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You are a CFA with 10 plus years
of experience. 

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And in our last conversation, we
talked about how, you know, when

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you discovered Bitcoin, it went 
totally against that everything 

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that was taught to you. 
And yeah, that you're now a big 

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advocate for for Bitcoin, which 
of course for all the 

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classically educated Cfas is how
do you say like a very 

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triggering, you know, especially
on LinkedIn and stuff. 

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And yeah, I find it really, 
really interesting to follow 

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you. 
And so, yeah, we were thinking 

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maybe it's an interesting 
conversation to to, yeah, teach 

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people how to build wealth with,
with Bitcoin kind of coming at 

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it from your CFA background. 
And, and maybe that's also a 

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good way to start, like what is 
the classical way to to build 

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wealth? 
And then after that we can go on

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to how Bitcoin kind of like 
changes that that game. 

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So in general, I think what you 
want to do if you want to start 

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off with personal finance, you 
want to start with spending less

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than you earn. 
You want to be able to save 

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regardless of what currency it 
is you want to be able to save. 

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And then after you've saved some
money, after you've gotten out 

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of debt, if you don't have debt,
obviously avoid debt if you can.

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But after you've gotten out of 
debt, after you've saved some 

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money, you want to buy some 
assets. 

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Because if you just buy, if you 
just hold on to your cash, that 

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cash is going to decrease over 
time in value. 

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It's going to go down to 0. 
It's going to keep decreasing 

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and purchasing power over time 
because you're going to be able 

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to, meaning that you're going to
be able to buy fewer and fewer 

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things over time with that cash.
So the purchasing power of that 

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money is going to keep 
decreasing, meaning that you get

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poorer over time. 
If you were to traditional, 

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traditionally what you would 
have to do is if you were to 

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have savings, you would buy real
estate, you'd buy stocks, you'd 

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buy bonds, you'd buy gold, 
whatever you want to whatever 

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you think is more scarce than 
the dollar or the currency that 

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you're using. 
So your goal was to make sure 

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that you're buying something 
that will increase in purchasing

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power over time so that in the 
future at some point you can 

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sell it and then you can buy 
whatever you want. 

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00:02:05,320 --> 00:02:09,160
Let's say in our case, we want 
to retire in 30 years. 

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What we would do is we would buy
stocks, we would buy the index 

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funds. 
Let's say we buy the S&P 500. 

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We buy as many shares of the S&P
500 as we can throughout our 

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career. 
And then when we retire, we sell

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those shares and then we buy the
things that we want. 

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That's the traditional path. 
Real estate, same thing. 

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You save, you save up, then you 
buy real estate, and then you 

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use the cash flows from that 
real estate to pay for the 

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things that you want. 
You can compound, You can buy 

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more houses if you want to with 
stocks. 

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00:02:40,920 --> 00:02:43,440
You can use the dividends to buy
more shares if you want to. 

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00:02:43,440 --> 00:02:46,360
You can set up a DRIP dividend 
reinvestment plan where your 

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money just automatically gets 
reinvested. 

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That's how the old system 
worked. 

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That's how it was traditionally 
done. 

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And I think people have just 
accepted it and they don't want 

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them. 
They don't want to leave that 

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system. 
So I think what they're doing is

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they're continuing to do 
whatever they had to do before. 

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00:03:03,120 --> 00:03:06,120
But now with Bitcoin, the system
has changed. 

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00:03:06,120 --> 00:03:07,920
The entire financial system has 
changed. 

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00:03:08,120 --> 00:03:10,760
The entire method of saving for 
the future has changed. 

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Before you have to buy stocks, 
you have to balance your 

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portfolio between stocks, real 
estate, bonds, gold, whatever 

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you want to. 
And now we were discussing how 

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it's changed. 
Now I think you can get away 

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with just buying Bitcoin if you 
want to. 

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You can hold some Fiat 
currencies and then you can just

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buy Bitcoin. 
Pretty simple, pretty easy. 

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But I think most people want, 
they want complicated. 

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They don't want simple. 
They want things to be 

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complicated because they want to
feel like they're doing 

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00:03:37,640 --> 00:03:40,600
something that's worthwhile. 
They want to feel like they're 

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putting in effort when they 
really don't have to. 

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Yeah, yeah, I like it. 
I I almost wanted to say like, 

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00:03:46,080 --> 00:03:48,240
well, that concludes the 
conversation, you know, just 

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buy, buy and hold Bitcoin. 
But I love what you added there 

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00:03:51,960 --> 00:03:54,120
because it's not clear for 
people. 

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00:03:54,120 --> 00:03:56,800
And that's also I think why 
Bitcoin sounds too good to be 

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00:03:56,800 --> 00:04:01,000
true when you listen to to 
people like us talking, talking 

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00:04:01,000 --> 00:04:03,400
about it. 
Yeah, it, it literally sounds 

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00:04:03,400 --> 00:04:07,680
too good to be true because you 
have been taught that building 

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00:04:07,680 --> 00:04:12,840
wealth, or I think if you 
rephrase it, like increase your 

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00:04:12,840 --> 00:04:15,320
purchasing power over time, 
right? 

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00:04:16,440 --> 00:04:19,880
That that has to be complicated.
And of course, there's many 

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00:04:20,040 --> 00:04:23,400
course boys, you know, that will
teach you trading courses and 

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00:04:23,400 --> 00:04:26,960
stuff like that to make it seem 
that everything is easy, but 

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00:04:27,200 --> 00:04:30,360
it's kind of like a game that 
you're playing and a game sounds

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00:04:30,440 --> 00:04:36,280
or seems complicated and 
therefore also something that, 

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00:04:36,440 --> 00:04:40,160
you know, a whole industry has 
sprawled around. 

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00:04:40,160 --> 00:04:43,760
I mean, the whole CFA. 
But I wanted to go back, I think

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00:04:43,880 --> 00:04:48,200
two or three steps because how 
do you explain? 

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00:04:48,480 --> 00:04:52,840
You know, you you quickly went 
over it, but I think many people

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00:04:53,240 --> 00:04:56,120
still don't realize it. 
Probably people that listen to 

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00:04:56,880 --> 00:05:00,200
spot guys do already. 
But the whole concept of the 

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00:05:00,200 --> 00:05:03,440
money losing value, right? 
Like when I grew up, it was all 

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00:05:03,440 --> 00:05:05,040
about saving. 
Like you need to save. 

98
00:05:05,040 --> 00:05:07,680
Saving is very important, right?
I think a lot of millennials 

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00:05:07,680 --> 00:05:10,080
especially have been taught 
this. 

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00:05:11,640 --> 00:05:16,320
But saving is broken because if 
if the money you're saving, if 

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00:05:16,320 --> 00:05:18,520
the the units that you're 
gathering all the time are 

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00:05:18,520 --> 00:05:21,720
losing value, if each individual
unit is constantly using value 

103
00:05:21,720 --> 00:05:25,080
because more units are 
constantly created, then saving 

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00:05:25,080 --> 00:05:27,800
is kind of like that. 
And it's also kind of futile. 

105
00:05:28,440 --> 00:05:34,200
But isn't that part of the Fiat 
money system to a degree where 

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00:05:34,560 --> 00:05:37,400
because of this flawed 
characteristic of the Fiat 

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00:05:37,400 --> 00:05:40,560
money, right? 
Or well, it's on purpose, of 

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00:05:40,560 --> 00:05:44,640
course, but like the whole, the 
whole debasement part, that is 

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00:05:44,640 --> 00:05:46,800
why all these industries come 
out. 

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00:05:47,760 --> 00:05:51,240
And there's like more 
opportunity, actually, to kind 

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00:05:51,240 --> 00:05:55,120
of like, prey on the general 
public or the plebs that are 

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00:05:55,120 --> 00:05:58,360
trying to find ways to mitigate 
the fact that saving is dead, 

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00:05:58,360 --> 00:06:00,120
whether they understand that or 
not. 

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00:06:00,800 --> 00:06:03,200
Is that something that, you 
know, we can unpack a little? 

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00:06:03,200 --> 00:06:05,600
Because you have to understand 
that first, right Before you 

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00:06:06,120 --> 00:06:09,560
realize OK, saving is dead, I 
need to do something. 

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00:06:10,920 --> 00:06:14,280
I think if if a CFA were to 
listen to this conversation, 

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00:06:14,280 --> 00:06:18,800
they'd get very offended because
I genuinely think that I think 

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00:06:18,800 --> 00:06:21,280
that the legacy system is 
designed to just take as much 

120
00:06:21,280 --> 00:06:24,200
wealth from people as possible. 
Even when you look at something 

121
00:06:24,200 --> 00:06:27,240
like low interest or low fee 
index funds like. 

122
00:06:27,240 --> 00:06:28,880
That's 5.0. 
Yeah, exactly. 

123
00:06:29,320 --> 00:06:31,760
Whoa. 
You have VOO, which is the S&P 

124
00:06:31,760 --> 00:06:33,920
500. 
You can buy as many shares of it

125
00:06:33,920 --> 00:06:36,680
as you want to. 
There's a very, very small fee. 

126
00:06:36,680 --> 00:06:39,040
And you might be thinking, oh, 
it's not, it's not that much. 

127
00:06:39,880 --> 00:06:44,360
But the total, so the total 
market cap of VOO, the total 

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00:06:44,360 --> 00:06:46,840
assets under management is 
something like 1.4 trillion. 

129
00:06:47,560 --> 00:06:51,160
So it's doing the calculation. 
The fee is 0.03%. 

130
00:06:51,680 --> 00:06:54,560
But they're making $420 million 
a year. 

131
00:06:55,760 --> 00:07:00,480
Yeah, well, $420 million a year 
from from this fund to that. 

132
00:07:00,480 --> 00:07:03,720
People think that is a very low 
fee fund. 

133
00:07:03,760 --> 00:07:06,520
And, and the only reason why 
it's a low fee fund, the only 

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00:07:06,520 --> 00:07:09,760
reason why I can get away with 
charging 0.03% is because so 

135
00:07:09,760 --> 00:07:12,280
many people buy it. 
If the, if there were fewer 

136
00:07:12,280 --> 00:07:15,120
people buying it, they'd have to
charge more because they'd have 

137
00:07:15,600 --> 00:07:18,760
to concentrate the theft with a 
very small group of people. 

138
00:07:20,640 --> 00:07:23,520
So when you look at like, let's 
say there's, I used to work at 

139
00:07:23,520 --> 00:07:29,320
TD Bank and we'd have these 
funds that were labeled as low 

140
00:07:29,320 --> 00:07:32,840
volatility S&P 500 funds and 
they would charge you fees of 

141
00:07:32,840 --> 00:07:38,520
like 2% a year, 2% is insane. 
And the fund, so the, the fund 

142
00:07:38,520 --> 00:07:40,160
manager would charge you 2% per 
year. 

143
00:07:40,480 --> 00:07:44,880
And then on top of that, the 
fund would most likely out the, 

144
00:07:44,960 --> 00:07:48,080
the fund would most likely 
underperform the S&P 500 because

145
00:07:48,400 --> 00:07:50,320
what they would do is I think 
they would sell calls or 

146
00:07:50,320 --> 00:07:51,480
something. 
I don't know exactly what they 

147
00:07:51,480 --> 00:07:56,040
did, but they basically used 
the, the volatility, they 

148
00:07:56,040 --> 00:07:58,760
liquidated the volatility and 
they gave you maybe a higher 

149
00:07:58,760 --> 00:08:00,560
cash flow or something like 
that, something along those 

150
00:08:00,560 --> 00:08:02,600
lines. 
But the fund manager was making 

151
00:08:02,600 --> 00:08:05,400
a massive amount of profit when 
you could have just held on to 

152
00:08:05,400 --> 00:08:07,760
the S&P 500. 
So the entire system is 

153
00:08:07,960 --> 00:08:11,000
intentionally designed to take 
as much wealth from us as 

154
00:08:11,000 --> 00:08:14,200
possible. 
The low fee index fund is making

155
00:08:14,200 --> 00:08:16,440
420 million. 
The high fee index funds are 

156
00:08:16,440 --> 00:08:18,280
probably making even more, 
right? 

157
00:08:18,280 --> 00:08:21,600
There are index funds that are 
charging one percent, 1 1/2%. 

158
00:08:21,800 --> 00:08:24,960
How much do you think BlackRock 
has made on the Bitcoin ETFs 

159
00:08:25,160 --> 00:08:27,640
just for holding Bitcoin? 
They literally do nothing else. 

160
00:08:27,640 --> 00:08:28,800
They literally just hold 
Bitcoin. 

161
00:08:29,080 --> 00:08:31,800
Maybe there's some UTX or 
management involved. 

162
00:08:31,800 --> 00:08:33,080
You have to pay a salary for 
that. 

163
00:08:33,400 --> 00:08:35,720
But a lot of that money is going
to executives, a lot of that 

164
00:08:35,720 --> 00:08:39,960
money is going to sales people 
when people could just be 

165
00:08:39,960 --> 00:08:44,039
holding that Bitcoin in cold 
storage and not relying on 

166
00:08:44,039 --> 00:08:46,520
BlackRock anymore. 
But the entire system, like like

167
00:08:46,520 --> 00:08:48,920
I said, the entire system is 
designed to take as much wealth 

168
00:08:48,920 --> 00:08:53,320
from the average everyday person
as possible because that's the 

169
00:08:53,320 --> 00:08:56,440
way that the system works. 
That's the way that our 

170
00:08:56,440 --> 00:08:59,240
inflationary system is designed 
to work. 

