We all wish we had the time to sit down and read all about Bitcoin, but we can listen almost anywhere. So let me read it for you. This is a crypto Kana me quick read. What is up everybody? Welcome back to the crypto. Cana me. We are continuing from yesterday's reading. Read this will be the second half and a little bit of change of the Bitcoin Reformation by Turtle. Mr. From adamant capital and this will be starting into the section all about the financial economy on the ends kind of what role we could see Bitcoin playing as an analogy to the Protestant Reformation of the 16th and 17th century. So if you didn't listen to yesterday's episode that is First half of this so definitely go back and check that one out. But without further Ado we are going to go ahead and jump into part 3 Financial economy during a Reformation. part 3 Financial economy during the Reformation In the Reformation we saw the emergence of a new cultural and economic class trying to defend itself in a dynamic volatile and hostile environment. It was a network of idiosyncratic economic actors highly invested in their calls cut off from traditional ways of doing business with highly potent defenses at their disposal. Driven by a ferocious demand for increased Financial Security this resulted in a number of Innovations in secular Trends below. We discuss several characteristics of the 16th century Dutch Financial economy and extrapolate from them some likely parallel trends that could sustainably emerge in the Bitcoin space. deposit banking full Reserve strict protocols In 1609 in the Netherlands merchants in City officials collaborated to found the Amsterdam vessel Bank AWB. It served two main purposes. First to guard the gold and silver wealth carried by the many hundreds of merchants refugees from the southern Netherlands and other territories second. It would issue internationally trusted Florin denominated bank money and bills of Exchange. The level of security of the AWB at the time was unparalleled in the world. It was located in Amsterdam a city protected by the Dutch water line, which formed a moat over 50 miles long the bank's Vault and operations were located at the town's most Central and visible location City Hall and the bank's organizational structure reflected a strong desire to be uncompromising in its fiduciary duties. The AWB counted four Commissioners and it was prohibited by the physical office you ever be staffed alone the Commissioners supervised for bookkeepers for counter bookkeepers three receivers and a precious metal assayer to prevent fraud. Each of the bookkeepers was only responsible for a designated tasks the V OC Trading Company arguably the most powerful economic entity of its day was a name WB account holder and it only made payments through the visal bank. despite a somewhat blemished track record as a full Reserve Bank, the reputation of the AWB was unparalleled in the 17th century and its stability and reliability played a key role in the prosperity of the Dutch Republic as late as 1820 Adam Smith In The Wealth of Nations praised the money of the visal bank for quote its intrinsic superiority to currency The AWB was not cheap. It charged a 1% annual storage fee for gold coin as well as opening fees transaction fees and a 1.5 percent withdrawal fee over all the advantages of the a WBS bank money were such that it's banknotes carried and a Geo they traded at a premium versus the actual gold and physical coins. They were backed by in the Bitcoin community in response to a cultural aversion of trusted third parties high risk of theft and loss and long-term regulatory uncertainty. We expect increased adoption of Highly secure trust minimized Bitcoin deposit banking Solutions the most trust minimize Solutions are those where by theft or fraud is by Design rendered extremely difficult with the use of delay mechanism. Thumbs in programmable nesting of signing Authority. We're seeing the beginning of a compelling and robust custody suite for Bitcoin which can generate a hitherto unparalleled level of security. We believe there is a lot of Promise in the smart contract Solutions recently explored by people such as Bob McElroy with Brian Bishop and Peter Wella in that sense, the growing adoption of multisig addresses for Bitcoin storage is likely a promising start of a much bigger Trend as of October 2019 32% of all Bitcoins in circulation are stored in the more privacy friendly P2, sh address format in 12% are visibly stored in multisig addresses up from zero percent in 2014. Quote it is no wonder that these Dutchmen should Thrive before us their Statesmen are all Merchants. They have traveled in foreign countries. They understand the course of trade and they do everything to further its interests in quote 17th century petition presented to Oliver Cromwell. Quote a transaction set up scheme that binds both the user and the attacker to always using a public observation and delay period before a weekly secured hotkey is allowed to arbitrarily spend coins during the delay period there is an opportunity to initiate recovery or clawback which can either trigger deeper Cold Storage parameters or reset the delay period end quote Brian Bishop describing. Sig pre-signed Vault proposal 2019 Enterprise Insurance cautious web of trust with the 16th century seeing an explosion in Maritime trade. It also meant that Financial technology was needed to deal with the accompanying risk. The earliest forms of Maritime