What Bitcoin Did

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The Path to a Bitcoin Standard with Dan Held

Peter McCormack

Interview | Description | Timestamps | Show Notes

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The Path to a Bitcoin Standard with Dan Held - WBD308 Peter McCormack

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Location: Remotely
Date: Monday 1st February
Company: Kraken
Role: Director of Business Development

The Gold Standard was a monetary system that linked the value of a country's currency to the amount of gold held in reserve. 

The Gold Standard placed restrictions on a governments ability to print money. Still, in 1971 Nixon announced that the US would sever all ties between the dollar and gold, and would no longer convert dollars to gold at a fixed value of $35. Nixon's decision severed all links to The Gold Standard, and since then the world has been in a fiat monetary system.

Many Bitcoiners believe that the fiat monetary experiment is failing and it is inevitable that, at some point, the hardest form of money will win out - bitcoin.

Hyperbitcoinisation is when bitcoin becomes the world's dominant form of money and the entire financial system's base asset. But how do we get there? And what are the implications on society?

In this interview, I talk to Dan Held, the Director of Business Development at Kraken. We discuss the implications of a Bitcoin Standard, onboarding, adoption, decentralisation and layer one ossification.

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00:04:24: Introductions
00:05:03: The Great Filter event and the Fermi paradox
00:08:06: The Bitcoin journey so far
00:12:26: Bitcoin as a medium of exchange
00:15:13: Will Bitcoin eventually lose its sparkle?
00:16:42: Bitcoin's technical life cycle
00:18:41: Decentralisation
00:25:33: Stages of acceptance
00:31:54: The continuing survival of Bitcoin
00:35:30: Hodl, hodl, hodl
00:36:25: The gold standard
00:38:13: Bitcoin vs the gold standard
00:42:23: Living on a Bitcoin standard
00:48:07: Leveraging Bitcoin to avoid selling
00:51:49: Switching to Bitcoin only
00:54:55: Adoption and education
00:58:32: Pathways to learning about Bitcoin
01:00:45: The implications of a Bitcoin standard
01:03:17: Roko's Basilisk
01:06:14: Final comments

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