WEBVTT - The Mark Moss Show Jan 10, 2022 0:00:00.080 --> 0:00:03.200 Hey, everyone, welcome to another episode of The Markma Show 0:00:03.200 --> 0:00:06.080 where we are talking about bitcoin. We're talking about cryptocurrencies, 0:00:06.080 --> 0:00:09.320 and of course we are talking about this decentralized revolution 0:00:09.440 --> 0:00:12.840 that is literally changing the world. I know I say 0:00:12.880 --> 0:00:14.880 that each and every week, but that's because it's true. 0:00:14.960 --> 0:00:18.000 I mean, we are talking about something so big, and 0:00:18.079 --> 0:00:21.640 so because it's so big, it's hard to understand. Because 0:00:21.680 --> 0:00:24.320 it's a hard to understand, you need to be paying attention. 0:00:24.560 --> 0:00:26.400 You need to be tuning in listening to me each 0:00:26.400 --> 0:00:28.960 and every week. Uh So, just real quick, if you're 0:00:28.960 --> 0:00:31.479 not driving, grab your phone, put put a reminder right 0:00:31.520 --> 0:00:33.479 now on your counter for this day, this time, this channel, 0:00:33.920 --> 0:00:35.199 and make sure you tune in with me each and 0:00:35.200 --> 0:00:39.519 every week. I can pretty much guarantee is gonna be 0:00:39.560 --> 0:00:42.480 the most important and the most profitable part of your 0:00:42.600 --> 0:00:44.600 week to be paying attention to. Not because I'm gonna 0:00:44.600 --> 0:00:47.199 be giving you some stupid, crazy hot stock tip that 0:00:47.200 --> 0:00:49.239 you can go get rich overnight with, but because I'm 0:00:49.240 --> 0:00:52.319 gonna help you build an educational foundation and you can 0:00:52.360 --> 0:00:54.720 build the rest of your life on. This is the 0:00:54.760 --> 0:00:57.880 biggest thing, the biggest shift that we are witnessing in 0:00:57.920 --> 0:01:00.560 our lifetime that we'll ever see in multiple lifetimes. And 0:01:00.600 --> 0:01:02.600 the only way to take advantage of it and not 0:01:02.680 --> 0:01:05.200 be shaken out is to understand what's going on. And 0:01:05.240 --> 0:01:06.800 the only way to do that is of course, by 0:01:06.920 --> 0:01:09.840 having the education to do that. So I try to 0:01:09.840 --> 0:01:11.759 bring to you a couple of things. One, I want 0:01:11.760 --> 0:01:13.720 to bring to you the educations. You can understand what's 0:01:13.720 --> 0:01:16.200 going on, so you can have what we call the 0:01:16.240 --> 0:01:18.920 strong hands to stay in this market to take advantage 0:01:18.920 --> 0:01:22.200 of it. I bring you the hottest breaking news each 0:01:22.200 --> 0:01:23.920 and every week so you can stay up to date 0:01:23.959 --> 0:01:25.560 on what's going on, so when you go out to 0:01:25.600 --> 0:01:27.440 those parties on the weekend, you can sound like the 0:01:27.480 --> 0:01:29.680 smartest person in the room because you know all the 0:01:29.680 --> 0:01:31.240 stuff that's going on. And then I bring to you 0:01:31.440 --> 0:01:36.080 some of the brightest and most interesting and intellectual people 0:01:36.120 --> 0:01:38.440 in the space, so you can learn not just from me, 0:01:38.520 --> 0:01:41.560 but some from some of my friends as well. Now, 0:01:41.600 --> 0:01:43.040 today I want to talk to you about a couple 0:01:43.080 --> 0:01:46.440 of things that uh I have been seeing run through 0:01:46.840 --> 0:01:50.680 the industry lately through the news lately, and I'm gonna 0:01:50.680 --> 0:01:52.880 bring to you a couple of things. So UM in 0:01:52.920 --> 0:01:56.880 the cryptocurrency space, we talk about something called FUD that 0:01:56.960 --> 0:02:02.040 stands for fear, uncertainty and doubt and so UM. Basically, 0:02:02.080 --> 0:02:06.640 anytime somebody is saying something bad about bitcoin and cryptocurrencies, UM, 0:02:06.680 --> 0:02:09.480 like China is gonna shut down all the mining or 0:02:09.520 --> 0:02:11.839 something like that, we'd call that FUD because it creates fear, 0:02:11.880 --> 0:02:16.480 uncertainty in out and so UM. There are a lot 0:02:17.240 --> 0:02:20.560 of reasons or things that people would say that our 0:02:20.680 --> 