Gauge Theory, Gold, and Bitcoin | The Weinstein Series | Episode 1 (WiM079)

11/26/21 • 47 min

2 Listeners

Eric Weinstein joins me for a multi-episode conversation covering mathematics, physics, history, politics, economics, and money.

Be sure to check out NYDIG, one of the most important companies in Bitcoin: https://nydig.com/

GUEST
Eric's twitter: https://twitter.com/EricRWeinstein
Eric's YouTube: https://www.youtube.com/ericweinsteinphd
Eric's Podcast: https://ericweinstein.org/

PODCAST
Podcast Website: https://whatismoneypodcast.com/
Apple Podcast: https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400
Spotify: https://open.spotify.com/show/25LPvm8EewBGyfQQ1abIsE?si=wgVuY16XR0io4NLNo0A11A&nd=1
RSS Feed: https://feeds.simplecast.com/MLdpYXYI
Transcript:

OUTLINE
00:00:00 “What is Money?” Intro
00:00:08 Introduction to Gauge Theory
00:06:06 Wittgenstein’s Ruler, Invariance, and Co-Variance
00:08:36 General Relativity, Prices, and Inflation
00:10:58 Gauge Theory Says There is No “Universal Level”
00:13:27 Marginal Revolution Using the Wrong Differential Calculus?
00:16:48 Utility Theory: Ordinal vs. Cardinal
00:19:37 The St. Petersburg Paradox
00:23:06 Cardinal Utility Exhibits the Structure of a Principal Bundle
00:24:41 NYDIG
00:25:48 Economics as the Geometry of Markets
00:28:54 Competition is Critical for Scientific Progression
00:32:51 How Framing Changes What We See
00:37:26 Exploring Gold as a Gauge Theory
00:41:01 Transactional Anonymity as a Consequence of Gauge Theory
00:42:50 Conservation Laws and the Double-Spend Problem
00:44:42 Satoshi as the Originator of “Logical Physics”
00:46:07 The Big Problem of Bitcoin?

SOCIAL
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WRITTEN WORK
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Substack: https://breedlove22.substack.com/

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RECOMMENDED BUSINESSES
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Eric Weinstein joins me for a multi-episode conversation covering mathematics, physics, history, politics, economics, and money.

Be sure to check out NYDIG, one of the most important companies in Bitcoin: https://nydig.com/

GUEST
Eric's twitter: https://twitter.com/EricRWeinstein
Eric's YouTube: https://www.youtube.com/ericweinsteinphd
Eric's Podcast: https://ericweinstein.org/

WRITTEN WORK
Medium: https://breedlove22.medium.com/
Substack: https://breedlove22.substack.com/

Previous Episode

The Ultimate Macro Framework with Raoul Pal (WiM078)

Raoul Pal joins for me a mind-blowing exploration of global financial history, the emergence of the exponential age, Bitcoin, the metaverse, and a look into the future of humanity.

Be sure to check out NYDIG, one of the most important companies in Bitcoin: https://nydig.com/

GUEST
Raoul's twitter: https://twitter.com/RaoulGMI
Raoul's company: https://www.realvision.com/

OUTLINE
00:00:00 “What is Money?” Intro
00:00:08 “The Sun Never Sets on the British Empire”
00:06:22 The Weimar Hyperinflation
00:08:56 World War II and The Baby Boomers
00:13:29 Pax Americana and Rules-Based Global Order
00:17:00 The Largest Demand Shock Ever Seen
00:22:22 Economic Disparity Driving Political Polarization
00:25:28 Reagan, Thatcher, and Unintended Consequences
00:30:32 Financialization of the 1980s
00:34:46 Introduction of the WTO
00:39:45 NYDIG
00:40:53 The Dark Side of the “Exorbitant Privilege”
00:42:47 Central Bank Policy Tools and “Managing” the Business Cycle
00:44:34 The 1997 Asian Financial Crisis
00:49:35 The 2001 Dotcom Crisis
00:50:51 Collapse in Labor Force Participation and Monetary Velocity
00:53:46 The 2008 Great Financial Crisis and QE Infinity
00:59:30 The Making of the Everything Bubble
01:04:20 The Rise of Digital, Populism, and Wealth Confiscation
01:09:54 The Fourth Turning and “The Pandemic”
01:15:47 Universal Underwriting by The Central Bank
01:19:14 The Unstoppable Truth of Demographics
01:25:39 Bitcoin and the Unreality of Currency Debasement
01:32:07 Lack of Segregation in Financial Instrument Property Rights
01:38:14 Possible Political Responses to the Impending Financial Crisis
01:41:25 Misaligned Incentives, Population Control, and The Exponential Age
01:44:54 Emergence of the Metaverse and Networked States
01:50:20 “The Game Is Not What You Want It To Be, The Game Is What It Is”
01:56:16 A World Running on Deflationary and Programmable Money
01:59:59 Digital Identity, “Capitalist UBI,” and Free Energy?
02:06:36 Where Does the Value Accrue in the Exponential Age?
02:13:27 The Possibility of Radical Life Extension
02:15:17 Change the Money, Change the World

WRITTEN WORK
Medium: https://breedlove22.medium.com/
Substack: https://breedlove22.substack.com/

Next Episode

Time, Capital, and Civilization | The Song Series | Episode 1 (WiM080)

1 Recommendations

Jimmy Song joins me for a multi-episode conversation covering the masterful anti-state treatise “Democracy: The God that Failed” written by Hans-Hermann Hoppe.

Be sure to check out NYDIG, one of the most important companies in Bitcoin: https://nydig.com/

GUEST
Jimmy's twitter: https://twitter.com/jimmysong
Jimmy's podcast: https://podcasts.apple.com/us/podcast/bitcoin-fixes-this/id1523910866
Jimmy's writing: https://jimmysong.substack.com/

OUTLINE
00:00:00 “What is Money?” Intro
00:00:08 Empiricism vs. Rationalism
00:07:11 Isolation of Variables is a Prerequisite to Empiricism
00:09:12 Keynesian Economics is Empiricism; Austrian Economics is Rationalism
00:13:23 The Relationship Between Civilization and Time Preference
00:19:32 The Moral Component of Time Preference
00:21:40 Time Preference as a Relationship Abstract Others
00:25:02 The Metaphysics of Savings and Being Saved
00:29:47 Natural Interest Rate: The Quantification of Time Preference
00:33:27 Time Preference as the Source Waters of Virtue
00:35:52 The Thomastic Conception of Usury
00:40:59 NYDIG
00:42:06 Capital is Frozen Time
00:47:27 Civilization as Multi-Layered Capital Accumulation
00:50:10 Capital Accumulation Catalyzes a Self-Reinforcing Cycle of Civilization
00:50:59 External Factors Influencing Time Preference
00:56:56 Biological Factors Influencing Time Preference
01:03:41 Savings Even Lowers Time Preferences of Non-Savers!
01:08:22 Keynesianism Destroys Accountability and Savings
01:10:46 State Interference in Free Markets is Decivilizing
01:15:31 The Costs of Securing Property is Inverse to Civilization
01:18:21 State Action is an Unmitigable Risk to Entrepreneurship