"remember george washington you know how he died well-meaning physicians bled him to death and this was the most important patient in the country maybe in the history of the country and it's and we ble..."

"the following is a conversation with michael saylor one of the most prominent and brilliant bitcoin proponents in the world he is the ceo of microstrategy founder of sailor academy graduate of mit and..."

"understood about money and economics or even about engineering science life death meaning intelligence consciousness all the big interesting questions i think they would uh probably give us a b minus ..."

"a d minus on economics like you know an f plus or a d minus you you have an optimistic vision first of all optimistic vision of engineering because everybody you've listed not everybody most people yo..."

"philosophical you know contributions to the to the human race and the human conditions have advanced so much i mean we're still taking you know taking guidance and admiring aristotle and plato and sen..."

"model is made in the 19th century by individuals both the model and the ship itself is engineering at its best and just imagine just like raucous flying out to space how much hope this filled people w..."

"right antibiotics conquest of infectious diseases if we understand the science of of infectious disease they're you know sterilizing a knife and harnessing antibiotics gets you from 50 to 70 and that ..."

"the wholesale value is two cents and so you have to look at the contribution of politicians and philosophers and economists to the human condition and and it's it's like at best to wash one way or the..."

"the ocean our ability to grow food our ability to live it's it's technology that gets the human race from you know a brutal life where life expectancy is 30 to a world where life expectancy is 80. you..."

"you wouldn't do it with simple arithmetic you wouldn't do it with a scalar there's not a single number right is vector it's vector math you know computational fluid dynamics is n dimensional higher le..."

"right they've been captured by a mainstream conventional thinking to immediately equate inflation to the government issued cpi or government-issued pce or government-issued ppi measure which was never..."

"the more the more egregious problem is the the fundamental idea that assets aren't products or services assets can't be inflated with an asset a house a share of apple stock um a bond um any a bitcoin..."

"right as the inflation rate ground down the asset traded up but the you know the conventional view is oh that's not a problem because it's good that that assets it's good that the bond is highly price..."

"it's a massive shift of power from the free market uh to the centrally governed or the controlled market it's a massive shift of power from the people to the government and and maybe one one more illu..."

"now if you if you uh dig deeper i mean one one guy that's done a great job working on this is seifidin amus who wrote who wrote the book the bitcoin standard and he notes that on average it looks like..."

"another way to say that is if the money supply stopped expanding at seven percent a year the s p yield might be three percent and not ten percent it probably should be now that that gets you to start ..."

"it's awful well i guess i guess to be precise uh it's the currency that i mean my money uh i would say money is monetary energy or economic energy and the economic energy has to find its way into a me..."

"so um so the the expansion of the currency creates uh creates a massive inefficiency in the society what i'll call an adiabatic lapse it's what we're doing is we're bleeding the civilization to death ..."

"if you adiabatic lapse is when you go up in altitude every thousand feet you lose three degrees you go 50 000 feet you're 150 degrees colder than sea level that's why you you know you look at your ins..."

"you could use the bolivar selling houses and buying houses is much more inefficient or like you can't transact between billions of people with houses yeah properties don't make such good mediums of ex..."

"on top of each other they all have to be paid for if you want to shut down the entire economy for a year you have to pay for it right if you want to fight a war you have to pay for it right if you don..."

"incompetence not malevolence so fundamentally government creates a bureaucracy of incompetence is kind of how you look at it i think a lack of humility right like uh like if if people had more humilit..."

"as the ambition of the government expands so must the currency supply you know i could say the money survival let's say the currency supply um you can triple the number of pesos in the economy but it ..."

"then the price of all those scarce desirable things will tend to go up rapidly and the confidence of all of the institutions the corporations and the individual actors and trading partners will will c..."

"what's uh at least a promising thing to try you know um i have laser eyes on my profile on twitter what does that mean and the significance of laser eyes is to focus on the thing that can make a diffe..."

"those areas i i think that what i could offer it's constructive is inflation is completely misunderstood it's a much bigger problem than we understand it to be we need to introduce engineering and sci..."

"in the pursuit of it but it is what it is the secondary uh the secondary issue is they will unintentionally pay for it by expanding the currency supply without realizing that they're uh they're actual..."

"damage that they do to the civilization because the mental models that they use that are conventionally taught are wrong right the mental model that like it's okay we can print all this money because ..."

"varies i think the politicians they they don't really understand inflation and they don't understand economics but but you can't blame them because the economists don't understand economics because th..."

"and people will stare at it and you could even show them their house on fire and they would perceive it as being great because it's warming them up and they're going to save on their heat costs it doe..."

