WEBVTT - Every New Law Means Less Freedom 0:00:00.040 --> 0:00:02.880 Hello, and welcome to another episode of the Markmas Show 0:00:02.880 --> 0:00:07.080 where we talk about the decentralized revolution that's happening. Of course, 0:00:07.120 --> 0:00:10.920 we talk about it as a decentralized technology like bitcoin 0:00:10.920 --> 0:00:13.280 and cryptocurrencies are changing the world as we know, and 0:00:13.560 --> 0:00:14.920 we like to look at it through the lens of 0:00:15.360 --> 0:00:19.480 three converging factors. Of course, that's politics, finance, and technology. 0:00:19.720 --> 0:00:23.360 Throughout history, thousands of years of history, it's always been 0:00:23.480 --> 0:00:27.320 technology that changes the world. And you know, we can 0:00:27.360 --> 0:00:29.680 look at the political social um things, we can look 0:00:29.720 --> 0:00:33.120 at the financial revolutions. They're all important um and a 0:00:33.120 --> 0:00:34.559 lot of people would do really well with them. But 0:00:34.640 --> 0:00:36.919 if you miss what's going on with the technology, then 0:00:36.960 --> 0:00:38.959 you're missing the bigger pictures. So we look at all 0:00:38.960 --> 0:00:42.200 three of the convergence of all three and we're examining 0:00:42.360 --> 0:00:44.640 what the heck is going on in the world today, 0:00:44.680 --> 0:00:47.680 how did we get here, and most importantly, where we 0:00:47.760 --> 0:00:50.120 are going? So thanks for tuning in. We have a 0:00:50.159 --> 0:00:53.559 lot to cover on this show today. We're gonna look 0:00:53.600 --> 0:00:57.480 at what's going on in Europe with some new regulations, 0:00:57.520 --> 0:01:00.279 new laws of course, new things that you must comply with, 0:01:00.600 --> 0:01:03.360 and what what those things are. There's two big ones 0:01:03.360 --> 0:01:06.200 that are happening. What does this mean for bitcoin cryptocurrencies? 0:01:06.240 --> 0:01:08.399 What does it mean for you personally? Doesn't mean for 0:01:08.400 --> 0:01:11.240 the world. Um, we're gonna look at that, and we're 0:01:11.240 --> 0:01:13.160 gonna look at some of these policies they're trying to 0:01:13.200 --> 0:01:15.280 put in place and what the bigger context of them are, 0:01:15.560 --> 0:01:17.520 how they've already been in place and most of the 0:01:17.560 --> 0:01:21.000 world for about the last two decades. The problems, the 0:01:21.040 --> 0:01:23.720 pros and cons of this, um, And let me just 0:01:24.040 --> 0:01:26.560 tell you it's it's a really big problem. That's a 0:01:26.680 --> 0:01:29.400 really big problem for you personally that you may be 0:01:29.480 --> 0:01:32.080 not aware of. We're gonna talk about some new laws 0:01:32.160 --> 0:01:35.440 that California, which of course leads the United States, so 0:01:35.440 --> 0:01:37.440 it's coming to California. They're trying to get in California, 0:01:37.480 --> 0:01:40.280 which then of course would come for um, the rest 0:01:40.319 --> 0:01:43.039 of the United States and the world as well. Um. 0:01:43.160 --> 0:01:47.039 And then we're gonna look at some of something that 0:01:47.120 --> 0:01:52.520 happened this week that I'm a little speechless. It literally 0:01:52.600 --> 0:01:57.880 shook me to my core. Will just say that, Um, 0:01:57.920 --> 0:01:59.720 you know, the United States has known for a lot 0:01:59.760 --> 0:02:04.160 of things. One thing in particular, and the the entire 0:02:04.280 --> 0:02:06.240 basis of one of the most important things in the 0:02:06.280 --> 0:02:10.840 United States. UM, basically got taken out this week and 0:02:10.840 --> 0:02:13.480 we're gonna talk about that and it all flows into 0:02:13.520 --> 0:02:16.320 each other. So a lot to cover this week. UM. 0:02:16.400 --> 0:02:19.040 And if you want to know how to manage yourself 0:02:19.160 --> 0:02:22.320 through this decentralized revolution that's happening, how to um, not 0:02:22.400 --> 0:02:26.640 just survive, but to thrive with your money, with your freedom, 0:02:26.960 --> 0:02:28.840 then don't go away. We're gonna talk about it now. 0:02:28.880 --> 0:02:30.760 