1 00:00:00,400 --> 00:00:03,200 Speaker 1: Hello, and welcome to another episode of The Markma Show, 2 00:00:03,200 --> 00:00:06,120 Speaker 1: where we talk about the decentralized revolution, talking about the 3 00:00:06,120 --> 00:00:08,799 Speaker 1: way the world is changing and we look at through 4 00:00:08,800 --> 00:00:11,640 Speaker 1: the lens of politics, finance, and technology. Now, I say 5 00:00:11,680 --> 00:00:13,200 Speaker 1: it all the time, I'm gonna say it again. You 6 00:00:13,280 --> 00:00:14,880 Speaker 1: might just be tuned in, maybe you don't know, but 7 00:00:14,880 --> 00:00:18,239 Speaker 1: I'm still gonna say it anyther way. More than anything, 8 00:00:18,320 --> 00:00:20,600 Speaker 1: what changes the world through thousands of years of history 9 00:00:21,040 --> 00:00:24,360 Speaker 1: is technology. It's always technology that changes the world, whether 10 00:00:24,400 --> 00:00:28,600 Speaker 1: it's something as small and meaningless as a horse stirrup, 11 00:00:30,400 --> 00:00:33,880 Speaker 1: h the gunpowder revolution. Uh, we can go all the 12 00:00:33,960 --> 00:00:36,400 Speaker 1: back with the creation of fire, right. I mean, all 13 00:00:36,479 --> 00:00:40,280 Speaker 1: these things change the course of humanity, and we're witnessing 14 00:00:40,400 --> 00:00:42,640 Speaker 1: one right now, and that is the biggest catalyst to 15 00:00:42,720 --> 00:00:45,440 Speaker 1: change the world. Now. The world is swinging from centralization 16 00:00:45,520 --> 00:00:48,639 Speaker 1: to decentralization. This happens on a two and fifty year 17 00:00:48,640 --> 00:00:51,720 Speaker 1: political time frame. But it's interesting that on a fifty 18 00:00:51,800 --> 00:00:53,840 Speaker 1: year time frame we have a technological revolution that's bringing 19 00:00:53,880 --> 00:00:56,440 Speaker 1: us exactly what we need for the two and or 20 00:00:56,440 --> 00:01:00,680 Speaker 1: fifty year political revolution cycle, which is a decentral technology. 21 00:01:00,680 --> 00:01:03,520 Speaker 1: It's pretty interesting, and of course I believe that is 22 00:01:03,640 --> 00:01:06,399 Speaker 1: bitcoin now. A lot of people want to challenge me 23 00:01:06,440 --> 00:01:09,440 Speaker 1: on that. I go speak around the country and even 24 00:01:09,480 --> 00:01:10,839 Speaker 1: the world. As a matter of fact, that you've spoke 25 00:01:10,840 --> 00:01:14,759 Speaker 1: in Mexico City like two weeks ago, and uh man 26 00:01:15,080 --> 00:01:17,880 Speaker 1: at the end of my talk, uh, the people crowd 27 00:01:17,880 --> 00:01:20,160 Speaker 1: around me and they want to ask me about all 28 00:01:20,200 --> 00:01:24,279 Speaker 1: types of things cryptocurrency because I talked about bitcoin and 29 00:01:24,800 --> 00:01:27,880 Speaker 1: I've heard all these things that but bitcoin is backed 30 00:01:27,920 --> 00:01:29,479 Speaker 1: by nothing. This is what I had to deal with 31 00:01:29,480 --> 00:01:31,480 Speaker 1: with someone who's a big fan and he and he 32 00:01:31,560 --> 00:01:35,440 Speaker 1: made this comment that it's not backed by anything. Um. 33 00:01:35,480 --> 00:01:38,360 Speaker 1: You know, it's too volatile, it's too risky, it's outdated technology, 34 00:01:38,480 --> 00:01:40,000 Speaker 1: it was started by the CIA. We don't know who's 35 00:01:40,000 --> 00:01:42,880 Speaker 1: to do shooting acomotive is we're gonna poor bitcoin? Uh? 36 00:01:42,959 --> 00:01:45,560 Speaker 1: People say, you know ethereum is better because it has 37 00:01:45,640 --> 00:01:47,960 Speaker 1: this like so I hear all these things all the 38 00:01:48,000 --> 00:01:52,240 Speaker 1: time and so um. I bet if you tune in regularly, 39 00:01:52,240 --> 00:01:53,960 Speaker 1: you probably have the same questions because I say, here 40 00:01:54,000 --> 00:01:55,520 Speaker 1: talk about bitcoin, and I don't talk about all this 41 00:01:55,560 --> 00:02:02,160 Speaker 1: other supposedly technologically advanced crypto currencies because they do smart 42 00:02:02,200 --> 00:02:05,280 Speaker 1: contracts on layer one or something like that, and so 43 00:02:05,760 --> 00:02:08,639 Speaker 1: or they have faster throughput, faster transaction times and all 44 00:02:08,639 --> 00:02:11,040 Speaker 1: these types of things. UM. And so you know what 45 00:02:11,080 --> 00:02:13,120 Speaker 1: I thought coming back from this conference I was at 46 00:02:13,160 --> 00:02:14,760 Speaker 1: last week in Mexico City, and I had to deal 47 00:02:14,800 --> 00:02:17,400 Speaker 1: with a bunch of these questions. UM. I took I 48 00:02:17,440 --> 00:02:20,440 Speaker 1: took down a bunch of these ones that I was asked, 49 00:02:21,440 --> 00:02:23,040 Speaker 1: and I thought, you know what, UM, let me just 50 00:02:23,120 --> 00:02:27,120 Speaker 1: answer some of these for you here, and uh maybe 51 00:02:27,120 --> 00:02:32,960 Speaker 1: they'll be helpful. M hmm, it should be helpful. UM. 52 00:02:33,000 --> 00:02:36,120 Speaker 1: I would highly recommend listen to him because if you don't, 53 00:02:36,240 --> 00:02:37,919 Speaker 1: you could miss out on one of the biggest life 54 00:02:38,000 --> 00:02:40,720 Speaker 1: rapps that we have. All right, UM, so let's let's 55 00:02:40,720 --> 00:02:42,760 Speaker 1: go through some of these. So the first one is, 56 00:02:43,000 --> 00:02:45,520 Speaker 1: as I said, at this at the at this Nomadic Capitalist, 57 00:02:45,520 --> 00:02:47,960 Speaker 1: someone came up to me and they said, but mark 58 00:02:48,560 --> 00:02:52,440 Speaker 1: bitcoin is backed by nothing. It has no intrinsic value. 59 00:02:52,639 --> 00:02:57,080 Speaker 1: It's not backed by anything. And I said, let's stop 60 00:02:57,080 --> 00:03:00,440 Speaker 1: for a second and think about what that says. Right now, 61 00:03:00,480 --> 00:03:04,280 Speaker 1: it's not backed by anything. What does that mean? Backed 62 00:03:04,320 --> 00:03:07,040 Speaker 1: by anything? So I'm asking you the question. I'm asking 63 00:03:07,040 --> 00:03:09,040 Speaker 1: you to ask yourself that question. What does that mean 64 00:03:09,120 --> 00:03:13,480 Speaker 1: to be backed by something? You probably haven't thought about it. 65 00:03:13,760 --> 00:03:16,200 Speaker 1: You just recite that over and over. Well, let's let's 66 00:03:16,200 --> 00:03:18,360 Speaker 1: break that down. So what does that mean to be 67 00:03:18,400 --> 00:03:21,880 Speaker 1: backed by Well, the dollar was backed by gold, right, 68 00:03:22,560 --> 00:03:25,720 Speaker 1: So I had gold. Gold was too slow, right, It 69 00:03:25,760 --> 00:03:27,520 Speaker 1: was slow for me to move gold from you know, 70 00:03:27,560 --> 00:03:29,919 Speaker 1: New York to Germany, for example, or from New York 71 00:03:29,960 --> 00:03:33,720 Speaker 1: to California. So the gold went into a bank. When 72 00:03:33,720 --> 00:03:35,520 Speaker 1: I put the gold in the bank, the bank would 73 00:03:35,520 --> 00:03:38,720 Speaker 1: give me a piece of paper, an IOU, a claim, 74 00:03:38,880 --> 00:03:42,320 Speaker 1: a paper goal certificate that said I this paper is 75 00:03:42,360 --> 00:03:44,320 Speaker 1: redeemable for the gold I have in there. It's like 76 00:03:44,320 --> 00:03:46,560 Speaker 1: a claim check. And then what I could do is 77 00:03:46,600 --> 00:03:48,600 Speaker 1: I could send you or I could hand you that 78 00:03:48,640 --> 00:03:51,920 Speaker 1: piece of paper, and now you have that claim and 79 00:03:51,960 --> 00:03:54,280 Speaker 1: you could go redeem that gold whenever you want. So 80 00:03:54,360 --> 00:03:57,600 Speaker 1: that piece of paper that I handed you was backed 81 00:03:57,680 --> 00:04:01,000 Speaker 1: by gold. It was backed by it was debt. It 82 00:04:01,120 --> 00:04:05,360 Speaker 1: was an IOU. This paper is backed by the gold 83 00:04:05,440 --> 00:04:09,400 Speaker 1: that's in the bank. So debt is backed by the 84 00:04:09,520 --> 00:04:17,760 Speaker 1: underlying asset. What was gold backed by nothing? Gold is gold. 85 00:04:17,920 --> 00:04:21,719 Speaker 1: Gold isn't backed by anything. Gold is gold. Only the 86 00:04:21,800 --> 00:04:24,960 Speaker 1: debt only, the claim on the asset has to be 87 00:04:25,000 --> 00:04:27,560 Speaker 1: backed by something. So when you ask yourself what is big? 88 00:04:27,800 --> 00:04:30,720 Speaker 1: What is bitcoin backed by? Bitcoin is backed by the 89 00:04:30,760 --> 00:04:33,239 Speaker 1: same thing that gold is backed by. It's backed by gold. 90 00:04:33,600 --> 00:04:37,560 Speaker 1: It's backed by bitcoin the same thing that any other 91 00:04:37,839 --> 00:04:41,200 Speaker 1: real world asset is backed by. It's backed by that asset. 92 00:04:41,839 --> 00:04:45,159 Speaker 1: That's it. Now, if I have a gold coin in 93 00:04:45,160 --> 00:04:47,359 Speaker 1: my hand or a silver coin in my hand, I 94 00:04:47,440 --> 00:04:49,239 Speaker 1: have the silver coin, what is that backed by nothing? 