1 00:00:01,080 --> 00:00:03,680 Robert Sykes, Keto savage.com. Today I've got special guest 2 00:00:03,680 --> 00:00:06,440 Paul Tansy on the line, and this one's a little bit different 3 00:00:06,440 --> 00:00:08,840 than normal. So I've often times got people 4 00:00:08,840 --> 00:00:11,520 on the show talking about nutrition, fitness, 5 00:00:11,520 --> 00:00:13,760 entrepreneurship, business, all that good stuff. 6 00:00:14,120 --> 00:00:18,560 This one was all about currency. We talked about cryptocurrency, 7 00:00:18,560 --> 00:00:21,200 we talked about Bitcoin, we talked about the Fiat system, 8 00:00:21,480 --> 00:00:24,440 pros, cons, shortfalls, all that good stuff. 9 00:00:24,760 --> 00:00:28,320 And this is an area of, if not my expertise, I don't know 10 00:00:28,360 --> 00:00:31,800 anything about crypto or Bitcoin or any of this. 11 00:00:31,800 --> 00:00:34,440 So I really wanted to just peel the curtain back and learn. 12 00:00:34,760 --> 00:00:37,280 And Paul is an expert in this subject matter. 13 00:00:37,480 --> 00:00:39,960 He opened up my eyes to quite a few things. 14 00:00:39,960 --> 00:00:42,560 I'm very, very curious about this. 15 00:00:42,560 --> 00:00:46,320 Now I'm gonna start doing a deep dive on this topic, but very 16 00:00:46,320 --> 00:00:47,720 interesting. I learned a ton. 17 00:00:47,720 --> 00:00:50,600 Hopefully you will as well. So that for delay, sit back, 18 00:00:50,600 --> 00:01:03,520 relax, enjoy the conversation with Paul and we are live. 19 00:01:03,520 --> 00:01:06,680 Paul, how are you, brother? Doing real well. 20 00:01:06,680 --> 00:01:08,600 Thank you, Robert. Hey man, I'm excited to be 21 00:01:08,600 --> 00:01:10,080 chatting with you. So just to give the listener 22 00:01:10,080 --> 00:01:13,280 some context here, and I have never talked with you before 23 00:01:13,280 --> 00:01:16,360 this moment. And we got connected because a 24 00:01:16,360 --> 00:01:19,200 good friend of mine that has has helped us with the AI build out 25 00:01:19,200 --> 00:01:22,000 is good friends with you. And he's like, hey, man, if you 26 00:01:22,000 --> 00:01:24,480 get any interest in crypto at all, you need to get my buddy 27 00:01:24,480 --> 00:01:28,240 Paul on the line, which is why we're here today because I know 28 00:01:28,320 --> 00:01:31,920 nothing about crypto, but I feel like a lot of people in the keto 29 00:01:31,920 --> 00:01:36,560 carnivore space, this enlightened space, so to speak, 30 00:01:36,560 --> 00:01:38,600 is big into crypto. So this is this is going to be 31 00:01:38,600 --> 00:01:42,720 interesting man. Yeah, well, I'm, I'm really glad 32 00:01:42,720 --> 00:01:43,760 you had me on. Thank you. 33 00:01:44,800 --> 00:01:49,200 And yeah, I've known, I've known our friend James since 8th 34 00:01:49,200 --> 00:01:50,040 grade. Actually. 35 00:01:50,040 --> 00:01:53,280 We went to his brother's wedding this weekend. 36 00:01:53,320 --> 00:01:56,240 So it's been a long time friend of mine. 37 00:01:57,520 --> 00:02:07,600 But yeah, to, to, yes, to your point that I almost take offense 38 00:02:07,600 --> 00:02:10,479 to, to being referred to as the crypto expert. 39 00:02:10,479 --> 00:02:14,000 And we'll get into that. There's a very big distinction 40 00:02:14,000 --> 00:02:19,480 between Bitcoin and crypto, and I think that'll be a good one to 41 00:02:19,480 --> 00:02:22,640 kind of maybe dive into first. Yeah, Yeah. 42 00:02:22,640 --> 00:02:26,760 So just to kind of set the stage here, I know nothing about any 43 00:02:26,760 --> 00:02:30,440 of this like crypto Bitcoin. So like like go as deep as you 44 00:02:30,440 --> 00:02:34,680 want to go, but know that I have no prior context whatsoever. 45 00:02:34,800 --> 00:02:38,280 Some of the listeners probably do, some of them probably not, 46 00:02:38,280 --> 00:02:41,720 but crypto Bitcoin, like it's all third language to me, man. 47 00:02:41,720 --> 00:02:44,400 So take it for it wherever you want to start, you just take it 48 00:02:44,400 --> 00:02:47,760 from there. All right then I I won't take 49 00:02:47,760 --> 00:02:54,880 the insult too heavily. But basically, yeah, a lot of 50 00:02:54,880 --> 00:02:58,360 people see like Bitcoin as a subset of crypto. 51 00:02:58,520 --> 00:03:03,080 And it had truth originally because crypto just stands for 52 00:03:03,400 --> 00:03:11,400 cryptography, which is kind of using public keys to public and 53 00:03:11,440 --> 00:03:15,760 private key pairs to basically store secrets. 54 00:03:15,920 --> 00:03:21,360 And in this case, the secret is the ability to send some amount 55 00:03:21,440 --> 00:03:25,840 of some token to another key pair. 56 00:03:27,560 --> 00:03:33,400 But really, so Bitcoin is unique in the fact that there is no 57 00:03:33,760 --> 00:03:38,120 central issuer, there is no central governance. 58 00:03:38,120 --> 00:03:41,840 There's no, you know, CEO, there's no marketing team. 59 00:03:42,440 --> 00:03:51,360 It's just kind of this emergent phenomena that kind of like 60 00:03:51,480 --> 00:03:58,200 naturally evolves from humanity's desire for a open, 61 00:03:58,200 --> 00:04:05,520 free monetary system. But crypto in kind of its 62 00:04:05,520 --> 00:04:11,920 current form is just a subset of the current monetary regime, 63 00:04:11,960 --> 00:04:15,800 which we call Fiat currencies, which have, you know, central 64 00:04:15,800 --> 00:04:20,720 issuers. They have central governance, a 65 00:04:20,720 --> 00:04:25,240 certain number of people, whether it be 1 or 100, can 66 00:04:25,520 --> 00:04:29,400 access, you know, the printing mechanism and make more of them. 67 00:04:30,160 --> 00:04:35,120 They can change the rules at any point to not your benefit. 68 00:04:35,760 --> 00:04:40,560 And so that's why I like to make that distinction between kind of 69 00:04:40,600 --> 00:04:47,200 Bitcoin as this, you know, free open economic system similar to 70 00:04:47,200 --> 00:04:50,120 like gold. You know, there's no central 71 00:04:50,120 --> 00:04:54,120 issuer of gold, There's nobody who changes the molecular makeup 72 00:04:54,160 --> 00:04:57,640 of gold. And then crypto is kind of like 73 00:04:58,000 --> 00:05:03,280 unregistered securities and the fact that they're a lot of times 74 00:05:03,280 --> 00:05:08,040 the company is raising funds for founders and insiders. 75 00:05:08,200 --> 00:05:12,320 And because they're unregistered, they don't really 76 00:05:12,320 --> 00:05:18,600 have to follow traditional regulations in terms of access 77 00:05:18,600 --> 00:05:24,240 or, you know, moral or ethical ways of acting in public 78 00:05:24,240 --> 00:05:25,560 markets. Got you. 79 00:05:26,320 --> 00:05:29,480 So like when it comes to the system, for instance, like the 80 00:05:29,600 --> 00:05:34,080 the US dollar as an example, the, the, the negative 81 00:05:34,080 --> 00:05:36,880 connotation with that is that, you know, they can simply print 82 00:05:36,880 --> 00:05:39,520 more money. It can be a strong dollar, a 83 00:05:39,520 --> 00:05:41,760 weak dollar, depending on global economies. 84 00:05:42,000 --> 00:05:44,320 Inflation obviously is an issue of variable. 85 00:05:45,120 --> 00:05:49,040 And then a lot of the other crypto currencies are similar in 86 00:05:49,040 --> 00:05:54,080 that they can make more of them. There's nothing really backing 87 00:05:54,080 --> 00:05:57,040 them per SE. And then Bitcoin, similar to 88 00:05:57,040 --> 00:05:59,160 gold, is just like a set allotted amount. 89 00:05:59,160 --> 00:06:01,280 They can't make more or less. Is that correct? 90 00:06:02,720 --> 00:06:08,080 That's exactly correct. Well, yes, yes, that's correct 91 00:06:08,080 --> 00:06:11,320 on the surface. So the cool thing about Bitcoin 92 00:06:11,320 --> 00:06:17,240 is because it's open and anybody can access it, anybody can 93 00:06:17,240 --> 00:06:20,640 likewise change the code. You know, if I want to run 94 00:06:20,640 --> 00:06:24,920 Bitcoin that has instead of a maximum of 21 million, I want my 95 00:06:24,920 --> 00:06:28,760 Bitcoin to have a maximum of 42,000,000. 96 00:06:29,480 --> 00:06:32,680 Well, I could do that on my personal computer and I can 97 00:06:32,680 --> 00:06:37,680 change, you know, my node that runs my Bitcoin and say, OK, I'm 98 00:06:37,680 --> 00:06:41,640 going to have a maximum of 42,000,000 and that extra 21 99 00:06:41,640 --> 00:06:44,800 million, all a lot to myself. I can do that. 100 00:06:45,400 --> 00:06:49,520 But then when I go out to try to send any of, you know, Paul's 101 00:06:49,520 --> 00:06:53,800 Bitcoin to other people on the Bitcoin network, it'll 102 00:06:53,800 --> 00:06:57,320 immediately get rejected because, you know, there's 103 00:06:57,320 --> 00:06:58,920 checks and balances in the system. 104 00:06:59,480 --> 00:07:04,080 And one of those checks is, is the maximum amount of Bitcoin in 105 00:07:04,080 --> 00:07:07,600 your system 21 million? Is that compatible with the rest 106 00:07:07,600 --> 00:07:09,520 of what we call the Bitcoin network? 107 00:07:09,920 --> 00:07:13,560 If yes, then you know, your transaction can go to the next 108 00:07:13,560 --> 00:07:18,880 step of verification. If no, then it's just, you know, 109 00:07:18,880 --> 00:07:21,120 it's like I, I come and speak in a foreign language. 110 00:07:21,640 --> 00:07:25,200 People just look at me funny, but they don't, they don't 111 00:07:25,200 --> 00:07:28,200 accept my Bitcoin certainly because it's, it's fraudulent. 112 00:07:29,840 --> 00:07:35,640 So that's kind of the cool thing is like, you know, if you want 113 00:07:35,640 --> 00:07:38,200 to change the rules, you can. But we have this consensus 114 00:07:38,200 --> 00:07:46,280 mechanism that we all agree is the and if we want our money to 115 00:07:46,280 --> 00:07:51,080 be accepted by others on the network, we have to follow those 116 00:07:51,080 --> 00:07:54,080 rules. What is the total amount of 117 00:07:54,080 --> 00:07:57,280 Bitcoin like? What is the upper, you know, 118 00:07:57,280 --> 00:07:59,880 sealing of the total amount of Bitcoin just as like there's a a 119 00:08:00,400 --> 00:08:05,000 total amount of gold. Yeah, the current, yeah. 120 00:08:05,000 --> 00:08:10,200 So the current limit is 21 million Bitcoin with gold. 121 00:08:10,200 --> 00:08:17,400 It's, it's theoretically infinite, but in reality it 122 00:08:17,400 --> 00:08:26,320 inflates about 1.6% per year. And there's, you know, no kind 123 00:08:26,320 --> 00:08:32,039 of upper cap in our lifetime or in, in any lifetime that we can 124 00:08:32,039 --> 00:08:37,360 imagine in the near future. So, so gold kind of is always 125 00:08:37,480 --> 00:08:40,760 increasing. So no individual can have more 126 00:08:40,760 --> 00:08:42,799 than 21 million worth in Bitcoin. 127 00:08:44,800 --> 00:08:48,320 Correct. And currently somewhere, you 128 00:08:48,320 --> 00:08:52,080 know, the estimates vary, but somewhere between 3 and 5 129 00:08:52,080 --> 00:08:57,440 million seem to be lost forever because they haven't moved, you 130 00:08:57,440 --> 00:08:59,120 know, since they originally moved. 131 00:09:00,800 --> 00:09:04,720 And it's it's estimated that they're lost and can't be 132 00:09:04,720 --> 00:09:09,800 accessed. So the the real kind of upper 133 00:09:09,800 --> 00:09:13,920 limit is somewhere around 15 to 17 million. 134 00:09:14,560 --> 00:09:16,520 And there's not a limitless supply. 135 00:09:16,520 --> 00:09:20,960 So like all 8 billion people on planet Earth can't possibly have 136 00:09:20,960 --> 00:09:27,120 15,000,000 in Bitcoin, right? They can't have, you know, they 137 00:09:27,120 --> 00:09:32,160 can't have 15,000,000 Bitcoin. Theoretically, they could have a 138 00:09:32,160 --> 00:09:35,520 value of $15 million worth of Bitcoin. 