WEBVTT - The Mark Moss Show Jan 26, 2022 0:00:00.120 --> 0:00:02.760 Hello, and welcome to another episode of the Mark Moa 0:00:02.920 --> 0:00:06.920 Show where we're talking about bitcoin and cryptocurrencies and the 0:00:06.920 --> 0:00:11.680 decentralized revolution each and every week, and um, you know, 0:00:11.720 --> 0:00:14.240 I try to bring to you the education that you 0:00:14.280 --> 0:00:16.840 need to really understand what's going on the latest news, 0:00:16.920 --> 0:00:19.240 latest and breaking news headlines each never week to keep 0:00:19.239 --> 0:00:21.439 you informed, and then you know, share with you some 0:00:21.520 --> 0:00:23.840 of the best and brightest people in the space to 0:00:23.880 --> 0:00:26.079 kind of give you that perspective. And I want to 0:00:26.120 --> 0:00:28.800 dig into some of the latest breaking news that's going 0:00:28.840 --> 0:00:31.880 on right now. And there is some hot, hot news 0:00:31.960 --> 0:00:35.919 that's actually happening right now as we're talking. I've been 0:00:35.960 --> 0:00:38.960 listening to this uh for a better part of the day. 0:00:39.640 --> 0:00:42.239 And there's a big fight. There's a fight going on 0:00:42.560 --> 0:00:44.880 in UH in Congress, in UH in the government in 0:00:44.920 --> 0:00:48.600 the United States right now. And the fight is, um, 0:00:48.640 --> 0:00:50.560 in my opinion, is framed up a little bit differently 0:00:50.560 --> 0:00:53.440 than they want to frame it up. Um, I think 0:00:55.280 --> 0:00:57.240 they're framing it up. But we kind of have the 0:00:57.280 --> 0:01:00.800 Democrats and the Republicans fighting against each other. The Democrats 0:01:00.800 --> 0:01:06.000 are are ramping up pressure on cryptocurrencies and the Republicans 0:01:06.000 --> 0:01:07.960 are trying to kind of hold them off. But I don't. 0:01:07.959 --> 0:01:10.440 I don't see it like that. I see it like 0:01:12.480 --> 0:01:16.839 they are ramping up. Uh, they're ramping up their ability 0:01:16.920 --> 0:01:19.399 to tell you what you can and can't do in 0:01:19.400 --> 0:01:21.760 the land of the free in the United States that 0:01:21.800 --> 0:01:24.920 I grew up under. Um. You know, we we sent 0:01:24.959 --> 0:01:27.040 our troops to war. My grandfather was a decorated World 0:01:27.040 --> 0:01:30.880 War Two veteran. My father with flu jets in Vietnam. 0:01:30.920 --> 0:01:33.120 You know, We've been fighting for our freedoms and we 0:01:33.160 --> 0:01:35.759 live in the land of the free. And really that's 0:01:35.800 --> 0:01:38.200 what this argument is about. Um. Are we in the 0:01:38.240 --> 0:01:41.640 land of the free or are we in the land 0:01:41.680 --> 0:01:44.880 of central planners? That's no different than China or Russia. 0:01:46.520 --> 0:01:48.080 Let's dig into that for a little bit. Like I said, 0:01:48.080 --> 0:01:51.560 this is going on, um. But basically you probably know 0:01:51.640 --> 0:01:54.040 by now, I've talked about it extensively. In in May 0:01:54.080 --> 0:01:58.600 of China kicked out all the bitcoin mining out of 0:01:58.720 --> 0:02:02.560 out of the country in bandkryptocurrencies in China, and I've 0:02:02.600 --> 0:02:05.160 done I've done a lot of content about that. Specifically, 0:02:05.160 --> 0:02:06.800 I'm not gonna go super deep into that right now, 0:02:06.840 --> 0:02:08.280 but just how it relates to what I want to 0:02:08.280 --> 0:02:10.400 talk about today. Is that. You know, I made a 0:02:10.480 --> 0:02:13.160 video if you're interested, on my YouTube channel, and it's 0:02:13.160 --> 0:02:18.880 called China's Second Fatal Mistake. So if you want the backstory, 0:02:18.919 --> 0:02:20.880 go watch the video on my My challenge to search 0:02:20.919 --> 0:02:24.040 Mark Moss on YouTube China Second Fatal Mistake. But um, 0:02:24.080 --> 0:02:26.360 basically China kicked all the bitcoin mining out. They had 0:02:27.000 --> 0:02:30.000 the majority of all the bitcoin miners in the world 0:02:30.040 --> 0:02:33.760 located in China and they kicked it out. And um, 0:02:34.040 --> 0:02:37.240 they decided that they didn't want to their people in 0:02:37.400 --> 0:02:41.400 