WEBVTT - AI Steals Your Wealth in 24 Months | Jeff Booth 0:00:00.200 --> 0:00:03.279 If you understood how much of your stuff is tracked 0:00:03.360 --> 0:00:06.120 right now inside this system, and you think it isn't. 0:00:06.240 --> 0:00:09.559 All of these connected systems are all part of that 0:00:09.600 --> 0:00:12.720 centralized control you are inside of that. Where are you 0:00:12.800 --> 0:00:15.480 safe in a centralized system that takes all of its 0:00:15.520 --> 0:00:18.759 control you through manipulated money? What is safe? Good luck? 0:00:19.000 --> 0:00:22.079 Over the last five years, the dollar has crashed to 0:00:22.120 --> 0:00:24.560 a point that it buys you fifty percent of those groups. 0:00:24.640 --> 0:00:26.520 So what you're afraid of has already happened. Are you 0:00:26.600 --> 0:00:29.720 thinking this is something more drastic coming that is going 0:00:29.760 --> 0:00:30.880 to happen sooner than later. 0:00:31.160 --> 0:00:34.320 We know for sure money is being debased. We know 0:00:34.479 --> 0:00:38.599 for sure you have a decentralized, secure protocol founded by 0:00:38.720 --> 0:00:43.519 energy that can't be changed. Bitcoin is repricing the world 0:00:43.800 --> 0:00:46.000 through the free market. It's the first global free market 0:00:46.000 --> 0:00:49.040 that's ever existed. Bitcoin would be the only thing remaining 0:00:49.080 --> 0:00:51.400 of value if we've never lived in a free market 0:00:51.440 --> 0:00:54.080 and our actions inside the other system are trying to 0:00:54.120 --> 0:00:56.680 get rich in a zero sum game where somebody has 0:00:56.720 --> 0:00:59.800 to lose because we won every single asset we're trading, 0:01:00.120 --> 0:01:02.320 than that system is really just a bet on how 0:01:02.360 --> 0:01:04.280 much is somebody else is going to lose because I'm 0:01:04.280 --> 0:01:06.880 going to win all on a centralized system and there's 0:01:06.880 --> 0:01:09.520 no way to fix them. The rate of improvement of AI, 0:01:09.840 --> 0:01:12.440 it will never be this slow again. It will never 0:01:12.560 --> 0:01:15.440 be this dumb again. If you don't use it, other 0:01:15.520 --> 0:01:17.880 businesses are going to use it to provide more value 0:01:17.880 --> 0:01:20.440 and it's going to remove labor at a staggering rate. 0:01:22.480 --> 0:01:26.039 All right, jeff Man, we had such a fun time 0:01:26.120 --> 0:01:29.360 hanging out in Abu Dhabi back in December. It seems 0:01:29.360 --> 0:01:32.319 like a world away at this point, and we had 0:01:32.360 --> 0:01:34.440 this conversation where we went outside and hung out for 0:01:34.440 --> 0:01:36.960 a little bit and I had a video guy there 0:01:36.959 --> 0:01:38.800 and we tried to capture the conversation and it just 0:01:38.840 --> 0:01:42.120 didn't come out. The audio just wasn't good enough. And 0:01:42.880 --> 0:01:45.319 since that time, it's been not even ninety days yet, 0:01:45.319 --> 0:01:46.880 so much of the world has changed. We were talking 0:01:46.880 --> 0:01:54.600 about bitcoin AI and AI agents, and since that time 0:01:54.640 --> 0:01:57.200 we've seen just the rise of this takeoff, and we've 0:01:57.240 --> 0:02:00.400 seen now multiple at least I've seen sure you have 0:02:00.440 --> 0:02:03.880 as well, multiple instances of AI agents going out and 0:02:03.920 --> 0:02:09.400 completing tasks autonomously and using bitcoin lightning to do transactions. 