Insurance were in the form of C loans, which commanded a high interest rate as they were only repaid Upon A boats safe arrival at destination. This type of contract was especially useful if the investor did not have access to full information about the profitability. Of the sailors Venture an alternative was the commenda contract which gave the investor the right to share in the profits of a voyage in the case of a successful completion. Both were imperfect substitutes of Maritime Insurance early insurance contracts have been found in Italy where Merchants themselves acted as Underwriters which later gave rise to the mutual form of insurance. By the 16th Century Insurance had spread to Britain France Holland and Spain one recurring challenge for the merchants was with claim collection. Some Financial Centers proved less reliable than others and if a merchant went with the wrong underwriter, he might never see his money given how hard is Central information was to come by in the immature shipping Market. The agency risk for Underwriters was substantial. Sometimes Merchants would deliberately over ensure in sink their ship or they would buy insurance on a ship. They knew was already lost because of the high risks involved Merchants paid a premium for Quality Underwriters and Underwriters would often confine themselves to working with Merchants. They could trust other factors that determined insurance rates were the financial stability of the underwriters and the city's rule of law culture. Insurance broker licensing and guiding was repeatedly Tried by authorities in Amsterdam and Venice but remained largely unpopular. Insurance in the Bitcoin industry is still in a very early stage since the Advent of the Bitcoin mining industry in 2013. We have seen many examples of Proto insurance contracts investors will pre-order mining rigs from mining startups who use the proceeds to produce the chips and manufacture the machines and similar to 16th century Maritime trade upon successful completion of the mission are then able to share and Adventures profits. Also several Bitcoin custodians have some form of insurance. But the fine print often shows that it's only the hot wallets that are insured which usually represents less than 10% of the Bitcoin under management similar to 16th century Commerce. There are a plethora of unknowns when it comes to underwriting risk in the space price volatility risk regulatory risk infosec risk service provider risk and so on. Given how globally salable Bitcoin is even nation state level attacks cannot be ruled out insurance providers that are successful in this space will have to be extremely knowledgeable about both operations and technology and will need to work within a framework that guarantees accountability and long-term relationships. It is no coincidence that self-insurance in the form of a reserve fund has become a staple of the Bitcoin. City industry Quote while there is in excess of 500 million of quote traditional crime and two billion in specie capacity in the market. There is only around a hundred and fifty million of crime and 500 million of specie cover available for crypto risks and quote a on director, Jeff Hanson, July 2019. liquid collateral as bases for Lending and derivatives In 1602 Merchants from the Netherlands merged together six small companies in pooled 64 tons of gold to form the Dutch East India Company V OC the vocs mission was to own and operate a fleet of merchant ships to trade with Asia for which it received Monopoly privileges by the Dutch government. The Monopoly allowed the fleet to play a military. And economic role in the ongoing war with Spain in 1604. The company did a public offering the first modern IPO allowing any buyer to own its shares. It was a success in Amsterdam over 2% of the population subscribed the deliberate absence of Bearer shares in the clear ownership in transfer rules fulfilled key requirements for a transparent Market in 1610. The first dividends were paid to investors. The vo C shares proved highly liquid and desirable as collateral within months after the company's Foundation shares valued at twenty seven thousand six hundred guilders were used as Surety in a prisoner exchange deal and in 1607 a nobleman borrowed two thousand guilders at eight percent against three thousand guilders worth of vocs shares as collateral in LTV ratio of 66 percent. The collateral market for vo C shares was very active but because it was a private Market not many records survived by 1623 the government specifically regulated to procedure for vocs share Liquidations in the case of loan defaults by their owner and by the 1640s the Amsterdam stock exchange had a regular repo trade operation for vo C shares. Interest rates on the Amsterdam market for secured loans dropped from 8% in 1596 to under 6% in 1620 the Deep liquidity of the V OC Market also made them the perfect underlying asset or a flourishing derivatives Market in 17th century Amsterdam with four words, including shorting options and repo contracts. In his video see focused dissertation historian ello petram concludes that quote after the period 16 32 16 50 investors were primarily interested in the financial services the secondary Market provided rather than in the East India trade itself end quote. Shifting over to today. We see similarities between Bitcoin Savers in the historical vocs shareholders. They are often long term committed. They have a relatively High