WEBVTT - The Mark Moss Show Oct 22, 2021 0:00:00.040 --> 0:00:02.160 All right, welcome back. You are listening to the Mark 0:00:02.240 --> 0:00:05.760 mo Show, and we are talking about bitcoin and the 0:00:05.920 --> 0:00:11.160 decentralized revolution. I'm talking about a technological revolution that will 0:00:11.240 --> 0:00:14.520 literally change the world, the largest opportunity that the largest 0:00:14.560 --> 0:00:17.640 wealth transfer will ever see, and it will change every 0:00:17.680 --> 0:00:20.479 area of life. Now, we are talking about a lot 0:00:20.520 --> 0:00:22.680 of different things, and I wanted to get into specifically 0:00:22.880 --> 0:00:27.159 on some of the things about perception and education. The 0:00:27.200 --> 0:00:29.360 reason why I want to talk about that specifically is 0:00:29.400 --> 0:00:31.920 because I believe that education is at the bottom of 0:00:32.040 --> 0:00:35.319 almost everything in life. And so the problems with our 0:00:35.320 --> 0:00:38.159 health is we're not educated properly. The problems with our 0:00:38.159 --> 0:00:41.599 money is we're not educated properly. And I'm joined here 0:00:41.640 --> 0:00:44.559 in the studio with my friend Brad, who just recently 0:00:44.680 --> 0:00:48.440 ran a poll and he wanted to find out what 0:00:48.800 --> 0:00:53.400 people thought of the financial system, money, bitcoin, etcetera. What 0:00:53.479 --> 0:00:58.320 the differences were with demographics, ages, education levels and so forth. 0:00:58.360 --> 0:01:01.920 And I was pretty mazed at the findings that were there, 0:01:02.240 --> 0:01:03.880 and I want to go over I'm so Brad, thanks 0:01:03.920 --> 0:01:06.520 so much for joining me today. You're welcome, sir, Thank 0:01:06.560 --> 0:01:10.280 you for inviting me on. Yeah, so um, I thought 0:01:10.280 --> 0:01:12.000 it was just so cool the way that you did it, 0:01:12.200 --> 0:01:15.520 and um, really trying to understand I guess what people 0:01:15.560 --> 0:01:20.119 were thinking and then kind of break them down by age, group, sex, etcetera. Um, 0:01:20.160 --> 0:01:22.440 I guess give me a little bit more background onto 0:01:22.480 --> 0:01:24.000 what it is that you were trying to do here 0:01:24.160 --> 0:01:27.400 and what or what you did. Um. Yeah, man, Well, 0:01:27.480 --> 0:01:32.200 so I am a bitcoin evangelists, and I think of 0:01:32.240 --> 0:01:36.920 myself as a beginner mind type of person. I like 0:01:37.040 --> 0:01:39.080 to put myself in the shoes of a normal person, 0:01:39.480 --> 0:01:42.600 even though I've been in bitcoin since two thousand eleven. Um, 0:01:42.720 --> 0:01:45.920 so maybe I'm not in the in the same like 0:01:46.400 --> 0:01:49.600 newby mind as someone coming to bitcoin in two thousand 0:01:49.680 --> 0:01:52.120 twenty one, but I want to understand the newbie mind. 0:01:53.000 --> 0:02:00.280 So I ran this survey too kind of confirm some 0:02:00.360 --> 0:02:03.920 things that I had assumptions on about what people think 0:02:03.960 --> 0:02:06.840 about the money system, what people think about the stock market, 0:02:06.960 --> 0:02:10.440 what people think about bitcoin, just just to get a 0:02:10.520 --> 0:02:13.960 kind of an idea of what the different economic classes 0:02:14.280 --> 0:02:17.320 and uh, you know, men versus women things like that 0:02:17.440 --> 0:02:21.960 thought about bitcoin and the money system, and uh, we 0:02:22.040 --> 0:02:25.240 all have our our like suspicions of what everybody thinks 0:02:25.280 --> 0:02:27.799 and how people are educated on the financial system and 0:02:27.840 --> 0:02:30.200 the money system. But it's good to kind of get 0:02:30.240 --> 0:02:32.680 some confirmations and discover some new stuff. So that's why 0:02:32.960 --> 0:02:36.120 I had this survey run, so that I could kind 0:02:36.120 --> 0:02:39.000 of like have a bit more insight into maybe some 0:02:39.040 --> 0:02:41.240 of the assumptions we have are wrong or maybe they 0:02:41.240 --> 0:02:43.800 are all right. So yeah, that was the motivation, just 0:02:43.840 --> 0:02:46.560 to kind of like test the hypothesis that like, say, 0:02:46.639 --> 0:02:49.520 boomers just don't get bitcoin, or like women are so 0:02:49.600 --> 0:02:52.160 conservative that they won't invest in bitcoin, or you know, 0:02:52.200 --> 0:02:54.520 why are there's so many white males and bitcoin, Like 0:02:54.760 --> 0:02:57.760 there's all these different things that go around in bitcoin. 