WEBVTT - The Mark Moss Show Jan 24, 2022 0:00:00.200 --> 0:00:02.840 Everyone, Welcome to another episode of The Mark Ma Show, 0:00:02.920 --> 0:00:06.240 where we are talking about bitcoin and cryptocurrencies in this 0:00:06.480 --> 0:00:11.200 entire decentralized revolution that's happening right before our very eyes. 0:00:11.840 --> 0:00:14.440 You know, sometimes when it's when you're living through it, 0:00:14.480 --> 0:00:18.000 you don't notice the change that's happening. But it's big. 0:00:18.239 --> 0:00:21.000 What's going on is going to change the course of humanity, 0:00:21.079 --> 0:00:23.040 is going to change the course of the world, and 0:00:23.720 --> 0:00:26.840 it's difficult. It's difficult to understand. I've been studying for 0:00:26.880 --> 0:00:29.320 over seven years and I'm still trying to figure out 0:00:29.360 --> 0:00:31.440 what the heck is going on here because it's just 0:00:31.480 --> 0:00:34.360 evolving so fast. And that's why it's important that you 0:00:34.400 --> 0:00:37.400 tune in with me each and every week so I 0:00:37.440 --> 0:00:39.920 can keep you up to date. You know, each and 0:00:39.960 --> 0:00:42.760 every week I try to give you um some education. 0:00:42.840 --> 0:00:45.360 You know, I've been studying this for over seven years. 0:00:45.920 --> 0:00:48.800 You really have to understand six seven different disciplines to 0:00:48.880 --> 0:00:50.519 kind of get a grasp of this. And so each 0:00:50.560 --> 0:00:52.919 week I'll bring you these educational pieces that you can 0:00:52.920 --> 0:00:55.720 continue to build on and continue to understand. This is better. 0:00:56.400 --> 0:00:59.640 I bring you the latest and breaking news every week, 0:00:59.680 --> 0:01:02.520 so you know exactly what is going on. What's happening. 0:01:02.560 --> 0:01:05.319 And then you can sound really smart when you go 0:01:05.360 --> 0:01:07.399 talk to your friends because you have to date on everything. 0:01:07.440 --> 0:01:08.880 And then I try to bring you some of the 0:01:09.200 --> 0:01:11.319 best and brightest people in the industry, some of my 0:01:11.360 --> 0:01:14.480 good friends um to kind of give some different perspectives 0:01:14.480 --> 0:01:16.320 and so you know, you don't just hear from me, 0:01:16.360 --> 0:01:19.839 but here from other people. So if you haven't already, 0:01:19.880 --> 0:01:22.880 because I tell you each and every week, pull out 0:01:22.880 --> 0:01:25.759 your phone, put a calendar reminder on there to join 0:01:25.840 --> 0:01:28.319 me on this channel at this time each and every 0:01:28.319 --> 0:01:31.320 week while I make it the most profitable part of 0:01:31.360 --> 0:01:34.800 your week. Now, um, what I want to do today 0:01:35.120 --> 0:01:38.320 is I actually want to jump into the third and 0:01:38.520 --> 0:01:42.800 final installment that I've been doing, which I've been breaking 0:01:43.040 --> 0:01:47.080 the fund the fear, uncertainty and doubt headlines. A couple 0:01:47.120 --> 0:01:49.120 of weeks ago, I ran a pole and h or 0:01:49.160 --> 0:01:50.440 I guess it wasn't a poll, that was just an 0:01:50.480 --> 0:01:53.480 ask on Twitter to find out what are the top 0:01:53.680 --> 0:01:58.160 objections that people have as to why bitcoin won't work, 0:01:58.200 --> 0:02:02.480 will never work, why it's you dumb, stupid, whatever? And 0:02:02.520 --> 0:02:08.240 I got, uh, I don't know about twenty different answers 0:02:08.280 --> 0:02:10.000 that I kind of lumped together and kind of group. 0:02:10.040 --> 0:02:12.520 So about twenty things that are kind of like the 0:02:12.600 --> 0:02:15.120 most common, and so I've been breaking those down each week. 0:02:15.639 --> 0:02:18.160 I've gotten through all of them except for these last couple. 