal morality, crime rates, and long-term decision-making, as evidenced by historical examples of hyperinflation and low inflation periods. Declining time preferences have broader implications beyond economics, impacting societal morality, crime rates, and long-term decision-making, as demonstrated by historical examples of hyperinflation and low inflation periods.', 'Under the gold standard, the ability to save and plan for the future was less affected by uncertainty, reflecting a more stable and certain economic environment. The gold standard provided a more stable and certain economic environment, allowing for greater ability to save and plan for the future with reduced uncertainty.', 'The link between a stable monetary system, lower time preferences, and increased innovation, as evidenced by the period between 1870 and 1914 marked by significant inventions and innovations while the world was practically on a gold standard. A stable monetary system, exemplified by the gold standard, was associated with lower time preferences and a period of significant innovation and inventions between 1870 and 1914.']}], 'duration': 937.043, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A6646843.jpg', 'highlights': ["Fiat money's impact on time preference leads to a higher discount on the future and a lower prioritization of future benefits, ultimately affecting our valuation of the future.", 'The global fiat supply has increased at around 14% per year, impacting future planning and time preference.', 'The decline of gold as a monetary asset has made it harder for individuals to save for the future, leading to an increase in the need for investment.', 'The majority of investment professionals struggle to beat inflation, as indicated by CPI and money supply metrics, highlighting the difficulty of achieving real returns through investment.', 'The impact of declining time preferences extends beyond economic implications, affecting societal morality, crime rates, and long-term decision-making, as demonstrated by historical examples of hyperinflation and low inflation periods.', 'A stable monetary system, exemplified by the gold standard, was associated with lower time preferences and a period of significant innovation and inventions between 1870 and 1914.']}, {'end': 9224.006, 'segs': [{'end': 7744.607, 'src': 'embed', 'start': 7720.872, 'weight': 7, 'content': [{'end': 7728.356, 'text': 'is I mean it was basically born out of government credit and the credit of banks that are backed by the central bank and the government.', 'start': 7720.872, 'duration': 7.484}, {'end': 7736.561, 'text': "So, if you're part of the institutions that are allowed fiat privilege, where you can just issue loans backed by the central bank,", 'start': 7729.037, 'duration': 7.524}, {'end': 7742.265, 'text': 'backed by the currency, you are effectively creating new currency, new money, every time you issue the loan.', 'start': 7736.561, 'duration': 5.704}, {'end': 7744.607, 'text': "That's fiat mining is credit creation.", 'start': 7742.405, 'duration': 2.202}], 'summary': 'Fiat mining involves creating new currency through credit creation backed by government and central banks.', 'duration': 23.735, 'max_score': 7720.872, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A7720872.jpg'}, {'end': 7858.345, 'src': 'embed', 'start': 7828.306, 'weight': 4, 'content': [{'end': 7831.707, 'text': 'So this is why you know, I wrote the Bitcoin standard explaining Bitcoin.', 'start': 7828.306, 'duration': 3.401}, {'end': 7836.228, 'text': 'And then, basically, the takeaway message of the Bitcoin standard is you need to stack as much Bitcoin as you can,', 'start': 7831.727, 'duration': 4.501}, {'end': 7838.569, 'text': 'because this is the best money that has ever been invented.', 'start': 7836.228, 'duration': 2.341}, {'end': 7842.772, 'text': "And we'll talk about that, why Bitcoin is the hardest money.", 'start': 7838.789, 'duration': 3.983}, {'end': 7845.675, 'text': 'Yeah, but with fiat, the conclusion of the fiat standard.', 'start': 7842.812, 'duration': 2.863}, {'end': 7847.556, 'text': 'and again, this is not financial advice.', 'start': 7845.675, 'duration': 1.881}, {'end': 7849.798, 'text': "I'm a lowly academic.", 'start': 7847.556, 'duration': 2.242}, {'end': 7854.401, 'text': "you shouldn't listen to me on issues of money but I think, theoretically and intellectually,", 'start': 7849.798, 'duration': 4.603}, {'end': 7858.345, 'text': 'the conclusion of the fiat system is you need to be short fiat as much as you can.', 'start': 7854.401, 'duration': 3.944}], 'summary': 'Bitcoin standard emphasizes stacking bitcoin as the best money, while the conclusion of the fiat system is to be short fiat as much as possible.', 'duration': 30.039, 'max_score': 7828.306, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A7828306.jpg'}, {'end': 8098.16, 'src': 'embed', 'start': 8070.499, 'weight': 5, 'content': [{'end': 8077.043, 'text': 'This seems to have changed over the last couple of months with the sanctions on Russia and the confiscation of Russian reserves.', 'start': 8070.499, 'duration': 6.544}, {'end': 8082.325, 'text': "It remains to be seen what that's going to do and how that's going to change.", 'start': 8077.843, 'duration': 4.482}, {'end': 8088.688, 'text': 'But it is looking like this dollar system is clearly unsustainable.', 'start': 8082.525, 'duration': 6.163}, {'end': 8089.868, 'text': "It's not sustainable for the US.", 'start': 8088.748, 'duration': 1.12}, {'end': 8091.109, 'text': "It's not sustainable for anybody.", 'start': 8089.908, 'duration': 1.201}, {'end': 8093.389, 'text': 'Speaking of which, so you..', 'start': 8091.989, 'duration': 1.4}, {'end': 8098.16, 'text': 'do an amazing podcast called the Bitcoin Standard Podcast.', 'start': 8094.918, 'duration': 3.242}], 'summary': 'Sanctions on russia and confiscation of reserves may change the dollar system, which appears unsustainable.', 'duration': 27.661, 'max_score': 8070.499, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A8070499.jpg'}, {'end': 8148.65, 'src': 'embed', 'start': 8113.15, 'weight': 2, 'content': [{'end': 8120.195, 'text': "the US confiscated the Russian central bank's significant monetary reserves and banned some Russian banks from the SWIFT network.", 'start': 8113.15, 'duration': 7.045}, {'end': 8127.059, 'text': 'Serious questions are being asked about the survival of the post-war dollar, based world monetary order.', 'start': 8120.735, 'duration': 6.324}, {'end': 8135.023, 'text': 'Will Russia, China and other countries actually build an alternative international settlement system after years of threatening to do so?', 'start': 8128.1, 'duration': 6.923}, {'end': 8142.107, 'text': 'Will global central banks stop accumulating US treasury bonds and replace them with gold and commodities?', 'start': 8136.404, 'duration': 5.703}, {'end': 8146.549, 'text': 'Will we witness the birth of a new commodity of gold-based monetary order?', 'start': 8143.087, 'duration': 3.462}, {'end': 8148.65, 'text': 'In this seminar,', 'start': 8147.47, 'duration': 1.18}], 'summary': 'Us confiscated russian reserves, banned banks from swift. questions on survival of post-war dollar. potential shift to gold-based monetary order.', 'duration': 35.5, 'max_score': 8113.15, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A8113150.jpg'}, {'end': 8810.286, 'src': 'embed', 'start': 8785.793, 'weight': 1, 'content': [{'end': 8794.638, 'text': "I'd love it not to be, but I mean, it doesn't look like there is any kind of desire in China or in Russia to switch to a Bitcoin-based system.", 'start': 8785.793, 'duration': 8.845}, {'end': 8795.959, 'text': 'To take a leap to Bitcoin.', 'start': 8794.658, 'duration': 1.301}, {'end': 8802.303, 'text': "So unfortunately, I think we're going to go through a few years, maybe many years of..", 'start': 8796.239, 'duration': 6.064}, {'end': 8810.286, 'text': 'learning the lesson the hard way of trying to accumulate these commodities and seeing the limitations that make them unsuitable as money today.', 'start': 8803.443, 'duration': 6.843}], 'summary': 'China and russia show no desire to switch to a bitcoin-based system, leading to years of learning the limitations of cryptocurrencies as money.', 'duration': 24.493, 'max_score': 8785.793, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A8785793.jpg'}, {'end': 8942.541, 'src': 'embed', 'start': 8916.879, 'weight': 0, 'content': [{'end': 8921.603, 'text': 'The first one, is that the currency is the hardest money ever invented.', 'start': 8916.879, 'duration': 4.724}, {'end': 8925.387, 'text': "It's the money whose supply is the most resistant to inflation.", 'start': 8921.623, 'duration': 3.764}, {'end': 8934.576, 'text': "It's the first monetary asset that we've ever invented that is guaranteed to be fixed in its supply that cannot be increased beyond a certain number.", 'start': 8926.068, 'duration': 8.508}, {'end': 8936.898, 'text': "So there's only ever going to be 21 million Bitcoins.", 'start': 8934.616, 'duration': 2.282}, {'end': 8942.541, 'text': "And that's That's a qualitative leap forward in our technologies of money.", 'start': 8936.978, 'duration': 5.563}], 'summary': 'Bitcoin has a fixed supply of 21 million, making it resistant to inflation and a qualitative leap in money technology.', 'duration': 25.662, 'max_score': 8916.879, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A8916879.jpg'}, {'end': 9078.142, 'src': 'embed', 'start': 9045.944, 'weight': 6, 'content': [{'end': 9054.428, 'text': 'And I think Bitcoin fixes this, because it allows us to have money that has the salability of gold across time,', 'start': 9045.944, 'duration': 8.484}, {'end': 9058.25, 'text': 'meaning it holds its value across time like gold, but much better than gold.', 'start': 9054.428, 'duration': 3.822}, {'end': 9065.994, 'text': 'But also it is similar to fiat in that fiat can travel quickly, but Bitcoin can travel even faster than fiat.', 'start': 9058.75, 'duration': 7.244}, {'end': 9078.142, 'text': "It combines gold's saleability across time with fiat's saleability across space in one immutable package that