1 00:00:00,200 --> 00:00:02,840 Speaker 1: Everyone, Welcome to another episode of The Mark Ma Show, 2 00:00:02,880 --> 00:00:06,240 Speaker 1: where we are talking about bitcoin and cryptocurrencies in this 3 00:00:06,480 --> 00:00:11,200 Speaker 1: entire decentralized revolution that's happening right before our very eyes. 4 00:00:11,840 --> 00:00:14,440 Speaker 1: You know, sometimes when it's when you're living through it, 5 00:00:14,480 --> 00:00:17,960 Speaker 1: you don't notice the change that's happening. But it's big. 6 00:00:18,200 --> 00:00:21,000 Speaker 1: What's going on is going to change the course of humanity, 7 00:00:21,040 --> 00:00:23,040 Speaker 1: is going to change the course of the world, and 8 00:00:23,720 --> 00:00:26,840 Speaker 1: it's difficult. It's difficult to understand. I've been studying for 9 00:00:26,880 --> 00:00:29,320 Speaker 1: over seven years, and I'm still trying to figure out 10 00:00:29,320 --> 00:00:31,440 Speaker 1: what the heck is going on here because it's just 11 00:00:31,480 --> 00:00:34,360 Speaker 1: evolving so fast. And that's why it's important that you 12 00:00:34,400 --> 00:00:37,400 Speaker 1: tune in with me each and every week so I 13 00:00:37,440 --> 00:00:39,920 Speaker 1: can keep you up to date. You know, each and 14 00:00:39,920 --> 00:00:42,760 Speaker 1: every week I try to give you um some education. 15 00:00:42,840 --> 00:00:45,360 Speaker 1: You know, I've been studying this for over seven years. 16 00:00:45,920 --> 00:00:48,800 Speaker 1: You really have to understand six seven different disciplines to 17 00:00:48,880 --> 00:00:50,520 Speaker 1: kind of get a grasp of this. And so each 18 00:00:50,520 --> 00:00:52,919 Speaker 1: week I'll bring you these educational pieces that you can 19 00:00:52,920 --> 00:00:55,720 Speaker 1: continue to build on and continue to understand this better. 20 00:00:56,360 --> 00:00:59,600 Speaker 1: I bring you the latest and breaking news every week 21 00:00:59,640 --> 00:01:02,520 Speaker 1: so you know exactly what is going on. What's happening 22 00:01:02,520 --> 00:01:05,319 Speaker 1: into then you can sound really smart when you go 23 00:01:05,360 --> 00:01:07,399 Speaker 1: talk to your friends because you have to date on everything. 24 00:01:07,440 --> 00:01:08,880 Speaker 1: And then I try to bring you some of the 25 00:01:09,200 --> 00:01:11,319 Speaker 1: best and brightest people in the industry, some of my 26 00:01:11,360 --> 00:01:14,440 Speaker 1: good friends um to kind of give some different perspectives 27 00:01:14,480 --> 00:01:16,319 Speaker 1: and so you know, you don't just hear from me, 28 00:01:16,319 --> 00:01:19,800 Speaker 1: but here from other people. So if you haven't already, 29 00:01:19,880 --> 00:01:22,880 Speaker 1: because I tell you each and every week, pull out 30 00:01:22,880 --> 00:01:25,760 Speaker 1: your phone, put a calendar reminder on there to join 31 00:01:25,800 --> 00:01:28,319 Speaker 1: me on this channel at this time each and every 32 00:01:28,319 --> 00:01:31,280 Speaker 1: week while I make it the most profitable part of 33 00:01:31,360 --> 00:01:34,920 Speaker 1: your week. Now, um, what I want to do today 34 00:01:35,080 --> 00:01:38,320 Speaker 1: is I actually want to jump into the third and 35 00:01:38,480 --> 00:01:42,800 Speaker 1: final installment that I've been doing, which I've been breaking 36 00:01:43,000 --> 00:01:47,080 Speaker 1: the fudd the fear, uncertainty and doubt headlines. A couple 37 00:01:47,080 --> 00:01:49,120 Speaker 1: of weeks ago, I ran a pole and h or 38 00:01:49,160 --> 00:01:50,440 Speaker 1: I guess it wasn't a poll, that was just an 39 00:01:50,440 --> 00:01:53,480 Speaker 1: ask on Twitter to find out what are the top 40 00:01:53,640 --> 00:01:58,160 Speaker 1: objections that people have as to why bitcoin won't work, 41 00:01:58,160 --> 00:02:01,240 Speaker 1: will never work, why it's you know, dumb, stupid, whatever, 42 00:02:02,360 --> 00:02:07,760 Speaker 1: And I got, uh, I don't know about twenty different 43 00:02:07,800 --> 00:02:09,960 Speaker 1: answers that I kind of lumped together and kind of group. 44 00:02:10,040 --> 00:02:12,520 Speaker 1: So about twenty things that are kind of like the 45 00:02:12,600 --> 00:02:15,600 Speaker 1: most common, and so I've been breaking those down each week. Um, 46 00:02:15,639 --> 00:02:18,119 Speaker 1: I've gotten through all of them except for these last couple. 47 00:02:18,160 --> 00:02:20,760 Speaker 1: We're gonna get through them today. UM. So I guess 48 00:02:20,760 --> 00:02:22,480 Speaker 1: this is kind of a three part series. And if 49 00:02:22,480 --> 00:02:25,080 Speaker 1: you've missed the first two then you can go catch 50 00:02:25,120 --> 00:02:27,920 Speaker 1: those back on the I Heart radio podcast network. You 51 00:02:27,919 --> 00:02:31,680 Speaker 1: can just search Mark Moss podcast, uh and you'll find 52 00:02:31,720 --> 00:02:33,920 Speaker 1: it over there. So if you want to, if you 53 00:02:33,960 --> 00:02:37,119 Speaker 1: want to know, we covered why. Um. If people say 54 00:02:37,120 --> 00:02:40,120 Speaker 1: bitcoin is not backed by anything, it's back to by nothing. Um, 55 00:02:40,120 --> 00:02:43,960 Speaker 1: there's no intrinsic value, there's no way to value it. Um, 56 00:02:43,960 --> 00:02:47,799 Speaker 1: there's environmental concerns, it's a waste of electricity. People want 57 00:02:47,800 --> 00:02:50,240 Speaker 1: to wait for the dip. People think that bitcoin is 58 00:02:50,280 --> 00:02:53,480 Speaker 1: only for a black market criminal activity. It's too volatile 59 00:02:53,480 --> 00:02:56,639 Speaker 1: and risky. People feel like they've already missed the boat. Um. 60 00:02:56,680 --> 00:02:58,320 Speaker 1: They think it's too expensive and they want to know 61 00:02:58,360 --> 00:03:01,200 Speaker 1: about other coins. They think it could be hacked, it 62 00:03:01,200 --> 00:03:04,600 Speaker 1: could be manipulated. The big one is that the government 63 00:03:04,639 --> 00:03:08,360 Speaker 1: won't allow it to succeed. So the first ones I 64 00:03:08,400 --> 00:03:10,480 Speaker 1: just read that was two weeks ago. Last week we 65 00:03:10,560 --> 00:03:13,520 Speaker 1: covered government won't allow it to succeed. Uh, there's gonna 66 00:03:13,520 --> 00:03:17,320 Speaker 1: be regulations coming. The rules could be changed, like change 67 00:03:17,360 --> 00:03:19,960 Speaker 1: how many coins there are something like that, UM that 68 00:03:20,000 --> 00:03:22,240 Speaker 1: it was started by the c i A and there's 69 00:03:22,280 --> 00:03:26,520 Speaker 1: like some sort of backdoor UM that it's older technology 70 00:03:26,600 --> 00:03:30,920 Speaker 1: and there's newer technology around that inflation is needed for 71 00:03:31,000 --> 00:03:33,440 Speaker 1: economic growth and that's why a fixed supply would never 72 00:03:33,480 --> 00:03:35,840 Speaker 1: work UM. And then and then if we did have 73 00:03:35,880 --> 00:03:37,720 Speaker 1: fixed supply that people would just hoard it, they would 74 00:03:37,720 --> 00:03:41,880 Speaker 1: hoard a inflationary currency and there would be no um 75 00:03:42,280 --> 00:03:44,560 Speaker 1: economic growth. So that was all last week. So we 76 00:03:44,640 --> 00:03:46,440 Speaker 1: recovered that's all the things we've governed in the last 77 00:03:46,440 --> 00:03:48,720 Speaker 1: two weeks, and we're gonna break down the rest of 78 00:03:48,760 --> 00:03:51,920 Speaker 1: them today and we're gonna put this whole section to BED. 79 00:03:51,960 --> 00:03:53,600 Speaker 1: I got a lot more topics to get back to 80 00:03:53,600 --> 00:03:55,560 Speaker 1: you on. By the way, if you're just tuning in, 81 00:03:55,600 --> 00:03:57,760 Speaker 1: you're listening to the Markmas Show, which of course we're 82 00:03:57,760 --> 00:04:02,200 Speaker 1: talking about bitcoin and this decentralized revolution that's happening. It's 83 00:04:02,240 --> 00:04:05,680 Speaker 1: really big. It's it's it's really really big. It's a 84 00:04:05,680 --> 00:04:08,120 Speaker 1: technological revolution that will change the way the world works, 85 00:04:08,160 --> 00:04:10,760 Speaker 1: and so um, because it's so big and it's so new, 86 00:04:10,800 --> 00:04:14,320 Speaker 1: it's hard to understand, and a lot of people dismiss it. 87 00:04:14,480 --> 00:04:16,800 Speaker 1: And so let's break that down. So let's move on 88 00:04:16,839 --> 00:04:19,279 Speaker 1: to the last couple that I have here, and we 89 00:04:19,440 --> 00:04:23,960 Speaker 1: have let's see here, there's nothing tangible to touch, right, 90 00:04:24,000 --> 00:04:27,040 Speaker 1: it's a digital asset, right, there's nothing tangible. I only 91 00:04:27,080 --> 00:04:29,920 Speaker 1: want things that I can hold in my hand. Um, 92 00:04:29,920 --> 00:04:32,039 Speaker 1: like gold. Gold is great because I can hold gold 93 00:04:32,080 --> 00:04:35,239 Speaker 1: in my hand. And so because of that, I can't 94 00:04:35,240 --> 00:04:37,360 Speaker 1: trust it. Um, I don't believe it has any value. 