WEBVTT - The Mark Moss Show Dec 24, 2021 0:00:00.200 --> 0:00:03.040 Everyone, you are listening to the Mark Mo Show, We're 0:00:03.040 --> 0:00:06.600 talking about bitcoin and cryptocurrencies. We're talking about the decentralized 0:00:06.680 --> 0:00:10.000 revolution of course, each end every week, and as I 0:00:10.039 --> 0:00:12.880 constantly say all the time that to really get to 0:00:13.000 --> 0:00:15.760 understand what is going on with bitcoin and this decentralized 0:00:15.760 --> 0:00:20.240 revolution that's happening, there's so many different areas to dive into, 0:00:20.480 --> 0:00:22.400 which is why I can sit here and talk for 0:00:22.600 --> 0:00:24.239 hours and hours and hours each and every week to 0:00:24.280 --> 0:00:27.200 here because there's never ending amount of content that we 0:00:27.240 --> 0:00:30.000 can talk about, which keeps it UM fun, it keeps 0:00:30.000 --> 0:00:32.920 it interesting, and it also keeps you on your toes. 0:00:32.960 --> 0:00:34.920 Now we'd like to say that you know, bitcoin leads 0:00:34.920 --> 0:00:37.520 you into this rabbit hole because there's so much information 0:00:37.560 --> 0:00:41.320 that you can UM dig into. Now this week, UM 0:00:41.360 --> 0:00:43.080 I have a special guest to have one of my 0:00:43.080 --> 0:00:45.879 good friends, Alex s Fetzky in the studio with me, 0:00:46.200 --> 0:00:49.760 and we thought we'd talk about um one big area. 0:00:49.840 --> 0:00:52.280 So what There's a lot of different places that you 0:00:52.320 --> 0:00:55.320 can focus on bitcoin and um Some people want to 0:00:55.320 --> 0:00:57.440 talk about the money side, or some people want to 0:00:57.440 --> 0:01:01.080 talk about the technical side. UM I let this focus 0:01:01.160 --> 0:01:04.360 on why why should we even care about bitcoin, and 0:01:04.360 --> 0:01:07.000 of course to understand why, you have to understand some 0:01:07.040 --> 0:01:09.120 of the problems that we're having today. And so I 0:01:09.160 --> 0:01:12.480 thought we'd bring Alex in and we talk about something, UM, 0:01:12.520 --> 0:01:15.360 that's really a big problem right now. And it's a 0:01:15.400 --> 0:01:18.000 big problem even specifically, and we're gonna have to dance 0:01:18.040 --> 0:01:21.640 around this topic as we talk about the topic. UM, 0:01:21.760 --> 0:01:27.280 but it's uh, it's it's about uh we'll call it, um, 0:01:27.360 --> 0:01:32.119 we'll call it an attack on our private property, which 0:01:32.160 --> 0:01:34.000 is a big subject. But I want to talk about 0:01:34.000 --> 0:01:37.520 attack on private property, which is probably the most sacred 0:01:37.640 --> 0:01:43.160 private property, which is my own thoughts. And when when 0:01:43.240 --> 0:01:47.160 my speech what I'm able to say get censored and 0:01:47.200 --> 0:01:48.720 I have to watch what I say, then I have 0:01:48.760 --> 0:01:51.160 to start censoring what I think, which is what I'm 0:01:51.200 --> 0:01:52.560 doing right now as I'm trying to think about how 0:01:52.560 --> 0:01:56.080 I can dance around this subject. And so, um, we're 0:01:56.120 --> 0:01:57.920 being attacked by all those things. And I got my 0:01:57.960 --> 0:01:59.680 good for now, Alex Fetsky in the in the studio 0:01:59.720 --> 0:02:02.480 with me, talk about this. What's up Alex? Some man 0:02:02.560 --> 0:02:06.840 story that was just funny. It was it was funny, 0:02:06.920 --> 0:02:12.000 yah sad but true. Yes, Yes, what a strange world 0:02:12.000 --> 0:02:15.600 of living in Um, so I assume, I assume what 0:02:15.680 --> 0:02:18.560 you're talking about. There is this idea of the freedom 0:02:18.600 --> 0:02:20.280 to think, of the freedom to speak. You know the 0:02:20.280 --> 0:02:23.920 fact that the thought police are out there monitoring what 0:02:23.960 --> 0:02:27.280 we think they can do. Well, they're definitely monitoring what 0:02:27.360 --> 0:02:29.959 we say. And um, but but when I have to 0:02:30.000 --> 0:02:32.280 monitor what I say so I don't get caught by them, 0:02:32.320 --> 0:02:35.840 then I have to monitor what I think, which is 0:02:35.840 --> 0:02:38.640 which is interesting. I was I was