0:02:57.880 --> 0:03:00.640 It's like why do different groups think about the money 0:03:00.639 --> 0:03:03.320 system different ways? And how do they instinctively think about it? 0:03:03.800 --> 0:03:05.960 And they and and use that data so that we, 0:03:06.080 --> 0:03:10.240 as bitcoin evangelists can craft our message to appeal to 0:03:10.280 --> 0:03:14.000 the different groups of people to better educate them on 0:03:14.040 --> 0:03:16.799 what bitcoin really is and how the money system is 0:03:16.840 --> 0:03:20.480 screwing everybody. I I a couple of things were standing 0:03:20.520 --> 0:03:22.520 out to be before you came on. While we're waiting 0:03:22.520 --> 0:03:24.880 for you, I was chatting with my producer and engineer, 0:03:25.320 --> 0:03:28.720 and um, I just uh, I asked him just a 0:03:28.720 --> 0:03:31.839 couple of couple of questions. UM, and uh, the one 0:03:31.919 --> 0:03:35.320 question was just what backs the U. S Dollar? What's 0:03:35.320 --> 0:03:36.760 it backed by? That was like one of the questions 0:03:36.760 --> 0:03:38.760 that you had. And uh, I'm not going to call 0:03:38.840 --> 0:03:40.360 him up by name, but let's just say that both 0:03:40.360 --> 0:03:42.760 of them got it wrong. So UM, that was that 0:03:42.880 --> 0:03:45.360 was pretty telling, you know. UM, but I love the 0:03:45.400 --> 0:03:48.520 way that you put this together by um one obviously 0:03:48.560 --> 0:03:52.320 breaking them down by socio economic factors, ages, etcetera. But 0:03:52.480 --> 0:03:55.680 also I love that way that you basically run them 0:03:55.720 --> 0:03:58.320 through a set of questions and then by the time 0:03:58.400 --> 0:04:01.160 that you've finished showing and then the answers to those 0:04:01.240 --> 0:04:03.920 questions that you said, a large, large percentage of the 0:04:04.360 --> 0:04:06.840 people that went through the poll actually had changed their mind. 0:04:08.200 --> 0:04:10.200 Is that right? Yeah? That was the kind of initial 0:04:10.280 --> 0:04:13.280 basis of it was like Ron Paul does this thing 0:04:13.320 --> 0:04:16.280 on Twitter every year for since two thousands seventeen or 0:04:16.360 --> 0:04:19.760 so where he posits the question on Twitter and puts 0:04:19.800 --> 0:04:21.560 a little pole up. Now. I don't know if it's 0:04:21.600 --> 0:04:24.599 Ron Paul or his marketing media media manager guy whatever, 0:04:24.640 --> 0:04:27.560 but like Ron Paul's Twitter account, let's say, puts this 0:04:27.640 --> 0:04:31.040 poll out where it says, if you were given a 0:04:31.120 --> 0:04:35.360 windfall of cash, but or sorry, a windfall of ten 0:04:35.440 --> 0:04:38.560 thousand dollars, but you had to choose to keep it 0:04:39.240 --> 0:04:42.440 in somewhere for ten years. What would you choose? Would 0:04:42.480 --> 0:04:46.640 you choose gold? Cash? Um? And I think that he 0:04:46.680 --> 0:04:49.320 said bonds and bitcoin? Like it was basically like giving 0:04:49.360 --> 0:04:51.640 people four options. If you had ten years, someone rich 0:04:51.680 --> 0:04:54.360 relative gives you some money whatever it is, but you 0:04:54.440 --> 0:04:55.800 got to leave it there for ten years, what are 0:04:55.800 --> 0:04:59.320 you gonna choose? And uh, he runs the survey every 0:04:59.400 --> 0:05:05.400 year and it's cool. It's a cool concept. So I thought, well, 0:05:05.440 --> 0:05:07.919 I'd like to get a real survey done where we 0:05:07.960 --> 0:05:10.640 ask people that question and then we take them through 0:05:10.680 --> 0:05:13.160 a series of education about the financial system, and then 0:05:13.200 --> 0:05:15.560 at the end ask them the same question again and 0:05:15.640 --> 0:05:18.440 measure what the differences between people at the beginning who 0:05:18.440 --> 0:05:20.840 would say cash, and then people at the end who 0:05:20.839 --> 0:05:24.760 would drop cash for a bitcoin. Yeah. Yeah, so that's 0:05:24.760 --> 0:05:26.600 like kind of the first question that you open up with, 0:05:26.640 --> 0:05:29.080 which was so cool. By the way, you're listening to 0:05:29.080 --> 0:05:31.919 the Mark Mo Show, we're talking about bitcoin, the decentralized Revolution. 