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Bitcoin Seoul 2024 Recap: Fiat Runes Everything by Jimmy Song

Exploring the Concept of Internet-Money Currency
- Came across an intriguing story about an internet-Money currency.
- Curious about the concept, delved deeper into the topic and discovered its limited supply of 21 million.
- Recognizing its potential significance, attempted to purchase the Bitcoin during its initial era.

Difficulties in transferring money to a Japanese exchange
- The process of transferring money to a Japanese exchange, called vodkala, involves connecting a bank account to dualand and then to mount dogs.
- The process is time-consuming, taking around 8-10 days.
- The author encountered difficulties in completing the process due to the complexity and time required.

Learning about code and open-source contribution
- Started learning about code and found limited resources.
- Contributed to an open-source Bitcoin-based product called Quality Points.
- Received the first payment for open-source work from someone in Ukraine.

Learning Coding through Limited Resources
- Started coding with limited resources and motivation due to financial incentive.
- Faced challenges due to lack of organized and reliable resources.
- Eventually gained knowledge and became a Bitcoin developer.

Teaching as a Business Venture
- Started teaching in small jobs, realized potential to turn it into a business.
- Frustration and lack of resources in the field prompted this decision.
- Teaching has been beneficial in developing communication skills.

Journey of a Developer Turned Entrepreneur
- The narrator, with 17 years of experience as a developer, decided to start their own business teaching other developers.
- It took a month to gather the courage to take the leap due to the comfort and stability of corporate employment.
- The decision was influenced by the narrator's desire for a new challenge and the potential rewards of entrepreneurship.

Starting a Business and Teaching
- Started a business and gained clients who were eager to learn.
- The teaching environment was different from traditional classrooms, with students genuinely interested in the subject.
- The experience provided a unique and rewarding opportunity.



Engagement in Learning
- Students in the class were highly engaged and asked numerous questions.
- Unlike elementary, high school, and college students, they were eager to learn and get value for their money.
- The direct payment for learning motivated them to ensure they understood the material.

Deficiencies in Education System
- Education system is flawed, personal experience in high school and college.
- Students more focused on grades than learning.
- Incentives play a crucial role in motivation.

Research Funding and Incentives
- Different incentives exist in research compared to other settings due to funding variations.
- Isaac Newton's research was not funded, but he had his own involvement and equipment.
- He didn't have to worry about publishing in prestigious journals and could focus on his work.

Incentives and Their Impact on Various Fields
- Systems in place due to financial reasons can negatively affect education, science, businesses, and other areas.
- The root cause of these issues can be traced back to incentives and rewards.
- The author aims to explore this concept through a book and a podcast called 'Picklike', which takes a contrarian view of conventional thinking.

Incentives in Healthcare and Money Control
- Incentives in healthcare are driven by insurance documentation requirements.
- The yacht changes incentives, focusing on satisfying those who control the money.
- Most people spend, earn, save, and keep their money in bank accounts.

Understanding the Complexities of Money and its Creation
- The concept of money and its creation is often not well understood, despite its importance.
- Central banks play a crucial role in money creation, involving intricate mechanisms and processes.
- Many individuals, including those in positions of financial responsibility, lack a deep understanding of these complexities.

Education System's Focus on Compliance
- The education system's primary goal is to ensure students comply with the state's expectations and become 'better citizens'.
- Knowledge transfer is secondary, with an emphasis on good behavior and conformity.
- This approach raises concerns about the true purpose of education and the development of critical thinking skills.

Misaligned Incentives in Education System
- Inner-city schools in the US perform poorly despite high funding due to political reasons.
- Misaligned incentives lead to a focus on money-making rather than education.
- The current system needs to be reformed to prioritize education quality.



Technological Advancements in Tax Collection and Economic Control
- Technology has simplified tax collection and resource allocation compared to Roman emperors.
- Central bankers can now easily adjust interest rates and control the economy.
- Financial surveillance and other tools enhance economic management.

Social Credit System and its Impact
- Social credit system in China provides control and efficiency for the government.
- Hyperinflation can disrupt the system as people lose purchasing power.
- The government can prolong the system due to advanced tools at their disposal.

South Korea's Fertility Rate and Economic Factors
- South Korea's fertility rate is extremely low.
- Poverty is a significant contributing factor to this decline.
- The country's rapid economic growth and technological advancements contrast with its low fertility rate.

Changing Family Dynamics and Fertility Rates
- In the past, it was common for mothers to stay at home and take care of the children, but now both parents usually work.
- This has led to a decline in fertility rates, as it is more difficult for families to afford to have children.
- This trend is not just seen in South Korea, but also in other countries around the world.

Government Subsidies and Income Inequality
- Government subsidies for children are perceived as a rich war in Korea.
- Poor people are not having kids due to financial constraints.
- Government interventions often end up transferring money from poor to rich people.

South Korea's Economic Situation
- South Korea has experienced economic decline despite technological progress.
- Low salaries and lack of legitimate dollar circulation contribute to the country's economic challenges.
- Countries seek to settle in the US to obtain dollars for global trade.

Korean products are cheaper due to low labor cost
- Korea's products are cheaper because they can steal from other people, so the labor cost is lower.
- This means that Korea is essentially subsidizing the US and other countries with its exports.
- Unfortunately, this also means that everyone else has to suffer in order to afford Korean products.

