WEBVTT - The Mark Moss Show - eCash and the Fight with the Fed 0:00:00.080 --> 0:00:02.200 Hello, and welcome back to another episode of The Mark 0:00:02.240 --> 0:00:05.640 moa show where we're talking about the world. We're talking 0:00:05.640 --> 0:00:07.560 about the world in context of what's going on in 0:00:07.640 --> 0:00:10.799 the world today, specifically looking at the intersection of politics, finance, 0:00:10.840 --> 0:00:15.040 and technology and how those three coming together and not 0:00:15.120 --> 0:00:18.280 just coming together, converging or really clashing at the exact 0:00:18.280 --> 0:00:21.959 same time, are changing the world as we know it. 0:00:22.360 --> 0:00:24.120 A lot of people want to know when, Mark, When, 0:00:24.160 --> 0:00:27.040 when is it gonna happen? Well, it's happening right now. 0:00:27.080 --> 0:00:28.960 It's kind of like watching paint dry. You can't really 0:00:28.960 --> 0:00:31.240 see that it's drying, but you know it's sitting there drying. 0:00:32.159 --> 0:00:34.440 Or maybe like watching water boil, maybe like that. I 0:00:34.440 --> 0:00:38.839 actually had to boil some water this morning. I do 0:00:38.880 --> 0:00:41.640 intermittent fasting every day. I don't eat breakfast. I usually 0:00:41.800 --> 0:00:44.280 go about eighteen hours about eating, but I drink coffee 0:00:44.880 --> 0:00:46.360 and I know, I know, I know. For a For 0:00:46.400 --> 0:00:49.920 your hardcore people, you say, Mark, that breaks you fast. Well, Uh, 0:00:50.000 --> 0:00:52.879 technically you're right, but you're also technically wrong. I'm not 0:00:52.880 --> 0:00:55.920 gonna get into that anyway. My water machine was out 0:00:55.920 --> 0:00:57.760 of water and I had to actually boil some water. 0:00:57.800 --> 0:01:00.400 I haven't done that a long time, and I watching 0:01:00.440 --> 0:01:02.120 and watching, watching, I was in a hurry. I need 0:01:02.120 --> 0:01:03.760 the hot water, and I can start to see the 0:01:03.760 --> 0:01:05.679 little bubbles starting to form on the bottom. And I 0:01:05.720 --> 0:01:07.280 knew once those little bubbles started to form on the 0:01:07.280 --> 0:01:09.000 bottom that they were gonna get bigger and bigger, bigger, 0:01:09.040 --> 0:01:11.120 and eventually those bubbles would start coming up and then 0:01:11.160 --> 0:01:14.319 would really be boiling. I didn't need to wait until 0:01:14.400 --> 0:01:18.680 those bubbles we're at full scale and bubbling up, because 0:01:18.680 --> 0:01:20.400 the water was already hot when I started to see 0:01:20.440 --> 0:01:22.200 the bubbles forming enough for me to pull off and 0:01:22.240 --> 0:01:24.759 go ahead and make my coffee. Kind of a kind 0:01:24.760 --> 0:01:27.000 of an interesting segue into kind of the world that 0:01:27.040 --> 0:01:30.360 we know it where we're witnessing, we're watching the water boil. 0:01:31.400 --> 0:01:34.199 At what point is it hot enough to pull off? 0:01:34.720 --> 0:01:38.039 And uh, you know, you can wait until the bubbles 0:01:38.040 --> 0:01:41.360 are overflowing the pan um. Personally, for me, I don't 0:01:41.400 --> 0:01:43.200 need to I just wait until I see the little bubbles. 0:01:43.200 --> 0:01:45.560 And we're certainly there right now. And so, uh, we're 0:01:45.560 --> 0:01:47.400 witnessing it, we're watching it, we're trying to understand it, 0:01:47.400 --> 0:01:49.680 we're trying to make we're trying to navigate it so 0:01:49.720 --> 0:01:51.880 we can build, grow, and protect our wealth as we 0:01:51.920 --> 0:01:55.360 go through this decentralized revolution that bitcoin is spearheading. Bitcoin 0:01:55.480 --> 0:02:00.120 is the decentralized revolution. And that's what we're looking at now. Um. 0:02:00.160 --> 0:02:03.720 As revolutionary as bitcoin is, of course, um, it's something 0:02:03.760 --> 0:02:06.960 that cannot be controlled. And you know, the powers that 0:02:06.960 --> 0:02:10.160 be don't like that. Right. If you could have a 0:02:10.200 --> 0:02:12.080 money tree in your backyard and you could create as 0:02:12.160 --> 0:02:14.760 much money as you wanted, whenever you wanted, why would 0:02:14.760 --> 0:02:16.560 you want to