1 00:00:00,000 --> 00:00:02,440 Speaker 1: Hello, Welcome to another episode of The Markmas Show where 2 00:00:02,440 --> 00:00:05,040 Speaker 1: we talk about the decentralized revolution. We talk about the 3 00:00:05,040 --> 00:00:07,840 Speaker 1: way the world is moving from centralization to decentralization through 4 00:00:07,840 --> 00:00:11,440 Speaker 1: the lens of the politics, finance, and technology, three cycles 5 00:00:11,480 --> 00:00:14,600 Speaker 1: that are converging right now. Of course, the world changes 6 00:00:14,640 --> 00:00:19,159 Speaker 1: the most because of technology, and we are witnessing a 7 00:00:19,320 --> 00:00:23,440 Speaker 1: technological revolution. It's hard to see it sometimes when you're 8 00:00:23,480 --> 00:00:25,000 Speaker 1: zoomed in too much, and sometimes as you have to 9 00:00:25,040 --> 00:00:26,520 Speaker 1: kind of zoom out and take a look at it. 10 00:00:26,560 --> 00:00:29,240 Speaker 1: And so I try to bring you that information each 11 00:00:29,360 --> 00:00:31,000 Speaker 1: end every week, and right now we're gonna look at 12 00:00:31,000 --> 00:00:33,560 Speaker 1: some of the biggest headlines of the week, so you 13 00:00:33,600 --> 00:00:36,080 Speaker 1: know what's going on in the world. So you know, 14 00:00:36,240 --> 00:00:38,159 Speaker 1: when you go to that cocktail party this weekend, you 15 00:00:38,159 --> 00:00:40,239 Speaker 1: look like you're super smart because you know everything. But 16 00:00:40,240 --> 00:00:42,680 Speaker 1: don't worry, I'm just over here filling in. I'm gonna 17 00:00:42,720 --> 00:00:45,080 Speaker 1: give you that and the context around it so you 18 00:00:45,080 --> 00:00:50,280 Speaker 1: can understand it. And it has been a busy week now. Um. Obviously, 19 00:00:50,600 --> 00:00:53,800 Speaker 1: the technology that is changing the world is bitcoin. It's 20 00:00:53,840 --> 00:00:59,360 Speaker 1: the decentralized revolution. It is the technological revolutionary about a 21 00:00:59,440 --> 00:01:03,760 Speaker 1: technological revolution. About every fifty years now when I when 22 00:01:03,800 --> 00:01:06,120 Speaker 1: it comes to bitcoin, um, you know, by now, if 23 00:01:06,120 --> 00:01:08,600 Speaker 1: you tune in on a regular basis, which you should be, 24 00:01:08,640 --> 00:01:11,160 Speaker 1: and if you're not, then you definitely should. But you know, 25 00:01:11,200 --> 00:01:14,120 Speaker 1: by now, we talk about the price is probably one 26 00:01:14,160 --> 00:01:19,360 Speaker 1: of the least um interesting things about bitcoin. Um. When 27 00:01:19,360 --> 00:01:21,600 Speaker 1: you're looking at new technologies, you should be looking at 28 00:01:21,600 --> 00:01:23,480 Speaker 1: the growth of the network, and you should be looking 29 00:01:23,600 --> 00:01:25,920 Speaker 1: at the development on the network. So I typically to 30 00:01:25,959 --> 00:01:28,399 Speaker 1: focus on those things, but you know, people care about 31 00:01:28,400 --> 00:01:30,120 Speaker 1: the price as well, and so sometimes I like to 32 00:01:30,120 --> 00:01:33,600 Speaker 1: talk about that. And uh, I've made the last couple 33 00:01:33,600 --> 00:01:35,880 Speaker 1: of weeks, I've been talking about, you know, how all 34 00:01:35,920 --> 00:01:39,640 Speaker 1: of these purges in the bitcoin ecosystem through the you know, 35 00:01:39,760 --> 00:01:42,800 Speaker 1: Terra Luna collapsing and Celsius and Threo's capital, we've we've 36 00:01:42,800 --> 00:01:45,039 Speaker 1: we've covered all that at length. But I also started 37 00:01:45,040 --> 00:01:48,200 Speaker 1: talking about how um at these certain levels that bitcoin 38 00:01:48,240 --> 00:01:51,880 Speaker 1: starts to become very cheap, and uh, how at these 39 00:01:51,960 --> 00:01:56,760 Speaker 1: levels it becomes a historic buying opportunity. As a matter 40 00:01:56,760 --> 00:01:58,400 Speaker 1: of fact, I put a video of on my YouTube channel. 41 00:01:58,440 --> 00:02:00,360 Speaker 1: If you're not watching that, you should just sort Mark 42 00:02:00,400 --> 00:02:02,640 Speaker 1: Moss on YouTube and I and I had a video 43 00:02:02,680 --> 00:02:04,800 Speaker 1: full of charts and graphs and stats and numbers and 44 00:02:04,800 --> 00:02:07,360 Speaker 1: everything showing why I thought it was the bitcoin bottom, 45 00:02:07,400 --> 00:02:09,600 Speaker 1: and uh, it looks like that might be the case. 46 00:02:09,639 --> 00:02:13,280 Speaker 1: So we hit a bitcoin. Well, the lowest point we've 47 00:02:13,280 --> 00:02:18,840 Speaker 1: had recently was about seventeen thousand, six hundred, and today 48 00:02:18,880 --> 00:02:22,120 Speaker 1: we are up to over twenty three thousand, So that 49 00:02:22,240 --> 00:02:26,880 Speaker 1: is a thirty one increase um since what was the 50 00:02:27,000 --> 00:02:30,880 Speaker 1: date on that June so about a month. About a 51 00:02:30,919 --> 00:02:33,560 Speaker 1: month ago, we've done pretty go a month. So a 52 00:02:33,639 --> 00:02:35,400 Speaker 1: lot of times people like to ask me, oh, how's 53 00:02:35,440 --> 00:02:38,760 Speaker 1: that bitcoin doing for you? And they asked that sarcastically 54 00:02:39,360 --> 00:02:43,000 Speaker 1: because they know, right it was sixty whatever. If you 55 00:02:43,040 --> 00:02:44,520 Speaker 1: want to look at the wick of the high point, 56 00:02:44,800 --> 00:02:47,960 Speaker 1: you know we're up somewhere in the sixty nine thousand range. 57 00:02:49,600 --> 00:02:52,760 Speaker 1: Back in November, there was a little wick up to 58 00:02:53,000 --> 00:02:56,400 Speaker 1: just over sixty nine thousand back November eleven, and so 59 00:02:56,480 --> 00:02:59,760 Speaker 1: obviously it's down since that point. And so everybody goes, oh, 60 00:03:00,120 --> 00:03:03,120 Speaker 1: is that bitcoin doing? It's it's some some store of value, 61 00:03:03,200 --> 00:03:06,240 Speaker 1: isn't it. And I would say, well, um, yeah, how 62 00:03:06,360 --> 00:03:10,400 Speaker 1: is bitcoin doing? I is bitcoin doing? Well? Let's see, 63 00:03:10,720 --> 00:03:14,320 Speaker 1: let's see, it's down fifty percent year to date. Um, 64 00:03:14,400 --> 00:03:19,639 Speaker 1: how's that compared to um, Netflix or PayPal or shopify. Right, 65 00:03:19,720 --> 00:03:22,799 Speaker 1: so it's it's much better than those, thanks for asking. Right. 66 00:03:22,880 --> 00:03:25,720 Speaker 1: Or I could say, well, it's up thirty percent in 67 00:03:25,760 --> 00:03:29,919 Speaker 1: the last thirty days. Right, So what time frame do 68 00:03:29,919 --> 00:03:32,720 Speaker 1: you want to look at it? How is that bitcoin doing? Well? 69 00:03:32,800 --> 00:03:36,280 Speaker 1: Let's see since uh, you know, in the last two weeks, 70 00:03:36,320 --> 00:03:40,000 Speaker 1: it's up, thanks for asking. Yeah, but it's down six 71 00:03:40,800 --> 00:03:42,720 Speaker 1: from us for all time high. Okay, but it's also 72 00:03:42,800 --> 00:03:45,040 Speaker 1: a four hundred and fifty percent in the last twenty 73 00:03:45,040 --> 00:03:47,160 Speaker 1: four months. So we can sit here and we can 74 00:03:47,240 --> 00:03:49,400 Speaker 1: cherry pick any dates and time frames that we want. 75 00:03:50,080 --> 00:03:52,040 Speaker 1: And that's why the price is one of the least 76 00:03:52,160 --> 00:03:54,360 Speaker 1: interesting things. What we want to look at is the 77 00:03:54,400 --> 00:03:57,360 Speaker 1: development and the growth of the network. The network growth 78 00:03:57,400 --> 00:04:00,760 Speaker 1: is everything now. But anyway, it's the price. So we 79 00:04:00,800 --> 00:04:05,240 Speaker 1: can see because the price of bitcoin has rebounded, we 80 00:04:05,280 --> 00:04:09,040 Speaker 1: are now at about sixty five percent off of its 81 00:04:09,040 --> 00:04:12,240 Speaker 1: all time high. Now, it had drawn down even more 82 00:04:12,280 --> 00:04:14,640 Speaker 1: than that, and it's a little bit it's a little 83 00:04:14,640 --> 00:04:17,680 Speaker 1: bit important to understand for a little bit of reasons. 