Speaker 1: Everyone, Welcome to another episode of The Mark Ma Show,
Speaker 1: where we are talking about bitcoin and cryptocurrencies in this
Speaker 1: entire decentralized revolution that's happening right before our very eyes.
Speaker 1: You know, sometimes when it's when you're living through it,
Speaker 1: you don't notice the change that's happening. But it's big.
Speaker 1: What's going on is going to change the course of humanity,
Speaker 1: is going to change the course of the world, and
Speaker 1: it's difficult. It's difficult to understand. I've been studying for
Speaker 1: over seven years and I'm still trying to figure out
Speaker 1: what the heck is going on here because it's just
Speaker 1: evolving so fast. And that's why it's important that you
Speaker 1: tune in with me each and every week so I
Speaker 1: can keep you up to date. You know, each and
Speaker 1: every week I try to give you um some education.
Speaker 1: You know, I've been studying this for over seven years.
Speaker 1: You really have to understand six seven different disciplines to
Speaker 1: kind of get a grasp of this. And so each
Speaker 1: week I'll bring you these educational pieces that you can
Speaker 1: continue to build on and continue to understand. This is better.
Speaker 1: I bring you the latest and breaking news every week,
Speaker 1: so you know exactly what is going on. What's happening.
Speaker 1: And then you can sound really smart when you go
Speaker 1: talk to your friends because you have to date on everything.
Speaker 1: And then I try to bring you some of the
Speaker 1: best and brightest people in the industry, some of my
Speaker 1: good friends um to kind of give some different perspectives
Speaker 1: and so you know, you don't just hear from me,
Speaker 1: but here from other people. So if you haven't already,
Speaker 1: because I tell you each and every week, pull out
Speaker 1: your phone, put a calendar reminder on there to join
Speaker 1: me on this channel at this time each and every
Speaker 1: week while I make it the most profitable part of
Speaker 1: your week. Now, um, what I want to do today
Speaker 1: is I actually want to jump into the third and
Speaker 1: final installment that I've been doing, which I've been breaking
Speaker 1: the fund the fear, uncertainty and doubt headlines. A couple
Speaker 1: of weeks ago, I ran a pole and h or
Speaker 1: I guess it wasn't a poll, that was just an
Speaker 1: ask on Twitter to find out what are the top
Speaker 1: objections that people have as to why bitcoin won't work,
Speaker 1: will never work, why it's you dumb, stupid, whatever? And
Speaker 1: I got, uh, I don't know about twenty different answers
Speaker 1: that I kind of lumped together and kind of group.
Speaker 1: So about twenty things that are kind of like the
Speaker 1: most common, and so I've been breaking those down each week.
Speaker 1: I've gotten through all of them except for these last couple.
Speaker 1: We're gonna get through them today. UM. So I guess
Speaker 1: this is kind of a three part series. And if
Speaker 1: you've missed the first two then you can go catch
Speaker 1: those back on the I Heart radio podcast network. You
Speaker 1: can just search Mark Moss podcast, uh and you'll find
Speaker 1: it over there. So if you want to, if you
Speaker 1: want to know, we covered why. Um. If people say
Speaker 1: bitcoin is not backed by anything, it's back to by nothing. Um,
Speaker 1: there's no intrinsic value, there's no way to value it. Um,
Speaker 1: there's environmental concerns, it's a waste of electricity. People want
Speaker 1: to wait for the dip. People think that bitcoin is
Speaker 1: only for a black market criminal activity. It's too volatile
Speaker 1: and risky. People feel like they've already missed the boat. Um.
Speaker 1: They think it's too expensive and they want to know
Speaker 1: about other coins. They think it could be hacked, it
Speaker 1: could be manipulated. The big one is that the government
Speaker 1: won't allow it to succeed. So the first ones I
Speaker 1: just read that was two weeks ago. Last week we
Speaker 1: covered government won't allow it to succeed. Uh, there's gonna
Speaker 1: be regulations coming. The rules could be changed, like change
Speaker 1: how many coins there are, something like that, UM that
Speaker 1: it was started by the c i A. And there's
Speaker 1: like some sort of backdoor UM that it's older technology
Speaker 1: and there's newer technology around that inflation is needed for
Speaker 1: economic growth, and that's why I fixed supply would never
Speaker 1: work UM. And then and then if we did have
Speaker 1: fixed supply, that people would just hoard it, they would
Speaker 1: hoard a deflationary currency and there would be no um
Speaker 1: economic growth. So that was all last week, so we recovered.
Speaker 1: That's all the things we've covered the last two weeks,
Speaker 1: and we're gonna break down the rest of them today
Speaker 1: and we're gonna put this whole section to bed. I
Speaker 1: got a lot more topics to get back to you on.
Speaker 1: By the way, if you're just tuning in, you're listening
Speaker 1: to the Markmas Show, which of course we're talking about
Speaker 1: bitcoin and it's decentralized revolue that's happening. It's really big.
Speaker 1: It's it's it's really really big. It's a technological revolution
Speaker 1: that will change the way the world works, and so um,
Speaker 1: because it's so big and it's so new, it's hard
Speaker 1: to understand, and a lot of people dismiss it. And
Speaker 1: so let's break that down. So let's move on to
Speaker 1: the last couple that I have here, and we have
Speaker 1: let's see here, there's nothing tangible to touch, right, it's
Speaker 1: a digital asset, right, there's nothing tangible. I only want
Speaker 1: things that I can hold in my hand. Um, like gold.
Speaker 1: Gold is great because I can hold gold in my hand.
Speaker 1: And so because of that, I can't trust it. Um,
Speaker 1: I don't believe it has any value. And um, what
Speaker 1: I would say to that is a couple of things.