give that up? I mean, you would 0:02:16.600 --> 0:02:18.000 have all the power in the world if you could 0:02:18.000 --> 0:02:20.639 make your own money. Right. Well, now you start to 0:02:20.680 --> 0:02:23.360 understand the central bank. They can make as much money 0:02:23.400 --> 0:02:25.560 as they want, which gives them all the power in 0:02:25.600 --> 0:02:29.800 the world. As a matter of fact, it was Mayor Rothchild, 0:02:29.800 --> 0:02:32.600 one of the Rothchild I think was Mayor Rothchild. He said, UM, 0:02:32.720 --> 0:02:35.360 give me a control over a nation's money, and I 0:02:35.520 --> 0:02:39.640 care not who makes the nation's laws. Just take just 0:02:39.680 --> 0:02:45.959 take the money. Um. And it was Henry Kissinger said, 0:02:47.400 --> 0:02:52.600 control the food, you control the people, control the energy, 0:02:53.200 --> 0:02:57.840 you control a continent, control the money, you control the world. 0:02:58.760 --> 0:03:02.399 So it's no surprise is that the leaders, the powers 0:03:02.440 --> 0:03:06.000 that be are attacking those three things. Have you heard 0:03:06.280 --> 0:03:10.960 Have you heard food crisis, food shortage, You've heard fertilizer, 0:03:11.200 --> 0:03:15.240 food prices going up? The attack on food? Interesting? What 0:03:15.280 --> 0:03:17.440 about the attack on energy? Have you heard about that? 0:03:17.760 --> 0:03:20.000 You know, oil going up and gas prices going up. 0:03:20.080 --> 0:03:22.600 You've you heard about the attack on energy? Food? Energy? 0:03:22.680 --> 0:03:26.040 Or what about money? Oh? Yeah, they're trying to control 0:03:26.080 --> 0:03:27.519 money too. And one of the ways of trying to 0:03:27.560 --> 0:03:29.720 control money is with their trying to roll out these 0:03:29.760 --> 0:03:33.520 central bank digital currencies. Were talking about CBDCs, that's the 0:03:33.520 --> 0:03:38.320 acronym CBDC. And uh, you know what better way for 0:03:38.360 --> 0:03:42.360 them to control us than to control us through the money. 0:03:42.560 --> 0:03:45.520 Control the money, you control the world. So think about it, um, 0:03:45.600 --> 0:03:48.600 you know I can. I mean, our phones are spying 0:03:48.640 --> 0:03:52.160 machines right there listening to us every minute, UM, tracking 0:03:52.240 --> 0:03:54.280 us everywhere we go, and they can get a lot 0:03:54.280 --> 0:03:56.160 of data from us. They can find out where we 0:03:56.240 --> 0:03:58.960 go and what our routines are, and who we're associating with, 0:03:59.000 --> 0:04:02.280 and there's a bunch of information they can find. But 0:04:02.400 --> 0:04:06.000 the money, the money is the most private. The money 0:04:06.040 --> 0:04:09.920 shows what we're really doing. Am I buying baby formula? 0:04:10.360 --> 0:04:13.120 Am I planning trips? Like all these different things and 0:04:13.120 --> 0:04:16.279 so it's the money. And imagine if they could issue 0:04:16.360 --> 0:04:20.760 a money a CBDC that was able to track US 0:04:21.000 --> 0:04:24.679 control US surveillors, but even more importantly that it could 0:04:26.120 --> 0:04:33.640 modify our behavior modifier behavior thinks. Think China social credit 0:04:33.640 --> 0:04:37.320 score system, where in China you get a social credit score. Obviously, 0:04:37.360 --> 0:04:39.560 the United States we have a credit score, so if 0:04:39.600 --> 0:04:41.000 you don't pay your bills on time, you get to 0:04:41.000 --> 0:04:42.919 doing on your credit score, you get too much credit, 0:04:42.920 --> 0:04:45.720 et cetera. But in China it's a social credit score. 0:04:45.800 --> 0:04:48.520 So if you say mean things on the internet, for example, 0:04:48.920 --> 0:04:52.360 your credit score gets stocked and you now don't get 0:04:52.400 --> 0:04:54.560 to buy a train ticket or a bus ticket, on 0:04:54.560 --> 0:04:56.600 airplane ticket. As a matter of fact, in two thousand eighteen, 0:04:56.680 --> 0:05:01.040 like four years ago, in two Thoeen, I believe, man, 0:05:01.080 --> 0:05:02.479 it's been a while since I did the data on this. 0:05:03.120 --> 0:05:05.480 I want to say it was like eighteen million people 0:05:06.360 --> 0:05:10.599 were prevented from buying a train ticket because their social 0:05:10.680 --> 0:05:13.000 creditic core was too low. And of course that's the 0:05:13.080 --> 0:05:17.719 money side, right, They couldn't buy they couldn't buy the 0:05:17.720 --> 0:05:20.400 train ticket, they didn't have the money. Now I've made 0:05:20.400 --> 0:05:25.360 the case before without freedom of payments, you have no freedom. 