Speaker 1: All right, everyone, welcome to another episode of The Market
Speaker 1: Disruptor Show, and today I am joined by Parker Lewis.
Speaker 1: He is the head of business Development and Unchained Capital,
Speaker 1: which is in the bitcoin space. We'll get into that.
Speaker 1: You might previously have heard of him from me sharing
Speaker 1: lots and lots of his work on my channel. UM.
Speaker 1: He's written numerous articles UM talking about the financial system
Speaker 1: and bitcoin specifically. I want to get into that. But anyway, Parker,
Speaker 1: thank you much so much for joining us. Yeah, Mark,
Speaker 1: appreciate you inviting me on. It took a couple of
Speaker 1: months for us to get this actually to this day.
Speaker 1: But excited for the new year. Definitely. We're living through
Speaker 1: some uncertain times, but with bitcoin based on you know,
Speaker 1: not just what it's done to this point, but also
Speaker 1: what I expected to do for the future. I'm more
Speaker 1: optimistic than I ever really excited for getting behind us.
Speaker 1: I'm moving forward on and then also talking about some
Speaker 1: of the pieces that I've written. UM. You know, I've
Speaker 1: I've watched and consumed a lot of your content. I
Speaker 1: certainly appreciate, um, not just you know, the covers that
Speaker 1: you've you've in in the analysis that you've done on
Speaker 1: my pieces, but also just the work that you're doing
Speaker 1: to help people really understand the why a bitcoin, which
Speaker 1: I do think is the most important kind of first
Speaker 1: question and first part of the rabbit hole. And then
Speaker 1: it's actually, hey, just a real quick interruption to let
Speaker 1: you know that this video is brought to you add
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Speaker 1: to hodle your bitcoin and your crypto as it goes
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Speaker 1: hold it for all the upside potential and then you
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Speaker 1: So check them out and seeing it actually changed people's lives,
Speaker 1: so appreciate what you do and glad to be here. Yeah. Yeah, good.
Speaker 1: So yeah, for sure, you know, I think i've I've
Speaker 1: definitely taken that approach, which is trying to show people
Speaker 1: that they have a problem, because a lot of people
Speaker 1: don't realize they have a problem. Um, and so like, hey, look,
Speaker 1: these are the problems that that you have. Here's a
Speaker 1: potential solution, and then I get the roadblock, which is
Speaker 1: but this is why it's not gonna work, and this
Speaker 1: is why. And that's really where your pieces have really
Speaker 1: really come, um to be a big instrumental piece for
Speaker 1: what I do, because I can just like copy paste
Speaker 1: and send that out. Um. So if you're watching this
Speaker 1: and you've ever had any objections to bitcoin on my channel,
Speaker 1: there's a good chance I might have sent you one
Speaker 1: of those links. And so this is the guy who
Speaker 1: did that. But tell me, um, maybe give us a
Speaker 1: little bit of your background. I know you came working
Speaker 1: from Kyle Bass and Hayman Capital, which seems pretty cool.
Speaker 1: You've been kind of in the financial space and now
Speaker 1: you've transitioned over so maybe just give us a little
Speaker 1: recap on that. Yeah, So, before I jumped into the
Speaker 1: world of vic when I UM kind of worked my
Speaker 1: whole life in the traditional financial world. So started my
Speaker 1: career at Deutsche Bank, you know, working in the merger
Speaker 1: and acquisitions group in New York from two thousand and
Speaker 1: six to two thousand nine. So I was in New
Speaker 1: York at the you know, kind of height of the
Speaker 1: financial crisis. UM kind of they'll lead up to and
Speaker 1: then the crisis itself and then the beginning of the aftermath.
Speaker 1: Ended up leaving Deutsche Bank in two thousand nine and
Speaker 1: went worked in the restructuring space and worked on the
Speaker 1: credit side UM, doing both in court and out of
Speaker 1: court bankruptcy work, and then also working with companies on
Speaker 1: the management side, helping them come out of bankruptcy. We're
Speaker 1: working with companies that were in bankruptcy from a stabilizing perspective,
Speaker 1: actually like working in a company rather than a consulting role.
Speaker 1: UM advising on an m and a transaction as an example.
Speaker 1: UM and then really moved from there. UM wasn't really
Speaker 1: looking to work for a hedge fund, but got a
Speaker 1: call from a guy who worked for Kyle Bass, who's
Speaker 1: an investor that has a fund called Hyman Capital in Dallas,
Speaker 1: and Kyle is famous or most famous for having shorted
Speaker 1: the subprime crisis. This UM in in in the housing
Speaker 1: crisis and in two thousand seven eight nine UM and
Speaker 1: so I went to work for Kyle in two thousand
Speaker 1: thirteen human capital as affirmed as a range of things
Speaker 1: as a very broad man date from long short equity,
Speaker 1: special situation, equity to distress credit too. There's always been
Speaker 1: a macro theme to to the book at Hayman and
Speaker 1: So I kind of immediately came in most recently from
Speaker 1: a credit background and was working on you know, distress credit.
Speaker 1: There was a lot of distress credit at the time,
Speaker 1: but then ultimately worked a lot on the equity side
Speaker 1: with my m and a background UM special situation on
Speaker 1: both the long and short side. Then as I kind
Speaker 1: of as as the firm evolved in is my time
Speaker 1: evolved there, you know, more and more of the activity
Speaker 1: was steered towards the macro side. And I like to
Speaker 1: think about it, as you know, at Deutsche Bank, I've
Speaker 1: really learned how to cut my teeth and just how
Speaker 1: to work UM and really developed just a pure baseline
Speaker 1: in terms of financial accounting and financial reporting at at
Speaker 1: you know, the consulting firm that I worked at the
Speaker 1: restruction side. I really figured out how business has worked.
Speaker 1: I was actually how uping, you know, on the operation
Speaker 1: side of businesses and really understanding a lot of the
Speaker 1: complexity of what goes into actually delivering a product from
Speaker 1: a business um from from the inside out, and then
Speaker 1: really at him and I learned how the global financial
Speaker 1: system are so learned how kind of the global macro
Speaker 1: landscape works, and and that's ultimately what led me to
Speaker 1: bit Quinn. And I was ultimately doing two things at
Speaker 1: hymand I was one at the times just you know,
Speaker 1: I really didn't get into bitcointil sixteen UM and then
Speaker 1: I accelerated my path. But I was doing a deep
Speaker 1: dive and trying to understand what would happen when the
Speaker 1: Fed on the bound its balance sheet. So they injected
Speaker 1: three point six trillion into the system between twenty two
Speaker 1: thousand nine early two thousand and eight, that tw two
Speaker 1: thousand fourteen, and it had been signaling at that point
Speaker 1: in time but they were going to They already had
Speaker 1: been raising short term interest rates, but they were signaling
Speaker 1: that they were going to further tighten financial conditions. I
Speaker 1: was trying to understand what would happen. When that happened
Speaker 1: and they actually started to remove the dollars that they
Speaker 1: had put in with QWI, I came to the conclusion,
Speaker 1: independent from Bitcoin that at that you know, kind of juncture,
Speaker 1: but they'd have to stop the the tightening and they'd
Speaker 1: have to put in a lot more money in the
Speaker 1: trillions of dollars because of the structure of the financial system.
Speaker 1: At the same time, I was going down to the
Speaker 1: bitcoin rabbit hole, and I ultimately got a chance to
Speaker 1: meet safety and a Moose, the author of the Bitcoin standard.
Speaker 1: He really, I said, it was the one most instrumental
Speaker 1: early on and helped me understand monetary economics and really
Speaker 1: unlocking a lot of mental blocks. So I was pursuing
Speaker 1: these two research paths which were fed QUE quantitative tightening
Speaker 1: and reverse QB and what would happen and realizing that
Speaker 1: QUE was an inevitability and the trillions of dollars, and
Speaker 1: then I figured out Bitcoin and and realized that Bitcoin
Speaker 1: was the solution of QUE, and that those two paths
Speaker 1: really converged to one for me. And as soon as
Speaker 1: it all started to click, um, I decided that I,
Speaker 1: you know, my time would be best spent not what
Speaker 1: I was doing working for a hedge fund, but helping
Speaker 1: to create value in the bitcoin world. Ultimately moved back
Speaker 1: to Austin where I'm from. Originally that the two co
Speaker 1: founders had unchained, I was really focused on custody infrastructure,
Speaker 1: and um, you know, you know, we'll talk mostly today
Speaker 1: about you know, the research and the why bitcoin, but
Speaker 1: that that led me to the path that I am
Speaker 1: now and I spend all day every day today working
Speaker 1: on on Jane helping people, um, you know, understand bitcoin,
Speaker 1: secure the bitcoin better, and then prepare for a world
Speaker 1: that's uh that's bitcoin native and bitcoin denomenated nice. Well
Speaker 1: that is Ah, it's a very broad background that um
Speaker 1: you know, it really takes somebody that has that brought
Speaker 1: up a background to really understand it. And that's why
Speaker 1: I think bitcoin is so hard to understand, because you
Speaker 1: have to have discipline and or you have to understand
Speaker 1: in all these different disciplines. And so I think that
Speaker 1: broad background definitely really helps you out there. Before we
Speaker 1: get into maybe some of the specifics that you write about,
Speaker 1: if we if we kind of focus on the why
Speaker 1: you've talked about, you know, the QUI that was printed
Speaker 1: in two thousand eight, um, what that's done, and how
Speaker 1: you started to see that maybe we you know, bitcoin
Speaker 1: could be a solution to that. I know you've talked
Speaker 1: about the amount of QUI that's been created, the debt
Speaker 1: you talked about you were studying uh you know, credit
Speaker 1: it before as well. And I also heard you talk about, um,
Speaker 1: you know, the amount of the US dollar denominated debt
Speaker 1: that's outstanding right, the demand for that debt. Um, how
Speaker 1: do you see like the amount of debt that the
Speaker 1: FED is creating, I guess the qu that they're creating,
Speaker 1: but also the amount of maybe the dollars that are outstanding.
Speaker 1: I mean, how do you see that whole balance this
Speaker 1: problem that that's developing right before our eyes or has
Speaker 1: been developing and maybe maybe coming to a climax. Yeah,
Speaker 1: and and really so when I you know, if you
Speaker 1: could go back in time and imagine me and seen
Speaker 1: going down this um, you know, I'd say the FED
Speaker 1: rabbit hole it was. It was really trying to I
Speaker 1: was trying to create a mental model or framework for
Speaker 1: how to think about quantitative easing. And one of the
Speaker 1: key questions that comes up for people as if the
Speaker 1: FED prints three point six trillion dollars que and that's
Speaker 1: essentially they're creating digital dollars that they're putting in the
Speaker 1: banking system that can then be transferred in the banking
Speaker 1: system who are printed by the treasury and taken out.