139 00:09:38,040 --> 00:09:43,000 You know, if Bitcoin came to represent all of the money on 140 00:09:43,000 --> 00:09:46,760 earth, which is somewhere around 900 trillion and we keep 141 00:09:46,960 --> 00:09:52,640 inflating the money supply yet, you know, up to 20% per year. 142 00:09:52,760 --> 00:09:56,080 Yeah, everybody could have $15 million of Bitcoin, but the 143 00:09:56,080 --> 00:10:01,280 dollar wouldn't get you much. And with regards to the other 144 00:10:01,520 --> 00:10:06,240 crypto currencies that don't have this innate checks and 145 00:10:06,240 --> 00:10:09,920 balances like Dogecoin, for instance, you know, Doge went up 146 00:10:09,920 --> 00:10:12,840 with Elon being as prominent as he is as he is. 147 00:10:14,240 --> 00:10:18,520 Is there any value in that or since it can, there's no backing 148 00:10:18,520 --> 00:10:20,360 system to that? There's it's kind of just like 149 00:10:20,480 --> 00:10:25,160 Monopoly money, right? Yeah, doge is. 150 00:10:28,040 --> 00:10:29,920 It's also theoretically infinite. 151 00:10:29,920 --> 00:10:34,400 I think there's like 10 million new doges created per day. 152 00:10:35,360 --> 00:10:41,240 I I want to say though, Doge is a proof of work mechanism, which 153 00:10:41,240 --> 00:10:48,760 means that it takes energy to mine DOGE and for that reason 154 00:10:49,600 --> 00:10:53,440 there's a small tie to like real world economics. 155 00:10:54,800 --> 00:10:58,800 Not not every other cryptocurrency is infinite. 156 00:10:58,880 --> 00:11:05,960 There are some, there are kind of either limited or have set 157 00:11:05,960 --> 00:11:13,640 supply schedules, but what makes Bitcoin unique is that it's 158 00:11:13,800 --> 00:11:17,840 policy has never changed. So Bitcoin was the original 159 00:11:20,760 --> 00:11:28,120 cryptocurrency, that word gives me the heck, but it was the 160 00:11:28,120 --> 00:11:31,960 original. And so it's monetary policy was 161 00:11:31,960 --> 00:11:36,440 set at the beginning. It was 21 million and every kind 162 00:11:36,440 --> 00:11:44,800 of offshoot or off brand that has spurred up since then has at 163 00:11:44,800 --> 00:11:48,200 its core had change since the beginning. 164 00:11:48,640 --> 00:11:51,440 So like Ethereum is probably another one that you've heard a 165 00:11:51,440 --> 00:11:55,360 lot about. Ethereum was created by Vitalik, 166 00:11:55,360 --> 00:12:00,200 who actually used to work at Bitcoin magazine and saw that, 167 00:12:00,320 --> 00:12:05,480 you know, money could be created out of nothing and decided to do 168 00:12:05,480 --> 00:12:09,080 that. And the monetary policy of 169 00:12:09,080 --> 00:12:11,840 Ethereum has changed countless times. 170 00:12:11,920 --> 00:12:18,080 And the total amount of Ethereum is unknowable currently, which 171 00:12:18,080 --> 00:12:23,520 is like kind of profound that you can't even know how many 172 00:12:23,520 --> 00:12:25,920 exist. And we, we don't know how many 173 00:12:25,920 --> 00:12:30,160 will exist because there's no guarantee that the monetary 174 00:12:30,200 --> 00:12:34,200 policy will stay the same than it is right now. 175 00:12:34,200 --> 00:12:36,320 You know, 7th. Iteration or whatever they're 176 00:12:36,320 --> 00:12:44,000 on. So this like status quo of a set 177 00:12:44,000 --> 00:12:47,960 monetary policy and we all agree to these rules in order to play 178 00:12:47,960 --> 00:12:54,120 the game is one of those things that that makes Bitcoin unique. 179 00:12:54,800 --> 00:12:58,640 One way I like to describe it is like, you know, basketball, 180 00:13:00,160 --> 00:13:03,680 there's pretty standard consensus rules of what 181 00:13:03,680 --> 00:13:07,080 basketball is. It's five players on a team, you 182 00:13:07,080 --> 00:13:10,040 know, 20 minute halves, 10 foot hoops. 183 00:13:10,680 --> 00:13:13,920 And so if I start a basketball team and I start playing on 12 184 00:13:13,920 --> 00:13:19,520 foot hoops with 16 people on a team and I play, play 40 minute 185 00:13:19,520 --> 00:13:23,160 halves, right? And I go and I try to play, you 186 00:13:23,160 --> 00:13:28,160 know, someone down at the local youth club or gym or whatever, 187 00:13:28,200 --> 00:13:30,840 and they say you want to play, you know, Paul's version of 188 00:13:30,840 --> 00:13:33,720 basketball. And then they said, no, I want 189 00:13:33,720 --> 00:13:35,760 to play, you know, regular basketball. 190 00:13:35,760 --> 00:13:40,720 I want to play 10 foot hoops, you know, this size ball. 191 00:13:41,080 --> 00:13:46,240 And so it just, it's you can't coordinate, you can't 192 00:13:46,480 --> 00:13:50,080 interoperate. So yeah, I think that's a. 193 00:13:51,920 --> 00:13:56,240 Yeah, that's a good analogy. So I guess give listeners and 194 00:13:56,240 --> 00:14:01,200 myself like, why should we even care? 195 00:14:01,200 --> 00:14:03,960 Why? Why do we need to focus on 196 00:14:03,960 --> 00:14:05,560 Bitcoin? Why do we need to explore that? 197 00:14:05,560 --> 00:14:09,240 Like what is the doom and gloom scenario if we don't? 198 00:14:11,360 --> 00:14:12,480 Exactly. Yes. 199 00:14:12,680 --> 00:14:16,440 And and this is what you know, this is how I got here. 200 00:14:16,440 --> 00:14:23,960 So I graduated college. Six years ago and, you know, I 201 00:14:23,960 --> 00:14:28,200 started working my first job in the corporate world and I'm, you 202 00:14:28,200 --> 00:14:33,880 know, a single 22 year old and I was making more than I needed to 203 00:14:34,240 --> 00:14:37,360 spend every month. And I at one point, you know, 204 00:14:37,440 --> 00:14:39,360 knew that I wanted to have a family. 205 00:14:39,360 --> 00:14:41,560 I wanted to, you know, have a house. 206 00:14:41,560 --> 00:14:44,560 I wanted to. Do all of these things. 207 00:14:45,360 --> 00:14:50,120 And I was trying to figure out, you know, how do I save my money 208 00:14:50,120 --> 00:14:54,480 that I'm making now so that, you know, in five years I can do 209 00:14:54,480 --> 00:15:02,480 that. And at that point I just started 210 00:15:02,480 --> 00:15:05,400 putting money into, you know, S&P index funds. 211 00:15:05,440 --> 00:15:08,040 And, you know, that was kind of it. 212 00:15:09,120 --> 00:15:12,520 And then I'm working and I'd heard about Bitcoin, you know, 213 00:15:12,520 --> 00:15:16,280 here and there in 2017. It really had like a pretty big 214 00:15:16,280 --> 00:15:18,800 run and, and was all over the news cycle. 215 00:15:18,920 --> 00:15:22,360 And but then, you know, at this point when I started working, it 216 00:15:22,360 --> 00:15:27,400 was kind of low, maybe 5 or $6000 coin that it kind of 217 00:15:27,400 --> 00:15:31,160 crashed. And I had a Co worker who would 218 00:15:31,160 --> 00:15:34,880 always just kind of bring it up, Oh, Bitcoin this, oh, Bitcoin 219 00:15:34,880 --> 00:15:39,080 that. And I was like, man, you got to 220 00:15:39,080 --> 00:15:41,800 shut up about this stuff. It's totally over. 221 00:15:41,800 --> 00:15:43,840 Can't you see the chart? It's like dead. 222 00:15:45,120 --> 00:15:46,920 Then you can take it out back and shoot it. 223 00:15:47,720 --> 00:15:54,280 And but he just kept, it's every couple weeks, he just kept 224 00:15:54,280 --> 00:15:58,600 mentioning Bitcoin, this Bitcoin that I said, you know what, I'm 225 00:15:58,600 --> 00:16:01,480 going to go home tonight and I'm going to study it and I'm going 226 00:16:01,480 --> 00:16:03,480 to come in here tomorrow and I'm going to prove you wrong. 227 00:16:04,280 --> 00:16:07,200 And that was like a motivating factor. 228 00:16:07,200 --> 00:16:11,440 And I came home that night and spent 6 or 8 hours on the 229 00:16:11,440 --> 00:16:15,320 computer just watching YouTube videos, trying to learn like 230 00:16:15,960 --> 00:16:20,040 what really was the kind of fundamental principle of this 231 00:16:20,040 --> 00:16:26,240 Bitcoin thing and what made it valuable and was it going to be 232 00:16:26,240 --> 00:16:31,960 more valuable in the future. And it really, you dive down 233 00:16:31,960 --> 00:16:34,120 this rabbit hole of what is money? 234 00:16:36,400 --> 00:16:41,520 And that's a profound question because what we're told money is 235 00:16:41,640 --> 00:16:43,880 it has been a lie since the beginning. 236 00:16:45,800 --> 00:16:53,520 You know, these these government debt papers that we call it U.S. 237 00:16:53,520 --> 00:16:57,280 dollars called IRS utility tokens. 238 00:16:59,160 --> 00:17:01,840 You know, they're, they're a method of stealing wealth 239 00:17:01,840 --> 00:17:08,720 because you are exchanging finite time. 240 00:17:08,800 --> 00:17:11,560 Human time is the most finite resource we have. 241 00:17:11,880 --> 00:17:16,160 And so you're exchanging that through your job and you're 242 00:17:16,160 --> 00:17:21,599 getting paid in IRS utility tokens that lose value. 243 00:17:21,599 --> 00:17:25,839 I mean, during COVID, they lost value at a rate of almost 20% in 244 00:17:25,839 --> 00:17:30,120 a year. So your time that you have 245 00:17:30,120 --> 00:17:36,360 stored up as savings has then been eroded by 20%. 246 00:17:39,280 --> 00:17:44,880 And so like what what is the answer to that? 247 00:17:46,320 --> 00:17:52,360 And after a lot of searching, the answer is money that can't 248 00:17:52,360 --> 00:17:57,040 be fucked with. It's money that is absolutely 249 00:17:57,040 --> 00:18:01,160 scarce, that mirrors the absolute scarcity that you have 250 00:18:01,160 --> 00:18:08,040 in your human time and that you can store value, you know, for 251 00:18:08,040 --> 00:18:12,920 1000 years. And because currently the US 252 00:18:12,920 --> 00:18:30,520 dollar has been kind of. Model 2 or trying to say 253 00:18:30,760 --> 00:18:39,280 prioritize storing or moving money across space has been the 254 00:18:39,280 --> 00:18:41,760 priority. And so, you know, you want to, 255 00:18:42,840 --> 00:18:48,920 OK, originally we had gold and gold is, is a good money for 256 00:18:48,920 --> 00:18:53,640 storing time, for storing value across time because it has that 257 00:18:53,640 --> 00:18:56,920 low inflation rate of approximately 1.6%. 258 00:18:57,960 --> 00:19:05,120 But to store, but to be able to send value across space, you 259 00:19:05,120 --> 00:19:10,400 know, we had a globalized world in the 19th 1900s and you want 260 00:19:10,400 --> 00:19:13,400 to send values, say to France. Or to. 261 00:19:14,560 --> 00:19:18,960 The Middle East for oil, it's really not feasible to send a 262 00:19:18,960 --> 00:19:22,200 whole shipment of gold every time you want oil to be 263 00:19:22,200 --> 00:19:26,920 delivered to the US So we have these dollars that come up. 264 00:19:27,080 --> 00:19:29,920 And so instead we send, you know, pieces of paper. 265 00:19:30,280 --> 00:19:36,360 Those are a lot less costly to move or to guard. 266 00:19:37,960 --> 00:19:41,840 And so we can just kind of send this value across space 267 00:19:41,840 --> 00:19:46,320 effortlessly. But the problem was when we 268 00:19:46,320 --> 00:19:50,760 moved to dollars and off the gold standard, we lost the 269 00:19:50,760 --> 00:19:54,920 ability to store value across space or across time. 270 00:19:55,320 --> 00:20:02,120 So because the dollars could be printed for a lot less work or 271 00:20:02,120 --> 00:20:09,000 energy than it takes to make new gold pieces, it's a lot easier 272 00:20:09,000 --> 00:20:13,400 to make more money in paper form than in gold form. 273 00:20:14,720 --> 00:20:19,120 And so that erodes the ability of the currency to to transmit 274 00:20:19,120 --> 00:20:22,440 value across time. And so. 275 00:20:22,440 --> 00:20:24,400 What we need? Oh, go ahead. 276 00:20:25,880 --> 00:20:29,840 I would say what we need is a money that can do both, one that 277 00:20:29,840 --> 00:20:32,760 can store value across time and across space. 