WEBVTT - The Economy Is Broken, It's Missing This 1 Thing | Robert Breedlove 0:00:00.120 --> 0:00:02.519 Robert, thanks for sitting down. Glad to be here. Mark. 0:00:03.480 --> 0:00:06.160 You know, I consider you a good friend. I love 0:00:06.200 --> 0:00:09.680 hanging out and talking with you. Sometimes the best conversations 0:00:09.680 --> 0:00:11.399 everyone were just flowing. And then I hate how it 0:00:11.640 --> 0:00:12.680 turns into an interview. 0:00:12.880 --> 0:00:15.480 Yeah, yeah, you know, yeah, we're all different when the 0:00:15.480 --> 0:00:16.120 cameras are on. 0:00:16.480 --> 0:00:18.880 Yeah, I don't know. It's a human thing, I guess. 0:00:19.000 --> 0:00:21.880 Yeah, so I hate to turn it into an interview. 0:00:21.920 --> 0:00:23.240 It's fun just to kind of risk a little bit, 0:00:23.280 --> 0:00:25.800 but I wanted to. You know, we've been next door 0:00:25.800 --> 0:00:27.160 neighbors here at the Bigcoin conference. 0:00:27.200 --> 0:00:27.960 You've been busy over here. 0:00:27.960 --> 0:00:29.520 I've been busy over here, and unfortunately I missed a 0:00:29.520 --> 0:00:32.080 lot of stuff that was going on. Last night. I 0:00:32.080 --> 0:00:33.600 watched some of the videos trying to catch up a 0:00:33.640 --> 0:00:37.040 little bit. You got to give a keynote presentation at 0:00:37.040 --> 0:00:38.760 the event, which is a pretty big deal. 0:00:38.880 --> 0:00:41.680 Yeah, it was. This is the biggest conference of the year. 0:00:42.760 --> 0:00:44.440 I might I don't know, I would guess might be 0:00:44.479 --> 0:00:46.720 the biggest keynote of your career. I think so in 0:00:46.880 --> 0:00:49.120 terms of a number of people. Yeah, yeah, number of people. 0:00:50.080 --> 0:00:51.320 I certainly want to go back and watch it. But 0:00:51.360 --> 0:00:54.320 let's talk about that yeah, so give me the high level, 0:00:55.000 --> 0:00:56.840 thirty thousand foot view of what that was. 0:00:57.080 --> 0:00:58.920 Yeah, so I'll give you kind of the back story 0:00:59.000 --> 0:01:02.960 because I think it's relevant. You may have seen John 0:01:03.040 --> 0:01:06.520 Ravake on my show. He's a colleague of Jordan Peterson's, 0:01:06.800 --> 0:01:08.240 so he's uh. 0:01:08.520 --> 0:01:10.759 Well that was a while ago, right, Yeah, we. 0:01:10.640 --> 0:01:12.240 Did the John Raviki series. 0:01:14.080 --> 0:01:17.280 He had a very popular lecture series on YouTube called 0:01:17.280 --> 0:01:21.440 Awakening from the Meaning Crisis. It's like fifty five zero 0:01:21.560 --> 0:01:24.920 one hour episodes about I mean, he starts in the 0:01:24.959 --> 0:01:27.760 beginning of time basically and goes through all our philosophical 0:01:27.800 --> 0:01:29.760 history and builds up to why we are in this 0:01:29.880 --> 0:01:31.040 meaning crisis today. 0:01:32.200 --> 0:01:34.479 He's just a really brilliant guy. A lot of people have. 0:01:34.480 --> 0:01:36.920 Described Awakening from the Meaning Crisis. 0:01:37.000 --> 0:01:40.640 Yes, a lot of people have described Jordan Peterson as 0:01:40.720 --> 0:01:43.880 the gateway drug to John Ravake. So if you're into 0:01:44.000 --> 0:01:46.520 Peterson's work, I mean, Verveake's work kind of goes to 0:01:46.560 --> 0:01:50.040 another level. They're both very deep and fascinating in their 0:01:50.080 --> 0:01:55.080 own right. But Veake's very interesting guy and so he 0:01:56.120 --> 0:01:57.320 again I've had him on the show. 0:01:57.480 --> 0:01:58.960 He's been like just. 0:01:58.920 --> 0:02:02.120 A great guy to ban ideas off of reading recommendations. 0:02:02.320 --> 0:02:04.880 Super smart, interesting guy. It's been a very good friend 0:02:04.880 --> 0:02:07.960 in that way. When I have weird esoteric questions about 0:02:07.960 --> 0:02:09.560 the things I'm working on, I'll shooting the text and 0:02:09.560 --> 0:02:11.440 he sends me good resources. So we kind of had 0:02:11.440 --> 0:02:14.840 that dialogue going. And at one point I was watching 0:02:15.040 --> 0:02:19.160 his interview on the Lex Friedman podcast and he was 0:02:19.160 --> 0:02:20.519 describing the nature. 