WEBVTT - The Mark Moss Show Nov 7, 2022 0:00:00.040 --> 0:00:02.639 Hello, and welcome to another episode of the Mark Moss Show, 0:00:02.640 --> 0:00:06.000 where we talk about the decentralized revolution, of course, each 0:00:06.040 --> 0:00:08.840 and every week, looking at through the lens of politics, finance, 0:00:08.960 --> 0:00:13.120 and technology. Of course, that technology is bitcoin, the decentralized 0:00:13.160 --> 0:00:16.680 technology that is rapidly changing the world. And I got 0:00:16.720 --> 0:00:19.160 a special show for you today. I'm excited about I've 0:00:19.160 --> 0:00:21.200 been chomping at the bit to get going on this. 0:00:21.320 --> 0:00:24.560 I got three special guests in the studio with me today. 0:00:24.960 --> 0:00:27.720 I got Dr Jeff Ross. We joke about him being 0:00:27.720 --> 0:00:30.800 the Perma Bear. We're gonna talk about that. We got Nico, 0:00:30.960 --> 0:00:34.640 the host of Simply Bitcoin joining us, and uh Louis 0:00:34.760 --> 0:00:38.400 lou Um and we are going to talk about the 0:00:38.479 --> 0:00:41.519 macro environment, what's going on with the markets in general, 0:00:41.760 --> 0:00:45.800 and of course how that relates back to bitcoin um. 0:00:45.920 --> 0:00:48.080 For those of you tuning in, this is a it's 0:00:48.080 --> 0:00:51.040 a warm up for us, it's a scrimmage. We are 0:00:51.120 --> 0:00:52.919 all going to be on a panel next week at 0:00:52.960 --> 0:00:57.200 Pacific Bitcoin Um, finally bringing bitcoin back to my home 0:00:57.280 --> 0:01:00.360 state of California where it belongs. And so check out 0:01:00.400 --> 0:01:03.520 Pacific Bitcoin get your ticket, you still got time. The 0:01:03.560 --> 0:01:05.120 four of us will be on a panel together, and 0:01:05.160 --> 0:01:07.839 so we're warming up anyway. Guys, welcome, thanks for joining 0:01:07.840 --> 0:01:11.800 me today. Thanks Mark, happy to be here. Man, Yeah, 0:01:12.120 --> 0:01:14.320 happy to have you on Nico. We should we'll do 0:01:14.360 --> 0:01:17.440 another one with you at one point. But so the 0:01:17.480 --> 0:01:19.600 topic that we're going to talk about today, I think 0:01:19.760 --> 0:01:25.080 is just the macro economic environment that we're in right now, um, 0:01:25.280 --> 0:01:28.640 and how Bitcoin relates into that. I think, Uh, you know, 0:01:29.040 --> 0:01:32.640 as we just saw the FED chair Jerome Powell the 0:01:32.720 --> 0:01:36.320 f O m C meeting met and a little bit 0:01:36.360 --> 0:01:39.680 of a mixed message at first, and then um, he 0:01:39.720 --> 0:01:41.840 tried to kind of go back and firm up his 0:01:41.880 --> 0:01:44.800 position in the comments. I do want to start off 0:01:44.840 --> 0:01:49.080 by just saying the sheer insanity of a world that 0:01:49.120 --> 0:01:51.600 we're in where we all stand around and look for 0:01:52.040 --> 0:01:53.560 the hedgehog to come out and tell us if winter 0:01:53.640 --> 0:01:55.560 is still coming. I mean, I mean, we look for 0:01:55.680 --> 0:01:57.559 a guy to tell us what the markets are gonna 0:01:57.600 --> 0:02:02.440 be doing, the sheering entity of that. Uh and and 0:02:02.440 --> 0:02:05.040 and actually how important it is today. I mean even 0:02:05.080 --> 0:02:07.600 a decade ago, nobody probably even knew her who the 0:02:07.680 --> 0:02:09.799 chair of the Fed FED was, and today we're all 0:02:09.800 --> 0:02:12.560 sitting around waiting. But anyway, a little bit of a 0:02:12.600 --> 0:02:16.720 mixed message. Jeff, you're the permit bear. What did you 0:02:16.760 --> 0:02:19.840 get out of that mixed message? And as again I said, 0:02:19.880 --> 0:02:22.080 like reiterated really kind of at the end what he 0:02:22.120 --> 0:02:24.760 was thinking. Yeah, it was really interesting to watch Mark. 0:02:24.800 --> 0:02:26.720 You know. At first, they they came out right off 0:02:26.760 --> 0:02:29.080 the bat raised the federal funds rate seventy five BIPs, 0:02:29.080 --> 0:02:31.480 which was no surprise to anybody. And then there is 0:02:31.480 --> 0:02:34.359 a little bit of lingo in the FMC statement that 0:02:34.440 --> 0:02:37.680 most people interpreted very quickly as hey, this is bullish, 0:02:37.760 --> 0:02:40.400 and so the markets responded bullish. I was actually lurking 0:02:40.440 --> 0:02:43.880 around on different uh Twitter spaces and and news programs, 0:02:43.919 --> 0:02:47.360 and basically uniformly people were talking bullishly like Okay, this 0:02:47.440 --> 0:02:50.360 is good. There's basically sign of they might pause at 0:02:50.400 --> 0:02:52.720 some point, but man, then he came out at two 0:02:52.760 --> 0:02:55.119 thirty Eastern time, and he came out swinging. At first, 0:02:55.200 --> 0:02:58.040 he was he waffled a little bit, but then as 0:02:58.080 --> 0:02:59.959 he got going and he got warmed up, he got 0:03:00.000 --> 0:03:02.959 the eye of the tiger and he just started pummeling 0:03:03.200 --> 0:03:05.920 risk assets. He pummeled the hopium out of people who 0:03:05.960 --> 0:03:07.880 I thought at least and and and this is from 0:03:07.919 --> 0:03:10.639 my perspective. Just so people know I'm very biased. I am, 0:03:10.960 --> 0:03:14.240 as to to Mark's point, I'm positioned very barish Ley, 0:03:14.280 --> 0:03:16.239 I'm shorting lots of things in the market right now. 0:03:16.480 --> 0:03:19.120 So maybe it's just because I was looking for bare sentiment, 0:03:19.160 --> 0:03:21.639 but I thought he was extremely bearish. I mean one 0:03:21.639 --> 0:03:23.359 of his statements that I wrote down is it is 0:03:23.480 --> 0:03:26.680 very premature to be thinking about or talking about pausing, 0:03:27.120 --> 0:03:29.320 and for people who are using that as their hopium 0:03:29.800 --> 0:03:31.920 that the markets were gonna turn and and have a 0:03:31.919 --> 0:03:34.400 little bull run here, I think he just deflated all 0:03:34.440 --> 0:03:37.440 of that hopium with that statement. Yeah. The one that 0:03:37.520 --> 0:03:40.800 I saw was he said, prudent risk management suggests the 0:03:40.960 --> 0:03:43.440 risks of doing too little or much higher than doing 0:03:43.480 --> 0:03:48.080 too much. If we were too overtighten, we could use 0:03:48.120 --> 0:03:52.400 our tools later on to support the economy. So he's like, look, 0:03:52.440 --> 0:03:54.040 if we blow it up, we blow it up, who 0:03:54.040 --> 0:03:56.480 freaking cares? We got tools that we can fix it later. 0:03:56.560 --> 0:03:59.240 So like, I'd rather risk blowing it up and try 0:03:59.280 --> 0:04:01.040 to fix it later than not blowing it up. So 0:04:01.080 --> 0:04:05.480 that to me was like, dang, what's that. What's your 0:04:05.480 --> 0:04:09.320 thoughts on that? Niko? Yeah, man, look, the reality is 0:04:09.640 --> 0:04:11.280 you know the game is up. People are starting to 0:04:11.320 --> 0:04:13.120 wake up to the scam. The reality is that ever 0:04:13.160 --> 0:04:16.000 since the financial crisis, central banks have been working together 0:04:16.000 --> 0:04:18.960 with governments to prop up a zombie economy. The only 0:04:19.000 --> 0:04:21.680 ones who got wealthy were the one's closest to the 0:04:21.680 --> 0:04:25.039 money printer, those who did real work, actual work. I've 0:04:25.080 --> 0:04:27.960 gotten poor and and what you're gonna see over the 0:04:28.040 --> 0:04:30.719 next couple of years is that central bankers and politicians 0:04:30.720 --> 0:04:33.840 will use every excuse humanly possible they can come up with, 0:04:34.200 --> 0:04:39.000 but blame themselves because they're the ones solely responsible for 0:04:39.040 --> 0:04:41.279 what is to come. If you're under the age of 0:04:41.360 --> 0:04:44.239 thirty five at this point and you don't have bitcoin, 0:04:44.320 --> 0:04:46.719 I got very fortunate to get into bitcoin when I did. 0:04:46.960 --> 0:04:50.600 You're nothing more than a Russian surf. You don't own anything, right, 0:04:50.839 --> 0:04:54.839 Even their own propaganda says it. They want you to 0:04:54.960 --> 0:04:59.040 quote them, not me, to own nothing and be happy. Right. 