If you're not a regular listener, then what the heck 0:02:30.760 --> 0:02:33.560 are you even doing? Uh? If you're not driving, take 0:02:33.600 --> 0:02:35.680 a second, real quick, pull your phone out from your 0:02:35.680 --> 0:02:37.760 pocket and just put a calendar reminder. Make sure you're 0:02:37.800 --> 0:02:39.920 with me each and every week on this time, this channel, 0:02:40.360 --> 0:02:41.960 because you don't want to miss it. I'm gonna give 0:02:41.960 --> 0:02:45.080 you the information you need to be equipped. And you know, 0:02:46.360 --> 0:02:48.080 you know, when you go out over the weekend and 0:02:48.120 --> 0:02:50.600 you go to the cocktail party, you might sound really 0:02:50.639 --> 0:02:53.120 smart by reciting a lot of information that we talked about. 0:02:53.200 --> 0:02:55.839 So it's a double win for you. So anyway, let's 0:02:55.840 --> 0:02:57.720 just jump right into it. Like I said, lots of 0:02:57.760 --> 0:03:02.200 stuff going on today, and uh, one of them, let's 0:03:02.200 --> 0:03:03.680 start with that. Let's start off the top here the 0:03:03.800 --> 0:03:08.080 regulations that are happening. Of course, regulations are rules, laws 0:03:08.120 --> 0:03:11.240 that are being imposed. Now. You know, one view point 0:03:11.280 --> 0:03:13.720 that I have at my dad taught me when I 0:03:13.760 --> 0:03:15.880 was turning eighteen and I could start voting. As you said, 0:03:15.919 --> 0:03:20.520 you know, Mark, just remember every new law, whether you 0:03:20.520 --> 0:03:22.320 think it's good or bad, whether you like it or not, 0:03:23.320 --> 0:03:26.600 it's less freedom. Just think about it that way. So 0:03:26.639 --> 0:03:28.960 that's the way I think about it. Obviously, growing up 0:03:28.960 --> 0:03:31.120 in the United States, I believe you're probably listening to 0:03:31.160 --> 0:03:35.120 me from the United States. Um, we grew up in 0:03:35.120 --> 0:03:37.360 the Land of the Free. What does that mean, Well, 0:03:37.400 --> 0:03:40.720 that means that we're free. We're free to express ourselves 0:03:40.760 --> 0:03:44.720 as individuals. We're free to pursue things and that lead 0:03:44.760 --> 0:03:49.560 to our own interests. We're free to choose paths and 0:03:49.680 --> 0:03:53.920 options that lead to our own ends, our direction. I 0:03:53.960 --> 0:03:56.240 remember as a kid growing up in uh you know, 0:03:56.360 --> 0:03:59.320 still under the Cold War and learning about communism, because 0:03:59.360 --> 0:04:01.040 we actually used to learn that stuff when I was 0:04:01.040 --> 0:04:03.440 a kid, and we learned about communism you know over 0:04:03.440 --> 0:04:05.360 in the USS are over in Russia at the time. 0:04:06.320 --> 0:04:08.680 I remember just as a kid thinking like it sounded 0:04:08.720 --> 0:04:12.280 like the worst thing in the world. Like you don't 0:04:12.280 --> 0:04:14.640 even get to choose what you want as a profession. 0:04:15.640 --> 0:04:17.520 You mean, they tell you what you have to do 0:04:17.600 --> 0:04:20.520 for work, Like you're not allowed to do anything. You 0:04:20.560 --> 0:04:23.279 can't if you do anything against the state, you get 0:04:23.279 --> 0:04:25.120 locked up in prison. Of course, at the time, they 0:04:25.120 --> 0:04:28.839 had the Gulag, the Russian Gulag, which was, um, you know, 0:04:28.880 --> 0:04:31.520 their prison system, and if you did anything against the state, 0:04:31.839 --> 0:04:34.159 they'd lock you up, you know. And I just remember 0:04:34.200 --> 0:04:37.040 growing up thinking how horrible that must be, because in 0:04:37.080 --> 0:04:38.480 the Land of the Free, we're free, we could do 0:04:38.520 --> 0:04:43.520 whatever we wanted. Um. But each one of these new laws, 0:04:43.600 --> 0:04:46.520 these regulations, these rules, just takes that away. Now, some 0:04:46.560 --> 0:04:48.160 of them could be good, don't get me wrong. Like 0:04:48.480 --> 0:04:50.800 I would like a law. I would like a rule 0:04:50.839 --> 0:04:53.200 that says you can't kill me. You know, I'm totally 0:04:53.279 --> 0:04:55.800 up for that. I