Bitcoin 2022 Recap, GA Day 2. Morning: Booth, Pysh, Carter, Feinstein, van Wirdum & More

Bitcoin 2022 * A Storm Is Coming

  • “Bitcoin Macroeconomic Landscape” with Jeff Booth, Dr. Jeff Ross, Mark Moss, Preston Pysh, and Trey Lockerbie as a host.

Host Trey Lockerbie qualified this panel’s guests as “the biggest heavyweights in the bitcoin space,” and he’s not exaggerating. Dr. Jeff Ross kicked the festivities off by declaring, “bitcoin truly is the safe-haven asset that we should be flocking to.” Later on, he explained the reason all fiat currencies go down to zero eventually.

If so-called first-world countries “can’t export their inflation onto other countries as they have been doing” a tragedy occurs. What’s the tragedy? “They have to deal with it themselves.” However, Ross offered an even simpler and cleaner explanation. “If you can print something to infinity the value of each individual unit goes down to zero over time. That’s just math. It’s guaranteed.”

Author of “The Price Of Tomorrow,” Jeff Booth, explained the reason countries inflate their currencies. “You have to keep growing or you have a credit collapse.” He also considers Inflation as a transfer of wealth from the poor to the rich. The free market is deflationary by nature because it’s driven by technology. Inflation lets governments pretend to be in a growth cycle forever. Them, he expressed what might be the biggest idea of the panel: 

“The technology of bitcoin allows you to build a system, peer to peer, that doesn’t require debt for velocity of money.”

Piggybacking on that idea, Mark Moss brings back Peter Thiel’s talk.  He qualifies Thiel’s blunder as old-world thinking. “Gold was slow, so maybe we need something like silver to be faster. Or, maybe, we need to put a paper on top of it to be faster.” What Thiel hasn’t figured out yet is that in bitcoin it’s all built into one.

For his part, Preston Pysh predicts the storm that titles this section. “We’re in for an incredible shock to the global economy.” Rampant money printing, inflation, and the current macroeconomic conditions put the US in “the biggest negative spread that anybody in this room has ever seen in their lifetimes.” It’s unprecedented and, inevitably, it’ll lead to “further printing, further manipulation, central banks have to step in.”

Later on, Pysh makes clear that only bitcoin is decentralized. The reason is that you can run your own node “10 years from now, 20 years from now, not just today.” He closes the panel with a mic-drop of an advice: 

“Buy bitcoin and fall asleep for five years.”

Bitcoin 2022 * Climate Concerns Squashed

  • “You Are The Carbon They Want To Reduce” with Nic Carter, Darin Feinstein, Stephen Barbour, Amanda Fabiano, and MacKenzie Sigalos as a host.

To begin with, according to Darin Feinstein, “the total energy use of this network is inconsequential on a global scale.” The question is: are we solving a problem? And the answer is a resounding “YES.” For her part, Amanda Fabiano talked about squashing the ESG narrative and talked up the Bitcoin Mining Council by saying that they were transparent with their sources. 

The most interesting concept came from Stephen Barbour, who said “energy usage is a byproduct of productivity.” He also asked the most important question: whatever happened to job creation? Doesn’t the benefits that bitcoin brings to the world factor into the ESG equation? 

The star of the show was Nic Carter, who claimed green energy is unreliable and bitcoin can help balance the force. “The more renewable you use, the more insurance you need,” Carter said. He also explained that bitcoin brings equilibrium because miners can participate in Demand/ Response programs. It’s the only industry that can power down at a moment’s notice, without affecting the functionality of the network as a whole. 

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