Speaker 1: Why don't we just immediately seem rampant inflation when they
Speaker 1: create these manion dollars. So I was really trying to
Speaker 1: understand the construction and the structure of the financial system.
Speaker 1: And I kept going, you know, with each layer the
Speaker 1: onion that I was peeling back, and when fur them
Speaker 1: further down the rabbitble, I kind of keyed in on
Speaker 1: this idea of well, wait, how much like what actually
Speaker 1: happens when when with the operation the you know, the
Speaker 1: open market operation of buying a treasury and putting a
Speaker 1: dollar in h in the system and essentially swapping what
Speaker 1: is a treasury liability or a mortgage back security and
Speaker 1: putting a dollar in and then and then I was
Speaker 1: trying to understand, well, okay, if I was, if I,
Speaker 1: if I really zero in on you know, the right
Speaker 1: way to look at the playing field of the credit system,
Speaker 1: it's how much total debt is there, and then how
Speaker 1: many dollars are there? To service those debts, because if
Speaker 1: you get in the weeds and you know, you're looking
Speaker 1: at bank balance sheets versus corporate balance sheets versus consumer
Speaker 1: balance sheets, and you're you know, kind of lost in
Speaker 1: the minutia, you can kind of lose sense of the
Speaker 1: broader scope. And then and and if you're gonna try
Speaker 1: to understand QUE, even though I think if you want
Speaker 1: to actually understand economics and first principles, you need to
Speaker 1: really go down to the low this level. But if
Speaker 1: you really want to understand the US financial system, you
Speaker 1: really got to go to the highest level because you
Speaker 1: need to be you need to think about it an aggregates,
Speaker 1: uh not, because that's how economics really work. But that's
Speaker 1: ultimately the best way to describe how QUE works, how
Speaker 1: it can only work, and how it doesn't really solve
Speaker 1: any problems ultimately, in my view, ultimately creates more problems.
Speaker 1: But so what I ultimately did you know through that analysis?
Speaker 1: Like basically, there's a report that the FED puts out
Speaker 1: called the Z one Report, which is the Financial Accounts
Speaker 1: of the United States. And on about the fifth page
Speaker 1: of that report, there's a table and they show the
Speaker 1: total outstanding debt. They break it down between consumer and
Speaker 1: you know, basically mortgages, credit cards, you know, UM state
Speaker 1: and local governments, UM court, non non finance, corporate debt,
Speaker 1: corporate era findingly and basically the financial sector corporate debt,
Speaker 1: the federal government debt, and then foreign debt of financial
Speaker 1: foreign institutions that's in the U S. Banking and where
Speaker 1: that sits today, there's about eighty trillion dollars worth the debt,
Speaker 1: and there's only about four trillion dollars. I haven't looked
Speaker 1: at it in like the last three months, but usually
Speaker 1: those reports come out quarterly, and so there's likely a
Speaker 1: new update and there's probably you know, in excess of
Speaker 1: eighty trillion dollars of debt. But really thinking about it,
Speaker 1: to say, the only thing that can repay a dollar
Speaker 1: to nominated debt are dollars. There's only four trillion dollars.
Speaker 1: If there's only four trillion dollars that exists approximately, and
Speaker 1: there's eighty trillion dollars worth of debt, um there's you know, again,
Speaker 1: not every debt. The way I think about it is,
Speaker 1: not every debt is due today, and not every debt
Speaker 1: due tomorrow, not even thirty days or sixty a some
Speaker 1: people off thirty year mortgages, but that that imbalance that
Speaker 1: exists one can only exist and does only exist as
Speaker 1: a function of the FED. Basically, each time, you know,
Speaker 1: over the last thirty years, the Federal really the financial
Speaker 1: system tried to correct and tried to to restructure bad
Speaker 1: debts on an accurate at level, the FED prevented it
Speaker 1: by easy monetary conditions to allow essentially targeting of interest
Speaker 1: rates and to allow growth to continue. UM. So we
Speaker 1: ultimately kind of over time gradually created this metasticized credit
Speaker 1: system which end leads us in a world where you know,
Speaker 1: if there's age relion dollars or aguillion dollars of debt
Speaker 1: and only fortunately in dollars R for every dollar that exists,
Speaker 1: there's twenty dollars of debt. That creates a very high
Speaker 1: present demand of dollars. But then when you start, when
Speaker 1: the FED tries to unwind que and they take dollar
Speaker 1: the system, the amount of debts that exists in the
Speaker 1: world remain the same UM and and what what it
Speaker 1: effectively does is that it creates a run on the
Speaker 1: dollars that do remain. Basically, it sets off all equipment crisis.
Speaker 1: And then when the market finds out about it, it
Speaker 1: forces the FED to come in and print more dollars.
Speaker 1: So I like to say that that, you know, a
Speaker 1: lot of people say that the dollar has value because
Speaker 1: the government says it has value, or as value because
Speaker 1: the guys with guns will come and, you know, make
Speaker 1: you do something, or you know, the government has the
Speaker 1: ability to tax and think that when people really get
Speaker 1: down and think about it from a principal perspective, they
Speaker 1: realize that there's been any number of events of hyperinflation,
Speaker 1: and each one of those instances there have been governments
Speaker 1: with guns and they build into tax and then there's
Speaker 1: a reality that governments can print money, and they can
Speaker 1: they can create money through QE, every central bank, but
Speaker 1: you can't make so they can basically manage to supply
Speaker 1: of currency, but they can't make people value it. And
Speaker 1: that um the dollar ultimately retains value because of that
Speaker 1: dynamic between there's eighty trillion dollars of debt and for
Speaker 1: trillion dollars, for every dollar that exists, there's twenty of debt.
Speaker 1: So everyone has a very high present demand for dollars
Speaker 1: because what it ultimately represents is, you know, if you
Speaker 1: don't pay your car loan, someone comes and takes your car.
Speaker 1: If you don't pay your mortgage, someone takes your house.
Speaker 1: There's actually productive assets that are securing those debts, and
Speaker 1: people that are in dollar denomin a debt, I'm not
Speaker 1: one of them. Um, they have a very they have
Speaker 1: a high propensity to demand dollars, and that demand is
Speaker 1: what keeps the dollar stable. Now, over time, that dynamic
Speaker 1: of eight trillion dollars or agent trillion dollars worth of
Speaker 1: dollars an a debt and four trillion dollars, it's what
Speaker 1: creates dollar scarcity, but it's also what dictates the trillions
Speaker 1: more dollars will need to be created. Because again, most
Speaker 1: people that are unaware of this dynamic, they only feel
Speaker 1: it in there in the in the in the pricing mecanum. Right,
Speaker 1: they've got a mortgage and they've got a certain number
Speaker 1: of dollars in the bank account, and then when the
Speaker 1: Fed starts to take dollars out of the system, they
Speaker 1: don't know that that's necessarily happening. But they're getting fewer dollars,
Speaker 1: maybe fewer people are coming into their business, and then
Speaker 1: they're sitting there saying, oh, I need to start accumulating
Speaker 1: more dollars because I don't know if we're gonna able
Speaker 1: to pay my mortgage. That sets off basically a run
Speaker 1: on dollars. But what what is ultimately reflected in in
Speaker 1: in a credit system that has a propensity to contract.
Speaker 1: Once the credit system starts to contract because it's in
Speaker 1: this massive imbalance of you know, eighty trillion dollars are
Speaker 1: debt and four trillion dollars, then it starts to feed
Speaker 1: on itself. And that's ultimately what we saw basically last
Speaker 1: September when the repo market broke, and the repo markets
Speaker 1: are a short term fund mechanism um to to to
Speaker 1: to be a large funding mechanism for large financial transactions.
Speaker 1: And then in Mark there's a massive liquid in crisis.
Speaker 1: Well that's essentially the market finding out that everybody needs
Speaker 1: dollars and they're far more than you know, a few
Speaker 1: dollars short, and everyone has a run on them. So
Speaker 1: that then induces the Fed to print dollars. And that's
Speaker 1: where you look at and say, hey, well there's any
Speaker 1: trillion dollars of debt, and the Fed puts in another
Speaker 1: three trillion. There's still a massive a balance, so it
Speaker 1: doesn't just set off, you know, you know, day one
Speaker 1: massive monetary inflation. But that that that's at least kind
Speaker 1: of a framework that I think about it that explains
Speaker 1: the rough size, you know, kind of the fact that
Speaker 1: the FED is the one that really enables that because
Speaker 1: each time that credit system tries to correct, rather than
Speaker 1: being able to correct, the FED puts more dollars in.
Speaker 1: That ultimately makes dollars be worth less and less over time,
Speaker 1: and it causes massive distortions and the real economic activity
Speaker 1: the underpinning the comedy. Yeah, So, I mean that's a
Speaker 1: that's a it's a very uh good way to break
Speaker 1: it all down, and it and it kind of outlines
Speaker 1: the system that the govern mint that the FED is
Speaker 1: in right where they're going to have to continue to
Speaker 1: print more money in order to keep this system going. Right,
Speaker 1: So there's really no way around that at this point
Speaker 1: they're gonna to continue to print I mean, is that
Speaker 1: the summary, Yeah, that's that's the summary, cliff notes. It's
Speaker 1: it's the um the structure of the of the credit system.
Speaker 1: It is what dictates that the FED will have to
Speaker 1: print trillions of dollars. You know, there's another side of it,
Speaker 1: it's more larger or I mean, they're both logical, but
Speaker 1: when you think about the fact that the you know,
Speaker 1: you you understand that our audience that the FED in
Speaker 1: the Treasury or two separate organizations, but they now and
Speaker 1: they're supposed to be independent from each other, but they're
Speaker 1: wet together. Like if the if the Treasury on behalf
Speaker 1: of Congress and the federal government wants to to run
Speaker 1: a three trillion dollar deficit, um those dollars have to
Speaker 1: come from somewhere, and they either strain the private sector
Speaker 1: a versely every dollar that exists in the system, or
Speaker 1: the FED has to create more dollars to finance the
Speaker 1: federal government, and the FED is the private organization. But
Speaker 1: really is that dynamic between debt dollars and the massive
Speaker 1: balance that dictates that more dollars will have to be
Speaker 1: um provided to the credits and otherwise the credit system
Speaker 1: would collapse on itself. If you put too many dollars
Speaker 1: in the system, the same thing will happen. So it's
Speaker 1: it's literally a catch twenty two. Yeah. Yeah, So, I mean,
Speaker 1: that's a great way to talk about it, and I've
Speaker 1: I've done a few videos on that, specifically talking about
Speaker 1: with Janet Yellen, who used to be at the Fed
Speaker 1: going into the Treasury, there's a good chance we'll probably
Speaker 1: see those two agencies working pretty closely together, if not
Speaker 1: almost in unison, which probably will only accelerate that happening.
