WEBVTT - The Mark Moss Show Jan 21, 2022 0:00:00.160 --> 0:00:02.440 Everyone, Welcome back to another episode of the Mark Mos 0:00:02.560 --> 0:00:05.200 Show where we are talking about bitcoin. We're talking about 0:00:05.200 --> 0:00:09.120 the decentralized revolution that's happening, and uh, you know, each 0:00:09.160 --> 0:00:11.000 every week I try to bring you the information that 0:00:11.080 --> 0:00:13.840 you need to be successful as this as the whole 0:00:13.880 --> 0:00:16.239 world changes, that's what's happening right now. So I try 0:00:16.280 --> 0:00:18.400 to bring you the education that you need to understand it, 0:00:18.440 --> 0:00:20.479 and try to bring you the latest breaking news. And 0:00:20.480 --> 0:00:23.400 then I try to bring some interesting characters that can 0:00:23.400 --> 0:00:25.079 bring some color because you don't want to hear me 0:00:25.120 --> 0:00:27.920 all the time. And of course I'm joined again by 0:00:28.080 --> 0:00:30.600 my really good friend Alex Fetzki. He is literally in 0:00:30.600 --> 0:00:32.720 the studio with me right now. It's up, Alex, what's up? Man? 0:00:32.760 --> 0:00:34.320 You can't get rid of me. I can't get rid 0:00:34.360 --> 0:00:36.960 of you. You're a regular on the radio show. Now, 0:00:38.240 --> 0:00:40.680 well you're I mean, you're someone I love talking to. 0:00:40.840 --> 0:00:42.440 So any chance I can get you on the radio, 0:00:42.479 --> 0:00:46.159 I'm excited to do that. Um. We are. We're actually 0:00:46.200 --> 0:00:49.000 sitting in the studio together, which is cool. I don't 0:00:49.040 --> 0:00:51.639 We're gonna do that. And we are in Austin, Texas 0:00:51.920 --> 0:00:53.960 and we're working on a big project which we won't 0:00:53.960 --> 0:00:58.760 spoil it, um, but very ambitious project. We're trying to 0:00:58.760 --> 0:01:04.480 write a book in three days. This is exactly someone yeah, 0:01:04.720 --> 0:01:09.080 whose idea is this? And we're we're we're pretty much 0:01:09.520 --> 0:01:11.319 a good way through the first day. We haven't gotten 0:01:11.400 --> 0:01:13.840 very far. So well, actually, you know what I think 0:01:13.840 --> 0:01:15.640 we've done all right, Like, I mean, we've got to 0:01:15.640 --> 0:01:17.920 we've got to get these definitions sorted out, but I 0:01:17.920 --> 0:01:22.200 think we've got a good chunk of content there. Yeah. So, um, 0:01:22.240 --> 0:01:24.640 it's it's inspired by bitcoin. I think, you know, for me, 0:01:24.760 --> 0:01:31.520 bitcoin really permeates every area of life, and so I think, um, 0:01:31.560 --> 0:01:33.280 it all just kind of depends on where it intersects 0:01:33.280 --> 0:01:35.160 for you. And of course we're kind of going back 0:01:35.160 --> 0:01:36.640 to the base. I don't want to spoil what we're 0:01:36.680 --> 0:01:39.080 working on, um, but it it kind of goes down 0:01:39.120 --> 0:01:41.039 to the basis. It's not really a bitcoin book, but 0:01:41.120 --> 0:01:44.360 if you understand this, you can understand bitcoin and everything else. 0:01:44.360 --> 0:01:46.319 I would say, totally. Yeah, that's a really good point 0:01:46.360 --> 0:01:49.760 actually is um. I think one thing that helps people 0:01:49.840 --> 0:01:54.880 understand bitcoin is, as you said, understanding the principles or 0:01:54.920 --> 0:01:58.440 what Jordan Peterson would call the golden thread across different disciplines. 0:01:58.840 --> 0:02:01.760 And when you sort of discuss a this golden thread 0:02:01.800 --> 0:02:04.480 that you find like, for example, you find it in 0:02:04.600 --> 0:02:11.080 the study of Christianity's philosophy or Taoism or um. You know, 0:02:11.200 --> 0:02:13.680 you find it in Austrian economics and all sorts of things, 0:02:13.680 --> 0:02:17.280 and and and when you start to find that threat 0:02:17.280 --> 0:02:23.560 across multiple different seemingly unrelated disciplines, UM, you start to 0:02:23.600 --> 0:02:25.959 see that there's there's what's called like a meta or 0:02:26.000 --> 0:02:29.959 a way of life. UM. And then when you when 0:02:29.960 --> 0:02:32.760 you have that foundation, then