Speaker 1: Everyone, Welcome back to another episode of the Mark Mos
Speaker 1: Show where we are talking about bitcoin. We're talking about
Speaker 1: the decentralized revolution that's happening, and uh, you know, each
Speaker 1: every week I try to bring you the information that
Speaker 1: you need to be successful as this as the whole
Speaker 1: world changes, that's what's happening right now. So I try
Speaker 1: to bring you the education that you need to understand it,
Speaker 1: and try to bring you the latest breaking news. And
Speaker 1: then I try to bring some interesting characters that can
Speaker 1: bring some color because you don't want to hear me
Speaker 1: all the time. And of course I'm joined again by
Speaker 1: my really good friend Alex Fetzki. He is literally in
Speaker 1: the studio with me right now. It's up, Alex, what's up? Man?
Speaker 1: You can't get rid of me. I can't get rid
Speaker 1: of you. You're a regular on the radio show. Now,
Speaker 1: well you're I mean, you're someone I love talking to.
Speaker 1: So any chance I can get you on the radio,
Speaker 1: I'm excited to do that. Um. We are. We're actually
Speaker 1: sitting in the studio together, which is cool. I don't
Speaker 1: We're gonna do that. And we are in Austin, Texas
Speaker 1: and we're working on a big project which we won't
Speaker 1: spoil it, um, but very ambitious project. We're trying to
Speaker 1: write a book in three days. This is exactly someone yeah,
Speaker 1: whose idea is this? And we're we're we're pretty much
Speaker 1: a good way through the first day. We haven't gotten
Speaker 1: very far. So well, actually, you know what I think
Speaker 1: we've done all right, Like, I mean, we've got to
Speaker 1: we've got to get these definitions sorted out, but I
Speaker 1: think we've got a good chunk of content there. Yeah. So, um,
Speaker 1: it's it's inspired by bitcoin. I think, you know, for me,
Speaker 1: bitcoin really permeates every area of life, and so I think, um,
Speaker 1: it all just kind of depends on where it intersects
Speaker 1: for you. And of course we're kind of going back
Speaker 1: to the base. I don't want to spoil what we're
Speaker 1: working on, um, but it it kind of goes down
Speaker 1: to the basis. It's not really a bitcoin book, but
Speaker 1: if you understand this, you can understand bitcoin and everything else.
Speaker 1: I would say, totally. Yeah, that's a really good point
Speaker 1: actually is um. I think one thing that helps people
Speaker 1: understand bitcoin is, as you said, understanding the principles or
Speaker 1: what Jordan Peterson would call the golden thread across different disciplines.
Speaker 1: And when you sort of discuss a this golden thread
Speaker 1: that you find like, for example, you find it in
Speaker 1: the study of Christianity's philosophy or Taoism or um. You know,
Speaker 1: you find it in Austrian economics and all sorts of things,
Speaker 1: and and and when you start to find that threat
Speaker 1: across multiple different seemingly unrelated disciplines, UM, you start to
Speaker 1: see that there's there's what's called like a meta or
Speaker 1: a way of life. UM. And then when you when
Speaker 1: you have that foundation, then you look at bitcoin, you
Speaker 1: start to see that it just lines up with so
Speaker 1: many different things, and you're like, holy crap, it just
Speaker 1: makes so much sense. So I hope that book will
Speaker 1: be useful for that at least. Yeah, So we're kind
Speaker 1: of doing it as a public service announcement. We're gonna
Speaker 1: get out there, you'll you'll be hearing about it. So
Speaker 1: it's just stay tuned. But anyway, UM, So I thought
Speaker 1: it would be cool if we could talk about today
Speaker 1: is UM like a samurai s or just surgically removing
Speaker 1: the fud, the fear, uncertainty and doubt and so UM.
Speaker 1: I just spoke at a conference with in Houston with
Speaker 1: Ron Paul and from the stage, I said, and I
Speaker 1: kind of broke it down. I said, you're gonna hate
Speaker 1: me for this, but it's it's bitcoin, not crypto. Come
Speaker 1: talk to me about in the back. And so for
Speaker 1: the rest of the conference, I had to sit there
Speaker 1: and hear every objection, every reason why you know it
Speaker 1: can't be a bitcoin. And so I thought, um, let's
Speaker 1: go through. Yeah, let's let's go through the top ones,
Speaker 1: and I'd like to hear a perspective. We'll discuss these.
Speaker 1: We have a whole bunch. We probably won't get through
Speaker 1: all of them, will get through four or five, we'll see. Um,
Speaker 1: but let's start with one of the one of the
Speaker 1: main ones. Um, probably one of the most popular ones.
Speaker 1: I mean they're all they're all popular, but um, the
Speaker 1: first one that says, uh, the government won't allow it
Speaker 1: to succeed, won't allow bitcoin to succeed'll they'll make it
Speaker 1: illegal whatever. To me, the way I kind of view
Speaker 1: this one is that's what bitcoin did, is it it
Speaker 1: transformed money into information. And to assume that you can
Speaker 1: somehow turn off information, not turn off numbers, it's kind
Speaker 1: of like seeing the government is not going to allow
Speaker 1: the number three to exist, or the government's going to
Speaker 1: turn off the you know, the vowels in the alphabet.
