WEBVTT - The Mark Moss Show Jan 28, 2022 0:00:00.080 --> 0:00:02.920 Hey, everyone, welcome to another episode of The Mark Moss 0:00:03.000 --> 0:00:06.400 Show where we're talking about bitcoin. We're talking about bitcoin, 0:00:06.440 --> 0:00:09.680 We're talking about the decentralized revolution. Each and every week 0:00:10.039 --> 0:00:12.920 it's the most important, most profitable part of your week, 0:00:13.039 --> 0:00:15.320 trying to understand what's going on. Of course, each and 0:00:15.360 --> 0:00:18.160 every week I bring to you some education to help 0:00:18.200 --> 0:00:20.919 you build that foundation. I bring you the latest breaking 0:00:20.960 --> 0:00:22.799 news and headlines, and then I try to bring you 0:00:22.840 --> 0:00:25.280 some of the best and brightest people in the industry 0:00:25.320 --> 0:00:28.040 to give you some some different insights into what's going on. 0:00:28.160 --> 0:00:30.720 And um today I'm in the studio with a with 0:00:30.760 --> 0:00:33.120 a good friend, Brandon quit Um. You can find him 0:00:33.120 --> 0:00:36.040 on Twitter at b quit Um. That's q U I 0:00:36.200 --> 0:00:39.160 T t e m at b quit Um. He uh. 0:00:39.200 --> 0:00:41.279 He works with Swan Bitcoin and company that I work 0:00:41.360 --> 0:00:43.760 with as well, and um man, he has just some 0:00:43.840 --> 0:00:45.720 great insights. I always love talking to him. So Brandon, 0:00:45.720 --> 0:00:48.400 thanks for joining. Hey, Mark, thanks for having me on. 0:00:48.520 --> 0:00:51.800 Good to see you as always. Yeah, you know, I know, 0:00:52.080 --> 0:00:55.400 um shoot, I think it was like a month ago. 0:00:55.480 --> 0:00:58.440 Maybe we were both in Miami. Um, we both we 0:00:58.520 --> 0:01:00.959 both did kind of shows with Peter mccorm podcast, which 0:01:01.040 --> 0:01:02.280 was which was cool, and then we got to go 0:01:02.320 --> 0:01:05.960 have have some dinner. And UM, I always love having 0:01:05.959 --> 0:01:08.440 conversations with you, and I wanted to talk about that. 0:01:08.480 --> 0:01:13.920 We were both kind of laying out different thesis is UM, 0:01:13.959 --> 0:01:16.319 but they also overlap at the same time. And I 0:01:16.319 --> 0:01:20.160 think there's some some some good stuff in there. And UM, 0:01:20.200 --> 0:01:23.600 I think the big thing is like, Uh, you've been 0:01:23.640 --> 0:01:26.240 talking a lot about, you know, an eighty year cycle 0:01:26.319 --> 0:01:29.280 that's based off of a book, UM, the Fourth Turning, 0:01:30.680 --> 0:01:32.720 And UM, well, I think the Fourth Turning is interesting. 0:01:32.800 --> 0:01:35.240 It's it's bigger than that. UM. But it's kind of 0:01:35.240 --> 0:01:38.760 like this eighty year cycle. And UM, while I've been 0:01:38.760 --> 0:01:41.720 saying that, a lot of what's going on today as 0:01:41.760 --> 0:01:45.440 far as like UM, tensions are high, people alread each 0:01:45.440 --> 0:01:48.560 other's throats. There's people all over the world that are 0:01:48.560 --> 0:01:51.720 protesting in the streets, and a lot of people think 0:01:51.720 --> 0:01:54.560 it's random, right, like, uh, it's a black Swan event. 0:01:54.720 --> 0:01:57.400 Like who would have ever predicted that a virus would 0:01:57.400 --> 0:02:01.240 come and do this? Right, It's it's random. Um. History 0:02:01.280 --> 0:02:04.640 actually tells us it's not random. History actually tells us that, no, 0:02:05.000 --> 0:02:07.559 this is you can call it the virus if you will, 0:02:07.600 --> 0:02:10.240 but it's not random. Would you agree with that, and 0:02:10.280 --> 0:02:12.639 if so, maybe set that up for us a little bit. Yeah, 0:02:12.720 --> 0:02:14.960 I think that's a good point. I definitely do not 0:02:15.120 --> 0:02:18.679 think that what we're seeing today is random. Um. Obviously 0:02:18.720 --> 0:02:23.240 the world is complex. However, in in the individuals that 0:02:23.280 --> 0:02:26.399 we all are acting in our own local environment, UM, 0:02:26.440 --> 0:02:29.920 there appears to be patterns that emerge from this individual 0:02:29.960 --> 0:02:33.799 actor level. And one thing that humans struggle with related 0:02:33.840 --> 0:02:36.440 to this is that we always think linearly what I 0:02:36.480 --> 0:02:39.600 do yesterday? What am I doing tomorrow? And that that 0:02:39.680 --> 0:02:42.880 works in some instances, but it also leads us astray 0:02:43.000 --> 0:02:46.320 when looking at the grand picture, the bigger picture of history. 