0:05:32.000 --> 0:05:34.400 I'm with Brad Mills. Uh. You can find them on 0:05:34.440 --> 0:05:38.560 Twitter at Brad Mills can M I L L S 0:05:38.640 --> 0:05:41.400 can so follow him on Twitter ask him some questions 0:05:41.400 --> 0:05:44.239 about this if you want. But in that question, basically 0:05:44.240 --> 0:05:46.560 what you just kind of framed up you would ask, um, 0:05:46.600 --> 0:05:49.840 if a wealthy person were to gift you ten tho dollars, uh, 0:05:49.880 --> 0:05:52.080 and you get to choose how you accept it, and 0:05:52.120 --> 0:05:54.680 it catches, you have to hold it there for ten years, Um, 0:05:54.760 --> 0:05:58.040 what would you choose? Um? And And just that right 0:05:58.040 --> 0:06:01.640 there was pretty telling. So for pretty six percent chose 0:06:01.760 --> 0:06:05.960 US dollars, gold, eight percent stocks, and then the lowest, 0:06:05.960 --> 0:06:08.599 the thirteen percent was bitcoin. But what I thought was 0:06:08.800 --> 0:06:12.640 most interesting about that is as I dug into the 0:06:12.760 --> 0:06:16.760 data behind the answers, I saw that, um, you know, 0:06:16.800 --> 0:06:19.520 the boomers and Gen X were more likely for gold, 0:06:19.600 --> 0:06:22.280 and the Gen gen X, millennials and Gen Z were 0:06:22.320 --> 0:06:25.080 more likely for bitcoin. That wasn't shocking, But the one 0:06:25.120 --> 0:06:28.279 that was was the SCS effects the socio economic and 0:06:28.320 --> 0:06:31.480 it said that the wealthy were significantly more likely than 0:06:31.520 --> 0:06:35.559 all other classes to invest in the bitcoin verses eight um. 0:06:35.640 --> 0:06:38.560 And then the second part the low income and below 0:06:38.600 --> 0:06:43.960 poverty line significantly more likely to choose US dollars. And 0:06:44.000 --> 0:06:47.520 so that piece right there is like telling as to 0:06:47.720 --> 0:06:52.080 why we consistently have this like growing gap of income inequality. 0:06:52.120 --> 0:06:56.000 I think, yeah, for sure, man, it's definitely like that's 0:06:56.000 --> 0:07:00.520 our assumption to that. You know, like rich people think 0:07:00.560 --> 0:07:04.200 more about investing, and they're more educated on investing, so 0:07:04.240 --> 0:07:06.440 of course they're going to choose something like bitcoin or 0:07:06.480 --> 0:07:09.200 gold or stocks or whatever than someone who's like living 0:07:09.200 --> 0:07:12.800 paycheck to paycheck and they can't afford to like hold 0:07:12.800 --> 0:07:16.080 onto investments because they're just they're not educated and they 0:07:16.080 --> 0:07:19.120 don't have the privilege I guess, to be able to 0:07:19.120 --> 0:07:22.280 sit in investments when they got bills. So that wasn't 0:07:22.280 --> 0:07:25.840 really surprising to me. What was what was more surprising 0:07:25.880 --> 0:07:29.600 to me with with the results of like going through 0:07:29.680 --> 0:07:32.920 the full education was, by the end of it, like 0:07:33.040 --> 0:07:36.600 the poor people had choose chosen bitcoin, like on a 0:07:36.720 --> 0:07:41.559 much broader basis than the other the other options because 0:07:41.560 --> 0:07:43.720 most people just don't know about cash, they don't know 0:07:43.760 --> 0:07:46.000 about what backs dollars, they don't know that it's lost 0:07:46.000 --> 0:07:50.560 its purchasing power. So everybody across the spectrum increased to 0:07:50.600 --> 0:07:55.400 bitcoin a lot when they're educated. But poor people also 0:07:55.480 --> 0:07:57.960 were just you know, they just need some education, and 0:07:58.240 --> 0:08:00.679 once they get educated, on how crap be the Internet 0:08:00.720 --> 0:08:03.920 of the financial system is, and what a good opportunity 0:08:04.040 --> 0:08:07.120 and um it is to kind of save in bitcoin. 