title
Lex Fridman on Bitcoin vs Gold: Argument with Michael Malice and Yaron Brook

description
Lex Fridman Podcast full episode: https://www.youtube.com/watch?v=Pl3x4GINtBQ Please support this podcast by checking out our sponsors: - Ground News: https://ground.news/lex - Public Goods: https://publicgoods.com/lex and use code LEX to get $15 off - Athletic Greens: https://athleticgreens.com/lex and use code LEX to get 1 month of fish oil - Brave: https://brave.com/lex - Four Sigmatic: https://foursigmatic.com/lex and use code LexPod to get up to 60% off GUEST BIO: Michael Malice is an anarchist. Yaron Brook is an objectivist. Both are podcasters and authors. 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 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

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{'title': 'Lex Fridman on Bitcoin vs Gold: Argument with Michael Malice and Yaron Brook', 'heatmap': [{'end': 430.457, 'start': 398.9, 'weight': 1}, {'end': 881.942, 'start': 860.489, 'weight': 0.701}, {'end': 1275.364, 'start': 1257.566, 'weight': 0.815}], 'summary': "The discussion covers bitcoin's potential to decentralize power and impact on individual holdings, adverse effects of money printing and inflation on purchasing power, the contrasting approaches towards bailouts, bitcoin's future value compared to gold, and potential government interventions hindering its function as money.", 'chapters': [{'end': 156.726, 'segs': [{'end': 43.202, 'src': 'embed', 'start': 18.292, 'weight': 2, 'content': [{'end': 29.241, 'text': 'that uh setting ideas aside when you look at practical tools that governments use to manipulate its people is inflation of the monetary within the monetary system?', 'start': 18.292, 'duration': 10.949}, {'end': 35.841, 'text': 'yes, and so they see bitcoin as a way for individuals to fight that,', 'start': 29.241, 'duration': 6.6}, {'end': 43.202, 'text': 'to go outside those specific government control systems and thereby sort of decentralizing power.', 'start': 35.841, 'duration': 7.361}], 'summary': 'Bitcoin enables individuals to counter government control of monetary system, thereby decentralizing power.', 'duration': 24.91, 'max_score': 18.292, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg18292.jpg'}, {'end': 137.69, 'src': 'embed', 'start': 96.064, 'weight': 0, 'content': [{'end': 103.548, 'text': 'One of the first things was take over the gold and take the United States, the Federal Reserve, off the gold standard so that they can, in a sense,', 'start': 96.064, 'duration': 7.484}, {'end': 105.489, 'text': 'print money and that he could start spending.', 'start': 103.548, 'duration': 1.941}, {'end': 109.814, 'text': "Yeah, what people don't realize, just to clarify what Jeroen said, is FDR.", 'start': 106.49, 'duration': 3.324}, {'end': 112.859, 'text': "this is something that's so crazy to us that we think, okay, I'm misunderstanding it.", 'start': 109.814, 'duration': 3.045}, {'end': 123.434, 'text': "FDR made it illegal for people to own gold, unless it's like a wedding ring, and before that, contracts because inflation was a concern.", 'start': 113.4, 'duration': 10.034}, {'end': 125.476, 'text': 'I make a contract with your road right?', 'start': 123.834, 'duration': 1.642}, {'end': 134.686, 'text': "I said OK, you're either going to pay me in $1,500 for my work or the gold equivalent, because if that $1,500, you know, you know Weimar, Germany,", 'start': 125.516, 'duration': 9.17}, {'end': 137.69, 'text': "and you have hyperinflation I don't want that $1,500..", 'start': 134.686, 'duration': 3.004}], 'summary': 'Fdr took the us off the gold standard, made owning gold illegal, due to inflation concerns.', 'duration': 41.626, 'max_score': 96.064, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg96064.jpg'}], 'start': 3.061, 'title': "Bitcoin's potential", 'summary': "Discusses bitcoin's potential to decentralize power and circumvent government control of monetary systems with historical examples and impact on individual holdings.", 'chapters': [{'end': 156.726, 'start': 3.061, 'title': 'Bitcoin vs government control', 'summary': 'Discusses the potential of bitcoin as a tool to decentralize power and circumvent government control of monetary systems, citing historical examples and impact on individual holdings.', 'duration': 153.665, 'highlights': ["FDR's actions to confiscate gold and take the US off the gold standard to print money had a significant impact on the monetary system and individual holdings.", 'The discussion on how FDR made it illegal for people to own gold, breaking every related contract, illustrates the drastic measures taken to control inflation and monetary systems.', 'The chapter presents the argument that Bitcoin serves as a means for individuals to combat government manipulation and decentralize power, emphasizing its potential impact on monetary control.']}], 'duration': 153.665, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg3061.jpg', 'highlights': ['The discussion on how FDR made it illegal for people to own gold, breaking every related contract, illustrates the drastic measures taken to control inflation and monetary systems.', "FDR's actions to confiscate gold and take the US off the gold standard to print money had a significant impact on the monetary system and individual holdings.", 'The chapter presents the argument that Bitcoin serves as a means for individuals to combat government manipulation and decentralize power, emphasizing its potential impact on monetary control.']