Speaker 1: Hello, and welcome to another episode of the Markmas Show
Speaker 1: where we talk about the decentralized revolution that's happening. Of course,
Speaker 1: we talk about it as a decentralized technology like bitcoin
Speaker 1: and cryptocurrencies are changing the world as we know, and
Speaker 1: we like to look at it through the lens of
Speaker 1: three converging factors. Of course, that's politics, finance, and technology.
Speaker 1: Throughout history, thousands of years of history, it's always been
Speaker 1: technology that changes the world. And you know, we can
Speaker 1: look at the political social um things, we can look
Speaker 1: at the financial revolutions. They're all important um and a
Speaker 1: lot of people would do really well with them. But
Speaker 1: if you miss what's going on with the technology, then
Speaker 1: you're missing the bigger pictures. So we look at all
Speaker 1: three of the convergence of all three and we're examining
Speaker 1: what the heck is going on in the world today,
Speaker 1: how did we get here, and most importantly, where we
Speaker 1: are going? So thanks for tuning in. We have a
Speaker 1: lot to cover on this show today. We're gonna look
Speaker 1: at what's going on in Europe with some new regulations,
Speaker 1: new laws of course, new things that you must comply with,
Speaker 1: and what what those things are. There's two big ones
Speaker 1: that are happening. What does this mean for bitcoin cryptocurrencies?
Speaker 1: What does it mean for you personally? Doesn't mean for
Speaker 1: the world. Um, we're gonna look at that, and we're
Speaker 1: gonna look at some of these policies they're trying to
Speaker 1: put in place and what the bigger context of them are,
Speaker 1: how they've already been in place and most of the
Speaker 1: world for about the last two decades. The problems, the
Speaker 1: pros and cons of this, um, And let me just
Speaker 1: tell you it's it's a really big problem. That's a
Speaker 1: really big problem for you personally that you may be
Speaker 1: not aware of. We're gonna talk about some new laws
Speaker 1: that California, which of course leads the United States, so
Speaker 1: it's coming to California. They're trying to get in California,
Speaker 1: which then of course would come for um, the rest
Speaker 1: of the United States and the world as well. Um.
Speaker 1: And then we're gonna look at some of something that
Speaker 1: happened this week that I'm a little speechless. It literally
Speaker 1: shook me to my core. Will just say that, Um,
Speaker 1: you know, the United States has known for a lot
Speaker 1: of things. One thing in particular, and the the entire
Speaker 1: basis of one of the most important things in the
Speaker 1: United States. UM, basically got taken out this week and
Speaker 1: we're gonna talk about that and it all flows into
Speaker 1: each other. So a lot to cover this week. UM.
Speaker 1: And if you want to know how to manage yourself
Speaker 1: through this decentralized revolution that's happening, how to um, not
Speaker 1: just survive, but to thrive with your money, with your freedom,
Speaker 1: then don't go away. We're gonna talk about it now.
Speaker 1: If you're not a regular listener, then what the heck
Speaker 1: are you even doing? Uh? If you're not driving, take
Speaker 1: a second, real quick, pull your phone out from your
Speaker 1: pocket and just put a calendar reminder. Make sure you're
Speaker 1: with me each and every week on this time, this channel,
Speaker 1: because you don't want to miss it. I'm gonna give
Speaker 1: you the information you need to be equipped. And you know,
Speaker 1: you know, when you go out over the weekend and
Speaker 1: you go to the cocktail party, you might sound really
Speaker 1: smart by reciting a lot of information that we talked about.
Speaker 1: So it's a double win for you. So anyway, let's
Speaker 1: just jump right into it. Like I said, lots of
Speaker 1: stuff going on today, and uh, one of them, let's
Speaker 1: start with that. Let's start off the top here the
Speaker 1: regulations that are happening. Of course, regulations are rules, laws
Speaker 1: that are being imposed. Now. You know, one view point
Speaker 1: that I have at my dad taught me when I
Speaker 1: was turning eighteen and I could start voting. As you said,
Speaker 1: you know, Mark, just remember every new law, whether you
Speaker 1: think it's good or bad, whether you like it or not,
Speaker 1: it's less freedom. Just think about it that way. So
Speaker 1: that's the way I think about it. Obviously, growing up
Speaker 1: in the United States, I believe you're probably listening to
Speaker 1: me from the United States. Um, we grew up in
Speaker 1: the Land of the Free. What does that mean, Well,
Speaker 1: that means that we're free. We're free to express ourselves
Speaker 1: as individuals. We're free to pursue things and that lead
Speaker 1: to our own interests. We're free to choose paths and
Speaker 1: options that lead to our own ends, our direction. I
Speaker 1: remember as a kid growing up in uh you know,
Speaker 1: still under the Cold War and learning about communism, because
Speaker 1: we actually used to learn that stuff when I was
Speaker 1: a kid, and we learned about communism you know over
Speaker 1: in the USS are over in Russia at the time.
Speaker 1: I remember just as a kid thinking like it sounded
Speaker 1: like the worst thing in the world. Like you don't
Speaker 1: even get to choose what you want as a profession.
