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One of the most important, albeit double-edged, narratives is that “Bitcoin is digital gold” because there is a finite amount of Bitcoin that is slowly being traded by “mining” it.
In this very special episode of the “Bitcoin Magazine Podcast,” host Christian Kerolis talks about his differences with Bitcoin investor, thinker, and writer Aaron Segal discussing that narrative.
Segal’s first written contribution to Bitcoin Magazine It was one of the ages. As soon as Kerolis read the article, he immediately returned to Segal asking for an interview. Keroles believes that bitcoin is far better than gold ever, and simply describing it as gold on the internet does not lead to a bitcoin justice revolution. Segal seems to agree.
Enters “Bitcoin Information Theory (BIT) “by Segal. Segal’s article formulated Bitcoin in a completely different way. Instead of focusing on digital gold, Segal honed in on the fact that the Bitcoin standard would end the monetary uncertainty of 100% of the planet. What does ending monetary uncertainty mean? Segal put it in the context of the laws of thermodynamics and entropy. He sees that the law of thermodynamics does not take into account developments in technology, so he devises a new formula that does so. The basic idea is that spending labor or energy on the power of technology, minus monetary uncertainty, equals information. Sgal’s formula appears below, and he’s talked about it in more detail in this episode.
Please enjoy this eye-opening conversation with Sejal.