concentration of their wealth tied up in the asset. They don't like to sell it as that triggers capital gains taxes and as Millennials, they have Ambitions to make further Investments. Going forward we expect the use of Bitcoin as collateral for borrowing to become increasingly widespread. We are also bullish on bitcoin derivatives markets as it allows businesses to precisely tailor their risk management strategy as they pursue sustainable growth in the Bitcoin industry. Our hypothesis. Is that the sectors in which price volatility impacts in economy, the most will grow the largest derivatives markets. Vo C shares in 16th century Amsterdam Agriculture and precious metals in the 1980s interest rates today and tomorrow perhaps Bitcoin. access to Capital in a deflationary world life Annuities are contracts that are sold for a fixed price giving the issuer the right to receiving regular payments or as long as he lives they were frequently used from The 14th Century onwards as loan substitutes because they didn't violate the Catholic Church's ban on Usery for the 16th century. The law usually guaranteed that Perpetual annuities could be cancelled by paying back the capital sum. Life annuity contracts were often used to fund Capital intensive Enterprises that had a relatively low risk profile businesses farms and local governments in the 14th century lowlands to economic profiles emerged in the coastal area with Sandy soils in regularly pestered by a floods many landowners borrowed themselves into eventual expropriation. In the more stable interior of Flanders annuity based credit was used for accelerating Business Development most often to unlock a real estate investment while older inhabitants would buy the contracts as a form of retirement income annuities could be transferred to third parties and thus became a popular Financial instrument among the urban population. As the Dutch Revolt came in to swing and as income from Maritime trade increased the protection of cities and their citizens became more important in cities would raise Capital by means of issuing annuities. An important reason why annuities were popular so much earlier than Mutual Life Insurance, which only emerged in 18th century England was that it requires a lot more trust in the entity providing the policy the insured needs to literally trust them from beyond the grave and there is no collateral that can be clawed back. There was potentially a cultural component as well. We're customers felt more comfortable bedding on a long life. annuity then betting on a shorter One Life Insurance having only recently passed its 10th anniversary Bitcoin denominated lending is Alive and Well Genesis Capital reportedly generated over two billion dollars worth of bitcoin denominated loans and borrows since launching in March 2018. We're seeing demand coming from hedge funds businesses with Bitcoin inventory and individual Traders. We see a parallel between historical annuities issued by Dutch. Cities in today's ieo tokens, which stands for initial exchange offering for example, bitfenix created an ILO token called Leah in order to tap the market for liquidity during a legally challenging time as well as 2D risk its tether related liquidity problem. By making an open-ended offer to repurchase Leo tokens at market value. This token has annuity like characteristics other offshore exchanges have done the same Finance created an offering with by Nance coin whole be launched whole betoken and FTX has FTX token Bitcoin exchanges often have loyal customer bases which depend on their services to some extent and these tokens allow them to tap into That trust by in effect borrowing from the public in analogy with the embattled Dutch towns in the income hungry Merchants. We expect a continued popularity of these annuity like offerings among offshore Bitcoin exchanges in crypto trading Millennials. In fact, they are the first examples of Proto life insurance products in the Bitcoin market place over time. We expect the emergence of life insurance Mutual companies, which Might very well Breathe new life into the severely weakened traditional life insurance industry Studies have repeatedly shown that inflation dampens demand for life insurance over time. And so conversely if Bitcoin as hard money sees widespread adoption. It is logical for life insurance products to become highly popular once more. Quote and I yo is like Goldman Sachs crashing into NASDAQ. It's a new breed of fundraising that could potentially change what's happening in finance, but regulations have to be figured out in quote Steven nari off CEO of Alchemists, June 2019. Graphic of US National Data in 1914 Bank deposits were five billion dollars life insurance assets were five billion dollars 2018 Bank deposits were 14 trillion dollars in life insurance assets were only four trillion dollars. Quote a one percentage Point rise in inflation is expected to be accompanied by a 1.2 percent decline in net real life insurance in force per capita in quote UC Berkeley Professor, David Babel 1981. part 4 conclusion Venture capitalists Eric Weinstein recently opined that the adage good ideas beat bad ideas is false and that the correct formulation is rather quote. It ideas beat unfit ideas is making the darwinian point that similar to survival chances of animal species and ideal will only flourish when the circumstances are exactly ripe for it. And indeed history shows the quality of an idea in itself is not