1 00:00:00,200 --> 00:00:02,759 Speaker 1: Hello, and welcome to another episode of The Mark Moss Show, 2 00:00:02,759 --> 00:00:06,480 Speaker 1: where we're talking about the intersection of politics, finance, and technology. 3 00:00:06,519 --> 00:00:09,760 Speaker 1: We're talking about the decentralized revolution, the way that the 4 00:00:09,760 --> 00:00:13,200 Speaker 1: world is changing as the pendulum swings from my centrally 5 00:00:13,200 --> 00:00:16,919 Speaker 1: planned controlled world back to a world of more freedom, 6 00:00:17,079 --> 00:00:19,720 Speaker 1: giving you more liberty and more options, of course, being 7 00:00:19,760 --> 00:00:23,560 Speaker 1: spearheaded by bitcoin and the decentralized technology. And I like 8 00:00:23,640 --> 00:00:26,560 Speaker 1: to cover a couple of things. We cover some information, 9 00:00:26,640 --> 00:00:28,840 Speaker 1: some education so you can change the way that you 10 00:00:28,920 --> 00:00:31,520 Speaker 1: see this, the way that you navigate this. I have 11 00:00:31,600 --> 00:00:34,239 Speaker 1: to go through the latest breaking news and then I'd 12 00:00:34,280 --> 00:00:35,879 Speaker 1: like to bring on some interesting people to talk to. 13 00:00:35,960 --> 00:00:38,320 Speaker 1: And we're doing all of that. And right now we 14 00:00:38,440 --> 00:00:41,840 Speaker 1: have some big news that's been happening all around the world, 15 00:00:42,960 --> 00:00:45,600 Speaker 1: breaking stuff. I mean, it's been busy. I want to 16 00:00:45,640 --> 00:00:49,040 Speaker 1: talk about that now. You know, with this inflation, with 17 00:00:49,040 --> 00:00:53,000 Speaker 1: food and energy spice prices spiking, Um, we got a 18 00:00:53,000 --> 00:00:57,240 Speaker 1: serious problem on our hands. I saw just today, Um, 19 00:00:57,920 --> 00:01:01,680 Speaker 1: I think it was the largest grain warehouse in the 20 00:01:01,880 --> 00:01:04,920 Speaker 1: UK Ukraine just got hit. Now that now Russia and 21 00:01:05,000 --> 00:01:08,080 Speaker 1: Ukraine are already responsible for like of the global wheat 22 00:01:08,120 --> 00:01:11,959 Speaker 1: supply and the largest storehouse just got hit and that 23 00:01:12,000 --> 00:01:14,640 Speaker 1: got taken out, so that means even less supply. It's 24 00:01:14,640 --> 00:01:17,720 Speaker 1: not good. And so we're going into a year where 25 00:01:17,720 --> 00:01:22,520 Speaker 1: the un is expecting lots of people to die of hunger, 26 00:01:22,600 --> 00:01:27,039 Speaker 1: which is just complete catastrophe in a world where we 27 00:01:27,080 --> 00:01:30,160 Speaker 1: have so much technology and so much wealth and influence. 28 00:01:30,200 --> 00:01:32,319 Speaker 1: It's it's crazy to think that that can still happen. 29 00:01:32,400 --> 00:01:34,840 Speaker 1: But we have this from the AP News. World Bank 30 00:01:35,000 --> 00:01:40,800 Speaker 1: says they have a dim outlook for the global economy, which, yeah, 31 00:01:40,920 --> 00:01:42,520 Speaker 1: of course anyone could have told you. That says the 32 00:01:42,520 --> 00:01:44,800 Speaker 1: World Bank is sharply downgraded its outlook for the global 33 00:01:44,800 --> 00:01:50,560 Speaker 1: economy the prospect of widespread food shortages and concerns about 34 00:01:50,560 --> 00:01:55,160 Speaker 1: the potential return of stagflation, a toxic mix of high 35 00:01:55,200 --> 00:01:59,160 Speaker 1: inflation and sluggish growth unseen for more than four decades. 36 00:01:59,520 --> 00:02:03,360 Speaker 1: So the World Bank sees this. I've been talking about it, 37 00:02:03,440 --> 00:02:05,360 Speaker 1: Everyone's been talking about it. If you haven't seen it, 38 00:02:05,560 --> 00:02:07,040 Speaker 1: I don't know where you've been watching. But you need 39 00:02:07,080 --> 00:02:09,480 Speaker 1: to be paying attention to this stag place in the 40 00:02:09,480 --> 00:02:12,000 Speaker 1: return of stagflation, something we haven't seen in four decades 41 00:02:12,000 --> 00:02:15,560 Speaker 1: since the seventies. Again, it's a toxic a toxic mix 42 00:02:16,160 --> 00:02:20,519 Speaker 1: of high inflation and no growth sluggish growth. So um, 43 00:02:20,680 --> 00:02:23,880 Speaker 1: so far q Q one quarter one of two we 44 00:02:24,000 --> 00:02:28,880 Speaker 1: posted negative growth, not just sluggist growth. Sluggist growth would 45 00:02:28,919 --> 00:02:31,799 Speaker 1: be one or two percent. No, No, we saw negative 46 00:02:31,960 --> 00:02:35,040 Speaker 1: one and a half percent. That's not good. And at 47 00:02:35,080 --> 00:02:38,560 Speaker 1: time we're seeing record high inflation. So not only is 48 00:02:38,600 --> 00:02:41,960 Speaker 1: it it's not sluggish growth, it's negative growth. So that's extreme. 49 00:02:42,320 --> 00:02:45,080 Speaker 1: Na's really just high inflation. It's the highest it's been 50 00:02:45,120 --> 00:02:48,600 Speaker 1: in forty years. It's extreme. So we have extremes of 51 00:02:48,680 --> 00:02:51,280 Speaker 1: both ends, which is not good, which, of course the 52 00:02:51,320 --> 00:02:55,639 Speaker 1: prospect of widespread food shortages. That's what it leads to. Now, 53 00:02:55,680 --> 00:02:57,120 Speaker 1: Like I said in today's day and age, I mean, 54 00:02:57,120 --> 00:02:59,400 Speaker 1: this is just ridiculous that anybody should have this problem. 55 00:02:59,720 --> 00:03:01,880 Speaker 1: We know how to create electricity, we know how to 56 00:03:01,919 --> 00:03:04,800 Speaker 1: get oil, we know how to grow food. But for 57 00:03:04,840 --> 00:03:08,639 Speaker 1: some reason, the world leaders can't stop meddling. And uh. 58 00:03:08,800 --> 00:03:11,880 Speaker 1: It says here for many countries recession will be hard 59 00:03:12,280 --> 00:03:15,880 Speaker 1: to avoid, which is which is pretty difficult for the 60 00:03:15,960 --> 00:03:18,080 Speaker 1: United States alone. It says the World Bank has slashed 61 00:03:18,080 --> 00:03:20,560 Speaker 1: its growth forecast from two point five percent this year. 62 00:03:21,520 --> 00:03:24,680 Speaker 1: Uh oh, I'm sorry, slashed it to two point five 63 00:03:24,680 --> 00:03:28,640 Speaker 1: percent from five point seven percent last year in one, 64 00:03:28,720 --> 00:03:32,400 Speaker 1: so sluggish growth would be going from five point seven 65 00:03:32,400 --> 00:03:35,000 Speaker 1: to the two point five they project. But we didn't 66 00:03:35,000 --> 00:03:38,360 Speaker 1: have two point five. We had negative one point four, 67 00:03:38,680 --> 00:03:42,640 Speaker 1: negative one point four UM, so quite the opposite. So 68 00:03:43,000 --> 00:03:45,160 Speaker 1: a good job on your forecast, your way off. That 69 00:03:45,240 --> 00:03:47,560 Speaker 1: says that for the nineteen European countries that share their 70 00:03:47,600 --> 00:03:50,640 Speaker 1: euro currency, it downgraded the growth outlook to two point 71 00:03:50,640 --> 00:03:54,160 Speaker 1: five percent as well this year from five point four 72 00:03:54,200 --> 00:03:57,320 Speaker 1: percent last year. So US was five point seven, the 73 00:03:57,720 --> 00:04:00,760 Speaker 1: European unions five point four, and so they're downgrading both 74 00:04:00,760 --> 00:04:04,040 Speaker 1: of them to two point five. In China, the world's 75 00:04:04,160 --> 00:04:07,080 Speaker 1: second biggest economy after the United States, the World Bank 76 00:04:07,120 --> 00:04:10,840 Speaker 1: expects growth to slow to four point three from eight 77 00:04:10,840 --> 00:04:20,159 Speaker 1: point one last year. The government's can't cause things to grow. 78 00:04:21,080 --> 00:04:23,960 Speaker 1: The World Bank can't get things to grow. The central 79 00:04:24,000 --> 00:04:28,440 Speaker 1: banks can't get things to grow. Central planners can't get 80 00:04:28,440 --> 00:04:31,440 Speaker 1: the economies to grow. The Economies that grow when things 81 00:04:31,560 --> 00:04:36,560 Speaker 1: become more efficient, when more goods and services are created. 82 00:04:37,040 --> 00:04:39,119 Speaker 1: I was reading an article yesterday and I was talking 83 00:04:39,120 --> 00:04:44,880 Speaker 1: about UM. They were hoping that it would encourage more innovation. 84 00:04:45,400 --> 00:04:47,720 Speaker 1: I was listening to some other economists talking, and they 85 00:04:47,720 --> 00:04:49,960 Speaker 1: were talking about how um, if you had something like 86 00:04:49,960 --> 00:04:53,960 Speaker 1: bitcoin that doesn't have inflation, so the monetary supply is 87 00:04:53,960 --> 00:04:58,920 Speaker 1: not increasing, how um, then it would cause the purchasing 88 00:04:58,960 --> 00:05:01,960 Speaker 1: power of that money, that money supply like bitcoin, to increase. 