WEBVTT - The Mark Moss Show Nov 9, 2022 0:00:00.040 --> 0:00:02.640 Hello, and welcome to another episode of The Mark Moss 0:00:02.680 --> 0:00:05.840 Show where we talk about the decentralized revolution. We talk 0:00:05.880 --> 0:00:07.680 about it each and every week, the way the world 0:00:07.720 --> 0:00:09.520 is changing rapidly, and we look at it through the 0:00:09.600 --> 0:00:13.399 lens of politics, finance, and technology. And of course it's 0:00:13.440 --> 0:00:16.959 always technology that changes the world as we know it. 0:00:17.840 --> 0:00:22.439 And there's a battle over technology right now and it's 0:00:22.480 --> 0:00:25.000 going to determine how the world is shaped moving forward. 0:00:25.040 --> 0:00:27.560 And that's what I want to talk about today. If 0:00:27.560 --> 0:00:30.120 you just tune in, thank you. Uh. If you don't 0:00:30.160 --> 0:00:32.360 tune in on a regular basis, you should because I 0:00:32.400 --> 0:00:34.760 talked about a lot of information. So make sure if 0:00:34.800 --> 0:00:36.559 you're if you're not driving, pull out your phone, put 0:00:36.560 --> 0:00:38.600 a calendar reminder for this date, this time, this channel, 0:00:38.720 --> 0:00:40.159 and make sure to tune in with me each and 0:00:40.159 --> 0:00:42.720 every week. And if you miss any of them, don't worry. 0:00:42.760 --> 0:00:44.640 I got your back. You can check it out on 0:00:44.720 --> 0:00:46.800 the podcast. Just search the Mark Maas Show on your 0:00:46.800 --> 0:00:50.400 favorite podcast player UM or you can find me on YouTube. 0:00:50.440 --> 0:00:54.640 Just on the Market Disruptors YouTube channel you'll find um 0:00:54.720 --> 0:00:56.200 you can watch me and listen to me at the 0:00:56.200 --> 0:00:58.520 same time. But I want to talk about today how 0:00:58.560 --> 0:01:02.840 the world is changing really really rapidly, um, and it's 0:01:02.880 --> 0:01:05.720 about to change even faster because of the technology. As 0:01:05.760 --> 0:01:08.479 I said, this battle over technology, and the battle over 0:01:08.520 --> 0:01:12.960 technology that I'm talking about is over money. Um. The 0:01:13.160 --> 0:01:14.959 entire well, I don't want to say the entire world. 0:01:15.240 --> 0:01:21.480 A lot of the world has been transformed through technology 0:01:21.520 --> 0:01:24.920 and specifically through software. You've heard the term probably software 0:01:25.000 --> 0:01:29.560 is eating the world. And so we saw entire libraries 0:01:29.840 --> 0:01:33.520 of books become digitized, and now we can all we 0:01:33.520 --> 0:01:36.120 can have all those books and are in the palm 0:01:36.160 --> 0:01:38.800 of our hand on our phone. And we saw I mean, 0:01:39.000 --> 0:01:42.399 we saw music be digitized, movies be digitized. I mean 0:01:42.640 --> 0:01:46.000 think about you know, I don't know, two years ago, 0:01:46.319 --> 0:01:49.480 if you wanted to hear Mozart or Beethoven, you'd have 0:01:49.560 --> 0:01:53.200 to hire like a hundred per person orchestra to come 0:01:53.360 --> 0:01:59.240 play Beethoven or Mozart for you. And then technology made 0:01:59.240 --> 0:02:02.240 it where I could us into Beethoven or Mozart on 0:02:02.280 --> 0:02:04.840 a record, and then an eight track, and then a 0:02:04.840 --> 0:02:08.440 cassette and then a c D and today it's just digital, 0:02:09.080 --> 0:02:12.200 just digital, just streams on my phone. I took a 0:02:12.280 --> 0:02:14.880 hundred person orchestra and now it streams on my phone. 