Speaker 1: Hey, everyone, welcome to another episode of The Markma Show
Speaker 1: where we are talking about bitcoin. We're talking about cryptocurrencies,
Speaker 1: and of course we are talking about this decentralized revolution
Speaker 1: that is literally changing the world. I know I say
Speaker 1: that each and every week, but that's because it's true.
Speaker 1: I mean, we are talking about something so big, and
Speaker 1: so because it's so big, it's hard to understand. Because
Speaker 1: it's a hard to understand, you need to be paying attention.
Speaker 1: You need to be tuning in listening to me each
Speaker 1: and every week. Uh So, just real quick, if you're
Speaker 1: not driving, grab your phone, put put a reminder right
Speaker 1: now on your counter for this day, this time, this channel,
Speaker 1: and make sure you tune in with me each and
Speaker 1: every week. I can pretty much guarantee is gonna be
Speaker 1: the most important and the most profitable part of your
Speaker 1: week to be paying attention to. Not because I'm gonna
Speaker 1: be giving you some stupid, crazy hot stock tip that
Speaker 1: you can go get rich overnight with, but because I'm
Speaker 1: gonna help you build an educational foundation and you can
Speaker 1: build the rest of your life on. This is the
Speaker 1: biggest thing, the biggest shift that we are witnessing in
Speaker 1: our lifetime that we'll ever see in multiple lifetimes. And
Speaker 1: the only way to take advantage of it and not
Speaker 1: be shaken out is to understand what's going on. And
Speaker 1: the only way to do that is of course, by
Speaker 1: having the education to do that. So I try to
Speaker 1: bring to you a couple of things. One, I want
Speaker 1: to bring to you the educations. You can understand what's
Speaker 1: going on, so you can have what we call the
Speaker 1: strong hands to stay in this market to take advantage
Speaker 1: of it. I bring you the hottest breaking news each
Speaker 1: and every week so you can stay up to date
Speaker 1: on what's going on, so when you go out to
Speaker 1: those parties on the weekend, you can sound like the
Speaker 1: smartest person in the room because you know all the
Speaker 1: stuff that's going on. And then I bring to you
Speaker 1: some of the brightest and most interesting and intellectual people
Speaker 1: in the space, so you can learn not just from me,
Speaker 1: but some from some of my friends as well. Now,
Speaker 1: today I want to talk to you about a couple
Speaker 1: of things that uh I have been seeing run through
Speaker 1: the industry lately through the news lately, and I'm gonna
Speaker 1: bring to you a couple of things. So UM in
Speaker 1: the cryptocurrency space, we talk about something called FUD that
Speaker 1: stands for fear, uncertainty and doubt and so UM. Basically,
Speaker 1: anytime somebody is saying something bad about bitcoin and cryptocurrencies, UM,
Speaker 1: like China is gonna shut down all the mining or
Speaker 1: something like that, we'd call that FUD because it creates fear,
Speaker 1: uncertainty in out and so UM. There are a lot
Speaker 1: of reasons or things that people would say that our
Speaker 1: fud um that when they talk about bitcoin. And what
Speaker 1: I've done is I ran a pole and I collected
Speaker 1: about I don't know, fifteen or twenty of the top
Speaker 1: fud headlines as to why bitcoin will never work, why
Speaker 1: bitcoin is uh is stupid, why it's a scam, why
Speaker 1: it's unimportant, or whatever, and I ran a pole. I
Speaker 1: got hundreds and hundreds of responses on Twitter. By the way,
Speaker 1: if you're not following me on Twitter, you should um
Speaker 1: the number one Mark Moss. That's just one Mark Moss.
Speaker 1: You can find me there, ask me a question, and
Speaker 1: you can also tell me what you think is fud.
Speaker 1: But I grabbed some of these top fud headlines and
Speaker 1: I'm gonna try to break some of these down for
Speaker 1: you as best as I and as fast as I
Speaker 1: can um, so that maybe I'll answer your fud or
Speaker 1: I'll give you I'll make you better equipped to go
Speaker 1: handle some of the fund that you may be faced
Speaker 1: with as you go start trying to talk about this
Speaker 1: to some of your friends from your family. Now, if
Speaker 1: you're just tuning in, you're listening to the Mark Moa
Speaker 1: show where I talk about bitcoin. I talked about cryptocurrencies,
Speaker 1: and I talked about the decentralized revolution each and every week.
Speaker 1: And so let's go ahead, let's just jump into some
Speaker 1: of the fund all right, So I'm gonna I'm not
Speaker 1: going to talk about these by any certain order. I'm
Speaker 1: just gonna jump at the top. Um kind of that
Speaker 1: I had started with here, and uh, the first three
Speaker 1: that I have here are kind of similar. And they
Speaker 1: would say that bitcoin is backed by nothing? What's it
Speaker 1: backed by? Come on, Mark, bitcoin is not worth anything.
Speaker 1: It's not backed by anything. Right, let's talk about that
Speaker 1: for a second. So what does that even mean that
Speaker 1: it's backed by something? People recite these headlines without even
Speaker 1: really thinking through what they're even saying. You've just heard
Speaker 1: this for so long, do you even know what backed
Speaker 1: by something or backed by nothing even means? You probably
Speaker 1: don't let me break it down for you. So check
Speaker 1: this out. Uh, for five thousand years, gold was money.
Speaker 1: Well before that, we had you know, feathers were money,
Speaker 1: and rocks were money, and seashells where money, and blah
Speaker 1: blah blah. Gold emerged as the best form of money.
Speaker 1: Gold is a physical property, it's a commodity obviously, something
Speaker 1: tangible we can hold in your hand, and it became money. Um.
Speaker 1: Through the free market, they found that gold was the
Speaker 1: best form of money, and um, so it emerged right now,
Speaker 1: what happened is eventually gold didn't keep up with technology.
