1 00:00:00,040 --> 00:00:02,800 Speaker 1: Hello, and welcome to another episode of The Mark Moss Show, 2 00:00:02,880 --> 00:00:06,360 Speaker 1: where we talk about the de centralized Revolution. We're talking 3 00:00:06,400 --> 00:00:09,119 Speaker 1: about the way the world is changing looking through the 4 00:00:09,160 --> 00:00:12,840 Speaker 1: lens of politics, finance, and technology. Of course, we're talking 5 00:00:12,840 --> 00:00:17,239 Speaker 1: about bitcoin and cryptocurrencies and how they are driving this 6 00:00:17,360 --> 00:00:21,360 Speaker 1: change as we look across through these three lenses. Now 7 00:00:22,200 --> 00:00:25,400 Speaker 1: each week, I'm trying to bring you some new education 8 00:00:25,560 --> 00:00:27,600 Speaker 1: so you can look at these things differently, you can 9 00:00:27,680 --> 00:00:29,760 Speaker 1: understand them in better context of what's going on in 10 00:00:29,760 --> 00:00:31,200 Speaker 1: the world today. Of course, I try to bring you 11 00:00:31,200 --> 00:00:33,519 Speaker 1: the latest breaking news so you know what's going on. 12 00:00:33,600 --> 00:00:36,800 Speaker 1: And when I can some interesting guests, you can hear 13 00:00:36,840 --> 00:00:40,599 Speaker 1: some different perspectives other than just myself. And there's so 14 00:00:40,680 --> 00:00:44,159 Speaker 1: much to learn. And one of the things that I 15 00:00:44,200 --> 00:00:46,600 Speaker 1: try to talk about on a regular basis is trying 16 00:00:46,640 --> 00:00:49,639 Speaker 1: to help you understand what's going on. And we understand 17 00:00:49,680 --> 00:00:52,400 Speaker 1: things by taking complex subjects and we make them easy 18 00:00:52,440 --> 00:00:54,680 Speaker 1: to understand by taking them down to what we call 19 00:00:54,800 --> 00:00:57,840 Speaker 1: first principles level. They're most basic, and once we understand 20 00:00:57,880 --> 00:01:00,520 Speaker 1: them on the first principles level, then we're able to 21 00:01:00,640 --> 00:01:03,600 Speaker 1: understand them at a more complex level. But we're also 22 00:01:03,640 --> 00:01:08,360 Speaker 1: able to start to formulate our own ideas off of them. 23 00:01:08,400 --> 00:01:10,600 Speaker 1: If you don't take the time to understand things down 24 00:01:10,640 --> 00:01:14,759 Speaker 1: to the base layer, first first principles, then you're never 25 00:01:14,800 --> 00:01:16,920 Speaker 1: really gonna understand them. You'll never be able to think 26 00:01:16,920 --> 00:01:19,080 Speaker 1: about the money, and you'll never be able to formulate 27 00:01:19,120 --> 00:01:22,600 Speaker 1: your ideas. All you'll be doing is just partying headlines 28 00:01:22,680 --> 00:01:24,520 Speaker 1: that you see over and over and over. Now you 29 00:01:24,560 --> 00:01:26,319 Speaker 1: don't want to do that, do you, because then you'll 30 00:01:26,360 --> 00:01:28,440 Speaker 1: find out just you know, repeating a headline, and you 31 00:01:28,480 --> 00:01:30,680 Speaker 1: won't really know what you're saying, and then someone's gonna 32 00:01:31,040 --> 00:01:33,080 Speaker 1: be smarter than you and they're gonna make you feel dumb. 33 00:01:33,120 --> 00:01:34,600 Speaker 1: And you don't want that to happen. And I certainly 34 00:01:34,600 --> 00:01:36,640 Speaker 1: don't want that to happen to you. So we'll try 35 00:01:36,680 --> 00:01:39,479 Speaker 1: to break these things down so you have that education 36 00:01:39,640 --> 00:01:42,360 Speaker 1: here on the Mark Moss Show. Now you know, I 37 00:01:42,440 --> 00:01:45,640 Speaker 1: was recently last weekend, I was speaking at an event 38 00:01:45,680 --> 00:01:48,960 Speaker 1: in Las Vegas called Freedom Fest. It was an awesome event. 39 00:01:49,040 --> 00:01:52,200 Speaker 1: Now I go to a lot of events. I've probably 40 00:01:52,200 --> 00:01:56,040 Speaker 1: going to weigh too many events recently. I'm thinking about 41 00:01:56,240 --> 00:01:59,480 Speaker 1: scaling back on some of my speaking engagements. But I 42 00:01:59,560 --> 00:02:01,080 Speaker 1: really like this one because it was something that I 43 00:02:01,120 --> 00:02:04,720 Speaker 1: don't normally do. So I'm typically at financial conferences, which 44 00:02:04,720 --> 00:02:06,600 Speaker 1: of course that's my niche. So you'll see me at 45 00:02:06,880 --> 00:02:10,280 Speaker 1: financial conferences. Like a couple of last month, I was 46 00:02:10,280 --> 00:02:13,000 Speaker 1: in Miami at the Rebel Capitalist Live. Of course my 47 00:02:13,080 --> 00:02:16,320 Speaker 1: own events that I do, market Disruptors Live. We have 48 00:02:16,360 --> 00:02:18,920 Speaker 1: tickets going on sale for next year's event, Market Disruptors 49 00:02:19,000 --> 00:02:22,120 Speaker 1: Live dot com. You can check that out, um. But 50 00:02:22,200 --> 00:02:25,040 Speaker 1: also you know other financial events, bitcoin events. The Bitcoin 51 00:02:25,160 --> 00:02:28,040 Speaker 1: Event in Miami, it's the largest bitcoin gathering. There's about 52 00:02:28,080 --> 00:02:31,160 Speaker 1: forty thousand people there, and of course yours truly. I 53 00:02:31,200 --> 00:02:33,840 Speaker 1: was a speaker on the main stage. They're talking about 54 00:02:33,840 --> 00:02:36,760 Speaker 1: bitcoin in Macro. I was also I worked the news 55 00:02:36,760 --> 00:02:38,640 Speaker 1: desk for a couple of hours. So anyway, I'm at 56 00:02:38,639 --> 00:02:42,160 Speaker 1: those types of events finance, bitcoin, et cetera. But this 57 00:02:42,280 --> 00:02:44,640 Speaker 1: Freedom Fest was something that I don't normally do. It 58 00:02:44,720 --> 00:02:48,440 Speaker 1: was just about freedom. That's a big word. As a 59 00:02:48,480 --> 00:02:50,280 Speaker 1: matter of fact, today it's sort of a dirty word. 60 00:02:51,240 --> 00:02:54,359 Speaker 1: I can't believe that I'm alive to see that some 61 00:02:54,440 --> 00:02:57,760 Speaker 1: people think that freedom is like some crazy fringe right 62 00:02:57,840 --> 00:03:02,560 Speaker 1: wing or something like that. Uh, freedom is dangerous, it's violence. 63 00:03:02,760 --> 00:03:06,440 Speaker 1: I would agree it actually is dangerous, um to let 64 00:03:06,480 --> 00:03:09,600 Speaker 1: people be free, but that's part of being free. So anyway, 65 00:03:09,639 --> 00:03:11,720 Speaker 1: Freedom Fest, and it was about all types of freedom. 66 00:03:11,760 --> 00:03:14,840 Speaker 1: So there was you know, quite a few um uh 67 00:03:15,040 --> 00:03:17,160 Speaker 1: libertarian groups that were there. As a matter of fact, 68 00:03:17,160 --> 00:03:19,800 Speaker 1: I was invited by Joe Jorgensen. Shout out to Joe 69 00:03:20,360 --> 00:03:23,519 Speaker 1: if you're listening, Joe, Um. She is the I believe, 70 00:03:23,680 --> 00:03:28,520 Speaker 1: the only female who's ran for president two times, and 71 00:03:28,560 --> 00:03:31,160 Speaker 1: she's ran for president under the Libertarian Party. So Joe 72 00:03:31,240 --> 00:03:33,959 Speaker 1: Jorgenson invited me there and we did a panel on 73 00:03:34,320 --> 00:03:39,440 Speaker 1: UM titled uh the Price of Money. It was interesting 74 00:03:39,440 --> 00:03:41,960 Speaker 1: panel UM. It started out really well. It kind of 75 00:03:42,000 --> 00:03:44,600 Speaker 1: started going into this kind of like back and forth 76 00:03:44,640 --> 00:03:47,560 Speaker 1: war against a bunch of different cryptocurrencies was one I 77 00:03:47,600 --> 00:03:51,560 Speaker 1: wasn't super interested engaging in. But the initial price of 78 00:03:51,600 --> 00:03:53,880 Speaker 1: money I thought was pretty interesting. And so then I 79 00:03:53,880 --> 00:03:55,400 Speaker 1: got to speak to lots of people there at the 80 00:03:55,400 --> 00:03:57,080 Speaker 1: Freedom Fest, and like I said, there was people from 81 00:03:57,120 --> 00:04:00,800 Speaker 1: the Liberal Libertarian Party. There was people there for monetary 82 00:04:01,000 --> 00:04:03,800 Speaker 1: or money freedoms um. So there was gold guys and 83 00:04:04,000 --> 00:04:08,200 Speaker 1: investment guys um. And then there was health freedom. So 84 00:04:08,240 --> 00:04:10,000 Speaker 1: then there was some of the big names that you 85 00:04:10,080 --> 00:04:13,000 Speaker 1: might know, like Dell Big Tree or Dr Robert Malone. 86 00:04:13,040 --> 00:04:14,920 Speaker 1: They're on health freedom, so all different types of freedom. 87 00:04:15,480 --> 00:04:17,360 Speaker 1: One thing that Del big Tree said, if you guys 88 00:04:17,400 --> 00:04:19,360 Speaker 1: don't know who Del big Tree is, you should definitely 89 00:04:19,400 --> 00:04:22,520 Speaker 1: check them out. Um, he has a lot of passion. 90 00:04:22,760 --> 00:04:24,720 Speaker 1: I love a guy with a lot of passion. And 91 00:04:24,760 --> 00:04:27,279 Speaker 1: he was he was on a rant and he was 92 00:04:27,320 --> 00:04:30,320 Speaker 1: on stage and he said, I don't care about your money. 93 00:04:30,839 --> 00:04:32,680 Speaker 1: I think that was kind of a point to bitcoiner 94 00:04:32,880 --> 00:04:35,400 Speaker 1: or gold I don't care about your money. I don't 95 00:04:35,440 --> 00:04:37,799 Speaker 1: care or freedom of money. I don't care about freedom 96 00:04:37,800 --> 00:04:40,359 Speaker 1: of guns. In your Second Amendment. He said, this is 97 00:04:40,400 --> 00:04:43,760 Speaker 1: the battle of our lifetime over your body. If you 98 00:04:43,839 --> 00:04:46,839 Speaker 1: don't have freedom over your own body, you have no 99 00:04:46,920 --> 00:04:48,919 Speaker 1: freedom at all, which was an awesome point that he 100 00:04:49,000 --> 00:04:51,279 Speaker 1: made and one that I would agree with. So it 101 00:04:51,320 --> 00:04:52,920 Speaker 1: was great to do that. But anyway, back to the point. 