WEBVTT - The Mark Moss Show Nov 10, 2021

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<v Speaker 1>All right, you are listening to the Mark Mo Show.

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<v Speaker 1>Thank you, thank you, thank you for joining me. I

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<v Speaker 1>am bringing you the latest information, the latest news, what

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<v Speaker 1>you need to know on Bitcoin, on cryptocurrencies, on the

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<v Speaker 1>decentralized revolution. Thanks for joining me. This is it's a

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<v Speaker 1>big deal. It's a very very big deal, something that

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<v Speaker 1>you need to know about. It's something that can change

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<v Speaker 1>your life if you understand it correctly, which is why

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<v Speaker 1>I bring this to you each and every week. So

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<v Speaker 1>make sure to set a calendar reminder to join me

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<v Speaker 1>on this channel at this time each and every week.

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<v Speaker 1>I guarantee it is going to be worth your while. Now,

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<v Speaker 1>you know, Bitcoin, cryptocurrencies, decentralized technologies is literally changing the

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<v Speaker 1>world for so many reasons. And uh, you know, I

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<v Speaker 1>talked to a lot of people. You know, I've been

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<v Speaker 1>teaching on it specifically for about six years now, written

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<v Speaker 1>over a thousand pages of research on it, and um,

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<v Speaker 1>you know a lot of my friends, especially now you

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<v Speaker 1>know friends and I haven't even talked to in a

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<v Speaker 1>long time, They're coming out of the woodwork and hit

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<v Speaker 1>me up. And um, you know, one time, a lot

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<v Speaker 1>of times I get asked a question which is um,

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<v Speaker 1>Mark can you explain it to me like I'm five

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<v Speaker 1>and in two minutes And the answer is no, No,

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<v Speaker 1>I can't. I can't. And if all you're going to

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<v Speaker 1>dedicate to it is about a five year old's brain

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<v Speaker 1>power and in two minutes, uh, then we have a

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<v Speaker 1>sayance in g M. I you're never gonna make it,

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<v Speaker 1>just not gonna make it. Um. So I can't explain

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<v Speaker 1>it to you like you're five in two minutes, it's

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<v Speaker 1>just not gonna happen. Um. To understand how big this is, well,

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<v Speaker 1>first of all, you need to really have about seven

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<v Speaker 1>or eight different disciplines and different topics. You need to

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<v Speaker 1>understand technology, you need to understand history. You know, understand

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<v Speaker 1>the monetary system. You don't understand philosophy. I mean, there's

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<v Speaker 1>so many different things you have to understand because there's

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<v Speaker 1>so many different angles. I mean, it's it's that big.

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<v Speaker 1>Where's literally going to change every air of our life.

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<v Speaker 1>And so I can't explain it to you like you're

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<v Speaker 1>five and in two minutes, not not in a meaningful way.

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<v Speaker 1>But if you tune in with me each and every week,

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<v Speaker 1>you're gonna learn all these different things. Now, today I

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<v Speaker 1>want to talk about one area specifically, UM that is

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<v Speaker 1>revolutionary and UM not only is it revolutionary that it's

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<v Speaker 1>going to change humanity, it's that big. It literally solves

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<v Speaker 1>the oldest problem in humanity. UM. So I'm gonna tell

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<v Speaker 1>you what that problem is, how it solves that, where

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<v Speaker 1>that can go in the future. But also, UM, it's

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<v Speaker 1>a big problem. It's also a big problem at the

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<v Speaker 1>same time. And as a matter of fact, it's a

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<v Speaker 1>big problem that I've had personally had a lot of

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<v Speaker 1>problems with UM and trust me, you do not want

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<v Speaker 1>to have the same problems that I've had. And so

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<v Speaker 1>what am I talking about, Well, I'm talking about the

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<v Speaker 1>ability for us to self custody, to take ownership, to

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<v Speaker 1>take custody of our own current cryptocurrency. But with great response,

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<v Speaker 1>with great freedom comes great responsibility. And so that you

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<v Speaker 1>have the ability to do that, to take custody of that,

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<v Speaker 1>but now you're responsible for taking care of it, and

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<v Speaker 1>if you don't do it right, it can be lost

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<v Speaker 1>or stolen or something like that. Now, I personally have

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<v Speaker 1>lost over two million dollars in bitcoin. Give me a

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<v Speaker 1>second while I'm just sad about that for a second,

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<v Speaker 1>let me grab it. Tisue I'm already crying thinking about it.

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<v Speaker 1>I'm gonna tell you what happened, because you don't want

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<v Speaker 1>to lose two million dollars a bitcoin. I can guarantee you.

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<v Speaker 1>I share a text. Didn't want to, but unfortunately I did,

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<v Speaker 1>and I've I've learned a bunch of things, and I

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<v Speaker 1>want you to learn the lessons that I've learned, but

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<v Speaker 1>not the hard way like I've had to. I want

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<v Speaker 1>you to learn from my experience without you having to

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<v Speaker 1>lose your own money. So I'm gonna explain that to you,

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<v Speaker 1>and I'm gonna explain to you what I have personally

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<v Speaker 1>done to make sure that I don't have those problems anymore, because,

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<v Speaker 1>like I said, learned from my mistakes. Now I get it.

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<v Speaker 1>There's a saying that I like to say over and

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<v Speaker 1>over and over again. If you listen to me each

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<v Speaker 1>every week, you'll probably hear me say it over and over.

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<v Speaker 1>But the saying is that some lessons in life can't

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<v Speaker 1>be taught, they can only be learned. But I don't

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<v Speaker 1>think this is one of them. I don't think this

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<v Speaker 1>one can only be learned. I hope not. I hope

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<v Speaker 1>it can be taught to you, so you don't have

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<v Speaker 1>to learn the hard way. You don't want to lose

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<v Speaker 1>any money in bitcoin, especially two million dollars like I did.

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<v Speaker 1>So before we get into that. Um, basically, what am

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<v Speaker 1>I talking about here? So bitcoin? By the way, you're

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<v Speaker 1>listening to the Mark Moa show talking about bitcoin, cryptocurrencies

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<v Speaker 1>and decentralized revolution. Um. And like I said, there's so

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<v Speaker 1>many different areas that you can get into it. But UM,

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<v Speaker 1>let's think about this. And when I say it's a

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<v Speaker 1>technological revolution, I don't mean the new technology like an iPhone.

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<v Speaker 1>I mean a technological revolution that would change the way

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<v Speaker 1>the world works. It fixes problems that are that big.

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<v Speaker 1>So UM, if I were to guess, and I talked

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<v Speaker 1>about this a lot, um, I would say probably the

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<v Speaker 1>oldest problem in the world, or at least one of

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<v Speaker 1>the top few oldest problems in the world. The oldest

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<v Speaker 1>problem that humanity has had is how do I store

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<v Speaker 1>my personal property in a way that can't be stolen?

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<v Speaker 1>So let me set this up a little bit. I'm

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<v Speaker 1>gonna go philosophical for it with for for you for

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<v Speaker 1>a second. I'm gonna I'm not gonna go deep. I'm

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<v Speaker 1>gonna set the stage so at the end of the day,

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<v Speaker 1>everything boils down to me as an individual. I've been born. Um.

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<v Speaker 1>I believe that I was given in aalegal rights by

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<v Speaker 1>a creator. Um. And I have the enable rights to life,

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<v Speaker 1>liberty in the pursuit of freedom and happiness. Those rights

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<v Speaker 1>are not given to me by a government. I'm born

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<v Speaker 1>with those rights, all right. Now. I have my person,

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<v Speaker 1>my body, and I eat food that's calories, and those

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<v Speaker 1>calories are burned as energy in my system, and then

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<v Speaker 1>I can expend that energy to say, dig a whole,

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<v Speaker 1>and if I dig a hole for four hours a day,

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<v Speaker 1>I could earn enough to give me supplies or actually

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<v Speaker 1>I'm gonna start even a low, a little lower down.

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<v Speaker 1>So um, let's say that I had this, uh, this

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<v Speaker 1>rare condition where I couldn't store fat on my body.

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<v Speaker 1>And so if I can't store fat on my body,

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<v Speaker 1>that I'm forced to just eat constantly twenty four hours

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<v Speaker 1>day after eat because I can't store fat. If I

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<v Speaker 1>store fat, it's like my battery, right. Fat is my

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<v Speaker 1>energy source that I store and then when I'm not eating,

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<v Speaker 1>my body can tap into that. Batteries tap into the

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<v Speaker 1>energy source. Right. Um, So as long as I can

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<v Speaker 1>store fat. Um, then I have that battery. Well, um,

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<v Speaker 1>if I expend that energy digging a hole, I'm burning

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<v Speaker 1>into some of those fat stores. And now I'm expanding

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<v Speaker 1>an energy to dig a hole. I dig for four hours,

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<v Speaker 1>I earn enough to live off of. But let's say

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<v Speaker 1>that I decided to work an extra four hours and

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<v Speaker 1>now I've earned more than I needed to consume, and

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<v Speaker 1>I can store that energy that wealth um to be

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<v Speaker 1>used at a later time. So now, um, if I

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<v Speaker 1>don't want to work tomorrow, I have enough energy stored

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<v Speaker 1>up in my battery, in my private property, and I

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<v Speaker 1>need to work tomorrow. Right, that makes sense. So if

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<v Speaker 1>you follow along with me, now, um, what happens is

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<v Speaker 1>as I continue to um work more and more, work

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<v Speaker 1>more than I consume, then I can buy a goat

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<v Speaker 1>and I can buy a cow. And then if I

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<v Speaker 1>don't work for a week, I can just kill the

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<v Speaker 1>cow and I can eat the cow. Whatever. It's my

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<v Speaker 1>private property. I buy a house, I could sell that

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<v Speaker 1>house and I have enough money. Right, so then the

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<v Speaker 1>extension of me and my energy is my ability to

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<v Speaker 1>have private property. Um. And that could be the cows

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<v Speaker 1>that can be, the chickens that can be the land,

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<v Speaker 1>and that allows me if something were to happen in

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<v Speaker 1>my life where I can't work, I have a life battery.

