Summary
My guest today is fellow Aussie, Vijay Boyapati who is an Ex-Google engineer and the author of The Bullish Case for Bitcoin. Vijay’s book has been translated into over twenty different languages and is said to be one of the most read pieces of literature on Bitcoin. This is a monster episode and we go deep into so much more than just Bitcoin and the Blockchain.
Some of the topics we get into include:
- Who is Vijay and what led him to start working for Google? (04:28)
- Vijay shares why he identifies as a Libertarian and what he learned from working in Silicon Valley. (08:13)
- Why Vijay left his job at Google in 2007 to work on the Ron Paul US presidential campaign. (11:46)
- What exactly is Bitcoin and the Blockchain? (15:06)
- Why is Bitcoin important and what problem does it solve for the average person? (31:51)
- Gold v Bitcoin (45:27)
- Will Bitcoin be used as money anytime soon? (01:02:22)
- FIRE community Q&A (01:17:57)
Links
- Article – The Bullish Case for Bitcoin
- Book – The Bullish Case for Bitcoin
Hello ,
They say it’s sensible to have an open mind on all things , which hopefully is for a more progressive and happier human race .
Bitcoin is one of those ‘’ THINGS’’ as Vijay points out that could prove to be just that … a thing , a thing that could have no absolute value for the progression of humanity ? or could it ?
If Bitcoin only has a certain limit to it’s supply , well what about the rest of the 8 or so Billion of people living on earth ??
It is fitting in my view that in this modern world , where nobody TRUSTS anything anymore, where misinformation , inequalities and greed are rampant, that a “thing” like Bitcoin has emerged.
Maybe it’s a case of tulips , tulips , tulips or maybe not ? Time will tell .
Take care
Very good points Jim.
It’s such an interesting space and I love learning about the psychology behind it. Bitcoin only has value because a bunch of people have agreed that it does! That’s CRAZY to think about!
Super interesting podcast – thank you! But, bitcoin only having value because a bunch of people agree that it does is not crazy at all. After all, the only reason fiat money has value is because the government says it has value. Fiat money has no intrinsic value whatsoever.
you can own a fraction of a bitcoin.
A satoshi is the smallest denomination of bitcoin, equivalent to 100 millionth of a bitcoin.
Very informative and insightful. Vijay is such a good communicator. Awesome podcast.
This was the best podcast I’ve ever listened to. What an intelligent and insightful man. He is very articulate and knowledgeable. Definitely loved learning about the psychology and history of monetary exchange etc. and how Bitcoin has evolved. So interesting.
Thanks for the high praise Amanda 😊
I LOVE the psychology aspect of the podcast too. It’s so easy to gloss over that part but I’m glad Vijay went into it. It also helps that he speaks so clearly and makes it easy to understand. I’ll have to get him back on for sure.
I like the idea that it could be a store of wealth and should not be confused with a mechanism to grow wealth. So going buy that idea by all means hold butcoin but only as much as cash savings as you would comfortably hold, thinking of the FIRE crowd, its only a small % as we lean towards being totally invested.
Hello,
I really enjoyed this episode. Vijay was clear and concise with a lot of passion for the subject. You are correct though – you definitely need to hear multiple sides of the story if you go down this route. Personally, I was surprised that Vijay is a true bitcoin maxi and disregarded every other project out there considering his tech background. Either way, it was an interesting listen.
Crypto is still a touchy subject for many in the FIRE community but its gaining traction. People are quick to dismiss it but the technology and use cases are there for sure. There could be some huge markets in the near future in this space. Its one to watch.
I would love for you to run an episode with someone like James from Invest Answers or raoul pal. Diving into a crypto portfolio structure, how this sits within your overall portfolio etc etc. These are Big fish to target but it would be great to bring some of the market leaders to the local audience!
Great episode. Thanks.
Thanks for the feedback A,
Vijay was great, wasn’t he! Very articulate guy.
I’m really excited to chat with more people in this space. It certainly is exciting.
Hi, I really enjoyed this Podcast.
I would have loved to ask Vijay about the new Crypto ETFs.
I am personally not interested in Crypto but I would consider buying one of these EFTs. It sounds so much easier than having to buy the actual coins, set up a wallet etc My understanding is that VanEck Australia is trying to launch a BITCOIN ETF, you can read about it on their webpage. I have also read that crypto EFTs are already trading in Canada on the Toronto stock exchange. I would be interested to see if he thinks these are better for people in the fire community
Great, another bitcoin fanboy, just what we needed.