0:08:07.920 --> 0:08:11.440 They'll choose it just as well as a rich person. Yeah, 0:08:11.480 --> 0:08:13.880 that's a great point. Um. So I want to get 0:08:13.920 --> 0:08:16.280 into some of those questions that got people to change 0:08:16.280 --> 0:08:18.240 their mind, because I'm I'm imagining we have a lot 0:08:18.280 --> 0:08:21.200 of people listening who probably still aren't fully convinced, and 0:08:21.200 --> 0:08:23.760 maybe if they get asked the same questions. But before 0:08:23.800 --> 0:08:25.280 we do, I just going back to kind of that 0:08:25.320 --> 0:08:29.680 first part um about the wealthier people were more into 0:08:29.720 --> 0:08:32.160 investing in the in the lower income people weren't, and 0:08:32.160 --> 0:08:33.720 and um, the piece I just want to kind of 0:08:33.720 --> 0:08:36.360 emphasize on that is that the reason why we kind 0:08:36.360 --> 0:08:39.440 of one of the main contributors to this income divide 0:08:39.440 --> 0:08:42.680 of rich and poor is that the wealthy invest their money. 0:08:42.720 --> 0:08:46.440 They buy real estate, they buy stocks, they buy um bitcoin, etcetera. 0:08:46.520 --> 0:08:48.760 And those things go up in money as the Fed 0:08:48.880 --> 0:08:52.079 keeps printing, uh, they go open dollar values, um. Whereas 0:08:52.320 --> 0:08:55.120 unfortunately poor people they're just living off of wages which 0:08:55.120 --> 0:08:58.120 are continuing to purchase less and less, and then they're 0:08:58.120 --> 0:09:00.720 not buying any assets that go up in value, and 0:09:00.760 --> 0:09:04.000 so they're kind of double screwed. Um. But we are 0:09:04.040 --> 0:09:07.120 listening to the Mark Moss Show. I'm here with Brad Mills. 0:09:07.160 --> 0:09:10.200 You can find them on Twitter at Brad Mills, can 0:09:10.400 --> 0:09:13.200 m I l S. Can tweet Adam if you like 0:09:13.320 --> 0:09:16.480 this poll. Um. And when we get back, I want 0:09:16.520 --> 0:09:18.920 to find out what some of these questions were that 0:09:19.040 --> 0:09:22.600 you think we're probably um, the most instrumental in changing 0:09:22.800 --> 0:09:25.720 people's minds, UM. And then some of the more I 0:09:25.760 --> 0:09:29.160 guess we'll say shocking types of questions and stuff like 0:09:30.200 --> 0:09:32.520 what type of entity is the Federal Reserve or or 0:09:33.160 --> 0:09:35.800 or what is backing dollars? I know I got some 0:09:35.840 --> 0:09:38.240 people stumped with those already. So we'll be back in 0:09:38.280 --> 0:09:40.480 just a second on the Mark Moa Show. Stay tuned. 0:09:41.040 --> 0:09:43.360 All right, welcome back. You're listening to the Mark mo Show. 0:09:43.400 --> 0:09:48.400 We're talking about bitcoin. We're talking about the decentralized revolution UM. 0:09:48.520 --> 0:09:51.560 Not just a new technology, a technological revolution that will 0:09:51.640 --> 0:09:55.040 literally change the way that humanity works. It will literally 0:09:55.120 --> 0:09:59.120 change the future. We're talking about some education pieces. The 0:09:59.480 --> 0:10:01.640 lack of education, I think is what causes a lot 0:10:01.679 --> 0:10:03.760 of people to be held back and miss these opportunities. 0:10:03.920 --> 0:10:06.280 I'm joined by Brad Mills. You can find them at 0:10:06.280 --> 0:10:09.199 Twitter at Brad Mills can UM and he put together 0:10:09.240 --> 0:10:12.200 this poll UM and through a series of questions, was 0:10:12.240 --> 0:10:14.240 able to get some insight into kind of how people 0:10:14.280 --> 0:10:17.800 are viewing it UM and then also kind of change 0:10:17.840 --> 0:10:22.000 their perspective just by asking them questions. So, Brad, I'm 0:10:22.040 --> 0:10:24.040 jumping back into this UM. I guess what are some 0:10:24.120 --> 0:10:26.040 of the big questions that you think were maybe the 0:10:26.040 --> 0:10:29.000 big needle movers. They're like what's back in the US 0:10:29.080 --> 0:10:32.760 dollar for example, or UM. You know, I think it 0:10:32.880 --> 0:10:35.240 was more so