1 00:00:00,200 --> 00:00:02,840 Speaker 1: Everyone, Welcome to another episode of The Mark Ma Show, 2 00:00:02,920 --> 00:00:06,240 Speaker 1: where we are talking about bitcoin and cryptocurrencies in this 3 00:00:06,480 --> 00:00:11,200 Speaker 1: entire decentralized revolution that's happening right before our very eyes. 4 00:00:11,840 --> 00:00:14,440 Speaker 1: You know, sometimes when it's when you're living through it, 5 00:00:14,480 --> 00:00:18,000 Speaker 1: you don't notice the change that's happening. But it's big. 6 00:00:18,239 --> 00:00:21,000 Speaker 1: What's going on is going to change the course of humanity, 7 00:00:21,079 --> 00:00:23,040 Speaker 1: is going to change the course of the world, and 8 00:00:23,720 --> 00:00:26,840 Speaker 1: it's difficult. It's difficult to understand. I've been studying for 9 00:00:26,880 --> 00:00:29,320 Speaker 1: over seven years and I'm still trying to figure out 10 00:00:29,360 --> 00:00:31,440 Speaker 1: what the heck is going on here because it's just 11 00:00:31,480 --> 00:00:34,360 Speaker 1: evolving so fast. And that's why it's important that you 12 00:00:34,400 --> 00:00:37,400 Speaker 1: tune in with me each and every week so I 13 00:00:37,440 --> 00:00:39,920 Speaker 1: can keep you up to date. You know, each and 14 00:00:39,960 --> 00:00:42,760 Speaker 1: every week I try to give you um some education. 15 00:00:42,840 --> 00:00:45,360 Speaker 1: You know, I've been studying this for over seven years. 16 00:00:45,920 --> 00:00:48,800 Speaker 1: You really have to understand six seven different disciplines to 17 00:00:48,880 --> 00:00:50,519 Speaker 1: kind of get a grasp of this. And so each 18 00:00:50,560 --> 00:00:52,919 Speaker 1: week I'll bring you these educational pieces that you can 19 00:00:52,920 --> 00:00:55,720 Speaker 1: continue to build on and continue to understand. This is better. 20 00:00:56,400 --> 00:00:59,640 Speaker 1: I bring you the latest and breaking news every week, 21 00:00:59,680 --> 00:01:02,520 Speaker 1: so you know exactly what is going on. What's happening. 22 00:01:02,560 --> 00:01:05,319 Speaker 1: And then you can sound really smart when you go 23 00:01:05,360 --> 00:01:07,399 Speaker 1: talk to your friends because you have to date on everything. 24 00:01:07,440 --> 00:01:08,880 Speaker 1: And then I try to bring you some of the 25 00:01:09,200 --> 00:01:11,319 Speaker 1: best and brightest people in the industry, some of my 26 00:01:11,360 --> 00:01:14,480 Speaker 1: good friends um to kind of give some different perspectives 27 00:01:14,480 --> 00:01:16,320 Speaker 1: and so you know, you don't just hear from me, 28 00:01:16,360 --> 00:01:19,839 Speaker 1: but here from other people. So if you haven't already, 29 00:01:19,880 --> 00:01:22,880 Speaker 1: because I tell you each and every week, pull out 30 00:01:22,880 --> 00:01:25,759 Speaker 1: your phone, put a calendar reminder on there to join 31 00:01:25,840 --> 00:01:28,319 Speaker 1: me on this channel at this time each and every 32 00:01:28,319 --> 00:01:31,320 Speaker 1: week while I make it the most profitable part of 33 00:01:31,360 --> 00:01:34,800 Speaker 1: your week. Now, um, what I want to do today 34 00:01:35,120 --> 00:01:38,320 Speaker 1: is I actually want to jump into the third and 35 00:01:38,520 --> 00:01:42,800 Speaker 1: final installment that I've been doing, which I've been breaking 36 00:01:43,040 --> 00:01:47,080 Speaker 1: the fund the fear, uncertainty and doubt headlines. A couple 37 00:01:47,120 --> 00:01:49,120 Speaker 1: of weeks ago, I ran a pole and h or 38 00:01:49,160 --> 00:01:50,440 Speaker 1: I guess it wasn't a poll, that was just an 39 00:01:50,480 --> 00:01:53,480 Speaker 1: ask on Twitter to find out what are the top 40 00:01:53,680 --> 00:01:58,160 Speaker 1: objections that people have as to why bitcoin won't work, 41 00:01:58,200 --> 00:02:02,480 Speaker 1: will never work, why it's you dumb, stupid, whatever? And 42 00:02:02,520 --> 00:02:08,240 Speaker 1: I got, uh, I don't know about twenty different answers 43 00:02:08,280 --> 00:02:10,000 Speaker 1: that I kind of lumped together and kind of group. 44 00:02:10,040 --> 00:02:12,520 Speaker 1: So about twenty things that are kind of like the 45 00:02:12,600 --> 00:02:15,120 Speaker 1: most common, and so I've been breaking those down each week. 46 00:02:15,639 --> 00:02:18,160 Speaker 1: I've gotten through all of them except for these last couple. 47 00:02:18,200 --> 00:02:20,760 Speaker 1: We're gonna get through them today. UM. So I guess 48 00:02:20,760 --> 00:02:22,480 Speaker 1: this is kind of a three part series. And if 49 00:02:22,480 --> 00:02:25,080 Speaker 1: you've missed the first two then you can go catch 50 00:02:25,120 --> 00:02:27,919 Speaker 1: those back on the I Heart radio podcast network. You 51 00:02:27,960 --> 00:02:31,720 Speaker 1: can just search Mark Moss podcast, uh and you'll find 52 00:02:31,720 --> 00:02:33,919 Speaker 1: it over there. So if you want to, if you 53 00:02:33,960 --> 00:02:37,120 Speaker 1: want to know, we covered why. Um. If people say 54 00:02:37,160 --> 00:02:40,120 Speaker 1: bitcoin is not backed by anything, it's back to by nothing. Um, 55 00:02:40,120 --> 00:02:43,960 Speaker 1: there's no intrinsic value, there's no way to value it. Um, 56 00:02:44,000 --> 00:02:47,799 Speaker 1: there's environmental concerns, it's a waste of electricity. People want 57 00:02:47,800 --> 00:02:50,239 Speaker 1: to wait for the dip. People think that bitcoin is 58 00:02:50,280 --> 00:02:53,480 Speaker 1: only for a black market criminal activity. It's too volatile 59 00:02:53,520 --> 00:02:56,640 Speaker 1: and risky. People feel like they've already missed the boat. Um. 60 00:02:56,720 --> 00:02:58,320 Speaker 1: They think it's too expensive and they want to know 61 00:02:58,360 --> 00:03:01,200 Speaker 1: about other coins. They think it could be hacked, it 62 00:03:01,240 --> 00:03:04,640 Speaker 1: could be manipulated. The big one is that the government 63 00:03:04,680 --> 00:03:08,360 Speaker 1: won't allow it to succeed. So the first ones I 64 00:03:08,400 --> 00:03:10,480 Speaker 1: just read that was two weeks ago. Last week we 65 00:03:10,560 --> 00:03:13,519 Speaker 1: covered government won't allow it to succeed. Uh, there's gonna 66 00:03:13,560 --> 00:03:17,320 Speaker 1: be regulations coming. The rules could be changed, like change 67 00:03:17,360 --> 00:03:19,960 Speaker 1: how many coins there are, something like that, UM that 68 00:03:20,040 --> 00:03:22,240 Speaker 1: it was started by the c i A. And there's 69 00:03:22,280 --> 00:03:26,320 Speaker 1: like some sort of backdoor UM that it's older technology 70 00:03:26,600 --> 00:03:30,920 Speaker 1: and there's newer technology around that inflation is needed for 71 00:03:31,000 --> 00:03:33,440 Speaker 1: economic growth, and that's why I fixed supply would never 72 00:03:33,480 --> 00:03:35,880 Speaker 1: work UM. And then and then if we did have 73 00:03:35,920 --> 00:03:37,720 Speaker 1: fixed supply, that people would just hoard it, they would 74 00:03:37,720 --> 00:03:41,920 Speaker 1: hoard a deflationary currency and there would be no um 75 00:03:42,320 --> 00:03:45,080 Speaker 1: economic growth. So that was all last week, so we recovered. 76 00:03:45,120 --> 00:03:46,760 Speaker 1: That's all the things we've covered the last two weeks, 77 00:03:46,760 --> 00:03:49,280 Speaker 1: and we're gonna break down the rest of them today 78 00:03:49,680 --> 00:03:52,040 Speaker 1: and we're gonna put this whole section to bed. I 79 00:03:52,080 --> 00:03:53,760 Speaker 1: got a lot more topics to get back to you on. 80 00:03:54,560 --> 00:03:56,200 Speaker 1: By the way, if you're just tuning in, you're listening 81 00:03:56,240 --> 00:03:58,240 Speaker 1: to the Markmas Show, which of course we're talking about 82 00:03:58,240 --> 00:04:02,720 Speaker 1: bitcoin and it's decentralized revolue that's happening. It's really big. 83 00:04:03,480 --> 00:04:06,640 Speaker 1: It's it's it's really really big. It's a technological revolution 84 00:04:06,640 --> 00:04:09,280 Speaker 1: that will change the way the world works, and so um, 85 00:04:09,520 --> 00:04:11,120 Speaker 1: because it's so big and it's so new, it's hard 86 00:04:11,120 --> 00:04:14,600 Speaker 1: to understand, and a lot of people dismiss it. And 87 00:04:14,640 --> 00:04:16,919 Speaker 1: so let's break that down. So let's move on to 88 00:04:16,960 --> 00:04:19,640 Speaker 1: the last couple that I have here, and we have 89 00:04:19,800 --> 00:04:24,160 Speaker 1: let's see here, there's nothing tangible to touch, right, it's 90 00:04:24,160 --> 00:04:27,320 Speaker 1: a digital asset, right, there's nothing tangible. I only want 91 00:04:27,520 --> 00:04:30,440 Speaker 1: things that I can hold in my hand. Um, like gold. 92 00:04:30,560 --> 00:04:32,600 Speaker 1: Gold is great because I can hold gold in my hand. 93 00:04:33,720 --> 00:04:36,000 Speaker 1: And so because of that, I can't trust it. Um, 94 00:04:36,040 --> 00:04:38,680 Speaker 1: I don't believe it has any value. And um, what 95 00:04:38,760 --> 00:04:40,320 Speaker 1: I would say to that is a couple of things. 