1 00:00:00,160 --> 00:00:02,960 Speaker 1: All right, you are listening to the Mark Mo Show. 2 00:00:03,400 --> 00:00:06,320 Speaker 1: Thank you, thank you, thank you for joining me. I 3 00:00:06,360 --> 00:00:09,760 Speaker 1: am bringing you the latest information, the latest news, what 4 00:00:09,840 --> 00:00:13,000 Speaker 1: you need to know on Bitcoin, on cryptocurrencies, on the 5 00:00:13,240 --> 00:00:19,759 Speaker 1: decentralized revolution. Thanks for joining me. This is it's a 6 00:00:19,760 --> 00:00:23,240 Speaker 1: big deal. It's a very very big deal, something that 7 00:00:23,320 --> 00:00:25,840 Speaker 1: you need to know about. It's something that can change 8 00:00:25,840 --> 00:00:27,680 Speaker 1: your life if you understand it correctly, which is why 9 00:00:27,720 --> 00:00:30,360 Speaker 1: I bring this to you each and every week. So 10 00:00:30,760 --> 00:00:32,880 Speaker 1: make sure to set a calendar reminder to join me 11 00:00:32,920 --> 00:00:34,800 Speaker 1: on this channel at this time each and every week. 12 00:00:35,680 --> 00:00:39,280 Speaker 1: I guarantee it is going to be worth your while. Now, 13 00:00:40,479 --> 00:00:45,800 Speaker 1: you know, Bitcoin, cryptocurrencies, decentralized technologies is literally changing the 14 00:00:45,840 --> 00:00:50,159 Speaker 1: world for so many reasons. And uh, you know, I 15 00:00:50,240 --> 00:00:51,720 Speaker 1: talked to a lot of people. You know, I've been 16 00:00:51,760 --> 00:00:54,680 Speaker 1: teaching on it specifically for about six years now, written 17 00:00:54,680 --> 00:00:59,000 Speaker 1: over a thousand pages of research on it, and um, 18 00:00:59,040 --> 00:01:01,960 Speaker 1: you know a lot of my friends, especially now you 19 00:01:02,000 --> 00:01:03,480 Speaker 1: know friends and I haven't even talked to in a 20 00:01:03,520 --> 00:01:05,479 Speaker 1: long time, They're coming out of the woodwork and hit 21 00:01:05,560 --> 00:01:08,280 Speaker 1: me up. And um, you know, one time, a lot 22 00:01:08,319 --> 00:01:10,320 Speaker 1: of times I get asked a question which is um, 23 00:01:10,440 --> 00:01:13,600 Speaker 1: Mark can you explain it to me like I'm five 24 00:01:14,000 --> 00:01:19,480 Speaker 1: and in two minutes And the answer is no, No, 25 00:01:19,560 --> 00:01:22,680 Speaker 1: I can't. I can't. And if all you're going to 26 00:01:22,800 --> 00:01:25,240 Speaker 1: dedicate to it is about a five year old's brain 27 00:01:25,360 --> 00:01:28,039 Speaker 1: power and in two minutes, uh, then we have a 28 00:01:28,040 --> 00:01:30,840 Speaker 1: sayance in g M. I you're never gonna make it, 29 00:01:31,520 --> 00:01:34,360 Speaker 1: just not gonna make it. Um. So I can't explain 30 00:01:34,360 --> 00:01:35,959 Speaker 1: it to you like you're five in two minutes, it's 31 00:01:35,959 --> 00:01:41,160 Speaker 1: just not gonna happen. Um. To understand how big this is, well, 32 00:01:42,120 --> 00:01:45,720 Speaker 1: first of all, you need to really have about seven 33 00:01:45,840 --> 00:01:48,400 Speaker 1: or eight different disciplines and different topics. You need to 34 00:01:48,440 --> 00:01:52,280 Speaker 1: understand technology, you need to understand history. You know, understand 35 00:01:52,880 --> 00:01:57,400 Speaker 1: the monetary system. You don't understand philosophy. I mean, there's 36 00:01:57,440 --> 00:01:59,360 Speaker 1: so many different things you have to understand because there's 37 00:01:59,360 --> 00:02:00,960 Speaker 1: so many different angles. I mean, it's it's that big. 38 00:02:00,960 --> 00:02:02,760 Speaker 1: Where's literally going to change every air of our life. 39 00:02:02,760 --> 00:02:04,600 Speaker 1: And so I can't explain it to you like you're 40 00:02:04,600 --> 00:02:07,160 Speaker 1: five and in two minutes, not not in a meaningful way. 41 00:02:07,160 --> 00:02:08,800 Speaker 1: But if you tune in with me each and every week, 42 00:02:09,120 --> 00:02:11,960 Speaker 1: you're gonna learn all these different things. Now, today I 43 00:02:11,960 --> 00:02:16,680 Speaker 1: want to talk about one area specifically, UM that is 44 00:02:16,800 --> 00:02:20,680 Speaker 1: revolutionary and UM not only is it revolutionary that it's 45 00:02:20,720 --> 00:02:23,560 Speaker 1: going to change humanity, it's that big. It literally solves 46 00:02:23,720 --> 00:02:27,720 Speaker 1: the oldest problem in humanity. UM. So I'm gonna tell 47 00:02:27,760 --> 00:02:29,880 Speaker 1: you what that problem is, how it solves that, where 48 00:02:29,880 --> 00:02:33,680 Speaker 1: that can go in the future. But also, UM, it's 49 00:02:33,680 --> 00:02:36,079 Speaker 1: a big problem. It's also a big problem at the 50 00:02:36,120 --> 00:02:38,600 Speaker 1: same time. And as a matter of fact, it's a 51 00:02:38,600 --> 00:02:41,400 Speaker 1: big problem that I've had personally had a lot of 52 00:02:41,400 --> 00:02:46,760 Speaker 1: problems with UM and trust me, you do not want 53 00:02:46,800 --> 00:02:48,600 Speaker 1: to have the same problems that I've had. And so 54 00:02:48,600 --> 00:02:52,520 Speaker 1: what am I talking about, Well, I'm talking about the 55 00:02:52,560 --> 00:02:56,880 Speaker 1: ability for us to self custody, to take ownership, to 56 00:02:56,880 --> 00:03:01,919 Speaker 1: take custody of our own current cryptocurrency. But with great response, 57 00:03:02,160 --> 00:03:04,920 Speaker 1: with great freedom comes great responsibility. And so that you 58 00:03:04,960 --> 00:03:07,480 Speaker 1: have the ability to do that, to take custody of that, 59 00:03:08,000 --> 00:03:12,480 Speaker 1: but now you're responsible for taking care of it, and 60 00:03:12,560 --> 00:03:15,440 Speaker 1: if you don't do it right, it can be lost 61 00:03:15,639 --> 00:03:18,800 Speaker 1: or stolen or something like that. Now, I personally have 62 00:03:19,000 --> 00:03:26,040 Speaker 1: lost over two million dollars in bitcoin. Give me a 63 00:03:26,040 --> 00:03:28,040 Speaker 1: second while I'm just sad about that for a second, 64 00:03:29,200 --> 00:03:31,320 Speaker 1: let me grab it. Tisue I'm already crying thinking about it. 65 00:03:31,320 --> 00:03:33,400 Speaker 1: I'm gonna tell you what happened, because you don't want 66 00:03:33,400 --> 00:03:35,800 Speaker 1: to lose two million dollars a bitcoin. I can guarantee you. 67 00:03:36,400 --> 00:03:40,040 Speaker 1: I share a text. Didn't want to, but unfortunately I did, 68 00:03:40,440 --> 00:03:43,960 Speaker 1: and I've I've learned a bunch of things, and I 69 00:03:44,040 --> 00:03:47,160 Speaker 1: want you to learn the lessons that I've learned, but 70 00:03:47,240 --> 00:03:49,320 Speaker 1: not the hard way like I've had to. I want 71 00:03:49,360 --> 00:03:51,840 Speaker 1: you to learn from my experience without you having to 72 00:03:52,000 --> 00:03:56,200 Speaker 1: lose your own money. So I'm gonna explain that to you, 73 00:03:56,240 --> 00:03:58,760 Speaker 1: and I'm gonna explain to you what I have personally 74 00:03:58,800 --> 00:04:03,400 Speaker 1: done to make sure that I don't have those problems anymore, because, 75 00:04:04,760 --> 00:04:07,520 Speaker 1: like I said, learned from my mistakes. Now I get it. 76 00:04:07,960 --> 00:04:09,360 Speaker 1: There's a saying that I like to say over and 77 00:04:09,400 --> 00:04:10,720 Speaker 1: over and over again. If you listen to me each 78 00:04:10,720 --> 00:04:12,280 Speaker 1: every week, you'll probably hear me say it over and over. 79 00:04:12,320 --> 00:04:15,720 Speaker 1: But the saying is that some lessons in life can't 80 00:04:15,800 --> 00:04:20,039 Speaker 1: be taught, they can only be learned. But I don't 81 00:04:20,080 --> 00:04:22,400 Speaker 1: think this is one of them. I don't think this 82 00:04:22,440 --> 00:04:24,440 Speaker 1: one can only be learned. I hope not. I hope 83 00:04:24,440 --> 00:04:26,080 Speaker 1: it can be taught to you, so you don't have 84 00:04:26,120 --> 00:04:28,320 Speaker 1: to learn the hard way. You don't want to lose 85 00:04:28,600 --> 00:04:31,360 Speaker 1: any money in bitcoin, especially two million dollars like I did. 86 00:04:31,680 --> 00:04:35,320 Speaker 1: So before we get into that. Um, basically, what am 87 00:04:35,360 --> 00:04:41,480 Speaker 1: I talking about here? So bitcoin? By the way, you're 88 00:04:41,480 --> 00:04:44,320 Speaker 1: listening to the Mark Moa show talking about bitcoin, cryptocurrencies 89 00:04:44,360 --> 00:04:47,280 Speaker 1: and decentralized revolution. Um. And like I said, there's so 90 00:04:47,279 --> 00:04:49,719 Speaker 1: many different areas that you can get into it. But UM, 91 00:04:49,839 --> 00:04:51,560 Speaker 1: let's think about this. And when I say it's a 92 00:04:51,560 --> 00:04:54,560 Speaker 1: technological revolution, I don't mean the new technology like an iPhone. 