Speaker 1: Especially we have Bernie Standers there, we got Janet Yellen there.
Speaker 1: Um But but that's kind of a whole another topic.
Speaker 1: But um, so we have this, we have this massive
Speaker 1: demand for dollars which and which means more money printing.
Speaker 1: But the more money they put in, the more distortions
Speaker 1: we have in the market. Now, you did we talked earlier.
Speaker 1: I made a video off of one of your papers,
Speaker 1: and it was basically talking about that specifically, where the
Speaker 1: dollars are really at the end of today, their communication, right,
Speaker 1: and so they communicate to the market signals, and when
Speaker 1: you create more dollars and inject those in, it distorts
Speaker 1: the signals, which starts messing everything up. I mean, did
Speaker 1: I summarize that, right? Do you want to add to that? Yeah,
Speaker 1: one thing that I would you can really key in on,
Speaker 1: because I think it's a very um it's a very
Speaker 1: fundamental way that most people they never they never question
Speaker 1: what money is. They never question how it emerge or
Speaker 1: you know, why do you know I live in Austin, Texas.
Speaker 1: Why did two million people take you know, these physical
Speaker 1: bills or the digital representation when I swept my credit card?
Speaker 1: Like why why does that all exist? And what is it?
Speaker 1: What is the role of money? And so when people
Speaker 1: I think, if they start to really dig in and bitcoin,
Speaker 1: I think it's one of the best things about bitcoin,
Speaker 1: which is it forces people to kind of confront those
Speaker 1: really baseline fundamental questions that that are challenging. Um that
Speaker 1: we all we all kind of have lived in a
Speaker 1: world where we have stable forms of money. Uh not
Speaker 1: everyone has that kind of luxury or has had that luxury.
Speaker 1: Currency have fallen out apart all over the world. But
Speaker 1: for most people, say in the United States, Western Europe, Japan, China,
Speaker 1: they've always you know, from from day zero to wherever
Speaker 1: they are in their life, money has always worked and
Speaker 1: it's been a given. But that when people start to
Speaker 1: think about, you know, one, how money emerged, what what
Speaker 1: role does it facilitate? The way I describe it as
Speaker 1: um money, what money solves a problem for is trade
Speaker 1: and intermediation. So basically, you know, the money is an
Speaker 1: economic good, uh that that exists in the world, and
Speaker 1: it helps intermediate series of transactions. And there's certain things
Speaker 1: that that are certain properties that are inherent in a
Speaker 1: certain good that allow it to be better or worse
Speaker 1: as a form of money, and that you know, based
Speaker 1: on those very objective properties, there's a convergent on a
Speaker 1: single intermediary good that then allows people to use that
Speaker 1: good to facilitate trade, and that there's a general re
Speaker 1: cognition that everyone benefits from trade and specialization. You know,
Speaker 1: if you are, you know, great at communicating ideas and
Speaker 1: having a podcast, then that's your specialization. If somebody else
Speaker 1: is great at making cars, that's theirs are playing football
Speaker 1: or basketball or being a doctor nurse. That basically, money
Speaker 1: is the intermediary good that allows us to be able
Speaker 1: to specialize in these these one things during the day
Speaker 1: and be basically be able to purchase the output of others.
Speaker 1: And we use money as this common tool or good
Speaker 1: to communicate value and this recognition that that value is
Speaker 1: and inherently every form of value, any conception of value,
Speaker 1: is subjective. Money is a thing that helps us um
Speaker 1: put an objective quantity or to even have the very
Speaker 1: conception of value because it's basically, you know, it's what
Speaker 1: allows me to know how much other people are valuing
Speaker 1: what I do, and then how that translates to if
Speaker 1: I want, you know, goods X, y or z, how
Speaker 1: much value I need to deliver to others to be
Speaker 1: able to get that. And so when when I think
Speaker 1: about it, it's it's really this idea of this convergence
Speaker 1: on a single good to to fulfill that role of money.
Speaker 1: Um is critical to basically facilitating this function of communicating
Speaker 1: value because what emerges when a wide group of people
Speaker 1: are are a market economy converges on a single good
Speaker 1: is that a pricing mechanism ultimately emerges. And um, you know,
Speaker 1: i'd say the person or the person that I've read
Speaker 1: that helped me understand this, this mechanism. The best is
Speaker 1: and in the function of pricing mechanism is is fred
Speaker 1: or Kayak specifically two pieces, um, the you know, really
Speaker 1: three Pieces of the Road to Served Him, which is
Speaker 1: a book they wrote around the time of World War Two,
Speaker 1: an essay called The Pretense of Knowledge, and then an
Speaker 1: essay called The Use of Knowledge and Society. The the
Speaker 1: last one used Knowledge and Society really keys on on
Speaker 1: this idea of the pricing mechanism as you and he
Speaker 1: has a comment that says something along the lines of,
Speaker 1: you know, if if the pricing mechanism was you know,
Speaker 1: of conscious human design, that that it would be you know,
Speaker 1: one of the most important, you know, it would be
Speaker 1: considered one of the most important discoveries or inventions ever.
Speaker 1: But it wasn't of conscious design, you know, recognizing that
Speaker 1: this this idea of a pricing mechanism emerged organically as
Speaker 1: a group. As a large group, you will converge on
Speaker 1: different mediums as a form of money. And then if
Speaker 1: you think about those pricing mechanisms and one of the
Speaker 1: ways that I, you know, communicated I don't know if
Speaker 1: it was it was how high did or just something
Speaker 1: that I've evolved from mine, but I want to make
Speaker 1: sure I give credit to him if if if it's
Speaker 1: not my own original thought. But thinking about you know,
Speaker 1: say that there's somebody in the United States building a
Speaker 1: house and there's copper that goes into you know, in
Speaker 1: necessary as a supply input for building a house, and say,
Speaker 1: you know where that copper is coming from is chili
Speaker 1: Because there's massive copper minds in Chili. We'll say there's
Speaker 1: an earthquake in Chili and the supply lines for copper
Speaker 1: get screwed up. And now the guy who's building the
Speaker 1: house in the United States, he starts seeing that the
Speaker 1: price of copper is double. Well, that person needs either
Speaker 1: he should has been sent information via a price signal
Speaker 1: that then that price signal has been sent by using
Speaker 1: a form of money. And and what he ultimately does
Speaker 1: is he either increases the price of his house so
Speaker 1: he can pay twice much for copper, or he finds
Speaker 1: a different substitute. He doesn't have to actually know that
Speaker 1: there was a an earthquake in Chile. He just needs
Speaker 1: to know that the price of copper was now double,
Speaker 1: and that pricing mechanism is the filter that communicates information
Speaker 1: and it's actually the change in prices. This is kind
Speaker 1: of where it gets into the question that you initially asked.
Speaker 1: Apologies for being along winded, but the change in price.
Speaker 1: If if price signals or information, then um then a
Speaker 1: change in price is a change of information. And what
Speaker 1: one of these aspects that that's ironic but also incredibly
Speaker 1: destructive is that the Federal Reserve has was referred to
Speaker 1: as a price stability mandate, and once you start to
Speaker 1: key in on once you understand the function of money
Speaker 1: and and the fundamental role that the pricing mechanism fill,
Speaker 1: and what a price signal actually is, and it's the
Speaker 1: way that the majority of all information is communicated buying
Speaker 1: amongst human beings. Is that the change in price is
Speaker 1: sending an information sygntalm that something has changed in the world.
Speaker 1: And that in that example of you know, Chilian an earthquake,
Speaker 1: that you don't have to know that that you know
Speaker 1: there was an earthquake in Chili, but the price of
Speaker 1: copper is different. That that is a function of changing
Speaker 1: prices and it causes people to adapt then best use
Speaker 1: the resources that are available to them. Well, what happens
Speaker 1: when you know what you're with? The Central Bank essentially
Speaker 1: does when when there's a price signal that's changing, maybe
Speaker 1: it's a price continues to increase and then people say,
Speaker 1: you know what, you know, the price of housing is
Speaker 1: too expensive, so I'm gonna spend my dollars somewhere else,
Speaker 1: and then the price of housing starts to correct. Well,
Speaker 1: when the FED says as a price stability mandate, it's
Speaker 1: effectively manipulating prices when that very change in price is
Speaker 1: valuable information and it's and it's causing the the economy
Speaker 1: to go from a state of imbalance in a in
Speaker 1: a place where there was a price level that was
Speaker 1: unsustainable to to to correcting for that imbalance to restore
Speaker 1: the economy to balance well. When the FIT has a
Speaker 1: price stability mandate to basically target certain price levels, creating
Speaker 1: price rigid rigidity, what essentially is doing is is taking
Speaker 1: a world of imbalance and it's allowing that imbalance to
Speaker 1: be sustained rather than to heal itself. The way that
Speaker 1: the economy heals itself is by fluctuating prices. And the
Speaker 1: environment that the fret FED is created is a world
Speaker 1: that prevents that that healing or that that imbalanced elimination
Speaker 1: process to be undertaken, and that in that article I
Speaker 1: talk about the that idea of this function of the
Speaker 1: FED actually leads to greater and greater imbalance and causes
Speaker 1: greater and greater distortions in wealth and equality and poverty
Speaker 1: as a result of not having h an economic structure
Speaker 1: that's that's balanced, sustainable. Yeah. Yeah, So basically it coordinates
Speaker 1: this society, It coordinates the economy. So in the United States,
Speaker 1: we have three thirty million people, and everybody has different ones,
Speaker 1: needs and desires. And I love chocolate ice cream, but
Speaker 1: tomorrow I just want vanilla. And I don't know why
Speaker 1: I want manila, but I just do. And all of
Speaker 1: a sudden, if too many people want vanilla, then we
Speaker 1: have a problem. So all of a sudden, they can
Speaker 1: raise the price of vanilla, and I might decide for
Speaker 1: that price, I don't want it. I'll just go back
Speaker 1: to chocolate. But at the same time, now that a
Speaker 1: lot of people are paying more for it, more people
Speaker 1: can go make that vanilla ice cream. So everybody can
Speaker 1: now coordinate around that, which will one helped to supply
Speaker 1: or fix that supply mechanism. And I I've been investing
Speaker 1: in uh in non traditional stuff for a long time.
