Bitcoin: WTF happened yesterday? And more thoughts on Bitcoin.

First, we start off with a quick summary of the events surrounding Bitcoin for the day and then we jump back in time and walk through how it all started a week ago with Elon Musk and walk the listener through the week.



Then we discuss learning about Bitcoin and question whether Elon Musk really understands it when he compares it to Doge.



This leads to a discussion on why Bitcoin has an average 10 minute block time and why the block sizes are the size they are. This leads to a conversation where we compare some of Ethereum's differences to Bitcoin.



This leads to a conversation about engineering choices and trade-offs and how that applies to Bitcoin.



We discuss a digression about one's coding knowledge and how much someone must know in order to understand Bitcoin which leads to a discussion about outsourcing one's thinking to trusted third parties and practical trade-offs based on technical expertise.



Then we hear Luc's case for Bitcoin.



Then we have a quick digression about visa fees, externalities, and the history of Five Guys.

Then we finally get to the Bitcoin Crash, how it happened, and how we see things working out in the future. This includes a comparison between equities and Bitcoin, why Bitcoin is antifragile, and the importance of zooming out.



As a reminder, you've got one week to read The Alchemy of Finance by George Soros before we discuss it next week on the podcast. It's also on Audible.

Here are the various resources mentioned in this podcast:

The Podcast Episode Where We Discuss Bitcoin's Energy Consumption

Favorite Bitcoin Resources

What Bitcoin Did with Peter McCormack

Lessons of History by Will Durant

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