Speaker 1: It's like, you can't do that, man, Like it does,
Speaker 1: it doesn't work. So Bitcoin so integrated now across every
Speaker 1: dimension of all of our communication media, whether you know
Speaker 1: it's the airwaves that people are listening to now, um,
Speaker 1: you know, and that this is sort of you and
Speaker 1: I are talking to people while they're listening to this,
Speaker 1: whether it's the Internet, whether it's visual media, whether it's
Speaker 1: written media. It's it's across everything. And you know, a
Speaker 1: lot of people conflate the Internet with bitcoin, and they say, oh,
Speaker 1: you know, so someone turns off the Internet, you know,
Speaker 1: and what if the government just you know, blocks X
Speaker 1: y Z. Yes, that may have an impact on bitcoin,
Speaker 1: but it doesn't actually stop bitcoin. The Internet and all
Speaker 1: of these mediums are just information transmission mechanisms, but they're
Speaker 1: not the information itself. And I think that little separation
Speaker 1: there is really important for people to understand. It's like
Speaker 1: there is no power in the universe like that can
Speaker 1: destroy information, that can destroy energy. That's effectively what bitcoin is.
Speaker 1: So just because the government has the ability to legislate
Speaker 1: things or to write laws or to know by decree
Speaker 1: tell people what to do and apparently what to believe. Um,
Speaker 1: doesn't mean that they can change the laws of physics,
Speaker 1: doesn't mean that they can change mathematics. Doesn't mean that
Speaker 1: they can just randomly turn off numbers and letters like that.
Speaker 1: The no government, no institution, no person has that power.
Speaker 1: So yeah, that that applies to bitcoin, bitcoins information and
Speaker 1: it's just not gonna happen. So when they say they
Speaker 1: won't allow to succeed, they could make it illegal. They
Speaker 1: make it illegal, but it'll just succeed in a different dimension,
Speaker 1: and it will succeed for different people. And what what
Speaker 1: it will do is that they might delay it. They
Speaker 1: might through trying to you know, make it illegal for
Speaker 1: one group, um, you know, another group may amass more
Speaker 1: of it. So so for example, I'll give you one
Speaker 1: example is let's say they go and turn around make
Speaker 1: it illegal for you know, standard law abiding citizens talk
Speaker 1: quite some bitcoin. Well, they didn't kill bitcoin. All they
Speaker 1: did was they made it harder for normal law abiding
Speaker 1: citizens to hold bitcoin. But then guess who's going to
Speaker 1: buy all the bitcoin? The criminals. So then the criminals
Speaker 1: are going to actually have disproportionate economic power over the
Speaker 1: law abiding. So so so all they've done is they've hurt
Speaker 1: their own people. So you know, it wasn't the government's
Speaker 1: supposed to be a service provider for the people, you know,
Speaker 1: and I mean in typical government fashion, they always do
Speaker 1: the opposite, So they may do that. So what that
Speaker 1: kind of leaves you as an individual to decide is
Speaker 1: do you want to do you want to be subservient
Speaker 1: to what's um authoritarian institution you know, tells you is right,
Speaker 1: wrong or indifferent, illegal or illegal? Or do you want
Speaker 1: to own yourself and give yourself the best long term
Speaker 1: opportunity to be sovereign? I guess good? All right? Um,
Speaker 1: how about this one? Um, So bitcoin has a fixed
Speaker 1: supply capp only twenty one million, and a lot of
Speaker 1: people say, well, they could just change the rules. We
Speaker 1: can just someone can just change that later. It's just code, right,
Speaker 1: they could just change it. This one I love because
Speaker 1: this is one of the ones that fries people's noodle.
Speaker 1: Is um is Bitcoin security is super counterintuitive to how
Speaker 1: traditional security works, particularly in a software space. But that's
Speaker 1: the whole revolution. It's completely changed. Yeah, it flips everything
Speaker 1: on its head. So traditionally, like if you're a Microsoft
Speaker 1: or you know whatever traditional um, you know tech company
Speaker 1: that's probably been hacked and you know, lost all its data.
Speaker 1: The way you secure data is you kind of put
Speaker 1: it behind walls of encryption, right and you you all
Speaker 1: this sort of stuff, and someone inevitably holds some key
Speaker 1: to some layer of encryption, and that's how you end
Speaker 1: up getting through this stuff. You know, encryption is very
Speaker 1: rarely broken. Hacks usually happened by social manipulation and accessing
Speaker 1: the person who has the key. Right now, what bitcoin
Speaker 1: does is it just opens all of it. So it
Speaker 1: breaks all the walls down and it says, hey, here's
Speaker 1: the code, got nothing to hide. Everyone can see it,
Speaker 1: everyone can create a copy of it. Um And bitcoin
Speaker 1: security comes from its openness in this sense is that
Speaker 1: we all carry a copy of the bitcoin code. And
Speaker 1: you can think of the bitcoin code is like a constitution,
Speaker 1: So it is just the bitcoin's constitution written in language
Speaker 1: that is a coding language, and we all carry a
Speaker 1: copy of it. And if you or I want to
Speaker 1: go and change bitcoin, we actually can. But all we
Speaker 1: do is we actually change our copy and not everyone
Speaker 1: else's copies. So a bit quin's innate openness means that
Speaker 1: you are free to change whatever you want, but you
Speaker 1: knock yourself off the network and you are no longer
Speaker 1: in sync with everyone else. So now like if I
Speaker 1: change it, and I change it to bitcoin Spetzky's version,
Speaker 1: I'm bitcoin spe Yeah, yeah, I want to talk about
Speaker 1: that because that actually goes into the next piece of
Speaker 1: fund that we have. You listening to the Markmas Show.