93 00:04:54,600 --> 00:04:57,159 Speaker 1: I mean a technological revolution that would change the way 94 00:04:57,440 --> 00:05:00,240 Speaker 1: the world works. It fixes problems that are that big. 95 00:05:00,320 --> 00:05:04,480 Speaker 1: So UM, if I were to guess, and I talked 96 00:05:04,480 --> 00:05:07,320 Speaker 1: about this a lot, um, I would say probably the 97 00:05:07,360 --> 00:05:10,520 Speaker 1: oldest problem in the world, or at least one of 98 00:05:10,560 --> 00:05:12,960 Speaker 1: the top few oldest problems in the world. The oldest 99 00:05:12,960 --> 00:05:16,040 Speaker 1: problem that humanity has had is how do I store 100 00:05:16,160 --> 00:05:19,360 Speaker 1: my personal property in a way that can't be stolen? 101 00:05:21,520 --> 00:05:23,000 Speaker 1: So let me set this up a little bit. I'm 102 00:05:23,000 --> 00:05:25,479 Speaker 1: gonna go philosophical for it with for for you for 103 00:05:25,520 --> 00:05:27,160 Speaker 1: a second. I'm gonna I'm not gonna go deep. I'm 104 00:05:27,200 --> 00:05:30,680 Speaker 1: gonna set the stage so at the end of the day, 105 00:05:30,720 --> 00:05:35,640 Speaker 1: everything boils down to me as an individual. I've been born. Um. 106 00:05:35,800 --> 00:05:38,600 Speaker 1: I believe that I was given in aalegal rights by 107 00:05:38,600 --> 00:05:41,200 Speaker 1: a creator. Um. And I have the enable rights to life, 108 00:05:41,240 --> 00:05:44,360 Speaker 1: liberty in the pursuit of freedom and happiness. Those rights 109 00:05:44,400 --> 00:05:47,160 Speaker 1: are not given to me by a government. I'm born 110 00:05:47,240 --> 00:05:51,520 Speaker 1: with those rights, all right. Now. I have my person, 111 00:05:51,600 --> 00:05:54,960 Speaker 1: my body, and I eat food that's calories, and those 112 00:05:54,960 --> 00:05:57,600 Speaker 1: calories are burned as energy in my system, and then 113 00:05:57,640 --> 00:06:00,200 Speaker 1: I can expend that energy to say, dig a whole, 114 00:06:00,560 --> 00:06:02,440 Speaker 1: and if I dig a hole for four hours a day, 115 00:06:02,480 --> 00:06:06,719 Speaker 1: I could earn enough to give me supplies or actually 116 00:06:06,720 --> 00:06:08,520 Speaker 1: I'm gonna start even a low, a little lower down. 117 00:06:08,640 --> 00:06:11,320 Speaker 1: So um, let's say that I had this, uh, this 118 00:06:11,560 --> 00:06:14,520 Speaker 1: rare condition where I couldn't store fat on my body. 119 00:06:15,600 --> 00:06:17,760 Speaker 1: And so if I can't store fat on my body, 120 00:06:18,000 --> 00:06:20,880 Speaker 1: that I'm forced to just eat constantly twenty four hours 121 00:06:20,960 --> 00:06:23,880 Speaker 1: day after eat because I can't store fat. If I 122 00:06:23,920 --> 00:06:27,400 Speaker 1: store fat, it's like my battery, right. Fat is my 123 00:06:27,520 --> 00:06:30,120 Speaker 1: energy source that I store and then when I'm not eating, 124 00:06:30,120 --> 00:06:32,280 Speaker 1: my body can tap into that. Batteries tap into the 125 00:06:32,400 --> 00:06:34,840 Speaker 1: energy source. Right. Um, So as long as I can 126 00:06:34,880 --> 00:06:38,200 Speaker 1: store fat. Um, then I have that battery. Well, um, 127 00:06:38,279 --> 00:06:41,400 Speaker 1: if I expend that energy digging a hole, I'm burning 128 00:06:41,440 --> 00:06:43,760 Speaker 1: into some of those fat stores. And now I'm expanding 129 00:06:43,760 --> 00:06:45,400 Speaker 1: an energy to dig a hole. I dig for four hours, 130 00:06:45,400 --> 00:06:47,520 Speaker 1: I earn enough to live off of. But let's say 131 00:06:47,520 --> 00:06:49,599 Speaker 1: that I decided to work an extra four hours and 132 00:06:49,680 --> 00:06:52,920 Speaker 1: now I've earned more than I needed to consume, and 133 00:06:53,040 --> 00:06:57,440 Speaker 1: I can store that energy that wealth um to be 134 00:06:57,560 --> 00:07:00,880 Speaker 1: used at a later time. So now, um, if I 135 00:07:00,920 --> 00:07:03,760 Speaker 1: don't want to work tomorrow, I have enough energy stored 136 00:07:03,880 --> 00:07:06,480 Speaker 1: up in my battery, in my private property, and I 137 00:07:06,560 --> 00:07:08,920 Speaker 1: need to work tomorrow. Right, that makes sense. So if 138 00:07:08,920 --> 00:07:12,000 Speaker 1: you follow along with me, now, um, what happens is 139 00:07:12,040 --> 00:07:14,720 Speaker 1: as I continue to um work more and more, work 140 00:07:14,720 --> 00:07:17,000 Speaker 1: more than I consume, then I can buy a goat 141 00:07:17,200 --> 00:07:19,160 Speaker 1: and I can buy a cow. And then if I 142 00:07:19,200 --> 00:07:20,920 Speaker 1: don't work for a week, I can just kill the 143 00:07:20,920 --> 00:07:22,240 Speaker 1: cow and I can eat the cow. Whatever. It's my 144 00:07:22,360 --> 00:07:25,120 Speaker 1: private property. I buy a house, I could sell that 145 00:07:25,200 --> 00:07:27,640 Speaker 1: house and I have enough money. Right, so then the 146 00:07:27,800 --> 00:07:31,440 Speaker 1: extension of me and my energy is my ability to 147 00:07:31,480 --> 00:07:34,520 Speaker 1: have private property. Um. And that could be the cows 148 00:07:34,560 --> 00:07:36,000 Speaker 1: that can be, the chickens that can be the land, 149 00:07:36,080 --> 00:07:38,000 Speaker 1: and that allows me if something were to happen in 150 00:07:38,000 --> 00:07:40,440 Speaker 1: my life where I can't work, I have a life battery. 151 00:07:40,640 --> 00:07:43,440 Speaker 1: That's my private property. All private property is an extension 152 00:07:43,600 --> 00:07:47,200 Speaker 1: of me as a as a as an individual, um 153 00:07:47,520 --> 00:07:52,360 Speaker 1: the the state is only there to protect my private 154 00:07:52,360 --> 00:07:55,600 Speaker 1: property rights. So I should as a person, I believe 155 00:07:55,600 --> 00:07:57,880 Speaker 1: that I should only ever be allowed to use force 156 00:07:57,920 --> 00:08:01,200 Speaker 1: against another person only to tech to my private property. 157 00:08:01,280 --> 00:08:04,600 Speaker 1: And that is it. And if the and the state 158 00:08:05,040 --> 00:08:08,240 Speaker 1: is an extension of the individual and should only be 159 00:08:08,320 --> 00:08:11,360 Speaker 1: allowed to help us protect our private property. So that's 160 00:08:11,400 --> 00:08:12,960 Speaker 1: the problem that we have today. As a matter of fact, 161 00:08:12,960 --> 00:08:15,560 Speaker 1: the government Nited States is there to protect private property rights. 162 00:08:15,600 --> 00:08:17,560 Speaker 1: So that's the oldest problem in humanity is how do 163 00:08:17,640 --> 00:08:20,400 Speaker 1: we protect our private property from somebody coming to steal it? 164 00:08:20,680 --> 00:08:22,880 Speaker 1: And of course the easy answer is, well, we form 165 00:08:22,920 --> 00:08:25,400 Speaker 1: a little village, and then another village comes and gets 166 00:08:25,400 --> 00:08:26,960 Speaker 1: our property, and then we form a kingdom, and then 167 00:08:27,040 --> 00:08:29,120 Speaker 1: we form a country. And you see the problem that 168 00:08:29,120 --> 00:08:36,760 Speaker 1: we've had since day one. But bitcoin has solved that problem. 169 00:08:36,800 --> 00:08:40,120 Speaker 1: And I'm gonna explain to you what that means. I 170 00:08:40,160 --> 00:08:42,560 Speaker 1: want to explain to you what that means for the future. 171 00:08:42,559 --> 00:08:45,839 Speaker 1: I want to explain to you how you can take 172 00:08:45,880 --> 00:08:49,760 Speaker 1: advantage of that, but I want to tell you the problems. Right. 173 00:08:49,840 --> 00:08:52,680 Speaker 1: With great freedom comes great responsibility, and if you don't 174 00:08:52,679 --> 00:08:54,600 Speaker 1: do it the right way, you can lose big I 175 00:08:54,760 --> 00:08:59,520 Speaker 1: personally have lost over two million dollars in bitcoin, and 176 00:08:59,520 --> 00:09:00,880 Speaker 1: I don't want you to make the same mistakes. So 177 00:09:00,880 --> 00:09:03,480 Speaker 1: I'm gonna tell you what those mistakes were. Even better, 178 00:09:03,520 --> 00:09:06,600 Speaker 1: I'm gonna tell you what I have personally done to 179 00:09:06,640 --> 00:09:08,600 Speaker 1: make sure that doesn't ever happen to me. And hopefully 180 00:09:08,640 --> 00:09:10,200 Speaker 1: you can just learn from my mistakes right now and 181 00:09:10,200 --> 00:09:12,040 Speaker 1: it doesn't ever happen to you, because I don't want 182 00:09:12,080 --> 00:09:13,280 Speaker 1: it to happen to you. I don't want to lose 183 00:09:13,320 --> 00:09:16,439 Speaker 1: any money. By the way, you're listening to the Mark 184 00:09:16,559 --> 00:09:20,000 Speaker 1: Moss Show, Um, I'm talking about bitcoin and cryptocurrencies and 185 00:09:20,040 --> 00:09:23,480 Speaker 1: the decentralized revolution. I've been researching and writing and talking 186 00:09:23,520 --> 00:09:27,000 Speaker 1: about this for about six years now, helping people uh 187 00:09:27,200 --> 00:09:30,400 Speaker 1: take advantage of this opportunity, but also to avoid the 188 00:09:30,440 --> 00:09:33,040 Speaker 1: pitfalls that I've made myself. You don't want to lose 189 00:09:33,040 --> 00:09:36,040 Speaker 1: two million bucks in bitcoin, right, so stick with me. 190 00:09:36,200 --> 00:09:39,400 Speaker 1: I'm gonna be right back, all right. Welcome back. You 191 00:09:39,440 --> 00:09:41,280 Speaker 1: are listening to the Mark Moss Show, and we are 192 00:09:41,320 --> 00:09:48,080 Speaker 1: talking about bitcoin, cryptocurrencies and the decentralized revolution, the