Magic Internet Money

This episode was recorded on April 23, 2023In this episode, Brad is joined interviews David Bailey for a discussion on the ethical complexities within the cryptocurrency landscape. They tackle the tensions between libertarian values and the reality of Ponzi schemes that sometimes tarnish the industry's reputation. The conversation delves into the difficult questions surrounding the endorsement of Bitcoin while steering clear of passing moral judgments on competing cryptocurrencies.The duo examines strategies to surpass unethical crypto practices, drawing comparisons to Uber's success in revolutionizing transportation. They address the network's evolution, focusing on solutions like the Lightning Network and the emerging RGB protocol, which NFT developers are finding appealing for its cost efficiency.Moreover, Brad and David delve into the dynamics of the Bitcoin community, the delicate balance between inclusivity and toxicity, and the importance of setting an exemplary standard without alienating newcomers. The discussion points to a story of growth and transformation within Bitcoin over the past decade, emphasizing the shift from mere speculation to significant adoption and mindshare expansion.Lastly, the discussion sheds light on the potential repercussions of the Bitcoin Magazine's decision to support Ordinals and the controversial yet innovative steps taken within the industry. As they navigate these multifaceted issues, Brad and David maintain a focus on the pivotal role that Bitcoin plays in the current and future financial systems.Timestamps[00:03:53] Worked in crypto, saw innovation, saw scams.[00:10:06] Spending on real things sustains market growth.[00:12:03] Realized misguided investment, believed in Bitcoin.[00:16:21] Former Swan employee enters NFT bubble successfully.[00:24:02] Struggle with Bitcoin, libertarian values, and regulations.[00:26:54] People resist moralizing money in crypto space.[00:34:10] Tech entrepreneur shifted focus, embracing social impact.[00:40:02] Supporting larger blocks was good for business.[00:45:29] Maintain humility, pursue ego death, push bitcoin.[00:48:48] Bitcoin's future open to all perspectives.[00:57:41] Bitcoiners may turn against Ordinals, causing conflict.[01:03:58] Bitcoin embodies religion, social consensus and layers.[01:09:37] Limiting NFTs to Bitcoin caused user friction.[01:10:31] NFT user experience needs improvement, FOMO influence.[01:19:42] Bitcoin pleb advocates for inclusive, open industry.[01:23:37] Bitcoin conference needs better self-custody promotion.[01:26:53] UTXO Management drives GBTC investment forward.[01:31:39] Grayscale engaged in unethical tactics with trusts.[01:40:14] Interest rates likely to drop, affecting markets.[01:42:23] Resistance to Bitcoin shifting as relevance recognized.Find David BaileyDavid Bailey on TwitterFind Brad MillsBrad Mills TwitterMIM TwitterBrad Mills Facebook

This episode was recorded on June 3, 2022In this episode, Brad Mills interviews author and former Federal Reserve market specialist, Joseph Wang. Known for his work "Central Banking 101," Joseph offers a treasure trove of insights from his tenure at the Fed, drawing on his experiences navigating the financial landscape post the 2008 crisis.Brad and Joseph have an in-depth discussion on the world of the repo market, its challenges in 2019 when rates unexpectedly eclipsed the Federal Reserve's interest on reserves, and the implications for liquidity and bank stability. The episode delves into critical issues like the Liquidity Coverage Ratio (LCR) and the balance between capital and liquidity in safeguarding against bank insolvencies.Brad probes the possibility of the Federal Reserve's repo market interventions being akin to unapproved bailouts — a notion Joseph addresses by shedding light on the quality of collateral involved in these short-term lending agreements. The dialogue also ventures into the accounting aspects of bond maturities, the purchasing power of the US Treasury's looming debt, and the Federal Reserve's potential role in debt acquisition.Their exchange extends to Bitcoin's immunity to governmental control, contrasting its decentralized nature with other cryptocurrencies and what that means in an increasingly regulated environment. The episode advances through the murky waters of quantitative easing, the causality of inflation, and the contentious values underpinning the current financial system.Tune into this episode for a blend of expertise and provocative analyses, revealing the inner workings of the systems that move money globally. Timestamps[00:09:44] Keynesian vs. Austrian perspectives on sound money.[00:14:21] Doubts about banking system, learning and understanding.[00:19:48] Gold certificates allow expansion of money supply.[00:23:03] Banks took on too much risk in 2019.[00:27:26] System adapts, past battles influence future strategies.[00:35:58] Bank stocks used as collateral for lending.[00:41:52] Federal Reserve intervened in repo market, changed paradigm.[00:47:45] Federal Reserve stepped in to stabilize repo market.[00:53:39] Arbitrage involves trading based on price differences.[00:57:46] Fed tries to save system, government devalues currency.[01:04:15] Explanation of monetary transactions and balance sheets.[01:05:07] Fed moves money around, swapping one form.[01:15:05] QE raises stock and home prices by lowering interest rates.[01:17:09] Fed's $5 trillion in bonds affects rates.[01:24:34] Challenges ahead in financing US debt. Possible Fed intervention.[01:28:30] Extended conversation about Bitcoin and cryptocurrency concerns.[01:32:06] Bitcoin decentralized, resistant to government enforcement ban.Find Joseph WangJoseph Wang on TwitterFind Brad MillsBrad Mills TwitterMIM TwitterBrad Mills Facebook

