WEBVTT - The Mark Moss Show Nov 01, 2021 0:00:00.200 --> 0:00:02.920 Welcome to another episode of The Mark Mass Show, where 0:00:02.960 --> 0:00:06.640 I am bringing you the latest information on bitcoin and 0:00:06.720 --> 0:00:11.000 cryptocurrencies and of course this decentralized revolution that we are 0:00:11.080 --> 0:00:13.520 going through right now. Now. I want to start off 0:00:13.520 --> 0:00:14.960 the show to tell you that I am going to 0:00:14.960 --> 0:00:17.800 bring you the latest news that you need this weekend 0:00:18.000 --> 0:00:19.960 to catch you up on what is going on in 0:00:20.000 --> 0:00:24.000 the bitcoin of the cryptocurrency space. I cannot understate this, 0:00:24.560 --> 0:00:26.880 or I guess I should say I can't overstate this enough. 0:00:27.200 --> 0:00:30.200 Um can't get that right. But I don't want to 0:00:30.200 --> 0:00:33.160 be dramatic, but I'm telling you the truth here. This 0:00:33.280 --> 0:00:36.000 is this will be the biggest opportunity that you've ever 0:00:36.120 --> 0:00:38.960 had in your lifetime, and not just your or my lifetime. 0:00:38.960 --> 0:00:42.319 I'm talking about generations. It's that big. We're on the 0:00:42.400 --> 0:00:45.959 verge of this or we're actually witnessing this technological revolution 0:00:45.960 --> 0:00:49.960 that's happening, of course, and this presents us with the 0:00:50.000 --> 0:00:53.239 best asymmetric opportunity that means more upside than downside, and 0:00:53.240 --> 0:00:56.480 of course you participate in that by having a symmetric 0:00:56.560 --> 0:00:58.440 information That means you have to know something that most 0:00:58.480 --> 0:01:00.160 people don't have. And so that's what I bring to you. 0:01:00.240 --> 0:01:03.480 Each and every week here on the Mark Moss Show. 0:01:04.200 --> 0:01:07.920 So right before I jump into the hottest news that 0:01:07.959 --> 0:01:09.720 you need to know, just real quick if you want, 0:01:09.760 --> 0:01:13.720 grab your phone, put a reminder this time, this channel 0:01:14.160 --> 0:01:15.920 come back each and every week. It is going to 0:01:16.000 --> 0:01:18.720 be the most beneficial, the most profitable time that you 0:01:18.760 --> 0:01:21.120 will spend each every week. So come hang out with me, 0:01:21.160 --> 0:01:23.560 of course. Hit me up on social media. UM one 0:01:23.720 --> 0:01:26.360 Mark Moss. That's right, one Mark Moss. That's the number one. 0:01:26.560 --> 0:01:27.880 You can find me on Twitter, you can find me 0:01:27.920 --> 0:01:29.800 on Instagram. Send me a message, ask me a question. 0:01:29.800 --> 0:01:32.639 I'll make sure to answer it live on the show 0:01:33.360 --> 0:01:35.240 next week. I'd love to hear from you guys. Tell 0:01:35.280 --> 0:01:37.080 me you heard me on the radio. And with that, 0:01:37.160 --> 0:01:39.840 let's go ahead and talk about what is going on 0:01:40.160 --> 0:01:43.640 in the bitcoin and cryptocurrency world, because there's a lot 0:01:43.720 --> 0:01:46.960 happening now. There's a quote that I say quite often. 0:01:47.040 --> 0:01:50.080 It's um not from somebody admire, but I like the quote, 0:01:50.080 --> 0:01:53.760 and it's from a Lenin. That's right. The Russians are 0:01:53.760 --> 0:01:55.840 that did a lot of damage in Russia. I will 0:01:55.880 --> 0:01:58.960 just leave at that. But he said that there's decades 0:01:59.000 --> 0:02:02.360 where nothing seems to happen and then there's days where 0:02:02.480 --> 0:02:04.600 decades seem to happen, and so you know, it's not 0:02:04.720 --> 0:02:07.680 every single week we have big, big things happening. But 0:02:07.800 --> 0:02:11.240 this week we have some big things. First, we're just 0:02:11.240 --> 0:02:13.720 gonna start with a little bit of the price. I 0:02:13.720 --> 0:02:15.520 don't like to focus on the price, as I like 0:02:15.600 --> 0:02:17.280 to say over and over and over in each other week, 0:02:17.320 --> 0:02:21.360 that the price is a distraction. The prices a distraction. 