Speaker 1: As the world advanced, gold didn't work any anymore because
Speaker 1: we needed to transact over space, meaning over distance. So UM,
Speaker 1: I wanted to transact with somebody in another state, another country,
Speaker 1: et cetera. And so you know, in the fifteen six hundreds, UM,
Speaker 1: you found countries trying to trade with each other, and
Speaker 1: they were shipping gold back and forth across the oceans,
Speaker 1: and these ships were being attacked by pirates and sinking
Speaker 1: and blah blah blah. And of course, UM, it became
Speaker 1: very difficult for gold. And so what happened is then
Speaker 1: these countries started running tallies or ledgers, and they held
Speaker 1: the ledger to keep track of who owed who what.
Speaker 1: And then as things kind of emerged, we went onto
Speaker 1: the next layer of technology, which is layered money. So
Speaker 1: instead of using gold for money, because gold is big
Speaker 1: and clunky and heavy and whatever, we just put the
Speaker 1: gold in the bank and the bank gave us a
Speaker 1: paper gold certificate. That was a second layer. So gold
Speaker 1: is the primary settlement layers of the paper money as
Speaker 1: the second layer, and that new technology allowed us to
Speaker 1: all of a sudden transact gold very easily. Because paper
Speaker 1: is obviously much more divisible, it's much easier, much lighter
Speaker 1: to carry around. So where am I going with this? Well,
Speaker 1: that paper was backed by gold. Does that make sense?
Speaker 1: That paper was redeemable. I could take that paper anytime
Speaker 1: I wanted to any bank, and I could redeem it
Speaker 1: for gold. At the time, it was twenty US dollars
Speaker 1: were equal to one of gold. So that was backed
Speaker 1: by gold. Well, um, I'll run you through a little
Speaker 1: bit of history real quick if you want. By the way,
Speaker 1: you're listening to the Markma Show, we're talking about bitcoin.
Speaker 1: We're talking about cryptocurrencies and the decentralized revolution. I am
Speaker 1: talking about some of the biggest fund fear and certainly
Speaker 1: doubt headlines against bitcoin, and we're talking about why it's
Speaker 1: backed by nothing and so um and so at that point,
Speaker 1: the doll that that paper gold certificate, that dollar was
Speaker 1: backed by gold, it was redeemable for gold. In nineteen
Speaker 1: thirty three two they seized the gold. Not only that
Speaker 1: they seize the gold, they made it illegal to even
Speaker 1: own gold. And then as soon as they took everybody's
Speaker 1: gold and they instantly revalued it from twenty dollars an
Speaker 1: ounce of gold to thirty five dollars an ounce of gold,
Speaker 1: meaning they sold sixty of your wealth overnight. M that's
Speaker 1: your government for you. Hopefully that worked out. Well, we
Speaker 1: weren't alive back then, so um didn't matter to me.
Speaker 1: But it set us on this path of continuing debasement.
Speaker 1: And so by nineteen seventy one, I'm just skipping a
Speaker 1: bunch of important dates here, but by nine one, president
Speaker 1: then president President Richard Nixon severed the ties to the
Speaker 1: gold standard. And why is this important, Well, at that
Speaker 1: point the dollar was no longer backed by gold, the note,
Speaker 1: the dollar was no longer backed by anything. So when
Speaker 1: people say, what what is what's bitcoin backed by? Well,
Speaker 1: what's the dollar backed by? People say, oh, it's backed
Speaker 1: by the full faith and credit of the government. What
Speaker 1: does that even mean? That doesn't mean anything. Remember that
Speaker 1: whole thing of what is it backed by? Its backed
Speaker 1: by gold was for paper gold certificates when they were
Speaker 1: backed by gold. As soon as we lost that, there's
Speaker 1: no such thing as anything being backed. Dollars aren't backed
Speaker 1: by anything. Bitcoin is not backed by anything, and realistically
Speaker 1: gold is not backed by anything either. What's gold backed by?
Speaker 1: So that that what is it backed by? Only worked
Speaker 1: when paper dollar were backed by gold. That's what it's for.
Speaker 1: It's a relic. It means nothing. What is gold back by?
Speaker 1: What is anything back by? Okay, so that's the first thing. Now,
Speaker 1: then you might say the next piece of fund might
Speaker 1: be that. And this is a Peter Shift's favorite one
Speaker 1: is that there's no intrinsic value, right because gold, You know,
Speaker 1: gold has intrinsic value, right, I can um I could,
Speaker 1: as Peter Shift says, I can melt it down and
Speaker 1: use it for cuff links. Well, first, Peter, who the
Speaker 1: heck worst cuff links anymore? Anyway, that's the first thing
Speaker 1: I'd say. But so what right. I can make cuff
Speaker 1: links out of a bunch of things. I can make
Speaker 1: them out of aluminum, I can make them out of steel,
Speaker 1: I can make them out of copper. I can make
Speaker 1: them out of a bunch of things. And gold doesn't
Speaker 1: have value because I can make cuff links out of it.
Speaker 1: Gold doesn't have value gold. He says, Well, gold comp
Speaker 1: used for lots of things. That's used for connectors and electronics,
Speaker 1: and it's used for fillings and caps and dental offices
Speaker 1: and blah blah blah. And and and that is true, that
Speaker 1: is absolutely true. But the amount of the amount of
Speaker 1: the value that's derived in gold because of maybe able
Speaker 1: to use it for electronics is very small. It has
Speaker 1: a monetary premium. I'm gonna explain to you more about
Speaker 1: intrinsic value, why intrinsic value is not what you think
Speaker 1: it is, and why bitcoin actually has value. I'm going
Speaker 1: to defeat these fud headlines. You're listening to the Mark
Speaker 1: Moa show. We're talking about bitcoin, We're talking about cryptocurrencies
Speaker 1: and the decentralized revolution, and I am breaking down the
Speaker 1: fud one by one, Um and I got more, So
Speaker 1: don't go away. I'm gonna be right back. All right,
Speaker 1: welcome back. You are listening to the Mark Moa Show.
