1 00:00:00,040 --> 00:00:02,320 Speaker 1: Hello, and welcome to another episode of the Mark Moa 2 00:00:02,480 --> 00:00:06,519 Speaker 1: Show where we're talking about bitcoin. We're talking about cryptocurrencies, 3 00:00:06,559 --> 00:00:10,799 Speaker 1: and we are talking about the decentralized revolution. Each and 4 00:00:10,840 --> 00:00:13,720 Speaker 1: every week, we are coming to you bringing you what 5 00:00:14,080 --> 00:00:17,520 Speaker 1: I believe to be the most important thing, that the 6 00:00:17,520 --> 00:00:20,720 Speaker 1: biggest transformation in humanity. The word witnessing right now. And 7 00:00:20,760 --> 00:00:22,279 Speaker 1: so you've got to understand what this you. You have 8 00:00:22,320 --> 00:00:24,439 Speaker 1: to understand what bitcoin is. You have to understand what 9 00:00:24,560 --> 00:00:28,080 Speaker 1: the decentralized revolution is and how it's going to change 10 00:00:28,120 --> 00:00:31,720 Speaker 1: the world. I try to bring you not just the 11 00:00:31,760 --> 00:00:34,199 Speaker 1: most up to date news. Um, you can go read 12 00:00:34,240 --> 00:00:36,440 Speaker 1: the news yourself. Now I can bring you and I 13 00:00:36,440 --> 00:00:38,720 Speaker 1: will bring you the most important pieces of the news. 14 00:00:38,880 --> 00:00:40,680 Speaker 1: But more importantly than just bringing you news, I want 15 00:00:40,720 --> 00:00:43,680 Speaker 1: to explain to you what's going on. We'll talk with 16 00:00:43,760 --> 00:00:46,400 Speaker 1: some of the biggest names, some of the special some 17 00:00:46,720 --> 00:00:48,519 Speaker 1: very special guests in the bitcoin space I'll bring to 18 00:00:48,560 --> 00:00:49,960 Speaker 1: each and every time, and then I want to teach 19 00:00:50,000 --> 00:00:53,640 Speaker 1: you something because there's a big learning opportunity here, and 20 00:00:53,640 --> 00:00:56,920 Speaker 1: to understand what's happening with bitcoin, it takes a lot 21 00:00:56,960 --> 00:00:59,000 Speaker 1: of different disciplines, It takes a lot of different skills, 22 00:00:59,360 --> 00:01:03,040 Speaker 1: and I'm kind of uniquely situated to help you with 23 00:01:03,080 --> 00:01:05,760 Speaker 1: this journey. You know, my my career has sort of 24 00:01:05,800 --> 00:01:08,520 Speaker 1: been this jack of all trades, master of none. I 25 00:01:08,560 --> 00:01:13,880 Speaker 1: have a very wide depth across multiple different disciplines, including 26 00:01:14,200 --> 00:01:17,400 Speaker 1: ones that are necessary for bitcoin, including monetary history. You 27 00:01:17,520 --> 00:01:20,800 Speaker 1: notice I use a lot of history because I love it. Economics, 28 00:01:20,840 --> 00:01:24,880 Speaker 1: I love it, finance of course. Technology. Um, I've been 29 00:01:24,920 --> 00:01:28,440 Speaker 1: in I've been in technology since their late nineties, investing 30 00:01:28,480 --> 00:01:32,440 Speaker 1: into these things known as internet stocks. It was kind 31 00:01:32,440 --> 00:01:35,080 Speaker 1: of funny back then, seeing at the time I remember 32 00:01:35,200 --> 00:01:37,840 Speaker 1: being an investor already in My roommate quit his job 33 00:01:38,760 --> 00:01:41,440 Speaker 1: and he became a day trader, day trading these things 34 00:01:41,520 --> 00:01:44,840 Speaker 1: called internet stocks, and nobody knew what they were back then. Um, 35 00:01:45,000 --> 00:01:46,880 Speaker 1: and we would, you know, get together talk about these things, 36 00:01:46,880 --> 00:01:48,800 Speaker 1: talk to other people and know what about this one 37 00:01:48,800 --> 00:01:51,320 Speaker 1: and this one and these internet stocks, and it's it's 38 00:01:51,360 --> 00:01:53,320 Speaker 1: just funny because today here we are in the cryptocurrency 39 00:01:53,320 --> 00:01:57,400 Speaker 1: space and it's like the same thing happening all over again. Um. 40 00:01:57,440 --> 00:01:59,640 Speaker 1: But I was around at that time, and uh, it 41 00:01:59,720 --> 00:02:01,560 Speaker 1: was it was a bit different back then, of course, 42 00:02:01,600 --> 00:02:04,840 Speaker 1: because we didn't have the Internet yet. I mean, obviously 43 00:02:04,840 --> 00:02:07,440 Speaker 1: the Internet was working, don't get me wrong. UM, but 44 00:02:07,560 --> 00:02:09,799 Speaker 1: we didn't have like e trade, we didn't have robin Hood. 45 00:02:09,800 --> 00:02:12,280 Speaker 1: We couldn't trade stocks from our phone. Um. And so 46 00:02:12,320 --> 00:02:13,840 Speaker 1: it was a much different world back than having to 47 00:02:13,880 --> 00:02:16,519 Speaker 1: call your broker and so forth. Um. And today, of course, 48 00:02:16,560 --> 00:02:18,520 Speaker 1: obviously we have robin hood, we have the smartphones. We 49 00:02:18,520 --> 00:02:21,120 Speaker 1: could trade cryptocurrency from our phone, So it makes it 50 00:02:21,200 --> 00:02:24,200 Speaker 1: much different. But I've been around in technology. I started 51 00:02:24,280 --> 00:02:26,720 Speaker 1: e commerce business in two thousand and one at the 52 00:02:26,760 --> 00:02:30,000 Speaker 1: bottom of the dot com crash. So the dot com 53 00:02:30,080 --> 00:02:34,720 Speaker 1: boom famously rose from really from is when it took off, 54 00:02:35,000 --> 00:02:37,720 Speaker 1: when the Netscape I p O happened. As a matter 55 00:02:37,720 --> 00:02:39,239 Speaker 1: of fact, let me just give you a little background 56 00:02:39,240 --> 00:02:41,920 Speaker 1: on that, just to bring in from some perspective. Of course, UM, 57 00:02:41,960 --> 00:02:45,440 Speaker 1: if you understand how technology cycles work, it'll better help 58 00:02:45,480 --> 00:02:49,680 Speaker 1: you understand what's happening with bitcoin and cryptocurrencies overall. So, um, 59 00:02:49,720 --> 00:02:52,000 Speaker 1: they all work the same, So the way that technologies 60 00:02:52,120 --> 00:02:54,960 Speaker 1: rollout is always about the same, and so understanding this 61 00:02:55,000 --> 00:02:57,680 Speaker 1: is very key to understand how to play this. So 62 00:02:57,880 --> 00:03:00,280 Speaker 1: if we look at um, let's actually go back a 63 00:03:00,320 --> 00:03:02,440 Speaker 1: little bit further. Let's go back to the early let's 64 00:03:02,480 --> 00:03:05,480 Speaker 1: go back a hundred of years, more than a hundred years, 65 00:03:05,600 --> 00:03:07,920 Speaker 1: and so um, one of the biggest technologies at the 66 00:03:07,960 --> 00:03:12,000 Speaker 1: time was the automobile. We had the rise of oil 67 00:03:12,240 --> 00:03:16,320 Speaker 1: and automobiles, and there was new technology not only the automobile, 68 00:03:16,440 --> 00:03:19,600 Speaker 1: but also the assembly line. And so we saw automobile 69 00:03:20,000 --> 00:03:23,320 Speaker 1: and we saw a mass production. And of course, once 70 00:03:23,360 --> 00:03:25,880 Speaker 1: the first few automobiles rolled off the line, a couple 71 00:03:25,919 --> 00:03:28,560 Speaker 1: of things happened. One UM, a lot of people thought 72 00:03:28,600 --> 00:03:30,960 Speaker 1: they were ridiculous, and they thought they were stupid, and 73 00:03:30,960 --> 00:03:32,640 Speaker 1: they thought they were a joke, and they thought they 74 00:03:32,639 --> 00:03:35,760 Speaker 1: were pointless. And look at these noisy automobiles. They're noisy 75 00:03:36,080 --> 00:03:39,119 Speaker 1: and they're stinky, and they're dangerous, and they're going too 76 00:03:39,120 --> 00:03:41,960 Speaker 1: fast and they're gonna hurt people, and they're unnecessary because, 77 00:03:42,000 --> 00:03:45,640 Speaker 1: of course, horses and buggies have worked just fine for 78 00:03:45,800 --> 00:03:48,280 Speaker 1: hundreds of years. As a matter of fact, walking and 79 00:03:48,400 --> 00:03:52,360 Speaker 1: horses has been the primary mode of transportation for five 80 00:03:52,440 --> 00:03:56,200 Speaker 1: thousand years. Why do we need an automobile? Right, they're noisy, 81 00:03:56,240 --> 00:03:59,840 Speaker 1: they're stinky, they're slow, they break down, they're expensive, they're dangerous. 82 00:04:00,920 --> 00:04:04,120 Speaker 1: It's time familiar. Anytime there's a brand new technology, it's 83 00:04:04,120 --> 00:04:07,520 Speaker 1: something that's called creative destruction. And so when there's something 84 00:04:07,600 --> 00:04:11,400 Speaker 1: new that's created, it destroys the old way. And it's 85 00:04:11,400 --> 00:04:15,160 Speaker 1: important now what happens is the entrenched people that are there, 86 00:04:15,600 --> 00:04:17,920 Speaker 1: they don't like that. The buggy makers at the time, 87 00:04:18,279 --> 00:04:21,400 Speaker 1: they didn't like that, right, Hey, we want to sell horses, 88 00:04:21,440 --> 00:04:24,039 Speaker 1: we want to sell buggies. You don't need those stupid cars. 89 00:04:24,720 --> 00:04:27,080 Speaker 1: So anyway, there's always this fight and and and that's 90 00:04:27,080 --> 00:04:29,080 Speaker 1: setting the stage for what I'm about to jump into 91 00:04:29,160 --> 00:04:32,040 Speaker 1: in a minute. But that was happens. But but then 92 00:04:32,080 --> 00:04:33,680 Speaker 1: when the car rolled out, you know, some people saw 93 00:04:33,800 --> 00:04:35,760 Speaker 1: the visionaries and they want to jump into it. And 94 00:04:35,760 --> 00:04:37,840 Speaker 1: so all of a sudden people start buying these cars. 95 00:04:37,839 --> 00:04:41,480 Speaker 1: And then of course the venture capitalist the investors, they 96 00:04:41,520 --> 00:04:44,400 Speaker 1: came out and they saw this massive money making opportunity, 97 00:04:44,520 --> 00:04:47,000 Speaker 1: of course, and so they jumped in, and they jumped in. 98 00:04:47,040 --> 00:04:51,479 Speaker 1: They started building all these different automobile manufacturers, and in 99 00:04:51,520 --> 00:04:54,240 Speaker 1: a very short amount of time there was over two 100 00:04:54,360 --> 00:04:58,680 Speaker 1: hundred and fifty automobile manufacturers that were out in the market. 