1 00:00:00,040 --> 00:00:03,040 Speaker 1: All right, welcome back. You are listening to another episode 2 00:00:03,040 --> 00:00:06,640 Speaker 1: of the Mark Moa show where we are discussing we're 3 00:00:06,680 --> 00:00:08,760 Speaker 1: bringing you up to speed and we're helping you navigate 4 00:00:09,000 --> 00:00:11,920 Speaker 1: the intersection of politics, finance, and technology. Of course, we're 5 00:00:11,960 --> 00:00:15,320 Speaker 1: talking about the decentralized revolution that is changing the world 6 00:00:15,400 --> 00:00:18,600 Speaker 1: as we know it today. It's happening really fast. Now. 7 00:00:18,680 --> 00:00:20,759 Speaker 1: I try to bring you the education you need so 8 00:00:20,800 --> 00:00:24,200 Speaker 1: you can understand these complex subjects very simply and you 9 00:00:24,239 --> 00:00:26,360 Speaker 1: can help to navigate them a little bit better. I 10 00:00:26,400 --> 00:00:28,760 Speaker 1: also try to bring you the latest breaking news so 11 00:00:28,800 --> 00:00:30,520 Speaker 1: you're up to date on what's going on. And that's 12 00:00:30,520 --> 00:00:36,200 Speaker 1: exactly what we're talking about today, because man, it's changing fast. 13 00:00:36,400 --> 00:00:38,000 Speaker 1: If you're not up to date on what's going on, 14 00:00:38,400 --> 00:00:41,760 Speaker 1: then you you're just not You're just not keeping up 15 00:00:41,760 --> 00:00:42,920 Speaker 1: with what's going on the world today, and that that 16 00:00:42,960 --> 00:00:50,319 Speaker 1: could be very dangerous for you, both socially, politically and financially. UM. 17 00:00:50,360 --> 00:00:53,000 Speaker 1: I like to say on iron Rand quote, if you 18 00:00:53,000 --> 00:00:54,920 Speaker 1: don't know who iron Rand is, then you're missing out 19 00:00:54,960 --> 00:00:56,920 Speaker 1: on that as well. You should really read more books. 20 00:00:57,280 --> 00:01:00,640 Speaker 1: So you wrote the book Atlas Rugged, which is a 21 00:01:00,680 --> 00:01:03,480 Speaker 1: great book. Um, it's a long book. If you haven't 22 00:01:03,520 --> 00:01:05,240 Speaker 1: read it, you should put it on your list of 23 00:01:05,280 --> 00:01:07,959 Speaker 1: books to read. And if you're not gonna put on 24 00:01:07,959 --> 00:01:10,200 Speaker 1: your list of books to read, then at least watch them. 25 00:01:10,240 --> 00:01:14,160 Speaker 1: At least watch the movie. They made a movie about it. Um, true, True. 26 00:01:14,160 --> 00:01:16,479 Speaker 1: Iron Man fans of Atlas Shrugg don't like the movie. 27 00:01:16,800 --> 00:01:18,679 Speaker 1: I think it's pretty good. Um And you can watch 28 00:01:18,720 --> 00:01:20,360 Speaker 1: it about two hours and it's actually pretty good with 29 00:01:20,360 --> 00:01:22,720 Speaker 1: some pretty good actors, and it's it's entertaining. So check 30 00:01:22,760 --> 00:01:26,399 Speaker 1: that out Atlas Shrugged. But anyway, back to her quote, 31 00:01:26,440 --> 00:01:30,440 Speaker 1: she says that you can choose to ignore reality, but 32 00:01:30,560 --> 00:01:34,280 Speaker 1: you can't ignore the consequences of reality. And so I 33 00:01:34,319 --> 00:01:36,120 Speaker 1: get it if you're not always paying attention to this stuff, 34 00:01:36,120 --> 00:01:37,760 Speaker 1: but it's not going to change the fact that it's 35 00:01:37,760 --> 00:01:40,480 Speaker 1: going to impact your life. So you can either be 36 00:01:40,560 --> 00:01:43,600 Speaker 1: surprised and wonder what happened, or you can make things happen. 37 00:01:43,680 --> 00:01:46,160 Speaker 1: I guess that's a better way to say it. On 38 00:01:46,200 --> 00:01:49,800 Speaker 1: a light note, I saw today that the Senate unanimously 39 00:01:49,960 --> 00:01:54,080 Speaker 1: passed a bill to make daylight savings time permanent. Wow. 40 00:01:54,160 --> 00:01:58,280 Speaker 1: That's pretty interesting. It's been nice having the longer hours, 41 00:01:58,320 --> 00:02:00,840 Speaker 1: the longer daylight here at the at the end of 42 00:02:00,840 --> 00:02:03,200 Speaker 1: the day. Hopefully you've been enjoying that looks like it 43 00:02:03,240 --> 00:02:05,240 Speaker 1: could be permanent. Still has to get through the house, 44 00:02:05,280 --> 00:02:08,359 Speaker 1: I suppose, But um, shoot, that could be. That could 45 00:02:08,360 --> 00:02:11,359 Speaker 1: be a real thing. Not my typical topic. I just 46 00:02:11,400 --> 00:02:12,840 Speaker 1: happened to see that pop up and I thought it 47 00:02:12,880 --> 00:02:15,839 Speaker 1: was interesting. But you know, UM, a lot of things 48 00:02:15,840 --> 00:02:18,480 Speaker 1: are happening, you know, as this world is going through 49 00:02:18,520 --> 00:02:21,880 Speaker 1: this crazy pace. UM. I've been talking about how UM 50 00:02:22,320 --> 00:02:25,400 Speaker 1: and the war with Russia Ukraine and the sanctions at 51 00:02:25,400 --> 00:02:27,080 Speaker 1: the US and other nations are imposing on and how 52 00:02:27,080 --> 00:02:30,000 Speaker 1: it's really radically changing the system as we know it. 53 00:02:30,720 --> 00:02:35,000 Speaker 1: And it seems like, man, it just seems like they 54 00:02:35,040 --> 00:02:38,360 Speaker 1: just can't stop doing things that are leading to their 55 00:02:38,360 --> 00:02:42,760 Speaker 1: own demiyes, like literally destroying them. Oh man, if you 56 00:02:42,760 --> 00:02:48,200 Speaker 1: guys remember back UM there was the famous a game 57 00:02:48,280 --> 00:02:54,040 Speaker 1: stop where UM all these traders from UM Reddit Wall 58 00:02:54,040 --> 00:02:55,600 Speaker 1: Street bets went on and they put a bunch of 59 00:02:55,600 --> 00:02:58,920 Speaker 1: shorts where they did a short squeeze on a game 60 00:02:58,960 --> 00:03:02,600 Speaker 1: stop where a hedge fund UM I believe with Melvin 61 00:03:02,639 --> 00:03:05,480 Speaker 1: Capital was super super short. They had placed a lot 62 00:03:05,520 --> 00:03:07,839 Speaker 1: of short bets basically betting that the price of game 63 00:03:07,840 --> 00:03:10,320 Speaker 1: Stop would go down, and they're trying to drive the 64 00:03:10,360 --> 00:03:13,000 Speaker 1: price of that stock down. And a bunch of nostalgic 65 00:03:15,400 --> 00:03:17,680 Speaker 1: I don't know what we'll call them, not really investors, 66 00:03:17,680 --> 00:03:19,639 Speaker 1: but traders, I guess we'll call them that to be nice, 67 00:03:19,720 --> 00:03:21,560 Speaker 1: or degenerate gamblers if I want to be a little 68 00:03:21,560 --> 00:03:24,880 Speaker 1: bit more mean. But basically, all these nostalgic uh UM 69 00:03:25,000 --> 00:03:27,040 Speaker 1: traders got on to Reddit and they kind of organized 70 00:03:27,040 --> 00:03:28,680 Speaker 1: this thing to do a short squeeze, which was to 71 00:03:28,880 --> 00:03:31,600 Speaker 1: buy buy it to push the price up. And what 72 00:03:31,680 --> 00:03:36,000 Speaker 1: happens is when they were short that game Stop, they're 73 00:03:36,000 --> 00:03:39,480 Speaker 1: basically borrowing against it, and so as the price starts 74 00:03:39,560 --> 00:03:43,160 Speaker 1: moving up, they're losing money because they're shorting it. They're 75 00:03:43,160 --> 00:03:44,800 Speaker 1: betting the price will go down. But as the price 76 00:03:44,840 --> 00:03:46,760 Speaker 1: went up, they were losing money, and so they had 77 00:03:46,760 --> 00:03:50,800 Speaker 1: to keep putting more money in to UM to keep 78 00:03:50,840 --> 00:03:54,000 Speaker 1: their position going. And the these Reddit traders from Wall 79 00:03:54,000 --> 00:03:55,920 Speaker 1: Street bets were able to put so much money in 80 00:03:56,520 --> 00:03:58,880 Speaker 1: that it nearly bankrupt Melvin Capital and they had to 81 00:03:58,880 --> 00:04:00,640 Speaker 1: get a bunch of money and few But then what 82 00:04:00,680 --> 00:04:04,120 Speaker 1: happened was even worse UM than like Robin Hood halted trading, 83 00:04:04,240 --> 00:04:06,600 Speaker 1: and then UM they read it, shut down the message board, 84 00:04:06,640 --> 00:04:09,280 Speaker 1: and Discord shut down their servers, and they did everything 85 00:04:09,280 --> 00:04:11,600 Speaker 1: they could just stop that. They made it where people 86 00:04:11,640 --> 00:04:16,440 Speaker 1: couldn't sell anymore, all these things to protect Wall Street. 87 00:04:17,320 --> 00:04:20,039 Speaker 1: So Wall Street didn't lose any more money. And as 88 00:04:20,040 --> 00:04:22,320 Speaker 1: bad as that was, as much as that ruined the 89 00:04:22,360 --> 00:04:26,280 Speaker 1: integrity of the system in my in my view, it's 90 00:04:26,279 --> 00:04:28,680 Speaker 1: only continued to get worse. And so we saw this week, 91 00:04:29,320 --> 00:04:31,640 Speaker 1: as as as I've been talking about a lot as 92 00:04:31,720 --> 00:04:33,800 Speaker 1: you listen to me on a regular basis, as the 93 00:04:33,839 --> 00:04:35,880 Speaker 1: governments around the world, all the central banks around the 94 00:04:35,880 --> 00:04:40,479 Speaker 1: world continue to print an unlimited amount of fake counterfeit 95 00:04:41,560 --> 00:04:45,400 Speaker 1: paper feat currency created created money from thin air. And 96 00:04:45,440 --> 00:04:47,520 Speaker 1: the more that they create money from thin air, the 97 00:04:47,600 --> 00:04:52,360 Speaker 1: more people are gonna want to buy real, tangible, real 98 00:04:52,400 --> 00:04:56,440 Speaker 1: things that can't be artificially increased or inflated were created. 