China to be able to have access to cryptocurrencies. Um, 0:02:41.480 --> 0:02:44.760 which you know isn't super surprising in China because they 0:02:44.800 --> 0:02:46.800 decide that they don't want their people to have access 0:02:46.840 --> 0:02:52.280 to most things, including Google and Facebook and Amazon and 0:02:52.360 --> 0:02:55.760 et cetera. And so you know, they control every aspect 0:02:55.760 --> 0:02:58.840 of people's lives, including what they can and can't access, 0:02:58.880 --> 0:03:00.760 and so you know they to kick they want to 0:03:00.760 --> 0:03:03.480 say that their people can't access cryptocurrencies, fine, kick it out. 0:03:04.360 --> 0:03:06.519 Um in that video I highlighted, or maybe there was 0:03:06.520 --> 0:03:08.679 another video I highlighted. Uh, I think it was a 0:03:08.680 --> 0:03:14.000 separate video. Um. There's something known as the Mundo Fleming trilemma. 0:03:14.200 --> 0:03:17.160 And so try lima is different than a dilemma. Diallemmas 0:03:17.320 --> 0:03:19.080 you have to choose between two things. The trial limits. 0:03:19.120 --> 0:03:21.120 You have to choose between one of three things or 0:03:21.160 --> 0:03:24.600 two of three things. And uh, you have this under 0:03:24.639 --> 0:03:27.960 fleming trial. Man. So a country can't optimize or can't 0:03:28.240 --> 0:03:32.320 can't optimize their monetary policy on one side of the triangle, 0:03:33.000 --> 0:03:36.320 their interest rate on another side of the triangle, and 0:03:36.440 --> 0:03:39.240 the free flow of capital in another country on another 0:03:39.280 --> 0:03:41.880 side of the triangle. And so what happens is when 0:03:41.880 --> 0:03:44.840 they want to manipulate the monetary supply and the interest rates, 0:03:45.160 --> 0:03:47.640 then capital will either flow into the country or out 0:03:47.640 --> 0:03:50.280 of the country. And if it's bad policy, money will leave. 0:03:51.720 --> 0:03:54.400 But they don't want money to leave, so they do 0:03:54.480 --> 0:03:57.440 something what's called capital controls. It's the final stage that 0:03:57.520 --> 0:04:00.840 every empire in history goes through when they've made such 0:04:00.920 --> 0:04:03.640 disastrous policies. The money tries to leave as fast as 0:04:03.680 --> 0:04:07.400 it possibly can, and they close the closed the getaway door, 0:04:07.480 --> 0:04:10.640 right close, burn the burn the life rafts, and they 0:04:10.640 --> 0:04:14.680 shut that down. Of course, you see this happening in Venezuela, Argentina, 0:04:14.800 --> 0:04:16.560 Turkey today. People trying to get out of that as 0:04:16.600 --> 0:04:18.359 fast as they can, and so in China, they shut 0:04:18.360 --> 0:04:23.360 that off. No cryptocurrencies. Um And anyway, like I said, 0:04:23.400 --> 0:04:27.200 that's China. We also saw just now, I think yesterday 0:04:27.320 --> 0:04:30.560 Russia is now they're they're central bank in Russia. So 0:04:30.600 --> 0:04:32.599 it's not totally officially but the but the central bank 0:04:32.760 --> 0:04:35.719 is also saying. The news headline here and we pulled 0:04:35.720 --> 0:04:38.599 it up. Russia's Bank of Russia calls for a full 0:04:38.760 --> 0:04:42.960 ban on crypto. Russia's central bank suggests making crypto trading, 0:04:43.040 --> 0:04:48.560 mining and usage illegal. Owning crypto would would owning crypto 0:04:48.600 --> 0:04:51.560 would be allowed, it says, um, but they don't want 0:04:51.600 --> 0:04:54.680 you can't trade it, mine or use it. You can 0:04:54.680 --> 0:04:56.160 own it, but you can't you can't trade it, minor 0:04:56.279 --> 0:04:58.800 use it. But this is the Bank of Russia, this 0:04:58.839 --> 0:05:02.680 is the government. Um but and this came out on 0:05:02.839 --> 0:05:07.920 January Russia's Russia must ban cryptocurrencies, the country's central bank 0:05:07.960 --> 0:05:13.000 said in a report released Thursday. Um by offering an outlet, 0:05:13.080 --> 0:05:15.960 So here's what they say. By offering an outlet for 0:05:16.000 --> 0:05:19.320 people to take their money out of the national economy, 0:05:19.480 --> 0:05:23.200 they risk undermining it and making the regulator's job of 0:05:23.279 --> 0:05:29.920 maintaining optimal monetary policies harder. End quote. That's their quote. 