WEBVTT - Talking with Jessica Hodlr 0:00:00.040 --> 0:00:02.360 Hello, and welcome to another episode of The Mark Mo Show, 0:00:02.360 --> 0:00:05.640 where we talk about bitcoin. We talk about the decentralized 0:00:05.640 --> 0:00:07.640 revolution that the world is going through, and we look 0:00:07.680 --> 0:00:10.360 at it through the lens of things that we can observe, 0:00:10.440 --> 0:00:14.000 like politics, finance, technology, And there's no shortage of things 0:00:14.040 --> 0:00:16.560 to be talking about, that's for sure. Right now. The 0:00:16.640 --> 0:00:19.400 world is rapidly changing. I am joined in the studio 0:00:19.560 --> 0:00:22.680 by a good friend today, Jessica. You can find her 0:00:22.720 --> 0:00:27.080 on Twitter at Jessica Hoddler h O d l R 0:00:27.640 --> 0:00:29.360 if you want to give her a follow and and 0:00:29.400 --> 0:00:32.240 say what's up. But Jessica, thanks for joining me today. Well, 0:00:32.240 --> 0:00:34.199 thanks so much for having me. I'm really excited to 0:00:34.200 --> 0:00:37.960 be here. So we have been having some technical difficulties 0:00:37.960 --> 0:00:39.800 here in the studio. We'll go ahead and just tell you, guys, 0:00:39.840 --> 0:00:42.320 because we're both a little bit frazzled here. I've been 0:00:42.400 --> 0:00:45.879 running around like crazy making making videos. I've weady done 0:00:45.920 --> 0:00:48.160 several hours of content today and I got several more 0:00:48.240 --> 0:00:51.960 hours to go with technical difficulties in the studio. Couldn't 0:00:51.960 --> 0:00:54.440 get the cameras up and running, and Jessica even and 0:00:54.560 --> 0:00:57.240 Jessica and I even had to start recording and it 0:00:57.280 --> 0:01:00.480 wasn't recording that we're starting over. So uh oh man, 0:01:00.640 --> 0:01:02.640 the joy of the joy of doing this. But you know, 0:01:03.320 --> 0:01:07.800 I remember, um, I've been I've been making contents, specifically, 0:01:07.880 --> 0:01:10.680 like for video content. I started my YouTube channel in 0:01:10.720 --> 0:01:13.760 a two thousand and eighteen and so bitcoin had topped 0:01:13.760 --> 0:01:17.280 out in two thousand seventeen, um, and then it crashed 0:01:17.319 --> 0:01:22.040 famously from almost twenty thousand nineteen thousand and change, um, 0:01:22.080 --> 0:01:24.640 and then you know, January eighteen and on and on 0:01:24.680 --> 0:01:28.119 and I went down. I actually started writing a cryptocurrency 0:01:28.200 --> 0:01:31.160 research newsletter in twenty sixteen, so I was already researching 0:01:31.160 --> 0:01:32.960 and writing it, but I didn't start doing like content 0:01:33.640 --> 0:01:37.480 on YouTube until and then. And then through that year 0:01:37.520 --> 0:01:40.679 of eighteen, um, you know, January was coming down in 0:01:40.720 --> 0:01:42.760 February and March, and we kept thinking it's gonna go 0:01:42.800 --> 0:01:44.760 back up, It's gonna go back up. There's still like 0:01:44.800 --> 0:01:49.480 a lot of excitement because seventeen were so amazing, um, 0:01:49.520 --> 0:01:51.960 But by the end of eighteen, it was like, oh 0:01:52.040 --> 0:01:53.600 my gosh, like I don't know if this is ever 0:01:53.640 --> 0:01:55.720 coming back. And then we go into like twenty nineteen, 0:01:55.880 --> 0:01:57.560 and now we have like a year, year and a 0:01:57.560 --> 0:02:00.160 half of this, and it got to a point where 0:02:00.200 --> 0:02:03.320 I was like, on YouTube, I'm like, what the heck 0:02:03.360 --> 0:02:05.680 am I even going to talk about? Like there's like 0:02:06.000 --> 0:02:08.760 nothing going on. It's like completely dead, and I was 0:02:08.800 --> 0:02:11.240 like searching for topics. But yet now here we are, 0:02:11.560 --> 0:02:14.359 and it's like I'm making like multiple videos a day. 0:02:14.400 --> 0:02:19.320 I mean, it's insane. And then yeah, being busy, it's 0:02:19.360 --> 0:02:21.960 definitely not a bad thing, that's for sure. Yeah, but 0:02:21.960 --> 0:02:23.919 I'm just talking about with just the amount of content 0:02:23.960 --> 0:02:25.800 to cover, I mean, to stay on top of what's 0:02:25.800 --> 0:02:28.200 going on, it's like a full time job right now 0:02:28.200 --> 0:02:31.680 because it's all moving so fast. Yeah, it's absolutely insane. 