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Yeah, we're going to submit 
Bitcoin. 

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The country with a $570 billion 
GDP made their next move into 

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Bitcoin. 
However, this is not the first 

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time the Middle Eastern giant 
has made a Bitcoin play. 

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And the country we're going to 
be talking about today isn't the

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only Miss Middle Eastern country
making Bitcoin plays. 

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In fact, it's happening around 
across that entire area. 

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Area. 
Is this a sign that these Middle

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Eastern oil giants are losing 
faith in the Petro dollar 

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system? 
Perhaps and they think Bitcoin 

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is a hedge or even the next 
global currency. 

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Let's see let's find out today. 
Anyways, we have a hell of a 

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panel with us. 
David Branskin. 

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He's a coin energy consultant 
and of course, our Co host here 

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at simply Bitcoin. 
The one and only crystal lame 

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out. 
Anyways, ladies and gentlemen, 

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no more delay. 
Let's jump straight into it. 

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Here is the coin desk article 
UAE. 

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UAE exempts crypto transactions 
from Value Added Tax That goes 

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on to say the United Arab 
Emirates has exempted crypto 

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transactions from paying the 
VAT, bringing the industry into 

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line with several traditional 
financial services. 

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The change, which takes effect 
November 15th, applies retro 

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retrospectively to transactions 
from as far back as June 1st, 

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2018. 
You never see that from 

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governments, right? 
The Arabic version of the 

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Federal Tax Authority update was
made public on October 2nd, 

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2024. 
The English translation was made

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public on October 4th, 2024. 
The exemption makes clear for 

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the first time that the tax 
doesn't apply to digital assets.

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It covers the exchange of and 
transfer of ownership of those 

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assets, which means all 
cryptocurrency transit transfers

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and conversions will now be 
exempt from paying the 5% levy. 

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This is absolutely massive. 
And the reason for that is 

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that's in stark contrast with 
how the it's in stark contrast 

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with how it works here in the 
United States or in Europe, 

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where you're actually, even if 
you're sending Bitcoin to 

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someone else, you actually have 
to pay the capital gain on that 

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transaction, on that transfer, 
which which is absolutely nuts. 

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But this is kind of like the 
theory from the sovereign 

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individual playing out, right, 
where you have different 

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jurisdictions all over the world
kind of competing in in a way. 

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And they're basically trying to 
attract entrepreneurs. 

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They're trying to attract people
to move to the city or the 

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country. 
This is why you have so many 

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people moving to Dubai because 
of their favorable tax laws. 

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And I think this is just another
step in the right direction. 

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And when governments compete for
your business as an individual, 

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you as an individual. 
When? 

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Anyways, more data to back up 
this point. 

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The UAE being one of the fastest
growing digital asset markets in

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the world. 
Research suggests that year on 

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year, the number of daily crypto
traders has risen by 166%, 

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reflective of an overall climb 
in regional adoption. 

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It's estimated between 27 to 31%
of UAE residents have invested 

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into digital assets. 
Among this active pool of crypto

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investors, nearly 3/4 are 
thought to have invested in 

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Bitcoin. 
But it's not just UAUA citizens 

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and long standing residents who 
are driving the state of the 

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crypto economy. 
It includes new expats who have 

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flocked to the UAE for its 
safety and protection in the 

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midst of political and economic 
upheaval in other parts of the 

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world. 
Not to mention the fact of its 

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favorable tax codes. 
Isn't it crazy like a small 

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little city, right, where they 
don't have income tax, but they 

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provide more safety and they 
protect not only the rule of 

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law, they enforce the rule of 
law, but also they protect 

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private property rights more 
than countries that have higher 

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income taxes. 
What's the value add there, 

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right? 
I think it's a very interesting 

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question anyways, but it's not 
also the tax situation. 

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The UAE investment entities to 
monetize flared gas to power AI,

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blockchain and Bitcoin data 
centers. 

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It goes on to say Hodler 
Investments, a Dubai based firm 

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with a portfolio and energy, AI 
and digital asset mining, has 

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signed a strategic partnership 
with Abu Dhabi's EHC Investment.

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Together they will launch Next 
Gen., a product aimed at 

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monetizing wasted energy like 
flared gas to power data centers

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in the UAEKSA and Egypt. 
And also last but not least as 

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well, of course, you have the 
Bitcoin conference. 

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They're most well known for the 
Bitcoin conference that they 

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throw in the United States. 
They're about to want, they're 

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about to have one in Amsterdam, 
which I'll be at. 

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Hopefully I get to see some of 
you guys there. 

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They're actually doing one in 
the Middle East, as I believe 

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this is going to be the biggest 
Bitcoin conference in the Middle

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East ever. 
Of course, there's been crypto 

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conference, but not Bitcoin only
conferences. 

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It's going to be called Bitcoin 
MENA. 

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It's going to be hosted in Abu 
Dhabi December 9th through the 

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10th. 
So I'm very, very bullish about 

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Bitcoin in the Middle East and 
for a couple of reasons. 

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Obviously the Middle East is 
known for having a vast amount 

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of energy, the favorable tax 
laws and also the respect for 

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private property rights and the 
the law and order specifically 

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in the smaller countries like 
like guitar in the UAE, Abu 

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Dhabi, Dubai. 
So very bullish on the Middle 

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East. 
Anyways, David, your background 

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is energy. 
Your background is mining. 

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Is this. 
Are these just journalists 

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writing puff pieces? 
What's actually going on there? 

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Are you optimistic about Bitcoin
and Bitcoin mining in the Middle

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East? 
Well, I think, yeah, it's, 

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there's plenty of evidence, you 
know, out there. 

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I mean, you've got the marathon 
project, a pretty large 

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immersion project that they're 
working with the sovereign 

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wealth fund over there. 
There's I'm working on a couple 

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projects that would be working 
with different, you know, 

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countries directly with the 
government, right, to take 

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advantage of that flare gas. 
If if you zoom out, if you zoom 

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way out, right. 
And we're looking at 

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civilization as a whole for the 
most part. 

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You know, we've always had to 
basically set up our lives 

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around, you know, where there 
was water, food, vegetation, you

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know, for shelter, things like 
that, right? 

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And you're seeing this really 
interesting shift now through 

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Bitcoin now that we have that 
attachment to the energy and we 

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can immediately convert it into 
a store of value. 

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You know, whether whatever, you 
know, you believe as far as 

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argument, if it's money, if it's
not money, whatever digital 

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gold, you can immediately change
that power directly into a store

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of value or a medium of 
exchange. 

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And so we're seeing this huge 
shift to places like we're 

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seeing it in West TX. 
So I'm in Texas, we're seeing it

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in West TX as well, right? 
Like so West TX is kind of like 

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that. 
It's barren, it's kind of a 

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desert for a lot of the part of 
the country, right? 

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So it takes a lot of resources 
to to make anything grow there 

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or to make people move out 
there. 

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But you see this shift now we're
going to congregate around 

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power, right? 
The businesses are going to move

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to power. 
They're going to move towards 

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the energy source because it is 
now such an integral part of our

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lives, whether it be Bitcoin, 
whether it be AI, whether it be 

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just general, you know, 
traditional data centers, 

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whatever the case may be, 
mission critical data centers, 

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everybody's moving closer and 
closer to the power, right? 

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So it'll start with the Cowboys 
that are mining Bitcoin and then

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it'll move to the more 
traditional, you know, kind of 

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business focus, publicly traded 
miners, things like that, right?

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And then the data centers will 
come in, you see, you know, 

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companies like what was it? 
HUD 8, right? 

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They start to kind of push more 
towards the AI focused, they're 

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trying to kind of hedge their 
bets, go different multiple 

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directions, right? 
So you're still, you're seeing 

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that happen and a place like 
Dubai is perfect for it because 

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it's all about order, it's all 
about control, It's all about 

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you're still free, right? 
But it's like they don't put up 

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with shenanigans, right? 
They don't deal with that. 

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And they are also super, they've
always been, I say always, 

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right, Since they really started
rebuilding the city about 1520 

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years ago, right? 
I actually sold a crane to a 

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company in Dubai back when they 
had like 80% of all of the 

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cranes in the world, right? 
So this was like 20 years ago. 

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But ever since they started 
that, they have been so focused 

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on technology and innovation. 
And they've got the money, 

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they've got oil, they've got 
this, this energy available. 

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It's nice to see them start 
really, really pushing and using

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it, and it's great to see that 
part of the world is 

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consolidating to those core 
values, right? 

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All these people are coming in 
because they want that order. 

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We're seeing a really good swing
and countries like that are 

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just, they're gonna lead the 
way. 

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A. 100% and you're seeing this 
kind of regulatory arbitrage 

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kind of play out in the United 
States where people are leaving 

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California and New York, they're
going to Texas and Florida, of 

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course, freedom country, 
tremendous amount of people 

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immigrating to El Salvador in 
the Middle East. 

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But you buried the lead there in
the very beginning. 

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You mentioned the fact that some
of these countries sovereign 

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wealth funds are actively mining
Bitcoin. 

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That is not a well known fact. 
Of course, we know the Kingdom 

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of Bhutan, We know Salvador is 
mining Bitcoin. 

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Of course we know Texas, huge 
amount of Bitcoin miners there. 

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But David, I don't know if you 
could say any of the specifics, 

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but that's absolutely masses. 
You just confirm that some 

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countries in the Middle East, 
their governments themselves are

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mining Bitcoin. 
Is that correct? 

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00:10:11,200 --> 00:10:15,520
Yeah. 
I mean, so it's a it's, it's 

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interesting, right, because of 
this shift. 

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You think about the Petro dollar
you mentioned earlier, right in 

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the opening, right? 
You, you're talking about you've

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got bricks, you've got all these
things happening, right? 

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There's this kind of struggle to
move off the dollar and 

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realistically, you know, right 
now a barrel of oil, right, 

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There's a billion barrels of oil
used a day. 

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And that's not even counting 
like all of the natural gas that

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comes from that for power 
generation and stuff and heat 

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and stuff like that. 
So that is a massive, massive 

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industry that just dwarfs, you 
know, the the Bitcoin market cap

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00:10:53,200 --> 00:10:56,360
right now, right? 
So as cool and innovative and as

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00:10:56,360 --> 00:10:59,280
amazing as Bitcoin is and as 
revolutionary as it is, it's 

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00:10:59,280 --> 00:11:02,600
still in its infancy compared to
the energy market, right? 

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00:11:02,600 --> 00:11:07,120
So, so those guys over there are
doing that, but it's still a 

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00:11:07,120 --> 00:11:09,880
rounding error for them, right? 
I mean, they could be making, 

196
00:11:10,520 --> 00:11:15,320
they could be making, you know, 
a couple billion dollars mining 

197
00:11:15,400 --> 00:11:19,120
or a value, right? 
Mining Bitcoin right now, the 

198
00:11:19,120 --> 00:11:22,920
country could, and it's still a 
rounding error for most of those

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00:11:22,920 --> 00:11:25,640
countries where oil and gas is 
their primary export. 

200
00:11:25,920 --> 00:11:28,560
Right there. 
We're talking about, you know, a

201
00:11:28,560 --> 00:11:32,600
few trillion dollars worth of, 
you know, a few trillion dollars

202
00:11:32,600 --> 00:11:35,080
worth of energy. 
Bitcoin's just a rounding error.

203
00:11:35,080 --> 00:11:36,560
So are they doing it? 
Yeah. 

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00:11:36,560 --> 00:11:39,040
Absolutely. 
I think they'd be silly not to. 

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00:11:40,560 --> 00:11:44,800
And I, I mean, I can't tell you 
a specific about the project I'm

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00:11:44,800 --> 00:11:47,960
working on, you know that 
conversation, but it'll, it'll 

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00:11:47,960 --> 00:11:50,560
start slowly. 
It'll start with someone 

208
00:11:52,120 --> 00:11:55,360
basically a Bitcoin miner, you 
know, Marathon went in there and

209
00:11:55,360 --> 00:11:57,680
partnered. 
That's all public information 

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00:11:58,360 --> 00:12:00,880
that, that, that was big. 
And then other countries will be

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00:12:00,880 --> 00:12:04,120
like, OK, well, we've got all 
this excess, you know, gas that 

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00:12:04,120 --> 00:12:06,960
we are either flaring or we try 
to send it to. 

213
00:12:06,960 --> 00:12:11,960
But you you talk about there's a
lot of geopolitical issues there

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00:12:11,960 --> 00:12:15,240
that kind of make it make it 
advantageous for Bitcoiners, 

215
00:12:15,240 --> 00:12:16,920
right? 
You talk about consolidating 

216
00:12:16,920 --> 00:12:19,200
from one state in the US to 
another based on, you know, 

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00:12:19,200 --> 00:12:21,640
regulations. 
That happens all over the world 

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00:12:21,640 --> 00:12:23,600
every day, right? 
All over Europe. 

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00:12:23,760 --> 00:12:25,960
People like, well, I don't, you 
know, like what's going on in 

220
00:12:25,960 --> 00:12:27,840
Germany. 
So I'm gonna move to Switzerland

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00:12:27,840 --> 00:12:29,400
or I don't like what's happening
here. 

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00:12:29,400 --> 00:12:31,600
So I'm gonna, you know, it's 
like, it's not that big a deal 

223
00:12:31,600 --> 00:12:34,760
because it's basically the size 
or even a little smaller, 

224
00:12:34,760 --> 00:12:37,600
whatever of the US, right? 
So it's like you're really just 

225
00:12:37,600 --> 00:12:39,640
moving from state to state. 
It's happening in the Middle 

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00:12:39,640 --> 00:12:42,720
East too. 
People will get, you know, 

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00:12:42,720 --> 00:12:47,240
displaced for, you know, 
geopolitical reasons for 

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00:12:47,760 --> 00:12:51,200
religious persecution, whatever.
And it moves and and they will 

229
00:12:51,200 --> 00:12:53,040
naturally gravitate to these 
places. 

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00:12:53,040 --> 00:12:55,840
Well, the ones that are early 
adopting Bitcoin, you mentioned 

231
00:12:55,840 --> 00:12:59,880
El Salvador, Bhutan, right? 
They are ahead of the game. 

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00:13:00,320 --> 00:13:04,920
And so the rest of the world 
outside of those countries start

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00:13:04,920 --> 00:13:08,200
to see that. 
You know, it's that old story of

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00:13:08,200 --> 00:13:09,960
what was it? 
I can't remember. 

235
00:13:09,960 --> 00:13:11,960
It was Spain or France or 
whatever where they started 

236
00:13:11,960 --> 00:13:14,040
taxing everybody and then the 
boats left, right. 

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00:13:14,120 --> 00:13:17,320
Yeah, it's, it's, it's the 
sovereign individual thesis 

238
00:13:17,320 --> 00:13:19,640
playing out. 
And because of the Internet, you

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00:13:19,640 --> 00:13:24,160
can now work from anywhere. 
And I'm just connecting the dots

240
00:13:24,160 --> 00:13:27,040
here, right. 
You have Exxon Mobil mine using 

241
00:13:27,040 --> 00:13:29,480
flared gas to mine Bitcoin in 
the United States. 

242
00:13:29,480 --> 00:13:33,600
You just confirmed that Marathon
signed a deal with a Middle 

243
00:13:33,600 --> 00:13:36,160
Eastern country. 
And of course, we have bit deer 

244
00:13:36,160 --> 00:13:39,600
that signed a deal with the 
Kingdom of Bhutan in Asia. 

245
00:13:40,520 --> 00:13:42,240
Right. 
To think that trend is not going

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00:13:42,240 --> 00:13:44,800
to continue is just naive. 
Yeah. 