84 00:04:17,680 --> 00:04:20,000 Speaker 1: So it had gotten as low as seventy four percent 85 00:04:20,040 --> 00:04:21,840 Speaker 1: off of off of its high, so it was down 86 00:04:21,880 --> 00:04:24,800 Speaker 1: to now it's about sixties six percent down. The reason 87 00:04:24,880 --> 00:04:27,960 Speaker 1: why it's important to understand that maybe is UM As 88 00:04:28,000 --> 00:04:30,159 Speaker 1: I made this video on my main YouTube channel, work Moss, 89 00:04:30,520 --> 00:04:32,320 Speaker 1: and I showed these charts and graphs and things like that, 90 00:04:32,360 --> 00:04:33,800 Speaker 1: and we're one of the things that we look at 91 00:04:33,839 --> 00:04:37,000 Speaker 1: is how far is the draw down. So what we 92 00:04:37,040 --> 00:04:39,760 Speaker 1: see is that bitcoin had a nine percent draw down 93 00:04:39,760 --> 00:04:41,840 Speaker 1: and then an eighty five percent draw down, and then 94 00:04:42,520 --> 00:04:45,240 Speaker 1: and then it's you know, and each drawdown gets less 95 00:04:45,240 --> 00:04:47,520 Speaker 1: and less and less, and so yes, we had a 96 00:04:47,560 --> 00:04:51,000 Speaker 1: seventy percent draw down, but that was much less than 97 00:04:51,040 --> 00:04:53,880 Speaker 1: the ones before that. And the reason why that's important 98 00:04:53,920 --> 00:04:56,040 Speaker 1: is that they're getting less and less and less. As 99 00:04:56,200 --> 00:05:00,240 Speaker 1: the asset gets older and bigger and more developed, upt 100 00:05:00,320 --> 00:05:03,719 Speaker 1: and more users, it gets less UM has less draws, 101 00:05:03,839 --> 00:05:06,280 Speaker 1: it gets less volatile, and so that's what we're seeing UM, 102 00:05:06,279 --> 00:05:10,360 Speaker 1: and so it's important understanding from that perspective UM and uh, 103 00:05:10,720 --> 00:05:13,360 Speaker 1: you know, nobody has a crystal ball. I wish I did. 104 00:05:13,360 --> 00:05:15,560 Speaker 1: It would sure make things easier and I would probably 105 00:05:15,600 --> 00:05:16,920 Speaker 1: the richest guy in the history of the world, but 106 00:05:16,960 --> 00:05:18,960 Speaker 1: of course nobody does. And so we look at a 107 00:05:18,960 --> 00:05:20,960 Speaker 1: bunch of charts, graphs, and things like that to try 108 00:05:21,000 --> 00:05:24,719 Speaker 1: to come up with what we think are probabilities, and 109 00:05:24,760 --> 00:05:27,919 Speaker 1: then we invest along with those probabilities. And so I 110 00:05:27,960 --> 00:05:31,120 Speaker 1: see a lot of linear thinking in the space, and 111 00:05:31,160 --> 00:05:33,440 Speaker 1: it's like I would never buy bitcoin is going to zero, 112 00:05:33,880 --> 00:05:37,240 Speaker 1: and I'm like, like, like a hundred percent, you're guaranteed 113 00:05:37,240 --> 00:05:39,560 Speaker 1: a hundred percent it's going to zero. Or some people 114 00:05:39,560 --> 00:05:41,839 Speaker 1: would say bitcoin is gonna be a trillion dollars and 115 00:05:41,880 --> 00:05:45,599 Speaker 1: it's like a guarantees right, Like, no, it could go 116 00:05:45,680 --> 00:05:47,960 Speaker 1: to zero. I will, I will agree with you, it's 117 00:05:48,000 --> 00:05:50,480 Speaker 1: possible it could go to zero, But what's the probability. 118 00:05:50,520 --> 00:05:53,880 Speaker 1: What percentage chance would you give it of going to zero? 119 00:05:54,279 --> 00:05:55,919 Speaker 1: It could go to it could go to a trillion, 120 00:05:56,360 --> 00:05:58,280 Speaker 1: but what probability would I assign if it going to 121 00:05:58,320 --> 00:06:00,200 Speaker 1: a trillion? So you have to think of it in 122 00:06:00,279 --> 00:06:02,680 Speaker 1: things in terms like that. Now I've worked through the math. 123 00:06:02,720 --> 00:06:04,880 Speaker 1: I'm not going to go through this, but I think 124 00:06:04,920 --> 00:06:09,200 Speaker 1: that bitcoin could achieve easily a two million dollar per 125 00:06:09,240 --> 00:06:13,520 Speaker 1: bitcoin price at today's two today's twenty dollar valuation. That 126 00:06:13,560 --> 00:06:16,520 Speaker 1: means the market gives it about a one percent chance 127 00:06:16,560 --> 00:06:19,039 Speaker 1: of getting there. Well, I think it's higher than one percent, 128 00:06:19,080 --> 00:06:21,680 Speaker 1: So I think the market's misjudged it. And so that's 129 00:06:21,720 --> 00:06:23,520 Speaker 1: the way I think through this. But like I said, 130 00:06:23,520 --> 00:06:25,720 Speaker 1: it doesn't stop people from trying to think through this, 131 00:06:26,200 --> 00:06:29,760 Speaker 1: and we have all different types of analysts. Some are 132 00:06:29,760 --> 00:06:31,920 Speaker 1: still calling it for it to go to ten thousand dollars. 133 00:06:31,920 --> 00:06:33,840 Speaker 1: It hasn't gone to the bottom yet, and some are 134 00:06:33,880 --> 00:06:38,359 Speaker 1: saying it's going straight up to dollars, but of course 135 00:06:38,600 --> 00:06:40,839 Speaker 1: we don't know that. One thing we do know is 136 00:06:40,880 --> 00:06:42,720 Speaker 1: that we can just see how it's moved against other 137 00:06:42,760 --> 00:06:46,360 Speaker 1: assets like the US Dollar Index, the d X Y, 138 00:06:46,600 --> 00:06:51,280 Speaker 1: and it's been sort of, uh, inversely correlated. What is 139 00:06:51,320 --> 00:06:55,560 Speaker 1: inversely correlated means well, that means that it does the opposite, right, 140 00:06:55,600 --> 00:06:58,800 Speaker 1: that's the best way to think about that. And so 141 00:06:59,160 --> 00:07:02,240 Speaker 1: um as the dollar has been getting stronger, stronger, stronger, 142 00:07:02,320 --> 00:07:06,320 Speaker 1: stronger most risk assets including the NASDAC et cetera, I've 143 00:07:06,320 --> 00:07:09,320 Speaker 1: gotten weaker, weaker, weaker. And what we can see is 144 00:07:09,320 --> 00:07:13,240 Speaker 1: that the dollar index has dropped off quite a bit 145 00:07:13,760 --> 00:07:18,520 Speaker 1: from July weird, down about two, which doesn't sound like 146 00:07:18,560 --> 00:07:21,160 Speaker 1: a lot, but the dollar index doesn't move a whole lot, 147 00:07:21,240 --> 00:07:24,720 Speaker 1: So maybe the dollar index moving down has a big 148 00:07:24,760 --> 00:07:27,880 Speaker 1: effect on Bitcoin as it says it does. I mean, 149 00:07:27,880 --> 00:07:32,120 Speaker 1: that's that's what people are speculating, and sure enough we 150 00:07:32,160 --> 00:07:36,640 Speaker 1: can see the dollar index has come down off of that. UM. 151 00:07:36,760 --> 00:07:41,000 Speaker 1: We can see that also though that risk assets. When 152 00:07:41,000 --> 00:07:44,480 Speaker 1: I talk about risk assets, I'm talking about both like UM, 153 00:07:44,520 --> 00:07:47,000 Speaker 1: you know the Nasdaq, which the tex stocks, and I'm 154 00:07:47,000 --> 00:07:50,880 Speaker 1: thinking about Bitcoin. They also tend to move in front 155 00:07:51,080 --> 00:07:54,760 Speaker 1: of traditional assets like the SMP five hundred. So when 156 00:07:54,880 --> 00:07:57,560 Speaker 1: the UM, when the FED announced that they were going 157 00:07:57,640 --> 00:08:02,040 Speaker 1: to start raising rates and start tapering, Bitcoin and the NASDAC, 158 00:08:02,120 --> 00:08:04,280 Speaker 1: the tech stock sold off right away in November, but 159 00:08:04,320 --> 00:08:08,400 Speaker 1: the SP five didn't make it's high until January. So 160 00:08:08,600 --> 00:08:13,720 Speaker 1: maybe both with the dollar index I'm sorry with the 161 00:08:13,720 --> 00:08:16,320 Speaker 1: dollar nacks going down, but then more specifically with the 162 00:08:16,480 --> 00:08:21,200 Speaker 1: NASDAC and Bitcoin both catching a pump, maybe that's telling 163 00:08:21,280 --> 00:08:24,840 Speaker 1: us something. Maybe that is this canary in the coal mine, 164 00:08:24,880 --> 00:08:29,000 Speaker 1: so to speak, because the Nasdaq also made its low 165 00:08:29,040 --> 00:08:32,240 Speaker 1: about two months ago, and the Nasdaq is up twenty 166 00:08:32,800 --> 00:08:35,800 Speaker 1: So the NASDAC, the risk assets, the tech stocks, they're 167 00:08:35,880 --> 00:08:38,520 Speaker 1: up twenty. Bitcoin is up thirty percent. It's more volatile, 168 00:08:38,520 --> 00:08:41,640 Speaker 1: so it moves faster. So we're seeing both both risk 169 00:08:41,679 --> 00:08:47,120 Speaker 1: assets being the NASDAC and Bitcoin both pumping. Meanwhile, the 170 00:08:47,200 --> 00:08:51,959 Speaker 1: NAT the spire doing okay. It's up eight almost nine 171 00:08:52,000 --> 00:08:55,560 Speaker 1: percent in that same time period, but we don't know 172 00:08:55,800 --> 00:08:57,760 Speaker 1: so far as up thirty percent. I think we might 173 00:08:57,800 --> 00:09:00,280 Speaker 1: have seen the bottom of bitcoin. I think you can 174 00:09:00,320 --> 00:09:03,760 Speaker 1: continue higher from here. Probably not going to the moon overnight, 175 00:09:03,800 --> 00:09:05,800 Speaker 1: but I think it's a good entry anytime we get 176 00:09:05,840 --> 00:09:08,480 Speaker 1: around these price levels, and so far it's holding up. 177 00:09:08,800 --> 00:09:11,240 Speaker 1: You're listening to the Mark Moa Show talking about the 178 00:09:11,280 --> 00:09:15,280 Speaker 1: decentralized Revolution, talking about the pendulum swinging from centralization to decentralization, 179 00:09:15,280 --> 00:09:18,120 Speaker 1: and of course the technology of bitcoin. I got a 180 00:09:18,120 --> 00:09:20,120 Speaker 1: whole lot to cover when I come back in a minute, 181 00:09:20,240 --> 00:09:24,720 Speaker 1: so don't go away. I'm gonna cover Um. Yeah, I 182 00:09:24,760 --> 00:09:26,040 Speaker 1: got a lot. I'm not gonna tell you right now, 183 00:09:26,200 --> 00:09:28,960 Speaker 1: So stick around, don't go I'll be right back, all right, 184 00:09:29,000 --> 00:09:31,439 Speaker 1: Welcome back. You're listening to the markma Show. We're talking 185 00:09:31,480 --> 00:09:34,720 Speaker 1: about the decentralized Revolution, talking about the world, the world 186 00:09:34,880 --> 00:09:38,880 Speaker 1: swinging from centralization back to decentralization. We're looking at through 187 00:09:38,960 --> 00:09:43,000 Speaker 1: lens of politics, finance, and technology. The technology being the 188 00:09:43,120 --> 00:09:47,480 Speaker 1: decentralized revolution of bitcoin, the technology that it's brought to us, 189 00:09:48,080 --> 00:09:49,839 Speaker 1: and we're looking at some of the biggest news that's 190 00:09:49,880 --> 00:09:52,280 Speaker 1: gone through the system in the last week, so we 191 00:09:52,280 --> 00:09:56,920 Speaker 1: can start to understand what's going on. And uh, you know, 192 00:09:57,080 --> 00:09:59,400 Speaker 1: there's there's a lot that catches my eye on a 193 00:09:59,400 --> 00:10:03,040 Speaker 1: weekly basis. There's definitely no shortage of of news out there. 