WEBVTT - The Real War on Information Is Here 0:00:00.080 --> 0:00:02.680 Hello, and welcome to another episode of The Markmas Show, 0:00:02.680 --> 0:00:05.280 where we talk about, of course, the decentralized revolution, how 0:00:05.320 --> 0:00:09.240 the world is changing, it's decentralizing, it's breaking apart. Of course, 0:00:09.280 --> 0:00:11.720 we're talking about deglobalization, all those things, and we look 0:00:11.720 --> 0:00:15.000 at it through the lens of politics, finance, and technology. 0:00:15.040 --> 0:00:17.479 And luckily for me, there's a lot to talk about 0:00:17.520 --> 0:00:20.320 because Whitman the thing, the world is changing super fast. 0:00:21.520 --> 0:00:23.760 For everybody else, it can be stressful. I get it. 0:00:23.960 --> 0:00:26.920 I understand if you don't understand what's going on or 0:00:26.960 --> 0:00:29.720 where things are going and stressful, but we'll hopefully break 0:00:29.720 --> 0:00:31.280 through some of that today. I want to talk about, 0:00:31.480 --> 0:00:33.959 of course, I talk about the lens of politics, finance, 0:00:34.040 --> 0:00:37.640 and technology together. They all move together, and I believe 0:00:37.640 --> 0:00:39.880 that we have to look at those things in context. 0:00:40.120 --> 0:00:42.840 And I want to talk about something today. I want 0:00:42.840 --> 0:00:45.519 to talk about a new types of technology that are 0:00:45.600 --> 0:00:50.480 developing right now that will change both politics and finance. 0:00:51.440 --> 0:00:54.720 And there's two pieces of technology. Really there's a third. 0:00:54.760 --> 0:00:57.680 We're gonna talk about two today that I am really 0:00:57.680 --> 0:01:02.120 excited for all throughout. His technology is what changes the 0:01:02.200 --> 0:01:04.760 world more than anything. It changes the way that we 0:01:05.000 --> 0:01:08.119 communicate changes the way we organize and changes the way 0:01:08.160 --> 0:01:12.880 that the politics works everything, And like I said, we 0:01:13.000 --> 0:01:15.479 have massive change today. And what I believe is that 0:01:15.600 --> 0:01:17.880 solutions are supposed to come to problems. That's the way 0:01:17.880 --> 0:01:20.520 it's supposed to work. There's a big problem and then 0:01:21.120 --> 0:01:23.200 a piece of technology comes to solve that. But then 0:01:23.240 --> 0:01:25.080 it changes things. And that's what we're gonna talk about. So, 0:01:25.120 --> 0:01:27.959 like I said, there's two pieces of technology that I 0:01:28.000 --> 0:01:30.720 am super excited about. You know, I got to a 0:01:30.760 --> 0:01:33.400 point where I was like, you know, the last hundred years, 0:01:33.400 --> 0:01:35.360 one hundred and twenty years, we had the invention of 0:01:35.360 --> 0:01:39.160 the automobile, and then we had space travel, and then 0:01:39.160 --> 0:01:41.520 we had personal computers, and then we have the Internet, 0:01:41.760 --> 0:01:44.440 and all these things happen, and it seemed like myself 0:01:44.480 --> 0:01:45.960 and maybe even a lot of other people kind of 0:01:46.000 --> 0:01:48.680 seem like technology sort of stalled out a little bit, 0:01:48.720 --> 0:01:51.640 like man, we've we've we've got all the technology games 0:01:51.680 --> 0:01:54.080 we're gonna get Like now it's just going to be small, incremental, 0:01:54.120 --> 0:01:57.080 like what more can we do? But I've changed my 0:01:57.120 --> 0:01:59.120 mind on that, and I believe that the next five 0:01:59.240 --> 0:02:01.760 years are going to change more than we'll even know. 0:02:02.600 --> 0:02:04.240 And so there's two pieces of technology I want to 0:02:04.240 --> 0:02:09.720 talk about that really are super super important for today, 0:02:09.840 --> 0:02:12.520 but they're also they also help us understand what the 0:02:12.520 --> 0:02:16.280 heck is going on today. Now. Part of what's given 0:02:16.320 --> 0:02:18.200 me some of the context is I'm starting to read 0:02:18.200 --> 0:02:20.919 a new book. The book is called The Revolt of 0:02:20.960 --> 0:02:24.640 the Public. Then the author is Martin Gurry. For a 0:02:24.639 --> 0:02:26.800 fun fact, I'm going to have him on the podcast 0:02:26.840 --> 0:02:28.400 next week. We're going to interview with him. So of 0:02:28.480 --> 0:02:30.919 course I'm reading his book, and The Revolt of the Public, 0:02:30.960 --> 0:02:32.840 if I'm going to summarize it real quick, is talking 0:02:32.840 --> 0:02:38.080 about how the public, you and I are revolting against authoritarians, 0:02:38.120 --> 0:02:41.800 against leadership, against what he would call the center. So 0:02:41.880 --> 0:02:44.760 you have the center, which is the establishment, and then 0:02:44.800 --> 0:02:47.040 you have the fringe or what he calls the border. 