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Speaker 1: Hello, and welcome to another episode of the Mark Moa

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Speaker 1: Show where we're talking about bitcoin and cryptocurrencies and the

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Speaker 1: decentralized revolution each and every week, and um, you know,

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Speaker 1: I try to bring to you the education that you

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Speaker 1: need to really understand what's going on the latest news,

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Speaker 1: latest and breaking news headlines each never week to keep

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Speaker 1: you informed, and then you know, share with you some

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Speaker 1: of the best and brightest people in the space to

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Speaker 1: kind of give you that perspective. And I want to

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Speaker 1: dig into some of the latest breaking news that's going

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Speaker 1: on right now. And there is some hot, hot news

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Speaker 1: that's actually happening right now as we're talking. I've been

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Speaker 1: listening to this uh for a better part of the day.

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Speaker 1: And there's a big fight. There's a fight going on

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Speaker 1: in UH in Congress, in UH in the government in

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Speaker 1: the United States right now. And the fight is, um,

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Speaker 1: in my opinion, is framed up a little bit differently

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Speaker 1: than they want to frame it up. Um, I think

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Speaker 1: they're framing it up. But we kind of have the

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Speaker 1: Democrats and the Republicans fighting against each other. The Democrats

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Speaker 1: are are ramping up pressure on cryptocurrencies and the Republicans

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Speaker 1: are trying to kind of hold them off. But I don't.

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Speaker 1: I don't see it like that. I see it like

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Speaker 1: they are ramping up. Uh, they're ramping up their ability

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Speaker 1: to tell you what you can and can't do in

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Speaker 1: the land of the free in the United States that

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Speaker 1: I grew up under. Um. You know, we we sent

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Speaker 1: our troops to war. My grandfather was a decorated World

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Speaker 1: War Two veteran. My father with flu jets in Vietnam.

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Speaker 1: You know, We've been fighting for our freedoms and we

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Speaker 1: live in the land of the free. And really that's

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Speaker 1: what this argument is about. Um. Are we in the

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Speaker 1: land of the free or are we in the land

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Speaker 1: of central planners? That's no different than China or Russia.

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Speaker 1: Let's dig into that for a little bit. Like I said,

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Speaker 1: this is going on, um. But basically you probably know

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Speaker 1: by now, I've talked about it extensively. In in May

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Speaker 1: of China kicked out all the bitcoin mining out of

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Speaker 1: out of the country in bandkryptocurrencies in China, and I've

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Speaker 1: done I've done a lot of content about that. Specifically,

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Speaker 1: I'm not gonna go super deep into that right now,

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Speaker 1: but just how it relates to what I want to

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Speaker 1: talk about today. Is that. You know, I made a

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Speaker 1: video if you're interested, on my YouTube channel, and it's

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Speaker 1: called China's Second Fatal Mistake. So if you want the backstory,

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Speaker 1: go watch the video on my My challenge to search

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Speaker 1: Mark Moss on YouTube China Second Fatal Mistake. But um,

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Speaker 1: basically China kicked all the bitcoin mining out. They had

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Speaker 1: the majority of all the bitcoin miners in the world

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Speaker 1: located in China and they kicked it out. And um,

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Speaker 1: they decided that they didn't want to their people in

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Speaker 1: China to be able to have access to cryptocurrencies. Um,

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Speaker 1: which you know isn't super surprising in China because they

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Speaker 1: decide that they don't want their people to have access

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Speaker 1: to most things, including Google and Facebook and Amazon and

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Speaker 1: et cetera. And so you know, they control every aspect

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Speaker 1: of people's lives, including what they can and can't access,

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Speaker 1: and so you know they to kick they want to

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Speaker 1: say that their people can't access cryptocurrencies, fine, kick it out.

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Speaker 1: Um in that video I highlighted, or maybe there was

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Speaker 1: another video I highlighted. Uh, I think it was a

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Speaker 1: separate video. Um. There's something known as the Mundo Fleming trilemma.

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Speaker 1: And so try lima is different than a dilemma. Diallemmas

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Speaker 1: you have to choose between two things. The trial limits.

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Speaker 1: You have to choose between one of three things or

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Speaker 1: two of three things. And uh, you have this under

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Speaker 1: fleming trial. Man. So a country can't optimize or can't

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Speaker 1: can't optimize their monetary policy on one side of the triangle,

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Speaker 1: their interest rate on another side of the triangle, and

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Speaker 1: the free flow of capital in another country on another

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Speaker 1: side of the triangle. And so what happens is when

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Speaker 1: they want to manipulate the monetary supply and the interest rates,

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Speaker 1: then capital will either flow into the country or out

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Speaker 1: of the country. And if it's bad policy, money will leave.

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Speaker 1: But they don't want money to leave, so they do

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Speaker 1: something what's called capital controls. It's the final stage that

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Speaker 1: every empire in history goes through when they've made such

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Speaker 1: disastrous policies. The money tries to leave as fast as

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Speaker 1: it possibly can, and they close the closed the getaway door,

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Speaker 1: right close, burn the burn the life rafts, and they

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Speaker 1: shut that down. Of course, you see this happening in Venezuela, Argentina,

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Speaker 1: Turkey today. People trying to get out of that as

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Speaker 1: fast as they can, and so in China, they shut

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Speaker 1: that off. No cryptocurrencies. Um And anyway, like I said,

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Speaker 1: that's China. We also saw just now, I think yesterday

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Speaker 1: Russia is now they're they're central bank in Russia. So

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Speaker 1: it's not totally officially but the but the central bank

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Speaker 1: is also saying. The news headline here and we pulled

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Speaker 1: it up. Russia's Bank of Russia calls for a full

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Speaker 1: ban on crypto. Russia's central bank suggests making crypto trading,

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Speaker 1: mining and usage illegal. Owning crypto would would owning crypto

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Speaker 1: would be allowed, it says, um, but they don't want

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Speaker 1: you can't trade it, mine or use it. You can

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Speaker 1: own it, but you can't you can't trade it, minor

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Speaker 1: use it. But this is the Bank of Russia, this

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Speaker 1: is the government. Um but and this came out on

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Speaker 1: January Russia's Russia must ban cryptocurrencies, the country's central bank

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Speaker 1: said in a report released Thursday. Um by offering an outlet,

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Speaker 1: So here's what they say. By offering an outlet for

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Speaker 1: people to take their money out of the national economy,

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Speaker 1: they risk undermining it and making the regulator's job of

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Speaker 1: maintaining optimal monetary policies harder. End quote. That's their quote.

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Speaker 1: So what I just told you, which you might have

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Speaker 1: been going, yeah, Mark or whatever, right, like, you know

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Speaker 1: what I'm talking about. That's what they just said. By

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Speaker 1: offering an outlet two people to take their money out

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Speaker 1: of the national economy, they risk undermining it and making

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Speaker 1: the regulator's job of maintaining optimal monetary policies harder. So

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Speaker 1: what they're saying is, if you don't continue to let

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Speaker 1: us steal from you and manipulate the currency and print

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Speaker 1: more of it um, and you leave our system and

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Speaker 1: go somewhere else, then we can't control you anymore. Then

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Speaker 1: you take away our ability to create optimal, optimal monetary policies. Well,

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Speaker 1: what are optimal monetary policies, Because I'm pretty sure that

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Speaker 1: optimal for you is probably different than optimal for me.