biggest 193 00:09:48,120 --> 00:09:51,280 Speaker 1: opportunity you will ever have in your lifetime. And I 194 00:09:51,320 --> 00:09:54,679 Speaker 1: don't mean that just to be hype and whatever. I 195 00:09:54,800 --> 00:09:57,800 Speaker 1: literally mean that. I'm not gonna go into all the 196 00:09:57,800 --> 00:09:59,160 Speaker 1: reasons why I'm back in that up today. But of 197 00:09:59,240 --> 00:10:00,719 Speaker 1: course if you two know with me each and every week, 198 00:10:00,760 --> 00:10:04,520 Speaker 1: you'll understand this UM today right now, specifically, we're talking 199 00:10:04,559 --> 00:10:10,280 Speaker 1: about how this is solving the oldest problem of humanity, 200 00:10:10,520 --> 00:10:14,080 Speaker 1: and that problem is how do I secure my private 201 00:10:14,120 --> 00:10:17,600 Speaker 1: property in a way that cannot be stolen. Before the break, 202 00:10:17,640 --> 00:10:20,320 Speaker 1: I kind of started at what private property is, why 203 00:10:20,320 --> 00:10:24,679 Speaker 1: it's important, um, and how it's the oldest problem that 204 00:10:24,720 --> 00:10:26,760 Speaker 1: we have so um, since the beginning of time. I'm 205 00:10:26,760 --> 00:10:29,000 Speaker 1: afraid my neighbor is gonna come. Still, my private property 206 00:10:29,120 --> 00:10:31,600 Speaker 1: could be my chickens. Um. So me and my neighbor 207 00:10:31,800 --> 00:10:33,800 Speaker 1: banded together, and then another group's gonna come to take 208 00:10:33,800 --> 00:10:35,520 Speaker 1: our chickens and our goats, and then we make a village, 209 00:10:35,520 --> 00:10:37,240 Speaker 1: and we make a kingdom, and we make a country 210 00:10:37,240 --> 00:10:39,920 Speaker 1: in etcetera. And so since the beginning of time, we've 211 00:10:39,920 --> 00:10:42,680 Speaker 1: been trying to preserve our private property. Our private property 212 00:10:42,760 --> 00:10:45,839 Speaker 1: is an extension, it's it's our life battery. If someone 213 00:10:46,040 --> 00:10:48,960 Speaker 1: comes and steals all my food and all my property 214 00:10:49,000 --> 00:10:52,320 Speaker 1: and all my assets, I could die, right. I don't 215 00:10:52,320 --> 00:10:55,600 Speaker 1: have that battery. That's why private property rights are so important. 216 00:10:55,600 --> 00:10:59,480 Speaker 1: Private property rights underpin every great society. Without private property rights, 217 00:11:00,440 --> 00:11:04,320 Speaker 1: you have nothing. It's that important. Um. I'm not gonna 218 00:11:04,360 --> 00:11:06,600 Speaker 1: go super deep into that. Hopefully that makes a little 219 00:11:06,600 --> 00:11:08,679 Speaker 1: bit of sense. But basically, the oldest problem is how 220 00:11:08,679 --> 00:11:11,640 Speaker 1: do I secure my private property? Well, um, you know, 221 00:11:11,760 --> 00:11:14,280 Speaker 1: gold became money. So what happens is I have a chicken, 222 00:11:14,320 --> 00:11:16,880 Speaker 1: you have a goat. We had a barter system. Well 223 00:11:16,880 --> 00:11:18,920 Speaker 1: what if I don't want your chicken, Well, then we 224 00:11:18,920 --> 00:11:21,160 Speaker 1: don't have a deal. So then it's like, well, shoot, 225 00:11:21,320 --> 00:11:25,080 Speaker 1: you don't want my chicken, Um, would you take this instead? Yeah, 226 00:11:25,120 --> 00:11:28,640 Speaker 1: I'll take that instead, Okay, great? Um. And then over time, 227 00:11:28,720 --> 00:11:32,320 Speaker 1: because barter system is super inefficient, um, things emerged that 228 00:11:32,440 --> 00:11:35,640 Speaker 1: became more and more used, that were more commonly accepted, 229 00:11:35,720 --> 00:11:38,839 Speaker 1: and those were mediums of exchange that was money. Eventually 230 00:11:38,840 --> 00:11:43,040 Speaker 1: we converged to gold, and gold became the money because 231 00:11:43,360 --> 00:11:47,439 Speaker 1: it fits all the properties of divisible, portable, durable, etcetera 232 00:11:47,840 --> 00:11:52,240 Speaker 1: recognizable scarce. And so gold became money and gold gold 233 00:11:52,280 --> 00:11:54,640 Speaker 1: was money for five thousand years. And it basically allows 234 00:11:54,720 --> 00:11:57,760 Speaker 1: us to use this medium of exchange in a barter system. 235 00:11:57,800 --> 00:11:59,319 Speaker 1: So if I don't want a chicken, you don't want 236 00:11:59,320 --> 00:12:01,199 Speaker 1: to goat, we just go to gold and then I'll 237 00:12:01,240 --> 00:12:03,920 Speaker 1: just go buy what I need somewhere else. The problem 238 00:12:03,920 --> 00:12:06,360 Speaker 1: with gold is that, um wall, it has many of 239 00:12:06,400 --> 00:12:07,920 Speaker 1: the great properties, and which is why it was money 240 00:12:07,960 --> 00:12:10,520 Speaker 1: for five thousand years. UM. The thing with gold is 241 00:12:10,559 --> 00:12:14,160 Speaker 1: that one it's uh, it is dense, so it's not 242 00:12:14,280 --> 00:12:16,160 Speaker 1: that big, but it's but it's big and it's heavy. 243 00:12:16,520 --> 00:12:19,400 Speaker 1: And so if you had you know, millions of dollars 244 00:12:19,440 --> 00:12:23,520 Speaker 1: of gold, or even I mean even um, well, today 245 00:12:23,600 --> 00:12:25,360 Speaker 1: the price of gold is pretty high, but even you know, 246 00:12:25,400 --> 00:12:27,520 Speaker 1: tens of thousands of dollars of gold, it's still pretty heavy. 247 00:12:27,559 --> 00:12:30,079 Speaker 1: You can't just really like travel around with that. UM 248 00:12:30,080 --> 00:12:31,640 Speaker 1: if you had, if you had you know, hundreds of 249 00:12:31,640 --> 00:12:33,360 Speaker 1: thousands or millions of dollars of gold, I mean, it's 250 00:12:33,360 --> 00:12:34,719 Speaker 1: really big, Like what are you gonna do with it? 251 00:12:35,040 --> 00:12:39,040 Speaker 1: And so now I'm forced to UM build a safe 252 00:12:40,040 --> 00:12:43,560 Speaker 1: I'm forced to build walls, I'm forced to have security guards. 253 00:12:44,080 --> 00:12:46,880 Speaker 1: And so now there's like this, this cost. It cost 254 00:12:46,920 --> 00:12:48,880 Speaker 1: me a lot of money now to secure my wealth 255 00:12:48,920 --> 00:12:52,960 Speaker 1: and UM and and not only that, like, UM, now 256 00:12:53,120 --> 00:12:55,200 Speaker 1: I've I've spent all this money to build this whole 257 00:12:55,280 --> 00:12:57,559 Speaker 1: fort and safe and whatever, and now I have security 258 00:12:57,559 --> 00:13:00,200 Speaker 1: and I'm wasting all this energy and time them in 259 00:13:00,280 --> 00:13:03,880 Speaker 1: resources just to secure it, just to sit there. And 260 00:13:03,920 --> 00:13:06,640 Speaker 1: then it's not portable. Now I can't take it with 261 00:13:06,679 --> 00:13:11,120 Speaker 1: me anywhere. Now, if I had put um a hundred 262 00:13:11,200 --> 00:13:14,120 Speaker 1: years ago, UM, if I put my entire life savings 263 00:13:14,160 --> 00:13:17,640 Speaker 1: into gold, I don't think there's a country in the 264 00:13:17,640 --> 00:13:20,520 Speaker 1: world I could have put it in a hundred years 265 00:13:20,520 --> 00:13:24,400 Speaker 1: ago that it would have been safe any any country 266 00:13:24,440 --> 00:13:26,040 Speaker 1: in the world. If I would have put all my 267 00:13:26,080 --> 00:13:28,080 Speaker 1: life savings whatever that amount is to you into a 268 00:13:28,120 --> 00:13:30,840 Speaker 1: safe in in any country, whether that be in France, 269 00:13:30,920 --> 00:13:32,559 Speaker 1: or that be in the United States, or that'd be 270 00:13:32,600 --> 00:13:35,320 Speaker 1: in Mexico, wherever it be, UM, it would I would 271 00:13:35,320 --> 00:13:37,839 Speaker 1: have lost it. And the reason why is because the 272 00:13:37,840 --> 00:13:40,440 Speaker 1: political systems have changed. So if you're not aware, in 273 00:13:40,559 --> 00:13:44,679 Speaker 1: ninety three, UH, the United States government made owning gold illegal. 274 00:13:44,760 --> 00:13:46,319 Speaker 1: They took it away from you. So if my life 275 00:13:46,320 --> 00:13:49,000 Speaker 1: savings was in gold, I lost it all if I 276 00:13:49,240 --> 00:13:50,920 Speaker 1: you know, no, no, no matter what country had it, 277 00:13:50,920 --> 00:13:53,320 Speaker 1: and I would have lost it um, And so I 278 00:13:53,360 --> 00:13:55,280 Speaker 1: can't move it. Well, if I did move it, it it 279 00:13:55,360 --> 00:13:57,480 Speaker 1: would be very, very expensive. I would have lost a 280 00:13:57,480 --> 00:14:00,120 Speaker 1: good majority of it in moving it. Um into the 281 00:14:00,160 --> 00:14:02,520 Speaker 1: cost as well as uh, you know, who knows, I 282 00:14:02,520 --> 00:14:04,320 Speaker 1: could have gotten robbed by pirates, It could have you know, 283 00:14:04,360 --> 00:14:05,880 Speaker 1: my ship could have sank at the bottom of the ocean. 