Kind: captions
Language: en
again maybe another another dumb
question but there are no such things as
dumb questions only there you go
but what is money so you've mentioned
you know credit and money it's another
thing that if I just zoom out from an
alien perspective and look at human
civilization it's incredible that we've
created a thing that's not that only
works because currency because we all
agree it has value so I guess my
question is how do you think about money
as this emergent phenomenon and what do
you think is the future of money you've
come into that Bitcoin other forms what
do you think is its history and future
how do you think about money there are
two things that money is for it's a
medium of exchange and it's a store hold
of wealth yes that's that that some
money you know the so you could say
something's a medium of exchange and
then you could say is it a store hold of
wealth okay so those and money is that
vehicle that is those things and can be
used to pay off your debt so when you
have a debt and you provide it it pays
off your debt so that that's that
process and it's a apologize to
interrupt but it only can be a medium of
exchange or store wealth when everybody
recognizes it to be a value that's right
right and so you see in the history and
you around the world and you go to
places I was in an island and the
Pacific in which they had as money these
big stones and literally they were
taking a boat this this big carved stone
and they were taking it from one of the
islands to the other and it sank the the
piece of this big stone piece of money
that they had and it went to the bottom
and they still perceived it as having
you so that it was even though it's in
the bottom and it's this big hunk of
rock the fact that somebody owned it
they would say oh I'll I'll loan it for
this and that I've seen beads in
different places shells converted to
this and mediums of exchange and when we
look at what we've got you're exactly
right it is the notion that if I give it
to you I can then take it and I can buy
something with it and that's so it's a
matter of perception okay and then we go
through then the history of money and
the vulnerabilities of money
and what we have is um there's through
history there's been two types of money
those that are claims on something of
value like the connection of to gold or
something that's a that would be an or
they just are money without any
connection which and then we have a
system now which is a Fiat monetary
system so that's what money is then it
will last as long as it's kept of value
and it works that way so let's say
central banks when they get in the
position of like they owe a lot of money
like we have the in the case it's
increasingly the case and they also
another up mind and they have the
printing press to print the money and
get out of that and you have a lot of
people might be in that position then
you can print it and then it could be
devalued in there and so history has
shown forget about today history has
shown that no currency has laughs every
currency has either ended as being a
currency been or devalued as the
currency over periods of time long
periods of time so it evolved and it
changes but everybody needs that medium
of exchange and everybody needs that
store hold of wealth so it keeps
changing what is money over a period of
time
you