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Speaker 1: Delauded. I'm Robert Evans. This is Behind the Bastards, a

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Speaker 1: podcast that has always opened by me shouting out the

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Speaker 1: name of my favorite painkiller, Delatted. Oh it's good stuff.

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Speaker 1: Because I'm hopeful because Sophia just got mailed a bunch

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Speaker 1: of knives by our fans, and now I'm kind of

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Speaker 1: hoping that some fans will send me a bunch of

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Speaker 1: Delatted anonymously in the mail. Can we also say that

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Speaker 1: Mama loves Darva st Darvasset Dad's the good ship. Yeah,

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Speaker 1: that I And honestly, I can't think of a better

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Speaker 1: idea during a time in which a lot of people

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Speaker 1: are dying from fitneal overdoses and tainted pills than asking

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Speaker 1: strangers to send us random medication in the mail. That's

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Speaker 1: just good thinking again. Podcast Daddy and Podcast Mama love

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Speaker 1: to gamble. Everyone knows we like to roll them bones. Baby.

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Speaker 1: I got a coffee cup and eat the rich coffee cup.

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Speaker 1: It's actually sitting next to me right now from a

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Speaker 1: fan recently. But it came in packaging that I've never

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Speaker 1: seen the packaging made since in retrospect. But it was

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Speaker 1: like a rounded a box with rounded edges made entirely

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Speaker 1: out of styrofoam that was like taped up and had

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Speaker 1: very official looking labels on it, and it looked like

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Speaker 1: the packaging you'd put in through like a vial of

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Speaker 1: of medication or like like bacterial samples or something. So

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Speaker 1: I was looking at this package like should I open this?

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Speaker 1: What the fun is in this thing? And it just

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Speaker 1: these knives. I was like, Oh, this could really be

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Speaker 1: a terrible package to open. Most of these did not

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Speaker 1: have names on them, and I respect that because you know,

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Speaker 1: the government doesn't need to know what we sended to

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Speaker 1: each other. Anonymously send your favorite Creators weapons in the mail.

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Speaker 1: That's these knives were amazing. I just did a little

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Speaker 1: tour of the knives. Robert, there's that amazing US Marine

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Speaker 1: corpninek bar. Yeah, that's a good knife. You can ship

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Speaker 1: up with a k bar. That's the kind of knife

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Speaker 1: if you get to like jab your way outside of

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Speaker 1: a car, nice as leather holster, Like, yes, I love it,

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Speaker 1: Thank you so much. Someone sent a tiny miniature knife

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Speaker 1: for like a little baby knife for sting babies having

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Speaker 1: little little fetuses. Yeah, take it from a fetus knife

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Speaker 1: and loves it. Yeah, that's a kind of knife that

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Speaker 1: like like babies young enough to be legally aborted in

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Speaker 1: the state of Texas would use in a knife fight, yes,

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Speaker 1: to try to fight the people that will not give

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Speaker 1: their mothers rights. Yeah, yeah, I got too loose knives

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Speaker 1: that came with a collection of other things, like a

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Speaker 1: bag of mazza and you know, yeah that was weird.

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Speaker 1: I love that guy. Yeah, so just like some some

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Speaker 1: maniac in a Midwestern states sent you a sack with

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Speaker 1: loose knives, mazza, a cigarette. It was incredible. Hey, it

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Speaker 1: was multiple notes. Yeah, it was a sweet and told

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Speaker 1: me to take care of myself and my friends and

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Speaker 1: family with these loose knives. And now that is the

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Speaker 1: name of honestly my new band, Loose Knives. When you

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Speaker 1: walked me through that us through that package, that is

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Speaker 1: the proudest I've ever been of my fans. That was

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Speaker 1: that was an incredible way to send a gift to somebody.

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Speaker 1: Just loose knives with a cigarette in a sack, one

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Speaker 1: rolling paper and a single matches Yes, matches please, thank you.

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Speaker 1: What a hero. Someone sent me lavender bath products along

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Speaker 1: with a tiny knife that goes on my keychain. Someone

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Speaker 1: else sent me and like a key that I can

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Speaker 1: sneak into an airport and specifically said this doesn't this

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Speaker 1: isn't visible on X rays. God, that's some queen ship. God,

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Speaker 1: thank you. That's you know, having when people when people

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Speaker 1: send you stuff like that in the mail and just like,

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Speaker 1: here's how you can smuggle a knife on an airplane.

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Speaker 1: Stranger that whose content? I like, that lets me know

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Speaker 1: that we're reaching the right demographic scene, you know, absolutely

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Speaker 1: absolutely beautiful. I was telling Robbert before this, I was like, Yeah,

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Speaker 1: I used to fly with a knife in my purse

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Speaker 1: all the time on airplanes, and not because I was

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Speaker 1: like trying to prove a point or anything. I just

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Speaker 1: always carry a knife and I would forget to take

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Speaker 1: it out before I flew and they never got it.

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Speaker 1: It took me like fifteen times of flying before finally

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Speaker 1: someone was like, is that a knife? And I was like, oh,

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Speaker 1: shit is and then I lost it. But now I

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Speaker 1: have a k bar, So fuck them and make sure

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Speaker 1: you check the k bar. They will probably find that

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Speaker 1: I won't fly with that one. That's just for local stabbings. Okay,

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Speaker 1: that's for locals. That's good. Yeah, you need to have

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Speaker 1: you need to have like like not every knife is

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Speaker 1: suitable for stabbing people in every situation. Like if you're

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Speaker 1: going to shank somebody in an airport bathroom, that's past

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Speaker 1: security want the knife exactly exactly. But at k bar,

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Speaker 1: you know, it's it's it's for a different thing. It's

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Speaker 1: a different kind of vibe, it's a different kind of

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Speaker 1: you know, stabbing. The k Bar is the knife that

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Speaker 1: like if you have to uh in in the style

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Speaker 1: of a parable of the sower, hike on foot from

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Speaker 1: southern California to Oregon in order to save yourself during

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Speaker 1: the climate apocalypse and crash in my compound, that's the

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Speaker 1: knife you take with you to stab people on the road.

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Speaker 1: I was thinking more of like Cheryl straight strads like

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Speaker 1: wild you know, like I'm on the doing the Appalachian Trail.

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Speaker 1: You know, maybe I stabbed something to eat. Maybe I

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Speaker 1: stab a man who wants to get in this pussy.

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Speaker 1: You know, you never know what happens, and you can

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Speaker 1: eat him too, you know, you think I would stab

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Speaker 1: a man without eating him. Robert the part first while

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Speaker 1: it's still beating. Everyone knows that that's how you and

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Speaker 1: then we slice up as butt cheek meat. That's the

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Speaker 1: best meat into some steak tartar human cheek because like

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Speaker 1: beef cheek is delicious. I imagine people's cheeks would be

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Speaker 1: pretty good too. Um. I don't think they have as

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Speaker 1: much like fatty loveliness, but probably they're not bad. Yeah,

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Speaker 1: they're probably probably like you know, when you eat like

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Speaker 1: a fish head and you get like all the parts

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Speaker 1: out of the head and they're like delicious. I mean,

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Speaker 1: we should probably ask one of our fans to just

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Speaker 1: send please do please send us, Sophie, come on, you should.

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Speaker 1: You should talk about doing even you said cut what

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Speaker 1: Robert just said for safety reasons. So Robert, we're already

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Speaker 1: getting sent knives that you vary more we are could

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Speaker 1: be used in a nine eleven, and I feel like

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Speaker 1: you could do with some of these. Say sure, that's

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Speaker 1: enough for us. We don't need to encourage. You're right,

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Speaker 1: we can get our own exactly. That's what the knives

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Speaker 1: are for. And in the meantime, my k bars for

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Speaker 1: like local stabbings, like your farm to table kind of

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Speaker 1: farm to table stabbing, yeah, and then the other kind

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Speaker 1: of stabbings that are like more, oh, you gotta travel

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Speaker 1: to stab who you want. That's what my little airplane

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Speaker 1: knife is for that's good. None of this has anything

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Speaker 1: to do with what we're talking about today, which is cryptocurrency. Cool. So, Sophia,

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Speaker 1: I never planned to do an episode on n f

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Speaker 1: T s or cryptocurrency, UM, because I think it's all

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Speaker 1: very silly. I am. I'm not a believer in any

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Speaker 1: of this stuff. But over the last couple of weeks,

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Speaker 1: in spite of myself, I've I've gone down a rabbit

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Speaker 1: hole specifically inspired by some n f T scams that

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Speaker 1: have recently come to light that I just found absolutely fascinating. Um.

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Speaker 1: This is not going to be an episode about a

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Speaker 1: specific bastard, and to be honest, even like the victims

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Speaker 1: here are not people who really feel that bad for

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Speaker 1: UM because they're gambling with money that only exists because

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Speaker 1: it destroys rainforests. Basically like it's like cryptos. I think

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Speaker 1: mostly bad, UM. But this show primarily functions by me

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Speaker 1: getting interested in something and then reading about it. And

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Speaker 1: this week I didn't want to read about Peter teal

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Speaker 1: or or some sort of genocide Cichesco or whatever. UM.

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Speaker 1: I wanted to read about cryptocurrency, so I did UM

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Speaker 1: and the person you can blame this episode on. Is

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Speaker 1: David Garrard or David Girard, who wrote a book called

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Speaker 1: Attack of the fifty Foot Blockchain. UM. David is a

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Speaker 1: senior Wikipedia editor. He's volunteered spokesperson for Wikipedia. He's also

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Speaker 1: an author and a crypto expert who is a no coiner,

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Speaker 1: which is somebody who doesn't is involved in the cryptocurrency world,

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Speaker 1: often reporting on it, but does not actually hold any himself.

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Speaker 1: And he doesn't hold any because he seems to pretty

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Speaker 1: much think it's all bullshit. UM. He is widely despised

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Speaker 1: in the cryptocurrency community, but as far as I can tell,

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Speaker 1: he is very knowledgeable UM, and he's a good writer.

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Speaker 1: I recommend the book heavily. UM. He's also pro some

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Speaker 1: of the fundamental ideas that are behind cryptocurrency, which I

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Speaker 1: actually kind of am as well. At the beginning of

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Speaker 1: his book, he cites a quote from Bitcoin creator Satoshi

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Speaker 1: Nakamoto's original manifesto or white paper, whatever you wanna call it,

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Speaker 1: laying out Nakamoto's basic goal of the Bitcoin project. Quote,

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Speaker 1: a purely peer to peer version of electronic cash would

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Speaker 1: allow online payments to be sent directly from one party

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Speaker 1: to another. Without going through a financial institution, so you

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Speaker 1: can see, like, right, just that basically if you take

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Speaker 1: out everything that's happened since if someone were to like

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Speaker 1: tell you that idea, you know back in two that's

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Speaker 1: five or whatever. Hey, this is what I want to make.

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Speaker 1: That's not unreasonable, right, Like maybe that's just the libertarian

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Speaker 1: in me, but like I get why you would want

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Speaker 1: that real quick. We did not do an intro, did we?

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Speaker 1: Why would we do an intro? We didn't intro. We

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Speaker 1: talked about knives. I just wanted to make sure Sophie's

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Speaker 1: faces were all converted. Everyone knows who you are, Sophia Alexandra.

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Speaker 1: Normally we talk about horrible, dead baby things, but this

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Speaker 1: week we started by talking about knives and cryptocurrency. Yeah,

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Speaker 1: and then you said, I look, you lured me here

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Speaker 1: under false pretenses. Um, I thought there would be dead babies. Instead,

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Speaker 1: you were like, we're talking about n f T s

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Speaker 1: and I'm like, oh, no, titties, how about this? You

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Speaker 1: were like, that's not what n f T stands for.

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Speaker 1: Cryptocurrency is incredibly environmentally wasteful. Every individual popular cryptocurrency uses

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Speaker 1: more electricity and im it's more carbon per year than

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Speaker 1: many nations. That leads to horrific climate change, which kills

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Speaker 1: a shipload of babies. Tens of millions of babies are

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Speaker 1: going to die. Additionally, every year is the world were

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Speaker 1: warms and you feel better, Sofia, I guarantee there are

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Speaker 1: mountains of babies being killed by this, mountains of them.

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Speaker 1: I don't believe it, Sofia, I I will, I will

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Speaker 1: for the for the next year. Every time there's a

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Speaker 1: horrible natural disaster that affects babies, I'm gonna send you

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Speaker 1: a picture. I'm gonna go to tiny baby hurricane. Yeah,

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Speaker 1: a little baby hurricane. Hurricanes that just affect in I

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Speaker 1: see you warts. Oh, we're nick you all with tiny's.

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Speaker 1: We've scotten all the incubators, tropical storm, widow, bitty baby. Yeah.

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Speaker 1: I don't think anyone's sending me knives after this, No, Sophia,

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Speaker 1: But like so okay, cryptocurrency the basic idea like that

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Speaker 1: Nakamoto was going for behind bitcoin, that's doesn't sound entirely

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Speaker 1: unreasonable to me. A way for people to send electronic

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Speaker 1: money directly without using a bank or without like you know,

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Speaker 1: involving a government, right Like I don't have a fun

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Speaker 1: the mental issue with that idea. In fact, I think

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Speaker 1: there's there's reasons for which it could be value valuable.

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Speaker 1: Now I'm it was a libertarian most of my life.

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Speaker 1: I'm kind of more on the anarchistic spectrum now um,

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Speaker 1: and I don't really like large, powerful, centralized institutions. So yeah,

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Speaker 1: so you could see like if someone were to again,

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Speaker 1: if bitcoin wasn't a thing of all of the ship

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Speaker 1: that's happened, wasn't a thing someone said, Hey, I'm working

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Speaker 1: on this idea, you might have thought like, oh, that

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Speaker 1: that sounds like a neat experiment to dry, it's worth

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Speaker 1: giving a shot. Um. One of the other things that

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Speaker 1: Nakamoto was talking about that a lot of early people

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Speaker 1: who were into cryptocurrency talked about was the promise that

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Speaker 1: it would provide an option for people who are unbanked,

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Speaker 1: which is folks who for a variety of reasons, maybe

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Speaker 1: their location, the nation that they live in, you know,

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Speaker 1: the level of poverty that they have, whatever, and maybe

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Speaker 1: the fact that, like there's a lot of people in

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Speaker 1: places like India who don't legally exist because they were

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Speaker 1: you know, of where they were born. There's just nobody

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Speaker 1: like keeping track of people there. Um, Like their identities

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Speaker 1: often like tied up in the community that they live

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Speaker 1: in rather than like a bunch of government documents. Um.

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Speaker 1: So a lot of these people aren't going to be

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Speaker 1: able to have an account with a financial institution. So

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Speaker 1: one of the ideas was that, well, if you have

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Speaker 1: some sort of electronic currency that doesn't rely on a

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Speaker 1: government or a financial institution, it would provide an option

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Speaker 1: for those people. Um, and specifically an option to do

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Speaker 1: like micro transactions, so like sending small bits of money,

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Speaker 1: you know, from one place to the other. Um. None

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Speaker 1: of this has wound up happening. Cryptocurrency does none of

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Speaker 1: this Like absolutely not. Well I was going to say

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Speaker 1: that's the thing is if that's what it was, that

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Speaker 1: would be tight. That's not what it is. And um,

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Speaker 1: it's kind of like when I read about that ship

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Speaker 1: that was like an independent nation and you can buy

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Speaker 1: your like thing on it with crypto and then it's like, oh,

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Speaker 1: we didn't realize how hard it is. It's actually very

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Speaker 1: hard to do this savership and a government and uh infrastructure,

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Speaker 1: but you're in ownership. Oh fuck. So yeah, the idea

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Speaker 1: like sure, that's cool, but you did not think through

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Speaker 1: anything like eating or shipping for the laws of the

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Speaker 1: sea or what it takes to actually operate a boat

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Speaker 1: of that size. So I actually really like that you

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Speaker 1: brought that up, and the story for people who aren't aware,

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Speaker 1: there's actually a good article about it. Um a bunch

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Speaker 1: of like libertarian crypto nerds bought a cruise ship at

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Speaker 1: the start of the pandemic um and sailed it off

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Speaker 1: the coast of Panama in an attempt to create an

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Speaker 1: independent nation there. And we're basically like selling bunks on

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Speaker 1: the ship. And the idea was that would be like

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Speaker 1: a perfectly free country. But for one thing, you can't

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Speaker 1: be perfectly free living in a tiny room on a

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Speaker 1: cruise ship. Like people weren't even allowed to have like

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Speaker 1: microwaves in their room. They didn't have their own kitchens.