95 00:04:38,120 --> 00:04:39,800 Speaker 1: And um, what I would say to that is a 96 00:04:39,800 --> 00:04:46,440 Speaker 1: couple of things. So first off, uh, I'm sorry if 97 00:04:46,440 --> 00:04:49,880 Speaker 1: you're older, but maybe that's like a boomer comment. I mean, 98 00:04:50,680 --> 00:04:52,720 Speaker 1: I'm I'm kind of getting up there in age as well, 99 00:04:52,760 --> 00:04:54,839 Speaker 1: but you know, maybe that's a boomer comment. If you 100 00:04:54,839 --> 00:04:56,880 Speaker 1: don't if you don't believe in something digital because everything 101 00:04:56,920 --> 00:04:58,760 Speaker 1: is digital these days, would you say that you don't 102 00:04:58,800 --> 00:05:01,080 Speaker 1: believe in your music because music's digital now, Like we 103 00:05:01,200 --> 00:05:04,159 Speaker 1: used to have a vinyl record. Well before that, we 104 00:05:04,240 --> 00:05:06,160 Speaker 1: used to have an orchestra. If you want to hear 105 00:05:06,320 --> 00:05:08,640 Speaker 1: Beethoven symphony, you would have to get an entire orchestra 106 00:05:08,800 --> 00:05:10,200 Speaker 1: to come over to your house or set them up 107 00:05:10,200 --> 00:05:12,600 Speaker 1: and play it. UM. And then eventually it was on 108 00:05:12,640 --> 00:05:15,800 Speaker 1: a record, and I guess that record was still UM. 109 00:05:16,200 --> 00:05:17,760 Speaker 1: I guess it was still tangible you could hold in 110 00:05:17,760 --> 00:05:19,039 Speaker 1: your hand. And then it was a it was a 111 00:05:19,080 --> 00:05:23,120 Speaker 1: cassette and a CD. But today I stream it over 112 00:05:23,160 --> 00:05:25,520 Speaker 1: my phone and so it's digital. And so if you 113 00:05:25,560 --> 00:05:27,599 Speaker 1: don't trust digital assets, I don't even know what that means. 114 00:05:27,600 --> 00:05:32,239 Speaker 1: And as a matter of fact, almost nine of all 115 00:05:32,520 --> 00:05:37,040 Speaker 1: payment transactions today are done digital. Now for myself, you know, 116 00:05:37,200 --> 00:05:40,960 Speaker 1: I rarely carry around cash anymore, right, I'm just swiping 117 00:05:41,000 --> 00:05:43,320 Speaker 1: my debit card or my credit card everywhere I go 118 00:05:43,440 --> 00:05:46,880 Speaker 1: kind of a thing. And so you're already you're already 119 00:05:46,920 --> 00:05:50,039 Speaker 1: living in a digital money world, and so for people 120 00:05:50,080 --> 00:05:53,279 Speaker 1: to think that there's nothing tangible to touch it just 121 00:05:53,279 --> 00:05:56,000 Speaker 1: seems really strange to me. UM. And again I think 122 00:05:56,040 --> 00:05:59,120 Speaker 1: it's it's a probably a boomer comment. Um, I was 123 00:06:00,120 --> 00:06:03,200 Speaker 1: old enough to have lived without, UM a lot of 124 00:06:03,200 --> 00:06:05,400 Speaker 1: this technology, but I'm still young enough to kind of 125 00:06:05,400 --> 00:06:06,960 Speaker 1: grasp most most of it. So I kind of in 126 00:06:07,000 --> 00:06:09,400 Speaker 1: this like straddle situation. But that's what I just say, 127 00:06:09,440 --> 00:06:13,800 Speaker 1: I mean, transactions are already digital. We live in a 128 00:06:13,800 --> 00:06:16,479 Speaker 1: world where most of our assets are digital today. UM, 129 00:06:16,520 --> 00:06:18,720 Speaker 1: I just had to do some docu signed documents this 130 00:06:18,800 --> 00:06:22,159 Speaker 1: morning and uh it was my digital signature. UM. And 131 00:06:22,200 --> 00:06:25,000 Speaker 1: so everything is digital these days, and so I think, UM, 132 00:06:25,120 --> 00:06:28,520 Speaker 1: one thing about that I would say is that this 133 00:06:28,680 --> 00:06:29,919 Speaker 1: is not one that I have on the list. But 134 00:06:30,000 --> 00:06:32,920 Speaker 1: when we talk about like central bank digital currencies, you've 135 00:06:32,920 --> 00:06:35,320 Speaker 1: probably heard about that by now. They're you know, called 136 00:06:35,400 --> 00:06:38,520 Speaker 1: c b dcs central bank digital currencies, And so we 137 00:06:38,560 --> 00:06:40,880 Speaker 1: know China has already kind of rolled out their central 138 00:06:40,880 --> 00:06:43,160 Speaker 1: bank digital currency. They've been testing it for over a year. 139 00:06:44,080 --> 00:06:47,039 Speaker 1: Their plan is to have a full scale release for 140 00:06:47,080 --> 00:06:49,880 Speaker 1: the Winter Olympics. That's that's coming up there. But most 141 00:06:49,880 --> 00:06:51,560 Speaker 1: of the other countries are also working on it. We 142 00:06:51,600 --> 00:06:53,720 Speaker 1: know the United States, the Federal Reserve is also working 143 00:06:53,720 --> 00:06:57,280 Speaker 1: on a central bank digital currency. UM. And what I 144 00:06:57,320 --> 00:07:00,719 Speaker 1: think a lot of people ask me about that, UM, 145 00:07:00,760 --> 00:07:02,359 Speaker 1: it's not on my list, But we'll talk about that 146 00:07:02,440 --> 00:07:04,040 Speaker 1: for a second, because I think it plays into this 147 00:07:04,200 --> 00:07:06,880 Speaker 1: exact piece of fund that I'm talking about, And a 148 00:07:06,920 --> 00:07:08,680 Speaker 1: lot of people wonder, like what's going to happen with 149 00:07:08,720 --> 00:07:11,880 Speaker 1: a central bank digital currency, and will that um take 150 00:07:11,920 --> 00:07:16,240 Speaker 1: away the need for cryptocurrencies. Actually, a lot of regulators 151 00:07:16,360 --> 00:07:19,680 Speaker 1: actually think that. UM. I was actually reading today and 152 00:07:19,720 --> 00:07:21,480 Speaker 1: we'll get to this story a little bit later, but 153 00:07:22,000 --> 00:07:24,760 Speaker 1: Russias is trying to ban cryptocurrency, is trying to kind 154 00:07:24,760 --> 00:07:27,680 Speaker 1: of follow what China is doing. But what they said, 155 00:07:27,960 --> 00:07:30,040 Speaker 1: and when I was reading through what they were talking about, 156 00:07:30,040 --> 00:07:32,000 Speaker 1: they said that they think that if they could hurry 157 00:07:32,080 --> 00:07:36,040 Speaker 1: up and rush out the ruble, the digital ruble, that 158 00:07:36,240 --> 00:07:39,800 Speaker 1: people wouldn't be people wouldn't need cryptocurrencies because what people 159 00:07:39,880 --> 00:07:43,560 Speaker 1: really want is a way to transact digital assets, and 160 00:07:43,560 --> 00:07:45,160 Speaker 1: if they can give them a digital ruble, then they 161 00:07:45,200 --> 00:07:48,400 Speaker 1: would need cryptocurrencies. And I think that's just that's just ridiculous. Um. 162 00:07:48,400 --> 00:07:52,240 Speaker 1: As I said, transactions are digital anyway, and so what 163 00:07:52,320 --> 00:07:54,360 Speaker 1: I think central make digital currencies. If the government, if 164 00:07:54,360 --> 00:07:56,760 Speaker 1: the Federal Reserve said, hey, um, you want new stemmy. 165 00:07:56,840 --> 00:07:59,200 Speaker 1: You want for your four dollars a stemmy, download this 166 00:07:59,240 --> 00:08:01,560 Speaker 1: app and we'll will put it in there, a lot 167 00:08:01,600 --> 00:08:05,080 Speaker 1: of people will, including myself. I'll take fourteen dollars free 168 00:08:05,080 --> 00:08:06,040 Speaker 1: money if they want to give it to me. And 169 00:08:06,040 --> 00:08:07,600 Speaker 1: so I would download the app, I would use it 170 00:08:07,880 --> 00:08:10,600 Speaker 1: and then everybody will be using that stimulus that would 171 00:08:10,640 --> 00:08:12,840 Speaker 1: be given to them via this digital asset, this central 172 00:08:12,840 --> 00:08:16,360 Speaker 1: bank digital currency, and then all of a sudden they 173 00:08:16,360 --> 00:08:19,280 Speaker 1: would be kind of forced to use it, and they go, well, actually, 174 00:08:19,320 --> 00:08:22,200 Speaker 1: this isn't any different than using venmo or PayPal. It 175 00:08:22,320 --> 00:08:24,960 Speaker 1: is actually kind of the same thing. And um, I 176 00:08:25,000 --> 00:08:27,680 Speaker 1: guess I can use digital payments, and I guess it 177 00:08:27,760 --> 00:08:29,680 Speaker 1: is kind of convenient and it works kind of good, 178 00:08:29,720 --> 00:08:31,440 Speaker 1: and I guess I can trust it. And so it 179 00:08:31,440 --> 00:08:34,160 Speaker 1: would kind of force people to shift to their viewpoint 180 00:08:34,160 --> 00:08:37,319 Speaker 1: on cryptocurrency because they'd be incentivized to use it by 181 00:08:37,400 --> 00:08:40,080 Speaker 1: by getting that free money. And then what would happen 182 00:08:40,440 --> 00:08:42,280 Speaker 1: is they would be looking at those central bank digital 183 00:08:42,280 --> 00:08:47,600 Speaker 1: currencies in their wallet and go, how come, um, all 184 00:08:47,600 --> 00:08:51,520 Speaker 1: the prices get more and more expensive, Like why why 185 00:08:51,600 --> 00:08:53,720 Speaker 1: does it take more of my central bank digital currency, 186 00:08:53,720 --> 00:08:56,800 Speaker 1: more my digital dollars to buy my regular you know, 187 00:08:57,480 --> 00:08:59,600 Speaker 1: lunch at my lunch spot or gas in my car? 188 00:09:00,200 --> 00:09:03,640 Speaker 1: But bitcoin over here it's taking less and less bitcoin 189 00:09:03,800 --> 00:09:06,640 Speaker 1: to buy gas from my car or lunch. Like what's 190 00:09:06,679 --> 00:09:09,400 Speaker 1: going on? Well, maybe I should put my essentil bank 191 00:09:09,440 --> 00:09:11,960 Speaker 1: digital currency in to bitcoin. And so I think that 192 00:09:12,320 --> 00:09:14,760 Speaker 1: it will really help this whole nothing tangible to touch, 