95 00:04:49,360 --> 00:04:50,719 Speaker 1: It's just the silver coin in my hand. If I 96 00:04:50,720 --> 00:04:52,640 Speaker 1: hand it to you, you have the silver coin, only 97 00:04:52,680 --> 00:04:55,200 Speaker 1: an ioure written on top of it. Now. Um, but 98 00:04:55,279 --> 00:04:59,480 Speaker 1: gold has intrinsic value, right, That's what Peter Schiff would say, right, 99 00:04:59,480 --> 00:05:01,520 Speaker 1: because gold, you know, it has interns of value. You 100 00:05:01,520 --> 00:05:02,919 Speaker 1: could use it for a filling in your tooth, and 101 00:05:02,920 --> 00:05:06,480 Speaker 1: you could make cuff links out of it. And I'm 102 00:05:06,520 --> 00:05:08,960 Speaker 1: here to say that there is no such thing as 103 00:05:09,000 --> 00:05:12,520 Speaker 1: intrinsic value. So okay, sure you can take gold to 104 00:05:12,560 --> 00:05:13,960 Speaker 1: make a cuff link out of it, and you can 105 00:05:14,040 --> 00:05:16,320 Speaker 1: make you can take a gold and make a filling 106 00:05:16,360 --> 00:05:19,320 Speaker 1: out of it, So there's there You're able to use 107 00:05:19,400 --> 00:05:22,400 Speaker 1: it for something, So there's there's usefulness to gold, is 108 00:05:22,440 --> 00:05:26,279 Speaker 1: probably what you're saying. So it's not intrinsic value, because 109 00:05:26,279 --> 00:05:27,760 Speaker 1: what's the value of a cuff link. I mean, I 110 00:05:27,800 --> 00:05:30,240 Speaker 1: can make a cufflink out of aluminum, I can make 111 00:05:30,240 --> 00:05:31,799 Speaker 1: it out of steel, I can make it out of anything. 112 00:05:31,880 --> 00:05:33,840 Speaker 1: I mean most fillings aren't gold either. I can do 113 00:05:33,880 --> 00:05:36,600 Speaker 1: filings with things as well, porcelain or whatever. Right, So 114 00:05:37,200 --> 00:05:39,040 Speaker 1: what is the intrinsic value of gold? There there is 115 00:05:39,040 --> 00:05:41,920 Speaker 1: no intrinsic value of gold. There's usefulness to gold, I'll 116 00:05:41,920 --> 00:05:44,160 Speaker 1: give you that. So there is no such thing as 117 00:05:44,160 --> 00:05:48,800 Speaker 1: intrinsic value. All value is subjective, and it's really broken 118 00:05:48,839 --> 00:05:53,480 Speaker 1: down by two factors. One is scarcity put off. Also 119 00:05:53,560 --> 00:05:57,680 Speaker 1: also the need. So, for example, I use this story 120 00:05:57,720 --> 00:05:58,800 Speaker 1: all the time. You've heard me say it. If I 121 00:05:58,800 --> 00:06:00,560 Speaker 1: was on a desert island with a with a billion 122 00:06:00,600 --> 00:06:02,720 Speaker 1: dollars of cash, billion dollars of gold, billion dollars of bitcoin, 123 00:06:03,000 --> 00:06:05,200 Speaker 1: but I had no food, no no boat, no phone, 124 00:06:05,440 --> 00:06:06,920 Speaker 1: nobody to get off the island, no way to eat 125 00:06:07,040 --> 00:06:09,760 Speaker 1: or whatever. None of that. The billion dollars in gold, 126 00:06:09,800 --> 00:06:13,080 Speaker 1: cash or bitcoin is all worthless because I have nothing 127 00:06:13,120 --> 00:06:15,960 Speaker 1: to exchange for that. So all of that is worth 128 00:06:16,000 --> 00:06:17,880 Speaker 1: that gold is worth nothing. As a matter of fact, 129 00:06:17,880 --> 00:06:19,760 Speaker 1: it is worth less than nothing, because it's probably dangerous 130 00:06:19,760 --> 00:06:21,320 Speaker 1: for me because how what am I How am I 131 00:06:21,320 --> 00:06:23,520 Speaker 1: going to secure it? I can't swim with it whatever? Right, 132 00:06:23,920 --> 00:06:26,800 Speaker 1: so there's no value to that. Now, let's say scarcity 133 00:06:26,880 --> 00:06:29,239 Speaker 1: drives value, not necessarily. What if there was one black 134 00:06:29,320 --> 00:06:32,840 Speaker 1: rock on the whole island. It's the only one, but 135 00:06:32,880 --> 00:06:35,400 Speaker 1: it's of no value to me, so who cares it? Scarce? 136 00:06:35,440 --> 00:06:37,560 Speaker 1: But so what, I don't need it. Now, Let's say 137 00:06:37,600 --> 00:06:40,960 Speaker 1: that last night I had dinner and I didn't finish 138 00:06:41,000 --> 00:06:44,640 Speaker 1: my dinner, and I threw my leftovers away, those leftovers, 139 00:06:44,720 --> 00:06:46,599 Speaker 1: that little bit of water in my cup. I poured 140 00:06:46,600 --> 00:06:49,479 Speaker 1: it out. That water had no value to me because 141 00:06:49,520 --> 00:06:51,920 Speaker 1: there's just more water right there, so I just dump 142 00:06:51,960 --> 00:06:54,400 Speaker 1: it out, no value. But if I was on that 143 00:06:54,440 --> 00:06:56,599 Speaker 1: deserted island and there was a little bit of leftover 144 00:06:56,640 --> 00:06:58,599 Speaker 1: food scraps and a little bit of water, I would 145 00:06:58,600 --> 00:07:01,760 Speaker 1: probably give you the billion dollars I had in cash, gold, 146 00:07:01,800 --> 00:07:04,479 Speaker 1: or bitcoin for those leftovers. Now, those leftovers and the 147 00:07:04,480 --> 00:07:08,400 Speaker 1: water were worth nothing last night because they weren't scarce, 148 00:07:08,640 --> 00:07:10,760 Speaker 1: and they didn't have any utility or value to me 149 00:07:10,800 --> 00:07:13,520 Speaker 1: at that point. But on that island, I would they 150 00:07:13,560 --> 00:07:17,600 Speaker 1: were scarce and they have massive value and utility to 151 00:07:17,680 --> 00:07:21,720 Speaker 1: me because I'm dying of food or thirst, of hunger 152 00:07:21,800 --> 00:07:24,760 Speaker 1: or thirst. Right now, back to the usefulness of gold. 153 00:07:24,800 --> 00:07:26,640 Speaker 1: So I'm sure gold could be turned into a cuff link, 154 00:07:26,680 --> 00:07:29,080 Speaker 1: and gold could be turned into a filling or gold 155 00:07:29,280 --> 00:07:32,160 Speaker 1: gold works really well for connectivity, for like audio, video, 156 00:07:32,240 --> 00:07:35,880 Speaker 1: things like that. Right, So gold does have usefulness. But 157 00:07:35,920 --> 00:07:40,040 Speaker 1: bitcoin also has usefulness. So you may not think so 158 00:07:40,160 --> 00:07:43,760 Speaker 1: living in your posh you know, um downtown apartment, drinking 159 00:07:43,800 --> 00:07:46,240 Speaker 1: your twenty dollar cocktails at the bar. But if you're 160 00:07:46,320 --> 00:07:48,920 Speaker 1: in if you're one of about four billion people in 161 00:07:48,960 --> 00:07:51,040 Speaker 1: the world today living under a double digit inflation and 162 00:07:51,040 --> 00:07:55,040 Speaker 1: authoritarian regime, bitcoin has a lot of usefulness. As a 163 00:07:55,120 --> 00:07:58,120 Speaker 1: matter of fact. Let's say that you live in uh, 164 00:07:58,320 --> 00:08:00,600 Speaker 1: you know, so you live in a country that's in Lebanon. 165 00:08:00,640 --> 00:08:02,360 Speaker 1: We were talking about Lebanon earlier. Let's say you live 166 00:08:02,360 --> 00:08:05,520 Speaker 1: in Lebanon and they have such high inflation that you've 167 00:08:05,560 --> 00:08:08,000 Speaker 1: lost all the purchasing power of your money and you 168 00:08:08,040 --> 00:08:10,600 Speaker 1: can't even get out whatever money you have out of 169 00:08:10,640 --> 00:08:14,560 Speaker 1: the bank. They're literally breaking into banks with weapons to 170 00:08:14,720 --> 00:08:17,240 Speaker 1: steal their own money back out. If you live there 171 00:08:17,800 --> 00:08:19,360 Speaker 1: and you have the ability to move your money into 172 00:08:19,400 --> 00:08:23,720 Speaker 1: bitcoin that the government cannot inflate away and cannot steal 173 00:08:23,760 --> 00:08:26,680 Speaker 1: from you. There's massive value there. Let's say that I'm 174 00:08:26,680 --> 00:08:30,240 Speaker 1: in North Korea and um, I need to get this 175 00:08:30,360 --> 00:08:31,880 Speaker 1: good or service. I need to get this food the 176 00:08:32,080 --> 00:08:33,920 Speaker 1: government hasn't given me enough food, or I need to 177 00:08:33,920 --> 00:08:35,600 Speaker 1: pay someone to get me out of the country or whatever. 178 00:08:35,880 --> 00:08:37,800 Speaker 1: But I don't have any way to pay for that 179 00:08:37,960 --> 00:08:40,040 Speaker 1: because they've blocked that. But now I have bitcoin and 180 00:08:40,040 --> 00:08:44,280 Speaker 1: I can pay for that. There's massive usefulness there, massive utility. 181 00:08:45,120 --> 00:08:47,000 Speaker 1: You may not see the utility being in New York, 182 00:08:47,200 --> 00:08:49,120 Speaker 1: but they do in North Korea. Just like I don't 183 00:08:49,120 --> 00:08:51,080 Speaker 1: see the value of cufflinks because I don't wear suits, 184 00:08:51,520 --> 00:08:55,040 Speaker 1: but some people do. Hopefully that makes sense. Backed by 185 00:08:55,080 --> 00:08:59,000 Speaker 1: nothing is only for debt, not for assets intrinsic value. 186 00:08:59,000 --> 00:09:02,920 Speaker 1: There's no such thing is intrinsic value, and all value 187 00:09:03,640 --> 00:09:07,400 Speaker 1: is subjective. Now, once you understand those things, you can 188 00:09:07,400 --> 00:09:09,120 Speaker 1: start to understand what money is, and you can start 189 00:09:09,120 --> 00:09:11,400 Speaker 1: to understand the entire financial system and all the other 190 00:09:11,440 --> 00:09:13,400 Speaker 1: assets that we have. Hopefully that it helps out. You're 191 00:09:13,400 --> 00:09:16,520 Speaker 1: listening to the Markmas Show, we're talking about the decentralized revolution, 192 00:09:16,800 --> 00:09:19,640 Speaker 1: the way the world is changing through the lens of politics, finance, 193 00:09:19,679 --> 00:09:23,840 Speaker 1: and technology. The technology being of course a bitcoin, de 194 00:09:24,040 --> 00:09:28,440 Speaker 1: centralized technology for a decentralized world. And I'm covering some 195 00:09:28,480 --> 00:09:31,160 Speaker 1: of the biggest objections I hear to bitcoin every day. 196 00:09:31,440 --> 00:09:33,000 Speaker 1: Hopefully that helps. I'll be back with more in a minute. 