0:02:20.240 --> 0:02:23.200 Of the flow state. And the flow state. 0:02:23.280 --> 0:02:27.160 Is said to be an optimal human experience, and it's 0:02:27.160 --> 0:02:30.560 optimal in two ways. One, it's one of the most 0:02:30.680 --> 0:02:34.320 enjoyable experiences human beings can have in a way that's 0:02:34.360 --> 0:02:37.160 distinct from just pleasure, because people do weird stuff to 0:02:37.160 --> 0:02:39.919 get into flow, like rock climbing, you know, Like rock 0:02:39.919 --> 0:02:43.120 climbing is not pleasurable, it's painful actually, but it can 0:02:43.120 --> 0:02:46.120 get you into this flow state that people will do 0:02:46.160 --> 0:02:49.520 almost anything to get into flow. Like it's an optimal 0:02:49.600 --> 0:02:52.920 human experience in that sense. It's also optimal in the 0:02:52.960 --> 0:02:56.400 sense that people in flow tend to give peak performances. 0:02:56.760 --> 0:03:00.960 So Olympic gold medalists, they'll report these like they're just 0:03:01.040 --> 0:03:03.119 in the zone, right, is what athletes say a lot. 0:03:03.320 --> 0:03:04.639 Yeah, So I was going to ask you to define 0:03:04.639 --> 0:03:06.360 what the peak state is or the flow state. So 0:03:06.360 --> 0:03:08.880 that's kind of where everything starts going on autopilot and 0:03:08.919 --> 0:03:12.040 everything just starts clicking, and like your subconscious almost takes. 0:03:11.840 --> 0:03:15.960 Over, Yes, something like that, but it's very enjoyable and 0:03:16.040 --> 0:03:19.480 you're typically performing at a very high level. So there's 0:03:19.520 --> 0:03:23.560 a they do a chart where it's basically like your 0:03:23.680 --> 0:03:26.400 skill set, the level of your skills on the vertical axis, 0:03:26.440 --> 0:03:30.880 and then the challenge on the horizontal axis, and flow 0:03:31.000 --> 0:03:33.280 is kind of the diagonal channel in between. Because if 0:03:33.280 --> 0:03:36.160 you've got very high skills and low challenge, you're bored. 0:03:36.800 --> 0:03:39.920 If you've got very high challenge and low skills, you're 0:03:39.920 --> 0:03:42.560 anxious or you have anxiety. But right in the middle, 0:03:42.560 --> 0:03:44.840 where your skills are matched to the demands of the 0:03:44.840 --> 0:03:46.080 situation is the flow state. 0:03:46.200 --> 0:03:47.600 You're working in your core competency. 0:03:47.880 --> 0:03:50.360 Yeah, you're like you're you're pushing your skills right to 0:03:50.440 --> 0:03:52.000 the edge and so you. 0:03:51.960 --> 0:03:52.720 Know you're. 0:03:54.320 --> 0:03:57.280 Which is why rock climbing is one of those Yes, 0:03:57.560 --> 0:03:59.640 I've been an action sports guy my whole life growing 0:03:59.680 --> 0:04:03.200 up int Than California, and you know, meditation is this 0:04:03.240 --> 0:04:04.840 thing where they say you should kind of try to 0:04:04.880 --> 0:04:07.000 clear your mind, and I'm not good at that because 0:04:07.000 --> 0:04:09.520 my brain works so fast. But when I'm dropping in 0:04:09.560 --> 0:04:12.680 on a double overhead wave and there's razor sharp coral below, 0:04:12.800 --> 0:04:15.520 you're meditating, or I'm going eighty miles an hour on 0:04:15.520 --> 0:04:18.560 my rbrak across open desert, there's nothing that can come 0:04:18.560 --> 0:04:19.320 across your mind. 0:04:19.440 --> 0:04:20.560 Yes, exactly right. 