0:02:21.400 --> 0:02:23.400 You should not be And I don't care if it's 0:02:23.400 --> 0:02:25.359 a bitcoin or cryptocurrency. I don't care if it's gold, 0:02:25.400 --> 0:02:28.000 if it's if it's Tesla stock, I don't care what 0:02:28.360 --> 0:02:30.520 the asset is. You should never be looking at the 0:02:30.520 --> 0:02:33.400 price on a daily, weekly or monthly basis. I mean, 0:02:33.440 --> 0:02:35.560 if you're a day trader, I guess then you should. 0:02:35.560 --> 0:02:36.960 You should be looking at it a minut a minute 0:02:37.000 --> 0:02:40.760 by minute. Unfortunately, about nine percent of day traders lose 0:02:40.800 --> 0:02:42.480 their money. I know it sounds fun, I know it's exciting, 0:02:42.480 --> 0:02:45.440 it's like gambling is super cool, But the reality is 0:02:45.639 --> 0:02:47.639 you get burned out, you get stressed out, and then 0:02:47.720 --> 0:02:50.919 most likely you lose money. So for the majority of us, 0:02:51.160 --> 0:02:53.360 we don't want to be looking at the price on 0:02:53.400 --> 0:02:56.000 a regular basis. I like to say that the price 0:02:56.120 --> 0:02:58.040 is a short term distraction. As a matter of fact, 0:02:58.680 --> 0:03:01.799 there was a study that came out and it said 0:03:01.880 --> 0:03:03.720 that I don't have it pulled up in front of me, 0:03:03.720 --> 0:03:05.560 so I'm just gonna kind of paraphrase what the study was. 0:03:05.600 --> 0:03:08.440 It just came out recently, and it said that investors 0:03:09.240 --> 0:03:14.440 that get too much information actually do worse with their investments, 0:03:14.680 --> 0:03:17.560 which seems kind of counterintuitive, right, because you would think 0:03:17.600 --> 0:03:20.160 if you had the most up to date information that 0:03:20.200 --> 0:03:24.160 you would have better results. But that's actually not what 0:03:24.240 --> 0:03:27.560 this research shows. And the reason why is because you 0:03:27.600 --> 0:03:29.560 have too much information coming in and you feel like 0:03:29.600 --> 0:03:32.839 you need to react to everything. I need to do something, 0:03:32.880 --> 0:03:34.680 I need to do something to do something, and so 0:03:34.760 --> 0:03:37.960 too much information is actually a problem. Um. And it 0:03:38.080 --> 0:03:40.600 kind of goes along with something that one of the greatest, 0:03:40.920 --> 0:03:44.280 most quotable investors in the history of the world, UM says, my. 0:03:44.480 --> 0:03:47.760 You know, our good old uncle Warren Buffett lots of 0:03:47.760 --> 0:03:50.480 wisdom that he can share with us, and he's he 0:03:50.560 --> 0:03:53.040 used to say that if a new investor came into 0:03:53.080 --> 0:03:56.840 the into the space and knew that for his entire career, 0:03:57.600 --> 0:04:01.040 he only had twenty moves. That's it. His whole career. 0:04:01.080 --> 0:04:03.520 He could only do twenty moves, that would be the 0:04:03.560 --> 0:04:06.160 best thing that could ever happen to him. And the 0:04:06.200 --> 0:04:08.600 reason why is again, uh, the same thing as not 0:04:08.680 --> 0:04:11.240 having you know, having too much information, is then you're 0:04:11.280 --> 0:04:15.440 going to take advantage of big moves that take a 0:04:15.480 --> 0:04:17.719 long time to play out, and you're gonna be patient 0:04:18.080 --> 0:04:20.840 because you only have twenty moves, and so they kind 0:04:20.839 --> 0:04:22.520 of work hand in hand. And so back to bitcoin 0:04:22.560 --> 0:04:26.080 and cryptocurrencies. Um, the price has been moving around, it's 0:04:26.120 --> 0:04:28.800 been really very volatile. As a matter of fact, Um, 0:04:29.120 --> 0:04:33.799 last week, October twenty two, we saw bitcoin reach new 0:04:34.000 --> 0:04:37.280 all time highs, which of course was super exciting, fireworks 0:04:37.279 --> 0:04:42.040 going off, high fives and congratulations to everyone because I 0:04:42.040 --> 0:04:44.240 guess we hit a new all time high. But again, 0:04:44.920 --> 0:04:48.120 especially when it comes to new technologies like bitcoin and cryptocurrencies, 0:04:48.160 --> 0:04:50.320 the price isn't what we should be looking at. Instead, 0:04:50.680 --> 