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Speaker 1: It's kind of like this version of utopia. No such

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Speaker 1: thing as utopia. The reason why there's no such thing

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Speaker 1: as utopia is because my version of utopia different than

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Speaker 1: your version of utopia. One man's hell is probably another

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Speaker 1: man's heaven kind of a thing. So what's optimal? Uh?

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Speaker 1: The central bankers optimal policy is one that continues to

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Speaker 1: get them richer. The one that continues to get their

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Speaker 1: friends richer. But unfortunately, as that the sacrifice of us

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Speaker 1: getting poorer. UM. To me, what would be optimal would

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Speaker 1: be a free market where we can all interact freely

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Speaker 1: without having a central bank and a regulator trying to

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Speaker 1: enrich themselves and make us poor. They said that it, Um,

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Speaker 1: if we did the outlet risks, undermining it, so undermine it.

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Speaker 1: What does that mean? So, um, if we can use

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Speaker 1: a different system and now there's then we've undermined it.

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Speaker 1: They don't have the ability to twists. That's that's that's

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Speaker 1: their words, that's what they're saying. Um. And so the

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Speaker 1: the central bank says that an existing ban on using

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Speaker 1: crypto for payments should be reinforced and punished should be Oh,

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Speaker 1: and punishment should be introduced for buying or selling good

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Speaker 1: services and labor by Russian individuals and businesses. So they

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Speaker 1: want to punish you for even providing your labor. So

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Speaker 1: if I said, hey, you know, I'll come over and

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Speaker 1: help you paying offense or dig a hole or pack

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Speaker 1: a box if you'll give me something, Nope, Nope, you

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Speaker 1: can't even provide your labor in exchange for another object.

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Speaker 1: That's what that's what Russia's saying. That's their words here,

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Speaker 1: punishment should be introduced for your even providing your labor

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Speaker 1: by Russian individuals. Which isn't surprising, right, I mean, you

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Speaker 1: would expect something like that out of China or Russia,

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Speaker 1: at least in the world that I grew up under.

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Speaker 1: Maybe the world is a little bit different these days.

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Speaker 1: And so hearing something like that from China or this

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Speaker 1: is I'm reading from Russia, isn't that surprising? Growing up

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Speaker 1: under the Cold War where they try to kind of

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Speaker 1: control every area of your life. Um, and this again,

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Speaker 1: the quote unquote optimal solution would be to ban crypto

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Speaker 1: in Russia, says the bank. The optimal solution, But the

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Speaker 1: optimal solution for who? For who? That's that's a central

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Speaker 1: planner saying that that's a central planner saying that, right,

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Speaker 1: it's not a free market. That's not the land of

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Speaker 1: the free. That's Russia. Well, let's talk about what happened

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Speaker 1: in the US US of A today, the land of

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Speaker 1: the free becaus As I said, I was listening to this,

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Speaker 1: Uh this congressmen and lawmakers, regulators um talking about this

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Speaker 1: all day, and uh kind of sounds like, exactly like

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Speaker 1: what I heard out of China and Russia. Not something

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Speaker 1: that you wuld expect to hear from the Land of Three.

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Speaker 1: So let me hear. Let me tell you what they

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Speaker 1: said here led by a good old Senator Elizabeth Warren.

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Speaker 1: By the way, you're listening to the markma Show. We're

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Speaker 1: talking about bitcoin and cryptocurrencies and the decentralized revolution. We're

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Speaker 1: talking about why governments wouldn't want you to have it,

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Speaker 1: and what I want to talk to you about what

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Speaker 1: the USA is actually saying, and why are they kind

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Speaker 1: of sound like Russia and China, and why I think

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Speaker 1: it's wrong. Um, So I'm gonna tell you exactly what

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Speaker 1: they said and where I think you need to focus

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Speaker 1: your perspective. So don't go away. I'll be right back,

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Speaker 1: all right, Welcome back. You're listening to the Mark Moa Show,

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Speaker 1: and we're talking about bitcoin and cryptocurrencies and the decentralized

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Speaker 1: revolution that's happening right now before our very eyes. And

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Speaker 1: before the break, I was talking about, um, China banning cryptocurrencies,

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Speaker 1: and I was talking about Russia now talking about banning cryptocurrencies,

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Speaker 1: and I was planning to you exactly what they said

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Speaker 1: and the reason why I want to tell you that

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Speaker 1: is because I want to put that into contrast in

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Speaker 1: to what the United States is actually saying today and so, um,

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Speaker 1: there's a big, big conversation going on led by Senator

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Speaker 1: Elizabeth Warren, Democrat from Massachusetts, and they're saying that cryptocurrency,

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Speaker 1: specifically bitcoin, contributes to rising energy costs and global warming

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Speaker 1: because of its use of power generated by fossil fuels. Um.

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Speaker 1: But uh, CEO of bit Freery, Brian Brooks, who actually

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Speaker 1: used to work in the Treasury Department that o c

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Speaker 1: C Comptroller of the Currency. Now he's in the private markets.

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Speaker 1: But he said, quote, it's not up to the government

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Speaker 1: to decide if bitcoin is important to the country's future.

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Speaker 1: It's up to the market end quote. And I love

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Speaker 1: that quote because that's exactly right in the Land of

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Speaker 1: the Free, in a free market, is up to the

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Speaker 1: market to decide what technology is to be used. It's

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Speaker 1: not up to it. Now again, what I read to

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Speaker 1: you from Russia, I mean that sounds like something that

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Speaker 1: would come from Russia or China because they are a

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Speaker 1: communist country that is a centrally planned economy meaning essentially planned,

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Speaker 1: meaning a few people decide for millions or hundreds of

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Speaker 1: millions of in China's case, billions of people what they

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Speaker 1: should all be doing in their lives. That's not how

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Speaker 1: the Nice States is supposed to work. And I suppose

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Speaker 1: to THEAY is supposed to be a free market, so

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Speaker 1: it's not to the government to decide. It's up to

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Speaker 1: the market, as Brian brook says, and I agree with that.

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Speaker 1: But let's let's dig in and see what they're really

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Speaker 1: saying here. So here's a quote from a Senator Elizabeth Warren,

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Speaker 1: and she says, quote the extraordinarily high energy usage and

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Speaker 1: carbon emissions associated with bitcoin mining could undo much of

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Speaker 1: our work to tackle the climate crisis, not to mention

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Speaker 1: the harmful impacts of crypto mining has on local environments

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Speaker 1: and electricity prices end quote. Um. And then she went

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Speaker 1: on to say, quote, it is time for Congress and

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Speaker 1: federal regulators to step up and address the serious risks

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Speaker 1: that crypto poses to wait for it, wait for it,

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Speaker 1: our economy and our environment end quote. So what Elizabeth

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Speaker 1: Warren is saying here is the same thing that China

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Speaker 1: and Russia are saying. Cryptocurrencies pose a risk to our economy.

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Speaker 1: That's what she said, the economy and environment. But let's

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Speaker 1: just focus on the economy. Then we'll go to the environment.

