1 00:00:04,440 --> 00:00:12,680 Speaker 1: Welcome to Tech Stuff, a production from iHeartRadio. Hey thereon 2 00:00:12,800 --> 00:00:15,920 Speaker 1: Welcome to Tech Stuff. I'm your host, Jonathan Strickland. I'm 3 00:00:15,920 --> 00:00:19,320 Speaker 1: an executive producer with iHeart Podcasts and How the Tech 4 00:00:19,360 --> 00:00:23,040 Speaker 1: Are You. Today, we have a very special guest joining 5 00:00:23,160 --> 00:00:27,479 Speaker 1: us on tech Stuff. He's a financial analyst extraordinaire. He 6 00:00:27,560 --> 00:00:30,360 Speaker 1: is the host of the Financial Quarterback. He is Josh Jaelinski. 7 00:00:30,480 --> 00:00:32,280 Speaker 1: Welcome to Tech Stuff. 8 00:00:32,680 --> 00:00:34,920 Speaker 2: Thanks for having me. It's gonna be a lot of fun. 9 00:00:35,040 --> 00:00:36,960 Speaker 1: Yeah, I'm really excited to talk with you today. We're 10 00:00:37,000 --> 00:00:40,080 Speaker 1: gonna talk about crypto because obviously it's always been a 11 00:00:40,080 --> 00:00:42,160 Speaker 1: big topic in tech. We have covered it multiple times 12 00:00:42,200 --> 00:00:46,240 Speaker 1: on tech Stuff, but in the wake of the US elections, 13 00:00:46,320 --> 00:00:51,160 Speaker 1: we've seen an incredible resurgence in the crypto space. And 14 00:00:51,280 --> 00:00:53,279 Speaker 1: while we've covered it from the tech side, I have 15 00:00:53,320 --> 00:00:55,120 Speaker 1: to be honest with you, Josh, when it comes to 16 00:00:55,640 --> 00:00:59,520 Speaker 1: financial analysis, that might as well be written in Klingon 17 00:00:59,680 --> 00:01:02,680 Speaker 1: for me, and I am not fluent in that. So 18 00:01:02,720 --> 00:01:04,640 Speaker 1: I'm glad to have you here. Can you tell our 19 00:01:04,680 --> 00:01:06,840 Speaker 1: listeners a little bit about your own background before we 20 00:01:06,920 --> 00:01:08,720 Speaker 1: kind of dive into the crypto space. 21 00:01:09,240 --> 00:01:13,360 Speaker 2: I own an SEC registered RIA registered investment advisor firm 22 00:01:13,440 --> 00:01:17,200 Speaker 2: called Wealth Quarterback. I've been on the Financial Quarterback radio 23 00:01:17,240 --> 00:01:22,360 Speaker 2: show in war in New York. iHeart flagship station fifty thousand, 24 00:01:22,400 --> 00:01:25,720 Speaker 2: Want Flamethrower, and we have a podcast, the Financial Quarterback, 25 00:01:25,720 --> 00:01:30,759 Speaker 2: and I help educate listeners each week on tax's, income planning, 26 00:01:30,840 --> 00:01:34,360 Speaker 2: retirement planning, and all things investing, including bitcoin. 27 00:01:34,760 --> 00:01:38,920 Speaker 1: Yeah, it's one of those areas that I have tiptoed 28 00:01:38,920 --> 00:01:41,399 Speaker 1: around because, as I said, I've looked at the tech 29 00:01:41,520 --> 00:01:45,240 Speaker 1: side of cryptocurrency and we've talked about the differences in 30 00:01:45,280 --> 00:01:49,960 Speaker 1: the various cryptocurrencies out there, both from the brand to brand. 31 00:01:50,040 --> 00:01:52,200 Speaker 1: You know, your bitcoins and your ethereums being the two 32 00:01:52,400 --> 00:01:55,600 Speaker 1: probably best well known. I would argue maybe dogecoin if 33 00:01:55,600 --> 00:01:58,800 Speaker 1: you're into the meme stocks. Beyond that, we've talked about 34 00:01:58,840 --> 00:02:01,680 Speaker 1: things like the proof of work versus the proof of 35 00:02:01,760 --> 00:02:06,480 Speaker 1: steak approach to the verifying transactions and the mining of 36 00:02:07,680 --> 00:02:11,680 Speaker 1: bitcoin being proof of work, Ethereum now being proof of steak, 37 00:02:11,840 --> 00:02:14,240 Speaker 1: although it was originally proof of work as well, and 38 00:02:14,360 --> 00:02:17,000 Speaker 1: so we kind of covered that. But when it comes 39 00:02:17,080 --> 00:02:21,320 Speaker 1: to investment, that's largely untapped territory for me. And part 40 00:02:21,360 --> 00:02:23,720 Speaker 1: of that is, first of all, I am no expert 41 00:02:23,800 --> 00:02:28,120 Speaker 1: on finances, but also there's certain elements of crypto that 42 00:02:28,160 --> 00:02:30,600 Speaker 1: I've always found daunting. The big one, I would argue 43 00:02:30,639 --> 00:02:35,880 Speaker 1: would be volatility. The fluctuating value of bitcoin in the 44 00:02:35,919 --> 00:02:37,760 Speaker 1: past has always been one of those things that has 45 00:02:37,800 --> 00:02:40,840 Speaker 1: given me pause because I think of it from a 46 00:02:40,880 --> 00:02:44,079 Speaker 1: currency perspective. If I have a note in my hand 47 00:02:44,440 --> 00:02:47,320 Speaker 1: that's worth one US dollar today and I spend it 48 00:02:47,520 --> 00:02:49,720 Speaker 1: and then I find out tomorrow it was worth ten 49 00:02:49,840 --> 00:02:53,639 Speaker 1: US dollars, it really makes me wonder is it right 50 00:02:53,720 --> 00:02:56,720 Speaker 1: to call bitcoin a currency at all? Or do you 51 00:02:56,840 --> 00:02:59,520 Speaker 1: think of it in terms of some other form of asset. 52 00:03:00,120 --> 00:03:03,560 Speaker 2: I think it's more of the digital gold equivalent. I 53 00:03:03,560 --> 00:03:07,400 Speaker 2: think it's a hedge against the US dollar and the 54 00:03:07,400 --> 00:03:09,600 Speaker 2: Federal Reserve. So it's interesting. I'd love to hear your 55 00:03:09,639 --> 00:03:13,680 Speaker 2: tech side. I'm coming more from the macroeconomic outlook that 56 00:03:13,800 --> 00:03:18,519 Speaker 2: people for years and satoci in his white paper. You know, 57 00:03:18,560 --> 00:03:21,200 Speaker 2: I'm looking at the blocks and I get confused by 58 00:03:21,240 --> 00:03:24,680 Speaker 2: all the formulas, but I just remember I was actually 59 00:03:24,680 --> 00:03:27,359 Speaker 2: looking at it last night a little bit, and all 60 00:03:27,400 --> 00:03:29,320 Speaker 2: it is is peer to peer money transfers. I mean, 61 00:03:29,360 --> 00:03:33,440 Speaker 2: that's the fundamental, you know, basis of bitcoin. But it 62 00:03:33,639 --> 00:03:37,320 Speaker 2: really came in the wake of the Great Financial Crisis 63 00:03:37,360 --> 00:03:40,880 Speaker 2: of two thousand and eight, where they were Satoci whoever 64 00:03:40,920 --> 00:03:45,600 Speaker 2: he is, basically Satoshi Nakamoto. If your listeners don't know, 65 00:03:45,680 --> 00:03:49,080 Speaker 2: founder of bitcoin wrote the famous Bitcoin White Paper, I 66 00:03:49,120 --> 00:03:51,080 Speaker 2: recommend everybody read it so they just kind of know 67 00:03:51,120 --> 00:03:51,960 Speaker 2: what bitcoin is. 68 00:03:52,320 --> 00:03:52,520 Speaker 1: Yeah. 69 00:03:53,080 --> 00:03:56,680 Speaker 2: Yeah, at its simplest form, it was an answer to 70 00:03:56,800 --> 00:04:01,120 Speaker 2: a problem from a programming side for years, but also 71 00:04:01,320 --> 00:04:04,120 Speaker 2: from a monetary perspective, where in the way of the 72 00:04:04,120 --> 00:04:09,560 Speaker 2: Great Financial Crisis, people began to distrust the government, they 73 00:04:10,120 --> 00:04:14,080 Speaker 2: began to distrust financial institutions. I mean, I remember when 74 00:04:14,120 --> 00:04:17,120 Speaker 2: I went independent as a financial advisor in two thousand 75 00:04:17,160 --> 00:04:20,239 Speaker 2: and six, and people would say, Josh, are you sure? 76 00:04:20,960 --> 00:04:24,200 Speaker 2: How could you not work for Merrill Lynch or Morgan 77 00:04:24,360 --> 00:04:29,039 Speaker 2: Stanley or bear Stearns or Lehman Brothers or all these 78 00:04:29,080 --> 00:04:33,440 Speaker 2: companies that now don't exist. But back then, if people 79 00:04:33,440 --> 00:04:35,640 Speaker 2: were to trust you with your money, you know, you 80 00:04:35,680 --> 00:04:39,040 Speaker 2: had to have two first names, you know, something like that. 81 00:04:39,279 --> 00:04:41,839 Speaker 2: So I remember that was the biggest knock I would 82 00:04:41,920 --> 00:04:45,360 Speaker 2: have when I started my company, was you know, who 83 00:04:45,440 --> 00:04:48,680 Speaker 2: were you? And we would use Fidelity as a custodian 84 00:04:48,839 --> 00:04:52,480 Speaker 2: or you know, a reputable third party canstodian like Schwaber Fidelity. 85 00:04:52,680 --> 00:04:55,719 Speaker 2: But still that was a big thing then it isn't 86 00:04:55,839 --> 00:04:58,800 Speaker 2: really now and we have bitcoin to thank for that. 87 00:04:58,960 --> 00:05:03,440 Speaker 2: So really, bitcoin is the answer to a problem of 88 00:05:03,480 --> 00:05:07,000 Speaker 2: people having distrust in their government, distrust in the FED, 89 00:05:07,360 --> 00:05:09,560 Speaker 2: distrust in financial institutions. 