nobody can change and nobody can control.", 'start': 9067.194, 'duration': 10.948}], 'summary': "Bitcoin offers the salability of gold across time and fiat's quick travel, making it an immutable and faster alternative.", 'duration': 32.198, 'max_score': 9045.944, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A9045944.jpg'}], 'start': 7585.266, 'title': 'Global monetary systems', 'summary': "Covers the security of gold savings, transition from gold standard to fiat system, flaws of fiat system, impact of credit creation on currency devaluation, us sanctions on russian central bank's reserves, role of swift network, potential challenges of building an alternative international settlement system, and bitcoin as a monetary solution with its unique properties and potential.", 'chapters': [{'end': 7827.485, 'start': 7585.266, 'title': 'Gold savings and fiat system', 'summary': 'Discusses the security of gold savings, the transition from gold standard to fiat system, and the impact of credit creation on currency devaluation, highlighting the relationship between credit demand and supply, and the consensual nature of borrowing.', 'duration': 242.219, 'highlights': ['The fiat system replaces gold mining with credit creation, leading to an increase in money supply through lending, thus impacting the value of currency. Fiat money is mined into existence through credit creation, where banks create new money when issuing loans, leading to an increase in the money supply, impacting currency value.', 'The transition from the gold standard to the fiat system allowed for the creation of new currency and money every time a loan is issued, impacting the entire populace using the currency. Transitioning from the gold standard to the fiat system allowed institutions to issue loans backed by the central bank, effectively creating new currency and impacting the entire populace using the currency.', 'The consensual nature of credit is emphasized, but the fiat system forces the entire population using the currency to be part of the credit agreement, with the risk of currency devaluation serving as a safety net for loans. While consensual credit agreements are acknowledged, the fiat system forces the entire populace using the currency to be part of the credit agreement, with the risk of currency devaluation serving as a safety net for loans.']}, {'end': 8113.15, 'start': 7828.306, 'title': 'Bitcoin standard and the flaws of the fiat system', 'summary': 'Discusses the flaws of the fiat monetary system, advocating for accumulating bitcoin and being short on fiat, highlighting how the richest individuals and governments benefit from borrowing, and predicting the unsustainability of the global dollar system.', 'duration': 284.844, 'highlights': ["The winning move under the fiat system is to borrow, as the richest individuals and governments benefit from borrowing and holding hard assets, while devaluing others' money. Richest individuals and governments benefit from borrowing and holding hard assets, devaluing others' money.", 'The chapter advocates for accumulating Bitcoin and being short on fiat, emphasizing that Bitcoin is the best money ever invented. Advocacy for accumulating Bitcoin and being short on fiat, Bitcoin being the best money ever invented.', 'The unsustainability of the global dollar system is mentioned, especially in light of recent events such as sanctions on Russia and confiscation of Russian reserves. Unsustainability of the global dollar system, recent events like sanctions on Russia and confiscation of Russian reserves.']}, {'end': 8677.717, 'start': 8113.15, 'title': 'The future of global monetary system', 'summary': "Discusses the impact of us sanctions on russian central bank's reserves, the question of a new gold-based monetary order, the role of swift network, and the potential challenges and limitations of building an alternative international settlement system. it also explores the potential implications of a shift in the global monetary system towards a chinese-based system and the potential risks of escalating conflicts in cyberspace and real war.", 'duration': 564.567, 'highlights': ["The US confiscated the Russian central bank's significant monetary reserves and banned some Russian banks from the SWIFT network. The US sanctions had a direct impact on the Russian central bank's reserves and restricted some Russian banks from the SWIFT network.", 'Global central banks may stop accumulating US treasury bonds and replace them with gold and commodities. There is a possibility of global central banks shifting their reserves from US treasury bonds to gold and commodities, potentially signaling a shift away from the US dollar-based system.', 'The chapter explores the limitations and challenges of building an alternative international settlement system and the potential implications of a shift towards a Chinese-based monetary system. The discussion delves into the challenges and limitations of creating an alternative international settlement system, as well as the potential consequences of a transition towards a Chinese-based monetary system.']}, {'end': 9224.006, 'start': 8678.337, 'title': 'Bitcoin as the monetary solution', 'summary': 'Discusses the limitations of commodity-based and gold-based systems, the potential of a bitcoin-based monetary system, and the unique properties of bitcoin as the most advanced form of money ever invented, including its resistance to inflation, fixed supply of 21 million bitcoins, and its saleability across time and space.', 'duration': 545.669, 'highlights': ["Bitcoin's resistance to inflation and fixed supply of 21 million Bitcoins sets it apart as the most advanced form of money ever invented. Bitcoin's resistance to inflation and fixed supply of 21 million Bitcoins make it the hardest money ever invented, with a qualitative leap forward in money technology.", "Bitcoin's saleability across time and space combines the salability of gold across time with fiat's salability across space in one immutable package, offering a solution to the limitations of traditional monetary systems. Bitcoin's saleability across time and space combines the salability of gold across time with fiat's salability across space in one immutable package, providing a solution to the limitations of traditional monetary systems.", 'Discussion on the potential of a Bitcoin-based monetary system as the winning move in the long run, despite the current reluctance of countries like China and Russia to switch to a Bitcoin-based system. The potential of a Bitcoin-based monetary system as the winning move in the long run is discussed, despite the current reluctance of countries like China and Russia to switch to a Bitcoin-based system.', 'Exploration of the limitations of commodity-based and gold-based systems as viable monetary solutions for the 21st century. Exploration of the limitations of commodity-based and gold-based systems as viable monetary solutions for the 21st century is discussed.']}], 'duration': 1638.74, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A7585266.jpg', 'highlights': ["Bitcoin's resistance to inflation and fixed supply of 21 million Bitcoins make it the hardest money ever invented, with a qualitative leap forward in money technology.", 'The potential of a Bitcoin-based monetary system as the winning move in the long run is discussed, despite the current reluctance of countries like China and Russia to switch to a Bitcoin-based system.', "The US sanctions had a direct impact on the Russian central bank's reserves and restricted some Russian banks from the SWIFT network.", 'There is a possibility of global central banks shifting their reserves from US treasury bonds to gold and commodities, potentially signaling a shift away from the US dollar-based system.', 'Advocacy for accumulating Bitcoin and being short on fiat, Bitcoin being the best money ever invented.', 'The unsustainability of the global dollar system is mentioned, especially in light of recent events like sanctions on Russia and confiscation of Russian reserves.', "Bitcoin's saleability across time and space combines the salability of gold across time with fiat's salability across space in one immutable package, providing a solution to the limitations of traditional monetary systems.", 'Transitioning from the gold standard to the fiat system allowed institutions to issue loans backed by the central bank, effectively creating new currency and impacting the entire populace using the currency.', 'Fiat money is mined into existence through credit creation, where banks create new money when issuing loans, leading to an increase in the money supply, impacting currency value.']