247
00:13:45,560 --> 00:13:48,760
And this is just going to 
continue to make the hash rate 

248
00:13:48,840 --> 00:13:53,160
go through the roof like it has 
been, which means that Bitcoin 

249
00:13:53,160 --> 00:13:56,120
theoretically is more 
computationally secure, which 

250
00:13:56,120 --> 00:13:58,880
means that its value proposition
continues to go up. 

251
00:13:59,760 --> 00:14:01,440
Yeah. 
I mean, all things are good for 

252
00:14:01,440 --> 00:14:03,840
Bitcoin starting the week off 
strong. 

253
00:14:03,840 --> 00:14:06,040
Chris Alamo, what are your 
thoughts before we get on to the

254
00:14:06,040 --> 00:14:07,080
numbers? 
Yeah. 

255
00:14:07,080 --> 00:14:09,040
So David, I would kind of want 
to touch on what you're saying. 

256
00:14:09,040 --> 00:14:13,240
Obviously in 1971, France 
requested their gold out of Fort

257
00:14:13,240 --> 00:14:15,520
Knox and then England followed 
suit shortly afterwards. 

258
00:14:15,720 --> 00:14:18,360
Do you guys remember when the 
Nixon shock was obviously in 71 

259
00:14:18,360 --> 00:14:21,160
mid? 
71, yeah. 1971 Do you know when 

260
00:14:21,400 --> 00:14:24,800
UAE was founded? 
197123. 

261
00:14:24,800 --> 00:14:26,920
Correct. 
Four months after the Nixon 

262
00:14:26,920 --> 00:14:28,040
shock. 
Yep. 

263
00:14:28,040 --> 00:14:35,560
So August 15th, 19, let's go. 
So 1971, August 15th of 1971, 

264
00:14:35,560 --> 00:14:38,560
the Nixon shock occurred. 
December 2nd of 1971. 

265
00:14:38,560 --> 00:14:41,640
The UAE was founded as a nation.
Obviously, if you can see, 

266
00:14:41,640 --> 00:14:43,520
obviously we became on the 
petrodollar system. 

267
00:14:43,640 --> 00:14:47,200
So a big part of this system was
obviously, you know, backing 

268
00:14:47,320 --> 00:14:50,840
dollars by gold that was nixed. 
And then basically the the 

269
00:14:50,840 --> 00:14:53,280
secretary curious state at the 
time went over to the Middle 

270
00:14:53,280 --> 00:14:56,080
East, mainly Saudi Arabia and 
its proxies and basically said, 

271
00:14:56,080 --> 00:14:59,640
hey, we're going to support you 
with weapons and protection, but

272
00:14:59,640 --> 00:15:03,280
you have to sell dollar or sell 
oil and gas or energy in U.S. 

273
00:15:03,280 --> 00:15:04,520
dollars. 
And that's kind of the system 

274
00:15:04,520 --> 00:15:07,720
that we've had ever since then. 
Obviously we've seen, and I 

275
00:15:07,720 --> 00:15:09,800
think a lot of those countries 
in the Middle East have had a 

276
00:15:09,800 --> 00:15:13,440
first hand witness or you know, 
they've seen obviously since 

277
00:15:13,440 --> 00:15:18,160
9/11 right after that and when 
basically the US government was 

278
00:15:18,160 --> 00:15:20,560
confiscating reserves. 
So the deal was basically we're 

279
00:15:20,560 --> 00:15:24,360
going to send you dollars and or
we're going to send you like 

280
00:15:24,360 --> 00:15:26,640
protection basically, or the 
military in order to protect 

281
00:15:26,640 --> 00:15:28,600
yourself. 
And then you're going to use 

282
00:15:28,600 --> 00:15:30,880
those and you're only going to 
sell in U.S. dollars. 

283
00:15:31,040 --> 00:15:33,520
And then with your excess U.S. 
dollar reserves, aside from 

284
00:15:33,520 --> 00:15:35,800
pumping more wells or, you know,
running your businesses, you're 

285
00:15:35,800 --> 00:15:37,520
going to plow them into U.S. 
Treasuries. 

286
00:15:37,520 --> 00:15:39,920
That's kind of been the game or 
that that we've been playing for

287
00:15:39,920 --> 00:15:42,920
the last 50 years or so. 
But the issues started to rise 

288
00:15:42,920 --> 00:15:46,400
in 2001 when the US started 
confiscating assets of a lot of 

289
00:15:46,480 --> 00:15:48,960
of, you know, whether they're in
the right or wrong, but they 

290
00:15:48,960 --> 00:15:52,600
were confiscating assets of 
Saddam Hussein, Osama bin Laden.

291
00:15:52,720 --> 00:15:55,760
Then we saw even as recently as 
2022, we sanctioned Russia. 

292
00:15:55,760 --> 00:15:58,440
Russia had about a trillion 
outstanding in Treasuries. 

293
00:15:58,840 --> 00:16:02,120
China in 2008 was pissed when we
bailed out the bankers, but we 

294
00:16:02,120 --> 00:16:04,760
didn't bail out bondholders. 
So China was holding well over a

295
00:16:05,000 --> 00:16:07,240
trillion dollars in reserves. 
So there's been the cracking of 

296
00:16:07,240 --> 00:16:09,320
the financial system and people 
are looking for a different 

297
00:16:09,320 --> 00:16:12,160
asset and a political asset such
as Bitcoin in order to pump 

298
00:16:12,160 --> 00:16:14,600
their money into Saudi Arabia 
has been at the forefront of 

299
00:16:14,600 --> 00:16:16,680
they're receiving dollars and 
they're like, these can be taken

300
00:16:16,680 --> 00:16:18,280
from us. 
So we need to find a better, 

301
00:16:18,360 --> 00:16:20,080
more suitable asset that we can 
hold on. 

302
00:16:20,080 --> 00:16:22,880
We have our oil reserves and 
obviously we have, you know, you

303
00:16:22,880 --> 00:16:25,000
know, they've really been 
pumping up the economy through 

304
00:16:25,000 --> 00:16:27,320
tourism and, you know, welcoming
businesses there. 

305
00:16:27,360 --> 00:16:29,800
But they're like, hey, we need a
reserve asset in the case that 

306
00:16:29,800 --> 00:16:31,720
our banks are shut down. 
So I'll just leave you guys 

307
00:16:31,720 --> 00:16:32,640
there with that. 
I hope that's. 

308
00:16:32,640 --> 00:16:34,400
Good 100. 
That's an amazing take and we 

309
00:16:34,400 --> 00:16:37,120
see it in the comments too. 
Dumbest move is confiscating 

310
00:16:37,120 --> 00:16:40,760
assets in Russia, of course, 
because the moment they, and to 

311
00:16:40,760 --> 00:16:43,960
add to Chris's points, the 
moment that they politicize the 

312
00:16:43,960 --> 00:16:48,160
money, all of a sudden other 
countries that are using and 

313
00:16:48,160 --> 00:16:51,360
holding U.S. dollars are saying 
wait a second, you know what's 

314
00:16:51,360 --> 00:16:54,760
stopping one administration from
doing the same thing to me? 

315
00:16:55,000 --> 00:16:57,200
And then they start looking for 
alternatives. 

316
00:16:57,360 --> 00:17:01,000
And of course the best 
alternative as we all know is 

317
00:17:01,000 --> 00:17:06,640
the only truly non decentralized
non sovereign money, which is 

318
00:17:06,640 --> 00:17:09,160
Bitcoin that can't be 
politicized. 

319
00:17:09,160 --> 00:17:11,440
You know you could transact. 
You're going to have to be OK 

320
00:17:11,440 --> 00:17:13,599
with your even your worst 
enemies using it, but I would 

321
00:17:13,599 --> 00:17:15,079
say that's a feature and not a 
bug. 

322
00:17:15,319 --> 00:17:17,720
Anyways guys, before we jump 
into the show, I do want to 

323
00:17:17,720 --> 00:17:19,800
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All right, everybody, let's hit 

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the numbers. 
Lots to talk about. 

347
00:18:38,840 --> 00:18:40,640
All right, everybody, I do want 
to give a shout out to our 

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Usually when you buy a hardware 

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351
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Problem is that paper is prone 
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Your dog's probably going to eat

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Your dog's probably not going to

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They put a blowtorch on this 

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369
00:19:43,880 --> 00:19:52,400
dollar 1567 Block height 864,623
Realize Monetary inflation 1.32%

370
00:19:52,600 --> 00:19:58,200
Market cap 1.26 trillion Bitcoin
versus gold Market cap 6.79% 

371
00:19:58,440 --> 00:20:06,320
Money supply 19,764,000. 230 BTC
percentage issued 94.11%. 

372
00:20:06,600 --> 00:20:08,960
Anyways, ladies and gentlemen, 
this is simply Bitcoin and we 

373
00:20:08,960 --> 00:20:12,640
cover not only the separation of
money in state, but also the 

374
00:20:12,640 --> 00:20:17,480
separation of information in 
state and they go hand in hand. 

375
00:20:17,840 --> 00:20:21,560
What the Internet has enabled 
people to do is not only choose 

376
00:20:21,560 --> 00:20:26,760
what money they want to use, but
it's also allowed them to talk 

377
00:20:26,760 --> 00:20:30,800
amongst themselves at a massive 
scale, mass scale, peer-to-peer 

378
00:20:30,800 --> 00:20:33,120
communications. 
And unfortunately for 

379
00:20:33,120 --> 00:20:36,840
governments that have been used 
to controlling the narrative 

380
00:20:36,840 --> 00:20:40,640
through a handful of legacy 
media outlets, it becomes very, 

381
00:20:40,640 --> 00:20:44,280
very uncomfortable when you have
people building massive 

382
00:20:44,280 --> 00:20:48,160
followings, not going through 
the traditional gatekeepers of 

383
00:20:48,160 --> 00:20:51,320
information like The New York 
Times, like the Wall Street 

384
00:20:51,320 --> 00:20:54,880
Journal, like CNN, like Fox 
News, right? 

385
00:20:54,880 --> 00:20:59,000
You have the rise of independent
content creators that are now 

386
00:20:59,000 --> 00:21:02,880
becoming more popular than the 
legacy media itself. 

387
00:21:03,120 --> 00:21:06,840
And of course, you have people 
the likes of which of Hillary 

388
00:21:06,840 --> 00:21:12,240
Clinton and of course, former 
Secretary of State John Kerry, 

389
00:21:12,240 --> 00:21:16,040
who ran for president, basically
saying things like, yeah, social

390
00:21:16,040 --> 00:21:21,920
media is a problem, The First 
Amendment is a problem, right? 

391
00:21:22,320 --> 00:21:25,240
So I'm going to play you guys 
this clip of Hillary Clinton 

392
00:21:25,240 --> 00:21:27,120
talking about social media. 
Let's check it out. 

393
00:21:29,920 --> 00:21:31,560
There should be a lot of things 
done. 

394
00:21:31,760 --> 00:21:35,040
We should be, in my view, 
repealing something called 

395
00:21:35,040 --> 00:21:39,720
section 2:30, which gave, you 
know, platforms on the Internet 

396
00:21:39,800 --> 00:21:42,680
to immunity because they were 
thought to be just pass throughs

397
00:21:42,680 --> 00:21:46,320
that they shouldn't be judged 
for the content that is posted. 

398
00:21:46,560 --> 00:21:50,720
But we now know that that was an
overly simple view, that if the 

399
00:21:50,960 --> 00:21:56,840
platforms, whether it's Facebook
or Twitter X or Instagram or 

400
00:21:56,840 --> 00:22:00,960
TikTok, whatever they are, if 
they don't moderate and monitor 

401
00:22:00,960 --> 00:22:04,200
the content, we lose total 
control. 

402
00:22:04,280 --> 00:22:10,080
There should be a lot of things.
If we if we don't censor or 

403
00:22:10,080 --> 00:22:12,800
control the content, we lose 
total control. 

404
00:22:13,080 --> 00:22:18,960
I mean like, wait a second. 
So that has me asking so many 

405
00:22:18,960 --> 00:22:24,360
questions, right? 
Like, what do you mean control? 

406
00:22:24,840 --> 00:22:27,800
Is that the role of government 
to control the narrative and 

407
00:22:27,800 --> 00:22:30,880
control the content? 
Isn't that specifically what the

408
00:22:30,880 --> 00:22:33,640
1st Amendment is all about? 
Well, there's a breakdown. 

409
00:22:33,640 --> 00:22:38,840
Mike Benz, who originally kind 
of revealed this, he did an 

410
00:22:38,840 --> 00:22:45,160
amazing interview on Tucker 
Carlson and here are his, here's

411
00:22:45,160 --> 00:22:47,960
his response to this Hillary 
Clinton interview. 

412
00:22:48,320 --> 00:22:51,080
I have been put here on God's 
green earth, sent here from the 

413
00:22:51,080 --> 00:22:55,240
future to tell you that this is 
the current consensus policy 

414
00:22:55,240 --> 00:22:59,680
pivot of every major organ of 
the US State Department and 

415
00:22:59,680 --> 00:23:03,320
state's programming is 
specifically designed to achieve

416
00:23:03,320 --> 00:23:06,000
total control. 
I don't think that was the 

417
00:23:06,000 --> 00:23:09,400
original vision of what the 
United States was built upon, 

418
00:23:09,440 --> 00:23:12,520
right? 
And Gigi has a really good 

419
00:23:12,520 --> 00:23:14,400
point. 
And you can find this on Noster,

420
00:23:14,400 --> 00:23:17,040
of course. 
And This is why protocols like 

421
00:23:17,040 --> 00:23:21,040
Noster are so important, because
there is no centralized 

422
00:23:21,040 --> 00:23:23,760
platform. 
So even if they pass whatever 

423
00:23:23,760 --> 00:23:27,800
law they want, they couldn't 
take the information down, which

424
00:23:27,800 --> 00:23:32,400
inevitably becomes a forcing 
function to instead of censoring

425
00:23:32,400 --> 00:23:36,200
what your political opponent is 
saying, you have to address it. 

426
00:23:36,960 --> 00:23:41,040
It's a lot easier to censor for 
for tyrants anyways, It goes on 

427
00:23:41,040 --> 00:23:43,280
to say Gigi. 
Who defines hate? 

428
00:23:43,480 --> 00:23:46,720
Who defines truth? 
All centralized platforms will 

429
00:23:46,720 --> 00:23:50,080
inevitably be forced to be an 
arbiter, willingly or not. 

430
00:23:50,280 --> 00:23:54,200
It's an impossible problem. 
The only solution is to remove 

431
00:23:54,480 --> 00:23:57,200
central control and push it to 
the edges. 

432
00:23:57,400 --> 00:24:01,600
It's messy, it's imperfect, but 
it's much more preferable to the

433
00:24:01,600 --> 00:24:04,520
alternative. 
And just a little bit of, of, 

434
00:24:05,160 --> 00:24:09,240
of, of commentary in regards to 
how the 1st Amendment works here

435
00:24:09,240 --> 00:24:12,200
in the United States. 
I think the Founding fathers had

436
00:24:12,200 --> 00:24:15,480
the wisdom to understand this 
when they wrote the 1st 

437
00:24:15,480 --> 00:24:20,120
Amendment the way they did 
because they realized, like, if 

438
00:24:20,120 --> 00:24:25,080
we give the power to government 
to get to dictate what is truth 

439
00:24:25,080 --> 00:24:30,280
and what is not truth, they are 
going to abuse that in order to 

440
00:24:30,280 --> 00:24:33,680
protect their political MO. 
So we kind of have to leave this

441
00:24:33,680 --> 00:24:37,280
up to the free market of ideas. 
Is it perfect? 

442
00:24:37,280 --> 00:24:39,880
No, but is it better than the 
alternative? 

443
00:24:39,920 --> 00:24:42,160
And I think that's the point 
that Gigi's trying to make. 