Speaker 1: So first off, uh, I'm sorry if you're older, but
Speaker 1: maybe that's like a boomer comment. I mean, I'm I'm
Speaker 1: kind of getting up there in age as well, but
Speaker 1: you know, maybe that's a boomer comment. If you don't
Speaker 1: if you don't believe in something digital because everything is
Speaker 1: digital these days, would you say that you don't believe
Speaker 1: in your music because music's digital now? Like we used
Speaker 1: to have a vinyl record. Well before that, we used
Speaker 1: to have an orchestra. If you want to hear Beethoven symphony,
Speaker 1: you would have to get an entire orchestra to come
Speaker 1: over to your house or set them up and play it. UM.
Speaker 1: And then eventually it was on a record, and I
Speaker 1: guess that record was still UM. I guess it was
Speaker 1: still tangible you could hold in your hand, and then
Speaker 1: it was a it was a cassette and then a CD.
Speaker 1: But today I stream it over my phone, and so
Speaker 1: it's digital. And so if you don't trust digital assets,
Speaker 1: I don't even know what that means. And as a
Speaker 1: matter of fact, almost nine of all payment transactions today
Speaker 1: are done digital. Now for myself, you know, I rarely
Speaker 1: carry around cash anymore, right, I'm just swiping my debit
Speaker 1: card or my credit card everywhere I go kind of
Speaker 1: a thing. And so you're already you're already living in
Speaker 1: a digital money world, and so for people to think
Speaker 1: that there's nothing tangible to touch it just seems really
Speaker 1: strange to me. UM. And again I think it's it's
Speaker 1: a probably a boomer comment. Um, I was old enough
Speaker 1: to have lived without, UM a lot of this technology,
Speaker 1: but I'm still young enough to kind of grasp most
Speaker 1: most of it. So I kind of in this like
Speaker 1: straddle situation. But that's what I just say, I mean,
Speaker 1: transactions are already digital. We live in a world where
Speaker 1: most of our assets are digital today. UM, I just
Speaker 1: had to do some docu signed documents this morning and
Speaker 1: uh it was my digital signature. UM. And so everything
Speaker 1: is digital these days, and so I think, UM, one
Speaker 1: thing about that I would say is that this is
Speaker 1: not one that I have on the list. But when
Speaker 1: we talk about like central bank digital currencies, you've probably
Speaker 1: heard about that by now. They're you know, called c
Speaker 1: b dcs central bank digital currencies, And so we know
Speaker 1: China has already kind of rolled out their central bank
Speaker 1: digital currency. They've been testing it for over a year.
Speaker 1: Their plan is to have a full scale release for
Speaker 1: the Winter Olympics. That's that's coming up there. But most
Speaker 1: of the other countries are also working on it. We
Speaker 1: know the United States, the Federal Reserve is also working
Speaker 1: on a central bank digital currency. UM. And what I
Speaker 1: think a lot of people ask me about that, UM,
Speaker 1: it's not on my list, But we'll talk about that
Speaker 1: for a second, because I think it plays into this
Speaker 1: exact piece of fund that I'm talking about, And a
Speaker 1: lot of people wonder, like what's going to happen with
Speaker 1: a central bank digital currency, and will that um take
Speaker 1: away the need for cryptocurrencies. Actually a lot of regulators
Speaker 1: actually think that. UM. I was actually reading today and
Speaker 1: we'll get to this story a little bit later, but
Speaker 1: Russias is trying to ban cryptocurrency, is trying to kind
Speaker 1: of follow what China's doing. But what they said, and
Speaker 1: when I was reading through what they were talking about,
Speaker 1: they said that they think that if they could hurry
Speaker 1: up and rush out the ruble, the digital ruble, that
Speaker 1: people wouldn't be people wouldn't need cryptocurrencies because what people
Speaker 1: really want is a way to transact digital assets, and
Speaker 1: if they can give them a digital ruble, then they
Speaker 1: would need cryptocurrencies. And I think that's just that's just ridiculous. Um.
Speaker 1: As I said, transactions are digital anyway, and so what
Speaker 1: I think central make digital currencies. If the government, if
Speaker 1: the Federal Reserve said, hey, um, you want new stemmy.
Speaker 1: You want for yours a stemmy, download this app and
Speaker 1: we'll will put it in there, a lot of people will,
Speaker 1: including myself. I'll take fourteen dollars a free money if
Speaker 1: they want to give it to me, And so I
Speaker 1: would download the app, I would use it and then
Speaker 1: everybody will be using that stimulus that would be given
Speaker 1: to them via this digital asset, this central bank digital currency,
Speaker 1: and then all of a sudden they would be kind
Speaker 1: of forced to use it, and they go, well, actually,
Speaker 1: this isn't any different than using Venmo or PayPal is
Speaker 1: actually kind of the same thing. And um, I guess
Speaker 1: I can use digital payments, and I guess it is
Speaker 1: kind of convenient and it works kind of good, and
Speaker 1: I guess I can trust it. And so it would
Speaker 1: kind of force people to shift their viewpoint on cryptocurrency
Speaker 1: because they'd be incentivized to use it by by getting
Speaker 1: that free money. And then what would happen is they
Speaker 1: would be looking at those central bank digital currencies in
Speaker 1: their wallet and go, how come, um, all the prices
Speaker 1: get more and more expensive, Like why why does it
Speaker 1: take more of my central bank digital currency, more my
Speaker 1: digital dollars to buy my regular you know, lunch at
Speaker 1: my lunch spot or gas in my car? But bitcoin
Speaker 1: over here it's taking less and less bitcoin to buy
Speaker 1: gas for my car or lunch. Like what's going on? Well,
Speaker 1: maybe I should put my central bank digecurrency into bitcoin,
Speaker 1: And so I think that it will really help this
Speaker 1: whole nothing tangible to touch, don't trust digital assets. It'll
Speaker 1: force people to do. It's kind of like this trojan
Speaker 1: horse or this gateway drug. If you will. UM, I
Speaker 1: got more coming up. You're listening to the Mark Moa Show.