194 00:10:03,280 --> 00:10:06,599 Speaker 1: And as I've said before many times, UM, with new technologies, 195 00:10:06,600 --> 00:10:08,120 Speaker 1: we don't look look at the price. We don't want 196 00:10:08,160 --> 00:10:09,959 Speaker 1: to look at the price. That's that's boring. We want 197 00:10:10,000 --> 00:10:12,000 Speaker 1: to look at the development and the growth of the network. 198 00:10:12,480 --> 00:10:14,520 Speaker 1: Now we've talked extensively about the growth of the network, 199 00:10:14,559 --> 00:10:16,760 Speaker 1: the amount of wall addresses that are opening up, the 200 00:10:16,800 --> 00:10:18,800 Speaker 1: hash power on the network, things like that, but I 201 00:10:18,800 --> 00:10:21,840 Speaker 1: also like to look at the development on the network, 202 00:10:22,120 --> 00:10:24,880 Speaker 1: and there is no shortage of development that's happening on 203 00:10:25,040 --> 00:10:28,719 Speaker 1: top of bitcoin. About two months ago um, I think 204 00:10:29,160 --> 00:10:31,200 Speaker 1: maybe it was a month ago and loosening track of time, 205 00:10:31,200 --> 00:10:33,640 Speaker 1: but maybe it's about a month ago. In Austin was Consensus. 206 00:10:33,679 --> 00:10:36,680 Speaker 1: It's like the largest cryptoconference. And Jack Dorsey, who's the 207 00:10:36,679 --> 00:10:41,840 Speaker 1: founder of founder of Twitter, he left Twitter to run 208 00:10:41,880 --> 00:10:45,199 Speaker 1: his company block Um, which is a bitcoin company. He 209 00:10:45,240 --> 00:10:46,840 Speaker 1: said he's going to spend the rest of his life 210 00:10:46,840 --> 00:10:48,320 Speaker 1: that I keep the rest of his life to working 211 00:10:48,360 --> 00:10:51,280 Speaker 1: on bitcoin. I suppose you could change his mind, but 212 00:10:51,320 --> 00:10:54,320 Speaker 1: that's what he said. Anyway, he made headlines made buzz 213 00:10:54,480 --> 00:10:57,320 Speaker 1: by announcing what he called Web five. It's kind of 214 00:10:57,360 --> 00:11:01,560 Speaker 1: like this meme, but basically announced the uh, this new 215 00:11:01,679 --> 00:11:04,880 Speaker 1: company is working on that has these things called decentralized 216 00:11:05,000 --> 00:11:09,320 Speaker 1: I D s. So what that means is that we 217 00:11:09,400 --> 00:11:11,160 Speaker 1: all have an I D. You have your driver's license. 218 00:11:11,160 --> 00:11:12,960 Speaker 1: When you go to the bar, or you go by 219 00:11:13,000 --> 00:11:15,720 Speaker 1: by alcohol the grocery store, for example, they want to 220 00:11:15,760 --> 00:11:19,240 Speaker 1: see your I D. What they really want is they 221 00:11:19,240 --> 00:11:21,160 Speaker 1: want to know if you're over twenty one. They want 222 00:11:21,160 --> 00:11:23,679 Speaker 1: to know if you're legally able to buy that alcohol. 223 00:11:24,200 --> 00:11:27,080 Speaker 1: They don't need to know your birth date, they don't 224 00:11:27,120 --> 00:11:29,480 Speaker 1: need to know your address, they don't need to know 225 00:11:29,520 --> 00:11:31,600 Speaker 1: any of that. The only thing they need to know 226 00:11:32,520 --> 00:11:37,280 Speaker 1: is if you're over. Now, the part of a decentralized 227 00:11:37,280 --> 00:11:39,360 Speaker 1: I D is that I can own my I D. 228 00:11:39,559 --> 00:11:41,480 Speaker 1: What's happened when we got on the internet is we've 229 00:11:41,520 --> 00:11:45,400 Speaker 1: exposed even more of our personal data. So for example, UM, 230 00:11:45,440 --> 00:11:47,840 Speaker 1: what we saw with Web two is that I could 231 00:11:47,840 --> 00:11:51,360 Speaker 1: start logging into websites with my Google I D or 232 00:11:51,440 --> 00:11:55,240 Speaker 1: my Facebook I D for example. That's nice, that's convenient, 233 00:11:55,600 --> 00:11:57,360 Speaker 1: it's sure. Sure is a pain in the butt having 234 00:11:57,400 --> 00:12:01,160 Speaker 1: to create user profiles on re single website. You go to, 235 00:12:01,320 --> 00:12:04,160 Speaker 1: I hate it. What do they need all this information for? 236 00:12:04,400 --> 00:12:07,360 Speaker 1: Can I just use the stupid website? Right? Um, So 237 00:12:07,400 --> 00:12:08,600 Speaker 1: it's a pain in the butt. You have to make 238 00:12:08,840 --> 00:12:12,440 Speaker 1: you know, different user accounts, different passwords. By the way, 239 00:12:13,000 --> 00:12:16,280 Speaker 1: always use a unique hard password for everything. Um, it's 240 00:12:16,280 --> 00:12:18,240 Speaker 1: super hard to keep talking of it. So I use 241 00:12:18,760 --> 00:12:21,559 Speaker 1: something called last Pass. It's not a sponsorship. I don't 242 00:12:21,600 --> 00:12:23,360 Speaker 1: get paid by and but I use it last Pass, 243 00:12:23,600 --> 00:12:25,240 Speaker 1: and it creates a new hard password for everything. And 244 00:12:25,280 --> 00:12:26,760 Speaker 1: I can log in with my phone or my computer 245 00:12:26,840 --> 00:12:30,560 Speaker 1: or whatever anyway. So, um, I can log in with 246 00:12:30,600 --> 00:12:32,560 Speaker 1: my with my Facebook or my Google I D. But 247 00:12:32,600 --> 00:12:34,920 Speaker 1: then they give them all that data and I don't 248 00:12:35,000 --> 00:12:38,760 Speaker 1: own that I D. Google owns that I D. Facebook 249 00:12:38,800 --> 00:12:41,120 Speaker 1: owns that I D. So back to this announcement. So 250 00:12:41,200 --> 00:12:44,760 Speaker 1: Jack Dorsey's company has these decentralized I D s, and 251 00:12:44,840 --> 00:12:48,400 Speaker 1: that means that I could own my I D and 252 00:12:48,679 --> 00:12:50,560 Speaker 1: I keep my I D. And then if I want 253 00:12:50,559 --> 00:12:52,240 Speaker 1: to give you. If I want to log in, I 254 00:12:52,280 --> 00:12:53,880 Speaker 1: want to show you my I D. I would only 255 00:12:53,920 --> 00:12:56,400 Speaker 1: show you the information that you're requesting. So back to 256 00:12:56,440 --> 00:13:00,480 Speaker 1: this proverbial buying alcohol at the grocery store. Instead of 257 00:13:00,520 --> 00:13:02,760 Speaker 1: handing you my I D, where you can see my 258 00:13:02,800 --> 00:13:04,960 Speaker 1: address and my birthday and all those things, the only 259 00:13:05,000 --> 00:13:08,600 Speaker 1: thing you're seeing is if I'm over twenty one, and 260 00:13:08,640 --> 00:13:10,720 Speaker 1: I can control that. The Other benefit of that is 261 00:13:10,760 --> 00:13:12,760 Speaker 1: that when that I when I own that I D, 262 00:13:12,960 --> 00:13:15,720 Speaker 1: it references to me. So let's say, for example, if 263 00:13:15,760 --> 00:13:17,920 Speaker 1: I want to move, I gotta go change my mailing address, 264 00:13:18,200 --> 00:13:20,240 Speaker 1: and I got to notify all these people of all 265 00:13:20,240 --> 00:13:22,440 Speaker 1: my new address. But what if I just changed in 266 00:13:22,520 --> 00:13:25,040 Speaker 1: my own I D, and then when people melt stuff 267 00:13:25,080 --> 00:13:27,480 Speaker 1: to me, they just pinned, they just queried my I D, 268 00:13:27,800 --> 00:13:31,440 Speaker 1: and or they are automatically got updated. I could control that. 269 00:13:31,520 --> 00:13:33,240 Speaker 1: See right now, I have to update everybody because in 270 00:13:33,240 --> 00:13:35,960 Speaker 1: the third database is my ideas and thousands of databases. 271 00:13:36,000 --> 00:13:37,520 Speaker 1: I have to go up there thousands of the databases. 272 00:13:37,720 --> 00:13:39,640 Speaker 1: But they could just create my one database and I 273 00:13:39,679 --> 00:13:42,120 Speaker 1: could own it. That way. If let's say Twitter shut 274 00:13:42,160 --> 00:13:45,360 Speaker 1: me off, well, all of that information that Twitter had 275 00:13:45,400 --> 00:13:47,400 Speaker 1: on me, I owned it, so then I could just 276 00:13:47,400 --> 00:13:48,880 Speaker 1: go to a different platform, plug it in, and I 277 00:13:48,880 --> 00:13:51,360 Speaker 1: can have everything back. So, for example, if I log 278 00:13:51,400 --> 00:13:53,840 Speaker 1: into Netflix and you log into Netflix, we see different things, 279 00:13:54,360 --> 00:13:56,680 Speaker 1: all right, because Netflix has learned like my taste and 280 00:13:56,679 --> 00:14:00,000 Speaker 1: has learned your taste. And let's say that I leave 281 00:14:00,000 --> 00:14:03,920 Speaker 1: of Netflix and go to a different competitor. Well, then 282 00:14:03,960 --> 00:14:05,720 Speaker 1: I have to start all over and have to like 283 00:14:05,800 --> 00:14:08,080 Speaker 1: stuff and just like stuff, and eventually it builds that profile. 