1 00:00:00,040 --> 00:00:02,040 Speaker 1: All right, welcome back. You are listening to the Mark 2 00:00:02,160 --> 00:00:04,840 Speaker 1: Moa show where I talk about bitcoin, cryptocurrencies and the 3 00:00:04,920 --> 00:00:08,479 Speaker 1: decentralized revolution, giving you the information that you need to 4 00:00:08,520 --> 00:00:13,280 Speaker 1: take advantage of the biggest wealth transfer that we'll ever see. Now. 5 00:00:13,680 --> 00:00:16,680 Speaker 1: Before the break, I was talking about UM, the Federal Reserve, 6 00:00:16,720 --> 00:00:17,960 Speaker 1: I was talking about the Central Bank. I was talking 7 00:00:17,960 --> 00:00:20,320 Speaker 1: about government's talking about the debt ceiling UM and how 8 00:00:20,480 --> 00:00:22,239 Speaker 1: every couple years we get this song and dance about 9 00:00:22,239 --> 00:00:24,840 Speaker 1: the debt ceiling, And then I was going into what 10 00:00:25,160 --> 00:00:29,200 Speaker 1: more debt means, specifically in regards to your wealth, how 11 00:00:29,240 --> 00:00:31,920 Speaker 1: you build wealth um, and then of course how that 12 00:00:32,080 --> 00:00:35,559 Speaker 1: is a driver to bitcoin. So I was asking the question, um, 13 00:00:36,000 --> 00:00:41,440 Speaker 1: our US home prices expensive or cheap right now? And 14 00:00:41,479 --> 00:00:43,040 Speaker 1: I'm going to tell you the answer to that. So 15 00:00:43,320 --> 00:00:46,280 Speaker 1: the answer to that is, actually, first you have to 16 00:00:46,360 --> 00:00:49,680 Speaker 1: ask a different question, Our U s home price is 17 00:00:49,720 --> 00:00:54,320 Speaker 1: expensive or cheap compared to what, but also more importantly 18 00:00:54,920 --> 00:00:58,560 Speaker 1: priced in what now? Remember I said that before the break, 19 00:00:58,600 --> 00:01:00,960 Speaker 1: I said that the value you of your home hasn't 20 00:01:01,040 --> 00:01:04,560 Speaker 1: gone up. The value of the dollar went down, so 21 00:01:04,680 --> 00:01:06,440 Speaker 1: it takes more dollars to buy the home today. So 22 00:01:07,200 --> 00:01:09,560 Speaker 1: when I say our U S home price is cheap 23 00:01:09,640 --> 00:01:12,480 Speaker 1: or expensive than I would say, priced in what well, 24 00:01:13,040 --> 00:01:16,240 Speaker 1: priced in US dollars, which, of course we dominant denominate 25 00:01:16,240 --> 00:01:17,760 Speaker 1: everything in US dollars. If you're in the U S 26 00:01:18,160 --> 00:01:20,720 Speaker 1: and even most of the world priced in US dollars, 27 00:01:20,800 --> 00:01:23,520 Speaker 1: homes have never been more expensive. Okay, that's the answer. 28 00:01:23,640 --> 00:01:27,040 Speaker 1: They're more expensive. But what if we priced them in 29 00:01:27,240 --> 00:01:30,000 Speaker 1: something else? Because remember, at the end of the day, 30 00:01:30,040 --> 00:01:32,400 Speaker 1: everything is a trade. If I go to the store, 31 00:01:32,640 --> 00:01:35,560 Speaker 1: I'm going to trade them my dollars for their product. 32 00:01:35,959 --> 00:01:39,880 Speaker 1: Right now, if we're trading stocks or trading cryptocurrencies, I 33 00:01:40,000 --> 00:01:42,919 Speaker 1: might trade one Ethereum token for a light coin token, 34 00:01:43,520 --> 00:01:46,120 Speaker 1: or one Ethereum token for a bitcoin token, or one 35 00:01:46,240 --> 00:01:49,160 Speaker 1: light coin for a bitcoin and so everything's a trade, right. Um, 36 00:01:49,200 --> 00:01:52,040 Speaker 1: It's like like a barter system. Money is the piece 37 00:01:52,080 --> 00:01:54,840 Speaker 1: in the middle. So if I price it in dollars, 38 00:01:54,960 --> 00:01:57,440 Speaker 1: it's never been more expensive. But what if I price 39 00:01:57,520 --> 00:02:00,320 Speaker 1: it in something else? So if we go back, uh, 40 00:02:01,640 --> 00:02:04,080 Speaker 1: before the break I was talking about, the gold standard 41 00:02:04,160 --> 00:02:06,440 Speaker 1: got severed in nineteen seventy one, so we started printing 42 00:02:07,240 --> 00:02:09,160 Speaker 1: hundreds of chillions dollars after that. So if we go 43 00:02:09,240 --> 00:02:11,720 Speaker 1: to nineteen seventy. The year before that happened, the median 44 00:02:11,840 --> 00:02:17,239 Speaker 1: home price was worth about um, shoot, I thought I 45 00:02:17,280 --> 00:02:19,240 Speaker 1: had that exact number. I think it was worth about 46 00:02:20,480 --> 00:02:24,120 Speaker 1: about forty dollars um. Today the median home price is 47 00:02:24,160 --> 00:02:27,040 Speaker 1: worth about three hundred and fifty thousand dollars, So in 48 00:02:27,240 --> 00:02:31,480 Speaker 1: U S dollars it's way more expensive. But in nineteen seventy, 49 00:02:31,840 --> 00:02:35,239 Speaker 1: the median home price was about forty dollars. But it 50 00:02:35,360 --> 00:02:40,480 Speaker 1: was also six hundred and forty six ounces of gold. Well, okay, Well, 51 00:02:40,560 --> 00:02:41,840 Speaker 1: if I was gonna buy it in gold would be 52 00:02:41,840 --> 00:02:45,680 Speaker 1: sixty six ounces. Today it's a hundred and ninety four 53 00:02:45,680 --> 00:02:48,760 Speaker 1: ounces of gold. Hm hmmm. So you're saying, if I 54 00:02:48,880 --> 00:02:51,440 Speaker 1: was just storing my my wealth and gold, homes are 55 00:02:51,480 --> 00:02:53,760 Speaker 1: actually cheaper. They're actually less than half the price they 56 00:02:53,840 --> 00:02:56,160 Speaker 1: used to be. Yep, that's what I'm saying. Well, what 57 00:02:56,240 --> 00:02:59,160 Speaker 1: about something else? Well, what if in nineteen seventy, what 58 00:02:59,280 --> 00:03:01,000 Speaker 1: if I stored my wealth and oil. A lot of 59 00:03:01,040 --> 00:03:03,280 Speaker 1: people buy oil, I own oil I own. Actually I'm 60 00:03:03,320 --> 00:03:04,840 Speaker 1: part of an oil field, and I'm a GP in 61 00:03:04,880 --> 00:03:06,880 Speaker 1: an oil field. Um, so what if I store my 62 00:03:06,960 --> 00:03:09,640 Speaker 1: wealth in oil? Well, in nineteen seventy was six thousand, 63 00:03:09,760 --> 00:03:12,440 Speaker 1: seven hundred of oil for the mediat home price. Today 64 00:03:12,520 --> 00:03:16,519 Speaker 1: in two it's four thousand six, so it's not quite 65 00:03:16,560 --> 00:03:19,359 Speaker 1: half the price, but it's still much cheaper in oil. Okay, 66 00:03:19,840 --> 00:03:22,120 Speaker 1: what if I used rice? What if I'm a rice 67 00:03:22,200 --> 00:03:24,239 Speaker 1: farmer and I store my wealth and rice. Well, in 68 00:03:24,360 --> 00:03:29,880 Speaker 1: nineteen seventy was forty three thousand tons of rice, and 69 00:03:29,960 --> 00:03:33,079 Speaker 1: today it's twenty seven thousand pounds or tons of rice, 70 00:03:33,880 --> 00:03:37,960 Speaker 1: so it's actually gotten cheaper. Homes are cheaper in rice. Okay, 71 00:03:38,480 --> 00:03:40,440 Speaker 1: that's stupid, mark. Nobody's going to store their wealth and 72 00:03:40,480 --> 00:03:43,400 Speaker 1: oil or gold, I guess. So what about I store 73 00:03:43,480 --> 00:03:45,440 Speaker 1: my wealth in the in the SMP five hundred in 74 00:03:45,440 --> 00:03:49,400 Speaker 1: the stock market? Okay, Well, in nineteen seventy it would 75 00:03:49,400 --> 00:03:51,880 Speaker 1: have taken two hundred and forty three shares of the 76 00:03:52,000 --> 00:03:54,760 Speaker 1: SMP five hundred, and in two thousand twenty one it 77 00:03:54,880 --> 00:03:59,280 Speaker 1: takes eighty shares of five So I would ask you 78 00:03:59,360 --> 00:04:03,320 Speaker 1: the question again, our homes expensive or cheap? Today? Let's 79 00:04:03,360 --> 00:04:06,520 Speaker 1: look at bitcoin. Now, um in bitcoin hasn't been around 80 00:04:06,560 --> 00:04:09,120 Speaker 1: since nineteen seventy, but we can look at the two 81 00:04:09,200 --> 00:04:12,920 Speaker 1: thousand ten price. So in two thousand ten it was 82 00:04:13,240 --> 00:04:16,920 Speaker 1: seven hundred and seventy three thousand bitcoin to buy a 83 00:04:16,960 --> 00:04:21,120 Speaker 1: house the median home price UM today in two one 84 00:04:21,200 --> 00:04:25,200 Speaker 1: it's ten ten bitcoin. So again our homes cheaper expensive 85 00:04:26,279 --> 00:04:29,560 Speaker 1: priced in what and so um. Two things that I'm 86 00:04:29,600 --> 00:04:32,320 Speaker 1: hoping that you get out of this one what you 87 00:04:32,560 --> 00:04:36,800 Speaker 1: store your wealth in matters, and it matters big time, 88 00:04:37,080 --> 00:04:39,599 Speaker 1: as you can tell now to show you an example 89 00:04:39,640 --> 00:04:43,600 Speaker 1: of that, in nineteen seventy it took fifty one thousand 90 00:04:43,760 --> 00:04:49,400 Speaker 1: pounds of oranges to buy the median home price. Today 91 00:04:49,440 --> 00:04:55,080 Speaker 1: it's two eighty thousand. So in dollars and oranges, homes 92 00:04:55,200 --> 00:04:59,880 Speaker 1: have never been more expensive. But in gold, oil, smp F, 93 00:05:00,920 --> 00:05:04,800 Speaker 1: rice and bitcoin they've never been cheaper. And if you're 94 00:05:04,880 --> 00:05:08,160 Speaker 1: holding bitcoin, they have they've never been I mean, it 95 00:05:08,279 --> 00:05:11,560 Speaker 1: was seven almost three quarters of a million bitcoin ten 96 00:05:11,640 --> 00:05:14,240 Speaker 1: years ago and today it's