Podcast Rodeo Show: Reviews and First Impressions of Your Podcast I break down the basics of crypto and show how to take part in the potential asymmetric risks and gains crypto has to offer. I'll help you understand how it all works and get started.
You do a good job of talking to one person, and you get right to the point. You're doing a good job of sounding like a friend on the other side of the table who is just explaining things to me.
You had done some good research, and you had links in your show notes.
I liked the island story as it triggered the theater of the mind (which is going to be needed a lot when you talk numbers the theater of the mind gets cloudy quick).
During the Gold discussion, I got bored and wondered if we needed all this detail. It's hard to make finance "fun" and "engaging."
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Podcast Rodeo Announcer 0:00
The following is an opinion and only an opinion. These are actual honest first impressions. If you don't like the opinion, feel free to never listen again.
David Jackson 0:13
Welcome to the podcast Radio Show. I'm your host, Dave Jackson from the School of podcasting.com. If you are new to the show, this is where we grab a random podcast and see how long we can hang on. Then I take my 17 years of podcasting experience and give you an honest first impression. And the show we're listening to tonight is called Bitcoin and financial independence. You can find them and this is the tricky part it is get bitcoin by I keep wanting to throw in like FYI, it's not get bit coin, Fi FYI, short for finance. Our good friends at Apple podcast says, I break down the basics of crypto and show how to take part in the potential who this is a big word. Asymmetric risks and gains crypto has to offer. I hope you understand how it all works and get started, which is good because I kind of need this. There is an audio meme of me in many shows of me going. I don't know anything about crypto, I started a show called leading the bleeding. I did one episode. And I learned what I needed to learn in that kind of like area tapped out. But what's interesting about this is tonight, I'm playing you the episode from a app called cast ematic. And for years, I said you will Bry overcast from my cold dead hands. And there were two features that I really loved about overcast. I love their smart play list. I love their gappa reducing thing there auto leveler. And I love the fact that I can upload things to their website, and it would show up in the app and overcast announced that hey, we're not going to do that in 2023. And then via the podcasting 2.0 show, they said that Marco the founder of overcast and I have nothing against it, it's his app, he can do whatever he wants. And he said yeah, I'm not doing that streaming crypto thing. And I found cast ematic. And what's weird is if you are an overcast user number one, you can export your your episodes as an OPML and then import them into Casta Matic and you are good to go all the same features. And what I'm doing tonight is I uploaded the file here to iCloud. And it showed up right in my app, which is very, very cool. Makes it easy. And that's really what I use that for kind of what I call one offs. And so we're gonna listen to that episode, right after this.
Unknown Speaker 2:47
And of course,
David Jackson 2:48
you said it before get bitcoin fi.com Is the episode and we're gonna hit play on this. And it sounds, it's episode 34. So this is not a brand new podcast, but not super seasoned. So we will see what we find out here.
Unknown Speaker 3:07
Hey, this is Stuart Bitcoin by the cross section between financial independence and crypto. And today I'm recording a response to some questions I was getting in my mastermind meeting earlier today. It was kind of a coaching call today. And I was just chatting with some people about my podcast, and I got some feedback from some members of the group that they just didn't understand the utility of Bitcoin, even one of my friends that has listened to the podcast, at least some of the episodes, still is having a hard time wrapping their mind around the actual utility of Bitcoin. So I wanted to talk about that today. And I've touched on this in some previous episodes, there's kind of a foundational level of knowledge about the properties of money, the pros and cons of gold, fiat currencies, and Bitcoin that I talked about in episode seven. There's also Episode 25, which is about censorship, resistance, and also episode 27 why you should care about Bitcoin.
David Jackson 4:04
Alright, so I like so far, it's really black, kinda like low tech. I love the fact that he's talking to one person. And I love that he's pointing us back to previous episodes, which makes you want to go to his website. Let's continue on. So far, so good.
Unknown Speaker 4:20
But I wanted to try and condense things down and try to answer this question a little bit more. And the first idea that I think it's important to start with, is that money is just a shared delusion. There's a community of people, there's a group of people or a country, right? Or internationally, there are multiple countries that agree that money has certain value. And even though if I'm buying something from you, and I give you a $20 bill, that $20 Bill, what does that even mean? It's just a piece of paper. It has no value. You can't eat it. It doesn't give you shelter. It's just a piece of paper that we're passing back and forth, right. Same with numbers on us. Green in the bank account. It's just the shared delusion that we have all agreed that this paper, or this quarter, or whatever the type of money that we're using is Bitcoin. And it has value, right? And so
David Jackson 5:13
and so here's the interesting thing. Every time I've heard anybody describe crypto, they say exactly what Steve just said, I'm waiting to hear what he says after this, in terms of the like, what's the real bonus here? This is he's really got me intrigued here.