0:04:59.240 --> 0:05:01.640 We are at that point in the movie and it's 0:05:01.680 --> 0:05:06.000 absolutely ridiculous. So anything that comes out of power to me, 0:05:06.480 --> 0:05:10.680 it's just noise. What I'm focused on mark nowadays is 0:05:10.680 --> 0:05:13.719 how bitcoin is going to bring up the future that 0:05:13.920 --> 0:05:16.080 I want to live in, In the future that I 0:05:16.160 --> 0:05:19.880 want my kids to live in It's an absolute, it's 0:05:19.920 --> 0:05:21.560 a joke. I came up with the meme is the 0:05:21.600 --> 0:05:22.920 last thing I'm gonna say. I came up with a 0:05:22.960 --> 0:05:27.000 meme yesterday of that famous picture of Mao Zedong in 0:05:27.040 --> 0:05:30.640 front of you know, the Forbidden City in China, and 0:05:30.839 --> 0:05:33.360 I face swapped it with Pal's face, and I said, 0:05:34.120 --> 0:05:36.600 the chairman is is about to make an announcement on 0:05:36.640 --> 0:05:38.599 the direction of the U S economy. How is this 0:05:38.680 --> 0:05:41.920 any different than communism? It's like we're at this part 0:05:42.000 --> 0:05:43.479 of the movie. And I was fortunate enough to be 0:05:43.560 --> 0:05:46.440 on with Jeff Booth yesterday and he said it best. 0:05:46.480 --> 0:05:49.080 He's like, look, every central bank that ever exists in 0:05:49.560 --> 0:05:52.680 human history has always ended up with the socialist takeover. 0:05:52.760 --> 0:05:55.120 And I think this is not to get too political. 0:05:55.200 --> 0:05:58.080 I think this is exactly where we are. Well, it 0:05:58.120 --> 0:06:01.120 is political. You can't separate. You can't separate the politics 0:06:01.120 --> 0:06:03.400 and the economics anymore. And to the point that you 0:06:03.520 --> 0:06:07.280 just made, Nico, um, how is this any different than communism? 0:06:07.320 --> 0:06:10.919 It's not, you guys know, shameless plug here. I recently 0:06:11.000 --> 0:06:15.080 released a book called The Uncommunist Manifesto, and um. When 0:06:15.120 --> 0:06:18.680 Marx wrote the original book, The Communist Manifesto, He laid 0:06:18.720 --> 0:06:22.719 out ten points of communism. In order to achieve communism, 0:06:22.760 --> 0:06:26.240 we must have these ten things. Point number three, a 0:06:26.279 --> 0:06:30.920 heavy progressive tax system. Point number five a central bank. 0:06:31.600 --> 0:06:36.160 A central bank is communism, per Coral Marx. Not in 0:06:36.200 --> 0:06:38.560 my words, that's his words. So how's it different communism? 0:06:38.560 --> 0:06:41.200 It's not. That's exactly what it is. You control the 0:06:41.240 --> 0:06:46.360 price of money, You control the price of everything anyway, Lewis, 0:06:46.560 --> 0:06:49.719 So let's le strow it over to you. So, um, 0:06:49.760 --> 0:06:53.600 he's extremely hawkish. Uh, it's insane that some guy has 0:06:53.640 --> 0:06:55.800 the power to control the money supply. But but that's 0:06:55.800 --> 0:06:58.719 where we're app Um. But bitcoin is kind of holding 0:06:58.800 --> 0:07:02.960 on like a boss. What's your thoughts? Yeah, I think 0:07:03.200 --> 0:07:05.720 the market start to realize that, you know, some of 0:07:05.760 --> 0:07:09.479 the Rick's action has been down sep from the top, 0:07:09.960 --> 0:07:13.520 and I think people are looking at those as you know, 0:07:13.640 --> 0:07:16.000 wanting to scoop it up as a cheap at the 0:07:16.080 --> 0:07:20.360 bitcoint kind of like a different type of risk action. 0:07:20.560 --> 0:07:24.920 Entering into this new micro environment with fathers raising interest 0:07:25.000 --> 0:07:28.920 rate and people are rushing to you know, cash and 0:07:29.040 --> 0:07:31.880 there's a lot of cash sitting outside in the in 0:07:31.920 --> 0:07:35.920 the bank right now, you know doing um the city 0:07:35.920 --> 0:07:38.920 City bank deposit to earn you know, years on it, 0:07:39.480 --> 0:07:41.680 or you know they lend it out for fixing colm 0:07:41.840 --> 0:07:46.240 type of investment if it that you know could switch anytime, 0:07:46.600 --> 0:07:50.160 you know, as long as UM there there's people speculating 0:07:50.200 --> 0:07:54.120 on fout reserve pivot. But I don't see that happen 0:07:54.160 --> 0:07:57.400 anytime