102 00:04:53,080 --> 00:04:55,080 Speaker 1: So I with on this panel and I'm walking around 103 00:04:55,120 --> 00:04:57,040 Speaker 1: the conference. I'm talking to all these different people who 104 00:04:57,080 --> 00:04:59,000 Speaker 1: are all from different areas of life, and they've come 105 00:04:59,040 --> 00:05:02,599 Speaker 1: for all different reasons except for all about freedom. And 106 00:05:02,600 --> 00:05:04,880 Speaker 1: I gotta asked a lot of questions, and um, I 107 00:05:05,000 --> 00:05:12,279 Speaker 1: found that there's just this massive, um misunderstanding, but also yeah, misunderstanding. 108 00:05:12,320 --> 00:05:15,039 Speaker 1: I guess lack of understanding. Maybe even is a better 109 00:05:15,160 --> 00:05:20,000 Speaker 1: term of what money even is. And I know that 110 00:05:20,080 --> 00:05:22,960 Speaker 1: sounds kind of basic, and don't turn me off, Ye, 111 00:05:23,040 --> 00:05:24,720 Speaker 1: don't turn me off yet. I'm gonna I'm gonna back 112 00:05:24,720 --> 00:05:26,200 Speaker 1: it up, right. So what is money? Well, I know 113 00:05:26,240 --> 00:05:27,640 Speaker 1: what money is. I can open up my wallet, I 114 00:05:27,640 --> 00:05:28,920 Speaker 1: have somewhere, I can go on my ban account, I 115 00:05:28,920 --> 00:05:30,640 Speaker 1: can see how much money I have. But what is it? 116 00:05:31,680 --> 00:05:34,240 Speaker 1: How is it used? What does it mean? And uh, 117 00:05:35,120 --> 00:05:37,680 Speaker 1: understand that is the key to understanding what the heck 118 00:05:37,760 --> 00:05:39,400 Speaker 1: is going on today in the world, with the foot 119 00:05:39,440 --> 00:05:42,599 Speaker 1: of reserve and printing more money and raising interest rates 120 00:05:42,640 --> 00:05:45,120 Speaker 1: and the economy shrinking and all these things. So there's 121 00:05:45,160 --> 00:05:48,160 Speaker 1: that whole thing going on. Um, so you need to 122 00:05:48,240 --> 00:05:52,080 Speaker 1: understand what money is to understand that, but also, um, 123 00:05:52,200 --> 00:05:54,039 Speaker 1: how we could fix that, how we could have better 124 00:05:54,160 --> 00:05:56,560 Speaker 1: versions of that, and what we might have in the future. 125 00:05:56,839 --> 00:05:58,680 Speaker 1: And if you don't understand those basic things, then you 126 00:05:58,839 --> 00:06:02,080 Speaker 1: just really don't have that first principles understand to build 127 00:06:02,080 --> 00:06:03,520 Speaker 1: that on. So I thought, you know what, I'll take 128 00:06:03,560 --> 00:06:05,800 Speaker 1: some of these questions and I spent hours and hours 129 00:06:05,800 --> 00:06:07,600 Speaker 1: and hours talking to all these people there at the event. 130 00:06:08,000 --> 00:06:09,599 Speaker 1: Let let me let me talk about this to my 131 00:06:09,640 --> 00:06:13,719 Speaker 1: audience here. UM, that's you, that's you listening right now, 132 00:06:13,960 --> 00:06:16,680 Speaker 1: and and we'll try to break that down. So understanding 133 00:06:16,720 --> 00:06:18,560 Speaker 1: money is is difficult. I'm not gonna go all the 134 00:06:18,600 --> 00:06:21,000 Speaker 1: back to the beginning, or maybe I will real quickly. 135 00:06:21,120 --> 00:06:22,600 Speaker 1: Let me let me go back to the beginning, real quickly, 136 00:06:22,600 --> 00:06:25,240 Speaker 1: and then we're gonna advance past that. So if you're 137 00:06:25,520 --> 00:06:28,000 Speaker 1: if you're if you know what I'm talking about, stick 138 00:06:28,040 --> 00:06:29,440 Speaker 1: with me. I'm gonna go through it real quickly. By 139 00:06:29,440 --> 00:06:31,440 Speaker 1: the way, if you're just tuning in, you're listening to 140 00:06:31,480 --> 00:06:34,120 Speaker 1: the Mark Moss Show talking about what I call the 141 00:06:34,200 --> 00:06:37,680 Speaker 1: decentralized Revolution, looking at through the lens of politics, finance, 142 00:06:37,720 --> 00:06:40,560 Speaker 1: and technology and as the world is changing right before 143 00:06:40,560 --> 00:06:44,640 Speaker 1: our very eyes. And so what is money? Money is 144 00:06:44,680 --> 00:06:48,360 Speaker 1: a medium of exchange. Money is something that communicates value. Um. 145 00:06:48,400 --> 00:06:51,880 Speaker 1: It communicates um, what people want and what they don't 146 00:06:51,880 --> 00:06:55,480 Speaker 1: want through something called price signals. It coordinates economies. So 147 00:06:55,520 --> 00:06:58,000 Speaker 1: we could say it's a communication. We can say that 148 00:06:58,040 --> 00:06:59,800 Speaker 1: it's a store of value. I don't want to get 149 00:06:59,800 --> 00:07:03,120 Speaker 1: super philosophical with you here, but Basically, it's a way 150 00:07:03,120 --> 00:07:05,359 Speaker 1: that I can store my value to be used at 151 00:07:05,400 --> 00:07:07,560 Speaker 1: a later time. So I can store my wealth, my value, 152 00:07:07,600 --> 00:07:10,200 Speaker 1: and I can use it to buy other things medium exchange. 153 00:07:10,560 --> 00:07:13,120 Speaker 1: We don't need money, we don't. We don't want money. 154 00:07:13,960 --> 00:07:15,560 Speaker 1: Now you might be go, what do you mean? Of 155 00:07:15,600 --> 00:07:16,880 Speaker 1: course I want money, I want I want a bunch 156 00:07:16,880 --> 00:07:18,960 Speaker 1: of money, as I can, Well, you don't really want money. 157 00:07:19,040 --> 00:07:21,880 Speaker 1: What you want is the things that money will buy you. 158 00:07:22,320 --> 00:07:25,120 Speaker 1: That's what you want. You want the things that money 159 00:07:25,160 --> 00:07:28,480 Speaker 1: will buy you. So money is just that medium medium exchange. 160 00:07:28,600 --> 00:07:31,640 Speaker 1: It allows us to get what we want. It also, 161 00:07:31,760 --> 00:07:34,520 Speaker 1: as I said, stores that value. So for example, let's 162 00:07:34,520 --> 00:07:36,679 Speaker 1: just say that I have to work for four hours 163 00:07:36,720 --> 00:07:40,239 Speaker 1: a day to earn enough money to buy the food 164 00:07:40,280 --> 00:07:42,320 Speaker 1: that I need to stay alive. Well, let's say that 165 00:07:42,320 --> 00:07:43,960 Speaker 1: I decided to work an extra four hours. So now 166 00:07:44,000 --> 00:07:45,520 Speaker 1: I'm gonna work eight hours that day. So I work 167 00:07:45,560 --> 00:07:48,000 Speaker 1: an extra four hours. What do I do? How do 168 00:07:48,040 --> 00:07:52,080 Speaker 1: I store that energy that was four hours that I worked? Well, 169 00:07:52,240 --> 00:07:54,240 Speaker 1: I could put it. I get I get paid in money, 170 00:07:54,240 --> 00:07:57,360 Speaker 1: and I hold that money. Now that four hours, that 171 00:07:57,280 --> 00:07:59,120 Speaker 1: that extra that I worked, I'm storing it in money 172 00:07:59,160 --> 00:08:02,520 Speaker 1: and tomorrow I could decide not to work tomorrow because 173 00:08:02,560 --> 00:08:04,400 Speaker 1: I have those four hours saved up and I can 174 00:08:04,440 --> 00:08:05,760 Speaker 1: buy that food that I need for the next day. 175 00:08:05,880 --> 00:08:09,280 Speaker 1: That makes sense. So now that we have a very 176 00:08:09,280 --> 00:08:12,880 Speaker 1: basic understanding of money, what it's used for, how it works, 177 00:08:12,920 --> 00:08:16,640 Speaker 1: we also have to understand that money is emergent. So 178 00:08:17,000 --> 00:08:19,600 Speaker 1: what do I mean by that? Well, again, we don't 179 00:08:19,600 --> 00:08:22,440 Speaker 1: want money. What we want is that things that money 180 00:08:22,520 --> 00:08:25,600 Speaker 1: will buy us. So in the beginning, we didn't have money. 181 00:08:25,600 --> 00:08:27,440 Speaker 1: We just had barter. I would trade you a chicken, 182 00:08:27,480 --> 00:08:29,360 Speaker 1: you trade me a goat. Right, if we're on a 183 00:08:29,360 --> 00:08:31,800 Speaker 1: deserted island, you'd have coconuts. I'd go get a fish, 184 00:08:32,000 --> 00:08:33,960 Speaker 1: and we trade for the things that we really want. 185 00:08:34,160 --> 00:08:36,920 Speaker 1: But what happened is barter is extremely inefficient and it 186 00:08:36,920 --> 00:08:39,640 Speaker 1: doesn't scale because you might not want my coconuts, my fish, 187 00:08:39,720 --> 00:08:41,520 Speaker 1: my chicken, or my goat. And if you don't want 188 00:08:41,520 --> 00:08:44,160 Speaker 1: any of those things, or the goat or the cow 189 00:08:44,280 --> 00:08:47,040 Speaker 1: is too big, it's not divisible enough. You only want 190 00:08:47,040 --> 00:08:48,360 Speaker 1: a little bit of the cow. But I only have 191 00:08:48,400 --> 00:08:50,920 Speaker 1: a whole cow. And so well, if you don't take 192 00:08:51,000 --> 00:08:53,360 Speaker 1: my if you won't take that, would you take this instead? 193 00:08:53,880 --> 00:08:57,160 Speaker 1: And that thing becomes a medium of exchange, and eventually 194 00:08:57,360 --> 00:09:00,520 Speaker 1: enough thing has become a medium exchange that one merges. 