WEBVTT - The Mark Moss Show Oct 14, 2022 0:00:00.400 --> 0:00:03.200 Hello, and welcome to another episode of The Markma Show, 0:00:03.200 --> 0:00:06.120 where we talk about the decentralized revolution, talking about the 0:00:06.120 --> 0:00:08.799 way the world is changing and we look at through 0:00:08.800 --> 0:00:11.640 the lens of politics, finance, and technology. Now, I say 0:00:11.680 --> 0:00:13.200 it all the time, I'm gonna say it again. You 0:00:13.280 --> 0:00:14.880 might just be tuned in, maybe you don't know, but 0:00:14.880 --> 0:00:18.239 I'm still gonna say it anyther way. More than anything, 0:00:18.320 --> 0:00:20.600 what changes the world through thousands of years of history 0:00:21.040 --> 0:00:24.360 is technology. It's always technology that changes the world, whether 0:00:24.400 --> 0:00:28.600 it's something as small and meaningless as a horse stirrup, 0:00:30.400 --> 0:00:33.880 h the gunpowder revolution. Uh, we can go all the 0:00:33.960 --> 0:00:36.400 back with the creation of fire, right. I mean, all 0:00:36.479 --> 0:00:40.280 these things change the course of humanity, and we're witnessing 0:00:40.400 --> 0:00:42.640 one right now, and that is the biggest catalyst to 0:00:42.720 --> 0:00:45.440 change the world. Now. The world is swinging from centralization 0:00:45.520 --> 0:00:48.639 to decentralization. This happens on a two and fifty year 0:00:48.640 --> 0:00:51.720 political time frame. But it's interesting that on a fifty 0:00:51.800 --> 0:00:53.840 year time frame we have a technological revolution that's bringing 0:00:53.880 --> 0:00:56.440 us exactly what we need for the two and or 0:00:56.440 --> 0:01:00.680 fifty year political revolution cycle, which is a decentral technology. 0:01:00.680 --> 0:01:03.520 It's pretty interesting, and of course I believe that is 0:01:03.640 --> 0:01:06.399 bitcoin now. A lot of people want to challenge me 0:01:06.440 --> 0:01:09.440 on that. I go speak around the country and even 0:01:09.480 --> 0:01:10.839 the world. As a matter of fact, that you've spoke 0:01:10.840 --> 0:01:14.759 in Mexico City like two weeks ago, and uh man 0:01:15.080 --> 0:01:17.880 at the end of my talk, uh, the people crowd 0:01:17.880 --> 0:01:20.160 around me and they want to ask me about all 0:01:20.200 --> 0:01:24.279 types of things cryptocurrency because I talked about bitcoin and 0:01:24.800 --> 0:01:27.880 I've heard all these things that but bitcoin is backed 0:01:27.920 --> 0:01:29.479 by nothing. This is what I had to deal with 0:01:29.480 --> 0:01:31.480 with someone who's a big fan and he and he 0:01:31.560 --> 0:01:35.440 made this comment that it's not backed by anything. Um. 0:01:35.480 --> 0:01:38.360 You know, it's too volatile, it's too risky, it's outdated technology, 0:01:38.480 --> 0:01:40.000 it was started by the CIA. We don't know who's 0:01:40.000 --> 0:01:42.880 to do shooting acomotive is we're gonna poor bitcoin? Uh? 0:01:42.959 --> 0:01:45.560 People say, you know ethereum is better because it has 0:01:45.640 --> 0:01:47.960 this like so I hear all these things all the 0:01:48.000 --> 0:01:52.240 time and so um. I bet if you tune in regularly, 0:01:52.240 --> 0:01:53.960 you probably have the same questions because I say, here 0:01:54.000 --> 0:01:55.520 talk about bitcoin, and I don't talk about all this 0:01:55.560 --> 0:02:02.160 other supposedly technologically advanced crypto currencies because they do smart 0:02:02.200 --> 0:02:05.280 contracts on layer one or something like that, and so 0:02:05.760 --> 0:02:08.639 or they have faster throughput, faster transaction times and all 0:02:08.639 --> 0:02:11.040 these types of things. UM. And so you know what 0:02:11.080 --> 0:02:13.120 I thought coming back from this conference I was at 0:02:13.160 --> 0:02:14.760 last week in Mexico City, and I had to deal 0:02:14.800 --> 0:02:17.400 with a bunch of these questions. UM. I took I 0:02:17.440 --> 0:02:20.440 took down a bunch of these ones that I was asked, 0:02:21.440 --> 0:02:23.040 and I