Speaker 1: We're talking about bitcoin, the decentralized Revolution. We're talking about
Speaker 1: some of the biggest objections that people have. I got
Speaker 1: a whole list of them. Don't go away, right back,
Speaker 1: all right, welcome back. You are listening to the Mark
Speaker 1: Mo Show. We're talking about bitcoin, and we're talking about
Speaker 1: the decentralized revolution. Um. I am in the studio with
Speaker 1: my good friend Alex s Fetzky. You can find them
Speaker 1: on Twitter at a ghost of Spetzky s V E
Speaker 1: T s K I and UM. We're talking about some
Speaker 1: of the biggest pieces of fud, fear, uncertainty, and doubt.
Speaker 1: We're just talking about why the government won't allow it.
Speaker 1: We're talking about the rules that can't be changed. And Alex,
Speaker 1: you were talking about how this is a decentralized databases
Speaker 1: and then how it's open source so anybody can see
Speaker 1: it UM, so I think maybe you want to finish
Speaker 1: that up. And then it kind of goes into the
Speaker 1: next one, which is was it started by the c
Speaker 1: I A. And I think those actually to kind of
Speaker 1: go together, they really do. So once again, the bitcoin
Speaker 1: network isn't some piece of software running somewhere that we
Speaker 1: have UM access to. Each person running bitcoin actually runs bitcoins.
Speaker 1: So when someone asked the question is like, who's running bitcoin,
Speaker 1: it's like, the answer is me, and the answer one yeah,
Speaker 1: it's like and anyone who chooses to run it. And
Speaker 1: the only reason we have a network is we're running
Speaker 1: the exact same version. And that's that's that's the piece
Speaker 1: that people really need to understand is anyone can change it,
Speaker 1: but when they change it, it becomes their version, and
Speaker 1: they are no longer in sync, they're no longer in
Speaker 1: consensus with the rest of us. And that's what makes
Speaker 1: it super super, super super powerful, is that that's what
Speaker 1: makes it unhappable is there's nothing to hack. You go
Speaker 1: and change it, change it forty two million, but now
Speaker 1: it's like bitcoin point four two, like it's it's something
Speaker 1: else and Therefore Bitcoin's integrity. The twenty one million can
Speaker 1: never be changed unless you get every single person on
Speaker 1: the planet who is running a version of bitcoin to
Speaker 1: do that exact same change at the same time, or
Speaker 1: the majority of them, not even the majority. You have
Speaker 1: to get everyone because you need like because what will
Speaker 1: happen is like if the majority change UM, all they
Speaker 1: do is they fork off onto a different version. And
Speaker 1: now the question is will people follow that version, which
Speaker 1: is someone who decided to change it for example, which
Speaker 1: the best example of that is the Block Size Wars,
Speaker 1: So everybody, every anyone who's interested in learning more about
Speaker 1: this specific answer should read that book, The Block Size Wars,
Speaker 1: because Bitcoin had to find this off. As a matter
Speaker 1: of fact, I think it was eighty percent of the
Speaker 1: miners turned against the network UM and is still held
Speaker 1: it off because of the nodes, which is the network.
Speaker 1: The database has held that off. So UM one not
Speaker 1: only would it we have we have proof of of
Speaker 1: how it's happened in history, UM, so we kind of
Speaker 1: we kind of know that. But I think anyway, I
Speaker 1: was gonna say, one of the best ways is like
Speaker 1: try and get ten friends to decide on where to go. Seriously,
Speaker 1: like that, that doesn't work. I mean, try and get
Speaker 1: you know, a hundred thousand nodes to a graem on
Speaker 1: something ain't gonna happen. The other thing I would say
Speaker 1: about that is just like the block sized Wars that
Speaker 1: was years in the making, and so it's not like, oh,
Speaker 1: what do you mean I switched yesterday. I didn't know.
Speaker 1: Like if if somebody was trying to do this, we
Speaker 1: would know long in advance before it ever happened. And
Speaker 1: that gives you plenty of time. So even if somebody
Speaker 1: tried to do that, Um, it's not like it just
Speaker 1: would happen. Yeah, Coordination is a hard thing. Coordination is
Speaker 1: a problem that's never accurately been solved by humanity. It
Speaker 1: never will be because we're talking about individuals who value
Speaker 1: everything subjectively, we're all different. You can't get us to coordinate. So, um,
Speaker 1: I think that open part. Maybe it goes in the
Speaker 1: next one because a lot of people say it's writed
Speaker 1: by the CIA. Now I think maybe that God, it's uh,
Speaker 1: it's the beginning origin of the rumor because I think
Speaker 1: the government did create encryption, right, they used it in
Speaker 1: during wartime, probably to send messages back and forth. So
Speaker 1: encryption has been around a long time, probably created by
Speaker 1: the military. Um, but people think that bitcoin was started
Speaker 1: by the CIA. Yeah, well, I mean to your point
Speaker 1: about encryption, encryption goes back even further. So it's like
Speaker 1: the original encryption was like, let's say you've got an
Speaker 1: alphabet and you want to say I love you or
Speaker 1: you know, the first encryption was like moved the letters
Speaker 1: of the alphabet across by five, and then the private
Speaker 1: key to unlock the encryption was a plus five exactly.