"look at the ship next to us what if i told you that the ship leaked two percent right of its volume every something right the ship is rotting two percent a year that means the useful life of the ship ..."

"notion but the tragic notion is it was it was you know seven into seventy or ten years it's the money has had a half-life of ten years except for the fact that in weak societies in in argentina or the..."

"do in an injury stop the bleeding single first thing right you show up after any action i look at you stop the bleeding because you're going to be dead in a matter of minutes if you bleed out so it st..."

"hold they unite us we believe in them uh and we make a lot of cool stuff happen by as an average sort of just the fact of the matter a lot of people believe the same thing they get together and they g..."

"little details all to increase the efficiency of this the effectiveness the efficiency of this ship as it sails through water and we should also note there's a bunch of cannons on the side so obviousl..."

"uh i almost didn't believe it but i was trying to you know eight billion or so human beings there's no other mammal that's got more than eight billion if you walk through downtown edinburgh and scotla..."

"and you know you scratch your head and and you think it seems like it's like just this ending but does not lead if you just all kinds of metrics that seems to improve the quality of our cannons and sh..."

"look at the romans you know they persevered you know with artillery and they could stand off from 800 meters and blast you to smithereens right they you know you study the history of the balearic slin..."

"technologies one after the other it penalizes anybody that rejects ocean power right gets penalized you reject artillery you get penalized you reject atomic power you get penalized if you reject digit..."

"to pivoting you stick with the old and lose because of it and that's how empires collapse and it's just both at the individual level that happens when two academics fighting about ideas or something l..."

"of information i think there's two big ideas uh the first wave of ideas were digital information and that was the internet way been running since 1990 or so for 30 years and the second wave is digital..."

"eight billion people right that's that's the explosion in prosperity that comes from digital transformation and uh when we do it with maps you know i i transform the map i put it into a car you get in..."

"it feels like the impact that's positive you said the first order impact is generally positive it feels like it's positive in a way that nothing else in history has been positive and then we may not a..."

"the cost of the first four weeks of mit would have drained my family's life collective life savings for the first last hundred years yep like a hundred years worth of my father my grandfather my great..."

"there's like 10 million phds in the world if you go do the if you check it out there's 8 billion people in the world how many people could get a phd or would want to maybe not 8 billion but a billion ..."

"people so all of those kinds of ideas can be made real in the digital world now traveling across planets you still can't solve that problem uh with dematerialization what you could solve potentially i..."

"with regard to technology you know one thing that i learned studying technology when you look at s-curves is until you start the s-curve you don't know whether you're a hundred years from viability a ..."

"was extraordinary but for the hundred years and 200 years before they were just back and forth and nobody was close and um and that's the the happy part the happy part is we went from flying 20 miles ..."

"like in fact uh you know the global express the gulf stream these are all engineered in the 70s some in the 60s that the actual the fuselage uh silhouette of a gulf stream of a g5 was the same shape a..."

"later or no the national gallery of art was endowed by a very rich man andrew mellon and you know how he made his money aluminum okay and and so yeah and you know what kind of airplanes you can create..."

"were trying to build those things with steel no chance you had to have aluminum so there's like two pretty basic technologies and once you have those two technologies stuff happens very fast so tell m..."

"i mean maybe it's 10x over a period of a few decades when we figure out how to operate a spaceship you know on the water in your water bottle for a year yeah right now then you've got a breakthrough s..."

"you you have to find it in the first five six ten years but people always miss this let's take google glass right google glass was a idea 2013 the year is 2022 and people were quite sure this was goin..."

"and then it'll slow down and this this is the story of a lot of things right i mean john d rockefeller got in the oil business in the 1860s and the oil business as we understood it you know became fai..."

"silicon performance and when you just like we got exponentially diminishing returns on jet engines you know and it just takes an exponential increase in effort to make it 10 percent better but while y..."

"if you really want to figure it out you can't think like an engineer you need to think like a fantasy writer like this is where it's useful if you studied uh if you read played dungeons and dragons an..."

"how will the interaction be that's where google glass actually came in augmented reality virtual reality people are playing in the space of sci-fi imagination they called a moon shot they tried it did..."

"this today i say there's massive profound environment civilization advances to be made through digital transformation of information and you can see them like that this is the story of today this is n..."

"the practical objectives then i think you can have profound impact on the human civilization and if i if i look at the world we're in today i think that there there are multi-trillion 10 20 50 trillio..."

"it's staring at us and it could make the entire civilization work dramatically better in every every respect so you mentioned in the digital world digital information is one digital energy is two and ..."