0:02:46.639 --> 0:02:49.000 And so I would I would turn people to cycles, 0:02:49.080 --> 0:02:51.000 and I would like people to accept the fact that 0:02:51.040 --> 0:02:55.240 cycles exist. Right. We measure our days and our years 0:02:55.360 --> 0:02:58.440 based on cycles in um, the sun and the moon 0:02:58.520 --> 0:03:01.320 for example. UM. If you look through history, their cycles 0:03:01.360 --> 0:03:05.760 between is labor strong? Is capital strong? The individual? The collective? 0:03:05.760 --> 0:03:08.519 Are we religious? Not? Right? There's all these different cycles. 0:03:08.919 --> 0:03:11.519 And yeah, I do think we're at the end of 0:03:11.639 --> 0:03:15.320 a long cycle, both from a Ray Dalio debt perspective, 0:03:15.560 --> 0:03:17.799 but also through the fourth turning lens, which just looks 0:03:17.840 --> 0:03:22.160 at individuals and the generations that they make up. And 0:03:22.200 --> 0:03:24.400 the thesis is essentially that we're all born in the 0:03:24.440 --> 0:03:26.840 same time period. Let's say we're millennials were born at 0:03:26.840 --> 0:03:30.080 the same time, so the conditions upon which we're raised 0:03:30.080 --> 0:03:32.320 are all the same, and so that sort of imprints 0:03:32.400 --> 0:03:35.800 us with a certain mode, and we sort of respond 0:03:35.840 --> 0:03:38.920 in predictive ways as a group, and then that group 0:03:39.000 --> 0:03:41.080 sort of grows up and then they start to push 0:03:41.120 --> 0:03:44.440 back on history and in somewhat predictable ways. So the 0:03:44.480 --> 0:03:49.200 individual is unpredictable, but the demographics or the generational segment 0:03:49.320 --> 0:03:52.120 is a little bit more predictable. And you mentioned one 0:03:52.160 --> 0:03:54.840 thing about what we're seeing in the world, like is 0:03:54.880 --> 0:03:59.120 the cancel culture consistent or is that new right? And 0:03:59.160 --> 0:04:01.360 I think what most people notice right now is no 0:04:01.400 --> 0:04:05.640 one can trust the institutions. And that's very common at 0:04:05.680 --> 0:04:08.400 the end of the cycle, where essentially we look around 0:04:08.480 --> 0:04:11.400 and we see healthcare, we see politics, we see government, 0:04:11.480 --> 0:04:15.000 we see economics, and none of these institutions work for us. 0:04:15.280 --> 0:04:18.440 And so that eroding trust sort of causes us to 0:04:18.560 --> 0:04:21.359 civilization to respond in a way where it's time to 0:04:21.400 --> 0:04:24.479 collectivize and it's time to make change, and that's sort 0:04:24.520 --> 0:04:26.840 of the stress we feel right now. It's also at 0:04:26.880 --> 0:04:29.560 the valley of the religious cycle. And so this is 0:04:29.600 --> 0:04:32.080 the lowest point of religion the last eight years. And 0:04:32.120 --> 0:04:36.159 so instead of turning to higher powers like traditional religions, 0:04:36.240 --> 0:04:38.800 we choose politics as our religion. And that's why you 0:04:38.839 --> 0:04:43.520 see so much in fighting right now. Who There's a 0:04:43.560 --> 0:04:45.200 lot of things in there. I should have been I 0:04:45.200 --> 0:04:48.479 should have been writing more of them down. UM. I 0:04:48.520 --> 0:04:52.239 think about one the loss of trust institutions, as you said, UM, 0:04:52.279 --> 0:04:54.760 and then I think about the low point of religion, 0:04:55.360 --> 0:04:58.280 and and those are a little bit different. Let's talk 0:04:58.320 --> 0:05:01.479 about the religion one for a minute, because is I 0:05:01.480 --> 0:05:04.400 think what we have is that um, and and you 0:05:04.480 --> 0:05:07.720 tell me where this fits in. But like what we 0:05:07.920 --> 0:05:10.680 have is that the media is trying to tell us 0:05:10.720 --> 0:05:13.800 today that we organize based off of sex or preference 0:05:13.880 --> 0:05:16.760 or race or gender or whatever it may be. UM, 0:05:16.760 --> 0:05:20.480 But really we we we organize or group on values. 