This episode was recorded on April 27, 2023In this episode, Brad Mills is joined by Nicolas Gregory, an AI connoisseur, fervent bitcoiner, and co-writer of the CivKit White Paper. Amidst a backdrop of financial tumult as depicted in cinematic tales such as “Margin Call” and “The Big Short,” Gregory recounts his evolution from a software engineer entrenched in the throes of the 2010 banking crisis to a pioneer in the Bitcoin and distributed computing revolution.During his tenure in a bank's equities wing, Gregory gained critical insights into the mechanics of derivatives trading—expertise that now fuels his advocacy for Bitcoin's promise amidst the skepticism surrounding centralized financial institutions. The episode uncovers Gregory's early days within the close-knit Bitcoin community of New York, chronicling his transition into the startup sphere following the government's bailout of banks.Throughout the conversation, Brad and Nic dissect the intricacies of CommerceBlock's endeavours, including their trailblazing Mercury wallet initiative. The dialogue shifts toward the shifting landscape of finance in light of emerging Central Bank Digital Currencies (CBDCs) and the potential implementation of Universal Basic Income—developments that are set to redefine the very fabric of monetary systems.The episode delves into the mass exodus of top-tier talent from traditional finance to tech giants and startups, igniting an AI renaissance that threatens to reshape industries and employment. They explore the increasing centralization of AI, its impact on cybersecurity, and the looming threat of job displacement, even within the programming sector.Timestamps[00:00] Commerce Block's Mercury wallet enables anonymous transactions.[03:44] Customized Elements code, explored state chain concept.[06:35] Movies depict financial collapse and banking crisis.[11:13] Peer to peer rising, challenging centralized options.[14:36] Purchasing data centers, centralized AI, computing capacity.[18:02] Insider information hints peer-to-peer disruption ahead.[22:44] AI agents learn and replicate to scam.[24:11] AI agent creates fake negative restaurant reviews.[27:10] AI acceleration threatens privacy, regulations essential.[30:12] AI is replacing jobs in software industry.[33:28] Met at Bitcoin meetup, introduced paradigm, diverse group.[37:28] Creating pluggable toolkit for potential user framework.[41:30] Agree on UBI, transition to sound money.[43:08] Growing up in the 80s, world seemed uncertain.What is CivKit?CivKit is a protocol designed to transform peer-to-peer trading by fostering a web of trust and privacy through its advanced use of Nostr and Lightning Network protocols.Find Nic GregoryNic Gregory on TwitterFind Brad MillsBrad Mills TwitterMIM TwitterBrad Mills Facebook

This episode was recorded on April 25, 2023In this episode, Brad Mills is joined by Liron Shapira, a vocal critic of the cryptocurrency landscape and an advocate for rational thinking in the age of digital disruption.Together, Brad and Liron navigate the tricky topic of artificial intelligence - dissecting the existential threats that loom over humanity as AI's capabilities grow increasingly advanced. They ponder the profound implications of AI surpassing human intellect and the potential havoc it could wreak, from manipulating markets to commandeering communication channels.As the conversation turns to the realm of cryptocurrency, they scrutinize the seismic shift from crypto to AI investments and the ethical dilemmas that have emerged within the tech industry.The episode features a candid look at the changing face of platforms like Coinbase, the integrity of blockchain technology, and the controversial rise of Web Three ventures. Amidst the critical conversations, there is room for optimism. Brad and Liron consider the transformative possibilities of technological advancements in reducing scarcity and discuss the voices leading the discourse on AI challenges and opportunities.Timestamps[00:00:00] Leron Shapira, known for humorous VC critiques.[00:06:00] Some in crypto may be called grifters.[00:14:58] Doubts about ethical behavior in the tech industry.[00:18:46] Cryptocurrency companies protect interests, fear potential loss.[00:23:14] Bitcoin warned about high fees in Ethereum.[00:28:11] Speculation on digital assets and their future.[00:35:46] Twitter usage down, migration from crypto to AI.[00:40:38] Soft targets for extraction and scamming abound.[00:47:16] AI writing viruses, spam and identity theft.[00:51:45] GPT Four still has flaws, not ready.[00:58:52] Book explores technology's deflationary impact on economy.[01:01:27] Fear of AI surpassing human intelligence is justified.[01:08:28] AI-driven decentralized technology signals imminent economic disruption.[01:13:37] Twitter best for daily AI doom updates.[01:19:16] Politicians avoid hard choices, fear market crash.[01:21:19] Urging political action to halt AI development.[01:28:20] Politicians are manipulated, rationality often overlooked.[01:33:36] Worried about disruptive effects on economy and communication.Find Liron ShapiraLiron Shapira on TwitterFind Brad MillsBrad Mills TwitterMIM TwitterBrad Mills Facebook