out surfing this 0:02:38.720 --> 0:02:41.000 morning and one of my buddies in the water and 0:02:41.000 --> 0:02:44.080 I said, Hey, did you catch that latest Joe Rogan episode? Um, 0:02:44.160 --> 0:02:46.960 where he had that Dr mccola on there, and uh, 0:02:47.080 --> 0:02:49.600 we were talking about that episode, which has gone crazy 0:02:49.680 --> 0:02:51.320 viral by the way, which we won't dig into a 0:02:51.320 --> 0:02:53.840 whole lot, but he said, um. He said, you know, 0:02:54.440 --> 0:02:58.680 they the government cannot refute anything he said, so all 0:02:58.680 --> 0:03:04.320 they can do is censor him. And I was like, dang, um, yeah, 0:03:04.560 --> 0:03:06.720 if you can't. There's a quote that I keep saying 0:03:06.720 --> 0:03:08.320 over and over I recently heard and I just love 0:03:08.360 --> 0:03:10.600 it. It It says that ripping a man's tongue out does 0:03:10.639 --> 0:03:14.720 not prove him wrong. It only proves you're only proves 0:03:14.720 --> 0:03:17.720 you you're afraid of what he might say. Um, So anyway, 0:03:17.720 --> 0:03:19.240 I don't know I think about that, But I mean, 0:03:19.320 --> 0:03:22.000 what the heck does that have to do with bitcoin? Well, 0:03:22.639 --> 0:03:25.200 let me let me flip and ask you a question. Um. 0:03:25.240 --> 0:03:28.800 You know, people, particularly in America, you've got encoded in 0:03:29.240 --> 0:03:33.079 the Constitution, the First Amendment, this idea of the freedom 0:03:33.080 --> 0:03:34.840 of speech, and you know, everyone talks about it and 0:03:34.920 --> 0:03:38.160 takes the general idea for granted. I mean, you know, 0:03:38.160 --> 0:03:40.320 there's a lot of stupid people out there who don't 0:03:40.320 --> 0:03:42.839 think it's a good idea. But you know, I think 0:03:42.840 --> 0:03:47.600 by and large, if you're if you're a intellectually competent 0:03:47.720 --> 0:03:53.680 human being, um, you understand at least, um, at the 0:03:53.760 --> 0:03:55.960 very least you agree with the notion that freedom of 0:03:56.000 --> 0:03:58.400 feat is important. But I don't know if many people 0:03:58.440 --> 0:04:01.880 can articulate it's important. So maybe maybe I'm going to 0:04:01.960 --> 0:04:03.560 throw the question at you and you might have heard 0:04:03.600 --> 0:04:06.400 me mention it a little bit with JP and we're 0:04:06.480 --> 0:04:09.640 doing that spaces. But in your mind, Mark, why why 0:04:09.680 --> 0:04:12.120 do you think freedom of speech is important? Why do 0:04:12.160 --> 0:04:14.840 you think it's a good thing in general? Well, I 0:04:14.880 --> 0:04:17.000 would say that the freedom of speech is important. I mean, 0:04:17.080 --> 0:04:20.240 obviously the deep subject. But I think overall that it's 0:04:20.279 --> 0:04:22.400 the way that we learn and so um we don't 0:04:22.440 --> 0:04:24.200 know the right things to say. We learn the truth 0:04:24.240 --> 0:04:26.840 through discussion, and um so I think that's the big 0:04:26.880 --> 0:04:29.120 ones that we can learn through discussion. I would say 0:04:29.120 --> 0:04:32.360 it also encourages learning and also creativity, and so all 0:04:32.440 --> 0:04:36.320 progress in the world comes from creativity. And if we 0:04:36.440 --> 0:04:39.960 limit creativity and limit learning, then we limit progress as well. 0:04:40.680 --> 0:04:42.480 Um So I'd say I'd say those are probably two 0:04:42.480 --> 0:04:45.840 pretty big reasons why it's pretty important. Okay, yep, yep. 0:04:45.920 --> 0:04:48.840 I think that's definitely, you know, in the right direction. 