1 00:00:00,080 --> 00:00:02,720 Speaker 1: Hello, and welcome to another episode of The Mark Moss Show, 2 00:00:02,720 --> 00:00:05,600 Speaker 1: where we talk about the decentralized revolution each and every week, 3 00:00:06,200 --> 00:00:09,000 Speaker 1: of course looking at through the lens of politics, finance, 4 00:00:09,320 --> 00:00:13,240 Speaker 1: and technology, and the technology of course being bitcoin and 5 00:00:13,240 --> 00:00:16,799 Speaker 1: cryptocurrencies that are changing the world. And boy, there's a 6 00:00:16,920 --> 00:00:20,439 Speaker 1: lot going on at the intersection of that. That's where 7 00:00:20,440 --> 00:00:23,360 Speaker 1: we like to focus. And we can see the intersection 8 00:00:23,400 --> 00:00:28,360 Speaker 1: of that today from all the political side, the financial side, 9 00:00:28,560 --> 00:00:31,920 Speaker 1: and the technology side. And specifically I'm talking about some 10 00:00:31,960 --> 00:00:35,800 Speaker 1: news that came out this week from the European Central Bank, 11 00:00:37,040 --> 00:00:39,680 Speaker 1: the Euro, the European Central Bank. And if you're listening 12 00:00:39,680 --> 00:00:41,400 Speaker 1: to this in ther United States, you're saying, well, what 13 00:00:41,440 --> 00:00:43,559 Speaker 1: the heck do I care about the Euro? Well, you 14 00:00:43,600 --> 00:00:46,080 Speaker 1: care about the Euro because obviously our markets are very connected. 15 00:00:46,080 --> 00:00:48,480 Speaker 1: You also care about it because what's happening over there 16 00:00:48,880 --> 00:00:50,920 Speaker 1: is that kind of like a smaller test bed of 17 00:00:50,960 --> 00:00:53,760 Speaker 1: what will probably be tried over here at some point. 18 00:00:54,240 --> 00:00:57,880 Speaker 1: And I think it also illustrates exactly what's happening and 19 00:00:58,000 --> 00:01:01,080 Speaker 1: where things are going. So um, the e c B 20 00:01:01,240 --> 00:01:04,040 Speaker 1: European Central Bank, met this week the head of the 21 00:01:04,040 --> 00:01:08,399 Speaker 1: European Central Bank, the ECB, Christine Lagarde, who by the way, 22 00:01:08,480 --> 00:01:11,280 Speaker 1: is a convicted criminal and she's still in charge of 23 00:01:11,319 --> 00:01:14,320 Speaker 1: the European Central Bank. She's previously of the i m 24 00:01:14,400 --> 00:01:17,600 Speaker 1: F International Monetary FUM. They met this week to talk 25 00:01:17,640 --> 00:01:22,959 Speaker 1: about the Digital Euro, a common European project. So we 26 00:01:23,000 --> 00:01:27,000 Speaker 1: talked a lot about money going digital. Uh, and of 27 00:01:27,040 --> 00:01:29,800 Speaker 1: course we talked about cryptocurrency. So there's the bitcoin et cetera, 28 00:01:29,920 --> 00:01:32,160 Speaker 1: and then we have the governments that want to try 29 00:01:32,160 --> 00:01:34,759 Speaker 1: to control it and are using something called central bank 30 00:01:35,000 --> 00:01:39,040 Speaker 1: digital currencies. So the digital Euro or a central bank 31 00:01:39,040 --> 00:01:41,479 Speaker 1: digital currency is what we're talking about. And I wanted 32 00:01:41,520 --> 00:01:43,080 Speaker 1: to kind of highlight some of the things that they 33 00:01:43,080 --> 00:01:45,720 Speaker 1: talked about in this meeting. We know that they're coming. 34 00:01:46,240 --> 00:01:48,960 Speaker 1: We know that because they've told us as much. We 35 00:01:49,080 --> 00:01:51,520 Speaker 1: know that China has already rolled THEIRS out, and of 36 00:01:51,520 --> 00:01:54,440 Speaker 1: course why wouldn't China. A central bank digital currency is 37 00:01:54,480 --> 00:01:59,400 Speaker 1: the ultimate tool, the ultimate tool for control, and we 38 00:01:59,480 --> 00:02:01,520 Speaker 1: know that because they've told us that. I played the 39 00:02:01,560 --> 00:02:04,320 Speaker 1: clip I believe it was last week of augustin Carston. 40 00:02:04,440 --> 00:02:05,880 Speaker 1: He's the head of the b I S. The b 41 00:02:06,040 --> 00:02:08,639 Speaker 1: I S is the central bank above all central banks, 42 00:02:09,800 --> 00:02:13,040 Speaker 1: and he said as much in that wording. He said 43 00:02:13,080 --> 00:02:18,160 Speaker 1: that it is a tool for total control. So it's 44 00:02:18,200 --> 00:02:20,000 Speaker 1: not just speculation. This is what it tells. As a 45 00:02:20,040 --> 00:02:21,720 Speaker 1: matter of fact, I believe if I still have that 46 00:02:21,720 --> 00:02:25,760 Speaker 1: clip available, let's reet it right here. Let's just play 47 00:02:25,800 --> 00:02:29,880 Speaker 1: it right here. A key difference in with the CBDC 48 00:02:30,880 --> 00:02:35,520 Speaker 1: is the Central Bank will have absolute control on the 49 00:02:35,639 --> 00:02:39,320 Speaker 1: roots and regulations that will determine the use of that 50 00:02:40,160 --> 00:02:44,680 Speaker 1: expression of central branch liability. And also we will have 51 00:02:44,840 --> 00:02:49,240 Speaker 1: the technology to enforce that. Those are those two issues 52 00:02:49,280 --> 00:02:54,760 Speaker 1: are extremely important and okay, so I take them at 53 00:02:54,800 --> 00:02:58,079 Speaker 1: their word total control. So let's take a look at 54 00:02:58,080 --> 00:03:00,440 Speaker 1: what they said in this meeting this week of things. 55 00:03:00,760 --> 00:03:03,520 Speaker 1: So one, she gave an address, Christine the Guard, head 56 00:03:03,520 --> 00:03:05,480 Speaker 1: of the ECB, gave an address to the European Union 57 00:03:05,520 --> 00:03:09,880 Speaker 1: to talk about this, and she says, maintaining citizens trust 58 00:03:10,080 --> 00:03:13,560 Speaker 1: in money and payment services in the digital age is 59 00:03:13,600 --> 00:03:18,400 Speaker 1: an important objective in itself. It's interesting. Um, it's not 60 00:03:18,480 --> 00:03:23,400 Speaker 1: just un important objective. It is the most important objective 61 00:03:23,400 --> 00:03:26,000 Speaker 1: because there is no such thing as intrinsic value. All 62 00:03:26,160 --> 00:03:30,840 Speaker 1: value is subjective and so people have to trust. People 63 00:03:30,880 --> 00:03:34,560 Speaker 1: have to assign value to that. If they don't trust it, 64 00:03:34,880 --> 00:03:36,920 Speaker 1: if they don't assign value to it, then they won't 65 00:03:37,000 --> 00:03:39,040 Speaker 1: use it. We see this happen all the time. We 66 00:03:39,040 --> 00:03:42,200 Speaker 1: talked about in a previous segment, the tulip mania in Holland, 67 00:03:42,360 --> 00:03:46,080 Speaker 1: where people thought tulips were more valuable, more viable, more valuable. 68 00:03:46,120 --> 00:03:48,520 Speaker 1: They had trust, but then also nobody wanted tulips in 69 00:03:48,520 --> 00:03:50,760 Speaker 1: the crash. We taught with beanie babies, and so we 70 00:03:50,800 --> 00:03:53,880 Speaker 1: assigned trust to things. But in Venezuela they print so 71 00:03:54,000 --> 00:03:56,880 Speaker 1: much money nobody trusts anymore. It's laying all over the streets. 72 00:03:56,920 --> 00:03:59,320 Speaker 1: Nobod even bothers to pick it up. So maintain the 73 00:03:59,360 --> 00:04:02,040 Speaker 1: citizens trust money and payment services and the digital ages 74 00:04:02,200 --> 00:04:04,880 Speaker 1: an important objective. No, it's the most important objective. If 75 00:04:04,920 --> 00:04:07,600 Speaker 1: nobody trust the money, they're not going to use it, period. 76 00:04:07,960 --> 00:04:10,400 Speaker 1: It says that it's in the basis of our economies 77 00:04:10,440 --> 00:04:13,160 Speaker 1: to function effectively. Yeah, you have everyone has to have 78 00:04:13,160 --> 00:04:16,040 Speaker 1: a money that they all trust. If I give you 79 00:04:16,080 --> 00:04:18,000 Speaker 1: a money that you know that I can just go 80 00:04:18,040 --> 00:04:19,680 Speaker 1: back into your account and take back from you, you 81 00:04:19,720 --> 00:04:23,919 Speaker 1: won't trust that. You're not going to accept that, right, Okay, now, 82 00:04:24,040 --> 00:04:27,600 Speaker 1: she says uh. She says a model for payments is 83 00:04:27,680 --> 00:04:31,919 Speaker 1: undergoing a potentially disruptive transformation led by three developments. What 84 00:04:31,960 --> 00:04:35,600 Speaker 1: are the three developments? First, people are increasingly paying digitally 85 00:04:35,600 --> 00:04:38,520 Speaker 1: instead of using cash. Yes, I don't want to see 86 00:04:38,560 --> 00:04:42,120 Speaker 1: cash disappear. Cash is very important because cash is private. 