Speaker 1: You mean, they tell you what you have to do
Speaker 1: for work, Like you're not allowed to do anything. You
Speaker 1: can't if you do anything against the state, you get
Speaker 1: locked up in prison. Of course, at the time, they
Speaker 1: had the Gulag, the Russian Gulag, which was, um, you know,
Speaker 1: their prison system, and if you did anything against the state,
Speaker 1: they'd lock you up, you know. And I just remember
Speaker 1: growing up thinking how horrible that must be, because in
Speaker 1: the Land of the Free, we're free, we could do
Speaker 1: whatever we wanted. Um. But each one of these new laws,
Speaker 1: these regulations, these rules, just takes that away. Now, some
Speaker 1: of them could be good, don't get me wrong. Like
Speaker 1: I would like a law. I would like a rule
Speaker 1: that says you can't kill me. You know, I'm totally
Speaker 1: up for that. I like that. As a matter of fact,
Speaker 1: nobody should be aggressive to anybody else. Right. That's a
Speaker 1: libertarian is a not a regressive principle, which means we
Speaker 1: should be free to do most things as long as
Speaker 1: we're not hurting somebody else. So of course I want
Speaker 1: laws preventing you from hurting me. But I look at
Speaker 1: each rule and regulation that like that, and I try
Speaker 1: to be intellectually honest with myself to look at both
Speaker 1: sides of these situations. Now, I want to say just
Speaker 1: one last thing and then we're gonna because I want
Speaker 1: to get into so what's happened here in the highest
Speaker 1: levels of the United States. That's just I mean, it's
Speaker 1: still I still just can't get over. And we're gonna
Speaker 1: talk about that a little bit. But I think about
Speaker 1: I think about, you know, the Supreme Court in the
Speaker 1: United States, which has been on a tear this week
Speaker 1: making all types of laws, are actually repealing things we
Speaker 1: should say. And you know, the Constitution of the United States,
Speaker 1: which is the law of the land, is not a
Speaker 1: set of rules and regulations that prevents us from doing things.
Speaker 1: It's not what it is. So laws and regulations prevent
Speaker 1: you from doing things potentially to protect people whatever. We
Speaker 1: can debate that some do, obviously, UM. But the Constitution,
Speaker 1: the law of the land of the United States, anyway, UM,
Speaker 1: is not a set of rules that we are restricted
Speaker 1: by that tell us how to act what we can
Speaker 1: you can't do, no, no, no. It's a set of
Speaker 1: rules that restrict the government on taking away our freedoms.
Speaker 1: So we need to think about it a little bit differently,
Speaker 1: and so we'll talk about some of the stuff that
Speaker 1: Supreme Court has been doing. But let's just jump back
Speaker 1: to some of the news at hand. This week in Europe,
Speaker 1: would jump over to Europe for a minute. That these
Speaker 1: things are global you gotta understand it from a global
Speaker 1: um level. So in Europe, the European Union seeks a
Speaker 1: deal on a ground breaking I love the sound of
Speaker 1: that groundbreaking. It's so new, it's shattering, you can't believe it.
Speaker 1: To regulate cryptocurrencies. So they want to regular cryptocurrencies. Of course.
Speaker 1: You know. One of the things I hear all the
Speaker 1: time is like, Oh, the government's gonna regulate bitcoin, And
Speaker 1: I'm like, really, they already do. As a matter of fact,
Speaker 1: bitcoin is the most regulated asset in the United States.
Speaker 1: I believe it's regulated by every single institution in the
Speaker 1: United States, the SEC, c MTC, fence in U, the
Speaker 1: I R S. Exactly, they've already all regulated. So what
Speaker 1: do you mean they're going to But of course, uh,
Speaker 1: I guess they could do more regulations. It is already
Speaker 1: the most regulated here here we have more so the
Speaker 1: European Union on Thursday, will seek agreement on Like I said,
Speaker 1: there is a quote unquote groundbreaking rules for regulating crypto
Speaker 1: assets that says the deal would put the EU, the
Speaker 1: European Union, ahead of the global regulatory pack. Of course,
Speaker 1: everybody should everybody should try to win that race to
Speaker 1: be the most aggressive, the most heavy regulated country. That
Speaker 1: seems like a badge of pride. By giving issues of
Speaker 1: crypto assets and providers of related services a passport a passport?
Speaker 1: What does that mean? So I have to now get approval.
Speaker 1: I have to receive a passport from the government. Now
Speaker 1: I'm gonna remind you of a quote from Iron Rand
Speaker 1: and from the book Atlas Shrug, which if you haven't
Speaker 1: read Atlas Shrug, you certainly should have talked about it
Speaker 1: quite extensively, because it basically tells you what's going on
Speaker 1: in the world today. Um, if you don't like to read,
Speaker 1: there's a movie that you can make. Just google it.
Speaker 1: It's a pretty good movie. But she says that when
Speaker 1: you must seek permission to produce from men who produce nothing,
Speaker 1: that you know, we're at the end of a society.
Speaker 1: And so that's exactly what we have to now, we
Speaker 1: have to get quote unquote their words, a passport from
Speaker 1: we have to have now permission to produce. We have
Speaker 1: to get this passport from men who produced nothing. So
Speaker 1: these regulators, they don't know what they're doing. They've never
Speaker 1: produced anything. It says here that the European Parliament in
Speaker 1: the U States meet to thrash out a deal in
Speaker 1: the markets in a crypto assets, which is called MIKA
Speaker 1: m I see a markets in crypto assets which could
Speaker 1: come into force around the end of three So we
Speaker 1: stop about a year and a half before these really
Speaker 1: take off. I want to explain to you what this
Speaker 1: is and what this really means. And there's a second
Speaker 1: bill and regulation that the EU is trying to put through.