197 00:09:33,040 --> 00:09:35,240 Speaker 1: Don't go away, all right, welcome back. You are listening 198 00:09:35,320 --> 00:09:39,199 Speaker 1: to the Mark Ma Show. We talk about the decentralized revolution. 199 00:09:39,240 --> 00:09:41,800 Speaker 1: The world is changing through the land, and we look 200 00:09:41,800 --> 00:09:44,600 Speaker 1: at through the lens of politics, finance, and technology, the 201 00:09:44,600 --> 00:09:49,520 Speaker 1: technology being bitcoin. In my opinion, that's the technical technological revolution. 202 00:09:50,360 --> 00:09:52,280 Speaker 1: It's my opinion, but I believe I can back it 203 00:09:52,360 --> 00:09:55,000 Speaker 1: up with factual data and I do all the time. 204 00:09:55,520 --> 00:09:57,840 Speaker 1: But I know that when I talk about it, especially 205 00:09:57,840 --> 00:10:00,280 Speaker 1: in terms of other cryptocurrencies and things like that, I 206 00:10:00,320 --> 00:10:03,160 Speaker 1: hear lots of objections. And that's fine. It's brand new. 207 00:10:03,679 --> 00:10:06,880 Speaker 1: It's very misunderstood. And um, I was just speaking at 208 00:10:06,920 --> 00:10:10,559 Speaker 1: this conference in Mexico City nomad Capitalist, and it was 209 00:10:10,600 --> 00:10:13,560 Speaker 1: a perfect Um it was a big one. Is a 210 00:10:13,640 --> 00:10:17,560 Speaker 1: perfect asset for a nomad capitalist? And what's the nomad capitalist? 211 00:10:17,559 --> 00:10:21,600 Speaker 1: I mean, these are people who basically are trying to 212 00:10:22,679 --> 00:10:26,680 Speaker 1: diversify internationally. You wouldn't put all your money in one 213 00:10:26,840 --> 00:10:28,480 Speaker 1: count or I'm sorry, you wouldn't put all your money 214 00:10:28,480 --> 00:10:31,560 Speaker 1: in one stock, would you. I mean, you shouldn't. Um, 215 00:10:31,600 --> 00:10:33,959 Speaker 1: So why would you have your whole life in one country. 216 00:10:34,679 --> 00:10:38,679 Speaker 1: It's a good idea. Why not diversified? Um. The United States, 217 00:10:39,400 --> 00:10:42,160 Speaker 1: in my opinion, is still probably the best country to 218 00:10:42,240 --> 00:10:45,240 Speaker 1: live in in the world today. Best is a relative term, 219 00:10:45,320 --> 00:10:49,040 Speaker 1: you know, best is different for different people. But I 220 00:10:49,240 --> 00:10:51,280 Speaker 1: still think the US still the best country in the world. 221 00:10:51,559 --> 00:10:54,040 Speaker 1: The US passport has been one of the best passports 222 00:10:54,040 --> 00:10:56,800 Speaker 1: to have in the world, but during the pandemic, the 223 00:10:56,840 --> 00:10:59,680 Speaker 1: US passport became one of the worst passports you could 224 00:10:59,720 --> 00:11:03,560 Speaker 1: have because the US, you know, with its uh high 225 00:11:03,640 --> 00:11:07,160 Speaker 1: numbers of COVID and et cetera, most countries didn't want 226 00:11:07,200 --> 00:11:10,439 Speaker 1: to allow Americans to come in and so all of 227 00:11:10,440 --> 00:11:12,520 Speaker 1: a sudden, the US passport was was was a horrible 228 00:11:12,520 --> 00:11:17,160 Speaker 1: and have um in addition, Um, In addition, a lot 229 00:11:17,200 --> 00:11:19,520 Speaker 1: of places in the world don't allow Americans to open 230 00:11:19,520 --> 00:11:22,000 Speaker 1: bank accounts. So let's say that you did want to 231 00:11:22,040 --> 00:11:25,319 Speaker 1: move to Bali or Thailand or Venezuela or Argentina or 232 00:11:25,400 --> 00:11:29,640 Speaker 1: Brazil or Um, Turkey or whatever name the country. Um, 233 00:11:29,640 --> 00:11:31,560 Speaker 1: there's a good chance that they may not allow you 234 00:11:31,640 --> 00:11:34,120 Speaker 1: to open bank accounts. And the reason they don't allow 235 00:11:34,120 --> 00:11:36,560 Speaker 1: you to help to bank accounts is because the I R. 236 00:11:36,760 --> 00:11:39,520 Speaker 1: S is so crazy and so restrictive they don't want 237 00:11:39,520 --> 00:11:42,720 Speaker 1: to deal with it. So no, sorry, you can't have it. Um. 238 00:11:42,760 --> 00:11:44,199 Speaker 1: There's a lot of places in the world. If you 239 00:11:44,240 --> 00:11:45,959 Speaker 1: haven't traveled, this may come as surprise to you, but 240 00:11:45,960 --> 00:11:47,160 Speaker 1: there's a lot of places in the world that don't 241 00:11:47,160 --> 00:11:51,200 Speaker 1: really like Americans. It's a sad fact. Now, I mean, 242 00:11:51,240 --> 00:11:53,400 Speaker 1: I'm not anti American, I'm I'm making the case. I 243 00:11:53,400 --> 00:11:55,199 Speaker 1: still think it's the best place to live, which is 244 00:11:55,200 --> 00:11:57,079 Speaker 1: why I still live in America. But I'm just saying 245 00:11:57,120 --> 00:11:59,640 Speaker 1: there's reasons why you might want to diversify. So these 246 00:11:59,679 --> 00:12:02,160 Speaker 1: nomatter capitalist you know, they may want to move to 247 00:12:02,200 --> 00:12:04,959 Speaker 1: another part of the world to lower their tax liability 248 00:12:05,080 --> 00:12:07,719 Speaker 1: or to have a higher quality of life because it's cheaper. Um, 249 00:12:07,760 --> 00:12:09,960 Speaker 1: they want to have multiple passports, just so if one 250 00:12:10,000 --> 00:12:12,280 Speaker 1: of their passports doesn't work, they have other passports. Things 251 00:12:12,280 --> 00:12:14,400 Speaker 1: like that, and then you can see opportunities. So for example, 252 00:12:15,640 --> 00:12:17,360 Speaker 1: I did want to go live in Bali or Thailand 253 00:12:17,400 --> 00:12:18,760 Speaker 1: or whatever. But I can't open a bank acount. I 254 00:12:18,800 --> 00:12:21,240 Speaker 1: could use my other passport, or I'm in a part 255 00:12:21,240 --> 00:12:22,839 Speaker 1: of the world where they really don't like Americans. I 256 00:12:22,840 --> 00:12:24,880 Speaker 1: could just travel on my other passport and things like that. 257 00:12:24,880 --> 00:12:28,559 Speaker 1: So it gives me options. And so for somebody who's 258 00:12:28,600 --> 00:12:31,880 Speaker 1: doing that, Bitcoin is a perfect asset for them, because 259 00:12:32,440 --> 00:12:34,840 Speaker 1: the problem with our money in the bank is we've 260 00:12:34,840 --> 00:12:36,560 Speaker 1: come to find out that the Trucker rally in Canada, 261 00:12:36,600 --> 00:12:38,800 Speaker 1: We've come to find out with with Russia, money in 262 00:12:38,800 --> 00:12:40,360 Speaker 1: the banking system is not your money. It can be 263 00:12:40,400 --> 00:12:45,440 Speaker 1: frozen and sees at any time period. Uh And And 264 00:12:45,520 --> 00:12:48,040 Speaker 1: unfortunately many people around the world have to find this 265 00:12:48,080 --> 00:12:50,080 Speaker 1: out all the time. And we talked about Lebanon. They're 266 00:12:50,080 --> 00:12:51,640 Speaker 1: finding this out. They can't get their money on the bank. 267 00:12:52,040 --> 00:12:54,840 Speaker 1: What about people in Ukraine? People in Ukraine and they're 268 00:12:55,000 --> 00:12:57,560 Speaker 1: they're fleeing for their lives. What what do They can't 269 00:12:57,559 --> 00:13:00,320 Speaker 1: take their real estate on their back, they can't carry 270 00:13:00,320 --> 00:13:03,640 Speaker 1: their gold, the banks are shut down. They their money 271 00:13:03,640 --> 00:13:05,960 Speaker 1: at the bank, there's capital controls, like, what are they 272 00:13:06,000 --> 00:13:09,160 Speaker 1: gonna do? Well, let's say in Russia there now they're 273 00:13:09,160 --> 00:13:10,839 Speaker 1: trying to draft people into military I heard lots of 274 00:13:10,840 --> 00:13:12,520 Speaker 1: people are trying to escape Russia because they don't want 275 00:13:12,520 --> 00:13:14,440 Speaker 1: to go into the military, which I don't blame them. 276 00:13:14,559 --> 00:13:18,000 Speaker 1: Um and uh, they're leaving Russia, but have to leave 277 00:13:18,000 --> 00:13:20,000 Speaker 1: all their all their assets. They have to leave all 278 00:13:20,000 --> 00:13:22,680 Speaker 1: their real estate and their stocks and their money in 279 00:13:22,679 --> 00:13:24,880 Speaker 1: the bank, and once they leave Russia, they'll probably never 280 00:13:24,920 --> 00:13:26,440 Speaker 1: able to get that money back out of the bank again. 281 00:13:28,240 --> 00:13:30,719 Speaker 1: So for somebody who's in one of these regimes, you're 282 00:13:30,720 --> 00:13:33,440 Speaker 1: in North Korea, you're trying to escape to South Korea 283 00:13:33,440 --> 00:13:36,120 Speaker 1: where it's free, or you're escaping in Ukraine's you don't 284 00:13:36,120 --> 00:13:38,280 Speaker 1: get blown up, or you're trying to escape Russia so 285 00:13:38,360 --> 00:13:40,320 Speaker 1: you don't have to go into the draft, or you're 286 00:13:40,360 --> 00:13:41,880 Speaker 1: in Lebanon trying to get your money out before the 287 00:13:41,880 --> 00:13:45,400 Speaker 1: bank sees it. All. Like, there's lots of situations happening 288 00:13:45,400 --> 00:13:47,800 Speaker 1: in the world right now today that you may or 289 00:13:47,840 --> 00:13:49,880 Speaker 1: you just want to be a nomad capitalist and just 290 00:13:49,960 --> 00:13:51,600 Speaker 1: you know, I want to set up residents in the 291 00:13:51,640 --> 00:13:54,480 Speaker 1: Caribbean and set up residents in in Brazil and Thailand, 292 00:13:54,480 --> 00:13:56,000 Speaker 1: and I like to move around and that's cool too. 293 00:13:57,160 --> 00:13:59,199 Speaker 1: So what you want is you want the ability to 294 00:13:59,720 --> 00:14:02,680 Speaker 1: have of your assets with you all the time in 295 00:14:02,720 --> 00:14:05,400 Speaker 1: a way that can't be seized or stolen or manipulated. 