90 00:05:09,839 --> 00:05:11,880 Speaker 1: Yeah, when you had all these financial institutions, I mean 91 00:05:11,920 --> 00:05:15,280 Speaker 1: everyone who was around then can remember the outrage that 92 00:05:15,320 --> 00:05:20,320 Speaker 1: came with the bailout where you had these financial institutions 93 00:05:20,360 --> 00:05:24,240 Speaker 1: that had been issuing these incredibly risky mortgages, and ultimately 94 00:05:24,279 --> 00:05:26,479 Speaker 1: it became like a house of cards that collapsed in 95 00:05:26,520 --> 00:05:30,080 Speaker 1: on itself inevitably. I mean, in hindsight we say inevitably. 96 00:05:30,279 --> 00:05:32,680 Speaker 1: At the time, I think everyone just thought number go up, 97 00:05:33,360 --> 00:05:35,440 Speaker 1: and it turned out number does not always go up. 98 00:05:35,480 --> 00:05:38,320 Speaker 1: Sometimes number go down. And to your point, the idea 99 00:05:38,440 --> 00:05:44,520 Speaker 1: of a decentralized and untied to any particular fiat currency 100 00:05:44,920 --> 00:05:48,760 Speaker 1: alternative became really attractive to a lot of people where 101 00:05:48,760 --> 00:05:51,880 Speaker 1: they realized this would be an approach where you don't 102 00:05:51,920 --> 00:05:54,760 Speaker 1: have to worry about some institution making a bad call 103 00:05:55,040 --> 00:05:59,919 Speaker 1: and potentially putting not just your wealth, but like global 104 00:06:00,080 --> 00:06:03,120 Speaker 1: wealth and jeopardy as a result, and I think there 105 00:06:03,120 --> 00:06:07,279 Speaker 1: were really some noble intentions there. With all systems, I 106 00:06:07,279 --> 00:06:11,120 Speaker 1: would argue, we would see those intentions sometimes get a 107 00:06:11,160 --> 00:06:14,120 Speaker 1: little twisted along the way. And part of that is 108 00:06:14,120 --> 00:06:17,920 Speaker 1: because the digital currency opened up opportunities for things that 109 00:06:18,000 --> 00:06:21,279 Speaker 1: were outside the realms of the law, and that certainly 110 00:06:21,480 --> 00:06:23,960 Speaker 1: became a problem as well because it became associated with 111 00:06:24,080 --> 00:06:27,280 Speaker 1: the concept of digital currency. Overall, some of the problems 112 00:06:27,279 --> 00:06:29,400 Speaker 1: of digital currency have been brought about by some of 113 00:06:29,440 --> 00:06:32,880 Speaker 1: the biggest evangelists of digital currency, some of the people 114 00:06:32,880 --> 00:06:37,400 Speaker 1: who founded cryptocurrency exchanges, for example, I mean Sam Begman, 115 00:06:37,440 --> 00:06:41,279 Speaker 1: Freed being the obvious example of somebody who it turned out, 116 00:06:41,480 --> 00:06:46,239 Speaker 1: was grossly mismanaging customer wealth for the purposes of trying 117 00:06:46,240 --> 00:06:48,800 Speaker 1: to cover what essentially amounted to bad bets with his 118 00:06:48,839 --> 00:06:52,880 Speaker 1: hedge investment fund for Alameda Research, taking the money from 119 00:06:52,960 --> 00:06:56,039 Speaker 1: FTX and putting it into Alameda, and ultimately dooming both 120 00:06:56,080 --> 00:07:00,200 Speaker 1: of those organizations. So with all this in mind, I'm 121 00:07:00,200 --> 00:07:03,440 Speaker 1: curious as to what your general take on cryptocurrency is, 122 00:07:03,440 --> 00:07:07,160 Speaker 1: because one, it's still a relatively young technology, a relatively 123 00:07:07,200 --> 00:07:12,400 Speaker 1: young investment opportunity. Two, a lot of the organizations surrounding 124 00:07:12,400 --> 00:07:16,840 Speaker 1: cryptocurrency are ones that have shaky reputations. You know, the 125 00:07:16,880 --> 00:07:23,240 Speaker 1: SEC is currently involved in investigating numerous cryptocurrency related companies 126 00:07:23,400 --> 00:07:25,840 Speaker 1: like Coinbase, I think is one of them. So with 127 00:07:25,920 --> 00:07:29,000 Speaker 1: all that in mind, how do you view crypto as 128 00:07:29,040 --> 00:07:31,600 Speaker 1: far as an investment opportunity. Is it something that you 129 00:07:31,680 --> 00:07:35,720 Speaker 1: think requires very careful analysis? Because to me, when I 130 00:07:35,760 --> 00:07:38,240 Speaker 1: look out there, it just looks like a minefield, or 131 00:07:38,280 --> 00:07:40,960 Speaker 1: at least a really complicated path to walk. 132 00:07:41,440 --> 00:07:43,800 Speaker 2: Yeah, I have to get my legal disclaimer. I'm not 133 00:07:43,840 --> 00:07:50,520 Speaker 2: recommending anyone invest in any particular cryptocurrency. Cryptocurrency is fraught 134 00:07:50,560 --> 00:07:54,200 Speaker 2: with risk. That being said, I think you need to 135 00:07:54,240 --> 00:08:00,680 Speaker 2: distinguish bitcoin, which is a proven cryptocurrency with a very 136 00:08:00,800 --> 00:08:05,360 Speaker 2: valid use case as digital gold, from everything else. I mean, 137 00:08:05,440 --> 00:08:08,760 Speaker 2: I even have problems with ethereum because I think proof 138 00:08:08,760 --> 00:08:12,200 Speaker 2: of steak has Although it has opportunities, I think that 139 00:08:12,240 --> 00:08:14,520 Speaker 2: it's fraught with peril. I don't like that we know 140 00:08:14,600 --> 00:08:17,880 Speaker 2: the founder. I don't know that there's a central actor risk. 141 00:08:18,160 --> 00:08:26,040 Speaker 2: There's attributes to bitcoin fixed quantity, digital gold, uncoonfiscatable money 142 00:08:26,080 --> 00:08:32,360 Speaker 2: that I like as opposed to pretty much every other cryptocurrency. 143 00:08:32,679 --> 00:08:36,240 Speaker 2: So although I guess i'd be a bitcoin maximalist or 144 00:08:36,280 --> 00:08:40,280 Speaker 2: foundationalist maybe, I mean, because certain things have certain use 145 00:08:40,320 --> 00:08:43,280 Speaker 2: cases and I'm not that big of a techie, you know. Yeah, 146 00:08:43,280 --> 00:08:45,120 Speaker 2: so I can't tell you, okay, the use you know, 147 00:08:45,200 --> 00:08:47,800 Speaker 2: but NFTs to me, you know, it was that was 148 00:08:47,880 --> 00:08:51,319 Speaker 2: like a scam for you know, you to have, you know, 149 00:08:51,760 --> 00:08:54,880 Speaker 2: your favorite cup of coffee with Gary Vaynerchuk or something, 150 00:08:54,880 --> 00:08:57,920 Speaker 2: and then you get the dumb looking cartoon. I mean, 151 00:08:58,320 --> 00:09:02,040 Speaker 2: there will definitely be certain use cases in the metaverse 152 00:09:02,160 --> 00:09:04,960 Speaker 2: or web three, but that really is not what I'm 153 00:09:05,000 --> 00:09:08,240 Speaker 2: interested in to me, And I think what you said 154 00:09:08,360 --> 00:09:11,880 Speaker 2: before a couple of things. You brought up volatility in bitcoin. 155 00:09:12,200 --> 00:09:13,600 Speaker 1: Yeah, just because you. 156 00:09:13,640 --> 00:09:16,440 Speaker 2: Believe in the use case doesn't mean it's going to 157 00:09:16,600 --> 00:09:19,400 Speaker 2: not be volatile. If you think about Amazon, for the 158 00:09:19,440 --> 00:09:24,120 Speaker 2: first twenty years of Amazon's existence, highly volatile. No one 159 00:09:24,120 --> 00:09:27,560 Speaker 2: would really question Amazon's viability now, same thing with apples. 160 00:09:27,600 --> 00:09:31,480 Speaker 2: So I do bitcoin like an exponential technology, just like 161 00:09:31,559 --> 00:09:34,840 Speaker 2: Amazon or Tesla. I mean, it's far bigger than that. 162 00:09:35,080 --> 00:09:38,160 Speaker 2: It is a far bigger potential market share. If it 163 00:09:38,240 --> 00:09:40,920 Speaker 2: just gets the market share gold gets, bitcoin could be 164 00:09:40,960 --> 00:09:44,720 Speaker 2: a million dollars of coin and as sovereign wealth funds 165 00:09:44,720 --> 00:09:48,680 Speaker 2: start to allocating. As an investment advisor start allocating. I mean, 166 00:09:49,080 --> 00:09:51,640 Speaker 2: we really don't even have clarity as an investment advisor. 167 00:09:51,880 --> 00:09:54,720 Speaker 2: I can't say, like if I was in an ideal 168 00:09:54,800 --> 00:09:58,600 Speaker 2: world diversification, right, you could say I'm going to allocate 169 00:09:58,600 --> 00:10:00,959 Speaker 2: one or two percent of all portfolio to bitcoin. That 170 00:10:01,000 --> 00:10:04,400 Speaker 2: would be a sensible thing, right. We can't do that 171 00:10:04,720 --> 00:10:07,160 Speaker 2: like you can with an SMP fund because we have 172 00:10:07,200 --> 00:10:13,320 Speaker 2: to get cryptocurrency disclosures, bitcoin disclosures. So once the regulatory 173 00:10:13,400 --> 00:10:17,040 Speaker 2: clarity comes that it's a respected asset classes, I think 174 00:10:17,120 --> 00:10:21,199 Speaker 2: it's just going to be even a greater amount per coin. 175 00:10:21,240 --> 00:10:23,600 Speaker 2: Now that being said, I think one hundred thousand bitcoin 176 00:10:24,080 --> 00:10:28,880 Speaker 2: is precisely because ETFs. Let's not forget this is the year. 177 00:10:28,920 --> 00:10:31,080 Speaker 2: You can now go in your brokerage fund and you 178 00:10:31,080 --> 00:10:35,760 Speaker 2: could buy a low cost bitcoin ETF like ibit or 179 00:10:35,800 --> 00:10:38,600 Speaker 2: GBTC or FBTC. And I'm not recommending you buy those, 180 00:10:38,720 --> 00:10:42,320 Speaker 2: but they're like a fraction of what bitcoin used to cost. 181 00:10:43,000 --> 00:10:45,160 Speaker 2: I mean, and I mean it's free theorey you know 182 00:10:45,280 --> 00:10:47,600 Speaker 2: with your money, you know, you pay fees on the network. 