Speaker 1: And it's not just about Europe. This is what's happening
Speaker 1: in the United States as well. You need to understand
Speaker 1: that we're to talk about, like I said, some of
Speaker 1: these um bigger problems with the spills into that we're
Speaker 1: already seen in the financial system and and the damage
Speaker 1: has been done there, and we'll talk about like I said,
Speaker 1: I mean the big, big, big below that the United
Speaker 1: States suffered this week. In this regard that and more.
Speaker 1: You listen to the Mark Moa show, talking about bitcoin, cryptocurrencies,
Speaker 1: the decentralized revolution, looking at politics, finance, and technology, trying
Speaker 1: to make sense of this crazy world today. I'll be
Speaker 1: back with all of that and more in a second,
Speaker 1: So don't go away, all right, Welcome back. You were
Speaker 1: listening to an episode of the Markma Show. We're talking about,
Speaker 1: of course, each and every week, the decentralized revolution, the
Speaker 1: way the world is changing right before our eyes, being
Speaker 1: led of course by new technologies like bitcoin cryptocurrencies. And
Speaker 1: we're talking specifically about um starting at the top with
Speaker 1: some new laws that the European Union put into place,
Speaker 1: and of course what this means and how it could
Speaker 1: come to the United States and what it means for
Speaker 1: the bigger picture. And so we're talking about the the
Speaker 1: European Union is meeting to hash out a deal on
Speaker 1: a new law called MIKA m I c A markets
Speaker 1: in crypto assets come into effect at end. And there's
Speaker 1: really three things that they're looking at, three issues remaining
Speaker 1: that they're that they want to deal with, and one
Speaker 1: is n f t S non fungible tokens. Two is
Speaker 1: supervision of this whole space. And then I'm gonna laugh
Speaker 1: a minute. Hang on the third one is energy consumption.
Speaker 1: So let's think about that for a second. U n
Speaker 1: f T S supervision and energy consumption. So let let's
Speaker 1: start with that third one for a second energy consumption.
Speaker 1: So the European Commission would assess the energy footprint of
Speaker 1: crypto assets. Okay, do they regulate the energy footprint of everything? So?
Speaker 1: I mean, obviously we see they're trying to have like
Speaker 1: a transition away from fossil fuel cars, ice engines, internal
Speaker 1: combustion engine cars moving to electric vehicles, which we just
Speaker 1: moved the engine from the from the car and we
Speaker 1: moved to the side. Still have to have an engine
Speaker 1: to create the electricity or the energy. But do we
Speaker 1: regulate how much energy gold mining uses, or the Fiat
Speaker 1: money system or the banking system, or how about YouTube?
Speaker 1: Or how much clothes dryers use or washing machines? Do
Speaker 1: we regulate any of that now? Um, for comparison's sake, Um,
Speaker 1: clothes dryers use way more energy than a bitcoin network does,
Speaker 1: for example. And what the heck do you need to
Speaker 1: close drive for I mean, you can't you just hang
Speaker 1: them in your backyard on a line, Like what a
Speaker 1: waste of energy to try to dry your clothes when
Speaker 1: they could just dry naturally. Right. What about YouTube? YouTube
Speaker 1: uses way more energy, and so what a waste of
Speaker 1: your time just sitting there watching stupid videos? Right? So anyway,
Speaker 1: do they do they the energy footprint of all things?
Speaker 1: Of course not? And who are they to decide how
Speaker 1: you should be able to use your own energy? Now,
Speaker 1: the world that I grew up in, which wasn't near
Speaker 1: as technologically advanced as the one we have today, didn't
Speaker 1: have problems creating electricity. As a matter of fact, creating
Speaker 1: electricity has been known how to We've known how to
Speaker 1: do that for over a hundred years. It's pretty easy.
Speaker 1: Anyone who can create electricity very very easily today. So
Speaker 1: the fact that we even have to deal with that,
Speaker 1: it's pretty crazy. But let's keep going into this bill. Um,
Speaker 1: So some other things that they want to do again,
Speaker 1: like I said, they want to look at n f
Speaker 1: T s and then they want more supervision over those things. Um.
Speaker 1: This has been you know a lot of the cryptocids
Speaker 1: come under pressure because of the collapse of this Terra
Speaker 1: Luna token, which I've been talking about for several weeks.
Speaker 1: Terra Luna has basically led to this contagion downward spiral.
Speaker 1: We're seeing the entire cryptocurrency market cap falling down and
Speaker 1: celsius Um crashed out, and now it's spreading into new
Speaker 1: new form new firms like three A C. Except that
Speaker 1: are We're gonna talk more about that later. But that's
Speaker 1: the only that's only the first thing. That's this meek
Speaker 1: up bill M I, C A. But there's another one,
Speaker 1: and the European systemat Systemic Risk Board, the e s
Speaker 1: RB sounds pretty serious. European Systemic Risk Board has deemed
Speaker 1: it quote unquote a matter of urgency to consider the
Speaker 1: need for additional regulatory measures and policy steps to adjust
Speaker 1: the potential threat that crypto assets could pose to the
Speaker 1: financial system. Huh so people being free to experiment and
Speaker 1: try new things, you know, a little bit of assets here, like, uh,
Speaker 1: what are we at? You know, a few billion dollars,
Speaker 1: a few hundred billion dollars. That's a threat to the
Speaker 1: entire financial system. What about the central bankers creating trillions
Speaker 1: of dollars, manipulating the price of everything, price fixing, price
Speaker 1: fixing interest rates? What about that? What about the fact
Speaker 1: that Christine Legarde from the e c B or from
Speaker 1: the i m F, formerly of the ECB, now at
Speaker 1: the i m F. She said, I guess we didn't
Speaker 1: think through all the unintended consequences of printing all this money.