0:02:31.680 --> 0:02:35.880 What's going on. Um. The one thing I've been seeing is, uh, 0:02:36.040 --> 0:02:39.560 the all the markets are melting down, of course right um, 0:02:39.600 --> 0:02:43.760 but the cryptocurrency space, the bitcoin spaces, is not immune 0:02:43.800 --> 0:02:48.359 to that. When we did our fake attempt at recording before, 0:02:48.400 --> 0:02:50.280 you were just talking about before I cut you off, 0:02:50.320 --> 0:02:52.520 how you were in a on a session I think 0:02:52.560 --> 0:02:55.560 with BTC sessions, which shout out to BTC sessions. By 0:02:55.600 --> 0:02:58.120 the way, if you want to learn how to uh 0:02:58.320 --> 0:03:00.440 learn more about the technical side of big coin, like 0:03:00.480 --> 0:03:02.640 how to use you know, your own self storage your 0:03:02.639 --> 0:03:05.919 own cold storage, um, your own bitcoin note. Things like that. 0:03:06.080 --> 0:03:08.280 No better follow than BTC sessions. You can check them 0:03:08.320 --> 0:03:11.280 out on YouTube. But anyway, so you're talking about how 0:03:11.560 --> 0:03:12.959 you were on a sessions with him, and you guys 0:03:13.000 --> 0:03:17.560 were all kind of um enjoying. I guess is that 0:03:17.600 --> 0:03:21.200 the word you were enjoying Watching the price of bitcoin crash. Well, 0:03:21.280 --> 0:03:23.600 so it hadn't gone down to twenty two and twenty 0:03:23.680 --> 0:03:26.640 one yet, so we were saying like, oh, you know, 0:03:27.040 --> 0:03:29.080 we need to we need to see it going lower, 0:03:29.160 --> 0:03:31.600 We need to see more blood in the streets. Maybe, 0:03:31.760 --> 0:03:34.040 you know, people need to get wrecked in order to 0:03:34.080 --> 0:03:37.840 understand like what the Bitcoin Maxi's are saying, Um, because 0:03:37.840 --> 0:03:41.600 we're so toxic, you know. Um, And then it came down. 0:03:42.800 --> 0:03:47.040 But from that standpoint, um, the crypto people need to 0:03:47.080 --> 0:03:49.200 get wrecked a little bit to get to see kind 0:03:49.200 --> 0:03:53.680 of the Bitcoin maxi viewpoint. But Bitcoin Maxi's are down 0:03:54.800 --> 0:03:57.720 as well, so aren't Bitcoin Maxi's getting wrecked just like 0:03:57.760 --> 0:04:03.400 the crypto bros? I mean, for me, this is an 0:04:03.400 --> 0:04:06.760 incredible buying opportunity. Um, I think this is once in 0:04:06.760 --> 0:04:13.440 a lifetime since especially since we reached sixty nine, all 0:04:13.680 --> 0:04:17.800 almost seventy and now we're down to one. Uh and 0:04:17.880 --> 0:04:19.919 this is the time where you can stacks at build 0:04:19.920 --> 0:04:24.600 generational wealth at a discount. When did you start buying 0:04:24.680 --> 0:04:28.520 and really getting involved and paying attention. So it was 0:04:30.680 --> 0:04:34.080 and it was just me. I talked to my friends 0:04:34.120 --> 0:04:37.400 about it, and they'd be like, what you're insane? Um. 0:04:37.480 --> 0:04:40.400 And for me, I mean it was just okay, like 0:04:40.760 --> 0:04:43.320 I'm just gonna buy some and hold it and I'm 0:04:43.360 --> 0:04:44.960 never gonna sell. And this is before I was even 0:04:45.040 --> 0:04:48.039 on Twitter, like seeing the never sell diamond hands and 0:04:48.040 --> 0:04:51.039 all that stuff. Um. And then I saw that it 0:04:51.160 --> 0:04:57.200 hit like two seen and then I didn't pay attention 0:04:57.240 --> 0:04:59.680 to the price. And then when I got onto Twitter, 0:04:59.800 --> 0:05:05.159 and that's when I like really started paying attention, you know, 0:05:05.240 --> 0:05:09.600 joining the community and stuff. Yeah, so then you Um, 0:05:09.640 --> 0:05:11.840 I was looking at this report here of the seven 0:05:11.880 --> 0:05:16.880 biggest draw downs in bitcoins history, which in June June, um, 0:05:16.880 --> 0:05:18.480 that was a big one, but that was like when 0:05:18.480 --> 0:05:21.120 it had just got started, mout cox Feld, so they 0:05:21.200 --> 0:05:23.120 kind of take that one out. It's like an outlier. 