0:02:09.880 --> 0:02:10.959 I don't know if you've seen. 0:02:10.720 --> 0:02:11.880 This, Yeah, yeah, I have. 0:02:12.320 --> 0:02:15.920 Yeah. At that conference, I made the case that I 0:02:15.919 --> 0:02:19.560 think maybe one of the big use cases of a 0:02:19.600 --> 0:02:23.160 medium exchange might come from the machines, because they need 0:02:23.200 --> 0:02:26.760 a money that we that they don't have a they 0:02:26.760 --> 0:02:28.760 don't have a solution for at this point, and bitcoin 0:02:28.840 --> 0:02:32.040 seems to maybe solve that problem. Being personalists for example, 0:02:32.320 --> 0:02:36.720 high frequency transactions things like that, what do you think 0:02:36.760 --> 0:02:40.720 about how fast that space is growing and maybe it's 0:02:40.960 --> 0:02:44.079 necessity or you know, needing bitcoin or something like that 0:02:44.080 --> 0:02:44.480 to work. 0:02:44.960 --> 0:02:48.359 Yeah, And that was our conversation. Was fantastic, and I 0:02:48.400 --> 0:02:52.639 think that's a part of it. But but I don't 0:02:52.680 --> 0:02:55.840 think that's a key part of that medium of exchange. 0:02:56.040 --> 0:03:02.639 I think ultimately, ultimately built bitcoin is repricing the world 0:03:03.040 --> 0:03:05.280 through the free market. It's the first global free market 0:03:05.280 --> 0:03:10.080 that's ever existed. And like, if you want to talk 0:03:10.120 --> 0:03:14.000 about prices falling now or what, like, really what it's 0:03:14.040 --> 0:03:18.760 doing is it's lagging the It's the canary in the 0:03:18.800 --> 0:03:22.400 coal mine to a deflationary spiral of it out of 0:03:22.400 --> 0:03:25.960 a credit system that would would reset everything. And so 0:03:26.040 --> 0:03:29.280 in that event, bitcoin would be the only thing remaining 0:03:29.320 --> 0:03:33.560 of value. And you know that I know that, and 0:03:33.639 --> 0:03:39.840 so then when when that, Because that that credit system 0:03:39.880 --> 0:03:44.360 that we live in cannot be allowed to deflate without 0:03:44.400 --> 0:03:48.560 a complete collapse, you're going to see a massive liquidity 0:03:49.000 --> 0:03:54.960 or as that big print or the big distribute, yeah, exactly, 0:03:55.640 --> 0:03:57.680 or anything that we want to talk about it or 0:03:57.920 --> 0:04:01.160 lynn Alden that nothing stopped sys train. All of this 0:04:01.240 --> 0:04:05.040 is the same thing, right that the existing credit based 0:04:05.080 --> 0:04:10.920 system requires manipulation at exponential rates to offset the productivity 0:04:10.960 --> 0:04:12.840 that should flow to us in the form of lower 0:04:12.920 --> 0:04:17.760 prices through through AI and everything and everything else that 0:04:17.839 --> 0:04:24.560 we're building. So so taken, yes, I do think there 0:04:24.640 --> 0:04:27.440 is there is a case that some of these agents 0:04:27.520 --> 0:04:32.880 will use kind of lightning, and this is a medium 0:04:32.920 --> 0:04:36.280 of exchange. But the bigger, I think, the bigger change, 0:04:36.839 --> 0:04:40.960 the far greater change, is all prices are falling relative 0:04:41.040 --> 0:04:47.560 to bitcoin and and so essentially the energy backed system 0:04:47.760 --> 0:04:51.680 that's that can't be broken is repricing the world, and 0:04:51.720 --> 0:04:55.479 most people are pricing that energy backed system from a 0:04:55.480 --> 0:04:57.279 piece of paper that's being manipulated. 0:05:01.080 --> 0:05:06.520 That's happening, We're witnessing it. I think I remember, man, 0:05:06.560 --> 0:05:08.120 it wasn't that a few months ago one of my 0:05:08.120 --> 0:05:09.760 friends called me at night kind of panicking and he 0:05:09.760 --> 0:05:12.280 saw something on the news, and what is this, like, 0:05:12.320 --> 0:05:13.880 the Dollar's going to crash? Am I going to wake 0:05:13.920 --> 0:05:16.440 up one day and the money in my bank's going to 0:05:16.480 --> 0:05:18.400 buy me, you know, fifty percent half as much goods 0:05:18.400 --> 0:05:20.880 as it does right now. And I said, well, that's 0:05:20.880 --> 0:05:26.719 already happened over the last five years. The dollar has 0:05:26.800 --> 0:05:28.880 crashed to a point that it buys you fifty percent 0:05:29.160 --> 0:05:31.719 of those goods. So what you're afraid of has already happened. 