enough for it to Blossom socially a working steam engine was described by hero of Alexandria in the first century BC and yet it was only commercialized 1,600 years later the movable type printing press already existed before gutenberg's machine in 14th century Korea yet didn't lead. Lead to a revolution there and centuries before Columbus and Hudson. The Vikings had already landed in America. In other words often circumstances are such that a highly potent idea just doesn't make into popular adoption. But once in a while the puzzle of circumstance fits together in a peculiar way creating fertile ground for many ideas to be adopted at once and allowing for a spectacle of chain reactions that profoundly reshaped Society. The Protestant Reformation was such a Time ideas germinated Rebellion erupted wounds healed in a generation of radical entrepreneurs. Oost in unprecedented series of foundational economic and financial Innovations. This happened 500 years ago, and it may be happening once more. Today we see broad parts of society Millennials, especially acting increasingly critical of Central Bank interventionism at the same time technologists at an accelerating Pace are developing an array of tools that allow for disruption of the economic status quo in a decade the millennial generation is projected to have the highest earning power of all generations in this tech savvy post 9/11 generation. Has encryption at its disposal as a defensive technology. Meanwhile the Bitcoin ecosystem is maturing in all aspects of its economy in particular in deposit banking Insurance lending and derivatives and early forms of life insurance. If this process persists Bitcoins layered protocol Suite could become a global Powerhouse and potential alternative to the IMF. S. Are you ready for the Bitcoin Reformation? Quote it's the potential of a start-up is proportionate to the size times. The incompetence of its competitors the most promising start up of all would be one that competed with national governments. It's not impossible. This is what cryptocurrencies do end quote all Graham founder of Y combinator August 2019. I were going to take a break right here and hit our sponsor and then we're going to I still want to go through the appendix. There's a number of pages here that just kind of walk us through the chronology of the Protestant Reformation and we're going to go ahead and hit that section as well and then finish out this episode. So let's set our sponsor and we'll jump back into the chronology of the Protestant Reformation. For anyone who has a podcast anchor cannot be beaten particularly for trying to get off the ground their entire platform is free. This includes unlimited hosting both in audio that you upload and how much your listeners download. 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So if you were thinking of starting a show or already have a podcast, there's no better platform out there check out anchor by downloading the app or go to Anchor dot f FM today over that century appendix brief chronology of the Protestant Reformation with focus on the low countries one early descent in 1511 Aerosmith's of Rotterdam publishes the wildly popular quote Praise of folly a bold satire of the Catholic Church six years later in 1517, Martin Luther goes public with his quote 95 Theses a scathing criticism of the rent-seeking practices of the Catholic Church within months thousands of copies circulate throughout Europe. In response to this perceived heresy against Catholicism the first book burnings take place in 1521 in 1522 King Charles V institute's the Inquisition in the low countries for the suppression of Heretics in 1523. We see the first heretic executions by fire in 1535 Charles V condemns all Heretics to death And in 1539 he cracks down on the tax revolt against him in Ghent. During this time. No social stratum is free from the politics of suppression even devout Flemish Catholic Gerard is Mercator the Cartographer famous for his 1569 world map is prosecuted by the Inquisition in 1543 in spends seven months in prison until he is released based on lack of proof in that same year Copernicus publishes his book on heliocentric theory and Flemish. Anatomist Vesalius fundamentally changes galen's anatomical model for the first time in fifteen hundred years in 1548 humanist Christopher Hall Plantation moves to Antwerp. His book publishing house will quickly become the most prestigious in Western Europe in 1555. We see the founding of the first underground Protestant municipality in Antwerp. to open Rebellion in 1559 the hapsburg king departs Brussels and leaves for Spain after which his half sister Margaretta becomes governor of the Netherlands. 