Hi, my name is Bram Constein and this is Bitcoin for Millennials,
My new podcast where I go on the journey to discover how our
current financial system works, why it's flawed, and why Bitcoin
might be the answer a little back story.
When I was 30 I had a mortgage and I was working at a bank.
I was already into Bitcoin for about 5 years and really
believed in it as a technology that could serve as a currency
for the Internet. To be honest, I had no clue
about the economics nor the finance world until one day I
had a talk with a colleague about the workings of a bank and
he said to me, did you know that the money in the bank is not
yours? To which I replied sorry what
like what do you mean? Then we had a talk for an hour
where he explained to me how banks work.
You as a depositor deposit money in the bank and due to the
contract that you signed with the bank, this becomes an IOU of
the bank to you, the depositor. You basically lend out your
money for cheap to the bank and they try to make more of it.
Actually, when you deposit $100 in the bank or €100, only 10% of
that money stays in the bank and 90% of that money gets loaned
out again. That is the business model of
the bank. When they win, you get no
upside, but when you lose, you get all the downside.
Bank fails, money gone, bank gets billed out.
That is taxpayer money. Saving them got your money
insured by the state up until a certain amount.
Also taxpayer money. Not to mention that the money
you deposit could be lent out over 10 times.
That is how new money is created on paper.
All in all, a pretty dubious concept and I remember that I
found this conversation eye opening.
I also kind of felt like an idiot, like a blissful, ignorant
fool that was participating in the system that he had zero
understanding of. This started my journey into
learning about the financial system and how its flaws affect
all of us, not only financially but also spiritually.
Money should be an unbiased technological protocol, a set of
rules that helps people to exchange information about value
with each other, uncorrupted and resistant to manipulation.
But currently, unfortunately, that is not the case and I want
to learn more about this while sharing it with my generation.
And that's why I'm starting this podcast, Bitcoin for
Millennials. Join me and my guests on the
discovery journey and learn how the current system works, why
it's flawed, and why Bitcoin is the most relevant technology
that millennials should understand and adopt, not only
for themselves, but especially for their families.
I'd be honored if you would subscribe and follow me on this
journey. The first episode will be live
soon. Thanks.