0:05:25.440 --> 0:05:29.239 Let me say that again. Without freedom of payments, there 0:05:29.480 --> 0:05:35.200 is no freedom. So the United States guarantees me the 0:05:35.279 --> 0:05:38.320 right the freedom of speech. But if I can't pay 0:05:38.360 --> 0:05:39.839 for a computer, or pay for a phone to go 0:05:39.839 --> 0:05:41.839 on social media, or pay to print a flyer, or 0:05:41.839 --> 0:05:44.520 pay to build a website, do I have freedom of speech? 0:05:44.560 --> 0:05:45.760 I mean sure, I guess I could sit there on 0:05:45.760 --> 0:05:48.520 the beach and yell into the wind I have. I have. 0:05:48.960 --> 0:05:53.920 The Constitution guarantees me the freedom to assemble, but if 0:05:53.960 --> 0:05:57.120 I can't pay to a gas in my truck, I 0:05:57.160 --> 0:05:59.680 can't go to that assembly, right, and on and on. 0:05:59.880 --> 0:06:02.000 Now they want to control that with the Central Bank 0:06:02.000 --> 0:06:05.320 digital currencies, and so they're working on that really really quickly, 0:06:05.440 --> 0:06:09.160 and that is a hot battleground right now. What's interesting 0:06:09.240 --> 0:06:15.240 is they talk about, um, we need to preserve people's privacy. Yeah, right, 0:06:15.279 --> 0:06:17.599 Like that's their goal, preserving privacy, because everything the government 0:06:17.640 --> 0:06:19.240 does with money is to take away our privacy. As 0:06:19.240 --> 0:06:22.520 a matter of factor, you've probably heard anybody who has 0:06:22.520 --> 0:06:25.000 more than six dollars in transactions in their bank accounts. 0:06:25.040 --> 0:06:27.480 They want to do full surveillance on you heard that, right, 0:06:27.800 --> 0:06:30.720 Does that sound like, does that sound like privacy? They 0:06:30.720 --> 0:06:32.720 want to shine a flashlight up your button, inspect every 0:06:32.720 --> 0:06:34.240 single transaction you do if you have more than six 0:06:34.320 --> 0:06:36.280 hundred bucks. That is not privacy. As a matter of fact, 0:06:36.279 --> 0:06:38.640 it goes against the Bank Secrecy Act that guarantees is 0:06:38.720 --> 0:06:40.880 privacy from that type of Uh. Well, and then we 0:06:40.920 --> 0:06:46.240 have a constitution UH guarantees us against unlawful search and seizure, 0:06:46.320 --> 0:06:49.320 which I would say that definitely qualifies the unlawful search. 0:06:49.400 --> 0:06:50.839 They don't have a warrant for that, they have no 0:06:50.920 --> 0:06:54.480 probable cause. How about we were innocent until proven guilty. 0:06:54.760 --> 0:06:56.720 I thought that's the America that I grew up in 0:06:57.279 --> 0:06:59.479 about it. Now apparently you're guilty until provenance. But they 0:06:59.480 --> 0:07:01.480 talked about these central bank digital currencies and how how 0:07:01.520 --> 0:07:04.920 can they preserve privacy when they look at the transaction? Well, 0:07:05.040 --> 0:07:08.720 I think the nuance is they're talking about how could 0:07:08.720 --> 0:07:13.560 they prevent how could they keep help you protect your 0:07:13.640 --> 0:07:17.640 privacy from other governments. We want to make sure other 0:07:17.720 --> 0:07:19.760 governments don't get the data. We want to make sure 0:07:19.840 --> 0:07:22.440 that um, other people don't get the data. Of course 0:07:22.480 --> 0:07:24.800 we want it right. So when they talk about protecting 0:07:24.800 --> 0:07:28.080 your privacy, it's uh, privacy from people that they don't 0:07:28.120 --> 0:07:29.920 want to have it. It's not privacy from them. So 0:07:30.000 --> 0:07:32.280 let's let's make that clear. But they do talk about 0:07:32.280 --> 0:07:34.040 that all the time. And we saw this week US 0:07:34.080 --> 0:07:37.840 lawmakers introduced a e cash e cash bill and a 0:07:37.880 --> 0:07:40.120 new push to create