0:04:52.200 there's two things that we want to look at, and 0:04:52.200 --> 0:04:53.719 I talked about this each and every week, and I 0:04:53.800 --> 0:04:56.440 keep you up to date on these things because these 0:04:56.480 --> 0:04:58.760 are the most important, not the price. The two most 0:04:58.760 --> 0:05:00.960 important things that we talked about every week are one 0:05:01.760 --> 0:05:05.800 the adoption, the network growth the growth of the network, 0:05:05.839 --> 0:05:08.240 and that goes back to something called Metcalf's law. Metcalf's 0:05:08.320 --> 0:05:11.280 law says that the more the network grows, the more 0:05:11.320 --> 0:05:14.159 the value grows. It's exponential and and and the super 0:05:15.120 --> 0:05:18.159 easy analogy would be that if I'm the only person 0:05:18.200 --> 0:05:20.960 in the world with a telephone, it's not very valuable. 0:05:20.960 --> 0:05:22.920 Who the heck am I gonna call? If one other 0:05:22.960 --> 0:05:25.360 person has a phone, it's a little bit more valuable. 0:05:25.360 --> 0:05:27.800 More people have phones, it's more valuable when everybody in 0:05:27.839 --> 0:05:29.799 the world has a phone. Of course, it's much more valuable. 0:05:30.360 --> 0:05:35.919 Funny story, I'm old, old enough to have lived before 0:05:35.920 --> 0:05:39.200 cell phones, that is anyway, And I remember I think 0:05:39.200 --> 0:05:40.839 it was like right after I got out of high school, 0:05:40.880 --> 0:05:44.200 I got my very first mobile phone. They had been 0:05:44.200 --> 0:05:46.920 around for a while. It wasn't like the big briefcase 0:05:46.960 --> 0:05:48.680 ones that you saw like Wall Street traders with like 0:05:48.720 --> 0:05:50.760 in the eighties and car phones. It was it was 0:05:50.800 --> 0:05:52.400 it was a little bit newer than that, but it 0:05:52.520 --> 0:05:56.600 was still just numeric only, so on the display it 0:05:56.600 --> 0:05:59.200 just showed numbers and didn't even have alpha on there. 0:05:59.360 --> 0:06:01.080 So it's kind of and I remember I got that 0:06:01.120 --> 0:06:04.159 phone and um. Right after I got out of high school, 0:06:04.160 --> 0:06:05.760 I was eighteen years old. I was starting to buy 0:06:05.760 --> 0:06:08.160 and sell homes. I was buying bank owned repos and 0:06:08.200 --> 0:06:09.760 fix them up and selling them. So I was out 0:06:09.760 --> 0:06:11.640 on the road looking at properties. And so you know, 0:06:11.680 --> 0:06:14.160 I got the phone I needed. I'm cool, I'm important, whatever. 0:06:14.720 --> 0:06:16.520 But the funny thing was is that I was like 0:06:16.560 --> 0:06:19.200 the only person I knew with the phone, and so like, 0:06:19.360 --> 0:06:21.919 who was I going to call? And so like, literally 0:06:22.040 --> 0:06:23.760 most of the time, at least when I first had 0:06:23.760 --> 0:06:25.200 the phone, I would just leave it at the house. 0:06:25.240 --> 0:06:26.840 I didn't take it with me anywhere because like, what 0:06:26.880 --> 0:06:29.240 was I gonna do with it? Right? And so it 0:06:29.279 --> 0:06:30.800 wasn't worth a lot because none of my other friends 0:06:30.839 --> 0:06:34.039 had phones. But today I can't go anywhere without the phone. 0:06:34.040 --> 0:06:35.320 Of course, the phone is a lot more. So we 0:06:35.320 --> 0:06:36.719 want to look at the metcalf slow. We want to 0:06:36.920 --> 0:06:40.080 look at the network growth. That is one of the 0:06:40.080 --> 0:06:42.680 most important things. As long as the network continues to grow, 0:06:42.720 --> 0:06:44.640 as long as we see more and more people using it, 0:06:44.680 --> 0:06:47.599 more and more people adopting it, um, then it continues 0:06:47.640 --> 0:06:50.320 to grow. And I am going to share a piece 0:06:50.360 --> 0:06:53.440 of news with you this that happened this week. I 0:06:53.480 --> 0:06:55.039 want to bring it to you this weekend, but it 0:06:55.080 --> 0:06:56.640 was the biggest piece of news this week that I 0:06:56.680 --> 0:06:59.520 think kind of went under the rug. Most people missed it. 0:07:00.360 --> 0:07:02.520 But if you agree with me that network growth is 0:07:02.520 --> 0:07:05.320 one of the most important factors, then wait until you 0:07:05.440 --> 0:07:07.720 hear what I have to say. But before I tell 0:07:07.760 --> 0:07:10.600 you that, um, the second most important thing that you 0:07:10.600 --> 0:07:14.240 want to pay attention to is development on the network. 