1 00:00:00,040 --> 00:00:02,560 Speaker 1: All right, welcome back. You are listening to another episode 2 00:00:02,560 --> 00:00:04,760 Speaker 1: of the Mark Ma Show where we talk about bitcoin, 3 00:00:05,080 --> 00:00:08,760 Speaker 1: we talk about cryptocurrencies, we talk about the decentralized revolution 4 00:00:09,320 --> 00:00:12,200 Speaker 1: that is changing the world right before our very eyes. 5 00:00:13,400 --> 00:00:15,400 Speaker 1: And it's kind of like, um, you can't see the 6 00:00:15,400 --> 00:00:17,040 Speaker 1: forest through the trees kind of thing. It's like when 7 00:00:17,040 --> 00:00:19,600 Speaker 1: you're living in it. You don't see it, but it's there. 8 00:00:20,400 --> 00:00:22,400 Speaker 1: And UM, we've been talking a lot about what the 9 00:00:22,480 --> 00:00:24,439 Speaker 1: central banks are doing. Of course, when you think about 10 00:00:24,480 --> 00:00:28,800 Speaker 1: bitcoin cryptocurrencies, one of the biggest things that people would 11 00:00:28,840 --> 00:00:31,120 Speaker 1: say trying to talk against it is that, yeah, but 12 00:00:31,160 --> 00:00:33,080 Speaker 1: the central banks will never allow it, right, the central 13 00:00:33,080 --> 00:00:35,720 Speaker 1: banks will ban it, things like that, And so it's 14 00:00:35,760 --> 00:00:37,680 Speaker 1: kind of important to watch the central banks to see 15 00:00:37,680 --> 00:00:40,519 Speaker 1: what they're saying. Now, I will say side note that 16 00:00:41,800 --> 00:00:45,879 Speaker 1: the central banks can't can't do anything. No nobody can 17 00:00:45,880 --> 00:00:48,440 Speaker 1: do anything. Nobody can do anything to stop it. Um 18 00:00:48,520 --> 00:00:51,400 Speaker 1: what they could do. And first of all, first of all, 19 00:00:51,440 --> 00:00:54,160 Speaker 1: central banks don't set the laws. UM. So that's that's 20 00:00:54,200 --> 00:00:56,320 Speaker 1: one thing to keep in mind. UM. You can see 21 00:00:56,320 --> 00:01:00,160 Speaker 1: this very clearly, UM in Russia, where you've seen in 22 00:01:00,200 --> 00:01:03,200 Speaker 1: like different parts of the government fighting over this. UM. 23 00:01:03,240 --> 00:01:04,840 Speaker 1: In the United States, you see it a little bit 24 00:01:04,840 --> 00:01:06,319 Speaker 1: as well. I mean the sence the central Bank, the 25 00:01:06,319 --> 00:01:10,240 Speaker 1: Federal Reserve is um separate right and their private Um. 26 00:01:10,240 --> 00:01:12,920 Speaker 1: So you saw, like during Donald Trump's presidency, he was 27 00:01:13,480 --> 00:01:16,119 Speaker 1: tweeting at them a lot and saying, hey, they better 28 00:01:16,160 --> 00:01:18,360 Speaker 1: do this, they better raise the rates or lower the rates. 29 00:01:18,360 --> 00:01:19,880 Speaker 1: They better you know, not do these things. And so 30 00:01:19,920 --> 00:01:23,039 Speaker 1: they're like trying to kind of control them a little bit. Um. 31 00:01:23,080 --> 00:01:25,160 Speaker 1: But at the same time, like I said, they're they're 32 00:01:25,560 --> 00:01:28,600 Speaker 1: they're they're on their own, so they don't set laws. UM. 33 00:01:28,640 --> 00:01:30,360 Speaker 1: So anyone who thinks that the central banks gonna make 34 00:01:30,360 --> 00:01:32,840 Speaker 1: it illegal, they don't understand how central banks work. Um. 35 00:01:32,880 --> 00:01:35,760 Speaker 1: That being said, though, of course, they wield enormous power 36 00:01:35,840 --> 00:01:38,160 Speaker 1: because they control the money supply and so they can 37 00:01:38,200 --> 00:01:40,560 Speaker 1: do things to you know, change the markets, which then 38 00:01:40,560 --> 00:01:44,320 Speaker 1: of course could influence politics. UM. But I think it's 39 00:01:44,319 --> 00:01:46,480 Speaker 1: still important to look at what the central banks are saying. 40 00:01:47,000 --> 00:01:48,880 Speaker 1: Now we have obviously the Federal Reserve here in the 41 00:01:48,920 --> 00:01:51,960 Speaker 1: United States, UM, led by J. Powell, and then in 42 00:01:52,000 --> 00:01:55,040 Speaker 1: the in Europe we have the ECB European Central Bank, 43 00:01:55,120 --> 00:01:58,760 Speaker 1: which is run by Christine Legarde. Now Christine Leguard is 44 00:02:00,120 --> 00:02:02,160 Speaker 1: she's old. Let me just say that she's old. I 45 00:02:02,160 --> 00:02:03,720 Speaker 1: don't know how old she is, but she's pretty old 46 00:02:04,000 --> 00:02:06,720 Speaker 1: and she's been around a long time. Before being head 47 00:02:06,720 --> 00:02:09,079 Speaker 1: of the e c B, she was head of the 48 00:02:09,160 --> 00:02:11,160 Speaker 1: i m F. The i m F is the International 49 00:02:11,160 --> 00:02:13,720 Speaker 1: Monetary Fund, which is sort of like the central bank 50 00:02:13,760 --> 00:02:17,160 Speaker 1: above central banks. Um, the B I S is really that, 51 00:02:17,280 --> 00:02:19,960 Speaker 1: But I am a for whatever we're talking about here. 52 00:02:20,000 --> 00:02:21,600 Speaker 1: I think the i m F is kind of above 53 00:02:21,639 --> 00:02:22,920 Speaker 1: the central bank. So she used to be the head 54 00:02:22,960 --> 00:02:25,359 Speaker 1: of the IMF before the head of the ZB. Now 55 00:02:25,720 --> 00:02:29,760 Speaker 1: it's important to note a side note that Christine Legard 56 00:02:29,800 --> 00:02:32,400 Speaker 1: is a criminal. What do I mean by that? I 57 00:02:32,400 --> 00:02:37,120 Speaker 1: mean like an actual real criminal, like actually convicted of crime. Um, 58 00:02:37,160 --> 00:02:43,320 Speaker 1: actually convicted of crimes regarding finance financial decisions. But yet 59 00:02:43,440 --> 00:02:46,280 Speaker 1: she's still head of the i m F previously and 60 00:02:46,320 --> 00:02:48,720 Speaker 1: now she's had of the ECB. It seems kind of 61 00:02:48,720 --> 00:02:51,520 Speaker 1: weird now, UM. I thought in the United States, like 62 00:02:51,600 --> 00:02:54,640 Speaker 1: felons who did their time and got out and her 63 00:02:54,639 --> 00:02:57,880 Speaker 1: productive members of SIETE again they can't even vote. But 64 00:02:58,000 --> 00:03:02,119 Speaker 1: yet here we have a convicted criminal that's running the ECB. 65 00:03:03,160 --> 00:03:06,600 Speaker 1: Pretty interesting, isn't it um And anyway, Christine leguards, he 66 00:03:06,639 --> 00:03:09,360 Speaker 1: said a lot of crazy things. She's uh again, she's old. 67 00:03:09,880 --> 00:03:11,919 Speaker 1: She has had a lot of crazy things, including some 68 00:03:12,000 --> 00:03:17,120 Speaker 1: crazy things like um, innovation is a threat to our 69 00:03:17,200 --> 00:03:21,840 Speaker 1: financial system. Mhm. More like innovation is a threat to 70 00:03:21,880 --> 00:03:26,239 Speaker 1: their financial monopoly. Maybe we'll give them that. Uh now, 71 00:03:26,280 --> 00:03:27,880 Speaker 1: I guess it could be a threat to the financial 72 00:03:27,880 --> 00:03:31,800 Speaker 1: system as well, because the existing financial system, the status 73 00:03:31,880 --> 00:03:35,160 Speaker 1: quo is changing, and we're building a new financial system. 74 00:03:35,160 --> 00:03:38,520 Speaker 1: That's It's something called creative destruction. Creative destruction means when 75 00:03:38,560 --> 00:03:44,000 Speaker 1: something new is created, something else must die. So for example, um, 76 00:03:44,080 --> 00:03:47,640 Speaker 1: when digital when digital photos came out, and really it 77 00:03:47,680 --> 00:03:50,520 Speaker 1: was because of the cell phone taking photos, I believe 78 00:03:50,560 --> 00:03:52,360 Speaker 1: it was the Nokia phone really blew that up. And 79 00:03:52,400 --> 00:03:57,400 Speaker 1: then with Instagram, that was creativity and it destroyed Kodak. 80 00:03:57,560 --> 00:04:01,320 Speaker 1: Kodak was a film company, right, So something new destroyed 81 00:04:01,320 --> 00:04:05,440 Speaker 1: something old. It's a circle of life, just the way 82 00:04:05,480 --> 00:04:08,800 Speaker 1: it goes. Right now, old companies like Kodak, they actually 83 00:04:08,840 --> 00:04:11,920 Speaker 1: had the digital camera first. They could have pioneered it. 84 00:04:11,960 --> 00:04:13,600 Speaker 1: They had it, they were the first ones with it, 85 00:04:13,960 --> 00:04:16,480 Speaker 1: but they decided to hang onto their old business model. 