1 00:00:00,160 --> 00:00:02,440 Speaker 1: Everyone, Welcome back to another episode of the Mark Mos 2 00:00:02,560 --> 00:00:05,200 Speaker 1: Show where we are talking about bitcoin. We're talking about 3 00:00:05,200 --> 00:00:09,120 Speaker 1: the decentralized revolution that's happening, and uh, you know, each 4 00:00:09,160 --> 00:00:11,000 Speaker 1: every week I try to bring you the information that 5 00:00:11,080 --> 00:00:13,840 Speaker 1: you need to be successful as this as the whole 6 00:00:13,880 --> 00:00:16,239 Speaker 1: world changes, that's what's happening right now. So I try 7 00:00:16,280 --> 00:00:18,400 Speaker 1: to bring you the education that you need to understand it, 8 00:00:18,440 --> 00:00:20,479 Speaker 1: and try to bring you the latest breaking news. And 9 00:00:20,480 --> 00:00:23,400 Speaker 1: then I try to bring some interesting characters that can 10 00:00:23,400 --> 00:00:25,079 Speaker 1: bring some color because you don't want to hear me 11 00:00:25,120 --> 00:00:27,920 Speaker 1: all the time. And of course I'm joined again by 12 00:00:28,080 --> 00:00:30,600 Speaker 1: my really good friend Alex Fetzki. He is literally in 13 00:00:30,600 --> 00:00:32,720 Speaker 1: the studio with me right now. It's up, Alex, what's up? Man? 14 00:00:32,760 --> 00:00:34,320 Speaker 1: You can't get rid of me. I can't get rid 15 00:00:34,360 --> 00:00:36,960 Speaker 1: of you. You're a regular on the radio show. Now, 16 00:00:38,240 --> 00:00:40,680 Speaker 1: well you're I mean, you're someone I love talking to. 17 00:00:40,840 --> 00:00:42,440 Speaker 1: So any chance I can get you on the radio, 18 00:00:42,479 --> 00:00:46,159 Speaker 1: I'm excited to do that. Um. We are. We're actually 19 00:00:46,200 --> 00:00:49,000 Speaker 1: sitting in the studio together, which is cool. I don't 20 00:00:49,040 --> 00:00:51,639 Speaker 1: We're gonna do that. And we are in Austin, Texas 21 00:00:51,920 --> 00:00:53,960 Speaker 1: and we're working on a big project which we won't 22 00:00:53,960 --> 00:00:58,760 Speaker 1: spoil it, um, but very ambitious project. We're trying to 23 00:00:58,760 --> 00:01:04,480 Speaker 1: write a book in three days. This is exactly someone yeah, 24 00:01:04,720 --> 00:01:09,080 Speaker 1: whose idea is this? And we're we're we're pretty much 25 00:01:09,520 --> 00:01:11,319 Speaker 1: a good way through the first day. We haven't gotten 26 00:01:11,400 --> 00:01:13,840 Speaker 1: very far. So well, actually, you know what I think 27 00:01:13,840 --> 00:01:15,640 Speaker 1: we've done all right, Like, I mean, we've got to 28 00:01:15,640 --> 00:01:17,920 Speaker 1: we've got to get these definitions sorted out, but I 29 00:01:17,920 --> 00:01:22,200 Speaker 1: think we've got a good chunk of content there. Yeah. So, um, 30 00:01:22,240 --> 00:01:24,640 Speaker 1: it's it's inspired by bitcoin. I think, you know, for me, 31 00:01:24,760 --> 00:01:31,520 Speaker 1: bitcoin really permeates every area of life, and so I think, um, 32 00:01:31,560 --> 00:01:33,280 Speaker 1: it all just kind of depends on where it intersects 33 00:01:33,280 --> 00:01:35,160 Speaker 1: for you. And of course we're kind of going back 34 00:01:35,160 --> 00:01:36,640 Speaker 1: to the base. I don't want to spoil what we're 35 00:01:36,680 --> 00:01:39,080 Speaker 1: working on, um, but it it kind of goes down 36 00:01:39,120 --> 00:01:41,039 Speaker 1: to the basis. It's not really a bitcoin book, but 37 00:01:41,120 --> 00:01:44,360 Speaker 1: if you understand this, you can understand bitcoin and everything else. 38 00:01:44,360 --> 00:01:46,319 Speaker 1: I would say, totally. Yeah, that's a really good point 39 00:01:46,360 --> 00:01:49,760 Speaker 1: actually is um. I think one thing that helps people 40 00:01:49,840 --> 00:01:54,880 Speaker 1: understand bitcoin is, as you said, understanding the principles or 41 00:01:54,920 --> 00:01:58,440 Speaker 1: what Jordan Peterson would call the golden thread across different disciplines. 42 00:01:58,840 --> 00:02:01,760 Speaker 1: And when you sort of discuss a this golden thread 43 00:02:01,800 --> 00:02:04,480 Speaker 1: that you find like, for example, you find it in 44 00:02:04,600 --> 00:02:11,080 Speaker 1: the study of Christianity's philosophy or Taoism or um. You know, 45 00:02:11,200 --> 00:02:13,680 Speaker 1: you find it in Austrian economics and all sorts of things, 46 00:02:13,680 --> 00:02:17,280 Speaker 1: and and and when you start to find that threat 47 00:02:17,280 --> 00:02:23,560 Speaker 1: across multiple different seemingly unrelated disciplines, UM, you start to 48 00:02:23,600 --> 00:02:25,959 Speaker 1: see that there's there's what's called like a meta or 49 00:02:26,000 --> 00:02:29,959 Speaker 1: a way of life. UM. And then when you when 50 00:02:29,960 --> 00:02:32,760 Speaker 1: you have that foundation, then you look at bitcoin, you 51 00:02:32,800 --> 00:02:34,640 Speaker 1: start to see that it just lines up with so 52 00:02:34,680 --> 00:02:36,960 Speaker 1: many different things, and you're like, holy crap, it just 53 00:02:37,040 --> 00:02:40,280 Speaker 1: makes so much sense. So I hope that book will 54 00:02:40,320 --> 00:02:42,240 Speaker 1: be useful for that at least. Yeah, So we're kind 55 00:02:42,240 --> 00:02:44,000 Speaker 1: of doing it as a public service announcement. We're gonna 56 00:02:44,000 --> 00:02:45,560 Speaker 1: get out there, you'll you'll be hearing about it. So 57 00:02:45,600 --> 00:02:49,240 Speaker 1: it's just stay tuned. But anyway, UM, So I thought 58 00:02:49,240 --> 00:02:51,360 Speaker 1: it would be cool if we could talk about today 59 00:02:51,400 --> 00:02:57,200 Speaker 1: is UM like a samurai s or just surgically removing 60 00:02:57,200 --> 00:03:01,200 Speaker 1: the fud, the fear, uncertainty and doubt and so UM. 61 00:03:01,280 --> 00:03:03,400 Speaker 1: I just spoke at a conference with in Houston with 62 00:03:03,480 --> 00:03:07,040 Speaker 1: Ron Paul and from the stage, I said, and I 63 00:03:07,120 --> 00:03:09,240 Speaker 1: kind of broke it down. I said, you're gonna hate 64 00:03:09,240 --> 00:03:11,280 Speaker 1: me for this, but it's it's bitcoin, not crypto. Come 65 00:03:11,280 --> 00:03:12,920 Speaker 1: talk to me about in the back. And so for 66 00:03:12,960 --> 00:03:14,240 Speaker 1: the rest of the conference, I had to sit there 67 00:03:14,280 --> 00:03:17,400 Speaker 1: and hear every objection, every reason why you know it 68 00:03:17,400 --> 00:03:20,040 Speaker 1: can't be a bitcoin. And so I thought, um, let's 69 00:03:20,040 --> 00:03:24,200 Speaker 1: go through. Yeah, let's let's go through the top ones, 70 00:03:24,360 --> 00:03:26,520 Speaker 1: and I'd like to hear a perspective. We'll discuss these. 71 00:03:27,000 --> 00:03:28,680 Speaker 1: We have a whole bunch. We probably won't get through 72 00:03:28,680 --> 00:03:30,799 Speaker 1: all of them, will get through four or five, we'll see. Um, 73 00:03:30,840 --> 00:03:33,480 Speaker 1: but let's start with one of the one of the 74 00:03:33,520 --> 00:03:37,280 Speaker 1: main ones. Um, probably one of the most popular ones. 75 00:03:37,320 --> 00:03:39,560 Speaker 1: I mean they're all they're all popular, but um, the 76 00:03:39,600 --> 00:03:42,960 Speaker 1: first one that says, uh, the government won't allow it 77 00:03:43,040 --> 00:03:46,080 Speaker 1: to succeed, won't allow bitcoin to succeed'll they'll make it 78 00:03:46,120 --> 00:03:49,400 Speaker 1: illegal whatever. To me, the way I kind of view 79 00:03:49,480 --> 00:03:53,800 Speaker 1: this one is that's what bitcoin did, is it it 80 00:03:54,000 --> 00:03:58,640 Speaker 1: transformed money into information. And to assume that you can 81 00:03:58,680 --> 00:04:01,080 Speaker 1: somehow turn off information, not turn off numbers, it's kind 82 00:04:01,080 --> 00:04:02,480 Speaker 1: of like seeing the government is not going to allow 83 00:04:02,520 --> 00:04:06,320 Speaker 1: the number three to exist, or the government's going to 84 00:04:06,360 --> 00:04:09,600 Speaker 1: turn off the you know, the vowels in the alphabet. 