89 00:05:02,480 --> 00:05:05,920 Speaker 1: So if my right now, if I hold dollars, they're 90 00:05:06,000 --> 00:05:09,479 Speaker 1: losing value, and so I don't want to hold onto 91 00:05:09,520 --> 00:05:11,280 Speaker 1: dollars very long. I want to spend it as fast 92 00:05:11,279 --> 00:05:13,359 Speaker 1: as possible because they're losing value. They're gonna buy me 93 00:05:13,440 --> 00:05:16,680 Speaker 1: less tomorrow than they do today, So that makes me 94 00:05:16,720 --> 00:05:19,000 Speaker 1: want to spend them. If we have something like bitcoin 95 00:05:19,040 --> 00:05:20,640 Speaker 1: that goes up in value, it buys me more in 96 00:05:20,680 --> 00:05:22,280 Speaker 1: the future than I don't want to spend them. And 97 00:05:22,320 --> 00:05:25,400 Speaker 1: they said, but isn't that a problem? Um, don't, don't 98 00:05:25,440 --> 00:05:28,719 Speaker 1: the leaders, don't the central planners need to encourage people 99 00:05:28,800 --> 00:05:32,360 Speaker 1: to spend. I thought, that's the most ridiculous thing in 100 00:05:32,360 --> 00:05:35,600 Speaker 1: the world. People always want to spend. People always want 101 00:05:35,600 --> 00:05:37,640 Speaker 1: to spend. People want to spend more than they make, 102 00:05:37,640 --> 00:05:39,720 Speaker 1: people want to spend more than make. They want to 103 00:05:39,760 --> 00:05:42,159 Speaker 1: live on credit cards. Right, we don't need to encourage 104 00:05:42,200 --> 00:05:45,640 Speaker 1: anyone to spend. Why, Well, you need food. You need clothes, 105 00:05:45,720 --> 00:05:47,560 Speaker 1: you need a car, you need a house, You want 106 00:05:47,640 --> 00:05:51,679 Speaker 1: some entertainment. That and those shiny, flashy things, the new purses, 107 00:05:51,720 --> 00:05:53,960 Speaker 1: the new electronics, the new phones, the new watches. You 108 00:05:54,000 --> 00:05:56,960 Speaker 1: want to buy those things. We want new things. We 109 00:05:57,080 --> 00:05:59,320 Speaker 1: like to play with things. You don't need any encouragement, 110 00:05:59,800 --> 00:06:03,919 Speaker 1: And entrepreneurs also don't need any encouragement to run a 111 00:06:03,960 --> 00:06:07,800 Speaker 1: business to make profit, that's the whole point. And how 112 00:06:07,839 --> 00:06:11,720 Speaker 1: do we get profits by being very efficient, by us 113 00:06:11,960 --> 00:06:16,640 Speaker 1: consuming less resources than we can produce, by working to 114 00:06:16,760 --> 00:06:20,360 Speaker 1: gain efficiencies so I can make more profit. We don't 115 00:06:20,400 --> 00:06:23,479 Speaker 1: need to encourage. What we need to do is take 116 00:06:23,640 --> 00:06:26,400 Speaker 1: the boot off of their neck. And so back to 117 00:06:26,560 --> 00:06:30,880 Speaker 1: this outlook for growth for the global economy, what we 118 00:06:30,920 --> 00:06:34,520 Speaker 1: are seeing is more and more dragged being put on 119 00:06:34,560 --> 00:06:40,400 Speaker 1: the economy by debt and by regulations. So for example, 120 00:06:40,680 --> 00:06:43,560 Speaker 1: um the energy industry has not been growing well for 121 00:06:43,600 --> 00:06:45,960 Speaker 1: the last decade and really the last four or five years. 122 00:06:46,680 --> 00:06:49,880 Speaker 1: The leaders, the powers that be, the Davos Group, the 123 00:06:49,920 --> 00:06:52,400 Speaker 1: EU Group, even in the United States, even Biden coming 124 00:06:52,440 --> 00:06:55,200 Speaker 1: into the White House was talking about putting energy providers 125 00:06:55,400 --> 00:06:57,560 Speaker 1: out of business, making them go bankrupt. So when you 126 00:06:57,600 --> 00:06:59,800 Speaker 1: put regulations in place, and you tell them that your 127 00:07:00,120 --> 00:07:02,880 Speaker 1: is to make them go bankrupt. And what happens. They 128 00:07:02,880 --> 00:07:06,440 Speaker 1: don't invest into their business, they don't grow their business. 129 00:07:07,279 --> 00:07:09,440 Speaker 1: And when that happens, guess what happens with GDP growth? 130 00:07:10,720 --> 00:07:13,440 Speaker 1: It slows down, it goes negative. This is not rocket 131 00:07:13,480 --> 00:07:17,800 Speaker 1: science here, right, This is isn't rocket science. Houses works. So, um, 132 00:07:17,880 --> 00:07:20,880 Speaker 1: we think about inflation as far as price inflation, so 133 00:07:20,920 --> 00:07:23,160 Speaker 1: the cost of goods and services going up, and per 134 00:07:23,200 --> 00:07:26,040 Speaker 1: the Austrian lens of that, we would say that when 135 00:07:26,080 --> 00:07:29,160 Speaker 1: we increase the money supply, then it increases the price 136 00:07:29,160 --> 00:07:31,520 Speaker 1: of goods and services, which it does, but there's lots 137 00:07:31,560 --> 00:07:33,640 Speaker 1: of other reasons why prices of goods and services can 138 00:07:33,680 --> 00:07:36,720 Speaker 1: go up as well without increasing the money supply. So 139 00:07:36,760 --> 00:07:40,239 Speaker 1: we have cost push. So when the price of things 140 00:07:40,240 --> 00:07:43,000 Speaker 1: go up, it pushes prices up. It goes without saying 141 00:07:43,200 --> 00:07:45,680 Speaker 1: so when the government imposes a bunch of new regulations 142 00:07:45,720 --> 00:07:48,560 Speaker 1: like E S G for example, and now I have 143 00:07:48,720 --> 00:07:51,920 Speaker 1: to hire a six person consulting team to come into 144 00:07:52,000 --> 00:07:54,960 Speaker 1: my business and charge me hundreds of thousands of dollars 145 00:07:55,000 --> 00:07:57,040 Speaker 1: to give me an E S G score, and then 146 00:07:57,080 --> 00:07:59,360 Speaker 1: I have to go spend all this money to meet 147 00:07:59,440 --> 00:08:01,560 Speaker 1: all these E s G requirements. What does that do? 148 00:08:02,160 --> 00:08:06,240 Speaker 1: That increases my costs cost push, which then means I 149 00:08:06,280 --> 00:08:11,000 Speaker 1: have to raise my prices, which is inflationary. So without 150 00:08:11,000 --> 00:08:15,640 Speaker 1: increasing the money supply at all. Government regulations are inflationary. 151 00:08:15,680 --> 00:08:17,600 Speaker 1: They caused price to go up, but they also cause 152 00:08:17,760 --> 00:08:20,520 Speaker 1: growth to come down because that money that I could 153 00:08:20,560 --> 00:08:23,560 Speaker 1: be spending to go into research and development to come 154 00:08:23,640 --> 00:08:27,080 Speaker 1: up with new products, better prices, um past those savings 155 00:08:27,080 --> 00:08:30,320 Speaker 1: onto consumers, come up with new products, more efficient ways 156 00:08:30,320 --> 00:08:32,120 Speaker 1: to make those products. That is, having that money to 157 00:08:32,160 --> 00:08:34,679 Speaker 1: spend that way, Now I have to give it to 158 00:08:34,720 --> 00:08:36,360 Speaker 1: the government. I have to use it to go for 159 00:08:36,440 --> 00:08:40,040 Speaker 1: these regulations that are basically worthless. And so the World 160 00:08:40,080 --> 00:08:46,280 Speaker 1: Bank is projecting uh stagflation, declined growth in the face 161 00:08:46,400 --> 00:08:49,200 Speaker 1: of rising prices, a deadly combination we haven't seen since 162 00:08:49,200 --> 00:08:54,439 Speaker 1: the seventies, when we had fuel rations, when we had wars, 163 00:08:54,679 --> 00:08:56,520 Speaker 1: when we had things like that. And that's about where 164 00:08:56,520 --> 00:08:58,960 Speaker 1: we're headed. Back to um you listening to the Markets show, 165 00:08:58,960 --> 00:09:01,480 Speaker 1: we're talking about the d centralized revolution, talking about the 166 00:09:01,480 --> 00:09:04,600 Speaker 1: way that the world is changing from a centralized, centrally 167 00:09:04,600 --> 00:09:07,160 Speaker 1: planned world to a decentralized world. Being led by bitcoin 168 00:09:07,200 --> 00:09:11,319 Speaker 1: and decentralized technology, looking at through the lens of politics, finance, 169 00:09:11,640 --> 00:09:14,679 Speaker 1: and technology. Hopefully that makes sense to you. UM, let 170 00:09:14,679 --> 00:09:16,240 Speaker 1: me know what you think. Are you following me on Twitter? 171 00:09:16,600 --> 00:09:18,880 Speaker 1: Hit me up at one Mark Moss at it's just 172 00:09:18,920 --> 00:09:21,520 Speaker 1: the number one Mark Moss. I'm on their way too often. 