Speaker 1: So so encryption has always existed, and arguably maybe it
Speaker 1: was military, maybe it was whatever, like the in the
Speaker 1: early days trying to send messages to each other that
Speaker 1: nobody else could read. But um, yeah, modern day encryption,
Speaker 1: you know, a bunch of it was funded by military,
Speaker 1: bunch of it was funded, but you know, or just
Speaker 1: cryptographers and mathematicians and Universe City, you know, PhDs and
Speaker 1: all this sort of stuff like experimenting with that. So
Speaker 1: the piece about the Sea I creating it though, that
Speaker 1: may well be the case. But once again, similar to
Speaker 1: you know, as you said, this links into the previous answer,
Speaker 1: it doesn't actually matter. They may have done it, but
Speaker 1: all they do is hold a copy of it, and
Speaker 1: good good for them, so do I. And I think
Speaker 1: the key piece that I hit on that was like
Speaker 1: if they had put some I think people ask that
Speaker 1: because maybe they put some back door, right, but like
Speaker 1: if it's open source, so if they had put a
Speaker 1: back door, like we would know about that by now. Yeah,
Speaker 1: the back doors visible, so there's no like that. This
Speaker 1: is again like you can do a back door in
Speaker 1: a closed source piece of software, right, So Microsoft put
Speaker 1: a back door in their little closed environment and they
Speaker 1: do of course, so Google, so good everyone. But bitcoin
Speaker 1: is not closed, so there's no door to put like that.
Speaker 1: All the doors are open, all the doors are backdoors,
Speaker 1: all the doors front doors, They're all the same door.
Speaker 1: And that's that's again. Bitcoins security comes in the in
Speaker 1: the form of not trying to inclose and conceal, but
Speaker 1: just opening everything and making completely transferent. Yeah. Um, the
Speaker 1: next one is a bigger one. So let's uh, it's
Speaker 1: a big one. We're gonna we're gonna get to this
Speaker 1: one after the next break. Let's jump into this one.
Speaker 1: Maybe it's a little bit shorter, but um, people think
Speaker 1: that inflation is needed for economic growth, and so a
Speaker 1: fixed supply or deflationary currency or disinflation and currency could
Speaker 1: never work. Um, I mean you got two minutes ago?
Speaker 1: Was this the short one? It's a track? Um? Okay.
Speaker 1: The the thing I always try and come back to
Speaker 1: first principles on this is like money is supposed to
Speaker 1: represent some extension of the time and energy you put
Speaker 1: into creating something of value. Right, And if you could
Speaker 1: you know, time and energy are inelastic, that they're the
Speaker 1: same for everyone. Um, that they fixed quantities. And you know, yes,
Speaker 1: you know, one could argue that you can ext tract
Speaker 1: more energy and all that sort of stuff, but but
Speaker 1: you can't destroy your creat energy. All you can do
Speaker 1: is extract it, right, So and then our ability to
Speaker 1: extract more just increases how much value we can add
Speaker 1: with the amount of time we have. But at the
Speaker 1: end of the day, there fixed quantities. Money is supposed
Speaker 1: to be an extension of those. Money should be fixed.
Speaker 1: Doesn't matter how much money you have. What matters is
Speaker 1: how divisible that money can be, and the difference between
Speaker 1: as like you've got potentially a deflationary currency, inflationary currency,
Speaker 1: or a disinflationary currency, which really the better word for
Speaker 1: that is I think a fixed supply right, that is
Speaker 1: perfect money because that is perfectly scarce. Means there's there's
Speaker 1: an amount we all know it. That means you know
Speaker 1: your proportion in relation to the whole, and you can
Speaker 1: never be diluted, and you're What you've acquired maintains purchasing
Speaker 1: power over time and maps to the collective productive capacity
Speaker 1: of the society in which you operate, all the society
Speaker 1: in which that money um operates. So it's the supply
Speaker 1: itself doesn't need to be elastic. The supply needs to
Speaker 1: be fixed, and then the purchasing power can be elastic.
Speaker 1: But if you make the supply elastic, then the purchasing
Speaker 1: power goes a weird and then you get all sorts
Speaker 1: of other problems. So you either you either keep the
Speaker 1: currency price flat a dollar's dollar, but you increase the
Speaker 1: money supply, but then the price of goods and services
Speaker 1: goes up or um the money supply stays fixed, the
Speaker 1: price of goods and services stays fixed, but then the
Speaker 1: money supply goes up. Right, it buys more goods and
Speaker 1: services in the future, So the value accrues to the
Speaker 1: money as opposed to the assets correct exactly, and that's
Speaker 1: what you want. Then that enables the thing that old
Speaker 1: civilizations need saving. Yeah, so I just say, would you
Speaker 1: rather your money buy more goods and services in the
Speaker 1: future or less? And everybody wants more of course. You
Speaker 1: listen to the Markma Show. We're talking about bitcoin. We're
Speaker 1: talking about the decentralized revolution. I'm in the studio with
Speaker 1: Alice Fetzki and we are talking about uh fud I, fear, uncertainty,
Speaker 1: and doubt. We're breaking some of these down one by
Speaker 1: one by one. We have some more big ones to
Speaker 1: jump into. Uh, some real big ones. See if we
Speaker 1: can get them all done here. Um, don't go away,
Speaker 1: We're gonna be right back with more. All right, welcome back.
Speaker 1: You are listening to the Mark Mos Show and we
Speaker 1: are talking about bitcoin. Of course, each and every week,
Speaker 1: same channel, same time, So make sure put on your calendar,
Speaker 1: don't miss don't miss out unless you're driving, then wait
Speaker 1: till you pull over the put in your calendar. But um,
Speaker 1: you listen to Mark Boss. I'm in the studio with
Speaker 1: Alex Spetzky. Find him on Twitter at goes to the Fetzky.
Speaker 1: He's uh with Amber get Amber check him out, a
Speaker 1: company that can help you jump onto the Bitcoin Bandwagon,
Speaker 1: get in, get in the group, be pep be an individual,
Speaker 1: but but part of a group. So check out check
Speaker 1: out Amber. But but Alex, we were talking about some
Speaker 1: of these these fear and certainly doubt headlines. UM, so
Speaker 1: the bigger one that I was waiting for. I don't know.