444
00:24:42,440 --> 00:24:45,680
That's the wisdom that the 
Founding fathers added in the 

445
00:24:45,680 --> 00:24:47,480
first men in the US 
Constitution. 

446
00:24:47,840 --> 00:24:51,120
And you know, the Internet that 
I think is exposing a lot of 

447
00:24:51,120 --> 00:24:53,480
things that they didn't want 
exposed. 

448
00:24:53,480 --> 00:24:56,840
I think that they were always 
they had this idea that they 

449
00:24:56,840 --> 00:25:00,400
were always going to be able to 
control information through the 

450
00:25:00,400 --> 00:25:03,240
legacy media outlets. 
I don't think in in a million 

451
00:25:03,240 --> 00:25:06,520
years did they ever think that 
social media was going to become

452
00:25:06,520 --> 00:25:09,640
more popular than the original 
outlets. 

453
00:25:09,640 --> 00:25:11,680
Anyways, David, what it What are
your thoughts on this? 

454
00:25:12,880 --> 00:25:15,880
Man, where do you start with 
this? 

455
00:25:15,880 --> 00:25:19,440
Right? 
Like it's, I mean, we're, we're 

456
00:25:19,440 --> 00:25:22,920
literally seeing, you know, 
commentary and narrative come 

457
00:25:22,920 --> 00:25:25,760
out of the US government. 
Well, we see it all out of all 

458
00:25:25,760 --> 00:25:28,240
governments across the the 
planet right now, most 

459
00:25:28,240 --> 00:25:30,360
governments across the planet 
right now, right? 

460
00:25:30,360 --> 00:25:34,880
It's just, it's straight out of,
you know, Orwell's 1984, right? 

461
00:25:34,880 --> 00:25:43,280
It's, it's Bitcoin ties into 
this in so many interesting 

462
00:25:43,280 --> 00:25:47,240
ways. 
But I think the main point is it

463
00:25:47,240 --> 00:25:49,840
really does come down to freedom
of speech, right? 

464
00:25:49,840 --> 00:25:52,640
And because freedom of speech, 
the reason freedom of speech is 

465
00:25:52,640 --> 00:25:56,760
so important is because it 
allows critical thinking. 

466
00:25:56,760 --> 00:26:00,080
It allows you to make your own 
decisions. 

467
00:26:00,080 --> 00:26:03,480
It allows you to create your own
ideas and not follow, you know, 

468
00:26:03,680 --> 00:26:05,360
just blindly follow orders, 
right? 

469
00:26:05,640 --> 00:26:08,520
That was the whole point. 
We had just thrown off a tyrant.

470
00:26:10,040 --> 00:26:14,160
And if we had just basically 
taken a page out of that book 

471
00:26:14,160 --> 00:26:17,200
and and copied it into, you 
know, what is now the United 

472
00:26:17,200 --> 00:26:20,240
States of America, then you 
know, we would be no better off,

473
00:26:20,320 --> 00:26:21,560
right? 
It would have been just the same

474
00:26:21,560 --> 00:26:25,440
song, different verse. 
Freedom of speech is so 

475
00:26:25,440 --> 00:26:29,040
important. 
The reason it works with ties 

476
00:26:29,040 --> 00:26:33,480
into Bitcoin so well is because 
it is enabling us to make our 

477
00:26:33,480 --> 00:26:35,800
own decisions and our own 
choices, not just say what we 

478
00:26:35,800 --> 00:26:40,960
want to say, right, But actually
saying I want to put my value 

479
00:26:40,960 --> 00:26:43,040
here. 
This is where I see my value, 

480
00:26:43,680 --> 00:26:45,880
not just from a money 
perspective and a finance 

481
00:26:45,880 --> 00:26:48,960
perspective, but you know, I 
have value in my family. 

482
00:26:49,200 --> 00:26:50,920
I have value in the way that I 
live. 

483
00:26:50,920 --> 00:26:52,560
I have value in my personal 
beliefs. 

484
00:26:52,560 --> 00:26:55,120
I have value in my, you know, my
religion. 

485
00:26:55,520 --> 00:26:57,800
All of this is freedom of 
speech, right? 

486
00:26:57,800 --> 00:26:59,680
It's not just freedom of speech,
it's freedom of think. 

487
00:26:59,680 --> 00:27:04,560
It's your ability to actually 
decide on your own that is 

488
00:27:04,600 --> 00:27:10,640
absolutely goes against the the 
ethos of a government, right? 

489
00:27:10,640 --> 00:27:15,960
The government is we get 
involved and we begin putting 

490
00:27:15,960 --> 00:27:19,160
regulations on things and 
messing with your life, but it's

491
00:27:19,160 --> 00:27:21,720
for the greater good. 
It's so you're not harming other

492
00:27:21,720 --> 00:27:24,600
people, right? 
The problem is giving it that 

493
00:27:24,600 --> 00:27:27,840
inch, right? 
It just rolls and it rolls and 

494
00:27:27,840 --> 00:27:29,120
it rolls and it rolls and it 
rolls. 

495
00:27:29,360 --> 00:27:32,440
And so, and you see it in every 
single government that's ever 

496
00:27:32,440 --> 00:27:36,080
existed eventually they always 
try to grab as much of that 

497
00:27:36,080 --> 00:27:40,120
power as it possibly can. 
So things like the Internet, 

498
00:27:40,600 --> 00:27:47,040
things like Bitcoin, the ability
just even just peer-to-peer 

499
00:27:47,040 --> 00:27:50,880
commerce, right? 
Me being able to go to a farmers

500
00:27:50,880 --> 00:27:52,840
market, right? 
That's all tied into freedom of 

501
00:27:52,840 --> 00:27:56,240
speech, right? 
And what's so scary about that 

502
00:27:56,240 --> 00:27:58,520
is if they can control the 
speech, that's what they're 

503
00:27:58,520 --> 00:28:00,000
saying. 
That's what she's saying when 

504
00:28:00,000 --> 00:28:03,560
she says we will lose control. 
The way she's talking about is 

505
00:28:03,560 --> 00:28:07,560
an elite class that is so 
ingrained in the US government, 

506
00:28:07,560 --> 00:28:09,840
they're now one in the same, 
right? 

507
00:28:09,840 --> 00:28:13,040
They're not going to go away. 
We can't vote our way out of it,

508
00:28:13,040 --> 00:28:14,840
right? 
So something radically has to 

509
00:28:14,840 --> 00:28:17,040
change. 
And that's the change she's 

510
00:28:17,040 --> 00:28:20,840
talking about. 
If it keeps going, if it keeps 

511
00:28:20,840 --> 00:28:25,040
going the way that it has been 
and people like Elon Musk don't 

512
00:28:25,160 --> 00:28:29,440
fight back with, you know, X if 
the average person doesn't fight

513
00:28:29,440 --> 00:28:32,040
back. 
I, I, I wrote out a tweet today 

514
00:28:32,480 --> 00:28:38,040
that I was about to post and I 
had just a split second where I 

515
00:28:38,040 --> 00:28:40,560
wasn't sure if I wanted to put 
it up or not, right? 

516
00:28:42,080 --> 00:28:45,600
That's, that's a dangerous place
to be at when you're actually 

517
00:28:45,680 --> 00:28:48,200
frightened of what the 
repercussions are going to be. 

518
00:28:48,200 --> 00:28:54,080
Now, you should always be 
willing to take accountability 

519
00:28:54,160 --> 00:28:58,440
for your words, right? 
But what I'm saying is what I 

520
00:28:58,440 --> 00:29:01,880
was going to quote and tweet was
not, you know, revolutionary. 

521
00:29:01,880 --> 00:29:06,400
It was not crazy. 
It was not dangerous, but 

522
00:29:06,520 --> 00:29:09,200
there's just enough people out 
there that might get upset about

523
00:29:09,200 --> 00:29:10,080
it, right? 
It made me think. 

524
00:29:10,080 --> 00:29:14,280
And those when when I have those
feelings, that's when it makes 

525
00:29:14,280 --> 00:29:19,160
me realize that pendulum has 
swung way too far and that they 

526
00:29:19,160 --> 00:29:22,320
are living rent free in my mind 
and trying to control my 

527
00:29:22,320 --> 00:29:26,240
thoughts 100%. 
You have to push so super hard 

528
00:29:26,560 --> 00:29:30,760
to swing back it just and the 
further you go, the harder it 

529
00:29:30,760 --> 00:29:35,320
gets to to fight that back. 100%
And by the way, David, you're 

530
00:29:35,320 --> 00:29:40,440
not the only person that made 
the case that that Bitcoin is 

531
00:29:40,440 --> 00:29:43,200
protected by the 1st Amendment 
where Bitcoin is speech. 

532
00:29:43,560 --> 00:29:46,920
And here is Ross Stevens from NY
Dig, and I think he's trying to 

533
00:29:46,920 --> 00:29:51,320
get ahead of something from a, 
from a regulatory standpoint. 

534
00:29:51,320 --> 00:29:54,040
You know, he has quotes from 
Benjamin, Benjamin Franklin. 

535
00:29:54,320 --> 00:29:57,760
And I think the most important 
part here, and this is something

536
00:29:57,760 --> 00:30:00,640
that we've been making the case 
on simply Bitcoin for a long 

537
00:30:00,640 --> 00:30:05,280
time actually, which is the fact
that Bitcoin inherently is a 

538
00:30:05,280 --> 00:30:08,840
political movement, right? 
And because it's a political 

539
00:30:08,840 --> 00:30:12,000
movement, think about it, If 
you're not allowed to speak 

540
00:30:12,000 --> 00:30:15,520
freely about certain ideas. 
There was a point in time that 

541
00:30:15,520 --> 00:30:20,080
the legacy media was basically 
saying that when Bitcoiners were

542
00:30:20,080 --> 00:30:24,560
screaming on Bitcoin Twitter 
that inflation was coming 

543
00:30:24,560 --> 00:30:27,080
because they printed a record 
amount of money, they called us 

544
00:30:27,080 --> 00:30:29,520
psychopaths. 
That's their quote, not mine. 

545
00:30:29,920 --> 00:30:32,120
And they said that that was 
disinformation. 

546
00:30:32,600 --> 00:30:36,320
Two years later, they said, oh, 
no, we were wrong about 

547
00:30:36,320 --> 00:30:39,080
inflation at the time. 
Those disinformation, this is 

548
00:30:39,280 --> 00:30:41,400
this is the dangerous part, 
right? 

549
00:30:41,680 --> 00:30:45,560
Is that at the time they'll just
they'll just take it off the 

550
00:30:45,560 --> 00:30:47,040
Internet. 
And I think this is where Ross 

551
00:30:47,040 --> 00:30:50,040
Stevens is trying to get ahead 
from a regulatory perspective, 

552
00:30:50,040 --> 00:30:53,320
saying, hey, Bitcoin is speech, 
you know, money is speech. 

553
00:30:53,320 --> 00:30:56,880
And by the way, this is not just
saying this. 

554
00:30:56,880 --> 00:31:01,120
I love this article by Naimbu 
Kelly because they're basically 

555
00:31:01,120 --> 00:31:02,840
saying exactly what David just 
said. 

556
00:31:03,400 --> 00:31:05,880
And these are, these are Naimbu 
Kelly's words, not mine. 

557
00:31:06,680 --> 00:31:10,160
They're willing to fight, lie, 
smear, destroy, censor, 

558
00:31:10,160 --> 00:31:13,040
confiscate, print, and do 
whatever it takes to maintain 

559
00:31:13,040 --> 00:31:17,080
and increase their control over 
the truth and everything and 

560
00:31:17,080 --> 00:31:18,320
everyone. 
Right? 

561
00:31:18,760 --> 00:31:21,840
And he also makes the case that 
their most important, their most

562
00:31:21,840 --> 00:31:25,360
powerful weapon is the control 
of the truth. 

563
00:31:25,360 --> 00:31:29,600
So when you hear Hillary Clinton
literally saying at very end. 

564
00:31:31,080 --> 00:31:33,400
We lose total control. 
There should be a. 

565
00:31:33,640 --> 00:31:36,920
She literally means that. 
She literally means that mass 

566
00:31:36,920 --> 00:31:39,880
scale peer-to-peer 
communications enabled by the 

567
00:31:39,960 --> 00:31:44,440
Internet is not allowing them to
control the narrative the way 

568
00:31:44,440 --> 00:31:46,640
that they have been controlling 
the narrative. 

569
00:31:47,040 --> 00:31:48,080
I'm going to pass it on to 
Chris. 

570
00:31:48,080 --> 00:31:50,880
One last bit. 
A very, very powerful tweet that

571
00:31:50,880 --> 00:31:53,240
I saw and I actually set it at 
the Bitcoin conference, Bitcoin 

572
00:31:53,240 --> 00:31:59,280
2023. 
I think if social media existed 

573
00:31:59,280 --> 00:32:02,680
back in the 2000s, we have, we 
would have not gone to war with 

574
00:32:02,680 --> 00:32:06,360
Iraq. 
And it was such a powerful 

575
00:32:06,360 --> 00:32:09,520
statement because the way that 
the American people would have 

576
00:32:09,520 --> 00:32:14,320
convinced about that war was 
that The New York Times released

577
00:32:14,320 --> 00:32:16,600
an article that Iraq had weapons
of mass destruction. 

578
00:32:16,600 --> 00:32:20,160
It came out half a decade later 
that that information actually 

579
00:32:20,160 --> 00:32:21,720
came from the intelligence 
agencies. 

580
00:32:22,240 --> 00:32:26,440
So it was like, it's nuts. 
And guys, make no mistake, the 

581
00:32:26,440 --> 00:32:30,280
fight for free speech is the 
front line for the fight for 

582
00:32:30,280 --> 00:32:32,160
Bitcoin. 
If they're not OK with you 

583
00:32:32,520 --> 00:32:35,640
speaking freely, they're not 
going to be OK with you 

584
00:32:35,640 --> 00:32:37,000
transacting freely. 
Anyways. 

585
00:32:37,000 --> 00:32:39,520
Passing it on to Chris. 
Yeah, no, I think that was a 

586
00:32:39,520 --> 00:32:41,520
great clip. 
I mean, they're, you know, the 

587
00:32:41,520 --> 00:32:43,800
saying is always they're the 
carbon you want to reduce. 

588
00:32:44,280 --> 00:32:46,280
You know, they're the speech you
want to censor. 

589
00:32:46,800 --> 00:32:48,840
And obviously we're building 
tools to fight that. 

590
00:32:48,840 --> 00:32:51,840
Bitcoin being the the number one
example or the obvious example, 

591
00:32:51,840 --> 00:32:54,800
the freedom to transact with 
peers in a peer-to-peer manner. 

592
00:32:55,000 --> 00:32:57,840
And then I think platforms like 
Noster, like, well, I am really 

593
00:32:57,840 --> 00:33:02,000
happy there's platforms like, 
you know, Parlor, Rumble X now 

594
00:33:02,000 --> 00:33:04,720
that Elon has it, like fighting 
to be more free speech 

595
00:33:04,720 --> 00:33:07,800
platforms. 
I do think as you can see, like 

596
00:33:07,800 --> 00:33:11,400
with Telegram, what is it? 
The CEO of Telegram when they 

597
00:33:11,400 --> 00:33:14,320
arrested him and they're trying 
to either force back doors, you 

598
00:33:14,320 --> 00:33:17,760
know, things are being leaked 
that the program has leaked, not

599
00:33:17,760 --> 00:33:19,920
encrypted communication since 
2018. 