173 00:09:21,559 --> 00:09:24,000 Speaker 1: I'd love to hear questions and comments on there. Let 174 00:09:24,000 --> 00:09:26,320 Speaker 1: me know you hear me on this show. And I 175 00:09:26,360 --> 00:09:29,200 Speaker 1: got more to come back to talking about some big, 176 00:09:29,240 --> 00:09:32,839 Speaker 1: big topics human rights, elicit activity, um, some lawsuits against 177 00:09:32,880 --> 00:09:35,320 Speaker 1: the Fed and more. Don't go away, all right, welcome back. 178 00:09:35,320 --> 00:09:37,120 Speaker 1: You are listening to another episode of The Mark Moss 179 00:09:37,120 --> 00:09:40,640 Speaker 1: Show talking about the decentralized revolution, navigating you as the 180 00:09:40,679 --> 00:09:44,800 Speaker 1: world changes. The pendulum swings from centralization to decentralization led 181 00:09:44,800 --> 00:09:48,920 Speaker 1: by bitcoin and the decentralized revolution technology. Now we're talking 182 00:09:48,960 --> 00:09:52,640 Speaker 1: about the way the world is changing, forecasting things to 183 00:09:52,679 --> 00:09:57,080 Speaker 1: slow down because of the onerous, burdensome regulations that are 184 00:09:57,080 --> 00:10:02,520 Speaker 1: be imposed on and but don't worry. Bitcoin can fix that. 185 00:10:02,600 --> 00:10:04,360 Speaker 1: Now we say bitcoin can fix that. Bitcoin can fix 186 00:10:04,440 --> 00:10:07,839 Speaker 1: pretty much anything. Um, which is a way to say 187 00:10:07,840 --> 00:10:09,480 Speaker 1: that if we can fix the money, we can fix 188 00:10:09,520 --> 00:10:12,320 Speaker 1: the world. Um. I saw this article this week was 189 00:10:12,440 --> 00:10:15,839 Speaker 1: pretty amazing. Now, if you've been listening to this show 190 00:10:15,880 --> 00:10:18,800 Speaker 1: since I first started, the very first guests I had 191 00:10:18,840 --> 00:10:23,920 Speaker 1: on this show was a friend Alex um Alex Gladstein, 192 00:10:24,480 --> 00:10:26,400 Speaker 1: and I had him on the show because he is 193 00:10:26,480 --> 00:10:28,480 Speaker 1: the head of the Human Rights Foundation. He's a human 194 00:10:28,559 --> 00:10:30,960 Speaker 1: rights advocate, and I had him on the show because 195 00:10:31,160 --> 00:10:32,920 Speaker 1: I said, look, I want to establish the show as 196 00:10:32,960 --> 00:10:36,040 Speaker 1: something that's here to preserve human rights. I want to 197 00:10:36,120 --> 00:10:40,440 Speaker 1: champion human flourishment. I want a champion freedom and liberty, 198 00:10:40,840 --> 00:10:42,640 Speaker 1: those types of things. We're not here to get rich. 199 00:10:42,720 --> 00:10:44,840 Speaker 1: Is not to get rich quick scheme or get rich 200 00:10:44,920 --> 00:10:47,800 Speaker 1: quick show. It's about human rights. And so I saw 201 00:10:47,800 --> 00:10:49,360 Speaker 1: this article this week, I thought it was great, and 202 00:10:49,400 --> 00:10:53,840 Speaker 1: it's a human rights advocates tell Congress that bitcoin is 203 00:10:54,040 --> 00:11:02,640 Speaker 1: essential in countries with collapsing currencies. Now collapsing currencies. Currencies 204 00:11:02,640 --> 00:11:04,040 Speaker 1: have been collapsing from the beginning of time. If we 205 00:11:04,040 --> 00:11:06,320 Speaker 1: look at the last hundred years, I believe out of 206 00:11:06,360 --> 00:11:09,760 Speaker 1: the hundreds and hundred, I think maybe five hundred currencies 207 00:11:09,760 --> 00:11:12,559 Speaker 1: in the last one hundred years. Out of all of those, 208 00:11:12,600 --> 00:11:17,480 Speaker 1: only two are still around. Only two. That's the US 209 00:11:17,559 --> 00:11:20,760 Speaker 1: dollar and the British pounds sterling. They're the only two. Now, 210 00:11:21,600 --> 00:11:26,160 Speaker 1: the British pounds sterling has lost like eight percent of 211 00:11:26,160 --> 00:11:28,400 Speaker 1: its value in the dollar has done much better, and 212 00:11:28,440 --> 00:11:32,560 Speaker 1: it's only lost I think of its value. All the 213 00:11:32,559 --> 00:11:35,640 Speaker 1: other currencies have died. And we're seeing it happen all 214 00:11:35,679 --> 00:11:39,240 Speaker 1: the time. So we're seeing in you know, Venezuela twenty 215 00:11:39,360 --> 00:11:43,920 Speaker 1: five hundred percent inflation, which is insane. We're seeing Argentina 216 00:11:44,080 --> 00:11:48,040 Speaker 1: their currency has failed four times. They in just the 217 00:11:48,120 --> 00:11:50,520 Speaker 1: last you know, a couple of decades. I think they 218 00:11:50,520 --> 00:11:53,600 Speaker 1: haven't seen any of their thirty year bonds ever pay out. Uh. 219 00:11:53,640 --> 00:11:56,640 Speaker 1: And we're seeing it in Lebanon, We're seeing in Turkey. 220 00:11:56,800 --> 00:12:00,560 Speaker 1: We're seeing it all over the world. These currencies are lapsing. 221 00:12:01,559 --> 00:12:03,480 Speaker 1: And so what they're saying is human rights advocates tell 222 00:12:03,520 --> 00:12:07,240 Speaker 1: Congress that bitcoin is essential in these countries with collapsing currencies. Now, 223 00:12:07,640 --> 00:12:09,880 Speaker 1: as I said, the US dollar in the British consterlier 224 00:12:09,880 --> 00:12:12,040 Speaker 1: the only two that are left standing. But they're they're 225 00:12:12,080 --> 00:12:16,200 Speaker 1: collapsing too. They've collapped. As a matter of fact, the 226 00:12:16,280 --> 00:12:21,480 Speaker 1: US dollar collapsed against homes in the last two years. 227 00:12:21,840 --> 00:12:27,240 Speaker 1: The US dollar collapsed against used cars in the last 228 00:12:27,360 --> 00:12:30,320 Speaker 1: two years, the US dollar is collapsing. It's just not 229 00:12:30,320 --> 00:12:33,839 Speaker 1: collapsing nearest bad As, Venezuela, Argentina, Lebanon, Turkey, et cetera. 230 00:12:34,320 --> 00:12:38,640 Speaker 1: But it says here that a week after prominent technologists 231 00:12:38,720 --> 00:12:42,000 Speaker 1: publicly slammed crypto for being too risky and unproven in 232 00:12:42,040 --> 00:12:45,040 Speaker 1: a letter to Congress, now human rights advocates from around 233 00:12:45,080 --> 00:12:48,160 Speaker 1: the world have sent a rebuttal to US lawmakers, defending 234 00:12:48,200 --> 00:12:51,160 Speaker 1: digital assets for the access they provide to people in 235 00:12:51,200 --> 00:12:56,000 Speaker 1: countries where quote, local currencies are collapsing, broken, or cut 236 00:12:56,040 --> 00:13:00,200 Speaker 1: off from the outside world. All right now, um, Some 237 00:13:00,280 --> 00:13:02,600 Speaker 1: twenty one human rights supporters from twenty different countries said 238 00:13:02,600 --> 00:13:06,559 Speaker 1: in the letter that they've relied on bitcoin and stable coins, 239 00:13:06,559 --> 00:13:09,240 Speaker 1: which allow the trading in and out of crypto without 240 00:13:09,360 --> 00:13:11,680 Speaker 1: having to go through a bank, as quote, as have 241 00:13:12,080 --> 00:13:16,280 Speaker 1: tens of millions of others living under authoritarian regimes or 242 00:13:16,480 --> 00:13:19,720 Speaker 1: unstable economies. A couple of things unpack here. So, first 243 00:13:19,720 --> 00:13:24,160 Speaker 1: of all, a week after prominent technologists publicly slammed crypto, 244 00:13:24,679 --> 00:13:27,960 Speaker 1: so we um, I like to be very clear about this. 245 00:13:28,440 --> 00:13:32,520 Speaker 1: We like to say bitcoin, not crypto. So um, we'll 246 00:13:32,520 --> 00:13:34,520 Speaker 1: talk about that in a minute. But if we look 247 00:13:34,559 --> 00:13:37,080 Speaker 1: at bitcoins specifically, we can see that these human rights 248 00:13:37,120 --> 00:13:39,040 Speaker 1: advocates to say that tens of millions are living under 249 00:13:39,040 --> 00:13:44,319 Speaker 1: authority term regimes and unstable economies are using bitcoin. So 250 00:13:44,400 --> 00:13:47,280 Speaker 1: what what are they slamming it for? Right? What are 251 00:13:47,280 --> 00:13:49,720 Speaker 1: they slamming it for? Like? What what's so wrong with it? 252 00:13:49,760 --> 00:13:53,280 Speaker 1: What's so wrong with you being able to decide what 253 00:13:53,440 --> 00:13:55,640 Speaker 1: you want to store your wealth in and how you 254 00:13:55,679 --> 00:13:59,400 Speaker 1: want to transact? What's so wrong with that? Um, we're 255 00:13:59,400 --> 00:14:02,320 Speaker 1: gonna look at with us here, but it says uh. 256 00:14:02,559 --> 00:14:05,760 Speaker 1: Bitcoin has seen increased utility in recent months as people 257 00:14:05,800 --> 00:14:09,040 Speaker 1: from numerous different countries sent tens of millions of dollars 258 00:14:09,040 --> 00:14:11,760 Speaker 1: to Ukraine via crypto payment raility. If I remember that 259 00:14:12,000 --> 00:14:14,920 Speaker 1: all this support for Ukraine when when Russia invaded and 260 00:14:14,960 --> 00:14:19,760 Speaker 1: they raised tens of millions of dollars through cryptocurrency donations, 261 00:14:19,960 --> 00:14:22,720 Speaker 1: how else could you have got that money there? Right? 