0:07:14.680 --> 0:07:16.760 You want to make sure that the network is continuing 0:07:16.800 --> 0:07:21.400 to be developed. It's growing, the capabilities, the capacities, etcetera. 0:07:21.440 --> 0:07:24.080 Are growing. So as long as those two things are growing, 0:07:24.120 --> 0:07:27.119 then we know that we're continuing to grow. So people 0:07:27.120 --> 0:07:30.240 that are following the price on a daily basis, they're 0:07:30.280 --> 0:07:32.880 never gonna make it. In bitcoin, we call that d M. 0:07:32.920 --> 0:07:35.360 I never gonna make it now. Like I said, we 0:07:35.400 --> 0:07:37.320 saw a bitcoin break that new all time high back 0:07:37.400 --> 0:07:44.480 on October I guess that was October, and then it plunged. 0:07:45.120 --> 0:07:48.400 Then bitcoin blunded. It fell all the way down. You 0:07:48.440 --> 0:07:51.080 won't believe it, all the way down to fifty eight 0:07:51.080 --> 0:07:54.000 thousand dollars. No, no, no, no, no, no, I mean 0:07:54.200 --> 0:07:57.120 that was a that was about a twelve thirteen thirteen 0:07:57.160 --> 0:08:00.240 and a half percent drop. It went all the way 0:08:00.280 --> 0:08:03.760 back down to the price it was five days earlier. 0:08:04.440 --> 0:08:08.560 But yet didn't didn't stop all the major media outlets 0:08:08.600 --> 0:08:13.320 from declaring Bitcoin dead. This is it, game over, Pack 0:08:13.400 --> 0:08:17.160 it up, boys, cryptocurrency is a failed experiment. We hit 0:08:17.240 --> 0:08:20.680 the new all time high and then we crashed all 0:08:20.720 --> 0:08:23.680 the way back down to where prices were five days earlier. Oh, 0:08:23.760 --> 0:08:26.880 it's horrific, But I'm sure glad I didn't pack up, 0:08:26.920 --> 0:08:31.120 because of course Bitcoin wasn't dead. Cryptocurrencies are not going away. 0:08:31.200 --> 0:08:34.120 Not there's easily not ever in my opinion. And of 0:08:34.120 --> 0:08:37.480 course the price has come roaring back and we are 0:08:37.559 --> 0:08:42.360 sitting at around sixty one and a half or so ish. 0:08:42.400 --> 0:08:45.560 But again, I'm just kind of talking about this because 0:08:45.559 --> 0:08:47.839 I'm trying to help you. We don't want to be 0:08:47.880 --> 0:08:50.480 focused on the price. I'm talking about it, but only 0:08:50.480 --> 0:08:52.400 to tell you that it's not that important. Remember, the 0:08:52.400 --> 0:08:55.760 two most important things are network growth because of Metcalf's law, 0:08:55.880 --> 0:08:57.640 and development on the network. And I want to tell 0:08:57.679 --> 0:09:00.480 you what happened this week, Like I said, that really 0:09:00.520 --> 0:09:04.240 slipped through the rug. That shows you how fast this 0:09:04.280 --> 0:09:06.320 network is about to take off. And I mean, it 0:09:06.559 --> 0:09:09.480 is going to blow up. You need to know this 0:09:09.559 --> 0:09:11.319 and you have a chance to front run this information. 0:09:11.400 --> 0:09:13.360 But I'm gonna bring it right back in a second. 0:09:13.400 --> 0:09:16.199 You're listening to the Mark Mass Show, where I bring 0:09:16.200 --> 0:09:19.400 to you the latest information on bitcoin, cryptocurrencies and the 0:09:19.480 --> 0:09:25.400 decentralized revolution each and every week because with this information 0:09:25.559 --> 0:09:27.080 you were going to be ahead of I don't know 0:09:28.320 --> 0:09:31.640 the people, so you can take advantage of the asymmetric upside. 0:09:31.720 --> 0:09:34.360 I'll be right back, all right, welcome back. You are 0:09:34.440 --> 0:09:37.800 listening to the Mark mo Show, where I come to 0:09:37.840 --> 0:09:41.240 you each and every weekend bringing you the most important 0:09:41.280 --> 0:09:46.200 information on bitcoin and cryptocurrencies and the decentralized revolution. It's 0:09:46.240 --> 0:09:49.800 moving fast. Um now before the break I was talking 0:09:49.800 --> 0:09:51.520 about now we don't need to focus on the price. 