0:02:18.200 --> 0:02:20.760 We're gonna get through them today. UM. So I guess 0:02:20.760 --> 0:02:22.480 this is kind of a three part series. And if 0:02:22.480 --> 0:02:25.080 you've missed the first two then you can go catch 0:02:25.120 --> 0:02:27.919 those back on the I Heart radio podcast network. You 0:02:27.960 --> 0:02:31.720 can just search Mark Moss podcast, uh and you'll find 0:02:31.720 --> 0:02:33.919 it over there. So if you want to, if you 0:02:33.960 --> 0:02:37.120 want to know, we covered why. Um. If people say 0:02:37.160 --> 0:02:40.120 bitcoin is not backed by anything, it's back to by nothing. Um, 0:02:40.120 --> 0:02:43.960 there's no intrinsic value, there's no way to value it. Um, 0:02:44.000 --> 0:02:47.799 there's environmental concerns, it's a waste of electricity. People want 0:02:47.800 --> 0:02:50.239 to wait for the dip. People think that bitcoin is 0:02:50.280 --> 0:02:53.480 only for a black market criminal activity. It's too volatile 0:02:53.520 --> 0:02:56.640 and risky. People feel like they've already missed the boat. Um. 0:02:56.720 --> 0:02:58.320 They think it's too expensive and they want to know 0:02:58.360 --> 0:03:01.200 about other coins. They think it could be hacked, it 0:03:01.240 --> 0:03:04.640 could be manipulated. The big one is that the government 0:03:04.680 --> 0:03:08.360 won't allow it to succeed. So the first ones I 0:03:08.400 --> 0:03:10.480 just read that was two weeks ago. Last week we 0:03:10.560 --> 0:03:13.519 covered government won't allow it to succeed. Uh, there's gonna 0:03:13.560 --> 0:03:17.320 be regulations coming. The rules could be changed, like change 0:03:17.360 --> 0:03:19.960 how many coins there are, something like that, UM that 0:03:20.040 --> 0:03:22.240 it was started by the c i A. And there's 0:03:22.280 --> 0:03:26.320 like some sort of backdoor UM that it's older technology 0:03:26.600 --> 0:03:30.920 and there's newer technology around that inflation is needed for 0:03:31.000 --> 0:03:33.440 economic growth, and that's why I fixed supply would never 0:03:33.480 --> 0:03:35.880 work UM. And then and then if we did have 0:03:35.920 --> 0:03:37.720 fixed supply, that people would just hoard it, they would 0:03:37.720 --> 0:03:41.920 hoard a deflationary currency and there would be no um 0:03:42.320 --> 0:03:45.080 economic growth. So that was all last week, so we recovered. 0:03:45.120 --> 0:03:46.760 That's all the things we've covered the last two weeks, 0:03:46.760 --> 0:03:49.280 and we're gonna break down the rest of them today 0:03:49.680 --> 0:03:52.040 and we're gonna put this whole section to bed. I 0:03:52.080 --> 0:03:53.760 got a lot more topics to get back to you on. 0:03:54.560 --> 0:03:56.200 By the way, if you're just tuning in, you're listening 0:03:56.240 --> 0:03:58.240 to the Markmas Show, which of course we're talking about 0:03:58.240 --> 0:04:02.720 bitcoin and it's decentralized revolue that's happening. It's really big. 0:04:03.480 --> 0:04:06.640 It's it's it's really really big. It's a technological revolution 0:04:06.640 --> 0:04:09.280 that will change the way the world works, and so um, 0:04:09.520 --> 0:04:11.120 because it's so big and it's so new, it's hard 0:04:11.120 --> 0:04:14.600 to understand, and a lot of people dismiss it. And 0:04:14.640 --> 0:04:16.919 so let's break that down. So let's move on to 0:04:16.960 --> 0:04:19.640 the last couple that I have here, and we have 0:04:19.800 --> 0:04:24.160 let's see here, there's nothing tangible to touch, right, it's 0:04:24.160 --> 0:04:27.320 a digital asset, right, there's nothing tangible. I only want 0:04:27.520 --> 0:04:30.440 things that I can hold in my hand. Um, like gold. 0:04:30.560 --> 0:04:32.600 Gold is great because I can hold gold in my hand. 0:04:33.720 --> 0:04:36.000 And so because of that, I can't trust it. Um, 0:04:36.040 --> 0:04:38.680 I don't believe it has any value. And um, what 0:04:38.760 --> 0:04:40.320 I would say to that is a couple of things. 