86 00:04:16,880 --> 00:04:18,599 Speaker 1: And of course they were eventually replaced. That's just the 87 00:04:18,600 --> 00:04:20,640 Speaker 1: way that that's just the way it goes. Um, it's 88 00:04:20,640 --> 00:04:22,800 Speaker 1: not and it's not not sad, it's just the way 89 00:04:22,800 --> 00:04:25,200 Speaker 1: it goes. And so, yes, the financial system will change, 90 00:04:25,200 --> 00:04:28,400 Speaker 1: it is changing now. But anyway, she says crazy things 91 00:04:28,400 --> 00:04:31,839 Speaker 1: like that. But she this week went on to a 92 00:04:31,880 --> 00:04:35,040 Speaker 1: panel and uh it was it was pretty funny. Actually, 93 00:04:35,520 --> 00:04:39,600 Speaker 1: Um she went and she said she urged patients as 94 00:04:39,640 --> 00:04:43,560 Speaker 1: the bank looks to pair back it's now eight trillion 95 00:04:44,120 --> 00:04:48,960 Speaker 1: euro balance sheet in the face of rising inflation, and 96 00:04:49,000 --> 00:04:52,279 Speaker 1: asked viewers of a Dutch talk show to imagine the 97 00:04:52,480 --> 00:04:56,720 Speaker 1: damage to the economy had the central Bank not intervened 98 00:04:56,960 --> 00:05:00,240 Speaker 1: in such a large way during the COVID. Christ Is 99 00:05:01,320 --> 00:05:03,920 Speaker 1: So she's saying, yeah, I know the FED, you know, 100 00:05:04,040 --> 00:05:06,960 Speaker 1: or the ECB, the central Bank. Yeah, we we created 101 00:05:07,000 --> 00:05:09,919 Speaker 1: a trillion dollars and uh, yeah, it's it's a lot 102 00:05:10,000 --> 00:05:11,880 Speaker 1: of money, and it's debt that we we need to 103 00:05:11,920 --> 00:05:14,360 Speaker 1: oh we gotta pay, and yeah it's dragging things down. 104 00:05:14,400 --> 00:05:17,559 Speaker 1: And yeah it's a problem. But imagine how much worse 105 00:05:17,600 --> 00:05:21,880 Speaker 1: it could have been if we hadn't intervened in such 106 00:05:21,920 --> 00:05:27,880 Speaker 1: a large way during the COVID crisis. Um she wanted 107 00:05:27,880 --> 00:05:32,400 Speaker 1: to say. Uh. Leguard argued, had the ECB not stepped 108 00:05:32,400 --> 00:05:35,080 Speaker 1: in with an emergency package of asset purchases as the 109 00:05:35,120 --> 00:05:38,680 Speaker 1: COVID lockdowns began and massively boosted that program as the 110 00:05:38,720 --> 00:05:43,839 Speaker 1: pandemic continued, the damage to EU economies would have been devastating, 111 00:05:44,120 --> 00:05:48,680 Speaker 1: which I would agree with her. The problem is that 112 00:05:51,960 --> 00:05:56,640 Speaker 1: the problem wasn't the pandemic itself. The problem was the 113 00:05:56,680 --> 00:06:01,560 Speaker 1: government's response to it. So the government forced people to 114 00:06:01,560 --> 00:06:05,520 Speaker 1: shut their businesses down. The government ran businesses out of 115 00:06:05,600 --> 00:06:10,080 Speaker 1: business that had been around for decades and centuries. It 116 00:06:10,160 --> 00:06:14,160 Speaker 1: was the response to that that created business that that 117 00:06:14,279 --> 00:06:18,800 Speaker 1: put companies bankrupt. And so had they not helped bell 118 00:06:19,040 --> 00:06:21,680 Speaker 1: some of that damage out, yeah, it could have been worse. 119 00:06:21,880 --> 00:06:23,840 Speaker 1: Or maybe they wouldn't have done the damage in the 120 00:06:23,880 --> 00:06:26,600 Speaker 1: first place. There's that too, But anyway, she went on 121 00:06:26,640 --> 00:06:30,040 Speaker 1: to say that when asked specifically about this eight trillion 122 00:06:30,080 --> 00:06:32,320 Speaker 1: dollars and what are we gonna do about it, and 123 00:06:32,600 --> 00:06:35,960 Speaker 1: she said, quote, it will come, It will come in 124 00:06:36,080 --> 00:06:41,520 Speaker 1: d due course. Yeah, that's what she said. Um, they 125 00:06:41,560 --> 00:06:48,880 Speaker 1: asked her, quote how great question? How the questionnaire during 126 00:06:48,880 --> 00:06:51,720 Speaker 1: an episode of the College Tour TV show pressed again, 127 00:06:51,920 --> 00:06:55,320 Speaker 1: how and she said, in due course it will come. 128 00:06:55,920 --> 00:06:57,720 Speaker 1: That was the only answer. So it's gonna come. It's 129 00:06:57,720 --> 00:07:00,120 Speaker 1: gonna come in due course. And they said, okay, but 130 00:07:00,200 --> 00:07:03,479 Speaker 1: how and she said in due course it will come 131 00:07:04,200 --> 00:07:07,000 Speaker 1: means she has no idea. Uh. And and the reason 132 00:07:07,000 --> 00:07:10,000 Speaker 1: why she has no idea is because it's impossible, because 133 00:07:10,040 --> 00:07:11,440 Speaker 1: there is no way for it to come back down. 134 00:07:11,440 --> 00:07:13,760 Speaker 1: That's why she has no idea. It can't come back down. 135 00:07:13,800 --> 00:07:18,200 Speaker 1: What they uh, this is a Kensian economics, so Unkensian economics. 136 00:07:18,200 --> 00:07:20,520 Speaker 1: They believe that the government should step in and start 137 00:07:20,600 --> 00:07:23,200 Speaker 1: printing money to stimulate the economy. And so when the 138 00:07:23,200 --> 00:07:26,200 Speaker 1: economy takes a hit, if we lose a trillion dollars 139 00:07:26,200 --> 00:07:28,600 Speaker 1: out of the economy, if the government weren't to intervene 140 00:07:28,640 --> 00:07:32,080 Speaker 1: and say, print a half a trillion, they could stimulate 141 00:07:32,280 --> 00:07:36,680 Speaker 1: enough to get that trillion dollars back, borrowing a little 142 00:07:36,680 --> 00:07:39,600 Speaker 1: bit of money to make more money. The problem is 143 00:07:39,600 --> 00:07:42,320 Speaker 1: is that they've gone way too far and now with 144 00:07:42,440 --> 00:07:46,080 Speaker 1: eight trillion dollars, there's no way to get enough growth 145 00:07:46,160 --> 00:07:48,320 Speaker 1: to pay that back. We're in a very low growth 146 00:07:49,080 --> 00:07:52,520 Speaker 1: place in the world um where de evolving supply chains 147 00:07:52,560 --> 00:07:55,560 Speaker 1: are breaking down. The entire world is being remapped out. Um. 148 00:07:55,680 --> 00:07:59,080 Speaker 1: The the economies of the West developed world of Europe 149 00:07:59,160 --> 00:08:01,680 Speaker 1: and Canada and US are not growing at all, like 150 00:08:01,800 --> 00:08:03,760 Speaker 1: almost no growth, and so there's just no way to 151 00:08:03,760 --> 00:08:05,000 Speaker 1: grow out of it. And so the reason why she 152 00:08:05,040 --> 00:08:11,000 Speaker 1: has no answer is because there is no answer, not 153 00:08:11,000 --> 00:08:12,880 Speaker 1: not for them, but there's an answer for us. Now, 154 00:08:12,880 --> 00:08:14,320 Speaker 1: what does this have to do with bitcoin? Well, what's 155 00:08:14,320 --> 00:08:17,120 Speaker 1: funny is that Christine Leguard, who has been very outspoken 156 00:08:17,160 --> 00:08:21,040 Speaker 1: about bitcoin and cryptocurrencies in general, like I said, saying 157 00:08:21,080 --> 00:08:24,280 Speaker 1: that innovation is a threat to her financial system. She 158 00:08:24,360 --> 00:08:29,440 Speaker 1: went on to say that crypto and bitcoin is worth nothing. 159 00:08:29,520 --> 00:08:32,920 Speaker 1: That's what she said, It's worth nothing, she read read 160 00:08:32,960 --> 00:08:34,480 Speaker 1: it at that point, Well, one I would say, if 161 00:08:34,480 --> 00:08:36,320 Speaker 1: it's worth nothing, then why are you're worried about it? 162 00:08:36,360 --> 00:08:37,920 Speaker 1: And if it's worth nothing, why are you trying to 163 00:08:37,960 --> 00:08:40,240 Speaker 1: regulate it? Because it's worth nothing? Right, just leave it? 164 00:08:40,280 --> 00:08:42,280 Speaker 1: What do you care about it? Right? Um? But what's 165 00:08:42,280 --> 00:08:44,439 Speaker 1: funny is she was asked by an audience member if 166 00:08:44,440 --> 00:08:48,679 Speaker 1: she owned any digital assets and she said, no, she isn't. No, 167 00:08:48,920 --> 00:08:51,280 Speaker 1: maybe she does, maybe she doesn't, but she said her 168 00:08:51,320 --> 00:08:56,000 Speaker 1: son does. Her son has invested and she said, as 169 00:08:56,000 --> 00:08:57,920 Speaker 1: they asked, what's the success track record with it? And 170 00:08:57,960 --> 00:09:00,480 Speaker 1: then she said, oh, he hasn't told me. So It's 171 00:09:00,480 --> 00:09:04,600 Speaker 1: funny is she's old, but her son owns bitcoin and cryptocurrencies. 