}, {'end': 10599.15, 'segs': [{'end': 9351.216, 'src': 'embed', 'start': 9319.958, 'weight': 0, 'content': [{'end': 9327.143, 'text': "i think what really matters in bitcoin about satoshi is the fact that he's not there, And this is what's truly astonishing about it.", 'start': 9319.958, 'duration': 7.185}, {'end': 9335.648, 'text': 'The most important fact in Bitcoin is the fact that the creator has disappeared and the thing has continued to operate now for almost 12 years without him being there,', 'start': 9327.524, 'duration': 8.124}, {'end': 9338.129, 'text': "or 11 years I think it's been since he's left.", 'start': 9335.648, 'duration': 2.481}, {'end': 9341.09, 'text': 'And this is really the most important thing.', 'start': 9338.949, 'duration': 2.141}, {'end': 9351.216, 'text': "And maybe he died or she died, or they got into an accident on a road trip or whatever, and that's why they haven't accessed their coins.", 'start': 9341.271, 'duration': 9.945}], 'summary': 'Bitcoin has operated for almost 12 years without its creator, satoshi, raising questions about their existence and the longevity of the cryptocurrency.', 'duration': 31.258, 'max_score': 9319.958, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A9319958.jpg'}, {'end': 9664.773, 'src': 'embed', 'start': 9634.304, 'weight': 1, 'content': [{'end': 9635.824, 'text': "The thing's worked for 11 years without him.", 'start': 9634.304, 'duration': 1.52}, {'end': 9638.705, 'text': 'And I think this is the really important thing.', 'start': 9635.904, 'duration': 2.801}, {'end': 9646.928, 'text': "If they had stuck around for whatever reason and they had continued to meddle with it, it's not clear to me how decentralized it could have been.", 'start': 9638.825, 'duration': 8.103}, {'end': 9649.268, 'text': 'This is the problem with the other currencies.', 'start': 9647.808, 'duration': 1.46}, {'end': 9654.21, 'text': "It's like how do you lose control of the Frankenstein that you've created?", 'start': 9649.348, 'duration': 4.862}, {'end': 9659.571, 'text': 'The only way that this Frankenstein continues to survive is if the person in charge of it continues to feed it.', 'start': 9654.71, 'duration': 4.861}, {'end': 9662.492, 'text': 'And so it continues to be yours.', 'start': 9660.352, 'duration': 2.14}, {'end': 9664.773, 'text': "And that's the problem with all the other digital currencies.", 'start': 9662.772, 'duration': 2.001}], 'summary': '11 years of success without interference. decentralization is crucial for survival of digital currencies.', 'duration': 30.469, 'max_score': 9634.304, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A9634304.jpg'}, {'end': 9698.088, 'src': 'embed', 'start': 9669.134, 'weight': 3, 'content': [{'end': 9673.739, 'text': "You've only heard about it because there's a small group of people behind it that are working on it, that are promoting it.", 'start': 9669.134, 'duration': 4.605}, {'end': 9683.047, 'text': "And that's why I think Michael Saylor's discussion with you was a magnificent illustration of the difference between Bitcoin and altcoins,", 'start': 9674.499, 'duration': 8.548}, {'end': 9684.789, 'text': 'in that they are securities.', 'start': 9683.047, 'duration': 1.742}, {'end': 9692.536, 'text': 'And I think he makes a very compelling, brilliant case for why this makes them categorically different from Bitcoin.', 'start': 9684.829, 'duration': 7.707}, {'end': 9693.818, 'text': "Bitcoin, you're buying property.", 'start': 9692.657, 'duration': 1.161}, {'end': 9698.088, 'text': "I think he mentioned he's a huge fan of Dogecoin, but I might be misremembering.", 'start': 9694.784, 'duration': 3.304}], 'summary': 'Michael saylor discussed the differences between bitcoin and altcoins, emphasizing bitcoin as property, and highlighted the promotional efforts of a small group behind altcoins.', 'duration': 28.954, 'max_score': 9669.134, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A9669134.jpg'}, {'end': 10052.998, 'src': 'embed', 'start': 10023.537, 'weight': 2, 'content': [{'end': 10025.758, 'text': "Bitcoin is the only one that's not have a hard fork.", 'start': 10023.537, 'duration': 2.221}, {'end': 10043.131, 'text': 'Basically, the unique thing about Bitcoin in a technical sense is that you could get the original software that Satoshi himself ran in 2009 to start the network and you could run it today and it would sync with the blockchain.', 'start': 10027.198, 'duration': 15.933}, {'end': 10044.552, 'text': "There's one bug you need to fix.", 'start': 10043.191, 'duration': 1.361}, {'end': 10052.998, 'text': "One mistake that would have only appeared, I think, in around 2013 or 14 or something like that, that he wasn't aware of back then.", 'start': 10046.234, 'duration': 6.764}], 'summary': 'Bitcoin is unique for not having a hard fork; original software from 2009 still syncs with the blockchain, with only one bug to fix.', 'duration': 29.461, 'max_score': 10023.537, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A10023537.jpg'}, {'end': 10362.236, 'src': 'embed', 'start': 10331.91, 'weight': 4, 'content': [{'end': 10335.493, 'text': "If you don't have 24-hour electricity, that child is not gonna make it.", 'start': 10331.91, 'duration': 3.583}, {'end': 10346.321, 'text': 'And you see it, the level of energy consumption per capita is highly correlated not just to income, but also to health outcomes, to infant mortality,', 'start': 10336.173, 'duration': 10.148}, {'end': 10348.323, 'text': 'to all of the things that you care about.', 'start': 10346.321, 'duration': 2.002}, {'end': 10351.846, 'text': 'And Bitcoin is just another technology.', 'start': 10348.603, 'duration': 3.243}, {'end': 10354.608, 'text': 'It does consume a lot more energy than central banks.', 'start': 10351.966, 'duration': 2.642}, {'end': 10362.236, 'text': 'A lot of Bitcoiners like to taken a cop out of this by saying, well, you know, central banks consume money and ATMs consume energy.', 'start': 10354.648, 'duration': 7.588}], 'summary': 'High energy consumption per capita correlates with health outcomes, infant mortality, and income. bitcoin consumes more energy than central banks.', 'duration': 30.326, 'max_score': 10331.91, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A10331910.jpg'}], 'start': 9224.106, 'title': "Bitcoin's decentralization and advantages", 'summary': "Discusses bitcoin's decentralized nature, founder's absence for 11 years, principles driving bitcoin, its sustained success, comparison with altcoins, unique technical aspects, and the debate on energy consumption.", 'chapters': [{'end': 9470.534, 'start': 9224.106, 'title': "Bitcoin's decentralization and founder's mystery", 'summary': "Discusses the decentralized nature of bitcoin, its founder's mysterious disappearance, and the unique advantage gained through the founder's absence, highlighting the 11 years of operation without the founder's involvement and the network's lack of admins.", 'duration': 246.428, 'highlights': ["The founder's disappearance and the network's 11-year operation without their involvement is the most vital aspect of Bitcoin's decentralized nature.", "Bitcoin's first mover advantage and ability to attract technology enthusiasts gives it an enormous advantage in the digital currency space.", 'The absence of a leader or administrator in Bitcoin signifies its decentralized nature, making it a network with no admins.', "Speculations about the fate of the founder, including death or incapacitation, contribute to the mystery and unique advantage of Bitcoin's decentralized structure.", "The founder's integrity and self-control in not meddling with the network, despite potential access to coins, is a testament to the principled nature of some innovators."]}, {'end': 9668.454, 'start': 9471.255, 'title': 'The power of principles in bitcoin', 'summary': "Explores the power of principles in bitcoin, emphasizing the distinction between financial gain and the idea's potential to transform the world, while highlighting the importance of decentralized control and the sustained success of bitcoin without its creator.", 'duration': 197.199, 'highlights': ['The sustained success of Bitcoin for 11 years without its creator demonstrates the importance of decentralization and the power of the idea to transform the world.', 'The distinction between the positive feeling of financial gain and the power of the idea to change the world is emphasized, with a focus on alleviating suffering caused by authoritarian regimes.', "The principle of walking away from financial gain in favor of the idea's power is highlighted through examples like Satoshi Nakamoto's disappearance and Grigori Perlman's rejection of the Fields Medal.", "The potential issue of losing control over digital currencies and the necessity of decentralized control is discussed in the context of Bitcoin's sustained success without its creator's involvement."]}, {'end': 10130.82, 'start': 9669.134, 'title': 'Bitcoin vs altcoins: decentralization and security', 'summary': "Discusses the decentralization and security differences between bitcoin and altcoins, emphasizing the central role of nodes in bitcoin's consensus parameters and highlighting the resistance of bitcoin to hard forks, making it unique in a technical sense.", 'duration': 461.686, 'highlights': ["Bitcoin's resistance to hard forks makes it unique in a technical sense, in contrast to most other digital currencies, which have undergone many hard forks, presenting security risks such as supply changes and susceptibility to corrupting forces. Bitcoin's resistance to hard forks compared to other digital currencies.", "The decentralization of nodes is crucial in determining Bitcoin's consensus parameters, with a large number of nodes being essential. Most other digital currencies have a small number of nodes, making them susceptible to hard forks and controlled changes in supply. Significance of node decentralization in Bitcoin compared to other digital currencies.", "Michael Saylor's discussion illustrates the difference between Bitcoin and altcoins, emphasizing that altcoins are securities, while Bitcoin is property, making a compelling case for their categorical difference. Illustration of the difference between Bitcoin and altcoins by Michael Saylor."]}, {'end': 10599.15, 'start': 10130.84, 'title': 'Bitcoin energy consumption debate', 'summary': "Explores the debate around bitcoin's energy consumption, highlighting the argument that high energy consumption is justified by its benefits, including its potential to improve lives and its unique ability to source energy from anywhere.", 'duration': 468.31, 'highlights': ["Bitcoin's energy consumption debate The debate around Bitcoin's energy consumption, justifying high energy use by comparing it to the benefits it brings and the inefficiencies of fiat standard.", 'Benefits of high energy consumption High energy consumption is justified by its potential to improve lives, especially in terms of health outcomes and infant mortality, and to drive technological progress.', "Bitcoin's unique energy sourcing Bitcoin's ability to source energy from anywhere, unlike traditional appliances, due to its decentralized nature and the profitability of mining at lower energy costs.", "Comparison with other energy-consuming technologies Comparing Bitcoin's energy consumption to that of other everyday technologies, highlighting the relative impact and necessity of energy consumption in modern life."]