Speaker 1: I told you, I kind of grew up in Texas,
Speaker 1: so I've done a lot of oil oil field stuff.
Speaker 1: And I remember that the whole world operated on this
Speaker 1: theory called peak energy, right peak oil, And um, some
Speaker 1: of the people that I followed and said, there will
Speaker 1: never be will never run out of oil because the
Speaker 1: free market will adjust it. So as the price of oil,
Speaker 1: let's say that we were running out of oil, the
Speaker 1: price of oil would start going higher. Well, that would
Speaker 1: some people would not use it, which would bring the
Speaker 1: demand down. And because the price is higher than people
Speaker 1: would be able to invest into alternative things. And that's
Speaker 1: how the free market kind of works in a sense.
Speaker 1: I mean, would you say that's a good summery? Yeah,
Speaker 1: I would say, like, like what you subscribed? There is
Speaker 1: that the change in price on both the supply side
Speaker 1: and the demand side changes behavior. It's communicating information and
Speaker 1: then everybody and it's also communicating information about preferences, and
Speaker 1: those price signals basically aggregate the preferences society. Why in
Speaker 1: the most efficient way conceivable in almost in a in
Speaker 1: a way that's that's really actually difficult to conceive of.
Speaker 1: It's a beautiful mechanism um. And that's why hy talks
Speaker 1: about it. Is like if it was of deliberate design
Speaker 1: and of conscious thought, it would be the greatest invention
Speaker 1: that was ever that was ever made up. It's not.
Speaker 1: It's not of conscious design, wasn't of conscious control. And
Speaker 1: therefore everyone kind of goes about it kind of taking
Speaker 1: it for granted. And so I would you know, I
Speaker 1: would I would think about that and say that that
Speaker 1: there's price signals, whether it's oil or houses, like that's
Speaker 1: what you want. You want prices to change. And when
Speaker 1: you when you target prices by changing the monthy supply,
Speaker 1: what you're actually doing is you're distorting every price level
Speaker 1: because when when when you think about the value of
Speaker 1: a home, it's five, and the value of a car
Speaker 1: and it's fift. Those are two independent points that are valuable.
Speaker 1: But what it's also communicating to you is the relative
Speaker 1: value between a house and car one cars or ten houses.
Speaker 1: You know or you know it takes you know, ex
Speaker 1: meaning to create x number of apples to be able
Speaker 1: to convert that into a car, however money might be.
Speaker 1: So it's not just that the nominal price levels are valuable,
Speaker 1: but it's also the exchange ratios. And so the critical
Speaker 1: piece of information is the the price level of individual
Speaker 1: good and the exchange or isteo between relative goods, because
Speaker 1: that's actually what informs economic activity, tells you whether or
Speaker 1: not you should focus on doing podcasts or focusing on
Speaker 1: going and getting oil out of the ground. And when
Speaker 1: you start mucking up the system by putting more dollars in,
Speaker 1: you're basically those incremental dollars are extraneous to the whole
Speaker 1: process of relative price signals. And so all you do
Speaker 1: by distorting price signals, and when you put more dollars
Speaker 1: in the system, you just store every single price signal
Speaker 1: in the world. You you basically disrupt and distort the
Speaker 1: communicate otherwise unfiltered communication channels between humans. When that happens,
Speaker 1: you get massive economic imbountance effectively, And and what it
Speaker 1: really comes down to, and this seems to be the
Speaker 1: piece that the Hiak and the Austrians got so well,
Speaker 1: but today's economists completely seemed to miss. And it's it's
Speaker 1: really self interest, right, self determination, and so um, you know,
Speaker 1: we all have our own self interest that we want
Speaker 1: to push. And so when we see these price signals
Speaker 1: will shoot. Everybody wants a podcast, I s go start
Speaker 1: a podcast where everybody wants oil, I'll go, or everybody
Speaker 1: wants vanilla ice cream, and so all of a sudden,
Speaker 1: people will go start to fill those needs. Um. And
Speaker 1: the problem when we get these fixed price signals, as
Speaker 1: you say, right, the government wants to mandate what those
Speaker 1: price signals are. There Everyone's like, I ain't gonna make
Speaker 1: bread for that price, and then it leads to massive
Speaker 1: shortages and so um, if you look at any of
Speaker 1: these third countries or whatever they are, you know, more
Speaker 1: more captured controlled systems where they've done these types of things,
Speaker 1: you can start to see all these imbalances as you're
Speaker 1: talking about, right, I guess that sums it up. So
Speaker 1: we've we've basically I wanted to just kind of set
Speaker 1: the stage a little bit. So we've basically talked about
Speaker 1: or you've you've explained to us why the government to fed,
Speaker 1: the central banks have to continue to print more money. Um.
Speaker 1: At this point, there's really no option for them but
Speaker 1: to continue to create more money. And the problem with
Speaker 1: that is that it leads to all these imbalances um
Speaker 1: and eventually that leads to lack of goods and things
Speaker 1: like that, and and a lot of people, unfortunately, the
Speaker 1: whole world has kind of shifted to this short term
Speaker 1: thinking today and I see it all the time today.
Speaker 1: I I put something on Twitter and I talked about
Speaker 1: you know, Biden and Sanders and yelling and like, we
Speaker 1: know money printing is gonna be there next year, and
Speaker 1: a lot of people are like, well, who cares if
Speaker 1: it's gonna like help some people out this year, and
Speaker 1: so it's that short term thinking where like maybe it
Speaker 1: helps me in the show work term, but it's destroying
Speaker 1: things in the long term, and so people have to
Speaker 1: have that shift. Do you see that a lot, I
Speaker 1: guess from your research. Yeah, I would say they're The
Speaker 1: way that I would relate that idea is is twofold. First, Yeah,
Speaker 1: we we we also recognize that there's there's always a chance,
Speaker 1: it's always the possibility that the FED doesn't have like
Speaker 1: they don't have to print money. We just know that
Speaker 1: they will. And the reason why they will print money
Speaker 1: is because if they didn't, one, we've we've got history
Speaker 1: and we can read about their psychology, and we know
Speaker 1: how they operate, and we know what drives their system
Speaker 1: may be in the credit system that if they didn't
Speaker 1: print more money, the credit system would collapse, and and
Speaker 1: it would collapse in a way that would render every
Speaker 1: single investment bank and solve it if they didn't print
Speaker 1: another dollar, every single investment bank. Your whole system is
Speaker 1: built on credit. The credit system is many, you know,
Speaker 1: as I've described as many orders, its multiple worders of
Speaker 1: magnazude bigger than the based money supply to the allocation
Speaker 1: of credit is how is what you know, how our
Speaker 1: economy functions. If that criticystem collap the FED would be
Speaker 1: over it wouldn't It wouldn't have a system to control anymore.
Speaker 1: So we know that like it prints money for that reason. Um,
Speaker 1: and that's why I say again, it's always possible that
Speaker 1: they don't. It's not a realistically probably probable that they
Speaker 1: don't to the point of like impossible. Now going to
Speaker 1: your to the next question of you know, yes, it's
Speaker 1: it's short term thinking, right like, and that's what got
Speaker 1: us to this point. Does it doesn't follow any logic
Speaker 1: or reason. It's like if you if you, if you
Speaker 1: start with a very core common sense idea that printing
Speaker 1: money like and I the way I described the evil
Speaker 1: is imagine the moment that money is printed, that does
Speaker 1: not do anything to create another job, right Like, the
Speaker 1: function of printing money is not the productive activity. So
Speaker 1: if you just start with that, if you just do that,
Speaker 1: all it serves to do is change how the money
Speaker 1: is divvied up. So it basically takes it from the
Speaker 1: people and the people setting preferences and prices and shifts
Speaker 1: it to the hand of the FED and the fet
Speaker 1: decides how to to print money, and that you've probably
Speaker 1: seen it on Twitter. But there's you know the fact
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Speaker 1: All dollars that exists today, we're printed last year. Um
Speaker 1: so you know, the the universe of people that held
Speaker 1: dollars and they were setting the prices of things in
Speaker 1: the real world that commanded what would get built just
Speaker 1: changed overnight and the FED decided. How you know, I
Speaker 1: like to say that you can either get dollars by
Speaker 1: delivering value to people that have dollars or by getting
Speaker 1: it from the FED. And in in in a world
Speaker 1: where people can't print money, and in order to get
Speaker 1: to get money or to get dollars, you actually have
Speaker 1: to deliver to value to those people that have it.
Speaker 1: Um that that leads to better economic incentive. So if
Speaker 1: you start with those what a what a shocking revelation
Speaker 1: you actually have to provide value to get dollars. Yeah,
Speaker 1: they're like, that actually creates more balance and aligns and
Speaker 1: sentences between those who don't have money in those who
Speaker 1: do who do have money. Yeah, and then there's this
Speaker 1: classic refrain. You know that the practically, I'd say nine
Speaker 1: out of ten, if you talk to nine out of
Speaker 1: ten hedge fund guys, they would say, you know, the
Speaker 1: FED printed three trillion dollars and they would say that
Speaker 1: was crazy. It's not going to end well, but the
Speaker 1: FED had to do it, Like that's the thought process.
Speaker 1: And you're like, okay, well it's crazy and if it's
Speaker 1: not going to end well, m connect that logical leave
Speaker 1: them between there, and they had to do it right,
Speaker 1: you know. So the short reason is that they don't
Speaker 1: have to do anything right and they live in the
Speaker 1: mentality where they do. But all of us that that
Speaker 1: that operate in the real world. And this is something
Speaker 1: that the mesas that talks about it, believe how it
Speaker 1: talks about as well, this idea that like not taking
Speaker 1: an action is also an action, and oftentimes not doing
Speaker 1: something is the right decision. In the fed's world, there
Speaker 1: isn't a decision that's a that's practical or serviceable. That is,
Speaker 1: don't print money, you know, when the when the credit
Speaker 1: when the credit system starts to collapse, and in the
Speaker 1: very short term, you can alleviate some pain. You know.
Speaker 1: Wouldn't it be great if every time me, as an individual,
Speaker 1: I didn't have something that I want, if I could
Speaker 1: just go to the money tree and pick off a
Speaker 1: dollar and get the thing that I want. Yeah, like
Speaker 1: a great if I had that power would be awesome,
Speaker 1: But that's not Also, you know, if that world existed,
Speaker 1: then the incentives would be screwed up in time in
Speaker 1: terms the whole economy. That's effectively what happens with the FETs.