you look at bitcoin, you 0:02:32.800 --> 0:02:34.640 start to see that it just lines up with so 0:02:34.680 --> 0:02:36.960 many different things, and you're like, holy crap, it just 0:02:37.040 --> 0:02:40.280 makes so much sense. So I hope that book will 0:02:40.320 --> 0:02:42.240 be useful for that at least. Yeah, So we're kind 0:02:42.240 --> 0:02:44.000 of doing it as a public service announcement. We're gonna 0:02:44.000 --> 0:02:45.560 get out there, you'll you'll be hearing about it. So 0:02:45.600 --> 0:02:49.240 it's just stay tuned. But anyway, UM, So I thought 0:02:49.240 --> 0:02:51.360 it would be cool if we could talk about today 0:02:51.400 --> 0:02:57.200 is UM like a samurai s or just surgically removing 0:02:57.200 --> 0:03:01.200 the fud, the fear, uncertainty and doubt and so UM. 0:03:01.280 --> 0:03:03.400 I just spoke at a conference with in Houston with 0:03:03.480 --> 0:03:07.040 Ron Paul and from the stage, I said, and I 0:03:07.120 --> 0:03:09.240 kind of broke it down. I said, you're gonna hate 0:03:09.240 --> 0:03:11.280 me for this, but it's it's bitcoin, not crypto. Come 0:03:11.280 --> 0:03:12.920 talk to me about in the back. And so for 0:03:12.960 --> 0:03:14.240 the rest of the conference, I had to sit there 0:03:14.280 --> 0:03:17.400 and hear every objection, every reason why you know it 0:03:17.400 --> 0:03:20.040 can't be a bitcoin. And so I thought, um, let's 0:03:20.040 --> 0:03:24.200 go through. Yeah, let's let's go through the top ones, 0:03:24.360 --> 0:03:26.520 and I'd like to hear a perspective. We'll discuss these. 0:03:27.000 --> 0:03:28.680 We have a whole bunch. We probably won't get through 0:03:28.680 --> 0:03:30.799 all of them, will get through four or five, we'll see. Um, 0:03:30.840 --> 0:03:33.480 but let's start with one of the one of the 0:03:33.520 --> 0:03:37.280 main ones. Um, probably one of the most popular ones. 0:03:37.320 --> 0:03:39.560 I mean they're all they're all popular, but um, the 0:03:39.600 --> 0:03:42.960 first one that says, uh, the government won't allow it 0:03:43.040 --> 0:03:46.080 to succeed, won't allow bitcoin to succeed'll they'll make it 0:03:46.120 --> 0:03:49.400 illegal whatever. To me, the way I kind of view 0:03:49.480 --> 0:03:53.800 this one is that's what bitcoin did, is it it 0:03:54.000 --> 0:03:58.640 transformed money into information. And to assume that you can 0:03:58.680 --> 0:04:01.080 somehow turn off information, not turn off numbers, it's kind 0:04:01.080 --> 0:04:02.480 of like seeing the government is not going to allow 0:04:02.520 --> 0:04:06.320 the number three to exist, or the government's going to 0:04:06.360 --> 0:04:09.600 turn off the you know, the vowels in the alphabet. 0:04:10.080 --> 0:04:12.680 It's like, you can't do that, man, Like it does, 0:04:12.680 --> 0:04:17.440 it doesn't work. So Bitcoin so integrated now across every 0:04:17.480 --> 0:04:22.480 dimension of all of our communication media, whether you know 0:04:22.560 --> 0:04:25.799 it's the airwaves that people are listening to now, um, 0:04:25.839 --> 0:04:27.800 you know, and that this is sort of you and 0:04:27.800 --> 0:04:29.880 I are talking to people while they're listening to this, 0:04:30.320 --> 0:04:34.400 whether it's the Internet, whether it's visual media, whether it's 0:04:34.400 --> 0:04:37.840 written media. It's it's across everything. And you know, a 0:04:37.920 --> 0:04:41.520 lot of people conflate the Internet with bitcoin, and they say, oh, 0:04:41.520 --> 0:04:43.440 you know, so someone turns off the Internet, you know, 0:04:43.480 --> 0:04:46.560 and what if the government just you know, blocks X 0:04:46.720 --> 0:04:51.839 y Z. Yes, that may have an impact on bitcoin, 0:04:51.880 --> 0:04:54.360 but it doesn't actually stop bitcoin. The Internet and all 0:04:54.400 --> 0:04:58.320 of these mediums are just information transmission mechanisms, but they're 0:04:58.360 --> 0:05:01.800 not the information itself. And I think that little separation 0:05:01.880 --> 0:05:04.039 there is really important for people to understand. It's like 0:05:04.480 --> 0:05:09.040 