}, {'end': 434.518, 'segs': [{'end': 186.223, 'src': 'embed', 'start': 156.746, 'weight': 0, 'content': [{'end': 164.068, 'text': "It's like, what am I supposed to do? And because you have, when you print more money, the value of every individual dollar matters less.", 'start': 156.746, 'duration': 7.322}, {'end': 173.494, 'text': "it becomes that much harder to plan anything, either the government level or on the private level, because if i'm managing outlays,", 'start': 164.588, 'duration': 8.906}, {'end': 180.239, 'text': "if i'm trying to pay my workers, i'm trying to build factories, i'm thinking long term and i don't know what this dollar is going to buy in 10 years.", 'start': 173.494, 'duration': 6.745}, {'end': 186.223, 'text': "that puts an enormous incentive for me to spend it now and not save it, because if i save it, it's going to be worth a lot less.", 'start': 180.239, 'duration': 5.984}], 'summary': 'Printing more money devalues the dollar, impacting long-term planning and savings.', 'duration': 29.477, 'max_score': 156.746, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg156746.jpg'}, {'end': 265.863, 'src': 'embed', 'start': 225.459, 'weight': 1, 'content': [{'end': 229.604, 'text': "but if i'm destitute, hand to mouth and i've got five percent less.", 'start': 225.459, 'duration': 4.145}, {'end': 233.227, 'text': 'that is really a material consequence of my life.', 'start': 229.604, 'duration': 3.623}, {'end': 238.673, 'text': 'so inflation really is evil because it hurts the people for who those pennies matter.', 'start': 233.227, 'duration': 5.446}, {'end': 245.207, 'text': "Well, one of the ways the government gets around that and it's because they get smart to that right is they index everything right?", 'start': 239.141, 'duration': 6.066}, {'end': 246.788, 'text': 'So they index your social security.', 'start': 245.267, 'duration': 1.521}, {'end': 247.809, 'text': 'They index welfare.', 'start': 246.828, 'duration': 0.981}, {'end': 251.473, 'text': 'They try to make sure, but that only makes you more dependent on them.', 'start': 248.31, 'duration': 3.163}, {'end': 258.579, 'text': 'And the people in the modern context that saving hurts the most, that inflation hurts the most, are savers, people trying to save money.', 'start': 252.374, 'duration': 6.205}, {'end': 261.721, 'text': 'And Fed policy right now is just horrific.', 'start': 258.66, 'duration': 3.061}, {'end': 265.863, 'text': "if you're a saver, right because the fed is at, the interest rates are zero,", 'start': 261.721, 'duration': 4.142}], 'summary': "Inflation hurts savers, with fed's zero interest rates causing material consequences.", 'duration': 40.404, 'max_score': 225.459, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg225459.jpg'}, {'end': 430.457, 'src': 'heatmap', 'start': 398.9, 'weight': 1, 'content': [{'end': 400.601, 'text': "So I don't like it that they're in bed together.", 'start': 398.9, 'duration': 1.701}, {'end': 405.803, 'text': 'One is dominating over the other and the other is participating, because what choice do they have?', 'start': 401.541, 'duration': 4.262}, {'end': 409.685, 'text': "I should explain to you how things work when you get in bed, and it's not always equal.", 'start': 405.843, 'duration': 3.842}, {'end': 411.341, 'text': 'Well, okay.', 'start': 410.72, 'duration': 0.621}, {'end': 415.304, 'text': "Let's talk about Safe Words, which is a very Randian topic.", 'start': 411.541, 'duration': 3.763}, {'end': 416.865, 'text': "She doesn't like those.", 'start': 415.324, 'duration': 1.541}, {'end': 419.387, 'text': 'I had to read that scene three times in the Fountainhead.', 'start': 416.905, 'duration': 2.482}, {'end': 420.669, 'text': "I'm sure you did.", 'start': 419.768, 'duration': 0.901}, {'end': 422.25, 'text': "I'm sure you did.", 'start': 421.409, 'duration': 0.841}, {'end': 424.512, 'text': 'No, because I looked at the back cover.', 'start': 422.99, 'duration': 1.522}, {'end': 426.353, 'text': "I'm like, a woman wrote this book in 1943.", 'start': 424.532, 'duration': 1.821}, {'end': 428.956, 'text': 'I must be misunderstanding the scene.', 'start': 426.353, 'duration': 2.603}, {'end': 430.457, 'text': 'She sure had a lot of shades of gray.', 'start': 429.016, 'duration': 1.441}], 'summary': "Discussion about unequal power dynamics in relationships and the use of safe words, referencing ayn rand's book 'the fountainhead' and its shades of gray.", 'duration': 31.557, 'max_score': 398.9, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg398900.jpg'}], 'start': 156.746, 'title': 'The impact of monetary policies', 'summary': 'Discusses the adverse effects of increased money printing on individual dollar value, financial planning, and investment decisions, and the impact of inflation on the poor, including purchasing power and savings, exacerbated by government actions.', 'chapters': [{'end': 186.223, 'start': 156.746, 'title': 'Impact of increased money printing', 'summary': 'Discusses the impact of printing more money, highlighting how it devalues the individual dollar and creates uncertainty for financial planning and investment decisions, ultimately incentivizing immediate spending over saving.', 'duration': 29.477, 'highlights': ['Printing more money devalues the individual dollar, making it harder to plan at government and private levels.', "The uncertainty of the dollar's value in the long term creates an incentive to spend immediately rather than save."]