"i can turn light back into a tree if if i consider the entire universe and it's very important because we don't really think this way let's take the new york disco model what it if i walk into a night..."

"perceive the world and um i i think that once you start to think that way you you're catalyzed to think about what would digital energy look like and and why would i want it and um what is it so why d..."

"right it's it's the equivalent to putting a million pounds in orbit how do i actually launch something into orbit right how do i launch something into cyberspace that such that it moves friction free ..."

"you could call them commodities but commodity is a little bit misleading and i'll tell you why in a second but they're all distinguished by the fact that no one entity or person or government controls..."

"promote it or sell it pursuant to fair disclosures so i'll give you maybe practical example i'm the mayor of chicago i give a speech my speech i say i think everybody in chicago should own their own f..."

"so if if uh i'm going to sell you securities or i'm going to promote securities as a public figure or as an influencer or anybody else right if if i create my own yo-yo coin or mikey coin and then the..."

"so it goes beyond that right i mean like would the chinese want to support an american company right as soon as you look at what's in the best interest of the human race the civilization you realize t..."

"uh that that's uh a really critical characteristic and and it actually is it's probably one of the fundamental things that makes bitcoin special bitcoin isn't just a crypto asset network it's easy to ..."

"because um just the nature of how things move easily with information right so i think in the bitcoin world what we would say is that is the bitcoin is the most difficult property that the human race ..."

"but the point is because it's property it's ethical for me to say that if i were to turn around and say you know lex i think the same about microstrategy stock mstr that's a security okay if i'm wrong..."

"things which we'll call property then you have mid-frequency things i'm going to call a money or currency and then you have high frequency and that's energy and that's why i use the illustration of yo..."

"in manhattan right think about hundred story buildings so the the real key there is the foundational asset needs to be there at all so the fact that you can create a hundred trillion dollar layer one ..."

"incorrupt immortal and corruptible indestructible right that that's what you want integrity from the layer one now there's layer two and layer three and layer two i would define as an open permissionl..."

"practically speaking and then it becomes too costly to memorize the uh the private key in your brain i mean or like a cold storage of layer one technology the idealist fear the layer threes because th..."

"custody of those assets and you don't have that option with most other forms of property maybe you don't have as much optionality with any other form of property on earth and so what what makes digita..."

"the economy and lex if you want to consider how much efficiency if if you gave me a billion dollars in 20 years i couldn't find a way to trade with another company or a counterparty in nigeria like no..."

"government so basically break the law um metaphorically speaking if you want to break out the constraints of your culture you learn to speak english for example it's not illegal to speak english or ev..."

"in it of sorts that's a big deal if if apple embraced lightning that's a big deal so the adoption is the thing like in a war zone adoption um the people who struggle the most in war are people who are..."

"will die you're starved to death so the lack of property rights is like being a type one diabetic and so if you look at most people everywhere in the world they don't have property rights they don't h..."

"is so great right yeah like uh i i you know you're like ai so i'll give you a beautiful notion maybe one day there'll be an artificially intelligent creature in cyberspace that is self-sufficient and ..."

"uh human creativity it's like we we have an ethical good thing and now we're going to try to create a third or a fourth one why well let's talk about it so um first of all i'm with you but let me ask ..."

"is could i print myself 10 million more bitcoin or not right why can't anyone right it's not just you it's it can can anyone because can you promote somebody else's yes i guess you can like if you can..."

"unless you you know ultimately the the issue of decentralization is really a criticism not having a head one so is is it something can bitcoin be replicated so the all the things that you're saying th..."

"trusting the counterparty you're gonna promote the layer one or at most the layer two okay so one of the fascinating things about bitcoin and sorry to romanticize certain notions but satoshi nakamoto ..."

"and disappearing do you think it was one person do you have ideas of who it could be i don't care to speculate but do you think it was one person like it was one person maybe in conjunction with a bun..."

"thing we've got a we've got a chain reaction in cyberspace or an ideology spreading virally in the world that um that has seasoned in a fair ethical fashion sometimes it's a very violent brutal fashio..."

"the year 2022 is pretty catalytic for digital assets in general and for for bitcoin in particular the canadian trucker crisis i think educated hundreds of millions of people and and made them start qu..."

"such that your logical response would be i'm going to convert my weak currency to a strong currency like i'll convert my peso and lira to the dollar i'm going to convert my weak property to strong pro..."

"self-custody and the other the other thing people think about is how do i get crypto dollars like tether like some stable coin yeah like i'd rather if you had a choice would you rather have your money..."

"i think that um [Music] if we look at bitcoin and model it as uh digital gold you know the market cap goes to between 10 and 20 trillion but gold is remember gold is is defective property gold is dead..."