Speaker 1: They're both big, and they're all big, but um one
Speaker 1: of the big, one of the big ones that we
Speaker 1: hear all the time is, um, isn't bitcoin older technology?
Speaker 1: Like isn't it my space? And we have like Facebook
Speaker 1: or something? Can we I'll go one final thread from
Speaker 1: the last one. Okay, so the one before before the break,
Speaker 1: if you just joining us. We were talking about why
Speaker 1: inflation is needed for economic growth, and we were talking
Speaker 1: about how most people think that the money supply has
Speaker 1: to expand for the economy to expland um, So go ahead, Alec,
Speaker 1: what do you want to add? So I was just
Speaker 1: gonna ask you about innovation? So what does innovation due
Speaker 1: to generally the the the price of something? Well, I
Speaker 1: mean typically I believe innovation is always going to be
Speaker 1: deflationary because humans are always trying to get more for less.
Speaker 1: So I used to carry one rock by hand. I
Speaker 1: invented a wheelbarrel so I can carry ten rocks at
Speaker 1: one time. And so everything that we're doing, all progresses
Speaker 1: typically going to be deflationary. Is that right, exactly totally.
Speaker 1: So what I try and tell people is like the
Speaker 1: forcing function for evolution comes in two forms, is efficiency
Speaker 1: and and efficacy like doing the thing better and doing
Speaker 1: more of the right thing, so so that that they're
Speaker 1: the forcing functions of innovation. Is like when you innovate something,
Speaker 1: when you make something better, you do the thing better
Speaker 1: so you can do more with less, and that that
Speaker 1: is that's the process of economizing. That's like literally the
Speaker 1: definition of economizing. So realistically, if you assume that innovation
Speaker 1: is synonymous with progress, that means that the price of goods, services,
Speaker 1: and everything, like if we're progressing, if we're getting better
Speaker 1: at something, should always be coming down. And this is why,
Speaker 1: like I think people misunderstand um that the whole inflationary
Speaker 1: money thing is like when you increase the supply of money,
Speaker 1: that means there's more money chasing the same amount or
Speaker 1: even still maybe more goods and services and products, because
Speaker 1: the innovative force always exists, right, We're always producing more stuff,
Speaker 1: but by and large, like everything should be coming down
Speaker 1: in value if the money was fixed, and that's that's
Speaker 1: literally how things should behave, but we're doing it backwards.
Speaker 1: I like to use the example of a cup of coffee.
Speaker 1: So nine seventy one, a cup of coffee was whatever
Speaker 1: ten cents. Today a cup of coffees four bucks, And like,
Speaker 1: don't you think with all the technology that we have
Speaker 1: that it would be cheaper to get a bean from
Speaker 1: Columbia to here and roast it and get in my cup,
Speaker 1: Like it should have gotten cheaper more expensive, totally totally,
Speaker 1: and like it's it's such as such a fuss, and
Speaker 1: it's it's so so backwards, and I think, like we
Speaker 1: need we need to slap people out of the hypnosis
Speaker 1: on this one because that that's such a big, big, big,
Speaker 1: big problem. Yeah. Of course people are taught that because
Speaker 1: it works with the system they want, right, and so
Speaker 1: they want everyone to think that they have to continue
Speaker 1: to create more money. Um. And so you've been taught that,
Speaker 1: and so you're not wrong in what you're saying because
Speaker 1: you're citing back what you were taught, but you just
Speaker 1: haven't taken the time to stop and think about that. Um.
Speaker 1: So um, these are ones that we got to talk
Speaker 1: about for an hour each, but we're giving me the
Speaker 1: short persons. So Alex back to you. Um, isn't an
Speaker 1: older technology? Is that slow and down and stupid and antiquated,
Speaker 1: so that this one, I mean, you can answer from
Speaker 1: so many ways. It's like, first of all, bitcoin is
Speaker 1: not just the technology, like bitcoin is a is a money,
Speaker 1: It is a it is a network. It is a
Speaker 1: form of consensus. It is a it is an energy
Speaker 1: transformation mechanism, it is a communications protocol. It's it's all
Speaker 1: of these things. And I guess trying to tweak bits
Speaker 1: and pieces of the technology is trying to kind of
Speaker 1: apply the mindset one would apply when building a piece
Speaker 1: of like an app for example. You know, yeah, sure, okay,
Speaker 1: I can upgrade the app, you know, but to do
Speaker 1: that means that someone is in charge of the company,
Speaker 1: that is in charge of the app, and is in
Speaker 1: charge of the product. Bitcoin is not a product that
Speaker 1: you just go and adapt and change, like bitcoin is
Speaker 1: a money and its job is to place money in
Speaker 1: the realm of the physical laws of the universe, Like
Speaker 1: can you go an upgrade by any chance to speed
Speaker 1: of light? And I don't think so, like you know,
Speaker 1: but that means that we can all operate on that
Speaker 1: standard and we can then measure like I mean, we
Speaker 1: can measure what a meter is. We can you know,
Speaker 1: we can create all of the technology that we have
Speaker 1: around us by understanding these physical laws. And that's what
Speaker 1: money is now with bitcoins. So it's like it's reach perfection.