0:09:51.559 --> 0:09:54.439 The prices of distraction. The price shows a short term 0:09:54.440 --> 0:09:57.400 It's kind of like, um, well, I grew up racing 0:09:57.400 --> 0:10:00.120 dirt pikes. I still I still ride dirt by I 0:10:00.120 --> 0:10:02.560 don't really race that much anymore. Um And you know, 0:10:02.600 --> 0:10:04.880 I like to do a lot of desert writing. And 0:10:04.920 --> 0:10:06.760 when you're riding a dirt bike, you're going really fast 0:10:07.720 --> 0:10:10.400 and it's dangerous. There's there's rocks, and there's ruts and 0:10:10.400 --> 0:10:12.280 there's bumps, and there's all kinds of stuff going on, 0:10:12.320 --> 0:10:14.480 and you're going fast. Obviously that the faster you go, 0:10:14.600 --> 0:10:18.200 the further out ahead you have to look what happens 0:10:18.240 --> 0:10:22.079 with new um kind of new beginner riders um they 0:10:22.160 --> 0:10:24.959 like to focus right in front of their wheel, like look, 0:10:25.040 --> 0:10:26.599 look straight down at the ground, like I need to 0:10:26.640 --> 0:10:29.600 see every rock that's there. But the problem is when 0:10:29.600 --> 0:10:31.360 you're only looking at the ground, you can't see the 0:10:31.360 --> 0:10:33.800 bigger picture. And so now you're trying to react to 0:10:33.800 --> 0:10:35.760 everything in front of you, but you don't have time 0:10:35.800 --> 0:10:38.920 to plan for the stuff that's coming. And so that's 0:10:38.960 --> 0:10:41.400 the biggest mistake that new writers have is just focusing 0:10:41.400 --> 0:10:43.160 on the ground and not looking further ahead. And that's 0:10:43.400 --> 0:10:45.559 that's what looking at the price the bitcoin and cryptocurrencies 0:10:45.559 --> 0:10:47.360 every day is. You don't want to be staring at 0:10:47.400 --> 0:10:49.679 the ground. You can't do that. You have to be 0:10:49.720 --> 0:10:53.040 looking at the bigger picture. Because the price, as I 0:10:53.080 --> 0:10:54.840 was kind of talking right that, we had a new 0:10:54.880 --> 0:10:57.160 all time high last week and then oh my gosh, 0:10:57.200 --> 0:10:59.120 the price crashed all the way down to where it 0:10:59.200 --> 0:11:02.480 was five days before. Are and mainstream media want to 0:11:02.520 --> 0:11:05.120 declare a bitcoin dead again. And if you were just 0:11:05.200 --> 0:11:07.240 focused on the ground, if you were just focused on 0:11:07.280 --> 0:11:09.280 that price, you would have sold. But we don't do 0:11:09.320 --> 0:11:11.800 that right. Not if you're listening to me like a 0:11:11.800 --> 0:11:15.679 professional motocross racer desert racer, you're looking way out ahead, right. 0:11:15.720 --> 0:11:17.760 We want to plan for what's coming, not for what's 0:11:17.760 --> 0:11:20.679 happening right this second. And so we're doing that by 0:11:20.679 --> 0:11:23.120 two things, network growth. I talked about mccafs law and 0:11:23.160 --> 0:11:25.280 then we talked about development. Today I want to bring 0:11:25.280 --> 0:11:26.800 to you one of the biggest stories of this week 0:11:26.840 --> 0:11:30.120 that really talks about that network growth and it really 0:11:30.360 --> 0:11:34.360 UM started back in May of this year. So in 0:11:34.480 --> 0:11:37.560 May of this year, UM, a big are a big 0:11:37.640 --> 0:11:39.760 article well broke all over all the new sources and 0:11:39.760 --> 0:11:41.439 it may have this year a big news broke out 0:11:41.480 --> 0:11:43.920 that a company called night Digg n y d i 0:11:44.000 --> 0:11:48.120 G Nightigg was there. They're a back office service provider 0:11:48.160 --> 0:11:50.560 for all the banks in the United States. UM, and 0:11:50.640 --> 0:11:52.840 so as you might imagine, you know, banks don't do 0:11:52.960 --> 0:11:54.800 everything in house, right, so they kind of outsource. At 0:11:54.880 --> 0:11:56.720 night I provided