ten. And so what you 97 00:05:14,320 --> 00:05:16,880 Speaker 1: store your wealth and matters. And also I'm trying to 98 00:05:16,960 --> 00:05:20,320 Speaker 1: show hoping to your kitchen catching on here that the 99 00:05:20,480 --> 00:05:24,120 Speaker 1: more dollars the government and the central banks print, the 100 00:05:24,279 --> 00:05:27,800 Speaker 1: more they raise the debt ceiling, the less your dollars 101 00:05:27,920 --> 00:05:32,360 Speaker 1: can buy, the less they're worth. They're worth less, worthless, right, 102 00:05:32,680 --> 00:05:34,200 Speaker 1: they continue to buy more and more and more, and 103 00:05:34,279 --> 00:05:37,440 Speaker 1: so you need to start looking at things like that. 104 00:05:37,640 --> 00:05:40,120 Speaker 1: Where you store your wealth matters. And so if you're 105 00:05:40,560 --> 00:05:43,000 Speaker 1: unfortunately in the poorer right, you're getting poorer and poor 106 00:05:43,040 --> 00:05:45,200 Speaker 1: while the rich get richer and richer. Um, you've probably 107 00:05:45,200 --> 00:05:47,000 Speaker 1: seen the headlines. I mean, they're they're trying to get 108 00:05:47,040 --> 00:05:51,400 Speaker 1: everybody divided against each other. So everybody's against their their 109 00:05:51,480 --> 00:05:53,679 Speaker 1: their counterpart at these days, and so there's this attack 110 00:05:53,760 --> 00:05:55,680 Speaker 1: on the rich, and so you know, everyone's like, well, 111 00:05:55,680 --> 00:05:58,720 Speaker 1: the rich have profited since the pandemic, and um, you know, 112 00:05:58,839 --> 00:06:01,400 Speaker 1: the top one percent and have gained a trillion dollars 113 00:06:01,440 --> 00:06:04,480 Speaker 1: of wealth and blah blah blah. Well, if you would 114 00:06:04,520 --> 00:06:07,360 Speaker 1: also own the same assets that they owned, then your 115 00:06:07,440 --> 00:06:10,240 Speaker 1: wealth would have gone up by the same percentage. Now 116 00:06:10,640 --> 00:06:13,360 Speaker 1: the dollar amount would be less, obviously because it's a percentage. 117 00:06:13,400 --> 00:06:15,600 Speaker 1: So if i'm you know, if i'm if I'm if 118 00:06:15,600 --> 00:06:17,160 Speaker 1: I don't have as much money and I have a 119 00:06:17,240 --> 00:06:20,320 Speaker 1: thousand dollars invested and goes up by you know, the 120 00:06:20,360 --> 00:06:23,479 Speaker 1: hunter bucks, if I have a hundred million invested at 121 00:06:23,520 --> 00:06:25,160 Speaker 1: the ten per cent is a different number. But the 122 00:06:25,200 --> 00:06:29,040 Speaker 1: point is is that you need to get your storage 123 00:06:29,279 --> 00:06:31,200 Speaker 1: where you store your money out of dollars and you 124 00:06:31,320 --> 00:06:33,520 Speaker 1: need to invest them like the rich. So that as 125 00:06:33,640 --> 00:06:36,440 Speaker 1: the Fed continues to print more dollars, as they continue 126 00:06:36,440 --> 00:06:38,560 Speaker 1: to put more money in, as those dollars continue to 127 00:06:38,680 --> 00:06:42,760 Speaker 1: lose their purchasing power, your purchasing power will be going up. 128 00:06:43,120 --> 00:06:45,040 Speaker 1: So that's that kind of rounds it out with the 129 00:06:45,080 --> 00:06:47,000 Speaker 1: debt ceiling. Hopefully that that brings some clarity. By the way, 130 00:06:47,040 --> 00:06:49,200 Speaker 1: you're listening to the markma Show where I talk about bitcoin, 131 00:06:49,279 --> 00:06:52,279 Speaker 1: I talk about cryptocurrencies, I talk about the decentralized revolution 132 00:06:52,360 --> 00:06:54,480 Speaker 1: that's going on, trying to bring you each and every 133 00:06:54,520 --> 00:06:57,680 Speaker 1: week the asymmetric information that you need so you can 134 00:06:57,760 --> 00:07:01,240 Speaker 1: play the biggest opportunity asymmetric oportunity will ever see in 135 00:07:01,279 --> 00:07:03,600 Speaker 1: our lifetime. So, um, I was talking about the debt 136 00:07:03,640 --> 00:07:07,040 Speaker 1: ceiling and how the government is uh squabbling over this. 137 00:07:07,160 --> 00:07:09,840 Speaker 1: Will they raise it? Will they not? Of course I'm 138 00:07:10,120 --> 00:07:13,000 Speaker 1: pretty sure they will. They always do, and so that 139 00:07:13,240 --> 00:07:14,880 Speaker 1: is one of the big drivers on bitcoin. Now what's 140 00:07:14,920 --> 00:07:17,160 Speaker 1: interesting about this A little side note is there was 141 00:07:17,200 --> 00:07:20,720 Speaker 1: a video that came out from President Biden, and President 142 00:07:20,760 --> 00:07:24,600 Speaker 1: Biden said, you don't he was there talking about the 143 00:07:24,600 --> 00:07:26,400 Speaker 1: infrastructure Bild. Why are you trying to get a three 144 00:07:26,480 --> 00:07:30,520 Speaker 1: point five trillion dollar infrastructure built together when we can't 145 00:07:30,520 --> 00:07:35,120 Speaker 1: even pay the debt. And he said, I'll somewhat paraphrase it, 146 00:07:35,240 --> 00:07:38,920 Speaker 1: and he said, let me be clear. He always likes 147 00:07:39,000 --> 00:07:42,680 Speaker 1: to say that. Let me be clear. Um, the debt 148 00:07:42,800 --> 00:07:46,240 Speaker 1: ceiling is not about the infrastructure spending. We need to 149 00:07:46,360 --> 00:07:48,480 Speaker 1: raise the debt ceiling so we can take on more 150 00:07:48,600 --> 00:07:52,160 Speaker 1: debt so we can pay off the old debt, all right. 151 00:07:52,240 --> 00:07:54,360 Speaker 1: It has nothing to do with the infrastructure we need. 152 00:07:54,480 --> 00:07:56,040 Speaker 1: If we don't raise the debt ceiling in the U, 153 00:07:56,120 --> 00:07:57,800 Speaker 1: S could lose this credit. And so we need to 154 00:07:57,920 --> 00:08:00,920 Speaker 1: raise the debt take on more debt to pay the 155 00:08:01,040 --> 00:08:05,960 Speaker 1: old debt, which, if I'm not mistaken, is literally the 156 00:08:06,120 --> 00:08:10,560 Speaker 1: definition of a Ponzi scheme, um, which sounds like what 157 00:08:10,720 --> 00:08:13,600 Speaker 1: President Biden was explaining. As a matter of fact, the 158 00:08:13,800 --> 00:08:17,160 Speaker 1: definition of a Ponzi scheme is just that it's an 159 00:08:17,200 --> 00:08:21,680 Speaker 1: investment fraud that pays existing investors with funds collected from 160 00:08:22,120 --> 00:08:25,280 Speaker 1: new investors. That's the definition. I'm reading it word for 161 00:08:25,360 --> 00:08:28,080 Speaker 1: word from you right here. So it's a scheme that 162 00:08:28,200 --> 00:08:32,040 Speaker 1: pays new investors with funds old investors, existing investors with 163 00:08:32,120 --> 00:08:34,680 Speaker 1: funds collected from new investors. So when President Biden says 164 00:08:34,840 --> 00:08:38,360 Speaker 1: we need to increase the debt limit, not for new spending, 165 00:08:38,440 --> 00:08:40,160 Speaker 1: we need to increase it so we can pay off 166 00:08:40,880 --> 00:08:45,080 Speaker 1: our existing debt. That's like you going to UH American 167 00:08:45,160 --> 00:08:47,720 Speaker 1: Express or Visa and saying, I need a new credit 168 00:08:47,800 --> 00:08:50,920 Speaker 1: card so I can pay my old credit cards. The 169 00:08:51,080 --> 00:08:53,720 Speaker 1: chance of them giving you that credit is probably going 170 00:08:53,760 --> 00:08:56,120 Speaker 1: to be pretty slim. And so that's the situation that 171 00:08:56,200 --> 00:08:58,679 Speaker 1: we're that we're in, and I think more and more 172 00:08:58,760 --> 00:09:00,560 Speaker 1: people are starting to wake up to at They're starting 173 00:09:00,559 --> 00:09:04,319 Speaker 1: to recognize that the financial system is over indebted. Um, 174 00:09:04,400 --> 00:09:07,320 Speaker 1: it's it's the Titanic. It's it's a sinking ship. Um, 175 00:09:07,720 --> 00:09:09,760 Speaker 1: it's taking on water. There's no way to patch it 176 00:09:09,920 --> 00:09:13,880 Speaker 1: right now, unfortunately. Um, the only option for the Titanic 177 00:09:14,000 --> 00:09:17,120 Speaker 1: is the sink. And that's horrible. But you don't have 178 00:09:17,360 --> 00:09:19,600 Speaker 1: to be on the Titanic as it's sinking. You can 179 00:09:19,679 --> 00:09:23,520 Speaker 1: get onto a lifeboat. And that's what bitcoin provides. That's 180 00:09:23,559 --> 00:09:25,400 Speaker 1: what we're talking about. I'm gonna show you some other 181 00:09:25,440 --> 00:09:27,559 Speaker 1: factors that are pushing bitcoin when I get back. You're 182 00:09:27,559 --> 00:09:30,200 Speaker 1: listening to the Mark Moss Show, and I'll be back 183 00:09:30,240 --> 00:09:33,760 Speaker 1: with more on bitcoin. All right, you are back listening 184 00:09:33,800 --> 00:09:35,880 Speaker 1: to the Mark Moa show where I talk about bitcoin. 185 00:09:35,960 --> 00:09:40,320 Speaker 1: I talked about cryptocurrencies. I talk about the decentralized revolution 186 00:09:40,400 --> 00:09:44,120 Speaker 1: that's happening. And I don't just talk about what they are. Um, 187 00:09:44,400 --> 00:09:47,240 Speaker 1: I'm trying to tell you why. That's kind of my approach. 