Speaker 1: That's a threat to the financi that's a threat to
Speaker 1: your way of life. It's a threat to my way
Speaker 1: of life. It's the reason why, to her point, we
Speaker 1: didn't think through the unintended consequences. What unintended consequences was
Speaker 1: she talking about? Oh, you know, the price of natural
Speaker 1: gas going up by a thousand percent. We didn't think
Speaker 1: about that. We didn't think that we need natural gas
Speaker 1: to make fertilizer, which is needed to make food, and
Speaker 1: now we have potentially hundreds of millions of not billions
Speaker 1: of people starving to death. We didn't think about that.
Speaker 1: That's those are the unintended consequences that she's talking about. Um,
Speaker 1: but supposedly if you and I we mess around with
Speaker 1: some free market stuff and some cryptocurrencies, that we're going
Speaker 1: to put the financial system at risk. We're talking hundreds
Speaker 1: of chillions of dollars in the financial system. We're talking
Speaker 1: a little tiny speck of cryptocurrencies, and it's gonna put
Speaker 1: the whole financial system at risk, and we have to
Speaker 1: address that, even though we have Christine Leguard playing with
Speaker 1: everybody's lives and not just let's talk about the United States.
Speaker 1: J Powe just this week came out and said, Jerome Powell,
Speaker 1: for those of you that aren't keeping up here, Jerome Pow,
Speaker 1: who's head of the most powerful central bank in the world,
Speaker 1: which is the Federal Reserve of the United States. He said, well,
Speaker 1: if there's one thing we've learned, it's that we don't
Speaker 1: know very much about controlling inflation. Hmm. So they're just
Speaker 1: willy nilly printing five trillion, six trillion, eight trillion dollars
Speaker 1: without understanding what they're even doing, which is putting the
Speaker 1: entire financial system at risk, which is of course, is
Speaker 1: driving home prices up, driving rents through the roof, driving
Speaker 1: your gas prices up two levels that you can't even
Speaker 1: afford anymore. But a little bit of experiment around with
Speaker 1: some cryptocurrencies is a threat to the financial system. It's
Speaker 1: pretty rich coming from them, so of course they want
Speaker 1: additional regulatory measures to deal with that. Um It says
Speaker 1: they're responsible for ensuring the stability of the financial system
Speaker 1: in the EU and while crypto assets currently have a
Speaker 1: limited hold on the system. These risks could materialize quickly
Speaker 1: and suddenly, they say. The e s r B, which
Speaker 1: again is the European Systemic Risk Board, also hopes to
Speaker 1: identify cryptos possible systemic implications on the EU financial system. So,
Speaker 1: you know, look, if we think think, let's let's let's
Speaker 1: think about this from a higher level, a little bit
Speaker 1: more of a philosophical level. For example, freedom is not safe.
Speaker 1: Safe is not free. So what do I mean by that.
Speaker 1: Let's let's let's look at the lion. The lion is
Speaker 1: the king of the jungle. The lion is the most
Speaker 1: powerful animal now in the jungle or in the in
Speaker 1: the Sahara plane, wherever it is right, it can kill anything.
Speaker 1: There's no there's no hunters, I mean other than man
Speaker 1: right at the top of the food chain. Now it's
Speaker 1: not it's free. It's free to do it at once,
Speaker 1: but it's not a it's not a safe life. So
Speaker 1: the lion has to fight other lions. You know, it
Speaker 1: doesn't know if it's going to get food. It could
Speaker 1: get you know, hunted, killed by human um. So it's
Speaker 1: it's free, but it's not safe. Now we could take
Speaker 1: that lion, and we could put it into a cage,
Speaker 1: and we can keep that lion safe in a cage.
Speaker 1: We can give it one meal a day, and we
Speaker 1: can pump it full of antibiotics and it's safe. But
Speaker 1: it's certainly not free anymore. And so we can have
Speaker 1: all of these guardrails put around us where um, we're
Speaker 1: basically in a cage and they keep us safe from ourselves,
Speaker 1: but we're certainly not free. I'm not sure which side
Speaker 1: you're on on that. I'd love to find out. I'd
Speaker 1: love for you to hit me up on social media
Speaker 1: at one Mark Moss at It's just the number one
Speaker 1: Mark Moss semi message. Let me know do you want
Speaker 1: to be free or do you want to be safe?
Speaker 1: I want to talk more about these regulations are put
Speaker 1: into place, and then I want to talk about the
Speaker 1: bigger problem that we're seeing in the United States, the
Speaker 1: backfiring of this and how this week, especially in California,
Speaker 1: it has backfired in a massive way. You could potentially
Speaker 1: be at risk and what this means. You're listening to
Speaker 1: the Mark Moa show talking about the decent realized Revolution,
Speaker 1: talking about bitcoin, cryptocurrencies through the lens of politics, finance
Speaker 1: and technology. I got a lot more to cover in
Speaker 1: a minute when I come back, So don't go away,
Speaker 1: all right, welcome back. You're listening to the Markma Show.
Speaker 1: We're talking about the decentralized revolution. We're talking about bitcoin,
Speaker 1: cryptocurrencies changing the world and what's happening because of that.