278 00:20:33,200 --> 00:20:37,960 And that's what Bitcoin is, because it's a purely digital 279 00:20:38,200 --> 00:20:42,840 asset. So it, it kind of exists 280 00:20:43,160 --> 00:20:49,560 worldwide, but it has this tie to energy because energy is 281 00:20:49,560 --> 00:20:55,160 required to secure the history of transactions. 282 00:20:55,760 --> 00:21:02,000 And so it has this tie to energy that brings it into the real 283 00:21:02,000 --> 00:21:04,600 world. You know, it can't be duplicated 284 00:21:04,680 --> 00:21:08,640 for 0 cost. It requires energy, and that's 285 00:21:08,640 --> 00:21:15,960 kind of the the groundbreaking technology of Bitcoin. 286 00:21:16,560 --> 00:21:19,080 And at one point, I'm not that kind of reach back in like 287 00:21:19,320 --> 00:21:23,760 middle school history here, but at one point the gold that we 288 00:21:23,760 --> 00:21:28,240 had in circulation or the the money that the dollars that we 289 00:21:28,240 --> 00:21:32,440 had in circulation was backed by the US Treasury in gold. 290 00:21:32,600 --> 00:21:34,520 And then they did away with that. 291 00:21:35,320 --> 00:21:37,640 Correct me if I'm wrong here, but they did away with that with 292 00:21:38,080 --> 00:21:40,640 the printing of additional money beyond that which they had in 293 00:21:40,640 --> 00:21:46,040 stock of gold. So now basically the US dollar 294 00:21:46,040 --> 00:21:50,200 is not physically backed by anything of true value then, 295 00:21:50,200 --> 00:21:53,560 right? Correct. 296 00:21:53,640 --> 00:21:56,800 Yes. So brief history of dollar, I 297 00:21:56,800 --> 00:22:01,280 might have the years off here a little bit, but I think it was 298 00:22:01,280 --> 00:22:09,000 around the 1930's the Executive Order 61 O2 I believe, was 299 00:22:09,000 --> 00:22:14,080 issued and that outlawed personal earnings of gold. 300 00:22:14,240 --> 00:22:18,280 So basically you had to turn in your gold to like the bank or 301 00:22:18,400 --> 00:22:22,360 the government or whatever. And during that time gold was 302 00:22:22,360 --> 00:22:25,920 valued at I think like $25.00 an ounce. 303 00:22:26,760 --> 00:22:31,760 And so when the government had all the gold and they weren't 304 00:22:32,320 --> 00:22:35,920 basically you couldn't turn in your dollars for gold, but they 305 00:22:35,920 --> 00:22:40,000 said of our our dollars are backed by gold, then they were 306 00:22:40,000 --> 00:22:44,000 able to print more dollar certificates than there were 307 00:22:44,480 --> 00:22:48,480 gold to be redeemed by those dollar certificates without 308 00:22:48,480 --> 00:22:52,240 anybody kind of calling their bluff because you couldn't go 309 00:22:52,240 --> 00:22:57,200 and verify how many gold bars there were or how many total 310 00:22:57,520 --> 00:23:00,040 dollars there were. And dollars were basically just 311 00:23:00,040 --> 00:23:05,480 gold receipts, right? So that allowed them to really 312 00:23:05,480 --> 00:23:07,640 begin to inflate the money supply. 313 00:23:07,720 --> 00:23:10,680 And this was coming out of the Great Depression when the 314 00:23:10,680 --> 00:23:15,400 government was trying to, you know, kind of spend, spend us 315 00:23:15,400 --> 00:23:24,360 into prosperity. Then around 1971, France brought 316 00:23:24,360 --> 00:23:29,960 2 warships to New York and said, hey, we have all these dollar 317 00:23:30,720 --> 00:23:34,880 tokens and we would like to turn them in for our gold that you 318 00:23:34,880 --> 00:23:37,360 are holding at Fort Knox. Because a lot of the European 319 00:23:37,360 --> 00:23:41,560 gold came over to the US after the wars. 320 00:23:43,080 --> 00:23:48,360 And that's when President Nixon said I am temporarily suspending 321 00:23:48,360 --> 00:23:53,200 the redeemability of dollars into gold or, yeah, dollars into 322 00:23:53,200 --> 00:23:55,400 gold. And he basically sent these two 323 00:23:55,400 --> 00:23:59,960 French warships home. And so since then, it's been 324 00:23:59,960 --> 00:24:03,680 like totally de pegged. There's not even a, you know, a 325 00:24:03,760 --> 00:24:06,920 hint of gold backing. We just have some gold in a 326 00:24:06,920 --> 00:24:13,080 vault and we print as many dollars as we possibly can. 327 00:24:13,360 --> 00:24:15,440 That probably pissed Franks off a little bit, I would assume, 328 00:24:15,440 --> 00:24:18,880 right? Yeah, but what are they going to 329 00:24:18,880 --> 00:24:22,560 do? Man, so, OK, so we've got all 330 00:24:22,560 --> 00:24:24,440 these dollars that are getting printed. 331 00:24:24,440 --> 00:24:27,560 I mean, how frequently do they print dollars now? 332 00:24:27,560 --> 00:24:30,800 Like is that like is that ongoing is never ending or how 333 00:24:30,920 --> 00:24:34,880 how often are they doing that? Yes, it's really insidious. 334 00:24:34,880 --> 00:24:39,640 I mean it, you know, there's not like an actual printed press 335 00:24:39,640 --> 00:24:44,320 that prints dollars anymore. It's it's all it's kind of shell 336 00:24:44,320 --> 00:24:48,440 game and there's really interested, really interesting 337 00:24:48,440 --> 00:24:51,440 YouTube series called like the Secrets of Money. 338 00:24:53,520 --> 00:24:58,400 It's like 20 minute episodes. I forget who does it, but it's, 339 00:24:58,720 --> 00:25:01,520 it's really fascinating. And it kind of goes into the 340 00:25:02,040 --> 00:25:05,760 gory details of how the printing money happens. 341 00:25:06,160 --> 00:25:10,440 But essentially the Federal Reserve, the Treasury issues 342 00:25:10,640 --> 00:25:14,600 U.S. Treasury bonds, and nobody shows 343 00:25:14,600 --> 00:25:18,960 up to bid on these bonds except for a couple of large banks and 344 00:25:18,960 --> 00:25:22,160 the Federal Reserve. And the large banks have to use 345 00:25:22,160 --> 00:25:25,400 actual, you know, dollars to buy the bonds. 346 00:25:25,520 --> 00:25:28,840 And the Federal Reserve pays from a checking account that has 347 00:25:28,840 --> 00:25:33,280 a 0 balance. And that's how the government 348 00:25:33,280 --> 00:25:39,160 funds their endeavours is by selling their Treasury bonds to 349 00:25:39,160 --> 00:25:43,080 the Fed, who's buying them from an account with a 0 balance and 350 00:25:43,080 --> 00:25:49,600 has basically a Amex black card to buy all of the unsold bonds. 351 00:25:50,200 --> 00:25:54,320 So this $36 trillion that the US is supposedly in debt at 352 00:25:54,320 --> 00:25:56,960 currently, like does that even mean anything like there? 353 00:25:57,440 --> 00:25:59,400 Like how could we possibly pay that off? 354 00:25:59,400 --> 00:26:02,520 Is there any point in paying an offer that I'll just imaginary 355 00:26:02,520 --> 00:26:08,760 smoke and mirrors? There's not a really good reason 356 00:26:08,760 --> 00:26:11,280 to pay it off. I wouldn't say it. 357 00:26:11,280 --> 00:26:16,800 It's a lot of smoke and mirrors, but because for every dollar of 358 00:26:17,000 --> 00:26:23,760 debt that's created or every dollar that's created. 359 00:26:23,800 --> 00:26:26,560 So when the Federal Reserve writes that check to the 360 00:26:26,560 --> 00:26:30,840 Treasury and they buy say $1000 of Treasury bills, you know, 361 00:26:30,840 --> 00:26:36,000 it's usually in the pavilions. But that $1000 because it's debt 362 00:26:36,040 --> 00:26:43,960 backed requires like more than $1000 is required to service 363 00:26:43,960 --> 00:26:49,120 that debt because as Treasury bills pay interest, so the 364 00:26:49,120 --> 00:26:59,280 terminal cost of that $1000 of debt is, you know, $1200 over 365 00:26:59,280 --> 00:27:05,720 the long term. So it's like you if it you can't 366 00:27:05,720 --> 00:27:10,000 really eliminate all of the debt, the debt because you can't 367 00:27:10,000 --> 00:27:15,720 create enough other dollars anywhere to pay off the original 368 00:27:17,280 --> 00:27:18,920 dollars. Does that make sense? 369 00:27:19,240 --> 00:27:21,000 Yeah. So basically we're writing 370 00:27:21,000 --> 00:27:24,560 checks we can't cash. Yeah. 371 00:27:24,680 --> 00:27:30,040 It's like, yeah, every dollar that's created creates more than 372 00:27:30,160 --> 00:27:35,080 a dollar of liabilities in the future. 373 00:27:36,800 --> 00:27:40,880 So what what do you think? Is it going to happen? 374 00:27:40,880 --> 00:27:44,200 Like is it going to be like a gradual slow decline in the 375 00:27:44,200 --> 00:27:46,840 value of the dollar due to inflation and just continued 376 00:27:47,240 --> 00:27:49,920 debt leverage? Or do you think there's going to 377 00:27:49,920 --> 00:27:53,800 make this apocalyptic moment where the House of Cards comes 378 00:27:53,800 --> 00:27:58,400 crashing down? Yeah, that's a good question. 379 00:28:02,440 --> 00:28:06,440 And one, one note I want to make real quick is inflation. 380 00:28:06,800 --> 00:28:14,200 So inflation is the actual original definition of inflation 381 00:28:14,200 --> 00:28:16,880 is the inflating of the money supply. 382 00:28:17,200 --> 00:28:21,240 So if we had a billion dollars and we printed 200 million, now 383 00:28:21,240 --> 00:28:27,720 we have $1.2 billion, right? That's what inflation 384 00:28:28,120 --> 00:28:31,600 definitionally means. The inflation that we hear about 385 00:28:32,040 --> 00:28:35,880 on the news is actually price inflation. 386 00:28:35,880 --> 00:28:41,920 So it's the the prices of all the goods reflecting this newly 387 00:28:41,920 --> 00:28:46,400 inflated money supply. So if we have, you know, $1.2 388 00:28:46,400 --> 00:28:54,560 billion of of dollars and they're chasing the same amount 389 00:28:54,560 --> 00:28:57,840 of goods because we haven't, you know, we didn't print new 390 00:28:57,840 --> 00:29:00,240 services. We didn't, you know, print an 391 00:29:00,240 --> 00:29:07,080 extra couple Netflix data centers. 392 00:29:07,440 --> 00:29:10,440 We didn't, we didn't print any goods for the economy. 393 00:29:11,080 --> 00:29:14,720 We just printed receipts for those goods. 394 00:29:16,440 --> 00:29:21,360 So now all of those goods have to adjust in price so that they 395 00:29:21,360 --> 00:29:25,040 kind of command the same proportion of the economy as 396 00:29:25,040 --> 00:29:28,240 they did when we had a billion dollars in the economy. 397 00:29:29,480 --> 00:29:38,000 So the inflation is is actually the effect of inflation. 398 00:29:38,760 --> 00:29:41,000 Does that make sense? Yeah, that makes sense. 399 00:29:43,600 --> 00:29:46,920 And because there's nothing that's backing any of it now. 400 00:29:47,120 --> 00:29:52,520 Definition because because everybody knows that they are 401 00:29:52,520 --> 00:29:55,840 the reason for that. Like the Fed is creating, 402 00:29:56,000 --> 00:29:58,880 inflating the money supply inflation. 403 00:29:59,720 --> 00:30:07,000 But they say that, oh, you know, through this magical formula, 404 00:30:07,480 --> 00:30:11,320 the inflation is only 2%. And you know, what everybody 405 00:30:11,320 --> 00:30:14,440 should hear when they hear the inflation is 2% is that they're 406 00:30:14,440 --> 00:30:19,120 being robbed 2% per year. And the Fed likes that number 407 00:30:19,120 --> 00:30:23,680 because that's the number that is kind of psychologically 408 00:30:23,680 --> 00:30:26,520 ignorable. So if I say, all right, I'm only 409 00:30:26,520 --> 00:30:28,560 robbing you at 2% per year, get over it. 410 00:30:28,920 --> 00:30:33,760 You know, most people do, but then when they get robbed 10% 411 00:30:33,760 --> 00:30:39,000 per year, 20% per year, then the Fed comes up and and waves their 412 00:30:39,000 --> 00:30:41,080 wand. And so, OK, we will make it go 413 00:30:41,080 --> 00:30:44,880 back to 2% and we'll just keep robbing you at 2% because you 414 00:30:44,880 --> 00:30:47,560 don't really notice from mine when we run you at 2%. 415 00:30:48,480 --> 00:30:51,800 It's like Jerome, or have you pronounce his name, Powell, the 416 00:30:51,800 --> 00:30:53,760 head of the Federal Reserve, chair of the Federal Reserve. 