Speaker 1: We're talking about bitcoin. We're specifically talking about the big
Speaker 1: objections against bitcoin. I got a bunch more, So don't
Speaker 1: go away. I'll be right back. All right, Welcome back.
Speaker 1: You are listening to the markma Show. While we are
Speaker 1: talking about bitcoin, we're talking about cryptocurrencies, and we're talking
Speaker 1: about the decentralized revolution that's happening. Of course, we're doing
Speaker 1: this each and every week, and uh, I've spent the
Speaker 1: this is the third week now. I've been breaking down
Speaker 1: the biggest fud fear, uncertainty, in doubt headlines against bitcoin
Speaker 1: specifically UM and also some of them applied just to
Speaker 1: cryptocurrencies more in general. And we've covered a bunch. Um.
Speaker 1: I just talked about before the break, how people say
Speaker 1: that there's nothing tangible to touch, you know, you can't
Speaker 1: trust these digital assets. And I went into that. Another
Speaker 1: one that I got in this when I asked the
Speaker 1: people on Twitter what were some of the biggest ones
Speaker 1: I hear and they say that bitcoin has an unequal distribution,
Speaker 1: all right, and so I think that's a big one.
Speaker 1: I think the world is caught up in this whole
Speaker 1: uh fair equality situation today, and so that makes sense.
Speaker 1: I mean, you know, I uh, I want everyone to
Speaker 1: do good and you know, I try to help as
Speaker 1: many people as I can, and um, you know, help
Speaker 1: out the less fortunate, and that's all great, um, and
Speaker 1: we should all want to do that. But when you
Speaker 1: think about equality, I think there's a difference in equality
Speaker 1: and a difference in fairness. And so what do I
Speaker 1: mean by that is that, Um, the game of basketball
Speaker 1: is fair, right, there's a set of rules for basketball,
Speaker 1: and everybody has to apply to those rules. It's fair,
Speaker 1: but it's not equal. So Lebron James is way better
Speaker 1: than me. I'll never be as good as Lebron James. Um. Now,
Speaker 1: if they want to equality in basketball, they would allow
Speaker 1: me to shoot from right under the basket or actually
Speaker 1: probably lower the basket for me when I was shooting.
Speaker 1: And then for him, he would have to shoot further
Speaker 1: away and they'd raise the basket or some you know,
Speaker 1: something like that for him, or he would have to
Speaker 1: play on one foot and with one arm, and I
Speaker 1: could play with both feet and both arms or something
Speaker 1: like that, and that would give us equality on the
Speaker 1: basketball court. But it wouldn't be fair, right, And you
Speaker 1: see how that's different. And so when we look at
Speaker 1: people say that bitcoin isn't isn't isn't equal, it's unequal distribution. Well,
Speaker 1: I mean that's just life. I mean Lebron got an
Speaker 1: unequal distribution in in skills for basketball and I didn't.
Speaker 1: It's not gonna say a bad thing. Um, it's funny. Um.
Speaker 1: As a parent and previously being a kid, I remember
Speaker 1: all the time when I was a kid telling my
Speaker 1: my dad, it's not fair, it's not fair. It's not
Speaker 1: My dad would go Mark, life isn't fair. And uh.
Speaker 1: Now as a parent, I hear the same thing from
Speaker 1: my kids. It's not fair, it's not fair. I said
Speaker 1: the same thing my dad did, like, life isn't fair. Um.
Speaker 1: But you know, we want fairness. I think we should
Speaker 1: have fairness, but equality is just something we can't have. Now.
Speaker 1: The part of the thing about being unequal, like in basketball,
Speaker 1: is that my inequality could be my advantage. So for example,
Speaker 1: a basketball player maybe bigger, but I might be faster, right,
Speaker 1: so I could use my fastness as my advantage while
Speaker 1: he's trying to use size as his advantage. And so
Speaker 1: that unequal distribution is what allows for this dynamic range.
Speaker 1: And that's why basketball games are fun and exciting. If
Speaker 1: we just had a whole bunch of Lebron James, it
Speaker 1: probably wouldn't be near as fun as a little you know,
Speaker 1: I'm not a big basketball fan, so forgive me, but
Speaker 1: like a little Steve Nash that that was out there, like,
Speaker 1: you know, that was really quick, um, something like that.
Speaker 1: But back to bitcoin. And by the way, you're listening
Speaker 1: to the Markmas Show and we're talking about bitcoin. But
Speaker 1: back to bitcoin and this unequal distribution. Bitcoin is open,
Speaker 1: it's borderless, it's permissionless. Anybody in the world has the
Speaker 1: exact same opportunity, the same fairness. Anybody can go buy
Speaker 1: a computer, hook it to the network and mind bitcoin,
Speaker 1: or anybody could take whatever currency they have and they
Speaker 1: could buy bitcoin. Nobody's excluded. It's one fair anybody could
Speaker 1: come and get it. That's what's fair. Now they would say, well,
Speaker 1: some people are poor and some people are rich, and
Speaker 1: so the rich people can buy more than the poor people. Well,
Speaker 1: that's true, but those rich people can buy more of anything. Um.
Speaker 1: And that's so that's a that's a different situation. That's
Speaker 1: more of an incoming equality thing. That's more based off
Speaker 1: the Fiat money system that we have today. Um. But
Speaker 1: bitcoin is fair. Anybody can go get it today. And
Speaker 1: then they would say, well, if all these rich people
Speaker 1: go buy up all the bitcoin and the poor people
Speaker 1: can't get it, um, and then the rich people just
Speaker 1: want to hoard it, they don't want to sell it,
Speaker 1: how would the poor people ever get it? And I
Speaker 1: would say, well, they would get it the same way
Speaker 1: that they would get anything else. They would get it
Speaker 1: by providing them a valuable good or service in exchange
Speaker 1: for it. So if I were to go provide them
Speaker 1: something of value that they really wanted, they would be
Speaker 1: compelled to give up some of that bitcoin. And so
Speaker 1: um it is uh, you know, there is inequality, I suppose,
Speaker 1: but it is fair and I think that is the
Speaker 1: big difference. I think if if you look at basketball, right,
Speaker 1: it's a fair game, and I think that's why people
Speaker 1: look at it all right. Um, oh I love this one.