0:04:48.880 --> 0:04:51.720 I think for me, I want to take it up 0:04:51.720 --> 0:04:53.719 a notch. And you know, I'm doing some thinking around 0:04:53.720 --> 0:04:56.839 this and writing a new article called It's it's a 0:04:57.120 --> 0:05:01.520 it's a dive into how since it has become profitable, 0:05:01.560 --> 0:05:05.840 and it's called a new Leviathan um and it looks 0:05:05.880 --> 0:05:09.719 at how the tech oligoppoli is a kind of becoming 0:05:10.880 --> 0:05:16.839 quasi government operations in the sense and basically at this point, 0:05:17.560 --> 0:05:21.320 much like um, if you've ever read anything of biology 0:05:21.360 --> 0:05:24.800 and this idea of the revolutionary phenotype, how DNA took 0:05:24.839 --> 0:05:28.880 over RNA as RNA used it as a mechanism to 0:05:29.800 --> 0:05:33.200 replicate UM, and then you know, IRNA use DNAs and 0:05:33.240 --> 0:05:36.240 mechanism to replicate to the point where DNA was able 0:05:36.279 --> 0:05:39.479 to just replicate itself and it subsumed irona into it, 0:05:40.040 --> 0:05:44.200 and then DNA became the primary species and rona became 0:05:44.200 --> 0:05:46.720 subservient to it and UM, and it's really interesting that 0:05:46.839 --> 0:05:50.360 there's something similar happening here with UM. With governments and 0:05:50.360 --> 0:05:55.800 and large tech Oligoppoli is where you know they are 0:05:55.880 --> 0:05:57.400 at this point, you know, we're sort of in the 0:05:57.400 --> 0:06:02.520 phase of the inversion. We're in the phase of the 0:06:02.520 --> 0:06:07.680 the government is effectively mandating and using these technology companies 0:06:07.680 --> 0:06:12.040 to basically be a branch or an executioner of its mandates. 0:06:12.640 --> 0:06:14.880 But at some point, you know they're gonna and it's 0:06:14.960 --> 0:06:16.480 we're already seeing it in many ways, they're going to 0:06:16.520 --> 0:06:18.440 become more powerful than the government and they can do 0:06:18.480 --> 0:06:19.800 what the hell they want, and it kind of you 0:06:19.839 --> 0:06:22.880 get this inversion, and that's that's a dangerous thing for 0:06:22.920 --> 0:06:28.160 society because then you know, power continues to centralize. You 0:06:28.560 --> 0:06:31.000 you jump from the fry pan into the fire and 0:06:31.040 --> 0:06:34.320 all this sort of stuff. But in each of these models, 0:06:34.360 --> 0:06:36.440 like there's a there's a there's a thread within them, 0:06:36.440 --> 0:06:43.560 which is this idea that censorship becomes a profitable mechanism. 0:06:43.680 --> 0:06:48.360 And for me, um, I wanted to take a step 0:06:48.400 --> 0:06:51.160 back and think about, like what, why why is free 0:06:51.160 --> 0:06:53.320 speech important? And if free speech is a good thing, 0:06:53.320 --> 0:06:56.599 and it is important, it actually should be the most 0:06:58.040 --> 0:07:04.680 profitable mechanism and for human beings to use to cooperate 0:07:04.800 --> 0:07:09.000 and to interact, right, And if it's not profitable, then 0:07:09.160 --> 0:07:11.520 you know, it's actually probably not a good thing because 0:07:11.520 --> 0:07:14.600 because profits suggests in some way, shape or form that 0:07:14.800 --> 0:07:18.440 what you're doing is perceived as valuable. So I guess 0:07:19.400 --> 0:07:24.960 I look at society as its complex system, right, and 0:07:26.000 --> 0:07:30.000 we you know, society is made up of diverse range 0:07:30.520 --> 0:07:35.680 of individuals, of human beings, of collectives at every single dimension, 0:07:35.680 --> 0:07:40.920 whether it's the tribe, the community, the corporation, you know, whatever, institution, etcetera. 0:07:40.960 --> 0:07:45.640 So you've got all of these entities operating and operating 0:07:47.120 --> 0:07:50.560 with some sort of intention to continue to survive or 0:07:50.640 --> 0:07:53.680 exist or do the best for itself, right um. And 0:07:53.800 --> 0:07:56.920 doing so, you've got this kind of like this almost 0:07:56.960 --> 0:08:02.440 the functional madness of the crowds. And in order for 0:08:02.520 --> 0:08:08.600 this complex system too to subsist. And this is this 0:08:08.680 --> 0:08:11.600 is found in all complex system, whether it's a human body, 0:08:11.600 --> 0:08:14.840 whether it's society, whether it's an economy, whether it's whatever, 0:08:15.000 --> 0:08:22.560 my cellium, etcetera. The capacity for feedback loops to to 0:08:22.840 --> 0:08:26.920 signal either bad actions or good actions so that bad 0:08:26.960 --> 0:08:29.600 actions can be corrected and good actions can be doubled 0:08:29.640 --> 0:08:36.240 down on depends upon really good communication to flow through 0:08:36.320 --> 0:08:40.240 the system. If you clog up the communication, the system 0:08:40.360 --> 0:08:46.720 can't permeate um information properly, and therefore value judgments can't 0:08:46.760 --> 0:08:49.480 be made, and therefore the system begins to break down 0:08:49.520 --> 0:08:51.680 and decay. You know, that's what you have when you 0:08:51.720 --> 0:08:54.160 have they clogged up human body for example of secuman bodies, 0:08:54.360 --> 0:08:58.080 signals are not flowing properly and the body dies and 0:08:58.120 --> 0:09:01.080 that's the sort of thing. Yeah, let's hold right there. 