0:04:20.600 --> 0:04:23.400 And actually meditation is another form of flow, right, because 0:04:23.440 --> 0:04:25.880 meditation is a skill, right, But you're matching your skill 0:04:25.920 --> 0:04:28.400 to the challenge of not thinking. It's hard to do. 0:04:28.480 --> 0:04:31.920 It's very hard to do. It takes practice. So anyways, 0:04:31.920 --> 0:04:34.320 it's this often human experience. People love to get into it, 0:04:34.360 --> 0:04:38.159 and it's also where we cultivate like skills, competence, virtue like, 0:04:39.040 --> 0:04:41.320 it's where people become better. The more often we get 0:04:41.320 --> 0:04:43.880 into flow, the better we become at whatever we're flowing, 0:04:44.080 --> 0:04:48.000 whatever activity we're flowing within. So he was describing that, 0:04:48.920 --> 0:04:53.680 and he in the book Flow by I cannot pronounce 0:04:53.680 --> 0:04:56.960 this guy's last name. The author of Flow is me. 0:04:57.080 --> 0:05:00.320 Hey chicks sent me Hie. I think how it's his 0:05:00.400 --> 0:05:00.839 last name? 0:05:01.520 --> 0:05:04.239 He just go out the book. Yeah, it's it's called Flow. 0:05:04.279 --> 0:05:07.680 It's written back in the eighties or nineties, And Verveaki 0:05:07.760 --> 0:05:12.039 was telling lex about the three informational conditions necessary for 0:05:12.200 --> 0:05:15.360 flow induction. So to get into the flow state, there's 0:05:15.360 --> 0:05:19.680 three informational things you need. One is that information must 0:05:19.760 --> 0:05:23.000 be clear, it must be unambiguous, and it must be flowing. 0:05:24.080 --> 0:05:27.080 So if you're looking in the case of the rock climber, 0:05:27.320 --> 0:05:29.479 a rock climber can only be good to the extent 0:05:29.520 --> 0:05:32.000 that his senses are working. Right, his eyes need to 0:05:32.000 --> 0:05:34.120 be working, his ears need to be working, he needs 0:05:34.120 --> 0:05:36.920 to be able to fill the rocks, all these things. 0:05:36.960 --> 0:05:39.080 If all of a sudden he lost his sense of sight, 0:05:39.360 --> 0:05:41.520 then information is not flowing. Well, he's not going to 0:05:41.520 --> 0:05:43.280 be in a flow state, right, He's going to fall 0:05:43.320 --> 0:05:44.680 off the damn rock face. 0:05:45.279 --> 0:05:46.960 So you have to have information that's flowing. 0:05:47.520 --> 0:05:50.840 You also have to have tightly coupled feedback loops so 0:05:51.279 --> 0:05:55.520 such that every action you take the environment responds with immediacy. 0:05:56.120 --> 0:06:01.400 So if he know misgrabs a rock and there was 0:06:01.440 --> 0:06:04.000 no consequence to that, then he wouldn't know that he 0:06:04.120 --> 0:06:06.679 was doing it wrong. But you know, when you're rock climbing, 0:06:06.680 --> 0:06:09.000 there's an immediate consequence. You put your foot or hand 0:06:09.000 --> 0:06:10.560 the wrong way, will you fall off. 0:06:11.200 --> 0:06:13.880 Or you feel like slipping or the rock cracking. 0:06:13.520 --> 0:06:15.320 Right, So the point is there can't be a lag 0:06:15.400 --> 0:06:20.520 between action and environmental response. And then the third one 0:06:20.560 --> 0:06:23.120 was failure has to matter, right, there have to be 0:06:23.200 --> 0:06:27.200 consequences to failure. And so when I heard Vervaki describe 0:06:27.200 --> 0:06:30.239 these three, it hit me like a ton of bricks 0:06:30.320 --> 0:06:36.120 that he was simultaneously describing the informational conditions necessary for 0:06:36.160 --> 0:06:40.200 free market capitalism, which is, we need information that flows right. 0:06:40.279 --> 0:06:43.800 We need clear and unambiguous price signals. To the extent 0:06:43.880 --> 0:06:47.719 you debase the currency, you distort price signals, entrepreneurs don't 0:06:47.720 --> 0:06:49.640 know is that a shift and supply and demand or 0:06:49.680 --> 0:06:52.479 is that quantitative easing that caused that price to fluctuate, 0:06:52.960 --> 0:06:55.599 and that leads to you know, capital misallocation, et cetera, 0:06:55.640 --> 0:06:58.920 et cetera. You have to have tight feedback loops, which 0:06:58.960 --> 0:07:02.479 means you need load and bureaucracy. People need to be 0:07:02.480 --> 0:07:04.960 able to act based on the knowledge that is particular 0:07:05.000 --> 0:07:07.000 to their time and place. So if an entrepreneur is 0:07:07.040 --> 0:07:11.240 dealing with, you know, boats coming in, he doesn't need 0:07:11.280 --> 0:07:13.320 to say, oh, there's thirteen boats that came in. Let 0:07:13.360 --> 0:07:15.520 me send a message to Washington, DC and see if 0:07:15.520 --> 0:07:17.280 they approve this or not, and when it comes back, 0:07:17.480 --> 0:07:20.240 we'll make the decision. By the time that information goes 0:07:20.280 --> 0:07:22.160 and comes back, there's gonna be fifty votes there and 0:07:22.600 --> 0:07:23.440 it's just a disaster. 