soon. But some of those Rick's ACTA that's highly 0:07:58.200 --> 0:08:01.400 you know, get hammered out. It's going to have a 0:08:01.480 --> 0:08:03.880 chance or it's not going to go down that much 0:08:04.120 --> 0:08:08.240 compared to some off those uh Tex stocks that hasn't 0:08:08.480 --> 0:08:11.080 even got down the dog. Yeah, but we saw that, 0:08:11.120 --> 0:08:13.320 we saw that the stock markets went down. I mean 0:08:13.320 --> 0:08:15.600 they I think kind of the point Jeff was making earlier, 0:08:15.640 --> 0:08:17.240 like they kind of rallied a little bit into the 0:08:17.280 --> 0:08:19.520 pre meeting and then at post meeting it was like, no, 0:08:19.920 --> 0:08:24.520 they got crushed. But yet Bitcoin seems to be holding on. UM. 0:08:24.560 --> 0:08:27.840 It seems like, you know, maybe looking at some of 0:08:27.840 --> 0:08:30.920 the on chain metrics that maybe we're kind of have 0:08:31.040 --> 0:08:33.720 found some of the support level, and there seems some 0:08:33.960 --> 0:08:39.000 seems to have been a lot of defending along that level. UM. 0:08:39.040 --> 0:08:41.720 I want to I want to keep digging into uh 0:08:41.920 --> 0:08:45.079 kind of what this means for the macro picture. UM. 0:08:45.160 --> 0:08:47.200 There was a report that came out this week. I 0:08:47.280 --> 0:08:51.400 saw um bitcoin wants to break its bond with stocks 0:08:51.440 --> 0:08:53.960 and showing how the correlation has dropped to one of 0:08:53.960 --> 0:08:56.840 its lowest levels. I'd like to get Jeff's opinion on that. 0:08:56.920 --> 0:08:59.040 And then I want to talk about something I said. 0:08:59.240 --> 0:09:02.439 I made a video talking about how, um, how maybe 0:09:02.440 --> 0:09:05.000 there isn't another big market crash in front of us, 0:09:05.080 --> 0:09:06.959 even though the picture is bad. We're gonna cover all 0:09:07.000 --> 0:09:08.679 that and more. You're listening to the Mark Mos Show. 0:09:08.720 --> 0:09:11.920 If you're just tuning in. We talked about the decentralized revolution, 0:09:11.920 --> 0:09:14.200 the way the world is changing, of course looking at 0:09:14.200 --> 0:09:16.560 through the lens of politics, finance, and technology. I'm in 0:09:16.559 --> 0:09:20.280 the studio with three guests, Jeff Ross, Nico and Louis 0:09:20.360 --> 0:09:24.320 lou talking about the macro economic picture and of course 0:09:24.320 --> 0:09:26.120 what happens with bitcoin in that environment. We'll be back 0:09:26.120 --> 0:09:27.600 with all that and more in a minute. You don't 0:09:27.600 --> 0:09:29.280 want to miss it, don't go away, We're gonna be 0:09:29.360 --> 0:09:31.800 right back. All right, Welcome back. You are listening to 0:09:31.840 --> 0:09:35.000 the Mark Mo Show. We're talking about the decentralized revolution. 0:09:35.040 --> 0:09:38.080 And right now I am joined in the studio with 0:09:38.640 --> 0:09:41.800 three guests, Dr Jeff Ross, Nico from Simply Bitcoin, and 0:09:41.880 --> 0:09:45.960 Louis lou and we're talking about this macro economic environment. 0:09:46.800 --> 0:09:50.160 And uh, Jeff, you know, the while we can look 0:09:50.160 --> 0:09:53.920 at bitcoin, bitcoins holding on extremely well, it's been stuck 0:09:53.960 --> 0:09:56.880 in this very tight range for a long period of time. 0:09:57.320 --> 0:09:59.040 As I kind of mentioned right before the break, it's 0:09:59.080 --> 0:10:02.440 slid to like its lowest level of correlation, it's down 0:10:02.440 --> 0:10:06.240 to zero point to six UM. And inside of all 0:10:06.280 --> 0:10:08.960 that bad news that happened, it seemed like Bitcoin has 0:10:08.960 --> 0:10:13.960 been holding on now as good as UM, as good 0:10:13.960 --> 0:10:16.079 as the metrics look, you know, whether you want to 0:10:16.080 --> 0:10:18.240 look at it from a technical analysis standpoint and on 0:10:18.400 --> 0:10:21.600 chain metric standpoint. I also looked like to look at 0:10:21.600 --> 0:10:23.800 the global pictures, so we're seeing a lot of adoption 0:10:23.800 --> 0:10:26.840 happened in third world countries, etcetera. UM, in light of 