1 00:00:00,200 --> 00:00:03,080 When you make this shift, you'll start pricing your labor and 2 00:00:03,080 --> 00:00:06,840 your time in Bitcoin. Like say you put one hour of 3 00:00:06,840 --> 00:00:09,240 your work into Bitcoin today, and then 10 years from now 4 00:00:09,480 --> 00:00:13,440 someone else is probably going to have to work 100 hours to to 5 00:00:13,480 --> 00:00:15,440 get what you got for one hour today. 6 00:00:15,600 --> 00:00:18,560 Time is very valuable. It's still an amazing 7 00:00:18,840 --> 00:00:22,640 opportunity to store wealth and there is going to be the next 8 00:00:22,640 --> 00:00:25,120 generation or your grandchildren are going to be working 9 00:00:25,120 --> 00:00:27,760 exceptionally hard for a fraction of what you can 10 00:00:27,760 --> 00:00:29,440 purchase today with an hour of work. 11 00:00:32,000 --> 00:00:35,160 All right, Anil Patel, welcome to Bitcoin for Millennials. 12 00:00:36,000 --> 00:00:37,480 Hey Bram, thanks for having me man. 13 00:00:37,480 --> 00:00:40,240 I'm psyched. Well, I'm psyched that you're 14 00:00:40,240 --> 00:00:42,800 here. I mean, your stuff has helped me 15 00:00:42,800 --> 00:00:46,680 along the way and I think it's really cool what you were doing. 16 00:00:46,680 --> 00:00:49,560 Like you are really putting your skills to work for Bitcoin. 17 00:00:49,840 --> 00:00:52,400 And we'll go through some some slides that you made, some 18 00:00:52,400 --> 00:00:56,200 educational material. But what I especially like about 19 00:00:56,200 --> 00:01:00,600 your content is that you are simplifying all these different, 20 00:01:01,000 --> 00:01:05,480 you know, concepts that that touch Bitcoin without dumbing it 21 00:01:05,480 --> 00:01:08,200 down. I would say like the, the, the, 22 00:01:09,920 --> 00:01:12,800 the educated point still comes across right. 23 00:01:12,800 --> 00:01:15,760 And I think there's actually kind of a trap when you're 24 00:01:15,760 --> 00:01:19,320 trying to dumb it down because Bitcoin in essence is quite 25 00:01:19,320 --> 00:01:22,480 profound, as you, as you might agree with, right? 26 00:01:22,480 --> 00:01:26,640 So that's what I really like. But in Bitcoin education in 27 00:01:26,640 --> 00:01:29,600 general, what are kind of like the pitfalls that that you are 28 00:01:30,120 --> 00:01:32,000 seeing? Is that kind of maybe the, the 29 00:01:32,000 --> 00:01:35,440 dumbing it down or just thinking that everyone already 30 00:01:35,440 --> 00:01:36,960 understands what you're talking about? 31 00:01:36,960 --> 00:01:39,160 Like what, what are kind of things that you're seeing? 32 00:01:39,720 --> 00:01:42,920 Yeah, that's a really good point, is communicating to 33 00:01:42,920 --> 00:01:45,480 others as if they know everything you know, which is 34 00:01:45,480 --> 00:01:49,520 rarely the case. The other big trap is simply 35 00:01:49,600 --> 00:01:53,560 trying to sound smart, which I definitely fell into a lot where 36 00:01:53,560 --> 00:01:56,880 I was trying to impress people that I knew all this information 37 00:01:56,880 --> 00:01:59,840 about Bitcoin rather than actually trying to help them get 38 00:01:59,840 --> 00:02:01,040 to another level of understanding. 39 00:02:01,040 --> 00:02:04,840 So it's just, you know, you, you have to slay your own ego a 40 00:02:04,840 --> 00:02:07,600 little because you have to meet people where they are. 41 00:02:08,039 --> 00:02:10,560 You have to not be triggered by men, any of their 42 00:02:10,560 --> 00:02:13,040 preconceptions. Because if you're genuinely 43 00:02:13,040 --> 00:02:15,720 trying to get someone to another level of understanding, it's, 44 00:02:15,760 --> 00:02:18,440 it's not about you. It, it's, it's just about them. 45 00:02:19,120 --> 00:02:22,680 Yeah. Yeah, I'm I'm going to try out 46 00:02:22,680 --> 00:02:27,040 the image sharing thing on here. But first I wanted to show this 47 00:02:29,000 --> 00:02:34,960 this image that you created. Let me see this one, the 48 00:02:34,960 --> 00:02:38,600 polymaths 1 you, you recently tweeted, you know, Bitcoin is 49 00:02:38,600 --> 00:02:41,200 for polymaths with this, with this image. 50 00:02:41,200 --> 00:02:44,600 It says systems design, Austrian economics, communication, 51 00:02:44,600 --> 00:02:48,240 networks, game theory, innovation, mathematics, energy 52 00:02:48,600 --> 00:02:52,400 and software. Now, of course, the kind of like 53 00:02:52,400 --> 00:02:55,080 meme in Bitcoin is a Bitcoin is everything you don't know about 54 00:02:55,080 --> 00:02:57,040 computers combined with everything you don't know about 55 00:02:57,040 --> 00:02:59,920 finance. Here you are showcasing a lot 56 00:02:59,920 --> 00:03:02,080 more. Do you also think that like this 57 00:03:02,080 --> 00:03:05,040 is one of the challenges that that we have in in general? 58 00:03:06,560 --> 00:03:08,600 Oh, absolutely. I mean, you need to know a 59 00:03:08,600 --> 00:03:13,200 little bit about so many different unrelated areas to 60 00:03:13,200 --> 00:03:15,960 make sense of this beast that is Bitcoin. 61 00:03:16,560 --> 00:03:19,840 And it just kind of hits home the point that the learning is 62 00:03:20,040 --> 00:03:23,320 never done. You could keep going forever, 63 00:03:23,760 --> 00:03:28,360 but the most useful way to spend your time is maybe instead of 64 00:03:28,360 --> 00:03:33,480 going very, very deep down just one rabbit hole, be it economics 65 00:03:33,560 --> 00:03:37,240 or game theory, it's you you kind of have to branch out a 66 00:03:37,240 --> 00:03:38,200 bit. You want, you want to kind of 67 00:03:38,200 --> 00:03:42,080 understand how Bitcoin operates across everything from, you 68 00:03:42,080 --> 00:03:46,800 know, as the monetary asset to as a communications network, you 69 00:03:46,800 --> 00:03:51,080 know, to how the mechanics of blocks actually come together in 70 00:03:51,080 --> 00:03:52,960 terms of like an accounting protocol. 71 00:03:53,560 --> 00:03:56,040 So yeah, you, you have to go abroad. 72 00:03:56,200 --> 00:03:59,600 You you can't stay in your lane, so to speak. 73 00:04:00,880 --> 00:04:05,040 And what were like the first topics that you touched or that 74 00:04:05,040 --> 00:04:10,720 you were familiar with where, yeah, Bitcoin kind of, you know, 75 00:04:10,720 --> 00:04:13,520 showed itself to you and you were like, oh, yeah, I 76 00:04:13,520 --> 00:04:15,640 understand this part. And then maybe also, what was 77 00:04:15,640 --> 00:04:18,959 the first part where you were like, OK, this is kind of 78 00:04:18,959 --> 00:04:21,680 intimidating now that I have to understand this as well. 79 00:04:22,520 --> 00:04:25,120 Yeah, this was, this was very humbling for me because I went 80 00:04:25,120 --> 00:04:28,120 through, you know, your, your traditional Business School, 81 00:04:28,520 --> 00:04:34,240 Keynesian education. And so when I got to Bitcoin and 82 00:04:34,400 --> 00:04:36,920 everyone's telling me, oh, you, you need to go back to first 83 00:04:36,920 --> 00:04:41,200 principles and understand like microeconomics from a very solid 84 00:04:41,200 --> 00:04:42,680 foundation. I'm thinking, yeah, yeah, I, I, 85 00:04:42,680 --> 00:04:45,480 I've studied economics, I've got this, don't worry. 86 00:04:45,840 --> 00:04:49,080 And to, to recognize I knew nothing. 87 00:04:49,680 --> 00:04:52,240 I had no idea what I was talking about in a field I was very 88 00:04:52,240 --> 00:04:55,440 confident about, made me go back and think, oh, I need to 89 00:04:55,440 --> 00:04:59,800 reassess everything. And that's kind of why I spent a 90 00:04:59,800 --> 00:05:02,840 good couple of years just trying to really hone the first 91 00:05:02,920 --> 00:05:06,160 principles that are essential to understanding Bitcoin, kind of 92 00:05:06,160 --> 00:05:09,440 these like foundations that you need to build your knowledge on 93 00:05:10,160 --> 00:05:11,200 it's. Interesting to hear your 94 00:05:11,200 --> 00:05:14,040 background because my my next question was actually about, you 95 00:05:14,040 --> 00:05:16,920 know, the, the, the smart people problem, the yuppie elite 96 00:05:16,920 --> 00:05:21,680 dismiss Bitcoin problem. You've spoken about how even, 97 00:05:22,400 --> 00:05:26,160 you know, MBA grads and finance professionals have a hard time 98 00:05:26,160 --> 00:05:29,600 getting Bitcoin. Why do you think traditional 99 00:05:29,600 --> 00:05:34,800 education fails these people when it comes to technology? 100 00:05:34,800 --> 00:05:38,760 And, and maybe also what kind of mental shift should they go 101 00:05:38,760 --> 00:05:40,480 through or, or what happened for you? 102 00:05:40,480 --> 00:05:44,480 Like what, what made you so, so humble or, or what made you able 103 00:05:44,480 --> 00:05:46,040 to humble yourself? Basically? 104 00:05:46,040 --> 00:05:48,800 I think that's it, right? Like humbling yourself. 