Speaker 1: This is a good one. Actually, I'm gonna I'm gonna
Speaker 1: save this one. Let's go to Uh, you can't know
Speaker 1: that it won't get hacked. So that's a big thing.
Speaker 1: Bitcoin gets hacked, right, Um, I could lose it, um,
Speaker 1: And how do I protect it? How do I not
Speaker 1: get stolen? Or how do I know that the whole
Speaker 1: network won't get hacked and I won't lose everything? So
Speaker 1: that's a good one. So let's let's talk about that.
Speaker 1: So first of all, as I said, bitcoin is difficult
Speaker 1: to understand because it's a lot of things, and you
Speaker 1: really have to know at least six or eight different
Speaker 1: disciplines in order to really understand what bitcoin is. UM.
Speaker 1: Part of the reason why is as human beings, we
Speaker 1: are not good at imagining the future. All we can
Speaker 1: do is imagine better versions of what we have today.
Speaker 1: So we have cars, will have flying cars or something
Speaker 1: like that, right, And so what we try to do
Speaker 1: when we have something new, some new technology, we try
Speaker 1: to put it in relation to something that we know
Speaker 1: and understand. UM. So for example, Um, hypothetically I wasn't
Speaker 1: alive at the time, but let's say that when electricity
Speaker 1: first came out, Um, what what is this? Like? What
Speaker 1: what is this electricity? What's it gonna do what what
Speaker 1: can what can it do for us? And someone might say, well,
Speaker 1: you know, at the time, it was a light bulb, right,
Speaker 1: so it's like, well, it's kind of like a digital candle. Okay,
Speaker 1: so electricity, I get it. I understand electricity. Electricity is
Speaker 1: a digital candle. And someone might go, well, um, why
Speaker 1: do we need digital candle? Counts been light for five
Speaker 1: thousand years kind of a thing like that, But of
Speaker 1: course electricity became so much more than that. UM. So
Speaker 1: Bitcoin is a lot of things, and it's going to
Speaker 1: be a lot of things. But one thing we know
Speaker 1: for certain today is it's the most secure computer network
Speaker 1: in the history of the world. And um not just
Speaker 1: because it's the most secure network, but because of the
Speaker 1: design of it, because of the new technology that it is.
Speaker 1: And so for UH to to kind of illustrate this,
Speaker 1: all computer networks or databases today are centralized. So the
Speaker 1: Facebook database that stores your using name and password and
Speaker 1: all your images and mind and and and all that,
Speaker 1: or the Experienced database that stores all your credit history
Speaker 1: UM or the NSA database where they track everything and
Speaker 1: they store out your data in there. Those are centralized databases,
Speaker 1: and of course UM those companies have you know, buildings
Speaker 1: and they have I T departments and you know cybersecurity,
Speaker 1: and they have these these these walls and their their
Speaker 1: servers are in there, and they take all this time
Speaker 1: to secure those databases, those centralized databasis. But those centralized
Speaker 1: databases are big honey pots. When I've been by honey pots,
Speaker 1: is there's a lot of data and it's a big
Speaker 1: score if someone could break in and steal that. And
Speaker 1: of course people do all the time. So as a
Speaker 1: matter of fact, you've probably heard a couple of years ago,
Speaker 1: Experience was hacked. It was the largest data breach and
Speaker 1: I think US history and hundreds of millions of people's
Speaker 1: credit history, so security numbers, etcetera. Was leaked onto the
Speaker 1: dark web. Um, so we see these these computer networks
Speaker 1: get hacked all the time. As a matter of fact,
Speaker 1: the n s A was hacked and then then the
Speaker 1: NSA is responsible for security in the the United States, and
Speaker 1: their own network was hacked. And when they hacked the NSA,
Speaker 1: they stole the NSA is hacking software, which is why
Speaker 1: we have all these ransomware attacks today. Of course they
Speaker 1: blame that on bitcoin, but it's because the NSA was
Speaker 1: hacked and they stole their hacking software. But the Bitcoin
Speaker 1: network has never been hacked, and it's never been hacked
Speaker 1: because of the design. I'm gonna explain to you what
Speaker 1: that design is and why it's revolutionary and why it
Speaker 1: can't get hacked or it hasn't been hacked and most
Speaker 1: likely won't be. I have more headlines coming up. You're
Speaker 1: listening to the Markma Show talking about bitcoin. I'm going
Speaker 1: to bring you more of these headlines, explain to you
Speaker 1: more about bitcoin and why the design prevents it from
Speaker 1: getting hacked, so you can understand a little bit better.
Speaker 1: And like I said, I have a couple more another
Speaker 1: really really big one I want to get into. So
Speaker 1: don't go away, all right, Welcome back. You're listening to
Speaker 1: the Markma Show, and we're talking about bitcoin. We're talking
Speaker 1: about cryptocurrencies and decentralized revolution that's been happening and right now, specifically,
Speaker 1: I'm taking on one piece of fund one fear, uncertainty
Speaker 1: and doubt, one objection to bitcoin at a time. We've
Speaker 1: been covering it for the last couple of weeks. I've
Speaker 1: gone through about twenty of them. I got two more
Speaker 1: to go, and before the break. I was talking about,
Speaker 1: you know, Bitcoin is very difficult to understand because, um,
Speaker 1: it's a new technology and it is a lot of things.