0:05:21.240 --> 0:05:23.400 So like at the Bitcoin conference, for example, would be 0:05:23.400 --> 0:05:25.880 thirty five thousand people, all different races and genders and 0:05:25.920 --> 0:05:28.240 sexual preference, whatever, but we're all they're based off of 0:05:28.279 --> 0:05:33.560 shared values. And UM, it seems like morality or if 0:05:33.600 --> 0:05:35.920 you want to call it religion has a and whatever 0:05:35.960 --> 0:05:38.680 religion you want to, you know, subscribe to UM. They 0:05:38.920 --> 0:05:42.120 have the shared sense of values of morality. And the 0:05:42.160 --> 0:05:44.760 United States also used to have a shared set of values, right, 0:05:44.839 --> 0:05:47.080 hard work and freedom and things like that, and it 0:05:47.080 --> 0:05:50.719 seems like it's been completely destroyed. Not just all religion 0:05:50.760 --> 0:05:54.160 has been driven out, but all sense of values. I mean, 0:05:54.160 --> 0:05:56.800 would you group kind of morality together like that? And 0:05:56.960 --> 0:05:59.200 is that kind of how you see it? Yeah, I 0:05:59.200 --> 0:06:01.800 think that's right. I think religion is one source of 0:06:01.880 --> 0:06:05.400 morality that people have drawn. Another one would be traditional 0:06:05.440 --> 0:06:08.760 American values, like you said, which is power to the individual, 0:06:09.400 --> 0:06:13.880 decentralization of central control from our government standpoint right. Essentially, 0:06:13.920 --> 0:06:17.280 everyone has a chance, everyone has an equal opportunity to succeed. 0:06:17.720 --> 0:06:19.880 And what it seems like now is that the state 0:06:19.960 --> 0:06:25.080 has increasingly grown in size and power. And what that's 0:06:25.160 --> 0:06:29.920 led to is UM individuals essentially outsourcing our higher power 0:06:30.480 --> 0:06:33.719 or our morality to the big government. And so it 0:06:33.800 --> 0:06:36.400 sort of feels like a surrogate parent or a surrogate 0:06:36.520 --> 0:06:39.120 god in a sense. And so what that's led to 0:06:39.240 --> 0:06:40.960 is a sort of a decline in what we would 0:06:40.960 --> 0:06:45.640 consider traditional values. UM A decline from classical liberal values 0:06:45.960 --> 0:06:49.080 and instead sort of a more of a collectivist mindset. 0:06:49.200 --> 0:06:52.440 And UM, during chaotic periods like this, right, we're going 0:06:52.480 --> 0:06:54.760 through a lot of volatility. I think everyone would agree 0:06:54.800 --> 0:06:57.559 with that. During that period, it is natural to try 0:06:57.600 --> 0:07:00.880 to collectivize a little bit because as we see this 0:07:01.000 --> 0:07:03.440 grand challenge and it feels like the right thing to 0:07:03.520 --> 0:07:06.680 do is come together and make the change. But that 0:07:06.760 --> 0:07:10.200 also has some dark consequences. Right. For example, we've seen 0:07:10.200 --> 0:07:13.080 a lot of cancel culture, and that is that feels 0:07:13.080 --> 0:07:15.760 to me like an impulse from society to say, hey, 0:07:15.800 --> 0:07:18.040 there's big problems, we have to work together to get 0:07:18.080 --> 0:07:21.640 through them. And if you're not with us, you're against us. Right, 0:07:21.760 --> 0:07:23.640 that's the phrase that I always come back to you. 0:07:23.720 --> 0:07:27.160 And so what it leads to as individuals essentially eating 0:07:27.200 --> 0:07:29.760 their own um. And so I call I call cancel 0:07:29.840 --> 0:07:33.560 culture friendly fire and UM. It feels like the right 0:07:33.600 --> 0:07:35.920 thing to do, but it actually undermines what we need, 0:07:36.680 --> 0:07:40.800 which is to push decision making back out to the individual. Um. 0:07:40.880 --> 0:07:44.440 That's how society is strongest, That's where prosperity is built 0:07:44.440 --> 0:07:48.640 by individuals working hard and creating value rather than giving 0:07:48.720 --> 0:07:53.560 up control to the centralized planners who, despite their best intentions, Uh, 0:07:53.800 --> 0:07:57.120 central planning is not an appropriate way to steer an economy. 