0:05:30.120 --> 0:05:32.120 So what I just told you, which you might have 0:05:32.120 --> 0:05:34.440 been going, yeah, Mark or whatever, right, like, you know 0:05:34.440 --> 0:05:37.240 what I'm talking about. That's what they just said. By 0:05:37.400 --> 0:05:40.440 offering an outlet two people to take their money out 0:05:40.440 --> 0:05:43.559 of the national economy, they risk undermining it and making 0:05:43.600 --> 0:05:48.640 the regulator's job of maintaining optimal monetary policies harder. So 0:05:48.680 --> 0:05:51.600 what they're saying is, if you don't continue to let 0:05:51.640 --> 0:05:54.680 us steal from you and manipulate the currency and print 0:05:54.680 --> 0:05:58.279 more of it um, and you leave our system and 0:05:58.279 --> 0:06:00.880 go somewhere else, then we can't control you anymore. Then 0:06:01.000 --> 0:06:07.080 you take away our ability to create optimal, optimal monetary policies. Well, 0:06:07.080 --> 0:06:11.840 what are optimal monetary policies, Because I'm pretty sure that 0:06:11.960 --> 0:06:15.120 optimal for you is probably different than optimal for me. 0:06:15.680 --> 0:06:18.640 It's kind of like this version of utopia. No such 0:06:18.680 --> 0:06:21.599 thing as utopia. The reason why there's no such thing 0:06:21.680 --> 0:06:26.600 as utopia is because my version of utopia different than 0:06:26.640 --> 0:06:30.040 your version of utopia. One man's hell is probably another 0:06:30.040 --> 0:06:33.720 man's heaven kind of a thing. So what's optimal? Uh? 0:06:33.800 --> 0:06:37.440 The central bankers optimal policy is one that continues to 0:06:37.480 --> 0:06:40.920 get them richer. The one that continues to get their 0:06:40.960 --> 0:06:44.440 friends richer. But unfortunately, as that the sacrifice of us 0:06:44.560 --> 0:06:48.040 getting poorer. UM. To me, what would be optimal would 0:06:48.040 --> 0:06:52.080 be a free market where we can all interact freely 0:06:52.160 --> 0:06:55.840 without having a central bank and a regulator trying to 0:06:55.960 --> 0:06:59.480 enrich themselves and make us poor. They said that it, Um, 0:06:59.560 --> 0:07:03.520 if we did the outlet risks, undermining it, so undermine it. 0:07:03.560 --> 0:07:07.000 What does that mean? So, um, if we can use 0:07:07.040 --> 0:07:10.640 a different system and now there's then we've undermined it. 0:07:10.640 --> 0:07:12.920 They don't have the ability to twists. That's that's that's 0:07:12.960 --> 0:07:15.880 their words, that's what they're saying. Um. And so the 0:07:15.760 --> 0:07:18.160 the central bank says that an existing ban on using 0:07:18.160 --> 0:07:22.520 crypto for payments should be reinforced and punished should be Oh, 0:07:22.640 --> 0:07:25.960 and punishment should be introduced for buying or selling good 0:07:26.000 --> 0:07:31.760 services and labor by Russian individuals and businesses. So they 0:07:31.800 --> 0:07:35.960 want to punish you for even providing your labor. So 0:07:36.040 --> 0:07:38.440 if I said, hey, you know, I'll come over and 0:07:38.480 --> 0:07:40.960 help you paying offense or dig a hole or pack 0:07:41.040 --> 0:07:43.960 a box if you'll give me something, Nope, Nope, you 0:07:44.040 --> 0:07:47.520 can't even provide your labor in exchange for another object. 0:07:48.040 --> 0:07:50.360 That's what that's what Russia's saying. That's their words here, 0:07:51.080 --> 0:07:57.360 punishment should be introduced for your even providing your labor 0:07:57.480 --> 0:08:01.080 by Russian individuals. Which isn't surprising, right, I mean, you 0:08:01.120 --> 0:08:03.400 would expect something like that out of China or Russia, 0:08:03.560 --> 0:08:05.680 at least in the world that I grew up under. 