0:02:14.919 --> 0:02:20.400 So so we digitized libraries, entire libraries, entire books, you know, books, 0:02:20.440 --> 0:02:23.160 book libraries are on my phone. Entire orchestras are now 0:02:23.160 --> 0:02:25.760 on my phone. Of course we saw that happen with pictures, 0:02:26.120 --> 0:02:31.120 with videos, with music. It all happened. But the last piece, 0:02:32.480 --> 0:02:35.160 I think one of the biggest last pieces is money 0:02:35.280 --> 0:02:38.520 is our financial system, which of course, uh, bitcoin and 0:02:38.720 --> 0:02:42.360 cryptocurrencies are here disrupting all of that. The governments want 0:02:42.400 --> 0:02:45.600 to roll out their own central Bank Digital currencies or 0:02:45.720 --> 0:02:48.880 c B dcs, that's the acronym central Bank Digital currencies, 0:02:49.360 --> 0:02:54.280 And so that is the battle. Who gets to digitize money, 0:02:54.480 --> 0:02:57.600 who gets to say what money is? So when we 0:02:57.680 --> 0:03:00.360 started to digitize music and movies, if you guys are 0:03:00.360 --> 0:03:02.959 old enough to remember this, it was a battle. It 0:03:03.080 --> 0:03:05.200 was a battle for the ages a matter of fact, 0:03:05.280 --> 0:03:08.320 the movie studios, the record labels, they fought at tooth 0:03:08.360 --> 0:03:11.160 and nail. Lawsuits were flying left and right. If you 0:03:11.160 --> 0:03:13.399 guys remember the early days of like Napster, we could 0:03:13.440 --> 0:03:17.280 like download movies and music, and they shut that down. 0:03:17.280 --> 0:03:20.320 They're trying to put people in jail, in prison. I mean, 0:03:20.600 --> 0:03:22.600 it was, it was, it was, It was wild it 0:03:22.720 --> 0:03:24.680 was a wild time to live through. Um. But of 0:03:24.680 --> 0:03:29.200 course they lost. They lost because there's a quote, I 0:03:29.240 --> 0:03:32.480 forget who says it, but a standing army is no 0:03:32.560 --> 0:03:36.320 match for a good idea whose time has come. And 0:03:36.400 --> 0:03:38.720 so when you have an idea, when when there's something 0:03:38.840 --> 0:03:43.280 that's a thousand times better, you just can't stop it. 0:03:43.440 --> 0:03:46.560 There's just no amount of laws, no amount of rules 0:03:46.600 --> 0:03:49.840 regulations are going to stop it. Um. If we look 0:03:49.920 --> 0:03:54.480 back in the fifteen hundreds, there was the Protestant Reformation. 0:03:54.600 --> 0:03:58.560 What really led to the Protestant Reformation was technology. So 0:03:58.640 --> 0:04:02.440 seventy years before or the Protestant Reformation, a brand new 0:04:02.480 --> 0:04:06.560 technology came out that that was revolutionary changed the world. 0:04:08.040 --> 0:04:09.840 And that technology, it came out seven years before the 0:04:09.840 --> 0:04:14.080 Project Information, was something known as the Guttenberg printing Press. Now, 0:04:14.120 --> 0:04:18.760 before that all books had to be hand written transcribed, 0:04:19.240 --> 0:04:21.560 and so as you might imagine, there were not a 0:04:21.640 --> 0:04:24.159 lot of books because who wants nobody even wants to 0:04:24.200 --> 0:04:27.240 read a book today, much less imagine trying to transcribe 0:04:27.240 --> 0:04:29.680 it letter by letter by letter, and of course you 0:04:29.680 --> 0:04:32.520 wouldn't want to do that. Now, the Bible was the 0:04:32.560 --> 0:04:35.880 most translated book thousands and thousands and thousands of copies. 0:04:36.279 --> 0:04:41.120 UM were creative the Bible, and it was all transcribed perfectly. UM. 0:04:41.160 --> 0:04:43.720 As a side note, UH, well we'll get into that. 0:04:43.920 --> 0:04:48.560 But the the Gutenberg printing press, the first book that 0:04:48.600 --> 0:04:51.320 they started printing, which was of course the Bible, which 0:04:51.360 --> 0:04:54.080 was of course the most widespread book of the time, 0:04:54.240 --> 0:04:56.600 and not just by a little bit by uh, an 0:04:56.600 --> 0:04:59.680 astronomical figure. I don't have the data in front of me. UM. 0:04:59.720 --> 0:05:03.960 But happened is that technology then started mass producing Bible, 0:05:04.000 --> 0:05:05.560 so we got even more of them and started to 0:05:05.560 --> 0:05:08.720 spread that information. But the government at that time, the 0:05:08.760 --> 0:05:11.600 political structure of the political hierarchy that we had at 0:05:11.600 --> 0:05:16.520 that time was UM, the church and state and so UM. 0:05:16.520 --> 0:05:21.160 In about a thousand, eleven hundred a d UM, the 0:05:21.240 --> 0:05:23.760 church started to rise up after the Dark Ages. They 0:05:23.800 --> 0:05:26.359 tried to start putting all the pieces