The Road to Digital Serfdom with John Carvalho - WBD744

John Carvalho is CEO of Synonym, a Bitcoin and Lightning
Network service provider. In this interview, we discuss the
potential impact of ETFs, the culture of Bitcoin
developers, and the risks associated with AI technology. We
also talk about the importance of understanding and
investing in the Bitcoin protocol, the inefficiency in how
relays are handled in the Bitcoin community, and the vision
of Synonym for a post-Bitcoin digital economy.


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John Carvalho is one of the Bitcoin industry’s best
advocates because of his unwavering commitment to its
ideology and his high standards regarding its treatment and
development. The last time I interviewed him was over three
and a half years ago, so it was an honour to have him back
on the podcast to ask him about a variety of current issues
important to the Bitcoin community.


The first topic of discussion was Bitcoin ETFs, which John
sees this as a corrupting force within the Bitcoin
community; he criticises Bitcoiners who only support things
they think will increase the value of their holdings. John
also fears ETFs could be used by the state or major banks
to manipulate the price of Bitcoin. Instead of buying ETFs,
he believes people should educate themselves about holding
the underlying asset themselves.


John also raises concerns about the increasing
fragmentation within the Bitcoin community and how it may
be dangerous for the base ethos of Bitcoin. He mentions
that the culture of the Bitcoin mailing list has changed,
with newer members constantly pushing for complexity and
change. He explains that engineers are focused on solving
their own problems rather than addressing the needs of
Bitcoin users.


We discuss the cultural issues among Bitcoin developers.
John suggests some experienced developers may be tired
after years of battling and facing criticism. Also, younger
developers may be trying to make a name for themselves and
leave their mark on Bitcoin, which could contribute to the
cultural problem. John acknowledges that not all core
developers exhibit this behaviour, but he has had private
conversations with some who confirm his observations.


John then brings up his interest in AI development,
particularly in using ChatGPT and Midjourney. He mentions
seeing both opportunities and fears in the fast-moving AI
field. John also explains the concept of the atomic
economy, which is Synonym's vision for a post-Bitcoin
digital economy. He emphasises that it's not just about
hyper-bitcoinization, but about creating a mental model for
what replaces big tech, big banks, and big state.





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Show notes:
https://www.whatbitcoindid.com/podcast/the-road-to-digital-serfdom


This episode’s sponsors:
Iris Energy - Bitcoin Mining. Done Sustainably
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Wasabi Wallet - Privacy by default
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SwanBitcoin - Invest in Bitcoin with Swan