262 00:14:22,760 --> 00:14:26,200 Speaker 1: With bitcoin? Instant nearly instant and free. You can just 263 00:14:26,240 --> 00:14:27,440 Speaker 1: send it right there. You don't need a bank, you 264 00:14:27,440 --> 00:14:28,960 Speaker 1: don't need Western Union, you don't have any of that, 265 00:14:29,040 --> 00:14:31,440 Speaker 1: especially in a world worn country that's fallen apart. You 266 00:14:31,440 --> 00:14:33,080 Speaker 1: don't have the ability to get on a bus and 267 00:14:33,120 --> 00:14:35,280 Speaker 1: go to a bank and get the cash out. Meanwhile, 268 00:14:35,480 --> 00:14:38,720 Speaker 1: Ukrainians that were fleeing the country were able to take 269 00:14:38,760 --> 00:14:42,400 Speaker 1: their money with them in the form of cryptocurrency stored 270 00:14:42,400 --> 00:14:46,040 Speaker 1: on a USB drive. A similar narrative played out in 271 00:14:46,080 --> 00:14:48,920 Speaker 1: Afghanistan in August when the Tally band took over the 272 00:14:48,960 --> 00:14:52,760 Speaker 1: country and all the banks were closed down. So, uh, 273 00:14:52,920 --> 00:14:57,760 Speaker 1: these technologists that wrote Congress from their very privileged place 274 00:14:57,800 --> 00:15:00,360 Speaker 1: sitting in the United States, who have never dealt with 275 00:15:00,400 --> 00:15:03,360 Speaker 1: a crashing economy or I said, say currency although the 276 00:15:03,400 --> 00:15:06,360 Speaker 1: dollars crashing um and have never had to run for 277 00:15:06,400 --> 00:15:10,400 Speaker 1: their lives. I have no idea, and they don't even 278 00:15:10,440 --> 00:15:13,160 Speaker 1: bother to think what other people could be going through. Now, 279 00:15:13,240 --> 00:15:15,280 Speaker 1: I've traveled around the world and I've seen this firsthand. 280 00:15:15,320 --> 00:15:17,200 Speaker 1: I haven't had to live it, thank God, but I 281 00:15:17,240 --> 00:15:20,800 Speaker 1: have seen it firsthand. Now in this Ukraine situation, Ukrainians 282 00:15:20,800 --> 00:15:22,960 Speaker 1: fleeing the country able to take their money with them 283 00:15:23,000 --> 00:15:25,400 Speaker 1: in the form of cryptocurrency. Now, I know people who 284 00:15:25,480 --> 00:15:27,920 Speaker 1: fled Russia, and when they fled Russia, they were only 285 00:15:27,920 --> 00:15:29,920 Speaker 1: allowed I forget, but I think it was like a 286 00:15:30,000 --> 00:15:32,800 Speaker 1: hundred dollars or two dollars per person. So like a 287 00:15:32,800 --> 00:15:34,560 Speaker 1: family of four could bring like four hundred bucks or 288 00:15:34,560 --> 00:15:37,280 Speaker 1: a hundred bucks. That was it all. The rest of 289 00:15:37,320 --> 00:15:39,800 Speaker 1: their money had to stay in Russia. I had friends 290 00:15:39,840 --> 00:15:41,600 Speaker 1: that have come from Afghanistan. I've had friends that came 291 00:15:41,600 --> 00:15:43,960 Speaker 1: from South Africa, and when they came to America, they 292 00:15:44,000 --> 00:15:45,880 Speaker 1: could not bring their money with them. They had to 293 00:15:45,920 --> 00:15:51,840 Speaker 1: come broke. But with bitcoin, they're able to take all 294 00:15:51,920 --> 00:15:55,040 Speaker 1: their money with them, all right, Um, And it says 295 00:15:55,080 --> 00:15:57,040 Speaker 1: here and when in Afghanistan, when the Taliban took over 296 00:15:57,040 --> 00:15:58,640 Speaker 1: the country and the banks were closed down, the banks 297 00:15:58,640 --> 00:16:02,720 Speaker 1: were closed, how could people get your money? Now? From 298 00:16:02,800 --> 00:16:08,000 Speaker 1: these technologists standpoint, they're technologists who know nothing about economics 299 00:16:08,080 --> 00:16:11,960 Speaker 1: or human rights apparently or freedom. Um. They're saying that 300 00:16:12,040 --> 00:16:15,040 Speaker 1: it's it's it's a waste, but it's it's not valuable 301 00:16:15,080 --> 00:16:17,840 Speaker 1: to them, but it's very valuable to the tens of 302 00:16:17,880 --> 00:16:20,400 Speaker 1: millions of people that have been displaced in Ukraine. It 303 00:16:20,440 --> 00:16:23,400 Speaker 1: says bitcoin provides financial inclusion and empowerment because it's open 304 00:16:23,440 --> 00:16:26,960 Speaker 1: and permissionless. We are not they said, We're not industry 305 00:16:26,960 --> 00:16:31,640 Speaker 1: financiers or professional lobbyists. Were humanitarians and democracy advocates who 306 00:16:31,720 --> 00:16:35,160 Speaker 1: use bitcoin to assist people at risk when other options 307 00:16:35,200 --> 00:16:38,920 Speaker 1: have failed, when other options have failed. Um, so this 308 00:16:39,000 --> 00:16:42,400 Speaker 1: is great. You know. One thing is these technologists, they say, 309 00:16:42,480 --> 00:16:45,680 Speaker 1: is that it's too risky. It's too risky. Um, we 310 00:16:45,680 --> 00:16:47,840 Speaker 1: we we need to we need to regulate it because 311 00:16:47,880 --> 00:16:50,640 Speaker 1: it's too risky. Well, too risky compared to what Because 312 00:16:50,680 --> 00:16:54,160 Speaker 1: if if I'm gonna Afghanistan, I'm guaranteed to lose all 313 00:16:54,160 --> 00:16:56,560 Speaker 1: of my purchasing power in six months, is it more 314 00:16:56,640 --> 00:16:59,680 Speaker 1: risky than that if I'm in Lebanon, or if I'm 315 00:16:59,680 --> 00:17:03,120 Speaker 1: in Turn I'm gonna lose seventy of my purchasing powers, 316 00:17:03,120 --> 00:17:05,760 Speaker 1: it more risky than that? I mean a lot of 317 00:17:05,800 --> 00:17:09,879 Speaker 1: the cryptocurrencies are down sixty in US dollar terms right now. 318 00:17:10,160 --> 00:17:13,600 Speaker 1: They are, but they're gonna lose sixty in their own 319 00:17:13,640 --> 00:17:17,760 Speaker 1: currency anyway. So what's their alternative? What's their risk? It's 320 00:17:17,840 --> 00:17:20,439 Speaker 1: very easy from your Ivory tower sitting in America going oh, 321 00:17:20,560 --> 00:17:24,480 Speaker 1: as a technologist, Uh, you know, it's risky. But when 322 00:17:24,520 --> 00:17:27,680 Speaker 1: you're facing certain death, when you're facing certain loss of 323 00:17:27,800 --> 00:17:31,280 Speaker 1: all your wealth, you have to try something different. You 324 00:17:31,359 --> 00:17:36,119 Speaker 1: can't get dollars. So what options do you have in 325 00:17:36,400 --> 00:17:39,679 Speaker 1: in in Afghanistan after America pulled out, the Taliban overran 326 00:17:39,760 --> 00:17:41,760 Speaker 1: the banks, took everyone's money. You couldn't send them money 327 00:17:41,800 --> 00:17:47,040 Speaker 1: through Western Union. What options do they have? And bitcoin 328 00:17:47,400 --> 00:17:49,959 Speaker 1: is solving these humanitarian problems and this is what it's 329 00:17:50,000 --> 00:17:52,439 Speaker 1: going to change the landscape of the world, from these 330 00:17:52,480 --> 00:17:56,159 Speaker 1: centrally controlled entities into this decentralized world. You're listening to 331 00:17:56,200 --> 00:17:58,960 Speaker 1: the Markmall Show. We're talking about, of course Bitcoin, the 332 00:17:59,040 --> 00:18:02,119 Speaker 1: decentralized reveel lution. We are talking about the way that 333 00:18:02,119 --> 00:18:05,000 Speaker 1: the pendulum is swinging back and forth. We're discovering how 334 00:18:05,080 --> 00:18:07,480 Speaker 1: it's solving human rights issues, and a lot of people 335 00:18:07,640 --> 00:18:09,960 Speaker 1: just don't understand that, and they have some gripes which 336 00:18:10,000 --> 00:18:11,879 Speaker 1: we're gonna come back and talk about in a minute, 337 00:18:12,320 --> 00:18:15,040 Speaker 1: So do not go away. I'll be right back. All right, 338 00:18:15,040 --> 00:18:17,120 Speaker 1: Welcome back. You are listening to the Mark ma Show. 339 00:18:17,160 --> 00:18:20,480 Speaker 1: We're talking about the decentralized revolution. Is the world changes 340 00:18:21,119 --> 00:18:24,439 Speaker 1: as the pendulum shifts from a world of centrally planned, 341 00:18:24,560 --> 00:18:27,879 Speaker 1: centrally controlled systems and back to a place of more 342 00:18:27,960 --> 00:18:31,400 Speaker 1: freedom and liberty in a decentralized world. Of course, talking 343 00:18:31,440 --> 00:18:35,680 Speaker 1: about bitcoin, talking about politics, finance, technology and all of that. 344 00:18:35,920 --> 00:18:38,840 Speaker 1: Now I was talking about before the break, how bitcoin 345 00:18:38,920 --> 00:18:41,879 Speaker 1: is solving humanitarian crisis happening all over the world, and 346 00:18:41,960 --> 00:18:45,320 Speaker 1: how a group of technologists got