171
00:08:59,240 --> 00:09:01,480
We need to keep funding it. 
We need to keep funding this 

172
00:09:01,480 --> 00:09:03,480
Ponzi scheme. 
We need to make sure that it 

173
00:09:03,480 --> 00:09:05,840
doesn't collapse it because if 
we don't, if we don't fund it 

174
00:09:05,840 --> 00:09:09,440
anymore, it's going to collapse.
It's it's a loser's game in that

175
00:09:09,440 --> 00:09:11,800
sense. 
And and I kind of always take 

176
00:09:11,800 --> 00:09:15,800
like an extreme example where, 
you know, just general plebs 

177
00:09:16,200 --> 00:09:20,000
playing in the stock market are 
actually competing with, you 

178
00:09:20,000 --> 00:09:24,680
know, these high volume traders 
that have their own satellites, 

179
00:09:24,680 --> 00:09:26,360
so they have faster Internet 
connection. 

180
00:09:26,360 --> 00:09:29,520
And they do this all damn day 
long, right? 

181
00:09:29,520 --> 00:09:32,800
And it's just a a group of 
people that constantly, you 

182
00:09:32,800 --> 00:09:34,760
know, talk to each other and 
optimize and all these things. 

183
00:09:34,760 --> 00:09:37,560
And then, you know, when you 
come back home from your general

184
00:09:37,560 --> 00:09:40,400
job and you sit on your couch 
and you open your Robin Hood or 

185
00:09:40,400 --> 00:09:42,080
whatever and you're like, oh, 
yeah, I'm going to trade. 

186
00:09:42,080 --> 00:09:44,680
I'm going to trade some stocks 
and mitigate the debasement of 

187
00:09:44,680 --> 00:09:46,400
my money. 
And that's a nice bridge, I 

188
00:09:46,400 --> 00:09:48,360
think, to Bitcoin. 
When we talk about Bitcoin, 

189
00:09:48,680 --> 00:09:52,080
when, when the message for 
Bitcoin is it's a superior 

190
00:09:52,080 --> 00:09:55,640
savings technology. 
Just try to add as much value as

191
00:09:55,640 --> 00:09:58,640
you can in the world, earn Fiat,
pay for your home and your food 

192
00:09:58,640 --> 00:10:01,160
and whatever's left you store in
in Bitcoin. 

193
00:10:02,280 --> 00:10:03,640
You don't really have to do 
anything else. 

194
00:10:03,640 --> 00:10:06,320
Yeah that sounds too good to be 
true if you compare it to the 

195
00:10:06,320 --> 00:10:11,280
current game that people know 
Bitcoin custody is evolving and 

196
00:10:11,280 --> 00:10:14,800
while self custody is important,
it has its own risks and 

197
00:10:14,800 --> 00:10:17,160
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Onramp is pioneering a new 

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Onramp secures your Bitcoin in a

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227
00:11:53,120 --> 00:11:55,360
security. 
Ready to unlock liquidity 

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00:11:55,360 --> 00:11:57,040
without ever selling a single 
set? 

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00:11:57,080 --> 00:12:00,560
Visit devafi.com/offers to 
explore their current lending 

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00:12:00,560 --> 00:12:03,880
offers. 
That's devafi.com/offers. 

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00:12:04,120 --> 00:12:07,480
Yeah, it is too good to be true.
If people do feel like that, 

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they think it's not going to 
work that way. 

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They think that they've already 
been screwed by the system, so 

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they'll continue to be screwed 
by the system. 

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They can't see a solution 
because they don't know what the

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problem is. 
They don't know that the problem

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isn't the corporations. 
It's not the corporate greed. 

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It's not it's not the poor 
people trying to take away from 

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00:12:28,880 --> 00:12:30,240
the rich. 
It's not the rich people trying 

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00:12:30,240 --> 00:12:32,480
to take away from the poor. 
It's none of that. 

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The problem is that more and 
more dollars are going to chase 

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00:12:35,440 --> 00:12:37,440
everything that we want, no 
matter what. 

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Every single day, one more 
dollars are being printed, added

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00:12:40,400 --> 00:12:42,840
to the economy, and then the 
people who get those dollars are

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buying the things that we all 
want. 

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They they want to buy houses, 
they want to buy cars, they want

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to buy food, they want to buy 
whatever they can, 

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00:12:50,200 --> 00:12:53,200
entertainment, vacations. 
So what's happening is more and 

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00:12:53,200 --> 00:12:56,160
more dollars are chasing those 
things, and then those things 

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00:12:56,160 --> 00:12:58,360
get more and more expensive no 
matter what. 

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It doesn't matter how great we 
get at producing those things, 

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those things are going to get 
more expensive because more 

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dollars are chasing them. 
But then when you look at it 

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from the flip side, so that when
you look at it from the Bitcoin 

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00:13:08,720 --> 00:13:11,560
perspective, because U.S. 
dollars can be created out of 

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00:13:11,560 --> 00:13:15,920
thin air, things get more 
expensive because Bitcoin can't 

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00:13:15,920 --> 00:13:18,520
be created out of thin air. 
You can't create as much Bitcoin

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00:13:18,520 --> 00:13:20,960
as you want to. 
Things get less expensive over 

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00:13:20,960 --> 00:13:23,240
time because of the people who 
want to buy those things don't 

260
00:13:23,240 --> 00:13:26,080
have more Bitcoin over time, 
right? 

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00:13:26,080 --> 00:13:29,480
So let's say, for example, if 
you look at houses, there was a 

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00:13:29,480 --> 00:13:33,120
point when houses were 64,000. 
The median house in the US in 

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00:13:33,120 --> 00:13:38,560
2011 was 64,000 Bitcoin. 
So it cost 64,000 Bitcoin to buy

264
00:13:38,560 --> 00:13:41,280
one house. 
If you had saved the Bitcoin 

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00:13:41,280 --> 00:13:44,680
instead of buying the house 
today, you'd have something like

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00:13:44,680 --> 00:13:50,840
$5 billion, so $5 billion versus
one house today. 

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00:13:50,960 --> 00:13:53,680
How many houses can you buy for 
$5 billion? 

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00:13:53,680 --> 00:13:58,560
You can buy probably 15,000 
houses for $5 billion, maybe, 

269
00:13:58,720 --> 00:14:02,280
maybe 10,000 houses. 
But the point is that you went 

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00:14:02,280 --> 00:14:05,360
from being able to buy one house
to being able to buy 10,015 

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00:14:05,360 --> 00:14:07,800
thousand houses. 
So you're purchasing power. 

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00:14:07,960 --> 00:14:10,600
If you had just held onto the 
Bitcoin instead of buying the 

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00:14:10,600 --> 00:14:13,080
house, if you had just held onto
the Bitcoin, your purchasing 

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00:14:13,080 --> 00:14:15,560
power would have increased 
10,000 times. 

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00:14:15,760 --> 00:14:18,560
And at the same time, keep in 
mind that the price of housing 

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has increased in terms of 
dollars. 

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00:14:19,920 --> 00:14:22,040
It's not like the price of 
housing has decreased in terms 

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00:14:22,040 --> 00:14:24,440
of it's still gone up. 
It's still doubled, tripled in 

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00:14:24,440 --> 00:14:30,480
that time, but in terms of 
Bitcoin, it's dropped 99.999%. 

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00:14:30,720 --> 00:14:32,960
I love that we're having this 
conversation because I think 

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00:14:32,960 --> 00:14:36,440
there's things that we talk 
about that we now find normal 

282
00:14:36,440 --> 00:14:39,120
and learned over time, but 
there's little things I think we

283
00:14:39,120 --> 00:14:42,720
should unpack, right? 
So, OK, let's say there's an X 

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00:14:42,720 --> 00:14:46,800
amount of dollars in an economy 
and you mentioned, right, that's

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00:14:46,800 --> 00:14:50,400
the Fiat money that new units 
constantly have to be created. 

286
00:14:50,400 --> 00:14:53,520
So the amount of units of money 
go up. 

287
00:14:53,680 --> 00:14:55,640
Hey, I think, I think it's 
important to understand that 

288
00:14:55,640 --> 00:14:57,520
when governments print more 
money, it's not like they're 

289
00:14:57,520 --> 00:15:00,480
producing more products. 
They're just creating more money

290
00:15:00,480 --> 00:15:02,200
and adding it to the economy. 
They're giving more people 

291
00:15:02,200 --> 00:15:04,720
purchasing power, but they're 
not actually increasing the 

292
00:15:04,720 --> 00:15:07,120
thing that can be purchased. 
They're just giving more. 

293
00:15:07,400 --> 00:15:09,080
They're, they're actually, 
they're not even giving people 

294
00:15:09,080 --> 00:15:10,880
more purchasing power. 
They're just redistributing it. 

295
00:15:11,600 --> 00:15:14,720
The, the, the, the government is
basically just redistributing 

296
00:15:14,720 --> 00:15:18,960
wealth from people who are far 
from the money printer to people

297
00:15:18,960 --> 00:15:21,080
who are closer to it. 
And that, that's pretty much it.

298
00:15:21,080 --> 00:15:22,400
That's why you don't want to 
save in dollars. 

299
00:15:22,400 --> 00:15:24,560
That's why you want to save in 
assets instead of dollars. 

300
00:15:24,880 --> 00:15:27,680
So you want to save in Bitcoin 
instead of assets now. 

301
00:15:27,680 --> 00:15:29,640
So. 
So is this this going to keep 

302
00:15:29,640 --> 00:15:30,520
growing? 
Yeah. 

303
00:15:30,680 --> 00:15:33,520
So is this the biggest thing 
that changes now that Bitcoin 

304
00:15:33,520 --> 00:15:34,920
kind of like enter the chat, 
right? 

305
00:15:34,920 --> 00:15:36,680
Like Bitcoin exists. 
It's here. 

306
00:15:37,240 --> 00:15:39,560
I generally describe it as like 
a mirror. 

307
00:15:39,560 --> 00:15:43,280
It's like a like a parallel 
money system next to the Fiat 

308
00:15:43,480 --> 00:15:44,840
money system. 
Yeah. 

309
00:15:44,840 --> 00:15:46,280
How do you view that? 
Like what? 

310
00:15:47,120 --> 00:15:49,120
What does Bitcoin? 
Yeah. 

311
00:15:49,120 --> 00:15:51,040
Like how does it stir the pot 
basically? 

312
00:15:52,480 --> 00:15:55,960
The legacy, the legacy financial
system is trying to push for 

313
00:15:56,160 --> 00:15:59,520
people to be able to delay 
gratification and get instant 

314
00:15:59,520 --> 00:16:02,440
gratification at the same time. 
So what you can do is you can 

315
00:16:02,440 --> 00:16:05,680
basically hold your Bitcoin and 
you can borrow against it, and 

316
00:16:05,680 --> 00:16:07,480
then you can spend that money on
whatever you want. 

317
00:16:07,480 --> 00:16:09,600
So let's say for example, you 
have 10 Bitcoin. 

318
00:16:09,920 --> 00:16:12,600
You want to buy a car. 
Instead of ever having to think 

319
00:16:12,600 --> 00:16:15,840
about selling that Bitcoin, you 
can just buy the car. 

320
00:16:16,040 --> 00:16:17,000
You can do that with real 
estate. 

321
00:16:17,000 --> 00:16:19,120
Real estate, I mean, it's very 
well known for that. 

322
00:16:19,200 --> 00:16:20,440
You can borrow against real 
estate. 

323
00:16:20,440 --> 00:16:22,400
Real estate is great as 
collateral. 

324
00:16:22,600 --> 00:16:25,280
Banks will give you as much 
money as you want to against 

325
00:16:25,280 --> 00:16:27,920
your house. 
As long as you want to take 80% 

326
00:16:27,920 --> 00:16:30,160
of loan to value, they'll give 
you as much money as you want. 

327
00:16:30,160 --> 00:16:33,960
But you don't even have to think
about the you don't have to 

328
00:16:33,960 --> 00:16:38,520
think about what you're losing. 
So what this does is it 

329
00:16:38,520 --> 00:16:40,920
concentrates wealth with a very 
small group of people. 

330
00:16:41,600 --> 00:16:43,960
The people who can afford to pay
the down payment on a house, 

331
00:16:44,160 --> 00:16:46,120
they can buy more and more 
houses they can keep. 

332
00:16:46,240 --> 00:16:47,640
Let's say for example you buy 
one house. 

333
00:16:47,640 --> 00:16:50,000
You save $100,000 for the down 
payment on the House. 

334
00:16:50,200 --> 00:16:53,400
You buy that house. 
Couple years later the value of 

335
00:16:53,400 --> 00:16:55,560
that house has gone up. 
Now you can borrow against that 

336
00:16:55,560 --> 00:16:57,040
first house. 
You can buy a second house. 

337
00:16:57,360 --> 00:16:59,840
Couple years later the value of 
both houses has gone up. 

338
00:16:59,840 --> 00:17:02,600
Now you can buy two more houses.
You have 4 houses now. 

339
00:17:02,840 --> 00:17:05,240
Couple years later, again the 
value of the house goes up. 

340
00:17:05,240 --> 00:17:06,839
You can buy now another 4 
houses. 

341
00:17:06,839 --> 00:17:09,839
So now you have 8 houses. 
So people keep, keep, they keep 

342
00:17:09,839 --> 00:17:13,119
buying more and more houses when
they don't need them, they buy 

343
00:17:13,119 --> 00:17:14,880
them. 
I, I think they mainly buy them 

344
00:17:14,880 --> 00:17:16,880
for the ability to just borrow 
against them. 

345
00:17:17,040 --> 00:17:18,160
I don't even think they buy 
them. 

346
00:17:18,240 --> 00:17:19,720
They, they don't buy them to 
live in. 

347
00:17:19,800 --> 00:17:22,480
They don't buy them to, at least
from what I've seen, people 

348
00:17:22,480 --> 00:17:26,760
don't even care if they're not 
making their monthly mortgage 

349
00:17:26,760 --> 00:17:29,840
payment with the rental income 
or their monthly cost. 

350
00:17:30,160 --> 00:17:33,640
All they care about is that they
own this property and they can 

351
00:17:33,640 --> 00:17:36,320
borrow against it. 
And they know that over time, 

352
00:17:37,000 --> 00:17:39,560
the value of that property is 
expected to go up. 