284 00:14:08,080 --> 00:14:10,000 Speaker 1: But what if I could take that whole profile with me. 285 00:14:10,559 --> 00:14:12,000 Speaker 1: And That's what I'm talking about. And why am I 286 00:14:12,000 --> 00:14:13,440 Speaker 1: telling you this whole story? Well, I'm telling you this 287 00:14:13,440 --> 00:14:17,040 Speaker 1: whole story because for this deessential idea to work, they 288 00:14:17,080 --> 00:14:21,440 Speaker 1: need to take that idea and they take a hash, 289 00:14:21,520 --> 00:14:24,680 Speaker 1: and they need a hash it somewhere that it's secure 290 00:14:25,520 --> 00:14:30,520 Speaker 1: and decentralized and it can't be manipulated or deleted. And 291 00:14:30,560 --> 00:14:34,800 Speaker 1: so they're putting that into the bitcoin blockchain. Now, what 292 00:14:34,840 --> 00:14:36,720 Speaker 1: the heck is bitcoin? Well, bitcoin is a lot of things. 293 00:14:36,760 --> 00:14:38,600 Speaker 1: We don't know everything that's going to be yet. Well 294 00:14:38,600 --> 00:14:40,680 Speaker 1: we do know is it's a new set of building 295 00:14:40,680 --> 00:14:42,800 Speaker 1: blocks that allows us to build new things on top 296 00:14:42,840 --> 00:14:45,520 Speaker 1: of Now we don't know what those new things are 297 00:14:45,600 --> 00:14:47,360 Speaker 1: that it's going to be built on top of. Just 298 00:14:47,440 --> 00:14:50,560 Speaker 1: like when steel was invented, steel was a technological revolution. 299 00:14:51,000 --> 00:14:53,280 Speaker 1: We didn't know that one day spaceships would be built 300 00:14:53,360 --> 00:14:55,640 Speaker 1: using steel, but we knew that we had a new 301 00:14:55,680 --> 00:14:57,320 Speaker 1: set of ability blocks that new things would be built on. 302 00:14:57,600 --> 00:14:59,120 Speaker 1: And so here we are. Now we have another one 303 00:14:59,200 --> 00:15:03,160 Speaker 1: being built today. And this one, uh, this week was announced. 304 00:15:03,200 --> 00:15:08,000 Speaker 1: It's called FETTI and it's an fe d I and 305 00:15:08,200 --> 00:15:11,520 Speaker 1: UH it's they're hoping to really help bitcoin adoption throughout 306 00:15:11,520 --> 00:15:13,640 Speaker 1: the world and they enable people around the world to 307 00:15:13,760 --> 00:15:18,240 Speaker 1: easily interact with and use bitcoin in a decentralized, private, 308 00:15:18,280 --> 00:15:20,240 Speaker 1: and simple way. So a lot of people, you know, 309 00:15:20,320 --> 00:15:23,160 Speaker 1: gripe about bitcoin. They say it's too complicated, it's too 310 00:15:23,200 --> 00:15:27,000 Speaker 1: hard to use, it's too complex to to secure. Uh, 311 00:15:27,040 --> 00:15:29,680 Speaker 1: it's too hard to secure, you know, in a business 312 00:15:29,720 --> 00:15:31,760 Speaker 1: where multiple people need to access at all these different 313 00:15:31,920 --> 00:15:37,520 Speaker 1: types of things. And so, UM, I guess those are fair. 314 00:15:37,520 --> 00:15:41,480 Speaker 1: Techniques are are critiques. Whenever there's a new technology that 315 00:15:41,560 --> 00:15:44,720 Speaker 1: comes out, it's often clunky. If you're around in the 316 00:15:44,720 --> 00:15:46,200 Speaker 1: early nineties trying to get on the internet, you know 317 00:15:46,240 --> 00:15:49,720 Speaker 1: what I mean, remember your computer going on like trying 318 00:15:49,720 --> 00:15:51,920 Speaker 1: to connect over telephone. It's very difficult, it's very slow, 319 00:15:51,920 --> 00:15:54,520 Speaker 1: it's very clunky, but things get better over time, and 320 00:15:54,600 --> 00:15:57,080 Speaker 1: that's exactly what we're seeing with bitcoin. And this is 321 00:15:57,120 --> 00:15:59,000 Speaker 1: one of the things that that's why we focus on 322 00:15:59,080 --> 00:16:02,320 Speaker 1: the development UM and that's one of the things that happened, 323 00:16:02,320 --> 00:16:03,760 Speaker 1: like I said, with these with these d I D 324 00:16:03,920 --> 00:16:06,520 Speaker 1: s that Jack's working on, and also like we can 325 00:16:06,520 --> 00:16:10,800 Speaker 1: see with this right here, with this FETTI. Now, basically 326 00:16:10,800 --> 00:16:14,920 Speaker 1: what it's doing is allowing for an easier way to 327 00:16:15,320 --> 00:16:20,360 Speaker 1: manage UM your your your custody. So, like I said, 328 00:16:20,360 --> 00:16:22,760 Speaker 1: it's one of the big challenges to custody and it's 329 00:16:22,760 --> 00:16:24,840 Speaker 1: it's it's it's intimidating for people to do it on 330 00:16:24,880 --> 00:16:26,760 Speaker 1: their own. They don't want to mess it up, right, 331 00:16:27,360 --> 00:16:31,000 Speaker 1: And so what happens with FETTI is it it's a 332 00:16:31,040 --> 00:16:33,080 Speaker 1: new form of bitcoin custody. I'm not going to go 333 00:16:33,120 --> 00:16:36,960 Speaker 1: deep into this, but it usually utilizes federations UM, which 334 00:16:37,000 --> 00:16:39,640 Speaker 1: is like a type of a multi signature technology, so 335 00:16:39,760 --> 00:16:42,120 Speaker 1: that means multiple people could have access where that you 336 00:16:42,160 --> 00:16:44,160 Speaker 1: have to have all the keys together and it can 337 00:16:44,200 --> 00:16:48,440 Speaker 1: be run collectively by groups or guardians. So they think 338 00:16:48,440 --> 00:16:53,160 Speaker 1: about companies or communities or nonprofits and things like that. 339 00:16:53,200 --> 00:16:55,960 Speaker 1: And so this way, like a community could manage it 340 00:16:56,000 --> 00:16:58,520 Speaker 1: together instead of just one guy having access to the key, 341 00:16:58,520 --> 00:17:00,520 Speaker 1: and if he dies or if you run away with it, 342 00:17:00,560 --> 00:17:03,400 Speaker 1: we lose everything. UM. I don't want to go super 343 00:17:03,440 --> 00:17:06,119 Speaker 1: deep into it because it's pretty technical, but this is 344 00:17:06,160 --> 00:17:10,320 Speaker 1: a massive improvement on self custody, especially when it comes 345 00:17:10,320 --> 00:17:13,840 Speaker 1: to groups and communities and companies. And again, we don't 346 00:17:13,880 --> 00:17:15,040 Speaker 1: want to look at the price. We want to look 347 00:17:15,040 --> 00:17:17,159 Speaker 1: at the growth of the network, and we look at 348 00:17:17,200 --> 00:17:20,000 Speaker 1: the development on the network, and that's exactly what we 349 00:17:20,040 --> 00:17:22,280 Speaker 1: have going on. And as the network continues to grow, 350 00:17:22,359 --> 00:17:27,119 Speaker 1: as new technologies like this continue to UM take hold, 351 00:17:27,560 --> 00:17:29,960 Speaker 1: then we're going to see more and more adoptions, so 352 00:17:30,000 --> 00:17:32,920 Speaker 1: they kind of work together. As we get more development, 353 00:17:33,119 --> 00:17:36,120 Speaker 1: then we get more network growth. And as we get 354 00:17:36,119 --> 00:17:38,240 Speaker 1: more network growth, guess what happens to the bitcoin price. 355 00:17:39,160 --> 00:17:40,680 Speaker 1: That's right, it goes up. We call it n g 356 00:17:40,840 --> 00:17:45,040 Speaker 1: U number go up technology. Sometimes the number go down, 357 00:17:45,520 --> 00:17:47,880 Speaker 1: but hopefully we'll get back onto a number go up 358 00:17:48,160 --> 00:17:50,120 Speaker 1: UM thing. But regardless of what happens to the price, 359 00:17:50,200 --> 00:17:51,800 Speaker 1: the network still works and it still does what it 360 00:17:51,840 --> 00:17:54,360 Speaker 1: wants to do. But anyway, that's what we're looking at 361 00:17:54,400 --> 00:17:56,479 Speaker 1: new new development. I got a lot more to talk 362 00:17:56,480 --> 00:17:58,919 Speaker 1: about when it comes to development UM and some of 363 00:17:58,920 --> 00:18:00,479 Speaker 1: the risks that we've seen in this system and how 364 00:18:00,520 --> 00:18:02,399 Speaker 1: you can protect yourself from it. I got a lot 365 00:18:02,440 --> 00:18:03,960 Speaker 1: more to cover in a minute. When I come back. 366 00:18:03,960 --> 00:18:06,119 Speaker 1: You're listening to the Markma Show. We're talking about the 367 00:18:06,119 --> 00:18:10,240 Speaker 1: decentralized Revolution. How the pendulum is swinging back to decentralization. 