188 00:09:47,440 --> 00:09:50,600 Speaker 1: Why why does it matter? Why do we care, why 189 00:09:50,679 --> 00:09:52,680 Speaker 1: do we want to buy it? Why do we expect 190 00:09:52,720 --> 00:09:54,400 Speaker 1: the price to go up in value? And all those 191 00:09:54,440 --> 00:09:57,240 Speaker 1: other things. Before the break, I was talking about the 192 00:09:57,280 --> 00:10:00,280 Speaker 1: debt ceiling. I was explaining how the more DA dollars 193 00:10:00,320 --> 00:10:03,440 Speaker 1: that are created, the less they buy. The purchasing power 194 00:10:03,520 --> 00:10:07,040 Speaker 1: goes down, and what you store your wealth in matters. 195 00:10:07,200 --> 00:10:08,960 Speaker 1: That's the difference between the rich and the poor. Right. 196 00:10:09,040 --> 00:10:12,240 Speaker 1: The rich store their wealth in assets, and as the 197 00:10:12,280 --> 00:10:15,240 Speaker 1: Fed prints money, those assets go open value. The poor 198 00:10:15,480 --> 00:10:18,920 Speaker 1: don't buy assets. They work for wages, and those wages 199 00:10:19,000 --> 00:10:21,520 Speaker 1: continue to buy less and less and less because of 200 00:10:21,600 --> 00:10:25,160 Speaker 1: the central banks continually printing more money. So that's a 201 00:10:25,240 --> 00:10:27,960 Speaker 1: big one. As a matter of fact, really, the Federal 202 00:10:28,000 --> 00:10:31,320 Speaker 1: Reserve is what's driving everything today. So we look at 203 00:10:31,360 --> 00:10:33,480 Speaker 1: any of the markets and that's really what's causing it. 204 00:10:33,720 --> 00:10:36,560 Speaker 1: But there's some other catalysts that happened. That's that's big, 205 00:10:36,679 --> 00:10:38,120 Speaker 1: but it's a little bit smaller than that. So if 206 00:10:38,160 --> 00:10:40,439 Speaker 1: I'm kind of coming down a little bit off of 207 00:10:40,520 --> 00:10:43,640 Speaker 1: that um this this week we saw some big news. Now, 208 00:10:43,880 --> 00:10:45,600 Speaker 1: if you've been with me since we started the show, 209 00:10:45,960 --> 00:10:48,120 Speaker 1: you remember I talked about when we buy something like 210 00:10:48,200 --> 00:10:51,120 Speaker 1: bitcoins and something like a new technology like this, there's 211 00:10:51,160 --> 00:10:53,360 Speaker 1: really there's two indicators that we're trying to watch. Remember, 212 00:10:53,400 --> 00:10:55,160 Speaker 1: the price, the short term price can be a distraction, 213 00:10:55,640 --> 00:10:57,160 Speaker 1: and so what we really want to look at is 214 00:10:57,200 --> 00:11:00,520 Speaker 1: two things. One are the network effects growing more people 215 00:11:00,640 --> 00:11:03,240 Speaker 1: using it, because the more people use it, the more 216 00:11:03,400 --> 00:11:05,000 Speaker 1: it's worth. And then we also want to look at 217 00:11:05,000 --> 00:11:07,160 Speaker 1: the development that's happened on it. And so some big 218 00:11:07,200 --> 00:11:09,280 Speaker 1: news came out this week that I think actually checks 219 00:11:09,480 --> 00:11:13,400 Speaker 1: both of those boxes. Now, the news actually came out 220 00:11:13,480 --> 00:11:17,040 Speaker 1: several months ago, but today the news is actually coming true. 221 00:11:17,120 --> 00:11:20,240 Speaker 1: And so what that big news is is that the 222 00:11:20,360 --> 00:11:26,640 Speaker 1: banking system, so we're talking about you know, Bank of America, Wells, Fargo, JP, Morgan, etcetera, etcetera, etcetera. 223 00:11:27,240 --> 00:11:31,079 Speaker 1: They're seeing people pulling their money out of the banks 224 00:11:31,240 --> 00:11:34,439 Speaker 1: and then going and buying bitcoin and cryptocurrencies with it. 225 00:11:35,120 --> 00:11:37,920 Speaker 1: They're seeing people why are money from their banks over 226 00:11:38,000 --> 00:11:40,760 Speaker 1: to coin base or or cracking or whatever it may be. 227 00:11:41,760 --> 00:11:45,600 Speaker 1: And guess what, they don't really like that. They want 228 00:11:45,640 --> 00:11:48,240 Speaker 1: to keep your money in the bank. They don't want 229 00:11:48,280 --> 00:11:50,840 Speaker 1: you to send your money somewhere else. And so they're 230 00:11:50,880 --> 00:11:53,520 Speaker 1: they're recognizing this. Now. The thing about a banking relationship 231 00:11:53,640 --> 00:11:56,480 Speaker 1: is it's what we would call sticky. UM. That means 232 00:11:56,600 --> 00:11:59,400 Speaker 1: that once you set up a bank account and you 233 00:11:59,480 --> 00:12:02,840 Speaker 1: establish a andcy relationship, you typically keep it right, you stay, 234 00:12:02,920 --> 00:12:05,959 Speaker 1: you stay in it. UM. I know that I've been 235 00:12:06,080 --> 00:12:08,439 Speaker 1: with Bank of America. I'm sorry. I've been with Wells 236 00:12:08,440 --> 00:12:11,439 Speaker 1: Fargo since I got my very first bank account. UM. 237 00:12:11,840 --> 00:12:15,160 Speaker 1: I don't particularly like them. I've they've been accused, not 238 00:12:15,280 --> 00:12:18,959 Speaker 1: just accused, but they've paid out the largest settlements for wrongdoing. UM. 239 00:12:19,360 --> 00:12:20,719 Speaker 1: So they're probably not the best bank to be with. 240 00:12:20,880 --> 00:12:22,599 Speaker 1: But you know what, for me to go close my 241 00:12:22,640 --> 00:12:24,520 Speaker 1: accounts and go upen new ones, this is too much, right, 242 00:12:24,640 --> 00:12:28,679 Speaker 1: it's sticky. They have me. But if I pull my 243 00:12:28,760 --> 00:12:31,480 Speaker 1: money out and I start using Cracking as a bank, 244 00:12:31,559 --> 00:12:33,080 Speaker 1: and I can hold bitcoin and I can send them 245 00:12:33,080 --> 00:12:35,280 Speaker 1: receive payments and dollars and all those things. Then I'll 246 00:12:35,320 --> 00:12:37,600 Speaker 1: probably never come back once I make the switch, I'll 247 00:12:37,600 --> 00:12:40,560 Speaker 1: never come back. So the banks recognize this and they shoot, well, 248 00:12:40,600 --> 00:12:43,800 Speaker 1: we got to do something, So, um, why don't we 249 00:12:44,520 --> 00:12:48,880 Speaker 1: offer cryptocurrencies inside the bank, Like we already have their money? 250 00:12:49,280 --> 00:12:50,880 Speaker 1: Why do we let them pull it out and send 251 00:12:50,920 --> 00:12:52,800 Speaker 1: us them world? Why don't we just sell them cryptocurrencies 252 00:12:52,840 --> 00:12:56,120 Speaker 1: inside of her? And so that's exactly what is happening. Um. 253 00:12:57,040 --> 00:12:58,959 Speaker 1: There's a company called night digg and my d I 254 00:12:59,120 --> 00:13:01,760 Speaker 1: G nightgg and they announced a few months ago. Um 255 00:13:02,040 --> 00:13:04,680 Speaker 1: they run back off the services for banks, and then 256 00:13:04,720 --> 00:13:06,240 Speaker 1: anouked a couple of months ago that they were going 257 00:13:06,360 --> 00:13:11,720 Speaker 1: to UM work with I think it was three hundred banks, 258 00:13:11,760 --> 00:13:15,720 Speaker 1: which service like three hundred million checking accounts. Is it's 259 00:13:15,760 --> 00:13:18,079 Speaker 1: been a few months I report on this, but a 260 00:13:18,120 --> 00:13:22,480 Speaker 1: few hundred million checking accounts would have access to buy, sell, 261 00:13:22,960 --> 00:13:27,199 Speaker 1: and store cryptocurrencies right in their checking account. Now, UM, 262 00:13:27,720 --> 00:13:29,360 Speaker 1: that might be bad for the coin bases and the 263 00:13:29,400 --> 00:13:31,240 Speaker 1: crackings of the world. It's good for the banks because 264 00:13:31,240 --> 00:13:34,880 Speaker 1: they keep their custody um or their customer. But the 265 00:13:34,960 --> 00:13:38,800 Speaker 1: big winner, of course is the cryptocurrency acid itself. Right, 266 00:13:38,840 --> 00:13:41,360 Speaker 1: we're talking about adoption. Remember Metcalf's law we talked about 267 00:13:41,400 --> 00:13:44,679 Speaker 1: when we first opened up, and so, um, they announced 268 00:13:44,679 --> 00:13:45,720 Speaker 1: that that was going to take the place, and they 269 00:13:45,760 --> 00:13:47,800 Speaker 1: said that they would do that before the end of 270 00:13:47,880 --> 00:13:50,800 Speaker 1: the year. Now, I talked to many of the insiders 271 00:13:50,840 --> 00:13:52,880 Speaker 1: I have inside the banks, and they told me they 272 00:13:52,920 --> 00:13:55,120 Speaker 1: didn't think it was going to happen. Um, They're like, 273 00:13:55,679 --> 00:13:57,280 Speaker 1: do you know how slow banks move. Do you think 274 00:13:57,320 --> 00:13:58,920 Speaker 1: they're literally gonna be able to do this inside of 275 00:13:58,960 --> 00:14:01,400 Speaker 1: six months, like change the whole system around. And I 276 00:14:01,480 --> 00:14:03,200 Speaker 1: kind of believed them, you know, It's like, well, they 277 00:14:03,240 --> 00:14:04,719 Speaker 1: announced it, they said they're going to do by the 278 00:14:04,760 --> 00:14:07,600 Speaker 1: end of the year. But yeah, you're right, Like banks 279 00:14:07,640 --> 00:14:10,760 Speaker 1: can't even update their their their computer networks, Like, yeah, 280 00:14:10,760 --> 00:14:13,520 Speaker 1: they're probably gonna do it. Well, we were both wrong 281 00:14:13,720 --> 00:14:17,040 Speaker 1: in a sense because this week we saw US Bank 282 00:14:17,640 --> 00:14:22,360 Speaker 1: launch their bitcoin custody service um and to and to 283 00:14:22,480 --> 00:14:25,360 Speaker 1: cater to these cryptocurrencies. So US Bank