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<v Speaker 1>That's my private property. All private property is an extension

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<v Speaker 1>of me as a as a as an individual, um

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<v Speaker 1>the the state is only there to protect my private

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<v Speaker 1>property rights. So I should as a person, I believe

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<v Speaker 1>that I should only ever be allowed to use force

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<v Speaker 1>against another person only to tech to my private property.

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<v Speaker 1>And that is it. And if the and the state

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<v Speaker 1>is an extension of the individual and should only be

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<v Speaker 1>allowed to help us protect our private property. So that's

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<v Speaker 1>the problem that we have today. As a matter of fact,

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<v Speaker 1>the government Nited States is there to protect private property rights.

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<v Speaker 1>So that's the oldest problem in humanity is how do

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<v Speaker 1>we protect our private property from somebody coming to steal it?

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<v Speaker 1>And of course the easy answer is, well, we form

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<v Speaker 1>a little village, and then another village comes and gets

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<v Speaker 1>our property, and then we form a kingdom, and then

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<v Speaker 1>we form a country. And you see the problem that

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<v Speaker 1>we've had since day one. But bitcoin has solved that problem.

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<v Speaker 1>And I'm gonna explain to you what that means. I

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<v Speaker 1>want to explain to you what that means for the future.

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<v Speaker 1>I want to explain to you how you can take

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<v Speaker 1>advantage of that, but I want to tell you the problems. Right.

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<v Speaker 1>With great freedom comes great responsibility, and if you don't

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<v Speaker 1>do it the right way, you can lose big I

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<v Speaker 1>personally have lost over two million dollars in bitcoin, and

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<v Speaker 1>I don't want you to make the same mistakes. So

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<v Speaker 1>I'm gonna tell you what those mistakes were. Even better,

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<v Speaker 1>I'm gonna tell you what I have personally done to

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<v Speaker 1>make sure that doesn't ever happen to me. And hopefully

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<v Speaker 1>you can just learn from my mistakes right now and

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<v Speaker 1>it doesn't ever happen to you, because I don't want

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<v Speaker 1>it to happen to you. I don't want to lose

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<v Speaker 1>any money. By the way, you're listening to the Mark

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<v Speaker 1>Moss Show, Um, I'm talking about bitcoin and cryptocurrencies and

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<v Speaker 1>the decentralized revolution. I've been researching and writing and talking

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<v Speaker 1>about this for about six years now, helping people uh

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<v Speaker 1>take advantage of this opportunity, but also to avoid the

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<v Speaker 1>pitfalls that I've made myself. You don't want to lose

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<v Speaker 1>two million bucks in bitcoin, right, so stick with me.

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<v Speaker 1>I'm gonna be right back, all right. Welcome back. You

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<v Speaker 1>are listening to the Mark Moss Show, and we are

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<v Speaker 1>talking about bitcoin, cryptocurrencies and the decentralized revolution, the biggest

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<v Speaker 1>opportunity you will ever have in your lifetime. And I

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<v Speaker 1>don't mean that just to be hype and whatever. I

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<v Speaker 1>literally mean that. I'm not gonna go into all the

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<v Speaker 1>reasons why I'm back in that up today. But of

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<v Speaker 1>course if you two know with me each and every week,

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<v Speaker 1>you'll understand this UM today right now, specifically, we're talking

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<v Speaker 1>about how this is solving the oldest problem of humanity,

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<v Speaker 1>and that problem is how do I secure my private

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<v Speaker 1>property in a way that cannot be stolen. Before the break,

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<v Speaker 1>I kind of started at what private property is, why

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<v Speaker 1>it's important, um, and how it's the oldest problem that

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<v Speaker 1>we have so um, since the beginning of time. I'm

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<v Speaker 1>afraid my neighbor is gonna come. Still, my private property

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<v Speaker 1>could be my chickens. Um. So me and my neighbor

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<v Speaker 1>banded together, and then another group's gonna come to take

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<v Speaker 1>our chickens and our goats, and then we make a village,

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<v Speaker 1>and we make a kingdom, and we make a country

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<v Speaker 1>in etcetera. And so since the beginning of time, we've

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<v Speaker 1>been trying to preserve our private property. Our private property

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<v Speaker 1>is an extension, it's it's our life battery. If someone

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<v Speaker 1>comes and steals all my food and all my property

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<v Speaker 1>and all my assets, I could die, right. I don't

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<v Speaker 1>have that battery. That's why private property rights are so important.

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<v Speaker 1>Private property rights underpin every great society. Without private property rights,

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<v Speaker 1>you have nothing. It's that important. Um. I'm not gonna

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<v Speaker 1>go super deep into that. Hopefully that makes a little

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<v Speaker 1>bit of sense. But basically, the oldest problem is how

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<v Speaker 1>do I secure my private property? Well, um, you know,

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<v Speaker 1>gold became money. So what happens is I have a chicken,

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<v Speaker 1>you have a goat. We had a barter system. Well

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<v Speaker 1>what if I don't want your chicken, Well, then we

0:11:18.920 --> 0:11:21.160
<v Speaker 1>don't have a deal. So then it's like, well, shoot,

0:11:21.320 --> 0:11:25.080
<v Speaker 1>you don't want my chicken, Um, would you take this instead? Yeah,

0:11:25.120 --> 0:11:28.640
<v Speaker 1>I'll take that instead, Okay, great? Um. And then over time,

0:11:28.720 --> 0:11:32.320
<v Speaker 1>because barter system is super inefficient, um, things emerged that

0:11:32.440 --> 0:11:35.640
<v Speaker 1>became more and more used, that were more commonly accepted,

0:11:35.720 --> 0:11:38.839
<v Speaker 1>and those were mediums of exchange that was money. Eventually

0:11:38.840 --> 0:11:43.040
<v Speaker 1>we converged to gold, and gold became the money because

0:11:43.360 --> 0:11:47.439
<v Speaker 1>it fits all the properties of divisible, portable, durable, etcetera

0:11:47.840 --> 0:11:52.240
<v Speaker 1>recognizable scarce. And so gold became money and gold gold

0:11:52.280 --> 0:11:54.640
<v Speaker 1>was money for five thousand years. And it basically allows

0:11:54.720 --> 0:11:57.760
<v Speaker 1>us to use this medium of exchange in a barter system.

0:11:57.800 --> 0:11:59.319
<v Speaker 1>So if I don't want a chicken, you don't want

0:11:59.320 --> 0:12:01.199
<v Speaker 1>to goat, we just go to gold and then I'll

0:12:01.240 --> 0:12:03.920
<v Speaker 1>just go buy what I need somewhere else. The problem

0:12:03.920 --> 0:12:06.360
<v Speaker 1>with gold is that, um wall, it has many of

0:12:06.400 --> 0:12:07.920
<v Speaker 1>the great properties, and which is why it was money

0:12:07.960 --> 0:12:10.520
<v Speaker 1>for five thousand years. UM. The thing with gold is

0:12:10.559 --> 0:12:14.160
<v Speaker 1>that one it's uh, it is dense, so it's not

0:12:14.280 --> 0:12:16.160
<v Speaker 1>that big, but it's but it's big and it's heavy.

0:12:16.520 --> 0:12:19.400
<v Speaker 1>And so if you had you know, millions of dollars

0:12:19.440 --> 0:12:23.520
<v Speaker 1>of gold, or even I mean even um, well, today

0:12:23.600 --> 0:12:25.360
<v Speaker 1>the price of gold is pretty high, but even you know,

0:12:25.400 --> 0:12:27.520
<v Speaker 1>tens of thousands of dollars of gold, it's still pretty heavy.

0:12:27.559 --> 0:12:30.079
<v Speaker 1>You can't just really like travel around with that. UM

0:12:30.080 --> 0:12:31.640
<v Speaker 1>if you had, if you had you know, hundreds of

0:12:31.640 --> 0:12:33.360
<v Speaker 1>thousands or millions of dollars of gold, I mean, it's

0:12:33.360 --> 0:12:34.719
<v Speaker 1>really big, Like what are you gonna do with it?

0:12:35.040 --> 0:12:39.040
<v Speaker 1>And so now I'm forced to UM build a safe

0:12:40.040 --> 0:12:43.560
<v Speaker 1>I'm forced to build walls, I'm forced to have security guards.