87 00:04:42,600 --> 00:04:44,440 Speaker 1: If I hand you cash, no one needs to know 88 00:04:44,480 --> 00:04:47,599 Speaker 1: about that transaction. It's between you and I, and no 89 00:04:47,640 --> 00:04:49,840 Speaker 1: one needs to be in the middle of that. If 90 00:04:49,880 --> 00:04:53,120 Speaker 1: I pay you for something via Venmo, Venmo goes to 91 00:04:53,160 --> 00:04:54,920 Speaker 1: my credit card, and my credit card goes to my bank, 92 00:04:54,920 --> 00:04:56,400 Speaker 1: and my bank talks to your bank, and your bank 93 00:04:56,400 --> 00:04:57,720 Speaker 1: talk to your credit card, and your credit card goes 94 00:04:57,720 --> 00:04:59,760 Speaker 1: to Venmo, there's like all those steps in the middle. 95 00:04:59,760 --> 00:05:01,600 Speaker 1: Every he has a say in that. Everyone takes the 96 00:05:01,640 --> 00:05:04,920 Speaker 1: piece of that transaction. Everybody could censor that transaction if 97 00:05:04,920 --> 00:05:07,120 Speaker 1: they want. If I hand you cash, no one needs 98 00:05:07,160 --> 00:05:10,880 Speaker 1: to know. No one needs to know, And so I 99 00:05:11,000 --> 00:05:13,080 Speaker 1: like cash. I don't want to go away. But we're 100 00:05:13,080 --> 00:05:15,880 Speaker 1: paying things usually, so I pretty much pay for everything 101 00:05:15,880 --> 00:05:17,880 Speaker 1: with my debit card on my credit card, I get 102 00:05:17,880 --> 00:05:21,000 Speaker 1: paid electronically. I send wire transfers. That's just the day 103 00:05:21,000 --> 00:05:23,200 Speaker 1: and age. As a matter of fact, over all payments 104 00:05:23,240 --> 00:05:25,960 Speaker 1: are done digitally now, and we have the Venmos and 105 00:05:26,000 --> 00:05:27,599 Speaker 1: we got the paypals, and got the cash apps, and 106 00:05:27,600 --> 00:05:29,559 Speaker 1: we got the wire transfers and the debit cards, et cetera. 107 00:05:30,080 --> 00:05:33,680 Speaker 1: But it says that as this continues to trend um, 108 00:05:33,720 --> 00:05:37,479 Speaker 1: as cashes lose use, less and less public money being 109 00:05:37,480 --> 00:05:42,120 Speaker 1: government money, could ultimately lose its role as a monetary anchor, 110 00:05:42,920 --> 00:05:45,719 Speaker 1: which is true, which is not a bad thing in 111 00:05:45,720 --> 00:05:48,600 Speaker 1: my opinion. We should always have innovation, we should always 112 00:05:48,640 --> 00:05:52,279 Speaker 1: have competition. Second, in the absence of a public anchor. 113 00:05:52,480 --> 00:05:55,559 Speaker 1: So if as more people move to digital public money, 114 00:05:55,640 --> 00:05:57,760 Speaker 1: government money could lose its role, and in the absence 115 00:05:57,800 --> 00:06:00,440 Speaker 1: of that public anchor, the emergence of new kinds of 116 00:06:00,480 --> 00:06:06,720 Speaker 1: digital assets could harbor instability and confusion amongst citizens about 117 00:06:06,800 --> 00:06:11,280 Speaker 1: what is money and what is not. So um, if 118 00:06:11,680 --> 00:06:15,200 Speaker 1: we have all these new types of digital money and assets, um, 119 00:06:15,240 --> 00:06:17,839 Speaker 1: it could cause confusion among people. You know, the people 120 00:06:17,839 --> 00:06:20,599 Speaker 1: are just too stupid. They don't know. We have to 121 00:06:20,640 --> 00:06:22,440 Speaker 1: tell them what to do, because what would they do 122 00:06:22,520 --> 00:06:25,880 Speaker 1: without us the government. Uh, they'll they'll never get along. 123 00:06:25,920 --> 00:06:28,800 Speaker 1: I mean, they won't even know what money is. That's 124 00:06:28,800 --> 00:06:32,320 Speaker 1: what she said. I'm quoting her. Uh, confusion amongst citizens 125 00:06:32,320 --> 00:06:35,400 Speaker 1: about what is money. They won't even know what money 126 00:06:35,520 --> 00:06:38,240 Speaker 1: is unless we tell them. That's what she's saying. I mean, 127 00:06:38,240 --> 00:06:41,640 Speaker 1: it's insanity. First of all, what is money, Well, money 128 00:06:41,680 --> 00:06:45,760 Speaker 1: is a money's communication. Money communicates value. Money is used 129 00:06:45,760 --> 00:06:49,000 Speaker 1: to store my value. It's used to store my energy. 130 00:06:49,240 --> 00:06:52,159 Speaker 1: So I exert my energy digging a hole if I 131 00:06:52,160 --> 00:06:55,840 Speaker 1: don't need to use that Uh, that money then gets 132 00:06:55,839 --> 00:06:57,800 Speaker 1: paid back to me. I dug that hole, that person 133 00:06:57,880 --> 00:07:01,000 Speaker 1: pays me in money, and that money sits there and 134 00:07:01,080 --> 00:07:04,120 Speaker 1: allows me to And that's my energy. I expended energy 135 00:07:04,120 --> 00:07:05,760 Speaker 1: to dig the hole. I save it in the money, 136 00:07:05,760 --> 00:07:07,599 Speaker 1: and now I could use that money at a later 137 00:07:07,680 --> 00:07:09,600 Speaker 1: date tomorrow to not have to dig the hole because 138 00:07:09,600 --> 00:07:13,160 Speaker 1: I have money. Um, that's what money is. But apparently 139 00:07:13,200 --> 00:07:14,960 Speaker 1: we need the government to tell us what money is. 140 00:07:15,480 --> 00:07:17,760 Speaker 1: It says that. Take for example, crypto assets. She says 141 00:07:18,680 --> 00:07:22,160 Speaker 1: their unbacked variants such as bitcoin and ethereum are too 142 00:07:22,240 --> 00:07:24,440 Speaker 1: volatile to act as a means of a payment. So 143 00:07:25,000 --> 00:07:26,880 Speaker 1: one I would agree with her on that, Yes, they 144 00:07:26,880 --> 00:07:29,120 Speaker 1: are too vulnerable volatile to act as a means of 145 00:07:29,160 --> 00:07:35,600 Speaker 1: payment today. Today, money is emergent. Money evolves over time. 146 00:07:36,000 --> 00:07:38,400 Speaker 1: There's a path. First, it starts as a collectible. If 147 00:07:38,480 --> 00:07:42,320 Speaker 1: enough people collect it like the rich buy fine art 148 00:07:42,360 --> 00:07:44,280 Speaker 1: and cars and things like that. If enough people collected 149 00:07:44,320 --> 00:07:47,400 Speaker 1: it could doesn't always, it could evolve into a store 150 00:07:47,440 --> 00:07:50,240 Speaker 1: of values. So the rich store their wealth in fine 151 00:07:50,320 --> 00:07:52,920 Speaker 1: art and collectibles. It could go from a collectible to 152 00:07:52,960 --> 00:07:55,240 Speaker 1: a store value. Then maybe, if it has the right 153 00:07:55,240 --> 00:07:57,800 Speaker 1: attributes of money, it could evolve to the next stage, 154 00:07:57,840 --> 00:08:01,360 Speaker 1: which be a medium of exchange. She's saying, it's not 155 00:08:01,440 --> 00:08:03,679 Speaker 1: that today. Sure, it's only been around for a decade, 156 00:08:03,800 --> 00:08:05,760 Speaker 1: give it some time. It's getting there. It has the 157 00:08:05,880 --> 00:08:10,520 Speaker 1: right things um. And then third, she says the entry 158 00:08:10,560 --> 00:08:13,000 Speaker 1: of big text into payments could increase the risk of 159 00:08:13,080 --> 00:08:17,800 Speaker 1: market domination and dependence on foreign payment technologies, with consequences 160 00:08:17,840 --> 00:08:22,880 Speaker 1: for Europe's strategic autonomy. How dare anybody cut into our 161 00:08:22,920 --> 00:08:28,280 Speaker 1: monopoly over the financial system, our ability to manipulate and 162 00:08:28,600 --> 00:08:31,760 Speaker 1: inflate the monetary system. How dare anybody try to get 163 00:08:31,760 --> 00:08:34,320 Speaker 1: in on that. That's our game, that's our monopoly. Then 164 00:08:34,360 --> 00:08:36,640 Speaker 1: we not only have a monopoly over money, we have 165 00:08:36,679 --> 00:08:40,199 Speaker 1: a monopoly over violence, and we will use that violence 166 00:08:40,240 --> 00:08:42,800 Speaker 1: to make sure we don't lose our autonomy over money. 167 00:08:42,800 --> 00:08:44,480 Speaker 1: That's what she's saying here. She didn't talk about the 168 00:08:44,520 --> 00:08:47,200 Speaker 1: violence part. But she said that if we let big 169 00:08:47,240 --> 00:08:52,480 Speaker 1: tech get in, we the government could lose our strategic autonomy, which, 170 00:08:52,520 --> 00:08:56,160 Speaker 1: of course yes, that's my goal. By the way, I 171 00:08:56,200 --> 00:08:59,520 Speaker 1: am on a mission to separate money and state. We 172 00:08:59,559 --> 00:09:01,079 Speaker 1: want to get out of the hands of the people. 