0:02:23.880 fud um that when they talk about bitcoin. And what 0:02:23.919 --> 0:02:26.799 I've done is I ran a pole and I collected 0:02:26.880 --> 0:02:31.040 about I don't know, fifteen or twenty of the top 0:02:32.120 --> 0:02:35.880 fud headlines as to why bitcoin will never work, why 0:02:35.919 --> 0:02:39.160 bitcoin is uh is stupid, why it's a scam, why 0:02:39.200 --> 0:02:42.560 it's unimportant, or whatever, and I ran a pole. I 0:02:42.639 --> 0:02:46.800 got hundreds and hundreds of responses on Twitter. By the way, 0:02:46.800 --> 0:02:48.480 if you're not following me on Twitter, you should um 0:02:48.520 --> 0:02:51.400 the number one Mark Moss. That's just one Mark Moss. 0:02:51.440 --> 0:02:52.920 You can find me there, ask me a question, and 0:02:52.960 --> 0:02:54.760 you can also tell me what you think is fud. 0:02:55.360 --> 0:02:56.959 But I grabbed some of these top fud headlines and 0:02:57.000 --> 0:02:59.040 I'm gonna try to break some of these down for 0:02:59.120 --> 0:03:00.760 you as best as I and as fast as I 0:03:00.760 --> 0:03:04.960 can um, so that maybe I'll answer your fud or 0:03:05.120 --> 0:03:07.520 I'll give you I'll make you better equipped to go 0:03:07.600 --> 0:03:09.520 handle some of the fund that you may be faced 0:03:09.520 --> 0:03:11.040 with as you go start trying to talk about this 0:03:11.080 --> 0:03:13.120 to some of your friends from your family. Now, if 0:03:13.120 --> 0:03:14.480 you're just tuning in, you're listening to the Mark Moa 0:03:14.560 --> 0:03:16.839 show where I talk about bitcoin. I talked about cryptocurrencies, 0:03:16.840 --> 0:03:19.840 and I talked about the decentralized revolution each and every week. 0:03:20.200 --> 0:03:21.800 And so let's go ahead, let's just jump into some 0:03:21.880 --> 0:03:24.840 of the fund all right, So I'm gonna I'm not 0:03:24.840 --> 0:03:27.040 going to talk about these by any certain order. I'm 0:03:27.040 --> 0:03:28.840 just gonna jump at the top. Um kind of that 0:03:28.880 --> 0:03:32.040 I had started with here, and uh, the first three 0:03:32.080 --> 0:03:35.120 that I have here are kind of similar. And they 0:03:35.120 --> 0:03:40.200 would say that bitcoin is backed by nothing? What's it 0:03:40.280 --> 0:03:42.760 backed by? Come on, Mark, bitcoin is not worth anything. 0:03:42.760 --> 0:03:45.080 It's not backed by anything. Right, let's talk about that 0:03:45.120 --> 0:03:48.640 for a second. So what does that even mean that 0:03:48.640 --> 0:03:51.760 it's backed by something? People recite these headlines without even 0:03:51.760 --> 0:03:54.840 really thinking through what they're even saying. You've just heard 0:03:54.880 --> 0:03:57.800 this for so long, do you even know what backed 0:03:57.840 --> 0:04:02.280 by something or backed by nothing even means? You probably 0:04:02.280 --> 0:04:03.960 don't let me break it down for you. So check 0:04:04.000 --> 0:04:08.440 this out. Uh, for five thousand years, gold was money. 0:04:08.800 --> 0:04:10.800 Well before that, we had you know, feathers were money, 0:04:10.840 --> 0:04:12.880 and rocks were money, and seashells where money, and blah 0:04:12.960 --> 0:04:16.840 blah blah. Gold emerged as the best form of money. 0:04:17.080 --> 0:04:20.599 Gold is a physical property, it's a commodity obviously, something 0:04:20.600 --> 0:04:25.080 tangible we can hold in your hand, and it became money. Um. 0:04:25.320 --> 0:04:27.760 Through the free market, they found that gold was the 0:04:27.800 --> 0:04:32.160 best form of money, and um, so it emerged right now, 0:04:32.240 --> 0:04:36.920 what happened is eventually gold didn't keep up with technology. 