0:09:02.160 --> 0:09:03.920 Something I was talking about, like the supply change breaking 0:09:03.920 --> 0:09:05.880 down because that price signal is getting distorted as well. 0:09:06.480 --> 0:09:08.079 I want to dig more into that. We're talking about 0:09:08.280 --> 0:09:10.640 free speech, but how this ties back into bitcoin. So 0:09:10.720 --> 0:09:12.480 stay with us. You're listening to the Marketmas show. We're 0:09:12.520 --> 0:09:15.240 talking about bitcoin, talking about cryptocurrency, is talking about this 0:09:15.280 --> 0:09:19.080 decentralized revolution, talking about how free speech is important and 0:09:19.120 --> 0:09:22.640 how bitcoin can fix that. Uh, it's the long way around, 0:09:22.640 --> 0:09:23.680 but these are the things that you need to know. 0:09:23.760 --> 0:09:27.440 It's why bitcoin can change the world. Uh, you're listening 0:09:27.440 --> 0:09:31.040 to the Markma Show. We'll be right back. Don't go away, everyone, 0:09:31.080 --> 0:09:33.080 Welcome back. You're listening to the Markma Show. We're talking 0:09:33.120 --> 0:09:37.280 about bitcoin and cryptocurrencies in this decentralized revolution that is 0:09:37.679 --> 0:09:41.320 literally changing the course of humanity. It's that big. And 0:09:41.360 --> 0:09:43.240 I say it's that big because it's literally going to 0:09:43.400 --> 0:09:46.000 change the entire way the world works, the way that 0:09:46.120 --> 0:09:49.040 humanity works, and it's going to change every part of life. 0:09:49.280 --> 0:09:52.400 And so we talk about all these different areas, UM, 0:09:52.440 --> 0:09:55.520 all these reasons why bitcoin would be important, all these 0:09:55.559 --> 0:09:58.559 reasons of what are these things that what bitcoin can fix? 0:09:58.840 --> 0:10:01.080 And right now I'm in studio with my good friend 0:10:01.120 --> 0:10:05.520 Alex Spetzky and we're talking about free speech and thought 0:10:06.000 --> 0:10:10.160 and why that's so important and how bitcoin can fix this. Um. 0:10:10.200 --> 0:10:12.480 It's an interesting conversation and it's something bigger than you 0:10:12.559 --> 0:10:15.080 might have thought about. And before the break, Alex, you 0:10:15.120 --> 0:10:18.480 were um kind of explaining how when you how free 0:10:18.559 --> 0:10:22.440 speech is necessary, it's the signal that allows all this 0:10:22.520 --> 0:10:25.920 information to kind of move through society or civilization. And 0:10:25.920 --> 0:10:28.080 when you free when you when you kind of censor 0:10:28.240 --> 0:10:31.000 free speech, you start to jam that up. I think 0:10:31.000 --> 0:10:33.600 that's kind of where you're at pretty much pretty much. 0:10:33.640 --> 0:10:38.200 So free speech has a functional role to play in 0:10:38.360 --> 0:10:45.199 a functional society. It means that communication can flow, and 0:10:45.800 --> 0:10:48.720 bad decision making can be corrected, and good decision making 0:10:48.760 --> 0:10:54.800 can be doubled down. Now, this is only the reality 0:10:55.480 --> 0:11:00.360 when the world that we live in is at actually 0:11:01.679 --> 0:11:06.720 representative or reminiscent of reality. And and and so what 0:11:06.760 --> 0:11:11.320 I mean by that is, currently we have a world 0:11:11.400 --> 0:11:16.000 in which our economy is defined not by what is 0:11:16.040 --> 0:11:18.760 actually happening out there in the world, but are defined 0:11:18.800 --> 0:11:23.840 by made up models that academics and kingsians and central 0:11:23.880 --> 0:11:28.080 bankers and central planners make up that are you know, theoretic, 0:11:28.640 --> 0:11:32.240 purely