99 00:04:57,080 --> 00:05:01,120 Speaker 1: So um, those are things like commodities, those things like oil, 100 00:05:01,640 --> 00:05:05,440 Speaker 1: like wheat, like gold, like nickel, and yes, like bitcoin, 101 00:05:05,839 --> 00:05:07,640 Speaker 1: bitcoins not tangible you can't hold in your hand, but 102 00:05:07,920 --> 00:05:12,839 Speaker 1: it can't be artificially created. Um. And so we saw 103 00:05:13,160 --> 00:05:16,520 Speaker 1: this week something big happened. I saw um that the 104 00:05:16,839 --> 00:05:20,960 Speaker 1: l m E forced a halt to nickel trading, and 105 00:05:21,000 --> 00:05:24,919 Speaker 1: it canceled deals after prices topped over a hundred thousand dollars. 106 00:05:25,560 --> 00:05:27,719 Speaker 1: So this was this was unprecedented. The LEEMY is the 107 00:05:27,839 --> 00:05:31,240 Speaker 1: London Metal Exchange. Now, what a lot of people don't 108 00:05:31,240 --> 00:05:34,040 Speaker 1: know probably about the metal industry the gold industry is 109 00:05:34,080 --> 00:05:38,599 Speaker 1: that it's it's uh probably the farthest thing from like 110 00:05:38,640 --> 00:05:41,880 Speaker 1: an actual free market. Um So a free market, you know, 111 00:05:41,920 --> 00:05:44,839 Speaker 1: stocks are basically trading freely every day and through the 112 00:05:44,880 --> 00:05:48,240 Speaker 1: buying and selling, it finds um price discovery, right, the 113 00:05:48,240 --> 00:05:50,839 Speaker 1: prices discovered. But the gold markets don't work like that. 114 00:05:51,040 --> 00:05:53,320 Speaker 1: Um they're set um. The price of gold set every 115 00:05:53,320 --> 00:05:55,360 Speaker 1: morning by a couple of guys on the phone call 116 00:05:55,880 --> 00:05:58,279 Speaker 1: from the l b M, a Lennon Buoyon Market Exchange, 117 00:05:58,680 --> 00:06:01,240 Speaker 1: and and they they basically set the price. And so 118 00:06:01,400 --> 00:06:03,920 Speaker 1: we also have the London Metal Exchange the ELEEMY. They 119 00:06:03,920 --> 00:06:05,680 Speaker 1: also kind of control the price. And so they were 120 00:06:05,720 --> 00:06:09,000 Speaker 1: forced to halt nickel trading. And nickels a commodity. It's 121 00:06:09,000 --> 00:06:13,360 Speaker 1: a mineral that's used especially for UM batteries, for ev vehicles, 122 00:06:13,400 --> 00:06:17,400 Speaker 1: things like that, And they canceled trades after prices doubled 123 00:06:17,400 --> 00:06:19,360 Speaker 1: on Tuesday, to more than a hundred thousand dollars per 124 00:06:19,400 --> 00:06:23,200 Speaker 1: ton um, and it was blamed on short covering by 125 00:06:23,240 --> 00:06:25,200 Speaker 1: one of the world's top producers, so very similar to 126 00:06:25,240 --> 00:06:28,479 Speaker 1: what happened with game stop short covering. And so what 127 00:06:28,520 --> 00:06:30,560 Speaker 1: happens is a lot of times these producers, because they're 128 00:06:30,600 --> 00:06:33,880 Speaker 1: so long, meaning they're they have so much material in 129 00:06:33,880 --> 00:06:35,880 Speaker 1: the ground, they're they're long if they own it. If 130 00:06:35,920 --> 00:06:38,960 Speaker 1: you own it, you're basically uh, betting that the price 131 00:06:39,000 --> 00:06:41,160 Speaker 1: goes up. That means you're long. And so a lot 132 00:06:41,200 --> 00:06:43,120 Speaker 1: of times these producers, since they're already so long, they'll 133 00:06:43,160 --> 00:06:45,799 Speaker 1: go ahead and put some shorts to kind of hedge 134 00:06:45,839 --> 00:06:47,920 Speaker 1: that if the price drops down, they're protected a little bit. 135 00:06:48,560 --> 00:06:51,360 Speaker 1: And we saw that the shot came after as Western 136 00:06:51,400 --> 00:06:55,080 Speaker 1: sanctions threatened supply from major producer Russia. So all these 137 00:06:55,320 --> 00:06:59,520 Speaker 1: all these sanctions on Russia has created lots of unintended consequences, 138 00:06:59,560 --> 00:07:02,559 Speaker 1: and so it threatened the supply and remember supply demand. 139 00:07:02,560 --> 00:07:04,640 Speaker 1: If you don't have enough supply and demand stays up, 140 00:07:05,000 --> 00:07:06,960 Speaker 1: then what happens with the price that goes up? Obviously, 141 00:07:07,240 --> 00:07:09,840 Speaker 1: and it says uh, it marked the biggest crisis to 142 00:07:09,920 --> 00:07:14,520 Speaker 1: hit the one and forty five year old exchange in decades, 143 00:07:15,280 --> 00:07:19,160 Speaker 1: and I said, it's it's unprecedented, they said. They said. 144 00:07:19,200 --> 00:07:21,000 Speaker 1: The suspension of the nickel market has created a number 145 00:07:21,000 --> 00:07:23,040 Speaker 1: of issues for market participants which need to be addressed. 146 00:07:23,600 --> 00:07:26,200 Speaker 1: Buyers are scrambling for the medal crucial for making stainless 147 00:07:26,200 --> 00:07:29,200 Speaker 1: steel electric vehicles, and traders said some positions holders have 148 00:07:29,320 --> 00:07:31,920 Speaker 1: also been struggling to pay margin calls. So these people 149 00:07:31,960 --> 00:07:34,600 Speaker 1: that are short it are being caught on the wrong 150 00:07:34,640 --> 00:07:36,480 Speaker 1: side another' having to meet these margin calls, are having 151 00:07:36,480 --> 00:07:38,640 Speaker 1: to come up with this money. But that's not the 152 00:07:38,720 --> 00:07:40,120 Speaker 1: that's not the story I'm really to want to tell 153 00:07:40,160 --> 00:07:42,120 Speaker 1: you here. The story I want to tell you here 154 00:07:42,640 --> 00:07:48,200 Speaker 1: is that in order to save a few big investors, 155 00:07:48,680 --> 00:07:53,560 Speaker 1: to save Wall Street, basically the l m E halted 156 00:07:53,720 --> 00:07:58,840 Speaker 1: all trading. And not just halted trading, they canceled orders 157 00:07:58,920 --> 00:08:03,080 Speaker 1: on individual investors who had made millions and millions of dollars. 158 00:08:03,120 --> 00:08:05,720 Speaker 1: Said nope, you made, you made, you risked your money. 159 00:08:05,760 --> 00:08:09,080 Speaker 1: You did the hard work, you did the research, you 160 00:08:09,120 --> 00:08:11,360 Speaker 1: took all the risk, you made all the money. Congratulations, 161 00:08:11,400 --> 00:08:15,400 Speaker 1: but we're not going to pay you. We canceled all that. Sorry. 162 00:08:15,760 --> 00:08:18,800 Speaker 1: And in order to say supposedly, in order to save 163 00:08:18,880 --> 00:08:22,640 Speaker 1: the system from crashing, they had to ruin the entire 164 00:08:22,720 --> 00:08:26,200 Speaker 1: integrity of the system. And this is what happens at 165 00:08:26,200 --> 00:08:29,160 Speaker 1: the end of these long term debt cycles. I read 166 00:08:29,200 --> 00:08:31,640 Speaker 1: a quote a last segment from Vladimir Lenin when he says, 167 00:08:32,000 --> 00:08:34,840 Speaker 1: at the end of this cycle, UM, basically the best 168 00:08:34,840 --> 00:08:37,120 Speaker 1: way to get money would be two would be gambling 169 00:08:37,120 --> 00:08:39,480 Speaker 1: and theft. And that's exactly what happened. And so we're 170 00:08:39,520 --> 00:08:43,680 Speaker 1: witnessing this breakdown in real time. I mean the last time, 171 00:08:44,120 --> 00:08:46,560 Speaker 1: I mean, the Leemy basically just decided to cancel four 172 00:08:46,559 --> 00:08:49,240 Speaker 1: billion dollars worth of nickel trades last week just to 173 00:08:49,400 --> 00:08:53,040 Speaker 1: save Wall Street. They save JP Morgan and some local brokers. 174 00:08:53,559 --> 00:08:55,720 Speaker 1: It's that bad. And I mean, this is dwarfs everything, 175 00:08:55,720 --> 00:08:59,000 Speaker 1: And so we're literally witnessing the system crashing. Um. I 176 00:08:59,040 --> 00:09:01,520 Speaker 1: got a lot more, a big one with Saudi Arabia 177 00:09:01,559 --> 00:09:03,040 Speaker 1: and what's gonna happen with the oil and the dollar, 178 00:09:03,440 --> 00:09:05,160 Speaker 1: maybe the final stake in the dollar. That's the one 179 00:09:05,200 --> 00:09:07,040 Speaker 1: to talk about. I want to talk about bitcoin and work, 180 00:09:07,040 --> 00:09:08,880 Speaker 1: and bitcoin fixed work and fix a lot of things. 181 00:09:09,120 --> 00:09:10,920 Speaker 1: I want to talk about Europe's trying to do with 182 00:09:10,920 --> 00:09:15,360 Speaker 1: with cryptocurrencies that could really affect the future. UM Deloitte, 183 00:09:15,360 --> 00:09:17,240 Speaker 1: one of the biggest financial institutions in the United States. 