thought, you know what, UM, let me just 0:02:23.120 --> 0:02:27.120 answer some of these for you here, and uh maybe 0:02:27.120 --> 0:02:32.960 they'll be helpful. M hmm, it should be helpful. UM. 0:02:33.000 --> 0:02:36.120 I would highly recommend listen to him because if you don't, 0:02:36.240 --> 0:02:37.919 you could miss out on one of the biggest life 0:02:38.000 --> 0:02:40.720 rapps that we have. All right, UM, so let's let's 0:02:40.720 --> 0:02:42.760 go through some of these. So the first one is, 0:02:43.000 --> 0:02:45.520 as I said, at this at the at this Nomadic Capitalist, 0:02:45.520 --> 0:02:47.960 someone came up to me and they said, but mark 0:02:48.560 --> 0:02:52.440 bitcoin is backed by nothing. It has no intrinsic value. 0:02:52.639 --> 0:02:57.080 It's not backed by anything. And I said, let's stop 0:02:57.080 --> 0:03:00.440 for a second and think about what that says. Right now, 0:03:00.480 --> 0:03:04.280 it's not backed by anything. What does that mean? Backed 0:03:04.320 --> 0:03:07.040 by anything? So I'm asking you the question. I'm asking 0:03:07.040 --> 0:03:09.040 you to ask yourself that question. What does that mean 0:03:09.120 --> 0:03:13.480 to be backed by something? You probably haven't thought about it. 0:03:13.760 --> 0:03:16.200 You just recite that over and over. Well, let's let's 0:03:16.200 --> 0:03:18.360 break that down. So what does that mean to be 0:03:18.400 --> 0:03:21.880 backed by Well, the dollar was backed by gold, right, 0:03:22.560 --> 0:03:25.720 So I had gold. Gold was too slow, right, It 0:03:25.760 --> 0:03:27.520 was slow for me to move gold from you know, 0:03:27.560 --> 0:03:29.919 New York to Germany, for example, or from New York 0:03:29.960 --> 0:03:33.720 to California. So the gold went into a bank. When 0:03:33.720 --> 0:03:35.520 I put the gold in the bank, the bank would 0:03:35.520 --> 0:03:38.720 give me a piece of paper, an IOU, a claim, 0:03:38.880 --> 0:03:42.320 a paper goal certificate that said I this paper is 0:03:42.360 --> 0:03:44.320 redeemable for the gold I have in there. It's like 0:03:44.320 --> 0:03:46.560 a claim check. And then what I could do is 0:03:46.600 --> 0:03:48.600 I could send you or I could hand you that 0:03:48.640 --> 0:03:51.920 piece of paper, and now you have that claim and 0:03:51.960 --> 0:03:54.280 you could go redeem that gold whenever you want. So 0:03:54.360 --> 0:03:57.600 that piece of paper that I handed you was backed 0:03:57.680 --> 0:04:01.000 by gold. It was backed by it was debt. It 0:04:01.120 --> 0:04:05.360 was an IOU. This paper is backed by the gold 0:04:05.440 --> 0:04:09.400 that's in the bank. So debt is backed by the 0:04:09.520 --> 0:04:17.760 underlying asset. What was gold backed by nothing? Gold is gold. 0:04:17.920 --> 0:04:21.719 Gold isn't backed by anything. Gold is gold. Only the 0:04:21.800 --> 0:04:24.960 debt only, the claim on the asset has to be 0:04:25.000 --> 0:04:27.560 backed by something. So when you ask yourself what is big? 0:04:27.800 --> 0:04:30.720 What is bitcoin backed by? Bitcoin is backed by the 0:04:30.760 --> 0:04:33.239 same thing that gold is backed by. It's backed by gold. 0:04:33.600 --> 0:04:37.560 It's backed by bitcoin the same thing that any other 0:04:37.839 --> 0:04:41.200 real world asset is backed by. It's backed by that asset. 0:04:41.839 --> 0:04:45.159 That's it. Now, if I have a gold coin in 0:04:45.160 --> 0:04:47.359 my hand or a silver coin in my hand, I 0:04:47.440 --> 0:04:49.239 have the silver coin, what is that backed by nothing? 