Speaker 1: We're talking about bitcoin, We're talking about cryptocurrencies. We are
Speaker 1: talking about the decentralized revolution. And today we are talking
Speaker 1: about the fud, the fear, uncertainty and doubt that these
Speaker 1: things that people throw out against bitcoin about cryptocurrencies, and
Speaker 1: they throw these things out without even thinking about them.
Speaker 1: Right Like, as I broke down before we went on
Speaker 1: the break, I talked about why it's backed by nothing, Like,
Speaker 1: what does that even mean? It's an old statement that
Speaker 1: has no relevance today. I'm not gonna go back through that.
Speaker 1: Um if you missed it, you can go catch me
Speaker 1: on demand, go into the podcast. It will be posted
Speaker 1: to search Mark moss I Heart Podcast whatever you'll find
Speaker 1: it market instructors. Anyway, I'm talking about intrinsic demands, so
Speaker 1: our intrinsic value. So Peter Shift says that gold has
Speaker 1: intrinsic value, meaning that um, I can melt it down
Speaker 1: us for cuff links it has, I can use it
Speaker 1: for electronic connectors, I can use it for for crowns
Speaker 1: in your tooth or whatever. But the value of gold
Speaker 1: isn't because it can be used as a gold connector
Speaker 1: there is I hate to tell you this, but all
Speaker 1: value is subjective. I mean, I mean, I mean, let
Speaker 1: me say it another way. There is no such thing
Speaker 1: as intrinsic value. What come on, Mark, you gotta be
Speaker 1: kidding me? What are you? Uh? You crazy? My? My
Speaker 1: PhD economics professor taught me about intrinsic value. Well, let
Speaker 1: me tell you something. He's wrong. Everything you've been taught
Speaker 1: about money is wrong. It's a big statement. But there's
Speaker 1: no such thing as intrinsic value. Let me let me,
Speaker 1: let me prove it to you. So if you and
Speaker 1: I were stuck on a deserted island, and we had
Speaker 1: two briefcases next to us, one briefcase with a billion
Speaker 1: dollars of cash and one with a billion dollars of gold,
Speaker 1: but we had nothing to spend it on. We had
Speaker 1: no boat, we had no phone to call for help.
Speaker 1: We had no food, no water, no nothing, no shelter.
Speaker 1: How much is that cash or how much is that
Speaker 1: gold worth? It's worth absolutely zero. Can't eat the gold,
Speaker 1: can't eat the cash. Right, wealth is goods and services.
Speaker 1: I need goods and services. So that gold by itself
Speaker 1: has no intrinsic value. If I have nothing to trade
Speaker 1: that for, it's worth zero to me. Now let's talk
Speaker 1: about intrinsic value. Now, last night I had dinner. I
Speaker 1: didn't eat all my food. Those leftovers had no value
Speaker 1: to me, and they got thrown in the trash. As
Speaker 1: a matter of fact, I probably had a little bit
Speaker 1: of water in my glass that I didn't drink and
Speaker 1: I dumped it out because that little bit of water
Speaker 1: had no value to me. But if I was on
Speaker 1: that deserted island and I was starving to death or
Speaker 1: starving or or a lack of water, I would trade
Speaker 1: every single dollar or every single ounce of gold that
Speaker 1: I had in those briefcases for that leftover food or
Speaker 1: for that left over water. Those have intrinsic value because
Speaker 1: I can at least eat or drink them. That makes sense.
Speaker 1: All value is subjective. So we give value to things
Speaker 1: because we value them, because we value the properties or
Speaker 1: what they can do with them. And so back to
Speaker 1: bitcoin has no intrinsic value. Bitcoin is the same value
Speaker 1: that that gold has. It has value that we have
Speaker 1: given it. That makes sense. All right, Um, Now another one,
Speaker 1: as they say there's no way to value gold Okay,
Speaker 1: that's that's another one, another fund. There's no way to
Speaker 1: value gold well again, that's an old statement. Now, we
Speaker 1: can value stocks because a real company produces profits, and
Speaker 1: we could look at their profits and then assign a
Speaker 1: multiple to it. So for example, um, if you run
Speaker 1: like a regular kind of entrepreneurial business, like a service
Speaker 1: based business, it might be worth three to four times profits,
Speaker 1: maybe one time sales, right, so four times profit. Now
Speaker 1: a company, you know, a SMP might be worth ten
Speaker 1: times or twenty times, or today who knows, fifty times.
Speaker 1: But again, so even though we can value that company
Speaker 1: because it creates profits and revenue, and we can use
Speaker 1: those profits and revenue to measure or to value that company,
Speaker 1: where does the multiple come from? Why is it four
Speaker 1: times or why is it fifty times? Where did that
Speaker 1: come from? It's because what people are willing to pay
Speaker 1: for it? Does that make sense? All value is subjective,
Speaker 1: all right? So I broke those down for you. Let's
Speaker 1: see what other ones we got here. Like I said,
Speaker 1: I have a fifteen or twenty on my list. Uh,
Speaker 1: let's say, oh I love this one. Environmental concerns. Bitcoin
Speaker 1: is a waste of energy. Bitcoin is going to boil
Speaker 1: the oceans. Bitcoin uses more energy than blah blah blah,
Speaker 1: small countries or whatever. Okay, well that kind of goes
Speaker 1: back to a little bit like a subjective value, which
Speaker 1: is um, who's to say what a waste is? One
Speaker 1: man's trash is another man's treasure. Um. You might think
Speaker 1: that I'm wasting my time by meditating, but that might
Speaker 1: be highly valuable to me. I might say that you
Speaker 1: playing video games as a waste of time, but that
Speaker 1: might be therapeutic for you. Right, Who's to say what
Speaker 1: a waste is? And if I want to spend my money,
Speaker 1: my time, my resource on something, who are you to
Speaker 1: say what that waste is? All right, that's one thing,
Speaker 1: but let's get back to um. Some of this where
Speaker 1: it's a waste of energy, it's using up energy, and
Speaker 1: this is based on a theory that using energy is bad,
Speaker 1: So right off the bat, it's a faulty argument. Humankind
Speaker 1: has flourished because we use energy, not the other way around.
