This is a podcast about Bitcoin by Dean Florin Hilbay, a lawyer, professor at the UP College of Law and dean of the College of Law of Silliman University.
In This Episode
This is an episode about the fiat monetary system, which is the system we use today. It is a complex system, but here are the key points:
- It is a debt-based system, meaning the money supply is increased by banks issuing loans. This is different from the old system where money was backed by gold.
- The value of our money can easily decrease over time, this is called inflation. This is because more and more money is being printed.
- It is a system based on trust. We trust that the banks and governments will manage the money supply responsibly.
The speaker says that this system has some negative implications, but it also makes it easy to use money for everyday transactions.
In the next episode, they will discuss Bitcoin Pizza Day, which is a celebration of the first time Bitcoin was used to buy a pizza.
The Podcaster
Florin T. Hilbay holds a degree in economics from the University of Santo Tomas, and in law from the University of the Philippines. He taught constitutional law and philosophy of law in the University of the Philippines and is the author of Unplugging the Constitution (2009). At 40, he was appointed Solicitor General of the Philippines. As Solgen, he represented the country in the arbitration over the West Philippine Sea in Philippines vs. China. He now serves as Dean of the College of Law of Silliman University, where he teaches a course on Money and State.
Book Review
“Hilbay’s book is a blueprint for a different kind of future, where the world operates on one digital currency standard, beyond the control of any one country or alliance of countries, where the most valuable and technologically advanced money is something that will be accessible to anyone: a refugee or a billionaire, equally. Where foreign lenders and dictators cannot simply ‘devalue’ a local currency to crack the whip on local workers, or where an empire cannot force their currency to be the only one that energy producers accept. If everyone is on the same footing, Hilbay explains, then the world gets a whole lot more equal.”
—Alex Gladstein, Human Rights Foundation
Try a little Bitcoin
If you are in the Philippines, the easiest way to see how bitcoin works is through Pouch or CoopPay. From your bank app, you can send a few pesos to Pouch and from there you can send to a Lightning wallet. For members of your cooperatives, you can simply ask your coop for a cash-in. Then once you have pesos in your CoopPay, same process.
LET’S BUILD THE CIRCULAR ECONOMY Join a cooperative federation today via iCoop.ph and Healthcare.coop. #StudyBitcoin Experience the Lightning Payment Network for Cooperatives at Lightning.coop and the 6 Steps. Use CoopPay, the world’s first Lightning wallet for cooperatives, at the Coop BookShop at Buy.coop, The Co-operative Exchange. Register your .coop domain at Register.coop. Visit BitcoinIsland.ph. Make BitcoinTown.ph happen, but in your town. Sign up for secret updates. Read The New Co-operator. and see in one glance how the co-op universe is bending in space-time.
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