there is no power in the universe like that can 0:05:09.080 --> 0:05:12.960 destroy information, that can destroy energy. That's effectively what bitcoin is. 0:05:13.000 --> 0:05:17.440 So just because the government has the ability to legislate 0:05:17.480 --> 0:05:20.480 things or to write laws or to know by decree 0:05:20.520 --> 0:05:23.560 tell people what to do and apparently what to believe. Um, 0:05:23.920 --> 0:05:26.200 doesn't mean that they can change the laws of physics, 0:05:26.520 --> 0:05:29.120 doesn't mean that they can change mathematics. Doesn't mean that 0:05:29.160 --> 0:05:34.000 they can just randomly turn off numbers and letters like that. 0:05:34.040 --> 0:05:37.279 The no government, no institution, no person has that power. 0:05:37.360 --> 0:05:41.880 So yeah, that that applies to bitcoin, bitcoins information and 0:05:42.200 --> 0:05:43.680 it's just not gonna happen. So when they say they 0:05:43.680 --> 0:05:46.840 won't allow to succeed, they could make it illegal. They 0:05:46.880 --> 0:05:49.520 make it illegal, but it'll just succeed in a different dimension, 0:05:49.600 --> 0:05:53.400 and it will succeed for different people. And what what 0:05:53.440 --> 0:05:56.279 it will do is that they might delay it. They 0:05:56.360 --> 0:06:01.960 might through trying to you know, make it illegal for 0:06:02.000 --> 0:06:06.080 one group, um, you know, another group may amass more 0:06:06.120 --> 0:06:07.680 of it. So so for example, I'll give you one 0:06:07.720 --> 0:06:10.560 example is let's say they go and turn around make 0:06:10.560 --> 0:06:13.760 it illegal for you know, standard law abiding citizens talk 0:06:13.800 --> 0:06:18.000 quite some bitcoin. Well, they didn't kill bitcoin. All they 0:06:18.040 --> 0:06:22.480 did was they made it harder for normal law abiding 0:06:22.480 --> 0:06:25.240 citizens to hold bitcoin. But then guess who's going to 0:06:25.279 --> 0:06:28.760 buy all the bitcoin? The criminals. So then the criminals 0:06:28.800 --> 0:06:32.800 are going to actually have disproportionate economic power over the 0:06:32.880 --> 0:06:34.480 law abiding. So so so all they've done is they've hurt 0:06:34.520 --> 0:06:36.680 their own people. So you know, it wasn't the government's 0:06:36.680 --> 0:06:39.000 supposed to be a service provider for the people, you know, 0:06:39.040 --> 0:06:42.280 and I mean in typical government fashion, they always do 0:06:42.320 --> 0:06:45.240 the opposite, So they may do that. So what that 0:06:45.400 --> 0:06:48.440 kind of leaves you as an individual to decide is 0:06:48.960 --> 0:06:56.560 do you want to do you want to be subservient 0:06:56.800 --> 0:07:03.160 to what's um authoritarian institution you know, tells you is right, 0:07:03.279 --> 0:07:06.880 wrong or indifferent, illegal or illegal? Or do you want 0:07:06.920 --> 0:07:09.880 to own yourself and give yourself the best long term 0:07:09.880 --> 0:07:14.280 opportunity to be sovereign? I guess good? All right? Um, 0:07:14.320 --> 0:07:16.960 how about this one? Um, So bitcoin has a fixed 0:07:16.960 --> 0:07:20.040 supply capp only twenty one million, and a lot of 0:07:20.040 --> 0:07:23.240 people say, well, they could just change the rules. We 0:07:23.280 --> 0:07:25.960 can just someone can just change that later. It's just code, right, 0:07:26.040 --> 0:07:28.960 they could just change it. This one I love because 0:07:29.200 --> 0:07:31.520 this is one of the ones that fries people's noodle. 0:07:31.840 --> 0:07:37.680 Is um is Bitcoin security is super counterintuitive to how 0:07:37.760 --> 0:07:40.600 traditional security works, particularly in a software space. But that's 0:07:40.640 --> 0:07:43.680 the whole revolution. It's completely changed. Yeah, it flips everything 0:07:43.680 --> 0:07:47.000 on its head. So traditionally, like if you're a Microsoft 0:07:47.120 --> 0:07:51.960 or you know whatever traditional um, you know tech company 0:07:52.000 --> 0:07:54.360 that's probably been hacked and you know, lost all its data. 0:07:54.800 --> 0:07:56.640 The way you secure data is you kind of put 0:07:56.640 --> 0:08:00.240 it behind walls of encryption, right and you you all 0:08:00.240 --> 0:08:03.920 this sort of stuff, and someone inevitably holds some key 0:08:04.000 --> 0:08:06.000 to some layer of encryption, and that's how you end 0:08:06.080 --> 0:08:09.240 up getting through this stuff. You know, encryption is very 0:08:09.320 --> 0:08:15.280 rarely broken. Hacks usually happened by social manipulation and accessing 0:08:15.360 --> 0:08:19.640 the person who has the key. Right now, what bitcoin 0:08:19.720 --> 0:08:22.760 does is it just opens all of it. So it 0:08:22.800 --> 0:08:24.960 breaks all the walls down and it says, hey, here's 0:08:24.960 --> 0:08:27.400 the code, got nothing to hide. Everyone can see it, 0:08:27.400 --> 0:08:31.520 everyone can create a copy of it. Um And bitcoin 0:08:31.560 --> 0:08:33.720 security comes from its openness in this sense is that 0:08:33.800 --> 0:08:37.000 we all carry a copy of the bitcoin code. And 0:08:37.040 --> 0:08:39.280 you can think of the bitcoin code is like a constitution, 0:08:39.360 --> 0:08:44.200 So it is just the bitcoin's constitution written in language 0:08:44.440 --> 0:08:47.720 that is a coding language, and we all carry a 0:08:47.800 --> 0:08:51.600 copy of it. And if you or I want to 0:08:51.600 --> 0:08:55.600 go and change bitcoin, we actually can. But all we 0:08:55.640 --> 0:08:58.920 do is we actually change our copy and not everyone 0:08:58.960 --> 0:09:03.200 else's copies. So a bit quin's innate openness means that 0:09:03.559 --> 0:09:06.320 you are free to change whatever you want, but you 0:09:06.440 --> 0:09:09.400 knock yourself off the network and you are no longer 0:09:09.440 --> 0:09:11.200 in sync with everyone else. So now like if I 0:09:11.360 --> 0:09:14.080 change it, and I change it to bitcoin Spetzky's version, 0:09:14.679 --> 0:09:18.000 I'm bitcoin spe Yeah, yeah, I want to talk about 0:09:18.000 --> 0:09:20.080 that because that actually goes into the next piece of 0:09:20.080 --> 0:09:22.000 fund that we have. You listening to the Markmas Show. 0:09:22.160 --> 0:09:25.080 We're talking about bitcoin, the decentralized Revolution. We're talking about 0:09:25.160 --> 0:09:28.280 some of the biggest objections that people have. I got 0:09:28.280 --> 0:09:30.240 a whole list of them. Don't go away, right back, 0:09:30.320 --> 0:09:32.079 all right, welcome back. You are listening to the Mark 0:09:32.160 --> 0:09:34.360 Mo Show. We're talking about bitcoin, and we're talking about 0:09:34.360 --> 0:09:38.000 the decentralized revolution. Um. I am in the studio with 0:09:38.320 --> 0:09:40.120 my good friend Alex s Fetzky. You can find them 0:09:40.160 --> 0:09:43.199 on Twitter at a ghost of Spetzky s V E 0:09:43.240 --> 0:09:46.760 T s K I and UM. We're talking about some 0:09:46.800 --> 0:09:49.280 of the biggest pieces of fud, fear, uncertainty, and doubt. 0:09:49.760 --> 0:09:52.160 We're just talking about why the government won't allow it. 0:09:52.240 --> 0:09:54.360 We're talking about the rules that can't be changed. And Alex, 0:09:54.360 --> 0:09:58.560 you were talking about how this is a decentralized databases 0:09:58.880 --> 0:10:02.240 and then how it's open source so anybody can see 0:10:02.280 --> 0:10:04.600 it UM, so I think maybe you want to finish 0:10:04.640 --> 0:10:06.320 that up. And then it kind of goes into the 0:10:06.360 --> 0:10:09.120 next one, which is was it started by the c 0:10:09.360 --> 0:10:11.720 I A. And I think those actually to kind of 0:10:11.760 --> 0:10:15.920 go together, they really do. So once again, the bitcoin 0:10:16.200 --> 0:10:21.120 network isn't some piece of software running somewhere that we 0:10:21.280 --> 0:10:27.200 have UM access to. Each person running bitcoin actually runs bitcoins. 