0:04:49.360 --> 0:04:50.719 It's just the silver coin in my hand. If I 0:04:50.720 --> 0:04:52.640 hand it to you, you have the silver coin, only 0:04:52.680 --> 0:04:55.200 an ioure written on top of it. Now. Um, but 0:04:55.279 --> 0:04:59.480 gold has intrinsic value, right, That's what Peter Schiff would say, right, 0:04:59.480 --> 0:05:01.520 because gold, you know, it has interns of value. You 0:05:01.520 --> 0:05:02.919 could use it for a filling in your tooth, and 0:05:02.920 --> 0:05:06.480 you could make cuff links out of it. And I'm 0:05:06.520 --> 0:05:08.960 here to say that there is no such thing as 0:05:09.000 --> 0:05:12.520 intrinsic value. So okay, sure you can take gold to 0:05:12.560 --> 0:05:13.960 make a cuff link out of it, and you can 0:05:14.040 --> 0:05:16.320 make you can take a gold and make a filling 0:05:16.360 --> 0:05:19.320 out of it, So there's there You're able to use 0:05:19.400 --> 0:05:22.400 it for something, So there's there's usefulness to gold, is 0:05:22.440 --> 0:05:26.279 probably what you're saying. So it's not intrinsic value, because 0:05:26.279 --> 0:05:27.760 what's the value of a cuff link. I mean, I 0:05:27.800 --> 0:05:30.240 can make a cufflink out of aluminum, I can make 0:05:30.240 --> 0:05:31.799 it out of steel, I can make it out of anything. 0:05:31.880 --> 0:05:33.840 I mean most fillings aren't gold either. I can do 0:05:33.880 --> 0:05:36.600 filings with things as well, porcelain or whatever. Right, So 0:05:37.200 --> 0:05:39.040 what is the intrinsic value of gold? There there is 0:05:39.040 --> 0:05:41.920 no intrinsic value of gold. There's usefulness to gold, I'll 0:05:41.920 --> 0:05:44.160 give you that. So there is no such thing as 0:05:44.160 --> 0:05:48.800 intrinsic value. All value is subjective, and it's really broken 0:05:48.839 --> 0:05:53.480 down by two factors. One is scarcity put off. Also 0:05:53.560 --> 0:05:57.680 also the need. So, for example, I use this story 0:05:57.720 --> 0:05:58.800 all the time. You've heard me say it. If I 0:05:58.800 --> 0:06:00.560 was on a desert island with a with a billion 0:06:00.600 --> 0:06:02.720 dollars of cash, billion dollars of gold, billion dollars of bitcoin, 0:06:03.000 --> 0:06:05.200 but I had no food, no no boat, no phone, 0:06:05.440 --> 0:06:06.920 nobody to get off the island, no way to eat 0:06:07.040 --> 0:06:09.760 or whatever. None of that. The billion dollars in gold, 0:06:09.800 --> 0:06:13.080 cash or bitcoin is all worthless because I have nothing 0:06:13.120 --> 0:06:15.960 to exchange for that. So all of that is worth 0:06:16.000 --> 0:06:17.880 that gold is worth nothing. As a matter of fact, 0:06:17.880 --> 0:06:19.760 it is worth less than nothing, because it's probably dangerous 0:06:19.760 --> 0:06:21.320 for me because how what am I How am I 0:06:21.320 --> 0:06:23.520 going to secure it? I can't swim with it whatever? Right, 0:06:23.920 --> 0:06:26.800 so there's no value to that. Now, let's say scarcity 0:06:26.880 --> 0:06:29.239 drives value, not necessarily. What if there was one black 0:06:29.320 --> 0:06:32.840 rock on the whole island. It's the only one, but 0:06:32.880 --> 0:06:35.400 it's of no value to me, so who cares it? Scarce? 0:06:35.440 --> 0:06:37.560 But so what, I don't need it. Now, Let's say 0:06:37.600 --> 0:06:40.960 that last night I had dinner and I didn't finish 0:06:41.000 --> 0:06:44.640 my dinner, and I threw my leftovers away, those leftovers, 0:06:44.720 --> 0:06:46.599 that little bit of water in my cup. I poured 0:06:46.600 --> 0:06:49.479 it out. That water had no value to me because 0:06:49.520 --> 0:06:51.920 there's just more water right there, so I just dump 0:06:51.960 --> 0:06:54.400 it out, no value. But if I was on that 0:06:54.440 --> 0:06:56.599 deserted island and there was a little bit of leftover 0:06:56.640 --> 0:06:58.599 food scraps and a little bit of water, I would 0:06:58.600 --> 0:07:01.760 probably give you the billion dollars I had in cash, gold, 0:07:01.800 --> 0:07:04.479 or bitcoin for those leftovers. Now, those leftovers and the 0:07:04.480 --> 0:07:08.400 water were worth nothing last night because they weren't scarce, 0:07:08.640 --> 0:07:10.760 and they didn't have any utility or value to me 0:07:10.800 --> 0:07:13.520 at that point. But on that island, I would they 0:07:13.560 --> 0:07:17.600 were scarce and they have massive value and utility to 0:07:17.680 --> 0:07:21.720 me because I'm dying of food or thirst, of hunger 0:07:21.800 --> 0:07:24.760 