Speaker 1: It's going to be a lot of things. Um. But
Speaker 1: one thing we know for certain that it is is
Speaker 1: that it's the most secure computer network in the history
Speaker 1: of the world. And I was explaining how computer networks
Speaker 1: or databases, I should say, they're big honey pots. There's
Speaker 1: a lot of data there, so it's there's a lot
Speaker 1: of reward for a hacker to break in and and
Speaker 1: and steal the data that's in there, like experience getting
Speaker 1: hacked or the the NSA getting hacked. Um. But I
Speaker 1: was saying how that the bitcoin network has never been
Speaker 1: hacked and the reason why it's never been hacked and
Speaker 1: most likely never will be. I mean, anything is possible.
Speaker 1: I don't deal in the world of absolutes. I think
Speaker 1: of things in terms of probabilities, So you know, anything
Speaker 1: is possible. I mean aliens could come destroy the world
Speaker 1: tomorrow too, But we have to so we have we
Speaker 1: have to think about things in terms of probabilities. But
Speaker 1: then we think about, like, well, what's the chance, what's
Speaker 1: the probability that aliens would destroy the world tomorrow. I
Speaker 1: mean it's you know, I guess it's theoretically possible, but
Speaker 1: it's probably like barely possible, right, And so the same
Speaker 1: would be with the bitcoin with the bitcoin network being hacked.
Speaker 1: And so let me explain to you the design and
Speaker 1: that will help explain a little bit better. So kind
Speaker 1: of back to this honey pot, right. So, Um, you know,
Speaker 1: if I could hack into the experienced UH database and
Speaker 1: I could steal all the records of every Amerria akin
Speaker 1: and all their bank accounts and so security numbers, that's
Speaker 1: that's worth a lot of money, and so a lot
Speaker 1: of hackers are motivated to do that. Um, if I
Speaker 1: had a bank and the bank had I don't know,
Speaker 1: a trillion dollars in the bank, that's a lot of money,
Speaker 1: and a lot of bank robbers might be willing to
Speaker 1: try to break into that. And as a matter of fact,
Speaker 1: if I could get a trillion dollars out of the bank,
Speaker 1: I might be willing to spend a few million, a
Speaker 1: few hundred million to try to hack into that, because
Speaker 1: if I spent a few a million but got a
Speaker 1: trillion back, that would be a good return of my
Speaker 1: investment on my time. But what if I had a
Speaker 1: trillion banks with one dollar each, I see now that
Speaker 1: would not be worth anybody's time to hack into because
Speaker 1: it would take all this time, effort, and risk to
Speaker 1: get one dollar, and then I'd have to go to
Speaker 1: a trillion different banks and do the exact same thing
Speaker 1: over and over and over and over. So it makes
Speaker 1: it very, very difficult. That's kind of how the bitcoin
Speaker 1: database works. Instead of having one centralized database like Experience has,
Speaker 1: or Facebook has or or the n s A has,
Speaker 1: instead of having one, we have decentralized or distributed databases.
Speaker 1: So we have millions of databases that are all around
Speaker 1: the world, and all the databases have the entire same
Speaker 1: code base, and in order for a transaction happen, all
Speaker 1: the databases have to agree at once, and if somebody
Speaker 1: wanted to try to take that over, they would have
Speaker 1: to take over more than fifty a lot more than that,
Speaker 1: but at least minimum at least of the network. But
Speaker 1: how would they do that. They don't know where they are,
Speaker 1: they don't even know they don't know where they are,
Speaker 1: they don't have to get access to them, and they
Speaker 1: would have to co opt all of them at the
Speaker 1: exact same time. Which is theoretically impossible. Now I say theoretically,
Speaker 1: I mean anything is possible, but but on the probability scale,
Speaker 1: there's hardly any chance that could happen. Now, Bitcoin is
Speaker 1: an open source network. Everybody can see all the code.
Speaker 1: There's nothing proprietary about it. Facebook is a proprietary database,
Speaker 1: Experience a proprietary to base. The NSA is a proprietary database.
Speaker 1: But Bitcoin is open. It's open source. Any any computer
Speaker 1: programmer can look at the code and read the code
Speaker 1: and build on the code. And we have about a
Speaker 1: trillion dollars sitting on the Bitcoin network open. There's no
Speaker 1: there's no building, there's no I T department, there's no
Speaker 1: UM cybersecurity team protecting it. There's no building, there's no walls,
Speaker 1: there's nothing, there's nobody. It's just there. There's open a
Speaker 1: trillion dollars in the open on an open source network
Speaker 1: for any hacker to come and get Come and get it,
Speaker 1: they say, and guess what, It's never been hacked. Now,
Speaker 1: I would say that a trillion dollars of value they
Speaker 1: can get from an open source network is probably way
Speaker 1: more valuable than the credit scores of people from Experience.
Speaker 1: But it's never been hacked. Now, it doesn't mean it
Speaker 1: never will be. I mean, like I said, anything is possible,
Speaker 1: but it most like it won't be. And it's because
Speaker 1: of the design the way the technology works. UM. So anyway,
Speaker 1: that's that, Yeah, you can't and so you can't know
Speaker 1: it won't get hacked. Yeah, and so you can't. I mean,
Speaker 1: anything could happen, but the probably is is almost non existent.
Speaker 1: All right, UM, you're listening to the markma Show. We're
Speaker 1: talking about bitcoin and and this decentralized revolution. I'm breaking
Speaker 1: down the fud, the fear, uncertainty, and doubt headlines, one
Speaker 1: by one by one. This is the third and final
Speaker 1: week of getting through about twenty of these. Um. We
Speaker 1: just covered UM, nothing tangible, I can't touch it, don't
Speaker 1: trust digital assets. We covered unequal distribution, We covered what
Speaker 1: happened or you can't know that it won't get hacked.