0:04:37.920 --> 0:04:42.359 As the world advanced, gold didn't work any anymore because 0:04:42.480 --> 0:04:47.400 we needed to transact over space, meaning over distance. So UM, 0:04:47.440 --> 0:04:50.560 I wanted to transact with somebody in another state, another country, 0:04:50.640 --> 0:04:55.320 et cetera. And so you know, in the fifteen six hundreds, UM, 0:04:55.360 --> 0:04:57.040 you found countries trying to trade with each other, and 0:04:57.080 --> 0:04:59.279 they were shipping gold back and forth across the oceans, 0:04:59.279 --> 0:05:01.640 and these ships were being attacked by pirates and sinking 0:05:01.640 --> 0:05:04.640 and blah blah blah. And of course, UM, it became 0:05:04.760 --> 0:05:06.640 very difficult for gold. And so what happened is then 0:05:07.600 --> 0:05:11.200 these countries started running tallies or ledgers, and they held 0:05:11.200 --> 0:05:13.359 the ledger to keep track of who owed who what. 0:05:14.160 --> 0:05:16.360 And then as things kind of emerged, we went onto 0:05:16.400 --> 0:05:19.080 the next layer of technology, which is layered money. So 0:05:19.120 --> 0:05:21.279 instead of using gold for money, because gold is big 0:05:21.320 --> 0:05:23.479 and clunky and heavy and whatever, we just put the 0:05:23.520 --> 0:05:26.320 gold in the bank and the bank gave us a 0:05:26.360 --> 0:05:31.159 paper gold certificate. That was a second layer. So gold 0:05:31.240 --> 0:05:33.880 is the primary settlement layers of the paper money as 0:05:33.920 --> 0:05:37.039 the second layer, and that new technology allowed us to 0:05:37.200 --> 0:05:40.240 all of a sudden transact gold very easily. Because paper 0:05:40.320 --> 0:05:43.440 is obviously much more divisible, it's much easier, much lighter 0:05:43.480 --> 0:05:46.800 to carry around. So where am I going with this? Well, 0:05:47.200 --> 0:05:51.839 that paper was backed by gold. Does that make sense? 0:05:52.120 --> 0:05:55.000 That paper was redeemable. I could take that paper anytime 0:05:55.000 --> 0:05:57.160 I wanted to any bank, and I could redeem it 0:05:57.240 --> 0:06:00.520 for gold. At the time, it was twenty US dollars 0:06:00.560 --> 0:06:04.120 were equal to one of gold. So that was backed 0:06:04.160 --> 0:06:08.200 by gold. Well, um, I'll run you through a little 0:06:08.200 --> 0:06:09.560 bit of history real quick if you want. By the way, 0:06:09.600 --> 0:06:11.599 you're listening to the Markma Show, we're talking about bitcoin. 0:06:11.920 --> 0:06:14.479 We're talking about cryptocurrencies and the decentralized revolution. I am 0:06:14.520 --> 0:06:16.800 talking about some of the biggest fund fear and certainly 0:06:16.839 --> 0:06:18.880 doubt headlines against bitcoin, and we're talking about why it's 0:06:18.880 --> 0:06:22.359 backed by nothing and so um and so at that point, 0:06:22.680 --> 0:06:26.599 the doll that that paper gold certificate, that dollar was 0:06:26.720 --> 0:06:30.720 backed by gold, it was redeemable for gold. In nineteen 0:06:30.839 --> 0:06:35.680 thirty three two they seized the gold. Not only that 0:06:35.760 --> 0:06:37.840 they seize the gold, they made it illegal to even 0:06:37.839 --> 0:06:42.320 own gold. And then as soon as they took everybody's 0:06:42.360 --> 0:06:44.520 gold and they instantly revalued it from twenty dollars an 0:06:44.560 --> 0:06:46.599 ounce of gold to thirty five dollars an ounce of gold, 0:06:46.920 --> 0:06:50.120 meaning they sold sixty of your wealth overnight. M that's 0:06:50.120 --> 0:06:52.719 your government for you. Hopefully that worked out. Well, we 0:06:52.720 --> 0:06:55.000 weren't alive back then, so um didn't matter to me. 0:06:55.080 --> 0:06:58.799 But it set us on this path of continuing debasement. 0:06:58.839 --> 0:07:02.680 And so by nineteen seventy one, I'm just skipping a 0:07:02.680 --> 0:07:05.039 bunch of important dates here, but by nine one, president 0:07:05.120 --> 0:07:09.920 then president President Richard Nixon severed the ties to the 0:07:09.920 --> 0:07:12.080 gold standard. And why is this important, Well, at that 0:07:12.160 --> 0:07:16.920 point the dollar was no longer backed by gold, the note, 0:07:16.960 --> 0:07:19.240 the dollar was no longer backed by anything. So when 0:07:19.280 --> 0:07:22.400 people say, what what is what's bitcoin backed by? Well, 0:07:22.440 --> 0:07:26.080 what's the dollar backed by? People say, oh, it's backed 0:07:26.080 --> 0:07:28.960 by the full faith and credit of the government. What 0:07:29.040 --> 