"I believe Bitcoin is one hell of an invention. To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment." - Ray Dalio
We read a great piece by Ray Dalio to get his thoughts, concerns, & criticisms of Bitcoin as well as Guy's Take trying to answer those criticisms and making sense of the mental model that will better make sense of these monetary technologies. Rather than trust the sound bites and the tweets, let's hear exactly what Ray has to say.
What I Really Think About Bitcoin:
https://www.linkedin.com/pulse/what-i-really-think-bitcoin-ray-dalio
Dont forget to check out the episode I mentioned in the commentary on Schelling Points, Network Effects, & Lindy:
https://bitcoinaudible.com/?p=4504
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"Submarine Swaps employ hash time-locked contracts (HTLCs), which in layperson’s terms, enable two transactions (both sides of the swap) to happen simultaneously by linking...
"Bitcoin is more easily verifiable than gold, in terms of being a reserve asset and being used as collateral. It’s more frictionless to transfer...
"Banks are highly regulated public-private partnerships in an environment where new charters are excruciatingly hard to obtain, and as such remain de facto arms...