85 00:04:10,080 --> 00:04:12,680 Speaker 1: It's like, you can't do that, man, Like it does, 86 00:04:12,680 --> 00:04:17,440 Speaker 1: it doesn't work. So Bitcoin so integrated now across every 87 00:04:17,480 --> 00:04:22,480 Speaker 1: dimension of all of our communication media, whether you know 88 00:04:22,560 --> 00:04:25,799 Speaker 1: it's the airwaves that people are listening to now, um, 89 00:04:25,839 --> 00:04:27,800 Speaker 1: you know, and that this is sort of you and 90 00:04:27,800 --> 00:04:29,880 Speaker 1: I are talking to people while they're listening to this, 91 00:04:30,320 --> 00:04:34,400 Speaker 1: whether it's the Internet, whether it's visual media, whether it's 92 00:04:34,400 --> 00:04:37,840 Speaker 1: written media. It's it's across everything. And you know, a 93 00:04:37,920 --> 00:04:41,520 Speaker 1: lot of people conflate the Internet with bitcoin, and they say, oh, 94 00:04:41,520 --> 00:04:43,440 Speaker 1: you know, so someone turns off the Internet, you know, 95 00:04:43,480 --> 00:04:46,560 Speaker 1: and what if the government just you know, blocks X 96 00:04:46,720 --> 00:04:51,839 Speaker 1: y Z. Yes, that may have an impact on bitcoin, 97 00:04:51,880 --> 00:04:54,360 Speaker 1: but it doesn't actually stop bitcoin. The Internet and all 98 00:04:54,400 --> 00:04:58,320 Speaker 1: of these mediums are just information transmission mechanisms, but they're 99 00:04:58,360 --> 00:05:01,800 Speaker 1: not the information itself. And I think that little separation 100 00:05:01,880 --> 00:05:04,039 Speaker 1: there is really important for people to understand. It's like 101 00:05:04,480 --> 00:05:09,040 Speaker 1: there is no power in the universe like that can 102 00:05:09,080 --> 00:05:12,960 Speaker 1: destroy information, that can destroy energy. That's effectively what bitcoin is. 103 00:05:13,000 --> 00:05:17,440 Speaker 1: So just because the government has the ability to legislate 104 00:05:17,480 --> 00:05:20,480 Speaker 1: things or to write laws or to know by decree 105 00:05:20,520 --> 00:05:23,560 Speaker 1: tell people what to do and apparently what to believe. Um, 106 00:05:23,920 --> 00:05:26,200 Speaker 1: doesn't mean that they can change the laws of physics, 107 00:05:26,520 --> 00:05:29,120 Speaker 1: doesn't mean that they can change mathematics. Doesn't mean that 108 00:05:29,160 --> 00:05:34,000 Speaker 1: they can just randomly turn off numbers and letters like that. 109 00:05:34,040 --> 00:05:37,279 Speaker 1: The no government, no institution, no person has that power. 110 00:05:37,360 --> 00:05:41,880 Speaker 1: So yeah, that that applies to bitcoin, bitcoins information and 111 00:05:42,200 --> 00:05:43,680 Speaker 1: it's just not gonna happen. So when they say they 112 00:05:43,680 --> 00:05:46,840 Speaker 1: won't allow to succeed, they could make it illegal. They 113 00:05:46,880 --> 00:05:49,520 Speaker 1: make it illegal, but it'll just succeed in a different dimension, 114 00:05:49,600 --> 00:05:53,400 Speaker 1: and it will succeed for different people. And what what 115 00:05:53,440 --> 00:05:56,279 Speaker 1: it will do is that they might delay it. They 116 00:05:56,360 --> 00:06:01,960 Speaker 1: might through trying to you know, make it illegal for 117 00:06:02,000 --> 00:06:06,080 Speaker 1: one group, um, you know, another group may amass more 118 00:06:06,120 --> 00:06:07,680 Speaker 1: of it. So so for example, I'll give you one 119 00:06:07,720 --> 00:06:10,560 Speaker 1: example is let's say they go and turn around make 120 00:06:10,560 --> 00:06:13,760 Speaker 1: it illegal for you know, standard law abiding citizens talk 121 00:06:13,800 --> 00:06:18,000 Speaker 1: quite some bitcoin. Well, they didn't kill bitcoin. All they 122 00:06:18,040 --> 00:06:22,480 Speaker 1: did was they made it harder for normal law abiding 123 00:06:22,480 --> 00:06:25,240 Speaker 1: citizens to hold bitcoin. But then guess who's going to 124 00:06:25,279 --> 00:06:28,760 Speaker 1: buy all the bitcoin? The criminals. So then the criminals 125 00:06:28,800 --> 00:06:32,800 Speaker 1: are going to actually have disproportionate economic power over the 126 00:06:32,880 --> 00:06:34,480 Speaker 1: law abiding. So so so all they've done is they've hurt 127 00:06:34,520 --> 00:06:36,680 Speaker 1: their own people. So you know, it wasn't the government's 128 00:06:36,680 --> 00:06:39,000 Speaker 1: supposed to be a service provider for the people, you know, 129 00:06:39,040 --> 00:06:42,280 Speaker 1: and I mean in typical government fashion, they always do 130 00:06:42,320 --> 00:06:45,240 Speaker 1: the opposite, So they may do that. So what that 131 00:06:45,400 --> 00:06:48,440 Speaker 1: kind of leaves you as an individual to decide is 132 00:06:48,960 --> 00:06:56,560 Speaker 1: do you want to do you want to be subservient 133 00:06:56,800 --> 00:07:03,160 Speaker 1: to what's um authoritarian institution you know, tells you is right, 134 00:07:03,279 --> 00:07:06,880 Speaker 1: wrong or indifferent, illegal or illegal? Or do you want 135 00:07:06,920 --> 00:07:09,880 Speaker 1: to own yourself and give yourself the best long term 136 00:07:09,880 --> 00:07:14,280 Speaker 1: opportunity to be sovereign? I guess good? All right? Um, 137 00:07:14,320 --> 00:07:16,960 Speaker 1: how about this one? Um, So bitcoin has a fixed 138 00:07:16,960 --> 00:07:20,040 Speaker 1: supply capp only twenty one million, and a lot of 139 00:07:20,040 --> 00:07:23,240 Speaker 1: people say, well, they could just change the rules. We 140 00:07:23,280 --> 00:07:25,960 Speaker 1: can just someone can just change that later. It's just code, right, 141 00:07:26,040 --> 00:07:28,960 Speaker 1: they could just change it. This one I love because 142 00:07:29,200 --> 00:07:31,520 Speaker 1: this is one of the ones that fries people's noodle. 143 00:07:31,840 --> 00:07:37,680 Speaker 1: Is um is Bitcoin security is super counterintuitive to how 144 00:07:37,760 --> 00:07:40,600 Speaker 1: traditional security works, particularly in a software space. But that's 145 00:07:40,640 --> 00:07:43,680 Speaker 1: the whole revolution. It's completely changed. Yeah, it flips everything 146 00:07:43,680 --> 00:07:47,000 Speaker 1: on its head. So traditionally, like if you're a Microsoft 147 00:07:47,120 --> 00:07:51,960 Speaker 1: or you know whatever traditional um, you know tech company 148 00:07:52,000 --> 00:07:54,360 Speaker 1: that's probably been hacked and you know, lost all its data. 149 00:07:54,800 --> 00:07:56,640 Speaker 1: The way you secure data is you kind of put 150 00:07:56,640 --> 00:08:00,240 Speaker 1: it behind walls of encryption, right and you you all 151 00:08:00,240 --> 00:08:03,920 Speaker 1: this sort of stuff, and someone inevitably holds some key 152 00:08:04,000 --> 00:08:06,000 Speaker 1: to some layer of encryption, and that's how you end 153 00:08:06,080 --> 00:08:09,240 Speaker 1: up getting through this stuff. You know, encryption is very 154 00:08:09,320 --> 00:08:15,280 Speaker 1: rarely broken. Hacks usually happened by social manipulation and accessing 155 00:08:15,360 --> 00:08:19,640 Speaker 1: the person who has the key. Right now, what bitcoin 156 00:08:19,720 --> 00:08:22,760 Speaker 1: does is it just opens all of it. So it 157 00:08:22,800 --> 00:08:24,960 Speaker 1: breaks all the walls down and it says, hey, here's 158 00:08:24,960 --> 00:08:27,400 Speaker 1: the code, got nothing to hide. Everyone can see it, 159 00:08:27,400 --> 00:08:31,520 Speaker 1: everyone can create a copy of it. Um And bitcoin 160 00:08:31,560 --> 00:08:33,720 Speaker 1: security comes from its openness in this sense is that 161 00:08:33,800 --> 00:08:37,000 Speaker 1: we all carry a copy of the bitcoin code. And 162 00:08:37,040 --> 00:08:39,280 Speaker 1: you can think of the bitcoin code is like a constitution, 163 00:08:39,360 --> 00:08:44,200 Speaker 1: So it is just the bitcoin's constitution written in language 164 00:08:44,440 --> 00:08:47,720 Speaker 1: that is a coding language, and we all carry a 165 00:08:47,800 --> 00:08:51,600 Speaker 1: copy of it. And if you or I want to 166 00:08:51,600 --> 00:08:55,600 Speaker 1: go and change bitcoin, we actually can. But all we 167 00:08:55,640 --> 00:08:58,920 Speaker 1: do is we actually change our copy and not everyone 168 00:08:58,960 --> 00:09:03,200 Speaker 1: else's copies. So a bit quin's innate openness means that 169 00:09:03,559 --> 00:09:06,320 Speaker 1: you are free to change whatever you want, but you 170 00:09:06,440 --> 00:09:09,400 Speaker 1: knock yourself off the network and you are no longer 171 00:09:09,440 --> 00:09:11,200 Speaker 1: in sync with everyone else. So now like if I 172 00:09:11,360 --> 00:09:14,080 Speaker 1: change it, and I change it to bitcoin Spetzky's version, 173 00:09:14,679 --> 00:09:18,000 Speaker 1: I'm bitcoin spe Yeah, yeah, I want to talk about 174 00:09:18,000 --> 00:09:20,080 Speaker 1: that because that actually goes into the next piece of 175 00:09:20,080 --> 00:09:22,000 Speaker 1: fund that we have. You listening to the Markmas Show. 176 00:09:22,160 --> 00:09:25,080 Speaker 1: We're talking about bitcoin, the decentralized Revolution. We're talking about 177 00:09:25,160 --> 00:09:28,280 Speaker 1: some of the biggest objections that people have. I got 178 00:09:28,280 --> 00:09:30,240 Speaker 1: a whole list of them. Don't go away, right back, 179 00:09:30,320 --> 00:09:32,079 Speaker 1: all right, welcome back. You are listening to the Mark 180 00:09:32,160 --> 00:09:34,360 Speaker 1: Mo Show. We're talking about bitcoin, and we're talking about 181 00:09:34,360 --> 00:09:38,000 Speaker 1: the decentralized revolution. Um. I am in the studio with 182 00:09:38,320 --> 00:09:40,120 Speaker 1: my good friend Alex s Fetzky. You can find them 183 00:09:40,160 --> 00:09:43,199 Speaker 1: on Twitter at a ghost of Spetzky s V E 184 00:09:43,240 --> 00:09:46,760 Speaker 1: T s K I and UM. We're talking about some 185 00:09:46,800 --> 00:09:49,280 Speaker 1: of the biggest pieces of fud, fear, uncertainty, and doubt. 