0:02:47.919 --> 0:02:49.640 And what he's talking about is the revolt of the public. 0:02:49.680 --> 0:02:53.480 And the reason why is because what he's calling as technology. 0:02:54.080 --> 0:02:57.359 So all throughout history, as far back as we can go, 0:02:58.400 --> 0:03:01.280 those who want to control us, those who want power 0:03:01.400 --> 0:03:05.400 over us, have to control the flow of information, and 0:03:05.440 --> 0:03:08.440 they need to tell us the story. They need to 0:03:08.480 --> 0:03:10.600 control that story. They need to control the narrative so 0:03:10.639 --> 0:03:13.440 that they can control what goes in our head and 0:03:13.440 --> 0:03:16.360 then ultimately control what we desire and what we don't desire. 0:03:17.080 --> 0:03:19.560 And they've done pretty well with that because up until 0:03:20.200 --> 0:03:24.760 about five hundred years ago, information didn't really move very freely. 0:03:24.760 --> 0:03:26.280 As a matter of fact, he talks about like five 0:03:26.320 --> 0:03:29.960 phases of information. Don't worry, we're gonna pass the information side. 0:03:29.960 --> 0:03:31.079 I don't want to kind of frame this up for you, 0:03:31.120 --> 0:03:33.359 but there's like five phases of information, and of course 0:03:33.400 --> 0:03:35.440 it goes with spoken word, and then of course then 0:03:35.440 --> 0:03:38.120 there was a written text and there's different things. But 0:03:38.160 --> 0:03:41.400 it wasn't really until the fifteen hundreds, and actually the 0:03:41.400 --> 0:03:44.000 fourteen hundreds, to be exact, is when a new piece 0:03:44.040 --> 0:03:46.040 of technology was created. I talked about all the time. 0:03:46.240 --> 0:03:50.720 It was the Gutenberg printing press, and what that did. 0:03:50.800 --> 0:03:53.120 At the time that the church and the state were 0:03:53.880 --> 0:03:58.040 basically telling the people what the Bible said, They were 0:03:58.160 --> 0:04:04.480 distorting the truth, they were creating misinformation, telling them lies 0:04:04.520 --> 0:04:07.040 about what the actual Bible said, what the document said, 0:04:07.560 --> 0:04:10.080 and they did that in order to control the people. 0:04:10.600 --> 0:04:12.760 But when the printing press came out, the first book 0:04:12.760 --> 0:04:15.080 they started printing was the Bible. It was invented so 0:04:15.120 --> 0:04:17.279 they could produce the Bible, and they produced the Bible 0:04:17.320 --> 0:04:20.000 in mass, and as the people got the Bible, they 0:04:20.000 --> 0:04:21.920 started to read it directly, and they said, wait a minute, 0:04:22.080 --> 0:04:24.920 this isn't what our leaders have been telling us. They've 0:04:24.920 --> 0:04:27.520 been lying to us all a line. We don't need them, 0:04:27.600 --> 0:04:29.200 We don't have to do these things. We can have 0:04:29.279 --> 0:04:31.400 our own path to God. We don't have to follow that. 0:04:32.080 --> 0:04:34.159 And so all of a sudden there was a revolt 0:04:34.200 --> 0:04:39.919 against this established order, the establishment, the combined church and state, 0:04:39.960 --> 0:04:43.320 who had been lying, who had been spreading misinformation were 0:04:43.360 --> 0:04:45.520 now found out. Now, of course, they didn't like that, 0:04:45.560 --> 0:04:47.000 and so they tried to they try to stop it. 0:04:47.080 --> 0:04:49.839 Right of course, so anybody who spoke out against that 0:04:49.960 --> 0:04:52.440 was labeled a heretic. It was called heresy, and it 0:04:52.480 --> 0:04:56.560 was punishable by death. And the state, the establishment at 0:04:56.560 --> 0:05:00.080 the time, tried everything they