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Speaker 1: They were alliant top Like if just there would have

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Speaker 1: been a to be able to do this in a

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Speaker 1: way that is safe. So you be like, okay, we

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Speaker 1: have to be safe. They're like, you can't have a

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Speaker 1: micro raven whatever, which is like hilarious when you're like,

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Speaker 1: this is the freeest you'll ever be for you can

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Speaker 1: never cook again, and to freedom, Like I love the

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Speaker 1: movie Pirate Radio. UM I think that's one about those

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Speaker 1: people who live on that boat that do a pirate.

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Speaker 1: That's my dream. I would love to live on a

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Speaker 1: big boat with like twenty something of my friends and

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Speaker 1: run illegal media stations. That sounds like the coolest thing

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Speaker 1: you could possibly do. Everybody has British accents and everybody's

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Speaker 1: very British. It sounds it would be rad as hell.

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Speaker 1: But obviously, um the idea. Anyway, what's the reason I

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Speaker 1: think that it's good that you brought this up is

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Speaker 1: that it's a perfect example of what has happened with

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Speaker 1: a lot of cryptocurrency. We'll talk about this a little

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Speaker 1: more in a bit, but like all of these people

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Speaker 1: are good at one thing and it makes them think

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Speaker 1: they're good at a bunch of other things, or at

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Speaker 1: least they could figure it out. Like these crypto nerds

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Speaker 1: were like really good at making a bunch of money

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Speaker 1: in cryptocurren In other ways, like a lot of them

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Speaker 1: were business owners. You know, They're the kind libertarians who

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Speaker 1: did have a skill. They made their money doing something, um,

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Speaker 1: and they were convinced use that like, well, how hard

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Speaker 1: could it be to like operate a cruise ship or

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Speaker 1: just I'll be able to hire somebody to operated how

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Speaker 1: complicated could the laws be? And it's like, well, it's

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Speaker 1: a nightmare. And it's the same thing with crypto people

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Speaker 1: of someone that decorates their house nicely and it's like,

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Speaker 1: let's just flip houses. And then they're like, oh no, yeah,

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Speaker 1: not understand how to do that. I just know how

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Speaker 1: to buy ship off of Wayfair and my bad and

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Speaker 1: should not have tried to be an hd TV person

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Speaker 1: you've seen. I've seen a lot of the same thing

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Speaker 1: in like the pot industry because I was I was

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Speaker 1: living in and around pot farms during the height of

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Speaker 1: the marijuana gold rush in California. A lot of people

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Speaker 1: who like would get in and try to start farms

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Speaker 1: whould like made a bunch of money doing something else,

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Speaker 1: something in business or whatever, like in the tech industry,

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Speaker 1: and like, well, now I'm just gonna like I'm gonna

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Speaker 1: be a pot farmer. And I didn't realize that, like

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Speaker 1: because they've grown like a couple of plants in their

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Speaker 1: house or something in it Like it's like no, no, no.

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Speaker 1: Actual pot farming is one of the hardest things you

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Speaker 1: can possibly do um and it it necessitates very close

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Speaker 1: contact with incredibly date coustic. Even if you're like organically

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Speaker 1: using pesticides, you're basically spraying sulfur in amounts that you

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Speaker 1: have to wear like a fucking tip exit Like it's

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Speaker 1: it's hard. And all these people like crashed and burned

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Speaker 1: because they had no fucking clue what they were doing

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Speaker 1: and they couldn't physically handle the demands of running a

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Speaker 1: farm because farming is hard. It's like a lot of

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Speaker 1: these people love to think it is easy from the outside. Yeah,

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Speaker 1: it's it's a human problem. It's not just a crypto problem. No,

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Speaker 1: everybody thinks something that you don't know shit about from

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Speaker 1: the side, or like this ship is easy. The utopian

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Speaker 1: kind of socialist and anarchist communities that I have a

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Speaker 1: lot of you know, love for, but like a lot

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Speaker 1: of people who were like city kids talking about their

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Speaker 1: dream of like buying land and operating a farm, and

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Speaker 1: like I'm farming about an acre right now, um, and

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Speaker 1: I'm not. I the people who are engaged in the

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Speaker 1: project with me have been doing it a lot longer,

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Speaker 1: and I'm much better it than I am. And even

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Speaker 1: the little bit that I'm doing is like this shipload

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Speaker 1: of work, and that's like a little bit of land,

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Speaker 1: not even trying to be fully self sufficient, like it's

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Speaker 1: all it's this thing people do is like I don't

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Speaker 1: I I think that this thing sounds fun. How hard

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Speaker 1: could it possibly be? Oh no, it's a problem. Um.

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Speaker 1: The issue is that, like same with a homemaker problem.

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Speaker 1: It's like the idea these you know, a lot of

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Speaker 1: these men have been like, oh, well, like all you

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Speaker 1: do is fucking stay at home and take care of

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Speaker 1: the kids in the house. How hard could this be?

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Speaker 1: And then like you know, COVID happened and they had

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Speaker 1: to do it for a little bit and they were like,

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Speaker 1: oh my god, what you do as hell? And it's like, yeah, bitch,

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Speaker 1: everybody's job is hard. I don't know what you think

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Speaker 1: an easy job is? Just being rich? I would say,

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Speaker 1: like being I think I could be a CEO of

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Speaker 1: literally any company and do just lot a job. That's

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Speaker 1: like no, that's like, uh, like what the royalty is

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Speaker 1: in Britain. You know, yeah, I could Queen of England.

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Speaker 1: You know. Yeah, I could be a pretty good pope too,

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Speaker 1: I think. But yeah, anyway, you be the pope and

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Speaker 1: I'll be the queen. Absolutely, we can finally destroy the

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Speaker 1: Church of England can't. So the issue here, like this

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Speaker 1: is the thing we all do underestimate how difficult things

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Speaker 1: that we don't have experience with our um It's done

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Speaker 1: in Krueger stuff and like, for example, if you and

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Speaker 1: your friends buy five acres of land and realized farming

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Speaker 1: is much harder, you have two options. Either you give

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Speaker 1: up or you actually get better after a while. I

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Speaker 1: didn't eventually figured out either way. The worst case scenario

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Speaker 1: is like, oh, I made a mistake, and this is

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Speaker 1: harder than I thought it was. If what you're trying

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Speaker 1: to do is completely recreate a financi shull system, the

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Speaker 1: mistakes you make will be things like, oh, I've been

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Speaker 1: illegally selling unlicensed securities. Oh, I've been illegally operating as

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Speaker 1: a money transmitting like organization without any of the proper paperwork.

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Speaker 1: And now I found out that I've actually been committing

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Speaker 1: numerous felonies. Oh, what I've been doing for years is

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Speaker 1: actually embezzlement. And I was unaware because I don't understand

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Speaker 1: any of these financial regulations, and I just thought it

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Speaker 1: was easy to to to recreate all this. I thought

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Speaker 1: that because it was cryptocurrency, there's no laws around it,

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Speaker 1: and actually it's all still regulated the same way the

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Speaker 1: rest of the economy is UM and I've been committing

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Speaker 1: numerous crimes, which is why a lot of these guys

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Speaker 1: go to jail. UM. A lot of the big crypto

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Speaker 1: dudes UM either go to jail or flee the country

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Speaker 1: because they either learn or yeah, anyway, this is what

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Speaker 1: we're talking about here. UM. So at the moment, at best,

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Speaker 1: bitcoin is an extremely volatile speculative commodity that uses an

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Speaker 1: ungodly amount of electricity and it is a huge pain

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Speaker 1: in the ask for most people to use. It is

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Speaker 1: not freed any individuals from alliance on centralized bank type businesses.

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Speaker 1: In fact, part one of the things that everyone gets

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Speaker 1: excited about is like bitcoin's dollar value, you know, shoots

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Speaker 1: up regularly to a high level. But like you're still excited,

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Speaker 1: Like it's worth a lot of US dollars right, Like

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Speaker 1: it's it's a money making scheme to get people rich

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Speaker 1: in actual currency, and the people I know who are

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Speaker 1: smart in crypto have done that. I have a friend

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Speaker 1: who when bitcoin was like five hundred bucks of bitcoin,

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Speaker 1: he was moving to Europe and he put a lot

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Speaker 1: of his money into bitcoin, with the idea that like,

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Speaker 1: well I'll move to Europe and I'll sell it for

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Speaker 1: euros and I'll avoid a lot of transfer fees for

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Speaker 1: doing that. Um. And he just kept some of it

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Speaker 1: in there as the price shot up and he did

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Speaker 1: very well. But his goal was always like, well, I

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Speaker 1: don't I think this isn't like you know, a gamble,

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Speaker 1: right like, and he's someone who enjoys gambling, and that's fine,

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Speaker 1: Like if if you want to gamble. I don't have

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Speaker 1: an issue with gambling obviously, like we do we sell

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Speaker 1: sports betting and stuff. I have no moral problem with gambling. Um.

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Speaker 1: But it's not a function currency in any meaningful way.

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Speaker 1: It just isn't. It's um again at best, like a

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Speaker 1: very volatile kind of investment type thing. UM. Also, I

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Speaker 1: gotta say, with like the environmental footprint that all of

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Speaker 1: us are making every day, that's just so fucked up.

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Speaker 1: And with corporations not giving a ship and not changing anything,

404
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Speaker 1: and the government not giving a ship and not changing anything,

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Speaker 1: it's like, I mean, I understand trying to make money,

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Speaker 1: but I just feel like making money from a thing

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Speaker 1: that you know, destroys the environment is like another level

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Speaker 1: of like making you feel bad, and it's like, yeah,

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Speaker 1: all late stage capitalism makes you feel bad and participating

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Speaker 1: in it. But if you know that there's no value

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Speaker 1: to what you're putting money into, and the thing they're

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Speaker 1: putting your money into is just made up so that

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Speaker 1: people could make money, and then while it's made up,

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Speaker 1: it's just making the environment worse. Just feeling is one

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Speaker 1: of the things about it. I think if when you

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Speaker 1: first got into it, especially if you got into it

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Speaker 1: when it was not worth much, the environmental cost wasn't much,

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Speaker 1: it hasn't always been as bad at So the way

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Speaker 1: that bitcoin works, right, the thing that gives its scarcity

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Speaker 1: um like when you're mining it. When you're doing it

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Speaker 1: like is you're basically it. Computers mine it by having

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Speaker 1: to do a bunch of calculations. It's called proof of work, right,

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Speaker 1: And and the longer time goes on in order to

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Speaker 1: keep the thing at a steady rate, while processing power increases,

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Speaker 1: the calculations get harder. So at the beginning, very little

426
00:23:35,359 --> 00:23:38,359
Speaker 1: power comparatively was used to mind bitcoin, but it just

427
00:23:38,680 --> 00:23:41,639
Speaker 1: it gets hard, like the the math the computers have

428
00:23:41,760 --> 00:23:44,600
Speaker 1: to do gets harder and harder and harder over time,

429
00:23:44,880 --> 00:23:49,240
Speaker 1: and that increases the amount of electricity that bitcoin like requires,

430
00:23:49,720 --> 00:23:51,600
Speaker 1: And I don't think a lot of people thought about

431
00:23:51,600 --> 00:23:53,879
Speaker 1: it at the time, especially since, as we'll cover, this

432
00:23:53,920 --> 00:23:56,000
Speaker 1: was just kind of like one of a at the start,

433
00:23:56,080 --> 00:23:57,880
Speaker 1: was one of a couple of different crypto things people

434
00:23:57,920 --> 00:24:00,639
Speaker 1: had tried and like in two thousand ten. And I

435
00:24:00,680 --> 00:24:03,280
Speaker 1: don't think anyone could have guessed that bitcoin would eventually

436
00:24:03,280 --> 00:24:06,159
Speaker 1: be drawing more power than dozens of nations like it,

437
00:24:06,280 --> 00:24:08,640
Speaker 1: just because it didn't start that way. It was kind

438
00:24:08,640 --> 00:24:11,520
Speaker 1: of like and when Satoshi Nakamoto created it, it was

439
00:24:11,600 --> 00:24:14,399
Speaker 1: like an experiment, like I don't even think in his

440
00:24:14,520 --> 00:24:17,760
Speaker 1: mind it was going to be the final product, the

441
00:24:17,760 --> 00:24:20,840
Speaker 1: actual cryptocurrency he wanted to create. It was like, let's

442
00:24:20,840 --> 00:24:23,320
Speaker 1: see if this works and then maybe iterate. Do you

443
00:24:23,400 --> 00:24:28,040
Speaker 1: think do you think that like the idea that it

444
00:24:28,080 --> 00:24:31,400
Speaker 1: could possibly become that was even something that people thought

445
00:24:31,480 --> 00:24:35,280
Speaker 1: through all the way. I don't think so, because there's

446
00:24:35,320 --> 00:24:38,600
Speaker 1: a number of things that are really really like the

447
00:24:38,720 --> 00:24:41,480
Speaker 1: atom bomb, were like you didn't know that that's what

448
00:24:41,640 --> 00:24:43,639
Speaker 1: gonna was going to happen, but then it did and

449
00:24:43,680 --> 00:24:45,879
Speaker 1: it was fucked. Yeah, there's a bunch of things they

450
00:24:45,880 --> 00:24:48,359
Speaker 1: would have done differently like Nakamoto and the like. The

451
00:24:48,400 --> 00:24:50,240
Speaker 1: people who were kind of like getting it off the ground,

452
00:24:50,280 --> 00:24:51,840
Speaker 1: I think would have done differently if they've known how

453
00:24:51,840 --> 00:24:54,119
Speaker 1: successful it would be. For one thing, one of the

454
00:24:54,160 --> 00:24:57,560
Speaker 1: reasons bitcoin like can't work as a global currency is

455
00:24:57,600 --> 00:24:59,560
Speaker 1: that there is a hard cap on the number of

456
00:24:59,600 --> 00:25:03,440
Speaker 1: trans actions worldwide that can ever occur. There can never

457
00:25:03,480 --> 00:25:07,000
Speaker 1: be more at present than seven Bitcoin transactions per second

458
00:25:07,119 --> 00:25:12,520
Speaker 1: planet wide, which doesn't work. It's a it's math ship,

459
00:25:12,720 --> 00:25:15,240
Speaker 1: like I I don't understand the math, but that's the

460
00:25:15,240 --> 00:25:17,560
Speaker 1: way it works. And people have proposed different ideas for

461
00:25:17,640 --> 00:25:21,440
Speaker 1: like expanding the number of of bitcoin transactions that can

462
00:25:21,560 --> 00:25:23,800
Speaker 1: that can happen. There's kind of like ways to basically

463
00:25:23,920 --> 00:25:26,720
Speaker 1: change the code at a fundamental level, but it hasn't

464
00:25:26,760 --> 00:25:29,479
Speaker 1: been done. And this handicap means that as bitcoin has

465
00:25:29,520 --> 00:25:32,720
Speaker 1: gotten more popular, it has gotten more expensive just to

466
00:25:32,880 --> 00:25:35,600
Speaker 1: make a transaction. So you have to pay because it

467
00:25:35,640 --> 00:25:37,640
Speaker 1: takes like power and stuff in order to like even

468
00:25:37,960 --> 00:25:41,119
Speaker 1: start a transaction, and you never entirely know when the

469
00:25:41,119 --> 00:25:43,879
Speaker 1: transaction is going to happen. About twenty of them just

470
00:25:43,920 --> 00:25:48,719
Speaker 1: get like canceled because there's this massive like blockage in

471
00:25:48,800 --> 00:25:51,239
Speaker 1: terms of actually getting because you have to you have

472
00:25:51,280 --> 00:25:54,200
Speaker 1: to actually like enter transactions onto the blockchain, right. That's

473
00:25:54,200 --> 00:25:55,959
Speaker 1: the whole thing about bitcoin is it's on this thing

474
00:25:56,000 --> 00:25:58,520
Speaker 1: called the blockchain, which is this persistent record of every

475
00:25:58,520 --> 00:26:03,159
Speaker 1: bitcoin transaction, and only so many transactions can get written