0:07:23.600 --> 0:07:25.160 Right, So you need tight. 0:07:25.000 --> 0:07:30.240 Feedback loops as an entrepreneur lead decision making, not bureaucrat lead. 0:07:30.520 --> 0:07:34.280 And then third, obviously in capitalism, failure matters, right, we 0:07:34.320 --> 0:07:40.080 don't have bailouts, bail ins, tax subsidies, zombie companies. Like 0:07:40.120 --> 0:07:43.960 in capitalism, if you're not profitable, you fail, and the 0:07:44.000 --> 0:07:46.520 capital life should be as his life. Right, It's like 0:07:46.520 --> 0:07:50.960 it's Darwinian, right. So that was the start. I was like, 0:07:50.960 --> 0:07:55.600 oh wow, there's this individual flow state that's like an 0:07:55.640 --> 0:07:59.680 optimal human experience for the individual human organism. But we 0:07:59.720 --> 0:08:01.880 also or try to create that in markets, and they 0:08:01.920 --> 0:08:06.760 operate best when they have the same informational conditions. And 0:08:06.800 --> 0:08:09.920 then it started going down this rabbit hole where you're like, okay, 0:08:11.000 --> 0:08:13.280 in a perfect free market, people are. 0:08:13.040 --> 0:08:15.120 Doing ideally what they love. 0:08:15.280 --> 0:08:17.680 Right, You've turned your passion into your paycheck kind of thing, 0:08:18.080 --> 0:08:22.560 such that more people would be operating in flow day 0:08:22.600 --> 0:08:24.120 in and day out. You could think of like the 0:08:24.160 --> 0:08:26.280 division of labor, where we're each doing the thing that 0:08:26.320 --> 0:08:28.920 we specialize in. It's kind of like the opportunity to 0:08:29.000 --> 0:08:32.120 discover flow. It's like whatever thing that you like to 0:08:32.120 --> 0:08:34.320 do for its own sake and that you're good at 0:08:34.760 --> 0:08:37.080 and you get to push your skills within, Well, that's 0:08:37.520 --> 0:08:40.280 that's how you get into flow professionally and so on 0:08:40.320 --> 0:08:44.880 the aggregate that would be a free market. So none 0:08:44.920 --> 0:08:46.600 of this was mentioned in the keynote, by the way, 0:08:46.640 --> 0:08:48.920 but that was like the lead into how we started 0:08:49.360 --> 0:08:50.120 thinking about this. 0:08:50.280 --> 0:08:53.360 And we actually had this conversation in Wyoming, Yes, and 0:08:53.440 --> 0:08:56.480 I was just starting. I started that exactly, so I 0:08:56.640 --> 0:08:58.319 just to me asking up questions about that before we 0:08:58.360 --> 0:09:01.000 dig in on that. So in this in the flow state. 0:09:01.679 --> 0:09:04.040 So if we think about this, you're applying this through 0:09:04.080 --> 0:09:07.440 the overall market economy hundreds of millions or billions of people. 0:09:08.040 --> 0:09:10.840 But on a personal level, we would want to access 0:09:10.840 --> 0:09:14.760 flow state because that's where we're optimizing our performance, like 0:09:14.800 --> 0:09:16.920 as you said, based off of that vector. 0:09:18.160 --> 0:09:18.760 And part of it. 0:09:18.800 --> 0:09:20.240 Like, personally, I would want to get into that because 0:09:20.240 --> 0:09:22.120 at that point, when I'm in that flow state, things 0:09:22.120 --> 0:09:25.520 become almost effortless. So I read a book. I didn't 0:09:25.559 --> 0:09:27.280 read flow, but I read a book called deep work, 0:09:27.760 --> 0:09:29.800 which is very similar in a sense where we want 0:09:29.800 --> 0:09:33.720 to have periods where we get into deep work, giving yourself, 0:09:33.880 --> 0:09:36.079 you know, one hour minimum, but two to three four 0:09:36.120 --> 0:09:39.200 hours sometimes. And then they talk about where like time 0:09:39.360 --> 0:09:42.480 just gets away from this, everything just starts coming, you know, 0:09:42.480 --> 0:09:44.680 whether you're writing or researching, whatever you're doing. 