theoretic. They do not match anything that reality actually 0:11:32.520 --> 0:11:35.520 you know, represents backwards, you know, so sort of sort 0:11:35.559 --> 0:11:37.960 of like you know, they have a model and they say, 0:11:38.080 --> 0:11:41.440 you know, inflation is this, but in their model, they're like, okay, 0:11:41.480 --> 0:11:43.720 well let's just take out energy, let's just take out food, 0:11:43.760 --> 0:11:45.240 Let's just take out all the things that are actually 0:11:45.240 --> 0:11:47.240 going up in price, and let's just keep you know, 0:11:47.520 --> 0:11:50.800 televisions in there, you know things, Let's keep iPhones in there, like, 0:11:50.880 --> 0:11:53.800 let's keep Netflix in there. So it's like the model 0:11:53.920 --> 0:12:00.079 has zero representation to the real world. UM, and you 0:12:00.120 --> 0:12:02.280 know that they kind of lie to themselves. And this 0:12:02.360 --> 0:12:06.000 is where um, free speech is actually not profitable if 0:12:06.040 --> 0:12:08.319 you want to lie to yourself, if you want to 0:12:08.360 --> 0:12:12.400 build a system and a model that can only subsist 0:12:12.640 --> 0:12:17.040 based upon a lie, the only mechanism that you have 0:12:17.600 --> 0:12:22.240 to remain profitable, quote unquote is to censor the truth 0:12:22.280 --> 0:12:26.280 and to censor the feedback so that you can subsist. 0:12:26.440 --> 0:12:30.720 And what that does is it creates an incentive for 0:12:30.960 --> 0:12:36.480 the institutional whoever is operating that model, to basically leach 0:12:36.800 --> 0:12:42.680 from somewhere and basically steal rob pillage in whatever method 0:12:42.720 --> 0:12:46.760 it needs. So whether that's taxation and inflation, mindlessly borrowing 0:12:46.800 --> 0:12:49.120 from the future and increasing death ceilings and stuff like that, 0:12:50.120 --> 0:12:52.640 you have to do that so that you can continue 0:12:52.720 --> 0:12:55.760 lying to yourself and tell yourself that the model is real. 0:12:56.280 --> 0:12:59.720 But you can't do that in reality. And this is 0:12:59.760 --> 0:13:02.280 the big diverged for me. This is like the center 0:13:02.320 --> 0:13:04.360 of the divergence of humanity At the moment, it's like 0:13:04.760 --> 0:13:08.319 we are operating on a map that does not represent 0:13:08.360 --> 0:13:12.360 the territory. Like we are literally on an island somewhere 0:13:13.000 --> 0:13:16.439 and we're reading a map and the map tells us 0:13:16.720 --> 0:13:20.720 that there's grass and you know, lakes and everything everywhere, 0:13:20.720 --> 0:13:23.320 and it's all beautiful. But you know, you look aside 0:13:23.360 --> 0:13:24.920 from the map and it's like desert and you're like, 0:13:25.360 --> 0:13:27.800 wait a minute, what's going on here. So you're you're 0:13:27.840 --> 0:13:31.240 you're you're dying, and there's there's other people around you 0:13:31.280 --> 0:13:33.520 all have a little bit of water, and they're like, hey, man, 0:13:33.760 --> 0:13:35.520 we're in the desert. We're all going to die if 0:13:35.520 --> 0:13:37.200 we don't find water. And you're like, no, no, no. 0:13:37.240 --> 0:13:40.440 The map says there's water everywhere, and because you're the 0:13:40.480 --> 0:13:43.040 owner of the map, you take everybody else's water and 0:13:43.040 --> 0:13:45.520 you keep drinking it for yourself, and everybody else around 0:13:45.520 --> 0:13:48.360 you is dying um, and you keep deluding yourself that 0:13:48.360 --> 0:13:50.439 the map is the reality when it's not. That's the 0:13:50.480 --> 0:13:54.120 world that we're living in because we've conflated the model 0:13:54.480 --> 0:13:58.000 for reality, and in that sense, the speech that is 0:13:58.000 --> 0:14:00.920 coming from those around you who are basically dying a first. Now, 0:14:00.960 --> 0:14:03.360 because you keep stealing the water, you want to censor 0:14:03.400 --> 0:14:07.400 them and say shut up, the map is real. Yeah, 0:14:07.640 --> 0:14:11.200 and that's what we're suffering from today. So um, in 0:14:11.240 --> 0:14:13.640 a in a way, then by censoring the speech, it 0:14:13.800 --> 0:14:17.080 censors that or