together and said that 347 00:18:45,359 --> 00:18:50,480 Speaker 1: they shouldn't be using it because quote, it has problems, 348 00:18:50,720 --> 00:18:56,800 Speaker 1: the technology isn't very good, and it's it's a culture 349 00:18:56,880 --> 00:19:00,879 Speaker 1: of Slee's rug polls, n f T s in pond 350 00:19:01,000 --> 00:19:06,080 Speaker 1: z s Okay. So they're throwing out every every every 351 00:19:06,160 --> 00:19:08,440 Speaker 1: trick in the book, every excuse in the book why 352 00:19:08,520 --> 00:19:11,840 Speaker 1: it's bad. It's it's not very good. So as a technologist, 353 00:19:11,920 --> 00:19:14,639 Speaker 1: that's that's how they describe it, not very good. Um. 354 00:19:14,760 --> 00:19:16,920 Speaker 1: Of course we hear other things. Right, bitcoin is gonna 355 00:19:16,960 --> 00:19:22,400 Speaker 1: boil the ocean. Bitcoin uses more energy than a small country. Um, 356 00:19:22,600 --> 00:19:26,760 Speaker 1: Bitcoin is going to destroy the climate. Right, Bitcoin at 357 00:19:26,800 --> 00:19:29,440 Speaker 1: its at its current rate, will take all the energy 358 00:19:29,520 --> 00:19:31,440 Speaker 1: of the entire world. You hear all kinds of things 359 00:19:31,560 --> 00:19:34,240 Speaker 1: like this. Um. One of the things that we've heard 360 00:19:34,280 --> 00:19:36,359 Speaker 1: from Christine Leguard from the I m F. She says 361 00:19:36,440 --> 00:19:41,760 Speaker 1: that it will it's a threat to our financial stability supposedly, 362 00:19:42,880 --> 00:19:47,119 Speaker 1: which I guess it is, because it is disrupting that industry. 363 00:19:47,160 --> 00:19:50,680 Speaker 1: That's what that's what new technologies do. New technologies disrupt 364 00:19:50,800 --> 00:19:55,600 Speaker 1: old technologies. It's something called creative destruction. When you create 365 00:19:55,760 --> 00:20:00,800 Speaker 1: something new, it destroys the old way. Digital cameras destroyed 366 00:20:00,880 --> 00:20:04,760 Speaker 1: the need for film cameras. Now that was really bad. 367 00:20:04,960 --> 00:20:06,920 Speaker 1: If you were Kodak, you're around for over a hundred 368 00:20:07,000 --> 00:20:08,320 Speaker 1: years and now you're out of business. It was really 369 00:20:08,359 --> 00:20:10,200 Speaker 1: bad for Kodak, but it was really good for all 370 00:20:10,280 --> 00:20:14,280 Speaker 1: of us. It was bad for photographers because when you 371 00:20:14,359 --> 00:20:17,040 Speaker 1: had film, it really took skill. It really took a 372 00:20:17,080 --> 00:20:19,159 Speaker 1: lot to be good photographer. Today you have digital cameras 373 00:20:19,200 --> 00:20:21,080 Speaker 1: and they're way easier. So it was bad for some people, 374 00:20:21,880 --> 00:20:24,480 Speaker 1: but it was net gain for other people. So that's 375 00:20:24,480 --> 00:20:26,960 Speaker 1: what that's what new technologies do. And so the big 376 00:20:26,960 --> 00:20:30,800 Speaker 1: point is disrupting the existing financial system. So to Christine 377 00:20:30,880 --> 00:20:32,880 Speaker 1: Leguard from the I m F point, where I'm sorry 378 00:20:32,960 --> 00:20:35,720 Speaker 1: she's previously i MF now she's with the ECB. But 379 00:20:35,880 --> 00:20:39,439 Speaker 1: to her point, it is disrupting the financial system financial 380 00:20:39,480 --> 00:20:41,520 Speaker 1: stability as it disrupts that. But that's a good thing. 381 00:20:42,280 --> 00:20:45,280 Speaker 1: It wouldn't be disrupting if it disrupting it. If it 382 00:20:45,440 --> 00:20:49,840 Speaker 1: was worse, people wouldn't have gone to digital cameras instead 383 00:20:49,840 --> 00:20:53,680 Speaker 1: of film cameras if they were worse. They went because 384 00:20:53,760 --> 00:20:55,560 Speaker 1: they were better. Now, typically a new idea needs to 385 00:20:55,640 --> 00:20:58,320 Speaker 1: be you know, not one percent to five percent, not 386 00:20:58,400 --> 00:21:01,600 Speaker 1: even increase in tempts better. It needs to be like 387 00:21:01,880 --> 00:21:05,159 Speaker 1: a hundred needs to be a thousand times better. And 388 00:21:05,240 --> 00:21:08,720 Speaker 1: digital cameras, of course were, and bitcoins a thousand times better. 389 00:21:10,480 --> 00:21:12,399 Speaker 1: Now they can talk about these things. They can talk 390 00:21:12,400 --> 00:21:14,240 Speaker 1: about how it's gonna boil the oceans, usual the energy 391 00:21:14,240 --> 00:21:15,560 Speaker 1: of the world. They can talk about One of their 392 00:21:15,560 --> 00:21:19,040 Speaker 1: favorite things is they like to talk about it's used 393 00:21:19,119 --> 00:21:24,080 Speaker 1: for illicit activities. It's only it's only used by by 394 00:21:24,240 --> 00:21:28,160 Speaker 1: drug dealers and criminals. That's it. Okay, So a couple 395 00:21:28,160 --> 00:21:30,560 Speaker 1: of things on that. So first of all, I would say, okay, 396 00:21:30,600 --> 00:21:33,600 Speaker 1: well that kind of proves the use case a little bit. 397 00:21:34,200 --> 00:21:36,280 Speaker 1: There's a lot of use cases to bitcoin. One of 398 00:21:36,359 --> 00:21:38,080 Speaker 1: them is that their permission lists, so you don't need 399 00:21:38,080 --> 00:21:39,680 Speaker 1: to fill out an application to use it. Anyone could 400 00:21:39,720 --> 00:21:41,000 Speaker 1: use it as permission list. But the other thing is 401 00:21:41,040 --> 00:21:45,440 Speaker 1: that it's censorship resistant. Nobody can seize my money and 402 00:21:45,480 --> 00:21:49,359 Speaker 1: nobody can stop or block of transaction. Now that's great 403 00:21:49,440 --> 00:21:51,920 Speaker 1: for criminals because they don't want their money sees and 404 00:21:51,960 --> 00:21:53,800 Speaker 1: they don't want someone to stop her block of transaction. 405 00:21:53,840 --> 00:21:56,359 Speaker 1: That's great for criminals. So by saying that, you're just 406 00:21:56,440 --> 00:21:58,840 Speaker 1: kind of proving the use case. But there's other reasons 407 00:21:58,880 --> 00:22:00,840 Speaker 1: why you want to do that maybe aren't criminal. So 408 00:22:00,960 --> 00:22:03,160 Speaker 1: for example, if you live in Afghanistan when the United 409 00:22:03,160 --> 00:22:05,080 Speaker 1: States just bailed on you, and now the Taliband is 410 00:22:05,080 --> 00:22:07,040 Speaker 1: trying to seize your money, wouldn't you like to have 411 00:22:07,280 --> 00:22:09,639 Speaker 1: money that couldn't be seized by the Taliband? And if 412 00:22:09,640 --> 00:22:11,800 Speaker 1: I wanted to send somebody money from the United States 413 00:22:11,880 --> 00:22:13,920 Speaker 1: to Afghanistan to help them out because they're starving to 414 00:22:13,960 --> 00:22:15,879 Speaker 1: death and I wanted to send them money, wouldn't I 415 00:22:15,920 --> 00:22:17,280 Speaker 1: want to be able to get the money that couldn't 416 00:22:17,280 --> 00:22:20,719 Speaker 1: be seized. So one man is a criminal, another man 417 00:22:20,840 --> 00:22:23,840 Speaker 1: is saving his life. It's a tool, right tools can 418 00:22:23,880 --> 00:22:26,159 Speaker 1: be used for good and bad. Screw driver in the 419 00:22:26,280 --> 00:22:28,879 Speaker 1: right hands, could you know, fix a car. In the 420 00:22:28,920 --> 00:22:31,639 Speaker 1: wrong hands, they could do some serious harm to somebody. 421 00:22:31,840 --> 00:22:35,280 Speaker 1: And so it's a tool. But how much of this 422 00:22:35,440 --> 00:22:38,159 Speaker 1: tool is really being used to harm people? That's the 423 00:22:38,280 --> 00:22:40,480 Speaker 1: question because they love to throw the stat out. Now 424 00:22:40,800 --> 00:22:44,120 Speaker 1: there's a company called Chain Analysis, and what she Analysis 425 00:22:44,160 --> 00:22:47,720 Speaker 1: does is they have the software you know, artificial intelligence, 426 00:22:47,840 --> 00:22:49,840 Speaker 1: and they look at all the on Chaine data. So 427 00:22:49,920 --> 00:22:51,960 Speaker 1: one of the things with bitcoin is an open source network, 428 00:22:52,119 --> 00:22:54,160 Speaker 1: and so we can see all the on Chaine data. 429 00:22:54,240 --> 00:22:56,959 Speaker 1: We can see when bitcoin moves from crypto, moves from 430 00:22:57,000 --> 00:22:59,439 Speaker 1: one wallet to the next, and then through AI they 431 00:22:59,560 --> 00:23:01,639 Speaker 1: kind of put all these wallets together and they can 432 00:23:01,720 --> 00:23:03,639 Speaker 1: kind of monitor all this. It's not perfect, but but 433 00:23:03,720 --> 00:23:06,920 Speaker 1: it works okay. And so they monitor this and they've 434 00:23:06,960 --> 00:23:12,400 Speaker 1: been measuring bitcoins at legal activity and uh what they've 435 00:23:12,480 --> 00:23:15,000 Speaker 1: said now they just put out this new report, which 436 00:23:15,000 --> 00:23:17,399 Speaker 1: I have the report, and a lot of people are 437 00:23:17,400 --> 00:23:21,920 Speaker 1: going to try to twist this around because the illegal 438 00:23:22,040 --> 00:23:26,639 Speaker 1: activity with bitcoin has gone up. Sounds really bad, right. 