0:09:45.160 --> 0:09:45.480 And so. 0:09:47.160 --> 0:09:49.240 As humans, if we're going to be doing big things, 0:09:49.240 --> 0:09:51.160 big work, we should be trying to achieve these deep 0:09:51.240 --> 0:09:53.640 work states or these flow states, because that's where this 0:09:53.720 --> 0:09:57.760 big stuff gets done. And of course, modern technologies and 0:09:57.840 --> 0:10:00.439 just you know, you know, we've been try a brain 0:10:00.480 --> 0:10:02.280 for distractions and that constantly pulls us out of the 0:10:02.280 --> 0:10:05.240 flow state. So I understand from that point why we'd 0:10:05.240 --> 0:10:08.040 want to understand this and achieve it as a personal level. 0:10:08.800 --> 0:10:11.040 But if if you take that to a larger level, 0:10:11.320 --> 0:10:15.319 like a market economy, would the economy also work more 0:10:15.320 --> 0:10:18.520 effortless instead of trying to force it? 0:10:18.840 --> 0:10:20.120 Yeah, I think that's right. 0:10:20.240 --> 0:10:23.520 So it's it's hard to say, like chicken or egg, 0:10:23.760 --> 0:10:26.880 because you know, the less you force the market economy, 0:10:27.000 --> 0:10:31.000 the more free the market is, the more free individuals 0:10:31.040 --> 0:10:35.439 are to choose their own profession, right, And I mean 0:10:35.480 --> 0:10:37.360 it's kind of intuitive in a way. Don't you want 0:10:37.360 --> 0:10:40.640 a world in which people are creating the goods and 0:10:40.640 --> 0:10:44.160 services that they are passionate about creative, right, rather than 0:10:44.200 --> 0:10:47.600 being forced into a job because inflation's destroying their savings or. 0:10:47.600 --> 0:10:51.240 Whatever and they yeah, and so instead of like, I 0:10:51.280 --> 0:10:53.200 hate my job, but I have to do it, as 0:10:53.240 --> 0:10:54.280 opposed to doing what they. 0:10:54.120 --> 0:10:57.840 Want, which is another I mean, because you can't force 0:10:57.880 --> 0:10:59.800 a flow state. I can't put a gun to your hood, 0:10:59.800 --> 0:11:03.160 and getting flow states doesn't work right out of it, 0:11:04.120 --> 0:11:06.560 like you have to be left to your own curiosity 0:11:07.280 --> 0:11:10.480 to there's another progression here. So it starts with curiosity, right, 0:11:10.559 --> 0:11:13.600 Like you're just curious about the world. Children are really 0:11:13.640 --> 0:11:16.040 good at flow states, by the way, They're just naturally curious. 0:11:17.640 --> 0:11:21.280 If you're left to be curious and you're uncoerced, you 0:11:21.400 --> 0:11:24.080 might develop. You might find something you're interested in, and 0:11:24.120 --> 0:11:26.840 that thing might become a passion for you. And a 0:11:26.920 --> 0:11:30.120 passion pursued long enough can become a purpose. 0:11:30.280 --> 0:11:30.439 Right. 0:11:30.520 --> 0:11:33.320 People decide that hey, this thing that I'm into, I 0:11:33.360 --> 0:11:36.400 want to commit my life to it. And then if 0:11:36.520 --> 0:11:41.400 purpose becomes to pursue purpose, well, you have to develop autonomy, right, 0:11:41.400 --> 0:11:44.160 because typically the thing you're trying to do almost by 0:11:44.200 --> 0:11:46.840 definition doesn't exist in the world because otherwise you would 0:11:46.920 --> 0:11:49.920 just someone else will be doing it. So purpose leads 0:11:49.920 --> 0:11:52.440 you to develop autonomy, and then in the development of 0:11:52.480 --> 0:11:56.400 autonomy you can ultimately culminate in self mastery. And self 0:11:56.440 --> 0:12:02.080 mastery is possession of those skills, self authorship, self sovereignty, 0:12:02.520 --> 0:12:09.760 and virtue. Really, so there's this element of freedom or spontaneity, 0:12:10.040 --> 0:12:13.840 or you cannot coerce it into existence, right for the 0:12:13.840 --> 0:12:16.520 freedom's a necessary ingredient to the whole thing that's both 0:12:16.559 --> 0:12:18.880 the free market and that's the individual flow state. 