MP3, Links, and More: http://ymb.tc/e153
This is episode 153 of You, Me, and BTC – your liberty and Bitcoin podcast!
First up today, we’ll cover Bitcoin, oil, and volatility. According to CryptoCoinsNews, Bitcoin was actually less volatile than oil over the past year. This might seem crazy because...
## YMB Podcast E153: Bitcoin vs. Oil and Free Market Manipulation - Summary
1. Narrative Summary:
The YMB Podcast E153 dives into a surprising recent finding: Bitcoin has exhibited less volatility than oil over the past year. This sparked a broader discussion about the nature of volatility, its impact on different uses of Bitcoin (currency, investment, value storage), and the parallels between Bitcoin’s market dynamics and those of the oil industry, particularly OPEC’s influence. The hosts explore how seemingly artificial interventions, like OPEC’s recent supply cuts, can manipulate prices and achieve desired outcomes, even if those outcomes appear unsustainable. They also touch on the complexities of government control over oil production, the potential for free market organizations to mimic OPEC’s actions, and the role of Bitcoin as a form of regulation in a world often dominated by centralized control and manipulation. The episode also included a bizarre, unsolicited advertisement for a new cryptocurrency, highlighting the unpredictable and often chaotic nature of the crypto space.
2. Main Topics Discussed:
- Bitcoin vs. Oil Volatility: Comparing the volatility of Bitcoin and oil prices, and the implications of Bitcoin’s recent relative stability.
- Volatility & Its Uses: Examining how volatility affects Bitcoin’s utility as a currency, investment vehicle, and store of value.
- OPEC and Oil Price Control: Analyzing OPEC's influence on oil prices and drawing parallels to Bitcoin's market dynamics.
- Government Intervention in Oil Markets: Discussing government control and manipulation of oil production and pricing.
- Free Market Manipulation: Considering the possibility of free market organizations mimicking OPEC’s actions.
- Bitcoin as Regulation: Exploring the concept of Bitcoin as a form of regulation.
- The Paradox of Success in Price Controls: Acknowledging that price controls, despite being undesirable, can sometimes achieve their intended goals.
- Monopolies and Dependence: Examining the nature of oil as a near-monopoly and the challenges of disrupting such systems.
3. Key Quotes:
- John Stewart: "Bitcoin's been better than some tech companies for a while" (referring to volatility).
- Daniel: "It's just been a problem and everyone says it's bad" (regarding Bitcoin volatility).
- "You might buy it today the price could go down tomorrow and yet the price is still trending upwards." (Describing Bitcoin volatility.)
- "It just seems so artificial...even for a government who who claims that they can regulate things even then it seems so artificial and so flaky." (Regarding government intervention in oil markets).
4. People Mentioned:
- John Stewart (Podcast Host)
- Daniel (Podcast Host)
- John (mentioned in passing)
5. Bitcoin Price Mentioned:
- $776 (current price)
- $720-730 (hypothetical price drop)