105 00:05:48,800 --> 00:05:53,920 That meme is more about OK just realize you just don't know 106 00:05:54,040 --> 00:05:58,120 anything basically about money and energy and and all these 107 00:05:58,120 --> 00:06:02,520 things. Yeah, that's, that's a very big 108 00:06:02,520 --> 00:06:09,200 broad question for for context. So I have studied at three 109 00:06:09,200 --> 00:06:11,880 different business schools on three different contents 110 00:06:12,280 --> 00:06:15,200 continents and then I went to work for a Business School as 111 00:06:15,200 --> 00:06:21,080 well. So I was in this bubble for, you 112 00:06:21,080 --> 00:06:22,640 know, almost a decade of my life. 113 00:06:23,480 --> 00:06:28,760 And the whole point of that process and that whole industry 114 00:06:29,000 --> 00:06:33,880 is about de risking your career. But there's not really any other 115 00:06:33,880 --> 00:06:36,840 goal. It's it's how do you give 116 00:06:36,840 --> 00:06:42,160 yourself your, your paying to guarantee a certain path and, 117 00:06:42,240 --> 00:06:44,800 you know, a piece of paper that will give you access to certain 118 00:06:45,600 --> 00:06:50,600 walled gardens or industries. So the people going into them 119 00:06:51,240 --> 00:06:54,960 are generally, firstly, you're either confused because you're 120 00:06:54,960 --> 00:06:56,800 looking for a career change, you're looking for more 121 00:06:56,800 --> 00:07:01,840 certainty and most of the incentive is tied to your future 122 00:07:01,840 --> 00:07:04,480 economic rewards as a result of going down this path. 123 00:07:05,120 --> 00:07:08,320 And the other is you're already on that path and you just want 124 00:07:08,320 --> 00:07:12,760 to accelerate your trajectory, but that the end goal is the 125 00:07:12,760 --> 00:07:15,760 same. You know, you're, you're not, 126 00:07:16,000 --> 00:07:20,640 you're actively not looking to take risk in most cases for the 127 00:07:20,640 --> 00:07:23,040 majority of people that that go down that path. 128 00:07:23,800 --> 00:07:27,680 So you're just not primed to spot something that 129 00:07:27,680 --> 00:07:32,680 fundamentally is a shift in humanity's trajectory, right. 130 00:07:32,800 --> 00:07:35,800 And a new monetary asset appearing in front of that group 131 00:07:35,800 --> 00:07:39,560 of people. Their skepticism is going to be 132 00:07:39,560 --> 00:07:45,480 so great, their desire for that thing to fail, because otherwise 133 00:07:45,480 --> 00:07:49,600 it's going to, you know, destroy all of the work they've put in 134 00:07:50,480 --> 00:07:52,440 there. It makes sense that they would 135 00:07:52,440 --> 00:07:56,200 be either against it, ignore it or continue to be ignorant of 136 00:07:56,200 --> 00:07:58,120 it. So it's just a really 137 00:07:58,120 --> 00:08:00,600 unfortunate, unfortunate situation. 138 00:08:02,040 --> 00:08:04,360 I think this is a different conversation, but you would 139 00:08:04,720 --> 00:08:10,160 think that academics or people that are are close to academics 140 00:08:10,160 --> 00:08:12,560 would actually be constantly curious, right? 141 00:08:12,560 --> 00:08:16,040 Like that is the entire point of of academic research. 142 00:08:16,040 --> 00:08:19,040 I would say like there is no final truth and everything can 143 00:08:19,040 --> 00:08:21,120 be questions questioned etcetera. 144 00:08:21,120 --> 00:08:27,360 But I think your explainer of how this is kind of designed to 145 00:08:28,080 --> 00:08:31,760 put you into a certain job and keep that kind of like engine 146 00:08:31,760 --> 00:08:36,280 engine going. I think, and I mean my daily 147 00:08:37,280 --> 00:08:39,400 activities in the trenches of LinkedIn. 148 00:08:39,520 --> 00:08:44,240 I think I'm also confronted a lot by with people that, you 149 00:08:44,240 --> 00:08:48,880 know, have all these titles, NBACFPCFA, whatever, you know, 150 00:08:48,880 --> 00:08:51,960 20 years experience in finance and they're like, it's a scam. 151 00:08:52,200 --> 00:08:57,320 You know where I think that's what bothers me most in a sense 152 00:08:57,320 --> 00:09:00,120 that I'm just so surprised people aren't curious. 153 00:09:00,120 --> 00:09:02,560 That's that's, I think above all, it's. 154 00:09:03,240 --> 00:09:05,280 Well, they're playing a status game, right? 155 00:09:05,680 --> 00:09:08,800 And they need to not only increase their status, but they 156 00:09:08,800 --> 00:09:10,600 need to protect the status they already have. 157 00:09:11,040 --> 00:09:16,440 So if in front of their entire group publicly, if they're going 158 00:09:16,440 --> 00:09:22,360 to embrace an idea that is very against the group think that 159 00:09:22,360 --> 00:09:24,480 puts their current status at risk. 160 00:09:24,960 --> 00:09:27,760 So there's just no reason for them to do that publicly. 161 00:09:27,760 --> 00:09:32,080 Now, maybe I I know people who privately have a very different 162 00:09:32,080 --> 00:09:34,360 opinion about Bitcoin than what they share publicly. 163 00:09:34,560 --> 00:09:38,040 And it's very intentional and it's very unfortunate, but it's 164 00:09:38,040 --> 00:09:40,160 just the incentives. So it sucks. 165 00:09:41,120 --> 00:09:44,800 That's why you get why Bitcoin LinkedIn is so different from 166 00:09:44,800 --> 00:09:48,920 Bitcoin Twitter. 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And and that's also why with all 210 00:12:09,960 --> 00:12:13,280 the critics that you see, like how they talk about it or the 211 00:12:13,280 --> 00:12:17,080 words that they use, like it instantly shows that they didn't 212 00:12:17,080 --> 00:12:22,360 get beyond phase one, basically thinking it's scan, right? 213 00:12:22,680 --> 00:12:26,000 That's it, That's it. Yeah, there's only so much work 214 00:12:26,000 --> 00:12:28,920 you can do, right? I spent about, oh, close to a 215 00:12:28,920 --> 00:12:33,960 year researching deeply different kinds of scams, most 216 00:12:33,960 --> 00:12:37,800 specifically Ponzi schemes. And you know, how it relates to 217 00:12:37,800 --> 00:12:42,080 central banking and showing Bitcoin as the complete opposite 218 00:12:42,080 --> 00:12:44,760 of that. And no matter how many times I 219 00:12:44,760 --> 00:12:48,400 lay that out to someone, if they're not receptive or they, 220 00:12:49,000 --> 00:12:50,840 you're, you're telling them something that breaks their 221 00:12:50,840 --> 00:12:52,880 worldview, they're just not going to, not going to take it 222 00:12:52,880 --> 00:12:55,400 in. But I'm, I'm glad I still 223 00:12:55,400 --> 00:12:59,880 experience skeptics regularly. Today I gave a talk and This is 224 00:12:59,880 --> 00:13:04,160 why I like, I love encouraging people to read more history 225 00:13:04,200 --> 00:13:06,360 about when periods of innovation happened. 226 00:13:06,360 --> 00:13:10,240 And so I gave a talk at a conference 2 days ago and I was 227 00:13:10,240 --> 00:13:15,240 comparing like gold mining and Bitcoin mining with like the 228 00:13:15,240 --> 00:13:21,600 natural ice harvesting industry before refrigeration. 229 00:13:22,080 --> 00:13:24,880 And that when refrigeration popped up, you had this whole 230 00:13:24,960 --> 00:13:28,280 incumbent industry that was very against it. 231 00:13:28,520 --> 00:13:31,840 And it was, you compare them side by side and it's the same 232 00:13:31,880 --> 00:13:35,160 playbook, you know, 200 years apart, exactly same playbook. 233 00:13:35,160 --> 00:13:37,280 Because humans haven't changed, it's just the technology around 234 00:13:37,280 --> 00:13:39,760 us is changing, right? And just the more examples you 235 00:13:39,760 --> 00:13:42,760 see of that, the more you're like everything that's happening 236 00:13:42,760 --> 00:13:46,200 with bitcoins adoption curve and, you know, the trajectory 237 00:13:46,200 --> 00:13:47,920 it's going, it just makes perfect sense. 238 00:13:47,920 --> 00:13:49,360 Like, of course this is going to happen. 239 00:13:50,000 --> 00:13:52,720 Yeah. It's very important that people 240 00:13:52,720 --> 00:13:56,360 kind of understand the skill of the thing we're trying to do. 241 00:13:56,520 --> 00:13:58,480 Right? Like this is not the minidisc or 242 00:13:58,480 --> 00:14:01,360 the the disk man or whatever, right? 243 00:14:01,360 --> 00:14:03,200 Like that's not what we're talking about here. 244 00:14:04,800 --> 00:14:06,960 Yeah. But maybe we'll we'll get to 245 00:14:06,960 --> 00:14:08,640 that. I'll pull up just like the first 246 00:14:08,640 --> 00:14:10,800 slide. So our idea is you, you brought 247 00:14:10,800 --> 00:14:13,120 like 10 key concepts. We're just going to go through 248 00:14:13,120 --> 00:14:16,400 it. You just talk your talk. 249 00:14:16,400 --> 00:14:19,000 You talk about how you how you share it with people, how you 250 00:14:19,000 --> 00:14:23,000 illustrate it. And then, yeah, I'll reflect on 251 00:14:23,000 --> 00:14:25,760 the book in Jam and then. Sounds good. 252 00:14:26,280 --> 00:14:29,640 I mean, this, this is just, I think the most fundamental thing 253 00:14:29,640 --> 00:14:32,520 for people to understand is that, you know, you're obviously 254 00:14:32,520 --> 00:14:37,160 spending most of your time out in the world trying to earn a 255 00:14:37,160 --> 00:14:40,320 living, right? You're exchanging your labor or 256 00:14:40,320 --> 00:14:43,960 work and you're being compensated, and then you take 257 00:14:43,960 --> 00:14:48,240 your compensation. You have expenses and things you 258 00:14:48,240 --> 00:14:50,400 consume. And if there is anything left 259 00:14:50,400 --> 00:14:54,200 over, which I understand applies to less and less people in a 260 00:14:54,200 --> 00:14:55,880 Fiat system. But if you have anything left 261 00:14:55,880 --> 00:15:00,080 over, that's your savings. And then if you have savings, 262 00:15:00,360 --> 00:15:05,120 you have a big problem because now you can't use the default 263 00:15:05,120 --> 00:15:08,600 option, which is just keeping it in a Piggy Bank or under your 264 00:15:08,600 --> 00:15:12,400 mattress or in a bank account. You have to actually go out and 265 00:15:12,400 --> 00:15:17,040 be like a financial analyst and look at all your options, weigh 266 00:15:17,040 --> 00:15:20,080 them up and make the best decision for for you. 267 00:15:20,680 --> 00:15:25,240 So, you know, This is why anytime the word hoarding comes 268 00:15:25,240 --> 00:15:30,480 up in relation to Bitcoin or in terms of money, to me, that's 269 00:15:30,480 --> 00:15:32,960 just a huge red flag of someone that doesn't understand this, 270 00:15:33,080 --> 00:15:37,400 this very basic equation. Because if you're against people 271 00:15:37,400 --> 00:15:40,040 hoarding and hoarding is just another word for savings. 