like that. As a matter of fact, 0:04:55.880 --> 0:04:58.560 nobody should be aggressive to anybody else. Right. That's a 0:04:58.800 --> 0:05:01.640 libertarian is a not a regressive principle, which means we 0:05:01.640 --> 0:05:03.160 should be free to do most things as long as 0:05:03.160 --> 0:05:05.719 we're not hurting somebody else. So of course I want 0:05:05.800 --> 0:05:08.480 laws preventing you from hurting me. But I look at 0:05:08.520 --> 0:05:10.719 each rule and regulation that like that, and I try 0:05:10.760 --> 0:05:14.440 to be intellectually honest with myself to look at both 0:05:14.480 --> 0:05:17.680 sides of these situations. Now, I want to say just 0:05:17.720 --> 0:05:19.320 one last thing and then we're gonna because I want 0:05:19.360 --> 0:05:21.599 to get into so what's happened here in the highest 0:05:21.680 --> 0:05:23.960 levels of the United States. That's just I mean, it's 0:05:24.000 --> 0:05:26.120 still I still just can't get over. And we're gonna 0:05:26.120 --> 0:05:29.440 talk about that a little bit. But I think about 0:05:29.839 --> 0:05:32.720 I think about, you know, the Supreme Court in the 0:05:32.800 --> 0:05:34.800 United States, which has been on a tear this week 0:05:34.920 --> 0:05:37.640 making all types of laws, are actually repealing things we 0:05:37.640 --> 0:05:41.440 should say. And you know, the Constitution of the United States, 0:05:41.440 --> 0:05:43.760 which is the law of the land, is not a 0:05:43.880 --> 0:05:47.800 set of rules and regulations that prevents us from doing things. 0:05:48.520 --> 0:05:51.640 It's not what it is. So laws and regulations prevent 0:05:51.760 --> 0:05:56.520 you from doing things potentially to protect people whatever. We 0:05:56.600 --> 0:06:00.600 can debate that some do, obviously, UM. But the Constitution, 0:06:00.680 --> 0:06:03.919 the law of the land of the United States, anyway, UM, 0:06:04.120 --> 0:06:06.800 is not a set of rules that we are restricted 0:06:06.800 --> 0:06:08.520 by that tell us how to act what we can 0:06:08.560 --> 0:06:11.039 you can't do, no, no, no. It's a set of 0:06:11.120 --> 0:06:16.120 rules that restrict the government on taking away our freedoms. 0:06:16.160 --> 0:06:17.760 So we need to think about it a little bit differently, 0:06:18.120 --> 0:06:19.359 and so we'll talk about some of the stuff that 0:06:19.360 --> 0:06:21.640 Supreme Court has been doing. But let's just jump back 0:06:21.680 --> 0:06:24.400 to some of the news at hand. This week in Europe, 0:06:25.680 --> 0:06:27.440 would jump over to Europe for a minute. That these 0:06:27.440 --> 0:06:29.279 things are global you gotta understand it from a global 0:06:29.360 --> 0:06:33.440 um level. So in Europe, the European Union seeks a 0:06:33.560 --> 0:06:37.599 deal on a ground breaking I love the sound of 0:06:37.640 --> 0:06:41.400 that groundbreaking. It's so new, it's shattering, you can't believe it. 0:06:41.560 --> 0:06:45.120 To regulate cryptocurrencies. So they want to regular cryptocurrencies. Of course. 0:06:45.400 --> 0:06:46.640 You know. One of the things I hear all the 0:06:46.640 --> 0:06:49.880 time is like, Oh, the government's gonna regulate bitcoin, And 0:06:49.920 --> 0:06:52.479 I'm like, really, they already do. As a matter of fact, 0:06:52.480 --> 0:06:55.799 bitcoin is the most regulated asset in the United States. 0:06:55.800 --> 0:06:58.880 I believe it's regulated by every single institution in the 0:06:58.960 --> 0:07:02.960 United States, the SEC, c MTC, fence in U, the 0:07:03.040 --> 0:07:05.280 I R S. Exactly, they've already all regulated. So what 0:07:05.279 --> 0:07:07.760 do you mean they're going to But of course, uh, 0:07:07.960 --> 0:07:10.240 I guess they could do more regulations. It is already 0:07:10.240 --> 0:07:11.920 the most regulated here here we have more so the 0:07:11.920 --> 0:07:15.080 European Union on Thursday, will seek agreement on Like I said, 0:07:15.080 --> 0:07:18.120 there is a quote unquote groundbreaking rules for regulating crypto 0:07:18.160 --> 0:07:22.080 assets that says the deal would put the EU, the 0:07:22.280 --> 0:07:27.679 European Union, ahead of the global regulatory pack. Of course, 0:07:27.720 --> 0:07:30.800 everybody should everybody should try to win that race to 0:07:30.840 --> 0:07:34.680 be the most aggressive, the most heavy regulated country. That 0:07:34.720 --> 0:07:37.800 seems like a badge of pride. By giving issues of 0:07:37.800 --> 0:07:43.000 crypto assets and providers of related services a passport a passport? 