0:05:23.480 --> 0:05:27.680 In twelve we saw drop fifty we saw dropped eighty 0:05:27.839 --> 0:05:30.120 three percent, So that was no joke. So that was 0:05:30.480 --> 0:05:32.360 right around the time it was on my radar and 0:05:32.400 --> 0:05:35.800 I was gonna buy in and it was going up, up, up, up, 0:05:35.880 --> 0:05:39.560 up up, and then it crashed UM, and then I 0:05:39.600 --> 0:05:43.200 decided not to buy. I didn't get until UM and 0:05:43.240 --> 0:05:47.760 so then UM we have December UM through to December, 0:05:48.279 --> 0:05:51.040 which we were talking about before UM it dropped eight FO. 0:05:51.560 --> 0:05:53.840 So you you got in early. You saw I go 0:05:54.000 --> 0:05:55.880 from I don't know, sixteen I don't know if it 0:05:55.920 --> 0:05:58.279 was five bucks probably something like that. I'm just guessing 0:05:58.880 --> 0:06:02.279 up to twenty thousand, and he felt really rich. And 0:06:02.320 --> 0:06:07.159 then you watched it go down all the way down 0:06:07.240 --> 0:06:10.200 to wherever it ended up dropping down, I don't know, 0:06:10.240 --> 0:06:12.320 around four or five thousand or six thousand dollars something 0:06:12.400 --> 0:06:15.920 like that. How was that give give give us, give 0:06:16.000 --> 0:06:18.080 us some, give us, some war stories or some what What 0:06:18.000 --> 0:06:23.400 What was going through your mind? Honestly, it was just 0:06:23.480 --> 0:06:25.680 literally just me and my mom talking about it, and 0:06:25.720 --> 0:06:27.640 we were just we would just say to each other, Okay, 0:06:27.680 --> 0:06:29.480 like it doesn't matter, We're just going to hold on 0:06:29.520 --> 0:06:33.120 to it, like we know this is life changing UM 0:06:33.279 --> 0:06:37.080 digital gold money UM. And really at that point what 0:06:37.160 --> 0:06:38.480 kept us in the game was like, we know this 0:06:38.520 --> 0:06:40.640 is freedom money. We know this is going to change 0:06:40.680 --> 0:06:42.800 the world, this is going to change people's lives. And 0:06:42.880 --> 0:06:45.000 so we would literally just say to each other, we're 0:06:45.040 --> 0:06:49.160 never selling. So you really thought that back then you 0:06:49.160 --> 0:06:53.800 were that you had that much conviction. Wow, that's for sure. 0:06:55.040 --> 0:06:59.200 I would. I'll admit. When I started buying, I was 0:07:00.720 --> 0:07:02.400 looking for a way to get money out of the 0:07:02.480 --> 0:07:05.280 United States banking system. So I was working on going 0:07:05.360 --> 0:07:07.559 into Panama and setting up a trust and Panama, putting 0:07:07.560 --> 0:07:10.240 money in the Panama and panamoney and bank um if 0:07:10.280 --> 0:07:13.080 that's the right word, Panamanian bank. And I was doing 0:07:13.120 --> 0:07:14.960 that so I could get residency and work on a 0:07:14.960 --> 0:07:17.120 way to citizenship, which I know you help people with 0:07:17.680 --> 0:07:19.480 um and so I just but then I looked at 0:07:19.520 --> 0:07:21.240 bitcoin again. I was like, that's kind of same thing. 0:07:21.280 --> 0:07:23.240 I can get money out of the bank um. And 0:07:23.240 --> 0:07:27.160 then I started, I started buying it. And then as 0:07:27.160 --> 0:07:29.320 I started learning more I did. I was like, this 0:07:29.360 --> 0:07:31.560 is this is a tool, this is how we can win, 0:07:31.640 --> 0:07:33.680 this is how we can defeat the Federal Reserve, you know, 0:07:33.680 --> 0:07:36.320 get rid of this money printer cartel that they have. 0:07:37.520 --> 0:07:39.280 And so I gotta tell everybody I know about it, 0:07:39.480 --> 0:07:41.840 and I did um, and so I haven't haven't shut 0:07:41.960 --> 0:07:44.720 up since here I am still talking about it. But then, 0:07:44.920 --> 0:07:48.360 you know, I admit, righteen, I got into the crypto 0:07:49.120 --> 0:07:53.600 space and I fell into the you know, it's not