186 00:09:49,760 --> 00:09:52,160 Speaker 1: We're just talking about why the government won't allow it. 187 00:09:52,240 --> 00:09:54,360 Speaker 1: We're talking about the rules that can't be changed. And Alex, 188 00:09:54,360 --> 00:09:58,560 Speaker 1: you were talking about how this is a decentralized databases 189 00:09:58,880 --> 00:10:02,240 Speaker 1: and then how it's open source so anybody can see 190 00:10:02,280 --> 00:10:04,600 Speaker 1: it UM, so I think maybe you want to finish 191 00:10:04,640 --> 00:10:06,320 Speaker 1: that up. And then it kind of goes into the 192 00:10:06,360 --> 00:10:09,120 Speaker 1: next one, which is was it started by the c 193 00:10:09,360 --> 00:10:11,720 Speaker 1: I A. And I think those actually to kind of 194 00:10:11,760 --> 00:10:15,920 Speaker 1: go together, they really do. So once again, the bitcoin 195 00:10:16,200 --> 00:10:21,120 Speaker 1: network isn't some piece of software running somewhere that we 196 00:10:21,280 --> 00:10:27,200 Speaker 1: have UM access to. Each person running bitcoin actually runs bitcoins. 197 00:10:27,200 --> 00:10:29,520 Speaker 1: So when someone asked the question is like, who's running bitcoin, 198 00:10:29,559 --> 00:10:32,640 Speaker 1: it's like, the answer is me, and the answer one yeah, 199 00:10:32,720 --> 00:10:35,280 Speaker 1: it's like and anyone who chooses to run it. And 200 00:10:35,320 --> 00:10:37,520 Speaker 1: the only reason we have a network is we're running 201 00:10:37,520 --> 00:10:40,840 Speaker 1: the exact same version. And that's that's that's the piece 202 00:10:40,880 --> 00:10:43,600 Speaker 1: that people really need to understand is anyone can change it, 203 00:10:44,000 --> 00:10:46,800 Speaker 1: but when they change it, it becomes their version, and 204 00:10:46,840 --> 00:10:49,720 Speaker 1: they are no longer in sync, they're no longer in 205 00:10:49,760 --> 00:10:52,120 Speaker 1: consensus with the rest of us. And that's what makes 206 00:10:52,120 --> 00:10:54,920 Speaker 1: it super super, super super powerful, is that that's what 207 00:10:55,000 --> 00:10:59,440 Speaker 1: makes it unhappable is there's nothing to hack. You go 208 00:10:59,480 --> 00:11:02,120 Speaker 1: and change it, change it forty two million, but now 209 00:11:02,120 --> 00:11:05,600 Speaker 1: it's like bitcoin point four two, like it's it's something 210 00:11:05,640 --> 00:11:10,120 Speaker 1: else and Therefore Bitcoin's integrity. The twenty one million can 211 00:11:10,200 --> 00:11:13,880 Speaker 1: never be changed unless you get every single person on 212 00:11:13,920 --> 00:11:16,520 Speaker 1: the planet who is running a version of bitcoin to 213 00:11:16,640 --> 00:11:19,560 Speaker 1: do that exact same change at the same time, or 214 00:11:19,559 --> 00:11:21,679 Speaker 1: the majority of them, not even the majority. You have 215 00:11:21,720 --> 00:11:24,000 Speaker 1: to get everyone because you need like because what will 216 00:11:24,000 --> 00:11:27,480 Speaker 1: happen is like if the majority change UM, all they 217 00:11:27,480 --> 00:11:30,760 Speaker 1: do is they fork off onto a different version. And 218 00:11:30,840 --> 00:11:34,680 Speaker 1: now the question is will people follow that version, which 219 00:11:34,720 --> 00:11:38,600 Speaker 1: is someone who decided to change it for example, which 220 00:11:38,679 --> 00:11:41,560 Speaker 1: the best example of that is the Block Size Wars, 221 00:11:42,200 --> 00:11:45,280 Speaker 1: So everybody, every anyone who's interested in learning more about 222 00:11:45,280 --> 00:11:47,880 Speaker 1: this specific answer should read that book, The Block Size Wars, 223 00:11:47,960 --> 00:11:49,959 Speaker 1: because Bitcoin had to find this off. As a matter 224 00:11:49,960 --> 00:11:52,000 Speaker 1: of fact, I think it was eighty percent of the 225 00:11:52,080 --> 00:11:55,960 Speaker 1: miners turned against the network UM and is still held 226 00:11:55,960 --> 00:11:57,920 Speaker 1: it off because of the nodes, which is the network. 227 00:11:57,960 --> 00:12:00,960 Speaker 1: The database has held that off. So UM one not 228 00:12:01,040 --> 00:12:04,600 Speaker 1: only would it we have we have proof of of 229 00:12:04,640 --> 00:12:08,400 Speaker 1: how it's happened in history, UM, so we kind of 230 00:12:08,440 --> 00:12:12,560 Speaker 1: we kind of know that. But I think anyway, I 231 00:12:12,600 --> 00:12:14,040 Speaker 1: was gonna say, one of the best ways is like 232 00:12:14,040 --> 00:12:17,440 Speaker 1: try and get ten friends to decide on where to go. Seriously, 233 00:12:17,520 --> 00:12:19,719 Speaker 1: like that, that doesn't work. I mean, try and get 234 00:12:20,160 --> 00:12:22,840 Speaker 1: you know, a hundred thousand nodes to a graem on 235 00:12:22,840 --> 00:12:24,520 Speaker 1: something ain't gonna happen. The other thing I would say 236 00:12:24,520 --> 00:12:26,360 Speaker 1: about that is just like the block sized Wars that 237 00:12:26,480 --> 00:12:30,360 Speaker 1: was years in the making, and so it's not like, oh, 238 00:12:30,440 --> 00:12:32,360 Speaker 1: what do you mean I switched yesterday. I didn't know. 239 00:12:32,679 --> 00:12:34,960 Speaker 1: Like if if somebody was trying to do this, we 240 00:12:35,000 --> 00:12:38,120 Speaker 1: would know long in advance before it ever happened. And 241 00:12:38,120 --> 00:12:40,520 Speaker 1: that gives you plenty of time. So even if somebody 242 00:12:40,520 --> 00:12:42,520 Speaker 1: tried to do that, Um, it's not like it just 243 00:12:42,600 --> 00:12:45,599 Speaker 1: would happen. Yeah, Coordination is a hard thing. Coordination is 244 00:12:45,640 --> 00:12:48,200 Speaker 1: a problem that's never accurately been solved by humanity. It 245 00:12:48,200 --> 00:12:52,120 Speaker 1: never will be because we're talking about individuals who value 246 00:12:52,120 --> 00:12:56,320 Speaker 1: everything subjectively, we're all different. You can't get us to coordinate. So, um, 247 00:12:56,360 --> 00:12:58,640 Speaker 1: I think that open part. Maybe it goes in the 248 00:12:58,679 --> 00:13:00,200 Speaker 1: next one because a lot of people say it's writed 249 00:13:00,240 --> 00:13:04,000 Speaker 1: by the CIA. Now I think maybe that God, it's uh, 250 00:13:04,200 --> 00:13:07,360 Speaker 1: it's the beginning origin of the rumor because I think 251 00:13:07,360 --> 00:13:10,080 Speaker 1: the government did create encryption, right, they used it in 252 00:13:10,160 --> 00:13:12,680 Speaker 1: during wartime, probably to send messages back and forth. So 253 00:13:12,760 --> 00:13:14,679 Speaker 1: encryption has been around a long time, probably created by 254 00:13:14,679 --> 00:13:17,679 Speaker 1: the military. Um, but people think that bitcoin was started 255 00:13:17,679 --> 00:13:20,160 Speaker 1: by the CIA. Yeah, well, I mean to your point 256 00:13:20,160 --> 00:13:22,680 Speaker 1: about encryption, encryption goes back even further. So it's like 257 00:13:22,720 --> 00:13:24,840 Speaker 1: the original encryption was like, let's say you've got an 258 00:13:24,840 --> 00:13:26,640 Speaker 1: alphabet and you want to say I love you or 259 00:13:26,720 --> 00:13:29,640 Speaker 1: you know, the first encryption was like moved the letters 260 00:13:29,800 --> 00:13:33,520 Speaker 1: of the alphabet across by five, and then the private 261 00:13:33,640 --> 00:13:40,520 Speaker 1: key to unlock the encryption was a plus five exactly. 