}, {'end': 434.518, 'start': 187.143, 'title': 'Impact of inflation on the poor', 'summary': "Discusses the detrimental effects of inflation on the poor, particularly the impact on purchasing power and savings, and the government's role in exacerbating these issues.", 'duration': 247.375, 'highlights': ['Inflation disproportionately affects the poor, as even small changes in prices significantly impact their purchasing power, highlighting the need for policies that address this disparity.', "The government's indexing of social security and welfare creates dependency but fails to adequately mitigate the adverse effects of inflation on the most vulnerable populations.", 'The current low interest rates set by the Fed negatively impact savers, leading to a decline in the value of savings and hindering the ability to keep up with the rising cost of living.', 'Inflation not only distorts prices but also leads to misallocation of resources and investments, ultimately contributing to economic distortions and potential financial crises.', "The discussion explores the government's historical role in regulating banks, shedding light on the unequal power dynamics between the government and financial institutions."]}], 'duration': 277.772, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg156746.jpg', 'highlights': ['Printing more money devalues the individual dollar, making it harder to plan at government and private levels.', 'Inflation disproportionately affects the poor, as even small changes in prices significantly impact their purchasing power, highlighting the need for policies that address this disparity.', 'The current low interest rates set by the Fed negatively impact savers, leading to a decline in the value of savings and hindering the ability to keep up with the rising cost of living.', "The uncertainty of the dollar's value in the long term creates an incentive to spend immediately rather than save.", "The government's indexing of social security and welfare creates dependency but fails to adequately mitigate the adverse effects of inflation on the most vulnerable populations."]}, {'end': 1061.915, 'segs': [{'end': 468.713, 'src': 'embed', 'start': 434.518, 'weight': 0, 'content': [{'end': 437.679, 'text': 'no, but um, what i meant is 2008.', 'start': 434.518, 'duration': 3.161}, {'end': 444.422, 'text': 'right, you have the the bailout of wall street, whereas in 2020 we saw every medium and small business under the sun go under.', 'start': 437.679, 'duration': 6.743}, {'end': 447.703, 'text': "there's not even a pretense that these are going to be, uh, bailed out.", 'start': 444.422, 'duration': 3.281}, {'end': 453.305, 'text': 'so the priorities of the politicians, in my view, are always going to be towards powerful entities, powerful corporations,', 'start': 447.703, 'duration': 5.602}, {'end': 456.186, 'text': "and they're not going to be about the medium guy, the middle guy.", 'start': 453.305, 'duration': 2.881}, {'end': 458.226, 'text': 'let me just finish my point because i see you champing at the bit.', 'start': 456.186, 'duration': 2.04}, {'end': 468.713, 'text': 'at the very least, if you have regulation, people influencing each other with bitcoin and with crypto, that is not a possibility.', 'start': 459.987, 'duration': 8.726}], 'summary': 'In 2020, small and medium businesses went under, without a bailout, showing politicians prioritize powerful entities over the middle guy.', 'duration': 34.195, 'max_score': 434.518, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg434518.jpg'}, {'end': 549.774, 'src': 'embed', 'start': 522.482, 'weight': 2, 'content': [{'end': 526.425, 'text': "What I got out of financial crisis more than anything, and by the way, there wasn't a bailout.", 'start': 522.482, 'duration': 3.943}, {'end': 533.127, 'text': "So it wasn't even a bailout because they gave money to every bank, whether they had problems or not.", 'start': 526.445, 'duration': 6.682}, {'end': 540.79, 'text': 'And indeed I know several bankers, including big banks like JP Morgan and Wells Fargo, and a friend of mine, John Allison of BB&T,', 'start': 533.748, 'duration': 7.042}, {'end': 543.812, 'text': "who told them explicitly we don't want your money.", 'start': 540.79, 'duration': 3.022}, {'end': 544.792, 'text': "We don't need your money.", 'start': 543.932, 'duration': 0.86}, {'end': 545.712, 'text': 'And they were.', 'start': 545.232, 'duration': 0.48}, {'end': 549.774, 'text': "basically a gun was put to their head and they said you don't take the money, we'll shut you down.", 'start': 545.712, 'duration': 4.062}], 'summary': 'During the financial crisis, banks were forced to accept money, despite not needing it, with big banks like jp morgan and wells fargo explicitly refusing the bailout.', 'duration': 27.292, 'max_score': 522.482, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg522482.jpg'}, {'end': 587.153, 'src': 'embed', 'start': 560.776, 'weight': 3, 'content': [{'end': 564.959, 'text': "We've got everything under control, even though they were completely panicking and they had no clue what they were doing.", 'start': 560.776, 'duration': 4.183}, {'end': 570.424, 'text': 'One of the things that the financial crisis really illustrated was how..', 'start': 566, 'duration': 4.424}, {'end': 576.528, 'text': 'pathetic, ignorant, and incompetent, the people at the top are.', 'start': 571.926, 'duration': 4.602}, {'end': 578.189, 'text': 'And they knew it.', 'start': 576.628, 'duration': 1.561}, {'end': 581.01, 'text': 'So Paulson goes to Congress and says, give me $700 billion.', 'start': 578.649, 'duration': 2.361}, {'end': 583.752, 'text': "Don't tell me how to use it because I have no clue.", 'start': 581.03, 'duration': 2.722}, {'end': 587.153, 'text': 'Just give it to me and give me authoritarian power to do it any way I want.', 'start': 584.152, 'duration': 3.001}], 'summary': "Financial crisis revealed top leadership's incompetence, sought $700b with no plan.", 'duration': 