distorts that signal. And there's that sort 0:14:17.080 --> 0:14:19.640 of how the price signals also getting distorted. I mean 0:14:19.680 --> 0:14:22.920 it's still it is distorting communication that controls the economy 0:14:22.960 --> 0:14:26.720 is in the supply chains that way, correct, So think 0:14:26.720 --> 0:14:30.640 about this, every everything that we do as an economic function. Right, 0:14:30.680 --> 0:14:33.480 So when we perform any form of action, it is 0:14:33.520 --> 0:14:37.240 a decision. So we're making a value judgment in order 0:14:37.280 --> 0:14:39.480 to make a decision in order to know where to 0:14:39.560 --> 0:14:43.160 allocate our precious time and energy. Right. So, so in 0:14:43.200 --> 0:14:45.720 that sense, free speech is actually an economic function. It 0:14:45.760 --> 0:14:49.320 helps us make that value judgment. So when we distort 0:14:49.760 --> 0:14:53.480 that economic function, we then start to distort all the 0:14:53.520 --> 0:14:57.320 subsequent signals that come after that, and we can then 0:14:57.480 --> 0:15:01.760 not make accurate value judgments, and we start creating and 0:15:01.800 --> 0:15:04.800 doing stupid things that don't make sense. And then we 0:15:04.880 --> 0:15:06.920 also don't know that we're doing stupid things that don't 0:15:06.960 --> 0:15:10.280 make sense because we don't have the feedback mechanisms, and 0:15:10.680 --> 0:15:15.160 this sort of then ties into why the advent or 0:15:15.200 --> 0:15:17.840 the discovery whatever you want to call something like bitcoin. 0:15:18.000 --> 0:15:20.720 So so let's just even transcend the name bitcoin, like 0:15:21.000 --> 0:15:27.840 the idea of discovering energy money, where the money represents 0:15:28.600 --> 0:15:31.520 the finite resources that are time and energy, like when 0:15:31.560 --> 0:15:34.400 those two are tied together, like I call it the 0:15:34.760 --> 0:15:37.320 fusion of the physical and the metaphysical, when those two 0:15:37.720 --> 0:15:42.960 come together. And when you perform a bad economic action 0:15:43.120 --> 0:15:45.480 because you've made a bad value judgment and therefore you know, 0:15:45.840 --> 0:15:49.800 squandered your resources your time and energy, you actually lose 0:15:51.120 --> 0:15:54.480 this energy money, you lose bitcoin. Um. You have a 0:15:54.600 --> 0:15:58.680 direct feedback mechanism telling you that what you're doing is wrong, 0:15:59.080 --> 0:16:02.000 and you cannot lie to yourself. But when you have 0:16:02.160 --> 0:16:05.520 fiat money and you make a poor economic decision like 0:16:05.600 --> 0:16:08.960 let's lock down half the world, um, and in doing so, 0:16:09.040 --> 0:16:11.520 let's then print two and a half trillion dollars or whatever, 0:16:11.600 --> 0:16:14.360 and then prices go up, then you can lie and 0:16:14.400 --> 0:16:16.160 you can say, okay, let's just print some more money. 0:16:16.240 --> 0:16:19.240 Let's blame the businesses, let's blame the greedy capitalists, blame 0:16:19.280 --> 0:16:21.720 everybody else. But you are creating the problem and you 0:16:21.760 --> 0:16:25.160 just keep lying about it. Like on a bitcoint standard, 0:16:25.240 --> 0:16:27.320 you just can't do that because like that the feedback 0:16:27.400 --> 0:16:30.000 is instant. It's like you lost the money, you're dead, 0:16:30.120 --> 0:16:33.600 you're you know, your your bankrupt, your broke. On a 0:16:33.840 --> 0:16:38.240 on a fiat standard, you can just add some extra digits. Yeah. 0:16:38.680 --> 0:16:41.680 So in a sense, then you're saying that the free 0:16:41.720 --> 0:16:44.480 speech is the signal, sort of like the prices is signaled. 