Speaker 1: So it's like, yes, if if you can manipulate the
Speaker 1: world by printing the dollars and telling and giving it
Speaker 1: to that person, say hey, continue to you know, build
Speaker 1: the house that you were going to build, because you
Speaker 1: know that imbalance that exists in the housing market. Let's
Speaker 1: keep the dream alive for another year or two years.
Speaker 1: You can keep the dream alife for another year or
Speaker 1: two years. The way that it ultimately ends is Venezuela,
Speaker 1: and then everybody suffers. And that's how I really think about,
Speaker 1: you know, the FED system, because people think, you know,
Speaker 1: the other thing that's not logical that people say as well,
Speaker 1: it could never happen here. And and my refrain to
Speaker 1: that from an economics principles perspective is the value of
Speaker 1: something is going to trend to its marginal costs to produce.
Speaker 1: So if the cost to produce a dollar zero and
Speaker 1: the cost to produce a trillion dollars zero and the
Speaker 1: cost of producing three trillion dollars zero, the value of
Speaker 1: that good is going to to zero. People will stop value.
Speaker 1: The central bank can control the supply of the currency,
Speaker 1: but they can't make people value. And when people are
Speaker 1: looking at that world be going to be Bitcoin. That
Speaker 1: that's where they start to key in on this this
Speaker 1: idea that before two thousand nine people realistically did not
Speaker 1: have another option to opt out of that, you know,
Speaker 1: kind of uncontrollable money printing. And like, you know, the
Speaker 1: other thing I tell people is our our politicians they
Speaker 1: throw out the word trillion out very but if you
Speaker 1: start to think about what a trillion is, you know, um, basically,
Speaker 1: you know, if you if you're familiar with Jerry World,
Speaker 1: which at the time it was the and it may
Speaker 1: be still the nicest football stadium that's ever been built. Um,
Speaker 1: every other one is down modeled after that took like
Speaker 1: the planning of that and the building of that took
Speaker 1: seven years, and it costs I think one point one
Speaker 1: five billion dollars. The Federal Reserve printed three trillion dollars.
Speaker 1: So there's only thirty Jerry Worlds that exists in the
Speaker 1: world in term of the football staves that you know,
Speaker 1: if Jerry World was a billion, and there's a thousand, uh,
Speaker 1: you know, thousand billions and a trillion, and then three
Speaker 1: thousand billions and three trillion, it's like that's how much
Speaker 1: manipulation the FED manufactured in a very short period of time.
Speaker 1: How many dairy worlds do they make? Three thousand approximately?
Speaker 1: Maybe like it's like and thinking about that, you know,
Speaker 1: one point one seven billion dollars one point one five
Speaker 1: of things. What it technically was to build, It took
Speaker 1: seven years and coordinated economic activity for that period of time,
Speaker 1: um and then boom you just printed and that when
Speaker 1: and the way the storage activities is by distorting price
Speaker 1: signals and ultimately stop people stop being valuing the dollar itself,
Speaker 1: um and and and real economic activity and actually exacerbates unemployment.
Speaker 1: Now you know, you go from that world to a
Speaker 1: world and bitcoin and you know, people say bitcoins complicated,
Speaker 1: and I reassure them, trust me, the dollar system is
Speaker 1: more complicated. You've just never thought about it. Um. But
Speaker 1: if I simplify it, it's just, hey, do you want
Speaker 1: to live in a system where you're the Fed prints
Speaker 1: trillions of dollars and devalues each dollar that you hold
Speaker 1: essentially changes the game, or would you rather get paid
Speaker 1: in the form of current even though it's a little
Speaker 1: bit esoteric, that can't be manipulated, and that there's a
Speaker 1: fixed supply of and nobody can print end. Yet an
Speaker 1: average person if they don't know that that thing's bitcoin.
Speaker 1: They opt for a you're sorry, they offer be the
Speaker 1: fixed supply, and they opt out of the system that
Speaker 1: their their government can print trillions of the unit of currency.
Speaker 1: And that's ultimately what's happening right now. More and more
Speaker 1: people are figuring that out. The two things. This is
Speaker 1: what led me down the path. Trillions more dollars are
Speaker 1: going to be printed. And bitcoin there's only twenty one million,
Speaker 1: and there can never be more. And the hard thing
Speaker 1: is trying to understand how that twenty one million is
Speaker 1: really you know, whether it is and if it is
Speaker 1: credibly fixed at twenty one and twenty one million. But
Speaker 1: I say, if that is the case, if twenty one
Speaker 1: million and bitcoin is incredibly fixed supply, bitcoin will be
Speaker 1: the global reserve currency in the future and likely in
Speaker 1: the next ten years. And that's how I think about
Speaker 1: It's like those two stories are so intertwined, um and
Speaker 1: so interrelated because they ultimately, um, they're there. You know,
Speaker 1: they're choosing a over being you know, or be over
Speaker 1: a and and the monetary economics is your song. That's
Speaker 1: a that's a that's a pretty bold statement to come
Speaker 1: out with, and it wasn't on my list of questions.
Speaker 1: But I'm gonna jump into that for a second. So
Speaker 1: um with with that statement and then we'll get into
Speaker 1: some of the common objections. But um so, so stay
Speaker 1: tuned for that if you're watching. But um to that
Speaker 1: statement that bitcoin will become the reserve currency in the
Speaker 1: next ten years, next decade. Um. I mean, do you
Speaker 1: really think that the whole world needs to be on
Speaker 1: bitcoin as a reserve standard or couldn't it just be
Speaker 1: the people's money And couldn't there be multiple forms of
Speaker 1: reserve Maybe maybe the world governments are still using an
Speaker 1: SDR basket with the I M F like or do
Speaker 1: you really think the whole world is going to switch
Speaker 1: over to a unit of account like that. I don't
Speaker 1: think that the only thing is like a whole world
Speaker 1: needs to I think it's if you if you start
Speaker 1: to think about monetary economics and realizing that kind of
Speaker 1: this idea that you know, what is the function that
Speaker 1: money facilitates, and that it's solving this kind of intersubjective,
Speaker 1: you know, problem of trade and understanding value that because
Speaker 1: that problem is intersubjective, there's there's a reason why money,
Speaker 1: if left to its normal or natural course monopolizes and
Speaker 1: and and it does so because of the function you know,
Speaker 1: the economic function that it actually facilitates and in trade
Speaker 1: and helping to facilitate specialization of an economy and so
Speaker 1: in the coordination of an economy. So it's like it's
Speaker 1: like water rolling downhill. And I think about it as um,
Speaker 1: you know, knowledge is distributing exponentially at this point. You know,
Speaker 1: if it's not, it's nothing, it's not exponential as it's
Speaker 1: increasing by orders of magnitude um. And so you know,
Speaker 1: when you think about that, and I think about the
Speaker 1: fact that you know, the FED is getting into the
Speaker 1: position each time it has to print money has to
Speaker 1: print more because the system is now larger. Um. You know,
Speaker 1: information is distributing at a rapid pace. The infrastructure that's
Speaker 1: being built around bitcoin is only accelerating as the as
Speaker 1: the monetary network grows, more capital is allocated to build
Speaker 1: more things. Uh. And that as that mind share goes
Speaker 1: from you know to basically to build bitcoin. It's coming
Speaker 1: out of the legacy system. So somebody's focusing on building
Speaker 1: you know the bitcoin you know, protocol layer or working
Speaker 1: on lightning, you know, in bitcoin payments, that's somebody that's
Speaker 1: not working on you know, bank settlement, you know. So
Speaker 1: so the two systems are dynamic. And then I think, well,
Speaker 1: there's two more happenings to the rate of issuance and
Speaker 1: bitcoin gets cut every four years over two more cycles.
Speaker 1: Um that that you know in generally each cycle sets
Speaker 1: off an adoption wave of ten x. Well, if there's
Speaker 1: roughly you know, I don't you know people that have
Speaker 1: bitcoin to day, but realistically it's only you know, five
Speaker 1: to ten million people have meaningful exposure, and two cycles
Speaker 1: were probably in a world where billion people have bitcoin.
Speaker 1: I mean, it's gonna be adopted all over the world.
Speaker 1: It's gonna be the largest currency system in the world,
Speaker 1: I believe in ten years. And judging that based on
Speaker 1: you know, that kind of combination of things, what the
Speaker 1: central banks are doing in terms of printing money, the
Speaker 1: distribution and knowledge, and then the rate of the actual
Speaker 1: developed one of the monetary system itself. And it's not
Speaker 1: that I like, I want it. I mean, I do
Speaker 1: think it's gonna be positive and it's gonna have a
Speaker 1: positive impact for for anybody that's part of that monetary network.
Speaker 1: But it's also you know, the natural course of the
Speaker 1: way that that money would proliferate and spread and kind
Speaker 1: of keying in on this idea, and you you mentioned
Speaker 1: it at the top, that money is this problem that
Speaker 1: every like money. Everyone needs money. It's very basic necessity.
Speaker 1: Everybody has a problem with their money. Most people don't
Speaker 1: know it. And what we're experiencing right now is more
Speaker 1: and more figuring out people figuring out in a more
Speaker 1: um kind of direct way that they have that problem.
Speaker 1: So so it's the problem that everyone has everyone needs
Speaker 1: solved bitcoin. Just as it solves a problem for me
Speaker 1: and you, it's gonna solve a problem for anybody that
Speaker 1: has a problem with money, and everybody needs money. So
Speaker 1: we we actually we live in a better world, not
Speaker 1: because it's a utopian but this idea that you're incentivized
Speaker 1: to join a larger monetary network from a smaller monetary
Speaker 1: work if it's you know, sufficiently dense in your local economy,
Speaker 1: um and so in that world, whether you know it's
Speaker 1: people operating in Rush or China or on or the
Speaker 1: United States, opting into a larger net monetary network with
Speaker 1: um more potential trading partners, it allows you to convert
Speaker 1: your time into a broader range of choice and bi cooin.