101 00:04:59,040 --> 00:05:01,479 Speaker 1: But there's a problem. There was actually two problems. The 102 00:05:01,520 --> 00:05:04,840 Speaker 1: first problem was that there was no market for all 103 00:05:04,839 --> 00:05:09,839 Speaker 1: those automobiles, meaning there was two automobile manufacturers. Lots of 104 00:05:09,839 --> 00:05:11,760 Speaker 1: people wanted to sell cars, but there weren't that many 105 00:05:11,760 --> 00:05:13,560 Speaker 1: people wanting to buy cars because it was at the 106 00:05:13,640 --> 00:05:16,640 Speaker 1: very beginning of this this new technology. But the second 107 00:05:16,640 --> 00:05:19,320 Speaker 1: problem was that there was no infrastructure. So that means 108 00:05:19,320 --> 00:05:22,960 Speaker 1: that there was no roads, there's no gas stations, there's 109 00:05:23,000 --> 00:05:25,520 Speaker 1: no service centers. So even if you bought the car, 110 00:05:25,560 --> 00:05:27,560 Speaker 1: what do you do with it? And so what happened 111 00:05:27,640 --> 00:05:31,960 Speaker 1: is then the automobile manufacturers all went bust, and they 112 00:05:31,960 --> 00:05:36,040 Speaker 1: all went bankrupt. Three remained for Chrysler GM, and then 113 00:05:36,080 --> 00:05:37,960 Speaker 1: the market started to grow again. Now that didn't mean 114 00:05:38,000 --> 00:05:40,280 Speaker 1: cars were done, didn't mean they were dead, but the 115 00:05:40,360 --> 00:05:44,000 Speaker 1: market had to catch up. The money, the venture capitalists 116 00:05:44,000 --> 00:05:46,320 Speaker 1: and the money got ahead of where the technology was, 117 00:05:46,400 --> 00:05:49,680 Speaker 1: ahead of where the market was, and then eventually they 118 00:05:49,680 --> 00:05:51,480 Speaker 1: all went out of business. And then eventually the market 119 00:05:51,480 --> 00:05:54,400 Speaker 1: caught up. And now there's probably automobile manufacturers today. I 120 00:05:54,440 --> 00:05:57,320 Speaker 1: don't know the exact number, but there's a lot. It's 121 00:05:57,320 --> 00:06:01,240 Speaker 1: important to understand the technology always rolls out the same way. Now, 122 00:06:01,360 --> 00:06:04,640 Speaker 1: if we're looking at bitcoin and cryptocurrencies, we can see 123 00:06:04,680 --> 00:06:07,440 Speaker 1: that it rolls out very similar in the same way. 124 00:06:07,760 --> 00:06:10,000 Speaker 1: Before we jump to that, let's just take a pit 125 00:06:10,120 --> 00:06:13,800 Speaker 1: stop and we'll look at the Internet boom very similar. 126 00:06:13,839 --> 00:06:15,240 Speaker 1: By the way, you're listening to the Mark Moa show, 127 00:06:15,240 --> 00:06:18,480 Speaker 1: we're talking about bitcoin and cryptocurrencies and the decentralized revolution. 128 00:06:19,640 --> 00:06:23,680 Speaker 1: Trying to give you some perspective on how technology cycles 129 00:06:23,720 --> 00:06:26,760 Speaker 1: always roll out the same way. That way you can 130 00:06:27,480 --> 00:06:30,479 Speaker 1: better be better position for where we're at right now 131 00:06:30,560 --> 00:06:32,800 Speaker 1: in this cycle. So we talked about autobiles. Now back 132 00:06:32,800 --> 00:06:36,240 Speaker 1: to the Internet. So I started talking about the Internet 133 00:06:36,279 --> 00:06:38,480 Speaker 1: and want to I got caught in this little tangent, 134 00:06:38,520 --> 00:06:40,400 Speaker 1: little rabbit hole, so stick with me here. So in 135 00:06:40,839 --> 00:06:42,839 Speaker 1: the Internet had started, you know in the seventies and 136 00:06:42,839 --> 00:06:45,480 Speaker 1: eighties with the with the government, Darbonet, etcetera. But really 137 00:06:45,520 --> 00:06:49,080 Speaker 1: it was in is when the first website went live, 138 00:06:49,080 --> 00:06:55,280 Speaker 1: the first WWW, and the first purchase happened online and 139 00:06:55,320 --> 00:06:58,400 Speaker 1: that was for pizza Um, same as the first purchase 140 00:06:58,440 --> 00:07:02,000 Speaker 1: for a bitcoin. And then is when things changed, and 141 00:07:02,040 --> 00:07:05,000 Speaker 1: that's when we had the first I p O Internet 142 00:07:05,240 --> 00:07:08,479 Speaker 1: Um initial public offering and it was for Netscape and 143 00:07:08,480 --> 00:07:11,200 Speaker 1: it brought all the investors in all the venture capitals 144 00:07:11,240 --> 00:07:14,920 Speaker 1: in similar to the automobile boom, and venture capitalists do 145 00:07:14,960 --> 00:07:17,000 Speaker 1: what venture capitalists do, They start throwing a bunch of 146 00:07:17,000 --> 00:07:19,160 Speaker 1: money at things, trying to create this to blow up, 147 00:07:19,160 --> 00:07:22,000 Speaker 1: and I did by by the year two thousand. From 148 00:07:22,880 --> 00:07:25,960 Speaker 1: two thousand, the internet boom happened and anything with dot 149 00:07:26,000 --> 00:07:28,840 Speaker 1: com in its name would instantly just get hundreds of 150 00:07:28,840 --> 00:07:30,640 Speaker 1: millions of dollars or millions of dollars thrown at it. 151 00:07:31,960 --> 00:07:34,400 Speaker 1: And it was crazy and by the end famously you know, 152 00:07:34,440 --> 00:07:37,040 Speaker 1: in we had the pets dot com, the web band 153 00:07:37,080 --> 00:07:38,920 Speaker 1: dot com, and everything dot com you can imagine. But 154 00:07:38,920 --> 00:07:43,760 Speaker 1: the same two problems existed that happened in the automobile boom. 155 00:07:43,880 --> 00:07:46,200 Speaker 1: That was the same two things. One, there was no 156 00:07:46,360 --> 00:07:49,600 Speaker 1: market for that, meaning you could buy web band dot 157 00:07:49,640 --> 00:07:51,320 Speaker 1: com they could deliver your groceries, or pets dot com 158 00:07:51,360 --> 00:07:53,360 Speaker 1: you could buy your pet stuff online, but there was 159 00:07:53,400 --> 00:07:56,080 Speaker 1: no market. There was nobody buying anything online. As a 160 00:07:56,120 --> 00:07:57,680 Speaker 1: matter of fact, by the year two thousand, less than 161 00:07:57,720 --> 00:08:00,600 Speaker 1: ten percent of people had ever bought any thing online, 162 00:08:02,000 --> 00:08:03,720 Speaker 1: so there was no one to buy all that stuff. 163 00:08:03,720 --> 00:08:07,320 Speaker 1: The second problem was that there was no infrastructure, meaning 164 00:08:07,400 --> 00:08:09,600 Speaker 1: the Internet was too slow. You couldn't you couldn't use 165 00:08:09,600 --> 00:08:11,280 Speaker 1: it for all those things that they wanted to. As 166 00:08:11,280 --> 00:08:14,120 Speaker 1: a matter of fact, Netlix had come out, but Netflix 167 00:08:14,120 --> 00:08:17,720 Speaker 1: didn't stream movies over the net. They mailed you a 168 00:08:17,800 --> 00:08:20,600 Speaker 1: DVD to watch, and so it was too slow. The 169 00:08:20,640 --> 00:08:23,640 Speaker 1: infrastructure wasn't there. So all those internet businesses went out 170 00:08:23,640 --> 00:08:27,000 Speaker 1: of business. Didn't mean they were wrong, just meant there early, 171 00:08:27,640 --> 00:08:29,080 Speaker 1: and early is the same as wrong. So they all 172 00:08:29,120 --> 00:08:31,600 Speaker 1: went out of business. A couple remained, obviously, And now today, 173 00:08:31,640 --> 00:08:34,000 Speaker 1: of course we have you know, millions of websites that 174 00:08:34,040 --> 00:08:36,120 Speaker 1: are out there today, and so you can see this 175 00:08:36,240 --> 00:08:39,160 Speaker 1: pattern of how this works. And so we had this 176 00:08:39,160 --> 00:08:41,880 Speaker 1: big boom. Now, I thought in two thousand one, that 177 00:08:41,880 --> 00:08:43,880 Speaker 1: would be a grand idea to start an e commerce 178 00:08:43,920 --> 00:08:47,080 Speaker 1: business at the very bottom of that market, at the crash, 179 00:08:47,120 --> 00:08:49,920 Speaker 1: when nobody wanted to throw money around. Um, it was tough. 