417 00:30:54,200 --> 00:30:57,640 Is he the one pretty much waving his hands and saying, OK, this 418 00:30:57,640 --> 00:31:00,720 is what we got to reel in or be aggressive with? 419 00:31:02,120 --> 00:31:04,360 Yeah, yeah. And actually, there's a really 420 00:31:04,360 --> 00:31:10,360 interesting book called The Creature of Jekyll Island, and 421 00:31:10,840 --> 00:31:16,480 it details the founding of the the Federal Reserve, which is 422 00:31:16,480 --> 00:31:27,360 like peering into the banals of the most corrupt kind of shady 423 00:31:27,400 --> 00:31:33,920 stuff that you can ever imagine. But it was created in 1914, and 424 00:31:34,640 --> 00:31:38,840 that was the same year that federal income tax was levied. 425 00:31:41,360 --> 00:31:45,480 And the bill was signed on I think, Christmas, either 426 00:31:45,480 --> 00:31:49,320 Christmas Eve or Christmas Day. And. 427 00:31:49,320 --> 00:31:52,520 There have been all kinds of. Propaganda because it was very 428 00:31:52,520 --> 00:31:54,320 unpopular to have a central bank. 429 00:31:54,920 --> 00:31:57,800 And so then these big bankers came together and put out 430 00:31:57,800 --> 00:32:00,760 propaganda that said that the big bankers were very against 431 00:32:00,760 --> 00:32:03,720 the central bank, even though they were the ones creating it. 432 00:32:04,760 --> 00:32:09,160 And so then everybody was very in favor of a central bank 433 00:32:09,160 --> 00:32:12,080 because they thought that if the big bankers didn't like a 434 00:32:12,080 --> 00:32:14,720 central bank, that it must be good for the people. 435 00:32:15,680 --> 00:32:19,040 And so then the big bankers got their way and they got a central 436 00:32:19,040 --> 00:32:23,160 bank and they wrote into the founding documents of the 437 00:32:23,160 --> 00:32:27,960 Federal Reserve, which is a private institution that has no 438 00:32:27,960 --> 00:32:32,320 reserves. So just if you think that you're 439 00:32:32,320 --> 00:32:37,800 being gaslit, you are. That wrote into the founding 440 00:32:37,920 --> 00:32:42,680 document that the shareholders, who are unnamed, will receive a 441 00:32:42,680 --> 00:32:46,520 6% dividend from the Fed every year. 442 00:32:47,600 --> 00:32:49,520 And so we don't even know who these people are. 443 00:32:49,520 --> 00:32:55,880 I mean, probably JP Morgan is one of them, but we can only 444 00:32:55,880 --> 00:32:59,000 kind of speculate to to who the others are. 445 00:32:59,080 --> 00:33:03,800 And so, yeah, this Federal Reserve, which is neither 446 00:33:03,800 --> 00:33:10,200 federal nor has reserves, pays interest to private shareholders 447 00:33:10,760 --> 00:33:17,800 and steals wealth from not only the American citizens, but I 448 00:33:17,800 --> 00:33:21,120 mean, the dollar is the the global reserve currency. 449 00:33:21,120 --> 00:33:28,120 So worldwide citizens, I mean, it's crazy when you start 450 00:33:28,120 --> 00:33:32,040 looking into it. So what what are other countries 451 00:33:32,080 --> 00:33:34,920 think about this? Like if the dollar is kind of 452 00:33:34,920 --> 00:33:39,400 like the the, you know what everybody banks everything 453 00:33:39,400 --> 00:33:43,440 against and you've got those other countries that can't cash 454 00:33:43,440 --> 00:33:45,680 in on the gold because that's no longer backed by gold. 455 00:33:47,160 --> 00:33:50,040 Like are they in cahoots with all this too? 456 00:33:50,040 --> 00:33:53,560 Like do they have shareholders internationally that are a part 457 00:33:53,560 --> 00:33:55,920 of this or how are they benefiting or how does that work 458 00:33:55,920 --> 00:33:59,200 internationally? Yeah. 459 00:33:59,200 --> 00:34:04,080 So we've kind of instituted global colonialism through 460 00:34:04,080 --> 00:34:07,440 implementing central banking with the world over. 461 00:34:07,960 --> 00:34:13,480 And the places that don't have central banks, I think there's 462 00:34:14,080 --> 00:34:19,159 five of them now, North Korea, Iraq. 463 00:34:21,440 --> 00:34:23,920 I want to say Afghanistan. But you know, it's, it's the 464 00:34:23,920 --> 00:34:30,920 places that the US has been demonizing and going to wars 465 00:34:30,920 --> 00:34:33,520 with trying to implement central banks. 466 00:34:35,040 --> 00:34:42,600 It's it's it's pretty gnarly. But your question was, is the 467 00:34:42,600 --> 00:34:44,800 rest of the world kind of in conceits with this? 468 00:34:44,800 --> 00:34:51,360 Or not, and I would say not. I mean, there's a, the BRICS is 469 00:34:52,560 --> 00:34:59,240 Brazil, Russia, India, China, and, you know, they're all kind 470 00:34:59,240 --> 00:35:04,280 of beholden to the dollar and they don't like it. 471 00:35:04,280 --> 00:35:07,560 And currently there's a lot of news about them talking about 472 00:35:07,920 --> 00:35:14,680 trying to kind of implement a new currency or trade for oil in 473 00:35:14,680 --> 00:35:23,800 different currencies. But the dollar is kind of backed 474 00:35:23,800 --> 00:35:27,880 by two things. One is oil. 475 00:35:27,960 --> 00:35:31,800 So we have an agreement. We, I mean the US has an 476 00:35:31,800 --> 00:35:35,760 agreement with a lot of the oil producing nations that they will 477 00:35:35,760 --> 00:35:39,880 store their oil profits in U.S. Treasuries. 478 00:35:40,400 --> 00:35:47,080 And so that creates artificial demand for the dollar and 479 00:35:47,440 --> 00:35:52,160 necessitates the dollar as this global trade asset for oil. 480 00:35:54,400 --> 00:35:56,080 So that's kind of one part of it. 481 00:35:56,080 --> 00:35:59,480 And then the other backing for the US dollar is the US 482 00:35:59,480 --> 00:36:03,520 military, largest military in the world, you know, $850 483 00:36:03,520 --> 00:36:11,200 billion a year spent on this. And the military kind of exists 484 00:36:11,200 --> 00:36:20,960 to keep these trade routes open and ensure the dollar is the 485 00:36:20,960 --> 00:36:24,600 currency that is kind of running the trade. 486 00:36:27,040 --> 00:36:31,520 Interesting. So with this talk of like the 487 00:36:31,520 --> 00:36:37,640 bricks system, that wouldn't really be backed any differently 488 00:36:37,640 --> 00:36:39,880 than the dollar, right? Just like pretty much the the 489 00:36:39,880 --> 00:36:43,040 Fiat system through a different entity, it wouldn't have any 490 00:36:43,040 --> 00:36:47,840 secure backing as traditionally gold did or Bitcoin does, right? 491 00:36:50,000 --> 00:36:53,200 Probably not. I wouldn't think so. 492 00:36:53,440 --> 00:36:56,920 They're talking about some kind of commodity backing, but I 493 00:36:56,920 --> 00:37:01,880 think it would be very hard to implement because it would have 494 00:37:02,000 --> 00:37:06,880 some sort of. Central issuer, to me it's kind 495 00:37:06,880 --> 00:37:14,280 of untenable at that point because you know in any case 496 00:37:14,280 --> 00:37:19,120 where you have somebody or some group of people who have the 497 00:37:19,120 --> 00:37:25,080 ability to make more monetary units for 0 cost, they will. 498 00:37:25,160 --> 00:37:29,240 I mean it's just human nature. It's happened thousands of times 499 00:37:29,240 --> 00:37:35,600 through history, you know, from like wampum shells and to beads 500 00:37:35,600 --> 00:37:42,400 in Africa used to be a money all the way back to like yap stones 501 00:37:42,400 --> 00:37:45,840 was like one of the first forms of money that we found in these 502 00:37:45,880 --> 00:37:53,800 like, remote island villages. So yeah, it's like human nature 503 00:37:53,800 --> 00:37:57,280 that this power will always be corrupted. 504 00:37:57,320 --> 00:38:01,080 And so the answer is not, oh, let's give this power to some 505 00:38:01,080 --> 00:38:04,280 other person or some, you know, group of people. 506 00:38:04,360 --> 00:38:07,720 The answer is let's totally take away this power. 507 00:38:08,640 --> 00:38:14,720 And so that's kind of what Bitcoin does is says there's 508 00:38:14,720 --> 00:38:19,040 only 21 million. You can earn some Bitcoin by 509 00:38:19,040 --> 00:38:26,800 mining, which is the process of using computer power to secure 510 00:38:26,800 --> 00:38:31,600 the history of transactions, and you are rewarded in some Bitcoin 511 00:38:31,600 --> 00:38:34,040 to do that. And some of that Bitcoin that 512 00:38:34,040 --> 00:38:35,960 you're rewarded in is new Bitcoin. 513 00:38:36,200 --> 00:38:41,120 Until we hit that limit of 21 million, then the new Bitcoin 514 00:38:41,120 --> 00:38:47,440 issued is 0. But that's a much more fairway 515 00:38:47,520 --> 00:38:53,040 because it's distributed across everybody who can contribute 516 00:38:53,040 --> 00:38:56,640 computer power. You know, there's not like a 517 00:38:56,640 --> 00:39:01,080 spigot the the new money comes out of and we all gather around 518 00:39:01,080 --> 00:39:03,800 that spigot. Currently, that spigot is 519 00:39:03,800 --> 00:39:12,960 Washington, DC because being, you know, close to the political 520 00:39:13,080 --> 00:39:22,000 center, you can, you know, kind of persuade the politicians or 521 00:39:22,440 --> 00:39:27,680 anyone in that sphere to give you newly created money. 522 00:39:27,680 --> 00:39:32,080 I mean, if you look up the top 10 richest counties in the 523 00:39:32,080 --> 00:39:36,320 nation, it's no wonder that six of them border DC. 524 00:39:39,640 --> 00:39:47,000 So is there there's no risk of Bitcoin getting corrupted as is 525 00:39:47,000 --> 00:39:48,760 the case with other forms of currency? 526 00:39:48,760 --> 00:39:53,840 Because basically all the other players at B wouldn't honor any 527 00:39:53,840 --> 00:39:56,080 form of corruption. Is that kind of right? 528 00:39:57,240 --> 00:40:04,360 Yes, yes, that's exactly right. So the really cool thing about 529 00:40:04,360 --> 00:40:07,960 the Bitcoin network is that it's very decentralized. 530 00:40:08,520 --> 00:40:13,840 So everybody on the network basically exists at the same 531 00:40:13,840 --> 00:40:16,600 level. There's no hierarchy. 532 00:40:17,720 --> 00:40:21,120 And so in order to get the network to change. 533 00:40:21,680 --> 00:40:25,880 You would need to convince a majority of these people to 534 00:40:25,880 --> 00:40:30,160 change, you know, to, to some way that you're interested in 535 00:40:32,000 --> 00:40:35,840 and it's probably not beneficial to them, right. 536 00:40:36,320 --> 00:40:40,360 So, and there's no way to tell who these people even are. 537 00:40:41,760 --> 00:40:47,400 So every Bitcoin node is just a computer that runs the Bitcoin 538 00:40:48,120 --> 00:40:52,040 checks and balances basically. And then it it also keeps a 539 00:40:52,040 --> 00:41:00,840 history of all the transactions. So in order to, and This is why 540 00:41:00,840 --> 00:41:05,520 like Bitcoin is not going away, because in order to make Bitcoin 541 00:41:05,520 --> 00:41:10,520 go away, the entire Internet would have to be shut off and 542 00:41:10,560 --> 00:41:15,840 every individual copy of the history would have to be 543 00:41:15,840 --> 00:41:20,120 destroyed. And so you can see, like, you 544 00:41:20,120 --> 00:41:25,000 know, we're talking about a global network with 10s of 545 00:41:25,000 --> 00:41:29,240 thousands, if not hundreds of thousands of nodes. 546 00:41:30,160 --> 00:41:34,600 And there's no way to geographically track down all of 547 00:41:34,600 --> 00:41:38,440 these ones. So if you have, you know, one in 548 00:41:38,480 --> 00:41:45,040 South Africa that remains undestroyed and can connect to 549 00:41:45,040 --> 00:41:51,240 any communications network, even ham radio, you can send Bitcoin 550 00:41:51,240 --> 00:41:56,800 transactions over ham radio. Then the Bitcoin network can 551 00:41:56,800 --> 00:41:59,760 continue to exist. Got you. 552 00:42:00,400 --> 00:42:05,200 So I, I, I was listening to some Joe Rogan podcast or something 553 00:42:05,200 --> 00:42:07,400 and he was talking about the cash app and you can buy and 554 00:42:07,400 --> 00:42:09,480 sell Bitcoin. So I got the cash app and I've 555 00:42:09,640 --> 00:42:13,240 I've got that open now and it's showing that Bitcoin is valued 556 00:42:13,240 --> 00:42:19,200 at $94,835 and 13 based off of USD currency. 