1 00:00:00,080 --> 00:00:02,520 Speaker 1: Hey, everyone, Welcome to another episode of the Mark Moa 2 00:00:02,640 --> 00:00:04,680 Speaker 1: Show where we talk about bitcoin and we talked about 3 00:00:04,680 --> 00:00:08,240 Speaker 1: the decentralized revolution that's happening, and we talk about everything 4 00:00:08,280 --> 00:00:11,239 Speaker 1: that's going on around it so you can understand what 5 00:00:11,520 --> 00:00:15,000 Speaker 1: is going on. We look at things from the financial aspect, 6 00:00:15,040 --> 00:00:18,439 Speaker 1: the political aspect, the technology aspect, because you really have 7 00:00:18,520 --> 00:00:21,439 Speaker 1: to get about six, seven, maybe eight different disciplines to 8 00:00:21,520 --> 00:00:24,880 Speaker 1: kind of get what's going on now. It's moving fast. 9 00:00:24,920 --> 00:00:26,239 Speaker 1: There's a lot of things going on. I try to 10 00:00:26,280 --> 00:00:29,520 Speaker 1: bring you the best education, up to the minute, latest 11 00:00:29,560 --> 00:00:31,400 Speaker 1: breaking news so you can always know what's going on, 12 00:00:31,440 --> 00:00:33,360 Speaker 1: and of course sound like the smartest guy at the 13 00:00:33,360 --> 00:00:35,920 Speaker 1: party this weekend. And of course I try to bring 14 00:00:35,920 --> 00:00:38,239 Speaker 1: you new and interesting people to listen to on a 15 00:00:38,280 --> 00:00:40,760 Speaker 1: regular basis so you can get some different perspectives than 16 00:00:40,840 --> 00:00:43,479 Speaker 1: just from myself. Of course, I have some people that 17 00:00:43,520 --> 00:00:45,400 Speaker 1: I'm bringing on this week that you definitely want to 18 00:00:45,400 --> 00:00:48,160 Speaker 1: hear from. But some of the breaking news, like I said, 19 00:00:48,159 --> 00:00:51,159 Speaker 1: things happen so fast. Um, some big stories I want 20 00:00:51,159 --> 00:00:55,040 Speaker 1: to go through this week are one, you've probably heard 21 00:00:55,080 --> 00:00:58,680 Speaker 1: that the US government seized some bitcoin. I don't know 22 00:00:58,720 --> 00:01:01,040 Speaker 1: if you heard that or not. Now How did that happen? Mark, 23 00:01:01,120 --> 00:01:03,920 Speaker 1: Because I thought bitcoin of censorship resistant. How do the 24 00:01:03,920 --> 00:01:07,040 Speaker 1: government sees it? Well? I want to explain how that happened. 25 00:01:07,080 --> 00:01:09,560 Speaker 1: I want to explain what the learning lesson is for 26 00:01:09,680 --> 00:01:12,200 Speaker 1: us in this UM And there's a lot of interesting 27 00:01:12,240 --> 00:01:15,600 Speaker 1: pieces in this. I want to talk about UM, the 28 00:01:15,680 --> 00:01:20,480 Speaker 1: largest asset manager in the world in the world is 29 00:01:20,480 --> 00:01:25,200 Speaker 1: now offering cryptocurrency services. I want to talk about something's 30 00:01:25,200 --> 00:01:28,679 Speaker 1: happening inside the government. How UM they are UM changing 31 00:01:28,720 --> 00:01:31,880 Speaker 1: the way they look at people that want to peacefully assemble. 32 00:01:32,240 --> 00:01:35,399 Speaker 1: I want to look at one of the largest commercial 33 00:01:35,440 --> 00:01:37,119 Speaker 1: banks in the world, actually a bank that I bank 34 00:01:37,160 --> 00:01:40,160 Speaker 1: with UM has said that we are about to enter 35 00:01:40,240 --> 00:01:42,520 Speaker 1: a hyper adoption of bitcoin. Who is that bank and 36 00:01:42,560 --> 00:01:44,280 Speaker 1: what are they talking about? And I want to look 37 00:01:44,319 --> 00:01:46,119 Speaker 1: at the price of bitcoin real quick. That's a pretty 38 00:01:46,160 --> 00:01:48,360 Speaker 1: ambitious schedule to cover. So let's see if we can 39 00:01:48,360 --> 00:01:50,560 Speaker 1: get through all of that for you. By the way, 40 00:01:50,680 --> 00:01:52,360 Speaker 1: like I said, you're listening to the markma Show where 41 00:01:52,360 --> 00:01:55,800 Speaker 1: we talk about bitcoin and the decentralized revolution that's happening. 42 00:01:56,160 --> 00:01:58,680 Speaker 1: You know, I don't cover the price a whole lot UM. 43 00:01:58,720 --> 00:02:00,720 Speaker 1: I do typically say that I think the price is 44 00:02:00,760 --> 00:02:03,840 Speaker 1: the least interesting thing that's going on. And the reason 45 00:02:03,880 --> 00:02:05,920 Speaker 1: why I say it's the least interesting thing going on 46 00:02:06,080 --> 00:02:08,720 Speaker 1: is because, um it is. I mean, we're talking about 47 00:02:08,720 --> 00:02:12,600 Speaker 1: a brand new technology that is changing the way the 48 00:02:12,639 --> 00:02:16,120 Speaker 1: world works, and for the better. I mean for the better. 49 00:02:16,240 --> 00:02:18,440 Speaker 1: It is changing the world for the better. Anybody who 50 00:02:18,440 --> 00:02:21,680 Speaker 1: comes into bitcoin, it just it gives them long term perspective. 51 00:02:21,919 --> 00:02:26,639 Speaker 1: They start to see new solutions to old problems. Um everyone, 52 00:02:26,680 --> 00:02:29,200 Speaker 1: I've seen It's completely changed your lives and so and 53 00:02:29,360 --> 00:02:31,799 Speaker 1: and not just from a monetary standpoint. It is such 54 00:02:31,840 --> 00:02:35,040 Speaker 1: a new technology that's going to benefit all of humanity. 55 00:02:35,080 --> 00:02:36,919 Speaker 1: That's why I'm so bullish on it. And so when 56 00:02:36,960 --> 00:02:39,960 Speaker 1: you have something that big, of course, the daily price 57 00:02:40,040 --> 00:02:43,720 Speaker 1: movement is somewhat um boring, I guess I should say. 58 00:02:43,760 --> 00:02:45,440 Speaker 1: And the other thing that I say pretty often if 59 00:02:45,440 --> 00:02:47,000 Speaker 1: you tune to my show on a regular basis, is 60 00:02:47,040 --> 00:02:49,959 Speaker 1: that when you're looking at a new technology, you don't 61 00:02:49,960 --> 00:02:51,880 Speaker 1: want to look at the price. The price is volatile. 62 00:02:52,040 --> 00:02:53,679 Speaker 1: So what you really want to look at is two things. 63 00:02:53,760 --> 00:02:57,760 Speaker 1: The one that developed, the development happening on the network, 64 00:02:58,200 --> 00:03:00,280 Speaker 1: and to the growth of the network or more people 65 00:03:00,360 --> 00:03:03,000 Speaker 1: using them. But I call the price a bait and switch. 66 00:03:03,200 --> 00:03:05,240 Speaker 1: Most people come in for the price, they hope to 67 00:03:05,240 --> 00:03:07,720 Speaker 1: make money, they hope to get rich, and then they 68 00:03:07,720 --> 00:03:10,480 Speaker 1: get switched into some of the other properties for bitcoin. 69 00:03:10,560 --> 00:03:12,760 Speaker 1: So anyway, talking about the price today, it is a 70 00:03:12,800 --> 00:03:14,400 Speaker 1: little bit of good news if you're focused on the 71 00:03:14,400 --> 00:03:17,160 Speaker 1: short term price, which I am not. If you're aware 72 00:03:17,280 --> 00:03:20,240 Speaker 1: or you're just kind of tuning in. Bitcoin did recently 73 00:03:20,360 --> 00:03:23,799 Speaker 1: crashed all the way down from its high of about 74 00:03:23,840 --> 00:03:26,520 Speaker 1: sixty nine thousand, and it went all the way to 75 00:03:26,760 --> 00:03:30,880 Speaker 1: about thirty three thousand dollars, a crash of about fifty two. 76 00:03:31,880 --> 00:03:33,760 Speaker 1: It didn't stick there long. That was just a quick 77 00:03:33,840 --> 00:03:37,880 Speaker 1: daily fat flash crash. Um it quickly kind of regained ground, 78 00:03:37,920 --> 00:03:40,760 Speaker 1: and it's sad about forty five down from its high 79 00:03:40,800 --> 00:03:44,640 Speaker 1: at about in the thirty five ish range. And um, 80 00:03:44,720 --> 00:03:46,720 Speaker 1: just over the last couple of days it has gone 81 00:03:46,800 --> 00:03:50,680 Speaker 1: on a tear, going from about thirty five thousand all 82 00:03:50,720 --> 00:03:54,400 Speaker 1: the way up to in the forty five thousand ish range. 