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Speaker 1: So the economy piece. Um so is she saying that

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Speaker 1: having an escape route basically what Russia said? That what

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Speaker 1: ability to manipulate the economy. Kind of sounds like that's

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Speaker 1: what she's saying. If we if we had a party,

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Speaker 1: and if I had a giant party, and I had

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Speaker 1: everybody over there, and um, I was trying to control

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Speaker 1: the party, I don't know, you're you're too loud, everybody

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Speaker 1: do this or whatever, and everybody left. Eventually I'm the

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Speaker 1: only one wh left at the party, and I have

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Speaker 1: no control any over those people because they've all left there.

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Speaker 1: They're all started their own party somewhere else. And that's

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Speaker 1: kind of what happens with the money supply. Uh. The

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Speaker 1: more of that China or Russia or in the United

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Speaker 1: States wants to manipulate the money supply, people just want

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Speaker 1: to leave, they want to opt out, they want to

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Speaker 1: go to something else, and it undermines their ability to

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Speaker 1: manage the economy because we're not using their economy anymore,

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Speaker 1: which is exactly what she's saying. Um, she's been saying

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Speaker 1: a lot of this, and then she said, also the environment.

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Speaker 1: So that's the piece that I really want to dig

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Speaker 1: into right now. Um. And so uh companies say they

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Speaker 1: have powered mining farms with energy that would have otherwise

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Speaker 1: gone to waste arrangements with some utility companies looking to

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Speaker 1: unload trapped or stranded energy and power, uh, for example,

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Speaker 1: hooking up mining units to oil welles relying on natural

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Speaker 1: gas that's typically burned off as a drilling by product.

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Speaker 1: So that's what is really happening. But she says, quote

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Speaker 1: crypto mining facilities energy consumption is also causing a significant

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Speaker 1: increase in energy costs for local and small businesses and residents.

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Speaker 1: She said, all right, so that's the part that I

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Speaker 1: want to talk about. So, um, this is the debate

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Speaker 1: that's going on in uh behind closed walls in your

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Speaker 1: government in the United States today. UM. It's uh, it's

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Speaker 1: bad for the economy, and it's bad for the environment,

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Speaker 1: and it's jacking up rates. And so because of that,

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Speaker 1: we have to go and protect everybody, and we have

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Speaker 1: to take away people's rights and control the free market.

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Speaker 1: But let's take a look at what they're saying, and

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Speaker 1: see if there is any truth to that at all,

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Speaker 1: because I say there's not. And so, um, the first

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Speaker 1: part there is that it's a it's a waste of

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Speaker 1: energy or it's bad for the for the environment, because

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Speaker 1: it's wasting energy, it's burning fossil fuels, as they say, right, So,

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Speaker 1: I think there's a giant misconception with that right off

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Speaker 1: the bat, and that is that as they kind of

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Speaker 1: hinted to, that it is using electricity that most people

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Speaker 1: aren't using. And so what we can see is that, Um,

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Speaker 1: there was an article written by Newsweek back in December

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Speaker 1: of seventeen and the World Economic Forum, good old Cloud

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Speaker 1: Schwab picked it up and they said back in seventeen

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Speaker 1: that by so that was two years ago now, they

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Speaker 1: said that all bitcoin mining would consume all of the

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Speaker 1: world's energy, all of it, all of the amount of

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Speaker 1: energy that produced in the world would be consumed by bitcoin.

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Speaker 1: Was but that was two years ago, did it? Well? No,

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Speaker 1: As a matter of fact, the world uses over one

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Speaker 1: hundred and seventy thousand, hundred seventy thousand terawa hours of

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Speaker 1: energy per year and the bitcoin network uses less than

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Speaker 1: zero point one of the world's energy consumption for a

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Speaker 1: network of a hundred million estimated users. So that means

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Speaker 1: that Bitcoin's energy uses is a rounding error. It's a

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Speaker 1: rounding error as far as global energy usages. Uh. And

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Speaker 1: and a bigger piece of this is that all the

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Speaker 1: energy that Bitcoin is using, the rounding error, the zero

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Speaker 1: point one percent, all that energy is from otherwise wasted

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Speaker 1: energy sources. So let me explain to you about that.

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Speaker 1: So first off, um, if you say that Bitcoin network

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Speaker 1: uses too much energy, okay, but it uses less energy

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Speaker 1: than Google us less energy than YouTube, Netflix, Facebook, Amazon,

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Speaker 1: the cruise industry, Christmas lights, household drying machines, private jets,

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Speaker 1: the zinc industry, and on and on and on. So

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Speaker 1: it uses less energy than household drying. Is has household

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Speaker 1: drying a waste of energy? I mean, come on, go

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Speaker 1: hang up your clothes. Do you need to be on YouTube?

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Speaker 1: It uses less energy than YouTube? Is YouTube a waste

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Speaker 1: of energy? What about air conditioners? Is it? Uh? Do

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Speaker 1: we do we need to have air conditioners? Where I

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Speaker 1: live here by the beach, I don't have an air

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Speaker 1: condition around my house. None of the houses have air conditioners,

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Speaker 1: So why should you have one? It's a waste, right,

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Speaker 1: it's pretty interesting they say that, But bitcoins energy uces

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Speaker 1: is the closest to about the cruise industries energuces and

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Speaker 1: maybe cruise industries are a waste of energy too, but

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Speaker 1: bitcoins are used by more people and the network scales

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Speaker 1: way better. So um. But the thing is is one,

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Speaker 1: it's not using if the world's energy, it's zero point one.

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Speaker 1: But let's talk about that zero point one for a second,

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Speaker 1: because not only is it using wasted energy, it's actually helping.

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Speaker 1: It's actually helping pioneer new energy technologies. It's actually helping

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Speaker 1: pioneer new countries to come online. And so I would

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Speaker 1: say that's a net positive, not uh not a not

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Speaker 1: a not a net drag. So um, how bitcoin uses

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Speaker 1: otherwise waste energy? How does it use wasted energy? Well,

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Speaker 1: it's pretty simple. It's about supply and demand, right, It's

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Speaker 1: supplying the man. If there's more people using something than

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Speaker 1: there is, if there's more demand, then there is supply,

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Speaker 1: the price goes down, and vice diversia operates the other way.

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Speaker 1: You're by the way, you're listening to the Mark ma Show.

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Speaker 1: We're talking about bitcoin and cryptocurrencies, the decentral revolution, we're

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Speaker 1: talking specifically about China and Russia cracking down on it.

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Speaker 1: Why and what the United States is saying that sounds

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Speaker 1: exactly like what Russia and China is saying, and I'm

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Speaker 1: proving why it's completely wrong. I'm gonna be back with more.