Step 1, listen to a bitcoin fanboy take a one sided position with no mention of Bitcoin’s limitations as a form of currency (Hint: the exponential blockchain growth and it’s use of energy for calculations).
Step 2, buy bitcoin because there are so many people saying its the future of currency and they’ve gotten richer than your entire extended family and ancestors combined in a week.
Step 3, realise that it produces no passive income, has no intrinsic value or application except to finance pretty much any criminal enterprise or tax avoidance scheme.
Step 4, realise that the only way to make money with bitcoin is to have more investors coming into the market and driving up the price of an “asset” that is artificially rare by its very nature.
Step 5, become a bitcoin fanboy and scream everywhere that people should buy bitcoin so you make money when you sell it back into real currency. (Definition of a Ponzi scheme: an investment scams that pay existing investors with funds collected from new investors).
Bonus step: realise that Satoshi Nakamoto is none other than Bernie Madoff 🙂
Really interesting podcast, Vijay obviously knows a lot about BTC and brought a great explanation of the history of money. An excellent book on the subject is The Ascent of Money by Niall Ferguson, I think it does a fantastic job of explaining how we got to where we are.
I can’t say Vijay has been 100% convinced on BTC, but enough that I’m thinking more about it.
He’s very good at explaining it right. Definitely food for thought!
Hi guys.
Maybe this isn’t the forum for this but the main problem I have with crypto is the anonymous nature of it.
Firstly this allows tax avoidance.
This affects the poor most in society as they are the ones that depend on the safety net that taxation provides.
This also affects the funding of all shared services that everyone uses – roads, hospitals etc. Don’t get me wrong – I don’t want to pay any more than I have to but if I and everyone else contribute to society then loopholes like this should not exist.
Secondly it allows illegal trade to flourish. Stuff is generally illegal for a reason. Tracking of the flow of money allows drug dealers, pedophile rings, money laundering to be combatted. These records for example allowed prominent overseas and Australian banks to be exposed for assisting in the facilitation of crime.
Thirdly – what happens when things go wrong? I’ve recently gone through a horrendous experience with a prominent travel agency that required 4-5 NCAT hearings and a direct garnishee of their bank account when they ignored the court orders. How the hell do you access the assets of a business ignoring court orders when they have it stashed away in an anonymous account?
I am not pro bank. I think the blockchain technology is fantastic and the removal of unnecessary costs is a wonderful thing.
Unfortunately the anonymous nature of crypto is its Achilles heel in a functioning society in my humble opinion.
you can own a fraction of a bitcoin.
A satoshi is the smallest denomination of bitcoin, equivalent to 100 millionth of a bitcoin.
Good podcast but very one-sided, what about doing a Bearish Case for Bitcoin?
Discussing some flaws like:
1. 35% hash rate at one place in China – the very opposite of “decentralization”
2. High energy use – especially fossil fuel usage now
3. Inability to revert thefts – how many billions have been already stolen – and there’s nothing people can do if they are tricked – is that fair?
4. Why would I support crypto whales that hold BTC from long ago and now they became super-rich out of nowhere undeservely? Is that fair? Countries or banks can start they own crypto if they want instead of paying billions to BTC whales for “a right to use it”.
5. Quantum computer will crack BTC in instant and the whole thing will collapse and everyone will lose money
6. Ridiculously high transaction fees and long settlement time – no practical for daily use
7. Ability to print money can be a good thing – why are you saying that “governments are doing crazy things”. Look at COVID support in AUS, US or Europe – what else would you do if you could not print money / do quantitative easing? Look up Modern Monetary Theory – ability of governments to control money and address inequality might be a good thing. BTC seems to amplify inequality – whoever was around the BTC beginnings and from wealthy countries will have largest share of BTS “forever” – i.e. locking poorer people in indefinite BTC poverty.
8. Anonymity is not always desirable – as someone above explained – we need to be able to track illegal activities, terrorism financing etc. I don’t believe you can have a healthy and happy society with full anonymity and absolute decentralization.
Great point Vlad.
I’ll try to get Vijay on a second time and I plan to go into the ‘Cons’ of crypto a bit more. I’ll be sure to add some of these to my questions 🙂
Cheers