83 00:03:54,520 --> 00:03:57,800 Speaker 1: Ten thousand dollar swing, which is no small swing at 84 00:03:57,840 --> 00:04:00,120 Speaker 1: all for a bitcoin. As a matter of fact, a 85 00:04:00,280 --> 00:04:06,000 Speaker 1: single day it moved up about about twelve a few 86 00:04:06,000 --> 00:04:08,720 Speaker 1: thousand dollars in a single day, and that's one of 87 00:04:08,720 --> 00:04:10,640 Speaker 1: the reasons why you don't want to try to trade 88 00:04:10,680 --> 00:04:12,960 Speaker 1: bitcoin in and out of bitcoin because it does move 89 00:04:13,040 --> 00:04:15,960 Speaker 1: so volatile like this, and so you know, if you 90 00:04:16,040 --> 00:04:18,040 Speaker 1: were like, I'm gonna sell at the top and I'm 91 00:04:18,080 --> 00:04:21,359 Speaker 1: gonna buy back in at a lower price, how do 92 00:04:21,400 --> 00:04:23,719 Speaker 1: you know when it's a lower price. How do you 93 00:04:23,760 --> 00:04:25,960 Speaker 1: know when to buy back in? You know what happens 94 00:04:26,000 --> 00:04:28,840 Speaker 1: is you only know the top or the bottom when 95 00:04:28,880 --> 00:04:31,600 Speaker 1: you're looking backwards at it, and so when you're living 96 00:04:31,600 --> 00:04:33,000 Speaker 1: through it, you don't know. And what happens is let's 97 00:04:33,000 --> 00:04:35,159 Speaker 1: say you're on the sideline waiting for this move and 98 00:04:35,200 --> 00:04:37,640 Speaker 1: you were gonna buy cheaper, but then all of a sudden, 99 00:04:37,680 --> 00:04:40,800 Speaker 1: it moves up ten tho dollars in a single day, 100 00:04:41,920 --> 00:04:43,680 Speaker 1: and you missed out. Now I haven't done the math. 101 00:04:43,920 --> 00:04:45,400 Speaker 1: Maybe at some point I will for bitcoin, but I 102 00:04:45,400 --> 00:04:47,680 Speaker 1: can tell you with stocks that you know, over the 103 00:04:47,760 --> 00:04:51,320 Speaker 1: last day, um over the last fifty years, it's averaged 104 00:04:51,320 --> 00:04:53,360 Speaker 1: about an eight percent return. But if you would have 105 00:04:53,440 --> 00:04:56,560 Speaker 1: missed the best thirty days of trading in the stock market, 106 00:04:56,720 --> 00:04:59,400 Speaker 1: your returns go from eight percent to like two percent approximately. 107 00:04:59,400 --> 00:05:00,680 Speaker 1: I don't know how a date off the top of 108 00:05:00,680 --> 00:05:03,360 Speaker 1: my head if you missed the best um like twenty 109 00:05:03,440 --> 00:05:06,040 Speaker 1: days in trading, then you're basically make no money. And 110 00:05:06,040 --> 00:05:08,200 Speaker 1: you've missed the best like thirty days out of whatever 111 00:05:08,240 --> 00:05:11,400 Speaker 1: fifty years, you made no money in the stock market, 112 00:05:11,800 --> 00:05:14,160 Speaker 1: and so um they say in the stock market, it's 113 00:05:14,160 --> 00:05:17,359 Speaker 1: not timing the market, but time in the market. And 114 00:05:17,360 --> 00:05:19,359 Speaker 1: bitcoin is kind of the same way, because if you 115 00:05:19,440 --> 00:05:22,720 Speaker 1: missed out on a ten thousand dollar swing day, like 116 00:05:22,839 --> 00:05:25,240 Speaker 1: that's really gonna hurt you. And so what I do 117 00:05:25,279 --> 00:05:27,840 Speaker 1: is I just zoom out. I keep a long term 118 00:05:27,880 --> 00:05:30,719 Speaker 1: perspective and I don't try to trade these dips. And 119 00:05:30,760 --> 00:05:32,200 Speaker 1: for perspective, what I do is I look at the 120 00:05:32,200 --> 00:05:35,000 Speaker 1: way that the low the lows have been going higher 121 00:05:35,000 --> 00:05:39,760 Speaker 1: and higher and higher. So for example, if I go back, um, 122 00:05:39,839 --> 00:05:42,120 Speaker 1: you know, two years ago, I can see that the 123 00:05:42,120 --> 00:05:45,599 Speaker 1: price of bitcoin was only twenty thousand, and then it 124 00:05:45,600 --> 00:05:47,880 Speaker 1: did get up to sixty five thousand a consoliday at thirty, 125 00:05:47,920 --> 00:05:51,240 Speaker 1: So from twenty to sixty five, but then to thirty, 126 00:05:51,360 --> 00:05:54,320 Speaker 1: and then from thirty to sixty nine and forty five. 127 00:05:54,760 --> 00:05:56,480 Speaker 1: And so instead of looking at where it came from 128 00:05:56,520 --> 00:05:58,240 Speaker 1: the sixty five, I look at it where it came 129 00:05:58,240 --> 00:06:01,120 Speaker 1: from the twenty and the thirty. So from twenty to thirty, 130 00:06:02,200 --> 00:06:04,120 Speaker 1: that's pretty good progress for me and I like that. 131 00:06:04,560 --> 00:06:06,440 Speaker 1: So that's where the price. It is nice to see 132 00:06:06,440 --> 00:06:08,680 Speaker 1: it coming back up. Now why why is it coming 133 00:06:08,720 --> 00:06:11,240 Speaker 1: back up? Well, a couple of things. UM, you want 134 00:06:11,240 --> 00:06:14,240 Speaker 1: to understand what drives the price. That I said, right, 135 00:06:14,400 --> 00:06:17,960 Speaker 1: it's adoption and development, So a couple of big developments 136 00:06:17,960 --> 00:06:21,520 Speaker 1: and adoptions things that are happening. UM. The first thing 137 00:06:21,600 --> 00:06:24,560 Speaker 1: that I would say is that, UM, I talked about 138 00:06:24,600 --> 00:06:26,279 Speaker 1: a little bit last week. If you're with me, I 139 00:06:26,320 --> 00:06:31,720 Speaker 1: talked about the trucker convoy going on in Canada, and UM, 140 00:06:31,760 --> 00:06:34,360 Speaker 1: I think we talked about last week how um the 141 00:06:34,400 --> 00:06:36,719 Speaker 1: trucker convoy had raised about ten million dollars on go 142 00:06:36,800 --> 00:06:40,320 Speaker 1: fund me, and then go fund me basically stole the 143 00:06:40,360 --> 00:06:44,520 Speaker 1: money and with a massive amount of backlash that had happened. 144 00:06:44,520 --> 00:06:45,960 Speaker 1: I don't think we covered this last week. I hadn't 145 00:06:45,960 --> 00:06:48,880 Speaker 1: happened yet, but the massive amount of backlash, UM go 146 00:06:48,960 --> 00:06:51,280 Speaker 1: fund me said all right, all right, we'll we'll return 147 00:06:51,360 --> 00:06:54,080 Speaker 1: the money if you would fill out this form. You 148 00:06:54,160 --> 00:06:56,400 Speaker 1: have to filt this form by a certain date. And 149 00:06:56,440 --> 00:06:59,320 Speaker 1: then a lot more backlash happened where people were saying, no, 150 00:06:59,480 --> 00:07:01,479 Speaker 1: just charge back your credit cards and hid them with fees. 151 00:07:01,520 --> 00:07:02,960 Speaker 1: And I think a lot of people probably did that. 152 00:07:03,240 --> 00:07:05,119 Speaker 1: So then and then, and then you had a Governor 153 00:07:05,120 --> 00:07:08,000 Speaker 1: Abbott from Texas and governed to Santis from Florida said 154 00:07:08,040 --> 00:07:10,800 Speaker 1: that they were going to um bring legal charges against 155 00:07:10,840 --> 00:07:14,560 Speaker 1: go fund me for stealing their residents money. And uh, 156 00:07:14,720 --> 00:07:16,680 Speaker 1: a combination of that and the heat that go fund 157 00:07:16,720 --> 00:07:18,920 Speaker 1: me took, they quickly reverse courses that they would just 158 00:07:18,920 --> 00:07:21,360 Speaker 1: go ahead and refund everybody's money. But the key piece 159 00:07:21,400 --> 00:07:26,000 Speaker 1: to this is that the governments of Canada trying to 160 00:07:26,000 --> 00:07:27,760 Speaker 1: seize the money, the state of Autawa try to seize 161 00:07:27,760 --> 00:07:30,280 Speaker 1: the money, and then go fund me. It did an 162 00:07:30,400 --> 00:07:35,559 Speaker 1: enormous amount of marketing for bitcoin. Now all these people 163 00:07:35,560 --> 00:07:39,520 Speaker 1: that are watching what's going on realized just how centrally 164 00:07:39,560 --> 00:07:43,480 Speaker 1: controlled the monetary supply is. You mean my money that 165 00:07:43,600 --> 00:07:46,800 Speaker 1: I have expended my own energy. I've expended my life's 166 00:07:46,880 --> 00:07:49,720 Speaker 1: energy for two and I stored it in this form 167 00:07:49,760 --> 00:07:51,360 Speaker 1: of money that I could use at a later day 168 00:07:51,400 --> 00:07:53,760 Speaker 1: in time. You mean I don't have a right to 169 00:07:53,880 --> 00:07:56,520 Speaker 1: use that money as I see fit. You mean if 170 00:07:56,600 --> 00:07:58,680 Speaker 1: I want to use it to give some money to 171 00:07:58,760 --> 00:08:01,520 Speaker 1: these peaceful pro testers to give them some gas or 172 00:08:01,560 --> 00:08:03,760 Speaker 1: some food or a blanket or whatever. I can't. I 173 00:08:03,800 --> 00:08:05,680 Speaker 1: don't have the right to do that. And the state 174 00:08:05,720 --> 00:08:08,520 Speaker 1: can just seize my money. And I didn't know they 175 00:08:08,520 --> 00:08:10,360 Speaker 1: could do that. I didn't know they would do that. 176 00:08:11,400 --> 00:08:14,000 Speaker 1: Oh and and now there's bitcoin over here. That means 177 00:08:14,000 --> 00:08:17,920 Speaker 1: that they can't do that. Um, maybe I should check 178 00:08:17,920 --> 00:08:22,200 Speaker 1: out bitcoin. And so bitcoin has been on the world stage. 