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Speaker 1: Don't go away, all right, welcome back. You're listening to

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Speaker 1: the Mark Moa Show, and we're talking about bitcoin and

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Speaker 1: cryptocurrencies and the decentralized revolution, and um, I'm talking about

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Speaker 1: what came out of Russia today and also has happening

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Speaker 1: in the United States. And they're both saying that we

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Speaker 1: need to shut down cryptocurrencies because we can't allow people

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Speaker 1: to move into them because it will undermine our financial

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Speaker 1: system be bad for the economy. The United States has

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Speaker 1: taken a little bit of a different tact and they're

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Speaker 1: saying that that, but they're also saying that it's it's

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Speaker 1: bad for the environment, and so bitcoins mining specifically is

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Speaker 1: bad for the environment, and so we need to be

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Speaker 1: able to shut it down. And uh, I'm drawing the

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Speaker 1: I I drew. I'm past that, but I drew the

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Speaker 1: comparison that. Okay, it's one thing for China or Russia

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Speaker 1: to say that, you know, coming from a communist country

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Speaker 1: that's centrally planned and controlled, but not from a free country,

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Speaker 1: not from a free market. It's pretty pretty crazy in

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Speaker 1: my opinion. But even more than that, even even even

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Speaker 1: arguing that supposedly we're in the land of the free

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Speaker 1: and they shouldn't be controlling that. Even worse than that,

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Speaker 1: their entire argument is wrong. It's all built off of

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Speaker 1: a false premise. And so the premise that bitcoin waste energy.

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Speaker 1: So um I was explaining how they said in in

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Speaker 1: which was two years ago, bitcoin would consume more energy

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Speaker 1: than the entire world, but that that didn't come to

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Speaker 1: that didn't come to pass. Like every other model the

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Speaker 1: government puts out, it's wrong and it actually uses less

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Speaker 1: than zero point one percent, uses less than a quarter

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Speaker 1: percent of one a quarter of one percent um. It's

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Speaker 1: a rounding era. But even more than that, all the

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Speaker 1: energy being used is actually energy that would otherwise not

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Speaker 1: have been used. So an example in California in the summer,

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Speaker 1: in in California, we have like a tiered electricity rate,

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Speaker 1: so the more you use, the more you pay, And

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Speaker 1: in the summer, at the top tier you're gonna pay

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Speaker 1: about forty cents per kilo one hour. But bitcoin miners

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Speaker 1: can't afford to pay forty cents per kilo one hour. Um,

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Speaker 1: they need less than five cents. Really, they need less

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Speaker 1: than three cents. So they can't compete here. So they're

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Speaker 1: not going to come set up in California and compete

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Speaker 1: for our energy and which is going to drive prices

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Speaker 1: up on me. They can't do it. So if it's

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Speaker 1: forty cents in California, how could they find three cent power, Well,

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Speaker 1: they'd have to go somewhere where it's being wasted, and

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Speaker 1: so um, they would move somewhere where they have extra

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Speaker 1: energies not being used. One of the areas that's being

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Speaker 1: done is all throughout um Texas and Oklahoma and North

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Speaker 1: Dakota in the in the Midwest, and they go where

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Speaker 1: there's oil coming out of the ground, and where there's

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Speaker 1: oil coming out of the ground, there's also natural gas.

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Speaker 1: The problem is that most of this oil is so

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Speaker 1: far so remote out in the middle of nowhere. The

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Speaker 1: natural gas, it's not economical to capture it, and so

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Speaker 1: it's being either vented or flared. Vented means they just

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Speaker 1: let it just escape in the system. Flare it means

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Speaker 1: they actually light it on fire and it kind of

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Speaker 1: burns into the system. Either one arguably isn't too good

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Speaker 1: for the environment to just be releasing that into the atmosphere. UM,

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Speaker 1: and a's and as a waste. Right, all that energy

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Speaker 1: is just being released and when it could be captured.

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Speaker 1: Per the U S Energy Information Administration, they said in

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Speaker 1: that Natural Gas Annual reports that one point for eight

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Speaker 1: billion cubic feet of natural gas was vented or flared

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Speaker 1: per day on average in the US. That's about a

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Speaker 1: hundred and fifty terawatt hours of energy for the year,

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Speaker 1: which is higher than the estimated total peak level of

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Speaker 1: Bitcoin's annual energy usage. As a matter of fact, the

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Speaker 1: global flare gas recovery potential is eight times larger than

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Speaker 1: the Bitcoin networks energy usage. So we need oil that's

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Speaker 1: not going away. Um, if you want your food delivered

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Speaker 1: to the store, and you want your Amazon packages delivered,

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Speaker 1: and you want to drive to work, we need oil.

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Speaker 1: You want to fly to go see your family, you

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Speaker 1: need oil that's not going away. And as natural gas

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Speaker 1: is just being vented or flared, it's being wasted, it's

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Speaker 1: not being captured, and it's maybe even harmful So what

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Speaker 1: bitcoin mining has done is gone and captured that collected

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Speaker 1: it so it's not being vented or flare anymore, and

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Speaker 1: then turning it into energy. So not only is it

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Speaker 1: using energy that would be wasted anyway, it's actually a

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Speaker 1: net gain because instead of being vented or flared into

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Speaker 1: the ecosystem, it's being captured and used. See it's not bad.

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Speaker 1: It's being used and they're not competing in New York

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Speaker 1: with houses and businesses or in California for energy. They're

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Speaker 1: going places where it would already be wasted. And not

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Speaker 1: only are they using wasted energy, they're actually helping the ecosystem.

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Speaker 1: But what else, So bitcoin mining is a grid battery.

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Speaker 1: So um, what, especially in California, what they want to

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Speaker 1: do is they want to move us to what they

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Speaker 1: call renewable energy, which is kind of a big joke.

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Speaker 1: There's no such thing as renewable energy. Um, if I

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Speaker 1: need a windmill, a windmill lasts for twenty years and

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Speaker 1: I have to buy I have to build another windmill,

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Speaker 1: I wouldn't call that renewable. That just means it just

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Speaker 1: lasts a little bit longer. Same with solar panels. They

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Speaker 1: last about the same time. And they have to be replaced.

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Speaker 1: How renewable is that anyway? Um, But they really want

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Speaker 1: us to move to wind and solar. The problem with

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Speaker 1: wind and solar is their intermittent power sources, or I

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Speaker 1: like to call them unreliable, because it doesn't blow all

428
00:23:16,280 --> 00:23:18,680
Speaker 1: the time, and it doesn't the sun, it doesn't shine

429
00:23:18,680 --> 00:23:21,600
Speaker 1: all the time, and so what happens is um. Like

430
00:23:21,640 --> 00:23:24,000
Speaker 1: in Europe they're having these energy crisis is partly because

431
00:23:24,000 --> 00:23:26,400
Speaker 1: they had a very low wind year, which who would

432
00:23:26,400 --> 00:23:29,359
Speaker 1: have thought. Sometimes the wind changes, and so in order

433
00:23:29,440 --> 00:23:32,560
Speaker 1: for window solders to ever work at all, what they

434
00:23:32,680 --> 00:23:36,240
Speaker 1: have to do is they'd have to overproduce. So they'd say, um,

435
00:23:36,480 --> 00:23:40,080
Speaker 1: sometimes it doesn't it's not as windy or sunny, so um,

436
00:23:40,119 --> 00:23:42,159
Speaker 1: if it's less windy or less sunny, we'll only get

437
00:23:42,240 --> 00:23:43,879
Speaker 1: less power. So we need to overproduce. We have to

438
00:23:43,880 --> 00:23:45,760
Speaker 1: build way more windmills or way more solar than we

439
00:23:45,800 --> 00:23:48,119
Speaker 1: would need. The problem is when it is windy and

440
00:23:48,160 --> 00:23:50,960
Speaker 1: when it is sunny, then it's producing more power than

441
00:23:51,080 --> 00:23:53,680
Speaker 1: is being used, right, so they have to over buy.