296 00:14:05,679 --> 00:14:11,480 Speaker 1: So with bitcoin, I can secure it cryptographically and I 297 00:14:11,520 --> 00:14:13,600 Speaker 1: have a key. Now, the cryptographic key is very long. 298 00:14:13,640 --> 00:14:16,360 Speaker 1: It's a long string of characters and numbers, and um, 299 00:14:16,400 --> 00:14:19,800 Speaker 1: think about it like this, Like, UM, I'm sure most 300 00:14:19,800 --> 00:14:21,640 Speaker 1: of you know what a locker is. You went to school. 301 00:14:21,720 --> 00:14:24,000 Speaker 1: You have a locker, right, and your locker at school 302 00:14:24,400 --> 00:14:28,240 Speaker 1: was like C. Nineteen and so, um, hey my locker C. Nineteen, 303 00:14:28,280 --> 00:14:29,880 Speaker 1: Go put this envelope in there. So I give you 304 00:14:29,920 --> 00:14:31,800 Speaker 1: my public address C. Nineteen and you can go there 305 00:14:31,840 --> 00:14:33,440 Speaker 1: and you could stick an envelope in my locker. That's 306 00:14:33,440 --> 00:14:36,600 Speaker 1: my public address. But then I only have a key 307 00:14:36,640 --> 00:14:38,600 Speaker 1: that I can open that locker and move stuff around. 308 00:14:38,640 --> 00:14:40,120 Speaker 1: So I have the private key. So there's a public 309 00:14:40,120 --> 00:14:42,480 Speaker 1: address in a private key. Now the private key, Um, 310 00:14:42,520 --> 00:14:45,360 Speaker 1: for a locker might be a combination, right, I have 311 00:14:45,440 --> 00:14:49,360 Speaker 1: to remember the combination. It might be a key. Um. Now, 312 00:14:49,680 --> 00:14:52,880 Speaker 1: now for a bitcoin, is a is a cryptographic case. 313 00:14:52,880 --> 00:14:54,560 Speaker 1: It's very long, very long string of numbers. You're not 314 00:14:54,600 --> 00:14:56,960 Speaker 1: gonna remember it, not like a three digit combination. Right, 315 00:14:57,480 --> 00:14:59,440 Speaker 1: So what you typically do is you have a device 316 00:15:00,080 --> 00:15:02,040 Speaker 1: we call it a wallet that that would sign that 317 00:15:02,080 --> 00:15:04,240 Speaker 1: transaction for you. So you could download one on your phone, 318 00:15:04,280 --> 00:15:07,960 Speaker 1: like from the app store, UM, and then when I 319 00:15:08,080 --> 00:15:10,680 Speaker 1: use the app, I say send. The app basically works 320 00:15:10,680 --> 00:15:13,640 Speaker 1: just like venmo. Right, it's just like Venmo. So I 321 00:15:13,760 --> 00:15:15,440 Speaker 1: have a bitcoin I want to send it to you, 322 00:15:15,520 --> 00:15:16,920 Speaker 1: just like if I have Venmo and I want to 323 00:15:16,920 --> 00:15:19,320 Speaker 1: send you money. So I would need two things from you. 324 00:15:19,360 --> 00:15:22,080 Speaker 1: I need your address on venmo or cash ap. It 325 00:15:22,160 --> 00:15:25,360 Speaker 1: might be your user name, UM, and I would say send, 326 00:15:25,520 --> 00:15:27,240 Speaker 1: and I would plug in your user name and I'd 327 00:15:27,240 --> 00:15:29,440 Speaker 1: put the amount in and I'd hit send simple. If 328 00:15:29,440 --> 00:15:31,840 Speaker 1: I want to send to you a bitcoin app bitcoin 329 00:15:31,880 --> 00:15:33,800 Speaker 1: wallet be the same thing. I'd put your address in 330 00:15:33,840 --> 00:15:35,480 Speaker 1: there and I would put the amount and I say 331 00:15:35,480 --> 00:15:38,400 Speaker 1: send simple. But that that app, that phone, all it 332 00:15:38,440 --> 00:15:41,120 Speaker 1: does is hold my private key, so that's also it 333 00:15:41,200 --> 00:15:44,800 Speaker 1: signs the transaction for me. Now there's a way to 334 00:15:45,160 --> 00:15:48,600 Speaker 1: back up that key, so I can back it up, 335 00:15:49,560 --> 00:15:51,720 Speaker 1: and I can use twelve words to back it up. 336 00:15:51,760 --> 00:15:56,120 Speaker 1: So there'd be twelve random words monkey, banana, ocean, ranch, uh, 337 00:15:56,280 --> 00:15:58,680 Speaker 1: steak whatever, right, twelve random words, and so then I 338 00:15:58,680 --> 00:16:01,200 Speaker 1: could I could delete that app I could destroy it, 339 00:16:01,240 --> 00:16:04,000 Speaker 1: I could get rid of it whatever, and then I 340 00:16:04,120 --> 00:16:07,720 Speaker 1: just no twelve words in my head. Now. The importance 341 00:16:07,720 --> 00:16:11,440 Speaker 1: of this is that I don't need any physical device. 342 00:16:12,480 --> 00:16:13,880 Speaker 1: All I know is twelve words in my head. So 343 00:16:13,960 --> 00:16:16,600 Speaker 1: let's just say that I'm in Russia or I'm in 344 00:16:16,760 --> 00:16:18,480 Speaker 1: Ukraine and I'm trying to run for my life. So 345 00:16:18,560 --> 00:16:20,720 Speaker 1: I don't get blown up. I don't need to run 346 00:16:20,720 --> 00:16:23,880 Speaker 1: into my house and grab anything. I don't need to 347 00:16:23,920 --> 00:16:27,000 Speaker 1: go get a device. I don't need to worry about 348 00:16:27,040 --> 00:16:30,080 Speaker 1: losing my phone or not having access to my safe 349 00:16:30,960 --> 00:16:34,680 Speaker 1: or carry something with me. I can literally just run. 350 00:16:34,800 --> 00:16:37,760 Speaker 1: I carry it with me in my head. I could 351 00:16:37,760 --> 00:16:42,480 Speaker 1: literally walk through a border or swim to another island naked, 352 00:16:43,720 --> 00:16:45,720 Speaker 1: and when I get there, I could get onto a computer. 353 00:16:45,840 --> 00:16:49,560 Speaker 1: I could enter my backup and boom, have my entire 354 00:16:49,640 --> 00:16:53,760 Speaker 1: key back with me right now. If that doesn't sound revolutionary, 355 00:16:54,080 --> 00:16:57,080 Speaker 1: and then I don't know where you're from. It solves 356 00:16:57,080 --> 00:16:59,280 Speaker 1: the oldest problem in humanity. It allows me to take 357 00:17:00,080 --> 00:17:02,200 Speaker 1: my property in a way that can't be stolen, and 358 00:17:02,320 --> 00:17:05,720 Speaker 1: I can take it with me everywhere with no cost. 359 00:17:05,800 --> 00:17:08,600 Speaker 1: Imagine if you had a million dollars or a billion 360 00:17:08,600 --> 00:17:11,920 Speaker 1: dollars of gold. How do you move that? How how 361 00:17:12,080 --> 00:17:13,640 Speaker 1: how hard is that to move a hunter million dollars 362 00:17:13,680 --> 00:17:15,000 Speaker 1: of gold? How much does that cost you? How long 363 00:17:15,040 --> 00:17:16,800 Speaker 1: does that take? But I can take a hundre million 364 00:17:16,800 --> 00:17:19,520 Speaker 1: dollars a bitcoin with me. Nobody even know I know 365 00:17:19,600 --> 00:17:22,639 Speaker 1: twelve words in my head. No border guard knows. I 366 00:17:22,760 --> 00:17:25,440 Speaker 1: just have twelve words in my head. The government's gonna 367 00:17:25,440 --> 00:17:26,959 Speaker 1: make it illegal for you to custody your bitcoin. Really, 368 00:17:26,960 --> 00:17:28,919 Speaker 1: they're gonna make it illegal for me to know twelve words. 369 00:17:29,280 --> 00:17:31,119 Speaker 1: I know way more than twelve words right now, Like 370 00:17:31,320 --> 00:17:33,600 Speaker 1: how they're gonna make that illegal? It doesn't make any sense. 371 00:17:34,359 --> 00:17:37,040 Speaker 1: So think about this in get out of your US 372 00:17:37,200 --> 00:17:41,040 Speaker 1: centric viewpoint and think about what's happening in Lebanon, in Ukraine, 373 00:17:41,400 --> 00:17:44,920 Speaker 1: in Russia, in North Korea, think about what's happening in 374 00:17:44,960 --> 00:17:47,640 Speaker 1: the world, and think about the massive demand that they 375 00:17:47,720 --> 00:17:50,840 Speaker 1: have for this right now. With the most amount of 376 00:17:50,840 --> 00:17:53,520 Speaker 1: pain comes the most amount of action. With an addict, 377 00:17:53,520 --> 00:17:56,520 Speaker 1: they typically don't take action until they reach rock bottom. 378 00:17:56,720 --> 00:17:58,119 Speaker 1: When in the United States we may not be at 379 00:17:58,200 --> 00:18:00,040 Speaker 1: rock bottom yet, but other parts of the world, I 380 00:18:00,200 --> 00:18:04,320 Speaker 1: certainly are, And that's where the action, that's where the 381 00:18:04,359 --> 00:18:07,679 Speaker 1: adoption of bitcoin is needed, and that's where it's happening. 382 00:18:07,800 --> 00:18:09,720 Speaker 1: You're listening to the Mark mo Show. We're talking about 383 00:18:09,960 --> 00:18:13,080 Speaker 1: bitcoin and the decentralized revolution, talking about the way the world. 384 00:18:13,080 --> 00:18:14,879 Speaker 1: It's the way that it's changing the world. To be 385 00:18:14,920 --> 00:18:17,199 Speaker 1: back with more in a minute, don't go away, all right, 386 00:18:17,240 --> 00:18:19,160 Speaker 1: welcome back. You are listening to the Mark ma Show 387 00:18:19,160 --> 00:18:23,040 Speaker 1: and we're talking about the decentralized revolution that bitcoin, the 388 00:18:23,080 --> 00:18:26,679 Speaker 1: technology is pushing the adoption. We talked about from the 389 00:18:26,720 --> 00:18:30,760 Speaker 1: lens of politics, finance, and technology, because they're all really connected, 390 00:18:30,880 --> 00:18:32,480 Speaker 1: or I'd like to look at the intersection of those 391 00:18:32,480 --> 00:18:35,040 Speaker 1: three things, but really it's the technology piece that moves 392 00:18:35,080 --> 00:18:37,439 Speaker 1: the world. And of course that technology is bitcoin. Now 393 00:18:37,440 --> 00:18:41,679 Speaker 1: when I say that, I automatically get a million questions, 394 00:18:42,040 --> 00:18:44,679 Speaker 1: UM and challenges and and all these other things and 395 00:18:44,720 --> 00:18:47,399 Speaker 1: so UM, I just spoke at a conference. I got 396 00:18:47,400 --> 00:18:48,480 Speaker 1: a whole bunch of them, and so I'm kind of 397 00:18:48,520 --> 00:18:50,280 Speaker 1: running through some of the ones that UM that that 398 00:18:50,359 --> 00:18:55,000 Speaker 1: keep coming up. And so again, politics, finance, and technology. 