173 00:09:01,720 --> 00:09:03,640 Speaker 1: If you're just tuning in, you're listening to the Markma Show. 174 00:09:03,679 --> 00:09:07,240 Speaker 1: We're talking about the decentralized revolution, how the world of politics, finance, 175 00:09:07,240 --> 00:09:10,400 Speaker 1: and technology are clashing and changing, and we're looking at 176 00:09:10,440 --> 00:09:13,839 Speaker 1: this specifically as the European Union got together to talk 177 00:09:13,880 --> 00:09:16,640 Speaker 1: about what the future of money and technology is. I 178 00:09:16,720 --> 00:09:18,000 Speaker 1: got a whole lot of cover when I come back. 179 00:09:18,040 --> 00:09:20,080 Speaker 1: You don't want to miss this. This is breaking news. 180 00:09:20,400 --> 00:09:22,520 Speaker 1: I'm gonna cover that and some other stories I have 181 00:09:22,600 --> 00:09:24,560 Speaker 1: about what happened with the SEC in the United States 182 00:09:24,559 --> 00:09:27,320 Speaker 1: and the future of cryptocurrencies in the US, which has 183 00:09:27,360 --> 00:09:29,040 Speaker 1: just been set. Don't miss it. I'll be right back. 184 00:09:29,200 --> 00:09:32,640 Speaker 1: Don't go away, all right, welcome back. If you're just 185 00:09:32,640 --> 00:09:34,920 Speaker 1: tuning in, you're listening to the Markma Show. We're talking 186 00:09:34,960 --> 00:09:38,880 Speaker 1: about what's happening in the world of central bank digital 187 00:09:39,000 --> 00:09:43,280 Speaker 1: currencies and the European Central Bank just met and Christine 188 00:09:43,320 --> 00:09:46,560 Speaker 1: the Guard the convicted criminal that runs that bank. UM. 189 00:09:46,640 --> 00:09:49,360 Speaker 1: I was given an address and she was talking about 190 00:09:49,400 --> 00:09:52,720 Speaker 1: this new digital payment. UM. Talking about designing the digital 191 00:09:52,760 --> 00:09:56,440 Speaker 1: public money. She said, quote, issuing a digital Euro would 192 00:09:56,480 --> 00:10:02,200 Speaker 1: indeed safeguard people's confidence. M hm. So people don't have 193 00:10:02,240 --> 00:10:05,880 Speaker 1: confidence in a paper euro, but if it's digital, then 194 00:10:05,960 --> 00:10:09,840 Speaker 1: people would have confidence in it. What changes fundamentally Now, 195 00:10:09,920 --> 00:10:12,480 Speaker 1: if I have a physical piece of paper, a Euro 196 00:10:12,679 --> 00:10:15,640 Speaker 1: or a dollar or whatever, in my hand, I know 197 00:10:15,760 --> 00:10:18,320 Speaker 1: I have it. There's no counterparty risk. If I put 198 00:10:18,320 --> 00:10:21,040 Speaker 1: it into the bank, there's risk that bank may not 199 00:10:21,160 --> 00:10:23,559 Speaker 1: give that money back to me. They may go insolvent. 200 00:10:23,640 --> 00:10:26,320 Speaker 1: There's counterparty risk. If I have it in my hand, 201 00:10:27,440 --> 00:10:29,400 Speaker 1: then I have confidence I have it's under my mattress, right. 202 00:10:30,559 --> 00:10:33,160 Speaker 1: But if they issue a digital euro, then it would 203 00:10:33,600 --> 00:10:36,440 Speaker 1: safeguard my confidence. No, it would actually take away my 204 00:10:36,559 --> 00:10:41,280 Speaker 1: confidence more. Um. She said, Okay, So here's the part 205 00:10:41,280 --> 00:10:45,840 Speaker 1: I really want to get to. Privacy. So she said, uh, 206 00:10:46,200 --> 00:10:50,040 Speaker 1: the code legislators, the lawmakers must define the balance between 207 00:10:50,080 --> 00:10:53,440 Speaker 1: competing public objectives in the policy areas that the uh 208 00:10:53,760 --> 00:10:57,840 Speaker 1: So the two aspects that they want to compete are. UH. 209 00:10:58,000 --> 00:11:02,480 Speaker 1: One is privacy. So let's talk about privacy first, she says, 210 00:11:02,480 --> 00:11:06,760 Speaker 1: the first one is privacy in our public consultation. So, uh, 211 00:11:06,800 --> 00:11:08,439 Speaker 1: the European Central Bank, just like the Federal Reserve of 212 00:11:08,440 --> 00:11:10,000 Speaker 1: the United States did as well. They opened it up 213 00:11:10,000 --> 00:11:12,400 Speaker 1: for public comment. Let's see what the public have to say, which, 214 00:11:12,440 --> 00:11:15,920 Speaker 1: of course they say that we're in a democracy. We're not. 215 00:11:15,960 --> 00:11:18,360 Speaker 1: We're in a republic. But either way, it's uh, they 216 00:11:18,360 --> 00:11:20,800 Speaker 1: should listen to us. The government works for the people 217 00:11:20,920 --> 00:11:22,920 Speaker 1: of the people, by the people, for the people, so 218 00:11:22,960 --> 00:11:25,319 Speaker 1: of course they should care what we have to say. 219 00:11:25,360 --> 00:11:27,280 Speaker 1: So they opened up for comment. What do the people say, 220 00:11:27,280 --> 00:11:30,640 Speaker 1: So that's what she's saying. In our public consultation, when 221 00:11:30,640 --> 00:11:34,680 Speaker 1: we asked for stuff, forty three percent of respondents, almost 222 00:11:34,720 --> 00:11:40,640 Speaker 1: half ranked privacy as the most important aspect of the 223 00:11:40,679 --> 00:11:45,400 Speaker 1: Digital Euro, well ahead of any other feature. So it's 224 00:11:45,400 --> 00:11:48,719 Speaker 1: clear that that we want the digital Euro to be 225 00:11:48,720 --> 00:11:52,000 Speaker 1: attracted if we wanted to be attractive, and needs to 226 00:11:52,080 --> 00:11:56,200 Speaker 1: be designed in a way that meets people's privacy expectations. 227 00:11:56,360 --> 00:11:59,440 Speaker 1: That's what she says. Almost half of the people surveyed 228 00:11:59,480 --> 00:12:02,560 Speaker 1: say it's the most important thing, way above anything else. 229 00:12:03,000 --> 00:12:05,000 Speaker 1: So if we wanted to be attractive, it has to 230 00:12:05,040 --> 00:12:09,160 Speaker 1: have that thing. But here's the butt. There's always a butt. 231 00:12:09,600 --> 00:12:15,440 Speaker 1: But I'm quoting her. But full anonymity such as offered 232 00:12:15,480 --> 00:12:19,280 Speaker 1: it by cash, does not appear a viable option in 233 00:12:19,440 --> 00:12:21,360 Speaker 1: my opinion. What do we care about your opinion, your 234 00:12:21,400 --> 00:12:25,120 Speaker 1: chivicted criminal? Anyway, such such it doesn't appear a viable 235 00:12:25,120 --> 00:12:29,880 Speaker 1: option in my opinion, it would contravene other public policy objectives. 236 00:12:29,920 --> 00:12:32,080 Speaker 1: So it would contradict it. It would go against other 237 00:12:32,440 --> 00:12:35,640 Speaker 1: public policy objects, not what the public wants, never mind 238 00:12:35,760 --> 00:12:38,520 Speaker 1: the public one privacy, but it would go against other 239 00:12:38,640 --> 00:12:42,000 Speaker 1: public objectives, meaning what we want to do to the people, 240 00:12:42,000 --> 00:12:46,600 Speaker 1: that's what you say, um, such as ensuring compliance with 241 00:12:46,760 --> 00:12:51,199 Speaker 1: anti money laundering rules and combating the financing of terrorism, 242 00:12:51,240 --> 00:12:54,320 Speaker 1: because you know your six dollars is going to fund terrorism. 243 00:12:54,400 --> 00:12:57,000 Speaker 1: Never mind the four billion dollars that we sent to 244 00:12:57,200 --> 00:13:01,439 Speaker 1: terrorists nations, never mind the weapons that we left in Afghanistan, 245 00:13:01,600 --> 00:13:03,800 Speaker 1: never mind all the weapons that we're sending to Ukraine 246 00:13:03,840 --> 00:13:06,839 Speaker 1: and going to who knows where. Never mind that you're 247 00:13:06,880 --> 00:13:09,600 Speaker 1: six d bucks though we better know where that's going by, 248 00:13:09,679 --> 00:13:12,000 Speaker 1: because I mean, shoot, you could be uh, you know, 249 00:13:12,200 --> 00:13:15,120 Speaker 1: laundrying money and funding terrorism with that. How dare you 250 00:13:16,280 --> 00:13:18,480 Speaker 1: only we're allowed to do that. We're the monopoly on 251 00:13:18,520 --> 00:13:22,839 Speaker 1: that right. So, um, listen what she's saying. Although they 252 00:13:22,880 --> 00:13:25,040 Speaker 1: told us it's the most important thing by going away, 253 00:13:25,080 --> 00:13:27,160 Speaker 1: this is what the big thing want. It's just it's 254 00:13:27,200 --> 00:13:31,320 Speaker 1: just not really it contradicts what we want. Um. So 255 00:13:31,400 --> 00:13:36,200 Speaker 1: she says, uh, it would contrabute objectives such as insuring 256 00:13:36,200 --> 00:13:39,280 Speaker 1: compliance with anti money laundry rules and combining the finance 257 00:13:39,280 --> 00:13:43,640 Speaker 1: and terrorism. And it would also make it virtually impossible 258 00:13:44,280 --> 00:13:47,560 Speaker 1: to