262 00:13:40,880 --> 00:13:43,640 Speaker 1: So so encryption has always existed, and arguably maybe it 263 00:13:43,679 --> 00:13:45,840 Speaker 1: was military, maybe it was whatever, like the in the 264 00:13:45,880 --> 00:13:47,800 Speaker 1: early days trying to send messages to each other that 265 00:13:47,840 --> 00:13:52,240 Speaker 1: nobody else could read. But um, yeah, modern day encryption, 266 00:13:52,400 --> 00:13:55,040 Speaker 1: you know, a bunch of it was funded by military, 267 00:13:55,120 --> 00:13:57,480 Speaker 1: bunch of it was funded, but you know, or just 268 00:13:57,520 --> 00:14:01,760 Speaker 1: cryptographers and mathematicians and Universe City, you know, PhDs and 269 00:14:01,760 --> 00:14:04,160 Speaker 1: all this sort of stuff like experimenting with that. So 270 00:14:05,120 --> 00:14:07,440 Speaker 1: the piece about the Sea I creating it though, that 271 00:14:08,080 --> 00:14:10,760 Speaker 1: may well be the case. But once again, similar to 272 00:14:11,000 --> 00:14:13,040 Speaker 1: you know, as you said, this links into the previous answer, 273 00:14:13,080 --> 00:14:15,959 Speaker 1: it doesn't actually matter. They may have done it, but 274 00:14:16,320 --> 00:14:17,959 Speaker 1: all they do is hold a copy of it, and 275 00:14:19,120 --> 00:14:21,800 Speaker 1: good good for them, so do I. And I think 276 00:14:21,840 --> 00:14:23,440 Speaker 1: the key piece that I hit on that was like 277 00:14:23,840 --> 00:14:25,640 Speaker 1: if they had put some I think people ask that 278 00:14:25,680 --> 00:14:28,400 Speaker 1: because maybe they put some back door, right, but like 279 00:14:28,520 --> 00:14:30,640 Speaker 1: if it's open source, so if they had put a 280 00:14:30,680 --> 00:14:33,360 Speaker 1: back door, like we would know about that by now. Yeah, 281 00:14:33,080 --> 00:14:35,880 Speaker 1: the back doors visible, so there's no like that. This 282 00:14:35,960 --> 00:14:37,800 Speaker 1: is again like you can do a back door in 283 00:14:37,840 --> 00:14:41,400 Speaker 1: a closed source piece of software, right, So Microsoft put 284 00:14:41,400 --> 00:14:44,480 Speaker 1: a back door in their little closed environment and they 285 00:14:44,480 --> 00:14:47,400 Speaker 1: do of course, so Google, so good everyone. But bitcoin 286 00:14:47,520 --> 00:14:49,640 Speaker 1: is not closed, so there's no door to put like that. 287 00:14:50,520 --> 00:14:52,640 Speaker 1: All the doors are open, all the doors are backdoors, 288 00:14:52,680 --> 00:14:54,320 Speaker 1: all the doors front doors, They're all the same door. 289 00:14:55,120 --> 00:14:58,960 Speaker 1: And that's that's again. Bitcoins security comes in the in 290 00:14:59,000 --> 00:15:02,680 Speaker 1: the form of not trying to inclose and conceal, but 291 00:15:02,840 --> 00:15:07,200 Speaker 1: just opening everything and making completely transferent. Yeah. Um, the 292 00:15:07,280 --> 00:15:10,480 Speaker 1: next one is a bigger one. So let's uh, it's 293 00:15:10,520 --> 00:15:12,280 Speaker 1: a big one. We're gonna we're gonna get to this 294 00:15:12,320 --> 00:15:13,840 Speaker 1: one after the next break. Let's jump into this one. 295 00:15:13,840 --> 00:15:16,840 Speaker 1: Maybe it's a little bit shorter, but um, people think 296 00:15:16,880 --> 00:15:19,880 Speaker 1: that inflation is needed for economic growth, and so a 297 00:15:19,920 --> 00:15:22,880 Speaker 1: fixed supply or deflationary currency or disinflation and currency could 298 00:15:22,920 --> 00:15:27,600 Speaker 1: never work. Um, I mean you got two minutes ago? 299 00:15:31,880 --> 00:15:36,840 Speaker 1: Was this the short one? It's a track? Um? Okay. 300 00:15:37,000 --> 00:15:40,480 Speaker 1: The the thing I always try and come back to 301 00:15:40,520 --> 00:15:42,720 Speaker 1: first principles on this is like money is supposed to 302 00:15:42,760 --> 00:15:46,560 Speaker 1: represent some extension of the time and energy you put 303 00:15:46,640 --> 00:15:49,840 Speaker 1: into creating something of value. Right, And if you could 304 00:15:50,160 --> 00:15:52,880 Speaker 1: you know, time and energy are inelastic, that they're the 305 00:15:52,920 --> 00:15:58,000 Speaker 1: same for everyone. Um, that they fixed quantities. And you know, yes, 306 00:15:58,240 --> 00:16:00,240 Speaker 1: you know, one could argue that you can ext tract 307 00:16:00,280 --> 00:16:01,840 Speaker 1: more energy and all that sort of stuff, but but 308 00:16:01,880 --> 00:16:03,720 Speaker 1: you can't destroy your creat energy. All you can do 309 00:16:03,800 --> 00:16:05,520 Speaker 1: is extract it, right, So and then our ability to 310 00:16:05,520 --> 00:16:08,840 Speaker 1: extract more just increases how much value we can add 311 00:16:08,840 --> 00:16:10,440 Speaker 1: with the amount of time we have. But at the 312 00:16:10,520 --> 00:16:13,160 Speaker 1: end of the day, there fixed quantities. Money is supposed 313 00:16:13,160 --> 00:16:15,320 Speaker 1: to be an extension of those. Money should be fixed. 314 00:16:15,440 --> 00:16:17,360 Speaker 1: Doesn't matter how much money you have. What matters is 315 00:16:17,360 --> 00:16:20,680 Speaker 1: how divisible that money can be, and the difference between 316 00:16:20,720 --> 00:16:26,360 Speaker 1: as like you've got potentially a deflationary currency, inflationary currency, 317 00:16:26,480 --> 00:16:29,720 Speaker 1: or a disinflationary currency, which really the better word for 318 00:16:29,800 --> 00:16:32,720 Speaker 1: that is I think a fixed supply right, that is 319 00:16:32,800 --> 00:16:36,000 Speaker 1: perfect money because that is perfectly scarce. Means there's there's 320 00:16:36,000 --> 00:16:38,080 Speaker 1: an amount we all know it. That means you know 321 00:16:38,200 --> 00:16:41,120 Speaker 1: your proportion in relation to the whole, and you can 322 00:16:41,160 --> 00:16:47,560 Speaker 1: never be diluted, and you're What you've acquired maintains purchasing 323 00:16:47,560 --> 00:16:52,880 Speaker 1: power over time and maps to the collective productive capacity 324 00:16:52,920 --> 00:16:54,960 Speaker 1: of the society in which you operate, all the society 325 00:16:54,960 --> 00:17:02,600 Speaker 1: in which that money um operates. So it's the supply 326 00:17:02,600 --> 00:17:04,639 Speaker 1: itself doesn't need to be elastic. The supply needs to 327 00:17:04,680 --> 00:17:08,000 Speaker 1: be fixed, and then the purchasing power can be elastic. 328 00:17:08,400 --> 00:17:12,000 Speaker 1: But if you make the supply elastic, then the purchasing 329 00:17:12,040 --> 00:17:14,360 Speaker 1: power goes a weird and then you get all sorts 330 00:17:14,359 --> 00:17:18,560 Speaker 1: of other problems. So you either you either keep the 331 00:17:18,560 --> 00:17:21,080 Speaker 1: currency price flat a dollar's dollar, but you increase the 332 00:17:21,119 --> 00:17:23,480 Speaker 1: money supply, but then the price of goods and services 333 00:17:23,560 --> 00:17:27,240 Speaker 1: goes up or um the money supply stays fixed, the 334 00:17:27,240 --> 00:17:29,919 Speaker 1: price of goods and services stays fixed, but then the 335 00:17:29,960 --> 00:17:32,480 Speaker 1: money supply goes up. Right, it buys more goods and 336 00:17:32,520 --> 00:17:35,320 Speaker 1: services in the future, So the value accrues to the 337 00:17:35,359 --> 00:17:38,320 Speaker 1: money as opposed to the assets correct exactly, and that's 338 00:17:38,359 --> 00:17:40,960 Speaker 1: what you want. Then that enables the thing that old 339 00:17:40,960 --> 00:17:45,919 Speaker 1: civilizations need saving. Yeah, so I just say, would you 340 00:17:46,040 --> 00:17:48,800 Speaker 1: rather your money buy more goods and services in the 341 00:17:48,800 --> 00:17:52,000 Speaker 1: future or less? And everybody wants more of course. You 342 00:17:52,080 --> 00:17:54,840 Speaker 1: listen to the Markma Show. We're talking about bitcoin. We're 343 00:17:54,840 --> 00:17:57,439 Speaker 1: talking about the decentralized revolution. I'm in the studio with 344 00:17:57,480 --> 00:18:01,960 Speaker 1: Alice Fetzki and we are talking about uh fud I, fear, uncertainty, 345 00:18:01,960 --> 00:18:03,560 Speaker 1: and doubt. We're breaking some of these down one by 346 00:18:03,560 --> 00:18:05,399 Speaker 1: one by one. We have some more big ones to 347 00:18:05,480 --> 00:18:08,560 Speaker 1: jump into. Uh, some real big ones. See if we 348 00:18:08,560 --> 00:18:10,440 Speaker 1: can get them all done here. Um, don't go away, 349 00:18:10,480 --> 00:18:12,840 Speaker 1: We're gonna be right back with more. All right, welcome back. 350 00:18:12,880 --> 00:18:14,560 Speaker 1: You are listening to the Mark Mos Show and we 351 00:18:14,600 --> 00:18:16,960 Speaker 1: are talking about bitcoin. Of course, each and every week, 352 00:18:17,400 --> 00:18:20,600 Speaker 1: same channel, same time, So make sure put on your calendar, 353 00:18:20,640 --> 00:18:22,679 Speaker 1: don't miss don't miss out unless you're driving, then wait 354 00:18:22,680 --> 00:18:24,439 Speaker 1: till you pull over the put in your calendar. But um, 355 00:18:24,520 --> 00:18:26,000 Speaker 1: you listen to Mark Boss. I'm in the studio with 356 00:18:26,040 --> 00:18:29,160 Speaker 1: Alex Spetzky. Find him on Twitter at goes to the Fetzky. 357 00:18:29,320 --> 00:18:33,399 Speaker 1: He's uh with Amber get Amber check him out, a 358 00:18:33,440 --> 00:18:36,159 Speaker 1: company that can help you jump onto the Bitcoin Bandwagon, 359 00:18:36,440 --> 00:18:39,240 Speaker 1: get in, get in the group, be pep be an individual, 360 00:18:39,359 --> 00:18:42,280 Speaker 1: but but part of a group. So check out check 361 00:18:42,320 --> 00:18:44,800 Speaker 1: out Amber. But but Alex, we were talking about some 362 00:18:44,840 --> 00:18:47,320 Speaker 1: of these these fear and certainly doubt headlines. UM, so 363 00:18:47,400 --> 00:18:49,679 Speaker 1: the bigger one that I was waiting for. I don't know. 364 00:18:49,680 --> 00:18:52,440 Speaker 1: They're both big, and they're all big, but um one 365 00:18:52,480 --> 00:18:54,600 Speaker 1: of the big, one of the big ones that we 366 00:18:54,640 --> 00:18:58,240 Speaker 1: hear all the time is, um, isn't bitcoin older technology? 