183 00:10:47,640 --> 00:10:50,880 Speaker 2: But I do find that interesting that in the asset 184 00:10:50,880 --> 00:10:53,440 Speaker 2: class that was supposed to pride itself in not having 185 00:10:53,520 --> 00:10:56,320 Speaker 2: financial intermediaries. Now it does. But I guess it's a 186 00:10:56,360 --> 00:11:00,520 Speaker 2: part of it emerging from a very nascent technology. That's 187 00:11:00,559 --> 00:11:02,520 Speaker 2: the thing you need to make a lot of distinguishing. 188 00:11:02,679 --> 00:11:05,000 Speaker 2: You brought up three big things that are you write 189 00:11:05,000 --> 00:11:09,000 Speaker 2: a book on this volatility and bitcoin FTX and bitcoin 190 00:11:10,000 --> 00:11:15,120 Speaker 2: criminals in bitcoin. But you have to distinguish Sambangmin Freed 191 00:11:15,320 --> 00:11:19,280 Speaker 2: FTX is not bitcoin, right, you know, sam Bangmin Freed 192 00:11:19,480 --> 00:11:22,720 Speaker 2: is a fraudster who convicted. It'd be like us saying 193 00:11:23,679 --> 00:11:27,520 Speaker 2: stocks have no merit because you know, I don't know 194 00:11:27,679 --> 00:11:32,560 Speaker 2: some stock broker was a fraud sight Trum, yeah, or 195 00:11:32,679 --> 00:11:34,400 Speaker 2: you know the Wolf of Wall Street. You know, like, 196 00:11:34,679 --> 00:11:39,840 Speaker 2: it doesn't mean that stocks are not a viable asset class. 197 00:11:40,640 --> 00:11:43,280 Speaker 2: And then criminals in bitcoin just because criminals use it, 198 00:11:43,320 --> 00:11:46,880 Speaker 2: I mean criminals have used life insurance to wander money, 199 00:11:46,920 --> 00:11:50,079 Speaker 2: you know. So I think as it becomes a more 200 00:11:50,120 --> 00:11:54,959 Speaker 2: embraced technology, what's funny is it's getting embraced now by 201 00:11:55,600 --> 00:11:59,200 Speaker 2: firms like Fidelity and Schwab and the only firm I 202 00:11:59,200 --> 00:12:02,520 Speaker 2: think that didn't embrace it was Vanguard. And there's been 203 00:12:02,559 --> 00:12:05,679 Speaker 2: a lot of negative press that they've experienced because they 204 00:12:05,720 --> 00:12:06,480 Speaker 2: haven't embraced it. 205 00:12:07,480 --> 00:12:09,840 Speaker 1: We'll have more to say with Josh from the Financial 206 00:12:09,880 --> 00:12:12,319 Speaker 1: quarterback in just a moment, but first a quick break 207 00:12:12,360 --> 00:12:24,040 Speaker 1: to thank our sponsors. So, in the old, old old days, 208 00:12:24,040 --> 00:12:27,160 Speaker 1: a bitcoin, if you had just started back when, you 209 00:12:27,160 --> 00:12:31,360 Speaker 1: could actually have your PC potentially successfully mine a block 210 00:12:31,400 --> 00:12:34,599 Speaker 1: of bitcoin because it was idling and it solved the 211 00:12:35,160 --> 00:12:38,600 Speaker 1: really hard math problem first, which those days, y'all are 212 00:12:38,679 --> 00:12:41,800 Speaker 1: long gone. So don't think that you're old, like five 213 00:12:41,880 --> 00:12:45,040 Speaker 1: year old PC is going to mine some bitcoin for 214 00:12:45,120 --> 00:12:48,680 Speaker 1: you. You're up against some massive networks that are working on 215 00:12:48,720 --> 00:12:51,160 Speaker 1: those problems now. But back in the day, if you 216 00:12:51,160 --> 00:12:53,679 Speaker 1: didn't mind bitcoin, or if you had a transaction where 217 00:12:53,720 --> 00:12:56,120 Speaker 1: someone sent you bitcoin, you know, you had to put 218 00:12:56,160 --> 00:12:59,400 Speaker 1: those assets into a digital wallet, and more often than not, 219 00:12:59,440 --> 00:13:01,600 Speaker 1: that digital wallet would just live on a hard drive. 220 00:13:01,640 --> 00:13:03,680 Speaker 1: I mean, there's the famous story about the guy who 221 00:13:03,800 --> 00:13:06,960 Speaker 1: ended up throwing out his PC without remembering to remove 222 00:13:07,280 --> 00:13:11,600 Speaker 1: the digital wallet from his PC and like scouring the 223 00:13:11,679 --> 00:13:14,640 Speaker 1: dump trying to find this thing because there were tens 224 00:13:14,640 --> 00:13:18,000 Speaker 1: of thousands of dollars just represented in that digital wallet 225 00:13:18,000 --> 00:13:20,040 Speaker 1: and he didn't have access to it. So you could 226 00:13:20,120 --> 00:13:22,960 Speaker 1: have your digital wallet stored on a local machine, or 227 00:13:23,000 --> 00:13:25,240 Speaker 1: you could be using a service kind of like what 228 00:13:25,360 --> 00:13:27,720 Speaker 1: FTX was, which was, you know, a cryptocurrency exchange, but 229 00:13:27,760 --> 00:13:29,439 Speaker 1: you could have an account with that and have your 230 00:13:29,480 --> 00:13:32,560 Speaker 1: holdings in that account. One of the problems is that 231 00:13:32,679 --> 00:13:36,079 Speaker 1: SBF was apparently taking money from customer accounts in order 232 00:13:36,120 --> 00:13:39,240 Speaker 1: to cover the investments of our at alimated research. That 233 00:13:39,360 --> 00:13:42,200 Speaker 1: to me is another one of those those hurdles. It's 234 00:13:42,240 --> 00:13:45,360 Speaker 1: not just an element of trust with knowing that there 235 00:13:45,400 --> 00:13:47,840 Speaker 1: are some bad actors out there, it's how do you 236 00:13:48,000 --> 00:13:51,120 Speaker 1: know like the right approach. Let's say that you are 237 00:13:51,280 --> 00:13:54,040 Speaker 1: interested in investing in crypto, and you've done your research 238 00:13:54,080 --> 00:13:56,920 Speaker 1: and you figured out which cryptocurrency is interesting to you, 239 00:13:57,240 --> 00:13:59,840 Speaker 1: figuring out where you're going to store that ends up 240 00:13:59,840 --> 00:14:02,160 Speaker 1: the coming an issue that I think most people don't 241 00:14:02,200 --> 00:14:05,160 Speaker 1: even otherwise think about, right like, it's going to have 242 00:14:05,160 --> 00:14:07,480 Speaker 1: to sit on a physical space somewhere, whether that's under 243 00:14:07,520 --> 00:14:10,880 Speaker 1: your control or in a cryptocurrency exchange or something similar. 244 00:14:11,080 --> 00:14:13,160 Speaker 1: With the failure of FTX, I think that had brought 245 00:14:13,200 --> 00:14:16,080 Speaker 1: into question how much can you trust these other third 246 00:14:16,160 --> 00:14:19,920 Speaker 1: party entities? And it's interesting to me to see that 247 00:14:20,080 --> 00:14:23,120 Speaker 1: issue unfold, because it kind of makes me think back 248 00:14:23,160 --> 00:14:26,720 Speaker 1: to the two thousand and eight crisis, where again, there 249 00:14:26,840 --> 00:14:31,320 Speaker 1: you didn't know who to trust with these institutionalized financial systems. 250 00:14:31,720 --> 00:14:34,840 Speaker 1: It's a different flavor but a similar story. And now, 251 00:14:35,040 --> 00:14:36,760 Speaker 1: like the question is how do you figure out who 252 00:14:36,800 --> 00:14:39,280 Speaker 1: to trust in the digital landscape so that you can 253 00:14:39,520 --> 00:14:42,000 Speaker 1: feel confident, Like even if you made a bad bet 254 00:14:42,320 --> 00:14:45,760 Speaker 1: with backing a cryptocurrency that's just not doing well, at 255 00:14:45,800 --> 00:14:48,880 Speaker 1: least you would still be able to access those assets. 256 00:14:49,280 --> 00:14:51,560 Speaker 2: Well, I mean they're the old not your keys, not 257 00:14:51,680 --> 00:14:55,880 Speaker 2: your bitcoin, you know, have have your bigcoin or cryptocurrency. 258 00:14:56,400 --> 00:14:58,840 Speaker 2: I'm a big believer in cold storage if you can 259 00:14:58,960 --> 00:15:03,320 Speaker 2: learn how to use it. Their companies like Ledger, Treasure 260 00:15:03,960 --> 00:15:09,240 Speaker 2: cold wallet where you can google or YouTube videos on 261 00:15:09,360 --> 00:15:12,120 Speaker 2: how to do your own cold storage for people don't know. 262 00:15:12,160 --> 00:15:15,240 Speaker 2: You know, you can hold your bitcoin right in a 263 00:15:16,200 --> 00:15:20,280 Speaker 2: little device. The cold wallet's like a little calculator looking thing. 