that back office service. And so they 0:11:56.760 --> 0:12:00.079 said back in May May five of this year, that 0:12:00.320 --> 0:12:04.200 night Egg was going to um provide banks with the 0:12:04.240 --> 0:12:10.439 capability to allow their customers to buy, sell, and store 0:12:10.600 --> 0:12:16.400 bitcoin directly in their bank checking accounts. What are you 0:12:16.480 --> 0:12:19.199 kidding me? Yes, they said they would do that back 0:12:19.240 --> 0:12:22.199 in May of this year. They said that banks. Let 0:12:22.200 --> 0:12:25.480 me say this, banks are asking for bitcoin because they 0:12:25.520 --> 0:12:28.959 can see their customers are sending dollars to coin base 0:12:29.360 --> 0:12:32.960 and other crypto exchanges. So the thing with banking is, 0:12:33.360 --> 0:12:35.160 and in any business for that matter, So what a 0:12:35.200 --> 0:12:37.080 business wants to do is a business wants to create 0:12:37.120 --> 0:12:40.120 something that's called sticky. In business as entrepreneurship, we'd call 0:12:40.120 --> 0:12:41.920 that sticky, right. We want to make it where a 0:12:42.000 --> 0:12:45.600 customer comes onto our platform, it's very difficult for them 0:12:45.640 --> 0:12:48.360 to get off, right, it's sticky. And that's what banking is. 0:12:48.400 --> 0:12:51.360 So like, the very first checking account I ever got 0:12:51.360 --> 0:12:54.120 was with Wells Fargo, and I've been with Wells Fargo 0:12:54.280 --> 0:12:57.400 ever since a long time. Now, Wells Fargo hasn't done 0:12:57.400 --> 0:12:59.079 anything to earn my trust. As a matter of fact, 0:12:59.559 --> 0:13:03.719 they've they've paid out the largest lawsuits in history for 0:13:03.720 --> 0:13:06.720 for fraudulently putting accounts on to people things like that. 0:13:06.840 --> 0:13:09.520 But yet I haven't gone anywhere because it's sticky. It's 0:13:09.559 --> 0:13:12.680 hard for me to close my accounts and open new accounts. 0:13:12.679 --> 0:13:14.880 All that some stuck there, right, But what what banks 0:13:14.880 --> 0:13:17.800 are seeing is that customers are pulling their money out 0:13:18.040 --> 0:13:20.199 and they're going to coin base and Cracking and Gemini 0:13:20.240 --> 0:13:22.679 and et cetera. So the banks aren't happy about that, 0:13:22.800 --> 0:13:26.040 right because they know that once those customers leave, they 0:13:26.080 --> 0:13:29.079 may not be coming back because it's sticky. So the 0:13:29.120 --> 0:13:31.520 banks are like, shoot, we better do something here, So 0:13:31.600 --> 0:13:34.480 we'll partner up with nightigg um and then we'll allow 0:13:34.480 --> 0:13:37.360 people to buy it directly in their accounts um. Nightig 0:13:37.440 --> 0:13:40.800 said that after they rolled out the initial bitcoin product 0:13:41.360 --> 0:13:44.560 that Nightig would then offer other services through the banks, 0:13:44.559 --> 0:13:48.840 including both debit card rewards points paid in bitcoin, and 0:13:49.040 --> 0:13:51.960 a new type of bank account wait for it, wait 0:13:52.040 --> 0:13:58.439 for it, that's f d I c ensured and pays 0:13:58.480 --> 0:14:02.079 interest in bitcoin. You gotta be kidding me, Well, this 0:14:02.160 --> 0:14:05.000 is back in May of this year, they said that 0:14:05.040 --> 0:14:08.439 they were going to roll those services out two over 0:14:09.360 --> 0:14:12.000 three hundred banks. Then it went up to six hundred banks, 0:14:12.000 --> 0:14:15.000 which maybe doesn't sound like a lot. Hundreds of banks. 0:14:15.000 --> 0:14:17.760 Three to six hundred banks, three hundred banks maybe it's 0:14:17.800 --> 0:14:20.720 not that lot, not that much, but those three hundred 0:14:20.720 --> 0:14:26.240 banks make up over three hundred million checking accounts. Yeah, 0:14:26.760 --> 0:14:28.560 it's not, it's not. You didn't hear me wrong. That's 0:14:28.560 --> 0:14:30.480 three in a million checking account So that's they said 0:14:30.520 --> 0:14:32.120 they would do this, and they said they would do 0:14:32.200 --> 0:14:35.400 this by this year, two thousand twenty one. Now, when 0:14:35.400 --> 0:14:38.280 they came out with that in May, obviously I was excited. 