180 00:08:49,920 --> 00:08:51,280 Speaker 1: It was a long road. And when I went I 181 00:08:51,559 --> 00:08:53,680 Speaker 1: started selling e commerce products and I went to these 182 00:08:53,720 --> 00:08:55,440 Speaker 1: companies to sell their products on my website and they 183 00:08:55,520 --> 00:08:57,720 Speaker 1: laughed at me and they said, come on, Mark, no 184 00:08:57,760 --> 00:09:02,040 Speaker 1: one's ever gonna buy anything online. That's where ridiculous. And 185 00:09:02,080 --> 00:09:05,040 Speaker 1: I said, well I think they will, um, And of 186 00:09:05,040 --> 00:09:06,599 Speaker 1: course I was right. They were wrong, But it was 187 00:09:06,640 --> 00:09:08,440 Speaker 1: a long road ahead. And I heard the same thing 188 00:09:08,440 --> 00:09:10,480 Speaker 1: with cryptocurrencies. Come on, Mark, that's ridiculous. No one's are 189 00:09:10,480 --> 00:09:12,360 Speaker 1: gonna use it, just like no one's ever gonna take 190 00:09:12,360 --> 00:09:14,040 Speaker 1: a car because we have the buggy, and no one's 191 00:09:14,080 --> 00:09:16,040 Speaker 1: ever gonna use electricity because we have digital can we 192 00:09:16,040 --> 00:09:18,520 Speaker 1: have candles? Right, So, same story, over and over and 193 00:09:18,559 --> 00:09:20,120 Speaker 1: over again. Now I want to explain to you the 194 00:09:20,160 --> 00:09:21,559 Speaker 1: West the rest of the way this rolls out, and 195 00:09:21,600 --> 00:09:24,320 Speaker 1: I'm gonna apply it back to bitcoin and cryptocurrency so 196 00:09:24,320 --> 00:09:26,640 Speaker 1: you can understand where're at in the cycle. Um, you're 197 00:09:26,640 --> 00:09:28,560 Speaker 1: listening to the Mark Ma Show. We're talking about bitcoin 198 00:09:28,559 --> 00:09:31,080 Speaker 1: and cryptocurrencies and the decentralized revolution. I'm trying to give 199 00:09:31,080 --> 00:09:34,160 Speaker 1: you the perspective you need to to survive. So stick 200 00:09:34,200 --> 00:09:36,360 Speaker 1: with me, all right, Welcome back. You are listening to 201 00:09:36,440 --> 00:09:38,480 Speaker 1: the Mark Ma Show, and we're talking about bitcoin and 202 00:09:38,480 --> 00:09:42,720 Speaker 1: cryptocurrencies and this decentralized revolution that we are witnessing right now. 203 00:09:43,120 --> 00:09:45,079 Speaker 1: And I'm just zoomed out a little bit on history. 204 00:09:45,120 --> 00:09:47,520 Speaker 1: We looked at the automobile technology, we looked at the 205 00:09:47,520 --> 00:09:51,200 Speaker 1: Internet technology, and now we're about to use that perspective 206 00:09:51,240 --> 00:09:54,760 Speaker 1: now to dig into the cryptocurrency technology, and so we 207 00:09:54,800 --> 00:09:57,480 Speaker 1: saw the same thing happened. UM. Bitcoin stormed on the 208 00:09:57,480 --> 00:10:01,160 Speaker 1: scene about twelve years ago, two thousand nine. UM, and 209 00:10:01,280 --> 00:10:03,440 Speaker 1: bigcoin kind of grew slowly, nobody really knew what it was, 210 00:10:03,480 --> 00:10:05,280 Speaker 1: kind of like the Internet in the other days. UM. 211 00:10:05,320 --> 00:10:07,600 Speaker 1: Then we had the first I c O sort of 212 00:10:07,640 --> 00:10:09,800 Speaker 1: like the inflection point where the Internet was the I 213 00:10:10,040 --> 00:10:13,080 Speaker 1: p O night, as I said, and it brought all 214 00:10:13,120 --> 00:10:15,439 Speaker 1: that venture capital money, and in UM I think it 215 00:10:15,520 --> 00:10:17,360 Speaker 1: was two thousand fourteen, we had the first I c 216 00:10:17,559 --> 00:10:20,280 Speaker 1: O initial coin offering, I think it was master master Coin, 217 00:10:20,840 --> 00:10:24,040 Speaker 1: and then Ethereum launched after that, and then the same thing. 218 00:10:24,760 --> 00:10:28,200 Speaker 1: The venture capitalists, the investors all rushed in, brought in 219 00:10:28,240 --> 00:10:30,559 Speaker 1: a bunch of money, started throwing that money round everywhere 220 00:10:30,600 --> 00:10:33,720 Speaker 1: they could, just like the automobile boom, just like the 221 00:10:33,720 --> 00:10:36,280 Speaker 1: Internet boom. And they started trying to solve everything, just 222 00:10:36,320 --> 00:10:38,560 Speaker 1: like the Internet boom. Did you know webban dot com? 223 00:10:38,600 --> 00:10:41,480 Speaker 1: That's dot com? And so now we have blockchains for everything. 224 00:10:41,520 --> 00:10:43,800 Speaker 1: We're gonna manage to let us on the supply chain. 225 00:10:44,120 --> 00:10:46,560 Speaker 1: We're gonna sell movie tickets on the blockchain, and we're 226 00:10:46,600 --> 00:10:48,600 Speaker 1: going to do supply chain management. We're gonna do everything 227 00:10:48,640 --> 00:10:50,319 Speaker 1: on the blockchain. Right when you look at under the 228 00:10:50,360 --> 00:10:51,599 Speaker 1: lens of what happened on the the Internet, it kind of 229 00:10:51,600 --> 00:10:53,960 Speaker 1: starts to make more sense. Now they're not wrong, But 230 00:10:54,040 --> 00:10:58,199 Speaker 1: the same two problems existed in the automobile boom internet boom, 231 00:10:58,240 --> 00:11:01,240 Speaker 1: and today two things. One no more market there's no 232 00:11:01,280 --> 00:11:03,400 Speaker 1: one around to use all that stuff right now, and 233 00:11:03,400 --> 00:11:06,000 Speaker 1: too there's no infrastructure. The network is too slow, it 234 00:11:06,000 --> 00:11:08,960 Speaker 1: doesn't work properly. And so what happens is they're not wrong. 235 00:11:09,040 --> 00:11:11,000 Speaker 1: Eventually a lot of that stuff will be built on 236 00:11:11,120 --> 00:11:13,559 Speaker 1: the network. Unfortunately, most of it's going to go bust, 237 00:11:13,600 --> 00:11:15,480 Speaker 1: and then I'll have to get built later. So that's 238 00:11:15,520 --> 00:11:18,200 Speaker 1: kind of how that works, um, And so I'm bringing 239 00:11:18,200 --> 00:11:20,960 Speaker 1: you that perspective somebody who's lived through this. Like I said, 240 00:11:21,000 --> 00:11:23,080 Speaker 1: people laughed at me, literally laughed at me. I had 241 00:11:23,120 --> 00:11:26,320 Speaker 1: to spend about twenty dollars to build out this website 242 00:11:26,320 --> 00:11:29,079 Speaker 1: back in two thousand one because there was no Shopify, 243 00:11:29,240 --> 00:11:32,360 Speaker 1: there's no word press, and I had to hire someone 244 00:11:32,400 --> 00:11:33,760 Speaker 1: to build a custom and so I spend all this 245 00:11:33,800 --> 00:11:35,080 Speaker 1: money and then I went to these stores and they 246 00:11:35,240 --> 00:11:37,320 Speaker 1: they laughed at me. So I know how this goes. 247 00:11:38,360 --> 00:11:40,240 Speaker 1: I think it was Gandhi who said, the first day 248 00:11:40,320 --> 00:11:41,920 Speaker 1: laugh at you, the first day ignore you, then they 249 00:11:42,000 --> 00:11:43,440 Speaker 1: laugh at you, then they fight you, and then they 250 00:11:43,520 --> 00:11:46,680 Speaker 1: join you. And so UM, using that perspective, I want 251 00:11:46,679 --> 00:11:49,960 Speaker 1: to talk about something um that that's come out this week, 252 00:11:50,000 --> 00:11:53,040 Speaker 1: and actually it's been happening over and over. UM bitcoin 253 00:11:53,600 --> 00:11:56,240 Speaker 1: is that thing that was ignored and then they laughed 254 00:11:56,240 --> 00:12:00,400 Speaker 1: at bitcoin. Now they're fighting bitcoin, and event they're gonna 255 00:12:00,400 --> 00:12:02,680 Speaker 1: adopt poin and a lot of people already have started 256 00:12:02,679 --> 00:12:06,280 Speaker 1: adopting bickoin. But we're continuing to see this attack on 257 00:12:06,400 --> 00:12:09,800 Speaker 1: bitcoin continued to rise. And one of the guys who 258 00:12:09,840 --> 00:12:15,840 Speaker 1: talks about um bitcoin very unfavorably, Steve Hankey. UM surprising 259 00:12:15,920 --> 00:12:20,040 Speaker 1: that it comes from him, because Steve Hankey is an economist. 260 00:12:20,040 --> 00:12:22,880 Speaker 1: He's a former advisor to the regular administration. He's also 261 00:12:22,920 --> 00:12:26,200 Speaker 1: part of the Cato Institute, which is supposed to be 262 00:12:26,360 --> 00:12:30,920 Speaker 1: for freedom. And I get it. Like you think something stupid, 263 00:12:30,960 --> 00:12:33,560 Speaker 1: that's okay. That's your prerogative, right, Like you don't like it, 264 00:12:33,720 --> 00:12:35,320 Speaker 1: do you think it's dumb, you think it's a waste 265 00:12:35,320 --> 00:12:38,080 Speaker 1: of time, waste of money, whatever you think it is, 266 00:12:38,160 --> 00:12:42,560 Speaker 1: that's okay, that's your prerogative. But shouldn't take away my 267 00:12:42,760 --> 00:12:46,319 Speaker 1: right to do that. You you know, you don't have 268 00:12:46,400 --> 00:12:48,600 Speaker 1: the right. Nobody has the right to tell me what's 269 00:12:48,679 --> 00:12:51,360 Speaker 1: a waste of my time? Only I do. And so 270 00:12:51,400 --> 00:12:53,599 Speaker 1: Steve Hankey, it's just funny coming from him, being that 271 00:12:53,640 --> 00:12:56,000 Speaker 1: he's part of the Cato Institute talking about freedom, but 272 00:12:56,080 --> 00:12:58,480 Speaker 1: yet he wants to constantly attack bitcoin and say that 273 00:12:58,520 --> 00:13:01,120 Speaker 1: people shouldn't be a to use it. So I don't 274 00:13:01,160 --> 00:13:03,680 Speaker 1: understand that part, but um, you know, he he continues 275 00:13:03,679 --> 00:13:05,280 Speaker 1: to ramp up this rhetoric. And I want to talk 276 00:13:05,280 --> 00:13:08,440 Speaker 1: about something he just talked about this week, because you 277 00:13:08,440 --> 00:13:10,400 Speaker 1: need to understand this key piece. This is a key 278 00:13:10,400 --> 00:13:13,400 Speaker 1: piece to economics. He's talking about bitcoin specifically, but he's 279 00:13:13,440 --> 00:13:16,000 Speaker 1: talking about economics. And remember, as I said, you have 280 00:13:16,000 --> 00:13:17,680 Speaker 1: to understand a bunch of differ disciplines. You have to 281 00:13:17,720 --> 00:13:21,920 Speaker 1: understand history and monetary history and technology and economics. Game 282 00:13:21,960 --> 00:13:23,720 Speaker 1: through economics is one of those. Let's talk about this. 283 00:13:23,760 --> 00:13:27,080 Speaker 1: So he says that as on Yahoo Finance, he says, 284 00:13:27,160 --> 00:13:31,000 Speaker 1: we know the price of bitcoin, but not its value. 