0:12:20.080 --> 0:12:21.720 So that was the. 0:12:23.400 --> 0:12:27.160 Lead in and then I guess where bitcoin comes into 0:12:27.200 --> 0:12:33.080 the picture is that bitcoin makes coercion less profitable basically, right, 0:12:33.640 --> 0:12:36.480 like inflation doesn't really work on a bitcoin standard. You 0:12:36.520 --> 0:12:40.360 can't print the money. Taxation is more difficult because people 0:12:40.440 --> 0:12:45.160 have this hyper portable form of capital. So if I'm 0:12:45.200 --> 0:12:48.480 living in a jurisdiction that's mistreating me, it's much easier 0:12:48.480 --> 0:12:50.120 for me to vote with my feet or vote with 0:12:50.120 --> 0:12:52.520 my wallet. I can just take my bitcoin and exit 0:12:52.880 --> 0:12:56.160 to a jurisdiction that treats me better. And so, and 0:12:56.240 --> 0:12:58.400 this gets into a bit of the sovereign individual thesis, 0:12:58.440 --> 0:13:00.719 where we think the long run outcome of that is 0:13:01.720 --> 0:13:04.760 a world in which governments are incentivized to be accountable 0:13:04.760 --> 0:13:08.280 to the preferences of citizens, right versus today not so. 0:13:08.280 --> 0:13:11.760 Much, and not just not just accountable, but actually I 0:13:11.760 --> 0:13:15.439 would argue the even more than that, because to your point, now, 0:13:15.679 --> 0:13:18.960 it's easy for them just to steal, that's right. And 0:13:19.000 --> 0:13:21.679 if they can't steal, then they're accountable, but they're not 0:13:21.720 --> 0:13:23.520 really accountable. The only way they can get what they 0:13:23.520 --> 0:13:25.880 want is actually to provide value, that's right, which is 0:13:25.920 --> 0:13:27.360 actually the opposite. 0:13:27.720 --> 0:13:31.280 So they become more of a free market enterprise in 0:13:31.320 --> 0:13:31.840 that way. 0:13:31.640 --> 0:13:32.640 They encourage and help it. 0:13:33.040 --> 0:13:34.720 Yeah, well the market enterprise, yeah. 0:13:34.600 --> 0:13:36.839 Yeah, whereas state's going to just steal from you because 0:13:36.840 --> 0:13:39.760 you're immobile, right, Yeah, my capital is locked up in 0:13:39.760 --> 0:13:42.160 the FIAD system. I'm stuck here. If I wanted to 0:13:42.160 --> 0:13:45.000 get capital out, there's capital controls, and you know they'll 0:13:45.040 --> 0:13:47.720 they'll de authorize your bank account, freeze your assets. 0:13:47.400 --> 0:13:48.040 All these things. 0:13:48.080 --> 0:13:51.400 Right, you have no autonomy actually over your assets, right, 0:13:51.840 --> 0:13:55.040 that's a real problem. But with bitcoin, you have full 0:13:55.160 --> 0:14:00.360 autonomy over your assets. So there's the idea that bitcoin 0:14:00.400 --> 0:14:03.440 would lead us to a world where coercion is less profitable. 0:14:04.080 --> 0:14:07.160 You could also say people have just have by virtue 0:14:07.200 --> 0:14:10.640 of having more autonomy over your assets, you are more 0:14:10.720 --> 0:14:14.440 capable of going through that progression, that flow progression from 0:14:14.480 --> 0:14:17.760 curiosity to passion to purpose to autonomy to self mastery. 0:14:18.120 --> 0:14:21.080 We've kind of had like in the West, you know, 0:14:21.120 --> 0:14:23.160 we have a high degree of autonomy. We have relatively 0:14:23.200 --> 0:14:26.520 strong private property rights, relatively stable rule of law, like 0:14:26.600 --> 0:14:31.640 bank accounts work, you know, especially in Florida and Texas 0:14:31.720 --> 0:14:34.720 and Tennessee. You know, these states are business friendly for 0:14:34.760 --> 0:14:39.160 the most part. But we've been lacking the full autonomy 0:14:39.160 --> 0:14:42.200 over money, right like as we've seen in the Canadian 0:14:42.240 --> 0:14:45.200 truck protest and many other bank issues before. 