Speaker 1: It's global um, it's permission list, it's cross border, so
Speaker 1: it naturally you know, I think that the natural consequence
Speaker 1: of that kind of mechanism is that it will not
Speaker 1: monopolize all money. There There will be you know, no,
Speaker 1: you know, the the idea of money is not something
Speaker 1: that's absolute. Will be other things that in ten years
Speaker 1: are still use as money. But Bitcoin's monetary network will
Speaker 1: be larger than all others, and that will be facilitating
Speaker 1: more commerce than I think any other form of currency. Great,
Speaker 1: that's good. So we've we've set the stage on the
Speaker 1: problem that we have with money, or the fact that
Speaker 1: we're gonna have to continue to pret more money, and
Speaker 1: then we've set the stage on what the damage does
Speaker 1: us to that, And now we've just transitioned into why
Speaker 1: bitcoin um can really help that situation and why you
Speaker 1: think maybe in the next ten years that's the reserve
Speaker 1: currency of the world. I want to dive into some
Speaker 1: of the individual objections that I hear quite regularly, and
Speaker 1: I know you've written papers on each one of them,
Speaker 1: and anybody listening, I'm gonna link to it in the
Speaker 1: show notes. Of course. So UM if you haven't heard
Speaker 1: the whole thing, I don't stick around the whole thing,
Speaker 1: go and look at all those different articles on each piece.
Speaker 1: But maybe we can dive into each one and just
Speaker 1: kind of hit him kind of quickly. The first one
Speaker 1: I want to dive into. Actually, um kind of segues
Speaker 1: right off of the point you were just making. So
Speaker 1: you've said a couple of things. One you said that
Speaker 1: value is subjective, um, And I agree with that. Um.
Speaker 1: You said that it's subjective and whatever we assign value too.
Speaker 1: And then you go to say that it's going to
Speaker 1: be the reserve currency. And there's only twenty one million units,
Speaker 1: and I think there's more double than that millionaires in
Speaker 1: the world. There's forty some millionaires or forty million millionaires
Speaker 1: in the world, So not even enough bitcoin for the
Speaker 1: millionaires to own one, or not even half of one. UM.
Speaker 1: But if value is subjective, what if nobody gives value
Speaker 1: to bitcoin? So I would say that there's an objective
Speaker 1: reason why, you know, Like, so the train of thought
Speaker 1: is and I wrote a piece called bitcoin obsoletes all
Speaker 1: the money. The train of thought is that, Um, you
Speaker 1: have to accept that money is not a collective hallucination
Speaker 1: and that it's not a belief system. That money is
Speaker 1: a very basic necessity. In the way that I help
Speaker 1: people understand that, as I'd say, you like just start
Speaker 1: noticing some of the things around you, like walk into
Speaker 1: a grocery store and actually stop and kind of taking
Speaker 1: the fact that all the different goods that magically showed
Speaker 1: up to one place for you, um, and then realize
Speaker 1: that that couldn't have happened without money. That like the
Speaker 1: one good that coordinated all that economic activity to get
Speaker 1: all of those things. They're like literally probably a hundred
Speaker 1: million people at minimum had and put in getting all
Speaker 1: those goods to the stores that you could choose exactly
Speaker 1: what you want to and spend ten ten minutes in
Speaker 1: the grocery store. The good that caused that to happen
Speaker 1: is money. So the good that causes water clean water
Speaker 1: to show up to your house is money. Good that
Speaker 1: causes your phone to work is money. Uh. It allows
Speaker 1: for specialization so that people can vote focus on very
Speaker 1: specialized skill set to to deliver value and then turn
Speaker 1: that value into the specialized labor and output of others.
Speaker 1: So money is a necessity. Uh, there is an objective
Speaker 1: will while value is subjective uh and what and money
Speaker 1: allows us to to to objectifies? What is subjective value? UM?
Speaker 1: That there are objective properties of certain goods that better
Speaker 1: facilitate exchange. That if we do, if we recognize that
Speaker 1: we all benefit from trade and specialization, and then we
Speaker 1: need an intermediary good to facilitate this. Everyone is going
Speaker 1: to go out and sort through and search for the
Speaker 1: goods that best facilitate that that function of trade uh
Speaker 1: and and and trade intermediation. So then they start looking
Speaker 1: at the various different goods. They look at the bottom
Speaker 1: of water, they look at the computer, they look at
Speaker 1: the microphone, they look at the oil, They'll they'll look
Speaker 1: at the gold, and they'll say, which one of these things,
Speaker 1: you know, if I wanted to to, you know, sell
Speaker 1: my labor today for and then buy something else in
Speaker 1: the future, what's gonna what's gonna do that most effectively? Um?
Speaker 1: And So they start, you know, whether they're doing it
Speaker 1: consciously or subconsciously, they're evaluating all those intermediary goods just
Speaker 1: like I'm today and you know, evaluating dollars versus a
Speaker 1: bitcoin and figuring out which one has properties that's going
Speaker 1: to allow me to best maintain my purchasing power or
Speaker 1: best store my value in the future. So I'm you know,
Speaker 1: we're all again consciously or subconsciously evaluating the different relative
Speaker 1: properties that are objective again, like you know, evaluating properties
Speaker 1: whether something's physical or cold or hot, or are you
Speaker 1: able to be sent to somebody else? Uh, those are
Speaker 1: objective propertism that can be evaluated. You know, a verse
Speaker 1: be on on many different metrics. You know how how
Speaker 1: valuable one is versus the other. Again, is the output
Speaker 1: of the convergence. You know, they're very concept of that
Speaker 1: there's a conversions on a single intermediary good to to
Speaker 1: conceive of a price system. And so I would say
Speaker 1: to people that are thinking through that equation that people
Speaker 1: will demand bitcoin because they demand money because the trade
Speaker 1: and specialization is something that we all recognize increases value.
Speaker 1: Like economies are not zero sum. Your life is actually
Speaker 1: made better because somebody figured out how to make a
Speaker 1: car really well, and somebody else figured out how to
Speaker 1: most efficiently get oil out of the ground. And maybe
Speaker 1: you figured out how to be a better heart surgeon
Speaker 1: or to play the violin better um, and so like
Speaker 1: those the aggregation of all those skills creates, you know,
Speaker 1: a sum that's greater than the parts. And if you
Speaker 1: recognize that there's value in that trade, then you recognize
Speaker 1: that there's um some rhyme or reason to the coordination
Speaker 1: mechanism that helps allow for people to both specialized and
Speaker 1: to capture the output of the value that others create.
Speaker 1: That thing is money. And then if you're looking for
Speaker 1: monetary goods to facilitate trade intermediation, you're going to start
Speaker 1: to look for things that are scarce that combined scarcity
Speaker 1: with the ability to transfer. And and that's ultimately what
Speaker 1: bitcoin provides is a pride of finite scarcity with the
Speaker 1: ability to transfer it over an Internet channel. And the
Speaker 1: way that I would describe that is, you know, kind
Speaker 1: of scarcy in itself is not valuable. If you think
Speaker 1: about like Mount Rushmore, great, it's the only amount, is
Speaker 1: only one Mount Rushmore in the world. Finitely scarce, not
Speaker 1: valuable as money. And so it's really this confluence of
Speaker 1: properties that makes something valuable as as an intermediary good
Speaker 1: and bitcoin and you know what I tell people is
Speaker 1: price is the output. The input is monetary properties. So
Speaker 1: people when they see the try the price of bitcoin
Speaker 1: trading recognized that that you know, when a bitcoin is
Speaker 1: traded for a dollar, the exact same number of dollars
Speaker 1: and bit point exists. Somebody has just displayed a preference
Speaker 1: as to which one they would like to hold more
Speaker 1: on which when they value more, and the input is
Speaker 1: the monetary property. They're expecting, you know, one to increase
Speaker 1: in value over time, but one's going to increase in
Speaker 1: value over time. Is one's more or less scarce than
Speaker 1: the other, and the one's going to be more or
Speaker 1: less demanded as a form of money in the future
Speaker 1: relative to how much is demanded today. And so there's
Speaker 1: more and more people figure out this combination of Bitcoin
Speaker 1: is practically speaking, infinitely divisible, is divisible to down to
Speaker 1: a hundred million units, which is also an important property
Speaker 1: because it can measure all value large and small. Uh,
Speaker 1: it has finite scarcity, and it combines those two properties
Speaker 1: with the ability to transfer it over communication channel. And
Speaker 1: that's like bitcoin's mic drop moment. And so when you
Speaker 1: can bind those three properties and and everyone's comparing various
Speaker 1: different forms of money to facilitate the exact same function,
Speaker 1: which is the intermediary the transaction today and carry that
Speaker 1: forward to a transaction in the future. Um, they're going
Speaker 1: to opt for bitcoin because it has vastly superior by
Speaker 1: an order of magnitude better model terrain properties. Yeah. So, UM,
Speaker 1: the reason why everybody's going to choose that if if
Speaker 1: all value subjective is because it's the best, and it's
Speaker 1: the best because of all the reasons that you've broken down,
Speaker 1: and eventually enough people are going to realize that, UM.
Speaker 1: I do. I do like to say often that you know,
Speaker 1: even still today bitcoin is probably still one of the
Speaker 1: best long term opportunities as an investor we have today. Um,
Speaker 1: it's asymmetric, more upside than downside. And part of the reason, well,
Speaker 1: what gives us those asymmetric upside is asymmetric information. And
Speaker 1: so you've just rattled off a ton of information that
Speaker 1: most people don't have. UM. And so the more information
Speaker 1: you get, the more information everybody gets, the more will
Speaker 1: come around eventually as you're as you're making the case,
Speaker 1: and then of course the less upside there will be. UM.
Speaker 1: There's now there's a ton of people that have objections
Speaker 1: in their head that we hear all the time, which is, um,
Speaker 1: what about the other However, many I don't know eight
Speaker 1: thousand other cryptos there are. It's not backed by anything,
Speaker 1: you know. Uh, it's just gonna be banned. And I'd
Speaker 1: like to dive into those, but you know, honestly, you've
Speaker 1: already written papers on each one of those, and and
Speaker 1: each one can be a conversation, will be here for
Speaker 1: days if we try to do that. So, UM, what
Speaker 1: I'm wanna do is the most common objections. I want
Speaker 1: to link to each one of those individually in the
Speaker 1: show notes. So if you want to know why, why
Speaker 1: it could be banned, or why it could be copied
Speaker 1: or whatever, I'll link to those. UM. And I want
Speaker 1: to just transition into the last piece, which UM I
Speaker 1: really resonated with UM that you wrote, and it was
Speaker 1: that bitcoin is a rally cry. And so we've set
Speaker 1: the stage of of where we're at. We have to
Speaker 1: print the money to keep the system going. UM. The
Speaker 1: damage is doing to the system. We have a better
Speaker 1: option today, UM, and right now especially, I know you
Speaker 1: wrote that paper a while ago, not that long ago,
Speaker 1: but a while back. The rally cry. Um, it resonated
Speaker 1: with me because I was at the Alamo recently. UM,
Speaker 1: well maybe in the last year, but it's even more
Speaker 1: important today because over the last couple of weeks and
Speaker 1: crazy things have been going on. But why is bitcoin
Speaker 1: now the rally crying? Well, I think that I've I've
Speaker 1: also had experience to or you know, as a kid
Speaker 1: and someone tells you to read your Texas history. You know,
Speaker 1: I grew up in Texas and one of the have
Speaker 1: been revisiting a lot of my Texas history, you know,
Speaker 1: in the past several years. But as a kid, you
Speaker 1: just don't have the same appreciation work of some teachers
Speaker 1: asking you to read a book in the classroom and
Speaker 1: you're just you want to go out and you know,
Speaker 1: run down to the creek, and you're not super interested.