is the fifth 284 00:14:25,600 --> 00:14:29,240 Speaker 1: biggest retail bank in the nation, and on Tuesday they 285 00:14:29,280 --> 00:14:33,600 Speaker 1: announced that their crypto cryptocurrency custody service is now available 286 00:14:33,760 --> 00:14:36,960 Speaker 1: to fund managers. Now, at first, it's just available to 287 00:14:37,000 --> 00:14:40,040 Speaker 1: fund managers of course, this will come as they get 288 00:14:40,080 --> 00:14:42,320 Speaker 1: the bugs worked out, the kinks worked out, litrical, this 289 00:14:42,400 --> 00:14:44,960 Speaker 1: down to everybody else and so UM. They announced it 290 00:14:44,960 --> 00:14:46,440 Speaker 1: a few months ago, they said they'd be done by 291 00:14:46,440 --> 00:14:47,960 Speaker 1: the end of the year, and here it is. We're 292 00:14:47,960 --> 00:14:50,640 Speaker 1: seeing at the fifth biggest retail bank in the nation 293 00:14:51,040 --> 00:14:53,800 Speaker 1: has done that. UM. And so they're offering help for 294 00:14:53,880 --> 00:14:58,280 Speaker 1: investment managers to store their private keys for Bitcoin, Bitcoin Cash, 295 00:14:58,600 --> 00:15:01,520 Speaker 1: and lightcoin UM. Those are the three coins that they 296 00:15:01,560 --> 00:15:04,320 Speaker 1: started with right now. UM. They said that they will 297 00:15:04,720 --> 00:15:08,120 Speaker 1: try to support other coins UM over time, but for 298 00:15:08,320 --> 00:15:10,160 Speaker 1: right now, it's just those And like I said, for 299 00:15:10,360 --> 00:15:14,400 Speaker 1: right now, it's just to cater to institutional investors UM. 300 00:15:14,640 --> 00:15:18,240 Speaker 1: But again, as they get this program going, it will 301 00:15:18,280 --> 00:15:21,200 Speaker 1: continue to UM to spread down to the lower level. Now, 302 00:15:21,240 --> 00:15:23,440 Speaker 1: what's important about this is that there's a lot of 303 00:15:23,600 --> 00:15:28,480 Speaker 1: institutional investors fund managers who have not been buying bitcoin 304 00:15:28,600 --> 00:15:31,720 Speaker 1: because of the custody solution. So if you're not familiar 305 00:15:31,720 --> 00:15:34,520 Speaker 1: with what I'm talking about, let me explain custody for 306 00:15:34,600 --> 00:15:36,640 Speaker 1: just a minute. Now. UM. You are listening to the 307 00:15:36,680 --> 00:15:39,680 Speaker 1: markma Show where I talk about bitcoin, cryptocurrencies and the 308 00:15:39,720 --> 00:15:44,240 Speaker 1: decentralized revolution and UM. The The unique thing about bitcoin 309 00:15:44,320 --> 00:15:47,440 Speaker 1: compared to any other asset in the world is that 310 00:15:47,680 --> 00:15:51,080 Speaker 1: I can take custody of it. So um, of course, 311 00:15:51,440 --> 00:15:53,240 Speaker 1: you know, if I buy gold, I can take custody 312 00:15:53,280 --> 00:15:55,080 Speaker 1: of gold, and so I can put that in my bank. 313 00:15:55,160 --> 00:15:57,080 Speaker 1: And so that's why gold has been good money for 314 00:15:57,200 --> 00:16:01,520 Speaker 1: five thousand years. Um. When I old gold in my 315 00:16:01,680 --> 00:16:03,920 Speaker 1: own safe, or I bury it in the ground, I 316 00:16:03,960 --> 00:16:06,320 Speaker 1: have a map for or whatever. Um, when I hold 317 00:16:06,360 --> 00:16:09,440 Speaker 1: the gold, I have it. Right. It's like a custody 318 00:16:09,520 --> 00:16:11,000 Speaker 1: is nine tenths of the law or something right, So 319 00:16:11,120 --> 00:16:13,800 Speaker 1: like I own it. Um. When I own a stock, 320 00:16:13,920 --> 00:16:16,240 Speaker 1: for example, so I own a share of apple stock, 321 00:16:16,360 --> 00:16:19,480 Speaker 1: let's just say, um, and it's in my E trade account. Well, 322 00:16:20,080 --> 00:16:24,000 Speaker 1: I don't actually own apple stock. And this is this 323 00:16:24,120 --> 00:16:25,560 Speaker 1: is a big deal, and it doesn't seem like a 324 00:16:25,600 --> 00:16:28,040 Speaker 1: big deal at first, But what that means is that 325 00:16:28,360 --> 00:16:31,440 Speaker 1: I don't actually own the apple stock. The apple stock 326 00:16:31,600 --> 00:16:35,000 Speaker 1: is owed to me. So so E Trade, for example, 327 00:16:35,040 --> 00:16:38,840 Speaker 1: would owe me the apple stock. So I own an 328 00:16:38,880 --> 00:16:42,160 Speaker 1: I owe you, not the stock. The reason why that's 329 00:16:42,200 --> 00:16:45,720 Speaker 1: important is because legally I don't actually own it. It's 330 00:16:45,760 --> 00:16:48,840 Speaker 1: owed to me. And that means that if they you know, 331 00:16:49,080 --> 00:16:51,760 Speaker 1: go bankrupt or something like that. They don't have to 332 00:16:51,800 --> 00:16:53,720 Speaker 1: give it to me. They could default on the debt 333 00:16:53,800 --> 00:16:56,560 Speaker 1: that they owe to me. Versus, if I hold gold 334 00:16:56,640 --> 00:17:00,840 Speaker 1: in my safe, there's no counterparty. Nobody is that to me, right, 335 00:17:00,880 --> 00:17:03,640 Speaker 1: So that's the big thing. That is what's revolution right now. 336 00:17:03,800 --> 00:17:06,720 Speaker 1: The problem with stocks is that UM each trade doesn't 337 00:17:06,720 --> 00:17:09,120 Speaker 1: own the stock either, it's owed the stocked by somebody else, 338 00:17:09,160 --> 00:17:11,359 Speaker 1: which is stocked by somebody else. And there's about six 339 00:17:11,680 --> 00:17:15,359 Speaker 1: layers in between the company Apple and myself. There's about 340 00:17:15,359 --> 00:17:18,840 Speaker 1: six people that each have a liability and an asset 341 00:17:18,920 --> 00:17:21,600 Speaker 1: at the same time. So if anybody in that chain 342 00:17:21,800 --> 00:17:25,359 Speaker 1: were to um, you know, find become insolvent, whatever, then 343 00:17:25,640 --> 00:17:28,800 Speaker 1: all of those people lose that asset UM. But bitcoin 344 00:17:28,920 --> 00:17:30,760 Speaker 1: is more like gold where it allows me to take 345 00:17:30,840 --> 00:17:33,479 Speaker 1: custody of that asset with no counterparty. Another reason why 346 00:17:33,600 --> 00:17:36,440 Speaker 1: it's different than gold is that it's also portable. So 347 00:17:36,600 --> 00:17:38,680 Speaker 1: having a lot of gold is very difficult to take 348 00:17:38,760 --> 00:17:40,960 Speaker 1: a round with you. So I want to explain what 349 00:17:41,280 --> 00:17:45,760 Speaker 1: US bank is doing to help customers on board with custody, 350 00:17:45,920 --> 00:17:47,240 Speaker 1: and why this is coming for the rest of the 351 00:17:47,280 --> 00:17:51,240 Speaker 1: banks UM, and why this is about to explode user 352 00:17:51,280 --> 00:17:54,399 Speaker 1: adoption throughout the country. Now, this is a trend that 353 00:17:54,440 --> 00:17:56,480 Speaker 1: you want to what we call front run. You want 354 00:17:56,520 --> 00:17:59,119 Speaker 1: to get in front of it because when that herd 355 00:17:59,240 --> 00:18:02,399 Speaker 1: comes in, you want to be already in position. So 356 00:18:02,480 --> 00:18:04,200 Speaker 1: we'll talk about that as soon as I get back. 357 00:18:04,600 --> 00:18:07,040 Speaker 1: You are listening to the Mark Moss Show where I 358 00:18:07,119 --> 00:18:12,560 Speaker 1: talk about bitcoin, cryptocurrencies, the decentralized Revolution. Here with Mark Moss, 359 00:18:12,600 --> 00:18:14,840 Speaker 1: and I'll be right back. All right, Welcome back. You 360 00:18:14,920 --> 00:18:17,400 Speaker 1: are with Mark Moss listening to the Mark mass Show 361 00:18:17,600 --> 00:18:19,960 Speaker 1: where I talk about h and every week I talk 362 00:18:20,000 --> 00:18:23,119 Speaker 1: about Bitcoin, I talked about cryptocurrencies, I talk about the 363 00:18:23,200 --> 00:18:27,639 Speaker 1: decentralized revolution. It is literally the biggest opportunity. It is 364 00:18:27,840 --> 00:18:31,120 Speaker 1: the greatest wealth transfer that you will ever see, will 365 00:18:31,200 --> 00:18:34,680 Speaker 1: ever see anyone in our lifetime, will ever see. The 366 00:18:34,720 --> 00:18:36,600 Speaker 1: way to take advantage of it and not get shaken 367 00:18:36,640 --> 00:18:39,240 Speaker 1: out by is to have this information that I'm gonna 368 00:18:39,240 --> 00:18:40,880 Speaker 1: bring to you every week. So take a look real 369 00:18:40,960 --> 00:18:43,040 Speaker 1: quick at what station you're listening to me on, put 370 00:18:43,080 --> 00:18:45,720 Speaker 1: it on your calendar for this date, this time, and 371 00:18:45,800 --> 00:18:48,080 Speaker 1: market downst here with me each and every week. It 372 00:18:48,119 --> 00:18:51,119 Speaker 1: could literally be life changing information that I give to you. 373 00:18:52,080 --> 00:18:54,440 Speaker 1: Lookay and my name is Mark Moss. Uh. If you're 374 00:18:54,480 --> 00:18:57,160 Speaker 1: on Twitter, give me a follow. It's one Mark Moss. 375 00:18:57,280 --> 00:19:00,119 Speaker 1: That's right, one Mark Moss on Twitter. UM at me, 376 00:19:00,840 --> 00:19:02,639 Speaker 1: I mean, send me a question. I'd love to get 377 00:19:02,640 --> 00:19:05,640 Speaker 1: your questions. I'll answer them on the next episode next week. 378 00:19:06,119 --> 00:19:08,639 Speaker 1: Go ahead and shoot that over to me. If anything 379 00:19:08,720 --> 00:19:12,119 Speaker 1: I'm saying