Bitcoin is a Black Hole with Harry Sudock

SHOW NOTES: https://www.whatbitcoindid.com/podcas... Harry Sudock is a Vice President of Strategy at Griid. In this interview, we discuss whether Bitcoin’s real innovation is the fusion of Proof of Work and the difficulty adjustment. This enables it to exert a gravitational pull that’s disrupting money, assets, technologies and organising structures. THIS EPISODE’S SPONSORS: Gemini - https://www.gemini.com/ Cake Wallet - https://cakewallet.com/ BlockFi - https://blockfi.com/peter Casa - https://keys.casa/?pk_campaign=wbd-ye... Ledger - https://www.ledger.com/ Compass Mining - https://compassmining.io/ BCB Group - https://hubs.ly/Q011cb730 TIMESTAMPS: 00:00:00 Introduction 00:01:37 Bitcoin’s PoW+difficulty adjustment is the innovation 00:07:32 The centralising force of Proof of Stake 00:14:42 Difficulty adjustment; 21 million 00:22:50 Bitcoin is a black hole pulling everything in 00:33:26 Bitcoin swallowing up energy 00:39:08 Bitcoin swallowing up money 00:46:54 Bitcoin changing politics 00:56:14 Impact of high energy prices on Bitcoin WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: SUPPORT THE SHOW: → https://www.whatbitcoindid.com/sponso... → Become a Patron:   / whatbitcoindid   → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on [email protected] WHERE TO FOLLOW ME: → Twitter:   / whatbitcoindid   → Medium:   / whatbitcoindid   → Instagram:   / whatbitcoindid   → Facebook:   / whatbitcoindid   → YouTube:    / whatbitcoindidpodcast   → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscr... LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/beginn... → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resour... #Bitcoin #Finance #Economics **** “The economy is not a combustion engine, where you change a fan belt, and it starts or stops. The economy is a large, complex multivariate emergent social phenomenon. And because of that, when you poke one side of the bear, you don’t know how it’s going to react. And it’s an incredibly volatile and incredibly complex place to try to play God. And so the best choice is not to do it.” — Harry Sudock Harry Sudock is a Vice President of Strategy at Griid. In this interview, we discuss whether Bitcoin’s real innovation is the fusion of Proof of Work and the difficulty adjustment. This enables it to exert a gravitational pull that’s disrupting money, assets, technologies and organising structures. - - - Bitcoin's impact on society is far exceeding what anyone could have envisioned. While its properties as sound money are well established, the 2nd and 3rd order effects are still being discovered. Bitcoin is unique. It's centred on the combination of proof of work and the difficulty adjustment. These two fundamental parts of the system incentivise trustless honesty whilst providing security. In today's digital world with encroaching authoritarianism, there is no substitute. Bitcoin's power is having a gravitational pull on the settled cosmos of modern society, drawing more things into the singularity of its innovation. If money touches everything in society, and Bitcoin is the best form of money, it's seemingly inevitable that Bitcoin will change everything. Bitcoin is a black hole.