Speaker 1: But one of the one of the more powerful experiences
Speaker 1: I've had is that when you're sitting in front of
Speaker 1: the Aluma itself, there's a placard and it's got the
Speaker 1: Travis letter William be you know, Lieutenant Colonel William B. Travis,
Speaker 1: and you have this this recognition. I think I think
Speaker 1: Travis at the time was twenty seven years old. You know. Um,
Speaker 1: so I'm not sure how old you are, but you
Speaker 1: know I'm thirty six year old. You have this picture
Speaker 1: and your head of a twenty seven year old, you know,
Speaker 1: in the Alumna, and he writes a letter and he
Speaker 1: you know, one of the one of the most you know, um.
Speaker 1: He signs it with victory and your death. But he
Speaker 1: he says, you know, basically describes the scene where they're
Speaker 1: surrounded by the Spanish um during the Texas Revolution and
Speaker 1: um and he and he describes how he's surrounded by
Speaker 1: thousands of troops and there's a couple hundred people that
Speaker 1: are that are in uh in the in the ford
Speaker 1: at the Alamo, and that he said, you know, the
Speaker 1: the army, the Mexican army, had demanded surrender, and that
Speaker 1: he returned to he returned the demand for surrender with
Speaker 1: the cannon shot, and that you know, he basically you know,
Speaker 1: started it with I think two Americans on all to
Speaker 1: to the people of Texas and Americans and Americans in
Speaker 1: all the world, just kind of a very um, kind
Speaker 1: of a signal that it was beyond you know, Texas
Speaker 1: Revolution and at this point in time, it was you know,
Speaker 1: in eighteen twenties or you know, there weren't there weren't
Speaker 1: Americans all over the world. But it was really a
Speaker 1: call out to anybody who loved freedom. Basically said you know,
Speaker 1: I'm gonna sit here and I'm gonna fight. And you
Speaker 1: know I'm calling you and calling to arms, please come
Speaker 1: and help us. But if you don't come, I'm gonna
Speaker 1: fight here until I die. UM. And basically you know,
Speaker 1: saying that, you know, live free or die, you know
Speaker 1: essentially that and uh and and if you go to
Speaker 1: the album and you actually read that, you know, kind
Speaker 1: of placquer right there. It's a very powerful moment. And
Speaker 1: that's something that I, um, you know, several years ago.
Speaker 1: And and the Travis letter itself is one of the
Speaker 1: great pieces of Texas history. The album will ultimately fell, um,
Speaker 1: but it became the rallying cry when you know, people
Speaker 1: stay remember the album O the the Garrison, you know,
Speaker 1: in the album of every single one except for for
Speaker 1: a few people died. But then that became the rallying cry.
Speaker 1: And Texas want it's for you know, kind of its independence. Um.
Speaker 1: There took Texas declared to in despense. They've they declared
Speaker 1: theirpendence a number of times. They declared their independence ten
Speaker 1: days after that, UM and then ultimately one their independence
Speaker 1: ultimately became part of the United States. But just this
Speaker 1: this idea that that people stayed and fought for what
Speaker 1: they believed in UM and and that that you know,
Speaker 1: kind of there there there were scars. Not everybody made it,
Speaker 1: but that the people that that ultimately, if you believe
Speaker 1: in something, you have to fight for it. The freedom
Speaker 1: doesn't come easy. And that I wrote that article. It's
Speaker 1: probably my favorite article of the series. You know, definitely
Speaker 1: not the most popular, probably the most popular for certain people.
Speaker 1: I appreciate you saying that it's probably my favorite. Uh
Speaker 1: I wrote it right after the March twelveth Bitcoin dropped
Speaker 1: from eight thousand to four thousand on a single day.
Speaker 1: You know, certain people got liquidated. You know, was a
Speaker 1: was a punch to summit for a lot of people,
Speaker 1: and you know, there's a there was a massive equity crisis.
Speaker 1: I was basically right to say that this, you know,
Speaker 1: like because there was also volatilion in the broader markets,
Speaker 1: and the FED ultimately came in and put in one
Speaker 1: point five trillion new in in uh in repo funding
Speaker 1: and announced basically q E forever um like an unfettered,
Speaker 1: unlimited and and basically I've I've developed this you know
Speaker 1: thesis or you know, I don't even think of that thesis.
Speaker 1: I think it's the an actual description of the world,
Speaker 1: which is the the instability that we're feeling in the world,
Speaker 1: because it wasn't just volatili in the bitcoin world, but
Speaker 1: it was you know, the SMP five dropping ten percent
Speaker 1: in a single day. You know, like all of this instability,
Speaker 1: and it's like this this this you know, re reintroduction
Speaker 1: of the instability that I think has been there since
Speaker 1: the financial crisis that has been massed over and basically
Speaker 1: kicked the gan down the road and put put us
Speaker 1: all in this position of economic fragility and that and
Speaker 1: that that has really damning consequences on society at large
Speaker 1: and the social fabric. And I think that a lot
Speaker 1: of the issues that exists in society, whether it's today
Speaker 1: with two halves of the country wine to kill each
Speaker 1: other um and shouting each other down, there are a
Speaker 1: lot of those issues arise from a broken economic structure
Speaker 1: that ultimately is underpinned by a broken monetary structure. And
Speaker 1: that that day when bitcoin crash eight thousands to four thousand,
Speaker 1: it's this idea that you know, there's no one, there's
Speaker 1: no one in the bitcoin world that's gonna be there's
Speaker 1: no one like the Fed's gonna come and print more
Speaker 1: bitcoin to to bail you out, and everybody has to
Speaker 1: be maximally accountable. And and that you know, those people
Speaker 1: that have woken up to this idea that there's something
Speaker 1: significantly broken with our monetary structure that's causing things to
Speaker 1: be broken in our economic structure, which caused social fabric
Speaker 1: to freight. Is that bitcoin is a thing that will
Speaker 1: fix it by fixing the thing that sits at the
Speaker 1: foundation of what is broken, being the monetary structure. And
Speaker 1: that with all this volatility in the world is basically
Speaker 1: you know, a signal to everybody else out there to
Speaker 1: be like, you know, there there's the saying and bitcoin
Speaker 1: of Hoddle hold on for gear life. That's that you
Speaker 1: know kind of um, you know, hold the line. You know,
Speaker 1: like bitcoin is a is a monetary structure of the
Speaker 1: future that that's more sound, more resilient. It's more volatile
Speaker 1: today because there there you know, if we go back
Speaker 1: to that idea, there's no one that's priced set. You know,
Speaker 1: there's no one if the price drops to to inflate
Speaker 1: the amount of bitcoin to you know, or to to
Speaker 1: suck up the amount of bitcoin to increase the price backup.
Speaker 1: Everyone's on their own. We deal with that volatility. That
Speaker 1: volatility ultimately makes bitcoin more anti fragile, and that you
Speaker 1: know kind of living through that and kind of you know,
Speaker 1: kind of taking that cannon shot or that shot across
Speaker 1: the bowl and and surviving on the other side and
Speaker 1: then ready to charge. That's the rally cry, and so
Speaker 1: kind of you know, part I was just trying to
Speaker 1: you know, signal that a lot of people do to
Speaker 1: ink a bitcoin as this as this force for good
Speaker 1: in the world. It's not easy, and you're gonna have scars,
Speaker 1: and it's gonna be an up and down road. But
Speaker 1: then once you start to see it for what it
Speaker 1: actually is, uh, it becomes a galvanizing force. Uh and
Speaker 1: and the volatility you start to actually like feed on it.
Speaker 1: And it's actually you know something that that I think
Speaker 1: people that that you know by you know, such a
Speaker 1: people that work in the bitcoin space, w do Bitcoin podcast,
Speaker 1: which just people that own it and that that that
Speaker 1: that are the pioneers that are you know, kind of
Speaker 1: the early adopters that are on for this massive roller coaster,
Speaker 1: but see it's great future in this bright future that
Speaker 1: you know, in a very in a world where it
Speaker 1: just seems like there's you know, choppy seas and and
Speaker 1: and storm clouds, that beyond all those's this bright future
Speaker 1: and it's all gonna be built and coordinated in the
Speaker 1: economic uh you know, bitcoin and nominated world. So um,
Speaker 1: you know kind of when we see uncertainty and we
Speaker 1: see volatility, and we see in the civilian economic system,
Speaker 1: we know that there's an anchor out there and it's bitcoin,
Speaker 1: and that if we hold on that that's going to
Speaker 1: be the thing that that gets us through the other
Speaker 1: the other outside of the tunnel. Yeah, and it gives
Speaker 1: and and and it's the rally cry, and it's something
Speaker 1: to rally around, right, So it gives everybody something to
Speaker 1: come by coming people. If bitcoin wasn't there, that's what
Speaker 1: I say, Like, if I was just looking at the
Speaker 1: world around me and bitcoin didn't exist, I'd be massively pessimistic,
Speaker 1: you know. And just just like that, that Travis letter
Speaker 1: was a rally cry at the Alamo. Um. Bitcoin is
Speaker 1: that rally cry that says, like, hey, if ship looks
Speaker 1: bad today, like hold on because it's getting better. This
Speaker 1: is this is going to be the agent of change.
Speaker 1: That gets us there and and be optimistic and be hopeful.