285 00:13:31,600 --> 00:13:36,200 Speaker 1: It's probably zero. M hm. We know the price but 286 00:13:36,280 --> 00:13:38,920 Speaker 1: not its value, but it's probably zero. That's what Steve 287 00:13:38,920 --> 00:13:41,360 Speaker 1: Hanky says, Now, remember he's an economist and former advisor 288 00:13:41,360 --> 00:13:44,600 Speaker 1: to the regular administration. Right, he's he's he's an expert. 289 00:13:44,920 --> 00:13:48,760 Speaker 1: I say that with air quotes. He's an expert. So, um, 290 00:13:48,840 --> 00:13:51,360 Speaker 1: let's dig into this and let's see how little this 291 00:13:51,640 --> 00:13:56,199 Speaker 1: expert is expert really knows and how you could understand 292 00:13:56,240 --> 00:13:59,360 Speaker 1: this with just an elementary understanding of things. So let's 293 00:13:59,360 --> 00:14:01,240 Speaker 1: dig into this a little b So, um, you know 294 00:14:01,280 --> 00:14:03,120 Speaker 1: what happens is if you just read headlines, you don't 295 00:14:03,160 --> 00:14:05,360 Speaker 1: really understand what's going on. Then people start repeating these 296 00:14:05,360 --> 00:14:08,400 Speaker 1: headlines without ever really grasping the information. So let's break 297 00:14:08,400 --> 00:14:12,240 Speaker 1: it down. So um, he says that bitcoin has a price, which, 298 00:14:12,280 --> 00:14:15,520 Speaker 1: by the way, the price is rallying a little bit today. Um. 299 00:14:15,559 --> 00:14:16,959 Speaker 1: I don't talk about the price a whole lot. I 300 00:14:17,000 --> 00:14:20,000 Speaker 1: think price is a distraction. But we are rallying. We 301 00:14:20,080 --> 00:14:23,520 Speaker 1: had got as high as sixty nine thousand, and then 302 00:14:23,560 --> 00:14:26,360 Speaker 1: it had dropped all the way down, um, you know, 303 00:14:26,400 --> 00:14:31,000 Speaker 1: into the fort range, and we're up above fifty thousand 304 00:14:31,080 --> 00:14:33,600 Speaker 1: right now. So it's rallying just in time for Christmas. 305 00:14:33,640 --> 00:14:36,240 Speaker 1: I guess go back to Steve Hanky and what he said. 306 00:14:36,800 --> 00:14:39,520 Speaker 1: He said, we don't know its value, which is probably zero. 307 00:14:40,200 --> 00:14:43,120 Speaker 1: He says that there's a difficulty deriving value for the 308 00:14:43,200 --> 00:14:46,760 Speaker 1: for the for the bitcoin. Um. He says, quote, from 309 00:14:46,800 --> 00:14:50,000 Speaker 1: a high theory perspective, you end up with a bitcoin 310 00:14:50,480 --> 00:14:53,680 Speaker 1: that does have a price that is objective and we 311 00:14:53,760 --> 00:14:55,880 Speaker 1: know what it is, which at the time it's over 312 00:14:56,880 --> 00:15:02,320 Speaker 1: US dollars. But he says, we don't know it's fundamental value. 313 00:15:02,520 --> 00:15:07,400 Speaker 1: And my guess is it's probably zero end quote. So 314 00:15:07,440 --> 00:15:08,880 Speaker 1: what are you saying? The professor fact and I was 315 00:15:08,960 --> 00:15:12,880 Speaker 1: questioned how the value of bitcoin can be derived when 316 00:15:12,880 --> 00:15:15,680 Speaker 1: deciding it's a rate of exchange with national currencies such 317 00:15:15,720 --> 00:15:18,760 Speaker 1: as the dollar and the pound, and he says, quote, 318 00:15:18,800 --> 00:15:21,280 Speaker 1: there is no exchange rate model that would actually rationalize 319 00:15:21,280 --> 00:15:24,200 Speaker 1: the bitcoin US dollar exchange rate. So he's saying that 320 00:15:24,240 --> 00:15:27,440 Speaker 1: we know the price obviously, right, So fifty U s D. 321 00:15:28,160 --> 00:15:31,040 Speaker 1: There's um lots of people that be willing to give 322 00:15:31,080 --> 00:15:34,600 Speaker 1: you that exchange rate. As he's quoting exchange rate the 323 00:15:34,640 --> 00:15:37,480 Speaker 1: amount of dollars that you've trade for the amount of bitcoin. 324 00:15:37,880 --> 00:15:41,400 Speaker 1: And as a matter of fact, there's UM twenty six 325 00:15:41,760 --> 00:15:46,320 Speaker 1: billion with a B six billion dollars of bitcoin traded 326 00:15:46,600 --> 00:15:50,120 Speaker 1: every day. Every twenty four billion so there's billion dollars 327 00:15:50,160 --> 00:15:52,960 Speaker 1: worth of volume of people that would go gladly give 328 00:15:53,000 --> 00:15:56,280 Speaker 1: you fifty U S dollars for a bitcoin or a 329 00:15:56,280 --> 00:15:59,240 Speaker 1: fraction thereof. Now, but but but let's dig in a 330 00:15:59,280 --> 00:16:01,480 Speaker 1: little bit more so what he's saying here, Uh, And 331 00:16:01,520 --> 00:16:03,480 Speaker 1: I'm gonna go back to this quote from a high 332 00:16:03,920 --> 00:16:08,360 Speaker 1: theory perspective. Okay, Well, we don't live in a high 333 00:16:08,400 --> 00:16:11,280 Speaker 1: theory world. We live in a real world. We live 334 00:16:11,280 --> 00:16:13,800 Speaker 1: in a practical world. We live in a world of 335 00:16:14,000 --> 00:16:17,960 Speaker 1: real things where I really need real goods and services, 336 00:16:18,000 --> 00:16:21,080 Speaker 1: and people have to be willing to trade me those 337 00:16:21,120 --> 00:16:24,320 Speaker 1: goods and services in exchange for other things. The medium 338 00:16:24,320 --> 00:16:28,640 Speaker 1: of exchange. Now, um, you might be willing to trade 339 00:16:28,680 --> 00:16:31,680 Speaker 1: me a thing for my labor if I come and 340 00:16:31,720 --> 00:16:34,640 Speaker 1: paint defense for you. You might be willing to exchange 341 00:16:34,680 --> 00:16:38,240 Speaker 1: my dollars or my pacos or my bitcoin or whatever. 342 00:16:38,760 --> 00:16:40,440 Speaker 1: We live in a real world, not in a place 343 00:16:40,480 --> 00:16:44,520 Speaker 1: of as he says, high theory perspective. The piece that 344 00:16:44,560 --> 00:16:48,480 Speaker 1: he's also talking about is we don't know its value. Well, 345 00:16:49,000 --> 00:16:52,560 Speaker 1: here is where these economists get this completely wrong. Peter 346 00:16:52,600 --> 00:16:54,160 Speaker 1: Schiff is one of them. Peter Shiff is someone that 347 00:16:54,200 --> 00:16:56,440 Speaker 1: i've I've respected for a really long time. He's a 348 00:16:56,520 --> 00:17:01,520 Speaker 1: very smart economist, Austrian school that economy economics um very 349 00:17:01,560 --> 00:17:05,240 Speaker 1: instrumental in my development a dozen years ago. But the 350 00:17:05,280 --> 00:17:07,480 Speaker 1: problem is he's dug in on this thing of what's 351 00:17:07,480 --> 00:17:10,960 Speaker 1: called intrinsic value. And so a lot of you listening 352 00:17:11,000 --> 00:17:12,600 Speaker 1: right now might be saying, way, how bitcoin doesn't have 353 00:17:12,600 --> 00:17:15,200 Speaker 1: any intrinsic value, right, And I think that's what he's 354 00:17:15,240 --> 00:17:17,919 Speaker 1: saying here. There's no value. There's no intrinsic value. That's 355 00:17:17,920 --> 00:17:22,280 Speaker 1: what Peter Shift says, there's no intrinsic value. But what 356 00:17:22,440 --> 00:17:26,800 Speaker 1: if I told you there's no such thing as intrinsic value? 357 00:17:27,800 --> 00:17:30,800 Speaker 1: What come on, Mark, you gotta be kidding me. You 358 00:17:30,840 --> 00:17:33,320 Speaker 1: weren't an advisor to President Ronald Reagan. You don't know 359 00:17:33,320 --> 00:17:36,760 Speaker 1: what you're talking about. Of course, there's intrinsic value. Really, 360 00:17:37,359 --> 00:17:39,359 Speaker 1: what if I told you there's no such thing? And 361 00:17:39,400 --> 00:17:40,960 Speaker 1: what if I could explain it to you in a 362 00:17:41,000 --> 00:17:43,400 Speaker 1: way that an elementary kid could understand it? And that's 363 00:17:43,440 --> 00:17:44,920 Speaker 1: exactly what I want to do. I wanna, I wanna 364 00:17:44,920 --> 00:17:46,639 Speaker 1: explain it to you, And I'm gonna tell you the 365 00:17:46,640 --> 00:17:50,119 Speaker 1: rest of what Hanky said, because you need to learn 366 00:17:50,160 --> 00:17:52,560 Speaker 1: to look through what he's saying. And when I finished 367 00:17:52,600 --> 00:17:55,120 Speaker 1: telling you the second half of what he said, it's 368 00:17:55,160 --> 00:17:57,240 Speaker 1: going to make the first part of what he said 369 00:17:57,320 --> 00:18:00,800 Speaker 1: look completely ridiculous. That's how crazy these people are. By 370 00:18:00,800 --> 00:18:02,280 Speaker 1: the way, you're listening to the Mark Mashow, we're talking 371 00:18:02,320 --> 00:18:05,480 Speaker 1: about bitcoin. If you didn't know, we're talking about bitcoin, cryptocurrencies, 372 00:18:05,480 --> 00:18:09,160 Speaker 1: and the de centralized revolution. We're talking specifically about the 373 00:18:09,280 --> 00:18:11,800 Speaker 1: value of bitcoin. We know the price, as Stinky Pinky says, 374 00:18:11,840 --> 00:18:13,320 Speaker 1: what's the value. I'm gonna come back with that and 375 00:18:13,359 --> 00:18:15,600 Speaker 1: tell you don't go away, all right, welcome back. You 376 00:18:15,640 --> 00:18:17,359 Speaker 1: are listening to the Mark ma Show, and we're talking 377 00:18:17,400 --> 00:18:21,159 Speaker 1: about bitcoin. We're talking about cryptocurrencies. We're talking about the 378 00:18:21,320 --> 00:18:25,120 Speaker 1: de centralized revolution that's happening right now. I don't talk 379 00:18:25,160 --> 00:18:27,040 Speaker 1: a lot