172 00:09:05,440 --> 00:09:07,439 Speaker 1: He gets it. What are we doing letting these old 173 00:09:07,440 --> 00:09:09,599 Speaker 1: people make our policies? That's a whole another question for 174 00:09:09,640 --> 00:09:11,760 Speaker 1: a whole another time. You listen to the Mark Mo Show. 175 00:09:11,760 --> 00:09:15,079 Speaker 1: We're talking about bitcoin, cryptocurrencies and the decentralized revolution. Giving 176 00:09:15,080 --> 00:09:17,760 Speaker 1: you the play by play, I got more coming back. 177 00:09:17,800 --> 00:09:20,080 Speaker 1: We're talking about what the central banks are doing and 178 00:09:20,080 --> 00:09:22,640 Speaker 1: what these governments are doing, uh, and more importantly, what 179 00:09:22,679 --> 00:09:24,120 Speaker 1: you should be doing about it. And I want to 180 00:09:24,120 --> 00:09:28,880 Speaker 1: talk about um ethereum crashing, the prices crashed and another 181 00:09:29,080 --> 00:09:32,200 Speaker 1: massive development UM in the payment space that's happened. I'll 182 00:09:32,200 --> 00:09:34,040 Speaker 1: be back with that and more in a minute, So 183 00:09:34,120 --> 00:09:36,440 Speaker 1: don't go away, all right, Welcome back. You are listening 184 00:09:36,480 --> 00:09:38,600 Speaker 1: to the Mark Mo Show. We're talking about bitcoin. We're 185 00:09:38,640 --> 00:09:43,040 Speaker 1: talking about the decentralized revolution that we're witnessing right now. Now. 186 00:09:43,080 --> 00:09:45,560 Speaker 1: I talk a lot about UM. If you've been paying 187 00:09:45,600 --> 00:09:47,360 Speaker 1: attention to any of my content for any period of time, 188 00:09:47,360 --> 00:09:50,120 Speaker 1: you know I talk a lot about three revolutionary cycles 189 00:09:50,120 --> 00:09:52,920 Speaker 1: that are converging hundreds of years of history, tell us 190 00:09:52,920 --> 00:09:55,440 Speaker 1: what's happening now and where we're going and how we're 191 00:09:55,440 --> 00:10:00,400 Speaker 1: moving into peak centralization. So through this money inter it's 192 00:10:00,480 --> 00:10:04,200 Speaker 1: enabled these institutions and not government, not just governments, but 193 00:10:04,240 --> 00:10:09,920 Speaker 1: institutions three letter NGOs, non government organizations to just grow 194 00:10:10,000 --> 00:10:13,080 Speaker 1: increasingly bigger and bigger and bigger. And so we're witnessing 195 00:10:13,080 --> 00:10:17,559 Speaker 1: this peak centralization and it's been been completely on display 196 00:10:17,600 --> 00:10:20,640 Speaker 1: for the world to see this week as all these 197 00:10:20,760 --> 00:10:23,920 Speaker 1: so called world leaders have been meeting in Davos in Davos, 198 00:10:23,960 --> 00:10:29,640 Speaker 1: Switzerland at the World Economic Forum, to plan our lives, 199 00:10:29,920 --> 00:10:31,880 Speaker 1: to tell us how much meat we should be eating 200 00:10:31,880 --> 00:10:33,880 Speaker 1: on a daily basis, how many miles we should be 201 00:10:33,920 --> 00:10:36,680 Speaker 1: driving on a daily basis, and on and on and on, which, 202 00:10:36,679 --> 00:10:38,160 Speaker 1: by the way, is nine. They think you should drive 203 00:10:38,240 --> 00:10:40,560 Speaker 1: nine miles a day. Um, if you drive more than that, 204 00:10:40,559 --> 00:10:43,160 Speaker 1: that's a problem anyway. Um. So they've been having all 205 00:10:43,160 --> 00:10:45,560 Speaker 1: these meetings, have been saying all these crazy, wacky things. 206 00:10:46,320 --> 00:10:48,520 Speaker 1: And I've been talking a lot about how the financial 207 00:10:48,520 --> 00:10:50,640 Speaker 1: system is changing right before our very eyes. And one 208 00:10:50,679 --> 00:10:54,360 Speaker 1: of the biggest catalysts that we've seen, which it's been increasing. Um. 209 00:10:54,400 --> 00:10:57,080 Speaker 1: You know, we saw the UK sees Venezuela's gold two 210 00:10:57,120 --> 00:11:00,560 Speaker 1: billion dollars of gold. The Biden administration seized um, the 211 00:11:00,640 --> 00:11:03,280 Speaker 1: Central Bank of Afghanistan's money about seven and a half 212 00:11:03,280 --> 00:11:07,400 Speaker 1: billion dollars. Then we saw the Trucker protest where the 213 00:11:07,440 --> 00:11:11,880 Speaker 1: Bank of Canada's just started stealing people's money or freezing 214 00:11:11,880 --> 00:11:14,439 Speaker 1: their accounts. I should say, I believe all those accounts 215 00:11:14,440 --> 00:11:17,200 Speaker 1: were actually um open back up, they got their money, 216 00:11:17,240 --> 00:11:19,960 Speaker 1: but they did freeze them temporarily. But then the final 217 00:11:20,040 --> 00:11:22,560 Speaker 1: nail in the coffin was this Russia Ukraine situation where 218 00:11:22,679 --> 00:11:27,000 Speaker 1: now basically the financial the FX reserve system, the financial 219 00:11:27,040 --> 00:11:29,599 Speaker 1: system was weaponized against Russia and about six and a 220 00:11:29,600 --> 00:11:34,520 Speaker 1: half billion dollars of their money was frozen. So all 221 00:11:34,520 --> 00:11:37,440 Speaker 1: of this is happening now. Um, when I talk about 222 00:11:37,440 --> 00:11:41,080 Speaker 1: the financial system weaponized against them. Um, how has money 223 00:11:41,160 --> 00:11:44,920 Speaker 1: moved around the world. Well, it's moved through the Swift system. 224 00:11:44,960 --> 00:11:46,360 Speaker 1: So if you've ever gone to the bank and sent 225 00:11:46,400 --> 00:11:48,920 Speaker 1: to wire, then you probably you've probably heard of what 226 00:11:49,000 --> 00:11:51,120 Speaker 1: swift is before. So Swift is a as a as 227 00:11:51,120 --> 00:11:54,520 Speaker 1: a messaging service and it's what trans transmits the money 228 00:11:54,520 --> 00:11:57,480 Speaker 1: around the world. Now, the Swift system is old. It's 229 00:11:57,480 --> 00:12:00,440 Speaker 1: from I believe the seventies and it's this message system 230 00:12:00,480 --> 00:12:02,800 Speaker 1: that that like I said, since this money Now, how 231 00:12:02,920 --> 00:12:08,959 Speaker 1: much has technology changed since the seventies? A lot? Right, 232 00:12:09,520 --> 00:12:11,640 Speaker 1: there was no personal computers, there's no Internet, there's no 233 00:12:11,679 --> 00:12:15,400 Speaker 1: iPhones back then. But yet we're still using nineteen seventies 234 00:12:15,440 --> 00:12:17,840 Speaker 1: technology to send money around the world. Kind of interesting 235 00:12:18,559 --> 00:12:22,360 Speaker 1: and so um, but now that this Swift system has 236 00:12:22,400 --> 00:12:29,720 Speaker 1: been basically weaponized, now, um, the brick nations, which are Brazil, Russia, India, China, 237 00:12:30,360 --> 00:12:34,360 Speaker 1: they're all including others, Iran, et cetera. They're all working 238 00:12:34,400 --> 00:12:38,240 Speaker 1: to set up a new payment network that's not Swift. 239 00:12:38,679 --> 00:12:41,880 Speaker 1: And so really Swift has already been dying. It's already 240 00:12:41,880 --> 00:12:46,240 Speaker 1: old technology. But um, by kicking people out of it, 241 00:12:46,400 --> 00:12:48,960 Speaker 1: you've now forced them to go start their own. And 242 00:12:49,000 --> 00:12:51,240 Speaker 1: so it's already on the demise, and I think it's 243 00:12:51,240 --> 00:12:53,719 Speaker 1: gonna happen sooner than later. But at the world that 244 00:12:53,800 --> 00:12:55,960 Speaker 1: kind ofic formed this week there was a there was 245 00:12:56,000 --> 00:12:59,440 Speaker 1: a a meeting going on, a panel going on with 246 00:12:59,480 --> 00:13:03,040 Speaker 1: a bunch of of financial titans, if you will, and 247 00:13:03,080 --> 00:13:07,160 Speaker 1: we had Michael my back he's the CEO of MasterCard, 248 00:13:08,000 --> 00:13:10,520 Speaker 1: and he was there on on the panel along with 249 00:13:10,559 --> 00:13:14,559 Speaker 1: some other people. It was part of the Global Blockchain 250 00:13:14,720 --> 00:13:19,959 Speaker 1: Business Council UM Blockchain Central at Davos, and it ran 251 00:13:20,000 --> 00:13:23,800 Speaker 1: adjacent to the World Economic Forum in Davos, Switzerland. And 252 00:13:23,840 --> 00:13:26,200 Speaker 1: so we had all these big heavyweights there, UM, and 253 00:13:26,240 --> 00:13:31,240 Speaker 1: they're all asked different things. UM. And the moderator asked 254 00:13:31,280 --> 00:13:35,400 Speaker 1: each panelist whether they thought Swift would still exist in 255 00:13:35,520 --> 00:13:40,200 Speaker 1: five years now. UM, each of these panelists are, like 256 00:13:40,240 --> 00:13:42,880 Speaker 1: I said, heavyweights in the financial space, and they didn't 257 00:13:42,960 --> 00:13:48,640 Speaker 1: want to be UM antagonistic if you will, UM, we 258 00:13:48,720 --> 00:13:51,319 Speaker 1: had you've all rus, the CEO of Digital Assets and 259 00:13:51,440 --> 00:13:54,559 Speaker 1: Data Technology, David Treat, director of Assenture and co lead 260 00:13:54,559 --> 00:13:58,600 Speaker 1: of the company's blockchain business UM and so forth. However, 261 00:13:59,280 --> 00:14:02,400 Speaker 1: master Cards se EO my Buck, he didn't hold any 262 00:14:02,480 --> 00:14:04,560 Speaker 1: punches back. As a matter of fact, when asked by 263 00:14:04,600 --> 00:14:07,600 Speaker 1: the moderator if I thought Swift would still exist in 264 00:14:07,600 --> 00:14:10,440 Speaker 1: five years, my Buck caused the audience to gasp in 265 00:14:10,640 --> 00:14:16,199 Speaker 1: shock as he said, no, I don't. Uh. He was 266 00:14:16,240 --> 00:14:19,840 Speaker 1: pretty he was pretty pretty blunt about that. UM. Now, 267 00:14:20,160 --> 00:14:23,440 Speaker 1: since that's happened, it's kind of like Biden. President Biden 268 00:14:23,480 --> 00:14:26,040 Speaker 1: with all his gaffs. Um, President Biden said that we 269 00:14:26,080 --> 00:14:29,600 Speaker 1: would attack Russia with chemical weapons, and then the State 270 00:14:29,600 --> 00:14:32,560 Speaker 1: departments like, well, well, he didn't he didn't really mean that. 271 00:14:32,560 --> 00:14:34,360 Speaker 1: That's that's not what he meant, even though that's what 272 00:14:34,400 --> 00:14:38,680 Speaker 1: he said. Um. Just last week Biden said that we would, uh, 273 00:14:38,800 --> 00:14:41,160 Speaker 1: we would go to war against China to defend Taiwan, 274 00:14:41,520 --> 00:14:44,320 Speaker 1: and very quickly the State deparments like, well, he didn't 275 00:14:44,320 --> 00:14:45,800 Speaker 1: really mean that, and that's that's kind of like what 276 00:14:45,880 --> 00:14:49,000 Speaker 1: happened here. Um. And so the CEO of MasterCard said, no, 277 00:14:49,440 --> 00:14:51,680 Speaker 1: I don't think Swift will be around in five years now. 278 00:14:51,960 --> 00:14:55,600 Speaker 1: I would say probably, Um, they probably will be around. 