476
00:26:03,200 --> 00:26:06,439
Speaker 1: to the blockchain at a given point in time, so

477
00:26:06,480 --> 00:26:09,600
Speaker 1: it's about seven a second right now, um, which makes

478
00:26:09,600 --> 00:26:11,880
Speaker 1: it a huge Like you can't one of the people

479
00:26:11,880 --> 00:26:14,800
Speaker 1: talk about bitcoin being used for drugs, and it is,

480
00:26:14,840 --> 00:26:17,080
Speaker 1: it has been on like the Silk Road and stuff,

481
00:26:17,119 --> 00:26:20,280
Speaker 1: but it's actually like it's it's a thing where individuals

482
00:26:20,320 --> 00:26:24,720
Speaker 1: will like buy amounts of drugs with it, but drug dealers,

483
00:26:24,800 --> 00:26:27,359
Speaker 1: like big name people like hate would never enjoy it,

484
00:26:27,400 --> 00:26:29,199
Speaker 1: like use bitcoin for this because you don't know that

485
00:26:29,240 --> 00:26:31,320
Speaker 1: the transaction is going to go through. You don't know

486
00:26:31,400 --> 00:26:33,520
Speaker 1: when it's going to go through. So wait, let me

487
00:26:33,560 --> 00:26:39,520
Speaker 1: ask you this is it just like if there's uh,

488
00:26:39,800 --> 00:26:43,359
Speaker 1: it's like trying to get tickets to like hot show

489
00:26:43,480 --> 00:26:47,119
Speaker 1: or something into ticket Master or whatever the funk, and

490
00:26:47,200 --> 00:26:51,280
Speaker 1: there's like a lot of real yeah yeah, it's you

491
00:26:51,440 --> 00:26:53,960
Speaker 1: get it in that exact moment, you get your thing,

492
00:26:54,000 --> 00:26:56,880
Speaker 1: and if you don't, like, you don't yeah, yeah, it's

493
00:26:56,960 --> 00:27:00,359
Speaker 1: kind of like that. It's very and again this is

494
00:27:00,400 --> 00:27:03,359
Speaker 1: because number one, when it was invented, I don't think

495
00:27:03,440 --> 00:27:06,200
Speaker 1: Nakamoto had any idea that it would ever be this popular,

496
00:27:06,880 --> 00:27:10,080
Speaker 1: and it was not. They hadn't thought all this out right,

497
00:27:10,119 --> 00:27:12,400
Speaker 1: because it's a new thing. And the problem is that

498
00:27:12,720 --> 00:27:16,160
Speaker 1: you have any time you invent a new thing, that

499
00:27:16,200 --> 00:27:20,280
Speaker 1: you think, what's the least that could happen with it?

500
00:27:20,359 --> 00:27:22,320
Speaker 1: And what's the most that can happen with it? Do

501
00:27:22,359 --> 00:27:25,919
Speaker 1: you think so? I don't think necessarily you do if

502
00:27:25,960 --> 00:27:27,840
Speaker 1: you're the kind of person who just thinks this stuff

503
00:27:27,880 --> 00:27:29,879
Speaker 1: is neat, like if you're the kind of math, brain

504
00:27:29,960 --> 00:27:33,720
Speaker 1: engineer type person who just enjoys the intellectual problem of

505
00:27:33,720 --> 00:27:36,880
Speaker 1: a cryptocurrency. He thought through a lot. There's things about

506
00:27:36,880 --> 00:27:39,520
Speaker 1: bitcoin that are very smart. There is a reason it's

507
00:27:39,520 --> 00:27:41,359
Speaker 1: been as successful as it is and is used as

508
00:27:41,400 --> 00:27:43,880
Speaker 1: widely as it is. There's a reason why of all

509
00:27:43,920 --> 00:27:46,760
Speaker 1: of the different cryptocurrency projects that have existed over the years,

510
00:27:47,160 --> 00:27:49,359
Speaker 1: bitcoin is the biggest one. There were things that he

511
00:27:49,440 --> 00:27:52,399
Speaker 1: did right, but it's also like a guy trying to

512
00:27:52,480 --> 00:27:55,760
Speaker 1: dream up basically a whole new economic system. It was

513
00:27:55,800 --> 00:27:58,960
Speaker 1: always going to be incomplete and like, but I guess, Like,

514
00:27:59,119 --> 00:28:03,720
Speaker 1: I mean, it's like any kind of and forgive me

515
00:28:03,800 --> 00:28:06,919
Speaker 1: for making this a science fiction comparison, but it's like

516
00:28:07,000 --> 00:28:09,600
Speaker 1: any science fiction thing right where it's like, oh, it

517
00:28:09,720 --> 00:28:12,359
Speaker 1: starts off real good, but like you've got to think about,

518
00:28:12,480 --> 00:28:16,160
Speaker 1: like right, like all the best things that could happen

519
00:28:16,160 --> 00:28:18,320
Speaker 1: and the worst things that could happen. So I feel

520
00:28:18,359 --> 00:28:21,760
Speaker 1: like a lot of times, um, I don't know if

521
00:28:21,800 --> 00:28:25,200
Speaker 1: I buy that these like hyper smart people didn't think

522
00:28:25,240 --> 00:28:28,560
Speaker 1: about what could happen, because I just think that they

523
00:28:28,600 --> 00:28:33,399
Speaker 1: did and they were like, oh, whatever, we'll worry about

524
00:28:33,440 --> 00:28:36,960
Speaker 1: it later. Yeah, I mean maybe I don't know. And

525
00:28:37,000 --> 00:28:39,160
Speaker 1: I'm not trying to say that in like a negative way.

526
00:28:39,200 --> 00:28:41,960
Speaker 1: I'm just trying to think, like maybe the excitement of

527
00:28:42,040 --> 00:28:45,880
Speaker 1: inventing this thing makes it so that even if you

528
00:28:45,920 --> 00:28:49,880
Speaker 1: consider what the possibility of the end game is, you're

529
00:28:49,920 --> 00:28:53,720
Speaker 1: just like, oh, I don't care because this is so exciting. Yeah.

530
00:28:53,800 --> 00:28:55,320
Speaker 1: I think that's a big part of it. I think

531
00:28:55,320 --> 00:28:57,680
Speaker 1: it's it's nerds being excited about a thing. It's like

532
00:28:57,680 --> 00:29:00,240
Speaker 1: all of social media, it's kind of the same thing,

533
00:29:00,320 --> 00:29:04,520
Speaker 1: where like they no one thought through what might happen

534
00:29:04,800 --> 00:29:06,880
Speaker 1: because they were so excited about like, oh, can we

535
00:29:06,920 --> 00:29:10,000
Speaker 1: make this work? Um? And can we get people interested

536
00:29:10,040 --> 00:29:12,120
Speaker 1: in this thing? And that was a more important question

537
00:29:12,120 --> 00:29:14,320
Speaker 1: than like, hey do we do we think we might

538
00:29:14,320 --> 00:29:16,840
Speaker 1: need to be able to do more than seven transactions

539
00:29:16,840 --> 00:29:19,760
Speaker 1: a second worldwide for this thing? Hey what if it

540
00:29:19,800 --> 00:29:24,160
Speaker 1: winds up using more power than multiple entire nation's worth

541
00:29:24,160 --> 00:29:27,160
Speaker 1: of people, um and and burning down rainforest in order

542
00:29:27,160 --> 00:29:30,320
Speaker 1: to exist? Like and again it's also bitcoin get started

543
00:29:30,320 --> 00:29:33,640
Speaker 1: in two thousand nine, right, Like the technology is in

544
00:29:33,720 --> 00:29:36,120
Speaker 1: such a different place then that I don't think they

545
00:29:36,360 --> 00:29:40,160
Speaker 1: don't think they necessarily thought, oh, dozens of different like

546
00:29:40,280 --> 00:29:43,360
Speaker 1: Chinese corporations are going to buy massive mining rigs that

547
00:29:43,360 --> 00:29:45,680
Speaker 1: are powered by coal plants in order to like mine

548
00:29:45,720 --> 00:29:48,160
Speaker 1: more bitcoin. It was like it's it's a guy on

549
00:29:48,200 --> 00:29:52,320
Speaker 1: a project in two thousand nine. You can't that's a lot.

550
00:29:52,880 --> 00:29:58,840
Speaker 1: That's a lot to envision, and we'll talk about like

551
00:29:59,000 --> 00:30:02,040
Speaker 1: why because the fundamental problem in a lot of ways

552
00:30:02,040 --> 00:30:04,480
Speaker 1: with bitcoin is that, rather than it being what it

553
00:30:04,480 --> 00:30:06,240
Speaker 1: should have been, was like, oh, here was an experiment.

554
00:30:06,280 --> 00:30:07,880
Speaker 1: Here's the ways in which it was successful, here's the

555
00:30:07,920 --> 00:30:09,680
Speaker 1: ways in which it's failed. Let's try a new thing.

556
00:30:10,160 --> 00:30:13,719
Speaker 1: It's still like the thing in cryptocurrency, the biggest thing,

557
00:30:13,840 --> 00:30:17,280
Speaker 1: and people are and it's because people are ideologically invested

558
00:30:17,280 --> 00:30:21,360
Speaker 1: in it, and that is a problem because it's obsolete,

559
00:30:21,400 --> 00:30:24,640
Speaker 1: it's bad, it's it's heavily flawed in a number of

560
00:30:24,640 --> 00:30:27,840
Speaker 1: ways and shouldn't still exist, like something better should have

561
00:30:27,880 --> 00:30:31,640
Speaker 1: come along. But people are ideologically committed to bitcoin, and

562
00:30:32,640 --> 00:30:35,400
Speaker 1: that's a problem, and we'll get to that problem. One thing.

563
00:30:36,000 --> 00:30:39,080
Speaker 1: I know we have to go, we have to promote

564
00:30:39,120 --> 00:30:41,400
Speaker 1: some goods and services, but really quick before we go,

565
00:30:41,480 --> 00:30:43,880
Speaker 1: I just want to say that, you know, honestly, some

566
00:30:44,040 --> 00:30:45,960
Speaker 1: of this is like reminding me of what it's like

567
00:30:46,040 --> 00:30:48,560
Speaker 1: to be a stand up right when you're like trying

568
00:30:48,680 --> 00:30:52,400
Speaker 1: jokes out and in the beginning, it's like sometimes you'll

569
00:30:52,400 --> 00:30:54,720
Speaker 1: say some stuff that ends up being reckless and not

570
00:30:54,920 --> 00:30:59,280
Speaker 1: something that like you fully thought the implications of, or

571
00:30:59,480 --> 00:31:03,320
Speaker 1: you know, you fully understood was going to be actually

572
00:31:03,320 --> 00:31:05,320
Speaker 1: what you were trying to say, because you're just trying

573
00:31:05,320 --> 00:31:07,719
Speaker 1: to say it to figure out what you're saying. And

574
00:31:07,760 --> 00:31:10,000
Speaker 1: that's sometimes is what happens. And I think like the

575
00:31:10,000 --> 00:31:13,480
Speaker 1: differences is like when you decide to let other people,

576
00:31:15,360 --> 00:31:17,840
Speaker 1: when you decide to commit to that, or when you

577
00:31:17,880 --> 00:31:21,120
Speaker 1: decide to whatever. But like, no one's blameless. There's jokes

578
00:31:21,160 --> 00:31:24,760
Speaker 1: that I know I've done that are like shitty before

579
00:31:24,800 --> 00:31:27,160
Speaker 1: I got to the like the final version of the joke.

580
00:31:27,720 --> 00:31:31,600
Speaker 1: But I guess it's just so scary that the not

581
00:31:31,880 --> 00:31:36,600
Speaker 1: final version of a joke for these people is on

582
00:31:36,640 --> 00:31:42,160
Speaker 1: the scale that ruins rainforests and countries, and I think

583
00:31:42,280 --> 00:31:44,400
Speaker 1: is wild. And I think the only thing I can

584
00:31:44,440 --> 00:31:47,000
Speaker 1: compare it to is being like someone like Dave Chappelle.

585
00:31:47,240 --> 00:31:49,520
Speaker 1: You know, we're like, you put out a big as

586
00:31:49,520 --> 00:31:53,479
Speaker 1: special that's just like you being like I am a

587
00:31:53,480 --> 00:32:01,360
Speaker 1: committed transphobe, and then the Dave Chappelle of currencies. Yeah,

588
00:32:01,520 --> 00:32:05,920
Speaker 1: and like Dave Chappelle, it was cooler in two thousand nine.

589
00:32:06,160 --> 00:32:11,800
Speaker 1: And my heart is breaking. But all right, speaking services

590
00:32:12,080 --> 00:32:18,640
Speaker 1: Dave Chappelle, you know who doesn't create transphobic comedy specials.

591
00:32:19,720 --> 00:32:26,320
Speaker 1: It's going to be an ad for Netflix. Oh, well

592
00:32:26,560 --> 00:32:39,680
Speaker 1: here's Netflix. Oh we're back. So from the beginning of

593
00:32:42,360 --> 00:32:45,640
Speaker 1: so again, I think there's there's some some neat promise

594
00:32:45,720 --> 00:32:48,600
Speaker 1: and some of the ideas that inspired people behind cryptocurrency,

595
00:32:48,640 --> 00:32:50,000
Speaker 1: But one of the issues with it is that from

596
00:32:50,040 --> 00:32:54,080
Speaker 1: the beginning it's been primarily an ideological crusade rather than

597
00:32:54,120 --> 00:32:58,160
Speaker 1: a quest to actually develop something that's inherently practical. Um

598
00:32:58,200 --> 00:33:01,400
Speaker 1: In the book Attack of the fifty ft Blockchain, Gerard

599
00:33:01,440 --> 00:33:05,320
Speaker 1: Gerard quotes Roger Vere, who was an early cryptocurrency advocate,

600
00:33:05,320 --> 00:33:08,360
Speaker 1: as saying, at first, almost everyone who involved did so

601
00:33:08,440 --> 00:33:11,680
Speaker 1: for philosophical reasons. We saw bitcoin as a great idea,

602
00:33:11,720 --> 00:33:14,560
Speaker 1: as a way to separate money from the state. Now,

603
00:33:14,600 --> 00:33:18,400
Speaker 1: Gerard goes further, explaining that much of the ideological justification

604
00:33:18,440 --> 00:33:22,040
Speaker 1: for crypto as it exists is tied to what's called

605
00:33:22,120 --> 00:33:26,880
Speaker 1: cyber libertarianism. And here's how he defines that quote. Computer

606
00:33:26,960 --> 00:33:30,200
Speaker 1: programmers are highly susceptible to the just world fallacy that

607
00:33:30,240 --> 00:33:32,760
Speaker 1: their economic good fortune is the product of virtue rather

608
00:33:32,800 --> 00:33:36,680
Speaker 1: than circumstance, and the fallacy of transferable expertise that being

609
00:33:36,720 --> 00:33:40,080
Speaker 1: competent in one field means they're competent in others. Silicon

610
00:33:40,200 --> 00:33:42,680
Speaker 1: Valley has always been a cross of the hippie counterculture

611
00:33:42,680 --> 00:33:46,239
Speaker 1: and iron Rand based libertarianism, this cross being termed the

612
00:33:46,280 --> 00:33:51,000
Speaker 1: Californian ideology. Cyber libertarianism is an academic term for the

613
00:33:51,040 --> 00:33:55,160
Speaker 1: early Internet strain of this ideology. Technological expertise is presumed

614
00:33:55,160 --> 00:33:58,760
Speaker 1: to trump all other forms of expertise e g. Economics

615
00:33:58,840 --> 00:34:02,640
Speaker 1: or finance, let alone softer sciences. I don't understand it.

616
00:34:02,680 --> 00:34:04,920
Speaker 1: But it must be simple is the order of the day.