0:14:38.360 --> 0:14:41.040 I rolled that information out to my audience. If you 0:14:41.040 --> 0:14:43.200 would have been listening to me back then, you would 0:14:43.200 --> 0:14:46.240 have made a lot more money because in May when 0:14:46.240 --> 0:14:49.680 that news broke, the price of bitcoin was about thirty 0:14:49.880 --> 0:14:51.960 thirty three thousand dollars, So you could have doubled your 0:14:51.960 --> 0:14:53.600 money if you would have bought in then, right, we 0:14:53.640 --> 0:14:54.840 want to What we want to do is we want 0:14:54.880 --> 0:14:58.120 to front run this information because again, asymmetric information, information 0:14:58.160 --> 0:15:00.840 most people don't have, allows us to get in before 0:15:00.920 --> 0:15:03.040 most other people. We can front run it, right, we 0:15:03.040 --> 0:15:05.440 get in front. So when that knows news broke back 0:15:05.440 --> 0:15:07.000 in May, you could have got in about thirty thousand, 0:15:07.080 --> 0:15:09.400 would double your money. Um. But here we are. Um, 0:15:09.440 --> 0:15:10.760 they said they do this by the end of the year. 0:15:10.840 --> 0:15:13.120 And now people that I talked to on the inside 0:15:13.120 --> 0:15:15.720 of the industry. They told me, Shoot, I don't think 0:15:15.720 --> 0:15:18.160 that's gonna happen. Have you ever seen how slow banks work. 0:15:18.720 --> 0:15:21.480 Banks can't even upgrade their own internal software, Like you 0:15:21.520 --> 0:15:24.880 really think they're gonna get that done in time? Um, well, 0:15:24.960 --> 0:15:27.680 let's wait and see, right, Um, But the banks really 0:15:27.720 --> 0:15:29.200 wanted that. They know that if they don't do it, 0:15:29.200 --> 0:15:31.320 they're gonna lose out their customers, and so they're pressured 0:15:31.360 --> 0:15:33.920 to do that. Um. Now, some of the big banks 0:15:33.960 --> 0:15:38.520 like Morgan's or more I should say financial institutions like Morgan, Stanley, 0:15:38.840 --> 0:15:42.120 Goldman Sacks, they're already in bitcoin right, already offering those 0:15:42.120 --> 0:15:44.680 services JP Morgan right there on. They're getting on board. 0:15:45.000 --> 0:15:47.840 But the banks wanted to be able to allow their 0:15:47.880 --> 0:15:51.840 customers to literally buy bitcoin through their checking account with 0:15:51.880 --> 0:15:54.960 as little as one single dollar. And that's a big 0:15:54.960 --> 0:15:57.120 misconception that people have. They think that, oh, shoot, bitcoin 0:15:57.200 --> 0:16:00.040 sixty one dollars. I don't have sixty one dollars. I 0:16:00.040 --> 0:16:05.360 can't buy that, so I'll just go buy she booo. Right, 0:16:05.400 --> 0:16:08.480 that's cheap. I'll buy that instead, which we can talk 0:16:08.480 --> 0:16:10.920 about that later. But um, the fact is is that 0:16:11.040 --> 0:16:15.240 you can buy a dollars worth of bitcoin and now 0:16:15.400 --> 0:16:17.800 you might be able to do that directly from your 0:16:17.800 --> 0:16:22.280 banking account. So that happened back in May five, right, Well, 0:16:22.320 --> 0:16:25.040 the year goes on, you know, May, June, July, August, 0:16:25.120 --> 0:16:28.120 nothing's happening. People are like, oh my gosh, what happened 0:16:28.120 --> 0:16:29.440 with that information? I thought it was gonna be big 0:16:29.400 --> 0:16:34.240 as massive? Well remember patients, right, patients, UM, I like 0:16:34.320 --> 0:16:35.800 to say, over and over and over, and if you're 0:16:35.800 --> 0:16:37.200 listening to my show each and every week, which I 0:16:37.240 --> 0:16:38.640 hope you do, which, by the way, you're listening to 0:16:38.680 --> 0:16:42.600 the Mark mass Show, I like to repeat one of again, 0:16:42.760 --> 0:16:45.760 Warm Bufett. Actually it's his partner, Charlie Munger. He says 0:16:45.800 --> 0:16:49.320 that the big money is not made in the buying, 0:16:49.360 --> 0:16:53.480 in the selling. The big money is made in the waiting, 0:16:54.240 --> 0:16:56.000 the