0:08:05.760 --> 0:08:07.480 Maybe the world is a little bit different these days. 0:08:08.120 --> 0:08:10.360 And so hearing something like that from China or this 0:08:10.440 --> 0:08:14.480 is I'm reading from Russia, isn't that surprising? Growing up 0:08:14.520 --> 0:08:17.320 under the Cold War where they try to kind of 0:08:17.320 --> 0:08:22.320 control every area of your life. Um, and this again, 0:08:22.360 --> 0:08:26.920 the quote unquote optimal solution would be to ban crypto 0:08:27.160 --> 0:08:30.160 in Russia, says the bank. The optimal solution, But the 0:08:30.160 --> 0:08:34.040 optimal solution for who? For who? That's that's a central 0:08:34.160 --> 0:08:37.079 planner saying that that's a central planner saying that, right, 0:08:37.400 --> 0:08:38.839 it's not a free market. That's not the land of 0:08:38.840 --> 0:08:41.439 the free. That's Russia. Well, let's talk about what happened 0:08:41.440 --> 0:08:44.320 in the US US of A today, the land of 0:08:44.320 --> 0:08:46.520 the free becaus As I said, I was listening to this, 0:08:46.720 --> 0:08:51.480 Uh this congressmen and lawmakers, regulators um talking about this 0:08:51.559 --> 0:08:56.360 all day, and uh kind of sounds like, exactly like 0:08:56.440 --> 0:08:59.760 what I heard out of China and Russia. Not something 0:08:59.760 --> 0:09:01.120 that you wuld expect to hear from the Land of Three. 0:09:01.200 --> 0:09:02.920 So let me hear. Let me tell you what they 0:09:03.000 --> 0:09:06.360 said here led by a good old Senator Elizabeth Warren. 0:09:06.360 --> 0:09:08.040 By the way, you're listening to the markma Show. We're 0:09:08.040 --> 0:09:12.240 talking about bitcoin and cryptocurrencies and the decentralized revolution. We're 0:09:12.280 --> 0:09:15.440 talking about why governments wouldn't want you to have it, 0:09:15.960 --> 0:09:18.160 and what I want to talk to you about what 0:09:18.200 --> 0:09:20.720 the USA is actually saying, and why are they kind 0:09:20.720 --> 0:09:23.160 of sound like Russia and China, and why I think 0:09:23.160 --> 0:09:25.680 it's wrong. Um, So I'm gonna tell you exactly what 0:09:25.720 --> 0:09:27.640 they said and where I think you need to focus 0:09:27.679 --> 0:09:30.120 your perspective. So don't go away. I'll be right back, 0:09:30.400 --> 0:09:32.520 all right, Welcome back. You're listening to the Mark Moa Show, 0:09:32.520 --> 0:09:36.200 and we're talking about bitcoin and cryptocurrencies and the decentralized 0:09:36.240 --> 0:09:39.640 revolution that's happening right now before our very eyes. And 0:09:39.679 --> 0:09:44.520 before the break, I was talking about, um, China banning cryptocurrencies, 0:09:45.559 --> 0:09:53.240 and I was talking about Russia now talking about banning cryptocurrencies, 0:09:53.559 --> 0:09:55.920 and I was planning to you exactly what they said 0:09:55.960 --> 0:09:57.480 and the reason why I want to tell you that 0:09:57.800 --> 0:09:59.839 is because I want to put that into contrast in 0:10:00.040 --> 0:10:05.720 to what the United States is actually saying today and so, um, 0:10:05.760 --> 0:10:09.080 there's a big, big conversation going on led by Senator 0:10:09.160 --> 0:10:15.560 Elizabeth Warren, Democrat from Massachusetts, and they're saying that cryptocurrency, 0:10:15.600 --> 0:10:19.240 specifically bitcoin, contributes to rising energy costs and global warming 0:10:19.280 --> 0:10:24.640 because of its use of power generated by fossil fuels. Um. 0:10:24.679 --> 0:10:28.760 But uh, CEO of bit Freery, Brian Brooks, who actually 0:10:28.840 --> 0:10:31.640 used to work in the Treasury Department that o c 0:10:31.800 --> 0:10:34.720 C Comptroller of the Currency. Now he's in the private markets. 0:10:34.760 --> 0:10:37.360 But he said, quote, it's not up to the government 0:10:37.360 --> 0:10:39.840 to decide if bitcoin is important to the country's future. 