0:10:26.880 --> 0:10:30.000 all of those positive things, it seems like the macro picture, 0:10:30.080 --> 0:10:33.360 the macro bear is still in the driver's seat. How 0:10:33.400 --> 0:10:35.120 do you frame that up? And what do you think 0:10:35.160 --> 0:10:38.160 about just that that picture there? Yeah, great question Mark. 0:10:39.160 --> 0:10:40.920 I agree with you, and I agree with with your 0:10:40.960 --> 0:10:43.200 take on this. You know, as as long as global 0:10:43.280 --> 0:10:48.160 liquidity is generally contracting, Bitcoin historically hasn't done very well. 0:10:48.200 --> 0:10:50.480 Like these are the years where Bitcoin tends do not 0:10:50.559 --> 0:10:52.760 do well, and it tends as as as those of 0:10:52.840 --> 0:10:54.720 us who have been in the space, no, it explodes 0:10:54.800 --> 0:10:59.120 higher during the times of global liquidity expansion. So unfortunately, 0:10:59.160 --> 0:11:02.280 we're in this period of continued contraction we're at We're 0:11:02.360 --> 0:11:05.760 heading still down in the business cycle slope, and I 0:11:05.800 --> 0:11:08.440 think that we're gonna see continued kind of just rough 0:11:08.520 --> 0:11:11.440 macroeconomic conditions for about the next nine months or so. 0:11:11.480 --> 0:11:13.240 I think we're still gonna be talking about this all 0:11:13.280 --> 0:11:16.000 throughout the first half of three especially as we dip 0:11:16.040 --> 0:11:20.320 into a recession. Bitcoin has become somewhat uncorrelated in the 0:11:20.360 --> 0:11:23.520 near term. However, I think that when the floor drops out, 0:11:23.559 --> 0:11:26.400 if if they do, if the floor does drop out, 0:11:26.480 --> 0:11:30.040 under risk assets like NASDAC stocks like the SMP, things 0:11:30.080 --> 0:11:33.679 like that just just by it'll it'll be guilty by association, 0:11:33.720 --> 0:11:35.800 and I think it pulls Bitcoin down with it. As 0:11:35.840 --> 0:11:38.880 people get called for get their margin calls, I think 0:11:38.880 --> 0:11:41.120 they're going to take some of that liquidity, unfortunately out 0:11:41.120 --> 0:11:42.880 of Bitcoin and that's going to pull the price lower. 0:11:42.960 --> 0:11:47.240 That's my take. So if if, hypothetically if and maybe 0:11:47.360 --> 0:11:51.160 we can talk about percentages or base cases, but there's 0:11:51.160 --> 0:11:53.360 a good probability that we see another big crash coming, 0:11:53.640 --> 0:11:55.679 if we see a recession to your point, So if 0:11:55.679 --> 0:11:58.640 the markets were to crash, for example, then it could 0:11:58.640 --> 0:12:02.280 easily pull Bitcoin down another to percent potentially. Yeah, that'd 0:12:02.280 --> 0:12:06.880 be That's about my take. Ye. Now, um, Nico you 0:12:06.880 --> 0:12:09.400 had mentioned that you think, you know, for younger people, 0:12:09.440 --> 0:12:11.839 this is the great opportunity and how this is you know, 0:12:11.960 --> 0:12:13.839 kind of Jerome Powe and the Fed is kind of 0:12:13.880 --> 0:12:17.800 maybe showing their final hand so to speak. Right, Um, 0:12:17.880 --> 0:12:20.440 one thing I was looking at this morning is, um, 0:12:20.480 --> 0:12:23.640 you know, the banks want to want to continue their 0:12:23.679 --> 0:12:27.200 scam with the central bank digital currencies, and um, they're 0:12:27.200 --> 0:12:28.839 trying to rush them out. China is trying to rush 0:12:28.920 --> 0:12:32.880 them out. Um. In Nigeria they're trying to rush them out. Um. 0:12:33.160 --> 0:12:36.320 They have a really high penetration on cell phones. But 0:12:36.520 --> 0:12:40.320 in China, reports are that the adoption of the central 0:12:40.320 --> 0:12:43.840 bank digital currency has slowed down so much nobody wants 0:12:43.880 --> 0:12:47.080 to use it, and in Nigeria, nobody wants to use it. Either. 0:12:47.640 --> 0:12:50.520 And um, it's like the people are saying, we already 0:12:50.559 --> 0:12:53.680 have cryptocurrency, what's the point of essential bank digital currency? 