96 00:04:40,360 --> 00:04:47,480 Speaker 1: So first off, uh, I'm sorry if you're older, but 97 00:04:47,600 --> 00:04:51,160 Speaker 1: maybe that's like a boomer comment. I mean, I'm I'm 98 00:04:51,200 --> 00:04:52,880 Speaker 1: kind of getting up there in age as well, but 99 00:04:53,480 --> 00:04:55,039 Speaker 1: you know, maybe that's a boomer comment. If you don't 100 00:04:55,040 --> 00:04:57,000 Speaker 1: if you don't believe in something digital because everything is 101 00:04:57,000 --> 00:04:59,080 Speaker 1: digital these days, would you say that you don't believe 102 00:04:59,080 --> 00:05:01,320 Speaker 1: in your music because music's digital now? Like we used 103 00:05:01,360 --> 00:05:04,400 Speaker 1: to have a vinyl record. Well before that, we used 104 00:05:04,440 --> 00:05:07,200 Speaker 1: to have an orchestra. If you want to hear Beethoven symphony, 105 00:05:07,240 --> 00:05:09,040 Speaker 1: you would have to get an entire orchestra to come 106 00:05:09,040 --> 00:05:11,719 Speaker 1: over to your house or set them up and play it. UM. 107 00:05:11,760 --> 00:05:13,280 Speaker 1: And then eventually it was on a record, and I 108 00:05:13,320 --> 00:05:16,640 Speaker 1: guess that record was still UM. I guess it was 109 00:05:16,680 --> 00:05:18,159 Speaker 1: still tangible you could hold in your hand, and then 110 00:05:18,200 --> 00:05:20,119 Speaker 1: it was a it was a cassette and then a CD. 111 00:05:20,600 --> 00:05:24,440 Speaker 1: But today I stream it over my phone, and so 112 00:05:24,480 --> 00:05:26,719 Speaker 1: it's digital. And so if you don't trust digital assets, 113 00:05:26,760 --> 00:05:27,919 Speaker 1: I don't even know what that means. And as a 114 00:05:27,960 --> 00:05:33,960 Speaker 1: matter of fact, almost nine of all payment transactions today 115 00:05:33,960 --> 00:05:37,840 Speaker 1: are done digital. Now for myself, you know, I rarely 116 00:05:38,000 --> 00:05:41,719 Speaker 1: carry around cash anymore, right, I'm just swiping my debit 117 00:05:41,760 --> 00:05:43,640 Speaker 1: card or my credit card everywhere I go kind of 118 00:05:43,680 --> 00:05:47,279 Speaker 1: a thing. And so you're already you're already living in 119 00:05:47,320 --> 00:05:50,360 Speaker 1: a digital money world, and so for people to think 120 00:05:50,400 --> 00:05:53,839 Speaker 1: that there's nothing tangible to touch it just seems really 121 00:05:53,839 --> 00:05:56,480 Speaker 1: strange to me. UM. And again I think it's it's 122 00:05:56,520 --> 00:06:00,640 Speaker 1: a probably a boomer comment. Um, I was old enough 123 00:06:00,680 --> 00:06:03,920 Speaker 1: to have lived without, UM a lot of this technology, 124 00:06:03,960 --> 00:06:05,920 Speaker 1: but I'm still young enough to kind of grasp most 125 00:06:06,000 --> 00:06:07,240 Speaker 1: most of it. So I kind of in this like 126 00:06:07,240 --> 00:06:09,680 Speaker 1: straddle situation. But that's what I just say, I mean, 127 00:06:11,080 --> 00:06:14,279 Speaker 1: transactions are already digital. We live in a world where 128 00:06:14,279 --> 00:06:16,719 Speaker 1: most of our assets are digital today. UM, I just 129 00:06:16,760 --> 00:06:19,640 Speaker 1: had to do some docu signed documents this morning and 130 00:06:19,760 --> 00:06:22,560 Speaker 1: uh it was my digital signature. UM. And so everything 131 00:06:22,680 --> 00:06:25,320 Speaker 1: is digital these days, and so I think, UM, one 132 00:06:25,360 --> 00:06:28,760 Speaker 1: thing about that I would say is that this is 133 00:06:28,760 --> 00:06:30,200 Speaker 1: not one that I have on the list. But when 134 00:06:30,200 --> 00:06:33,240 Speaker 1: we talk about like central bank digital currencies, you've probably 135 00:06:33,240 --> 00:06:35,440 Speaker 1: heard about that by now. They're you know, called c 136 00:06:35,640 --> 00:06:38,680 Speaker 1: b dcs central bank digital currencies, And so we know 137 00:06:38,800 --> 00:06:41,080 Speaker 1: China has already kind of rolled out their central bank 138 00:06:41,080 --> 00:06:43,159 Speaker 1: digital currency. They've been testing it for over a year. 139 00:06:44,120 --> 00:06:47,080 Speaker 1: Their plan is to have a full scale release for 140 00:06:47,120 --> 00:06:49,920 Speaker 1: the Winter Olympics. That's that's coming up there. But most 141 00:06:49,920 --> 00:06:51,560 Speaker 1: of the other countries are also working on it. We 142 00:06:51,600 --> 00:06:53,720 Speaker 1: know the United States, the Federal Reserve is also working 143 00:06:53,760 --> 00:06:57,280 Speaker 1: on a central bank digital currency. UM. And what I 144 00:06:57,320 --> 00:07:00,760 Speaker 1: think a lot of people ask me about that, UM, 145 00:07:00,760 --> 00:07:02,359 Speaker 1: it's not on my list, But we'll talk about that 146 00:07:02,440 --> 00:07:04,080 Speaker 1: for a second, because I think it plays into this 147 00:07:04,200 --> 00:07:06,880 Speaker 1: exact piece of fund that I'm talking about, And a 148 00:07:06,920 --> 00:07:08,680 Speaker 1: lot of people wonder, like what's going to happen with 149 00:07:08,720 --> 00:07:11,880 Speaker 1: a central bank digital currency, and will that um take 150 00:07:11,920 --> 00:07:16,280 Speaker 1: away the need for cryptocurrencies. Actually a lot of regulators 151 00:07:16,360 --> 00:07:19,680 Speaker 1: actually think that. UM. I was actually reading today and 152 00:07:19,720 --> 00:07:21,520 Speaker 1: we'll get to this story a little bit later, but 153 00:07:22,000 --> 00:07:24,760 Speaker 1: Russias is trying to ban cryptocurrency, is trying to kind 154 00:07:24,760 --> 00:07:28,000 Speaker 1: of follow what China's doing. But what they said, and 155 00:07:28,360 --> 00:07:30,040 Speaker 1: when I was reading through what they were talking about, 156 00:07:30,080 --> 00:07:32,040 Speaker 1: they said that they think that if they could hurry 157 00:07:32,080 --> 00:07:36,040 Speaker 1: up and rush out the ruble, the digital ruble, that 158 00:07:36,280 --> 00:07:39,800 Speaker 1: people wouldn't be people wouldn't need cryptocurrencies because what people 159 00:07:39,880 --> 00:07:43,560 Speaker 1: really want is a way to transact digital assets, and 160 00:07:43,560 --> 00:07:45,200 Speaker 1: if they can give them a digital ruble, then they 161 00:07:45,200 --> 00:07:48,400 Speaker 1: would need cryptocurrencies. And I think that's just that's just ridiculous. Um. 162 00:07:48,440 --> 00:07:52,280 Speaker 1: As I said, transactions are digital anyway, and so what 163 00:07:52,320 --> 00:07:54,360 Speaker 1: I think central make digital currencies. If the government, if 164 00:07:54,360 --> 00:07:56,760 Speaker 1: the Federal Reserve said, hey, um, you want new stemmy. 165 00:07:56,840 --> 00:07:59,600 Speaker 1: You want for yours a stemmy, download this app and 166 00:07:59,600 --> 00:08:02,320 Speaker 1: we'll will put it in there, a lot of people will, 167 00:08:02,720 --> 00:08:05,360 Speaker 1: including myself. I'll take fourteen dollars a free money if 168 00:08:05,360 --> 00:08:06,160 Speaker 1: they want to give it to me, And so I 169 00:08:06,200 --> 00:08:08,200 Speaker 1: would download the app, I would use it and then 170 00:08:08,280 --> 00:08:10,920 Speaker 1: everybody will be using that stimulus that would be given 171 00:08:10,960 --> 00:08:13,720 Speaker 1: to them via this digital asset, this central bank digital currency, 172 00:08:14,200 --> 00:08:17,280 Speaker 1: and then all of a sudden they would be kind 173 00:08:17,280 --> 00:08:19,280 Speaker 1: of forced to use it, and they go, well, actually, 174 00:08:19,320 --> 00:08:22,360 Speaker 1: this isn't any different than using Venmo or PayPal is 175 00:08:22,440 --> 00:08:25,240 Speaker 1: actually kind of the same thing. And um, I guess 176 00:08:25,320 --> 00:08:27,840 Speaker 1: I can use digital payments, and I guess it is 177 00:08:27,920 --> 00:08:29,920 Speaker 1: kind of convenient and it works kind of good, and 178 00:08:30,120 --> 00:08:31,680 Speaker 1: I guess I can trust it. And so it would 179 00:08:31,760 --> 00:08:35,040 Speaker 1: kind of force people to shift their viewpoint on cryptocurrency 180 00:08:35,080 --> 00:08:37,800 Speaker 1: because they'd be incentivized to use it by by getting 181 00:08:37,800 --> 00:08:40,640 Speaker 1: that free money. And then what would happen is they 182 00:08:40,640 --> 00:08:43,320 Speaker 1: would be looking at those central bank digital currencies in 183 00:08:43,400 --> 00:08:48,280 Speaker 1: their wallet and go, how come, um, all the prices 184 00:08:48,840 --> 00:08:51,920 Speaker 1: get more and more expensive, Like why why does it 185 00:08:51,960 --> 00:08:54,040 Speaker 1: take more of my central bank digital currency, more my 186 00:08:54,200 --> 00:08:57,920 Speaker 1: digital dollars to buy my regular you know, lunch at 187 00:08:57,920 --> 00:09:01,280 Speaker 1: my lunch spot or gas in my car? But bitcoin 188 00:09:01,400 --> 00:09:04,200 Speaker 1: over here it's taking less and less bitcoin to buy 189 00:09:04,360 --> 00:09:07,439 Speaker 1: gas for my car or lunch. Like what's going on? Well, 190 00:09:07,600 --> 00:09:10,480 Speaker 1: maybe I should put my central bank digecurrency into bitcoin, 191 00:09:10,880 --> 00:09:13,320 Speaker 1: And so I think that it will really help this 192 00:09:13,360 --> 00:09:16,600 Speaker 1: whole nothing tangible to touch, don't trust digital assets. It'll 193 