could to stop that is 0:05:00.120 --> 0:05:02.839 that even punishable by death. But it didn't matter, because 0:05:02.920 --> 0:05:05.560 once the information was out there, once that genie was 0:05:05.560 --> 0:05:07.720 out of the bottle, it couldn't go back. They say, 0:05:07.760 --> 0:05:10.280 there's a no standing army is a match for a 0:05:10.279 --> 0:05:12.080 good idea whose time has come. And so once that 0:05:12.160 --> 0:05:14.880 information has been out it didn't matter. And as a 0:05:14.880 --> 0:05:18.159 matter of fact, the more that the state tried to 0:05:18.200 --> 0:05:21.520 suppress that information, the more they tried to discredit people, 0:05:21.600 --> 0:05:25.800 suppress information, distort, manipulate, etc. And even kill. The more 0:05:25.839 --> 0:05:28.880 they did that, it just brought even more attention to 0:05:28.920 --> 0:05:31.800 what was going on. And of course that changed the world. 0:05:32.360 --> 0:05:35.360 The state lost the power. We're in from a very 0:05:35.400 --> 0:05:38.760 centralized world to more of a decentralized world where everybody 0:05:38.839 --> 0:05:40.640 kind of spread out, went back into the farm and 0:05:41.279 --> 0:05:43.960 farm and cottage industry. Now, I want to frame that 0:05:44.040 --> 0:05:47.400 up because we're witnessing something else happening today, and this 0:05:47.480 --> 0:05:49.240 is what is framed up in this book, the Revolt 0:05:49.279 --> 0:05:50.760 of the public. And we're gonna get into the two 0:05:50.800 --> 0:05:53.440 technologies that are popping up because of this. But basically 0:05:53.440 --> 0:05:55.880 the revolt of the public is is a continuation of that. 0:05:55.960 --> 0:05:59.480 So once the people surprise, surprise, Once the people can 0:05:59.480 --> 0:06:02.800 get their own information and can think for themselves, they 0:06:02.800 --> 0:06:05.599 don't want to be lied to and told what to 0:06:05.640 --> 0:06:09.440 do by some arbitrary power that has tried to establish 0:06:09.440 --> 0:06:16.480 themselves there, sobrise surprise. Right. So the goal of authoritarian 0:06:16.680 --> 0:06:19.600 is to try to control the flow of information. Now, 0:06:19.640 --> 0:06:21.200 what he's calling the roles of the public is that 0:06:21.240 --> 0:06:23.560 we have a new technology about five hundred years later 0:06:23.800 --> 0:06:26.440 called the Internet. And what the Internet has done is 0:06:26.480 --> 0:06:31.000 for the first time allowed for massive amounts of information 0:06:31.080 --> 0:06:34.559 to be created, to be transferred. But it was also 0:06:34.640 --> 0:06:39.240 done as it's broken down authority structure. So in two 0:06:39.279 --> 0:06:41.760 thousand and one, So you know, it depends on where 0:06:41.760 --> 0:06:43.440 you want to pencil or put your finger on where 0:06:43.440 --> 0:06:46.040 the creation of the Internet was, but probably the dot 0:06:46.040 --> 0:06:48.400 com boom nineteen ninety nine and the dot com crash 0:06:48.440 --> 0:06:51.000 two thousand. So kind of looking at two thousand, let's 0:06:51.000 --> 0:06:53.400 go one year past the two thousand dot com boom 0:06:53.920 --> 0:06:58.000 bust in two thousand and one, per the book, in 0:06:58.040 --> 0:07:01.760 two thousand and one is an amazing act. More information 0:07:02.480 --> 0:07:05.960 was created in two thousand and one than all of 0:07:06.040 --> 0:07:10.640 humanity before that. That's amazing. And two thousand and two 0:07:11.000 --> 0:07:14.200 saw it double. In two thousand and three saw it 0:07:14.280 --> 0:07:17.760 double again. And now we're on this exponential path of information. 0:07:17.760 --> 0:07:20.280 Now information could be created instantly, it could be shared 0:07:20.280 --> 0:07:21.800 at the speed of light, and it could be shared 0:07:21.800 --> 0:07:24.000 with people all over the world, millions and millions of 0:07:24.000 --> 0:07:26.760 people with a push of a button. Now the problem 0:07:26.840 --> 0:07:31.320 is that the authoritarians, the governments, the leaders, the establishment, 0:07:31.760 --> 0:07:35.000 wants to pretend they want to put themselves up on 0:07:35.000 --> 0:07:38.000 a pedestal like they are the authority. We should only 0:07:38.040 --> 0:07:40.800 listen to them. The problem is that they tell us something. 