1566 becomes known as the miracle year it begins with Flemish nobility sharing a no prosecution petition with the governor of the Netherlands which yields a mild reaction emboldened Protestant factions start preaching inside Catholic churches with accompanying vandalism later known as the iconoclasm a local truce is reached without the governor's consent and Protestants are allowed to preach in six churches within an twerps City wall. Later that year the defeat of an army of Protestants giessen starts tilting the power back in the favor of the royalists. Three Crackdown in 1567 the Spanish Duke of Alba arrives in the Netherlands with an army of 10,000 Spanish veterans. He institute's a quote quart of blood and in his six year reign as governor of the Netherlands is considered by some to be responsible for the death of over 18,000 people upon arrival in the Netherlands Alba raises taxes and begins with the construction of the huge Fortress. The edge of the city which is completed in 1572 this pentagonal Citadel becomes quote one of the most studied Urban installations of the 16th century end quote three years later. The Spanish Crown is in financial trouble and stops paying its mercenaries in the lowlands who at the command of Antwerp citadel's Commander Sancho de Avila pillage the city of Antwerp in 1576. This Spanish Fury becomes one of the Century's worst atrocities. We're in seven to ten percent of the population is murdered in three days and a thousand houses are destroyed despite Fierce resistance in the following years, including a partial destruction of the Spanish Citadel in 1585. The city of Antwerp surrenders to Spain and all Resident Protestants are given four years to settle their Affairs in leave the city. The same happens in Ghent and Brussels in the 20 years following the sack of Antwerp the city loses nearly 50% of its inhabitants to immigration Europe's strongest economy has just suffered a heart attack for the next Century Antwerp wages. Remain 35 percent lower than for example, Laden a city merely 85 miles away yet in Protestant friendly northern Netherlands. for Netherlands, New Amsterdam, New York the fall of Antwerp and the rest of the Southern Netherlands helps kick start the Dutch republics Golden Age by virtue of the influx of some 50 to 100 thousand Fleming's simultaneously England a relative religious Safe Haven sees its human capital boosted by waves of inbound migration after Decades of war and Conquest the Spanish Empire has weakened internally in part due to the health consequences of inbreeding and its strong hierarchy based rule proves no match for the Nimble Dynamic and commercially oriented organization of Dutch and British economies. The combination of religious in commercial Tolerance on the one hand and a defensible territory surrounded by water on the other proved to be a recipe for success and for the next 200 years the Netherlands and England are at the Forefront of economic Innovation and growth. In 1579 The North Dutch provinces gather to sign the union of Utrecht in which they assert their independence from Spain the document declares complete religious freedom in the Dutch territories of Freedom, which will also come to be respected in New Amsterdam in 1588 after the destruction of its Mighty Armada in the British Channel Spain gives up on its Quest To Conquer, England. In 1602 the Dutch East India Company is founded among others by Dirk Van has and Antwerp immigrant van has also helps fund Henry Hudson's 1607 expedition to North America signs his name on one of the world's oldest stock certificates and co-founders the Amsterdam Exchange Bank 1609 in that same year 1609 a peace treaty is signed between Spain and the Dutch Republic. Public in 1620 the pilgrim fathers who would later sale on the Mayflower and found the Plymouth Colony settle in the Dutch city of Laden where they find Refuge from religious intolerance in their native England in 1621 Flemish Dutch. Merchants will amass links obtains permission from the Staten General to found the Dutch West India Company WIC with a monopoly only. Nation of North America in 1624 the first Dutch settlers arrived on Governors Island outside of Manhattan in 1626. Well Owen pewter Min Hui purchases Manhattan Island from the Lenape Native Americans in chooses it as the capital of New Netherland, which at the time still was a purely commercial Enterprise. In 1638 after the manuscript is smuggled out of Italy Galileo galilei's heliocentric two new Sciences is published in Holland in 1643 Isaac Joga zestimates Manhattan's population at 500 and the number of languages spoken there at 18 in 1644 English poet. John Milton publishes areopagitica a philosophical. Winds of freedom of speech and expression in 1654 a small group of Portuguese Jews arrives in Manhattan. And after the Jewish Community petitions the WIC back in Europe the New Amsterdam Governor Peter stores Avant eventually agrees to let them stay setting a welcoming precedent for future non Dutch settlers. In 1664 New Amsterdam is conquered by the British Army and is renamed as New York. The population is 9,000 at the time in 1665 Spinoza's teacher and Flemish Refugee Franciscus Vanden indan publishes free political Theses in which he defends freedom of speech freedom of religion egalitarianism abolitionism and direct democracy. In 1683 British Earl Thomas Duncan is appointed as governor of New York in task to promote the Anglican Church there. He never succeeds in 1689 John Locke publishes a letter concerning Toleration in which the philosopher makes a highly influential case for religious tolerance. In 1777 New York adopts the first state constitution without any religious establishment and becomes the only revolutionary state that does not have a religious test for holding office. quote give me the Liberty to know to utter in to argue freely according to the conscience above all Liberties in quote. John Milton 1644. Quote this convention doth further ordained determine and declare that the free exercise and enjoyment of religious profession and worship without discrimination or preference shall forever Hereafter be allowed within this state to all mankind in quote New York state constitution 1777. At