00:09:16,600 --> 00:09:18,600 Speaker 1: force people to do. It's kind of like this trojan 194 00:09:18,640 --> 00:09:21,640 Speaker 1: horse or this gateway drug. If you will. UM, I 195 00:09:21,679 --> 00:09:23,520 Speaker 1: got more coming up. You're listening to the Mark Moa Show. 196 00:09:23,559 --> 00:09:26,840 Speaker 1: We're talking about bitcoin. We're specifically talking about the big 197 00:09:26,840 --> 00:09:30,480 Speaker 1: objections against bitcoin. I got a bunch more, So don't 198 00:09:30,480 --> 00:09:32,720 Speaker 1: go away. I'll be right back. All right, Welcome back. 199 00:09:32,800 --> 00:09:34,959 Speaker 1: You are listening to the markma Show. While we are 200 00:09:35,000 --> 00:09:38,920 Speaker 1: talking about bitcoin, we're talking about cryptocurrencies, and we're talking 201 00:09:38,920 --> 00:09:42,760 Speaker 1: about the decentralized revolution that's happening. Of course, we're doing 202 00:09:42,800 --> 00:09:46,120 Speaker 1: this each and every week, and uh, I've spent the 203 00:09:46,760 --> 00:09:48,800 Speaker 1: this is the third week now. I've been breaking down 204 00:09:48,880 --> 00:09:53,600 Speaker 1: the biggest fud fear, uncertainty, in doubt headlines against bitcoin 205 00:09:54,120 --> 00:09:56,600 Speaker 1: specifically UM and also some of them applied just to 206 00:09:56,600 --> 00:10:00,360 Speaker 1: cryptocurrencies more in general. And we've covered a bunch. Um. 207 00:10:00,400 --> 00:10:02,800 Speaker 1: I just talked about before the break, how people say 208 00:10:02,840 --> 00:10:04,960 Speaker 1: that there's nothing tangible to touch, you know, you can't 209 00:10:05,000 --> 00:10:08,240 Speaker 1: trust these digital assets. And I went into that. Another 210 00:10:08,240 --> 00:10:11,839 Speaker 1: one that I got in this when I asked the 211 00:10:12,559 --> 00:10:14,760 Speaker 1: people on Twitter what were some of the biggest ones 212 00:10:14,800 --> 00:10:19,440 Speaker 1: I hear and they say that bitcoin has an unequal distribution, 213 00:10:20,120 --> 00:10:21,719 Speaker 1: all right, and so I think that's a big one. 214 00:10:21,800 --> 00:10:25,160 Speaker 1: I think the world is caught up in this whole 215 00:10:26,000 --> 00:10:32,000 Speaker 1: uh fair equality situation today, and so that makes sense. 216 00:10:32,000 --> 00:10:34,560 Speaker 1: I mean, you know, I uh, I want everyone to 217 00:10:34,559 --> 00:10:35,880 Speaker 1: do good and you know, I try to help as 218 00:10:35,880 --> 00:10:38,320 Speaker 1: many people as I can, and um, you know, help 219 00:10:38,360 --> 00:10:41,400 Speaker 1: out the less fortunate, and that's all great, um, and 220 00:10:41,679 --> 00:10:43,720 Speaker 1: we should all want to do that. But when you 221 00:10:43,720 --> 00:10:46,800 Speaker 1: think about equality, I think there's a difference in equality 222 00:10:46,840 --> 00:10:50,720 Speaker 1: and a difference in fairness. And so what do I 223 00:10:50,760 --> 00:10:53,640 Speaker 1: mean by that is that, Um, the game of basketball 224 00:10:54,000 --> 00:10:56,960 Speaker 1: is fair, right, there's a set of rules for basketball, 225 00:10:57,600 --> 00:11:00,880 Speaker 1: and everybody has to apply to those rules. It's fair, 226 00:11:01,160 --> 00:11:04,040 Speaker 1: but it's not equal. So Lebron James is way better 227 00:11:04,040 --> 00:11:07,560 Speaker 1: than me. I'll never be as good as Lebron James. Um. Now, 228 00:11:08,120 --> 00:11:11,280 Speaker 1: if they want to equality in basketball, they would allow 229 00:11:11,280 --> 00:11:13,640 Speaker 1: me to shoot from right under the basket or actually 230 00:11:13,640 --> 00:11:16,040 Speaker 1: probably lower the basket for me when I was shooting. 231 00:11:16,400 --> 00:11:18,120 Speaker 1: And then for him, he would have to shoot further 232 00:11:18,160 --> 00:11:19,920 Speaker 1: away and they'd raise the basket or some you know, 233 00:11:20,000 --> 00:11:21,760 Speaker 1: something like that for him, or he would have to 234 00:11:21,760 --> 00:11:23,360 Speaker 1: play on one foot and with one arm, and I 235 00:11:23,360 --> 00:11:25,520 Speaker 1: could play with both feet and both arms or something 236 00:11:25,559 --> 00:11:27,760 Speaker 1: like that, and that would give us equality on the 237 00:11:27,760 --> 00:11:30,560 Speaker 1: basketball court. But it wouldn't be fair, right, And you 238 00:11:30,600 --> 00:11:33,160 Speaker 1: see how that's different. And so when we look at 239 00:11:33,320 --> 00:11:38,480 Speaker 1: people say that bitcoin isn't isn't isn't equal, it's unequal distribution. Well, 240 00:11:38,679 --> 00:11:40,600 Speaker 1: I mean that's just life. I mean Lebron got an 241 00:11:40,679 --> 00:11:45,960 Speaker 1: unequal distribution in in skills for basketball and I didn't. 242 00:11:47,160 --> 00:11:50,840 Speaker 1: It's not gonna say a bad thing. Um, it's funny. Um. 243 00:11:50,880 --> 00:11:54,800 Speaker 1: As a parent and previously being a kid, I remember 244 00:11:54,880 --> 00:11:57,280 Speaker 1: all the time when I was a kid telling my 245 00:11:57,280 --> 00:11:59,880 Speaker 1: my dad, it's not fair, it's not fair. It's not 246 00:12:00,280 --> 00:12:04,679 Speaker 1: My dad would go Mark, life isn't fair. And uh. 247 00:12:04,800 --> 00:12:06,400 Speaker 1: Now as a parent, I hear the same thing from 248 00:12:06,400 --> 00:12:08,800 Speaker 1: my kids. It's not fair, it's not fair. I said 249 00:12:08,800 --> 00:12:11,720 Speaker 1: the same thing my dad did, like, life isn't fair. Um. 250 00:12:11,760 --> 00:12:14,800 Speaker 1: But you know, we want fairness. I think we should 251 00:12:14,840 --> 00:12:17,960 Speaker 1: have fairness, but equality is just something we can't have. Now. 252 00:12:18,240 --> 00:12:20,800 Speaker 1: The part of the thing about being unequal, like in basketball, 253 00:12:20,920 --> 00:12:25,720 Speaker 1: is that my inequality could be my advantage. So for example, 254 00:12:26,400 --> 00:12:31,240 Speaker 1: a basketball player maybe bigger, but I might be faster, right, 255 00:12:31,320 --> 00:12:34,120 Speaker 1: so I could use my fastness as my advantage while 256 00:12:34,160 --> 00:12:36,240 Speaker 1: he's trying to use size as his advantage. And so 257 00:12:36,480 --> 00:12:39,320 Speaker 1: that unequal distribution is what allows for this dynamic range. 258 00:12:39,360 --> 00:12:41,880 Speaker 1: And that's why basketball games are fun and exciting. If 259 00:12:41,920 --> 00:12:43,360 Speaker 1: we just had a whole bunch of Lebron James, it 260 00:12:43,360 --> 00:12:45,600 Speaker 1: probably wouldn't be near as fun as a little you know, 261 00:12:45,720 --> 00:12:48,000 Speaker 1: I'm not a big basketball fan, so forgive me, but 262 00:12:48,080 --> 00:12:50,520 Speaker 1: like a little Steve Nash that that was out there, like, 263 00:12:50,559 --> 00:12:52,560 Speaker 1: you know, that was really quick, um, something like that. 264 00:12:52,600 --> 00:12:55,200 Speaker 1: But back to bitcoin. And by the way, you're listening 265 00:12:55,240 --> 00:12:58,000 Speaker 1: to the Markmas Show and we're talking about bitcoin. But 266 00:12:58,040 --> 00:13:01,440 Speaker 1: back to bitcoin and this unequal distribution. Bitcoin is open, 267 00:13:02,120 --> 00:13:07,960 Speaker 1: it's borderless, it's permissionless. Anybody in the world has the 268 00:13:08,000 --> 00:13:13,600 Speaker 1: exact same opportunity, the same fairness. Anybody can go buy 269 00:13:13,640 --> 00:13:17,160 Speaker 1: a computer, hook it to the network and mind bitcoin, 270 00:13:17,480 --> 00:13:20,920 Speaker 1: or anybody could take whatever currency they have and they 271 00:13:20,920 --> 00:13:28,120 Speaker 1: could buy bitcoin. Nobody's excluded. It's one fair anybody could 272 00:13:28,120 --> 00:13:32,079 Speaker 1: come and get it. That's what's fair. Now they would say, well, 273 00:13:32,120 --> 00:13:34,200 Speaker 1: some people are poor and some people are rich, and 274 00:13:34,200 --> 00:13:36,640 Speaker 1: so the rich people can buy more than the poor people. Well, 275 00:13:36,679 --> 00:13:39,920 Speaker 1: that's true, but those rich people can buy more of anything. Um. 276 00:13:39,960 --> 00:13:41,960 Speaker 1: And that's so that's a that's a different situation. That's 277 00:13:41,960 --> 00:13:44,280 Speaker 1: more of an incoming equality thing. That's more based off 278 00:13:44,320 --> 00:13:47,000 Speaker 1: the Fiat money system that we have today. Um. But 279 00:13:47,240 --> 00:13:50,560 Speaker 1: bitcoin is fair. Anybody can go get it today. And 280 00:13:50,559 --> 00:13:52,679 Speaker 1: then they would say, well, if all these rich people 281 00:13:52,720 --> 00:13:54,439 Speaker 1: go buy up all the bitcoin and the poor people 282 00:13:54,760 --> 00:13:57,480 Speaker 1: can't get it, um, and then the rich people just 283 00:13:57,559 --> 00:13:58,960 Speaker 1: want to hoard it, they don't want to sell it, 284 00:13:59,000 --> 00:14:01,600 Speaker 1: how would the poor people ever get it? And I 285 00:14:01,600 --> 00:14:04,079 Speaker 1: would say, well, they would get it the same way 286 00:14:04,120 --> 00:14:06,880 Speaker 1: that they would get anything else. They would get it 287 00:14:06,960 --> 00:14:11,760 Speaker 1: by providing them a valuable good or service in exchange 288 00:14:11,800 --> 00:14:14,839 Speaker 1: for it. So if I were to go provide them 289 00:14:14,880 --> 00:14:17,400 Speaker 1: something of value that they really wanted, they would be 290 00:14:17,440 --> 00:14:19,800 Speaker 1: compelled to give up some of that bitcoin. And so 291 00:14:20,240 --> 00:14:24,000 Speaker 1: um it is uh, you know, there is inequality, I suppose, 292 00:14:24,080 --> 00:14:26,360 Speaker 1: but it is fair and I think that is the 293 00:14:26,360 --> 00:14:28,400 Speaker 1: big difference. I think if if you look at basketball, right, 294 00:14:28,400 --> 00:14:30,160 Speaker 1: it's a fair game, and I think that's why people 295 00:14:30,160 --> 00:14:33,920 Speaker 1: look at it all right. Um, oh I love this one. 296 00:14:34,040 --> 00:14:37,400 Speaker 1: This is a good one. Actually, I'm gonna I'm gonna 297 00:14:37,400 --> 00:14:40,760 Speaker 1: save this one. Let's go to Uh, you can't know 298 00:14:41,000 --> 00:14:43,280 Speaker 1: that it won't get hacked. So that's a big thing. 