195 00:09:01,080 --> 00:09:02,480 Speaker 1: I'm gonna come back with that and more than we're 196 00:09:02,520 --> 00:09:05,480 Speaker 1: gonna go into talking about different types of assets, assets 197 00:09:05,559 --> 00:09:08,760 Speaker 1: versus liabilities, commodity money, why we need debt for velocity, 198 00:09:08,960 --> 00:09:12,400 Speaker 1: the revolution that has happened that we're witnessing right now, 199 00:09:12,480 --> 00:09:14,640 Speaker 1: and what most people are missing and what you need 200 00:09:14,720 --> 00:09:16,400 Speaker 1: to know in order to succeed. You listen to the 201 00:09:16,400 --> 00:09:20,520 Speaker 1: Mark mo Show talking about the decentralized revolution, talking about bitcoin, 202 00:09:20,559 --> 00:09:23,960 Speaker 1: cryptocurrencies and talking about the through the lens of politics, finance, 203 00:09:24,040 --> 00:09:27,520 Speaker 1: and technology. And today we're talking about money and new 204 00:09:27,559 --> 00:09:30,280 Speaker 1: forms of money and why you need to understand this. Um, 205 00:09:30,320 --> 00:09:31,520 Speaker 1: I'll be back with that and more in a minute. 206 00:09:31,520 --> 00:09:33,920 Speaker 1: Don't go away, all right, Welcome back. You are listening 207 00:09:34,000 --> 00:09:36,319 Speaker 1: to the Mark Ma Show as we talk about each 208 00:09:36,360 --> 00:09:39,480 Speaker 1: and every week, the decentralized revolution, the way the world 209 00:09:39,559 --> 00:09:41,760 Speaker 1: is changing right before our very eyes. Of course, we 210 00:09:41,760 --> 00:09:45,360 Speaker 1: look at it through the lens of politics, finance, and technology, 211 00:09:45,720 --> 00:09:49,040 Speaker 1: so there's more context into what's happening today. A lot 212 00:09:49,080 --> 00:09:51,319 Speaker 1: of people talking about politics, but what does it mean 213 00:09:51,320 --> 00:09:52,800 Speaker 1: in the bigger context of things? That a lot of 214 00:09:52,840 --> 00:09:56,240 Speaker 1: people talking about money or finance or investing, but what 215 00:09:56,280 --> 00:09:58,079 Speaker 1: does that mean in the bigger context? And of course 216 00:09:59,120 --> 00:10:03,280 Speaker 1: I'm bringing it all together there for you, money, finance, politics, technology, 217 00:10:03,440 --> 00:10:07,880 Speaker 1: and the decentralized revolution of course being led by bitcoin, 218 00:10:08,520 --> 00:10:11,280 Speaker 1: the decentralized technology. Now we were talking about before the break, 219 00:10:11,320 --> 00:10:15,040 Speaker 1: talking about what is money? And more specifically, so you 220 00:10:15,040 --> 00:10:18,760 Speaker 1: can understand what's going on today with inflation and the 221 00:10:18,800 --> 00:10:20,840 Speaker 1: FED and how are they going to print more money? 222 00:10:20,920 --> 00:10:23,080 Speaker 1: And what's happening with Europe and the bonds and all 223 00:10:23,120 --> 00:10:24,920 Speaker 1: of these things, and so you have to understand them 224 00:10:24,920 --> 00:10:26,840 Speaker 1: at the most basic. As I was saying, I was 225 00:10:27,000 --> 00:10:29,600 Speaker 1: speaking at the Freedom FESTUS last weekend, and this one 226 00:10:29,640 --> 00:10:32,200 Speaker 1: piece of information, this seemed to be the biggest stumbling 227 00:10:32,200 --> 00:10:34,600 Speaker 1: box for everybody. So I thought we'd talked about that today. 228 00:10:34,679 --> 00:10:37,520 Speaker 1: So we talked about what is money. I'm not gonna 229 00:10:37,520 --> 00:10:39,240 Speaker 1: go back and rehash that. If you missed it, you 230 00:10:39,280 --> 00:10:42,320 Speaker 1: can you can check it out on the podcast check 231 00:10:42,360 --> 00:10:44,920 Speaker 1: out Mark Moss podcast. Just search that on the I 232 00:10:45,000 --> 00:10:46,800 Speaker 1: Heart Radio app. Of course you can check it out 233 00:10:46,800 --> 00:10:50,439 Speaker 1: on iTunes anywhere that you listen to podcasts. Oh and 234 00:10:50,480 --> 00:10:51,880 Speaker 1: by the way, while you're at it check me out 235 00:10:51,920 --> 00:10:54,280 Speaker 1: on social media at one Mark Moss. That's right, at 236 00:10:54,320 --> 00:10:59,000 Speaker 1: the number one Mark Moss. Now, um, so what is money? So? Um, 237 00:10:59,200 --> 00:11:01,480 Speaker 1: money is like this favor. It allows me to store 238 00:11:01,480 --> 00:11:03,280 Speaker 1: my value so I can spend it at a later time. 239 00:11:03,880 --> 00:11:06,319 Speaker 1: So we got past that. Um, what what we use 240 00:11:06,440 --> 00:11:08,839 Speaker 1: as money is emergent. We used to do barter because 241 00:11:08,880 --> 00:11:10,680 Speaker 1: what we really want is the food or the goods 242 00:11:10,760 --> 00:11:12,880 Speaker 1: or services, and we'd barter, but then we didn't have 243 00:11:13,240 --> 00:11:15,719 Speaker 1: Um if if I didn't want my chick, if I 244 00:11:15,880 --> 00:11:17,199 Speaker 1: didn't want your chicken, you don't want my goat, we 245 00:11:17,200 --> 00:11:19,240 Speaker 1: didn't have a deal. So we used a medium of exchange. 246 00:11:19,280 --> 00:11:22,480 Speaker 1: We trade this instead, and eventually enough things became used 247 00:11:22,520 --> 00:11:25,480 Speaker 1: as a medium exchange where one thing emerged as the best, 248 00:11:25,520 --> 00:11:27,360 Speaker 1: and of course that was gold. Gold was money for 249 00:11:27,400 --> 00:11:30,880 Speaker 1: five thousand years. You have to have the right attributes 250 00:11:31,200 --> 00:11:33,439 Speaker 1: for it to be a good form of money. So, 251 00:11:33,520 --> 00:11:36,960 Speaker 1: for example, it needs to be portable, It needs to 252 00:11:37,000 --> 00:11:40,160 Speaker 1: be durable, It needs to be divisible and needs to 253 00:11:40,200 --> 00:11:44,040 Speaker 1: be salable. It needs to be fungible. Probably gonna spend 254 00:11:44,040 --> 00:11:45,720 Speaker 1: a bunch of time breaking all of those things down, 255 00:11:46,600 --> 00:11:50,520 Speaker 1: but durable makes sense, right if you used bananas for money, Well, 256 00:11:50,600 --> 00:11:52,640 Speaker 1: within about five days, those bananas are rotten, So it 257 00:11:52,679 --> 00:11:54,400 Speaker 1: wouldn't be a very good form of money. Any type 258 00:11:54,400 --> 00:11:56,000 Speaker 1: of food wouldn't be a good form of money. It's 259 00:11:56,080 --> 00:11:59,480 Speaker 1: it's not durable. It also needs to be divisible, so 260 00:11:59,520 --> 00:12:01,559 Speaker 1: if it was a cow, a cow wouldn't really work 261 00:12:01,559 --> 00:12:04,120 Speaker 1: because you can't really break a cow down into small pieces. 262 00:12:04,559 --> 00:12:07,319 Speaker 1: It also needs to be fungible, which means one is 263 00:12:07,360 --> 00:12:10,640 Speaker 1: always worth one. So for example, you've seen like the oldest, 264 00:12:10,720 --> 00:12:13,719 Speaker 1: dirtiest dollar bill you've ever seen that has tears in it, 265 00:12:14,080 --> 00:12:17,360 Speaker 1: um is still worth the same as one brand new 266 00:12:17,440 --> 00:12:21,720 Speaker 1: crisp dollar bill. They're they're fungible. And so of course, uh, 267 00:12:21,840 --> 00:12:24,840 Speaker 1: animals aren't fungible, right, things like that aren't fungible. Baseball 268 00:12:24,880 --> 00:12:29,000 Speaker 1: cards aren't fungible. Um, which is and then and then finally, uh, 269 00:12:29,200 --> 00:12:32,079 Speaker 1: we need to be sailable, so enough people have to 270 00:12:32,120 --> 00:12:34,240 Speaker 1: be willing to take it, so it could have all 271 00:12:34,240 --> 00:12:35,720 Speaker 1: those attributes. But if no one's willing to take it 272 00:12:35,720 --> 00:12:37,280 Speaker 1: from you within, it's not a very good form of money. 273 00:12:37,920 --> 00:12:40,240 Speaker 1: Um and and uh and that that kind of sums 274 00:12:40,240 --> 00:12:42,880 Speaker 1: it up. And that's why gold really fit that bill. 275 00:12:42,960 --> 00:12:46,199 Speaker 1: The problem with gold is not real portable. Now I 276 00:12:46,200 --> 00:12:47,920 Speaker 1: can put gold coins in my pocket and you and 277 00:12:47,920 --> 00:12:51,600 Speaker 1: I can exchange. That's fine. But in the information age, 278 00:12:51,800 --> 00:12:55,080 Speaker 1: gold doesn't work. I can't send you gold over zoom 279 00:12:55,120 --> 00:12:58,199 Speaker 1: and so, um, it didn't work. Actually gold failed along 280 00:12:58,080 --> 00:13:02,880 Speaker 1: longer before that, and it failed because it's not portable. 281 00:13:03,320 --> 00:13:07,400 Speaker 1: And this is an important piece to understand. So, um gold, 282 00:13:08,040 --> 00:13:10,199 Speaker 1: because it wasn't portable, I needed to pay somebody. I'm 283 00:13:10,200 --> 00:13:13,840 Speaker 1: in New York, somebody's in Germany in the four hundreds, 284 00:13:13,920 --> 00:13:16,320 Speaker 1: or what do we do? Well, we don't really have 285 00:13:16,360 --> 00:13:18,000 Speaker 1: a deal. And what we could do is we could 286 00:13:18,000 --> 00:13:19,400 Speaker 1: put a bunch of gold on ships and we could 287 00:13:19,400 --> 00:13:21,880 Speaker 1: sell it across the Atlantic. But then the ship's crash 288 00:13:21,960 --> 00:13:24,719 Speaker 1: and they get taken over by pirates and all that. 289 00:13:24,760 --> 00:13:27,719 Speaker 1: So that's not very that's not very very good. So 290 00:13:27,880 --> 00:13:31,839 Speaker 1: what did we do? How did we solve that? Um? Now, 291 00:13:31,880 --> 00:13:35,959 Speaker 1: real quick? That would be what we would consider commodity money. 