0:07:43.120 --> 0:07:46.280 What does that mean? So I have to now get approval. 0:07:46.640 --> 0:07:50.440 I have to receive a passport from the government. Now 0:07:50.480 --> 0:07:53.120 I'm gonna remind you of a quote from Iron Rand 0:07:53.200 --> 0:07:55.640 and from the book Atlas Shrug, which if you haven't 0:07:55.680 --> 0:07:58.480 read Atlas Shrug, you certainly should have talked about it 0:07:58.560 --> 0:08:01.680 quite extensively, because it basically tells you what's going on 0:08:01.680 --> 0:08:04.760 in the world today. Um, if you don't like to read, 0:08:04.880 --> 0:08:07.040 there's a movie that you can make. Just google it. 0:08:07.120 --> 0:08:09.400 It's a pretty good movie. But she says that when 0:08:09.400 --> 0:08:15.320 you must seek permission to produce from men who produce nothing, 0:08:15.680 --> 0:08:17.520 that you know, we're at the end of a society. 0:08:17.720 --> 0:08:19.280 And so that's exactly what we have to now, we 0:08:19.320 --> 0:08:23.360 have to get quote unquote their words, a passport from 0:08:23.800 --> 0:08:25.760 we have to have now permission to produce. We have 0:08:25.800 --> 0:08:28.120 to get this passport from men who produced nothing. So 0:08:28.160 --> 0:08:30.240 these regulators, they don't know what they're doing. They've never 0:08:30.280 --> 0:08:34.079 produced anything. It says here that the European Parliament in 0:08:34.120 --> 0:08:36.160 the U States meet to thrash out a deal in 0:08:36.200 --> 0:08:38.600 the markets in a crypto assets, which is called MIKA 0:08:38.840 --> 0:08:42.680 m I see a markets in crypto assets which could 0:08:42.720 --> 0:08:45.760 come into force around the end of three So we 0:08:45.840 --> 0:08:47.760 stop about a year and a half before these really 0:08:47.800 --> 0:08:49.520 take off. I want to explain to you what this 0:08:49.600 --> 0:08:51.960 is and what this really means. And there's a second 0:08:52.520 --> 0:08:54.760 bill and regulation that the EU is trying to put through. 0:08:55.040 --> 0:08:57.480 And it's not just about Europe. This is what's happening 0:08:57.480 --> 0:08:59.280 in the United States as well. You need to understand 0:08:59.320 --> 0:09:01.160 that we're to talk about, like I said, some of 0:09:01.160 --> 0:09:03.880 these um bigger problems with the spills into that we're 0:09:03.880 --> 0:09:06.240 already seen in the financial system and and the damage 0:09:06.280 --> 0:09:08.320 has been done there, and we'll talk about like I said, 0:09:09.559 --> 0:09:13.240 I mean the big, big, big below that the United 0:09:13.240 --> 0:09:16.800 States suffered this week. In this regard that and more. 0:09:16.800 --> 0:09:19.800 You listen to the Mark Moa show, talking about bitcoin, cryptocurrencies, 0:09:19.840 --> 0:09:24.920 the decentralized revolution, looking at politics, finance, and technology, trying 0:09:24.960 --> 0:09:26.840 to make sense of this crazy world today. I'll be 0:09:26.880 --> 0:09:28.680 back with all of that and more in a second, 0:09:28.840 --> 0:09:31.280 So don't go away, all right, Welcome back. You were 0:09:31.280 --> 0:09:34.280 listening to an episode of the Markma Show. We're talking about, 0:09:34.280 --> 0:09:36.559 of course, each and every week, the decentralized revolution, the 0:09:36.559 --> 0:09:38.920 way the world is changing right before our eyes, being 0:09:38.960 --> 0:09:42.400 led of course by new technologies like bitcoin cryptocurrencies. And 0:09:42.400 --> 0:09:45.800 we're talking specifically about um starting at the top with 0:09:45.840 --> 0:09:48.000 some new laws that the European Union put into place, 0:09:48.040 --> 0:09:50.160 