0:04:40.360 --> 0:04:47.480 So first off, uh, I'm sorry if you're older, but 0:04:47.600 --> 0:04:51.160 maybe that's like a boomer comment. I mean, I'm I'm 0:04:51.200 --> 0:04:52.880 kind of getting up there in age as well, but 0:04:53.480 --> 0:04:55.039 you know, maybe that's a boomer comment. If you don't 0:04:55.040 --> 0:04:57.000 if you don't believe in something digital because everything is 0:04:57.000 --> 0:04:59.080 digital these days, would you say that you don't believe 0:04:59.080 --> 0:05:01.320 in your music because music's digital now? Like we used 0:05:01.360 --> 0:05:04.400 to have a vinyl record. Well before that, we used 0:05:04.440 --> 0:05:07.200 to have an orchestra. If you want to hear Beethoven symphony, 0:05:07.240 --> 0:05:09.040 you would have to get an entire orchestra to come 0:05:09.040 --> 0:05:11.719 over to your house or set them up and play it. UM. 0:05:11.760 --> 0:05:13.280 And then eventually it was on a record, and I 0:05:13.320 --> 0:05:16.640 guess that record was still UM. I guess it was 0:05:16.680 --> 0:05:18.159 still tangible you could hold in your hand, and then 0:05:18.200 --> 0:05:20.119 it was a it was a cassette and then a CD. 0:05:20.600 --> 0:05:24.440 But today I stream it over my phone, and so 0:05:24.480 --> 0:05:26.719 it's digital. And so if you don't trust digital assets, 0:05:26.760 --> 0:05:27.919 I don't even know what that means. And as a 0:05:27.960 --> 0:05:33.960 matter of fact, almost nine of all payment transactions today 0:05:33.960 --> 0:05:37.840 are done digital. Now for myself, you know, I rarely 0:05:38.000 --> 0:05:41.719 carry around cash anymore, right, I'm just swiping my debit 0:05:41.760 --> 0:05:43.640 card or my credit card everywhere I go kind of 0:05:43.680 --> 0:05:47.279 a thing. And so you're already you're already living in 0:05:47.320 --> 0:05:50.360 a digital money world, and so for people to think 0:05:50.400 --> 0:05:53.839 that there's nothing tangible to touch it just seems really 0:05:53.839 --> 0:05:56.480 strange to me. UM. And again I think it's it's 0:05:56.520 --> 0:06:00.640 a probably a boomer comment. Um, I was old enough 0:06:00.680 --> 0:06:03.920 to have lived without, UM a lot of this technology, 0:06:03.960 --> 0:06:05.920 but I'm still young enough to kind of grasp most 0:06:06.000 --> 0:06:07.240 most of it. So I kind of in this like 0:06:07.240 --> 0:06:09.680 straddle situation. But that's what I just say, I mean, 0:06:11.080 --> 0:06:14.279 transactions are already digital. We live in a world where 0:06:14.279 --> 0:06:16.719 most of our assets are digital today. UM, I just 0:06:16.760 --> 0:06:19.640 had to do some docu signed documents this morning and 0:06:19.760 --> 0:06:22.560 uh it was my digital signature. UM. And so everything 0:06:22.680 --> 0:06:25.320 is digital these days, and so I think, UM, one 0:06:25.360 --> 0:06:28.760 thing about that I would say is that this is 0:06:28.760 --> 0:06:30.200 not one that I have on the list. But when 0:06:30.200 --> 0:06:33.240 we talk about like central bank digital currencies, you've probably 0:06:33.240 --> 0:06:35.440 heard about that by now. They're you know, called c 0:06:35.640 --> 0:06:38.680 b dcs central bank digital currencies, And so we know 0:06:38.800 --> 0:06:41.080 China has already kind of rolled out their central bank 0:06:41.080 --> 0:06:43.159 digital currency. They've been testing it for over a year. 0:06:44.120 --> 0:06:47.080 Their plan is to have a full scale release for 0:06:47.120 --> 0:06:49.920 the Winter Olympics. That's that's coming up there. But most 0:06:49.920 --> 0:06:51.560 of the other countries are also working on it. We 0:06:51.600 --> 0:06:53.720 know the United States, the Federal Reserve is also working 0:06:53.760 --> 0:06:57.280 on a central bank digital currency. UM. And what I 0:06:57.320 --> 0:07:00.760 think a lot of people ask me about that, UM, 0:07:00.760 --> 0:07:02.359 it's not on my list, But we'll talk about that 0:07:02.440 --> 0:07:04.080 for a second, because I think it plays into this 0:07:04.200 --> 0:07:06.880 exact piece of fund that I'm talking about, And a 0:07:06.920 --> 0:07:08.680 lot of people wonder, like what's going to happen with 0:07:08.720 --> 0:07:11.880 a central bank digital currency, and will that um take 0:07:11.920 --> 0:07:16.280 away the need for cryptocurrencies. Actually a lot of regulators 0:07:16.360 --> 0:07:19.680 actually think that. UM. I was