557 00:42:19,200 --> 00:42:26,760 So for every Bitcoin, of which there is 21 million total, that 558 00:42:26,760 --> 00:42:29,920 is worth an equivalent of $94,000 I guess. 559 00:42:31,480 --> 00:42:38,480 Yes, each Bitcoin is currently $94,000, but you know, it's easy 560 00:42:38,480 --> 00:42:44,280 to get pulled into unit bias, which is like 01 Bitcoin is 561 00:42:44,360 --> 00:42:49,880 94,000, but a Dogecoin is $0.30 and maybe that'll go to, you 562 00:42:49,880 --> 00:42:53,000 know, $10,000 or something. But you have to look at like the 563 00:42:53,000 --> 00:42:58,840 market cap or like, you know, what is the total network value? 564 00:42:58,920 --> 00:43:02,240 So right now for Bitcoin, that's about like one eight, $1.8 565 00:43:02,240 --> 00:43:07,840 trillion. For Dogecoin, it's like 60 566 00:43:07,840 --> 00:43:14,480 billion or something. So like the amount of units can 567 00:43:14,480 --> 00:43:18,360 kind of throw you off when you're like, you know, trying to 568 00:43:18,360 --> 00:43:26,040 compare side to side. And yeah, as as Michael Saylor, 569 00:43:26,040 --> 00:43:31,080 who runs MicroStrategy, which is the largest corporate owner of 570 00:43:31,080 --> 00:43:37,440 Bitcoin currently, he says every every Bitcoin you don't buy 571 00:43:37,440 --> 00:43:42,240 today is going to cost you 13 million because his price 572 00:43:42,240 --> 00:43:46,520 estimate for the year 2045 is 13 million per coin. 573 00:43:49,120 --> 00:43:53,440 And I, I, I got into it man. I, I invested into Bitcoin and I 574 00:43:53,440 --> 00:43:59,360 have a total of $16.29 equivalent USD. 575 00:43:59,360 --> 00:44:01,320 So I probably shouldn't retire anytime soon, right? 576 00:44:02,480 --> 00:44:10,160 You're on your way, man. Yeah, but it's it's yeah, I 577 00:44:10,160 --> 00:44:15,200 treat it like a four O 1K, you know, and dollar cost average. 578 00:44:15,200 --> 00:44:19,360 You just, you know, turn it on, set it and forget it and just 579 00:44:19,440 --> 00:44:23,480 buy every week as soon as my paycheck hits, you know, convert 580 00:44:23,480 --> 00:44:26,280 it to some Bitcoin so that I can actually store that value. 581 00:44:26,960 --> 00:44:33,120 And it doesn't get sent to Jerome Pals personal bank 582 00:44:33,120 --> 00:44:39,760 account. But yeah, it's like it's, it's 583 00:44:39,800 --> 00:44:44,720 it's just like a savings account for, you know, the wealth you 584 00:44:44,720 --> 00:44:51,640 actually want to save. And it performs better than any 585 00:44:51,640 --> 00:44:56,560 investment account because over the last five years, Bitcoin's 586 00:44:56,560 --> 00:45:00,960 compound annual growth rate is 67% per year. 587 00:45:02,560 --> 00:45:05,640 Over the last 10 years, Bitcoin's compound annual growth 588 00:45:05,640 --> 00:45:12,680 rate is 74% per year. I mean, it's unheard of wealth 589 00:45:13,000 --> 00:45:19,280 accumulation, You know, if the S&P like this, this current 590 00:45:19,280 --> 00:45:21,080 year, it's up something like 30%. 591 00:45:22,080 --> 00:45:27,880 So Bitcoin is up double that over A5 year period every single 592 00:45:27,880 --> 00:45:32,200 year. And the S and PS compound annual 593 00:45:32,200 --> 00:45:36,400 growth rate for comparison over five years is 14%. 594 00:45:37,320 --> 00:45:41,200 So Bitcoin beats it by 53% per year compounded. 595 00:45:42,000 --> 00:45:47,920 And over 10 years, the S and PS return is 11%, and so Bitcoin 596 00:45:47,920 --> 00:45:53,280 beats that by 63% per year, compounded at. 597 00:45:54,280 --> 00:45:59,280 What point do you think the use of Bitcoin as a, you know, 598 00:45:59,280 --> 00:46:02,560 monetary value of exchange becomes mainstream? 599 00:46:02,560 --> 00:46:07,360 Like when will I be able to go and buy a stake with Bitcoin or 600 00:46:07,360 --> 00:46:12,560 go get a haircut with Bitcoin? Yeah, hey, if you want to buy a 601 00:46:12,560 --> 00:46:15,240 stake with Bitcoin, I'll send you a stake all day long. 602 00:46:17,760 --> 00:46:20,960 But, and actually I think I think KNC. 603 00:46:20,960 --> 00:46:25,640 Cattle out of Texas right now. Takes Bitcoin for stakes. 604 00:46:25,720 --> 00:46:29,640 Nice SO. Yeah, you can start there, but 605 00:46:30,560 --> 00:46:35,240 the money evolves in three stages. 606 00:46:35,720 --> 00:46:41,840 And so the first is kind of this collectible stage where, you 607 00:46:41,840 --> 00:46:46,000 know, it's cool, I want to have some and I think it'll be worth 608 00:46:46,000 --> 00:46:49,160 more in the future. And so that's kind of where 609 00:46:49,160 --> 00:46:52,960 we're at right now with Bitcoin. It's not, you know, everybody 610 00:46:52,960 --> 00:46:56,960 doesn't have it. So it's a collectible of sorts 611 00:46:57,040 --> 00:47:01,720 and it's future value we see as much higher than it's current 612 00:47:01,720 --> 00:47:06,360 value. So it's not super rational for 613 00:47:06,360 --> 00:47:13,920 me to give away the Bitcoin for, you know, something like a 614 00:47:13,920 --> 00:47:18,880 consumer good a coffee or whatever, because the the value 615 00:47:18,880 --> 00:47:22,200 of the coffee and the future value of the coffee is much less 616 00:47:22,200 --> 00:47:23,920 than the future value of the Bitcoin. 617 00:47:25,440 --> 00:47:29,040 But after you get through that kind of collectible stage and 618 00:47:29,080 --> 00:47:34,280 the money has permeated society such that a lot of people have 619 00:47:34,280 --> 00:47:40,680 it, it's value is, you know, an order or two of magnitude higher 620 00:47:40,960 --> 00:47:44,360 than when it's just a collectible. 621 00:47:46,040 --> 00:47:48,720 And so then we use it as a means of exchange. 622 00:47:48,880 --> 00:47:52,000 And so I say, hey, I'll give you some Bitcoin for the steak. 623 00:47:52,000 --> 00:47:53,880 I'll give you some Bitcoin for that coffee. 624 00:47:56,040 --> 00:48:00,440 And once that happens, then people start pricing things in 625 00:48:00,440 --> 00:48:04,480 Bitcoin. So you know the the coffee, 626 00:48:04,480 --> 00:48:11,240 we'll say 200 SAT's per cup of coffee and a Satoshi called a 627 00:48:11,240 --> 00:48:14,280 SAT is the smallest unit of Bitcoin. 628 00:48:14,320 --> 00:48:19,040 So it's 8 decimal places to the right. 629 00:48:19,960 --> 00:48:22,680 It's one 100 millionth of a Bitcoin. 630 00:48:23,720 --> 00:48:25,920 Gotcha. Any idea what your estimated 631 00:48:25,920 --> 00:48:32,320 timeline on that would be? It probably takes, I would say 632 00:48:32,320 --> 00:48:38,880 like at least a generation for that to like fully matriculate, 633 00:48:43,400 --> 00:48:46,080 but Bitcoin's 15 years old right now. 634 00:48:46,480 --> 00:48:49,680 Yeah. I think probably, yeah. 635 00:48:49,680 --> 00:48:55,080 Maybe by the time it's 30, it'll be pretty like universal and 636 00:48:55,080 --> 00:48:58,600 it's and it's we call that unit of account. 637 00:48:59,920 --> 00:49:02,160 So you know what? What things are priced in? 638 00:49:03,120 --> 00:49:05,720 Is there? But it could be, it could be a 639 00:49:05,720 --> 00:49:09,400 couple generations because you think like for the generation 640 00:49:09,400 --> 00:49:15,200 that's say 35 or younger, Bitcoin is kind of a natural 641 00:49:15,680 --> 00:49:20,040 evolution of our always connected digital life. 642 00:49:20,640 --> 00:49:27,120 But for the couple of generations above that it's it's 643 00:49:27,120 --> 00:49:30,840 still like, is this a Ponzi scheme? 644 00:49:30,840 --> 00:49:33,920 Is it like, what is this thing? I don't see it. 645 00:49:33,920 --> 00:49:36,840 I can't hold it. You know, it's not, they're not 646 00:49:36,840 --> 00:49:39,760 digitally native. So it just doesn't, it doesn't 647 00:49:39,760 --> 00:49:47,040 click as immediately as it does for for kind of our generation. 648 00:49:47,840 --> 00:49:52,360 Is there any risk of they're being just a totally different 649 00:49:53,360 --> 00:49:55,920 decentralized form of currency created? 650 00:49:56,480 --> 00:49:59,360 Like for instance, say, you know, the powers that be are 651 00:49:59,360 --> 00:50:01,960 like, you know what, we're going to make our own alternative to 652 00:50:01,960 --> 00:50:03,560 Bitcoin. It's going to also be 653 00:50:03,560 --> 00:50:06,840 decentralized and you can invest in this if you prefer. 654 00:50:08,680 --> 00:50:14,680 Yeah, at this point now because the network affects the Bitcoin 655 00:50:14,680 --> 00:50:20,320 enjoys are so large, I mean there's forget the exact 656 00:50:20,320 --> 00:50:25,640 estimates, but you know, hundreds of millions of people 657 00:50:25,640 --> 00:50:28,400 who have interacted with Bitcoin at this point. 658 00:50:30,240 --> 00:50:36,360 There's billions of dollars worth of special compute power 659 00:50:37,240 --> 00:50:43,320 known as ASIC miners that have been designed, manufactured and 660 00:50:43,640 --> 00:50:48,240 bought and then turned on to secure the network. 661 00:50:49,040 --> 00:50:54,200 And currently there's 8 gigawatts of energy back in the 662 00:50:54,200 --> 00:51:00,240 network to power those miners. Estimates range from 8 to 40 663 00:51:00,240 --> 00:51:04,280 gigawatts to an enormous amount of power. 664 00:51:07,720 --> 00:51:11,720 So then you have like the monetary network effects over 665 00:51:11,720 --> 00:51:16,160 $850 billion has been put into the Bitcoin network. 666 00:51:17,280 --> 00:51:25,040 So those people, you know, would be kind of not willing to move 667 00:51:25,040 --> 00:51:28,080 that monetary energy to somewhere else. 668 00:51:28,560 --> 00:51:31,080 And the other thing is like, you know, we. 669 00:51:31,080 --> 00:51:36,520 Have a central. Party creating a new currency or 670 00:51:36,520 --> 00:51:38,840 token or. Whatever they're not going to. 671 00:51:38,840 --> 00:51:42,400 Want to give up the power? The whole reason to create a new 672 00:51:42,400 --> 00:51:47,880 one is that you control it. You know, they, they wouldn't 673 00:51:49,200 --> 00:51:53,360 kind of make that benevolent move of, oh, let's all get 674 00:51:53,360 --> 00:51:55,840 together and spend a bunch of money to create this new one 675 00:51:55,840 --> 00:51:59,160 that we don't have any control or say over. 676 00:51:59,720 --> 00:52:01,760 And then that's kind of what they're trying to do with 677 00:52:01,760 --> 00:52:07,560 central bank digital currencies. And those are like an even more 678 00:52:07,560 --> 00:52:11,880 extreme version of fee out money where they can say, you know, 679 00:52:11,920 --> 00:52:17,160 this dollar expires on January 1st, 2025 if you don't spend it. 680 00:52:18,960 --> 00:52:22,000 And so in that way, they can kind of influence the money 681 00:52:22,000 --> 00:52:27,600 supply at a moment's notice. And they can also, you know, 682 00:52:27,640 --> 00:52:32,560 spur spending to quote UN quote, boost the economy, which they 683 00:52:35,120 --> 00:52:38,960 they think are related. That's what they So no, I think 684 00:52:38,960 --> 00:52:39,840 during. COVID right? 685 00:52:39,840 --> 00:52:42,520 Like that's what the the talk on the town was there. 686 00:52:42,520 --> 00:52:46,880 Like if they move to some form of controlled digital currency 687 00:52:46,880 --> 00:52:50,040 in which you know they had all the power, they could basically 688 00:52:50,040 --> 00:52:53,960 turn off your credit card, so to speak, and just control you 689 00:52:54,200 --> 00:52:56,880 through and through. Exactly. 