the because in the middle of the 0:10:35.320 --> 0:10:37.400 survey we kind of take them down the rabbit hole 0:10:37.440 --> 0:10:39.760 and we started asking them about like the stock market 0:10:39.840 --> 0:10:42.120 and how the stock market has performed over the last 0:10:42.120 --> 0:10:45.839 few decades. And I think that's what moved the needle 0:10:45.920 --> 0:10:49.360 for the wealthier social economic classes that answered the survey, 0:10:49.480 --> 0:10:52.240 because most you know, if you've been in the stock 0:10:52.280 --> 0:10:54.600 market since the seventies, you probably would have got something 0:10:54.640 --> 0:10:56.679 crazy after Get the numbers off my head right now, 0:10:56.679 --> 0:10:58.840 but I think it's like a third X or something 0:10:58.880 --> 0:11:03.959 on your dollar invest But if you adjust that for 0:11:04.160 --> 0:11:08.560 inflation and purchasing power, loss of purchasing purchasing power. You know, 0:11:08.640 --> 0:11:12.280 you're maybe up like three x or something, really not 0:11:12.400 --> 0:11:16.000 that impressive over forty years of sitting in the stock market. 0:11:16.760 --> 0:11:19.160 So there was that that was kind of it seemed 0:11:19.200 --> 0:11:25.200 like the number of of of wealthy people who feel 0:11:25.320 --> 0:11:29.480 confident in answering questions about the stock market and about 0:11:29.480 --> 0:11:33.240 the financial system was really high. So a large percentage 0:11:33.240 --> 0:11:37.640 of wealthy people we're we're basically telling us that, oh, yeah, 0:11:37.679 --> 0:11:40.160 I know all about the stock market, I know about bitcoin, 0:11:40.280 --> 0:11:43.960 I know about gold. But then when we were explaining 0:11:44.040 --> 0:11:47.200 how once you would just for the drop and purchasing power, 0:11:47.440 --> 0:11:49.840 you didn't really do that good and you didn't even 0:11:50.000 --> 0:11:53.720 hold your purchasing power against gold in the last you know, 0:11:53.840 --> 0:11:57.000 thirty or forty years if you had just saved in dollars. 0:11:57.600 --> 0:12:00.199 And it was really shocking that people, like a lot 0:12:00.240 --> 0:12:03.120 of people thought that the US dollar actually gained purchasing 0:12:03.160 --> 0:12:07.240 power over the last thirty years. Like the majority of people, 0:12:08.200 --> 0:12:12.640 um just have no clue about how the dollar loses 0:12:12.679 --> 0:12:16.760 its value and how once you once you think in 0:12:17.160 --> 0:12:21.520 purchasing power instead of dollars, you're actually treading water or 0:12:21.520 --> 0:12:24.400 not doing very good. And and then when We would 0:12:24.400 --> 0:12:27.640 then later ask them would you believe of us? Would 0:12:27.640 --> 0:12:30.040 you believe us if we told you x, y or z. 0:12:30.240 --> 0:12:32.240 We would educate them about like the performance of the 0:12:32.240 --> 0:12:35.640 stock market. A lot of the rich people we're just 0:12:36.520 --> 0:12:40.360 resistant to accepting that what we had just told them 0:12:40.440 --> 0:12:43.480 was the truth. But the longer we go on the survey, 0:12:43.600 --> 0:12:47.320 the more that we see people converting to this this 0:12:47.559 --> 0:12:50.400 rabbit hole of information and education or teaching them about 0:12:50.440 --> 0:12:54.320 purchasing power and wealth preservation versus just the number go 0:12:54.520 --> 0:12:57.880 up of the stock market versus the actual amount of 0:12:57.920 --> 0:13:00.400 things they can purchase with the with the money. And 0:13:00.440 --> 0:13:02.959 then by the end of it, the uh, it was 0:13:03.000 --> 0:13:06.160 pretty clear that the wealthy segment of people that answered 0:13:06.160 --> 0:13:09.400 the survey were way overconfident. They thought they knew so 0:13:09.480 --> 0:13:13.360 much about the dollar, the stock market, and bitcoin, and 0:13:13.400 --> 0:13:18.000 then all their answers were consistently wrong. So it was 0:13:18.080 --> 0:13:20.480 hilarious to see that come out through the survey. And 0:13:20.520 --> 0:13:22.760 then by the end the wealthy people of course increased 0:13:22.760 --> 0:13:25.520 that like their answer that they would choose bitcoin, by 0:13:25.600 --> 0:13:29.040 quite a lot. The one thing that I've heard you 0:13:29.120 --> 0:13:31.600 keep saying over and over, which is um start to 0:13:31.640 --> 0:13:34.560 think about purchasing power and and I love that because 0:13:34.559 --> 0:13:36.960 that's something that I continue to pound the table on. Um, 0:13:37.000 --> 0:13:39.000 we need to start thinking of things in terms of 0:13:39.000 --> 0:13:41.800 purchasing power, because right now everybody is thinking about things 0:13:41.800 --> 0:13:44.040 in terms of US dollars. It's, you know, the half 0:13:44.040 --> 0:13:46.079 of every transaction if you're in the United States, which 0:13:46.120 --> 0:13:49.079 most people here listening are, And so I like to 0:13:49.120 --> 0:13:52.240 ask people the question, like, right now in the US, 0:13:52.320 --> 0:13:55.840 are is real estate expensive or is it cheap? And 0:13:55.880 --> 0:13:59.240 I would ask people that question and they're like, uh well, 0:13:59.280 --> 0:14:03.000 I'm like, well, in US dollars, it's very expensive. They've 0:14:03.040 --> 0:14:05.360 never been more expensive. But what if we priced it 0:14:05.400 --> 0:14:10.280 in gold or oil or bitcoin or something like that, Well, 0:14:10.280 --> 0:14:13.199 then homes have actually never been cheaper, and so um, 0:14:13.200 --> 0:14:15.120 you have to start thinking in terms of purchasing power. 0:14:15.200 --> 0:14:17.200 So it's uh so it's good that you could do that. 0:14:17.360 --> 0:14:19.560 The other thing that you said that that also makes sense, 0:14:19.560 --> 0:14:22.600 and I find this true, is um, the more educated 0:14:22.640 --> 0:14:26.040 you are, Unfortunately, UM yeah, sometimes you you hold yourself 0:14:26.040 --> 0:14:27.920 back because I hear from people the more educated they 0:14:27.920 --> 0:14:29.360 are like oh I get it, I get it. I 0:14:29.360 --> 0:14:31.600 get It's like digital gold shure, yeah whatever, Oh yeah, 0:14:31.640 --> 0:14:33.240 I get it. It's kind of like digital cash. Okay, 0:14:33.320 --> 0:14:35.800 I get it, and they think they get it, whereas 0:14:35.840 --> 0:14:37.920 like you, you've been in since two thousand eleven, I've 0:14:37.920 --> 0:14:40.560 been studying since two thousand fifteen, and I'm still trying 0:14:40.600 --> 0:14:42.720 to figure it out, right, um, And so maybe the 0:14:42.840 --> 0:14:46.000 rich are maybe too proud. I guess they're too proud 0:14:46.040 --> 0:14:48.440 to admit it or what. I think it's just confidence. 0:14:48.520 --> 0:14:52.800 I think that there the wealthy people are like displayed 0:14:52.840 --> 0:14:56.000 a lot of confidence in their answers, but they were 0:14:56.080 --> 0:14:59.280 confidently wrong, like they were wrong more than the lower 0:14:59.320 --> 0:15:01.600 income class is Like, it was funny to see that 0:15:01.600 --> 0:15:04.600 because even the wealthy people were answering the questions about 0:15:04.600 --> 0:15:07.680 bitcoin as if they knew, like they would know the 0:15:07.760 --> 0:15:10.360 value of bitcoin, because I think one of the questions 0:15:10.360 --> 0:15:12.840 we had put up was compared to gold, like do 0:15:12.840 --> 0:15:15.880 you think bitcoin's value as pert as a market cap 0:15:16.000 --> 0:15:18.880 is bigger than gold? Is it smaller than gold? And 0:15:18.960 --> 0:15:22.000 we give some numbers, and the wealthy segment of the 0:15:22.520 --> 0:15:27.800 surveyor respondeds. We're answering confidently that you know, pretty much, 0:15:27.800 --> 0:15:29.840 they thought they'd missed it, that bitcoin was already as 0:15:29.920 --> 0:15:32.160 valuable as gold and it was not really like much 0:15:32.160 --> 0:15:35.160 opportunity investing a bitcoin anymore, and then we would tell 0:15:35.200 --> 0:15:37.800 them in the next question, like, actually, it's got a 0:15:37.880 --> 0:15:41.200 twenty x to go if it's gonna catch up to gold. Um, 0:15:41.320 --> 0:15:43.120 well that at the time of the survey, and now 0:15:43.120 --> 0:15:46.360 it's more like a ten x. But and