292 00:13:36,120 --> 00:13:38,720 Speaker 1: So commodity money would typically being that there's a there's 293 00:13:38,720 --> 00:13:41,000 Speaker 1: an evolution, and this is a big piece that people miss. 294 00:13:41,360 --> 00:13:44,319 Speaker 1: There's an evolution to this, and so a lot of 295 00:13:44,320 --> 00:13:47,400 Speaker 1: people are very quick to dismiss new things today because 296 00:13:47,440 --> 00:13:50,800 Speaker 1: I don't know, it's it's not that today. So bitcoin 297 00:13:50,920 --> 00:13:53,720 Speaker 1: isn't the best medium exchange day it's too volatile. Okay, 298 00:13:53,760 --> 00:13:55,440 Speaker 1: well maybe that's today, But does that mean it will 299 00:13:55,520 --> 00:13:58,400 Speaker 1: always be that way? Um? If we saw a little 300 00:13:58,440 --> 00:14:01,640 Speaker 1: oak tree in the forest, UM, and I said, hey, 301 00:14:01,679 --> 00:14:03,280 Speaker 1: imagine this oak tree is gonna be a harder foot 302 00:14:03,320 --> 00:14:04,760 Speaker 1: one day, and you're like, no way, look how small 303 00:14:04,800 --> 00:14:07,240 Speaker 1: it is. I'm like, but it has the attributes. It's 304 00:14:07,320 --> 00:14:09,560 Speaker 1: it's an oak tree. But no, it can never be 305 00:14:09,600 --> 00:14:12,360 Speaker 1: that way. But you have to understand things can evolve, UM. 306 00:14:12,400 --> 00:14:15,120 Speaker 1: And so things will typically evolve starting with a collectible. 307 00:14:15,120 --> 00:14:17,840 Speaker 1: Hey this is pretty cool. It's collectible. Let's collect it, right. 308 00:14:17,880 --> 00:14:20,560 Speaker 1: It's a cool it's a shiny rock, it's a cool feather. Um. 309 00:14:20,600 --> 00:14:23,720 Speaker 1: And then eventually things can become stores of value where 310 00:14:23,760 --> 00:14:25,960 Speaker 1: if enough people collect them, then we store wealth there. 311 00:14:26,160 --> 00:14:28,160 Speaker 1: And you see that with rich people today they store 312 00:14:28,200 --> 00:14:31,840 Speaker 1: their wealth in um collectible cars or or paintings or 313 00:14:31,840 --> 00:14:35,280 Speaker 1: things like that. UM. And then um, eventually it could 314 00:14:35,320 --> 00:14:38,360 Speaker 1: evolve into a medium of exchange, but only if it 315 00:14:38,440 --> 00:14:41,240 Speaker 1: has those qualities that I've given you before. Now, a 316 00:14:41,320 --> 00:14:44,880 Speaker 1: Mona Lisa painting is a collectible. UM. That has become 317 00:14:44,880 --> 00:14:47,200 Speaker 1: a store of value. People are putting their value into 318 00:14:47,200 --> 00:14:49,920 Speaker 1: those things, but it can't really become a medium exchange 319 00:14:49,920 --> 00:14:52,320 Speaker 1: because it doesn't have the money properties. It's not divisible, 320 00:14:53,120 --> 00:14:56,520 Speaker 1: it's not portable, right, it makes sense, it's not fungible. Well, 321 00:14:56,600 --> 00:14:59,160 Speaker 1: there's only one mona Lisa painting, um, so it's it 322 00:14:59,200 --> 00:15:02,000 Speaker 1: doesn't have the in this quality, so it stops evolving there. 323 00:15:02,360 --> 00:15:05,600 Speaker 1: And it's important to understand that we've had commodity money 324 00:15:05,600 --> 00:15:07,840 Speaker 1: in the past, So commodity would mean that it has 325 00:15:07,880 --> 00:15:11,320 Speaker 1: to be something that's useful or needed, and so gold 326 00:15:11,560 --> 00:15:14,120 Speaker 1: was used for electronics, right, there was a need. You're 327 00:15:14,120 --> 00:15:16,840 Speaker 1: gonna listen to people like Peter Schiff tell you that 328 00:15:17,360 --> 00:15:21,320 Speaker 1: gold has intrinsic value. There's intrinsic value. Their money must 329 00:15:21,400 --> 00:15:24,640 Speaker 1: have intrinsic value. And I'm surprised that Peter Shift says 330 00:15:24,680 --> 00:15:28,040 Speaker 1: that because he's a very strong Austrian economist, um, and 331 00:15:28,040 --> 00:15:30,760 Speaker 1: he should understand that there is no such thing as 332 00:15:30,880 --> 00:15:35,760 Speaker 1: intrinsic value. That all value is subjective. All value subjective. 333 00:15:36,760 --> 00:15:38,720 Speaker 1: If I had a billion dollars of gold, but I 334 00:15:38,760 --> 00:15:40,480 Speaker 1: was on a deserted island and I had no boat, 335 00:15:40,520 --> 00:15:43,520 Speaker 1: no phone, no food, no water, nowhere to spend the money. 336 00:15:43,560 --> 00:15:47,760 Speaker 1: That gold is worthless. It's completely worthless to me. As 337 00:15:47,760 --> 00:15:49,480 Speaker 1: a matter of fact, it could be a liability because 338 00:15:49,520 --> 00:15:50,880 Speaker 1: now how do I even carry that around on the 339 00:15:50,880 --> 00:15:53,400 Speaker 1: deserted island, So it's worth it's worth nothing to me. 340 00:15:53,440 --> 00:15:56,440 Speaker 1: There's no intrinsic value to it. Now you might say, 341 00:15:56,480 --> 00:15:58,720 Speaker 1: well food, Then food would have intrinsic value, because if 342 00:15:58,720 --> 00:16:00,080 Speaker 1: you had it on the deserted island, that food to 343 00:16:00,080 --> 00:16:02,920 Speaker 1: be worth a lot. Yes, But last night at dinner, 344 00:16:03,120 --> 00:16:06,400 Speaker 1: I threw my leftovers away. That food had no value 345 00:16:06,400 --> 00:16:11,720 Speaker 1: to me, see what I'm saying. So it's all subjective. Now, um, 346 00:16:11,760 --> 00:16:16,480 Speaker 1: you know, for those leftovers, if I was hungry, I mean, 347 00:16:16,640 --> 00:16:19,760 Speaker 1: if I was really hungry, maybe to be worth money 348 00:16:19,880 --> 00:16:21,280 Speaker 1: less than what it would cost me to go buy 349 00:16:21,320 --> 00:16:23,600 Speaker 1: the full meal. So let's say I was a homeless 350 00:16:23,640 --> 00:16:26,400 Speaker 1: you know, homeless or whatever, and it's a thirty dollar steak. 351 00:16:26,440 --> 00:16:28,600 Speaker 1: Maybe I'll pay five bucks for a piece of that steak. 352 00:16:29,200 --> 00:16:31,520 Speaker 1: But if I was on that deserted island and there 353 00:16:31,560 --> 00:16:34,200 Speaker 1: was that piece of steak, I would give my entire 354 00:16:34,280 --> 00:16:39,480 Speaker 1: life savings for that. So again, value is subjective. Hopefully 355 00:16:39,480 --> 00:16:43,359 Speaker 1: that makes sense and you have to understand that. Uh, 356 00:16:43,720 --> 00:16:46,760 Speaker 1: and because of what we have today. So money started 357 00:16:46,760 --> 00:16:51,240 Speaker 1: out as commodity money gold, it had value, and then 358 00:16:51,280 --> 00:16:56,120 Speaker 1: it had money no as properties, durable, portable, divisible, etcetera. 359 00:16:56,280 --> 00:16:59,640 Speaker 1: But then something changed. And this is the key piece 360 00:16:59,640 --> 00:17:02,080 Speaker 1: to under stand, because if you can understand this key piece, 361 00:17:02,400 --> 00:17:06,000 Speaker 1: then you can understand the revolution that we have today. 362 00:17:06,119 --> 00:17:09,560 Speaker 1: More importantly, you can understand what we're going to need 363 00:17:09,640 --> 00:17:12,399 Speaker 1: to transform the world. This is a very key piece. 364 00:17:13,160 --> 00:17:17,000 Speaker 1: And what is that, Well, that's the portability peace. So 365 00:17:17,359 --> 00:17:19,320 Speaker 1: we live in the information age today. We don't live 366 00:17:19,320 --> 00:17:21,520 Speaker 1: in the physical agent anymore. And like I said, we 367 00:17:21,640 --> 00:17:24,199 Speaker 1: use zoom. I can't send you money over zoom. So 368 00:17:24,240 --> 00:17:28,640 Speaker 1: in order to get that gold or any any commodity 369 00:17:28,640 --> 00:17:31,879 Speaker 1: of money for that matter, to become more portable, we 370 00:17:31,960 --> 00:17:34,520 Speaker 1: had to do something to make it have more velocity. 371 00:17:34,520 --> 00:17:37,000 Speaker 1: You've heard this term velocity of money. So in order 372 00:17:37,040 --> 00:17:40,240 Speaker 1: to get this velocity of this money, we had to 373 00:17:40,280 --> 00:17:43,800 Speaker 1: do something. But that is the crux of the problem. 