0:10:27.200 --> 0:10:29.520 So when someone asked the question is like, who's running bitcoin, 0:10:29.559 --> 0:10:32.640 it's like, the answer is me, and the answer one yeah, 0:10:32.720 --> 0:10:35.280 it's like and anyone who chooses to run it. And 0:10:35.320 --> 0:10:37.520 the only reason we have a network is we're running 0:10:37.520 --> 0:10:40.840 the exact same version. And that's that's that's the piece 0:10:40.880 --> 0:10:43.600 that people really need to understand is anyone can change it, 0:10:44.000 --> 0:10:46.800 but when they change it, it becomes their version, and 0:10:46.840 --> 0:10:49.720 they are no longer in sync, they're no longer in 0:10:49.760 --> 0:10:52.120 consensus with the rest of us. And that's what makes 0:10:52.120 --> 0:10:54.920 it super super, super super powerful, is that that's what 0:10:55.000 --> 0:10:59.440 makes it unhappable is there's nothing to hack. You go 0:10:59.480 --> 0:11:02.120 and change it, change it forty two million, but now 0:11:02.120 --> 0:11:05.600 it's like bitcoin point four two, like it's it's something 0:11:05.640 --> 0:11:10.120 else and Therefore Bitcoin's integrity. The twenty one million can 0:11:10.200 --> 0:11:13.880 never be changed unless you get every single person on 0:11:13.920 --> 0:11:16.520 the planet who is running a version of bitcoin to 0:11:16.640 --> 0:11:19.560 do that exact same change at the same time, or 0:11:19.559 --> 0:11:21.679 the majority of them, not even the majority. You have 0:11:21.720 --> 0:11:24.000 to get everyone because you need like because what will 0:11:24.000 --> 0:11:27.480 happen is like if the majority change UM, all they 0:11:27.480 --> 0:11:30.760 do is they fork off onto a different version. And 0:11:30.840 --> 0:11:34.680 now the question is will people follow that version, which 0:11:34.720 --> 0:11:38.600 is someone who decided to change it for example, which 0:11:38.679 --> 0:11:41.560 the best example of that is the Block Size Wars, 0:11:42.200 --> 0:11:45.280 So everybody, every anyone who's interested in learning more about 0:11:45.280 --> 0:11:47.880 this specific answer should read that book, The Block Size Wars, 0:11:47.960 --> 0:11:49.959 because Bitcoin had to find this off. As a matter 0:11:49.960 --> 0:11:52.000 of fact, I think it was eighty percent of the 0:11:52.080 --> 0:11:55.960 miners turned against the network UM and is still held 0:11:55.960 --> 0:11:57.920 it off because of the nodes, which is the network. 0:11:57.960 --> 0:12:00.960 The database has held that off. So UM one not 0:12:01.040 --> 0:12:04.600 only would it we have we have proof of of 0:12:04.640 --> 0:12:08.400 how it's happened in history, UM, so we kind of 0:12:08.440 --> 0:12:12.560 we kind of know that. But I think anyway, I 0:12:12.600 --> 0:12:14.040 was gonna say, one of the best ways is like 0:12:14.040 --> 0:12:17.440 try and get ten friends to decide on where to go. Seriously, 0:12:17.520 --> 0:12:19.719 like that, that doesn't work. I mean, try and get 0:12:20.160 --> 0:12:22.840 you know, a hundred thousand nodes to a graem on 0:12:22.840 --> 0:12:24.520 something ain't gonna happen. The other thing I would say 0:12:24.520 --> 0:12:26.360 about that is just like the block sized Wars that 0:12:26.480 --> 0:12:30.360 was years in the making, and so it's not like, oh, 0:12:30.440 --> 0:12:32.360 what do you mean I switched yesterday. I didn't know. 0:12:32.679 --> 0:12:34.960 Like if if somebody was trying to do this, we 0:12:35.000 --> 0:12:38.120 would know long in advance before it ever happened. And 0:12:38.120 --> 0:12:40.520 that gives you plenty of time. So even if somebody 0:12:40.520 --> 0:12:42.520 tried to do that, Um, it's not like it just 0:12:42.600 --> 0:12:45.599 would happen. Yeah, Coordination is a hard thing. Coordination is 0:12:45.640 --> 0:12:48.200 a problem that's never accurately been solved by humanity. It 0:12:48.200 --> 0:12:52.120 never will be because we're talking about individuals who value 0:12:52.120 --> 0:12:56.320 everything subjectively, we're all different. You can't get us to coordinate. So, um, 0:12:56.360 --> 0:12:58.640 I think that open part. Maybe it goes in the 0:12:58.679 --> 0:13:00.200 next one because a lot of people say it's writed 0:13:00.240 --> 0:13:04.000 by the CIA. Now I think maybe that God, it's uh, 0:13:04.200 --> 0:13:07.360 it's the beginning origin of the rumor because I think 0:13:07.360 --> 0:13:10.080 the government did create