284 00:14:05,880 --> 00:14:09,400 Speaker 1: Who knows whatever? Right and so um, I if my wealth, 285 00:14:09,480 --> 00:14:13,480 Speaker 1: if my private property is stored in gold, um, how 286 00:14:13,480 --> 00:14:16,400 Speaker 1: do I secure that? And so that's been the problem 287 00:14:16,400 --> 00:14:19,160 Speaker 1: that man has had since the beginning, And today bitcoin 288 00:14:19,280 --> 00:14:21,680 Speaker 1: solves that one problem. No, bitcoin solves a lot of things, 289 00:14:21,720 --> 00:14:24,720 Speaker 1: and I can't cover every single thing and each each segment, 290 00:14:25,440 --> 00:14:27,800 Speaker 1: but it solves that problem specifically. So now, for the 291 00:14:27,920 --> 00:14:31,960 Speaker 1: first time in history ever, I can store all of 292 00:14:32,000 --> 00:14:37,200 Speaker 1: my wealth in a way that's cryptographically secured. And it 293 00:14:37,320 --> 00:14:44,800 Speaker 1: cost zero dollars, zero effort, zero resources for me to secure. 294 00:14:45,640 --> 00:14:47,800 Speaker 1: I don't need a safe, I don't need a wall, 295 00:14:48,000 --> 00:14:52,600 Speaker 1: I don't need guards. There's no cost. I can secure 296 00:14:52,640 --> 00:14:56,240 Speaker 1: it in a way with zero effort cost expenses, and 297 00:14:57,600 --> 00:15:02,960 Speaker 1: I can transport it anytime I want in where I want. Wow, 298 00:15:03,240 --> 00:15:08,360 Speaker 1: that's pretty big. Now, I've said before many times that 299 00:15:08,440 --> 00:15:12,440 Speaker 1: you know, humans are pretty pretty bad at imagining the future. Um, 300 00:15:12,520 --> 00:15:14,400 Speaker 1: all we can do is imagine better versions of what 301 00:15:14,480 --> 00:15:18,000 Speaker 1: we have today. And so what does that mean, UM, 302 00:15:18,040 --> 00:15:20,560 Speaker 1: when we say that we can we take away the 303 00:15:20,600 --> 00:15:23,880 Speaker 1: oldest problem that mankind has had. UM, Well, it's hard 304 00:15:23,920 --> 00:15:26,720 Speaker 1: to imagine what that future looks like. By the way, 305 00:15:26,800 --> 00:15:28,080 Speaker 1: if you're just tuning and you listen to the Mark 306 00:15:28,120 --> 00:15:30,440 Speaker 1: Moa show, we're talking about bitcoin. We're talking about cryptocurrencies, 307 00:15:30,440 --> 00:15:33,440 Speaker 1: we're talking about decentralized revolution. We're talking about how bitcoin 308 00:15:33,480 --> 00:15:36,160 Speaker 1: is solving the oldest problem that mankind has had, which 309 00:15:36,160 --> 00:15:39,040 Speaker 1: is securing our private property. UM. And so now I 310 00:15:39,040 --> 00:15:41,240 Speaker 1: can secure it, I can store it, no one can 311 00:15:41,440 --> 00:15:43,400 Speaker 1: manipulate it, no one can inflate it away, no one 312 00:15:43,440 --> 00:15:46,200 Speaker 1: can seize it, no one can steal it. And I 313 00:15:46,240 --> 00:15:48,000 Speaker 1: can take it with many where I want, and so 314 00:15:48,200 --> 00:15:50,760 Speaker 1: I don't know exactly. And I can take it with 315 00:15:50,760 --> 00:15:53,920 Speaker 1: many where I want, and so I don't know exactly. 316 00:15:54,120 --> 00:15:58,480 Speaker 1: Solve the oldest problem that mankind has had. It has 317 00:15:58,960 --> 00:16:02,840 Speaker 1: massive implications. Massive Um what are what are some of 318 00:16:02,840 --> 00:16:06,640 Speaker 1: those implications? Well, um, as I said, right, if if 319 00:16:06,680 --> 00:16:08,360 Speaker 1: you held gold, if you would have put all your 320 00:16:08,360 --> 00:16:10,280 Speaker 1: life savings into gold hundred years ago, you would have 321 00:16:10,320 --> 00:16:12,200 Speaker 1: lost it no matter where you put it, unless you 322 00:16:12,200 --> 00:16:13,640 Speaker 1: would have moved it, which would have then you would 323 00:16:13,640 --> 00:16:15,400 Speaker 1: have lost it, lost some of it at least because 324 00:16:15,400 --> 00:16:17,440 Speaker 1: you had to move it. Um. Even in the United 325 00:16:17,440 --> 00:16:20,120 Speaker 1: States they seized all the gold, would have lost it 326 00:16:20,160 --> 00:16:23,640 Speaker 1: in America too. So what if I could hold my 327 00:16:23,720 --> 00:16:26,280 Speaker 1: wealth in a way that my government couldn't seize, they 328 00:16:26,280 --> 00:16:32,320 Speaker 1: couldn't take it from me, Well, it changes the incentive structure. Uh. 329 00:16:32,360 --> 00:16:34,840 Speaker 1: Warren Buffett's partner Charlie Monger says that you show me 330 00:16:34,880 --> 00:16:37,600 Speaker 1: the incentives, I'll show you the outcome. And so when 331 00:16:37,640 --> 00:16:41,680 Speaker 1: we live in a system where um, somebody's stronger than me, 332 00:16:42,440 --> 00:16:45,440 Speaker 1: somebody like a government that has a monopoly on violence. Um, 333 00:16:45,480 --> 00:16:48,120 Speaker 1: somebody's stronger than me can come and steal my wealth, 334 00:16:48,720 --> 00:16:52,160 Speaker 1: then the incentive is that for some people to get 335 00:16:52,160 --> 00:16:54,880 Speaker 1: bigger and stronger and build bigger armies so they can 336 00:16:54,920 --> 00:16:57,440 Speaker 1: come steal from people. Um. And then the people that 337 00:16:57,440 --> 00:17:00,800 Speaker 1: are afraid of being stolen their incentive is to not save, 338 00:17:01,120 --> 00:17:03,480 Speaker 1: not to not to build wealth, not to plan ahead, 339 00:17:03,520 --> 00:17:05,480 Speaker 1: because I know what's the point At any point they're 340 00:17:05,480 --> 00:17:07,480 Speaker 1: going to steal it from me, So why would I 341 00:17:07,520 --> 00:17:10,880 Speaker 1: even bother? So on one side, nobody tries, they don't 342 00:17:10,880 --> 00:17:13,280 Speaker 1: plan ahead, they don't save. The other side, people build 343 00:17:13,359 --> 00:17:16,480 Speaker 1: up these strong armies so they can go steal it. Um. 344 00:17:16,520 --> 00:17:18,760 Speaker 1: And and that's that's it. But what does that mean? 345 00:17:18,880 --> 00:17:22,400 Speaker 1: What does that mean for the future, Well, it's pretty dramatic. 346 00:17:22,440 --> 00:17:24,760 Speaker 1: I want to explain to you exactly how big of 347 00:17:24,800 --> 00:17:28,800 Speaker 1: a world to shift this will be. I believe it's massive, massive, massive, 348 00:17:28,880 --> 00:17:31,600 Speaker 1: peace and prosperity on the other side, that's how big 349 00:17:31,640 --> 00:17:32,920 Speaker 1: this is gonna be. But I wanna explain that you 350 00:17:32,960 --> 00:17:36,040 Speaker 1: want to break it down, um, because I think when 351 00:17:36,040 --> 00:17:38,080 Speaker 1: you understand it from this level, you're gonna really understand 352 00:17:38,080 --> 00:17:39,640 Speaker 1: how big of an opportunity this is. And I don't 353 00:17:39,640 --> 00:17:41,680 Speaker 1: want you to miss out on this. And unfortunately most 354 00:17:41,680 --> 00:17:44,320 Speaker 1: people are getting wrong information. Um. But if you get 355 00:17:44,320 --> 00:17:46,480 Speaker 1: the right information, then you can make the rate, the 356 00:17:46,560 --> 00:17:49,560 Speaker 1: right allocations and take advantage of it. By the way, 357 00:17:49,600 --> 00:17:53,000 Speaker 1: you're listening to me, I'm the one with the voice. 358 00:17:53,040 --> 00:17:54,720 Speaker 1: You're listening to me on Mark Moss. It's the Mark 359 00:17:54,800 --> 00:17:57,639 Speaker 1: Moss Show, and I'm bringing you the latest in bitcoin 360 00:17:57,760 --> 00:18:04,160 Speaker 1: and cryptocurrency and new you of news on the decentralized revolution. Um, 361 00:18:04,200 --> 00:18:06,120 Speaker 1: it's the biggest opportunity you'll ever have. Like I said, 362 00:18:06,160 --> 00:18:08,840 Speaker 1: this is literally solving the oldest problem. I want to 363 00:18:08,880 --> 00:18:12,080 Speaker 1: tell you also, um, the problems with trying to secure 364 00:18:12,080 --> 00:18:13,760 Speaker 1: your wealth. It's not as easy as you think. I've 365 00:18:13,760 --> 00:18:17,680 Speaker 1: personally lost over two million dollars of my bitcoin because 366 00:18:17,720 --> 00:18:19,639 Speaker 1: I got things wrong. And I want to tell you 367 00:18:19,680 --> 00:18:21,640 Speaker 1: what I got wrong, but more importantly, tell you what 368 00:18:21,680 --> 00:18:23,320 Speaker 1: I did to solve it so you don't lose any 369 00:18:23,359 --> 00:18:27,040 Speaker 1: of your bitcoin. I'll be right back. All right, welcome back. 370 00:18:27,160 --> 00:18:29,520 Speaker 1: You are listening to the Mark mos Show. We're talking 371 00:18:29,560 --> 00:18:33,159 Speaker 1: about bitcoin. We're talking about cryptocurrencies. We're talking about the 372 00:18:33,160 --> 00:18:36,920 Speaker 1: decentralized revolution. We're talking about the biggest opportunity you will 373 00:18:36,960 --> 00:18:40,439 Speaker 1: ever see in your lifetime. And I don't mean that lightly. 374 00:18:40,560 --> 00:18:44,600 Speaker 1: I mean that seriously. Before the break, we were talking about, um, 375 00:18:44,640 --> 00:18:50,280 Speaker 1: how bitcoin has Uh. Well, look, it's not an easy subject. 376 00:18:51,040 --> 00:18:52,639 Speaker 1: I said in the first section. If you're with me, 377 00:18:52,680 --> 00:18:54,280 Speaker 1: you know people say, hey, Mark, explain to me like 378 00:18:54,280 --> 00:18:55,960 Speaker 1: I'm five years old and tell me in two minutes. 