299 00:14:43,520 --> 00:14:46,960 Speaker 1: Bitcoin gets hacked, right, Um, I could lose it, um, 300 00:14:47,040 --> 00:14:48,920 Speaker 1: And how do I protect it? How do I not 301 00:14:48,960 --> 00:14:50,680 Speaker 1: get stolen? Or how do I know that the whole 302 00:14:50,720 --> 00:14:53,480 Speaker 1: network won't get hacked and I won't lose everything? So 303 00:14:53,520 --> 00:14:55,200 Speaker 1: that's a good one. So let's let's talk about that. 304 00:14:55,280 --> 00:14:58,480 Speaker 1: So first of all, as I said, bitcoin is difficult 305 00:14:58,480 --> 00:15:00,280 Speaker 1: to understand because it's a lot of things, and you 306 00:15:00,320 --> 00:15:02,440 Speaker 1: really have to know at least six or eight different 307 00:15:02,480 --> 00:15:07,040 Speaker 1: disciplines in order to really understand what bitcoin is. UM. 308 00:15:07,040 --> 00:15:09,160 Speaker 1: Part of the reason why is as human beings, we 309 00:15:09,240 --> 00:15:12,960 Speaker 1: are not good at imagining the future. All we can 310 00:15:13,000 --> 00:15:16,960 Speaker 1: do is imagine better versions of what we have today. 311 00:15:17,120 --> 00:15:20,920 Speaker 1: So we have cars, will have flying cars or something 312 00:15:21,040 --> 00:15:22,800 Speaker 1: like that, right, And so what we try to do 313 00:15:22,840 --> 00:15:25,120 Speaker 1: when we have something new, some new technology, we try 314 00:15:25,160 --> 00:15:27,640 Speaker 1: to put it in relation to something that we know 315 00:15:27,680 --> 00:15:33,600 Speaker 1: and understand. UM. So for example, Um, hypothetically I wasn't 316 00:15:33,600 --> 00:15:35,960 Speaker 1: alive at the time, but let's say that when electricity 317 00:15:36,000 --> 00:15:39,520 Speaker 1: first came out, Um, what what is this? Like? What 318 00:15:39,520 --> 00:15:42,800 Speaker 1: what is this electricity? What's it gonna do what what 319 00:15:42,840 --> 00:15:45,200 Speaker 1: can what can it do for us? And someone might say, well, 320 00:15:45,520 --> 00:15:47,000 Speaker 1: you know, at the time, it was a light bulb, right, 321 00:15:47,040 --> 00:15:51,320 Speaker 1: so it's like, well, it's kind of like a digital candle. Okay, 322 00:15:51,400 --> 00:15:54,840 Speaker 1: so electricity, I get it. I understand electricity. Electricity is 323 00:15:54,880 --> 00:16:00,280 Speaker 1: a digital candle. And someone might go, well, um, why 324 00:16:00,280 --> 00:16:02,040 Speaker 1: do we need digital candle? Counts been light for five 325 00:16:02,080 --> 00:16:03,520 Speaker 1: thousand years kind of a thing like that, But of 326 00:16:03,600 --> 00:16:06,680 Speaker 1: course electricity became so much more than that. UM. So 327 00:16:06,920 --> 00:16:08,680 Speaker 1: Bitcoin is a lot of things, and it's going to 328 00:16:08,760 --> 00:16:10,120 Speaker 1: be a lot of things. But one thing we know 329 00:16:10,240 --> 00:16:14,280 Speaker 1: for certain today is it's the most secure computer network 330 00:16:14,320 --> 00:16:17,000 Speaker 1: in the history of the world. And um not just 331 00:16:17,040 --> 00:16:19,400 Speaker 1: because it's the most secure network, but because of the 332 00:16:19,440 --> 00:16:22,040 Speaker 1: design of it, because of the new technology that it is. 333 00:16:22,120 --> 00:16:24,440 Speaker 1: And so for UH to to kind of illustrate this, 334 00:16:25,160 --> 00:16:29,760 Speaker 1: all computer networks or databases today are centralized. So the 335 00:16:29,880 --> 00:16:32,800 Speaker 1: Facebook database that stores your using name and password and 336 00:16:32,840 --> 00:16:34,840 Speaker 1: all your images and mind and and and all that, 337 00:16:35,360 --> 00:16:38,400 Speaker 1: or the Experienced database that stores all your credit history 338 00:16:39,040 --> 00:16:42,400 Speaker 1: UM or the NSA database where they track everything and 339 00:16:42,440 --> 00:16:46,520 Speaker 1: they store out your data in there. Those are centralized databases, 340 00:16:46,760 --> 00:16:49,760 Speaker 1: and of course UM those companies have you know, buildings 341 00:16:49,800 --> 00:16:52,640 Speaker 1: and they have I T departments and you know cybersecurity, 342 00:16:52,640 --> 00:16:55,560 Speaker 1: and they have these these these walls and their their 343 00:16:55,600 --> 00:16:58,000 Speaker 1: servers are in there, and they take all this time 344 00:16:58,040 --> 00:17:01,440 Speaker 1: to secure those databases, those centralized databasis. But those centralized 345 00:17:01,480 --> 00:17:04,440 Speaker 1: databases are big honey pots. When I've been by honey pots, 346 00:17:04,560 --> 00:17:07,680 Speaker 1: is there's a lot of data and it's a big 347 00:17:08,000 --> 00:17:10,480 Speaker 1: score if someone could break in and steal that. And 348 00:17:10,480 --> 00:17:12,359 Speaker 1: of course people do all the time. So as a 349 00:17:12,440 --> 00:17:14,320 Speaker 1: matter of fact, you've probably heard a couple of years ago, 350 00:17:14,400 --> 00:17:17,080 Speaker 1: Experience was hacked. It was the largest data breach and 351 00:17:17,520 --> 00:17:21,440 Speaker 1: I think US history and hundreds of millions of people's 352 00:17:21,920 --> 00:17:25,399 Speaker 1: credit history, so security numbers, etcetera. Was leaked onto the 353 00:17:25,480 --> 00:17:29,040 Speaker 1: dark web. Um, so we see these these computer networks 354 00:17:29,040 --> 00:17:30,440 Speaker 1: get hacked all the time. As a matter of fact, 355 00:17:30,440 --> 00:17:33,240 Speaker 1: the n s A was hacked and then then the 356 00:17:33,359 --> 00:17:35,480 Speaker 1: NSA is responsible for security in the the United States, and 357 00:17:35,560 --> 00:17:37,440 Speaker 1: their own network was hacked. And when they hacked the NSA, 358 00:17:37,800 --> 00:17:41,560 Speaker 1: they stole the NSA is hacking software, which is why 359 00:17:41,640 --> 00:17:43,560 Speaker 1: we have all these ransomware attacks today. Of course they 360 00:17:43,600 --> 00:17:45,399 Speaker 1: blame that on bitcoin, but it's because the NSA was 361 00:17:45,440 --> 00:17:48,040 Speaker 1: hacked and they stole their hacking software. But the Bitcoin 362 00:17:48,119 --> 00:17:51,040 Speaker 1: network has never been hacked, and it's never been hacked 363 00:17:51,080 --> 00:17:54,080 Speaker 1: because of the design. I'm gonna explain to you what 364 00:17:54,119 --> 00:17:56,440 Speaker 1: that design is and why it's revolutionary and why it 365 00:17:56,440 --> 00:17:58,040 Speaker 1: can't get hacked or it hasn't been hacked and most 366 00:17:58,040 --> 00:18:01,160 Speaker 1: likely won't be. I have more headlines coming up. You're 367 00:18:01,160 --> 00:18:04,199 Speaker 1: listening to the Markma Show talking about bitcoin. I'm going 368 00:18:04,240 --> 00:18:05,840 Speaker 1: to bring you more of these headlines, explain to you 369 00:18:05,920 --> 00:18:09,639 Speaker 1: more about bitcoin and why the design prevents it from 370 00:18:09,640 --> 00:18:11,680 Speaker 1: getting hacked, so you can understand a little bit better. 371 00:18:12,040 --> 00:18:13,760 Speaker 1: And like I said, I have a couple more another 372 00:18:13,800 --> 00:18:15,480 Speaker 1: really really big one I want to get into. So 373 00:18:15,560 --> 00:18:18,399 Speaker 1: don't go away, all right, Welcome back. You're listening to 374 00:18:18,400 --> 00:18:21,399 Speaker 1: the Markma Show, and we're talking about bitcoin. We're talking 375 00:18:21,400 --> 00:18:27,520 Speaker 1: about cryptocurrencies and decentralized revolution that's been happening and right now, specifically, 376 00:18:27,640 --> 00:18:31,600 Speaker 1: I'm taking on one piece of fund one fear, uncertainty 377 00:18:31,600 --> 00:18:34,560 Speaker 1: and doubt, one objection to bitcoin at a time. We've 378 00:18:34,560 --> 00:18:36,280 Speaker 1: been covering it for the last couple of weeks. I've 379 00:18:36,280 --> 00:18:38,640 Speaker 1: gone through about twenty of them. I got two more 380 00:18:38,680 --> 00:18:42,080 Speaker 1: to go, and before the break. I was talking about, 381 00:18:42,119 --> 00:18:44,560 Speaker 1: you know, Bitcoin is very difficult to understand because, um, 382 00:18:44,600 --> 00:18:47,680 Speaker 1: it's a new technology and it is a lot of things. 