bitcoin, 0:07:53.680 --> 0:07:58.400 it's blockchain, I'll admit um. And so in ten I 0:07:58.440 --> 0:08:01.200 think by the end of it was already starting to 0:08:01.280 --> 0:08:04.160 kind of be clear that bitcoin was definitely breaking out 0:08:04.680 --> 0:08:08.960 um from the rest of the crypto space. UM. I 0:08:09.000 --> 0:08:11.320 can't remember if I was all in like you where 0:08:11.320 --> 0:08:13.760 I was like this for sure is going to be 0:08:13.960 --> 0:08:18.920 life changing or not. UM, But I guess I was 0:08:18.960 --> 0:08:23.080 because I never sold. I've never really I traded a 0:08:23.080 --> 0:08:25.200 bunch of way, you know, through the through through my 0:08:25.200 --> 0:08:27.840 crypto phase, and I wish, I wish I could wish 0:08:27.840 --> 0:08:29.160 I could go back and get a redo on that, 0:08:29.200 --> 0:08:31.680 but I can't. UM. But you know, other than that, 0:08:31.720 --> 0:08:36.679 I never sold anything. Yeah. Honestly, I think what kept 0:08:36.720 --> 0:08:41.800 me from getting into the whole coinery stuff was because 0:08:42.000 --> 0:08:45.320 when it popped, I was in college, so I didn't 0:08:45.320 --> 0:08:48.880 even have time to like look at anything else, so 0:08:49.679 --> 0:08:53.840 that you were distracted by the way you're listening to 0:08:53.880 --> 0:08:56.719 the Mark Moa show, we are talking about bitcoin, We're 0:08:56.720 --> 0:09:00.199 talking about cryptocurrencies. We're talking about the decentralized revolution. I'm 0:09:00.200 --> 0:09:02.560 in the studio with a good friend, Jessica. You can 0:09:02.600 --> 0:09:05.840 find her on Twitter at Jessica Hoddler. That's h O 0:09:05.960 --> 0:09:09.280 d l R. We got a lot more to talk about, 0:09:09.520 --> 0:09:11.839 talking about some of these big drawdowns in bitcoin's history 0:09:11.920 --> 0:09:14.319 and some other big breaking news when we get back. 0:09:14.600 --> 0:09:16.960 We'll be back in just a minute, so don't go away, 0:09:17.600 --> 0:09:19.439 all right, Welcome back. You are listening to the Mark 0:09:19.520 --> 0:09:21.520 Moa Show, and we are talking about bitcoin. We're talking 0:09:21.520 --> 0:09:25.080 about the decentralized revolution that we are witnessing right now, 0:09:25.240 --> 0:09:29.360 and uh more specifically talking about the meltdown that's happening 0:09:29.440 --> 0:09:32.440 in the UM overall markets and of course in the 0:09:32.480 --> 0:09:34.680 cryptocurrency on bitcoin space. I'm in the studio with a 0:09:34.679 --> 0:09:36.960 good friend Jessica. You can find her on Twitter at 0:09:37.080 --> 0:09:40.280 Jessica Hoddler. And before the break, we were talking about 0:09:40.679 --> 0:09:44.600 UM our experience of going through UM. The last time 0:09:44.600 --> 0:09:46.719 that we saw bitcoin breakdown in a big way. We're 0:09:46.720 --> 0:09:50.840 talking about back in two thousand seventeen. We're actually really 0:09:50.840 --> 0:09:54.360 into into two thousand eighteen. UM. It crashed at a 0:09:54.559 --> 0:09:57.680 high end December seventeen, and I was kind of given 0:09:57.679 --> 0:10:00.920 my perspective. And before the break, Jessica was saying, how, um, 0:10:00.960 --> 0:10:03.520 she didn't really transition from bitcoin into the rest of 0:10:03.520 --> 0:10:06.559 the crypto space because she was so busy with college 0:10:06.559 --> 0:10:08.079 she never got a chance to. I think that was 0:10:08.120 --> 0:10:13.960 about right. Yep, that's exactly what happened. Well, being busy 0:10:14.080 --> 0:10:16.240 was good for you, I suppose, because like I said, 0:10:16.800 --> 0:10:19.800 I probably I traded away so much bitcoin chasing all 0:10:19.840 --> 0:10:22.760 these other ald coins, and I did good with them. Um. 0:10:22.800 --> 0:10:25.360 But you know, overall, if I could have a redo, 0:10:25.400 --> 0:10:27.319 I would just go back and just keep the bitcoin 0:10:27.400 --> 0:10:29.240 that I originally bought it. And if I would have 0:10:29.280 --> 0:10:31.640 done that, i'd been in such a better place. Of course, 