0:12:44.080 --> 0:12:46.880
<v Speaker 1>And so now there's like this, this cost. It cost

0:12:46.920 --> 0:12:48.880
<v Speaker 1>me a lot of money now to secure my wealth

0:12:48.920 --> 0:12:52.960
<v Speaker 1>and UM and and not only that, like, UM, now

0:12:53.120 --> 0:12:55.200
<v Speaker 1>I've I've spent all this money to build this whole

0:12:55.280 --> 0:12:57.559
<v Speaker 1>fort and safe and whatever, and now I have security

0:12:57.559 --> 0:13:00.200
<v Speaker 1>and I'm wasting all this energy and time them in

0:13:00.280 --> 0:13:03.880
<v Speaker 1>resources just to secure it, just to sit there. And

0:13:03.920 --> 0:13:06.640
<v Speaker 1>then it's not portable. Now I can't take it with

0:13:06.679 --> 0:13:11.120
<v Speaker 1>me anywhere. Now, if I had put um a hundred

0:13:11.200 --> 0:13:14.120
<v Speaker 1>years ago, UM, if I put my entire life savings

0:13:14.160 --> 0:13:17.640
<v Speaker 1>into gold, I don't think there's a country in the

0:13:17.640 --> 0:13:20.520
<v Speaker 1>world I could have put it in a hundred years

0:13:20.520 --> 0:13:24.400
<v Speaker 1>ago that it would have been safe any any country

0:13:24.440 --> 0:13:26.040
<v Speaker 1>in the world. If I would have put all my

0:13:26.080 --> 0:13:28.080
<v Speaker 1>life savings whatever that amount is to you into a

0:13:28.120 --> 0:13:30.840
<v Speaker 1>safe in in any country, whether that be in France,

0:13:30.920 --> 0:13:32.559
<v Speaker 1>or that be in the United States, or that'd be

0:13:32.600 --> 0:13:35.320
<v Speaker 1>in Mexico, wherever it be, UM, it would I would

0:13:35.320 --> 0:13:37.839
<v Speaker 1>have lost it. And the reason why is because the

0:13:37.840 --> 0:13:40.440
<v Speaker 1>political systems have changed. So if you're not aware, in

0:13:40.559 --> 0:13:44.679
<v Speaker 1>ninety three, UH, the United States government made owning gold illegal.

0:13:44.760 --> 0:13:46.319
<v Speaker 1>They took it away from you. So if my life

0:13:46.320 --> 0:13:49.000
<v Speaker 1>savings was in gold, I lost it all if I

0:13:49.240 --> 0:13:50.920
<v Speaker 1>you know, no, no, no matter what country had it,

0:13:50.920 --> 0:13:53.320
<v Speaker 1>and I would have lost it um, And so I

0:13:53.360 --> 0:13:55.280
<v Speaker 1>can't move it. Well, if I did move it, it it

0:13:55.360 --> 0:13:57.480
<v Speaker 1>would be very, very expensive. I would have lost a

0:13:57.480 --> 0:14:00.120
<v Speaker 1>good majority of it in moving it. Um into the

0:14:00.160 --> 0:14:02.520
<v Speaker 1>cost as well as uh, you know, who knows, I

0:14:02.520 --> 0:14:04.320
<v Speaker 1>could have gotten robbed by pirates, It could have you know,

0:14:04.360 --> 0:14:05.880
<v Speaker 1>my ship could have sank at the bottom of the ocean.

0:14:05.880 --> 0:14:09.400
<v Speaker 1>Who knows whatever? Right and so um, I if my wealth,

0:14:09.480 --> 0:14:13.480
<v Speaker 1>if my private property is stored in gold, um, how

0:14:13.480 --> 0:14:16.400
<v Speaker 1>do I secure that? And so that's been the problem

0:14:16.400 --> 0:14:19.160
<v Speaker 1>that man has had since the beginning, And today bitcoin

0:14:19.280 --> 0:14:21.680
<v Speaker 1>solves that one problem. No, bitcoin solves a lot of things,

0:14:21.720 --> 0:14:24.720
<v Speaker 1>and I can't cover every single thing and each each segment,

0:14:25.440 --> 0:14:27.800
<v Speaker 1>but it solves that problem specifically. So now, for the

0:14:27.920 --> 0:14:31.960
<v Speaker 1>first time in history ever, I can store all of

0:14:32.000 --> 0:14:37.200
<v Speaker 1>my wealth in a way that's cryptographically secured. And it

0:14:37.320 --> 0:14:44.800
<v Speaker 1>cost zero dollars, zero effort, zero resources for me to secure.

0:14:45.640 --> 0:14:47.800
<v Speaker 1>I don't need a safe, I don't need a wall,

0:14:48.000 --> 0:14:52.600
<v Speaker 1>I don't need guards. There's no cost. I can secure

0:14:52.640 --> 0:14:56.240
<v Speaker 1>it in a way with zero effort cost expenses, and

0:14:57.600 --> 0:15:02.960
<v Speaker 1>I can transport it anytime I want in where I want. Wow,

0:15:03.240 --> 0:15:08.360
<v Speaker 1>that's pretty big. Now, I've said before many times that

0:15:08.440 --> 0:15:12.440
<v Speaker 1>you know, humans are pretty pretty bad at imagining the future. Um,

0:15:12.520 --> 0:15:14.400
<v Speaker 1>all we can do is imagine better versions of what

0:15:14.480 --> 0:15:18.000
<v Speaker 1>we have today. And so what does that mean, UM,

0:15:18.040 --> 0:15:20.560
<v Speaker 1>when we say that we can we take away the

0:15:20.600 --> 0:15:23.880
<v Speaker 1>oldest problem that mankind has had. UM, Well, it's hard

0:15:23.920 --> 0:15:26.720
<v Speaker 1>to imagine what that future looks like. By the way,

0:15:26.800 --> 0:15:28.080
<v Speaker 1>if you're just tuning and you listen to the Mark

0:15:28.120 --> 0:15:30.440
<v Speaker 1>Moa show, we're talking about bitcoin. We're talking about cryptocurrencies,

0:15:30.440 --> 0:15:33.440
<v Speaker 1>we're talking about decentralized revolution. We're talking about how bitcoin

0:15:33.480 --> 0:15:36.160
<v Speaker 1>is solving the oldest problem that mankind has had, which

0:15:36.160 --> 0:15:39.040
<v Speaker 1>is securing our private property. UM. And so now I

0:15:39.040 --> 0:15:41.240
<v Speaker 1>can secure it, I can store it, no one can

0:15:41.440 --> 0:15:43.400
<v Speaker 1>manipulate it, no one can inflate it away, no one

0:15:43.440 --> 0:15:46.200
<v Speaker 1>can seize it, no one can steal it. And I

0:15:46.240 --> 0:15:48.000
<v Speaker 1>can take it with many where I want, and so

0:15:48.200 --> 0:15:50.760
<v Speaker 1>I don't know exactly. And I can take it with

0:15:50.760 --> 0:15:53.920
<v Speaker 1>many where I want, and so I don't know exactly.

0:15:54.120 --> 0:15:58.480
<v Speaker 1>Solve the oldest problem that mankind has had. It has

0:15:58.960 --> 0:16:02.840
<v Speaker 1>massive implications. Massive Um what are what are some of

0:16:02.840 --> 0:16:06.640
<v Speaker 1>those implications? Well, um, as I said, right, if if

0:16:06.680 --> 0:16:08.360
<v Speaker 1>you held gold, if you would have put all your

0:16:08.360 --> 0:16:10.280
<v Speaker 1>life savings into gold hundred years ago, you would have

0:16:10.320 --> 0:16:12.200
<v Speaker 1>lost it no matter where you put it, unless you

0:16:12.200 --> 0:16:13.640
<v Speaker 1>would have moved it, which would have then you would

0:16:13.640 --> 0:16:15.400
<v Speaker 1>have lost it, lost some of it at least because

0:16:15.400 --> 0:16:17.440
<v Speaker 1>you had to move it. Um. Even in the United

0:16:17.440 --> 0:16:20.120
<v Speaker 1>States they seized all the gold, would have lost it

0:16:20.160 --> 0:16:23.640
<v Speaker 1>in America too. So what if I could hold my

0:16:23.720 --> 0:16:26.280
<v Speaker 1>wealth in a way that my government couldn't seize, they

0:16:26.280 --> 0:16:32.320
<v Speaker 1>couldn't take it from me, Well, it changes the incentive structure. Uh.

0:16:32.360 --> 0:16:34.840
<v Speaker 1>Warren Buffett's partner Charlie Monger says that you show me

0:16:34.880 --> 0:16:37.600
<v Speaker 1>the incentives, I'll show you the outcome. And so when

0:16:37.640 --> 0:16:41.680
<v Speaker 1>we live in a system where um, somebody's stronger than me,

0:16:42.440 --> 0:16:45.440
<v Speaker 1>somebody like a government that has a monopoly on violence. Um,

0:16:45.480 --> 0:16:48.120
<v Speaker 1>somebody's stronger than me can come and steal my wealth,

0:16:48.720 --> 0:16:52.160
<v Speaker 1>then the incentive is that for some people to get

0:16:52.160 --> 0:16:54.880
<v Speaker 1>bigger and stronger and build bigger armies so they can

0:16:54.920 --> 0:16:57.440
<v Speaker 1>come steal from people. Um. And then the people that

0:16:57.440 --> 0:17:00.800
<v Speaker 1>are afraid of being stolen their incentive is to not save,

0:17:01.120 --> 0:17:03.480
<v Speaker 1>not to not to build wealth, not to plan ahead,

0:17:03.520 --> 0:17:05.480
<v Speaker 1>because I know what's the point At any point they're

0:17:05.480 --> 0:17:07.480
<v Speaker 1>going to steal it from me, So why would I

0:17:07.520 --> 0:17:10.880
<v Speaker 1>even bother? So on one side, nobody tries, they don't

0:17:10.880 --> 0:17:13.280
<v Speaker 1>plan ahead, they don't save. The other side, people build

0:17:13.359 --> 0:17:16.480
<v Speaker 1>up these strong armies so they can go steal it. Um.