179 00:08:22,520 --> 00:08:26,480 Speaker 1: The government of Canada the trucker protests. Go fund me 180 00:08:26,560 --> 00:08:28,840 Speaker 1: are doing marketing for bitcoin, which is important because go 181 00:08:28,920 --> 00:08:30,800 Speaker 1: fund me is a is a company and they have 182 00:08:30,800 --> 00:08:33,920 Speaker 1: a marketing budget. Bitcoin is not a company. There is 183 00:08:33,960 --> 00:08:37,559 Speaker 1: no marketing budget, there is no marketing department. And uh, 184 00:08:37,640 --> 00:08:40,280 Speaker 1: we're lucky to have the country of Canada and go 185 00:08:40,360 --> 00:08:42,480 Speaker 1: fund me doing bitcoins marketing for us. Maybe one of 186 00:08:42,480 --> 00:08:44,960 Speaker 1: the reasons why we've seen the price pump. You're listening 187 00:08:44,960 --> 00:08:47,320 Speaker 1: to the Markma Show. We're talking about the latest breaking 188 00:08:47,360 --> 00:08:50,640 Speaker 1: news that is going on right now, and I'm talking 189 00:08:50,679 --> 00:08:54,120 Speaker 1: about the latest breaking news this week because each and 190 00:08:54,120 --> 00:08:56,040 Speaker 1: every week there is a lot going on. It's moving 191 00:08:56,160 --> 00:08:58,600 Speaker 1: super fast and you need to be up to date 192 00:08:58,600 --> 00:09:01,120 Speaker 1: on what's happening. Now. I to talk about why things 193 00:09:01,160 --> 00:09:03,840 Speaker 1: are happening, things like that. One interesting story that I 194 00:09:03,840 --> 00:09:07,400 Speaker 1: saw here today which was pretty amazing, And you maybe 195 00:09:07,480 --> 00:09:13,600 Speaker 1: weren't aware of this, but you know that politicians and uh, 196 00:09:13,679 --> 00:09:15,679 Speaker 1: you know people at the Central Bank that create all 197 00:09:15,679 --> 00:09:19,559 Speaker 1: the money, they probably have an unfair advantage of information 198 00:09:19,640 --> 00:09:22,560 Speaker 1: that they have. And uh, did you know that you, 199 00:09:22,760 --> 00:09:25,880 Speaker 1: as a private citizen, you're not allowed to invest on 200 00:09:25,920 --> 00:09:28,320 Speaker 1: what they call insider trading, So like, if you have 201 00:09:28,400 --> 00:09:30,880 Speaker 1: something like information that most people don't have and you 202 00:09:30,920 --> 00:09:32,640 Speaker 1: act on that and you make money with that, it's 203 00:09:32,679 --> 00:09:38,880 Speaker 1: actually illegal. And actually, Martha Stewart everybody's a favorite grandmother 204 00:09:38,960 --> 00:09:41,360 Speaker 1: working from her house or whatever, she famously went to 205 00:09:41,440 --> 00:09:45,600 Speaker 1: prison for doing what's called insider trading because it's highly 206 00:09:45,640 --> 00:09:47,760 Speaker 1: illegal for me and you to participate in that. But 207 00:09:47,840 --> 00:09:50,800 Speaker 1: did you know that it's not illegal for the politicians 208 00:09:50,800 --> 00:09:55,880 Speaker 1: to do it? Specifically not illegal. So Nancy Pelosi as 209 00:09:55,960 --> 00:09:58,120 Speaker 1: one of the best investors in the world today. As 210 00:09:58,120 --> 00:10:02,120 Speaker 1: a matter of fact, Nancy Pelosi beat almost every single 211 00:10:02,360 --> 00:10:06,559 Speaker 1: hedge fund, every single fund manager except for like one 212 00:10:06,640 --> 00:10:09,920 Speaker 1: or two last year, and she wasn't even the top one. 213 00:10:09,920 --> 00:10:11,560 Speaker 1: I think she was like ranked fifth or sixth in 214 00:10:11,559 --> 00:10:14,280 Speaker 1: that order. Um. Other politicians did even better. And it's 215 00:10:14,280 --> 00:10:17,440 Speaker 1: not just the politicians, the congressman, the senators, it's the 216 00:10:17,520 --> 00:10:21,120 Speaker 1: central bankers. Now, a while back, there was a story 217 00:10:21,360 --> 00:10:24,199 Speaker 1: and I didn't really cover it much, but we found 218 00:10:24,200 --> 00:10:29,120 Speaker 1: out that FED officials were doing insider trading. They were 219 00:10:29,160 --> 00:10:32,080 Speaker 1: trading on what they call pandemic trade. So at the 220 00:10:32,080 --> 00:10:35,600 Speaker 1: time the pandemic was happening, UM, the entire economy crashed, 221 00:10:35,760 --> 00:10:39,280 Speaker 1: the stock market crashed, and then as the pandemic recovered, 222 00:10:39,320 --> 00:10:42,800 Speaker 1: certain stocks did better than others the pandemic trades, and 223 00:10:42,840 --> 00:10:47,560 Speaker 1: there was some FED insiders that traded that and made 224 00:10:47,600 --> 00:10:50,560 Speaker 1: a bunch of money. And a matter of fact, three 225 00:10:50,880 --> 00:10:53,720 Speaker 1: UM FED officials I believe lost their jobs, the Dallas 226 00:10:53,760 --> 00:10:56,400 Speaker 1: and the Boston FED presidents as well as the vice 227 00:10:56,480 --> 00:11:01,760 Speaker 1: chair Clarita and Um. You know, nobody really cares. Nobody's 228 00:11:01,760 --> 00:11:04,640 Speaker 1: really looking into it, UM, but some people are. Some 229 00:11:04,640 --> 00:11:06,840 Speaker 1: people aren't okay with that. I mean, I'm not personal 230 00:11:06,880 --> 00:11:08,840 Speaker 1: okay with that. I mean I could go to prison 231 00:11:09,000 --> 00:11:11,800 Speaker 1: if I traded like Martha Stewart on information I had. 232 00:11:11,840 --> 00:11:14,960 Speaker 1: But they're the ones that actually make the policies and 233 00:11:15,040 --> 00:11:18,439 Speaker 1: pump the money into the system. But they can it 234 00:11:18,480 --> 00:11:20,800 Speaker 1: seems pretty messed up. I don't think people should be 235 00:11:20,840 --> 00:11:23,880 Speaker 1: okay with that. And so Reuters, the news organization which 236 00:11:23,880 --> 00:11:26,079 Speaker 1: doesn't always seek the truth in my opinion, But they 237 00:11:26,080 --> 00:11:28,960 Speaker 1: went out and they filed a freedom of information Act. 238 00:11:29,000 --> 00:11:32,600 Speaker 1: It's called a FOIA request fo I A, and they 239 00:11:32,640 --> 00:11:35,560 Speaker 1: did a freedom of information Act and they want UM 240 00:11:35,600 --> 00:11:37,840 Speaker 1: and they wanted to get information on what exactly was 241 00:11:37,880 --> 00:11:41,439 Speaker 1: going on here. The FED said that there's about sixty 242 00:11:41,559 --> 00:11:46,880 Speaker 1: pages of correspondence UM in the in these financial transactions 243 00:11:46,880 --> 00:11:50,839 Speaker 1: that were conducted during the pandemic that they don't want 244 00:11:50,840 --> 00:11:53,319 Speaker 1: to release. They don't want to release. It's a sore 245 00:11:53,360 --> 00:11:55,160 Speaker 1: spot for the FED. They obviously know what's in there, 246 00:11:55,760 --> 00:11:59,319 Speaker 1: and members of Congress are demanding full transparency as to 247 00:11:59,440 --> 00:12:02,160 Speaker 1: who knew what was going on, who did what, when 248 00:12:02,200 --> 00:12:04,760 Speaker 1: did they do it, and so forth. But the problem 249 00:12:04,880 --> 00:12:08,240 Speaker 1: is that nobody is allowed to see them, as the 250 00:12:08,240 --> 00:12:12,880 Speaker 1: FED quote unquote denied in full the release of documents. 251 00:12:13,559 --> 00:12:18,520 Speaker 1: Mm hmm. That doesn't seem right, does it now. I 252 00:12:19,480 --> 00:12:21,960 Speaker 1: might be old fashioned here, but it seems like the 253 00:12:22,000 --> 00:12:27,400 Speaker 1: best way to build trust is with transparency, not lying 254 00:12:27,480 --> 00:12:30,360 Speaker 1: and deliberately hiding stuff. So if my business partner if 255 00:12:30,400 --> 00:12:32,040 Speaker 1: I don't have a business partner, but if I did, 256 00:12:32,440 --> 00:12:34,080 Speaker 1: or if I had, you know, your wife, your girlfriend's 257 00:12:34,080 --> 00:12:36,320 Speaker 1: tegnam for the other somebody important to you. If I 258 00:12:36,360 --> 00:12:38,439 Speaker 1: had a business partner and I said, say, I suspected 259 00:12:38,440 --> 00:12:41,400 Speaker 1: them of embezzling from me, and I said, hey, partner, um, 260 00:12:41,480 --> 00:12:43,040 Speaker 1: you know, could we sit down and just look at 261 00:12:43,040 --> 00:12:44,920 Speaker 1: the books and talk about a couple of transactions. I 262 00:12:44,920 --> 00:12:48,400 Speaker 1: have curious you know, I'm curious him if he said, oh, no, no, no, 263 00:12:48,480 --> 00:12:50,280 Speaker 1: we can't. You shouldn't be looking at that and then 264 00:12:50,280 --> 00:12:52,640 Speaker 1: they went deleted a bunch of stuff, like, wouldn't that 265 00:12:52,760 --> 00:12:56,320 Speaker 1: just kind of confirm my suspicion Versus if he said, oh, yeah, 266 00:12:56,360 --> 00:12:57,720 Speaker 1: for sure, let's open up the books. Here you go, 267 00:12:57,760 --> 00:12:59,520 Speaker 1: Oh these transactions, this is what it was like. Full 268 00:12:59,520 --> 00:13:04,559 Speaker 1: transpar arrancy could bring trust back. So when we already 269 00:13:04,600 --> 00:13:07,160 Speaker 1: are unhappy that that Martha Stewart went to prison, I 270 00:13:07,160 --> 00:13:09,040 Speaker 1: can go to I can go to prison. But these 271 00:13:09,080 --> 00:13:11,560 Speaker 1: insiders are legally able to do that. And then the 272 00:13:11,600 --> 00:13:14,600 Speaker 1: Federal Reserve who put the money in, are able to 273 00:13:14,640 --> 00:13:18,079 Speaker 1: do this. And then through a Freedom of Information Act request, 274 00:13:18,559 --> 00:13:23,319 Speaker 1: the FED quote unquote denied in full the release of documents. 