690 00:52:56,880 --> 00:52:59,040 Yeah. Like if you buy too many steaks 691 00:52:59,040 --> 00:53:01,960 this week, we're going to turn off your credit card so that you 692 00:53:01,960 --> 00:53:06,440 can only buy, you know, Impossible burgers because we 693 00:53:06,440 --> 00:53:10,560 want to save the environment by eating plant slush that comes 694 00:53:10,560 --> 00:53:14,480 out of a factory floor. Yeah, we don't want that. 695 00:53:14,920 --> 00:53:18,520 Yeah, it's, it's like total Orwellian control. 696 00:53:19,760 --> 00:53:24,080 But I do want to, you know, we got down to Bitcoin rabbit hole 697 00:53:24,080 --> 00:53:26,760 real quick. But I do want to tie it back to 698 00:53:26,920 --> 00:53:30,600 to keto. I mean, the the parallels are 699 00:53:30,600 --> 00:53:35,200 definitely there. So Bitcoin, because it has this 700 00:53:35,200 --> 00:53:40,920 tie to the real world through energy use, through, you know, 701 00:53:40,920 --> 00:53:47,640 computers that are hashing, we call it a proof of work system. 702 00:53:48,000 --> 00:53:53,440 And so in order to, you know, move Bitcoin, it has to go 703 00:53:53,440 --> 00:53:56,120 through this process that is proof of work. 704 00:53:56,560 --> 00:54:03,160 And then it takes the the hashing algorithm is basically 705 00:54:03,160 --> 00:54:08,600 like find a random number and combined it with the data from 706 00:54:09,120 --> 00:54:13,600 these transactions and put it through this one way hash 707 00:54:13,600 --> 00:54:19,200 function and make make a number that starts with a lot of zeros. 708 00:54:19,840 --> 00:54:25,640 And so that sounds confusing, but a hash function is yeah, 709 00:54:25,640 --> 00:54:28,920 just this like meat grinder. You can think of it, you know, 710 00:54:28,920 --> 00:54:32,680 the the data and this random number go through this meat 711 00:54:32,680 --> 00:54:37,200 grinder and it comes out and you basically need to start with a 712 00:54:37,200 --> 00:54:39,560 bunch of zeros. And if it starts with a bunch of 713 00:54:39,560 --> 00:54:43,280 zeros, then it's good. But if it doesn't, then you have 714 00:54:43,280 --> 00:54:46,160 to try it again. And there's no way to go from, 715 00:54:46,640 --> 00:54:49,040 you know, the right side of the equation to the left and figure 716 00:54:49,040 --> 00:54:53,360 out what that random number is. You just have to try different 717 00:54:53,360 --> 00:54:58,360 random numbers until it comes out with a bunch of zeros in the 718 00:54:58,360 --> 00:55:03,200 front. But it's very easy to verify, 719 00:55:03,360 --> 00:55:05,320 right? So if if somebody says here's a 720 00:55:05,320 --> 00:55:10,520 valid transaction, a valid hash, basically my computer can look 721 00:55:10,520 --> 00:55:14,960 at it and in an instant, just with one calculation, see yes, 722 00:55:14,960 --> 00:55:19,920 that that is correct. But because the odds of finding 723 00:55:19,920 --> 00:55:23,840 something that start with a bunch of zeros is very small, 724 00:55:24,520 --> 00:55:28,080 you can only guess and check. And so right now, the entire 725 00:55:28,080 --> 00:55:36,200 Bitcoin network guesses 750 * 10 to the 18th times per second, 726 00:55:37,800 --> 00:55:41,120 which is a incredibly large number. 727 00:55:41,240 --> 00:55:44,520 I mean, you can't even conceptualize it. 728 00:55:46,000 --> 00:55:50,400 So every second the Bitcoin miners on the Bitcoin network 729 00:55:50,400 --> 00:55:54,720 are guessing 750 * 10 to the 18th times. 730 00:55:56,600 --> 00:56:00,480 And so we call this proof of work because it takes energy to 731 00:56:00,480 --> 00:56:04,160 make all those guesses, but then we can verify it by looking at 732 00:56:04,160 --> 00:56:06,520 it. And you know, like in 733 00:56:06,520 --> 00:56:11,400 bodybuilding, right, this takes an enormous amount of effort to 734 00:56:11,720 --> 00:56:15,440 get to the gym everyday, to work out, to eat, right? 735 00:56:15,960 --> 00:56:19,640 But then, you know, when you see a bodybuilder, you can recognize 736 00:56:19,760 --> 00:56:22,120 in an instant that they put the work in. 737 00:56:22,360 --> 00:56:28,240 Like that is proof of work. And it's really interesting if 738 00:56:28,240 --> 00:56:33,240 we think about like the societal implications of a money that 739 00:56:35,200 --> 00:56:39,640 demands this proof of work and this like transparent honesty 740 00:56:40,160 --> 00:56:46,840 versus a money that requires deceit and lying and has that as 741 00:56:46,840 --> 00:56:49,840 it's kind of base layer and theft. 742 00:56:51,560 --> 00:56:59,440 So, you know, in a, in a economic system where the money 743 00:56:59,680 --> 00:57:05,600 has the deceit and theft and lying, the most expedient way to 744 00:57:05,600 --> 00:57:11,840 make money is to cheat, steal, lie your way there, right? 745 00:57:13,600 --> 00:57:19,000 It's to cut corners. It's to basically make things 746 00:57:19,000 --> 00:57:22,720 with that are bad quality that don't last. 747 00:57:24,160 --> 00:57:26,920 And like if we look around, that's kind of what we see in 748 00:57:26,920 --> 00:57:29,280 our consumer products. It's things that. 749 00:57:29,280 --> 00:57:32,000 Break things that don't last, things that are meant to be 750 00:57:32,000 --> 00:57:37,800 thrown away. But in the in the other 751 00:57:38,360 --> 00:57:43,160 perspective where you have truth and honesty and transparency 752 00:57:43,520 --> 00:57:47,360 underlying your monetary system, you know you have the golden 753 00:57:47,360 --> 00:57:48,760 age. There's a reason it's called the 754 00:57:48,760 --> 00:57:53,680 golden age. You have like social norms that 755 00:57:55,320 --> 00:58:00,600 revolve around, you know, society prospering and, and this 756 00:58:00,600 --> 00:58:07,200 kind of communal advancement of science and technology. 757 00:58:09,480 --> 00:58:15,160 It's just it's really interesting to to see the 758 00:58:15,160 --> 00:58:18,440 effects that the money has because you know, money is half 759 00:58:18,440 --> 00:58:25,120 of every transaction. And often times we are bartering 760 00:58:25,120 --> 00:58:32,360 with our self, our future self. And so if if we're using, you 761 00:58:32,360 --> 00:58:37,520 know, like this tainted communications channel to do 762 00:58:37,520 --> 00:58:43,240 that, we come out with some really bad decisions, right? 763 00:58:43,240 --> 00:58:45,640 So you can just think about food. 764 00:58:47,760 --> 00:58:55,840 If I, if I highly value the future and I can project my kind 765 00:58:55,840 --> 00:58:59,040 of economic situation into the future and be able to do 766 00:58:59,040 --> 00:59:04,160 economic calculations on what the future holds, then I can 767 00:59:04,160 --> 00:59:09,160 plan for it. Then I can set myself up for 768 00:59:09,160 --> 00:59:12,480 future success. It's empowering, it's 769 00:59:12,480 --> 00:59:16,680 motivating. But if I live in a world of, you 770 00:59:16,680 --> 00:59:25,160 know, 10%, 15% inflation and I can't even make economic 771 00:59:25,160 --> 00:59:29,360 calculations into the future because the money that I'm using 772 00:59:29,360 --> 00:59:36,800 to do that is so tainted and the signal within the communication 773 00:59:36,800 --> 00:59:41,520 channel is just so blurry, then it leads to nihilism. 774 00:59:41,560 --> 00:59:47,240 It leads to, well, you know, what's the point of saving for 775 00:59:47,240 --> 00:59:49,160 the future? What's the point of planning for 776 00:59:49,160 --> 00:59:51,200 the future? You know, I don't even know if 777 00:59:51,200 --> 00:59:54,680 I'm going to make rent this week because my rent just went up 778 00:59:54,680 --> 00:59:59,040 10%. I can't, I'm not going to put in 779 00:59:59,040 --> 01:00:02,760 an hour to make a nice meal. I'll stop at McDonald's on the 780 01:00:02,760 --> 01:00:04,480 way home because that's quick and easy. 781 01:00:06,760 --> 01:00:14,400 And so like every decision gets kind of skewed to the expedient, 782 01:00:14,680 --> 01:00:21,040 to the easy. To the short term success. 783 01:00:21,720 --> 01:00:28,440 And so bringing it back to keto is like the keto community, it's 784 01:00:28,440 --> 01:00:32,960 kind of predisposed to the delayed gratification, right? 785 01:00:32,960 --> 01:00:40,440 Like eating keto consistently and being disciplined in that is 786 01:00:40,440 --> 01:00:43,440 not something that you trip and fall into. 787 01:00:43,480 --> 01:00:49,240 You know, it takes a conscious effort of planning things out of 788 01:00:49,240 --> 01:00:56,280 spending the time. And so this like predisposition 789 01:00:56,280 --> 01:01:05,320 to thinking long term is exactly the type of mindset that's 790 01:01:05,320 --> 01:01:12,080 needed to understand why Bitcoin is kind of the answer. 791 01:01:13,160 --> 01:01:15,000 Yeah, no, that resonates for sure. 792 01:01:15,000 --> 01:01:19,080 So I mean, I'm assuming there will be like everything in life, 793 01:01:19,080 --> 01:01:23,720 this, you know, first mover, early adopter, phenomenal, which 794 01:01:23,720 --> 01:01:26,240 is what you're seeing now with the the collectible analogy you 795 01:01:26,240 --> 01:01:29,400 mentioned earlier. And then at some point when it 796 01:01:29,400 --> 01:01:33,560 becomes mainstream, when there's enough options to pay via 797 01:01:33,560 --> 01:01:38,160 Bitcoin for goods and services and people, I probably just fed 798 01:01:38,160 --> 01:01:43,120 up with the loss of value in the Fiat system, They'll just be 799 01:01:43,120 --> 01:01:47,120 like this dumping effect of everybody transitioning to the 800 01:01:47,360 --> 01:01:50,440 Bitcoin, you know, transactional approach. 801 01:01:51,000 --> 01:01:55,160 But the longer people delay, basically the more their their 802 01:01:55,160 --> 01:01:58,560 dollar loses value. So they're just kind of delaying 803 01:01:58,560 --> 01:02:03,000 the the inevitable and losing, losing value with every day that 804 01:02:03,000 --> 01:02:06,160 passes. Basically yes. 805 01:02:06,440 --> 01:02:14,080 And yeah, like the the transactional use case is kind 806 01:02:14,080 --> 01:02:16,640 of like the the least interesting to me. 807 01:02:17,680 --> 01:02:23,240 The most interesting is this like global reserve asset 808 01:02:23,400 --> 01:02:26,360 because. You know the. 809 01:02:27,200 --> 01:02:29,080 We already have a transaction network. 810 01:02:29,080 --> 01:02:31,800 It's called Visa, it's called ACH. 811 01:02:32,240 --> 01:02:36,880 You know we can, we can move money pretty easily. 812 01:02:36,880 --> 01:02:42,320 And for limited. Cost the, the, the problem that 813 01:02:42,320 --> 01:02:48,400 we have is that that base layer, the money itself is decaying. 814 01:02:49,320 --> 01:02:54,160 And yes, as Michael Saylor says, it's a melting ice cube. 815 01:02:55,040 --> 01:02:57,920 And so you don't want to store, you know, your entire life's 816 01:02:57,920 --> 01:03:02,440 work in a melting ice cube. You want to store it in this 817 01:03:03,040 --> 01:03:09,680 digital vault that cannot be broken into cannot be written 818 01:03:09,680 --> 01:03:15,400 written and is the most secure computer network on earth. 819 01:03:16,160 --> 01:03:19,560 So that's the high value use case. 820 01:03:20,400 --> 01:03:24,920 That's what's going to command $500 trillion in capital. 821 01:03:27,160 --> 01:03:30,960 The the transactions, you know, they'll come. 822 01:03:31,200 --> 01:03:33,600 We can, we can keep using Visa for now. 823 01:03:34,120 --> 01:03:39,480 But being able to store your human time in a completely 824 01:03:39,480 --> 01:03:49,160 finite, scarce, globally available resource is, yeah, 825 01:03:49,160 --> 01:03:53,040 that's, that's the golden nugget there. 