Speaker 1: What about being slow and dumb and whatever all tech? Um,
Speaker 1: if you think about things in terms of progress, um,
Speaker 1: we progress based off the amount of attempts or tries
Speaker 1: that we have at something. And so if something is
Speaker 1: very basic, if I have a flat table, I could
Speaker 1: build almost anything on top of it. But the more
Speaker 1: complex the surfaces, it limits what I'm able to build
Speaker 1: on top of it. And so if you understand the
Speaker 1: way technology works, you understand it scales and layers because
Speaker 1: everything is a trade off. And so as I build,
Speaker 1: because I have a very basic based layer, it gives
Speaker 1: me more options and I can assign different trade offs
Speaker 1: as I scale up versus some of the other ones
Speaker 1: that are much more complex based layers, it limits totally. Yeah,
Speaker 1: So that's that's the idea of standards and and simple primitive.
Speaker 1: So if we look at um language language is a
Speaker 1: good one. You have five vowels and you have twenty
Speaker 1: one constants in the English language. Um, you don't make
Speaker 1: English better by changing the number of vowels and the
Speaker 1: number of consonants. Like, we have a simple standard, and
Speaker 1: we all have found emergent consensus on that standard, and
Speaker 1: with that we can create an infinite number of I
Speaker 1: guess variations in what we're discussing. Another one is the Internet.
Speaker 1: So you've got this idea of what's called a dumb
Speaker 1: network versus a smart network. The Internet itself is a
Speaker 1: completely dumb network. All it does is it routes packets
Speaker 1: of data. It has no idea what the hell those
Speaker 1: packets of data are. But how we abstract that means
Speaker 1: that we can create infinite complexity in terms of what
Speaker 1: is shared on the Internet. But at the very base,
Speaker 1: all it is is just ones and zero is being routed,
Speaker 1: and that's what bitcoint takes that premise and all it does.
Speaker 1: But Queen's fundamental function is to route packets of money
Speaker 1: in the form of U t x O s between nodes,
Speaker 1: not even between notes between addresses that a mathematically drive
Speaker 1: so does that perfectly in that foundation is as solid
Speaker 1: as it gets. And on top of that, through layers,
Speaker 1: we can build whatever we want, and we can abstract
Speaker 1: all sorts of complexity. And that's the thing. It's like
Speaker 1: you need a standard in order to have complexity if
Speaker 1: you have complexity, kind of standard and not just that. UM.
Speaker 1: I asked a few people like just to what you
Speaker 1: just explained, I mean, you understand kind of the internetworks,
Speaker 1: and your I s P s and your d N
Speaker 1: s and you know, then you have like your t
Speaker 1: c P I P SO or your IP address and
Speaker 1: your transfer protocol UM, and you have one transfer protocol
Speaker 1: TCP IP protocol, and you have billions of applications built
Speaker 1: on that. My personal website or Facebook or Google, everything's different, Netflix,
Speaker 1: but they all use one transfer protocol. So then I
Speaker 1: ask people, are you, uh, t c P I P
Speaker 1: maximalist because like do we need or that? And also
Speaker 1: what would happen if you changed the t c P
Speaker 1: I protocol all of that value choins, It always would
Speaker 1: be wiped out. You can't change that, and so we
Speaker 1: need one and so kind of to your point, that's
Speaker 1: that's like an information transfer protocol, and now we have
Speaker 1: a value transfer protocol and as long as it does
Speaker 1: what it does, we can go ahead and do you know,
Speaker 1: add all that on top. And I would just say, Um,
Speaker 1: the other thing is that using layer two and now
Speaker 1: whatever layer three or whatever they're calling it, um, we
Speaker 1: can already transfer Bitcoin faster, cheaper, and more private. So
Speaker 1: all the other coins that are doing that, that's kind
Speaker 1: of about Now we're seeing smart contracts. All the smart
Speaker 1: contract platforms are out and um, you know, it's opening
Speaker 1: up all these abilities to add all these things. So
Speaker 1: what maybe it was slow, dumb and stupid, you know
Speaker 1: a few years ago because people didn't understand that technology scales,
Speaker 1: But where we're at today with layer two and layer three,
Speaker 1: we're already seeing it as advanced, if not more advanced
Speaker 1: than any other other platform that's out there. Let's just say,
Speaker 1: think of the human buddy, like you've got otteries, you've
Speaker 1: got veins, and you've got capillaries in the age before
Speaker 1: a different function. So anything in nature, anything that is functional,
Speaker 1: has the scale and lays, and Bitcoin is just evolving
Speaker 1: along you know natural. Oh yeah, yeah, good one, good one,
Speaker 1: all right, we got we got a bunch more here.
Speaker 1: I don't know if We're gonna get through them all.
Speaker 1: I ran a poll on Twitter and got um all
Speaker 1: the ones that they thought were the most the biggest
Speaker 1: fund headlines. I think I got like twenty of them here. Um,
Speaker 1: I got some other big ones coming up. You're listening
Speaker 1: to the Markma Show. We're talking about bitcoin. Of course,
Speaker 1: we're talking about this decentralized revolution. We're talking about the
Speaker 1: biggest objections that we hear. UM and hopefully this makes
Speaker 1: sense to you. You You can go back and have some
Speaker 1: more education. You can talk to some of your friends
Speaker 1: and family and and and beat fud. I'm with Alex Fetzsky.
Speaker 1: We're gonna be right back with more fud bashing. So
Speaker 1: don't go away, all right, Welcome back. You are listening
Speaker 1: to the Markma Show and we are talking about bitcoin.
Speaker 1: We're talking about the decentralized revolution. And I'm in the
Speaker 1: studio with my good friend Alex s. Fetzky. You can
Speaker 1: find them on Twitter at ghost of Fetzky. Uh. You
Speaker 1: can check out Amber get amber and see what he's doing.