0:07:57.160 --> 0:08:00.760 It's just not fundamentally possible to a lurp up all 0:08:00.840 --> 0:08:04.840 the data that a market economy produces. And so we're 0:08:04.840 --> 0:08:07.080 sort of, in my view, we're sort of shooting ourselves 0:08:07.080 --> 0:08:10.480 in the foot by over collectivizing here. Um. And if 0:08:10.480 --> 0:08:13.160 we want to tie one more thing back to these cycles, 0:08:13.200 --> 0:08:15.560 about eighty years ago, we're on the tail end of 0:08:15.600 --> 0:08:18.480 World War two or sorry that the beginning of World 0:08:18.520 --> 0:08:21.360 War two and the end of the Great Depression, and 0:08:21.440 --> 0:08:25.040 we saw a similar impulse where a lot of collectivism 0:08:25.080 --> 0:08:27.840 came together, and that might have been needed during World 0:08:27.880 --> 0:08:30.320 War two. But I do not see a reason for 0:08:30.400 --> 0:08:33.559 us to overly collectivized or overly spend money now, as 0:08:33.559 --> 0:08:38.360 if we're in wartime conditions. There's a lot of things 0:08:38.440 --> 0:08:42.800 to dig in on that, um good places. I was 0:08:42.960 --> 0:08:46.680 um talking to another big investor, kind of macro guy yesterday, 0:08:46.880 --> 0:08:51.200 UM Chris Martinson, and he said, UM, I feel like 0:08:51.320 --> 0:08:54.520 the world is in a blowoff top right now. So 0:08:54.559 --> 0:08:57.120 in economics or in bitcoin, if you look at like 0:08:57.960 --> 0:09:00.760 we had, there's this huge pair of allah run and 0:09:00.800 --> 0:09:03.280 then you have the blowoff top and he said he 0:09:03.320 --> 0:09:06.000 thinks the world is gonna blow blow off top. I'm 0:09:06.000 --> 0:09:08.000 gonna explain what that means in a second. Um, if 0:09:08.000 --> 0:09:10.400 you're listening to the markma Show, we're talking about bitcoin. 0:09:10.760 --> 0:09:13.920 We're talking about cryptocurrencies and this decentralized revolution. We're talking 0:09:13.920 --> 0:09:16.600 about it from a bigger lens today with Brandon quit 0:09:16.679 --> 0:09:19.360 Hum from Swan Bitcoin. He's in the studio with me 0:09:20.320 --> 0:09:22.400 at b quit Um on Twitter. Give him a shout 0:09:22.400 --> 0:09:25.320 out and say hi, check out Swan Bitcoin. UM, and 0:09:25.360 --> 0:09:27.760 we're gonna talk more about how bitcoin fix into this 0:09:27.920 --> 0:09:30.600 long lens of cycles. Don't go away and be right back, 0:09:30.720 --> 0:09:32.520 all right, welcome back. You are listening to the Mark 0:09:32.600 --> 0:09:34.959 Moa Show and we're talking about bitcoin and and the 0:09:35.040 --> 0:09:38.079 decentralized revolution that's happening. And I'm joined in the studio 0:09:38.120 --> 0:09:39.960 to day by my friend that Brandon quit Um from 0:09:40.000 --> 0:09:42.880 Swan Bitcoin. You can find him on Twitter at b 0:09:43.080 --> 0:09:46.320 quit Um q U I T T E M. And 0:09:46.360 --> 0:09:49.520 we're talking about of course bitcoin. Um, we're talking about 0:09:49.520 --> 0:09:52.760 it from a much longer lens. UM looking at really 0:09:52.760 --> 0:09:54.400 an eighty year time frame. I like to look back 0:09:54.440 --> 0:09:56.440 at two U fifty years and five hundred years, but 0:09:56.440 --> 0:09:59.199 but we're looking at eighty years. Some of it is 0:09:59.240 --> 0:10:01.520 based off of a book called The Fourth Turning, which 0:10:01.520 --> 0:10:05.240 talks about four twenty year cycles, um, and then some 0:10:05.280 --> 0:10:06.880 of it is just some other stuff that we have. 0:10:07.240 --> 0:10:09.199 But UM Brandon, before the break, I was telling you 0:10:09.240 --> 0:10:12.199 I was talking to this other a macro investor yesterday, UM, 0:10:12.280 --> 0:10:15.120 Chris Martinson, and he was talking about how he thinks 0:10:15.200 --> 0:10:18.160 the world is going into a blowoff top and so 0:10:18.280 --> 0:10:20.559 in in in financial markets, a blow off top is 0:10:20.600 --> 0:10:22.920 when you start going to this parabolic phase. And what 0:10:23.000 --> 0:10:27.120 happens is humans were very basic. We're motivated by two things. 