0:16:45.000 --> 0:16:49.240 And um, in pricing, we need profits. So businesses need 0:16:49.280 --> 0:16:52.520 profit to chase. That's what gives us that feedback loop. 0:16:52.840 --> 0:16:55.000 If I'm not making a profit, then nobody wants what 0:16:55.120 --> 0:16:57.440 I have to offer. It's wrong, it's misaligned. And if 0:16:57.480 --> 0:16:59.080 I am making a profit, that means I found a 0:16:59.080 --> 0:17:01.560 good market fit. And so there's that feedback loop, and 0:17:01.600 --> 0:17:05.320 we can also find the same thing I'm guessing with speech. Um, 0:17:05.359 --> 0:17:07.600 if you're just tuning in, you're listening to the Mark 0:17:07.720 --> 0:17:10.439 Mo Show, we're talking about bitcoin and cryptocurrencies in this 0:17:10.520 --> 0:17:13.360 decentralized revolution. I'm in the studio with Alex S. Fetzky 0:17:13.440 --> 0:17:15.840 and we're talking about a little bit of a philosophical 0:17:16.000 --> 0:17:19.720 entry into bitcoin to kind of explain why bitcoin is 0:17:19.720 --> 0:17:23.240 so important but even more importantly, how it can really 0:17:23.280 --> 0:17:26.720 change the world through things that most people don't really attribute, 0:17:27.000 --> 0:17:28.920 things like money to fix. And so we're talking about 0:17:28.960 --> 0:17:31.320 free speech. He was kind of giving us an intro 0:17:31.440 --> 0:17:34.800 into how free speech is a signal and then how 0:17:34.840 --> 0:17:38.640 that kind of goes into profits. Um, so I want 0:17:38.680 --> 0:17:41.240 to get into more of that in a second. Um, 0:17:41.280 --> 0:17:44.040 if you're on Twitter, you can find me at number one, 0:17:44.080 --> 0:17:47.040 Mark Moss, shoot me a question, and we got Alex 0:17:47.080 --> 0:17:50.359 at at ghost of Spetzky's s V E T s 0:17:50.440 --> 0:17:52.920 k I. So give us a give us a follow, 0:17:52.960 --> 0:17:55.679 give us a question. Um, we're talking about bitcoin. We're 0:17:55.680 --> 0:17:58.640 talking about this decentralized revolution. We're talking about why it's important. 0:17:58.840 --> 0:18:03.959 We're talking about how speech. Censoring speech just storts the signal, 0:18:04.080 --> 0:18:06.280 sort of like profit. We're gonna be right back with more. 0:18:06.320 --> 0:18:08.520 Don't go away, all right, everyone, welcome back. You are 0:18:08.520 --> 0:18:10.800 listening to the markma Show, and we're talking about bitcoin. 0:18:11.160 --> 0:18:14.760 We're talking about this giant decentralized revolution that is happening. 0:18:15.160 --> 0:18:17.760 We're we're living through it, we're witnessing it right now. 0:18:17.920 --> 0:18:19.800 And you know a lot of times people are like 0:18:19.960 --> 0:18:21.280 I get it, I get it again, I get it's 0:18:21.280 --> 0:18:23.280 it's like digital gold right. Oh no, no, it's like 0:18:23.359 --> 0:18:27.480 it's like digital money. Sure, I get it, I get it, right, Um, yeah, 0:18:28.000 --> 0:18:30.040 it is those things. It is, sure it is, but 0:18:30.119 --> 0:18:32.800 it's so much more. That's like when electricity was invented 0:18:32.960 --> 0:18:34.760 and somebody says, I get it. I get electricity. It's 0:18:34.800 --> 0:18:37.280 like a digital candle, right, and like, why do I 0:18:37.320 --> 0:18:38.959 need that? Because like a candle is better, it's been 0:18:39.000 --> 0:18:41.560 light for five thousand years and it's portable and I 0:18:41.560 --> 0:18:44.639 don't need wires um and so yeah, sure it was 0:18:44.680 --> 0:18:46.199 like a digital candle with it's so much more. And 0:18:46.200 --> 0:18:48.119 so so bitcoin is like digital goal, but it's so 0:18:48.200 --> 0:18:50.800 much more, and it's something that can even change the 0:18:50.800 --> 0:18:54.159 world because of the censorship of speech and communication. And 0:18:54.359 --> 0:18:56.359 Alex Fetzki is in the studio with me right now. 0:18:56.359 --> 0:18:58.600 He's explaining this to us, and I kind of cut 0:18:58.640 --> 0:19:01.160 you off before that that last break there, but you're 0:19:01.200 --> 0:19:03.800 explaining I think you're about to transition into how um, 0:19:03.960 --> 0:19:06.199 speech is this feedback loop and then it kind of 0:19:06.200 --> 0:19:08.560 goes into like profit. How profit is also a feedback 0:19:08.640 --> 0:19:11.840 loop for businesses. I think that's kind of where you were. Yes, So, 0:19:11.840 --> 0:19:14.159 so I guess to tax this all together. What I've 0:19:14.160 --> 0:19:16.560 said in the past, Um. I was with Nat Brunel 0:19:16.640 --> 0:19:18.640 on a on a little podcast a couple of weeks ago, 0:19:18.720 --> 0:19:21.800 and one of the points I was making was, I 0:19:21.840 --> 0:19:25.119 think Bitcoin's biggest impact on society is going to be 0:19:25.800 --> 0:19:30.520 the fact that it will make economic consequences. It'll it'll 0:19:30.600 --> 0:19:37.680 reintroduce economic consequence to all action, um, whether at the corporate, individual, institution, 0:19:37.760 --> 0:19:41.080 or whatever level. Right, So, so it makes action accountable 0:19:41.800 --> 0:19:43.560 because at the moment, if you're close enough to the 0:19:43.600 --> 0:19:46.520 monetary spigot, you are not accountable to anybody or anything. 