399 00:18:55,040 --> 00:18:57,920 Speaker 1: So we talked about in these other nations where there's 400 00:18:58,119 --> 00:19:01,920 Speaker 1: political systems and financial regimes that are that are very 401 00:19:02,200 --> 00:19:07,120 Speaker 1: uh extreme authoritarian dictators and then we have failing financial systems. 402 00:19:07,119 --> 00:19:10,120 Speaker 1: Then we need a technology. All three come together. Now, 403 00:19:10,359 --> 00:19:11,879 Speaker 1: one objection that I hear all the time is that 404 00:19:11,960 --> 00:19:16,280 Speaker 1: bitcoin is too volatile or too risky, kind of the 405 00:19:16,320 --> 00:19:18,280 Speaker 1: same thing. So bitcoin is way too volatile to be 406 00:19:18,359 --> 00:19:21,880 Speaker 1: used as a medium exchange. And because it's volatile, because 407 00:19:21,880 --> 00:19:24,240 Speaker 1: the price goes come down, it's too risky. It's too 408 00:19:24,359 --> 00:19:26,560 Speaker 1: risky for me to put my money into bitcoin because 409 00:19:26,560 --> 00:19:30,200 Speaker 1: the value could go down. It's volatile, risky. Okay, let's 410 00:19:30,200 --> 00:19:32,119 Speaker 1: talk about that for a minute. Let's look at it 411 00:19:32,119 --> 00:19:36,880 Speaker 1: from two angles. So again, if you're in the United States, 412 00:19:38,000 --> 00:19:40,840 Speaker 1: is it too volatile and risky, Well, you could buy 413 00:19:40,840 --> 00:19:43,840 Speaker 1: it for forty thousand or um. Last November was sixty 414 00:19:43,920 --> 00:19:46,600 Speaker 1: nine thousand, and today it's a twenty, So you could 415 00:19:46,600 --> 00:19:49,440 Speaker 1: have bought some sixty today it's worth twenty. Is that 416 00:19:49,480 --> 00:19:52,480 Speaker 1: too volatile? Is it too risky? Well, it depends. It depends. 417 00:19:53,000 --> 00:19:55,560 Speaker 1: Now it depends on the US person. Let's talk about 418 00:19:55,560 --> 00:19:58,960 Speaker 1: it from another standpoint. Let's talk about from the global standpoint. 419 00:19:59,320 --> 00:20:02,000 Speaker 1: If you're in North Korea where you're not allowed to 420 00:20:02,040 --> 00:20:06,439 Speaker 1: have money, but of course people need money, and so 421 00:20:06,560 --> 00:20:09,960 Speaker 1: the government doesn't give them enough food to survive, So 422 00:20:10,000 --> 00:20:12,199 Speaker 1: they have all these black markets, and people trade in 423 00:20:12,240 --> 00:20:14,720 Speaker 1: these black markets, and then they have to hide the 424 00:20:14,800 --> 00:20:17,520 Speaker 1: money somewhere in their mattress or in their wall or something, 425 00:20:17,720 --> 00:20:20,040 Speaker 1: and then the North Korean police come through, the military 426 00:20:20,080 --> 00:20:21,679 Speaker 1: come through all the time and search people's homes, and 427 00:20:21,680 --> 00:20:23,919 Speaker 1: if they find anything, of course they steal it. So 428 00:20:24,040 --> 00:20:26,200 Speaker 1: if you're there in North Korea where you're not even 429 00:20:26,200 --> 00:20:28,520 Speaker 1: allowed to have money, and you're hiding it wherever you can, 430 00:20:28,600 --> 00:20:31,000 Speaker 1: but anytime, anytime they any chance they get, they'll come 431 00:20:31,000 --> 00:20:32,719 Speaker 1: and try and steal it from you. And if they 432 00:20:32,720 --> 00:20:34,399 Speaker 1: steal all your money, then you're back to square one 433 00:20:34,400 --> 00:20:35,879 Speaker 1: and you could die because you don't have enough food 434 00:20:36,400 --> 00:20:39,560 Speaker 1: if you're in North Korea. Is it too volatile? Is 435 00:20:39,600 --> 00:20:41,280 Speaker 1: it too risky to put your money into bitcoin and 436 00:20:41,320 --> 00:20:44,120 Speaker 1: asset that they can't find because it's digital and they 437 00:20:44,160 --> 00:20:46,520 Speaker 1: can't steal. Is it too volatile or too risky? Then 438 00:20:47,640 --> 00:20:50,960 Speaker 1: I would say that it's too risky not to try 439 00:20:51,000 --> 00:20:54,000 Speaker 1: something like that. That's an extreme example. What about Lebanon? 440 00:20:54,760 --> 00:20:58,840 Speaker 1: What about Turkey and the Turkish lera has dropped almost 441 00:20:58,920 --> 00:21:02,119 Speaker 1: to the U. S. Dollar. They've lost almost nine of 442 00:21:02,160 --> 00:21:04,960 Speaker 1: their wealth and because of strict capital controls. They can't 443 00:21:04,960 --> 00:21:08,160 Speaker 1: get out of their currencies, so they just lost the wealth. 444 00:21:08,359 --> 00:21:13,359 Speaker 1: No big deal, right, well, worse than the six that 445 00:21:13,400 --> 00:21:17,520 Speaker 1: bitcoins down. So is it too volatile and risky if 446 00:21:17,520 --> 00:21:22,159 Speaker 1: you're in Turkey or Lebanon, where now they literally have 447 00:21:22,200 --> 00:21:24,840 Speaker 1: to break into banks with weapons to steal their own 448 00:21:24,840 --> 00:21:29,639 Speaker 1: money out, is it too risky or volatile to try it? 449 00:21:29,640 --> 00:21:33,760 Speaker 1: If you're in Lebanon, I would say the answer is no. 450 00:21:34,320 --> 00:21:36,200 Speaker 1: If I was in North Korea, Turkey or Lebanon, I 451 00:21:36,240 --> 00:21:39,399 Speaker 1: would be dying to get into bitcoin or anything that 452 00:21:39,440 --> 00:21:40,879 Speaker 1: you could get into. Of course, it's hard to get 453 00:21:40,920 --> 00:21:42,920 Speaker 1: into anything, which is why something like bitcoin works because 454 00:21:42,920 --> 00:21:44,760 Speaker 1: it's completely anonymous and digital and there's no way to 455 00:21:44,760 --> 00:21:49,119 Speaker 1: stop it. They can stop the flow of US dollars, right, 456 00:21:49,160 --> 00:21:51,919 Speaker 1: they can stop gold, but they can't stop bitcoin. What 457 00:21:52,000 --> 00:21:54,200 Speaker 1: about in the UK? The UK just had to get 458 00:21:54,240 --> 00:21:55,840 Speaker 1: bailed out by the Bank of England. They developed the 459 00:21:55,840 --> 00:21:59,640 Speaker 1: pension funds and their pounds sterling crashed against the dollar 460 00:21:59,680 --> 00:22:01,000 Speaker 1: and people are trying to get out of the bound 461 00:22:01,000 --> 00:22:02,880 Speaker 1: pound sterling as fast they can. They went into gold. 462 00:22:02,920 --> 00:22:04,600 Speaker 1: They bought all the gold out in UK. They've been 463 00:22:04,640 --> 00:22:07,320 Speaker 1: buying lots of bitcoins, So is it too volatile and risky? 464 00:22:07,359 --> 00:22:10,359 Speaker 1: If you're there? So, I think people that ask that question, 465 00:22:10,359 --> 00:22:12,960 Speaker 1: we'd be asking it from a US centric viewpoint without 466 00:22:13,040 --> 00:22:16,720 Speaker 1: understanding that the US only makes up about like four 467 00:22:16,840 --> 00:22:20,199 Speaker 1: percent of the world's population. I hate to tell you 468 00:22:20,240 --> 00:22:22,880 Speaker 1: that if you're an American, I'm not sure if that's 469 00:22:22,880 --> 00:22:27,120 Speaker 1: the exact data. Is that right down? Four percent? Three 470 00:22:27,119 --> 00:22:31,119 Speaker 1: and thirty million people of about eight billion or nine billion? So, um, 471 00:22:31,160 --> 00:22:34,879 Speaker 1: it's about four percent I think. So we have this 472 00:22:35,040 --> 00:22:37,600 Speaker 1: US centric viewpoint, bitcoin has no use case. It's too 473 00:22:37,640 --> 00:22:39,719 Speaker 1: volatile risky. Well, it is for you, but you make 474 00:22:39,760 --> 00:22:41,800 Speaker 1: a four percent of the population. What about the other 475 00:22:42,960 --> 00:22:45,639 Speaker 1: of the population of the world? What about half of 476 00:22:45,680 --> 00:22:48,160 Speaker 1: the world that live in these authoritarian regimes for double 477 00:22:48,160 --> 00:22:50,680 Speaker 1: de guitiflation? Is it too risky for them? Now, let's 478 00:22:50,680 --> 00:22:52,880 Speaker 1: talk about it from a US centric viewpoints. So it's 479 00:22:52,880 --> 00:22:57,159 Speaker 1: two volatible, is too risky for what? For what? I 480 00:22:57,160 --> 00:23:01,960 Speaker 1: would agree I'll agree that bitcoin is too volatile to 481 00:23:02,119 --> 00:23:04,040 Speaker 1: put my rent money in that I have to pay 482 00:23:04,080 --> 00:23:07,800 Speaker 1: in two weeks. I'll agree with that. Is it two 483 00:23:07,920 --> 00:23:11,320 Speaker 1: volatile and two risky to put five cent of my 484 00:23:11,440 --> 00:23:14,880 Speaker 1: investible net worth in so there's are different questions. So 485 00:23:15,400 --> 00:23:17,080 Speaker 1: bitcoin is volatile. The price goes up and down, and 486 00:23:17,080 --> 00:23:19,520 Speaker 1: that's a good thing. How could bitcoin have gone from 487 00:23:19,640 --> 00:23:23,919 Speaker 1: zero dollars to twenty dollars if it wasn't volatile. Volatile 488 00:23:23,920 --> 00:23:28,680 Speaker 1: works both ways. It goes up and down. Um, so uh, 489 00:23:28,920 --> 00:23:32,280 Speaker 1: you could buy bitcoin at right now if there's no volatility. 