367 00:18:58,359 --> 00:19:01,240 Speaker 1: Like isn't it my space? And we have like Facebook 368 00:19:01,400 --> 00:19:05,199 Speaker 1: or something? Can we I'll go one final thread from 369 00:19:05,200 --> 00:19:07,640 Speaker 1: the last one. Okay, so the one before before the break, 370 00:19:07,640 --> 00:19:09,440 Speaker 1: if you just joining us. We were talking about why 371 00:19:09,560 --> 00:19:12,720 Speaker 1: inflation is needed for economic growth, and we were talking 372 00:19:12,720 --> 00:19:15,480 Speaker 1: about how most people think that the money supply has 373 00:19:15,520 --> 00:19:18,320 Speaker 1: to expand for the economy to expland um, So go ahead, Alec, 374 00:19:18,359 --> 00:19:19,280 Speaker 1: what do you want to add? So I was just 375 00:19:19,320 --> 00:19:23,800 Speaker 1: gonna ask you about innovation? So what does innovation due 376 00:19:24,359 --> 00:19:30,800 Speaker 1: to generally the the the price of something? Well, I 377 00:19:30,840 --> 00:19:34,679 Speaker 1: mean typically I believe innovation is always going to be 378 00:19:34,760 --> 00:19:39,000 Speaker 1: deflationary because humans are always trying to get more for less. 379 00:19:39,640 --> 00:19:41,680 Speaker 1: So I used to carry one rock by hand. I 380 00:19:41,720 --> 00:19:43,840 Speaker 1: invented a wheelbarrel so I can carry ten rocks at 381 00:19:43,840 --> 00:19:46,399 Speaker 1: one time. And so everything that we're doing, all progresses 382 00:19:46,440 --> 00:19:49,919 Speaker 1: typically going to be deflationary. Is that right, exactly totally. 383 00:19:49,960 --> 00:19:53,040 Speaker 1: So what I try and tell people is like the 384 00:19:53,760 --> 00:19:59,960 Speaker 1: forcing function for evolution comes in two forms, is efficiency 385 00:19:59,800 --> 00:20:05,200 Speaker 1: and and efficacy like doing the thing better and doing 386 00:20:05,840 --> 00:20:08,200 Speaker 1: more of the right thing, so so that that they're 387 00:20:08,200 --> 00:20:11,240 Speaker 1: the forcing functions of innovation. Is like when you innovate something, 388 00:20:11,240 --> 00:20:13,960 Speaker 1: when you make something better, you do the thing better 389 00:20:14,080 --> 00:20:16,800 Speaker 1: so you can do more with less, and that that 390 00:20:16,920 --> 00:20:19,639 Speaker 1: is that's the process of economizing. That's like literally the 391 00:20:19,680 --> 00:20:24,399 Speaker 1: definition of economizing. So realistically, if you assume that innovation 392 00:20:24,600 --> 00:20:29,600 Speaker 1: is synonymous with progress, that means that the price of goods, services, 393 00:20:29,640 --> 00:20:32,160 Speaker 1: and everything, like if we're progressing, if we're getting better 394 00:20:32,160 --> 00:20:35,440 Speaker 1: at something, should always be coming down. And this is why, 395 00:20:35,560 --> 00:20:41,640 Speaker 1: like I think people misunderstand um that the whole inflationary 396 00:20:41,640 --> 00:20:44,359 Speaker 1: money thing is like when you increase the supply of money, 397 00:20:44,359 --> 00:20:47,560 Speaker 1: that means there's more money chasing the same amount or 398 00:20:47,560 --> 00:20:51,080 Speaker 1: even still maybe more goods and services and products, because 399 00:20:51,359 --> 00:20:54,800 Speaker 1: the innovative force always exists, right, We're always producing more stuff, 400 00:20:55,400 --> 00:20:58,640 Speaker 1: but by and large, like everything should be coming down 401 00:20:58,640 --> 00:21:01,920 Speaker 1: in value if the money was fixed, and that's that's 402 00:21:02,119 --> 00:21:06,800 Speaker 1: literally how things should behave, but we're doing it backwards. 403 00:21:07,000 --> 00:21:08,880 Speaker 1: I like to use the example of a cup of coffee. 404 00:21:08,880 --> 00:21:11,119 Speaker 1: So nine seventy one, a cup of coffee was whatever 405 00:21:11,160 --> 00:21:14,240 Speaker 1: ten cents. Today a cup of coffees four bucks, And like, 406 00:21:14,400 --> 00:21:16,919 Speaker 1: don't you think with all the technology that we have 407 00:21:17,000 --> 00:21:18,560 Speaker 1: that it would be cheaper to get a bean from 408 00:21:18,560 --> 00:21:20,520 Speaker 1: Columbia to here and roast it and get in my cup, 409 00:21:20,600 --> 00:21:24,119 Speaker 1: Like it should have gotten cheaper more expensive, totally totally, 410 00:21:24,440 --> 00:21:26,919 Speaker 1: and like it's it's such as such a fuss, and 411 00:21:26,920 --> 00:21:29,879 Speaker 1: it's it's so so backwards, and I think, like we 412 00:21:29,920 --> 00:21:32,600 Speaker 1: need we need to slap people out of the hypnosis 413 00:21:32,680 --> 00:21:34,800 Speaker 1: on this one because that that's such a big, big, big, 414 00:21:34,840 --> 00:21:38,159 Speaker 1: big problem. Yeah. Of course people are taught that because 415 00:21:38,280 --> 00:21:40,320 Speaker 1: it works with the system they want, right, and so 416 00:21:40,560 --> 00:21:42,199 Speaker 1: they want everyone to think that they have to continue 417 00:21:42,240 --> 00:21:44,879 Speaker 1: to create more money. Um. And so you've been taught that, 418 00:21:44,920 --> 00:21:46,880 Speaker 1: and so you're not wrong in what you're saying because 419 00:21:46,920 --> 00:21:48,600 Speaker 1: you're citing back what you were taught, but you just 420 00:21:48,600 --> 00:21:51,480 Speaker 1: haven't taken the time to stop and think about that. Um. 421 00:21:51,600 --> 00:21:53,320 Speaker 1: So um, these are ones that we got to talk 422 00:21:53,400 --> 00:21:56,199 Speaker 1: about for an hour each, but we're giving me the 423 00:21:56,200 --> 00:21:59,040 Speaker 1: short persons. So Alex back to you. Um, isn't an 424 00:21:59,040 --> 00:22:03,280 Speaker 1: older technology? Is that slow and down and stupid and antiquated, 425 00:22:03,680 --> 00:22:06,480 Speaker 1: so that this one, I mean, you can answer from 426 00:22:06,480 --> 00:22:08,560 Speaker 1: so many ways. It's like, first of all, bitcoin is 427 00:22:08,560 --> 00:22:12,639 Speaker 1: not just the technology, like bitcoin is a is a money, 428 00:22:12,920 --> 00:22:15,359 Speaker 1: It is a it is a network. It is a 429 00:22:15,400 --> 00:22:19,399 Speaker 1: form of consensus. It is a it is an energy 430 00:22:19,400 --> 00:22:23,280 Speaker 1: transformation mechanism, it is a communications protocol. It's it's all 431 00:22:23,320 --> 00:22:31,200 Speaker 1: of these things. And I guess trying to tweak bits 432 00:22:31,200 --> 00:22:33,240 Speaker 1: and pieces of the technology is trying to kind of 433 00:22:33,280 --> 00:22:37,359 Speaker 1: apply the mindset one would apply when building a piece 434 00:22:37,400 --> 00:22:40,879 Speaker 1: of like an app for example. You know, yeah, sure, okay, 435 00:22:40,880 --> 00:22:43,800 Speaker 1: I can upgrade the app, you know, but to do 436 00:22:43,920 --> 00:22:46,640 Speaker 1: that means that someone is in charge of the company, 437 00:22:46,680 --> 00:22:49,119 Speaker 1: that is in charge of the app, and is in 438 00:22:49,240 --> 00:22:52,800 Speaker 1: charge of the product. Bitcoin is not a product that 439 00:22:52,880 --> 00:22:56,040 Speaker 1: you just go and adapt and change, like bitcoin is 440 00:22:56,080 --> 00:22:59,520 Speaker 1: a money and its job is to place money in 441 00:22:59,560 --> 00:23:02,879 Speaker 1: the realm of the physical laws of the universe, Like 442 00:23:03,359 --> 00:23:06,240 Speaker 1: can you go an upgrade by any chance to speed 443 00:23:06,280 --> 00:23:08,800 Speaker 1: of light? And I don't think so, like you know, 444 00:23:08,880 --> 00:23:11,199 Speaker 1: but that means that we can all operate on that 445 00:23:11,280 --> 00:23:14,119 Speaker 1: standard and we can then measure like I mean, we 446 00:23:14,160 --> 00:23:16,000 Speaker 1: can measure what a meter is. We can you know, 447 00:23:16,720 --> 00:23:19,440 Speaker 1: we can create all of the technology that we have 448 00:23:19,480 --> 00:23:21,679 Speaker 1: around us by understanding these physical laws. And that's what 449 00:23:21,720 --> 00:23:24,640 Speaker 1: money is now with bitcoins. So it's like it's reach perfection. 