Podcast with Ted Carr on Bitcoin
Ted and I recorded a 1 hour conversation on Bitcoin, I hope you enjoy it
TLDR:
This week I did something entirely different, I did a 1 hour podcast with a fellow Skool community owner Ted Carr discussing Bitcoin!
Ted has his own Skool community entirely around Bitcoin, aside from his main communities on building online businesses.
He’s a huge believer in Bitcoin, like myself, and I used the opportunity to discuss with him his own journey and where he thinks Bitcoin’s going next.
The conversation is long, so I used AI to summarise what we discussed, which you can find below.
This week Bitcoin hit a new all-time-high over $76k! And together with this milestone I decided to try something different, I recorded a podcast discussing Bitcoin.
I spoke with Ted Carr, a fellow Skool community owner and business coach, who’s also a lover of Bitcoin. You can check out the recording below.
Video Podcast with Ted Carr on Bitcoin
Who’s Ted Carr?
Ted Carr’s a fellow Skool community owner and business coach, who also loves Bitcoin.
Just like I have my Crypto for Beginners community, Ted has a community entirely focused around Bitcoin. We have two of the largest crypto related communities on the Skool platform today.
Ted’s been in online business for over a decade and is an early investor in the Skool platform, you can learn more about him through his Youtube and Instagram channels.
We agreed to have this discussion with me basically interviewing him on the topic of Bitcoin as we’re both strong believers in its future.
The video above is 1 hour in length, if you have time then check it out to see more about Ted’s thoughts and my opinions that I share along the way.
However if you don’t have time you can check out the highlight below that I generated with the help of some AI magic!
I’d love to hear some feedback on whether you like this format. If so I can possibly do more of these and get a full transcript going next time. And if you want to discuss more about Bitcoin as it continues setting new all-time-highs’ then jump in here.
AI Summary Below
Bitcoin's Importance and Personal Journeys
Ted and Arthur discussed their shared passion for Bitcoin and its importance. Ted emphasized that Bitcoin is the most scarce and hardest to produce thing humans have ever invented, making it the best form of money ever.
He also highlighted that Bitcoin is perfect money, something humans have never had before. Arthur expressed his excitement about the conversation and his interest in learning more about Bitcoin.
They also briefly touched on their personal journeys with Bitcoin, with Ted mentioning his extensive study of fruitarianism.
Ted's Journey to Cryptocurrency Wealth
Ted shared his journey from being financially stable but broke to becoming wealthy through making money online with digital products.
He noticed the effects of inflation on his wealth and sought advice from rich friends on how to manage his money. None of them recommended Bitcoin, which he initially dismissed as "fake Internet money."
However, after his sister bought some Bitcoin, he became interested and eventually invested in it. He also learned about blockchain from a friend and invested in various cryptocurrencies, including some that turned out to be scams.
Despite this, he continued to invest in Bitcoin and other cryptocurrencies, eventually building a clean portfolio consisting mainly of Bitcoin and Solana. He plans to sell his Solana holdings once they increase in value and move the funds to Bitcoin.
Overcoming Skepticism in Bitcoin Investment
Ted discussed his ongoing study of Bitcoin since 2017, expressing a small amount of skepticism that he is actively trying to overcome.
He emphasized the importance of digitizing assets, using the example of photographs, and how Bitcoin represents a harder and more scarce asset compared to traditional currencies.
Ted also highlighted the trend of billionaires investing in Bitcoin, viewing it as a move towards a harder asset.
Arthur agreed with Ted's analogy and mentioned Michael Saylor's support for the idea that Bitcoin is the hardest asset.
Scarcity, Difficulty, and Bitcoin Value
Ted and Arthur discussed the value of scarcity and difficulty in production. They used the example of Rai Stones from a small island to illustrate how the value of an item can be determined by its scarcity and difficulty in production.
They also discussed the misconception that Bitcoin has no intrinsic value, which Ted argued is actually a feature that makes it a good form of money.
They also touched on the security of Bitcoin, with Arthur highlighting that the cryptography used in Bitcoin is also used for other important systems, and that it is evolving to stay resistant to potential hacking threats.
Bitcoin's Potential as Global Investment Tool
Arthur and Ted discussed the future of Bitcoin, focusing on its potential as a global investment tool and its role in the macroeconomy. They agreed that Bitcoin's ability to equalize global investment tactics and facilitate peer-to-peer transactions is a significant advantage.
Ted emphasized that Bitcoin's appreciation over time, its resistance to seizure, and its limited supply make it an attractive asset.
They also discussed the shift in Bitcoin's market dynamics, with institutions and countries now buying Bitcoin, which they believe will drive the price up.
Both agreed that the next few months are crucial for getting in early on Bitcoin investments.
History of Money and Fiat Currency
Ted discussed the history of money, specifically the transition from gold-backed currency to fiat currency.
He explained that the gold standard, where money was backed by gold, was a clever idea but eventually led to countries demanding their gold back, causing the US to temporarily suspend the gold standard.
This transition gave governments unprecedented power, as they could now print more money without the need for gold reserves.
Arthur sought clarification on the gold standard and its implications, to which Ted provided a detailed explanation.
Central Banks, Money Printing, and Wealth
Arthur and Ted discussed the implications of central banks printing more money, leading to inflation and the destruction of purchasing power.
They noted that those closest to the money printer, such as central banks, benefit the most from this system. Ted also pointed out the unfairness of the system, where those who print the money first become rich, while those who receive it later are the victims.
They also touched on the differences between Canadian and American currency, with Ted noting that American money is easier to counterfeit.
The conversation ended with the observation that the proximity to the money printer is a significant factor in wealth creation.
Bitcoin's Origins and Self-Custody Importance
Arthur and Ted discussed the origins of Bitcoin and its connection to the 2008 financial crisis. They highlighted how the banks' bailout led to the creation of Bitcoin as a response to perceived corruption in the financial system.
Ted emphasized the importance of self-custody in Bitcoin, suggesting that beginners should start by acquiring some Bitcoin and then move it into self-custody.
He recommended studying how to buy Bitcoin on an exchange and how to create a seed phrase for cold storage wallets. Arthur agreed, noting that Bitcoin has imprinted in its blockchain the fight against this corrupt system.
Bitcoin Ownership and Education Discussion
Ted and Arthur discussed the complexities of Bitcoin, specifically the seed phrase and its role in securing a wallet.
They explored the idea that one can't truly own Bitcoin, but rather possess the coordinates to access it.
Ted emphasized the importance of education and community in understanding Bitcoin, referencing his platform, Skool Community, which houses educational resources.
They also discussed the value of re-reading and re-experiencing information, with Ted sharing his practice of re-reading his favorite author's sentences and paragraphs.
The conversation concluded with Ted expressing his wish to have bought more Bitcoin earlier.
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