Speaker 1: I hate to break it to you, but the world
Speaker 1: is not a hospitable place without energy. People frozen to death,
Speaker 1: people died of heat stroke, people died of famine, people
Speaker 1: died of floods. It was through using energy that we've
Speaker 1: been able to transform the world into a place that
Speaker 1: is actually hospitable. And as a matter of fact, over
Speaker 1: the last hundred years, since we've developed oil, the rate
Speaker 1: of death caused by UM natural disasters has gone down
Speaker 1: by O. It's through the use of energy that humans
Speaker 1: have flourished, not because not not in the natural environment.
Speaker 1: But let's get back to this waste of energy piece,
Speaker 1: and let's just make this very very simple. So UM,
Speaker 1: in California where I'm recording from at this moment, in
Speaker 1: the summertime, at the top tier, we have a tiered
Speaker 1: electric electric system. UM, you pay more and more and more,
Speaker 1: like more electricity used. UM in the summer, I could
Speaker 1: pay forty cents per kilowatt hour to use electricityts UM.
Speaker 1: There's no way I could mind bitcoin here. That's too expensive.
Speaker 1: When mind bitcoin, electricities are single biggest expense. So you
Speaker 1: want to find the cheapest energy to be competitive in
Speaker 1: bitcoin minding. You probably need about five cent power. Most
Speaker 1: of the big industrial UM places that are mining bitcoin
Speaker 1: and get it about three cents power. Some are even
Speaker 1: less than three cents if you can believe that. So
Speaker 1: you might say Mark, Well, why the heck is is
Speaker 1: electricity in California forty cents, but then it's three cents
Speaker 1: somewhere else. How could it be that cheap? Well, it's easy,
Speaker 1: I can tell you. It's called supply and demand. When
Speaker 1: there is more demand, then there is supply of something,
Speaker 1: the price goes up. When there's more supply than there's demand,
Speaker 1: the price goes down. So in California, we don't have
Speaker 1: enough electricity. We have rolling blackouts all the time. Uh,
Speaker 1: there's a lot of demand for electricity, so the price
Speaker 1: is very high. But in some parts of the world
Speaker 1: and even the country, there's more supply than there's demand.
Speaker 1: They've built these new hydro electric plants, they've built these
Speaker 1: new um whatever electricty generation plants, and there's nobody there
Speaker 1: to use all the electricity it's being generated. So it's
Speaker 1: literally that's literally being wasted. Meaning when I say wasted,
Speaker 1: meaning are creating electricity but nobody's even using it. So
Speaker 1: they're creating it and it's not being used. That's a waste.
Speaker 1: And so bitcoin can only operate on wasted electricity. So
Speaker 1: in the world, if you measure all the electricity in
Speaker 1: the entire world, there's a big piece of it, a
Speaker 1: big chunk of it that is actually being produced and
Speaker 1: not being used. That's called wasted and Bitcoin only uses
Speaker 1: a small, like single digit percentage of the wasted energy.
Speaker 1: That's what bitcoin uses. Bitcoin is not competing in California
Speaker 1: for electricity that's in demand. Bitcoin only uses electricity that's
Speaker 1: being created and is not otherwise being used. So if
Speaker 1: they say it's boiling in the ocean and they want
Speaker 1: to take a look at, uh, the amount of energy
Speaker 1: it's being consumed, it's actually consuming energy that would already
Speaker 1: have not been used or not being wasted. All right,
Speaker 1: you listen to the markma Show. We're talking about bitcoin,
Speaker 1: We're talking about cryptocurrencies. We're talking about the decentralized revolution.
Speaker 1: Today we are breaking down some of the top fud, fear, uncertainty,
Speaker 1: and doubt headlines that might be holding you back from
Speaker 1: jumping into bitcoin. I got a bunch more to get through,
Speaker 1: so don't go away. I'll be right back. All right,
Speaker 1: welcome back. You are listening to the Mark Moa Show.
Speaker 1: We're talking about bitcoin, We're talking about cryptocurrencies, and we
Speaker 1: are talking about the decentralized revolution. Of course, I'm with
Speaker 1: you each and every week. So if you just tune
Speaker 1: in for the first time, make sure to put down
Speaker 1: mark on your calendar right now, this day, this time,
Speaker 1: this channel, and tune in with me each and every
Speaker 1: week where I guarantee it's going to be the most
Speaker 1: educational and the most profitable part of your week. So
Speaker 1: make a part of your routine. Put in your phone
Speaker 1: right now. Unless you're driving, then wait to take stop.
Speaker 1: All right now, I'm breaking down some of the top
Speaker 1: FUD headlines. FUD stands for fear, uncertainty, and doubt. We
Speaker 1: talked about why bitcoin being backed by nothing is ridiculous,
Speaker 1: why it has no intrinsic values ridiculous, there's no way
Speaker 1: to value at this ridiculous. We talked about the environmental
Speaker 1: concerns and why the waste of energy well that's ridiculous.
Speaker 1: If you missed any of those, I'm sorry. I'm not
Speaker 1: going to recap them. But you can go listen to
Speaker 1: this on demand. So just go search for the Mark
Speaker 1: Moss podcast Constructors Podcast and you can listen to it.