264 00:15:20,760 --> 00:15:24,800 Speaker 2: You can have it on an exchange like Coinbase. One 265 00:15:26,200 --> 00:15:29,720 Speaker 2: method is you can also have it through a more 266 00:15:29,760 --> 00:15:34,160 Speaker 2: traditional financial institution now like Fidelity, which has way more 267 00:15:34,240 --> 00:15:39,200 Speaker 2: price controls and they're even holding people's bitcoin. In some 268 00:15:39,240 --> 00:15:41,960 Speaker 2: cases they have bitcoin custody for people who it's too 269 00:15:42,000 --> 00:15:44,360 Speaker 2: difficult for. So it used to be you had to 270 00:15:44,440 --> 00:15:47,760 Speaker 2: really know what you were doing. Now you can actually 271 00:15:47,800 --> 00:15:49,520 Speaker 2: hold the physical bitcoin and you don't have to be 272 00:15:49,520 --> 00:15:53,280 Speaker 2: an expert. Their company is like Unchained and Kaso, where 273 00:15:53,560 --> 00:15:59,720 Speaker 2: you know, you can have multi signature wallets where if 274 00:15:59,720 --> 00:16:02,200 Speaker 2: you don't trust yourself and you think you might lose 275 00:16:02,240 --> 00:16:05,560 Speaker 2: your bitcoin or you might lose your crypto. I mean 276 00:16:05,640 --> 00:16:08,600 Speaker 2: generally though, if you if you're owning bitcoin, start with 277 00:16:09,120 --> 00:16:11,360 Speaker 2: whether it's if you if it's bitcoin, start with a 278 00:16:11,400 --> 00:16:15,720 Speaker 2: few satoshi's, see if you have the wherewithal to do 279 00:16:15,880 --> 00:16:18,680 Speaker 2: cold storage on your own. But then there are reputable 280 00:16:18,680 --> 00:16:22,040 Speaker 2: exchanges where they subject themselves to audits, you know, like 281 00:16:22,120 --> 00:16:24,680 Speaker 2: New York has a Department of Cryptocurrency. It's a little 282 00:16:24,680 --> 00:16:27,680 Speaker 2: more stringent than others, right, but to me, you know, 283 00:16:28,000 --> 00:16:30,520 Speaker 2: I liked it. A company like fidelities into it, you know, 284 00:16:30,640 --> 00:16:33,760 Speaker 2: so you know they have certain controls in place that 285 00:16:33,840 --> 00:16:37,800 Speaker 2: were made with regulatory oversight in potential purview. You know, 286 00:16:37,720 --> 00:16:40,359 Speaker 2: you got a roase. A lot of these companies, like Fidelity, 287 00:16:40,400 --> 00:16:44,040 Speaker 2: we're doing it. Everybody's bullsh on bitcoin and crypto now 288 00:16:44,080 --> 00:16:47,120 Speaker 2: because they're thinking, hey, Trump's in his sec is going 289 00:16:47,200 --> 00:16:50,360 Speaker 2: to be a little easier on bitcoin and crypto. Gary 290 00:16:50,400 --> 00:16:54,560 Speaker 2: Gensler just announced that he was stepping down. Although Gary Gensler, 291 00:16:54,760 --> 00:16:57,880 Speaker 2: people forget this. He has an excellent video of his 292 00:16:58,000 --> 00:17:00,760 Speaker 2: MIT You ever see tho as the MIT lectures? Yeah, 293 00:17:00,840 --> 00:17:03,840 Speaker 2: those were excellent. I mean he had a deep knowledge 294 00:17:03,840 --> 00:17:05,600 Speaker 2: of it, and I think he was trying to embrace 295 00:17:05,600 --> 00:17:08,480 Speaker 2: the technology but root out the criminals. Right, So there's 296 00:17:08,520 --> 00:17:12,280 Speaker 2: a distinction there. But you know, sadly, I don't think 297 00:17:12,359 --> 00:17:15,200 Speaker 2: all of his things which got a bad rap for 298 00:17:15,560 --> 00:17:19,119 Speaker 2: were bad. Yeah, And I think he had a deep 299 00:17:19,320 --> 00:17:24,399 Speaker 2: knowledge of cryptocurrencies and bitcoin in particular, where you know, 300 00:17:24,560 --> 00:17:27,320 Speaker 2: it's the wild West some of these cryptocurrencies. That's why 301 00:17:27,400 --> 00:17:30,120 Speaker 2: to me, if you're just starting out, buy a few 302 00:17:30,119 --> 00:17:33,400 Speaker 2: setoci's by you know, to me, bitcoin is the more 303 00:17:34,000 --> 00:17:39,040 Speaker 2: proven method ethereums you're number two the rest. I mean, 304 00:17:39,240 --> 00:17:41,520 Speaker 2: you know, a lot of what I find too is 305 00:17:41,880 --> 00:17:44,560 Speaker 2: people are just trying to find the next big thing 306 00:17:45,240 --> 00:17:48,480 Speaker 2: to feel like, oh I missed out on bitcoin, right, 307 00:17:49,320 --> 00:17:53,360 Speaker 2: so I want to buy some alt coin that may 308 00:17:53,359 --> 00:17:56,240 Speaker 2: have the potential of an epic rhyme. But what is 309 00:17:56,280 --> 00:18:00,480 Speaker 2: the utility of these tokens, what's the purpose, Like, has 310 00:18:00,480 --> 00:18:03,560 Speaker 2: no purpose. I would not put my money in Doze, 311 00:18:03,600 --> 00:18:07,119 Speaker 2: just as a principle, Like, just on principle. 312 00:18:07,400 --> 00:18:12,080 Speaker 1: Yeah, Doge was founded as a joke, and sometimes people 313 00:18:12,119 --> 00:18:14,960 Speaker 1: remember that and they still put their money in, which 314 00:18:15,000 --> 00:18:16,680 Speaker 1: to the point where like the creator of doge is 315 00:18:16,720 --> 00:18:19,679 Speaker 1: like I thought I was making satire and it turns 316 00:18:19,680 --> 00:18:24,920 Speaker 1: out that I made something that despite people's better judgment, 317 00:18:24,960 --> 00:18:28,160 Speaker 1: they believe in it, and you know that makes that 318 00:18:28,359 --> 00:18:32,240 Speaker 1: value fluctuate wildly as well. But ultimately you need to 319 00:18:32,280 --> 00:18:35,520 Speaker 1: remember Doze was created as a joke. But to your point, 320 00:18:36,040 --> 00:18:39,119 Speaker 1: a lot of these alt coins, I think they're meant 321 00:18:39,280 --> 00:18:44,000 Speaker 1: to be a way to fund some other venture that 322 00:18:44,320 --> 00:18:47,640 Speaker 1: is related to the blockchain, and the token is kind 323 00:18:47,640 --> 00:18:51,520 Speaker 1: of their way of getting investment rounds to fund whatever 324 00:18:51,560 --> 00:18:55,119 Speaker 1: that venture is. And like I said, the best organizations 325 00:18:55,119 --> 00:18:58,080 Speaker 1: are really transparent about it. The danger I see is 326 00:18:58,080 --> 00:18:59,720 Speaker 1: that a lot of people look at that as saying, oh, 327 00:18:59,800 --> 00:19:02,040 Speaker 1: that's going to be the next bitcoin, and even the 328 00:19:02,160 --> 00:19:04,600 Speaker 1: organizations around those ventures are like, that's not what we're 329 00:19:04,640 --> 00:19:08,280 Speaker 1: saying at all. Don't assume that we're like poised to 330 00:19:08,359 --> 00:19:11,040 Speaker 1: become the next bitcoin. We're trying to fund something we 331 00:19:11,160 --> 00:19:12,920 Speaker 1: believe in. And then of course you have your other 332 00:19:12,960 --> 00:19:16,840 Speaker 1: groups where it's like much more shady, where they're looking 333 00:19:16,880 --> 00:19:19,440 Speaker 1: at any opportunity and maybe even a rug pull situation 334 00:19:19,560 --> 00:19:22,439 Speaker 1: down the line. But I think you're absolutely right in 335 00:19:22,480 --> 00:19:26,119 Speaker 1: that if you are interested in looking at at cryptocurrency 336 00:19:26,359 --> 00:19:30,280 Speaker 1: from an investment perspective, going with the more established ones 337 00:19:30,720 --> 00:19:35,880 Speaker 1: makes far more sense than just hoping that some fly 338 00:19:35,960 --> 00:19:38,880 Speaker 1: by night alt coin that launched in the last three 339 00:19:38,960 --> 00:19:42,480 Speaker 1: months is going to repeat the success of even Ethereum. 340 00:19:42,640 --> 00:19:46,760 Speaker 1: Like Ethereum alone is pretty darn successful. It's not stratospheric 341 00:19:46,840 --> 00:19:49,919 Speaker 1: like Bitcoin became. But you know that's just the to me, like, 342 00:19:49,960 --> 00:19:52,159 Speaker 1: that's just foolish. If you're doing now, if you believe 343 00:19:52,200 --> 00:19:54,560 Speaker 1: in whatever the organization is doing, that's different. Like if 344 00:19:54,560 --> 00:19:57,919 Speaker 1: you think I'm investing and I'm supporting something I believe in, 345 00:19:58,000 --> 00:20:01,360 Speaker 1: I feel a lot more comfortable about that rather than 346 00:20:01,520 --> 00:20:04,040 Speaker 1: just man, I wish i'd bought bitcoin back when it 347 00:20:04,119 --> 00:20:06,959 Speaker 1: was you know, ten thousand to a dollar. Yeah, we 348 00:20:07,000 --> 00:20:12,000 Speaker 1: all do, so, I agree one hundred percent. The other 349 00:20:12,080 --> 00:20:15,199 Speaker 1: thing that always gives me pause the steps beyond the 350 00:20:15,200 --> 00:20:18,440 Speaker 1: financial aspect, is that because bitcoin is proof of work, 351 00:20:18,560 --> 00:20:21,800 Speaker 1: that does mean that in order for systems to be 352 00:20:21,840 --> 00:20:24,159 Speaker 1: able to mine a block of bitcoin, they have to 353 00:20:24,200 --> 00:20:27,679 Speaker 1: dedicate a truly