600
00:33:20,040 --> 00:33:22,160
It's really sad to see. 
But I definitely think things 

601
00:33:22,160 --> 00:33:24,200
like Noster and Bitcoin are 
going to be things that fight 

602
00:33:24,200 --> 00:33:27,040
back that like once the total 
amount of pressure is applied to

603
00:33:27,040 --> 00:33:29,200
centralized platforms, it's 
going to be the decentralized 

604
00:33:29,200 --> 00:33:30,760
platforms that went out in the 
long run. 

605
00:33:31,200 --> 00:33:34,120
So that's all I got to add 
there. 100% no, that's a really 

606
00:33:34,120 --> 00:33:38,040
good point. 
I'm bullish on protocols and I 

607
00:33:38,040 --> 00:33:41,080
still gotta give credit to Elon 
because what he's doing is 

608
00:33:41,080 --> 00:33:44,400
courageous with the Rumble CEO 
is courageous doing it was 

609
00:33:44,400 --> 00:33:49,760
courageous with the telegrams 
CEO was doing was courageous. 

610
00:33:49,760 --> 00:33:52,920
But as you can see, it's their 
centralized platform. 

611
00:33:52,920 --> 00:33:56,960
So there is someone to go after.
And this is the this is how they

612
00:33:56,960 --> 00:34:01,120
contrast with nostril and 
Bitcoin where it's essential. 

613
00:34:01,120 --> 00:34:04,800
There is no one to go after like
you can you can, you know, 

614
00:34:05,360 --> 00:34:09,199
martyr some of the people 
involved with Bitcoin and I 

615
00:34:09,199 --> 00:34:11,000
think that has already happened 
in the past. 

616
00:34:11,000 --> 00:34:17,120
Free Ross, but you can't make 
the thing go away, which makes 

617
00:34:17,120 --> 00:34:20,320
it a forcing function. 
And when it comes to 

618
00:34:20,320 --> 00:34:23,280
information, it's like, okay, 
the governments can't no longer 

619
00:34:23,280 --> 00:34:27,280
sell you on a narrative when it 
comes to Bitcoin, it's a forcing

620
00:34:27,280 --> 00:34:29,760
function on the failure of Fiat 
money. 

621
00:34:30,000 --> 00:34:33,719
It it literally puts up a mirror
and it says money can exist 

622
00:34:33,719 --> 00:34:36,239
without inflation. 
How do you explain that away? 

623
00:34:36,480 --> 00:34:39,320
You can't, right? 
Anyways, Chris, what what are 

624
00:34:39,360 --> 00:34:41,600
your thoughts on this? 
Yeah, I guess one thing I wanted

625
00:34:41,600 --> 00:34:45,000
to say like, like I commend, you
know, the CEO of Telegram and 

626
00:34:45,000 --> 00:34:48,120
Elon for like fighting back. 
And I do think that, you know, 

627
00:34:48,120 --> 00:34:50,679
it takes courageous and brave 
men in order to set things 

628
00:34:50,679 --> 00:34:52,120
straight. 
But I think at the end of the 

629
00:34:52,120 --> 00:34:54,159
day, even they are susceptible 
things. 

630
00:34:54,159 --> 00:34:56,920
Like imagine if Elon's kid had a
gun to his head. 

631
00:34:57,000 --> 00:34:59,920
It's like he would be 
metaphorically, metaphorically, 

632
00:35:00,160 --> 00:35:03,960
metaphorically, metaphorically. 
That was just an example, no 

633
00:35:03,960 --> 00:35:07,840
calls for. 
Violence if if, if, if they were

634
00:35:07,840 --> 00:35:10,880
threatened or there was threats 
in order to one of Elon's loved 

635
00:35:10,880 --> 00:35:12,840
ones, I think you're more likely
to get someone like that to 

636
00:35:12,840 --> 00:35:14,320
cave. 
Like even if you were to 

637
00:35:14,320 --> 00:35:17,000
metaphorically torture them or, 
you know, confiscate their 

638
00:35:17,000 --> 00:35:18,520
wealth or do things to prevent 
them. 

639
00:35:18,680 --> 00:35:21,120
I do think that there are ways 
to get to powerful people 

640
00:35:21,120 --> 00:35:24,080
through their loved ones. 
And I do think that protocols, 

641
00:35:24,080 --> 00:35:25,680
not platforms is a way to to 
defeat that. 

642
00:35:25,680 --> 00:35:27,840
If you're like, hey, like I 
don't have Bitcoin that I can 

643
00:35:27,840 --> 00:35:30,520
send because it's in multi sig 
and it's across three different 

644
00:35:30,520 --> 00:35:32,960
jurisdictions. 
Or it's like, hey, you know, I 

645
00:35:32,960 --> 00:35:35,280
want you to delete this user off
your platform, off Nostra. 

646
00:35:35,280 --> 00:35:37,960
It's like, I can't because, you 
know, I don't run the relays. 

647
00:35:38,080 --> 00:35:41,200
I think those are ways to fight 
back of like there's no longer a

648
00:35:41,200 --> 00:35:44,240
central entity or head to 
metaphorically chop off. 

649
00:35:44,760 --> 00:35:47,640
Yeah, this is all metaphorical. 
This is all metaphorical. 

650
00:35:47,640 --> 00:35:49,960
These are examples. 
We we don't. 

651
00:35:49,960 --> 00:35:51,720
And none of this is a call to 
violence. 

652
00:35:51,720 --> 00:35:53,680
YouTube. 
All right, everybody, let's get 

653
00:35:53,680 --> 00:35:55,160
to the news. 
We have lots to cover. 

654
00:35:55,160 --> 00:35:56,240
Let's check it out. 
Here we go. 

655
00:35:58,120 --> 00:36:01,640
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phone, so you'll know how to 

676
00:37:18,240 --> 00:37:20,760
navigate it and use it the 
moment you pick it up. 

677
00:37:20,960 --> 00:37:24,880
It's also air gaps, meaning 
Bitcoin stays offline, never 

678
00:37:24,880 --> 00:37:27,760
touching an Internet connection.
It's Bitcoin only. 

679
00:37:27,920 --> 00:37:31,920
Open source, verifiable air gap 
security model, gorgeous design 

680
00:37:31,920 --> 00:37:36,120
craft, premium grade materials. 
Get your Bitcoin off exchanges 

681
00:37:36,280 --> 00:37:38,400
and into your own hands in just 
a few minutes. 

682
00:37:38,560 --> 00:37:43,600
With passport at foundation dot 
XYZ, simply get Peace of Mind 

683
00:37:43,720 --> 00:37:48,680
for your piece of Bitcoin. 
Everybody go check out Passport 

684
00:37:48,680 --> 00:37:53,480
by Foundation devices. 
You can use the QR code that I'm

685
00:37:53,520 --> 00:37:58,520
going to put up on screen right 
now and you can use promo code. 

686
00:37:58,520 --> 00:38:01,880
Simply get yourself a hardware 
wallet member, guys, not your 

687
00:38:01,880 --> 00:38:04,680
keys, not your keys. 
This thing is incredibly easy to

688
00:38:04,680 --> 00:38:06,280
use. 
It's very nice. 

689
00:38:06,480 --> 00:38:10,320
This is the perfect gift to give
to someone who perhaps you know,

690
00:38:10,600 --> 00:38:13,960
they, they feel intimidated a 
little bit about taking self 

691
00:38:13,960 --> 00:38:16,160
custody. 
That's what the passport is for.

692
00:38:16,160 --> 00:38:19,840
It makes it gives you all the 
benefits of cold storage 

693
00:38:19,840 --> 00:38:23,240
Bitcoin, but it also gives you 
the convenience of being able to

694
00:38:23,680 --> 00:38:27,560
spend cold storage Bitcoin 
without needing this tremendous 

695
00:38:27,560 --> 00:38:30,920
amount of technical know how. 
Anyways, everybody, I do want to

696
00:38:30,920 --> 00:38:33,960
bring this up and I think the 
central theme here and I'm 

697
00:38:33,960 --> 00:38:37,680
really curious to hear what 
David's thoughts are on this. 

698
00:38:39,040 --> 00:38:44,120
And it's a very simple idea. 
OK, The idea is you shouldn't 

699
00:38:44,120 --> 00:38:47,480
have to become a part time 
investor just to maintain your 

700
00:38:47,480 --> 00:38:53,000
purchasing power. 
The idea the the fact that 

701
00:38:53,000 --> 00:38:57,160
somehow, right, that somehow if 
you make a certain amount of 

702
00:38:57,160 --> 00:39:00,040
money, you have some savings. 
You. 

703
00:39:00,040 --> 00:39:05,520
Are forced to invest that money 
just to maintain not to increase

704
00:39:05,800 --> 00:39:09,360
right Your the size of 
investment just to maintain your

705
00:39:09,360 --> 00:39:12,440
your purchasing power is not 
normal. 

706
00:39:12,880 --> 00:39:17,040
This is insane this is crazy I I
there's so many different 

707
00:39:17,280 --> 00:39:21,200
descriptions that I have for 
this and what the secondary 

708
00:39:21,200 --> 00:39:27,920
effects of that is is that it it
overly balloons the financial 

709
00:39:27,920 --> 00:39:32,680
industry right and I think what 
we're going to see as hyper 

710
00:39:32,680 --> 00:39:37,120
bitcoinization accelerates is 
you're going to see what Parker 

711
00:39:37,120 --> 00:39:43,800
Lewis actually calls the great D
financialization so I'm excited 

712
00:39:43,800 --> 00:39:45,680
to talk about that I'm going to 
read a little bit from the 

713
00:39:45,680 --> 00:39:49,320
article but first I'm also not 
the only one to worry about this

714
00:39:49,560 --> 00:39:53,200
apparently this is Bitcoin is a 
great YouTube channel by the way

715
00:39:54,320 --> 00:39:58,200
BlackRock worried about people 
with digital Bitcoin wealth not 

716
00:39:58,200 --> 00:40:00,360
using financial advisors. 
Let's check it out. 

717
00:40:00,640 --> 00:40:03,000
Hundreds of millions of people 
that are investing in these 

718
00:40:03,000 --> 00:40:05,520
digital assets, but they're 
holding it away from their 

719
00:40:05,520 --> 00:40:09,160
financial professionals that 
these individuals are buying 

720
00:40:09,160 --> 00:40:12,800
assets, holding it onto the onto
it themselves, and they're not 

721
00:40:12,800 --> 00:40:16,160
allowing financial professionals
to help manage it alongside 

722
00:40:16,160 --> 00:40:19,600
stocks and bonds to help them 
understand the tax consequences 

723
00:40:19,760 --> 00:40:24,040
of these assets. 
Over 80%, four out of five 

724
00:40:24,040 --> 00:40:26,960
millennial millionaires in the 
United States own crypto. 

725
00:40:28,040 --> 00:40:31,120
So if you're a financial advisor
and you're trying to get that 

726
00:40:31,120 --> 00:40:34,600
next client of the future, you 
want to be able to offer your 

727
00:40:34,600 --> 00:40:38,360
services to a millennial, a high
earning millennial, and you 

728
00:40:38,360 --> 00:40:40,840
don't know how to talk about 
digital assets or talk about the

729
00:40:40,840 --> 00:40:43,480
value that you can provide as a 
financial professional with 

730
00:40:43,480 --> 00:40:46,120
respect to crypto. 
It's going to be very hard to 

731
00:40:46,120 --> 00:40:49,040
earn that trust and to earn that
client hundreds of. 

732
00:40:49,640 --> 00:40:53,120
OK, so let me just breakdown the
conversation that just happened,

733
00:40:53,160 --> 00:40:54,480
all right? 
What were you just saying? 

734
00:40:56,040 --> 00:40:58,560
I'm a cab driver and I dislike 
Uber. 

735
00:40:58,840 --> 00:41:03,280
I really dislike Uber, right? 
Or I'm a horse and buggy person 

736
00:41:03,440 --> 00:41:06,600
and I really dislike cars. 
Like that's really what 

737
00:41:06,600 --> 00:41:09,040
happened. 
And the other, I'll put it to 

738
00:41:09,040 --> 00:41:15,040
you simply right, Bitcoin has, 
people are anticipating that 

739
00:41:15,040 --> 00:41:20,200
it's going to have a 40 to 30% 
annual rate of return for the 

740
00:41:20,200 --> 00:41:24,440
next 10 years, right? 
Conservatively, all you gotta do

741
00:41:24,440 --> 00:41:27,600
is buy Bitcoin, earn Bitcoin, 
mine Bitcoin, put that Bitcoin 

742
00:41:27,600 --> 00:41:30,520
into self custody and you're 
gonna get that rate of return 

743
00:41:30,760 --> 00:41:35,360
without having to pay a fee and 
all the benefits of custodying 

744
00:41:35,360 --> 00:41:39,640
your own wealth. 
Why would I have to pay? 

745
00:41:40,120 --> 00:41:45,560
Is someone going to beat that 
return, a good return? 

746
00:41:45,560 --> 00:41:48,640
Just to kind of give you guys a 
perspective, a good return would

747
00:41:48,640 --> 00:41:51,320
be from a financial 
professional, Financial advisor 

748
00:41:51,720 --> 00:41:55,920
would be 12%. 
If you take a little bit more 

749
00:41:55,920 --> 00:41:58,400
risk, 20%. 
But they can't guarantee that 

750
00:41:58,400 --> 00:42:00,640
year after year. 
That's like impossible, right? 

751
00:42:01,400 --> 00:42:06,000
Bitcoin is doubling that and you
take self custody and you don't 

752
00:42:06,000 --> 00:42:09,280
have to pay a fee for it. 
That's the problem that they 

753
00:42:09,280 --> 00:42:12,600
have, But that's that sounds 
like a personal problem. 

754
00:42:12,600 --> 00:42:16,400
That doesn't sound like a 
problem for the individuals. 

755
00:42:17,240 --> 00:42:22,120
Here is a piece by Parker Lewis 
and he explains it a lot more 

756
00:42:22,120 --> 00:42:25,800
eloquently than I did. 
He goes on to say, have you ever

757
00:42:25,800 --> 00:42:29,560
heard of a have you ever had a 
financial advisor tell you that 

758
00:42:29,560 --> 00:42:31,040
you need to make your money 
grow? 

759
00:42:31,400 --> 00:42:34,760
This idea has been so hard wild 
in the minds of hard working 

760
00:42:34,760 --> 00:42:37,240
people all over the world that 
has become practically second 

761
00:42:37,240 --> 00:42:42,040
nature to the very idea of work.
The line has been repeated so 

762
00:42:42,040 --> 00:42:45,800
many times it is now a de facto 
part of working culture. 

763
00:42:46,280 --> 00:42:50,360
Get a salary position, Max out 
your 4O1K contribution, select a

764
00:42:50,360 --> 00:42:53,080
few mutual funds with catchy 
marketing names, and watch your 

765
00:42:53,080 --> 00:42:56,080
money grow. 
Most folks navigate this pack 

766
00:42:56,200 --> 00:42:59,160
half every two weeks on 
autopilot, never questioning the

767
00:42:59,160 --> 00:43:01,640
wisdom nor being conscious of 
the risks. 

768
00:43:02,080 --> 00:43:05,640
It's just what smart people do. 
Many now associate this activity

769
00:43:05,640 --> 00:43:08,800
with savings, but in reality, 
financialization has turned 

770
00:43:08,800 --> 00:43:13,160
retirement savers into perpetual
risk takers and the consequence 

771
00:43:13,160 --> 00:43:17,000
is that financial investment has
become a second full time job 

772
00:43:17,000 --> 00:43:20,960
for many, if not most. 
Financialization has been so 

773
00:43:20,960 --> 00:43:23,600
radically normalized that the 
lines between saving and 

774
00:43:23,600 --> 00:43:27,400
investing have become blurred to
the extent that most people 

775
00:43:27,720 --> 00:43:30,720
think of the two activities as 
being one in the same. 