617
00:34:06,200 --> 00:34:08,479
Speaker 1: And that's that's the issue here, is what we're talking

618
00:34:08,480 --> 00:34:12,799
Speaker 1: about a little bit earlier. Um and obviously at this

619
00:34:12,880 --> 00:34:17,120
Speaker 1: point because the standard. But it's simple. It's kind of

620
00:34:17,160 --> 00:34:22,359
Speaker 1: like a motto for me and my twenties dating men. Yeah,

621
00:34:22,480 --> 00:34:25,600
Speaker 1: and that's not a bad motto for dating for dating men,

622
00:34:26,200 --> 00:34:28,840
Speaker 1: especially especially men in your twenties, because we we we

623
00:34:28,920 --> 00:34:35,680
Speaker 1: tend to be pretty simple. Um. But so it's worth

624
00:34:35,719 --> 00:34:37,680
Speaker 1: noting here that a lot of people who use crypto

625
00:34:37,760 --> 00:34:39,560
Speaker 1: now because there is so much money in it, right,

626
00:34:39,600 --> 00:34:43,960
Speaker 1: are just are gamblers or or scammers, not particularly believers

627
00:34:44,000 --> 00:34:47,040
Speaker 1: in the ideology. When we're talking about the ideological part

628
00:34:47,080 --> 00:34:50,440
Speaker 1: of crypto, it's it's it is the backbone still of cryptocurrency.

629
00:34:50,440 --> 00:34:52,120
Speaker 1: It's a lot of the people making stuff. It's a

630
00:34:52,160 --> 00:34:55,640
Speaker 1: lot of the people who are like the loudest evangelists. Um.

631
00:34:55,680 --> 00:34:57,400
Speaker 1: But most of the people who make a lot of

632
00:34:57,400 --> 00:35:01,840
Speaker 1: money off of crypto aren't you know, believers in anything.

633
00:35:02,440 --> 00:35:05,040
Speaker 1: There in a lot of cases just scammers. There are

634
00:35:05,040 --> 00:35:08,600
Speaker 1: people committing serious financial crimes to get rich themselves by robbing,

635
00:35:08,800 --> 00:35:11,000
Speaker 1: robbing people into frauding them in mass and that is

636
00:35:11,040 --> 00:35:14,200
Speaker 1: a huge amount of cryptocurrency. One of the things about

637
00:35:14,200 --> 00:35:16,680
Speaker 1: it is because there's no state, there's no bank, there's

638
00:35:16,680 --> 00:35:19,279
Speaker 1: no protection. So like, one thing that can happen is

639
00:35:19,280 --> 00:35:21,640
Speaker 1: if you're doing a bitcoin transaction and you like type

640
00:35:21,640 --> 00:35:23,759
Speaker 1: in the address you're sending it too wrong, that money

641
00:35:23,800 --> 00:35:28,359
Speaker 1: is just gone. Um. It's like if every like if

642
00:35:28,719 --> 00:35:31,719
Speaker 1: if every uh if every transaction you made was an

643
00:35:31,719 --> 00:35:35,640
Speaker 1: even worse wire transfer basically, I mean I've done that

644
00:35:35,680 --> 00:35:38,759
Speaker 1: on Venmo before, where you send money to someone who

645
00:35:38,800 --> 00:35:40,360
Speaker 1: you thought you were sending you too, but it's not

646
00:35:40,400 --> 00:35:44,919
Speaker 1: the right person, I mean has no decency to give

647
00:35:45,000 --> 00:35:48,759
Speaker 1: you money back. But this ain't gonna happen with your

648
00:35:49,360 --> 00:35:54,160
Speaker 1: cryptocurrency ship no. Um. Now, one of the things that

649
00:35:54,320 --> 00:35:57,279
Speaker 1: is frustrating here is that like you have these these

650
00:35:57,320 --> 00:36:01,000
Speaker 1: true believers in the ideological promise of crypto currency, and

651
00:36:01,040 --> 00:36:04,280
Speaker 1: they provide cover for a lot of the scammers, often

652
00:36:04,360 --> 00:36:06,799
Speaker 1: not intentionally, but like the fact that there's these people

653
00:36:06,840 --> 00:36:08,960
Speaker 1: saying no, this is like a crusade and we're we're

654
00:36:09,000 --> 00:36:11,080
Speaker 1: separating money from the state and this is good, and

655
00:36:11,160 --> 00:36:13,000
Speaker 1: a lot of people are able to cloak themselves in

656
00:36:13,000 --> 00:36:16,120
Speaker 1: that to steal tens of millions of dollars um and

657
00:36:16,120 --> 00:36:19,400
Speaker 1: and it's it's very profitable to do that for the

658
00:36:19,440 --> 00:36:22,040
Speaker 1: true believers. The quest for a currency free of central

659
00:36:22,040 --> 00:36:25,120
Speaker 1: control goes back decades. Cryptocurrency is actually a lot older

660
00:36:25,120 --> 00:36:27,360
Speaker 1: as an idea than you might guess. In fact, PayPal

661
00:36:27,520 --> 00:36:30,160
Speaker 1: was actually founded with the understanding that it would be

662
00:36:30,520 --> 00:36:33,520
Speaker 1: a perfectly anonymous way to send and receive money without

663
00:36:33,600 --> 00:36:38,239
Speaker 1: government oversight. In Peter Teal told his employees that thanks

664
00:36:38,239 --> 00:36:41,120
Speaker 1: to PayPal, quote, it will be nearly impossible for corrupt

665
00:36:41,120 --> 00:36:45,239
Speaker 1: governments to steal wealth from their people through their old means. Now,

666
00:36:45,560 --> 00:36:51,200
Speaker 1: Teal wound up underestimating governments well and his own greed,

667
00:36:51,239 --> 00:36:53,840
Speaker 1: because once Teal gets rich, he stops saying ship like this,

668
00:36:53,960 --> 00:36:56,360
Speaker 1: and he moves on to found the most powerful surveillance

669
00:36:56,360 --> 00:36:59,200
Speaker 1: company in the world, spying for the federal governments on it, said,

670
00:36:59,320 --> 00:37:02,960
Speaker 1: multiple federal governments on its citizens. So like again, a

671
00:37:03,000 --> 00:37:05,120
Speaker 1: lot of these people, even the ones who are ideological,

672
00:37:05,160 --> 00:37:07,719
Speaker 1: are absolutely willing to like turn on a dime if

673
00:37:07,719 --> 00:37:11,040
Speaker 1: there's money in it. Now. Digital currency, though has a

674
00:37:11,040 --> 00:37:14,719
Speaker 1: long history. Philosophically, the idea seems to have originated from

675
00:37:14,719 --> 00:37:17,640
Speaker 1: a fellow named David Chaum, who was a computer scientist

676
00:37:17,640 --> 00:37:20,600
Speaker 1: and a cryptographer. In nineteen eight two, Choum wrote a

677
00:37:20,640 --> 00:37:24,640
Speaker 1: paper titled computer Systems Established, Maintained and Trusted by mutually

678
00:37:24,719 --> 00:37:28,160
Speaker 1: suspicious groups. This was a thought experiment on how to

679
00:37:28,239 --> 00:37:32,879
Speaker 1: create a trustless form of digital currency. Bitcoin is trust less.

680
00:37:32,920 --> 00:37:36,480
Speaker 1: The blockchain, all blockchain cryptocurrencies are trust less, and trustless

681
00:37:36,480 --> 00:37:40,759
Speaker 1: means that you cannot fake either the currency or the transactions. Right.

682
00:37:41,000 --> 00:37:44,120
Speaker 1: It's very it's not entirely impossible, but it's very difficult

683
00:37:44,120 --> 00:37:46,960
Speaker 1: to fake a Bitcoin transaction, right, or to fake a

684
00:37:46,960 --> 00:37:50,160
Speaker 1: bitcoin because of the sheer amount of math necessary in

685
00:37:50,239 --> 00:37:53,799
Speaker 1: order to like make one essentially, and the blockchain is

686
00:37:54,360 --> 00:37:59,279
Speaker 1: very close to an unalterable record of transactions. So that's

687
00:37:59,280 --> 00:38:01,400
Speaker 1: what makes it trust list, right. You don't have to

688
00:38:01,480 --> 00:38:05,120
Speaker 1: trust somebody that like the transactions happening and going through.

689
00:38:05,200 --> 00:38:10,640
Speaker 1: It's indelibly recorded on this thing. Um. So nineteen eighty

690
00:38:10,680 --> 00:38:12,840
Speaker 1: two is when we kind of have the first person

691
00:38:12,960 --> 00:38:16,759
Speaker 1: developed the idea for what becomes the blockchain. It's a persistent,

692
00:38:16,920 --> 00:38:21,000
Speaker 1: unfalsibifiable record of transactions. Now, Chom did try to create

693
00:38:21,040 --> 00:38:25,120
Speaker 1: his own cryptocurrency in nine with a company called digit Cash,

694
00:38:25,239 --> 00:38:28,160
Speaker 1: in a thing called e cash. E cash was supposed

695
00:38:28,160 --> 00:38:30,879
Speaker 1: to be perfectly anonymous. I'm sorry. Both of those names

696
00:38:30,880 --> 00:38:34,400
Speaker 1: are so nineties. I know, it's incredibly nineties this. I

697
00:38:34,880 --> 00:38:38,560
Speaker 1: imagine he was wearing Jinko's the entire time, and and

698
00:38:38,760 --> 00:38:41,360
Speaker 1: one of those like Skully from X File suits with

699
00:38:41,400 --> 00:38:44,640
Speaker 1: the huge shoulders. Call. Yeah. But also, do you remember,

700
00:38:45,080 --> 00:38:48,920
Speaker 1: um that l A l A Styles or l A

701
00:38:49,000 --> 00:38:52,000
Speaker 1: gear Gel? Do you know what I'm talking about? Yes?

702
00:38:52,160 --> 00:38:55,160
Speaker 1: What was it called? I know what you're talking about.

703
00:38:55,320 --> 00:38:57,640
Speaker 1: Are going to google it during the break. But it

704
00:38:57,719 --> 00:39:00,680
Speaker 1: was all like Neon colors, a little bubbles in it,

705
00:39:01,160 --> 00:39:03,879
Speaker 1: and you would put it all over your ship. That's

706
00:39:03,920 --> 00:39:07,920
Speaker 1: the equivalent of this. Hell yeah, yeah, that's exactly it.

707
00:39:07,920 --> 00:39:10,839
Speaker 1: It's the cryptocurrency equivalent of that weird s we all

708
00:39:10,960 --> 00:39:13,480
Speaker 1: drew on our our binders when we were in middle school.

709
00:39:14,120 --> 00:39:22,000
Speaker 1: Um for a weird reason like shout out millennials. Yeah,

710
00:39:22,120 --> 00:39:24,759
Speaker 1: like kind of like a dollar sign but not but

711
00:39:24,880 --> 00:39:28,239
Speaker 1: also why you know, we loved it. We did, We

712
00:39:28,280 --> 00:39:31,640
Speaker 1: absolutely did so. E cash was supposed to be totally anonymous,

713
00:39:31,640 --> 00:39:34,480
Speaker 1: and the idea of a currency that's transactions couldn't be

714
00:39:34,520 --> 00:39:37,320
Speaker 1: tracked by a government enticed a lot of powerful people.

715
00:39:37,719 --> 00:39:40,360
Speaker 1: Um and there were significant money put behind digit cash

716
00:39:40,400 --> 00:39:43,760
Speaker 1: and e cash. David Marquat, who is the co founder

717
00:39:43,760 --> 00:39:46,280
Speaker 1: of the venture capital firm August Capital and a former

718
00:39:46,360 --> 00:39:49,919
Speaker 1: Microsoft market what is like a kum quat or like, yeah,

719
00:39:50,000 --> 00:39:53,719
Speaker 1: it's m A r q U A r d T. Yeah, yeah,

720
00:39:53,760 --> 00:39:56,520
Speaker 1: that's a that's like our red kum quat for sure.

721
00:39:56,600 --> 00:39:58,760
Speaker 1: It's like a red kum quat that gives ten million

722
00:39:58,800 --> 00:40:03,040
Speaker 1: dollars to vid Choum's cryptocurrency. Also, a kumquat is what

723
00:40:03,080 --> 00:40:09,279
Speaker 1: I call your girlfriend? Now, wow, very respect, Can we

724
00:40:09,320 --> 00:40:18,520
Speaker 1: get hr on the line, Sophie prove this fucking message.

725
00:40:19,520 --> 00:40:22,799
Speaker 1: So only one bank agreed to use the cash. They

726
00:40:22,800 --> 00:40:25,080
Speaker 1: implemented it from micro payments. They were in like Missouri.

727
00:40:25,360 --> 00:40:29,239
Speaker 1: The system is not the bank is less populism. I

728
00:40:29,280 --> 00:40:33,160
Speaker 1: was in middle school. Um And, yeah, the system was

729
00:40:33,200 --> 00:40:35,560
Speaker 1: not popular. It was dissolved after three years. It just

730
00:40:35,600 --> 00:40:38,600
Speaker 1: didn't like catch on in any way. David blamedless on

731
00:40:38,640 --> 00:40:40,960
Speaker 1: the fact that the Internet had gotten more popular in

732
00:40:40,960 --> 00:40:44,640
Speaker 1: the late nineties and the ideological and privacy obsessed nerds

733
00:40:44,719 --> 00:40:47,120
Speaker 1: that he'd written his white papers for were not the

734
00:40:47,120 --> 00:40:49,719
Speaker 1: bulk of the Internet anymore. Quote As the Web grew,

735
00:40:49,800 --> 00:40:52,480
Speaker 1: the average level of sophistication of users dropped. It was

736
00:40:52,520 --> 00:40:55,520
Speaker 1: hard to explain the importance of privacy to them. Most

737
00:40:55,520 --> 00:40:56,799
Speaker 1: people are like, why do I need to learn how

738
00:40:56,800 --> 00:40:59,799
Speaker 1: to use a whole new, weird digital money thing in

739
00:41:00,000 --> 00:41:02,480
Speaker 1: ready to keep my transaction secret? And you know what,

740
00:41:02,560 --> 00:41:04,680
Speaker 1: To be honest, I'm sure like the if you wanted

741
00:41:04,719 --> 00:41:07,520
Speaker 1: to give him the actual like the drug dealer answer like, no,

742
00:41:07,600 --> 00:41:10,000
Speaker 1: I care about privacy. That's why I use fucking cash.

743
00:41:11,760 --> 00:41:18,640
Speaker 1: There is a perfectly anonymous way to transactly. It's that's

744
00:41:18,640 --> 00:41:23,120
Speaker 1: why drug dealers do everything in cash. That is like

745
00:41:23,160 --> 00:41:25,640
Speaker 1: the funniest thing about this is like, because they're all

746
00:41:25,680 --> 00:41:27,279
Speaker 1: such fucking nerds, It's like we have to have a

747
00:41:27,320 --> 00:41:30,600
Speaker 1: way to like, you know, make transactions that uh, nobody

748
00:41:30,640 --> 00:41:34,919
Speaker 1: can tracks. Yeah, you can just use cash. Stop reinventing

749
00:41:34,920 --> 00:41:36,719
Speaker 1: the wheel, you know what. It remins me that old

750
00:41:36,760 --> 00:41:41,600
Speaker 1: chestnut about how America spent like so much money developing

751
00:41:41,640 --> 00:41:44,520
Speaker 1: a pen that could write upside down in space and

752
00:41:44,640 --> 00:41:48,279
Speaker 1: Russians just use a pencil. I don't know if that

753
00:41:48,760 --> 00:41:51,160
Speaker 1: is that one. I don't know if it's real, but

754
00:41:51,239 --> 00:41:54,920
Speaker 1: I'm just saying that's like that old chestnut. Yeah, yeah,

755
00:41:55,760 --> 00:41:57,839
Speaker 1: you see that a lot. Now there is I will say,

756
00:41:57,880 --> 00:42:01,320
Speaker 1: as somebody who used cryptocurrency buy drugs over the internet,

757
00:42:01,360 --> 00:42:04,360
Speaker 1: there is one realistic use case for the anonymous currency,

758
00:42:04,400 --> 00:42:07,000
Speaker 1: which is that if you're trying to buy illegal drugs

759
00:42:07,239 --> 00:42:09,799
Speaker 1: through the internet, you can't use cash, right, you do

760
00:42:09,920 --> 00:42:12,600
Speaker 1: need an option for that, And and some of these

761
00:42:12,600 --> 00:42:16,640
Speaker 1: people attempted to provide that. In some weird libertarians tell

762
00:42:16,640 --> 00:42:19,000
Speaker 1: your girl what kind of drugs you buy. I'll get

763
00:42:19,000 --> 00:42:22,200
Speaker 1: to that. I'll get to that. In ninet, some weird

764
00:42:22,239 --> 00:42:26,240
Speaker 1: libertarians invented e gold, which was supposedly an anonymous digital

765
00:42:26,239 --> 00:42:28,880
Speaker 1: currency backed by actual gold, so it was on the

766
00:42:28,920 --> 00:42:31,480
Speaker 1: gold standard. But it was crypto, which, to be honest

767
00:42:31,520 --> 00:42:34,239
Speaker 1: at least makes more sense than like bitcoins, based on

768
00:42:34,360 --> 00:42:36,799
Speaker 1: like the scarcity of being able to perform hard math

769
00:42:36,840 --> 00:42:41,359
Speaker 1: calculations thing I don't know whatever getting someone to send

770
00:42:41,400 --> 00:42:44,520
Speaker 1: you gold in exchange for your crypto though, well yeah,

771
00:42:44,520 --> 00:42:48,080
Speaker 1: I don't know that that ever happened. But like modern cryptocurrency,

772
00:42:48,200 --> 00:42:50,680
Speaker 1: it was way less anonymous than its founders claimed. The

773
00:42:50,800 --> 00:42:55,080
Speaker 1: gold handed over their records to law enforcement when requested. Nevertheless,

774
00:42:55,120 --> 00:42:57,319
Speaker 1: it was popular for more than a decade among people

775
00:42:57,360 --> 00:42:59,400
Speaker 1: who wanted to buy drugs over the internet from shady

776
00:42:59,480 --> 00:43:03,239
Speaker 1: Canadian pharmaceutical websites and needed some hint of deniability about it.