and of course what this means and how it could 0:09:50.160 --> 0:09:51.480 come to the United States and what it means for 0:09:51.520 --> 0:09:53.880 the bigger picture. And so we're talking about the the 0:09:53.960 --> 0:09:56.719 European Union is meeting to hash out a deal on 0:09:56.760 --> 0:09:59.520 a new law called MIKA m I c A markets 0:09:59.520 --> 0:10:03.600 in crypto assets come into effect at end. And there's 0:10:03.600 --> 0:10:07.240 really three things that they're looking at, three issues remaining 0:10:07.400 --> 0:10:09.800 that they're that they want to deal with, and one 0:10:09.920 --> 0:10:14.400 is n f t S non fungible tokens. Two is 0:10:14.520 --> 0:10:19.520 supervision of this whole space. And then I'm gonna laugh 0:10:19.559 --> 0:10:23.559 a minute. Hang on the third one is energy consumption. 0:10:25.400 --> 0:10:28.200 So let's think about that for a second. U n 0:10:28.240 --> 0:10:34.840 f T S supervision and energy consumption. So let let's 0:10:34.840 --> 0:10:38.160 start with that third one for a second energy consumption. 0:10:38.240 --> 0:10:42.640 So the European Commission would assess the energy footprint of 0:10:42.760 --> 0:10:54.280 crypto assets. Okay, do they regulate the energy footprint of everything? So? 0:10:54.679 --> 0:10:56.520 I mean, obviously we see they're trying to have like 0:10:56.559 --> 0:11:01.640 a transition away from fossil fuel cars, ice engines, internal 0:11:01.679 --> 0:11:05.400 combustion engine cars moving to electric vehicles, which we just 0:11:05.480 --> 0:11:08.320 moved the engine from the from the car and we 0:11:08.400 --> 0:11:11.040 moved to the side. Still have to have an engine 0:11:11.040 --> 0:11:14.800 to create the electricity or the energy. But do we 0:11:15.040 --> 0:11:20.160 regulate how much energy gold mining uses, or the Fiat 0:11:20.160 --> 0:11:24.160 money system or the banking system, or how about YouTube? 0:11:24.400 --> 0:11:28.360 Or how much clothes dryers use or washing machines? Do 0:11:28.400 --> 0:11:34.800 we regulate any of that now? Um, for comparison's sake, Um, 0:11:34.840 --> 0:11:40.040 clothes dryers use way more energy than a bitcoin network does, 0:11:40.080 --> 0:11:41.400 for example. And what the heck do you need to 0:11:41.400 --> 0:11:42.800 close drive for I mean, you can't you just hang 0:11:42.880 --> 0:11:45.480 them in your backyard on a line, Like what a 0:11:45.520 --> 0:11:48.319 waste of energy to try to dry your clothes when 0:11:48.320 --> 0:11:51.920 they could just dry naturally. Right. What about YouTube? YouTube 0:11:52.000 --> 0:11:54.920 uses way more energy, and so what a waste of 0:11:54.920 --> 0:11:58.760 your time just sitting there watching stupid videos? Right? So anyway, 0:11:58.840 --> 0:12:01.680 do they do they the energy footprint of all things? 0:12:01.760 --> 0:12:04.880 Of course not? And who are they to decide how 0:12:05.000 --> 0:12:07.240 you should be able to use your own energy? Now, 0:12:07.280 --> 0:12:09.440 the world that I grew up in, which wasn't near 0:12:09.480 --> 0:12:12.360 as technologically advanced as the one we have today, didn't 0:12:12.559 --> 0:12:16.080 have problems creating electricity. As a matter of fact, creating 0:12:16.120 --> 0:12:18.200 electricity has been known how to We've known how to 0:12:18.200 --> 0:12:20.559 do that for over a hundred years. It's pretty easy. 0:12:20.600 --> 0:12:24.960 Anyone who can create electricity very very easily today. So 0:12:25.040 --> 0:12:26.040 the fact that we even have to deal with that, 0:12:26.080 --> 0:12:29.520 it's pretty crazy. But let's keep going into this bill. Um, 0:12:29.640 --> 0:12:31.559 So some other things that they want to do again, 0:12:31.600 --> 0:12:32.840 like I said, they want to look at n f 0:12:32.920 --> 0:12:38.000 T s and then they want more supervision over those things. Um. 0:12:38.040 --> 0:12:40.199 This has been you know a lot of the cryptocids 0:12:40.280 --> 0:12:42.320 come under pressure because of the collapse of this Terra 0:12:42.440 --> 0:12:44.920 Luna token, which I've been talking about for several weeks. 