490 00:23:32,320 --> 00:23:34,320 Speaker 1: That means it never goes up, never goes down ever again, 491 00:23:34,760 --> 00:23:36,600 Speaker 1: which would be fine because then at least the network 492 00:23:36,640 --> 00:23:41,440 Speaker 1: still works. But back to the point, So, um, it's volatile. 493 00:23:41,520 --> 00:23:44,280 Speaker 1: Could be a good thing, it could be a bad thing. Again, 494 00:23:44,359 --> 00:23:46,280 Speaker 1: it depends on your viewpoints. So again, if I put 495 00:23:46,320 --> 00:23:47,760 Speaker 1: my rent money into I need to pay in three 496 00:23:47,760 --> 00:23:50,000 Speaker 1: weeks and all of a sudden the price crashes. Let's 497 00:23:50,040 --> 00:23:51,560 Speaker 1: say it's a twenty day I put, I put my 498 00:23:51,560 --> 00:23:53,040 Speaker 1: rent money in, and when I need to pay my 499 00:23:53,080 --> 00:23:55,960 Speaker 1: rent in three weeks, it's at ten thousand. That's risky, 500 00:23:56,160 --> 00:23:57,960 Speaker 1: it is. That's too risky. I would agree with you 501 00:23:58,000 --> 00:24:01,720 Speaker 1: on that. So don't do that. Don't do that. Think 502 00:24:01,760 --> 00:24:04,320 Speaker 1: about it in a long term perspective. Now, I kind 503 00:24:04,320 --> 00:24:06,320 Speaker 1: of got to benefit the world that really has a 504 00:24:06,359 --> 00:24:09,879 Speaker 1: short term mentality today. But I benefited because when I 505 00:24:09,920 --> 00:24:11,600 Speaker 1: started my career when I was eighteen years old, I 506 00:24:11,640 --> 00:24:14,080 Speaker 1: started buying real estate, and at first I was fixing 507 00:24:14,119 --> 00:24:15,760 Speaker 1: and flipping homes and that would be a six eight 508 00:24:15,760 --> 00:24:17,560 Speaker 1: month process. But still that was six or eight months, 509 00:24:17,560 --> 00:24:19,040 Speaker 1: So I was kind of looking at projects, you know, 510 00:24:19,160 --> 00:24:21,080 Speaker 1: six eight months, sometimes a year out. But then I 511 00:24:21,080 --> 00:24:23,000 Speaker 1: started building from the ground up. I'd buy a piece 512 00:24:23,000 --> 00:24:24,879 Speaker 1: of dirt, I have to resone it and build, and 513 00:24:24,920 --> 00:24:27,280 Speaker 1: those who take five years, So I kind of look 514 00:24:27,280 --> 00:24:29,159 Speaker 1: at the world in these like five year periods. I've 515 00:24:29,160 --> 00:24:31,440 Speaker 1: started a bunch of businesses. Businesses to take three or 516 00:24:31,440 --> 00:24:33,200 Speaker 1: four years to kind of really get up and stabilize. 517 00:24:33,200 --> 00:24:35,200 Speaker 1: So I kind of had like this five year viewpoint 518 00:24:35,240 --> 00:24:37,399 Speaker 1: on things. Uh. Hear Michael Saylor talked about bit when 519 00:24:37,400 --> 00:24:39,399 Speaker 1: he talks about in a ten year time frame. So 520 00:24:39,440 --> 00:24:42,000 Speaker 1: he's like famous for like buying Apple in twelve and 521 00:24:42,040 --> 00:24:43,919 Speaker 1: making all this money on Apple he called like this 522 00:24:43,960 --> 00:24:46,439 Speaker 1: whole mobile revolution. So he looks at things in a 523 00:24:46,520 --> 00:24:49,520 Speaker 1: ten year time frame. He's a billionaire. I'm not. I 524 00:24:49,560 --> 00:24:50,600 Speaker 1: need to I need to get up to a ten 525 00:24:50,680 --> 00:24:52,560 Speaker 1: year time frame, and you need to GetUp to a 526 00:24:52,560 --> 00:24:55,080 Speaker 1: five year time frame. The further ahead, we can look 527 00:24:55,119 --> 00:24:58,360 Speaker 1: the more money will make, the better will progress. So, um, 528 00:24:58,359 --> 00:25:00,000 Speaker 1: in a five year time frame or let's go to 529 00:25:00,000 --> 00:25:03,160 Speaker 1: a three year time frame. There's never been a three 530 00:25:03,240 --> 00:25:05,600 Speaker 1: year period where bitcoin has been down. So if you 531 00:25:05,600 --> 00:25:09,800 Speaker 1: would have bought at the peak of December before it crashed, 532 00:25:11,080 --> 00:25:13,520 Speaker 1: if you would have held three years, you would have 533 00:25:13,560 --> 00:25:16,920 Speaker 1: gotten back to that value. So is it too volatile 534 00:25:16,920 --> 00:25:18,879 Speaker 1: for my rent money in the next three weeks? Yes? 535 00:25:19,320 --> 00:25:22,560 Speaker 1: Is it too volatile for money I need in five years? Well, 536 00:25:22,600 --> 00:25:27,000 Speaker 1: history says no. Now as to the too risky part, again, 537 00:25:27,200 --> 00:25:30,200 Speaker 1: if you're in Lebanon, or you're in North Korea, or 538 00:25:30,240 --> 00:25:32,720 Speaker 1: you're fleeing for your life in Russia, Um, it's not 539 00:25:32,760 --> 00:25:35,600 Speaker 1: too risky. It's too risky not to try something else. 540 00:25:35,800 --> 00:25:37,720 Speaker 1: If you're in the United States, is it too risky? Well, 541 00:25:37,800 --> 00:25:41,639 Speaker 1: maybe would I put one of every single penny I 542 00:25:41,680 --> 00:25:44,320 Speaker 1: have in it and I'm just gonna roll the dice 543 00:25:44,359 --> 00:25:46,800 Speaker 1: and hell marry it. Well, it's probably too risky for that. 544 00:25:47,040 --> 00:25:49,840 Speaker 1: So I'm definitely not advising that. I think a five 545 00:25:49,840 --> 00:25:52,960 Speaker 1: percent allocation is a is a good allocation. It gives 546 00:25:53,000 --> 00:25:55,639 Speaker 1: you enough because of the volatility, because of the volatil 547 00:25:55,680 --> 00:25:58,199 Speaker 1: to the upside, the way the bitcoin rises. If I 548 00:25:58,280 --> 00:26:00,520 Speaker 1: have a five percent allocation, it allows me to capture 549 00:26:00,640 --> 00:26:04,439 Speaker 1: all of the move But if I lose five percent, 550 00:26:04,840 --> 00:26:06,720 Speaker 1: or let's say that, the cuts in half, so it 551 00:26:06,760 --> 00:26:10,120 Speaker 1: goes from five. If I lose that, it doesn't really 552 00:26:10,119 --> 00:26:11,960 Speaker 1: affect me that much. It doesn't really change my life. 553 00:26:12,000 --> 00:26:13,920 Speaker 1: Does that? Does that? Does that put too much risk 554 00:26:14,119 --> 00:26:16,800 Speaker 1: on me? If I would potentially lose two percent of 555 00:26:16,840 --> 00:26:19,840 Speaker 1: my net worth? No? Not really, So the too risky. 556 00:26:19,920 --> 00:26:21,840 Speaker 1: You can manage that now, Like I said, if you're 557 00:26:21,880 --> 00:26:25,679 Speaker 1: in North Korea or Russia, um, it's too risky, not 558 00:26:25,760 --> 00:26:27,680 Speaker 1: too But in the United States we have a different situation. 559 00:26:28,000 --> 00:26:30,280 Speaker 1: So it's too risky if you put all of it 560 00:26:30,320 --> 00:26:32,439 Speaker 1: in and it's too volatile for your rent money in 561 00:26:32,480 --> 00:26:34,879 Speaker 1: two weeks. It's not too volatile if you look at 562 00:26:34,920 --> 00:26:38,320 Speaker 1: over a three year, five year, ten year time frame. Now, 563 00:26:38,480 --> 00:26:41,560 Speaker 1: as bitcoin continues to get more adoption and the market 564 00:26:41,560 --> 00:26:45,360 Speaker 1: cap continues to go up, the volatility will inevitably go down. 565 00:26:45,440 --> 00:26:48,000 Speaker 1: We've already seen it. So the bitcoin volatility has gone 566 00:26:48,040 --> 00:26:51,880 Speaker 1: from drawdowns to draw downs, to eight percent draw downs 567 00:26:51,880 --> 00:26:54,959 Speaker 1: to percent drawdowns. Now we're at seventy percent drawdowns, so 568 00:26:55,000 --> 00:26:57,639 Speaker 1: it's already getting less volatile. We're seeing it and that 569 00:26:57,720 --> 00:27:00,760 Speaker 1: will continue. So just because something is it that today 570 00:27:00,960 --> 00:27:04,040 Speaker 1: doesn't mean it won't be that in the future. So 571 00:27:04,520 --> 00:27:07,840 Speaker 1: bitcoin could. I'm not saying guarantee it will. I think 572 00:27:07,880 --> 00:27:09,800 Speaker 1: it will, but we don't. We don't have a guarantee. 