Speaker 1: And the last one I want to get into is, um,
Speaker 1: what happens if the power and the internet goes out?
Speaker 1: M M. That's a good one. I saved the best
Speaker 1: for last. What happened? Yeah, what does happen? That's a
Speaker 1: good that's a good question. What happens if the power
Speaker 1: and the internet goes out. So the first thing I
Speaker 1: would say is, let's talk about the power of the
Speaker 1: internet going out. So the power going out, Um, like
Speaker 1: the power going out to like my town, because I
Speaker 1: can here in California we have rolling blackouts and the
Speaker 1: power goes out occasionally. Um. Do we mean like the
Speaker 1: power to a region the country or you think like
Speaker 1: the whole the power of go out for the whole world,
Speaker 1: And like then would the power go out for the
Speaker 1: whole world and then like never come back or would
Speaker 1: it just like go out for like a few minutes,
Speaker 1: And so you have to kind of think about that
Speaker 1: a little bit further. So, um, let's talk about each
Speaker 1: one of those. So if the power were to go
Speaker 1: out in my city, Okay, so what the database is
Speaker 1: that I just talked about are decentralized. There's millions of
Speaker 1: copies of the database all over the world. So if
Speaker 1: power goes out in my town for a couple of
Speaker 1: hours or a couple of days, so what right, the
Speaker 1: database is still running in other parts of the world. Um,
Speaker 1: And so um, while the power maybe out, and maybe
Speaker 1: I couldn't use the Bitcoin network where I'm at because
Speaker 1: the power is out well, I also couldn't use my
Speaker 1: visa card or my debit card. I couldn't go to
Speaker 1: the A T M and pull cash out. Um. I
Speaker 1: could go to a store, but they wouldn't be able
Speaker 1: to check me out because their cash registers wouldn't be working. Um.
Speaker 1: And So while I'm sure if in my town, my city,
Speaker 1: the power went out, I couldn't use bitcoin, I couldn't
Speaker 1: use anything else either, and most like, I couldn't even
Speaker 1: use cash because, as I said, the stores wouldn't even
Speaker 1: be able to check me out. Uh. The grocery stores
Speaker 1: food would be going bad and they wouldn't be able
Speaker 1: to open up the freezers. Right. So, Um, if the
Speaker 1: power went out, we have much bigger problems than that. Um.
Speaker 1: And So yes, temporarily, maybe you know, we couldn't use bitcoin,
Speaker 1: we couldn't use anything else. Um. But I'm gonna actually
Speaker 1: come back to that. Okay, let's let's go to a
Speaker 1: bigger scale. Let's say that the power went out to
Speaker 1: um the country. I mean, same situation, I guess, um,
Speaker 1: But but I think what people are more afraid of
Speaker 1: is they say, what if the power went out to
Speaker 1: the whole world? Okay, so the power goes out to
Speaker 1: the whole world the same same situation as if it
Speaker 1: did locally. Um, all that now, all the databases around
Speaker 1: the world, all the bitcoin databases, they all lose power. Okay,
Speaker 1: well everything did, right. The bank's all lost power, all
Speaker 1: the stores lost power, the Visa network lost power, everything's
Speaker 1: lost power or in some sort of like a mad
Speaker 1: Max scenario, uh kind of situation. And uh, money isn't
Speaker 1: really good in that type of a scenario. At that point,
Speaker 1: we're trading like water for batteries. Right. If you look
Speaker 1: at when nations breakdown like Venezuela for example, or or
Speaker 1: even in the United States, I don't know how long
Speaker 1: it was now, maybe a decade ago. I forget, Like
Speaker 1: the Hurricane Katrina happened in like New Orleans and they
Speaker 1: didn't have any power for a couple of weeks, or
Speaker 1: in New York they had that that really bad storm,
Speaker 1: kind of same thing happened there, and um, you know,
Speaker 1: banks stopped working, a t M stopped working, and you know,
Speaker 1: people start just bartering. They start trading laundry detergent for
Speaker 1: bread or something like that. And so you know, in
Speaker 1: an event where you went without power for an extended
Speaker 1: period time everything goes down, not just bit coined and
Speaker 1: you go back to a barter system. But I think, um,
Speaker 1: what some people think about is they think about what
Speaker 1: happens if the power goes out to the whole world
Speaker 1: at the same time. Okay, so, like I said, the
Speaker 1: databases go down, but when the power comes back on,
Speaker 1: the databases are still there. Nothing changed. It's not like
Speaker 1: they get wiped out magically, so so they're still there. UM.
Speaker 1: I would also say that. UM. I would also say
Speaker 1: that the probability of it happening and going out and
Speaker 1: never coming back on is like, I mean, it's pretty
Speaker 1: much a zero. And I don't give anything of zero probability,
Speaker 1: but it's pretty much zero. Because we know how to
Speaker 1: make electricity today. We know how, Like I can get
Speaker 1: a flywheel in my yard and start creating electricity. I
Speaker 1: can get it. I have a generator in my garage,
Speaker 1: I can turn that on. I have a solar panel.
Speaker 1: I can create electricity. And it's like, we know how
Speaker 1: to make electricity. Once we've discovered fire. We've discovered fire.
Speaker 1: Once we have fire, it's never going away. Um. There's
Speaker 1: more to this. I want to talk about the Internet
Speaker 1: going out as well. Um, you listen to the Mark
Speaker 1: Mos Show breaking down bitcoin and fud, I got a
Speaker 1: lot more. Don't go away, all right, welcome back. You're
Speaker 1: back with the Mark Ma Show talking about bitcoin and
Speaker 1: and the decentralized revolution and cryptocurrencies and all that good stuff.