actually reading today and 0:07:19.720 --> 0:07:21.520 we'll get to this story a little bit later, but 0:07:22.000 --> 0:07:24.760 Russias is trying to ban cryptocurrency, is trying to kind 0:07:24.760 --> 0:07:28.000 of follow what China's doing. But what they said, and 0:07:28.360 --> 0:07:30.040 when I was reading through what they were talking about, 0:07:30.080 --> 0:07:32.040 they said that they think that if they could hurry 0:07:32.080 --> 0:07:36.040 up and rush out the ruble, the digital ruble, that 0:07:36.280 --> 0:07:39.800 people wouldn't be people wouldn't need cryptocurrencies because what people 0:07:39.880 --> 0:07:43.560 really want is a way to transact digital assets, and 0:07:43.560 --> 0:07:45.200 if they can give them a digital ruble, then they 0:07:45.200 --> 0:07:48.400 would need cryptocurrencies. And I think that's just that's just ridiculous. Um. 0:07:48.440 --> 0:07:52.280 As I said, transactions are digital anyway, and so what 0:07:52.320 --> 0:07:54.360 I think central make digital currencies. If the government, if 0:07:54.360 --> 0:07:56.760 the Federal Reserve said, hey, um, you want new stemmy. 0:07:56.840 --> 0:07:59.600 You want for yours a stemmy, download this app and 0:07:59.600 --> 0:08:02.320 we'll will put it in there, a lot of people will, 0:08:02.720 --> 0:08:05.360 including myself. I'll take fourteen dollars a free money if 0:08:05.360 --> 0:08:06.160 they want to give it to me, And so I 0:08:06.200 --> 0:08:08.200 would download the app, I would use it and then 0:08:08.280 --> 0:08:10.920 everybody will be using that stimulus that would be given 0:08:10.960 --> 0:08:13.720 to them via this digital asset, this central bank digital currency, 0:08:14.200 --> 0:08:17.280 and then all of a sudden they would be kind 0:08:17.280 --> 0:08:19.280 of forced to use it, and they go, well, actually, 0:08:19.320 --> 0:08:22.360 this isn't any different than using Venmo or PayPal is 0:08:22.440 --> 0:08:25.240 actually kind of the same thing. And um, I guess 0:08:25.320 --> 0:08:27.840 I can use digital payments, and I guess it is 0:08:27.920 --> 0:08:29.920 kind of convenient and it works kind of good, and 0:08:30.120 --> 0:08:31.680 I guess I can trust it. And so it would 0:08:31.760 --> 0:08:35.040 kind of force people to shift their viewpoint on cryptocurrency 0:08:35.080 --> 0:08:37.800 because they'd be incentivized to use it by by getting 0:08:37.800 --> 0:08:40.640 that free money. And then what would happen is they 0:08:40.640 --> 0:08:43.320 would be looking at those central bank digital currencies in 0:08:43.400 --> 0:08:48.280 their wallet and go, how come, um, all the prices 0:08:48.840 --> 0:08:51.920 get more and more expensive, Like why why does it 0:08:51.960 --> 0:08:54.040 take more of my central bank digital currency, more my 0:08:54.200 --> 0:08:57.920 digital dollars to buy my regular you know, lunch at 0:08:57.920 --> 0:09:01.280 my lunch spot or gas in my car? But bitcoin 0:09:01.400 --> 0:09:04.200 over here it's taking less and less bitcoin to buy 0:09:04.360 --> 0:09:07.439 gas for my car or lunch. Like what's going on? Well, 0:09:07.600 --> 0:09:10.480 maybe I should put my central bank digecurrency into bitcoin, 0:09:10.880 --> 0:09:13.320 And so I think that it will really help this 0:09:13.360 --> 0:09:16.600 whole nothing tangible to touch, don't trust digital assets. It'll 0:09:16.600 --> 0:09:18.600 force people to do. It's kind of like this trojan 0:09:18.640 --> 0:09:21.640 horse or this gateway drug. If you will. UM, I 0:09:21.679 --> 0:09:23.520 got more coming up. You're listening to the Mark Moa Show. 0:09:23.559 --> 0:09:26.840 We're talking about bitcoin. We're specifically talking about the big 0:09:26.840 --> 0:09:30.480 objections against bitcoin. I got a bunch more, So don't 0:09:30.480 --> 0:09:32.720 go away. I'll be right back. All right, Welcome back. 0:09:32.800 --> 0:09:34.959 You are listening to the markma Show. While we are 0:09:35.000 --> 0:09:38.920 talking about bitcoin, we're talking about cryptocurrencies, and we're talking 0:09:38.920 --> 0:09:42.760 about the decentralized revolution that's happening. Of course, we're doing 0:09:42.800 --> 0:09:46.120 this each and every week, and uh, I've spent the 0:09:46.760 --> 0:09:48.800 this is the third week now. I've been breaking down 0:09:48.880 --> 0:09:53.600 the biggest fud fear, uncertainty, in doubt headlines against bitcoin 0:09:54.120 --> 0:09:56.600 specifically UM and also some of them applied just to 0:09:56.600 --> 0:10:00.360 cryptocurrencies more in general. And we've covered a bunch. Um. 0:10:00.400 --> 0:10:02.800 I just talked about before the break, how people say 0:10:02.840 --> 0:10:04.960 that there's nothing tangible to touch, you know, you can't 0:10:05.000 --> 0:10:08.240 trust these digital assets. And I went into that. Another 0:10:08.240 --> 0:10:11.839 one that I got in this when I asked the 0:10:12.559 --> 0:10:14.760 people on Twitter what were some of the biggest ones 0:10:14.800 --> 0:10:19.440 I hear and they say that bitcoin has an unequal distribution, 0:10:20.120 --> 0:10:21.719 all right, and so I think that's a big one. 0:10:21.800 --> 0:10:25.160 I think the world is caught up in this whole 0:10:26.000 --> 0:10:32.000 uh fair equality situation today, and so that makes sense. 0:10:32.000 --> 0:10:34.560 I mean, you know, I uh, I want everyone to 0:10:34.559 --> 0:10:35.880 do good and you know, I try to help as 0:10:35.880 --> 0:10:38.320 many people as I can, and um, you know, help 0:10:38.360 --> 0:10:41.400 out the less fortunate, and that's all great, um, and 0:10:41.679 --> 0:10:43.720 we should all want to do that. But when you 0:10:43.720 --> 0:10:46.800 think about equality, I think there's a difference in equality 0:10:46.840 --> 0:10:50.720 and a difference in fairness. And so what do I 0:10:50.760 --> 0:10:53.640 mean by that is that, Um, the game of basketball 0:10:54.000 --> 0:10:56.960 is fair, right, there's a set of rules for basketball, 0:10:57.600 --> 0:11:00.880 and everybody has to apply to those rules. It's fair, 0:11:01.160 --> 0:11:04.040 but it's not equal. So Lebron James is way better 0:11:04.040 --> 0:11:07.560 than me. I'll never be as good as Lebron James. Um. Now, 0:11:08.120 --> 0:11:11.280 if they want to equality in basketball, they would allow 0:11:11.280 --> 0:11:13.640 me to shoot from right under the basket or actually 0:11:13.640 --> 0:11:16.040 probably lower the basket for me when I was shooting. 0:11:16.400 --> 0:11:18.120 And then for him, he would have to shoot further 0:11:18.160 --> 0:11:19.920 away and they'd raise the basket or some you know, 0:11:20.000 --> 0:11:21.760 something like that for him, or he would have to 0:11:21.760 --> 0:11:23.360 play on one foot and with one arm, and I 0:11:23.360 --> 0:11:25.520 could play with both feet and both arms or something 0:11:25.559 --> 0:11:27.760 like that, and that would give us equality on the 0:11:27.760 --> 0:11:30.560 basketball court. But it wouldn't be fair, right, And you 0:11:30.600 --> 0:11:33.160 see how that's different. And so when we look at 0:11:33.320 --> 0:11:38.480 people say that bitcoin isn't isn't isn't equal, it's unequal distribution. Well, 0:11:38.679 --> 0:11:40.600 I mean that's just life. I mean Lebron got an 0:11:40.679 --> 0:11:45.960 unequal distribution in in skills for basketball and I didn't. 0:11:47.160 --> 0:11:50.840 It's not gonna say a bad thing. Um, it's funny. Um. 0:11:50.880 --> 0:11:54.800 As a parent and previously being a kid, I remember 0:11:54.880 --> 0:11:57.280 all the time when I was a kid telling my 0:11:57.280 --> 0:11:59.880 my dad, it's not fair, it's not fair. It's not 0:12:00.280 --> 0:12:04.679 My dad would go Mark, life isn't fair. And uh. 0:12:04.800 --> 0:12:06.400 Now as a parent, I hear the same thing from 0:12:06.400 --> 0:12:08.800 my kids. It's not fair, it's not fair. I said 0:12:08.800 --> 0:12:11.720 the same thing my dad did, like, life isn't fair. Um. 0:12:11.760 --> 0:12:14.800 But you know, we want fairness. I think we should 0:12:14.840 --> 0:12:17.960 have fairness, but equality is just something we can't have. Now. 0:12:18.240 --> 0:12:20.800 The part of the thing about being unequal, like in basketball, 0:12:20.920 --> 0:12:25.720 is that my inequality could be my advantage. So for example, 0:12:26.400 --> 0:12:31.240 a basketball player maybe bigger, but I might be faster, right, 0:12:31.320 --> 0:12:34.120 so I could use my fastness as my advantage while 0:12:34.160 --> 0:12:36.240 he's trying to use size as his advantage. And so 0:12:36.480 --> 0:12:39.320 that unequal distribution is what allows for this dynamic range. 