Oddbean

https://image.nostr.build/1986d8de6e3d1898e157c1bebe16c3e0c86f81a1ec0600cfcb9a76d187f7dcca.jpg Bitcoin Seoul 2024 Recap: Fiat Runes Everything by Jimmy Song Exploring the Concept of Internet-Money Currency - Came across an intriguing story about an internet-Money currency. - Curious about the concept, delved deeper into the topic and discovered its limited supply of 21 million. - Recognizing its potential significance, attempted to purchase the Bitcoin during its initial era. Difficulties in transferring money to a Japanese exchange - The process of transferring money to a Japanese exchange, called vodkala, involves connecting a bank account to dualand and then to mount dogs. - The process is time-consuming, taking around 8-10 days. - The author encountered difficulties in completing the process due to the complexity and time required. Learning about code and open-source contribution - Started learning about code and found limited resources. - Contributed to an open-source Bitcoin-based product called Quality Points. - Received the first payment for open-source work from someone in Ukraine. Learning Coding through Limited Resources - Started coding with limited resources and motivation due to financial incentive. - Faced challenges due to lack of organized and reliable resources. - Eventually gained knowledge and became a Bitcoin developer. Teaching as a Business Venture - Started teaching in small jobs, realized potential to turn it into a business. - Frustration and lack of resources in the field prompted this decision. - Teaching has been beneficial in developing communication skills. Journey of a Developer Turned Entrepreneur - The narrator, with 17 years of experience as a developer, decided to start their own business teaching other developers. - It took a month to gather the courage to take the leap due to the comfort and stability of corporate employment. - The decision was influenced by the narrator's desire for a new challenge and the potential rewards of entrepreneurship. Starting a Business and Teaching - Started a business and gained clients who were eager to learn. - The teaching environment was different from traditional classrooms, with students genuinely interested in the subject. - The experience provided a unique and rewarding opportunity. https://image.nostr.build/76d484bc23f640d990cb138a27e95291ce153c413118d09ddf4f365d4e5daa37.jpg Engagement in Learning - Students in the class were highly engaged and asked numerous questions. - Unlike elementary, high school, and college students, they were eager to learn and get value for their money. - The direct payment for learning motivated them to ensure they understood the material. Deficiencies in Education System - Education system is flawed, personal experience in high school and college. - Students more focused on grades than learning. - Incentives play a crucial role in motivation. Research Funding and Incentives - Different incentives exist in research compared to other settings due to funding variations. - Isaac Newton's research was not funded, but he had his own involvement and equipment. - He didn't have to worry about publishing in prestigious journals and could focus on his work. Incentives and Their Impact on Various Fields - Systems in place due to financial reasons can negatively affect education, science, businesses, and other areas. - The root cause of these issues can be traced back to incentives and rewards. - The author aims to explore this concept through a book and a podcast called 'Picklike', which takes a contrarian view of conventional thinking. Incentives in Healthcare and Money Control - Incentives in healthcare are driven by insurance documentation requirements. - The yacht changes incentives, focusing on satisfying those who control the money. - Most people spend, earn, save, and keep their money in bank accounts. Understanding the Complexities of Money and its Creation - The concept of money and its creation is often not well understood, despite its importance. - Central banks play a crucial role in money creation, involving intricate mechanisms and processes. - Many individuals, including those in positions of financial responsibility, lack a deep understanding of these complexities. Education System's Focus on Compliance - The education system's primary goal is to ensure students comply with the state's expectations and become 'better citizens'. - Knowledge transfer is secondary, with an emphasis on good behavior and conformity. - This approach raises concerns about the true purpose of education and the development of critical thinking skills. Misaligned Incentives in Education System - Inner-city schools in the US perform poorly despite high funding due to political reasons. - Misaligned incentives lead to a focus on money-making rather than education. - The current system needs to be reformed to prioritize education quality. https://image.nostr.build/95633863d28faceeedc2548158bcb136bcf5bcbd979a2cb6ef208cd91eed2f7d.jpg Technological Advancements in Tax Collection and Economic Control - Technology has simplified tax collection and resource allocation compared to Roman emperors. - Central bankers can now easily adjust interest rates and control the economy. - Financial surveillance and other tools enhance economic management. Social Credit System and its Impact - Social credit system in China provides control and efficiency for the government. - Hyperinflation can disrupt the system as people lose purchasing power. - The government can prolong the system due to advanced tools at their disposal. South Korea's Fertility Rate and Economic Factors - South Korea's fertility rate is extremely low. - Poverty is a significant contributing factor to this decline. - The country's rapid economic growth and technological advancements contrast with its low fertility rate. Changing Family Dynamics and Fertility Rates - In the past, it was common for mothers to stay at home and take care of the children, but now both parents usually work. - This has led to a decline in fertility rates, as it is more difficult for families to afford to have children. - This trend is not just seen in South Korea, but also in other countries around the world. Government Subsidies and Income Inequality - Government subsidies for children are perceived as a rich war in Korea. - Poor people are not having kids due to financial constraints. - Government interventions often end up transferring money from poor to rich people. South Korea's Economic Situation - South Korea has experienced economic decline despite technological progress. - Low salaries and lack of legitimate dollar circulation contribute to the country's economic challenges. - Countries seek to settle in the US to obtain dollars for global trade. Korean products are cheaper due to low labor cost - Korea's products are cheaper because they can steal from other people, so the labor cost is lower. - This means that Korea is essentially subsidizing the US and other countries with its exports. - Unfortunately, this also means that everyone else has to suffer in order to afford Korean products. Discussion about an unknown topic - The speaker is discussing something with