FIAT Money is the Problem with Jamie King

Podcast

Nov 23

Even before Bitcoin, the peer-to-peer movement had caught on, and Bitcoin's explosive success is a validation of its potential. Napster and BitTorrent were pioneers of peer-to-peer file sharing, and people like Jamie King were at the front with peer-to-peer distributed films such as Steal This Film.

We hear a lot of talk about intellectual property, but is it just one way for the mega-buck production companies to get richer? Also, are modern monetary theorists just trying to control the narrative to prevent a revolt against the finance system?

Looking at people like Elon Musk and Bill Gates, they seem to have a magic wand for making things happen. Have you ever thought why? Brad taps Jamie King to deconstruct all these and more in this episode. Jamie is a countercultural filmmaker and host of the YouTube show Schism.

Here are some of the convo's best highlights.

#1. Why Bitcoin is Like a Tesla Car

Brad and Jamie delve into the subject of Elon Musk's Tesla cars. Both Tesla cars and Bitcoin are innovations that go against the grain but provide extremely relevant solutions. Elon Musk has created an entire industry of vehicles that are "electric and awesome." Musk could've created cars that reduce emissions, but he threw away the rule book altogether and created something fresh and different. In the same way, Bitcoin is not just an electronic version of money and a way to eliminate middlemen. It fluctuates in price and makes people want a piece of the pie. And people are making a living out of it.

#2. Bitcoin is Like the Web

Jamie recounts his story of discovering Bitcoin and how it excited him, like his first visit to the Physics lab as a kid. It's the same enthusiasm with which he reacted to the web - the realization that "you don't have to ask anyone permission to put a webpage up." People would discover that the web was "disintermediated, permissionless and DIY." Jamie was over the moon to realize, "we can do the same thing with money." Bitcoin has made that possible. You don't need anyone's permission to start reaping the benefits of the world's first disintermediated, permissionless, and do-it-yourself money system. In the same way that the web turned information sharing on its head, Bitcoin flipped the script for money.

#3. Why You Should Care about Privacy and Encryption

Brad and Jamie ponder over this question: Why should you care about privacy and encryption? It's a question that's become increasingly relevant - what's with mass surveillance, Uncle Sam and all. Jamie observes that "your data trail will always make you culpable of something." If you do something that the government doesn't like, they can work up a profile based on your browsing history to take you down. Your data trail can be woven to paint a narrative that paints you in a certain light. If we're not careful, Brad points out; we could be edging towards the way of China, where so much as saying the wrong thing can land you in big trouble. So how do you protect yourself against such a scenario? By keeping your data trail private.