826 01:03:53,520 --> 01:03:59,240 What happens to the the groups of people, I guess when you 827 01:03:59,880 --> 01:04:03,120 extrapolate out this whole haves and have nots scenario and 828 01:04:03,120 --> 01:04:06,800 you've got people living in their world countries that don't 829 01:04:06,800 --> 01:04:09,840 have any way of accumulating Bitcoin. 830 01:04:11,160 --> 01:04:14,120 Like what happens to them? Are they living in a a better 831 01:04:14,120 --> 01:04:16,000 scenario now? Because they probably don't have 832 01:04:16,000 --> 01:04:19,400 that much Fiat currency anyways, but like what happens to that 833 01:04:19,400 --> 01:04:23,840 demographic? It's interesting you you bring 834 01:04:23,840 --> 01:04:30,000 that up because I think that those people have an advantage 835 01:04:30,080 --> 01:04:35,880 over the people in the United States in terms of understanding 836 01:04:35,880 --> 01:04:40,600 why a fair money is good. Because in most of the third 837 01:04:40,600 --> 01:04:44,840 world countries, you know, their average inflation is actually, 838 01:04:44,920 --> 01:04:49,280 you know, 10 to 20% reported, which means that the real 839 01:04:49,280 --> 01:04:52,520 inflation is even more, up to hundreds of percent. 840 01:04:53,240 --> 01:04:59,040 And all you need to interact with Bitcoin is a smartphone or 841 01:04:59,040 --> 01:05:01,520 not even a smartphone. You can send it over text. 842 01:05:01,520 --> 01:05:06,800 There's, you know, in Africa, they sent it, they send Bitcoin 843 01:05:06,800 --> 01:05:12,200 by text message, But it, it has kind of permeated those areas 844 01:05:12,200 --> 01:05:16,200 because they're kind of predisposed to know that their 845 01:05:16,200 --> 01:05:20,880 government is fucking them. Whereas in the US we have the 846 01:05:21,400 --> 01:05:26,480 privilege of, you know, only just coming to that realization 847 01:05:26,480 --> 01:05:29,880 really for most people in the last three or four years. 848 01:05:32,320 --> 01:05:36,160 But these people in 3rd world countries have been, you know, 849 01:05:36,160 --> 01:05:40,640 getting robbed at 20% per year for decades, if not longer. 850 01:05:40,640 --> 01:05:46,440 Like, intimately understand the value proposition that Bitcoin 851 01:05:47,640 --> 01:05:53,040 brings. And I mean, like El Salvador, 852 01:05:53,800 --> 01:05:57,920 they made Bitcoin legal tender in 2021. 853 01:05:58,360 --> 01:06:04,960 So yeah, they, they almost have an advantage in kind of being 854 01:06:04,960 --> 01:06:10,240 the first mover here. And yeah, like El Salvador, 855 01:06:10,440 --> 01:06:13,640 their president posted on his Instagram Story the other day. 856 01:06:13,640 --> 01:06:18,600 His name's Naive Buchele that their Bitcoin holdings for the 857 01:06:18,600 --> 01:06:25,200 country hit like $573 million, so that's just really cool to 858 01:06:25,200 --> 01:06:29,520 see. Yeah, but it makes me sad to me, 859 01:06:29,520 --> 01:06:34,040 people like, I feel like there's this implosion on the horizon 860 01:06:34,040 --> 01:06:37,240 with our current structure with with everything man, like, like 861 01:06:37,240 --> 01:06:41,440 the education system, political system, the healthcare system, 862 01:06:41,440 --> 01:06:44,120 like we're we're literally dealing on the House of cards 863 01:06:44,120 --> 01:06:46,400 right now. And, you know, I think back to 864 01:06:46,920 --> 01:06:51,240 humanity before all of this regulation and overreach was 865 01:06:51,240 --> 01:06:53,880 ever a reality. And it's like people would 866 01:06:54,200 --> 01:06:57,920 barter for goods and services, like they would trade, you know, 867 01:06:58,000 --> 01:07:01,440 things that they had that were tangible for other things that 868 01:07:01,440 --> 01:07:05,240 they wanted that were tangible. And I feel like if we can return 869 01:07:05,240 --> 01:07:08,760 to some semblance of that, we're going to be way better off for 870 01:07:08,760 --> 01:07:12,800 it. Yeah, yeah. 871 01:07:14,040 --> 01:07:20,360 But barter had one key inefficiency, which is the 872 01:07:21,960 --> 01:07:27,280 basically mistiming of wants is like if I want a cow and you 873 01:07:27,280 --> 01:07:29,960 want apples and I have an apple tree. 874 01:07:31,800 --> 01:07:35,400 But you know, it's spring and my apples aren't going to be ready 875 01:07:35,400 --> 01:07:38,720 till the fall. And your cow, like, I'm hungry 876 01:07:38,720 --> 01:07:42,600 right now and I need a cow. We can't basically barter in 877 01:07:42,600 --> 01:07:46,000 that sense because of this misalignment. 878 01:07:47,200 --> 01:07:55,480 So like money, money is an emergent phenomena, meaning like 879 01:07:55,960 --> 01:07:59,960 if the conditions are right, something will be used as money 880 01:08:00,280 --> 01:08:06,480 in the economic system. And because money is really good 881 01:08:06,480 --> 01:08:09,880 at doing what it does, which is facilitating trade. 882 01:08:10,240 --> 01:08:14,560 So, you know, I could give you the $100 for your cow, and then 883 01:08:14,560 --> 01:08:16,359 in the fall you could give me you. 884 01:08:16,359 --> 01:08:18,240 Know one? Dollar for my apple. 885 01:08:18,240 --> 01:08:20,880 Because you don't want every single apple that falls off the 886 01:08:20,880 --> 01:08:22,720 tree. You just really want, you know, 887 01:08:22,760 --> 01:08:25,399 an apple or a bushel to make a couple pies. 888 01:08:26,880 --> 01:08:29,479 You don't want a cow's worth of apples, right? 889 01:08:31,080 --> 01:08:32,720 So like. Money is is. 890 01:08:32,720 --> 01:08:36,479 Very good. It's just that the money that we 891 01:08:36,479 --> 01:08:41,720 have now is very bad because it doesn't store the value across 892 01:08:41,720 --> 01:08:45,800 time like it should, and that value gets usurped. 893 01:08:46,040 --> 01:08:48,720 Yeah, so Bitcoin solves that problem. 894 01:08:48,720 --> 01:08:55,720 In a fluid manner that allows for that trade to take place in 895 01:08:55,720 --> 01:08:58,800 a true form without all this this rigmarole behind the scenes 896 01:08:58,800 --> 01:09:00,080 that people aren't even Privy to. 897 01:09:01,560 --> 01:09:04,240 Yes, it takes the. Noise out of the. 898 01:09:04,319 --> 01:09:09,120 Economic Communication Channel because there is no, you know, 899 01:09:09,120 --> 01:09:11,359 the terminal inflation rate is zero. 900 01:09:11,760 --> 01:09:15,240 Yeah, I just bought. Three more dollars Bitcoin as 901 01:09:15,240 --> 01:09:17,240 we're talking here. So I'm I'm I'm getting there 902 01:09:17,240 --> 01:09:20,920 man. All right, you're on your way, I 903 01:09:20,920 --> 01:09:22,439 think. I'm not sure if you can do it 904 01:09:22,439 --> 01:09:24,560 with Cash App, but yeah, there's some of them that you can turn 905 01:09:24,560 --> 01:09:31,319 on daily buys there. There was something that was 906 01:09:31,319 --> 01:09:34,600 going on. One of my buddies gave me a book 907 01:09:34,600 --> 01:09:37,120 on Bitcoin and he was like all hyped about it because like I 908 01:09:37,120 --> 01:09:40,520 think two years ago now, there was some some phenomena that was 909 01:09:40,520 --> 01:09:43,399 supposed to happen with Bitcoin or maybe did happen. 910 01:09:43,399 --> 01:09:46,960 I just wasn't really in the know at the time. 911 01:09:46,960 --> 01:09:49,960 But what what was that, that thing that was supposed to 912 01:09:49,960 --> 01:09:51,399 happen? I think it was about two years 913 01:09:51,399 --> 01:09:53,439 ago now, but wasn't there some like pivotal moment within the 914 01:09:53,439 --> 01:09:58,280 Bitcoin history so. There's 2. 915 01:09:58,280 --> 01:10:00,680 Things that that I think you could be referring to, one is 916 01:10:00,680 --> 01:10:05,880 called the halving. Is that it Possibly, Yeah, OK. 917 01:10:05,880 --> 01:10:10,000 So the other. Thing is the block size World 918 01:10:10,000 --> 01:10:14,600 War, but that was closer to like seven years ago. 919 01:10:14,600 --> 01:10:17,120 Now that was 2017. Must be the halving that 920 01:10:17,120 --> 01:10:19,440 different, yeah. The block. 921 01:10:19,440 --> 01:10:28,560 Size war was like a debate over how large the blocks should be 922 01:10:28,560 --> 01:10:31,120 in Bitcoin, but that's a little bit more technical. 923 01:10:33,880 --> 01:10:36,320 The halving. Is something that happens every. 924 01:10:36,320 --> 01:10:42,120 Four years and that's when the issuance rate of new bitcoins 925 01:10:42,120 --> 01:10:46,560 being created gets cut in half, so. 926 01:10:46,680 --> 01:10:51,320 In the beginning. Every block reward awarded 50 927 01:10:51,320 --> 01:10:56,560 Bitcoin to the winning miner and then four years later it got cut 928 01:10:56,560 --> 01:11:01,840 in half to 12 and or 25 and then 12 1/2 and then six and a 929 01:11:01,840 --> 01:11:09,480 quarter and it just got cut again to 3.125 in April of this 930 01:11:09,520 --> 01:11:15,160 year. And it's it's interesting 931 01:11:15,160 --> 01:11:22,160 because approximately 6 months after. 932 01:11:22,160 --> 01:11:25,640 The halving. The Bitcoin price historically 933 01:11:25,640 --> 01:11:32,560 has gone on on pretty big bull runs, so we're kind of in the. 934 01:11:32,560 --> 01:11:36,560 Middle of one, right? Now that'll probably go through 935 01:11:36,560 --> 01:11:43,080 sometime next year, but like I'm looking up the having date. 936 01:11:43,280 --> 01:11:48,040 So when having occurred this year, Bitcoin price was around 937 01:11:48,040 --> 01:11:55,360 $63,000 and it's currently, yeah, at $95,000, it's up about 938 01:11:55,360 --> 01:11:59,120 50%. But yeah, if you look at the 939 01:11:59,440 --> 01:12:03,720 stock splits, then basically. Sorry, it's kind of like. 940 01:12:03,720 --> 01:12:06,400 The same concept as like. Splitting stocks? 941 01:12:06,400 --> 01:12:10,480 Then no. It's like. 942 01:12:17,400 --> 01:12:20,120 Because like a stock in a stock split. 943 01:12:20,120 --> 01:12:22,880 You know you get 2 stocks. And you used to have one stock 944 01:12:23,240 --> 01:12:29,120 and that inflates the. Supply of stocks, but all of the 945 01:12:29,120 --> 01:12:33,640 Bitcoin, the 21 million Bitcoin, they're not all accessible right 946 01:12:33,640 --> 01:12:37,360 now so in the 1st. Epic. 947 01:12:37,720 --> 01:12:46,760 The first ten and a half million Bitcoin were issued, so like 948 01:12:46,760 --> 01:12:48,840 over that 4. Year period 10 1/2. 949 01:12:48,840 --> 01:12:55,200 Million were issued then over the next four year period 5 and 950 01:12:56,320 --> 01:13:02,360 a quarter Million were issued and then over the next four year 951 01:13:02,360 --> 01:13:06,800 period a. Little over two and a half 952 01:13:06,800 --> 01:13:07,920 million were. Issued. 953 01:13:08,640 --> 01:13:13,800 So that's it. It's like this exponential decay 954 01:13:14,080 --> 01:13:17,600 in newly created Bitcoin. Gotcha. 955 01:13:17,600 --> 01:13:22,280 And once they've issued the. 21 total million Bitcoin. 956 01:13:22,440 --> 01:13:25,920 That's all she wrote. Exactly, Yes. 957 01:13:26,640 --> 01:13:32,480 But functionally right now 95% of that 21 million has been 958 01:13:32,480 --> 01:13:39,880 issued so and the final one gets issued in the year like 2140. 959 01:13:40,400 --> 01:13:47,520 So, you know, we have 5% over the next century and so like 960 01:13:47,680 --> 01:13:50,680 realistically basically they're they're all there. 961 01:13:52,400 --> 01:13:53,320 Gotcha. OK, that. 962 01:13:53,320 --> 01:13:54,720 Makes sense. That makes sense. 963 01:13:55,880 --> 01:13:59,880 And once they're all issued like that, that is. 964 01:14:00,000 --> 01:14:03,520 Truly all short so. Pretty much people have either a 965 01:14:03,520 --> 01:14:08,160 share of Bitcoin or none, and you've got to pretty much once, 966 01:14:08,400 --> 01:14:10,280 once everything's in circulation, that's pretty much 967 01:14:10,280 --> 01:14:12,120 when the rubber meets the road and people actually start 968 01:14:12,120 --> 01:14:15,920 accumulating that and using that as the primary form of currency 969 01:14:18,720 --> 01:14:22,120 well. That's like. 970 01:14:22,400 --> 01:14:25,600 Mining is 1. Way that Bitcoin kind of 971 01:14:25,600 --> 01:14:30,120 permeates through society because, you know, new miners 972 01:14:30,120 --> 01:14:32,960 come online and then they earn mining rewards. 