someone, possibly a friend or colleague. - They are talking about a system that doesn't require payment for cancellation. - The speaker is also considering inviting someone to an event, but the details are unclear. https://image.nostr.build/a00ce9a8a8495b2c1c4b7576a82d06575f001d7c43e3a24dd700d1a116995b99.jpg Korean culture emphasizes getting along and conformity - Korean culture values conformity and getting along. - People feel more comfortable being in a group and following social norms. - This can create a pressure to conform and perform for others. How to communicate effectively to achieve career goals - Effective communication is crucial for career advancement and financial success. - Being a skilled programmer is important, but political elements can influence personal opinions. - Reflecting on past experiences can reveal the influence of external factors on one's beliefs. Cultural Differences in Expressing Opinions - Opinions are often influenced by one's job and circumstances. - Asian culture encourages going against the grain, but there are ways to express disagreement without endangering oneself. - Expressing opinions can be challenging, especially when one has a job. Entrepreneurship and Self-Reliance - Entrepreneurs have the freedom to make their own decisions and be themselves, without societal pressure. - The path to entrepreneurship requires self-belief and a willingness to take risks. - Entrepreneurship is not easy, but it is possible with the right mindset and self-reliance. Factors Influencing Birth Rates - Having children is a sign of optimism about the future. - People in the 1950s had more children despite being poorer because they believed in technological progress and better living conditions. - Optimism drives people to vote for a better future. Importance of Real People in Predicting the Future - Young people are not interested in voluntary work unless they are extremely wealthy. - Children are motivated to work hard because they believe the future will improve. - Government policies cannot accurately predict the future; real people's emotions and experiences are more reliable indicators. Free Market Encourages People - Free market encourages people to do things for themselves. - People can find something that works and make more money. - Free market is better than a central government that takes from the poor and gives to the rich. Low fertility rate and its impact on society - Low fertility rate indicates a decline in population growth. - People are choosing not to have children, leading to the end of their lineage. - This trend has negative consequences for the future of civilization. https://image.nostr.build/acfb13c465277b3e2ed6bc8392bf48e25af69ffdec9476246349f19f13812f76.jpg Financial Markets and Savings - The current monetary system is outdated and needs to be changed. - People need to save more money and not rely on the financial markets. - Savings are important for financial stability. Korean Saving Culture - Koreans prefer saving money together in a group rather than relying on banks. - They prioritize future planning and self-improvement, but lack suitable saving options. - The goal is to accumulate savings that appreciate in value, avoiding risky investments like real estate with high leverage. Value Creation and Exchange in Market Economy - Providing value is crucial in the market economy. - People exchange value for value, leading to mutual benefit. - Inflation can be a subtle form of taxation, affecting people's perception of value. Value Creation and Job Satisfaction - Providing value in one's job leads to personal and societal benefits. - Lack of value creation can result in depression and dissatisfaction. - Encouraging a culture of value creation can enhance overall well-being. Encouragement and Self-Reflection - Encouraging others to find their value and unique strengths. - Reflecting on past experiences and challenges. - Expressing love and gratitude. Government's Role in Cryptocurrency - Governments' actions towards cryptocurrency vary, from El Salvador's incorporation to China's impression. - Different exchanges and regulations exist. - Ultimately, individual decisions matter more than government actions. Discussion on the longevity of money and its value - Discussed the performance of an investment with 55% return. - Governments prioritize their interests over individual preferences. - Money generally does not last long, with the US Dollar lasting about 153 years since the establishment of the Federal Reserve. Understanding Money Management - People are beginning to understand the value of money and its benefits. - Fuel taxes serve as a government lever to reduce consumption. - Cigarettes are heavily taxed in many countries, making them less affordable. https://image.nostr.build/b579eb44b2e18c7965249b3bb9f9838640f87d8e2744885795503b2501ede041.jpg Understanding the Purpose of Practice and Taxation - Practice helps control behavior and manage habits. - Taxes serve multiple purposes, including controlling inflation and benefiting certain constituencies. - Tax policies can be politically motivated, with potential consequences. Unnecessary legal procedures - Unnecessary legal procedures are prevalent in the US and Korea. - These procedures involve lawyers and are time-consuming. - A more efficient system would be beneficial. Bitcoin as a Global Currency - Bitcoin as a global currency can unite the world's economies. - Farmers in Korea compete with those in the United States. - People's lives are built on the last-term economy. Global trade and local production - Free trade can be beneficial, but it can also make economies vulnerable to disruptions. - The COVID-19 pandemic showed the importance of local production. - Governments should support both global trade and local production. Ways to reduce cost of production - Debasing money leads to inflation, forcing manufacturers to reduce costs to maintain prices. - Manufacturers can reduce costs by cutting corners, reducing product quality, or increasing production. - Increasing production is the most legitimate way to reduce costs. Limited Options in Manufacturing Industries - Limited diversity and room for growth in manufacturing industries. - Few dominant companies control the market, leading to limited competition. ex. Airline Company - Industries like commercial airline manufacturing have only a handful of major players. Government Subsidies and Decentralization in the Microchip Industry - Taiwan's microchip industry success is attributed to government subsidies and partnerships. - Decentralization leads to more competition, new ideas, and higher quality products. - Consumers may prefer locally produced food for better health outcomes. Concerns about Bitcoin's Dominance and Potential Manipulation - Discussion about the complexity of the Bitcoin system and the potential for manipulation by individuals or corporations. - Worry that Bitcoin is becoming increasingly dominated by large corporations and that this could lead to negative consequences. - Concern that the recent surge in Bitcoin's popularity may be unsustainable and could lead to a crash. (Price Bubble) #Siamstr #BitcoinInSeoul2024 #BitcoinSeoul2024