about the price on a regular basis, as 380 00:18:27,040 --> 00:18:29,000 Speaker 1: far as what the price is this minute and what 381 00:18:29,040 --> 00:18:31,000 Speaker 1: I expect the price to be tomorrow. But we are 382 00:18:31,040 --> 00:18:32,680 Speaker 1: talking about the price, and we're talking about the price 383 00:18:32,680 --> 00:18:36,600 Speaker 1: specifically in regards to something that Steve Hankey came out 384 00:18:36,640 --> 00:18:38,600 Speaker 1: and said this week, and he said, quote, we know 385 00:18:38,680 --> 00:18:41,760 Speaker 1: the price of bitcoin, but not its value, and it's 386 00:18:41,800 --> 00:18:47,000 Speaker 1: probably zero. Now. I would choose to ignore what this 387 00:18:47,040 --> 00:18:49,520 Speaker 1: guy says. Here's someone you know, kind of well known, 388 00:18:49,560 --> 00:18:50,959 Speaker 1: I guess, I mean he's the economy. He was an 389 00:18:50,960 --> 00:18:55,439 Speaker 1: economist and former advisor to the Reagan administration. Well, that 390 00:18:55,520 --> 00:18:59,800 Speaker 1: also means he's really old. So maybe that has something 391 00:18:59,840 --> 00:19:02,840 Speaker 1: to do with his misunderstanding the bitcoin, But it's it's 392 00:19:02,920 --> 00:19:06,760 Speaker 1: it's bigger than his misunderstanding bitcoin. He has a misunderstanding 393 00:19:06,800 --> 00:19:10,680 Speaker 1: of what economics is, which is rich for me to 394 00:19:11,000 --> 00:19:13,240 Speaker 1: say because he was advised of Reagan and I wasn't. 395 00:19:13,320 --> 00:19:16,560 Speaker 1: But let's think through this in just you know, something 396 00:19:16,600 --> 00:19:20,000 Speaker 1: called common sense, all right, So he says in theory 397 00:19:20,080 --> 00:19:22,840 Speaker 1: in his quote, he said from a high theory perspective. 398 00:19:22,880 --> 00:19:24,720 Speaker 1: But again, we don't live in a high theory perspective, right, 399 00:19:24,760 --> 00:19:26,240 Speaker 1: we live in a real world. So let me let 400 00:19:26,280 --> 00:19:28,680 Speaker 1: me explain to you that a elementary kid can understand 401 00:19:30,119 --> 00:19:34,560 Speaker 1: there is no such thing as intrinsic value. There is 402 00:19:34,680 --> 00:19:37,679 Speaker 1: only subjective value. So what do I mean by that? 403 00:19:37,800 --> 00:19:41,280 Speaker 1: So Peter Scheft says that no gold has intrinsic value. 404 00:19:41,320 --> 00:19:43,639 Speaker 1: Those gold cuff links that I have, they could be 405 00:19:43,720 --> 00:19:48,439 Speaker 1: melted down and turned into jewelry. Okay, that's that's true. 406 00:19:48,840 --> 00:19:53,639 Speaker 1: But that doesn't mean there's any value there. Value is 407 00:19:53,680 --> 00:19:57,880 Speaker 1: only derived because people put value into something because collectively 408 00:19:57,960 --> 00:20:01,000 Speaker 1: we value it. So like being babies or something, all 409 00:20:01,000 --> 00:20:03,919 Speaker 1: of a sudden gets this crazy high value because everybody 410 00:20:03,920 --> 00:20:06,359 Speaker 1: wants it, and then it's gone. Nobody wants it, so 411 00:20:06,440 --> 00:20:08,080 Speaker 1: all value subjected. Let me give it. Let me give 412 00:20:08,080 --> 00:20:10,520 Speaker 1: you a thought exercise. If we were stranded on a 413 00:20:10,560 --> 00:20:15,119 Speaker 1: deserted island and we had two briefcases, one briefcase with 414 00:20:15,200 --> 00:20:19,479 Speaker 1: a billion dollars of dollars, a billion dollars of cash, 415 00:20:19,880 --> 00:20:23,560 Speaker 1: and we did another billion dollars of let's say gold bars. 416 00:20:24,320 --> 00:20:27,520 Speaker 1: Remember person per shift that gold bars have intrinsic value. 417 00:20:27,840 --> 00:20:29,879 Speaker 1: But we're deserted on on on island. I mean I 418 00:20:29,920 --> 00:20:31,840 Speaker 1: got no boat, I got no cell phone, I got 419 00:20:31,840 --> 00:20:34,800 Speaker 1: no food, no water, I got no nothing. How much 420 00:20:35,040 --> 00:20:38,159 Speaker 1: is that billion dollars of cash or billion dollars of 421 00:20:38,200 --> 00:20:41,320 Speaker 1: gold worth? It's worth of zero? Does me no good? 422 00:20:41,640 --> 00:20:45,639 Speaker 1: I can't buy anything? I need goods and services. Goods 423 00:20:45,680 --> 00:20:50,680 Speaker 1: and services are wealth money cash currency is not wealth. 424 00:20:51,240 --> 00:20:55,160 Speaker 1: Goods and services are wealth. Cash or money or currency 425 00:20:55,800 --> 00:20:59,520 Speaker 1: measures wealth. It measures how much wealth I can acquire. 426 00:21:00,080 --> 00:21:03,320 Speaker 1: Wealth is goods and services back on that proverbial desert island. 427 00:21:03,320 --> 00:21:05,000 Speaker 1: If there was a guy with a hut who had 428 00:21:05,000 --> 00:21:07,040 Speaker 1: a couple of fish and some coconuts, he would be 429 00:21:07,160 --> 00:21:10,520 Speaker 1: way richer than I would be with a billion dollars 430 00:21:10,520 --> 00:21:12,600 Speaker 1: of cash, because I can't do anything with my cash 431 00:21:12,680 --> 00:21:16,199 Speaker 1: or the gold. There's no intrinsic value. There's nobody that 432 00:21:16,280 --> 00:21:18,880 Speaker 1: believes that has any value. Does mean no good. Now, 433 00:21:19,760 --> 00:21:22,960 Speaker 1: last night I went to dinner, I had leftovers. I 434 00:21:22,960 --> 00:21:24,760 Speaker 1: didn't want to take him home with me. They threw 435 00:21:24,800 --> 00:21:28,760 Speaker 1: him away. Those leftovers were worth zero dollars to me. 436 00:21:29,400 --> 00:21:30,920 Speaker 1: But if I was on that deserted island and I 437 00:21:30,960 --> 00:21:32,840 Speaker 1: had a billion dollars of cash and I was starving 438 00:21:32,880 --> 00:21:36,680 Speaker 1: to death, I would give all billion dollars for that 439 00:21:36,760 --> 00:21:39,800 Speaker 1: leftover food if I was dying. You see what I'm saying. 440 00:21:39,840 --> 00:21:44,600 Speaker 1: All value is subjective. So when he talks about his 441 00:21:44,840 --> 00:21:48,199 Speaker 1: high theory of value, well, I'm sorry, man, I know 442 00:21:48,320 --> 00:21:50,080 Speaker 1: that in a classroom you can come with some crazy 443 00:21:50,119 --> 00:21:52,639 Speaker 1: economic formula that made make sense on a piece of paper, 444 00:21:52,680 --> 00:21:54,280 Speaker 1: But it's not the it's not the real world, right. 445 00:21:54,400 --> 00:21:57,240 Speaker 1: The real world is value of subjective. We value things 446 00:21:57,280 --> 00:22:01,320 Speaker 1: at certain times, and that is why bitcoin has value. 447 00:22:01,320 --> 00:22:04,120 Speaker 1: No different than anything else as value. Why do other 448 00:22:04,160 --> 00:22:06,399 Speaker 1: things have vue? Why does a certain watch or a 449 00:22:06,480 --> 00:22:09,639 Speaker 1: certain uh, you know, purse, or a certain piece of clothing? 450 00:22:09,680 --> 00:22:11,879 Speaker 1: Why does it have more value than another? Because we 451 00:22:12,000 --> 00:22:15,119 Speaker 1: perceive that it has more value And he's saying. What 452 00:22:15,200 --> 00:22:20,200 Speaker 1: he's saying is that um, Because the professor of economics 453 00:22:20,280 --> 00:22:23,400 Speaker 1: questioned how the value of bitcoin can be derived when 454 00:22:23,440 --> 00:22:25,840 Speaker 1: deciding it's rate of exchange for national currencies such as 455 00:22:25,880 --> 00:22:27,680 Speaker 1: the dollar. We'll already know what the dollars. There's twenty 456 00:22:27,720 --> 00:22:30,720 Speaker 1: six billion dollars a day every twenty four hours traded, 457 00:22:30,760 --> 00:22:33,320 Speaker 1: so we already know that's a pretty well function in market. 458 00:22:33,359 --> 00:22:35,679 Speaker 1: So we already know. And so we already know what 459 00:22:35,760 --> 00:22:38,159 Speaker 1: the US dollar equivalent of bitcoin is. And then he 460 00:22:38,200 --> 00:22:39,879 Speaker 1: says it is. He went on to say it is 461 00:22:39,880 --> 00:22:43,800 Speaker 1: difficult to know the purchasing parody of bitcoin. Well, not really, 462 00:22:43,840 --> 00:22:45,640 Speaker 1: because twenty six billion dollars a day has been traded 463 00:22:45,640 --> 00:22:48,159 Speaker 1: in US dollars and that puts a value. So I 464 00:22:48,160 --> 00:22:49,560 Speaker 1: know I can trade the bitcoin for dollars in the 465 00:22:49,600 --> 00:22:54,880 Speaker 1: dollar for a Gucci watcher purse, So we know that. So, 466 00:22:55,119 --> 00:22:57,280 Speaker 1: you know, don't listen to these guys. They're they're really 467 00:22:57,280 --> 00:22:59,560 Speaker 1: smart in a classroom, but it makes no sense to 468 00:22:59,760 --> 00:23:02,640 Speaker 1: us in the real world. That's the thing. He also 469 00:23:02,720 --> 00:23:06,400 Speaker 1: says cryptocurrencies hang on. He says, you've got the purchasing 470 00:23:06,440 --> 00:23:09,159 Speaker 1: power parody that can't be used for bitcoin, and you 471 00:23:09,200 --> 00:23:11,280 Speaker 1: have got interest rate parody that also can't be used 472 00:23:11,280 --> 00:23:13,399 Speaker 1: for bitcoin. Well, okay, so you've got purchasing power that 473 00:23:13,400 --> 00:23:15,760 Speaker 1: can't be used for bitcoin. Really because, as I said, 474 00:23:15,800 --> 00:23:17,720 Speaker 1: there's twenty six billion dollars a day being traded and 475 00:23:17,840 --> 00:23:19,840 Speaker 1: unsed dollars, so I could so I know exactly what 476 00:23:19,880 --> 00:23:21,760 Speaker 1: it's worth. I mean. He also says there's no interest 477 00:23:21,840 --> 00:23:24,880 Speaker 1: rate parody rarely, because there's also billions of dollars being 478 00:23:25,240 --> 00:23:27,399 Speaker 1: um borrowed and loaned on a daily basis. As a 479 00:23:27,440 --> 00:23:30,240 Speaker 1: matter of fact, I just borrowed against some of my bitcoins, 480 00:23:30,280 --> 00:23:33,840 Speaker 1: So there's there's active Um, there's active exchange is happening 481 00:23:33,880 --> 00:23:36,000 Speaker 1: for that. But let's talk about the second part of 482 00:23:36,040 --> 00:23:38,119 Speaker 1: what he said here, which I think blows apart what 483 00:23:38,160 --> 00:23:42,480 Speaker 1: he's saying here. So um, he says Milton Friedman one 484 00:23:42,520 --> 00:23:45,120 Speaker 1: of the intellectual leaders of the Chicago School of Economics. 