This episode was recorded on December 8, 2022In this episode, Brad Mills interviews the knowledgeable and insightful John Carvalho. Brad and John dive deep into a range of topics including different perspectives on Bitcoin, decentralized technology, and the challenges of creating alternative solutions.They also explore the concept of slash tags, the power of reputation and web of trust, and the importance of self-regulation without government intervention. With their extensive experience in the crypto space, Brad and John provide valuable commentary on Bitcoin and explore thought-provoking perspectives on the future of the decentralized web.Building the Bitcoin Ecosystem: A Post-Hyperbitcoinization VisionJohn Carvalho, CEO of Synonym, discusses the underpinnings of Synonym, a venture that promises a comprehensive ecosystem for an alternative society and economy post-hyperbitcoinization. Synonym's design principles hinge on leveraging Bitcoin, Lightning, and HyperCore as foundational technologies, steering clear of bloated blockchains to create a more streamlined, efficient, and sovereign web experience.Block Tank and LSP: Enhancing Lightning ReliabilitySynonym's project, Block Tank, seeks to improve the Lightning Network's reliability and usability. As an LSP (Lightning Service Provider) service, Block Tank aims to simplify business onboarding and wallet functionality, with the broader ambition of fostering a healthy Lightning Network ecosystem through interoperability specifications. John envisions bitcoin not just as a currency, but as a catalyst for self-regulatory mechanisms, effectively replacing centralized entities in finance and communication.Slashtags: A New Primitive for Trust and IdentityAt the heart of Brad and John’s discussion is Slashtags, a technology set to revolutionize peer-to-peer web solutions. By incorporating HyperCore, Slashtags aim to dismantle reliance on major tech firms, paving the way for decentralized search, publishing, and communications. This component aligns with John’s perspective on a self-regulating society free from government intervention, where reputation and web of trust frameworks can flourish.Reflections on the Bitcoin Maximalist EthosA self-proclaimed critical thinker and bitcoin maximalist, John discards the belief that the bitcoin blockchain serves any purpose beyond handling bitcoin transactions. His approach is a testament to the power of innovation without reliance on blockchain technology for all solutions. This mindset is what propels Synonym to build technologies that enable a wide range of applications without compromising on decentralization.In his reflections, John criticizes the deceptive narratives that often engulf the crypto space, especially during bull markets. He challenges the baseless elevation of blockchain as a catch-all solution and emphasizes the importance of addressing actual problems over pursuing quick riches.Innovating with IntegrityDespite John’s bitcoin maximalism, he recognizes the need for interoperability with other blockchain platforms. The acknowledgment of practical solutions over blockchain orthodoxy indicates a balanced approach toward the evolving landscape of decentralized finance.In this conversation between Brad Mills and John Carvalho, we gain insights into an alternative societal vision grounded in bitcoin's philosophy. Synonym stands as an exemplar of how technology should be wielded: to empower, not exploit. As John and Synonym pave the way, this episode serves as a reminder that the future of the web and finance is not tied to blockchain ubiquity but rather to the thoughtful application of decentralized principles.Time Stamps[00:04:46] Bitcoin dismantles existing systems[00:09:03] Web3: incentivize app usage, corrupt with tokens[00:14:48] Narrative war persists, shitcoiners won't quit[00:24:58] Stablecoins used for escaping inflation in fiat[00:32:51] Changes in history result in new blockchain[00:42:10] Limitations and risks of private peer-to-peer communication[00:46:35] Multi coin wallets face interoperability challenges[00:55:49] Names can be changed but keys remain[01:02:38] Better decision making through digital trust tools[01:08:10] Slashtag beta version has bugs but functional[01:12:12] AI: potential for privacy issues, censorship, monopoly[01:23:14] Bitcoin keys[01:28:01] Be skeptical of lost keys and create backupsFind John CarvalhoJohn Carvalho on TwitterFind Brad MillsBrad Mills TwitterMIM TwitterBrad Mills Facebook

On this episode of Magic Internet Money, Brad Mills hosts a discussion with Adam Back, Austin, and Jameson Lopp. They cover topics such as the competitive nature of the cryptocurrency market, bitcoin's performance improvements, side chains, and the controversy surrounding Altcoins.The speakers also delve into the problems with the banking system and how it affects bitcoin's price. Additionally, they touch on the ethics of misallocation of capital in the cryptocurrency market and whether education is necessary or people should learn by losing money in the market.Tune in to learn more about Bitcoin's current standing and what the future might hold.Time Stamps:[00:19:23] Bitcoin: A Useful Tool for Everyone[00:23:42] Why I Chose Bitcoin Over All Coins[00:32:46] Satoshi's Insightful Concept: Unchangeability of Bitcoin[00:38:01] Bitcoin Experts Prioritize Security Over Lightning Adoption[00:49:42] The Economic Phenomena of Altcoins and Innovation[00:57:12] Bitcoin's Code Continues to Undergo Rapid Changes[01:10:14] Covenants and Confidential Transactions: Exploring Liquid's Features[01:14:40] Simplicity: Bitcoin's Soft-Forkable New Scripting Language[01:18:05] Simplicity may make drive chain implementation easier[01:20:08] Bitcoin's Trajectory Could Reach Global Saturation SoonFind Jameson LoppWebsiteJameson’s TwitterFind Adam BackWebsiteAdam’s TwitterFind Austin AlexanderAustin’s TwitterFind Brad MillsBrad Mills TwitterMIM TwitterBrad Mills Facebook