275 00:13:23,800 --> 00:13:27,240 Speaker 1: M hmm. That doesn't really breed a lot of trust 276 00:13:27,600 --> 00:13:30,439 Speaker 1: for me and confidence. Now I bring this up on 277 00:13:30,480 --> 00:13:36,320 Speaker 1: a bitcoin show because bitcoin is open borderless trust list. 278 00:13:36,400 --> 00:13:38,600 Speaker 1: What does that mean? Trust less? So I have to 279 00:13:38,720 --> 00:13:42,520 Speaker 1: trust the Federal Reserve didn't do something shady, But how 280 00:13:42,559 --> 00:13:45,000 Speaker 1: can I trust them when they're hiding everything from a delivery? 281 00:13:45,000 --> 00:13:47,000 Speaker 1: I don't know how much money they made. I don't 282 00:13:47,000 --> 00:13:48,719 Speaker 1: know where they put that money. I don't know how 283 00:13:48,720 --> 00:13:50,520 Speaker 1: they decided how much money to Pranto were to put 284 00:13:50,600 --> 00:13:53,040 Speaker 1: the money. Nor do I know how they use that 285 00:13:53,080 --> 00:13:55,480 Speaker 1: information to enrich themselves. I don't know anything. I have 286 00:13:55,559 --> 00:13:58,440 Speaker 1: to trust them, but how can I trust them when 287 00:13:58,480 --> 00:14:01,440 Speaker 1: they're breaking me? Bitcoin is ust lists. That means I 288 00:14:01,440 --> 00:14:04,120 Speaker 1: don't have to trust bitcoin because bitcoin is an open 289 00:14:04,200 --> 00:14:07,560 Speaker 1: source network one I know that unlike the FED, nobody 290 00:14:07,600 --> 00:14:10,320 Speaker 1: can create more Bitcoin like the FED creates more dollars too. 291 00:14:10,880 --> 00:14:13,719 Speaker 1: It's completely open and transparent. I can see all the 292 00:14:13,760 --> 00:14:15,320 Speaker 1: bitcoin all the time. I don't have to trust. I 293 00:14:15,360 --> 00:14:20,120 Speaker 1: can verify UM and on top of that UM, because 294 00:14:20,120 --> 00:14:23,480 Speaker 1: I can verify all the transactions, I again, I don't 295 00:14:23,520 --> 00:14:27,600 Speaker 1: have to trust. Now they said uh, like I said, 296 00:14:27,640 --> 00:14:33,720 Speaker 1: they denied in full but why Like traditionally, maybe they 297 00:14:33,760 --> 00:14:35,960 Speaker 1: might have an exemption to the Freedom of Information Act 298 00:14:36,000 --> 00:14:38,360 Speaker 1: the Foyer Request if it involved a matter that matter 299 00:14:38,400 --> 00:14:43,600 Speaker 1: of national security. But how exactly would alleged I'm going 300 00:14:43,680 --> 00:14:46,840 Speaker 1: to say that, alleged insider trading by a bunch of millionaires, 301 00:14:46,880 --> 00:14:50,200 Speaker 1: how would that threaten the US democracy? Right? I mean, 302 00:14:50,280 --> 00:14:52,120 Speaker 1: I would certainly like to understand that. I bet you 303 00:14:52,120 --> 00:14:55,240 Speaker 1: would as well. But of course we don't know that. 304 00:14:56,240 --> 00:14:58,360 Speaker 1: We don't know that at all. And um, the reason 305 00:14:58,400 --> 00:15:00,520 Speaker 1: why I bring the story up is because it makes 306 00:15:00,520 --> 00:15:05,720 Speaker 1: me mad. But it's in glaring contradiction to what bitcoin is. 307 00:15:06,120 --> 00:15:08,800 Speaker 1: So we have you know, um of public officials like 308 00:15:08,840 --> 00:15:13,360 Speaker 1: Elizabeth Warren out there saying, you know, bitcoin is used 309 00:15:13,440 --> 00:15:18,120 Speaker 1: by bad people, Well, they probably shouldn't use bitcoin because 310 00:15:18,120 --> 00:15:21,720 Speaker 1: bitcoin is open, it's transparent, and we can see who 311 00:15:21,760 --> 00:15:25,760 Speaker 1: those bad people are, unlike the Federals are fiat money 312 00:15:25,760 --> 00:15:28,720 Speaker 1: system like we have today, where these people get away 313 00:15:28,760 --> 00:15:32,720 Speaker 1: with murder and literally enriched themselves to the tunes of 314 00:15:32,880 --> 00:15:36,920 Speaker 1: trillions of dollars. Now, when I talk about bad people 315 00:15:37,000 --> 00:15:38,720 Speaker 1: not being able to do that, it kind of brings 316 00:15:38,720 --> 00:15:40,560 Speaker 1: me to the next story which I wanted to talk about, 317 00:15:40,600 --> 00:15:44,960 Speaker 1: which was the US seized bitcoin. And they didn't just 318 00:15:44,960 --> 00:15:48,480 Speaker 1: seize some bitcoin. They seized a lot of bitcoin. As 319 00:15:48,480 --> 00:15:51,640 Speaker 1: a matter of fact, Um, it's been making a lot 320 00:15:51,680 --> 00:15:54,560 Speaker 1: of news stories. It was a bit finex hack and 321 00:15:54,600 --> 00:15:58,480 Speaker 1: it was about four point six billion with a B 322 00:15:58,640 --> 00:16:02,360 Speaker 1: and that's right, four point six billion dollars of bitcoin 323 00:16:02,720 --> 00:16:05,360 Speaker 1: that was stolen and the government seized it. But like 324 00:16:05,400 --> 00:16:07,000 Speaker 1: I said earlier, like Mark, what do you mean they 325 00:16:07,040 --> 00:16:10,960 Speaker 1: seized it? Because I thought bitcoin was censorship resistant? How 326 00:16:11,000 --> 00:16:13,040 Speaker 1: could they seize it? Well, let's talk about that for 327 00:16:13,080 --> 00:16:15,040 Speaker 1: a second, because it's it's important for you to understand 328 00:16:15,040 --> 00:16:17,640 Speaker 1: how they seized it, because there's a learning lesson in 329 00:16:17,720 --> 00:16:20,440 Speaker 1: here for you. How could you protect your money so 330 00:16:20,680 --> 00:16:22,200 Speaker 1: nobody could steal it? And I'm not trying to say 331 00:16:22,240 --> 00:16:23,920 Speaker 1: keep it from the government, but how could you keep 332 00:16:23,960 --> 00:16:26,720 Speaker 1: it from anybody who wanted to steal it? And so 333 00:16:26,880 --> 00:16:31,800 Speaker 1: the story is about this a couple who um, as 334 00:16:31,840 --> 00:16:34,400 Speaker 1: I said, I took this money. It was from bitfoinix. 335 00:16:34,440 --> 00:16:39,040 Speaker 1: So bitfoinix is a big cryptocurrency exchange and uh, apparently 336 00:16:39,040 --> 00:16:41,080 Speaker 1: a couple of years ago, this couple of New York 337 00:16:41,080 --> 00:16:46,360 Speaker 1: couple Eelid Dutch Litzenstein and Heather are Morgan had taken 338 00:16:46,400 --> 00:16:50,600 Speaker 1: this money and they were attempting to launder clean up 339 00:16:50,600 --> 00:16:54,920 Speaker 1: some bitcoin worth a staggering four point six billion dollars. 340 00:16:55,080 --> 00:16:57,080 Speaker 1: Like I said, that was stolen from bit foinex back in. 341 00:16:57,760 --> 00:17:00,480 Speaker 1: There's a lot to this story. I'm gonna unpack. Um, 342 00:17:00,520 --> 00:17:04,520 Speaker 1: it's a fascinating story. These are some fascinating characters. Actually, UM, 343 00:17:04,560 --> 00:17:06,639 Speaker 1: I'm gonna bring back more. I'm gonna come back more 344 00:17:06,640 --> 00:17:08,199 Speaker 1: in a second with that story. You don't want to 345 00:17:08,200 --> 00:17:10,720 Speaker 1: miss this. By the way, you're listening to the markmas Show. 346 00:17:10,720 --> 00:17:15,120 Speaker 1: We're talking about bitcoin, the decentralized revolution. We're talking about 347 00:17:15,160 --> 00:17:17,399 Speaker 1: how the government sees bitcoin and what you need to 348 00:17:17,400 --> 00:17:19,720 Speaker 1: know about this so you can protect your bitcoin from 349 00:17:19,720 --> 00:17:22,400 Speaker 1: being stolen. Um, it's a fascinating story. I'll be back 350 00:17:22,400 --> 00:17:24,680 Speaker 1: with that more. Don't go away, all right, welcome back. 351 00:17:24,720 --> 00:17:26,520 Speaker 1: You were listening to the Mark Moa Show and we're 352 00:17:26,520 --> 00:17:29,960 Speaker 1: talking about bitcoin. We're talking about the decentralized revolution that 353 00:17:30,119 --> 00:17:33,760 Speaker 1: is happening right now. We are witnessing now. Before the break, 354 00:17:33,800 --> 00:17:37,120 Speaker 1: I started talking about, um, this bit the nexs hack 355 00:17:37,200 --> 00:17:39,440 Speaker 1: that happened. As a matter of fact, the US government 356 00:17:39,520 --> 00:17:43,119 Speaker 1: seized bitcoin about four point six billion with a B 357 00:17:43,280 --> 00:17:46,239 Speaker 1: four point six billion dollars worth the bitcoin. I think 358 00:17:46,280 --> 00:17:49,479 Speaker 1: it was about a hundred and ten hundred twenty thousand 359 00:17:49,520 --> 00:17:52,600 Speaker 1: bitcoins something, Yeah, about about a hundred twenty