limit the use of digital euro as a form 259 00:13:47,600 --> 00:13:49,760 Speaker 1: of investment. So it would make it virtually impossible to 260 00:13:49,880 --> 00:13:52,240 Speaker 1: limit the use. Listen to what she said, Remember what 261 00:13:52,280 --> 00:13:54,360 Speaker 1: Augustine Carson from the b I said. It would give 262 00:13:54,480 --> 00:13:58,080 Speaker 1: us total control. So she says that if we did this, 263 00:13:58,160 --> 00:13:59,800 Speaker 1: if we gave the people what they wanted with it, 264 00:13:59,840 --> 00:14:03,240 Speaker 1: did dual euro the CBDC, it would make it virtually 265 00:14:03,320 --> 00:14:06,480 Speaker 1: impossible to limit the use. They don't want you to 266 00:14:06,600 --> 00:14:09,200 Speaker 1: use your money as you see fit. I mean, yeah, 267 00:14:09,240 --> 00:14:12,000 Speaker 1: it's your money, and yeah, you you you sacrificed and 268 00:14:12,040 --> 00:14:14,440 Speaker 1: gave up your life energy to get that money, but 269 00:14:14,520 --> 00:14:16,959 Speaker 1: it's not really yours. It's not yours to use as 270 00:14:16,960 --> 00:14:19,760 Speaker 1: we want. We have to be able to limit the use. 271 00:14:19,880 --> 00:14:22,400 Speaker 1: That's what she says. Think about these words that they're saying. 272 00:14:24,920 --> 00:14:27,000 Speaker 1: It would make it virtually impossible to limit the use. Yes, 273 00:14:27,640 --> 00:14:30,560 Speaker 1: that's the point. My money is my money. I should 274 00:14:30,560 --> 00:14:35,360 Speaker 1: be able to use it as I see fit. What else? Okay? 275 00:14:35,400 --> 00:14:38,920 Speaker 1: The next part, the legal tender status part. The second 276 00:14:38,960 --> 00:14:45,280 Speaker 1: aspect is the legal tender status Um although an acceptance 277 00:14:45,280 --> 00:14:48,359 Speaker 1: obligation has to be weighed against principles such as contractual 278 00:14:48,400 --> 00:14:53,480 Speaker 1: freedom and competition, So meaning that you know, we should 279 00:14:53,480 --> 00:14:55,600 Speaker 1: have the freedom to use it as we want. We 280 00:14:55,600 --> 00:14:58,040 Speaker 1: shouldn't bear in mind that it is a constitutional feature 281 00:14:58,080 --> 00:15:02,840 Speaker 1: of cash essential bank money to be lead will tender. Now, 282 00:15:04,720 --> 00:15:07,000 Speaker 1: why does it have to be legal tender money? Now? 283 00:15:07,440 --> 00:15:09,200 Speaker 1: I can't speak about every other country, but in the 284 00:15:09,240 --> 00:15:13,200 Speaker 1: United States, it's still a free country. We are the 285 00:15:13,280 --> 00:15:17,040 Speaker 1: land of the free. We don't need the government to 286 00:15:17,160 --> 00:15:19,480 Speaker 1: tell us what we can accept as forms of payment. 287 00:15:20,080 --> 00:15:22,320 Speaker 1: If I want to come over to your house and 288 00:15:23,280 --> 00:15:25,520 Speaker 1: build a fense for you in exchange for a good 289 00:15:25,560 --> 00:15:27,160 Speaker 1: or service that you want to give to me, that's 290 00:15:27,240 --> 00:15:29,280 Speaker 1: my labor. I can give you my labor. If I 291 00:15:29,280 --> 00:15:31,240 Speaker 1: want to trade you this iPhone that I have in 292 00:15:31,280 --> 00:15:33,800 Speaker 1: my hand. Um, you can accept this iPhone as your 293 00:15:33,920 --> 00:15:36,120 Speaker 1: as your payment. If I want to send you bitcoin, 294 00:15:36,480 --> 00:15:38,680 Speaker 1: then you can accept bitcoin as your payment. We don't 295 00:15:38,680 --> 00:15:41,200 Speaker 1: need the government to tell us what we can accept 296 00:15:41,320 --> 00:15:44,880 Speaker 1: as payment or in exchange. I should say for goods 297 00:15:44,880 --> 00:15:46,920 Speaker 1: and services. It can be my labor, it can be 298 00:15:46,960 --> 00:15:49,480 Speaker 1: another product I have. We don't need it to be 299 00:15:49,680 --> 00:15:51,200 Speaker 1: legal tender. And that's a big problem that I have 300 00:15:51,320 --> 00:15:53,840 Speaker 1: with all these people that say we need regulations in 301 00:15:53,920 --> 00:15:57,080 Speaker 1: bitcoin and crypto graz. No, we don't. We don't need it. 302 00:15:57,240 --> 00:15:58,960 Speaker 1: We don't need the government to tell us what we 303 00:15:59,000 --> 00:16:00,880 Speaker 1: can do. And again I'm speaking on behalf of the 304 00:16:00,920 --> 00:16:04,560 Speaker 1: United States. The government does not give us permission to 305 00:16:04,680 --> 00:16:08,560 Speaker 1: do anything. Because we're a free country. The government only 306 00:16:08,640 --> 00:16:12,800 Speaker 1: takes away our rights. That's important point. At the week 307 00:16:12,880 --> 00:16:15,640 Speaker 1: of these midterm elections, everyone's going to vote. The first 308 00:16:15,680 --> 00:16:17,480 Speaker 1: thing my dad told me when I turned eighteen is 309 00:16:17,560 --> 00:16:20,480 Speaker 1: remember every law you go to vote for, whether good 310 00:16:20,520 --> 00:16:24,440 Speaker 1: or bad, is less freedom. So we're a free country. 311 00:16:24,520 --> 00:16:26,120 Speaker 1: We're free to do things. The government tells us what 312 00:16:26,160 --> 00:16:28,640 Speaker 1: we can't do, like you can't kill somebody, you can't 313 00:16:28,680 --> 00:16:32,160 Speaker 1: rob somebody. Okay, those laws restrict our freedom and they 314 00:16:32,160 --> 00:16:35,440 Speaker 1: should be all right, but we don't ask for permission. 315 00:16:35,440 --> 00:16:37,960 Speaker 1: We don't ask for laws that tell us what to do, 316 00:16:38,280 --> 00:16:39,960 Speaker 1: so we don't need them. But she said a side 317 00:16:40,000 --> 00:16:43,080 Speaker 1: effect of illegal tender status maybe that it facilitates network effects, 318 00:16:43,080 --> 00:16:46,680 Speaker 1: allowing citizens to have the option to quote unquote pay 319 00:16:46,760 --> 00:16:49,920 Speaker 1: anywhere and easily access the digital euro. That would be 320 00:16:49,960 --> 00:16:53,920 Speaker 1: a problem. We don't want that. We want to control it. 321 00:16:54,000 --> 00:16:55,880 Speaker 1: We want to make sure it's only use in our country. 322 00:16:56,160 --> 00:16:58,560 Speaker 1: They said that the digital euro may have transaction limits 323 00:16:58,560 --> 00:17:04,399 Speaker 1: and store of value you caps um. Exact limits are 324 00:17:04,400 --> 00:17:07,200 Speaker 1: not set in stone, but Panetta mentioned a three thousand 325 00:17:07,200 --> 00:17:10,960 Speaker 1: euro um store of value limit, So you can't store 326 00:17:11,000 --> 00:17:14,400 Speaker 1: more than three thousand euros. That's hoarding. You can't hoard 327 00:17:14,440 --> 00:17:16,800 Speaker 1: the money. You've got to spend your money. How dare 328 00:17:16,840 --> 00:17:19,280 Speaker 1: you save? Let us take that they want to put 329 00:17:19,280 --> 00:17:24,159 Speaker 1: a three thousand euro limit and one thousand transaction monthly limit, 330 00:17:24,960 --> 00:17:29,679 Speaker 1: a one thousand transaction monthly limit, because there will be 331 00:17:29,760 --> 00:17:32,800 Speaker 1: risks that people could use these possibilities to move money 332 00:17:32,880 --> 00:17:35,919 Speaker 1: and we can't control that. This is what's coming. This 333 00:17:35,920 --> 00:17:39,320 Speaker 1: is what central bank digital currencies are. Understand what this is. 334 00:17:39,359 --> 00:17:41,359 Speaker 1: So when you when you hear it being talked about 335 00:17:41,680 --> 00:17:44,600 Speaker 1: you know what's happening. Talk about these ideas with your 336 00:17:44,640 --> 00:17:47,360 Speaker 1: friends and family to educate them as well. I want 337 00:17:47,359 --> 00:17:49,679 Speaker 1: to talk more about what's happening in the United States 338 00:17:49,800 --> 00:17:53,560 Speaker 1: and what the SEC is doing with cryptocurrencies. In Bitcoin, 339 00:17:53,640 --> 00:17:57,000 Speaker 1: a big judgment happened this week that really sets the 340 00:17:57,040 --> 00:18:00,160 Speaker 1: precedence of what's coming next for maybe you're an next 341 00:18:00,240 --> 00:18:02,720 Speaker 1: favorite crypto token. If you're just tuning in, you're listening 342 00:18:02,720 --> 00:18:05,160 Speaker 1: to the markma Show. We're talking about the decentralized Revolution, 343 00:18:05,200 --> 00:18:07,480 Speaker 1: talking about the way the world is changing through this, 344 00:18:07,680 --> 00:18:08,800 Speaker 1: and I got a lot more to cover when I 345 00:18:08,840 --> 00:18:16,760 Speaker 1: come back. Don't