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I don’t subscribe to the rhetoric that its ok with it just simply being a store of value. I want Bitcoin to be a payment mechanism as well. — Paul Puey Location: Los Angeles
Date: Thursday, 26th September
Project: Edge
Role: CEO & Co-Founder
Time is arguably our most valuable resource and we are constantly making choices about how we use it. But do we give enough consideration to our time?
One of the theories behind our decision making is time preference. Time preference refers to the value of something now compared to its value at a later date.
Those who favour high time preference prefer to value their current self and spend money faster, while people with a low time preference will make sacrifices to ensure a better outcome for their future self.
It doesn't just relate to personal choices though; time preference is an excellent tool for considering money, specifically when comparing Bitcoin and fiat.
Inflationary fiat currencies favour a high time preference. With no supply cap and governments printing more money at will, there is little economic incentive to save. Bitcoin, however, favours a low time preference. Being sound money with a fixed supply, Bitcoin lends itself to saving.
While time preference finds its roots in economics, it can be applied to almost anything and is how you prioritise now vs future; from health to journalism, productivity to savings.
In this interview, I speak to Paul Puey, the CEO & Co-Founder at Edge who are building a self custody exchange and wallet. We discuss time preference, Bitcoin, health & diet, journalism and Libertarianism.
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Mentioned in the interview:
Dr. Bernstein's Diabetes Solution
Born to Run by Christopher McDougall
The Ketogenic diet
The carnivore diet
Food, Inc
Lightning Network
Andreas Antonopoulos - Fake News, Fake Money
Other relevant WBD podcasts:
WBD158: Be Your Own Banker with Pascal Gauthier
WBD153: Trace Mayer on Claiming Your Monetary Sovereignty with Bitcoin
WBD151: Caitlin Long, Trace Mayer & Tyler Lindholm on Reducing the Size of Government
WBD150: Erik Voorhees on Understanding Libertarianism
WBD141: Stephan Livera on Austrian Economics, Libertarianism and Bitcoin
WBD130: Bitcoin is More Than a Financial System with Zac Prince & Jeremy Welch
WBD127: Saifedean Ammous on Understanding Bitcoin Economics
WBD058: Trace Mayer on Why You Must Own Your Bitcoin Private Keys
WBD042: Casa's Jeremy Welch and Alena Vranova on Crypto Custody
THANKSA big thanks to my WBD Maximalist Patrons for helping support the show: JP Petit, Logan Shultz, Seb Walhain, Steve Foster, Tony, Gordon Gould, David Burlington, Jesse Powell, Bitcoin Tina, BitHyve and Wiel Menger.
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