439 00:23:26,720 --> 00:23:30,719 Speaker 1: I could write that headline, Um, bitcoin's use of illicit 440 00:23:30,800 --> 00:23:35,000 Speaker 1: activity goes higher, more people are using bitcoin for elicit 441 00:23:35,080 --> 00:23:37,720 Speaker 1: activity than ever before. We could write the headlines that way, 442 00:23:37,720 --> 00:23:43,119 Speaker 1: because that's somewhat true, factually true, but it's misleading a 443 00:23:43,200 --> 00:23:44,760 Speaker 1: matter of fact. If I read this here, it says 444 00:23:44,760 --> 00:23:48,119 Speaker 1: a legal activity in cybergrime are a shrinking part of 445 00:23:48,160 --> 00:23:51,800 Speaker 1: the crypto economy. According to research from blockchain and analytics 446 00:23:51,840 --> 00:23:56,560 Speaker 1: firm Chain Analysis, the percentage of a legal activity fell 447 00:23:57,040 --> 00:24:01,040 Speaker 1: to just zero point one point five percent of the 448 00:24:01,080 --> 00:24:04,760 Speaker 1: total transaction volume in two thousand one, even as the 449 00:24:04,880 --> 00:24:07,679 Speaker 1: total value rose to a new high. So the amount 450 00:24:07,760 --> 00:24:09,680 Speaker 1: of activity that was used for a list of activities 451 00:24:09,760 --> 00:24:13,280 Speaker 1: actually did rise to a new high, but as a 452 00:24:13,359 --> 00:24:18,240 Speaker 1: percentage of all activity, it actually dropped to a new load. 453 00:24:18,280 --> 00:24:22,040 Speaker 1: Does that make sense? So if if if there was 454 00:24:22,080 --> 00:24:25,440 Speaker 1: only one use case of bitcoin, only only one transaction ever, 455 00:24:25,640 --> 00:24:27,159 Speaker 1: and it was used for something to listed, then a 456 00:24:27,280 --> 00:24:30,040 Speaker 1: hundred percent of the transactions, were you right? So it's 457 00:24:30,040 --> 00:24:32,000 Speaker 1: a very small sample size. So what we're seeing is 458 00:24:32,080 --> 00:24:36,080 Speaker 1: that more volumes being used, more transactions are being done. Um, 459 00:24:36,480 --> 00:24:39,600 Speaker 1: so of course the percentage I'm sorry, the number of 460 00:24:39,680 --> 00:24:43,560 Speaker 1: illegal transactions would also go up. However, as a as 461 00:24:43,600 --> 00:24:46,399 Speaker 1: a whole, the percentage has actually gone down, And I 462 00:24:46,440 --> 00:24:49,920 Speaker 1: think that's a big important part. And so now you 463 00:24:50,000 --> 00:24:52,320 Speaker 1: know when they started trying to twist this around. You 464 00:24:52,440 --> 00:24:55,200 Speaker 1: have to look through this because I could easily write 465 00:24:55,240 --> 00:24:57,840 Speaker 1: this headline to tell you whatever story I want. But 466 00:24:57,960 --> 00:25:02,159 Speaker 1: the fact is the amount of legal activity is an 467 00:25:02,359 --> 00:25:07,160 Speaker 1: increasingly smaller part of the crypto economy. Although the popularity 468 00:25:07,200 --> 00:25:11,200 Speaker 1: of bitcoin and other cryptocurrencies increased sharply in the proportion 469 00:25:11,480 --> 00:25:16,960 Speaker 1: of transactions to address related to legal activity increased significantly. 470 00:25:18,400 --> 00:25:23,240 Speaker 1: All right, so it's going down. Now that's uh, that's bitcoin. 471 00:25:23,840 --> 00:25:26,119 Speaker 1: They want to tell you that it's only used to 472 00:25:26,280 --> 00:25:30,159 Speaker 1: do wrong, that it's only used by criminals, um, et cetera. 473 00:25:31,800 --> 00:25:35,440 Speaker 1: Now do fiet. What about the banking system? Right, so 474 00:25:35,720 --> 00:25:39,840 Speaker 1: the banking system is heavily regulated. Obviously they can control that. 475 00:25:40,040 --> 00:25:42,040 Speaker 1: And the banking system. They have something called a m 476 00:25:42,200 --> 00:25:44,840 Speaker 1: L it's anti money laundering. They have something called k 477 00:25:45,119 --> 00:25:47,680 Speaker 1: y C no your customer, and so banks have to 478 00:25:47,760 --> 00:25:52,600 Speaker 1: adhere to these a m L Anti money laundering UM regulations. 479 00:25:52,920 --> 00:25:54,199 Speaker 1: There's a lot of things they do so, like if 480 00:25:54,240 --> 00:25:55,639 Speaker 1: you go to the bank and try to withdraw you know, 481 00:25:55,760 --> 00:25:57,600 Speaker 1: more than ten thousand dollars, you have to fill out 482 00:25:57,640 --> 00:26:01,280 Speaker 1: forms that's a star's reports, Suspicious Activity Report. There's lots 483 00:26:01,280 --> 00:26:03,040 Speaker 1: of things they have to do. Well, if we look 484 00:26:03,080 --> 00:26:06,560 Speaker 1: at that, we can see that financial institutions that lack 485 00:26:06,600 --> 00:26:10,000 Speaker 1: compliance and due diligence, who were already find a staggering 486 00:26:10,480 --> 00:26:14,959 Speaker 1: two point seven billion dollars in two thousand twenty one 487 00:26:15,080 --> 00:26:20,119 Speaker 1: according to an a mL fins one report. Who were 488 00:26:20,160 --> 00:26:21,800 Speaker 1: some of these big people that paid out big fines 489 00:26:21,800 --> 00:26:25,360 Speaker 1: will Capital One. Capital One paid out almost four hundred 490 00:26:25,560 --> 00:26:29,840 Speaker 1: million dollars in fines because the U. S. Department of Treasuries, 491 00:26:29,880 --> 00:26:33,800 Speaker 1: FINS and Financial Crimes Enforcement Network carried out actions against 492 00:26:33,880 --> 00:26:37,280 Speaker 1: them for violating the Bank Secrecy Act. Check Cashier's failed 493 00:26:37,320 --> 00:26:42,040 Speaker 1: to report suspicious activity despite knowing of criminal charges against 494 00:26:42,080 --> 00:26:47,800 Speaker 1: specific customers, including organized crime syndicate. So they paid out 495 00:26:47,840 --> 00:26:51,359 Speaker 1: almost four hundred million dollars in fines for helping what 496 00:26:51,600 --> 00:26:55,199 Speaker 1: they already knew as an organized crime syndicate. But it's 497 00:26:55,200 --> 00:26:58,119 Speaker 1: all bitcoin that's bad, right or deut Deutsche Bank hundred 498 00:26:58,160 --> 00:27:01,359 Speaker 1: thirty million the Internet turned into a three year deferred 499 00:27:01,400 --> 00:27:04,320 Speaker 1: prosecution agreement with US Attorney's Office find A hundred thirty 500 00:27:04,320 --> 00:27:09,159 Speaker 1: millions for violations UM involved in commodities fraud scheme. The 501 00:27:09,280 --> 00:27:14,640 Speaker 1: scheme to conceal bribes and manipulate commodities trading involving publicly 502 00:27:14,680 --> 00:27:19,160 Speaker 1: traded precious metals included senior executives who knowingly and willingly 503 00:27:19,280 --> 00:27:23,840 Speaker 1: conspired in falsifying payments to the balance books. So the 504 00:27:23,880 --> 00:27:26,679 Speaker 1: banking system is complicit. They know what they're doing. Bitcoin 505 00:27:26,760 --> 00:27:29,320 Speaker 1: is just a protocol. Nobody knows it's a tool, right. 506 00:27:29,560 --> 00:27:33,120 Speaker 1: These are banks that are actively helping people. It's insane. 507 00:27:33,320 --> 00:27:35,040 Speaker 1: You listen to the Mark Moa show. We're talking about 508 00:27:35,040 --> 00:27:38,720 Speaker 1: the Decentralized Revolution, talking about how bitcoin is changing the 509 00:27:38,840 --> 00:27:40,959 Speaker 1: world and how they're throwing a lot of food at 510 00:27:41,000 --> 00:27:43,280 Speaker 1: it like it's used for list activities, but it's really 511 00:27:43,280 --> 00:27:45,080 Speaker 1: the banks. I'll be back with that and more in 512 00:27:45,119 --> 00:27:47,960 Speaker 1: a minute, So do not go away, all right, welcome back. 513 00:27:48,000 --> 00:27:51,280 Speaker 1: You are listening to the Mark mo Show talking about 514 00:27:51,359 --> 00:27:54,399 Speaker 1: the Decentralized Revolution. Of course we're talking about bitcoin, and 515 00:27:54,440 --> 00:27:57,360 Speaker 1: we're looking at politics, finance, and technologies to see as 516 00:27:57,480 --> 00:28:00,359 Speaker 1: the world is changing right before our very eyes. And 517 00:28:00,440 --> 00:28:02,600 Speaker 1: of course this is a it's a transition, and it's 518 00:28:02,640 --> 00:28:04,919 Speaker 1: not a smooth transition. As we go from the essentially 519 00:28:05,000 --> 00:28:09,800 Speaker 1: planned economies to more free, fair, liberty focused, freedom loving, 520 00:28:10,119 --> 00:28:15,360 Speaker 1: decentralized world. The old system doesn't want to give up power, 521 00:28:15,400 --> 00:28:17,639 Speaker 1: and of course it's fighting a new system, and so 522 00:28:17,760 --> 00:28:20,240 Speaker 1: we see this all over the place. We are talking 523 00:28:20,280 --> 00:28:23,520 Speaker 1: about how they're trying to say that bitcoin is used 524 00:28:23,520 --> 00:28:26,960 Speaker 1: for illicit transactions, but really it's the banking system that's 525 00:28:27,040 --> 00:28:33,800 Speaker 1: used for ellicit transactions, knowingly and willingly um enabling organized 526 00:28:33,920 --> 00:28:37,600 Speaker 1: crime and fraud and these banks have paid out big finds. 