0:10:27.240 --> 0:10:29.679 We want to rush towards pleasure and run from pain. 0:10:30.000 --> 0:10:32.760 And so when the prices of things start going higher, higher, higher, 0:10:32.880 --> 0:10:35.520 it starts sucking everybody in. They want pleasure and they 0:10:35.559 --> 0:10:37.720 bye bye bye bye bye, which then only pushes things 0:10:37.760 --> 0:10:39.920 up even higher. And then when it blows off, then 0:10:40.000 --> 0:10:42.120 people want to run from pain, so they cell Celles 0:10:42.120 --> 0:10:44.520 cell And what he was saying is he thinks the 0:10:44.520 --> 0:10:48.439 world is heading into a blow off top of socialism. 0:10:48.480 --> 0:10:50.840 And so you had just said that we're starting to 0:10:50.880 --> 0:10:53.960 push more and more stuff onto the state and that's 0:10:54.000 --> 0:10:56.719 basically the same thing he said. And so you think 0:10:56.800 --> 0:11:00.920 about socialism dying, Um, you know maybe with the fall 0:11:00.960 --> 0:11:03.360 of the Berlin Wall in Russia, etcetera. But it but 0:11:03.400 --> 0:11:06.120 it didn't. And really, you know, even in the United States, 0:11:06.160 --> 0:11:12.360 we've seen it really increase since, not decreased. And he 0:11:12.440 --> 0:11:14.320 kind of made the same point that we're continuing to 0:11:14.320 --> 0:11:15.800 put more and more stuff on the state. So like, 0:11:15.800 --> 0:11:17.440 I don't want to deal with my healthcare, you just 0:11:17.480 --> 0:11:19.360 handle healthcare. I don't want to day with my kids, 0:11:19.360 --> 0:11:22.320 you just handle education, right and and all throughout the 0:11:22.320 --> 0:11:27.000 world we've done that, and that's socialism, um. And the 0:11:27.120 --> 0:11:30.040 nanny state has grown and it's starting to just suck 0:11:30.080 --> 0:11:32.679 in everything. And he said, I think it's going up. 0:11:32.679 --> 0:11:35.000 It's sucking everything, and we're in this parabala and then 0:11:35.000 --> 0:11:37.480 we're gonna have this socialism blow off top. Does that 0:11:37.520 --> 0:11:41.000 sound like maybe it makes some sense? Yeah, I hate 0:11:41.000 --> 0:11:44.200 to say that. That does sound like it does make sense. Um. 0:11:44.240 --> 0:11:46.880 I think that would be again a huge mistake. And 0:11:47.000 --> 0:11:50.040 it might feel nice in the short term for individuals 0:11:50.040 --> 0:11:54.720 to give up autonomy or our agency to the state. Um. However, 0:11:54.800 --> 0:11:57.160 it brings back that problem again, which is that the 0:11:57.200 --> 0:12:00.440 world is more complex than we think. And it certainly 0:12:00.440 --> 0:12:03.560 more complex than a group of central planners. No matter 0:12:03.640 --> 0:12:06.280 how many equations they have, no matter how much data 0:12:06.320 --> 0:12:09.960 they think they can collect, the reality is civilization is 0:12:10.000 --> 0:12:13.440 far more complex, and so UM. I would like to 0:12:13.480 --> 0:12:17.080 see a world where we rebuild with market based economies, 0:12:17.080 --> 0:12:19.760 which have proven to be more successful. UM. But what 0:12:19.800 --> 0:12:23.240 I what I attribute this resurgence to is one economic 0:12:23.280 --> 0:12:26.400 inequality is at a I think it's about an eighty 0:12:26.480 --> 0:12:29.680 year high for that as well. And in that type 0:12:29.679 --> 0:12:32.480 of situation, people do get desperate and they do look 0:12:32.480 --> 0:12:35.800 for someone to bail them out. UM. However, that that's 0:12:35.840 --> 0:12:38.320 not the way forward. I just can't. I just can't 0:12:38.320 --> 0:12:40.520 handle that sort of a future. And I think what 0:12:40.559 --> 0:12:43.800 the state wants to do here is use better technology 0:12:44.280 --> 0:12:48.760 to upgrade the state's capacity. And so we're seeing um 0:12:49.120 --> 0:12:52.120 mass surveillance, both on the social layer but also on 0:12:52.200 --> 0:12:54.520 the financial layer. And I think most people just sort 0:12:54.559 --> 0:12:58.280 of accept that everything that they do is being spied on, UM, 0:12:58.280 --> 0:13:00.720 which is a little bit scary. But the state assumes 0:13:00.760 --> 0:13:03.400 they can just spy on everything and then make better 0:13:03.440 --> 0:13:06.960 decisions on our behalf. And I don't think that that's 0:13:07.040 --> 0:13:09.400 morally right. I think I would rather be in charge 0:13:09.440 --> 0:13:12.319 of my own life. Um. And simultaneously, it's just not 0:13:12.480 --> 0:13:15.319 it's just not practically the best way to make decisions 0:13:15.320 --> 0:13:18.240 because again, you can't make decisions from a central point. 