374 00:17:43,840 --> 00:17:47,120 Speaker 1: That's where everything comes off the rails. So I'm gonna 375 00:17:47,119 --> 00:17:49,360 Speaker 1: explain that to you and more so you can understand 376 00:17:49,440 --> 00:17:51,640 Speaker 1: what what's wrong with our money and what we need 377 00:17:51,680 --> 00:17:53,879 Speaker 1: to solve this thing. I'll explain that to you and more. 378 00:17:53,920 --> 00:17:55,800 Speaker 1: You listen to the Markmas Show. By the way, we're 379 00:17:55,800 --> 00:17:58,359 Speaker 1: talking about the decentralized revolution. We're talking about the way 380 00:17:58,359 --> 00:18:00,560 Speaker 1: the world is changing through the lens of politics, finance, 381 00:18:00,680 --> 00:18:04,840 Speaker 1: and technology. Of course, we're talking about bitcoin, and we're 382 00:18:04,840 --> 00:18:06,919 Speaker 1: talking about money today, what it is, so you can 383 00:18:07,000 --> 00:18:09,520 Speaker 1: understand that, you can formulate your own ideas off of it, 384 00:18:09,920 --> 00:18:12,280 Speaker 1: so you're not walking around like a mindless parent party 385 00:18:12,280 --> 00:18:14,040 Speaker 1: and everybody else's thoughts. I'll be right back with that 386 00:18:14,080 --> 00:18:16,439 Speaker 1: and more in a minute. Don't go away, all right, 387 00:18:16,480 --> 00:18:19,280 Speaker 1: welcome back. You are listening to the markma Show, always 388 00:18:19,320 --> 00:18:22,080 Speaker 1: talking to you about the decentralized revolution, talking about the 389 00:18:22,080 --> 00:18:24,879 Speaker 1: way the world is breaking apart and changing right before 390 00:18:24,880 --> 00:18:27,520 Speaker 1: our eyes, which of course is important to understand what 391 00:18:27,560 --> 00:18:30,000 Speaker 1: the heck is going on today more importantly, so you 392 00:18:30,040 --> 00:18:32,160 Speaker 1: know what comes next, and of course we're talking about 393 00:18:32,160 --> 00:18:37,120 Speaker 1: it through the lens of politics, finance, and technology. Of course, 394 00:18:37,119 --> 00:18:41,359 Speaker 1: we're also talking about bitcoin. As you might imagine. Now 395 00:18:41,480 --> 00:18:44,800 Speaker 1: we're talking about money so you can understand the problems 396 00:18:44,800 --> 00:18:46,840 Speaker 1: that we have today and formulate your own ideas off 397 00:18:46,840 --> 00:18:48,439 Speaker 1: of that. We went through a bunch I'm not going 398 00:18:48,480 --> 00:18:50,840 Speaker 1: to recap it. If you've missed it, don't worry. I 399 00:18:50,920 --> 00:18:53,199 Speaker 1: got your back because you can catch me on demand. 400 00:18:53,320 --> 00:18:57,080 Speaker 1: Just search Mark Moss podcast. Find me on any of 401 00:18:57,119 --> 00:19:00,240 Speaker 1: your favorite podcast players, I heart app or I Tunes 402 00:19:00,320 --> 00:19:02,679 Speaker 1: or whatever. So anyway, here we are, Um I was 403 00:19:02,840 --> 00:19:04,840 Speaker 1: I left you at the cliffhanger. If you're still with me, 404 00:19:05,160 --> 00:19:07,639 Speaker 1: I left at the cliffhanger. And the reason why commodity 405 00:19:07,720 --> 00:19:11,159 Speaker 1: money failed commodity money gold. The reason why it failed 406 00:19:11,520 --> 00:19:14,600 Speaker 1: is because it was not portable enough. And so in 407 00:19:14,680 --> 00:19:17,639 Speaker 1: order to move the money faster, we had to do 408 00:19:17,680 --> 00:19:19,680 Speaker 1: something in order to get velocity. You always hear about 409 00:19:19,760 --> 00:19:22,719 Speaker 1: velocity of money. The the economist, the Federal Reserve tell 410 00:19:22,720 --> 00:19:25,879 Speaker 1: you that the velocity of money is too low. And 411 00:19:25,920 --> 00:19:28,000 Speaker 1: so in order to get the money to move faster, 412 00:19:28,080 --> 00:19:30,919 Speaker 1: in order to add velocity, they to do something. And 413 00:19:30,960 --> 00:19:34,480 Speaker 1: that's something is they had to add debt on top 414 00:19:34,520 --> 00:19:38,200 Speaker 1: of it. So gold is a base layer, it's settlement layer. 415 00:19:38,480 --> 00:19:40,080 Speaker 1: If I have the gold, I have the gold. No 416 00:19:40,119 --> 00:19:41,640 Speaker 1: one debates that I have the gold. They can see 417 00:19:41,640 --> 00:19:43,480 Speaker 1: it in my hand. And if I hand you that gold, 418 00:19:43,520 --> 00:19:45,080 Speaker 1: you have the gold, and we see it in your hand. 419 00:19:45,080 --> 00:19:48,320 Speaker 1: And nobody debates that. That's in the physical world. The 420 00:19:48,359 --> 00:19:50,480 Speaker 1: problem is it's very slow. So if I want to 421 00:19:50,480 --> 00:19:52,480 Speaker 1: send it to you in New York or across the sea, 422 00:19:52,480 --> 00:19:55,480 Speaker 1: it's very slow to get it there. So in order 423 00:19:55,520 --> 00:19:57,120 Speaker 1: to get it to go faster, we had to add 424 00:19:57,160 --> 00:19:59,680 Speaker 1: a second layer on top. And that second layer was debt, 425 00:20:01,080 --> 00:20:03,600 Speaker 1: a liability. So what do I mean by that, Well, 426 00:20:03,640 --> 00:20:05,159 Speaker 1: now what we do is we put the gold in 427 00:20:05,200 --> 00:20:07,400 Speaker 1: the bank. So now I don't have the gold and 428 00:20:07,560 --> 00:20:09,639 Speaker 1: you don't have the gold, but neither of us have 429 00:20:09,720 --> 00:20:12,080 Speaker 1: the gold. What we do is we put the gold 430 00:20:12,080 --> 00:20:13,720 Speaker 1: in the bank, and now the bank has the gold 431 00:20:15,720 --> 00:20:18,480 Speaker 1: and they owe me the gold. So instead of me 432 00:20:18,520 --> 00:20:20,040 Speaker 1: having the gold and me owning the gold, and I 433 00:20:20,080 --> 00:20:21,520 Speaker 1: have the golden, everybody knows you have the goal. Now 434 00:20:21,560 --> 00:20:25,600 Speaker 1: the bank owes it to me. It's kind of the same, 435 00:20:26,040 --> 00:20:29,040 Speaker 1: but not really. Obviously, if I have the gold, everyone 436 00:20:29,080 --> 00:20:30,800 Speaker 1: knows I have the gold. As long as I can 437 00:20:30,840 --> 00:20:33,320 Speaker 1: secure the gold, that's my gold. But if the bank 438 00:20:33,359 --> 00:20:36,880 Speaker 1: owes it to me, there's a chance I don't get 439 00:20:36,920 --> 00:20:40,160 Speaker 1: that gold back. There's a chance. Now, each of these 440 00:20:40,160 --> 00:20:42,679 Speaker 1: banks have their own different risk rewards. Now, if I 441 00:20:42,720 --> 00:20:45,040 Speaker 1: want to send you the gold in New York. Now 442 00:20:45,080 --> 00:20:48,280 Speaker 1: it's very fast. So the bank just credits. They say 443 00:20:48,760 --> 00:20:50,800 Speaker 1: on their ledger, on their piece of paper and their 444 00:20:50,800 --> 00:20:53,600 Speaker 1: computer thing, they say Mark no longer has the gold, 445 00:20:53,800 --> 00:20:57,200 Speaker 1: and now you have the gold. That's it. It's a 446 00:20:57,240 --> 00:21:00,800 Speaker 1: ledger statement, very quick. So in order to get that velocity, 447 00:21:00,800 --> 00:21:02,600 Speaker 1: they had to add debt, and they did that and 448 00:21:02,640 --> 00:21:06,480 Speaker 1: that's how gold scaled. The problem with that is now 449 00:21:06,480 --> 00:21:08,440 Speaker 1: we have to trust. Now we have to trust the 450 00:21:08,480 --> 00:21:11,560 Speaker 1: bank to keep track of that gold. We have to 451 00:21:11,600 --> 00:21:13,880 Speaker 1: trust that if they say I if I have the gold, 452 00:21:13,920 --> 00:21:15,560 Speaker 1: that they say I have the gold. They don't arbitrarily 453 00:21:15,560 --> 00:21:17,199 Speaker 1: just say that you have the gold. We also have 454 00:21:17,240 --> 00:21:20,200 Speaker 1: to trust that they haven't done something with the gold 455 00:21:20,440 --> 00:21:22,879 Speaker 1: and maybe don't even have any gold at all. What 456 00:21:23,000 --> 00:21:24,200 Speaker 1: if they say you have the gold and say I 457 00:21:24,240 --> 00:21:25,600 Speaker 1: have the gold, but they don't actually have the gold, 458 00:21:26,520 --> 00:21:31,160 Speaker 1: like fractional reserve banking sort of. We'll come back to that. So, UM, 459 00:21:31,240 --> 00:21:34,399 Speaker 1: that's exactly what happened. We had to introduce debt, and 460 00:21:34,440 --> 00:21:37,760 Speaker 1: that UM then lead to these paper gold certificates. So 461 00:21:37,760 --> 00:21:39,840 Speaker 1: those were claims on the gold. Now anytime I want 462 00:21:39,840 --> 00:21:41,040 Speaker 1: I can take that paper claim, I go to the 463 00:21:41,040 --> 00:21:42,920 Speaker 1: bank I could get that gold. It was an IOU 464 00:21:45,080 --> 00:21:47,400 Speaker 1: and that's how that works. Now, what happened is eventually 465 00:21:47,440 --> 00:21:52,639 Speaker 1: people started trading those gold certificates around enough where they 466 00:21:52,680 --> 00:21:57,760 Speaker 1: started to think they were money themselves. And eventually and 467 00:21:58,160 --> 00:22:01,720 Speaker 1: semny one, the government said no more gold. Now you 468 00:22:01,800 --> 00:22:03,879 Speaker 1: just have paper. And so that's where we get the 469 00:22:03,960 --> 00:22:06,800 Speaker 1: term fiat money. And a lot of times people think 470 00:22:06,840 --> 00:22:09,840 Speaker 1: fiat means fake or something like that. Now the word 471 00:22:09,840 --> 00:22:13,439 Speaker 1: fiat means by decree, meaning it has value because we 472 00:22:13,520 --> 00:22:18,359 Speaker 1: say it has value. So again, remember money, gold emerged. 473 00:22:18,480 --> 00:22:21,639 Speaker 1: Money is emergent. Gold emerged as the best form of money. 474 00:22:22,560 --> 00:22:25,879 Speaker 1: And this is a key piece to understand gold has value. 