0:10:40.360 --> 0:10:43.320 It's up to the market end quote. And I love 0:10:43.400 --> 0:10:46.840 that quote because that's exactly right in the Land of 0:10:46.840 --> 0:10:50.080 the Free, in a free market, is up to the 0:10:50.120 --> 0:10:54.040 market to decide what technology is to be used. It's 0:10:54.080 --> 0:10:56.160 not up to it. Now again, what I read to 0:10:56.200 --> 0:10:58.120 you from Russia, I mean that sounds like something that 0:10:58.160 --> 0:11:00.760 would come from Russia or China because they are a 0:11:00.840 --> 0:11:05.800 communist country that is a centrally planned economy meaning essentially planned, 0:11:05.840 --> 0:11:09.839 meaning a few people decide for millions or hundreds of 0:11:09.840 --> 0:11:11.800 millions of in China's case, billions of people what they 0:11:11.800 --> 0:11:13.480 should all be doing in their lives. That's not how 0:11:13.520 --> 0:11:15.640 the Nice States is supposed to work. And I suppose 0:11:15.679 --> 0:11:17.120 to THEAY is supposed to be a free market, so 0:11:17.120 --> 0:11:19.400 it's not to the government to decide. It's up to 0:11:19.400 --> 0:11:21.640 the market, as Brian brook says, and I agree with that. 0:11:22.760 --> 0:11:25.160 But let's let's dig in and see what they're really 0:11:25.200 --> 0:11:28.160 saying here. So here's a quote from a Senator Elizabeth Warren, 0:11:28.520 --> 0:11:32.160 and she says, quote the extraordinarily high energy usage and 0:11:32.200 --> 0:11:36.080 carbon emissions associated with bitcoin mining could undo much of 0:11:36.120 --> 0:11:39.240 our work to tackle the climate crisis, not to mention 0:11:39.600 --> 0:11:43.880 the harmful impacts of crypto mining has on local environments 0:11:43.920 --> 0:11:49.080 and electricity prices end quote. Um. And then she went 0:11:49.120 --> 0:11:51.840 on to say, quote, it is time for Congress and 0:11:51.880 --> 0:11:55.840 federal regulators to step up and address the serious risks 0:11:56.200 --> 0:11:59.560 that crypto poses to wait for it, wait for it, 0:12:00.240 --> 0:12:05.160 our economy and our environment end quote. So what Elizabeth 0:12:05.200 --> 0:12:09.400 Warren is saying here is the same thing that China 0:12:09.520 --> 0:12:15.400 and Russia are saying. Cryptocurrencies pose a risk to our economy. 0:12:16.120 --> 0:12:18.600 That's what she said, the economy and environment. But let's 0:12:18.600 --> 0:12:20.400 just focus on the economy. Then we'll go to the environment. 0:12:20.720 --> 0:12:25.840 So the economy piece. Um so is she saying that 0:12:26.400 --> 0:12:30.640 having an escape route basically what Russia said? That what 0:12:30.760 --> 0:12:33.719 China said, by having an escape route takes away their 0:12:33.720 --> 0:12:39.480 ability to manipulate the economy. Kind of sounds like that's 0:12:39.480 --> 0:12:43.559 what she's saying. If we if we had a party, 0:12:43.760 --> 0:12:45.200 and if I had a giant party, and I had 0:12:45.200 --> 0:12:47.160 everybody over there, and um, I was trying to control 0:12:47.200 --> 0:12:49.040 the party, I don't know, you're you're too loud, everybody 0:12:49.120 --> 0:12:52.520 do this or whatever, and everybody left. Eventually I'm the 0:12:52.520 --> 0:12:53.760 only one wh left at the party, and I have 0:12:53.840 --> 0:12:56.200 no control any over those people because they've all left there. 0:12:56.240 --> 0:12:58.480 They're all started their own party somewhere else. And that's 0:12:58.520 --> 0:13:00.559 kind of what happens with the money supply. Uh. The 0:13:00.600 --> 0:13:02.400 more of that China or Russia or in the United 0:13:02.400 --> 0:13:04.600 States wants to manipulate the money supply, people just want 0:13:04.600 --> 0:13:05.959 to leave, they want to opt out, they want to 0:13:05.960 --> 0:13:08.840 go to something else, and it undermines their ability to 0:13:08.960 --> 0:13:12.920 manage the economy because we're not using their economy anymore, 0:13:12.960 --> 0:13:16.560 which is exactly what she's saying. Um, she's been saying 0:13:16.559 --> 0:13:19.480 a lot of this, and then she said, also the environment. 0:13:19.520 --> 0:13:20.839 So that's the piece that I really want to dig 0:13:20.840 --> 0:13:28.040 into right now. Um. And so uh companies say they 0:13:28.080 --> 0:13:30.800 have powered mining farms with energy that would have otherwise 0:13:30.920 --> 0:13:35.840 gone to waste arrangements with some utility companies looking to 0:13:36.000 --> 0:13:40.559 unload trapped or stranded energy and power, uh, for example, 0:13:40.720 --> 0:13:43.319 hooking up mining units to oil welles relying on natural 0:13:43.360 --> 0:13:47.000 gas that's typically burned off as a drilling by product. 