379 00:18:56,160 --> 00:18:58,480 Speaker 1: And it's like, I can't. I can't do that. It's 380 00:18:58,520 --> 00:19:01,199 Speaker 1: it's it's it's too big for that. Um. And so 381 00:19:01,240 --> 00:19:02,440 Speaker 1: what I can do is I can tell you little 382 00:19:02,440 --> 00:19:04,280 Speaker 1: things and over a long period of time, you know 383 00:19:04,280 --> 00:19:06,120 Speaker 1: they'll start adding up. And so today we're talking about 384 00:19:06,119 --> 00:19:10,680 Speaker 1: how bitcoin has solved the oldest problem that mankind has had. Uh, 385 00:19:10,720 --> 00:19:13,280 Speaker 1: We're gonna talk about uh, and and that is how 386 00:19:13,280 --> 00:19:16,520 Speaker 1: do I safely secure store my private property in a 387 00:19:16,520 --> 00:19:19,719 Speaker 1: way that can't be stolen? And so, um, bitcoin fixes 388 00:19:19,760 --> 00:19:24,360 Speaker 1: that all right? Now? Um what does that mean though? So? Uh, 389 00:19:24,400 --> 00:19:27,080 Speaker 1: instead of, like I said, having to build a wall 390 00:19:27,119 --> 00:19:29,600 Speaker 1: of for guards to go to guard my gold, now 391 00:19:29,640 --> 00:19:31,919 Speaker 1: I can store my bitcoin, all my wealth and bitcoin, 392 00:19:31,960 --> 00:19:34,600 Speaker 1: and I can cryptographic secure it, so I can keep 393 00:19:34,600 --> 00:19:39,399 Speaker 1: a cryptographic key cryptography hence the name cryptocurrency. UM. And 394 00:19:39,440 --> 00:19:41,720 Speaker 1: it costs me zero dollars, zero money to secure my 395 00:19:41,720 --> 00:19:43,480 Speaker 1: wealth in a way that nobody can take it, steal it, 396 00:19:43,520 --> 00:19:45,280 Speaker 1: sees it from me, and I can take it with 397 00:19:45,280 --> 00:19:47,800 Speaker 1: me anywhere I want. It's portable. As a matter of fact, 398 00:19:47,840 --> 00:19:51,760 Speaker 1: what I can do is my crypto, my crypto cryptography key. 399 00:19:51,840 --> 00:19:55,520 Speaker 1: The cryptographic key is a very long set of numbers 400 00:19:55,560 --> 00:19:58,120 Speaker 1: and letters. But what you can do is you can 401 00:19:58,200 --> 00:20:01,359 Speaker 1: back up your key and what's called seed phrase, and 402 00:20:01,400 --> 00:20:03,200 Speaker 1: I can back it up into twelve words, or I 403 00:20:03,200 --> 00:20:05,600 Speaker 1: could choose twenty four words whatever I want, UM, so 404 00:20:05,640 --> 00:20:07,520 Speaker 1: I could use it would be twelve random words. Would 405 00:20:07,520 --> 00:20:12,119 Speaker 1: be like hotel, carpet, dog, ocean bank, right, like twelve 406 00:20:12,200 --> 00:20:15,600 Speaker 1: random words, And I could as long as I know 407 00:20:15,720 --> 00:20:20,160 Speaker 1: those twelve words, I could go anywhere in the world. UM, 408 00:20:20,320 --> 00:20:23,399 Speaker 1: grab a wallet, some sort of a bitcoin wallet. I 409 00:20:23,400 --> 00:20:25,600 Speaker 1: could download any number of hundreds of them in the 410 00:20:25,600 --> 00:20:28,800 Speaker 1: app stores, UM, and I plug in those twelve words, 411 00:20:28,920 --> 00:20:32,119 Speaker 1: and I would have all my wealth. So if I 412 00:20:32,200 --> 00:20:35,680 Speaker 1: had to escape naked, uh, swimming in through the oceans 413 00:20:35,680 --> 00:20:38,239 Speaker 1: to another country, when I got there, as long as 414 00:20:38,240 --> 00:20:39,880 Speaker 1: I knew those twelve words in my head, I would 415 00:20:39,880 --> 00:20:42,120 Speaker 1: have all my wealth with me. That's that's how easy 416 00:20:42,160 --> 00:20:44,880 Speaker 1: it is. UM. Now how big. I want to tell 417 00:20:44,920 --> 00:20:46,479 Speaker 1: you the problems with that and why I've lost two 418 00:20:46,520 --> 00:20:48,399 Speaker 1: million dollars and what I'm doing to fix that today. 419 00:20:48,440 --> 00:20:51,479 Speaker 1: But before I do, I want to tell you just 420 00:20:51,600 --> 00:20:54,800 Speaker 1: why that's important. So when we change the intensive structures, 421 00:20:54,800 --> 00:20:56,679 Speaker 1: we change the outcome. And so when we get to 422 00:20:56,720 --> 00:20:59,480 Speaker 1: a system where your wealth can't just be stolen from you, 423 00:20:59,520 --> 00:21:01,919 Speaker 1: it changes incentives. And so you know, we're in a 424 00:21:01,960 --> 00:21:05,800 Speaker 1: system today that's incentivized by theft. And so if I'm 425 00:21:06,119 --> 00:21:08,879 Speaker 1: bigger or stronger than you, or more cunning than you, 426 00:21:09,640 --> 00:21:14,280 Speaker 1: um or I use uh the government um which is 427 00:21:14,440 --> 00:21:17,320 Speaker 1: a term called legal plunder, we can find ways to 428 00:21:17,480 --> 00:21:20,520 Speaker 1: steal your wealth, steal your value, still your your life, 429 00:21:20,600 --> 00:21:24,480 Speaker 1: your property. So the government does legal plunder. They come 430 00:21:24,560 --> 00:21:26,560 Speaker 1: up with all different ways they can, you know, freeze 431 00:21:26,560 --> 00:21:29,040 Speaker 1: your accounts and seize your accounts and taxes and regulations 432 00:21:29,080 --> 00:21:32,560 Speaker 1: and blah blah blah um and and so there's this 433 00:21:32,680 --> 00:21:35,680 Speaker 1: there's this incentive to steal wealth from people. And then 434 00:21:36,040 --> 00:21:37,840 Speaker 1: on the other side, if the people know their wealth 435 00:21:37,920 --> 00:21:39,680 Speaker 1: is going to be stolen, then they don't even bother 436 00:21:39,760 --> 00:21:43,960 Speaker 1: build up wealth. But imagine when that changes. Imagine if 437 00:21:44,000 --> 00:21:46,359 Speaker 1: that if that rules changed, and now I know that 438 00:21:46,400 --> 00:21:48,760 Speaker 1: nobody can come and steal my wealth from me, Well, 439 00:21:48,800 --> 00:21:52,480 Speaker 1: now I'm incentivized to build my wealth. I'm incentivized to 440 00:21:52,600 --> 00:21:54,600 Speaker 1: build value. And of course the way that you do 441 00:21:54,680 --> 00:21:58,960 Speaker 1: that is by providing goods and services to other people. 442 00:21:59,040 --> 00:22:02,840 Speaker 1: You do that by by serving people, by solving people's needs. 443 00:22:03,440 --> 00:22:06,360 Speaker 1: Um and so now I'm incentivized to go serve as 444 00:22:06,400 --> 00:22:09,359 Speaker 1: many people as possible so I can build up my 445 00:22:09,480 --> 00:22:12,000 Speaker 1: wealth and I'm sinivised do that because I know it 446 00:22:12,000 --> 00:22:15,320 Speaker 1: can't be stolen. That's a massive benefit for the world. 447 00:22:15,720 --> 00:22:19,400 Speaker 1: On the other side, the group that's usually um used 448 00:22:19,440 --> 00:22:24,040 Speaker 1: to the legal plunder or the the the theft. Maybe 449 00:22:24,040 --> 00:22:26,320 Speaker 1: that's a war lord over in the Congo, or even 450 00:22:26,400 --> 00:22:28,320 Speaker 1: could be the government United States that knows they could 451 00:22:28,320 --> 00:22:31,320 Speaker 1: just steal the money at your account. When they know 452 00:22:31,400 --> 00:22:34,440 Speaker 1: that they can no longer steal from you, then they're 453 00:22:34,440 --> 00:22:38,280 Speaker 1: incentivized now to go, shoot, well, I can't steal the 454 00:22:38,320 --> 00:22:42,960 Speaker 1: money anymore. So dang, I guess if I still want money, 455 00:22:43,119 --> 00:22:46,280 Speaker 1: I actually have to provide them a valuable good in 456 00:22:46,320 --> 00:22:52,440 Speaker 1: a service. Wow. You see how the power balance shifts, 457 00:22:52,440 --> 00:22:57,240 Speaker 1: how the incentive structure changes. I want. Before you had 458 00:22:57,240 --> 00:22:59,040 Speaker 1: people that just could steal whenever they want. On the 459 00:22:59,040 --> 00:23:01,359 Speaker 1: other side, people weren't sentivized to build value because they 460 00:23:01,400 --> 00:23:04,680 Speaker 1: know it could be stolen. Now we're in a system 461 00:23:04,720 --> 00:23:10,159 Speaker 1: where both sides realize and are incentivized to live in 462 00:23:10,160 --> 00:23:13,320 Speaker 1: a world where they can create value to other people. Wow, 463 00:23:13,800 --> 00:23:17,280 Speaker 1: how much better off will the world be? Now? I 464 00:23:17,320 --> 00:23:21,200 Speaker 1: don't know exactly what that means, but we have all 465 00:23:21,240 --> 00:23:25,160 Speaker 1: these people who are who are not contributing to society, 466 00:23:25,200 --> 00:23:29,040 Speaker 1: who are not learning how to solve people's problems and needs, 467 00:23:29,200 --> 00:23:31,639 Speaker 1: who are not adding value to the world because they 468 00:23:31,680 --> 00:23:34,200 Speaker 1: know that their wealth can be stolen any time. Um. 469 00:23:34,280 --> 00:23:35,600 Speaker 1: And then you have another group of people who are 470 00:23:35,600 --> 00:23:37,560 Speaker 1: still in the wealth and they're not providing any value either. 471 00:23:39,000 --> 00:23:44,240 Speaker 1: So imagine when the whole world is focused on solving problems, 472 00:23:44,560 --> 00:23:50,000 Speaker 1: serving other solving needs. Imagine how much progress will have. 473 00:23:50,320 --> 00:23:54,040 Speaker 1: It will be an explosion of ideas, an explosion of technology. 