0:05:31.800 --> 0:05:34.039 Whereas people think it's like this imminent thing though, where 0:05:34.040 --> 0:05:37.599 it's going to happen, I think it's happening. It's like 0:05:37.640 --> 0:05:41.400 a process more than an event, maybe unless it's like 0:05:41.440 --> 0:05:44.840 the gradually and then suddenly part which at some point 0:05:44.880 --> 0:05:48.039 diminishing returns I guess fall off of a cliff. But 0:05:48.920 --> 0:05:50.800 I mean, are you seeing this? I mean, obviously it 0:05:50.839 --> 0:05:53.800 seems to be accelerating, especially based off of where we're 0:05:53.839 --> 0:05:56.360 at right now at the time of this recording March tenth, 0:05:57.200 --> 0:06:00.359 But are you thinking this is something more drastic coming 0:06:00.640 --> 0:06:02.920 that is going to happen sooner than later. 0:06:03.760 --> 0:06:06.680 I think it's exactly what you just described. This has been, 0:06:06.960 --> 0:06:11.680 So it's interesting to watch people talk about bitcoin and 0:06:11.720 --> 0:06:15.880 everything and the existing financial system through a light switch 0:06:15.960 --> 0:06:20.160 moment rather than what's happening all of the time. We 0:06:20.279 --> 0:06:23.599 know for sure money is being debased. We know for 0:06:23.640 --> 0:06:29.440 sure you have a decentralized, a secure protocol bounded by 0:06:29.560 --> 0:06:33.920 energy that can't be changed. So both of those things 0:06:33.920 --> 0:06:38.400 are depending on your reality is what you're actually seeing. 0:06:38.440 --> 0:06:40.960 And so if you've been in bitcoin for five years, 0:06:41.600 --> 0:06:43.480 you know what's happened over the last five years. If 0:06:43.480 --> 0:06:45.280 you've been in bitcoin for ten years, you know what's 0:06:45.279 --> 0:06:47.600 happened over the last ten years. If you're in bitcoin 0:06:48.080 --> 0:06:50.159 five years from now, you know it's going to happen, 0:06:50.680 --> 0:06:54.800 and it's going to happen in a faster rate until like, yes, 0:06:55.640 --> 0:06:58.720 depending on what country you're in, there's going to be 0:06:58.800 --> 0:07:04.599 some missed, some massive dislocations and repricing events that could 0:07:04.600 --> 0:07:07.520 happen a lot faster. Right, that's just a failure of 0:07:07.560 --> 0:07:10.800 a currency that could I suspect the US currency is 0:07:10.840 --> 0:07:15.200 not going to fail anytime soon. So it's going but 0:07:15.200 --> 0:07:19.560 but it might print a lot more right and get 0:07:19.600 --> 0:07:23.160 away with it, and which would lead to a significant 0:07:23.240 --> 0:07:26.600 rise in at least in that currency's point of view. 0:07:26.840 --> 0:07:34.560 To Bitcoin. It just it fasts andates me watching people 0:07:34.640 --> 0:07:37.760 grapple with the one thing, like every day there's a 0:07:37.800 --> 0:07:40.840 new thing that they're saying. This is the reason when 0:07:40.880 --> 0:07:45.000 fundamentally nothing has changed for the last fifteen years. You 0:07:45.080 --> 0:07:49.640 knew one system was insolvent, it couldn't resolve resolve this problem. 0:07:50.080 --> 0:07:55.960 You knew that the system transition was underway. And so 0:07:56.680 --> 0:07:59.920 if you're mostly outside the system, if you're in bitcoin, 0:08:00.600 --> 0:08:04.960 these these dips just provide opportunity to accumulate more. 0:08:05.600 --> 0:08:09.560 Yeah, I guess just you know, not everybody has that certainty, right, 0:08:09.560 --> 0:08:12.240 Not everybody has that level of conviction, nor does anybody 0:08:12.280 --> 0:08:14.920 have the ability to tell the future either, And so 0:08:14.960 --> 0:08:17.160 I think then it probably comes down to the level 0:08:17.160 --> 0:08:19.440 of conviction and certainty that you have around that. 0:08:19.560 --> 0:08:24.520 And so so let's let's dig a little deeper on there. 0:08:24.560 --> 0:08:27.640 And because that's where the why this is, I think 0:08:27.720 --> 0:08:31.920 this is why it has It doesn't actually say anything 0:08:31.960 --> 0:08:34.760 about bitcoin. Bitcoin is just a ledger that every ten 0:08:34.800 --> 0:08:38.959 minutes there's a new block that is bounded by energy. 