Elon Musk - How to Think about Money [with Lex Fridman]

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As the founder of Paypal, Elon has a great knowledge about money. This clip is taken from the Lex Fridman Podcast, where he argues that money is just a database of information to move resources. So, it doesn't have an intrinsic power, is just a way of communication. He argues there are errors in this database, and that the aim of crypto is really to solve these errors.

Enjoy!


----- Source -----
https://www.youtube.com/watch?v=DxREm3s1scA&t=3453s&ab_channel=LexFridman


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- Money == DataBase/Information
- Aim of Crypto -- To reduce the error in the Money Database

- The COBOL (Common Business Oriented Language) language is one of the oldest programming languages in use today.
- An estimated 43% of banking systems and 95% of ATM swipes utilize COBOL code (2020 estimates)


- Government posses "editing privileges" on the money database. --- The power to increase Money Supply --- Which Increases the error in the Money Database

- Money should be seen thru the lens of Information Theory. (Money is Information)

- Crypto is an attempt to reduce the error in Money

- Money is a database for resource allocation (across time & space). It is only useful if there are resources to be allocated. Money doesn't have an intrinsic power, it is only information for moving resources.

- How do we make this money database more effective? (reduce the error) -- Crypto is an attempt...

Bitcoin:
• Transaction Volume -- Very limited
• Latency (time delay) for transaction confirmation -- Is too long
• transaction fees -- High
• Deflationary -- Encourages people to hold instead of spending --- Which is not the purpose of a currency


DogeCoin:
• Transaction Volume -- Much Higher
• Transaction Fees -- Very Low
• There is inflation --- People don't have incentives to just hold

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#ElonMusk #LexFridman #money

Your Intro by Audionautix is licensed under a Creative Commons Attribution 4.0 licence. https://creativecommons.org/licenses/by/4.0/

Artist: http://audionautix.com/

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