The Road to Hyperbitcoinisation with Knut Svanholm





SHOW NOTES:

In this interview, I talk to bitcoin author Knut Svanholm. We discuss the road to hyperbitcoinisation and its impact on society, whether everything other than Bitcoin is a scam and why bitcoin’s value always grows.

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TIMESTAMPS:
00:00:00 Introduction
00:08:03 J-Shaped price prediction
00:20:01 Hyperbitcoinisation for individuals
00:26:55 Crapto-currencies
00:38:27 Confusion or scams?
00:54:57 Room for anything else?
01:02:41 Knowing is owning
01:08:00 Road to Hyperbitcoinisation
01:15:20 Has Bitcoin changed you?

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****

“If the game we’re playing is money, there is only one winner and the best form of money is that winner and that’s what bitcoin is… there’s no competition there.”
— Knut Svanholm

Location: Remotely
Date: Wednesday 4th August
Role: Author

Hyperbitcoinisation is a belief that the current fiat monetary system is broken and a change is inevitable. Eventually, the hardest form of money will rise to the top and society will then adopt a Bitcoin standard, with Bitcoin as the world’s dominant form of money and the base asset of the entire financial system.

While to some this might sound extreme, in just 12 years, Bitcoin has become a $900bn asset class, and El Salvador has recently become the first country to adopt it as legal tender. Meanwhile, fiat currencies are being debased at an unprecedented rate, and higher levels of inflation are flashing warning signals.

So what does the road to hyperbitcoinisation look like? And how does it impact society?

In this interview, I talk to bitcoin author Knut Svanholm. We discuss the road to hyperbitcoinisation and its impact on society, whether everything other than Bitcoin is a scam and why bitcoin’s value always grows.

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46 comments

  • I have to disagree, We are daytrading shitcoins because we live in speculation thanks to central bank money printing. Look at any hyper bubble, everyone speculates before the crash!

  • You're right here Pete.

    The irony that he states bitcoin is impartial / atheistic then goes on a rant how anything BUT bitcoin is immoral as it's not not 'providing any value to the world'.

    Individuals decide what is valuable, not him.

  • The moral framework of bitcoin and dealing fiat create values conflict because tether is a use exchanging fiat for bitcoin as a bridge.

  • Regarding the US. Doesn't really matter you can move between states, when the federal tax is like 40%. I love the american people, but my god, the political state of affairs is a mess. As a Bitcoiner I guess capital gains tax is most important. Why not move to a country with low or no capital gains tax?

  • This was painful. I still love the cast though.

  • I like Knuts approach to just hold and worry about bitcoin, let other people worry about crap coins and fight each other over their short term gains

  • When maximalists remind me of religious fanatics… Remember atheism is just another religion: the belief that God does not exist.
    I get the value of BTC, i believe it’s THE sound money, but when I hear this BTC maximalist making moral judgment, I cringe.

  • Hey Pete, how does Knut or yourself feel about a self proclaimed Bitcoin maxi like Bruce Fenton who has also created an altcoin (Ravencoin) that's currently got over a billion in market cap? Or even Max Keiser who also created a shitcoin back in the day. Are they scammers? I feel like they scam people's respect by keeping quiet about their shitcoin pasts but yet pretend to be solely bitcoin maxis. By Knut's own words he'd have to think of both of those 'maxis' as scammers. What a stupid stance for him to take, eh?

  • Defi 1% lending, stable coins, NFTs/digital art ownership… Don't get me wrong I love and own bitcoin but this guest is just wrong when it comes to the usefulness of other top 5 cryptos. There are other needs in life than just owning bitcoin.

  • Because they are building useful things 👍.

  • Zooming out a bit, the issue seams to be around clumping every in to a crypto currency basket. There are coins, ie BTC, LTC, DGB, and there is everything else, tokens. As one who leans hard towards BTC maximalism, I can still understand the need for other use cases. Why don’t we allow the market, over time determine what it wants.

  • This one was rough Peter.

  • A point I didn't really get across – Decentralization. How is any other "crypto" but Bitcoin decentralized and why? To me, Bitcoin proved itself to be sufficiently decentralized when Bitcoin's users denied SegWit2x to happen back in 2017. Can anyone point me to a similar event in any other "cryptocurrency"? Until someone does, I'm not convinced. "DeFi" makes no sense without the "De" part being real.

  • Half way in I just got bored with Knut's myopic views

  • Fuck Eric Voorhees. He's A wolf in sheep's clothing.

  • I’m a libertarian but I don’t know whether libertarianism is the best form of government. I’m not even sure it’s a realistic proposition. What I can’t understand is how one can defend Bitcoin in philosophical, even “moral” terms, and still see some room for central government. The State collapses if Bitcoin really becomes a dominant currency. So if someone thinks that the State should be responsible for anything… he better hope Bitcoin doesn’t succeed.

  • Crypto Trading has an indirect value to Bitcoin as it causes confusion in the minds of the enemies of Bitcoin. It disorients people as they don’t really know what they are dealing with. Shitcoin trading is critical to the success of Bitcoin….It’s a protective layer.

  • These uncomfortable interviews are what I think makes Bitcoin valuable, as it lets the interpreter hash out what they think is best, which translates into what is best by the result of the network. Much more preferred than echo chamber ish interviews that keep repeating what 'others have also repetitively have said.' debate and disagreement is the definition of science. I.e. prove a theory wrong, if not then this is what is best for now. (Not what is absolute forever). As you said, fork wars was good for Bitcoin. It allowed a selection (or affirmative) of what is best.