Round Two with Lyn Alden and Joseph WangOn this episode of Magic Internet Money, host Brad Mills invites two previous guests back onto the show. Lyn Alden, an investment strategist with a focus on macroeconomics and Joseph Wang, the CIO of Monetary Macro, return to the show to discuss macroeconomics and Bitcoin with Brad.Brad delivers a recap of his previous discussions with the pair of experts recalling problems with proof-of-stake systems resembling fiat money. Joseph ended the previous podcast with questions about the possibility of state intervention which could disrupt Bitcoin, but Brad didn’t have enough time to cover the topic on the show. Brad’s intent with this meeting of macro experts is to bring this discussion to light.Peer-to-Peer TechnologiesBrad kicks off the discussion where he left off with Joseph, about censorship resistance and how Bitcoin protects against censorship. Joseph brings his traditional finance experience into the discussion and offers a perspective of healthy scepticism, given his knowledge of the banking system and more generally, the financial sector as it is traditionally known. Joseph’s first concern is the case of the New York Fed testing CBDCs and in the event that a CBDC ends up being a better use-case than Bitcoin, that could present a threat to Bitcoin. Lyn brings up an important consideration here, which is jurisdiction. This episode revolves around the United States and Canada, but there are other jurisdictions like Europe and China which present different threats to the Bitcoin space.Lyn brings up some case law from the 1990’s, where a US court tried to ban peer-to-peer encryption. This particular case resulted in a loss from the US government and peer-to-peer encryption was protected due to it being an expression of speech. While the original case presented peer-to-peer encryption as an inherently villainous thing, peer-to-peer encryption is now a critical component to contemporary banking.Lyn sees a balance between two things when it comes to policy about Bitcoin which are the need for the technology and jurisdiction to quote Lyn; “...part of it also depends on need… Most people (In the United States) don’t feel a pressing need to get into Bitcoin”. Lyn makes the comparison to Argentina, where Bitcoin is more widely considered.The peer-to-peer nature of Bitcoin is what makes it censorship resistant across jurisdictions, but in order for Bitcoin to take off at a larger scale, individuals first need to see a need to hold Bitcoin in the first place. In countries with a strong currency, individuals may not have that need.What is the Value of Wall Street?The podcast continues and Brad discusses his trip down the rabbit hole about what money really is and how he felt like he was “living in a big ponzi scam”. Brad asks, “what is the value that Wall Street brings to the world?” For Brad, Wall Street affiliated financial markets feel like casinos. In more simple terms, Wall Street does not produce value, it extracts it and this extraction contributes heavily to wealth inequality.For Brad, Bitcoin is a path away for individuals to protect the value they’ve created and save in a form of money that won't be debased. Brad mentions his previous affiliation with Austrian economics and libertarianism and his venture away from a libertarian position towards a position without a political label.Brad’s position is that Bitcoin has two critical components which make it worth investing in. Bitcoin competes against a centralised system which constantly debases the money supply by offering a decentralised alternative choice to that system. Secondly, Bitcoin has an amount of censorship resistance as a peer-to-peer network, as previously discussed. Bitcoin’s ability to evade interventions from other institutions is the critical point of its use case. Lyn mentions some data which supports Brad’s position about censorship resistance. Bitcoin has higher instances of use in countries which Lyn describes as “authoritarian” and also have weaker currencies than the US dollar. Lyn remarks “I think it kind of starts in the periphery and moves inward.” Mentioning the fact that the chain analysis crypto adoption index shows that of the top 20 countries adopting cryptocurrency of all kinds, 18 of them are developing countries, with the other two being the US and UK.Bitcoin and Fiscal PolicyJoseph asks Brad if his concern is monetary policy, which involves a discussion about inflation. Brad and Joseph debate about whether or not the disinflationary nature of Bitcoin would make it a bad global currency. Brad mentions cases of Bitcoin forum discussions from 10 or more years ago where Satoshi and other early adopters were discussing how to start Bitcoin banks with a fractional reserve. With this potential, Brad is of the opinion that if Bitcoin were to become a reserve currency, it may resemble eurodollars.Time Stamps00:00:20 - Introduction and Recapping Guest Appearances00:14:00 - Show start00:19:10 - Bitcoin and the Advance of Peer-to-Peer Technologies00:28:15 - Bitcoin vs Emerging Market Currencies00:41:43 - Bitcoin and Taxation00:49:10 - Privacy Coins01:01:24 - What is the Value of Wall Street?01:09:30 - Credit Creation in Bitcoin vs Crypto01:14:25 - The Real Risk of ETH flipping Bitcoin01:21:15 - Last Words and Closing RemarksLinks to Mentions in the Show:Central Bank Digital Currencies (CBDC)Lightning NetworkGeorge SelginWikileaks being deplatformed in 2010Peter SchiffRobert KiyosakiMichael SaylorMoneroExecutive Order 6102Austrian EconomicsFind Joseph Wang:Joseph Wang TwitterJoseph Wang BlogFind Lyn Alden:Lyn Alden TwitterLyn Alden Investment StrategyFind Brad Mills:Brad Mills TwitterMIM TwitterBrad Mills Facebook

In this episode, Brad teams up with Alex Stanczyk — an avid Bitcoiner, a daily Bitcoin chat host on Twitter spaces and a former gold and silver trader who now works as private team MD at Bitcoin savings company Swan Bitcoin. Alex's Bitcoin backstory as someone in those capacities and who only recently had an epiphany about Bitcoin is teeming with interesting tidbits. What's more, he's a former co-host of "The Gold Chronicles with Alex Stanczyk and Jim Rickards" podcast with popular American lawyer and economist Jim Rickards. Tune in and listen to him and Brad talk about all things Bitcoin, how he landed a role at Swan Bitcoin, his relationship with Pickard, the concept of "alien money," and more!Time Stamps:00:00:00: Brad on his own history and relationship with Swan Bitcoin 0009:41: Jack Dorsey's, Cory Klippsten and Michael Saylor's roles in Bitcoin00:15:29: Delving into 2022's bankruptcies including BlockFi and FTX00:25:52: Introducing Alex and diving into his role at Swan Bitcoin 00:32:31: Alex's long road to Bitcoin00:37:59: Is the gold market manipulated? Orange pilling people about Bitcoin 00:45:50: Is intrinsic value a thing? What makes something money? 01:05:32: PayPal's  $2,500 fine debacle in the face of Bitcoin01:15:02: Circling back to Alex's beginnings in Bitcoin and Swan Bitcoin   01:23:12: The fascinating contrast of Jim Rickard's background and his activism 01:24:39: God's law vs man's law on money plus Bitcoin's virtues 01:31:03: Why you need to listen in to Alex's show01:34:48: Closing out Links to Mentions in the Show:The Cafe Bitcoin ShowHexa wallet Michael SaylorJack Dorsey The Terra Luna collapse and the FTX collapse Exeter's pyramid Something Deeply Hidden by Sean Carroll: a BookDollar cost averaging Bitcoin Occupy Wall Street Currency warsFind Alex Stanczyk on: Alex Stanczyk TwitterThe Cafe Bitcoin Podcast on AppleThe Cafe Bitcoin Podcast on Spotify The Gold Chronicles with Alex Stanczyk and Jim Rickards Find Brad Mills on: Brad Mills TwitterMagic Internet Money TwitterMagic Internet Money FacebookMagic Internet Money Instagram