184 00:09:17,280 --> 00:09:19,040 Speaker 1: What they've recently said, I got a lot more to 185 00:09:19,080 --> 00:09:21,240 Speaker 1: cover when I get back. You're listening to the Mark 186 00:09:21,280 --> 00:09:24,640 Speaker 1: Moa show talking about the intersection of finance, politics and technology, 187 00:09:24,960 --> 00:09:27,439 Speaker 1: talking about the decentralized revolution, trying to make it all 188 00:09:27,440 --> 00:09:29,840 Speaker 1: sense makes sense to you. You can see it all 189 00:09:29,840 --> 00:09:32,480 Speaker 1: in context. I'm gonna be back with a lot more. 190 00:09:32,559 --> 00:09:35,040 Speaker 1: Do not go away, all right, Welcome back. You are 191 00:09:35,080 --> 00:09:39,440 Speaker 1: listening to the Mark mo Show, talking you through the 192 00:09:39,520 --> 00:09:41,600 Speaker 1: changes that are happening in the world right now, talking 193 00:09:41,679 --> 00:09:44,800 Speaker 1: you through the changes that are really being brought by 194 00:09:44,960 --> 00:09:48,240 Speaker 1: three cycles converging right now. That's politics, finance, and technology 195 00:09:48,320 --> 00:09:52,040 Speaker 1: all coming together. We're talking about the decentralized revolution um 196 00:09:52,080 --> 00:09:54,640 Speaker 1: that we're witnessing, that we're living through right now and 197 00:09:54,920 --> 00:09:57,200 Speaker 1: every day if there's something really big happening. Before the break, 198 00:09:57,200 --> 00:10:00,040 Speaker 1: I was talking about how um the Ellemy the in 199 00:10:00,120 --> 00:10:04,120 Speaker 1: the middles Exchange canceled over four billion dollars worth of trades. 200 00:10:04,120 --> 00:10:06,439 Speaker 1: Basically just told a bunch of people, sorry, you you 201 00:10:06,440 --> 00:10:08,080 Speaker 1: you don't you don't get your money. I mean, they 202 00:10:08,080 --> 00:10:11,440 Speaker 1: did that to save you know, Wall Street, save JP Morgan, 203 00:10:12,200 --> 00:10:14,800 Speaker 1: and they destroyed the integrity of the system to potentially 204 00:10:14,840 --> 00:10:16,480 Speaker 1: save a couple of people. And this is just happening 205 00:10:16,480 --> 00:10:18,800 Speaker 1: more and more and more. The United States is really 206 00:10:18,800 --> 00:10:21,000 Speaker 1: trying to torpedo their own grip on the world. Of course, 207 00:10:21,000 --> 00:10:23,439 Speaker 1: the US dollar is the reserve currency of the world. 208 00:10:23,480 --> 00:10:27,120 Speaker 1: What does that mean? That means that UM, that it's 209 00:10:27,120 --> 00:10:29,679 Speaker 1: the reserve currency. That means that nations around the world 210 00:10:29,920 --> 00:10:32,400 Speaker 1: hold their wealth in dollars. If you're if you're if 211 00:10:32,400 --> 00:10:34,800 Speaker 1: you're a nation, you have hundreds of billions of dollars. 212 00:10:34,800 --> 00:10:37,400 Speaker 1: How do you hold that? Well, you probably hold some 213 00:10:37,520 --> 00:10:40,480 Speaker 1: gold and you also typically hold US dollars in US 214 00:10:40,520 --> 00:10:44,800 Speaker 1: dollar treasuries and UM. When the sanctions started in the 215 00:10:44,840 --> 00:10:50,480 Speaker 1: United States, basically UM seized Russia's bank accounts, Russia being 216 00:10:50,520 --> 00:10:54,560 Speaker 1: one of three global superpowers. Now there's other superpowers with nukes. 217 00:10:54,920 --> 00:10:57,520 Speaker 1: Russia's one of three global superpowers with nukes. UM. The 218 00:10:57,520 --> 00:11:00,600 Speaker 1: rest of countries are tier two though. UM. But if 219 00:11:00,600 --> 00:11:03,959 Speaker 1: you're Russia, one of three globes prowers with nukes and 220 00:11:04,000 --> 00:11:07,440 Speaker 1: your bank accounts got frozen and seized. If it can 221 00:11:07,480 --> 00:11:09,240 Speaker 1: happen to the Russia. It can happen to any country 222 00:11:09,240 --> 00:11:11,440 Speaker 1: in the world. And the other countries around the world said, 223 00:11:12,600 --> 00:11:14,679 Speaker 1: we'll shoot, we don't really want to hold our all 224 00:11:14,679 --> 00:11:17,160 Speaker 1: our savings in dollars anymore. That doesn't make any sense 225 00:11:17,200 --> 00:11:20,040 Speaker 1: if they're just gonna take it from us. And so 226 00:11:20,080 --> 00:11:22,000 Speaker 1: the whole world is trying to figure that out. Now, 227 00:11:22,040 --> 00:11:24,400 Speaker 1: if I take you back in time a little bit, 228 00:11:24,679 --> 00:11:26,160 Speaker 1: if you watch any of my content, are listening to 229 00:11:26,160 --> 00:11:27,800 Speaker 1: me on a regular basis, you know that I love 230 00:11:27,840 --> 00:11:30,560 Speaker 1: to talk about history. I love the historical context of this. 231 00:11:31,200 --> 00:11:33,560 Speaker 1: And so if we go back in time, in the 232 00:11:33,640 --> 00:11:36,280 Speaker 1: entire world's financial system was reset in what was called 233 00:11:36,280 --> 00:11:39,760 Speaker 1: the Breton Woods Agreement, and basically, um, the dollar would 234 00:11:39,760 --> 00:11:42,200 Speaker 1: be backed by gold. Thirty five dollars would be exchangeable 235 00:11:42,240 --> 00:11:44,880 Speaker 1: for one ounce of gold, and then all the currencies 236 00:11:44,920 --> 00:11:47,280 Speaker 1: of the world would be backed or would be pegged 237 00:11:47,360 --> 00:11:49,200 Speaker 1: to the dollar. So the entire world was on this 238 00:11:49,240 --> 00:11:53,320 Speaker 1: gold system, and it worked really well because, um, you 239 00:11:53,360 --> 00:11:55,840 Speaker 1: can't just artificially create more dollars, because you've had to 240 00:11:55,880 --> 00:11:58,560 Speaker 1: have the gold. Well. In nineteen seventy one, then President 241 00:11:59,000 --> 00:12:03,040 Speaker 1: Richard Nixon removed the dollar from the gold standard and 242 00:12:03,080 --> 00:12:04,920 Speaker 1: when the dollar was removed from the gold standard, then 243 00:12:05,120 --> 00:12:07,040 Speaker 1: all the other currencies of the world were pegged to 244 00:12:07,080 --> 00:12:10,360 Speaker 1: the dollar. We're also removed from the gold standard, and 245 00:12:10,400 --> 00:12:12,559 Speaker 1: so then why would anybody use gold? I mean, I'm sorry, 246 00:12:12,600 --> 00:12:15,760 Speaker 1: why would anybody use dollars? And so the whole system 247 00:12:15,760 --> 00:12:18,080 Speaker 1: got shaken up, and a couple of years later we 248 00:12:18,280 --> 00:12:21,280 Speaker 1: entered into what was called the petro dollar system. And 249 00:12:21,320 --> 00:12:24,200 Speaker 1: the petro dollar system basically said that the whole world 250 00:12:24,240 --> 00:12:26,840 Speaker 1: needs oil, and Saudi Arabia produces all the world's oil. 251 00:12:27,240 --> 00:12:28,880 Speaker 1: And so what we'll do is the United States will 252 00:12:28,880 --> 00:12:31,760 Speaker 1: make a deal with Saudi Arabia where we promise the 253 00:12:31,800 --> 00:12:35,840 Speaker 1: United States promises to always take care of you. This 254 00:12:35,960 --> 00:12:38,440 Speaker 1: might bring answer some questions as to why the US 255 00:12:38,520 --> 00:12:41,400 Speaker 1: is always trying to take care of Saudi Arabia. You 256 00:12:41,480 --> 00:12:45,240 Speaker 1: might remember after one after nine eleven UM, then President 257 00:12:45,880 --> 00:12:49,480 Speaker 1: Bush was secretly flying uh Saudi people out of the 258 00:12:49,520 --> 00:12:52,680 Speaker 1: country UM when no one was allowed to fly UM. 259 00:12:52,760 --> 00:12:55,320 Speaker 1: And this is why UM. So the United States basically 260 00:12:55,320 --> 00:12:58,440 Speaker 1: promised to always have Saudi Arabia's back, always, always protect 261 00:12:58,440 --> 00:13:04,400 Speaker 1: them militarily, etcetera. If Saudi Arabia would always sell, always 262 00:13:04,559 --> 00:13:08,480 Speaker 1: price oil in US dollars. Since the whole world needed 263 00:13:08,480 --> 00:13:12,440 Speaker 1: Saudia's oil, the US was able to maintain the US 264 00:13:12,480 --> 00:13:18,160 Speaker 1: dollar reserve status through what's called the petro dollar. But 265 00:13:18,200 --> 00:13:20,880 Speaker 1: the petro dollar is dying. The petro dollar is changing, 266 00:13:21,240 --> 00:13:24,319 Speaker 1: and it changed rapidly right before our very eyes this week. 267 00:13:24,320 --> 00:13:27,640 Speaker 1: As a matter of fact, per Yahoo News, Saudi Arabia 268 00:13:27,720 --> 00:13:33,239 Speaker 1: reportedly is considering accepting Yuan's Chinese currency instead of dollars 269 00:13:33,240 --> 00:13:38,920 Speaker 1: for oil cells. And don't don't don't underestimate how big 270 00:13:38,920 --> 00:13:41,120 Speaker 1: this news is. UM. A lot of times, when you 271 00:13:41,160 --> 00:13:43,960 Speaker 1: see this stuff happening in real time, you just don't 272 00:13:44,040 --> 00:13:47,520 Speaker 1: really get it, um. But when you look backwards in time, 273 00:13:47,559 --> 00:13:49,320 Speaker 1: you can see these key points in time that were 274 00:13:50,320 --> 00:13:53,280 Speaker 1: really instrumental, pivotal, and this is one of those. So 275 00:13:53,640 --> 00:13:55,599 Speaker 1: it says Saudi and Chinese officials are in talks to 276 00:13:55,720 --> 00:13:58,760 Speaker 1: price some of the Gulf nation's oil cells and want 277 00:13:58,920 --> 00:14:04,680 Speaker 1: rather than dollars or euros um. It says that nearly 278 00:14:04,800 --> 00:14:08,319 Speaker 1: eighty percent of global oil sales are priced in dollars. 