Supply Chains and Pricing Mechanisms with Parker Lewis - Fed Watch #53 - Bitcoin Magazine

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In this episode of Bitcoin Magazine’s “Fed Watch” podcast, hosts Christian Keroles and Ansel Lindner welcome on to the show Parker Lewis, Head of Business Development at Unchained Capital. The main topic of this episode is supply chains, the importance of a pricing mechanism within supply chains, and of course, bitcoin’s superior ability to act as that pricing mechanism.

Parker tells the story of how central banks distort price signals, which is very important because price signals are the root of all economic activity. It is the breakdown in a valid pricing mechanism that forms a competitive environment in which a new money can emerge.

Next, we get into the important topic of how a new money incentivizes convergence away from the existing money toward a new money. We will have to have Parker back on soon because we didn’t have time to fully explore these ideas. New money is volatile and will initially not act as a good pricing mechanism. So if it is competing on that ground, it is not clear how the new money breaks into its role without a total collapse in the previous medium of exchange.

Also in this episode, Parker comments quite a bit on the incompetence of the Fed. He eloquently points out how central bankers are wrong every step of the way and how the market will route around the damage with bitcoin. I bring the thought experiment that, perhaps the Fed is always wrong because they have already been routed around and are not in control of anything. The only control they have is illusory and contained in mantras like, “don’t fight the Fed.” That idea didn’t get far with Parker but we had a nice conversation about it.

We end the episode with getting Parker’s thoughts on the bitcoin business climate. Fundamentals are extremely strong and we are all excited about coming price increases and growth in the bitcoin ecosystem. All that is well covered, so we wanted to ask Parker about any weaknesses he sees out there in bitcoin and where he thinks the bitcoin industry will improve the most in the coming 12-24 months. You’ll have to listen to get his insider’s take.

Make sure to subscribe to the Fed Watch podcast feed wherever you listen to podcasts.

iTunes: https://podcasts.apple.com/us/podcast/fed-watch-bitcoin-and-macro/id1543640492
Youtube: https://www.youtube.com/channel/UCtOV5M-T3GcsJAq8QKaf0lg
Bitcoin Magazine: https://bitcoinmagazine.com
Unchained Capital: https://unchained-capital.com/
Parker on twitter: https://twitter.com/parkeralewis

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Written by Ansel Lindner
Economist, author and bitcoin specialist.
Find more from Ansel at the Bitcoin & Markets podcast (bitcoinandmarkets.com), the BitcoinDictionary.cc, and macro blog Bitcoin & Markets Research (BTCM.co).

Timestamps:

0:00 - 4:48 Intro
4:48 - 11:23 The role of a pricing mechanism in an economy
11:23 - 12:42 Money printing distorts demand and supply structures
12:42 - 14:04 The convergence on one money or the need for a pricing mechanism?
14:04 - 19:29 The current system of money
19:29 - 24:09 Pricing mechanisms allow us to know relative value
24:09 - 27:38 The ignorance of central bankers
27:38 - 31:28 The Fed's meeting transcripts
31:28 - 33:58 The ignorance of central bankers(cont.)
33:58 - 36:41 Why are the central bankers always wrong?
36:41 - 38:33 How we route around the destruction of the current system
38:33 - 44:40 The expansion and contraction of credit by private banks
44:40 - 52:29 What does the bitcoin system look like?
52:48 - 56:19 What is bitcoin's biggest weakness?
56:19 - 1:01:25 What area in the bitcoin industry needs improvement?
1:01:25 - 1:07:56 Closing comments

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