353
00:17:40,200 --> 00:17:42,720
So they'll be able to buy more 
things by borrowing guess that 

354
00:17:42,720 --> 00:17:44,920
house in the future, thirty, 
4050 years from now. 

355
00:17:45,080 --> 00:17:46,760
So I think what what the wealth 
you're doing. 

356
00:17:46,760 --> 00:17:50,360
And this is something I actually
don't like about the narrative 

357
00:17:50,360 --> 00:17:51,680
that you don't sell your 
Bitcoin. 

358
00:17:51,680 --> 00:17:54,800
I think what people are doing is
they're trying to bring that 

359
00:17:55,080 --> 00:17:59,720
that idea, that game of not ever
having, having to give away your

360
00:17:59,720 --> 00:18:00,960
assets. 
They're trying to bring that to 

361
00:18:00,960 --> 00:18:03,120
Bitcoin. 
And I think it'll work for a 

362
00:18:03,120 --> 00:18:04,880
little while. 
People will be able to borrow 

363
00:18:04,880 --> 00:18:09,160
against their Bitcoin. 
People will be able to, they'll 

364
00:18:09,160 --> 00:18:12,120
be able to, to have their 
Bitcoin have their cake while 

365
00:18:12,120 --> 00:18:14,000
eating it too. 
They'll be able to have their 

366
00:18:14,000 --> 00:18:16,000
Bitcoin while spending their 
Bitcoin at the same time. 

367
00:18:16,280 --> 00:18:18,200
And I think that's one of the 
most corrupt things about the 

368
00:18:18,200 --> 00:18:19,960
system, right? 
And the only reason why you can 

369
00:18:19,960 --> 00:18:22,080
do that is because of Fiat. 
You can keep borrowing more and 

370
00:18:22,080 --> 00:18:24,440
more against your against your 
Fiat, but I think that's going 

371
00:18:24,440 --> 00:18:26,600
to against your Bitcoin. 
But there's going to be some 

372
00:18:26,600 --> 00:18:29,720
point where people don't want 
Fiat anymore. 

373
00:18:30,440 --> 00:18:32,040
I think we're a long ways away 
from that. 

374
00:18:32,200 --> 00:18:34,880
I don't think that's going to 
happen like next year, 2 years, 

375
00:18:34,880 --> 00:18:37,000
five years from now. 
I think it's going to take a 

376
00:18:37,000 --> 00:18:39,400
long time because most of the 
most of the world has no idea 

377
00:18:39,400 --> 00:18:41,560
what Bitcoin is. 
Most of the world has no idea 

378
00:18:41,560 --> 00:18:44,200
what money is. 
It's going to take some time, 

379
00:18:44,760 --> 00:18:49,000
but eventually it will happen. 
I don't think I, I don't agree 

380
00:18:49,000 --> 00:18:51,520
with with Michael Saylor when he
says that Bitcoin doesn't 

381
00:18:51,520 --> 00:18:54,400
compete with the dollar, when he
says that Bitcoin is not a 

382
00:18:54,400 --> 00:18:56,960
threat to the US dollar. 
I think it is because people can

383
00:18:56,960 --> 00:19:00,520
transact without using Bitcoin. 
I can send you, sorry, without 

384
00:19:00,520 --> 00:19:02,160
using the US dollar financial 
system. 

385
00:19:02,600 --> 00:19:07,360
I can send you money, I can send
you value and all you have to do

386
00:19:07,360 --> 00:19:08,640
is you have to show me a 
barcode. 

387
00:19:08,880 --> 00:19:11,160
I don't need to interact with 
the banking system. 

388
00:19:11,360 --> 00:19:14,720
It's competition. 
And once a system has 

389
00:19:14,720 --> 00:19:16,680
competition is when it gets 
disrupted. 

390
00:19:16,680 --> 00:19:19,240
And I think that's going to 
happen with Bitcoin versus the 

391
00:19:19,240 --> 00:19:21,680
dollar. 
Bitcoin is 10/20, a hundred 

392
00:19:21,680 --> 00:19:24,240
times better than the current 
financial system. 

393
00:19:24,240 --> 00:19:25,960
It's just going to get better 
and better over time. 

394
00:19:25,960 --> 00:19:29,040
Over the next 10/15/20 years, 
it's going to get 10 times 

395
00:19:29,040 --> 00:19:31,240
better than what it is today. 
It's going to keep evolving, 

396
00:19:31,240 --> 00:19:34,040
it's going to keep adapting and 
it's going to take out the US 

397
00:19:34,040 --> 00:19:36,640
dollar financial system. 
I don't quite agree with Sailor 

398
00:19:36,640 --> 00:19:38,120
when he says that Bitcoin isn't 
a threat. 

399
00:19:38,120 --> 00:19:39,960
I think it is. 
It's a, it's a it's a threat and

400
00:19:39,960 --> 00:19:42,200
it's going to break the dollar 
financial system. 

401
00:19:42,200 --> 00:19:44,600
And every time he borrows money 
to buy more Bitcoin, he's 

402
00:19:44,600 --> 00:19:47,560
attacking that system. 
Due to these unique 

403
00:19:47,560 --> 00:19:51,640
characteristics of Bitcoin that 
are superior to to all other 

404
00:19:52,320 --> 00:19:54,960
assets that you can use as a 
store of value to build wealth 

405
00:19:54,960 --> 00:19:57,000
towards the future and lower 
that uncertainty. 

406
00:19:58,320 --> 00:20:04,360
Yeah, it it's, it's actually a 
very predictable and I'd say as 

407
00:20:04,360 --> 00:20:08,560
a risk averse person, a less 
risky way to build wealth 

408
00:20:09,000 --> 00:20:09,960
towards the future. 
Yeah. 

409
00:20:09,960 --> 00:20:13,240
How do you how do you view that?
Yeah, I completely agree with 

410
00:20:13,240 --> 00:20:14,880
you. 
I think that is it is a much 

411
00:20:14,880 --> 00:20:17,280
less risky way of a building 
wealth because there's no 

412
00:20:17,280 --> 00:20:19,640
counterparty risk. 
I think that's the biggest issue

413
00:20:19,640 --> 00:20:20,920
that we have in this current 
system. 

414
00:20:21,600 --> 00:20:24,960
We trust way too many people. 
Every single one of our 

415
00:20:24,960 --> 00:20:29,240
transactions is overseen by 
probably 20-30, fifty different 

416
00:20:29,240 --> 00:20:31,920
companies. 
Every time we send money from 

417
00:20:31,920 --> 00:20:34,240
one place to another, it's not 
as smooth as people think. 

418
00:20:34,840 --> 00:20:38,200
There are companies in the way 
that are extracting wealth from 

419
00:20:38,200 --> 00:20:39,520
every single one of those 
transactions. 

420
00:20:39,520 --> 00:20:42,120
So what Bitcoin does is it 
brings everything back to first 

421
00:20:42,120 --> 00:20:44,960
principle as it makes everything
simple again without having to 

422
00:20:45,280 --> 00:20:48,800
rely on all these different 
companies and all these 

423
00:20:48,800 --> 00:20:53,200
different institutions in the 
middle that are using our trust 

424
00:20:53,200 --> 00:20:54,840
in them to extract wealth from 
us. 

425
00:20:54,840 --> 00:20:59,280
Like most people have no idea 
that using a credit card cost 

426
00:20:59,280 --> 00:21:03,520
them 3%, two to 3% because they 
they don't get charged that that

427
00:21:03,520 --> 00:21:05,000
amount they don't get it's not 
on their bill. 

428
00:21:06,240 --> 00:21:10,960
Merchant is the one that's 
adding that cost in the back 

429
00:21:10,960 --> 00:21:12,320
end, right? 
Let's say for example, if 

430
00:21:13,400 --> 00:21:17,400
something was going to cost you 
$57 instead of $57, it'll cost 

431
00:21:17,400 --> 00:21:21,000
you $60.00 because of that 
three, two, 3% fee, whatever the

432
00:21:21,000 --> 00:21:24,400
fee is, you don't see it, but 
it's being charged to you. 

433
00:21:24,400 --> 00:21:29,320
And I've seen some statistics 
where it said how families for 

434
00:21:29,320 --> 00:21:32,640
people who use credit cards on 
average are spending $1000 a 

435
00:21:32,640 --> 00:21:36,760
year just in these fees, in 
these, in this transaction cost.

436
00:21:37,880 --> 00:21:39,120
And that's going to happen 
forever. 

437
00:21:39,120 --> 00:21:41,560
That that's just a way for them 
to extract our wealth, to make 

438
00:21:41,560 --> 00:21:44,080
our lives more expensive, to 
make it so that we can't afford 

439
00:21:44,080 --> 00:21:47,600
the things that we really need 
and we really want in our lives.

440
00:21:47,800 --> 00:21:49,120
And over time, it's just going 
to get worse. 

441
00:21:49,120 --> 00:21:50,320
Keep that, keep that in mind, 
right? 

442
00:21:50,320 --> 00:21:51,560
It's just going to get worse and
worse. 

443
00:21:51,760 --> 00:21:52,800
It's not like it's going to get 
better. 

444
00:21:52,800 --> 00:21:55,040
It's not like they're going to 
think, oh, we'll take a smaller 

445
00:21:55,040 --> 00:21:57,320
cut of their, of their 
transaction. 

446
00:21:57,320 --> 00:21:59,360
They're going to want more. 
They're going to have to 

447
00:21:59,360 --> 00:22:01,080
increase profits for their 
shareholders. 

448
00:22:02,360 --> 00:22:04,920
Yeah, because the numbers have 
to go up, right? 

449
00:22:05,080 --> 00:22:06,040
Right. 
Exactly. 

450
00:22:06,160 --> 00:22:11,320
Yeah. 
And so if we unpack counterparty

451
00:22:11,320 --> 00:22:14,360
risk, because it's something 
that, so I don't have a finance 

452
00:22:14,360 --> 00:22:16,920
or economics background. 
This is in my Bitcoin journey 

453
00:22:16,920 --> 00:22:19,960
like like that part of Bitcoin 
has something that I've been 

454
00:22:19,960 --> 00:22:24,160
focusing on I'd say the last 3-4
ish years. 

455
00:22:25,040 --> 00:22:28,160
But counterparty risk, like just
the entire concept I didn't 

456
00:22:28,680 --> 00:22:31,360
understand before. 
I just just didn't know. 

457
00:22:32,400 --> 00:22:37,120
Now I kind of translated to, 
well, if you, you can own 

458
00:22:37,120 --> 00:22:39,040
something, right? 
Like you can own the cash, you 

459
00:22:39,040 --> 00:22:43,360
can hold it in your hand, but 
whenever and even the cash has 

460
00:22:44,720 --> 00:22:47,640
to some degree counter 
counterparty risk because 

461
00:22:47,640 --> 00:22:50,080
there's a, there's another party
that can just print more. 

462
00:22:50,080 --> 00:22:52,680
All right, So what you're 
holding is being debased. 

463
00:22:52,680 --> 00:22:56,880
But let's say that you go from 
holding something to wanting to 

464
00:22:56,880 --> 00:23:01,680
spend it or try to save it, 
right? 

465
00:23:01,680 --> 00:23:05,680
We talked about store value, 
everything that you can use to 

466
00:23:05,680 --> 00:23:11,080
do that is, yeah, permissioned 
by other parties, right? 

467
00:23:11,080 --> 00:23:15,320
So even when you buy a home and 
you are in the home, right? 

468
00:23:15,320 --> 00:23:17,240
Like some people say I cannot 
live in a Bitcoin. 

469
00:23:17,240 --> 00:23:19,200
So they use that as an argument,
right? 

470
00:23:19,200 --> 00:23:21,840
Like, OK, I'm in the home, I can
touch the home, I'm in there, 

471
00:23:21,840 --> 00:23:25,800
right? 
Even the, you know, conceptually

472
00:23:25,800 --> 00:23:30,560
the title deed is some sort of 
counterparty risk even because 

473
00:23:30,560 --> 00:23:34,880
it's a third party that allows 
you to own that house. 

474
00:23:34,880 --> 00:23:38,160
And even I don't know if you 
would put that under 

475
00:23:38,160 --> 00:23:40,720
counterparty risk. 
But even when you know, 

476
00:23:40,720 --> 00:23:43,720
squatters come and they kill you
and they take over the house, 

477
00:23:43,880 --> 00:23:46,440
you know, like it's still, it's 
not your house anymore, right? 

478
00:23:47,600 --> 00:23:50,400
And even, and that connects back
to what you said before. 

479
00:23:50,400 --> 00:23:53,640
I had a tweet a few weeks ago. 
I said like, the price or not 

480
00:23:53,640 --> 00:23:56,960
value of your home goes up 
because your government devalues

481
00:23:56,960 --> 00:23:59,040
the currency you were forced to 
use, right? 

482
00:23:59,040 --> 00:24:02,360
We talked about this. 
So nominally the price of your 

483
00:24:02,360 --> 00:24:07,320
house goes up and everything 
that's been priced in this 

484
00:24:07,320 --> 00:24:10,920
currency goes up, but then the 
government comes and taxes you 

485
00:24:10,920 --> 00:24:14,400
more on the price increase of 
your home, right? 

486
00:24:14,680 --> 00:24:18,280
I think it also applies to 
stocks, where when you buy any 

487
00:24:18,280 --> 00:24:20,560
stock, you're not actually 
putting it in your own 

488
00:24:20,560 --> 00:24:22,880
possession. 
You have it through a brokerage 

489
00:24:23,840 --> 00:24:25,440
if you want to take possession 
of it. 

490
00:24:25,440 --> 00:24:27,760
If you want stock certificates. 
For example, when I when I 

491
00:24:27,760 --> 00:24:32,320
worked at my brokerage job, it 
would cost you $300 to take 

492
00:24:32,320 --> 00:24:36,200
stock certificates into your own
possession, $300.00. 