442
00:23:53,840 --> 00:23:57,040
Speaker 1: So what what bitcoin mining would could do is work

443
00:23:57,160 --> 00:24:00,880
Speaker 1: with those energy grids and so on days when it's

444
00:24:00,920 --> 00:24:02,960
Speaker 1: super sunny or days when it's really windy and they're

445
00:24:03,000 --> 00:24:05,800
Speaker 1: overproducing power in the homes in the area can't use

446
00:24:05,840 --> 00:24:08,439
Speaker 1: it all. The bitcoin miners can turn on and they

447
00:24:08,440 --> 00:24:10,840
Speaker 1: could use that energy. And when the when the wind

448
00:24:10,920 --> 00:24:13,000
Speaker 1: drops or the sun drops and they need more energy,

449
00:24:13,080 --> 00:24:15,959
Speaker 1: they just shut the bitcoin miners off. And so in

450
00:24:16,040 --> 00:24:19,000
Speaker 1: that way they can make wind and solar actually more

451
00:24:19,040 --> 00:24:23,160
Speaker 1: economical and could actually help us scale to more wind

452
00:24:23,160 --> 00:24:27,040
Speaker 1: and solar than without it. It can help that future

453
00:24:27,160 --> 00:24:30,919
Speaker 1: come without Without bitcoin mining, the other option would be

454
00:24:30,960 --> 00:24:34,879
Speaker 1: to build batteries to store all that. The problem with

455
00:24:34,920 --> 00:24:37,720
Speaker 1: that is the biggest battery factory in the world is

456
00:24:37,760 --> 00:24:41,080
Speaker 1: the gigawat factory by Tesla. It would take them five

457
00:24:41,560 --> 00:24:46,720
Speaker 1: thousand years to make enough batteries to store the energy

458
00:24:46,760 --> 00:24:51,320
Speaker 1: for the United States for one one single day. Five

459
00:24:51,320 --> 00:24:53,399
Speaker 1: thousand years to make enough batteries to store energy for

460
00:24:53,520 --> 00:24:56,320
Speaker 1: one single day. We probably need to store energy for

461
00:24:56,560 --> 00:24:59,240
Speaker 1: weeks in case we have bad weather for a few weeks,

462
00:24:59,640 --> 00:25:03,320
Speaker 1: and so you can understand it's theoretically impossible to make

463
00:25:03,400 --> 00:25:06,320
Speaker 1: enough storage for what we need. And so bitcoin is

464
00:25:06,320 --> 00:25:08,840
Speaker 1: a way that we could easily scale into wind and

465
00:25:08,880 --> 00:25:11,520
Speaker 1: solar if we still wanted to do that. We can

466
00:25:11,560 --> 00:25:17,440
Speaker 1: also see other things like, for example, UM new energy sources.

467
00:25:17,520 --> 00:25:21,320
Speaker 1: So for example, UM, there's a company that's oak Low

468
00:25:21,400 --> 00:25:24,960
Speaker 1: that's starting to make these little mini nuclear reactors and

469
00:25:25,280 --> 00:25:29,560
Speaker 1: they they want to launch these new little mini reactors.

470
00:25:29,840 --> 00:25:32,760
Speaker 1: But the problem is is that, UM, how do they

471
00:25:32,960 --> 00:25:34,840
Speaker 1: how do they launch that? How do they scale that?

472
00:25:35,280 --> 00:25:38,440
Speaker 1: And so they're going to have to go build a

473
00:25:38,440 --> 00:25:40,800
Speaker 1: a new little nuclear reactor, but in a in a

474
00:25:40,800 --> 00:25:43,199
Speaker 1: new area, but there may not be enough people to

475
00:25:43,600 --> 00:25:46,199
Speaker 1: use that energy that's being used at that time. And

476
00:25:46,240 --> 00:25:47,760
Speaker 1: so what they can do is they can hook up

477
00:25:47,800 --> 00:25:52,720
Speaker 1: bitcoin mining to use that power until there's enough homes

478
00:25:52,800 --> 00:25:55,040
Speaker 1: and businesses that come in to start using a lot

479
00:25:55,119 --> 00:25:58,199
Speaker 1: utilizing the power that's being made by that reactor, and

480
00:25:58,240 --> 00:26:00,360
Speaker 1: then the bitcoin miners can just pack up and move.

481
00:26:01,160 --> 00:26:03,160
Speaker 1: Same thing in other countries. So you have other countries

482
00:26:03,359 --> 00:26:05,880
Speaker 1: that are bootstrapping and so UM. Part of the reason

483
00:26:05,960 --> 00:26:07,800
Speaker 1: why in the Congo or and uh, you know South

484
00:26:07,840 --> 00:26:10,040
Speaker 1: America they don't have big economy there is because there's

485
00:26:10,080 --> 00:26:14,000
Speaker 1: no good electric sources or power and so they could

486
00:26:14,040 --> 00:26:16,840
Speaker 1: tap into like a hydroelectric dam for example, but there's

487
00:26:16,880 --> 00:26:19,600
Speaker 1: no businesses or homes to use all that power, and

488
00:26:19,640 --> 00:26:21,280
Speaker 1: so there's no way for them to raise the money

489
00:26:21,320 --> 00:26:23,520
Speaker 1: to justify the costs. It's like a chicken or the

490
00:26:23,520 --> 00:26:26,159
Speaker 1: egg scenario. And so what they could do is they

491
00:26:26,160 --> 00:26:29,200
Speaker 1: could build that um that you know, that that power

492
00:26:29,200 --> 00:26:33,480
Speaker 1: plant power generation plant, hook up bitcoin mining, and automatically

493
00:26:33,520 --> 00:26:36,600
Speaker 1: start making money, which justifies the cost. Then as businesses

494
00:26:37,000 --> 00:26:41,040
Speaker 1: and cities are built around that new energy source and

495
00:26:41,080 --> 00:26:43,480
Speaker 1: it becomes competitive, the bitcoin mining can just pack up

496
00:26:43,600 --> 00:26:46,920
Speaker 1: and move somewhere else. And you see in that way,

497
00:26:47,119 --> 00:26:51,320
Speaker 1: one it's it's only using like zero point one percent

498
00:26:51,359 --> 00:26:54,000
Speaker 1: of the world's energy anyway, but it's only using energy

499
00:26:54,040 --> 00:26:58,359
Speaker 1: that's already being wasted or not being used. When I

500
00:26:58,400 --> 00:27:01,840
Speaker 1: say wasted, I mean wasted as not being used. Um,

501
00:27:01,920 --> 00:27:04,440
Speaker 1: not that it's a waste of somebody's time. Like um,

502
00:27:04,480 --> 00:27:06,040
Speaker 1: if I don't eat my leftovers and they go in

503
00:27:06,080 --> 00:27:08,640
Speaker 1: the trash, it was wasted food, right, it wasn't used.