Speaker 1: Uh and and let this be the rally cry, because
Speaker 1: this is actually the thing that it's fixing in real time,
Speaker 1: the thing that's actually broken. It's causing so much unrest
Speaker 1: and distortion and and and discontent. Yeah. Yeah, I talked
Speaker 1: so much about the problems because I'm trying to show
Speaker 1: people the problems of what it solves. Um And we
Speaker 1: have a lot of them, obviously. You know, when we
Speaker 1: talk about the FED and the interest rates, we talked
Speaker 1: about you know, what happening on a global stage with
Speaker 1: globalism in the World Economic Forum and all that kind
Speaker 1: of stuff, and people said, oh, Mark, you're you're always
Speaker 1: always being so pessimistic. Um So. I made a video
Speaker 1: I think a week or two ago, and I called it, uh,
Speaker 1: I don't know, my my my biggest hope or whatever,
Speaker 1: and I made the case that like, the only thing
Speaker 1: that really gives me hope in the future is bitcoin
Speaker 1: because of the way it can transform things. And so,
Speaker 1: um to your point, yeah, the world, the world that
Speaker 1: the future doesn't look too good, but it is that
Speaker 1: one thing that that gives us hope. Um so. And
Speaker 1: and you know, I there's a there's a lot of
Speaker 1: talk right now with you know, this change of a
Speaker 1: political system that we have in the United States, and uh,
Speaker 1: they're saying, you know, supposedly the Biden camp is talking
Speaker 1: about unity and let's get everyone back together, but at
Speaker 1: the same time, they're trying to basically shut down half
Speaker 1: of half the Americans. Like and and when you think
Speaker 1: about this concept of unity, I mean, unity isn't silencing
Speaker 1: other people, so they just don't say anything against you, right,
Speaker 1: It's really about having something everybody could agree on. And
Speaker 1: so that's really where this bitcoin thing comes together. Where
Speaker 1: we all can agree that the money creates the problems,
Speaker 1: and we can agree that there's a better form of money,
Speaker 1: and you can kind of overlook a lot of other things. So, um,
Speaker 1: I love I love that. I love that viewpoint. Yeah,
Speaker 1: I agree with that. Yeah, and and and even and
Speaker 1: one thing that I'd add to that today too is,
Speaker 1: I mean, specifically what you're talking about with the Alamo,
Speaker 1: and I've been there, like I said, in the last year,
Speaker 1: and when you walk inside, there's like a big board
Speaker 1: and it kind of like timelines everything out. And man,
Speaker 1: when you read that, I mean, it's just so moving.
Speaker 1: And you know, my my grandfather was in World War
Speaker 1: Two and he went back then going to World War Two,
Speaker 1: there was a good chance you weren't coming home. And
Speaker 1: you know, my father went to Vietnam, and even in Vietnam,
Speaker 1: there was a good chance you weren't coming home. And
Speaker 1: today it's like people are afraid to even speak up
Speaker 1: because someone's gonna look at you weird or call you
Speaker 1: a name. And it's like they literally the Alumo, my grandfather,
Speaker 1: my father risked their lives and like now we're afraid
Speaker 1: to even speak up. So um, it is a rally cry.
Speaker 1: And and uh, I love that, Yeah, I and I agree.
Speaker 1: It's it's it's a real damning play or state of
Speaker 1: affairs when um, I think, you know, half the country
Speaker 1: is being silenced and uh and and and it's clearly
Speaker 1: not something that you know, if you are a leader,
Speaker 1: you don't you don't unify people by silence and you
Speaker 1: know half the country. Um. And it's also damning when
Speaker 1: when a lot of people feel that way but then
Speaker 1: feel like the you know, or too scared to even
Speaker 1: say anything. Um. And I think that kind of reality
Speaker 1: of what I'm not you know, Bitcoin might be a
Speaker 1: hill that I'm willing to die on. I don't think
Speaker 1: anybody's gonna have to die in the hill because the
Speaker 1: thing is gonna be a peaceful revolution, but it's it's
Speaker 1: going to be the thing that helps people kind of
Speaker 1: get back on the same page because they'll recognize that
Speaker 1: that the scapegoast that they thought was actually the source
Speaker 1: of the problem is actually something that they were all
Speaker 1: suffering from that was one of you know, the the
Speaker 1: biggest problem that we all have is a broken economic structure.
Speaker 1: That's you know, not something that's about diversity or you know,
Speaker 1: kind of um, it does tie into the to the
Speaker 1: wealth and equality, but it's like nobody hasn't intentionally caused
Speaker 1: that problem to happen. It's a meta problem that exists
Speaker 1: and we're working on solved doing it. And if we
Speaker 1: take the fly out of the ointment, then it's going
Speaker 1: to give us a greater baseline to be able to,
Speaker 1: you know, more harmoniously interact, coordinate, deliver value for each other.
Speaker 1: You know, that idea of if you want to want
Speaker 1: to get more bitcoin, you're gonna have to deliver value
Speaker 1: to somebody that has it. When you align all those
Speaker 1: incentives again, it's not to forecast the utopian world. But
Speaker 1: God does take us from this world where you know,
Speaker 1: seemingly no one cooperate or coordinate or be at each
Speaker 1: other through its on on everything, saving only um and
Speaker 1: goes to a world where they can just focus on,
Speaker 1: you know, living their daily lives and creating value for
Speaker 1: others around them, and that if we're if we're if
Speaker 1: you know, if we're able to do that, then it's
Speaker 1: going to take the temperature down. And I think that
Speaker 1: the more people that that wise up to this fact
Speaker 1: that there is a broken economic structure, it upsets people.
Speaker 1: So people kind of have love lived in the dark
Speaker 1: form for a long time and been ascribing probably different
Speaker 1: symptoms to different problems and not realizing that it's something
Speaker 1: with their money. And once they realize that it's the money,
Speaker 1: then it gives them that rally gride to work around,
Speaker 1: you know, say, hey, okay, like I can't control what
Speaker 1: the Democrats do, I can't control what the problems to.
Speaker 1: If I work on bitcoin, that that's the single greatest
Speaker 1: contribution I can do, even though I can't change you know,
Speaker 1: how it works or what it does. But if I
Speaker 1: can contribute on that, I can focus on that day
Speaker 1: to day that that's the path towards you know, a
Speaker 1: more prosperous feature. And the more and more people that
Speaker 1: look at the exact same equation come to the same conclusion.
Speaker 1: Let me work on this. This will become my my
Speaker 1: north star. My guide was, you know, at least in
Speaker 1: terms of you know, work and career, to try to
Speaker 1: make a difference and to get to a world that
Speaker 1: vances us beyond whatever it is we are in today,
Speaker 1: which is not a not a good state of affairs. Yeah, perfect, well,
Speaker 1: well said. And uh, with that, we're gonna go ahead
Speaker 1: and wrap it up. Um, Like I said, we could
Speaker 1: have probably made each one of these topics its own
Speaker 1: its own show, because there's just so much here. And
Speaker 1: and so what I would just encourage everybody who's listening, Um,
Speaker 1: no matter what objection or doubt or whatever question you
Speaker 1: have in your head, there is the answer. There is
Speaker 1: an answer for it. So I'm gonna link to his
Speaker 1: reach versus down below, But there's plenty of more answers
Speaker 1: out there. And so if you have the question, just
Speaker 1: spend a little bit of time and try to go
Speaker 1: get that answer for yourself. Um. And so with that,
Speaker 1: we'll wrap it up, Parker. UM, I'm gonna, like I said,
Speaker 1: I'll link to I'll link to your your your blog
Speaker 1: post down below. Is there anywhere else that you want
Speaker 1: to direct people to to follow, follow you or keep
Speaker 1: up with you. Yeah. They find us on on the
Speaker 1: website at an unshamed dashed capital dot com. I put
Speaker 1: out all my articles there. I need other content that
Speaker 1: that we work on from the bitcoin side to help
Speaker 1: people inter secure the bitcoin. I you can find me
Speaker 1: on Twitter for the time being, um at a Parker A. Lewis. Um,
Speaker 1: I'm also on bitcoin hackers dot Org. I mastered on
Speaker 1: at Parker Lewis as well. So find me either in
Speaker 1: those places and um, yeah, keep finding while you still can. Yeah,
Speaker 1: all right, thanks so much, Parker. He appreciate it. Mark.
Speaker 1: Thanks all right, that was good. Too many areas to
Speaker 1: jump into, but that was good. Um. I was gonna
Speaker 1: tell you one one interesting thing you know to your
Speaker 1: point about it's the better form of money, and not
Speaker 1: not just a better form of money, but it's just
Speaker 1: a better system overall. And obviously you know this right,
Speaker 1: but open border, list, permission, list, etcetera. And I've been
Speaker 1: in Puerto Rico now for what fourteen days or whatever?
Speaker 1: Fourteen days and I had I sold a piece of
Speaker 1: real estate, an apartment building in a closed desk for
Speaker 1: the day. I came over here and uh. I got
Speaker 1: here and I have all this money sit in the bank,
Speaker 1: and I'm like, you know, I'm probably just gonna throw
Speaker 1: them to some bitcoin while I'm just deciding what I'm
Speaker 1: gonna do with it. And uh, but but I had
Speaker 1: no way to access my money. It's in Wells Fargo.
Speaker 1: There's no Wells Fargo is in Puerto Rico. And I
Speaker 1: literally had to get on an airplane and fly over
Speaker 1: to Miami last weekend just so I could get access
Speaker 1: to my money and send it over to Puerto Rico.
Speaker 1: And I'm just like, like, how old is this banking system?
Speaker 1: Like I have to get on a plane to go
Speaker 1: to Miami to even get my money anyway. So now
Speaker 1: I'm back here and it's fourteen days in and I
Speaker 1: haven't been able to get my bank accounts opened up yet.
Speaker 1: And I literally went to the branch today. I've been
Speaker 1: dealing with bankers. My attorney's working with bankers. I probably
Speaker 1: went six emails back and forth today, so in documents
Speaker 1: and fourteen days and I can't even get a bank
Speaker 1: account opened. It's unbelievable. It's a disasters. A thick point
Speaker 1: address and holding on your own keys make a lot
Speaker 1: more sense. Yeah, so so anyway, that's that's crazy. Um,
Speaker 1: but I know we've gone late, so I'm sure you
Speaker 1: probably gonna go, and we'll let you go. But I
Speaker 1: would like to talk about maybe getting something set up
Speaker 1: for myself. UM. Yeah, do you do I have your email?
Speaker 1: Do you have my email? Um? I don't know, but
Speaker 1: I'll drop it. I can just drop it in Facebook, Twitter. Yeah,
Speaker 1: drop me your your email and I'll send you information
Speaker 1: getting you set up. You have someone to reach out
Speaker 1: to me or whatever, and I'll see about getting that
Speaker 1: set up. I just I have like six hardware wallets
Speaker 1: and I kind of like I have spread out, but
Speaker 1: like that's just not the best option. And uh, well
Speaker 1: we'll get you taken care of. Cool all right, Well
Speaker 1: thanks for jumping on, Parker. I will I'm probably gonna
Speaker 1: get this posted up this weekend. I'm gonna post it
Speaker 1: and I'll tag you in and stuff like that. Awesome.
Speaker 1: I appreciate you having me on. Okay, thanks to the
Speaker 1: lector surnup macor