a digital dollar, and it says 0:07:40.160 --> 0:07:42.600 that e cash would be a digital analog to the 0:07:42.600 --> 0:07:46.640 green back and could preserve privacy and anonymous transactions. According 0:07:46.680 --> 0:07:49.000 to an advisor on the bill, it says a group 0:07:49.000 --> 0:07:51.560 of US lawmakers says the US Trangy Department maybe the 0:07:51.640 --> 0:07:55.000 right government entity to create a digital dollar, not the 0:07:55.040 --> 0:07:57.679 Federal Reserve. So the center the central bank digital currency 0:07:57.840 --> 0:08:00.600 is a central bank. The Federal Reserve is the center bank. 0:08:01.160 --> 0:08:02.640 And so what the lawmakers want to do is they 0:08:02.680 --> 0:08:05.960 want the Treasury Department to do this, not the Fed. 0:08:06.040 --> 0:08:08.200 Now it's interesting about this. They used the word in 0:08:08.200 --> 0:08:11.160 this article. It says, um, the cash would be a 0:08:11.160 --> 0:08:13.520 digital analog to the green back. Now what does that mean? 0:08:14.000 --> 0:08:17.640 Digital analog to the green back? You may not pick 0:08:17.760 --> 0:08:20.280 up on that nuance. So it's understand you have to 0:08:20.360 --> 0:08:21.960 you have to what you have to do. Let me 0:08:22.000 --> 0:08:24.520 give you just a little lesson on critical thinking. Here, 0:08:24.840 --> 0:08:28.720 so critical thinking one who wrote the article? So if 0:08:28.720 --> 0:08:30.600 it came from the Washington Post, well that there are 0:08:30.680 --> 0:08:33.360 mouthpiece for the CIA. Okay, if it came from Urt, 0:08:33.559 --> 0:08:36.240 well they're from Russia, right, So who wrote it and 0:08:36.520 --> 0:08:38.000 what are they trying to say? Then you want to 0:08:38.040 --> 0:08:42.000 parse it for what's the data, and then what's the narrative? 0:08:42.520 --> 0:08:44.559 And then who's telling me? Right? So that's what we're doing. 0:08:44.559 --> 0:08:46.160 So if we look at this, what's the data, Well 0:08:46.160 --> 0:08:48.720 says he cas should be digital analog to the green back. 0:08:48.840 --> 0:08:52.040 What does that mean? Well, when it says further on 0:08:52.200 --> 0:08:54.719 here that the lawmakers say that the U. S. Treasury 0:08:54.800 --> 0:08:59.719 should create the digital dollar, not the federal reserve. That's 0:08:59.720 --> 0:09:01.600 about attle a battle between the government and the bank 0:09:01.720 --> 0:09:03.280 central Bank, that go O reserve, and then the green 0:09:03.320 --> 0:09:05.280 back is the key piece. I'm gonna tell you what 0:09:05.320 --> 0:09:08.520 that means in a second when I come back, because 0:09:08.640 --> 0:09:10.240 I want to dig into that. You have to understand 0:09:10.240 --> 0:09:11.559 the nuance of hear what's going on. You're listening to 0:09:11.600 --> 0:09:15.560 the markma Show talking about the decentralized Revolution, talking about bitcoin, 0:09:16.480 --> 0:09:20.040 talking about politics, finance and technology coming together to change 0:09:20.040 --> 0:09:22.400 the world as we know it. We're talking about the 0:09:22.400 --> 0:09:24.760 central bank digital currencies and this new e cash bill 0:09:24.800 --> 0:09:27.200 and the fight between the government and the Fed. And 0:09:27.200 --> 0:09:30.400 I'm gonna tell you what the significance of this green 0:09:30.559 --> 0:09:33.200 back is in here. Maybe you already know. If you do, 0:09:33.320 --> 0:09:35.800 send me a message on Twitter at one Mark Moss. 0:09:36.040 --> 0:09:37.839 Otherwise don't go away. I'll be right back and explain 0:09:37.880 --> 0:09:39.760 to you. All right, welcome back here listening to the 0:09:39.760 --> 0:09:43.120 markma Show. We're talking about the decentralized revolution. We're talking 0:09:43.160 --> 0:09:46.720 about the intersection of politics, technology and finance. We're talking 0:09:46.720 --> 0:09:50.200 about how bitcoin is changing the world and how everybody 0:09:50.200 --> 0:09:52.880 else is changing and organizing and moving and shaking based 0:09:52.880 --> 0:09:55.960 off of that. And specifically we're talking about this uh 0:09:56.400 --> 0:09:59.560 new bill. US lawmakers introduced an e cash