193 00:09:14,800 --> 00:09:17,440 Speaker 1: don't trust digital assets. It'll force people to do. It's 194 00:09:17,480 --> 00:09:20,040 Speaker 1: kind of like this trojan horse or this gateway drug. 195 00:09:20,080 --> 00:09:22,559 Speaker 1: If you will. Um, I got more coming up. You're 196 00:09:22,559 --> 00:09:24,800 Speaker 1: listening to the Markmas Show. We're talking about bitcoin. We're 197 00:09:24,840 --> 00:09:29,160 Speaker 1: specifically talking about the big objections against bitcoin. I got 198 00:09:29,160 --> 00:09:31,520 Speaker 1: a bunch more, so don't go away. I'll be right back. 199 00:09:31,720 --> 00:09:34,360 Speaker 1: All right, welcome back. You are listening to the markma Show. 200 00:09:34,400 --> 00:09:38,199 Speaker 1: While we are talking about bitcoin, we're talking about cryptocurrencies, 201 00:09:38,240 --> 00:09:42,439 Speaker 1: and we're talking about the decentralized revolution that's happening. Of course, 202 00:09:42,480 --> 00:09:44,719 Speaker 1: we're doing this each and every week, and uh, I've 203 00:09:44,760 --> 00:09:48,080 Speaker 1: spent the this is the third week now. I've been 204 00:09:48,120 --> 00:09:52,520 Speaker 1: breaking down the biggest fud fear, uncertainty, in doubt headlines 205 00:09:52,679 --> 00:09:56,360 Speaker 1: against bitcoin specifically UM and also some of them applied 206 00:09:56,400 --> 00:10:00,360 Speaker 1: just to cryptocurrencies more in general. And we've covered a bunch. Um. 207 00:10:00,400 --> 00:10:02,800 Speaker 1: I just talked about before the break, how people say 208 00:10:02,840 --> 00:10:04,960 Speaker 1: that there's nothing tangible to touch, you know, you can't 209 00:10:05,000 --> 00:10:08,240 Speaker 1: trust these digital assets. And I went to that. Another 210 00:10:08,240 --> 00:10:11,839 Speaker 1: one that I got in this when I asked the 211 00:10:12,559 --> 00:10:14,720 Speaker 1: people on Twitter what were some of the biggest ones 212 00:10:14,760 --> 00:10:19,400 Speaker 1: I hear, and they'd say that bitcoin has an unequal distribution, 213 00:10:20,120 --> 00:10:21,679 Speaker 1: all right, and so I think that's a big one. 214 00:10:21,760 --> 00:10:25,160 Speaker 1: I think the world is caught up in this whole 215 00:10:26,000 --> 00:10:31,960 Speaker 1: uh fair equality situation today, and so that makes sense. 216 00:10:32,000 --> 00:10:34,520 Speaker 1: I mean, you know, I uh, I want everyone to 217 00:10:34,559 --> 00:10:35,880 Speaker 1: do good and you know, I try to help as 218 00:10:35,880 --> 00:10:38,320 Speaker 1: many people as I can, and um, you know, help 219 00:10:38,320 --> 00:10:41,360 Speaker 1: out the less fortunate, and that's all great, um, and 220 00:10:41,679 --> 00:10:43,720 Speaker 1: we should all want to do that. But when you 221 00:10:43,720 --> 00:10:46,800 Speaker 1: think about equality, I think there's a difference in equality 222 00:10:46,840 --> 00:10:50,720 Speaker 1: and a difference in fairness. And so what do I 223 00:10:50,760 --> 00:10:53,640 Speaker 1: mean by that is that, Um, the game of basketball 224 00:10:54,000 --> 00:10:56,960 Speaker 1: is fair, right, there's a set of rules for basketball 225 00:10:57,600 --> 00:11:00,880 Speaker 1: and everybody has to apply to those rules. It's fair, 226 00:11:01,160 --> 00:11:03,959 Speaker 1: but it's not equal. So Lebron James is way better 227 00:11:04,040 --> 00:11:07,560 Speaker 1: than me. I'll never be as good as Lebron James. Um. Now, 228 00:11:08,080 --> 00:11:11,240 Speaker 1: if they want to equality in basketball, they would allow 229 00:11:11,280 --> 00:11:13,640 Speaker 1: me to shoot from right under the basket or actually 230 00:11:13,640 --> 00:11:16,040 Speaker 1: probably lower the basket for me when I was shooting. 231 00:11:16,400 --> 00:11:18,120 Speaker 1: And then for him, he would have to shoot further 232 00:11:18,120 --> 00:11:20,240 Speaker 1: away and they'd raise the basket or you know, something 233 00:11:20,280 --> 00:11:21,960 Speaker 1: like that for him or he would have to play 234 00:11:22,000 --> 00:11:23,560 Speaker 1: on one foot and with one arm, and I could 235 00:11:23,559 --> 00:11:25,880 Speaker 1: play with both feet and both arms or something like that, 236 00:11:26,040 --> 00:11:28,600 Speaker 1: and that would give us equality on the basketball court. 237 00:11:28,800 --> 00:11:30,920 Speaker 1: But it wouldn't be fair, right, And you see how 238 00:11:30,960 --> 00:11:33,760 Speaker 1: that's different. And so when we look at people say 239 00:11:33,800 --> 00:11:38,480 Speaker 1: that bitcoin isn't isn't isn't equal, it's unequal distribution. Well, 240 00:11:38,640 --> 00:11:40,600 Speaker 1: I mean that's just life. I mean Lebron got an 241 00:11:40,679 --> 00:11:45,960 Speaker 1: unequal distribution in in skills for basketball and I didn't. 242 00:11:47,160 --> 00:11:50,800 Speaker 1: It's not gonna say a bad thing. Um, it's funny. Um. 243 00:11:50,840 --> 00:11:54,800 Speaker 1: As a parent and previously being a kid, I remember 244 00:11:54,880 --> 00:11:57,280 Speaker 1: all the time when I was a kid telling my 245 00:11:57,280 --> 00:11:59,880 Speaker 1: my dad, it's not fair, it's not fair. It's not 246 00:12:00,280 --> 00:12:04,640 Speaker 1: My dad would go Mark, life isn't fair. And Uh, 247 00:12:04,760 --> 00:12:06,400 Speaker 1: Now as a parent, I hear the same thing from 248 00:12:06,400 --> 00:12:08,800 Speaker 1: my kids. It's not fair, it's not fair. I said 249 00:12:08,800 --> 00:12:11,720 Speaker 1: the same thing my dad did, like, life isn't fair. Um. 250 00:12:11,760 --> 00:12:14,800 Speaker 1: But you know, we want fairness. I think we should 251 00:12:14,840 --> 00:12:17,920 Speaker 1: have fairness, but equality is just something we can't have. Now. 252 00:12:18,200 --> 00:12:20,800 Speaker 1: The part of the thing about being unequal, like in basketball, 253 00:12:20,920 --> 00:12:26,280 Speaker 1: is that my inequality could be my advantage. So, for example, UM, 254 00:12:26,400 --> 00:12:31,240 Speaker 1: a basketball player maybe bigger, but I might be faster, right, 255 00:12:31,320 --> 00:12:34,120 Speaker 1: so I could use my fastness as my advantage while 256 00:12:34,160 --> 00:12:36,240 Speaker 1: he's trying to use size as his advantage. And so 257 00:12:36,480 --> 00:12:39,320 Speaker 1: that unequal distribution is what allows for this dynamic range. 258 00:12:39,320 --> 00:12:41,880 Speaker 1: And that's why basketball games are fun and exciting. If 259 00:12:41,880 --> 00:12:43,360 Speaker 1: we just had a whole bunch of Lebron James, it 260 00:12:43,360 --> 00:12:45,600 Speaker 1: probably wouldn't be near as fun as a little you know, 261 00:12:45,679 --> 00:12:48,000 Speaker 1: I'm not a big basketball fan, so forgive me, but 262 00:12:48,080 --> 00:12:50,520 Speaker 1: like a little Steve Nash that that was out there, like, 263 00:12:50,559 --> 00:12:52,560 Speaker 1: you know, that was really quick, um, something like that. 264 00:12:52,600 --> 00:12:55,200 Speaker 1: But back to bitcoin. And by the way, you're listening 265 00:12:55,200 --> 00:12:58,000 Speaker 1: to the Markmas Show and we're talking about bitcoin. But 266 00:12:58,040 --> 00:13:01,400 Speaker 1: back to bitcoin and this unequal distribution. Bitcoin is open, 267 00:13:02,120 --> 00:13:07,920 Speaker 1: it's borderless, it's permissionless. Anybody in the world has the 268 00:13:08,000 --> 00:13:13,559 Speaker 1: exact same opportunity, the same fairness. Anybody can go buy 269 00:13:13,640 --> 00:13:17,120 Speaker 1: a computer, hook it to the network and mind bitcoin, 270 00:13:17,480 --> 00:13:20,880 Speaker 1: or anybody could take whatever currency they have and they 271 00:13:20,920 --> 00:13:28,040 Speaker 1: could buy bitcoin. Nobody's excluded. It's one fair anybody could 272 00:13:28,080 --> 00:13:32,079 Speaker 1: come and get it. That's what's fair. Now they would say, well, 273 00:13:32,120 --> 00:13:34,200 Speaker 1: some people are poor and some people are rich, and 274 00:13:34,200 --> 00:13:36,600 Speaker 1: so the rich people can buy more than the poor people. Well, 275 00:13:36,679 --> 00:13:39,880 Speaker 1: that's true, but those rich people can buy more of anything. Um. 276 00:13:39,920 --> 00:13:41,960 Speaker 1: And that's so that's a that's a different situation. That's 277 00:13:41,960 --> 00:13:44,320 Speaker 1: more of an incoming equality thing. That's more based off 278 00:13:44,320 --> 00:13:47,000 Speaker 1: the fiat money system that we have today. Um. But 279 00:13:47,240 --> 00:13:50,560 Speaker 1: bitcoin is fair. Anybody can go get it today. And 280 00:13:50,559 --> 00:13:52,640 Speaker 1: then they would say, well, if all these rich people 281 00:13:52,679 --> 00:13:54,439 Speaker 1: go buy up all the bitcoin and the poor people 282 00:13:54,760 --> 00:13:57,520 Speaker 1: can't get it, um, and then the rich people just 283 00:13:57,559 --> 00:13:58,960 Speaker 1: want to hoard it, they don't want to sell it, 284 00:13:59,000 --> 00:14:02,600 Speaker 1: how would the poor people forget it? And I would say, well, 285 00:14:02,640 --> 00:14:04,560 Speaker 1: they would get it the same way that they would 286 00:14:04,640 --> 00:14:08,000 Speaker 1: get anything else. They would get it by providing them 287 00:14:08,120 --> 00:14:12,640 Speaker 1: a valuable good or service in exchange for it. So 288 00:14:13,120 --> 00:14:15,760 Speaker 1: if I were to go provide them something of value 289 00:14:15,800 --> 00:14:18,360 Speaker 1: that they really wanted, they would be compelled to give 290 00:14:18,440 --> 00:14:21,360 Speaker 1: up some of that bitcoin. And so, um, it is uh, 291 00:14:21,400 --> 00:14:24,560 Speaker 1: you know, there is inequality, I suppose, but it is 292 00:14:24,760 --> 00:14:27,000 Speaker 1: fair and I think that is the big difference. I 293 00:14:27,000 --> 00:14:28,640 Speaker 1: think if if you look at basketball, right, it's a 294 00:14:28,640 --> 00:14:30,440 Speaker 1: fair game, and I think that's why people look at 295 00:14:30,440 --> 00:14:34,160 Speaker 1: it all. Right. Um, oh I love this one. This 296 00:14:34,240 --> 00:14:37,560 Speaker 1: is a good one. Actually, I'm gonna I'm gonna save 297 00:14:37,640 --> 00:14:41,120 Speaker 1: this one. Let's go to Uh, you can't know that 298 00:14:41,160 --> 00:14:43,920 Speaker 1: it won't get hacked. So that's a big thing. Bitcoin 299 00:14:44,000 --> 00:14:47,200 Speaker 1: gets hacked, right, Um, I could lose it, um, And 300 00:14:47,400 --> 00:14:49,480 Speaker 1: how do I protect it? How do I not get stolen? 