474 00:23:54,080 --> 00:23:56,760 Speaker 1: Is our world will get better, it will get easier, 475 00:23:56,800 --> 00:24:01,119 Speaker 1: will have more wealth. Imagine follow that path down for 476 00:24:01,200 --> 00:24:05,720 Speaker 1: ten years, thirty years, a hundred years of everybody focused 477 00:24:05,760 --> 00:24:11,040 Speaker 1: on solving problems and serving others. Imagine how much technology 478 00:24:11,080 --> 00:24:13,800 Speaker 1: I mean, imagine how diseases, all those things that can 479 00:24:13,840 --> 00:24:17,199 Speaker 1: be cured if everybody's focused on that instead of the 480 00:24:17,240 --> 00:24:20,120 Speaker 1: system we have today where half the people are focused 481 00:24:20,119 --> 00:24:23,680 Speaker 1: on stealing and the other half are not incentivized. Now, 482 00:24:23,760 --> 00:24:27,600 Speaker 1: don't get me wrong, there's this very very small group 483 00:24:27,640 --> 00:24:31,080 Speaker 1: of entrepreneurs who even though they know the odds, they're 484 00:24:31,080 --> 00:24:33,080 Speaker 1: still out there trying to solve problems and needs. And 485 00:24:33,119 --> 00:24:35,960 Speaker 1: of course those are the ones making money. Of course, 486 00:24:36,160 --> 00:24:38,600 Speaker 1: those are the ones that your government wants to demonize 487 00:24:38,800 --> 00:24:41,680 Speaker 1: or or villainize, saying that they're the greedy ones, are 488 00:24:41,680 --> 00:24:43,440 Speaker 1: the bad ones, because look at all the wealth they've created, 489 00:24:43,480 --> 00:24:45,240 Speaker 1: and so let's figure out a way to steal their 490 00:24:45,280 --> 00:24:48,600 Speaker 1: will too. Um. But I think you can easily see 491 00:24:48,640 --> 00:24:51,159 Speaker 1: how big of a shift that can make in the world. 492 00:24:51,520 --> 00:24:54,320 Speaker 1: And again I can't say every way that changes the world, 493 00:24:54,320 --> 00:24:58,080 Speaker 1: but I think hopefully you can understand just how explosive, 494 00:24:58,320 --> 00:25:01,720 Speaker 1: just how big that will be when you solve the 495 00:25:01,720 --> 00:25:03,399 Speaker 1: oldest problem that man kind of have. So that's what 496 00:25:03,440 --> 00:25:06,280 Speaker 1: bitcoin does. Now, there's lots of problems with this. As 497 00:25:06,320 --> 00:25:09,440 Speaker 1: I said, with great responsibility, or with great opportunity, comes 498 00:25:09,440 --> 00:25:12,560 Speaker 1: great responsibility. And so now I can store my wealth 499 00:25:12,600 --> 00:25:14,399 Speaker 1: in a way as I said, right that nobody can 500 00:25:14,400 --> 00:25:15,520 Speaker 1: steal it from me, and I can take it with 501 00:25:15,560 --> 00:25:17,320 Speaker 1: me any where I want. I can I can know 502 00:25:17,480 --> 00:25:22,160 Speaker 1: my twelve word backup phrase. But if I lose that, 503 00:25:22,760 --> 00:25:27,080 Speaker 1: if I forget that, I lose it all. See, So 504 00:25:27,160 --> 00:25:29,800 Speaker 1: now I have the benefit, but I also have to 505 00:25:29,800 --> 00:25:33,320 Speaker 1: be responsible. And there's a lot of ways that you 506 00:25:33,359 --> 00:25:35,960 Speaker 1: can lose your cryptocurrency, all right, there's a lot of 507 00:25:35,960 --> 00:25:38,200 Speaker 1: ways it can get stolen. Uh, there's a lot of 508 00:25:38,240 --> 00:25:42,000 Speaker 1: ways you can lose it, um, And I'm not going 509 00:25:42,040 --> 00:25:43,879 Speaker 1: to cover all the ways, but I will cover a 510 00:25:43,920 --> 00:25:46,680 Speaker 1: couple of ways because um, as I've been kind of 511 00:25:46,760 --> 00:25:50,359 Speaker 1: hinting to UM, I personally lost over two million dollars 512 00:25:50,400 --> 00:25:52,800 Speaker 1: worth of bitcoin. And and it's not all been in 513 00:25:52,840 --> 00:25:55,560 Speaker 1: one way, It's been in multiple ways. And unfortunately how 514 00:25:55,560 --> 00:25:59,000 Speaker 1: to learn my lesson a couple of different ways. And 515 00:25:59,040 --> 00:26:00,440 Speaker 1: I don't want you to lose two million dollars. I 516 00:26:00,480 --> 00:26:02,119 Speaker 1: don't want you to lose to one dollar, UM like 517 00:26:02,200 --> 00:26:04,920 Speaker 1: I have. And so I'm gonna break down those ways 518 00:26:04,920 --> 00:26:08,000 Speaker 1: that I've lost my my value. UM, so you don't 519 00:26:08,320 --> 00:26:09,680 Speaker 1: make those same mistakes, then I would tell you what 520 00:26:09,680 --> 00:26:12,000 Speaker 1: I've done to fix them. So, UM, the first thing 521 00:26:12,160 --> 00:26:13,800 Speaker 1: is that, UM, there's a couple of ways that you 522 00:26:13,840 --> 00:26:18,400 Speaker 1: can store your store your bitcoin keys. Now, UM, first off, 523 00:26:18,440 --> 00:26:21,640 Speaker 1: you don't ever download your cryptocurrency, so you don't ever 524 00:26:21,720 --> 00:26:25,320 Speaker 1: actually take possession of coins. You don't download them into 525 00:26:25,359 --> 00:26:27,520 Speaker 1: your phone like so there's you can download any number 526 00:26:27,520 --> 00:26:29,560 Speaker 1: of apps that are that are called a wallet, like 527 00:26:29,600 --> 00:26:34,359 Speaker 1: a crypto wallet. You don't actually download your coins. Um, 528 00:26:34,400 --> 00:26:37,840 Speaker 1: what your wallet holds is a key. So think about 529 00:26:37,880 --> 00:26:41,640 Speaker 1: it like this giant digital locker system. So, um, back 530 00:26:41,680 --> 00:26:43,320 Speaker 1: in the old days of your old enough to remember, 531 00:26:43,960 --> 00:26:46,000 Speaker 1: or even let's say at your school. Um, you have 532 00:26:46,040 --> 00:26:49,320 Speaker 1: a locker system, right, and so your lockers C. Nineteen 533 00:26:49,840 --> 00:26:52,240 Speaker 1: and I could say, hey, go to my locker C. 534 00:26:52,480 --> 00:26:55,240 Speaker 1: Nineteen and put this envelope, put a check into it, whatever, 535 00:26:55,640 --> 00:26:58,000 Speaker 1: and anybody can go to my public address c. Nineteen 536 00:26:58,040 --> 00:27:01,480 Speaker 1: and put put money in. But on the I have 537 00:27:01,880 --> 00:27:05,000 Speaker 1: the combination the code or the key to actually open 538 00:27:05,040 --> 00:27:08,119 Speaker 1: the locker. So that's how cryptocurrency is. It's like this 539 00:27:08,240 --> 00:27:12,320 Speaker 1: digital locker system. Um, I never download keys, I'm sorry. Coins. 540 00:27:12,640 --> 00:27:14,359 Speaker 1: What I do is I have a public address and 541 00:27:14,400 --> 00:27:17,680 Speaker 1: a private key, and anybody can have my public address, 542 00:27:17,720 --> 00:27:20,040 Speaker 1: and I could say, hey, give me cryptocurrency, here's my 543 00:27:20,040 --> 00:27:23,240 Speaker 1: public address, and they would put money into my public address. 544 00:27:23,280 --> 00:27:26,160 Speaker 1: But I have the key, which then I can open 545 00:27:26,200 --> 00:27:29,119 Speaker 1: that um that locker and then transfer that money to 546 00:27:29,119 --> 00:27:32,160 Speaker 1: somewhere else. And so all I ever do is secure 547 00:27:32,240 --> 00:27:34,960 Speaker 1: my key. The app I download on my phone, it 548 00:27:35,080 --> 00:27:39,040 Speaker 1: holds my key um and so that's I just wanted 549 00:27:39,040 --> 00:27:41,240 Speaker 1: to kind of set the stage for that. By the way, 550 00:27:41,280 --> 00:27:43,560 Speaker 1: you're listening to the Mark Moas Show. We're talking about bitcoin, 551 00:27:43,600 --> 00:27:46,199 Speaker 1: We're talking about cryptocurrencies. We're talking about the decentralized revolution. 552 00:27:46,200 --> 00:27:48,320 Speaker 1: How's the biggest opportunity you'll ever have in your lifetime? 553 00:27:48,720 --> 00:27:51,800 Speaker 1: And I'm specifically talking about how we fixed the oldest 554 00:27:51,800 --> 00:27:53,720 Speaker 1: problem in humanity, which is that I can store my 555 00:27:53,760 --> 00:27:55,399 Speaker 1: wealth in a way that no one else can steal 556 00:27:55,440 --> 00:27:58,960 Speaker 1: from me. But there's risks. I've personally lost over two 557 00:27:58,960 --> 00:28:01,760 Speaker 1: million dollars a bitcoin because I didn't get these things right, 558 00:28:01,960 --> 00:28:03,479 Speaker 1: and I want to tell you how you cannot make 559 00:28:03,520 --> 00:28:06,240 Speaker 1: the same mistakes. I'll be right back, all right, Welcome back. 560 00:28:06,240 --> 00:28:08,359 Speaker 1: You're listening to the Mark Moa Show. We're talking about bitcoin, 561 00:28:08,400 --> 00:28:11,800 Speaker 1: cryptocurrencies and the decentralized Revolution and us. I've been talking 562 00:28:11,800 --> 00:28:15,600 Speaker 1: about how we've Bitcoin has solved cryptocurrencies as sold the 563 00:28:15,600 --> 00:28:17,240 Speaker 1: oldest problem that man kind has added, which is that 564 00:28:17,280 --> 00:28:19,199 Speaker 1: I can store my wealth in a way that cannot 565 00:28:19,200 --> 00:28:21,720 Speaker 1: be taken away from me when it costs no money 566 00:28:21,840 --> 00:28:23,560 Speaker 1: or security, and I can take it with me any 567 00:28:23,600 --> 00:28:25,720 Speaker 1: where I want, and I can do that by UM 568 00:28:25,760 --> 00:28:29,000 Speaker 1: securing my private key. All Right, if you've missed this, 569 00:28:29,640 --> 00:28:31,520 Speaker 1: go back and find the podcast later because you don't 570 00:28:31,520 --> 00:28:33,080 Speaker 1: want to miss what I've already said, but I'm not 571 00:28:33,119 --> 00:28:34,879 Speaker 1: gonna repeat