encryption, right, they used it in 0:13:10.160 --> 0:13:12.680 during wartime, probably to send messages back and forth. So 0:13:12.760 --> 0:13:14.679 encryption has been around a long time, probably created by 0:13:14.679 --> 0:13:17.679 the military. Um, but people think that bitcoin was started 0:13:17.679 --> 0:13:20.160 by the CIA. Yeah, well, I mean to your point 0:13:20.160 --> 0:13:22.680 about encryption, encryption goes back even further. So it's like 0:13:22.720 --> 0:13:24.840 the original encryption was like, let's say you've got an 0:13:24.840 --> 0:13:26.640 alphabet and you want to say I love you or 0:13:26.720 --> 0:13:29.640 you know, the first encryption was like moved the letters 0:13:29.800 --> 0:13:33.520 of the alphabet across by five, and then the private 0:13:33.640 --> 0:13:40.520 key to unlock the encryption was a plus five exactly. 0:13:40.880 --> 0:13:43.640 So so encryption has always existed, and arguably maybe it 0:13:43.679 --> 0:13:45.840 was military, maybe it was whatever, like the in the 0:13:45.880 --> 0:13:47.800 early days trying to send messages to each other that 0:13:47.840 --> 0:13:52.240 nobody else could read. But um, yeah, modern day encryption, 0:13:52.400 --> 0:13:55.040 you know, a bunch of it was funded by military, 0:13:55.120 --> 0:13:57.480 bunch of it was funded, but you know, or just 0:13:57.520 --> 0:14:01.760 cryptographers and mathematicians and Universe City, you know, PhDs and 0:14:01.760 --> 0:14:04.160 all this sort of stuff like experimenting with that. So 0:14:05.120 --> 0:14:07.440 the piece about the Sea I creating it though, that 0:14:08.080 --> 0:14:10.760 may well be the case. But once again, similar to 0:14:11.000 --> 0:14:13.040 you know, as you said, this links into the previous answer, 0:14:13.080 --> 0:14:15.959 it doesn't actually matter. They may have done it, but 0:14:16.320 --> 0:14:17.959 all they do is hold a copy of it, and 0:14:19.120 --> 0:14:21.800 good good for them, so do I. And I think 0:14:21.840 --> 0:14:23.440 the key piece that I hit on that was like 0:14:23.840 --> 0:14:25.640 if they had put some I think people ask that 0:14:25.680 --> 0:14:28.400 because maybe they put some back door, right, but like 0:14:28.520 --> 0:14:30.640 if it's open source, so if they had put a 0:14:30.680 --> 0:14:33.360 back door, like we would know about that by now. Yeah, 0:14:33.080 --> 0:14:35.880 the back doors visible, so there's no like that. This 0:14:35.960 --> 0:14:37.800 is again like you can do a back door in 0:14:37.840 --> 0:14:41.400 a closed source piece of software, right, So Microsoft put 0:14:41.400 --> 0:14:44.480 a back door in their little closed environment and they 0:14:44.480 --> 0:14:47.400 do of course, so Google, so good everyone. But bitcoin 0:14:47.520 --> 0:14:49.640 is not closed, so there's no door to put like that. 0:14:50.520 --> 0:14:52.640 All the doors are open, all the doors are backdoors, 0:14:52.680 --> 0:14:54.320 all the doors front doors, They're all the same door. 0:14:55.120 --> 0:14:58.960 And that's that's again. Bitcoins security comes in the in 0:14:59.000 --> 0:15:02.680 the form of not trying to inclose and conceal, but 0:15:02.840 --> 0:15:07.200 just opening everything and making completely transferent. Yeah. Um, the 0:15:07.280 --> 0:15:10.480 next one is a bigger one. So let's uh, it's 0:15:10.520 --> 0:15:12.280 a big one. We're gonna we're gonna get to this 0:15:12.320 --> 0:15:13.840 one after the next break. Let's jump into this one. 0:15:13.840 --> 0:15:16.840 Maybe it's a little bit shorter, but um, people think 0:15:16.880 --> 0:15:19.880 that inflation is needed for economic growth, and so a 0:15:19.920 --> 0:15:22.880 fixed supply or deflationary currency or disinflation and currency could 0:15:22.920 --> 0:15:27.600 never work. Um, I mean you got two minutes ago? 0:15:31.880 --> 0:15:36.840 Was this the short one? It's a track? Um? Okay. 0:15:37.000 --> 0:15:40.480 The the thing I always try and come back to 0:15:40.520 --> 0:15:42.720 first principles on this is like money is supposed to 0:15:42.760 --> 0:15:46.560 represent some extension