tremendous amount of compute power to do that, 354 00:20:27,840 --> 00:20:30,600 Speaker 1: because when you're up to like one hundred thousand dollars 355 00:20:30,640 --> 00:20:34,720 Speaker 1: per coin, then there's a huge incentive to be the 356 00:20:35,320 --> 00:20:38,919 Speaker 1: first to solve that next block of transactions. And so 357 00:20:38,960 --> 00:20:41,720 Speaker 1: we're starting to see not starting, we have seen these 358 00:20:41,800 --> 00:20:45,920 Speaker 1: large networks form where they're even taking over old defunct 359 00:20:46,280 --> 00:20:48,840 Speaker 1: electric power plants in order to be able to get 360 00:20:48,920 --> 00:20:52,760 Speaker 1: enough electricity to do this, because at scale it makes 361 00:20:52,760 --> 00:20:54,560 Speaker 1: sense like if you are able to mine enough bitcoin, 362 00:20:54,600 --> 00:20:57,120 Speaker 1: you can actually pay for that level of operation, which 363 00:20:57,160 --> 00:21:00,359 Speaker 1: then brings in the concern about how much electric is 364 00:21:00,359 --> 00:21:03,119 Speaker 1: being consumed. Ultimately that comes that also goes down to 365 00:21:03,160 --> 00:21:06,639 Speaker 1: where's the electricity coming from? How is this contributing to 366 00:21:06,720 --> 00:21:10,320 Speaker 1: other factors like carbon footprint. To me, that's another one 367 00:21:10,359 --> 00:21:12,000 Speaker 1: of those things that I think people need to look 368 00:21:12,040 --> 00:21:14,919 Speaker 1: into and understand before they get in and just to 369 00:21:14,920 --> 00:21:17,920 Speaker 1: be able to answer the question is am I okay 370 00:21:18,200 --> 00:21:21,399 Speaker 1: with entering into this world? I think being informed is 371 00:21:21,400 --> 00:21:25,119 Speaker 1: the most important part rather than jumping in because you 372 00:21:25,280 --> 00:21:27,679 Speaker 1: just you think that there's an opportunity there, and you're 373 00:21:27,720 --> 00:21:28,760 Speaker 1: worried you're going to miss out. 374 00:21:29,080 --> 00:21:33,359 Speaker 2: Yeah, I've thought deeply about the use of power and electricity. 375 00:21:33,480 --> 00:21:36,520 Speaker 2: I mean, I think from a fundamental perspective, right, if 376 00:21:36,640 --> 00:21:42,399 Speaker 2: government no longer has the monopoly on money, right like 377 00:21:42,560 --> 00:21:47,600 Speaker 2: at its core. Not to get too out in left field, 378 00:21:47,720 --> 00:21:52,840 Speaker 2: but if we didn't have governments fight about money, think 379 00:21:52,840 --> 00:21:55,680 Speaker 2: about how many wars were fought over gold. Sure there 380 00:21:55,680 --> 00:21:58,040 Speaker 2: could be wars fought over bitcoin in the future. And 381 00:21:58,080 --> 00:22:01,359 Speaker 2: I think it's very good develop that the US is 382 00:22:01,400 --> 00:22:05,400 Speaker 2: embracing it and the US government's embracing it, because if 383 00:22:06,080 --> 00:22:09,520 Speaker 2: we embrace it, we can focus on clean energy. A 384 00:22:09,520 --> 00:22:12,480 Speaker 2: lot of bitcoin minors, you know, they're big in clean 385 00:22:12,600 --> 00:22:17,600 Speaker 2: energy in places like Washington, and they're they're providing jobs, 386 00:22:17,640 --> 00:22:22,280 Speaker 2: and they're they're they're kind of retooling things in a way. 387 00:22:22,480 --> 00:22:26,840 Speaker 2: But I think if you had no more wars about money, 388 00:22:26,920 --> 00:22:29,000 Speaker 2: I'm not saying we won't have any more wars. You know, 389 00:22:29,040 --> 00:22:31,560 Speaker 2: here's some of these bitcoin people. They you know, bitcoin 390 00:22:31,720 --> 00:22:36,679 Speaker 2: solves everything, you know, bitcoin fixes every problem in the world. 391 00:22:36,960 --> 00:22:40,280 Speaker 2: That can be ridiculous, But what they mean is an 392 00:22:40,359 --> 00:22:44,280 Speaker 2: honest person who might use that kind of phrase say, 393 00:22:44,400 --> 00:22:48,359 Speaker 2: if we have think about this, If we have a government, 394 00:22:48,600 --> 00:22:52,639 Speaker 2: let's say the US, I fundamentally think whether it's Trump 395 00:22:52,840 --> 00:22:57,720 Speaker 2: Elon Vivic in this next administration wherever you kind of fall, 396 00:22:58,320 --> 00:23:02,080 Speaker 2: I think Elon On. I know, I think deeply about this. 397 00:23:02,760 --> 00:23:07,680 Speaker 2: The US is losing its strength in the world because 398 00:23:07,800 --> 00:23:10,880 Speaker 2: other countries don't trust that we will manage our own 399 00:23:10,920 --> 00:23:15,240 Speaker 2: finance as well. And bitcoin just the act of a 400 00:23:15,359 --> 00:23:18,520 Speaker 2: competitor to the dollar, even though it's just such a 401 00:23:18,560 --> 00:23:21,440 Speaker 2: fraction of the dollar. But the fact that El Salvador 402 00:23:21,560 --> 00:23:25,000 Speaker 2: is now embracing bitcoin and other third world countries that 403 00:23:25,480 --> 00:23:29,640 Speaker 2: they don't have to do everything in US dollars may 404 00:23:29,760 --> 00:23:34,399 Speaker 2: make our country behave a little better. It will It 405 00:23:34,440 --> 00:23:39,080 Speaker 2: may make us have a more sound currency, which will 406 00:23:39,119 --> 00:23:42,640 Speaker 2: fix a lot. And I think if we embrace sort 407 00:23:42,680 --> 00:23:46,639 Speaker 2: of the bitcoin philosophy, the philosophy behind bitcoin of sound 408 00:23:46,680 --> 00:23:49,439 Speaker 2: money at its core, I think you'd have less wars, 409 00:23:49,480 --> 00:23:53,119 Speaker 2: you'd have less electric use less. I think about how 410 00:23:53,200 --> 00:23:56,119 Speaker 2: much power war takes, you know. 411 00:23:56,600 --> 00:24:00,960 Speaker 1: So in a way, you're saying that the the existence 412 00:24:01,000 --> 00:24:05,680 Speaker 1: of bitcoin and it's evolution and its success can help 413 00:24:05,720 --> 00:24:08,400 Speaker 1: shake the United States out of a sense of complacency 414 00:24:08,760 --> 00:24:12,680 Speaker 1: that otherwise allowed for a lot of entropy to build 415 00:24:12,720 --> 00:24:15,399 Speaker 1: up as far as as the US dollar, like, we 416 00:24:15,480 --> 00:24:19,880 Speaker 1: took a lot for granted because of where we arrived at, 417 00:24:19,920 --> 00:24:22,160 Speaker 1: and now bitcoin's kind of shaking that up a bit 418 00:24:22,320 --> 00:24:24,240 Speaker 1: in a way. That does come down to the very 419 00:24:24,280 --> 00:24:28,480 Speaker 1: basis of competition, right, the idea that competition forces competitors 420 00:24:28,520 --> 00:24:32,160 Speaker 1: to continually innovate and do better than before or else 421 00:24:32,640 --> 00:24:33,360 Speaker 1: risk losing. 422 00:24:33,680 --> 00:24:37,080 Speaker 2: You know, there's the bricks currencies, there's you know, the 423 00:24:37,160 --> 00:24:40,399 Speaker 2: transpecific partnerships, which was going to be with the US, 424 00:24:40,520 --> 00:24:44,600 Speaker 2: now it's with China. I think other countries are waking 425 00:24:44,680 --> 00:24:46,879 Speaker 2: up to the fact that we can just manipulate our 426 00:24:46,920 --> 00:24:51,479 Speaker 2: currency and they're screwed, and currency wars you might call it. 427 00:24:51,680 --> 00:24:53,760 Speaker 2: You know, the big example might be okay, Russia might 428 00:24:53,800 --> 00:24:55,800 Speaker 2: go to more gold, or might they might go to 429 00:24:55,840 --> 00:24:58,520 Speaker 2: more bitcoin, or China might go to more bitcoin because 430 00:24:58,520 --> 00:25:02,520 Speaker 2: they say, you know what, we're just looking to diversify. Now, 431 00:25:03,119 --> 00:25:08,120 Speaker 2: I think long are I think over exaggerated. Is there 432 00:25:08,240 --> 00:25:10,720 Speaker 2: are those stories that say the dollar is going to 433 00:25:10,800 --> 00:25:11,480 Speaker 2: be worthless? 434 00:25:11,760 --> 00:25:12,000 Speaker 1: Right. 435 00:25:12,119 --> 00:25:15,439 Speaker 2: I don't believe we will wake up and say the 436 00:25:15,560 --> 00:25:18,720 Speaker 2: usd will be worthless, but it may become worth a 437 00:25:18,800 --> 00:25:22,159 Speaker 2: little bit less every year. It of course is that's happening, 438 00:25:22,240 --> 00:25:26,960 Speaker 2: that's inflation. But I think, what when people think they 439 00:25:26,960 --> 00:25:30,320 Speaker 2: think conspiracy theories, I'm just talking about using the dollar 440 00:25:30,560 --> 00:25:34,119 Speaker 2: in world trade. That I think in twenty sixteen, the 441 00:25:34,200 --> 00:25:36,920 Speaker 2: US dollar accounted for seventy percent of all war of trade. 