}], 'duration': 1375.044, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A9224106.jpg', 'highlights': ["Bitcoin's founder's 11-year absence showcases its decentralized nature.", "Bitcoin's sustained success for 11 years without its creator highlights the power of decentralization.", "Bitcoin's resistance to hard forks sets it apart technically from other digital currencies.", "Michael Saylor's discussion emphasizes the categorical difference between Bitcoin and altcoins.", "The debate around Bitcoin's energy consumption justifies its high energy use by comparing it to the benefits it brings."]}, {'end': 11976.537, 'segs': [{'end': 10687.505, 'src': 'embed', 'start': 10659.105, 'weight': 0, 'content': [{'end': 10662.306, 'text': 'Number one, over Pelé and Maradona, Messi, better than Messi.', 'start': 10659.105, 'duration': 3.201}, {'end': 10664.147, 'text': "Yes, he's been doing it for 20 years at the top.", 'start': 10662.386, 'duration': 1.761}, {'end': 10664.987, 'text': "Nobody's ever done that.", 'start': 10664.187, 'duration': 0.8}, {'end': 10666.287, 'text': "He's won everything everywhere.", 'start': 10665.027, 'duration': 1.26}, {'end': 10669.028, 'text': 'Everywhere he goes, at the top, at the Champions League.', 'start': 10666.648, 'duration': 2.38}, {'end': 10672.569, 'text': 'Really strong argument to be made for him.', 'start': 10670.509, 'duration': 2.06}, {'end': 10675.11, 'text': "Messi's never done anything outside of Barcelona.", 'start': 10673.19, 'duration': 1.92}, {'end': 10675.65, 'text': "That's the thing.", 'start': 10675.17, 'duration': 0.48}, {'end': 10683.273, 'text': 'So you appreciate performance long-term versus the genius of the actual play on the field?', 'start': 10675.951, 'duration': 7.322}, {'end': 10687.505, 'text': "I mean the genius is Ronaldo's the top scorer of all time.", 'start': 10684.724, 'duration': 2.781}], 'summary': "Ronaldo's long-term performance and achievements make him better than messi, despite messi's genius on the field.", 'duration': 28.4, 'max_score': 10659.105, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A10659105.jpg'}, {'end': 11196.768, 'src': 'embed', 'start': 11167.228, 'weight': 1, 'content': [{'end': 11168.51, 'text': 'You know, Bitcoin is worth something like.', 'start': 11167.228, 'duration': 1.282}, {'end': 11176.6, 'text': "I think the total addressable market for Bitcoin is not just national currencies and gold's addressable market, but also government bonds.", 'start': 11168.51, 'duration': 8.09}, {'end': 11177.482, 'text': "That's the really big one.", 'start': 11176.641, 'duration': 0.841}, {'end': 11180.203, 'text': 'So how do banks compare to gold?', 'start': 11178.002, 'duration': 2.201}, {'end': 11183.024, 'text': "So you're saying it'll surpass gold with the 10 trillion?", 'start': 11180.223, 'duration': 2.801}, {'end': 11184.665, 'text': "What's bonds??", 'start': 11183.905, 'duration': 0.76}, {'end': 11186.426, 'text': "Where's bonds stand?", 'start': 11185.305, 'duration': 1.121}, {'end': 11192.108, 'text': "So then there's also national currencies, which are about 100 trillion, and then there's government bonds, which are around $120 billion.", 'start': 11187.006, 'duration': 5.102}, {'end': 11196.768, 'text': 'Sorry, trillion dollars, trillion.', 'start': 11195.387, 'duration': 1.381}], 'summary': "Bitcoin's market potential includes 100 trillion national currencies and 120 trillion government bonds.", 'duration': 29.54, 'max_score': 11167.228, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A11167228.jpg'}, {'end': 11282.937, 'src': 'embed', 'start': 11254.163, 'weight': 2, 'content': [{'end': 11256.846, 'text': "but it'll probably replace a big chunk of current equity markets.", 'start': 11254.163, 'duration': 2.683}, {'end': 11260.531, 'text': 'Because right now, if you want to save, it used to be that you hold bonds.', 'start': 11256.886, 'duration': 3.645}, {'end': 11262.674, 'text': 'Now, if you want to save, you go into stock indexes.', 'start': 11260.571, 'duration': 2.103}, {'end': 11268.06, 'text': 'So I think Bitcoin likely eats a big chunk of equity markets because currently..', 'start': 11263.495, 'duration': 4.565}, {'end': 11270.643, 'text': 'People are using it as saving.', 'start': 11269.602, 'duration': 1.041}, {'end': 11273.366, 'text': 'And I think it eats all the bonds.', 'start': 11271.144, 'duration': 2.222}, {'end': 11276.67, 'text': "That's my most ambitious statement.", 'start': 11273.447, 'duration': 3.223}, {'end': 11280.535, 'text': 'Well, the question is the scale of time that happens across.', 'start': 11276.69, 'duration': 3.845}, {'end': 11282.937, 'text': "But the most important statement you're making is about trend.", 'start': 11280.615, 'duration': 2.322}], 'summary': 'Bitcoin likely replaces a big chunk of equity markets and bonds, as people use it for saving.', 'duration': 28.774, 'max_score': 11254.163, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A11254163.jpg'}, {'end': 11719.301, 'src': 'embed', 'start': 11690.882, 'weight': 3, 'content': [{'end': 11695.143, 'text': "I don't want to label an entire community of people by its extremes.", 'start': 11690.882, 'duration': 4.261}, {'end': 11696.103, 'text': "I don't think you should do that.", 'start': 11695.183, 'duration': 0.92}, {'end': 11699.105, 'text': "but there's cultural characteristics you start to notice.", 'start': 11696.463, 'duration': 2.642}, {'end': 11700.746, 'text': "When you go to France, it's a certain way.", 'start': 11699.145, 'duration': 1.601}, {'end': 11707.812, 'text': 'When you go to Britain, London is different than rural Britain, and New York is different than Iowa.', 'start': 11700.806, 'duration': 7.006}, {'end': 11709.133, 'text': 'You start to notice things.', 'start': 11708.152, 'duration': 0.981}, {'end': 11710.534, 'text': "I mean, you don't want to generalize.", 'start': 11709.193, 'duration': 1.341}, {'end': 11719.301, 'text': "There's all kinds of people everywhere, but there's a certain way of communication on crypto, Twitter in general, but also Bitcoin maximalists,", 'start': 11710.574, 'duration': 8.727}], 'summary': 'Cultural differences are noticeable in different regions, such as france, britain, london, rural britain, new york, and iowa. specific communication styles observed on crypto twitter and among bitcoin maximalists.', 'duration': 28.419, 'max_score': 11690.882, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A11690882.jpg'}, {'end': 11782.078, 'src': 'embed', 'start': 11756.482, 'weight': 4, 'content': [{'end': 11764.246, 'text': 'I understand the mechanism, because so many other people come into that community and they might masquerade as curious,', 'start': 11756.482, 'duration': 7.764}, {'end': 11766.428, 'text': "but really they're trying to inject.", 'start': 11764.246, 'duration': 2.182}, {'end': 11768.029, 'text': "they're trying to sell some kind of altcoin.", 'start': 11766.428, 'duration': 1.601}, {'end': 11770.85, 'text': "There's some scheme, there's some scheme to make money.", 'start': 11768.049, 'duration': 2.801}, {'end': 11774.893, 'text': "And so I understand maybe that's just the dynamics of the community by nature.", 'start': 11770.95, 'duration': 3.943}, {'end': 11782.078, 'text': "It's not like you respond appropriately to the amount of, charlatans in the community.", 'start': 11774.913, 'duration': 7.165}], 'summary': 'Community members encounter numerous attempts to sell altcoins and schemes, leading to challenges in responding effectively.', 'duration': 25.596, 'max_score': 11756.482, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A11756482.jpg'}], 'start': 10599.81, 'title': 'Football players, bitcoin, and online interaction', 'summary': "Discusses the debate between cristiano ronaldo and lionel messi, bitcoin's energy consumption and market impact, potential replacement of equity markets and bonds by bitcoin, and the challenges of online interaction and expression, highlighting cultural impact and toxic behavior.", 'chapters': [{'end': 10835.124, 'start': 10599.81, 'title': 'Debate on football players', 'summary': "Discusses the debate between cristiano ronaldo and lionel messi's football performance, including ronaldo's long-term success and messi's recent performance, along with a comparison to other players and the emotional investment in football rivalry.", 'duration': 235.314, 'highlights': ["Cristiano Ronaldo's long-term success and achievements are argued, positioning him as the greatest football player ever. Ronaldo's 20-year successful career, winning at the top level and being the top scorer of all time, presents a strong argument for his status as the greatest football player ever.", "Criticism of Messi's recent performance and accolades, suggesting that he did not deserve some of the recent Ballon d'Or awards. The discussion includes criticism of Messi's recent performance, questioning his deservingness of accolades such as the Ballon d'Or awards.", 'Emotional investment in football players and the rivalry between fans is explored, emphasizing the passion and fun of picking sides and debating football. The chapter delves into the emotional investment in football players and the fun of picking sides, emphasizing the passion and rivalry between fans in football debates.']}, {'end': 11211.267, 'start': 10835.164, 'title': "Bitcoin's energy consumption and volatility", 'summary': "Discusses the misconceptions about bitcoin's energy consumption and volatility, highlighting its impact on the global money market, the potential to reduce volatility over time, and its future market potential compared to national currencies, gold, and government bonds.", 'duration': 376.103, 'highlights': ["Bitcoin's energy consumption misconceptions Bitcoin does not compete with Portugal's energy consumption as it buys its own energy from places with surplus capacity, reducing the impact on people's access to affordable energy.", "Addressing Bitcoin's volatility Bitcoin's volatility can be managed through position sizing, and it serves as a long-term investment option compared to fiat assets that reliably decrease in value over time.", "Bitcoin's potential in the global money market Bitcoin's current market share is less than 1% of the global money market, positioning it as a potentially significant player in the future, affecting market dynamics with individual purchases.", "Bitcoin's potential market growth The potential market for Bitcoin extends beyond national currencies and gold to include government bonds, positioning Bitcoin as a substantial player in the global financial market.", "Comparison with gold's stability Bitcoin's potential for reduced volatility over time is compared to gold, which achieved stability due to its high stock to flow ratio and limited supply in the liquid market."]