0:13:47.920 --> 0:13:51.079 So that's what is really happening. But she says, quote 0:13:51.360 --> 0:13:55.280 crypto mining facilities energy consumption is also causing a significant 0:13:55.360 --> 0:13:59.560 increase in energy costs for local and small businesses and residents. 0:13:59.559 --> 0:14:01.599 She said, all right, so that's the part that I 0:14:01.600 --> 0:14:04.080 want to talk about. So, um, this is the debate 0:14:04.160 --> 0:14:07.480 that's going on in uh behind closed walls in your 0:14:07.520 --> 0:14:11.200 government in the United States today. UM. It's uh, it's 0:14:11.240 --> 0:14:13.400 bad for the economy, and it's bad for the environment, 0:14:13.400 --> 0:14:16.000 and it's jacking up rates. And so because of that, 0:14:16.040 --> 0:14:19.080 we have to go and protect everybody, and we have 0:14:19.200 --> 0:14:23.280 to take away people's rights and control the free market. 0:14:24.680 --> 0:14:26.280 But let's take a look at what they're saying, and 0:14:26.360 --> 0:14:28.800 see if there is any truth to that at all, 0:14:28.840 --> 0:14:32.880 because I say there's not. And so, um, the first 0:14:32.880 --> 0:14:34.760 part there is that it's a it's a waste of 0:14:34.880 --> 0:14:37.320 energy or it's bad for the for the environment, because 0:14:37.360 --> 0:14:41.440 it's wasting energy, it's burning fossil fuels, as they say, right, So, 0:14:41.560 --> 0:14:44.800 I think there's a giant misconception with that right off 0:14:44.800 --> 0:14:48.400 the bat, and that is that as they kind of 0:14:48.440 --> 0:14:51.800 hinted to, that it is using electricity that most people 0:14:51.920 --> 0:14:56.120 aren't using. And so what we can see is that, Um, 0:14:56.160 --> 0:15:00.840 there was an article written by Newsweek back in December 0:15:00.880 --> 0:15:04.240 of seventeen and the World Economic Forum, good old Cloud 0:15:04.280 --> 0:15:06.840 Schwab picked it up and they said back in seventeen 0:15:06.880 --> 0:15:09.400 that by so that was two years ago now, they 0:15:09.440 --> 0:15:14.960 said that all bitcoin mining would consume all of the 0:15:15.000 --> 0:15:18.200 world's energy, all of it, all of the amount of 0:15:18.280 --> 0:15:20.600 energy that produced in the world would be consumed by bitcoin. 0:15:21.880 --> 0:15:26.160 Was but that was two years ago, did it? Well? No, 0:15:26.400 --> 0:15:28.320 As a matter of fact, the world uses over one 0:15:28.400 --> 0:15:32.040 hundred and seventy thousand, hundred seventy thousand terawa hours of 0:15:32.120 --> 0:15:36.280 energy per year and the bitcoin network uses less than 0:15:36.480 --> 0:15:40.640 zero point one of the world's energy consumption for a 0:15:40.680 --> 0:15:45.080 network of a hundred million estimated users. So that means 0:15:45.080 --> 0:15:48.240 that Bitcoin's energy uses is a rounding error. It's a 0:15:48.400 --> 0:15:52.240 rounding error as far as global energy usages. Uh. And 0:15:52.240 --> 0:15:54.760 and a bigger piece of this is that all the 0:15:54.880 --> 0:15:58.640 energy that Bitcoin is using, the rounding error, the zero 0:15:58.720 --> 0:16:03.120 point one percent, all that energy is from otherwise wasted 0:16:03.440 --> 0:16:06.240 energy sources. So let me explain to you about that. 0:16:07.000 --> 0:16:09.840 So first off, um, if you say that Bitcoin network 0:16:09.920 --> 0:16:13.520 uses too much energy, okay, but it uses less energy 0:16:13.520 --> 0:16:18.640 than Google us less energy than YouTube, Netflix, Facebook, Amazon, 0:16:18.760 --> 0:16:24.360 the cruise industry, Christmas lights, household drying machines, private jets, 0:16:24.920 --> 0:16:27.280 the zinc industry, and on and on and on. So 0:16:27.640 --> 0:16:30.680 it uses less energy than household drying. Is has household 0:16:30.720 --> 0:16:32.720 drying a waste of energy? I mean, come on, go 0:16:32.840 --> 0:16:35.400 hang up your clothes. Do you need to be on YouTube? 