442 00:25:37,000 --> 00:25:39,520 Speaker 2: So just you know, so many years ago, less than 443 00:25:39,520 --> 00:25:41,600 Speaker 2: a decade ago, we counted for seventy percent of all 444 00:25:41,640 --> 00:25:44,399 Speaker 2: war trade. That number to day is about sixty percent. 445 00:25:45,320 --> 00:25:47,800 Speaker 2: Ten years in the amount might be fifty. And you 446 00:25:47,840 --> 00:25:50,840 Speaker 2: know what, the US's biggest competitors is not bitcoin, It's 447 00:25:50,840 --> 00:25:54,040 Speaker 2: not the Chinese. Remember, it's the Euro, which just kind 448 00:25:54,040 --> 00:25:55,879 Speaker 2: of funny. You wouldn't have thought the Euro would be 449 00:25:55,880 --> 00:25:58,920 Speaker 2: such a competitor. But it's just countries looking they don't 450 00:25:58,960 --> 00:26:00,920 Speaker 2: want to be solely align on the dollar. 451 00:26:02,400 --> 00:26:05,560 Speaker 1: We which I mean from a even just from a 452 00:26:05,640 --> 00:26:08,879 Speaker 1: national security perspective, makes total sense. I mean, like, if 453 00:26:08,920 --> 00:26:10,520 Speaker 1: you're not the US, of course, you don't want to 454 00:26:10,520 --> 00:26:13,840 Speaker 1: be dependent upon some other nation's currency to have such 455 00:26:13,960 --> 00:26:18,000 Speaker 1: incredible power over your own fate. This is Jonathan post 456 00:26:18,040 --> 00:26:20,720 Speaker 1: interview here to let you know that all this financial 457 00:26:20,760 --> 00:26:23,080 Speaker 1: insight doesn't just pay for itself. So we're going to 458 00:26:23,160 --> 00:26:25,200 Speaker 1: take a quick break to thank our sponsors and we'll 459 00:26:25,200 --> 00:26:37,280 Speaker 1: be right back. I'm curious when you first got into 460 00:26:37,720 --> 00:26:40,639 Speaker 1: the world of finance, did you ever dream that you 461 00:26:40,680 --> 00:26:43,720 Speaker 1: were going to see a time where a new system 462 00:26:43,760 --> 00:26:46,159 Speaker 1: would rise up, a digital system would rise up and 463 00:26:46,520 --> 00:26:50,240 Speaker 1: go through such incredibly fast evolution and maturity right in 464 00:26:50,240 --> 00:26:50,960 Speaker 1: front of your eyes. 465 00:26:51,480 --> 00:26:55,119 Speaker 2: You know. I think the biggest regret I have is, 466 00:26:55,160 --> 00:26:58,760 Speaker 2: you know, my friend in twenty ten who was kind 467 00:26:58,760 --> 00:27:02,320 Speaker 2: of a pothead, you know, tech guy, Yeah, turned me 468 00:27:02,359 --> 00:27:05,200 Speaker 2: onto bitcoin. I'm like, this is ridiculous, you know. Yeah, 469 00:27:05,240 --> 00:27:07,920 Speaker 2: I'm not doing it, you know. And then twenty fifteen 470 00:27:08,160 --> 00:27:10,159 Speaker 2: another guy, Hey, you know, you got to get in. 471 00:27:10,280 --> 00:27:12,679 Speaker 2: He showed me. I think when I really saw it 472 00:27:12,800 --> 00:27:16,040 Speaker 2: taken off was twenty twenty. Yeah, Like that's when I 473 00:27:16,080 --> 00:27:20,920 Speaker 2: became a full on bitcoin believer. Now I'd embraced bitcoin, 474 00:27:21,040 --> 00:27:27,200 Speaker 2: like as an asset diversification play for a few years prior, like, hey, 475 00:27:27,240 --> 00:27:29,840 Speaker 2: you know, put a little bit in, you know, as 476 00:27:29,840 --> 00:27:33,120 Speaker 2: an alternative gold. I saw the value, but I really 477 00:27:33,160 --> 00:27:35,120 Speaker 2: began to think that it was needed when I went 478 00:27:35,119 --> 00:27:37,359 Speaker 2: to my bank in COVID. Did you go to the 479 00:27:37,359 --> 00:27:39,160 Speaker 2: bank during COVID and try to get money out. 480 00:27:39,359 --> 00:27:41,720 Speaker 1: I did not, but I know of people who did. 481 00:27:41,920 --> 00:27:44,400 Speaker 2: And I did all of the things that the Bitcoin 482 00:27:44,480 --> 00:27:48,080 Speaker 2: white Paper and the Bitcoin Maxi's who sound wacky warn 483 00:27:48,160 --> 00:27:50,760 Speaker 2: you of. I could not get more than five thousand 484 00:27:50,760 --> 00:27:54,040 Speaker 2: dollars cash out, and I was looked at like I 485 00:27:54,080 --> 00:27:56,080 Speaker 2: was a criminal. This was in the middle of COVID, 486 00:27:57,000 --> 00:27:59,720 Speaker 2: and if I didn't know my banker, they were limiting 487 00:27:59,720 --> 00:28:03,679 Speaker 2: people to three thousand dollars USD. And that's when I 488 00:28:03,720 --> 00:28:08,520 Speaker 2: really saw hm. I totally not just get it a 489 00:28:08,560 --> 00:28:13,199 Speaker 2: little bit. I embraced the whole philosophy because it just 490 00:28:13,640 --> 00:28:15,480 Speaker 2: irked me that we were in a middle of national crisis. 491 00:28:15,480 --> 00:28:18,240 Speaker 2: I couldn't get my money on my own bank. Yeah, 492 00:28:18,280 --> 00:28:23,760 Speaker 2: and bitcoin does fix that issue if you own it 493 00:28:23,800 --> 00:28:25,000 Speaker 2: on cold storage, you know. 494 00:28:25,080 --> 00:28:29,560 Speaker 1: Yeah, I mean we've It's funny because your story makes 495 00:28:29,640 --> 00:28:33,680 Speaker 1: me think Silicon Valley Bank that was a one. 496 00:28:33,960 --> 00:28:34,400 Speaker 2: Yeah. 497 00:28:34,560 --> 00:28:37,760 Speaker 1: I remember distinctly when that story started to break because 498 00:28:37,760 --> 00:28:40,480 Speaker 1: I was in the Atlanta airport. I was waiting to 499 00:28:40,520 --> 00:28:43,720 Speaker 1: board a flight to Austin, Texas for south By Southwest, 500 00:28:43,720 --> 00:28:46,120 Speaker 1: and as you might imagine, more than a few people 501 00:28:46,120 --> 00:28:48,080 Speaker 1: who are waiting for that flight to go to this 502 00:28:48,160 --> 00:28:51,480 Speaker 1: big tech conference, were starting to have their phones blow 503 00:28:51,560 --> 00:28:55,560 Speaker 1: up in their hands as the story about Silicon Valley 504 00:28:55,600 --> 00:28:59,160 Speaker 1: banks collapse was breaking. But again to your point, it's 505 00:28:59,200 --> 00:29:01,840 Speaker 1: that idea of finding out that you suddenly can't get 506 00:29:01,880 --> 00:29:05,840 Speaker 1: the money that you've entrusted into and a financial institution 507 00:29:05,960 --> 00:29:08,840 Speaker 1: you can't get it back, and through no fault of 508 00:29:08,880 --> 00:29:12,880 Speaker 1: your own, you have done nothing wrong, but that now potentially, 509 00:29:13,960 --> 00:29:16,520 Speaker 1: at least for the time being, you've lost access and 510 00:29:16,560 --> 00:29:19,360 Speaker 1: in worst case scenario, you've lost it now. Fortunately with 511 00:29:19,480 --> 00:29:22,680 Speaker 1: Silicon Valley Bank, the government stepped in and you know, said, 512 00:29:22,680 --> 00:29:25,520 Speaker 1: don't worry, We're going to guarantee that everybody gets their money. 513 00:29:25,760 --> 00:29:27,120 Speaker 1: But that was an unknown thing. 514 00:29:27,120 --> 00:29:30,600 Speaker 2: That was a very scary twenty four hours. I remember that, 515 00:29:31,280 --> 00:29:34,920 Speaker 2: and if it wasn't for you know, Janet Yellen gets 516 00:29:35,080 --> 00:29:39,800 Speaker 2: a lot of flak, but they really saved the banking 517 00:29:39,840 --> 00:29:44,400 Speaker 2: system that weekend. Whoever was involved in that doesn't get 518 00:29:44,440 --> 00:29:49,600 Speaker 2: half the credit they should get because I remember that. 519 00:29:49,720 --> 00:29:53,160 Speaker 2: I mean, people were just trying to pull as much 520 00:29:53,280 --> 00:29:58,800 Speaker 2: money out of this system. It wasn't even Soilicon Valley 521 00:29:58,880 --> 00:30:03,440 Speaker 2: people were really scared. The fear on that day, and 522 00:30:03,480 --> 00:30:06,280 Speaker 2: that's when they came out and people said, well, why 523 00:30:06,320 --> 00:30:11,400 Speaker 2: did they give Remember they said you will have unlimited protection. 524 00:30:11,720 --> 00:30:11,880 Speaker 1: Hmm. 525 00:30:12,320 --> 00:30:15,480 Speaker 2: People thought that was ridiculous. I think why they needed 526 00:30:15,480 --> 00:30:18,560 Speaker 2: to say that was because a lot of these banks, 527 00:30:18,600 --> 00:30:23,720 Speaker 2: you know, they have wealthy tech billionaire, tech hundred millionaire, 528 00:30:23,760 --> 00:30:26,960 Speaker 2: and somebody's one hundred million dollars on deposit. They were 529 00:30:27,000 --> 00:30:28,320 Speaker 2: trying to pull all their money. 