Speaker 1: It will be out later in the week. Now, let's
Speaker 1: keep going down the list here. Let's see uh oh,
Speaker 1: I love this one. I love this one bitcoin. It's
Speaker 1: only used for black market criminal activity. So I couldn't
Speaker 1: use that because criminals use it. Right, Oh, this is
Speaker 1: a big one. We can dig We can dig deep
Speaker 1: into this one. All right. So, first of all, criminals
Speaker 1: probably use cell phones, They probably use cars, They probably
Speaker 1: drink water. So should you stop drinking water because criminals
Speaker 1: drink water too? Should you stop driving cars because criminals
Speaker 1: drive cars? Yeah, it's pretty ridiculous, right when you think
Speaker 1: about it that it sounds pretty ridiculous. Right, But let's
Speaker 1: let's dig into this even a little bit further. So,
Speaker 1: first off, criminals also sleep in beds. Should I stop
Speaker 1: sleeping in beds? Where does it stop? Where does the
Speaker 1: madness stop? But let's think about this for a minute.
Speaker 1: Why why would you say that criminals use it? Well,
Speaker 1: one of the reasons why it might be actually ideal
Speaker 1: for criminals to you is is because it can't be censored.
Speaker 1: What does that mean? So when I have dollars as
Speaker 1: a matter of fact, I had to go to the
Speaker 1: bank yesterday and I had to wire someone money. I
Speaker 1: was wiring money to my sister as a matter of fact,
Speaker 1: And uh, I won't go into why, but the person
Speaker 1: at the bank said, hey, I just want to make sure.
Speaker 1: Do you know this person? I said, yeah, yeah, I
Speaker 1: know them. Uh are you are you sure though? Are
Speaker 1: you sure it's the right wire information? Yeah? Um, I'm positive.
Speaker 1: It's my sister. It's my my blood, I know. But
Speaker 1: I just want to make sure because you know, a
Speaker 1: lot of times people get these fishing attacks. I'm like, dude, look,
Speaker 1: it's my freaking sister right like anyway, but they want
Speaker 1: to they want to make sure who I wire. Now
Speaker 1: that was locally here in California. When I've been wiring
Speaker 1: from from Puerto Rico Bank, every time I send a wire,
Speaker 1: they have to email me and say what is the
Speaker 1: purpose of this wire right now? If I give them
Speaker 1: a reason why, they don't like, they don't allow me
Speaker 1: to send that money. As a matter of fact, PAPAL
Speaker 1: came up with the Anti Defamation League and made a
Speaker 1: whole list of all these people that are blacklisted and
Speaker 1: shouldn't be able to get um money sent to them.
Speaker 1: So you do not have the right to send your
Speaker 1: money to whoever you want to. That's a problem, isn't it.
Speaker 1: I mean, it's your money. I mean, if you're supporting
Speaker 1: Wiki leaks, Nope, you can't send them money, right, So, um,
Speaker 1: in a criminal black market thing black What is a
Speaker 1: black market? Well, the black market is anything the government
Speaker 1: doesn't allow. Well, the government hardly allows anything anymore. So
Speaker 1: everything is built, Everything that's going into this parallel world
Speaker 1: is technically black market. If if the government can't make
Speaker 1: money giving you a license for it, then I guess
Speaker 1: it's pretty much a black market today, and you don't
Speaker 1: have the right to spend your money on it. Really, Well,
Speaker 1: if I have bitcoin, I can send my money to
Speaker 1: whoever I want. So what I would say about that
Speaker 1: is that if if criminals are using it, that proves
Speaker 1: the use case. It proves the use case. Well, if
Speaker 1: it's good enough for criminals, is good enough for me.
Speaker 1: Now what's a funny little antidote to this is that
Speaker 1: all technology starts out with criminals, well, at least some
Speaker 1: kind of dirty narrative. So, as a matter of fact,
Speaker 1: does anybody know the origins of VCRs? Go ahead and
Speaker 1: raise your hand if you do, well, I can't see
Speaker 1: your hand. But it started out as porn pornography, I know, pornography.
Speaker 1: As a matter of fact, that was how we got
Speaker 1: started using it for pornography, not that it was criminal,
Speaker 1: but um, people were afraid to use it because of
Speaker 1: the stigma that was on VCRs. And it was Disney
Speaker 1: that finally came out with one of their movies on
Speaker 1: on vc v vhs on the VCR that finally broke
Speaker 1: that stigma. And then we have the Internet. What was
Speaker 1: the Internet used for in the beginning, the same thing.
Speaker 1: And so we we see all new technologies. You're kind
Speaker 1: of used for these uh you know, black mark kind
Speaker 1: of nefarest types of things. And so could bitcoin be
Speaker 1: used for criminal sure, just like cars and water and
Speaker 1: and and so forth. Hopefully that makes sense. All Right,
Speaker 1: I'm gonna talk about these two together, three together. Here
Speaker 1: we go. Bitcoin is too volatile as too risky. Okay, Well,
Speaker 1: by the way, you're listening to the markma Show or
Speaker 1: talking about bitcoin, we're talking about cryptocurrencies, and we're talking
Speaker 1: about the decentralized Revolution, and I am knocking down the
Speaker 1: top fud if you're in certainty doubt headlines. Um as,
Speaker 1: I ran this poll on Twitter. By the way, if
Speaker 1: you're on Twitter, hit me up one Mark Moss the
Speaker 1: number one Mark Moss. Um. Alright, so it's too volatile
Speaker 1: too risky. So what does that mean? What is volatile? Well,
Speaker 1: vlatile means it goes up and down a lot, right, Well,
Speaker 1: how does bitcoin go from zero to being worth fifty
Speaker 1: thousand dollars without volatility? You can't, right, I mean, volatility
Speaker 1: would imply that it goes neither up nor down. So
Speaker 1: you can't have it going up if it doesn't go down.