301 00:14:49,600 --> 00:14:51,360 Speaker 1: Or how do I know that the whole network won't 302 00:14:51,360 --> 00:14:53,720 Speaker 1: get hacked and I won't lose everything? So that's a 303 00:14:53,720 --> 00:14:56,360 Speaker 1: good one. So let's let's talk about that. So first 304 00:14:56,360 --> 00:14:58,960 Speaker 1: of all, as I said, bitcoin is difficult to understand 305 00:14:58,960 --> 00:15:00,600 Speaker 1: because it's a lot of things, and you really have 306 00:15:00,680 --> 00:15:03,560 Speaker 1: to know at least six or eight different disciplines in 307 00:15:03,640 --> 00:15:07,320 Speaker 1: order to really understand what bitcoin is. UM. Part of 308 00:15:07,320 --> 00:15:09,640 Speaker 1: the reason why is as human beings, we are not 309 00:15:09,880 --> 00:15:13,200 Speaker 1: good at imagining the future. All we can do is 310 00:15:13,240 --> 00:15:17,440 Speaker 1: imagine better versions of what we have today. So we 311 00:15:17,600 --> 00:15:21,560 Speaker 1: have cars, will have flying cars or something like that. Right, 312 00:15:21,920 --> 00:15:23,200 Speaker 1: And so what we try to do when we have 313 00:15:23,280 --> 00:15:26,040 Speaker 1: something new, some new technology, we try to put it 314 00:15:26,080 --> 00:15:29,920 Speaker 1: in relation to something that we know and understand. UM. 315 00:15:30,000 --> 00:15:34,360 Speaker 1: So for example, UM, hypothetically I wasn't alive at the time, 316 00:15:34,400 --> 00:15:37,360 Speaker 1: but let's say that when electricity first came out, Um, 317 00:15:38,080 --> 00:15:41,120 Speaker 1: what what is this like? What what is this electricity, 318 00:15:41,240 --> 00:15:43,440 Speaker 1: what's it gonna do? What? What can what can it 319 00:15:43,520 --> 00:15:45,680 Speaker 1: do for us? And someone might say, well, you know, 320 00:15:45,720 --> 00:15:47,120 Speaker 1: at the time, it was a light bulb, right, so 321 00:15:47,120 --> 00:15:51,320 Speaker 1: it's like, well, it's kind of like a digital candle. Okay, 322 00:15:51,400 --> 00:15:54,840 Speaker 1: so electricity, I get it. I understand electricity. Electricity is 323 00:15:54,880 --> 00:16:00,280 Speaker 1: a digital candle. And someone might go, well, um, why 324 00:16:00,280 --> 00:16:02,040 Speaker 1: do we need digital candle? Cants been light for five 325 00:16:02,040 --> 00:16:03,760 Speaker 1: thousand years kind of thing like that. But of course 326 00:16:03,760 --> 00:16:07,280 Speaker 1: electricity became so much more than that. UM. So Bitcoin 327 00:16:07,360 --> 00:16:08,760 Speaker 1: is a lot of things, and it's going to be 328 00:16:08,800 --> 00:16:10,280 Speaker 1: a lot of things. But one thing we know for 329 00:16:10,360 --> 00:16:14,360 Speaker 1: certain today is it's the most secure computer network in 330 00:16:14,400 --> 00:16:17,280 Speaker 1: the history of the world. And um not just because 331 00:16:17,280 --> 00:16:19,920 Speaker 1: it's the most secure network, but because of the design 332 00:16:19,960 --> 00:16:22,040 Speaker 1: of it, because of the new technology that it is. 333 00:16:22,080 --> 00:16:24,400 Speaker 1: And so for UH to to kind of illustrate this, 334 00:16:25,160 --> 00:16:29,800 Speaker 1: all computer networks or databases today are centralized. So the 335 00:16:29,880 --> 00:16:32,800 Speaker 1: Facebook database that stores your using name and password and 336 00:16:32,840 --> 00:16:35,440 Speaker 1: all your images and mind and and all that, or 337 00:16:35,520 --> 00:16:39,320 Speaker 1: the Experienced database that stores all your credit history um 338 00:16:39,440 --> 00:16:42,880 Speaker 1: or the NSA database where they track everything and they 339 00:16:42,960 --> 00:16:46,520 Speaker 1: store out your data in there. Those are centralized databases. 340 00:16:46,760 --> 00:16:49,760 Speaker 1: And of course, um, those companies have you know, buildings 341 00:16:49,760 --> 00:16:52,640 Speaker 1: and they have I T departments and you know cybersecurity, 342 00:16:52,640 --> 00:16:55,520 Speaker 1: and they have these these these walls and their their 343 00:16:55,560 --> 00:16:58,000 Speaker 1: servers are in there, and they take all this time 344 00:16:58,040 --> 00:17:01,440 Speaker 1: to secure those databases, those centraalized databases. But those centralized 345 00:17:01,480 --> 00:17:04,440 Speaker 1: databases are big honey pots. When I've been by honey pots, 346 00:17:04,560 --> 00:17:07,640 Speaker 1: is there's a lot of data and it's a big 347 00:17:08,000 --> 00:17:10,480 Speaker 1: score if someone could break in and steal that. And 348 00:17:10,480 --> 00:17:12,399 Speaker 1: of course people do all the time. So as a 349 00:17:12,400 --> 00:17:14,360 Speaker 1: matter of fact, you've probably heard a couple of years ago, 350 00:17:14,400 --> 00:17:17,080 Speaker 1: Experience was hacked. It was the largest data breach and 351 00:17:17,520 --> 00:17:21,440 Speaker 1: I think US history and hundreds of millions of people's 352 00:17:21,920 --> 00:17:25,399 Speaker 1: credit history, so security numbers, etcetera. Was leaked onto the 353 00:17:25,440 --> 00:17:29,000 Speaker 1: dark web. Um, so we see these these computer networks 354 00:17:29,000 --> 00:17:30,440 Speaker 1: get hacked all the time. As a matter of fact, 355 00:17:30,440 --> 00:17:33,240 Speaker 1: the n s A was hacked and then then the 356 00:17:33,320 --> 00:17:35,680 Speaker 1: NSA is responsible for security the United States and their 357 00:17:35,720 --> 00:17:37,960 Speaker 1: own network was hacked. When they hacked the NSA, they 358 00:17:38,080 --> 00:17:41,720 Speaker 1: stole the NSA is hacking software, which is why we 359 00:17:41,760 --> 00:17:43,800 Speaker 1: have all these ransomware attacks today. Of course they blame 360 00:17:43,840 --> 00:17:45,680 Speaker 1: that on bitcoin, but it's because the NSA was hacked 361 00:17:45,680 --> 00:17:48,520 Speaker 1: and they stole their hacking software, but the Bitcoin network 362 00:17:48,560 --> 00:17:51,440 Speaker 1: has never been hacked, and it's never been hacked because 363 00:17:51,480 --> 00:17:54,199 Speaker 1: of the design. I'm gonna explain to you what that 364 00:17:54,240 --> 00:17:56,640 Speaker 1: design is and why it's revolutionary and why it can't 365 00:17:56,640 --> 00:17:58,240 Speaker 1: get hacked or it hasn't been hacked and most likely 366 00:17:58,280 --> 00:18:01,360 Speaker 1: won't be. I have more headlines coming up. You're listening 367 00:18:01,400 --> 00:18:04,320 Speaker 1: to the Mark Ma Show talking about bitcoin. I'm gonna 368 00:18:04,359 --> 00:18:06,000 Speaker 1: bring you more of these headlines, explain to you more 369 00:18:06,000 --> 00:18:09,920 Speaker 1: about bitcoin and why the design prevents it from getting 370 00:18:09,960 --> 00:18:12,119 Speaker 1: hacked so you can understand a little bit better. And 371 00:18:12,320 --> 00:18:13,960 Speaker 1: like I said, I have a couple more another really 372 00:18:13,960 --> 00:18:15,720 Speaker 1: really big one I want to get into. So don't 373 00:18:15,760 --> 00:18:18,480 Speaker 1: go away, all right, Welcome back. You're listening to the 374 00:18:18,480 --> 00:18:21,720 Speaker 1: Markma Show, and we're talking about bitcoin. We're talking about 375 00:18:22,040 --> 00:18:27,480 Speaker 1: cryptocurrencies and decentralized revolution that's been happening and right now, specifically, 376 00:18:27,640 --> 00:18:31,560 Speaker 1: I'm taking on one piece of fund one fear, uncertainty 377 00:18:31,560 --> 00:18:34,520 Speaker 1: and doubt, one objection to bitcoin at a time. We've 378 00:18:34,560 --> 00:18:36,240 Speaker 1: been covering it for the last couple of weeks. I've 379 00:18:36,280 --> 00:18:38,640 Speaker 1: gone through about twenty of them. I got two more 380 00:18:38,680 --> 00:18:42,000 Speaker 1: to go. And before the break, I was talking about, 381 00:18:42,119 --> 00:18:44,520 Speaker 1: you know, bitcoin is very difficult to understand because, um, 382 00:18:44,560 --> 00:18:47,680 Speaker 1: it's a new technology and it is a lot of things. 