Aaron Day
speaker
569 appearances
2 recordings
2 series
first heard Dec 2024
last heard 3 Feb
Aaron Day’s voice in public audio — every appearance, attributed to the second.
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Appearances
So the way this works is there are computers all over the world trying to solve really difficult math problems. The computer that solves the math problem first gets to add the next block to the chain. And they get a reward for that in terms of what's called a Bitcoin mining reward. But they also get fees for the transactions that are added to that block.
Certainly, quantum computing has been identified as a risk factor because at a certain period of time, and I've actually just started to look at this new Willow system that they have. And so certainly, there is the ability to break the encryption at some point in time.
And so this is what's great about having a marketplace, which is there are different cryptocurrency projects working on coming up with different quantum-resistant technologies to be able to head that off.
That's kind of interesting.
Well, and this is a specific risk for Bitcoin, because Bitcoin has kind of solidified their development. So Bitcoin, in essence, hasn't really done a lot of innovation for a number of years. They've kind of capped it where it is, so it has this small block size, and it's very difficult to get changes through.
This is why Roger has started in recent years to promote privacy coins like Zeno and Monero, which have different technology and which tend to be more adaptive to the marketplace.
Well, certainly there already is a robust market for cryptocurrencies and there are already interesting market dynamics going on. Although I don't know if state-based currencies actually work very well. In fact, it's one of the things that I touch on in my book. If you actually look at state-based or fiat currencies, they have a 100% failure rate.
The average state-based currency only lasts for about 27 years. And if you look at the dollar, which has been the global reserve currency for over 100 years, it is flashing bright red on all seven of the main reasons why a fiat currency fails. And so this has been a recurring problem. And so we have this boom and bust cycle of nation states that is largely driven by inflation.
poor economic and monetary policy. And then we go from one global reserve currency to another. There are some interesting ideas with cryptocurrency that might be able to separate money and state and actually stop this boom and bust cycle. But it certainly is a competitive marketplace.
So from my perspective, what's happening to Ryder is a travesty, and it's actually tied directly to the emergence of central bank digital currencies. And again, since this is the field that I focus on, I truly think central bank digital currencies are the biggest single threat to human liberty. The ability to program, track, and censor money.
Well, a central bank digital currency, well, I actually would argue in kind of my recent analysis, we already have a central bank digital currency because the way money is created right now is the federal government issues an IOU to the Federal Reserve, and then the Federal Reserve creates the money out of thin air in an Oracle database.
Technically, it meets the definition of a CVDC, but that's not what people have in mind. There's more enhanced surveillance and programming. So it's basically the ability to program money at the individual unit and to be able to track each individual dollar and to be able to program that dollar.
So if the government doesn't like your behavior, they can shut off your money or they can program how you can spend your money to begin with.
Or perhaps, let's say the government decides they want to stimulate spending, they can say, listen, this digital money, the CBDC that you have in your account, if you don't spend it by the end of the month, we're literally going to take it away from your account. And so this basically gives them the ability to control human behavior at a very intense programmatic level.
Well, we've seen that in the United States. China has already rolled out a CBDC. What a lot of people don't realize is that 11 countries have rolled out CBDCs. At this point in time, there are 134 countries that represent 98% of global GDP at various stages of deployment. Half are beyond the research phase and are actually looking at implementation. So this is something that already exists.
But one of the things that I like to point out to people is people don't understand how bad the current system is with the dollar today. 92 percent of our financial transactions are already digital. We really only deal with 8 percent cash. Our money is already being tracked. There are 13 different federal programs involved in tracking our money.
And I won't go through all of them, but I'll give you two. The IRS is now working with banks using AI to monitor our financial transactions. And the NSA does bulk data collection. And through the Patriot Act, they can actually come in and shut down your bank account and issue something called a national security letter where you can't even talk to anybody about it, including a lawyer.
So this isn't some future dystopian situation, nor is this China. This is the United States today.
Well, this debanking has been going on for a long time. We had something called Operation Chokepoint 1.0, where a whole variety of different categories of businesses were actually targeted and explicitly debanked.
So a lot of people in kind of the gun industry, people doing payday lending, a whole long list of categories where these were legal businesses, but they were explicitly targeted and explicitly debanked. What we're dealing with today and what Marc Andreessen touched on is really Operation Chokepoint 2.0, and this is part of Biden's whole policy.
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