530 00:30:28,560 --> 00:30:31,200 Speaker 1: Well, yeah, you have tech companies that were dependent upon 531 00:30:31,240 --> 00:30:35,200 Speaker 1: it for things like payroll. You had venture capitalists who 532 00:30:35,200 --> 00:30:37,520 Speaker 1: were dependent upon it as like that was their bank 533 00:30:37,560 --> 00:30:40,560 Speaker 1: of choice so that they could funnel the investments through 534 00:30:41,000 --> 00:30:43,400 Speaker 1: two different companies they wanted to support it. Really, I 535 00:30:43,400 --> 00:30:45,600 Speaker 1: think it pulled back the curtain quite a bit on 536 00:30:46,600 --> 00:30:50,000 Speaker 1: just the money side of Silicon Valley. Like again, I 537 00:30:50,040 --> 00:30:52,640 Speaker 1: typically cover the tech side, not the money side so much. 538 00:30:52,720 --> 00:30:55,080 Speaker 1: I'll cover the money side with regards to how it 539 00:30:55,160 --> 00:30:57,360 Speaker 1: impacts the tech side, but I have never pretended to 540 00:30:57,400 --> 00:30:59,560 Speaker 1: really understand the money side. I've always told people I 541 00:30:59,560 --> 00:31:02,440 Speaker 1: actually have the easiest job in the world, because ultimately 542 00:31:02,720 --> 00:31:06,080 Speaker 1: tech either works or it doesn't work. It's really easy 543 00:31:06,120 --> 00:31:09,440 Speaker 1: to explain when you really get down to it. Money 544 00:31:09,480 --> 00:31:12,320 Speaker 1: to me ends up being one of those things where 545 00:31:12,360 --> 00:31:14,760 Speaker 1: I'm like, well, I know how it or at least 546 00:31:14,760 --> 00:31:17,000 Speaker 1: I think I know how it should work. But time 547 00:31:17,040 --> 00:31:22,280 Speaker 1: and again I am surprised and taken off guard, and 548 00:31:22,360 --> 00:31:24,920 Speaker 1: I just my hat is off to you, sir, because 549 00:31:24,960 --> 00:31:27,640 Speaker 1: I certainly could not do what you do. 550 00:31:28,480 --> 00:31:32,800 Speaker 2: And vice versa. I I when I meet with the 551 00:31:32,840 --> 00:31:36,160 Speaker 2: tech guys, particularly within the bitcoin community, it's like in 552 00:31:36,200 --> 00:31:37,160 Speaker 2: one ear and out the other. 553 00:31:37,160 --> 00:31:39,280 Speaker 1: Se Yeah, I just sit there and say, like, listen, 554 00:31:39,320 --> 00:31:42,160 Speaker 1: it all comes down to math problems. It's just math problems. 555 00:31:42,200 --> 00:31:44,080 Speaker 1: And you don't have to worry about your computer is 556 00:31:44,120 --> 00:31:46,280 Speaker 1: trying to fix it. You just you let it go. 557 00:31:47,040 --> 00:31:48,280 Speaker 1: That's as close. 558 00:31:48,200 --> 00:31:53,480 Speaker 2: Unless I just don't get the form you know, oh yeah, yeah, 559 00:31:53,560 --> 00:31:58,440 Speaker 2: the formulas, but I get the philosophy. I think. I 560 00:31:58,440 --> 00:32:00,760 Speaker 2: think for me, it's it's just human nature, right, It's 561 00:32:00,760 --> 00:32:03,040 Speaker 2: fear and greed, and that's the thing that people have 562 00:32:03,080 --> 00:32:08,720 Speaker 2: to watch right now. The fear is I'm gonna have fomo, right, 563 00:32:08,840 --> 00:32:11,520 Speaker 2: I'm not going to invest in bitcoin now, I'm gonna 564 00:32:11,520 --> 00:32:16,200 Speaker 2: invest in some alt coin hoping I'm gonna get rich quick. 565 00:32:16,400 --> 00:32:19,000 Speaker 1: Yeah, that'll ride Bitcoin's coattails. 566 00:32:19,440 --> 00:32:22,080 Speaker 2: But I mean, personally, I've seen a lot of people 567 00:32:22,080 --> 00:32:25,600 Speaker 2: get hosed and lose half of their life savings doing that. 568 00:32:25,680 --> 00:32:29,480 Speaker 2: So be very careful. Don't put anything that you are 569 00:32:29,520 --> 00:32:35,040 Speaker 2: not willing to go down significantly. Bitcoin's very volatile, Yeah, 570 00:32:35,080 --> 00:32:37,160 Speaker 2: but I don't think it's volatile because you brought up that. 571 00:32:37,200 --> 00:32:40,680 Speaker 2: It's a good point. Volatility does not mean something is 572 00:32:40,800 --> 00:32:45,040 Speaker 2: in an invalid concept, right. It means it's an emerging 573 00:32:45,440 --> 00:32:49,320 Speaker 2: exponential technology. There will come a time if the Bitcoin 574 00:32:49,760 --> 00:32:54,520 Speaker 2: maximalists or foundationalists, if the world that they envisioned years 575 00:32:54,560 --> 00:32:58,240 Speaker 2: ago comes true, that Bitcoin will be almost like a 576 00:32:58,320 --> 00:33:01,680 Speaker 2: legacy kind of gold life like asset, and it will 577 00:33:01,680 --> 00:33:05,840 Speaker 2: be very slow growth. Yeah, but that's only when people 578 00:33:05,960 --> 00:33:08,280 Speaker 2: wake up. And there may come a time where people 579 00:33:08,320 --> 00:33:10,840 Speaker 2: wake up and just go Bitcoin's million dollars coin is 580 00:33:11,000 --> 00:33:17,000 Speaker 2: unreachable for the average person, and it becomes this legacy 581 00:33:17,160 --> 00:33:21,040 Speaker 2: type of sovereign wealth asset because it's only twenty one million, 582 00:33:21,400 --> 00:33:22,680 Speaker 2: that's all that ill will be mined. 583 00:33:22,880 --> 00:33:24,040 Speaker 1: Yeah, but I. 584 00:33:24,000 --> 00:33:26,280 Speaker 2: Believe it'll be sort of like a base layer and 585 00:33:26,320 --> 00:33:30,160 Speaker 2: there'll be things built on top of it, similar out 586 00:33:30,200 --> 00:33:34,200 Speaker 2: ethereum has, but they'll be there are people who believe 587 00:33:34,240 --> 00:33:37,000 Speaker 2: in the philosophy of hard money. They want a better money. 588 00:33:37,040 --> 00:33:41,400 Speaker 2: They want a better financial system, one that doesn't exist 589 00:33:41,520 --> 00:33:46,840 Speaker 2: off of leverage and derivatives. And that's I think fundamentally 590 00:33:46,880 --> 00:33:50,280 Speaker 2: the beauty of the Bitcoin protocol and the bitcoin philosophy 591 00:33:50,360 --> 00:33:52,560 Speaker 2: is it's sort of like a way of life, although 592 00:33:52,600 --> 00:33:53,840 Speaker 2: some people it's like a cult. 593 00:33:53,960 --> 00:33:59,880 Speaker 1: But yes, yeah, I always caution really for anything within tech, 594 00:34:00,080 --> 00:34:03,400 Speaker 1: but specifically like NFTs you brought up are an example, 595 00:34:03,560 --> 00:34:07,000 Speaker 1: and various cryptos are ones that I caution people on. 596 00:34:07,080 --> 00:34:10,000 Speaker 1: I say, if someone is really trying hard to convince 597 00:34:10,080 --> 00:34:14,480 Speaker 1: you about the validity of a specific digital asset, it's 598 00:34:14,520 --> 00:34:18,920 Speaker 1: good to consider how deeply invested they are in that 599 00:34:18,960 --> 00:34:22,239 Speaker 1: digital asset and bring that into consideration before you make 600 00:34:22,280 --> 00:34:25,600 Speaker 1: any moves, simply because sometimes people are drumming something up 601 00:34:25,719 --> 00:34:28,320 Speaker 1: because the value of the thing they've invested in increases 602 00:34:28,400 --> 00:34:32,640 Speaker 1: with more people joining the ecosystem, and if they're a 603 00:34:32,760 --> 00:34:34,960 Speaker 1: cheerleader because they're trying to get more people to come 604 00:34:35,000 --> 00:34:38,680 Speaker 1: on so that their own investment ends up increasing, it 605 00:34:38,840 --> 00:34:41,640 Speaker 1: starts to look a little too close to like a 606 00:34:41,680 --> 00:34:44,879 Speaker 1: pyramid scheme. Not saying that they are, but that that 607 00:34:44,960 --> 00:34:47,319 Speaker 1: starts to get that kind of feeling. And the more 608 00:34:47,360 --> 00:34:51,640 Speaker 1: that happens, the less trust exists in that environment, and 609 00:34:51,960 --> 00:34:54,279 Speaker 1: that can lead to its own sort of disaster through 610 00:34:54,280 --> 00:34:57,400 Speaker 1: no fault of the underlying system. Right, it's when we 611 00:34:57,440 --> 00:35:00,520 Speaker 1: add humans to it that things get messy. So you know, 612 00:35:00,560 --> 00:35:03,160 Speaker 1: it's one of those those topics that I've I've been covering. 613 00:35:03,480 --> 00:35:07,840 Speaker 1: We launched tech Stuff a couple of months before the 614 00:35:08,680 --> 00:35:12,279 Speaker 1: Bitcoin white paper came out, so I've literally been doing 615 00:35:12,280 --> 00:35:15,520 Speaker 1: this show just as long as bitcoin has been a thing, 616 00:35:15,920 --> 00:35:18,840 Speaker 1: and I remember trying to get my head wrapped around 617 00:35:19,000 --> 00:35:22,440 Speaker 1: blockchain for the longest time, and I feel like I've 618 00:35:22,480 --> 00:35:25,719 Speaker 1: got a decent understanding of it. I'm still struggling as 619 00:35:25,760 --> 00:35:27,600 Speaker 1: to whether or not it makes sense to be an 620 00:35:27,680 --> 00:35:31,279 Speaker 1: underlying foundation for Web three, but I certainly understand it 621 00:35:31,320 --> 00:35:35,040 Speaker 1: as far as what crypto does and to an extent, 622 00:35:35,080 --> 00:35:38,080 Speaker 1: what NFTs were supposed to do. I think n FTS 623 00:35:38,400 --> 00:35:41,200 Speaker 1: that was unfortunate and that it turned into a speculative 624 00:35:41,280 --> 00:35:44,400 Speaker 1: market before we could actually see what NFTs could potentially 625 00:35:44,480 --> 00:35:49,160 Speaker 1: do outside of just an investment. The idea of having 626 00:35:49,239 --> 00:35:55,680 Speaker 1: a way of validating and keeping track of digital assets 627 00:35:55,719 --> 00:35:58,120 Speaker 1: and digital ownership. I can definitely see a need there. 