0:08:39.559 --> 0:08:43.520 You're you're grappling with something that is imposing a discipline 0:08:44.280 --> 0:08:48.440 on a world without discipline, because it's because it's like this. 0:08:48.920 --> 0:08:51.600 So the conviction is driven by this. I would I 0:08:51.600 --> 0:08:54.480 would venture to say the only conviction you would have 0:08:54.559 --> 0:08:56.880 to what you should spend all your time on is 0:08:57.760 --> 0:09:02.400 can Bitcoin stay the centralized and secure? Because if it, 0:09:02.600 --> 0:09:05.080 if it can or if it does, and you're waiting 0:09:05.200 --> 0:09:08.480 your probability probabilistic waiting of whether it does or not, 0:09:08.880 --> 0:09:11.200 it's actually the only thing that matters. And what we 0:09:11.360 --> 0:09:17.040 just described, there is nothing else that matters. If and 0:09:17.120 --> 0:09:21.200 you could say, I believe governments are going to attack it, 0:09:21.240 --> 0:09:23.920 I believe quantum is going to break at I believe, 0:09:24.360 --> 0:09:26.200 and all of those are beliefs, and you could assign 0:09:26.280 --> 0:09:29.840 a different probability. But if it stays decentralized and secure, 0:09:30.559 --> 0:09:33.520 it actually doesn't. It makes no difference. It is reprising 0:09:33.559 --> 0:09:33.959 the world. 0:09:34.200 --> 0:09:38.160 Right, Yeah, I think obviously we agree on that. I 0:09:38.160 --> 0:09:42.120 think back to just people not developing that conviction. We're 0:09:42.160 --> 0:09:44.480 still seeing a world where people are pushing XRP not 0:09:44.600 --> 0:09:49.040 understand the difference between you know, XRP or Solona or 0:09:49.520 --> 0:09:51.679 or whatever. Right, So for you to say, if it 0:09:51.720 --> 0:09:54.360 stays decentralized and securest most people don't even know what 0:09:54.360 --> 0:09:58.160 that means. They don't even understand what decentralization is and 0:09:58.160 --> 0:09:59.959 why bitcoin might be different than any one of the 0:10:00.000 --> 0:10:02.080 those other assets. And so I think you first have 0:10:02.160 --> 0:10:04.560 to come to that realization first, right. 0:10:08.040 --> 0:10:11.000 I think we're saying the same thing, and you've gone 0:10:11.040 --> 0:10:13.320 really deep on this subject. I've gone really deep on 0:10:13.360 --> 0:10:16.760 this subject. I've probably spent over ten thousand hours trying 0:10:16.800 --> 0:10:19.760 to disprove what I just said, spending all my time 0:10:19.840 --> 0:10:25.760 in it cannot stay decentralize and secure against natural centralization 0:10:25.920 --> 0:10:28.959 that we've always allowed through human So we have to 0:10:29.040 --> 0:10:32.959 be would I say to that is, if currencies have 0:10:33.040 --> 0:10:37.360 always been centralized, whether it's gold and then repriced, then 0:10:37.400 --> 0:10:40.600 we must be part of the thing that allows them 0:10:40.640 --> 0:10:46.560 to be centralized, and so it could. Can Bitcoin withstand 0:10:47.080 --> 0:10:51.360 that is really the ultimate, the ultimate question. Can it 0:10:51.400 --> 0:10:53.959 withstand us? How many of us know, how many of 0:10:54.080 --> 0:10:56.599 us run nodes? What does it look like? And so 0:10:57.080 --> 0:10:59.559 I went through the same thing that everybody would go through, 0:10:59.679 --> 0:11:04.760 and the cognitive dissonance of of there's no way this 0:11:05.000 --> 0:11:09.880 thing could do that, And then we're then coming to 0:11:10.559 --> 0:11:13.560 a greater appreciation of why I believed it would stay 0:11:13.559 --> 0:11:17.320 the centralized and secure. But again, I think we're saying 0:11:17.360 --> 0:11:20.559 the same thing. So it doesn't say anything about bitcoin. 