0:07:41.160 --> 0:07:45.480 And actually I believe it was called Cronkite Gate. Walter Kronkite, 0:07:45.480 --> 0:07:49.680 a famous newscaster. He put out a news story that 0:07:49.960 --> 0:07:54.200 wasn't accurate, and the people were able to pick that 0:07:54.280 --> 0:07:57.080 apart very quickly and discredit him, and that was kind 0:07:57.120 --> 0:08:00.640 of the fall of this, the start of this, this revolt. 0:08:00.640 --> 0:08:02.640 And he goes on and talks about over and over 0:08:02.680 --> 0:08:05.800 and over how this has taken place, how the Arab spring, 0:08:06.200 --> 0:08:09.640 you know in the Middle East, how that fell, how 0:08:09.760 --> 0:08:13.920 revolt revolution happened in Iran, in Egypt, and it happens 0:08:13.920 --> 0:08:17.520 over and over because the government isn't able, the authoritarians 0:08:17.520 --> 0:08:21.000 aren't able to control the flow of information anymore. And 0:08:21.040 --> 0:08:23.840 now we don't have to listen to them as authorities. 0:08:23.880 --> 0:08:27.640 Now all of us are authorities and we can crowdsources information. 0:08:27.640 --> 0:08:29.520 I see it all the time. I'll see somebody say 0:08:29.560 --> 0:08:31.760 something on Twitter and I'm like, oh, man, that's that's 0:08:31.800 --> 0:08:34.880 pretty good. That's pretty interesting. I didn't think about it 0:08:34.880 --> 0:08:37.240 like that, but then I read the comments down below, 0:08:37.440 --> 0:08:39.600 and everybody starts chiming in and picks it apart. Oh, 0:08:39.640 --> 0:08:41.600 and that's not right, that's not factually correct. Though. Here's 0:08:41.600 --> 0:08:44.599 the rebuttal, here's actually what happened, and it's crowdsources of 0:08:44.640 --> 0:08:48.960 that information, and we're breaking down those establishments and we're 0:08:49.080 --> 0:08:51.280 now able to share this. That's the revolt of the public. 0:08:51.600 --> 0:08:52.880 So I kin't want to frame that up. And this 0:08:52.960 --> 0:08:55.040 is only going to continue. We're going to continue to 0:08:55.080 --> 0:08:58.760 see government lose power. The only way forward is the government. 0:08:58.800 --> 0:09:00.400 The government's going to have to realize they don't have 0:09:00.440 --> 0:09:01.719 the power any more. We're gonna have to see a 0:09:02.120 --> 0:09:05.760 massive shrinking of the government, and there's gonna have to 0:09:05.800 --> 0:09:07.600 be a new agreement between the public and the leaders. 0:09:07.600 --> 0:09:10.320 It's the only way forward because you can't put this technology, 0:09:10.320 --> 0:09:11.680 you can't put the genie back in the bottle. Now. 0:09:11.679 --> 0:09:14.120 Of course they're gonna try, just like the Church did 0:09:14.160 --> 0:09:16.840 with the heretics and the heresy. They'll try the same thing, 0:09:17.200 --> 0:09:19.719 but there's new technologies that are popping up that will 0:09:19.760 --> 0:09:22.240 make it impossible. All right, Now, I gotta take a 0:09:22.320 --> 0:09:23.800 quick break. I'm gonna come back. I'm gonna tell you 0:09:23.840 --> 0:09:26.839 about the two technologies that are changing the world and 0:09:26.880 --> 0:09:28.760 you need to know about. Don't go away, I'm gonna 0:09:28.760 --> 0:09:31.520 be right back. All right, welcome back. If you're just 0:09:31.559 --> 0:09:33.400 tune in, you're listening to the Mark Moss Show. We're 0:09:33.440 --> 0:09:36.840 talking about, of course, each week, the decentralized Revolution. Today 0:09:36.880 --> 0:09:40.839 I'm talking about two technologies that are happening that I'm 0:09:40.840 --> 0:09:44.640 really excited for, and they are decentralized technologies. Of course. 