272 00:15:40,040 --> 00:15:42,840 By the way, you're basically saying you want everyone to live 273 00:15:42,840 --> 00:15:46,720 paycheck to paycheck, have zero savings and be very fragile. 274 00:15:47,080 --> 00:15:50,720 Like the whole point of having savings is to insulate yourself, 275 00:15:50,720 --> 00:15:54,920 your family and actually become less dependent on the state. 276 00:15:56,360 --> 00:15:59,040 Now state obviously has very different goals. 277 00:16:00,040 --> 00:16:02,600 Maybe they want their citizens to become more dependent on 278 00:16:02,600 --> 00:16:04,200 them. Maybe that's good for them. 279 00:16:04,480 --> 00:16:09,400 But ultimately, I really find it hard to believe anyone could be 280 00:16:09,400 --> 00:16:13,920 against people having savings for their family for a rainy 281 00:16:13,920 --> 00:16:17,200 day. You know, if the money is being 282 00:16:17,200 --> 00:16:20,360 infinitely created and printed, then the money is also, the 283 00:16:20,360 --> 00:16:23,280 money that you want to use for your savings is also infinitely 284 00:16:23,520 --> 00:16:25,720 devalued. So you can actually hoard more 285 00:16:25,720 --> 00:16:29,160 units. But if each unit loses its 286 00:16:29,160 --> 00:16:33,400 purchasing power, then, yeah, you're basically going against 287 00:16:33,400 --> 00:16:35,040 the stream. Or, you know, it's an uphill 288 00:16:35,040 --> 00:16:39,000 battle for you to actually create an amount that can buy 289 00:16:39,000 --> 00:16:43,080 you at least the same amount of stuff whenever in the future, 290 00:16:43,080 --> 00:16:44,880 right? Whenever you would decide to do 291 00:16:44,880 --> 00:16:47,760 that. And so, yeah, it's interesting 292 00:16:47,760 --> 00:16:52,840 that this feels so basic, right? But I think this is actually 293 00:16:52,840 --> 00:16:55,920 what you distorted. Yeah, you asked earlier. 294 00:16:55,920 --> 00:16:58,840 Like when you're explaining things to people and you assume 295 00:16:58,840 --> 00:17:01,800 they know what you know, this is something that you would think 296 00:17:01,800 --> 00:17:04,359 would be just common sense to everyone. 297 00:17:04,560 --> 00:17:07,960 But the amount of times I've had people come up to me after a 298 00:17:07,960 --> 00:17:12,400 talk and say, I, I never understood that fully just 299 00:17:12,400 --> 00:17:15,480 because the the economy is so distorted and the Fiat system 300 00:17:15,480 --> 00:17:19,119 has distorted people so heavily. But yeah, I, I love what you, 301 00:17:19,160 --> 00:17:22,240 you know, mentioned the word anxiety because the savings is 302 00:17:22,240 --> 00:17:26,000 anxiety reduction technology in a way, the same way Bitcoin is 303 00:17:26,000 --> 00:17:27,839 savings. Yeah. 304 00:17:28,880 --> 00:17:33,680 All right, next one. OK, so if you understand that 305 00:17:33,960 --> 00:17:38,680 people who create more value in the world accumulate savings and 306 00:17:38,680 --> 00:17:44,320 that they cannot save in the default option, which is their 307 00:17:44,320 --> 00:17:47,960 Fiat currency, they have to look to other things, other scarce 308 00:17:47,960 --> 00:17:51,120 assets. You know, I'm in, I'm in Canada. 309 00:17:51,120 --> 00:17:53,120 I spent most of my life in Australia. 310 00:17:53,400 --> 00:17:57,920 The most common form of, you know, your Piggy Bank in these 311 00:17:57,920 --> 00:18:01,760 two countries is housing. And so you see that housing 312 00:18:01,760 --> 00:18:05,960 starts to attract value in excess of what it would 313 00:18:05,960 --> 00:18:08,960 otherwise command in terms of its market price, right? 314 00:18:08,960 --> 00:18:11,320 And this is the idea of a monetary premium. 315 00:18:11,840 --> 00:18:16,480 So it's the excess amount that an asset basically has built 316 00:18:16,480 --> 00:18:20,400 into it because these additional units of currency kind of have 317 00:18:20,400 --> 00:18:22,440 to go somewhere. People are looking for a way to 318 00:18:22,440 --> 00:18:26,000 store their wealth. And then, you know, obviously 319 00:18:26,000 --> 00:18:29,640 this is amplified by the fact that we're in a system where 320 00:18:29,960 --> 00:18:35,720 people can get exceptionally high amounts of leverage if they 321 00:18:35,720 --> 00:18:39,160 are going to put what they borrow specifically into a into 322 00:18:39,160 --> 00:18:42,800 a house. So yeah, just understanding when 323 00:18:42,800 --> 00:18:46,040 you see a piece of real estate valued at say $1,000,000, 324 00:18:46,440 --> 00:18:48,560 understand there are two components to that price. 325 00:18:49,840 --> 00:18:52,760 People are using homes as a substitute for a function of 326 00:18:52,760 --> 00:18:56,840 money, which is actually pretty Wilds that were there, right? 327 00:18:56,840 --> 00:18:59,880 Like that kind of signals to me that we're pretty far off the 328 00:18:59,880 --> 00:19:04,200 track of where we should be if we had a normally functioning 329 00:19:04,200 --> 00:19:07,240 money. Yeah, yeah, exactly. 330 00:19:07,240 --> 00:19:09,360 And that these are all just these terrible side effects. 331 00:19:09,360 --> 00:19:11,640 You've got a normal functioning money where people can save in 332 00:19:11,640 --> 00:19:14,440 it. They have less mental bandwidth 333 00:19:14,600 --> 00:19:19,360 going towards, you know, investing and then yeah, your 334 00:19:19,360 --> 00:19:22,800 housing and other scarce assets don't command in monetary 335 00:19:22,800 --> 00:19:27,000 premium. So, you know, people who want to 336 00:19:27,520 --> 00:19:29,240 purchase a house and that's really what they want to do They 337 00:19:30,320 --> 00:19:33,120 they're they're they're not battling against a cohort of 338 00:19:33,120 --> 00:19:37,840 investors who are equally if not more incentivized to look for 339 00:19:37,840 --> 00:19:39,320 somewhere to store, store their wealth all. 340 00:19:40,240 --> 00:19:43,040 Right, next one. This one, this is really kind of 341 00:19:43,040 --> 00:19:44,600 putting those two ideas together. 342 00:19:45,360 --> 00:19:48,720 And this is also very much the thesis of if anyone's read Jeff 343 00:19:48,720 --> 00:19:50,360 Booth's book, The Price is Tomorrow. 344 00:19:51,040 --> 00:19:56,280 And that is when you have, and this kind of ties back to 345 00:19:56,280 --> 00:19:59,440 certainty versus uncertainty more than scarcity and abundance 346 00:19:59,440 --> 00:20:03,080 really. But the more you understand how 347 00:20:03,080 --> 00:20:06,640 central banking works and debt based systems work and you you 348 00:20:06,640 --> 00:20:10,720 do the math and you understand that mathematically this number 349 00:20:10,720 --> 00:20:14,840 must increase in terms of the number of currency units in a 350 00:20:14,840 --> 00:20:20,480 debt based system over time must go up, you realize that more and 351 00:20:20,480 --> 00:20:23,920 more of those additional units. Are going to be looking for 352 00:20:23,920 --> 00:20:29,960 other places to park. Housing is obviously the example 353 00:20:29,960 --> 00:20:31,680 most people seem to get most intuitively. 354 00:20:31,920 --> 00:20:35,320 But when you've got abundant money or ever increasing supply 355 00:20:35,320 --> 00:20:38,520 of money, it's going to chase these scarce assets bidding up 356 00:20:38,520 --> 00:20:43,320 their price. And the inverse of that is 357 00:20:43,320 --> 00:20:49,080 having a finite supply money where it's completely known, 358 00:20:49,120 --> 00:20:53,040 verifiable, certain. Well, now you're looking to 359 00:20:53,040 --> 00:20:57,320 create value for others. And maybe that's by building 360 00:20:57,320 --> 00:21:01,400 housing to sell and put your profits or your savings into 361 00:21:01,400 --> 00:21:03,840 that scarce money. So when money is functioning, 362 00:21:04,520 --> 00:21:06,760 essentially you have it's, it acts like a magnet. 363 00:21:07,040 --> 00:21:10,360 So before you had scarce assets, they're a magnet for all this 364 00:21:10,560 --> 00:21:12,560 Fiat currency. And now you have Bitcoin as a 365 00:21:12,560 --> 00:21:17,080 magnet, draining the monetary premium in all these scarce 366 00:21:17,080 --> 00:21:20,120 assets over time as it becomes monetized. 367 00:21:21,400 --> 00:21:24,560 I really like this one. Made me think of an image that I 368 00:21:24,560 --> 00:21:27,080 actually created. I don't know if I can pull it up 369 00:21:27,200 --> 00:21:29,640 as a yeah. This one, I don't know if you 370 00:21:29,640 --> 00:21:33,080 can properly see it, but I call this like the Bitcoin paradigm 371 00:21:33,080 --> 00:21:35,680 shift. So on the top left to see people 372 00:21:35,680 --> 00:21:38,280 are incentivized to consume, right? 373 00:21:38,280 --> 00:21:42,800 Because Fiat money, which has an ever growing supply is basically 374 00:21:42,800 --> 00:21:49,720 changing chasing a stable productivity as you said or I 375 00:21:49,720 --> 00:21:54,520 think has also been mentioned before, like if the reward that 376 00:21:54,520 --> 00:22:00,840 I can get for creating value is more and more, if more and more 377 00:22:00,840 --> 00:22:04,640 of of of these of this reward is created, my incentive to 378 00:22:04,640 --> 00:22:09,440 actually build something goes down and my incentive to consume 379 00:22:09,680 --> 00:22:13,360 actually goes up, right? So there is no increased 380 00:22:13,360 --> 00:22:20,640 productivity because the reward is basically infinite and people 381 00:22:20,640 --> 00:22:22,200 are not incentivized to be more productive. 