0:10:31.679 --> 0:10:34.360 we don't get redus in life, unfortunately, but what we 0:10:34.400 --> 0:10:37.160 can do well we can do, though, is make sure 0:10:37.200 --> 0:10:40.079 we don't make the same mistakes twice. And so that's 0:10:40.120 --> 0:10:42.960 what I do. UM. So we had that one in 0:10:42.960 --> 0:10:50.080 December seventy was draw down. March that was the you know, 0:10:50.080 --> 0:10:53.600 when the whole world got locked down. It fell fifty percent, 0:10:54.559 --> 0:10:58.840 and then May one it fell fifty three percent. Um, 0:10:58.920 --> 0:11:02.839 and now here we are down about sevent So UM. 0:11:02.880 --> 0:11:04.960 You've been through one both of us have been through 0:11:05.040 --> 0:11:10.160 one draw down right now, we're sitting at about um, 0:11:10.200 --> 0:11:13.800 I don't know at the time of this is today 0:11:13.880 --> 0:11:16.440 right now, which is about a seventy percent draw down 0:11:16.480 --> 0:11:23.400 from its high. Yeah, that's exactly what it is. Yeah. Um. 0:11:23.480 --> 0:11:25.560 And so you know, if if it were to go 0:11:25.679 --> 0:11:28.640 down to it's it's it's worst a previous drop, which 0:11:28.679 --> 0:11:32.720 is that would bring it down to about ten thousand, 0:11:33.040 --> 0:11:36.560 are you prepared for that? Oh my gosh, that would 0:11:36.600 --> 0:11:44.760 be insane. And I mean that it's just an incredible opportunity. Yeah. 0:11:44.840 --> 0:11:48.760 I remember. Um, I remember March pretty vividly. Obviously it 0:11:48.760 --> 0:11:51.360 wasn't that long ago, twenty years, two years ago, and 0:11:51.400 --> 0:11:55.160 I remember like seeing the entire I've been waiting for 0:11:55.200 --> 0:11:57.600 the financial markets to crash for a long time and 0:11:57.640 --> 0:12:01.480 so um, it's like this confirmation bias, I suppose. And 0:12:01.520 --> 0:12:03.839 when it all started falling apart in March, I was like, 0:12:03.920 --> 0:12:06.320 this is it. It's over, like the whole not just Bitcoin, 0:12:06.360 --> 0:12:08.560 but the entire financial markets, Like it's it's going down there, 0:12:08.559 --> 0:12:12.000 locking down the world, the markets can't take this, etcetera. 0:12:12.360 --> 0:12:16.600 And I remember watching bitcoin plunge and uh drop and 0:12:16.600 --> 0:12:18.360 it was like four thousand I think it went all 0:12:18.360 --> 0:12:21.160 the way like thirty and I was literally watching Trading 0:12:21.240 --> 0:12:23.200 View at the time watching it go down. I can 0:12:23.240 --> 0:12:27.440 remember exactly like where I was sitting and everything, and uh, 0:12:27.920 --> 0:12:30.199 it was pretty scary. I'm gonna be honest. I didn't 0:12:30.240 --> 0:12:32.559 back up the truck and start buying. I I think 0:12:32.600 --> 0:12:35.520 I started buying at maybe as it was coming back up, 0:12:35.559 --> 0:12:39.480 but like maybe forty five or five thousand is something 0:12:39.520 --> 0:12:43.600 like that. I don't know. I remember being pretty dang scared. Yeah, no, 0:12:43.720 --> 0:12:46.000 for sure, And I mean it's definitely not for the 0:12:46.120 --> 0:12:50.640 faint of heart. Um, But I mean once you once 0:12:50.679 --> 0:12:55.559 you read and understand and see and what it can 0:12:55.640 --> 0:12:58.240 provide the world with, I mean it's it's kind of 0:12:58.240 --> 0:13:03.360 hard to ignore. Yeah, but I mean, uh, it's it's 0:13:03.360 --> 0:13:06.760 impossible to ignore the benefits that it's bringing to the 0:13:06.760 --> 0:13:08.800 world if you spend the time to look at it. Right. So, 0:13:08.800 --> 0:13:11.200 there's still so many people that say, um, there's no 0:13:11.320 --> 0:13:15.400 use case, which is just absolutely insane. I suppose if 0:13:15.400 --> 0:13:17.680 all you've if you've never left the United States in 0:13:17.679 --> 0:13:20.280 your life and you're ordering eight dollar Latte's, you might 0:13:20.320 --> 0:13:22.720 have that viewpoint. But if you've ever been outside the 0:13:22.760 --> 0:13:26.000 United states. To think that there's no use case at