Speaker 1: Of course, we're looking at through the lens of politics,
Speaker 1: finance and technology, and we're talking about specifically laws and
Speaker 1: regulations that are being imposed by the EU. UM, and
Speaker 1: they're pretty vague. We don't know what we're gonna do,
Speaker 1: but we're gonna do something because we have to keep
Speaker 1: you safe. Now safe as a relative term. Um. You know,
Speaker 1: in the United States, we can go by as many
Speaker 1: lottery tickets as we want, which the chance of winning
Speaker 1: is basically none. We can of course, go to Vegas
Speaker 1: and we can gamble away even with credit. Um, you know,
Speaker 1: all of our money. No big deal. UM, but heaven
Speaker 1: forbid you, you know, experiment around with some cryptocurrencies or
Speaker 1: something like that. Um. But what are some of the
Speaker 1: bigger implications of this? All right? So some of the
Speaker 1: things that they really want to get under control is um. Well,
Speaker 1: and the tools they would use to get stuff under
Speaker 1: control is to first get a handle on who it
Speaker 1: is that is using these things. Right, So cryptocurrencies are
Speaker 1: kind of somewhat anonymous, meaning um, they go outside of
Speaker 1: the financial system, but the financial system is controlled. And
Speaker 1: there's two main things that they use to control the
Speaker 1: financial system or to track it. And that's one k
Speaker 1: y C. You might have heard that term before. The
Speaker 1: second one is a m L. So k y C
Speaker 1: is something called no your Customer, and a m L
Speaker 1: is something known as anti money laundry. And are These
Speaker 1: two things were put into place after the two thousand one,
Speaker 1: nine eleven attack on the on the World Trade Centers UM,
Speaker 1: the patriotach was put into place UM. And while it
Speaker 1: was a tragic day for America being attacked and for
Speaker 1: the people that that unfortunately lost their lives there, it
Speaker 1: was an even more tragic day for the rest of
Speaker 1: Americans who lost more freed ums that day than anytime
Speaker 1: in all of history. And part of the freedoms that
Speaker 1: we lost were the freedom to transact our own money. Now,
Speaker 1: without the freedom to transact, we have no freedom. So
Speaker 1: if I can't pay for certain things, I have no
Speaker 1: freedom right, so I have freedom to freedom of speech
Speaker 1: but if I can't pay to get a phone or
Speaker 1: a computer to go on the internet, or pay to
Speaker 1: build a website or print a flyer, how much freedom
Speaker 1: of speech do I have? If I have freedom of
Speaker 1: of assembly, but if I can't pay to put gas
Speaker 1: in my truck to drive to the assembly, or pay
Speaker 1: for food when I get to the assembly, how do
Speaker 1: I freedom of assembly? I have freedom of religion, but
Speaker 1: if my church can't pay for a building, how do
Speaker 1: we have freedom of religion? And so it all starts
Speaker 1: with the freedom of payments, and of course they've taken
Speaker 1: that away because they regulate something like I said, k
Speaker 1: y C a m L So k y C means
Speaker 1: that you have to know your customer, and that means
Speaker 1: that every financial institution has to know their customers. They
Speaker 1: have to know you. What's your name, what's your address,
Speaker 1: what's your I D, etcetera. Right, And so they've put
Speaker 1: these relations on top of cryptocurrency. So if you want
Speaker 1: to go buy bitcoin or cryptocurrency at coin base or
Speaker 1: something like that, you have to put all your information
Speaker 1: in the system, uh, including taking a picture of your
Speaker 1: I D, uploading all of that. So it's done to
Speaker 1: the banking system and again this is new. Think think
Speaker 1: about for all of history, none of this was monitored.
Speaker 1: Right we had we used gold as money obviously for
Speaker 1: five thousand years, we used rocks and feathers, and if
Speaker 1: I paid with gold, I used gold coins. There was
Speaker 1: no k y C. There was no databases that stored
Speaker 1: everybody's most personal information. And even when we got into
Speaker 1: the money the you know, the Fiat monetary system, you
Speaker 1: know after basically gold was seized in three and even then,
Speaker 1: even through one it wasn't really regulated. Now they're starting
Speaker 1: to be more like bank secrecy acts. So than for example, um,
Speaker 1: they put in the policy where transactions of more than
Speaker 1: ten thousand dollars needed to um get that kise to
Speaker 1: get that that that information. But I'll have you understand
Speaker 1: that at the time when that rule is put into place,
Speaker 1: based off of inflation, that was equivalent to about eighty
Speaker 1: thou dollars of today's of dollars, and today's today ten
Speaker 1: thousand dollars is equivalent to you know whatever, I don't know,
Speaker 1: a thousand dollars back back then. And so they've really
Speaker 1: just clamped down on what we can do. Now. This
Speaker 1: may sound like a good idea, to you, But is
Speaker 1: it really have you thought through the pros and cons
Speaker 1: of each one of these things to grab all of
Speaker 1: the information. Now, the first thing is to use the
Speaker 1: financial system, the global financial system. You have to be
Speaker 1: able to put your information in. You have to have
Speaker 1: the idea, you have to have the you know, the
Speaker 1: government I D and all that. You have to have permission.
Speaker 1: Now that's a problem for people that don't have that information. Now,
Speaker 1: if you're in the United States, you might say, well,
Speaker 1: everybody has that information, right. Well, let's see, there's a
Speaker 1: whole battle going on over voting, and supposedly it's a
Speaker 1: racist to ask people to show an I D to
Speaker 1: vote because supposedly, um, black people and minorities aren't smart
Speaker 1: enough to go get an I D. I think that's
Speaker 1: racist to insinuate that they're not smart enough to get
Speaker 1: an I D. But the point is is that the
Speaker 1: Democrats are so dug in on preventing, uh, preventing any
Speaker 1: type of policy that would require you to show an
Speaker 1: ID to vote because supposedly it's racist minorities can't get
Speaker 1: an I D. Well, if they can't get an ID,
Speaker 1: then they can't get into the financial system. Think about
Speaker 1: that for a second. So is the financial system racist?