382 00:22:22,200 --> 00:22:29,480 Whereas with Bitcoin, productivity is being put into 383 00:22:29,480 --> 00:22:31,680 the Bitcoin. Basically the productivity is 384 00:22:31,680 --> 00:22:35,680 chasing the Bitcoin instead of the Fiat money is chasing the 385 00:22:35,680 --> 00:22:38,560 productivity. So on a Bitcoin standard, people 386 00:22:38,560 --> 00:22:43,360 are incentivized to to build. And so a growing productivity is 387 00:22:43,360 --> 00:22:46,600 then chasing a finite money supply, which eventually also 388 00:22:46,600 --> 00:22:49,200 leads to prices going down, right? 389 00:22:49,200 --> 00:22:52,880 And so if if we go back to you know, your example here with the 390 00:22:52,880 --> 00:22:57,000 real estate, the idea is that if people follow me on X, they see 391 00:22:57,000 --> 00:23:00,800 that from time to time I update the average home selling prices 392 00:23:00,800 --> 00:23:04,800 in my country and price them in Bitcoin. 393 00:23:06,400 --> 00:23:12,960 They're going up last 11 years with 120% in Fiat and down 99.7% 394 00:23:12,960 --> 00:23:18,720 in Bitcoin, right? So if you have these, yeah, like 395 00:23:18,720 --> 00:23:21,120 you said, scarce money leads to asset abundance, like more and 396 00:23:21,120 --> 00:23:25,520 more assets want to be turned into this Bitcoin. 397 00:23:25,520 --> 00:23:29,480 So that is why you're purchasing power goes up in in Bitcoin 398 00:23:29,480 --> 00:23:32,520 terms over time. Yeah, At a really one other 399 00:23:32,520 --> 00:23:37,320 fundamental question on that is if just think of giving someone 400 00:23:37,320 --> 00:23:40,040 a choice, you can move to two different countries. 401 00:23:40,600 --> 00:23:44,920 One, productivity is going down and one productivity is going up 402 00:23:45,400 --> 00:23:47,320 because people are incentivized to create value from another. 403 00:23:47,640 --> 00:23:50,600 Where do you want to move? And it just perfectly explains 404 00:23:50,600 --> 00:23:54,040 why bitcoiners seek out other bitcoiners because they're 405 00:23:54,040 --> 00:23:59,120 trying to, they want to opt in to, to this, you know, booming 406 00:23:59,120 --> 00:24:03,200 productivity economy. Slowly but surely people are 407 00:24:03,200 --> 00:24:05,320 figuring out that this is a superior money and you cannot 408 00:24:05,320 --> 00:24:08,160 have everyone at the same time realizing that, right? 409 00:24:08,200 --> 00:24:11,840 Because then I think we'll have some very bad big issues, but 410 00:24:12,160 --> 00:24:15,920 which are valid. But conceptually, I totally 411 00:24:15,920 --> 00:24:18,200 disagree with that, Laura. I'd like if I want to move to a 412 00:24:18,200 --> 00:24:20,520 better money, I should be able to do that. 413 00:24:21,000 --> 00:24:23,320 If there's no trust in the money that I'm forced to use, I should 414 00:24:23,320 --> 00:24:25,800 be able to do that. But yeah, that's exactly why 415 00:24:26,600 --> 00:24:29,440 they're cooking the numbers right in front of you on on the 416 00:24:29,440 --> 00:24:30,440 TV, right. Yeah. 417 00:24:32,680 --> 00:24:35,920 Next one. So this goes to what you're just 418 00:24:36,560 --> 00:24:39,280 mentioning now is how do, how do, how does that shift happen 419 00:24:39,280 --> 00:24:41,400 from the bad money to the good money? 420 00:24:41,960 --> 00:24:46,760 And you know, in the past, going from gold to, to U.S. government 421 00:24:46,760 --> 00:24:52,240 bonds was very controlled. It was done in a very controlled 422 00:24:52,240 --> 00:24:54,320 way. And by the way, this, this chart 423 00:24:54,880 --> 00:24:58,840 is global reserve capital. So you've probably seen images 424 00:24:58,840 --> 00:25:01,320 out there or infographics out there about global reserve 425 00:25:01,320 --> 00:25:06,200 currency and that changing between, you know, from the, 426 00:25:06,320 --> 00:25:10,960 the, the, the, the Spaniards to the French franc to, you know, 427 00:25:10,960 --> 00:25:13,880 the British pound to U.S. dollar. 428 00:25:14,200 --> 00:25:15,960 You know, it was a, it was a currency. 429 00:25:16,000 --> 00:25:18,200 The Dutch, sorry, sorry, the Dutch are in there. 430 00:25:18,200 --> 00:25:21,080 Yes, the Guild it was, it was very dominant for a, for a big, 431 00:25:21,240 --> 00:25:23,320 big chunk of important part of history. 432 00:25:24,400 --> 00:25:27,680 And so just making that distinction between currency and 433 00:25:27,680 --> 00:25:34,920 capital, you know, capital is what are companies, countries 434 00:25:34,960 --> 00:25:37,400 and individuals like capitalizing on? 435 00:25:37,400 --> 00:25:41,680 What are they, What's the base layer of their, you know, 436 00:25:43,120 --> 00:25:45,840 business, family, country, what have you? 437 00:25:46,480 --> 00:25:49,760 And so, you know, it's kind of like going from sound money to 438 00:25:49,760 --> 00:25:53,080 unsound money to sound money again with, with the US 439 00:25:54,080 --> 00:25:59,200 Treasuries in between. And you know that the line 440 00:25:59,200 --> 00:26:02,720 between the transition from from green to orange is, is sloped 441 00:26:02,720 --> 00:26:05,120 because like you said, Brad, you know, you're not going to have 442 00:26:05,120 --> 00:26:07,200 just a overnight step function change. 443 00:26:07,520 --> 00:26:10,640 It'll be incredibly chaotic. It's like someone yelling fire 444 00:26:10,640 --> 00:26:13,160 in a movie theater and everyone trying to get out at the same 445 00:26:13,160 --> 00:26:14,920 time. And it's just not, not possible. 446 00:26:15,440 --> 00:26:20,560 So, you know, this is, this is going to take decades probably 447 00:26:20,560 --> 00:26:26,040 to to to fully transition. But yeah, point of this is just 448 00:26:26,040 --> 00:26:28,120 to understand the difference between currency and and 449 00:26:28,120 --> 00:26:32,040 capital. Would you, would you say that it 450 00:26:32,040 --> 00:26:37,320 is also easier, it's easier to go from hard money from gold to 451 00:26:37,320 --> 00:26:42,200 Fiat money, then that's less of a shock than going from Fiat, 452 00:26:42,600 --> 00:26:47,080 you know, mega paper money back to a hard money, especially 453 00:26:47,080 --> 00:26:49,600 something that has has an absolute finite supply. 454 00:26:50,520 --> 00:26:51,840 Yeah. I mean, if you understand 455 00:26:51,840 --> 00:26:53,840 Bitcoin, you know, it's, it's, it's global, it's 456 00:26:53,840 --> 00:26:57,480 permissionless. There's there's really nothing 457 00:26:57,480 --> 00:27:01,320 to stop people adopting it. And that will just happen 458 00:27:01,320 --> 00:27:06,320 gradually over time as people opt out of, you know, saving in, 459 00:27:07,880 --> 00:27:11,560 say, government bonds. So going from from gold to to 460 00:27:11,720 --> 00:27:16,560 Treasuries was not very difficult when everything was so 461 00:27:16,560 --> 00:27:19,920 centralized. You know, gold is analog money. 462 00:27:20,400 --> 00:27:24,800 You have to physically move it to, to, to, to trade. 463 00:27:24,800 --> 00:27:28,520 So you know that that transition could happen in a very 464 00:27:28,520 --> 00:27:31,080 controlled way by very motivated governments. 465 00:27:32,280 --> 00:27:35,520 The next transition I think is going to be a bit messier, a bit 466 00:27:35,520 --> 00:27:39,440 more dispersed, harder, harder to predict, but it'll definitely 467 00:27:39,440 --> 00:27:42,560 be more gradual. This one I really like. 468 00:27:42,560 --> 00:27:46,280 I saw this one before. Yeah, I need to update this 469 00:27:46,280 --> 00:27:48,040 chart. Every time I, I go to update it, 470 00:27:48,040 --> 00:27:49,680 I keep having to reduce the, the scale. 471 00:27:50,240 --> 00:27:54,200 But let's let's go back to the idea of savings. 472 00:27:54,680 --> 00:28:00,200 And you probably find that different decades in modern 473 00:28:00,200 --> 00:28:04,400 history, what kind of dominated by different savings vehicles. 474 00:28:04,720 --> 00:28:09,080 So let's say hypothetically, if your parents generation, if they 475 00:28:09,240 --> 00:28:13,480 may be a boomers and a lot of their wealth was created or is 476 00:28:13,480 --> 00:28:16,480 currently stored in housing, it it kind of makes sense that 477 00:28:16,480 --> 00:28:21,560 they're going to teach their children that that asset should 478 00:28:21,560 --> 00:28:26,400 be their sakes vehicle. And the same way bonds were, you 479 00:28:26,400 --> 00:28:29,360 know, for for the silent generation perhaps. 480 00:28:29,960 --> 00:28:36,040 And so, you know, currently it's fairly accepted that the S&P 481 00:28:36,040 --> 00:28:40,400 500, so, you know, a stock index in the US of the top 500 non 482 00:28:40,400 --> 00:28:43,360 financial companies kind of has become the savings vehicle for 483 00:28:43,360 --> 00:28:46,040 most of the middle class in the Western world, if you have 484 00:28:46,040 --> 00:28:51,040 access to it. And even with that chart, it 485 00:28:51,040 --> 00:28:56,880 looks a little similar, not as extreme, but you know, units of 486 00:28:56,880 --> 00:29:02,760 the S&P 500 kind of was like the savings account for the last 487 00:29:02,880 --> 00:29:04,280 decade or so for the middle class. 488 00:29:04,720 --> 00:29:07,440 And now as we move to Bitcoin, this chart becomes more 489 00:29:07,440 --> 00:29:10,760 important because this is how people are going to measure 490 00:29:10,840 --> 00:29:15,720 their wealth. And it's, you know, I don't want 491 00:29:15,720 --> 00:29:18,080 people to get upset or feel like they've missed the boat because 492 00:29:18,080 --> 00:29:19,480 that's completely missing the point. 493 00:29:19,960 --> 00:29:23,960 It's just that when you make this shift, you'll start pricing 494 00:29:23,960 --> 00:29:27,080 your labor and your time in Bitcoin. 