0:11:20.640 --> 0:11:23.679 It says the cognitive dissonance that's going on in every 0:11:23.800 --> 0:11:28.079 single human mind in trying to understand something that's never 0:11:28.160 --> 0:11:32.880 been in existence before, Right, that's really what's happening. Yep. 0:11:33.640 --> 0:11:36.199 So you as a as a futurist, as a technologist, 0:11:36.280 --> 0:11:38.439 I mean you understand. It's just like it's really hard 0:11:38.480 --> 0:11:40.560 for people to imagine the future because typically we can 0:11:40.600 --> 0:11:43.439 only imagine better versions of what we have today. So 0:11:43.840 --> 0:11:45.760 when you have something completely different that we don't have, 0:11:45.960 --> 0:11:47.719 we try to then compare it to something. Well it's 0:11:47.720 --> 0:11:49.640 sort of like this, well it is, but it's not. 0:11:50.040 --> 0:11:51.520 And it was like that's well, it's sort of is not. 0:11:51.760 --> 0:11:53.679 So then it's very hard to understand, well, what is 0:11:53.720 --> 0:11:55.280 this thing that we don't know what it is? It's 0:11:55.280 --> 0:11:57.319 all these different things and will become something we can't 0:11:57.360 --> 0:12:00.480 even imagine today. But I think to the point that 0:12:00.559 --> 0:12:02.880 you were making earlier, you know, you're ten thousand hours in. 0:12:03.559 --> 0:12:07.480 That is what separates those who have put in the work. 0:12:07.520 --> 0:12:10.320 They can build that level of conviction, which then allows 0:12:10.360 --> 0:12:12.960 them to I think number one take larger position sizes, 0:12:13.000 --> 0:12:17.040 but then number two sort of have the ability to 0:12:17.160 --> 0:12:21.120 sort of ride out these volatility waves in ease and 0:12:21.240 --> 0:12:27.080 even dare I say, look for them opportunities opportunistically. 0:12:27.120 --> 0:12:27.319 You know. 0:12:29.559 --> 0:12:32.120 I remember it was this September of last year, which 0:12:32.160 --> 0:12:35.000 is not that long ago. I had I think Big 0:12:35.080 --> 0:12:37.480 One was in the mid sixties, sixty eight thousand. It 0:12:37.559 --> 0:12:40.480 dropped down to like sixty three thousand, so I had 0:12:40.480 --> 0:12:42.080 a little bit of extra cash. I moved the over 0:12:42.160 --> 0:12:44.360 to exchange to go ahead and get a buy and 0:12:44.400 --> 0:12:47.640 then it dropped to like fifty eight, and I was like, ah, 0:12:47.720 --> 0:12:50.280 buy a little bit more. And I'm like, I think 0:12:50.320 --> 0:12:51.880 it could drop to fifty. So I put a buy 0:12:52.040 --> 0:12:57.839 order in at fifty and it never got filled, you know, 0:12:57.920 --> 0:13:00.520 it never went down right, and it ran and then 0:13:00.559 --> 0:13:02.000 it you know, went to a hundred and then one 0:13:02.080 --> 0:13:04.040 o six and then one ten. I'm like, oh, man, 0:13:04.080 --> 0:13:05.480 I should have just got out the fifty eight. 0:13:05.600 --> 0:13:05.760 You know. 0:13:07.760 --> 0:13:09.719 If it drops back down, if it gets back into 0:13:09.760 --> 0:13:11.800 that eighty range, I'm backing up the truck. 0:13:11.640 --> 0:13:12.840 You know, and like here we are. 0:13:13.240 --> 0:13:16.240 So it's like we can sort of look for those moments. 0:13:16.559 --> 0:13:19.960 I'm curious what you think about just you know, obviously 0:13:20.080 --> 0:13:22.720 there's that right if it just saysy centralized and secure. 0:13:22.800 --> 0:13:24.959 And then there's the big print. And it's not just 0:13:25.000 --> 0:13:26.599 the US big print. I mean right now we have 0:13:26.920 --> 0:13:29.040 just in the last week China is now doing a 0:13:29.080 --> 0:13:32.400 big print and Germany and the EU just announced a 0:13:32.400 --> 0:13:34.120 big print for their security and stuff like that. So 0:13:34.160 --> 0:13:35.840 what's happening all over the world. But at the same 0:13:35.880 --> 0:13:39.439 time that's happening also the way technology is evolving is 0:13:39.559 --> 0:13:42.079 changing the world, right, So like sort of bringing it 0:13:42.120 --> 0:13:44.600 back to AI, which is sort of like the general markets, 0:13:44.679 --> 0:13:46.839 like big Darling sort of thing is we have like 0:13:47.320 --> 0:13:49.719 AI has been that big thing, Open AI, the way 0:13:49.760 --> 0:13:51.480 they're raising money, things like that. Then all of a 0:13:51.480 --> 0:13:53.600 sudden we see like deep Seat come out in China, 0:13:53.960 --> 0:13:58.520 which I think change the way we value traditional assets 0:13:58.520 --> 0:14:00.319 in a way. Like number one, they're able to produce 0:14:00.360 --> 0:14:03.920 an asset know this AI model way cheaper with way 0:14:04.000 --> 0:14:07.240 less GPUs, which then disrupted all the forecasts of Nvidia 0:14:07.559 --> 0:14:10.800 and tech companies. But also what it did is it 0:14:10.920 --> 0:14:14.120 disrupted the Nasdak. Well maybe some of the money will 0:14:14.160 --> 0:14:16.800 move from the US markets over to the China markets, 0:14:16.800 --> 0:14:20.720 So maybe the Nasdaq index is overvalued. Maybe the companies 0:14:20.760 --> 0:14:22.720 listed on the nas Deck overvalued, maybe all these AI 0:14:22.840 --> 0:14:24.880 companies are overvalued, Like whoa, what do we even know? 0:14:25.640 --> 0:14:29.400 And then it sort of laid open and exposed all 0:14:29.440 --> 0:14:32.240 these assumptions that we have because of this fiat system 0:14:32.280 --> 0:14:35.680 that we have, and so it almost looked like all 0:14:35.680 --> 0:14:37.400 of a sudden, we do need some sort of a 0:14:37.480 --> 0:14:39.600 new measuring or unit of account there. 0:14:40.240 --> 0:14:40.640 Yeah, so. 0:14:42.160 --> 0:14:44.040 This is the kind of way it. It boggles my 0:14:44.160 --> 0:14:48.200 mind that this is still so misunderstood because it's the 0:14:48.280 --> 0:14:52.080 same thing I wrote about six years ago. It's exactly 0:14:52.200 --> 0:14:55.160 the same thing. You would have exponential rate of technology improvement. 0:14:56.080 --> 0:14:59.080 The natural state of the free market is deflation, So 0:14:59.200 --> 0:15:02.600 that productivity in a free market because we only use 0:15:02.680 --> 0:15:05.040 the things that give us more value. So obviously we're 0:15:05.040 --> 0:15:06.800 going to use the things that give us more value 0:15:07.840 --> 0:15:10.000 and they would be coming at us so fast, which 0:15:10.120 --> 0:15:14.000 the output of that had to be deflation. And then 0:15:14.640 --> 0:15:18.120 and then in a free market, prices fall to the 0:15:18.160 --> 0:15:21.080 marginal cost of production. So, what's the marginal cost of 0:15:21.120 --> 0:15:23.800 production of a line of code that I used to 0:15:23.840 --> 0:15:26.480 say it all the time on your calculator app zero 0:15:26.600 --> 0:15:29.400 because it's a line of code, right, what's the marginal 0:15:29.480 --> 0:15:31.720 cost of a line of code created by other lines 0:15:31.760 --> 0:15:36.760 of code AI zero, what's what what does that look like? 0:15:36.920 --> 0:15:40.479 As it moves into physical goods, as it moves into robotics, 0:15:40.560 --> 0:15:43.440 and this AI is actually tackling all the physical goods 0:15:43.600 --> 0:15:48.920 almost zero because because those companies are going to compete 0:15:49.040 --> 0:15:51.320 everywhere to be able to put this, and then the 0:15:51.440 --> 0:15:53.480 cost of all those physical goods is going to fall 0:15:53.520 --> 0:15:58.800 at the same rate, and so that productivity means faster 0:15:58.960 --> 0:16:03.280 and faster product and people are measuring that productivity through 0:16:03.440 --> 0:16:07.080 the system that's stealing the productivity to try to make 0:16:07.120 --> 0:16:13.320 GDP go up. So it has to concentrate, it has 0:16:13.440 --> 0:16:16.840 to centralize. It's so if the natural state of the 0:16:16.880 --> 0:16:21.400 free market is deflation, if prices fall to the marginal 0:16:21.480 --> 0:16:25.200 cost of production, if if if this is true, which 0:16:25.280 --> 0:16:28.040 we know is for sure true, if you can nod 0:16:28.120 --> 0:16:30.240 your head, you can do all the research you want 0:16:30.360 --> 0:16:34.440 on that topic, then unfortunately, what it means is you've 0:16:34.520 --> 0:16:37.480 never lived in a global free market. All of the 0:16:37.600 --> 0:16:41.120 things you're pointing at and giving strength through your actions. 