WEBVTT - Quick bite: Bitcoin vs inflation with Luke Kemeys

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<v Speaker 1>You're listening to a share these podcast Krypto.

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<v Speaker 2>I don't know what your thoughts are on crypto. It

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<v Speaker 2>seems like one of those things that five minutes ago

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<v Speaker 2>everybody said was a terrible idea, and now suddenly everybody's

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<v Speaker 2>woken up and gone, hang on, this actually could be something.

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<v Speaker 2>I mean, is that a conversation that the people that

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<v Speaker 2>you relate to and make content to and talk to.

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<v Speaker 2>Is that something they're talking about. Is it in their

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<v Speaker 2>mindset or is it not something that they're even on about.

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<v Speaker 3>I think it's another good example where some people are

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<v Speaker 3>seeing forms of crypto as gambling, and so they won't

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<v Speaker 3>be interested in lotto or a casino or something, but

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<v Speaker 3>they go, oh, I've heard about this thing, and if

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<v Speaker 3>we all get into it, and it could pop off

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<v Speaker 3>and I put my thousand dollars and it's going to

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<v Speaker 3>become worth six, but your thousand could be come worth

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<v Speaker 3>zero as well. Like how much do we really know

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<v Speaker 3>about it? I think there's a big difference between bitcoin

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<v Speaker 3>and the people who really get into that space and crypto.

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<v Speaker 3>I don't know a lot about crypto, but you know,

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<v Speaker 3>I've kind of focused my understanding on bitcoin and why

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<v Speaker 3>people are so interested in bit coin. Over this last

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<v Speaker 3>five years, what I've noticed is that there's a massive

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<v Speaker 3>increase in understanding of how the purchasing power of our

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<v Speaker 3>dollar is losing its value. So we might not go

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<v Speaker 3>on the reserve bank inflation calculator and run the numbers.

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<v Speaker 3>But when someone says, oh, but it has now cost this,

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<v Speaker 3>we go there is crap. How can this happen? And

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<v Speaker 3>so people have gone, well, what can I do? And

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<v Speaker 3>I think those people are seeing bitcoin as a store

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<v Speaker 3>of wealth in a way to kind of exit some

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<v Speaker 3>of the impact that they're feeling on the other side,

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<v Speaker 3>where they're watching money get created and then lose its value,

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<v Speaker 3>and they go, Okay, this looks like a life raft

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<v Speaker 3>they might call it, or a different form of technology

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<v Speaker 3>and solution.

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<v Speaker 1>I'm going to learn more about it. I'm going to

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<v Speaker 1>back my education.

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<v Speaker 3>I'm going to put some money into bitcoin to protect

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<v Speaker 3>myself from the losing value of.

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<v Speaker 1>The New Zealand dollar or whatever.

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<v Speaker 3>Right, But you could also argue, but that's why people

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<v Speaker 3>brought property, and that's why people you invest in shares,

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<v Speaker 3>because we're all trying to beat inflation so that our

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<v Speaker 3>dollar that we do have that will work so hard

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<v Speaker 3>for isn't becoming worth even less? And maybe bitcoin and

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<v Speaker 3>cryptos just the new wave of people understanding there and

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<v Speaker 3>learning about that. Now, if it helps increase education, amazing.

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<v Speaker 3>Will people be scammed and taken advantage of and whatnot?

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<v Speaker 1>Yeah?

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<v Speaker 3>Probably because you know humans, we're looking for a quick

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<v Speaker 3>win or whatnot. So you know, that's the dangerous side

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<v Speaker 3>of it that I think people need to accept the

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<v Speaker 3>decisions that they're making or be very educated before hitting

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<v Speaker 3>transfer money somewhere.

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<v Speaker 2>I guess that trust part is hugely important, right, is

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<v Speaker 2>who you're dealing with and how can you trust that?

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<v Speaker 2>Because people will know, okay, you can buy a house,

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<v Speaker 2>and there are the these are the ways that it

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<v Speaker 2>could fall apart. These are the reports you can get.

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<v Speaker 2>You know, if you're dealing with a real estate agent,

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<v Speaker 2>they've got a history. You can check that out. There's

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<v Speaker 2>a trust path you can follow. For the crypto part,

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<v Speaker 2>it seems like maybe there are fewer trust paths around,

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<v Speaker 2>or maybe maybe I'm just not across all of them.

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<v Speaker 3>Well, when I first brought crypto, it was twenty twenty,

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<v Speaker 3>but I'll take your step back, So it was twenty seventeen.

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<v Speaker 3>I was working in an accounting office and bitcoin is

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<v Speaker 3>bubbling again, and a client came in and said, oh, hey,

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<v Speaker 3>I got given a bitcoin when I was traveling in Europe.

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<v Speaker 1>I need to cash it in.

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<v Speaker 3>I was like, oh, my mates are talking about that,

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<v Speaker 3>and said to my boss and he's like, oh, see

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<v Speaker 3>if they'll buy it. And next thing, they're in the

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<v Speaker 3>car drive into the accounting practice and they've got a

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<v Speaker 3>group of them pulled together their cash and like yeah,

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<v Speaker 3>we'll bite off the client.

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<v Speaker 1>I'm like, what the hell just happened? What did they

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<v Speaker 1>just buy? How much?

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<v Speaker 3>What is this twenty twenty? I start kind of thinking, oh,

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<v Speaker 3>what's happening in the world. Maybe I should be buying

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<v Speaker 3>some gold. And I'm self managing my KEYI save and

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<v Speaker 3>I'm like, hey, I'm going to allocate some to gold

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<v Speaker 3>and they're like, oh, we don't advise that.

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<v Speaker 1>I'm like, dah, the world's going to fall over. I've

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<v Speaker 1>seen this before.

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<v Speaker 3>I need to And then I start learning about bitcoin

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<v Speaker 3>and I'm like, these people talking about this again, I

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<v Speaker 3>might buy some. So I go through to learn the

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<v Speaker 3>process and I think, you know then I and I

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<v Speaker 3>go in my mind, I go, money follows attention. If

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<v Speaker 3>this gets more attention, it will probably increase some price.

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<v Speaker 3>I'm willing to take some risk on it. And then

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<v Speaker 3>I start just getting back to my normal life. And

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<v Speaker 3>then I see more and more people talking about it,

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<v Speaker 3>but really intelligent and smart people, and I stop and go,

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<v Speaker 3>why is this thing attracting so many bright minds? Like

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<v Speaker 3>why are some of the cleverest people in the world

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<v Speaker 3>working on this? They either aren't and the whole thing's

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<v Speaker 3>going to pop and it's going to be like what

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<v Speaker 3>were they thinking?

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<v Speaker 1>Or they know something? And I'm like, I'm not intelligent

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<v Speaker 1>enough to.

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<v Speaker 3>Figure that argument out, But I'm going to go along

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<v Speaker 3>for the ride and put some money into bitcoin and

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<v Speaker 3>understand more about it, and if it goes to zero

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<v Speaker 3>and the whole thing pops, I'm going to go, Wow, Okay,

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<v Speaker 3>maybe there's a really good life lesson in there for me.

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<v Speaker 3>If not, at least I backed my own judgment.

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<v Speaker 2>Money makes it matter, Eh, Maybe you put a little

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<v Speaker 2>skin in the game there and you're actually paying a

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<v Speaker 2>little bit more focused attention.

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<v Speaker 1>Yes, investing involves the risk you might lose the money

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<v Speaker 1>you start with. We recommend talking to a licensed financial advisor.

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<v Speaker 2>We also recommend reading product display LaSure documents before deciding

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<v Speaker 2>to invest,