475 00:22:25,880 --> 00:22:28,399 Speaker 1: Because we say it has value, we assign value to it. 476 00:22:28,600 --> 00:22:32,240 Speaker 1: There's nothing backing gold. Gold is just gold, there's nothing 477 00:22:32,280 --> 00:22:36,760 Speaker 1: backing it. But the debt has to have something back 478 00:22:36,760 --> 00:22:38,640 Speaker 1: in it. So when they gave me that paper gold 479 00:22:38,640 --> 00:22:41,560 Speaker 1: certificate that I could go redeem for that gold, at 480 00:22:41,560 --> 00:22:45,320 Speaker 1: some point, what was backing that claim? What was backing 481 00:22:45,359 --> 00:22:47,479 Speaker 1: that claim that I was holding, Well, it was backed 482 00:22:47,480 --> 00:22:50,560 Speaker 1: by the gold that I could go redeem for that 483 00:22:50,600 --> 00:22:54,720 Speaker 1: paper gold certificate. But what's backing the gold? Nothing? Nothing 484 00:22:54,760 --> 00:22:56,560 Speaker 1: backs the gold. The gold is just the gold. The 485 00:22:56,600 --> 00:22:59,520 Speaker 1: gold is the asset. It's a physical assets, a key 486 00:22:59,520 --> 00:23:02,199 Speaker 1: piece to n understand. The reason why it's a key 487 00:23:02,240 --> 00:23:06,400 Speaker 1: piece to understand is because people would ask all the time, 488 00:23:06,480 --> 00:23:10,679 Speaker 1: for example, like well, what's backing bitcoin? And again that 489 00:23:10,800 --> 00:23:13,600 Speaker 1: just shows that there's a there's a complete lack of 490 00:23:13,720 --> 00:23:18,199 Speaker 1: understanding of what money is. Only debt needs to be 491 00:23:18,240 --> 00:23:22,439 Speaker 1: backed by something. For example, Um, you might own a 492 00:23:22,520 --> 00:23:25,479 Speaker 1: home or probably you own a car. Right, you want 493 00:23:25,520 --> 00:23:26,960 Speaker 1: to you own a home where you own a car, 494 00:23:27,400 --> 00:23:29,600 Speaker 1: and you probably have a loan on one of those assets. 495 00:23:30,240 --> 00:23:33,240 Speaker 1: And the bank, some bank is holding the note to 496 00:23:33,359 --> 00:23:36,159 Speaker 1: your house or to your car, and they hold that 497 00:23:36,280 --> 00:23:40,600 Speaker 1: on their books as an asset. What's backing that asset? 498 00:23:41,240 --> 00:23:44,239 Speaker 1: Your house or your car? Right? If you don't make 499 00:23:44,240 --> 00:23:45,440 Speaker 1: your car payment, you don't make your house pay, what 500 00:23:45,480 --> 00:23:47,000 Speaker 1: are they gonna do Where they're gonna take that piece 501 00:23:47,000 --> 00:23:48,840 Speaker 1: of paper, They're gonna go claim and they're gonna take 502 00:23:48,880 --> 00:23:52,320 Speaker 1: your ownership of your house or your car. That makes sense. 503 00:23:52,520 --> 00:23:56,040 Speaker 1: So only debt needs to be backed by something. What 504 00:23:56,160 --> 00:24:00,439 Speaker 1: backs the house? Nothing? It's just a house. It's just 505 00:24:00,480 --> 00:24:04,480 Speaker 1: a house. What back what backs a banana? Nothing? It's 506 00:24:04,480 --> 00:24:07,000 Speaker 1: just a banana. Now, if I issued you an I 507 00:24:07,119 --> 00:24:09,679 Speaker 1: owe you saying I owe you a banana in the future, 508 00:24:09,800 --> 00:24:12,040 Speaker 1: you had a claim for it. What backs that claim? 509 00:24:12,359 --> 00:24:16,160 Speaker 1: Well the banana. See how that works. So when people say, well, 510 00:24:16,200 --> 00:24:20,760 Speaker 1: what's backing bitcoin, nothing's backing bitcoin, just like nothing's back 511 00:24:20,800 --> 00:24:22,640 Speaker 1: in gold. Now, some people would say, well, Mark, that's 512 00:24:22,640 --> 00:24:26,919 Speaker 1: not true. Um, energy backs gold. Right, they had to 513 00:24:27,440 --> 00:24:30,719 Speaker 1: use earth movers and dig up ground, and they had 514 00:24:30,760 --> 00:24:32,800 Speaker 1: to pull the dirt, the dirt on the ground and 515 00:24:32,840 --> 00:24:34,159 Speaker 1: sift to get the gold out, and they had to 516 00:24:34,200 --> 00:24:37,280 Speaker 1: refine the gold, and so there was great expense that 517 00:24:37,359 --> 00:24:40,720 Speaker 1: was spent. Energy was spent, money was spent, time was spent, 518 00:24:41,400 --> 00:24:45,000 Speaker 1: Dollars were spent. You know, maybe it was dollars to 519 00:24:45,040 --> 00:24:48,040 Speaker 1: produce that ounce of gold. So all that time money 520 00:24:48,119 --> 00:24:51,720 Speaker 1: energy backs the gold. Well, yes and no. But we'd 521 00:24:51,720 --> 00:24:54,240 Speaker 1: also say the thing about bitcoin. So bitcoin has miners, 522 00:24:54,280 --> 00:24:57,080 Speaker 1: and there's electricity, and there's man hours and all those things. 523 00:24:57,119 --> 00:24:59,320 Speaker 1: And you have a cost to produce a bitcoin as well. 524 00:24:59,320 --> 00:25:01,960 Speaker 1: So it's it's in important for money to have a 525 00:25:02,000 --> 00:25:05,360 Speaker 1: true cost, no doubt, which is why the fiat money 526 00:25:05,400 --> 00:25:07,760 Speaker 1: system is so wrong. Because I can just arbitrarily click 527 00:25:07,800 --> 00:25:10,560 Speaker 1: a button produce more money. So money does need to 528 00:25:10,600 --> 00:25:14,639 Speaker 1: have a true cost like gold or like bitcoin, but 529 00:25:14,720 --> 00:25:18,440 Speaker 1: there's nothing backing it. So hopefully that makes sense. Um, 530 00:25:18,600 --> 00:25:22,080 Speaker 1: So anytime you hear someone saying that what's backing goal bitcoin, 531 00:25:22,160 --> 00:25:24,600 Speaker 1: then you just know there's a complete lack of understanding 532 00:25:24,600 --> 00:25:28,119 Speaker 1: of what money is, just like there's nothing backing gold. Now, 533 00:25:28,160 --> 00:25:31,119 Speaker 1: the reason why I bring that up is for a 534 00:25:31,119 --> 00:25:36,600 Speaker 1: couple of reasons. So first of all, asset backed cryptocurrencies, 535 00:25:37,080 --> 00:25:38,679 Speaker 1: they make no sense. I want to talk about that, 536 00:25:38,920 --> 00:25:41,680 Speaker 1: but I want to talk about something even bigger, which 537 00:25:41,760 --> 00:25:45,960 Speaker 1: is the real revolution that changed the course of humanity 538 00:25:45,960 --> 00:25:49,200 Speaker 1: that most people aren't realizing right now, and that's how 539 00:25:49,240 --> 00:25:53,000 Speaker 1: we took physical property and made the leap into the 540 00:25:53,040 --> 00:25:57,120 Speaker 1: digital space. I mean, this is mind blowing, but most 541 00:25:57,119 --> 00:25:59,719 Speaker 1: people haven't really thought through it. So I wanna talk 542 00:25:59,720 --> 00:26:07,600 Speaker 1: about that, but we'll start with the asset backed cryptocurrency. 543 00:26:07,640 --> 00:26:10,679 Speaker 1: So a lot of people I get comments across my 544 00:26:10,960 --> 00:26:13,160 Speaker 1: YouTube channel, which, by the way, if you're not following 545 00:26:13,160 --> 00:26:15,280 Speaker 1: me on YouTube, you should just search Mark Moss on YouTube. 546 00:26:15,280 --> 00:26:16,960 Speaker 1: I put out a couple of teaching videos a week 547 00:26:17,040 --> 00:26:19,639 Speaker 1: on their typically you know, twenty minute video taking a 548 00:26:19,800 --> 00:26:22,119 Speaker 1: very complex subject breaking it down with charts and graphs. 549 00:26:22,119 --> 00:26:25,000 Speaker 1: It's all visual. UM. So follow me on on on 550 00:26:25,080 --> 00:26:27,679 Speaker 1: there if you're not already UM, and on on on 551 00:26:27,760 --> 00:26:31,280 Speaker 1: social media as well at one Mark Moss. But I 552 00:26:31,320 --> 00:26:33,479 Speaker 1: get comments. I get five thousand comments a week, and 553 00:26:33,640 --> 00:26:34,960 Speaker 1: I see these comments all the time. It's like, I 554 00:26:34,960 --> 00:26:37,600 Speaker 1: would never trust something completely digital. It's not real, it's 555 00:26:37,640 --> 00:26:39,359 Speaker 1: not tangible. I can't hold it in my hand. What 556 00:26:39,480 --> 00:26:41,879 Speaker 1: I would rather trust is. What I'd rather do is 557 00:26:42,000 --> 00:26:44,960 Speaker 1: if if if there was a gold backed cryptocurrency, if 558 00:26:45,000 --> 00:26:47,439 Speaker 1: it was backed by something, so could we have a 559 00:26:47,440 --> 00:26:53,240 Speaker 1: gold back cryptocurrency UM. There's recently one UM carbon credit 560 00:26:53,320 --> 00:26:57,159 Speaker 1: crypto carbon credits, where carbon credits are backed by the 561 00:26:57,200 --> 00:27:02,560 Speaker 1: cryptocurrency UM. But these things have deep issues with them, 562 00:27:02,720 --> 00:27:05,240 Speaker 1: and so I want to break that down. The problem, 563 00:27:05,359 --> 00:27:08,480 Speaker 1: the problem with trying to back something by adding the 564 00:27:08,560 --> 00:27:11,000 Speaker 1: debt on top of it. And then we're gonna talk about, 565 00:27:11,040 --> 00:27:13,480 Speaker 1: like I said, this the real revolution of what's just 566 00:27:13,640 --> 00:27:16,520 Speaker 1: happened that nobody's paying attention to. And if you're missing this, 567 00:27:17,000 --> 00:27:19,280 Speaker 1: you're gonna miss out on this whole thing. Uh, you're 568 00:27:19,280 --> 00:27:21,679 Speaker 1: listening to the Mark Moa show. We're talking about the 569 00:27:21,760 --> 00:27:24,119 Speaker 1: decentralized Revolution, talking about the way the world is changing 570 00:27:24,400 --> 00:27:27,359 Speaker 1: through the lens of politics, finance, and technology. I talk 571 00:27:27,400 --> 00:27:29,840 Speaker 1: about all three of those things right now, we're talking 572 00:27:29,840 --> 00:27:34,080 Speaker 1: about history and finance. But I'm gonna be back with 573 00:27:34,119 --> 00:27:37,160 Speaker 1: more to explain to you. This base layer, this first 574 00:27:37,160 --> 00:27:39,520 Speaker 1: principle is thinking, so you can formulate your own ideas 575 00:27:39,520 --> 00:27:42,200 Speaker 1: of this, because if you don't understand this, you're gonna 576 00:27:42,240 --> 00:27:44,440 Speaker 1: miss what's going on. You're gonna miss the biggest opportunity 577 00:27:44,520 --> 00:27:46,480 Speaker 1: of your entire lifetime. And I certainly don't want that 578 00:27:46,520 --> 00:27:48,159 Speaker 1: to happen to you. So I'll be back with that 579 00:27:48,200 --> 00:27:50,360 Speaker 1: in more a minute. Don't go away, all right, welcome back. 580 00:27:50,400 --> 00:27:52,680 Speaker 1: You are listening to the Markma Show. We're talking about 581 00:27:52,720 --> 00:27:57,080 Speaker 1: the decentralized Revolution. Explaining to you how the world is 582 00:27:57,160 --> 00:27:59,080 Speaker 1: changing right now. I mean, I don't need to explain 583 00:27:59,119 --> 00:28:00,360 Speaker 1: to you. If you've got your eyes open, you see 584 00:28:00,359 --> 00:28:04,240 Speaker 1: the world's changing. The world's breaking apart. Yeah, we knew 585 00:28:04,280 --> 00:28:08,760 Speaker 1: it would because the pendulum swings from centralization to decentralization. 