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Paul Puey on Time Preference - WBD159

Published on October 23rd, 2019 by BTCMedia

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“I don’t subscribe to the rhetoric that its ok with it just simply being a store of value. I want Bitcoin to be a payment mechanism as well.” — Paul Puey

Location: Los Angeles

Date: Thursday, 26th September

Project: Edge

Role: CEO & Co-Founder

Time is arguably our most valuable resource and we are constantly making choices about how we use it. But do we give enough consideration to our time?

One of the theories behind our decision making is time preference. Time preference refers to the value of something now compared to its value at a later date.

Those who favour high time preference prefer to value their current self and spend money faster, while people with a low time preference will make sacrifices to ensure a better outcome for their future self.

It doesn't just relate to personal choices though; time preference is an excellent tool for considering money, specifically when comparing Bitcoin and fiat.

Inflationary fiat currencies favour a high time preference. With no supply cap and governments printing more money at will, there is little economic incentive to save. Bitcoin, however, favours a low time preference. Being sound money with a fixed supply, Bitcoin lends itself to saving.

While time preference finds its roots in economics, it can be applied to almost anything and is how you prioritise now vs future; from health to journalism, productivity to savings.

In this interview, I speak to Paul Puey, the CEO & Co-Founder at Edge who are building a self custody exchange and wallet. We discuss time preference, Bitcoin, health & diet, journalism and Libertarianism.

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