Speaker 1: You gotta you gotta look at it from both sides.
Speaker 1: Here you can't have your way and needed to your
Speaker 1: cake and need it too. Right now, this is just
Speaker 1: the United States. What about the world now? Purther you
Speaker 1: in about half of the adults in the world today
Speaker 1: have no access to banking two reasons, well mainly just
Speaker 1: one reason. They don't have permission to join. Now either
Speaker 1: they don't have the required documents to join, or to
Speaker 1: they're from an area that doesn't allow them to join.
Speaker 1: So for example, you're a fifteen year old kid growing
Speaker 1: up in Iran, Um, you start, you create an Instagram account,
Speaker 1: you want to start a little business, but nope, you can't.
Speaker 1: You can't join the global financial system because you're in
Speaker 1: a country that doesn't allow it. And so um, about
Speaker 1: half the adults in the world today have no access
Speaker 1: to the finance system because of policies like this. And
Speaker 1: so we have to think about risk and reward. How
Speaker 1: many people are we helping versus how many people are
Speaker 1: we hurting. So if we take a look at this,
Speaker 1: so like k y C know your customer is extremely
Speaker 1: dangerous and I would even go as far as to
Speaker 1: say it's useless. Now. Um, the thing with money, first
Speaker 1: of all, is that money. If you lose it, you know,
Speaker 1: it sucks. Nobody wants to lose their money. But if
Speaker 1: you lose it, you can you can get money back,
Speaker 1: You can earn it back. What about your identity? If
Speaker 1: you lose your identity, can you get that back? When
Speaker 1: you when you're when all your personal information is exposed
Speaker 1: and sold on the dark web, do you get that back?
Speaker 1: Of course, the answer is no. Money is replaceable. Identity
Speaker 1: is not. Once it's stolen, it's gone. Now does it
Speaker 1: get stolen? It happens all the time. So all these companies,
Speaker 1: all these cryptocurrency exchanges, all these banks, they're all storing
Speaker 1: to know your customer information and they could hack all
Speaker 1: the time. Experience led to one of the largest data
Speaker 1: breaches in the U S history, and the majority of
Speaker 1: Americans personal information, including their social Security numbers and their
Speaker 1: address and their mother's main names, were put onto the
Speaker 1: dark web. Once that gets out there, it's gone. You
Speaker 1: don't get that back. What are they capturing all this
Speaker 1: information for? So are we doing more harm than good?
Speaker 1: Think about that for a second. Now. One of the
Speaker 1: best ways to protect yourself from identity to have just
Speaker 1: to understand the false assumptions of k y C. Right, So,
Speaker 1: like I said, it's supposed to prevent money laundering and
Speaker 1: terrorist financing because you know, your six dollars that the
Speaker 1: government wants to write late is going to lead to
Speaker 1: all this terror terrorist financing. And never mind the billions
Speaker 1: of dollars that we actually give the terrorists, never mind
Speaker 1: the hundreds of billions of dollars or weapons that we
Speaker 1: gave the terrorists in Afghanistan, or the palates of cash
Speaker 1: that we gave them. Never mind that your six dollars
Speaker 1: could lead to terrorist financing. But the problem is is
Speaker 1: that this k y C endangers mean, it endangers you.
Speaker 1: So what's the bigger risk here? K y C encourages
Speaker 1: identity theft because it creates what we call honey pots.
Speaker 1: It gets to everybody's information and puts them into a database.
Speaker 1: And that's very attractive to hackers. Honeypot. They want to
Speaker 1: go get that. And these organizations that collect this information
Speaker 1: they're super vulnerable to hacks. We've seen it all the time,
Speaker 1: over and over and over, and they get everything. They
Speaker 1: get your personal documents, they get your name, they get
Speaker 1: all of that, and then once they have that, they
Speaker 1: have it. So not only do you get hacked and
Speaker 1: it gets taken, but then it also helps them. So
Speaker 1: now these criminals have everybody's personal information, and so now
Speaker 1: they can go around and use that information to pass
Speaker 1: k y C on their own. So does k y
Speaker 1: C actually prevent the criminals from doing criminal activity? No,
Speaker 1: as a matter of fact, it entices them to be
Speaker 1: more criminal still yours and then use that information to
Speaker 1: get around the very measures that are meant to protect you,
Speaker 1: protect us supposedly, but actually put us more in danger.
Speaker 1: I'm going to talk more about that and then go
Speaker 1: into some big stuff to happen this week that you
Speaker 1: need to be aware of. You're listening to the Mark
Speaker 1: Moa show talking about the decentralized revolution, talking about bitcoin,
Speaker 1: cryptocurrencies of course, looking at through politics, finance, and technology.
Speaker 1: Going on a little bit of a ramp. But I
Speaker 1: got a lot more to cover in a minute. Like
Speaker 1: I said, I want to talk more about this k
Speaker 1: y C hack and what happened this week that has
Speaker 1: me really shaken up. We're back with that in morn
Speaker 1: a minute. Do not go away, all right, Welcome back,
Speaker 1: you're listening to the markma Show. We're talking about the
Speaker 1: decentralized revolution, of course, monitoring as it progresses. Uh, how
Speaker 1: do we get here? What the going on? Where we're going? Well,
Speaker 1: it all is about the technology, so we're talking about that.