"and they're all defective because of this persistent to 14 percent lapse inflate which we call inflation or monetary expansion can we switch uh subjects to talk about the energy side of it like the in..."

"problems i i tapped into the benefits of cyberspace i created a global property i started monetizing at different frequencies and of course now i can mortgage it to anybody in the world right i mean y..."

"world so if a company in singapore comes up with a better offering right then the capital is going to start to flow to singapore i can't send 10 city blocks of la to singapore to rent during a festiva..."

"youtube yep my office 365 inbox is full of garbage millions of spam messages i'm running four different email filters my company spends million dollars a year to fight denial of service attacks and al..."

"if we introduced conservation of energy into cyberspace and that's what you can do with high-speed digital property high-speed bitcoin and and by high-speed i mean not 20 transactions a day i mean 20 ..."

"uh but the other the other what's the orange verification so the the this idea can you actually elaborate a little bit more if you put up 20 bucks yeah i think everybody on twitter ought to be able to..."

"right monetize motion or malice for that matter but let's just say for the sake of argument you post something and 9 700 bots spin up you know and pitch their whatever scam right now you sit and you g..."

"consequences conservation of energy conservation of energy there's no friction there's no nothing on this earth right i mean you can't walk across the room without friction right so that friction is n..."

"saying that it's more tied to physical reality when you do that with bitcoin yeah well let's follow up on that idea a bit more if you did do it with the dollar then the question is how do six billion ..."

"attacks against a website i publish a website you hit it with a million requests okay now how do i deal with that well i can lock you out and i can make it a xero trust website and then you have to be..."

"fee each time it's when you think about two and a half percent as a transaction fee it means you trade the money 40 times and it's gone yeah it's gone yeah yeah so you can't do this kind of hopping ar..."

"i have to ask michael saylor you said before there's no second best to bitcoin what would be the second best traditionally there's ethereum with smart contracts cardano with proof of stake polka dot w..."

"trillion dollar market easily i think that in the crypto platform space ethereum will compete with solana and binance smart chain and and the like are there certain characteristics of any of them that..."

"will the regulators decide if the regulators get out of the way and the market fought out well then it's an interesting discussion yeah and then i think that all bets are off if if the regulators get ..."

"technical investor and you have a pool of capital and you can take that kind of risk then you can parse through that and form opinions it's just orders of magnitude more risky because of competition b..."

"uh you you've been maybe you can correct me but you've been critical of elon musk in the past in the crypto space where do you stand on elon's effect on bitcoin and cryptocurrency in general these day..."

"and there's fear and there's a very noisy crypto world and there's 15 000 other cryptos that are are seeking relevance and i think most of the fud uh is actually fueled by the other crypto entrepreneu..."

"you don't you don't need to fix it there's nothing wrong with it right like when you put it on a layer two and a layer three it moves a billion times a second at the speed of light so every beautiful ..."

"necessarily perceive that or realize that but if you were to take any metric energy intensity you put like two billion dollars worth of electricity in the network every year and it's worth 850 billion..."

"distracting well that was one of them but i think it's like the bitcoin maximalist but generally the crypto community what you call the the crypto entrepreneurs are you know it's also they're using it..."

"money they like they focus upon you know yeah this is strange eating your own is just um so i mean i think he he's free to do what he wants to do like and i i i think he's done a lot of good for bitco..."

"like that was the 10. upgrade the world that's an interesting choice of words upgrade the world upgrade the world it's like an engineering energy it's a very yeah it's a very engineering themed uh kee..."

"laser eye message the rest get you distracted well how do you achieve that do you do you find yourself given where you are in life having to say no a lot or just focus comes naturally when you just ig..."

"twitter and you show them how to tie knots or you know you're the banjo player you know with 1.8 million followers and when everybody types banjo it's you right yeah and so the world wants people that..."

"so i i would advocate that you figure out what you're passionate about and what you're good at and you do focus on it especially if if the thing that you're doing can be automated the the problem is y..."

"then i start binge watching lex yeah but but if you changed your format yeah through 16 different formats so that you could compete with 16 different other personalities on youtube you'd probably woul..."

"pursue your mission it's like that's true like yeah another way to say it is like nobody wants to read advertising like if you if you were to spend 100 million dollars advertising your thing i probabl..."

"i think when um when that breaks down you know bad things happen i think nature cleanses itself there's a cycle of life and speaking one of great people who did also get out of the way is george washi..."

"or yourself yeah you know when you think about the the entire arc of human existence and you roll the clock back 500 000 years and you think about every struggle of everyone that came before us and ev..."