279 00:14:08,320 --> 00:14:11,480 Speaker 1: Since the mid nineties seventies, which is when the petrol 280 00:14:11,520 --> 00:14:14,400 Speaker 1: dollar was put into place, the Saudis have exclusively used 281 00:14:14,400 --> 00:14:16,760 Speaker 1: the dollar for oil trading as part of a security 282 00:14:16,760 --> 00:14:19,960 Speaker 1: agreement with the US government. This is reading from a 283 00:14:20,040 --> 00:14:23,400 Speaker 1: Yahoo article, UM. And so there you have it. Now, 284 00:14:23,440 --> 00:14:25,600 Speaker 1: the talks are the latest in ongoing effort by Beijing 285 00:14:25,640 --> 00:14:28,160 Speaker 1: both to make its currency tradeable in international oil markets 286 00:14:28,200 --> 00:14:34,640 Speaker 1: and strengthen its relationship with the Saudis. Specifically, Oh, there 287 00:14:34,640 --> 00:14:38,280 Speaker 1: we go. So, Um, the US had this deal and 288 00:14:38,360 --> 00:14:41,520 Speaker 1: now it's all fallen apart. China's weaseled their way in there, 289 00:14:41,640 --> 00:14:44,840 Speaker 1: and they're they've been aiding them with construction of ballistic 290 00:14:44,880 --> 00:14:50,080 Speaker 1: missiles and consultation on nuclear power. UM. And at the 291 00:14:50,120 --> 00:14:53,000 Speaker 1: same time, it says, Uh, the Saudi US relationship has 292 00:14:53,000 --> 00:14:58,080 Speaker 1: been increasingly frayed in recent years. UM. There was an 293 00:14:58,120 --> 00:15:00,560 Speaker 1: assassination of a journalist in two thou An eight team 294 00:15:00,600 --> 00:15:04,000 Speaker 1: that caused that problem, and then President Biden, who has 295 00:15:04,000 --> 00:15:09,080 Speaker 1: said the assassination should make the kingdom a quote unquote pariah. 296 00:15:09,160 --> 00:15:12,840 Speaker 1: And so things have just been falling apart with Saudi Arabia. 297 00:15:13,120 --> 00:15:15,960 Speaker 1: Biden's comment to them really seemed to throw them over 298 00:15:16,000 --> 00:15:18,640 Speaker 1: the edge. And so we've seen this starting to fall apart. 299 00:15:18,640 --> 00:15:20,720 Speaker 1: Of course, like I said, China has moved in, Um, 300 00:15:20,800 --> 00:15:24,480 Speaker 1: Saudi Arabia has now started moving oil over to China, 301 00:15:24,760 --> 00:15:27,320 Speaker 1: providing one point seven six million barrels of oil a 302 00:15:27,480 --> 00:15:32,720 Speaker 1: day to the country last year. Um. But now, like 303 00:15:32,760 --> 00:15:36,560 Speaker 1: I said, um, selling it outside of the US dollar, 304 00:15:36,600 --> 00:15:39,080 Speaker 1: which I said of it is in U S dollars. 305 00:15:39,120 --> 00:15:42,760 Speaker 1: This is a big, big, big deal, especially if you're 306 00:15:42,760 --> 00:15:44,440 Speaker 1: in the United States. Well, it's really for the whole world. 307 00:15:44,760 --> 00:15:47,760 Speaker 1: I mean, if the world's reserved status changes, the entire 308 00:15:47,760 --> 00:15:49,960 Speaker 1: world changes because it's the world's reserve status. So not 309 00:15:50,040 --> 00:15:52,800 Speaker 1: just as the United States person, it happens all over 310 00:15:52,840 --> 00:15:54,680 Speaker 1: the world. UM, this is something big that you need 311 00:15:54,720 --> 00:15:56,320 Speaker 1: to be paying attention to. So that's why I'm bringing 312 00:15:56,320 --> 00:15:59,360 Speaker 1: it to your attention. Um, the world's changing. Now, what 313 00:15:59,480 --> 00:16:03,920 Speaker 1: will be eat the new reserve? Can we really trust 314 00:16:04,000 --> 00:16:07,040 Speaker 1: any nation? I mean nobody trusts. Nobody trust China. Is 315 00:16:07,080 --> 00:16:10,640 Speaker 1: they're really going to use the Chinese on um. And 316 00:16:10,680 --> 00:16:13,320 Speaker 1: this is where I think bitcoin comes into play. Of 317 00:16:13,360 --> 00:16:16,120 Speaker 1: course gold is still in play there as well. But 318 00:16:16,160 --> 00:16:18,600 Speaker 1: this is big news. The world that we know it 319 00:16:18,800 --> 00:16:21,040 Speaker 1: is changing place and a lot of this is the catalyst. 320 00:16:21,160 --> 00:16:24,120 Speaker 1: Is this war right this war that's happening right now, 321 00:16:24,960 --> 00:16:31,200 Speaker 1: and it's it's it's it's the catalyst like I said, Um, first, 322 00:16:31,320 --> 00:16:33,680 Speaker 1: the sanctions, we kick everybody out of the financial system. 323 00:16:33,680 --> 00:16:35,440 Speaker 1: Those people that were kicked out of the financial system 324 00:16:35,480 --> 00:16:37,960 Speaker 1: now have to find another way to survive. They're not 325 00:16:37,960 --> 00:16:40,160 Speaker 1: just gonna go die, So how do they continue survival. 326 00:16:40,200 --> 00:16:41,640 Speaker 1: We can't use the US dollar anymore. We have to 327 00:16:41,720 --> 00:16:45,320 Speaker 1: find something else. And then um, then we say other nations, 328 00:16:45,400 --> 00:16:47,400 Speaker 1: now you can't trade with Russia either, But the other 329 00:16:47,520 --> 00:16:50,040 Speaker 1: nations are like, but shoot, we still need their supplies. 330 00:16:50,160 --> 00:16:52,320 Speaker 1: We still need their food. So Russia and Ukraine make 331 00:16:52,400 --> 00:16:54,840 Speaker 1: up about thirty percent of the wheat and corn for 332 00:16:54,880 --> 00:16:56,880 Speaker 1: the world, so the rest of the world needs that. 333 00:16:57,440 --> 00:16:59,200 Speaker 1: And it's like, well, shoot, like we kind of need that, 334 00:16:59,400 --> 00:17:01,000 Speaker 1: and like your make in the sanction them and then 335 00:17:01,080 --> 00:17:03,800 Speaker 1: people start, you know, it starts falling apart. Next thing, 336 00:17:03,880 --> 00:17:07,439 Speaker 1: you know, the petro dollar, which has kept the dollars 337 00:17:07,480 --> 00:17:10,399 Speaker 1: reserve status alive since we left the gold standard, falls apart, 338 00:17:11,440 --> 00:17:15,800 Speaker 1: and the world as we know it changes right before 339 00:17:15,960 --> 00:17:19,800 Speaker 1: our very eyes. Um. Interesting, interesting news. Now there's some 340 00:17:19,840 --> 00:17:22,200 Speaker 1: other stuff going on. There's specifically, there's stuff in the 341 00:17:22,280 --> 00:17:25,840 Speaker 1: news this week where the EU, the Europe Europe has 342 00:17:25,920 --> 00:17:27,680 Speaker 1: been trying to weigh in on what they want to 343 00:17:27,680 --> 00:17:31,240 Speaker 1: do with cryptocurrencies. Hint. They want to put a lot 344 00:17:31,480 --> 00:17:33,920 Speaker 1: of regulations in place on them. UM, A lot of 345 00:17:33,960 --> 00:17:37,600 Speaker 1: regulations that could be very dangerous by holding back to 346 00:17:37,600 --> 00:17:40,879 Speaker 1: the technology. Dangerous in that way. UM. The technology is 347 00:17:40,920 --> 00:17:43,000 Speaker 1: needed to make this world better. The technology is needed 348 00:17:43,040 --> 00:17:44,720 Speaker 1: for our kids to use it. The technology is needed 349 00:17:44,760 --> 00:17:48,400 Speaker 1: to increase the economy. Uh. And and build out new places. Um. 350 00:17:49,320 --> 00:17:51,399 Speaker 1: They don't want it. They don't want to discript their 351 00:17:51,440 --> 00:17:53,480 Speaker 1: disrupt their monopoly. I want to talk about a couple 352 00:17:53,520 --> 00:17:55,560 Speaker 1: of things that they did. UM. One of them is 353 00:17:55,640 --> 00:17:58,159 Speaker 1: just so idiotic that I just can't even believe they 354 00:17:58,280 --> 00:18:00,520 Speaker 1: put this forward without thinking about it, which, of course 355 00:18:00,560 --> 00:18:03,119 Speaker 1: they don't want to talk about that. Um. And then 356 00:18:03,160 --> 00:18:06,040 Speaker 1: I want to talk about some actual data that shows 357 00:18:06,119 --> 00:18:08,840 Speaker 1: which way the market for cryptocurrencies is going a lot 358 00:18:08,880 --> 00:18:10,920 Speaker 1: of stuff. When I come back, UM, you listen to 359 00:18:11,000 --> 00:18:12,960 Speaker 1: the Mark Moss Show. I've got a lot more. Don't 360 00:18:13,040 --> 00:18:16,480 Speaker 1: go away, I'll be right back. Everyone. Welcome back. You're 361 00:18:16,520 --> 00:18:19,600 Speaker 1: listening to the Mark Moss Show. We're talking about I'm 362 00:18:19,640 --> 00:18:22,280 Speaker 1: talking you through I'm trying to bring context to the 363 00:18:22,320 --> 00:18:25,320 Speaker 1: world by telling you about politics and finance and technology. 