the heart of bruegel's the battle between Carnival and lint a married couple is shown the man carries a sack symbolizing egotism and imperfection in the woman in unlit Lantern signifying absence of wisdom. Accompanied by a fool and kindly supporting each other. They wander off interpreting his photography. We see a supportive message about the future of the Reformation all the common man and woman aren't as enlightened as the intellectual class is want them to be they generally do not participate in tribalist Warfare in this disengagement isn't informed by General apathy, but rather by a pragmatic interest in peaceful family life and individual economic. Like progress with bruegel. We are compassionately optimistic about long-term Improvement of The Human Condition even in the case of a Reformation 2.0. Sure Society teams with prejudice and poor judgment on both sides of any argument, but given a long enough time Horizon burdens of bigotry and fanaticism can be offloaded in lanterns of Reason can be lit. the Journey of History meanders ever allowing for forks with Better World potential And we are definitely at a fork in our society. I think it's it's clear. It's amazing. How many parallels there are and it's funny when we go back to like compare letter to mr. His head conversations and like Twitter threads and all kinds of stuff about all sorts of historical parallels to kind of show like massive societal transformation, but it's funny. Of the number of things that do parallel. This is an incredibly good analogy or you know of reference essentially to look at like kind of the historical responses in how these things build over time. I think no matter what when you're looking at a change that's happening in our society today. You're looking at something that's going to happen much faster. It's just kind of the nature of the networks and how unbelievably well connected we are and how quickly information spreads. I mean in the age of the internet like there's nothing that can really compare. I mean the the comparison between the printing press and the internet is almost non-existent. Like the internet is such a powerful tool and obviously a clear Catalyst for change and then what were able to accomplish with these self-defense tools of cryptography and and Bitcoin as a weapon of self-defense back to you know, man Willebrand's comment, which I just thought was such a it's such a succinct way to put it just flat-out. It is a tool for that self-defense of your economic position in the world that like when you hold economic value you hold it in the most defensible form and that will be Bitcoin and I don't see I'm increasingly more and more confident. About the I guess you could say timing of all of this that he talks about in this section. Actually. There's a really good part. I'm probably going to find it quick enough to actually read it, but about how sometimes like there plenty of times in which an idea doesn't, you know pan out or something is quote unquote invented, but just not at the right moment in history, and we see this a lot. That's one of those things that just Bitcoin is so perfectly suited for the job. That is so desperately needed in our society with even like are the cultural tensions that have built up the unbelievable wealth disparities that have grown due to bad money and other fact that we have for the first time ever one of the most severely imbalanced. Global Financial problems like like never to this scale have we had this sort of problem? And even the Roman Empire? I mean, obviously what you end up with is something that's to that scale because of the unbelievable size of society and civilization today, but because we've become so globally intertwined like we've never the problem is more interconnected because our economies are more increment interconnected than they ever have been. So there is nothing that this one has things about Bitcoin. That is so coincidental. I don't know. It seems almost prophetic that it landed on in the world at the exact time that it landed and it could not have a more fascinating narrative to start it off with this just so intriguing that we don't even know who made it. It and it's this free. It's open source. It is literally owned by The Commons and has this unbelievable resistance to change and a system a cryptographic system to organize humans and create Integrity in trade and ownership like never before and at a time when that Integrity is the exact same exact thing that is being horrific. He corrupted in on so many levels of this thing being the Global Financial the IMF s the whole financial system that we are stuck paying the waste of and it's just it's a fascinating time. I may not Jesus. I hope we don't end up in a situation where tens of thousands hundreds of thousands of people died because of the inability for them. To accept the fact that things things are going to change and that their jobs will probably not be desired at all neither needed nor desired. But I think it's something that must be considered at least that there is there's going to be resistance like that's kind of the nature of change and when you're looking at change old at this scale and with this many people on a global something that is Is big and fast moving as the internet there's going to be just going to be stress. There's going to be tensions and unfortunately, like it's one of those things like The Big Short it always reminded me at that's a really great movie. If