13: Bitcoin Prosperity Or Bitcoin Fantasy – Stephan Livera
00:00 / 01:02:59
Sound money is necessary but insufficient to create prosperity
Do Austrian Economics principles apply to bitcoin as it functions today? And if so, how do those principles enable bitcoin to help poor people? What other factors besides sound money are necessary to create prosperity? In this episode, Ragnar debates these questions with Stephan Livera, a speaker on Austrian Economics and the co-founder of the Australian Bitcoin education venture Ministry Of Nodes.
Poverty is the default state of mankind
Defining not-poverty. Prosperity?
Factors of poverty to prosperity: Culture, IQ, values, natural resources, capital, technology, composition of economy, money
Role of money in poverty and prosperity
Bitcoin and poverty – theory of sound money leading to increasing value of currency, while creating a structural changes to an economy. Has bitcoin alleviated poverty in the past and present?
Staying alive is more important than owning bitcoin
Bitcoin has made many people rich, but has bitcoin helped any poor people? Should it? Can it? In this special episode, Ragnar and Chanel sit down to discuss the surprising responses to the following tweet from Ragnar, “The poorest people can’t invest in bitcoin. They don’t have enough money to pay rent or buy food. How are they going to sit on $50 for four years? And this isn’t just in 3rd world countries. This is in Western countries. In fact, a lot of people in Western countries.” The replies varied, from callous to inspiring, from condescending to insightful.
Being poor falls on a spectrum, defined by cash flow and living conditions
Stories of bitcoiners who became poor through bad luck
The five characteristics of bitcoin that make it a bad investment for the poor
Applying sound investment principles to bitcoin: Time horizon, risk tolerance, liquidity, and maintenance burden
Why poor people can’t and shouldn’t save money to buy bitcoin
Can earning bitcoin help the poor? Usually not
How bitcoin CAN help the poor
Bitcoin and the poor in Venezuela, Argentina, and Lebanon
Why the middle class have the most to gain from bitcoin