26.377, 'max_score': 560.776, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg560776.jpg'}, {'end': 638.279, 'src': 'embed', 'start': 605.625, 'weight': 4, 'content': [{'end': 607.706, 'text': 'It was complete arbitrary use of power.', 'start': 605.625, 'duration': 2.081}, {'end': 610.767, 'text': "The bankers didn't benefit from this.", 'start': 608.286, 'duration': 2.481}, {'end': 613.328, 'text': 'Indeed, many bankers that took their money lost from it.', 'start': 610.807, 'duration': 2.521}, {'end': 615.089, 'text': 'Bank stocks got crushed.', 'start': 613.728, 'duration': 1.361}, {'end': 616.529, 'text': 'after the bailout.', 'start': 615.769, 'duration': 0.76}, {'end': 618.95, 'text': 'Before the bailout, bank stocks were doing okay.', 'start': 616.79, 'duration': 2.16}, {'end': 624.073, 'text': 'And right after top was announced, bank stocks crushed because this was bad for banks.', 'start': 619.371, 'duration': 4.702}, {'end': 625.033, 'text': "It wasn't good for banks.", 'start': 624.113, 'duration': 0.92}, {'end': 628.235, 'text': 'This is just central planning gone amok.', 'start': 625.833, 'duration': 2.402}, {'end': 631.376, 'text': "It's not them bailing out elites.", 'start': 628.475, 'duration': 2.901}, {'end': 638.279, 'text': "It's them throwing money at a problem without knowing what they would actually do and what the consequences would be.", 'start': 631.616, 'duration': 6.663}], 'summary': 'Bailout led to bank stocks crashing, causing losses for many bankers.', 'duration': 32.654, 'max_score': 605.625, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg605625.jpg'}, {'end': 764.774, 'src': 'embed', 'start': 736.772, 'weight': 1, 'content': [{'end': 747.76, 'text': "There's a lot of excitement about the technology of Bitcoin for the resistance against this kind of central state pursuit of power.", 'start': 736.772, 'duration': 10.988}, {'end': 750.021, 'text': "So that's part of my criticism because I don't think it works.", 'start': 747.78, 'duration': 2.241}, {'end': 753.444, 'text': 'So yeah, I can imagine a world.', 'start': 750.261, 'duration': 3.183}, {'end': 754.865, 'text': 'I can imagine.', 'start': 753.444, 'duration': 1.421}, {'end': 764.774, 'text': "I'd love to see a technology evolve, that where Money is competitive and it's a financial instrument that the government cannot touch.", 'start': 754.865, 'duration': 9.909}], 'summary': 'Bitcoin technology offers resistance to central state power, but may not be effective. it aims for a competitive financial instrument beyond government control.', 'duration': 28.002, 'max_score': 736.772, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg736772.jpg'}, {'end': 890.927, 'src': 'heatmap', 'start': 860.489, 'weight': 0.701, 'content': [{'end': 861.209, 'text': "That's not in dispute.", 'start': 860.489, 'duration': 0.72}, {'end': 861.87, 'text': 'I agree with that completely.', 'start': 861.229, 'duration': 0.641}, {'end': 863.071, 'text': "So I don't think it's money.", 'start': 861.89, 'duration': 1.181}, {'end': 869.836, 'text': 'So I think it can compete as a money with something tangible.', 'start': 864.492, 'duration': 5.344}, {'end': 875.399, 'text': 'So I think in a free market, some kind of crypto backed by gold would be more successful.', 'start': 870.456, 'duration': 4.943}, {'end': 881.942, 'text': 'So Bitcoin folks argue that Bitcoin has all the same fundamental properties that does gold.', 'start': 875.739, 'duration': 6.203}, {'end': 887.685, 'text': "So it's backed by, there's a scarcity to it and it's backed by proof of work.", 'start': 882.683, 'duration': 5.002}, {'end': 890.927, 'text': "So it's backed by, you know, physical resources.", 'start': 887.705, 'duration': 3.222}], 'summary': 'In a free market, a crypto backed by gold could compete successfully against bitcoin due to its tangible value and scarcity.', 'duration': 30.438, 'max_score': 860.489, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg860489.jpg'}, {'end': 915.581, 'src': 'embed', 'start': 887.705, 'weight': 6, 'content': [{'end': 890.927, 'text': "So it's backed by, you know, physical resources.", 'start': 887.705, 'duration': 3.222}, {'end': 894.369, 'text': "And so they say that's a very natural replacement of gold.", 'start': 891.807, 'duration': 2.562}, {'end': 895.909, 'text': "So it doesn't need to be connected to gold.", 'start': 894.429, 'duration': 1.48}, {'end': 898.711, 'text': "So the two things that gold has that it doesn't have.", 'start': 896.23, 'duration': 2.481}, {'end': 901.695, 'text': 'One is gold is not finite.', 'start': 900.594, 'duration': 1.101}, {'end': 904.519, 'text': 'Gold supply actually grows over time.', 'start': 902.537, 'duration': 1.982}, {'end': 906.642, 'text': 'Bitcoin at some point is truly finite.', 'start': 904.819, 'duration': 1.823}, {'end': 913.571, 'text': "Yes At least unless you count the fact that you can split Bitcoins and create coins, but that's a whole other question, right? Yeah.", 'start': 906.822, 'duration': 6.749}, {'end': 915.581, 'text': "So that's one.", 'start': 915.001, 'duration': 0.58}], 'summary': 'Bitcoin is a natural replacement for gold, with finite supply unlike gold.', 'duration': 27.876, 'max_score': 887.705, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg887705.jpg'}], 'start': 434.518, 'title': 'Financial crisis and bailouts', 'summary': 'Discusses the contrasting approaches towards the bailouts of wall street in 2008 and medium and small businesses in 2020, along with the controversial bailouts during the financial crisis, highlighting the priorities of politicians and the decentralized nature of bitcoin.', 'chapters': [{'end': 