you haven't seen it. I highly recommend it and there's this great scene where all these guys are shorting, you know, the huge Market collapse and they get really really excited because they may look a bit. Billion dollars or something ridiculous. And and then I think it's Brad Pitt's character basically chastises them and yells at them that like people are losing their homes their jobs their retirements their livelihoods like have a fucking heart and realize what we're living through right now kind of perspective and I think it's easy for us to get our excitement about Bitcoin. I know it's easy for me for my excitement of Bitcoin. You kind of forget it. Most people have no idea what's going on and they are going to be hurt by this train that is coming and I'm over like comfy in my little bit coin Corner because I feel like I have an escape valve. I have an unbelievable weapon of self-defense here where I don't have to worry nearly. I mean it is literally like a security blanket for me when I go to sleep knowing that. You know, I've got my keys and I've got it all my stuff well protected and I have access and I'm connected to this crazy community and new like just kind of global alternative economy and that I am hedged in something that is totally external to all of that risk all of that in. Islands on and it you know, it makes it easy to avoid politics to like, it's just I just don't care who the candidate is in the same way that I wouldn't care who the next priest was going to be during the Reformation that II it allows me to look further allows me to look past all of that transition. It's going to happen and kind of direct with a very long-term Focus again that that time preference having low time preference. It's it really it's changed my perspective in so many different ways and I really really love this piece and another of the amazing historical parallels that turned him Easter goes into and adamant Capital. Those guys are always putting out fascinating stuff. I love reading all this ground and thank you for listening and thank you tutor again for letting me read this piece and for producing so much. Some stuff I'm going to have some of you may have seen the Tweet but I'm actually going to do probably over the weekend maybe Sunday if I can get it done drop, excuse me, a full unabridged. No intro outro commentary anything like that version of this piece so that you guys can download it and listen to it and have it whenever you want it. All right. Thank you guys so much for listening. I hope you guys enjoyed that piece. I will obviously have the links to download it and check it out. There were a lot of images and quotes and charts all in the the sidebar. They're all the way down this piece lots of stuff to really explore and of course, don't forget to check out adamant capital and term Easter followed her to me sir. I'll have his link and all that good stuff in the show notes, so don't forget to check that out and lastly. Don't forget to subscribe to the crypto Konami with guys swan. We have got so many great things being rolled out constantly practically a Daily Show here reading all the best stuff in the Bitcoin and crypto Khanna me space interviewing some of the most fascinating authors and people in the space. And of course my own take on all the crazy stuff the technology the development and everything that's going on in the Bitcoin and crypto Kana me. That is the crypto countermove guys Swan. I am guys Swan and thank you guys so much. Much for listening. I love you all and I will catch you back here after the weekend with some more episodes. But until then take it easy guys.
Today we conclude the report from Adamant Capital written by Tuur Demeester on a fascinating parallel between Bitcoin and the Protestant Reformation of the 16th and 17th centuries. A plethora of new financial tools and the flight to find security in uncertain times, and the many parallels with the role Bitcoin could play in finding a haven from the over-leveraged, over-regulated, and corrupt IMFS. Don't miss a great piece. Links to the original works below. https://docsend.com/view/ijd8qrs https://twitter.com/TuurDemeester  Other great episodes for more details and expanding on these themes: • Bitcoin, An Accounting Revolution https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_255---Bitcoin-An-Accounting-Revolution-Permabull-Nio-e473tj • What's Driving the Cryptocurrency Phenomenon? An Iterative Capital Thesis https://anchor.fm/thecryptoconomy/episodes/Whats-Really-Driving-the-Cryptocurrency-Phenomenon----The-Iterative-Capital-Thesis-e2u7qq • A Most Peaceful Revolution [Nic Carter] https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_293---A-Most-Peaceful-Revolution-Nic-Carter-e5bfpm • Guy's Take - Revolution in the Protocol https://anchor.fm/thecryptoconomy/episodes/GuysTake_23---Revolution-in-the-Protocol-on-Nic-Carters-Peaceful-Revolution-e5cap9 • Bitcoin in Heavy Accumulation Part 1 & 2 https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_243---Bitcoin-in-Heavy-Accumulation-Part-1---Tuur-Demeester--Michiel-Lescrauwaet-e3tnic https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_243---Bitcoin-in-Heavy-Accumulation-Part-2---Tuur-Demeester--Michiel-Lescrauwaet-e3u1gb  If you want to support the show and join the Cryptoconomy Telegram crew, become a patron below! https://www.patreon.com/thecryptoconomy  ---   This episode is sponsored by  · Anchor: The easiest way to make a podcast. 