364 00:18:25,520 --> 00:18:28,320 Speaker 1: If you can understand how these three things feed into 365 00:18:28,359 --> 00:18:30,480 Speaker 1: each other. You can understand what's going on in the 366 00:18:30,480 --> 00:18:34,000 Speaker 1: world today, you can know how to navigate it, how 367 00:18:34,040 --> 00:18:37,440 Speaker 1: to prepare for it, and all these things. Now, before 368 00:18:37,480 --> 00:18:39,520 Speaker 1: the break, we we talked about some of these giant 369 00:18:39,680 --> 00:18:42,719 Speaker 1: catalysts that just happened that maybe don't seem that big 370 00:18:42,720 --> 00:18:45,840 Speaker 1: when you're looking at him, but I can promise you 371 00:18:46,480 --> 00:18:48,800 Speaker 1: in ten twenty years from now, when we're looking backwards, 372 00:18:49,000 --> 00:18:53,239 Speaker 1: these dates are going to be the key pivotal points. Um. 373 00:18:53,280 --> 00:18:54,800 Speaker 1: If you've missed him, I'm not gonna recap for you. 374 00:18:54,920 --> 00:18:57,080 Speaker 1: Sorry about that. Make sure you don't miss him next time. 375 00:18:57,600 --> 00:18:59,240 Speaker 1: Or you can check it out on the Mark Moss 376 00:18:59,600 --> 00:19:02,720 Speaker 1: uh Paul podcast. Just search Mark Moss podcast or Mark 377 00:19:02,800 --> 00:19:04,560 Speaker 1: Moss I Heart. You can find that and you can 378 00:19:04,680 --> 00:19:07,200 Speaker 1: catch up there. Uh So, don't worry. I got your back. 379 00:19:07,800 --> 00:19:10,080 Speaker 1: But like I said, these are gonna be key pivotal moments. 380 00:19:10,119 --> 00:19:12,520 Speaker 1: I mean, you do not want to sleep on these things. 381 00:19:13,000 --> 00:19:16,040 Speaker 1: Um and I and I just want to preface I 382 00:19:16,080 --> 00:19:17,680 Speaker 1: have I have some more stories that they'g into, but 383 00:19:17,720 --> 00:19:19,600 Speaker 1: I I want to preface that. I mean, I know 384 00:19:19,640 --> 00:19:21,119 Speaker 1: a lot of stuff I talk about is scary, and 385 00:19:21,160 --> 00:19:24,440 Speaker 1: it is change is scary. It leads the world to uncertainty. 386 00:19:24,480 --> 00:19:26,800 Speaker 1: We don't know what the world holds in front of us, um, 387 00:19:28,119 --> 00:19:30,280 Speaker 1: But I do believe that there's a lot of hope 388 00:19:30,320 --> 00:19:33,200 Speaker 1: on the other side. So while it's scary, I'm I'm 389 00:19:33,240 --> 00:19:34,840 Speaker 1: excited for the world. I think I think the world's 390 00:19:34,840 --> 00:19:36,760 Speaker 1: gonna better place for my kids. I'm excited about that. 391 00:19:37,960 --> 00:19:41,119 Speaker 1: But but it is uncertain and uncertain scare scary. UM. 392 00:19:41,160 --> 00:19:44,159 Speaker 1: The way that we beat uncertainty is with optionality. And 393 00:19:44,240 --> 00:19:46,680 Speaker 1: so the more options that we have, the more equipped 394 00:19:46,720 --> 00:19:48,600 Speaker 1: we are to deal with this uncertainty that we deal with. 395 00:19:48,880 --> 00:19:50,080 Speaker 1: Of course, one of the best ways to have more 396 00:19:50,119 --> 00:19:53,120 Speaker 1: optionality is with money. And so if you can understand money, 397 00:19:53,119 --> 00:19:55,160 Speaker 1: you can navigate money, you can keep your money through 398 00:19:55,200 --> 00:19:57,160 Speaker 1: these turbulent times. You can come out on the other 399 00:19:57,240 --> 00:19:59,479 Speaker 1: side of this much better. Um. And so that's why 400 00:19:59,520 --> 00:20:00,680 Speaker 1: I spent a lot of time talking about it. I 401 00:20:00,720 --> 00:20:02,119 Speaker 1: don't I don't like to talk about money just to 402 00:20:02,400 --> 00:20:04,399 Speaker 1: pile it up in a big bank account, um. But 403 00:20:04,560 --> 00:20:06,919 Speaker 1: rather it's for options for me, myself and my family 404 00:20:06,960 --> 00:20:09,280 Speaker 1: and my friends. It's also so I can help other people. 405 00:20:09,320 --> 00:20:11,480 Speaker 1: I love to donate to charity charities and and and 406 00:20:11,560 --> 00:20:13,600 Speaker 1: do a lot of stuff that way as well. UM. 407 00:20:13,640 --> 00:20:15,359 Speaker 1: But it's but it's an important piece. Not not to 408 00:20:15,400 --> 00:20:18,240 Speaker 1: be greedy. I don't drive a lambo. I could buy 409 00:20:18,240 --> 00:20:20,000 Speaker 1: several of them, but I don't. I don't care about that. 410 00:20:20,520 --> 00:20:23,119 Speaker 1: It's options for me, my family, etcetera. And it's it's 411 00:20:23,200 --> 00:20:25,080 Speaker 1: to help other people. And hopefully you think about the 412 00:20:25,080 --> 00:20:27,680 Speaker 1: same thing. So that's why we're talking about money. It's important. Um. 413 00:20:27,800 --> 00:20:30,560 Speaker 1: And like I said, UM, I believe there's massive hope 414 00:20:30,600 --> 00:20:31,600 Speaker 1: on the other side of this. It's just we have 415 00:20:31,720 --> 00:20:33,560 Speaker 1: to get ahead of this. UM. I was at a 416 00:20:33,760 --> 00:20:36,679 Speaker 1: as A at a conference a week ago and one 417 00:20:36,720 --> 00:20:38,760 Speaker 1: of the speakers was like, we just we just we 418 00:20:38,880 --> 00:20:40,640 Speaker 1: just can't die. We just have to stay alive. He said. 419 00:20:40,680 --> 00:20:42,680 Speaker 1: Our goal is to be like a cockroach. Um. And 420 00:20:42,760 --> 00:20:45,399 Speaker 1: so if we can keep our money intact, we can 421 00:20:45,480 --> 00:20:48,240 Speaker 1: keep our purchasing power intact. Over the next couple years, 422 00:20:48,240 --> 00:20:52,080 Speaker 1: we're going to have enormous opportunities. Um. And for its 423 00:20:52,119 --> 00:20:53,760 Speaker 1: one of the best. One of my favorite places to 424 00:20:53,800 --> 00:20:56,399 Speaker 1: put money is in bitcoin. I also still like the 425 00:20:56,400 --> 00:20:59,240 Speaker 1: whold gold as well, outside of the banking system where 426 00:20:59,240 --> 00:21:02,119 Speaker 1: they could just take it a ay arbitrarily from us. UM. Now, 427 00:21:02,320 --> 00:21:05,200 Speaker 1: if you'd like to learn some strategies or hear from 428 00:21:05,240 --> 00:21:07,919 Speaker 1: about here, like exactly what's gonna happen over the next 429 00:21:07,960 --> 00:21:09,399 Speaker 1: couple of years and more importantly, what you should be 430 00:21:09,440 --> 00:21:11,840 Speaker 1: doing about it. I am having a live conference. I'd 431 00:21:11,840 --> 00:21:13,959 Speaker 1: love to have you come hang out with me in Dallas. UM, 432 00:21:14,080 --> 00:21:17,440 Speaker 1: you can find information for Market Disruptors live dot com. 433 00:21:17,800 --> 00:21:19,520 Speaker 1: I got like fifteen speakers in the world coming to 434 00:21:19,560 --> 00:21:22,240 Speaker 1: talk about what's going to happen and uh, what you 435 00:21:22,280 --> 00:21:24,600 Speaker 1: could be doing to navigated. Love to see you, meet 436 00:21:24,640 --> 00:21:27,200 Speaker 1: you on the other end of this Market Disruptors live 437 00:21:27,440 --> 00:21:30,360 Speaker 1: dot com. But some of these rules are that they're 438 00:21:30,560 --> 00:21:33,800 Speaker 1: that they're passing. There's changes that are happening super super fast. UM. 439 00:21:33,840 --> 00:21:36,760 Speaker 1: The EU Parliament had to vote this week, which was 440 00:21:36,880 --> 00:21:40,600 Speaker 1: so crazy. UM. And they tried to pass a rule 441 00:21:40,680 --> 00:21:43,800 Speaker 1: that luckily didn't go through but just barely. And the 442 00:21:43,840 --> 00:21:45,920 Speaker 1: proposed rule would have been in effect. It would have 443 00:21:46,000 --> 00:21:52,040 Speaker 1: banned popular cryptocurrency Bitcoin across the European Union. The ban 444 00:21:52,640 --> 00:21:56,480 Speaker 1: Bitcoin across the European Union. That's massive now, it says. 445 00:21:56,520 --> 00:21:59,280 Speaker 1: The European Parliament's Economic and Monetary Affairs Committee voted on 446 00:21:59,320 --> 00:22:02,720 Speaker 1: Monday to keep the provision out of a draft, so 447 00:22:02,880 --> 00:22:05,879 Speaker 1: they decided not to do that. Um. But it was 448 00:22:06,000 --> 00:22:10,240 Speaker 1: this comprehensive regulatory package for governing digital assets, and it 449 00:22:10,400 --> 00:22:13,639 Speaker 1: sought to limit the use of cryptocurrencies powered by an 450 00:22:13,760 --> 00:22:17,840 Speaker 1: energy intensive computing process known as proof of work across 451 00:22:17,920 --> 00:22:20,600 Speaker 1: the EU twenty seven member states. And here's the best part. 452 00:22:20,720 --> 00:22:25,320 Speaker 1: The proposal met with a heavy backlash from