450 00:23:24,880 --> 00:23:29,640 Speaker 1: What about being slow and dumb and whatever all tech? Um, 451 00:23:29,680 --> 00:23:32,440 Speaker 1: if you think about things in terms of progress, um, 452 00:23:32,520 --> 00:23:35,280 Speaker 1: we progress based off the amount of attempts or tries 453 00:23:35,320 --> 00:23:37,520 Speaker 1: that we have at something. And so if something is 454 00:23:37,600 --> 00:23:39,960 Speaker 1: very basic, if I have a flat table, I could 455 00:23:39,960 --> 00:23:42,600 Speaker 1: build almost anything on top of it. But the more 456 00:23:42,640 --> 00:23:46,040 Speaker 1: complex the surfaces, it limits what I'm able to build 457 00:23:46,040 --> 00:23:47,760 Speaker 1: on top of it. And so if you understand the 458 00:23:47,760 --> 00:23:50,000 Speaker 1: way technology works, you understand it scales and layers because 459 00:23:50,000 --> 00:23:52,359 Speaker 1: everything is a trade off. And so as I build, 460 00:23:52,520 --> 00:23:54,440 Speaker 1: because I have a very basic based layer, it gives 461 00:23:54,480 --> 00:23:57,840 Speaker 1: me more options and I can assign different trade offs 462 00:23:57,840 --> 00:24:00,320 Speaker 1: as I scale up versus some of the other ones 463 00:24:00,359 --> 00:24:04,960 Speaker 1: that are much more complex based layers, it limits totally. Yeah, 464 00:24:05,000 --> 00:24:08,440 Speaker 1: So that's that's the idea of standards and and simple primitive. 465 00:24:08,520 --> 00:24:11,480 Speaker 1: So if we look at um language language is a 466 00:24:11,520 --> 00:24:13,160 Speaker 1: good one. You have five vowels and you have twenty 467 00:24:13,160 --> 00:24:15,880 Speaker 1: one constants in the English language. Um, you don't make 468 00:24:15,920 --> 00:24:18,320 Speaker 1: English better by changing the number of vowels and the 469 00:24:18,400 --> 00:24:21,560 Speaker 1: number of consonants. Like, we have a simple standard, and 470 00:24:21,600 --> 00:24:25,960 Speaker 1: we all have found emergent consensus on that standard, and 471 00:24:26,520 --> 00:24:30,840 Speaker 1: with that we can create an infinite number of I 472 00:24:30,880 --> 00:24:34,840 Speaker 1: guess variations in what we're discussing. Another one is the Internet. 473 00:24:34,880 --> 00:24:36,600 Speaker 1: So you've got this idea of what's called a dumb 474 00:24:36,640 --> 00:24:39,359 Speaker 1: network versus a smart network. The Internet itself is a 475 00:24:39,359 --> 00:24:41,719 Speaker 1: completely dumb network. All it does is it routes packets 476 00:24:41,720 --> 00:24:43,840 Speaker 1: of data. It has no idea what the hell those 477 00:24:43,840 --> 00:24:47,000 Speaker 1: packets of data are. But how we abstract that means 478 00:24:47,000 --> 00:24:50,199 Speaker 1: that we can create infinite complexity in terms of what 479 00:24:50,359 --> 00:24:53,080 Speaker 1: is shared on the Internet. But at the very base, 480 00:24:53,720 --> 00:24:56,080 Speaker 1: all it is is just ones and zero is being routed, 481 00:24:56,280 --> 00:24:59,760 Speaker 1: and that's what bitcoint takes that premise and all it does. 482 00:24:59,840 --> 00:25:04,720 Speaker 1: But Queen's fundamental function is to route packets of money 483 00:25:04,840 --> 00:25:07,440 Speaker 1: in the form of U t x O s between nodes, 484 00:25:08,200 --> 00:25:11,480 Speaker 1: not even between notes between addresses that a mathematically drive 485 00:25:11,560 --> 00:25:14,920 Speaker 1: so does that perfectly in that foundation is as solid 486 00:25:14,960 --> 00:25:18,320 Speaker 1: as it gets. And on top of that, through layers, 487 00:25:18,359 --> 00:25:20,680 Speaker 1: we can build whatever we want, and we can abstract 488 00:25:20,720 --> 00:25:22,800 Speaker 1: all sorts of complexity. And that's the thing. It's like 489 00:25:22,800 --> 00:25:24,760 Speaker 1: you need a standard in order to have complexity if 490 00:25:24,760 --> 00:25:28,000 Speaker 1: you have complexity, kind of standard and not just that. UM. 491 00:25:28,440 --> 00:25:31,280 Speaker 1: I asked a few people like just to what you 492 00:25:31,320 --> 00:25:33,560 Speaker 1: just explained, I mean, you understand kind of the internetworks, 493 00:25:33,560 --> 00:25:34,919 Speaker 1: and your I s P s and your d N 494 00:25:35,080 --> 00:25:36,520 Speaker 1: s and you know, then you have like your t 495 00:25:36,600 --> 00:25:38,399 Speaker 1: c P I P SO or your IP address and 496 00:25:38,440 --> 00:25:43,800 Speaker 1: your transfer protocol UM, and you have one transfer protocol 497 00:25:43,840 --> 00:25:48,359 Speaker 1: TCP IP protocol, and you have billions of applications built 498 00:25:48,359 --> 00:25:51,600 Speaker 1: on that. My personal website or Facebook or Google, everything's different, Netflix, 499 00:25:51,680 --> 00:25:54,800 Speaker 1: but they all use one transfer protocol. So then I 500 00:25:54,880 --> 00:25:57,119 Speaker 1: ask people, are you, uh, t c P I P 501 00:25:57,280 --> 00:26:00,840 Speaker 1: maximalist because like do we need or that? And also 502 00:26:01,320 --> 00:26:04,119 Speaker 1: what would happen if you changed the t c P 503 00:26:04,240 --> 00:26:07,240 Speaker 1: I protocol all of that value choins, It always would 504 00:26:07,280 --> 00:26:09,919 Speaker 1: be wiped out. You can't change that, and so we 505 00:26:10,040 --> 00:26:11,879 Speaker 1: need one and so kind of to your point, that's 506 00:26:11,880 --> 00:26:14,080 Speaker 1: that's like an information transfer protocol, and now we have 507 00:26:14,080 --> 00:26:17,000 Speaker 1: a value transfer protocol and as long as it does 508 00:26:17,040 --> 00:26:19,520 Speaker 1: what it does, we can go ahead and do you know, 509 00:26:19,560 --> 00:26:22,000 Speaker 1: add all that on top. And I would just say, Um, 510 00:26:22,080 --> 00:26:24,400 Speaker 1: the other thing is that using layer two and now 511 00:26:24,480 --> 00:26:26,960 Speaker 1: whatever layer three or whatever they're calling it, um, we 512 00:26:27,000 --> 00:26:30,080 Speaker 1: can already transfer Bitcoin faster, cheaper, and more private. So 513 00:26:30,200 --> 00:26:31,879 Speaker 1: all the other coins that are doing that, that's kind 514 00:26:31,920 --> 00:26:34,240 Speaker 1: of about Now we're seeing smart contracts. All the smart 515 00:26:34,280 --> 00:26:37,320 Speaker 1: contract platforms are out and um, you know, it's opening 516 00:26:37,400 --> 00:26:39,320 Speaker 1: up all these abilities to add all these things. So 517 00:26:39,800 --> 00:26:42,520 Speaker 1: what maybe it was slow, dumb and stupid, you know 518 00:26:42,520 --> 00:26:45,520 Speaker 1: a few years ago because people didn't understand that technology scales, 519 00:26:45,920 --> 00:26:48,359 Speaker 1: But where we're at today with layer two and layer three, 520 00:26:48,440 --> 00:26:51,040 Speaker 1: we're already seeing it as advanced, if not more advanced 521 00:26:51,040 --> 00:26:54,600 Speaker 1: than any other other platform that's out there. Let's just say, 522 00:26:54,640 --> 00:26:57,320 Speaker 1: think of the human buddy, like you've got otteries, you've 523 00:26:57,359 --> 00:27:00,000 Speaker 1: got veins, and you've got capillaries in the age before 524 00:27:00,080 --> 00:27:03,840 Speaker 1: a different function. So anything in nature, anything that is functional, 525 00:27:03,920 --> 00:27:07,480 Speaker 1: has the scale and lays, and Bitcoin is just evolving 526 00:27:07,520 --> 00:27:12,760 Speaker 1: along you know natural. Oh yeah, yeah, good one, good one, 527 00:27:12,760 --> 00:27:15,000 Speaker 1: all right, we got we got a bunch more here. 528 00:27:15,040 --> 00:27:16,159 Speaker 1: I don't know if We're gonna get through them all. 529 00:27:16,160 --> 00:27:19,520 Speaker 1: I ran a poll on Twitter and got um all 530 00:27:19,520 --> 00:27:21,919 Speaker 1: the ones that they thought were the most the biggest 531 00:27:21,920 --> 00:27:24,240 Speaker 1: fund headlines. I think I got like twenty of them here. Um, 532 00:27:24,280 --> 00:27:26,680 Speaker 1: I got some other big ones coming up. You're listening 533 00:27:26,680 --> 00:27:29,800 Speaker 1: to the Markma Show. We're talking about bitcoin. Of course, 534 00:27:29,800 --> 00:27:32,479 Speaker 1: we're talking about this decentralized revolution. We're talking about the 535 00:27:32,480 --> 00:27:36,080 Speaker 1: biggest objections that we hear. UM and hopefully this makes 536 00:27:36,080 --> 00:27:37,720 Speaker 1: sense to you. You You can go back and have some 537 00:27:37,760 --> 00:27:39,359 Speaker 1: more education. You can talk to some of your friends 538 00:27:39,359 --> 00:27:42,760 Speaker 1: and family and and and beat fud. I'm with Alex Fetzsky. 539 00:27:42,920 --> 00:27:45,879 Speaker 1: We're gonna be right back with more fud bashing. So 540 00:27:45,960 --> 00:27:48,320 Speaker 1: don't go away, all right, Welcome back. You are listening 541 00:27:48,359 --> 00:27:50,720 Speaker 1: to the Markma Show and we are talking about bitcoin. 