279 00:14:56,360 --> 00:15:00,640 Speaker 1: It probably won't be be used very often. And why 280 00:15:00,640 --> 00:15:04,040 Speaker 1: would they Why do we need to use ancient system 281 00:15:04,040 --> 00:15:06,800 Speaker 1: when we have new technologies. But, like I said, they 282 00:15:06,800 --> 00:15:10,000 Speaker 1: had to walk that statement back. MasterCard spokesperson downplayed my 283 00:15:10,080 --> 00:15:13,600 Speaker 1: Back's comments, and an email statement said, quote, let us 284 00:15:14,040 --> 00:15:17,520 Speaker 1: let us clarify the intent of the on stage comment. Uh, 285 00:15:17,640 --> 00:15:19,680 Speaker 1: it's not what he really meant. Let us clarify this. 286 00:15:19,920 --> 00:15:22,120 Speaker 1: It's not as simple as a yes or no answer. 287 00:15:22,200 --> 00:15:26,440 Speaker 1: Michael was simply reinforcing what Swift has previously said. Their 288 00:15:26,480 --> 00:15:30,680 Speaker 1: operations continue to evolve, its current form will not be 289 00:15:30,760 --> 00:15:33,800 Speaker 1: the same in the future. They're adding more functionality and 290 00:15:33,840 --> 00:15:37,000 Speaker 1: moving past just being a messaging system. So uh, they said, well, 291 00:15:37,040 --> 00:15:39,120 Speaker 1: well that's not many meant that they just won't be 292 00:15:39,120 --> 00:15:42,320 Speaker 1: around in their current form. But the thing is with 293 00:15:42,320 --> 00:15:46,160 Speaker 1: bitcoin is that it's peer to peer. So if I want, 294 00:15:46,520 --> 00:15:49,560 Speaker 1: I can send you money any anybody anywhere in the world, 295 00:15:49,720 --> 00:15:52,800 Speaker 1: regardless of sanctions, regardless of permission. Anyone in the world 296 00:15:52,880 --> 00:15:55,560 Speaker 1: can download an app on their phone and I can 297 00:15:55,640 --> 00:15:58,600 Speaker 1: send them bitcoin. Right now. I don't need to go 298 00:15:58,720 --> 00:16:01,240 Speaker 1: to the bank to send a why your transfer. I 299 00:16:01,240 --> 00:16:03,600 Speaker 1: don't need the bank for it. The bank doesn't need 300 00:16:03,640 --> 00:16:06,080 Speaker 1: Swift for it. I can send it directly to the 301 00:16:06,080 --> 00:16:08,920 Speaker 1: recipient now before that, right, so, gold was money for 302 00:16:08,960 --> 00:16:10,960 Speaker 1: five thousand years. The problem with gold is it's not 303 00:16:11,160 --> 00:16:15,480 Speaker 1: very portable now today we and and so you know, 304 00:16:15,520 --> 00:16:17,240 Speaker 1: if I wanted to send money across the country from 305 00:16:17,280 --> 00:16:19,920 Speaker 1: California to New York, it was very difficult. So if 306 00:16:19,920 --> 00:16:21,840 Speaker 1: we put our gold in the bank, then the bank 307 00:16:21,880 --> 00:16:23,840 Speaker 1: could just use a ledger and they could say, hey, 308 00:16:23,840 --> 00:16:25,880 Speaker 1: we're gonna deduct it from Mark's account and we're gonna 309 00:16:25,880 --> 00:16:28,480 Speaker 1: give it to John's account for example. Right, Um, they 310 00:16:28,480 --> 00:16:31,160 Speaker 1: could do that, and then banks different banks could have 311 00:16:31,200 --> 00:16:32,920 Speaker 1: a way to communicate with each other, which is what 312 00:16:33,000 --> 00:16:35,760 Speaker 1: the Swift system came into. And so now my bank 313 00:16:35,800 --> 00:16:37,800 Speaker 1: can communicate with your bank, regardless if it's in the 314 00:16:37,840 --> 00:16:40,040 Speaker 1: United States or across the world. And so when I 315 00:16:40,040 --> 00:16:43,520 Speaker 1: go send a wire transfer through the Swift messaging service, 316 00:16:43,800 --> 00:16:46,200 Speaker 1: they're basically saying, hey, take this money from Mark's account 317 00:16:46,240 --> 00:16:49,200 Speaker 1: and send it and credit to John's account. The problem. Uh, 318 00:16:49,440 --> 00:16:50,760 Speaker 1: And and that was great, that was a good way 319 00:16:50,800 --> 00:16:53,360 Speaker 1: to do it. It's sped up the velocity, it's sped 320 00:16:53,440 --> 00:16:56,920 Speaker 1: up how fast we can transfer money. But it caused 321 00:16:57,040 --> 00:17:00,360 Speaker 1: us to use debt. So now instead of me given 322 00:17:00,720 --> 00:17:03,680 Speaker 1: my gold from my golden California to John in New York, 323 00:17:04,080 --> 00:17:07,000 Speaker 1: what we've done is we've issued an IOU debt, meaning 324 00:17:07,080 --> 00:17:09,080 Speaker 1: John now has a claim he can go claim the 325 00:17:09,119 --> 00:17:12,239 Speaker 1: gold if he wants, right, But Bitcoin has changed all that. 326 00:17:12,920 --> 00:17:16,520 Speaker 1: Now I can just send the actual money to John 327 00:17:16,800 --> 00:17:19,800 Speaker 1: right now without needing debt. I don't need issue debt, 328 00:17:19,800 --> 00:17:21,960 Speaker 1: I don't need a claim for it, and I don't 329 00:17:21,960 --> 00:17:25,360 Speaker 1: need the bank, and I don't need the Swift payment system. 330 00:17:25,440 --> 00:17:29,440 Speaker 1: So um, to Swiss comments here. Um, they're they're trying 331 00:17:29,480 --> 00:17:34,320 Speaker 1: to evolve their operations to add more functionality, to be 332 00:17:34,400 --> 00:17:38,240 Speaker 1: more than just a messaging system. That's great, but I 333 00:17:38,240 --> 00:17:42,480 Speaker 1: don't need him anymore. It's like the DVD player. We're 334 00:17:42,560 --> 00:17:46,240 Speaker 1: stream music now. We don't need DVD, DVD or CD 335 00:17:46,320 --> 00:17:48,760 Speaker 1: players anymore because we stream our music in our movies today. 336 00:17:48,800 --> 00:17:50,760 Speaker 1: So the DVD and the CD player, they can go 337 00:17:50,800 --> 00:17:53,720 Speaker 1: retool all they want, and they can build in streaming 338 00:17:53,760 --> 00:17:56,680 Speaker 1: services inside that DVD or CD player. But I don't 339 00:17:56,680 --> 00:17:58,760 Speaker 1: even need a CD or DVD player anymore. A matter 340 00:17:58,760 --> 00:18:00,600 Speaker 1: of fact, I don't even have one of my else anymore. 341 00:18:01,600 --> 00:18:03,359 Speaker 1: Why because I can just stream it directly to my 342 00:18:03,400 --> 00:18:06,440 Speaker 1: TV and so they can go retool all they want. 343 00:18:06,640 --> 00:18:10,280 Speaker 1: It doesn't matter in my opinion anyway. That's a lot. 344 00:18:10,320 --> 00:18:12,040 Speaker 1: I know you're listening to the markma Show. We're talking 345 00:18:12,040 --> 00:18:14,720 Speaker 1: about bitcoin and the decentralized Revolution. I got a lot 346 00:18:14,760 --> 00:18:16,800 Speaker 1: more updates when I get back in a second, so 347 00:18:16,840 --> 00:18:19,199 Speaker 1: don't go away, all right, Welcome back. You're listening to 348 00:18:19,240 --> 00:18:21,760 Speaker 1: the markmas Show. We're talking about bitcoin, We're talking about 349 00:18:21,760 --> 00:18:26,080 Speaker 1: the decentralized revolution. We're navigating the intersection of politics finance 350 00:18:26,160 --> 00:18:28,879 Speaker 1: and technology to bring it all into context so we 351 00:18:28,880 --> 00:18:31,080 Speaker 1: can understand what's going on. Now. We've been talking a 352 00:18:31,119 --> 00:18:34,080 Speaker 1: lot about central banks and what they're doing, um, and 353 00:18:34,119 --> 00:18:37,920 Speaker 1: we're seeing how this money is evolving and changing things UM. 354 00:18:37,960 --> 00:18:39,320 Speaker 1: And a lot of times we don't understand all the 355 00:18:39,359 --> 00:18:41,360 Speaker 1: implications of this and what that means. So that's why 356 00:18:41,359 --> 00:18:43,760 Speaker 1: we try to dive into each of those subjects. And UM, 357 00:18:43,800 --> 00:18:48,960 Speaker 1: of course, everybody's noticing that prices are going up on everything. 