495 00:29:27,840 --> 00:29:31,840 And the more people that do that, as Bitcoin becomes like 496 00:29:31,840 --> 00:29:35,800 this dominant savings vehicle replacing say a basket of stocks 497 00:29:36,240 --> 00:29:42,080 or a 6040 portfolio or real estate, yeah, you just will 498 00:29:42,080 --> 00:29:43,600 start pricing your time in Bitcoin. 499 00:29:46,120 --> 00:29:49,080 If you want to self custody your Bitcoin stack, I recommend the 500 00:29:49,080 --> 00:29:52,240 Blockstream Jade Plus. I've been using this premium 501 00:29:52,240 --> 00:29:55,440 Bitcoin only hardware wallet for a few months now and I love its 502 00:29:55,440 --> 00:29:58,680 design and ease of use. What makes it stand out is its 503 00:29:58,680 --> 00:30:01,640 open source hardware and software and Blockstream's 504 00:30:01,640 --> 00:30:04,840 unique genuine check which make sure that your device is 505 00:30:04,840 --> 00:30:08,720 authentic no back doors or compromises you can connect with 506 00:30:08,720 --> 00:30:12,760 the J plus however you want Bluetooth usbc or you can go 507 00:30:12,760 --> 00:30:15,560 fully air gapped with its building camera for cable free 508 00:30:15,560 --> 00:30:18,520 QR transactions. The metal case feels solid and 509 00:30:18,520 --> 00:30:20,400 the color screen is easy to read. 510 00:30:20,400 --> 00:30:22,560 And it connects with your favorite Bitcoin apps like 511 00:30:22,560 --> 00:30:25,120 Blockstream, Green Sparrow, and Electron. 512 00:30:25,440 --> 00:30:29,120 Get your J Plus today at store.blockstream.com and use 513 00:30:29,120 --> 00:30:31,960 Code Bomb to get 10% of your entire order. 514 00:30:33,920 --> 00:30:36,040 Let's let's talk about something that not a lot of people think 515 00:30:36,040 --> 00:30:39,120 about before it's too late. Where are you storing your 516 00:30:39,120 --> 00:30:41,680 Bitcoin seed words? Are they truly secure? 517 00:30:41,800 --> 00:30:43,880 I found my solution with Stamp Seed. 518 00:30:44,160 --> 00:30:47,320 It's an elegant all in one titanium plate solution with no 519 00:30:47,320 --> 00:30:49,800 separate pieces to lose or manage. 520 00:30:50,040 --> 00:30:52,840 Your seed phrase gets permanently stamped into pure 521 00:30:52,840 --> 00:30:56,640 titanium that withstands fire, survives water, and lasts for 522 00:30:56,640 --> 00:30:58,840 generations. And like shallow etching 523 00:30:58,840 --> 00:31:02,240 methods, Stamp Seeds pettited tools help you to deeply stamp 524 00:31:02,240 --> 00:31:05,200 every letter for permanent readability, protecting your 525 00:31:05,200 --> 00:31:08,200 financial legacy. When you order a titanium C 526 00:31:08,200 --> 00:31:11,560 plate from Stamp Seat, you can also upload a custom design or 527 00:31:11,560 --> 00:31:14,720 your logo to customize the back of your plate to make it fully 528 00:31:14,960 --> 00:31:17,320 personalized. They proceed phrases are a 529 00:31:17,320 --> 00:31:20,360 disaster waiting to happen. Secure your Bitcoin with Stamp 530 00:31:20,360 --> 00:31:23,880 Seat for decades to come. Visit stampseat.com and use code 531 00:31:23,880 --> 00:31:27,800 BRUM that's BR AM to get 15% of your order. 532 00:31:28,080 --> 00:31:28,760 Yeah. Why? 533 00:31:28,760 --> 00:31:32,600 Why do you think it is so hard? I mean we kind of talked about 534 00:31:32,600 --> 00:31:36,240 it, but I mean, when I see stuff like this, I'm I'm like, damn, 535 00:31:36,560 --> 00:31:39,600 you know, if I didn't have Bitcoin, I would be quite 536 00:31:40,920 --> 00:31:43,840 intrigued to a degree, right to see that. 537 00:31:44,000 --> 00:31:46,360 Holy shit, like how is this? How is this possible? 538 00:31:46,360 --> 00:31:52,600 I need to work like almost two years to buy 11 Bitcoin, the 539 00:31:52,600 --> 00:31:54,400 most scarcest asset in the world. 540 00:31:54,840 --> 00:31:57,760 That doesn't seem like something that is attainable for me. 541 00:31:57,760 --> 00:32:00,040 So, you know, nevermind. Whatever. 542 00:32:00,120 --> 00:32:02,720 Yeah. Well, firstly, like you 543 00:32:02,720 --> 00:32:07,720 shouldn't succumb to unit bias, the idea that 121 millionth of 544 00:32:07,720 --> 00:32:10,800 the money supplies like the right amount to own for, for for 545 00:32:10,800 --> 00:32:13,720 someone. And it misses the point. 546 00:32:13,720 --> 00:32:16,720 Like I really think the best way to think about Bitcoin is in 547 00:32:16,720 --> 00:32:20,520 terms of it's current market cap all together and what you 548 00:32:20,520 --> 00:32:24,120 personally believe the total addressable market for Bitcoin 549 00:32:24,120 --> 00:32:26,600 will be. You come up with a percentage, 550 00:32:26,600 --> 00:32:30,440 maybe it's currently 2 trillion out of, you know, maybe 400 551 00:32:30,440 --> 00:32:32,440 trillion. And you're like, oh, OK, it's 552 00:32:32,880 --> 00:32:37,960 it's half of 1% to where it will reach like full adoption or a 553 00:32:37,960 --> 00:32:40,520 saturation point. So there's a long way to go. 554 00:32:41,440 --> 00:32:44,880 And that's the point. If you look at the trajectory, 555 00:32:45,280 --> 00:32:49,120 it's basically saying you can buy Bitcoin today and 10 years 556 00:32:49,120 --> 00:32:51,240 from now. Like say you put one hour of 557 00:32:51,240 --> 00:32:54,880 your work into Bitcoin today and then 10 years from now, someone 558 00:32:54,880 --> 00:32:59,280 else is probably going to have to work 100 hours to to get what 559 00:32:59,280 --> 00:33:02,560 you got for one hour today. So it's just saying that like 560 00:33:02,560 --> 00:33:08,760 time is very valuable. You know, this is still an 561 00:33:08,760 --> 00:33:12,120 amazing opportunity to to store wealth. 562 00:33:12,600 --> 00:33:15,680 And there is going to be the next generation or your 563 00:33:15,680 --> 00:33:19,800 grandchildren are going to be working exceptionally hard for a 564 00:33:19,800 --> 00:33:22,600 fraction of what you can purchase today with an hour of 565 00:33:22,600 --> 00:33:24,760 work. All, all the money you have 566 00:33:24,760 --> 00:33:28,600 today is worth the most today and tomorrow it's already worth, 567 00:33:28,880 --> 00:33:31,800 you know, a little little bit less and the next week a little 568 00:33:31,800 --> 00:33:37,600 bit more and the next year 8 to 12% effectively more and on and 569 00:33:37,600 --> 00:33:40,960 on and on. And here you see a clear 570 00:33:40,960 --> 00:33:47,280 trajectory, which is up when you think about the purchasing power 571 00:33:47,560 --> 00:33:52,880 of Bitcoin expressed in time. But well, eventually you earn 572 00:33:52,880 --> 00:33:56,000 your rewards by applying your energy and time, right? 573 00:33:56,000 --> 00:33:58,320 Like that's literally your, your, your productivity. 574 00:33:58,320 --> 00:34:00,960 So. Yeah, this is an amazing chart. 575 00:34:00,960 --> 00:34:03,880 That's that's the keyword again. Like, yeah, going back to what 576 00:34:03,880 --> 00:34:06,240 you said earlier about productivity is you see this 577 00:34:06,240 --> 00:34:11,360 chart and all this is, is the greatest incentive possible for 578 00:34:12,000 --> 00:34:14,840 people to be more productive and create value for others. 579 00:34:15,800 --> 00:34:18,520 So everyone should be rooting for this chart to continue going 580 00:34:18,520 --> 00:34:22,480 up because the world gets better the the more this trend 581 00:34:22,480 --> 00:34:25,560 continues. Yeah, this is a very, very 582 00:34:25,560 --> 00:34:28,719 simple two by two chart. If you're kind of placing your 583 00:34:28,719 --> 00:34:35,280 wealth across 2 axes or spectrums, you know, you've got 584 00:34:35,280 --> 00:34:39,199 you've got physical wealth, which is very much visible to 585 00:34:39,199 --> 00:34:40,679 everyone. And then you have digital 586 00:34:40,679 --> 00:34:44,400 wealth, which was which is largely invisible or is like 587 00:34:44,400 --> 00:34:48,679 physically invisible. So you know, you compare a 588 00:34:48,679 --> 00:34:54,840 building to maybe a stock on your your trading app and then 589 00:34:54,840 --> 00:34:58,560 the other dimension is mobile, the stationary or another way to 590 00:34:58,560 --> 00:35:01,440 look at that is like non custodial or custodial like do 591 00:35:01,440 --> 00:35:05,520 you need someone else's permission to use it or to or to 592 00:35:05,520 --> 00:35:10,000 move it? Now we we never we never had 593 00:35:10,000 --> 00:35:13,720 something that filled the the lower right quadrant until 594 00:35:13,720 --> 00:35:18,600 Bitcoin was invented. And most people aren't going to 595 00:35:18,840 --> 00:35:23,560 really care or think about this. The benefits of Bitcoin in this 596 00:35:23,560 --> 00:35:25,920 way if you're from a very stable western country. 597 00:35:27,240 --> 00:35:30,520 But then the opposite is also true is that most of the world 598 00:35:30,520 --> 00:35:33,400 does not live in a stable western country and maybe does 599 00:35:33,400 --> 00:35:38,480 have threats around their wealth being confiscated or risks of 600 00:35:38,480 --> 00:35:41,160 having to leave where where they currently live. 601 00:35:42,600 --> 00:35:47,040 They will deeply appreciate portable, non custodial wealth 602 00:35:48,320 --> 00:35:52,920 that is also invisible. That argument of like it is not 603 00:35:52,920 --> 00:35:58,080 physical, so it's not real, it's nonsense. 604 00:35:58,080 --> 00:36:01,960 But again, in the context of money, it's not a strange 605 00:36:01,960 --> 00:36:06,480 argument, right? Like they have had like a crazy 606 00:36:06,480 --> 00:36:09,400 marketing campaign, you know, cash is king, etcetera. 