0:09:44.640 --> 0:09:47.720 Now we typically talk about bitcoin as a decentralized technology, 0:09:47.800 --> 0:09:52.120 but there's other types of decentralized technologies and they don't 0:09:52.120 --> 0:09:55.160 always have to be blockchains. So we're gonna talk about that. 0:09:56.600 --> 0:09:59.480 And really we're gonna talk about open networks. So the 0:09:59.480 --> 0:10:02.520 difference of a closed network, a centralized network versus open 0:10:02.520 --> 0:10:04.760 networkord decentralized network. And we're going to talk about from 0:10:04.960 --> 0:10:09.400 an open monetary network and an open information network. Now, 0:10:09.440 --> 0:10:11.080 when I opened up, I was talking about this book 0:10:11.080 --> 0:10:14.720 I'm reading The Revolt of the Public and how all 0:10:14.760 --> 0:10:19.040 throughout history there's countless examples of how authoritarians try to 0:10:19.040 --> 0:10:22.520 control information to control the people. But once information gets 0:10:22.520 --> 0:10:24.400 out there, they're just not able to do that, and 0:10:24.440 --> 0:10:26.200 of course it's getting harder and harder for them to 0:10:26.240 --> 0:10:28.880 do that. In the information age, as we all know, 0:10:28.880 --> 0:10:31.560 we're all on smartphones and connected on Twitter and social media, 0:10:31.559 --> 0:10:33.760 and of course that's why you hear things like the 0:10:33.760 --> 0:10:37.360 Twitter files where the governments are working directly with social 0:10:37.400 --> 0:10:42.079 media companies to censor us. But problems come to solutions. 0:10:42.080 --> 0:10:44.760 So as those problems continue to mount, as the state 0:10:44.800 --> 0:10:48.880 continues to try to squeeze harder to hold us hostage, 0:10:48.920 --> 0:10:52.160 if you will, new technologies are being created. That's want 0:10:52.200 --> 0:10:56.440 to talk about. Now. If we look at recent decades, 0:10:56.520 --> 0:11:01.920 we can see that they've been primarily driven by closed systems, right, 0:11:02.040 --> 0:11:04.080 both information and monetary. We're going to look at both 0:11:04.120 --> 0:11:05.960 of those. And if you think about it, actually to 0:11:06.000 --> 0:11:10.640 go through a little bit of a philosophical level, money 0:11:10.840 --> 0:11:13.320 is just information. My good friend Robert Breedlove has a 0:11:13.320 --> 0:11:15.600 podcast called What is Money, and he talks about what 0:11:15.640 --> 0:11:17.080 money is. And so a lot of people think they 0:11:17.160 --> 0:11:19.120 know what money is, but I've never really thought about 0:11:19.160 --> 0:11:21.520 it from a philosophical level. But money is just communication. 0:11:21.800 --> 0:11:25.480 Money communicates value. If I want to get this thing 0:11:25.559 --> 0:11:29.400 from you, you say, you want ten dollars, If I 0:11:29.640 --> 0:11:32.480 value that more than I value the ten dollars that 0:11:32.559 --> 0:11:35.240 I have, I will give you that money, and it 0:11:35.320 --> 0:11:39.120 communicates that I value that. It's an exchange of value. 0:11:39.120 --> 0:11:44.720 So anyway, information money is information and it communicates value. 0:11:44.720 --> 0:11:47.240 So anyway, we've seen that. Basically, let's start with the 0:11:47.240 --> 0:11:49.959 financial system. So the financial system as we know it 0:11:50.000 --> 0:11:53.040 is a closed system. As a matter of fact, banks 0:11:53.440 --> 0:11:57.240 and brokerages operate as basically a permissioned ledger. So if 0:11:57.240 --> 0:11:58.760 you want to go to a bank account, you have 0:11:58.800 --> 0:12:00.960 to obviously get permissioned to fill out all types of 0:12:00.960 --> 0:12:04.040 paperwork to do that. Opening accounts with institutions is a 0:12:04.200 --> 0:12:07.200 permissioned activity. They have to decide if they want to 0:12:07.240 --> 0:12:10.160 allow you to do that. Of course, even sending your 0:12:10.160 --> 0:12:12.600 own money from your own bank account to somebody else 0:12:12.720 --> 0:12:15.840 is also a permissioned activity, and they can decide if 0:12:15.880 --> 0:12:18.160 they want to allow you to move that money or not. 0:12:18.320 --> 0:12:20.280 What a lot of people found out is that the 0:12:20.360 --> 0:12:24.160 money in the bank is not your money, not legally. Legally, 0:12:24.200 --> 0:12:27.320 the bank owes you the money. It's a big difference legally, 0:12:27.320 --> 0:12:29.120 which means they have the right to decide whether they 0:12:29.120 --> 0:12:32.520 want to transmit that money PayPal, Venmo, but even your 0:12:32.520 --> 0:12:35.640 own bank, I get stumped all the time. I get 0:12:35.640 --> 0:12:39.080 asked all the time by my bank do they want 0:12:39.080 --> 0:12:40.840 to allow me to send that wire? And those are 0:12:40.920 --> 0:12:43.840 permissioned activities. We see that all the time now. The 0:12:43.880 --> 0:12:48.199 Internet also, it started out very open and decentralized, and 0:12:48.240 --> 0:12:50.239 a lot of people think the Internet still is decentralized, 0:12:50.240 --> 0:12:52.080 which most of it is, right, I mean, obviously we 0:12:52.120 --> 0:12:55.160 can publish stuff and share information across the Internet, but 0:12:55.559 --> 0:12:58.920 most of it has been consolidated and centralized into what 0:12:58.960 --> 0:13:04.679 would consider these sighs. Right. So Twitter has this big silo, Facebook, YouTube, LinkedIn, 0:13:05.320 --> 0:13:07.360 things like that, and those are closed networks. So in 0:13:07.440 --> 0:13:11.240 order to join Facebook or LinkedIn or whatever, Twitter, I 0:13:11.280 --> 0:13:15.160 have to have permission. In order to use that, I 0:13:15.160 --> 0:13:18.560 have to have permission. All my activity is permission. If 0:13:18.559 --> 0:13:21.400 I say something that they don't like, then I lose permission, 0:13:21.440 --> 0:13:23.880 I lose my entire account. So all of that's permission, 0:13:23.920 --> 0:13:27.280 and even sending information between the platforms isn't even allowed, 0:13:27.280 --> 0:13:31.040 It's not even possible. But today we have new technologies 0:13:31.080 --> 0:13:34.280 that are changing all that. This is a massive paradigm shift. 0:13:34.480 --> 0:13:37.040 We have open monetary protocols. Of course I talk about 0:13:37.040 --> 0:13:40.440 bitcoin right all the time. It's the emergence of a newer, 0:13:40.600 --> 0:13:44.839 open information protocol that we can transfer value. But then 0:13:44.880 --> 0:13:48.040 we also have other information protocols, and this is one 0:13:48.160 --> 0:13:50.080 I've talked about a little bit before, but I just 0:13:50.080 --> 0:13:52.199 contend to get more and more excited about and you 0:13:52.280 --> 0:13:57.319 might have heard about. It's called noster in OSTR. And basically, 0:13:57.520 --> 0:14:03.200 between these open monetary protocols and open information protocols, it's 0:14:03.360 --> 0:14:06.800 challenging the state, just like the printing press challenge of state. 0:14:07.360 --> 0:14:10.559 Now the Internet tried to it started to challenge the state, 0:14:10.559 --> 0:14:12.760 which it already has, like I said, it's already been 0:14:12.800 --> 0:14:17.360 responsible for organizing revolutions in Iran and Egypt and so forth. 0:14:18.320 --> 0:14:20.440 But now the state's tried to figure out how to 0:14:20.480 --> 0:14:23.800 grasp that. But today, with the monetary protocols, information protocols, 0:14:24.720 --> 0:14:26.960 it's going to challenge the state and they they're not 0:14:27.000 --> 0:14:29.560 going to stand a chance. Let's talk about this. So money, 0:14:29.880 --> 0:14:33.160 like I said, money has been closed source. You have 0:14:33.200 --> 0:14:36.200 to have permission. Now, about eight billion people in the 0:14:36.240 --> 0:14:40.960 world today and about two billion adults don't have access 0:14:41.000 --> 0:14:43.040 to banking either don't have access to it. They can't 0:14:43.040 --> 0:14:46.400 afford it, or they don't have permission to join. Right, 0:14:46.640 --> 0:14:49.200 you have this global network of interconnected banks that allow 0:14:49.240 --> 0:14:52.000 you to send money, but if you don't have permission 0:14:52.040 --> 0:14:54.640 to join, you can't get into the finsive system. Or 0:14:54.720 --> 0:14:58.000 if you find yourself like Iran or Russia where you're 0:14:58.000 --> 0:15:00.760 sanctioned and kicked out of the financial system, you don't 0:15:00.800 --> 0:15:03.240 have permission to operate. Now, we've seen all types of 0:15:03.280 --> 0:15:07.560 development technology happening supposedly all these fintech companies, and what 0:15:07.600 --> 0:15:11.520 they've done is developed layers on top of traditional banking rails. 