383 00:18:47,720 --> 00:18:50,679 Speaker 1: It's going to be a lot of things. Um. But 384 00:18:50,760 --> 00:18:53,280 Speaker 1: one thing we know for certain that it is is 385 00:18:53,320 --> 00:18:55,480 Speaker 1: that it's the most secure computer network in the history 386 00:18:55,520 --> 00:18:58,600 Speaker 1: of the world. And I was explaining how computer networks 387 00:18:58,640 --> 00:19:01,080 Speaker 1: or databases, I should say, they're big honey pots. There's 388 00:19:01,080 --> 00:19:02,879 Speaker 1: a lot of data there, so it's there's a lot 389 00:19:02,920 --> 00:19:05,119 Speaker 1: of reward for a hacker to break in and and 390 00:19:05,119 --> 00:19:07,240 Speaker 1: and steal the data that's in there, like experience getting 391 00:19:07,280 --> 00:19:10,639 Speaker 1: hacked or the the NSA getting hacked. Um. But I 392 00:19:10,720 --> 00:19:12,679 Speaker 1: was saying how that the bitcoin network has never been 393 00:19:12,720 --> 00:19:16,280 Speaker 1: hacked and the reason why it's never been hacked and 394 00:19:16,600 --> 00:19:19,320 Speaker 1: most likely never will be. I mean, anything is possible. 395 00:19:19,359 --> 00:19:21,120 Speaker 1: I don't deal in the world of absolutes. I think 396 00:19:21,160 --> 00:19:24,719 Speaker 1: of things in terms of probabilities, So you know, anything 397 00:19:24,840 --> 00:19:26,880 Speaker 1: is possible. I mean aliens could come destroy the world 398 00:19:26,920 --> 00:19:29,000 Speaker 1: tomorrow too, But we have to so we have we 399 00:19:29,040 --> 00:19:31,359 Speaker 1: have to think about things in terms of probabilities. But 400 00:19:31,359 --> 00:19:34,360 Speaker 1: then we think about, like, well, what's the chance, what's 401 00:19:34,400 --> 00:19:37,399 Speaker 1: the probability that aliens would destroy the world tomorrow. I 402 00:19:37,440 --> 00:19:39,919 Speaker 1: mean it's you know, I guess it's theoretically possible, but 403 00:19:39,920 --> 00:19:42,880 Speaker 1: it's probably like barely possible, right, And so the same 404 00:19:42,920 --> 00:19:45,760 Speaker 1: would be with the bitcoin with the bitcoin network being hacked. 405 00:19:46,280 --> 00:19:48,359 Speaker 1: And so let me explain to you the design and 406 00:19:48,400 --> 00:19:51,360 Speaker 1: that will help explain a little bit better. So kind 407 00:19:51,359 --> 00:19:54,480 Speaker 1: of back to this honey pot, right. So, Um, you know, 408 00:19:54,560 --> 00:19:57,720 Speaker 1: if I could hack into the experienced UH database and 409 00:19:57,760 --> 00:20:00,240 Speaker 1: I could steal all the records of every Amerria akin 410 00:20:00,320 --> 00:20:02,560 Speaker 1: and all their bank accounts and so security numbers, that's 411 00:20:02,600 --> 00:20:05,400 Speaker 1: that's worth a lot of money, and so a lot 412 00:20:05,400 --> 00:20:09,119 Speaker 1: of hackers are motivated to do that. Um, if I 413 00:20:09,160 --> 00:20:12,119 Speaker 1: had a bank and the bank had I don't know, 414 00:20:12,200 --> 00:20:15,359 Speaker 1: a trillion dollars in the bank, that's a lot of money, 415 00:20:15,520 --> 00:20:18,000 Speaker 1: and a lot of bank robbers might be willing to 416 00:20:18,040 --> 00:20:19,560 Speaker 1: try to break into that. And as a matter of fact, 417 00:20:19,600 --> 00:20:22,040 Speaker 1: if I could get a trillion dollars out of the bank, 418 00:20:22,160 --> 00:20:25,439 Speaker 1: I might be willing to spend a few million, a 419 00:20:25,480 --> 00:20:29,160 Speaker 1: few hundred million to try to hack into that, because 420 00:20:29,240 --> 00:20:30,960 Speaker 1: if I spent a few a million but got a 421 00:20:30,960 --> 00:20:32,439 Speaker 1: trillion back, that would be a good return of my 422 00:20:32,480 --> 00:20:37,800 Speaker 1: investment on my time. But what if I had a 423 00:20:37,920 --> 00:20:44,240 Speaker 1: trillion banks with one dollar each, I see now that 424 00:20:44,280 --> 00:20:48,639 Speaker 1: would not be worth anybody's time to hack into because 425 00:20:48,760 --> 00:20:51,639 Speaker 1: it would take all this time, effort, and risk to 426 00:20:51,680 --> 00:20:53,560 Speaker 1: get one dollar, and then I'd have to go to 427 00:20:53,600 --> 00:20:55,600 Speaker 1: a trillion different banks and do the exact same thing 428 00:20:55,680 --> 00:20:57,840 Speaker 1: over and over and over and over. So it makes 429 00:20:57,840 --> 00:21:00,760 Speaker 1: it very, very difficult. That's kind of how the bitcoin 430 00:21:00,880 --> 00:21:05,280 Speaker 1: database works. Instead of having one centralized database like Experience has, 431 00:21:05,400 --> 00:21:07,680 Speaker 1: or Facebook has or or the n s A has, 432 00:21:08,240 --> 00:21:13,280 Speaker 1: instead of having one, we have decentralized or distributed databases. 433 00:21:13,400 --> 00:21:17,359 Speaker 1: So we have millions of databases that are all around 434 00:21:17,400 --> 00:21:19,960 Speaker 1: the world, and all the databases have the entire same 435 00:21:20,000 --> 00:21:24,000 Speaker 1: code base, and in order for a transaction happen, all 436 00:21:24,040 --> 00:21:28,639 Speaker 1: the databases have to agree at once, and if somebody 437 00:21:28,640 --> 00:21:31,199 Speaker 1: wanted to try to take that over, they would have 438 00:21:31,280 --> 00:21:37,040 Speaker 1: to take over more than fifty a lot more than that, 439 00:21:37,160 --> 00:21:41,199 Speaker 1: but at least minimum at least of the network. But 440 00:21:41,280 --> 00:21:43,840 Speaker 1: how would they do that. They don't know where they are, 441 00:21:44,480 --> 00:21:46,240 Speaker 1: they don't even know they don't know where they are, 442 00:21:46,320 --> 00:21:48,119 Speaker 1: they don't have to get access to them, and they 443 00:21:48,119 --> 00:21:50,000 Speaker 1: would have to co opt all of them at the 444 00:21:50,040 --> 00:21:54,800 Speaker 1: exact same time. Which is theoretically impossible. Now I say theoretically, 445 00:21:54,840 --> 00:21:58,040 Speaker 1: I mean anything is possible, but but on the probability scale, 446 00:21:58,080 --> 00:22:01,879 Speaker 1: there's hardly any chance that could happen. Now, Bitcoin is 447 00:22:01,880 --> 00:22:04,960 Speaker 1: an open source network. Everybody can see all the code. 448 00:22:05,160 --> 00:22:08,439 Speaker 1: There's nothing proprietary about it. Facebook is a proprietary database, 449 00:22:08,520 --> 00:22:11,440 Speaker 1: Experience a proprietary to base. The NSA is a proprietary database. 450 00:22:11,440 --> 00:22:14,199 Speaker 1: But Bitcoin is open. It's open source. Any any computer 451 00:22:14,240 --> 00:22:16,679 Speaker 1: programmer can look at the code and read the code 452 00:22:16,720 --> 00:22:20,000 Speaker 1: and build on the code. And we have about a 453 00:22:20,040 --> 00:22:24,680 Speaker 1: trillion dollars sitting on the Bitcoin network open. There's no 454 00:22:26,240 --> 00:22:29,520 Speaker 1: there's no building, there's no I T department, there's no 455 00:22:29,720 --> 00:22:34,639 Speaker 1: UM cybersecurity team protecting it. There's no building, there's no walls, 456 00:22:35,000 --> 00:22:38,199 Speaker 1: there's nothing, there's nobody. It's just there. There's open a 457 00:22:38,320 --> 00:22:41,560 Speaker 1: trillion dollars in the open on an open source network 458 00:22:42,960 --> 00:22:45,560 Speaker 1: for any hacker to come and get Come and get it, 459 00:22:45,640 --> 00:22:50,120 Speaker 1: they say, and guess what, It's never been hacked. Now, 460 00:22:50,119 --> 00:22:51,960 Speaker 1: I would say that a trillion dollars of value they 461 00:22:51,960 --> 00:22:53,800 Speaker 1: can get from an open source network is probably way 462 00:22:53,800 --> 00:22:57,280 Speaker 1: more valuable than the credit scores of people from Experience. 463 00:22:58,040 --> 00:22:59,679 Speaker 1: But it's never been hacked. Now, it doesn't mean it 464 00:22:59,680 --> 00:23:01,880 Speaker 1: never will be. I mean, like I said, anything is possible, 465 00:23:01,880 --> 00:23:03,399 Speaker 1: but it most like it won't be. And it's because 466 00:23:03,440 --> 00:23:08,200 Speaker 1: of the design the way the technology works. UM. So anyway, 467 00:23:08,359 --> 00:23:12,280 Speaker 1: that's that, Yeah, you can't and so you can't know 468 00:23:12,320 --> 00:23:14,160 Speaker 1: it won't get hacked. Yeah, and so you can't. I mean, 469 00:23:14,280 --> 00:23:18,240 Speaker 1: anything could happen, but the probably is is almost non existent. 470 00:23:18,680 --> 00:23:20,600 Speaker 1: All right, UM, you're listening to the markma Show. We're 471 00:23:20,600 --> 00:23:24,280 Speaker 1: talking about bitcoin and and this decentralized revolution. I'm breaking 472 00:23:24,320 --> 00:23:27,720 Speaker 1: down the fud, the fear, uncertainty, and doubt headlines, one 473 00:23:27,760 --> 00:23:29,800 Speaker 1: by one by one. This is the third and final 474 00:23:29,840 --> 00:23:32,080 Speaker 1: week of getting through about twenty of these. Um. We 475 00:23:32,160 --> 00:23:35,880 Speaker 1: just covered UM, nothing tangible, I can't touch it, don't 476 00:23:35,880 --> 00:23:39,240 Speaker 1: trust digital assets. We covered unequal distribution, We covered what 477 00:23:39,280 --> 00:23:41,600 Speaker 1: happened or you can't know that it won't get hacked. 