607 00:36:09,400 --> 00:36:12,800 Like, you know, gold you can hold and, and the bills in your 608 00:36:12,800 --> 00:36:16,360 hand, you, you can hold. And I think that is actually why 609 00:36:16,360 --> 00:36:20,120 people don't see the digital aspect of Bitcoin being 610 00:36:20,120 --> 00:36:25,360 valuable, because when they contrasted with real money, real 611 00:36:25,360 --> 00:36:28,440 money should be tangible. Yeah. 612 00:36:28,960 --> 00:36:35,160 And going back to maybe the real estate example, just encourage 613 00:36:35,160 --> 00:36:37,560 people to maybe think about where they live. 614 00:36:38,040 --> 00:36:44,600 And would you say your country is on an upswing or, or things 615 00:36:44,600 --> 00:36:47,640 maybe, you know, degrading and things are getting worse. 616 00:36:48,200 --> 00:36:52,720 And if your country is maybe degrading that you, you believe 617 00:36:52,720 --> 00:36:54,600 it's degrading and maybe trust is declining. 618 00:36:55,160 --> 00:37:00,440 Well, do you want a physical piece of property visible to 619 00:37:00,440 --> 00:37:05,320 politicians, visible to maybe other people who, who are 620 00:37:05,320 --> 00:37:11,680 trusting you less and less? And so, so there's also like 621 00:37:11,680 --> 00:37:14,680 social implications of having very visible wealth in a, in a 622 00:37:14,680 --> 00:37:17,280 society with declining trust and declining standards. 623 00:37:17,720 --> 00:37:19,960 So I just encourage people to really think about that and the 624 00:37:19,960 --> 00:37:23,720 implications of that. I, I always find it interesting 625 00:37:23,720 --> 00:37:26,680 when I see these videos where people flex their gold bars and 626 00:37:26,680 --> 00:37:30,160 they have like 30 kilos of gold bars or, or whatever and I'm 627 00:37:30,160 --> 00:37:34,320 like that It's so not practical, but I think, you know, maybe 628 00:37:34,320 --> 00:37:37,000 that's me, but I've never interested. 629 00:37:37,000 --> 00:37:39,840 I was never interested in gold because I never understood like 630 00:37:40,600 --> 00:37:44,200 there I actually really saw the physical act aspect is a is a 631 00:37:44,200 --> 00:37:47,160 burden. Like it's it's not a, it's not a 632 00:37:47,160 --> 00:37:53,040 pro argument that it is a physical thing in my opinion. 633 00:37:53,040 --> 00:37:54,640 Yeah. And that usually comes from if 634 00:37:54,680 --> 00:37:57,480 you, if you take your own family and maybe go back one or two 635 00:37:57,480 --> 00:38:02,600 generations, like has someone within two generations of you 636 00:38:02,800 --> 00:38:05,040 had to flee their country for any reason? 637 00:38:05,480 --> 00:38:07,680 And for a lot of people, the answer is yeah. 638 00:38:08,240 --> 00:38:12,560 And you'll find that those people appreciate the invisible 639 00:38:12,560 --> 00:38:15,640 digital aspect of Bitcoin versus they would they would they would 640 00:38:15,800 --> 00:38:17,920 never consider storing their wealth in a gold bar. 641 00:38:18,520 --> 00:38:23,400 Yeah, yeah, I agree. Oh, this is this is great. 642 00:38:25,400 --> 00:38:30,960 Yeah, so this I put together you, you actually had my mayor 643 00:38:31,240 --> 00:38:34,280 on on on your show. And this is a, a chart I put 644 00:38:34,280 --> 00:38:38,080 together to present to him and, and and City Hall. 645 00:38:38,520 --> 00:38:41,760 And I think the, the point is to kind of map out all the 646 00:38:41,760 --> 00:38:44,560 different criticisms that get levied at at Bitcoin. 647 00:38:45,680 --> 00:38:50,000 It's it's that we know, we know, like Bitcoin is a well aware of 648 00:38:50,000 --> 00:38:53,200 all the possible arguments you can make against Bitcoin. 649 00:38:53,200 --> 00:38:56,760 That is nothing new. The way someone becomes a 650 00:38:56,760 --> 00:38:59,800 Bitcoiner is they map out all the different arguments again 651 00:38:59,960 --> 00:39:04,440 against Bitcoin and then they go one by one from first principles 652 00:39:04,640 --> 00:39:08,400 and see if they can debunk them. And then when they've debunked 653 00:39:08,400 --> 00:39:11,640 all of these arguments, which you could also go on a Bitcoin 654 00:39:11,640 --> 00:39:15,000 talk forum from 10 years ago and someone else has already done 655 00:39:15,000 --> 00:39:17,800 this work for you. So you know, it's you're, you're 656 00:39:17,800 --> 00:39:19,520 not first to come up with any of these. 657 00:39:20,560 --> 00:39:23,240 That that's how Bitcoin is kind of get forged, that they have to 658 00:39:23,240 --> 00:39:26,720 do their own process of of going through these criticisms and 659 00:39:26,720 --> 00:39:30,720 verifying them for themselves. And another one that that you 660 00:39:30,720 --> 00:39:32,640 don't have on here. So I like that. 661 00:39:32,920 --> 00:39:36,960 What if there's a nuclear war or a meteorite strikes the earth, 662 00:39:37,240 --> 00:39:39,480 right? And then everything is fucked. 663 00:39:39,480 --> 00:39:41,920 You know, you're, you know, if you don't have a Faraday cage, 664 00:39:41,920 --> 00:39:47,760 blah, blah, you know, EMP, you know, the craziest thing that 665 00:39:47,760 --> 00:39:51,200 could happen. I think one you probably have 666 00:39:51,440 --> 00:39:55,640 other issues than Bitcoin for some time, but then the same as 667 00:39:55,640 --> 00:39:59,240 long there there as long as there are two nodes that run 668 00:39:59,240 --> 00:40:03,840 Bitcoin and they can communicate with each other, that could even 669 00:40:03,840 --> 00:40:08,400 be offline. Yeah, it survived. 670 00:40:08,400 --> 00:40:12,040 I love, I love the whenever I meet someone who gives the 671 00:40:12,040 --> 00:40:15,920 nuclear war argument and it's just like this bizarre moment 672 00:40:15,920 --> 00:40:19,640 where I'm like, oh, I need to give this like tin foil, tin 673 00:40:19,640 --> 00:40:22,960 foil hat back to you now, like Bitcoin doesn't become the 674 00:40:22,960 --> 00:40:27,200 rational ones. Well, yeah, if if this is where 675 00:40:27,200 --> 00:40:29,920 people ended up as their main argument. 676 00:40:31,280 --> 00:40:33,920 That's what I mean. Like all these, others are less 677 00:40:35,040 --> 00:40:36,800 heavy than that argument. Yeah, right. 678 00:40:37,440 --> 00:40:40,480 So yeah, you should just, yeah, just discount those people. 679 00:40:40,480 --> 00:40:42,800 That's not someone who's willing to engage and genuinely 680 00:40:42,800 --> 00:40:46,520 interested in in learning more. You know, they're really just 681 00:40:46,520 --> 00:40:50,560 looking to defend their own position that they've, they've 682 00:40:50,560 --> 00:40:53,560 ducked their heels in, they've watched Bitcoin continue to rise 683 00:40:53,560 --> 00:40:55,640 for several, several years. And now they're just trying to 684 00:40:55,640 --> 00:40:57,960 continue to save face. It's going to collapse. 685 00:40:58,200 --> 00:41:00,280 I don't know when, but it will. And then you'll see. 686 00:41:01,440 --> 00:41:03,680 Trust me, bro, Trust me. Yeah. 687 00:41:04,160 --> 00:41:05,520 Yeah. Yeah, don't verify. 688 00:41:06,400 --> 00:41:10,160 Yeah, OK. Again, going back to like the 689 00:41:10,160 --> 00:41:18,200 critics or the skeptics, this Venn diagram it, it helps 690 00:41:18,320 --> 00:41:22,160 explain why people miss Bitcoin, why they just cannot see it. 691 00:41:23,000 --> 00:41:26,160 And it's because they usually fall into one or of these two 692 00:41:26,160 --> 00:41:28,800 sides. So maybe they've done a lot of 693 00:41:28,800 --> 00:41:34,080 work understanding history of money and usually the gold bugs 694 00:41:34,080 --> 00:41:37,720 fall into this category. And so if you, if you deeply 695 00:41:37,720 --> 00:41:40,400 understand the history of money, but you do no other work in all 696 00:41:40,400 --> 00:41:43,000 those other fields that we kind of touched on earlier about 697 00:41:43,000 --> 00:41:46,640 Bitcoin being interdisciplinary, you're, you're going to be very 698 00:41:46,640 --> 00:41:51,160 fearful and you're going to think that whatever innovation 699 00:41:51,160 --> 00:41:55,840 occurs in money is just going to be crushed, which, you know, 700 00:41:55,840 --> 00:41:58,840 history kind of shows you that it, it, it was, if you look at 701 00:41:58,840 --> 00:42:04,000 all the other past attempts at digital money, if you put the 702 00:42:04,040 --> 00:42:06,640 other side of the Venn diagram, the other side you kind of have 703 00:42:06,640 --> 00:42:10,720 like the tech sector. And these are people, the most 704 00:42:10,720 --> 00:42:13,560 common argument they'll make is that Bitcoin is Myspace will be 705 00:42:13,560 --> 00:42:18,160 obsoleted because they can't, they don't have the 706 00:42:18,160 --> 00:42:19,520 understanding of monetary history. 