Episode notes
Eric Yakes is the author of The 7th Property and founder of Epoch Ventures, investing in Bitcoin infrastructure while analyzing how immutability and free banking systems can shape our future.
PARTNERS
The Bitcoin Way is your personal Bitcoin security team. Schedule a free, 30-minute consult: http://www.thebitcoinway.com/bram?utm_medium=podcast&utm_source=partner-bram-kanstein
⚡ Stack Bitcoin faster with Invity Turbo Buy: https://invity.onelink.me/yIY4/BRAM — use code BRAM to get €50 after 10 completed transactions
PRODUCTS I ENDORSE
› Get 10% off a Bitaxe open-source Bitcoin home miner using code BRAM at https://shop.powermining.io/?ref=BRAM
› Heat your home and Earn Bitcoin with Heatbit - Get 5% off with code BRAM https://heatbit.com/?ref=BRAM
› Stamp Seed: The safest way to backup your hardware wallet - Get 15% off with code BRAM at https://stampseed.com
SUBSCRIBE TO GET NOTIFIED
› https://youtube.com/@bramk
TIMESTAMPS
00:00 Intro
00:43 Immutability in the Age of AI
04:50 Agentic Bank Runs and AI Slop
07:25 An Agentic Economy Needs a Check
09:47 Free AI Versus the Civil Servant
14:39 The Stupidity Gap
16:50 Will Agents Cause a Bank Run?
20:44 How Money Enters the System
22:10 Stablecoins as Money Market Funds
27:06 What Is a Digital Bank Run?
29:14 Three Avenues of Bitcoin Adoption
31:06 Do Stablecoins Slow Bitcoin Down?
36:35 US Debt and the Eurodollar Precedent
40:07 Bitcoin's Offshore Trojan Horse
41:07 Money as a Protocol, Like Language
44:13 Bitcoin's Path to a Million
48:42 A Money You Can Carry in Your Head
51:04 The Base Layer in the Digital Realm
55:59 Fractional Reserve: The Burden of Proof
1:00:36 Commodity Money Versus Credit Money
1:01:15 Can Agent Activity Replace Inflation?
1:03:13 Bitcoin as Full-Fledged Money
1:05:37 Outro
ℹ️ EPISODE SUMMARY
Bram Kanstein and Eric Yakes discuss what happens to money when AI agents start managing it. As intelligence gets cheap, agents will close the stupidity gap that banks profit from. Eric explains why that will not cause a bank run in the near term, but will force banks to pay you interest. He argues that an agent economy needs an uncontrollable ledger, and that yield-paying stablecoins could become Bitcoin's Trojan horse. They close on fractional reserve and why Bitcoin can be full-fledged money.