777
00:43:03,560 --> 00:43:05,839
Speaker 1: I can confirm that the gold worked pretty well for

778
00:43:05,880 --> 00:43:08,799
Speaker 1: this because, um allegedly, people I may or may not

779
00:43:08,880 --> 00:43:11,600
Speaker 1: have known slash bin used it to purchase things like

780
00:43:11,640 --> 00:43:13,600
Speaker 1: two C I and five M E O M I

781
00:43:13,640 --> 00:43:15,600
Speaker 1: P T and two C T seven and two C

782
00:43:15,760 --> 00:43:18,480
Speaker 1: T E and all sorts of fun shogun chemicals over

783
00:43:18,520 --> 00:43:20,800
Speaker 1: the internet. Wait wait, wait, what can you tell the

784
00:43:21,000 --> 00:43:24,799
Speaker 1: lay woman what that is? They're different hallucinogens that a

785
00:43:24,840 --> 00:43:28,360
Speaker 1: guy named Alexander Shulgin invented and tested on he and

786
00:43:28,400 --> 00:43:30,919
Speaker 1: his wife and wrote books about. And they're pretty rad

787
00:43:31,000 --> 00:43:33,680
Speaker 1: for the most part. How how do they relate to

788
00:43:33,760 --> 00:43:37,640
Speaker 1: mushrooms and or acid? Well, some of them are flinn flamin's,

789
00:43:37,680 --> 00:43:40,080
Speaker 1: which I believe mushrooms are fine flamine too, So some

790
00:43:40,160 --> 00:43:41,759
Speaker 1: of them actually are like some of them are kind

791
00:43:41,760 --> 00:43:44,480
Speaker 1: of like synthetically similar to mushrooms. Some of them are

792
00:43:44,560 --> 00:43:46,600
Speaker 1: very different, Like two ce I is like nothing else

793
00:43:46,600 --> 00:43:51,600
Speaker 1: I've ever experienced they're just chemicals that it's very visual

794
00:43:51,760 --> 00:43:54,359
Speaker 1: in a way that like it's visual in a way

795
00:43:54,360 --> 00:43:57,560
Speaker 1: that like when you watched like how acid and stuff

796
00:43:57,600 --> 00:44:00,680
Speaker 1: is depicted on TV. It's not actually lie that acid

797
00:44:00,760 --> 00:44:04,920
Speaker 1: isn't like the but I'm asking is it more like

798
00:44:04,960 --> 00:44:08,200
Speaker 1: That's what I'm explaining, So you know how like when

799
00:44:08,280 --> 00:44:10,400
Speaker 1: TV shows are trying to depict an acid trip, they

800
00:44:10,400 --> 00:44:13,760
Speaker 1: always show like all these psychedelic, weird colors and strange

801
00:44:13,840 --> 00:44:16,360
Speaker 1: visuals that like, you don't really get on acid, Like

802
00:44:16,400 --> 00:44:19,320
Speaker 1: I don't have a lot of open eyed, massive hallucinations

803
00:44:19,320 --> 00:44:22,640
Speaker 1: of things that can happen on enough to see I like,

804
00:44:22,719 --> 00:44:26,600
Speaker 1: it's really potent visual hallucinations. It's rad. I love to

805
00:44:26,760 --> 00:44:29,160
Speaker 1: see I And if you mix two, see I and

806
00:44:30,640 --> 00:44:36,120
Speaker 1: H seven to eight hours, So like a good mushroom

807
00:44:36,160 --> 00:44:39,640
Speaker 1: trip or acid trip longer than mushrooms, a little shorter

808
00:44:39,680 --> 00:44:43,200
Speaker 1: than acid. Mushrooms always take forever to get out my system.

809
00:44:43,280 --> 00:44:46,400
Speaker 1: I think everybody is different. But yeah, yeah, usually mushrooms

810
00:44:46,400 --> 00:44:49,759
Speaker 1: for me about three or four hours. But um wow, okay,

811
00:44:49,920 --> 00:44:54,320
Speaker 1: yeah lucky yeah, um but yeah, I love it. Anyway.

812
00:44:54,360 --> 00:44:56,480
Speaker 1: I have a lot of fondness for Eagle because it

813
00:44:56,520 --> 00:44:58,879
Speaker 1: brought a lot of wonderful drugs into my life as

814
00:44:58,920 --> 00:45:02,279
Speaker 1: a as a as a kid. Um. Now that said,

815
00:45:02,320 --> 00:45:04,399
Speaker 1: it didn't last very long. It was actually shut down

816
00:45:04,440 --> 00:45:06,640
Speaker 1: by the government in two thousand nine because the people

817
00:45:06,719 --> 00:45:09,080
Speaker 1: running it had stopped getting the kind of licenses you

818
00:45:09,120 --> 00:45:12,040
Speaker 1: need to transmit to be like to transmit money over

819
00:45:12,080 --> 00:45:15,280
Speaker 1: the internet. Basically. Um again, it's this like they didn't

820
00:45:15,280 --> 00:45:17,920
Speaker 1: believe they needed those licenses from the government, and the

821
00:45:17,960 --> 00:45:23,239
Speaker 1: government said, well, yeah, you do. So. Liberty Reserve, which

822
00:45:23,239 --> 00:45:26,880
Speaker 1: operated from two thousand six to thirteen, was another attempt

823
00:45:26,880 --> 00:45:29,400
Speaker 1: to make it possible for people to buy things anonymously

824
00:45:29,480 --> 00:45:31,799
Speaker 1: over the Internet. The goal of all this and an

825
00:45:31,800 --> 00:45:34,440
Speaker 1: anonymity was for some people just a matter of principle.

826
00:45:34,520 --> 00:45:36,799
Speaker 1: They weren't actually doing anything sketchy, They just didn't want

827
00:45:36,800 --> 00:45:38,920
Speaker 1: the government to know what they were doing. But for

828
00:45:38,960 --> 00:45:43,120
Speaker 1: a lot of folks, man, yeah, I get that, I do. Um.

829
00:45:43,200 --> 00:45:45,040
Speaker 1: That said, for a lot of folks it was a

830
00:45:45,080 --> 00:45:48,279
Speaker 1: matter of wanting to buy illegal firearms, child pornography, or

831
00:45:48,360 --> 00:45:52,040
Speaker 1: drugs sometimes all three. Liberty Reserve was shut down when

832
00:45:55,600 --> 00:46:01,319
Speaker 1: child pornography into the rug cat that's not air, but

833
00:46:01,400 --> 00:46:04,160
Speaker 1: it is one of the things you would use untraceable

834
00:46:04,160 --> 00:46:07,240
Speaker 1: money for like, those are kind of the Big Three. Okay,

835
00:46:07,280 --> 00:46:09,680
Speaker 1: I share you, but I want you to go like,

836
00:46:10,560 --> 00:46:13,719
Speaker 1: I'm not drawing a moral equivalence between them. I'm just

837
00:46:13,760 --> 00:46:15,799
Speaker 1: saying that, but I just don't want them to be

838
00:46:15,840 --> 00:46:18,560
Speaker 1: in the same sentence. I'm offended as someone that just

839
00:46:18,560 --> 00:46:21,040
Speaker 1: wants to have a good trip. I mean, that was

840
00:46:21,080 --> 00:46:24,440
Speaker 1: one of the things children that is not the same vibe.

841
00:46:25,520 --> 00:46:28,160
Speaker 1: And even the Silk Road guy was like, well, I'm

842
00:46:28,160 --> 00:46:30,440
Speaker 1: not gonna let people sell child porn on the Silk Road.

843
00:46:30,480 --> 00:46:33,040
Speaker 1: You can hire hitman to murder people. But like, we're not.

844
00:46:33,200 --> 00:46:38,719
Speaker 1: We have we have standards of boundaries. Things that was

845
00:46:39,640 --> 00:46:43,399
Speaker 1: full on adults, full as adults, but when it comes

846
00:46:43,480 --> 00:46:47,799
Speaker 1: to babies, no, you save that for Robber and Sophia,

847
00:46:48,880 --> 00:46:50,520
Speaker 1: you know. I mean, but we won't molest him, just

848
00:46:50,600 --> 00:46:53,640
Speaker 1: kill him, just kill him. Obviously we're not monsters. We're

849
00:46:53,680 --> 00:46:58,160
Speaker 1: not monsters. Yeah, absolutely so. Liberty Reserve was shut down

850
00:46:58,160 --> 00:47:01,120
Speaker 1: when its founder was imprisoned for twenty years for money laundering.

851
00:47:01,719 --> 00:47:04,239
Speaker 1: Now there's more to crypto history than that, but most

852
00:47:04,239 --> 00:47:05,800
Speaker 1: of what you need to know after this point is

853
00:47:05,840 --> 00:47:09,080
Speaker 1: that in two thousand seven, Satoshi Nakamoto started working on

854
00:47:09,160 --> 00:47:12,319
Speaker 1: bitcoin he was still following David Chaum's dream of a

855
00:47:12,320 --> 00:47:16,880
Speaker 1: perfectly anonymous yet trustless digital currency. Bitcoin was also supposed

856
00:47:16,920 --> 00:47:20,320
Speaker 1: to be like, you know, anonymous, um or what was

857
00:47:20,360 --> 00:47:22,520
Speaker 1: supposed to be anonymous. That's the reputation it has. Two

858
00:47:22,560 --> 00:47:27,080
Speaker 1: people say like, oh, bitcoin transactions are anonymous. They're not really,

859
00:47:27,120 --> 00:47:29,560
Speaker 1: And in fact, because of the blockchain, they're often very

860
00:47:29,600 --> 00:47:32,880
Speaker 1: close to the opposite of anonymous. Every transaction is registered

861
00:47:32,920 --> 00:47:37,080
Speaker 1: indelibly forever on an immutable chain. Um. So, Like one

862
00:47:37,120 --> 00:47:39,520
Speaker 1: of the things about this is that there you could

863
00:47:39,600 --> 00:47:42,760
Speaker 1: there is a way to do uh, totally anonymous bitcoin

864
00:47:42,800 --> 00:47:45,760
Speaker 1: transactions if you number one, if you mind the mind

865
00:47:45,800 --> 00:47:48,279
Speaker 1: it on your own computer and get a bitcoin and

866
00:47:48,360 --> 00:47:51,560
Speaker 1: you you know, are reasonably secure with your machine, then

867
00:47:52,000 --> 00:47:55,120
Speaker 1: people would see the transaction where it was going, um,

868
00:47:55,160 --> 00:47:58,480
Speaker 1: but they wouldn't necessarily know that it was your bitcoin. Also,

869
00:47:58,640 --> 00:48:01,760
Speaker 1: some people buy bitcoin, like in person, like just hands

870
00:48:01,800 --> 00:48:04,440
Speaker 1: someone cash for a hard drive with bitcoin on it.

871
00:48:04,840 --> 00:48:08,759
Speaker 1: That's fairly anonymous, But the transaction itself is not anonymous.

872
00:48:08,760 --> 00:48:11,840
Speaker 1: It's literally the opposite. Everyone including the FEDS, can see

873
00:48:12,200 --> 00:48:15,920
Speaker 1: where bitcoin is going, you know. Um, so if they

874
00:48:15,960 --> 00:48:19,160
Speaker 1: know somebody is a drug dealer or you know, uh,

875
00:48:20,080 --> 00:48:22,680
Speaker 1: doing something else illegal and they see bitcoin coming to

876
00:48:22,760 --> 00:48:26,200
Speaker 1: him and they can see that you owned that bitcoin,

877
00:48:26,320 --> 00:48:30,200
Speaker 1: then they know that you were paying that person you know. Um.

878
00:48:30,239 --> 00:48:33,120
Speaker 1: Now the other thing is that one of this is

879
00:48:33,120 --> 00:48:35,279
Speaker 1: again part of the big selling point that the blockchain

880
00:48:35,440 --> 00:48:38,319
Speaker 1: is is immutable, that everyone can see every transaction, that

881
00:48:38,480 --> 00:48:41,520
Speaker 1: is what makes it trustless. But it's actually not true

882
00:48:41,719 --> 00:48:46,120
Speaker 1: that the blockchain is immutable. UM. The blockchain is decentralized.

883
00:48:46,160 --> 00:48:49,319
Speaker 1: So it's basically what makes it supposedly immutable is that

884
00:48:49,719 --> 00:48:52,040
Speaker 1: all of the different computers with the blockchain on it

885
00:48:52,120 --> 00:48:55,279
Speaker 1: are constantly sharing the blockchains and as long as they

886
00:48:55,600 --> 00:48:59,960
Speaker 1: like most of them agree, that's the blockchain. Right. So theoretically,

887
00:49:00,239 --> 00:49:03,239
Speaker 1: if you have enough computers operating to make up more

888
00:49:03,280 --> 00:49:06,560
Speaker 1: than fifty one percent of the computers with the blockchain

889
00:49:06,600 --> 00:49:09,400
Speaker 1: on it, kind of doing this decentralized sharing of the blockchain,

890
00:49:09,719 --> 00:49:13,080
Speaker 1: you could change the blockchain. Um. And there are some

891
00:49:13,400 --> 00:49:17,279
Speaker 1: there are some groups with potentially the power to do this.

892
00:49:17,400 --> 00:49:19,600
Speaker 1: I mean maybe it's happened because there are these now

893
00:49:19,680 --> 00:49:24,280
Speaker 1: big mining consortiums that you know, operate hundreds of thousands

894
00:49:24,280 --> 00:49:28,080
Speaker 1: of computers mining bitcoin, and theoretically they could actually modify

895
00:49:28,160 --> 00:49:31,279
Speaker 1: the blockchain if they got like together enough people with

896
00:49:31,440 --> 00:49:35,080
Speaker 1: enough of a goal to do that what to like

897
00:49:35,200 --> 00:49:38,880
Speaker 1: alter I don't know, yah, like to to either remove

898
00:49:38,920 --> 00:49:41,800
Speaker 1: transactions or too. Like you could you could funk around

899
00:49:41,800 --> 00:49:43,640
Speaker 1: in a bunch of different ways if you if you

900
00:49:43,719 --> 00:49:46,880
Speaker 1: had fifty one percent of like the computers that were

901
00:49:46,960 --> 00:49:50,160
Speaker 1: kind of involved in this big distributed conversation, like there's

902
00:49:50,160 --> 00:49:53,880
Speaker 1: all sorts of ship you could get up to um.

903
00:49:53,920 --> 00:49:55,680
Speaker 1: But yeah, this is a little more detailed than is

904
00:49:55,760 --> 00:49:59,600
Speaker 1: necessary to understand the grift nature of crypto. Because that's

905
00:50:00,280 --> 00:50:04,080
Speaker 1: because my eyes glazed over, or because my eyes glaze

906
00:50:04,120 --> 00:50:06,400
Speaker 1: over when I get too much into the tech stuff,

907
00:50:06,560 --> 00:50:09,400
Speaker 1: or because Sophie literally fell asleep and I could just

908
00:50:09,440 --> 00:50:13,000
Speaker 1: read her hat and nothing else. Oh yeah, she did

909
00:50:13,000 --> 00:50:17,600
Speaker 1: fall asleep, So get out. We're talking about the blockchain.