Discussion about an unknown topic
- The speaker is discussing something with someone, possibly a friend or colleague.
- They are talking about a system that doesn't require payment for cancellation.
- The speaker is also considering inviting someone to an event, but the details are unclear.



Korean culture emphasizes getting along and conformity
- Korean culture values conformity and getting along.
- People feel more comfortable being in a group and following social norms.
- This can create a pressure to conform and perform for others.

How to communicate effectively to achieve career goals
- Effective communication is crucial for career advancement and financial success.
- Being a skilled programmer is important, but political elements can influence personal opinions.
- Reflecting on past experiences can reveal the influence of external factors on one's beliefs.

Cultural Differences in Expressing Opinions
- Opinions are often influenced by one's job and circumstances.
- Asian culture encourages going against the grain, but there are ways to express disagreement without endangering oneself.
- Expressing opinions can be challenging, especially when one has a job.

Entrepreneurship and Self-Reliance
- Entrepreneurs have the freedom to make their own decisions and be themselves, without societal pressure.
- The path to entrepreneurship requires self-belief and a willingness to take risks.
- Entrepreneurship is not easy, but it is possible with the right mindset and self-reliance.

Factors Influencing Birth Rates
- Having children is a sign of optimism about the future.
- People in the 1950s had more children despite being poorer because they believed in technological progress and better living conditions.
- Optimism drives people to vote for a better future.

Importance of Real People in Predicting the Future
- Young people are not interested in voluntary work unless they are extremely wealthy.
- Children are motivated to work hard because they believe the future will improve.
- Government policies cannot accurately predict the future; real people's emotions and experiences are more reliable indicators.

Free Market Encourages People
- Free market encourages people to do things for themselves.
- People can find something that works and make more money.
- Free market is better than a central government that takes from the poor and gives to the rich.

Low fertility rate and its impact on society
- Low fertility rate indicates a decline in population growth.
- People are choosing not to have children, leading to the end of their lineage.
- This trend has negative consequences for the future of civilization.



Financial Markets and Savings
- The current monetary system is outdated and needs to be changed.
- People need to save more money and not rely on the financial markets.
- Savings are important for financial stability.

Korean Saving Culture
- Koreans prefer saving money together in a group rather than relying on banks.
- They prioritize future planning and self-improvement, but lack suitable saving options.
- The goal is to accumulate savings that appreciate in value, avoiding risky investments like real estate with high leverage.

Value Creation and Exchange in Market Economy
- Providing value is crucial in the market economy.
- People exchange value for value, leading to mutual benefit.
- Inflation can be a subtle form of taxation, affecting people's perception of value.

Value Creation and Job Satisfaction
- Providing value in one's job leads to personal and societal benefits.
- Lack of value creation can result in depression and dissatisfaction.
- Encouraging a culture of value creation can enhance overall well-being.

Encouragement and Self-Reflection
- Encouraging others to find their value and unique strengths.
- Reflecting on past experiences and challenges.
- Expressing love and gratitude.

Government's Role in Cryptocurrency
- Governments' actions towards cryptocurrency vary, from El Salvador's incorporation to China's impression.
- Different exchanges and regulations exist.
- Ultimately, individual decisions matter more than government actions.

Discussion on the longevity of money and its value
- Discussed the performance of an investment with 55% return.
- Governments prioritize their interests over individual preferences.
- Money generally does not last long, with the US Dollar lasting about 153 years since the establishment of the Federal Reserve.

Understanding Money Management
- People are beginning to understand the value of money and its benefits.
- Fuel taxes serve as a government lever to reduce consumption.
- Cigarettes are heavily taxed in many countries, making them less affordable.



Understanding the Purpose of Practice and Taxation
- Practice helps control behavior and manage habits.
- Taxes serve multiple purposes, including controlling inflation and benefiting certain constituencies.
- Tax policies can be politically motivated, with potential consequences.

Unnecessary legal procedures
- Unnecessary legal procedures are prevalent in the US and Korea.
- These procedures involve lawyers and are time-consuming.
- A more efficient system would be beneficial.

Bitcoin as a Global Currency
- Bitcoin as a global currency can unite the world's economies.
- Farmers in Korea compete with those in the United States.
- People's lives are built on the last-term economy.

Global trade and local production
- Free trade can be beneficial, but it can also make economies vulnerable to disruptions.
- The COVID-19 pandemic showed the importance of local production.
- Governments should support both global trade and local production.

Ways to reduce cost of production
- Debasing money leads to inflation, forcing manufacturers to reduce costs to maintain prices.
- Manufacturers can reduce costs by cutting corners, reducing product quality, or increasing production.
- Increasing production is the most legitimate way to reduce costs.

Limited Options in Manufacturing Industries
- Limited diversity and room for growth in manufacturing industries.
- Few dominant companies control the market, leading to limited competition. ex. Airline Company
- Industries like commercial airline manufacturing have only a handful of major players.

Government Subsidies and Decentralization in the Microchip Industry
- Taiwan's microchip industry success is attributed to government subsidies and partnerships.
- Decentralization leads to more competition, new ideas, and higher quality products.
- Consumers may prefer locally produced food for better health outcomes.

Concerns about Bitcoin's Dominance and Potential Manipulation
- Discussion about the complexity of the Bitcoin system and the potential for manipulation by individuals or corporations.
- Worry that Bitcoin is becoming increasingly dominated by large corporations and that this could lead to negative consequences.
- Concern that the recent surge in Bitcoin's popularity may be unsustainable and could lead to a crash. (Price Bubble)

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