776
00:43:31,000 --> 00:43:33,600
Believing that financial 
engineering is Ness is a 

777
00:43:33,600 --> 00:43:37,000
necessary path to a happy 
retirement might lack common 

778
00:43:37,000 --> 00:43:39,240
sense, but it is the 
conventional wisdom. 

779
00:43:39,720 --> 00:43:43,080
Over the course of the past 
several decades, economies 

780
00:43:43,080 --> 00:43:45,400
everywhere but but but 
particularly those in the 

781
00:43:45,400 --> 00:43:48,720
developed world, have become 
increasingly financialized. 

782
00:43:48,960 --> 00:43:52,680
Increased financialization has 
become the the necessary 

783
00:43:52,680 --> 00:43:56,120
companion of the idea that you 
must make your money grow. 

784
00:43:56,320 --> 00:44:00,080
But the idea itself that you 
must make your money grow only 

785
00:44:00,080 --> 00:44:03,760
really emerged in the mainstream
consciousness as everyone 

786
00:44:03,760 --> 00:44:07,600
similarly became conditioned to 
the unfortunate reality that 

787
00:44:07,600 --> 00:44:12,000
money loses its value over time.
So I'm gonna leave it at that, 

788
00:44:12,200 --> 00:44:17,040
and I'm gonna circle back to my 
original question or theme. 

789
00:44:17,600 --> 00:44:20,960
You shouldn't have to become a 
part time investor just to 

790
00:44:20,960 --> 00:44:24,640
maintain your purchasing power. 
All you have to do buy Bitcoin, 

791
00:44:24,640 --> 00:44:29,240
mine Bitcoin, earn Bitcoin, put 
that Bitcoin into self custody 

792
00:44:30,040 --> 00:44:34,160
and to use their words, let your
watch your money maybe not grow,

793
00:44:34,560 --> 00:44:38,840
but watch your purchasing power 
grow over time without having to

794
00:44:38,840 --> 00:44:41,920
jump through all these, you 
know, all these hurdles. 

795
00:44:42,600 --> 00:44:48,120
So I just find it interesting 
and that seeing that video and 

796
00:44:48,120 --> 00:44:52,560
then reading that article 
explains to me why I have seven 

797
00:44:52,560 --> 00:44:56,360
friends from high school. 
One of them works at Goldman, 

798
00:44:56,600 --> 00:44:58,640
right? 
Wealth management division, and 

799
00:44:58,640 --> 00:45:02,120
he's been the only one out of 
those seven that I have not been

800
00:45:02,120 --> 00:45:07,080
able to orange pill. 
Now I know why, right? 

801
00:45:07,080 --> 00:45:11,720
So not trying to shit on that, 
that industry or whatever, but I

802
00:45:11,720 --> 00:45:18,720
mean, coming from a bitcoiner, 
been doing this for eight years.

803
00:45:18,720 --> 00:45:20,760
Next year's going to be our 9th 
year, right? 

804
00:45:21,920 --> 00:45:25,680
Someone comes to me and they're 
offering me financial services. 

805
00:45:26,080 --> 00:45:29,560
I'm going to look at you with my
eyes like that and say, why 

806
00:45:29,560 --> 00:45:32,000
would I do that? 
Why would I give you my money 

807
00:45:33,520 --> 00:45:37,480
and then not only give you my 
money and then pay you a fee for

808
00:45:37,480 --> 00:45:40,160
giving you my money. 
And then, and I've seen this 

809
00:45:40,160 --> 00:45:43,600
with high net worth individuals 
trying to liquidate their 

810
00:45:43,600 --> 00:45:45,440
positions and put it into 
Bitcoin. 

811
00:45:45,960 --> 00:45:49,240
The way they question you and 
guilt trip you, how you're 

812
00:45:49,240 --> 00:45:51,480
trying to get out of these 
things, which is nuts. 

813
00:45:51,480 --> 00:45:53,920
If you think about it, It's 
like, wait a second, isn't that 

814
00:45:53,920 --> 00:45:56,800
my money? 
Why are you questioning me about

815
00:45:56,800 --> 00:45:58,400
getting my money back? 
Well, it's simple. 

816
00:45:58,400 --> 00:46:00,200
Everyone, no one's better than 
their incentives. 

817
00:46:00,520 --> 00:46:03,360
They're Oh my God, I want to be 
nice. 

818
00:46:03,640 --> 00:46:06,920
They're collecting rent, bro. 
They're collecting rent. 

819
00:46:06,920 --> 00:46:09,080
Their, their their incentive is 
for you. 

820
00:46:09,080 --> 00:46:14,360
It's like the Matthew 
McConaughey from, from, from 

821
00:46:14,360 --> 00:46:19,160
Wolf of Wall Street, Right? 
Which is like, no, so they make 

822
00:46:19,160 --> 00:46:21,360
your clients make money. 
It's like, no, that would make 

823
00:46:21,360 --> 00:46:23,360
it real. 
What you got to do is you got to

824
00:46:23,360 --> 00:46:25,720
come up with another great idea,
right? 

825
00:46:25,960 --> 00:46:28,480
And you got to keep them, you 
know, in the system. 

826
00:46:28,960 --> 00:46:34,360
Well, anyways, I think I made my
point, David, I was seeing some 

827
00:46:34,360 --> 00:46:38,120
of your facial expressions. 
You have some thoughts on this 

828
00:46:38,120 --> 00:46:42,400
because like, in all 
seriousness, like it's not a, 

829
00:46:42,800 --> 00:46:50,080
it's not a it like it's not a 
jab or, or, or trying to shit on

830
00:46:50,080 --> 00:46:53,800
someone's career. 
It's just the reality of the 

831
00:46:53,800 --> 00:46:59,480
fact that there are a lot of 
people like me that I'm, I'm for

832
00:46:59,480 --> 00:47:02,280
what is a four? 
I don't have any 401K, right? 

833
00:47:02,280 --> 00:47:04,440
I don't have any of these 
things. 

834
00:47:04,440 --> 00:47:09,880
I've built my wealth outside of 
that system I'm not interested 

835
00:47:09,880 --> 00:47:12,080
in. 
I don't need a financial advisor

836
00:47:12,080 --> 00:47:15,880
if I'm getting 40% year over 
year returns, right. 

837
00:47:15,880 --> 00:47:21,000
And even with sailors base case,
it's gonna you know kind of he's

838
00:47:21,000 --> 00:47:27,440
making taste that Bitcoin will 
still out compete the S&P 20 

839
00:47:27,440 --> 00:47:32,520
years from now and instead of it
getting a 30 to 40% return, it 

840
00:47:32,520 --> 00:47:37,040
will get a 20% return. 
Where is the necessity for me to

841
00:47:37,040 --> 00:47:42,240
take that risk to give up 
custody of my wealth to someone 

842
00:47:42,240 --> 00:47:45,120
else and then they charge me a 
fee for that. 

843
00:47:45,840 --> 00:47:50,160
Like from a my perspective, I 
don't see the value proposition 

844
00:47:50,160 --> 00:47:52,280
there, right. 
So what are your thoughts, 

845
00:47:52,280 --> 00:47:53,400
David? 
Then we'll push it on. 

846
00:47:53,520 --> 00:47:57,520
We'll push it on to Chris. 
There are there are two things 

847
00:47:57,520 --> 00:48:02,920
that prepared me for Bitcoin. 
I just wish they had prepared me

848
00:48:02,920 --> 00:48:05,600
earlier or I had seen Bitcoin 
earlier, right? 

849
00:48:05,600 --> 00:48:11,200
I, I'm, I have not been in it as
long as you guys have, but as 

850
00:48:11,200 --> 00:48:15,400
you're talking about this, I 
remember back to my 20s and have

851
00:48:15,400 --> 00:48:18,560
this like almost like PTSD of 
these conversations with these 

852
00:48:18,560 --> 00:48:23,680
guys from like different, you 
know, wealth advisor, you know, 

853
00:48:23,680 --> 00:48:28,920
companies with, they're like, 
well, you know, you just do this

854
00:48:28,920 --> 00:48:31,960
and you get this and, you know, 
you get 8% and just trust me, 

855
00:48:31,960 --> 00:48:33,840
bro, everything's fine, right? 
It is. 

856
00:48:33,920 --> 00:48:38,160
We'll manage it all for you. 
And I just remember being in my 

857
00:48:38,160 --> 00:48:41,320
20s, I've got two boys that are 
both in high school now, but I 

858
00:48:41,480 --> 00:48:44,760
remember when they were little 
thinking, you get this advice, 

859
00:48:44,760 --> 00:48:48,640
you get these people that tell 
you like in Parker's, which by 

860
00:48:48,640 --> 00:48:51,880
the way, one of my first ever 
Bitcoin events was actually 

861
00:48:51,880 --> 00:48:55,440
seeing Parker Lewis speak. 
I had no idea how lucky I was to

862
00:48:55,440 --> 00:48:57,240
be introduced to him at that 
point, right? 

863
00:48:58,360 --> 00:49:01,160
Being in Austin, he was with 
Unchained, you know, all that 

864
00:49:01,160 --> 00:49:02,840
kind of stuff. 
He's a genius. 

865
00:49:02,880 --> 00:49:07,560
This book is incredible, but I 
just remember being told all 

866
00:49:07,560 --> 00:49:09,880
those things and trying to do 
those things and follow the 

867
00:49:09,880 --> 00:49:13,200
rules and they're like, OK, you 
need six months of cash to pay 

868
00:49:13,200 --> 00:49:15,160
bills in case something happens 
or whatever. 

869
00:49:15,160 --> 00:49:16,760
I'm like, OK, so I would do 
that. 

870
00:49:16,760 --> 00:49:21,200
And then like two years later I 
would be like, oh, I just 

871
00:49:21,200 --> 00:49:24,240
recalculated my bills and I 
guess my boys are getting 

872
00:49:24,240 --> 00:49:26,040
bigger. 
You know, life is costing more. 

873
00:49:26,040 --> 00:49:29,160
Whatever. 
So you just, OK, I need to put 

874
00:49:29,160 --> 00:49:30,400
more. 
So I had to put more money in, 

875
00:49:30,720 --> 00:49:32,720
right? 
So I, I worked hard and I put 

876
00:49:32,720 --> 00:49:35,160
more money in and I stopped 
spending money on other things. 

877
00:49:35,840 --> 00:49:38,720
And then another year later, 
like, oh, it's, it's the same 

878
00:49:38,720 --> 00:49:40,680
thing, right? 
And it just, it gradually 

879
00:49:40,680 --> 00:49:42,680
happened to quote his book, 
right? 

880
00:49:42,680 --> 00:49:45,440
Gradually then all of a sudden, 
and then I woke up one day and 

881
00:49:45,440 --> 00:49:50,320
I'm like, why in the last, you 
know, 4-5, six years have I had 

882
00:49:50,320 --> 00:49:55,000
to double the amount of liquid 
cash I have to manage to cover 

883
00:49:55,000 --> 00:49:58,760
six months of expenses. 
My, we're not doing anything 

884
00:49:58,760 --> 00:50:01,120
extravagant. 
The bills have not really gone 

885
00:50:01,120 --> 00:50:03,720
up. 
You know, really like we're not 

886
00:50:03,720 --> 00:50:05,760
adding anything. 
I don't understand what's 

887
00:50:05,760 --> 00:50:08,080
happening, right. 
So that was, that was the first 

888
00:50:08,080 --> 00:50:10,120
thing. 
That was the first thing that 

889
00:50:10,120 --> 00:50:12,400
happened. 
And then the second one was when

890
00:50:12,480 --> 00:50:19,720
I, as a effect of that, right 
from that, 'cause I started 

891
00:50:19,840 --> 00:50:24,840
reading books on investing and 
everything that you, most of 

892
00:50:24,840 --> 00:50:28,000
what you read is just 
regurgitating the same stuff 

893
00:50:28,000 --> 00:50:31,920
that is sort of worked about 25%
of the time over the last 80 

894
00:50:31,920 --> 00:50:36,040
years, right? 
And we are so ingrained in this.

895
00:50:36,200 --> 00:50:39,480
It's ingrained in us, this idea 
that, well, you got to put your 

896
00:50:39,480 --> 00:50:40,680
money to work. 
You got to put your money to 

897
00:50:40,680 --> 00:50:42,160
work. 
No one ever stops and asks, 

898
00:50:42,160 --> 00:50:44,560
well, why? 
Why doesn't the money hold 

899
00:50:44,560 --> 00:50:45,960
value, right? 
That sort of thing. 

900
00:50:45,960 --> 00:50:49,560
You don't think about it. 
So I literally killed myself. 

901
00:50:50,200 --> 00:50:53,520
Metaphorically, that's an 
expression. 

902
00:50:53,720 --> 00:50:56,640
That is an expression. 
Thank you for keeping me real on

903
00:50:57,040 --> 00:51:01,360
that one. 
I was just working another 30 

904
00:51:01,360 --> 00:51:07,360
hours a week in addition to my 
nine to five job, reading books,

905
00:51:07,800 --> 00:51:10,320
learning, watching YouTube 
videos, trying to learn about, 

906
00:51:10,320 --> 00:51:14,360
you know, how to trade options, 
you know, cash secured puts, 

907
00:51:14,360 --> 00:51:18,200
covered calls, all this, you 
know, and looking and, and you 

908
00:51:18,200 --> 00:51:20,960
know, due diligence, you know, 
all this stuff. 

909
00:51:21,560 --> 00:51:25,840
And it, it was brutal for me 
because I just, I don't think 

910
00:51:25,840 --> 00:51:28,120
that way, right? 
I'm just not, I'm fine with 

911
00:51:28,120 --> 00:51:30,400
numbers. 
I love a good spreadsheet, but 

912
00:51:30,720 --> 00:51:33,160
it was so convoluted and so 
difficult. 

913
00:51:33,440 --> 00:51:37,560
It's just a Fiat game. 
And so these guys came along and

914
00:51:37,560 --> 00:51:40,040
they're trying to help you play 
that Fiat game. 

915
00:51:40,040 --> 00:51:43,120
It's literally just because 
people are, they don't want to 

916
00:51:43,120 --> 00:51:45,760
put in the time and it's not 
well, it's not just because they

917
00:51:45,760 --> 00:51:47,480
don't want to put, they don't 
want to put in the time and 

918
00:51:47,480 --> 00:51:48,440
effort. 
They just want to live their 

919
00:51:48,440 --> 00:51:51,240
lives. 
But even if they do put in the 

920
00:51:51,240 --> 00:51:54,240
time, most people can't really 
grasp and get this. 

921
00:51:54,240 --> 00:51:56,960
And even if you do play it 
right, you're still only right 

922
00:51:56,960 --> 00:52:00,560
about 40% of the time, right? 
And that's not always enough to 

923
00:52:00,560 --> 00:52:04,880
keep you ahead of the game. 
So when these guys say, you 

924
00:52:04,880 --> 00:52:10,640
know, Oh, well, you know, it's 
poor us, you know, we're not 

925
00:52:10,640 --> 00:52:12,880
getting a chance to help these 
people manage it. 

926
00:52:12,880 --> 00:52:15,240
We're like, well, you're not 
getting a chance to help these 

927
00:52:15,240 --> 00:52:18,440
people manage it because it's 
not necessary anymore, right? 

928
00:52:18,600 --> 00:52:22,480
This is what happens when you 
actually bring a this is what 

929
00:52:22,480 --> 00:52:26,560
happens when you actually have a
hard cap money that's not 

930
00:52:26,560 --> 00:52:29,760
manipulated. 
You can get this return, right. 

931
00:52:29,760 --> 00:52:31,720
People don't understand 
deflation. 