0:07:34.760 does that even mean? That doesn't mean anything. Remember that 0:07:34.880 --> 0:07:37.320 whole thing of what is it backed by? Its backed 0:07:37.320 --> 0:07:41.240 by gold was for paper gold certificates when they were 0:07:41.240 --> 0:07:44.360 backed by gold. As soon as we lost that, there's 0:07:44.360 --> 0:07:47.000 no such thing as anything being backed. Dollars aren't backed 0:07:47.000 --> 0:07:51.280 by anything. Bitcoin is not backed by anything, and realistically 0:07:51.480 --> 0:07:54.680 gold is not backed by anything either. What's gold backed by? 0:07:56.240 --> 0:07:58.880 So that that what is it backed by? Only worked 0:07:59.040 --> 0:08:02.520 when paper dollar were backed by gold. That's what it's for. 0:08:02.680 --> 0:08:06.320 It's a relic. It means nothing. What is gold back by? 0:08:06.360 --> 0:08:08.920 What is anything back by? Okay, so that's the first thing. Now, 0:08:09.760 --> 0:08:11.680 then you might say the next piece of fund might 0:08:11.720 --> 0:08:14.000 be that. And this is a Peter Shift's favorite one 0:08:14.320 --> 0:08:18.440 is that there's no intrinsic value, right because gold, You know, 0:08:18.520 --> 0:08:21.240 gold has intrinsic value, right, I can um I could, 0:08:21.480 --> 0:08:23.160 as Peter Shift says, I can melt it down and 0:08:23.280 --> 0:08:26.000 use it for cuff links. Well, first, Peter, who the 0:08:26.000 --> 0:08:29.800 heck worst cuff links anymore? Anyway, that's the first thing 0:08:29.800 --> 0:08:32.199 I'd say. But so what right. I can make cuff 0:08:32.240 --> 0:08:33.720 links out of a bunch of things. I can make 0:08:33.760 --> 0:08:35.640 them out of aluminum, I can make them out of steel, 0:08:35.679 --> 0:08:37.640 I can make them out of copper. I can make 0:08:37.679 --> 0:08:41.240 them out of a bunch of things. And gold doesn't 0:08:41.320 --> 0:08:44.080 have value because I can make cuff links out of it. 0:08:44.840 --> 0:08:47.280 Gold doesn't have value gold. He says, Well, gold comp 0:08:47.320 --> 0:08:49.800 used for lots of things. That's used for connectors and electronics, 0:08:49.800 --> 0:08:52.160 and it's used for fillings and caps and dental offices 0:08:52.200 --> 0:08:54.600 and blah blah blah. And and and that is true, that 0:08:54.720 --> 0:08:57.960 is absolutely true. But the amount of the amount of 0:08:57.960 --> 0:09:02.120 the value that's derived in gold because of maybe able 0:09:02.120 --> 0:09:04.600 to use it for electronics is very small. It has 0:09:04.679 --> 0:09:08.240 a monetary premium. I'm gonna explain to you more about 0:09:08.240 --> 0:09:11.520 intrinsic value, why intrinsic value is not what you think 0:09:11.559 --> 0:09:15.000 it is, and why bitcoin actually has value. I'm going 0:09:15.040 --> 0:09:17.439 to defeat these fud headlines. You're listening to the Mark 0:09:17.480 --> 0:09:20.840 Moa show. We're talking about bitcoin, We're talking about cryptocurrencies 0:09:20.840 --> 0:09:23.640 and the decentralized revolution, and I am breaking down the 0:09:23.679 --> 0:09:27.240 fud one by one, Um and I got more, So 0:09:27.360 --> 0:09:29.280 don't go away. I'm gonna be right back. All right, 0:09:29.320 --> 0:09:31.040 welcome back. You are listening to the Mark Moa Show. 0:09:31.040 --> 0:09:34.160 We're talking about bitcoin, We're talking about cryptocurrencies. We are 0:09:34.200 --> 0:09:38.280 talking about the decentralized revolution. And today we are talking 0:09:38.320 --> 0:09:41.160 about the fud, the fear, uncertainty and doubt that these 0:09:41.200 --> 0:09:44.920 things that people throw out against bitcoin about cryptocurrencies, and 0:09:44.920 --> 0:09:47.559 they throw these things out without even thinking about them. 0:09:47.840 --> 0:09:49.760 Right Like, as I broke down before we went on 0:09:49.800 --> 0:09:52.000 the break, I talked about why it's backed by nothing, Like, 0:09:52.040 --> 0:09:54.679 what does that even mean? It's an old statement that 0:09:54.800 --> 0:09:56.560 has no relevance today. I'm not gonna go back through that. 0:09:57.120 --> 0:09:58.959 Um