go away, I'll be right back, all right, 346 00:18:16,800 --> 00:18:19,040 Speaker 1: Welcome back. You are listening to the Mark Moss Show, 347 00:18:19,440 --> 00:18:23,880 Speaker 1: and we are talking about the decentralized Revolution. Of course, 348 00:18:23,960 --> 00:18:27,280 Speaker 1: we're talking specifically about what the government's doing in regards 349 00:18:27,320 --> 00:18:31,359 Speaker 1: to cryptocurrency, and this week we saw big news coming 350 00:18:31,400 --> 00:18:39,160 Speaker 1: from the SEC Securities Exchange Commission talking about regulations on cryptocurrencies. Now, 351 00:18:40,280 --> 00:18:43,600 Speaker 1: I'm not a fan of trying to apply a whatever 352 00:18:43,760 --> 00:18:47,240 Speaker 1: hundred year old law of the how we test um 353 00:18:47,280 --> 00:18:50,000 Speaker 1: of what is a security and try to apply that 354 00:18:50,080 --> 00:18:52,199 Speaker 1: to cryptocurrency. I don't think it fits. It's kind of 355 00:18:52,200 --> 00:18:55,640 Speaker 1: like a square peg in a round hole. But nevertheless, UM, 356 00:18:55,680 --> 00:18:57,760 Speaker 1: that's where we are. And we saw this week the 357 00:18:57,960 --> 00:19:02,320 Speaker 1: SEC came out and decided went to went to court 358 00:19:02,359 --> 00:19:07,400 Speaker 1: against a platform called Library lb r Y and Library 359 00:19:07,560 --> 00:19:11,400 Speaker 1: is um sort of like a decentralized YouTube. UM. It's 360 00:19:11,440 --> 00:19:14,800 Speaker 1: also known as Odyssey, which by the way, my YouTube 361 00:19:14,840 --> 00:19:17,360 Speaker 1: videos are on Odyssey, so you should check me out 362 00:19:17,359 --> 00:19:20,320 Speaker 1: there either on YouTube just search market Muscle on YouTube 363 00:19:20,400 --> 00:19:24,119 Speaker 1: or on Odyssey. And YouTube is obviously a very centrally 364 00:19:24,280 --> 00:19:29,400 Speaker 1: controlled and centrally planned and manipulated platform. They kick anybody 365 00:19:29,400 --> 00:19:32,879 Speaker 1: off that they want. But um, Odyssey is like a 366 00:19:32,960 --> 00:19:37,360 Speaker 1: decentralized Virgin. The problem that they had is that they 367 00:19:37,480 --> 00:19:43,240 Speaker 1: launched their own token, LBC a token, and the SEC 368 00:19:43,320 --> 00:19:46,919 Speaker 1: sued Library saying last March saying that they sold as 369 00:19:47,000 --> 00:19:52,000 Speaker 1: native LBC token in violation of federal securities laws. It 370 00:19:52,040 --> 00:19:54,360 Speaker 1: says here the SEC sued Library in March of two 371 00:19:54,359 --> 00:19:57,800 Speaker 1: thousand twenty one a leegend that LBC tokens were securities 372 00:19:58,200 --> 00:20:01,280 Speaker 1: and that the startup had violated to scurities laws by 373 00:20:01,320 --> 00:20:06,680 Speaker 1: selling them without registering with the agency with the SEC. Now, 374 00:20:06,880 --> 00:20:10,680 Speaker 1: Library pushed back said that the OBC tokens were not securities, 375 00:20:10,920 --> 00:20:12,919 Speaker 1: and that the SEC did not give it fair notice 376 00:20:12,960 --> 00:20:15,800 Speaker 1: that it's cell of LBC was subject to securities laws, 377 00:20:16,520 --> 00:20:23,680 Speaker 1: thus violating the company's right to due process. But ah, 378 00:20:23,880 --> 00:20:26,440 Speaker 1: I mean again, we have securities laws. A lot of 379 00:20:26,440 --> 00:20:29,560 Speaker 1: people wanted to operate in this gray area, and thousands 380 00:20:29,600 --> 00:20:32,119 Speaker 1: and thousands of thousands, tens of thousands of companies have 381 00:20:32,200 --> 00:20:34,560 Speaker 1: gotten away with it because the SEC hasn't really formally 382 00:20:34,600 --> 00:20:37,000 Speaker 1: come out and put the put the put the boot down, 383 00:20:37,040 --> 00:20:40,240 Speaker 1: so to speak. Um, and they haven't really aggressively pursued 384 00:20:40,680 --> 00:20:45,560 Speaker 1: and prosecuted these types of companies. It says here, though, 385 00:20:45,640 --> 00:20:50,160 Speaker 1: that the federal Judge of the District Court of District 386 00:20:50,200 --> 00:20:54,800 Speaker 1: of New Hampshire ruled saying that quote, no reasonable trier 387 00:20:54,880 --> 00:20:57,760 Speaker 1: of fact could reject the SEC's contention that it offered 388 00:20:57,760 --> 00:21:01,280 Speaker 1: a security and Library does not have a tribal defense 389 00:21:01,880 --> 00:21:05,360 Speaker 1: that lacked fair notice. They basically said, no, it doesn't matter. Um. 390 00:21:05,400 --> 00:21:07,920 Speaker 1: The founder of Library, Jeremy Kaufman, has maintained that the 391 00:21:07,920 --> 00:21:12,000 Speaker 1: outcome of the case would have sweeping implications for the 392 00:21:12,040 --> 00:21:14,920 Speaker 1: wider crypto industry, and the reason why it has sweeping 393 00:21:14,960 --> 00:21:18,480 Speaker 1: into implications is because the way the legal system works 394 00:21:18,600 --> 00:21:21,640 Speaker 1: is they use case law case laws, that's precedents. So 395 00:21:21,840 --> 00:21:25,400 Speaker 1: whenever an attorney is arguing a case, they're gonna say, well, 396 00:21:25,720 --> 00:21:28,560 Speaker 1: in this case versus this case, this is what happened. 397 00:21:29,080 --> 00:21:32,360 Speaker 1: And the more that that case is being used or cited, 398 00:21:32,359 --> 00:21:37,120 Speaker 1: the stronger it becomes. And so this case law could 399 00:21:37,160 --> 00:21:40,359 Speaker 1: then be have sweeping implications because then other cases after 400 00:21:40,400 --> 00:21:44,600 Speaker 1: it could be tried. Pointing back to this, it says 401 00:21:44,640 --> 00:21:48,399 Speaker 1: that it says that it establishes a precedent that threatens 402 00:21:48,440 --> 00:21:56,160 Speaker 1: the entire US cryptocurrency industry. This is from the founder Coffin. 403 00:21:56,480 --> 00:22:01,200 Speaker 1: He said, under the sec versus Library standard, almost every cryptocurrency, 404 00:22:01,280 --> 00:22:09,200 Speaker 1: including ethereum and those our securities. Uh. Yeah, well that's 405 00:22:09,320 --> 00:22:12,800 Speaker 1: that's basically right. Um, that's basically right. It says, Uh, 406 00:22:13,200 --> 00:22:16,360 Speaker 1: one significant case the Library ruling could impact is the 407 00:22:16,520 --> 00:22:20,120 Speaker 1: sec suit against Ripple Labs and two of its executives, 408 00:22:20,240 --> 00:22:23,080 Speaker 1: who have been charged with selling one point three billion 409 00:22:23,640 --> 00:22:26,520 Speaker 1: in unregistered securities. Of course, we're talking about Ripple Labs, 410 00:22:26,680 --> 00:22:30,520 Speaker 1: which is selling the x RP token, which that x 411 00:22:30,640 --> 00:22:34,000 Speaker 1: RP army is strong, and they're probably mad for me 412 00:22:34,119 --> 00:22:37,240 Speaker 1: even saying something like that, but again I'm just quoting him, 413 00:22:37,280 --> 00:22:39,000 Speaker 1: so don't don't get the messenger. Don't don't get the 414 00:22:39,040 --> 00:22:42,320 Speaker 1: messenger here. But yeah, I mean, if they're claiming that 415 00:22:42,840 --> 00:22:45,280 Speaker 1: the library is a security, then it makes sense that 416 00:22:45,359 --> 00:22:51,320 Speaker 1: Ripple labs XRP token is also security. Um. Ripple Labs 417 00:22:51,359 --> 00:22:53,800 Speaker 1: defense is the same. It's hinged on its claim that 418 00:22:53,840 --> 00:22:55,760 Speaker 1: it's native token XRP is not a security and that 419 00:22:55,840 --> 00:22:58,879 Speaker 1: by failing to provide clarity on whether x RP was 420 00:22:58,880 --> 00:23:03,400 Speaker 1: a security, the SEC did not provide fair notice. It's 421 00:23:03,440 --> 00:23:06,840 Speaker 1: exactly what library tried to argue, and the SEC slapped 422 00:23:06,880 --> 00:23:12,400 Speaker 1: him down right. As I said, the judge actually said, um, 423 00:23:12,440 --> 00:23:15,080 Speaker 1: libraries not have a tribal defense, that it lacked fair notice. 424 00:23:15,359 --> 00:23:17,879 Speaker 1: So if they don't, how does se how does how 425 00:23:17,880 --> 00:23:21,480 Speaker 1: does x RP and Ripple Labs have that? And again 426 00:23:21,760 --> 00:23:25,399 Speaker 1: that's the whole reason why the founder Kaufman is saying that, Uh, 427 00:23:25,440 --> 00:23:28,160 Speaker 1: this is bad. It's bad for everybody else. Now this 428 00:23:28,240 --> 00:23:30,600 Speaker 1: is just the This is the ruling so far, and 429 00:23:30,600 --> 00:23:33,560 Speaker 1: it means that libraries case will not go to trial. 