932
00:52:32,080 --> 00:52:38,080
And while I was trying to learn 
all that stuff, I read Robert 

933
00:52:38,080 --> 00:52:40,920
Kiyosaki's book, right? 
And rich Dad, poor dad. 

934
00:52:41,480 --> 00:52:44,760
He's a crazy character, right? 
He's got a lot of good and bad 

935
00:52:44,760 --> 00:52:46,640
about him, Stuff I like, stuff I
don't. 

936
00:52:47,080 --> 00:52:50,760
But he's the one that actually 
planted that seed in my mind way

937
00:52:50,760 --> 00:52:55,080
back when that he said in a 
perfect society, money would 

938
00:52:55,080 --> 00:52:58,560
actually be deflationary. 
He's the first one I ever read 

939
00:52:59,120 --> 00:53:02,440
that line from. 
And I thought to myself, oh, 

940
00:53:02,680 --> 00:53:06,160
but, but I thought I didn't even
know a lot about economics, but 

941
00:53:06,320 --> 00:53:09,560
but I thought we had to have at 
least 2% inflation to encourage 

942
00:53:09,560 --> 00:53:12,440
everybody to, you know, So it's 
like all of these things, all of

943
00:53:12,440 --> 00:53:16,240
these mixed messages and this 
huge industry that's just been 

944
00:53:16,240 --> 00:53:19,920
for been on top of us for so 
long we've been living in. 

945
00:53:20,800 --> 00:53:24,760
It's not surprising that it's so
difficult for us to step out and

946
00:53:24,760 --> 00:53:27,160
break free from that and take 
that risk. 

947
00:53:27,160 --> 00:53:31,000
It seems it's counterintuitive 
to everything we've ever been 

948
00:53:31,000 --> 00:53:34,640
told or ever learned at all. 
And the fact of the matter is 

949
00:53:35,840 --> 00:53:40,680
you are better off winning or 
losing if you take control of it

950
00:53:40,680 --> 00:53:43,040
yourself, right? 
You're responsible yourself. 

951
00:53:43,480 --> 00:53:47,240
But we are scared to death to. 
Metaphorically. 

952
00:53:47,560 --> 00:53:51,000
Metaphorically scared to take 
that risk on ourselves, right? 

953
00:53:51,000 --> 00:53:53,320
And most people, This is why 
most people will never get 

954
00:53:53,320 --> 00:53:55,480
Bitcoin, because they'll never 
want to do that. 

955
00:53:55,480 --> 00:53:58,440
They want the FDIC. 
They want the fake, you know, 

956
00:54:00,840 --> 00:54:03,840
security, they want the false 
security and and they don't want

957
00:54:03,840 --> 00:54:05,400
to be held accountable for their
own actions. 

958
00:54:05,400 --> 00:54:08,800
So these guys are, these guys 
are worthless, not worthless, 

959
00:54:08,800 --> 00:54:11,480
but they are. 
They're no longer necessary. 

960
00:54:11,880 --> 00:54:16,800
And once that Fiat game dies, 
really dies, it's going to be, 

961
00:54:16,960 --> 00:54:19,840
it's going to be tough, but 
they're going to have to bring 

962
00:54:19,880 --> 00:54:23,320
real value or, you know, they'll
go, they'll have to go find 

963
00:54:23,320 --> 00:54:26,800
something else to do. 
Yeah, it, it's, it's, it's quite

964
00:54:26,800 --> 00:54:30,800
interesting, you know, and that 
is a, a big part of the US 

965
00:54:30,840 --> 00:54:35,800
economy, right? 
And you ask like, what value do 

966
00:54:35,800 --> 00:54:38,520
they provide? 
What do they create right? 

967
00:54:40,400 --> 00:54:41,960
They just made super money 
around. 

968
00:54:42,160 --> 00:54:46,960
And, and, and in the Fiat 
system, you could say, oh, 

969
00:54:47,160 --> 00:54:50,680
they're necessary because that 
is how high net worth 

970
00:54:50,680 --> 00:54:57,640
individuals outpace the 
debasement of currency, right? 

971
00:54:58,520 --> 00:55:02,520
But. 
We see Michael Saylor breaking 

972
00:55:02,520 --> 00:55:04,520
that rule. 
Yeah, in a, in a bit in a 

973
00:55:04,520 --> 00:55:08,600
Bitcoin system, like, you know, 
I'm a millennial, right? 

974
00:55:08,720 --> 00:55:13,280
And I'm like, dude, like I 
don't, I, I will never, I can 

975
00:55:13,280 --> 00:55:17,840
never imagine in a world where 
I'm looking at a wealth advisor 

976
00:55:17,840 --> 00:55:19,720
and saying maybe that would be a
good idea. 

977
00:55:20,480 --> 00:55:24,200
You know, like, and and I know, 
and it, he mentioned it, he, he 

978
00:55:24,200 --> 00:55:25,680
brought up the statistics 
himself. 

979
00:55:25,680 --> 00:55:29,880
He's like, yeah, you know, 4 out
of five, you know, million 

980
00:55:30,240 --> 00:55:33,160
millennial millionaires in the 
United States, like, you know, 

981
00:55:33,160 --> 00:55:37,400
they're like they, they own this
asset. 

982
00:55:37,400 --> 00:55:40,720
Well, how do we convince them 
not to take self custody is 

983
00:55:40,720 --> 00:55:43,040
basically what he's saying. 
Chris, what are your thoughts on

984
00:55:43,040 --> 00:55:44,480
this before we move on to the 
culture? 

985
00:55:45,080 --> 00:55:48,200
Yeah, I mean, I I think kind of 
piggybacking off what David was 

986
00:55:48,200 --> 00:55:50,280
saying, it's like the whole 
system, even when you look at 

987
00:55:50,280 --> 00:55:52,760
like the billionaires, the Fiat 
billionaires, the Jeff Bezos, 

988
00:55:52,760 --> 00:55:55,240
the Elon Musk, you name it, fill
in the blank there. 

989
00:55:55,560 --> 00:55:58,080
They're incentivized not to sell
their stock. 

990
00:55:58,080 --> 00:56:00,600
See, when you get to those upper
echelons, what you're 

991
00:56:00,600 --> 00:56:03,760
incentivized to do is put them 
up as collateral and borrow 

992
00:56:03,760 --> 00:56:05,960
against them. 
Because the wealth advisors are 

993
00:56:05,960 --> 00:56:08,240
saying if you sell the stock, 
you're obviously the largest 

994
00:56:08,240 --> 00:56:09,880
shareholder or individual 
shareholder. 

995
00:56:10,040 --> 00:56:12,240
If you sell it, you're going to 
put downward selling pressure. 

996
00:56:12,360 --> 00:56:14,880
But in a way that we can avoid 
that is you pledge them as 

997
00:56:15,080 --> 00:56:17,400
collateral will give you a 3% or
4% loan. 

998
00:56:17,560 --> 00:56:19,760
And then, you know, you want a 
billion dollars, you pledge a 

999
00:56:19,760 --> 00:56:21,960
billion, a billion and five 
worth of stock. 

1000
00:56:21,960 --> 00:56:25,000
You over collateralize over 
collateralize it in the Fiat 

1001
00:56:25,000 --> 00:56:27,360
sense. 
And then they'll give you the 

1002
00:56:27,360 --> 00:56:29,560
dollars in your bank account for
whatever business you want to 

1003
00:56:29,560 --> 00:56:32,760
buy or yacht or mansion, what 
you name it, whatever you want. 

1004
00:56:32,760 --> 00:56:35,520
You pledge this the stock, but 
then you're at the beck and call

1005
00:56:35,520 --> 00:56:37,800
of the markets and like, hey, 
like all of a sudden there's a 

1006
00:56:37,800 --> 00:56:38,880
drop. 
We need to pledge more 

1007
00:56:38,960 --> 00:56:41,080
collateral, but we can't. 
How do you sell the stock? 

1008
00:56:41,080 --> 00:56:43,120
Like we don't want you to 
liquidate it into liquid net 

1009
00:56:43,120 --> 00:56:44,600
worth. 
Well, one, they're slippage and 

1010
00:56:44,600 --> 00:56:46,920
they probably wouldn't be worth 
what they are on paper. 

1011
00:56:46,920 --> 00:56:49,760
That's a story for another day. 
But you know, in the event that 

1012
00:56:49,760 --> 00:56:52,640
like you have so much debt 
outstanding, they change the 

1013
00:56:52,920 --> 00:56:54,960
rules of the game. 
Obviously, look at the 2008 

1014
00:56:54,960 --> 00:56:57,400
financial crisis. 
It's like the banks messed up in

1015
00:56:57,400 --> 00:57:00,120
all intents and purposes, they 
should go under out of business.

1016
00:57:00,280 --> 00:57:05,440
You know, Goldman Sachs, Bear 
Stearns, ADP, like all these 

1017
00:57:05,560 --> 00:57:07,960
AIAIG. 
They all should have went 

1018
00:57:07,960 --> 00:57:11,080
bankrupt, but we prop them up 
with a Fiat money printer and we

1019
00:57:11,080 --> 00:57:13,720
basically are like, hey, but now
you owe us like you're in debt 

1020
00:57:13,720 --> 00:57:15,960
and the the taxpayers bailed the
app, but we didn't. 

1021
00:57:16,120 --> 00:57:17,880
We bailed out Wall Street, but 
not Main Street. 

1022
00:57:18,080 --> 00:57:20,720
And it's this whole Fiat 
incentive game where when you 

1023
00:57:20,840 --> 00:57:23,720
self custody your Bitcoin, you 
had the risk and onuses on you. 

1024
00:57:24,000 --> 00:57:26,520
But at the same time, it gives 
you that privilege and that 

1025
00:57:26,520 --> 00:57:28,400
power to like go wherever you 
want. 

1026
00:57:28,400 --> 00:57:30,520
You know, we see the 
jurisdictional arbitrage of 

1027
00:57:30,520 --> 00:57:35,200
people moving to UAE, to Puerto 
Rico, to El Salvador, to name a 

1028
00:57:35,200 --> 00:57:36,960
few. 
And if money goes where it's 

1029
00:57:36,960 --> 00:57:39,440
treated the best and when what 
they're trying to do is they're 

1030
00:57:39,440 --> 00:57:41,720
trying to lock their money into 
their system, into their 

1031
00:57:41,720 --> 00:57:43,120
governance. 
And Bitcoin gives you the 

1032
00:57:43,120 --> 00:57:45,520
freedom to go wherever you want.
So that's just my too sad. 

1033
00:57:45,520 --> 00:57:47,360
It's not playing by their rules 
anymore. 

1034
00:57:47,360 --> 00:57:50,360
A. 100%. 
Rules A. 100% ladies and 

1035
00:57:50,360 --> 00:57:53,960
gentlemen, we are almost at 200 
likes on YouTube and there's 

1036
00:57:53,960 --> 00:57:57,680
almost 500 people watching live.
So if you guys are enjoying the 

1037
00:57:57,680 --> 00:58:00,840
show, make sure to smash that 
like button on YouTube, smash 

1038
00:58:00,840 --> 00:58:04,360
that like button on rumble, 
smash that like button on X, or 

1039
00:58:04,360 --> 00:58:07,440
give us a follow. 
And we topped out of 45 live 

1040
00:58:07,440 --> 00:58:10,720
viewers on the Nostril stream. 
So bullish on nostril, almost 

1041
00:58:10,720 --> 00:58:14,360
10,000 SAT's zapped to us. 
Really appreciate all the 

1042
00:58:14,360 --> 00:58:15,960
support over there on that 
protocol. 

1043
00:58:16,120 --> 00:58:19,280
Anyways, guys, stay tuned. 
We're going to talk to David 

1044
00:58:19,480 --> 00:58:23,600
about Bitcoin, energy mining, 
all that good stuff during the 

1045
00:58:23,600 --> 00:58:25,520
culture. 
So let's get to it. 

1046
00:58:25,520 --> 00:58:26,200
Here we go. 
All 

1047
00:58:39,040 --> 00:58:41,720
right everybody I want to tell 
you guys about the Orange app 

1048
00:58:41,720 --> 00:58:46,760
Stack friends who Stacks apps 
join the 12,233 bit corners that

1049
00:58:46,760 --> 00:58:49,920
are currently on the app to get 
started, all you got to do is 

1050
00:58:49,920 --> 00:58:53,040
scan the QR code or check the 
link in the video description. 

1051
00:58:53,040 --> 00:58:55,720
It'll take you directly to your 
App Store of choice whether 

1052
00:58:55,720 --> 00:58:58,920
that's Android or iOS. 
I don't know if there's another 

1053
00:58:58,920 --> 00:59:02,880
App Store, but yes and you'll be
able to download the orange pull

1054
00:59:02,880 --> 00:59:04,040
app. 
The orange pull app is the 

1055
00:59:04,040 --> 00:59:06,200
number one resource for Bitcoin 
only events. 

1056
00:59:06,400 --> 00:59:08,760
It also has a really clever 
geographical feature. 

1057
00:59:08,760 --> 00:59:12,120
So if you're traveling, you go 
to a new city or perhaps you've 

1058
00:59:12,120 --> 00:59:14,400
been in your city for a while 
you don't know any bitcoiners 

1059
00:59:14,400 --> 00:59:16,600
around you. 
This is the orange pull app is 

1060
00:59:16,600 --> 00:59:18,640
for you. 
It will literally show you the 

1061
00:59:18,760 --> 00:59:21,680
bitcoiners around you and it 
will give you the capability to 

1062
00:59:21,680 --> 00:59:25,240
send them a message directly 
establishing a relationship. 

1063
00:59:25,240 --> 00:59:27,200
It's one of the best ways to 
reach me. 

1064
00:59:27,440 --> 00:59:30,520
Don't really answer random 
Twitter DMS these days or random

1065
00:59:30,520 --> 00:59:32,480
emails. 
Do you want to contact me? 

1066
00:59:32,480 --> 00:59:35,560
You want to ask me a question? 
Send me a message on the orange 

1067
00:59:35,560 --> 00:59:37,360
pull up. 
Download the orange pull up 

1068
00:59:37,360 --> 00:59:39,240
today. 
Stack friends who stacks sats. 

1069
00:59:39,240 --> 00:59:43,000
Scan the QR code or check the 
link in the video description to

1070
00:59:43,200 --> 00:59:46,480
get started. 
Anyways, I do want to open the 

1071
00:59:46,480 --> 00:59:49,640
conversation up and I want to 
take advantage of our guests. 

1072
00:59:49,640 --> 00:59:52,320
For today, we have David 
Branscomb. 

1073
00:59:52,480 --> 00:59:55,720
David Branscomb is an Bitcoin 
energy consultant. 

1074
00:59:56,120 --> 00:59:59,680
We just did a panel recently 
together over in Las Vegas at 

1075
00:59:59,680 --> 01:00:02,920
the Unconfiscatable conference 
is the last one, unfortunately, 

1076
01:00:02,920 --> 01:00:05,080
you know, very, very, very sad. 
I'm sure Tone's going to bring 

1077
01:00:05,080 --> 01:00:07,400
it back. 
I know Tone, I know Tone at this

1078
01:00:07,400 --> 01:00:10,120
point he's going to bring, he's 
going to be a crazy bull market.

1079
01:00:10,120 --> 01:00:11,800
He's going to, I'm going to 
bring that shit back. 

1080
01:00:12,160 --> 01:00:15,160
So but. 
Yeah, so, and we were, we were 

1081
01:00:15,160 --> 01:00:18,680
on this panel together and I, I 
believe the panel had to do with

1082
01:00:18,680 --> 01:00:22,560
mining. 
And I, I didn't know a lot of 

1083
01:00:22,560 --> 01:00:26,800
David's background and he was 
just dropping hot fire on that 

1084
01:00:26,800 --> 01:00:28,240
panel. 
I was like, I have to meet this 

1085
01:00:28,240 --> 01:00:30,640
guy. 
I have to introduce myself. 