0:12:45.880 --> 0:12:48.920 Terra Luna has basically led to this contagion downward spiral. 0:12:48.920 --> 0:12:52.880 We're seeing the entire cryptocurrency market cap falling down and 0:12:53.040 --> 0:12:57.280 celsius Um crashed out, and now it's spreading into new 0:12:57.360 --> 0:13:00.040 new form new firms like three A C. Except that 0:13:00.040 --> 0:13:03.000 are We're gonna talk more about that later. But that's 0:13:03.040 --> 0:13:05.240 the only that's only the first thing. That's this meek 0:13:05.320 --> 0:13:07.200 up bill M I, C A. But there's another one, 0:13:07.559 --> 0:13:11.360 and the European systemat Systemic Risk Board, the e s 0:13:11.480 --> 0:13:16.040 RB sounds pretty serious. European Systemic Risk Board has deemed 0:13:16.040 --> 0:13:20.240 it quote unquote a matter of urgency to consider the 0:13:20.240 --> 0:13:22.920 need for additional regulatory measures and policy steps to adjust 0:13:22.920 --> 0:13:27.120 the potential threat that crypto assets could pose to the 0:13:27.200 --> 0:13:34.880 financial system. Huh so people being free to experiment and 0:13:34.920 --> 0:13:38.959 try new things, you know, a little bit of assets here, like, uh, 0:13:39.480 --> 0:13:43.600 what are we at? You know, a few billion dollars, 0:13:43.720 --> 0:13:47.160 a few hundred billion dollars. That's a threat to the 0:13:47.440 --> 0:13:54.719 entire financial system. What about the central bankers creating trillions 0:13:54.760 --> 0:13:59.360 of dollars, manipulating the price of everything, price fixing, price 0:13:59.440 --> 0:14:03.640 fixing interest rates? What about that? What about the fact 0:14:03.640 --> 0:14:06.800 that Christine Legarde from the e c B or from 0:14:06.840 --> 0:14:09.000 the i m F, formerly of the ECB, now at 0:14:09.040 --> 0:14:12.200 the i m F. She said, I guess we didn't 0:14:12.280 --> 0:14:16.040 think through all the unintended consequences of printing all this money. 0:14:18.120 --> 0:14:20.320 That's a threat to the financi that's a threat to 0:14:20.480 --> 0:14:22.000 your way of life. It's a threat to my way 0:14:22.040 --> 0:14:25.560 of life. It's the reason why, to her point, we 0:14:25.600 --> 0:14:29.640 didn't think through the unintended consequences. What unintended consequences was 0:14:29.680 --> 0:14:32.640 she talking about? Oh, you know, the price of natural 0:14:32.640 --> 0:14:34.600 gas going up by a thousand percent. We didn't think 0:14:34.600 --> 0:14:36.960 about that. We didn't think that we need natural gas 0:14:36.960 --> 0:14:38.960 to make fertilizer, which is needed to make food, and 0:14:39.000 --> 0:14:42.240 now we have potentially hundreds of millions of not billions 0:14:42.240 --> 0:14:45.720 of people starving to death. We didn't think about that. 0:14:45.720 --> 0:14:49.760 That's those are the unintended consequences that she's talking about. Um, 0:14:49.840 --> 0:14:53.840 but supposedly if you and I we mess around with 0:14:53.920 --> 0:14:57.240 some free market stuff and some cryptocurrencies, that we're going 0:14:57.280 --> 0:15:01.280 to put the financial system at risk. We're talking hundreds 0:15:01.280 --> 0:15:03.120 of chillions of dollars in the financial system. We're talking 0:15:03.160 --> 0:15:06.600 a little tiny speck of cryptocurrencies, and it's gonna put 0:15:06.600 --> 0:15:08.480 the whole financial system at risk, and we have to 0:15:08.480 --> 0:15:12.560 address that, even though we have Christine Leguard playing with 0:15:12.680 --> 0:15:15.480 everybody's lives and not just let's talk about the United States. 