0:15:11.520 --> 0:15:14.000 And so again you have Venmo or cash app or 0:15:14.040 --> 0:15:16.760 something like that. But Venmo connects to your credit card, 0:15:16.800 --> 0:15:20.320 which connects to your bank. Right, So it's an app 0:15:20.360 --> 0:15:22.040 and it's cool and it makes it easier whatever to 0:15:22.040 --> 0:15:23.840 send money back and forth. But the reality is it 0:15:23.880 --> 0:15:28.680 just still works on top of the banking layer all right. Now, 0:15:29.160 --> 0:15:30.920 like I said, it makes it easier, makes it faster, 0:15:31.200 --> 0:15:34.040 but it doesn't change anything. It's still the same permission 0:15:34.320 --> 0:15:38.440 bank account. Now, when you want to get outside of 0:15:38.480 --> 0:15:40.920 that permissioned area can become a real big problem. So, 0:15:41.000 --> 0:15:45.200 for example, try sending money to another country that use 0:15:45.280 --> 0:15:49.000 a different siloed money system. So send money to El Salvador. 0:15:49.320 --> 0:15:52.040 See what happens that works. Especially, try it with a 0:15:52.160 --> 0:15:54.920 very small transaction, and you'll find out most times it's 0:15:54.960 --> 0:15:57.280 probably not worth it because of the high percentage of 0:15:57.320 --> 0:16:00.280 fees that people will pay. According to the World Bank, 0:16:00.360 --> 0:16:03.840 the average fee percentage on a remittance payment, so that's 0:16:04.120 --> 0:16:06.720 sending money to somebody else in another country, is six 0:16:06.800 --> 0:16:09.920 and a half percent. Now, if you're doing it directly 0:16:09.960 --> 0:16:13.280 to banks, the fee percentage is usually about twelve percent. 0:16:13.760 --> 0:16:16.760 It's a big chunk. It's a real big chunk. And 0:16:17.000 --> 0:16:19.680 what we also saw from that same report, seventy six 0:16:19.760 --> 0:16:23.880 percent of people have an account at a bank, So 0:16:23.960 --> 0:16:27.600 that means whatever. Twenty five percent of people don't. They 0:16:27.600 --> 0:16:29.280 don't have an account at the bank. They're not in 0:16:29.320 --> 0:16:32.280 the global financial system. Now, I've often said that this phone, 0:16:32.320 --> 0:16:34.680 the smartphone, is like the great equalizer. If you have 0:16:34.760 --> 0:16:37.560 access to a smartphone, you have access to the internet. 0:16:38.280 --> 0:16:41.440 You can learn anything, you can meet anyone, you can 0:16:41.600 --> 0:16:44.520 do anything. You can be a kid with an Instagram account, 0:16:44.560 --> 0:16:48.560 make a hundregranm. But not not if you're allowed, not 0:16:48.600 --> 0:16:51.080 allowed to be in the financial system. You have to 0:16:51.120 --> 0:16:54.520 be in the financial system, otherwise you have no chance. Now, 0:16:54.680 --> 0:16:57.480 a lot of people aren't really aware of this from 0:16:57.520 --> 0:16:59.680 a global perspective. A lot of people approaches from a 0:16:59.720 --> 0:17:01.640 very US centric viewpoint. But think about it like this, 0:17:02.680 --> 0:17:05.320 what about all the refugees that are fleeing Ukraine, or 0:17:05.359 --> 0:17:08.760 have fled Syria, or they've fled Venezuela. What about all 0:17:08.760 --> 0:17:10.800 those people they've left? You know, they have war torn regions, 0:17:11.200 --> 0:17:14.560 they don't have IDs, they don't even have a path 0:17:14.600 --> 0:17:18.480 to get an ID. Their country's gone. They can't even 0:17:18.520 --> 0:17:20.359 go home and get an ID. So what are they 0:17:20.400 --> 0:17:21.639 going to do? How are they going to join the 0:17:21.680 --> 0:17:25.560 financial system? Of course, the answer is they won't. However, 0:17:26.840 --> 0:17:29.440 those same people they don't have an ID, they won't 0:17:29.440 --> 0:17:31.359 have permission to open a bank account, but they have 0:17:31.440 --> 0:17:34.199 a smartphone. As a matter of fact, over eighty six 0:17:34.280 --> 0:17:35.960 percent of people in the world today have a smartphone. 0:17:36.040 --> 0:17:39.240 Seven point one billion people have a smart phone globally. 