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Fat Monies: Anti-Contrarianism in Cryptocurrency Investing

In a first-ever two-hour episode for Venture Stories by Village Global, Erik talks to two of the most interesting crypto thinkers around: Arjun Balaji (@arjunblj), crypto investor, trader and incubator, and Murad Mahmudov (@MustStopMurad), crypto analyst and angel investor.

In this wide-ranging and mind-expanding interview, the three discuss a number of topics relating to cryptocurrencies, effects on government, economic history, and predictions for the future, among many other things including:

- The arguments for Bitcoin over other cryptocurrencies and whether Bitcoin can be toppled
- Why Bitcoin is less like digital gold and more like “digital nuclear weapons”
- Whether Bitcoin will be “the MySpace of money”
- A history of the Austrian school of economics
- The impacts of hard forks on a community
- How competition between monies accelerates capitalism
- Whether blockchain as a technology is overrated or underrated
- The parallels between cryptocurrency and the Asian construction bubble
- Institutional movement into cryptocurrencies
- The psyche of crypto hedge fund managers
- How crypto changes how countries compete for tax revenues

Quotable lines from this episode:

“The creation of a non-sovereign sound money system has the potential to be one of the most significant events in our lifetime.” - AB

“I view money as a good, just like anything else, and I don’t believe we have pure capitalism until we have competition among currencies.” - MM

“Cryptocurrencies in general and in particular Bitcoin are a higher quality form of money.” - MM

“Through the fat money lens, all tokens are cryptocurrencies.” - AB

“The whole market is like a prediction market for which one or few coins will be the long term money winner.” - MM

“Bitcoin is the Schelling point of the market”. - MM

“Despite all the fancy bells and whistles that blockchains enable, the fact that nobody can print more Bitcoin is the greatest innovation here.” - MM

“The idea that money has to be continuously in circulation is completely non-sensical.” -MM

“We’re not trying to build another PayPal here, we’re trying to disrupt central banking.” -MM

“Miners don’t control Bitcoin, businesses don’t control bitcoin, users and full nodes control Bitcoin.” - AB

“As time goes on, everyone is going to become a Bitcoin maximalist whether they like it or not.” - MM

“The number one thing that we can learn from economic history is that if there is an actor that can create more money, they will.” - AB

“If there’s free competition around money then the market would never naturally converge around something [the US Dollar] that is expanding at 6% a year. It’s totally irrational.”

“Just as we witnessed the separation of church and state, in the next 20-30 years we are going to witness the separation of money and state.” - MM

“People who say capitalism is dead or that we are entering the end of capitalism don’t know what they are talking about, because capitalism is going to go into overdrive.” -AB

“What previously took a 200-person team in 2000, took a 100-person team in 2007 and takes a 5- or 10-person team now.” - AB

“We’re entering an era where businesses will be able to be built and run on the internet by one person.” - AB

“These tokens suck as money or are absolutely and utterly useless.” -MM

“Almost all of these tokens were unethical fundraising scams by the founders.” - MM

“This whole thing [the ICO boom] was a form of IQ arbitrage, where people took advantage of these overvalued shit tokens… Do you want to walk around New York and use a different form of currency at each store?” - MM

“Erik, if you’re looking to hold your wealth in the equivalent of gift cards to the Gap, I’ve got a bridge to sell you.” - AB

“The hype around blockchain is nothing more than an indicator that Silicon Valley is largely oriented less around the original counterculture movement and much moreso positioned as a form of...

Article posted 11 months ago

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