0:16:41.720 --> 0:16:44.840 This leader, this leader, this person's going to fix it. 0:16:45.600 --> 0:16:48.640 They're all centralizing functions and they have to be because 0:16:48.680 --> 0:16:52.720 it cannot let that system, that debt BAEd system, that 0:16:52.800 --> 0:16:55.320 credit based system which we live in and price everything 0:16:55.400 --> 0:16:58.960 from it. Won't let it collapse because you won't let 0:16:59.040 --> 0:17:05.440 it collapse. So every single conspiracy theory, all of those 0:17:05.520 --> 0:17:09.359 things are inside that system because they have to be 0:17:09.440 --> 0:17:13.760 inside that system because you won't let it collapse, right 0:17:13.880 --> 0:17:17.520 and and so so once you understand that, you you 0:17:17.800 --> 0:17:20.280 stop giving your time to You know, it's going to 0:17:20.320 --> 0:17:22.719 be a chaotic journey from one system to another as 0:17:22.760 --> 0:17:26.080 people have a hard time grappling with what I just described. 0:17:27.320 --> 0:17:30.120 But you stop giving your time to the system that's 0:17:30.160 --> 0:17:31.399 stealing your time and energy. 0:17:32.119 --> 0:17:34.280 So you're saying the more that you participate in the system, 0:17:34.480 --> 0:17:36.119 then you're reinforcing that system. 0:17:36.640 --> 0:17:40.000 Yeah, everything within it, every single we know, you know, 0:17:40.200 --> 0:17:42.960 a whole bunch of your listeners or know, gold gets 0:17:43.040 --> 0:17:45.520 co opted. It gets co opted by derivatives it's got 0:17:45.880 --> 0:17:49.440 and and and if that ever got reset, then it 0:17:49.480 --> 0:17:52.240 would say sink the system. So what they're really saying 0:17:52.480 --> 0:17:55.920 is with with and then But because it centralizes, it 0:17:56.080 --> 0:18:02.280 always gets repriced and and people cheat. People have always 0:18:02.359 --> 0:18:06.520 cheated on money, and so it always allows that you 0:18:06.640 --> 0:18:10.119 can't audit how much gold China has in the reserves. 0:18:10.480 --> 0:18:12.600 You can't. If we said we were going to audit 0:18:12.680 --> 0:18:14.840 Fort Knox, I don't think it'll be a true audit, 0:18:15.160 --> 0:18:18.360 and then you can't audit what everybody else says. Whereas bitcoins, 0:18:18.400 --> 0:18:22.680 blockchains getting audited every ten minutes, it doesn't care. So 0:18:22.840 --> 0:18:25.960 this centralized. So what we're saying with some of these 0:18:26.080 --> 0:18:32.000 assets within the system, is it really And I had 0:18:32.040 --> 0:18:34.480 to deal with this myself too. The cognitive distance I 0:18:34.640 --> 0:18:37.879 was dealing with it is if we've never lived in 0:18:37.920 --> 0:18:40.720 a free market and our actions inside the other system 0:18:40.760 --> 0:18:42.920 are trying to get rich in a zero sum game 0:18:43.040 --> 0:18:46.760 where somebody has to lose because we won. Every single 0:18:46.800 --> 0:18:49.520 asset we're trading within that system is really just a 0:18:49.600 --> 0:18:51.520 bet on how much is somebody else is going to 0:18:51.600 --> 0:18:54.240 lose because I'm going to win all on a centralized 0:18:54.240 --> 0:18:58.840 system and there's no way to fix it. And so 0:18:59.440 --> 0:19:03.480 that's what really pushed me into exploring it is a 0:19:03.520 --> 0:19:08.280 bit going different? First is it could it remain decentralized 0:19:08.320 --> 0:19:10.720 and secure against that power that you knew would have 0:19:10.920 --> 0:19:14.440 to try to attack