0:12:39.360 --> 0:12:41.880 And that's why basketball games are fun and exciting. If 0:12:41.920 --> 0:12:43.360 we just had a whole bunch of Lebron James, it 0:12:43.360 --> 0:12:45.600 probably wouldn't be near as fun as a little you know, 0:12:45.720 --> 0:12:48.000 I'm not a big basketball fan, so forgive me, but 0:12:48.080 --> 0:12:50.520 like a little Steve Nash that that was out there, like, 0:12:50.559 --> 0:12:52.560 you know, that was really quick, um, something like that. 0:12:52.600 --> 0:12:55.200 But back to bitcoin. And by the way, you're listening 0:12:55.240 --> 0:12:58.000 to the Markmas Show and we're talking about bitcoin. But 0:12:58.040 --> 0:13:01.440 back to bitcoin and this unequal distribution. Bitcoin is open, 0:13:02.120 --> 0:13:07.960 it's borderless, it's permissionless. Anybody in the world has the 0:13:08.000 --> 0:13:13.600 exact same opportunity, the same fairness. Anybody can go buy 0:13:13.640 --> 0:13:17.160 a computer, hook it to the network and mind bitcoin, 0:13:17.480 --> 0:13:20.920 or anybody could take whatever currency they have and they 0:13:20.920 --> 0:13:28.120 could buy bitcoin. Nobody's excluded. It's one fair anybody could 0:13:28.120 --> 0:13:32.079 come and get it. That's what's fair. Now they would say, well, 0:13:32.120 --> 0:13:34.200 some people are poor and some people are rich, and 0:13:34.200 --> 0:13:36.640 so the rich people can buy more than the poor people. Well, 0:13:36.679 --> 0:13:39.920 that's true, but those rich people can buy more of anything. Um. 0:13:39.960 --> 0:13:41.960 And that's so that's a that's a different situation. That's 0:13:41.960 --> 0:13:44.280 more of an incoming equality thing. That's more based off 0:13:44.320 --> 0:13:47.000 the Fiat money system that we have today. Um. But 0:13:47.240 --> 0:13:50.560 bitcoin is fair. Anybody can go get it today. And 0:13:50.559 --> 0:13:52.679 then they would say, well, if all these rich people 0:13:52.720 --> 0:13:54.439 go buy up all the bitcoin and the poor people 0:13:54.760 --> 0:13:57.480 can't get it, um, and then the rich people just 0:13:57.559 --> 0:13:58.960 want to hoard it, they don't want to sell it, 0:13:59.000 --> 0:14:01.600 how would the poor people ever get it? And I 0:14:01.600 --> 0:14:04.079 would say, well, they would get it the same way 0:14:04.120 --> 0:14:06.880 that they would get anything else. They would get it 0:14:06.960 --> 0:14:11.760 by providing them a valuable good or service in exchange 0:14:11.800 --> 0:14:14.839 for it. So if I were to go provide them 0:14:14.880 --> 0:14:17.400 something of value that they really wanted, they would be 0:14:17.440 --> 0:14:19.800 compelled to give up some of that bitcoin. And so 0:14:20.240 --> 0:14:24.000 um it is uh, you know, there is inequality, I suppose, 0:14:24.080 --> 0:14:26.360 but it is fair and I think that is the 0:14:26.360 --> 0:14:28.400 big difference. I think if if you look at basketball, right, 0:14:28.400 --> 0:14:30.160 it's a fair game, and I think that's why people 0:14:30.160 --> 0:14:33.920 look at it all right. Um, oh I love this one. 0:14:34.040 --> 0:14:37.400 This is a good one. Actually, I'm gonna I'm gonna 0:14:37.400 --> 0:14:40.760 save this one. Let's go to Uh, you can't know 0:14:41.000 --> 0:14:43.280 that it won't get hacked. So that's a big thing. 