493
00:24:36,200 --> 00:24:38,160
That was insane. 
And I mean, it was, it was 

494
00:24:38,160 --> 00:24:40,480
basically just a way to keep 
people from doing that. 

495
00:24:40,560 --> 00:24:43,560
It was a way to keep people from
taking full custody of their 

496
00:24:43,560 --> 00:24:45,720
stocks because then it can't be 
tracked. 

497
00:24:46,000 --> 00:24:48,760
How do governments know if you 
take, if you take self custody 

498
00:24:48,760 --> 00:24:50,800
of your stock, then how do 
governments know that you still 

499
00:24:50,800 --> 00:24:52,080
have it? 
How do they know that you didn't

500
00:24:52,080 --> 00:24:55,520
give it to someone else and you 
didn't pay the tax on it, right?

501
00:24:55,840 --> 00:24:57,200
And it all, it all just comes 
together. 

502
00:24:57,400 --> 00:24:59,920
And then on top of that, there 
are other layers, right? 

503
00:24:59,920 --> 00:25:02,280
It's not like your brokerage is 
holding those stocks for you. 

504
00:25:02,840 --> 00:25:05,200
There are custodial companies 
that are holding those stocks 

505
00:25:05,200 --> 00:25:07,000
for you. 
So let's say, for example, from 

506
00:25:07,000 --> 00:25:10,120
what I know, Bank of New York 
Mellon is a massive custodian 

507
00:25:10,120 --> 00:25:14,080
for stocks. 
So if they go bankrupt or if 

508
00:25:14,080 --> 00:25:18,680
they if their systems get messed
up, how does anybody know that 

509
00:25:18,680 --> 00:25:20,880
you're holding that stock? 
How does anybody know that you 

510
00:25:21,280 --> 00:25:23,520
it belongs to you, right? 
It's just the entire thing. 

511
00:25:23,520 --> 00:25:25,920
This is a. 
Yeah, no, this is a great point 

512
00:25:25,920 --> 00:25:28,560
to go on to the next part 
because yeah, fully agree, 

513
00:25:28,560 --> 00:25:31,240
right. 
So let's say all hell breaks 

514
00:25:31,240 --> 00:25:33,840
loose and you have to flee the 
country and you have your stock 

515
00:25:33,840 --> 00:25:36,120
brokerage app, right? 
And it says like, you own this 

516
00:25:36,120 --> 00:25:40,280
amount of Microsoft or Tesla or 
whatever, and then you, you, you

517
00:25:40,280 --> 00:25:43,040
get somewhere and you need food 
or gas or whatever, right? 

518
00:25:43,040 --> 00:25:45,360
And what are you going to do? 
Like are you going to show your 

519
00:25:45,360 --> 00:25:49,080
phone and show like some numbers
and letters from a centralized 

520
00:25:49,080 --> 00:25:50,880
database, right? 
Just think about this, like 

521
00:25:50,880 --> 00:25:55,880
think about the real event. 
And then you say like, look at 

522
00:25:55,880 --> 00:26:00,280
this screen, like I'm worth this
and this much I can pay for this

523
00:26:00,280 --> 00:26:02,160
gas from you or the food or 
whatever. 

524
00:26:02,160 --> 00:26:06,360
Like, yeah, but like, so you can
like prove your wealth, but you 

525
00:26:06,360 --> 00:26:08,720
cannot like send a stock or 
something. 

526
00:26:08,920 --> 00:26:12,520
And that instantly shows like 
it's, it's an abstraction. 

527
00:26:12,520 --> 00:26:15,240
I call it like, right? 
Like for a counterparty risk for

528
00:26:15,240 --> 00:26:16,200
me. 
The other words like 

529
00:26:16,200 --> 00:26:18,800
abstraction, like ownership is 
abstracted away. 

530
00:26:18,800 --> 00:26:22,800
Verification is abstract, right?
The trade is abstracted away. 

531
00:26:22,800 --> 00:26:28,080
Like it's not in your, you do 
not have the ability to do these

532
00:26:28,200 --> 00:26:31,760
things basically. 
And with stocks, I think is a is

533
00:26:31,760 --> 00:26:35,960
a great example because yeah, 
you, you literally do not own 

534
00:26:35,960 --> 00:26:37,760
them. 
So what do you own? 

535
00:26:37,800 --> 00:26:41,600
Well, yeah, you own and well, 
yeah, you have an account that 

536
00:26:41,600 --> 00:26:45,760
some stockbroker and the 
stockbroker has some database on

537
00:26:45,760 --> 00:26:50,160
some, well, maybe locally, maybe
own AWS at Amazon, whatever, 

538
00:26:50,160 --> 00:26:52,080
right. 
And they have some database and 

539
00:26:52,080 --> 00:26:54,200
in the app connected to your 
account, they show you the 

540
00:26:54,200 --> 00:26:58,400
stocks. 
But what what kind of right does

541
00:26:58,400 --> 00:27:00,240
it give you? 
Maybe you have some sort of, you

542
00:27:00,240 --> 00:27:04,280
know, it's in the contract in 
like Legalspeak or whatever, in 

543
00:27:04,280 --> 00:27:07,000
some way you own this these 
letters or numbers on the 

544
00:27:07,000 --> 00:27:09,920
screen. 
But once you just like peel away

545
00:27:09,920 --> 00:27:12,160
those layers, you basically own 
nothing. 

546
00:27:13,200 --> 00:27:16,480
But then OK, Bitcoin enters, 
enters the chat. 

547
00:27:16,760 --> 00:27:19,520
Like what are the things that 
people need to recognize with 

548
00:27:19,520 --> 00:27:23,000
regard to bitcoins 
characteristics and how it 

549
00:27:23,000 --> 00:27:25,120
compares? 
That's something I wanted to ask

550
00:27:25,120 --> 00:27:27,280
you and I think this is one 
thing, right? 

551
00:27:27,280 --> 00:27:30,160
So there are multiple things. 
There's no counter counterparty 

552
00:27:30,160 --> 00:27:32,440
risk. 
You can truly own it yourself. 

553
00:27:33,400 --> 00:27:37,960
So you can store it yourself. 
You can make you are in charge 

554
00:27:37,960 --> 00:27:40,160
of sending it to someone else, 
right? 

555
00:27:41,000 --> 00:27:44,680
You're in charge of taking it 
with you basically, yeah. 

556
00:27:44,680 --> 00:27:48,120
What are like other 
characteristics that really kind

557
00:27:48,120 --> 00:27:51,360
of like shake up this game of 
ownership and property and and 

558
00:27:51,360 --> 00:27:54,200
and all these types of assets, 
store value assets that you can 

559
00:27:54,200 --> 00:27:58,640
use. 
I think 11 key is that, and this

560
00:27:58,640 --> 00:28:00,400
is something that a lot of 
people don't really seem to 

561
00:28:00,400 --> 00:28:02,040
understand and they don't like 
it. 

562
00:28:02,160 --> 00:28:04,480
They don't understand that it's 
a it's a feature, not a bug. 

563
00:28:04,480 --> 00:28:07,360
They think that's a bug. 
I think it's that if you were to

564
00:28:07,360 --> 00:28:10,520
mess around, you're going to 
lose your Bitcoin. 

565
00:28:10,920 --> 00:28:14,600
If you, let's say if you, if you
need to take self custody of 

566
00:28:14,600 --> 00:28:17,240
your Bitcoin, you need to have 
your private keys, your, your 

567
00:28:17,240 --> 00:28:19,880
seat phrase and all that stuff 
set aside properly. 

568
00:28:20,200 --> 00:28:22,800
But The thing is that if you 
lose that your Bitcoin is gone. 

569
00:28:22,800 --> 00:28:23,880
You're never going to get it 
back. 

570
00:28:24,080 --> 00:28:26,040
There's nothing that you can do 
to get it back. 

571
00:28:26,960 --> 00:28:30,440
That Bitcoin is gone forever. 
You're never going to get it 

572
00:28:30,440 --> 00:28:31,480
back. 
And that's something that people

573
00:28:31,480 --> 00:28:34,560
don't get because in the current
system, we all rely on banks. 

574
00:28:34,560 --> 00:28:39,560
We all rely on banks basically 
giving us a reset e-mail 

575
00:28:39,960 --> 00:28:43,760
whenever we forget our password 
when in the Bitcoin system that 

576
00:28:43,760 --> 00:28:45,520
doesn't exist. 
You can't do that with Bitcoin. 

577
00:28:45,720 --> 00:28:48,120
There's no CEO, there's no 
customer service team. 

578
00:28:48,360 --> 00:28:52,200
Bitcoin is a network that 
everybody gets to use. 

579
00:28:52,400 --> 00:28:54,800
You get to participate in in it 
if you want to. 

580
00:28:54,880 --> 00:28:56,080
You don't have to participate in
it. 

581
00:28:56,080 --> 00:28:58,960
Nobody's forcing you to. 
So if you participate in it, you

582
00:28:58,960 --> 00:29:00,720
have to follow the rules of the 
network. 

583
00:29:00,720 --> 00:29:05,600
If you go ahead and leave your 
Bitcoin with another party, you 

584
00:29:05,600 --> 00:29:08,840
may never get that Bitcoin back 
because all that is happening 

585
00:29:08,840 --> 00:29:13,440
with Bitcoin is Bitcoin is a 
record and it's a record of 

586
00:29:13,440 --> 00:29:17,720
which address owns what. 
Whoever owns the private keys to

587
00:29:17,720 --> 00:29:20,080
each address can move the 
Bitcoin within that address. 

588
00:29:20,080 --> 00:29:21,920
So let's say, for example, if 
you leave your Bitcoin on an 

589
00:29:21,920 --> 00:29:25,720
exchange and your exchange 
gambles it away, you're never 

590
00:29:25,720 --> 00:29:28,560
going to get that Bitcoin back. 
There's nobody, there's, there's

591
00:29:28,560 --> 00:29:30,280
nothing that anybody can do to 
change that. 

592
00:29:30,600 --> 00:29:35,080
All you can do is before the 
exchange gambles it away, you 

593
00:29:35,080 --> 00:29:37,280
can put it into your own 
possession and you can take care

594
00:29:37,280 --> 00:29:41,040
of it and you can put into your 
own wallet and that way nobody 

595
00:29:41,040 --> 00:29:43,920
can mess around with your money.
Bitcoin is money that nobody can

596
00:29:43,920 --> 00:29:45,560
mess around with. 
That's that's the key. 

597
00:29:45,800 --> 00:29:49,000
Whether you want to do something
stupid or whether you want to 

598
00:29:49,000 --> 00:29:51,320
manipulate it, you want to 
manipulate the network, you want

599
00:29:51,360 --> 00:29:54,200
to try to keep the price low, 
you want to pump the price up. 

600
00:29:54,560 --> 00:29:56,000
Either way, you're going to get 
wrecked. 

601
00:29:56,480 --> 00:29:58,160
You can't mess around with 
Bitcoin. 

602
00:29:58,400 --> 00:30:01,160
All you can do is you can own it
and you can use it as a store of

603
00:30:01,160 --> 00:30:02,320
value. 
You can use it as money. 

604
00:30:02,520 --> 00:30:03,880
You can use it to pay for 
things. 

605
00:30:04,400 --> 00:30:05,880
That's something that you need 
to understand. 

606
00:30:06,880 --> 00:30:09,400
A lot of people are worried that
if you lose your password, your 

607
00:30:09,400 --> 00:30:12,160
Bitcoin is gone. 
But that's that's like I said, 

608
00:30:12,160 --> 00:30:16,600
it's a feature, not a cost. 
If you have your Bitcoin in self

609
00:30:16,600 --> 00:30:19,680
custody, where are you keeping 
your Bitcoin seed words? 

610
00:30:19,840 --> 00:30:23,040
For me, there's only one way and
it's backing up my seed phrase 

611
00:30:23,040 --> 00:30:25,720
with stamp seats. 
It's a single durable plate 

612
00:30:25,720 --> 00:30:29,680
without any parts or materials. 
Stamp your words into solid 

613
00:30:29,680 --> 00:30:32,760
titanium, which is fire 
resistant, water resistant and 

614
00:30:32,760 --> 00:30:35,400
built to last. 
Unlike etching or engraving, 

615
00:30:35,400 --> 00:30:38,000
stamp seats better. 
The tools help you to deeply 

616
00:30:38,000 --> 00:30:41,840
stamp every letter for permanent
readability, making it easy for 

617
00:30:41,840 --> 00:30:43,680
you to protect your generational
wealth. 

618
00:30:44,280 --> 00:30:46,240
Don't risk losing your seat 
phrase on paper. 

619
00:30:46,480 --> 00:30:48,960
Get a stamp seat plate for 
unmatched protection. 

620
00:30:49,320 --> 00:30:54,840
You can use code Brom that's BR 
AM for 15% off at stamp seat 

621
00:30:54,880 --> 00:30:57,680
dot. 
Com Yeah, you can hold 12 words 

622
00:30:57,680 --> 00:30:59,840
in your head basically, and you 
own your Bitcoin and you can 

623
00:30:59,840 --> 00:31:03,040
move it anywhere in the most 
extreme form, right? 

624
00:31:03,360 --> 00:31:06,560
But because that's possible, you
actually have to take ownership,

625
00:31:06,560 --> 00:31:09,720
like true ownership, not only in
the, in the property sense, but 

626
00:31:09,720 --> 00:31:16,200
ownership of the actual safety 
and process. 

627
00:31:16,200 --> 00:31:18,560
Like how do you handle it? 
Where do you store it and, and 

628
00:31:18,560 --> 00:31:20,960
all these things. 
And I think that's also what, 

629
00:31:21,920 --> 00:31:24,560
when on one side Bitcoin sounds 
too good to be true, This sounds

630
00:31:24,560 --> 00:31:26,920
very scary. 
It's very important that you 

631
00:31:26,920 --> 00:31:29,680
know, the trade-offs between 
these things. 