is causing some curiosity and you have some questions, 380 00:19:12,160 --> 00:19:13,360 Speaker 1: make sure to send them to me and I'll answer 381 00:19:13,359 --> 00:19:15,920 Speaker 1: them next week. Now, we were talking before the break 382 00:19:16,000 --> 00:19:20,159 Speaker 1: about UM this institutional adoption that's coming. And remember if 383 00:19:20,240 --> 00:19:21,920 Speaker 1: if you've been with me since the beginning of the show, 384 00:19:22,200 --> 00:19:24,360 Speaker 1: we talked about when you're investing into something new, when 385 00:19:24,359 --> 00:19:26,879 Speaker 1: you're buying a new UM, something new like bitcoin, and 386 00:19:26,920 --> 00:19:30,320 Speaker 1: I used real estate as an example, UM to ignore 387 00:19:30,359 --> 00:19:32,919 Speaker 1: the short term price that's a distraction and instead look 388 00:19:32,960 --> 00:19:34,960 Speaker 1: at two things. And that was one the network effects 389 00:19:35,840 --> 00:19:37,920 Speaker 1: and to the development. And so what we're talking about 390 00:19:37,960 --> 00:19:40,760 Speaker 1: right now is both of those things. So now banks 391 00:19:41,119 --> 00:19:43,680 Speaker 1: around in the United States are now starting to offer 392 00:19:44,240 --> 00:19:47,280 Speaker 1: bitcoin custody in the bank. So that's gonna both the 393 00:19:47,359 --> 00:19:50,240 Speaker 1: two things. One the bank's offering that is development and 394 00:19:50,320 --> 00:19:52,840 Speaker 1: then offering it to their customers. Brings on more customers, 395 00:19:52,880 --> 00:19:54,560 Speaker 1: which is more network effects, so it hits both of 396 00:19:54,600 --> 00:19:56,840 Speaker 1: those at the same time. Now, I was explaining how 397 00:19:57,040 --> 00:19:59,680 Speaker 1: they're going to offer custody and what custody meant and 398 00:19:59,760 --> 00:20:03,200 Speaker 1: how UM the revolutionary thing about bitcoin is that allows 399 00:20:03,240 --> 00:20:05,280 Speaker 1: me to hold custody of it myself, so there's no 400 00:20:05,400 --> 00:20:09,600 Speaker 1: counterparty risk, kind of like gold, except for gold is 401 00:20:09,720 --> 00:20:12,560 Speaker 1: very hard to move around UM and bitcoin is digital 402 00:20:12,640 --> 00:20:15,120 Speaker 1: and so it makes it easy to do that. UM. 403 00:20:15,520 --> 00:20:18,480 Speaker 1: Now the problem the good that that's the revolutionary thing 404 00:20:18,600 --> 00:20:21,120 Speaker 1: is the custody, but it can become complicated when you're 405 00:20:21,160 --> 00:20:26,320 Speaker 1: dealing with businesses or hedge funds or institutions and things 406 00:20:26,400 --> 00:20:30,000 Speaker 1: like that. So for me, my family, me personally, I 407 00:20:30,200 --> 00:20:33,359 Speaker 1: want my keys, I want custody of my bitcoin. I 408 00:20:33,400 --> 00:20:36,840 Speaker 1: don't want any counterparty risk to that. But let's say 409 00:20:36,880 --> 00:20:38,800 Speaker 1: that I'm a business, Let's say that I'm a public entity. 410 00:20:38,880 --> 00:20:42,080 Speaker 1: Let's say I'm a hedge fund. Who is going to 411 00:20:42,200 --> 00:20:46,159 Speaker 1: hold that key? Who, like you, don't want to give 412 00:20:46,200 --> 00:20:48,560 Speaker 1: it to one guy. We've seen instances where that one 413 00:20:48,640 --> 00:20:52,240 Speaker 1: guy has died and uh no, no one else in 414 00:20:52,280 --> 00:20:54,440 Speaker 1: the company or the fund of the exchange knows where 415 00:20:54,480 --> 00:20:57,399 Speaker 1: the key is and it's just gone could be I mean, 416 00:20:57,440 --> 00:20:59,240 Speaker 1: I think in one case in Canada like two years ago, 417 00:20:59,240 --> 00:21:01,760 Speaker 1: was like fifty million dollars just disappeared. He died and 418 00:21:02,000 --> 00:21:05,160 Speaker 1: that was it, and so that could be a big problem. Also, 419 00:21:05,600 --> 00:21:08,320 Speaker 1: we don't want a way where um, a bad actor, 420 00:21:08,480 --> 00:21:10,680 Speaker 1: right say, somebody that works for that that fund or 421 00:21:10,680 --> 00:21:13,760 Speaker 1: whatever is malicious and then tries to steal that. And 422 00:21:13,840 --> 00:21:15,840 Speaker 1: so you can see on a personal level it makes 423 00:21:15,880 --> 00:21:17,800 Speaker 1: sense to kind of have that custody, but on a 424 00:21:17,920 --> 00:21:19,760 Speaker 1: on a bigger corporate kind of hedge fund level, it's 425 00:21:19,800 --> 00:21:21,680 Speaker 1: a problem. And so that's kind of this need that 426 00:21:21,880 --> 00:21:23,840 Speaker 1: that US Bank is is jumping into right off the 427 00:21:23,880 --> 00:21:26,760 Speaker 1: bat by offering to the institutional clients. And so you're 428 00:21:26,800 --> 00:21:28,720 Speaker 1: this big hedge fund and you just have the bank 429 00:21:28,760 --> 00:21:31,600 Speaker 1: holding right. Typically the banks store your wealth, they store 430 00:21:31,640 --> 00:21:34,320 Speaker 1: your assets, and so they can store your bitcoin wealth, 431 00:21:34,600 --> 00:21:38,200 Speaker 1: and so that's what they're doing. Um they think, you know, 432 00:21:38,240 --> 00:21:42,240 Speaker 1: they're already safeguarding trillions of dollars of assets for money 433 00:21:42,280 --> 00:21:44,440 Speaker 1: managers and things like that, and so it just kind 434 00:21:44,440 --> 00:21:47,679 Speaker 1: of makes sense that they could now um in addition 435 00:21:47,720 --> 00:21:50,119 Speaker 1: to the trillions of dollars are already custody holding, they 436 00:21:50,200 --> 00:21:53,280 Speaker 1: can now do a cryptocurrencies as well. Now, um, as 437 00:21:53,320 --> 00:21:54,600 Speaker 1: I said, I think this is just kind of the 438 00:21:54,640 --> 00:21:56,399 Speaker 1: tip of the iceberg. This is kind of where it starts, 439 00:21:56,800 --> 00:22:00,720 Speaker 1: and eventually this will be offered to all the individual 440 00:22:01,160 --> 00:22:04,160 Speaker 1: UM bank you know bank holders as well. Now there's 441 00:22:04,240 --> 00:22:08,040 Speaker 1: many bank individuals like myself that that my bank there, 442 00:22:08,520 --> 00:22:11,760 Speaker 1: that may want to use the bank to actually custody 443 00:22:11,880 --> 00:22:15,399 Speaker 1: my bitcoin, or I could take custody of it myself. 444 00:22:15,480 --> 00:22:17,600 Speaker 1: So those are kind of to two different options. Now 445 00:22:18,920 --> 00:22:21,520 Speaker 1: the benefit there, there's pros and cons to both sides, 446 00:22:21,920 --> 00:22:24,200 Speaker 1: and so I think it's important to kind of understand 447 00:22:24,320 --> 00:22:27,200 Speaker 1: what those pros and cons are. So um, of course 448 00:22:27,240 --> 00:22:30,959 Speaker 1: it's easy to understand that any time I give an 449 00:22:30,960 --> 00:22:34,000 Speaker 1: asset anything could be my phone, could be a pen, 450 00:22:34,119 --> 00:22:37,240 Speaker 1: could be money. Anytime I give something to somebody else, 451 00:22:37,960 --> 00:22:41,880 Speaker 1: there's a risk that I don't get it back. Now, 452 00:22:42,200 --> 00:22:44,840 Speaker 1: if I give it to someone in my family, the 453 00:22:45,000 --> 00:22:47,360 Speaker 1: risk of me not getting it back is very very low. 454 00:22:48,160 --> 00:22:50,520 Speaker 1: If I give it to a you know, Ponzi scheme, 455 00:22:50,560 --> 00:22:52,000 Speaker 1: the chance of me not getting it back is very 456 00:22:52,119 --> 00:22:53,920 Speaker 1: very high, and so you kind of have to evaluate 457 00:22:54,000 --> 00:22:56,720 Speaker 1: what that risk level is. So if I give it 458 00:22:56,800 --> 00:22:58,440 Speaker 1: to somebody, there's risk I don't get it back. That's 459 00:22:58,440 --> 00:23:01,639 Speaker 1: called counter party count to party risk, and you always 460 00:23:01,640 --> 00:23:04,200 Speaker 1: want to understand what that is. If I a custody 461 00:23:04,280 --> 00:23:07,240 Speaker 1: the bitcoin myself, there is no counterparty risk. I have 462 00:23:07,359 --> 00:23:11,440 Speaker 1: it now, but the risk shifts now. The risk isn't 463 00:23:11,560 --> 00:23:14,560 Speaker 1: in in me not getting it back. The risk is 464 00:23:14,720 --> 00:23:18,080 Speaker 1: can I secure it properly? So if I let if 465 00:23:18,119 --> 00:23:20,920 Speaker 1: I let us bank hold it, I would imagine that 466 00:23:21,040 --> 00:23:24,720 Speaker 1: their security is top notch. I would imagine the chance 467 00:23:24,800 --> 00:23:28,960 Speaker 1: of them losing my money. My bitcoin is probably salimin 468 00:23:29,080 --> 00:23:32,119 Speaker 1: on the risk. The risk percentage of them losing my 469 00:23:32,240 --> 00:23:36,480 Speaker 1: bitcoin is almost zero, and uh, in a lot of 470 00:23:36,560 --> 00:23:38,800 Speaker 1: cases will probably have insurance if something were to happen, 471 00:23:39,280 --> 00:23:43,680 Speaker 1: all right, Versus if I hold it myself, UM, I 472 00:23:43,880 --> 00:23:46,600 Speaker 1: use some some form of a wallet, I could lose that, 473 00:23:47,600 --> 00:23:50,199 Speaker 1: so the risk of me losing it is higher, all right, 474 00:23:50,240 --> 00:23:51,880 Speaker 1: So you have to kind of consider those. But let's 475 00:23:51,960 --> 00:23:54,440 Speaker 1: let's dig in a little bit deeper. Now. We've seen 476 00:23:55,080 --> 00:23:58,280 Speaker 1: across the world in different jurisdictions China and recently just 477 00:23:58,359 --> 00:24:01,919 Speaker 1: banned a bitcoin again. We've seen in Europe the ECB 478 00:24:02,000 --> 00:24:06,119 Speaker 1: European Central Bank, UM, they've talked about increasing regulations on cryptocurrencies. 