bill in 0:09:59.600 --> 0:10:02.240 a new is to create a digital dollar. And what's 0:10:02.240 --> 0:10:04.240 interesting is, as I was saying before the break, the 0:10:04.280 --> 0:10:07.040 e cash would be a digital analog to the green back. 0:10:08.040 --> 0:10:10.200 And then I says, here a group of lawmakers says 0:10:10.200 --> 0:10:13.200 the Treasury Department. The Treasury is the government should be 0:10:13.200 --> 0:10:16.520 the right government and to create a digital digital dollar, 0:10:16.760 --> 0:10:19.920 not the Federal Reserve. So there's a fight. Now, Okay, 0:10:19.920 --> 0:10:24.080 here's the significance. Many people would ask why does the 0:10:24.200 --> 0:10:29.960 government have to borrow money from the Federal Reserve. Why 0:10:29.960 --> 0:10:32.839 wouldn't the government just create their own money because the 0:10:32.840 --> 0:10:35.080 Federal Reserve has no money. It's not like in the 0:10:35.120 --> 0:10:38.280 old days before we had money. Um, a king would 0:10:38.320 --> 0:10:40.280 borrow money from the rich people, right, because they need 0:10:40.280 --> 0:10:45.199 to borrow gold for example. Um, but why would the government, 0:10:45.440 --> 0:10:48.400 the Unknited States government, the treasury borrow from the FED 0:10:48.440 --> 0:10:50.560 when the Fed has no money. The FED just creates 0:10:50.559 --> 0:10:52.080 it from thin air. Well, if the Fed's going to 0:10:52.080 --> 0:10:53.720 create from thin air, what doesn't the government just created 0:10:53.760 --> 0:10:55.839 from thin air? Right? That was a good question, and 0:10:55.880 --> 0:10:57.640 as a matter of fact, it was a good question 0:10:57.960 --> 0:11:02.680 that President Abraham link And asked as President Abraham Lincoln 0:11:02.760 --> 0:11:05.240 going into the Civil War trying to uh, well, I'm 0:11:05.240 --> 0:11:06.840 not gonna get into a civil war, It's not what 0:11:06.920 --> 0:11:09.760 you think it is. But um, going too civil war? 0:11:09.920 --> 0:11:13.080 He asked that the same very question, why should the 0:11:13.160 --> 0:11:17.559 government have to try to borrow money from these bankers? 0:11:17.679 --> 0:11:20.199 As a matter of fact, let's this the government creator 0:11:20.240 --> 0:11:23.199 oh money? And he did. And the money that Abraham 0:11:23.280 --> 0:11:26.560 Lincoln created to go fight the Civil War was called 0:11:27.120 --> 0:11:30.120 wait for it, wait for it, It was called the 0:11:30.160 --> 0:11:33.040 green back. Now, most of us think that greenback is 0:11:33.080 --> 0:11:35.839 just another slang word like bucks, right or something like that. 0:11:36.360 --> 0:11:38.280 Greenback is just another slang word. But that's not the truth. 0:11:38.360 --> 0:11:40.560 A greenback was a very specific form of money that 0:11:40.600 --> 0:11:43.000 Abraham Lincoln created that the government, the U. S. Treasury 0:11:43.000 --> 0:11:46.079 Department created, not the Federal Reserve. So it was interesting 0:11:46.120 --> 0:11:47.720 here is this says the law. The lawmakers say the 0:11:47.720 --> 0:11:50.800 Treasury Department should be the right entity, not the FED. 0:11:51.360 --> 0:11:53.559 That's why it's saying the green back. Kind of interesting things. 0:11:54.559 --> 0:11:57.400 So we got Reps. Stephen Lynch, Democrat from Massachusetts, Hey 0:11:57.440 --> 0:12:00.520 sus Chewy Garcia, Democrat from Illinois. I Ana Press the 0:12:00.559 --> 0:12:04.959 Democrat from Massachusetts, Rashida Talib, Democrat from Michigan. So all 0:12:05.040 --> 0:12:10.600 Democrats introduced the Electronic Currency and Secure Hardware Act Electronic 0:12:10.760 --> 0:12:14.360 Currency and Secure Hardware Act e CASH Act to direct 0:12:14.400 --> 0:12:16.480 the Treasury to develop an issue an electronic version of 0:12:16.480 --> 0:12:19.160 the US dollar with an with an eye to preserving 0:12:19.360 --> 0:12:25.320 privacy and a non amenity in transactions. Interesting it says 0:12:25.360 --> 0:12:27.880 the electronic dollars defining the bill would be a bearer 0:12:27.920 --> 0:12:30.280 instrument that people could hold on their phone or a card. 0:12:30.600 --> 0:12:34.400 The system