632
00:31:29,680 --> 00:31:34,040
So there's stuff that we talked 
about around Fiat money, which I

633
00:31:34,040 --> 00:31:36,840
think in both of our opinions is
very bad and not beneficial for 

634
00:31:36,840 --> 00:31:41,280
the individual, right? 
And there's a lot of good things

635
00:31:41,280 --> 00:31:44,600
about Bitcoin that that 
mitigates all that bad stuff on 

636
00:31:44,600 --> 00:31:48,400
the Fiat money side, but it 
comes at some sort of cost with 

637
00:31:48,440 --> 00:31:51,520
regards to responsibility and, 
and really, really taking that, 

638
00:31:51,560 --> 00:31:53,960
that ownership. 
And yeah, you have to make that,

639
00:31:55,720 --> 00:31:58,680
Yeah, you have to, to put that 
against each other before you 

640
00:31:58,680 --> 00:32:00,240
really, really go into Bitcoin, 
I think. 

641
00:32:00,680 --> 00:32:02,560
There are always going to be 
trade-offs though, right? 

642
00:32:02,560 --> 00:32:05,000
There's always going to be. 
Even with the Fiat currency 

643
00:32:05,000 --> 00:32:07,200
system, I don't think we would 
have gotten to where we are now 

644
00:32:07,240 --> 00:32:09,600
without Fiat. 
Fully agree by the way. 

645
00:32:10,600 --> 00:32:12,960
Governments have helped us 
organize and to build our 

646
00:32:12,960 --> 00:32:15,600
systems the way that they are. 
Like for example, in my area, 

647
00:32:15,600 --> 00:32:17,240
there's a highway called the 
Four O 7. 

648
00:32:17,720 --> 00:32:19,280
It wouldn't exist without 
governments. 

649
00:32:19,280 --> 00:32:22,560
And the reason why it exists is 
because or well, the reason why 

650
00:32:22,560 --> 00:32:24,880
I think it's so great is because
it's a toll road. 

651
00:32:25,520 --> 00:32:28,560
People can go on there, they can
pay extra money, they can go 

652
00:32:28,560 --> 00:32:30,560
wherever they need to. 
Instead of having to go through 

653
00:32:30,560 --> 00:32:33,120
the regular highway system. 
You have the regular highway 

654
00:32:33,120 --> 00:32:34,560
system, you have the paid 
system. 

655
00:32:34,880 --> 00:32:37,280
If, if it weren't for 
governments, I think we would 

656
00:32:37,400 --> 00:32:40,080
pretty, I mean, we would still 
have roads, but they wouldn't be

657
00:32:40,080 --> 00:32:41,520
the way that they are today, 
right? 

658
00:32:41,520 --> 00:32:43,080
Not everybody would be able to 
access them. 

659
00:32:43,280 --> 00:32:45,600
They wouldn't be as organized. 
The system wouldn't work. 

660
00:32:45,880 --> 00:32:51,280
I also don't think that we would
have, let's say the, the, the 

661
00:32:51,280 --> 00:32:53,640
way that we have housing. 
I, I think there's a regulation 

662
00:32:53,640 --> 00:32:56,440
is required in certain things. 
Let's say for example, for 

663
00:32:56,440 --> 00:32:59,760
housing, we want to make sure 
that a house meets the fire 

664
00:32:59,760 --> 00:33:04,360
code. 
We don't want to, we, we don't 

665
00:33:04,360 --> 00:33:06,680
want to take the risk of living 
in a house that can be set on 

666
00:33:06,680 --> 00:33:09,320
fire and there's nothing you can
do about it, right? 

667
00:33:09,320 --> 00:33:13,160
We want, we want those, we want 
those benefits, but we also want

668
00:33:13,560 --> 00:33:15,360
our own freedom. 
I think that's what Bitcoin 

669
00:33:15,360 --> 00:33:16,800
does. 
So what you can do with Bitcoin 

670
00:33:16,800 --> 00:33:19,000
is you can choose. 
You get a choice. 

671
00:33:19,000 --> 00:33:20,800
You don't. 
You don't get forced into doing 

672
00:33:20,800 --> 00:33:23,000
things one way in the current 
financial system. 

673
00:33:23,000 --> 00:33:25,080
You get forced into doing things
the Fiat way. 

674
00:33:25,480 --> 00:33:28,120
With Bitcoin you get to choose. 
You can take self custody if you

675
00:33:28,120 --> 00:33:31,120
want to, but you can also leave 
your Bitcoin on an exchange. 

676
00:33:31,280 --> 00:33:33,160
You can also leave your Bitcoin 
with an ETF. 

677
00:33:33,160 --> 00:33:35,040
You can take multi sig if you 
want to. 

678
00:33:35,040 --> 00:33:37,520
You can use collaborative cut 
however you want to do it. 

679
00:33:37,800 --> 00:33:40,440
You have multiple ways to do it.
You get to make the decision 

680
00:33:40,440 --> 00:33:42,160
yourself. 
You have to figure out what the 

681
00:33:42,160 --> 00:33:43,880
trade-offs are. 
You have to figure out what the 

682
00:33:43,880 --> 00:33:46,080
benefits are of every single 
decision. 

683
00:33:46,280 --> 00:33:48,480
That's the point though. 
I think that's the most 

684
00:33:48,480 --> 00:33:51,040
important thing. 
You can give responsibility to 

685
00:33:51,040 --> 00:33:54,320
someone else, but you also, you 
also have the option to take it 

686
00:33:55,000 --> 00:33:56,920
into your own hands. 
And I think that's what the 

687
00:33:56,920 --> 00:33:58,680
current system doesn't have. 
In the current system, you're 

688
00:33:58,680 --> 00:34:01,760
forced to do things one way and 
if you try to get away from that

689
00:34:01,760 --> 00:34:03,640
one way, then you you get 
screwed over. 

690
00:34:03,640 --> 00:34:07,720
You get charged like crazy. 
Yeah, Yeah, that's, that's what 

691
00:34:07,720 --> 00:34:09,840
I mean when I say like Bitcoin 
is a mirror, right. 

692
00:34:09,840 --> 00:34:12,960
It has certain characteristics 
that work in a certain way, 

693
00:34:13,120 --> 00:34:16,960
which in one way shine a light 
on all the flawed 

694
00:34:16,960 --> 00:34:22,520
characteristics of Fiat money. 
But it also, yeah, shows you 

695
00:34:22,520 --> 00:34:26,080
that you have to take way, way 
more responsibility as compared 

696
00:34:26,080 --> 00:34:28,159
to that Fiat money. 
Yeah. 

697
00:34:28,159 --> 00:34:31,400
And that's kind of like the the 
cost and benefit or risk and 

698
00:34:31,400 --> 00:34:34,560
benefit there that I think is 
just a very personal decision 

699
00:34:34,560 --> 00:34:37,800
for everyone. 
But again, yeah, I would 

700
00:34:38,040 --> 00:34:41,360
describe myself as a very risk 
averse person and bit adopting 

701
00:34:41,360 --> 00:34:44,800
Bitcoin and going all in is 
basically the most rational risk

702
00:34:44,800 --> 00:34:47,000
averse thing that that I could 
do, right. 

703
00:34:47,000 --> 00:34:51,199
And so, yeah, of course it takes
some study to to get there and 

704
00:34:51,199 --> 00:34:53,320
kind of like integrate that for 
yourself. 

705
00:34:53,320 --> 00:34:58,680
But yeah, for me, that's been 
really worth it in in that sense

706
00:34:58,680 --> 00:35:02,520
because I feel like I've been 
able to actually make a 

707
00:35:02,520 --> 00:35:07,160
conscious decision about how do 
I want to, you know, store my 

708
00:35:07,160 --> 00:35:10,080
economic energy and build wealth
and, and lower my uncertainty 

709
00:35:10,080 --> 00:35:12,280
towards the future. 
And just the fact that I've been

710
00:35:12,280 --> 00:35:16,760
able to do that regardless of 
Bitcoin price or whatever, I 

711
00:35:16,760 --> 00:35:20,120
think that is already a use case
for Bitcoin. 

712
00:35:20,960 --> 00:35:24,880
Yeah, completely agree. 
The next part that we want to 

713
00:35:24,880 --> 00:35:28,960
talk about is why does 
everything else trend to zero 

714
00:35:28,960 --> 00:35:30,800
against Bitcoin? 
Like what does that mean? 

715
00:35:30,800 --> 00:35:32,960
Like that's it's kind of a meme.
It's a saying. 

716
00:35:34,320 --> 00:35:37,720
We briefly touched upon it with 
with the homes, for example. 

717
00:35:39,680 --> 00:35:41,200
Yeah. 
How, how do you explain that or 

718
00:35:41,200 --> 00:35:44,160
how do you impact that? 
I think in general it's just 

719
00:35:44,160 --> 00:35:47,640
that everything else can 
increase in supply at there's 

720
00:35:47,800 --> 00:35:50,320
and there's no there's no 
stopping it. 

721
00:35:50,760 --> 00:35:52,840
For example, you can build more 
houses as. 

722
00:35:52,840 --> 00:35:56,040
Money you have right increased 
demand, right and make sure 

723
00:35:56,040 --> 00:35:57,600
there's there's increased. 
That's it. 

724
00:35:57,600 --> 00:35:59,440
That's it. 
As long as you have enough labor

725
00:35:59,560 --> 00:36:01,880
to build the house, as long as 
you have enough raw materials, 

726
00:36:02,320 --> 00:36:03,680
you can keep building more 
houses. 

727
00:36:03,680 --> 00:36:06,040
Unless, let's say, for example, 
there's regulation, there's red 

728
00:36:06,040 --> 00:36:09,520
tape with zoning laws, there's 
all these random things that 

729
00:36:09,520 --> 00:36:11,800
stop you from building houses. 
Of course that's going to slow 

730
00:36:11,800 --> 00:36:14,720
it down. 
But in reality, you can build as

731
00:36:14,720 --> 00:36:18,440
many houses as you want to. 
You can grow as many apples as 

732
00:36:18,440 --> 00:36:21,360
you want to. 
You can build as many tractors 

733
00:36:21,360 --> 00:36:24,600
as you want to. 
It's the the limitation is not 

734
00:36:25,080 --> 00:36:29,520
the the uses. 
The limitation is the labor that

735
00:36:29,520 --> 00:36:31,680
stops you from building more of 
the things that you want. 

736
00:36:31,680 --> 00:36:34,800
The the raw materials, the 
energy, all of that is the 

737
00:36:34,800 --> 00:36:39,600
limitation. 
The difference with Bitcoin is 

738
00:36:39,600 --> 00:36:42,640
that there is a limit for how 
many we can build. 

739
00:36:43,200 --> 00:36:46,640
Everything else has no limit. 
There's a physical limit with 

740
00:36:46,640 --> 00:36:48,760
how many things we can 
contribute, how much energy, how

741
00:36:48,760 --> 00:36:50,280
much resources we can contribute
to it. 

742
00:36:50,280 --> 00:36:52,080
And that's the limit for how 
many of those things we can 

743
00:36:52,080 --> 00:36:54,960
build with Bitcoin. 
Doesn't matter how much energy 

744
00:36:54,960 --> 00:36:57,080
you contribute to it doesn't 
matter how much resources you 

745
00:36:57,080 --> 00:36:59,560
contribute to it. 
You can keep contribute, You can

746
00:36:59,560 --> 00:37:03,600
run a billion computers, you can
run Bitcoin Core on a billion 

747
00:37:03,600 --> 00:37:06,000
computers, and you're not going 
to be able to change the 

748
00:37:06,000 --> 00:37:08,040
difficulty adjustment. 
You're not going to go to change

749
00:37:08,040 --> 00:37:10,360
the the block time. 
You may be able. 

750
00:37:10,360 --> 00:37:11,680
To have to wait 10 minutes, 
right? 

751
00:37:11,760 --> 00:37:13,200
Yeah, right. 
You may have, you may be able to

752
00:37:13,200 --> 00:37:15,440
do it temporarily. 
Let's say for example, if you 

753
00:37:15,440 --> 00:37:19,720
run a trillion computers for the
next, what is it 1600 blocks or 

754
00:37:19,720 --> 00:37:21,680
something, That's when the 
difficulty adjustment happens 

755
00:37:22,280 --> 00:37:24,960
for the next 1600 blocks. 
You may be able to speed it up. 

756
00:37:24,960 --> 00:37:30,120
You may be able to bring the the
time per block lower and then 

757
00:37:30,120 --> 00:37:32,880
the difficulty adjustment will 
increase after two weeks or 

758
00:37:32,880 --> 00:37:34,680
something like 1600 blocks or 
whatever it is. 

759
00:37:35,040 --> 00:37:38,440
But eventually your power of 
being able to manipulate the 

760
00:37:38,440 --> 00:37:41,800
system is going to go away. 
You may temporarily be able to 

761
00:37:41,920 --> 00:37:45,880
bring up this the the production
speed or bring down the 

762
00:37:45,880 --> 00:37:50,480
production time, bring up the 
production speed, but over time 

763
00:37:51,040 --> 00:37:55,080
it just reverts to to the mean 
it reverts to 1010 minutes per 

764
00:37:55,080 --> 00:37:56,960
block. 
You can bring it down to 7-8 

765
00:37:56,960 --> 00:37:59,280
minutes temporarily and then 
eventually it'll come back down,

766
00:37:59,520 --> 00:38:01,680
come back up to 10 with 
everything else. 

767
00:38:02,480 --> 00:38:05,800
If you start getting better at 
producing those things, you're 

768
00:38:05,800 --> 00:38:09,320
never going to bring that time 
back down or sorry, not not the 

769
00:38:09,320 --> 00:38:10,520
time. 
You're never going to bring that

770
00:38:10,520 --> 00:38:12,320
time back up. 
So let's say for example, we 

771
00:38:12,320 --> 00:38:15,760
went from being able to build a 
house in a year to then six 

772
00:38:15,760 --> 00:38:19,280
months, to then three months, to
then a month and a half. 