479 00:24:06,119 --> 00:24:09,159 Speaker 1: In the United States, they've talked about increasing regulations on cryptocurrencies, 480 00:24:09,640 --> 00:24:12,359 Speaker 1: and it's very possible that at some point in the 481 00:24:12,480 --> 00:24:15,480 Speaker 1: near future, especially outside of the US, but even in 482 00:24:15,480 --> 00:24:19,040 Speaker 1: the US, it's very possible that in the near future, UM, 483 00:24:19,520 --> 00:24:22,600 Speaker 1: they could make it where you're not allowed to custody 484 00:24:22,800 --> 00:24:26,960 Speaker 1: your own cryptocurrency anymore. And so there is a potential 485 00:24:27,040 --> 00:24:30,440 Speaker 1: where I let us bank hold it for me, but 486 00:24:30,520 --> 00:24:32,480 Speaker 1: then they never allowed me to withdraw it. They just 487 00:24:32,560 --> 00:24:35,879 Speaker 1: take it from you. UM. We've seen this happen UM 488 00:24:36,000 --> 00:24:38,960 Speaker 1: many times. So for example, UM, when Cuba was a 489 00:24:38,960 --> 00:24:40,400 Speaker 1: little bit more opened up a year or two ago, 490 00:24:40,720 --> 00:24:43,320 Speaker 1: there was a there's tons of stories online of people 491 00:24:43,359 --> 00:24:45,399 Speaker 1: that went to Cuba and while they were in Cuba 492 00:24:45,400 --> 00:24:47,600 Speaker 1: at their hotel, they logged into their coin base account. 493 00:24:47,800 --> 00:24:49,760 Speaker 1: Coin based flagged that they were on a Cuban I 494 00:24:49,880 --> 00:24:53,760 Speaker 1: P I P address and UH locked their account and 495 00:24:53,880 --> 00:24:56,080 Speaker 1: they couldn't get back into their account. And the only 496 00:24:56,119 --> 00:24:57,600 Speaker 1: way they can get access to the account again was 497 00:24:57,680 --> 00:25:00,119 Speaker 1: to go through the I think Secretary of State and 498 00:25:00,200 --> 00:25:02,680 Speaker 1: get some sort of affidavit, which is like impossible to get. 499 00:25:02,680 --> 00:25:04,520 Speaker 1: It could take years before they ever get access to 500 00:25:04,520 --> 00:25:08,440 Speaker 1: their account again. So the risk isn't them necessarily getting 501 00:25:09,080 --> 00:25:11,879 Speaker 1: hacked or getting stolen from them, but the risk is 502 00:25:11,920 --> 00:25:14,480 Speaker 1: that they may not give it back to you, right, 503 00:25:14,640 --> 00:25:16,920 Speaker 1: and that either you went to Cuba, you know, something 504 00:25:17,040 --> 00:25:21,760 Speaker 1: like that um or um you know, they get um 505 00:25:21,920 --> 00:25:24,280 Speaker 1: some sort of a lawsuit, or the regulations change and 506 00:25:24,320 --> 00:25:25,920 Speaker 1: they're not allowed to let you pull that out anymore. 507 00:25:25,960 --> 00:25:28,119 Speaker 1: Now you may think that's ridiculous, but have you ever 508 00:25:28,200 --> 00:25:33,080 Speaker 1: heard of Article six O two? Because Article two was 509 00:25:33,080 --> 00:25:40,120 Speaker 1: passed in three and they took everybody's gold. So back 510 00:25:40,160 --> 00:25:43,159 Speaker 1: then gold was money. Remember I said that gold the 511 00:25:43,200 --> 00:25:44,840 Speaker 1: benefit of goals. I can custody it myself, but the 512 00:25:44,880 --> 00:25:46,679 Speaker 1: problem is it's hard to move around. So everybody put 513 00:25:46,720 --> 00:25:48,960 Speaker 1: their gold in the bank, and then the bank held 514 00:25:49,040 --> 00:25:50,600 Speaker 1: the gold and they gave me something called a paper 515 00:25:50,680 --> 00:25:52,639 Speaker 1: gold certificate, which is now known as like a dollar, 516 00:25:53,480 --> 00:25:55,760 Speaker 1: and that paper gold certificate represented that that gold in 517 00:25:55,800 --> 00:25:59,159 Speaker 1: the bank. But what happened is because the government couldn't 518 00:25:59,200 --> 00:26:01,080 Speaker 1: live within their means, they printed way too many of 519 00:26:01,119 --> 00:26:05,239 Speaker 1: those paper goal certificates the dollars um. They literally had 520 00:26:05,280 --> 00:26:08,200 Speaker 1: to pass Article two and they shut all the banks 521 00:26:08,240 --> 00:26:10,960 Speaker 1: down for a week and when they reopened the banks, 522 00:26:11,200 --> 00:26:14,879 Speaker 1: it was illegal for U. S. Citizens to own gold. 523 00:26:15,480 --> 00:26:17,960 Speaker 1: It was illegal, and so um, if you think it 524 00:26:18,040 --> 00:26:20,080 Speaker 1: may be ridiculous that the government could say that you're 525 00:26:20,080 --> 00:26:22,560 Speaker 1: not allowed to pull your money out anymore, um, then 526 00:26:22,600 --> 00:26:25,600 Speaker 1: you probably haven't been studying history, because it certainly has 527 00:26:25,960 --> 00:26:28,440 Speaker 1: happened before. And so you just have to figure out 528 00:26:28,480 --> 00:26:30,359 Speaker 1: where do you think that risk lies. Do you think 529 00:26:30,400 --> 00:26:33,520 Speaker 1: that's ridiculous, The chance of that happened is slim to none? Okay, great, 530 00:26:33,560 --> 00:26:35,480 Speaker 1: then that's where you sign that on your risk scale. 531 00:26:35,760 --> 00:26:37,399 Speaker 1: If you're somebody who thinks that that there's a big 532 00:26:37,560 --> 00:26:39,119 Speaker 1: risk of that, then you need to give it more 533 00:26:39,280 --> 00:26:41,680 Speaker 1: risk waiting. And so you have to understand the risk 534 00:26:41,760 --> 00:26:43,719 Speaker 1: isn't them necessarily getting it stolen from them, but they 535 00:26:43,760 --> 00:26:45,280 Speaker 1: may not give it back to you for those reasons. 536 00:26:45,800 --> 00:26:49,960 Speaker 1: The flip side is that I hold it myself, and 537 00:26:50,000 --> 00:26:51,800 Speaker 1: there's a whole different set of risks that are there, 538 00:26:51,920 --> 00:26:53,439 Speaker 1: and I want to explain to you what those are. 539 00:26:53,520 --> 00:26:55,800 Speaker 1: But of course there's also good ways to mitigate those 540 00:26:55,920 --> 00:26:58,159 Speaker 1: risks that I'll explain to you as well. And this 541 00:26:58,320 --> 00:27:02,040 Speaker 1: is someone who has literal really lost I hate to 542 00:27:02,080 --> 00:27:06,040 Speaker 1: tell you. In today's dollars. I've lost over two million 543 00:27:06,040 --> 00:27:08,320 Speaker 1: dollars in bitcoin. Now, when I lost it, it wasn't 544 00:27:08,359 --> 00:27:10,119 Speaker 1: worth that much, but in today's dollars it would be 545 00:27:10,600 --> 00:27:13,200 Speaker 1: because I didn't know some of these things. And I'm 546 00:27:13,240 --> 00:27:15,280 Speaker 1: gonna explain to you what I did wrong. So you 547 00:27:15,440 --> 00:27:18,640 Speaker 1: don't make those same mistakes, um, because it's it's easy 548 00:27:18,800 --> 00:27:20,600 Speaker 1: to remedy them. You don't. You don't need to make 549 00:27:20,680 --> 00:27:24,439 Speaker 1: those mistakes like I did. Um. And as bitcoin continued 550 00:27:24,480 --> 00:27:26,600 Speaker 1: to go up, I mean, it's at fifty five dollars today. 551 00:27:27,000 --> 00:27:28,680 Speaker 1: You know, it could be at a million dollars in 552 00:27:28,880 --> 00:27:31,760 Speaker 1: in five or ten years from now. And even if 553 00:27:31,800 --> 00:27:33,600 Speaker 1: you lost you know, ten or twenty dollars like I 554 00:27:33,680 --> 00:27:36,440 Speaker 1: did at the time, it could turn out to be 555 00:27:36,720 --> 00:27:38,560 Speaker 1: huge amounts of money. So I'm gonna explain what those 556 00:27:38,600 --> 00:27:40,359 Speaker 1: risks are for you holding yourself, how you can do 557 00:27:40,480 --> 00:27:42,440 Speaker 1: it safely, some tips and tricks that I can give you. 558 00:27:43,160 --> 00:27:44,840 Speaker 1: By the way, you're listening to the Mark mass Show. 559 00:27:44,920 --> 00:27:47,800 Speaker 1: I'm talking about bitcoin, I'm talking about cryptocurrencies. I'm giving 560 00:27:47,840 --> 00:27:49,879 Speaker 1: you the information you need to succeed. I'll be right 561 00:27:49,920 --> 00:27:52,800 Speaker 1: back everyone. Welcome back. You are listening to the Mark 562 00:27:52,880 --> 00:27:55,560 Speaker 1: ma Show, where I bring to you each and every 563 00:27:55,600 --> 00:27:59,920 Speaker 1: week the most important information that you're ever gonna hear. 564 00:28:00,400 --> 00:28:02,280 Speaker 1: So what is that? What is that information? Well, I'm 565 00:28:02,320 --> 00:28:04,960 Speaker 1: bringing you the most up to date, most important information 566 00:28:05,040 --> 00:28:09,359 Speaker 1: on bitcoin, on cryptocurrencies, on the decentralized revolution. I am 567 00:28:09,400 --> 00:28:13,360 Speaker 1: talking about the greatest wealth transfer that will ever see. 568 00:28:13,840 --> 00:28:17,359 Speaker 1: And you have the benefit of being born at a 569 00:28:17,440 --> 00:28:19,760 Speaker 1: time where you can participate. But only if you have 570 00:28:19,880 --> 00:28:21,800 Speaker 1: the right information. A lot of people get bad information 571 00:28:21,880 --> 00:28:24,120 Speaker 1: and they think it's a joke, they think it's a scam. 572 00:28:24,240 --> 00:28:27,800 Speaker 1: They don't participate. But you are listening now. I'm gonna 573 00:28:27,800 --> 00:28:29,719 Speaker 1: bring this information to each and every week. So right now, 574 00:28:30,359 --> 00:28:33,479 Speaker 1: take a second, pull out your phone, set a calendar reminder, 575 00:28:33,560 --> 00:28:35,080 Speaker 1: and join me each and every week, and of course 576 00:28:35,160 --> 00:28:37,879 Speaker 1: follow me on Twitter. UM number one Mark Moss, the 577 00:28:38,000 --> 00:28:39,680 Speaker 1: number one Mark Moss on Twitter. Send me a question. 