Unknown Speaker 5:32
Right. And so when we transfer it back and forth, we're just communicating how much we value certain services and certain items with this shared delusion of money. Okay, the money itself has no value inherent. Lee has no use, you know, people will say that Bitcoin has no inherent value. Well, what does the dollar have just has a government backing it, and also a military, right, so we're going to talk about this a little bit. We're also going to talk about the difference between hard money and soft money. And that's one of the other key ideas we're going to try to dive into. I mentioned earlier, the phrase fiat currency, I think this is being thrown around a lot more than before. And people don't know exactly what this means all the time. So I'm gonna do good because I don't every time I hear fiat currency, I'm like, is this money I used to buy a car, my brother owned a Fiat. And it even my dad was kind of confused by this phrase, when I started using it. So from Investopedia fiat money is a government issued currency that is not backed by a physical commodity, such as gold or silver, but rather, is backed by the government that issues it, the value of fiat money is derived from the relationship between supply and demand, and the stability of the issuing government. Okay, so it used to be that every dollar that was in circulation in America, and in most countries, was backed by a certain amount of gold, it was actually redeemable for gold. And that was kind of a rigid system. So when there was wars, and the government needed money to fund those wars, it was not like they would do it now. Like today, they issued debt. And it just comes out of nowhere, and they fund it right, with billions or trillions of dollars. They're just throwing around numbers on a computer,
David Jackson 7:27
they're just printing money, my friend and then going, What do you mean inflation,
Unknown Speaker 7:31
essentially, back then, it didn't work that way. They had to raise taxes, they had to sell war bonds, they had to do stuff like that, to fund wars, or obviously, there was some amount of debt that you could issue. But that's really what the bonds were, I believe, so sorry. So it was just more rigid movement learned a little bit more about this, there's this website, it's really pretty interesting. I encourage you to go take a look at some of the charts on there. It's called WTF happened in 1971. And I've had this tab open for months, but I have never really dove into it much. And there's this guy on YouTube that I follow named Andre Jik. And he gives a really good explanation of this website, and hard and soft money. So I will link that in the show notes because it's a little more visual, but it will help you kind of understand some stuff. I guess. The main point is what happened in 1971. Is that is that President Richard Nixon took the US off the gold standard. Basically, he made the system flexible, he made the dollar a fiat currency backed by trust in the government, not backed by gold. Okay, so what's the difference? The difference is, is that there's a certain amount of gold in the world. And we can mine it from the earth, right? We don't know exactly how much there is. But we do pull out a pretty consistent amount of gold from the Earth every single year. So gold has an inflation rate in a way, meaning that the supply of gold increases every year. So I'm just doing a quick Google search and from state teesta.com. I'm seeing that in 2010, there were 2560 metric tons of gold produced worldwide. And over the course of the last decade, the most gold that was brought out of the earth in a year was in 2018 and 2019 at 3300 metric tons. Okay, so it's somewhere around 3000 metric tons of gold is being you could say produced every year. So gold has this pretty stable inflation rate of between 20 530 300 metric tons mined out of the Earth every single year, right. Gold is what's known as a hard money, there's a stable quantity being produced. used, but it's a pretty predictable rate, it's a pretty slow rate. Okay, I'm starting to get a little bored. Just a little, if it can be easily reproduced, or if you could all of a sudden start mining, we'll say 5000 metric tons, or 6000 metric tons, you could double the amount of gold that you're pulling out of the earth. Or if you could get it off an asteroid or something, then all the value of gold would go down, because there's more of it. So gold gets its value from scarcity, essentially. So the difference between gold and a fiat currency backed by government, and not by a commodity like gold, is, I guess, let's go back to 2008. They ended up bailing out the banks, and that came from taxpayer money. But really, it was just debt that was printed out of nowhere, what they'll do is the Federal Reserve will do something called quantitative easing. And it's a complicated term, but essentially, they're adding liquidity to the market. And I've given this analogy before, but imagine that you are on an island with 1000 people and 1000, coconuts, and $1,000. And we'll just say that $1 equals one coconut. So the plane flies over the island, and drops another $1,000. Now there's $2,000 1000 Coconuts, 1000 people. Well, now there's $2 For every coconut. So that's essentially inflation. And so what happens is, is prices will rise when they flood the market with money. And that's what they did is created all this money, money printing has happened around the world, in Europe, Japan, Australia, like the combat COVID. And most of the money that is in circulation today was printed in the last two years. It was