358 00:18:49,000 --> 00:18:50,960 Speaker 1: Doesn't matter where you're at in the world, you are 359 00:18:51,080 --> 00:18:54,440 Speaker 1: noticing it. The price to buy your groceries, the price 360 00:18:54,520 --> 00:18:56,800 Speaker 1: to go out to lunch, the price to fill up 361 00:18:56,840 --> 00:19:02,520 Speaker 1: your car with gas is going crazy. Now, don't worry, Um, 362 00:19:02,760 --> 00:19:05,760 Speaker 1: prices are going up, and there's even shortages of things. 363 00:19:05,840 --> 00:19:07,880 Speaker 1: But don't worry, because the government's got your back, right, 364 00:19:08,440 --> 00:19:10,520 Speaker 1: They've always they've always got your back, they've always got 365 00:19:10,600 --> 00:19:14,200 Speaker 1: your best intentions in mind, and they're gonna fix everything, 366 00:19:14,280 --> 00:19:17,240 Speaker 1: right because they're the solution to everything. Well, I don't 367 00:19:17,280 --> 00:19:18,480 Speaker 1: think so. As a matter of fact, I said that 368 00:19:18,520 --> 00:19:21,920 Speaker 1: sarcastically because I don't believe government's the solution. I think 369 00:19:21,920 --> 00:19:24,080 Speaker 1: it's government's that's the problem. So let's let's take a 370 00:19:24,080 --> 00:19:27,920 Speaker 1: look at that for a minute. And I remember it's 371 00:19:28,000 --> 00:19:30,320 Speaker 1: through the unlimited money printing that allows the government to 372 00:19:30,320 --> 00:19:32,600 Speaker 1: continue to grow bigger and bigger and bigger, which allows 373 00:19:32,640 --> 00:19:36,199 Speaker 1: them to hire more and more regulators. What do regulators do? 374 00:19:36,480 --> 00:19:41,800 Speaker 1: They pass regulations, what do those regulations do. It starts 375 00:19:41,840 --> 00:19:45,560 Speaker 1: to drag on everything. It's more expensive for me to 376 00:19:45,640 --> 00:19:47,480 Speaker 1: run my business today. Now, if it's more expensive for 377 00:19:47,520 --> 00:19:49,159 Speaker 1: me to run my business, than I have to pass 378 00:19:49,200 --> 00:19:51,600 Speaker 1: those costs onto you, right, And that's how it works. 379 00:19:52,280 --> 00:19:54,600 Speaker 1: And so um, what we've seen is that prices are 380 00:19:54,600 --> 00:19:57,360 Speaker 1: going up on everything for all different types of reasons. 381 00:19:57,640 --> 00:20:00,160 Speaker 1: I've talked a lot about gas prices because that's where 382 00:20:00,160 --> 00:20:02,280 Speaker 1: people are really feeling the pain. I know, I drive 383 00:20:02,320 --> 00:20:06,560 Speaker 1: a truck. I'm in California, and gas prices are insane. 384 00:20:06,560 --> 00:20:08,960 Speaker 1: As a matter of fact, they're pushing eight dollars a 385 00:20:09,000 --> 00:20:11,560 Speaker 1: gallon in some places in Los Angeles, which is insane. 386 00:20:11,840 --> 00:20:14,840 Speaker 1: When Biden took office, I said, I predicted that I 387 00:20:14,840 --> 00:20:19,200 Speaker 1: would see ten dollar gallon gasoline before Biden Less left office. 388 00:20:19,640 --> 00:20:22,040 Speaker 1: And here we are, and I think I weigh undershot that. 389 00:20:22,160 --> 00:20:24,320 Speaker 1: Now I'm thinking it's gonna be fifteen bucks a gallon 390 00:20:24,359 --> 00:20:27,199 Speaker 1: before he leaves. If not more, um, I hope not. 391 00:20:27,560 --> 00:20:31,000 Speaker 1: But anyway, we're almost eight bucks a gallon in in California. 392 00:20:31,200 --> 00:20:33,760 Speaker 1: And why And I've broken this down. You know, they 393 00:20:33,800 --> 00:20:35,679 Speaker 1: say it's because of Putin, but I've talked about how 394 00:20:35,680 --> 00:20:37,639 Speaker 1: it's not because of Putin. Gas prices were going up 395 00:20:37,760 --> 00:20:41,800 Speaker 1: long before the Russia Ukraine War, and and a lot 396 00:20:41,800 --> 00:20:44,439 Speaker 1: of it goes back to why. And it was because 397 00:20:44,720 --> 00:20:47,000 Speaker 1: his very first day in office, the most important thing 398 00:20:47,000 --> 00:20:48,280 Speaker 1: that he could do in the whole history of the 399 00:20:48,320 --> 00:20:51,560 Speaker 1: world was by executive order, meaning no one else's opinion, 400 00:20:51,640 --> 00:20:54,000 Speaker 1: just him as a dictator, was just start shutting down 401 00:20:54,040 --> 00:20:58,480 Speaker 1: all the all the gas and oil and so supplying 402 00:20:58,520 --> 00:21:01,840 Speaker 1: the man. You ever heard of that when there's less 403 00:21:01,840 --> 00:21:05,200 Speaker 1: supply and there's the same demand or there's more demand, 404 00:21:05,440 --> 00:21:08,440 Speaker 1: what happens. Prices go up so they can shut down 405 00:21:08,440 --> 00:21:11,080 Speaker 1: all the oil and natural gas. That's great, But what 406 00:21:11,200 --> 00:21:14,560 Speaker 1: about the demand because people still need to drive to work. 407 00:21:15,400 --> 00:21:18,200 Speaker 1: I still need food to get delivered to my grocery store. 408 00:21:18,960 --> 00:21:20,960 Speaker 1: That still has to happen. If food doesn't get delivered 409 00:21:20,960 --> 00:21:23,000 Speaker 1: to my grocery store, if the farmer doesn't have gas 410 00:21:23,080 --> 00:21:25,640 Speaker 1: to drive his tractor, there's no food, and there's no 411 00:21:25,960 --> 00:21:28,320 Speaker 1: one to drive the food to the store, and then 412 00:21:28,359 --> 00:21:33,440 Speaker 1: we starve, so like we still need it. Right, of course, 413 00:21:33,480 --> 00:21:37,960 Speaker 1: there's this hypothetical dream of one day will be on renewables, 414 00:21:39,200 --> 00:21:41,680 Speaker 1: and I'll just tell you that renewables, which is wind 415 00:21:41,680 --> 00:21:44,080 Speaker 1: and solar, make up less than three per cent of 416 00:21:44,160 --> 00:21:48,959 Speaker 1: our of our energy. And currently there's no solution for 417 00:21:49,160 --> 00:21:52,880 Speaker 1: renewables to provide most of our most crucial energy, which 418 00:21:52,920 --> 00:21:55,879 Speaker 1: is our farm tractors and our big rigs to deliver 419 00:21:55,920 --> 00:21:58,600 Speaker 1: the food and stuff like that. So anyway, supply demand 420 00:21:58,880 --> 00:22:02,480 Speaker 1: is pushing prices up. Also, what happens is that you 421 00:22:02,520 --> 00:22:06,879 Speaker 1: know when you uh, when you tell oil companies for 422 00:22:06,920 --> 00:22:08,840 Speaker 1: a decade that you're gonna put them out of business, 423 00:22:08,880 --> 00:22:10,919 Speaker 1: your goal is to bankrupt them. Guess what happens. They 424 00:22:10,960 --> 00:22:14,199 Speaker 1: don't reinvest into their business. Why would they, They're going 425 00:22:14,240 --> 00:22:17,119 Speaker 1: to go bankrupt. And so, um, now we see a 426 00:22:17,160 --> 00:22:19,240 Speaker 1: shortage because they have been reinvesting, we haven't been getting 427 00:22:19,320 --> 00:22:21,840 Speaker 1: more oil out of the ground. Um, we've been shutting 428 00:22:21,880 --> 00:22:25,160 Speaker 1: down all their all their their permits, so they can't 429 00:22:25,160 --> 00:22:27,440 Speaker 1: even drill, they can't even get more out of the ground, 430 00:22:27,760 --> 00:22:31,040 Speaker 1: and prices are going up like crazy, um, and uh, 431 00:22:31,440 --> 00:22:34,040 Speaker 1: your government has a solution for that, don't worry. Um. 432 00:22:34,080 --> 00:22:36,119 Speaker 1: Here in the United States, we saw this week House 433 00:22:36,200 --> 00:22:40,920 Speaker 1: passes bill. The House passed the bill targeting the alleged 434 00:22:41,240 --> 00:22:45,640 Speaker 1: price gouging amid high gas prices. So it says here 435 00:22:45,760 --> 00:22:48,440 Speaker 1: the House has voted to seventeen to two or seven 436 00:22:48,440 --> 00:22:50,760 Speaker 1: to pass a bill that gives the Federal Trade Commission 437 00:22:50,760 --> 00:22:54,880 Speaker 1: the FTC, the authority to investigate energy companies for alleged 438 00:22:54,920 --> 00:22:59,880 Speaker 1: price gouging as prices at gas pumps nationwide hit wreck 439 00:23:00,000 --> 00:23:04,840 Speaker 1: here too highs mm hmm. Okay, let's think about that 440 00:23:04,840 --> 00:23:06,880 Speaker 1: for a second. This says, this bill, sponsored by Rep. 441 00:23:06,960 --> 00:23:11,040 Speaker 1: Katie Porter of California, of course in California, where you 442 00:23:11,040 --> 00:23:13,560 Speaker 1: have the highest gas prices, and Rep. Kim's Shreyer at Washington, 443 00:23:13,920 --> 00:23:17,400 Speaker 1: gives the President the power to issue a