thousand bitcoins, 360 00:17:52,600 --> 00:17:57,240 Speaker 1: something massive like that, which uh shoots the United States 361 00:17:57,359 --> 00:18:00,840 Speaker 1: up there in them the countries and private people that 362 00:18:00,840 --> 00:18:02,800 Speaker 1: own bitcoin. As a matter of fact, they own more 363 00:18:02,840 --> 00:18:06,240 Speaker 1: than uh Elon Musk and Tesla. So Ellen, I'm calling 364 00:18:06,280 --> 00:18:08,720 Speaker 1: out calling you about right now, you should step it up. 365 00:18:09,280 --> 00:18:12,720 Speaker 1: They're trying to arrival Michael Sailor and UH micro Strategy 366 00:18:12,720 --> 00:18:15,040 Speaker 1: with how much bitcoin they have, So you guys need 367 00:18:15,080 --> 00:18:16,840 Speaker 1: to step it up as well. But the US, the 368 00:18:16,920 --> 00:18:19,600 Speaker 1: US owns is now a lot of bitcoin. But it's 369 00:18:19,600 --> 00:18:23,960 Speaker 1: a it's a super interesting story. And this couple UH, 370 00:18:24,000 --> 00:18:27,600 Speaker 1: like I said, Lichtenstein and Heather Morgan, I mean, there 371 00:18:27,640 --> 00:18:31,280 Speaker 1: are some interesting characters. Heather Morgan has uh has quite 372 00:18:31,320 --> 00:18:34,480 Speaker 1: a long history as a matter of fact. Um, they 373 00:18:34,520 --> 00:18:36,920 Speaker 1: actually I think we're working with bitfin x to help 374 00:18:36,960 --> 00:18:39,959 Speaker 1: them with some of their security. UM. I found this 375 00:18:40,080 --> 00:18:44,680 Speaker 1: article of Heather Morgan from two thousand nineteen, and um, 376 00:18:44,680 --> 00:18:48,439 Speaker 1: it's how to social engineer your way into anything. And 377 00:18:48,480 --> 00:18:50,480 Speaker 1: so she talks about her she was going to doing 378 00:18:50,520 --> 00:18:53,679 Speaker 1: these talks about social engineering and how it's the active 379 00:18:53,720 --> 00:18:58,800 Speaker 1: manipulated into someone to giving you information to take an action. Um, 380 00:18:59,160 --> 00:19:03,520 Speaker 1: she did it specific tritically in cybersecurity. Um she she 381 00:19:03,560 --> 00:19:07,320 Speaker 1: said she used it here firsthand out Heathery Morgan social 382 00:19:07,359 --> 00:19:11,760 Speaker 1: engineering into exclusive parties and expensive political fundraisers, infiltrated black 383 00:19:11,800 --> 00:19:14,600 Speaker 1: markets around the world, and build relationships with celebrities and 384 00:19:14,680 --> 00:19:18,919 Speaker 1: billionaire CEOs. You'll learn actionable tactics for event crashing, how 385 00:19:18,960 --> 00:19:21,760 Speaker 1: to cold email even the most reclusive and high level 386 00:19:21,760 --> 00:19:23,879 Speaker 1: people and get a response on what to do to 387 00:19:23,920 --> 00:19:27,240 Speaker 1: get yourself out of a jam. So she was specifically 388 00:19:27,240 --> 00:19:29,800 Speaker 1: good at cold email. But about the speaker, So this 389 00:19:29,840 --> 00:19:32,600 Speaker 1: is in her own bio. She's a seal entrepreneur, a writer, 390 00:19:32,880 --> 00:19:36,119 Speaker 1: and a rapper and a former economist who worked in 391 00:19:36,119 --> 00:19:40,240 Speaker 1: emerging markets. She specially she's an economist specialized in game 392 00:19:40,280 --> 00:19:44,080 Speaker 1: theory and in perfect information. Man, what a what A 393 00:19:44,640 --> 00:19:48,040 Speaker 1: What an interesting resume. But she was a rapper and 394 00:19:48,040 --> 00:19:50,480 Speaker 1: actually we have a clip of that. Let's check out 395 00:19:50,520 --> 00:19:52,520 Speaker 1: this clip of her. I think it's pretty cool. There 396 00:19:52,520 --> 00:19:56,800 Speaker 1: we go Turkish Martha start keep going up her spin 397 00:19:56,880 --> 00:20:03,200 Speaker 1: dropping with her poppy from a rebellious showing turk conveyed 398 00:20:03,400 --> 00:20:07,320 Speaker 1: with the burke showing off her inverse work. Don't she 399 00:20:07,480 --> 00:20:11,560 Speaker 1: come a lord? So uh, I guess her rap career 400 00:20:11,640 --> 00:20:13,480 Speaker 1: wasn't working out too well, so she had to go 401 00:20:13,560 --> 00:20:17,000 Speaker 1: to stealing bitcoin instead. Um. And now that you've heard that, 402 00:20:17,040 --> 00:20:20,480 Speaker 1: you can understand why she's got a pretty pretty crazy 403 00:20:20,520 --> 00:20:22,119 Speaker 1: profile if you go look at some of the pictures 404 00:20:22,119 --> 00:20:24,159 Speaker 1: of her and what she's done. But I think I 405 00:20:24,160 --> 00:20:26,520 Speaker 1: think there's a couple of things to understand about this. 406 00:20:26,840 --> 00:20:29,359 Speaker 1: So um Again, like they said, this, this hack actually 407 00:20:29,400 --> 00:20:32,000 Speaker 1: happened back in twenty sixteen, and bitcoin security has come 408 00:20:32,080 --> 00:20:35,880 Speaker 1: a long way now since this. Now I've talked about myself, 409 00:20:35,920 --> 00:20:38,840 Speaker 1: I've lost, um what equate to millions of dollars of 410 00:20:38,880 --> 00:20:40,920 Speaker 1: bitcoin today. At the time, it wasn't millions of dollars 411 00:20:40,960 --> 00:20:43,720 Speaker 1: a bitcoin, but um, that's that's kind of where it 412 00:20:44,720 --> 00:20:47,320 Speaker 1: ended in. Just like these guys, they didn't store steal 413 00:20:47,359 --> 00:20:49,680 Speaker 1: four point six billion dollars, but that's what it's worth 414 00:20:49,720 --> 00:20:53,360 Speaker 1: today now. Um. What's interesting a couple of things. So One, 415 00:20:53,560 --> 00:20:56,560 Speaker 1: they stole it from bitfin x, hacked it back in sixteen, 416 00:20:57,280 --> 00:21:00,159 Speaker 1: but they weren't using a typical hot and cold or 417 00:21:00,280 --> 00:21:03,119 Speaker 1: set up like most exchanges used. UM. Rather, what they 418 00:21:03,160 --> 00:21:06,400 Speaker 1: were doing is they were they were trying to get 419 00:21:06,440 --> 00:21:10,119 Speaker 1: around US sanctions and so what they did is they 420 00:21:10,160 --> 00:21:13,320 Speaker 1: set up this kind of regulatory arbitrage. So what they 421 00:21:13,359 --> 00:21:16,240 Speaker 1: said is that we don't really hold the keys, we 422 00:21:16,280 --> 00:21:18,480 Speaker 1: don't really hold your bitcoin. What we do is we 423 00:21:18,480 --> 00:21:21,280 Speaker 1: set up like this, this weird kind of configuration where 424 00:21:21,320 --> 00:21:23,600 Speaker 1: you keep a key and we keep a key. Um. 425 00:21:23,640 --> 00:21:25,879 Speaker 1: And since we don't really hold the customer funds, we 426 00:21:25,920 --> 00:21:29,520 Speaker 1: don't have to comply. And it was because they had 427 00:21:29,560 --> 00:21:33,960 Speaker 1: this insecure set up, um, is what really allowed these 428 00:21:34,000 --> 00:21:35,879 Speaker 1: people to steal the money. Now, she was good at 429 00:21:35,920 --> 00:21:39,280 Speaker 1: social engineering, so she was able to compromise a lot 430 00:21:39,320 --> 00:21:43,520 Speaker 1: of these people's information and then get their bitcoin released 431 00:21:43,520 --> 00:21:46,840 Speaker 1: to them using this method. So there's a UM. So 432 00:21:46,880 --> 00:21:49,320 Speaker 1: that that's an important thing to understand. Um. And then 433 00:21:49,400 --> 00:21:54,000 Speaker 1: more importantly, how did the government get it back? And 434 00:21:54,040 --> 00:21:57,480 Speaker 1: so UM Basically the government was able to go get 435 00:21:57,560 --> 00:22:01,639 Speaker 1: this four point six billion dollars worth of bitcoin him back. UM, 436 00:22:01,680 --> 00:22:04,199 Speaker 1: not because they could seize it. As I said, right, 437 00:22:04,200 --> 00:22:07,880 Speaker 1: bitcoin is censorship resistant. Nobody can steal the bitcoin. The 438 00:22:07,920 --> 00:22:10,439 Speaker 1: only way they can steal the bitcoin is if they 439 00:22:10,480 --> 00:22:13,280 Speaker 1: could get your private key. So if I had some 440 00:22:13,359 --> 00:22:15,920 Speaker 1: gold and I went and buried it somewhere in a 441 00:22:15,800 --> 00:22:17,560 Speaker 1: in a in a dirt field, and I would make 442 00:22:17,560 --> 00:22:20,520 Speaker 1: a map, nobody could get my gold unless they got 443 00:22:20,560 --> 00:22:23,840 Speaker 1: my map, right, that would be like the key. Um. 444 00:22:23,960 --> 00:22:27,919 Speaker 1: And so the government cannot nobody, the government or anybody 445 00:22:27,960 --> 00:22:31,040 Speaker 1: cannot steal your bitcoin unless they can get your private key. 446 00:22:31,280 --> 00:22:34,280 Speaker 1: So that's what you have to secure with your life. 447 00:22:34,680 --> 00:22:38,240 Speaker 1: And that's what they got from them. So um, they 448 00:22:38,280 --> 00:22:40,960 Speaker 1: put their private key, I believe into a Google doc 449 00:22:41,040 --> 00:22:43,960 Speaker 1: like a Google drive. You never want to put your 450 00:22:44,359 --> 00:22:48,560 Speaker 1: private key onto the internet. Um. There was another famous 451 00:22:49,160 --> 00:22:54,080 Speaker 1: massive hack by Ian Billina. He's a crypto analyst, and 452 00:22:54,160 --> 00:22:56,960 Speaker 1: he had put his private key into every note, which 453 00:22:57,000 --> 00:22:58,920 Speaker 1: I use every note. I'm actually looking at every note 454 00:22:59,000 --> 00:23:00,440 Speaker 1: right now. I use it all the time. But I'm 455 00:23:00,480 --> 00:23:03,040 Speaker 1: not putting my private key there. I'm not putting into 456 00:23:03,119 --> 00:23:06,639 Speaker 1: Google document, Google drive because if it's in the Internet somewhere, 457 00:23:06,640 --> 00:23:09,160 Speaker 1: then it can get hacked. And so while the government 458 00:23:09,240 --> 00:23:12,600 Speaker 1: cannot hack your bitcoin, if they get your key, they can, 459 00:23:12,720 --> 00:23:16,280 Speaker 1: and they can hack your computer, so they can hack 460 00:23:16,320 --> 00:23:19,160 Speaker 1: your Google drive and they could find your key there, 461 00:23:19,720 --> 00:23:22,879 Speaker 1: So that is the big piece here. Bitcoin wasn't hacked. 462 00:23:23,480 --> 00:23:27,800 Speaker 1: Bitcoin wasn't compromised. What happened is they compromise the person, 463 00:23:27,960 --> 00:23:31,320 Speaker 1: these people's Google Drive and found their private key. So 464 00:23:31,440 --> 00:23:33,040 Speaker 1: what do you do with your private key? It's a 465 00:23:33,040 --> 00:23:36,439 Speaker 1: good learning lesson. Now. One of the show sponsors that 466 00:23:36,480 --> 00:23:40,600 Speaker 1: we have here, Unchained Capital, They help users with managing 467 00:23:40,640 --> 00:23:43,960 Speaker 1: their private key. It's someone that I actually personally used. 468 00:23:44,000 --> 00:23:47,119 Speaker 1: As I said earlier, off Loss which which which he quotes, 469 00:23:47,200 --> 00:23:51,280 Speaker 1: equates in today's dollars to about two billion dollars. Now 470 00:23:51,400 --> 00:23:53,720 Speaker 1: that's because the price of bitcoin goes up really fast. 471 00:23:53,720 --> 00:23:56,840 Speaker 1: As a matter of fact, the government was actually bragging 472 00:23:57,200 --> 00:23:59,639 Speaker 1: about the price of bitcoin accumulating. I think I have 473 00:23:59,680 --> 00:24:02,120 Speaker 1: that clip up right here. Um, let's hear this quick 474 00:24:02,160 --> 00:24:04,760 Speaker 1: little clip from the government bragging about the price of bitcoin. 475 00:24:04,840 --> 00:24:09,399 Speaker 1: Here almost one hundred twenty thousand bitcoin, which at the 476 00:24:09,440 --> 00:24:14,040 Speaker 1: time was worth approximately seventy one million dollars. Today the 477 00:24:14,200 --> 00:24:17,720 Speaker 1: value of that bitcoin has grown to over four point 478 00:24:17,800 --> 00:24:23,159 Speaker 1: five billion dollars, so they seem pretty happy about that. Um. So, 479 00:24:23,280 --> 00:24:26,080 Speaker 1: at the time of the hack, they stole about seventy 480 00:24:26,119 --> 00:24:29,160 Speaker 1: one million worth of bitcoin and today it's worth four 481 00:24:29,240 --> 00:24:32,800 Speaker 1: point six billion in bitcoin. And so that's kind of 482 00:24:32,800 --> 00:24:34,240 Speaker 1: like how it was for me. I mean, I didn't 483 00:24:34,240 --> 00:24:36,040 Speaker 1: lose a couple of million dollars worth a bitcoin at 484 00:24:36,040 --> 00:24:38,720 Speaker 1: the time, but in today's dollars, if I still would 485 00:24:38,720 --> 00:24:40,160 Speaker 1: have had it, which I would because I don't sell 486 00:24:40,160 --> 00:24:42,800 Speaker 1: my bitcoin, I would have millions of dollars a bitcoin 487 00:24:42,840 --> 00:24:45,600 Speaker 1: that I don't have any more. And so, UM, what 488 00:24:45,640 --> 00:24:48,119 Speaker 1: I've done is I've used a company like Unchanged Capital 489 00:24:48,160 --> 00:24:50,159 Speaker 1: helped me secure that key. And that's the piece that 490 00:24:50,160 --> 00:24:51,879 Speaker 1: you have to secure. So a couple of things that 491 00:24:51,960 --> 00:24:54,160 Speaker 1: I need to tell you about that. So one, if 492 00:24:54,200 --> 00:24:58,120 Speaker 1: you use like a hardware wallet, so for example, UM, 493 00:24:58,160 --> 00:25:01,359 Speaker 1: you download an app on your phone and you store 494 00:25:01,440 --> 00:25:03,280 Speaker 1: you know, and you put your bitcoin there. That app 495 00:25:03,359 --> 00:25:05,719 Speaker 1: is holding your private key. If you keep your bitcoin 496 00:25:05,800 --> 00:25:09,600 Speaker 1: on coin base, then coin Base is holding your private key. UM. 497 00:25:09,680 --> 00:25:11,679 Speaker 1: What I would recommend as a level up from that 498 00:25:11,800 --> 00:25:15,200 Speaker 1: is to use a hardware wallet and then a hardware wall. 499 00:25:15,200 --> 00:25:17,119 Speaker 1: It's kind of like a little USB drive that you 500 00:25:17,119 --> 00:25:19,440 Speaker 1: plug in your computer and then that stores your your 501 00:25:19,520 --> 00:25:22,200 Speaker 1: private key. So you plug the hardware wallet in, UM 502 00:25:22,240 --> 00:25:25,600 Speaker 1: it signs the transaction. You unplug the hardware wallet and 503 00:25:25,600 --> 00:25:27,760 Speaker 1: then your private key stays on there, it never goes 504 00:25:27,800 --> 00:25:31,359 Speaker 1: onto the computer. And then you need to put a 505 00:25:31,400 --> 00:25:34,840 Speaker 1: passphrase and a pass code on that hardware wallet. So 506 00:25:34,920 --> 00:25:38,840 Speaker 1: even if the government or any intruder, robber, whatever were 507 00:25:38,880 --> 00:25:43,360 Speaker 1: to get my hardware wallet, they still wouldn't have my key. 508 00:25:43,440 --> 00:25:46,800 Speaker 1: They would need me to give them that passphrase. Right. 509 00:25:47,200 --> 00:25:49,040 Speaker 1: So that way, if someone broke into my house and 510 00:25:49,119 --> 00:25:52,399 Speaker 1: broke into my safe, um or wherever you know, found 511 00:25:52,400 --> 00:25:54,119 Speaker 1: a found something in the backyard where I had my 512 00:25:54,119 --> 00:25:58,119 Speaker 1: hardware wallet buried, they still wouldn't be able to use it. Okay, 513 00:25:58,160 --> 00:26:00,080 Speaker 1: So that's the big key. Now you do need to 514 00:26:00,200 --> 00:26:03,359 Speaker 1: back your key up. And this is the part that's tricky. 515 00:26:04,280 --> 00:26:06,959 Speaker 1: Back that key up. And you do that by writing 516 00:26:07,000 --> 00:26:10,680 Speaker 1: down twelve or twenty four random words, and you want 517 00:26:10,680 --> 00:26:13,639 Speaker 1: to put that onto paper again, not in the computer, 518 00:26:13,760 --> 00:26:16,280 Speaker 1: not in every node, not in Google Drive, and it 519 00:26:16,400 --> 00:26:17,879 Speaker 1: needs to be on a piece of paper. That way, 520 00:26:17,920 --> 00:26:20,359 Speaker 1: if something happens to that hardware wallet, I lose it, 521 00:26:20,600 --> 00:26:23,960 Speaker 1: it gets destroyed. Whatever happens, I can restore it. I 522 00:26:23,960 --> 00:26:26,240 Speaker 1: can back it up. Now that's where you have to 523 00:26:26,320 --> 00:26:30,520 Speaker 1: hide it. Um. I can give you a couple of ideas. 524 00:26:30,680 --> 00:26:32,479 Speaker 1: We'll talk about that. In a second, I'll give you 525 00:26:32,640 --> 00:26:34,199 Speaker 1: give you a couple of good ideas of how to 526 00:26:34,359 --> 00:26:37,760 Speaker 1: hide that in plain sight so people could see it 527 00:26:37,920 --> 00:26:40,399 Speaker 1: and not know what it is. You're listening to the 528 00:26:40,400 --> 00:26:42,480 Speaker 1: Mark Moa Show. We're talking about bitcoin. We're talking about 529 00:26:42,480 --> 00:26:44,920 Speaker 1: the decentralized revolution. We're talking about the bit for nicks hack, 530 00:26:44,960 --> 00:26:48,280 Speaker 1: and more importantly, how to protect your bitcoin so it 531 00:26:48,320 --> 00:26:51,600 Speaker 1: doesn't get stolen real quick. As a reminder, if you 532 00:26:51,600 --> 00:26:54,280 Speaker 1: haven't already, make sure to bookmark this show, this time, 533 00:26:54,320 --> 00:26:56,320 Speaker 1: this channel and join me each and every week where 534 00:26:56,320 --> 00:26:59,960 Speaker 1: I'm gonna make it the most important, the most educational, 535 00:27:00,080 --> 00:27:03,080 Speaker 1: maybe the most profitable, maybe the most entertainment. I don't know, 536 00:27:03,160 --> 00:27:05,120 Speaker 1: but uh, a very important part of your week. Don't 537 00:27:05,160 --> 00:27:07,880 