Speaker 1: And so the faster that it goes up, the faster
Speaker 1: it goes down. So it's very volatile up and down.
Speaker 1: But if you zoom out you see a lot of
Speaker 1: that volatility to go away. So what do I mean
Speaker 1: by that? So, for example, if you look at the
Speaker 1: lowest price of bitcoin every single year, it's always been
Speaker 1: up as a matter of fac except for one year
Speaker 1: was a little bit lower, but every year it's been up.
Speaker 1: So does that look too volatile because that means that
Speaker 1: the lowest price point has been higher every single year.
Speaker 1: That doesn't seem volatile to me. I would say zoom out. Um.
Speaker 1: In real estate, we kind of have this thing where
Speaker 1: it's like, hey, don't buy a house unless you plan
Speaker 1: to live there for five years, because you know, that's
Speaker 1: kind of like the real estate cycle. Bitcoin is kind
Speaker 1: of the same way. Um, there's never been more than
Speaker 1: a three year period where bitcoin has been down. So
Speaker 1: you could have bought like a peak before it rose
Speaker 1: up to almost and then dropped off pretty hard in teen,
Speaker 1: but there was even if you bought at the peak,
Speaker 1: within three years, you were already back in profit again.
Speaker 1: So there's never a point in in UH in history
Speaker 1: that it's been down for more than three years. So,
Speaker 1: just like real estate, don't buy unless you plan to
Speaker 1: hold it for at least five years. Don't buy a
Speaker 1: bitcoin unless you plan to hold it for three years.
Speaker 1: That takes the risk out of it. Zoom out. Volatility
Speaker 1: works both ways, all right, Now it's too risky. What
Speaker 1: does that mean? Well, I guess the volatility is risky. Now.
Speaker 1: I wouldn't advise you to put the money in there
Speaker 1: that you need to buy a car or pay for
Speaker 1: you know, something big or something something big in the
Speaker 1: next couple of months, because yeah, it be lower in
Speaker 1: the next couple of months. Zoom out, put money in
Speaker 1: that you can afford to leave there for a long
Speaker 1: period of time. Um. And then the next one kind
Speaker 1: of plays into this, which is I missed the boat
Speaker 1: and actually uh, two of these go together and missed
Speaker 1: the boat. It's too expensive. What about all the other coins?
Speaker 1: Let's let's talk about those together. I missed the boat's
Speaker 1: too expensive. Well that's a problem, uh, And I think
Speaker 1: that's easily addressed. So what do I mean by that?
Speaker 1: So I missed the boat it's too expensive, I would
Speaker 1: say too expensive compared to what I'll wait, too expensive
Speaker 1: compared to what too expensive compared to where it was
Speaker 1: when it was at zero. Yeah, it is a lot
Speaker 1: more expensive than it was zero. Or is it too
Speaker 1: expensive compared to where it will be at a million
Speaker 1: dollars in ten years from now? Because if you could
Speaker 1: buy it for fifty thousands to day and it's worth
Speaker 1: a million dollars and ten years, I would say big
Speaker 1: Win is actually pretty darn cheap. Now, if you're saying
Speaker 1: it's expensive to where it was in the past, well
Speaker 1: sure it's expensive where in the past. But what are
Speaker 1: you measuring it too? That's the question? All right, I
Speaker 1: missed the boat. Now, Um, Amazon when it's launched was
Speaker 1: a five bucks. It went to eighty bucks by the
Speaker 1: year two thousand, dropped all the way back to five
Speaker 1: bucks by the year two thousand one, got back up
Speaker 1: to eighty bucks, and people said, ah, I missed it.
Speaker 1: I missed the dip at five bucks. Now it's eighty bucks.
Speaker 1: It's too expensive. Then it was a hundred bucks, and
Speaker 1: a five hundred bucks and a thousand bucks. Oh, it's
Speaker 1: way too expensive, expensive compared to what compared to where
Speaker 1: it was, or compared to where it's going. At a
Speaker 1: hundred bucks five hundred bucks, that thousand bucks was still
Speaker 1: cheap compared to where it's going. So if you think
Speaker 1: about why are you buying bitcoin you believe it's gonna
Speaker 1: be worth more in the future. How much do you
Speaker 1: think it will be worth in the future. I think
Speaker 1: it'd be worth five hundred thousand dollars per coin in
Speaker 1: the next five years. I think that's very realistic in
Speaker 1: my opinion. So if I think it can get there,
Speaker 1: then if it's worth five five years, is fifty expensive
Speaker 1: or is it cheap? Now? If you don't think it
Speaker 1: can be worth more in the future than I guess
Speaker 1: that kind of negates the whole argument. Um, So if
Speaker 1: you missed, if you feel like you missed the boat,
Speaker 1: I'd say we're still early. In The very fact that
Speaker 1: you're asking that question shows just how early we are.
Speaker 1: All right, you listen to the Markma Show. We're talking
Speaker 1: about bitcoin, of course, we're talking about cryptocurrencies and the
Speaker 1: decentralized revolution. I'm breaking down the fud headlines one by
Speaker 1: one by one. I got a whole stack that I'm
Speaker 1: gonna go through. I'm gonna break these down as fast
Speaker 1: as I can. I'll be right back. Don't going. All right,
Speaker 1: welcome back. You're listening to the Markma Show. And we
Speaker 1: are talking about bitcoin, of course, every single week, cryptocurrencies,
Speaker 1: decentralized revolution, all those good things. I am breaking down
Speaker 1: the fud, the fear, uncertainty, and doubt. That's what we
Speaker 1: call in the space. Anytime somebody says, yeah, but but
Speaker 1: but but this this bad thing um that we call
Speaker 1: that food. They're casting shade. They're throwing shade, throwing fear, uncertainty,
Speaker 1: and doubt. And I'm breaking those down for one by one.