Bitcoin is The Real Occupy Wall Street with Kent Halliburton In this episode, Brad is joined by Kent Halliburton, the COO of Sazmining — a company that promotes Bitcoin mining using renewable energy technologies. Sazmining is one of several emerging green Bitcoin mining companies looking to flip the narrative in an industry often vilified for its ridiculous energy consumption.As he tells Brad, Kent formerly worked in solar energy and has parlayed his experience and knowledge to help run Sazmining. But how did he even get into Bitcoin? In this sit-down, he shares the many nuggets of insight he has gained in his active years in the space.Tune in to hear him and Brad talk about the company, how money printing is counterintuitive, how they navigate Bitcoin conversations at home, and more! Time Stamps 00:00:00: Intro by Brad and an overview of Sazmining by Kent 00:04:23: What did Kent do before Sazmining?00:06:20: Diving into the status and opportunities for solar-powered Bitcoin mining00:14:30: A discussion on Jeff Booth's book The Price of Tomorrow   00:17:32: How do Brad and Kent reconcile Bitcoin and NFTs with family?00:22:44: All roads lead to Bitcoin 00:26:31: Lessons from Sazmining on riding out the bear market 00:30:11: Is JR Tolkien's ring of power similar to money printing?00:55:35: A personal anecdote by Brad on the impact of capitalism  01:05:23: Closing out and some lighthearted commentary Links to Mentions in the Show:Jeff Booth: The Price of TomorrowAspen Digital NFTsFear, Uncertainty, and Doubt (FUD)Occupy Wall Street Rare PepesSeed phrase The Celsius bankruptcy The Terra Luna collapse The Progressive Bitcoiner PodcastKent Halliburton and Sazmining Social LinksKent Halliburton TwitterSazmining TwitterBrad Mills Social LinksBrad Mills TwitterMagic Internet Money TwitterMagic Internet Money FacebookMagic Internet Money Instagram

In this episode of Magic Internet Money, Brad invites amateur economist, Bitcoiner, and fan of the show, Henry Magram, onto the show to discuss in-depth two major concepts; The first being Austrian economics and the second being fractional reserve banking. Brad and Henry mostly agree on a few things, but there are the matters of the fine print to settle. Henry is a close follower of the Austrian school and explains the position more in-depth after Brad asks him about the possibility of a middle-ground between Keynesian and Austrian positions. Afterwards, Brad and Henry dive into the second topic, fractional reserve banking. Brad thinks that central banking and banking cannot be separated, but Henry believes the practice of banking need not be run the way central banking is today. The two cap things off with a short debate about what makes a means of exchange count as money before closing the show out.Time Stamps:00:01:00 - Introduction00:04:28 - Introducing Henry Magram00:12:48 - What is the Austrian school of economics?00:18:10 - A middle ground to be found with the Austrian school?00:27:37 - Brad’s take on The Bitcoin Standard00:30:50 - Fractional Reserve Banking00:46:30 - Central Banking vs Banking00:57:30 - Price and Expenditure Within Systems01:02:54 - Is Bitcoin Money?01:16:08 - Closing Remarks and PlugsLinks to Mentions in the Show:ClubhouseAustrian EconomicsBlockFiLarry WhiteCantillon EffectThe Bitcoin StandardFractional reserve bankingFind Henry Magram:Henry Magram TwitterFind Brad Mills:Brad Mills TwitterMIM TwitterBrad Mills Facebook

In this episode, Brad sits down with Sunny Ray and Kyle Kemper. Ray is the cofounder of one of the largest exchanges in India, Unocoin, while Kemper is Justin Trudeau's half-brother and a diehard Bitcoiner. Ray and Kemper are also the hosts of the Love and Freedom podcast, a platform that discusses "current events, challenges, & the opportunities for freedom." The trio talk about the state of politics in Canada and their wish for Bitcoin advocate and Conservative Party leader Pierre Poilievre to come to power. They also debate what global money printing portends for the common person and why this proves the case for Bitcoin once more. Tune in for these and more!Timestamps00:00:00: Intro by Brad and commentary on Canadian politics 00:09:48: Conservative Party leader Pierre Poilievre is a champion for Bitcoin 00:13:20: The excessive money printing in Canada and how Bitcoin comes in00:33:00: On securing your financial future with Bitcoin 00:42:50: Could central banks and surveillance capitalists be behind NFTs and DeFi?00:49:00: Ethereum's proof of stake model flies against principles of decentralization 00:53:23: Delving into Web 3 scams and Dogecoin & Elon Musk01:06:50: For some countries, Bitcoin is not a luxury 01:23:00: Why we need unification in crypto 01:28:35: The role of money printing in propagating wealth inequality01:45:16: Bitcoin is on track to being worth a hundred thousand dollarsCanada's Justin Trudeau in February invoked the Emergencies Act — the never-before-used law since it was enacted in 1988. The unprecedented move was in response to the Freedom Convoy that had caused blockades in major border crossings in the country and gridlock in the capital. The Convoy was protesting against vaccine mandates and passports. The Emergencies Act cleared the "occupation" in Ottawa and also froze the bank accounts of tens of the Convoy organizers and participants. These actions were described by protesters and the opposition as unconstitutional and an overreach. For Bitcoin adherents, it illustrated the need for Bitcoin. Brad, Sunny and Kyle sit down against this backdrop. The three discuss how the Conservative Party — one most Canadians have never voted for — suddenly became the party of choice in the face of everything. It helps that PC leader Pierre Poilievre is a Bitcoin champion. What do all those events mean for the crypto pioneer? The three delve into that, as well as why you personally need Bitcoin, the space's scams, Elon Musk's promoting Dogecoin, Jack Dorsey quitting Twitter, and more.  Below are some of the highlights of the conversation. #1. Securing Your Financial Future With BitcoinCovid 19 saw several countries opting to print more money to help keep their economies afloat. But printing more money is bad for the economy since it can trigger inflation. This rampant cash printing saw many corporates previously wary of touching Bitcoin shovelling money into the asset to derisk their finances. Brad reminds people of the importance of doing the same. He and Kyle emphasize the importance of not placing your financial future on whoever is elected.Brad remarks on Bitcoin being more a "productive protest" than a physical protest that the government will crack down on anyway. Sunny contends that Bitcoin needs only to continue existing to prove its importance in the face of such extremes by central banks. #2. Does Ethereum Have a Decentralization Problem?Many praises have been sung on Ethereum's transition from Proof of Work (PoW) validation model to Proof of Stake (PoW). Environmentalists are happy because it will reduce carbon emissions and sections of the cryptocurrency community welcome it because it takes off some of the weight of the environmental impact blame. But PoS allows only those with the means to become validators, making the network more centralized. Brad notes that the Bitcoin documentary "This Machine Greens'' recognizes that PoW can actually help us "to accelerate to renewable energy." As such, PoW is not the environmental threat it's claimed to be. #3. The Resilience of BitcoinThe trio deliberate on the rise of Web 3 products from DeFi to NFTs and whether that's stifling for Bitcoin. The answer is no, with Bitcoin being the "truth and the signal" à la Brad. Kyle likens Bitcoin to a rat for having everything thrown at it but still thriving. Also, the citizens of countries such as Nigeria, El Salvador and Venezuela aren't overly concerned with all these blockchain offshoots because their main concern is Bitcoin, which has a real difference to their lives. Podcast Mentions:Bitcoin conference MiamiUnocoin Exchange Love and Freedom podcast Chrystia Freeland's Cognitive State Capture(book)Jeff Booth episode Robert Breedlove episode The Lightning network When money Dies by Adam Ferguson (book) Principles for Dealing With a Changing World Order by Ray Dalio (book)"This Machine Greens" - Bitcoin Documentary Find Sunny Ray on:Sunny Ray Twitter Sunny Ray Instagram Find Kyle Kemper on:Kyle Kemper TwitterKyle Kemper YouTubeKyle Kemper Instagram Kyle Kemper Facebook Find Brad Mills on:Brad Mills TwitterMagic Internet Money TwitterBrad Mills YouTube Magic Internet Money FacebookMagic Internet Money Instagram