368 00:18:10,240 --> 00:18:12,080 Speaker 1: I got more in a minute, so don't go away, 369 00:18:12,400 --> 00:18:14,040 Speaker 1: all right, Welcome back. You are listening to the Mark 370 00:18:14,080 --> 00:18:17,359 Speaker 1: Ma Show. We are talking about the decentralized Revolution. We're 371 00:18:17,359 --> 00:18:19,680 Speaker 1: talking about the way the world is swinging from centralization 372 00:18:19,680 --> 00:18:23,440 Speaker 1: to decentralization and through the lens of politics, finance, and technology, 373 00:18:23,720 --> 00:18:26,040 Speaker 1: and the technology is the piece we're talking today. Of course, 374 00:18:26,080 --> 00:18:29,600 Speaker 1: we're talking about the decentralized technology that is Bitcoin, and 375 00:18:29,640 --> 00:18:33,040 Speaker 1: we're going through some of the biggest news of the week. Now. 376 00:18:34,119 --> 00:18:37,200 Speaker 1: I've been going through every week talking about the devastation 377 00:18:37,280 --> 00:18:40,680 Speaker 1: that's happened across the cryptocurrency ecosystem. That really was this 378 00:18:40,800 --> 00:18:44,480 Speaker 1: domino effect with Luna going down, and then it triggered 379 00:18:44,520 --> 00:18:48,280 Speaker 1: a whole bunch of other collapses, including Celsius, including three arrows, 380 00:18:48,359 --> 00:18:54,119 Speaker 1: capital Um, including a bunch of other smaller ones, if Um, Voyager, 381 00:18:54,880 --> 00:18:57,240 Speaker 1: and on and on and on. It created created a 382 00:18:57,280 --> 00:18:59,680 Speaker 1: complete havoc. And what happened is each one of these 383 00:18:59,720 --> 00:19:03,440 Speaker 1: had um exposure to to each other, and so as 384 00:19:03,480 --> 00:19:05,119 Speaker 1: one went down and dragged the other one down, and 385 00:19:05,160 --> 00:19:06,880 Speaker 1: dragged the other one down and dragged the other one down. 386 00:19:07,240 --> 00:19:09,440 Speaker 1: I've gone through this extensively over the last couple weeks, 387 00:19:09,440 --> 00:19:10,560 Speaker 1: so I don't want to spend a lot of time 388 00:19:10,600 --> 00:19:12,000 Speaker 1: going through that. If you've missed any of that, you 389 00:19:12,000 --> 00:19:14,239 Speaker 1: want to catch up and understand my viewpoint on it, 390 00:19:14,480 --> 00:19:16,280 Speaker 1: you can check me out on the podcast just search 391 00:19:16,359 --> 00:19:19,600 Speaker 1: Mark Boss podcast, or you can just go onto uh 392 00:19:19,720 --> 00:19:23,480 Speaker 1: the I Heart app or the iTunes appen. You can 393 00:19:23,520 --> 00:19:27,640 Speaker 1: find me on there. Now some of the big news 394 00:19:27,680 --> 00:19:30,960 Speaker 1: this week has been is there going to be more 395 00:19:31,080 --> 00:19:35,159 Speaker 1: liquidations in front of us? Is the contagion going to 396 00:19:35,200 --> 00:19:39,560 Speaker 1: continue to spread and bring down even more companies or 397 00:19:39,680 --> 00:19:44,400 Speaker 1: have we seen about the worst of it now. One 398 00:19:44,440 --> 00:19:48,800 Speaker 1: of the biggest companies in the cryptocurrency space is coin Base. 399 00:19:49,800 --> 00:19:52,520 Speaker 1: Coin Base is not one of the most loved companies 400 00:19:52,560 --> 00:19:56,480 Speaker 1: when it comes to the bitcoiners, partly because as a 401 00:19:56,520 --> 00:20:00,720 Speaker 1: bitcoin company, they quickly went into a crypto company. H um. 402 00:20:00,760 --> 00:20:02,880 Speaker 1: But I'm not going to deny the fact that they've 403 00:20:03,000 --> 00:20:07,760 Speaker 1: onboarded countless people, um, including me. I believe the very 404 00:20:07,760 --> 00:20:11,320 Speaker 1: first place I ever bought bit cooin was a coin base. UM. 405 00:20:11,359 --> 00:20:13,160 Speaker 1: So they brought a lot of people into the space. Now, 406 00:20:14,800 --> 00:20:17,040 Speaker 1: like I said, people hate coin based for many reasons, 407 00:20:17,040 --> 00:20:19,520 Speaker 1: specifically because they get into all these crypto assets and 408 00:20:19,600 --> 00:20:21,720 Speaker 1: kind of bait and switch people into these in these 409 00:20:21,840 --> 00:20:26,080 Speaker 1: in these coins. But there's been an enormous amount of 410 00:20:26,240 --> 00:20:28,600 Speaker 1: fud coming out in the last week. We call that 411 00:20:28,680 --> 00:20:32,800 Speaker 1: fud fear, uncertainty, and doubt, and we typically call that 412 00:20:33,240 --> 00:20:36,480 Speaker 1: people are saying things speculating that there could be danger, 413 00:20:36,560 --> 00:20:38,800 Speaker 1: they could blow up, and they're they're they're spreading fund 414 00:20:38,840 --> 00:20:42,720 Speaker 1: they're spreading fear, spreading uncertainty, spreading doubt. And as all 415 00:20:42,760 --> 00:20:45,400 Speaker 1: of these companies started going down, there started to be 416 00:20:45,520 --> 00:20:47,960 Speaker 1: a lot of noise over the last week that coin 417 00:20:48,040 --> 00:20:51,000 Speaker 1: Base was going to go down. Now, for those of 418 00:20:51,040 --> 00:20:54,160 Speaker 1: you that don't know about coin Base, Uh, they went public. 419 00:20:54,280 --> 00:20:57,960 Speaker 1: They're one of the first publicly traded, you know, cryptocurrency companies, 420 00:20:58,240 --> 00:21:01,200 Speaker 1: and they went public back in April of twenty one, 421 00:21:01,600 --> 00:21:04,920 Speaker 1: and the day they went public, just like most publicly 422 00:21:04,920 --> 00:21:08,360 Speaker 1: traded companies, the stock shot up higher. As a matter 423 00:21:08,400 --> 00:21:12,240 Speaker 1: of fact, it jumped up on opening day somewhere about 424 00:21:13,119 --> 00:21:17,119 Speaker 1: thirty almost forty in a day. Um. But then it 425 00:21:17,200 --> 00:21:19,679 Speaker 1: promptly felt, which is exactly what happens, which is exactly 426 00:21:19,720 --> 00:21:23,359 Speaker 1: why the SEC shouldn't be blocking unaccredited investors from getting 427 00:21:23,400 --> 00:21:25,400 Speaker 1: to early round deals, because all they do is open 428 00:21:25,440 --> 00:21:29,320 Speaker 1: themselves up, um, open up investors to get dumped on. 429 00:21:30,160 --> 00:21:34,439 Speaker 1: But since then, um, you know, coin has not done that. Well, 430 00:21:34,480 --> 00:21:37,920 Speaker 1: we're talking about coin based. It made its uh local 431 00:21:38,040 --> 00:21:40,679 Speaker 1: high in November, which is the exact same time that 432 00:21:40,680 --> 00:21:42,960 Speaker 1: Bitcoin made its high, which is the exact same time 433 00:21:42,960 --> 00:21:46,359 Speaker 1: that the NAZDAC made its high and other risk on assets, 434 00:21:46,400 --> 00:21:49,520 Speaker 1: and from that point it fell like a rock. And 435 00:21:49,560 --> 00:21:51,720 Speaker 1: as a matter of fact, it reached a low point 436 00:21:53,119 --> 00:21:57,600 Speaker 1: in May twelve and it was down about eighty nine 437 00:21:57,680 --> 00:22:02,480 Speaker 1: percent and nine drop not sence typo. But since that 438 00:22:02,600 --> 00:22:06,280 Speaker 1: high set in November, almost a nine pc drop, And 439 00:22:06,320 --> 00:22:08,040 Speaker 1: so it's no wonder that a lot of people thought 440 00:22:08,040 --> 00:22:10,119 Speaker 1: it would go dead. Um. Never mind the fact that 441 00:22:10,160 --> 00:22:13,679 Speaker 1: it had raised all this money and specifically when it 442 00:22:13,760 --> 00:22:17,720 Speaker 1: came to because of this contagion, that was an industry. Now, 443 00:22:17,880 --> 00:22:21,199 Speaker 1: the one thing that's different from coin versus all of 444 00:22:21,200 --> 00:22:23,000 Speaker 1: these other companies that are out there is that they're 445 00:22:23,040 --> 00:22:26,280 Speaker 1: publicly traded. And the reason why that's different is because 446 00:22:26,280 --> 00:22:30,359 Speaker 1: a publicly traded company has to file disclosures, they have 447 00:22:30,480 --> 00:22:32,680 Speaker 1: to open up the books, they have to show the numbers, 448 00:22:32,680 --> 00:22:35,439 Speaker 1: and sure they could lie about them, but if they 449 00:22:35,480 --> 00:22:39,160 Speaker 1: lie about them, there's some serious, serious consequences for doing so. 450 00:22:39,520 --> 00:22:41,440 Speaker 1: And so typically we would look at this public data 451 00:22:41,480 --> 00:22:43,399 Speaker 1: and we could see some of that. But what we 452 00:22:43,480 --> 00:22:46,199 Speaker 1: saw is that people were speculating that coin base was 453 00:22:46,280 --> 00:22:49,040 Speaker 1: going to go bust because of this, and people would 454 00:22:49,040 --> 00:22:51,800 Speaker 1: lose a lot of money. Now, a couple of things 455 00:22:51,840 --> 00:22:55,439 Speaker 1: about that. So if you look at the data, the 456 00:22:55,480 --> 00:22:59,360 Speaker 1: publicly available data, it doesn't look like they're insolvent at all, 457 00:22:59,520 --> 00:23:02,440 Speaker 1: Whereas with Celsius, it looks like some of the bank 458 00:23:02,480 --> 00:23:05,000 Speaker 1: early bankruptcy proceedings of showing they had somewhere between a 459 00:23:05,080 --> 00:23:10,280 Speaker 1: one to two billion dollar hole, meaning they were short, 460 00:23:10,680 --> 00:23:12,639 Speaker 1: they didn't have it, they owed two billions they didn't 461 00:23:12,640 --> 00:23:15,120 Speaker 1: have That's a giant hole. It's a very big hole. 462 00:23:15,200 --> 00:23:18,000 Speaker 1: But from quint based public data. They don't show that 463 00:23:18,080 --> 00:23:20,919 Speaker 1: on there. But they came out this week and and 464 00:23:21,000 --> 00:23:24,160 Speaker 1: made some noise