Speaker 1: miss it. Put a date on your calendar and check 538 00:27:07,920 --> 00:27:09,959 Speaker 1: me out each and every week on this channel. At 539 00:27:09,960 --> 00:27:12,240 Speaker 1: this time now, before the break, I was talking about 540 00:27:12,240 --> 00:27:16,880 Speaker 1: this bit fanex hack and how um it was per 541 00:27:16,920 --> 00:27:19,520 Speaker 1: the government bragging it was about seventy one million dollars 542 00:27:19,520 --> 00:27:20,840 Speaker 1: worth a bitcoin at the time they stole it, and 543 00:27:20,840 --> 00:27:23,679 Speaker 1: then it was four point five billion. Now today I 544 00:27:23,720 --> 00:27:25,479 Speaker 1: was talking about the private key and how you need 545 00:27:25,520 --> 00:27:27,720 Speaker 1: to protect your private key. The government the government was 546 00:27:27,760 --> 00:27:30,320 Speaker 1: able to get their bitcoin because they got their private key. 547 00:27:30,440 --> 00:27:32,760 Speaker 1: They put their private key in Google Drive. So don't 548 00:27:32,760 --> 00:27:35,240 Speaker 1: do that, um I was talking about. You put in 549 00:27:35,280 --> 00:27:37,480 Speaker 1: a hardware wallet, and even somebody gets your hardware wallet, 550 00:27:37,480 --> 00:27:40,480 Speaker 1: they can't um get your bitcoin because they don't have 551 00:27:40,480 --> 00:27:44,240 Speaker 1: your passphrase. But you need to back that wallet up 552 00:27:44,800 --> 00:27:47,240 Speaker 1: with twelve or twenty four words, and it needs to 553 00:27:47,240 --> 00:27:49,840 Speaker 1: be on paper, not in the computer. But what do 554 00:27:49,880 --> 00:27:52,600 Speaker 1: you do with the paper because if someone gets your paper, 555 00:27:52,680 --> 00:27:54,639 Speaker 1: they can get your wallet. So there's a couple of 556 00:27:54,640 --> 00:27:56,440 Speaker 1: things that you could do with it. So for example, 557 00:27:56,600 --> 00:27:59,200 Speaker 1: what I've what the Winkelvoss Twins, the Wink of Boss 558 00:27:59,200 --> 00:28:03,480 Speaker 1: Twins are the the famous partners of Mark Zuckerberg early 559 00:28:03,520 --> 00:28:05,760 Speaker 1: on who went on his form Jim and I, which 560 00:28:05,760 --> 00:28:10,600 Speaker 1: is a cryptocurrency exchange, and their bitcoin billionaires. And supposedly 561 00:28:10,640 --> 00:28:13,600 Speaker 1: what they've done is they've taken that private key, that 562 00:28:13,600 --> 00:28:16,280 Speaker 1: that pass phrase of those those sorry, the seed phrase, 563 00:28:16,320 --> 00:28:18,400 Speaker 1: those twelve words on piece of paper, and then they 564 00:28:18,440 --> 00:28:20,240 Speaker 1: broke them up and I don't know if they broke 565 00:28:20,280 --> 00:28:23,840 Speaker 1: it into four groups of three words or twelve words independently, 566 00:28:24,040 --> 00:28:26,520 Speaker 1: and they put them at at like safety deposit boxes 567 00:28:26,600 --> 00:28:29,199 Speaker 1: or different locations around the country, So it would be 568 00:28:29,240 --> 00:28:31,840 Speaker 1: almost impossible for anyone to get all twelve words, and 569 00:28:31,880 --> 00:28:33,320 Speaker 1: even if they got all twelve words, they wouldn't know 570 00:28:33,320 --> 00:28:35,480 Speaker 1: the order they went in, right. That's one way. It's 571 00:28:35,560 --> 00:28:37,919 Speaker 1: kind of extreme. Could could work in other way, as 572 00:28:37,960 --> 00:28:40,400 Speaker 1: you could do like old school cipher kind of thing, 573 00:28:40,400 --> 00:28:42,720 Speaker 1: where like let's say that you wrote a poem. You 574 00:28:42,720 --> 00:28:45,160 Speaker 1: could write a poem and you have twelve words, and 575 00:28:45,280 --> 00:28:47,920 Speaker 1: let's say each line has one of those twelve words 576 00:28:48,000 --> 00:28:50,160 Speaker 1: somewhere in it, and you just have to know, like 577 00:28:50,840 --> 00:28:52,560 Speaker 1: a de cipher, you'd have to kind of know which 578 00:28:52,560 --> 00:28:56,120 Speaker 1: of those words it was. I've heard of people I'm 579 00:28:56,160 --> 00:28:59,280 Speaker 1: doing like a photo collage on their wall, and like 580 00:28:59,720 --> 00:29:03,560 Speaker 1: every third photo, for example, could be a depiction of 581 00:29:03,600 --> 00:29:06,000 Speaker 1: what that word is because the words are random. It's 582 00:29:06,040 --> 00:29:10,000 Speaker 1: like ocean, monkey, wrench, banana, whatever, something like that. And 583 00:29:10,040 --> 00:29:12,840 Speaker 1: so like every like every third or fourth picture in 584 00:29:12,840 --> 00:29:14,800 Speaker 1: the collage could be like a representative. So there's a 585 00:29:14,840 --> 00:29:16,920 Speaker 1: couple of interesting ways where even if somebody saw that 586 00:29:16,960 --> 00:29:20,600 Speaker 1: photo collage, they wouldn't know it represented your your bitcoin key, 587 00:29:20,600 --> 00:29:22,080 Speaker 1: and even if they did, they wouldn't know which of 588 00:29:22,120 --> 00:29:24,240 Speaker 1: the photos it was etcetera. Like I said, you could 589 00:29:24,280 --> 00:29:26,320 Speaker 1: chop them up put them in different safety deposit boxes. 590 00:29:26,360 --> 00:29:29,080 Speaker 1: But that's your challenge. How do you protect that and 591 00:29:30,440 --> 00:29:33,320 Speaker 1: make it where nobody, no robber, no home robber, no 592 00:29:33,440 --> 00:29:36,160 Speaker 1: government could get ahold of that. Um. So that's it. Um, 593 00:29:36,280 --> 00:29:38,600 Speaker 1: that's that's the learning lesson that we can learn from that. 594 00:29:38,640 --> 00:29:41,360 Speaker 1: It's a pretty interesting story. UM go read up on 595 00:29:41,360 --> 00:29:44,440 Speaker 1: that on some on your own if you want. But 596 00:29:44,520 --> 00:29:47,120 Speaker 1: we got some more big news to talk about, and 597 00:29:47,240 --> 00:29:48,720 Speaker 1: uh so I don't want to spend too much time 598 00:29:48,720 --> 00:29:50,400 Speaker 1: on that. If you're interesting to go read more on that. 599 00:29:50,840 --> 00:29:53,520 Speaker 1: Some other really big news that I alluded to in 600 00:29:53,520 --> 00:29:59,560 Speaker 1: the beginning is that real big news is that black Rock. 601 00:30:00,040 --> 00:30:02,880 Speaker 1: Have you ever heard that name before? Black Rock? You 602 00:30:02,960 --> 00:30:07,360 Speaker 1: probably heard they're the world's largest asset manager. I mean 603 00:30:07,440 --> 00:30:10,720 Speaker 1: they are to kind of control of the world. I 604 00:30:10,760 --> 00:30:13,960 Speaker 1: mean they're literally that big. Black Rock, the world's largest 605 00:30:13,960 --> 00:30:17,800 Speaker 1: asset manager, is preparing to offer a cryptocurrency trading service 606 00:30:17,840 --> 00:30:22,080 Speaker 1: to its investor clients. That's big news. Why is that 607 00:30:22,120 --> 00:30:24,680 Speaker 1: big news? Well, it's big news for a number of reasons. Um. 608 00:30:24,720 --> 00:30:27,160 Speaker 1: I talked about I've talked about many times, and probably 609 00:30:27,160 --> 00:30:29,080 Speaker 1: one of the biggest questions or objections I hear about 610 00:30:29,080 --> 00:30:32,160 Speaker 1: bitcoin is the government's just gonna make it illegal. And 611 00:30:32,200 --> 00:30:35,920 Speaker 1: I say, well, I don't. I mean, anything is possible, 612 00:30:36,080 --> 00:30:37,680 Speaker 1: and so I don't deal in a world of absolutes. 613 00:30:38,320 --> 00:30:41,080 Speaker 1: But I would say, what is the probability of that happening? 614 00:30:41,280 --> 00:30:43,640 Speaker 1: And if you understand the situation, you may think it's 615 00:30:43,640 --> 00:30:46,600 Speaker 1: a lower probability or higher probably, but nothing certain. I 616 00:30:46,640 --> 00:30:48,920 Speaker 1: mean better than a zero percent chance that will happen, 617 00:30:49,000 --> 00:30:50,959 Speaker 1: but it's very low. And so what I would say 618 00:30:51,000 --> 00:30:52,680 Speaker 1: to that is that a couple of things. One, the 619 00:30:52,720 --> 00:30:55,120 Speaker 1: Federal reserved the government. Between the Federal Reserving the government, 620 00:30:55,120 --> 00:30:58,040 Speaker 1: they printed about eight trillion dollars from thin air in 621 00:30:58,080 --> 00:31:00,320 Speaker 1: the last twenty four months to keep the markets from acting. 622 00:31:01,400 --> 00:31:04,240 Speaker 1: If they shut down bitcoin, they would crash the markets. 