Speaker 1: If you want to get into the bitcoin ecosystem, makes
Speaker 1: it super easy. Um. And we are talking about flood.
Speaker 1: We're talking about different ways UM that people seem to
Speaker 1: try to criticize bitcoin or whatever things that are maybe
Speaker 1: held holding them back. And so we're breaking down one
Speaker 1: by one. Now. We went through uh, government won't allowed
Speaker 1: to exceed. We talked about the rules could be changed
Speaker 1: more than twenty one million. We talked about it being
Speaker 1: started by the c i A. We talked about inflation
Speaker 1: needed for economic growth. We talked about it being older technology.
Speaker 1: We got through. Actually, dang, we actually did pretty good.
Speaker 1: I got through a bunch. If you've missed any of that,
Speaker 1: then you missed it. So don't miss the next time.
Speaker 1: Put over Minder on your phone, be with me on
Speaker 1: this channel this time next week, or check me out
Speaker 1: on the podcast. Just search Mark Moss podcast Mark Constructors.
Speaker 1: You'll find that. All right, now, let's jump into another
Speaker 1: one here. So, we need more fairness in the world, Alex,
Speaker 1: We need more We need more fairness, We need more equality.
Speaker 1: And bitcoin will never be never lead to equality because
Speaker 1: there's an unequal distribution, because what about the poor people
Speaker 1: that can't buy bitcoin? Right now, I would agree with
Speaker 1: we need more fairness, but we don't need more equality.
Speaker 1: So like fairness and equality opposite side of the spectrum,
Speaker 1: you know, So so if I like, for example, if
Speaker 1: I have a game and we put a bunch of
Speaker 1: people on the field, like to compete in that game,
Speaker 1: like the rules need to be fair, which means they
Speaker 1: need to apply to everyone during the entire game all
Speaker 1: the time, and the result will be an unequal result.
Speaker 1: Like each of the players are different, they play a
Speaker 1: different thing, and someone's gonna win. Right, So life at
Speaker 1: times is also unfair. But realistically, in that game, you
Speaker 1: almost need the unevenness because that's where you get your
Speaker 1: competitive edge frost. So like I might you might be
Speaker 1: bigger than me, but I might move quicker. Correct, so
Speaker 1: I'll use my um disadvantage or advantage to to play
Speaker 1: the game differently the new word correct. And then that's
Speaker 1: the thing I think, Like you know, anyone who's abouts
Speaker 1: this idea of like equality doesn't understand the fact that
Speaker 1: diversity is also indirect opposition to equality. Like for something
Speaker 1: to be diverse means that there's multiple dimensions, means that
Speaker 1: there's differences, means that by definition it's unequal, and that
Speaker 1: I think a lot of people just also just conflate
Speaker 1: fairness and equality. And that's the thing is like bitcoin
Speaker 1: is perfectly fair. Bitcoin doesn't discriminate on who you are,
Speaker 1: where you are, where you're from, what your name is,
Speaker 1: what color you are, what background you are, whatever. Bitcoin
Speaker 1: is just information and anybody can acquire it at any time. Now.
Speaker 1: It just so happens that some people have access to
Speaker 1: the internet, some people are more curious, some people you know,
Speaker 1: have more money at the moment, you know, than others,
Speaker 1: and all that sort of stuff. And people are acquiring
Speaker 1: bitcoin at varying rates. But that's not bitcoin giving one
Speaker 1: group or one individual and advantage bitcoin. It's just fairly available,
Speaker 1: but unequally unequally held as a function of how people
Speaker 1: get to acquire it. So one of the examples always
Speaker 1: give to people is like, oh, you know, so what
Speaker 1: about some rich guy who's you know, got billions of
Speaker 1: dollars at the moment versus some poor person in Africa
Speaker 1: doesn't have it. And I was like, there is a
Speaker 1: bunch of rich people like Peter Schiff who ain't got
Speaker 1: no bitcoin and probably ain't gonna get any bitcoin until
Speaker 1: it's worth tens of millions of dollars per coin, whereas
Speaker 1: there's an African out there who's got nothing at the moment,
Speaker 1: and he's doing some work and he's earning some bitcoin.
Speaker 1: He's probably gonna have more bitcoin than Peter Schiff when
Speaker 1: the time comes. But that's not up to me to decide.
Speaker 1: That's up to every single individual to decide. I like
Speaker 1: that definition of equality versus fairness and and and you know,
Speaker 1: you look at in the United States, Um, there's a
Speaker 1: lot of anger disdain towards the rich people. And it's
Speaker 1: almost like people don't like rich people anymore. Um. And
Speaker 1: and it's interesting because there's so much you know whatever,
Speaker 1: anger towards that. Um. But then you look at like
Speaker 1: Lebron James and if in basketball, like he's the best player.
Speaker 1: I don't know, I'm not a big basketball fan, but
Speaker 1: he's way better than I am. But nobody's mad about that.
Speaker 1: And I think the difference is that they recognize that
Speaker 1: the rules of basketball are fair, but they understand the
Speaker 1: financial system is not fair, and so they're mad that
Speaker 1: they've got ahead gaming the system, whereas in basketball you
Speaker 1: can't game the system. It's such a good observation and
Speaker 1: and and that's the thing is like a lot of
Speaker 1: people they sense that something. And this is the thing.