0:14:46.080 --> 0:14:47.200 You don't own your money. 0:14:47.200 --> 0:14:49.560 That's in a bank, right, the bank owns the money. 0:14:49.840 --> 0:14:51.920 Therefore you don't have autonomy over those funds. 0:14:52.040 --> 0:14:55.080 There's that, and then the bigger one was the consequences. 0:14:55.480 --> 0:14:59.680 So there's no feedback mechanisms and the feedback that there's 0:14:59.720 --> 0:15:01.760 you said, feedback loops, and then consequences matter, and the 0:15:01.760 --> 0:15:05.240 feedback the consequences matter is feedback yeah right. 0:15:05.200 --> 0:15:07.520 Yeah, and so it is information flowing. They're all connected. 0:15:07.560 --> 0:15:11.000 But right there all so information flowing, feedback, loops, consequences, 0:15:11.000 --> 0:15:13.560 and when I think about going to bitcoin, if you 0:15:13.600 --> 0:15:16.000 think about just today with the existing monetary system that 0:15:16.040 --> 0:15:19.960 we have, people want to compare bitcoin transaction to visa transactions, 0:15:20.000 --> 0:15:24.600 for example, which is a horrible comparison because visa transactions 0:15:24.880 --> 0:15:28.000 probably happen on like a fifth layer of settlements where 0:15:28.000 --> 0:15:31.440 it's settlement. Bitcoin is final settlement. But even in regards 0:15:31.480 --> 0:15:33.600 to that, So if you think about the time a 0:15:33.640 --> 0:15:36.840 free flow of information between the arbit charge, between transaction 0:15:36.960 --> 0:15:40.480 time and settlement time. So I can go online right now, 0:15:40.520 --> 0:15:42.240 I can pull up Amazon, I can scan this, I 0:15:42.280 --> 0:15:45.000 could buy it. The transaction happens instantly, But when does 0:15:45.000 --> 0:15:45.760 the settlement happen? 0:15:46.400 --> 0:15:48.040 Never months months later? 0:15:48.160 --> 0:15:50.320 Well, I mean I could charge my credit card back 0:15:50.400 --> 0:15:54.840 up to what six months? Yes, and so maybe visa batches, 0:15:54.880 --> 0:15:57.160 that sends me a report tomorrow, doesn't hit my money, 0:15:57.200 --> 0:16:00.440 doesn't hit my bankcount first three days, maybe a week, 0:16:01.200 --> 0:16:02.920 depend on what type of transaction it is, and then 0:16:02.920 --> 0:16:06.680 there's six months where it's like not immutable, and so 0:16:06.760 --> 0:16:10.200 that transact. So technology has gotten disiplined where the transaction 0:16:10.360 --> 0:16:12.560 times have sped up in the old days, I would 0:16:12.560 --> 0:16:14.880 have to travel to your general store and we would 0:16:14.920 --> 0:16:18.680 transact and settle right away. And now technologies gotus to 0:16:18.680 --> 0:16:21.760 where transaction times have sped up. Its settlement hasn't. 0:16:21.720 --> 0:16:25.760 Deferred settlements very fast. But final settlement, I would argue, 0:16:25.800 --> 0:16:27.640 actually occurs never in a fiat. 0:16:27.280 --> 0:16:29.320 System because gold is not changing hands. 0:16:29.880 --> 0:16:31.680 So you think about it, even when those banks you 0:16:31.800 --> 0:16:35.480 do the Amazon transaction, your bank settles with Amazon's bank 0:16:35.560 --> 0:16:39.680 probably T plus sixty sixty days later, those banks still 0:16:39.680 --> 0:16:41.800 have liability to the FED, right right. 