628 00:35:58,360 --> 00:36:00,640 Speaker 1: I just don't think NFTs ever, I had a chance 629 00:36:00,680 --> 00:36:06,000 Speaker 1: of hitting that because speculation followed so quickly on people 630 00:36:06,040 --> 00:36:09,040 Speaker 1: realizing what they were. But again, that's it. That's like 631 00:36:09,080 --> 00:36:11,279 Speaker 1: adding people to a system, like the system would have worked, 632 00:36:11,280 --> 00:36:16,160 Speaker 1: except we had people. Darn people. Well, Josh, thank you 633 00:36:16,560 --> 00:36:20,160 Speaker 1: so much for joining our show and kind of providing 634 00:36:20,239 --> 00:36:22,879 Speaker 1: us your insight. Again, this is something I could never 635 00:36:23,000 --> 00:36:25,759 Speaker 1: offer my listeners myself. It is so outside of my 636 00:36:26,320 --> 00:36:29,960 Speaker 1: expertise and people. You should go and check out the 637 00:36:29,960 --> 00:36:33,320 Speaker 1: Financial Quarterback. That show has been going on for a 638 00:36:33,320 --> 00:36:36,280 Speaker 1: little more than forty episodes. Now you've got episodes on bitcoin. 639 00:36:36,400 --> 00:36:39,840 Speaker 1: I love also, by the way, your episode about being 640 00:36:39,960 --> 00:36:45,480 Speaker 1: wary of people who are really evangelizing investments, not just 641 00:36:45,520 --> 00:36:47,880 Speaker 1: in the tech space, but just in general, and using 642 00:36:47,920 --> 00:36:52,960 Speaker 1: critical thinking to analyze those pitches, because certainly in the 643 00:36:52,960 --> 00:36:55,000 Speaker 1: tech space we have seen it time and again where 644 00:36:55,080 --> 00:36:58,640 Speaker 1: people take advantage of enthusiasm, a fear of greed, and 645 00:36:59,000 --> 00:37:01,319 Speaker 1: largely of ignorant It's if someone doesn't know how a 646 00:37:01,360 --> 00:37:04,080 Speaker 1: system works, it becomes much easier to kind of fool 647 00:37:04,080 --> 00:37:07,279 Speaker 1: them into thinking this is a money printing machine. So 648 00:37:07,400 --> 00:37:10,160 Speaker 1: I think you're doing a real service by educating people 649 00:37:10,360 --> 00:37:13,160 Speaker 1: about these sorts of things and what to look for 650 00:37:13,200 --> 00:37:16,480 Speaker 1: and the questions to ask before you start to commit 651 00:37:16,520 --> 00:37:20,360 Speaker 1: your own wealth to these kinds of potential investments. 652 00:37:21,120 --> 00:37:23,280 Speaker 2: No, great, that'd be fun. Yeah, we've been doing It's funny. 653 00:37:23,400 --> 00:37:26,720 Speaker 2: You've been doing it for sixteen years. Yeah, I think 654 00:37:27,120 --> 00:37:30,359 Speaker 2: I started sixteen years ago on the radio Wow, and 655 00:37:30,400 --> 00:37:34,360 Speaker 2: then we launched our you know, kind of reimagine podcast. 656 00:37:34,600 --> 00:37:37,520 Speaker 2: So right around the great financial crisis in a eight. 657 00:37:37,760 --> 00:37:40,200 Speaker 1: All the time to get involved, right, I mean. 658 00:37:40,600 --> 00:37:43,799 Speaker 2: And I've seen all these strange things. But yeah, that's 659 00:37:43,840 --> 00:37:46,040 Speaker 2: a good tip. As we're kind of talking about crypto 660 00:37:46,360 --> 00:37:50,719 Speaker 2: kind of closing tip, don't do anything because of guru me, you, 661 00:37:51,080 --> 00:37:54,239 Speaker 2: anybody does it. Do do your own homework, do your 662 00:37:54,239 --> 00:37:59,240 Speaker 2: own due diligence. And also position sizing. If you're getting 663 00:37:59,239 --> 00:38:03,200 Speaker 2: into something, do a small percentage of your portfolio one percent, 664 00:38:03,280 --> 00:38:05,239 Speaker 2: two percent, three percent. That way, if it gets cut 665 00:38:05,280 --> 00:38:07,200 Speaker 2: in half, you can still sleep at night. 666 00:38:07,440 --> 00:38:10,400 Speaker 1: Yeah, you've got You've got the safety net there. I 667 00:38:10,400 --> 00:38:13,640 Speaker 1: think that's great advice in general, especially now that we're 668 00:38:13,719 --> 00:38:17,120 Speaker 1: entering into a world where influencer culture is having a 669 00:38:17,280 --> 00:38:21,040 Speaker 1: larger impact, especially for younger people like you see the 670 00:38:21,040 --> 00:38:26,759 Speaker 1: platforms like TikTok or Instagram, where very complex ideas and 671 00:38:26,760 --> 00:38:31,960 Speaker 1: philosophies are getting summarized and sometimes dumbed down so that 672 00:38:32,000 --> 00:38:35,080 Speaker 1: they fit into like a thirty second video package. And 673 00:38:35,160 --> 00:38:38,160 Speaker 1: the danger I feel of that is that it gives 674 00:38:38,320 --> 00:38:42,080 Speaker 1: viewers a sense of understanding when the topic that they're 675 00:38:42,120 --> 00:38:46,160 Speaker 1: actually tackling is far more subtle and complex and nuanced 676 00:38:46,280 --> 00:38:50,280 Speaker 1: than any thirty second message could hope to convey. Well, Josh, 677 00:38:50,320 --> 00:38:52,840 Speaker 1: thank you, thank you again for joining the show. Y'all, 678 00:38:52,920 --> 00:38:55,719 Speaker 1: it is the Financial Quarterback. You need to go check 679 00:38:55,760 --> 00:38:59,440 Speaker 1: out that episode that I was talking about, the specifically 680 00:38:59,440 --> 00:39:02,520 Speaker 1: the one about out using critical thinking in the approach, 681 00:39:02,520 --> 00:39:05,840 Speaker 1: because that's again the guiding philosophy of tech stuff is 682 00:39:05,840 --> 00:39:08,919 Speaker 1: critical thinking and compassion. Those two things go together. Without 683 00:39:08,960 --> 00:39:12,399 Speaker 1: critical thinking, you're a dope, and without compassion you're a jerk. 684 00:39:12,640 --> 00:39:14,040 Speaker 1: So let's use both. 685 00:39:14,200 --> 00:39:17,799 Speaker 2: Episode thirty eight, how to Spot a False Profit in 686 00:39:17,880 --> 00:39:19,000 Speaker 2: the World of Finance. 687 00:39:19,160 --> 00:39:22,840 Speaker 1: Yeah, it's fantastic, like highly recommended. I mean again, like 688 00:39:23,000 --> 00:39:25,360 Speaker 1: if you need to exercise that critical thinking skill, and 689 00:39:25,400 --> 00:39:29,640 Speaker 1: I'm always thankful to see other podcasters who advocate for that. Josh, 690 00:39:29,680 --> 00:39:30,520 Speaker 1: thanks again so. 691 00:39:30,560 --> 00:39:32,080 Speaker 2: Much, thanks for having me Johnson. 692 00:39:33,680 --> 00:39:36,279 Speaker 1: This is after the interview y'all. I want to say 693 00:39:36,280 --> 00:39:38,799 Speaker 1: again thanks to Josh for coming on to the show. 694 00:39:38,880 --> 00:39:41,480 Speaker 1: As you can see, Josh has a different perspective on 695 00:39:41,560 --> 00:39:44,399 Speaker 1: bitcoin than I do, which I think is valuable, right, 696 00:39:44,560 --> 00:39:47,680 Speaker 1: Like I think it is important to get different perspectives 697 00:39:47,800 --> 00:39:50,800 Speaker 1: and not just go through life in an echo chamber. 698 00:39:51,040 --> 00:39:53,359 Speaker 1: So I really appreciate him coming on the show and 699 00:39:53,400 --> 00:39:56,040 Speaker 1: giving me his insight because coming at it from a 700 00:39:56,080 --> 00:39:59,400 Speaker 1: financial standpoint as opposed to the tech standpoint, you can 701 00:39:59,440 --> 00:40:02,279 Speaker 1: come to some very different conclusions and I found it 702 00:40:02,360 --> 00:40:05,279 Speaker 1: fascinating and honestly, it was nice to get a little 703 00:40:05,280 --> 00:40:09,440 Speaker 1: bit of demystification around finance. So Josh, thanks so much. 704 00:40:09,600 --> 00:40:12,239 Speaker 1: I hope all of you enjoyed this special episode. We're 705 00:40:12,239 --> 00:40:14,520 Speaker 1: gonna have another one for you on Wednesday, so I'm 706 00:40:14,520 --> 00:40:16,480 Speaker 1: looking forward to that. We're gonna be talking to some 707 00:40:16,640 --> 00:40:21,520 Speaker 1: scientists about science, so make sure you tune into Wednesday's episode. 708 00:40:21,640 --> 00:40:23,640 Speaker 1: That's it for me. I hope you're all well, and 709 00:40:23,680 --> 00:40:32,480 Speaker 1: I'll talk to you again really soon. Tech Stuff is 710 00:40:32,520 --> 00:40:37,080 Speaker 1: an iHeartRadio production. For more podcasts from iHeartRadio, visit the 711 00:40:37,120 --> 00:40:40,759 Speaker 1: iHeartRadio app, Apple Podcasts, or wherever you listen to your 712 00:40:40,800 --> 00:40:45,080 Speaker 1: favorite shows.