478 00:23:42,119 --> 00:23:45,199 Speaker 1: And the last one I want to get into is, um, 479 00:23:45,320 --> 00:23:49,320 Speaker 1: what happens if the power and the internet goes out? 480 00:23:49,840 --> 00:23:51,880 Speaker 1: M M. That's a good one. I saved the best 481 00:23:51,920 --> 00:23:54,399 Speaker 1: for last. What happened? Yeah, what does happen? That's a 482 00:23:54,440 --> 00:23:56,000 Speaker 1: good that's a good question. What happens if the power 483 00:23:56,000 --> 00:23:58,679 Speaker 1: and the internet goes out. So the first thing I 484 00:23:58,680 --> 00:24:00,560 Speaker 1: would say is, let's talk about the power of the 485 00:24:00,560 --> 00:24:04,520 Speaker 1: internet going out. So the power going out, Um, like 486 00:24:04,680 --> 00:24:08,199 Speaker 1: the power going out to like my town, because I 487 00:24:08,240 --> 00:24:10,520 Speaker 1: can here in California we have rolling blackouts and the 488 00:24:10,520 --> 00:24:13,000 Speaker 1: power goes out occasionally. Um. Do we mean like the 489 00:24:13,040 --> 00:24:15,879 Speaker 1: power to a region the country or you think like 490 00:24:15,960 --> 00:24:18,159 Speaker 1: the whole the power of go out for the whole world, 491 00:24:19,400 --> 00:24:21,200 Speaker 1: And like then would the power go out for the 492 00:24:21,200 --> 00:24:24,200 Speaker 1: whole world and then like never come back or would 493 00:24:24,200 --> 00:24:25,679 Speaker 1: it just like go out for like a few minutes, 494 00:24:25,720 --> 00:24:27,199 Speaker 1: And so you have to kind of think about that 495 00:24:27,200 --> 00:24:30,480 Speaker 1: a little bit further. So, um, let's talk about each 496 00:24:30,480 --> 00:24:31,840 Speaker 1: one of those. So if the power were to go 497 00:24:31,840 --> 00:24:35,000 Speaker 1: out in my city, Okay, so what the database is 498 00:24:35,040 --> 00:24:37,720 Speaker 1: that I just talked about are decentralized. There's millions of 499 00:24:37,760 --> 00:24:40,040 Speaker 1: copies of the database all over the world. So if 500 00:24:40,080 --> 00:24:41,639 Speaker 1: power goes out in my town for a couple of 501 00:24:41,680 --> 00:24:43,280 Speaker 1: hours or a couple of days, so what right, the 502 00:24:43,320 --> 00:24:46,480 Speaker 1: database is still running in other parts of the world. Um, 503 00:24:46,520 --> 00:24:49,439 Speaker 1: And so um, while the power maybe out, and maybe 504 00:24:49,480 --> 00:24:52,520 Speaker 1: I couldn't use the Bitcoin network where I'm at because 505 00:24:52,840 --> 00:24:55,760 Speaker 1: the power is out well, I also couldn't use my 506 00:24:55,840 --> 00:24:58,280 Speaker 1: visa card or my debit card. I couldn't go to 507 00:24:58,280 --> 00:25:00,359 Speaker 1: the A T M and pull cash out. Um. I 508 00:25:00,359 --> 00:25:01,880 Speaker 1: could go to a store, but they wouldn't be able 509 00:25:01,880 --> 00:25:05,480 Speaker 1: to check me out because their cash registers wouldn't be working. Um. 510 00:25:05,560 --> 00:25:09,680 Speaker 1: And So while I'm sure if in my town, my city, 511 00:25:09,720 --> 00:25:12,000 Speaker 1: the power went out, I couldn't use bitcoin, I couldn't 512 00:25:12,080 --> 00:25:14,600 Speaker 1: use anything else either, and most like, I couldn't even 513 00:25:14,680 --> 00:25:17,080 Speaker 1: use cash because, as I said, the stores wouldn't even 514 00:25:17,119 --> 00:25:19,320 Speaker 1: be able to check me out. Uh. The grocery stores 515 00:25:19,359 --> 00:25:20,800 Speaker 1: food would be going bad and they wouldn't be able 516 00:25:20,840 --> 00:25:22,760 Speaker 1: to open up the freezers. Right. So, Um, if the 517 00:25:22,800 --> 00:25:27,240 Speaker 1: power went out, we have much bigger problems than that. Um. 518 00:25:27,280 --> 00:25:29,800 Speaker 1: And So yes, temporarily, maybe you know, we couldn't use bitcoin, 519 00:25:29,800 --> 00:25:32,040 Speaker 1: we couldn't use anything else. Um. But I'm gonna actually 520 00:25:32,040 --> 00:25:34,119 Speaker 1: come back to that. Okay, let's let's go to a 521 00:25:34,119 --> 00:25:36,040 Speaker 1: bigger scale. Let's say that the power went out to 522 00:25:36,600 --> 00:25:41,280 Speaker 1: um the country. I mean, same situation, I guess, um, 523 00:25:41,320 --> 00:25:43,639 Speaker 1: But but I think what people are more afraid of 524 00:25:43,760 --> 00:25:45,960 Speaker 1: is they say, what if the power went out to 525 00:25:46,040 --> 00:25:48,960 Speaker 1: the whole world? Okay, so the power goes out to 526 00:25:49,000 --> 00:25:51,159 Speaker 1: the whole world the same same situation as if it 527 00:25:51,200 --> 00:25:55,760 Speaker 1: did locally. Um, all that now, all the databases around 528 00:25:55,800 --> 00:25:59,720 Speaker 1: the world, all the bitcoin databases, they all lose power. Okay, 529 00:26:00,040 --> 00:26:02,679 Speaker 1: well everything did, right. The bank's all lost power, all 530 00:26:02,720 --> 00:26:05,119 Speaker 1: the stores lost power, the Visa network lost power, everything's 531 00:26:05,119 --> 00:26:07,280 Speaker 1: lost power or in some sort of like a mad 532 00:26:07,400 --> 00:26:11,880 Speaker 1: Max scenario, uh kind of situation. And uh, money isn't 533 00:26:11,880 --> 00:26:14,399 Speaker 1: really good in that type of a scenario. At that point, 534 00:26:14,400 --> 00:26:17,640 Speaker 1: we're trading like water for batteries. Right. If you look 535 00:26:17,640 --> 00:26:21,840 Speaker 1: at when nations breakdown like Venezuela for example, or or 536 00:26:21,880 --> 00:26:24,040 Speaker 1: even in the United States, I don't know how long 537 00:26:24,080 --> 00:26:26,879 Speaker 1: it was now, maybe a decade ago. I forget, Like 538 00:26:26,920 --> 00:26:29,560 Speaker 1: the Hurricane Katrina happened in like New Orleans and they 539 00:26:29,600 --> 00:26:31,760 Speaker 1: didn't have any power for a couple of weeks, or 540 00:26:32,119 --> 00:26:33,920 Speaker 1: in New York they had that that really bad storm, 541 00:26:34,000 --> 00:26:36,359 Speaker 1: kind of same thing happened there, and um, you know, 542 00:26:36,520 --> 00:26:39,479 Speaker 1: banks stopped working, a t M stopped working, and you know, 543 00:26:39,560 --> 00:26:43,080 Speaker 1: people start just bartering. They start trading laundry detergent for 544 00:26:43,119 --> 00:26:45,959 Speaker 1: bread or something like that. And so you know, in 545 00:26:46,000 --> 00:26:48,200 Speaker 1: an event where you went without power for an extended 546 00:26:48,200 --> 00:26:50,760 Speaker 1: period time everything goes down, not just bit coined and 547 00:26:50,800 --> 00:26:54,040 Speaker 1: you go back to a barter system. But I think, um, 548 00:26:54,080 --> 00:26:56,080 Speaker 1: what some people think about is they think about what 549 00:26:56,119 --> 00:26:58,440 Speaker 1: happens if the power goes out to the whole world 550 00:26:58,800 --> 00:27:01,520 Speaker 1: at the same time. Okay, so, like I said, the 551 00:27:01,560 --> 00:27:04,080 Speaker 1: databases go down, but when the power comes back on, 552 00:27:04,480 --> 00:27:07,240 Speaker 1: the databases are still there. Nothing changed. It's not like 553 00:27:07,240 --> 00:27:11,280 Speaker 1: they get wiped out magically, so so they're still there. UM. 554 00:27:11,400 --> 00:27:15,320 Speaker 1: I would also say that. UM. I would also say 555 00:27:15,359 --> 00:27:18,840 Speaker 1: that the probability of it happening and going out and 556 00:27:18,840 --> 00:27:21,480 Speaker 1: never coming back on is like, I mean, it's pretty 557 00:27:21,520 --> 00:27:23,600 Speaker 1: much a zero. And I don't give anything of zero probability, 558 00:27:23,600 --> 00:27:25,679 Speaker 1: but it's pretty much zero. Because we know how to 559 00:27:25,720 --> 00:27:29,280 Speaker 1: make electricity today. We know how, Like I can get 560 00:27:29,280 --> 00:27:31,480 Speaker 1: a flywheel in my yard and start creating electricity. I 561 00:27:31,480 --> 00:27:33,800 Speaker 1: can get it. I have a generator in my garage, 562 00:27:33,840 --> 00:27:35,320 Speaker 1: I can turn that on. I have a solar panel. 563 00:27:35,359 --> 00:27:37,359 Speaker 1: I can create electricity. And it's like, we know how 564 00:27:37,400 --> 00:27:40,280 Speaker 1: to make electricity. Once we've discovered fire. We've discovered fire. 565 00:27:40,920 --> 00:27:43,640 Speaker 1: Once we have fire, it's never going away. Um. There's 566 00:27:43,640 --> 00:27:45,200 Speaker 1: more to this. I want to talk about the Internet 567 00:27:45,240 --> 00:27:46,960 Speaker 1: going out as well. Um, you listen to the Mark 568 00:27:47,000 --> 00:27:49,399 Speaker 1: Mos Show breaking down bitcoin and fud, I got a 569 00:27:49,400 --> 00:27:52,199 Speaker 1: lot more. Don't go away, all right, welcome back. You're 570 00:27:52,240 --> 00:27:54,919 Speaker 1: back with the Mark Ma Show talking about bitcoin and 571 00:27:54,920 --> 00:27:58,640 Speaker 1: and the decentralized revolution and cryptocurrencies and all that good stuff. 