773
00:38:19,640 --> 00:38:22,000
It'll keep decreasing overtime, 
I don't know the exact numbers, 

774
00:38:22,000 --> 00:38:26,920
but overtime, as we build better
practices, as we build better 

775
00:38:26,920 --> 00:38:31,520
processes, as we learn more, we 
improve the production of 

776
00:38:31,520 --> 00:38:34,440
everything. 
So what's happening right now is

777
00:38:34,920 --> 00:38:38,080
we can produce more of the 
things that we want faster, but 

778
00:38:38,760 --> 00:38:40,600
we can't produce more Bitcoin 
faster. 

779
00:38:41,440 --> 00:38:44,840
So what that does is it makes it
so that fewer and fewer Bitcoin 

780
00:38:44,840 --> 00:38:49,720
are chasing the things that we 
want over time, meaning so that 

781
00:38:49,720 --> 00:38:52,440
the meaning the price comes 
down, the price keeps going 

782
00:38:52,440 --> 00:38:55,960
lower and lower and lower until 
somebody's willing to pay 

783
00:38:56,080 --> 00:38:57,640
Bitcoin for the things that they
want. 

784
00:38:57,640 --> 00:39:01,040
Let's say, for example, a 
vacation, you may think I'm 

785
00:39:01,040 --> 00:39:03,480
going to wait two years. 
I'll set aside this Bitcoin, 

786
00:39:04,040 --> 00:39:05,560
I'll go on vacation in two 
years. 

787
00:39:06,920 --> 00:39:10,360
In that time, people are going 
to try to incentivize you to 

788
00:39:10,360 --> 00:39:13,520
sell your Bitcoin because the 
price is going to go up. 

789
00:39:13,760 --> 00:39:15,920
There's a limited amount of 
Bitcoin available, there's 

790
00:39:15,920 --> 00:39:18,160
unlimited demand. 
So people are going to try to 

791
00:39:18,640 --> 00:39:21,680
incentivize you, entice you to 
bring that Bitcoin back into the

792
00:39:21,680 --> 00:39:24,840
market by offering you more and 
more dollars for that Bitcoin. 

793
00:39:25,200 --> 00:39:28,800
So what happens is we have less 
and less Bitcoin available. 

794
00:39:29,360 --> 00:39:31,880
We have more and more of the 
things that we want available, 

795
00:39:31,880 --> 00:39:34,440
entrepreneurs that are 
incentivized to bring more 

796
00:39:34,440 --> 00:39:36,160
things that we want into the 
market. 

797
00:39:37,280 --> 00:39:39,800
And it just it it, it's all just
supply and demand. 

798
00:39:40,000 --> 00:39:42,560
The price keeps decreasing and 
decreasing and decreasing until 

799
00:39:42,560 --> 00:39:45,160
more and more Bitcoin can come 
to the market and pay for the 

800
00:39:45,160 --> 00:39:49,280
things that Bitcoiners want. 
The entrepreneurs have to 

801
00:39:49,280 --> 00:39:52,640
produce actual value. 
They can't just produce garbage.

802
00:39:53,160 --> 00:39:56,440
They can't just produce more 
Bitcoin to fulfill their needs. 

803
00:39:56,480 --> 00:39:59,840
They have to actually produce 
goods and services in order to 

804
00:39:59,840 --> 00:40:03,360
get more Bitcoin. 
And it the entire system is like

805
00:40:03,360 --> 00:40:07,560
a cycle over time. 
We have money flowing from the 

806
00:40:07,560 --> 00:40:11,680
things that we wanted previously
to the things that we want now. 

807
00:40:12,000 --> 00:40:16,480
Instead of governments trying to
structure the system a certain 

808
00:40:16,480 --> 00:40:20,280
way, let's say they they fund 
certain projects instead of them

809
00:40:20,280 --> 00:40:21,880
trying to. 
Instead of them being able to 

810
00:40:21,880 --> 00:40:24,520
print more money and fund the 
projects that they want to fund,

811
00:40:25,840 --> 00:40:28,120
the market figures things out on
its own. 

812
00:40:28,560 --> 00:40:31,000
And this is where true 
capitalism, this is where true 

813
00:40:31,000 --> 00:40:35,880
capitalism comes into into play.
We have people who are willing 

814
00:40:35,880 --> 00:40:39,960
to put their time, energy, 
effort, skills, labor towards 

815
00:40:39,960 --> 00:40:43,440
certain projects because they 
want to, because they think that

816
00:40:43,440 --> 00:40:46,040
there's some opportunity there. 
And then we have the best. 

817
00:40:46,280 --> 00:40:48,080
The best. 
To earn a good reward. 

818
00:40:48,080 --> 00:40:48,920
Right. 
Exactly. 

819
00:40:48,960 --> 00:40:53,160
Once you add a better reward, I 
have something from the sheriff.

820
00:40:53,840 --> 00:40:55,480
Yeah. 
When you add a better reward, 

821
00:40:55,480 --> 00:40:58,280
you ask for better work. 
Yes, right. 

822
00:40:58,680 --> 00:41:00,360
And if people? 
It's the incentive. 

823
00:41:00,960 --> 00:41:03,720
Yes, exactly. 
Yeah, yeah, I've shared this, 

824
00:41:03,720 --> 00:41:07,120
this, this example many times, 
but I've, I've wasn't, I think 

825
00:41:07,120 --> 00:41:10,040
it was Antwerp. 
I was in a building that's from 

826
00:41:10,040 --> 00:41:15,680
like 15160 and I thought, wow, 
what what has been built in the 

827
00:41:15,680 --> 00:41:20,360
last 50 years that's going to 
stand for another 500 years, you

828
00:41:20,360 --> 00:41:23,880
know, nothing probably. 
And that's what I think people 

829
00:41:23,880 --> 00:41:26,600
need to realize. 
So I love, I love what you just 

830
00:41:26,600 --> 00:41:28,680
said in the, in the beginning 
when you started talking, I was 

831
00:41:28,680 --> 00:41:31,760
like, Oh yeah, this is like some
FUD that we also have to, I 

832
00:41:31,760 --> 00:41:36,440
think address because, because 
Bitcoin sounds too good to be 

833
00:41:36,440 --> 00:41:39,640
true, right? 
And it's a bit daunting to study

834
00:41:39,640 --> 00:41:42,680
about the region of existence of
Bitcoin and, and you know, the 

835
00:41:42,680 --> 00:41:49,080
trade-offs and all the things I 
think we, we talked about people

836
00:41:49,080 --> 00:41:54,240
use certain arguments against 
Bitcoin that they don't really 

837
00:41:54,240 --> 00:41:59,800
understand because I think they 
are easy arguments and easy to, 

838
00:41:59,800 --> 00:42:01,560
to dismiss. 
But some things are, are very 

839
00:42:01,560 --> 00:42:05,160
important to, to point out. 
And you said like, and this is 

840
00:42:05,480 --> 00:42:07,040
what Jeff Booth talks about a 
lot, right? 

841
00:42:07,040 --> 00:42:11,080
Like the natural state of or 
like the, the consequence of 

842
00:42:11,080 --> 00:42:13,120
innovation is like deflation, 
right? 

843
00:42:13,120 --> 00:42:16,000
Like what you said that the 
whole purpose of people is to 

844
00:42:16,000 --> 00:42:19,120
become better and more efficient
than than quicker and all these 

845
00:42:19,120 --> 00:42:22,320
things like that's a natural 
thing in a total free market in 

846
00:42:22,320 --> 00:42:25,160
true capitalism. 
If I bake better cookies than 

847
00:42:25,160 --> 00:42:27,880
you, and you also have a cookie 
store and people buy more 

848
00:42:27,880 --> 00:42:30,400
cookies in my store, then yeah, 
you go bust. 

849
00:42:30,400 --> 00:42:33,360
But that's a good thing because 
apparently I'm better at making 

850
00:42:33,360 --> 00:42:34,640
cookies than you, which is 
great. 

851
00:42:34,640 --> 00:42:37,480
And then you have time and space
to try something else, right? 

852
00:42:37,480 --> 00:42:43,280
Like that's the whole idea of 
having the true market function 

853
00:42:43,280 --> 00:42:45,720
is that, yeah, the people that 
innovate that do it better, like

854
00:42:45,720 --> 00:42:50,120
they, they get rewarded, which 
eventually drives all the prices

855
00:42:50,520 --> 00:42:53,280
down. 
And what people need to 

856
00:42:53,320 --> 00:42:59,120
understand is that why, why is 
stuff now more expensive than in

857
00:42:59,120 --> 00:43:02,160
1970 or 80 or whatever, right? 
Like what you said about the 

858
00:43:02,160 --> 00:43:04,120
apples. 
I, I also use it as an example. 

859
00:43:04,120 --> 00:43:06,600
Like does an apple need more 
energy to grow? 

860
00:43:07,920 --> 00:43:10,960
You know, no like, like there's 
probably less people involved 

861
00:43:11,080 --> 00:43:14,600
getting also apples from trees 
that like 30 years ago, right? 

862
00:43:14,600 --> 00:43:19,640
So we are more efficient in 
growing, harvesting apples, but 

863
00:43:19,640 --> 00:43:21,040
an apple is probably more 
expensive now. 

864
00:43:21,040 --> 00:43:25,240
And I just saw a tweet. 1970 
cost of living New new house 

865
00:43:25,240 --> 00:43:34,480
$23,450 new car $34150 movie 
ticket $1.55 gasoline $0.36 for 

866
00:43:34,480 --> 00:43:39,600
a gallon milk, $0.62 for a 
gallon coffee, $1.90 per pound 

867
00:43:39,600 --> 00:43:41,720
eggs. 
That's a big topic in the US, 

868
00:43:41,720 --> 00:43:44,720
$0.59 per dozen, right? 
And the average income was 

869
00:43:44,720 --> 00:43:48,080
$9400. 
And everyone could have a family

870
00:43:48,080 --> 00:43:52,600
with two children in a car and a
home without, you know, just 

871
00:43:52,600 --> 00:43:56,720
one, one person working. 
And all these things were there 

872
00:43:56,720 --> 00:43:58,600
50 years ago. 
And all these things are here 

873
00:43:58,600 --> 00:44:02,000
now. 
But nominally just numbers wise,

874
00:44:02,880 --> 00:44:07,760
they're all priced higher, which
if you think about the natural 

875
00:44:07,760 --> 00:44:11,400
state of of this free market, 
right, that the price should go 

876
00:44:11,400 --> 00:44:15,680
down with increased innovation. 
That doesn't really make sense, 

877
00:44:15,680 --> 00:44:17,440
right. 
So these are two forces that are

878
00:44:17,440 --> 00:44:19,560
like fighting, fighting with 
each other. 

879
00:44:19,760 --> 00:44:22,520
And if you think about the price
of bread and apples and eggs and

880
00:44:22,520 --> 00:44:27,800
all that stuff, you know, cars 
and etcetera, you have to, 

881
00:44:28,640 --> 00:44:30,560
although I think it's a hard 
thing to accept. 

882
00:44:30,760 --> 00:44:33,960
You have to accept that the side
that's winning is the bad money 

883
00:44:33,960 --> 00:44:37,240
and you need to get out of the 
bad money, basically. 

884
00:44:38,080 --> 00:44:40,960
Yeah, that's the thing that I 
think that's the secret here. 

885
00:44:40,960 --> 00:44:45,320
If you get out of that crappy 
money, then you can get ahead. 

886
00:44:45,440 --> 00:44:49,480
If you get out of the US dollar,
you can finally start putting 

887
00:44:49,480 --> 00:44:52,120
your time, energy, and effort 
towards the things that actually

888
00:44:52,120 --> 00:44:53,400
matter. 
If you. 

889
00:44:54,120 --> 00:44:56,400
It's safety. 
Dean says it as well, right? 

890
00:44:56,400 --> 00:44:59,480
We have people working basically
2 jobs right now. 

891
00:44:59,480 --> 00:45:01,520
First they work this job to earn
money. 

892
00:45:01,520 --> 00:45:05,640
Then they work a job to pay to 
get that money to stay in their 

893
00:45:05,640 --> 00:45:08,160
bank accounts. 
Cuz if they don't, then somebody

894
00:45:08,160 --> 00:45:10,880
else takes that money from them.
No matter how hard you work, no 

895
00:45:10,880 --> 00:45:13,880
matter how how much time you 
dedicate towards your job, no 

896
00:45:13,880 --> 00:45:16,920
matter how much you delay 
gratification, if you save in 

897
00:45:16,920 --> 00:45:19,280
dollars, you're going to be more
broke than you are today. 

898
00:45:19,440 --> 00:45:22,480
In 10 years, 20 years, 30 years,
the value of your money is 

899
00:45:22,480 --> 00:45:26,200
decreasing every single hour, 
every single minute, every 

900
00:45:26,200 --> 00:45:28,400
single second. 
It's decreasing by a certain 

901
00:45:28,400 --> 00:45:30,320
amount because more and more 
money is being added to the 

902
00:45:30,320 --> 00:45:32,600
system and and whatever you have
is being diluted. 

903
00:45:32,760 --> 00:45:36,920
So if you don't understand that 
you can't get ahead, there's no 

904
00:45:36,920 --> 00:45:38,920
way to get ahead. 
If you don't get that, if you 

905
00:45:38,920 --> 00:45:42,040
don't understand that your value
of the, the value of your 

906
00:45:42,040 --> 00:45:45,200
currency is decreasing. 
If you focus on, like I said 

907
00:45:45,200 --> 00:45:47,840
before, corporate greed. 
If you focus on, oh, my 

908
00:45:47,840 --> 00:45:51,760
government is the best allocator
of capital. 