Speaker 1: Of course, we're looking at bitcoin, cryptocurrencies. We're talking about
Speaker 1: specifically today. Uh. To start at the top, these new
Speaker 1: regulations that the EU is trying to put in place,
Speaker 1: which of course they want to come for the rest
Speaker 1: of the world United States. UM, A lot of this
Speaker 1: is more regulation, which of course includes UH knowing your
Speaker 1: customer k y C and a m L regulations where
Speaker 1: they gather all your information. They put them into these databases,
Speaker 1: harming putting everybody at risk to potentially maybe prevent a
Speaker 1: couple of people from doing some illegal things which are
Speaker 1: already illegal that they could do. Uh. You know in
Speaker 1: the United States, I guess I can't speak so much
Speaker 1: for the rest of the world. You know, I grew
Speaker 1: up in a world in the United States where I
Speaker 1: thought we were innocent until proven guilty. So we have
Speaker 1: laws and we have rules that are in place. So
Speaker 1: if you do something illegal, there's you know, laws against that,
Speaker 1: and there's punishment. But when did we start putting in
Speaker 1: laws and rules and regulations that would prevent you from
Speaker 1: being able to do something illegal, Because then that that
Speaker 1: basically tells me that I'm guilty until proven innocent, but
Speaker 1: I'm supposed to be innocent nil proven guilty. So they're
Speaker 1: gonna put every single person in the world at risk
Speaker 1: to prevent them from doing something that we already have
Speaker 1: laws against doing. And the percentage of people that would
Speaker 1: actually do something bad with it is so tiny, like
Speaker 1: less than one percent. So we're gonna put of people
Speaker 1: at risk, at grave danger, have grave danger, people in
Speaker 1: grave danger, and inconvenience and additional costs and all those
Speaker 1: things to potentially stop half of one percent of people
Speaker 1: from maybe doing something bad that we already have laws
Speaker 1: against in the first place. Think about that for a minute.
Speaker 1: That seems like like a smart thing to do. So
Speaker 1: does k YC. Like I said, it encourages scams, so one,
Speaker 1: it creates these honey pots of these these scammers want
Speaker 1: to go get it, they want to break into it,
Speaker 1: and then on top of it, now they have that
Speaker 1: information again, once it gets your mother's made name and
Speaker 1: your address and your date of birth and your middle
Speaker 1: initial all that you don't get that back, it's now
Speaker 1: forever on the dark web, you are forever compromised, forever.
Speaker 1: It's a massive risk, grave danger, in my opinion, they
Speaker 1: could go mess up your credit and then anyone who's
Speaker 1: ever tried to get their credit fixed, you understand how
Speaker 1: big of a problem that is. I could take you
Speaker 1: years and years and years and tens of thousands of
Speaker 1: dollars and hundreds of hours of time to even try
Speaker 1: to get resolved, even if you could. But then, like
Speaker 1: I said, then it goes to help the scammers because
Speaker 1: now these very policies that are putting you in danger,
Speaker 1: these k y C policies, now they have your information
Speaker 1: they can use to go get around those exact same things.
Speaker 1: That's what we have pol that's why we have we
Speaker 1: have laws against doing these things. But trying to create
Speaker 1: these arbitrary gateways and and and uh and checkpoints to
Speaker 1: get people to move through only keeps the law abiding
Speaker 1: citizens out and the criminals in. And I'm not gonna
Speaker 1: talk about guns necessarily. Well, actually we're gonna talk about
Speaker 1: guns in a minute, but um, think about think about
Speaker 1: in the United States, right that we have the right
Speaker 1: to bear arms, um, and they say, well, we don't
Speaker 1: want guns in criminals hands because they could do something bad. Well,
Speaker 1: we have laws against those bad things that criminals would do.
Speaker 1: But also think about this, so like look at look
Speaker 1: at Mexico for example, they don't have guns allowed in Mexico. Now,
Speaker 1: certain people, if you're like a farmer, you could qualify
Speaker 1: to get like one rifle so you could hunt or
Speaker 1: something like that. But for the most part, there's no
Speaker 1: guns allowed in Mexico. But what about all these like
Speaker 1: narcos and cartels because they have lots of guns and
Speaker 1: they shoot up people all the time. But but I
Speaker 1: thought guns were illegal. Oh, you mean the criminals have
Speaker 1: the guns, you see, So the average people doesn't have guns.
Speaker 1: Who the average people aren't going to do anything wrong,
Speaker 1: But the criminals who are going to do something wrong, uh,
Speaker 1: do have the guns and they break the laws. And
Speaker 1: so that's kind of what we're talking about here, that
Speaker 1: the majority of people who would never do anything wrong,
Speaker 1: we're being um inconvenience in mass we're paying way higher fees,
Speaker 1: and we're put at risk in danger to potentially stop
Speaker 1: a couple of people who are already breaking laws that
Speaker 1: we already have in place UM and so k y
Speaker 1: C is completely useless from doing this, and so I
Speaker 1: want you to understand that. So as you continue to
Speaker 1: hear talks about we need to regulate bitcoin and cryptocurrency more,
Speaker 1: we need to get information. We can't allow people to
Speaker 1: transfer bitcoin between themselves without us knowing who's there. That's
Speaker 1: what the EU wants to do. They want to make
Speaker 1: it where you can't transfer um bitcoin from one person
Speaker 1: to another without going through a financial institution, which is
Speaker 1: the whole point. It goes peer to peer sort of
Speaker 1: like cash. Yeah, you know how I can hand you
Speaker 1: cash and that doesn't have to go to the institution
Speaker 1: where I could hand you gold before that sort of
Speaker 1: like that. They don't want that to happen. They wanted
Speaker 1: to be like Venmo, where you have to send everybody Venmo,
Speaker 1: so it goes through six checkpoints and gateways, so everybody
Speaker 1: gets their cut, everybody gets their feet, and they can
Speaker 1: tell you how you can spend your money. Sounds pretty good.