0:16:35.400 --> 0:16:37.480 It uses less energy than YouTube? Is YouTube a waste 0:16:37.480 --> 0:16:40.480 of energy? What about air conditioners? Is it? Uh? Do 0:16:40.600 --> 0:16:42.360 we do we need to have air conditioners? Where I 0:16:42.400 --> 0:16:43.880 live here by the beach, I don't have an air 0:16:43.920 --> 0:16:46.240 condition around my house. None of the houses have air conditioners, 0:16:46.280 --> 0:16:48.440 So why should you have one? It's a waste, right, 0:16:49.240 --> 0:16:53.240 it's pretty interesting they say that, But bitcoins energy uces 0:16:53.320 --> 0:16:56.560 is the closest to about the cruise industries energuces and 0:16:56.600 --> 0:16:58.920 maybe cruise industries are a waste of energy too, but 0:16:59.000 --> 0:17:02.800 bitcoins are used by more people and the network scales 0:17:03.120 --> 0:17:08.440 way better. So um. But the thing is is one, 0:17:08.640 --> 0:17:11.000 it's not using if the world's energy, it's zero point one. 0:17:11.040 --> 0:17:13.440 But let's talk about that zero point one for a second, 0:17:13.720 --> 0:17:17.560 because not only is it using wasted energy, it's actually helping. 0:17:18.160 --> 0:17:23.600 It's actually helping pioneer new energy technologies. It's actually helping 0:17:23.720 --> 0:17:28.680 pioneer new countries to come online. And so I would 0:17:28.720 --> 0:17:31.000 say that's a net positive, not uh not a not 0:17:31.080 --> 0:17:35.080 a not a net drag. So um, how bitcoin uses 0:17:35.119 --> 0:17:39.440 otherwise waste energy? How does it use wasted energy? Well, 0:17:40.359 --> 0:17:44.880 it's pretty simple. It's about supply and demand, right, It's 0:17:44.880 --> 0:17:46.760 supplying the man. If there's more people using something than 0:17:46.800 --> 0:17:48.760 there is, if there's more demand, then there is supply, 0:17:49.040 --> 0:17:53.160 the price goes down, and vice diversia operates the other way. 0:17:54.640 --> 0:17:56.440 You're by the way, you're listening to the Mark ma Show. 0:17:56.680 --> 0:18:00.800 We're talking about bitcoin and cryptocurrencies, the decentral revolution, we're 0:18:00.800 --> 0:18:03.560 talking specifically about China and Russia cracking down on it. 0:18:03.680 --> 0:18:07.600 Why and what the United States is saying that sounds 0:18:07.600 --> 0:18:10.680 exactly like what Russia and China is saying, and I'm 0:18:10.680 --> 0:18:13.600 proving why it's completely wrong. I'm gonna be back with more. 0:18:13.760 --> 0:18:15.920 Don't go away, all right, welcome back. You're listening to 0:18:15.960 --> 0:18:17.960 the Mark Moa Show, and we're talking about bitcoin and 0:18:18.000 --> 0:18:23.560 cryptocurrencies and the decentralized revolution, and um, I'm talking about 0:18:24.040 --> 0:18:27.879 what came out of Russia today and also has happening 0:18:27.920 --> 0:18:30.879 in the United States. And they're both saying that we 0:18:30.920 --> 0:18:35.399 need to shut down cryptocurrencies because we can't allow people 0:18:35.440 --> 0:18:38.160 to move into them because it will undermine our financial 0:18:38.200 --> 0:18:40.359 system be bad for the economy. The United States has 0:18:40.400 --> 0:18:42.200 taken a little bit of a different tact and they're 0:18:42.200 --> 0:18:44.680 saying that that, but they're also saying that it's it's 0:18:44.720 --> 0:18:48.480 bad for the environment, and so bitcoins mining specifically is 0:18:48.480 --> 0:18:50.760 bad for the environment, and so we need to be 0:18:50.840 --> 0:18:53.760 able to shut it down. And uh, I'm drawing the 0:18:54.200 --> 0:18:56.760 I I drew. I'm past that, but I drew the 0:18:56.800 --> 0:18:59.240 comparison that. Okay, it's one thing for China or Russia 0:18:59.320 --> 0:19:01.119 to say that, you know, coming from a communist country 0:19:01.119 --> 0:19:04.440 that's centrally planned and controlled, but not from a free country, 0:19:04.520 --> 0:19:07.199 not from a free market. It's pretty pretty crazy in 0:19:07.200 --> 0:19:10.760 my opinion. But even more than that, even even even 0:19:10.920 --> 0:19:12.760 arguing that supposedly we're in the land of the free 0:19:12.800 --> 0:19:15.480 and they shouldn't be controlling that. Even worse than that, 0:19:15.480 --> 0:19:17.960 their entire argument is wrong. It's all built off of 0:19:17.960 --> 0:19:22.919 a false premise. And so the premise that bitcoin waste energy. 