0:13:18.559 --> 0:13:22.400 Too much data, the world's too complex. Yeah, today I 0:13:22.440 --> 0:13:27.160 saw Russia, the Bank of Russia, so that it's not official, 0:13:27.160 --> 0:13:30.760 but the Bank of Russia calls for full ban on crypto. 0:13:31.040 --> 0:13:34.520 Russia central Bank suggests making crypto trading, mining, and usage illegal. 0:13:36.120 --> 0:13:38.720 Owning crypto would be allowed, so you can own it, 0:13:38.760 --> 0:13:40.960 but you can't trade it or minded or use it. 0:13:41.320 --> 0:13:44.120 I don't get that part. But but they said here, 0:13:44.160 --> 0:13:48.319 I love this part right here. Um, by offering an 0:13:48.320 --> 0:13:50.640 outlet for people to take their money out of the 0:13:50.720 --> 0:13:55.360 national economy, they risk undermining it and making the regulator's 0:13:55.480 --> 0:14:03.160 job of maintaining optimal monetary policies order. So by offering 0:14:03.200 --> 0:14:05.439 an outlet, if if there's an anilet of people take 0:14:05.440 --> 0:14:07.559 their money out, they risk undermine it and make the 0:14:08.000 --> 0:14:12.080 regular job of maintaining this control the central planning maintain 0:14:12.160 --> 0:14:17.520 optimal monetary policies harder. But but what's optimal, right? Optimal 0:14:17.559 --> 0:14:20.160 for me isn't optimal for you, And that kind of 0:14:20.200 --> 0:14:23.640 goes back to this central planner, like, how does somebody 0:14:23.680 --> 0:14:26.880 in Washington know what's best for me in southern California? 0:14:27.640 --> 0:14:31.120 How does one person know what's best for million people 0:14:31.120 --> 0:14:33.840 in the United States or you know whatever? Um, and 0:14:33.920 --> 0:14:36.560 this is this is in Russia obviously, but I think 0:14:36.600 --> 0:14:39.000 that kind of goes to your point, like these central planners, 0:14:39.640 --> 0:14:42.480 how do they know what's best for everybody? And and 0:14:42.800 --> 0:14:47.000 is there one single best for everybody? These are good questions, 0:14:47.040 --> 0:14:50.280 and um, you know my answer already. Of course they 0:14:50.280 --> 0:14:53.400 can't know what's best for everyone, even though they'll pretend 0:14:53.440 --> 0:14:55.880 to be the moral voice in the room. And of 0:14:55.920 --> 0:15:00.160 course they make they make their They essentially build up 0:15:00.160 --> 0:15:03.400 the problem upon which they're willing to solve or they're 0:15:03.440 --> 0:15:06.240 the only ones capable of solving it. But the reality 0:15:06.320 --> 0:15:09.640 is the solution a k A. State intervention in markets. 0:15:09.680 --> 0:15:14.400 That solution actually is the problem, because by intervening with 0:15:14.520 --> 0:15:19.360 free market activity, you create all these unintended consequences. And 0:15:19.400 --> 0:15:23.720 so um, not surprising coming from Russia, Um, not surprising 0:15:23.760 --> 0:15:28.680 coming from China. Right. Bitcoin is a freedom enabling technology. 0:15:28.760 --> 0:15:32.160 It empowers the individual at the expense of the state 0:15:32.320 --> 0:15:35.680 or any power structure who wants to coerce the individual. 