back together. Society 0:05:26.360 --> 0:05:28.880 had broken down really bad, and the church organized the 0:05:28.880 --> 0:05:31.000 people and they did all the public service goods and 0:05:31.240 --> 0:05:33.560 they fixed the bridges, they fixed the roads, they made 0:05:33.560 --> 0:05:36.080 clean water drinking systems. The church was amazing. They took 0:05:36.080 --> 0:05:38.080 care of the poor. They did the best. But over 0:05:38.120 --> 0:05:42.240 several hundreds of years they got very corrupted, and they 0:05:42.480 --> 0:05:45.200 used their position between the church and the state, the 0:05:45.279 --> 0:05:49.080 government to basically impose their will. They were able to 0:05:49.160 --> 0:05:54.880 hang onto that monopoly because they were the arbiters of truth. 0:05:55.360 --> 0:05:58.960 Sound familiar. They told the people what the what the 0:05:59.000 --> 0:06:02.360 Bible said, and that the only way to get to Heaven, 0:06:02.640 --> 0:06:04.840 to get to God was if you do what I say, 0:06:04.880 --> 0:06:08.640 which is all kinds of crazy, insane things that they 0:06:08.640 --> 0:06:11.719 had to do chivalry, you know, they had to walk 0:06:11.760 --> 0:06:14.280 on one foot for a week to show whatever right. 0:06:14.320 --> 0:06:17.640 It was insane. But what happened is that that that 0:06:17.640 --> 0:06:23.000 that piece of technology, the printing press, disseminated the information, 0:06:23.120 --> 0:06:26.400 decentralized the information, and once people got to the information this, 0:06:26.560 --> 0:06:29.040 wait a minute, you guys have been lying to us. 0:06:29.440 --> 0:06:31.800 What you're telling us is not true. We can read 0:06:31.800 --> 0:06:35.080 it for ourselves now. And anybody that got that book 0:06:35.160 --> 0:06:37.160 knew that they were being lied to by their government, 0:06:37.640 --> 0:06:39.560 and they started talking about it. Hey, wait a minute, 0:06:39.560 --> 0:06:41.240 what you're saying isn't true. What you're saying isn't true. 0:06:41.480 --> 0:06:44.800 And they were labeled heretics. Anybody that was labeled heretics 0:06:44.640 --> 0:06:49.000 or talking heresy was killed. They're put to death. But 0:06:49.000 --> 0:06:52.599 it didn't matter, the truth was too powerful. A standing 0:06:52.720 --> 0:06:54.800 army was no match for a good idea of time 0:06:54.839 --> 0:06:57.400 has come and so the truth won out, and more 0:06:57.440 --> 0:06:59.720 and more people talked, talked about it spread the information 0:07:00.000 --> 0:07:03.200 didn't matter how many people they killed, it was too much. 0:07:03.240 --> 0:07:04.880 And so the TECHNOLOGYOK over And that's kind of where 0:07:04.880 --> 0:07:08.280 we're at today. So back to the money. So let's 0:07:08.320 --> 0:07:12.520 go back to this. So in sixteen nine four, a 0:07:12.520 --> 0:07:15.840 few hundred years ago, we had the first central bank. 0:07:15.880 --> 0:07:19.120 That's really where the central bank got started. Now we 0:07:19.160 --> 0:07:21.440 could debate this, you can go back to however far 0:07:21.480 --> 0:07:23.320 back in history you want to go. But really I 0:07:23.360 --> 0:07:25.560 believe this was the first central bank. There was a 0:07:25.560 --> 0:07:27.800 great book written on it by I believe Murray Rothbard 0:07:28.080 --> 0:07:32.080 called The Mysteries of Central Banking. Highly recommend you read it. 0:07:32.160 --> 0:07:35.360 You could find it for free on mesas dot org, 0:07:35.640 --> 0:07:38.960 m my scs dot org. And it really talks about 0:07:39.000 --> 0:07:40.920 the creation of the central bank, the Bank of England, 0:07:40.960 --> 0:07:42.600 and then it kind of goes through this history of it. 0:07:42.760 --> 0:07:45.880 A great, great book. But anyway, so Bank of England 0:07:45.960 --> 0:07:48.760 was the first bank central bank to issue what was 0:07:48.800 --> 0:07:51.920 known as bank notes instead of coins. So before that, 0:07:52.160 --> 0:07:55.280 like the goldsmiths were the were the bankers, because they 0:07:55.280 --> 0:07:57.880 were the