0:12:53.760 --> 0:12:56.640 We don't see how that and this is a according 0:12:56.679 --> 0:12:59.360 to quotes from people there in Nigeria, we don't see 0:12:59.360 --> 0:13:02.360 how that is going to protect us from all the 0:13:02.360 --> 0:13:06.360 problems that we have with high digit inflation, manipulation, etcetera. 0:13:06.520 --> 0:13:10.719 So do you think that this global adoption, uh, we 0:13:10.760 --> 0:13:13.680 move when we have need. The pain is very high 0:13:13.760 --> 0:13:16.320 in those countries, they're moving at a rapid rate. Do 0:13:16.360 --> 0:13:19.360 you think this rise could be enough to offset some 0:13:19.440 --> 0:13:22.440 of this macro picture that we have. I think definitely 0:13:22.480 --> 0:13:26.400 on an individual level for sure. Um. And it's really 0:13:26.400 --> 0:13:30.160 interesting because, uh, you know, back to a couple of 0:13:30.160 --> 0:13:32.600 weeks ago, is maybe it's about a month ago, the 0:13:32.679 --> 0:13:36.600 Biden administration released the Digital Asset Framework, which everybody was 0:13:36.760 --> 0:13:40.679 looking forward to. And in that framework, it basically was 0:13:40.720 --> 0:13:43.600 an executive action that asked all the other branches of 0:13:43.640 --> 0:13:47.200 government to you know, look into, uh, look into the 0:13:47.200 --> 0:13:51.040 future of money. Treasury released a report literally called the 0:13:51.080 --> 0:13:53.800 Future of Money. And then that entire report, I kid 0:13:53.880 --> 0:13:57.560 you not, bitcoin is not mentioned one time. What was 0:13:57.640 --> 0:14:00.400 mentioned was the future of money in the air eyes 0:14:00.520 --> 0:14:04.200 is central bank digital currencies. They mentioned stable coins and 0:14:04.240 --> 0:14:08.440 they also may mentioned payment platforms. Now, the reason that 0:14:08.559 --> 0:14:12.439 central bank digital currencies will never be adopted in from 0:14:12.480 --> 0:14:15.640 my perspective without coercion is because they will never be 0:14:15.720 --> 0:14:19.080 able to match bitcoins incentives. And that's what you're seeing 0:14:19.120 --> 0:14:21.160 on a worldwide level. And what do I mean by 0:14:21.200 --> 0:14:25.440 incentives Two things, right, Governments will always want to censor 0:14:25.480 --> 0:14:29.600 and control, and governments will also always want to debase 0:14:29.680 --> 0:14:34.120 because via that debasement is how they pay for the bureaucracy. 0:14:34.160 --> 0:14:37.120 That's how they pay for themselves, and they'll never want 0:14:37.160 --> 0:14:40.880 to give that up. But you're seeing more of this 0:14:41.000 --> 0:14:44.560 in developing countries because I believe it's do something. It's 0:14:44.600 --> 0:14:48.320 due to something called and Alex Gladstein wrote an amazing book. 0:14:48.720 --> 0:14:51.920 It's the names and the name of the book says 0:14:51.920 --> 0:14:55.080 it all. It's called financial privilege. Right, And if you 0:14:55.160 --> 0:14:59.320 lived in the developed country, you have the privilege of 0:14:59.600 --> 0:15:03.360 using a currency that has an inflation rate ever so 0:15:03.480 --> 0:15:07.200 little that you don't really realize it's stealing from you, 0:15:07.320 --> 0:15:09.920 especially if you have a good job. But what's happening 0:15:09.920 --> 0:15:13.400 in Nigeria, what's happening in Venezuela. What's happening in Argentina. 0:15:13.920 --> 0:15:17.520 You're talking about double digit inflation. So when the government 0:15:17.520 --> 0:15:19.920 over there goes out and says, hey, guys, look at 0:15:19.920 --> 0:15:22.800 my central bank digital currency, they're looking at their government 0:15:22.800 --> 0:15:25.520 and saying, what does that fix? What does that do? 0:15:26.200 --> 0:15:29.800 And it's funny because the United Nations released the report 0:15:30.040 --> 0:15:33.840 and I'm paraphrasing here. The name of the report is 0:15:33.880 --> 0:15:39.960 called um UM. It's called We Must Stop Cryptocurrency Adopting 0:15:40.040 --> 0:15:43.840 adoption in Developing countries, and it advocates for central bank 0:15:43.840 --> 0:15:46.240 digital currencies. It says how this is going to lead 0:15:46.280 --> 0:15:49.800 to horrible things if you know, if if, if national 0:15:49.800 --> 0:15:53.600 currencies are circumvented. But once again, Mark, just like the 0:15:53.640 --> 0:15:57.200 Treasury report called the Future of Money, it never mentions 0:15:57.240 --> 0:16:01.200 the reason as to why people are looking for alternatives. 