Speaker 1: Human beings are intuitive, right, Like we sense we know
Speaker 1: that something's wrong, Like we know that somewhere in the
Speaker 1: game it's rigged. Like you know, so there's there's a
Speaker 1: bunch of people out there that are just like they're
Speaker 1: not working, they're not adding any value, and he, you
Speaker 1: and I are like busting up bulls adding value, and
Speaker 1: it's like it's rigged, and no one likes a rigged game, right,
Speaker 1: And that's you know, part of what bit fixes. It's like, Okay, well,
Speaker 1: here's the rules. The same for everyone. And I don't
Speaker 1: care if you're you know, black, white woman, kid, child, mom, grandma.
Speaker 1: You know you've got three heads, five legs, doesn't matter.
Speaker 1: It's the same for everyone, and nothing anybody can do
Speaker 1: can change that. So that's the ultimate definition of fair.
Speaker 1: But it will ultimately result in an unequal distribution, which
Speaker 1: is perfectly fine because that's what we do as human beings.
Speaker 1: And then you and I are different, and then you know,
Speaker 1: the bitcoin will flow to whomever for whatever reason, um,
Speaker 1: in whatever subjective value someone you know wants to, like,
Speaker 1: you know, impose on it. So let's take that, which
Speaker 1: then goes into the next question, which I think is
Speaker 1: that last piece. So um, people think that people will
Speaker 1: just hoard a deflation your currency, because if it's deflationary,
Speaker 1: then the value of that money is going to keep
Speaker 1: going up. And so if it's going to keep going up,
Speaker 1: I don't need to invest it. Why would I spend it.
Speaker 1: Everyone's just going to hoard it. We're gonna have no
Speaker 1: velocity and everything's gonna fall apart. M Yeah, well that
Speaker 1: that would assume that nobody needs to eat and nobody
Speaker 1: needs to live somewhere. Right, So you know, as much
Speaker 1: as you want to hoard, you know, your gold or
Speaker 1: hoard whatever, like I mean, gold was extraordinarily disinflationary. Now
Speaker 1: it was slightly inflationary, but by and large, like if
Speaker 1: that was true, then nobody would have spent gold. So
Speaker 1: at the end of the day, people need to eat
Speaker 1: and people need to buy stuff to live and to subsist.
Speaker 1: If bitcoin does anything, and you know, it makes us
Speaker 1: think twice before we blindly consume things, then hey, that's
Speaker 1: going to solve the problems we have with the worlds
Speaker 1: that are in terms of like over consumption and pollution
Speaker 1: and all the junk that everyone's complaining about, Like, you know,
Speaker 1: don't try and tell people what they can and cannot use,
Speaker 1: allow them the opportunity to save and decide whether they
Speaker 1: want to consume or not, because you know, like I
Speaker 1: always use myself as an example, like I used to
Speaker 1: want to you know, buy a motorbike and you know
Speaker 1: car and nice stuff. These days, I don't care about
Speaker 1: any of that stuff. Like I've become way more frugal,
Speaker 1: way more sensible with my money. I think way more
Speaker 1: long term. I don't consume mindlessly, I don't waste money,
Speaker 1: and as a result, my probably carbon footprint is ten
Speaker 1: percent of probably what it used to be as a result.
Speaker 1: And that's not been through any government intervention, not been
Speaker 1: through anyone forcing me to do anything. It's just been
Speaker 1: through me thinking twice about how much I want to
Speaker 1: spend that which I've saved. Yeah, yeah, I love that.
Speaker 1: Jeff Booth talks about that, like all these people trying
Speaker 1: to talk about, um, fighting climate change, and you can't
Speaker 1: really affect climate change unless you reduce consumption. And one
Speaker 1: of the ways you reduce consumption to stop inflation. And
Speaker 1: you know, so exactly to your point. And you know,
Speaker 1: we still want to eat, I still want to travel,
Speaker 1: I still want to you know, do things entertainment with
Speaker 1: my family. Um, and still we're still gonna want those.
Speaker 1: Just to your point, we're going to think about him
Speaker 1: do we really want them or need them before we do,
Speaker 1: And then imagine that people will give up their bitcoin
Speaker 1: if you provide them enough value in return for it.
Speaker 1: Totally exactly so, so that touches on the second point,
Speaker 1: which is now all of a sudden, the incentive is
Speaker 1: to build things worth buying, not cheap plastic crap that
Speaker 1: just goes in the garbage tomorrow. It's like I want
Speaker 1: to buy a useful tool, or I want to buy
Speaker 1: a useful piece of equipment, or I want to go
Speaker 1: and have a trip that is really meaningful, you know,
Speaker 1: I want to like. So what it does is it
Speaker 1: changes the dynamic from quantity back to quality. Yeah that's huge. Yeah,
Speaker 1: which reduces consumption, which is better for everybody. Um, you're
Speaker 1: listening to the Mark Mo Show. We're talking about bitcoin.
Speaker 1: I'm talking about the decentralized Revolution, and we were talking
Speaker 1: about these these fund fear and certainty and doubt headlines
Speaker 1: one by one. I'm in the studio with Alex Swetzky.
Speaker 1: You can find them on Twitter at ghost Fetzky. Um.
Speaker 1: He's with Amber Um you can check him out online
Speaker 1: Amber dot app, and uh, he was talking about Peter Schiff.
Speaker 1: He's poor Peter Shift. He's a gold guy's gonna end
Speaker 1: up with no um no bitcoin. But with Amber, every
Speaker 1: time Peter tweets bad about bitcoin, you can set up
Speaker 1: to automatically buy his genius and you'll definitely end up
Speaker 1: with more bitcoin than Peter Shift. You can check out
Speaker 1: Amber dot app. But that's it. Thanks for listening. We'll
Speaker 1: be back next time.