ones that actually minted the coins. They made 0:07:57.920 --> 0:08:01.120 the coins, they made the money. But the Bank of 0:08:01.160 --> 0:08:05.000 England was the first bank to issue bank notes or 0:08:05.160 --> 0:08:10.440 basically fiat currency or basically worthless paper currency. And and 0:08:10.480 --> 0:08:13.040 the way this got it started is amazing. And I 0:08:13.080 --> 0:08:14.600 want to tell you this quick little stories you can 0:08:14.640 --> 0:08:18.960 understand the insanity of this. And so um gold had 0:08:19.000 --> 0:08:21.120 been money for five thousand years. Obviously went from a 0:08:21.120 --> 0:08:23.520 barter system into like a gold system. We had coins, 0:08:23.640 --> 0:08:25.200 which was the point I was making. We had these 0:08:25.360 --> 0:08:29.880 these gold coins. But what happened is is that if 0:08:29.880 --> 0:08:32.000 you can't get more coins, you don't have more money. 0:08:32.000 --> 0:08:33.920 Of Course, we under we we know, I'm sure you 0:08:34.040 --> 0:08:37.320 know by now the Roman Empire had to debase their currency. 0:08:37.320 --> 0:08:40.520 Instead of silver, it was sover so they had ten 0:08:40.559 --> 0:08:44.600 percent more money. Then it went to more solver more money, 0:08:44.679 --> 0:08:47.080 and eventually over two years they went to no silver. 0:08:47.360 --> 0:08:50.480 So that's that's debasing, that's what they called that. And 0:08:50.600 --> 0:08:53.640 what happened is we fast forward to the late six 0:08:53.920 --> 0:08:58.360 hundreds and England is at war with France, and it's 0:08:58.400 --> 0:09:02.120 the war that change changed everything. Similar to how we're 0:09:02.120 --> 0:09:04.720 in a war today that is also going to change everything. 0:09:04.720 --> 0:09:07.480 I'm gonna draw these parallels for you. You don't want 0:09:07.480 --> 0:09:09.560 to miss this, uh, this that I have coming up. 0:09:09.640 --> 0:09:11.079 If you're just tuning in, you're listening to the Mark 0:09:11.160 --> 0:09:14.560 Moah Show talking about the Decentralized Revolution, talking about right 0:09:14.600 --> 0:09:19.440 now the battle of technology over money, and of course 0:09:19.480 --> 0:09:21.360 it always happens at a time of war, which is 0:09:21.400 --> 0:09:22.920 like we're at right now. So I'm gonna cover all 0:09:22.920 --> 0:09:25.319 this and more. You don't want to miss this. It's 0:09:25.320 --> 0:09:27.719 gonna be amazing. I'll be back with that and more 0:09:27.760 --> 0:09:29.880 in a minute. Don't go away, all right, Welcome back. 0:09:29.880 --> 0:09:31.480 If you're just tuning in, you're listening to the Mark 0:09:31.600 --> 0:09:34.719 Moa Show, we're talking about the decentralized Revolution, and I'm 0:09:34.760 --> 0:09:36.800 going through a little history lesson right now. I'm telling 0:09:36.800 --> 0:09:40.319 you how it's always technology that changes the world. It's 0:09:40.320 --> 0:09:43.560 been technology that's changed money before, um and how it 0:09:43.640 --> 0:09:45.400 really changes at a time of war. That's kind of 0:09:45.400 --> 0:09:49.360 where we're at. So um, here we are, late sixteen hundreds, 0:09:49.600 --> 0:09:54.320 we're in England. England's at war with France. Now, one 0:09:54.320 --> 0:09:57.000 thing about war is it takes a lot of money. Now, 0:09:57.120 --> 0:10:00.560 Up until this point, wars didn't have but a whole 0:10:00.600 --> 0:10:03.439 lot because if I was going to go to war, 0:10:03.480 --> 0:10:05.000 it was gonna cost me a lot of money. Do 0:10:05.080 --> 0:10:07.240 I have that much money? Do I want to spend 0:10:07.280 --> 0:10:10.720 that money? If I lose the war, then I'm broke. 0:10:11.240 --> 0:10:13.480 If I win the war, I might still be broke. 