0:16:01.240 --> 0:16:04.800 And the reason why, I believe is they're actually trying 0:16:04.840 --> 0:16:10.160 to save their wealth, their time, their energy from currency debasement. 0:16:10.280 --> 0:16:13.840 And we both know, Mark, the only true cryptocurrency that 0:16:14.040 --> 0:16:18.440 is going to be able to provide that is Bitcoin. Yeah, 0:16:18.600 --> 0:16:21.960 for sure, I think to your point, yes, horrible things 0:16:22.000 --> 0:16:25.720 will happen if cryptocurrencies are adopted. Horrible things to their 0:16:25.760 --> 0:16:29.240 monopoly on the financial system. That's a horrible thing. But 0:16:29.320 --> 0:16:31.120 here's here's what they want to do with central bank 0:16:31.120 --> 0:16:34.920 digital currencies. Let's hear it directly from the head of 0:16:34.960 --> 0:16:38.000 the B I s Mr Augustine Carson, and see what 0:16:38.000 --> 0:16:41.200 he has to say. In particular for the use of 0:16:41.480 --> 0:16:45.880 general to the general use, we tend to establish the 0:16:45.920 --> 0:16:50.680 equivalence with cash, and there is a huge difference there. 0:16:51.680 --> 0:16:55.040 For example, in cash, we don't know, for example, who's 0:16:55.160 --> 0:16:58.680 using a one dollar bill today. We don't know who 0:16:58.800 --> 0:17:02.440 is using one. This will be until day So that's 0:17:02.480 --> 0:17:04.840 their problem. They don't know who's using it. They don't 0:17:04.880 --> 0:17:06.960 have control. The next clip, I'm not going to play 0:17:06.960 --> 0:17:09.679 it for time, but he says, and central bank digital 0:17:09.680 --> 0:17:12.520 currencies will give us all the power and control to 0:17:12.600 --> 0:17:16.560 do that, unlimited power and control. So I think we 0:17:16.680 --> 0:17:21.080 have this battle. I've been saying as investors, we and 0:17:21.160 --> 0:17:24.160 Jeff you coulda I'm sure say the thing. But as investors, 0:17:24.240 --> 0:17:27.199 what is looking for what I call the mismatching perception 0:17:27.240 --> 0:17:30.960 and reality. That's our edge. If everybody knows it, there's 0:17:31.000 --> 0:17:33.560 no edge there. And so the perception is it's like 0:17:33.600 --> 0:17:36.119 this Wall Street trading toy and it's being traded like 0:17:36.160 --> 0:17:39.600 a Wall Street, like a tech stock. The reality is 0:17:39.680 --> 0:17:42.800 it's not. The reality is it's a lifeboat for lots 0:17:42.840 --> 0:17:46.159 of people, potentially half the people in the world today, 0:17:46.240 --> 0:17:48.560 and they're realizing it. Um. If you're just tuning in, 0:17:48.600 --> 0:17:50.960 you listen to the markma Show. We're talking about, of course, 0:17:51.000 --> 0:17:54.240 each and every week, the decentralized Revolution, talking about bitcoin 0:17:54.359 --> 0:17:57.520 and the decentralized technology. And in the studio with Dr 0:17:57.600 --> 0:18:00.920 Jeff Ross, with Niko from Simply Bitcoin and Louis Lou 0:18:01.080 --> 0:18:04.359 talking about the macro environment and bitcoin. I want to 0:18:04.400 --> 0:18:06.560 come back in a minute. We're gonna talk about more 0:18:06.680 --> 0:18:08.640 what's gonna happen, So don't miss it. We'll be right back. 0:18:09.000 --> 0:18:10.800 All right, Welcome back. You are listening to the Mark 0:18:10.920 --> 0:18:14.520 Mox Show. We're talking about the decentralized Revolution, of course 0:18:14.520 --> 0:18:17.119 being led by bitcoin, the decentralized technology. I'm in the 0:18:17.160 --> 0:18:21.200 studio with Jeff Ross, Nico from Simply Bitcoin, and Louis Lou. 0:18:21.280 --> 0:18:24.360 We're having a warm up for our panel we're having 0:18:24.400 --> 0:18:27.280 next week at the Pacific Bitcoin Conference in Los Angeles. 0:18:27.640 --> 0:18:31.320 UH bringing bitcoin back to my home state here Southern California. 