909
00:45:52,040 --> 00:45:55,920
If you focus on capitalism is 
for losers. 

910
00:45:55,920 --> 00:45:57,840
And we need to get rid of 
capitalism. 

911
00:45:57,840 --> 00:46:00,320
We need to get rid of Bitcoin. 
We need to make everything 

912
00:46:00,320 --> 00:46:02,360
green. 
We need to focus on the weather.

913
00:46:03,360 --> 00:46:05,600
If you focus on that, then 
you're not creating value and 

914
00:46:05,600 --> 00:46:08,800
you're going to go broke. 
If you focus on all that, you're

915
00:46:08,800 --> 00:46:12,360
probably also focused on, you're
probably not thinking at all 

916
00:46:12,360 --> 00:46:15,600
about how the US dollar works. 
You're not thinking about how 

917
00:46:15,600 --> 00:46:18,360
the US dollar is broken. 
You're not thinking about how to

918
00:46:18,360 --> 00:46:21,640
solve your actual problems. 
And you're just complaining that

919
00:46:21,640 --> 00:46:23,640
that's really it. 
So what Bitcoin does is it 

920
00:46:23,640 --> 00:46:28,760
brings us back to Earth. 
It makes us think about the 

921
00:46:28,760 --> 00:46:31,320
reality of the situation. 
If everything is decreasing in 

922
00:46:31,320 --> 00:46:33,400
price in terms of Bitcoin and 
it's increasing in price in 

923
00:46:33,400 --> 00:46:35,800
terms of U.S. dollars, what's 
the main difference here? 

924
00:46:36,120 --> 00:46:39,440
Why is that happening? 
And once you start peeling the 

925
00:46:39,440 --> 00:46:42,640
layers back, you kind of start 
seeing where this is going. 

926
00:46:43,080 --> 00:46:45,720
That's why it's even more 
important, I'd say, to just 

927
00:46:45,720 --> 00:46:49,760
realize how predatory the system
eventually is because it's it's 

928
00:46:49,760 --> 00:46:53,600
designed basically to not 
survive like any field money 

929
00:46:53,600 --> 00:46:56,120
system. 
Like like no, no money system 

930
00:46:56,120 --> 00:46:58,920
like that has ever survived. 
So you have to accept that you 

931
00:46:59,320 --> 00:47:02,360
profited of something that is 
predatory to other people. 

932
00:47:02,600 --> 00:47:06,280
And then you have to also accept
that eventually it's it's 

933
00:47:06,600 --> 00:47:10,760
assured towards a collapse. 
Does that make? 

934
00:47:10,760 --> 00:47:13,240
Sense predatory, yeah, If it's 
predatory towards other people, 

935
00:47:13,240 --> 00:47:14,760
eventually it'll be predatory 
towards you. 

936
00:47:14,960 --> 00:47:16,800
Yes, right. 
You may not realize it. 

937
00:47:16,800 --> 00:47:18,240
Yes. 
Even real estate investors, they

938
00:47:18,240 --> 00:47:21,000
think, oh, I'm protected because
I own this real estate, I own 

939
00:47:21,000 --> 00:47:22,800
all this land, I own all these 
properties. 

940
00:47:23,160 --> 00:47:25,320
But what are you going to do 
when your government says to you

941
00:47:25,320 --> 00:47:29,280
that instead of just state 
taxes, we're also going to 

942
00:47:29,280 --> 00:47:31,360
charge federal taxes on 
properties? 

943
00:47:31,600 --> 00:47:33,080
That's going to be really fun to
deal with. 

944
00:47:33,080 --> 00:47:36,120
I think that's going to be 
absolutely insane for for real 

945
00:47:36,120 --> 00:47:37,280
estate investors if that 
happens. 

946
00:47:37,280 --> 00:47:39,200
I'm not saying that's going to 
happen, but if it happened, 

947
00:47:39,440 --> 00:47:42,000
what's going to happen is let's 
say they they increase your 

948
00:47:42,000 --> 00:47:45,920
property taxes from 1% to 4 
percent, 5%, what's your 

949
00:47:45,920 --> 00:47:47,560
property value going to decrease
to? 

950
00:47:47,640 --> 00:47:49,800
There's no guarantee that that's
not going to happen. 

951
00:47:50,040 --> 00:47:53,960
There's also no guarantee that 
if governments really find an 

952
00:47:53,960 --> 00:47:57,880
incentive in trying to make 
housing cheaper, because now 

953
00:47:57,880 --> 00:48:01,040
Bitcoin exists, how do you know 
that they're not going to start 

954
00:48:01,040 --> 00:48:05,080
digging into the ground to build
condos and apartments and just 

955
00:48:05,400 --> 00:48:09,120
pump up the value of pump up the
supply of real estate so much 

956
00:48:09,680 --> 00:48:11,160
that prices actually start 
coming down? 

957
00:48:11,320 --> 00:48:13,600
How do you know that if you if 
you're a real estate investor, 

958
00:48:13,600 --> 00:48:15,360
how do you know that your 
government's not going to start 

959
00:48:15,360 --> 00:48:18,880
funding 3D printed homes, 
prefabricated homes? 

960
00:48:18,880 --> 00:48:20,200
How do you know that that's not 
going to happen? 

961
00:48:20,440 --> 00:48:24,560
So the system is predatory 
towards the poor right now, the 

962
00:48:24,560 --> 00:48:26,280
people who don't understand how 
Fiat works. 

963
00:48:27,320 --> 00:48:30,760
And I, I actually think 
actually, I would say the the 

964
00:48:30,760 --> 00:48:33,040
system is predatory towards the 
people who don't understand how 

965
00:48:33,040 --> 00:48:35,600
assets work right now. 
I think it's going to transition

966
00:48:35,600 --> 00:48:38,920
to being predatory towards 
anybody who doesn't understand 

967
00:48:38,920 --> 00:48:41,720
how Fiat works in general. 
And most real estate investors 

968
00:48:41,720 --> 00:48:43,400
don't actually understand how 
Fiat works. 

969
00:48:43,760 --> 00:48:45,880
They buy real estate because 
they want the cash flows, but 

970
00:48:45,880 --> 00:48:47,920
the cash flows are decreasing in
value over time. 

971
00:48:47,920 --> 00:48:50,360
They want stocks because they 
want dividends, but again, those

972
00:48:50,360 --> 00:48:52,000
dividends are decreasing in 
value over time. 

973
00:48:52,280 --> 00:48:55,200
Even what you own with stocks, 
in real estate, with stocks, 

974
00:48:55,200 --> 00:48:57,920
actually, what you own isn't 
actually there. 

975
00:48:58,880 --> 00:49:01,720
People say that they want to own
the stock because they want the 

976
00:49:01,720 --> 00:49:03,400
cash flow the company is 
providing. 

977
00:49:03,640 --> 00:49:05,840
How many cash flows have you 
gotten from Amazon? 

978
00:49:05,960 --> 00:49:07,040
How many dividends have you 
gotten? 

979
00:49:07,120 --> 00:49:11,600
Yeah, it's, it's all a trap, 
right? 

980
00:49:11,600 --> 00:49:16,080
It's all just a way to keep your
money stranded in one location 

981
00:49:16,080 --> 00:49:18,840
so that you can't take it out 
and you can't do anything with 

982
00:49:18,840 --> 00:49:21,280
it. 
If you start taking your 4O1K 

983
00:49:21,280 --> 00:49:23,320
out, for example, inflation is 
going to go up. 

984
00:49:23,320 --> 00:49:26,040
That's part of it, right? 
The goal is to have you delay 

985
00:49:26,040 --> 00:49:28,960
spending as much as possible so 
that by the time you're old, you

986
00:49:28,960 --> 00:49:31,600
want fewer things you want to 
spend, you have less energy to 

987
00:49:31,600 --> 00:49:33,920
spend money. 
You have, you have less things 

988
00:49:33,920 --> 00:49:35,480
that you can actually put your 
money towards. 

989
00:49:35,800 --> 00:49:38,560
The goal is to to kick the can 
down the road. 

990
00:49:38,840 --> 00:49:40,840
They're kicking the can down the
road with your kids. 

991
00:49:40,880 --> 00:49:42,840
They're also kicking the can 
down the road with you. 

992
00:49:43,200 --> 00:49:46,000
You may think that, oh, it's 
only the younger generations 

993
00:49:46,000 --> 00:49:48,000
that are going to be affected. 
No, you're affected too. 

994
00:49:48,240 --> 00:49:51,680
You're going to be hit just as 
hard as the previous generations

995
00:49:51,680 --> 00:49:54,880
or the future generations. 
So let's say, for example, when 

996
00:49:54,880 --> 00:49:58,080
baby boomers want to retire and 
they have tons of stocks, 

997
00:49:58,360 --> 00:49:59,920
they're going to to dump their 
stocks on Gen. 

998
00:49:59,920 --> 00:50:01,360
X. 
Then when Gen. 

999
00:50:01,360 --> 00:50:03,840
X is going to retire, they're 
going to dump their stocks on 

1000
00:50:03,840 --> 00:50:05,880
millennials. 
Then when millennials, when 

1001
00:50:05,880 --> 00:50:08,240
millennials are going to retire,
they're going to dump their 

1002
00:50:08,240 --> 00:50:09,360
stocks on Gen. 
Z. 

1003
00:50:09,720 --> 00:50:12,960
At some point, nobody's going to
want stocks anymore and the 

1004
00:50:12,960 --> 00:50:15,480
entire system collapses. 
I don't know how long that's 

1005
00:50:15,480 --> 00:50:17,560
going to take, but I think 
Bitcoin is going to be the 

1006
00:50:17,560 --> 00:50:19,120
reason for that. 
I think people are going to want

1007
00:50:19,120 --> 00:50:21,720
Bitcoin over stocks. 
People are going to sell their 

1008
00:50:21,760 --> 00:50:22,960
stocks. 
They're going to sell their real

1009
00:50:22,960 --> 00:50:26,120
estate to buy Bitcoin. 
The word timing came up for me. 

1010
00:50:26,280 --> 00:50:28,360
Right? 
Like so yeah, like boomers had 

1011
00:50:28,360 --> 00:50:32,880
real estate and Gen. 
X had the stock market, right? 

1012
00:50:34,040 --> 00:50:37,160
You could paint a similar 
picture here. 

1013
00:50:37,160 --> 00:50:41,640
If it's like what you said, it's
a slow way to drain your wealth.

1014
00:50:43,280 --> 00:50:47,280
Just take fees of you. 
And S&P 500 is flat over X 

1015
00:50:47,280 --> 00:50:50,400
amount of time compared to the 
actual debasement of the money, 

1016
00:50:50,400 --> 00:50:54,640
then yeah, you just paid fees 
and you thought you were doing 

1017
00:50:54,640 --> 00:50:57,400
something. 
But yeah, in that sense you are 

1018
00:50:57,400 --> 00:51:01,840
then the subject of the game. 
Yeah, you're the you're the 

1019
00:51:01,840 --> 00:51:04,480
golden goose. 
You're going to keep hatching 

1020
00:51:04,480 --> 00:51:08,680
eggs in the form of taxes and 
fees for Wall Street and the US 

1021
00:51:08,680 --> 00:51:09,920
government. 
They're not going to want you to

1022
00:51:09,920 --> 00:51:11,040
go away. 
They're going to want you to 

1023
00:51:11,040 --> 00:51:12,800
keep, they're going to want to 
keep you there. 

1024
00:51:13,040 --> 00:51:15,840
Basically, them getting you to 
buy stocks to buy real estate, 

1025
00:51:16,840 --> 00:51:21,200
them getting you to buy, let's 
say index funds, getting a four 

1026
00:51:21,200 --> 00:51:23,280
O 1K. 
That's them keeping their golden

1027
00:51:23,280 --> 00:51:28,880
goose leashed in a small area. 
Because if you, if you have 

1028
00:51:28,880 --> 00:51:30,400
those things, you can't just 
leave. 

1029
00:51:31,080 --> 00:51:32,240
You have to pay some kind of 
tax. 

1030
00:51:32,240 --> 00:51:34,720
You have to pay an exit tax. 
You have to watch out for those 

1031
00:51:34,720 --> 00:51:37,040
stocks doing whatever they need 
to while you're gone. 

1032
00:51:37,240 --> 00:51:38,880
Let's say, for example, if you 
want to leave the country, 

1033
00:51:38,880 --> 00:51:41,120
you're not just going to want to
leave all your wealth in that 

1034
00:51:41,120 --> 00:51:42,080
country. 
You're going to have to tell 

1035
00:51:42,080 --> 00:51:44,880
somebody that, hey, I'm taking 
my wealth, I'm leaving. 

1036
00:51:45,440 --> 00:51:48,400
You have to be tied to that 
wealth basically forever. 

1037
00:51:48,840 --> 00:51:51,400
And if you try not to be, then 
you lose that wealth. 

1038
00:51:52,320 --> 00:51:55,120
You would be surprised. 
I mean, I was actually pretty 

1039
00:51:55,120 --> 00:51:58,960
shocked when I thought about how
many times I would see people's 

1040
00:51:58,960 --> 00:52:02,640
accounts locked at the brokerage
that I worked because they 

1041
00:52:02,640 --> 00:52:06,280
hadn't paid their taxes. 
If they didn't pay their taxes, 

1042
00:52:06,280 --> 00:52:10,160
let's say for example, somebody 
has a $1 million brokerage 

1043
00:52:10,160 --> 00:52:12,440
account and they didn't pay 
their taxes for like 2 years, 

1044
00:52:12,440 --> 00:52:14,320
three years, however long it is,
I don't know what the details 

1045
00:52:14,320 --> 00:52:15,480
were. 
Let's say they didn't pay their 

1046
00:52:15,480 --> 00:52:18,640
taxes for a while. 
There were actually holds for 

1047
00:52:18,640 --> 00:52:23,360
IRS bills, right? 
So the IRS is the Internal 

1048
00:52:23,360 --> 00:52:26,640
Revenue Service or sorry, the 
CRA, not the IRSCRA, Canadian 

1049
00:52:26,640 --> 00:52:29,040
Canada Revenue Agency. 
So if you hadn't paid your bill,

1050
00:52:29,040 --> 00:52:32,160
your accounts would be locked. 
And that just shows you you 

1051
00:52:32,160 --> 00:52:33,680
don't own anything, you own 
nothing. 