527 00:28:37,600 --> 00:28:39,719 Speaker 1: A matter of fact, Bank of America has paid out 528 00:28:39,840 --> 00:28:45,000 Speaker 1: seven since the great financial crash. Bank of America has 529 00:28:45,040 --> 00:28:49,680 Speaker 1: paid out seventy six billion, the b seventy six billion 530 00:28:49,720 --> 00:28:55,200 Speaker 1: dollars in fines, seventy six billion, JP Morgan's forty three 531 00:28:55,800 --> 00:29:01,080 Speaker 1: billion dollars in fines. I mean, that's just in sane now. 532 00:29:01,360 --> 00:29:03,280 Speaker 1: Actually this is an old article, so it's probably paid 533 00:29:03,280 --> 00:29:05,720 Speaker 1: out even way more since then. But it goes even 534 00:29:05,760 --> 00:29:07,920 Speaker 1: deeper than this. There's an article that just broke this week. 535 00:29:09,160 --> 00:29:15,400 Speaker 1: Bitcoin Bank Custody Custodia sued the Federal Reserve, the central 536 00:29:15,440 --> 00:29:18,200 Speaker 1: banking the United States. They sue the Follower Reserve demanding 537 00:29:18,400 --> 00:29:25,280 Speaker 1: decision on a master account. So all the banks of 538 00:29:25,360 --> 00:29:28,160 Speaker 1: the world have to have a charter with the Federal Reserve. 539 00:29:28,880 --> 00:29:31,720 Speaker 1: So I was at a conference UM in the beginning 540 00:29:31,760 --> 00:29:33,520 Speaker 1: this year in January, and I was on a panel 541 00:29:33,600 --> 00:29:36,560 Speaker 1: with UM. One of the leading professor, Richard Werner, one 542 00:29:36,600 --> 00:29:39,640 Speaker 1: of the leading voices, talking about central banks, and he 543 00:29:39,760 --> 00:29:41,160 Speaker 1: was saying how there's a big problem of all the 544 00:29:41,240 --> 00:29:42,920 Speaker 1: centralization of banks, and what we need is we need 545 00:29:42,960 --> 00:29:44,960 Speaker 1: to keep the banks decentralized, which of course I agree 546 00:29:44,960 --> 00:29:49,440 Speaker 1: with And I said great, you know, um, so how 547 00:29:49,520 --> 00:29:52,640 Speaker 1: do we achieve that? I asked him that question and 548 00:29:52,720 --> 00:29:54,360 Speaker 1: they said, well, easy, just more people need to go 549 00:29:54,440 --> 00:29:57,960 Speaker 1: open up banks. If only it was that easy. And 550 00:29:58,080 --> 00:29:59,360 Speaker 1: this is a story to tell you that it's not 551 00:29:59,480 --> 00:30:03,720 Speaker 1: that easy, be because you have to get permission from 552 00:30:03,880 --> 00:30:06,720 Speaker 1: the Federal Reserve to open a bank. And that's exactly 553 00:30:06,720 --> 00:30:10,440 Speaker 1: what's happening. So we see Bitcoin Bank Custodia today sued 554 00:30:10,520 --> 00:30:13,960 Speaker 1: the Federal Reserve Board of Governors and the Federal Reserve 555 00:30:14,000 --> 00:30:18,920 Speaker 1: Bank of Kansas City, charging they have unlawfully broken the law. 556 00:30:19,280 --> 00:30:22,520 Speaker 1: They're saying they broke the law unlawfully delayed for nineteen 557 00:30:22,720 --> 00:30:25,880 Speaker 1: months acting on its application for a master account with 558 00:30:25,920 --> 00:30:28,960 Speaker 1: the Federal Reserve. So the bank, let's follow all the paperwork. 559 00:30:29,040 --> 00:30:32,920 Speaker 1: They've done everything proper and they're supposed to get a 560 00:30:32,960 --> 00:30:35,320 Speaker 1: response from the Foedo Reserve about their application for this 561 00:30:35,480 --> 00:30:38,400 Speaker 1: master account to have a bank. Now they're charging they've 562 00:30:38,440 --> 00:30:43,160 Speaker 1: been unlawfully delayed for nineteen months. The Bank Custodia is 563 00:30:43,240 --> 00:30:46,200 Speaker 1: charted in Wyoming under a crypto friendly statute passed in 564 00:30:46,240 --> 00:30:50,320 Speaker 1: twenty nineteen allowing for quote special purpose depository institutions, and 565 00:30:50,360 --> 00:30:53,160 Speaker 1: they say, the master account would reduce its costs and 566 00:30:53,280 --> 00:30:55,800 Speaker 1: it's vital to its core mission of providing a bridge 567 00:30:55,800 --> 00:30:58,160 Speaker 1: between digital assets in the US dollar. Now, according to 568 00:30:58,200 --> 00:31:01,640 Speaker 1: the suit, the Federal Reserve has a legal obligation to 569 00:31:01,880 --> 00:31:05,959 Speaker 1: act within a year and states on its own paperwork 570 00:31:06,360 --> 00:31:09,920 Speaker 1: that ordinarily takes just five to seven days to act 571 00:31:10,000 --> 00:31:14,360 Speaker 1: on a master account application. So there it says in 572 00:31:14,440 --> 00:31:16,120 Speaker 1: their own words, it typically takes a couple of days, 573 00:31:16,720 --> 00:31:20,400 Speaker 1: but legally they have an obligation to act within a year. 574 00:31:20,680 --> 00:31:23,840 Speaker 1: But they've been sitting on this for over nineteen months. 575 00:31:24,960 --> 00:31:28,600 Speaker 1: It's a big problem. So, uh, this old system does 576 00:31:28,720 --> 00:31:31,480 Speaker 1: not want to go willingly, and they're going to continue 577 00:31:31,520 --> 00:31:34,920 Speaker 1: to throw up roadblocks every chance they get. But of 578 00:31:35,000 --> 00:31:37,320 Speaker 1: course Custodia is not going to sit back and take this, 579 00:31:37,840 --> 00:31:39,800 Speaker 1: so they filed the lawsuit. They led to the Kansas 580 00:31:39,840 --> 00:31:42,800 Speaker 1: citys FED. Processing of its application was moving along until 581 00:31:42,880 --> 00:31:46,440 Speaker 1: the spring of when the main Federal Reserve got involved. 582 00:31:47,720 --> 00:31:49,959 Speaker 1: So Kansas City feder was actually processing that things were 583 00:31:50,000 --> 00:31:53,080 Speaker 1: going along good, but then the main Federal Reserve got 584 00:31:53,200 --> 00:31:55,880 Speaker 1: involved and then something happened. What was that, Well, the 585 00:31:55,960 --> 00:31:58,160 Speaker 1: seat The suit seeks to force the Federal Reserve and 586 00:31:58,160 --> 00:32:00,280 Speaker 1: the Kansas City Branch to act on its applic cation 587 00:32:00,280 --> 00:32:05,520 Speaker 1: and ultimately to approve it. Should Custodia win, which I'm 588 00:32:05,600 --> 00:32:07,600 Speaker 1: rooting for them. I think you are too right. We're 589 00:32:07,600 --> 00:32:09,600 Speaker 1: all rooting for them against the small guy, against the 590 00:32:09,600 --> 00:32:11,520 Speaker 1: big guy, the United States. We love the we love 591 00:32:11,600 --> 00:32:13,800 Speaker 1: the underdog, we love the David and Glass story here, 592 00:32:14,440 --> 00:32:16,920 Speaker 1: and ultimately we want to stick it to the central banks. Uh. 593 00:32:16,920 --> 00:32:19,400 Speaker 1: Should Custodia win a suit or otherwise we granted a 594 00:32:19,480 --> 00:32:22,680 Speaker 1: master account, it would be the first bitcoin bank to 595 00:32:22,920 --> 00:32:27,080 Speaker 1: gain one. Custodia Bank was founded by Morgan Stanley, veteran Caton, 596 00:32:27,240 --> 00:32:31,520 Speaker 1: and Caitlin long In under the name Avante Financial Group. 597 00:32:32,320 --> 00:32:35,400 Speaker 1: Um and uh, she is a beast. She came onto 598 00:32:35,440 --> 00:32:37,440 Speaker 1: the bitcoin scene. She's you know, been in the financial 599 00:32:37,680 --> 00:32:40,120 Speaker 1: space for a really long time. Really started talking about 600 00:32:40,160 --> 00:32:41,800 Speaker 1: something that really brought a front and center, at least 601 00:32:41,800 --> 00:32:43,360 Speaker 1: to me and a lot of other people, which was 602 00:32:43,560 --> 00:32:47,240 Speaker 1: something called re hypothecation. Is something that these financial institutions do. 603 00:32:47,720 --> 00:32:50,000 Speaker 1: And so what is rehypothecation? So what does that mean 604 00:32:50,160 --> 00:32:52,720 Speaker 1: is that let me, let me, let me make it simple. 