and said, hey, look um, they had 465 00:23:24,240 --> 00:23:28,439 Speaker 1: no financing exposure to the crypto lenders Celsius Network, the 466 00:23:28,480 --> 00:23:33,760 Speaker 1: hedge fund Three Arrows Capital, or the crypto broker Voyager Digital. Um. 467 00:23:33,800 --> 00:23:35,800 Speaker 1: That's what they put up on their blog on Wednesday, 468 00:23:36,080 --> 00:23:38,040 Speaker 1: and they said all three of those companies are facing 469 00:23:38,080 --> 00:23:40,520 Speaker 1: bankruptcy and they all had exposure to each other, which 470 00:23:40,520 --> 00:23:42,679 Speaker 1: is why they all went down, but we didn't have that. 471 00:23:42,720 --> 00:23:44,960 Speaker 1: They said, quote, we have not engaged in these types 472 00:23:45,000 --> 00:23:48,680 Speaker 1: of risky lending practices and instead have focused on building 473 00:23:48,680 --> 00:23:53,320 Speaker 1: our financing business with prudence and deliberate focus on the client, 474 00:23:55,119 --> 00:23:57,440 Speaker 1: which is pretty good. So I know there's a lot 475 00:23:57,480 --> 00:24:01,000 Speaker 1: of fund being spread and there's probably a lot of fear. Now, 476 00:24:01,040 --> 00:24:03,120 Speaker 1: I do want to say right off the bat one, 477 00:24:04,520 --> 00:24:08,840 Speaker 1: I don't care how transparent. I don't care how many disclosures. 478 00:24:08,960 --> 00:24:12,280 Speaker 1: I don't care how how how how solvent they are. 479 00:24:13,240 --> 00:24:17,560 Speaker 1: Do not store your coins on the exchange. Take your 480 00:24:17,600 --> 00:24:23,320 Speaker 1: coins off the exchange period. That's it. The revolution that 481 00:24:23,320 --> 00:24:26,639 Speaker 1: bitcoin solved is that I can custody my assets. I 482 00:24:26,720 --> 00:24:29,359 Speaker 1: don't have to trust a third party, and so you 483 00:24:29,400 --> 00:24:32,240 Speaker 1: should do that, take them off and custody them on 484 00:24:32,320 --> 00:24:35,040 Speaker 1: your own. How do you do that, Well, you can 485 00:24:35,200 --> 00:24:37,639 Speaker 1: get go onto your iTunes store, your app store, and 486 00:24:37,640 --> 00:24:40,720 Speaker 1: you can download any wallet in here. UM you can 487 00:24:40,720 --> 00:24:43,040 Speaker 1: find like a Moon wallet is very good. M you 488 00:24:43,200 --> 00:24:46,160 Speaker 1: in a blue wallet. You know, there's many of those 489 00:24:46,200 --> 00:24:48,960 Speaker 1: that you can do, and you can download it into 490 00:24:49,000 --> 00:24:51,560 Speaker 1: your phone. I would recommend that you don't store your 491 00:24:51,600 --> 00:24:53,960 Speaker 1: life savings in your phone app. A much better way 492 00:24:53,960 --> 00:24:56,320 Speaker 1: to do that would be get a hardware wallet, one 493 00:24:56,400 --> 00:24:58,800 Speaker 1: like treads or you can go to treads or t 494 00:24:59,000 --> 00:25:03,000 Speaker 1: r e z o Are, dot Io Ledger. Those were good. 495 00:25:03,040 --> 00:25:04,880 Speaker 1: If you want to get a little bit more security 496 00:25:04,920 --> 00:25:08,439 Speaker 1: for your bitcoin, you can think cold card UM and 497 00:25:08,480 --> 00:25:10,080 Speaker 1: so that would be like the next step up there 498 00:25:10,119 --> 00:25:12,600 Speaker 1: like a little device that can hold it UM, hold 499 00:25:12,640 --> 00:25:15,399 Speaker 1: your your private key, and you can go onto their website. 500 00:25:15,480 --> 00:25:17,200 Speaker 1: They have all the videos to walk you through how 501 00:25:17,240 --> 00:25:19,560 Speaker 1: to do it UM step by step by step. It's 502 00:25:19,640 --> 00:25:21,919 Speaker 1: not that hard. You just have to try it. You 503 00:25:21,920 --> 00:25:24,359 Speaker 1: can figure it out now. If you have more money 504 00:25:24,400 --> 00:25:26,520 Speaker 1: and you want to security, even better than the next 505 00:25:26,520 --> 00:25:29,200 Speaker 1: baxt option would be to use a multi signature wallet 506 00:25:29,240 --> 00:25:32,159 Speaker 1: system like I I use, and you can set that 507 00:25:32,240 --> 00:25:34,080 Speaker 1: up on your own. You can download a software like 508 00:25:34,160 --> 00:25:35,840 Speaker 1: Specter and then you can set up with your own 509 00:25:35,880 --> 00:25:38,800 Speaker 1: hardware wallets like the treasures or the ledgers or the 510 00:25:38,800 --> 00:25:41,200 Speaker 1: cold cards, or you can use a company like I used, 511 00:25:41,280 --> 00:25:44,280 Speaker 1: like Unchained Capital and they have concert service. They can 512 00:25:44,359 --> 00:25:46,320 Speaker 1: set that up for You can go to unchained dot com, 513 00:25:46,359 --> 00:25:50,680 Speaker 1: slash concierge check that out. But I wanted to squash this, uh, 514 00:25:50,920 --> 00:25:53,080 Speaker 1: stop the fund on the industry. I don't think coin 515 00:25:53,080 --> 00:25:55,440 Speaker 1: bases going down as they've said now. They did say 516 00:25:55,520 --> 00:25:58,520 Speaker 1: that this is a major inflection point for the industry. Notably, 517 00:25:58,560 --> 00:26:02,560 Speaker 1: the issues here were foreseeable and actually credit specific, not 518 00:26:02,920 --> 00:26:05,920 Speaker 1: crypto specifics. So was this leverage I kept talking about, 519 00:26:06,000 --> 00:26:10,160 Speaker 1: which who I've been calling this great unwind um. They 520 00:26:10,200 --> 00:26:13,800 Speaker 1: did not have any county party counterparty exposure to those firms, 521 00:26:13,800 --> 00:26:17,320 Speaker 1: as they said, but it didn't stop stop their stock 522 00:26:17,440 --> 00:26:20,480 Speaker 1: from completely getting crushed. Now, like most of the crypto 523 00:26:20,520 --> 00:26:23,679 Speaker 1: industry and the risk on assets, it is up eighty 524 00:26:23,840 --> 00:26:28,639 Speaker 1: five per cent in the last two months. In the 525 00:26:28,680 --> 00:26:31,000 Speaker 1: last two months, I was doing good. But again, do 526 00:26:31,240 --> 00:26:34,959 Speaker 1: not store your bitcoin on the exchange I don't care 527 00:26:35,000 --> 00:26:36,879 Speaker 1: where you buy it. You pull it off now if 528 00:26:36,880 --> 00:26:39,200 Speaker 1: you want to buy it from somewhere you swan bitcoin. 529 00:26:39,680 --> 00:26:41,320 Speaker 1: That's where I like to use, and they have a 530 00:26:41,320 --> 00:26:44,440 Speaker 1: service where you can set up reoccurring buys like five 531 00:26:44,440 --> 00:26:46,720 Speaker 1: bucks a week or fifty bucks a week, whatever you want, 532 00:26:46,760 --> 00:26:49,560 Speaker 1: and then when you buy it, it it automatically sends it 533 00:26:49,600 --> 00:26:52,080 Speaker 1: to your cold storage for you your hardware wallt so 534 00:26:52,119 --> 00:26:54,600 Speaker 1: you don't even need to do anything. Automatically buys and 535 00:26:54,720 --> 00:26:57,600 Speaker 1: automatically goes into your cold storage so you don't mess 536 00:26:57,640 --> 00:27:00,720 Speaker 1: anything up. You can check out swan bitcoin. Um I 537 00:27:00,720 --> 00:27:03,119 Speaker 1: think you get ten dollars if you use a code 538 00:27:03,160 --> 00:27:05,359 Speaker 1: mark slash mark. You can check that out if you want. 539 00:27:06,240 --> 00:27:08,320 Speaker 1: You're listening to the Markmas Show. By the way, we're 540 00:27:08,320 --> 00:27:11,679 Speaker 1: talking about the decentralized Revolution, talking about the pendulum swinging 541 00:27:11,720 --> 00:27:16,560 Speaker 1: from centralization to decentralization, and of course we're looking through 542 00:27:16,560 --> 00:27:20,800 Speaker 1: the news of politics, finance, and technology, and we're looking 543 00:27:20,840 --> 00:27:24,520 Speaker 1: at cryptocurrencies and the effect they have on the market. Now, 544 00:27:24,760 --> 00:27:28,800 Speaker 1: there's been a nation state that's adopted bitcoin, and the 545 00:27:28,800 --> 00:27:31,159 Speaker 1: I m F hates that. And one of the biggest 546 00:27:31,200 --> 00:27:34,880 Speaker 1: financial firms in the United States is now recommending something there. 