1086
01:00:31,480 --> 01:00:33,720
So David, welcome on, welcome to
the show. 

1087
01:00:34,360 --> 01:00:37,120
Could you tell a little bit 
about what you do? 

1088
01:00:37,520 --> 01:00:40,000
Because you, you work with so 
many companies, right? 

1089
01:00:40,920 --> 01:00:43,480
What do you do? 
What do you do in the Bitcoin 

1090
01:00:43,480 --> 01:00:46,280
space? 
And a little bit about yourself.

1091
01:00:46,720 --> 01:00:51,360
Sure. 
So I've kind of done I guess 

1092
01:00:51,520 --> 01:00:54,200
before Bitcoin done a bunch of 
different random kind of 

1093
01:00:54,400 --> 01:00:58,320
business development sales gigs.
I bought and sold construction 

1094
01:00:58,320 --> 01:01:00,320
equipment. 
I worked for a nonprofit. 

1095
01:01:00,760 --> 01:01:05,920
I ran a consulting company for 
that nonprofit, you know, 

1096
01:01:05,920 --> 01:01:10,440
business to business collections
kind of thing Dittled stint at 

1097
01:01:10,440 --> 01:01:14,520
Dell. 
I was a a technical sales Rep at

1098
01:01:14,520 --> 01:01:17,200
Dell. 
So I kind of have that technical

1099
01:01:17,480 --> 01:01:20,440
background experience. 
But after the pandemic, I wasn't

1100
01:01:20,440 --> 01:01:23,800
doing a whole lot, not a lot 
really going on. 

1101
01:01:23,800 --> 01:01:28,520
And I was building AI have a koi
pond in my backyard. 

1102
01:01:29,040 --> 01:01:31,840
If you follow me on Twitter, I 
post a lot of morning pictures 

1103
01:01:31,840 --> 01:01:33,120
out there. 
It's like my favorite place to 

1104
01:01:33,120 --> 01:01:36,920
have coffee and stuff. 
And I was building a raised grow

1105
01:01:36,920 --> 01:01:40,520
bed just really because I was 
bored, I wanted to see if I 

1106
01:01:40,520 --> 01:01:43,880
could do it. 
And so I was building that. 

1107
01:01:43,880 --> 01:01:45,440
My neighbor across the street 
came in. 

1108
01:01:45,440 --> 01:01:50,200
This was maybe, I don't know, 
early 2021, something like that.

1109
01:01:50,240 --> 01:01:53,840
And I was mining a little bit of
Bitcoin, but really just kind of

1110
01:01:53,840 --> 01:01:58,960
on the on the GPU side, right? 
I hadn't gotten into ASICS and 

1111
01:01:58,960 --> 01:02:01,720
stuff. 
And my neighbor across the 

1112
01:02:01,720 --> 01:02:04,440
street came in. 
Turns out he was asking me about

1113
01:02:04,440 --> 01:02:07,120
my project. 
So what do you know about 

1114
01:02:07,120 --> 01:02:09,600
Hydrodynamics? 
So just just what I learned 

1115
01:02:09,600 --> 01:02:12,560
here, you know, went down some, 
watched some YouTube videos. 

1116
01:02:13,600 --> 01:02:17,480
Turns out he was the CEO of a 
company that was manufacturing 

1117
01:02:17,480 --> 01:02:23,440
immersion cooling in Austin, TX 
and I went to work for them as 

1118
01:02:23,440 --> 01:02:27,360
AVP of Business development. 
They had closed a couple 100 

1119
01:02:27,360 --> 01:02:33,680
megawatts worth of immersion 
cooling with Riot and I went on,

1120
01:02:33,680 --> 01:02:38,080
worked for them for about a 
year, selling a few more, maybe 

1121
01:02:38,080 --> 01:02:40,880
about 40 megawatts total, 
something like that of immersion

1122
01:02:40,880 --> 01:02:42,400
cooling. 
And that's kind of what brought 

1123
01:02:42,400 --> 01:02:45,040
me into the space. 
I was working it with these 

1124
01:02:45,040 --> 01:02:47,760
guys. 
I wasn't even really a Bitcoiner

1125
01:02:47,760 --> 01:02:51,240
yet, but they just all assumed I
was like, you know, all in it 

1126
01:02:51,240 --> 01:02:53,400
because I was working in the 
job, but I just thought I was 

1127
01:02:53,400 --> 01:02:55,280
going to sell the traditional 
data centers. 

1128
01:02:55,840 --> 01:02:57,680
So that's kind of what got me 
into it. 

1129
01:02:57,680 --> 01:03:00,640
And every day I would just learn
more from them working with 

1130
01:03:00,640 --> 01:03:04,760
these guys, selling immersion, 
you know, helping deploy at 

1131
01:03:04,760 --> 01:03:09,640
sites, things like that. 
I left Midas and start and 

1132
01:03:09,640 --> 01:03:14,920
consulted with for independent 
clients building mines built 

1133
01:03:14,920 --> 01:03:19,000
like a, you know, 8 MW air 
cooled and eight MW immersion, 

1134
01:03:19,000 --> 01:03:22,120
16 MW mine. 
Some good, some nice guys from 

1135
01:03:22,480 --> 01:03:25,720
at Miami kind of gave me my 
first gig on that and I've just 

1136
01:03:25,720 --> 01:03:29,120
kind of been running ever since 
I can. 

1137
01:03:30,120 --> 01:03:32,560
Immersion is still kind of the 
focus, right? 

1138
01:03:33,040 --> 01:03:35,840
Basically vetting a project or 
just kind of making sure that 

1139
01:03:36,720 --> 01:03:39,920
you know, the flow is correct 
and, and tweaking it to optimize

1140
01:03:39,920 --> 01:03:44,160
that system. 
But I worked with a company 

1141
01:03:45,560 --> 01:03:48,120
really just kind of tagging 
along really I didn't like 

1142
01:03:48,120 --> 01:03:49,280
designed it or anything like 
that. 

1143
01:03:49,280 --> 01:03:52,240
But I learned about off grid gas
site mining where we're taking 

1144
01:03:52,240 --> 01:03:55,280
the gas directly out, turning it
into electricity through 

1145
01:03:55,280 --> 01:03:58,960
generators. 
And that one really kind of got 

1146
01:03:58,960 --> 01:04:00,680
me into energy. 
And I've just kind of been 

1147
01:04:00,680 --> 01:04:02,360
slowly moving upstream ever 
since. 

1148
01:04:02,360 --> 01:04:05,920
So I can help out on all of the 
operation side, you know, 

1149
01:04:06,240 --> 01:04:09,240
sourcing sites, whether it's on 
grid, off grid, behind the 

1150
01:04:09,240 --> 01:04:12,280
meter, whatever. 
But now I'm really kind of more 

1151
01:04:12,280 --> 01:04:16,000
focused on, you know, sovereign 
energy, actually owning that 

1152
01:04:16,000 --> 01:04:18,120
power source. 
We were talking earlier about 

1153
01:04:18,440 --> 01:04:22,120
these countries that, you know, 
we're getting into Bitcoin even 

1154
01:04:22,120 --> 01:04:25,720
at the government level, they 
have so much energy, right? 

1155
01:04:25,720 --> 01:04:28,360
You've got Chevron and Exxon 
here in the US. 

1156
01:04:28,360 --> 01:04:31,360
It just, I mean, they have, 
they, they, they waste, you 

1157
01:04:31,360 --> 01:04:33,960
know, so much energy a day just 
because it's not possible to 

1158
01:04:34,360 --> 01:04:36,120
properly distribute it and 
things like that. 

1159
01:04:36,120 --> 01:04:40,520
So we're kind of at the 
forefront at this crossroads 

1160
01:04:40,520 --> 01:04:44,160
between money and energy. 
And it's a really exciting place

1161
01:04:44,160 --> 01:04:48,080
to be. 
And I'm kind of living 1 foot in

1162
01:04:48,080 --> 01:04:49,400
kind of both sides of that, 
right? 

1163
01:04:49,400 --> 01:04:55,680
I'm talking to the old school 
oil and gas, you know, energy 

1164
01:04:55,680 --> 01:04:58,440
distribution, transmission, and 
then on the other side, I'm 

1165
01:04:58,440 --> 01:05:00,760
talking these, you know, 
Cowboys. 

1166
01:05:01,080 --> 01:05:04,320
I know a lot of the different, 
you know, pub Co's personally 

1167
01:05:05,760 --> 01:05:08,720
and what they're trying to do. 
And so I just kind of, I just 

1168
01:05:08,720 --> 01:05:12,680
like to be a part of interesting
projects and, and work on 

1169
01:05:12,680 --> 01:05:16,360
different things and just learn 
everything I can about energy 

1170
01:05:16,360 --> 01:05:19,880
and Bitcoin and how those two 
kind of kind of are intertwined.

1171
01:05:20,880 --> 01:05:24,040
Yeah, beautiful. 
And I, I, I want to focus on the

1172
01:05:24,400 --> 01:05:27,240
aspect because it fascinates me,
right? 

1173
01:05:27,480 --> 01:05:34,360
And I think, I think Bitcoin 
mining is heading to this, to 

1174
01:05:34,360 --> 01:05:38,480
this new era where I think it 
peaked in these major data 

1175
01:05:38,480 --> 01:05:41,640
centers. 
And now it's all about fighting,

1176
01:05:41,720 --> 01:05:47,040
finding isolated energy pockets 
because that's a major 

1177
01:05:47,040 --> 01:05:51,200
opportunity and what that's 
going to do for local 

1178
01:05:51,200 --> 01:05:54,680
communities that are around 
those energy pockets that 

1179
01:05:54,680 --> 01:05:59,720
perhaps those local communities 
didn't have jobs, they didn't 

1180
01:05:59,720 --> 01:06:02,800
have the opportunities. 
And Bitcoin miners just go in 

1181
01:06:02,800 --> 01:06:07,040
there and all of a sudden it's 
like this new gold rush, except 

1182
01:06:07,040 --> 01:06:12,240
the gold isn't going to run out.
I mean, technically 202140 

1183
01:06:12,240 --> 01:06:14,960
eventually, right? 
But you know, but there's, 

1184
01:06:14,960 --> 01:06:16,880
there's still the fees. 
Yeah, yeah. 

1185
01:06:18,160 --> 01:06:19,360
Which are going to. 
Be enormous. 

1186
01:06:19,720 --> 01:06:22,000
So can you talk a little bit 
about that? 

1187
01:06:22,000 --> 01:06:25,160
Because that to me, you know, 
fascinates me. 

1188
01:06:25,160 --> 01:06:28,520
I, I originally got into the 
industry through mining back in 

1189
01:06:28,520 --> 01:06:31,160
20/16/2017. 
I pivot. 

1190
01:06:31,160 --> 01:06:33,400
I pivoted away from mining in 
2018. 

1191
01:06:33,800 --> 01:06:35,600
Bane of my existence. 
Highly regret it. 

1192
01:06:36,520 --> 01:06:40,240
Pivoted to media. 
That's worked out so far, but 

1193
01:06:40,240 --> 01:06:43,240
holy shit, you know, mining 
since 2018. 

1194
01:06:43,240 --> 01:06:47,040
That would have been nice. 
But the point I'm trying to 

1195
01:06:47,040 --> 01:06:51,800
make, though, is that, you know,
this is like a new era and it, 

1196
01:06:51,800 --> 01:06:56,320
it's so exciting to me because 
it's going to give so much 

1197
01:06:56,320 --> 01:07:00,880
opportunities to these 
relatively small countries. 

1198
01:07:01,080 --> 01:07:03,880
Yeah. 
That would otherwise be 

1199
01:07:04,280 --> 01:07:05,920
relatively poor. 
Yeah. 

1200
01:07:06,280 --> 01:07:09,800
They wouldn't have, you know, 
they wouldn't have opportunity. 

1201
01:07:09,800 --> 01:07:13,240
I, I, we just had the, the 
presidential candidate from 

1202
01:07:13,240 --> 01:07:18,440
Suriname and Suriname has a 
tremendous amount of energy 

1203
01:07:18,760 --> 01:07:25,040
potential off its coast, right. 
And you know, there like that is

1204
01:07:25,120 --> 01:07:30,920
a country changing type of 
phenomenon here. 

1205
01:07:32,680 --> 01:07:35,600
So could you talk a little bit 
about that, David, when, when 

1206
01:07:35,600 --> 01:07:38,280
you said sovereign energy, what 
does that mean? 

1207
01:07:38,560 --> 01:07:40,280
What does that entail for the 
world? 

1208
01:07:40,400 --> 01:07:42,520
What is that going to bring the 
world? 

1209
01:07:43,200 --> 01:07:45,880
Is that was that going to make 
the world a better place, or are

1210
01:07:45,880 --> 01:07:48,560
we going to boil the oceans in 
the process of mining all this 

1211
01:07:48,560 --> 01:07:50,680
Bitcoin? 
We're not going to boil the 

1212
01:07:50,720 --> 01:07:53,200
oceans at all. 
The oceans are going to be fine.

1213
01:07:54,080 --> 01:07:57,320
You know, even depending on what
you think about climate change, 

1214
01:07:57,320 --> 01:07:58,400
right? 
The oceans haven't really 

1215
01:07:58,400 --> 01:08:00,600
changed very much. 
So I I feel like we're good 

1216
01:08:00,600 --> 01:08:02,840
there. 
I actually had a chance to meet 

1217
01:08:02,840 --> 01:08:06,640
Maya briefly in El Salvador at 
an event. 

1218
01:08:07,280 --> 01:08:09,560
Anyone that meets her talks to 
her, right? 

1219
01:08:09,560 --> 01:08:16,399
It's got to be bullish on 
certain these countries have 

1220
01:08:16,399 --> 01:08:19,000
been a victim of the Fiat game, 
right? 

1221
01:08:19,160 --> 01:08:24,640
They may have had we, if you 
look at really just the universe

1222
01:08:24,640 --> 01:08:28,720
as a whole, let alone just 
planet Earth, we don't have an 

1223
01:08:28,720 --> 01:08:31,479
energy production or energy 
supply issue. 

1224
01:08:32,160 --> 01:08:34,520
We have an energy distribution 
issue, right? 

1225
01:08:34,840 --> 01:08:38,319
Same way we do with, you know, 
food and and things like that. 

1226
01:08:39,319 --> 01:08:41,240
There's plenty of energy out 
there. 

1227
01:08:44,040 --> 01:08:48,800
The rules and the blockades set 
up by governments and that Fiat 

1228
01:08:48,800 --> 01:08:56,359
system wanting to control that 
energy source is what has caused

1229
01:08:56,359 --> 01:09:00,319
the problem. 
So there's the you talk about 

1230
01:09:00,319 --> 01:09:03,359
Bhutan, you talk about El 
Salvador. 

1231
01:09:03,359 --> 01:09:09,680
El Salvador took a huge risk not
just on Bitcoin, but energy in 

1232
01:09:09,680 --> 01:09:14,880
general, the geothermal energy 
that they use. 

1233
01:09:14,880 --> 01:09:18,080
So they, they literally create 
energy from a volcano, right? 

1234
01:09:18,080 --> 01:09:21,520
They pump water down and it's 
this giant steam engine and it's

1235
01:09:21,520 --> 01:09:23,560
incredible what they're able to 
do. 

1236
01:09:23,960 --> 01:09:27,399
And it's almost perpetual. 
I mean, that volcano would 

1237
01:09:27,399 --> 01:09:31,240
basically have to go away for 
that to, to end, right? 

1238
01:09:31,240 --> 01:09:34,200
So there is plenty of energy out
there. 