would be token based, not account based, meaning 0:12:34.880 --> 0:12:36.520 is someone were to lose their phone or card, they 0:12:36.520 --> 0:12:38.960 would lose the funds. In other words, it would be 0:12:39.000 --> 0:12:41.480 like losing a wallet with dollar bills in it. So 0:12:41.559 --> 0:12:43.640 what they're saying is a bear instrument. So a barre 0:12:43.720 --> 0:12:45.920 instrument means like a dollar. If I have a dollar, 0:12:45.960 --> 0:12:47.839 it's my dollars, nobody else's dollar. If I hand the 0:12:47.880 --> 0:12:49.160 dollar to you, you have the dollar now and as 0:12:49.160 --> 0:12:51.599 nobody else's dollar. And so they want to make it 0:12:51.640 --> 0:12:53.640 this bare instrument where I have the token, I have 0:12:53.679 --> 0:12:55.360 the token, nobody else has the token. If I lose 0:12:55.400 --> 0:12:59.040 my phone, I lose the token, the money's gone. That's 0:12:59.040 --> 0:13:01.080 what they're saying there now. Um. They went on to 0:13:01.080 --> 0:13:03.560 say that the bill is meant to create a true 0:13:03.720 --> 0:13:06.680 digital analog to the US dollar. We're proposing to have 0:13:06.679 --> 0:13:10.080 a genuine cash like bearer instrument, a token based system 0:13:10.080 --> 0:13:14.400 that doesn't have either a centralized ledger or a distributed 0:13:14.480 --> 0:13:18.840 ledger because it had no ledger whatsoever. The you secure 0:13:18.880 --> 0:13:21.520 hardware software and it's issued by the Treasury. He said, 0:13:21.520 --> 0:13:26.439 Now that's interesting. So it doesn't have either a centralized 0:13:26.480 --> 0:13:30.720 ledger or a distributed ledger. So so bitcoin. The revolution 0:13:30.720 --> 0:13:33.319 of bitcoin and cryptocurrencies in general is that instead of 0:13:33.360 --> 0:13:36.680 having one centralized database, a centralized ledger to their point, 0:13:36.760 --> 0:13:41.319 centralized ledger or database. Instead of having one, there's thousands 0:13:41.400 --> 0:13:44.400 or hundreds, thousands or millions of databases copies. They're all 0:13:44.400 --> 0:13:46.400 copies of each other, and they have to achieve consensus, 0:13:47.160 --> 0:13:49.560 have to agree that that transaction is vowed. That's a 0:13:49.640 --> 0:13:52.840 destruct that they're calling a distributed or a decentralized ledger. 0:13:52.840 --> 0:13:57.520 That's what bitcoin is. And nobody controls bitcoin. Unlike other cryptocurrencies, 0:13:57.520 --> 0:14:00.160 people control the ledger, but with bitcoin, nobody controls it. 0:14:00.360 --> 0:14:02.120 And what they're saying here is that they're proposing that 0:14:02.160 --> 0:14:03.640 it doesn't have either of those. It doesn't have a 0:14:03.640 --> 0:14:06.360 centralized ledger or distributed ledger because it had no ledger 0:14:06.400 --> 0:14:09.080 at all. It is interesting, if it has no ledger, 0:14:09.679 --> 0:14:12.480 how do they prevent it from being counterfeited? Y's that's 0:14:12.600 --> 0:14:16.400 that's what bitcoin solved. Now for those of you that 0:14:16.440 --> 0:14:19.280 don't know bitcoin, a lot of people say, well, bitcoin 0:14:19.360 --> 0:14:21.600 is like MySpace and then and and the Facebook is 0:14:21.640 --> 0:14:24.800 gonna come along later, right, But that's not true. So 0:14:24.920 --> 0:14:29.920 bitcoin um wasn't just wasn't just Facebook that came along later. Facebook, 0:14:29.960 --> 0:14:31.960 it was like, it's like getter or like I don't 0:14:31.960 --> 0:14:33.840 know whatever parlor or whatever the new one is right 0:14:33.840 --> 0:14:37.320 now right locals um it's it was like, there's many 0:14:37.440 --> 0:14:42.360 variations UM that had come before bitcoin, but Bitcoin solved 0:14:42.360 --> 0:14:44.680 the problem that none of those could solve, which was 0:14:44.760 --> 0:14:49.080 the double spend problem. The double spend problem. So the 0:14:49.080 --> 0:14:51.400 problem with digital things is that we can copy and 0:14:51.480 --> 0:14:54.920 duplicate digital things. If you give me a song, I 0:14:54.960 --> 0:14:56.680 can duplicate the song. If you give me a movie, 0:14:56.680 --> 0:14:58.520 I can duplicate the movie. If you give me a 0:14:58.560 --> 0:15:00.200 PDF or an e book, I can do up like 0:15:00.280 --> 0:15:03.280 at that. But UM, but bitcoin solved that, and it's 0:15:03.360 --> 0:15:08.080 solved it by having the distributed ledger that nobody controls, 0:15:09.600 --> 0:15:11.840 because if somebody controls it, then they could change the ledger. 