547 00:27:35,119 --> 00:27:37,359 Speaker 1: There's lots of that story. I'm gonna be back with 548 00:27:37,440 --> 00:27:39,560 Speaker 1: that and more in a minute. You listen to the 549 00:27:39,560 --> 00:27:41,679 Speaker 1: Markmas Show, don't go away. I'm gonna be right back 550 00:27:41,840 --> 00:27:45,960 Speaker 1: with more. Hello, welcome back. You're listening to the Markma Show. 551 00:27:46,000 --> 00:27:48,920 Speaker 1: We're talking about the decentralized revolution. Of course, what else 552 00:27:48,960 --> 00:27:51,280 Speaker 1: were we talking about? Now? What the heck does that 553 00:27:51,320 --> 00:27:54,960 Speaker 1: even mean? Decentralized revolution? Well, don't worry, I got your back. 554 00:27:55,200 --> 00:27:59,520 Speaker 1: I recorded a whole episode explaining what the decentralized revolution was, 555 00:28:00,119 --> 00:28:02,160 Speaker 1: and you can check it out. Just search Market Moss 556 00:28:02,200 --> 00:28:04,439 Speaker 1: podcast on the I Heart Radio app or your favorite 557 00:28:04,440 --> 00:28:07,159 Speaker 1: player wherever you want, and a whole episode on that 558 00:28:07,280 --> 00:28:10,879 Speaker 1: decentralized revolution. You can also find it on the my 559 00:28:11,000 --> 00:28:14,280 Speaker 1: YouTube channel called Market Disruptors. Go to Market Distructors on YouTube, 560 00:28:14,640 --> 00:28:17,639 Speaker 1: and we also put the episode on there as well. 561 00:28:17,680 --> 00:28:19,280 Speaker 1: So I break that all down so you can understand 562 00:28:19,280 --> 00:28:22,520 Speaker 1: what it means. But basically, the peak centralization, the I 563 00:28:22,720 --> 00:28:26,000 Speaker 1: m F, the U N, the w EF, the w 564 00:28:26,160 --> 00:28:29,159 Speaker 1: t O, the w h O, peak centralization, it is 565 00:28:29,160 --> 00:28:31,600 Speaker 1: all breaking apart. Right. We got protests in China, and 566 00:28:31,600 --> 00:28:34,159 Speaker 1: we got protests and all throughout Europe and Holland, and 567 00:28:34,200 --> 00:28:37,639 Speaker 1: Poland and Germany. We got protests and you name it. 568 00:28:38,200 --> 00:28:41,280 Speaker 1: It's breaking apart. But back to the news. We're talking 569 00:28:41,280 --> 00:28:44,440 Speaker 1: about some of the biggest breaking news this week and 570 00:28:44,600 --> 00:28:46,080 Speaker 1: one of these, one of these pieces of the news 571 00:28:46,120 --> 00:28:50,080 Speaker 1: that really caught my eye, it is about El Savador. Now, 572 00:28:50,480 --> 00:28:53,520 Speaker 1: El Savador is unique for a bunch of reasons. So 573 00:28:53,640 --> 00:28:58,160 Speaker 1: going back to this decentralized, decentralized revolution. You know, gold 574 00:28:58,200 --> 00:29:00,520 Speaker 1: has been money for five thousand years, but the dollar 575 00:29:00,600 --> 00:29:02,560 Speaker 1: has been the reserve currency of the world for about 576 00:29:02,600 --> 00:29:05,720 Speaker 1: a hundred years. And of course the dollar left the 577 00:29:05,720 --> 00:29:08,360 Speaker 1: gold standard about fifty years ago, so the dollars the 578 00:29:08,360 --> 00:29:11,440 Speaker 1: reserve currency of the world. And um, you know, reserve 579 00:29:11,480 --> 00:29:14,320 Speaker 1: currencies change, and it looks like the dollar's role as 580 00:29:14,320 --> 00:29:16,840 Speaker 1: a reserve currency of the world is failing. It's falling, 581 00:29:16,960 --> 00:29:19,160 Speaker 1: and potentially there will be another reserve currency of the world, 582 00:29:19,160 --> 00:29:21,880 Speaker 1: at least that's what people think and people want. Um. 583 00:29:22,080 --> 00:29:24,080 Speaker 1: I do believe that the dollar, the role of the 584 00:29:24,120 --> 00:29:25,960 Speaker 1: dollar is falling. And it's not that I believe it. 585 00:29:26,080 --> 00:29:29,560 Speaker 1: That's what the status show us. Um. But everybody's wanted 586 00:29:29,600 --> 00:29:32,360 Speaker 1: to know what the next reserve currency of the world 587 00:29:32,400 --> 00:29:35,240 Speaker 1: will be well, it used it was the pounds sterling 588 00:29:35,320 --> 00:29:38,560 Speaker 1: before the dollar. Now it's the dollar. What comes next? 589 00:29:39,200 --> 00:29:42,720 Speaker 1: Will we go to like a I M F SDR, 590 00:29:42,880 --> 00:29:45,560 Speaker 1: Will the Chinese you want take over? Could we go 591 00:29:45,640 --> 00:29:49,040 Speaker 1: back to gold? Will it be bitcoin? What's the next 592 00:29:49,080 --> 00:29:52,440 Speaker 1: reserve asset? But the problem with that is that they're 593 00:29:52,480 --> 00:29:55,840 Speaker 1: looking for a centralized answer. They're looking for someone on 594 00:29:56,000 --> 00:29:59,239 Speaker 1: high to come down and declare that this is the 595 00:29:59,240 --> 00:30:02,120 Speaker 1: new reserve of asset of the world. And I don't 596 00:30:02,160 --> 00:30:07,640 Speaker 1: think that's going to happen. First of all, um nations 597 00:30:07,960 --> 00:30:10,280 Speaker 1: hold lots of things in reserve, So look at Russia 598 00:30:10,320 --> 00:30:14,040 Speaker 1: for example, when Russia's FX reserves accounts got seized, They're 599 00:30:14,040 --> 00:30:16,440 Speaker 1: holding lots of currencies, not just the dollar. We know 600 00:30:16,520 --> 00:30:19,200 Speaker 1: central banks and nations around the world they are stockpiling gold, 601 00:30:19,360 --> 00:30:23,200 Speaker 1: so they're reserving assets and gold. Russia had huge cold reserves. 602 00:30:23,800 --> 00:30:26,920 Speaker 1: They also have huge reserves of oil and natural gas, 603 00:30:27,120 --> 00:30:30,160 Speaker 1: so they have reserves and lots of things, not just dollars. 604 00:30:30,440 --> 00:30:33,320 Speaker 1: And I believe that only continues. Like I said, we 605 00:30:33,360 --> 00:30:35,600 Speaker 1: can see the data. The dollar has already been losing 606 00:30:35,640 --> 00:30:37,920 Speaker 1: its role as that reserve currency, and of course who 607 00:30:37,960 --> 00:30:39,960 Speaker 1: wants to hold it when they can just click a 608 00:30:40,000 --> 00:30:42,360 Speaker 1: button and take it from you. But what I think 609 00:30:42,440 --> 00:30:45,960 Speaker 1: is that as the world becomes more decentralized, different people 610 00:30:45,960 --> 00:30:49,880 Speaker 1: will use different things. So, for example, I already store 611 00:30:49,960 --> 00:30:54,520 Speaker 1: most of my wealth in bitcoin. I know there's S 612 00:30:54,560 --> 00:30:59,520 Speaker 1: and P five companies, publicly traded companies like micro Strategy 613 00:30:59,720 --> 00:31:03,480 Speaker 1: that use bitcoin as their reserve. And there's even nations 614 00:31:03,880 --> 00:31:06,720 Speaker 1: like El Salvador. And that's that brings us to Al Salvador. 615 00:31:06,760 --> 00:31:09,560 Speaker 1: El Salvador was the first nation to make bitcoin legal tender, 616 00:31:09,600 --> 00:31:12,360 Speaker 1: meaning you could use it throughout the nation to buy 617 00:31:12,360 --> 00:31:14,239 Speaker 1: and sell whatever good you want. That means you can 618 00:31:14,240 --> 00:31:16,400 Speaker 1: go to Walmart. Well I don't know if they have Walmart, 619 00:31:16,400 --> 00:31:18,400 Speaker 1: but they do have McDonald's. They do have Starbucks, and 620 00:31:18,440 --> 00:31:22,280 Speaker 1: you can go there and spend your bitcoin there. You 621 00:31:22,280 --> 00:31:25,120 Speaker 1: can spend it at the Papoosa stand or wherever you 622 00:31:25,160 --> 00:31:28,200 Speaker 1: want in that country. I've done it. I've been there. 623 00:31:28,360 --> 00:31:30,080 Speaker 1: As a matter of fact, I have a whole video 624 00:31:30,160 --> 00:31:33,080 Speaker 1: about my experience in El Salvador, a little documentary put up. 625 00:31:33,280 --> 00:31:34,960 Speaker 1: You uhould go to my main YouTube channel to search 626 00:31:35,000 --> 00:31:37,520 Speaker 1: Mark Moss El Salvador. I'm sure you'll find it. It's 627 00:31:37,520 --> 00:31:39,800 Speaker 1: a pretty cool video. You can see a lot about 628 00:31:39,800 --> 00:31:42,440 Speaker 1: the country, some of the beautiful people, what the beaches, 629 00:31:42,520 --> 00:31:44,320 Speaker 1: the surfle look like, and so much more. So check 630 00:31:44,320 --> 00:31:46,520 Speaker 1: out that video if you want. Um. So, it's kind 631 00:31:46,560 --> 00:31:48,040 Speaker 1: of a place that's near and dear to my heart. 632 00:31:48,160 --> 00:31:49,680 Speaker 1: I've been going there for a long time because the 633 00:31:49,720 --> 00:31:52,640 Speaker 1: waves are awesome there um And now of course they 634 00:31:52,640 --> 00:31:55,560 Speaker 1: have Bitcoin Beach, which is the very first bitcoin community, 635 00:31:55,760 --> 00:31:58,280 Speaker 1: and the bitcoin community it's so awesome that I continue 636 00:31:58,320 --> 00:32:01,160 Speaker 1: to grow outward until finally the president took notice and said, 637 00:32:01,160 --> 00:32:04,320 Speaker 1: what's going on over there? Oh, bitcoin, like, maybe we 638 00:32:04,360 --> 00:32:06,360 Speaker 1: should bring that to the whole country, and they did. 639 00:32:07,840 --> 00:32:10,400 Speaker 1: The problem is that the central bankers of the world 640 00:32:10,600 --> 00:32:13,080 Speaker 1: they don't really like that very much. And so the 641 00:32:13,120 --> 00:32:15,320 Speaker 1: i m F, which is sort of a central bank 642 00:32:15,360 --> 00:32:18,200 Speaker 1: of central banks um that basically loans money to all 643 00:32:18,240 --> 00:32:21,240 Speaker 1: these countries with of course a lot of strings, they 644 00:32:21,280 --> 00:32:23,640 Speaker 1: don't like that either, and so the I m F 645 00:32:23,720 --> 00:32:26,040 Speaker 1: has been pressuring Al Salvador. The United States is trying 646 00:32:26,040 --> 00:32:28,200 Speaker 1: to crack down Allsava and everybody's trying to crack down 647 00:32:28,200 --> 00:32:31,000 Speaker 1: all savad Or to get them to give up their 648 00:32:31,160 --> 00:32:35,120 Speaker 1: bitcoin position. Now they bought a bunch of bitcoin, the 649 00:32:35,160 --> 00:32:38,600 Speaker 1: price dropped, and um, they kind of looked like a 650 00:32:38,680 --> 00:32:42,200 Speaker 1: laughing stock for a lot of people, and their credit 651 00:32:42,280 --> 00:32:44,520 Speaker 1: ratings got dropped down. I mean it it was. It 652 00:32:44,560 --> 00:32:46,800 Speaker 1: was a world of hurt for them. Now I would 653 00:32:46,880 --> 00:32:50,400 Speaker 1: say that the good news is is that um with 654 00:32:50,480 --> 00:32:53,520 Speaker 1: the price big rebounding. I think how savad are A 655 00:32:53,520 --> 00:32:56,160 Speaker 1: bought most of their bitcoin and like the forty dollar 656 00:32:56,280 --> 00:32:59,520 Speaker 1: price range, so maybe they're down and I know they 657 00:32:59,560 --> 00:33:01,720 Speaker 1: bought more. It's what we called dollar cost average. They 658 00:33:01,760 --> 00:33:03,680 Speaker 1: also bought more on the way down. I didn't go 659 00:33:03,720 --> 00:33:05,560 Speaker 1: through and do the calculations for you ahead of time, 660 00:33:06,040 --> 00:33:08,960 Speaker 1: but maybe they're blended. Cost is in the thirty thousand 661 00:33:09,040 --> 00:33:11,440 Speaker 1: range and so bitcoins back up to like almost twenty 662 00:33:11,440 --> 00:33:14,120 Speaker 1: four thousand, So maybe they're not that far off today. 