485 00:23:45,119 --> 00:23:47,400 Speaker 1: So Milton freedom was was an economist somebody that I 486 00:23:47,440 --> 00:23:49,760 Speaker 1: recad some of that I respect, has written a lot 487 00:23:49,760 --> 00:23:51,920 Speaker 1: of good stuff. And I agree with Milton Friedman read 488 00:23:51,960 --> 00:23:55,639 Speaker 1: his stuff, not Steve Hanky. Milton Freedman was a colleague 489 00:23:55,720 --> 00:23:59,760 Speaker 1: of steam Kay Steve Steve Hankey um, and he said, uh. 490 00:24:00,000 --> 00:24:03,120 Speaker 1: Milton Freedman told us in there would be a new 491 00:24:03,160 --> 00:24:07,159 Speaker 1: medium of exchange that would that was a prescient description 492 00:24:07,359 --> 00:24:09,960 Speaker 1: of the rise of bitcoin. Ten years later, he forecasted 493 00:24:09,960 --> 00:24:13,720 Speaker 1: there would arise a digital currency indigenous to the Internet 494 00:24:14,000 --> 00:24:17,680 Speaker 1: that would disintermediate the middleman in global finance through peer 495 00:24:17,680 --> 00:24:20,400 Speaker 1: to peer transactions. And so that's what bitcoin does. Bitcoin 496 00:24:20,440 --> 00:24:25,720 Speaker 1: has disintermediated the middleman. It's it's eliminated the third party, 497 00:24:25,840 --> 00:24:28,560 Speaker 1: eliminated the middleman. So for example, if I want to 498 00:24:28,600 --> 00:24:31,359 Speaker 1: pay with Venmo, well, my Venomo account is hooked to 499 00:24:31,400 --> 00:24:33,200 Speaker 1: my credit card, my credit card is hook to my 500 00:24:33,240 --> 00:24:35,520 Speaker 1: bank account. My bank account sends it to your bank 501 00:24:35,520 --> 00:24:37,520 Speaker 1: account with sends to your credit card, sends to your Venmo. 502 00:24:37,600 --> 00:24:41,000 Speaker 1: There's like six people in the way, and any one 503 00:24:41,000 --> 00:24:43,719 Speaker 1: of those people can stop that transaction. And each person 504 00:24:43,840 --> 00:24:47,360 Speaker 1: also extracts a little bit of value along the way. 505 00:24:47,400 --> 00:24:49,840 Speaker 1: So if they say, hey, I don't like this, person, 506 00:24:49,880 --> 00:24:51,919 Speaker 1: this person is a bad actor, this person is a terrorist, 507 00:24:51,960 --> 00:24:54,359 Speaker 1: this person is a whatever. You don't have the right 508 00:24:54,400 --> 00:24:56,840 Speaker 1: to send them money. So they're censoring my transactions. And 509 00:24:56,880 --> 00:24:58,520 Speaker 1: like I said, they each rent seek, they each take 510 00:24:58,520 --> 00:25:01,000 Speaker 1: a little piece along the way. So as he forecasted, 511 00:25:01,000 --> 00:25:03,040 Speaker 1: there would be a way that it would cut out 512 00:25:03,080 --> 00:25:05,480 Speaker 1: the middleman in global finance and go peer to peer. 513 00:25:05,520 --> 00:25:07,479 Speaker 1: And that's what bitcoin does. That's the that's the one 514 00:25:07,520 --> 00:25:09,560 Speaker 1: of the big revolutions of bitcoin. It goes peer to peer. 515 00:25:09,760 --> 00:25:11,320 Speaker 1: If I want to send bitcoin to you, it goes 516 00:25:11,359 --> 00:25:13,720 Speaker 1: for me to you with nobody in the middle, which 517 00:25:13,720 --> 00:25:15,840 Speaker 1: means two things. One nobody can stop it, blocking to 518 00:25:15,880 --> 00:25:20,280 Speaker 1: prevent it, and two nobody takes a piece. There's no 519 00:25:20,320 --> 00:25:23,879 Speaker 1: rent seekers in the middle. So he predicted that. Freeman stated, 520 00:25:23,960 --> 00:25:25,920 Speaker 1: quote the one thing that is missing but will soon 521 00:25:25,960 --> 00:25:29,000 Speaker 1: be developed, is a reliable e cash, a method whereby 522 00:25:29,160 --> 00:25:31,320 Speaker 1: on the internet you can transfer funds from A to 523 00:25:31,400 --> 00:25:33,600 Speaker 1: B without knowing them, without without them knowing each other. 524 00:25:33,800 --> 00:25:36,760 Speaker 1: End quote um. And so that's what Freeman said a 525 00:25:36,880 --> 00:25:42,560 Speaker 1: decade before bitcoin came out. Well, Hanky goes on to 526 00:25:42,600 --> 00:25:46,119 Speaker 1: say that, yeah, he was right, but that's what C 527 00:25:46,359 --> 00:25:48,879 Speaker 1: B D C S are for central bank digital currencies. 528 00:25:49,640 --> 00:25:51,679 Speaker 1: Hanky believes that it's inevitable that we will see some 529 00:25:51,800 --> 00:25:54,280 Speaker 1: version of the US dollar being produces a digital currency 530 00:25:54,359 --> 00:25:57,400 Speaker 1: by the Federal Reserve, but he says this will not 531 00:25:57,520 --> 00:25:59,920 Speaker 1: create the revolution in banking that has been touted in 532 00:26:00,040 --> 00:26:03,160 Speaker 1: media headlines, because he says, quote, most of the US 533 00:26:03,200 --> 00:26:05,640 Speaker 1: dollars that are produced are produced by electronic means right now, 534 00:26:06,080 --> 00:26:08,640 Speaker 1: and the federals producers only ten of the money held 535 00:26:08,640 --> 00:26:09,959 Speaker 1: in the hands of the public. The rest comes from 536 00:26:09,960 --> 00:26:13,359 Speaker 1: a commercial banks. So he's right, He's right. The dollar 537 00:26:13,480 --> 00:26:17,600 Speaker 1: pretty much is already digital. All transactions are already done digitally. 538 00:26:17,760 --> 00:26:21,640 Speaker 1: He is right, But here's what he's saying. He sees 539 00:26:21,680 --> 00:26:24,000 Speaker 1: it's inevitable that will see some version of the US 540 00:26:24,000 --> 00:26:26,480 Speaker 1: dollar being produced as digital currency, remember the central bank 541 00:26:26,520 --> 00:26:28,720 Speaker 1: digital currency, and of course the government's already told us 542 00:26:28,760 --> 00:26:33,600 Speaker 1: that they'll do that. Um, he says, uh. Quote, we 543 00:26:33,640 --> 00:26:35,760 Speaker 1: talk about digital currency as though it is some new thing, 544 00:26:35,800 --> 00:26:39,639 Speaker 1: but most of the currency in the world is produced digitally. Again, 545 00:26:39,800 --> 00:26:44,560 Speaker 1: he's right. But here's the part that when I read it, 546 00:26:44,640 --> 00:26:47,160 Speaker 1: I just can't help but laugh because it just contradicts 547 00:26:47,160 --> 00:26:49,960 Speaker 1: what he's saying. He he rails against bitcoins so much. 548 00:26:50,000 --> 00:26:53,160 Speaker 1: And then this next part what he says tells you 549 00:26:53,200 --> 00:26:56,159 Speaker 1: everything you need to know about bitcoin. It's like, how 550 00:26:56,200 --> 00:26:58,639 Speaker 1: can he not see this? He's literally giving you the 551 00:26:58,760 --> 00:27:00,760 Speaker 1: value prop So he starts, what's I was saying, there's 552 00:27:00,800 --> 00:27:04,840 Speaker 1: no value? And then he lays out the value proposition 553 00:27:04,920 --> 00:27:07,879 Speaker 1: for us, like he can't connect the two dots. This 554 00:27:07,920 --> 00:27:09,560 Speaker 1: is what happens when you're too smart. This is what 555 00:27:09,560 --> 00:27:13,120 Speaker 1: happens when you study theory of economics your whole career 556 00:27:13,160 --> 00:27:14,679 Speaker 1: and you don't live in the real world like you 557 00:27:14,720 --> 00:27:16,199 Speaker 1: and I do. You know where we actually have to 558 00:27:16,240 --> 00:27:19,479 Speaker 1: earn money and pay our bills kind of thing. When 559 00:27:19,480 --> 00:27:21,119 Speaker 1: you don't live in that real world, you just can't understand. 560 00:27:21,119 --> 00:27:23,720 Speaker 1: You sit there and talk about theory all day. So 561 00:27:23,720 --> 00:27:24,920 Speaker 1: I want to tell you what he said. When I 562 00:27:24,960 --> 00:27:26,159 Speaker 1: tell you what he said, I mean, you're gonna think 563 00:27:26,160 --> 00:27:28,160 Speaker 1: it's incredible, just like I did. By the way, you're 564 00:27:28,160 --> 00:27:30,000 Speaker 1: listening to the Mark Moa show, we're talking about bitcoin. 565 00:27:30,040 --> 00:27:32,640 Speaker 1: If you didn't catch on already, we're talking about bitcoin, cryptocurrencies. 