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When first explaining Bitcoin to people, it can be hard to find a place to start. After consuming endless amounts of content discussing economics, philosophy, and history, there is no single obvious place to start. Of course, it pays to tailor every introduction you give to the person you’re giving it to, as with anything. But a key factor in understanding bitcoin, as Captain Syd and I discussed in this week’s episode of “Meet The Taco Plebs,” is helping others understand the problems that Bitcoin solves. Additionally, we discuss what Sidd gave Bitcoin, how it changed his life and his expectations for the future. Be sure to listen to the audio podcast, and read our interview below.
What is the story of the rabbit hole in Bitcoin?
When unanswered questions about modern economic theory collided with my readings on emerging technologies – particularly through a book called “Throwing Rocks at The Google Bus” – The need for Bitcoin and decentralized systems has been clicked. I fell in love with “cryptocurrency” by experimenting with fundraising for a Bitcoin mining farm, where I learned the importance of having a strong consensus mechanism. Bitcoin has it, and some don’t.
How has Bitcoin changed your life?
Two ways: It served as a simple savings tool that allowed me to focus on value production, rather than gambling to find arbitrage opportunities and “quick wins”. By seeing how “experts” in finance use jargon to obfuscate the truth, I’ve gained a distrust of experts and anyone who can’t break down the terminology of their field into simple, easy-to-understand concepts.
Your pieces are incredibly straightforward, and they explain things in ways that both bitcoin and forex can understand. What is your process for creating these articles, and what do you think is the most important thing to understand for someone who wants to learn about Bitcoin?
Thank you! I look for patterns and metaphors that help me reduce complex terms into simple forms. What I usually write about is something I’ve been thinking about for years, with lots of stops and starts and zigzags. Writing an article only happens when something clicks in a way that I think others will understand.
What are you most looking forward to in Bitcoin?
Two things: more nation-state adoption, and mining implementation by energy producers. Adopting a nation-state is not in itself very interesting, but I believe it will drive conversations and questions at the government level — forcing leaders to openly answer questions about bitcoin and the monetary system. This will reveal the madness they tell us.
Price forecasts for the end of 2021 and the end of 2030?
2021: Less than $100,000 because everyone thinks we’ll break it!
2030: No number in mind. While the upside for 2017 was driven by a desire to get rich, the next nine years will be driven by a desire to avoid poverty as inflation continues. Bitcoin could be worth $1 billion by 2030 – but how much will a loaf of bread cost? Not to mention the delicious steak…