declaration making 444 00:23:17,440 --> 00:23:21,760 Speaker 1: it unlawful for energy companies to increase prices that are 445 00:23:21,960 --> 00:23:27,400 Speaker 1: unconsciously excessive. Now that sounds good, right, I mean, they 446 00:23:27,440 --> 00:23:30,560 Speaker 1: shouldn't be ripping us off, right, And I'm for that. 447 00:23:30,680 --> 00:23:33,480 Speaker 1: I don't want anyone to rip me off. But let's 448 00:23:33,520 --> 00:23:35,680 Speaker 1: just take a second to think that through for a minute. Now, 449 00:23:35,680 --> 00:23:41,199 Speaker 1: first of all, um, producers people producing gasoline oil. They 450 00:23:41,240 --> 00:23:42,560 Speaker 1: have to produce the oil, and then they have to 451 00:23:42,560 --> 00:23:44,359 Speaker 1: produce the trucks to drive the oil, the refineries to 452 00:23:44,600 --> 00:23:46,119 Speaker 1: refine it, and they have to produce the director drive it, 453 00:23:46,119 --> 00:23:47,359 Speaker 1: and then they have to produce the gas station to 454 00:23:47,400 --> 00:23:50,760 Speaker 1: pump it. All of those producers are in business to 455 00:23:50,880 --> 00:23:57,440 Speaker 1: make a profit. If they don't make a profit, what happens, well, 456 00:23:57,440 --> 00:24:00,320 Speaker 1: then they stopped producing. And if they stopped do see 457 00:24:00,400 --> 00:24:02,560 Speaker 1: then what happens, well, then we don't have gas, or 458 00:24:02,560 --> 00:24:05,320 Speaker 1: whatever gas we have left goes up to astronomical levels. 459 00:24:05,760 --> 00:24:08,600 Speaker 1: And so, UM, I don't want them to unco treat 460 00:24:08,720 --> 00:24:11,399 Speaker 1: us unconsciously excessive as it says here in this quote, 461 00:24:12,240 --> 00:24:13,760 Speaker 1: but they do need to make a profit. If I 462 00:24:13,760 --> 00:24:15,760 Speaker 1: take away their ability to profit, So what if we say, well, 463 00:24:15,800 --> 00:24:18,679 Speaker 1: you can't profit more than x percentage, Well, whatever that 464 00:24:18,720 --> 00:24:22,639 Speaker 1: line is, well, here's how it works in a free market. 465 00:24:22,960 --> 00:24:26,480 Speaker 1: We don't have to do that because if I want 466 00:24:26,520 --> 00:24:28,439 Speaker 1: to gouge you, and I'm saying you know what I'm 467 00:24:28,440 --> 00:24:31,679 Speaker 1: gonna I'm gonna charge you triple my whatever gas prices 468 00:24:31,680 --> 00:24:34,000 Speaker 1: are because I can right I'm the only gas station 469 00:24:34,040 --> 00:24:36,159 Speaker 1: on this block, I'm gonna charge you triple. Well, my 470 00:24:36,240 --> 00:24:39,600 Speaker 1: competitors are gonna say, well, he's charging way too much. 471 00:24:39,600 --> 00:24:42,040 Speaker 1: I'm gonna go undercut him. And then my next competitor's 472 00:24:42,040 --> 00:24:44,359 Speaker 1: gonna undercut me, and my next competitor's gonna undercut me 473 00:24:44,480 --> 00:24:47,040 Speaker 1: and undercut me. And that's what happens in a free market. 474 00:24:47,040 --> 00:24:50,120 Speaker 1: And free market always produces better products, better service at 475 00:24:50,200 --> 00:24:53,040 Speaker 1: better prices, because if I get too greedy and charge 476 00:24:53,040 --> 00:24:55,000 Speaker 1: you too much, someone else is going to charge you less. 477 00:24:55,480 --> 00:24:58,560 Speaker 1: That's what works. But when we're not in a free market, 478 00:24:58,600 --> 00:25:01,680 Speaker 1: when you end up with monopoly ease that are protected, 479 00:25:01,720 --> 00:25:04,320 Speaker 1: then you get into these situations. So the answer isn't 480 00:25:04,359 --> 00:25:06,440 Speaker 1: to say, hey, you can't make a profity more, or 481 00:25:06,600 --> 00:25:10,359 Speaker 1: we set the threshold for what that profit is. The 482 00:25:10,440 --> 00:25:13,879 Speaker 1: answer is to allow competition to do its thing and 483 00:25:13,920 --> 00:25:15,960 Speaker 1: so that these guys will bring their prices down. The 484 00:25:15,960 --> 00:25:18,919 Speaker 1: other thing that's important to understand is that if you 485 00:25:18,920 --> 00:25:24,280 Speaker 1: remember March when the markets crashed, oil went from um 486 00:25:25,280 --> 00:25:27,880 Speaker 1: not I forgot to tift bucks and barrel to negative 487 00:25:28,359 --> 00:25:30,960 Speaker 1: thirty five. Now, I was working with a publicly trade 488 00:25:31,000 --> 00:25:33,960 Speaker 1: oil company in Dallas, Texas at the time. We're working 489 00:25:34,000 --> 00:25:37,760 Speaker 1: on setting up we're working on setting up some bitcoin 490 00:25:37,800 --> 00:25:41,480 Speaker 1: mining on the flare gas and at that time, the 491 00:25:41,520 --> 00:25:46,320 Speaker 1: publicly traded oil company went under. The CEO lost his job, 492 00:25:47,119 --> 00:25:50,360 Speaker 1: They lost a lot of money. As an oil investor, 493 00:25:50,520 --> 00:25:53,439 Speaker 1: we lost a lot of money. Now we're making some 494 00:25:53,480 --> 00:25:55,440 Speaker 1: of that money up. So when you look at these 495 00:25:55,680 --> 00:25:57,919 Speaker 1: oil companies, they're finally making a profit. But that's on 496 00:25:57,960 --> 00:26:01,840 Speaker 1: the back of years of losing money. So what happens 497 00:26:01,840 --> 00:26:04,320 Speaker 1: is as an investor, as a business, sometimes you make money, 498 00:26:04,359 --> 00:26:06,639 Speaker 1: sometimes you lose money, but averages out over time. So 499 00:26:06,680 --> 00:26:10,840 Speaker 1: they've been losing, losing, losing, losing, losing, and now they're 500 00:26:10,840 --> 00:26:12,760 Speaker 1: finally making some profits. Then we gotta take that away. 501 00:26:12,960 --> 00:26:14,959 Speaker 1: But if we take away their profits, how can they 502 00:26:14,960 --> 00:26:18,600 Speaker 1: one payback all those losses to How can they invest 503 00:26:19,000 --> 00:26:21,560 Speaker 1: into new technologies to make it cleaner? How can they 504 00:26:21,600 --> 00:26:23,560 Speaker 1: invest into new oil wells so we don't run out? 505 00:26:24,160 --> 00:26:27,600 Speaker 1: And the answer is they can't. Um it says here 506 00:26:28,119 --> 00:26:30,880 Speaker 1: Um Murphy, who's not running for reelection, criticized the bill, 507 00:26:30,960 --> 00:26:35,679 Speaker 1: saying the measure could further reduce supply. Quote imagine that 508 00:26:36,160 --> 00:26:38,639 Speaker 1: says quote. At best, this bill is a distraction that 509 00:26:38,680 --> 00:26:41,960 Speaker 1: won't actually address the problem. Um, she said in a statement. 510 00:26:42,000 --> 00:26:45,600 Speaker 1: At worst, it could make the problem more severe. And 511 00:26:45,640 --> 00:26:47,840 Speaker 1: this isn't just the United States. UM. In the UK 512 00:26:48,000 --> 00:26:49,840 Speaker 1: they did the same thing you pay. UK slaps a 513 00:26:49,960 --> 00:26:52,200 Speaker 1: one off tax on oil and gas giants to ease 514 00:26:52,240 --> 00:26:55,439 Speaker 1: the pain of soaring household energy bills. So if we 515 00:26:55,600 --> 00:26:59,200 Speaker 1: tax these oil companies in the UK, then it eases 516 00:26:59,280 --> 00:27:02,199 Speaker 1: the pain for household energy bills. How's that? Are they 517 00:27:02,200 --> 00:27:04,600 Speaker 1: going to return that money? So they're gonna they're gonna 518 00:27:04,600 --> 00:27:07,000 Speaker 1: do a special tax and then return that tax back 519 00:27:07,200 --> 00:27:09,639 Speaker 1: to everybody, and who's everybody? If you make a certain 520 00:27:09,680 --> 00:27:14,480 Speaker 1: threshold of income, all of this is then it requires 521 00:27:14,480 --> 00:27:17,199 Speaker 1: more people and more regulations and more accounting, which and 522 00:27:17,760 --> 00:27:22,760 Speaker 1: which eats up even more money. It's inefficient, is what happened. UM. Anyway, 523 00:27:22,800 --> 00:27:24,679 Speaker 1: that's just one of the ways that our financial system 524 00:27:24,760 --> 00:27:28,080 Speaker 1: is being centralized, our government is being centralized, and it's 525 00:27:28,119 --> 00:27:30,760 Speaker 1: becoming more and more inefficient and harder and harder to live. 526 00:27:30,800 --> 00:27:36,360 Speaker 1: And of course, yes, decentralization fixes that. Bitcoin fixes that, UM, 527 00:27:36,400 --> 00:27:38,760 Speaker 1: as we can decentralize the money. You're listening to the 528 00:27:38,800 --> 00:27:42,560 Speaker 1: markma show, UM talking about bitcoin and decentralization. I've got 529 00:27:42,560 --> 00:27:44,480 Speaker 1: a lot more to talk about when I come back, 530 00:27:44,680 --> 00:27:47,800 Speaker 1: including um, some new payment systems that set up that 531 00:27:47,840 --> 00:27:50,560 Speaker 1: are going to just crush the adoption. It's going to 532 00:27:50,600 --> 00:27:52,439 Speaker 1: be pretty exciting. We'll be back with that and more 533 00:27:52,480 --> 00:27:54,439 Speaker 1: in a minute. So don't go away, all right, Welcome back. 534 00:27:54,480 --> 00:27:58,000 Speaker 1: You are listening to the Markma Show. We're talking about bitcoin, cryptocurrencies, 535 00:27:58,040 --> 00:28:01,600 Speaker 1: the decentralized revolution, and everything in the middle. Of course, 536 00:28:01,640 --> 00:28:04,240 Speaker 1: we're talking about the intersection of politics, finance, and technology. 