0:19:46.800 --> 0:19:49.760 You can make, You can perform badly, and you just 0:19:50.520 --> 0:19:52.879 print the money, you borrow the money you you know 0:19:53.000 --> 0:19:55.600 you created, you know, you tax it from someone. Right So, 0:19:55.600 --> 0:19:58.640 so when you have that moral hazard, everything else distorts, 0:19:58.640 --> 0:20:01.720 and then everything downstream starts and deform. Right by bitcoin 0:20:02.720 --> 0:20:06.639 becoming a standard economic consequence. Like over in here, it's 0:20:06.680 --> 0:20:10.520 like bitcoin makes economic consequence great again. But in doing so, 0:20:11.440 --> 0:20:15.320 because economic consequences so tight tightly tied to action, and 0:20:15.440 --> 0:20:19.639 at that point, it actually makes free speech profitable again. 0:20:20.280 --> 0:20:21.520 And that's what we need to do. We need to 0:20:21.560 --> 0:20:24.320 make free speech profitable again, because if you are a 0:20:24.320 --> 0:20:27.720 business of any kind operating on a bitcoin standard, and 0:20:27.720 --> 0:20:30.080 you don't have the option of being bailed out. You 0:20:30.119 --> 0:20:32.159 don't have you know, a government doesn't have the option 0:20:32.320 --> 0:20:35.280 of just bailing you up for poor decision making or 0:20:35.280 --> 0:20:38.919 for whatever. Um, you will go ahead and censor someone 0:20:39.920 --> 0:20:43.160 because you know, at the moment the government pays, you know, 0:20:43.240 --> 0:20:46.239 whether it's Twitter or Facebook or whatever or mandates them, 0:20:46.240 --> 0:20:49.320 which which is another form of I guess, uh it's 0:20:49.320 --> 0:20:51.119 a reverse payment, right, It's like if you don't do this, 0:20:51.119 --> 0:20:53.400 will shut you down. So it's like, you know, it's 0:20:53.440 --> 0:20:55.920 it's a different make it's a it's a different economic 0:20:55.960 --> 0:20:58.720 reason to do so, right, But when that can't happen, 0:20:59.720 --> 0:21:04.680 since ship actually becomes a not very profitable business model, 0:21:04.880 --> 0:21:07.800 Like if you're going to go on one platform in 0:21:07.840 --> 0:21:10.240 your sense and universus another platform and you're not sense 0:21:10.280 --> 0:21:12.760 it like where you're gonna go. So so it's like 0:21:13.760 --> 0:21:17.680 that is I think how we fix this sensor problem. 0:21:17.760 --> 0:21:21.160 It's not through decentralization. It's not through you know, building 0:21:21.200 --> 0:21:23.800 some sort of you know, uh, you know D five 0:21:23.920 --> 0:21:27.400 version of Twitter or anything like that. It's by removing 0:21:27.600 --> 0:21:33.760 the problem upstream, making all action economically accountable um, introducing 0:21:33.800 --> 0:21:40.159 consequence to all action and making all service providers, whether companies, institutions, governments, 0:21:40.200 --> 0:21:45.520 or whatever, actual service providers not overlords to their customers. 0:21:45.560 --> 0:21:48.959 And the customers are anybody holding bitcoin because in this 0:21:49.000 --> 0:21:51.800 game you can't just take it from them. So UM, 0:21:51.840 --> 0:21:56.159 I get that. But something I think about in in 0:21:56.160 --> 0:22:00.240 regards to a free market, um, censorship might act should 0:22:00.240 --> 0:22:03.080 be profitable. So for example, if I want some somewhere 0:22:03.080 --> 0:22:05.360 for my kids to go into, some sort of kids community, 0:22:05.400 --> 0:22:08.440 for example, I might I might prefer as a paying 0:22:08.520 --> 0:22:10.760 customer to pay for them to go in a community 0:22:10.760 --> 0:22:14.439