all, 0:13:26.080 --> 0:13:30.200 it's just insane, wouldn't you think, Oh no, absolutely, Um, 0:13:30.280 --> 0:13:31.880 you would have to be living under a rock to 0:13:31.960 --> 0:13:34.880 think it has no use case. Yeah, what what would 0:13:34.880 --> 0:13:36.600 you say? Some of the biggest use cases are that 0:13:36.640 --> 0:13:41.320 you see that that really proved how valuable it is. UM. 0:13:41.360 --> 0:13:44.840 I mean, especially with the Lightning network, how quickly and 0:13:45.080 --> 0:13:50.280 practically free. Um. You can send money. Um, anyone can 0:13:50.320 --> 0:13:53.000 have access to it. You don't need to show an idea, 0:13:53.160 --> 0:13:56.680 open a bank account, etcetera in order to use it. Uh, 0:13:56.720 --> 0:14:02.040 it's unconfiscatable and permissionless money. Yeah. I think that that 0:14:02.040 --> 0:14:05.320 that first part that you said, Um, you don't have 0:14:05.320 --> 0:14:08.920 to show I D So it's permission lists. So bitcoin 0:14:09.080 --> 0:14:12.520 is border lists, and it's trust list, but it's permission 0:14:12.600 --> 0:14:14.959 list and so you know right now, UM, per the 0:14:15.080 --> 0:14:17.360 un I think there's about two billion adults in the 0:14:17.360 --> 0:14:20.440 world today that don't have access to banking. Two billion adults. 0:14:20.440 --> 0:14:22.480 It's about half, maybe a little bit more than half 0:14:22.480 --> 0:14:24.520 of the adults in the world. And the reason why 0:14:24.520 --> 0:14:26.320 they don't have access to banking for the most part, 0:14:26.360 --> 0:14:28.920 most of them is they don't have permission to join 0:14:30.400 --> 0:14:32.800 if you're born. If you're a fifteen year old kid 0:14:32.880 --> 0:14:35.680 born in Iran, for example, you're not allowed to join 0:14:35.800 --> 0:14:39.000 the financial system. Um. In some places like Al Salvador, 0:14:39.040 --> 0:14:41.480 they can join it, but it's so expensive that they 0:14:41.520 --> 0:14:44.600 can't afford to join it. And so Bitcoin is permission lists. 0:14:44.600 --> 0:14:46.680 Anybody can join it and it's free. And that's a 0:14:46.720 --> 0:14:50.240 that's a big deal, right, Oh, it's I think it's 0:14:50.240 --> 0:14:54.800 a beautiful thing. I mean, for half of the adult 0:14:54.880 --> 0:15:00.520 population to have an opportunity to even accumulate and save 0:15:00.760 --> 0:15:03.920 some sort of wealth is just unheard of, especially now 0:15:03.960 --> 0:15:07.880 with the money printer going on. Yeah, I look at 0:15:07.880 --> 0:15:09.800 that like the smartphone, and I think about that being 0:15:09.840 --> 0:15:12.520 like one of the greatest equalizers. Everybody's talking about equality, 0:15:12.640 --> 0:15:15.440 right and um, which is a whole different conversation, but 0:15:16.000 --> 0:15:18.120 I think that the smartphone is one of the greatest 0:15:18.160 --> 0:15:20.120 equalizers because no matter where you're at in the world, 0:15:20.400 --> 0:15:23.200 you could learn anything, you could meet anyone, you could 0:15:23.240 --> 0:15:25.320 do anything. And for the first time, a kid with 0:15:25.320 --> 0:15:27.400 a smartphone could, you know, start a Instagram account and 0:15:27.400 --> 0:15:29.960 make a hundred thousand dollars. And so it's an equalizer. 0:15:30.080 --> 0:15:36.400 But not if that kid can't join the financial system right, 0:15:36.800 --> 0:15:41.000 and bitcoin fixes that and and and bitcoin fixes that. 0:15:41.120 --> 0:15:43.400 So um, it was cool. I have you been down 0:15:43.440 --> 0:15:47.880 to El Salvador? I haven't, Um, I've been wanting to, 0:15:48.080 --> 0:15:50.440 but just haven't been able to yet. I was thinking 0:15:50.440 --> 0:15:52.400 about making another trip down there this summer, so I'll 0:15:52.440 --> 0:15:55.480 keep you posted on that. But oh yeah, please. Do 0:15:55.560 --> 0:15:56.920 you know when I was down there, I was shocked. 