008. The Philosophy Behind Bitcoin as Digital Gold with Sunny Ray

Sunny Ray really started thinking about money, what it is and where it comes from, back before bitcoin cost a little more than a couple of lattes.

Since then, he’s seen bitcoin sky rocket to over 2000 times that price and explains why he thinks it has long term value, as digital gold. What’s fascinating about the rationale behind his explanation is that that it’s based on two theories of economics and how our society values, prints and uses money.

Sunny gives us a beginner’s look into the philosophy of bitcoin compared to that of fiat money by explaining that with our current system is based on Keynesian Economics where more money is printed every year. And this is very different from bitcoin, which is based on Austrian Economics, where one of the foundational elements of the value of bitcoin as a currency, is its scarcity or the fact that it has a limited supply. And if anyone wants to go deeper, I’ve got more info in the show notes page on the Speaking of Crypto website.

And that’s just one aspect of why bitcoin is considered valuable and we talk about a few others in the show.

If you’re interested more in the philosophy behind bitcoin, I’d recommend:

Andreas M. Antonopoulos – The Internet of Money

Here’s a link to the audio book on iTunes

https://itunes.apple.com/ca/audiobook/the-internet-of-money-unabridged/id1232468351

Sunny also spent a few years living in Bangalore, starting Bitcoin MeetUps and founding Unocoin (a Cryptocurrency Brokerage and Exchange). So we also delve into demonetization in India, the financial uncertainty there and the popularity of actual gold. He tells us a fun fact, that Indian women own more gold than the United States Federal Reserve!

https://www.cnbc.com/video/2011/08/18/outlook-for-gold.html

As far as Sunny’s bitcoin background in Toronto, he shares his admiration for Anthony Diiorio, for his vision, the way he thinks big, the fact that he “aims for the stars”. He respects how much he’s done in supporting up and comers in the space and what he’s accomplished with his businesses Ethereum, Decentral and Jaxx and for the blockchain community.

What a great conversation! Here’s more of what we talk about:

Unocoin – Cryptocurrency Brokerage and Exchange

https://www.unocoin.com/

Bitcoin MeetUp, Bangalore

https://www.meetup.com/IndiaBitcoin/

Dr. Ron Paul questioning what money is and where it comes from

End the Fed

https://en.wikipedia.org/wiki/End_the_Fed

Sunny talks about meeting Dr. Ron Paul

https://en.wikipedia.org/wiki/Ron_Paul

and

Jack Dorsey, founder of Twitter

https://en.wikipedia.org/wiki/Jack_Dorsey

Occupy Wall Street

https://en.wikipedia.org/wiki/Occupy_Wall_Street

Bitcoin as Digital Gold

https://www.forbes.com/sites/rachelwolfson/2018/02/13/digital-gold-vs-real-gold-time-to-use-bitcoin-to-buy-gold/#57f276e73eef

http://fortune.com/2018/01/30/bitcoin-gold-cryptocurrency-citi/

https://www.amazon.ca/Digital-Gold-Bitcoin-Millionaires-Reinvent/dp/006236250X

Bitcoin MeetUp Bombay

https://www.meetup.com/Bombay-Bitcoin/

Consensus NYC by @CoinDesk

https://www.coindesk.com/events/consensus-2018/

Keynesian Economics

Sunny talked about the fact that “more and more money is printed each year”.

https://en.wikipedia.org/wiki/Keynesian_economics

Austrian Economics

Sunny mentions “sound money, limited money.”

https://www.progress.org/articles/austrian-economics-explained

Toronto Crypto and Blockchain Space

Anthony Diiorio @diiorioanthony

Ethereum

https://www.ethereum.org/

Decentral

https://decentral.ca/

Jaxx

https://jaxx.io/

Trevor Koverko @trevorkoverko

Polymath

https://polymath.network/

Joseph Weinberg @josephweinberg

Paycase

https://paycase.com/

Butter coin

https://github.com/buttercoin/buttercoin

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