0:16:41.880 --> 0:16:42.480 The FED can. 0:16:42.400 --> 0:16:44.160 Always just print more money into base and all that. 0:16:44.280 --> 0:16:47.200 So I would argue that you never have final settlement 0:16:47.200 --> 0:16:49.920 and a FIAD system like it's an internal confidence game. 0:16:50.160 --> 0:16:52.240 Yeah, but with bitcong game. 0:16:52.160 --> 0:16:58.240 You're conya. With bitcoin, you fully reunite. There's no deferred settlement, right, 0:16:58.280 --> 0:17:02.320 I'm just sending you specie if you will physical bitcoin 0:17:02.560 --> 0:17:06.720 over the internet, And so that cuts out a lot 0:17:06.760 --> 0:17:09.320 of that in that gap where systemic risk and all 0:17:09.359 --> 0:17:12.280 these things fester. Bitcoin just kind of closes that gap. 0:17:12.440 --> 0:17:14.600 So there's a lot of reasons we could say why 0:17:14.640 --> 0:17:17.159 that's good or bad. Mostly good, But in context of 0:17:17.200 --> 0:17:19.760 our discussion here, if it needs to be free flowing 0:17:19.800 --> 0:17:23.440 information with a feedback loop, then we need that gap 0:17:23.520 --> 0:17:24.200 to be closed. 0:17:24.280 --> 0:17:28.040 Yes, and failure again for the failure mattering is very important. 0:17:29.320 --> 0:17:33.639 Central banks and governments, right, they create these programs that 0:17:33.720 --> 0:17:37.200 are unprofitable, which means no one actually wants them. That's 0:17:37.200 --> 0:17:40.240 what unprofitable means. No one's paying you for the fucking thing. 0:17:40.520 --> 0:17:43.560 It wouldn't be there unless you could steal from taxpayers, 0:17:44.080 --> 0:17:47.000 taxation and inflation to pay for the thing. So you 0:17:47.119 --> 0:17:49.520 end up with all these You know what, did a 0:17:50.119 --> 0:17:53.040 freedman say that there's nothing more permanent than a temporary 0:17:53.040 --> 0:17:53.840 government solution. 0:17:54.000 --> 0:17:54.640 Yeah, exactly. 0:17:55.440 --> 0:17:57.640 We had the I think safety and talks about the 0:17:57.800 --> 0:18:00.480 I think it was Lebanon. The train Authority is still 0:18:00.480 --> 0:18:04.800 a government organization thirty years after they've had any train 0:18:04.880 --> 0:18:06.080 tracks in the country. 0:18:06.119 --> 0:18:08.560 I might have the country wrong. You get. 0:18:10.119 --> 0:18:13.320 All this misallocation of capital essentially, and it's all rooted 0:18:13.400 --> 0:18:17.520 in the theft, right, the ability to steal from productive 0:18:17.560 --> 0:18:21.600 market actors and fund whatever kakamane scheme you want, and 0:18:21.680 --> 0:18:25.120 so that it destroys the flow of information. Price signals 0:18:25.119 --> 0:18:29.280 get all screwed up, feedback loops go awry. Right, business 0:18:29.280 --> 0:18:32.120 owners now instead of just going to market and solving 0:18:32.160 --> 0:18:34.600 something for consumers. I got to go through all this 0:18:34.680 --> 0:18:36.840 red tape. I gotta get a business license. I gotta wait, 0:18:36.880 --> 0:18:38.520 I gotta pay the fee. I gotta do this. I 0:18:38.520 --> 0:18:39.360 have to get permission. 0:18:40.280 --> 0:18:42.280 By the time you get through that, the market might 0:18:42.280 --> 0:18:42.800 have changed. 0:18:42.960 --> 0:18:47.439 Right, so feedback loops are eft, and then failure doesn't 0:18:47.480 --> 0:18:48.160 matter as much. 0:18:48.280 --> 0:18:48.399 Right. 0:18:48.440 --> 0:18:50.440 The name of the game and fiat is to get 0:18:50.480 --> 0:18:53.040 too big to fail or die trying, basically, because once 0:18:53.040 --> 0:18:55.119 you're too big to fail, well, you live on that 0:18:55.200 --> 0:18:59.040 taxpayer subsidy forever you can't. You're literally deemed too big 0:18:59.119 --> 0:19:02.439 to fail, which is totally crazy if you look at 0:19:02.480 --> 0:19:03.640 it through a lens of nature. 0:19:03.880 --> 0:19:04.480 What does that mean? 0:19:05.119 --> 0:19:06.840 Do we have any animals that are too big to fail? 0:19:06.960 --> 0:19:08.920 Is like an animal gets so big, like, let's keep 0:19:08.920 --> 0:19:11.760 that guy alive forever. Yeah, it's like no, nature naturally 0:19:12.040 --> 0:19:14.200 dies and the resources go back into the soil. 0:19:14.280 --> 0:19:17.240 And the resources back into the soil is the big piece. 0:19:17.280 --> 0:19:19.919 And so what happens is, you know, in a free market, 0:19:19.960 --> 0:19:21.919 capitalist system, then people should be able to move. 0:19:21.800 --> 0:19:22.399 Up the ladder. 0:19:22.600 --> 0:19:25.520