542 00:27:50,840 --> 00:27:54,560 Speaker 1: We're talking about the decentralized revolution. And I'm in the 543 00:27:54,560 --> 00:27:56,719 Speaker 1: studio with my good friend Alex s. Fetzky. You can 544 00:27:56,760 --> 00:28:00,600 Speaker 1: find them on Twitter at ghost of Fetzky. Uh. You 545 00:28:00,640 --> 00:28:03,399 Speaker 1: can check out Amber get amber and see what he's doing. 546 00:28:03,440 --> 00:28:06,120 Speaker 1: If you want to get into the bitcoin ecosystem, makes 547 00:28:06,160 --> 00:28:08,760 Speaker 1: it super easy. Um. And we are talking about flood. 548 00:28:08,800 --> 00:28:12,119 Speaker 1: We're talking about different ways UM that people seem to 549 00:28:12,200 --> 00:28:15,120 Speaker 1: try to criticize bitcoin or whatever things that are maybe 550 00:28:15,160 --> 00:28:18,080 Speaker 1: held holding them back. And so we're breaking down one 551 00:28:18,080 --> 00:28:21,320 Speaker 1: by one. Now. We went through uh, government won't allowed 552 00:28:21,320 --> 00:28:23,840 Speaker 1: to exceed. We talked about the rules could be changed 553 00:28:24,000 --> 00:28:26,000 Speaker 1: more than twenty one million. We talked about it being 554 00:28:26,040 --> 00:28:29,639 Speaker 1: started by the c i A. We talked about inflation 555 00:28:29,720 --> 00:28:33,959 Speaker 1: needed for economic growth. We talked about it being older technology. 556 00:28:34,000 --> 00:28:36,159 Speaker 1: We got through. Actually, dang, we actually did pretty good. 557 00:28:36,160 --> 00:28:38,480 Speaker 1: I got through a bunch. If you've missed any of that, 558 00:28:39,280 --> 00:28:41,040 Speaker 1: then you missed it. So don't miss the next time. 559 00:28:41,080 --> 00:28:43,040 Speaker 1: Put over Minder on your phone, be with me on 560 00:28:43,080 --> 00:28:45,560 Speaker 1: this channel this time next week, or check me out 561 00:28:45,560 --> 00:28:49,200 Speaker 1: on the podcast. Just search Mark Moss podcast Mark Constructors. 562 00:28:49,240 --> 00:28:52,280 Speaker 1: You'll find that. All right, now, let's jump into another 563 00:28:52,280 --> 00:28:57,200 Speaker 1: one here. So, we need more fairness in the world, Alex, 564 00:28:57,560 --> 00:29:01,160 Speaker 1: We need more We need more fairness, We need more equality. 565 00:29:01,280 --> 00:29:05,280 Speaker 1: And bitcoin will never be never lead to equality because 566 00:29:05,280 --> 00:29:09,040 Speaker 1: there's an unequal distribution, because what about the poor people 567 00:29:09,120 --> 00:29:12,520 Speaker 1: that can't buy bitcoin? Right now, I would agree with 568 00:29:12,600 --> 00:29:14,640 Speaker 1: we need more fairness, but we don't need more equality. 569 00:29:14,760 --> 00:29:19,600 Speaker 1: So like fairness and equality opposite side of the spectrum, 570 00:29:19,640 --> 00:29:23,840 Speaker 1: you know, So so if I like, for example, if 571 00:29:23,880 --> 00:29:26,480 Speaker 1: I have a game and we put a bunch of 572 00:29:26,480 --> 00:29:30,160 Speaker 1: people on the field, like to compete in that game, 573 00:29:30,240 --> 00:29:33,240 Speaker 1: like the rules need to be fair, which means they 574 00:29:33,280 --> 00:29:35,760 Speaker 1: need to apply to everyone during the entire game all 575 00:29:35,800 --> 00:29:40,000 Speaker 1: the time, and the result will be an unequal result. 576 00:29:40,120 --> 00:29:41,720 Speaker 1: Like each of the players are different, they play a 577 00:29:41,720 --> 00:29:45,920 Speaker 1: different thing, and someone's gonna win. Right, So life at 578 00:29:45,960 --> 00:29:49,120 Speaker 1: times is also unfair. But realistically, in that game, you 579 00:29:49,160 --> 00:29:52,280 Speaker 1: almost need the unevenness because that's where you get your 580 00:29:52,320 --> 00:29:55,440 Speaker 1: competitive edge frost. So like I might you might be 581 00:29:55,480 --> 00:29:57,760 Speaker 1: bigger than me, but I might move quicker. Correct, so 582 00:29:57,920 --> 00:30:02,480 Speaker 1: I'll use my um disadvantage or advantage to to play 583 00:30:02,480 --> 00:30:04,600 Speaker 1: the game differently the new word correct. And then that's 584 00:30:04,600 --> 00:30:06,880 Speaker 1: the thing I think, Like you know, anyone who's abouts 585 00:30:06,960 --> 00:30:10,600 Speaker 1: this idea of like equality doesn't understand the fact that 586 00:30:10,920 --> 00:30:16,560 Speaker 1: diversity is also indirect opposition to equality. Like for something 587 00:30:16,600 --> 00:30:19,600 Speaker 1: to be diverse means that there's multiple dimensions, means that 588 00:30:19,640 --> 00:30:25,120 Speaker 1: there's differences, means that by definition it's unequal, and that 589 00:30:25,280 --> 00:30:27,560 Speaker 1: I think a lot of people just also just conflate 590 00:30:27,600 --> 00:30:29,840 Speaker 1: fairness and equality. And that's the thing is like bitcoin 591 00:30:29,920 --> 00:30:33,360 Speaker 1: is perfectly fair. Bitcoin doesn't discriminate on who you are, 592 00:30:33,400 --> 00:30:35,880 Speaker 1: where you are, where you're from, what your name is, 593 00:30:36,160 --> 00:30:38,360 Speaker 1: what color you are, what background you are, whatever. Bitcoin 594 00:30:38,440 --> 00:30:42,320 Speaker 1: is just information and anybody can acquire it at any time. Now. 595 00:30:42,560 --> 00:30:46,840 Speaker 1: It just so happens that some people have access to 596 00:30:46,960 --> 00:30:50,080 Speaker 1: the internet, some people are more curious, some people you know, 597 00:30:50,960 --> 00:30:53,000 Speaker 1: have more money at the moment, you know, than others, 598 00:30:53,040 --> 00:30:55,640 Speaker 1: and all that sort of stuff. And people are acquiring 599 00:30:55,680 --> 00:31:00,920 Speaker 1: bitcoin at varying rates. But that's not bitcoin giving one 600 00:31:01,040 --> 00:31:05,320 Speaker 1: group or one individual and advantage bitcoin. It's just fairly available, 601 00:31:05,960 --> 00:31:12,440 Speaker 1: but unequally unequally held as a function of how people 602 00:31:12,480 --> 00:31:14,880 Speaker 1: get to acquire it. So one of the examples always 603 00:31:14,880 --> 00:31:16,120 Speaker 1: give to people is like, oh, you know, so what 604 00:31:16,160 --> 00:31:19,640 Speaker 1: about some rich guy who's you know, got billions of 605 00:31:19,640 --> 00:31:22,680 Speaker 1: dollars at the moment versus some poor person in Africa 606 00:31:22,720 --> 00:31:25,640 Speaker 1: doesn't have it. And I was like, there is a 607 00:31:25,680 --> 00:31:29,200 Speaker 1: bunch of rich people like Peter Schiff who ain't got 608 00:31:29,240 --> 00:31:31,760 Speaker 1: no bitcoin and probably ain't gonna get any bitcoin until 609 00:31:31,760 --> 00:31:34,959 Speaker 1: it's worth tens of millions of dollars per coin, whereas 610 00:31:34,960 --> 00:31:37,520 Speaker 1: there's an African out there who's got nothing at the moment, 611 00:31:37,680 --> 00:31:39,400 Speaker 1: and he's doing some work and he's earning some bitcoin. 612 00:31:39,400 --> 00:31:42,080 Speaker 1: He's probably gonna have more bitcoin than Peter Schiff when 613 00:31:42,080 --> 00:31:44,520 Speaker 1: the time comes. But that's not up to me to decide. 614 00:31:44,560 --> 00:31:47,960 Speaker 1: That's up to every single individual to decide. I like 615 00:31:48,040 --> 00:31:51,600 Speaker 1: that definition of equality versus fairness and and and you know, 616 00:31:51,720 --> 00:31:55,600 Speaker 1: you look at in the United States, Um, there's a 617 00:31:55,640 --> 00:32:00,920 Speaker 1: lot of anger disdain towards the rich people. And it's 618 00:32:00,920 --> 00:32:04,800 Speaker 1: almost like people don't like rich people anymore. Um. And 619 00:32:04,800 --> 00:32:07,800 Speaker 1: and it's interesting because there's so much you know whatever, 620 00:32:08,440 --> 00:32:11,120 Speaker 1: anger towards that. Um. But then you look at like 621 00:32:11,200 --> 00:32:14,960 Speaker 1: Lebron James and if in basketball, like he's the best player. 622 00:32:15,120 --> 00:32:16,440 Speaker 1: I don't know, I'm not a big basketball fan, but 623 00:32:16,480 --> 00:32:18,880 Speaker 1: he's way better than I am. But nobody's mad about that. 624 00:32:19,240 --> 00:32:21,680 Speaker 1: And I think the difference is that they recognize that 625 00:32:21,720 --> 00:32:26,080 Speaker 1: the rules of basketball are fair, but they understand the 626 00:32:26,160 --> 00:32:29,120 Speaker 1: financial system is not fair, and so they're mad that 627 00:32:29,160 --> 00:32:32,480 Speaker 1: they've got ahead gaming the system, whereas in basketball you 628 00:32:32,480 --> 00:32:35,720 Speaker 1: can't game the system. It's such a good observation and 629 00:32:35,720 --> 00:32:37,000 Speaker 1: and and that's the thing is like a lot of 630 00:32:37,040 --> 00:32:39,760 Speaker 1: people they sense that something. And this is the thing. 