}, {'end': 11513.446, 'start': 11211.867, 'title': "Bitcoin's impact on bonds and equity", 'summary': "Discusses how bitcoin is likely to replace a big chunk of current equity markets and all bonds due to its use as savings, its potential to beat inflation, and the unlikely scenario of government returning to a gold standard, while also addressing the potential reasons for bitcoin's failure in the long-term future.", 'duration': 301.579, 'highlights': ['Bitcoin likely to replace a big chunk of current equity markets as people are using it as savings and it has the potential to beat inflation. Bitcoin is likely to replace a big chunk of current equity markets because currently people are using it as saving, and in real terms, it appreciates much more than bonds and has the potential to beat inflation.', "Bitcoin likely to replace all bonds due to its potential to beat inflation and the unlikely scenario of government returning to a gold standard. Bitcoin is likely to replace all bonds because currently bonds don't beat inflation and in real terms, they don't come close to beating inflation. In the unlikely scenario of government returning to a gold standard, the price of gold would shoot up 5-10x, but that wouldn't necessarily kill Bitcoin.", "Possible reasons for Bitcoin's failure include governments going back on a gold standard, although it's less unlikely than other scenarios. The most likely reason for Bitcoin's failure could be governments going back on a gold standard, which is less unlikely than all the other unlikely scenarios. Even with a nuclear war, 90% of the planet being destroyed, the 10% could continue to run Bitcoin."]}, {'end': 11710.534, 'start': 11513.466, 'title': 'Online interaction and expressing opinions', 'summary': 'Discusses the challenges of online interaction, emphasizing the need to express opinions authentically, the impact of cultural characteristics, and the choice to engage in various aspects of online communities and economics.', 'duration': 197.068, 'highlights': ['Life is too short to hold back your opinion. The chapter emphasizes the importance of expressing opinions authentically. The speaker believes in the importance of being genuine and not holding back opinions, stating that life is too short to mince words.', 'The impact of cultural characteristics on different communities. The chapter discusses the influence of cultural differences on communities such as France, Britain, London, and New York. The speaker highlights the influence of cultural characteristics on communities, drawing comparisons between France, Britain, London, rural Britain, New York, and Iowa.', 'The choice to engage in various aspects of online communities and economics. The chapter emphasizes the deliberate choice to engage in different aspects of online interaction and the economics community. The speaker discusses the deliberate choice individuals have in engaging in different aspects of online communities and the economics community, highlighting the impact of these choices.']}, {'end': 11976.537, 'start': 11710.574, 'title': 'Challenges in crypto community', 'summary': 'Discusses the challenges of communication in the crypto community, the impact of fiat currency, and the freedom to curate social media experience, emphasizing the need for self-curation and the prevalence of toxic behavior on twitter.', 'duration': 265.963, 'highlights': ['The prevalence of toxic behavior in the crypto community punishes curiosity and exploration, attributing it to the presence of charlatans trying to sell altcoins. Toxic behavior in the crypto community punishes curiosity and exploration. Charlatans sell altcoins, leading to a harsh environment for genuine discussion and exploration.', 'The impact of fiat currency on global wealth destruction, including hyperinflation and bank confiscation, and the potential of Bitcoin to offer a way out of this financial crisis. Fiat currency has led to global wealth destruction through hyperinflation and bank confiscation. Bitcoin offers a potential way out of this financial crisis.', 'The recommendation to curate social media experience by unfollowing and blocking accounts that do not align with personal preferences, emphasizing the freedom to choose and build a community of like-minded individuals. Encouragement to curate social media experience by unfollowing and blocking accounts. Emphasis on freedom to choose and build a community of like-minded individuals.']}], 'duration': 1376.727, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A10599810.jpg', 'highlights': ["Ronaldo's 20-year successful career and top scorer status position him as the greatest football player ever.", "Bitcoin's potential market growth extends beyond national currencies and gold, positioning it as a substantial player in the global financial market.", 'Bitcoin is likely to replace a big chunk of current equity markets and all bonds due to its potential to beat inflation.', 'The chapter emphasizes the importance of expressing opinions authentically and the influence of cultural characteristics on communities.', 'Toxic behavior in the crypto community punishes curiosity and exploration, attributing it to the presence of charlatans trying to sell altcoins.']}, {'end': 12621.954, 'segs': [{'end': 12023.406, 'src': 'embed', 'start': 11996.389, 'weight': 2, 'content': [{'end': 12001.071, 'text': 'And the ulterior motive is, hey, I have this shitcoin that I made with five other friends of mine.', 'start': 11996.389, 'duration': 4.682}, {'end': 12005.234, 'text': "And I'd like to ride your coattails, Bitcoiners.", 'start': 12001.772, 'duration': 3.462}, {'end': 12007.375, 'text': "And I'd like you to please help me promote this shitcoin.", 'start': 12005.334, 'duration': 2.041}, {'end': 12015.441, 'text': 'this is, i get this practically every week, whether through email or through twitter, where, hey, you know, this is our coin.', 'start': 12007.595, 'duration': 7.846}, {'end': 12019.623, 'text': "um, you know, it's just like bitcoin, but it's better because it does this and this and that.", 'start': 12015.441, 'duration': 4.182}, {'end': 12023.406, 'text': 'and you know, basically, how can we get you to promote this?', 'start': 12019.623, 'duration': 3.783}], 'summary': "Bitcoiners frequently receive requests to promote 'shitcoins' as better alternatives to bitcoin.", 'duration': 27.017, 'max_score': 11996.389, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A11996389.jpg'}, {'end': 12236.688, 'src': 'embed', 'start': 12207.693, 'weight': 0, 'content': [{'end': 12208.914, 'text': 'You tweeted three years ago.', 'start': 12207.693, 'duration': 1.221}, {'end': 12209.814, 'text': 'Oh, wow.', 'start': 12208.934, 'duration': 0.88}, {'end': 12218.142, 'text': 'Anyone who believes proof of stake can work is either one completely clueless at how and why Bitcoin works at all,', 'start': 12210.795, 'duration': 7.347}, {'end': 12223.747, 'text': 'or two a con artist using it as a buzzword to promote a worthless scam like Ethereum.', 'start': 12218.142, 'duration': 5.605}, {'end': 12231.474, 'text': 'Do you still believe that Ethereum is a scam and, in general, proof of stake?', 'start': 12224.688, 'duration': 6.786}, {'end': 12233.476, 'text': "You're either clueless.", 'start': 12231.834, 'duration': 1.642}, {'end': 12234.737, 'text': "if you think it's interesting?", 'start': 12233.476, 'duration': 1.261}, {'end': 12236.688, 'text': 'Yeah, no, I still stand by that.', 'start': 12235.307, 'duration': 1.381}], 'summary': 'Skeptic still believes ethereum is a scam and proof of stake is uninteresting.', 'duration': 28.995, 'max_score': 12207.693, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A12207693.jpg'}, {'end': 12336.988, 'src': 'embed', 'start': 12318.701, 'weight': 1, 'content': [{'end': 12330.987, 'text': 'Now, the only reason it survives in this and the reason I call these things a scam and I have no problem with calling them a scam is because they fraudulently present themselves as being decentralized.', 'start': 12318.701, 'duration': 12.286}, {'end': 12336.348, 'text': "They present themselves as just being a different way of doing decentralization than Bitcoin, when it's not.", 'start': 12331.127, 'duration': 5.221}, {'end': 12336.988, 'text': "It's just.", 'start': 12336.668, 'duration': 0.32}], 'summary': 'Cryptocurrencies misrepresent decentralization, being a scam.', 'duration': 18.287, 'max_score': 12318.701, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A12318701.jpg'}], 'start': 11976.597, 'title': 'Cryptocurrency challenges and decentralization', 'summary': 'Discusses challenges and critiques in dealing with alternative cryptocurrencies, emphasizing the rejection of ethereum as a scam and the preference for proof of work. it also explores the limitations of digital currencies in achieving true decentralization, highlighting the potential for manipulation and lack of trust due to centralized control.', 'chapters': [{'end': 12302.093, 'start': 11976.597, 'title': 'Cryptocurrency insights and critiques', 'summary': 'Discusses the challenges of dealing with solicitations for alternative cryptocurrencies, the concept of keeping an open mind, and the comparison between proof of work and proof of stake, highlighting the rejection of ethereum as a scam and the preference for proof of work over proof of stake.', 'duration': 325.496, 'highlights': ["The rejection of Ethereum as a scam and the preference for proof of work over proof of stake. The speaker stands by the belief that Ethereum is a 'shitcoin' and a 'worthless scam,' emphasizing the superiority of proof of work over proof of stake and likening the latter to keeping airplanes on the ground to make them cheaper and faster.", "The challenges of dealing with solicitations for alternative cryptocurrencies. The speaker discusses the frequent requests to promote alternative cryptocurrencies, labeling them as 'stupid shitcoins' and expressing a desire for their swift failure to prevent financial harm to others.", 'The concept of keeping an open mind in the cryptocurrency space. The speaker expresses concern about being too certain or tribal in their views, fearing that it may lead to missing out on strong, outlier ideas, and new concepts within the cryptocurrency domain.']