0:15:12.200 --> 0:15:14.000 So they're proposing to try to come up with a 0:15:14.040 --> 0:15:16.520 way to do the same thing that bitcoin does, but 0:15:16.640 --> 0:15:20.120 without a ledger. Pretty interesting, they say it. It would 0:15:20.120 --> 0:15:22.120 support peer to peer transactions, and given the nature of 0:15:22.120 --> 0:15:25.200 its set up, it would fully support anonymous transactions, which 0:15:25.240 --> 0:15:28.880 is pretty cool. Now. Anonymous UM as opposed to what's 0:15:28.920 --> 0:15:32.480 known as k y C Know Your Customer so whenever 0:15:32.520 --> 0:15:34.080 you do transactions. As a matter of fact, in the 0:15:34.160 --> 0:15:36.680 United States, legally required by law, if you do transactions 0:15:36.760 --> 0:15:39.760 over ten thousand dollars, you're required to know your customer, 0:15:39.800 --> 0:15:41.960 which means after get your name and your address and 0:15:42.000 --> 0:15:47.320 your all these things. Very it's very intrusive. It's very 0:15:47.360 --> 0:15:51.280 difficult to follow that. And anyone who thinks that sounds 0:15:51.440 --> 0:15:56.200 right doesn't understand economics, because, um, to do business, I 0:15:56.400 --> 0:16:00.920 must know my business. If I'm going to buy food 0:16:01.000 --> 0:16:03.080 from In and Out Burger, I hadn't out Burger last night. 0:16:03.120 --> 0:16:04.640 If you're in California, know what I'm saying. If you're 0:16:04.640 --> 0:16:07.800 not in California, then you're missing out. But I trust 0:16:07.840 --> 0:16:10.320 In and Out to deliver me a good quality product 0:16:10.320 --> 0:16:13.320 every time I go there. I know them. I trust them. 0:16:13.360 --> 0:16:16.560 They've built up their brand, but they don't have to 0:16:16.600 --> 0:16:20.720 know me. That's what money is for. I know them, 0:16:20.840 --> 0:16:23.240 I trust them, but when I give them my money, 0:16:23.920 --> 0:16:26.640 they don't need to know me. Now, in the old days, um, 0:16:26.680 --> 0:16:28.760 you know, you had a little town, a little village, whatever, 0:16:28.800 --> 0:16:31.400 and the guy at the general store knew everybody and 0:16:31.440 --> 0:16:33.280 he would let me run a tab. Hey, I know Mark, 0:16:33.320 --> 0:16:34.600 I know where he lives. Yeah, he can run a 0:16:34.600 --> 0:16:36.440 tab kind of thing. But we don't need to know 0:16:36.440 --> 0:16:39.000 people anymore because we have money, so it gets rid 0:16:39.040 --> 0:16:40.600 of that need. But they're saying this is going to 0:16:40.720 --> 0:16:43.120 bring that back, which is pretty interesting. UM. I don't 0:16:43.120 --> 0:16:47.000 know how it's gonna work, but um I think I think, uh, 0:16:47.040 --> 0:16:48.920 I think they got a long road ahead of them. 0:16:48.920 --> 0:16:52.000 It's pretty interesting to see that. UM. I highly doubt 0:16:52.040 --> 0:16:53.440 that they're going to be able to figure this out, 0:16:53.520 --> 0:16:57.680 especially and keep this uh private anonymous type of transaction 0:16:57.680 --> 0:17:00.120 they're talking about it. But anyway, with the bill and 0:17:00.120 --> 0:17:01.600 some of them, these aren't these aren't just new people. 0:17:01.600 --> 0:17:03.800 I mean, these are these are some like Rashida Talib. 