My friend and fellow student of money codenamed "Lester" joins me for a multi-episode conversation exploring the excellent book "The Twilight of Gold" by Melchior Palyi.Be sure to check out NYDIG, one of the most important companies in Bitcoin: https://nydig.com/GUESTLester's Twitter: https://twitter.com/ProgrammableTxBOOKThe Twilight of Gold: https://www.abebooks.com/first-edition/Twilight-Gold-1914-1936-Myths-Realities-Palyi/30927065697/bdPODCASTPodcast Website: https://whatismoneypodcast.com/Apple Podcast: https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400Spotify: https://open.spotify.com/show/25LPvm8EewBGyfQQ1abIsE?si=wgVuY16XR0io4NLNo0A11A&nd=1RSS Feed: https://feeds.simplecast.com/MLdpYXYITranscript:OUTLINE00:00:00 “What is Money?” Intro00:00:08 The Illusory Nature of Fiat Currency Supply Inflation00:03:49 Fiat Currency is Psychologically Addictive and Destructive00:07:31 The Most Dangerous Point in an Inflationary Cycle00:09:11 Analogizing Inflation to Self-Destructive Alcoholism00:10:46 The Inevitability of Inflation Pre-Bitcoin00:14:51 “Groups of People Keeping their Options Open at the Expense of Others”00:18:18 Central Banking and Gaslighting00:23:54 Bitcoin and Exiting the Economic Dark Ages00:27:12 The Twin Storylines of “The Twilight of Gold”00:33:14 England: The OG Information Economy00:38:16 Hard Money and the Necessity of a Flexible Wage-Price Structure00:42:33 Price Deflation is Politically Unpalatable00:44:41 Convertibility was the Best Way to Cast a Vote of No Confidence in Government00:47:04 Suspending Convertibility Both Incentivizes and Finances War00:50:02 NYDIG00:51:10 Inflation as a Means of War-Financing is Infectious00:55:05 How Do We Protect the Sanctity of 21M Bitcoin?00:59:04 “The Lie that Proof-of-Stake is More Economically Efficient than Proof-of-Work”01:04:56 Fractional Reserve Banking as a Bridge from PoW to PoS01:08:22 Bitcoin is Your Voice, Your Influence, Your Say-So in the World…SOCIALBreedlove Twitter: https://twitter.com/Breedlove22WiM? Twitter: https://twitter.com/WhatisMoneyShowLinkedIn: https://www.linkedin.com/in/breedlove22/Instagram: https://www.instagram.com/breedlove_22/TikTok: https://www.tiktok.com/@breedlove22?lang=enAll My Current Work: https://linktr.ee/breedlove22WRITTEN WORKMedium: https://breedlove22.medium.com/Substack: https://breedlove22.substack.com/WAYS TO CONTRIBUTEBitcoin: 3D1gfxKZKMtfWaD1bkwiR6JsDzu6e9bZQ7Sats via Strike: https://strike.me/breedlove22Sats via Tippin.me: https://tippin.me/@Breedlove22Dollars via Paypal: https://www.paypal.com/paypalme/RBreedloveDollars via Venmo: https://venmo.com/code?user_id=1784359925317632528The "What is Money?" Show Patreon Page: https://www.patreon.com/user?u=32843101&fan_landing=trueRECOMMENDED BUSINESSESWorldclass Bitcoin Financial Services: https://nydig.com/Join Me At Bitcoin 2022 (10% off if paying with fiat, or discount code BREEDLOVE for Bitcoin): https://www.tixr.com/groups/bitcoinconference/events/bitcoin-2022-26217Automatic Recurring Bitcoin Buying: https://www.swanbitcoin.com/breedlove/Buy Bitcoin in a Tax-Advantaged Account: https://www.daim.io/robert-breedlove/Home Delivered Organic Grass-Fed Beef (Spend $159+ for 4 lbs. free): https://truorganicbeef.com/discount/BREEDLOVE22Buy Your Dream Home without Selling Your Bitcoin with Ledn: https://ledn.io/en/?utm_source=breedlove&utm_medium=email+&utm_campaign=substack

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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