crypto advocates worldwide. So, um, 453 00:22:25,359 --> 00:22:30,800 Speaker 1: crypto advocates me, you, we are becoming a massive voting 454 00:22:30,880 --> 00:22:34,120 Speaker 1: block in the United States. We may become the biggest 455 00:22:34,320 --> 00:22:39,040 Speaker 1: voting block obviously in Europe as well. And that's super bullish. Um. 456 00:22:39,119 --> 00:22:41,439 Speaker 1: The proposal met with a heavy backlash. That's what they 457 00:22:41,480 --> 00:22:44,440 Speaker 1: state as the reason why. But listen how absurd this was. 458 00:22:44,760 --> 00:22:48,080 Speaker 1: The proposal required all cryptocurrencies to be subject to the 459 00:22:48,440 --> 00:22:55,520 Speaker 1: use quote minimum environmental sustainability standards with respect to their 460 00:22:55,560 --> 00:22:59,879 Speaker 1: consensus mechanism end quote. So this proposal says that all 461 00:23:00,080 --> 00:23:02,800 Speaker 1: you guys that are making technologies cutting edge technology, not 462 00:23:02,920 --> 00:23:07,360 Speaker 1: just technologies technological revolutions. You guys are designing this, these 463 00:23:07,560 --> 00:23:10,000 Speaker 1: new technologies that are so cutting age that will literally 464 00:23:10,200 --> 00:23:14,840 Speaker 1: change the face of humanity. You have to you have 465 00:23:14,960 --> 00:23:18,080 Speaker 1: to build this new technology to meet our standards. And 466 00:23:18,160 --> 00:23:20,399 Speaker 1: we're a bunch of old people that don't know anything 467 00:23:20,400 --> 00:23:22,600 Speaker 1: about technology, and we didn't design it, and we didn't 468 00:23:22,600 --> 00:23:25,280 Speaker 1: solve any problems. But you have to somehow fit your 469 00:23:25,320 --> 00:23:27,680 Speaker 1: technology to fit inside of our standards. I mean, it 470 00:23:27,760 --> 00:23:31,399 Speaker 1: is the most absurd thing I have ever heard in 471 00:23:31,600 --> 00:23:35,639 Speaker 1: my life. The Rule proposed a phase out plan to 472 00:23:35,760 --> 00:23:38,400 Speaker 1: shift their consensus mechanism from proof of work to other 473 00:23:38,480 --> 00:23:44,280 Speaker 1: methods that use less energy, like proof of steak. Wow, 474 00:23:44,800 --> 00:23:46,280 Speaker 1: let me let me, let me let me unpack this 475 00:23:46,320 --> 00:23:47,639 Speaker 1: a little bit for you. So so what does this 476 00:23:47,760 --> 00:23:52,639 Speaker 1: mean here? Well, proof of work? So um, instead of 477 00:23:52,680 --> 00:23:56,639 Speaker 1: having a centralized database um like bitcoin, I'm sorry, like 478 00:23:56,680 --> 00:23:59,840 Speaker 1: Facebook has. Instead of one database, you have decentralized database. 479 00:23:59,840 --> 00:24:02,720 Speaker 1: You have a bunch of databases, thousands or hundreds, thousands 480 00:24:02,760 --> 00:24:05,840 Speaker 1: or millions of databases, and those databases have to achieve consensus, 481 00:24:05,960 --> 00:24:09,680 Speaker 1: meaning U more than have to agree that that transaction 482 00:24:09,760 --> 00:24:13,120 Speaker 1: is valid. And Bitcoin uses something called proof of work. 483 00:24:13,400 --> 00:24:16,439 Speaker 1: And that's where these computers um log into the network 484 00:24:16,520 --> 00:24:19,960 Speaker 1: and they mine bitcoin and they help process transactions. And 485 00:24:20,000 --> 00:24:21,720 Speaker 1: they say that they use too much power. Well, what's 486 00:24:21,760 --> 00:24:26,000 Speaker 1: too much power? They say? Bitcoin mining consumes um more 487 00:24:26,119 --> 00:24:32,159 Speaker 1: than said uh um, bitcoin mining would rank in the 488 00:24:32,200 --> 00:24:34,520 Speaker 1: world of terms of electricity consumption if it was a 489 00:24:34,560 --> 00:24:37,119 Speaker 1: country in itself. Okay, you know what else does to 490 00:24:38,119 --> 00:24:41,840 Speaker 1: clothes dryers? Do we need clothes dryers? You know what 491 00:24:41,880 --> 00:24:46,200 Speaker 1: else does? YouTube? YouTube does do? Do we need YouTube? So? Like, 492 00:24:46,320 --> 00:24:48,119 Speaker 1: at what point, I mean we could say all these 493 00:24:48,200 --> 00:24:50,960 Speaker 1: things like clothes dryers and YouTube do as well? Um 494 00:24:51,480 --> 00:24:53,840 Speaker 1: is that important? Which one is more important? Who's to 495 00:24:53,920 --> 00:24:56,600 Speaker 1: say what's more important than the next? In my opinion, 496 00:24:56,640 --> 00:24:59,600 Speaker 1: bitcoin is more important than YouTube or Facebook or TikTok. 497 00:25:01,040 --> 00:25:04,480 Speaker 1: It's just absurd, and they want to these politicians want 498 00:25:04,520 --> 00:25:07,520 Speaker 1: to regulate what these developers can do. I mean, it's 499 00:25:07,560 --> 00:25:11,240 Speaker 1: just insane. But it doesn't seem to stop bitcoin anyway. 500 00:25:11,320 --> 00:25:13,560 Speaker 1: We saw this week that's an article on coin desk 501 00:25:13,600 --> 00:25:16,879 Speaker 1: said that bitcoin one point two billion dollars worth of 502 00:25:16,960 --> 00:25:20,520 Speaker 1: coin Base I'm sorry, one point two billion dollars worth 503 00:25:20,560 --> 00:25:26,440 Speaker 1: of bitcoin left coin Base in a sign of of adoption. 504 00:25:26,560 --> 00:25:29,160 Speaker 1: So basically, coin base is one of the largest bitcoin 505 00:25:29,400 --> 00:25:32,840 Speaker 1: um exchanges in the world. UM. So basically you can 506 00:25:32,960 --> 00:25:35,240 Speaker 1: wire your money to bit a coin base and you 507 00:25:35,240 --> 00:25:37,439 Speaker 1: can buy bitcoin, and a lot of people leave their 508 00:25:37,480 --> 00:25:40,560 Speaker 1: bitcoin on the exchange, but this says that the coin 509 00:25:40,640 --> 00:25:43,880 Speaker 1: base shows their outflows. The amount of people pulling bitcoin 510 00:25:44,000 --> 00:25:46,720 Speaker 1: off the exchange has hit a new all time high. 511 00:25:46,720 --> 00:25:48,000 Speaker 1: As a matter of fact, it says a total of 512 00:25:48,119 --> 00:25:51,119 Speaker 1: thirty one thousand bitcoin left coin based last week, the 513 00:25:51,320 --> 00:25:57,080 Speaker 1: highest single week outflow since two thousand seventeen. It's pretty 514 00:25:57,080 --> 00:25:59,040 Speaker 1: big data. This is. This is data from glass notes. 515 00:25:59,040 --> 00:26:01,040 Speaker 1: A bitcoin is an open source database, so we can 516 00:26:01,119 --> 00:26:03,439 Speaker 1: see all this data. So it's unlike any other asset 517 00:26:03,480 --> 00:26:06,200 Speaker 1: out there. They wanted to say, quote large outflows like 518 00:26:06,280 --> 00:26:08,879 Speaker 1: this one are actually part of a consistent trend in 519 00:26:08,960 --> 00:26:12,320 Speaker 1: the coin based balance which has been stair stepping downwards 520 00:26:12,480 --> 00:26:14,560 Speaker 1: over the last two years. And so over the last 521 00:26:14,560 --> 00:26:17,080 Speaker 1: two years, more and more people are pulling their bitcoin 522 00:26:17,280 --> 00:26:21,399 Speaker 1: and cryptocurrencies off the exchange as they should do, not 523 00:26:21,720 --> 00:26:24,119 Speaker 1: hold it on the exchange. We saw what happened in 524 00:26:24,240 --> 00:26:26,719 Speaker 1: Canada when people got their bank accounts frozen. We saw 525 00:26:26,840 --> 00:26:30,480 Speaker 1: what happened in Russia when they got their bank accounts frozen. 526 00:26:30,960 --> 00:26:32,600 Speaker 1: And you can get your bank accounts frozen if you 527 00:26:32,680 --> 00:26:35,080 Speaker 1: have money in the bank. You can get your bitcoin 528 00:26:35,160 --> 00:26:37,879 Speaker 1: frozen if you have your bitcoin on an exchange. But 529 00:26:38,000 --> 00:26:41,000 Speaker 1: if you take your bitcoin and your cryptocurrency off the exchange, 530 00:26:41,320 --> 00:26:44,200 Speaker 1: then of course you have it and nobody can stop that. 531 00:26:44,680 --> 00:26:46,480 Speaker 1: It says that the past week's outflow has pushed the 532 00:26:46,560 --> 00:26:49,480 Speaker 1: number of coins held on cooin based to a four 533 00:26:49,720 --> 00:26:53,600 Speaker 1: year low. UM they still have six fifty of them 534 00:26:53,640 --> 00:26:55,840 Speaker 1: still have a lot. Because the balance held across all 535 00:26:55,880 --> 00:26:59,560 Speaker 1: centralized exchanges has dropped to two point five million, it's 536 00:26:59,600 --> 00:27:04,520 Speaker 1: the low list number since two thousands eighteen. The decline 537 00:27:04,560 --> 00:27:07,240 Speaker 1: and exchange balance means fewer coins are available for liquidations 538 00:27:07,280 --> 00:27:10,120 Speaker 1: on the exchange. In other words, the cell side liquidity 539 00:27:10,240 --> 00:27:13,639 Speaker 1: is drying up, suggesting scope for a sharp move on 540 00:27:13,760 --> 00:27:17,520 Speaker 1: the higher level. So supplying demand if there's less bitcoin 541 00:27:17,600 --> 00:27:21,439 