586 00:28:08,760 --> 00:28:11,040 Speaker 1: So I'm explained that to you through the lens of politics, finance, 587 00:28:11,119 --> 00:28:14,160 Speaker 1: and technology. And of course we're talking about bitcoin today. 588 00:28:14,200 --> 00:28:18,440 Speaker 1: We're talking about what is money from a first principles level. 589 00:28:18,680 --> 00:28:20,359 Speaker 1: And the reason why that's important is that becauseaid I 590 00:28:20,440 --> 00:28:22,359 Speaker 1: was at this event, the Freedom Fest. Shout out to 591 00:28:22,359 --> 00:28:24,120 Speaker 1: Freedom Fest. I'd love to come back if you want 592 00:28:24,119 --> 00:28:26,159 Speaker 1: to invite me back. Um, And I just talked to 593 00:28:26,200 --> 00:28:29,080 Speaker 1: all these people that just didn't understand what this was, 594 00:28:29,119 --> 00:28:31,080 Speaker 1: and so they have this they have they have all 595 00:28:31,080 --> 00:28:33,760 Speaker 1: these misunderstandings of of of the economy and how money 596 00:28:33,760 --> 00:28:35,280 Speaker 1: works because they don't understand this. And I don't want 597 00:28:35,280 --> 00:28:38,200 Speaker 1: that happened to you, So I'm not gonna rehash it all. 598 00:28:38,280 --> 00:28:40,160 Speaker 1: If you missed it, check out my podcast on the 599 00:28:40,160 --> 00:28:42,760 Speaker 1: Mark Moa Show. Just search Market Moss podcast, my Heart 600 00:28:42,840 --> 00:28:47,360 Speaker 1: radio app, iTunes app whatever. Um so um, we've recovered 601 00:28:47,360 --> 00:28:51,600 Speaker 1: all that so um. Gold backed or asset back cryptocurrencies 602 00:28:51,640 --> 00:28:54,760 Speaker 1: make no sense. They make no sense. And the reason 603 00:28:54,760 --> 00:28:56,920 Speaker 1: why they make no sense is for the exact reason 604 00:28:57,000 --> 00:28:59,880 Speaker 1: that I've explained with gold. In order to get goal 605 00:29:00,080 --> 00:29:04,520 Speaker 1: to have velocity, we had to add debt. The debt 606 00:29:04,640 --> 00:29:06,520 Speaker 1: is what's sped it up. But the problem is it 607 00:29:06,600 --> 00:29:09,920 Speaker 1: leads to all sorts of what we call counterparty risks. 608 00:29:10,480 --> 00:29:12,480 Speaker 1: Like I said, what if, the what if the person 609 00:29:12,600 --> 00:29:14,240 Speaker 1: keeping the ledger just says, well, Mark doesn't have the 610 00:29:14,280 --> 00:29:17,360 Speaker 1: gold anymore, now you do. I mean I trusted them 611 00:29:17,400 --> 00:29:21,400 Speaker 1: and now they just they screwed me over. Or what if? 612 00:29:21,920 --> 00:29:24,480 Speaker 1: Um they actually get rid of the gold and they 613 00:29:24,520 --> 00:29:27,160 Speaker 1: just pretend they ledger ledger back and forth, but they 614 00:29:27,160 --> 00:29:29,680 Speaker 1: don't really even have the gold. So we have to 615 00:29:29,720 --> 00:29:31,640 Speaker 1: trust that they have that ledger. The problem is is 616 00:29:31,680 --> 00:29:33,600 Speaker 1: that over and over and over they've broken that trust. 617 00:29:33,680 --> 00:29:37,960 Speaker 1: So N three um they created, they got rid of 618 00:29:38,000 --> 00:29:39,600 Speaker 1: the gold. They had way too many of these I 619 00:29:39,760 --> 00:29:41,320 Speaker 1: O U s and so what do they do, Well, 620 00:29:41,320 --> 00:29:43,640 Speaker 1: they stole everybody's gold. The government of the United States 621 00:29:44,240 --> 00:29:46,200 Speaker 1: seized your gold, stole your gold and made it illegal 622 00:29:46,200 --> 00:29:47,880 Speaker 1: for you to own gold. Why because they didn't have 623 00:29:47,920 --> 00:29:52,000 Speaker 1: it they needed more of it. Um one. They did 624 00:29:52,040 --> 00:29:54,480 Speaker 1: it again. So how can we trust that? We can't. 625 00:29:55,000 --> 00:29:57,080 Speaker 1: We saw what happened with Russia. Russia got their bank 626 00:29:57,080 --> 00:29:58,880 Speaker 1: account seas. We saw the Canadian truckers, they got their 627 00:29:58,880 --> 00:30:01,120 Speaker 1: bank acount seast. So that money in the bank is 628 00:30:01,120 --> 00:30:05,200 Speaker 1: a liability. Someone owes you that money, but the person 629 00:30:05,240 --> 00:30:06,760 Speaker 1: that owes it to you, the person that keeps that ledger, 630 00:30:06,800 --> 00:30:09,000 Speaker 1: could just wipe your ledger off. Whenever they want. That's 631 00:30:09,000 --> 00:30:12,920 Speaker 1: the problem. So why would I want an asset back cryptocurrency? 632 00:30:12,960 --> 00:30:16,400 Speaker 1: So why would someone say, well, I can't trust uh Um, 633 00:30:16,520 --> 00:30:18,000 Speaker 1: I can't trust pick one because I can't hold it 634 00:30:18,040 --> 00:30:19,640 Speaker 1: in my hand. Now if it was, if it was 635 00:30:19,680 --> 00:30:21,920 Speaker 1: a gold back cryptocurrency, I could trust that, But but 636 00:30:21,960 --> 00:30:25,000 Speaker 1: why it's the same problem. So now what I have 637 00:30:25,120 --> 00:30:30,239 Speaker 1: a token that represents a claim on that goal that 638 00:30:30,240 --> 00:30:31,920 Speaker 1: that person is holding for me, which is the exact 639 00:30:31,920 --> 00:30:34,280 Speaker 1: story I gave you. But how do I know they 640 00:30:34,320 --> 00:30:35,959 Speaker 1: really have that gold? How do I know when I 641 00:30:36,000 --> 00:30:37,960 Speaker 1: give them that claim they'll give me the gold back? 642 00:30:38,920 --> 00:30:42,160 Speaker 1: I don't. And there is the crux of the matter. 643 00:30:42,960 --> 00:30:46,480 Speaker 1: There doesn't need to be anything backing it. Like I said, 644 00:30:46,480 --> 00:30:48,720 Speaker 1: we're starting to see all types of things being backed, 645 00:30:48,960 --> 00:30:51,959 Speaker 1: Crypto being backed by things. This latest one is this 646 00:30:53,360 --> 00:30:58,560 Speaker 1: carbon credits are backed crypto. Crypto is backed by carbon credits. Again, 647 00:30:58,600 --> 00:31:02,120 Speaker 1: the same thing, uh um. But it doesn't make sense 648 00:31:02,160 --> 00:31:04,800 Speaker 1: to take a physical thing, a real world thing, and 649 00:31:04,840 --> 00:31:08,240 Speaker 1: try to back it with something digital. But of course 650 00:31:08,280 --> 00:31:11,040 Speaker 1: that doesn't stop people from trying. Um. And we can 651 00:31:11,080 --> 00:31:16,440 Speaker 1: see of course X we work CEO Adam Newman. Now, 652 00:31:16,560 --> 00:31:18,920 Speaker 1: if you're familiar with the story. We work. Um, I 653 00:31:18,960 --> 00:31:20,400 Speaker 1: hate to bore you, so actually I won't. I'm not 654 00:31:20,400 --> 00:31:22,360 Speaker 1: gonna go deep into the details. But we work. You know, 655 00:31:22,440 --> 00:31:24,280 Speaker 1: they had this great idea that we're gonna go do 656 00:31:24,400 --> 00:31:27,920 Speaker 1: long term leases and Class A office buildings and then 657 00:31:27,960 --> 00:31:29,800 Speaker 1: they would break it up and sublease it out to 658 00:31:29,960 --> 00:31:34,840 Speaker 1: individual people who wanted places to work. Um, the company 659 00:31:34,920 --> 00:31:38,920 Speaker 1: ended up being worth more than all the buildings that 660 00:31:38,960 --> 00:31:41,520 Speaker 1: they had rented out. How does that make sense? And 661 00:31:41,960 --> 00:31:44,160 Speaker 1: it doesn't. And if you understand how that doesn't make sense, 662 00:31:44,160 --> 00:31:47,240 Speaker 1: then you understand who Adam Newman is. And I guess 663 00:31:47,280 --> 00:31:49,480 Speaker 1: he's kind of a scammer, of course, and that's why 664 00:31:49,480 --> 00:31:52,040 Speaker 1: he's creating this new carbon credit backed thing which doesn't 665 00:31:52,040 --> 00:31:55,920 Speaker 1: make any sense. But let me let me. Now that 666 00:31:55,920 --> 00:31:57,720 Speaker 1: you understand that why that doesn't make sense, let me 667 00:31:57,880 --> 00:32:01,800 Speaker 1: explain to what actually been here. So we have physical things, 668 00:32:01,840 --> 00:32:03,240 Speaker 1: as I talked about. If I have gold, I have gold. 669 00:32:03,240 --> 00:32:04,720 Speaker 1: If you have gold, you have gold. Everybody sees it, 670 00:32:04,720 --> 00:32:08,520 Speaker 1: everybody knows it. It's what we call bearer instrument, a 671 00:32:08,560 --> 00:32:11,760 Speaker 1: bear instrument. If I have it, the bearer owns it. 672 00:32:11,760 --> 00:32:13,840 Speaker 1: It's a bare instrument. Stocks trick if its used to 673 00:32:13,840 --> 00:32:17,000 Speaker 1: bear instruments. Um. But the problem is is, as I said, 674 00:32:17,000 --> 00:32:20,160 Speaker 1: it's not portable, doesn't doesn't doesn't happen over space. So 675 00:32:20,280 --> 00:32:23,000 Speaker 1: in order to go into the information age, we now 676 00:32:23,080 --> 00:32:24,960 Speaker 1: have to use a ledger. Someone has to hold that 677 00:32:25,000 --> 00:32:28,640 Speaker 1: physical asset, right, that's the problem. But what bitcoin did 678 00:32:29,560 --> 00:32:33,360 Speaker 1: is it solved that problem and now it allows us 679 00:32:33,360 --> 00:32:38,560 Speaker 1: to have a bear instrument. But digitally, it's never been 680 00:32:38,560 --> 00:32:40,680 Speaker 1: done before because digital things can be copied. You send 681 00:32:40,680 --> 00:32:42,200 Speaker 1: me a file. Now I have the file and you 682 00:32:42,200 --> 00:32:44,200 Speaker 1: have the file. I make a copy of the file. 683 00:32:44,240 --> 00:32:46,360 Speaker 1: I can make ten tho copies of the file. Digital 684 00:32:46,360 --> 00:32:48,280 Speaker 1: things get copied. So for the first time and ever, 685 00:32:48,360 --> 00:32:52,560 Speaker 1: we've figured out a way to have a digital bear instrument. 