Speaker 1: Now this is coming for the United States here I'm
Speaker 1: reading this or here in California, bill would require websites
Speaker 1: to verify users I d S so uh, California State
Speaker 1: legislator is looking at a bill to require websites and
Speaker 1: apps to authenticate the age of every user before allowing
Speaker 1: them to access um. It's aimed at protecting the children. Now,
Speaker 1: of course, who doesn't want to protect children. I have kids,
Speaker 1: I want to protect children. There's a lot of things
Speaker 1: I want to protect children from that the freaking government
Speaker 1: is allowing people to do, like having transvestites at elementary schools. Like,
Speaker 1: I'm definitely not for that. I don't think kids should
Speaker 1: be sexualized. I'd like to protect children from that. So
Speaker 1: who wouldn't be for that? Of course? It's it's like
Speaker 1: calling a bill like the Save the Puppy Dogs Act.
Speaker 1: Who who's against saving puppy dogs? But it would in
Speaker 1: effect end online a non amenity in the state. The
Speaker 1: bill is a B two two seven three. It's known
Speaker 1: as the California Age Appropriate Design Code Act, which sounds
Speaker 1: good because we're gonna protect the kids, right, So what
Speaker 1: it wants to do is protect your But what it
Speaker 1: is actually gonna do is change the Internet for everyone,
Speaker 1: because in order to determine who is a child, then
Speaker 1: the websites and apps are going to have to authenticate
Speaker 1: the age of all users. Before you can use the service.
Speaker 1: So basically what it does it ends casual web browsing
Speaker 1: and it forces every company, every website, every app to
Speaker 1: now collect personal information on you so they can store it.
Speaker 1: And they don't want they don't want to store they're
Speaker 1: not capable of protecting it. Even the n s A
Speaker 1: of the government was hacked, Experience hacked, every single little
Speaker 1: app they have, the they have the they have the
Speaker 1: ability to protect my data. Of course they don't. I
Speaker 1: don't want to provide the information. They don't want to
Speaker 1: collect information. But California wants to require them to do
Speaker 1: it because of course, we got to save the babies, right,
Speaker 1: I'm all for saving the babies. Like I said, I'm
Speaker 1: a father. I want to protect kids. But is this
Speaker 1: the way to do it? And it gets worse than that.
Speaker 1: So let's talk about what happened this week, because there's
Speaker 1: there's two things that happened that just is shaking me
Speaker 1: to my core. And so in the United States, we
Speaker 1: have three branches of government. Do you know what those are? Oh,
Speaker 1: I can't hear anybody. So we have the we have
Speaker 1: the legislative right, we have the judicial. Do you understand
Speaker 1: how this is the judicial branch being the Supreme Court
Speaker 1: of the nation. Supreme Court, the highest level, the most esteemed,
Speaker 1: the most prestigious office in the United States. The rule
Speaker 1: of law. There's one thing the United States stands for.
Speaker 1: One thing that separates the United States from every country
Speaker 1: in the world is a rule of law. That's it.
Speaker 1: Other countries don't have that. Venezuela, Iran, there's no Belarus,
Speaker 1: there's no rule of law. The United States has a
Speaker 1: rule of law. The Supreme Court of the United States
Speaker 1: has a rule of law. But we got leaks. Activists
Speaker 1: get in and they leak information on the most divisive
Speaker 1: and polarizing topics there are. That's pretty bad. One of
Speaker 1: the things of the Supreme Court. I'm talking about the
Speaker 1: rule v Wait. Of course, I'm not going to chime
Speaker 1: in on that right now. But one of the things
Speaker 1: that the Preme Court recently pulled back was this right
Speaker 1: to have concealed weapons, which California was very angry about
Speaker 1: because it pulled back California's power over weapons. So the
Speaker 1: Attorney General in California, the Attorney general who's head of
Speaker 1: the what Department of Justice, said that they were going
Speaker 1: to push back and do everything they can to go
Speaker 1: against what the Supreme Court has decided. The Attorney General,
Speaker 1: the head of the d J, and this week, somehow
Speaker 1: the do o J leaked all the personal information of
Speaker 1: all the concealed Carrey permit people in California, names, addresses,
Speaker 1: You get it. Now? Does that seem coincidental to you?
Speaker 1: But more importantly, why do they have that information in
Speaker 1: the first place. I'll leave that question for you to
Speaker 1: figure out. You're starting to get the big picture here.
Speaker 1: You're listening to the Mark mos Show. Of course, we're
Speaker 1: talking about cryptocurrencies. We're talking about bitcoin, we're talking about
Speaker 1: the decentralized revolution, We're obviously talking about regular elations, and
Speaker 1: we're looking at it across the spectrum, across the spreads.
Speaker 1: You can understand these situations better. Would I like to
Speaker 1: stop one or two bad people? Of course I would do.
Speaker 1: I want to put people at risk to potentially maybe
Speaker 1: stop a bad person who's gonna be bad anyway. For me,
Speaker 1: the answer is no. But I'd love to hear what
Speaker 1: you say. Well, you have to think. Hit me up
Speaker 1: on social media let me know. Thanks for listening to
Speaker 1: the Mark Wash Show. We'll be back with more later.