of the time and energy you put 0:15:46.640 --> 0:15:49.840 into creating something of value. Right, And if you could 0:15:50.160 --> 0:15:52.880 you know, time and energy are inelastic, that they're the 0:15:52.920 --> 0:15:58.000 same for everyone. Um, that they fixed quantities. And you know, yes, 0:15:58.240 --> 0:16:00.240 you know, one could argue that you can ext tract 0:16:00.280 --> 0:16:01.840 more energy and all that sort of stuff, but but 0:16:01.880 --> 0:16:03.720 you can't destroy your creat energy. All you can do 0:16:03.800 --> 0:16:05.520 is extract it, right, So and then our ability to 0:16:05.520 --> 0:16:08.840 extract more just increases how much value we can add 0:16:08.840 --> 0:16:10.440 with the amount of time we have. But at the 0:16:10.520 --> 0:16:13.160 end of the day, there fixed quantities. Money is supposed 0:16:13.160 --> 0:16:15.320 to be an extension of those. Money should be fixed. 0:16:15.440 --> 0:16:17.360 Doesn't matter how much money you have. What matters is 0:16:17.360 --> 0:16:20.680 how divisible that money can be, and the difference between 0:16:20.720 --> 0:16:26.360 as like you've got potentially a deflationary currency, inflationary currency, 0:16:26.480 --> 0:16:29.720 or a disinflationary currency, which really the better word for 0:16:29.800 --> 0:16:32.720 that is I think a fixed supply right, that is 0:16:32.800 --> 0:16:36.000 perfect money because that is perfectly scarce. Means there's there's 0:16:36.000 --> 0:16:38.080 an amount we all know it. That means you know 0:16:38.200 --> 0:16:41.120 your proportion in relation to the whole, and you can 0:16:41.160 --> 0:16:47.560 never be diluted, and you're What you've acquired maintains purchasing 0:16:47.560 --> 0:16:52.880 power over time and maps to the collective productive capacity 0:16:52.920 --> 0:16:54.960 of the society in which you operate, all the society 0:16:54.960 --> 0:17:02.600 in which that money um operates. So it's the supply 0:17:02.600 --> 0:17:04.639 itself doesn't need to be elastic. The supply needs to 0:17:04.680 --> 0:17:08.000 be fixed, and then the purchasing power can be elastic. 0:17:08.400 --> 0:17:12.000 But if you make the supply elastic, then the purchasing 0:17:12.040 --> 0:17:14.360 power goes a weird and then you get all sorts 0:17:14.359 --> 0:17:18.560 of other problems. So you either you either keep the 0:17:18.560 --> 0:17:21.080 currency price flat a dollar's dollar, but you increase the 0:17:21.119 --> 0:17:23.480 money supply, but then the price of goods and services 0:17:23.560 --> 0:17:27.240 goes up or um the money supply stays fixed, the 0:17:27.240 --> 0:17:29.919 price of goods and services stays fixed, but then the 0:17:29.960 --> 0:17:32.480 money supply goes up. Right, it buys more goods and 0:17:32.520 --> 0:17:35.320 services in the future, So the value accrues to the 0:17:35.359 --> 0:17:38.320 money as opposed to the assets correct exactly, and that's 0:17:38.359 --> 0:17:40.960 what you want. Then that enables the thing that old 0:17:40.960 --> 0:17:45.919 civilizations need saving. Yeah, so I just say, would you 0:17:46.040 --> 0:17:48.800 rather your money buy more goods and services in the 0:17:48.800 --> 0:17:52.000 future or less? And everybody wants more of course. You 0:17:52.080 --> 0:17:54.840 listen to the Markma Show. We're talking about bitcoin. We're 0:17:54.840 --> 0:17:57.439 talking about the decentralized revolution. I'm in the studio with 0:17:57.480 --> 0:18:01.960 Alice Fetzki and we are talking about uh fud I, fear, uncertainty, 0:18:01.960 --> 0:18:03.560 and doubt. We're breaking some of these down one by 0:18:03.560 --> 0:18:05.399 one by one. We have some more big ones to 0:18:05.480 --> 0:18:08.560 jump into. Uh, some real big ones. See if we 0:18:08.560 --> 0:18:10.440 can get them all done here. Um, don't go away, 0:18:10.480 --> 0:18:12.840 We're gonna be right back with more. All right, welcome back. 0:18:12.880 --> 0:18:14.560 You are listening to the Mark Mos Show and we 0:18:14.600 --> 0:18:16.960 are talking about bitcoin. Of course, each and every week, 0:18:17.400 --> 0:18:20.600 same channel, same time, So make sure put on your calendar, 0:18:20.640 --> 0:18:22.679 don't miss don't miss out unless you're driving, then wait 0:18:22.680 --> 0:18:24.439 till you pull over the put in your calendar. But um, 0:18:24.520 --> 0:18:26.000 you listen to Mark Boss. I'm in the studio with 0:18:26.040 --> 0:18:29.160 Alex Spetzky. Find him on Twitter at goes to the Fetzky. 