David Jackson 11:49
alright, so we're gonna stop it there. And I liked the coconut reference, I just liked, it was a story. As soon as you said that I pictured an island with like palm trees there a couple coconuts, things like that. So this was an interesting show. I liked it. Because we can't say didn't get to the information quick enough. It was like, Hey, here's the show, where we talk about bla bla bla bla bla bla bla, and then he got into it. And then I love the fact that you gave the story of I did a mastermind. So automatically, I know you do some sort of coaching, or something, we have a mastermind. And then you got into it. And every question I had an answer about every question. I had an answer about every question I had, you had an answer. So you're answering my questions. The and it's funny, because somebody wrote in and said, Dave, you always say you never comment on the website. And I don't know if you realize this, but you comment on the website all the time. I do not understand why you have a pod page, with all this chocolaty goodness on it. And then you have get bitcoin fi.com. And you're not putting the episodes on your website? Or if I go to your homepage, it's just like a business. I don't understand the Bitcoin podcast. No, I would just make pod page your website. I don't get it you ever read? Yeah, it's really odd, because I was looking for the shownotes because I wanted to see that. WTF happens 1971 So
David Jackson 13:21
so I'm not quite sure either a on your website, make the podcast, a blog post, and lose pod page, or double down on PI page and make that your website. So your your audio was fine. You know, it's a very brief introduction to the show, but you got right to it. I did get a little bored when we're getting into the mega tons of the gold thing, a lot of detail. And I kind of got your point about halfway through that example. The other thing that I'm like I will put a link to this, or just go to leading the bleeding.com There's a video there you are talking about Bitcoin and your show is not equipped to earn Bitcoin, I would gladly give you a boost to gram right now. But I looked down in the cast apod cast thematic I keep calling it a cast upon its cast thematic app. And I can't give you any kind of Bitcoin. I can't click on the dollar sign. Nope, I can't you don't have that hooked up, either. So I liked the fact that you took something it is boring. Let's face it, finance is kind of boring. And aside for that one little thing in the middle, you know, on one hand, if you get too excited about Hey, today, we're going to talk about Bitcoin. And we're going to talk about the gold standard. And people are like, wait, what's wrong with that guy? And then if you do the opposite, like Alright, now we're going to talk about the Bitcoin and President Richard M. Nixon, which he kind of didn't do. I might add a little, little, little more energy, but again, it was straight to the point and about the time I was getting bored. He threw in a story about coconuts and planes and islands and that really kicked in the theater of the mind. So if you want Check it out, get bitcoin feiyr.com That will take you there. And from there, you can click on the link and go to the pod page. I don't understand. But that's it. And if you would like your show right here, we still have the name your price thing going on. And that'll be going on, I think we have like another 11 people that can do that, and or the end of the year. And we'll see what happens after the first of the year. It takes me a while to, to do these and to look them up and edit and all that other stuff. And this may be a show, like the podcast review show, which is one I only do when I get paid to do it. And again, I'm doing the whole name your price. And I'm surprised that nobody's coming out and saying, Well, what about five bucks, or 10 bucks or 20 bucks, or whatever it is, it's the whole name, your price. So name your price. And if it's something where I can't get a steady stream of, of, if I have to go out and find random shows, that takes time, and I was really thinking if I did the name Yan Bryce, I think I get some people going here, five bucks, there's 10 bucks. It's got to be something just to keep me going. And so I thank you to sue, in this case, for naming his own price. And it was quite a generous donation. I appreciate that. And if you want your show right here, we've got different varieties go on to podcast rodeo, show.com/store. And you can name your own price. Now if you need to grow your show, maybe you got one and you're looking for some help on that. We've got other versions of that or just come visit me at school of podcasting.com/rodeo. And that link will save you on a monthly or yearly subscription. And of course now the school of podcasting I just started doing this now comes with an unlimited one on one consulting. And if you don't like it, there's a 30 day money back guarantee. I've done about 15 calls to action. If I was coaching myself, I'd be like, hey, rewind that and edit that or something. But in this case, I'm just going to say thank you so much. I'm saluting you. You can't see me but trust me, I'm saluting you and until the next episode, always remember that there is room for improvement.
Transcribed by https://otter.ai
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