}, {'end': 12621.954, 'start': 12302.333, 'title': 'Decentralization and digital currencies', 'summary': 'Discusses the limitations of digital currencies in achieving true decentralization, highlighting the potential for manipulation and lack of trust due to centralized control, while emphasizing the importance of open-mindedness and self-criticism in navigating the evolving landscape of technology and finance.', 'duration': 319.621, 'highlights': ['Digital currencies fraudulently present themselves as decentralized, but are actually controlled by a small group, posing a threat to trust and security. Digital currencies present themselves as decentralized but are actually controlled by a small group, leading to potential manipulation and lack of trust due to centralized control.', 'The chapter emphasizes the importance of open-mindedness and self-criticism in navigating the evolving landscape of technology and finance. The chapter stresses the significance of open-mindedness and self-criticism in adapting to the changing technology and financial landscape, advocating for a constant re-evaluation of beliefs and biases.', 'Discussion regarding the challenges of questioning authority, government, and cultural norms, emphasizing the psychological burden of self-criticism and introspection. The chapter highlights the difficulty of questioning authority, government, and cultural norms, stressing the psychological burden and challenges associated with self-criticism and introspection.']}], 'duration': 645.357, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A11976597.jpg', 'highlights': ['The rejection of Ethereum as a scam and the preference for proof of work over proof of stake.', 'Digital currencies fraudulently present themselves as decentralized, but are actually controlled by a small group, posing a threat to trust and security.', 'The challenges of dealing with solicitations for alternative cryptocurrencies.']}, {'end': 14393.569, 'segs': [{'end': 13546.176, 'src': 'embed', 'start': 13522.865, 'weight': 0, 'content': [{'end': 13530.788, 'text': 'overtakes first gold and then bonds in terms of its monetary power in the world.', 'start': 13522.865, 'duration': 7.923}, {'end': 13537.711, 'text': 'But like just specifically from a government perspective how do we move the United States, China, Russia, India,', 'start': 13531.809, 'duration': 5.902}, {'end': 13542.434, 'text': 'European Union to a Bitcoin standard?', 'start': 13537.711, 'duration': 4.723}, {'end': 13546.176, 'text': "I'm not entirely concerned about whether governments move or not.", 'start': 13543.394, 'duration': 2.782}], 'summary': "Bitcoin overtakes gold and bonds in monetary power globally, governments' shift to bitcoin standard uncertain.", 'duration': 23.311, 'max_score': 13522.865, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A13522865.jpg'}, {'end': 13867.472, 'src': 'embed', 'start': 13836.451, 'weight': 1, 'content': [{'end': 13842.574, 'text': "And this is why I think there's a good case to be made for why the fiat authorities might embrace Bitcoin,", 'start': 13836.451, 'duration': 6.123}, {'end': 13848.277, 'text': "because they'll see it as their way out of this enormous debt bubble that everybody is stuck in.", 'start': 13842.574, 'duration': 5.703}, {'end': 13851.479, 'text': 'Particularly the richest and most powerful people in the world,', 'start': 13849.097, 'duration': 2.382}, {'end': 13855.785, 'text': "and the richest and most powerful governments in the world are the world's biggest borrowers.", 'start': 13852.503, 'duration': 3.282}, {'end': 13857.346, 'text': "They're the ones in a lot of debt.", 'start': 13856.305, 'duration': 1.041}, {'end': 13867.472, 'text': 'So a continuous slow devaluation of the value of that debt as people upgrade and move on to a hard asset that continues to appreciate,', 'start': 13857.946, 'duration': 9.526}], 'summary': "Fiat authorities may embrace bitcoin to escape debt, as the world's richest and most powerful are in significant debt.", 'duration': 31.021, 'max_score': 13836.451, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A13836451.jpg'}, {'end': 14084.137, 'src': 'embed', 'start': 14053.722, 'weight': 2, 'content': [{'end': 14059.764, 'text': "I'd say probably the most important advice that I would give is to find a way to give value to other people.", 'start': 14053.722, 'duration': 6.042}, {'end': 14061.605, 'text': 'This is really the key thing.', 'start': 14060.265, 'duration': 1.34}, {'end': 14066.047, 'text': 'You need to wake up every morning and figure out how to serve others.', 'start': 14061.705, 'duration': 4.342}, {'end': 14069.889, 'text': 'This is the key to everything you want in life.', 'start': 14066.067, 'duration': 3.822}, {'end': 14073.951, 'text': 'Everything that you want is on the other side of you serving others.', 'start': 14070.369, 'duration': 3.582}, {'end': 14076.792, 'text': 'So figure out how you can serve others in a good way.', 'start': 14074.491, 'duration': 2.301}, {'end': 14084.137, 'text': "how you can do it in a way that they value, and you've got an incredible mechanism for figuring that out, which is the market.", 'start': 14077.792, 'duration': 6.345}], 'summary': "Key advice: find ways to give value by serving others. it's the key to everything you want in life.", 'duration': 30.415, 'max_score': 14053.722, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A14053722.jpg'}, {'end': 14183.355, 'src': 'embed', 'start': 14160.929, 'weight': 3, 'content': [{'end': 14168.611, 'text': 'So, you know, few clicks of a keyboard and you can move millions of machines around the world in certain ways.', 'start': 14160.929, 'duration': 7.682}, {'end': 14171.272, 'text': 'So it carries an enormous amount of value.', 'start': 14169.311, 'duration': 1.961}, {'end': 14175.153, 'text': 'I think I always tell all young people to learn to code.', 'start': 14171.332, 'duration': 3.821}, {'end': 14175.793, 'text': "It's the best thing.", 'start': 14175.173, 'duration': 0.62}, {'end': 14178.594, 'text': 'I used to tell it to my students when I was at university.', 'start': 14176.433, 'duration': 2.161}, {'end': 14181.115, 'text': 'Tell them to drop out and go learn to code.', 'start': 14179.174, 'duration': 1.941}, {'end': 14183.355, 'text': "It's probably a better use of their time and money.", 'start': 14181.615, 'duration': 1.74}], 'summary': 'Learning to code can enable moving millions of machines and carries enormous value, making it a better use of time and money for young people.', 'duration': 22.426, 'max_score': 14160.929, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A14160929.jpg'}], 'start': 12622.474, 'title': 'Bitcoin and decentralized systems', 'summary': "Covers the journey into bitcoin, the viability of proof of stake, bitcoin's monetary impact, and advice for young people on achieving success. it discusses the potential transition to a bitcoin standard, the impact of bitcoin on the fiat system, the challenges with governance, and the importance of serving others and learning to code. it mentions the slow adoption of proof of stake and the potential risks of a central bank digital currency.", 'chapters': [{'end': 12662.207, 'start': 12622.474, 'title': 'Journey into bitcoin', 'summary': 'Highlights the journey of being open to bitcoin, the preference for direct arguments, and the consideration of opportunity cost in dealing with spam emails, with a mention of weak understanding of economics.', 'duration': 39.733, 'highlights': ['The journey of being open to Bitcoin has required an enormous amount of openness and has been a heck of a journey.', 'Preference for direct arguments over general fluffy statements is expressed.', 'Consideration of opportunity cost in dealing with spam emails is mentioned.', 'Admission of a relatively shallow understanding of economics is made.']}, {'end': 13424.395, 'start': 12662.728, 'title': 'Proof of stake and the future of decentralized systems', 'summary': 'Discusses the viability of proof of stake as a decentralized consensus mechanism, the challenges with governance, the potential impact of nfts, the limitations of dapps, and the implications of a potential central bank digital currency, highlighting the slow adoption of proof of stake, the economic challenges of dapps, and the potential risks of a central bank digital currency.', 'duration': 761.667, 'highlights': ["The slow adoption of proof of stake Despite the desire to move to a proof of stake system, the operationalization of such a system, as exemplified by Ethereum's endeavors since 2014, has been slow, leading to the characterization of proof of stake as potential vaporware.", 'Economic challenges of dApps The economic inefficiency of running applications on distributed ledgers in comparison to traditional systems, exemplified by the significantly higher costs, has hindered the widespread adoption of decentralized applications (dApps).', 'Potential risks of a central bank digital currency The discussion raises concerns regarding the potential risks associated with a central bank digital currency, including the disintermediation of the banking system, the increased power of governments, and the potential for a dystopian financial control regime.']