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Nik Bhatia, Layered Money, Bitcoin, Digital Currencies, Money, & You

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Wes Schaeffer
July 11, 2021

Will Central Banks Be Replaced By Cryptocurrencies?

Sales Tips you’ll learn today on The Sales Podcast…

  • Geopolitical approach to business and life and war and things that shape our lives

  • CFA—Chartered Financial Analyst

  • What is happening holistically

  • We’ve been hearing about Bitcoin since 2012

Erik Voorhees discusses Bitcoin and Cryptocurrencies on The Sales Podcast

  • He didn’t look into it until 2016

  • Bitcoin is a tool for freedom

Bitcoin is a tool for freedom.”

  • Bitcoin is not Netscape or Google…it is the internet!

  • It’s a software protocol and the unit—the money—in that protocol

  • It’s a set of rules

  • The protocol level of Bitcoin can be compared to HTTP or SMTP

  • It is nuanced

  • It’s not a company, it’s a set of rules

  • “Legacy people” are fun to watch as they change their tunes on Bitcoin

  • Jamie Diamond is now all-in on Bitcoin

  • Elon Musk is narcissistic, which is good and bad. He’s a cult of personality, so let’s look at Warren Buffett, etc.

  • The legacy money guys don’t understand Bitcoin

Lords of Finance on The Sales Podcast

  • Mining, hashrate, the energy…that’s what backs up the currency

  • It’s a computational energy network

  • The legacy money guys are afraid of populism

  • The internet is a disruptive power and has distributed power as Bitcoin is doing

  • Bitcoin empowers the people

  • The institutions have to protect themselves from Bitcoin

  • The foundation of “Layered Money: From Gold and Dollars to Bitcoin and Central Bank Digital Currencies“

  • Your so-called money falls into a hierarchy

    • Venmo balance

    • Cash in your pocket

    • Wells Fargo savings

    • They all have different counter-parties

  • “The Inherent Hierachy of Money” by Perry Mehrling, Columbia University, 2012

  • Bitcoin is independent of the layered structure

  • “Mastering Bitcoin,” Andreas M. Antonopoulos

  • “Inventing Bitcoin: The Technology Behind the First Truly Scarce and Decentralized Money Explained,” Yan Pritzker

  • He hasn’t been able to verify why Ethereum is money

  • He expresses his opinions by positions

  • Go buy $10-$20 of Bitcoin and download a smartphone Bitcoin wallet and practice sending yourself money from the exchange

  • Have a friend download a different wallet and learn how this works

  • Venmo and Bitcoin are not the same

  • Bitcoin derives none of its value from being easy to send

  • Bitcoin is valuable because it’s a non-government currency

  • Blockstream’s Green money app

Sales Growth Tools Mentioned In The Sales Podcast