578 00:28:39,720 --> 00:28:42,000 Speaker 1: I'll answer it next week. Now you were just joining in. 579 00:28:42,160 --> 00:28:43,800 Speaker 1: I was talking about the bank in the United States 580 00:28:43,840 --> 00:28:46,280 Speaker 1: announced that they were going to start offering a bitcoin 581 00:28:46,320 --> 00:28:50,160 Speaker 1: and cryptocurrency services to their customers. Um, we just got 582 00:28:50,320 --> 00:28:52,960 Speaker 1: news this week that US Bank, the fifth largest bank 583 00:28:53,000 --> 00:28:55,880 Speaker 1: in the United States, is now launched those services. They're 584 00:28:55,880 --> 00:28:58,040 Speaker 1: available and I was talking about the differences of having 585 00:28:58,160 --> 00:29:01,760 Speaker 1: a bank or somebody else custody those, um those coins 586 00:29:01,840 --> 00:29:04,680 Speaker 1: for you, or you doing it yourself. And so I 587 00:29:04,760 --> 00:29:06,440 Speaker 1: just went through the risks of the bank doing it. 588 00:29:07,160 --> 00:29:09,480 Speaker 1: I'm not gonna go back through that. But basically, the 589 00:29:09,600 --> 00:29:11,880 Speaker 1: chance of them losing them or getting stolen is probably 590 00:29:11,880 --> 00:29:14,240 Speaker 1: slim to none. There's very little risk there. But there 591 00:29:14,360 --> 00:29:16,520 Speaker 1: is risk that they may not give those back to 592 00:29:16,600 --> 00:29:19,640 Speaker 1: you for any number of reasons. That's called counterparty risk. 593 00:29:20,160 --> 00:29:22,640 Speaker 1: The other side is that I can hold them myself. Now, 594 00:29:23,360 --> 00:29:25,440 Speaker 1: first off, what does that even mean? Right? What does 595 00:29:25,440 --> 00:29:27,680 Speaker 1: that even mean? So you hear about these coins, right, 596 00:29:27,760 --> 00:29:31,160 Speaker 1: these cryptocurrency coins? Is bitcoin kind of a thing, So 597 00:29:31,280 --> 00:29:34,320 Speaker 1: what does that mean? Well, how do I custody it myself? 598 00:29:34,360 --> 00:29:36,600 Speaker 1: Because it's digital? Right, So it's not like I can 599 00:29:36,720 --> 00:29:38,120 Speaker 1: like hold it in my hand. And a lot of 600 00:29:38,160 --> 00:29:40,400 Speaker 1: people think it's not worth anything because I can't hold 601 00:29:40,440 --> 00:29:43,520 Speaker 1: it in my hand. They think that, um, like gold, 602 00:29:43,600 --> 00:29:45,120 Speaker 1: if I if I can't hold it in my hand, 603 00:29:45,160 --> 00:29:49,160 Speaker 1: it's not worth anything. But of course, um, unless you've 604 00:29:49,160 --> 00:29:51,720 Speaker 1: been living in a rock, you understand that all types 605 00:29:51,760 --> 00:29:54,920 Speaker 1: of digital things have value today. So, um, what does 606 00:29:54,960 --> 00:29:57,320 Speaker 1: that mean that you hold custody of yourself. Well you 607 00:29:57,400 --> 00:30:00,320 Speaker 1: don't ever like you don't download them, like you don't 608 00:30:00,400 --> 00:30:02,920 Speaker 1: hold coins, you don't download them. What you what you hold? 609 00:30:03,160 --> 00:30:06,160 Speaker 1: The only thing you hold is a key. So let 610 00:30:06,200 --> 00:30:08,239 Speaker 1: me explain this and the best way that I can 611 00:30:08,320 --> 00:30:10,800 Speaker 1: over the radio. And so think about it like, um, 612 00:30:10,960 --> 00:30:14,400 Speaker 1: think about it like a locker system. So remember the 613 00:30:14,480 --> 00:30:17,000 Speaker 1: old days, depending on how old you are, the old 614 00:30:17,080 --> 00:30:20,000 Speaker 1: days where like bus stations and airports used to have lockers, right, 615 00:30:20,920 --> 00:30:22,960 Speaker 1: or maybe at your high school or whatever, you have 616 00:30:23,040 --> 00:30:25,920 Speaker 1: a locker. And so there's a there's a public address. 617 00:30:25,960 --> 00:30:28,520 Speaker 1: I'd say, hey, my lockers a C nineteen, go in 618 00:30:28,600 --> 00:30:30,440 Speaker 1: there and slip this envelope in there. I drop a 619 00:30:30,520 --> 00:30:32,440 Speaker 1: check in there for me locker C nineteen. That's my 620 00:30:32,600 --> 00:30:36,480 Speaker 1: public address. And then I have a private key that 621 00:30:36,560 --> 00:30:39,560 Speaker 1: allows me to go open that locker and take stuff 622 00:30:39,640 --> 00:30:43,120 Speaker 1: out of it. Right. And so think about the blockchain, 623 00:30:43,920 --> 00:30:46,360 Speaker 1: think about it in the cloud and this blockchain, and 624 00:30:46,400 --> 00:30:48,840 Speaker 1: think about it like this digital locker system. And so 625 00:30:49,120 --> 00:30:51,800 Speaker 1: you have both a public address where anybody could have 626 00:30:51,960 --> 00:30:56,440 Speaker 1: your bitcoin or your your blockchain public address, and anybody 627 00:30:56,480 --> 00:30:59,600 Speaker 1: with that public address could send you money. Um. But 628 00:30:59,680 --> 00:31:02,200 Speaker 1: then have a private key that allows me to open 629 00:31:02,280 --> 00:31:04,680 Speaker 1: that locker and pull stuff out. And so the only 630 00:31:04,800 --> 00:31:07,719 Speaker 1: thing that you ever really have is your key. Now, 631 00:31:07,800 --> 00:31:10,000 Speaker 1: there's a number of ways you can hold that key. One, 632 00:31:10,160 --> 00:31:14,160 Speaker 1: you can download any number of apps on your smartphone. UM, 633 00:31:14,320 --> 00:31:16,280 Speaker 1: So right from your Android or iPhone, you could download 634 00:31:16,320 --> 00:31:20,120 Speaker 1: any number of apps and that would hold your private key. UM. 635 00:31:20,400 --> 00:31:23,240 Speaker 1: That's one way. We'd call those like a hot wallet. UM. 636 00:31:23,960 --> 00:31:27,640 Speaker 1: The problem with those is that because it's on your phone, 637 00:31:27,920 --> 00:31:31,240 Speaker 1: it's always connected to the Internet, and if any type 638 00:31:31,280 --> 00:31:33,040 Speaker 1: of a hacker were to get ahold of that, they 639 00:31:33,080 --> 00:31:36,680 Speaker 1: could extract the extract your private key, and then empty 640 00:31:36,680 --> 00:31:41,200 Speaker 1: your locker. That's happened to me back in I had 641 00:31:41,240 --> 00:31:45,160 Speaker 1: about forty dollars US dollar at that time at the 642 00:31:45,200 --> 00:31:48,080 Speaker 1: current valuation UM disappear out of a wallet that I 643 00:31:48,160 --> 00:31:50,760 Speaker 1: had on my phone. I'm not exactly sure what happened. 644 00:31:50,760 --> 00:31:52,480 Speaker 1: I was in Mexico, I was at a at a 645 00:31:52,720 --> 00:31:56,360 Speaker 1: rental house. I was using public WiFi every day. I 646 00:31:56,520 --> 00:31:58,800 Speaker 1: was putting money into my wallet, and then one day 647 00:31:58,840 --> 00:32:01,320 Speaker 1: I logged in and it was zero. UM. And so 648 00:32:01,920 --> 00:32:04,680 Speaker 1: that's not my favorite option. I don't do that anymore. 649 00:32:04,760 --> 00:32:07,000 Speaker 1: I learned one time I don't do that anymore. UM. 650 00:32:07,200 --> 00:32:09,680 Speaker 1: I do use some apps on my phone as wallets, 651 00:32:09,960 --> 00:32:11,960 Speaker 1: but I think about them like I would my wallet 652 00:32:12,040 --> 00:32:15,040 Speaker 1: in my pocket. I don't walk around with the wallet 653 00:32:15,120 --> 00:32:16,880 Speaker 1: in my pocket, with my credit cards in my I 654 00:32:16,960 --> 00:32:19,520 Speaker 1: D I don't walk around with my life savings in that. 655 00:32:20,160 --> 00:32:22,480 Speaker 1: If I were to lose my wallet, I could stop 656 00:32:22,520 --> 00:32:24,240 Speaker 1: my credit cards. I could order your credit cards, and 657 00:32:24,280 --> 00:32:26,200 Speaker 1: if I had fifty bucks or a hundred bucks in there, 658 00:32:26,240 --> 00:32:28,720 Speaker 1: it's nothing end of the world. UM. So that's the 659 00:32:28,760 --> 00:32:30,600 Speaker 1: way I look at wallets on my phone. I'll put 660 00:32:30,640 --> 00:32:32,880 Speaker 1: a little bits of money in there. I'm walking around 661 00:32:32,920 --> 00:32:35,240 Speaker 1: money I'm in I'm in El Salvador. I want to 662 00:32:35,280 --> 00:32:38,400 Speaker 1: buy some coffee, some lunch, I'll use that. UM. The 663 00:32:38,640 --> 00:32:42,440 Speaker 1: next level would be a hardware wallet, so you can 664 00:32:42,520 --> 00:32:45,760 Speaker 1: find those. They're like Treasure or Ledger, and they're they're 665 00:32:45,760 --> 00:32:49,000 Speaker 1: like a little USB device that you plug into the 666 00:32:49,080 --> 00:32:53,080 Speaker 1: USB on your computer and so, UM, they sign the transactions. 