686 00:32:52,960 --> 00:32:55,400 Speaker 1: It's never been done before. And do you understand how 687 00:32:55,400 --> 00:32:57,480 Speaker 1: big that is, because this is the problem that that 688 00:32:57,560 --> 00:33:01,760 Speaker 1: we're stuck with, where all of these assets get um centralized. 689 00:33:01,800 --> 00:33:04,680 Speaker 1: And then I always say centralization least of manipulation. Now 690 00:33:04,720 --> 00:33:07,240 Speaker 1: they have those assets, they manipulate those assets. They say 691 00:33:07,280 --> 00:33:08,720 Speaker 1: we have more than we did. We don't want to 692 00:33:08,720 --> 00:33:10,640 Speaker 1: send them back to all these things that can happen, 693 00:33:12,240 --> 00:33:15,480 Speaker 1: and so it solved that problem. Now we have digital 694 00:33:15,760 --> 00:33:18,959 Speaker 1: bare asset. It's it's the first time we've ever been 695 00:33:19,000 --> 00:33:25,480 Speaker 1: able to have digital property that has no counterparty risk. So, uh, 696 00:33:25,520 --> 00:33:30,480 Speaker 1: you know you have an asset. You own Tesla stock, 697 00:33:31,040 --> 00:33:33,080 Speaker 1: at least you think you do. I mean it's in 698 00:33:33,120 --> 00:33:36,000 Speaker 1: my e trade account, but I guess e Trade owes 699 00:33:36,080 --> 00:33:38,320 Speaker 1: me Tesla stock. Do they have the Tesla stock, We'll 700 00:33:38,320 --> 00:33:40,120 Speaker 1: know it's actually owed to them, which is owed to them. 701 00:33:40,160 --> 00:33:43,040 Speaker 1: So it's a it's a it's a it's a liability. 702 00:33:43,440 --> 00:33:46,440 Speaker 1: There's counterparty risk. There's a chance because I don't have 703 00:33:46,680 --> 00:33:48,400 Speaker 1: it in my hand, that I might not get it back. 704 00:33:49,440 --> 00:33:52,200 Speaker 1: But bitcoin solved that for the first time. Now we 705 00:33:52,280 --> 00:33:55,600 Speaker 1: have a digital asset that I can take custody of 706 00:33:57,320 --> 00:33:59,120 Speaker 1: and I have it, and if I want to send 707 00:33:59,120 --> 00:34:02,440 Speaker 1: it to you digital Ellie, I can do that with 708 00:34:02,520 --> 00:34:05,600 Speaker 1: nobody in the middle, no counterparty risk, no liability risk. 709 00:34:07,040 --> 00:34:10,120 Speaker 1: Now why is that important? Well, as you might imagine, 710 00:34:10,560 --> 00:34:13,920 Speaker 1: we live in an information age today. The problem of 711 00:34:14,040 --> 00:34:17,520 Speaker 1: using physical commodities that they don't scale, and so the 712 00:34:17,600 --> 00:34:20,520 Speaker 1: only way for the world to work, the only way 713 00:34:20,560 --> 00:34:22,440 Speaker 1: for the world to work using something like gold or 714 00:34:22,480 --> 00:34:25,919 Speaker 1: something physical oil commodities things like that, is to put 715 00:34:26,080 --> 00:34:29,279 Speaker 1: debt on top of it. But that debt leads to 716 00:34:29,400 --> 00:34:32,600 Speaker 1: then trust us trusting the person with those assets, and 717 00:34:32,640 --> 00:34:34,640 Speaker 1: we have to trust that they don't manipulate, that they 718 00:34:34,640 --> 00:34:37,919 Speaker 1: don't create more of it. But we've proven, proven all 719 00:34:38,000 --> 00:34:41,520 Speaker 1: throughout humanity that we can't trust those people. As a 720 00:34:41,520 --> 00:34:43,480 Speaker 1: matter of fact, that trust has been brought to the 721 00:34:43,480 --> 00:34:46,720 Speaker 1: forefront and slain on the altar with the trucker protests 722 00:34:46,760 --> 00:34:49,200 Speaker 1: in Canada and then for the whole world to see 723 00:34:49,200 --> 00:34:52,280 Speaker 1: with Russia, one of three super superpowers with nuclear weapons 724 00:34:52,280 --> 00:34:56,560 Speaker 1: that got their accounts seized. And so now, for the 725 00:34:56,640 --> 00:35:01,759 Speaker 1: first time in history, we have a asset that can 726 00:35:01,840 --> 00:35:06,399 Speaker 1: scale with pure velocity without putting debt on top of it. 727 00:35:06,800 --> 00:35:08,800 Speaker 1: We've never had an asset before that we could scale 728 00:35:08,800 --> 00:35:12,080 Speaker 1: without putting debt, and debt causes the problems. Do you 729 00:35:12,120 --> 00:35:14,600 Speaker 1: see where we're going with this? So for the first 730 00:35:14,600 --> 00:35:16,880 Speaker 1: time that one of the oldest problems in in in 731 00:35:17,040 --> 00:35:19,080 Speaker 1: mankind is how do I store my assets in a 732 00:35:19,080 --> 00:35:21,759 Speaker 1: way that can't be stolen from me? Bitcoin solve that. 733 00:35:22,239 --> 00:35:24,400 Speaker 1: How do we have an asset that we can apply 734 00:35:24,480 --> 00:35:31,000 Speaker 1: velocity to without adding debt? Well, Bitcoin solved that as well. Now, um, 735 00:35:31,040 --> 00:35:33,360 Speaker 1: it's about as deep as I'm gonna go, but hopefully 736 00:35:33,400 --> 00:35:35,080 Speaker 1: you can understand that and you can start to see 737 00:35:35,080 --> 00:35:37,440 Speaker 1: where these problems lie and how big of a solution 738 00:35:37,440 --> 00:35:39,720 Speaker 1: that is. Now, what does that mean for the future. UM, 739 00:35:39,760 --> 00:35:43,680 Speaker 1: There's been countless books, I don't hundreds of thousands of 740 00:35:43,719 --> 00:35:46,640 Speaker 1: hours of podcasts and shows talked about this at length, 741 00:35:48,000 --> 00:35:50,279 Speaker 1: So we can't get into all that, but I wanted 742 00:35:50,320 --> 00:35:54,040 Speaker 1: to give you this base foundation of what money is, 743 00:35:54,560 --> 00:35:56,919 Speaker 1: how it works, so now you can start to build 744 00:35:56,960 --> 00:35:59,359 Speaker 1: your own ideas off this. So now when you hear UM, 745 00:35:59,400 --> 00:36:03,279 Speaker 1: the federal government wants to increase the debt ceiling, you 746 00:36:03,320 --> 00:36:06,240 Speaker 1: understand what they're talking about. When you understand that currencies 747 00:36:06,280 --> 00:36:09,560 Speaker 1: around the world are starting to fall and they need 748 00:36:09,600 --> 00:36:11,040 Speaker 1: to have bonds, they need to take on more debt, 749 00:36:11,080 --> 00:36:15,040 Speaker 1: you start to understand what that means. Now all the reasons, 750 00:36:15,080 --> 00:36:18,960 Speaker 1: all the perversions, all the distortions that all this debt creates. Again, 751 00:36:19,239 --> 00:36:22,360 Speaker 1: that's a tens of thousands of hours of discussion that 752 00:36:22,400 --> 00:36:24,920 Speaker 1: we can get into that, UM, But don't worry, I 753 00:36:24,960 --> 00:36:27,680 Speaker 1: will as long as you're tune in with me each 754 00:36:27,760 --> 00:36:29,680 Speaker 1: and every week you're listening to the Mark Moa show 755 00:36:29,760 --> 00:36:33,279 Speaker 1: talking about this world that's changing right before very eyes, 756 00:36:33,320 --> 00:36:36,800 Speaker 1: the decentralized revolution, talking about through the lens of politics, finance, 757 00:36:36,880 --> 00:36:39,840 Speaker 1: and technology. Each and every week, I'm gonna keep filling 758 00:36:39,880 --> 00:36:42,480 Speaker 1: you in on bits and pieces of this. We like 759 00:36:42,560 --> 00:36:46,240 Speaker 1: to say that fix the money, we can fix the world. 760 00:36:46,680 --> 00:36:48,560 Speaker 1: Pretty much every problem that we have in the world today, 761 00:36:48,800 --> 00:36:53,640 Speaker 1: from lockdowns to censorship, to rush in Ukraine, to um 762 00:36:53,680 --> 00:36:58,120 Speaker 1: to incarceration rates, to obesity, you name it, they're all 763 00:36:58,200 --> 00:37:00,320 Speaker 1: caused by distortions of the money supple. So if we 764 00:37:00,360 --> 00:37:02,319 Speaker 1: fix the money, we fix the world. And we do 765 00:37:02,440 --> 00:37:04,719 Speaker 1: that by getting rid of the debt. We didn't ask 766 00:37:04,719 --> 00:37:08,120 Speaker 1: that that can scale without adding um. The scalesed with 767 00:37:08,200 --> 00:37:11,840 Speaker 1: velocity without adding the debt. And that's what bitcoin solved. 768 00:37:11,880 --> 00:37:15,360 Speaker 1: That's the real revolution that's happening that everybody's blinded to. 769 00:37:15,480 --> 00:37:18,520 Speaker 1: But now you're not. Anyway, you listen to the Markma Show. 770 00:37:18,880 --> 00:37:20,920 Speaker 1: Hopefully that makes sense. Thanks so much for listening.