In this episode of Magic Internet Money, host Brad Mills invites lifelong hacker and Bitcoin entrepreneur, Eric Martindale onto the show to discuss Bitcoin, his journey working as a developer for Bitcoin related companies, and his layer 3 software called Fabric.Brad kicks the show off describing life in Cape Breton and the lessons of that experience, which he compares to the great depression and the film Cinderella Man. He introduces Martindale and a handful of basic topics of critique such as DeFi and altcoins.The main topic of the show is censorship resistance and the advantages to the additional layers that Bitcoin has developed since its initial launch by Satoshi. Martindale shares valuable personal experience with Bitcoin’s development.Time Stamps00:00:19 - Introduction and catching up with Brad Mills00:32:50 - Show Start and introducing layer 3 and other terms00:37:50 - Introducing Eric Martindale00:44:40 - When did Martindale look closer at BTC?00:54:04 - Martindale’s developer journey and insights01:09:55 - Where does Fabric fit into the layers of BTC?01:25:29 - On the Balkanization of the cryptocurrency world01:40:07 - More questions about Fabric and Portal01:51:30 - How to balance a passion for BTC with shitcoiner coworkers01:58:50 - How does the token for Portal work?02:06:20 - Outro and plugsLinks to Mentions in the ShowFabricPortalHolepunchWhat is layer 3?DeFiAustrian economicsThe Lean StartupCypherpunksThe World Economic ForumThe Lightning NetworkFind Eric MartindaleEric Martindale TwitterEric Martindale WebsiteFind Brad MillsBrad Mills TwitterMIM TwitterBrad Mills Facebook

On this episode of Magic Internet Money host Brad Mills invites investment strategist Lyn Alden, and analysts Dylan LeClair, and Checkmate onto the show to get into the thick of the technology of blockchains, namely on the topic of censorship resistance and the potential impact the Ethereum 2.0 merge might have in the world of cryptocurrencies.Time Stamps:00:00:20 - Introduction00:09:49 - Discussing censorship resistance, what if Bitcoin didn’t exist?00:32:20 - Are there credible threats to user-activated software in Ethereum?00:41:07 - ETH proof of work vs ETH proof of stake00:57:23 - Institutional adoption, balkanization of treasuries, current events impact01:11:08 - Hypothetical: How do we get back into DeFi summer?01:21:32 - What is redeemable about Ethereum?01:34:28 - Is there any serious threat from regulatory risks?01:54:30 - Outros and PlugsLinks to Mentions in the ShowEthereum 2.0This Machine GreensThe Deep DiveWhy the Ethereum Merge is a BlunderGeyser FundWeb 3.0Freerider ProblemESGGuest Social LinksLyn Alden TwitterLyn Alden Investment StrategyDylan LeClair TwitterBTC IncCheckmate TwitterFind Brad MillsBrad Mills TwitterMIM TwitterBrad Mills Facebook

On this episode of Magic Internet Money, host Brad Mills invites Freedom Convoy activist and Bitcoin advocate, BJ Dichter onto the show. They discuss his experience with the Freedom Convoy movement and the consequent protests in Ottawa in 2022. BJ tells the story of how he got into Bitcoin and blockchain technology slowly but surely during his time at Ryerson University. The pair discuss the nature of politics in Canada and the up-and-coming conservative politician Pierre Poilievre. Brad and BJ talk about their experience learning about how the money supplies work and who runs them behind the scenes. The two wrap up the show with a discussion about Roger Ver and his anti-Bitcoin antics, as well as how the cryptocurrency space differs significantly from the Bitcoin space.Time Stamps00:00:21 - Show introduction00:01:01 - The state of vaccination status in Canada00:09:08 - Pierre Pollievre and Canadian politics00:21:25 - Introducing BJ Dichter00:31:17 - About BJ’s time at Ryerson University, postmodernism, politics00:47:19 - Brad on unelected bankers, conversation about monetary systems01:01:20 - The potential significance of Bitcoin01:12:21 - A culture shift around Bitcoin and crypto, financial institutions01:19:50 - Conversation about Roger Ver01:32:30 - Bitcoin and censorship, competing against cryptocurrency and central banks01:56:00 - Censorship, power, and Web 2.0 institutions02:07:00 - Bitcoin and blockchain networking02:10:30 - Outro and plugsLinks to Mentions in the ShowHonking for Freedom FundraiserThe Trucker ConvoyWho’s Peter Schiff?AmberSteven Hicks and his work on post-modernismJordan PetersonThe What Bitcon Did podcast hosted by Peter McCormack, with guest Roger VerBretton WoodsFind BJ DichterBJ Dichter TwitterBJ Dichter SubstackFind Brad MillsBrad Mills TwitterMIM TwitterBrad Mills Facebook