383 00:18:47,720 --> 00:18:50,679 Speaker 1: It's going to be a lot of things. Um, but 384 00:18:50,760 --> 00:18:53,280 Speaker 1: one thing we know for certain that it is is 385 00:18:53,320 --> 00:18:55,480 Speaker 1: that it's the most secure computer network in the history 386 00:18:55,520 --> 00:18:58,560 Speaker 1: of the world. And I was explaining how computer networks 387 00:18:58,640 --> 00:19:01,080 Speaker 1: or databases, I should say, they're big honey pots. There's 388 00:19:01,080 --> 00:19:02,840 Speaker 1: a lot of data there, so it's there's a lot 389 00:19:02,880 --> 00:19:05,119 Speaker 1: of reward for a hacker to break in and and 390 00:19:05,119 --> 00:19:07,240 Speaker 1: and steal the data that's in there, like experience getting 391 00:19:07,280 --> 00:19:10,639 Speaker 1: hacked or the the NSA getting hacked. Um. But I 392 00:19:10,680 --> 00:19:12,680 Speaker 1: was saying how that the bitcoin network has never been 393 00:19:12,720 --> 00:19:16,280 Speaker 1: hacked and the reason why it's never been hacked and 394 00:19:16,600 --> 00:19:19,320 Speaker 1: most likely never will be. I mean, anything is possible. 395 00:19:19,359 --> 00:19:21,120 Speaker 1: I don't deal in the world of absolutes. I think 396 00:19:21,119 --> 00:19:24,719 Speaker 1: of things in terms of probabilities, So you know, anything 397 00:19:24,800 --> 00:19:26,880 Speaker 1: is possible. I mean aliens could come destroy the world 398 00:19:26,880 --> 00:19:28,960 Speaker 1: tomorrow too, but we have to so we have we 399 00:19:29,040 --> 00:19:31,359 Speaker 1: have to think about things in terms of probabilities. But 400 00:19:31,359 --> 00:19:34,360 Speaker 1: then we think about, like, well, what's the chance, what's 401 00:19:34,359 --> 00:19:37,399 Speaker 1: the probability that aliens would destroy the world tomorrow. I 402 00:19:37,400 --> 00:19:39,879 Speaker 1: mean it's you know, I guess it's theoretically possible, but 403 00:19:39,920 --> 00:19:42,880 Speaker 1: it's probably like barely possible, right, And so the same 404 00:19:42,920 --> 00:19:45,760 Speaker 1: would be with the bitcoin with the bitcoin network being hacked. 405 00:19:46,280 --> 00:19:48,359 Speaker 1: And so let me explain to you the design and 406 00:19:48,400 --> 00:19:51,360 Speaker 1: that will help explain a little bit better. So kind 407 00:19:51,359 --> 00:19:54,480 Speaker 1: of back to this honey pot, right. So, Um, you know, 408 00:19:54,520 --> 00:19:57,679 Speaker 1: if I could hack into the experienced UH database and 409 00:19:57,720 --> 00:20:00,240 Speaker 1: I could steal all the records of every Amerria again 410 00:20:00,280 --> 00:20:02,520 Speaker 1: and all their bank accounts and so security numbers, that's 411 00:20:02,560 --> 00:20:05,359 Speaker 1: that's worth a lot of money, and so a lot 412 00:20:05,400 --> 00:20:09,119 Speaker 1: of hackers were motivated to do that. Um, if I 413 00:20:09,160 --> 00:20:12,119 Speaker 1: had a bank and the bank had I don't know, 414 00:20:12,200 --> 00:20:15,320 Speaker 1: a trillion dollars in the bank, that's a lot of money, 415 00:20:15,520 --> 00:20:17,960 Speaker 1: and a lot of bank robbers might be willing to 416 00:20:18,000 --> 00:20:19,600 Speaker 1: try to break into that. And as a matter of fact, 417 00:20:19,600 --> 00:20:22,040 Speaker 1: if I could get a trillion dollars out of the bank, 418 00:20:22,119 --> 00:20:25,439 Speaker 1: I might be willing to spend a few million, a 419 00:20:25,480 --> 00:20:29,159 Speaker 1: few hundred million to try to hack into that. Because 420 00:20:29,200 --> 00:20:30,880 Speaker 1: if I spent a few and a million but got 421 00:20:30,880 --> 00:20:32,359 Speaker 1: a trillion back, that would be a good return of 422 00:20:32,359 --> 00:20:36,240 Speaker 1: my investment on my time. But what if I had 423 00:20:37,720 --> 00:20:43,480 Speaker 1: a trillion banks with one dollar each. I see now 424 00:20:44,160 --> 00:20:46,680 Speaker 1: that would not be worth anybody's time to hack into 425 00:20:48,280 --> 00:20:50,840 Speaker 1: because it would take all this time, effort, and risk 426 00:20:51,520 --> 00:20:53,399 Speaker 1: to get one dollar, And then I'd have to go 427 00:20:53,480 --> 00:20:55,440 Speaker 1: to a trillion different banks and do the exact same 428 00:20:55,440 --> 00:20:57,639 Speaker 1: thing over and over and over and over. So it 429 00:20:57,680 --> 00:21:00,199 Speaker 1: makes it very, very difficult. That's kind of how the 430 00:21:00,240 --> 00:21:04,439 Speaker 1: bitcoin database works. Instead of having one centralized database like 431 00:21:04,480 --> 00:21:07,240 Speaker 1: Experience has, or Facebook has or or the n s 432 00:21:07,280 --> 00:21:11,960 Speaker 1: A has, instead of having one, we have decentralized or 433 00:21:12,000 --> 00:21:16,720 Speaker 1: distributed databases. So we have millions of databases that are 434 00:21:16,800 --> 00:21:19,280 Speaker 1: all around the world, and all the databases have the 435 00:21:19,440 --> 00:21:23,280 Speaker 1: entire same code base, and in order for a transaction happen, 436 00:21:23,760 --> 00:21:28,280 Speaker 1: all the databases have to agree at once. And if 437 00:21:28,280 --> 00:21:31,120 Speaker 1: somebody wanted to try to take that over, they would 438 00:21:31,119 --> 00:21:36,600 Speaker 1: have to take over more than fifty a lot more 439 00:21:36,640 --> 00:21:40,720 Speaker 1: than that, but at least minimum, at least of the network. 440 00:21:41,119 --> 00:21:43,520 Speaker 1: But how would they do that. They don't know where 441 00:21:43,520 --> 00:21:46,040 Speaker 1: they are, they don't even know they don't know where 442 00:21:46,040 --> 00:21:47,640 Speaker 1: they are, they don't know how to get access to them, 443 00:21:47,880 --> 00:21:49,680 Speaker 1: and they would have to co opt all of them 444 00:21:49,720 --> 00:21:53,960 Speaker 1: at the exact same time, which is theoretically impossible. Now 445 00:21:54,040 --> 00:21:56,679 Speaker 1: I say theoretically, I mean anything is possible, but but 446 00:21:57,000 --> 00:22:01,240 Speaker 1: on the probability scale, there's hardly any chance that could happen. Now, 447 00:22:01,280 --> 00:22:04,520 Speaker 1: Bitcoin is an open source network. Everybody can see all 448 00:22:04,520 --> 00:22:07,480 Speaker 1: the code. There's nothing proprietary about it. Facebook is a 449 00:22:07,480 --> 00:22:10,399 Speaker 1: proprietary database, Experience a proprietary to base. The NSA is 450 00:22:10,440 --> 00:22:13,399 Speaker 1: a proprietary database. But Bitcoin is open. It's open source. 451 00:22:13,440 --> 00:22:15,920 Speaker 1: Any any computer programmer can look at the code and 452 00:22:15,960 --> 00:22:19,199 Speaker 1: read the code and build on the code. And we 453 00:22:19,280 --> 00:22:23,560 Speaker 1: have about a trillion dollars sitting on the Bitcoin network open. 454 00:22:24,240 --> 00:22:28,720 Speaker 1: There's no there's no building, there's no I T department, 455 00:22:29,119 --> 00:22:33,840 Speaker 1: there's no UM cybersecurity team protecting it. There's no building, 456 00:22:33,880 --> 00:22:37,280 Speaker 1: there's no walls, there's nothing, there's nobody. It's just there. 457 00:22:37,440 --> 00:22:40,520 Speaker 1: There's open a trillion dollars in the open on an 458 00:22:40,520 --> 00:22:44,480 Speaker 1: open source network for any hacker to come and get 459 00:22:45,000 --> 00:22:48,680 Speaker 1: Come and get it, they say, and guess what, It's 460 00:22:48,720 --> 00:22:51,200 Speaker 1: never been hacked. Now, I would say that a trillion 461 00:22:51,240 --> 00:22:52,800 Speaker 1: dollars of value they can get from an open source 462 00:22:52,840 --> 00:22:56,080 Speaker 1: network is probably way more valuable than the credit scores 463 00:22:56,119 --> 00:22:59,119 Speaker 1: of people from experience, but it's never been hacked. Now, 464 00:22:59,119 --> 00:23:00,760 Speaker 1: it doesn't mean it never will be. I mean, like 465 00:23:00,800 --> 00:23:02,720 Speaker 1: I said, anything is possible, but it most likely won't be. 466 00:23:02,720 --> 00:23:07,240 Speaker 1: And it's because of the design the way the technology works. UM. 467 00:23:07,320 --> 00:23:11,960 Speaker 1: So anyway, that's that, Yeah, you can't and so you 468 00:23:11,960 --> 00:23:13,840 Speaker 1: can't know it won't get hacked. Yeah, and so you can't. 469 00:23:13,880 --> 00:23:16,280 Speaker 1: I mean, anything could happen, but the probably is is 470 00:23:16,760 --> 00:23:19,800 Speaker 1: almost non existent. All right, UM, you're listening to the 471 00:23:19,800 --> 00:23:23,440 Speaker 1: Markma Show. We're talking about bitcoin and and this decentralized revolution. 472 00:23:23,680 --> 00:23:27,119 Speaker 1: I'm breaking down the the fear, uncertainty, and doubt headlines 473 00:23:27,520 --> 00:23:29,399 Speaker 1: one by one by one. This is the third and 474 00:23:29,480 --> 00:23:31,960 Speaker 1: final week of getting through about twenty of these. Um. 475 00:23:31,960 --> 00:23:35,639 Speaker 1: We just covered UM, nothing tangible, I can't touch it, 476 00:23:35,680 --> 00:23:39,119 Speaker 1: don't trust digital assets. We covered unequal distribution, We covered 477 00:23:39,160 --> 00:23:41,600 Speaker 1: what happened or you can't know that it won't get hacked. 