566 00:27:32,640 --> 00:27:36,080 Speaker 1: We're talking about the decentralized revolution. We're talking about the 567 00:27:36,119 --> 00:27:39,359 Speaker 1: economist who thinks there's no value but he proves it 568 00:27:39,400 --> 00:27:41,159 Speaker 1: in this next statement. I'm gonna tell you what that 569 00:27:41,280 --> 00:27:44,600 Speaker 1: is when I come back. Don't go away, everyone, Welcome back. 570 00:27:44,600 --> 00:27:46,640 Speaker 1: You are listening to the Mark ma Show. We're talking 571 00:27:46,640 --> 00:27:51,359 Speaker 1: about bitcoin and cryptocurrencies and the decentralized revolution, and I'm 572 00:27:51,359 --> 00:27:54,040 Speaker 1: trying to give you the perspective you need so you 573 00:27:54,080 --> 00:27:58,200 Speaker 1: can understand what's going on so you can participate. This 574 00:27:58,320 --> 00:28:00,280 Speaker 1: is the biggest opportunity that you'll ever see in your life. 575 00:28:00,280 --> 00:28:02,280 Speaker 1: For they we'll see for multiple generations. It already has been, 576 00:28:02,280 --> 00:28:04,439 Speaker 1: it's already been the best performing asset class, and it 577 00:28:04,640 --> 00:28:07,879 Speaker 1: is not done. I think there's a there's an easy 578 00:28:07,960 --> 00:28:10,440 Speaker 1: ten x in front of us. It's pretty dangn amazing, 579 00:28:11,119 --> 00:28:13,240 Speaker 1: especially when you consider the stock market averages about a 580 00:28:13,280 --> 00:28:15,880 Speaker 1: six percent return. So if I can do a ten 581 00:28:16,560 --> 00:28:19,959 Speaker 1: percent return or a thousand percent return, that's pretty dan good. 582 00:28:20,000 --> 00:28:23,080 Speaker 1: But anyway we're talking about right now, some of this 583 00:28:23,280 --> 00:28:25,679 Speaker 1: we call it fud, fear, uncertainty, in doubt. This fud 584 00:28:25,760 --> 00:28:30,560 Speaker 1: that's been cast against bitcoin by Steve Hankey and uh, 585 00:28:30,640 --> 00:28:33,560 Speaker 1: you know he's uh, he's a mouthpiece for you know, 586 00:28:33,640 --> 00:28:36,720 Speaker 1: traditional media. I think tanks um nobody I take seriously. 587 00:28:36,800 --> 00:28:40,760 Speaker 1: But mainstream media sure takes them seriously. And so we're 588 00:28:40,800 --> 00:28:43,200 Speaker 1: dismantling something that he said. And so if you're just 589 00:28:43,200 --> 00:28:45,560 Speaker 1: tuning in, Um, I'm not going to repeat everything that 590 00:28:45,560 --> 00:28:47,480 Speaker 1: I said. But it started off with the headline saying 591 00:28:47,520 --> 00:28:50,360 Speaker 1: that he said, quote, we know the price of bitcoin, 592 00:28:50,680 --> 00:28:54,240 Speaker 1: but not its value. It's probably zero. So I wanted 593 00:28:54,280 --> 00:28:56,000 Speaker 1: to explain that all values subjective, and I give you 594 00:28:56,000 --> 00:28:58,560 Speaker 1: a thought exercise to explain what that that was, and 595 00:28:58,600 --> 00:29:01,400 Speaker 1: so forth. But here's what, um, this is where this 596 00:29:01,560 --> 00:29:04,640 Speaker 1: article really just uh, it's funny to me because he's 597 00:29:04,680 --> 00:29:07,720 Speaker 1: saying that it has no value, So why would anybody 598 00:29:07,800 --> 00:29:09,720 Speaker 1: value anything? Right? So, typically would have some sort of 599 00:29:09,800 --> 00:29:14,160 Speaker 1: utility or some sort of a need. Right, So like, um, 600 00:29:14,200 --> 00:29:16,080 Speaker 1: I use the example if if we were starving on 601 00:29:16,200 --> 00:29:17,720 Speaker 1: as an island and there's a little bit of leftover 602 00:29:17,720 --> 00:29:19,600 Speaker 1: food that that would have some utility, would save us 603 00:29:19,600 --> 00:29:22,440 Speaker 1: from starvation, it would be worth a lot of money. Um. 604 00:29:22,520 --> 00:29:27,880 Speaker 1: So typically there's some sort of value plus scarcity. And so, um, 605 00:29:28,000 --> 00:29:31,480 Speaker 1: what type of value or what type of utility would 606 00:29:31,480 --> 00:29:36,440 Speaker 1: bitcoin provide that would create that value where people would 607 00:29:36,440 --> 00:29:39,480 Speaker 1: want it or people would actually need it because it 608 00:29:39,720 --> 00:29:43,480 Speaker 1: has utility? Right? So I was on the deserted island. 609 00:29:43,720 --> 00:29:46,000 Speaker 1: We'd have plenty of sand, but I don't need that sand. 610 00:29:46,040 --> 00:29:49,120 Speaker 1: There's no utility, there's no scarcity for that UM, but 611 00:29:49,240 --> 00:29:50,880 Speaker 1: that that leftover food there would be. But back to 612 00:29:50,960 --> 00:29:53,080 Speaker 1: back to what I'm talking about. We talked about UM. 613 00:29:53,120 --> 00:29:55,880 Speaker 1: We talked about how Milton Friedman predicted that there would 614 00:29:55,880 --> 00:29:57,760 Speaker 1: be this rise of this digital currency that could go 615 00:29:57,760 --> 00:30:00,320 Speaker 1: appeer to peer, and Steve Hanky says, yeah, that's that's 616 00:30:00,320 --> 00:30:03,080 Speaker 1: central bank digital currencies. So he says, going back to 617 00:30:03,080 --> 00:30:05,640 Speaker 1: what he's talking about, says, quote, we talk about digital 618 00:30:05,640 --> 00:30:07,240 Speaker 1: currency as though it is some new thing, but most 619 00:30:07,280 --> 00:30:11,440 Speaker 1: of the currency in the world is produced digitally. But 620 00:30:11,560 --> 00:30:15,080 Speaker 1: then Hanky paints a very dark picture of central bank 621 00:30:15,080 --> 00:30:18,760 Speaker 1: digital currencies, or what we call CBDCs. He says that 622 00:30:19,160 --> 00:30:23,400 Speaker 1: in the hands of authoritarian governments, it has the potential 623 00:30:23,480 --> 00:30:28,800 Speaker 1: to create serious privacy infringements. Yeah, no kidding. So central 624 00:30:28,800 --> 00:30:32,400 Speaker 1: bank digital currencies are um currencies. They're they're sort of 625 00:30:32,440 --> 00:30:35,040 Speaker 1: like a cryptocurrency, but not really. It's the money that 626 00:30:35,040 --> 00:30:38,600 Speaker 1: that the central bank makes. And because they're digital currencies, 627 00:30:38,640 --> 00:30:42,480 Speaker 1: they're both programmable and behavioral. So what does that mean? 628 00:30:42,920 --> 00:30:47,360 Speaker 1: So they can program the money. So for example, they say, hey, 629 00:30:47,760 --> 00:30:51,520 Speaker 1: here's your stimmy, here's your bucks. If you don't spend 630 00:30:51,600 --> 00:30:55,440 Speaker 1: it by Friday, it comes back to us. That's one way. 631 00:30:55,600 --> 00:30:58,200 Speaker 1: Or they could say, um, here's your stimmy. You can 632 00:30:58,240 --> 00:31:00,000 Speaker 1: spend it here here, here, but you can't spend it 633 00:31:00,080 --> 00:31:02,920 Speaker 1: here here here, right. They could do a behavioral so 634 00:31:03,000 --> 00:31:05,520 Speaker 1: to cause a behavior, to cause you to act in 635 00:31:05,520 --> 00:31:08,040 Speaker 1: a certain way. So for example, hey Mark, you're saving 636 00:31:08,080 --> 00:31:09,800 Speaker 1: too much money, so we're gonna hit you with a 637 00:31:09,920 --> 00:31:13,560 Speaker 1: negative a negative interest rate meaning they're going to charge 638 00:31:13,600 --> 00:31:16,320 Speaker 1: me to keep money, so they're gonna slowly will pull 639 00:31:16,400 --> 00:31:18,160 Speaker 1: away from me. Or hey Mark, you're not saving enough. 640 00:31:18,160 --> 00:31:19,920 Speaker 1: We're gonna give you a positive interest rate. So they 641 00:31:19,920 --> 00:31:23,560 Speaker 1: can affect my behavior. They could give money to um 642 00:31:23,680 --> 00:31:27,600 Speaker 1: immigrants or um you know, certain ethnic groups or whatever 643 00:31:27,680 --> 00:31:29,880 Speaker 1: whatever you know, division they want to do today. They 644 00:31:29,880 --> 00:31:32,120 Speaker 1: could do that all these different things. Um And, but 645 00:31:32,200 --> 00:31:35,640 Speaker 1: they could also do it to completely surveil to see 646 00:31:35,680 --> 00:31:39,120 Speaker 1: every single transaction. Um. So he went on. He dismissed 647 00:31:39,160 --> 00:31:41,440 Speaker 1: the idea that the US dollar could be challenged by 648 00:31:41,520 --> 00:31:46,240 Speaker 1: China's digital one. Um and he's and and he says, um, 649 00:31:46,240 --> 00:31:50,160 Speaker 1: he's completely unconcerned about Beijing about China's first mover advantage 650 00:31:50,200 --> 00:31:52,160 Speaker 1: of China already rolled at the central bank digital currency. 651 00:31:52,160 --> 00:31:53,800 Speaker 1: As a matter of fact, that central bank digital currency 652 00:31:53,840 --> 00:31:57,360 Speaker 1: is scheduled for a complete rollout by the Winter Olympics 653 00:31:57,360 --> 00:32:02,120 Speaker 1: of next year. He says, quote the yuan isn't even 654 00:32:02,200 --> 00:32:04,640 Speaker 1: a convertible currency, so the idea that it could compete 655 00:32:04,680 --> 00:32:08,200 Speaker 1: with the dollar is ridiculous. And until it can become 656 00:32:08,240 --> 00:32:11,960 Speaker 1: freely convertible into other currencies, forget it. It's not going 657 00:32:12,120 --> 00:32:16,680 Speaker 1: to be a challenge. End quote. He warned that the 658 00:32:16,760 --> 00:32:20,880 Speaker 1: real concern from the digital wand is the quote the 659 00:32:20,960 --> 00:32:26,000 Speaker 1: snoop problem or the privacy problem within China. I'm still 660 00:32:26,040 --> 00:32:29,760 Speaker 1: quoting him. That's why the digital uand is not even 661 00:32:29,800 --> 00:32:33,040 Speaker 1: being accepted by the Chinese on the mainland. They don't 662 00:32:33,040 --> 00:32:35,480 Speaker 1: want to be snooped on. They're smart enough to know 663 00:32:35,800 --> 00:32:38,160 Speaker 1: that the Communist Party is going to be looking at 664 00:32:38,200 --> 00:32:43,960 Speaker 1: every transaction they make. End quote. M hmm. So what 665 00:32:44,040 --> 00:32:46,480 Speaker 1: he's saying is let me, let me just let me 666 00:32:46,520 --> 00:32:48,240 Speaker 1: just add this up here. Hang on, hang on. So 667 00:32:48,280 --> 00:32:52,240 Speaker 1: he starts out by saying that bitcoin has no value. 