623 00:31:04,240 --> 00:31:05,720 Speaker 1: But they don't want to crash the markets. They've just 624 00:31:05,720 --> 00:31:07,760 Speaker 1: shown us eight trillion reasons why they don't want to. 625 00:31:07,920 --> 00:31:10,320 Speaker 1: So that's that's that's number one. Number Two, what I 626 00:31:10,320 --> 00:31:12,720 Speaker 1: would say is that there's this level of entrenchment that 627 00:31:12,760 --> 00:31:16,000 Speaker 1: has been reached um in the government that would almost 628 00:31:16,000 --> 00:31:21,040 Speaker 1: prevent them from doing that. So for example, um black rock, 629 00:31:21,640 --> 00:31:25,000 Speaker 1: so UM. If you understand how the government works. Most 630 00:31:25,080 --> 00:31:27,200 Speaker 1: laws and regulations they get placed that they are written 631 00:31:27,360 --> 00:31:30,560 Speaker 1: not by politicians, they're written by lobby groups. Then those 632 00:31:30,560 --> 00:31:33,360 Speaker 1: lobby groups give those to the politicians to sign and sponsor. 633 00:31:33,800 --> 00:31:36,400 Speaker 1: And who are these big lobby groups. Well, the pharmaceutical 634 00:31:36,400 --> 00:31:39,719 Speaker 1: industry is a big one, obviously, food industry, and guess 635 00:31:40,480 --> 00:31:44,160 Speaker 1: guess that the financial industry, the financial street is a 636 00:31:44,200 --> 00:31:48,120 Speaker 1: major lobbying group. They have massive amounts of power, Wall Street, etcetera. 637 00:31:48,160 --> 00:31:51,200 Speaker 1: Has massive amounts of power in Washington. And when you 638 00:31:51,240 --> 00:31:55,320 Speaker 1: see all these banks, you know, Fidelity, E Trade, charl 639 00:31:55,440 --> 00:31:59,400 Speaker 1: Schwab and then smaller ones robin Hood, you know, etcetera, 640 00:31:59,440 --> 00:32:03,600 Speaker 1: PayPal gear in into bitcoin. They've probably spent billions, maybe 641 00:32:03,920 --> 00:32:07,920 Speaker 1: hundreds of billions collectively to bring on bitcoin services right 642 00:32:07,960 --> 00:32:09,840 Speaker 1: for the regulations and to set them up in their 643 00:32:09,840 --> 00:32:12,959 Speaker 1: office and whatever. And they don't just go spend hundreds 644 00:32:13,000 --> 00:32:15,200 Speaker 1: of billions of dollars to set up bitcoin services to 645 00:32:15,280 --> 00:32:19,120 Speaker 1: let some pesky politicians go make it illegal. That's probably 646 00:32:19,120 --> 00:32:22,880 Speaker 1: not going to happen. And uh, when you see the 647 00:32:23,000 --> 00:32:26,040 Speaker 1: largest not just some small little robin Hood player, I'm 648 00:32:26,040 --> 00:32:31,440 Speaker 1: talking about the largest financial asset manager in the world, um, 649 00:32:31,480 --> 00:32:34,720 Speaker 1: black Rock. When you see them start offering it, it's 650 00:32:34,720 --> 00:32:38,040 Speaker 1: pretty much game over. If you think they are going 651 00:32:38,120 --> 00:32:41,040 Speaker 1: to allow any politician to make it illegal. At this point, 652 00:32:41,440 --> 00:32:44,280 Speaker 1: you don't understand how you don't You don't understand much 653 00:32:44,320 --> 00:32:47,240 Speaker 1: about the financial and the political system at all. UM, 654 00:32:47,240 --> 00:32:49,480 Speaker 1: the New York based company which manages over ten trilling 655 00:32:49,520 --> 00:32:52,479 Speaker 1: and assets for institutions, plans to enter the cryptocurrency space 656 00:32:53,000 --> 00:32:55,200 Speaker 1: with a client support trading and then with their own 657 00:32:55,240 --> 00:32:58,280 Speaker 1: credit facility. So not only are they going to offer 658 00:32:58,320 --> 00:33:01,960 Speaker 1: their clients trading, but also a credit facility. So I've 659 00:33:01,960 --> 00:33:05,640 Speaker 1: talked a lot about UM getting your bitcoin and never 660 00:33:05,680 --> 00:33:07,920 Speaker 1: selling it. I'll never sell my bitcoin. What I will 661 00:33:07,960 --> 00:33:10,040 Speaker 1: do is I'll borrow against it. As a matter of 662 00:33:10,080 --> 00:33:12,000 Speaker 1: fact that I recently did borrow against them a bitcoin 663 00:33:12,080 --> 00:33:15,200 Speaker 1: for the first time. And UM they want to get 664 00:33:15,200 --> 00:33:17,960 Speaker 1: in on that game. They realize that people are going 665 00:33:18,000 --> 00:33:20,480 Speaker 1: to hold that bitcoin and they're going to want to 666 00:33:20,520 --> 00:33:23,000 Speaker 1: want to leverage that. Now, this is nothing new. I 667 00:33:23,080 --> 00:33:25,760 Speaker 1: can leverage I can. I can take loans against my stocks. 668 00:33:25,800 --> 00:33:27,720 Speaker 1: I can do that with Wells Fargo. I can get 669 00:33:27,720 --> 00:33:30,360 Speaker 1: loans against my house, I can get loans against my car. Right, 670 00:33:30,520 --> 00:33:32,760 Speaker 1: so it's nothing new, but they want to jump in 671 00:33:32,800 --> 00:33:36,000 Speaker 1: both in the trading and also credit on for bitcoin 672 00:33:36,040 --> 00:33:38,640 Speaker 1: as well. It says clients would be able to borrow 673 00:33:38,680 --> 00:33:43,520 Speaker 1: from black Rock by pledging crypto assets as collateral. UM. 674 00:33:43,560 --> 00:33:45,040 Speaker 1: One of the people said that black Rock will allow 675 00:33:45,080 --> 00:33:48,560 Speaker 1: its clients, which include public pension schemes, endowments, and sovereign 676 00:33:48,600 --> 00:33:52,120 Speaker 1: wealth funds, to trade cryptocurrency through one of their networks. 677 00:33:52,760 --> 00:33:55,240 Speaker 1: So again, if you think that the government is going 678 00:33:55,280 --> 00:33:57,680 Speaker 1: to make it illegal at this point, or I should say, 679 00:33:57,880 --> 00:34:00,120 Speaker 1: if you think they would be able to make get 680 00:34:00,120 --> 00:34:04,560 Speaker 1: illegal at this point, you don't understand how the system works. 681 00:34:04,840 --> 00:34:06,720 Speaker 1: I think it's game over. Now. Again, I'm not saying 682 00:34:06,720 --> 00:34:09,120 Speaker 1: that there's a zero percent chance of that happening, and 683 00:34:09,160 --> 00:34:13,000 Speaker 1: I'm not saying that, but it's definitely greater than zero, 684 00:34:13,400 --> 00:34:16,320 Speaker 1: but it's very low a probability. It's very low probability 685 00:34:16,320 --> 00:34:19,960 Speaker 1: that would happen. UM. So, anyway, that's pretty interesting. And 686 00:34:20,040 --> 00:34:23,560 Speaker 1: on top of that, back to banks again, Wells Fargo 687 00:34:23,760 --> 00:34:27,120 Speaker 1: put out a report this week. UM Wells Fargo said, 688 00:34:27,239 --> 00:34:31,640 Speaker 1: quote crypto, like the Internet in the late nineties, nearing 689 00:34:31,840 --> 00:34:36,680 Speaker 1: a what they say, quote unquote hyper adoption phase. What 690 00:34:36,760 --> 00:34:39,760 Speaker 1: does that mean? A hyper adoption phase. That sounds uh, 691 00:34:39,880 --> 00:34:43,919 Speaker 1: sounds pretty fantastic. Well, the banking giant Wells Fargo, which 692 00:34:44,080 --> 00:34:45,880 Speaker 1: I have accounts at Wells Fargo, probably a lot of 693 00:34:45,960 --> 00:34:50,200 Speaker 1: you listening to they handle around one point nine trillion 694 00:34:50,280 --> 00:34:54,760 Speaker 1: in assets, said that crypto should be approached, should be approached, 695 00:34:54,800 --> 00:34:57,000 Speaker 1: people should be buying it. There's that's what they're saying. 696 00:34:57,000 --> 00:34:59,960 Speaker 1: I'm not giving you financial advice. That's what they say. 697 00:35:00,360 --> 00:35:02,640 Speaker 1: That's what they're saying. Um. In a report from the 698 00:35:02,640 --> 00:35:05,680 Speaker 1: bank's Global Investment Strategy team, Wells Fargo said crypto users 699 00:35:05,680 --> 00:35:08,920 Speaker 1: are growing rapidly around the world. Crypto appears to be 700 00:35:09,000 --> 00:35:13,360 Speaker 1: near a quote hyper adoption phase end quote similar to 701 00:35:13,400 --> 00:35:16,160 Speaker 1: that of the Internet during the mid to late nineties. 702 00:35:16,160 --> 00:35:17,960 Speaker 1: And if you remember the mid to late nineties from 703 00:35:18,880 --> 00:35:21,279 Speaker 1: two thousand, if you were alive back then, if not, 704 00:35:21,360 --> 00:35:23,720 Speaker 1: go back and study it. But it was a straight 705 00:35:23,800 --> 00:35:27,319 Speaker 1: parabolic run and it created a lot of wealth. They 706 00:35:27,320 --> 00:35:29,960 Speaker 1: went on to say, quote, we believe that cryptocurrencies are 707 00:35:30,040 --> 00:35:33,160 Speaker 1: viable investments today, even though they remain in the early 708 00:35:33,200 --> 00:35:37,040 Speaker 1: stages of their investment evolution. And so, like I said, 709 00:35:37,280 --> 00:35:39,960 Speaker 1: the Bank is making a recommendation to investors to approach 710 00:35:40,120 --> 00:35:44,360 Speaker 1: crypto investments. Tell him them to be patient. You're listening 711 00:35:44,360 --> 00:35:47,720 Speaker 1: to the Mark Moss Show talking about bitcoin. Thanks for listening.