430 00:23:33,880 --> 00:23:37,359 Speaker 1: So it's done. Uh. A status hearing to determine what 431 00:23:37,400 --> 00:23:40,480 Speaker 1: the next steps aren't is slated for the end of 432 00:23:40,520 --> 00:23:43,320 Speaker 1: the month November one, and we'll come back and see 433 00:23:43,359 --> 00:23:46,639 Speaker 1: what it is now. Um, the library has been on Twitter, 434 00:23:46,960 --> 00:23:49,360 Speaker 1: They've been all over social media talking about this. They said, look, 435 00:23:49,400 --> 00:23:51,040 Speaker 1: we don't we don't know what to do. What could 436 00:23:51,080 --> 00:23:54,320 Speaker 1: we have done? We didn't know. They didn't give us 437 00:23:54,400 --> 00:23:57,560 Speaker 1: clear guidance. They didn't give us advanced notice. How were 438 00:23:57,600 --> 00:24:00,639 Speaker 1: we to know what to do. We tried to do 439 00:24:00,760 --> 00:24:03,560 Speaker 1: the best that we could, but you didn't give us 440 00:24:03,600 --> 00:24:06,840 Speaker 1: fair notice. I commented on that, and I said, well, 441 00:24:06,880 --> 00:24:09,640 Speaker 1: what you could have done is not launched your own token. 442 00:24:11,080 --> 00:24:14,760 Speaker 1: That's the whole problem. They could have launched the platform 443 00:24:14,840 --> 00:24:17,320 Speaker 1: which allows me to post my YouTube videos on there 444 00:24:17,359 --> 00:24:20,119 Speaker 1: in a decentralized manner. They could have done that. Nothing 445 00:24:20,160 --> 00:24:24,240 Speaker 1: wrong with what they did. It's the token. They created 446 00:24:24,240 --> 00:24:25,920 Speaker 1: a token out of thin air, the l b R, 447 00:24:26,080 --> 00:24:30,480 Speaker 1: the lb uh l l b R y LBC sorry 448 00:24:30,560 --> 00:24:35,000 Speaker 1: LBC token. They created a token and sold it out 449 00:24:35,000 --> 00:24:37,920 Speaker 1: of thin air. That's the problem. So the problem isn't 450 00:24:37,960 --> 00:24:42,840 Speaker 1: the platform. Of the problem is the token, and it's 451 00:24:42,920 --> 00:24:48,680 Speaker 1: the l b R y LBC token LBC token Library. 452 00:24:48,720 --> 00:24:51,639 Speaker 1: And there we go. Let's take a look at the token. 453 00:24:51,800 --> 00:24:57,160 Speaker 1: It's valued at one point two cents per token. If 454 00:24:57,160 --> 00:24:59,960 Speaker 1: we look at the year to date valuation, the mark 455 00:25:00,080 --> 00:25:04,199 Speaker 1: ket cap was as high as twenty four million, so 456 00:25:04,600 --> 00:25:07,680 Speaker 1: not that big, and now it's down to seven million. 457 00:25:10,080 --> 00:25:12,680 Speaker 1: The tokens were as high as three and a half 458 00:25:12,720 --> 00:25:15,159 Speaker 1: cents and now they're down to one point two cents, 459 00:25:15,160 --> 00:25:18,159 Speaker 1: so um, you know, not a huge impact on that. 460 00:25:18,200 --> 00:25:20,800 Speaker 1: If we look at the all when they came out 461 00:25:20,800 --> 00:25:24,640 Speaker 1: of the gate, though, wow, look at this UM when 462 00:25:24,680 --> 00:25:26,240 Speaker 1: they came out of the gate. Here we are back 463 00:25:26,280 --> 00:25:29,399 Speaker 1: in January of eighteen, they had a hundred and fifty 464 00:25:29,480 --> 00:25:35,800 Speaker 1: seven million dollar valuation. In April of two one, they 465 00:25:35,800 --> 00:25:39,080 Speaker 1: had a hundred and seventy two million dollar valuation, and 466 00:25:39,119 --> 00:25:41,520 Speaker 1: today it's all the way down to thirteen. So be 467 00:25:41,600 --> 00:25:44,200 Speaker 1: careful what you put your money into. Uh, it could 468 00:25:44,320 --> 00:25:50,160 Speaker 1: crash down very hard. Especially um it's gone from fourteen 469 00:25:50,200 --> 00:25:55,520 Speaker 1: million two seven millions. It's dropped in half fifty valuation 470 00:25:55,680 --> 00:25:59,680 Speaker 1: dropped since this news broke. And so if this news 471 00:25:59,720 --> 00:26:03,199 Speaker 1: break on Ripple Labs and x r P, if it 472 00:26:03,280 --> 00:26:07,760 Speaker 1: breaks on any other cryptocurrency, you probably expect about the 473 00:26:07,800 --> 00:26:11,280 Speaker 1: same thing. Expect to lose about half your money. Again, 474 00:26:11,400 --> 00:26:16,359 Speaker 1: don't kill the messenger. That's just the news. What else, 475 00:26:16,480 --> 00:26:23,480 Speaker 1: what else? What else? Oh um man as a as uh. 476 00:26:23,560 --> 00:26:26,359 Speaker 1: As this continues to ramp up, we continue to see 477 00:26:26,560 --> 00:26:30,040 Speaker 1: lots of pain across the cryptocurrency space. You know, the 478 00:26:30,040 --> 00:26:34,520 Speaker 1: bear markets cause a lot of infighting. Um. The bear 479 00:26:34,600 --> 00:26:37,800 Speaker 1: markets are times to invest, there the time to build, 480 00:26:38,200 --> 00:26:40,440 Speaker 1: but it's also the time, you know, because money gets 481 00:26:40,440 --> 00:26:43,520 Speaker 1: tight and people start going broke that you see lots 482 00:26:43,520 --> 00:26:47,199 Speaker 1: of problems happen. We saw the Salona blockchain has dropped 483 00:26:47,280 --> 00:26:51,639 Speaker 1: dramatically as well in the past twenty four hours, and 484 00:26:51,680 --> 00:26:54,720 Speaker 1: part of it is that a thousand of their validators 485 00:26:54,800 --> 00:26:57,719 Speaker 1: went offline. What the heck does that even mean? It's 486 00:26:57,760 --> 00:27:02,920 Speaker 1: supposed to be a decentralized protocol, but of course it's not. 487 00:27:03,359 --> 00:27:06,120 Speaker 1: They're all hosted on a cloud provider that shut them 488 00:27:06,119 --> 00:27:07,480 Speaker 1: all down at the same time, and so a lot 489 00:27:07,520 --> 00:27:11,240 Speaker 1: of steak holders are unable to get their money back 490 00:27:11,280 --> 00:27:15,600 Speaker 1: out some decentralized protocol. That is, if you're just tuning 491 00:27:15,600 --> 00:27:17,720 Speaker 1: in you're listening to the Mark Mo Show, we're talking 492 00:27:17,720 --> 00:27:20,719 Speaker 1: about the cryptocurrency space right now, as we go through 493 00:27:20,760 --> 00:27:23,960 Speaker 1: the decentralized revolution. I want to talk about this fifty 494 00:27:24,040 --> 00:27:26,960 Speaker 1: tho bitcoins that were just seized and what does that mean? 495 00:27:27,400 --> 00:27:28,840 Speaker 1: I got that and more when I come back in 496 00:27:28,880 --> 00:27:30,960 Speaker 1: a minute. You don't want to miss it. Don't go away. 497 00:27:31,359 --> 00:27:36,440 Speaker 1: I'm gonna be right back. All right, Welcome back. You 498 00:27:36,520 --> 00:27:38,879 Speaker 1: are listening to the Mark Mo Show. We're talking about 499 00:27:39,119 --> 00:27:41,600 Speaker 1: the decentralized Revolution. We're going through some of the biggest 500 00:27:41,600 --> 00:27:45,280 Speaker 1: breaking news it's happening in the cryptocurrency space this week. 501 00:27:45,920 --> 00:27:50,000 Speaker 1: By the way, the price of bitcoin and cryptocurrency is 502 00:27:50,119 --> 00:27:54,320 Speaker 1: on sale today fire cell with the news of f 503 00:27:54,480 --> 00:27:57,959 Speaker 1: t X. The f t X exchange is crashing and 504 00:27:58,080 --> 00:28:01,880 Speaker 1: burning um. Looks like by Nance took them out, potentially 505 00:28:02,000 --> 00:28:05,000 Speaker 1: might take them over, we don't know, but it dropped 506 00:28:05,080 --> 00:28:07,359 Speaker 1: all the way down to a pretty nice discount. Waked 507 00:28:07,359 --> 00:28:12,240 Speaker 1: down about now about eighteen thousand, five hundred. I'm wearing 508 00:28:12,320 --> 00:28:16,840 Speaker 1: my hottle shirt in uh In in a celebration of that. 509 00:28:17,040 --> 00:28:19,199 Speaker 1: You know, I typically were just a black shirt, but 510 00:28:19,200 --> 00:28:21,639 Speaker 1: I'm wearing this hottle shirt. The shirt was sent to 511 00:28:21,680 --> 00:28:25,320 Speaker 1: me as a gift, So shout out to r D 512 00:28:25,640 --> 00:28:27,960 Speaker 1: Fine Arts. You can find them on Twitter or you 513 00:28:27,960 --> 00:28:31,320 Speaker 1: can check out their website. Ron Ron D Gaspierre's check 514 00:28:31,359 --> 00:28:33,280 Speaker 1: them out. One of these hottle shirts that make some 515 00:28:33,400 --> 00:28:38,120 Speaker 1: really killer stuff, some cryptocurrency and bitcoin merchandise. But anyway, Uh, 516 00:28:38,640 --> 00:28:41,840 Speaker 1: the hottle is to hang on for dear life. You know. 517 00:28:43,240 --> 00:28:45,920 Speaker 1: Turmoil in the market, drive the price down. We look 518 00:28:45,960 --> 00:28:48,520 Speaker 1: at that as an opportunity, but to scare some people 519 00:28:48,520 --> 00:28:50,680 Speaker 1: out and they sell it, and that's kind of what happens. 