572 00:27:59,080 --> 00:28:01,240 Speaker 1: And I've been breaking down on methodically, one by one 573 00:28:01,280 --> 00:28:04,359 Speaker 1: by one, all the fud, the fear, uncertainty and doubt, 574 00:28:04,359 --> 00:28:06,879 Speaker 1: all the headlines, all the objections as to why bitcoin 575 00:28:06,920 --> 00:28:09,880 Speaker 1: and cryptocurrencies could never work. I've been through twenty of them, 576 00:28:10,000 --> 00:28:11,720 Speaker 1: kind of on the last one here, and I'm talking 577 00:28:11,760 --> 00:28:15,040 Speaker 1: about what happens if the power goes out and if 578 00:28:15,040 --> 00:28:16,800 Speaker 1: the Internet goes out. They're kind of two separate things. 579 00:28:16,800 --> 00:28:18,720 Speaker 1: I'm breaking them down separately. We just covered why what 580 00:28:18,720 --> 00:28:20,960 Speaker 1: happens if the power goes out. I'm not going to 581 00:28:21,040 --> 00:28:23,520 Speaker 1: recap everything that I've just said, but bringing it up 582 00:28:23,560 --> 00:28:25,600 Speaker 1: to speed and so, um, if the power of the 583 00:28:25,600 --> 00:28:27,840 Speaker 1: whole world went out, Um, like I said, the databases 584 00:28:27,880 --> 00:28:30,040 Speaker 1: are still intact. The power comes back on, the databases 585 00:28:30,080 --> 00:28:33,560 Speaker 1: come back on. Um, nothing else works either. So um, 586 00:28:33,760 --> 00:28:35,320 Speaker 1: you're kind of in the thing. But but I think 587 00:28:35,320 --> 00:28:38,800 Speaker 1: the probability of the whole world losing electricity and never 588 00:28:38,880 --> 00:28:42,680 Speaker 1: coming back is about zero, and I don't give anything 589 00:28:42,680 --> 00:28:44,920 Speaker 1: that lower. Probably we probably have a better chance of 590 00:28:44,960 --> 00:28:47,280 Speaker 1: aliens coming back and destroying the world than we do 591 00:28:47,360 --> 00:28:50,520 Speaker 1: of never having electricity again, because once we've discovered fire, 592 00:28:50,560 --> 00:28:53,920 Speaker 1: we've discovered fire, we know how to make electricity. Um. 593 00:28:53,960 --> 00:28:56,040 Speaker 1: It's not very hard to do, and we're always going 594 00:28:56,080 --> 00:28:59,719 Speaker 1: to have electricity. Um. And so I think if anybody's 595 00:28:59,800 --> 00:29:02,520 Speaker 1: really the optimizing for that, like if if they wouldn't 596 00:29:02,560 --> 00:29:05,640 Speaker 1: buy bitcoin or cryptocurrencies because they're afraid if the power 597 00:29:05,680 --> 00:29:10,760 Speaker 1: goes out, man, I guess just stacked bullets and water 598 00:29:10,920 --> 00:29:14,160 Speaker 1: and batteries in your garage and maybe you know, maybe that, 599 00:29:14,240 --> 00:29:16,000 Speaker 1: But I just I think that the chance of was 600 00:29:16,040 --> 00:29:18,440 Speaker 1: going back to this mad max endo world scenario is 601 00:29:19,560 --> 00:29:23,920 Speaker 1: about zero. Um. But um, something that is possible is 602 00:29:24,040 --> 00:29:26,240 Speaker 1: having paragua in a region you know people talk about 603 00:29:26,240 --> 00:29:28,800 Speaker 1: like an e MP attack. Obviously we're seeing right now 604 00:29:28,840 --> 00:29:32,320 Speaker 1: today war is being escalated with Russia. You know, tensions 605 00:29:32,320 --> 00:29:35,360 Speaker 1: are high with China, but sphysically with Russia. I mean 606 00:29:35,800 --> 00:29:39,920 Speaker 1: President Biden was on the news. Basically I don't know. 607 00:29:39,960 --> 00:29:41,560 Speaker 1: The White House is trying to cover up his tracks. 608 00:29:41,560 --> 00:29:44,320 Speaker 1: They're trying to say that he didn't really mean to 609 00:29:44,360 --> 00:29:46,760 Speaker 1: say what he actually did say. What I always say 610 00:29:46,800 --> 00:29:48,959 Speaker 1: is I take these people at their word when they 611 00:29:49,000 --> 00:29:51,240 Speaker 1: say things, I tend to believe it. And so um, 612 00:29:51,240 --> 00:29:53,840 Speaker 1: he kind of basically said, yeah, you know, Russia could 613 00:29:53,960 --> 00:29:56,560 Speaker 1: kind of have an incursion onto um Ukraine if it's 614 00:29:56,600 --> 00:29:58,440 Speaker 1: if it's not too bad, we probably won't do anything. 615 00:29:58,480 --> 00:30:01,160 Speaker 1: And so h the point is is that we have 616 00:30:01,920 --> 00:30:04,360 Speaker 1: threats of war and so potentially, you know, we're seeing 617 00:30:04,440 --> 00:30:08,080 Speaker 1: a rhetoric being ramped up about a cyber attack. As 618 00:30:08,120 --> 00:30:11,400 Speaker 1: a matter of fact, NATO put out some news and 619 00:30:11,440 --> 00:30:15,680 Speaker 1: we also saw SISA, which is the Cyber Security and 620 00:30:15,840 --> 00:30:19,040 Speaker 1: Infrastructure Security Agency of the United States c s c 621 00:30:19,200 --> 00:30:23,320 Speaker 1: I s A. They actually put out notice two days ago. 622 00:30:23,520 --> 00:30:27,960 Speaker 1: It's said, implement cybersecurity measures now to protect against potential 623 00:30:28,080 --> 00:30:31,719 Speaker 1: critical threats UM. And so they put this warning out 624 00:30:31,760 --> 00:30:33,680 Speaker 1: every organization in the United States is at risk from 625 00:30:33,720 --> 00:30:36,720 Speaker 1: cyber threats and that can disrupt essential services and potentially 626 00:30:36,720 --> 00:30:40,040 Speaker 1: result in impacts to public safety. Over the past year, 627 00:30:40,080 --> 00:30:43,360 Speaker 1: cyber incidents have impacted many companies, nonprofits and blah blah blah, 628 00:30:43,480 --> 00:30:45,520 Speaker 1: and so they're kind of warning about these types of 629 00:30:45,520 --> 00:30:49,000 Speaker 1: cyber attacks or maybe some sort of e MP attack. Again, 630 00:30:49,000 --> 00:30:50,720 Speaker 1: if if it takes out of region, it doesn't matter, 631 00:30:50,800 --> 00:30:53,920 Speaker 1: big clean will continue working. Um and then um, but 632 00:30:53,920 --> 00:30:55,000 Speaker 1: but then the Internet going out. So a lot of 633 00:30:55,000 --> 00:30:56,440 Speaker 1: people think the Internet will go out. What happens if 634 00:30:56,440 --> 00:30:58,960 Speaker 1: the Internet goes out? Well kind of the same your 635 00:30:59,040 --> 00:31:01,880 Speaker 1: visa and debit card don't work. Same the A t 636 00:31:02,000 --> 00:31:05,080 Speaker 1: M probably won't work either. Um And and again like 637 00:31:05,240 --> 00:31:07,320 Speaker 1: it does the Internet go out like locally? So like 638 00:31:07,400 --> 00:31:10,720 Speaker 1: for example, when China was taking over Hong Kong in 639 00:31:10,840 --> 00:31:14,280 Speaker 1: at nineteen UM and all the people were there pushing back. 640 00:31:14,360 --> 00:31:17,160 Speaker 1: We saw that China or in Hong Kong, the internet 641 00:31:17,200 --> 00:31:19,800 Speaker 1: and the cell phones were cut off. And so in 642 00:31:19,880 --> 00:31:22,440 Speaker 1: that region they cut off the Internet. And so yeah, 643 00:31:22,640 --> 00:31:24,960 Speaker 1: sure you know that that impacted it. But again it 644 00:31:25,000 --> 00:31:29,320 Speaker 1: impacted everything. Um. But again do you think this is 645 00:31:29,320 --> 00:31:30,920 Speaker 1: a global thing? Like the Internet goes out for the 646 00:31:30,920 --> 00:31:34,840 Speaker 1: whole world? Um. In order to take the Internet out 647 00:31:34,840 --> 00:31:37,080 Speaker 1: for the whole world, they literally have to go dig 648 00:31:37,160 --> 00:31:39,440 Speaker 1: up the lines, They have to go pull the fiber 649 00:31:39,480 --> 00:31:41,959 Speaker 1: optics out of the lines and stuff like that. Um. 650 00:31:42,000 --> 00:31:44,320 Speaker 1: The Internet is a stack, and so you know, at 651 00:31:44,320 --> 00:31:46,640 Speaker 1: the top level we have the Internet Service providers the 652 00:31:46,680 --> 00:31:49,720 Speaker 1: I s p s and so those can ban you, right, 653 00:31:49,720 --> 00:31:51,720 Speaker 1: so they can ban you. So like for example, in China, 654 00:31:51,760 --> 00:31:54,280 Speaker 1: they have the Great Firewall of China, and you know 655 00:31:54,360 --> 00:31:57,040 Speaker 1: they don't allow Google and Facebook and Netflix and those 656 00:31:57,040 --> 00:32:00,120 Speaker 1: types of Internet sites, um in the great of the 657 00:32:00,120 --> 00:32:02,840 Speaker 1: Great Firewall of China. But people get around it. They 658 00:32:02,920 --> 00:32:05,480 Speaker 1: use a VPN, you know, and they can route around 659 00:32:05,560 --> 00:32:09,080 Speaker 1: the firewall. Below that, you have the d n S. 660 00:32:09,440 --> 00:32:12,080 Speaker 1: The DNS is the domain name servers where it routes 661 00:32:12,320 --> 00:32:14,600 Speaker 1: a website name to your IP address, and so they 662 00:32:14,640 --> 00:32:17,640 Speaker 1: could they could take that away. Sure, but like as 663 00:32:17,680 --> 00:32:21,160 Speaker 1: long as I have the IP address, like I believe, 664 00:32:21,200 --> 00:32:24,040 Speaker 1: I can still get to a website. Um. Like I said, 665 00:32:24,080 --> 00:32:25,520 Speaker 1: unless they want to pull the fibers out the ground. 