or thirst. Right now, back to the usefulness of gold. 0:07:24.800 --> 0:07:26.640 So I'm sure gold could be turned into a cuff link, 0:07:26.680 --> 0:07:29.080 and gold could be turned into a filling or gold 0:07:29.280 --> 0:07:32.160 gold works really well for connectivity, for like audio, video, 0:07:32.240 --> 0:07:35.880 things like that. Right, So gold does have usefulness. But 0:07:35.920 --> 0:07:40.040 bitcoin also has usefulness. So you may not think so 0:07:40.160 --> 0:07:43.760 living in your posh you know, um downtown apartment, drinking 0:07:43.800 --> 0:07:46.240 your twenty dollar cocktails at the bar. But if you're 0:07:46.320 --> 0:07:48.920 in if you're one of about four billion people in 0:07:48.960 --> 0:07:51.040 the world today living under a double digit inflation and 0:07:51.040 --> 0:07:55.040 authoritarian regime, bitcoin has a lot of usefulness. As a 0:07:55.120 --> 0:07:58.120 matter of fact. Let's say that you live in uh, 0:07:58.320 --> 0:08:00.600 you know, so you live in a country that's in Lebanon. 0:08:00.640 --> 0:08:02.360 We were talking about Lebanon earlier. Let's say you live 0:08:02.360 --> 0:08:05.520 in Lebanon and they have such high inflation that you've 0:08:05.560 --> 0:08:08.000 lost all the purchasing power of your money and you 0:08:08.040 --> 0:08:10.600 can't even get out whatever money you have out of 0:08:10.640 --> 0:08:14.560 the bank. They're literally breaking into banks with weapons to 0:08:14.720 --> 0:08:17.240 steal their own money back out. If you live there 0:08:17.800 --> 0:08:19.360 and you have the ability to move your money into 0:08:19.400 --> 0:08:23.720 bitcoin that the government cannot inflate away and cannot steal 0:08:23.760 --> 0:08:26.680 from you. There's massive value there. Let's say that I'm 0:08:26.680 --> 0:08:30.240 in North Korea and um, I need to get this 0:08:30.360 --> 0:08:31.880 good or service. I need to get this food the 0:08:32.080 --> 0:08:33.920 government hasn't given me enough food, or I need to 0:08:33.920 --> 0:08:35.600 pay someone to get me out of the country or whatever. 0:08:35.880 --> 0:08:37.800 But I don't have any way to pay for that 0:08:37.960 --> 0:08:40.040 because they've blocked that. But now I have bitcoin and 0:08:40.040 --> 0:08:44.280 I can pay for that. There's massive usefulness there, massive utility. 0:08:45.120 --> 0:08:47.000 You may not see the utility being in New York, 0:08:47.200 --> 0:08:49.120 but they do in North Korea. Just like I don't 0:08:49.120 --> 0:08:51.080 see the value of cufflinks because I don't wear suits, 0:08:51.520 --> 0:08:55.040 but some people do. Hopefully that makes sense. Backed by 0:08:55.080 --> 0:08:59.000 nothing is only for debt, not for assets intrinsic value. 0:08:59.000 --> 0:09:02.920 There's no such thing is intrinsic value, and all value 0:09:03.640 --> 0:09:07.400 is subjective. Now, once you understand those things, you can 0:09:07.400 --> 0:09:09.120 start to understand what money is, and you can start 0:09:09.120 --> 0:09:11.400 to understand the entire financial system and all the other 0:09:11.440 --> 0:09:13.400 assets that we have. Hopefully that it helps out. You're 0:09:13.400 --> 0:09:16.520 listening to the Markmas Show, we're talking about the decentralized revolution, 0:09:16.800 --> 0:09:19.640 the way the world is changing through the lens of politics, finance, 0:09:19.679 --> 0:09:23.840 and technology. The technology being of course a bitcoin, de 0:09:24.040 --> 0:09:28.440 centralized technology for a decentralized world. And I'm covering some 0:09:28.480 --> 0:09:31.160 of the biggest objections I hear to bitcoin every day. 0:09:31.440 --> 0:09:33.000 Hopefully that helps. I'll be back with more in a minute. 0:09:33.040 --> 0:09:35.240 Don't go away, all right, welcome back. You are listening 0:09:35.320 --> 0:09:39.199 to the Mark Ma Show. We talk about the decentralized revolution. 