0:19:23.359 --> 0:19:25.399 So um I was explaining how they said in in 0:19:27.480 --> 0:19:29.720 which was two years ago, bitcoin would consume more energy 0:19:29.760 --> 0:19:33.040 than the entire world, but that that didn't come to 0:19:33.240 --> 0:19:36.439 that didn't come to pass. Like every other model the 0:19:36.480 --> 0:19:39.680 government puts out, it's wrong and it actually uses less 0:19:39.680 --> 0:19:42.800 than zero point one percent, uses less than a quarter 0:19:42.960 --> 0:19:46.360 percent of one a quarter of one percent um. It's 0:19:46.359 --> 0:19:48.840 a rounding era. But even more than that, all the 0:19:49.000 --> 0:19:52.879 energy being used is actually energy that would otherwise not 0:19:53.040 --> 0:19:57.600 have been used. So an example in California in the summer, 0:19:58.320 --> 0:20:00.880 in in California, we have like a tiered electricity rate, 0:20:01.040 --> 0:20:02.639 so the more you use, the more you pay, And 0:20:02.680 --> 0:20:04.360 in the summer, at the top tier you're gonna pay 0:20:04.400 --> 0:20:07.560 about forty cents per kilo one hour. But bitcoin miners 0:20:07.560 --> 0:20:10.280 can't afford to pay forty cents per kilo one hour. Um, 0:20:10.320 --> 0:20:13.040 they need less than five cents. Really, they need less 0:20:13.040 --> 0:20:15.360 than three cents. So they can't compete here. So they're 0:20:15.400 --> 0:20:18.080 not going to come set up in California and compete 0:20:18.119 --> 0:20:20.360 for our energy and which is going to drive prices 0:20:20.400 --> 0:20:23.200 up on me. They can't do it. So if it's 0:20:23.240 --> 0:20:26.440 forty cents in California, how could they find three cent power, Well, 0:20:26.440 --> 0:20:29.119 they'd have to go somewhere where it's being wasted, and 0:20:29.200 --> 0:20:32.480 so um, they would move somewhere where they have extra 0:20:32.560 --> 0:20:34.880 energies not being used. One of the areas that's being 0:20:34.880 --> 0:20:39.040 done is all throughout um Texas and Oklahoma and North 0:20:39.119 --> 0:20:42.640 Dakota in the in the Midwest, and they go where 0:20:42.680 --> 0:20:45.640 there's oil coming out of the ground, and where there's 0:20:45.680 --> 0:20:48.199 oil coming out of the ground, there's also natural gas. 0:20:48.560 --> 0:20:50.280 The problem is that most of this oil is so 0:20:50.359 --> 0:20:52.159 far so remote out in the middle of nowhere. The 0:20:52.240 --> 0:20:54.960 natural gas, it's not economical to capture it, and so 0:20:55.000 --> 0:20:57.800 it's being either vented or flared. Vented means they just 0:20:57.880 --> 0:21:00.280 let it just escape in the system. Flare it means 0:21:00.320 --> 0:21:01.600 they actually light it on fire and it kind of 0:21:01.600 --> 0:21:04.760 burns into the system. Either one arguably isn't too good 0:21:04.800 --> 0:21:08.680 for the environment to just be releasing that into the atmosphere. UM, 0:21:08.680 --> 0:21:10.639 and a's and as a waste. Right, all that energy 0:21:10.680 --> 0:21:13.040 is just being released and when it could be captured. 0:21:14.119 --> 0:21:17.560 Per the U S Energy Information Administration, they said in 0:21:18.320 --> 0:21:22.439 that Natural Gas Annual reports that one point for eight 0:21:22.560 --> 0:21:25.880 billion cubic feet of natural gas was vented or flared 0:21:26.000 --> 0:21:29.879 per day on average in the US. That's about a 0:21:29.960 --> 0:21:33.000 hundred and fifty terawatt hours of energy for the year, 0:21:33.480 --> 0:21:36.760 which is higher than the estimated total peak level of 0:21:36.760 --> 0:21:39.399 Bitcoin's annual energy usage. As a matter of fact, the 0:21:39.400 --> 0:21:43.879 global flare gas recovery potential is eight times larger than 0:21:43.920 --> 0:21:48.080 the Bitcoin networks energy usage. So we need oil that's 0:21:48.119 --> 0:21:50.840 not going away. Um, if you want your food delivered 0:21:51.000 --> 0:21:53.560 to the store, and you want your Amazon packages delivered, 0:21:53.560 --> 0:21:55.399 and you want to drive to work, we need oil. 0:21:55.560 --> 0:21:57.040 You want to fly to go see your family, you 0:21:57.080 --> 0:21:59.680