560.716, 'start': 434.518, 'title': 'Financial crisis: 2008 vs 2020', 'summary': 'Discusses the contrasting approaches towards the bailouts of wall street in 2008 and medium and small businesses in 2020, highlighting the priorities of politicians and the decentralized nature of bitcoin, along with the controversial bailouts during the financial crisis.', 'duration': 126.198, 'highlights': ['The priorities of the politicians are always towards powerful entities and corporations, rather than medium and small businesses, as seen in the contrasting approaches towards the bailouts of Wall Street in 2008 and medium and small businesses in 2020.', "Bitcoin's decentralized nature ensures that there is no organizing organization or management team, which distinguishes it from traditional money systems, like the Federal Reserve System.", "Controversial bailouts during the financial crisis, where money was given to every bank, whether they had problems or not, and some banks, including big banks like JP Morgan and Wells Fargo, explicitly expressed that they didn't want or need the money, but were forced to accept it.", 'The chapter also highlights the vindictive nature in the financial crisis, where Lehman Brothers was allowed to go under, and AIG was bailed out, illustrating the influence and conflicts among financial institutions and politicians.']}, {'end': 1061.915, 'start': 560.776, 'title': 'Financial crisis and bailouts', 'summary': 'Discusses the financial crisis, the arbitrary use of power in the $700 billion bailout, the impact on bank stocks, and the arbitrary use of power in bailing out businesses, showing the incompetence of those at the top.', 'duration': 501.139, 'highlights': ["The $700 billion bailout was an arbitrary use of power as there was no clarity on how to use it, leading to a negative impact on bank stocks. Paulson's request to Congress for $700 billion without a clear plan and the subsequent negative impact on bank stocks.", 'The arbitrary use of power in bailing out businesses and the incompetence of those at the top are evident from the bailouts and the lack of understanding of the consequences. The arbitrary nature of bailing out businesses without understanding the consequences, showcasing incompetence at the top.', "The discussion on Bitcoin's potential as a replacement for money and the comparison with gold, highlighting the scarcity and value beyond currency that gold possesses. Comparison of Bitcoin's scarcity and functionality as money with the characteristics and value of gold beyond being a currency."]}], 'duration': 627.397, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg434518.jpg', 'highlights': ['The priorities of the politicians favor powerful entities over small businesses in bailouts.', "Bitcoin's decentralized nature distinguishes it from traditional money systems.", "Controversial bailouts during the financial crisis were given to banks, including those that didn't need it.", 'The financial crisis illustrated conflicts among financial institutions and politicians.', 'The $700 billion bailout request without a clear plan had a negative impact on bank stocks.', 'Arbitrary nature of bailing out businesses showcased incompetence at the top.', "Bitcoin's potential as a replacement for money and its comparison with gold were discussed."]}, {'end': 1284.449, 'segs': [{'end': 1116.88, 'src': 'embed', 'start': 1094.78, 'weight': 0, 'content': [{'end': 1102.766, 'text': 'If gold is the standard, a lot of resources are going to be going toward turning other things into gold, making the production of gold cheaper,', 'start': 1094.78, 'duration': 7.986}, {'end': 1106.39, 'text': "and that's going to have a similar consequence that Lauren's talking about.", 'start': 1102.766, 'duration': 3.624}, {'end': 1111.294, 'text': "That's kind of the category of security that Bitcoin has talked about, that it's very difficult to do that with Bitcoin.", 'start': 1106.61, 'duration': 4.684}, {'end': 1114.738, 'text': "But I would argue that it's exceptionally difficult to do that with gold.", 'start': 1112.115, 'duration': 2.623}, {'end': 1116.88, 'text': "It is now, but the thing is, there's not a huge incentive.", 'start': 1114.798, 'duration': 2.082}], 'summary': 'Gold standard drives resource allocation, but bitcoin offers greater security.', 'duration': 22.1, 'max_score': 1094.78, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg1094780.jpg'}, {'end': 1215.68, 'src': 'embed', 'start': 1168.2, 'weight': 2, 'content': [{'end': 1177.67, 'text': 'At a lot of the technologists who view Bitcoin as the end game, where it strikes me as it represents the birth of a new technology.', 'start': 1168.2, 'duration': 9.47}, {'end': 1181.154, 'text': 'And who the winner in that technology is going to be, we have no clue.', 'start': 1178.171, 'duration': 2.983}, {'end': 1182.755, 'text': 'Bitcoin is one of the players.', 'start': 1181.534, 'duration': 1.221}, {'end': 1184.057, 'text': 'There are other players.', 'start': 1183.176, 'duration': 0.881}, {'end': 1189.302, 'text': 'There might be a new technology that is even better than anything we can imagine right now that..', 'start': 1184.557, 'duration': 4.745}, {'end': 1194.825, 'text': "So Bitcoin doesn't strike me as optimal and that we should be moving towards something better.", 'start': 1190.283, 'duration': 4.542}, {'end': 1203.928, 'text': 'Can you please stop shilling Rand coin for five minutes? You know where there was Rand coin? South Africa.', 'start': 1194.845, 'duration': 9.083}, {'end': 1205.969, 'text': 'No, I was- Their currency is the Rand.', 'start': 1204.509, 'duration': 1.46}, {'end': 1206.409, 'text': "No, that's