631 00:32:39,920 --> 00:32:42,200 Speaker 1: Human beings are intuitive, right, Like we sense we know 632 00:32:42,240 --> 00:32:44,360 Speaker 1: that something's wrong, Like we know that somewhere in the 633 00:32:44,360 --> 00:32:46,440 Speaker 1: game it's rigged. Like you know, so there's there's a 634 00:32:46,440 --> 00:32:48,440 Speaker 1: bunch of people out there that are just like they're 635 00:32:48,480 --> 00:32:50,880 Speaker 1: not working, they're not adding any value, and he, you 636 00:32:50,960 --> 00:32:54,080 Speaker 1: and I are like busting up bulls adding value, and 637 00:32:54,120 --> 00:32:57,360 Speaker 1: it's like it's rigged, and no one likes a rigged game, right, 638 00:32:57,640 --> 00:33:01,240 Speaker 1: And that's you know, part of what bit fixes. It's like, Okay, well, 639 00:33:01,440 --> 00:33:03,800 Speaker 1: here's the rules. The same for everyone. And I don't 640 00:33:03,840 --> 00:33:08,400 Speaker 1: care if you're you know, black, white woman, kid, child, mom, grandma. 641 00:33:08,440 --> 00:33:10,720 Speaker 1: You know you've got three heads, five legs, doesn't matter. 642 00:33:11,120 --> 00:33:14,120 Speaker 1: It's the same for everyone, and nothing anybody can do 643 00:33:14,240 --> 00:33:16,720 Speaker 1: can change that. So that's the ultimate definition of fair. 644 00:33:17,160 --> 00:33:21,040 Speaker 1: But it will ultimately result in an unequal distribution, which 645 00:33:21,080 --> 00:33:24,120 Speaker 1: is perfectly fine because that's what we do as human beings. 646 00:33:24,160 --> 00:33:26,600 Speaker 1: And then you and I are different, and then you know, 647 00:33:26,680 --> 00:33:30,120 Speaker 1: the bitcoin will flow to whomever for whatever reason, um, 648 00:33:30,840 --> 00:33:36,360 Speaker 1: in whatever subjective value someone you know wants to, like, 649 00:33:37,280 --> 00:33:39,880 Speaker 1: you know, impose on it. So let's take that, which 650 00:33:39,920 --> 00:33:41,880 Speaker 1: then goes into the next question, which I think is 651 00:33:41,920 --> 00:33:46,720 Speaker 1: that last piece. So um, people think that people will 652 00:33:46,800 --> 00:33:50,680 Speaker 1: just hoard a deflation your currency, because if it's deflationary, 653 00:33:50,680 --> 00:33:52,440 Speaker 1: then the value of that money is going to keep 654 00:33:52,440 --> 00:33:54,400 Speaker 1: going up. And so if it's going to keep going up, 655 00:33:54,440 --> 00:33:56,480 Speaker 1: I don't need to invest it. Why would I spend it. 656 00:33:56,520 --> 00:33:58,480 Speaker 1: Everyone's just going to hoard it. We're gonna have no 657 00:33:58,600 --> 00:34:02,200 Speaker 1: velocity and everything's gonna fall apart. M Yeah, well that 658 00:34:02,200 --> 00:34:04,360 Speaker 1: that would assume that nobody needs to eat and nobody 659 00:34:04,400 --> 00:34:06,960 Speaker 1: needs to live somewhere. Right, So you know, as much 660 00:34:06,960 --> 00:34:09,719 Speaker 1: as you want to hoard, you know, your gold or 661 00:34:09,760 --> 00:34:16,000 Speaker 1: hoard whatever, like I mean, gold was extraordinarily disinflationary. Now 662 00:34:16,080 --> 00:34:19,359 Speaker 1: it was slightly inflationary, but by and large, like if 663 00:34:19,400 --> 00:34:21,759 Speaker 1: that was true, then nobody would have spent gold. So 664 00:34:22,480 --> 00:34:24,719 Speaker 1: at the end of the day, people need to eat 665 00:34:25,160 --> 00:34:28,400 Speaker 1: and people need to buy stuff to live and to subsist. 666 00:34:29,120 --> 00:34:32,920 Speaker 1: If bitcoin does anything, and you know, it makes us 667 00:34:32,960 --> 00:34:36,680 Speaker 1: think twice before we blindly consume things, then hey, that's 668 00:34:36,680 --> 00:34:40,040 Speaker 1: going to solve the problems we have with the worlds 669 00:34:40,040 --> 00:34:42,680 Speaker 1: that are in terms of like over consumption and pollution 670 00:34:42,719 --> 00:34:45,840 Speaker 1: and all the junk that everyone's complaining about, Like, you know, 671 00:34:46,160 --> 00:34:49,759 Speaker 1: don't try and tell people what they can and cannot use, 672 00:34:51,040 --> 00:34:56,000 Speaker 1: allow them the opportunity to save and decide whether they 673 00:34:56,000 --> 00:34:59,000 Speaker 1: want to consume or not, because you know, like I 674 00:34:59,040 --> 00:35:00,960 Speaker 1: always use myself as an example, like I used to 675 00:35:01,000 --> 00:35:03,000 Speaker 1: want to you know, buy a motorbike and you know 676 00:35:03,239 --> 00:35:06,080 Speaker 1: car and nice stuff. These days, I don't care about 677 00:35:06,120 --> 00:35:08,440 Speaker 1: any of that stuff. Like I've become way more frugal, 678 00:35:08,520 --> 00:35:10,879 Speaker 1: way more sensible with my money. I think way more 679 00:35:10,960 --> 00:35:15,120 Speaker 1: long term. I don't consume mindlessly, I don't waste money, 680 00:35:15,360 --> 00:35:19,560 Speaker 1: and as a result, my probably carbon footprint is ten 681 00:35:19,600 --> 00:35:21,920 Speaker 1: percent of probably what it used to be as a result. 682 00:35:22,040 --> 00:35:24,839 Speaker 1: And that's not been through any government intervention, not been 683 00:35:24,840 --> 00:35:26,759 Speaker 1: through anyone forcing me to do anything. It's just been 684 00:35:26,800 --> 00:35:30,160 Speaker 1: through me thinking twice about how much I want to 685 00:35:30,880 --> 00:35:34,160 Speaker 1: spend that which I've saved. Yeah, yeah, I love that. 686 00:35:34,480 --> 00:35:36,520 Speaker 1: Jeff Booth talks about that, like all these people trying 687 00:35:36,520 --> 00:35:40,760 Speaker 1: to talk about, um, fighting climate change, and you can't 688 00:35:40,920 --> 00:35:43,880 Speaker 1: really affect climate change unless you reduce consumption. And one 689 00:35:43,920 --> 00:35:46,480 Speaker 1: of the ways you reduce consumption to stop inflation. And 690 00:35:48,040 --> 00:35:50,319 Speaker 1: you know, so exactly to your point. And you know, 691 00:35:52,480 --> 00:35:54,800 Speaker 1: we still want to eat, I still want to travel, 692 00:35:55,080 --> 00:35:57,799 Speaker 1: I still want to you know, do things entertainment with 693 00:35:57,800 --> 00:36:00,000 Speaker 1: my family. Um, and still we're still gonna want those. 694 00:36:00,400 --> 00:36:02,239 Speaker 1: Just to your point, we're going to think about him 695 00:36:02,280 --> 00:36:04,200 Speaker 1: do we really want them or need them before we do, 696 00:36:04,640 --> 00:36:08,840 Speaker 1: And then imagine that people will give up their bitcoin 697 00:36:08,960 --> 00:36:11,560 Speaker 1: if you provide them enough value in return for it. 698 00:36:11,640 --> 00:36:13,680 Speaker 1: Totally exactly so, so that touches on the second point, 699 00:36:13,719 --> 00:36:15,800 Speaker 1: which is now all of a sudden, the incentive is 700 00:36:15,840 --> 00:36:20,360 Speaker 1: to build things worth buying, not cheap plastic crap that 701 00:36:20,440 --> 00:36:22,640 Speaker 1: just goes in the garbage tomorrow. It's like I want 702 00:36:22,680 --> 00:36:24,400 Speaker 1: to buy a useful tool, or I want to buy 703 00:36:24,440 --> 00:36:26,160 Speaker 1: a useful piece of equipment, or I want to go 704 00:36:26,200 --> 00:36:29,120 Speaker 1: and have a trip that is really meaningful, you know, 705 00:36:29,160 --> 00:36:31,800 Speaker 1: I want to like. So what it does is it 706 00:36:31,880 --> 00:36:36,720 Speaker 1: changes the dynamic from quantity back to quality. Yeah that's huge. Yeah, 707 00:36:36,800 --> 00:36:40,880 Speaker 1: which reduces consumption, which is better for everybody. Um, you're 708 00:36:40,880 --> 00:36:42,680 Speaker 1: listening to the Mark Mo Show. We're talking about bitcoin. 709 00:36:42,719 --> 00:36:44,839 Speaker 1: I'm talking about the decentralized Revolution, and we were talking 710 00:36:44,840 --> 00:36:47,960 Speaker 1: about these these fund fear and certainty and doubt headlines 711 00:36:48,040 --> 00:36:50,160 Speaker 1: one by one. I'm in the studio with Alex Swetzky. 712 00:36:50,239 --> 00:36:53,000 Speaker 1: You can find them on Twitter at ghost Fetzky. Um. 713 00:36:53,120 --> 00:36:55,760 Speaker 1: He's with Amber Um you can check him out online 714 00:36:55,800 --> 00:36:58,640 Speaker 1: Amber dot app, and uh, he was talking about Peter Schiff. 715 00:36:58,960 --> 00:37:00,840 Speaker 1: He's poor Peter Shift. He's a gold guy's gonna end 716 00:37:00,880 --> 00:37:03,799 Speaker 1: up with no um no bitcoin. But with Amber, every 717 00:37:03,880 --> 00:37:06,960 Speaker 1: time Peter tweets bad about bitcoin, you can set up 718 00:37:06,960 --> 00:37:10,360 Speaker 1: to automatically buy his genius and you'll definitely end up 719 00:37:10,400 --> 00:37:12,839 Speaker 1: with more bitcoin than Peter Shift. You can check out 720 00:37:12,960 --> 00:37:15,960 Speaker 1: Amber dot app. But that's it. Thanks for listening. We'll 721 00:37:15,960 --> 00:37:16,719 Speaker 1: be back next time.