707 00:42:19,720 --> 00:42:24,040 So they're not looking at it. As you know, Bitcoin's sole use 708 00:42:24,040 --> 00:42:27,760 case or primary use case is as digital cash. 709 00:42:28,520 --> 00:42:32,880 So if you don't have these two pieces of knowledge, you just, 710 00:42:32,880 --> 00:42:35,200 you just you're blind to it. You have to look at Bitcoin from 711 00:42:35,200 --> 00:42:40,600 both perspectives. So yeah, this This is why 712 00:42:40,600 --> 00:42:41,960 Bitcoin kind of hides in the middle of the. 713 00:42:42,760 --> 00:42:45,480 Yeah, I don't know, I find it just interesting for the tech 714 00:42:45,480 --> 00:42:50,040 crowd like TCPIP, IMAP, HTTPS, like all these computer 715 00:42:50,040 --> 00:42:53,800 protocols that were somewhere, just the first that were 716 00:42:53,800 --> 00:42:56,800 introduced and they're still alive and used in the modern 717 00:42:56,800 --> 00:43:00,640 Internet today, right. And so to dismiss that actually, 718 00:43:01,600 --> 00:43:04,880 yeah, I think shows a lack of understanding of of of an area 719 00:43:04,880 --> 00:43:06,640 that that some people are an expert in. 720 00:43:07,280 --> 00:43:09,960 I'm especially fascinated with all the, you know, Silicon 721 00:43:09,960 --> 00:43:14,000 Valley tech Bros, that many, many of them are still fading 722 00:43:14,000 --> 00:43:18,920 Bitcoin, you know? Yeah, it, it makes sense too, 723 00:43:18,920 --> 00:43:22,280 right? Because they, if your reputation 724 00:43:22,280 --> 00:43:25,200 is staked on, I'm the guy that finds things that appreciate 725 00:43:25,680 --> 00:43:27,560 1000 X, that's what I'm betting on. 726 00:43:27,560 --> 00:43:30,400 And in their mind, they don't believe Bitcoin can do that. 727 00:43:31,280 --> 00:43:34,680 Then it just gets crossed off the list of possibilities and 728 00:43:34,680 --> 00:43:37,560 they look for the next the next best thing, right? 729 00:43:38,200 --> 00:43:39,840 Yeah, Fairpoint. Yeah. 730 00:43:40,240 --> 00:43:43,760 Well, that's why paying attention and seeing the signals 731 00:43:43,760 --> 00:43:48,240 is is not that easy eventually, but yeah. 732 00:43:48,240 --> 00:43:50,960 So digital networks, that's a, that's a good one too. 733 00:43:52,960 --> 00:43:55,400 Yeah. So this is like a kind of a term 734 00:43:55,400 --> 00:43:59,040 and thought that Sailor kind of coined around this idea of 735 00:43:59,040 --> 00:44:01,840 dominant digital networks. And if you've read his book, The 736 00:44:01,840 --> 00:44:06,400 Mobile Wave, he kind of lays out what was likely to happen. 737 00:44:07,040 --> 00:44:09,400 I think he wrote it in 20/12/2013. 738 00:44:10,080 --> 00:44:13,720 But the main point is that there's a certain threshold that 739 00:44:13,880 --> 00:44:18,440 once hit, it's pretty clear that the market has decided and 740 00:44:18,440 --> 00:44:23,920 they're going to then redirect capital to that winning horse in 741 00:44:23,920 --> 00:44:27,920 the race. And if you tie it back to even 742 00:44:27,920 --> 00:44:32,080 like innovation where you were kind of dancing around like the 743 00:44:32,280 --> 00:44:34,720 concept of creative destruction, and there's this, this very 744 00:44:34,720 --> 00:44:39,120 clear tipping point in which more people are adopting this 745 00:44:39,160 --> 00:44:41,320 and they're, they're dumping their incumbent. 746 00:44:41,720 --> 00:44:43,920 And you know, that's, that's not going to get reversed. 747 00:44:45,640 --> 00:44:48,440 And so in the digital realm, if you, what we saw in the Internet 748 00:44:48,480 --> 00:44:53,640 era is that different verticals formed and then different 749 00:44:53,640 --> 00:44:58,520 companies competed to dominate that particular application. 750 00:44:59,640 --> 00:45:04,840 And so to think that money's really that different, I think 751 00:45:04,840 --> 00:45:07,480 kind of missed what we just got to witness and had a front row 752 00:45:07,480 --> 00:45:12,520 seat to the last 20 years. So yeah, I think I think it was 753 00:45:12,520 --> 00:45:16,440 pretty clear that Bitcoin had had crossed that threshold like 754 00:45:16,440 --> 00:45:19,080 a long time ago. And the fact that there's still 755 00:45:19,080 --> 00:45:23,840 debate today, even is, is just insane to me. 756 00:45:24,520 --> 00:45:29,360 All the technologies that were well, all the digital monies 757 00:45:29,360 --> 00:45:33,040 that were attempted before, but also certain technologies that 758 00:45:33,040 --> 00:45:37,360 had to exist to eventually be implemented into, into Bitcoin. 759 00:45:37,360 --> 00:45:43,080 Like that's been, I want to say like a 40 to 70 year, probably 760 00:45:43,080 --> 00:45:48,720 more towards 70 year exploration of ideas around cryptography and 761 00:45:48,920 --> 00:45:51,400 decentralization and, and stuff like that, right? 762 00:45:51,400 --> 00:45:57,160 So it's also not that Bitcoin is the first mover or something and 763 00:45:57,160 --> 00:46:00,120 therefore the one that's going to be disrupted. 764 00:46:00,720 --> 00:46:02,960 That's definitely not the case. Yeah. 765 00:46:02,960 --> 00:46:09,000 And this is just to like to be a helpful quick heuristic of, OK, 766 00:46:09,000 --> 00:46:14,760 at what point or dollar market value does Bitcoin need to be in 767 00:46:14,760 --> 00:46:18,240 your mind where you consider like you consider it's one and 768 00:46:18,240 --> 00:46:21,280 there's no point focusing on anything other than that. 769 00:46:21,440 --> 00:46:24,560 So figure out what that amount is for you that it needs to hit 770 00:46:24,680 --> 00:46:27,320 in market cap. And when it hits it like you 771 00:46:27,320 --> 00:46:28,800 have to act, you have to actually act on that 772 00:46:28,800 --> 00:46:30,760 information. Yeah, good point. 773 00:46:31,080 --> 00:46:34,440 Well, we're over 2 trillion now and there's never been an asset 774 00:46:34,680 --> 00:46:38,760 that reached 2 trillion that went away after, right. 775 00:46:38,760 --> 00:46:42,960 So maybe that's an extra signal for for people to to pay 776 00:46:42,960 --> 00:46:43,720 attention. Yeah. 777 00:46:43,720 --> 00:46:45,520 And it's the last word. I really like this. 778 00:46:46,280 --> 00:46:49,040 OK, this, this is really just one around diversification, 779 00:46:50,160 --> 00:46:53,240 which which ties into the, the previous slide is once a winner 780 00:46:53,240 --> 00:46:57,960 emerges, you don't, you don't need to sell your winner to 781 00:46:57,960 --> 00:47:02,800 diversify into like the second best, you know, networking app 782 00:47:02,800 --> 00:47:05,920 or the second best retail platform because the winner's 783 00:47:05,920 --> 00:47:07,320 just going to eat everything else. 784 00:47:08,040 --> 00:47:11,240 And now in terms of Bitcoin, and we're talking about money and 785 00:47:11,240 --> 00:47:16,360 eating monetary premiums, it's well, once you understand 786 00:47:16,760 --> 00:47:21,440 Bitcoin and it's ticked all your boxes in terms of being the 787 00:47:21,440 --> 00:47:25,480 winner of the future, well, you would never want to rebalance 788 00:47:25,480 --> 00:47:27,360 your portfolio. You'd never want to sell 789 00:47:27,800 --> 00:47:32,800 anything to to buy a weaker monetary good because eventually 790 00:47:32,800 --> 00:47:34,120 Bitcoin's going to eat that as well. 791 00:47:35,000 --> 00:47:37,960 So yeah, this is just playing to the perils of rebalancing. 792 00:47:40,640 --> 00:47:43,840 I know I see we have some slides you are working so well. 793 00:47:43,840 --> 00:47:48,600 These these were the, these were the 10 key concepts that that we 794 00:47:48,600 --> 00:47:52,120 wanted to share. I think there there are some 795 00:47:52,120 --> 00:47:56,640 slides about your new book and I think also some supporting 796 00:47:56,640 --> 00:47:58,280 slides. But yeah, you're, you're writing 797 00:47:58,280 --> 00:48:00,800 a new book. Could you tell a bit about what 798 00:48:00,800 --> 00:48:04,600 you're what you're working on? So if you've if you've read the 799 00:48:05,320 --> 00:48:10,440 Almanac of Naval Ravikant, it's a very similar feel to that 800 00:48:10,440 --> 00:48:14,600 book. Basically, you know, there are a 801 00:48:14,600 --> 00:48:19,280 lot of great interviews with, with Michael Saylor, a lot of 802 00:48:19,280 --> 00:48:21,200 great podcasts. He's given a lot of speeches. 803 00:48:21,560 --> 00:48:25,040 And what I wanted to do is take the best parts from all these 804 00:48:25,040 --> 00:48:28,040 interviews, speeches and tweets and kind of condense them into 805 00:48:28,040 --> 00:48:32,160 one neat package. So this is really just a book I 806 00:48:32,160 --> 00:48:35,080 wish existed already. It didn't. 807 00:48:35,080 --> 00:48:36,560 So I I went out and, and wrote it. 808 00:48:36,560 --> 00:48:40,520 It'll hopefully be out actually next next month or possibly 809 00:48:40,520 --> 00:48:43,760 October. It'll also be available totally 810 00:48:43,760 --> 00:48:46,200 free digitally. But it's just taking a lot of 811 00:48:46,640 --> 00:48:51,120 Michael's ideas around, you know, going from how energy 812 00:48:51,120 --> 00:48:54,280 links to money, how money links to wealth, how wealth links to 813 00:48:54,280 --> 00:48:56,760 networks and how networks link to Bitcoin. 814 00:48:57,360 --> 00:49:00,840 And it's, you know, full of visuals, a lot of great 815 00:49:00,840 --> 00:49:05,680 analogies and stories, But hopefully it will act as a guide 816 00:49:05,840 --> 00:49:10,040 for people to better understand how they think of money and how 817 00:49:10,040 --> 00:49:12,080 that splits into capital and currency. 818 00:49:13,560 --> 00:49:15,560 Awesome. Yeah, Well, as I've mentioned, I 819 00:49:15,560 --> 00:49:19,800 will link to your, I think it's your gum Rd. where you put 820 00:49:19,800 --> 00:49:25,080 everything on so people can subscribe there and get all your 821 00:49:25,080 --> 00:49:27,680 other books and your other educational materials. 822 00:49:27,680 --> 00:49:31,760 So I would guess that's also where they can sign up to, to 823 00:49:31,760 --> 00:49:35,440 find this book or or follow you on social. 824 00:49:36,120 --> 00:49:39,800 OK, awesome. Is there is there anything else 825 00:49:40,120 --> 00:49:44,560 to add that you think we might have missed or anything that is 826 00:49:44,560 --> 00:49:48,320 a is a recurring thing that you usually share when when you're 827 00:49:48,320 --> 00:49:49,800 sharing these concepts with people? 