Jordan Peterson asks about Bitcoin and we all learn. Part 2/2

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The important thing about this podcast episode is that Jordan Peterson has a big following. Its viewers are unlikely to be exposed to Bitcoin, and their first impression will come with the best quality of information possible. Everyone involved should be proud.

Either way, be sure to read Part 1 of this limited series, it has some crucial information. In Part 2, the gang will cover legal tender laws, Elon Musks’ false claims, Bitcoin as a medium of exchange, and its use by criminals. And Jordan Peterson will bring a unique perspective to most of the topics, and some choice quotes you can use at the next dinner party you are invited to.

Related reading | CNBC is as ignorant of Salvadoran Bitcoin law as most mainstream media

Meet Jordan Peterson’s Guests / Experts

Doesn’t the dollar already work like money?

Hard Money expert director Richard James takes on this one. He admits that the dollar is working, but, compared to what? We can make a fundamental distinction between a currency chosen by the free market and a currency imposed on someone through the use of a threat of force, which is essentially what the US dollar is, and any other fiat currency.

The use of the dollar is imposed by these legal tender laws. You cannot legally use gold as a medium of exchange or enter into a contract with payment terms expressed in gold. I’m also technically precluded from saving my money in gold, James says, because of capital gains taxes. Part of what you save you will have to pay to the government. And technically you don’t earn any return because the money is worth less because of inflation.

He goes one step further and asserts that most people invest not for real return but to beat inflation. People cannot just save money. They are forced to take the risks inherent in investing just to maintain their purchasing power. And then they have to pay taxes.

After that, Jordan Peterson plays the devil’s advocate and poses the idea that one could see inflation as a tax on wealth. James responds: The problem with using inflation as a method of redistribution is that it actually works unfairly against the poor in society. The reason is that those who are rich don’t store their money in dollars but in assets. And these assets appreciate with inflation. On the other hand, those who live paycheck to paycheck don’t have that luxury. And their savings are worth less every day.

Jordan Peterson dispels Elon Musk’s environmental concerns

It’s time for Gigi to defend the citadel. It doesn’t even mention the green energy ambitions of the Bitcoin mining industry. He claims that the use of energy is necessary because it anchors the system in the real world. Additionally, Bitcoin uses energy to:

Secure the system Distribute new coins Secure the past. To ensure that the history of the system is incorruptible. Decentralization of time itself

This last point requires some explanation. If you didn’t have something like proof of physical labor, you would need to trust a central time authority. Because the order of transactions needs an absolute order of time. So in conclusion, all of these things combined are solved by the proof of work system introduced by Satoshi Nakamoto.

After listening carefully, Peterson synthesizes these ideas into a quote for the ages. Whatever energy is spent in producing Bitcoin and maintaining the system, it should be more than recouped by the increased efficiency of every system that uses Bitcoin as a transactional device. Boom! If we take this into account, there will be a net energy gain and not a net energy loss if you calculate it across the entire system.

To round off the idea, Breedlove claims that there is no money value without sacrifice. Energy consumption is crucial for the Bitcoin system. And the Bitcoin system is worth it.

When will Bitcoin work as a medium of exchange?

It’s already very usable, according to Gigi. There are people who live on the Bitcoin standard. But in any case, some time ago it could be said that people were not using e-commerce to transact. It could also be compared to electricity, Bitcoin is a network and electricity is a network. The famous network effects take a long time to gain momentum, it happens gradually, then suddenly.

Either way, Gigi claims Bitcoin is unstoppable, just like the internet. Jordan Peterson asks him why he thinks this, Gigi replies that Bitcoin is pure information. This is another key aspect of this complex phenomenon. It is very difficult to destroy information if it is distributed well enough.

BTC price chart for 12/08/2021 on Coinbase | Source: BTC / USD on TradingView.com What are the downsides of Bitcoins? What about the criminal who uses it?

Gigi doesn’t try to argue against the criminal element. He says Bitcoin is a powerful tool that people can use for good or bad. And that the genie is out of the bottle and it is impossible to contain it now. Vallis redoubles his efforts using the vocabulary of Jordan Peterson. Bitcoin sanctifies the sovereignty of each individual and what they choose to do with that sovereignty is their choice.

Related reading | Everything we know about the 2021 Bitcoin conference in Miami

However, Jordan Peterson sees another angle. He embarrasses them and says that they have claimed that there is an intrinsic ethic to the tool. And that, if they are right, you can count on an incorruptible currency as a signal of unalterable value.

And with that idea, they close the transmission by promising to start over. At Bitcoinist, we can’t wait for this to happen.

Featured Image: Screenshot of the podcast episode | Charts by TradingView

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