I think 0:15:46.400 --> 0:15:50.400 that also increased the the you know, the the likelihood 0:15:50.400 --> 0:15:52.560 that the person was going to accept choose bitcoin now 0:15:52.600 --> 0:15:56.920 because wealthy folks, and this was across the board. People 0:15:56.960 --> 0:15:59.760 thought bitcoin had already got this big, massive run and 0:15:59.760 --> 0:16:01.480 there were too late to the game and they missed it. 0:16:02.240 --> 0:16:06.480 And the other thing was that, um, across all social 0:16:06.520 --> 0:16:11.760 economic classes, men, women, everything, more people knew that bitcoin 0:16:11.920 --> 0:16:15.600 was not controlled by anybody than the dollar. Like people 0:16:15.800 --> 0:16:17.960 people when we asked the question about the dollar, what 0:16:18.000 --> 0:16:20.240 do you think controls printing of the US dollar? Who 0:16:20.240 --> 0:16:22.400 do you think controls monetary policy of the US dollar? 0:16:23.360 --> 0:16:27.080 More people said the wrong answer for that, But when 0:16:27.080 --> 0:16:30.000 we asked about bitcoin, more people actually said the right answer. 0:16:30.040 --> 0:16:33.560 They said nobody. So there's kind of an interesting thing 0:16:33.600 --> 0:16:38.200 there that, like there's a lot of misinformation and confusion 0:16:38.240 --> 0:16:41.760 about the entire money system, the stock market, how dollars 0:16:41.760 --> 0:16:44.680 are made, who controls it what it's backed by, and 0:16:44.760 --> 0:16:48.200 even bitcoin there's a lot of confusion there, but people 0:16:48.480 --> 0:16:53.760 definitely consistently, once they're educated, choose bitcoin over all these 0:16:53.760 --> 0:16:56.600 other things. Stocks, bonds, come out of these real estate everything. 0:16:56.920 --> 0:16:59.360 Once they start learning, when go down the rabbit hole, 0:16:59.720 --> 0:17:03.720 there's is good to see that. Yeah, I think maybe, Um, 0:17:03.760 --> 0:17:07.280 you know the media that constantly attacks bitcoin and they 0:17:07.280 --> 0:17:09.600 want to put out this fud, the fear uncertainty, in doubt. 0:17:09.720 --> 0:17:12.240 They constantly talk about we don't even know who the 0:17:12.359 --> 0:17:15.720 creator was, you know, who's Tosi nakamotive as he disappeared. 0:17:15.880 --> 0:17:18.399 So they've probably helped a little bit on that side 0:17:18.520 --> 0:17:21.920 educating there, But on the stuff that's that's really important, Um, 0:17:22.119 --> 0:17:25.320 they they they've lacked obviously. I keep thinking about you 0:17:25.320 --> 0:17:27.280 know Henry Ford's quote a hundred years ago that said, 0:17:27.280 --> 0:17:29.600 if the if the people knew how the banking system worked, 0:17:29.640 --> 0:17:32.760 there would be a revolution before the morning, like they 0:17:32.760 --> 0:17:35.120 wouldn't wait to like like literally it happened overnight or 0:17:35.240 --> 0:17:38.480 before the morning came. And um, so then I just think, well, 0:17:38.600 --> 0:17:40.399 you know, with this lack of education, as we can 0:17:40.400 --> 0:17:44.840 see from your poll, um, people have either been intensively 0:17:44.960 --> 0:17:47.800 misled or withheld information from the worst case, you know, 0:17:47.840 --> 0:17:50.080 where they've been straight out lied to UM. But I 0:17:50.080 --> 0:17:52.000 want to jump into a couple more questions that you 0:17:52.040 --> 0:17:54.120 have on this UM. You're you're listening to the Mark 0:17:54.200 --> 0:17:56.800 Moa Show. We're talking about bitcoin. We're talking about the 0:17:56.800 --> 0:18:00.200 decentralized Revolution. I'm here with Brad Mills who put together 0:18:00.280 --> 0:18:03.359 this survey to find out what people know about bitcoin 0:18:03.520 --> 0:18:05.840 and just the financial system overall. You can find them 0:18:05.920 --> 0:18:09.280 at Brad Mills can on Twitter UM number one, Mark 0:18:09.359 --> 0:18:12.919 Moss on Twitter UM. Send us a message, ask a question. 