573 00:27:09,800 --> 00:27:11,960 Speaker 1: I think that over the next five and by the 574 00:27:12,040 --> 00:27:14,159 Speaker 1: end of the decade, the bitcoin market cap will be 575 00:27:14,200 --> 00:27:17,040 Speaker 1: big enough where the volatility will have slowed way down. 576 00:27:17,080 --> 00:27:18,720 Speaker 1: Still probably not to put my rent money in for 577 00:27:18,760 --> 00:27:22,040 Speaker 1: the next three weeks, but much much, much more slowed 578 00:27:22,040 --> 00:27:24,640 Speaker 1: down volatility. You're listening to the Market Mos show. We're 579 00:27:24,640 --> 00:27:28,080 Speaker 1: talking about bitcoin and the decentralized revolution, talking about the 580 00:27:28,080 --> 00:27:30,680 Speaker 1: way technology is changing the world, looking at through the 581 00:27:30,720 --> 00:27:33,239 Speaker 1: lens of politics, finance, and technology. And I believe that 582 00:27:33,280 --> 00:27:38,800 Speaker 1: technological revolution is bitcoin, cryptocurrencies, but bitcoin, and I'm talking 583 00:27:38,800 --> 00:27:40,720 Speaker 1: about why. Of course, when I make that statement, I 584 00:27:40,760 --> 00:27:42,960 Speaker 1: get lots of pushback, lots of objections, and so I'm 585 00:27:43,000 --> 00:27:46,120 Speaker 1: covering those big objections for you right now. I'm let 586 00:27:46,119 --> 00:27:47,399 Speaker 1: me be back with more in a minute. Do not 587 00:27:47,520 --> 00:27:49,040 Speaker 1: go away, you don't want to miss him. I'll be 588 00:27:49,119 --> 00:27:51,720 Speaker 1: right back, all right, Welcome back. You are listening to 589 00:27:51,800 --> 00:27:54,479 Speaker 1: the Mark Moa show. We're talking about the decentralized revolution, 590 00:27:54,560 --> 00:27:57,080 Speaker 1: the way the world is changing, of course through the 591 00:27:57,160 --> 00:27:59,840 Speaker 1: lens of politics, finance, and technology. The technology being bitcoin, 592 00:28:00,359 --> 00:28:03,239 Speaker 1: which is a d centralized technology, which is exactly what 593 00:28:03,280 --> 00:28:07,280 Speaker 1: the world needs as it's leaving centralization, central planning and 594 00:28:07,320 --> 00:28:09,960 Speaker 1: going to a world of decentralization. Now when I talk 595 00:28:10,000 --> 00:28:11,520 Speaker 1: about this, when I speak about it, I was just 596 00:28:11,520 --> 00:28:14,040 Speaker 1: speaking on a stage in Mexico City and m I 597 00:28:14,040 --> 00:28:16,720 Speaker 1: talked about bitcoin, bitcoin, bitcoin, and everyone says, what about crypto, 598 00:28:16,760 --> 00:28:18,119 Speaker 1: what about a theory and what about the merge? What 599 00:28:18,160 --> 00:28:20,639 Speaker 1: about Cardano and Salona and blah blah blah, And I 600 00:28:20,680 --> 00:28:21,919 Speaker 1: have to go stand in the back for like an 601 00:28:21,920 --> 00:28:23,680 Speaker 1: hour and answer and answer all these questions. And I thought, 602 00:28:23,680 --> 00:28:25,320 Speaker 1: you know what, let me just answer them for you here. 603 00:28:25,840 --> 00:28:28,240 Speaker 1: Um So, coming back from this conference and being fresh 604 00:28:28,240 --> 00:28:29,440 Speaker 1: on some of this, I thought I'd talked about some 605 00:28:29,440 --> 00:28:31,040 Speaker 1: of these big ones, and so let's let's talk about 606 00:28:31,040 --> 00:28:34,119 Speaker 1: a couple more. So, UM I love this one because 607 00:28:34,119 --> 00:28:36,400 Speaker 1: this one just shows you have not been paying attention 608 00:28:36,440 --> 00:28:39,719 Speaker 1: at all and you're like still pulling out arguments from 609 00:28:39,760 --> 00:28:43,520 Speaker 1: six years ago. But I love this argument that bitcoin 610 00:28:43,920 --> 00:28:47,440 Speaker 1: is too slow. Bitcoin is too slow Bitcoin is too 611 00:28:47,480 --> 00:28:49,600 Speaker 1: slow for what. Well, it's too slow to be used 612 00:28:49,600 --> 00:28:52,920 Speaker 1: for everyday transactions. So bitcoin is like gold. You know, 613 00:28:53,160 --> 00:28:55,600 Speaker 1: gold is good for like big transactions, but then we 614 00:28:55,640 --> 00:28:58,840 Speaker 1: need like a silver. Silver is used for like smaller transactions. Right, 615 00:28:59,000 --> 00:29:01,440 Speaker 1: So like bitcoin could be old, but then maybe ethereum 616 00:29:01,520 --> 00:29:05,000 Speaker 1: could be silver, or x y z x RP could 617 00:29:05,040 --> 00:29:08,920 Speaker 1: be silver or or whatever. Right, um, And so there's 618 00:29:08,920 --> 00:29:11,480 Speaker 1: that argument bitcoin is too slow. Well let me let 619 00:29:11,520 --> 00:29:12,960 Speaker 1: me talk about a couple of things there. So first 620 00:29:13,000 --> 00:29:16,880 Speaker 1: of all, um, the world has a lot of problems 621 00:29:17,080 --> 00:29:21,240 Speaker 1: and solutions are supposed to come to problems. Hopefully solutions 622 00:29:21,240 --> 00:29:24,000 Speaker 1: solve some of these problems. Now there's some problems that 623 00:29:24,120 --> 00:29:25,640 Speaker 1: like you know, if they get solved or not, it's 624 00:29:25,680 --> 00:29:29,320 Speaker 1: not a big deal, and some problems could change the world. Okay, 625 00:29:30,120 --> 00:29:33,960 Speaker 1: the world does not have a problem because our money 626 00:29:34,040 --> 00:29:36,800 Speaker 1: is too slow. It's not a problem. The world doesn't 627 00:29:36,800 --> 00:29:40,480 Speaker 1: need faster money. It's a matter of fact. Papal venmo 628 00:29:40,880 --> 00:29:45,560 Speaker 1: cash app like they're pretty dang fast. So the problem 629 00:29:45,560 --> 00:29:48,320 Speaker 1: that the world is trying to solve is not faster money. 630 00:29:48,440 --> 00:29:50,400 Speaker 1: So first of all, saying that bitcoin is too slow, 631 00:29:51,360 --> 00:29:54,640 Speaker 1: it's not the problem is here to solve. Okay, we 632 00:29:54,680 --> 00:29:56,160 Speaker 1: can talk about the problems here to solve, but that's 633 00:29:56,160 --> 00:29:58,400 Speaker 1: not it. So first of all, that argument I think 634 00:29:58,480 --> 00:30:00,000 Speaker 1: is a little wrong. But the second all, let's let's let' 635 00:30:00,080 --> 00:30:01,760 Speaker 1: let's take it. Let's take it, We'll take it. Come on, 636 00:30:01,800 --> 00:30:05,440 Speaker 1: Bitcoin is too slow? Okay. So bitcoin on the base layer, 637 00:30:05,560 --> 00:30:09,000 Speaker 1: on the blockchain, it takes about ten minutes for every 638 00:30:09,000 --> 00:30:13,240 Speaker 1: block to go through, so it can take um time 639 00:30:13,280 --> 00:30:14,880 Speaker 1: for that to go through. So if I'm at the 640 00:30:14,960 --> 00:30:19,680 Speaker 1: store and I want to buy my Starbucks, karmo makiato, Um, 641 00:30:19,720 --> 00:30:21,600 Speaker 1: I don't want to sit there and wait for ten 642 00:30:21,640 --> 00:30:26,320 Speaker 1: minutes for that transaction to get full confirmation. Now, typically 643 00:30:26,520 --> 00:30:28,600 Speaker 1: you don't have to get you know, full confirmations. You 644 00:30:28,600 --> 00:30:30,120 Speaker 1: could leave earlier. But let's just go with that. So 645 00:30:30,120 --> 00:30:32,840 Speaker 1: I don't want to wait ten minutes. Okay. Well, um, 646 00:30:32,880 --> 00:30:34,840 Speaker 1: what you may not have heard if you're making this 647 00:30:34,960 --> 00:30:40,240 Speaker 1: argument is that bitcoin scales all technology skills in layers, 648 00:30:40,240 --> 00:30:43,000 Speaker 1: just like our financial system scales and layers. Remember on 649 00:30:43,040 --> 00:30:46,000 Speaker 1: a gold system, gold was very slow to settle, and 650 00:30:46,040 --> 00:30:48,239 Speaker 1: so we'd add a debt instrument on top of it, 651 00:30:48,320 --> 00:30:51,600 Speaker 1: a paper certificate, and that was faster and easier to move, 652 00:30:52,200 --> 00:30:55,000 Speaker 1: but it was a layer two, and then we added 653 00:30:55,160 --> 00:30:57,160 Speaker 1: checks on top of it layer three, and then we 654 00:30:57,200 --> 00:30:58,920 Speaker 1: had credit cards on top of it layer four, and 655 00:30:58,920 --> 00:31:00,560 Speaker 1: then we put Vendom on top of layer five. So 656 00:31:00,600 --> 00:31:03,480 Speaker 1: it's scales and layers. Each one of those has a 657 00:31:03,560 --> 00:31:07,880 Speaker 1: trade off. So um, we can choose what we want 658 00:31:07,880 --> 00:31:11,360 Speaker 1: to do. Now Bitcoin has its base settlement layer, and 659 00:31:11,400 --> 00:31:14,000 Speaker 1: then we can scale on top of it. Now here's 660 00:31:14,000 --> 00:31:15,560 Speaker 1: why I wanna do that. Now, now you're listening to this, 661 00:31:15,560 --> 00:31:19,440 Speaker 1: going yeah, but other base layers don't need a second 662 00:31:19,480 --> 00:31:24,760 Speaker 1: layer to scale. So other base layers like Slona or Um, 663 00:31:24,920 --> 00:31:29,920 Speaker 1: even Ethereum, they're faster than Bitcoin or bitcoin cash. Bitcoin 664 00:31:29,960 --> 00:31:35,400 Speaker 1: cash is the true uh so Totial's vision, it's faster. Well, 665 00:31:35,440 --> 00:31:37,920 Speaker 1: the problem is that in order to get more of 666 00:31:37,960 --> 00:31:39,600 Speaker 1: one thing, and this is a metallic beat in the 667 00:31:39,600 --> 00:31:42,480 Speaker 1: founder of Ethereum came up with something he calls a 668 00:31:42,640 --> 00:31:45,760 Speaker 1: try lemma, a dilemma as I have to choose to 669 00:31:45,760 --> 00:31:47,360 Speaker 1: get more of one to give up more of another. 670 00:31:47,680 --> 00:31:50,120 Speaker 1: Try limma is similar, but it's it's three. So to 671 00:31:50,120 --> 00:31:51,560 Speaker 1: get more of one, I give up the other. And 672 00:31:51,600 --> 00:31:55,680 Speaker 1: so we have um speed, decentralization, and security. So to 673 00:31:55,680 --> 00:31:57,000 Speaker 1: get more of one to give up more of the other. 674 00:31:57,120 --> 00:32:00,840 Speaker 1: So bitcoin cash or ethereum or on the blank which 675 00:32:00,840 --> 00:32:03,800 Speaker 1: everyone x RP, which everyone's faster. In order to get 676 00:32:03,960 --> 00:32:08,440 Speaker 1: more of the speed, they've given up something from the 677 00:32:08,440 --> 00:32:12,200 Speaker 1: other side of the two, security or decentralization. And here's 678 00:32:12,240 --> 00:32:16,080 Speaker 1: the problem is that those trade offs should be made 679 00:32:16,080 --> 00:32:18,800 Speaker 1: on layer two, not on layer one. The reason why 680 00:32:19,280 --> 00:32:21,160 Speaker 1: is because I can make that trade off on layer two. 681 00:32:21,160 --> 00:32:22,960 Speaker 1: So if you're not aware, if you're making this argument 682 00:32:22,960 --> 00:32:25,800 Speaker 1: that Bitcoin is too slow, you maybe don't know about lightning, 683 00:32:25,800 --> 00:32:28,560 Speaker 1: which is a layer two application on top of Bitcoin. 