0:14:43.520 --> 0:14:46.960 Bitcoin gets hacked, right, Um, I could lose it, um, 0:14:47.040 --> 0:14:48.920 And how do I protect it? How do I not 0:14:48.960 --> 0:14:50.680 get stolen? Or how do I know that the whole 0:14:50.720 --> 0:14:53.480 network won't get hacked and I won't lose everything? So 0:14:53.520 --> 0:14:55.200 that's a good one. So let's let's talk about that. 0:14:55.280 --> 0:14:58.480 So first of all, as I said, bitcoin is difficult 0:14:58.480 --> 0:15:00.280 to understand because it's a lot of things, and you 0:15:00.320 --> 0:15:02.440 really have to know at least six or eight different 0:15:02.480 --> 0:15:07.040 disciplines in order to really understand what bitcoin is. UM. 0:15:07.040 --> 0:15:09.160 Part of the reason why is as human beings, we 0:15:09.240 --> 0:15:12.960 are not good at imagining the future. All we can 0:15:13.000 --> 0:15:16.960 do is imagine better versions of what we have today. 0:15:17.120 --> 0:15:20.920 So we have cars, will have flying cars or something 0:15:21.040 --> 0:15:22.800 like that, right, And so what we try to do 0:15:22.840 --> 0:15:25.120 when we have something new, some new technology, we try 0:15:25.160 --> 0:15:27.640 to put it in relation to something that we know 0:15:27.680 --> 0:15:33.600 and understand. UM. So for example, Um, hypothetically I wasn't 0:15:33.600 --> 0:15:35.960 alive at the time, but let's say that when electricity 0:15:36.000 --> 0:15:39.520 first came out, Um, what what is this? Like? What 0:15:39.520 --> 0:15:42.800 what is this electricity? What's it gonna do what what 0:15:42.840 --> 0:15:45.200 can what can it do for us? And someone might say, well, 0:15:45.520 --> 0:15:47.000 you know, at the time, it was a light bulb, right, 0:15:47.040 --> 0:15:51.320 so it's like, well, it's kind of like a digital candle. Okay, 0:15:51.400 --> 0:15:54.840 so electricity, I get it. I understand electricity. Electricity is 0:15:54.880 --> 0:16:00.280 a digital candle. And someone might go, well, um, why 0:16:00.280 --> 0:16:02.040 do we need digital candle? Counts been light for five 0:16:02.080 --> 0:16:03.520 thousand years kind of a thing like that, But of 0:16:03.600 --> 0:16:06.680 course electricity became so much more than that. UM. So 0:16:06.920 --> 0:16:08.680 Bitcoin is a lot of things, and it's going to 0:16:08.760 --> 0:16:10.120 be a lot of things. But one thing we know 0:16:10.240 --> 0:16:14.280 for certain today is it's the most secure computer network 0:16:14.320 --> 0:16:17.000 in the history of the world. And um not just 0:16:17.040 --> 0:16:19.400 because it's the most secure network, but because of the 0:16:19.440 --> 0:16:22.040 design of it, because of the new technology that it is. 0:16:22.120 --> 0:16:24.440 And so for UH to to kind of illustrate this, 0:16:25.160 --> 0:16:29.760 all computer networks or databases today are centralized. So the 0:16:29.880 --> 0:16:32.800 Facebook database that stores your using name and password and 0:16:32.840 --> 0:16:34.840 all your images and mind and and and all that, 0:16:35.360 --> 0:16:38.400 or the Experienced database that stores all your credit history 0:16:39.040 --> 0:16:42.400 UM or the NSA database where they track everything and 0:16:42.440 --> 0:16:46.520 they store out your data in there. Those are centralized databases, 0:16:46.760 --> 0:16:49.760 and of course UM those companies have you know, buildings 0:16:49.800 --> 0:16:52.640 and they have I T departments and you know cybersecurity, 0:16:52.640 --> 0:16:55.560 and they have these these these walls and their their 0:16:55.600 --> 0:16:58.000 servers are in there, and they take all this time 0:16:58.040 --> 0:17:01.440 to secure those databases, those centralized databasis. But those centralized 0:17:01.480 --> 0:17:04.440 databases are big honey pots. When I've been by honey pots, 0:17:04.560 --> 0:17:07.680 is there's a lot of data and it's a big 0:17:08.000 --> 0:17:10.480 score if someone could break in and steal that. And 0:17:10.480 --> 0:17:12.359 of course people do all the time. So as a 0:17:12.440 --> 0:17:14.320 matter of fact, you've probably heard a couple of years ago, 0:17:14.400 --> 0:17:17.080 Experience was hacked. It was the largest data breach and 0:17:17.520 --> 0:17:21.440 I think US history and hundreds of millions