0:17:16.520 --> 0:17:18.760
<v Speaker 1>And and that's that's it. But what does that mean?

0:17:18.880 --> 0:17:22.400
<v Speaker 1>What does that mean for the future, Well, it's pretty dramatic.

0:17:22.440 --> 0:17:24.760
<v Speaker 1>I want to explain to you exactly how big of

0:17:24.800 --> 0:17:28.800
<v Speaker 1>a world to shift this will be. I believe it's massive, massive, massive,

0:17:28.880 --> 0:17:31.600
<v Speaker 1>peace and prosperity on the other side, that's how big

0:17:31.640 --> 0:17:32.920
<v Speaker 1>this is gonna be. But I wanna explain that you

0:17:32.960 --> 0:17:36.040
<v Speaker 1>want to break it down, um, because I think when

0:17:36.040 --> 0:17:38.080
<v Speaker 1>you understand it from this level, you're gonna really understand

0:17:38.080 --> 0:17:39.640
<v Speaker 1>how big of an opportunity this is. And I don't

0:17:39.640 --> 0:17:41.680
<v Speaker 1>want you to miss out on this. And unfortunately most

0:17:41.680 --> 0:17:44.320
<v Speaker 1>people are getting wrong information. Um. But if you get

0:17:44.320 --> 0:17:46.480
<v Speaker 1>the right information, then you can make the rate, the

0:17:46.560 --> 0:17:49.560
<v Speaker 1>right allocations and take advantage of it. By the way,

0:17:49.600 --> 0:17:53.000
<v Speaker 1>you're listening to me, I'm the one with the voice.

0:17:53.040 --> 0:17:54.720
<v Speaker 1>You're listening to me on Mark Moss. It's the Mark

0:17:54.800 --> 0:17:57.639
<v Speaker 1>Moss Show, and I'm bringing you the latest in bitcoin

0:17:57.760 --> 0:18:04.160
<v Speaker 1>and cryptocurrency and new you of news on the decentralized revolution. Um,

0:18:04.200 --> 0:18:06.120
<v Speaker 1>it's the biggest opportunity you'll ever have. Like I said,

0:18:06.160 --> 0:18:08.840
<v Speaker 1>this is literally solving the oldest problem. I want to

0:18:08.880 --> 0:18:12.080
<v Speaker 1>tell you also, um, the problems with trying to secure

0:18:12.080 --> 0:18:13.760
<v Speaker 1>your wealth. It's not as easy as you think. I've

0:18:13.760 --> 0:18:17.680
<v Speaker 1>personally lost over two million dollars of my bitcoin because

0:18:17.720 --> 0:18:19.639
<v Speaker 1>I got things wrong. And I want to tell you

0:18:19.680 --> 0:18:21.640
<v Speaker 1>what I got wrong, but more importantly, tell you what

0:18:21.680 --> 0:18:23.320
<v Speaker 1>I did to solve it so you don't lose any

0:18:23.359 --> 0:18:27.040
<v Speaker 1>of your bitcoin. I'll be right back. All right, welcome back.

0:18:27.160 --> 0:18:29.520
<v Speaker 1>You are listening to the Mark mos Show. We're talking

0:18:29.560 --> 0:18:33.159
<v Speaker 1>about bitcoin. We're talking about cryptocurrencies. We're talking about the

0:18:33.160 --> 0:18:36.920
<v Speaker 1>decentralized revolution. We're talking about the biggest opportunity you will

0:18:36.960 --> 0:18:40.439
<v Speaker 1>ever see in your lifetime. And I don't mean that lightly.

0:18:40.560 --> 0:18:44.600
<v Speaker 1>I mean that seriously. Before the break, we were talking about, um,

0:18:44.640 --> 0:18:50.280
<v Speaker 1>how bitcoin has Uh. Well, look, it's not an easy subject.

0:18:51.040 --> 0:18:52.639
<v Speaker 1>I said in the first section. If you're with me,

0:18:52.680 --> 0:18:54.280
<v Speaker 1>you know people say, hey, Mark, explain to me like

0:18:54.280 --> 0:18:55.960
<v Speaker 1>I'm five years old and tell me in two minutes.

0:18:56.160 --> 0:18:58.480
<v Speaker 1>And it's like, I can't. I can't do that. It's

0:18:58.520 --> 0:19:01.199
<v Speaker 1>it's it's it's too big for that. Um. And so

0:19:01.240 --> 0:19:02.440
<v Speaker 1>what I can do is I can tell you little

0:19:02.440 --> 0:19:04.280
<v Speaker 1>things and over a long period of time, you know

0:19:04.280 --> 0:19:06.120
<v Speaker 1>they'll start adding up. And so today we're talking about

0:19:06.119 --> 0:19:10.680
<v Speaker 1>how bitcoin has solved the oldest problem that mankind has had. Uh,

0:19:10.720 --> 0:19:13.280
<v Speaker 1>We're gonna talk about uh, and and that is how

0:19:13.280 --> 0:19:16.520
<v Speaker 1>do I safely secure store my private property in a

0:19:16.520 --> 0:19:19.719
<v Speaker 1>way that can't be stolen? And so, um, bitcoin fixes

0:19:19.760 --> 0:19:24.360
<v Speaker 1>that all right? Now? Um what does that mean though? So? Uh,

0:19:24.400 --> 0:19:27.080
<v Speaker 1>instead of, like I said, having to build a wall

0:19:27.119 --> 0:19:29.600
<v Speaker 1>of for guards to go to guard my gold, now

0:19:29.640 --> 0:19:31.919
<v Speaker 1>I can store my bitcoin, all my wealth and bitcoin,

0:19:31.960 --> 0:19:34.600
<v Speaker 1>and I can cryptographic secure it, so I can keep

0:19:34.600 --> 0:19:39.399
<v Speaker 1>a cryptographic key cryptography hence the name cryptocurrency. UM. And

0:19:39.440 --> 0:19:41.720
<v Speaker 1>it costs me zero dollars, zero money to secure my

0:19:41.720 --> 0:19:43.480
<v Speaker 1>wealth in a way that nobody can take it, steal it,

0:19:43.520 --> 0:19:45.280
<v Speaker 1>sees it from me, and I can take it with

0:19:45.280 --> 0:19:47.800
<v Speaker 1>me anywhere I want. It's portable. As a matter of fact,

0:19:47.840 --> 0:19:51.760
<v Speaker 1>what I can do is my crypto, my crypto cryptography key.

0:19:51.840 --> 0:19:55.520
<v Speaker 1>The cryptographic key is a very long set of numbers

0:19:55.560 --> 0:19:58.120
<v Speaker 1>and letters. But what you can do is you can

0:19:58.200 --> 0:20:01.359
<v Speaker 1>back up your key and what's called seed phrase, and

0:20:01.400 --> 0:20:03.200
<v Speaker 1>I can back it up into twelve words, or I

0:20:03.200 --> 0:20:05.600
<v Speaker 1>could choose twenty four words whatever I want, UM, so

0:20:05.640 --> 0:20:07.520
<v Speaker 1>I could use it would be twelve random words. Would

0:20:07.520 --> 0:20:12.119
<v Speaker 1>be like hotel, carpet, dog, ocean bank, right, like twelve

0:20:12.200 --> 0:20:15.600
<v Speaker 1>random words, And I could as long as I know

0:20:15.720 --> 0:20:20.160
<v Speaker 1>those twelve words, I could go anywhere in the world. UM,

0:20:20.320 --> 0:20:23.399
<v Speaker 1>grab a wallet, some sort of a bitcoin wallet. I

0:20:23.400 --> 0:20:25.600
<v Speaker 1>could download any number of hundreds of them in the

0:20:25.600 --> 0:20:28.800
<v Speaker 1>app stores, UM, and I plug in those twelve words,

0:20:28.920 --> 0:20:32.119
<v Speaker 1>and I would have all my wealth. So if I

0:20:32.200 --> 0:20:35.680
<v Speaker 1>had to escape naked, uh, swimming in through the oceans

0:20:35.680 --> 0:20:38.239
<v Speaker 1>to another country, when I got there, as long as

0:20:38.240 --> 0:20:39.880
<v Speaker 1>I knew those twelve words in my head, I would

0:20:39.880 --> 0:20:42.120
<v Speaker 1>have all my wealth with me. That's that's how easy

0:20:42.160 --> 0:20:44.880
<v Speaker 1>it is. UM. Now how big. I want to tell

0:20:44.920 --> 0:20:46.479
<v Speaker 1>you the problems with that and why I've lost two

0:20:46.520 --> 0:20:48.399
<v Speaker 1>million dollars and what I'm doing to fix that today.