Speaker 1: And I've been breaking down on methodically, one by one
Speaker 1: by one, all the fud, the fear, uncertainty and doubt,
Speaker 1: all the headlines, all the objections as to why bitcoin
Speaker 1: and cryptocurrencies could never work. I've been through twenty of them,
Speaker 1: kind of on the last one here, and I'm talking
Speaker 1: about what happens if the power goes out and if
Speaker 1: the Internet goes out. They're kind of two separate things.
Speaker 1: I'm breaking them down separately. We just covered why what
Speaker 1: happens if the power goes out. I'm not going to
Speaker 1: recap everything that I've just said, but bringing it up
Speaker 1: to speed and so, um, if the power of the
Speaker 1: whole world went out, Um, like I said, the databases
Speaker 1: are still intact. The power comes back on, the databases
Speaker 1: come back on. Um, nothing else works either. So um,
Speaker 1: you're kind of in the thing. But but I think
Speaker 1: the probability of the whole world losing electricity and never
Speaker 1: coming back is about zero, and I don't give anything
Speaker 1: that lower. Probably we probably have a better chance of
Speaker 1: aliens coming back and destroying the world than we do
Speaker 1: of never having electricity again, because once we've discovered fire,
Speaker 1: we've discovered fire, we know how to make electricity. Um.
Speaker 1: It's not very hard to do, and we're always going
Speaker 1: to have electricity. Um. And so I think if anybody's
Speaker 1: really the optimizing for that, like if if they wouldn't
Speaker 1: buy bitcoin or cryptocurrencies because they're afraid if the power
Speaker 1: goes out, man, I guess just stacked bullets and water
Speaker 1: and batteries in your garage and maybe you know, maybe that,
Speaker 1: But I just I think that the chance of was
Speaker 1: going back to this mad max endo world scenario is
Speaker 1: about zero. Um. But um, something that is possible is
Speaker 1: having paragua in a region you know people talk about
Speaker 1: like an e MP attack. Obviously we're seeing right now
Speaker 1: today war is being escalated with Russia. You know, tensions
Speaker 1: are high with China, but sphysically with Russia. I mean
Speaker 1: President Biden was on the news. Basically I don't know.
Speaker 1: The White House is trying to cover up his tracks.
Speaker 1: They're trying to say that he didn't really mean to
Speaker 1: say what he actually did say. What I always say
Speaker 1: is I take these people at their word when they
Speaker 1: say things, I tend to believe it. And so um,
Speaker 1: he kind of basically said, yeah, you know, Russia could
Speaker 1: kind of have an incursion onto um Ukraine if it's
Speaker 1: if it's not too bad, we probably won't do anything.
Speaker 1: And so h the point is is that we have
Speaker 1: threats of war and so potentially, you know, we're seeing
Speaker 1: a rhetoric being ramped up about a cyber attack. As
Speaker 1: a matter of fact, NATO put out some news and
Speaker 1: we also saw SISA, which is the Cyber Security and
Speaker 1: Infrastructure Security Agency of the United States c s c
Speaker 1: I s A. They actually put out notice two days ago.
Speaker 1: It's said, implement cybersecurity measures now to protect against potential
Speaker 1: critical threats UM. And so they put this warning out
Speaker 1: every organization in the United States is at risk from
Speaker 1: cyber threats and that can disrupt essential services and potentially
Speaker 1: result in impacts to public safety. Over the past year,
Speaker 1: cyber incidents have impacted many companies, nonprofits and blah blah blah,
Speaker 1: and so they're kind of warning about these types of
Speaker 1: cyber attacks or maybe some sort of e MP attack. Again,
Speaker 1: if if it takes out of region, it doesn't matter,
Speaker 1: big clean will continue working. Um and then um, but
Speaker 1: but then the Internet going out. So a lot of
Speaker 1: people think the Internet will go out. What happens if
Speaker 1: the Internet goes out? Well kind of the same your
Speaker 1: visa and debit card don't work. Same the A t
Speaker 1: M probably won't work either. Um And and again like
Speaker 1: it does the Internet go out like locally? So like
Speaker 1: for example, when China was taking over Hong Kong in
Speaker 1: at nineteen UM and all the people were there pushing back.
Speaker 1: We saw that China or in Hong Kong, the internet
Speaker 1: and the cell phones were cut off. And so in
Speaker 1: that region they cut off the Internet. And so yeah,
Speaker 1: sure you know that that impacted it. But again it
Speaker 1: impacted everything. Um. But again do you think this is
Speaker 1: a global thing? Like the Internet goes out for the
Speaker 1: whole world? Um. In order to take the Internet out
Speaker 1: for the whole world, they literally have to go dig
Speaker 1: up the lines, They have to go pull the fiber
Speaker 1: optics out of the lines and stuff like that. Um.
Speaker 1: The Internet is a stack, and so you know, at
Speaker 1: the top level we have the Internet Service providers the
Speaker 1: I s p s and so those can ban you, right,
Speaker 1: so they can ban you. So like for example, in China,
Speaker 1: they have the Great Firewall of China, and you know
Speaker 1: they don't allow Google and Facebook and Netflix and those
Speaker 1: types of Internet sites, um in the great of the
Speaker 1: Great Firewall of China. But people get around it. They
Speaker 1: use a VPN, you know, and they can route around
Speaker 1: the firewall. Below that, you have the d n S.
Speaker 1: The DNS is the domain name servers where it routes
Speaker 1: a website name to your IP address, and so they
Speaker 1: could they could take that away. Sure, but like as
Speaker 1: long as I have the IP address, like I believe,
Speaker 1: I can still get to a website. Um. Like I said,
Speaker 1: unless they want to pull the fibers out the ground.
Speaker 1: And so if you think they're going to go pull
Speaker 1: the fibers out of the ground again, I think the
Speaker 1: probability of that happening is is very slim to none.
