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Bitcoin v The Banks with Simon Dixon & Bill Barhydt

Peter McCormack

Interview | Description | Timestamps | Show Notes

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Bitcoin v The Banks with Simon Dixon & Bill Barhydt - WBD334 Peter McCormack

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Location: Remotely
Date: Tuesday 13th April
Company: BankToTheFuture, Abra
Role: Co-Founder, CEO

The banking system is a regulated Ponzi scheme driven by leverage and debt with onerous rules and powerful gatekeepers. When you are in the system, you are a slave to it, and worse still, the banks can freeze your payments and shut down your accounts.

Simon Dixon envisions a future where we aren’t beholden to deputized authoritarian institutions to move and store our money; he thinks we can achieve it by plugging decentralized and centralized systems together. And Bill Barhydt is helping build that future.

While Bitcoin is a savings based economy that may help rid us from a world drowning in debt, there are still questions about how people with one foot in the old system, and another foot in the future, will make the transition while maintaining their privacy. While many promising solutions are in development, it’s not clear exactly how we will be borrowing, transacting, and securing our wealth.

In this interview, I talk to Simon Dixon, the Co-Founder of BankToTheFuture and Abra CEO Bill Barhydt. We discuss the legacy banking system, the fight for privacy, and the future of banking in a bitcoin world. 

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00:05:07: Introductions
00:05:28: Peter's banking issue
00:07:07: Simon's background
00:10:47: Abra's services
00:14:39: Banks are the new Blockbusters
00:17:13: UK banks and crypto
00:22:08: Operation Chokepoint
00:25:23: Fractional-reserve banking
00:30:42: Suspicious Activity Reports
00:33:42: The whole issue of fungibility
00:52:29: Visa's role in crypto banking
00:55:09: Bitcoin still requires a scalable Layer 2
00:57:52: Crypto-friendly banks
00:59:40: The big tax issue
01:03:28: Are we heading for a massive wealth redistribution?
01:09:55: Death by 1,000 cuts
01:12:32: The plumber keeps missing it!
01:15:46: Dollar cost averaging
01:19:21: Final comments

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