663 00:33:14,520 --> 00:33:16,920 Speaker 1: But a lot of people I think that's a very 664 00:33:16,960 --> 00:33:19,000 Speaker 1: bad position for them. Like I said, their credit ratings 665 00:33:19,000 --> 00:33:22,280 Speaker 1: were downgraded, and so um, just like every country, El 666 00:33:22,320 --> 00:33:25,400 Speaker 1: Salvador still needs to borrow money. They still need to 667 00:33:25,480 --> 00:33:27,280 Speaker 1: issue bonds, and the I m F is like, well, 668 00:33:27,320 --> 00:33:28,800 Speaker 1: maybe we're not going to give any more money. So 669 00:33:28,880 --> 00:33:32,480 Speaker 1: they said, fine, then we'll do our own bond. How's 670 00:33:32,480 --> 00:33:34,600 Speaker 1: that We'll do a bitcoin bond? And so they've been 671 00:33:34,600 --> 00:33:36,560 Speaker 1: trying to get their bitcoin bond and they're really trying 672 00:33:36,600 --> 00:33:38,720 Speaker 1: to get things going their own way. Now. I had 673 00:33:39,000 --> 00:33:44,520 Speaker 1: Peter Zion on my channel UM this last weekend. Great conversation. 674 00:33:44,560 --> 00:33:46,400 Speaker 1: If you want to know more about the decentralized revolution, 675 00:33:46,440 --> 00:33:48,800 Speaker 1: check out that conversation I did with Peter. But we 676 00:33:48,840 --> 00:33:52,960 Speaker 1: talked about bitcoin. He's not a fan um and uh. 677 00:33:53,280 --> 00:33:55,120 Speaker 1: He said, oh, it can't be used as a currency. 678 00:33:55,160 --> 00:33:57,360 Speaker 1: No one can use it to buy your sell anything. 679 00:33:57,360 --> 00:33:59,720 Speaker 1: I said, well, I've been to El Salvador and I've 680 00:34:00,200 --> 00:34:01,760 Speaker 1: many things with it. What do you mean it can't 681 00:34:01,760 --> 00:34:04,760 Speaker 1: be used like that. I've I've done it. And he says, Hi, he'said, 682 00:34:04,760 --> 00:34:07,200 Speaker 1: hang on, hang on, I'd be very very very careful. 683 00:34:07,560 --> 00:34:10,319 Speaker 1: Don't use all Savador is your case study. But I said, look, 684 00:34:10,320 --> 00:34:12,239 Speaker 1: El Savador was one of the poorest nations in the 685 00:34:12,239 --> 00:34:15,440 Speaker 1: world before they adopted bitcoin. It's not like instantly that's 686 00:34:15,440 --> 00:34:17,600 Speaker 1: going to solve all their problems. Like let's let's separate 687 00:34:17,640 --> 00:34:19,799 Speaker 1: the wheak from the chaff here. But anyway, back to 688 00:34:19,840 --> 00:34:23,200 Speaker 1: the story. So Morgan Stanley, one of the largest financial 689 00:34:23,200 --> 00:34:27,400 Speaker 1: institutions in the United States, encourages investors to buy El 690 00:34:27,560 --> 00:34:32,280 Speaker 1: Salvador euro bonds. Hmm, that's pretty interesting, said the banking 691 00:34:32,280 --> 00:34:35,560 Speaker 1: giant estimated that El Savador wouldn't face any issues with 692 00:34:35,640 --> 00:34:39,360 Speaker 1: its debt payment for at least another year, despite the 693 00:34:39,400 --> 00:34:44,360 Speaker 1: crisis it's facing currently. So it says that the bitcoin 694 00:34:44,440 --> 00:34:48,600 Speaker 1: bet has somewhat backfired because it's at down from where 695 00:34:48,600 --> 00:34:51,320 Speaker 1: it originally was, so it's somewhat bad. It's somewhat you know, backfired. 696 00:34:51,360 --> 00:34:53,319 Speaker 1: They thought it'd be worth more right now it's worth less. 697 00:34:54,320 --> 00:34:57,239 Speaker 1: But it said that. Morgan Stanley told investors Tuesday that 698 00:34:57,280 --> 00:35:00,160 Speaker 1: I note that El Savador's bonds are overly punished by 699 00:35:00,200 --> 00:35:04,480 Speaker 1: the market conditions despite the country having better financial metrics 700 00:35:04,480 --> 00:35:09,080 Speaker 1: than many of its peers. Wow, that's interesting, says markets 701 00:35:09,080 --> 00:35:12,160 Speaker 1: are clearly pricing in a high probability of the autarchy 702 00:35:12,280 --> 00:35:14,399 Speaker 1: scenario in which a sov it are defaults, but there 703 00:35:14,480 --> 00:35:17,439 Speaker 1: is no restructuring. So the markets pricing in the they're 704 00:35:17,440 --> 00:35:19,640 Speaker 1: about the crash. But Morgan Stanley says that's not the case. 705 00:35:19,920 --> 00:35:24,040 Speaker 1: They're actually pretty well, uh, they're actually better than many 706 00:35:24,120 --> 00:35:26,840 Speaker 1: of its peers. As it says right here, the country's 707 00:35:26,840 --> 00:35:28,960 Speaker 1: that shouldn't trade lower than forty three cents on the 708 00:35:28,960 --> 00:35:31,759 Speaker 1: dollar or even in cases of default. UM. One of 709 00:35:31,800 --> 00:35:35,319 Speaker 1: the reasons why it says that it's doing better than 710 00:35:35,360 --> 00:35:37,759 Speaker 1: most of its other nations is it actually has a 711 00:35:37,760 --> 00:35:42,839 Speaker 1: lot of assets. That's interesting. What kind of assets. Oh yeah, 712 00:35:43,000 --> 00:35:46,480 Speaker 1: that bitcoin that's not a liability to anybody else, that 713 00:35:46,560 --> 00:35:52,120 Speaker 1: doesn't have counterparty risk, and that is a liquid asset. Says. 714 00:35:52,120 --> 00:35:55,560 Speaker 1: The country has purchased nearly fifty six million dollars worth 715 00:35:55,560 --> 00:35:58,960 Speaker 1: of bitcoin since September and even use the profits to 716 00:35:59,200 --> 00:36:04,279 Speaker 1: build schools and hospitals. It's pretty good, it says. However, 717 00:36:04,280 --> 00:36:06,439 Speaker 1: the country lost a significant chunk of its investment once 718 00:36:06,480 --> 00:36:09,719 Speaker 1: the bearer market set in. He didn't lose it. The 719 00:36:09,840 --> 00:36:13,680 Speaker 1: US dollar valuation of it went down. The bitcoin is 720 00:36:13,719 --> 00:36:19,200 Speaker 1: still there. It's a big difference. It's a big difference, UM, 721 00:36:19,280 --> 00:36:23,160 Speaker 1: It says. The bitcoin bond UM has seen delays and 722 00:36:23,200 --> 00:36:25,440 Speaker 1: there's no concrete date for launch, so they wanted to 723 00:36:25,480 --> 00:36:27,920 Speaker 1: wait for the bitcoin bond launch until the price of 724 00:36:27,960 --> 00:36:30,160 Speaker 1: bitcoin came back up. So they're on hold with that. 725 00:36:30,560 --> 00:36:33,200 Speaker 1: But anyway, Peter Zion said, don't count bitcoin. I don't 726 00:36:33,239 --> 00:36:36,360 Speaker 1: count on El Salvador. They're horrible. UM. They're being punished 727 00:36:36,640 --> 00:36:39,279 Speaker 1: in the market, even though they're better than most of 728 00:36:39,320 --> 00:36:44,839 Speaker 1: their peers per Bloomberg and Morgan Stanley here, and part 729 00:36:44,880 --> 00:36:46,560 Speaker 1: of the reason is because they have a bunch of 730 00:36:46,600 --> 00:36:49,840 Speaker 1: assets fifty six million dollars worth of bitcoin on their books, 731 00:36:50,440 --> 00:36:53,120 Speaker 1: which is pretty amazing. You listen to the Market Show. 732 00:36:53,120 --> 00:36:55,319 Speaker 1: We're talking about the decentralized Revolution, talking about the way 733 00:36:55,320 --> 00:36:57,040 Speaker 1: the world is breaking up and how nation states will 734 00:36:57,040 --> 00:36:59,960 Speaker 1: decide to change their reserve asset and other nations which 735 00:37:00,040 --> 00:37:01,360 Speaker 1: use other assets. At the end of the day, what 736 00:37:01,440 --> 00:37:04,640 Speaker 1: you choose to store your wealth in matters, and now 737 00:37:04,680 --> 00:37:08,320 Speaker 1: Savador has chosen um bitcoin for the most part. Anyway, 738 00:37:08,480 --> 00:37:10,800 Speaker 1: You listen to the Markma Show. Thanks so much for listening. 739 00:37:11,120 --> 00:37:12,719 Speaker 1: Until next time. I'll see you then.