537 00:28:04,680 --> 00:28:07,359 Speaker 1: We've covered a lot here Um, a couple more things 538 00:28:07,359 --> 00:28:09,520 Speaker 1: to look at that this week I think are massive. 539 00:28:09,600 --> 00:28:13,440 Speaker 1: You know, I talk about bitcoin now. In the bitcoin space, 540 00:28:13,520 --> 00:28:16,760 Speaker 1: we like to say bitcoin not crypto, and so what 541 00:28:16,800 --> 00:28:18,560 Speaker 1: we've seen over the last couple of years is bitcoin 542 00:28:18,600 --> 00:28:23,400 Speaker 1: has really distanced itself from cryptocurrencies. Bitcoin has become its 543 00:28:23,400 --> 00:28:27,399 Speaker 1: own asset um and cryptocurrencies are just a random mix 544 00:28:27,480 --> 00:28:32,280 Speaker 1: of everything else. The number two cryptocurrency by market cap 545 00:28:32,359 --> 00:28:37,199 Speaker 1: is Athereum, and Ethereum has promised to be everything to everybody. 546 00:28:37,640 --> 00:28:42,120 Speaker 1: It's the world's virtual computer if you will um, and 547 00:28:42,240 --> 00:28:44,680 Speaker 1: a lot of people think that Ethereum will be the 548 00:28:44,720 --> 00:28:47,600 Speaker 1: world computer. Everything will be built on Ethereum, and Ethereum 549 00:28:47,640 --> 00:28:51,360 Speaker 1: will flip Bitcoin at some point meaning flipping it meaning um, 550 00:28:51,400 --> 00:28:56,640 Speaker 1: the market cap will surpass that of bitcoin. Now, trying 551 00:28:56,640 --> 00:28:59,200 Speaker 1: to compare a bitcoin and ethereum is like apples and oranges. Um. 552 00:29:00,160 --> 00:29:05,560 Speaker 1: The revolution, the technological revolution that's going to change the 553 00:29:05,560 --> 00:29:08,760 Speaker 1: course of the change the course of humanity. It will 554 00:29:08,880 --> 00:29:13,640 Speaker 1: drive the financial markets for the next fifty years is decentralization. 555 00:29:13,680 --> 00:29:17,280 Speaker 1: That's what bitcoin brings to us. Decentralization. Now, a couple 556 00:29:17,320 --> 00:29:19,880 Speaker 1: of things about that. Not everything needs to be decentralized. 557 00:29:20,160 --> 00:29:21,880 Speaker 1: I know it's a contrary and view. And the second 558 00:29:21,920 --> 00:29:23,400 Speaker 1: thing is, I don't think there's such a thing as 559 00:29:23,440 --> 00:29:27,479 Speaker 1: decentralized ish there either is that there isn't. And so 560 00:29:27,560 --> 00:29:30,240 Speaker 1: we can see bitcoin is decentralized and pretty much everything 561 00:29:30,280 --> 00:29:31,960 Speaker 1: else is not. And why do I say that? And 562 00:29:32,000 --> 00:29:33,560 Speaker 1: that was a big statement, And don't turn me off yet. 563 00:29:33,600 --> 00:29:37,000 Speaker 1: Let me explain what what makes decentralization is. If you 564 00:29:37,040 --> 00:29:40,960 Speaker 1: have a central database, that's one database, or you can 565 00:29:41,040 --> 00:29:45,520 Speaker 1: have a bunch of databases. If I had a billion 566 00:29:45,560 --> 00:29:47,480 Speaker 1: dollars in one bank, that would be a big target 567 00:29:47,480 --> 00:29:48,600 Speaker 1: a lot of people who want to break into that 568 00:29:48,640 --> 00:29:50,440 Speaker 1: bank and still have billion dollars. If I had a 569 00:29:50,480 --> 00:29:53,840 Speaker 1: billion banks with one dollar each. There wouldn't be very 570 00:29:53,880 --> 00:29:55,760 Speaker 1: much motivation to do that. It would be almost impossible 571 00:29:55,800 --> 00:29:57,760 Speaker 1: to go get that billion dollars. And so what bitcoin 572 00:29:57,800 --> 00:29:59,760 Speaker 1: has done is taken instead of one database, there's a 573 00:29:59,760 --> 00:30:01,720 Speaker 1: million in databases and they're spread all around the world. 574 00:30:02,440 --> 00:30:05,400 Speaker 1: And the Bitcoin database is very small, it's about three gigabytes. 575 00:30:05,440 --> 00:30:07,240 Speaker 1: I could run that on a thumb drive. I could 576 00:30:07,320 --> 00:30:09,200 Speaker 1: use an old laptop, a five year old laptop. I 577 00:30:09,240 --> 00:30:11,080 Speaker 1: could download the Bitcoin database and I could run my 578 00:30:11,080 --> 00:30:13,680 Speaker 1: own node. And because it's so easy and it's so small, 579 00:30:13,800 --> 00:30:16,680 Speaker 1: anybody in anywhere in the world, even third world countries, 580 00:30:16,760 --> 00:30:19,720 Speaker 1: can run their own node, and they do. That's what's 581 00:30:19,760 --> 00:30:23,880 Speaker 1: created made it decentralized um. Other cryptocurrencies you can't do that. 582 00:30:24,720 --> 00:30:28,160 Speaker 1: So good luck running a node for ethereum or cardano 583 00:30:28,440 --> 00:30:31,320 Speaker 1: or x y z token um in a third world country. 584 00:30:31,360 --> 00:30:33,680 Speaker 1: And so because of that, it's not decentralized. It's maybe 585 00:30:33,680 --> 00:30:37,120 Speaker 1: it's decentralized ish, but not really decentralized um. The other 586 00:30:37,160 --> 00:30:40,320 Speaker 1: thing is that it's so complex and so complicated that 587 00:30:40,360 --> 00:30:43,920 Speaker 1: it creates all kinds of problems, and so we saw 588 00:30:44,000 --> 00:30:47,440 Speaker 1: that firsthand today. So Bitcoin is very simple. A lot 589 00:30:47,440 --> 00:30:49,800 Speaker 1: of people have have accused of being too simple, it's 590 00:30:49,840 --> 00:30:52,239 Speaker 1: too dumb, it's too slow, it's too basic. But what 591 00:30:52,280 --> 00:30:55,280 Speaker 1: we've seen now is that technology scales and layers and 592 00:30:55,320 --> 00:31:00,360 Speaker 1: so now using layer to technology, we can send Bitcoin faster, deeper, 593 00:31:00,400 --> 00:31:02,960 Speaker 1: and more private than any other cryptocurrency it is said 594 00:31:03,000 --> 00:31:05,000 Speaker 1: to be on layer two. What we're seeing now with 595 00:31:05,080 --> 00:31:07,760 Speaker 1: layer three is now we're starting to do messaging and 596 00:31:07,920 --> 00:31:11,960 Speaker 1: video and all that happening on Bitcoin, just on a 597 00:31:11,960 --> 00:31:15,880 Speaker 1: different layer. Now we've seen now we have smart contracts. 598 00:31:16,320 --> 00:31:18,280 Speaker 1: Now with this new Torro upgrade, we have the ability 599 00:31:18,320 --> 00:31:22,920 Speaker 1: to even create new tokens on the Bitcoin blockchain. And 600 00:31:23,000 --> 00:31:25,520 Speaker 1: so Um we needed something simple so we can have 601 00:31:25,880 --> 00:31:28,800 Speaker 1: unlimited attempts and progress built on top of it. Whereas 602 00:31:28,800 --> 00:31:32,280 Speaker 1: you take something like Ethereum that's so complex that it 603 00:31:32,320 --> 00:31:34,200 Speaker 1: limits what you're able to build on top of it, 604 00:31:34,280 --> 00:31:36,720 Speaker 1: and it's hard to understand what's going on, and it 605 00:31:36,760 --> 00:31:40,120 Speaker 1: causes problems. So we saw this week the Ethereum beacon 606 00:31:40,240 --> 00:31:44,960 Speaker 1: chain experienced seven block reorganization. What is going on? So, 607 00:31:44,960 --> 00:31:48,080 Speaker 1: if you've been paying attention, the price of Ethereum created 608 00:31:48,320 --> 00:31:53,200 Speaker 1: this week. While the market overall for cryptocurrencies has been bad, 609 00:31:53,640 --> 00:31:55,880 Speaker 1: Um the blue chip ones if you will, the bitcoins, 610 00:31:55,880 --> 00:31:58,560 Speaker 1: the ethereums, they've been hanging on a little bit um, 611 00:31:58,640 --> 00:32:02,760 Speaker 1: so to speak. But Ethereum this week just got absolutely 612 00:32:02,760 --> 00:32:10,600 Speaker 1: crushed where we saw it plunge about um in a 613 00:32:10,640 --> 00:32:13,840 Speaker 1: single day. And why did it drop a single day, 614 00:32:13,840 --> 00:32:17,280 Speaker 1: Well because of this problem that happened, this reorganization. It says, 615 00:32:17,320 --> 00:32:19,880 Speaker 1: this reorgan is not an indicator of a flawed fork choice, 616 00:32:19,920 --> 00:32:23,720 Speaker 1: but a non trivial segmentation of updated versus outdate client software, 617 00:32:23,760 --> 00:32:27,480 Speaker 1: suggested Core Ethereum developer Preston van Loon. And so what 618 00:32:27,560 --> 