666 00:32:25,520 --> 00:32:26,600 Speaker 1: And so if you think they're going to go pull 667 00:32:26,640 --> 00:32:29,480 Speaker 1: the fibers out of the ground again, I think the 668 00:32:29,480 --> 00:32:32,240 Speaker 1: probability of that happening is is very slim to none. 669 00:32:32,920 --> 00:32:34,960 Speaker 1: I would say, you know, if they did that, they're 670 00:32:34,960 --> 00:32:36,960 Speaker 1: also shooting themselves in the foot because now they can't 671 00:32:37,000 --> 00:32:39,480 Speaker 1: communicate either whoever they are. I don't even know who 672 00:32:39,520 --> 00:32:42,800 Speaker 1: they are, um, And so I think that the chance 673 00:32:42,800 --> 00:32:45,120 Speaker 1: of it going out globally is is again almost zero. 674 00:32:45,240 --> 00:32:46,600 Speaker 1: Like I said, it could go out in a region 675 00:32:46,600 --> 00:32:49,040 Speaker 1: like it did in Hong Kong. But here's where we 676 00:32:49,160 --> 00:32:52,840 Speaker 1: counter both the power and the internet. So let's say 677 00:32:52,840 --> 00:32:57,040 Speaker 1: that hypothetically that they did that the power went out. Well, okay, 678 00:32:57,080 --> 00:32:58,760 Speaker 1: I still have my solar, I still have my generator. 679 00:32:59,320 --> 00:33:01,320 Speaker 1: I have a have a gerbil in the backyard running 680 00:33:01,280 --> 00:33:03,360 Speaker 1: a wheel of generating electricity or whatever. I'm still have. 681 00:33:03,440 --> 00:33:06,600 Speaker 1: I still electricity for myself. And then the the internet 682 00:33:06,880 --> 00:33:09,320 Speaker 1: and the phone went out like it did in Hong Kong. Right, Well, 683 00:33:09,720 --> 00:33:13,320 Speaker 1: this is this is the key piece with bitcoin versus 684 00:33:13,400 --> 00:33:15,680 Speaker 1: other cryptocurrencies. By the way, you're listening to the Markma 685 00:33:15,800 --> 00:33:18,920 Speaker 1: Show and we're talking about bitcoin and cryptocurrencies in this 686 00:33:19,000 --> 00:33:22,280 Speaker 1: decentralized revolution. But this is the key difference is that 687 00:33:22,400 --> 00:33:25,520 Speaker 1: Bitcoin has a very small database. It's about a three 688 00:33:25,600 --> 00:33:29,240 Speaker 1: hund gigabyte database and the block sizes are very small 689 00:33:29,280 --> 00:33:31,560 Speaker 1: and it was specifically kept that way so it can 690 00:33:31,600 --> 00:33:36,840 Speaker 1: be UM censorship resistant. Um. All the other cryptocurrencies have 691 00:33:36,960 --> 00:33:40,360 Speaker 1: very big database and they need a lot of bandwidth. 692 00:33:40,720 --> 00:33:44,480 Speaker 1: And so because the Bitcoin database is small, um, it's 693 00:33:44,520 --> 00:33:49,480 Speaker 1: been done already. People have transacted bitcoin over ham radios, 694 00:33:50,560 --> 00:33:54,480 Speaker 1: what ham radios, overhand radios, but even more than that. 695 00:33:54,560 --> 00:33:56,480 Speaker 1: So what we saw in Hong Kong is when the 696 00:33:56,520 --> 00:33:59,240 Speaker 1: phones and the internet were shut down, people there were 697 00:33:59,240 --> 00:34:03,120 Speaker 1: still community. Then they were communicating something known as mesh networks. 698 00:34:03,360 --> 00:34:05,080 Speaker 1: And so a mesh network is basically we all take 699 00:34:05,080 --> 00:34:09,319 Speaker 1: our phones that no longer have internet or phone and 700 00:34:09,400 --> 00:34:12,040 Speaker 1: we create our own network off of it. Mesh networks 701 00:34:12,080 --> 00:34:13,640 Speaker 1: are really popular in your house today. If you go 702 00:34:13,680 --> 00:34:16,520 Speaker 1: to Costco and buy like a new WiFi home router, 703 00:34:16,600 --> 00:34:18,480 Speaker 1: they use like a mesh network. So you put like 704 00:34:18,520 --> 00:34:20,880 Speaker 1: a repeater in every room of your house and you 705 00:34:20,920 --> 00:34:22,840 Speaker 1: create like your own network. And so we can do 706 00:34:22,840 --> 00:34:24,720 Speaker 1: that with phones, and we can create our own network 707 00:34:25,000 --> 00:34:27,160 Speaker 1: and all our phones can kind of repeat off of 708 00:34:27,160 --> 00:34:29,320 Speaker 1: each other. And they did that in Hong Kong, and 709 00:34:29,400 --> 00:34:32,480 Speaker 1: we could still call each other. UM, and we can 710 00:34:32,520 --> 00:34:36,879 Speaker 1: send bitcoin back and forth via mesh network. We don't 711 00:34:36,920 --> 00:34:41,640 Speaker 1: need the Internet. We can generate our own power in 712 00:34:41,680 --> 00:34:44,960 Speaker 1: our backyard and charge our phones. Um and we and 713 00:34:45,040 --> 00:34:47,600 Speaker 1: we can use a mess network and so um, if 714 00:34:47,600 --> 00:34:49,360 Speaker 1: the power goes out, if the internet goes out, I 715 00:34:49,400 --> 00:34:52,680 Speaker 1: think that kind of you know, backs it up. That's 716 00:34:52,760 --> 00:34:56,040 Speaker 1: that's how it works. Again, the probability of the entire 717 00:34:56,200 --> 00:34:58,759 Speaker 1: world going without power and never coming back, I think 718 00:34:58,840 --> 00:35:02,040 Speaker 1: is is it's a fool's Errand to even discuss the 719 00:35:02,120 --> 00:35:05,600 Speaker 1: chance of that happening is is pretty much zero. Um. 720 00:35:05,600 --> 00:35:07,479 Speaker 1: And the same with the Internet's right, unless they're really 721 00:35:07,560 --> 00:35:09,880 Speaker 1: willing to destroy themselves and dig out all the wires, 722 00:35:09,880 --> 00:35:11,960 Speaker 1: which I just can't imagine happening. I don't I don't 723 00:35:12,000 --> 00:35:14,520 Speaker 1: see that happening, And if it does, we'll use we'll 724 00:35:14,600 --> 00:35:17,160 Speaker 1: use mesh networks. And also we have satellites now. So 725 00:35:18,200 --> 00:35:21,440 Speaker 1: block Stream has put satellites into space that are running 726 00:35:21,440 --> 00:35:26,800 Speaker 1: the whole Bitcoin network in space, and uh, you know, okay, 727 00:35:26,880 --> 00:35:29,879 Speaker 1: so I guess they're going to shoot those shoot those 728 00:35:29,880 --> 00:35:33,520 Speaker 1: down too. We have Elon, Musk and Starlink. They've started 729 00:35:33,560 --> 00:35:36,759 Speaker 1: popping up satellites into space for Internet. So now anywhere 730 00:35:36,760 --> 00:35:39,719 Speaker 1: in the world, Um, I could get a satellite that's 731 00:35:39,760 --> 00:35:42,319 Speaker 1: about the size of a small coffee table, and I 732 00:35:42,320 --> 00:35:46,920 Speaker 1: could have broadband Internet access anywhere in the world. And 733 00:35:46,960 --> 00:35:50,040 Speaker 1: so even if they did dig out the wires in 734 00:35:50,080 --> 00:35:54,239 Speaker 1: the ground, like we got satellites in space. UM, So 735 00:35:54,280 --> 00:35:55,840 Speaker 1: I think it's just kind of a fool's errand, like 736 00:35:55,880 --> 00:35:57,920 Speaker 1: I said, to discuss those things, and so hopefully that 737 00:35:58,000 --> 00:36:00,840 Speaker 1: gives you a little bit of understanding of how that works. 738 00:36:01,520 --> 00:36:04,399 Speaker 1: And so when you hear those types of arguments or 739 00:36:04,520 --> 00:36:08,600 Speaker 1: or rebuttals, it kind of helps you think through that. 740 00:36:08,600 --> 00:36:11,440 Speaker 1: That's what I'm here for each and every week. I'm 741 00:36:11,440 --> 00:36:13,799 Speaker 1: trying to bring to you these pieces to kind of 742 00:36:13,840 --> 00:36:16,440 Speaker 1: help you see through this, because what happens is in 743 00:36:16,560 --> 00:36:19,520 Speaker 1: order to have an asymmetric opportunity, and that's an opportunity 744 00:36:19,520 --> 00:36:21,759 Speaker 1: to make that has more upside than downside. And so 745 00:36:21,800 --> 00:36:23,919 Speaker 1: I think bitcoins has an easy tent X in front 746 00:36:23,920 --> 00:36:26,440 Speaker 1: of us in the next five years. It's a massive, 747 00:36:26,560 --> 00:36:29,560 Speaker 1: massive opportunity. But the only way that you can get 748 00:36:29,600 --> 00:36:33,600 Speaker 1: that massive opportunity, that asymmetric opportunity, is if you have 749 00:36:33,880 --> 00:36:37,720 Speaker 1: a symmetric information. You have to have information that most 750 00:36:37,760 --> 00:36:42,680 Speaker 1: people just don't know. And um, that's what I'm trying 751 00:36:42,680 --> 00:36:44,040 Speaker 1: to share with you each in every week. Now. A 752 00:36:44,040 --> 00:36:46,239 Speaker 1: lot of people are kind of shooting themselves in their 753 00:36:46,239 --> 00:36:48,480 Speaker 1: own foot or they're listening to the wrong people, and 754 00:36:48,520 --> 00:36:51,880 Speaker 1: so they have the information about bitcoin and cryptocurrencies, but 755 00:36:52,239 --> 00:36:57,040 Speaker 1: they fall for these headlines, the fud, the fear, uncertainty 756 00:36:57,040 --> 00:36:59,440 Speaker 1: and doubt, and so I'm shooting it down for you, 757 00:36:59,480 --> 00:37:02,279 Speaker 1: one by one, helping you to understand what's going on. 758 00:37:02,719 --> 00:37:05,759 Speaker 1: You're listening to the Markmas Show where I talk about 759 00:37:05,800 --> 00:37:09,520 Speaker 1: bitcoin and cryptocurrencies in the decentralized Revolution. Each and every week, 760 00:37:10,000 --> 00:37:12,520 Speaker 1: I'm trying to keep you informed, trying to make sure 761 00:37:12,600 --> 00:37:16,200 Speaker 1: that you can take advantage of the largest wealth transfer 762 00:37:16,640 --> 00:37:20,160 Speaker 1: that will ever see in multiple generations. And the time 763 00:37:20,239 --> 00:37:23,080 Speaker 1: is now um for you to grab it. Don't miss it. 764 00:37:23,120 --> 00:37:23,800 Speaker 1: Thanks for listening.