waiting. Not the buying selling, but the waiting. That 0:16:56.040 --> 0:16:58.640 goes back to what I said before the break said, 0:16:58.760 --> 0:17:00.600 if you only had twenty moves your whole career, you 0:17:00.640 --> 0:17:03.720 do much better. So the waiting and so, uh, you know, 0:17:03.760 --> 0:17:05.479 you got the news, hopefully made a move on it, 0:17:05.600 --> 0:17:09.040 and then you have to wait. And so then moving forward, 0:17:09.119 --> 0:17:12.720 we saw October five, a couple of weeks ago, some 0:17:12.800 --> 0:17:17.400 big news came out. US Bank, the fifth largest retail 0:17:17.440 --> 0:17:21.400 bank in the United States, announced on October five that 0:17:21.480 --> 0:17:26.040 they are going to offer bitcoin buying, selling, and custody 0:17:26.080 --> 0:17:29.520 services in their bank, the fifth largest banking United States. October. 0:17:30.040 --> 0:17:32.360 So you see the news is now starting to come out. 0:17:33.040 --> 0:17:35.359 Let's let's talk about some of the big misconceptions that 0:17:35.440 --> 0:17:39.360 people have and how news like this could overcome that. 0:17:39.560 --> 0:17:42.280 But there's one more piece of information that just came 0:17:42.320 --> 0:17:46.680 out this week that blows this wide open. And I 0:17:46.720 --> 0:17:49.720 want to talk to you about something called diffusion of innovation. 0:17:49.720 --> 0:17:53.240 Innovation diffusion. That's how innovation gets out there. And once 0:17:53.280 --> 0:17:55.120 you understand this and put it together with the news 0:17:55.160 --> 0:17:58.240 that just came out, you're gonna want to go buy 0:17:58.240 --> 0:18:01.359 some cryptocurrency. Right this is very second, So I'm gonna 0:18:01.359 --> 0:18:03.119 bring that to you when I come back. You're listening 0:18:03.119 --> 0:18:05.960 to the Mark mass Show talking about bitcoin, cryptocurrencies and 0:18:05.960 --> 0:18:09.240 the decentralized Revolution. I'll be right back, all right, welcome back. 0:18:09.320 --> 0:18:12.159 You are joining me at the Mark Moa Show. We're 0:18:12.160 --> 0:18:15.639 talking about bitcoin and cryptocurrencies and the decentralized revolution. If 0:18:15.680 --> 0:18:18.400 you're just tuning in, well I'm sorry. You've missed a lot. 0:18:18.880 --> 0:18:21.160 We have gone over so much. We've been talking about bitcoin, 0:18:21.200 --> 0:18:23.679 cryptocurrency is making new all time eyes and then then 0:18:23.760 --> 0:18:26.000 crashing all the way down to where they were, you know, 0:18:26.720 --> 0:18:29.160 a few days before. UM. But we talked about how 0:18:29.359 --> 0:18:31.200 looking at the price is a big distraction and really 0:18:31.240 --> 0:18:33.280 what we should be looking at two things network growth 0:18:33.359 --> 0:18:36.840 and development. And I'm taking everybody through some of the 0:18:36.840 --> 0:18:39.199 biggest news that just came out that has literally slipped 0:18:39.240 --> 0:18:41.119 under the rug that most people are missing. And and 0:18:41.359 --> 0:18:44.399 and in my position as an as a career I've 0:18:44.400 --> 0:18:49.800 been a lifelong career investor. You're looking for fundamental news, 0:18:49.840 --> 0:18:53.479 fundamental information that will move the market. UM. And so 0:18:53.520 --> 0:18:55.720 when you're looking at the price and don't tell you nothing, 0:18:55.960 --> 0:18:59.320 I'll tell you what happened. That was a lagging indicator. 0:18:59.359 --> 0:19:01.560 That means you it's lagging. It tells you what happened. 0:19:01.560 --> 0:19:04.359 We're looking for leading leading in kators tells us what 0:19:04.520 --> 0:19:07.760 will happen. That's what we want, right, So UM, I 0:19:07.800 --> 0:19:12.399 went back I started talking about Back in May, um Nighting, 0:19:12.600 --> 0:19:14.199 a company called Nighting, announced that they were going to 0:19:14.240 --> 0:19:17.000 allow banks three three hundred, three hundred banks that service 0:19:17.040 --> 0:19:20.080 about three million checking accounts UM allowing those three million 0:19:20.160 --> 0:19:23.520