Episode #196 – What Wealth Is

Most people misjudge Bitcoin because they have never been given a working definition of wealth. David Deutsch's is the set of transformations you could perform without generating new knowledge, and it explains why a million dollars on a deserted island buys almost nothing, why no fortune in 1924 could buy a cure that didn't exist yet, and why holding a fixed share of a ledger gets more valuable as other people solve problems.