if you missed it, you can go catch me 0:09:59.000 --> 0:10:01.360 on demand, go into the podcast. It will be posted 0:10:01.440 --> 0:10:03.719 to search Mark moss I Heart Podcast whatever you'll find 0:10:03.720 --> 0:10:06.839 it market instructors. Anyway, I'm talking about intrinsic demands, so 0:10:07.000 --> 0:10:09.600 our intrinsic value. So Peter Shift says that gold has 0:10:09.640 --> 0:10:13.760 intrinsic value, meaning that um, I can melt it down 0:10:13.800 --> 0:10:15.520 us for cuff links it has, I can use it 0:10:15.559 --> 0:10:17.920 for electronic connectors, I can use it for for crowns 0:10:17.920 --> 0:10:20.840 in your tooth or whatever. But the value of gold 0:10:21.120 --> 0:10:24.120 isn't because it can be used as a gold connector 0:10:25.160 --> 0:10:28.400 there is I hate to tell you this, but all 0:10:28.760 --> 0:10:31.600 value is subjective. I mean, I mean, I mean, let 0:10:31.640 --> 0:10:33.839 me say it another way. There is no such thing 0:10:33.880 --> 0:10:37.480 as intrinsic value. What come on, Mark, you gotta be 0:10:37.600 --> 0:10:41.800 kidding me? What are you? Uh? You crazy? My? My 0:10:42.040 --> 0:10:46.760 PhD economics professor taught me about intrinsic value. Well, let 0:10:46.760 --> 0:10:50.000 me tell you something. He's wrong. Everything you've been taught 0:10:50.000 --> 0:10:54.280 about money is wrong. It's a big statement. But there's 0:10:54.280 --> 0:10:55.800 no such thing as intrinsic value. Let me let me, 0:10:55.840 --> 0:10:58.480 let me prove it to you. So if you and 0:10:58.520 --> 0:11:00.800 I were stuck on a deserted island, and we had 0:11:00.960 --> 0:11:04.480 two briefcases next to us, one briefcase with a billion 0:11:04.520 --> 0:11:09.200 dollars of cash and one with a billion dollars of gold, 0:11:10.360 --> 0:11:12.480 but we had nothing to spend it on. We had 0:11:12.480 --> 0:11:14.240 no boat, we had no phone to call for help. 0:11:14.280 --> 0:11:16.360 We had no food, no water, no nothing, no shelter. 0:11:16.960 --> 0:11:19.120 How much is that cash or how much is that 0:11:19.200 --> 0:11:24.240 gold worth? It's worth absolutely zero. Can't eat the gold, 0:11:24.520 --> 0:11:28.920 can't eat the cash. Right, wealth is goods and services. 0:11:29.280 --> 0:11:33.800 I need goods and services. So that gold by itself 0:11:34.000 --> 0:11:37.840 has no intrinsic value. If I have nothing to trade 0:11:37.960 --> 0:11:42.800 that for, it's worth zero to me. Now let's talk 0:11:42.800 --> 0:11:46.000 about intrinsic value. Now, last night I had dinner. I 0:11:46.040 --> 0:11:50.480 didn't eat all my food. Those leftovers had no value 0:11:50.480 --> 0:11:52.960 to me, and they got thrown in the trash. As 0:11:52.960 --> 0:11:54.280 a matter of fact, I probably had a little bit 0:11:54.320 --> 0:11:56.200 of water in my glass that I didn't drink and 0:11:56.240 --> 0:11:58.000 I dumped it out because that little bit of water 0:11:58.120 --> 0:12:01.440 had no value to me. But if I was on 0:12:01.480 --> 0:12:04.079 that deserted island and I was starving to death or 0:12:04.120 --> 0:12:07.640 starving or or a lack of water, I would trade 0:12:07.760 --> 0:12:11.079 every single dollar or every single ounce of gold that 0:12:11.120 --> 0:12:14.120 I had in those briefcases for that leftover food or 0:12:14.120 --> 0:12:18.320 for that left over water. Those have intrinsic value because 0:12:18.360 --> 0:12:21.000 I can at least eat or drink them. That makes sense. 