0:10:14.200 --> 0:10:18.080 And so wars happened less frequently, and they lasted very 0:10:18.200 --> 0:10:23.360 short periods of time until when everything changed. And so 0:10:23.400 --> 0:10:26.320 what happened is France, England and France were in war. 0:10:27.480 --> 0:10:29.679 England needed more money. They needed more money to go 0:10:29.720 --> 0:10:31.280 to war. Now what would happen If you've watched any 0:10:31.280 --> 0:10:33.640 of these old movies like Robin Hood or any other movies, 0:10:33.840 --> 0:10:36.640 you know that the kings would have to borrow money 0:10:36.679 --> 0:10:39.600 from the rich people in the country. And so UM 0:10:39.679 --> 0:10:42.120 England was out there talking to all the rich people saying, hey, 0:10:42.160 --> 0:10:44.760 would you get would you loan us? Loan the kingdom money? 0:10:44.760 --> 0:10:46.599 Would you loan the Kingdom money? Loan US money so 0:10:46.640 --> 0:10:48.400 we can keep going to war. And a group of 0:10:48.440 --> 0:10:51.640 a group of people came to the bank the Kingdom, 0:10:52.040 --> 0:10:54.079 the government UM in England at the time, and they said, hey, 0:10:54.480 --> 0:10:56.280 we have an idea for you let me let me 0:10:56.280 --> 0:10:59.120 float this idea for you. How about we'll give you 0:10:59.600 --> 0:11:01.600 as my money as you want. We'll give you unlimited 0:11:01.559 --> 0:11:04.839 amount of money. And of course, uh, the kingdoms like, well, 0:11:04.840 --> 0:11:07.000 that sounds great, we'd like an unlimited amount of money. 0:11:07.040 --> 0:11:08.600 What what do we get? What do we give you 0:11:08.640 --> 0:11:11.520 for for that? In exchange, they said, well, here's the deal. Um, 0:11:11.600 --> 0:11:13.280 we're gonna give you as much money as you want. 0:11:13.360 --> 0:11:16.199 But here's here's the situation. We're going to create our 0:11:16.200 --> 0:11:19.080 own bank called the Bank of England. Sounds very official, right, 0:11:19.679 --> 0:11:21.319 We're gonna sort of like the Federal Reserve of the 0:11:21.400 --> 0:11:23.840 United States. We're gonna create the Bank of England. And um, 0:11:24.040 --> 0:11:25.360 what we're gonna do is we're going to create our 0:11:25.400 --> 0:11:28.000 own money. It's not gonna be gold or gold coins. 0:11:28.000 --> 0:11:30.679 We're gonna we're gonna create this these new paper, this 0:11:30.800 --> 0:11:32.720 paper money. But what you're gonna do is you're gonna 0:11:32.760 --> 0:11:35.000 tell everybody in the country that our money is the 0:11:35.040 --> 0:11:37.480 new money. Everyone's supposed to use. It's legal tender and 0:11:37.480 --> 0:11:39.280 they have to use it. And as long as you 0:11:39.320 --> 0:11:40.640 do that, then we'll give you as much of it 0:11:40.679 --> 0:11:43.040 as you want. And so they did. So we had 0:11:43.040 --> 0:11:44.439 the creation of the Bank of England, they issued the 0:11:44.480 --> 0:11:48.040 bank notes, and that highlights the insanity. Now today, fast 0:11:48.080 --> 0:11:50.839 forward a few hundred years, we have central banks all 0:11:50.840 --> 0:11:52.800 over the world. We have obviously in the United States 0:11:52.840 --> 0:11:55.520 we have the Federal Reserve. It sounds very federal. Of 0:11:55.559 --> 0:11:58.000 course they're not federal and they don't have any reserves, 0:11:58.360 --> 0:12:00.320 as we like to say. And all these other countries 0:12:00.400 --> 0:12:03.080 have um central banks. In Europe they have the European 0:12:03.160 --> 0:12:05.760 Central Bank UM. In England they have still have the 0:12:05.800 --> 0:12:07.360 Bank of England is still there. In Japan is the 0:12:07.360 --> 0:12:09.880 Bank of Japan, etcetera. And then above the central banks 0:12:09.880 --> 0:12:11.520 we have the Bank, the Central Bank of Central Banks, 0:12:11.520 --> 0:12:14.160 which is the b i S the Bank of International Settlements. 0:12:14.520 --> 0:12:19.240 Now the central banks today supposedly third job is to 0:12:19.559 --> 0:12:25.920 maintain price stability. Maintained price stability. So when the price 0:12:25.960 --> 0:12:30.240 of homes double in a decade, is that a stable price? 0:12:30.280 --> 0:12:33.520 I mean they doubled. When the price of my gas 0:12:33.559 --> 0:12:35.720 alene to fill up my car went up by fifty 0:12:36.400 --> 0:12:40.200 is that stable? Now that's the United States. We have 0:12:40.240 --> 0:12:44.400 a good about three billion people in the world, so 0:12:44.880 --> 0:12:47.840 about half a little little less than half the people 0:12:47.840 --> 0:12:52.080 in the world today live under more than double digit inflation. 