478 00:23:42,119 --> 00:23:45,240 Speaker 1: And the last one I want to get into is, um, 479 00:23:45,280 --> 00:23:49,280 Speaker 1: what happens if the power and the internet goes out? 480 00:23:49,840 --> 00:23:52,280 Speaker 1: M that's a good one. I saved the best for last. 481 00:23:52,920 --> 00:23:54,679 Speaker 1: What happened? Yeah? What does happen? That's a good that's 482 00:23:54,680 --> 00:23:56,080 Speaker 1: a good question. What happens if the power of the 483 00:23:56,080 --> 00:23:59,320 Speaker 1: Internet goes out. So the first thing I would say is, 484 00:23:59,359 --> 00:24:01,240 Speaker 1: let's talk about the power of the Internet going out. 485 00:24:01,280 --> 00:24:05,480 Speaker 1: So the power going out, Um, like the power going 486 00:24:05,520 --> 00:24:08,760 Speaker 1: out to like my town, because I can here in 487 00:24:08,800 --> 00:24:12,240 Speaker 1: California we have rolling blackouts and the power goes out occasionally. Um. 488 00:24:12,280 --> 00:24:14,560 Speaker 1: Do we mean like the power to a region the 489 00:24:14,640 --> 00:24:17,200 Speaker 1: country or you think like the whole the power of 490 00:24:17,240 --> 00:24:20,360 Speaker 1: go out for the whole world, And like then would 491 00:24:20,400 --> 00:24:21,920 Speaker 1: the power go out for the whole world and then 492 00:24:21,960 --> 00:24:24,560 Speaker 1: like never come back or would it just like go 493 00:24:24,600 --> 00:24:26,320 Speaker 1: out for like a few minutes, And so you have 494 00:24:26,359 --> 00:24:29,440 Speaker 1: to kind of think about that a little bit further. So, um, 495 00:24:29,560 --> 00:24:31,159 Speaker 1: let's talk about each one of those. So if the 496 00:24:31,200 --> 00:24:33,560 Speaker 1: power were to go out in my city, Okay, So 497 00:24:33,600 --> 00:24:36,800 Speaker 1: what the database is that I just talked about are decentralized. 498 00:24:36,840 --> 00:24:39,760 Speaker 1: There's millions of copies of the database all over the world. 499 00:24:39,800 --> 00:24:41,359 Speaker 1: So if power goes out of my town for a 500 00:24:41,400 --> 00:24:43,119 Speaker 1: couple of hours or a couple of days, so what right, 501 00:24:43,200 --> 00:24:46,440 Speaker 1: the database is still running in other parts of the world. Um, 502 00:24:46,480 --> 00:24:48,840 Speaker 1: and so um, while the power may be out, and 503 00:24:49,080 --> 00:24:52,080 Speaker 1: maybe I couldn't use the Bitcoin network where I'm at 504 00:24:52,119 --> 00:24:55,640 Speaker 1: because the power is out. Well, I also couldn't use 505 00:24:55,680 --> 00:24:58,159 Speaker 1: my visa card or my debit card. I couldn't go 506 00:24:58,160 --> 00:25:00,239 Speaker 1: to the A T M and pull cash out. Um. 507 00:25:00,280 --> 00:25:01,720 Speaker 1: I could go to a store, but they wouldn't be 508 00:25:01,720 --> 00:25:04,320 Speaker 1: able to check me out because their cash registers wouldn't 509 00:25:04,320 --> 00:25:08,320 Speaker 1: be working. Um. And So while I'm sure if in 510 00:25:08,440 --> 00:25:10,919 Speaker 1: my town, my city, the power went out, I couldn't 511 00:25:11,000 --> 00:25:13,960 Speaker 1: use bitcoin, I couldn't use anything else either, and most like, 512 00:25:14,000 --> 00:25:16,320 Speaker 1: I couldn't even use cash because, as I said, the 513 00:25:16,320 --> 00:25:18,560 Speaker 1: stores wouldn't even be able to check me out. Uh. 514 00:25:18,680 --> 00:25:20,240 Speaker 1: The grocery stores food would be going bad and they 515 00:25:20,240 --> 00:25:22,399 Speaker 1: wouldn't be able to open up the freezers. Right. So, Um, 516 00:25:22,520 --> 00:25:24,680 Speaker 1: if the power went out, we have much bigger problems 517 00:25:25,080 --> 00:25:28,920 Speaker 1: than that. Um. And So yes, temporarily, maybe you know, 518 00:25:28,960 --> 00:25:31,080 Speaker 1: we couldn't use bitcoin, we couldn't use anything else. Um. 519 00:25:31,200 --> 00:25:33,640 Speaker 1: But I'm gonna actually come back to that. Okay, Let's 520 00:25:33,680 --> 00:25:35,320 Speaker 1: let's go to a bigger scale. Let's say that the 521 00:25:35,320 --> 00:25:38,080 Speaker 1: power went out to um, the country. I mean, the 522 00:25:38,160 --> 00:25:42,480 Speaker 1: same situation, I guess, um, But but I think what 523 00:25:42,560 --> 00:25:44,840 Speaker 1: people are more afraid of is they say, what if 524 00:25:44,880 --> 00:25:48,119 Speaker 1: the power went out to the whole world? Okay, So 525 00:25:48,160 --> 00:25:50,040 Speaker 1: the power goes out into the whole world, the same 526 00:25:50,200 --> 00:25:54,200 Speaker 1: same situation as if it did locally. Um, all that now, 527 00:25:54,280 --> 00:25:57,240 Speaker 1: all the databases around the world, all the bitcoin databases, 528 00:25:57,280 --> 00:26:01,359 Speaker 1: they all lose power. Okay, well everything did, right. The 529 00:26:01,359 --> 00:26:03,680 Speaker 1: bank's all lost power, all the stores lost power, the 530 00:26:03,720 --> 00:26:06,000 Speaker 1: Visa network lost power, everything's lost power or in some 531 00:26:06,240 --> 00:26:09,840 Speaker 1: sort of like a mad Max scenario, uh kind of situation. 532 00:26:10,040 --> 00:26:12,960 Speaker 1: And uh, money isn't really good in that type of 533 00:26:12,960 --> 00:26:16,920 Speaker 1: a scenario. At that point, we're trading like water for batteries. Right. 534 00:26:17,200 --> 00:26:19,560 Speaker 1: If you look at when nations break down like Venezuela 535 00:26:19,600 --> 00:26:23,359 Speaker 1: for example, or or even in the United States, I 536 00:26:23,400 --> 00:26:25,840 Speaker 1: don't know how long it was now, maybe a decade ago. 537 00:26:26,280 --> 00:26:28,680 Speaker 1: I forget, Like a Hurricane Katrina happened in like New 538 00:26:28,760 --> 00:26:31,120 Speaker 1: Orleans and they didn't have any power for a couple 539 00:26:31,119 --> 00:26:33,159 Speaker 1: of weeks, or in New York they had like that 540 00:26:33,200 --> 00:26:36,080 Speaker 1: really bad storm, kind of same thing happened there, and um, 541 00:26:36,119 --> 00:26:38,840 Speaker 1: you know, banks stopped working, a t M stopped working, 542 00:26:38,920 --> 00:26:42,000 Speaker 1: and you know, people start just bartering. They start trading 543 00:26:42,080 --> 00:26:45,359 Speaker 1: laundry detergent for bread or something like that. And so 544 00:26:45,480 --> 00:26:47,639 Speaker 1: you know, in an event where you went without power 545 00:26:47,680 --> 00:26:50,000 Speaker 1: for an extended period of time, everything goes down, not 546 00:26:50,080 --> 00:26:53,280 Speaker 1: just bit coined and you go back to a barter system. 547 00:26:53,320 --> 00:26:55,399 Speaker 1: But I think, um, what some people think about is 548 00:26:55,400 --> 00:26:57,440 Speaker 1: they think about what happens if the power goes out 549 00:26:57,480 --> 00:27:01,080 Speaker 1: to the whole world at the same time. Okay, so, 550 00:27:01,119 --> 00:27:02,960 Speaker 1: like I said, the databases go down, but when the 551 00:27:02,960 --> 00:27:06,800 Speaker 1: power comes back on, the databases are still there. Nothing changed. 552 00:27:06,880 --> 00:27:09,240 Speaker 1: It's not like they get wiped out magically, so so 553 00:27:09,280 --> 00:27:14,479 Speaker 1: they're still there. UM. I would also say that. UM. 554 00:27:14,520 --> 00:27:18,080 Speaker 1: I would also say that the probability of it happening 555 00:27:18,119 --> 00:27:19,919 Speaker 1: and going out and never coming back on is like 556 00:27:20,560 --> 00:27:22,639 Speaker 1: I mean, it's pretty much zero. And I don't give 557 00:27:22,640 --> 00:27:25,040 Speaker 1: anything of zero probability. It's pretty much zero. Because we 558 00:27:25,119 --> 00:27:28,840 Speaker 1: know how to make electricity today. We know how, Like 559 00:27:28,920 --> 00:27:30,560 Speaker 1: I can get a flywheel in my yard and start 560 00:27:30,600 --> 00:27:33,200 Speaker 1: creating electricity. I can get it. I have a generator 561 00:27:33,280 --> 00:27:34,600 Speaker 1: in my garage, I can turn that on. I have 562 00:27:34,600 --> 00:27:36,800 Speaker 1: a solar panel, I can create electricity. It's like, we 563 00:27:36,880 --> 00:27:39,560 Speaker 1: know how to make electricity. Once we've discovered fire. We've 564 00:27:39,600 --> 00:27:43,200 Speaker 1: discovered fire. Once we have fire, it's never going away. Um. 565 00:27:43,400 --> 00:27:44,879 Speaker 1: There's more to this. I want to talk about the 566 00:27:44,880 --> 00:27:46,760 Speaker 1: Internet going out as well. Um, you listen to the 567 00:27:46,760 --> 00:27:49,320 Speaker 1: Mark Mo Show breaking down bitcoin and fud, I got 568 00:27:49,320 --> 00:27:51,760 Speaker 1: a lot more. Don't go away, all right, welcome back. 569 00:27:52,040 --> 00:27:54,280 Speaker 1: You're back with the Mark Ma Show talking about bitcoin 570 00:27:54,359 --> 00:27:58,000 Speaker 1: and and the decentralized revolution and cryptocurrencies and all that 571 00:27:58,040 --> 00:28:00,840 Speaker 1: good stuff. And I've been breaking down on methodically, one 572 00:28:00,880 --> 00:28:04,000 Speaker 1: by one by one, all the fud, the fear, uncertainty 573 00:28:04,000 --> 00:28:06,320 Speaker 1: and doubt, all the headlines, all the objections as to 574 00:28:06,320 --> 00:28:09,320 Speaker 1: why bitcoin and cryptocurrencies could never work. I've been through 575 00:28:09,320 --> 00:28:11,080 Speaker 1: twenty of them, kind of on the last one here, 576 00:28:11,160 --> 00:28:13,920 Speaker 1: and I'm talking about what happens if the power goes 577 00:28:13,960 --> 00:28:16,159 Speaker 1: out and if the Internet goes out. They're kind of 578 00:28:16,160 --> 00:28:18,080 Speaker 1: two separate things. I'm breaking them down separately. We just 579 00:28:18,119 --> 00:28:20,639 Speaker 1: covered why what happens if the power goes out. I'm 580 00:28:20,680 --> 00:28:23,000 Speaker 1: not going to recap everything that I've just said, but 581 00:28:23,040 --> 00:28:25,159 Speaker 1: bringing it up to speed and so, Um, if the 582 00:28:25,200 --> 00:28:27,160 Speaker 1: power of the whole world went out, Um, like I said, 583 00:28:27,200 --> 00:28:29,320 Speaker 1: the databases are still intact. The power comes back on, 584 00:28:29,359 --> 00:28:32,720 Speaker 1: the databases come back on. Um, nothing else works either. 