504
00:27:09,040 --> 00:27:11,400
Speaker 1: But not only is it using such a small percentage

505
00:27:11,400 --> 00:27:13,480
Speaker 1: to rounding aerror, not only is it using such a

506
00:27:13,480 --> 00:27:15,840
Speaker 1: small percents rounding airror and it's not being used by

507
00:27:15,880 --> 00:27:19,840
Speaker 1: any other source, it's actually doing a net good because

508
00:27:19,880 --> 00:27:22,800
Speaker 1: it's helping clean up the environment. It's helping to scale

509
00:27:23,280 --> 00:27:26,760
Speaker 1: wind and solar, and it can help other countries scale

510
00:27:27,040 --> 00:27:31,359
Speaker 1: their own energy. So when you hear these regulators in

511
00:27:31,400 --> 00:27:34,719
Speaker 1: Congress talking about trying to take away the market's ability

512
00:27:34,800 --> 00:27:36,720
Speaker 1: to work on a free market, just know their entire

513
00:27:36,800 --> 00:27:40,000
Speaker 1: premise is faulty. Anyway, you're listening to the Mark Moa Show.

514
00:27:40,000 --> 00:27:42,919
Speaker 1: We're talking about bitcoin. We're talking about cryptocurrencies and the

515
00:27:42,920 --> 00:27:46,080
Speaker 1: decentralized revolution. We're talking about the land of the Free. Um,

516
00:27:46,160 --> 00:27:48,440
Speaker 1: I'll be right back with more. All right, welcome back.

517
00:27:48,480 --> 00:27:50,680
Speaker 1: You're listening to the markma Show, and we're talking about

518
00:27:50,680 --> 00:27:54,199
Speaker 1: bitcoin and cryptocurrencies and the decentralized revolution. And I've been

519
00:27:54,240 --> 00:27:59,240
Speaker 1: talking about um, China banning cryptocurrencies and Russia bannon cryptocurrencies,

520
00:27:59,240 --> 00:28:04,760
Speaker 1: and today the United States talking about the same thing,

521
00:28:04,880 --> 00:28:07,960
Speaker 1: starting to sound like Russia. UM, I have confidence that

522
00:28:08,000 --> 00:28:09,919
Speaker 1: it's not going to happen. And uh, I think the

523
00:28:09,960 --> 00:28:12,160
Speaker 1: United States will continue to take the lead in this.

524
00:28:12,520 --> 00:28:15,119
Speaker 1: I think they'll continue to flourish. That's my hope. I

525
00:28:15,160 --> 00:28:19,040
Speaker 1: think you know right now we see um that you know,

526
00:28:19,119 --> 00:28:22,200
Speaker 1: President Biden was on the news this week talking about

527
00:28:22,440 --> 00:28:24,639
Speaker 1: dealing with Russia and the potential war going on. In

528
00:28:24,640 --> 00:28:30,919
Speaker 1: the Ukraine. Obviously tensions are high with China. Maybe, just maybe, UM,

529
00:28:31,080 --> 00:28:33,800
Speaker 1: the US might want to take the opposite position of

530
00:28:33,880 --> 00:28:36,679
Speaker 1: Russia and China and not the same. And uh, I

531
00:28:36,680 --> 00:28:38,960
Speaker 1: think it's in our economics interest. We've seen that when

532
00:28:39,040 --> 00:28:41,800
Speaker 1: China kicked out all the bitcoin mining, the United States

533
00:28:41,880 --> 00:28:45,640
Speaker 1: became the big beneficiary of that. Hundreds of billions of

534
00:28:45,640 --> 00:28:48,320
Speaker 1: dollars of economic activity have been brought to the United States.

535
00:28:48,880 --> 00:28:50,760
Speaker 1: I'm not sure how many. I'm sure tens of thousands,

536
00:28:50,800 --> 00:28:53,600
Speaker 1: of not hundreds thousands of jobs have been created. And

537
00:28:53,640 --> 00:28:56,160
Speaker 1: some other big news happened this week UM, and that

538
00:28:56,320 --> 00:28:59,400
Speaker 1: is that UM, in order to scale these bitcoin miners,

539
00:28:59,400 --> 00:29:03,000
Speaker 1: they take special computers and they use these chips inside

540
00:29:03,000 --> 00:29:05,840
Speaker 1: of them, these ASIC chips. And these chips have been

541
00:29:06,040 --> 00:29:08,680
Speaker 1: UM they're kind of specialty chips, and they've been manufactured

542
00:29:08,720 --> 00:29:13,080
Speaker 1: by who would who would you guess China. China has

543
00:29:13,080 --> 00:29:15,880
Speaker 1: been making these these chips. And so we have all

544
00:29:15,920 --> 00:29:19,840
Speaker 1: these UM American companies and Canadian companies and they're buying

545
00:29:19,960 --> 00:29:23,800
Speaker 1: all these Chinese chips. And we saw this week announcement

546
00:29:23,880 --> 00:29:28,000
Speaker 1: from Intel. Intel, which is is you know, makes most

547
00:29:28,000 --> 00:29:31,920
Speaker 1: of the chips for the PCs announced that they are

548
00:29:32,000 --> 00:29:35,800
Speaker 1: going to start building bitcoin mining chips, which is pretty

549
00:29:35,840 --> 00:29:41,440
Speaker 1: cool again, American, American free markets, American quality coming into

550
00:29:41,440 --> 00:29:45,000
Speaker 1: the space to continue to build this out UM, it says,

551
00:29:45,000 --> 00:29:47,880
Speaker 1: a market leader in computer computer chip manufacturing, Intel has

552
00:29:47,920 --> 00:29:51,240
Speaker 1: already secured at least one buyer for its upcoming bitcoin

553
00:29:51,440 --> 00:29:54,440
Speaker 1: mining chips, according to a statement filed with the U

554
00:29:54,520 --> 00:30:00,239
Speaker 1: S Securities and Exchange Commission, and it says that they

555
00:30:00,240 --> 00:30:05,520
Speaker 1: have orders placed for UM before May, as the world's

556
00:30:05,640 --> 00:30:09,560
Speaker 1: biggest chip maker tiptoes into the industry. Now, remember when

557
00:30:09,560 --> 00:30:12,840
Speaker 1: we talk about um new technologies, we don't want to

558
00:30:12,840 --> 00:30:14,520
Speaker 1: focus on the short term price. As a matter of fact,

559
00:30:14,520 --> 00:30:17,160
Speaker 1: I haven't even talked about the price today, amazingly. We

560
00:30:17,200 --> 00:30:19,600
Speaker 1: want to focus on the growth of the network, and

561
00:30:19,600 --> 00:30:22,680
Speaker 1: we want to focus on the development on the network. Right,

562
00:30:23,080 --> 00:30:25,720
Speaker 1: So is the network growing, the amount of users, etcetera.

563
00:30:26,080 --> 00:30:29,720
Speaker 1: And is the development happening on the network growing as well?