0:12:21.920 --> 0:12:26.000 All value is subjective. So we give value to things 0:12:26.040 --> 0:12:28.920 because we value them, because we value the properties or 0:12:28.960 --> 0:12:30.480 what they can do with them. And so back to 0:12:30.520 --> 0:12:33.480 bitcoin has no intrinsic value. Bitcoin is the same value 0:12:33.480 --> 0:12:35.840 that that gold has. It has value that we have 0:12:36.000 --> 0:12:41.800 given it. That makes sense. All right, Um, Now another one, 0:12:41.840 --> 0:12:44.720 as they say there's no way to value gold Okay, 0:12:44.920 --> 0:12:47.040 that's that's another one, another fund. There's no way to 0:12:47.120 --> 0:12:51.360 value gold well again, that's an old statement. Now, we 0:12:51.440 --> 0:12:58.360 can value stocks because a real company produces profits, and 0:12:58.400 --> 0:13:01.160 we could look at their profits and then assign a 0:13:01.240 --> 0:13:04.560 multiple to it. So for example, um, if you run 0:13:04.600 --> 0:13:07.280 like a regular kind of entrepreneurial business, like a service 0:13:07.320 --> 0:13:12.000 based business, it might be worth three to four times profits, 0:13:13.400 --> 0:13:18.480 maybe one time sales, right, so four times profit. Now 0:13:19.040 --> 0:13:22.640 a company, you know, a SMP might be worth ten 0:13:22.720 --> 0:13:28.840 times or twenty times, or today who knows, fifty times. 0:13:28.840 --> 0:13:31.480 But again, so even though we can value that company 0:13:31.520 --> 0:13:33.760 because it creates profits and revenue, and we can use 0:13:33.760 --> 0:13:37.160 those profits and revenue to measure or to value that company, 0:13:37.200 --> 0:13:39.560 where does the multiple come from? Why is it four 0:13:39.600 --> 0:13:42.040 times or why is it fifty times? Where did that 0:13:42.120 --> 0:13:46.160 come from? It's because what people are willing to pay 0:13:46.240 --> 0:13:51.599 for it? Does that make sense? All value is subjective, 0:13:52.040 --> 0:13:55.440 all right? So I broke those down for you. Let's 0:13:55.440 --> 0:13:56.800 see what other ones we got here. Like I said, 0:13:56.800 --> 0:13:59.160 I have a fifteen or twenty on my list. Uh, 0:13:59.280 --> 0:14:04.359 let's say, oh I love this one. Environmental concerns. Bitcoin 0:14:04.600 --> 0:14:07.320 is a waste of energy. Bitcoin is going to boil 0:14:07.520 --> 0:14:12.320 the oceans. Bitcoin uses more energy than blah blah blah, 0:14:12.360 --> 0:14:16.000 small countries or whatever. Okay, well that kind of goes 0:14:16.040 --> 0:14:18.520 back to a little bit like a subjective value, which 0:14:18.600 --> 0:14:22.320 is um, who's to say what a waste is? One 0:14:22.320 --> 0:14:25.080 man's trash is another man's treasure. Um. You might think 0:14:25.080 --> 0:14:27.720 that I'm wasting my time by meditating, but that might 0:14:27.720 --> 0:14:31.040 be highly valuable to me. I might say that you 0:14:31.120 --> 0:14:33.080 playing video games as a waste of time, but that 0:14:33.200 --> 0:14:36.360 might be therapeutic for you. Right, Who's to say what 0:14:36.400 --> 0:14:39.480 a waste is? And if I want to spend my money, 0:14:39.560 --> 0:14:41.600 my time, my resource on something, who are you to 0:14:41.720 --> 0:14:43.960 say what that waste is? All right, that's one thing, 0:14:44.000 --> 0:14:47.360 but let's get back to um. Some of this where 0:14:47.480 --> 0:14:50.480 it's a waste of energy, it's using up energy, and 0:14:50.520 --> 0:14:53.560 this is based on a theory that using energy is bad, 0:14:53.840 --> 0:14:57.200 So right off the bat, it's a faulty argument. Humankind 0:14:57.240 --> 0:15:00.880 has flourished because we use energy, not the other way around. 0:15:00.880 --> 0:15:02.800 I hate to break it to you, but the world 0:15:02.920 --> 0:15:06.800 is not a hospitable place without energy. People frozen to death, 0:15:07.240 --> 0:15:10.120 people died of heat stroke, people died of famine, people 0:15:10.160 --> 0:15:13.960 died of floods. It was through using energy that we've 0:15:13.960 --> 0:15:16.680 been able to transform the world into a place that 0:15:16.840 --> 0:15:19.000 is actually hospitable. And as a matter of fact, over 0:15:19.000 --> 0:15:22.200 the last hundred years, since we've developed oil, the rate 0:15:22.560 --> 0:15:26.160 of death caused by UM natural disasters has gone down 0:15:26.160 --> 0:15:29.840 by O. It's through the use of energy that humans 0:15:29.840 --> 0:15:32.920 have flourished, not because not not in the natural environment. 