520 00:28:51,040 --> 00:28:54,760 Speaker 1: We saw big news this week um in News broke 521 00:28:54,920 --> 00:29:00,360 Speaker 1: that the US seized fifty thousand bitcoins were aided the 522 00:29:00,440 --> 00:29:04,000 Speaker 1: Silk Road marketplace. Now a lot of people would see 523 00:29:04,000 --> 00:29:06,120 Speaker 1: that headline and go, wait a minute. I thought bitcoin 524 00:29:06,320 --> 00:29:09,880 Speaker 1: was censorship resistant. I thought it was immutable, I thought 525 00:29:09,920 --> 00:29:12,760 Speaker 1: it was safe. How could they seize it? How does 526 00:29:12,800 --> 00:29:15,120 Speaker 1: the government seize it? So the bitcoin which was obtained 527 00:29:15,120 --> 00:29:20,640 Speaker 1: in two thousand twelve UM was related to the darknet 528 00:29:20,720 --> 00:29:24,800 Speaker 1: marketplace silk Road. They seized fifty thousand, six hundred seventy 529 00:29:24,840 --> 00:29:30,120 Speaker 1: six bitcoins. It was the largest cryptocurrency seizure to date UM, 530 00:29:30,160 --> 00:29:33,719 Speaker 1: but has since been surpassed by the seventy thousand bitcoin 531 00:29:33,760 --> 00:29:36,960 Speaker 1: seized in February in relation to the hack of the 532 00:29:36,960 --> 00:29:40,959 Speaker 1: bitfin x crypto exchange. So it's the second largest now. 533 00:29:41,040 --> 00:29:43,120 Speaker 1: It was the largest at fifty thousand. Now there's a 534 00:29:43,120 --> 00:29:46,000 Speaker 1: bigger one. In seventy thousand, the coins were found that 535 00:29:46,080 --> 00:29:50,040 Speaker 1: an address in Georgia connected with James Zong. The Feds 536 00:29:50,040 --> 00:29:53,200 Speaker 1: also found six D sixty one dollars in cash, as 537 00:29:53,240 --> 00:29:59,560 Speaker 1: well as various precious metals. Now what happens here. Bitcoin 538 00:29:59,840 --> 00:30:02,720 Speaker 1: is an't able to be hacked. They can't just steal it. 539 00:30:02,920 --> 00:30:05,280 Speaker 1: The Feds can't just come in and take your bitcoin. 540 00:30:05,400 --> 00:30:08,800 Speaker 1: They can't just find it and get it. Here's what happened. 541 00:30:09,840 --> 00:30:13,520 Speaker 1: They went to the guy's house and they found his 542 00:30:13,680 --> 00:30:16,600 Speaker 1: wallet where he had it. So think about think about 543 00:30:16,600 --> 00:30:18,960 Speaker 1: bitcoin like this. You have a public address and you 544 00:30:19,000 --> 00:30:21,240 Speaker 1: have a private key. The private key is basically what 545 00:30:21,320 --> 00:30:23,320 Speaker 1: secures it. So if if we were like in the 546 00:30:23,320 --> 00:30:25,960 Speaker 1: gold Age, for example, and I had gold, and I 547 00:30:25,960 --> 00:30:28,520 Speaker 1: went and buried the gold in my backyard or out 548 00:30:28,520 --> 00:30:30,200 Speaker 1: in the desert somewhere, and I made a map, so 549 00:30:30,200 --> 00:30:32,240 Speaker 1: I have a treasure map so I can go back 550 00:30:32,240 --> 00:30:34,720 Speaker 1: and find my gold again. And then I have I'm 551 00:30:34,760 --> 00:30:37,000 Speaker 1: a house, I have that treasure map. And if the 552 00:30:37,040 --> 00:30:39,800 Speaker 1: Feds come and break into my house and they find 553 00:30:39,840 --> 00:30:42,040 Speaker 1: my treasure map laying on my coffee table or on 554 00:30:42,080 --> 00:30:44,840 Speaker 1: my countertop or on my desk. Well, then they're like, well, Mark, 555 00:30:44,920 --> 00:30:46,520 Speaker 1: we know where your gold is. We're gonna go get it, 556 00:30:47,640 --> 00:30:51,040 Speaker 1: all right. But if they storm my house and they 557 00:30:51,080 --> 00:30:54,200 Speaker 1: can't find my treasure map, let's say that I've hit 558 00:30:54,280 --> 00:30:56,400 Speaker 1: it very well. Or let's say I don't even have 559 00:30:56,440 --> 00:30:59,400 Speaker 1: a treasure map because I remember in my head where 560 00:30:59,440 --> 00:31:01,480 Speaker 1: I put the gold. Then the Fed comes to my 561 00:31:01,480 --> 00:31:03,000 Speaker 1: house and says, hey, Mark, give us the gold, and 562 00:31:03,000 --> 00:31:04,960 Speaker 1: I'm like, no, tell us where it is. I'm like, no, 563 00:31:05,000 --> 00:31:07,360 Speaker 1: I'm not going to tell you. And so bitcoin is similar, 564 00:31:07,880 --> 00:31:11,040 Speaker 1: where I have a private key that enables me to 565 00:31:11,560 --> 00:31:14,120 Speaker 1: move that bitcoin if I want. Now, the only way 566 00:31:14,160 --> 00:31:16,560 Speaker 1: the Feds can get this fifty tho bitcoin, or any 567 00:31:16,560 --> 00:31:18,960 Speaker 1: bitcoin for that matter, is if they can get ahold 568 00:31:18,960 --> 00:31:21,520 Speaker 1: of the private key. Now, what happens is a lot 569 00:31:21,600 --> 00:31:23,920 Speaker 1: of times is people back up the private key, which 570 00:31:23,920 --> 00:31:26,200 Speaker 1: you should, by the way, if you have a private 571 00:31:26,240 --> 00:31:29,080 Speaker 1: key in your wallet or wherever, you want to back 572 00:31:29,120 --> 00:31:30,480 Speaker 1: that up, and the way you would do it is 573 00:31:30,560 --> 00:31:32,400 Speaker 1: just go into your app and say, you know, back up, 574 00:31:32,400 --> 00:31:34,200 Speaker 1: and it's going to give you twelve words. That's your 575 00:31:34,240 --> 00:31:36,720 Speaker 1: seed phrase. Now the twelve words are random, you know, 576 00:31:36,760 --> 00:31:41,120 Speaker 1: monkey banana, ocean, boat, rope, whatever, and you have twelve 577 00:31:41,200 --> 00:31:45,240 Speaker 1: random words all right. Now, you can choose to memorize 578 00:31:45,280 --> 00:31:47,920 Speaker 1: those twelve words, which is like you would memorize the 579 00:31:47,920 --> 00:31:49,800 Speaker 1: treasure map so you know where the where the gold is. 580 00:31:50,280 --> 00:31:53,240 Speaker 1: You could write those twelve words down, which might be better, 581 00:31:53,880 --> 00:31:56,480 Speaker 1: just like making a treasure map on paper. The problem 582 00:31:56,600 --> 00:31:59,120 Speaker 1: is how do you secure that treasure map so people 583 00:31:59,120 --> 00:32:01,560 Speaker 1: don't get it, which is the same as how do 584 00:32:01,600 --> 00:32:04,400 Speaker 1: you secure those twelve words that you write down. Now, 585 00:32:04,400 --> 00:32:06,560 Speaker 1: a lot of people make the mistake and they write 586 00:32:06,560 --> 00:32:10,120 Speaker 1: those twelve words down in their computer, they put them 587 00:32:10,120 --> 00:32:13,320 Speaker 1: into Google Docs, they put them into ever note or 588 00:32:13,360 --> 00:32:18,320 Speaker 1: something like that. Then Google or hackers could potentially find 589 00:32:18,480 --> 00:32:21,040 Speaker 1: that backup phase and if they do, they can just 590 00:32:21,080 --> 00:32:23,160 Speaker 1: get those twelve words. They can go download any app 591 00:32:23,160 --> 00:32:24,880 Speaker 1: on their phone. They could plug those twelve wards in 592 00:32:25,160 --> 00:32:30,000 Speaker 1: and instantly have access to your funds. So my advice is, 593 00:32:30,040 --> 00:32:31,880 Speaker 1: if you're going to write them down, write them down 594 00:32:31,920 --> 00:32:36,520 Speaker 1: on physical paper. Potentially you could put that physical paper 595 00:32:36,680 --> 00:32:39,880 Speaker 1: in a safe. That way, if your house burns down 596 00:32:39,960 --> 00:32:42,440 Speaker 1: or floods or someone breaks in, they can't get ahold 597 00:32:42,440 --> 00:32:45,000 Speaker 1: of that paper. Now, if they get your safe that's 598 00:32:45,000 --> 00:32:48,040 Speaker 1: a problem. But you want to protect that. Now, you could, 599 00:32:48,080 --> 00:32:49,680 Speaker 1: like I said, not write it down and you could 600 00:32:49,720 --> 00:32:52,760 Speaker 1: just memorize it. Other options I've heard people do is, 601 00:32:52,800 --> 00:32:55,520 Speaker 1: for example, you could have like a book, maybe a 602 00:32:55,600 --> 00:32:58,200 Speaker 1: journal that you keep, maybe a diary or something like that, 603 00:32:58,440 --> 00:33:02,280 Speaker 1: and you could write out ext and like every you know, 604 00:33:02,440 --> 00:33:05,160 Speaker 1: we're every every first word on the line is one 605 00:33:05,200 --> 00:33:06,920 Speaker 1: of your seed phrases. So you kind of have