it. So I all I have is my 572 00:28:34,920 --> 00:28:39,960 Speaker 1: private key, and UM, if I choose to leave my 573 00:28:40,240 --> 00:28:43,840 Speaker 1: UM cryptocurrency on an exchange like coin base or cracking 574 00:28:43,920 --> 00:28:46,840 Speaker 1: or Jimini or whatever, then they hold my private key. 575 00:28:46,960 --> 00:28:48,640 Speaker 1: So I don't I don't have a key, they hold 576 00:28:48,680 --> 00:28:51,240 Speaker 1: it for me UM. Or I can store it in 577 00:28:51,320 --> 00:28:54,280 Speaker 1: my own on my own app on my phone or 578 00:28:54,320 --> 00:28:58,200 Speaker 1: a hardware wallet, and then I have my key. So 579 00:28:58,280 --> 00:28:59,600 Speaker 1: if I have my key, I don't have to worry 580 00:28:59,640 --> 00:29:02,680 Speaker 1: about outer party risk. So if I keep it on exchange, 581 00:29:02,760 --> 00:29:05,520 Speaker 1: then UM, they keep my key safe, but then there's 582 00:29:05,640 --> 00:29:08,040 Speaker 1: risk there. Um. If I keep my key, then I 583 00:29:08,040 --> 00:29:10,280 Speaker 1: don't have to worry about the risk from them counterparty risk. 584 00:29:10,320 --> 00:29:13,200 Speaker 1: But now I have to keep myself safe myself. So UM, 585 00:29:13,240 --> 00:29:14,920 Speaker 1: I've lost over two million dollars in bitcoin. Let me 586 00:29:14,920 --> 00:29:17,360 Speaker 1: explain to you what happened. So the first time I 587 00:29:17,440 --> 00:29:19,800 Speaker 1: was using a phone an app on my phone, on 588 00:29:19,840 --> 00:29:23,280 Speaker 1: an Android phone, I was using the jacks Wallet and UM. 589 00:29:23,320 --> 00:29:26,160 Speaker 1: I was in Mexico on vacation and UM I needed 590 00:29:26,200 --> 00:29:29,920 Speaker 1: to send a big transaction for some some bitcoin mining equipment, 591 00:29:30,600 --> 00:29:32,760 Speaker 1: and UM I could only get off a limited amount 592 00:29:32,800 --> 00:29:35,000 Speaker 1: of money off the exchange per day, and so what 593 00:29:35,040 --> 00:29:36,520 Speaker 1: I was doing is every day I would log in 594 00:29:36,800 --> 00:29:38,880 Speaker 1: UM pull off the maximum out I can get off 595 00:29:39,200 --> 00:29:41,480 Speaker 1: off that exchange for per day, and then once I 596 00:29:41,480 --> 00:29:42,920 Speaker 1: had enough money in there, I could send it in 597 00:29:43,040 --> 00:29:46,520 Speaker 1: one transaction to get the mining equipment I needed. And 598 00:29:46,560 --> 00:29:48,600 Speaker 1: I was pulling off every day, every day, every day. 599 00:29:48,600 --> 00:29:53,360 Speaker 1: This was I think June of and UH. I was 600 00:29:53,400 --> 00:29:55,800 Speaker 1: pulling off every day while at this vacation rental the 601 00:29:55,840 --> 00:29:58,080 Speaker 1: super nice house on the beach and using their WiFi. 602 00:29:58,720 --> 00:30:00,440 Speaker 1: And after like two or three days of this, I 603 00:30:00,520 --> 00:30:02,920 Speaker 1: logged into the app and it was empty. It was 604 00:30:02,960 --> 00:30:06,160 Speaker 1: all gone. Now a little bit about me. I started 605 00:30:06,200 --> 00:30:08,360 Speaker 1: an internet business in two thousand one at the bottom 606 00:30:08,360 --> 00:30:11,400 Speaker 1: of the dot com crash. UM I built that business up. 607 00:30:11,440 --> 00:30:14,040 Speaker 1: I have a fortune in technology. I've been on the 608 00:30:14,040 --> 00:30:17,320 Speaker 1: internet ever since my op seck. My security is above 609 00:30:17,520 --> 00:30:20,200 Speaker 1: par UM. My opposite is better than anybody else's, well 610 00:30:20,320 --> 00:30:23,600 Speaker 1: better than the majorities. And so if I can lose it. 611 00:30:23,680 --> 00:30:25,360 Speaker 1: You can lose it. Let me just say that. UM. 612 00:30:25,360 --> 00:30:27,720 Speaker 1: So anyway, it was gone and there's just no recourse. 613 00:30:27,800 --> 00:30:29,600 Speaker 1: It's just empty. Now. At the time, it was about 614 00:30:29,640 --> 00:30:31,600 Speaker 1: forty thou dollars. Now, when I say I've lost two 615 00:30:31,640 --> 00:30:34,560 Speaker 1: million dollars in bitcoins, that's at today's valuation. So at 616 00:30:34,560 --> 00:30:37,400 Speaker 1: the time, it was about forty thousand dollars at the time. 617 00:30:37,440 --> 00:30:40,040 Speaker 1: But that was in in June of seventeen, when bitcoin 618 00:30:40,160 --> 00:30:42,960 Speaker 1: was like two thousand dollars day at sixty six sixty whatever, 619 00:30:43,000 --> 00:30:46,719 Speaker 1: six over sixty UM, And so I am, I am 620 00:30:46,760 --> 00:30:49,280 Speaker 1: a little bit hype hyped up. When I say I've 621 00:30:49,320 --> 00:30:51,520 Speaker 1: lost two million in today's dollars, it's two million. So 622 00:30:51,520 --> 00:30:54,320 Speaker 1: I lost about forty thousand dollars at that time, UM 623 00:30:54,480 --> 00:30:57,120 Speaker 1: using an app. And UH, I still to this day 624 00:30:57,120 --> 00:30:59,920 Speaker 1: don't don't know what happened. Of course, I've contacted the company, 625 00:31:00,200 --> 00:31:02,720 Speaker 1: We did all the research and investigation that no one 626 00:31:02,760 --> 00:31:05,680 Speaker 1: can find out. Somehow, maybe the WiFi in the house 627 00:31:05,800 --> 00:31:08,240 Speaker 1: had a bug, or somehow some sort of a virus 628 00:31:08,280 --> 00:31:10,880 Speaker 1: got on my phone. Maybe they maybe internally they stole 629 00:31:10,920 --> 00:31:13,680 Speaker 1: it from me. I don't know. But what I do 630 00:31:13,800 --> 00:31:17,000 Speaker 1: know is that UM I don't ever trust those types 631 00:31:17,040 --> 00:31:19,880 Speaker 1: of UM hot that's called a hot wallet, and because 632 00:31:19,880 --> 00:31:23,240 Speaker 1: it's always connected to the web, so anything could happen 633 00:31:23,320 --> 00:31:24,960 Speaker 1: and someone could get into my keys and they could 634 00:31:24,960 --> 00:31:26,520 Speaker 1: empty my account, so I don't I don't use that. 635 00:31:26,600 --> 00:31:28,600 Speaker 1: I look at that as like a of my wallet. 636 00:31:29,040 --> 00:31:30,400 Speaker 1: I I go to the A t M, I pull 637 00:31:30,440 --> 00:31:31,680 Speaker 1: out a little bit of cash that I want to 638 00:31:31,680 --> 00:31:33,240 Speaker 1: walk around town with. I put that in my wallet. 639 00:31:33,280 --> 00:31:35,040 Speaker 1: If I lose my wallet something of the day, I 640 00:31:35,080 --> 00:31:36,840 Speaker 1: lost whatever money I pulled out, but I didn't lose 641 00:31:36,840 --> 00:31:39,240 Speaker 1: my whole bank account. So if I use those types 642 00:31:39,240 --> 00:31:41,200 Speaker 1: of apps today, I'll put a little bit of money 643 00:31:41,480 --> 00:31:43,400 Speaker 1: in that I don't mind losing, but I'm not putting 644 00:31:43,400 --> 00:31:45,000 Speaker 1: my life savings in. So that was that was the 645 00:31:45,040 --> 00:31:49,360 Speaker 1: one mistake. UM I'm not gonna go through all the 646 00:31:49,400 --> 00:31:51,760 Speaker 1: ways I've lost money, because I've lost bitcoin other ways 647 00:31:51,800 --> 00:31:54,440 Speaker 1: as well, but the but the one that really got me, 648 00:31:54,480 --> 00:31:55,920 Speaker 1: and this is the one you need to be aware of, 649 00:31:56,520 --> 00:31:59,320 Speaker 1: is when you keep money on the exchange, you're trusting 650 00:31:59,440 --> 00:32:03,840 Speaker 1: them to securely story your key, but it creates counterparty 651 00:32:03,920 --> 00:32:06,120 Speaker 1: risk and there's any number of reasons why they may 652 00:32:06,160 --> 00:32:09,080 Speaker 1: not give that back to me. Maybe the government freezes 653 00:32:09,120 --> 00:32:12,360 Speaker 1: their accounts and says don't give them withdraws. Maybe they 654 00:32:12,400 --> 00:32:15,360 Speaker 1: go bankrupt, maybe they get hacked, any number of ways. 655 00:32:16,000 --> 00:32:18,720 Speaker 1: And um, I was using one of the one of 656 00:32:18,800 --> 00:32:23,360 Speaker 1: the top um um cryptocurrency exchanges in the United States. 657 00:32:24,000 --> 00:32:25,840 Speaker 1: I'm not gonna say their name because I'm actively in 658 00:32:25,880 --> 00:32:28,240 Speaker 1: a lawsuit with them right now, which depends on how 659 00:32:28,240 --> 00:32:30,200 Speaker 1: the lawsuit works out, you'll be hearing more about it. 660 00:32:30,280 --> 00:32:34,200 Speaker 1: But um, I was. I put some money in my 661 00:32:34,880 --> 00:32:37,440 Speaker 1: crypto exchange is one of the top exchanges in the country. 