0:15:15.560 --> 0:15:18.800 J Powe just this week came out and said, Jerome Powell, 0:15:19.440 --> 0:15:22.000 for those of you that aren't keeping up here, Jerome Pow, 0:15:22.160 --> 0:15:24.440 who's head of the most powerful central bank in the world, 0:15:24.440 --> 0:15:28.240 which is the Federal Reserve of the United States. He said, well, 0:15:28.280 --> 0:15:31.240 if there's one thing we've learned, it's that we don't 0:15:31.240 --> 0:15:36.520 know very much about controlling inflation. Hmm. So they're just 0:15:36.560 --> 0:15:40.000 willy nilly printing five trillion, six trillion, eight trillion dollars 0:15:40.480 --> 0:15:44.640 without understanding what they're even doing, which is putting the 0:15:44.760 --> 0:15:47.160 entire financial system at risk, which is of course, is 0:15:47.240 --> 0:15:50.360 driving home prices up, driving rents through the roof, driving 0:15:50.400 --> 0:15:53.920 your gas prices up two levels that you can't even 0:15:53.960 --> 0:15:57.480 afford anymore. But a little bit of experiment around with 0:15:57.480 --> 0:16:00.160 some cryptocurrencies is a threat to the financial system. It's 0:16:00.200 --> 0:16:02.200 pretty rich coming from them, so of course they want 0:16:02.240 --> 0:16:05.080 additional regulatory measures to deal with that. Um It says 0:16:05.080 --> 0:16:07.960 they're responsible for ensuring the stability of the financial system 0:16:08.120 --> 0:16:11.800 in the EU and while crypto assets currently have a 0:16:11.840 --> 0:16:16.320 limited hold on the system. These risks could materialize quickly 0:16:16.360 --> 0:16:19.800 and suddenly, they say. The e s r B, which 0:16:19.800 --> 0:16:22.920 again is the European Systemic Risk Board, also hopes to 0:16:23.000 --> 0:16:30.560 identify cryptos possible systemic implications on the EU financial system. So, 0:16:30.720 --> 0:16:37.040 you know, look, if we think think, let's let's let's 0:16:37.040 --> 0:16:38.640 think about this from a higher level, a little bit 0:16:38.640 --> 0:16:42.360 more of a philosophical level. For example, freedom is not safe. 0:16:42.360 --> 0:16:44.160 Safe is not free. So what do I mean by that. 0:16:44.280 --> 0:16:46.160 Let's let's let's look at the lion. The lion is 0:16:46.200 --> 0:16:47.760 the king of the jungle. The lion is the most 0:16:47.760 --> 0:16:50.880 powerful animal now in the jungle or in the in 0:16:50.920 --> 0:16:53.560 the Sahara plane, wherever it is right, it can kill anything. 0:16:53.640 --> 0:16:55.640 There's no there's no hunters, I mean other than man 0:16:55.720 --> 0:16:57.760 right at the top of the food chain. Now it's 0:16:57.760 --> 0:17:00.840 not it's free. It's free to do it at once, 0:17:00.880 --> 0:17:02.720 but it's not a it's not a safe life. So 0:17:02.760 --> 0:17:04.600 the lion has to fight other lions. You know, it 0:17:04.640 --> 0:17:06.200 doesn't know if it's going to get food. It could 0:17:06.240 --> 0:17:08.680 get you know, hunted, killed by human um. So it's 0:17:08.720 --> 0:17:10.480 it's free, but it's not safe. Now we could take 0:17:10.480 --> 0:17:12.840 that lion, and we could put it into a cage, 0:17:13.880 --> 0:17:16.159 and we can keep that lion safe in a cage. 0:17:16.240 --> 0:17:17.480 We can give it one meal a day, and we 0:17:17.480 --> 0:17:21.159 can pump it full of antibiotics and it's safe. But 0:17:21.200 --> 0:17:23.480 it's certainly not free anymore. And so we can have 0:17:23.640 --> 0:17:27.560 all of these guardrails put around us where um, we're 0:17:27.600 --> 0:17:31.480 basically in a cage and they keep us safe from ourselves, 0:17:32.240 --> 0:17:35.320 but we're certainly not free. I'm not sure which side 0:17:35.359 --> 0:17:37.080 you're on on that. I'd love to find out. I'd 0:17:37.080 --> 0:17:38.440 love for you to hit me up on social media 0:17:38.520 --> 0:17:40.600 at one Mark Moss at It's just the number one 0:17:40.600 --> 0:17:42.159 Mark Moss semi message. Let me know do you want 0:17:42.200 --> 0:17:43.399 to be free or do you want to be safe? 0:17:43.640 --> 0:17:45.520 I want to talk more about these regulations are put 0:17:45.520 --> 0:17:46.680 into place, and then I want to talk about the 0:17:46.680 --> 0:17:48.600 bigger problem that we're seeing in the United States, the 0:17:48.680 --> 0:17:53.080 backfiring of this and how this week, especially in California, 0:17:53.200 --> 0:17:55.760 it has backfired in a massive way. You could potentially 0:17:55.760 --> 0:17:58.240 be at risk and what this means. You're listening to 0:17:58.280 --> 0:18:00.719 the Mark Moa show talking about the