0:18:13.280 --> 0:18:14.920 We'll make sure to get back to you on that. 0:18:15.440 --> 0:18:17.280 When we come back, we're gonna talk about some of 0:18:17.320 --> 0:18:20.080 these specific questions that can maybe change your mind. We'll 0:18:20.080 --> 0:18:22.240 see if you can stump you on a few, so 0:18:22.240 --> 0:18:25.239 we'll be right back. All right, Welcome back. You are 0:18:25.280 --> 0:18:27.120 listening to the Mark Moss Show, and we are talking 0:18:27.119 --> 0:18:31.000 about bitcoin. We're talking about the decentralized revolution. We're talking 0:18:31.040 --> 0:18:34.120 about something so new, so revolutionary that it's literally going 0:18:34.200 --> 0:18:37.200 to change the way the world works. And if you're 0:18:37.240 --> 0:18:39.639 not paying attention, it might end up bad for you. 0:18:39.640 --> 0:18:41.320 But if you're paying attention, it could be one of 0:18:41.320 --> 0:18:44.000 the biggest opportunities of your life. I'm joined here with 0:18:44.040 --> 0:18:48.239 Brad Mills at Brad mills Can on Twitter UM, and 0:18:48.280 --> 0:18:51.600 we're talking about a pull that he recently ran, UM 0:18:51.720 --> 0:18:56.040 asking people questions about the financial system and about bitcoin UM. 0:18:56.119 --> 0:18:58.280 And then well some of the answers were what some 0:18:58.320 --> 0:19:03.280 of the shocking things were and how people change their mind? UM. Brad, 0:19:03.359 --> 0:19:07.400 you were talking about UM asking people about the performance 0:19:07.440 --> 0:19:09.960 of assets. UM. I see one of the questions here 0:19:10.080 --> 0:19:11.520 was you know, what do you think was a better 0:19:11.600 --> 0:19:14.680 investment asset over the last ten years? UM? And it's 0:19:14.680 --> 0:19:19.160 almost half the people thought gold UM. Almost people said 0:19:19.160 --> 0:19:24.000 the stock market UM, and even fifteen people thought cash UM, 0:19:24.040 --> 0:19:26.960 which is pretty amazing to me because I mean bitcoin 0:19:27.040 --> 0:19:30.399 has averaged a two compounded annual growth rate over the 0:19:30.480 --> 0:19:33.959 last ten years UM. And it seems like that's like 0:19:34.160 --> 0:19:36.880 pretty well known, Like you see it. Even the news 0:19:36.960 --> 0:19:39.320 is talking about it. Today's uh, you know, it's it's 0:19:39.400 --> 0:19:42.639 kind of everywhere. Was that one shocking for you, No, 0:19:42.960 --> 0:19:46.720 because it just goes to show that not many people 0:19:46.840 --> 0:19:51.280 think really too hard about what backs money and the 0:19:51.359 --> 0:19:55.040 relative value of bitcoin or anything really versus other things. 0:19:55.680 --> 0:19:58.560 It's a really foreign concept. Most people just just kind 0:19:58.560 --> 0:20:00.199 of like money is just part of their live and 0:20:00.200 --> 0:20:03.480 they don't actually look deeply into it. So that was 0:20:03.760 --> 0:20:07.000 that was not surprising for me to see that, but 0:20:07.359 --> 0:20:10.320 it is it is really heartening again for me to 0:20:10.359 --> 0:20:13.960 see that, like once these people do get educated. Like 0:20:14.000 --> 0:20:18.520 in the next question, um, we asked them about what 0:20:18.560 --> 0:20:23.320 do they think bitcoin's worth? Because like, no, like to 0:20:23.359 --> 0:20:25.879 only twelve percent of the people that were asked that question, 0:20:25.960 --> 0:20:29.600 like chose the right answer that they only twelve percent 0:20:29.640 --> 0:20:32.600 of the people realized that bitcoin was the best investment 0:20:32.640 --> 0:20:35.960 over the last decade. So ten percent of the people 0:20:36.040 --> 0:20:37.879 just had no twelve percent of the people just had 0:20:37.920 --> 0:20:41.719 no clue that bitcoin was was doing so well compared 0:20:41.760 --> 0:20:43.879 to even the U. S. Stock market and gold and 0:20:44.160 --> 0:20:47.000 you know, the dollar. So in the next question, that's 0:20:47.040 --> 0:20:49.120 when we asked them, well, how much do you think 0:20:49.359 --> 0:20:52.480 bitcoin is worth? Like do you think bitcoin's worth the 0:20:52.520 --> 0:20:54.919 size of the real estate market, the size of the 0:20:55.000 --> 0:20:58.800 gold market, which is eight trillion dollars. And then so 0:20:58.880 --> 0:21:03.320