0:09:39.240 --> 0:09:41.800 The world is changing through the land, and we look 0:09:41.800 --> 0:09:44.600 at through the lens of politics, finance, and technology, the 0:09:44.600 --> 0:09:49.520 technology being bitcoin. In my opinion, that's the technical technological revolution. 0:09:50.360 --> 0:09:52.280 It's my opinion, but I believe I can back it 0:09:52.360 --> 0:09:55.000 up with factual data and I do all the time. 0:09:55.520 --> 0:09:57.840 But I know that when I talk about it, especially 0:09:57.840 --> 0:10:00.280 in terms of other cryptocurrencies and things like that, I 0:10:00.320 --> 0:10:03.160 hear lots of objections. And that's fine. It's brand new. 0:10:03.679 --> 0:10:06.880 It's very misunderstood. And um, I was just speaking at 0:10:06.920 --> 0:10:10.559 this conference in Mexico City nomad Capitalist, and it was 0:10:10.600 --> 0:10:13.560 a perfect Um it was a big one. Is a 0:10:13.640 --> 0:10:17.560 perfect asset for a nomad capitalist? And what's the nomad capitalist? 0:10:17.559 --> 0:10:21.600 I mean, these are people who basically are trying to 0:10:22.679 --> 0:10:26.680 diversify internationally. You wouldn't put all your money in one 0:10:26.840 --> 0:10:28.480 count or I'm sorry, you wouldn't put all your money 0:10:28.480 --> 0:10:31.560 in one stock, would you. I mean, you shouldn't. Um, 0:10:31.600 --> 0:10:33.959 So why would you have your whole life in one country. 0:10:34.679 --> 0:10:38.679 It's a good idea. Why not diversified? Um. The United States, 0:10:39.400 --> 0:10:42.160 in my opinion, is still probably the best country to 0:10:42.240 --> 0:10:45.240 live in in the world today. Best is a relative term, 0:10:45.320 --> 0:10:49.040 you know, best is different for different people. But I 0:10:49.240 --> 0:10:51.280 still think the US still the best country in the world. 0:10:51.559 --> 0:10:54.040 The US passport has been one of the best passports 0:10:54.040 --> 0:10:56.800 to have in the world, but during the pandemic, the 0:10:56.840 --> 0:10:59.680 US passport became one of the worst passports you could 0:10:59.720 --> 0:11:03.560 have because the US, you know, with its uh high 0:11:03.640 --> 0:11:07.160 numbers of COVID and et cetera, most countries didn't want 0:11:07.200 --> 0:11:10.439 to allow Americans to come in and so all of 0:11:10.440 --> 0:11:12.520 a sudden, the US passport was was was a horrible 0:11:12.520 --> 0:11:17.160 and have um in addition, Um, In addition, a lot 0:11:17.200 --> 0:11:19.520 of places in the world don't allow Americans to open 0:11:19.520 --> 0:11:22.000 bank accounts. So let's say that you did want to 0:11:22.040 --> 0:11:25.319 move to Bali or Thailand or Venezuela or Argentina or 0:11:25.400 --> 0:11:29.640 Brazil or Um, Turkey or whatever name the country. Um, 0:11:29.640 --> 0:11:31.560 there's a good chance that they may not allow you 0:11:31.640 --> 0:11:34.120 to open bank accounts. And the reason they don't allow 0:11:34.120 --> 0:11:36.560 you to help to bank accounts is because the I R. 0:11:36.760 --> 0:11:39.520 S is so crazy and so restrictive they don't want 0:11:39.520 --> 0:11:42.720 to deal with it. So no, sorry, you can't have it. Um. 0:11:42.760 --> 0:11:44.199 There's a lot of places in the world. If you 0:11:44.240 --> 0:11:45.959 haven't traveled, this may come as surprise to you, but 0:11:45.960 --> 0:11:47.160 there's a lot of places in the world that don't 0:11:47.160 --> 0:11:51.200 really like Americans. It's a sad fact. Now, I mean, 0:11:51.240 --> 0:11:53.400 I'm not anti American, I'm I'm making the case. I 0:11:53.400 --> 0:11:55.199 still think it's the best place to live, which is 0:11:55.200 --> 0:11:57.079 why I still live in America. But I'm just saying 0:11:57.120 --> 0:11:59.640 there's reasons why you might want to diversify. So these 0:11:59.679 --> 0:12:02.160 nomatter capitalist you know, they may want to move to 0:12:02.200 --> 0:12:04.959 another part of the world to lower their tax liability 0:12:05.080 --> 0:12:07.719 or to have a higher quality of life because it's cheaper. Um, 0:12:07.760 --> 0:12:09.960 they want to have multiple passports, just so if one 