0:15:36.120 --> 0:15:38.680 And so I like to say that bitcoin is incongruent 0:15:38.920 --> 0:15:42.640 with authoritarianism. And so it's not surprising that we see 0:15:42.680 --> 0:15:47.840 these autocratic states push bitcoin out. Why because it undermines 0:15:47.880 --> 0:15:51.600 the central planners and so, um, what I see here 0:15:51.640 --> 0:15:55.160 as an opportunity is as China and Russia start to 0:15:55.200 --> 0:15:59.400 push out this this freedom technology, this is an opportunity 0:15:59.400 --> 0:16:02.800 for the u US to embrace this technology. China and 0:16:02.840 --> 0:16:07.040 Russia are obviously are diametrically opposed global enemies to use 0:16:07.040 --> 0:16:10.280 some colorful language, but if that is true, this is 0:16:10.320 --> 0:16:14.600 our turn to lean in because bitcoin is fundamentally of 0:16:14.640 --> 0:16:21.080 American values. Bitcoin accepts the centralization of powered, empowers the individual. Um, 0:16:21.120 --> 0:16:24.240 it is a freedom based technology. That's what made America 0:16:24.600 --> 0:16:27.120 a strong country, and that that's why America is still 0:16:27.120 --> 0:16:31.600 a strong country after several hundred years today. Yeah yeah, 0:16:31.600 --> 0:16:34.200 I mean, without playing deep into the politics side, I 0:16:34.200 --> 0:16:36.240 mean to your point, right, I mean, you said Russia 0:16:36.240 --> 0:16:40.040 and China are kind of diametrically opposed, but like the 0:16:40.160 --> 0:16:42.880 US is even more so. So it's kind of like 0:16:42.920 --> 0:16:44.760 this enemy of my enemy is my friend. Kind of 0:16:44.800 --> 0:16:49.000 a thing, and you know, uh, maybe there you see 0:16:49.040 --> 0:16:50.560 a lot of China and Russia doing a lot of 0:16:50.560 --> 0:16:52.360 the same things until we'rekin on the opposite side. And 0:16:52.360 --> 0:16:55.680 I would hope I would like to see that the 0:16:55.760 --> 0:16:58.400 US would go, we'll shoot and and maybe with this 0:16:58.480 --> 0:17:01.040 kind of Cold war re escalating kind of a thing 0:17:01.080 --> 0:17:03.640 with Ukraine, they would the US would be like, well, shoot, 0:17:03.920 --> 0:17:06.159 tensions are high with China and Russia right now, so 0:17:06.200 --> 0:17:08.600 we should take the opposite side of the bet. If 0:17:08.640 --> 0:17:12.239 they want to push bitcoin out, we should you know, 0:17:12.560 --> 0:17:15.439 use it. And we have this huge economic advantage to 0:17:15.440 --> 0:17:17.560 do so. We've taken over the big majority of the 0:17:17.600 --> 0:17:20.520 mining because bitcoin. China shot themselves in the foot with that. 0:17:21.720 --> 0:17:23.880 But unfortunately I'm seeing that may not be the case. 0:17:23.920 --> 0:17:27.280 And so today, at the time of this recording, UM 0:17:27.320 --> 0:17:30.639 there was also a big conversation going on um in 0:17:31.320 --> 0:17:34.720 among all the lawmakers in the United States talking about 0:17:34.760 --> 0:17:37.639 what they should do in regards to proof of work 0:17:37.840 --> 0:17:42.440 versus proof of steak. Should they do something about that? 0:17:42.480 --> 0:17:46.280 Brian Brooks, formerly of of a coin Base and then 0:17:46.320 --> 0:17:48.240 of the o c C. He said, quote, it's not 0:17:48.320 --> 0:17:50.359 up to the government to decide if bitcoin is important 0:17:50.359 --> 0:17:53.800 to the country's future. That's the market end quote. But 0:17:53.880 --> 0:17:55.240 that's not what they think. I want to dig in 0:17:55.320 --> 0:17:57.440 more to that when we come back. I mean the 0:17:57.480 --> 0:18:02.000 studio we're talking about bitcoin and decentral cryptocurrency. We're talking 0:18:02.040 --> 0:18:04.960 about the Bitcoin revolution. I'm innistry with Brandon Quidum. We're 0:18:04.960 --> 0:18:07.480 gonna come back and talk more about what's going on 0:18:07.520 --> 0:18:10.320 in this cycle and what they're talking about today. Don't 0:18:10.359 --> 0:18:12.440 miss it, don't go away, all right, welcome back. You're 0:18:12.480 --> 0:18:15.000 listening to the Mark Moa Show, and we're talking about bitcoin. 