  • Listening to your guest, he a great example of the dangers of maximalisism in any scenario. I'm not saying someone should or shouldn't be a BTC Maxie, but the guest will always try to change the question to be right and justify his opinion. I love that you pushed back and have an open mind because that is so important to actually create healthy dialogue and let people discover the power of BTC at their own pace. It takes time to value something so boring in the day to day but profound on the macro scale of things.

  • The part where Knut had hard time articulating: I think what he was trying to express is that a 'currency' (e.g. USD) is an attempt at a best representation/standard equivalent of value. And so, when more currencies are introduced into an ecosystem, a conflict arises as market participants are now speculating what currency is a better representation of value. And so, participants that are involved in any transaction are flip flopping between that medium of money is more valueable. I.e. trading BTC into ETH, when ETH is stronger, and back to BTC when ETH is weak. Or, seashells for rocks, or cows for corn.

  • His argument implies that market trading provides no value, which is wrong. Futures help smooth out fluctuations, which helps to hedge against risk. Basically he is making a terrible, simplistic, moralizing wrongheaded argument.

  • In my opinion, Peter is completely right in this argument. BTC is fundamentally the best money there is, no doubt about that and anyone arguing against it just hasn't done the research. HOWEVER, discounting every other project as a scam is also incorrect. To my knowledge, Jack Mallers uses stablecoins for Strike in order to convert between fiat and BTC. Even though I'm not a fan of Ethereum, protocols like ETH, SOL, ADA, etc. do provide certain benefits which are disrupting and improving certain aspects of the banking industry which did not exist prior to their creation. The difference between something like BTC and ETH is that Bitcoin is decentralized money while protocols such as Ethereum are basically just "tech companies" which use Blockchain, this isn't necessarily a bad thing if people recognize them for what they are.

  • Regarding governance – a country full of decent people will thrive under almost any form of governance. In a country full of slime balls – there is no form of governance that will allow the country to thrive. Humans need to evolve a little more – I think Bitcoin will help w that evolution

  • You talking bout man in the mirror 🤣

  • Why can send me link to F*ck your money song?

  • Unfortunately blind by maximalism. Let people make their choices, let the free market decides which is the better coin. BTW, I think Bitcoin is the best, and hardly will be replaced by any other. Is just the point that some people can change drastically their lives trading shitcoins, there's no point on not doing this. Most maximalists don't even recognizes that most shitcoins outperforms Bitcoin in the bull market. Of course they got slaughtered in the way down, but that's a risk that's up to the individual to take.

  • Sorry Pete but this was a lousy guest. You won this debate for the shitcoiners and all you did was try to be fair to them.

  • Peter what you fail to understand about libertarian beliefs is that we libertarians have no issues with those who want a larger government and more government intervention self organizing in areas where they wish to live this way while allowing those of us who don’t want a nanny state and don’t want the government telling us what we can put in our bodies or what money we should have to organize and live freely. We don’t force our views on other people Or are limited form of government unlike those who believe in statism or big government. One could even say anarchy forces participants as it precludes any governance at all.

  • he looks like a cartoon character (in a good way)

  • This guy isn’t as smart as he sounds.. he literally had a totally different argument and point for every argument you had because his points were horrible..

  • Wow shitcoiners invaded Peter's comments. You need to get rekt.

  • You guys are saying calling Ethereum ultrasound money is disingenuous and then he says the only thing Ethereum exist for is to make more shitcoins.. really bro.. so all the actual use cases and daily transactions are nothing but just shitcoinesk? Okay lol the problem with bitcoin maximalist is you guys have fallen in love with the he ideology and philosophy of bitcoin as money and ultimate governance.. altcoins aren’t trying to be money, they are software services with an ecosystem that is facilitated with its own token or coin.. they are venture capital investments, not investing in the dominant future money

  • The price is the biggest hurdle, they should show it in sats, the price would explose!!!

  • Knut completely fails to grasp what's happening in Defi. Yes Bitcoin is the only store of value. But Defi is trying to replace the existing financial system, contracts and ownership of non-money such as land and property. Bitcoin does not do those things. He has bitcoin blinkers on.

  • trading as a profession creates more liquidity to markets and faster price discovery. they offer value to society.

  • Bitcoin is about being open minded, just sayin.

  • Feels like im listening to a boomer

  • I totally get Knut. Peter is thinking more short therm, but Knut is think long, long term. Eventually he will be right. If Bitcoin is developed enough, everything will be attached to Bitcoin because the basic rules are clear and it is truly decentralised.

  • jdg

    "There's a difference between intellectual honesty and being open minded" yeah and this guy's neither.

    What a dick. When someone wants to disagree with you before you've even finished making your argument, you know they aren't really listening. Lile when the specific point was made about share tokens and he had no argument, so he just started spouting off about how Bitcoin is the best.

    I respect the fact that McCormack is a maxi who is still open to rational argument, people like this guy aren't convincing anyone.

  • Another good one ..getting it out there. I'm enjoying your chats…keep asking the questions..

  • When a bitcoin maxi meets a bigger bitcoin maxi. 😂 Keiser should get him on, see which one's the bigger maxi. I agree with Knut, yet hold some shitcoins to benefit from the stupidity of others pumping their price, enabling me to ultimately get my sats at a lower price. So shitcoins do possess a bizarre value if bought at a lower price than theyre sold at.

  • Very open minded discussion. Vorhees is expanding your horizon Peter and I like it ALOT. Great podcast

  • If value is radically subjective then if anyone finds value in a thing it has that value. Knut is like some sort of Bitcoin Taliban.

  • I LOVE Bitcoin. Some maxis thou are so short sighted. Crypto is a new industry, full of shitty projects but there are a bunch of them doing amazing things. DeFi aims at decentralizing the rotten financial system. How can someone not to see the value in this?

  • Twist ending: theres no point in generational wealth.

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