605 00:32:52,880 --> 00:32:54,240 Speaker 1: If I had, if I had, if I had a 606 00:32:54,320 --> 00:32:57,400 Speaker 1: candy bar, and I gave it to this person. Now 607 00:32:57,560 --> 00:32:59,600 Speaker 1: he would give me an IOU that he owed me 608 00:32:59,720 --> 00:33:02,520 Speaker 1: that andy bar. So he's got one candy bar. I 609 00:33:02,560 --> 00:33:04,720 Speaker 1: have an isoue that I'm owed a candy bar. But 610 00:33:04,800 --> 00:33:06,600 Speaker 1: let's say that now he gives that candy bar to 611 00:33:06,680 --> 00:33:10,440 Speaker 1: person number two and gets an ioue. So now there's 612 00:33:10,440 --> 00:33:13,320 Speaker 1: still one candy bar. But now one person has a 613 00:33:13,360 --> 00:33:15,760 Speaker 1: candy bar, and then there's an iou for person one, 614 00:33:15,920 --> 00:33:18,400 Speaker 1: and I have an isue. So now there's basically three 615 00:33:18,560 --> 00:33:21,080 Speaker 1: candy bars, but really only one candy bar. And then 616 00:33:21,120 --> 00:33:23,320 Speaker 1: person number two gives it the person number three and 617 00:33:23,360 --> 00:33:25,440 Speaker 1: then gives the person number four, Person number five, person 618 00:33:25,520 --> 00:33:28,000 Speaker 1: number six. So now person number six has the candy bar, 619 00:33:28,320 --> 00:33:31,240 Speaker 1: and five four three to one and myself only have 620 00:33:31,360 --> 00:33:36,360 Speaker 1: an IOU. That means there's seven candy bars in the system, 621 00:33:37,200 --> 00:33:40,680 Speaker 1: but there's only one physical candy bar. Now what's the 622 00:33:40,720 --> 00:33:43,600 Speaker 1: problem with that. Well, all of us think we're wealthy, 623 00:33:44,040 --> 00:33:46,160 Speaker 1: all of us think we have a candy bar. The 624 00:33:46,280 --> 00:33:50,600 Speaker 1: reality is there's only one candy bar. Now what happens 625 00:33:50,920 --> 00:33:55,560 Speaker 1: if person number six eats that candy bar, Well, now 626 00:33:55,840 --> 00:34:01,280 Speaker 1: seven candy bars disappear. Seven candy bars are gone. Because 627 00:34:01,320 --> 00:34:04,320 Speaker 1: one person ate a candy bar. That's rehypothecation. That's a 628 00:34:04,320 --> 00:34:06,120 Speaker 1: big problem. It sounds like a problem, doesn't it. That's 629 00:34:06,120 --> 00:34:08,400 Speaker 1: what they do with your financial assets. And so you 630 00:34:08,520 --> 00:34:10,480 Speaker 1: put your money in the bank and then they give 631 00:34:10,480 --> 00:34:12,240 Speaker 1: it to someone else, or your stock in your account. 632 00:34:12,600 --> 00:34:14,560 Speaker 1: You don't own that stock. What you have is an 633 00:34:14,600 --> 00:34:17,600 Speaker 1: IOU and then that's a rehypothecated to the next person, 634 00:34:17,640 --> 00:34:19,160 Speaker 1: to the next person, the next person, the next person. 635 00:34:19,320 --> 00:34:23,040 Speaker 1: So these assets grow exponentially through this debt process. The 636 00:34:23,080 --> 00:34:25,640 Speaker 1: problem is the system gets over levered, so we don't 637 00:34:25,680 --> 00:34:29,280 Speaker 1: really know exactly. It's it's a rumored to have about 638 00:34:29,440 --> 00:34:33,560 Speaker 1: somewhere between three too maybe up to five hundred paper 639 00:34:33,680 --> 00:34:37,080 Speaker 1: ounces of gold claims on announce of gold for everyone 640 00:34:37,960 --> 00:34:41,239 Speaker 1: real physical ounce. So a lot of people, maybe five 641 00:34:41,680 --> 00:34:43,799 Speaker 1: people or four d nine think they own ann ounce 642 00:34:43,840 --> 00:34:46,920 Speaker 1: of gold, but they don't because it's really only one. 643 00:34:48,400 --> 00:34:50,440 Speaker 1: That's a big process. That's re hypothication. She she kind 644 00:34:50,480 --> 00:34:52,440 Speaker 1: of had really brought that front center to me, and 645 00:34:52,480 --> 00:34:56,680 Speaker 1: it's a big problem in the system. Because stoo page 646 00:34:56,719 --> 00:34:59,960 Speaker 1: suit lists eight claims for relief, so there's eight different 647 00:35:00,000 --> 00:35:01,560 Speaker 1: way is that they would like to have relief here 648 00:35:02,200 --> 00:35:05,160 Speaker 1: um or ways the FED could potentially resolve the case. 649 00:35:05,640 --> 00:35:08,360 Speaker 1: The first claim raises they broader issue regarding the function 650 00:35:08,480 --> 00:35:10,400 Speaker 1: of the individual federals or banks and whether they are 651 00:35:10,400 --> 00:35:14,040 Speaker 1: subject to rules for federal agencies. So, um, what I 652 00:35:14,120 --> 00:35:16,560 Speaker 1: love about this is it's taking it to the entire 653 00:35:16,760 --> 00:35:20,920 Speaker 1: Federal Reserve banking system and changing the way it works. 654 00:35:21,800 --> 00:35:24,239 Speaker 1: Everybody's watching to see what's going to happen. Of course, 655 00:35:24,280 --> 00:35:26,720 Speaker 1: the Kansas City branch of the Fedower Reserve declined to comment. 656 00:35:26,880 --> 00:35:29,080 Speaker 1: They don't even want to know anything about it, um, 657 00:35:29,400 --> 00:35:32,160 Speaker 1: and they just don't really want to get involved. But 658 00:35:32,960 --> 00:35:36,440 Speaker 1: kudos to Caitlin for taking this to taking this fight 659 00:35:36,520 --> 00:35:37,839 Speaker 1: to them. I wouldn't want to be on the other 660 00:35:37,920 --> 00:35:40,920 Speaker 1: side of it. And now this is coming from Wyoming, 661 00:35:41,440 --> 00:35:43,399 Speaker 1: which is interesting because at the same time we saw 662 00:35:43,840 --> 00:35:47,800 Speaker 1: Senator Cynthia loomas Um from Wyoming submitted bill just this 663 00:35:47,960 --> 00:35:52,560 Speaker 1: week into the Senate for more clarity on bitcoin and cryptocurrency, 664 00:35:52,600 --> 00:35:56,920 Speaker 1: which was pretty cool. So she introduced this bill um 665 00:35:57,000 --> 00:36:00,439 Speaker 1: that basically would put some things into law that would 666 00:36:00,520 --> 00:36:04,320 Speaker 1: prohibit the government from from encroaching on this. One of 667 00:36:04,400 --> 00:36:07,000 Speaker 1: them would be to repeal some of the taxes that 668 00:36:07,080 --> 00:36:09,360 Speaker 1: are levied against it. So she had a bill that 669 00:36:09,440 --> 00:36:13,480 Speaker 1: would take away capital gains tax up to two hundred dollars, 670 00:36:13,800 --> 00:36:15,560 Speaker 1: and that really help us get to a point where 671 00:36:15,600 --> 00:36:18,000 Speaker 1: we could spend bitcoin more as a medium of exchange 672 00:36:18,239 --> 00:36:19,719 Speaker 1: without having to pay tax and everything. So if you 673 00:36:19,760 --> 00:36:21,520 Speaker 1: want to use it to get a cup of coffee, 674 00:36:22,080 --> 00:36:23,759 Speaker 1: I think I talked about last week. You can go 675 00:36:23,800 --> 00:36:25,800 Speaker 1: to Chipotle now and you could spend your bitcoin, but 676 00:36:25,800 --> 00:36:27,560 Speaker 1: you don't want to do that because that's a taxable event. 677 00:36:28,120 --> 00:36:30,720 Speaker 1: But if they could get reduced below two d threshold, 678 00:36:30,719 --> 00:36:33,080 Speaker 1: you can go to Chippotle, you can buy your coffee, 679 00:36:33,120 --> 00:36:37,279 Speaker 1: you can buy a burger, things like that. Um, And 680 00:36:37,400 --> 00:36:40,880 Speaker 1: so we'll see. Wyoming is kind of at the forefront 681 00:36:40,960 --> 00:36:44,800 Speaker 1: of this freedom movement, freedom to transact. Without the freedom 682 00:36:44,840 --> 00:36:47,560 Speaker 1: to transact, there is no freedom at all. And so 683 00:36:47,640 --> 00:36:51,440 Speaker 1: they're pioneering this ability to transact with whatever currency want 684 00:36:51,480 --> 00:36:55,200 Speaker 1: and to store our wealth in whatever they want at 685 00:36:55,239 --> 00:36:58,040 Speaker 1: the same time. So let's go Caitlin, and let's go 686 00:36:58,400 --> 00:37:01,440 Speaker 1: Cynthia Loomis and Wyoming. With that, you listen to the 687 00:37:01,480 --> 00:37:04,759 Speaker 1: Mark Ball Show, we're talking about the decentralized revolution, talking 688 00:37:04,800 --> 00:37:07,280 Speaker 1: about the way the world UH is seeing the pendulum 689 00:37:07,320 --> 00:37:10,680 Speaker 1: shift from centralization to decentralization. Of course, we're talking about 690 00:37:10,680 --> 00:37:13,240 Speaker 1: bitcoin and we're looking at through the lens of politics, finance, 691 00:37:13,320 --> 00:37:16,200 Speaker 1: and technology. Hopefully you got some value out of these 692 00:37:16,560 --> 00:37:18,879 Speaker 1: breaking news stories. That's what I got for you today. 693 00:37:18,920 --> 00:37:19,479 Speaker 1: Thanks for listening.