0:20:48.440 --> 0:20:51.479
<v Speaker 1>But before I do, I want to tell you just

0:20:51.600 --> 0:20:54.800
<v Speaker 1>why that's important. So when we change the intensive structures,

0:20:54.800 --> 0:20:56.679
<v Speaker 1>we change the outcome. And so when we get to

0:20:56.720 --> 0:20:59.480
<v Speaker 1>a system where your wealth can't just be stolen from you,

0:20:59.520 --> 0:21:01.919
<v Speaker 1>it changes incentives. And so you know, we're in a

0:21:01.960 --> 0:21:05.800
<v Speaker 1>system today that's incentivized by theft. And so if I'm

0:21:06.119 --> 0:21:08.879
<v Speaker 1>bigger or stronger than you, or more cunning than you,

0:21:09.640 --> 0:21:14.280
<v Speaker 1>um or I use uh the government um which is

0:21:14.440 --> 0:21:17.320
<v Speaker 1>a term called legal plunder, we can find ways to

0:21:17.480 --> 0:21:20.520
<v Speaker 1>steal your wealth, steal your value, still your your life,

0:21:20.600 --> 0:21:24.480
<v Speaker 1>your property. So the government does legal plunder. They come

0:21:24.560 --> 0:21:26.560
<v Speaker 1>up with all different ways they can, you know, freeze

0:21:26.560 --> 0:21:29.040
<v Speaker 1>your accounts and seize your accounts and taxes and regulations

0:21:29.080 --> 0:21:32.560
<v Speaker 1>and blah blah blah um and and so there's this

0:21:32.680 --> 0:21:35.680
<v Speaker 1>there's this incentive to steal wealth from people. And then

0:21:36.040 --> 0:21:37.840
<v Speaker 1>on the other side, if the people know their wealth

0:21:37.920 --> 0:21:39.680
<v Speaker 1>is going to be stolen, then they don't even bother

0:21:39.760 --> 0:21:43.960
<v Speaker 1>build up wealth. But imagine when that changes. Imagine if

0:21:44.000 --> 0:21:46.359
<v Speaker 1>that if that rules changed, and now I know that

0:21:46.400 --> 0:21:48.760
<v Speaker 1>nobody can come and steal my wealth from me, Well,

0:21:48.800 --> 0:21:52.480
<v Speaker 1>now I'm incentivized to build my wealth. I'm incentivized to

0:21:52.600 --> 0:21:54.600
<v Speaker 1>build value. And of course the way that you do

0:21:54.680 --> 0:21:58.960
<v Speaker 1>that is by providing goods and services to other people.

0:21:59.040 --> 0:22:02.840
<v Speaker 1>You do that by by serving people, by solving people's needs.

0:22:03.440 --> 0:22:06.360
<v Speaker 1>Um and so now I'm incentivized to go serve as

0:22:06.400 --> 0:22:09.359
<v Speaker 1>many people as possible so I can build up my

0:22:09.480 --> 0:22:12.000
<v Speaker 1>wealth and I'm sinivised do that because I know it

0:22:12.000 --> 0:22:15.320
<v Speaker 1>can't be stolen. That's a massive benefit for the world.

0:22:15.720 --> 0:22:19.400
<v Speaker 1>On the other side, the group that's usually um used

0:22:19.440 --> 0:22:24.040
<v Speaker 1>to the legal plunder or the the the theft. Maybe

0:22:24.040 --> 0:22:26.320
<v Speaker 1>that's a war lord over in the Congo, or even

0:22:26.400 --> 0:22:28.320
<v Speaker 1>could be the government United States that knows they could

0:22:28.320 --> 0:22:31.320
<v Speaker 1>just steal the money at your account. When they know

0:22:31.400 --> 0:22:34.440
<v Speaker 1>that they can no longer steal from you, then they're

0:22:34.440 --> 0:22:38.280
<v Speaker 1>incentivized now to go, shoot, well, I can't steal the

0:22:38.320 --> 0:22:42.960
<v Speaker 1>money anymore. So dang, I guess if I still want money,

0:22:43.119 --> 0:22:46.280
<v Speaker 1>I actually have to provide them a valuable good in

0:22:46.320 --> 0:22:52.440
<v Speaker 1>a service. Wow. You see how the power balance shifts,

0:22:52.440 --> 0:22:57.240
<v Speaker 1>how the incentive structure changes. I want. Before you had

0:22:57.240 --> 0:22:59.040
<v Speaker 1>people that just could steal whenever they want. On the

0:22:59.040 --> 0:23:01.359
<v Speaker 1>other side, people weren't sentivized to build value because they

0:23:01.400 --> 0:23:04.680
<v Speaker 1>know it could be stolen. Now we're in a system

0:23:04.720 --> 0:23:10.159
<v Speaker 1>where both sides realize and are incentivized to live in

0:23:10.160 --> 0:23:13.320
<v Speaker 1>a world where they can create value to other people. Wow,

0:23:13.800 --> 0:23:17.280
<v Speaker 1>how much better off will the world be? Now? I

0:23:17.320 --> 0:23:21.200
<v Speaker 1>don't know exactly what that means, but we have all

0:23:21.240 --> 0:23:25.160
<v Speaker 1>these people who are who are not contributing to society,

0:23:25.200 --> 0:23:29.040
<v Speaker 1>who are not learning how to solve people's problems and needs,

0:23:29.200 --> 0:23:31.639
<v Speaker 1>who are not adding value to the world because they

0:23:31.680 --> 0:23:34.200
<v Speaker 1>know that their wealth can be stolen any time. Um.

0:23:34.280 --> 0:23:35.600
<v Speaker 1>And then you have another group of people who are

0:23:35.600 --> 0:23:37.560
<v Speaker 1>still in the wealth and they're not providing any value either.

0:23:39.000 --> 0:23:44.240
<v Speaker 1>So imagine when the whole world is focused on solving problems,

0:23:44.560 --> 0:23:50.000
<v Speaker 1>serving other solving needs. Imagine how much progress will have.

0:23:50.320 --> 0:23:54.040
<v Speaker 1>It will be an explosion of ideas, an explosion of technology.

0:23:54.080 --> 0:23:56.760
<v Speaker 1>Is our world will get better, it will get easier,

0:23:56.800 --> 0:24:01.119
<v Speaker 1>will have more wealth. Imagine follow that path down for

0:24:01.200 --> 0:24:05.720
<v Speaker 1>ten years, thirty years, a hundred years of everybody focused

0:24:05.760 --> 0:24:11.040
<v Speaker 1>on solving problems and serving others. Imagine how much technology

0:24:11.080 --> 0:24:13.800
<v Speaker 1>I mean, imagine how diseases, all those things that can

0:24:13.840 --> 0:24:17.199
<v Speaker 1>be cured if everybody's focused on that instead of the

0:24:17.240 --> 0:24:20.120
<v Speaker 1>system we have today where half the people are focused

0:24:20.119 --> 0:24:23.680
<v Speaker 1>on stealing and the other half are not incentivized. Now,

0:24:23.760 --> 0:24:27.600
<v Speaker 1>don't get me wrong, there's this very very small group

0:24:27.640 --> 0:24:31.080
<v Speaker 1>of entrepreneurs who even though they know the odds, they're

0:24:31.080 --> 0:24:33.080
<v Speaker 1>still out there trying to solve problems and needs. And

0:24:33.119 --> 0:24:35.960
<v Speaker 1>of course those are the ones making money. Of course,

0:24:36.160 --> 0:24:38.600
<v Speaker 1>those are the ones that your government wants to demonize

0:24:38.800 --> 0:24:41.680
<v Speaker 1>or or villainize, saying that they're the greedy ones, are

0:24:41.680 --> 0:24:43.440
<v Speaker 1>the bad ones, because look at all the wealth they've created,

0:24:43.480 --> 0:24:45.240
<v Speaker 1>and so let's figure out a way to steal their

0:24:45.280 --> 0:24:48.600
<v Speaker 1>will too. Um. But I think you can easily see

0:24:48.640 --> 0:24:51.159
<v Speaker 1>how big of a shift that can make in the world.

0:24:51.520 --> 0:24:54.320
<v Speaker 1>And again I can't say every way that changes the world,

0:24:54.320 --> 0:24:58.080
<v Speaker 1>but I think hopefully you can understand just how explosive,

0:24:58.320 --> 0:25:01.720
<v Speaker 1>just how big that will be when you solve the

0:25:01.720 --> 0:25:03.399
<v Speaker 1>oldest problem that man kind of have. So that's what

0:25:03.440 --> 0:25:06.280
<v Speaker 1>bitcoin does. Now, there's lots of problems with this. As

0:25:06.320 --> 0:25:09.440
<v Speaker 1>I said, with great responsibility, or with great opportunity, comes

0:25:09.440 --> 0:25:12.560
<v Speaker 1>great responsibility. And so now I can store my wealth

0:25:12.600 --> 0:25:14.399
<v Speaker 1>in a way as I said, right that nobody can

0:25:14.400 --> 0:25:15.520
<v Speaker 1>steal it from me, and I can take it with

0:25:15.560 --> 0:25:17.320
<v Speaker 1>me any where I want. I can I can know

0:25:17.480 --> 0:25:22.160
<v Speaker 1>my twelve word backup phrase. But if I lose that,

0:25:22.760 --> 0:25:27.080
<v Speaker 1>if I forget that, I lose it all. See, So

0:25:27.160 --> 0:25:29.800
<v Speaker 1>now I have the benefit, but I also have to

0:25:29.800 --> 0:25:33.320
<v Speaker 1>be responsible. And there's a lot of ways that you

0:25:33.359 --> 0:25:35.960
<v Speaker 1>can lose your cryptocurrency, all right, there's a lot of

0:25:35.960 --> 0:25:38.200
<v Speaker 1>ways it can get stolen. Uh, there's a lot of

0:25:38.240 --> 0:25:42.000
<v Speaker 1>ways you can lose it, um, And I'm not going

0:25:42.040 --> 0:25:43.879
<v Speaker 1>to cover all the ways, but I will cover a

0:25:43.920 --> 0:25:46.680
<v Speaker 1>couple of ways because um, as I've been kind of

0:25:46.760 --> 0:25:50.359
<v Speaker 1>hinting to UM, I personally lost over two million dollars