0:18:15.359 --> 0:18:19.520 We're talking about the decentralized revolution, and uh, today we're 0:18:19.520 --> 0:18:22.159 talking a little bit more specifically. Um. I got Brandon 0:18:22.200 --> 0:18:24.359 Quitum in the studio with me, and we're talking about 0:18:24.760 --> 0:18:27.080 kind of this eighty year lens kind of zooming out, 0:18:27.080 --> 0:18:29.120 trying to get a little clarity how what we're seeing 0:18:29.119 --> 0:18:32.160 in the world today isn't random, it's actually repeated, repeated 0:18:32.200 --> 0:18:35.240 throughout history. I mean, we're talking about kind of where 0:18:35.280 --> 0:18:37.760 some of this fits into bitcoin today, and we're just 0:18:37.800 --> 0:18:40.800 talking about how you see countries like China and Russia 0:18:40.960 --> 0:18:43.560 really trying to get uh, you know, push bitcoin out 0:18:43.560 --> 0:18:46.480 because it's opposite of what they want, which is freedom. 0:18:46.840 --> 0:18:49.000 They want to essentially plan a control app in the 0:18:49.080 --> 0:18:52.520 United States. Is the land of the free the United States. 0:18:52.520 --> 0:18:54.160 I grew up in anyway with the land of the free. 0:18:54.600 --> 0:18:57.280 UM and and I was reading a quote here. So today, 0:18:57.359 --> 0:19:00.480 at the time of this recording, we had lawmakers talking 0:19:00.520 --> 0:19:04.200 about bitcoin and mining and cryptocurrencies and proof of work 0:19:04.280 --> 0:19:08.159 versus proof ofstaken and UH CEO Brian Brooks bit furious 0:19:08.160 --> 0:19:10.119 CEO said it's not up to the government to decide 0:19:10.119 --> 0:19:13.720 if bitcoin is important to the country's future. That's the markets, 0:19:14.320 --> 0:19:18.119 that's what he's saying. But we're kind of seeing the opposite. Um. 0:19:18.160 --> 0:19:22.000 Of course, good old Senator Elizabeth Warren, everybody's a favorite 0:19:22.040 --> 0:19:26.480 champion of the free markets. She said, quote the extraordinarily 0:19:26.640 --> 0:19:30.040 high energy usage and carbon emissions associated with bitcoin mining 0:19:30.359 --> 0:19:32.800 could undo much of our work to tackle the climate, 0:19:33.320 --> 0:19:36.280 not to mention the harmful impacts of crypto mining has 0:19:36.280 --> 0:19:39.560 on local governments and electricity prices. And here's the best part. 0:19:40.080 --> 0:19:42.840 It's time for Congress and federal regulators to step up 0:19:42.840 --> 0:19:46.760 and address the serious risk that crypto poses to our 0:19:46.800 --> 0:19:52.119 economy and our environment. So that part she's been saying 0:19:52.119 --> 0:19:53.359 this on and on, this is not the first time 0:19:53.400 --> 0:19:58.359 she said this the risk that cryptocurrency poses to our economy. Again, 0:19:59.119 --> 0:20:02.639 if people same thing that Russia said, if people have 0:20:02.720 --> 0:20:08.600 an outlet, it undermines our ability to manage the optimal economy. 0:20:08.720 --> 0:20:11.200 She's basically saying the same thing that Russia saying. It 0:20:11.320 --> 0:20:14.720 sounds like to me, I don't know, what do you think? Yeah, Unfortunately, 0:20:14.760 --> 0:20:18.760 it's not surprising comments coming from Elizabeth Warren. Um. What 0:20:19.119 --> 0:20:22.440 really frustrates me here is that she claims to be 0:20:22.600 --> 0:20:25.800 one of the people, and she always fights for individual 0:20:25.920 --> 0:20:30.080 rights and individual financial freedoms especially, and she's very anti banks. 0:20:31.080 --> 0:20:33.239 When she fight for the individual's rights, or does she 0:20:33.600 --> 0:20:36.879 fight for a collective group of less empowered people. I 0:20:36.880 --> 0:20:38.840 think that's maybe a difference, right, She's trying to lump 0:20:38.840 --> 0:20:43.440 all everyone like kind of like kind of like Marxism 0:20:43.560 --> 0:20:46.720 lumps the proletarians and the bourgeoisie together. So it's almost like, 0:20:46.760 --> 0:20:48.320 I don't know if she's fine for the individual or 0:20:48.320 --> 0:20:52.040 the collective group of these disempowered groups. Maybe Yeah, I 0:20:52.040 --> 0:20:54.640 think I think you're right, that is more accurate. Um. 0:20:54.680 --> 0:20:56.520 I guess the point I was trying to make is 0:20:56.640 --> 0:21:00.159 her what she wants to be perceived as is in 0:21:00.320 --> 0:21:04.440 anti banks. And yet what she's arguing here is that 0:21:04.800 --> 0:21:08.480 individuals should not be able to be their own bank, 0:21:08.600 --> 0:21:11.880 as it were, by owning bitcoin. She's arguing that the 0:21:11.920 --> 0:21:15.959