Speaker 1: Even if you don't believe these, still want to hear
Speaker 1: them because maybe that can help you answer somebody else
Speaker 1: that does. So what else we got here? We went
Speaker 1: through backed by nothing, no intrinsic value, no way to
Speaker 1: value it. Environmental concerns, waste of electricity, um black market,
Speaker 1: criminal activity to volatile, too risky, missed the boat. Um,
Speaker 1: those are the ones we've broken down so far. Oh,
Speaker 1: I'm gonna wait for the dip. I love this one.
Speaker 1: That's one of my favorites. I'm gonna wait for the dip.
Speaker 1: What's funny is uh? You know I've been teaching on bitcoin,
Speaker 1: talking to bitcoin for about seven years now. When I
Speaker 1: first started talking about this, I didn't, Uh, I didn't.
Speaker 1: I didn't really talk to many of my friends, some
Speaker 1: of my friends that were into investing. Um, you know.
Speaker 1: I didn't go public and like put out a Facebook
Speaker 1: announcement to everybody I knew, like, hey, I'm a bitcoin
Speaker 1: guy now. Um. But over a period of time, people
Speaker 1: have found me, you know, and uh never fails. Whenever
Speaker 1: bitcoin's hitting they knew all time high. I start hearing
Speaker 1: from people I haven't heard from in years and years
Speaker 1: and years. Uh and uh. The question I always get
Speaker 1: asked is should I buy now? Or should I wait?
Speaker 1: They always ask at the all time high, I don't
Speaker 1: know if I should I don't know if I should
Speaker 1: buy now, if I should if I should wait? I
Speaker 1: should wait for the dip, right, I should wait for
Speaker 1: the dip. But then we have a dip like we're
Speaker 1: in right now, and then nobody wants to buy. So
Speaker 1: the question that I said, They asked me, should I
Speaker 1: buy now and stop away for a dip? Well? Will
Speaker 1: will it have another dip? They ask I said, yes,
Speaker 1: I guarantee you it's gonna have another dip. When when when?
Speaker 1: Well I don't know the answer to that question, and
Speaker 1: nobody does, right, nobody, nobody has a crystal ball. The
Speaker 1: best technical analysis in the world are just guessing right
Speaker 1: based off of probabilities, and so, um, should you wait
Speaker 1: for a dip? Yeah, sure, wait for a dip, But
Speaker 1: how do you know when that dip is gonna be?
Speaker 1: How deep you know that that dip is gonna be? Um?
Speaker 1: You know, how how will you know when to buy?
Speaker 1: So for example, um, you know Bitcoin reached almost six thousand.
Speaker 1: It's probably in the arrange as we speak right now.
Speaker 1: Should you buy an hour? Is it gonna go further down? Well?
Speaker 1: I don't know. Um, maybe it goes further down, or
Speaker 1: maybe it goes up. This eighty thousand and dips all
Speaker 1: the way back to sixty. But it's higher than where
Speaker 1: you could buy it right now today, And so you
Speaker 1: don't know, so um, what I would say is that
Speaker 1: you focus on where it's going to go. Right, I
Speaker 1: think it's me worth five hundred thousand dollars in five years,
Speaker 1: whether I buy it at fifty thousand or fifty five thousand,
Speaker 1: what difference does it make. That's that's one. Now. If
Speaker 1: you are hung up on this, then what I would
Speaker 1: say is that you could do something what we call
Speaker 1: d c A or dollar cost averaging. That means that
Speaker 1: you buy a little bit over time. So instead of
Speaker 1: a lump sum, instead of sticking all your money into
Speaker 1: bitcoin right now, a lump sum purchase, you can break
Speaker 1: it up. So if you want to put a thousand
Speaker 1: dollars in, instead of putting all thousand dollars in, you
Speaker 1: may decide to put a hundred dollars in this week,
Speaker 1: a hundred dollars next week, hundred dollars in the next week,
Speaker 1: and hundred dollars for ten weeks in a row. Something
Speaker 1: like that. You could do it every two weeks, every month,
Speaker 1: whatever you want to do. I mean that way, you
Speaker 1: can buy. You know, if it goes down, you buy
Speaker 1: a little bit lower. If it goes up, you buy
Speaker 1: a little bit higher. So the good thing is if
Speaker 1: it keeps buying, it keeps going down, you're averaging your
Speaker 1: cost down. The risk is that it keeps going up
Speaker 1: and then you average cost up. But some people would
Speaker 1: trade off that risk for that reward and that's up
Speaker 1: to you. UM, So that's it. If it keeps going down,
Speaker 1: if if what if it dips, Well we're in a
Speaker 1: dip right now, so now it's time to buy. But
Speaker 1: this is not financial advice. By the way, you listening
Speaker 1: to the marketmus show, we're talking about bitcoin. I'm not
Speaker 1: giving you a financial advice. I'm just trying to give
Speaker 1: you the education that you need so you can understand
Speaker 1: exactly what is going on. All right. And then one
Speaker 1: more that we're kind of talking about on price here
Speaker 1: is that it's too expensive. It's too expensive. What about
Speaker 1: all the other coins? There's like, uh, fifteen thousand other cryptocurrencies.
Speaker 1: I missed out on bitcoin, So I'm going to catch
Speaker 1: the next the next bitcoin. What does that even mean?
Speaker 1: The next bitcoin? So what I think people probably mean.