910
00:50:18,360 --> 00:50:21,360
Speaker 1: You must have said the word blockchain in the last

911
00:50:21,360 --> 00:50:26,520
Speaker 1: paragraph fifty two times. I am as frustrated by this

912
00:50:26,600 --> 00:50:30,480
Speaker 1: as you are. But I'm setting up all this background

913
00:50:30,560 --> 00:50:33,799
Speaker 1: because I want everyone to understand what an enormous, ridiculous

914
00:50:33,840 --> 00:50:37,200
Speaker 1: grift that cryptocurrency has become since it got very popular.

915
00:50:37,920 --> 00:50:40,399
Speaker 1: Because this story is funny, and instead of hashing out

916
00:50:40,400 --> 00:50:44,160
Speaker 1: more technical details, I want to talk about Mount Cox. Now. First,

917
00:50:44,160 --> 00:50:46,719
Speaker 1: you've got to take an ad break, buddy, No, I

918
00:50:46,760 --> 00:50:49,920
Speaker 1: refuse to. You have to, because I'll use one of

919
00:50:49,920 --> 00:50:54,600
Speaker 1: my new fucking knives on you to get stabbed by you.

920
00:50:54,920 --> 00:50:57,960
Speaker 1: Good look, motherfucker. I got at least five of them.

921
00:50:58,040 --> 00:51:03,000
Speaker 1: All right, Well here's you know who won't stab you

922
00:51:03,880 --> 00:51:14,719
Speaker 1: these goods and services, boy spoilers, they might. All right,

923
00:51:14,840 --> 00:51:18,200
Speaker 1: we're back and we're telling the tale of Mount Cox.

924
00:51:18,560 --> 00:51:21,839
Speaker 1: Have you heard of Mountain Cox? Probably not? But what

925
00:51:21,880 --> 00:51:26,000
Speaker 1: do you mean? Everything you say sounds like a bit

926
00:51:28,360 --> 00:51:33,240
Speaker 1: Mount Cox was the first big bitcoin bank Mountain Docks, sorry,

927
00:51:33,560 --> 00:51:36,080
Speaker 1: Mount Cox. It was the first big bitcoin bank. So

928
00:51:36,280 --> 00:51:39,800
Speaker 1: at one point, like a huge chunk of the bitcoin

929
00:51:39,880 --> 00:51:42,360
Speaker 1: being actively traded. I think a majority of it was

930
00:51:42,400 --> 00:51:45,240
Speaker 1: like going through Mount Cox. It was the big bank

931
00:51:45,320 --> 00:51:48,520
Speaker 1: in the bitcoin world, which obviously the whole thing is that, like,

932
00:51:48,840 --> 00:51:51,120
Speaker 1: you're not going to need a bank. But the problem

933
00:51:51,200 --> 00:51:53,600
Speaker 1: is that without a bank again, if you like miss

934
00:51:53,640 --> 00:51:56,840
Speaker 1: type and address, your bitcoin just disappears forever. Like you

935
00:51:56,880 --> 00:51:59,560
Speaker 1: have no security whatsoever. You have no safety. There's no

936
00:51:59,600 --> 00:52:05,319
Speaker 1: way to um actually protect your money in any meaningful way.

937
00:52:05,440 --> 00:52:07,760
Speaker 1: It can be hacked or stolen from you. So people

938
00:52:07,800 --> 00:52:11,680
Speaker 1: started using exchanges, which are basically banks, because they wanted

939
00:52:11,680 --> 00:52:14,359
Speaker 1: the security that banks get, which is very funny because

940
00:52:14,360 --> 00:52:16,200
Speaker 1: the whole idea was like, we have to get away

941
00:52:16,200 --> 00:52:18,399
Speaker 1: from you know, horrible banks, and then like we wound

942
00:52:18,440 --> 00:52:22,000
Speaker 1: up reinventing banks, but because it's crypto, they wound up

943
00:52:22,040 --> 00:52:25,960
Speaker 1: reinventing banks, but much worse. So Mount Gox is the

944
00:52:26,000 --> 00:52:28,920
Speaker 1: first big bitcoin bank, and its origin is hilarious. In

945
00:52:28,920 --> 00:52:32,440
Speaker 1: two thousand seven, a nerd named Jed Mcalp purchased the

946
00:52:32,480 --> 00:52:36,000
Speaker 1: domain mount Gox mt g o x dot com for

947
00:52:36,200 --> 00:52:40,640
Speaker 1: his Magic the Gathering card trading website. Mount Gox stood

948
00:52:40,680 --> 00:52:45,200
Speaker 1: for Magic the Gathering the Gathering online exchange. In fact,

949
00:52:45,280 --> 00:52:48,120
Speaker 1: it was not called mount gox at all until Magic

950
00:52:48,160 --> 00:52:51,399
Speaker 1: the Gathering proved less profitable than Jett had hoped, and

951
00:52:51,600 --> 00:52:55,320
Speaker 1: so he like he he basically like stopped running the website.

952
00:52:55,560 --> 00:52:57,319
Speaker 1: But then in two thousand ten, there's a bunch of

953
00:52:57,440 --> 00:52:59,760
Speaker 1: articles on bitcoin. This is kind of the first big

954
00:53:00,160 --> 00:53:03,000
Speaker 1: boom period that bitpoint coin has. So he reads a

955
00:53:03,040 --> 00:53:05,520
Speaker 1: bunch of these articles and he's like, oh, I bet

956
00:53:05,520 --> 00:53:07,680
Speaker 1: I could make a bunch of money off bitcoin, and

957
00:53:07,760 --> 00:53:11,200
Speaker 1: his his girlfriend likes the name of the what like

958
00:53:11,280 --> 00:53:13,319
Speaker 1: the U R L of the website he has, So

959
00:53:13,360 --> 00:53:16,320
Speaker 1: he just decides to relaunch his Magic the Gathering Online

960
00:53:16,320 --> 00:53:20,000
Speaker 1: Exchange as Mount Gox, a bitcoin exchange, and the hope

961
00:53:20,000 --> 00:53:23,240
Speaker 1: that like, oh that sounds like authoritative enough. I remember

962
00:53:23,320 --> 00:53:25,799
Speaker 1: like on something awful following this as a kid in

963
00:53:25,920 --> 00:53:28,959
Speaker 1: people being like when they realize the giant bitcoin bank

964
00:53:29,120 --> 00:53:32,759
Speaker 1: was named after Magic the Gathering Online Exchange, Like, what

965
00:53:32,800 --> 00:53:34,760
Speaker 1: the funk are you people doing? Like, wait a minute,

966
00:53:34,800 --> 00:53:37,200
Speaker 1: this takes a little bit of the legitimacy out of

967
00:53:37,200 --> 00:53:40,960
Speaker 1: this money. Oh yeah, and it's it's not legitimate at all.

968
00:53:41,000 --> 00:53:43,680
Speaker 1: It turns out, so it was not long before Mount

969
00:53:43,719 --> 00:53:46,680
Speaker 1: Cox was the place to trade bitcoin. It is highly

970
00:53:46,760 --> 00:53:48,880
Speaker 1: possible that no other part of this story would have

971
00:53:48,880 --> 00:53:52,560
Speaker 1: occurred without Mount dox Um, because again, bitcoin is a

972
00:53:52,640 --> 00:53:54,319
Speaker 1: giant pain in the ask to do on your own.

973
00:53:54,320 --> 00:53:56,879
Speaker 1: This whole like have no bank, just peer to peer

974
00:53:56,960 --> 00:53:59,279
Speaker 1: with no middleman is a huge pain in the ass.

975
00:53:59,440 --> 00:54:02,640
Speaker 1: That's super dangerous and like frustrating and annoying for people

976
00:54:02,680 --> 00:54:04,839
Speaker 1: to do. And one of the things that's annoying about

977
00:54:04,880 --> 00:54:08,960
Speaker 1: it is so all of the transactions that bitcoin has

978
00:54:09,000 --> 00:54:11,480
Speaker 1: ever been involved in. Our stored on this ledger, right,

979
00:54:11,560 --> 00:54:14,480
Speaker 1: the blockchain, well, as time goes on, that means it

980
00:54:14,480 --> 00:54:18,000
Speaker 1: gets bigger, right, Like by definition, the blockchain is always

981
00:54:18,040 --> 00:54:20,879
Speaker 1: getting longer, and so by like two element of twelve,

982
00:54:20,880 --> 00:54:22,920
Speaker 1: it's like a hundred something gigabytes which you have to

983
00:54:23,000 --> 00:54:25,440
Speaker 1: keep on your computer if you want to do the

984
00:54:25,480 --> 00:54:29,080
Speaker 1: transaction without. I know, it's such a pain in the

985
00:54:29,120 --> 00:54:34,160
Speaker 1: ass everything unlike your phone starts running out of room

986
00:54:34,200 --> 00:54:37,920
Speaker 1: and you're just trying to take photos like a meaningful occasion,

987
00:54:38,000 --> 00:54:40,640
Speaker 1: and then you're like no, and it's like that for

988
00:54:40,719 --> 00:54:43,960
Speaker 1: your money. I don't know what's more important, you know,

989
00:54:44,080 --> 00:54:52,359
Speaker 1: my Nanna's birthday or these Margarita's with the girls by Nanna. Yeah.

990
00:54:52,360 --> 00:54:55,399
Speaker 1: The genius of cryptocurrency is that it's provided us all

991
00:54:55,480 --> 00:54:57,719
Speaker 1: with a way to to take that feeling you get

992
00:54:57,760 --> 00:54:59,880
Speaker 1: when your phone doesn't have space to take more pa

993
00:55:00,000 --> 00:55:05,040
Speaker 1: pictures and apply it to spending money. I don't like this.

994
00:55:05,160 --> 00:55:08,960
Speaker 1: It makes me feel as irresponsible about money as I

995
00:55:09,040 --> 00:55:15,120
Speaker 1: have always been. Yeah, so Mountain Cox becomes huge, um

996
00:55:15,400 --> 00:55:18,919
Speaker 1: and it allows for bitcoin to expand massively. Because now

997
00:55:19,000 --> 00:55:21,280
Speaker 1: it's not a pain in the ass, people can basically

998
00:55:21,680 --> 00:55:24,400
Speaker 1: trade it like it. Also, it kind of allows commodity

999
00:55:24,440 --> 00:55:27,000
Speaker 1: trading with bitcoin, right, Mountain Cox is where a lot

1000
00:55:27,000 --> 00:55:30,320
Speaker 1: of that starts because before it had been so decentralized.

1001
00:55:30,600 --> 00:55:32,680
Speaker 1: Now there's this exchange. You can see the price of

1002
00:55:32,719 --> 00:55:35,080
Speaker 1: bitcoin and like how it changes, people can short sell

1003
00:55:35,120 --> 00:55:45,320
Speaker 1: and whatnot. It allows bitcoin to expands like my Cox. Yeah,

1004
00:55:45,360 --> 00:55:47,680
Speaker 1: well that is what where the story is going. Actually,

1005
00:55:47,680 --> 00:55:50,800
Speaker 1: because the spoilers Mountain Ox drops all of the bitcoin

1006
00:55:50,880 --> 00:55:54,880
Speaker 1: that it's sticks story, drop it like drop it like

1007
00:55:54,960 --> 00:55:58,000
Speaker 1: Mountain Cox is a bitcoin or the price of bitcoin

1008
00:55:58,080 --> 00:56:01,359
Speaker 1: grows steadily over the next year or so, um, And

1009
00:56:01,560 --> 00:56:04,120
Speaker 1: Micaeleb was smart enough to realize after a couple of

1010
00:56:04,200 --> 00:56:07,200
Speaker 1: years of this that the platform had become something much

1011
00:56:07,239 --> 00:56:09,680
Speaker 1: more than just a hobby and that he was doing

1012
00:56:09,719 --> 00:56:12,319
Speaker 1: like again, the starts is like, oh bitcoins neat, Like

1013
00:56:12,400 --> 00:56:14,120
Speaker 1: let's see if I can set up in exchange to

1014
00:56:14,160 --> 00:56:16,560
Speaker 1: trade it, and very quickly he's dealing with like millions

1015
00:56:16,560 --> 00:56:19,040
Speaker 1: and then like tens of millions of dollars and it's

1016
00:56:19,080 --> 00:56:23,560
Speaker 1: basically like kind of unlicensed trading securities and operating a bank,

1017
00:56:23,600 --> 00:56:26,799
Speaker 1: which is illegal. So Macaeleb, being a smartt is like

1018
00:56:26,840 --> 00:56:28,600
Speaker 1: I should probably get the funk out of this, Like

1019
00:56:28,960 --> 00:56:31,359
Speaker 1: this seems like it could be a problem for me,

1020
00:56:32,000 --> 00:56:36,400
Speaker 1: and I maybe didn't entirely anticipate what what what was

1021
00:56:36,440 --> 00:56:39,320
Speaker 1: going to happen here. Now he also had a problem

1022
00:56:39,400 --> 00:56:42,080
Speaker 1: and that tens of thousands of bitcoin had gone missing

1023
00:56:42,239 --> 00:56:46,680
Speaker 1: or been stolen from Mount Cox and he hadn't told anybody. Um,

1024
00:56:46,760 --> 00:56:50,200
Speaker 1: so he was basically like using new funds that were

1025
00:56:50,239 --> 00:56:53,400
Speaker 1: brought in to pay people out that had had the

1026
00:56:53,440 --> 00:56:58,279
Speaker 1: stolen bitcoins and the hopes that maybe would noticemids. It

1027
00:56:58,840 --> 00:57:01,840
Speaker 1: is a Pyramids game, like it keeps happening, Well, please

1028
00:57:01,920 --> 00:57:06,800
Speaker 1: ask And mckayl is a really sketchy guy. I can't

1029
00:57:06,800 --> 00:57:09,239
Speaker 1: say that he was like actually had stolen those but

1030
00:57:09,360 --> 00:57:11,200
Speaker 1: like I don't think we really know what happened to

1031
00:57:11,239 --> 00:57:15,440
Speaker 1: those bitcoin, but he was definitely like bitcoins fed off

1032
00:57:15,560 --> 00:57:18,800
Speaker 1: from the back of a truck, but we do know

1033
00:57:19,080 --> 00:57:23,720
Speaker 1: is whoops. So the same year that happens, he sells

1034
00:57:23,840 --> 00:57:27,520
Speaker 1: mount Gox to a guy named Mark carpelz Um and

1035
00:57:27,600 --> 00:57:30,120
Speaker 1: he doesn't tell him until the sales don't like, oh yeah,

1036
00:57:30,320 --> 00:57:33,080
Speaker 1: like sixty bitcoin are missing. You gotta keep playing this

1037
00:57:33,160 --> 00:57:36,880
Speaker 1: like shell game tied that from everybody heads up, gotta

1038
00:57:37,000 --> 00:57:41,840
Speaker 1: drop it like it's hot. Now Mark Mark car Pauls

1039
00:57:42,000 --> 00:57:45,320
Speaker 1: is also a shady motherfucker. He'd been convicted of fraud

1040
00:57:45,400 --> 00:57:49,000
Speaker 1: himself a couple of years earlier, so, like again, none

1041
00:57:49,040 --> 00:57:52,560
Speaker 1: of these victims are particularly sympathetic people either, but Carlo

1042
00:57:53,080 --> 00:57:56,480
Speaker 1: is it's a bad deal for him, and so by

1043
00:57:56,480 --> 00:57:58,160
Speaker 1: the time he becomes aware of the fact that a

1044
00:57:58,200 --> 00:58:00,440
Speaker 1: lot of the bitcoin the bank had been holding had

1045
00:58:00,440 --> 00:58:03,760
Speaker 1: been stolen, he basically agreed to assume all liability for this.

1046
00:58:04,320 --> 00:58:08,680
Speaker 1: As he continued to run Mount Guy's it's very funny,

1047
00:58:08,800 --> 00:58:11,920
Speaker 1: most like buying a cruise ship for your crypt donation

1048
00:58:12,080 --> 00:58:16,720
Speaker 1: and then realizing, oh fuck, a lot is involved with

1049
00:58:16,840 --> 00:58:20,400
Speaker 1: running a cruise ship, and it's hard to be a bank.