585 00:28:32,920 --> 00:28:34,840 Speaker 1: So um, you're kind of in the same But but 586 00:28:35,040 --> 00:28:38,360 Speaker 1: I think the probability of the whole world losing electricity 587 00:28:38,360 --> 00:28:42,200 Speaker 1: and never coming back is about zero, and I don't 588 00:28:42,200 --> 00:28:44,560 Speaker 1: give anything that lower. Probably we probably have a better 589 00:28:44,600 --> 00:28:47,000 Speaker 1: chance of aliens coming back and destroying the world than 590 00:28:47,040 --> 00:28:49,840 Speaker 1: we do of never having electricity again, because once we've 591 00:28:49,880 --> 00:28:53,880 Speaker 1: discovered fire, we've discovered fire, we know how to make electricity. Um. 592 00:28:53,960 --> 00:28:56,040 Speaker 1: It's not very hard to do, and we're always going 593 00:28:56,080 --> 00:28:59,680 Speaker 1: to have electricity. Um. And so I think if anybody's 594 00:28:59,800 --> 00:29:02,520 Speaker 1: really the optimizing for that, like if if they wouldn't 595 00:29:02,520 --> 00:29:05,640 Speaker 1: buy bitcoin or cryptocurrencies because they're afraid if the power 596 00:29:05,680 --> 00:29:10,760 Speaker 1: goes out, man, I guess just stacked bullets and water 597 00:29:10,920 --> 00:29:14,200 Speaker 1: and batteries in your garage and maybe you know, maybe that, 598 00:29:14,240 --> 00:29:16,000 Speaker 1: But I just I think that the chance of was 599 00:29:16,000 --> 00:29:18,440 Speaker 1: going back to this mad Max into world scenario is 600 00:29:19,520 --> 00:29:23,920 Speaker 1: about zero. Um. But um, something that is possible is 601 00:29:23,920 --> 00:29:25,959 Speaker 1: is having Paragua in a region you know people talk 602 00:29:26,000 --> 00:29:28,600 Speaker 1: about like an e MP attack. Obviously we're seeing right 603 00:29:28,600 --> 00:29:32,280 Speaker 1: now today wars being escalated with Russia. You know, tensions 604 00:29:32,320 --> 00:29:35,320 Speaker 1: are high with China, but sphysically with Russia. I mean 605 00:29:35,800 --> 00:29:39,920 Speaker 1: President Biden was on the news. Basically I don't know. 606 00:29:39,920 --> 00:29:41,560 Speaker 1: The White House is trying to cover up his tracks 607 00:29:41,560 --> 00:29:44,320 Speaker 1: they're trying to say that he didn't really mean to 608 00:29:44,360 --> 00:29:46,760 Speaker 1: say what he actually did say. What I always say 609 00:29:46,800 --> 00:29:48,959 Speaker 1: is I take these people at their word when they 610 00:29:48,960 --> 00:29:51,200 Speaker 1: say things, I tend to believe it. And so um, 611 00:29:51,200 --> 00:29:53,880 Speaker 1: he kind of basically said, yeah, you know, Russia could 612 00:29:53,920 --> 00:29:56,560 Speaker 1: kind of have an incursion onto um Ukraine if it's 613 00:29:56,560 --> 00:29:58,480 Speaker 1: if it's not too bad, we probably won't do anything. 614 00:29:58,480 --> 00:30:01,160 Speaker 1: And so U the point is is that we have 615 00:30:01,920 --> 00:30:04,040 Speaker 1: threats of war and so potentially, you know, we're we're 616 00:30:04,040 --> 00:30:07,280 Speaker 1: seeing a rhetoric being ramped up about a cyber attack. 617 00:30:07,960 --> 00:30:11,280 Speaker 1: As a matter of fact, NATO put out some news 618 00:30:11,320 --> 00:30:15,520 Speaker 1: and we also saw SISA, which is the Cyber Security 619 00:30:15,600 --> 00:30:18,920 Speaker 1: and Infrastructure Security Agency of the United States c s 620 00:30:19,000 --> 00:30:22,680 Speaker 1: c I s A. They actually put out notice two 621 00:30:22,800 --> 00:30:27,000 Speaker 1: days ago. It's said, implement cybersecurity measures now to protect 622 00:30:27,000 --> 00:30:31,200 Speaker 1: against potential critical threats UM and so they put this 623 00:30:31,240 --> 00:30:33,240 Speaker 1: warning out every organization in the United States is at 624 00:30:33,320 --> 00:30:36,080 Speaker 1: risk from cyber threats and that can disrupt essential services 625 00:30:36,120 --> 00:30:39,560 Speaker 1: and potentially result in impacts to public safety. Over the 626 00:30:39,560 --> 00:30:42,560 Speaker 1: past year, cyber incidents have impacted many companies, nonprofits and 627 00:30:42,600 --> 00:30:44,760 Speaker 1: blah blah blah, and so they're kind of warning about 628 00:30:44,760 --> 00:30:47,000 Speaker 1: these types of cyber attacks or maybe some sort of 629 00:30:47,040 --> 00:30:50,120 Speaker 1: e MP attack. Again, if if it takes out of region, 630 00:30:50,200 --> 00:30:53,000 Speaker 1: it doesn't matter, big clan will continue working. UM. And 631 00:30:53,040 --> 00:30:54,800 Speaker 1: then um. But but then the Internet going out, So 632 00:30:54,800 --> 00:30:56,000 Speaker 1: a lot of people think the Internet will go out. 633 00:30:56,040 --> 00:30:58,080 Speaker 1: What happens with the Internet goes out, well kind of 634 00:30:58,080 --> 00:31:00,760 Speaker 1: the same Your visa and debit card don't work, the 635 00:31:00,880 --> 00:31:04,000 Speaker 1: same the A t M probably won't work either. Um. 636 00:31:04,040 --> 00:31:06,240 Speaker 1: And and again like it does the Internet go out 637 00:31:06,280 --> 00:31:09,760 Speaker 1: like locally? So like for example, when China was taking 638 00:31:09,760 --> 00:31:12,760 Speaker 1: over Hong Kong in at the end of UM and 639 00:31:12,800 --> 00:31:14,959 Speaker 1: all the people were there pushing back. We saw that 640 00:31:15,120 --> 00:31:17,600 Speaker 1: China or in Hong Kong, the Internet and the cell 641 00:31:17,640 --> 00:31:20,720 Speaker 1: phones were cut off. And so in that region they 642 00:31:20,720 --> 00:31:23,440 Speaker 1: cut off the internet. And so yeah, sure you know 643 00:31:23,520 --> 00:31:27,840 Speaker 1: that that impacted it. But again it impacted everything. UM. 644 00:31:27,880 --> 00:31:29,840 Speaker 1: But again do you think this is a global thing, 645 00:31:29,920 --> 00:31:33,160 Speaker 1: Like the Internet goes out for the whole world. Um. 646 00:31:33,480 --> 00:31:35,640 Speaker 1: In order to take the Internet out for the whole world, 647 00:31:35,640 --> 00:31:38,240 Speaker 1: they literally have to go dig up the lines, They 648 00:31:38,240 --> 00:31:40,280 Speaker 1: have to go pull the fiber optics out of the 649 00:31:40,280 --> 00:31:43,280 Speaker 1: lines and stuff like that. Um. The Internet is a stack, 650 00:31:43,560 --> 00:31:45,239 Speaker 1: and so you know at the top level, we have 651 00:31:45,280 --> 00:31:48,200 Speaker 1: the Internet service providers, the I s p s, and 652 00:31:48,240 --> 00:31:50,400 Speaker 1: so those can ban you, right, so they can ban you. 653 00:31:50,520 --> 00:31:52,280 Speaker 1: So like for example, in China, they have the Great 654 00:31:52,320 --> 00:31:55,520 Speaker 1: Firewall of China, and you know, they don't allow Google 655 00:31:55,560 --> 00:31:58,400 Speaker 1: and Facebook and Netflix and those types of Internet sites, 656 00:31:58,880 --> 00:32:01,000 Speaker 1: um in the great of the Great Firewall of China. 657 00:32:01,680 --> 00:32:04,160 Speaker 1: But people get around it. They use a VPN, you know, 658 00:32:04,240 --> 00:32:08,200 Speaker 1: and they can route around the firewall. Below that, you 659 00:32:08,200 --> 00:32:10,840 Speaker 1: have the d n S. The DNS is the domain 660 00:32:10,920 --> 00:32:13,400 Speaker 1: name servers where it routes a website name to your 661 00:32:13,400 --> 00:32:16,280 Speaker 1: IP address, And so they could they could take that away. Sure, 662 00:32:16,960 --> 00:32:19,160 Speaker 1: but like as long as I have the IP address, 663 00:32:19,880 --> 00:32:23,400 Speaker 1: like I believe, I can still get to a website. Um. 664 00:32:23,680 --> 00:32:25,080 Speaker 1: Like I said, unless they want to pull the fibers 665 00:32:25,080 --> 00:32:26,080 Speaker 1: out of the ground. And so if you think they're 666 00:32:26,080 --> 00:32:28,920 Speaker 1: gonna go pull the fibers out of the ground again, 667 00:32:29,120 --> 00:32:31,320 Speaker 1: I think the probability of that happening is is very 668 00:32:31,400 --> 00:32:34,400 Speaker 1: slim to none. I would say, you know, if they 669 00:32:34,440 --> 00:32:36,480 Speaker 1: did that, they're also shooting themselves in the foot because 670 00:32:36,480 --> 00:32:39,040 Speaker 1: now they can't communicate either whoever they are. I don't 671 00:32:39,080 --> 00:32:42,240 Speaker 1: even know who they are, UM, And so I think 672 00:32:42,240 --> 00:32:44,120 Speaker 1: that the chance of it going out globally is is 673 00:32:44,160 --> 00:32:46,080 Speaker 1: again almost zero. Like I said, it could go out 674 00:32:46,080 --> 00:32:47,920 Speaker 1: in a region like it did in Hong Kong. But 675 00:32:48,200 --> 00:32:51,400 Speaker 1: here's where we counter both the power and the internet. 