662 00:32:37,640 --> 00:32:40,520 Speaker 1: I've been using them for years. I logged in I 663 00:32:40,600 --> 00:32:45,200 Speaker 1: think one or two days later, and it was gone, 664 00:32:46,280 --> 00:32:52,640 Speaker 1: Like I think it was about twenty about bitcoin gone. 665 00:32:54,120 --> 00:32:56,040 Speaker 1: It's a lot, a lot of money. At the time, 666 00:32:56,040 --> 00:32:58,840 Speaker 1: it was about a quarter million dollars today's the about 667 00:32:58,880 --> 00:33:02,200 Speaker 1: a million a half dollars was gone. And I'm like, 668 00:33:02,320 --> 00:33:04,600 Speaker 1: what the heck is this. I send them an email 669 00:33:04,640 --> 00:33:06,440 Speaker 1: and like, hey, we what what's going on is my 670 00:33:06,440 --> 00:33:07,840 Speaker 1: account of d And then they send me like this 671 00:33:07,920 --> 00:33:11,280 Speaker 1: canned response back, we don't see anything problem. I'm like, whoa, whoa, whoa, whoa, whoa. 672 00:33:11,320 --> 00:33:14,320 Speaker 1: That's that's not that's not cutting it for me, Uh, nope, 673 00:33:14,360 --> 00:33:17,720 Speaker 1: nothing wrong. Um lucky you know, not luckily, but I mean, 674 00:33:17,840 --> 00:33:19,200 Speaker 1: you know, I'm I've been in the space for a 675 00:33:19,200 --> 00:33:20,560 Speaker 1: long time. You know a lot of people. I got 676 00:33:20,560 --> 00:33:26,480 Speaker 1: the owner involved of the exchange and UM needles to say. UM, 677 00:33:26,520 --> 00:33:29,640 Speaker 1: I'm saying that they did wrong doing and for whatever reason, 678 00:33:29,640 --> 00:33:31,960 Speaker 1: my account got zeroed out. And that's just that's just gone. 679 00:33:32,000 --> 00:33:34,320 Speaker 1: And that's a risk that you have when you don't 680 00:33:34,360 --> 00:33:37,560 Speaker 1: have your key. They had my key. So now we're 681 00:33:37,560 --> 00:33:39,719 Speaker 1: fighting over. Like I said, we're going to court. Actually 682 00:33:39,720 --> 00:33:43,120 Speaker 1: I think in two weeks. Um. And so if you 683 00:33:43,520 --> 00:33:46,120 Speaker 1: use a hot wallet like I did, there's a risk 684 00:33:47,040 --> 00:33:51,080 Speaker 1: someone could because someone could compromise that. Um. If if 685 00:33:51,080 --> 00:33:54,520 Speaker 1: you keep it on exchange, there's a risk I lost 686 00:33:54,600 --> 00:33:56,960 Speaker 1: both on those and so what I'm doing today to 687 00:33:57,040 --> 00:34:00,920 Speaker 1: solve this is different. So UM, what you could do 688 00:34:00,960 --> 00:34:03,960 Speaker 1: instead is use something called a hardware wallet. It's also 689 00:34:04,040 --> 00:34:06,320 Speaker 1: called cold storage. So you could use like a treads 690 00:34:06,400 --> 00:34:09,239 Speaker 1: or or like a Ledger or a cold card. Those 691 00:34:09,239 --> 00:34:11,120 Speaker 1: are like three different types of wallets. You can look 692 00:34:11,200 --> 00:34:13,560 Speaker 1: them up by them and it's like a little USB 693 00:34:13,680 --> 00:34:17,279 Speaker 1: device and that USB device holds your key and what 694 00:34:17,400 --> 00:34:19,880 Speaker 1: happens is it's cold storage. Mean, it's not connected to 695 00:34:19,920 --> 00:34:22,440 Speaker 1: the internet. If I want to do a transaction on 696 00:34:22,480 --> 00:34:26,120 Speaker 1: my computer, I'll plug it in, it'll sign the transaction, 697 00:34:26,200 --> 00:34:29,359 Speaker 1: and then I unplug it. So it's no my key 698 00:34:29,840 --> 00:34:32,879 Speaker 1: never gets onto the internet. And so I've been using 699 00:34:32,920 --> 00:34:35,960 Speaker 1: hardware wallets for a number of years, but I'm still scared, 700 00:34:36,320 --> 00:34:39,040 Speaker 1: Like I've allowed all this money, I'm scared of what 701 00:34:39,080 --> 00:34:42,560 Speaker 1: happens with my cryptocurry, my cryptocurrency and z and different 702 00:34:42,600 --> 00:34:46,680 Speaker 1: hardware wallets. Because I'm compartmentally. Something happens to one, I 703 00:34:46,719 --> 00:34:49,080 Speaker 1: don't want to lose it all right, um, And so 704 00:34:49,120 --> 00:34:52,800 Speaker 1: I've been splitting it up. But then like what if um, 705 00:34:52,840 --> 00:34:54,440 Speaker 1: And I'm not saying this is the case, but what 706 00:34:54,520 --> 00:34:56,919 Speaker 1: if one of those hardware wallet manufacturers like Ledger, treads 707 00:34:57,000 --> 00:34:59,319 Speaker 1: or whatever. Let's say that one of the developers was 708 00:34:59,680 --> 00:35:02,319 Speaker 1: went went rogue and put a backdoor in and he's 709 00:35:02,360 --> 00:35:05,160 Speaker 1: gonna wait five years until Krypto was worth all this money, 710 00:35:05,160 --> 00:35:06,759 Speaker 1: and he's gonna rug pull me and he's gonna pull 711 00:35:06,800 --> 00:35:09,400 Speaker 1: all the money out. That could happen. I mean, I 712 00:35:09,400 --> 00:35:11,000 Speaker 1: don't know, I'm not a code or I don't know 713 00:35:11,080 --> 00:35:14,759 Speaker 1: what maybe could have happened. Right, And so that's a 714 00:35:14,880 --> 00:35:18,279 Speaker 1: risk and I'm just not super comfortable taking that risk, right, 715 00:35:18,840 --> 00:35:21,600 Speaker 1: And so what I'm doing today is I'm doing something 716 00:35:21,719 --> 00:35:26,680 Speaker 1: called multi sig multi signature. So if you've watched a movie, um, 717 00:35:26,719 --> 00:35:29,840 Speaker 1: basically it's like to launch the nukes, you have to 718 00:35:29,840 --> 00:35:31,799 Speaker 1: put two keys in and the keys have to be 719 00:35:31,840 --> 00:35:34,320 Speaker 1: turned at the same time. Right, that's a multi sig 720 00:35:34,360 --> 00:35:37,160 Speaker 1: set up. And so I'm working with a company called 721 00:35:37,360 --> 00:35:41,120 Speaker 1: Unchained Capital, and they have a concierge service. They can 722 00:35:41,160 --> 00:35:43,239 Speaker 1: help you out with this. You can do it yourself, 723 00:35:43,600 --> 00:35:46,239 Speaker 1: but I'm afraid to make the mistake because like I 724 00:35:46,239 --> 00:35:48,200 Speaker 1: don't want to make a mistake with my wealth. And 725 00:35:48,239 --> 00:35:50,200 Speaker 1: so they have a concierge service and you can just 726 00:35:50,280 --> 00:35:53,400 Speaker 1: go to Unchained Cap their website and and uh, basically 727 00:35:53,719 --> 00:35:55,319 Speaker 1: they can walk you through and you and you set 728 00:35:55,360 --> 00:35:57,400 Speaker 1: up three keys. You can do two of three or 729 00:35:57,440 --> 00:35:59,879 Speaker 1: three of five. And so now I have three key 730 00:36:00,440 --> 00:36:03,239 Speaker 1: from three different manufacturers. And so if one of them 731 00:36:03,280 --> 00:36:05,960 Speaker 1: has something malicious, it doesn't matter. And so now in 732 00:36:06,040 --> 00:36:08,439 Speaker 1: order for me to send my bitcoin, I need two 733 00:36:08,480 --> 00:36:11,000 Speaker 1: of my keys to sign the transaction. So I have 734 00:36:11,120 --> 00:36:14,160 Speaker 1: three keys from three manufacturers. I keep one at my 735 00:36:14,200 --> 00:36:17,120 Speaker 1: house in California, one at my house in Puerto Rico, 736 00:36:17,239 --> 00:36:19,279 Speaker 1: and then they keep a key for me, and so 737 00:36:19,320 --> 00:36:21,799 Speaker 1: that way my keys are never together. If somebody broke 738 00:36:21,840 --> 00:36:23,840 Speaker 1: into my house, they couldn't get all three of my keys. 739 00:36:24,280 --> 00:36:27,800 Speaker 1: And this is the most sure way to secure your wealth. 740 00:36:28,520 --> 00:36:31,600 Speaker 1: It's what I'm doing now. It's, unfortunately, was the tough lesson. 741 00:36:31,600 --> 00:36:34,800 Speaker 1: Hopefully you'll learn from my mistakes and not from your own. 742 00:36:35,120 --> 00:36:37,000 Speaker 1: By the way, you're listening to the Mark Moss Show, 743 00:36:37,200 --> 00:36:40,799 Speaker 1: I'm bringing you the latest information on bitcoin, cryptocurrencies and 744 00:36:40,920 --> 00:36:44,839 Speaker 1: the decentralized revolution. This is literally the biggest opportunity you'll 745 00:36:44,880 --> 00:36:46,520 Speaker 1: ever have in your life, and I want you to 746 00:36:46,680 --> 00:36:49,440 Speaker 1: take advantage of it. And I don't want you to 747 00:36:49,480 --> 00:36:52,759 Speaker 1: make the same mistakes like I've had, because while that's 748 00:36:52,800 --> 00:36:56,160 Speaker 1: about two million dollars in today's bitcoin dollars, and ten 749 00:36:56,239 --> 00:36:59,480 Speaker 1: years from now it could be million dollars, it could 750 00:36:59,480 --> 00:37:03,279 Speaker 1: be two d million dollars. Don't make those mistakes. Um, 751 00:37:03,440 --> 00:37:06,480 Speaker 1: don't miss out on this opportunity. Pull out your phone, 752 00:37:06,719 --> 00:37:10,000 Speaker 1: put down a calendar reminder to join me on this 753 00:37:10,080 --> 00:37:13,200 Speaker 1: channel at this time each and every week. There's a 754 00:37:13,200 --> 00:37:15,200 Speaker 1: deep subject. As I said, right, you gotta know six 755 00:37:15,280 --> 00:37:18,360 Speaker 1: or eight different disciplines. I can't explain it to like 756 00:37:18,520 --> 00:37:21,759 Speaker 1: your five and two minutes. You need to tune in, 757 00:37:21,800 --> 00:37:24,200 Speaker 1: you need to get the information if if you want 758 00:37:24,200 --> 00:37:26,200 Speaker 1: to benefit from this. Now you can choose to ignore it, 759 00:37:26,200 --> 00:37:28,719 Speaker 1: and that's okay. As I said earlier, everyone's going to 760 00:37:28,760 --> 00:37:32,120 Speaker 1: buy a bitcoin at the price they deserve, and so 761 00:37:32,200 --> 00:37:34,200 Speaker 1: you can either deserve it now you can put the 762 00:37:34,200 --> 00:37:36,759 Speaker 1: work in, or you can buy it later at a 763 00:37:36,800 --> 00:37:38,680 Speaker 1: higher price when everyone else does you listen to the 764 00:37:38,719 --> 00:37:40,000 Speaker 1: Mark Moas Show. Thanks for joining me.