973 01:14:33,360 --> 01:14:37,160 But you know, the other way to earn Bitcoin is right now to 974 01:14:37,200 --> 01:14:43,320 exchange IRS utility tokens or to provide some goods and 975 01:14:43,320 --> 01:14:47,520 services to a Bitcoin or who's willing to separate with their 976 01:14:47,520 --> 01:14:52,920 Bitcoin. So I wouldn't say that that it 977 01:14:52,920 --> 01:14:57,760 certainly doesn't have to wait until the year 2140 for for the 978 01:14:57,760 --> 01:15:01,000 rubber to meet the road. I think that we're kind of in 979 01:15:01,000 --> 01:15:07,960 that spot right now. And once they're all issued, the 980 01:15:07,960 --> 01:15:15,240 miners still earn rewards from basically finding, you know, 981 01:15:15,240 --> 01:15:20,640 that one in a million number that makes the block valid. 982 01:15:23,280 --> 01:15:27,280 So it's not like the. Miners will stop getting paid at 983 01:15:27,280 --> 01:15:29,880 that point. You know their their fees, which 984 01:15:29,880 --> 01:15:33,160 is, you know, a portion of your transaction that you send to the 985 01:15:33,160 --> 01:15:37,680 minor for them to include it in the block, they'll still be 986 01:15:37,680 --> 01:15:43,480 getting fees and the value of the Bitcoin will be many orders 987 01:15:43,480 --> 01:15:48,520 of magnitude higher. So even if the fees are small in 988 01:15:48,520 --> 01:15:52,400 Bitcoin terms, so like one Bitcoin worth of fees, that'll 989 01:15:52,400 --> 01:15:56,000 be, you know, an enormous amount of dollars. 990 01:15:57,600 --> 01:16:05,280 And you know my estimate is that the amount of dollars will be. 991 01:16:08,600 --> 01:16:11,200 You know, half of the world's total. 992 01:16:11,200 --> 01:16:13,280 Energy production for 10 minutes. 993 01:16:13,480 --> 01:16:16,600 So that's how you can think about like, what kind of value 994 01:16:19,120 --> 01:16:22,560 the Bitcoin miners will be taking in. 995 01:16:22,600 --> 01:16:27,600 Is 10 minutes worth of probably half of the world's electricity? 996 01:16:29,040 --> 01:16:32,160 Man, this is some trippy stuff. This is crazy though. 997 01:16:32,240 --> 01:16:35,120 This is this is interesting. I must be like a deep dive. 998 01:16:35,160 --> 01:16:38,360 You get me a that you piqued my curiosity for sure. 999 01:16:38,360 --> 01:16:42,080 Where where do people go if they want to dive deep? 1000 01:16:42,080 --> 01:16:44,280 Like are there any particular resources that you would point 1001 01:16:44,280 --> 01:16:47,480 out and recommend? Yeah, I. 1002 01:16:47,680 --> 01:16:51,120 My favorite book is called the. Bitcoin standard and I usually 1003 01:16:51,120 --> 01:16:56,440 keep like a dozen copies on me to give them out to everybody 1004 01:16:56,440 --> 01:16:58,240 who's who's interested. I piqued. 1005 01:16:59,240 --> 01:17:05,680 And that's by saving a moose. It's a really interesting 1006 01:17:06,880 --> 01:17:09,640 historical. Kind of look at. 1007 01:17:09,960 --> 01:17:16,320 You know economics, money, and it describes. 1008 01:17:16,480 --> 01:17:20,640 You know, primitive economic systems and and money for like 1009 01:17:20,640 --> 01:17:24,080 the first 7 chapters. And that really establishes the 1010 01:17:24,080 --> 01:17:28,200 baseline for how to understand Bitcoin because Bitcoin is a 1011 01:17:28,200 --> 01:17:33,240 very like new technology. That we don't really have a 1012 01:17:33,240 --> 01:17:35,200 good. Reference point for, you know, 1013 01:17:35,400 --> 01:17:40,160 saying it's like gold is is like severely insulting to Bitcoin. 1014 01:17:40,760 --> 01:17:45,400 Yeah, well, the this appeals. To me, for a lot of different 1015 01:17:45,400 --> 01:17:48,680 reasons, but like the notion that there was a, that there 1016 01:17:48,680 --> 01:17:52,160 would be a form of currency which was just standardized 1017 01:17:52,160 --> 01:17:54,880 across all societies, all humanity. 1018 01:17:55,360 --> 01:18:00,040 And it it, it just, it just genuinely creates legitimate 1019 01:18:00,040 --> 01:18:02,440 value as opposed to this inflated value. 1020 01:18:02,440 --> 01:18:07,600 And then, you know, that kind of equalizes everything. 1021 01:18:10,000 --> 01:18:11,440 Yeah. And even. 1022 01:18:12,560 --> 01:18:18,720 You know, like. Henry Ford understood that we. 1023 01:18:18,720 --> 01:18:27,120 Needed an energy backed currency and you know he didn't really 1024 01:18:27,120 --> 01:18:28,640 know how to. Go about that, but. 1025 01:18:28,640 --> 01:18:31,840 He he saw that we had this need. For a, a. 1026 01:18:31,840 --> 01:18:34,400 Currency that was related to energy. 1027 01:18:34,840 --> 01:18:40,400 And then Hayek, who's a economist, economist, he said in 1028 01:18:40,400 --> 01:18:44,840 1984, I don't believe we shall ever have a good money again 1029 01:18:44,840 --> 01:18:47,600 before we take the thing out of the hands of government. 1030 01:18:47,880 --> 01:18:51,000 That is, we can't take it violently out of the hands of 1031 01:18:51,000 --> 01:18:53,760 government. All we can do is buy some sly, 1032 01:18:53,760 --> 01:18:57,560 roundabout way, introduce something that they can't stop, 1033 01:18:57,560 --> 01:19:03,120 and that is this. That is, he described. 1034 01:19:03,120 --> 01:19:06,920 Bitcoin, yeah, that was. 40 years ago and. 1035 01:19:07,400 --> 01:19:08,520 You know, like I was telling you. 1036 01:19:09,080 --> 01:19:11,520 About. Kind of the decentralized nodes 1037 01:19:11,520 --> 01:19:15,320 earlier. Bitcoin at this point is too big 1038 01:19:16,280 --> 01:19:19,680 to kill. You would need global 1039 01:19:19,680 --> 01:19:25,840 cooperation between every single government on earth to invade 1040 01:19:25,840 --> 01:19:31,480 every single private citizen's home and destroy all the 1041 01:19:31,480 --> 01:19:38,160 computer and communications networking technology around. 1042 01:19:38,960 --> 01:19:41,600 And I don't think that's a possibility. 1043 01:19:42,080 --> 01:19:46,920 You know, we have a president who was just elected who vowed 1044 01:19:46,920 --> 01:19:52,080 to implement a Bitcoin strategic reserve at the government level. 1045 01:19:52,080 --> 01:19:56,120 So the odds of him doing that are are pretty slim. 1046 01:19:56,360 --> 01:20:04,800 And the new class of congressmen like 300 or more were rated as 1047 01:20:04,800 --> 01:20:08,240 being. Pro Bitcoin or pro crypto? 1048 01:20:09,920 --> 01:20:17,760 So yeah, it's pretty hard to imagine a case where where 1049 01:20:17,760 --> 01:20:20,760 Bitcoin dies at this point. Yeah, well, I feel like it. 1050 01:20:20,840 --> 01:20:24,000 It's it's own. Innate form of checks and 1051 01:20:24,000 --> 01:20:27,600 balances like you have to have that and you can't have this 1052 01:20:27,600 --> 01:20:32,680 monopoly but this creates that from a monetary standpoint. 1053 01:20:33,160 --> 01:20:35,320 I mean kind of like the whole thing with like, you know guns 1054 01:20:35,320 --> 01:20:39,720 like it wouldn't make any sense for them to restrict all guns 1055 01:20:39,720 --> 01:20:43,800 and remove all privatized guns in America because just so many 1056 01:20:43,800 --> 01:20:46,640 guns out there I mean I've got who knows how many guns 1057 01:20:46,640 --> 01:20:49,040 personally. So like same thing kind of goes 1058 01:20:49,040 --> 01:20:52,200 into effect with the notion that you could control the entire 1059 01:20:52,200 --> 01:20:56,120 monetary system and white Bitcoin free from planet Earth 1060 01:20:56,120 --> 01:20:59,800 are just not realistic. Yeah, and. 1061 01:20:59,960 --> 01:21:04,800 Yeah, it's, it's the gang. Theory, which is like pops up 1062 01:21:04,920 --> 01:21:07,840 all over with Bitcoin. But you know the game theory. 1063 01:21:07,840 --> 01:21:11,720 Is it's much. More profitable to join it than 1064 01:21:11,720 --> 01:21:17,120 to attack it, yeah. This is interesting man. 1065 01:21:17,240 --> 01:21:19,280 You have a definitely piqued my interest. 1066 01:21:19,280 --> 01:21:20,560 I'm going to have to do a deep dive on this. 1067 01:21:20,560 --> 01:21:22,840 Have to read that book. I think that may be the same 1068 01:21:22,840 --> 01:21:26,400 book that my buddy gifted me. So I will actually have to crack 1069 01:21:26,400 --> 01:21:28,840 the cover and read it now. It's been sitting on my shelf 1070 01:21:28,840 --> 01:21:33,240 for who knows how long, but I will definitely read that. 1071 01:21:33,280 --> 01:21:36,520 And we're going to have to well, I have to get you back on the 1072 01:21:36,520 --> 01:21:40,040 podcast after I read it and I can actually ask legitimate 1073 01:21:40,040 --> 01:21:42,680 informed questions as opposed to totally ignorant questions. 1074 01:21:44,080 --> 01:21:45,560 But this this is this is interesting. 1075 01:21:45,560 --> 01:21:47,120 Man. I appreciate you enlightening me 1076 01:21:47,120 --> 01:21:50,040 here. All right, awesome. 1077 01:21:50,040 --> 01:21:50,800 I. Look forward to it. 1078 01:21:50,840 --> 01:21:54,240 Yeah, we can talk about. Talk about war. 1079 01:21:55,400 --> 01:21:59,520 Remote energy production. Because it'd be good ones. 1080 01:21:59,760 --> 01:22:00,600 Yeah. Yeah. 1081 01:22:01,880 --> 01:22:02,400 What? So where? 1082 01:22:02,400 --> 01:22:03,960 Where do people go to? Find out more about you man are 1083 01:22:03,960 --> 01:22:07,400 you on? Socials I you know. 1084 01:22:07,480 --> 01:22:11,320 I I really got off. Socials lately, wise man. 1085 01:22:11,320 --> 01:22:14,080 Kind of getting. Cleansed. 1086 01:22:14,080 --> 01:22:15,560 You can find. Me on LinkedIn. 1087 01:22:15,760 --> 01:22:19,480 At Paul Tansy but. That's. 1088 01:22:19,480 --> 01:22:21,760 About the our place on that right now. 1089 01:22:22,480 --> 01:22:24,880 Awesome. Awesome, but for for people. 1090 01:22:24,880 --> 01:22:28,680 That are on Twitter. There is a really good Bitcoin 1091 01:22:28,680 --> 01:22:33,080 community on Twitter and there's just some fabulous minds. 1092 01:22:34,000 --> 01:22:36,680 That's that's where I got started for sure. 1093 01:22:38,440 --> 01:22:42,160 But yeah, Guy Swan followed. Michael Saylor. 1094 01:22:43,040 --> 01:22:45,480 There's a lot of good information there. 1095 01:22:45,480 --> 01:22:50,720 Lynn Holden Yeah. And then podcasts, I mean, 1096 01:22:50,720 --> 01:22:53,880 there's, yeah, you got to be a little. 1097 01:22:53,880 --> 01:22:55,920 Careful because. Some people are pushing their 1098 01:22:55,920 --> 01:23:00,680 own stuff, but in terms of. Crypto, but there's some really 1099 01:23:00,680 --> 01:23:05,320 good kind of high signal Bitcoin podcasts that exist. 1100 01:23:05,960 --> 01:23:06,920 Awesome. Well, I will. 1101 01:23:06,920 --> 01:23:10,360 Start doing a deep dive myself. And immerse myself in this 1102 01:23:10,360 --> 01:23:11,320 world. For sure, man. 1103 01:23:11,320 --> 01:23:14,720 So Paul truly can't thank enough for the time and I appreciate 1104 01:23:14,720 --> 01:23:16,520 your expertise. I will definitely keep the 1105 01:23:16,520 --> 01:23:19,840 conversation going. I'll start diving into the 1106 01:23:19,840 --> 01:23:23,680 books, the podcast, the interwebs, and do some do some 1107 01:23:23,680 --> 01:23:26,800 learning. Awesome, Robert. 1108 01:23:26,800 --> 01:23:30,000 Thank you for having me on and. Yeah, I look forward to our next 1109 01:23:30,000 --> 01:23:31,440 conversation. Sounds good. 1110 01:23:31,440 --> 01:23:32,920 I appreciate you, Paul. Till next time, man. 1111 01:23:32,920 --> 01:23:35,600 Take care. All right, take it easy.