Speaker 1: that can be sold, what happens um supply demand. If 542 00:27:21,440 --> 00:27:24,440 Speaker 1: there's more demand, less supply, the price goes up. But 543 00:27:24,480 --> 00:27:26,280 Speaker 1: the key piece here is that more and more people 544 00:27:26,359 --> 00:27:29,199 Speaker 1: are pulling it off of the exchange, and you should too. 545 00:27:29,320 --> 00:27:31,040 Speaker 1: Like I said, let Canada be a lesson to you. 546 00:27:31,480 --> 00:27:32,920 Speaker 1: Don't go away. I got a lot more to go 547 00:27:33,680 --> 00:27:35,840 Speaker 1: all right, welcome back. You're listening to the Markma Show. 548 00:27:35,920 --> 00:27:38,920 Speaker 1: We're talking about talking about the world. We're talking about 549 00:27:38,920 --> 00:27:40,440 Speaker 1: a lot. I cover a lot on the show, I 550 00:27:40,560 --> 00:27:43,400 Speaker 1: like to talk about the converging cycles of politics, finance, 551 00:27:43,440 --> 00:27:46,119 Speaker 1: and technology all coming together, talking about the way the 552 00:27:46,200 --> 00:27:49,840 Speaker 1: world is transitioning into a decentralized revolution and what that means, 553 00:27:50,320 --> 00:27:51,240 Speaker 1: and so you have to kind of look at it 554 00:27:51,280 --> 00:27:53,160 Speaker 1: from a bunch of different angles. Now, before the break, 555 00:27:53,240 --> 00:27:57,439 Speaker 1: I was talking about, UM, some regulations over in Europe 556 00:27:57,760 --> 00:28:00,920 Speaker 1: that were just completely idiotic and they were trying to 557 00:28:01,840 --> 00:28:07,800 Speaker 1: basically change. They're trying to limit the the amount of 558 00:28:07,920 --> 00:28:12,400 Speaker 1: progress that new technologies having by saying, no, you can't 559 00:28:12,480 --> 00:28:14,680 Speaker 1: invent these kinds of things. You can only invent these 560 00:28:14,720 --> 00:28:16,600 Speaker 1: kinds of things, or you can invent new things, but 561 00:28:16,720 --> 00:28:20,399 Speaker 1: it must fit within our own little box. That's just 562 00:28:20,480 --> 00:28:22,560 Speaker 1: not how it works. That's not how that's not how 563 00:28:22,640 --> 00:28:25,320 Speaker 1: progress works. That's not how inventions work. Um. It's just 564 00:28:25,440 --> 00:28:29,320 Speaker 1: completely crazy, UM to think of it like that. Um, 565 00:28:29,359 --> 00:28:31,399 Speaker 1: But that's exactly what they're doing. They were trying to 566 00:28:31,680 --> 00:28:35,440 Speaker 1: limit a consensus algorithm for bitcoin called proof of work, 567 00:28:36,080 --> 00:28:39,360 Speaker 1: and UM, it doesn't work like that, and the data 568 00:28:39,400 --> 00:28:42,640 Speaker 1: and the numbers they have is completely wrong, which is crazy. UM, 569 00:28:42,760 --> 00:28:45,400 Speaker 1: But you know it doesn't stop them anyway. They continue 570 00:28:45,440 --> 00:28:47,920 Speaker 1: to go from there. They continue to be even more 571 00:28:48,000 --> 00:28:50,479 Speaker 1: crazy and they went on UM. There was another one 572 00:28:50,520 --> 00:28:55,000 Speaker 1: that says here the the the n c A. The 573 00:28:55,080 --> 00:28:57,440 Speaker 1: chief of the n c A claimed or wants to 574 00:28:57,520 --> 00:29:02,479 Speaker 1: regulate coin mixers, but crypto industry is already one step ahead. 575 00:29:03,080 --> 00:29:04,760 Speaker 1: It says the chief of the n c A claimed 576 00:29:04,760 --> 00:29:07,680 Speaker 1: that coin mixing services offer a layer of anonymint and 577 00:29:07,800 --> 00:29:11,200 Speaker 1: protection to criminals looking to launder and wash their dirty funds. 578 00:29:11,560 --> 00:29:13,120 Speaker 1: So what does this even mean? What does this mean 579 00:29:13,360 --> 00:29:17,440 Speaker 1: coin mixing? Well, if you have bitcoin, because bitcoin is 580 00:29:17,440 --> 00:29:20,400 Speaker 1: on an open source ledger, you can see some of 581 00:29:20,440 --> 00:29:23,959 Speaker 1: the data. Now, it's it's not easy, but there's companies 582 00:29:24,000 --> 00:29:26,600 Speaker 1: that specialize in this. So for example, company like chain 583 00:29:26,600 --> 00:29:30,000 Speaker 1: Analysis and they make this software. The big exchanges like 584 00:29:30,080 --> 00:29:32,640 Speaker 1: coin based could use UM and it can, and it can. 585 00:29:32,840 --> 00:29:35,200 Speaker 1: It can. It can basically go through all the open 586 00:29:35,240 --> 00:29:37,000 Speaker 1: source ledgers and it can start to harvest the data 587 00:29:37,000 --> 00:29:38,239 Speaker 1: and it can start to kind of put it all 588 00:29:38,280 --> 00:29:40,360 Speaker 1: back together UM and it can start to try to 589 00:29:40,400 --> 00:29:42,880 Speaker 1: kind of figure out some things. And what happens what 590 00:29:43,000 --> 00:29:46,240 Speaker 1: coin mixing is I can put my my coins into 591 00:29:46,400 --> 00:29:49,120 Speaker 1: like a mixer and a bunch of other people put 592 00:29:49,160 --> 00:29:51,160 Speaker 1: their coins in and then it mixes them all together 593 00:29:51,640 --> 00:29:55,040 Speaker 1: and then it redistributes them back out until now the 594 00:29:55,200 --> 00:29:59,280 Speaker 1: history is now obfuskated or it's gone, it's hidden. And 595 00:29:59,360 --> 00:30:03,160 Speaker 1: they're saying at people using these coin mixing mixing services 596 00:30:03,200 --> 00:30:05,640 Speaker 1: offer a layer of anonymity and protection to criminals looking 597 00:30:05,680 --> 00:30:08,160 Speaker 1: to launder. Well, it does offer a layer of anonomanity 598 00:30:08,200 --> 00:30:12,680 Speaker 1: and protection. Um, it does, yes, But does that mean 599 00:30:12,960 --> 00:30:15,719 Speaker 1: because I want a non amenity, that I'm a criminal 600 00:30:17,600 --> 00:30:23,840 Speaker 1: automatically because I want privacy? Now cash has a non amenity. 601 00:30:24,640 --> 00:30:27,880 Speaker 1: I can use cash, I can spend my dollars anywhere 602 00:30:27,920 --> 00:30:30,040 Speaker 1: I want. Does that automatically make me a criminal? Am 603 00:30:30,080 --> 00:30:33,080 Speaker 1: I am? I am? I guilty until proven innocent? I thought, 604 00:30:33,160 --> 00:30:35,360 Speaker 1: at least in the United States, I was innocent until 605 00:30:35,400 --> 00:30:39,920 Speaker 1: I was proven guilty. I get it. Like, Um, I 606 00:30:40,000 --> 00:30:43,480 Speaker 1: could potentially use my money and I could do something illegal. 607 00:30:44,440 --> 00:30:47,800 Speaker 1: But there's crime. I mean, there's there's that's that's that's 608 00:30:47,960 --> 00:30:51,440 Speaker 1: that's a crime, and that's already illegal, hence the name illegal. 609 00:30:52,440 --> 00:30:56,360 Speaker 1: The money isn't illegal. I could also drive my car 610 00:30:56,720 --> 00:30:59,120 Speaker 1: on the way to do something illegal. Should we also 611 00:30:59,240 --> 00:31:02,520 Speaker 1: ban an outlaw cars. I might also actually eat some 612 00:31:02,680 --> 00:31:05,040 Speaker 1: food on my way to do something illegal, So should 613 00:31:05,040 --> 00:31:08,600 Speaker 1: we ban food as well. See, we already have laws 614 00:31:08,640 --> 00:31:11,600 Speaker 1: in place for things like that. So what they're saying 615 00:31:11,680 --> 00:31:14,280 Speaker 1: here is that anyone who wants to do coin mixing 616 00:31:14,840 --> 00:31:17,920 Speaker 1: because of the they want to a non amenity, they 617 00:31:18,040 --> 00:31:21,680 Speaker 1: must be using it to launder their dirty funds, they 618 00:31:21,720 --> 00:31:24,480 Speaker 1: want to say. The United Kingdom's National Crime Agency, the 619 00:31:24,560 --> 00:31:26,760 Speaker 1: n c A National Crime Agency, seeks to regulate the 620 00:31:26,800 --> 00:31:30,160 Speaker 1: crypto coin mixers under the country's laws against money laundering. 