Published on:

17th Dec 2022

"The Fool's Field Guide to Bitcoin" with Cryptocurrency (recovering) Trader, Advocate and Educator Wesley Schlemmer.

I first heard of Bitcoin around the time it was first gaining steam, circa 2010ish. I guess due to certain circles where I spent my time and education, it was only natural that it would come up in conversation. While it remained mysterious, I was brave enough to invest a bit of my own USD into Bitcoin in the 2013 timeframe, and have kept up with it somewhat through the years.

What attracted me to the Bitcoin "craze" at that time was how people who's opinion I respect explained that it's not an investment opportunity - as most folks think of it today - but it actually mimics the most sound of forms of money in many ways.

Now with the recent revelations of the FTX scandal, Bitcoin is in the news more than ever. And while it's for all the wrong reasons, I wanted to bring on to the show someone who is informed on the right reasons to "invest" in Bitcoin. I use the quotes around the word invest because it's not a typical investment where you put a certain amount of government-issued currency then gain a return on it after a period of time. It's actually much more complex (or simple?) than that. Bitcoin is a means of exchange to pay for stuff that circumvents governments entirely.

Wesley Schlemmer of the Bitcoin Bay joins us on today's episode to explain the basics of Bitcoin, the Blockchain, the basics of sound money and more. While the fallout from the FTX misdeeds will be felt for some time, the upside is that Bitcoin is on people's minds, and we have an opportunity to learn about it, and learn how to do it the way the creators of Bitcoin intended it to be used in the first place!

In this episode, you'll discover:

-Wesley's personal background and becoming familiar with crypto...01:15

-Cypher Punks and a short history of Bitcoin (Hint: It's not an investment opportunity!)...03:45

-What is the Blockchain, and what is its relation to cryptocurrency?...14:15

-What is sound money, and what makes Bitcoin a sound form of exchange?...19:20

  • Three primary characteristics
  1. Medium of exchange
  2. Store of value
  3. Unit of account
  • Qualities of sound money
  1. Durable
  2. Fuingle
  3. Divisible
  4. Portable
  5. Scarce

-How Bitcoin promotes self-responsibility..27:00

-What the heck happened with FTX, and what can we learn from it?...31:00

-How to get into the Bitcoin game, and the proper reasons for doing so...37:38

Resources mentioned:

Bitcoin Bay website

Cypherpunk Manifesto

Info about blockchain wallets Wesley mentions

The Bitcoin Standard

Muun Bitcoin Wallets


Terms mentioned:




Block Chimes

Cypher Punks


Difficulty of Adjustment

Privacy v. Secrecy

Hal Finney

Blocksize Wars

BTC Token v. Network

Unit of Account

SAT's (not a pre-college test)

Stock to Flow Ratio

Seed Phrase

What do you CRAVE? Sana and James have put a lot of thought into this, and the core values we wish to share with the world, be it in business, family, or otherwise. We boiled it down to these 5 elements we all CRAVE:

  1. Community
  2. Respect
  3. Adventure
  4. Vojdaan
  5. Energy

In this audio series, James and Sana share their thoughts on each of the 5 core values, and what they mean to you as a listener, a friend, or perhaps someone with whom we do business.

Click this link to listen to the audio series.

Show artwork for Ba Vojdaan!

About the Podcast

Ba Vojdaan!
Conscious Living in a Zonked-Out World
با وجدان (Ba Vojdaan) is Persian for "conscious".

Welcome to our little show. We endeavor to live a conscious life in an increasingly zonked-out world. Our mission is to share our unique insights and life experiences to show that there are ways of living a righteous life other than those presented to us by the Gatekeepers of Polite Society.

About your hosts:
James and Sana met in March 2019 after James, at the time a resident of Virginia Beach, VA, left his email address on a scrap of paper in the beak of a courier pigeon, which somehow ended up as a stowaway on a cargo ship headed for China. The note w/ James' email address got caught up in a windstorm at the port in Qingdao and landed precipitously on the (non-American) football field at British University of Vietnam, where Sana was leading a group of amateur tai chi enthusiasts during their morning routine prior to beginning the day's courses. Mistaking the email address for that of her local supplier of matcha green tea, Sana emailed immediately to refill her supply. James playfully went along with the dialogue for several emails, until finally revealing he indeed had no green tea to sell, but would be willing to share his undying devotion and commitment until the end of time and beyond.

About your host

Profile picture for James Newcomb

James Newcomb

James Newcomb is a musician, podcaster, family man, entrepreneur, and world traveler. He is the producer of the Ben Greenfield Life podcast, and hosts two shows of his own: Trumpet Dynamics, and Ba Vojdaan which is co-hosted with his wife, Sana. Find James on the web at jns.media.