0:18:29.320 --> 0:18:33.399 He's uh with Amber get Amber check him out, a 0:18:33.440 --> 0:18:36.159 company that can help you jump onto the Bitcoin Bandwagon, 0:18:36.440 --> 0:18:39.240 get in, get in the group, be pep be an individual, 0:18:39.359 --> 0:18:42.280 but but part of a group. So check out check 0:18:42.320 --> 0:18:44.800 out Amber. But but Alex, we were talking about some 0:18:44.840 --> 0:18:47.320 of these these fear and certainly doubt headlines. UM, so 0:18:47.400 --> 0:18:49.679 the bigger one that I was waiting for. I don't know. 0:18:49.680 --> 0:18:52.440 They're both big, and they're all big, but um one 0:18:52.480 --> 0:18:54.600 of the big, one of the big ones that we 0:18:54.640 --> 0:18:58.240 hear all the time is, um, isn't bitcoin older technology? 0:18:58.359 --> 0:19:01.240 Like isn't it my space? And we have like Facebook 0:19:01.400 --> 0:19:05.199 or something? Can we I'll go one final thread from 0:19:05.200 --> 0:19:07.640 the last one. Okay, so the one before before the break, 0:19:07.640 --> 0:19:09.440 if you just joining us. We were talking about why 0:19:09.560 --> 0:19:12.720 inflation is needed for economic growth, and we were talking 0:19:12.720 --> 0:19:15.480 about how most people think that the money supply has 0:19:15.520 --> 0:19:18.320 to expand for the economy to expland um, So go ahead, Alec, 0:19:18.359 --> 0:19:19.280 what do you want to add? So I was just 0:19:19.320 --> 0:19:23.800 gonna ask you about innovation? So what does innovation due 0:19:24.359 --> 0:19:30.800 to generally the the the price of something? Well, I 0:19:30.840 --> 0:19:34.679 mean typically I believe innovation is always going to be 0:19:34.760 --> 0:19:39.000 deflationary because humans are always trying to get more for less. 0:19:39.640 --> 0:19:41.680 So I used to carry one rock by hand. I 0:19:41.720 --> 0:19:43.840 invented a wheelbarrel so I can carry ten rocks at 0:19:43.840 --> 0:19:46.399 one time. And so everything that we're doing, all progresses 0:19:46.440 --> 0:19:49.919 typically going to be deflationary. Is that right, exactly totally. 0:19:49.960 --> 0:19:53.040 So what I try and tell people is like the 0:19:53.760 --> 0:19:59.960 forcing function for evolution comes in two forms, is efficiency 0:19:59.800 --> 0:20:05.200 and and efficacy like doing the thing better and doing 0:20:05.840 --> 0:20:08.200 more of the right thing, so so that that they're 0:20:08.200 --> 0:20:11.240 the forcing functions of innovation. Is like when you innovate something, 0:20:11.240 --> 0:20:13.960 when you make something better, you do the thing better 0:20:14.080 --> 0:20:16.800 so you can do more with less, and that that 0:20:16.920 --> 0:20:19.639 is that's the process of economizing. That's like literally the 0:20:19.680 --> 0:20:24.399 definition of economizing. So realistically, if you assume that innovation 0:20:24.600 --> 0:20:29.600 is synonymous with progress, that means that the price of goods, services, 0:20:29.640 --> 0:20:32.160 and everything, like if we're progressing, if we're getting better 0:20:32.160 --> 0:20:35.440 at something, should always be coming down. And this is why, 0:20:35.560 --> 0:20:41.640 like I think people misunderstand um that the whole inflationary 0:20:41.640 --> 0:20:44.359 money thing is like when you increase the supply of money, 0:20:44.359 --> 0:20:47.560 that means there's more money chasing the same amount or 0:20:47.560 --> 0:20:51.080 even still maybe more goods and services and products, because 0:20:51.359 --> 0:20:54.800 the innovative force always exists, right, We're always producing more stuff, 0:20:55.400 --> 0:20:58.640 but by and large, like everything should be coming down 0:20:58.640 --> 0:21:01.920