564
00:30:30,200 --> 00:30:34,080
Speaker 1: And when you see a US company, the largest, the

565
00:30:34,120 --> 00:30:38,640
Speaker 1: world's biggest chip maker, decide to jump into the bitcoin

566
00:30:38,680 --> 00:30:42,000
Speaker 1: mining industry, it's a pretty big sign, right, instead of

567
00:30:42,240 --> 00:30:46,120
Speaker 1: just small little uh specialty people the no no, no,

568
00:30:46,120 --> 00:30:49,760
Speaker 1: no no. The world's biggest chip maker is now jumping

569
00:30:49,840 --> 00:30:53,160
Speaker 1: into the industry. If that doesn't legitimize what is going on,

570
00:30:53,240 --> 00:30:55,640
Speaker 1: then I don't know what does um. And though while

571
00:30:55,680 --> 00:30:57,480
Speaker 1: I know I was talking about, you know, some of

572
00:30:57,520 --> 00:31:00,760
Speaker 1: this um bitcoin mining coming under fire from the regulators,

573
00:31:00,800 --> 00:31:03,400
Speaker 1: I think most of the market is probably agreeing that

574
00:31:03,400 --> 00:31:07,160
Speaker 1: that's not really happening. Otherwise you wouldn't see companies like

575
00:31:07,240 --> 00:31:10,600
Speaker 1: Intel jumping in and spending so much money to do that.

576
00:31:11,400 --> 00:31:13,280
Speaker 1: But yeah, I think a couple of things that I

577
00:31:13,280 --> 00:31:17,920
Speaker 1: think about in regards to this one. Obviously, we need

578
00:31:17,960 --> 00:31:20,440
Speaker 1: to bring jobs back, we need to bring money back,

579
00:31:20,520 --> 00:31:25,160
Speaker 1: We need to bring the economics back from China and

580
00:31:25,160 --> 00:31:26,640
Speaker 1: the rest of the world back into the United States.

581
00:31:26,680 --> 00:31:28,440
Speaker 1: So I love to see American companies jumping into that.

582
00:31:29,080 --> 00:31:31,920
Speaker 1: Another thing that's kind of interesting. This article doesn't say

583
00:31:32,000 --> 00:31:37,120
Speaker 1: but this is just my own, my own thinking out

584
00:31:37,160 --> 00:31:39,720
Speaker 1: louds just that's all it is. Is not official. I'm

585
00:31:39,760 --> 00:31:43,080
Speaker 1: just thinking it's out loud. But in the bitcoin community,

586
00:31:43,680 --> 00:31:49,720
Speaker 1: we've seen the we've seen the entrance of of the military.

587
00:31:49,840 --> 00:31:54,800
Speaker 1: We've seen the entrance of specifically the Space Force, and uh,

588
00:31:54,960 --> 00:31:57,600
Speaker 1: the U. S. Space Force has gotten involved. And there's

589
00:31:57,640 --> 00:32:00,640
Speaker 1: one person UM that is is been making a lot

590
00:32:00,680 --> 00:32:04,880
Speaker 1: of noise in the space and um, he says he's

591
00:32:04,880 --> 00:32:07,520
Speaker 1: been specifically put there in M I T and in

592
00:32:07,560 --> 00:32:10,120
Speaker 1: the bitcoin space to figure out what is in the

593
00:32:10,200 --> 00:32:14,800
Speaker 1: nation's best security interest in regard to bitcoin. And he's

594
00:32:14,800 --> 00:32:18,280
Speaker 1: been suggesting that it's in the US is security interest

595
00:32:18,360 --> 00:32:21,120
Speaker 1: if they were to start mining bitcoin. And he's been

596
00:32:21,160 --> 00:32:24,920
Speaker 1: angling something called the hash wars, and the hash wars

597
00:32:24,960 --> 00:32:28,320
Speaker 1: are a computer, so a bitcoin mining computer, if you

598
00:32:28,360 --> 00:32:31,160
Speaker 1: hook it to the network, you secure the network by

599
00:32:31,320 --> 00:32:34,280
Speaker 1: one by an electricity and two running the computer and

600
00:32:34,320 --> 00:32:38,240
Speaker 1: it generates hashes, and those hashes is what secures the network.

601
00:32:38,240 --> 00:32:40,480
Speaker 1: And he says that he thinks it's in the nations

602
00:32:40,520 --> 00:32:42,800
Speaker 1: the U S nation's best security if they were to

603
00:32:43,400 --> 00:32:46,440
Speaker 1: get a lead, get a headstart on on the bitcoin mining.

604
00:32:47,120 --> 00:32:49,479
Speaker 1: And that's what he's kind of been encouraging and pushing.

605
00:32:49,520 --> 00:32:53,040
Speaker 1: But how can the US military jump in and start

606
00:32:53,200 --> 00:32:57,160
Speaker 1: mining starting into the hash war, Um, if they if

607
00:32:57,160 --> 00:33:00,640
Speaker 1: we don't have US equipment right, they can't do that.

608
00:33:01,440 --> 00:33:03,360
Speaker 1: And so it's interesting and again this is just my

609
00:33:03,440 --> 00:33:05,440
Speaker 1: thinking out loud, but I've been watching this develop over

610
00:33:05,440 --> 00:33:08,800
Speaker 1: the last six months or a year, and uh, you know,

611
00:33:08,840 --> 00:33:10,680
Speaker 1: he's been pushing for this, and and he's a low

612
00:33:10,760 --> 00:33:13,920
Speaker 1: level ranking person. I mean, um, so he's not obviously

613
00:33:13,920 --> 00:33:16,440
Speaker 1: we don't we don't see uh general is talking about

614
00:33:16,480 --> 00:33:18,320
Speaker 1: this or whatnot. But just kind of like I said,

615
00:33:18,320 --> 00:33:21,040
Speaker 1: thinking out loud, Um, he's thinking about it, which means

616
00:33:21,080 --> 00:33:23,600
Speaker 1: people above him are thinking about it. And Um, the

617
00:33:23,680 --> 00:33:28,400
Speaker 1: US can't really do that, but now maybe they can

618
00:33:28,920 --> 00:33:31,400
Speaker 1: if we have a US company making the bitcoin mining chips.

619
00:33:31,520 --> 00:33:33,200
Speaker 1: Obviously the military can make them on their own, but

620
00:33:33,200 --> 00:33:35,920
Speaker 1: they typically you know, form those contracts out. And so

621
00:33:35,960 --> 00:33:37,920
Speaker 1: now if we have a US company making those chips,

622
00:33:37,960 --> 00:33:41,040
Speaker 1: maybe that changes something. So I don't know, something to watch, um,

623
00:33:41,160 --> 00:33:44,160
Speaker 1: something cool to think about. Um. And then I guess

624
00:33:44,360 --> 00:33:46,480
Speaker 1: another big thing that I saw this week that was

625
00:33:46,560 --> 00:33:50,120
Speaker 1: kind of making sense is that again thinking about things

626
00:33:50,160 --> 00:33:53,800
Speaker 1: in terms of both UM user adoption as well as

627
00:33:53,880 --> 00:33:58,240
Speaker 1: growth on the network. One thing that's been really I've

628
00:33:58,280 --> 00:34:01,560
Speaker 1: been watching is what's happening down in l Salvador. If

629
00:34:01,560 --> 00:34:04,440
Speaker 1: you don't know, El Salvador made bitcoin legal tender, meaning

630
00:34:04,480 --> 00:34:06,800
Speaker 1: it's as good as any other money, or it's their

631
00:34:06,880 --> 00:34:08,960
Speaker 1: legal money and government money. As a matter of fact,

632
00:34:09,040 --> 00:34:10,840
Speaker 1: I've been working with the people down El Salvadoor. Have

633
00:34:10,840 --> 00:34:13,120
Speaker 1: been down there a few times, and you can basically

634
00:34:13,280 --> 00:34:17,239
Speaker 1: go buy anything anywhere in El Salvador, Starbucks or McDonald's

635
00:34:17,280 --> 00:34:20,640
Speaker 1: with bitcoin. And so that's done a lot for user adoption.