Frances Coppola (author of The Case for People’s Quantitative Easing) joins Brad Mills to break down the evolution and inner workings of the financial system. The two walk through the last 100 years of changes to central banks and monetary policy to arrive at the current state of banking in 2020 and beyond. This episode helps contextualize bitcoin in the broader scope of the international financial system by understanding the nuances around money creation and distribution.Time Stamps00:00:25: Introduction from Brad00:28:04: Brad introduces Frances Coppola00:29:40: Central bankers might not know how the financial system works00:31:05: How lending actually works00:38:50: What bank reserves on the bank balance sheets do00:46:30: Difference between fractional reserve banking and current financial system00:57:05: Discussion on coming off the gold standard and how this changed how money works01:12:02: How easy it is to create money through quantitative easing01:20:50: The maturing of assets on the balance sheet01:29:50: Preventing the collapse of assets in the Great Depression and 200801:34:00: Inter bank borrowing, lending, and settlement01:44:20: The narrative behind how the financial markets responded to the COVID economic crisis01:50:50: Is the Federal Reserve actually printing money?02:00:35: Why the repo markets dried up02:04:10: What happens to stablecoins during crypto crashes02:07:35: Discussion on Celcius and crypto lending02:10:05: Wrap up, thank you, and closing thoughtsLinks to Mentions in the ShowLondon Interbank Offered Rate (LIBOR)Book: FiascoBook: Central Banking 101Frances Coppola Social LinksFrances Coppola on TwitterFrances Coppola on ForbesCoppolaComment.comBook: The Case For People's Quantitative EasingBrad Mills Social LinksBrad Mills TwitterMagic Internet Money TwitterMagic Internet Money FacebookMagic Internet Money Instagram

In this episode, Brad sits down with Anthony "Pomp" Pompliano. Pompliano — colloquially called Pomp, is an entrepreneur, investor and podcast host. He's also one of the most recognizable personalities in crypto — with 1.5+ million followers on Twitter and regularly appearing on TV to debunk misinformation about bitcoin throughout the industry.  Pomp has invested over $100 million in tech startup companies, owns Bitcoin, and has often been the voice of reason in Bitcoin diehards' and Bitcoin skeptics' showdowns. He has an initiative called PompCryptoJobs, through which job seekers can connect with industry employers. Pomp and Brad delve into that, some of the shockers in the industry's 2019-2021 cycle, and how to strike a chord among all Bitcoin camps in this episode. Tune in! Timestamps00:00:00: Intro by Brad00:04:00: Foray into Bitcoin fees.00:07:12: Square and CashApp implementing the Lightning network. 00:07:48: Tales of the 2019-2021 crypto cycle00.17:06: Bitcoin has begun the rise of the global store or value00:23:07: Lessons on reconciling the varying passions in crypto00:51:00: Optimizing for more. 00:58:00: How to be more nuanced when spreading Bitcoin knowledge. 01:11:43: Delving into why Bitcoiners should be tolerant of others' positions. 01:19:33: Discussion on emerging personalities that lump NFT projects together with Bitcoin.01:22:40: Getting Gen Z to get excited about Bitcoin01:25:00: Which crypto would aliens use if they came to earth? Podcast MentionsPomp Job BoardPomp Crypto AcademyBitcoin CityPodcast interview with Robert BreedloveFind Anthony Pompliano on: Anthony Pompliano TwitterAnthony Pompliano InstagramAnthony Pompliano YouTubeAnthony Pompliano PodcastFind Brad Mills on: Brad Mills TwitterMagic Internet Money TwitterMagic Internet Money FacebookMagic Internet Money Instagram

On this episode of Magic Internet Money, host Brad Mills meets with entrepreneur Justin Rezvani to discuss his social media project, Zion. Inspired by a censorship-heavy environment on large social media platforms whose hands are forced by governments, Rezvani introduces a social network that is built on Bitcoin. Mills shares his experiences with the Bitcoin community and concerns with the censorship present on large platforms outside of social media, such as YouTube. Justin discusses his interview with YouTuber JP Sears and other influential voices in the fight against censorship.Time Stamps00:00:20 - Show start00:01:00 - Introduction00:02:35 - Internet censorship and the suppression of free speech00:14:40 - Twitter spaces, Clubhouse plugs00:16:11 - Interview with Justin starts00:21:51 - Leaving the social media giants, addictive algorithms00:28:40 - The value perspective of new social media platforms, tech companies00:36:06 - Bitcoin and the future of entrepreneurship00:43:00 - Justin on his conversation with JP Sears00:46:01 - Justin’s relationship with Tony Robbins, internet infrastructure00:51:25 - The strength of companies as builders, market signals00:58:10 - Capital allocation and patronage for bitcoin tech and culture01:02:42 - Sovereign social media, webs of trust, decentralised identity01:16:43 - Outro, social media plugsLinks to Mentions in the ShowJP SearsCensorship leads to radicalizationWeb 3.0Cafe BitcoinBlack Bitcoin BillionairesLightning Network WhitepaperZion social networkJack DorseyPaul Graham’s default alive/default deadSphinx social media platformFind Justin RezvaniJustin Rezvani InstagramFind Brad MillsBrad Mills TwitterMIM TwitterBrad Mills Facebook