621 00:31:31,080 --> 00:31:33,600 Speaker 1: Coin mixing tools are popular in the decentralized world as 622 00:31:33,600 --> 00:31:36,920 Speaker 1: they maintain the privacy of transactions. These tools often mix 623 00:31:37,080 --> 00:31:39,760 Speaker 1: several transactions to obscure the origin of a popular of 624 00:31:39,800 --> 00:31:47,680 Speaker 1: our particular transaction. Um, okay again, the cat I mean 625 00:31:47,720 --> 00:31:49,040 Speaker 1: the cash does the same thing. I don't have to 626 00:31:49,080 --> 00:31:52,200 Speaker 1: mix it. Cash preserves my not amenity. That's the whole 627 00:31:52,360 --> 00:31:56,480 Speaker 1: point of cash. Now this is this, this is brand 628 00:31:56,600 --> 00:31:59,960 Speaker 1: this is the brand new thing. For the entire history 629 00:32:00,120 --> 00:32:03,520 Speaker 1: of the world, money was like commodity money. So gold 630 00:32:03,600 --> 00:32:06,120 Speaker 1: was money for five thousand years before gold. We had seashells, 631 00:32:06,160 --> 00:32:08,640 Speaker 1: we had rocks, we had feathers, and I would go 632 00:32:08,760 --> 00:32:11,680 Speaker 1: collect those rocks, feathers, seashells or gold. I would hold 633 00:32:11,760 --> 00:32:13,920 Speaker 1: it and I would transact with it, and that was 634 00:32:13,960 --> 00:32:16,320 Speaker 1: all done in a decentralized fashion, and it was all 635 00:32:16,400 --> 00:32:20,640 Speaker 1: done anonymously, and everything was fine. It wasn't really until 636 00:32:20,640 --> 00:32:24,600 Speaker 1: about twenty years ago and when the during the nine 637 00:32:24,680 --> 00:32:30,000 Speaker 1: eleven World Trade Center UM incident, that the United States 638 00:32:30,040 --> 00:32:33,160 Speaker 1: passed a bill that took away more freedom than any 639 00:32:33,240 --> 00:32:34,560 Speaker 1: other bill in the history of the world. And I 640 00:32:34,640 --> 00:32:37,920 Speaker 1: was called the Patriot Act. And then the government wanted 641 00:32:37,960 --> 00:32:41,640 Speaker 1: to see every single transaction you ever did. They wanted 642 00:32:41,680 --> 00:32:44,280 Speaker 1: to limit the amount of cash because UM now to 643 00:32:44,360 --> 00:32:45,840 Speaker 1: the point where they want to look at all bank 644 00:32:45,880 --> 00:32:48,160 Speaker 1: accounts that do more than six hundred dollars because your 645 00:32:48,160 --> 00:32:52,840 Speaker 1: six hundred dollars could potentially lead to terrorism. Never Mind 646 00:32:52,920 --> 00:32:56,800 Speaker 1: that the United States just gave the Tally ban you know, 647 00:32:56,920 --> 00:33:00,640 Speaker 1: more black Hawk helicopters than the UK has. Never mind 648 00:33:00,760 --> 00:33:03,560 Speaker 1: that we gave them billions of dollars, never mind that, UM, 649 00:33:03,680 --> 00:33:06,719 Speaker 1: your six dollars could be the cause of that, supposedly. 650 00:33:07,680 --> 00:33:09,600 Speaker 1: But really this was never a problem until twenty years ago, 651 00:33:09,640 --> 00:33:12,640 Speaker 1: ntill they really wanted to do this. And so UM cash, 652 00:33:12,800 --> 00:33:16,720 Speaker 1: like I said, always pervert, preserves that anonymity and there's 653 00:33:16,760 --> 00:33:20,120 Speaker 1: no reason why bitcoin was designed to be digital cash 654 00:33:21,840 --> 00:33:24,560 Speaker 1: and anybody who thinks that we have to know what 655 00:33:24,560 --> 00:33:28,400 Speaker 1: it's called k y C. Know your customer doesn't understand economics. 656 00:33:29,000 --> 00:33:31,480 Speaker 1: You see, Um, if I'm going to do business with you, 657 00:33:31,760 --> 00:33:33,960 Speaker 1: with your business, I have to know you. I know 658 00:33:34,200 --> 00:33:36,920 Speaker 1: that your business does good business. I know your product 659 00:33:36,960 --> 00:33:38,800 Speaker 1: you're good, will be will be, it'll be a good 660 00:33:38,800 --> 00:33:41,080 Speaker 1: product or service. I know I can trust you to 661 00:33:41,120 --> 00:33:43,960 Speaker 1: deliver the quality, et cetera. But you don't have to 662 00:33:44,120 --> 00:33:50,480 Speaker 1: know me. That's why we have money. You give me money, 663 00:33:50,560 --> 00:33:52,360 Speaker 1: I give you the good in service. I don't need 664 00:33:52,440 --> 00:33:53,680 Speaker 1: to know. You know, in the old days, we didn't 665 00:33:53,680 --> 00:33:54,880 Speaker 1: have money, and so I would keep a ledger. I 666 00:33:54,880 --> 00:33:56,520 Speaker 1: had to know everybody in town, and I'd say, okay, 667 00:33:56,600 --> 00:33:58,440 Speaker 1: John owes me this, and Rick owes me this, and 668 00:33:58,560 --> 00:34:00,719 Speaker 1: Marty owes me this. I keep a ledger. I had 669 00:34:00,760 --> 00:34:04,400 Speaker 1: to know those people. But cash removes that. We don't 670 00:34:04,400 --> 00:34:06,560 Speaker 1: need to have that. Oh no, but you know, for 671 00:34:06,760 --> 00:34:08,840 Speaker 1: for for for potential crimes. You could you could can 672 00:34:08,920 --> 00:34:12,080 Speaker 1: make crimes. Yeah, but we have laws against that. It 673 00:34:12,160 --> 00:34:14,120 Speaker 1: was law again, scrap against that. So this is a 674 00:34:14,160 --> 00:34:16,960 Speaker 1: new problem. It's interesting to see what happens here. Um, again, 675 00:34:17,440 --> 00:34:22,040 Speaker 1: more politicians passing more arbitrary root rules to limit them. 676 00:34:23,239 --> 00:34:30,200 Speaker 1: You know, progress now. Uh. Christine Lagarde, formerly head of 677 00:34:30,280 --> 00:34:32,360 Speaker 1: the i m F, now head of the ECB or 678 00:34:32,600 --> 00:34:34,520 Speaker 1: i m F is International Monetary Fund, the ECB as 679 00:34:34,560 --> 00:34:38,759 Speaker 1: European Central Bank, she's an actual criminal, actual like she's 680 00:34:38,880 --> 00:34:45,120 Speaker 1: actually been found guilty of criminal charges actually, and she 681 00:34:45,239 --> 00:34:49,600 Speaker 1: runs the European Central Bank. Um. And she said that, um, 682 00:34:49,800 --> 00:34:51,719 Speaker 1: if I can quote it, let's see if I can 683 00:34:51,800 --> 00:34:56,600 Speaker 1: quote it. She said that progress is a threat to 684 00:34:56,800 --> 00:35:00,120 Speaker 1: our financial stability. That's what she said, progre this is 685 00:35:00,200 --> 00:35:04,520 Speaker 1: a threat to our financial stability. Um, no, no, no, no, no. 686 00:35:05,040 --> 00:35:08,080 Speaker 1: Progress is a threat to your financial monopoly. That's what 687 00:35:08,200 --> 00:35:12,960 Speaker 1: it is. We want progress. Progress only happens when something 688 00:35:13,160 --> 00:35:16,759 Speaker 1: better comes along. It's called creative destruction. Something new comes 689 00:35:16,800 --> 00:35:19,080 Speaker 1: out that's so much better, a thousand times better that 690 00:35:19,160 --> 00:35:21,480 Speaker 1: it kills the old way. So for example, code could 691 00:35:21,480 --> 00:35:24,359 Speaker 1: been around for a hundred years. Digital cameras destroyed code. Act. 692 00:35:24,400 --> 00:35:26,279 Speaker 1: I mean, film is great, allows take pictures. I I 693 00:35:26,320 --> 00:35:28,879 Speaker 1: appreciate that, but you know, digital cameras are just better. 694 00:35:30,320 --> 00:35:33,439 Speaker 1: Progress changes things for the better. And yes, it would 695 00:35:33,640 --> 00:35:35,880 Speaker 1: change the money supply for the better and yes, it 696 00:35:35,920 --> 00:35:40,480 Speaker 1: would cause you to lose your financial monopoly. So it's 697 00:35:40,480 --> 00:35:43,600 Speaker 1: not the progress destroys our financial stability through it destroys 698 00:35:43,640 --> 00:35:47,000 Speaker 1: their financial monopoly. Very rich to hear that coming from 699 00:35:47,040 --> 00:35:51,359 Speaker 1: a literally convicted criminal who runs the European Central Bank. 700 00:35:52,280 --> 00:35:55,960 Speaker 1: UH to talk about that um and how your potential 701 00:35:56,640 --> 00:36:02,040 Speaker 1: UH using bitcoin anonymously could be UM because you're a criminal. 702 00:36:02,880 --> 00:36:06,160 Speaker 1: Remember we're supposed to be innocent until proven guilty. Now 703 00:36:06,400 --> 00:36:08,640 Speaker 1: they want to impose these k y C no your 704 00:36:08,719 --> 00:36:11,520 Speaker 1: customer regulations on you so they can just track everything. 705 00:36:11,600 --> 00:36:13,120 Speaker 1: So that means that you have to give them your 706 00:36:13,200 --> 00:36:15,640 Speaker 1: driver's license and your passport and your home address and 707 00:36:15,640 --> 00:36:17,480 Speaker 1: all these things in order to buy bitcoin. And then 708 00:36:17,480 --> 00:36:19,719 Speaker 1: when you want to convert bitcoin back to Fiat, you 709 00:36:19,880 --> 00:36:22,279 Speaker 1: also have to do the k y C know your 710 00:36:22,320 --> 00:36:24,480 Speaker 1: customer as well. And then if you put your information 711 00:36:24,520 --> 00:36:25,800 Speaker 1: and when you buy it, and you put your information 712 00:36:25,840 --> 00:36:28,040 Speaker 1: when you sell it, then these softwares like chain analysis 713 00:36:28,120 --> 00:36:31,040 Speaker 1: can put all your transactions together and figure out who 714 00:36:31,120 --> 00:36:33,160 Speaker 1: belongs to what. Now, of course, if we if we 715 00:36:33,360 --> 00:36:35,520 Speaker 1: if we get bitcoin without k y C, and I 716 00:36:35,640 --> 00:36:37,799 Speaker 1: spend bitcoin without k y C, which is of course 717 00:36:37,840 --> 00:36:40,399 Speaker 1: the way it's supposed to be. Then they can't ever 718 00:36:40,560 --> 00:36:44,480 Speaker 1: put that data together. Um, you're listening to the markmah 719 00:36:44,520 --> 00:36:47,560 Speaker 1: Show talking about the intersection of politics, finance, and technology, 720 00:36:47,960 --> 00:36:53,000 Speaker 1: talking about the decentralized revolution that is happening. That's what 721 00:36:53,040 --> 00:36:54,319 Speaker 1: I got for you today. Thanks for listening.