0:12:10.000 --> 0:12:12.280 of their passports doesn't work, they have other passports. Things 0:12:12.280 --> 0:12:14.400 like that, and then you can see opportunities. So for example, 0:12:15.640 --> 0:12:17.360 I did want to go live in Bali or Thailand 0:12:17.400 --> 0:12:18.760 or whatever. But I can't open a bank acount. I 0:12:18.800 --> 0:12:21.240 could use my other passport, or I'm in a part 0:12:21.240 --> 0:12:22.839 of the world where they really don't like Americans. I 0:12:22.840 --> 0:12:24.880 could just travel on my other passport and things like that. 0:12:24.880 --> 0:12:28.559 So it gives me options. And so for somebody who's 0:12:28.600 --> 0:12:31.880 doing that, Bitcoin is a perfect asset for them, because 0:12:32.440 --> 0:12:34.840 the problem with our money in the bank is we've 0:12:34.840 --> 0:12:36.560 come to find out that the Trucker rally in Canada, 0:12:36.600 --> 0:12:38.800 We've come to find out with with Russia, money in 0:12:38.800 --> 0:12:40.360 the banking system is not your money. It can be 0:12:40.400 --> 0:12:45.440 frozen and sees at any time period. Uh And And 0:12:45.520 --> 0:12:48.040 unfortunately many people around the world have to find this 0:12:48.080 --> 0:12:50.080 out all the time. And we talked about Lebanon. They're 0:12:50.080 --> 0:12:51.640 finding this out. They can't get their money on the bank. 0:12:52.040 --> 0:12:54.840 What about people in Ukraine? People in Ukraine and they're 0:12:55.000 --> 0:12:57.560 they're fleeing for their lives. What what do They can't 0:12:57.559 --> 0:13:00.320 take their real estate on their back, they can't carry 0:13:00.320 --> 0:13:03.640 their gold, the banks are shut down. They their money 0:13:03.640 --> 0:13:05.960 at the bank, there's capital controls, like, what are they 0:13:06.000 --> 0:13:09.160 gonna do? Well, let's say in Russia there now they're 0:13:09.160 --> 0:13:10.839 trying to draft people into military I heard lots of 0:13:10.840 --> 0:13:12.520 people are trying to escape Russia because they don't want 0:13:12.520 --> 0:13:14.440 to go into the military, which I don't blame them. 0:13:14.559 --> 0:13:18.000 Um and uh, they're leaving Russia, but have to leave 0:13:18.000 --> 0:13:20.000 all their all their assets. They have to leave all 0:13:20.000 --> 0:13:22.680 their real estate and their stocks and their money in 0:13:22.679 --> 0:13:24.880 the bank, and once they leave Russia, they'll probably never 0:13:24.920 --> 0:13:26.440 able to get that money back out of the bank again. 0:13:28.240 --> 0:13:30.719 So for somebody who's in one of these regimes, you're 0:13:30.720 --> 0:13:33.440 in North Korea, you're trying to escape to South Korea 0:13:33.440 --> 0:13:36.120 where it's free, or you're escaping in Ukraine's you don't 0:13:36.120 --> 0:13:38.280 get blown up, or you're trying to escape Russia so 0:13:38.360 --> 0:13:40.320 you don't have to go into the draft, or you're 0:13:40.360 --> 0:13:41.880 in Lebanon trying to get your money out before the 0:13:41.880 --> 0:13:45.400 bank sees it. All. Like, there's lots of situations happening 0:13:45.400 --> 0:13:47.800 in the world right now today that you may or 0:13:47.840 --> 0:13:49.880 you just want to be a nomad capitalist and just 0:13:49.960 --> 0:13:51.600 you know, I want to set up residents in the 0:13:51.640 --> 0:13:54.480 Caribbean and set up residents in in Brazil and Thailand, 0:13:54.480 --> 0:13:56.000 and I like to move around and that's cool too. 0:13:57.160 --> 0:13:59.199 So what you want is you want the ability to 0:13:59.720 --> 0:14:02.680 have of your assets with you all the time in 0:14:02.720 --> 0:14:05.400 a way that can't be seized or stolen or manipulated. 0:14:05.679 --> 0:14:11.480 So with bitcoin, I can secure it cryptographically and I 0:14:11.520 --> 0:14:13.600 have a key. Now, the cryptographic key is very long. 0:14:13.640 --> 0:14:16.360 It's a long string of characters and numbers, and um, 0:14:16.400 --> 0:14:19.800 think about it like this, Like, UM, I'm sure most 0:14:19.800 --> 0:14:21.640 of you know what a locker is. You went to school. 