667 00:32:53,120 --> 00:32:55,680 Speaker 1: So the key is stored in that device. And so 668 00:32:56,160 --> 00:32:58,680 Speaker 1: I would say, hey, send you know, this much bitcoin 669 00:32:58,800 --> 00:33:00,960 Speaker 1: to this address, and then it would say, okay, we'll 670 00:33:01,000 --> 00:33:02,680 Speaker 1: give us the key. So I'd plug that device in 671 00:33:03,040 --> 00:33:05,959 Speaker 1: it would sign the transaction and unplug it. The benefit 672 00:33:06,000 --> 00:33:10,480 Speaker 1: of that is that that key never goes onto a 673 00:33:10,560 --> 00:33:14,200 Speaker 1: computer that has Internet access, so it keeps it away 674 00:33:14,240 --> 00:33:16,920 Speaker 1: from any kind of hackers or malware or anything like that. 675 00:33:17,600 --> 00:33:19,640 Speaker 1: So that's the second best way to do that I 676 00:33:19,680 --> 00:33:22,600 Speaker 1: would use. I would use a hardware wallet. Um. Now, 677 00:33:22,920 --> 00:33:26,719 Speaker 1: in my particular case, UM, I'm using multiple of them. 678 00:33:26,760 --> 00:33:29,160 Speaker 1: And the reason why is that the more money you have, 679 00:33:29,920 --> 00:33:31,880 Speaker 1: the more you need to protect it. Right. If I 680 00:33:31,880 --> 00:33:33,960 Speaker 1: only have a hundred bucks, if I lose it something 681 00:33:34,040 --> 00:33:35,760 Speaker 1: in the world. If I have a hundred million bucks 682 00:33:35,880 --> 00:33:37,920 Speaker 1: and I lose it, that's a very big deal. And 683 00:33:38,000 --> 00:33:39,440 Speaker 1: so the more money you have, the more you'd want 684 00:33:39,480 --> 00:33:42,280 Speaker 1: to protect it. By the way, you're listening to the 685 00:33:42,320 --> 00:33:45,040 Speaker 1: Mark Moa show, we're talking about bitcoin, we're talking about cryptocurrencies. 686 00:33:45,040 --> 00:33:48,040 Speaker 1: We're talking about the decentralized revolution and how you can 687 00:33:48,080 --> 00:33:51,719 Speaker 1: participate in the biggest opportunity you've ever seen in your lifetime. 688 00:33:52,280 --> 00:33:54,600 Speaker 1: And so um, we're talking about securing your bitcoin and 689 00:33:54,720 --> 00:33:57,160 Speaker 1: now in your cryptocurrencies. And like I said, you could 690 00:33:57,200 --> 00:34:00,160 Speaker 1: use multiple hardware wallets and that kind of um heart 691 00:34:00,200 --> 00:34:03,280 Speaker 1: mentalize it or or diversifies it. Right. So let's say 692 00:34:03,280 --> 00:34:06,000 Speaker 1: that I had a hundred thousand dollars worth of of 693 00:34:06,560 --> 00:34:09,960 Speaker 1: of cryptocurrency, I could put ten thousand dollars onto ten 694 00:34:10,080 --> 00:34:13,120 Speaker 1: different hardware wallets and that way, if one got broken 695 00:34:13,239 --> 00:34:16,279 Speaker 1: or lost or stolen or or hacked or whatever, I'm 696 00:34:16,320 --> 00:34:18,200 Speaker 1: only gonna lose ten percent. That that might be one 697 00:34:18,200 --> 00:34:20,239 Speaker 1: way to do it. UM and I and I do that. 698 00:34:20,320 --> 00:34:22,120 Speaker 1: I think I think I run like six or seven 699 00:34:22,239 --> 00:34:24,480 Speaker 1: right now. But that's kind of a pain in the butt. UM. 700 00:34:24,560 --> 00:34:26,279 Speaker 1: It's a big drag on the other thing with the 701 00:34:26,320 --> 00:34:31,120 Speaker 1: hardware wallet is UM. You know, there's there's several manufacturers 702 00:34:31,160 --> 00:34:33,480 Speaker 1: that are out there UM, and I'm definitely not accusing 703 00:34:33,520 --> 00:34:36,440 Speaker 1: any of them of doing anything wrong, But what if, theoretically, 704 00:34:36,600 --> 00:34:40,280 Speaker 1: maybe potentially, what if UM one of the developers inside 705 00:34:40,360 --> 00:34:43,600 Speaker 1: one of the companies was malicious, and let's say that 706 00:34:43,680 --> 00:34:46,319 Speaker 1: they did build in like some back door and they're 707 00:34:46,320 --> 00:34:49,359 Speaker 1: gonna wait until bitcoin hits a million dollars and then 708 00:34:49,360 --> 00:34:52,000 Speaker 1: they're gonna just exit scam and just pull everybody's money out. 709 00:34:52,239 --> 00:34:55,560 Speaker 1: What if that happened, Well, I may not know until 710 00:34:55,640 --> 00:34:57,879 Speaker 1: we get to that point, and that would be too 711 00:34:57,960 --> 00:35:01,759 Speaker 1: big of a risk for me. So another option, a 712 00:35:01,960 --> 00:35:04,000 Speaker 1: better option, This is one that I'm moving too lately 713 00:35:04,239 --> 00:35:07,000 Speaker 1: is something called multi signature. If you've ever watched a 714 00:35:07,040 --> 00:35:10,680 Speaker 1: new movies about you know, like the nuclear codes, like 715 00:35:10,800 --> 00:35:12,640 Speaker 1: the president of the admiral, they both have to put 716 00:35:12,640 --> 00:35:13,960 Speaker 1: their key in at the same time, and they both 717 00:35:14,000 --> 00:35:15,520 Speaker 1: have to turn at the same time. That the multi 718 00:35:15,680 --> 00:35:17,960 Speaker 1: signature set up, it takes two people to do that. 719 00:35:19,400 --> 00:35:21,840 Speaker 1: And so you can set up a multi signature security 720 00:35:21,880 --> 00:35:24,680 Speaker 1: set up where you have two of three signatures required 721 00:35:24,800 --> 00:35:29,239 Speaker 1: or three of five are required. And so what's nice 722 00:35:29,239 --> 00:35:31,640 Speaker 1: about this is it would take two out of three keys, 723 00:35:32,280 --> 00:35:35,440 Speaker 1: and I could have three keys made by three different manufacturers. 724 00:35:35,880 --> 00:35:38,560 Speaker 1: And so now the chance of having that potentially malicious 725 00:35:39,360 --> 00:35:43,520 Speaker 1: actor inside one of those companies is irrelevant because they 726 00:35:43,560 --> 00:35:45,720 Speaker 1: would all three have to be at all three companies, 727 00:35:45,760 --> 00:35:48,080 Speaker 1: and they'll have to three be accurate actively at the 728 00:35:48,120 --> 00:35:51,400 Speaker 1: same time, which is you know, theoretically impossible. Um. And 729 00:35:51,480 --> 00:35:53,080 Speaker 1: so that is a better way to do that. And 730 00:35:53,160 --> 00:35:55,319 Speaker 1: it also gets rid of the need to have six 731 00:35:55,480 --> 00:35:57,640 Speaker 1: or eight or ten different hardware wallets, which is a 732 00:35:57,719 --> 00:36:00,919 Speaker 1: pain in the butt. And so UM, now the risk 733 00:36:01,040 --> 00:36:02,880 Speaker 1: is on me. Back to the point, the risk is 734 00:36:02,920 --> 00:36:05,480 Speaker 1: on me to secure the bitcoin UM as opposed to 735 00:36:05,640 --> 00:36:08,480 Speaker 1: relying on a bank or a solution to custody for me. 736 00:36:08,960 --> 00:36:11,600 Speaker 1: So the risk is on me now, but i've I 737 00:36:11,760 --> 00:36:13,920 Speaker 1: don't have the risk of them not giving it back 738 00:36:13,960 --> 00:36:17,520 Speaker 1: to me for whatever reason. In my opinion, that's the 739 00:36:17,600 --> 00:36:20,280 Speaker 1: bigger risk. I'm afraid that there might be some regulation 740 00:36:20,440 --> 00:36:23,000 Speaker 1: or something like that where the government banned gold um, 741 00:36:23,200 --> 00:36:27,080 Speaker 1: and I would rather hold it myself. In addition, well, 742 00:36:27,160 --> 00:36:28,839 Speaker 1: I'm not going to go into the addition for right now, 743 00:36:30,040 --> 00:36:32,680 Speaker 1: we'll call it that. But I think since most people 744 00:36:32,760 --> 00:36:35,200 Speaker 1: are used to keeping their money in the bank, I 745 00:36:35,280 --> 00:36:38,320 Speaker 1: think still many people will feel comfortable keeping their bitcoin 746 00:36:38,360 --> 00:36:39,919 Speaker 1: in the bank. I think there's a lot of people 747 00:36:39,920 --> 00:36:43,040 Speaker 1: who still might be skeptical on cryptocurrencies because they're this 748 00:36:43,360 --> 00:36:46,920 Speaker 1: magical internet money or whatever it may be. Um. But 749 00:36:47,160 --> 00:36:50,319 Speaker 1: once they see that their bank offers it, like I mean, 750 00:36:50,360 --> 00:36:52,319 Speaker 1: I can buy it in JP Morgan or a Bank 751 00:36:52,360 --> 00:36:56,360 Speaker 1: of America. It gives it a level of legitimacy and 752 00:36:56,520 --> 00:36:59,839 Speaker 1: also makes it extremely easy because now instead of having 753 00:36:59,880 --> 00:37:02,080 Speaker 1: to go get a different account and wire money and 754 00:37:02,120 --> 00:37:04,080 Speaker 1: figure out how to do this, I could literally click 755 00:37:04,120 --> 00:37:07,520 Speaker 1: a button and buy it directly from my bank account, 756 00:37:07,600 --> 00:37:10,560 Speaker 1: which I think is going to explode, and I've taught. 757 00:37:10,719 --> 00:37:13,120 Speaker 1: When I say explode, I'm talking about hundreds of millions 758 00:37:13,200 --> 00:37:16,479 Speaker 1: of people coming into bitcoin. And there's even more news 759 00:37:16,640 --> 00:37:19,600 Speaker 1: happening that's maybe even bigger than this, and I'm gonna 760 00:37:19,600 --> 00:37:21,120 Speaker 1: talk about that as soon as I come back. You're 761 00:37:21,160 --> 00:37:23,200 Speaker 1: listening to The Mark Moss Show. Hang on