00:32:30,800 Speaker 1: happened is Um a blockchain, it adds a block and 619 00:32:30,840 --> 00:32:33,480 Speaker 1: so every depends on what blockchain you're talking about, but 620 00:32:33,640 --> 00:32:36,600 Speaker 1: it adds a block of data and then each block 621 00:32:36,720 --> 00:32:39,280 Speaker 1: adds to the next and it creates a chain. What 622 00:32:39,400 --> 00:32:42,160 Speaker 1: happened that that that gives as security. So in order 623 00:32:42,200 --> 00:32:46,000 Speaker 1: to um reorganize the chain, you would have to roll 624 00:32:46,080 --> 00:32:52,720 Speaker 1: it backwards. Several blocks can happen in bitcoin, however, Um 625 00:32:52,840 --> 00:32:55,840 Speaker 1: we are seeing it happen in other chains quite often, 626 00:32:55,960 --> 00:32:59,720 Speaker 1: and here it happened with the Ethereum chain, and we've 627 00:32:59,760 --> 00:33:03,400 Speaker 1: seen this reorganization. Now they're saying they don't know if 628 00:33:03,440 --> 00:33:05,680 Speaker 1: it was a malicious attack if it was a bug, 629 00:33:05,840 --> 00:33:08,880 Speaker 1: if it wasn't ever, but um, it's a big deal. 630 00:33:09,560 --> 00:33:12,440 Speaker 1: It's a big deal. It basically broke. And you can't 631 00:33:12,480 --> 00:33:15,520 Speaker 1: have all the money of the world on a chain 632 00:33:15,600 --> 00:33:17,400 Speaker 1: that can break and they don't even know how it 633 00:33:17,440 --> 00:33:22,600 Speaker 1: broke because it's so complex. That's a problem. Now, can 634 00:33:22,640 --> 00:33:25,120 Speaker 1: they get this figured out at some point, Maybe maybe not, 635 00:33:26,040 --> 00:33:28,040 Speaker 1: But you can't have these types of bugs, and that 636 00:33:28,240 --> 00:33:31,880 Speaker 1: is what happens when you have this complexity that bitcoin has, 637 00:33:31,920 --> 00:33:34,760 Speaker 1: and that's why it's crash this week. I'm sure they'll 638 00:33:34,800 --> 00:33:36,960 Speaker 1: figure out more about it and they'll give us some excuses. 639 00:33:37,800 --> 00:33:39,880 Speaker 1: But the problem is this can't happen. You need to 640 00:33:39,960 --> 00:33:42,840 Speaker 1: keep things basic so they don't break, and we have 641 00:33:42,920 --> 00:33:46,479 Speaker 1: that um. But jumping back into bitcoin, UM, we contendue 642 00:33:46,480 --> 00:33:49,200 Speaker 1: to see massive adoption happening there with the theory. Um, 643 00:33:49,200 --> 00:33:50,480 Speaker 1: we have you know, n f T S and we 644 00:33:50,520 --> 00:33:53,760 Speaker 1: have DeFi, which is basically nothing. It's its own little ecosystem. 645 00:33:53,760 --> 00:33:57,840 Speaker 1: It's not transcending into the bigger markets overall, whereas bitcoin is. 646 00:33:57,880 --> 00:34:01,080 Speaker 1: And so we have bitcoin. We saw Stripe, it was 647 00:34:01,160 --> 00:34:04,840 Speaker 1: one of the largest payment processors in the world just 648 00:34:04,920 --> 00:34:07,440 Speaker 1: announced businesses will be able to convert any amount of 649 00:34:07,480 --> 00:34:10,480 Speaker 1: payments into bitcoins of Stripe. I use Stripe for my 650 00:34:10,520 --> 00:34:12,439 Speaker 1: business to accept credit cards. It's one of the largest 651 00:34:12,480 --> 00:34:15,759 Speaker 1: payment processes in the world. They're saittting it now I 652 00:34:15,800 --> 00:34:19,120 Speaker 1: can convert any of my payments into bitcoin, it says. 653 00:34:19,160 --> 00:34:21,680 Speaker 1: The functionality is available via a new app from Bitcoin 654 00:34:21,800 --> 00:34:27,200 Speaker 1: Lightning Network infrastructure provider open Node on stripes new app marketplace. Stripe, 655 00:34:27,200 --> 00:34:28,960 Speaker 1: one of the leading payment processes in the world, just 656 00:34:29,000 --> 00:34:31,880 Speaker 1: announced they are working with Bitcoin Payment Infrastructure Company to 657 00:34:31,960 --> 00:34:35,279 Speaker 1: allow businesses to convert fiat payments into bitcoin. And what's 658 00:34:35,320 --> 00:34:37,360 Speaker 1: cool about is is usually will be able to convert 659 00:34:37,400 --> 00:34:40,600 Speaker 1: fiat payments into bitcoin in real time. Businesses can sider 660 00:34:40,600 --> 00:34:44,280 Speaker 1: an automatic amount of their payments to be converted into bitcoin, 661 00:34:44,520 --> 00:34:46,880 Speaker 1: or they will be able to manually convert any amount 662 00:34:46,880 --> 00:34:51,400 Speaker 1: into bitcoin they wish. So bitcoin is good for saving money, 663 00:34:51,480 --> 00:34:53,200 Speaker 1: good for saving technology. So what I could say is 664 00:34:53,200 --> 00:34:54,839 Speaker 1: like I should be saving ten percent of my money 665 00:34:55,239 --> 00:34:58,279 Speaker 1: so or my money or whatever. So I could say, um, 666 00:34:58,320 --> 00:35:01,640 Speaker 1: ten percent of all my payment coming in automatically get 667 00:35:01,640 --> 00:35:04,200 Speaker 1: converted into bitcoin at the way the dollar cost average 668 00:35:04,239 --> 00:35:06,040 Speaker 1: in And it's kind of like the savings account or 669 00:35:06,480 --> 00:35:08,359 Speaker 1: later on I could just convert some of them into that, 670 00:35:08,400 --> 00:35:12,719 Speaker 1: which is pretty cool. Now again, uh, this is the 671 00:35:12,800 --> 00:35:15,920 Speaker 1: largest payment processor, one of the largest payment processors in 672 00:35:16,040 --> 00:35:19,600 Speaker 1: the world, and now people can automatically just convert their 673 00:35:19,600 --> 00:35:22,880 Speaker 1: payments into bitcoin. Now I've just seen this, and I 674 00:35:22,920 --> 00:35:24,920 Speaker 1: think I'm going to have to take advantage of this 675 00:35:25,040 --> 00:35:27,759 Speaker 1: in my own payment account. Um it says it was 676 00:35:27,760 --> 00:35:29,799 Speaker 1: just announced today and allow companies like open note to 677 00:35:29,800 --> 00:35:33,719 Speaker 1: create customer US customer user interfaces that will streamline workflows 678 00:35:33,960 --> 00:35:38,520 Speaker 1: and allow data sinking compatibility between Stripe and its participating partners. So, um, 679 00:35:38,600 --> 00:35:42,640 Speaker 1: this new app store and this new customized interface that 680 00:35:42,680 --> 00:35:48,360 Speaker 1: they've developed will create even more innovation. You see, it 681 00:35:48,400 --> 00:35:51,200 Speaker 1: doesn't happen on the main chain like what happens with Ethereum, 682 00:35:51,239 --> 00:35:53,880 Speaker 1: it happens on top of it. So now we have 683 00:35:53,920 --> 00:35:58,200 Speaker 1: bitcoin being integrated with the one of the largest payment 684 00:35:58,200 --> 00:36:01,160 Speaker 1: processes in the world, allowing me as a merchant to 685 00:36:01,280 --> 00:36:04,120 Speaker 1: set my flexibility on how I want to receive bitcoin, 686 00:36:04,160 --> 00:36:06,000 Speaker 1: if at all, what percentage, or I can do it later. 687 00:36:06,640 --> 00:36:11,080 Speaker 1: And it opens up the open the the interface for 688 00:36:11,160 --> 00:36:14,880 Speaker 1: more businesses to come and take advantage of it to 689 00:36:15,000 --> 00:36:20,880 Speaker 1: create even more progress, to create even more ideas. It's decentralization, 690 00:36:21,000 --> 00:36:26,000 Speaker 1: more people ideating, more people solving problems, more people creating solutions, 691 00:36:26,120 --> 00:36:32,040 Speaker 1: and it's being done with bitcoin, not Cardano, not whatever 692 00:36:32,360 --> 00:36:34,640 Speaker 1: whatever you think is the is the next best one. 693 00:36:34,960 --> 00:36:38,400 Speaker 1: It's all happening on bitcoin, which is why earlier I 694 00:36:38,440 --> 00:36:40,080 Speaker 1: was making the case that bitcoin is sort of like 695 00:36:40,120 --> 00:36:43,440 Speaker 1: the NASDAC, meaning it's not a company in the NASDAC, 696 00:36:43,560 --> 00:36:47,040 Speaker 1: like Facebook, Apple, Netflix, Google, it's the interface where all 697 00:36:47,120 --> 00:36:50,600 Speaker 1: the companies will be built on it. And that's exactly 698 00:36:50,640 --> 00:36:53,680 Speaker 1: what we're seeing now converting some of my payments into bitcoin. 699 00:36:53,760 --> 00:36:56,279 Speaker 1: It's awesome and I think I'm gonna have to do that. 700 00:36:56,960 --> 00:36:59,240 Speaker 1: You're listening to the Mark Ball Show. We're talking about bitcoin, 701 00:36:59,480 --> 00:37:03,480 Speaker 1: talking about decentralized revolution, talking about how the world is 702 00:37:03,560 --> 00:37:07,560 Speaker 1: changing before a varied as politics, finance, and technology converge 703 00:37:07,640 --> 00:37:10,120 Speaker 1: into one. That's what I got for you today. Thanks 704 00:37:10,160 --> 00:37:10,760 Speaker 1: so much for listening.