decent realized Revolution, 0:18:00.760 --> 0:18:04.280 talking about bitcoin, cryptocurrencies through the lens of politics, finance 0:18:04.320 --> 0:18:06.159 and technology. I got a lot more to cover in 0:18:06.200 --> 0:18:08.280 a minute when I come back, So don't go away, 0:18:08.720 --> 0:18:10.840 all right, welcome back. You're listening to the Markma Show. 0:18:10.880 --> 0:18:15.280 We're talking about the decentralized revolution. We're talking about bitcoin, 0:18:15.359 --> 0:18:19.000 cryptocurrencies changing the world and what's happening because of that. 0:18:19.080 --> 0:18:20.840 Of course, we're looking at through the lens of politics, 0:18:20.840 --> 0:18:24.800 finance and technology, and we're talking about specifically laws and 0:18:24.840 --> 0:18:27.840 regulations that are being imposed by the EU. UM, and 0:18:27.880 --> 0:18:31.080 they're pretty vague. We don't know what we're gonna do, 0:18:31.200 --> 0:18:33.920 but we're gonna do something because we have to keep 0:18:34.000 --> 0:18:38.399 you safe. Now safe as a relative term. Um. You know, 0:18:38.440 --> 0:18:40.680 in the United States, we can go by as many 0:18:40.840 --> 0:18:43.920 lottery tickets as we want, which the chance of winning 0:18:44.040 --> 0:18:46.160 is basically none. We can of course, go to Vegas 0:18:46.320 --> 0:18:49.959 and we can gamble away even with credit. Um, you know, 0:18:50.160 --> 0:18:54.240 all of our money. No big deal. UM, but heaven 0:18:54.320 --> 0:18:57.520 forbid you, you know, experiment around with some cryptocurrencies or 0:18:57.560 --> 0:18:59.960 something like that. Um. But what are some of the 0:19:00.119 --> 0:19:02.679 bigger implications of this? All right? So some of the 0:19:02.680 --> 0:19:07.639 things that they really want to get under control is um. Well, 0:19:07.760 --> 0:19:09.560 and the tools they would use to get stuff under 0:19:09.560 --> 0:19:12.080 control is to first get a handle on who it 0:19:12.400 --> 0:19:16.640 is that is using these things. Right, So cryptocurrencies are 0:19:17.200 --> 0:19:20.720 kind of somewhat anonymous, meaning um, they go outside of 0:19:20.720 --> 0:19:23.840 the financial system, but the financial system is controlled. And 0:19:23.880 --> 0:19:25.919 there's two main things that they use to control the 0:19:25.920 --> 0:19:28.560 financial system or to track it. And that's one k 0:19:28.920 --> 0:19:30.840 y C. You might have heard that term before. The 0:19:30.880 --> 0:19:33.280 second one is a m L. So k y C 0:19:33.480 --> 0:19:36.200 is something called no your Customer, and a m L 0:19:36.359 --> 0:19:39.000 is something known as anti money laundry. And are These 0:19:39.000 --> 0:19:41.640 two things were put into place after the two thousand one, 0:19:43.160 --> 0:19:46.480 nine eleven attack on the on the World Trade Centers UM, 0:19:46.520 --> 0:19:49.800 the patriotach was put into place UM. And while it 0:19:49.800 --> 0:19:53.199 was a tragic day for America being attacked and for 0:19:53.280 --> 0:19:55.520 the people that that unfortunately lost their lives there, it 0:19:55.600 --> 0:19:57.720 was an even more tragic day for the rest of 0:19:57.760 --> 0:20:02.840 Americans who lost more freed ums that day than anytime 0:20:02.840 --> 0:20:05.800 in all of history. And part of the freedoms that 0:20:05.800 --> 0:20:10.480 we lost were the freedom to transact our own money. Now, 0:20:10.480 --> 0:20:13.560 without the freedom to transact, we have no freedom. So 0:20:13.600 --> 0:20:16.199 if I can't pay for certain things, I have no 0:20:16.280 --> 0:20:19.080 freedom right, so I have freedom to freedom of speech 0:20:19.119 --> 0:20:20.639 but if I can't pay to get a phone or 0:20:20.680 --> 0:20:22.280 a computer to go on the internet, or pay to 0:20:22.280 --> 0:20:24.399 build a website or print a flyer, how much freedom 0:20:24.400 --> 0:20:26.720 of speech do I have? If I have freedom of 0:20:26.720 --> 0:20:28.920 of assembly, but if I can't pay to put gas 0:20:28.960 --> 0:20:30.600 in my truck to drive to the assembly, or pay 0:20:30.640 --> 0:20:32.240