Brad Mills talks about the issues he sees in the current Web3 landscape and venture capital’s role in shaping it. He discusses how NFTs, DeFi yield farming, and memecoins are a potential blackhole for uninformed investment money in the long-term. Preston Pysh and Jeremy Rubin join and provide commentary on their positions when it comes to Bitcoin and its relation with DeFi. The group discusses the future of Bitcoin and altcoins within the current world economic framework before opening the floor to questions from listeners.Time Stamps00:00:10 - Introduction00:01:07 - VC in Web300:08:00 - Dying Money00:16:30 - Bitcoin is the Lifeboat00:19:48 - Guest Introductions00:22:52 - Preston Pish Introduces Himself and His Views00:28:00 - Jeremy Rubin Introduces Himself and His Views00:33:15 - Bitcoin DeFi?00:38:00 - Preston and Jeremy Talk About Lightning Network00:43:50 - Why Build DeFi on Bitcoin?00:45:15 - Long-term Probabilities and Short-term Noise00:53:00 - Yield in Crypto Lending vs. Legacy Options00:57:51 - Collateralization of Crypto00:59:53 - Jeremy Talks About DeFi01:03:34 - Q&A Intro01:05:16 - Ethereum Transition to 2.001:06:14 - Banks and Bitcoin01:10:16 - What Preston Pays Attention to in DeFi01:12:28 - What to Invest in Other than BTC?01:16:51 - Cheering on the Demise of the Dollar01:20:02 - Next Countries to Adopt BTC01:21:40 - BTC Developers Leaving Bitcoin01:26:58 - Bitcoin E-Waste in Future01:30:04 - Macro Signals01:34:50 - Closing RemarksLinks to Mentions in the ShowInvestors Podcast NetworkBitcoin Fundamentals PodcastMichael Saylor on Up OnlyThe Price of Tomorrow by Jeff BoothJudicaGuest Social LinksFrog RadioJeremy RubinPreston PyshFind Brad Mills on: Brad Mills TwitterMagic Internet Money TwitterMagic Internet Money FacebookMagic Internet Money Instagram

Brad Mills invites fellow Cape Breton bitcoiners Steven Manley and Dominic onto the show to discuss early adoption of crypto and its relation to Cape Breton culture. Steven talks about his past involving early cryptography, Brad elaborates on the state and history of Cape Breton. Dominic talks about his history retiring from the military and retirement in Cape Breton. The group criticizes governments and their stances on Bitcoin and altcoins, as well as the problems facing not just Bitcoin, but the entire crypto space as regulators come to collect.Time Stamps00:00:18 - Introduction00:02:10 - The Post-Trust World00:08:25 - Show Start and Guest Intro00:15:04 - Getting into Bitcoin Early00:19:38 - The current state, Challenges facing Bitcoin00:27:51 - What is money and the violation of social contracts00:42:21 - Government relations with cryptocurrencies00:46:07 - Cape Breton culture00:52:06 - Bitcoin dominance, relation to altcoins and fiat00:59:28 - Questioning what money is and government control01:09:08 - Debt defaults and hyperinflation01:19:27 - Institutions and speculation, money wrapped up in assets01:26:01 - Factionalism in the cryptocurrency community01:32:37 - Bitcoin “a threat to the US dollar”, regulation and institutions01:42:30 - Trust and altcoin centralization, Bitcoin community vs Altcoin community01:55:27 - Jack Dorsey, the Twitter API, and relation to Bitcoin02:02:06 - Bitcoin not going away, life changes, institutional control of finance02:10:00 - Bitcoin and energy consumption02:15:40 - Updating away from equalization, Cape Breton modernizations02:24:03 - Social media plugs and closing remarksLinks to Mentions in the ShowThis Machine GreensMount GoxLightning NetworkIMF Concerned about CryptoizationSEC Court Case with CoinbaseCape Breton EconomicsShrinkflationBretton WoodsDefault on debt in LebanonFind Steven ManleySteven Manley TwitterFind Dominic RatelleDominic Ratelle TwitterFind Brad MillsBrad Mills TwitterMagic Internet Money TwitterMagic Internet Money FacebookMagic Internet Money Instagram

This is the second episode with Go Full Crypto podcast hosts Keegan Francis and Mrugakshee Palwe. I managed to do an in-person interview with them in my homeland of Cape Breton, Nova Scotia. The major focus of this podcast was on financial literacy and the structure of the financial system. Keegan and Mruga ask me lots of questions on my backstory. I got to tell stories from my past that give my audience an insight into why I have so much conviction for Bitcoin after bootstrapping my own financial wellbeing in my 20's. This was a really fun episode to film and you get to learn about the Bitcoin journey all three of us have been on.Timestamps(00:00) - Introduction(01:48) - Reintroducing Brad(07:54) - Small Businesses and payment in crypto(13:17) - Are we trending towards a Bitcoin global standard future?(22:36) - Long Term Gain vs Short Term Losses, and the value of your money belief system(37:26) - Canada and Bitcoin(47:03) - Scarcity of resources, and the credit system(1:00:29) - Questioning Tax(1:11:27) - Discussing Regulation, Value, and Modern Monetary Theory(1:38:52) - What is the way forward? Discussing monetary philosophy(2:04:52) - The triggers and motivations that push one to understand money(2:14:34) - Bitcoin Sherpa and Closing ThoughtsKeegan & Mrugakshee’s Social LinksGo Full Crypto PodcastKeegan Francis TwitterMrugakshee Palwe IntagramKeeganFrancis.comMrugaksheePalwe.comBrad Mills Social LinksBrad Mills TwitterMagic Internet Money TwitterMagic Internet Money FacebookMagic Internet Money InstagramProduced by Brad Mills - Twitter, Jason Sanderson - Podcast Tech. Art by Daniel Huddlestone, Show Notes by Go Full Crypto.Other Credits: bitconnect theme by schmoyoho, graphics by CryptoScamHub, Magic Internet Money inspired by u/mavensbot, invention of Bitcoin & all cryptocurrencies by Satoshi Nakamoto.