0:15:32.960 --> 0:15:35.120 But let's get back to this waste of energy piece, 0:15:35.120 --> 0:15:40.560 and let's just make this very very simple. So UM, 0:15:40.600 --> 0:15:43.840 in California where I'm recording from at this moment, in 0:15:43.880 --> 0:15:46.000 the summertime, at the top tier, we have a tiered 0:15:46.040 --> 0:15:49.400 electric electric system. UM, you pay more and more and more, 0:15:49.440 --> 0:15:51.800 like more electricity used. UM in the summer, I could 0:15:51.800 --> 0:15:57.040 pay forty cents per kilowatt hour to use electricityts UM. 0:15:57.080 --> 0:15:59.240 There's no way I could mind bitcoin here. That's too expensive. 0:15:59.720 --> 0:16:02.520 When mind bitcoin, electricities are single biggest expense. So you 0:16:02.520 --> 0:16:04.920 want to find the cheapest energy to be competitive in 0:16:04.960 --> 0:16:07.560 bitcoin minding. You probably need about five cent power. Most 0:16:07.560 --> 0:16:10.120 of the big industrial UM places that are mining bitcoin 0:16:10.160 --> 0:16:12.920 and get it about three cents power. Some are even 0:16:12.960 --> 0:16:14.880 less than three cents if you can believe that. So 0:16:14.920 --> 0:16:17.280 you might say Mark, Well, why the heck is is 0:16:17.360 --> 0:16:20.200 electricity in California forty cents, but then it's three cents 0:16:20.200 --> 0:16:22.880 somewhere else. How could it be that cheap? Well, it's easy, 0:16:22.960 --> 0:16:26.760 I can tell you. It's called supply and demand. When 0:16:26.800 --> 0:16:29.480 there is more demand, then there is supply of something, 0:16:29.920 --> 0:16:32.000 the price goes up. When there's more supply than there's demand, 0:16:32.040 --> 0:16:34.120 the price goes down. So in California, we don't have 0:16:34.200 --> 0:16:36.920 enough electricity. We have rolling blackouts all the time. Uh, 0:16:36.960 --> 0:16:38.840 there's a lot of demand for electricity, so the price 0:16:38.840 --> 0:16:41.160 is very high. But in some parts of the world 0:16:41.320 --> 0:16:44.240 and even the country, there's more supply than there's demand. 0:16:44.280 --> 0:16:47.240 They've built these new hydro electric plants, they've built these 0:16:47.240 --> 0:16:52.320 new um whatever electricty generation plants, and there's nobody there 0:16:52.320 --> 0:16:55.880 to use all the electricity it's being generated. So it's 0:16:55.960 --> 0:16:59.440 literally that's literally being wasted. Meaning when I say wasted, 0:16:59.600 --> 0:17:03.640 meaning are creating electricity but nobody's even using it. So 0:17:03.640 --> 0:17:06.639 they're creating it and it's not being used. That's a waste. 0:17:07.400 --> 0:17:13.520 And so bitcoin can only operate on wasted electricity. So 0:17:13.920 --> 0:17:16.320 in the world, if you measure all the electricity in 0:17:16.359 --> 0:17:18.800 the entire world, there's a big piece of it, a 0:17:18.800 --> 0:17:20.600 big chunk of it that is actually being produced and 0:17:20.680 --> 0:17:23.959 not being used. That's called wasted and Bitcoin only uses 0:17:24.040 --> 0:17:29.520 a small, like single digit percentage of the wasted energy. 0:17:29.760 --> 0:17:33.320 That's what bitcoin uses. Bitcoin is not competing in California 0:17:33.560 --> 0:17:37.520 for electricity that's in demand. Bitcoin only uses electricity that's 0:17:37.560 --> 0:17:41.600 being created and is not otherwise being used. So if 0:17:41.600 --> 0:17:43.600 they say it's boiling in the ocean and they want 0:17:43.600 --> 0:17:46.040 to take a look at, uh, the amount of energy 0:17:46.040 --> 0:17:50.200 it's being consumed, it's actually consuming energy that would already 0:17:50.320 --> 0:17:52.600 have not been used or not being wasted. All right, 0:17:52.760 --> 0:17:54.719 you listen to the markma Show. We're talking about bitcoin, 0:17:54.760 --> 0:17:57.840 We're talking about cryptocurrencies. We're talking about the decentralized revolution. 