1050
00:58:22,520 --> 00:58:25,080
Speaker 1: And as he's running Mount Cox, not only is he

1051
00:58:25,160 --> 00:58:27,840
Speaker 1: having to deal with like the fact that sixty bitcoin

1052
00:58:27,880 --> 00:58:30,240
Speaker 1: are missing that he's trying to like cover in a

1053
00:58:30,320 --> 00:58:33,760
Speaker 1: variety of ways. He keeps getting hacked, the bank keeps

1054
00:58:33,800 --> 00:58:36,600
Speaker 1: getting hacked, and more bitcoin keeps getting stolen because of

1055
00:58:36,640 --> 00:58:38,520
Speaker 1: like errors in the coding and stuff. People are just

1056
00:58:38,560 --> 00:58:42,560
Speaker 1: siphoning take thousands and thousands of big bitcoin. So when

1057
00:58:42,560 --> 00:58:44,840
Speaker 1: he realized like tens of thousands of more bitcoin had

1058
00:58:44,840 --> 00:58:48,240
Speaker 1: been stolen, he panics and he takes the bank's assets

1059
00:58:48,280 --> 00:58:51,400
Speaker 1: offline and he puts them into what are called cold wallets.

1060
00:58:51,400 --> 00:58:53,640
Speaker 1: So a hot wallet is a is a crypto wallet

1061
00:58:53,680 --> 00:58:56,440
Speaker 1: that's online, right, and that means you can use it

1062
00:58:56,640 --> 00:58:58,919
Speaker 1: anytime you want to trade the money, but it also

1063
00:58:58,960 --> 00:59:01,040
Speaker 1: means that like a hacker could potentially get it, and

1064
00:59:01,080 --> 00:59:03,160
Speaker 1: if they get your wallet, they just have it and

1065
00:59:03,160 --> 00:59:04,840
Speaker 1: there's no way for you to get it back. It's

1066
00:59:04,880 --> 00:59:08,680
Speaker 1: just gone forever. Um. Cold wallets are just like basically

1067
00:59:08,840 --> 00:59:12,520
Speaker 1: just storing the files that are the cryptocurrency offline and

1068
00:59:12,560 --> 00:59:14,840
Speaker 1: something not connected to the internet, which is obviously the

1069
00:59:14,840 --> 00:59:18,080
Speaker 1: safest way to store it. But this again leads to

1070
00:59:18,120 --> 00:59:20,880
Speaker 1: this because he's unwilling to take any of these cold

1071
00:59:20,880 --> 00:59:23,960
Speaker 1: wallets and put them back online. Leads to this Ponzi

1072
00:59:24,000 --> 00:59:26,560
Speaker 1: scheme situation where like he's trying to bring in new

1073
00:59:26,560 --> 00:59:28,120
Speaker 1: money as quickly as he can to pay out the

1074
00:59:28,120 --> 00:59:30,960
Speaker 1: old money, so nobody notices that huge amounts of bitcoin

1075
00:59:31,000 --> 00:59:33,720
Speaker 1: have been hacked. The other problem is that I think

1076
00:59:33,760 --> 00:59:36,240
Speaker 1: when the hack first happened, it was like tens of

1077
00:59:36,240 --> 00:59:39,120
Speaker 1: thousands of dollars worth of bitcoin, but the price of

1078
00:59:39,120 --> 00:59:43,600
Speaker 1: bitcoin increases so much so that eventually it goes from like, oh,

1079
00:59:43,680 --> 00:59:46,080
Speaker 1: we're short like a hundred thousand or a couple hundred

1080
00:59:46,080 --> 00:59:49,240
Speaker 1: thousand dollars to like, we're short hundreds of millions of dollars.

1081
00:59:49,280 --> 00:59:54,360
Speaker 1: Like the problem expands exponentially over time because every time

1082
00:59:54,400 --> 00:59:57,240
Speaker 1: the price of bitcoin increases, he's in the hole for

1083
00:59:57,320 --> 01:00:08,600
Speaker 1: more money. Um, it's got a temperature. Um so he

1084
01:00:08,920 --> 01:00:13,600
Speaker 1: uh this So yeah, this is a bad situation. And

1085
01:00:13,640 --> 01:00:16,320
Speaker 1: for like the last couple of years he's running Mountain Cox.

1086
01:00:16,480 --> 01:00:19,720
Speaker 1: The bank is basically bankrupt and he's just like keeping

1087
01:00:19,720 --> 01:00:23,120
Speaker 1: it alive with nothing but lies. Um. So I'm gonna

1088
01:00:23,160 --> 01:00:25,160
Speaker 1: quote from a write up in the next Web here.

1089
01:00:25,920 --> 01:00:29,440
Speaker 1: On February four fourteen, coin Desk held a poll to

1090
01:00:29,480 --> 01:00:32,840
Speaker 1: find out how many mount Cox users had experienced withdrawal issues.

1091
01:00:33,080 --> 01:00:35,760
Speaker 1: In some cases, users still hadn't received their funds even

1092
01:00:35,800 --> 01:00:39,120
Speaker 1: weeks after they had requested withdrawal, which is great, way

1093
01:00:39,160 --> 01:00:41,400
Speaker 1: better than a bank to ask to withdraw your money

1094
01:00:41,440 --> 01:00:43,480
Speaker 1: and not be allowed to for weeks because it all

1095
01:00:43,520 --> 01:00:48,160
Speaker 1: cuts stolen a Bitcoin talk form threat, a master over

1096
01:00:49,000 --> 01:00:52,600
Speaker 1: chase could never All those banks will do is destroy

1097
01:00:52,680 --> 01:00:56,280
Speaker 1: the entire global economy by gambling on real estate money.

1098
01:00:56,360 --> 01:01:00,200
Speaker 1: Anytime you want, please don't please, don't take us making

1099
01:01:00,280 --> 01:01:04,800
Speaker 1: fun of how dumb bitcoin banks are the endorsement of Chase,

1100
01:01:05,200 --> 01:01:09,120
Speaker 1: no or of any bank. Actual banks are dumb. It's

1101
01:01:09,200 --> 01:01:11,600
Speaker 1: just a marker of how dumb the crypto banks are,

1102
01:01:11,680 --> 01:01:16,480
Speaker 1: that they're even dumber than regular banks, although obviously less

1103
01:01:16,520 --> 01:01:20,280
Speaker 1: toxic because when mount Cox collapses spoilers, it does not

1104
01:01:20,400 --> 01:01:22,960
Speaker 1: sink the entire global economy and leave tens of thousands

1105
01:01:22,960 --> 01:01:29,840
Speaker 1: of people homeless. So here, that's that's good. Uh, good stuff.

1106
01:01:30,200 --> 01:01:34,920
Speaker 1: On February seven, two fourteen, mount Cox canceled all bitcoin trading,

1107
01:01:35,040 --> 01:01:37,320
Speaker 1: froze accounts, and took a step back to take stock

1108
01:01:37,360 --> 01:01:39,760
Speaker 1: of what was actually going on. Ten days later, the

1109
01:01:39,800 --> 01:01:42,760
Speaker 1: exchange published a statement it claimed it had rectified the

1110
01:01:42,800 --> 01:01:45,080
Speaker 1: situation and that it was now on course to correct

1111
01:01:45,160 --> 01:01:48,040
Speaker 1: customer losses and resume trade. But by the end of

1112
01:01:48,040 --> 01:01:50,920
Speaker 1: the month, Mark Mark Carpellez had stepped down from his

1113
01:01:51,000 --> 01:01:53,800
Speaker 1: role at the Bitcoin Foundation and the firm's fate was sealed.

1114
01:01:54,080 --> 01:01:57,080
Speaker 1: It disclosed over seven hundred and forty thousand of users

1115
01:01:57,080 --> 01:02:01,080
Speaker 1: bitcoin two point nine billion dollars into day's value, had

1116
01:02:01,120 --> 01:02:03,200
Speaker 1: been stolen in a hack that it claimed had been

1117
01:02:03,240 --> 01:02:06,800
Speaker 1: ongoing for years. At the time that amount was valued

1118
01:02:06,800 --> 01:02:11,440
Speaker 1: it around half a billion dollars. On February fourteen, the

1119
01:02:11,520 --> 01:02:14,640
Speaker 1: exchange accepted its fate and filed for bankruptcy in Tokyo.

1120
01:02:14,840 --> 01:02:17,400
Speaker 1: It would also file for bankruptcy in the US later

1121
01:02:17,440 --> 01:02:22,920
Speaker 1: in March. Now bitcoin again had kind of sailed in

1122
01:02:22,920 --> 01:02:25,120
Speaker 1: this legal gray area, hadn't gotten a huge amount of

1123
01:02:25,120 --> 01:02:29,320
Speaker 1: government attention. That changes because like as silly is, like

1124
01:02:29,440 --> 01:02:32,280
Speaker 1: crypto is to you know, people in the feed or whatever.

1125
01:02:32,560 --> 01:02:36,280
Speaker 1: When half a billion dollars goes missing, law enforcements going

1126
01:02:36,320 --> 01:02:39,640
Speaker 1: to be like, well, okay, wait a second here, what

1127
01:02:39,840 --> 01:02:42,960
Speaker 1: what happened here? How did you lose half a billions?

1128
01:02:43,080 --> 01:02:47,919
Speaker 1: Being like yeah, so this creates a problem. Um, and

1129
01:02:47,960 --> 01:02:53,280
Speaker 1: there's like well look into yeah, and there's After eighteen

1130
01:02:53,320 --> 01:02:56,360
Speaker 1: months of like lawsuits and attempted like courts try to

1131
01:02:56,400 --> 01:02:58,400
Speaker 1: restructure the bank to get people some of their money,

1132
01:02:58,600 --> 01:03:01,960
Speaker 1: Carpelis Is eventually arrest on embezzlement charges in August of

1133
01:03:01,960 --> 01:03:05,760
Speaker 1: two thou fifteen. UM authorities claim that he manipulated Mount

1134
01:03:05,760 --> 01:03:08,960
Speaker 1: Cox's computer programs in order to alter its balance sheet

1135
01:03:09,040 --> 01:03:12,080
Speaker 1: to artificially increase funds in one of its accounts, So

1136
01:03:12,160 --> 01:03:14,560
Speaker 1: he was not his embezzlement was not him stealing money

1137
01:03:14,600 --> 01:03:16,680
Speaker 1: from mount Cox. It was him like lying about the

1138
01:03:16,720 --> 01:03:18,600
Speaker 1: money that was there in order to deal with the

1139
01:03:18,600 --> 01:03:21,080
Speaker 1: fact that there's this massive hole in it. Meanwhile, the

1140
01:03:21,080 --> 01:03:22,880
Speaker 1: founder of mount Cox has gone on to create a

1141
01:03:22,960 --> 01:03:25,760
Speaker 1: couple of new different kinds of cryptocurrency and like continues

1142
01:03:25,800 --> 01:03:29,040
Speaker 1: to do that side of the grift. It's very funny. Um,

1143
01:03:29,320 --> 01:03:31,280
Speaker 1: in the end, find out what the names of the

1144
01:03:31,320 --> 01:03:36,160
Speaker 1: currency are, because with mount gox is a starting point,

1145
01:03:36,320 --> 01:03:39,520
Speaker 1: I'm just excited to see where it goes. They're forgettable,

1146
01:03:39,560 --> 01:03:42,160
Speaker 1: to be honest. Are they like the nineties names of

1147
01:03:42,200 --> 01:03:46,880
Speaker 1: like e cash or did you like coin? Whatever? I

1148
01:03:46,880 --> 01:03:49,360
Speaker 1: don't know. They're not They're not very exciting. Um. I

1149
01:03:49,400 --> 01:03:50,920
Speaker 1: can find them for you in a little bit if

1150
01:03:50,920 --> 01:03:53,400
Speaker 1: you like. Okay, So if they're not good, I trust you.

1151
01:03:54,000 --> 01:03:57,200
Speaker 1: In the end, mountain Gox lost about six percent of

1152
01:03:57,320 --> 01:04:01,000
Speaker 1: all bitcoin in existence at the time. In imagine if

1153
01:04:01,000 --> 01:04:05,280
Speaker 1: a bank disappeared six percent of the world's money supply. Like,

1154
01:04:07,680 --> 01:04:10,880
Speaker 1: it's very funny. Some of it was later recovered, but

1155
01:04:11,000 --> 01:04:14,720
Speaker 1: more scandals followed. Um. And and that's so. And there

1156
01:04:14,720 --> 01:04:16,640
Speaker 1: have been like other exchanges, like a bunch of like

1157
01:04:16,720 --> 01:04:18,640
Speaker 1: there was one exchange that had a map because they

1158
01:04:18,720 --> 01:04:21,280
Speaker 1: keep getting hacked. Right, So there was one exchange that

1159
01:04:21,360 --> 01:04:24,160
Speaker 1: was based on an exchange that had initially been coded

1160
01:04:24,200 --> 01:04:27,600
Speaker 1: by a sixteen year old Chinese kid um and people

1161
01:04:27,680 --> 01:04:29,840
Speaker 1: liked it because it had a good user interface, but

1162
01:04:29,880 --> 01:04:32,400
Speaker 1: it was really bad code and it was never meant

1163
01:04:32,440 --> 01:04:35,120
Speaker 1: to deal with like hundreds of millions of dollars in transactions.

1164
01:04:35,120 --> 01:04:37,320
Speaker 1: But that's what happened, and there were a bunch of

1165
01:04:37,360 --> 01:04:40,760
Speaker 1: exploits and hackers stole like tens of thousands of of

1166
01:04:41,280 --> 01:04:44,400
Speaker 1: bitcoin and like made away with millions. And what that

1167
01:04:44,720 --> 01:04:48,400
Speaker 1: exchange did was tell everybody, Hey, so that we can

1168
01:04:48,520 --> 01:04:51,520
Speaker 1: make whole the rich people who were robbed, we're taking

1169
01:04:51,560 --> 01:04:55,760
Speaker 1: thirty seven percent of everybody's bank account, Like you just

1170
01:04:55,960 --> 01:04:59,960
Speaker 1: have to accept. Like they're all like like horrible griff

1171
01:05:00,360 --> 01:05:05,000
Speaker 1: Like all of these fucking exchanges. Um, some of them

1172
01:05:05,000 --> 01:05:10,160
Speaker 1: have gotten better now, but Mark, yeah, I mean, if

1173
01:05:10,200 --> 01:05:12,960
Speaker 1: you're being totally fair, like you could be like, well, yeah,

1174
01:05:13,000 --> 01:05:15,840
Speaker 1: a lot all of the early bitcoin exchanges and crypto

1175
01:05:15,880 --> 01:05:18,600
Speaker 1: exchanges were giant horrible grifts. But like, look at what

1176
01:05:18,680 --> 01:05:21,400
Speaker 1: banks were like in like the eighteen eighties, where they

1177
01:05:21,400 --> 01:05:23,440
Speaker 1: would just like run out of their client's money and

1178
01:05:23,440 --> 01:05:25,400
Speaker 1: everybody would be fucked and there would be runs on

1179
01:05:25,440 --> 01:05:28,400
Speaker 1: the bank. It's like, yeah, yeah, that is fair. Like um,

1180
01:05:28,440 --> 01:05:32,840
Speaker 1: the problem is, like, to what benefit are you recreating

1181
01:05:32,840 --> 01:05:35,480
Speaker 1: the financial system and all of the problems inherent in

1182
01:05:35,600 --> 01:05:38,920
Speaker 1: creating an entirely new financial system. I haven't found anyone

1183
01:05:38,960 --> 01:05:42,360
Speaker 1: who's actually been able to give a thing good that

1184
01:05:42,400 --> 01:05:48,160
Speaker 1: they're doing. If anybody did, yeah, um so uh. In

1185
01:05:48,200 --> 01:05:52,720
Speaker 1: two thousand fifteen, a new cryptocurrency, Ethereum is released. Um

1186
01:05:52,720 --> 01:05:55,640
Speaker 1: Ethereum is much more advanced than bitcoin um and it

1187
01:05:55,680 --> 01:05:58,520
Speaker 1: can handle like more transactions. It's it's you know, it

1188
01:05:58,600 --> 01:06:01,720
Speaker 1: was made like almost a decade later. So there's a

1189
01:06:01,720 --> 01:06:04,400
Speaker 1: lot of things that about Ethereum are smarter. It's main

1190
01:06:04,480 --> 01:06:07,320
Speaker 1: claim to fame, which are called smart contracts. And a

1191
01:06:07,400 --> 01:06:11,280
Speaker 1: smart contract is basically a program that is stored on

1192
01:06:11,440 --> 01:06:15,200
Speaker 1: the blockchain that executes UM when you like, do a

1193
01:06:15,240 --> 01:06:19,040
Speaker 1: trans Yeah, it's it's like a program that you like

1194
01:06:19,120 --> 01:06:21,280
Speaker 1: store on the blockchain and so it can't be changed

1195
01:06:21,400 --> 01:06:23,680
Speaker 1: or altered. And the idea behind this is that you

1196
01:06:23,680 --> 01:06:27,240
Speaker 1: could use these to make perfectly equitable contracts. Like one

1197
01:06:27,280 --> 01:06:29,360
Speaker 1: of the marketing terms is like, hey, imagine if a

1198
01:06:29,480 --> 01:06:33,080
Speaker 1: musician could actually hold a record account company accountable to

1199
01:06:33,120 --> 01:06:35,480
Speaker 1: the contract they signed because it's immutable and it's on

1200
01:06:35,520 --> 01:06:38,080
Speaker 1: the blockchain, everybody can see it. The problem is that

1201
01:06:38,200 --> 01:06:41,840
Speaker 1: number one contracts are only as good as their coding,

1202
01:06:41,920 --> 01:06:44,040
Speaker 1: so if they're coded wrong, then the whole thing could

1203
01:06:44,040 --> 01:06:46,640
Speaker 1: be a disaster. The other thing is that, like, well,

1204
01:06:46,640 --> 01:06:50,360
Speaker 1: the problem with inequitable contracts isn't that like they're hidden.