}, {'end': 14029.013, 'start': 13425.236, 'title': "Bitcoin's monetary impact", 'summary': 'Discusses the potential transition to a bitcoin standard, the limitations of central bank digital currencies, the gradual adoption of bitcoin due to its non-inflationary nature, and the impact of bitcoin on the fiat system.', 'duration': 603.777, 'highlights': ["Bitcoin's potential to overtake gold and bonds in terms of monetary power is discussed, with a focus on its impact on the global economy and the transition to a Bitcoin standard.", 'The limitations of central bank digital currencies are highlighted, emphasizing their inflationary nature and strong control at the top, positioning Bitcoin as an alternative rather than a replacement.', 'The gradual adoption of Bitcoin due to increasing awareness, self-interest, and the desire to escape inflation is emphasized, with a prediction of Bitcoin becoming a significant part of the world economy as more people invest in it.', 'The role of Bitcoin in offering an outlet from the debt bubble, its potential for peaceful transition from the fiat Ponzi scheme, and the possibility of fiat authorities embracing Bitcoin as a solution to the debt crisis are discussed.', 'The potential impact of Bitcoin on government policies and future political platforms is mentioned, with a focus on addressing the concerns of the people regarding the debt and fiat system.']}, {'end': 14393.569, 'start': 14029.213, 'title': 'Advice for young people on achieving success', 'summary': 'Emphasizes the importance of serving others, learning to code, and having a low time preference, with a focus on the future and saving in bitcoin for long-term gains.', 'duration': 364.356, 'highlights': ['The key to success is to wake up every morning and figure out how to serve others, as everything one wants in life is on the other side of serving others.', 'Learning to code is recommended as it carries an enormous amount of value and productivity, and it is considered the best thing for young people to learn.', 'Young people are advised to have a low time preference, focus on the future, and save in Bitcoin for the long term, with a recommendation to keep savings in Bitcoin for at least four years.']}], 'duration': 1771.095, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A12622474.jpg', 'highlights': ["Bitcoin's potential to overtake gold and bonds in terms of monetary power is discussed, with a focus on its impact on the global economy and the transition to a Bitcoin standard.", 'The potential impact of Bitcoin on government policies and future political platforms is mentioned, with a focus on addressing the concerns of the people regarding the debt and fiat system.', 'The key to success is to wake up every morning and figure out how to serve others, as everything one wants in life is on the other side of serving others.', 'Learning to code is recommended as it carries an enormous amount of value and productivity, and it is considered the best thing for young people to learn.']}, {'end': 15271.413, 'segs': [{'end': 14681.653, 'src': 'embed', 'start': 14651.931, 'weight': 0, 'content': [{'end': 14658.855, 'text': 'and, i think a good friend of mine, pierre rochard you may know him on twitter one of the brightest minds in bitcoin, in my opinion,', 'start': 14651.931, 'duration': 6.924}, {'end': 14663.878, 'text': 'he told me his theory is that bitcoin is going to bring peace to the middle east, because land is a shit coin.', 'start': 14658.855, 'duration': 5.023}, {'end': 14667.584, 'text': 'Land is a shit coin.', 'start': 14666.381, 'duration': 1.203}, {'end': 14667.984, 'text': 'I love it.', 'start': 14667.584, 'duration': 0.4}, {'end': 14681.653, 'text': "And I think he's got a very good point there that this fixation with land and the bitterness with which people have with land is likely to decline when people are going to have a form of property that they can keep.", 'start': 14668.205, 'duration': 13.448}], 'summary': 'Bitcoin may bring peace to the middle east by diminishing fixation on land as a form of property.', 'duration': 29.722, 'max_score': 14651.931, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A14651931.jpg'}, {'end': 14786.871, 'src': 'embed', 'start': 14757.2, 'weight': 4, 'content': [{'end': 14758.72, 'text': "They're the ones who sit in offices.", 'start': 14757.2, 'duration': 1.52}, {'end': 14764.662, 'text': "And in the case of most of Middle Eastern conflict, it's people who live abroad.", 'start': 14759.14, 'duration': 5.522}, {'end': 14771.183, 'text': "It's people who are abroad who are not part of it, who just are emotionally charged to it because they watch it on TV.", 'start': 14764.962, 'duration': 6.221}, {'end': 14779.366, 'text': 'So you have billions of Muslims around the world and Jews around the world who feel extremely emotionally attached to it.', 'start': 14771.263, 'duration': 8.103}, {'end': 14780.307, 'text': "They're not the ones fighting.", 'start': 14779.386, 'duration': 0.921}, {'end': 14782.468, 'text': "They're not the ones paying their own money.", 'start': 14780.327, 'duration': 2.141}, {'end': 14786.871, 'text': "They're just getting governments to send money and to send weapons and to take part.", 'start': 14782.528, 'duration': 4.343}], 'summary': 'Billions of emotionally attached muslims and jews abroad are not directly involved in middle eastern conflicts.', 'duration': 29.671, 'max_score': 14757.2, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A14757200.jpg'}, {'end': 14834.016, 'src': 'embed', 'start': 14803.861, 'weight': 3, 'content': [{'end': 14811.465, 'text': "And it's amazing every time you go there, The settlements are just growing in an astonishing way.", 'start': 14803.861, 'duration': 7.604}, {'end': 14815.126, 'text': "It's not just housing units that are going up.", 'start': 14812.485, 'duration': 2.641}, {'end': 14825.971, 'text': "It's an entire attempt to basically suffocate Palestinian areas and force Palestinians to leave or keep them living in horrific conditions.", 'start': 14815.307, 'duration': 10.664}, {'end': 14834.016, 'text': 'And if I may, just because I have family in Ukraine, I have family in Russia.', 'start': 14827.652, 'duration': 6.364}], 'summary': 'Settlements growing in astonishing way, suffocating palestinian areas.', 'duration': 30.155, 'max_score': 14803.861, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A14803861.jpg'}, {'end': 14938.744, 'src': 'embed', 'start': 14911.834, 'weight': 2, 'content': [{'end': 14915.718, 'text': "If you look at all the world's conflicts today, pretty much they all trace back to World War I.", 'start': 14911.834, 'duration': 3.884}, {'end': 14925.02, 'text': "And it's because, when that Pandora's box of government control of money was opened, there was no longer a real restraint on war,", 'start': 14916.618, 'duration': 8.402}, {'end': 14928.401, 'text': 'except complete defeat and complete destruction and complete death.', 'start': 14925.02, 'duration': 3.381}, {'end': 14929.642, 'text': 'The war had to be total.', 'start': 14928.501, 'duration': 1.141}, {'end': 14938.744, 'text': 'Before that, under the gold standard, kings would send professional armies to fight each other in battlefields.', 'start': 14930.262, 'duration': 8.482}], 'summary': 'World war i led to conflicts today; government control of money removed restraint on war.', 'duration': 26.91, 'max_score': 14911.834, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A14911834.jpg'}, {'end': 15024.353, 'src': 'embed', 'start': 14995.823, 'weight': 1, 'content': [{'end': 15000.645, 'text': 'And they would just have a small contingent of the two armies fight with one another.', 'start': 14995.823, 'duration': 4.822}, {'end': 15006.847, 'text': "And as soon as one of them establishes an advantage, then, all right, well, you won, let's move on with it.", 'start': 15000.685, 'duration': 6.162}, {'end': 15017.431, 'text': "Governments were far, far, far more careful about their monetary policy and their, sorry, their war policy when they couldn't print their money.", 'start': 15008.087, 'duration': 9.344}, {'end': 15019.531, 'text': 'And that has changed with fiat.', 'start': 15017.591, 'duration': 1.94}, {'end': 15024.353, 'text': 'And that has allowed this new emergence of this class of what I like to call chicken hawks,', 'start': 15019.691, 'duration': 4.662}], 'summary': 'Governments were cautious with war policy without monetary printing, but fiat changed that.', 'duration': 28.53, 'max_score': 14995.823, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A14995823.jpg'}, {'end': 15267.346, 'src': 'heatmap', 'start': 15128.443, 'weight': 0.878, 'content': [{'end': 15131.124, 'text': "And you'll see this in my dealings with people.", 'start': 15128.443, 'duration': 2.681}, {'end': 15133.065, 'text': 'You know, go back to Twitter.', 'start': 15131.164, 'duration': 1.901}, {'end': 15136.826, 'text': 'Why am I so brash and straightforward? It really is because life is short.', 'start': 15133.185, 'duration': 3.641}, {'end': 15139.167, 'text': "Because I don't want to waste..", 'start': 15137.487, 'duration': 1.68}, {'end': 15140.288, 'text': 'I think, you know, on my..', 'start': 15139.167, 'duration': 1.121}, {'end': 15147.075, 'text': "I've said this before, on my tombstone, let it be written.", 'start': 15142.149, 'duration': 4.926}, {'end': 15150.3, 'text': 'He never let anyone waste his time twice in his life.', 'start': 15147.616, 'duration': 2.684}, {'end': 15153.123, 'text': 'If life is short.', 'start': 15152.142, 'duration': 0.981}, {'end': 15154.924, 'text': 'Yeah, you can waste my time once.', 'start': 15153.363, 'duration': 1.561}, {'end': 15157.647, 'text': 'You can get me to do something, and then I realize that was a waste of time.', 'start': 15154.984, 'duration': 2.663}, {'end': 15159.548, 'text': 'You will never get me to waste my time twice.', 'start': 15157.687, 'duration': 1.861}, {'end': 15164.352, 'text': "And so you show up in my Twitter with something stupid, you're never showing up in my Twitter ever again.", 'start': 15159.828, 'duration': 4.524}, {'end': 15165.052, 'text': "So you're a fast learner.", 'start': 15164.372, 'duration': 0.68}, {'end': 15167.534, 'text': "You give people a chance, but you're a fast learner.", 'start': 15165.072, 'duration': 2.462}, {'end': 15172.518, 'text': "Yeah, and I try and use my time very wisely, and I'm unapologetic about it.", 'start': 15167.675, 'duration': 4.843}, {'end': 15180.405, 'text': 'My