0:17:57.880 --> 0:18:01.760 Today we are breaking down some of the top fud, fear, uncertainty, 0:18:01.800 --> 0:18:04.600 and doubt headlines that might be holding you back from 0:18:04.680 --> 0:18:07.880 jumping into bitcoin. I got a bunch more to get through, 0:18:08.040 --> 0:18:09.959 so don't go away. I'll be right back. All right, 0:18:10.000 --> 0:18:11.920 welcome back. You are listening to the Mark Moa Show. 0:18:11.920 --> 0:18:14.480 We're talking about bitcoin, We're talking about cryptocurrencies, and we 0:18:14.520 --> 0:18:17.399 are talking about the decentralized revolution. Of course, I'm with 0:18:17.440 --> 0:18:20.200 you each and every week. So if you just tune 0:18:20.240 --> 0:18:22.840 in for the first time, make sure to put down 0:18:23.080 --> 0:18:25.120 mark on your calendar right now, this day, this time, 0:18:25.119 --> 0:18:26.640 this channel, and tune in with me each and every 0:18:26.640 --> 0:18:28.600 week where I guarantee it's going to be the most 0:18:28.720 --> 0:18:31.439 educational and the most profitable part of your week. So 0:18:31.520 --> 0:18:33.360 make a part of your routine. Put in your phone 0:18:33.440 --> 0:18:35.200 right now. Unless you're driving, then wait to take stop. 0:18:35.480 --> 0:18:37.120 All right now, I'm breaking down some of the top 0:18:37.200 --> 0:18:40.439 FUD headlines. FUD stands for fear, uncertainty, and doubt. We 0:18:40.440 --> 0:18:43.760 talked about why bitcoin being backed by nothing is ridiculous, 0:18:43.880 --> 0:18:46.360 why it has no intrinsic values ridiculous, there's no way 0:18:46.359 --> 0:18:48.280 to value at this ridiculous. We talked about the environmental 0:18:48.280 --> 0:18:50.320 concerns and why the waste of energy well that's ridiculous. 0:18:51.040 --> 0:18:52.720 If you missed any of those, I'm sorry. I'm not 0:18:52.720 --> 0:18:55.040 going to recap them. But you can go listen to 0:18:55.080 --> 0:18:58.720 this on demand. So just go search for the Mark 0:18:58.760 --> 0:19:01.840 Moss podcast Constructors Podcast and you can listen to it. 0:19:01.760 --> 0:19:04.040 It will be out later in the week. Now, let's 0:19:04.119 --> 0:19:07.600 keep going down the list here. Let's see uh oh, 0:19:07.640 --> 0:19:10.200 I love this one. I love this one bitcoin. It's 0:19:10.200 --> 0:19:14.440 only used for black market criminal activity. So I couldn't 0:19:14.520 --> 0:19:19.800 use that because criminals use it. Right, Oh, this is 0:19:19.840 --> 0:19:21.360 a big one. We can dig We can dig deep 0:19:21.359 --> 0:19:23.600 into this one. All right. So, first of all, criminals 0:19:23.640 --> 0:19:26.200 probably use cell phones, They probably use cars, They probably 0:19:26.240 --> 0:19:29.159 drink water. So should you stop drinking water because criminals 0:19:29.200 --> 0:19:32.600 drink water too? Should you stop driving cars because criminals 0:19:32.680 --> 0:19:37.280 drive cars? Yeah, it's pretty ridiculous, right when you think 0:19:37.280 --> 0:19:39.080 about it that it sounds pretty ridiculous. Right, But let's 0:19:39.119 --> 0:19:40.679 let's dig into this even a little bit further. So, 0:19:40.720 --> 0:19:43.480 first off, criminals also sleep in beds. Should I stop 0:19:43.560 --> 0:19:47.560 sleeping in beds? Where does it stop? Where does the 0:19:47.560 --> 0:19:49.480 madness stop? But let's think about this for a minute. 0:19:49.600 --> 0:19:53.280 Why why would you say that criminals use it? Well, 0:19:55.040 --> 0:19:58.720 one of the reasons why it might be actually ideal 0:19:58.800 --> 0:20:03.440 for criminals to you is is because it can't be censored. 0:20:04.119 --> 0:20:06.760 What does that mean? So when I have dollars as 0:20:06.800 --> 0:20:07.960 a matter of fact, I had to go to the 0:20:07.960 --> 0:20:09.919 bank yesterday and I had to wire someone money. I 0:20:09.920 --> 0:20:12.040 was wiring money to my sister as a matter of fact, 0:20:12.600 --> 0:20:14.879 And uh, I won't go into why, but the person 0:20:14.920 --> 0:20:16.520 at the bank said, hey, I just want to make sure. 0:20:17.240 --> 0:20:20.000 Do you know this person? I said, yeah, yeah, I 0:20:20.000 --> 0:20:23.160 know them. Uh are you are you sure though? Are 0:20:23.200 --> 0:20:26.520 you sure it's the right wire information? Yeah? Um, I'm positive. 0:20:26.520 --> 0:20:29.000 It's my sister. It's my my blood, I know. But 0:20:29.040 --> 0:20:30.159