0:14:21.720 --> 0:14:24.000 You have a locker, right, and your locker at school 0:14:24.400 --> 0:14:28.240 was like C. Nineteen and so, um, hey my locker C. Nineteen, 0:14:28.280 --> 0:14:29.880 Go put this envelope in there. So I give you 0:14:29.920 --> 0:14:31.800 my public address C. Nineteen and you can go there 0:14:31.840 --> 0:14:33.440 and you could stick an envelope in my locker. That's 0:14:33.440 --> 0:14:36.600 my public address. But then I only have a key 0:14:36.640 --> 0:14:38.600 that I can open that locker and move stuff around. 0:14:38.640 --> 0:14:40.120 So I have the private key. So there's a public 0:14:40.120 --> 0:14:42.480 address in a private key. Now the private key, Um, 0:14:42.520 --> 0:14:45.360 for a locker might be a combination, right, I have 0:14:45.440 --> 0:14:49.360 to remember the combination. It might be a key. Um. Now, 0:14:49.680 --> 0:14:52.880 now for a bitcoin, is a is a cryptographic case. 0:14:52.880 --> 0:14:54.560 It's very long, very long string of numbers. You're not 0:14:54.600 --> 0:14:56.960 gonna remember it, not like a three digit combination. Right, 0:14:57.480 --> 0:14:59.440 So what you typically do is you have a device 0:15:00.080 --> 0:15:02.040 we call it a wallet that that would sign that 0:15:02.080 --> 0:15:04.240 transaction for you. So you could download one on your phone, 0:15:04.280 --> 0:15:07.960 like from the app store, UM, and then when I 0:15:08.080 --> 0:15:10.680 use the app, I say send. The app basically works 0:15:10.680 --> 0:15:13.640 just like venmo. Right, it's just like Venmo. So I 0:15:13.760 --> 0:15:15.440 have a bitcoin I want to send it to you, 0:15:15.520 --> 0:15:16.920 just like if I have Venmo and I want to 0:15:16.920 --> 0:15:19.320 send you money. So I would need two things from you. 0:15:19.360 --> 0:15:22.080 I need your address on venmo or cash ap. It 0:15:22.160 --> 0:15:25.360 might be your user name, UM, and I would say send, 0:15:25.520 --> 0:15:27.240 and I would plug in your user name and I'd 0:15:27.240 --> 0:15:29.440 put the amount in and I'd hit send simple. If 0:15:29.440 --> 0:15:31.840 I want to send to you a bitcoin app bitcoin 0:15:31.880 --> 0:15:33.800 wallet be the same thing. I'd put your address in 0:15:33.840 --> 0:15:35.480 there and I would put the amount and I say 0:15:35.480 --> 0:15:38.400 send simple. But that that app, that phone, all it 0:15:38.440 --> 0:15:41.120 does is hold my private key, so that's also it 0:15:41.200 --> 0:15:44.800 signs the transaction for me. Now there's a way to 0:15:45.160 --> 0:15:48.600 back up that key, so I can back it up, 0:15:49.560 --> 0:15:51.720 and I can use twelve words to back it up. 0:15:51.760 --> 0:15:56.120 So there'd be twelve random words monkey, banana, ocean, ranch, uh, 0:15:56.280 --> 0:15:58.680 steak whatever, right, twelve random words, and so then I 0:15:58.680 --> 0:16:01.200 could I could delete that app I could destroy it, 0:16:01.240 --> 0:16:04.000 I could get rid of it whatever, and then I 0:16:04.120 --> 0:16:07.720 just no twelve words in my head. Now. The importance 0:16:07.720 --> 0:16:11.440 of this is that I don't need any physical device. 0:16:12.480 --> 0:16:13.880 All I know is twelve words in my head. So 0:16:13.960 --> 0:16:16.600 let's just say that I'm in Russia or I'm in 0:16:16.760 --> 0:16:18.480 Ukraine and I'm trying to run for my life. So 0:16:18.560 --> 0:16:20.720 I don't get blown up. I don't need to run 0:16:20.720 --> 0:16:23.880 into my house and grab anything. I don't need to 0:16:23.920 --> 0:16:27.000 go get a device. I don't need to worry about 0:16:27.040 --> 0:16:30.080 losing my phone or not having access to my safe 0:16:30.960 --> 0:16:34.680 or carry something with me. I can literally just run. 0:16:34.800 --> 0:16:37.760 I carry it with me in my head. I could 0:16:37.760 --> 0:16:42.480 literally walk through a border or swim to another island naked, 0:16:43.720 --> 0:16:45.720 and when I get there, I could get onto a computer. 