true.", 'start': 1205.989, 'duration': 0.42}, {'end': 1209.531, 'text': 'No, I mean- Ayn Rand is the South African $1, yeah.', 'start': 1206.77, 'duration': 2.761}, {'end': 1215.68, 'text': 'The Ayn Rand coin was, I was in China in 20, I think it was 2015 or 14.', 'start': 1209.571, 'duration': 6.109}], 'summary': 'Bitcoin seen as birth of new technology; uncertain winner; potential for better technology.', 'duration': 47.48, 'max_score': 1168.2, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg1168200.jpg'}, {'end': 1284.449, 'src': 'heatmap', 'start': 1257.566, 'weight': 0.815, 'content': [{'end': 1260.809, 'text': 'I constantly talk about Ayn Rand and her vampire novels.', 'start': 1257.566, 'duration': 3.243}, {'end': 1263.112, 'text': "That's the joke you're on.", 'start': 1262.231, 'duration': 0.881}, {'end': 1263.432, 'text': 'Thank you.', 'start': 1263.152, 'duration': 0.28}, {'end': 1270.882, 'text': 'And inevitably, someone feels the need to point out that she did not write vampire novels and her name is actually Ayn.', 'start': 1264.559, 'duration': 6.323}, {'end': 1271.403, 'text': 'So thank you.', 'start': 1270.922, 'duration': 0.481}, {'end': 1272.003, 'text': 'Thank you.', 'start': 1271.583, 'duration': 0.42}, {'end': 1274.124, 'text': "We've been talking for two hours.", 'start': 1272.083, 'duration': 2.041}, {'end': 1275.364, 'text': 'I own her copy of The Fountainhead.', 'start': 1274.244, 'duration': 1.12}, {'end': 1276.765, 'text': 'Somehow I thought her name was Anne.', 'start': 1275.605, 'duration': 1.16}, {'end': 1277.145, 'text': 'Thank you.', 'start': 1276.805, 'duration': 0.34}, {'end': 1277.626, 'text': 'Thank you.', 'start': 1277.245, 'duration': 0.381}, {'end': 1279.066, 'text': 'Anne is an anthem.', 'start': 1278.386, 'duration': 0.68}, {'end': 1284.449, 'text': 'So this is really interesting way of phrasing it, which is..', 'start': 1280.647, 'duration': 3.802}], 'summary': "Discussion about ayn rand's novels, mistaken name, and humorous anecdotes.", 'duration': 26.883, 'max_score': 1257.566, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg1257566.jpg'}], 'start': 1061.975, 'title': "Bitcoin's future and ayn rand coin", 'summary': 'Discusses the potential future value of bitcoin compared to gold, the limitations of bitcoin as a solution, and the concept of ayn rand coin in china, highlighting the unpredictability of the future winner in the technology race and the entrepreneurial venture of a cryptocurrency based on land with a little portrait of ayn rand in 2014 or 2015.', 'chapters': [{'end': 1145.058, 'start': 1061.975, 'title': 'Bitcoin vs gold: future value', 'summary': "Discusses the potential evolution of bitcoin and the impact of technological advancements on the production and value of gold, highlighting the difficulty in replicating bitcoin's security features compared to the challenges in maintaining gold's value as a standard due to resource allocation and potential decrease in worth.", 'duration': 83.083, 'highlights': ["Bitcoin's security features pose a significant challenge for replication compared to gold, ensuring its continued value and relevance in the future.", 'The technological advancements in turning elements into gold may lead to increased resource allocation and cheaper production, impacting the worth and role of gold as a standard.', 'The current value of gold, priced at around $2,000, may face challenges in maintaining its worth as the cost of production and its usefulness come into question.']}, {'end': 1189.302, 'start': 1145.438, 'title': 'Bitcoin and the future', 'summary': 'Discusses the limitations of bitcoin as a solution, advocating for a new technology with characteristics more akin to gold, highlighting the unpredictability of the future winner in the technology race.', 'duration': 43.864, 'highlights': ['Bitcoin is viewed as the end game by some technologists, but it represents the birth of a new technology with uncertain winners.', 'The need for a solution with characteristics more akin to gold than Bitcoin currently possesses.', 'The unpredictability of the future winner in the technology race.']}, {'end': 1284.449, 'start': 1190.283, 'title': 'Ayn rand coin and cryptocurrency in china', 'summary': 'Discusses the concept of ayn rand coin in china and an entrepreneur starting a cryptocurrency based on land, with a little portrait of ayn rand, in 2014 or 2015.', 'duration': 94.166, 'highlights': ['An entrepreneur in China started a cryptocurrency named Rand, backed by land, with a little portrait of Ayn Rand, in 2014 or 2015.', "The entrepreneur had bought a massive quantity of land in a secluded area in China and started what she called Gold's Gulch.", "The chapter includes a humorous discussion about Ayn Rand's name and her novels, including a mix-up with the title of 'Anthem'.", "The discussion involves a joke about Ayn Rand's vampire novels and the correction of her name to 'Ayn'."]}], 'duration': 222.474, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg1061975.jpg', 'highlights': ["Bitcoin's security features pose a significant challenge for replication compared to gold, ensuring its continued value and relevance in the future.", 'The technological advancements in turning elements into gold may lead to increased resource allocation and cheaper production, impacting the worth and role of gold as a standard.', 'The unpredictability of the future winner in the technology race.', 'An entrepreneur in China started a cryptocurrency named Rand, backed by land, with a little portrait of Ayn Rand, in 2014 or 2015.']