1205
01:06:50,520 --> 01:06:53,800
Speaker 1: It's that the people who write contracts are able to

1206
01:06:54,160 --> 01:06:56,120
Speaker 1: like have lawyers that can write them in ways to

1207
01:06:56,120 --> 01:06:58,360
Speaker 1: funk people over, and you maybe don't understand it. And

1208
01:06:58,400 --> 01:07:02,760
Speaker 1: there's no reason why ethereum. Smart contracts would suddenly render

1209
01:07:02,840 --> 01:07:06,280
Speaker 1: someone immune to a record company having more resources to

1210
01:07:06,320 --> 01:07:08,520
Speaker 1: figure out how to fun people over on a contract.

1211
01:07:08,720 --> 01:07:10,920
Speaker 1: It just doesn't make a whole lot of sense. Um.

1212
01:07:11,040 --> 01:07:13,440
Speaker 1: The other problem is that, like, as you know, in

1213
01:07:13,480 --> 01:07:15,760
Speaker 1: the entertainment industry, often you have a contract and then

1214
01:07:15,760 --> 01:07:18,520
Speaker 1: you have to renegotiate and like change it later, and

1215
01:07:18,560 --> 01:07:21,240
Speaker 1: because it's immutably on the blockchain, that's kind of hard

1216
01:07:21,240 --> 01:07:24,560
Speaker 1: to do with smart contracts. They're not very smart, is

1217
01:07:24,600 --> 01:07:28,000
Speaker 1: the problem. Um. You could argue that, like an agreement

1218
01:07:28,040 --> 01:07:30,360
Speaker 1: you make with human beings that a company you work

1219
01:07:30,400 --> 01:07:32,400
Speaker 1: for and have a contract for is much smarter because

1220
01:07:32,400 --> 01:07:34,480
Speaker 1: you can go to them and say, like, hey, actually,

1221
01:07:34,480 --> 01:07:36,400
Speaker 1: I want to change this part of my contract. Can

1222
01:07:36,400 --> 01:07:39,080
Speaker 1: we alter that and then sign a new contract, which

1223
01:07:39,120 --> 01:07:41,360
Speaker 1: I've done, Like I know a lot of people who

1224
01:07:41,360 --> 01:07:45,240
Speaker 1: have not that. Like there aren't horrible like abusive contracts

1225
01:07:45,320 --> 01:07:48,760
Speaker 1: that's constant, but like it is. I I don't think

1226
01:07:48,800 --> 01:07:50,720
Speaker 1: the way Ether is trying to do it as any smarter.

1227
01:07:51,120 --> 01:07:54,000
Speaker 1: And obviously most of what smart contracts have been used

1228
01:07:54,000 --> 01:07:58,040
Speaker 1: to do is create automatic Ponzi schemes um and like

1229
01:07:58,040 --> 01:08:01,280
Speaker 1: like like Ponzi schemes that execute automatically. It's like matters

1230
01:08:01,320 --> 01:08:04,040
Speaker 1: of code. Um. There's a ton of different ponzis and

1231
01:08:04,040 --> 01:08:07,400
Speaker 1: in fact, like people knowingly get involved in Ponzi schemes

1232
01:08:07,440 --> 01:08:09,880
Speaker 1: in the crypto world in the understanding that like, well,

1233
01:08:09,880 --> 01:08:12,760
Speaker 1: if I'm early enough, then I'll make some money off. Yeah, exactly,

1234
01:08:12,800 --> 01:08:15,080
Speaker 1: as long as I'm the one getting sucked over and

1235
01:08:15,160 --> 01:08:19,559
Speaker 1: I'm fucking someone else over rest American way, yep, yep.

1236
01:08:19,680 --> 01:08:22,280
Speaker 1: And there's a bunch of like there have been cases

1237
01:08:22,320 --> 01:08:24,720
Speaker 1: with these smart contracts where like the coding of the

1238
01:08:24,760 --> 01:08:28,000
Speaker 1: contract is bad um and it creates an opportunity because

1239
01:08:28,040 --> 01:08:29,880
Speaker 1: there's a hole in the coding for like hackers to

1240
01:08:29,920 --> 01:08:33,680
Speaker 1: steal millions and millions of ether or whatever. Um. And

1241
01:08:33,720 --> 01:08:36,080
Speaker 1: this has happened a couple of times. And when it's

1242
01:08:36,120 --> 01:08:39,759
Speaker 1: happened in like influential people, like people who had helped

1243
01:08:39,880 --> 01:08:44,040
Speaker 1: make ethereum like lost money, UM, they actually were able

1244
01:08:44,080 --> 01:08:46,840
Speaker 1: to create correct those errors. Like it's the thing I

1245
01:08:46,840 --> 01:08:48,960
Speaker 1: said where if you have like a high enough amount

1246
01:08:49,000 --> 01:08:51,920
Speaker 1: of the processing power, you can alter the blockchain basically

1247
01:08:52,360 --> 01:08:55,360
Speaker 1: um ship Like that has been done when like the

1248
01:08:55,439 --> 01:08:58,080
Speaker 1: whales lose money. UM. It's just not going to be

1249
01:08:58,120 --> 01:09:01,200
Speaker 1: done if you lose all your money because you're nobody um,

1250
01:09:01,280 --> 01:09:03,559
Speaker 1: which is cool. So you're you're recreating the part of

1251
01:09:03,600 --> 01:09:06,320
Speaker 1: the financial system wherein the rich make all the rules

1252
01:09:06,560 --> 01:09:09,439
Speaker 1: and get to change the rules if they lose money um,

1253
01:09:09,479 --> 01:09:12,280
Speaker 1: which is also fun. Now you'll know that I have

1254
01:09:12,320 --> 01:09:15,280
Speaker 1: not talked a lot about the environmental consequences of cryptocurrency.

1255
01:09:15,320 --> 01:09:17,840
Speaker 1: We'll talk about that a bit, UM. But even without that,

1256
01:09:17,920 --> 01:09:22,200
Speaker 1: like if you separate the environmental consequences, it's just all

1257
01:09:22,360 --> 01:09:26,160
Speaker 1: such a giant, obvious, fucking scam. And to make that point,

1258
01:09:26,200 --> 01:09:28,880
Speaker 1: I want to talk about the case of Bitcoin Savings

1259
01:09:28,880 --> 01:09:32,080
Speaker 1: and Trust, which was created by a guy who went

1260
01:09:32,240 --> 01:09:35,519
Speaker 1: online by a name inspired by a Jimmy Buffett song,

1261
01:09:35,880 --> 01:09:40,000
Speaker 1: Pirate at forty. So this guy who's creating Bitcoin Savings

1262
01:09:40,000 --> 01:09:44,760
Speaker 1: and Trust identifies himself as a pirate, which is going

1263
01:09:44,800 --> 01:09:51,600
Speaker 1: to be meaningful in a minute. So Pirate at forty No,

1264
01:09:51,800 --> 01:09:55,439
Speaker 1: not anymore for sure. Um. He promised huge returns on

1265
01:09:55,600 --> 01:09:58,240
Speaker 1: people's investments, and he collected as much as half a

1266
01:09:58,320 --> 01:10:01,439
Speaker 1: million bitcoin worth five of point six million dollars at

1267
01:10:01,439 --> 01:10:03,479
Speaker 1: the time, and worth like all of the money in

1268
01:10:03,520 --> 01:10:07,280
Speaker 1: the world now. Any reasonable investor would have known that,

1269
01:10:07,320 --> 01:10:10,080
Speaker 1: like the rate of return Pirate at forty was promising

1270
01:10:10,479 --> 01:10:13,840
Speaker 1: marked him out as a scammer. But this was bitcoin, um,

1271
01:10:13,880 --> 01:10:17,240
Speaker 1: and people didn't think that way. Uh. There were folks

1272
01:10:17,280 --> 01:10:19,920
Speaker 1: who called him off online and like forms and stuff,

1273
01:10:19,920 --> 01:10:23,439
Speaker 1: and they were downvoted essentially um and lost online clout

1274
01:10:23,479 --> 01:10:25,960
Speaker 1: in the community for being negative about what was obviously

1275
01:10:26,000 --> 01:10:28,920
Speaker 1: such a great investment opportunity. Why are you why don't

1276
01:10:28,920 --> 01:10:31,160
Speaker 1: why are you being negative about crypto bro? Like, we

1277
01:10:31,200 --> 01:10:33,920
Speaker 1: don't need that kind of thinking here. Uh. In the end,

1278
01:10:34,040 --> 01:10:36,920
Speaker 1: this very obvious ponzi scheme wound up in control of

1279
01:10:37,080 --> 01:10:39,960
Speaker 1: seven percent of all bitcoin and circulation at the time,

1280
01:10:40,680 --> 01:10:43,439
Speaker 1: um and it was a giant scam pirate at forty

1281
01:10:43,479 --> 01:10:46,559
Speaker 1: Like disappeared with everybody's fucking money. UM. Now he was

1282
01:10:46,640 --> 01:10:49,040
Speaker 1: caught in this case because again, these people are now

1283
01:10:49,120 --> 01:10:52,639
Speaker 1: committing financial crimes large enough for Like to be paid

1284
01:10:52,640 --> 01:10:55,880
Speaker 1: attention to um And some of the money was returned,

1285
01:10:56,200 --> 01:10:58,120
Speaker 1: but this was just the start of what would prove

1286
01:10:58,160 --> 01:11:01,400
Speaker 1: to be a long chain of bitcoin crimes and incompetence.

1287
01:11:01,920 --> 01:11:04,679
Speaker 1: Bid O Matt, at one time the third largest exchange

1288
01:11:04,720 --> 01:11:07,479
Speaker 1: for bitcoin, existed for months before it was revealed that

1289
01:11:07,520 --> 01:11:09,880
Speaker 1: they had kept the site's whole wallet file, which is

1290
01:11:09,920 --> 01:11:14,280
Speaker 1: all of everybody's money, on an Amazon Web Services cloud

1291
01:11:14,320 --> 01:11:17,439
Speaker 1: file that did not have a backup and was set

1292
01:11:17,479 --> 01:11:21,000
Speaker 1: to ephemeral, so if it was restarted, if the servers

1293
01:11:21,000 --> 01:11:25,000
Speaker 1: were restarted, the wallet was deleted and everybody's money disappeared forever,

1294
01:11:25,280 --> 01:11:28,679
Speaker 1: which is exactly what happened in July of two thousand eleven.

1295
01:11:32,040 --> 01:11:34,679
Speaker 1: My bank forgot to have a backup of our money.

1296
01:11:34,880 --> 01:11:40,280
Speaker 1: Sorry guys, my god. Bitcoinka was the project of a

1297
01:11:40,360 --> 01:11:42,320
Speaker 1: sixteen year old who was pretty good at coding and

1298
01:11:42,360 --> 01:11:45,280
Speaker 1: tried to make an exchange. It collapsed in two thousand twelve,

1299
01:11:45,360 --> 01:11:49,280
Speaker 1: without any database backups. All its remaining funds disappeared after

1300
01:11:49,320 --> 01:11:51,320
Speaker 1: a series of hacks due to the fact that the

1301
01:11:51,360 --> 01:11:54,639
Speaker 1: admins used the same password for Bitcoinica that they had

1302
01:11:54,720 --> 01:11:57,719
Speaker 1: used for mount Cox, which had been hacked months earlier,

1303
01:11:57,800 --> 01:12:01,680
Speaker 1: revealing the password and allowing hackers to eel everything. I

1304
01:12:01,680 --> 01:12:04,080
Speaker 1: could go on, stupid, why would you have a teenager

1305
01:12:04,160 --> 01:12:07,439
Speaker 1: do this well? And this this this this bit bitcoin

1306
01:12:07,760 --> 01:12:10,400
Speaker 1: which collapses the code that it was made by this

1307
01:12:10,439 --> 01:12:13,200
Speaker 1: teenager for it was then used by that other exchange,

1308
01:12:13,240 --> 01:12:14,880
Speaker 1: the one I told you about that got robbed and

1309
01:12:14,920 --> 01:12:17,920
Speaker 1: took thirty seven percent of everybody's money. Like, it's such

1310
01:12:18,040 --> 01:12:23,240
Speaker 1: stupid fucking bullshit. It's such stupid fucking bullshit. And you

1311
01:12:23,280 --> 01:12:26,639
Speaker 1: know what else is stupid fucking bullshit, Sophia. These goods

1312
01:12:26,680 --> 01:12:30,280
Speaker 1: and services no in f t s. And we're going

1313
01:12:30,320 --> 01:12:32,000
Speaker 1: to talk about n f t s in part two

1314
01:12:32,040 --> 01:12:33,840
Speaker 1: of this episode, but for right now, I want to

1315
01:12:33,840 --> 01:12:38,519
Speaker 1: talk about something that's not bullshit, Sophia. You're plug doubles. Wow,

1316
01:12:38,560 --> 01:12:41,559
Speaker 1: thank you so much. You're welcome so much. Find me

1317
01:12:41,640 --> 01:12:50,519
Speaker 1: on Twitter and insider on Twitter, Sophia, Sophia, you could

1318
01:12:50,600 --> 01:12:54,680
Speaker 1: listen to my two podcasts, Private Parts Unknown about love

1319
01:12:54,720 --> 01:12:58,559
Speaker 1: and sex around the world, and for twenty de Fiance

1320
01:12:58,880 --> 01:13:03,400
Speaker 1: with Miles Gray Where Are we um Do Stone recaps

1321
01:13:03,560 --> 01:13:10,000
Speaker 1: of Fiance Hell yeah, hell yeah. And you can find

1322
01:13:10,160 --> 01:13:16,160
Speaker 1: me on bitcoin dot scam where I am. Just send

1323
01:13:16,160 --> 01:13:19,160
Speaker 1: me three d and fifty dollars and if everybody does that,

1324
01:13:19,920 --> 01:13:26,519
Speaker 1: I will give you, guys Robert coin. Uh your hearts,

1325
01:13:26,520 --> 01:13:28,880
Speaker 1: so no exchange necessary. You don't have to have an exchange.

1326
01:13:28,880 --> 01:13:30,439
Speaker 1: It's in your heart. You just know. You send me

1327
01:13:30,439 --> 01:13:32,880
Speaker 1: through in your fifty bucks, You've got a Robert Coin.

1328
01:13:33,439 --> 01:13:40,240
Speaker 1: And then I'm gonna retire. I'm just gonna go. That's

1329
01:13:40,280 --> 01:13:40,960
Speaker 1: the episode.