636
00:34:20,719 --> 00:34:24,000
Speaker 1: Millions of people have come online and it's amazing and

637
00:34:24,000 --> 00:34:26,239
Speaker 1: and uh, if you're an American and you haven't really

638
00:34:26,239 --> 00:34:29,239
Speaker 1: traveled down there, you maybe don't grasp this. But most

639
00:34:29,239 --> 00:34:31,920
Speaker 1: people in El Salvadoor don't have bank accounts. And they

640
00:34:31,920 --> 00:34:34,839
Speaker 1: don't have bank accounts because they can't afford them. They

641
00:34:34,840 --> 00:34:37,080
Speaker 1: don't really have access to them. And if you don't

642
00:34:37,160 --> 00:34:40,360
Speaker 1: have a bank account, with a mobile phone, with a smartphone,

643
00:34:40,520 --> 00:34:43,280
Speaker 1: you're you're pretty much equal. You could learn anyone anything,

644
00:34:43,920 --> 00:34:46,719
Speaker 1: meet anyone, do anything on a phone, right, So the

645
00:34:46,719 --> 00:34:48,840
Speaker 1: phone is kind of the great equalizer if you have Internet,

646
00:34:49,360 --> 00:34:53,160
Speaker 1: but not if you can't join the global financial system.

647
00:34:53,239 --> 00:34:55,520
Speaker 1: So you know, a kid could start a Instagram account,

648
00:34:55,520 --> 00:34:57,920
Speaker 1: make a Hunter grand no problem today, but not if

649
00:34:57,920 --> 00:35:00,759
Speaker 1: you can't join the global financial system. You have to

650
00:35:00,800 --> 00:35:03,360
Speaker 1: have access to finance system, and most El Salvadoor and

651
00:35:03,360 --> 00:35:06,640
Speaker 1: people don't have that um and most merchants don't either,

652
00:35:07,640 --> 00:35:10,359
Speaker 1: And so bitcoin has fixed a massive, massive problem for them,

653
00:35:10,360 --> 00:35:11,600
Speaker 1: and I know a lot of people the US don't

654
00:35:11,640 --> 00:35:14,439
Speaker 1: understand why there's any value to bitcoin, but the people

655
00:35:14,440 --> 00:35:16,879
Speaker 1: in El salvadore A certainly do. And what we've seen

656
00:35:17,200 --> 00:35:19,320
Speaker 1: continuing to develop down there. Big news this week I

657
00:35:19,360 --> 00:35:23,040
Speaker 1: thought was pretty cool was El Salvadore now is is

658
00:35:23,480 --> 00:35:26,920
Speaker 1: looking to back low interest rate loans that are backed

659
00:35:26,920 --> 00:35:31,240
Speaker 1: by bitcoin for micro and small businesses across the country.

660
00:35:31,520 --> 00:35:34,000
Speaker 1: So the way that a country grows is through their

661
00:35:34,000 --> 00:35:36,160
Speaker 1: gross domestic product, and the way they do that is

662
00:35:36,239 --> 00:35:40,080
Speaker 1: by businesses starting up. You need businesses, you need people working,

663
00:35:40,120 --> 00:35:42,600
Speaker 1: you need to produce goods and services. The US doesn't

664
00:35:42,640 --> 00:35:45,080
Speaker 1: understand that they've shipped all their jobs offshore. But El

665
00:35:45,120 --> 00:35:48,360
Speaker 1: Savadore wants to start a program to give micro loans

666
00:35:48,400 --> 00:35:53,080
Speaker 1: to businesses. Increased businesses, increase employment, generating new goods and

667
00:35:53,080 --> 00:35:57,120
Speaker 1: services and so right now, because the banking system doesn't

668
00:35:57,120 --> 00:36:00,400
Speaker 1: really work down there, um, they don't have this. Also,

669
00:36:00,480 --> 00:36:02,719
Speaker 1: Al Salvador has roughly one point two million businesses in

670
00:36:02,760 --> 00:36:07,360
Speaker 1: the country, roughly sixty or micro businesses or subsistence businesses.

671
00:36:07,800 --> 00:36:12,880
Speaker 1: Over micro businesses are self funded via informal loans or

672
00:36:13,000 --> 00:36:15,880
Speaker 1: loan sharks. Okay, so that's what they have to do

673
00:36:15,920 --> 00:36:20,360
Speaker 1: for money. Um, they may pay as much as fifteen

674
00:36:20,360 --> 00:36:22,399
Speaker 1: dollars a day for a hundred dollar loan, which make

675
00:36:22,480 --> 00:36:27,560
Speaker 1: annual interest rates over ten thousand per cent. So how

676
00:36:27,600 --> 00:36:29,760
Speaker 1: can a business grow if it doesn't have any capital,

677
00:36:29,960 --> 00:36:31,880
Speaker 1: has no access to money, and any money it gets,

678
00:36:31,840 --> 00:36:34,760
Speaker 1: it's gonna have to pay ten tho percent interest. Businesses

679
00:36:34,800 --> 00:36:39,040
Speaker 1: can't make that. They can't and so they want to

680
00:36:39,080 --> 00:36:43,000
Speaker 1: be able to give bitcoin backed loans. Again, they don't

681
00:36:43,000 --> 00:36:44,320
Speaker 1: have access to banking, they don't have access to the the

682
00:36:44,400 --> 00:36:47,040
Speaker 1: capital credit, and now they do with bitcoin. And now

683
00:36:47,080 --> 00:36:50,040
Speaker 1: they're going to scale out bitcoin loans, which will then

684
00:36:50,719 --> 00:36:56,080
Speaker 1: scale out the businesses and really increase the economic activity

685
00:36:56,120 --> 00:36:58,480
Speaker 1: of what else Salvador is doing. It's amazing. I love

686
00:36:58,520 --> 00:37:01,200
Speaker 1: to see it. I'm super encouraged by it. You're listening

687
00:37:01,239 --> 00:37:03,000
Speaker 1: to the Mark My show. We're talking about bitcoin and

688
00:37:03,000 --> 00:37:06,759
Speaker 1: cryptocurrencies and the decentralized revolution. Covered a lot of the

689
00:37:06,760 --> 00:37:10,600
Speaker 1: hottest news stories of the week. Hopefully you didn't miss out.

690
00:37:10,760 --> 00:37:12,400
Speaker 1: If you did, you can check me out on the

691
00:37:12,760 --> 00:37:16,759
Speaker 1: I Heart podcast network and catch up on that. Uh

692
00:37:17,120 --> 00:37:19,359
Speaker 1: so much going on every every week. I love being

693
00:37:19,400 --> 00:37:22,480
Speaker 1: with you. Don't miss it. Thanks for listening,