0:17:39.680 --> 0:17:41.720 And that is what will change things. If you're just 0:17:41.720 --> 0:17:43.720 tune in its into the Markmas show. We're talking about 0:17:43.760 --> 0:17:47.760 the decentralized revolution. I'm talking about two technologies today that 0:17:47.840 --> 0:17:50.000 I think are going to change the world. More than 0:17:50.040 --> 0:17:53.000 anybody realizes that it's going to happen much faster. I 0:17:53.000 --> 0:17:55.600 think in the next five years, the world's gonna look 0:17:55.600 --> 0:17:57.920 a lot different the decentralized Revolution as what we're talking about. 0:17:57.960 --> 0:18:00.359 I want to continue to talk about these two different 0:18:00.359 --> 0:18:02.720 types of technologies, how they're going to change, and what 0:18:02.760 --> 0:18:05.359 you need to know to take advantage of them and 0:18:05.400 --> 0:18:06.960 not get wiped out. So I'm gonna be back with 0:18:07.000 --> 0:18:08.720 all that a minute. I gotta take a quick break, 0:18:08.720 --> 0:18:12.240 will be right back. Don't go away, all right, Welcome back. 0:18:12.240 --> 0:18:13.760 If you're just tune in, you're listening to the Mark 0:18:13.880 --> 0:18:16.399 Moss Show. We're talking about, of course each week, the 0:18:16.480 --> 0:18:20.199 decentralized Revolution. Today I'm talking about two different pieces of 0:18:20.240 --> 0:18:23.880 technology that are decentralizing the world. It's going to make 0:18:23.920 --> 0:18:30.119 it impossible for the leaders, the governments, the states to 0:18:30.359 --> 0:18:33.880 continue to centralize power. It's always technology that changes things. 0:18:33.920 --> 0:18:35.880 We're talking about that. If you missed it, don't worry, 0:18:36.000 --> 0:18:37.840 go catch it on the podcast. Just search the Mark 0:18:37.920 --> 0:18:40.520 Moss Show on your favorite podcast, or just go to 0:18:40.680 --> 0:18:44.399 YouTube and search Market Disruptors and you can find you 0:18:44.480 --> 0:18:45.920 can watch me listen to me at the same time. 0:18:46.000 --> 0:18:47.840 Now we're talking about this, and we're talking about how 0:18:48.920 --> 0:18:51.479 if you think about think about the world globally, all right, 0:18:51.480 --> 0:18:53.240 you have to think think globally. If you're gonna make it, 0:18:53.240 --> 0:18:55.960 you gotta think globally, because we're moving too this decentralized revolution. 0:18:56.000 --> 0:18:58.399 And if you understand technology, you understand like in the 0:18:58.480 --> 0:19:01.080 United States, the Internet grew really fast because we had 0:19:01.119 --> 0:19:04.400 this wired telephone system, and then the Internet was able 0:19:04.400 --> 0:19:07.639 to work off of that Internet that wired telephone system. 0:19:07.720 --> 0:19:09.080 If you remember the old days of the Internet, it 0:19:09.160 --> 0:19:11.520 was a dial up, right, and it worked on the 0:19:11.520 --> 0:19:15.080 phone system. But then you had nations like Africa that 0:19:15.280 --> 0:19:18.720 leapfrog passed the US. They didn't have wired they went 0:19:18.760 --> 0:19:22.720 straight to wire lists. And so that's we have to 0:19:22.800 --> 0:19:25.640 understand the global perspective, the global picture, and so sort 0:19:25.640 --> 0:19:26.840 of the same thing. If we're looking at it from 0:19:26.880 --> 0:19:29.520 a very US centric viewpoint. We have this US banking 0:19:29.600 --> 0:19:31.920 system and that works really well. What do we need 0:19:32.000 --> 0:19:34.159 what do we need a solution for that for? But 0:19:34.320 --> 0:19:38.400 in other nations across the world, they have big problems 0:19:38.440 --> 0:19:41.960 and they're leapfrogging past our existing system and building up 0:19:41.960 --> 0:19:44.399 a new system. So, like I was saying, if we 0:19:44.440 --> 0:19:46.199 think if we think about this globally, we have you know, 0:19:46.240 --> 0:19:48.400 all these refugees from all over the world. They don't 0:19:48.440 --> 0:19:50.159 have IDs, they don't have a path to get ideas, 0:19:50.160 --> 0:19:51.359 and because of that, they won't be able to get 0:19:51.400 --> 0:19:53.639 bank accounts. They won't be able to participate in the 0:19:53.640 --> 0:19:59.600 global financial system. But seventy six, sorry was the percentage. 0:20:00.320 --> 0:20:05.919 But they have smartphones. They have smartphones. Now, if you 0:20:05.920 --> 0:20:08.159 have a smartphone, then you can participate. We're gonna talk 0:20:08.160 --> 0:20:11.800