676 00:32:52,240 --> 00:32:54,920 Speaker 1: So let's say that hypothetically that they did that the 677 00:32:55,880 --> 00:32:57,800 Speaker 1: power went out. Well, okay, I still have my solar, 678 00:32:57,840 --> 00:33:00,160 Speaker 1: I still have my generator, I have a have a 679 00:33:00,200 --> 00:33:02,480 Speaker 1: gerbil in the backyard running a wheel of generating electricity 680 00:33:02,560 --> 00:33:04,760 Speaker 1: or whatever. I'm still have. I still electricity for myself. 681 00:33:05,600 --> 00:33:07,680 Speaker 1: And then the the internet and the phone went out 682 00:33:07,800 --> 00:33:09,960 Speaker 1: like it did in Hong Kong. Right, Well, this is 683 00:33:10,160 --> 00:33:14,400 Speaker 1: this is the key piece with bitcoin versus other cryptocurrencies. 684 00:33:14,440 --> 00:33:16,160 Speaker 1: By the way, you're listening to the markma Show and 685 00:33:16,320 --> 00:33:20,120 Speaker 1: we're talking about bitcoin and cryptocurrencies in this decentralized revolution. 686 00:33:20,440 --> 00:33:23,600 Speaker 1: But this is the key difference is that Bitcoin has 687 00:33:23,680 --> 00:33:26,800 Speaker 1: a very small database. It's about a three hunter gigabyte database, 688 00:33:27,160 --> 00:33:29,560 Speaker 1: and the block sizes are very small and it was 689 00:33:29,600 --> 00:33:35,640 Speaker 1: specifically kept that way so it can be UM censorship resistant. Um. 690 00:33:35,720 --> 00:33:39,080 Speaker 1: All the other cryptocurrencies have very big database and they 691 00:33:39,120 --> 00:33:41,800 Speaker 1: need a lot of bandwidth, and so because the Bitcoin 692 00:33:41,880 --> 00:33:46,000 Speaker 1: database is small, UM, it's been done already people have 693 00:33:46,120 --> 00:33:52,840 Speaker 1: transacted bitcoin over ham radios. What ham radios, you know, 694 00:33:52,960 --> 00:33:54,960 Speaker 1: overhand radios, but even more than that. So what we 695 00:33:55,000 --> 00:33:56,960 Speaker 1: saw in Hong Kong is when the phones and the 696 00:33:56,960 --> 00:34:00,160 Speaker 1: Internet were shut down, people there were still community. Then 697 00:34:00,160 --> 00:34:03,520 Speaker 1: they were communicating something known as mesh networks. And so 698 00:34:03,560 --> 00:34:05,640 Speaker 1: a mess network is basically we all take our phones 699 00:34:05,760 --> 00:34:09,840 Speaker 1: that no longer have internet or phone and we create 700 00:34:09,840 --> 00:34:12,359 Speaker 1: our own network off of it. Mess networks are really 701 00:34:12,360 --> 00:34:14,160 Speaker 1: popular in your house today. If you go to Costco 702 00:34:14,200 --> 00:34:16,840 Speaker 1: and buy like a new WiFi home router, they use 703 00:34:16,880 --> 00:34:19,600 Speaker 1: like a mesh network, So you'd put like a repeater 704 00:34:19,640 --> 00:34:21,200 Speaker 1: in every room of your house and you create your 705 00:34:21,200 --> 00:34:22,920 Speaker 1: like your own network. And so we can do that 706 00:34:22,960 --> 00:34:25,200 Speaker 1: with phones, and we can create our own network and 707 00:34:25,400 --> 00:34:27,520 Speaker 1: all our phones can kind of repeat off of each other. 708 00:34:27,560 --> 00:34:29,759 Speaker 1: And they did that in Hong Kong, and we could 709 00:34:29,920 --> 00:34:33,320 Speaker 1: still call each other UM, and we can send bitcoin 710 00:34:33,640 --> 00:34:37,719 Speaker 1: back and forth via mesh network. We don't need the Internet. 711 00:34:40,160 --> 00:34:42,360 Speaker 1: We can generate our own power in our backyard and 712 00:34:42,440 --> 00:34:45,600 Speaker 1: charge our phones, UM, and we and we can use 713 00:34:45,640 --> 00:34:48,319 Speaker 1: a mess network and so UM if the power goes out, 714 00:34:48,320 --> 00:34:51,040 Speaker 1: if the Internet goes out, I think that kind of 715 00:34:51,200 --> 00:34:54,440 Speaker 1: you know, backs it up. That's that's how it works. Again, 716 00:34:54,640 --> 00:34:57,640 Speaker 1: the probability of the entire world going without power and 717 00:34:57,680 --> 00:35:00,840 Speaker 1: never coming back, I think is is it's a fool's 718 00:35:00,920 --> 00:35:03,600 Speaker 1: Errand to even discuss the chance of that happening is 719 00:35:03,160 --> 00:35:06,520 Speaker 1: is pretty much zero. M And the same with the internets, 720 00:35:06,560 --> 00:35:09,160 Speaker 1: right unless they're really willing to destroy themselves and dig 721 00:35:09,200 --> 00:35:11,240 Speaker 1: out all the wires, which I just can't imagine happening. 722 00:35:11,360 --> 00:35:13,399 Speaker 1: I don't I don't see that happening. And if it does, 723 00:35:13,440 --> 00:35:16,000 Speaker 1: we'll use we'll use mesh networks. And also we have 724 00:35:16,200 --> 00:35:20,400 Speaker 1: satellites now. So block stream has put satellites into space 725 00:35:20,719 --> 00:35:25,680 Speaker 1: that are running the whole Bitcoin network in space, and uh, 726 00:35:25,719 --> 00:35:28,200 Speaker 1: you know, okay, so I guess they're going to shoot 727 00:35:28,239 --> 00:35:33,000 Speaker 1: those shoot those down too. We have Elon, Musk and Starlink. 728 00:35:33,000 --> 00:35:35,920 Speaker 1: They've started popping up satellites into space for Internet. So 729 00:35:35,960 --> 00:35:39,040 Speaker 1: now anywhere in the world, Um, I could get a 730 00:35:39,080 --> 00:35:41,680 Speaker 1: satellite that's about the size of a small coffee table, 731 00:35:42,080 --> 00:35:46,120 Speaker 1: and I could have broadband Internet access anywhere in the world. 732 00:35:46,800 --> 00:35:49,960 Speaker 1: And so even if they did dig out the wires 733 00:35:49,960 --> 00:35:54,040 Speaker 1: in the ground, like we got satellites in space. UM, 734 00:35:54,120 --> 00:35:55,759 Speaker 1: so I think it's just kind of a fool's errand 735 00:35:55,800 --> 00:35:57,800 Speaker 1: like I said, to discuss those things and so hopefully 736 00:35:57,840 --> 00:36:00,840 Speaker 1: that gives you a little bit of understanding how that works. 737 00:36:01,480 --> 00:36:04,399 Speaker 1: And so when you hear those types of arguments or 738 00:36:04,520 --> 00:36:08,600 Speaker 1: or rebuttals, it kind of helps you think through that. 739 00:36:08,600 --> 00:36:11,400 Speaker 1: That's what I'm here for each and every week. I'm 740 00:36:11,440 --> 00:36:13,759 Speaker 1: trying to bring to you these pieces to kind of 741 00:36:13,840 --> 00:36:16,400 Speaker 1: help you see through this, because what happens is in 742 00:36:16,520 --> 00:36:19,480 Speaker 1: order to have an asymmetric opportunity, and that's an opportunity 743 00:36:19,480 --> 00:36:21,840 Speaker 1: to make has more upside than downside. And so I 744 00:36:21,840 --> 00:36:24,000 Speaker 1: think bitcoin has an easy tent X in front of 745 00:36:24,040 --> 00:36:28,080 Speaker 1: us in the next five years. It's a massive, massive opportunity. 746 00:36:28,120 --> 00:36:30,880 Speaker 1: But the only way that you can get that massive opportunity, 747 00:36:30,880 --> 00:36:35,480 Speaker 1: that asymmetric opportunity, is if you have a symmetric information. 748 00:36:35,560 --> 00:36:39,040 Speaker 1: You have to have information that most people just don't know. 749 00:36:41,000 --> 00:36:43,080 Speaker 1: And um, that's what I'm trying to share with you 750 00:36:43,080 --> 00:36:44,879 Speaker 1: each and every week. Now, a lot of people are 751 00:36:45,000 --> 00:36:46,919 Speaker 1: kind of shooting themselves in their own foot or they're 752 00:36:46,920 --> 00:36:49,480 Speaker 1: listening to the wrong people, and so they have the 753 00:36:49,520 --> 00:36:53,600 Speaker 1: information about bitcoin and cryptocurrencies, but they fall for these 754 00:36:53,600 --> 00:36:58,160 Speaker 1: headlines the fud, the fear, uncertainty, and doubt, and so 755 00:36:58,480 --> 00:37:00,600 Speaker 1: I'm shooting it down for you, one by one, helping 756 00:37:00,640 --> 00:37:03,360 Speaker 1: you to understand what's going on. You're listening to the 757 00:37:03,400 --> 00:37:07,560 Speaker 1: Markmas Show where I talk about bitcoin and cryptocurrencies in 758 00:37:07,600 --> 00:37:10,480 Speaker 1: the Decentralized Revolution each and every week, UM, trying to 759 00:37:10,520 --> 00:37:13,120 Speaker 1: keep you informed, trying to make sure that you can 760 00:37:13,160 --> 00:37:17,479 Speaker 1: take advantage of the largest wealth transfer that will ever 761 00:37:17,600 --> 00:37:21,760 Speaker 1: see in multiple generations. And the time is now UM 762 00:37:21,880 --> 00:37:23,800 Speaker 1: for you to grab it. Don't miss it. Thanks for listening.