}, {'end': 1572.758, 'segs': [{'end': 1326.973, 'src': 'embed', 'start': 1302.617, 'weight': 0, 'content': [{'end': 1308.942, 'text': "And I've, as sort of with an open mind and seeing kind of all the possibilities of technologies out there,", 'start': 1302.617, 'duration': 6.325}, {'end': 1312.024, 'text': 'I also kind of thought that Bitcoin is the beginning of something.', 'start': 1308.942, 'duration': 3.082}, {'end': 1323.911, 'text': 'But what the Bitcoin community argues is that Bitcoin is the end of the base layer, meaning all the different innovations will come on top of it.', 'start': 1312.544, 'duration': 11.367}, {'end': 1326.973, 'text': "Like. for example, there's something called Lightning Network,", 'start': 1323.971, 'duration': 3.002}], 'summary': 'Bitcoin seen as the beginning of new technologies; lightning network mentioned as an example of innovation.', 'duration': 24.356, 'max_score': 1302.617, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg1302617.jpg'}, {'end': 1373.348, 'src': 'embed', 'start': 1347.368, 'weight': 1, 'content': [{'end': 1352.312, 'text': 'And I and I think Bitcoin has limitations that potentially other cryptocurrencies might not have.', 'start': 1347.368, 'duration': 4.944}, {'end': 1357.616, 'text': "I you know, my attitude towards something like this is the large extent I don't understand technology.", 'start': 1353.133, 'duration': 4.483}, {'end': 1361.419, 'text': 'My view is let it play out.', 'start': 1358.657, 'duration': 2.762}, {'end': 1373.348, 'text': 'I, I think I have more fear of physical, the ability of the government to crush these things than I think many in the community.', 'start': 1361.439, 'duration': 11.909}], 'summary': 'Bitcoin has limitations, and the speaker has more fear of government intervention in cryptocurrencies.', 'duration': 25.98, 'max_score': 1347.368, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg1347368.jpg'}, {'end': 1473.733, 'src': 'embed', 'start': 1426.77, 'weight': 2, 'content': [{'end': 1430.092, 'text': "So if I'm buying a sweatshirt from the government sorry.", 'start': 1426.77, 'duration': 3.322}, {'end': 1435.955, 'text': "if I'm buying a sweatshirt from somebody using Bitcoin, the government can't monitor my exchange of Bitcoin to him,", 'start': 1430.092, 'duration': 5.863}, {'end': 1438.817, 'text': 'but they can monitor the sweatshirt being sent to me.', 'start': 1435.955, 'duration': 2.862}, {'end': 1440.863, 'text': "That's where they can interfere.", 'start': 1439.822, 'duration': 1.041}, {'end': 1448.049, 'text': 'And I think that at some point, to the extent Bitcoin is successful, it will be stopped.', 'start': 1441.464, 'duration': 6.585}, {'end': 1450.551, 'text': "And that's what will stop it from becoming money.", 'start': 1448.669, 'duration': 1.882}, {'end': 1455.815, 'text': 'See, money can only become money if people are using it as money.', 'start': 1450.891, 'duration': 4.924}, {'end': 1463.562, 'text': "And if the government can stop it being used, if I can't go to the grocery store and use my ATM that charges on Bitcoin or whatever..", 'start': 1456.876, 'duration': 6.686}, {'end': 1465.455, 'text': "then it's not money.", 'start': 1464.673, 'duration': 0.782}, {'end': 1471.608, 'text': 'And I think that the government is going to step in and stop people from doing that.', 'start': 1466.036, 'duration': 5.572}, {'end': 1473.733, 'text': "And that's what I.", 'start': 1472.149, 'duration': 1.584}], 'summary': "Bitcoin's success may be hindered by government interference, potentially preventing it from becoming widely accepted as money.", 'duration': 46.963, 'max_score': 1426.77, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg1426770.jpg'}, {'end': 1523.269, 'src': 'embed', 'start': 1494.343, 'weight': 4, 'content': [{'end': 1497.705, 'text': 'and the only way to regulate and control it is to is to stop it.', 'start': 1494.343, 'duration': 3.362}, {'end': 1504.526, 'text': "Yeah, there's a bunch of people who argue that Bitcoin is too compelling to government that they'll actually embrace it.", 'start': 1497.881, 'duration': 6.645}, {'end': 1508.729, 'text': 'But that assumes government has positive goals and wants to do good things.', 'start': 1504.586, 'duration': 4.143}, {'end': 1510.611, 'text': 'You can ask..', 'start': 1508.749, 'duration': 1.862}, {'end': 1511.532, 'text': "No, no, it's greedy.", 'start': 1510.611, 'duration': 0.921}, {'end': 1514.114, 'text': 'They say government is greedy because they..', 'start': 1511.592, 'duration': 2.522}, {'end': 1515.655, 'text': 'Well, Bitcoiners have this whole lingo.', 'start': 1514.114, 'duration': 1.541}, {'end': 1516.756, 'text': 'They say number go up.', 'start': 1515.675, 'duration': 1.081}, {'end': 1518.848, 'text': 'Government is not greedy.', 'start': 1517.948, 'duration': 0.9}, {'end': 1520.929, 'text': 'Government is not greedy for money.', 'start': 1518.928, 'duration': 2.001}, {'end': 1523.269, 'text': 'Government is greedy for power.', 'start': 1521.789, 'duration': 1.48}], 'summary': 'Bitcoin advocates argue that government is greedy for power, not money.', 'duration': 28.926, 'max_score': 1494.343, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg1494343.jpg'}], 'start': 1284.449, 'title': "Bitcoin's future and government control", 'summary': "Explores the potential limitations and government interventions in the cryptocurrency space, and discusses the impact of government intervention on bitcoin's status as money, highlighting potential hindrances to its function as money.", 'chapters': [{'end': 1426.55, 'start': 1284.449, 'title': 'Bitcoin: end or beginning?', 'summary': 'Discusses the debate on whether bitcoin signifies the end or the beginning of a new era, and explores the potential