Speaker 1: I would say, you know, if they did that, they're
Speaker 1: also shooting themselves in the foot because now they can't
Speaker 1: communicate either whoever they are. I don't even know who
Speaker 1: they are, um, And so I think that the chance
Speaker 1: of it going out globally is is again almost zero.
Speaker 1: Like I said, it could go out in a region
Speaker 1: like it did in Hong Kong. But here's where we
Speaker 1: counter both the power and the internet. So let's say
Speaker 1: that hypothetically that they did that the power went out. Well, okay,
Speaker 1: I still have my solar, I still have my generator.
Speaker 1: I have a have a gerbil in the backyard running
Speaker 1: a wheel of generating electricity or whatever. I'm still have.
Speaker 1: I still electricity for myself. And then the the internet
Speaker 1: and the phone went out like it did in Hong Kong. Right, Well,
Speaker 1: this is this is the key piece with bitcoin versus
Speaker 1: other cryptocurrencies. By the way, you're listening to the Markma
Speaker 1: Show and we're talking about bitcoin and cryptocurrencies in this
Speaker 1: decentralized revolution. But this is the key difference is that
Speaker 1: Bitcoin has a very small database. It's about a three
Speaker 1: hund gigabyte database and the block sizes are very small
Speaker 1: and it was specifically kept that way so it can
Speaker 1: be UM censorship resistant. Um. All the other cryptocurrencies have
Speaker 1: very big database and they need a lot of bandwidth.
Speaker 1: And so because the Bitcoin database is small, um, it's
Speaker 1: been done already. People have transacted bitcoin over ham radios,
Speaker 1: what ham radios, overhand radios, but even more than that.
Speaker 1: So what we saw in Hong Kong is when the
Speaker 1: phones and the internet were shut down, people there were
Speaker 1: still community. Then they were communicating something known as mesh networks.
Speaker 1: And so a mesh network is basically we all take
Speaker 1: our phones that no longer have internet or phone and
Speaker 1: we create our own network off of it. Mesh networks
Speaker 1: are really popular in your house today. If you go
Speaker 1: to Costco and buy like a new WiFi home router,
Speaker 1: they use like a mesh network. So you put like
Speaker 1: a repeater in every room of your house and you
Speaker 1: create like your own network. And so we can do
Speaker 1: that with phones, and we can create our own network
Speaker 1: and all our phones can kind of repeat off of
Speaker 1: each other. And they did that in Hong Kong, and
Speaker 1: we could still call each other. UM, and we can
Speaker 1: send bitcoin back and forth via mesh network. We don't
Speaker 1: need the Internet. We can generate our own power in
Speaker 1: our backyard and charge our phones. Um and we and
Speaker 1: we can use a mess network and so um, if
Speaker 1: the power goes out, if the internet goes out, I
Speaker 1: think that kind of you know, backs it up. That's
Speaker 1: that's how it works. Again, the probability of the entire
Speaker 1: world going without power and never coming back, I think
Speaker 1: is is it's a fool's Errand to even discuss the
Speaker 1: chance of that happening is is pretty much zero. Um.
Speaker 1: And the same with the Internet's right, unless they're really
Speaker 1: willing to destroy themselves and dig out all the wires,
Speaker 1: which I just can't imagine happening. I don't I don't
Speaker 1: see that happening, And if it does, we'll use we'll
Speaker 1: use mesh networks. And also we have satellites now. So
Speaker 1: block Stream has put satellites into space that are running
Speaker 1: the whole Bitcoin network in space, and uh, you know, okay,
Speaker 1: so I guess they're going to shoot those shoot those
Speaker 1: down too. We have Elon, Musk and Starlink. They've started
Speaker 1: popping up satellites into space for Internet. So now anywhere
Speaker 1: in the world, Um, I could get a satellite that's
Speaker 1: about the size of a small coffee table, and I
Speaker 1: could have broadband Internet access anywhere in the world. And
Speaker 1: so even if they did dig out the wires in
Speaker 1: the ground, like we got satellites in space. UM, So
Speaker 1: I think it's just kind of a fool's errand, like
Speaker 1: I said, to discuss those things, and so hopefully that
Speaker 1: gives you a little bit of understanding of how that works.
Speaker 1: And so when you hear those types of arguments or
Speaker 1: or rebuttals, it kind of helps you think through that.
Speaker 1: That's what I'm here for each and every week. I'm
Speaker 1: trying to bring to you these pieces to kind of
Speaker 1: help you see through this, because what happens is in
Speaker 1: order to have an asymmetric opportunity, and that's an opportunity
Speaker 1: to make that has more upside than downside. And so
Speaker 1: I think bitcoins has an easy tent X in front
Speaker 1: of us in the next five years. It's a massive,
Speaker 1: massive opportunity. But the only way that you can get
Speaker 1: that massive opportunity, that asymmetric opportunity, is if you have
Speaker 1: a symmetric information. You have to have information that most
Speaker 1: people just don't know. And um, that's what I'm trying
Speaker 1: to share with you each in every week. Now. A
Speaker 1: lot of people are kind of shooting themselves in their
Speaker 1: own foot or they're listening to the wrong people, and
Speaker 1: so they have the information about bitcoin and cryptocurrencies, but
Speaker 1: they fall for these headlines, the fud, the fear, uncertainty
Speaker 1: and doubt, and so I'm shooting it down for you,
Speaker 1: one by one, helping you to understand what's going on.
Speaker 1: You're listening to the Markmas Show where I talk about
Speaker 1: bitcoin and cryptocurrencies in the decentralized Revolution. Each and every week,
Speaker 1: I'm trying to keep you informed, trying to make sure
Speaker 1: that you can take advantage of the largest wealth transfer
Speaker 1: that will ever see in multiple generations. And the time
Speaker 1: is now um for you to grab it. Don't miss it.
Speaker 1: Thanks for listening.