0:25:50.400 --> 0:25:52.800
<v Speaker 1>worth of bitcoin. And and it's not all been in

0:25:52.840 --> 0:25:55.560
<v Speaker 1>one way, It's been in multiple ways. And unfortunately how

0:25:55.560 --> 0:25:59.000
<v Speaker 1>to learn my lesson a couple of different ways. And

0:25:59.040 --> 0:26:00.440
<v Speaker 1>I don't want you to lose two million dollars. I

0:26:00.480 --> 0:26:02.119
<v Speaker 1>don't want you to lose to one dollar, UM like

0:26:02.200 --> 0:26:04.920
<v Speaker 1>I have. And so I'm gonna break down those ways

0:26:04.920 --> 0:26:08.000
<v Speaker 1>that I've lost my my value. UM, so you don't

0:26:08.320 --> 0:26:09.680
<v Speaker 1>make those same mistakes, then I would tell you what

0:26:09.680 --> 0:26:12.000
<v Speaker 1>I've done to fix them. So, UM, the first thing

0:26:12.160 --> 0:26:13.800
<v Speaker 1>is that, UM, there's a couple of ways that you

0:26:13.840 --> 0:26:18.400
<v Speaker 1>can store your store your bitcoin keys. Now, UM, first off,

0:26:18.440 --> 0:26:21.640
<v Speaker 1>you don't ever download your cryptocurrency, so you don't ever

0:26:21.720 --> 0:26:25.320
<v Speaker 1>actually take possession of coins. You don't download them into

0:26:25.359 --> 0:26:27.520
<v Speaker 1>your phone like so there's you can download any number

0:26:27.520 --> 0:26:29.560
<v Speaker 1>of apps that are that are called a wallet, like

0:26:29.600 --> 0:26:34.359
<v Speaker 1>a crypto wallet. You don't actually download your coins. Um,

0:26:34.400 --> 0:26:37.840
<v Speaker 1>what your wallet holds is a key. So think about

0:26:37.880 --> 0:26:41.640
<v Speaker 1>it like this giant digital locker system. So, um, back

0:26:41.680 --> 0:26:43.320
<v Speaker 1>in the old days of your old enough to remember,

0:26:43.960 --> 0:26:46.000
<v Speaker 1>or even let's say at your school. Um, you have

0:26:46.040 --> 0:26:49.320
<v Speaker 1>a locker system, right, and so your lockers C. Nineteen

0:26:49.840 --> 0:26:52.240
<v Speaker 1>and I could say, hey, go to my locker C.

0:26:52.480 --> 0:26:55.240
<v Speaker 1>Nineteen and put this envelope, put a check into it, whatever,

0:26:55.640 --> 0:26:58.000
<v Speaker 1>and anybody can go to my public address c. Nineteen

0:26:58.040 --> 0:27:01.480
<v Speaker 1>and put put money in. But on the I have

0:27:01.880 --> 0:27:05.000
<v Speaker 1>the combination the code or the key to actually open

0:27:05.040 --> 0:27:08.119
<v Speaker 1>the locker. So that's how cryptocurrency is. It's like this

0:27:08.240 --> 0:27:12.320
<v Speaker 1>digital locker system. Um, I never download keys, I'm sorry. Coins.

0:27:12.640 --> 0:27:14.359
<v Speaker 1>What I do is I have a public address and

0:27:14.400 --> 0:27:17.680
<v Speaker 1>a private key, and anybody can have my public address,

0:27:17.720 --> 0:27:20.040
<v Speaker 1>and I could say, hey, give me cryptocurrency, here's my

0:27:20.040 --> 0:27:23.240
<v Speaker 1>public address, and they would put money into my public address.

0:27:23.280 --> 0:27:26.160
<v Speaker 1>But I have the key, which then I can open

0:27:26.200 --> 0:27:29.119
<v Speaker 1>that um that locker and then transfer that money to

0:27:29.119 --> 0:27:32.160
<v Speaker 1>somewhere else. And so all I ever do is secure

0:27:32.240 --> 0:27:34.960
<v Speaker 1>my key. The app I download on my phone, it

0:27:35.080 --> 0:27:39.040
<v Speaker 1>holds my key um and so that's I just wanted

0:27:39.040 --> 0:27:41.240
<v Speaker 1>to kind of set the stage for that. By the way,

0:27:41.280 --> 0:27:43.560
<v Speaker 1>you're listening to the Mark Moas Show. We're talking about bitcoin,

0:27:43.600 --> 0:27:46.199
<v Speaker 1>We're talking about cryptocurrencies. We're talking about the decentralized revolution.

0:27:46.200 --> 0:27:48.320
<v Speaker 1>How's the biggest opportunity you'll ever have in your lifetime?

0:27:48.720 --> 0:27:51.800
<v Speaker 1>And I'm specifically talking about how we fixed the oldest

0:27:51.800 --> 0:27:53.720
<v Speaker 1>problem in humanity, which is that I can store my

0:27:53.760 --> 0:27:55.399
<v Speaker 1>wealth in a way that no one else can steal

0:27:55.440 --> 0:27:58.960
<v Speaker 1>from me. But there's risks. I've personally lost over two

0:27:58.960 --> 0:28:01.760
<v Speaker 1>million dollars a bitcoin because I didn't get these things right,

0:28:01.960 --> 0:28:03.479
<v Speaker 1>and I want to tell you how you cannot make

0:28:03.520 --> 0:28:06.240
<v Speaker 1>the same mistakes. I'll be right back, all right, Welcome back.

0:28:06.240 --> 0:28:08.359
<v Speaker 1>You're listening to the Mark Moa Show. We're talking about bitcoin,

0:28:08.400 --> 0:28:11.800
<v Speaker 1>cryptocurrencies and the decentralized Revolution and us. I've been talking

0:28:11.800 --> 0:28:15.600
<v Speaker 1>about how we've Bitcoin has solved cryptocurrencies as sold the

0:28:15.600 --> 0:28:17.240
<v Speaker 1>oldest problem that man kind has added, which is that

0:28:17.280 --> 0:28:19.199
<v Speaker 1>I can store my wealth in a way that cannot

0:28:19.200 --> 0:28:21.720
<v Speaker 1>be taken away from me when it costs no money

0:28:21.840 --> 0:28:23.560
<v Speaker 1>or security, and I can take it with me any

0:28:23.600 --> 0:28:25.720
<v Speaker 1>where I want, and I can do that by UM

0:28:25.760 --> 0:28:29.000
<v Speaker 1>securing my private key. All Right, if you've missed this,

0:28:29.640 --> 0:28:31.520
<v Speaker 1>go back and find the podcast later because you don't

0:28:31.520 --> 0:28:33.080
<v Speaker 1>want to miss what I've already said, but I'm not

0:28:33.119 --> 0:28:34.879
<v Speaker 1>gonna repeat it. So I all I have is my

0:28:34.920 --> 0:28:39.960
<v Speaker 1>private key, and UM, if I choose to leave my

0:28:40.240 --> 0:28:43.840
<v Speaker 1>UM cryptocurrency on an exchange like coin base or cracking

0:28:43.920 --> 0:28:46.840
<v Speaker 1>or Jimini or whatever, then they hold my private key.

0:28:46.960 --> 0:28:48.640
<v Speaker 1>So I don't I don't have a key, they hold

0:28:48.680 --> 0:28:51.240
<v Speaker 1>it for me UM. Or I can store it in

0:28:51.320 --> 0:28:54.280
<v Speaker 1>my own on my own app on my phone or

0:28:54.320 --> 0:28:58.200
<v Speaker 1>a hardware wallet, and then I have my key. So

0:28:58.280 --> 0:28:59.600
<v Speaker 1>if I have my key, I don't have to worry

0:28:59.640 --> 0:29:02.680
<v Speaker 1>about outer party risk. So if I keep it on exchange,

0:29:02.760 --> 0:29:05.520
<v Speaker 1>then UM, they keep my key safe, but then there's

0:29:05.640 --> 0:29:08.040
<v Speaker 1>risk there. Um. If I keep my key, then I

0:29:08.040 --> 0:29:10.280
<v Speaker 1>don't have to worry about the risk from them counterparty risk.

0:29:10.320 --> 0:29:13.200
<v Speaker 1>But now I have to keep myself safe myself. So UM,

0:29:13.240 --> 0:29:14.920
<v Speaker 1>I've lost over two million dollars in bitcoin. Let me

0:29:14.920 --> 0:29:17.360
<v Speaker 1>explain to you what happened. So the first time I

0:29:17.440 --> 0:29:19.800
<v Speaker 1>was using a phone an app on my phone, on

0:29:19.840 --> 0:29:23.280
<v Speaker 1>an Android phone, I was using the jacks Wallet and UM.

0:29:23.320 --> 0:29:26.160
<v Speaker 1>I was in Mexico on vacation and UM I needed

0:29:26.200 --> 0:29:29.920
<v Speaker 1>to send a big transaction for some some bitcoin mining equipment,

0:29:30.600 --> 0:29:32.760
<v Speaker 1>and UM I could only get off a limited amount

0:29:32.800 --> 0:29:35.000
<v Speaker 1>of money off the exchange per day, and so what

0:29:35.040 --> 0:29:36.520
<v Speaker 1>I was doing is every day I would log in

0:29:36.800 --> 0:29:38.880
<v Speaker 1>UM pull off the maximum out I can get off

0:29:39.200 --> 0:29:41.480
<v Speaker 1>off that exchange for per day, and then once I

0:29:41.480 --> 0:29:42.920
<v Speaker 1>had enough money in there, I could send it in

0:29:43.040 --> 0:29:46.520
<v Speaker 1>one transaction to get the mining equipment I needed. And

0:29:46.560 --> 0:29:48.600
<v Speaker 1>I was pulling off every day, every day, every day.