684 00:32:29,480 --> 00:32:34,200 Speaker 1: I can send Bitcoin faster and cheaper than any other 685 00:32:34,200 --> 00:32:39,520 Speaker 1: cryptocurrency out there using lightning. But but that's that's lightning, 686 00:32:39,640 --> 00:32:42,640 Speaker 1: and it doesn't matter. I'm still sending Bitcoin faster and 687 00:32:42,720 --> 00:32:44,840 Speaker 1: cheaper than any other cup of currency, any other cyp 688 00:32:44,880 --> 00:32:47,400 Speaker 1: of currency out of the whatever that are out there, 689 00:32:47,440 --> 00:32:52,480 Speaker 1: let's say, but they're faster or cheaper. Very irrelevant. Now now, um, yes, 690 00:32:52,560 --> 00:32:54,680 Speaker 1: this works. It's worked for a long time. It's been 691 00:32:54,680 --> 00:32:57,920 Speaker 1: working since abouteen I have used extensively. I've done a 692 00:32:57,960 --> 00:32:59,200 Speaker 1: lot of work in else Salva or you can go 693 00:32:59,240 --> 00:33:02,480 Speaker 1: to my YouTube channel search Mark Moss Mark Moss El Salvador. 694 00:33:02,560 --> 00:33:04,840 Speaker 1: You can see some videos I put together. Um and 695 00:33:05,040 --> 00:33:06,600 Speaker 1: you can walk around and you go to your coffee 696 00:33:06,600 --> 00:33:08,640 Speaker 1: shop and that you can go to Starbucks or McDonald's 697 00:33:08,640 --> 00:33:13,120 Speaker 1: in El Salvador. It's a legal bitcoins, legal tender, and 698 00:33:13,160 --> 00:33:16,080 Speaker 1: they'll ring up your you know, your McDonald's and they'll 699 00:33:16,120 --> 00:33:18,320 Speaker 1: show you the little point of sales system with a 700 00:33:18,400 --> 00:33:21,200 Speaker 1: QR code. You open up your bitcoin and wallet, you 701 00:33:21,240 --> 00:33:23,240 Speaker 1: scan the QR code. It tells you, you know, whatever 702 00:33:23,320 --> 00:33:26,640 Speaker 1: four dollars you hit send. Before your finger even comes 703 00:33:26,760 --> 00:33:30,760 Speaker 1: off the button, they already have the transaction for for 704 00:33:31,240 --> 00:33:33,840 Speaker 1: for like a penny less a fraction of a penny. 705 00:33:34,840 --> 00:33:36,760 Speaker 1: So it works. So if you're saying it's too slow, 706 00:33:37,000 --> 00:33:39,880 Speaker 1: that's a that's a twenty seventeen argument that that that 707 00:33:39,920 --> 00:33:44,600 Speaker 1: problem has been solved years ago. Uh, there's lots of 708 00:33:44,640 --> 00:33:47,120 Speaker 1: transactions happening on it. A whole nation's running off of it. 709 00:33:47,160 --> 00:33:49,280 Speaker 1: And I've personally used it many times. And go search 710 00:33:49,640 --> 00:33:51,920 Speaker 1: Mark Moss on YouTube search Mark Moss El Salvador and 711 00:33:51,960 --> 00:33:54,480 Speaker 1: you can see the videos of that working. So it's 712 00:33:54,480 --> 00:33:57,120 Speaker 1: not too slow, and and and and remember this slow 713 00:33:57,200 --> 00:33:59,840 Speaker 1: wasn't the problem. Now back to the trade offs. So 714 00:34:00,200 --> 00:34:02,440 Speaker 1: what what bitcoin cash and other ones have done is 715 00:34:02,480 --> 00:34:05,360 Speaker 1: to get more speed. They've given up decentralization, but the 716 00:34:05,440 --> 00:34:09,480 Speaker 1: revolution is decentralization, so they've given up on what the 717 00:34:09,520 --> 00:34:11,360 Speaker 1: revolution is. So we make the trade off on the 718 00:34:11,400 --> 00:34:13,879 Speaker 1: second layer. So let me explain this to you. So 719 00:34:15,480 --> 00:34:20,160 Speaker 1: big using lightning is less, less decentralized, and less secure 720 00:34:20,800 --> 00:34:23,040 Speaker 1: because it's centralized the transaction. What it does is it 721 00:34:23,080 --> 00:34:25,360 Speaker 1: batches them sort of like when you if you're a 722 00:34:25,360 --> 00:34:28,160 Speaker 1: merchant and you accept visa or debit cards, it runs 723 00:34:28,160 --> 00:34:29,880 Speaker 1: the transactions all day. At the end of the day, 724 00:34:29,880 --> 00:34:32,000 Speaker 1: it batches them up and puts them all together at once. Right, 725 00:34:32,600 --> 00:34:35,160 Speaker 1: So lightning does the same thing. It batches the transactions 726 00:34:35,200 --> 00:34:38,120 Speaker 1: and puts them all at once, and that creates some centralization. 727 00:34:38,239 --> 00:34:41,239 Speaker 1: So there could be some manipulation there. Potentially, it gives 728 00:34:41,239 --> 00:34:44,319 Speaker 1: a weak point maybe if somebody wanted to steal that 729 00:34:44,440 --> 00:34:47,120 Speaker 1: and manipulate or change it. There's a there's a there's 730 00:34:47,120 --> 00:34:50,759 Speaker 1: a small potential risk there. Okay, But I'm okay with 731 00:34:50,800 --> 00:34:53,040 Speaker 1: that trade off. If I'm buying afford all or a 732 00:34:53,040 --> 00:34:56,080 Speaker 1: cup of coffee, I don't need that to be censorship 733 00:34:56,080 --> 00:34:59,120 Speaker 1: resistant and immutable for all of eternity sufford all a 734 00:34:59,120 --> 00:35:02,320 Speaker 1: cup of coffee. So I'm happy to make the trade 735 00:35:02,320 --> 00:35:07,560 Speaker 1: off and sacrifice security and decentralization for the speed for 736 00:35:07,600 --> 00:35:10,680 Speaker 1: the coffee. That's a good trade off. But if I'm 737 00:35:10,800 --> 00:35:14,479 Speaker 1: um selling you a car, selling you a collector UH 738 00:35:14,520 --> 00:35:17,439 Speaker 1: for GT that's worth a million dollars and you're gonna 739 00:35:17,440 --> 00:35:19,160 Speaker 1: pay me on bitcoin, I want that to be on 740 00:35:19,200 --> 00:35:22,160 Speaker 1: the main chain, and I'm more than happy to wait 741 00:35:22,200 --> 00:35:25,719 Speaker 1: ten minutes for that to go through. So I get 742 00:35:25,760 --> 00:35:29,000 Speaker 1: to decide do I want the security and I'll spend 743 00:35:29,000 --> 00:35:31,600 Speaker 1: the time, or do I not need the security and 744 00:35:31,640 --> 00:35:35,080 Speaker 1: I won't have the time. I can make the trade off, 745 00:35:35,080 --> 00:35:36,479 Speaker 1: and then we can make all types of trade offs 746 00:35:36,520 --> 00:35:38,800 Speaker 1: on on other layers, second layers, there layers for and 747 00:35:38,800 --> 00:35:40,400 Speaker 1: there's all types of trade offs we can make, but 748 00:35:40,440 --> 00:35:42,279 Speaker 1: we don't sacrifice the base layer. The problem is if 749 00:35:42,280 --> 00:35:44,520 Speaker 1: we sacrifice on the base layer, you can't go backwards. 750 00:35:45,160 --> 00:35:47,880 Speaker 1: So if I make the base layer less decentralized and 751 00:35:47,960 --> 00:35:50,560 Speaker 1: less secure to get the speed on layer two, three, 752 00:35:50,600 --> 00:35:53,000 Speaker 1: or four or five, six, I can't reverse. I can't 753 00:35:53,040 --> 00:35:55,440 Speaker 1: make it go backwards. I can't make it more hard. 754 00:35:57,040 --> 00:35:59,440 Speaker 1: And so that's why we don't sacrifice on the base layer. 755 00:35:59,760 --> 00:36:02,040 Speaker 1: Big coin is not too slow. Anyone who says it's 756 00:36:02,080 --> 00:36:06,160 Speaker 1: too slow hasn't paid attention for at least five years. Um. 757 00:36:06,200 --> 00:36:08,799 Speaker 1: And anyone who says it doesn't work hasn't ever used 758 00:36:08,840 --> 00:36:10,800 Speaker 1: it and has certainly hasn't gone out of the country 759 00:36:10,840 --> 00:36:13,120 Speaker 1: to use it like I have. And again you can 760 00:36:13,160 --> 00:36:18,120 Speaker 1: go watch those videos on YouTube search Mark moss El Salvador. UM. 761 00:36:18,200 --> 00:36:19,799 Speaker 1: So yeah, so bitcoin is not too slow. You're listening 762 00:36:19,840 --> 00:36:22,240 Speaker 1: to the Mark Moa show. We're talking about the decentralized Revolution, 763 00:36:22,280 --> 00:36:24,360 Speaker 1: talking about the way the world is changing. And I 764 00:36:24,440 --> 00:36:26,319 Speaker 1: really believe it's bitcoin that changes the world. It is 765 00:36:26,400 --> 00:36:31,080 Speaker 1: the It is the technological revolution, not a new technology. 766 00:36:31,440 --> 00:36:36,040 Speaker 1: Technological revolutions are different. Technology is cool. It takes an iPhone, 767 00:36:36,080 --> 00:36:37,799 Speaker 1: takes a computer on the phone, puts them together. Cool. 768 00:36:37,800 --> 00:36:40,680 Speaker 1: I got an iPhone. A technological revolution changes the way 769 00:36:40,719 --> 00:36:45,680 Speaker 1: the world works, and it drives financial markets, industrial revolution, 770 00:36:46,160 --> 00:36:50,719 Speaker 1: steam engines and railways, steel and electricity, oil and automobiles, 771 00:36:51,520 --> 00:36:56,000 Speaker 1: microprocessors and telecommunications. And now we have bitcoin and the 772 00:36:56,040 --> 00:37:01,160 Speaker 1: decentralized revolution. And I might just say, I mean maybe 773 00:37:01,200 --> 00:37:04,600 Speaker 1: a shock to you. Not everything needs to be decentralized. 774 00:37:04,840 --> 00:37:07,560 Speaker 1: The money needs to be decentralized. Um, but anyway, that's 775 00:37:07,560 --> 00:37:08,919 Speaker 1: what I got. You listened to the Mark Mos Show. 776 00:37:08,920 --> 00:37:11,400 Speaker 1: Appreciate you listening. Hit me up on a message on 777 00:37:11,440 --> 00:37:16,759 Speaker 1: social media at one Mark Moss let me know you're listening. Uh, 778 00:37:17,120 --> 00:37:19,799 Speaker 1: ask me your questions and that's what I got. Thanks 779 00:37:19,800 --> 00:37:20,520 Speaker 1: so much for listening.