it? And then where do I 0:19:14.520 --> 0:19:17.880 want to contribute my time? Because the free market isn't 0:19:17.920 --> 0:19:20.800 a zero sum game? The free market is a cooperative 0:19:20.840 --> 0:19:23.200 game where everyone wins if you and I make a trade, 0:19:23.560 --> 0:19:26.879 Like look at what we're doing right now in this 0:19:27.119 --> 0:19:29.600 riverside app, which costs you a fraction of what it 0:19:29.760 --> 0:19:33.040 would have cost to reach this many users right ten 0:19:33.160 --> 0:19:35.520 years ago, a fraction, and now you talk to this 0:19:35.640 --> 0:19:37.920 many users, and you can build a business by yourself 0:19:38.040 --> 0:19:42.120 effectively that by providing value to a whole bunch of people. 0:19:43.119 --> 0:19:47.119 The output of that exchange is more value for you 0:19:47.240 --> 0:19:52.000 and me, more value for everybody listening from the output 0:19:52.080 --> 0:19:57.639 of the exchange that's giving value, and so it's all 0:19:57.720 --> 0:19:59.840 around us and that is not a So the free 0:20:00.080 --> 0:20:03.720 market is is the the only thing we've ever found 0:20:05.280 --> 0:20:08.919 that allows us to exchange and actually in a cooperative 0:20:08.960 --> 0:20:14.800 game where everyone wins and and and we always but 0:20:14.880 --> 0:20:17.800 there's always people trying to cheat it, right. 0:20:19.160 --> 0:20:21.960 That's the that's sort of the downside of human nature, 0:20:22.080 --> 0:20:24.840 like always taking things too far. So it's like, then 0:20:25.040 --> 0:20:30.320 mine naturally once productivity gains or deflation, I suppose, right, 0:20:30.440 --> 0:20:32.920 so instead of carrying eight eight bricks one at a time, 0:20:33.000 --> 0:20:35.320 I make a wheelbarrow to carry eight bricks at once. 0:20:36.560 --> 0:20:38.840 So we want to get more output for less input. 0:20:39.760 --> 0:20:41.399 But then we take things too far and then we 0:20:41.480 --> 0:20:43.119 start trying to figure out, well, then how could we 0:20:43.200 --> 0:20:44.119 cheat the system there? 0:20:44.359 --> 0:20:46.560 We want our house to go up in value, we 0:20:46.640 --> 0:20:49.720 want our asset to go away up in value. And 0:20:49.960 --> 0:20:53.240 this Yeah, if you think through the logic, if we're 0:20:53.280 --> 0:20:56.880 part of the system that is choosing more value, how 0:20:56.960 --> 0:21:00.880 could that be true unless you lived in system distorting 0:21:00.920 --> 0:21:04.160 currency units? And then most people turn to the same current, 0:21:04.240 --> 0:21:07.440 the same things that have always stored value in those 0:21:07.560 --> 0:21:12.600 cheating systems, to try to protect their value from the cheating. 0:21:13.200 --> 0:21:13.400 Yeah. 0:21:14.440 --> 0:21:17.720 Hey, small business owner, are you buried in all types 0:21:17.760 --> 0:21:20.000 of work keeping you from the real thing that makes 0:21:20.040 --> 0:21:22.640 you money? Well, that's where just Works comes in. They're 0:21:22.640 --> 0:21:25.359 the all in one platform that supports small business growth. 0:21:25.640 --> 0:21:28.240 You can get all their tools that help with benefits 0:21:28.320 --> 0:21:32.840 like payroll and HR and compliance with transparent pricing. 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Again, that's Just Works dot Com slash podcast. 0:22:06.680 --> 0:22:08.560 Now one thing that I see as we move from 0:22:08.600 --> 0:22:13.280 one system to another, you know, I talk about you know, 0:22:13.440 --> 0:22:16.160 I'm back to the Abu Dhabi talk. I talked about 0:22:16.240 --> 0:22:18.840 sort of bitcoin's price in the future of twenty thirty 0:22:18.880 --> 0:22:20.719 to forty fifty. I mean I looked at it from 0:22:20.760 --> 0:22:23.399 a venture capital lens of like, what are the markets 0:22:23.440 --> 0:22:25.520 that are being disrupted, how much value can be taken 0:22:25.560 --> 0:22:27.760