time is the most precious thing, and the way to get on my shit list forever is to try and take away my time.', 'start': 15172.999, 'duration': 7.406}, {'end': 15182.206, 'text': 'and to abuse my time.', 'start': 15181.165, 'duration': 1.041}, {'end': 15188.028, 'text': "If you do that, it's the one unforgivable sin for me.", 'start': 15182.286, 'duration': 5.742}, {'end': 15192.95, 'text': "And I think that's really, I think that's my way of coming to terms with mortality.", 'start': 15188.748, 'duration': 4.202}, {'end': 15196.571, 'text': "We're all gonna die, and so let's make the most out of it while we're still here.", 'start': 15193.05, 'duration': 3.521}, {'end': 15199.252, 'text': 'And of course, the other way you come to terms with mortality is you have children.', 'start': 15196.611, 'duration': 2.641}, {'end': 15208.889, 'text': "Given what you just said, doubly so, it's a huge honor that you would spend your valuable time with me.", 'start': 15201.293, 'duration': 7.596}, {'end': 15214.713, 'text': "This is the first time you did it, so you probably regret all of it, so we'll probably never see each other again.", 'start': 15208.909, 'duration': 5.804}, {'end': 15218.236, 'text': "But I'm glad you at least took the chance to do it.", 'start': 15215.254, 'duration': 2.982}, {'end': 15219.236, 'text': "It's a huge honor, man.", 'start': 15218.336, 'duration': 0.9}, {'end': 15220.577, 'text': "I've been a huge fan of yours.", 'start': 15219.277, 'duration': 1.3}, {'end': 15225.961, 'text': 'I think you have impact on the world that you probably are not even aware of.', 'start': 15220.597, 'duration': 5.364}, {'end': 15230.265, 'text': "It's tremendous, and a lot of people love you, and your work is important.", 'start': 15226.061, 'duration': 4.204}, {'end': 15236.949, 'text': "You know, I disagree with some things you say, and there's people that disagree with you, but everybody respects you.", 'start': 15231.505, 'duration': 5.444}, {'end': 15240.092, 'text': 'And thank you so much for spending your really valuable time with me today, brother.', 'start': 15237.03, 'duration': 3.062}, {'end': 15240.792, 'text': 'Thank you, sir.', 'start': 15240.172, 'duration': 0.62}, {'end': 15241.653, 'text': 'Really appreciate it.', 'start': 15240.932, 'duration': 0.721}, {'end': 15243.754, 'text': "This was not a waste of time, and I'd be happy to do it again.", 'start': 15241.693, 'duration': 2.061}, {'end': 15247.257, 'text': 'Thanks for listening to this conversation with Save Dina Moose.', 'start': 15244.855, 'duration': 2.402}, {'end': 15251, 'text': 'To support this podcast, please check out our sponsors in the description.', 'start': 15247.797, 'duration': 3.203}, {'end': 15256.244, 'text': 'And now, let me leave you with some words from the Austrian economist Friedrich Hayek.', 'start': 15251.6, 'duration': 4.644}, {'end': 15262.998, 'text': 'Economic control is not merely control of a sector of human life which can be separated from the rest.', 'start': 15257.529, 'duration': 5.469}, {'end': 15267.346, 'text': 'It is the control of the means for all our ends.', 'start': 15263.64, 'duration': 3.706}], 'summary': "Life is short, use time wisely, and don't let anyone waste it twice. embrace mortality and make the most out of it. impactful conversation with valuable time spent.", 'duration': 138.903, 'max_score': 15128.443, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A15128443.jpg'}], 'start': 14394.91, 'title': 'Bitcoin, monetary systems, and global conflict', 'summary': 'Discusses the potential role of bitcoin in bringing peace to the middle east, the impact of monetary systems on global conflicts, including the influence of fiat currency on war policies and decisions.', 'chapters': [{'end': 14734.633, 'start': 14394.91, 'title': 'Bitcoin and the middle east conflict', 'summary': 'Discusses the palestinian struggle, the historical context of the conflict in palestine, the impact on the palestinian people, and the potential role of bitcoin in bringing peace to the middle east.', 'duration': 339.723, 'highlights': ['The historical context of the conflict in Palestine is discussed, highlighting the impact on the Palestinian people and the struggle they have faced. Provides historical context and insight into the Palestinian struggle.', 'The potential role of Bitcoin in bringing peace to the Middle East is explored, focusing on the idea that Bitcoin can provide a form of property that may help in resolving the conflict. Discusses the potential impact of Bitcoin in bringing peace to the Middle East.', 'The impact of traditional politics and the role of fiat in financing the conflict are highlighted, emphasizing the limitations of traditional politics in addressing the situation in the Middle East. Emphasizes the impact of traditional politics and the role of fiat in financing the conflict.']}, {'end': 15271.413, 'start': 14734.633, 'title': 'Impact of monetary systems on global conflict', 'summary': "Addresses the impact of monetary systems on global conflicts, highlighting the role of governments and the monetary system in perpetuating wars, with specific focus on the aftermath of world war i and the emergence of fiat currency, leading to the rise of 'chicken hawks' in power centers, influencing war policies and decisions.", 'duration': 536.78, 'highlights': ["The emergence of fiat currency after World War I has led to a lack of restraint on war, allowing 'chicken hawks' in power centers to influence war policies and decisions, resulting in the perpetuation of global conflicts.", "The monetary system has enabled a class of individuals, termed 'chicken hawks', who sit in offices and make decisions about war without facing its consequences, leading to the devaluation of world's money and the involvement of other people's children in conflicts due to politics learned in universities.", "The speaker emphasizes the impact of the monetary system on the escalation of war, particularly post-World War I, attributing most of the world's conflicts today to the lack of restraint on war that came with the emergence of fiat currency.", "The settlements in Palestinian areas are growing in an astonishing way, suffocating Palestinian areas and forcing Palestinians to leave or live in horrific conditions, highlighting the ongoing impact of conflicts on people's lives.", 'The speaker draws attention to the emotional attachment of billions of Muslims and Jews around the world to conflicts, despite not being the ones directly involved in fighting or financing the wars, thus portraying war as a spectator sport for many, with governments sending money and weapons to take part.', 'The chapter sheds light on the historical context of wars under the gold standard, where there was a restraint on war due to the expense of building professional armies and the inability to print money, contrasting it with the consequences of the emergence of fiat currency that has led to an endless cycle of conflict.', 'The speaker discusses the impact of mortality on his perspective, emphasizing the value of time and the importance of not letting anyone waste it, showcasing a strong stance on the preciousness of time and its significance in making the most out of life.', "The conversation concludes with the appreciation of the guest for spending valuable time with the speaker, highlighting the guest's impact on the world and expressing gratitude for the insightful conversation."]}], 'duration': 876.503, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/gp4U5aH_T6A/pics/gp4U5aH_T6A14394910.jpg', 'highlights': ['The potential role of Bitcoin in bringing peace to the Middle East is explored, focusing on the idea that Bitcoin can provide a form of property that may help in resolving the conflict.', 'The impact of traditional politics and the role of fiat in financing the conflict are highlighted, emphasizing the limitations of traditional politics in addressing the situation in the Middle East.', "The emergence of fiat currency after World War I has led to a lack of restraint on war, allowing 'chicken hawks' in power centers to influence war policies and decisions, resulting in the perpetuation of global conflicts.", "The settlements in Palestinian areas are growing in an astonishing way, suffocating Palestinian areas and forcing Palestinians to leave or live in horrific conditions, highlighting the ongoing impact of conflicts on people's lives.", 'The speaker draws attention to the emotional attachment of billions of Muslims and Jews around the world to conflicts, despite not being the ones directly involved in fighting or financing the wars, thus portraying war as a spectator sport for many, with governments sending money and weapons to take part.']}], 'highlights': ["Bitcoin's resistance to inflation and fixed supply of 21 million Bitcoins make it the hardest money ever invented, with a qualitative leap forward in money technology.", 'The potential role of Bitcoin in bringing peace to the Middle East is explored, focusing on the idea that Bitcoin can provide a form of property that may help in resolving the conflict.', 'Money enables trade and division of labor in an economy of almost 8 billion people.', 'The responsibility and accountability lie with the individual when choosing to give money to a company, reinforcing the concept of personal agency and informed decision-making.', 'The rejection of Ethereum as a scam and the preference for proof of work over proof of stake.', 'The conversation explores the chaos of ideas to discover universal wisdom to live by, emphasizing individual responsibility in navigating this space.', 'The potential impact of Bitcoin on government policies and future political platforms is mentioned, with a focus on addressing the concerns of the people regarding the debt and fiat system.', 'The ability to manipulate money during war is emphasized, highlighting the unique power of war in influencing currency.', 'The chapter emphasizes the importance of expressing opinions authentically and the influence of cultural characteristics on communities.', 'The rejection of Ethereum as a scam and the preference for proof of work over proof of stake.']}