1239
01:09:34,640 --> 01:09:39,439
Bitcoin is the 1st technology 
that allows someone to take, go,

1240
01:09:39,439 --> 01:09:42,960
find energy that would normally 
be completely lost and wasted 

1241
01:09:43,760 --> 01:09:47,600
and immediately transfer it into
a store of value. 

1242
01:09:47,600 --> 01:09:54,520
So when I said earlier, we're 
talking about in the past, 

1243
01:09:55,320 --> 01:09:58,120
company or not companies, but 
well, yeah, companies, but 

1244
01:09:58,120 --> 01:10:01,200
society as a whole, we had to go
to where there was fresh water. 

1245
01:10:01,200 --> 01:10:05,280
We had to go to where there was,
you know, food, whether it be 

1246
01:10:05,640 --> 01:10:09,040
hunting, gathering, livestock, 
farming, whatever, we needed all

1247
01:10:09,040 --> 01:10:12,680
of this, right? 
Those locations are not always 

1248
01:10:12,680 --> 01:10:16,840
where the energy is, is readily 
available as far as like massive

1249
01:10:16,840 --> 01:10:22,360
amounts of power, oil, gas, you 
know, even wind, solar, hydro, 

1250
01:10:22,360 --> 01:10:24,240
right? 
It's not always right there. 

1251
01:10:24,760 --> 01:10:30,840
We're at a interesting 
crossroads where that focus is 

1252
01:10:30,840 --> 01:10:36,000
being shifted away from that we 
can, we now have economies of 

1253
01:10:36,000 --> 01:10:39,680
scale that allow us to move 
further and further away from 

1254
01:10:39,680 --> 01:10:43,360
those sources and still be able 
to survive and provide for 

1255
01:10:43,360 --> 01:10:47,720
ourselves. 
And I see this migration now 

1256
01:10:47,720 --> 01:10:51,040
towards these areas that have 
been long overlooked, that have 

1257
01:10:51,040 --> 01:10:57,320
been ignored because of control 
or, you know, bad governments or

1258
01:10:58,160 --> 01:11:02,280
terrible organizations that 
have, you know, loaned US money 

1259
01:11:02,280 --> 01:11:04,880
and then basically used it to 
bankrupt countries. 

1260
01:11:05,520 --> 01:11:10,160
Bitcoin is a way to solve all of
those problems and allow these 

1261
01:11:10,160 --> 01:11:13,400
countries to take that energy 
that is readily available there 

1262
01:11:13,840 --> 01:11:18,760
and make Bitcoin their number 
one export because it's finite. 

1263
01:11:19,800 --> 01:11:23,040
I believe there is no risk in 
that, in that side. 

1264
01:11:23,040 --> 01:11:26,360
You just literally have to hold 
on long enough for everyone to 

1265
01:11:26,360 --> 01:11:32,200
realize that the best store of 
value we have is something that 

1266
01:11:32,200 --> 01:11:34,600
is literally backed by nothing 
but energy. 

1267
01:11:36,560 --> 01:11:39,240
It's not, and it's not even 
really backed by energy per SE, 

1268
01:11:39,240 --> 01:11:43,480
but the fact that it is a 
through mining, it's 

1269
01:11:43,480 --> 01:11:45,240
inextricably tied to that 
energy. 

1270
01:11:45,240 --> 01:11:49,000
So if I'm going to send you 
Bitcoin or I'm going to receive 

1271
01:11:49,000 --> 01:11:51,760
it, I have to have energy. 
And then on top of all that, the

1272
01:11:51,760 --> 01:11:54,960
value of that Bitcoin 
transaction from one location to

1273
01:11:54,960 --> 01:11:59,560
another is literally the amount 
of energy required to mine and 

1274
01:11:59,560 --> 01:12:03,280
or make that block, right. 
So I've used this analogy 

1275
01:12:03,280 --> 01:12:06,360
before. 
I think I used it with, with 

1276
01:12:06,360 --> 01:12:10,880
you, Nico. 
If I were to you were to an Uber

1277
01:12:10,880 --> 01:12:14,320
driver and you were to give me a
ride somewhere and it costs one 

1278
01:12:14,320 --> 01:12:16,480
gallon of gas to go from point A
to point B. 

1279
01:12:16,480 --> 01:12:21,240
The best way for me to actually 
the most, the easiest way to 

1280
01:12:21,240 --> 01:12:25,080
measure and to pay you for that 
service is to actually give you 

1281
01:12:25,080 --> 01:12:28,040
1.1 gallons of gas right in 
exchange for it. 

1282
01:12:28,560 --> 01:12:32,240
That would be the perfect way to
exchange to you, for you to know

1283
01:12:32,240 --> 01:12:34,040
for sure that you are actually 
profiting. 

1284
01:12:35,680 --> 01:12:39,920
We created coins and dollars so 
we didn't have to carry around 

1285
01:12:40,160 --> 01:12:44,840
gallons of gas to pay for that, 
to make that exchange better and

1286
01:12:44,840 --> 01:12:47,680
easier. 
And it was good for a while, but

1287
01:12:47,680 --> 01:12:51,440
the problem is now we're using 
paper notes that can just be 

1288
01:12:51,440 --> 01:12:53,400
debased. 
So maybe go from going point A 

1289
01:12:53,400 --> 01:12:56,040
to point B. 
You may say, OK, that gallon of 

1290
01:12:56,040 --> 01:13:02,000
gas is $5 and I made 550 on it. 
But by the time I got to point 

1291
01:13:02,000 --> 01:13:07,600
B, that $5 will only buy, you 
know, $2.50 worth of stuff from 

1292
01:13:07,600 --> 01:13:08,520
where I started. 
Point A. 

1293
01:13:08,880 --> 01:13:12,280
That's the problem, right? 
Because Bitcoin is tied to this 

1294
01:13:12,280 --> 01:13:18,240
energy and because of that 
finite number, it's just it has 

1295
01:13:18,240 --> 01:13:23,080
the ability to change and shift 
the way we use energy, the way 

1296
01:13:23,080 --> 01:13:27,600
we view energy, the way we store
our value, the way we use our 

1297
01:13:27,600 --> 01:13:33,080
time and save our time. 
So that time and that and that 

1298
01:13:33,080 --> 01:13:38,720
value together, Bitcoin is just 
because it's tied to that energy

1299
01:13:38,720 --> 01:13:42,560
as a proof of war concept makes 
all the difference in the world.

1300
01:13:42,560 --> 01:13:45,440
Without that proof of work, you 
have some other things, you 

1301
01:13:45,440 --> 01:13:46,920
know, that are proof of stake, 
things like that. 

1302
01:13:47,160 --> 01:13:48,840
The dollar is proof of stake. 
Right. 

1303
01:13:48,840 --> 01:13:52,600
It it it, it anchors. 
It anchors Bitcoin to reality. 

1304
01:13:52,840 --> 01:13:55,600
Yes. 
Because it's an energy based 

1305
01:13:55,600 --> 01:13:57,800
money. 
And I think that a lot of the 

1306
01:13:57,800 --> 01:14:01,280
insanity and a lot of the 
decadence that you see in 

1307
01:14:01,280 --> 01:14:06,880
today's world is because the 
money is no longer anchored to 

1308
01:14:06,880 --> 01:14:08,960
reality. 
It's been completely 

1309
01:14:08,960 --> 01:14:10,480
disconnected. 
I think that's the power of the 

1310
01:14:10,480 --> 01:14:12,920
money printer. 
I think it it makes people sick 

1311
01:14:13,840 --> 01:14:19,680
spiritually, financially, 
obviously, but I think it breaks

1312
01:14:19,680 --> 01:14:21,920
some people. 
I think, I think no one deserves

1313
01:14:21,920 --> 01:14:25,880
the power of the money printer 
and Bitcoin like it it, it's a 

1314
01:14:25,880 --> 01:14:28,040
check, right? 
Because it's it's a reality 

1315
01:14:28,040 --> 01:14:30,320
check. 
It's like you can't just print 

1316
01:14:30,320 --> 01:14:34,880
more of it, so you have to mine 
it, you have to buy it, or you 

1317
01:14:34,880 --> 01:14:37,040
have to earn it, right? 
It's just the reality. 

1318
01:14:37,160 --> 01:14:42,560
You can't fake it either, right?
Like, well, this in, I mean it. 

1319
01:14:43,320 --> 01:14:46,240
If I go to the gym, you and I 
are at the gym, right? 

1320
01:14:47,680 --> 01:14:50,880
And I say, OK, we're going to 
put, you know, 225 lbs of weight

1321
01:14:50,880 --> 01:14:53,680
on this bench press. 
You can either lift that or you 

1322
01:14:53,680 --> 01:14:55,400
can't, right? 
That's it. 

1323
01:14:55,640 --> 01:15:01,200
I have enough energy right and 
muscle power to move this bar 

1324
01:15:01,520 --> 01:15:03,840
down and back up or I don't, 
right? 

1325
01:15:04,160 --> 01:15:07,880
Bitcoin actually works on the 
same laws of physics, so you 

1326
01:15:07,880 --> 01:15:12,840
don't have a choice. 
You either agree the 2 + 2 = 4 

1327
01:15:13,160 --> 01:15:18,880
and that this many kilowatt 
hours are required to to move 

1328
01:15:19,440 --> 01:15:21,440
this transaction from one 
locate. 

1329
01:15:21,440 --> 01:15:25,400
You know the the keys from you 
know, from one location to the 

1330
01:15:25,400 --> 01:15:28,920
other, transfer the ownership of
that from one key to another. 

1331
01:15:30,080 --> 01:15:32,840
Or you don't. 
And if you don't, well, you 

1332
01:15:32,840 --> 01:15:34,200
don't get to play in the 
sandbox. 

1333
01:15:34,320 --> 01:15:37,840
You just, you are literally, 
when you say I don't agree with 

1334
01:15:37,840 --> 01:15:40,320
this, you are literally turning 
your back and stepping out of 

1335
01:15:40,320 --> 01:15:42,200
the sandbox and you don't get to
play. 

1336
01:15:42,680 --> 01:15:46,280
That is what Hillary Clinton 
doesn't like when she was 

1337
01:15:46,280 --> 01:15:48,800
commenting earlier, right? 
Because it's literally what it 

1338
01:15:48,800 --> 01:15:50,920
is. 
You have to play by the rules 

1339
01:15:50,920 --> 01:15:54,240
because it's the laws of 
physics, energy created or 

1340
01:15:54,240 --> 01:15:56,520
destroyed, you can use it or 
not. 

1341
01:15:56,520 --> 01:16:03,240
And what's great about Bitcoin 
is it is the perfect balance of 

1342
01:16:03,240 --> 01:16:06,960
that The value of a Bitcoin will
only be worth whatever people 

1343
01:16:06,960 --> 01:16:10,440
are willing to use it for. 
And it will also only be worth 

1344
01:16:10,440 --> 01:16:13,200
whatever people are, whatever 
amount of energy people are 

1345
01:16:13,200 --> 01:16:17,680
willing to expend for it, Right.
So you talk about these we 

1346
01:16:17,680 --> 01:16:19,880
earlier, you know, these these 
countries that are doing it. 

1347
01:16:19,880 --> 01:16:22,400
OK, Oh, hash rate's going to go 
through the roof. 

1348
01:16:22,840 --> 01:16:27,520
Hash rate will always increase 
to the necessary amount for 

1349
01:16:27,520 --> 01:16:29,880
security. 
And then when it's no longer 

1350
01:16:29,880 --> 01:16:32,240
profitable or valuable or 
someone tries to come in and 

1351
01:16:32,240 --> 01:16:35,960
play the Fiat game and, and 
they, and they, they realize 

1352
01:16:35,960 --> 01:16:38,280
they're not playing by the rules
that hat their hat, they will 

1353
01:16:38,280 --> 01:16:40,360
lose. 
They will lose their they will, 

1354
01:16:40,440 --> 01:16:43,560
they will go underwater. 
They will spend way too much on 

1355
01:16:43,560 --> 01:16:45,920
energy or whatever. 
And they're trying to, you know,

1356
01:16:45,920 --> 01:16:47,840
play that hedge. 
They will get wrecked. 

1357
01:16:48,200 --> 01:16:51,160
It will happen. 
So when that happens, when that 

1358
01:16:51,160 --> 01:16:54,280
happens, the bad actors, that's 
them turning away. 

1359
01:16:54,520 --> 01:16:56,320
They're turning away, they're 
kicked out of the sandbox. 

1360
01:16:56,320 --> 01:16:59,720
And everybody that is mining 
Bitcoin in the most efficient 

1361
01:16:59,720 --> 01:17:04,760
way possible always looking for 
ways to, you know, to be more 

1362
01:17:04,760 --> 01:17:08,440
efficient and tweak that process
and just be, you know, as as 

1363
01:17:08,440 --> 01:17:11,320
real with those numbers and 
those physics as they can. 

1364
01:17:11,360 --> 01:17:12,640
They're the ones that are going 
to win. 

1365
01:17:13,200 --> 01:17:16,440
And if you have to have that 
incentive, otherwise it just 

1366
01:17:16,440 --> 01:17:18,000
didn't work. 
Absolutely. 

1367
01:17:18,160 --> 01:17:19,680
All right. 
Well, we are getting to the top 

1368
01:17:19,680 --> 01:17:21,840
of the hour. 
Chris, I do want to give you an 

1369
01:17:21,840 --> 01:17:24,600
opportunity, one or two minutes 
closing thoughts. 

1370
01:17:26,080 --> 01:17:27,520
I'll just keep it short and 
sweet. 

1371
01:17:27,640 --> 01:17:30,440
Stay humble Stacks acts. 
That's self custody your 

1372
01:17:30,440 --> 01:17:32,560
Bitcoin. 
Beautiful, beautiful David. 

1373
01:17:32,640 --> 01:17:35,440
Last words, last thoughts before
we wrap up the show. 

1374
01:17:35,680 --> 01:17:38,080
Not your keys, not your coins. 
Get off the exchange. 

1375
01:17:38,520 --> 01:17:41,280
Love it, love it. 
All right everybody, thank you 

1376
01:17:41,280 --> 01:17:43,480
so much for tuning into some of 
the Bitcoin Live for October 

1377
01:17:43,480 --> 01:17:45,720
7th, 2024. 
I'm your host for today. 

1378
01:17:46,160 --> 01:17:49,480
This is my legendary Co host 
Chris Alamo and of course our 

1379
01:17:49,480 --> 01:17:51,840
special guest for today, David 
Branscomb. 

1380
01:17:51,840 --> 01:17:54,520
Go give him a follow. 
I'm going to put up his Twitter 

1381
01:17:54,520 --> 01:17:58,960
handle up on screen right now. 
Anyways guys, have an amazing 

1382
01:17:58,960 --> 01:18:01,520
rest of your day. 
Like the show Subscribe if you 

1383
01:18:01,520 --> 01:18:04,600
feel like we provided you value 
and Opti will be in the hot seat

1384
01:18:04,600 --> 01:18:08,720
tomorrow I'll be traveling to 
Europe for Bitcoin Amsterdam. 

1385
01:18:08,880 --> 01:18:11,400
Hope to see some of you guys 
there and of course, we'll be 

1386
01:18:11,400 --> 01:18:13,200
doing the show. 
Show doesn't stop. 

1387
01:18:13,480 --> 01:18:16,040
Honey Badger Media don't stop. 
Anyways, love you all back 

1388
01:18:16,040 --> 01:18:17,120
tomorrow. 
Peace out, everybody. 

1389
01:18:19,040 --> 01:18:22,200
It's brought to you by 
bitcoinwell.com, a Bitcoin only 

1390
01:18:22,200 --> 01:18:25,400
platform on a mission to enable 
financial independence.