0:29:48.600 --> 0:29:53.360
<v Speaker 1>This was I think June of and UH. I was

0:29:53.400 --> 0:29:55.800
<v Speaker 1>pulling off every day while at this vacation rental the

0:29:55.840 --> 0:29:58.080
<v Speaker 1>super nice house on the beach and using their WiFi.

0:29:58.720 --> 0:30:00.440
<v Speaker 1>And after like two or three days of this, I

0:30:00.520 --> 0:30:02.920
<v Speaker 1>logged into the app and it was empty. It was

0:30:02.960 --> 0:30:06.160
<v Speaker 1>all gone. Now a little bit about me. I started

0:30:06.200 --> 0:30:08.360
<v Speaker 1>an internet business in two thousand one at the bottom

0:30:08.360 --> 0:30:11.400
<v Speaker 1>of the dot com crash. UM I built that business up.

0:30:11.440 --> 0:30:14.040
<v Speaker 1>I have a fortune in technology. I've been on the

0:30:14.040 --> 0:30:17.320
<v Speaker 1>internet ever since my op seck. My security is above

0:30:17.520 --> 0:30:20.200
<v Speaker 1>par UM. My opposite is better than anybody else's, well

0:30:20.320 --> 0:30:23.600
<v Speaker 1>better than the majorities. And so if I can lose it.

0:30:23.680 --> 0:30:25.360
<v Speaker 1>You can lose it. Let me just say that. UM.

0:30:25.360 --> 0:30:27.720
<v Speaker 1>So anyway, it was gone and there's just no recourse.

0:30:27.800 --> 0:30:29.600
<v Speaker 1>It's just empty. Now. At the time, it was about

0:30:29.640 --> 0:30:31.600
<v Speaker 1>forty thou dollars. Now, when I say I've lost two

0:30:31.640 --> 0:30:34.560
<v Speaker 1>million dollars in bitcoins, that's at today's valuation. So at

0:30:34.560 --> 0:30:37.400
<v Speaker 1>the time, it was about forty thousand dollars at the time.

0:30:37.440 --> 0:30:40.040
<v Speaker 1>But that was in in June of seventeen, when bitcoin

0:30:40.160 --> 0:30:42.960
<v Speaker 1>was like two thousand dollars day at sixty six sixty whatever,

0:30:43.000 --> 0:30:46.719
<v Speaker 1>six over sixty UM, And so I am, I am

0:30:46.760 --> 0:30:49.280
<v Speaker 1>a little bit hype hyped up. When I say I've

0:30:49.320 --> 0:30:51.520
<v Speaker 1>lost two million in today's dollars, it's two million. So

0:30:51.520 --> 0:30:54.320
<v Speaker 1>I lost about forty thousand dollars at that time, UM

0:30:54.480 --> 0:30:57.120
<v Speaker 1>using an app. And UH, I still to this day

0:30:57.120 --> 0:30:59.920
<v Speaker 1>don't don't know what happened. Of course, I've contacted the company,

0:31:00.200 --> 0:31:02.720
<v Speaker 1>We did all the research and investigation that no one

0:31:02.760 --> 0:31:05.680
<v Speaker 1>can find out. Somehow, maybe the WiFi in the house

0:31:05.800 --> 0:31:08.240
<v Speaker 1>had a bug, or somehow some sort of a virus

0:31:08.280 --> 0:31:10.880
<v Speaker 1>got on my phone. Maybe they maybe internally they stole

0:31:10.920 --> 0:31:13.680
<v Speaker 1>it from me. I don't know. But what I do

0:31:13.800 --> 0:31:17.000
<v Speaker 1>know is that UM I don't ever trust those types

0:31:17.040 --> 0:31:19.880
<v Speaker 1>of UM hot that's called a hot wallet, and because

0:31:19.880 --> 0:31:23.240
<v Speaker 1>it's always connected to the web, so anything could happen

0:31:23.320 --> 0:31:24.960
<v Speaker 1>and someone could get into my keys and they could

0:31:24.960 --> 0:31:26.520
<v Speaker 1>empty my account, so I don't I don't use that.

0:31:26.600 --> 0:31:28.600
<v Speaker 1>I look at that as like a of my wallet.

0:31:29.040 --> 0:31:30.400
<v Speaker 1>I I go to the A t M, I pull

0:31:30.440 --> 0:31:31.680
<v Speaker 1>out a little bit of cash that I want to

0:31:31.680 --> 0:31:33.240
<v Speaker 1>walk around town with. I put that in my wallet.

0:31:33.280 --> 0:31:35.040
<v Speaker 1>If I lose my wallet something of the day, I

0:31:35.080 --> 0:31:36.840
<v Speaker 1>lost whatever money I pulled out, but I didn't lose

0:31:36.840 --> 0:31:39.240
<v Speaker 1>my whole bank account. So if I use those types

0:31:39.240 --> 0:31:41.200
<v Speaker 1>of apps today, I'll put a little bit of money

0:31:41.480 --> 0:31:43.400
<v Speaker 1>in that I don't mind losing, but I'm not putting

0:31:43.400 --> 0:31:45.000
<v Speaker 1>my life savings in. So that was that was the

0:31:45.040 --> 0:31:49.360
<v Speaker 1>one mistake. UM I'm not gonna go through all the

0:31:49.400 --> 0:31:51.760
<v Speaker 1>ways I've lost money, because I've lost bitcoin other ways

0:31:51.800 --> 0:31:54.440
<v Speaker 1>as well, but the but the one that really got me,

0:31:54.480 --> 0:31:55.920
<v Speaker 1>and this is the one you need to be aware of,

0:31:56.520 --> 0:31:59.320
<v Speaker 1>is when you keep money on the exchange, you're trusting

0:31:59.440 --> 0:32:03.840
<v Speaker 1>them to securely story your key, but it creates counterparty

0:32:03.920 --> 0:32:06.120
<v Speaker 1>risk and there's any number of reasons why they may

0:32:06.160 --> 0:32:09.080
<v Speaker 1>not give that back to me. Maybe the government freezes

0:32:09.120 --> 0:32:12.360
<v Speaker 1>their accounts and says don't give them withdraws. Maybe they

0:32:12.400 --> 0:32:15.360
<v Speaker 1>go bankrupt, maybe they get hacked, any number of ways.

0:32:16.000 --> 0:32:18.720
<v Speaker 1>And um, I was using one of the one of

0:32:18.800 --> 0:32:23.360
<v Speaker 1>the top um um cryptocurrency exchanges in the United States.

0:32:24.000 --> 0:32:25.840
<v Speaker 1>I'm not gonna say their name because I'm actively in

0:32:25.880 --> 0:32:28.240
<v Speaker 1>a lawsuit with them right now, which depends on how

0:32:28.240 --> 0:32:30.200
<v Speaker 1>the lawsuit works out, you'll be hearing more about it.

0:32:30.280 --> 0:32:34.200
<v Speaker 1>But um, I was. I put some money in my

0:32:34.880 --> 0:32:37.440
<v Speaker 1>crypto exchange is one of the top exchanges in the country.

0:32:37.640 --> 0:32:40.520
<v Speaker 1>I've been using them for years. I logged in I

0:32:40.600 --> 0:32:45.200
<v Speaker 1>think one or two days later, and it was gone,

0:32:46.280 --> 0:32:52.640
<v Speaker 1>Like I think it was about twenty about bitcoin gone.

0:32:54.120 --> 0:32:56.040
<v Speaker 1>It's a lot, a lot of money. At the time,

0:32:56.040 --> 0:32:58.840
<v Speaker 1>it was about a quarter million dollars today's the about

0:32:58.880 --> 0:33:02.200
<v Speaker 1>a million a half dollars was gone. And I'm like,

0:33:02.320 --> 0:33:04.600
<v Speaker 1>what the heck is this. I send them an email

0:33:04.640 --> 0:33:06.440
<v Speaker 1>and like, hey, we what what's going on is my

0:33:06.440 --> 0:33:07.840
<v Speaker 1>account of d And then they send me like this

0:33:07.920 --> 0:33:11.280
<v Speaker 1>canned response back, we don't see anything problem. I'm like, whoa, whoa, whoa, whoa, whoa.

0:33:11.320 --> 0:33:14.320
<v Speaker 1>That's that's not that's not cutting it for me, Uh, nope,

0:33:14.360 --> 0:33:17.720
<v Speaker 1>nothing wrong. Um lucky you know, not luckily, but I mean,

0:33:17.840 --> 0:33:19.200
<v Speaker 1>you know, I'm I've been in the space for a

0:33:19.200 --> 0:33:20.560
<v Speaker 1>long time. You know a lot of people. I got

0:33:20.560 --> 0:33:26.480
<v Speaker 1>the owner involved of the exchange and UM needles to say. UM,

0:33:26.520 --> 0:33:29.640
<v Speaker 1>I'm saying that they did wrong doing and for whatever reason,

0:33:29.640 --> 0:33:31.960
<v Speaker 1>my account got zeroed out. And that's just that's just gone.