0:17:03.840 --> 0:17:05.320 I mean these are these are people that have some 0:17:05.400 --> 0:17:08.080 power and the paulic and it's not just one and 0:17:08.119 --> 0:17:09.960 they have one, two before five, like five six names 0:17:09.960 --> 0:17:12.200 on here. So maybe maybe it's gonna go somewhere. Um 0:17:12.240 --> 0:17:15.520 but again it's a battle. They're saying the government, the 0:17:15.560 --> 0:17:18.160 Treasury should be able to do this, not the Federal Reserve, 0:17:18.600 --> 0:17:20.320 but the Federal Reserve is not to be outdone. Of course, 0:17:20.320 --> 0:17:22.640 they're trying to roll out their central bank digital currency 0:17:22.680 --> 0:17:26.080 as fast as they can because they want to keep 0:17:26.119 --> 0:17:28.159 control over the money. Why would they ever give that 0:17:28.240 --> 0:17:30.760 control up? Of course they wouldn't, Um, And so there's 0:17:30.760 --> 0:17:35.560 a battle brewing there. Um. However, there's also some Congressmen 0:17:35.600 --> 0:17:38.600 that don't want the Federal Reserve to have control of 0:17:38.600 --> 0:17:42.600 the central bank digital currency. As a matter of fact, Um, 0:17:42.640 --> 0:17:47.000 a very outspoken member of Congress, Um introduced a bill 0:17:47.480 --> 0:17:51.040 to prevent the FED from actually getting essential bank digcurrecy. 0:17:51.040 --> 0:17:53.200 I'm gonna talk about that, uh and a little bit 0:17:53.200 --> 0:17:55.640 more when I come back. You're listening to the Markmas Show. 0:17:55.680 --> 0:17:58.240 We're talking about the intersection of politics, finance, and technology. 0:17:58.240 --> 0:18:01.400 We're talking about the decentralized revolution. We're talking about bitcoin. 0:18:01.800 --> 0:18:04.359 We're talking about how the world is changing because of 0:18:04.400 --> 0:18:08.040 this new technology that's impacting every area of our life, 0:18:08.040 --> 0:18:10.879 and we're seeing it with a battle between the Treasury 0:18:11.200 --> 0:18:13.040 and the FED and some of these congressmen and what 0:18:13.080 --> 0:18:14.359 they're trying to do. I'm gonna come back and tell 0:18:14.359 --> 0:18:16.080 you what this congressman is trying to do to stop 0:18:16.359 --> 0:18:18.199 the Fed from having a central bank digital currency. It's 0:18:18.200 --> 0:18:21.040 pretty interesting. We'll see how much how much success is 0:18:21.040 --> 0:18:22.760 gonna have. Don't go away, I'm gonna be right back. 0:18:23.359 --> 0:18:25.560 All right, welcome back. You are listening to the markma Show. 0:18:25.560 --> 0:18:28.640 We're talking about the intersection of politics, technology, and finance. 0:18:28.680 --> 0:18:32.160 We're talking about the decentralized revolution that's being led by 0:18:32.359 --> 0:18:37.520 bitcoin and cryptocurrencies I guess, but really just bitcoin. But anyway, um, 0:18:37.600 --> 0:18:39.520 you know, it's technology is changing the world as we 0:18:39.560 --> 0:18:42.399 know it, and it's changing the face of money as 0:18:42.440 --> 0:18:44.400 we know it. And of course money makes the world 0:18:44.400 --> 0:18:46.280 go around. I'm sure you've heard that before. Really, it's 0:18:46.760 --> 0:18:50.760 one half of every transaction that we make is money, 0:18:51.200 --> 0:18:54.000 and so it is, uh, the most important thing for 0:18:54.000 --> 0:18:55.600 the economy. I'm not gonna say it's the most important 0:18:55.600 --> 0:18:58.000 thing in life. More things more important than money. But 0:18:58.040 --> 0:19:00.320 without money, it ain't a very good life with all that. 0:19:00.400 --> 0:19:02.720 But there's a battle raging and we were talking about 0:19:02.760 --> 0:19:04.320 before the break. I was talking about how there's a 0:19:04.760 --> 0:19:07.320 new bill from five different Congressmen trying to submit a 0:19:07.320 --> 0:19:09.720 bill saying that the Fed shouldn't have the power to 0:19:09.960 --> 0:19:12.480 the digital dollars. In fact, it should be the Treasury, 0:19:12.520 --> 0:19:14.120 and they want to come up with some new digital dollar. 0:19:14.160 --> 0:19:16.280 It's sort of some like a cryptocurrency, except for there's 0:19:16.359 --> 0:19:21.000 no centralized or even decentralized Ledger. Pretty interesting. I'm not 0:19:21.040 --> 0:19:23.560 gonna go back through that. But now the FED of 0:19:23.560 --> 0:19:25.600 course is trying to get their central bank digital currency 0:19:25.720 --> 0:19:27.679 through and they want to get through as fast as 0:19:27.720 --> 0:19:30.280 they can. China's of course already rolled, There's out, Many 0:19:30.320 --> 0:19:32.440 other smaller nations have already rolled. There's out as well. 0:19:33.040 --> 0:19:38.480 Um And Ted Cruz from Texas introduced a companion to 0:19:38.640 --> 0:19:43.960