How Bitcoin Could Replace the U.S. Dollar

Former Google engineer Vijay Boyapati talks inflation, the Austrian school of economics, and his new book on bitcoin.

Nick Gillespie | 6.21.2021 11:20 AM

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During the 2008 presidential election, Vijay Boyapati quit his job as an engineer at Google to campaign for Ron Paul in New Hampshire. A few years after that, he discovered bitcoin, and in 2018 he published an essay on Medium titled "The Bullish Case for Bitcoin," which got widespread attention and was translated into more than 20 languages.

Boyapati, an Australian native who now lives in the Pacific Northwest, launched a fundraiser on Kickstarter to expand the essay into a book, and it was released at the star-studded 2021 Bitcoin Conference, which was held in early June in Miami.

Reason caught up with Boyapati in Miami to talk about inflation, how bitcoin fits with the Austrian school of economics, his libertarian origin story, and what he thinks has to happen for bitcoin to finally become the new global monetary standard.

Narrated by Nick Gillespie, edited by John Osterhoudt, camera by Jim Epstein and Noor Greene, additional graphics and thumbnail by Lex Villena

Photo: George Skene/MCT/Newscom

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Diane Reynolds (Paul.) 4 years ago

"You can shift the political landscape through technology."

Jack Dorsey agrees.

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1. Pinkie Marsh 4 years ago
  
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Diane Reynolds (Paul.) 4 years ago

As a bitcoin skeptic, this guy makes some interesting arguments. Good interview.

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1. ElvisIsReal 4 years ago
  
  As a bitcoiner, there's basically zero chance BTC "replaces" the dollar. The people who are in have a way to protect themselves against the coming inflation, that's about it.
  
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  1. Diane Reynolds (Paul.) 4 years ago
    
    I'm glad he addressed the fact that Bitcoin is NOT anonymous.
    
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  2. Weigel's Cock Ring 4 years ago
    
    I have no problem at all with crypto or those who use it as an alternative means of exchange, especially if all you want to do is play a bit of damn internet poker or some other relatively harmless activity that our power-mad government has tried to make more difficult.
    
    But, if you're an American like me who doesn't actually hate our own country and would like to see us maintain our standard of living and not continue to decline even further, then seeing the USD replaced by Bitcoin is the absolute last thing in the world we should want. The USD still being the king of the giant global currency shit pile is about the only thing left that's keeping us hanging on. If and when the day comes when that's no longer the case, then we're truly fucked and it's over and we go the way of early 20th century Britain.
    
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    1. Diane Reynolds (Paul.) 4 years ago
      
      It's time for the white colonial masters to step aside and recognize the Renminbi as the standard currency.
      
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    2. EWM 4 years ago
      
      A large portion of your "country" left the dollar destroying "government" in power. The oblivious/amoral types like you deserve what you get. Deal with it.
      
      Log in to Reply
Union of Concerned Socks 4 years ago

There's a pony in here somewhere by God.

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buckleup 4 years ago

Remember that MASH episode where Major Winchester decides to help the locals switch to the new Army script for a "fee". And then of course gets thwarted and left hung out to dry by the writers. Good times.

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Roberta 4 years ago

Looks like the federal judiciary can go only so far in getting in the way of antitrust statutes: https://www.supremecourt.gov/opinions/20pdf/20-512_gfbh.pdf

Apparently as long as it's anti-consumer, a combination in restraint of trade can't be enforced on the basis of non-business considerations, as long as there's a significant business aspect to the business.

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Rob Misek 4 years ago

Because the internet is so trustworthy.

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Diane Reynolds (Paul.) 4 years ago

@33:00, his counter that money IS a store of value, and points to the history of gold being a store of value, gold IS a commodity. It's a physical thing, so I would put gold more in the category of Real estate or the other things that Rothbard pointed to.

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1. Bubba Jones 4 years ago
  
  Gold is a commodity, but I think its value transcends its material worth.
  
  Roman soldiers were paid in salt (salary). That was a commodity that was nonperishable and also useful. Assuming you didn't leave it out in the rain.
  
  Given that gold is primarily mined in other countries, I think we should consider pegging the dollar to something we produce locally, like corn. Why give control of the USD to Russia?
  
  If I wanted to hedge against inflation, I'd want an investment with pricing power. That might be real estate or many companies.
  
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  1. Stuck in California 4 years ago
    
    > I think we should consider pegging the dollar to something we produce locally, like corn.
    
    Brilliant! Then money really DOES grow on trees... err stalks. Thanks for that.
    
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2. jgress 4 years ago
  
  Well any money is mostly valued for exchange rather than use. This is true even for gold when used as money. When a good becomes valued primarily as medium of exchange then it becomes money by definition.
  
  The other thing is the exchange value of any money has to be traced back historically to some good valued for direct use. This is true even for fiat money, which wasn’t created out of nothing but was based on a preexisting gold or silver standard, and the monetary value of gold and silver originally derived from their use as precious metals.
  
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Diane Reynolds (Paul.) 4 years ago

Whoa, shit, @41:00 he gives the smackdown to the Woke/CRT bullshit.

Nick seemed nervous about the direction the discussion took.

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Rubbish! 4 years ago

The headline is clickbait, mostly. The interview is far more interesting than bitcoin as dollar-replacement.

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Cino 4 years ago

Very informative blog post. Nigerian Air Force List of Shortlisted Candidates

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dada 4 years ago

What about this !!!!!
http://Www.mokiffat.com

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RobertJames 4 years ago

The USD still being the king of the giant global currency shit pile is about the only thing left that’s keeping us hanging on. If and when the day comes when that’s no longer the case.

Robert | Drywall Repair Company

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Jennam 3 years ago

Sounds interesting.

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How Bitcoin Could Replace the U.S. Dollar

Former Google engineer Vijay Boyapati talks inflation, the Austrian school of economics, and his new book on bitcoin.

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