Speaker 1: What I think people are probably trying to say by
Speaker 1: saying that is not um. They want to get the
Speaker 1: next coin when it's cheap, before it goes up. Because
Speaker 1: there is no next bitcoin. When I talk about next bitcoin,
Speaker 1: I'm talking about the cryptocurrency that has the properties that
Speaker 1: Bitcoin has permissionless, borderless, person less, decentralized, censorship resistant, immutable.
Speaker 1: Out of the other fifteen thousand cryptocurrencies, there's not one
Speaker 1: that has those properties. Now, like gold, going back to
Speaker 1: Peter Shift and gold, Um, there's no other metal that
Speaker 1: has the same properties as gold does. So there's lots
Speaker 1: of other metals, right, chrome, alley and steel and aluminum
Speaker 1: and copper and whatever. Right, I'm not a geologist, but
Speaker 1: my point is is that none of them have the
Speaker 1: same attributes that gold does. So there is no next gold.
Speaker 1: There's only one, and there is no next bitcoin. There's
Speaker 1: only one. So um, what about all those other coins? Um, well,
Speaker 1: none of them have the same properties The next bitcoin
Speaker 1: is bitcoin. But I think what you're trying to say is, um,
Speaker 1: I want to find um something that can go up
Speaker 1: as much as Bitcoin could go up. I think that's
Speaker 1: what they're saying now. I think there there's also something
Speaker 1: they're being confused by, what we call unit bias, And
Speaker 1: so what do I mean by that? I can't afford
Speaker 1: to buy a fifty thou dollar bitcoin, But I can
Speaker 1: afford a one dollar dog coin, right, so I'll just
Speaker 1: buy the dollar dog cooin. But what you may not
Speaker 1: know is that you can actually buy one dollar worth
Speaker 1: of bitcoin. So really what you're looking at is you're
Speaker 1: looking at the percentage increase adjusted. For risk investors, we
Speaker 1: always want to manage for risk. Now, what most people
Speaker 1: think about is how much can I make? What is
Speaker 1: my upside? Right, But real investors, professional investors, think about
Speaker 1: the downside, what is my risk? And so we always
Speaker 1: want to think about things in terms of risk adjusted returns,
Speaker 1: and so what is my return potential on bitcoin or dogcoin? Well,
Speaker 1: dog coin could potentially go up by more, but it
Speaker 1: could also potentially go down by more. Bitcoin could go
Speaker 1: up maybe less, but it's going to go down less.
Speaker 1: And so on a risk adjusted basis, I could put
Speaker 1: more into bitcoin, if that makes sense, And so think
Speaker 1: about it, not in the unit bias of I need
Speaker 1: to put a dollar in or this coin x y coin,
Speaker 1: x y z cooin is cheaper, um, think about it
Speaker 1: because you can buy fifty cents worth a bitcoin too.
Speaker 1: I think you can buy ten cents worth a bitcoin, um,
Speaker 1: So it's not about that the amount or how much
Speaker 1: it costs. Uh, it's the risk adjusted return that you
Speaker 1: can get, and I think bitcoin beats all of those
Speaker 1: on the standpoint. Uh, we got time for one more.
Speaker 1: Let's see. Oh but but but but but but it
Speaker 1: could be hacked. It could be hacked. Well, hypothetically speaking,
Speaker 1: it could be hypothetically speaking, aliens could come to the
Speaker 1: world tomorrow and destroy it. Hypothetically speak, lots of things
Speaker 1: could happen. But realistically, um, every computer network in the
Speaker 1: world has pretty much been hacked. Experience was hacked, the
Speaker 1: largest data data breach in history. The CIA has been acted.
Speaker 1: The n s A, the National Security Administration in essay,
Speaker 1: was hacked. And when they hacked the NSA, they stole
Speaker 1: the NSA's hacking software, which is why we have ransomware
Speaker 1: attacks all the time. Today's Bitcoin's fault, It's NSA's fault.
Speaker 1: They were hacked. They couldn't even keep their computer network secure.
Speaker 1: And they have a full time I T staff and
Speaker 1: cybersecurity and blah blah blah blah blah trying to keep
Speaker 1: their network scure and they couldn't even keep that secure.
Speaker 1: They were hacked. Every computer network has been hacked, but
Speaker 1: Bitcoin it's open, open source. Everyone can see the code,
Speaker 1: anyone can build on the code. There's no I T Department,
Speaker 1: no security, there's no building, no no nothing. It's open,
Speaker 1: open source. There's a trillion dollars in the open sitting
Speaker 1: there ready for anyone to come take, come get it.
Speaker 1: No security, never been hacked. Bitcoin is a lot of things.
Speaker 1: Bitcoin is a lot of things. That takes a lot
Speaker 1: of probably six eight different disciplines to even try to
Speaker 1: understand what bitcoin is. But the one thing that we
Speaker 1: know bitcoin is for sure is the most secure computer
Speaker 1: network in the history of the world. So, uh, could
Speaker 1: it be hacked? Maybe theoretically, potentially, theoretically aliens come to
Speaker 1: the world to war to right. Realistically, can't be hacked.
Speaker 1: It's never been hacked. Every other computer network has been hacked,
Speaker 1: and it's because of the technological breakthrough that bitcoin has
Speaker 1: come up with with this decentralized network. It's kind of
Speaker 1: like if I put a billion dollars into a bank,
Speaker 1: that's a big honeypot. People are gonna try to spend
Speaker 1: a lot of money to break into that billion dollar bank.
Speaker 1: But what if I had a billion banks with one
Speaker 1: dollar each wouldn't be worth anyone's time. That's basically what
Speaker 1: bitcoin is done. Um, you're listening to the Mark Moa show.
Speaker 1: We're talking about bitcoin, of course if you're just tuning in,
Speaker 1: talking about the decentralized network. And I was spent the
Speaker 1: last hour with you breaking down some of the top
Speaker 1: FUD headlines. Thanks so much for listening.