668 00:32:52,880 --> 00:32:54,840 Speaker 1: It's probably zero. He said, we know the pribace, we 669 00:32:54,840 --> 00:32:56,440 Speaker 1: don't know the value. It's probably zero, so it's it's 670 00:32:56,440 --> 00:33:00,960 Speaker 1: worth nothing. But bitcoin allows me to have a peer 671 00:33:01,000 --> 00:33:05,240 Speaker 1: to peer money that is censorship resistant, meaning no one 672 00:33:05,280 --> 00:33:06,480 Speaker 1: can stop it. If I want to send to you, 673 00:33:06,480 --> 00:33:08,920 Speaker 1: nobody can stop it, block and prevented, um, nobody can 674 00:33:08,960 --> 00:33:10,480 Speaker 1: create more of it. So with the dollars, they print 675 00:33:10,520 --> 00:33:13,000 Speaker 1: more dollars, which steals the purchasing power for me. So 676 00:33:13,000 --> 00:33:16,680 Speaker 1: there's they're stealing my value through inflation. So they're stealing 677 00:33:16,720 --> 00:33:20,280 Speaker 1: from me. They're manipulating me with interest rates and monetary 678 00:33:20,360 --> 00:33:23,680 Speaker 1: um supply and demand. They are censoring me. They're they're 679 00:33:23,680 --> 00:33:26,000 Speaker 1: saying who I can and cannot send that money to, 680 00:33:26,880 --> 00:33:29,480 Speaker 1: And they're saying and he and he's also saying here 681 00:33:29,480 --> 00:33:32,880 Speaker 1: that central bank digital currencies are coming next he's saying that. 682 00:33:32,960 --> 00:33:35,760 Speaker 1: And then he's also saying that central bank digital currencies 683 00:33:36,280 --> 00:33:39,840 Speaker 1: um as in his own words, he says, will be 684 00:33:40,000 --> 00:33:44,200 Speaker 1: snoop snoop do one. They don't be snooped one. Oh, 685 00:33:44,240 --> 00:33:46,720 Speaker 1: he says, quote the snoop problem or the privacy problem. 686 00:33:46,960 --> 00:33:52,560 Speaker 1: So central digital currencies have that. So m so bitcoin 687 00:33:52,640 --> 00:33:55,280 Speaker 1: gives me alternative, meaning I have the digital currency that 688 00:33:55,320 --> 00:33:57,479 Speaker 1: can't be inflated. It can't be stolen, can't be censored, 689 00:33:57,560 --> 00:34:01,040 Speaker 1: and nobody can snoop on me, nobody can surveil me. 690 00:34:01,200 --> 00:34:05,720 Speaker 1: So he's warning us of this problem. He says that, um, 691 00:34:05,720 --> 00:34:08,480 Speaker 1: he says, it's not even being accepted by the Chinese 692 00:34:08,480 --> 00:34:11,520 Speaker 1: on the mainland. The Chinese won't even use it because 693 00:34:11,560 --> 00:34:13,799 Speaker 1: they don't want to be snooped on. He says. They 694 00:34:13,800 --> 00:34:15,920 Speaker 1: are smart enough to know that the commonest party is 695 00:34:15,920 --> 00:34:17,759 Speaker 1: going to be looking at every transaction they make. So 696 00:34:19,400 --> 00:34:21,480 Speaker 1: if you don't want to use the central bank digital 697 00:34:21,560 --> 00:34:23,240 Speaker 1: currency that your country is going to give you because 698 00:34:23,239 --> 00:34:26,319 Speaker 1: you're afraid of as he says, you're gonna be snooped on. 699 00:34:26,640 --> 00:34:28,759 Speaker 1: I don't want that. Even the Chinese don't want that, 700 00:34:29,360 --> 00:34:34,160 Speaker 1: then we have bitcoin. Bitcoin is an alternative. That's the 701 00:34:34,239 --> 00:34:39,200 Speaker 1: value proposition. He's saying. In his own words, he's telling 702 00:34:39,200 --> 00:34:41,160 Speaker 1: you the problem with the sentence he's so, he's saying, 703 00:34:41,160 --> 00:34:43,959 Speaker 1: they're gonna the banks are already created central bank desercurrencies. 704 00:34:44,320 --> 00:34:46,719 Speaker 1: They're going to roll it out. The US will be 705 00:34:46,719 --> 00:34:49,520 Speaker 1: bigger than China's. People don't want to use them because 706 00:34:49,560 --> 00:34:52,120 Speaker 1: they can be snooped on. Even the Chinese people don't 707 00:34:52,120 --> 00:34:54,200 Speaker 1: want to use it because they know every transaction they 708 00:34:54,239 --> 00:34:57,200 Speaker 1: make will be spied on. That's the problem. So he's 709 00:34:57,520 --> 00:34:59,239 Speaker 1: laying out the future and tell us how bad it's 710 00:34:59,239 --> 00:35:01,000 Speaker 1: going to be. It's an portable, he says, And this 711 00:35:01,040 --> 00:35:02,919 Speaker 1: is how bad it's going to be, and it's gonna 712 00:35:02,920 --> 00:35:05,480 Speaker 1: suck and you don't want it. And we have this, 713 00:35:05,600 --> 00:35:08,440 Speaker 1: we have this other alternative over here. But there's no 714 00:35:08,520 --> 00:35:12,520 Speaker 1: value to that. I mean, what kind of what kind 715 00:35:12,520 --> 00:35:14,319 Speaker 1: of thinking is this? And it just blows me away. 716 00:35:14,320 --> 00:35:17,120 Speaker 1: I mean he's literally laying out the value proposition and 717 00:35:17,160 --> 00:35:20,880 Speaker 1: then saying there's no value. So if these Chinese people 718 00:35:20,960 --> 00:35:22,600 Speaker 1: that he's saying don't want to be snooped on, if 719 00:35:22,640 --> 00:35:24,160 Speaker 1: you don't want to be snooped on, if you don't 720 00:35:24,160 --> 00:35:27,359 Speaker 1: want your wealth stolen away from you through inflation, if 721 00:35:27,400 --> 00:35:29,759 Speaker 1: you don't want your money manipulate, if you don't want 722 00:35:29,760 --> 00:35:35,160 Speaker 1: your money and your transaction censored through the money and 723 00:35:35,200 --> 00:35:37,080 Speaker 1: through their central maank digital currencies that they're ruling out 724 00:35:37,160 --> 00:35:40,360 Speaker 1: in his own words, then what is your option? You 725 00:35:40,400 --> 00:35:43,120 Speaker 1: only have another option, which is to not use it. Well, 726 00:35:43,160 --> 00:35:47,160 Speaker 1: what are you going to use? You have bitcoin, and 727 00:35:47,239 --> 00:35:53,200 Speaker 1: bitcoin beats that. Bitcoin is open, it's borderless, it's transparent, 728 00:35:53,320 --> 00:35:58,680 Speaker 1: it's portable, it's censorship or resistant. Nobody can censor my transactions. 729 00:35:59,160 --> 00:36:02,239 Speaker 1: It's immutable, nobody can steal it, nobody can change it, 730 00:36:02,280 --> 00:36:06,760 Speaker 1: nobody can take it. It. It fixes the very problem 731 00:36:06,800 --> 00:36:09,120 Speaker 1: that he's telling us about. So he you know, he's 732 00:36:09,120 --> 00:36:11,040 Speaker 1: good at throwing shade. He's good at saying this is 733 00:36:11,040 --> 00:36:14,600 Speaker 1: a big problem. Um. He says that the best way 734 00:36:14,640 --> 00:36:16,719 Speaker 1: to solve the current situation is to look at the causes. 735 00:36:18,200 --> 00:36:20,560 Speaker 1: The causes, he says the problem quote is too much 736 00:36:20,600 --> 00:36:21,960 Speaker 1: money in the system. He says, the way to solve 737 00:36:22,040 --> 00:36:24,799 Speaker 1: rise in inflation is to print less slow the rate 738 00:36:24,840 --> 00:36:26,959 Speaker 1: of growth. But how how are you going to slow 739 00:36:27,000 --> 00:36:29,000 Speaker 1: the rate of growth? The only way you're going to 740 00:36:29,080 --> 00:36:31,160 Speaker 1: slow the rate of growth, That's that's his solution, that's 741 00:36:31,160 --> 00:36:33,240 Speaker 1: his proposition. The only way to solve it isn't bitcoin. 742 00:36:33,280 --> 00:36:34,960 Speaker 1: It's is to slow the rate of growth of the 743 00:36:35,000 --> 00:36:37,319 Speaker 1: money supply. How do you do that well? According to 744 00:36:37,640 --> 00:36:40,839 Speaker 1: one of my favorite economists, Hyak, Frederick Hyak says that 745 00:36:41,360 --> 00:36:43,440 Speaker 1: there shall never be another sound money again until the 746 00:36:43,480 --> 00:36:47,680 Speaker 1: thing is taken from the hands of the government. That's 747 00:36:47,719 --> 00:36:50,680 Speaker 1: the only way it can be done. By force, he says, 748 00:36:50,760 --> 00:36:53,480 Speaker 1: only by some sly round about way that you can 749 00:36:53,480 --> 00:36:57,960 Speaker 1: introduce something that cannot be stopped, and that's bitcoin. That's 750 00:36:58,000 --> 00:37:01,560 Speaker 1: the value problem. Steve Hankey lays it out for us perfectly, 751 00:37:01,960 --> 00:37:04,200 Speaker 1: but he just thinks that somehow, magically, the governments are 752 00:37:04,200 --> 00:37:06,200 Speaker 1: going to start operating on on a on a budget. 753 00:37:06,320 --> 00:37:08,440 Speaker 1: They're gonna stop printing trillions of dollars because they just 754 00:37:08,480 --> 00:37:10,640 Speaker 1: don't like it anymore, and that's you're gonna solve the problem. 755 00:37:10,760 --> 00:37:12,880 Speaker 1: The answer is no, The answer is bitcoin. That's the 756 00:37:12,960 --> 00:37:15,120 Speaker 1: value proposition. Hopefully that makes sense for you're listening to 757 00:37:15,160 --> 00:37:18,360 Speaker 1: the Mark Moa show talking about bitcoin cryptocurrencies. Thanks so 758 00:37:18,480 --> 00:37:19,120 Speaker 1: much for listening.