828 00:49:50,440 --> 00:49:52,120 Well, I want to ask you something, Bram. 829 00:49:52,640 --> 00:49:58,800 So you recently became a father. How has that reshaped your 830 00:49:58,800 --> 00:50:01,440 relationship with wealth and how has that changed your time 831 00:50:01,440 --> 00:50:05,200 preference? Wow. 832 00:50:05,520 --> 00:50:08,680 I love that. I think, well, this, this is my 833 00:50:08,680 --> 00:50:11,280 second child, so I know what this is like. 834 00:50:11,280 --> 00:50:15,760 But now sometimes I, I, I realize I have two children, 835 00:50:15,760 --> 00:50:17,880 which is kind of crazy to realize. 836 00:50:17,880 --> 00:50:19,840 I don't know, you know, I don't know if you have children, but 837 00:50:19,840 --> 00:50:21,720 like at some .2. As well, Yeah. 838 00:50:21,720 --> 00:50:22,560 You've got two. Yeah. 839 00:50:22,560 --> 00:50:24,280 So then I'm like, holy fuck, I have two. 840 00:50:24,280 --> 00:50:28,520 I have two children. But I was actually talking about 841 00:50:28,520 --> 00:50:35,720 this with someone today. I think understanding finance 842 00:50:35,720 --> 00:50:40,800 economics and kind of macro to the degree that I now understand 843 00:50:40,800 --> 00:50:46,000 it, which I think is, is way more limited than other people. 844 00:50:47,280 --> 00:50:51,240 I would not know what I would do when I wouldn't have Bitcoin, 845 00:50:51,320 --> 00:50:53,800 right? So I think Bitcoin actually 846 00:50:53,800 --> 00:50:59,440 gives me a way to not have this perpetual anxiety towards the 847 00:50:59,440 --> 00:51:02,680 future, actually have a very, very positive outlook towards 848 00:51:02,680 --> 00:51:07,960 the future, which I think it's very beneficial if you have 849 00:51:07,960 --> 00:51:12,560 children, because if you have children and, and, and you're 850 00:51:12,680 --> 00:51:14,280 very nihilistic about the future. 851 00:51:15,960 --> 00:51:18,360 Yeah, man, that must be rough. You know, like, I don't know 852 00:51:18,360 --> 00:51:21,040 what your days look like, but that that's, that's pretty, 853 00:51:21,960 --> 00:51:24,200 pretty depressing. And, and actually, the thing 854 00:51:24,200 --> 00:51:28,600 that I find more depressing is that there are even people, you 855 00:51:28,600 --> 00:51:32,800 know, from our generation that decide not to have children 856 00:51:32,800 --> 00:51:35,800 because they think they cannot afford it or, or they don't know 857 00:51:35,800 --> 00:51:37,560 where the, where the world is going. 858 00:51:37,560 --> 00:51:42,800 You know, And like just that fact I find very, very messed up 859 00:51:42,800 --> 00:51:47,480 because we kind of touched upon it today, but I think about it a 860 00:51:47,480 --> 00:51:50,400 lot like the fact that, you know, we could have a value 861 00:51:50,400 --> 00:51:53,400 exchange in, in total freedom with each other. 862 00:51:53,400 --> 00:51:58,000 I, I propose something for 100 money units and you say 80 and 863 00:51:58,000 --> 00:52:00,920 then I say, no, 90 is OK. And then we shake hands then, 864 00:52:01,520 --> 00:52:05,680 you know, we kind of agreed upon this value exchange in in 865 00:52:05,680 --> 00:52:11,120 freedom together, basically. But then the reward that we use 866 00:52:11,120 --> 00:52:14,840 in this value exchange is influenced by other people, 867 00:52:14,840 --> 00:52:18,440 right? That constantly make sure that 868 00:52:18,440 --> 00:52:21,640 this reward loses value, which increases my anxiety towards the 869 00:52:21,640 --> 00:52:24,720 future, which for a lot of people actually makes it so that 870 00:52:24,720 --> 00:52:26,560 they don't want to have kids, right? 871 00:52:26,560 --> 00:52:32,200 So the fact that something that is man made can influence the 872 00:52:33,000 --> 00:52:36,320 the biological, biological urges that that we all have to 873 00:52:36,320 --> 00:52:41,080 procreate, I think is just one of the most criminal things that 874 00:52:41,280 --> 00:52:47,000 you know, has has ever existed. So I think about that way more 875 00:52:47,000 --> 00:52:49,640 than I actually want because I just see a lot of people that 876 00:52:49,760 --> 00:52:51,480 are kind of like give up right there. 877 00:52:51,480 --> 00:52:54,200 They're like, oh, OK, well, it stops with me. 878 00:52:54,280 --> 00:52:57,280 I cannot do anything about it where I think, no, you can. 879 00:52:57,400 --> 00:52:58,880 You can actually do something about it. 880 00:52:58,880 --> 00:53:01,320 You can move to a better money. You can literally move to a 881 00:53:01,320 --> 00:53:04,600 better money. And I'll throw the question back 882 00:53:04,600 --> 00:53:07,800 to you. But like, it gave me so much. 883 00:53:10,480 --> 00:53:14,000 I don't like the word, but like empowerment, like I feel I, I am 884 00:53:14,000 --> 00:53:19,400 actually more in control of where I can choose to go. 885 00:53:19,400 --> 00:53:22,040 Doesn't mean that it's going to go great. 886 00:53:22,040 --> 00:53:24,320 I don't know what the outcome is, but I feel like I have a 887 00:53:24,320 --> 00:53:28,880 wider view towards the future. And so my options are broader. 888 00:53:28,880 --> 00:53:30,800 And again, I repeated that a lot. 889 00:53:30,800 --> 00:53:33,960 But it doesn't matter about how much Bitcoin you have or how 890 00:53:33,960 --> 00:53:35,840 much wealth or whatever. That's not what it's about. 891 00:53:37,120 --> 00:53:40,280 I mean, I've, I've even spoken to 21 year olds who have a small 892 00:53:40,280 --> 00:53:43,480 allocation who got married at 20. 893 00:53:43,480 --> 00:53:46,040 Right, Right. And you are like super, super 894 00:53:46,040 --> 00:53:48,160 enthusiastic about the future because they are totally on a 895 00:53:48,160 --> 00:53:51,760 Bitcoin standard. Like that is the point I'm 896 00:53:51,760 --> 00:53:53,920 trying to make. Like, look at those people. 897 00:53:53,920 --> 00:53:57,320 Look at those people, you know, and that is, that is real. 898 00:53:57,320 --> 00:53:59,080 Like a better money gives you a better life. 899 00:53:59,080 --> 00:54:01,560 I yeah, but yeah, how how is that for you? 900 00:54:01,560 --> 00:54:04,000 Absolutely no, but that that's beautiful. 901 00:54:04,080 --> 00:54:06,560 I I completely agree. You know, what I've, I've been 902 00:54:06,560 --> 00:54:11,040 noticing at Bitcoin conferences lately is every year the 903 00:54:11,040 --> 00:54:14,600 children's sections seem to just get bigger and bigger and become 904 00:54:14,600 --> 00:54:18,000 a bigger part of the conference. And so it makes perfect sense. 905 00:54:18,480 --> 00:54:23,520 And I think over time, other people, pre coiners will just, 906 00:54:23,680 --> 00:54:27,960 you know, keep looking at this group thinking what are they 907 00:54:27,960 --> 00:54:31,800 doing differently? So yeah, I think the proof will 908 00:54:31,800 --> 00:54:35,400 speak for itself over time. But yeah, bullish on Bitcoin is 909 00:54:35,400 --> 00:54:38,640 having babies. Yeah, more babies. 910 00:54:39,040 --> 00:54:42,400 All right, I'll, I will ask you the last question and I ask 911 00:54:42,400 --> 00:54:46,800 everyone the same question, which is what is a core belief 912 00:54:46,800 --> 00:54:52,360 that you will never let go of? The core belief that I always 913 00:54:52,360 --> 00:54:56,880 come back to is fundamentally I'm an idiot. 914 00:54:59,640 --> 00:55:05,560 It everything I do or all like the content I put out is just a 915 00:55:05,560 --> 00:55:08,640 result of me trying to understand that thing. 916 00:55:09,120 --> 00:55:14,320 And then just sharing like, oh, here's here's what I learnt in 917 00:55:14,320 --> 00:55:18,520 that process. So, you know, if I ever think 918 00:55:18,560 --> 00:55:24,240 I'm smarter than someone or get a bit arrogant, Bram, I want you 919 00:55:24,240 --> 00:55:27,840 to to come knock on my door and give me a wake up call. 920 00:55:28,200 --> 00:55:31,400 Because, you know, I think that's what I love about Bitcoin 921 00:55:31,400 --> 00:55:35,920 is it's just the humility. They're all very high agency and 922 00:55:35,920 --> 00:55:38,280 low ego. And if you lose either one of 923 00:55:38,280 --> 00:55:42,120 those leavers, I think you're in trouble. 924 00:55:42,120 --> 00:55:48,400 So yeah, stay humble. I think it is. 925 00:55:49,040 --> 00:55:51,880 I know that I know nothing. I don't know who that was. 926 00:55:51,880 --> 00:55:55,000 I think Socrates or Plato, one of one of one of the two. 927 00:55:55,000 --> 00:55:58,760 I know that I know nothing. I think that's the translation 928 00:55:58,760 --> 00:56:00,200 of that. Well, thanks so much. 929 00:56:00,200 --> 00:56:02,760 Thanks so much for your time, for your knowledge. 930 00:56:03,000 --> 00:56:06,600 I hope people found it valuable and for everyone. 931 00:56:06,920 --> 00:56:10,120 If you want to find more educational content, go check 932 00:56:10,120 --> 00:56:12,880 out Anils Gum Rd. Everything is for free, you can 933 00:56:12,960 --> 00:56:16,720 use it in whatever way possible. So thanks again brother, and 934 00:56:16,920 --> 00:56:18,160 we'll stay in touch. Thank you. 935 00:56:18,480 --> 00:56:20,240 Thanks, Bram. Look forward to seeing you 936 00:56:20,240 --> 00:56:21,040 again. OK. 937 00:56:21,840 --> 00:56:24,200 Likewise, cheers. I hope you enjoyed this episode. 938 00:56:24,280 --> 00:56:27,480 If you did, you can click here to find more just like it and 939 00:56:27,480 --> 00:56:30,440 click here to find all Bitcoin for millennials podcast 940 00:56:30,480 --> 00:56:33,400 episodes. Also, please like this video if 941 00:56:33,400 --> 00:56:36,040 you want to help shine a light on the message of Bitcoin and 942 00:56:36,040 --> 00:56:38,280 subscribe to my channel to stay connected. 943 00:56:38,480 --> 00:56:40,240 I hope to see you for a next episode. 944 00:56:40,640 --> 00:56:40,800 Bye.