0:15:56.960 --> 0:15:58.880 And I've been down there multiple times on surf trips, 0:15:59.280 --> 0:16:02.080 but I was down there specifically working with bitcoin beach. Um. 0:16:02.120 --> 0:16:03.720 It amazed me that, you know, a lot of these 0:16:03.760 --> 0:16:06.680 people they don't have bank accounts because it's so cost prohibitive, 0:16:06.720 --> 0:16:08.320 and so they need, you know, fifty bucks a month 0:16:08.400 --> 0:16:10.400 or whatever to start a bank account, and they don't 0:16:10.400 --> 0:16:13.600 make that much to justify that. And also even a 0:16:13.600 --> 0:16:17.040 lot of the like some of these poor areas, you know, 0:16:17.160 --> 0:16:20.480 they have you know, roadside stand selling papoosas or coconuts 0:16:20.560 --> 0:16:23.120 or whatever, and they don't do that much business, and 0:16:23.160 --> 0:16:26.200 so they don't do enough business to justify a point 0:16:26.240 --> 0:16:29.200 of sale or a credit card account. And so you 0:16:29.280 --> 0:16:32.120 have all these little stores that can't get merchant systems 0:16:32.200 --> 0:16:33.840 or credit cards, and then you have all these people 0:16:33.880 --> 0:16:36.200 who can't get in the banking system. So basically none 0:16:36.240 --> 0:16:39.800 of them can get into the global economy. They're stuck 0:16:39.800 --> 0:16:42.240 in a local economy. And back to that, you know, 0:16:42.360 --> 0:16:46.600 kid with a Instagram account analogy. UM, without having access 0:16:46.600 --> 0:16:50.080 to the global markets, you're stuck in that local area. 0:16:50.200 --> 0:16:54.320 And of course bitcoin fixes that. UM. You're listening to 0:16:54.360 --> 0:16:57.120 the Markmas Show. We're talking about bitcoin. We're talking about 0:16:57.360 --> 0:17:00.760 the decentralized revolution that the world is going through as 0:17:00.760 --> 0:17:05.640 bitcoin changes politics, finance, and technology in the world as 0:17:05.680 --> 0:17:07.920 we know it. I'm in the studio with a good 0:17:07.920 --> 0:17:11.680 friend Jessica. You can find her on Twitter at Jessica Hoddler. 0:17:11.760 --> 0:17:16.400 Let's h O d l R. We're talking about, unfortunately, 0:17:16.640 --> 0:17:20.919 talking about bitcoin melting down, the depths of bitcoin and 0:17:20.920 --> 0:17:22.840 our experience with it. We're talking about the use case 0:17:22.840 --> 0:17:25.960 and we'll talk about where it's going. UM. And we 0:17:26.080 --> 0:17:28.320 got some really big stories to cover when we come 0:17:28.320 --> 0:17:33.399 back in a minute. UM, specifically talking about um, the 0:17:33.800 --> 0:17:36.480 flip side of a world without it and bank runs 0:17:36.480 --> 0:17:39.639 that are happening in China right now. We're back with 0:17:39.640 --> 0:17:41.719 that more in a minute, So don't go away, all right, 0:17:41.720 --> 0:17:43.679 Welcome back. You are listening to the markma Show, and 0:17:43.720 --> 0:17:46.960 we are talking about bitcoin, we're talking about the decentralized revolution. 0:17:47.040 --> 0:17:49.760 We're talking about UH. We're talking about through the lens 0:17:49.760 --> 0:17:54.359 of politics, finance, and technology to help things bring things 0:17:54.400 --> 0:17:57.000 into context, we can understand them in the world today, 0:17:57.520 --> 0:18:01.119 and of course there's no shortage of formation. I'm in 0:18:01.119 --> 0:18:03.520 the studio with Jessica. You can find her on Twitter 0:18:03.560 --> 0:18:05.879 at Jessica Hodler that's h O d l R. And 0:18:05.920 --> 0:18:08.399 we were talking about the pain that we're seeing in 0:18:08.440 --> 0:18:11.439 the bitcoin, in the cryptocurrency space and UM, kind of 0:18:11.440 --> 0:18:14.680 comparing it to some previous crashes. So the last time 0:18:14.720 --> 0:18:18.000 we've seen bitcoin, UH and the cryptocurrency market crash this 0:18:18.119 --> 0:18:20.680 hard was back in two thousand seventeen, where bitcoin saw 0:18:20.720 --> 0:18:24.800 about an eighty three percent draw down. Jessica was saying, 0:18:24.840 --> 0:18:27.760 how that, you know, she just held because she saw 0:18:27.800 --> 0:18:30.119 some of these benefits. And we were talking about some 0:18:30.160 --> 0:18:34.760 of these benefits such as UM, such as UH, you know, 0:18:35.040 --> 0:18:37.600 permission lists and how that's a big deal in the world. 