of people's 0:17:21.920 --> 0:17:25.399 credit history, so security numbers, etcetera. Was leaked onto the 0:17:25.480 --> 0:17:29.040 dark web. Um, so we see these these computer networks 0:17:29.040 --> 0:17:30.440 get hacked all the time. As a matter of fact, 0:17:30.440 --> 0:17:33.240 the n s A was hacked and then then the 0:17:33.359 --> 0:17:35.480 NSA is responsible for security in the the United States, and 0:17:35.560 --> 0:17:37.440 their own network was hacked. And when they hacked the NSA, 0:17:37.800 --> 0:17:41.560 they stole the NSA is hacking software, which is why 0:17:41.640 --> 0:17:43.560 we have all these ransomware attacks today. Of course they 0:17:43.600 --> 0:17:45.399 blame that on bitcoin, but it's because the NSA was 0:17:45.440 --> 0:17:48.040 hacked and they stole their hacking software. But the Bitcoin 0:17:48.119 --> 0:17:51.040 network has never been hacked, and it's never been hacked 0:17:51.080 --> 0:17:54.080 because of the design. I'm gonna explain to you what 0:17:54.119 --> 0:17:56.440 that design is and why it's revolutionary and why it 0:17:56.440 --> 0:17:58.040 can't get hacked or it hasn't been hacked and most 0:17:58.040 --> 0:18:01.160 likely won't be. I have more headlines coming up. You're 0:18:01.160 --> 0:18:04.199 listening to the Markma Show talking about bitcoin. I'm going 0:18:04.240 --> 0:18:05.840 to bring you more of these headlines, explain to you 0:18:05.920 --> 0:18:09.639 more about bitcoin and why the design prevents it from 0:18:09.640 --> 0:18:11.680 getting hacked, so you can understand a little bit better. 0:18:12.040 --> 0:18:13.760 And like I said, I have a couple more another 0:18:13.800 --> 0:18:15.480 really really big one I want to get into. So 0:18:15.560 --> 0:18:18.399 don't go away, all right, Welcome back. You're listening to 0:18:18.400 --> 0:18:21.399 the Markma Show, and we're talking about bitcoin. We're talking 0:18:21.400 --> 0:18:27.520 about cryptocurrencies and decentralized revolution that's been happening and right now, specifically, 0:18:27.640 --> 0:18:31.600 I'm taking on one piece of fund one fear, uncertainty 0:18:31.600 --> 0:18:34.560 and doubt, one objection to bitcoin at a time. We've 0:18:34.560 --> 0:18:36.280 been covering it for the last couple of weeks. I've 0:18:36.280 --> 0:18:38.640 gone through about twenty of them. I got two more 0:18:38.680 --> 0:18:42.080 to go, and before the break. I was talking about, 0:18:42.119 --> 0:18:44.560 you know, Bitcoin is very difficult to understand because, um, 0:18:44.600 --> 0:18:47.680 it's a new technology and it is a lot of things. 0:18:47.720 --> 0:18:50.679 It's going to be a lot of things. Um. But 0:18:50.760 --> 0:18:53.280 one thing we know for certain that it is is 0:18:53.320 --> 0:18:55.480 that it's the most secure computer network in the history 0:18:55.520 --> 0:18:58.600 of the world. And I was explaining how computer networks 0:18:58.640 --> 0:19:01.080 or databases, I should say, they're big honey pots. There's 0:19:01.080 --> 0:19:02.879 a lot of data there, so it's there's a lot 0:19:02.920 --> 0:19:05.119 of reward for a hacker to break in and and 0:19:05.119 --> 0:19:07.240 and steal the data that's in there, like experience getting 0:19:07.280 --> 0:19:10.639 hacked or the the NSA getting hacked. Um. But I 0:19:10.720 --> 0:19:12.679 was saying how that the bitcoin network has never been 0:19:12.720 --> 0:19:16.280 hacked and the reason why it's never been hacked and 0:19:16.600 --> 0:19:19.320 most likely never will be. I mean, anything is possible. 0:19:19.359 --> 0:19:21.120 I don't deal in the world of absolutes. I think 0:19:21.160 --> 0:19:24.719 of things in terms of probabilities, So you know, anything 0:19:24.840 --> 0:19:26.880 is possible. I mean aliens could come destroy the world 0:19:26.920 --> 0:19:29.000 tomorrow too, But we have to so we have we 0:19:29.040 --> 0:19:31.359 have to think about things in terms of probabilities. But 0:19:31.359 --> 0:19:34.360 then we think about, like, well, what's the chance, what's 0:19:34.400 --> 0:19:37.399