0:16:45.840 --> 0:16:49.560 I could enter my backup and boom, have my entire 0:16:49.640 --> 0:16:53.760 key back with me right now. If that doesn't sound revolutionary, 0:16:54.080 --> 0:16:57.080 and then I don't know where you're from. It solves 0:16:57.080 --> 0:16:59.280 the oldest problem in humanity. It allows me to take 0:17:00.080 --> 0:17:02.200 my property in a way that can't be stolen, and 0:17:02.320 --> 0:17:05.720 I can take it with me everywhere with no cost. 0:17:05.800 --> 0:17:08.600 Imagine if you had a million dollars or a billion 0:17:08.600 --> 0:17:11.920 dollars of gold. How do you move that? How how 0:17:12.080 --> 0:17:13.640 how hard is that to move a hunter million dollars 0:17:13.680 --> 0:17:15.000 of gold? How much does that cost you? How long 0:17:15.040 --> 0:17:16.800 does that take? But I can take a hundre million 0:17:16.800 --> 0:17:19.520 dollars a bitcoin with me. Nobody even know I know 0:17:19.600 --> 0:17:22.639 twelve words in my head. No border guard knows. I 0:17:22.760 --> 0:17:25.440 just have twelve words in my head. The government's gonna 0:17:25.440 --> 0:17:26.959 make it illegal for you to custody your bitcoin. Really, 0:17:26.960 --> 0:17:28.919 they're gonna make it illegal for me to know twelve words. 0:17:29.280 --> 0:17:31.119 I know way more than twelve words right now, Like 0:17:31.320 --> 0:17:33.600 how they're gonna make that illegal? It doesn't make any sense. 0:17:34.359 --> 0:17:37.040 So think about this in get out of your US 0:17:37.200 --> 0:17:41.040 centric viewpoint and think about what's happening in Lebanon, in Ukraine, 0:17:41.400 --> 0:17:44.920 in Russia, in North Korea, think about what's happening in 0:17:44.960 --> 0:17:47.640 the world, and think about the massive demand that they 0:17:47.720 --> 0:17:50.840 have for this right now. With the most amount of 0:17:50.840 --> 0:17:53.520 pain comes the most amount of action. With an addict, 0:17:53.520 --> 0:17:56.520 they typically don't take action until they reach rock bottom. 0:17:56.720 --> 0:17:58.119 When in the United States we may not be at 0:17:58.200 --> 0:18:00.040 rock bottom yet, but other parts of the world, I 0:18:00.200 --> 0:18:04.320 certainly are, And that's where the action, that's where the 0:18:04.359 --> 0:18:07.679 adoption of bitcoin is needed, and that's where it's happening. 0:18:07.800 --> 0:18:09.720 You're listening to the Mark mo Show. We're talking about 0:18:09.960 --> 0:18:13.080 bitcoin and the decentralized revolution, talking about the way the world. 0:18:13.080 --> 0:18:14.879 It's the way that it's changing the world. To be 0:18:14.920 --> 0:18:17.199 back with more in a minute, don't go away, all right, 0:18:17.240 --> 0:18:19.160 welcome back. You are listening to the Mark ma Show 0:18:19.160 --> 0:18:23.040 and we're talking about the decentralized revolution that bitcoin, the 0:18:23.080 --> 0:18:26.679 technology is pushing the adoption. We talked about from the 0:18:26.720 --> 0:18:30.760 lens of politics, finance, and technology, because they're all really connected, 0:18:30.880 --> 0:18:32.480 or I'd like to look at the intersection of those 0:18:32.480 --> 0:18:35.040 three things, but really it's the technology piece that moves 0:18:35.080 --> 0:18:37.439 the world. And of course that technology is bitcoin. Now 0:18:37.440 --> 0:18:41.679 when I say that, I automatically get a million questions, 0:18:42.040 --> 0:18:44.679 UM and challenges and and all these other things and 0:18:44.720 --> 0:18:47.399 so UM, I just spoke at a conference. I got 0:18:47.400 --> 0:18:48.480 a whole bunch of them, and so I'm kind of 0:18:48.520 --> 0:18:50.280 running through some of the ones that UM that that 0:18:50.359 --> 0:18:55.000 keep coming up. And so again, politics, finance, and technology. 0:18:55.040 --> 0:18:57.920 So we talked about in these other nations where there's 0:18:58.119 --> 0:19:01.920 political systems and financial regimes that are that are very 0:19:02.200 --> 0:19:07.120