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Explained: What’s The Fundamental Problem Bitcoin Intends To Solve

On today’s show, Robert Breedlove talks about the fundamental problem Bitcoin intends to solve. This is a great discussion for anyone skeptical of Bitcoin to listen to.

Preston Pysh
So let’s go the really kind of the essence of the big question, what problem does Bitcoin intend to solve?

Robert Breedlove
That is a great question. I wish there was just one answer…

Preston Pysh
There isn’t one answer,

Robert Breedlove
-but my job would be a lot easier then, but we can start with where we’re leading off here as inflation. For the first time in history, the best money we had historically was gold because it had the lowest and most predictable inflation rate. So you sub 2% per year. People could reliably store their wealth in that medium and they knew with fairly good certainty, barring any technological breakthrough or someone mining an asteroid that supplier is only going to increase about 2% per year.

Robert Breedlove
So you knew you’re going to be diluted 2% a year as a gold holder, essentially. So with Bitcoin, for the first time in history, we have a money supply that’s perfectly predictable and universally transparent. Everyone can see where it is today and where it’s going into the future. That money supplies started at zero in 2009 with the mining of the Genesis block by Satoshi and it goes straight out to just under 21 million and the year 2140. So we have a money that has zero unexpected inflation, all of the inflation and Bitcoin is perfectly predictable. So any price signal that it conveys as we were just talking about would be 100% signal and 0% anyways. So Bitcoin is the first money in history that has a 0% terminal inflation rate. So what I mean by that is that there is no unexpected inflation in Bitcoin whatsoever.

Robert Breedlove
We can see the algorithmically enforced money supply and this, by solving inflation, this is at the heart of many of the problems in the world. I would argue. People have been indoctrinated into believing that inflation is necessary for a healthy economy. I would argue that even the term itself has a bit of a euphemism. It sounds good inflation. My house is more valuable, my equities are more expensive, my wages are going up. Like if you only think one order deep then inflation sounds wonderful. Everything is nominally more valuable every year. But what is in fact happening?

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