1052
00:52:33,960 --> 00:52:37,400
The entire system is designed to
get you to keep paying your 

1053
00:52:37,400 --> 00:52:40,760
taxes. 
If you behave badly, then your 

1054
00:52:40,760 --> 00:52:44,880
money gets taken away from you. 
If you go against protocol then 

1055
00:52:44,880 --> 00:52:49,320
you lose everything. 
All right, let's let's move on 

1056
00:52:49,320 --> 00:52:52,640
to the the last topic we wanted 
to discuss and that is 

1057
00:52:52,640 --> 00:52:55,800
allocation. 
How do, how do you decide on 

1058
00:52:55,800 --> 00:52:59,880
like the percentage allocation? 
Is there a way for people to 

1059
00:52:59,920 --> 00:53:04,480
think about, yeah, what is the 
risk with Bitcoin or how much 

1060
00:53:04,480 --> 00:53:06,800
should you understand Bitcoin 
and like what, what would be the

1061
00:53:06,800 --> 00:53:11,760
main points for people to maybe 
study or understand before they 

1062
00:53:11,760 --> 00:53:17,160
can kind of like get to yeah, 
what type of allocation would be

1063
00:53:17,160 --> 00:53:20,680
would I be comfortable with? 
So I don't really think that 

1064
00:53:20,680 --> 00:53:23,480
you're going to ever understand 
Bitcoin 100%. 

1065
00:53:23,680 --> 00:53:26,520
There's never going to be a time
when you, when you do that, but 

1066
00:53:26,520 --> 00:53:28,600
there's going to be a point 
where you feel comfortable. 

1067
00:53:28,600 --> 00:53:30,520
I think there's going to be a 
point where you finally realize,

1068
00:53:30,520 --> 00:53:33,120
OK, this is the thing that's 
going to be the future, the 

1069
00:53:33,120 --> 00:53:34,520
future. 
And that could take a lot of 

1070
00:53:34,520 --> 00:53:37,440
time, right? 
Even when I'm, I, I studied 

1071
00:53:37,440 --> 00:53:40,520
Bitcoin for like 3 1/2 four 
years and I'm still learning new

1072
00:53:40,520 --> 00:53:42,440
things. 
There's always new ways to think

1073
00:53:42,440 --> 00:53:44,480
of things. 
There's always new technical, 

1074
00:53:45,560 --> 00:53:47,120
technical things that I don't 
understand. 

1075
00:53:47,120 --> 00:53:50,320
I'm, I'm finally learning 
because of Bitcoin and that's 

1076
00:53:50,320 --> 00:53:53,240
going to happen regardless. 
You can't ever know everything 

1077
00:53:53,240 --> 00:53:54,840
about Bitcoin. 
So if you think that you need to

1078
00:53:54,840 --> 00:53:57,840
know everything about Bitcoin 
before you buy some, then you're

1079
00:53:57,840 --> 00:54:00,360
never going to own Bitcoin. 
That's the first thing. 

1080
00:54:00,880 --> 00:54:04,760
The second thing I want to say 
is that the more you study 

1081
00:54:04,760 --> 00:54:07,040
Bitcoin, the more you're going 
to understand how much you 

1082
00:54:07,040 --> 00:54:08,960
should have. 
Let's say for example, if you 

1083
00:54:08,960 --> 00:54:12,080
only understand Bitcoin on a 
value a very shallow level, 

1084
00:54:12,440 --> 00:54:15,720
you're probably going to have 
one to 5%, maybe even 0%. 

1085
00:54:16,120 --> 00:54:18,920
If you don't really understand, 
if you just read headlines all 

1086
00:54:18,920 --> 00:54:21,400
day long, then you're not going 
to want Bitcoin at all. 

1087
00:54:21,720 --> 00:54:24,760
But if, let's say, for example, 
if you, if you listen to a bunch

1088
00:54:24,760 --> 00:54:27,040
of podcasts, if you listen to 
different opinions, if you 

1089
00:54:27,040 --> 00:54:29,960
different listen to different 
thoughts, if you read different 

1090
00:54:29,960 --> 00:54:34,000
books, let's say you listen to 
Bram's podcast every morning, 

1091
00:54:34,240 --> 00:54:35,800
listen to my videos every 
morning. 

1092
00:54:36,400 --> 00:54:39,680
You, you read the Bitcoin 
standard, you read all of the 

1093
00:54:39,680 --> 00:54:43,320
books that Safedeen published at
his publishing house. 

1094
00:54:43,320 --> 00:54:47,240
You read the book behind me, The
Internet of Money, all these 

1095
00:54:47,240 --> 00:54:49,000
different ways of getting 
information. 

1096
00:54:50,000 --> 00:54:54,200
At some point, let's say you 
start with a 1% allocation. 

1097
00:54:54,200 --> 00:54:55,880
At some point you're going to 
think, hey, why don't I have a 

1098
00:54:55,880 --> 00:54:57,800
2% allocation? 
Then you're going to think, why 

1099
00:54:57,800 --> 00:55:00,160
don't I have a 3% allocation, 4 
percent, 5%. 

1100
00:55:00,440 --> 00:55:04,160
Nobody can tell you what your 
allocation should be because you

1101
00:55:04,160 --> 00:55:05,800
have to be able to deal with the
volatility. 

1102
00:55:05,800 --> 00:55:09,640
If you can't deal with the 
volatility, then no allocation 

1103
00:55:09,640 --> 00:55:12,360
is good for you. 
You have to understand that you 

1104
00:55:12,360 --> 00:55:14,160
have to hold Bitcoin for at 
least four years. 

1105
00:55:14,600 --> 00:55:17,400
If you don't understand that and
you buy Bitcoin, you're probably

1106
00:55:17,400 --> 00:55:19,640
going to sell at a loss. 
I think that's the key here. 

1107
00:55:20,040 --> 00:55:23,520
If you understand that Bitcoin 
needs a four year minimum 

1108
00:55:23,640 --> 00:55:26,520
holding period, you're going to 
want to put more and more into 

1109
00:55:26,520 --> 00:55:29,080
it because you're going to see 
that the moving average price 

1110
00:55:29,080 --> 00:55:32,600
over time has just increased. 
And it doesn't really make any 

1111
00:55:32,600 --> 00:55:36,080
sense for you to hold Bitcoin 
for a year to put your rent 

1112
00:55:36,080 --> 00:55:38,280
money into it. 
For example, let's say hold for 

1113
00:55:38,280 --> 00:55:40,400
a month, two months. 
It doesn't really make any sense

1114
00:55:40,400 --> 00:55:42,640
because you're very likely going
to lose money. 

1115
00:55:42,640 --> 00:55:45,520
Bitcoin is extremely volatile. 
Most of the times they go 

1116
00:55:45,520 --> 00:55:48,600
sideways or it goes down. 
There are these random explosive

1117
00:55:48,600 --> 00:55:52,360
moves up where Bitcoin's prices 
keeps going up and up and up and

1118
00:55:52,360 --> 00:55:54,520
suddenly it stops, it loses 
steam and then it starts 

1119
00:55:54,520 --> 00:55:59,720
falling. 
If you miss that period, let's 

1120
00:55:59,720 --> 00:56:01,760
say for example, you only want 
to buy Bitcoin and you want to 

1121
00:56:01,760 --> 00:56:03,560
deal with the upside. 
You don't want to deal with the 

1122
00:56:03,560 --> 00:56:05,160
downside. 
You're going to lose money. 

1123
00:56:05,160 --> 00:56:07,680
You're pretty much guaranteed to
lose money because you're not 

1124
00:56:07,680 --> 00:56:09,560
going to be able to time the 
market, especially if you're new

1125
00:56:09,560 --> 00:56:13,280
to Bitcoin. 
The key here is as you study it 

1126
00:56:13,280 --> 00:56:15,720
more, you're going to want to 
allocate more. 

1127
00:56:15,960 --> 00:56:20,720
You're going to want to go from 
1% to 5% to 10% to 20 to 50. 

1128
00:56:21,760 --> 00:56:23,920
Eventually you'll want to go 
with 100%. 

1129
00:56:24,000 --> 00:56:28,040
I, I, I do think that that's, I 
think that a lot of people are 

1130
00:56:28,040 --> 00:56:29,320
going to do that. 
I think a lot of people are 

1131
00:56:29,320 --> 00:56:32,760
doing that right now. 
And the, the only reason why 

1132
00:56:32,760 --> 00:56:35,040
they even get to that point is 
because they've studied it. 

1133
00:56:35,040 --> 00:56:36,400
They understand where this is 
going. 

1134
00:56:36,640 --> 00:56:38,400
If you don't understand where 
Bitcoin is going, you're 

1135
00:56:38,400 --> 00:56:41,160
probably still thinking that 
180, you're going to think that 

1136
00:56:41,160 --> 00:56:44,080
85 K is overvalued. 
But when you understand Bitcoin,

1137
00:56:44,080 --> 00:56:46,680
you realize that even $1,000,000
is undervalued. 

1138
00:56:46,840 --> 00:56:49,760
So you're going to want to put 
as much of as much of your 

1139
00:56:49,760 --> 00:56:53,320
wealth into it as possible. 
I agree. 

1140
00:56:53,320 --> 00:56:57,640
I think that's a really good 
sensible answer, right, like the

1141
00:56:57,800 --> 00:56:59,840
the understanding and the 
conviction. 

1142
00:56:59,840 --> 00:57:03,560
The understanding comes from 
studying over time. 

1143
00:57:03,560 --> 00:57:06,160
And that's also I think what 
makes your conviction grow. 

1144
00:57:06,440 --> 00:57:09,920
Maybe that's the last nice thing
also to share as like the, the 

1145
00:57:09,920 --> 00:57:14,800
mirror that it is, right, like 
in, in my experience, in the, in

1146
00:57:14,800 --> 00:57:17,880
the, in the Fiat money financial
system and the stocks and all 

1147
00:57:17,880 --> 00:57:20,880
these things. 
It's it's about conviction based

1148
00:57:20,880 --> 00:57:23,160
on what other people say a lot, 
right? 

1149
00:57:23,160 --> 00:57:28,680
Again, that abstraction, Whereas
in Bitcoin, you know, I think 

1150
00:57:29,080 --> 00:57:31,440
even our goal with this 
conversation is to trigger 

1151
00:57:31,440 --> 00:57:35,160
people so they study like, 
please don't build your 

1152
00:57:35,160 --> 00:57:38,360
conviction just on the fact that
we are enthusiastic about this 

1153
00:57:38,360 --> 00:57:43,880
and that we talk about this like
you can actually do your Bitcoin

1154
00:57:43,880 --> 00:57:46,200
study yourself. 
You can verify all the things 

1155
00:57:46,200 --> 00:57:48,680
that we said for yourself 
basically. 

1156
00:57:48,680 --> 00:57:50,800
And I think that again, it's 
such an interesting 

1157
00:57:50,800 --> 00:57:54,720
characteristic of Bitcoin that 
the conviction is not built on 

1158
00:57:54,720 --> 00:57:56,960
anyone else saying it. 
It's built on your own 

1159
00:57:56,960 --> 00:58:02,400
understanding of its comparison 
with current money, current 

1160
00:58:02,400 --> 00:58:06,640
store value assets and 
eventually the use case of, you 

1161
00:58:06,640 --> 00:58:09,640
know, lowering your uncertainty 
towards the future, which is 

1162
00:58:09,640 --> 00:58:12,440
eventually, you know, your, your
wealth. 

1163
00:58:12,440 --> 00:58:15,280
And so I think that's a nice, 
nice ender. 

1164
00:58:15,800 --> 00:58:17,000
Yeah. 
But I want to I want to thank 

1165
00:58:17,000 --> 00:58:19,240
you for this conversation. 
I think this went well. 

1166
00:58:19,240 --> 00:58:22,320
I hope people enjoy it also that
watch this live. 

1167
00:58:22,320 --> 00:58:27,760
We put it live as well. 
And I I think this also counts 

1168
00:58:27,760 --> 00:58:30,520
for you, right? 
If any people have any questions

1169
00:58:31,040 --> 00:58:35,000
you can just reach out to us, 
we're happy to help or point you

1170
00:58:35,000 --> 00:58:38,040
in different directions of 
things to study, Read, listen, 

1171
00:58:38,040 --> 00:58:40,280
watch. 
And yeah, man, thanks again. 

1172
00:58:41,040 --> 00:58:42,480
Absolutely. 
Thank you so much for having me 

1173
00:58:42,480 --> 00:58:45,000
man, I really appreciate it. 
These conversations are always 

1174
00:58:45,000 --> 00:58:47,360
so much fun. 
I love the two man thank. 

1175
00:58:47,360 --> 00:58:48,800
You, I hope you enjoyed this 
episode. 

1176
00:58:48,840 --> 00:58:52,080
If you did, you can click here 
to find more just like it and 

1177
00:58:52,080 --> 00:58:55,000
click here to find all Bitcoin 
for millennials podcast 

1178
00:58:55,080 --> 00:58:58,000
episodes. 
Also, please like this video if 

1179
00:58:58,000 --> 00:59:00,640
you want to help shine a light 
on the message of Bitcoin and 

1180
00:59:00,640 --> 00:59:02,880
subscribe to my channel to stay 
connected. 

1181
00:59:03,080 --> 00:59:04,800
I hope to see you for a next 
episode. 

1182
00:59:05,200 --> 00:59:05,400
Bye.