0:12:52.720 --> 0:12:56.160 You've got places like in in Turkey where it's eighty percent. 0:12:56.360 --> 0:12:57.959 That means if you had a hundred thousand dollars in 0:12:58.000 --> 0:13:00.880 your bank account today, in a year from now, it 0:13:00.960 --> 0:13:04.280 buys you about twenty dollars worth of goods. Is that 0:13:04.520 --> 0:13:08.520 stable prices? Certainly not. So. If I was going to 0:13:08.640 --> 0:13:10.840 rank central banks on their ability to have price stability, 0:13:10.840 --> 0:13:13.559 I would give them a big f a big failing, which, 0:13:13.600 --> 0:13:15.360 of course why the Federal Reserve of the United States 0:13:15.360 --> 0:13:21.160 is scrambling trying to quote maintain confidence. Hey, no, hey, look, 0:13:21.200 --> 0:13:23.040 we have this under control. We're gonna fix this. We're 0:13:23.040 --> 0:13:25.640 gonna fix this. That's why Jerome Pale, the Federal Reservice, 0:13:25.679 --> 0:13:30.280 says he's committed committed to bringing inflation back down. It's 0:13:30.320 --> 0:13:32.079 too high. It's an eight percent. Their goal is only 0:13:32.160 --> 0:13:35.080 two Their goal is only still two percent of your 0:13:35.080 --> 0:13:37.880 wealth per year. They're still in way too much. Um. Now, 0:13:38.280 --> 0:13:40.319 if you understand the creation of the Central Bank and 0:13:40.360 --> 0:13:42.120 how insane it was, you understand that their goal is 0:13:42.160 --> 0:13:46.840 price stability, which they don't do. Now, let's talk about technology, 0:13:46.840 --> 0:13:52.160 the battle over technology. So we've already seen money become digitized. 0:13:52.960 --> 0:13:54.520 I I hear all the time people are like, oh, 0:13:54.520 --> 0:13:56.800 I would never buy this bitcoin, bitcoins digital. I only 0:13:56.800 --> 0:13:58.880 want real, tangible things I can hold in my hand. 0:13:59.200 --> 0:14:03.840 Well over of all financial transactions are already done digitally. 0:14:04.440 --> 0:14:06.280 I use a debit card, I use a credit card, 0:14:06.320 --> 0:14:08.800 I use a wire transfer. You know, people put money 0:14:08.840 --> 0:14:11.679 into my bank acount through my my payment system. Like, 0:14:12.000 --> 0:14:14.240 we don't really handle that much money now, I get it. 0:14:14.240 --> 0:14:17.080 There's still some old people who are like, still deal 0:14:17.160 --> 0:14:19.880 on a cash basis, but it's very rare now. In 0:14:19.880 --> 0:14:23.720 other countries it's obviously more more more used, more widely used. 0:14:23.720 --> 0:14:26.520 But in the United States, most of the West Western world, 0:14:26.520 --> 0:14:30.720 developed world, it's it's all digital. But it's still different, 0:14:31.080 --> 0:14:34.960 all right. So the battle is how do we move 0:14:35.080 --> 0:14:38.680 money into the digital age, just like we did with music, movies, books, etcetera. 0:14:39.160 --> 0:14:43.040 And so of course we have bitcoin. Bitcoin was created, um. 0:14:43.120 --> 0:14:45.480 As a matter of fact, the white paper, which was 0:14:45.520 --> 0:14:48.120 the very first paper that came out explaining what bitcoin 0:14:48.280 --> 0:14:50.280 was going to be, what it was all about, came 0:14:50.280 --> 0:14:54.560 out on Halloween. So just uh, we're about a week, 0:14:54.680 --> 0:14:56.600 not even a week, a few days after Halloween here 0:14:57.400 --> 0:15:00.040 week after Halloween, Um, it came out on Halloween in 0:15:00.200 --> 0:15:04.920 two thousand eight, and then January third, two thousand nine, 0:15:05.080 --> 0:15:08.200 Bitcoin was released to the world. Now, in the very 0:15:08.240 --> 0:15:11.240 first line of codes, Toshi Nakamoto put a message in 0:15:11.280 --> 0:15:13.960 there that said, um, the chancellors are on the brink 0:15:13.960 --> 0:15:16.920 of a second bailout. So basically that tells us that 0:15:16.960 --> 0:15:22.200 bitcoin was created as a as a reaction, as a 0:15:22.240 --> 0:15:27.800 solution to the central bankers printing way too much money 0:15:27.840 --> 0:15:30.600 in creating this crazy price inflation. It was creative for that. 0:15:31.000 --> 0:15:33.760 It was created so that we had a way us 0:15:33.920 --> 0:15:38.080 humans people to be able to transact just like cash, 0:15:38.280 --> 0:15:40.480 but in a digital age. And this is the key 0:15:40.560 --> 0:15:44.240 piece that we're going to hear. Just like cash, What 0:15:44.320 --> 0:15:47.880 does that mean? Well, cash, you already know what it is. 0:15:47.880 --> 0:15:50.320 It's paper paper in your wallet, right And if I 0:15:50.520 --> 0:15:52.960 have this hundred dollar bill in my hand, you know 0:15:53.040 --> 0:15:55.400 I have the huntred dollar bill. It's my hundred dollar bill. There, 0:15:55.600 --> 0:15:57.680 it's my hundred dollar bill. If I hand it to you, 0:15:58.160 --> 0:16:00.760 then you have that hundred dollar bill. Nobody's in the 0:16:00.840 --> 0:16:02.520 middle of that. I don't need to go take this 0:16:02.560 --> 0:16:04.320 hunt dollar bill, go give it to this bank, and 0:16:04.320 --> 0:16:05.760 then you have to go get it from the bank 0:16:05.800 --> 0:16:07.720 with your idea and that no, I just hand the 0:16:07.760 --> 0:16:11.080 huntre dollar ability you. There's nobody in the middle. It's 0:16:11.160 --> 0:16:15.400 peer to peer. There's no counterparty risk, and nobody needs 0:16:15.400 --> 0:16:17.080 to know about that. If I want to give it 0:16:17.080 --> 0:16:18.720 to you, nobody needs to know. But that's between me 0:16:18.760 --> 0:16:23.040 and you. Privacy, that's cash. Now it's happened is as 0:16:23.120 --> 0:16:26.080 we've moved into the digital age, we started to lose 0:16:26.120 --> 0:16:28.840 a lot of that. So now if I want to 0:16:28.840 --> 0:16:31.320 pay you with Venmo, then Moo hooks to my credit card, 0:16:31.400 --> 0:16:32.920 my credit card hooks to my bank, and then my 0:16:32.960 --> 0:16:34.920 bank talks to your bank, which then your bank talks 0:16:34.920 --> 0:16:36.400 to your credit card, and then your credit card talks 0:16:36.440 --> 0:16:38.560 to your Veno. It's like six people in the middle 0:16:38.560 --> 0:16:41.840 of that, all taking a piece, all taking a cut, 0:16:42.440 --> 0:16:46.520 all potentially censoring us if we want. Like PayPal came 0:16:46.520 --> 0:16:49.120 out and said they're gonna take out of your account 0:16:49.200 --> 0:16:52.720 if you say anything bad online. Now they then they 0:16:52.800 --> 0:16:54.840 retracted that, Oh no, no, we didn't mean to say that. 0:16:54.880 --> 0:16:57.040 We didn't mean to say it, And now they've come 0:16:57.080 --> 0:16:59.920 back out and put it back. So they did they 0:17:00.000 --> 0:17:01.360 didn't mean for you to find out about it, and 0:17:01.400 --> 0:17:05.119 it's there, but who's who is PayPal to determine what 0:17:05.280 --> 0:17:07.120 I say and don't say online and whether I can 0:17:07.119 --> 0:17:10.520 spend my money right in a cash environment, that would 0:17:10.560 --> 0:17:13.320 never happen. I have my cash, I can go to 0:17:13.359 --> 0:17:15.360 the bank, I can pull my cash out. I can 0:17:15.359 --> 0:17:17.639 come stuff it under my mattress if I want. But 0:17:17.800 --> 0:17:21.080 they don't want that. Now, Bitcoin was created to be 0:17:21.240 --> 0:17:24.880 a form of digital cash, but the central banks don't 0:17:24.880 --> 0:17:26.640 want that. The central banks want us to use a 0:17:26.680 --> 0:17:32.160 central bank digital currency. This is the battle, and this 0:17:32.200 --> 0:17:33.439 is what I'm explaining to you. I want to give 0:17:33.440 --> 0:17:37.320 you some quotes directly from Jerome Pale, the ahead of 0:17:37.359 --> 0:17:40.320 the Federal Reserve in the United States Central Bank, and 0:17:40.320 --> 0:17:43.000 I'm want to give you some quotes directly from Augustine 0:17:43.000 --> 0:17:45.760 Carston's who's the head of the central Bank of Central Banks, 