0:33:32.000 --> 0:33:34.320
<v Speaker 1>And that's a risk that you have when you don't

0:33:34.360 --> 0:33:37.560
<v Speaker 1>have your key. They had my key. So now we're

0:33:37.560 --> 0:33:39.719
<v Speaker 1>fighting over. Like I said, we're going to court. Actually

0:33:39.720 --> 0:33:43.120
<v Speaker 1>I think in two weeks. Um. And so if you

0:33:43.520 --> 0:33:46.120
<v Speaker 1>use a hot wallet like I did, there's a risk

0:33:47.040 --> 0:33:51.080
<v Speaker 1>someone could because someone could compromise that. Um. If if

0:33:51.080 --> 0:33:54.520
<v Speaker 1>you keep it on exchange, there's a risk I lost

0:33:54.600 --> 0:33:56.960
<v Speaker 1>both on those and so what I'm doing today to

0:33:57.040 --> 0:34:00.920
<v Speaker 1>solve this is different. So UM, what you could do

0:34:00.960 --> 0:34:03.960
<v Speaker 1>instead is use something called a hardware wallet. It's also

0:34:04.040 --> 0:34:06.320
<v Speaker 1>called cold storage. So you could use like a treads

0:34:06.400 --> 0:34:09.239
<v Speaker 1>or or like a Ledger or a cold card. Those

0:34:09.239 --> 0:34:11.120
<v Speaker 1>are like three different types of wallets. You can look

0:34:11.200 --> 0:34:13.560
<v Speaker 1>them up by them and it's like a little USB

0:34:13.680 --> 0:34:17.279
<v Speaker 1>device and that USB device holds your key and what

0:34:17.400 --> 0:34:19.880
<v Speaker 1>happens is it's cold storage. Mean, it's not connected to

0:34:19.920 --> 0:34:22.440
<v Speaker 1>the internet. If I want to do a transaction on

0:34:22.480 --> 0:34:26.120
<v Speaker 1>my computer, I'll plug it in, it'll sign the transaction,

0:34:26.200 --> 0:34:29.359
<v Speaker 1>and then I unplug it. So it's no my key

0:34:29.840 --> 0:34:32.879
<v Speaker 1>never gets onto the internet. And so I've been using

0:34:32.920 --> 0:34:35.960
<v Speaker 1>hardware wallets for a number of years, but I'm still scared,

0:34:36.320 --> 0:34:39.040
<v Speaker 1>Like I've allowed all this money, I'm scared of what

0:34:39.080 --> 0:34:42.560
<v Speaker 1>happens with my cryptocurry, my cryptocurrency and z and different

0:34:42.600 --> 0:34:46.680
<v Speaker 1>hardware wallets. Because I'm compartmentally. Something happens to one, I

0:34:46.719 --> 0:34:49.080
<v Speaker 1>don't want to lose it all right, um, And so

0:34:49.120 --> 0:34:52.800
<v Speaker 1>I've been splitting it up. But then like what if um,

0:34:52.840 --> 0:34:54.440
<v Speaker 1>And I'm not saying this is the case, but what

0:34:54.520 --> 0:34:56.919
<v Speaker 1>if one of those hardware wallet manufacturers like Ledger, treads

0:34:57.000 --> 0:34:59.319
<v Speaker 1>or whatever. Let's say that one of the developers was

0:34:59.680 --> 0:35:02.319
<v Speaker 1>went went rogue and put a backdoor in and he's

0:35:02.360 --> 0:35:05.160
<v Speaker 1>gonna wait five years until Krypto was worth all this money,

0:35:05.160 --> 0:35:06.759
<v Speaker 1>and he's gonna rug pull me and he's gonna pull

0:35:06.800 --> 0:35:09.400
<v Speaker 1>all the money out. That could happen. I mean, I

0:35:09.400 --> 0:35:11.000
<v Speaker 1>don't know, I'm not a code or I don't know

0:35:11.080 --> 0:35:14.759
<v Speaker 1>what maybe could have happened. Right, And so that's a

0:35:14.880 --> 0:35:18.279
<v Speaker 1>risk and I'm just not super comfortable taking that risk, right,

0:35:18.840 --> 0:35:21.600
<v Speaker 1>And so what I'm doing today is I'm doing something

0:35:21.719 --> 0:35:26.680
<v Speaker 1>called multi sig multi signature. So if you've watched a movie, um,

0:35:26.719 --> 0:35:29.840
<v Speaker 1>basically it's like to launch the nukes, you have to

0:35:29.840 --> 0:35:31.799
<v Speaker 1>put two keys in and the keys have to be

0:35:31.840 --> 0:35:34.320
<v Speaker 1>turned at the same time. Right, that's a multi sig

0:35:34.360 --> 0:35:37.160
<v Speaker 1>set up. And so I'm working with a company called

0:35:37.360 --> 0:35:41.120
<v Speaker 1>Unchained Capital, and they have a concierge service. They can

0:35:41.160 --> 0:35:43.239
<v Speaker 1>help you out with this. You can do it yourself,

0:35:43.600 --> 0:35:46.239
<v Speaker 1>but I'm afraid to make the mistake because like I

0:35:46.239 --> 0:35:48.200
<v Speaker 1>don't want to make a mistake with my wealth. And

0:35:48.239 --> 0:35:50.200
<v Speaker 1>so they have a concierge service and you can just

0:35:50.280 --> 0:35:53.400
<v Speaker 1>go to Unchained Cap their website and and uh, basically

0:35:53.719 --> 0:35:55.319
<v Speaker 1>they can walk you through and you and you set

0:35:55.360 --> 0:35:57.400
<v Speaker 1>up three keys. You can do two of three or

0:35:57.440 --> 0:35:59.879
<v Speaker 1>three of five. And so now I have three key

0:36:00.440 --> 0:36:03.239
<v Speaker 1>from three different manufacturers. And so if one of them

0:36:03.280 --> 0:36:05.960
<v Speaker 1>has something malicious, it doesn't matter. And so now in

0:36:06.040 --> 0:36:08.439
<v Speaker 1>order for me to send my bitcoin, I need two

0:36:08.480 --> 0:36:11.000
<v Speaker 1>of my keys to sign the transaction. So I have

0:36:11.120 --> 0:36:14.160
<v Speaker 1>three keys from three manufacturers. I keep one at my

0:36:14.200 --> 0:36:17.120
<v Speaker 1>house in California, one at my house in Puerto Rico,

0:36:17.239 --> 0:36:19.279
<v Speaker 1>and then they keep a key for me, and so

0:36:19.320 --> 0:36:21.799
<v Speaker 1>that way my keys are never together. If somebody broke

0:36:21.840 --> 0:36:23.840
<v Speaker 1>into my house, they couldn't get all three of my keys.

0:36:24.280 --> 0:36:27.800
<v Speaker 1>And this is the most sure way to secure your wealth.

0:36:28.520 --> 0:36:31.600
<v Speaker 1>It's what I'm doing now. It's, unfortunately, was the tough lesson.

0:36:31.600 --> 0:36:34.800
<v Speaker 1>Hopefully you'll learn from my mistakes and not from your own.

0:36:35.120 --> 0:36:37.000
<v Speaker 1>By the way, you're listening to the Mark Moss Show,

0:36:37.200 --> 0:36:40.799
<v Speaker 1>I'm bringing you the latest information on bitcoin, cryptocurrencies and

0:36:40.920 --> 0:36:44.839
<v Speaker 1>the decentralized revolution. This is literally the biggest opportunity you'll

0:36:44.880 --> 0:36:46.520
<v Speaker 1>ever have in your life, and I want you to

0:36:46.680 --> 0:36:49.440
<v Speaker 1>take advantage of it. And I don't want you to

0:36:49.480 --> 0:36:52.759
<v Speaker 1>make the same mistakes like I've had, because while that's

0:36:52.800 --> 0:36:56.160
<v Speaker 1>about two million dollars in today's bitcoin dollars, and ten

0:36:56.239 --> 0:36:59.480
<v Speaker 1>years from now it could be million dollars, it could

0:36:59.480 --> 0:37:03.279
<v Speaker 1>be two d million dollars. Don't make those mistakes. Um,

0:37:03.440 --> 0:37:06.480
<v Speaker 1>don't miss out on this opportunity. Pull out your phone,

0:37:06.719 --> 0:37:10.000
<v Speaker 1>put down a calendar reminder to join me on this

0:37:10.080 --> 0:37:13.200
<v Speaker 1>channel at this time each and every week. There's a

0:37:13.200 --> 0:37:15.200
<v Speaker 1>deep subject. As I said, right, you gotta know six

0:37:15.280 --> 0:37:18.360
<v Speaker 1>or eight different disciplines. I can't explain it to like

0:37:18.520 --> 0:37:21.759
<v Speaker 1>your five and two minutes. You need to tune in,

0:37:21.800 --> 0:37:24.200
<v Speaker 1>you need to get the information if if you want

0:37:24.200 --> 0:37:26.200
<v Speaker 1>to benefit from this. Now you can choose to ignore it,

0:37:26.200 --> 0:37:28.719
<v Speaker 1>and that's okay. As I said earlier, everyone's going to

0:37:28.760 --> 0:37:32.120
<v Speaker 1>buy a bitcoin at the price they deserve, and so

0:37:32.200 --> 0:37:34.200
<v Speaker 1>you can either deserve it now you can put the

0:37:34.200 --> 0:37:36.759
<v Speaker 1>work in, or you can buy it later at a

0:37:36.800 --> 0:37:38.680
<v Speaker 1>higher price when everyone else does you listen to the

0:37:38.719 --> 0:37:40.000
<v Speaker 1>Mark Moas Show. Thanks for joining me.