like 606 00:33:06,960 --> 00:33:10,240 Speaker 1: this like cryptographic storage of your seed phrase. I've heard 607 00:33:10,240 --> 00:33:12,160 Speaker 1: of people doing it, like they do like a photo 608 00:33:12,200 --> 00:33:16,440 Speaker 1: collage on their wall, and like every third photo represents 609 00:33:16,520 --> 00:33:18,960 Speaker 1: the word from their seed phrase, for example. So there's 610 00:33:19,000 --> 00:33:21,680 Speaker 1: ways that you can hide that seed phrase in plant site. 611 00:33:22,040 --> 00:33:23,640 Speaker 1: Like I said, you could just remember it, but you know, 612 00:33:23,720 --> 00:33:25,760 Speaker 1: Heaven forbid you hit your head and forget it or 613 00:33:25,800 --> 00:33:28,520 Speaker 1: something like that. Another option would be that you would 614 00:33:28,560 --> 00:33:32,280 Speaker 1: have like a um a multi signature storage. So what 615 00:33:32,320 --> 00:33:34,560 Speaker 1: that means instead of having one private key, you have 616 00:33:34,760 --> 00:33:37,840 Speaker 1: three private keys, and then um you would need to 617 00:33:38,680 --> 00:33:41,360 Speaker 1: of the three in order to do a transaction, and 618 00:33:41,360 --> 00:33:43,680 Speaker 1: then I could hide those in different places. So for example, 619 00:33:43,880 --> 00:33:46,920 Speaker 1: I can give one to my parents, one to my attorney, 620 00:33:47,120 --> 00:33:49,280 Speaker 1: and I keep one for example, or one to my 621 00:33:50,000 --> 00:33:53,560 Speaker 1: girlfriend or one to my business partner or whatever it is. 622 00:33:53,840 --> 00:33:56,320 Speaker 1: So you divide up those three keys. Now, the key 623 00:33:56,480 --> 00:34:00,360 Speaker 1: is no pun indended is that nobody has more than 624 00:34:00,440 --> 00:34:02,400 Speaker 1: one key, and with one key you can't do anything. 625 00:34:03,280 --> 00:34:05,280 Speaker 1: So if I keep one, I give my parents want 626 00:34:05,320 --> 00:34:07,720 Speaker 1: and I give my attorney one, and I needed to 627 00:34:07,800 --> 00:34:09,440 Speaker 1: do a transaction, I'd have to get ahold of my 628 00:34:09,480 --> 00:34:11,880 Speaker 1: attorney or get ahold of my parents in order to 629 00:34:11,960 --> 00:34:15,480 Speaker 1: sign the other key. But neither one of them can 630 00:34:15,560 --> 00:34:17,759 Speaker 1: do anything because they only have one of the keys. Now, 631 00:34:17,760 --> 00:34:19,680 Speaker 1: of course you'd want to make sure that the other 632 00:34:19,760 --> 00:34:22,440 Speaker 1: two places where the keys are they don't know each other. 633 00:34:22,920 --> 00:34:25,080 Speaker 1: You want to make sure. I could put one key 634 00:34:25,160 --> 00:34:28,399 Speaker 1: in safety deposit box at one bank and one key 635 00:34:28,480 --> 00:34:31,560 Speaker 1: and a safety deposit box at another bank, you know. 636 00:34:31,960 --> 00:34:33,879 Speaker 1: So there's any number of ways that you could do that. 637 00:34:34,160 --> 00:34:35,880 Speaker 1: But like they said, the key is is that uh 638 00:34:36,239 --> 00:34:37,640 Speaker 1: the person that you give it to you, they can't 639 00:34:37,680 --> 00:34:41,120 Speaker 1: do anything without it. Now I'm protected, so I don't 640 00:34:41,160 --> 00:34:43,280 Speaker 1: have to memorize it in my head. Um, if somebody 641 00:34:43,280 --> 00:34:45,200 Speaker 1: were to break into my house and steal my safe, 642 00:34:45,239 --> 00:34:47,160 Speaker 1: if somebody were to come in and torture me, they 643 00:34:47,200 --> 00:34:50,960 Speaker 1: couldn't get access to that. So the FED they came in, 644 00:34:51,080 --> 00:34:52,840 Speaker 1: how did they get it? Well, in the in the 645 00:34:52,880 --> 00:34:54,919 Speaker 1: seventy thousand Big One, I believe when they came into 646 00:34:54,920 --> 00:34:58,000 Speaker 1: the house, the computer was open, the computer was unlocked, 647 00:34:58,200 --> 00:35:01,560 Speaker 1: and when they went on the computer they found the key. 648 00:35:01,719 --> 00:35:05,160 Speaker 1: So it's all about hiding the key and how do 649 00:35:05,200 --> 00:35:07,319 Speaker 1: you protect it in my In my opinion, I think 650 00:35:07,360 --> 00:35:10,120 Speaker 1: the multi signature way is the single best way to 651 00:35:10,120 --> 00:35:11,960 Speaker 1: do it. But it all depends on how much you have. 652 00:35:12,080 --> 00:35:14,120 Speaker 1: So if you have a little bit of money, you 653 00:35:14,120 --> 00:35:16,080 Speaker 1: can put it in your sock drawer. If you have 654 00:35:16,160 --> 00:35:17,759 Speaker 1: more money, you want to hide it in the wall. 655 00:35:17,920 --> 00:35:19,680 Speaker 1: If you have even more money, you want to bury 656 00:35:19,719 --> 00:35:21,920 Speaker 1: it somewhere. You have even more money, you need a 657 00:35:21,960 --> 00:35:23,479 Speaker 1: big safe. Right If you have a bunch of gold, 658 00:35:23,480 --> 00:35:24,920 Speaker 1: maybe you need to build a vault in your backyard. 659 00:35:24,920 --> 00:35:26,080 Speaker 1: If you have a bunch of gold, you need to 660 00:35:26,120 --> 00:35:28,480 Speaker 1: build a big vault and have armed security there. So 661 00:35:28,520 --> 00:35:30,399 Speaker 1: the more you have, the more you need to spend 662 00:35:30,440 --> 00:35:34,080 Speaker 1: protecting it. Now, the beauty with bitcoin is that it 663 00:35:34,160 --> 00:35:36,440 Speaker 1: doesn't matter if you have one dollar worth of bitcoin 664 00:35:36,560 --> 00:35:39,640 Speaker 1: or a hundred billion dollars worth of bitcoin. It still 665 00:35:40,000 --> 00:35:42,840 Speaker 1: cost the same amount of money to secure it, meaning 666 00:35:43,000 --> 00:35:45,560 Speaker 1: you just put it behind a cryptog cryptographic cree heat. Now, 667 00:35:45,800 --> 00:35:48,120 Speaker 1: the amount of time and effort you put into it 668 00:35:48,200 --> 00:35:50,600 Speaker 1: might vary. Right, So obviously download an app on your 669 00:35:50,800 --> 00:35:54,200 Speaker 1: Android or iPhone is super easy. Download the app, put 670 00:35:54,239 --> 00:35:57,839 Speaker 1: it in super easy, but it's the least secure way. Um, 671 00:35:57,880 --> 00:36:00,560 Speaker 1: doing a multi signature device doesn't really lost me any 672 00:36:00,560 --> 00:36:02,719 Speaker 1: more money, but it does cost me more time. I 673 00:36:02,760 --> 00:36:04,719 Speaker 1: have to figure that out. I have to figure out 674 00:36:04,760 --> 00:36:06,680 Speaker 1: where to put the keys and things like that. The 675 00:36:06,680 --> 00:36:08,920 Speaker 1: beauty is doesn't matter if I have a dollar a 676 00:36:08,960 --> 00:36:11,040 Speaker 1: hundred billion dollars. It doesn't cost me any more money 677 00:36:11,080 --> 00:36:13,640 Speaker 1: on like gold or cash, but it will take you 678 00:36:13,640 --> 00:36:15,520 Speaker 1: a little bit more time, and it's up to you 679 00:36:15,560 --> 00:36:18,160 Speaker 1: to figure out what you want to do to protect that. 680 00:36:18,680 --> 00:36:20,480 Speaker 1: All right, you've been listening to the Mark Moa show. 681 00:36:20,520 --> 00:36:23,160 Speaker 1: Of course, we talked about the decentralized revolution each and 682 00:36:23,160 --> 00:36:28,480 Speaker 1: every week through the lens of politics, finance, and technology, 683 00:36:28,640 --> 00:36:31,680 Speaker 1: and that technology is bitcoin and it's changing the world 684 00:36:31,840 --> 00:36:34,400 Speaker 1: rapidly as we speak. We can see the financial system crumbling, 685 00:36:34,360 --> 00:36:37,400 Speaker 1: and we can see the political institutions crumbling, and we 686 00:36:37,400 --> 00:36:41,800 Speaker 1: can see technology or as they say software eating the world, 687 00:36:42,000 --> 00:36:45,960 Speaker 1: digitized books, digitized music, digitized movies, and of course money 688 00:36:46,200 --> 00:36:49,680 Speaker 1: is coming next. We covered a lot of information. We 689 00:36:49,760 --> 00:36:53,840 Speaker 1: talked about the big news of finance taking out FTX. 690 00:36:53,880 --> 00:36:56,359 Speaker 1: We talked about all the latest breaking news and if 691 00:36:56,400 --> 00:36:57,799 Speaker 1: you've missed any of it, don't where I got your 692 00:36:57,800 --> 00:36:59,440 Speaker 1: back to sc on your favorite podcast player and just 693 00:36:59,480 --> 00:37:01,319 Speaker 1: search There a Moss Show. But that's what I got 694 00:37:01,320 --> 00:37:03,279 Speaker 1: forre you today. Thanks for listening until next time.