0:17:45.760 --> 0:17:48.080 which is the b I S. And then I want 0:17:48.080 --> 0:17:50.600 to talk to you about what central banks are already 0:17:50.680 --> 0:17:53.359 using this um there's a couple in the world already 0:17:53.359 --> 0:17:55.800 doing it. And then we're going to contrast that against 0:17:55.840 --> 0:18:01.000 cryptocurrencies and central bank digital currencies. This is all information 0:18:01.040 --> 0:18:03.879 you need to know because this is the battle of 0:18:03.880 --> 0:18:06.080 your life that's coming for you. Without the freedom of 0:18:06.119 --> 0:18:07.800 payments is no freedom. We're back with that more in 0:18:07.840 --> 0:18:10.000 a minute. Don't go away, all right, welcome back. You 0:18:10.080 --> 0:18:12.720 are listening to the Mark Masha if you're just tuning in. 0:18:12.960 --> 0:18:15.640 We're talking about the decentralized revolution each and every week, 0:18:15.680 --> 0:18:18.399 of course, and right now today we are talking about 0:18:18.440 --> 0:18:21.879 the battle of all battles, and that is the battle 0:18:21.920 --> 0:18:25.159 over money. We went through the history of the central banks. 0:18:25.560 --> 0:18:29.480 I talked about. The interesting peace was that the first 0:18:29.480 --> 0:18:33.360 central bank, the Bank of England, happened during the time 0:18:33.400 --> 0:18:36.240 of war. And again here we are a time of 0:18:36.280 --> 0:18:39.080 war again, and the time of war now we're in 0:18:39.119 --> 0:18:40.959 all kinds of wars. We're in a war on poverty. 0:18:41.000 --> 0:18:42.600 We're in a war on drugs. We're in a war 0:18:42.640 --> 0:18:45.959 on obesity. We're in a war with Ukraine, who were 0:18:46.000 --> 0:18:48.119 in an economic war. We're in a war with China. 0:18:48.200 --> 0:18:50.720 Trade wars. I mean, we're in wars all over the place. 0:18:50.760 --> 0:18:53.719 And of course, to fight these wars, climate war whatever. 0:18:54.000 --> 0:18:56.200 To fight these wars, we needed a lot more money, 0:18:56.960 --> 0:18:59.520 just like England needed to fight their war against France. 0:18:59.520 --> 0:19:00.760 We did a lot more money. And so the central 0:19:00.760 --> 0:19:03.119 banks are creating more and more money, and that that 0:19:03.160 --> 0:19:06.720 comes back to the problem. Now we have this bitcoin, 0:19:06.800 --> 0:19:11.360 we have cryptocurrencies now, which are the people's money. It's 0:19:11.440 --> 0:19:15.159 our ability to have something that we can transact with. 0:19:15.280 --> 0:19:18.280 And as I said, bitcoin was created as this digital cash. 0:19:18.560 --> 0:19:21.199 Now it's important to understand digital cash for a minute 0:19:21.480 --> 0:19:24.640 because you need to kind of understand how this works. 0:19:25.480 --> 0:19:29.800 The thing with digital cash is that, as I said, right, 0:19:29.840 --> 0:19:32.360 it's peer to peer. So nobody needs to know about this, 0:19:33.920 --> 0:19:35.560 but they don't want that. As a matter of fact, 0:19:35.640 --> 0:19:38.720 let's hear it directly from Augustine Carston. He is the 0:19:38.760 --> 0:19:41.520 head of the b i S, the central bank above 0:19:41.680 --> 0:19:44.160 central banks. Let's see what he has to say right here, 0:19:45.040 --> 0:19:49.080 aren't our analysis on CBDC particople are for the use 0:19:49.119 --> 0:19:53.800 of general to the general use. We tend to establish 0:19:53.840 --> 0:19:57.800 the equival lince with cash and there is a huge 0:19:57.960 --> 0:20:02.880 difference there. For example, in cash, we don't know, for example, 0:20:02.920 --> 0:20:06.840 who's using a one bill today. We don't know who 0:20:06.960 --> 0:20:10.680 is using the one thousand vestl bill today. M hmm. 0:20:11.240 --> 0:20:14.760 So there's a huge difference with central bank digital currencies 0:20:14.840 --> 0:20:18.160 they want to push and cash. He said, So for example, 0:20:19.320 --> 0:20:20.760 we don't know who's using a hunt it all our 0:20:20.800 --> 0:20:26.159 bill today or a thousand pascol bill today. Yeah, and 0:20:26.480 --> 0:20:30.600