limitations and government interventions in the cryptocurrency space.', 'duration': 142.101, 'highlights': ['The Bitcoin community argues that Bitcoin is the end of the base layer, with other technologies being built on top of it, akin to gold serving as the foundation for monetary systems.', "The speaker expresses skepticism regarding Bitcoin's status as the foundational layer for future technologies and highlights potential limitations and government intervention risks.", "The speaker emphasizes the uncertainty surrounding the government's ability to intervene in Bitcoin transactions and expresses concerns about potential restrictions and the emergence of a black market for Bitcoin transactions.", "The speaker acknowledges a lack of understanding of technology and adopts a cautious approach, expressing apprehension about the government's power to influence the cryptocurrency space."]}, {'end': 1572.758, 'start': 1426.77, 'title': "Bitcoin's future and government control", 'summary': "Discusses the potential impact of government intervention on bitcoin's status as money, highlighting the government's power and intentions to regulate and control bitcoin, potentially hindering its ability to function as money.", 'duration': 145.988, 'highlights': ["The government's ability to monitor physical exchanges despite limitations in monitoring Bitcoin transactions.", 'The potential for government intervention to hinder Bitcoin from being used as money.', "The government's inclination to regulate and control Bitcoin due to its desire for power and control rather than solely for monetary gains.", 'The naive perspective of some individuals regarding the intentions and actions of government in relation to Bitcoin.']}], 'duration': 288.309, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/kwz-BkELyRg/pics/kwz-BkELyRg1284449.jpg', 'highlights': ['The Bitcoin community sees Bitcoin as the foundational layer for future technologies, similar to gold for monetary systems.', "The speaker expresses skepticism about Bitcoin's status as the foundational layer and highlights potential limitations and government intervention risks.", "The government's ability to monitor physical exchanges contrasts with limitations in monitoring Bitcoin transactions.", "The potential for government intervention to hinder Bitcoin's use as money is highlighted.", "The government's inclination to regulate and control Bitcoin is driven by a desire for power and control rather than solely for monetary gains."]}], 'highlights': ['The discussion on how FDR made it illegal for people to own gold, breaking every related contract, illustrates the drastic measures taken to control inflation and monetary systems.', "FDR's actions to confiscate gold and take the US off the gold standard to print money had a significant impact on the monetary system and individual holdings.", 'The chapter presents the argument that Bitcoin serves as a means for individuals to combat government manipulation and decentralize power, emphasizing its potential impact on monetary control.', 'Printing more money devalues the individual dollar, making it harder to plan at government and private levels.', 'Inflation disproportionately affects the poor, as even small changes in prices significantly impact their purchasing power, highlighting the need for policies that address this disparity.', 'The current low interest rates set by the Fed negatively impact savers, leading to a decline in the value of savings and hindering the ability to keep up with the rising cost of living.', "The uncertainty of the dollar's value in the long term creates an incentive to spend immediately rather than save.", "The government's indexing of social security and welfare creates dependency but fails to adequately mitigate the adverse effects of inflation on the most vulnerable populations.", 'The priorities of the politicians favor powerful entities over small businesses in bailouts.', "Bitcoin's decentralized nature distinguishes it from traditional money systems.", "Controversial bailouts during the financial crisis were given to banks, including those that didn't need it.", 'The financial crisis illustrated conflicts among financial institutions and politicians.', 'The $700 billion bailout request without a clear plan had a negative impact on bank stocks.', 'Arbitrary nature of bailing out businesses showcased incompetence at the top.', "Bitcoin's potential as a replacement for money and its comparison with gold were discussed.", "Bitcoin's security features pose a significant challenge for replication compared to gold, ensuring its continued value and relevance in the future.", 'The technological advancements in turning elements into gold may lead to increased resource allocation and cheaper production, impacting the worth and role of gold as a standard.', 'The unpredictability of the future winner in the technology race.', 'An entrepreneur in China started a cryptocurrency named Rand, backed by land, with a little portrait of Ayn Rand, in 2014 or 2015.', 'The Bitcoin community sees Bitcoin as the foundational layer for future technologies, similar to gold for monetary systems.', "The speaker expresses skepticism about Bitcoin's status as the foundational layer and highlights potential limitations and government intervention risks.", "The government's ability to monitor physical exchanges contrasts with limitations in monitoring Bitcoin transactions.", "The potential for government intervention to hinder Bitcoin's use as money is highlighted.", "The government's inclination to regulate and control Bitcoin is driven by a desire for power and control rather than solely for monetary gains."]}