0:18:31.359 --> 0:18:33.680 Excited to check it out. If you don't want to 0:18:33.680 --> 0:18:36.600 have a ticket, you should. Um. So let's talk about 0:18:36.640 --> 0:18:40.520 this um from another level, because I think the one 0:18:40.640 --> 0:18:43.120 thing that I always want to try to bring attention 0:18:43.160 --> 0:18:47.640 back to is time frames. So doctor Dr Bear, Dr 0:18:47.720 --> 0:18:50.600 Jeff Ross, Yeah, we joke with the Bears, right, but 0:18:50.640 --> 0:18:52.800 it's uh, but it's always like time frames. And so 0:18:53.040 --> 0:18:56.199 Nico talked about being younger and how if you're if 0:18:56.200 --> 0:18:59.440 you're in your thirties, is this amazing opportunity And I'm 0:18:59.520 --> 0:19:02.320 guessing from that and we'll go back to him, but um, 0:19:02.359 --> 0:19:05.119 he's talking, well, he's younger, so has this long time frame. 0:19:05.320 --> 0:19:08.040 Dr Jeff Ross is extremely bearished. Maybe in the short 0:19:08.080 --> 0:19:10.920 time frame, so maybe in the next six months, nine months, 0:19:10.920 --> 0:19:13.920 twelve months. I would imagine over the next five, ten years. 0:19:13.920 --> 0:19:17.160 He's also bullish or positive about it. So we kind 0:19:17.160 --> 0:19:20.480 of have these time frames. They're right at some point 0:19:20.720 --> 0:19:23.720 the emerging markets will flip the Western markets maybe, right, 0:19:23.800 --> 0:19:27.000 but over what time frames? So let's talk about that 0:19:27.080 --> 0:19:31.520 a little bit. Um. Actually, before we talk about that, 0:19:33.160 --> 0:19:35.200 I made a comment before we started recording. I want 0:19:35.200 --> 0:19:38.200 to dig into and I made a comment that when 0:19:38.240 --> 0:19:40.400 I make my videos on YouTube, everybody wants the bad 0:19:40.480 --> 0:19:42.600 news and nobody wants the good news. And I had 0:19:42.640 --> 0:19:45.720 made a video talking about maybe there is no market 0:19:45.720 --> 0:19:49.040 crash show Dr Jeff, you had mentioned that maybe if, if, 0:19:49.080 --> 0:19:51.520 if there's this fifty percent crash or whatever, this percent 0:19:51.560 --> 0:19:52.800 crash is going to be in front of us. And 0:19:52.840 --> 0:19:55.080 of course there's plenty of data to tell us that 0:19:55.160 --> 0:19:57.359 this is the case. We can look at fractals that 0:19:57.400 --> 0:20:00.640 show the markets just like the grab Sure two thousand 0:20:00.680 --> 0:20:02.600 eight crash and it's supposed to, you know, have this 0:20:02.720 --> 0:20:05.440 perfect retracement and it's going to crash again. We can 0:20:05.440 --> 0:20:10.120 look at the horrible data, no shortage of of horrible data. Um. 0:20:10.160 --> 0:20:11.880 But I made this video and I said, are you 0:20:12.160 --> 0:20:16.040 one hundred percent certain that the market's going to crash? 0:20:16.280 --> 0:20:19.440 Nobody can be hunters in certain so maybe you're nine certain. 0:20:19.480 --> 0:20:21.399 So what about that ten percent? Should we look at that? 0:20:22.560 --> 0:20:23.800 And so what we should try to do instead of 0:20:23.800 --> 0:20:26.560 always trying to confirm our own biases, we should also 0:20:26.600 --> 0:20:28.439 we should really be looking for data that tries to 0:20:28.520 --> 0:20:30.840 go against our bias, to see where we have holes 0:20:30.840 --> 0:20:32.720 and things like that. And so I kind of made 0:20:32.720 --> 0:20:35.080 this this video and said, maybe maybe there's a thirty 0:20:35.119 --> 0:20:36.959 or forty percent chance it doesn't, and so let's take 0:20:37.000 --> 0:20:38.920 a look at that. And I'd like to get your 0:20:38.920 --> 0:20:41.840 guys take on this. So basically my case, and I'm 0:20:41.840 --> 0:20:43.480 not going to break it down long for for sake 0:20:43.520 --> 0:20:47.200 of time, but um, I would say that what I'm 0:20:47.240 --> 0:20:50.080 thinking is that, um, the data is horrible and it 0:20:50.080 --> 0:20:52.159 should crash, and it certainly should. But we know that 0:20:52.200 --> 0:20:54.520 the markets and the and the and the economy are 0:20:54.520 --> 0:20:57.480