0:18:37.960 --> 0:18:39.280 You know. One of the other things, Jessica that I 0:18:39.320 --> 0:18:41.720 see as a big benefit is that for the first 0:18:41.760 --> 0:18:45.480 time in history or for the history of mankind, we 0:18:45.520 --> 0:18:48.560 can hold our wealth in a way that can't be confiscated. 0:18:49.040 --> 0:18:51.439 And so um what we've seen. You know, when banks 0:18:51.480 --> 0:18:54.840 collapsed throughout history, people lost all their money in the banks. 0:18:55.359 --> 0:18:57.600 We're seeing that happen in the cryptocurrency space right now. 0:18:57.640 --> 0:19:00.240 People have their money in platforms like selsie us and 0:19:00.240 --> 0:19:02.679 they can't get their money back out of that. People 0:19:02.720 --> 0:19:05.879 have their money in Tara Luna stable coin and they 0:19:05.880 --> 0:19:08.560 can't get their money back out of that. Um. But 0:19:08.720 --> 0:19:10.800 if you hold your money in bitcoin, or I should 0:19:10.800 --> 0:19:12.639 say not your money in bitcoin. But if you're holding 0:19:12.640 --> 0:19:15.480 bitcoin and you're holding it yourself, there is really no 0:19:15.600 --> 0:19:18.760 chance in losing that if you do it correctly, right, Yeah, 0:19:18.880 --> 0:19:22.640 And it's all dependent upon self responsibility. If you hold 0:19:22.680 --> 0:19:25.439 your keys, you hold your coins, and you know, if 0:19:25.480 --> 0:19:30.960 you practice uh safe keeping your bitcoin in safe spaces, 0:19:31.080 --> 0:19:33.840 then you know that's upon you. If you can hold 0:19:33.840 --> 0:19:36.160 it on in exchange, then you know you're not holding 0:19:36.160 --> 0:19:39.200 your bitcoin. And it's an I, it's an iou right 0:19:40.000 --> 0:19:42.240 and and and and what I say is like that's 0:19:42.320 --> 0:19:44.400 the whole benefit of it. For the first time in history, 0:19:44.440 --> 0:19:45.880 we can store a wealth in a way that can't 0:19:45.880 --> 0:19:48.760 be confiscated. But anytime you give your asset to somebody else, 0:19:48.800 --> 0:19:51.840 there's counterparty risk and so you run the risk of 0:19:51.880 --> 0:19:54.000 losing that. And so that's what's happening in the in 0:19:54.040 --> 0:19:56.399 the cryptocurrency space. Like I said, with Celsius and with 0:19:56.520 --> 0:20:00.119 Terra Luna, etcetera. The problem is that while those things 0:20:00.119 --> 0:20:02.480 are much more risky and maybe while you weren't taking 0:20:02.480 --> 0:20:06.200 the risk with those, unfortunate when those blow up, they 0:20:06.240 --> 0:20:10.960 bring that risk to your front door. Yeah, unfortunately. So right, 0:20:12.200 --> 0:20:14.199 And I guess you know, as long as you can 0:20:14.240 --> 0:20:17.679 have that long term perspective, then I you know, you 0:20:17.720 --> 0:20:19.440 can be okay. But it's tough. It's tough for a 0:20:19.480 --> 0:20:22.520 lot of people who have been in the short term. Yeah, 0:20:22.520 --> 0:20:26.680 it's all about having that long term horizon and zooming out. 0:20:26.720 --> 0:20:31.360 You know, if you have a four month um timeline, uh, 0:20:31.480 --> 0:20:35.199 you're you might see a drop. But if you're on 0:20:35.240 --> 0:20:38.359 a ten year timeline, then you know, you're you just 0:20:38.400 --> 0:20:41.359 see it go up. Yeah. Yeah, I think you know 0:20:41.400 --> 0:20:43.720 one thing, it's it's easy to get that long term perspective, 0:20:43.800 --> 0:20:46.240 you know, when you've been in it for a long term. Um, 0:20:46.280 --> 0:20:48.199 it's probably much harder if you've been in it for 0:20:48.240 --> 0:20:50.480 a short period of time. But you can just look 0:20:50.520 --> 0:20:53.120 back through history, and what we've seen is that there's 0:20:53.160 --> 0:20:56.240 never been I believe it's a three year period where 0:20:56.240 --> 0:20:58.760 you would have been under water. So if you would 0:20:58.760 --> 0:21:02.120